HomeMy WebLinkAbout2013 CAFRCity of Renton, WA
Comprehensive Annual Financial Report
For the Year Ended December 31,, 2013
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Renton City Hall • 1055 South Grady Way • Renton, Washington 98057 9 rentonwa.gov
CITY OF RENTON
2013
COMPREHENSIVE ANNUAL
FINANCIAL REPORT
For Year Ended December 31, 2013
Administrative Services Department
City of Renton
1055 South Grady Way
Renton, Washington 98057
(425) 430-6858
Website: www.rentonwa.gov
TABLE OF CONTENTS
DECEMBER 31, 2013
ITEM
PAGE
INTRODUCTORY SECTION
Letterof Transmittal.....................................................................................................................................1-1
2012 Comprehensive Annual Financial Report Award.................................................................................1-7
Corporate Organization Structure & Reporting Relations............................................................................1-8
FINANCIAL SECTION
Independent Auditor's Report.........................................................................................
Management Discussion and Analysis.............................................................................
Basic Financial Statements:
Government -wide Financial Statements:
Statement of Net Position....................................................................................
Statement of Activities.........................................................................................
Fund Statements:
Governmental Fund Financial Statements:
Balance Sheet
.......................... 2-1
.......................... 3-1
........................... 4-1
........................... 4-2
..............................................................................................................
Reconciliation of Balance Sheet to the Statement of Net Position .............................
Statement of Revenues, Expenditures and Changes in Fund Balances .......................
Reconciliation of the Statement of Revenues, Expenditures and Changes in
Fund Balances of Governmental Funds to the Statement of Activities.........
Proprietary Fund Financial Statements:
Statement of Net Position....................................................................................
Statement of Revenues, Expenses, and Changes in Net Position ........................
Statement of Cash Flows......................................................................................
Fiduciary Fund Statements:
Statement of Fiduciary Net Position....................................................................
Statement of Changes in Fiduciary Net Position ..................................................
Notes to Financial Statements:
Note 1• Si nificant Accountin Policies
gg.....................................................................
Note 2: Compliance and Accountability....................................................................
Note 3: Deposits and Investments............................................................................
Note 4: Property Taxes..............................................................................................
Note 5: Capital Assets and Depreciation...................................................................
Note6: Pensions........................................................................................................
Note 7: Other Post Employment Benefits.................................................................
Note8: Contingencies...............................................................................................
Note9: Risk Management.........................................................................................
Note 10: Interfund Transactions................................................................................
Note11: Net Position.................................................................................................
Note 12: Prior Period Adjustments............................................................................
Note13: Long Term Debt...........................................................................................
Note 14: Deferred Charges in Proprietary Funds .......................................................
Note 15: Segment Information...................................................................................
Note 16: Joint Ventures..............................................................................................
Note 17: Subsequent Events......................................................................................
Required Supplementary Information Other than MD&A
Schedule of Revenues, Expenditures, and Changes in Fund Balances Budget to Actual
GeneralFund.....................................................................................................................
................. 4-16
................. 4-28
................. 4-30
................. 4-33
................. 4-34
................. 4-39
................. 4-52
................. 4-55
................. 4-55
................. 4-58
................. 4-59
................. 4-60
................. 4-61
................. 4-66
................. 4-66
................. 4-66
................. 4-69
....... 5-1
TABLE OF CONTENTS
DECEMBER 31, 2013
ITEM PAGE
Actuarial Valuation of Firefighters' Pension Fund.................................................................................5-2
LEOFF I Retiree Medical Benefits - Schedule of Funding Progress.........................................................
... 5-3
Combining Statements
Net Position by Component.................................................................................................
Non -Major Fund Descriptions................................................................................................................6-1
Table 2:
CombiningBalance Sheet......................................................................................................................
6-5
Combining Statement of Revenues, Expenditures and Changes in Fund Balances.............................6-11
Fund Balance of Government Funds....................................................................................
Schedule of Revenues, Expenditures and Changes in Fund Balances
Table 4:
Budgetto Actual..................................................................................................................................6-17
Combining Statement of Net Position, Non -Major Enterprise Funds.................................................6-29
General Government Tax Revenue by Source......................................................................7-7
Combining Statement of Revenues, Expenses and Changes in Fund Net Position,
Revenue Capacity:
Non -Major Enterprise Funds.........................................................................................................
6-31
Statement of Cash Flows, Non -Major Enterprise Funds......................................................................6-32
7-8
Combining Statement of Net Position, Internal Service Funds............................................................6-34
Assessed Value Taxable Property.........................................................................................
Combining Statement of Revenues, Expenses, and Changes in Fund Net Position,
Table 8:
InternalService Funds...................................................................................................................
6-36
Combining Statement of Cash Flows, Internal Service Funds..............................................................6-37
Property Tax Levies and Collections...................................................................................
Statement of Changes in Assets and Liabilities Agency Fund — Special Deposit.................................6-39
Table 10:
STATISTICAL SECTION
Statistical Section Description................................................................................................................7-1
Financial Trends:
Table 1:
Net Position by Component.................................................................................................
7-2
Table 2:
Changes in Net Position........................................................................................................7-3
Table 3:
Fund Balance of Government Funds....................................................................................
7-5
Table 4:
Changes in Fund Balance of Government Funds..................................................................7-6
Table 5:
General Government Tax Revenue by Source......................................................................7-7
Revenue Capacity:
Table 6:
Principal Property Tax Payers...............................................................................................
7-8
Table 7:
Assessed Value Taxable Property.........................................................................................
7-9
Table 8:
Property Tax Rates Direct and Overlapping Governments................................................7-10
Table 9:
Property Tax Levies and Collections...................................................................................
7-11
Table 10:
Sales Tax Collections by Sector...........................................................................................
7-12
Debt Capacity:
Table 11:
Ratios of Outstanding Debt by Type...................................................................................
7-13
Table 12:
Legal Debt Margin Information..........................................................................................
7-14
Table 13:
Ratios of General Bonded Debt Outstanding.....................................................................7-15
Table 14:
Direct and Overlapping Governmental Activities Debt......................................................7-16
Table 15:
Pledged -Revenue Coverage for Water and Sewer and Golf Course Revenue Bonds ........7-17
Demographic and Economic Information:
Table 16:
Demographic and Economic Statistics................................................................................7-18
Table 17:
Principal Employers............................................................................................................
7-19
Operating Information:
Table 18:
Full Time Equivalent City Government Employees by Function.........................................7-20
Table 19:
Operating Indicators by Function.......................................................................................7-21
Table 20:
Capital Assets Statistics by Function...................................................................................
7-22
iv
000—City 0f it r
1
June 25, 2014
Honorable Denis Law, Mayor
Members of the Renton City Council
Residents of Renton
City of Renton, Washington
RE: THE 2013 COMPREHENSIVE ANNUAL FINANCIAL REPORT
Mr. Mayor, Honorable Councilmembers, and Citizens of Renton:
We are pleased to present the City's Comprehensive Annual Financial Report for the year
ended December 31, 2013. The City maintains a system of internal controls designed to
provide reasonable assurance that assets are safeguarded against loss or unauthorized use, and
that financial records can be relied upon to produce accurate and fairly represented financial
statements in accordance with generally accepted accounting principles.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report. To the best of our knowledge and belief, the enclosed financial
statements and all supporting schedules are accurate in all material respects and are reported
in a manner designed to present fairly the financial position and results of operations of the
City. The concept of reasonable assurance recognizes that the cost of a control should not
exceed the benefits likely to be derived, and the evaluation of the relative costs and benefits of
the control system requires estimates and judgments by management.
These financial statements have been audited by the Washington State Auditor's Office. This
independent audit was conducted in accordance with generally accepted auditing standards to
provide an independent assessment of fair presentation of the City's financial position. In
addition to the opinion on the City's financial statements, included in this report, the State
Auditor's office also reviewed the City's internal controls and compliance to legal requirements
involving the administration of federal grant programs as required by the Single Audit Act, and
compliance with State Constitution, laws, and City ordinances and policies as required by RCW
43.09.260. A separately issued Single Audit Report is available directly from the State Auditor's
website.
A Management's Discussion and Analysis (MD&A) immediately follows the State Auditor's
report provides a narrative introduction, overview, and analysis to accompany the basic
Introduction, 1-1
2013 Comprehensive Annual Financial Report City of Renton, Washington
financial statements. This letter of transmittal is designed to complement the MD&A and
should be read in conjunction with it.
PROFILE OF THE CITY
Incorporated on September 6, 1901, Renton is a city in King County, Washington. Situated 11
miles southeast of downtown Seattle, 5 miles from SeaTac Airport, Renton straddles the
southeast shore of Lake Washington, at the junction of key north -south and east -west
transportation corridors. The City's early economy was based on coal mining, clay production,
and timber export. Today, Renton is best known as the final assembly point for the Boeing 737
family of commercial airplanes, but it is also home to a growing number of well-known
manufacturing, technology, service companies and government institutions, including Boeing,
Paccar, Wizards of the Coast gaming, Ikea Home Furnishing, Valley Medical Center, Providence
Health & Services, Seattle Branch of Federal Reserve Bank, and FAA Northwest Regional office.
The City of Renton has a strong mayor form of government with an appointed Chief
Administrative Officer. The Mayor is independently elected to a four-year term. The Mayor's
job is to manage day-to-day operations, and to lead policy development and implementation
with the seven -member City Council elected at large on a non-partisan basis.
With a population of 95,540 in 2013, Renton is the 8th largest city in the state, and the 4th
largest in King County. The City provides a full range of municipal services to an incorporated
area of 23.79 square miles. These services include police, fire, street construction and
maintenance, planning and zoning, parks and recreation, municipal court, and general
administrative services.
The City operates four utilities: water, sewer, surface water, and solid waste. These are
operated very similar to a private business where the revenues from rates and other direct
sources must pay for the operational, capital, and long-term debt costs. The City has its own
water supplies and does not rely on purchased water to meet normal service demands. The
City's sewage is treated by King County, but the City is responsible for transferring and
maintaining the system to King County. The City bills Renton residents a monthly fee for the
cost of sewer treatment performed by King County.
The City operates the Maplewood Golf Course, which collects green fees, driving range fees,
revenue from the restaurant vendor, and other miscellaneous revenue. The golf course has
short-term operational costs, an active capital maintenance program, and annual debt service
payments for the construction of the clubhouse and the driving range.
The Renton Municipal Airport is used by small private plane operators, a floatplane company,
and Boeing initiates its maiden 737 flights from this airport. The operational costs of the airport
are paid from hanger rentals and tie -down fees. Major capital projects are paid by fees or with
Federal Aviation Administration grants.
Introduction, 1-2
2013 Comprehensive Annual Financial Report City of Renton, Washington
Since the 2011-12 biennium, the City has adopted a biennial budget. The Council is required to
adopt an initial budget for the biennium no later than December 31 preceding the beginning of
the fiscal year on January 1. The City of Renton maintains budgetary controls to ensure
compliance with legal provisions embodied in the budget. All activities are appropriated
through the budget process and published in the City's Budget document. The City Council
must adopt an ordinance to increase or decrease total appropriations in a Fund. The Mayor has
the authority to move appropriations within a Fund. A more thorough discussion of the City's
accounting policies can be found under the Summary of Significant Accounting Policies in the
Notes to the Financial Statements.
ECONOMIC CONDITION AND OUTLOOK
While the Great Recession officially ended in June 2009, the ensuing recovery since has
continued to be slow. In terms of employment, the recovery of Renton's economy has
outpaced both national and Puget Sound results in 2013 with an overall employment growth at
4.2%. Based on City business license records, City of Renton employment has added 6,200 jobs
over the last three years, the highest on record (since 1988).
Employment growth is largely attributable to Boeing's production ramp -up of 737 from 35 to 42
planes per month by mid -2014. Boeing related employment increases are expected to slow
down, and combined with growth in other major industries within the City, employment in
Renton is expected to increase by an additional 2,700 jobs over the next three years, a total
increase of 5%, and 5,500 jobs by the end of the decade, a total increase of 11%.
The City of Renton is following the regional trend of a moderate recovery in the housing sector.
Total permits for new residential building increased 59% in 2013, although this is only a small
recovery towards pre -recession levels. Over the next seven years, population within the City is
expected to continue to increase an average 2% and housing permits are expected to rise an
additional 19% and remain steady beyond 2015.
Taxable sales grew an additional 9.1% over 2012, and 22% higher than the low point in the third
quarter of 2010, a slightly stronger gain than the rest of the region. In 2013, the City of Renton
saw sales and retail tax revenues reach pre -recessionary levels. Over the next seven years,
taxable sales are expected to increase an average 5.2% each year.
Overall, the economic outlook for Renton remains strong between 2014 and 2016, a continuing
increase in housing permits, and a lower unemployment rate will support a healthy growth in
taxable retail sales. The employment growth is expected to ease -off to average of 1.5%
annually, once Boeing achieves its new production rate in 2014; the population growth will
continue to be strong at 1.8% per year given the affordable housing stock and the central
location of Renton. Despite the relatively positive outlook, the recovery is still weak by
historical standards.
Introduction, 1-3
2013 Comprehensive Annual Financial Report
LONG-TERM FINANCIAL PLANNING
City of Renton, Washington
Although several economic factors are improving, the rate of healthcare and salary costs and
deferred maintenance on City buildings are increasing at a faster rate than revenues. In 2018
the 10 -year sales tax annexation credit will sunset, which provides approximately $2.4 million
in sales tax revenue to the general fund. In addition, the City's anti -recessionary and
catastrophic reserves have been depleted throughout the recession. These near- and long-
term constraints require that the City to make plans to fill budgetary gaps — either through
additional revenue sources or decreasing general fund expenditures.
The City has been very responsible and responsive in balancing the services the community
needs with the changing mixture and level of resources. However, to thrive and remain
financially secure in the long term, the City must continue to expand its economy and pursue
progressive economic development strategies. The following are the City's three economic
development priorities:
• Downtown Development
Currently, the City Center blends single-family neighborhoods, muti-family housing,
major industrial employers like Boeing and PAACAR, small locally owned business, The
Landing (a new, mixed use shopping center), City Hall, main library, the Cedar River,
and Lake Washington all within a 2.6 square mile area. The City Center Community
Plan is being created primarily to set goals and strategies for the downtown business
district to help create a more vibrant and thriving pedestrian friendly area.
Improvement strategies for the downtown business district include: updating building
design standards; creating standards for gateways, wayfinding, street trees, street
lighting, landscaping, street furniture, utilities, and public art; developing regulations
to encourage sidewalk cafes; consideration of rezoning the single-family area of South
Renton; creating a conceptual plan for the civic node; and establishing bicycle
improvements consistent with the Trails and Bicycle Master Plan.
• Lake Washington Boulevard Corridor
Activity within the Lake Washington Boulevard corridor has been steady over the
course of the past decade. Perhaps the most notable economic development project
has been The Landing, which added 900 residential units and 600,000 square feet of
retail. Completed during the recession, the residential units are now fully occupied and
commercial space is over 90% leased. There are still several properties that extend
beyond The Landing site and along the shores of Lake Washington that hold potential
for additional development, including hotel(s), commercial buildings, multi -family units,
retail and dining.
Introduction, 1-4
2013 Comprehensive Annual Financial Report City of Renton, Washington
• Sunset Area Community Revitalization Plan
This plan is a nine point plan approved in 2009 to target investments at supporting
neighborhood revitalization, primarily the Sunset Terrace area, in cooperation with the
Renton Housing Authority and the Renton School District. Accomplishments have
included: a new community garden; Renton Housing Authority's completion of the
Glennwood Townhomes (eight four-bedroom townhomes); and federal approval to
demolish Phase I of Sunset Terrace public housing and rebuild 111 market -rate
affordable housing, retail space, new parks and open space, a new public library, a new
early childhood learning center, and the capacity for 2,300 new living units and 1.25
million square feet of service/retail space over the next 20 years.
Currently, the City of Renton is actively working on the Accessible Playground project,
located adjacent to the Renton School District's new Meadow Crest Early Learning
Center (completion May 2014); the construction of a sub -regional stormwater facility
and low -impact stormwater systems at the Sunset Terrace site (completion July 2015);
and the master planning phase for the 3 -acre neighborhood park on the Sunset Terrace
site.
For more information regarding the City's budget please refer to the city's website for 2013-
2014 adopted budget as well as monthly sales tax and budgetary financial reports.
RELEVANT FINANCIAL POLICIES
The City has adopted a comprehensive set of financial policies. In 2013 the City Council made
amendments to its policies to enhance its stabilization policy and begin ramping up reserves for
future general fund funding gaps, long-term economic development initiatives, capital
commitments, equipment reserves, catastrophic and anti -recessionary reserves, and general
operating cash flow requirements. These amended policies account for $4 million in general
fund committed fund balance and $11.2 million in general fund assigned fund balance in 2013.
Due to strong financial policies and management, the City of Renton has maintained a LTGO
bond rating of AA, a ULTGO rating of AA+, and an upgrade on Revenue bonds to AA+, by Fitch
Ratings.
OTHER INFORMATION
Awards and Acknowledgements
The Government Finance Officers Association of the United States and Canada (GFOA) awarded
a Certificate of Achievement for Excellence in Financial Reporting to the City of Renton for its
comprehensive annual financial report for the fiscal year ended December 31, 2012. The City
has a long history of achieving this prestigious award. In order to be awarded a Certificate of
Achievement, a government must publish an easily readable and efficiently organized
comprehensive annual financial report. This report must satisfy both generally accepted
accounting principles and applicable legal requirements.
Introduction, 1-5
2013 Comprehensive Annual Financial Report City of Renton, Washington
A Certificate of Achievement is valid for a period of one year only. We believe that our current
comprehensive annual financial report continues to meet the Certificate of Achievement
Program's requirements and we are submitting it to the GFOA to determine its eligibility for
another certificate.
The dedicated staff of the Finance Division work hard each day to ensure that the City's
financial transactions are processed accurately and records are maintained orderly and in
conformance with policies and procedures. Special thanks are due to Misty Baker, Senior
Financial Analyst, who served as the CAFR project lead. Further appreciation is extended to the
City Council and City Management for their support in conducing financial operations of the
City in a sound and progressive manner, and in conformance with internal and external
requirements.
Respectfully,
Jamie Thomas
Fiscal Services Director
Introduction, 1-6
G+J
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Renton
Washington
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
December 31, 2012
Executive Director/CEO
CITY COUNCIL
Don Persson, President
Greg Taylor, Marcie Palmer, Ed
Prince, Randy Corman, Terri Briere,
Armondo Pavone
425-430-6500
COMMUNITY SERVICES
Terry Higashiyama, Administrator
425-430-6600
Facilities
Peter Renner, Director
Parks Planning & Natural
Resources
Leslie Betlach, Director
Recreation
Kris Stimpson, Director
Human Services
Karen Bergsvik, Manager
Renton History Museum
Elizabeth Stewart, Manager
Neighborhoods, Resources,
and Events
Bonnie Rerecich, Manager
Parks & Golf Course
Kelly Beymer, Director
V RENTON CITIZENS
MAYOR MUNICIPAL COURT JUDGE
Denis Law Terry Jurado
425-430-6500 425-430-6550
CHIEF ADMINISTRATIVE OFFICER
Jay Covington
425-430-6500
PUBLIC WORKS
Gregg Zimmerman, Administrator
425-430-7394
Maintenance Services
Michael Stenhouse, Director
Transportation Systems
Doug Jacobson, Deputy PW
Administrator
Utility Systems
Lys Hornsby, Director
COMMUNITY AND ECONOMIC
DEVELOPMENT EXECUTIVE
Chip Vincent, Administrator
425-430-6580
Economic Development
Cliff Long, Director
Development Services
Neil Watts, Director
Planning
CITY ATTORNEY
Larry Warren, Administrator
425-255-8678
POLICE
FIRE AND EMERGENCY SERVICES
HUMAN RESOURCES & RISK
Kevin Milosevich, Chief
Mark Peterson, Chief/Administrator
MANAGEMENT
425-430-7503
425-430-7051
Nancy Carlson, Administrator
425-430-7650
Human Resources
Support Operations Bureau
Response Operations
Cathryn Laird, Manager
Erik Wallgren, Deputy Fire Chief
Special Operations
Risk Management
Safety and Support Services
Gary Lamb, Manager
Vacant, Deputy Fire Chief
Investigations
Benefits
Maria Boggs, Manager
Administrative
Community Risk Reduction
Services
Vacant, Asst. Fire Marshal
`Staff Services
Emergency Management
Deborah Needham, Director
Field Operations Bureau
Patrol Services
Patrol Operations
Mayor's Office
Communications
Preeti Shridhar, Deputy Public
Affairs Administrator
ADMINISTRATIVE SERVICES
Iwen Wang, Administrator
425-430-6858
Finance
Jamie Thomas, Director
Information Technology
Mehdi Sadri, Director
City Clerk / Cable Manager
Bonnie Walton, City Clerk
N
Washington State Auditor
Troy Kelley
INDEPENDENT AUDITOR'S REPORT
June 25, 2014
Council
City of Renton
Renton, Washington
REPORT ON FINANCIAL STA TEMENTS
We have audited the accompanying financial statements of the governmental activities, the
business -type activities, each major fund and the aggregate remaining fund information of the
City of Renton, King County, Washington, as of and for the year ended December 31, 2013, and
the related notes to the financial statements, which collectively comprise the City's basic
financial statements as listed in the table of contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements
in accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation, and maintenance of internal control relevant to the
preparation and fair presentation of financial statements that are free from material misstatement,
whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to financial audits contained in Government
Auditing Standards, issued by the Comptroller General of the United States. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
Insurance Building, P.O. Box 40021 • Olympia, Washington 98504-0021 • (360) 902-0370 • TDD Relay (800) 833-6388
considers internal control relevant to the City's preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the City's internal control.
Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness
of accounting policies used and the reasonableness of significant accounting estimates made by
management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinions.
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business -type activities, each
major fund and the aggregate remaining fund information of the City of Renton, King County,
Washington, as of December 31, 2013, and the respective changes in financial position and,
where applicable, cash flows thereof for the year then ended in accordance with accounting
principles generally accepted in the United States of America.
Matters of Emphasis
As described in Note 1, during the year ended December 31, 2013, the City has implemented the
Governmental Accounting Standards Board Statement No. 65, Items Previously Reported as
Assets and Liabilities. Our opinion is not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis on pages 3-1 through 3-12, budgetary comparison
information on pages 5-1 and information on pension trust fund information on pages 5-2
through 5-3 be presented to supplement the basic financial statements. Such information,
although not a part of the basic financial statements, is required by the Governmental Accounting
Standards Board who considers it to be an essential part of financial reporting for placing the
basic financial statements in an appropriate operational, economic or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with
auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements.
We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Supplementary and Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City's basic financial statements. The accompanying information
listed as combining financial statements and supplementary information on pages 6-1 through 6-
39 is presented for purposes of additional analysis and is not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the financial
statements. This information has been subjected to auditing procedures applied in the audit of
the basic financial statements and certain additional procedures, including comparing and
reconciling such information directly to the underlying accounting and other records used to
prepare the financial statements or to the financial statements themselves, and other additional
procedures in accordance with auditing standards generally accepted in the United States of
America. In our opinion, the information is fairly stated, in all material respects, in relation to
the basic financial statements taken as a whole.
The information identified in the table of contents as the Introductory and Statistical sections is
presented for purposes of additional analysis and is not a required part of the basic financial
statements of the City. Such information has not been subjected to the auditing procedures
applied in the audit of the basic financial statements and, accordingly, we do not express an
opinion or provide any assurance on it.
OTHER REPORTING REQUIRED BY GOVERNMENT AUDITING
STANDARDS
In accordance with Government Auditing Standards, we will also issue our report dated June 25,
2014, on our consideration of the City's internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts and grant agreements
and other matters. That report will be issued under separate cover in the City's Single Audit
Report. The purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion
on internal control over financial reporting or on compliance. That report is an integral part of an
audit performed in accordance with Government Auditing Standards in considering the City's
internal control over financial reporting and compliance.
Sincerely,
TROY KELLEY
STATE AUDITOR
2013 Comprehensive Annual Financial Report
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City of Renton, Washington
Financial Section, 2-4
2013 Comprehensive Annual Financial Report
City of Renton, Washington
MANAGEMENT'S DISCUSSION AND ANALYSIS
The City of Renton's discussion and analysis provides a narrative overview of the City's financial
activities for the fiscal year ended December 31, 2013. The intent of the discussion and analysis is
to review the City's financial performance as a whole.
This Management's Discussion and Analysis (MD&A) combined with the Transmittal Letter, the
Financial Statements, and the Notes to the Financial Statements represent the complete 2013
financial activities for the City of Renton. These are all intended to help the reader understand the
City's significant financial issues while providing an overview of the City's financial records. The
information in this financial report also identifies any material deviations from the financial plan
and the adopted annual budget and will isolate and identify individual fund issues or concerns.
FINANCIAL HIGHLIGHTS
• As of December 31, 2013, the City's total assets exceed liabilities by $790 million. This
financial net position is an improvement of $45.8 million over 2012. This increase consists
of $52.4 million increase in restricted net position and net investments in capital, and a
$6.6 million decrease in unrestricted net position. Unrestricted net position is the portion
of city resources that does not have externally imposed conditions and disposition is
generally at the discretion of the City Council.
• Two-thirds of the $790 million net position, or $510.8 million, is related to governmental
activities. Of this, $469.1 million are restricted monies that are invested in infrastructure or
fixed assets that are not spendable or are committed for current capital and other
activities. This is a $35.6 million increase from 2012 and is related to unspent GO bond
library proceeds. The remaining $41.6 million in net position is "unrestricted".
• The net position for business type activities totaled $279.1 million, an increase of $22.6
million from 2012. $244.6 million represents the City's investments in capital assets net of
related debt and externally restricted amounts for debt service obligations. An unrestricted
balance of $34.5 million remains and includes amounts set aside for future capital projects
as well as cash flow to meet day-to-day operating requirements of the utilities and other
enterprise funds.
• The City's total outstanding long-term debt as of December 31, 2013, was $117.6 million.
Of this amount, $44 million is general obligation debt backed by the full faith and credit of
the City. $35.9 million are revenue bonds and state Public Works Trust Fund loans backed
by the revenues of the Waterworks Utility. The remaining $37.7 million is related to other
GO debt backed by the full faith and credit of the City.
FINANCIAL INFORMATION
The City's Government -wide Financial Statements were prepared on the full accrual basis of
accounting in conformity with Generally Accepted Accounting Principles (GAAP). The City's Fund
Management's Discussion and Analysis, 3-1
2013 Comprehensive Annual Financial Report City of Renton, Washington
Financial Statements for its major and non -major governmental funds were prepared on the
modified accrual basis of accounting in conformity with GAAP. The City's major and non -major
enterprise funds, internal service funds, and pension funds were accounted for on the full accrual
basis of accounting in conformity with GAAP
The City of Renton, along with all cities, counties, and other governmental entities in Washington,
must comply with the Budgeting, Accounting, and Reporting System (BARS) as prescribed by the
Washington State Auditor's Office (SAO). The SAO audits the financial records of all cities and
other governmental units within the State. In addition to examining financial statements, the SAO
also performs compliance audits and reviews internal control procedures. The City of Renton has a
financial system that is consistent with BARS and has strong administrative and management
controls that are designed to provide:
1. Reasonable assurance that transactions are executed in accordance to management
policies and approval authorities;
2. Reasonable assurance that transactions are recorded and reported in accordance to GAAP;
3. Accountability for control of assets and obligations; and
4. Assurance that sufficient reporting and review exists to provide complete information for
analysis and comparability of data.
The City maintains strong budgetary controls in order to ensure compliance with legal provisions
embodied in the appropriated budget as approved by the City Council. The City Council must
authorize any budget increase or decrease to any fund.
STRUCTURE OF THE FINANCIAL STATEMENTS
This discussion and analysis provides an introduction and overview to the City of Renton's basic
financial statements. The basic financial statements are comprised of three components:
1. Government -wide Financial Statements;
2. Fund Financial Statements; and
3. Notes to the Financial Statements.
GOVERNMENT -WIDE FINANCIAL STATEMENTS
While the fund financial statements present the City's financial data as a collection of separate
financial units, the government -wide finance statements present the entire City's finances as a
single integrated unit. The government -wide financial statements use separate columns to
distinguish governmental activities, principally supported by taxes and intergovernmental
revenues, from business -type activities that are intended to recover all or a significant portion of
their costs through user fees and charges. The governmental activities of the City include a full
range of local government services provided to the public such as police and fire protection; road
maintenance and construction; community planning and economic development; parks and
recreational opportunities; and other community services. All internal service activities are
reported under governmental activities. The business -type activities of the City include
Management's Discussion and Analysis, 3-2
2013 Comprehensive Annual Financial Report
City of Renton, Washington
waterworks (water, sewer, and surface water), solid waste management and services, a golf
course, and an airport. Fiduciary resources, by definition, are not available to support the City's
programs, therefore are excluded from Government -wide financial statements.
1. The Statement of Net Position presents information on all of the City's assets and liabilities
with the difference between the two reported as net position. This statement combines
and consolidates governmental funds' current financial resources (short-term available
resources) with capital assets and long-term obligations, which is primarily debt. The
Statement of Net Position serves a purpose similar to that of the Balance Sheet of a private -
sector business. Over time, increases or decreases in net position may serve as one
indicator of whether the financial position of the City is improving or deteriorating. Other
indicators to consider when evaluating the financial position of the City includes changes to
the property tax base, general economic conditions as demonstrated through business
licenses fees or sales tax revenue, and the condition of the City's infrastructure (roads,
drainage systems, bridges, and water infrastructure).
2. The Statement of Activities focuses upon both the gross and net cost of various activities
that are provided by the government's general tax and other revenues. This is intended to
summarize and simplify the user's analysis of cost to various governmental services and/or
subsidies to business -type activities. By separating program revenue from general revenue,
users of the financial statements can identify the extent to which each program relies on
taxes for funding.
The governmental activities reflect the City's basic functions: General Government, Judicial,
Public Safety, Economic Environment, Utilities, Transportation, Health and Human Services,
and Culture and Recreation. Property, sales, and utility taxes finance the majority of these
functions.
All changes in net position are reported using the accrual basis of accounting, which is
similar to the accounting used in the private sector. The accrual basis of accounting
requires that revenues are reported when earned and expenses are reported when
incurred, no matter when the revenue will actually be received or the obligation will be
paid. For example, property taxes are shown as a receivable and revenue even though
some amount of these taxes will not be available to the City for several years. Unpaid
vendor obligations are illustrated as an accounts payable obligation as of December 31.
FUND FINANCIAL STATEMENTS
The City uses fund structure to ensure and demonstrate fiscal integrity and compliance with
finance -related legal requirements. A fund is a group of related accounts used to maintain
control over resources that have been segregated for specific activities and objectives. There are
three types of funds: governmental, proprietary, and fiduciary. The fund statements focus on
major government funds and proprietary funds separately.
A Major Fund has three elements as defined by GASB 34, as amended by GASB 65:
Management's Discussion and Analysis, 3-3
2013 Comprehensive Annual Financial Report
City of Renton, Washington
• Total assets and deferred outflows of resources, liabilities and deferred inflows of
resources, revenues, or expenditures of that individual governmental or enterprise funds
are at least ten percent (10%) of the corresponding total (assets, liabilities, etc.) for all
funds of that category or type (i.e., governmental, proprietary, or fiduciary); and
• Total assets, liabilities, revenues, or expenditures/expenses of the individual government
fund or enterprise funds are at least five percent (5%) of the corresponding total for all
governmental and enterprise funds combined; or
• Any other governmental or enterprise fund that governing officials believe is particularly
important.
Governmental Funds present most of a government's tax -supported activities. The Proprietary
Funds present the government's business -type activities where all or part of the activities' costs
are supported by fees and charges that are paid directly by those who benefit from the activities.
Fiduciary Funds present resources held by the government as a trustee or agent for parties
outside of the government. The resources of Fiduciary Funds cannot be used to support the
government's other programs.
1. Governmental Funds - Balance Sheet and Statement of Revenues, Expenditures and
Changes in Fund Balance
The Governmental Fund Balance Sheet and Governmental Fund Statement of Revenues,
Expenditures, and Changes in Fund Balances present separate columns of financial data for
the General Fund, Municipal Facilities CIP Fund and Capital Improvement Fund. These
comprise the City's major governmental funds. Data from the remaining governmental
funds are combined and presented in a single column in the fund statements. Individual
fund data for each of the non -major governmental funds is provided in the form of
combining statements.
Governmental Funds are used to account for the same functions reported as governmental
activities in the Government -wide Financial Statements. The focus of Governmental Fund
Financial Statements is on near-term inflows and outflows of available financial resources
and on balances of resources available at the end of the fiscal year. Such information is
useful in evaluating whether there are more or less financial resources that can used in the
near future to finance City services.
Because the focus of Governmental Fund Financial Statements is a narrower view than that
of the Government -wide Financial Statements, it is useful to compare similar information in
order to gain a better understanding of the long-term impact of the government's near-
term financing decisions. The Reconciliation of the Balance Sheet and Reconciliation of the
Statement of Revenues, Expenditures and Changes in Fund reconciles to the differences
between the governmental fund statements and the governmental activities column in the
government -wide statements.
The City maintains budgetary controls over its governmental funds. Budgetary controls
Management's Discussion and Analysis, 3-4
2013 Comprehensive Annual Financial Report
City of Renton, Washington
ensure compliance with legal provisions embodied in the annual appropriated budget.
Governmental fund budgets are established in accordance with state law and are adopted
on a fund level. General fund budget variances are specifically addressed later in this
discussion and analysis.
2. Proprietary Funds — Statement of Net Position and Statement of Revenue, Expenses, and
Changes in Net Position
The proprietary fund statements present information for Enterprise and Internal Service
fund types. The funds operate as a business activity. The Enterprise Funds are reported as
business -type activities in the Government -wide Financial Statements. Internal Service
Funds are used to report activities that provide supplies and services to various City
departments and to allocate the associated costs of providing these services to the various
governmental and enterprise functions. The revenues and expenses of Internal Service
Funds that support governmental activities are eliminated in the government -wide
statements. The remaining activity primarily benefits the governmental funds and is
combined within the Governmental Activities in the Government -wide Statements.
The City of Renton has two major Enterprise Funds: Waterworks Utility (water, wastewater,
and storm water) and Solid Waste. The Proprietary Statement of Net Position and the
Proprietary Fund Statement of Revenues, Expenses, and Changes in Net Position present
separate columns of financial data for the Waterworks Utility and Solid Waste. Information
from the remaining Enterprise Funds are combined and presented in a single, aggregated
column in the fund statements. Internal Service Funds aggregated and reported separately
in this section.
Proprietary Fund Statements provide the same type of information as the Government -
wide Financial Statements, only in more detail, since both apply the accrual basis of
accounting. In comparing the total assets and total liabilities between the two statements,
only slight differences will be noticed. One notable difference is that the "due from other
funds" (asset) and the "due to other funds" (liability) in the Proprietary Fund Statements
are combined in a single line called "internal balances" in the asset section of the
Government -wide Statement of Net Position.
3. Fiduciary Funds — Statement of Fiduciary Net Position and Statement of Changes of
Fiduciary Net Position
Fiduciary Funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reported in the Government -wide Financial
Statements because the resources of those funds are not available to support the City's
own operations.
NOTES TO THE FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the
information provided and are an integral part of the Government -wide and Fund Financial
Statements.
Management's Discussion and Analysis, 3-5
2013 Comprehensive Annual Financial Report
City of Renton, Washington
Combining statements for non -major Governmental and Enterprise Funds, as well as Internal
Service Funds, are presented immediately following the required supplementary information.
OTHER INFORMATION
In addition to the basic finance statements and accompanying notes, this report also presents:
1. Required Supplemental Information (RSI)
RSI provides budgetary comparisons for the General Fund as well as the City's funding
progress for the Firemen's Pension Trust Fund and Other Post -Employment Benefits (LEOFF
1 Retiree Medical).
2. Combining Statements
The combining statements provide additional detail for other government funds, internal
service funds, and fiduciary funds are presented immediately following the required
supplementary information.
3. Statistical Information
This section includes unaudited trends and demographic information.
GOVERNMENT -WIDE FINANCIAL ANALYSIS
Statement of Net Position
The change in net position is an indicator of a government's financial situation. Table 1 below
shows the condensed Government -wide Net Position as of December 31, 2013, with comparison
to 2012.
TABLE 1
CONDENSED STATEMENT OF NET POSITION
As of December 31, 2013, the City's overall financial net position was $790 million, a $45.8 million
increase over 2012. $36.5 million of total net position increase reflects the City's investment in
Management's Discussion and Analysis, 3-6
Governmental Activities
Business -type Activities
Total
2013
2012
2013
2012
2013
2012
Current assets
$
99,392,085
$
92,738,107
$
39,719,836
$
32,575,404
$ 139,111,921
$
125,313,511
Capital and other assets
519,689,765
502,051,823
280,518,616
266,306,655
800,208,381
768,358,478
TOTAL ASSETS
619,081,850
594,789,930
320,238,452
298,882,059
939,320,302
893,671,989
Deferred Outflows of Resources
$
277,542
$
312,600
$
1,024,919
$
1,104,682
$ 1,302,461
$
1,417,282
Current liabilities
$
16,757,079
$
14,483,938
$
4,540,851
$
3,276,701
$ 21,297,930
$
17,760,639
Other liabilities
91,770,161
92,923,666
37,595,643
40,215,167
129,365,804
133,138,833
TOTAL LIABILITIES
108,527,240
107,407,604
42,136,494
43,491,868
150,663,734
150,899,472
Deferred Inflows of Resources
$
$
$
$
$
$
NET POSITION:
Net Investment in Capital Assets
$
445,277,657
$
425,581,342
$
241,679,585
$
224,893,271
$ 686,957,242
$
650,474,613
Restricted
23,873,159
7,953,634
2,909,578
2,909,578
26,782,737
10,863,212
Unrestricted
41,681,336
54,159,950
34,537,714
28,692,024
76,219,050
82,851,974
TOTAL NET POSITION
$
510,832,152
$
487,694,926
$
279,126,877
$
256,494,873
$ 789,959,029
$
744,189,799
As of December 31, 2013, the City's overall financial net position was $790 million, a $45.8 million
increase over 2012. $36.5 million of total net position increase reflects the City's investment in
Management's Discussion and Analysis, 3-6
2013 Comprehensive Annual Financial Report
City of Renton, Washington
capital and 87% of the total net position is attributed to investments in capital, net of related
debt. The increase in the governmental activities is primarily attributed to grant funded
transportation projects and the increase in the business activities is attributed to large additions
of developer contributed capital and grant funded projects in the Waterworks Utility Fund.
It should be noted that, although the investments in capital assets are reported net of related
debt, resources needed to repay this debt must be provided from other sources since the capital
assets, with limited exception, cannot be liquidated to reduce these liabilities.
Total restricted net position accounts for $26.8 million of the City's net position, which was a
147% increase over 2012. The majority of the restricted net position is comprised of unspent
bond proceeds ($16.9 million) and debt service obligations ($4.2 million). The remaining $76.2
million is unrestricted may be used to meet the government's ongoing obligations for
governmental and business type activities ($41.7 million and $34.2 million, respectively).
Statement of Activities and Change in Net Position
Table 2 is the citywide condensed summary Statement of Activities and Change in Net Position as
of December 31, 2013, with comparison to 2012.
Citywide revenue grew by $4 million, or 1.8%. Most of this growth is attributed to an increase in
charges for services in business type activities ($3.3 million), primarily due to utility rate increases.
While property tax revenue decreased $1.3 million (as a result of lower 2012 assessed valuations),
sales and retail tax increased $1.8 million over 2012. Governmental operating grants and
contributions appear to decrease $6.1 million, however due to revenue reclassification; this
decrease is offset by a $5.2 million increase in governmental charges for services. Capital related
grants and contributions decreased in governmental activities due to the near -completion of two
very large, multi-year transportation projects; and increased capital related grants and
contributions increased in business type activities due to one large airport project and multiple
storm water improvement projects. Overall, citywide capital related grants and contributions
increased $.7 million increase over 2012.
Combined citywide service expenses totaled $174.5 million for 2013. That is $5.8 million or 3.5%
higher than 2012. Governmental activities increased by $2.3 million or 2% while business
activities increased by $3.5 million or 6%.
The resulting change in net position, without prior period adjustments, increased in 2013 by $48.2
million: $23.4 million from governmental activities and $24.8 million from business -type activities.
Management's Discussion and Analysis, 3-7
2013 Comprehensive Annual Financial Report
City of Renton, Washington
Expenses
General government
10,923,530
TABLE 2
10,923,530
9,859,550
Judicial
CONDENSED STATEMENT OF ACTIVITIES
2,610,481
2,372,115
Governmental Activities
Business -type
Activities
Total
2013
2012
2013
2012
2013
2012
Revenues:
964,942
2,643,930
Transportation
18,842,487
13,571,691
Program revenues:
18,842,487
13,571,691
Economic and natural environment
7,146,022
6,330,233
Charges for services
$ 21,541,056
$ 16,327,227 $
70,090,660
$ 66,785,318
$ 91,631,716 $
83,112,545
Operating grants and contributions
6,621,431
12,794,132
105,695
165,164
6,727,126
12,959,296
Capital grants and contributions
23,077,914
33,529,033
18,879,992
7,668,558
41,957,906
41,197,591
Taxes and other general revenues:
3,411,488
3,087,269
Waterworks utility
-
-
-
Property taxes
32,536,533
33,932,290
-
-
32,536,533
33,932,290
Sales taxes
25,541,972
23,653,706
Solid waste utility
25,541,972
23,653,706
Other Taxes
22,277,651
21,929,128
Golf course
-
22,277,651
21,929,128
Other general revenue
1,845,163
1,768,728
218,358
149,971
2,063,521
1,918,699
Total revenues
133,441,720
143,934,244
89,294,705
74,769,011
222,736,425
218,703,255
Expenses
General government
10,923,530
9,859,550
10,923,530
9,859,550
Judicial
2,372,115
2,610,481
2,372,115
2,610,481
Public safety
53,930,214
58,152,773
53,930,214
58,152,773
Utilities
964,942
2,643,930
964,942
2,643,930
Transportation
18,842,487
13,571,691
18,842,487
13,571,691
Economic and natural environment
7,146,022
6,330,233
7,146,022
6,330,233
Health and human services
1,873,028
827,802
1,873,028
827,802
Culture and recreation
12,938,589
13,011,327
12,938,589
13,011,327
Interest on long-term debt
3,411,488
3,087,269
3,411,488
3,087,269
Waterworks utility
-
-
40,333,170
39,419,864
40,333,170
39,419,864
Airport
3,300,550
2,251,434
3,300,550
2,251,434
Solid waste utility
16,226,857
14,780,647
16,226,857
14,780,647
Golf course
-
-
2,250,748
2,139,847
2,250,748
2,139,847
Total expenses
112,402,415
110,095,056
62,111,325
58,591,792
174,513,740
168,686,848
Increase in net position before transfers
21,039,305
33,839,188
27,183,380
16,177,219
48,222,685
50,016,407
Transfers
2,341,160
233,961
(2,341,160)
(233,961)
-
-
Increase in net position
23,380,465
34,073,149
24,842,220
15,943,258
48,222,685
50,016,407
Net position - beginning
487,694,926
453,318,266
256,494,873
240,444,632
744,189,799
693,762,898
Prior period adjustments
(243,239)
303,511
(2,210,216)
106,983
(2,453,455)
410,494
Net position - ending
$ 510,832,152
$ 487,694,926
$ 279,126,877
$ 256,494,873
$ 789,959,029
$ 744,189,799
Governmental Activities
Analysis
Governmental activities cost
a total of $112.4 million in
2013 against operating
revenue (excluding capital
grants and contributions) of
$110.3 million. $82 million,
or 75%, of all governmental
activities were funded by
taxes and miscellaneous
revenues. $28.1 million or
26% were supported by
program revenues such as
$60.0
$30.0
$40.0
c
0
$30.0
$20.0
$10.0
$0.0
Chart 1
Expenses and Program Revenues - Governmental Activities
General Judicial Public Safety Utilities Transportation Economic Health and Culture and
Government Environment Human Services Recreation
■ Expenses ■ Program Revenues
Management's Discussion and Analysis, 3-8
2013 Comprehensive Annual Financial Report City of Renton, Washington
permit fees, fines and forfeitures, recreation fees, and facility rental fees.
Chart 1 portrays the cost of each of the City's governmental programs along with each program's
generated revenue (fees and intergovernmental revenues specifically related to that program).
The program revenues for Transportation Systems include capital grants for large-scale projects
such as Rainier Ave improvements.
Chart 2: Revenues by Source - Governmental Activities
her General
Revenues
2%
Chart 2 depicts the sources of
revenue that funds governmental
activities. Approximately sixty
percent (60%) is from various taxes
and general resources. Charges for
services, grants and interest earnings
generate forty percent (40%) of total
revenue for general governmental
activities.
Capital Grar� Business -Type Activities Analysis
and Operating Chart 3 presents the same
Grants and information for business -type
Contributions
sr activities as previously illustrated for
governmental activities. It shows the
expense of each of the City's business -type programs along with each programs' revenue (fees and
intergovernmental revenues specifically related to that program).
The Waterworks Utility
Chart 3
generated $49 million In Expenses and Program Revenues - Business -Type Activities
various fees for services and
$70
other sources and had $40.3
$60
million in operating and debt
service expenses resulting in
$50
0
an $8.7 million increase in net
$'°
position from operations. In
$30
addition, the utility received
$10.3 million in capital grants
$20
and facilities contributed by
$10
developers for a combined
$0
increase in net position of $19
Waterworks Utility
million. The operating balance
is necessary for planned system infrastructure
replacements
Airport Solid Waste Utility Golf Course
■ Expenses ■ Program Revenues
The Solid Waste Utility generated $16.4 million in total revenue and incurred $16.2 million in
program expenses, resulting in a positive increase in net position of $0.2 million.
Management's Discussion and Analysis, 3-9
2013 Comprehensive Annual Financial Report City of Renton, Washington
The Airport generated a total of $2.4 million in revenue and $3.3 million in expenses 2013. In
addition, the airport received $8.6 million in capital grants and contributions.
The Golf Course generated a total of $2.1 million in green fees, driving range charges, and other
user fees. The total expenses for the Golf Course were $2.2 million. The Golf Course had an
operating loss of $108,000 for the year.
Chart 4 illustrates the source of revenue
for Business -type activities; which are
supported primarily from charges for
services. Charges for services generated
$70 million, or 79%, of the total revenue
sources, while grant revenue and
contributions generated 21% of the
total revenue sources. This is a 147%
increase over 2012 which generated
$7.7 million in grant revenue and
contributions (compared to the $18.9
million in 2013). These grant sources
include several State funded surface
water improvement grants, totaling
Chart 4: Revenues by Source Business -Type Activities
$1.4 million, and a Federal Aviation Administration funded airport project, totaling $8.5 million.
Also included in this figure are $7.6 million in developer utility contributions and storm water
retention ponds deeded to the City by King County and miscellaneous homeowners associations.
FUND FINANCIAL ANALYSIS
Governmental Funds
The governmental fund statements provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the City's ability to meet
financing requirements in the near term. In particular, unassigned fund balance may serve as a
useful measure of a government's net resources available for spending at the end of the fiscal year.
At the end of the fiscal year, the City's General Fund had a fund balance of $20.4 million, which is
an increase of $1.6 million from a year ago. The increase is partially due to higher sales tax
revenues from improving economic conditions, and partially from budget -savings. Approximately
$303,000 of this is restricted for specific programs. Another $20.1 million is unrestricted but either
committed or reserved to various stabilization funds and financial reserves.
The Municipal Facilities Capital Improvement Project (CIP) fund includes the library development
funds as well as general governmental major maintenance fund. The $24 million in fund balance is
restricted, committed, or assigned to capital purposes and will continue to decrease as the library
projects move forward.
Management's Discussion and Analysis, 3-10
2013 Comprehensive Annual Financial Report City of Renton, Washington
The Capital Improvement fund accounts for the many transportation -related projects in the City.
All fund balance is either restricted or committed to capital projects.
Proprietary Funds
The fund financial statements for the proprietary funds are presented in more detail, but
essentially provide the same type of information found within the business -type activities in the
Government -wide Financial Statements. The factors concerning the finances of the Waterworks
Utility and the Solid Waste Utility funds have been addressed in the discussion of business -type
activities. The proprietary fund statements also include a column for internal services fund
activities in aggregate. These activities are consolidated with general governmental activities in
the government -wide statements.
GENERAL FUND BUDGETARY HIGHLIGHTS
The City uses a biennial budget process that adopts two one-year budgets at one time. 2013 was
the first year of the 2013-14 biennium. The original 2013 adopted budget was $94.1 million and
the final adjusted budget was $99.3 million. The increase of $5.2 million was mostly related to
$4.3 million in 2012 carry forward items, $380,000 in additional staffing related to a public safety
grant, $380,000 in the City Attorney's office move/remodel, and $178k in a capital park project.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
The City of Renton's investment in capital assets, including construction in progress, for
governmental and business -type activities amounts to $756.3 million as of December 31, 2013 as
shown in the following table.
The increase of $32.1 million in 2013 is mostly attributed to $28.1 million in additions to
Construction in Progress capital. The most significant Construction in Progress additions in 2013
included: Rainier Ave. improvements ($10.8 million), Strander Blvd. improvements ($5.3 million),
NE 3rd/4th Corridor improvements ($1.9 million), and the airport's Taxiway Bravo improvements
($10.4 million). More detail about the City's Capital Assets can be found in Note 5 to the financial
statements.
Management's Discussion and Analysis, 3-11
TABLE 3
CAPITAL ASSETS
(Net of Depreciation/Amortization)
Governmental
Activities
Business -Type Activities
Total
2013
2012
2013
2012
2013
2012
Land and Land Improvements
$ 192,865,483
$ 191,294,494
$ 6,165,321
$ 7,943,225
$ 199,030,804
$ 199,237,719
Buildings and Structures
60,313,676
62,180,126
10,301,335
10,744,152
70,615,011
72,924,278
Other Improvements
137,264,607
140,587,042
240,089,592
231,688,960
377,354,199
372,276,002
Machinery and Equipment
11,244,496
10,794,514
526,139
544,519
11,770,635
11,339,033
Intangible Assets
754,689
432,386
1,234,464
523,531
1,989,153
955,917
Construction in Progress
76,319,894
56,257,272
19,231,838
11,180,617
95,551,732
67,437,889
Total
$ 478,762,845
$ 461,545,834
$ 277,548,689
$ 262,625,004
$ 756,311,534
$ 724,170,838
The increase of $32.1 million in 2013 is mostly attributed to $28.1 million in additions to
Construction in Progress capital. The most significant Construction in Progress additions in 2013
included: Rainier Ave. improvements ($10.8 million), Strander Blvd. improvements ($5.3 million),
NE 3rd/4th Corridor improvements ($1.9 million), and the airport's Taxiway Bravo improvements
($10.4 million). More detail about the City's Capital Assets can be found in Note 5 to the financial
statements.
Management's Discussion and Analysis, 3-11
2013 Comprehensive Annual Financial Report City of Renton, Washington
Debt Administration
The City's total outstanding debt at December 31, 2013, was $117.7 million as shown in Table 4.
This was a $4 million reduction from the prior year which can be attributed to debt service
payments towards principal of $5 million in General Obligation Debt, a $1.2 million reduction to
Revenue Bonds, and a $0.9 million reduction in Public Works Trust Fund Loans. These principal
payments were offset by a $3.2 million new General Obligation Qualified Energy Conservation
Bond issue for the conversion of LED street lights throughout the City. The estimated annual
energy savings is approximately $275,000 a year and the annual debt service cost net of rebate
from the IRS will average $215,000 annually. The City does not have other capital financing
planned in the near future. More detailed information about the City's long-term debt can be
found in Note 13 to the financial statements.
General Obligation Bonds
Revenue Bonds
Other Long -Term Debt
Unamortized Premium (Discount)
Tota I
TABLE 4
LONG-TERM DEBT
Governmental Activities Business -Type Activities Total
2013
2012
2013
2012
2013
$ 43,990,000
$ 44,335,000
$ -
$ (1,199,439)
$ 43,990,000
-
-
31,305,000
32,595,000
31,305,000
35,692,283
36,891,722
4,660,282
5,538,929
40,352,565
2,113,944
2,408,675
(96,181)
(102,198)
2,017,763
$ 81,796,227
$ 83,635,397
$ 35,965,282
$ 36,934,490
$ 117,665,328
REQUESTS FOR FINANCIAL INFORMATION
2012
$ 43,135,561
32,595,000
42,430,651
2,306,477
$ 120,467,689
This financial report is designed to provide our citizens, creditors, investors, and others interested
in the City's finances with a general overview of the City's finances and to show the City's
accountability for financial resources it receives. If you have any questions about this report or
need additional information, please contact Iwen Wang, Administrative Services Administrator,
1055 South Grady Way, Renton, WA 98057 or visit our web site at www.rentonwa.gov.
Management's Discussion and Analysis, 3-12
2013 Comprehensive Annual Financial Report
ASSETS
Cash and cash equivalents
Cash with fiscal agent
Investments at fair value
Receivables (net of allowance
for uncollectibles)
Internal balances
Inventories
Prepayments
Other non-current assets
Restricted assets:
Cash and cash equivalents
Capital assets not being depreciated:
Land
Construction in progress
Capital assets, net of
accumulated depreciation:
Buildings
Infrastructure
Machinery and equipment
Intangibles
Total assets
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding
Total deferred outflows of resources
LIABILITIES
Accounts payable and
other liabilities
Interest payable
Unearned revenue
Non-current liabilities:
Due within one year
Due in more than one year
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Total deferred inflows of resources
NET POSITION
Net investment in capital assets
Restricted for:
Judicial
Public safety
Health and human services
Transportation
Economic environment
Culture and recreation
Debt service
Capital
Unrestricted
Total net position
City of Renton, Washington
STATEMENT OF NET POSITION
December 31, 2013
PRIMARY GOVERNMENT
GOVERNMENTAL
BUSINESS -TYPE
70,615,011
ACTIVITIES
ACTIVITIES
TOTAL
$ 55,378,478 $
20,607,683 $
75,986,161
237,419
-
237,419
23,204,037
9,824,747
33,028,784
19,566,531
9,358,776
28,925,307
775,092
(775,092)
-
177,528
299,263
476,791
53,000
404,459
457,459
40,926,920
60,349
40,987,269
-
2,909,578
2,909,578
192,865,483
6,165,321
199,030,804
76,319,894
19,231,838
95,551,732
60,313,676
10,301,335
70,615,011
137,264,607
240,089,592
377,354,199
11,244,496
526,139
11,770, 635
754,689
1,234,464
1,989,153
619,081,850
320,238,452
939,320,302
215,806
277,542
1,024,919
1,302,461
277,542
1,024,919
1,302,461
2,909,578
14,284,485
3,970,072
18,254,557
636,642
119,080
755,722
1,835,952
451,699
2,287,651
7,987,421
2,581,556
10,568,977
83,782,740
35,014,087
118,796,827
108,527,240
42,136,494
150,663,734
445,277,657
241,679,585
686,957,242
43,763
-
43,763
193,134
193,134
66,154
66,154
1,209,902
1,209,902
215,806
215,806
674,885
-
674,885
1,279,232
2,909,578
4,188,810
20,190,283
-
20,190,283
41,681,336
34,537,714
76,219,050
$ 510,832,152 $
279,126,877 $
789,959,029
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-1
2013 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2013
Page 1 of 2
Business -type activities:
Waterworks utility
40,333,170
49,024,626
PROGRAM REVENUES
10,307,827
Airport
3,300,550
2,494,436
OPERATING
8,572,165
Solid waste utility
16,226,857
CHARGES FOR
GRANTS AND
CAPITAL GRANTS
FUNCTIONS/PROGRAMS
EXPENSES
SERVICES
CONTRIBUTIONS
& CONTRIBUTIONS
Primary government:
62,111,325
70,090,660
105,695
18,879,992
Governmental activities:
$ 174,513,740 $
91,631,716 $
6,727,126 $
41,957,906
General government
$ 10,923,530 $
3,372,595
$ 1,276,041 $
23,954
Judicial
2,372,115
3,011,028
22,796
-
Public safety
53,930,214
6,578,528
2,352,488
-
Utilities
964,942
3,755
-
448,148
Transportation
18,842,487
2,712,137
2,012,960
21,094,384
Economic and natural environment
7,146,022
3,766,499
886,791
-
Health and human services
1,873,028
-
-
-
Culture and recreation
12,938,589
2,096,514
70,355
1,511,428
Interest on long-term debt
3,411,488
-
-
-
Total governmental activities
112,402,415
21,541,056
6,621,431
23,077,914
Business -type activities:
Waterworks utility
40,333,170
49,024,626
68,575
10,307,827
Airport
3,300,550
2,494,436
3,120
8,572,165
Solid waste utility
16,226,857
16,429,165
34,000
-
Golf course
2,250,748
2,142,433
-
-
Total business -type activities
62,111,325
70,090,660
105,695
18,879,992
Total primary government
$ 174,513,740 $
91,631,716 $
6,727,126 $
41,957,906
General revenues:
Taxes:
Property taxes
Retail sales taxes
Business taxes
Excise taxes
Interest and investment earnings
Miscellaneous
Transfers
Total general revenues and transfers
Change in net position
Net position - January 1
Prior period adjustment
Net position - January 1, restated
Net position - December 31
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-2
2013 Comprehensive Annual Financial Report
STATEMENT OF ACTIVITIES
For the Year Ended December 31, 2013
Page 2 of 2
NET (EXPENSE) REVENUE AND CHANGES IN NET POSITION
PRIMARY GOVERNMENT
GOVERNMENTAL BUSINESS -TYPE
(2,122,802)
ACTIVITIES ACTIVITIES
TOTAL
$ (6,250,940) $ $
(6,250,940)
661,709
661,709
(44,999,198)
(44,999,198)
(513,039)
(513,039)
6,976,994
6,976,994
(2,492,732)
(2,492,732)
(1,873,028)
(1,873,028)
(9,260,292)
(9,260,292)
(3,411,488)
(3,411,488)
(61,162,014)
(61,162,014)
FUNCTIONS/PROGRAMS
Primary government:
Governmental activities:
General government
Judicial
Public safety
Physical environment
Transportation
Economic environment
Health and human services
Culture and recreation
Interest on long-term debt
Total governmental activities
84,542,479
(2,122,802)
82,419,677
Business -type activities:
24,842,220
19,067,858
19,067,858
Waterworks utility
744,189,799
7,769,171
7,769,171
Airport
487,451,687
236,308
236,308
Solid waste utility
279,126,877 $
(108,315)
(108,315)
Golf course
26,965,022
26,965,022
Total business -type activities
(61,162,014)
26,965,022
(34,196,992)
Total primary government
General revenues:
Taxes:
32,536,533
-
32,536,533
Property taxes
25,541,972
25,541,972
Retail sales taxes
16,439,502
16,439,502
Business taxes
5,838,149
-
5,838,149
Excise taxes
613,097
94,077
707,174
Interest and investment earnings
1,232,066
124,281
1,356,347
Miscellaneous
2,341,160
(2,341,160)
-
Transfers
84,542,479
(2,122,802)
82,419,677
23,380,465
24,842,220
48,222,685
487,694,926
256,494,873
744,189,799
(243,239)
(2,210,216)
(2,453,455)
487,451,687
254,284,657
741,736,344
$ 510,832,152 $
279,126,877 $
789,959,029
City of Renton, Washington
Total general revenues and transfers
Change in net position
Net position - January 1
Prior period adjustment
Net position - January 1, restated
Net position - December 31
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-3
2013 Comprehensive Annual Financial Report
ASSETS
Cash & cash equivalents
Cash with fiscal agent
Deposit with fiscal agent
Investments at fair value
Receivables (net of allowances)
Taxes
Customer accounts
Accrued interest & penalty
Special assessments
Due from other funds
Due from other governmental units
TOTAL ASSETS
DEFERRED OUTFLOWS OF RESOURCES
TOTAL DEFERRED OUTFLOWS OF RESOURCES
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2013
Page 1 of 2
MUNICIPAL
FACILITIES CAPITAL
GENERAL CIP IMPROVEMENT
City of Renton, Washington
OTHER TOTAL
GOVERNMENTAL GOVERNMENTAL
FUNDS FUNDS
$ 11,365,454 $
17,714,971 $
2,447,794 $
3,291,895 $
34,820,114
237,419
-
-
-
237,419
4,816,827
7,400,739
1,022,609
1,375,245
14,615,420
3,341,907
-
-
-
3,341,907
4,680,580
-
46,105
-
4,726,685
39,490
62,804
2,192
22,690
127,176
-
-
-
13,788
13,788
44,457
-
-
-
44,457
5,473,170
32,230
3,394,383
1,877,178
10,776,961
29,999,304
25,210,744
6,913,083
6,580,796
68,703,927
25,210,744 $
$ 29,999,304 $
68,703,927
6,913,083 $
6,580,796 $
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-4
2013 Comprehensive Annual Financial Report
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
Taxes payable
Retainage payable
Due to other funds
Due to other governmental units
Matured interest payable
Interfund loans payable
Custodial accounts
Unearned revenues
Accrued employee wages and leave payable
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred amount of special assessments
Unavailable revenues
TOTAL DEFERRED INFLOWS OF RESOURCES
FUND BALANCES
Restricted
Committed
Capital purposes
Operating reserves and carryforwards
Assigned
Capital purposes
Operating reserves and carryforwards
Total fund balances
TOTAL LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
City of Renton, Washington
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2013
Page 2 of 2
MUNICIPAL OTHER TOTAL
FACILITIES CAPITAL GOVERNMENTAL GOVERNMENTAL
GENERAL CIP IMPROVEMENT FUNDS FUNDS
$ 1,029,793 $
1,149,996 $
3,705,140 $
15,269 $
5,900,198
37,611
-
-
137
37,748
-
11,330
161,623
-
172,953
56,367
-
56,367
-
5,635
5,635
-
429,309
429,309
86,581
-
-
86,581
198,079
1,637,874
1,835,953
3,768,142
-
-
3,768,142
5,176,573
1,161,326
4,301,707
1,653,280
12,292,886
-
-
-
13,788
13,788
4,353,606
34,224
-
4,387,830
4,353,606
34,224
13,788
4,401,618
303,051
17,063,639
920,524
4,904,714
23,191,928
84,000
6,848,174
1,656,628
9,014
8,597,816
4,152,362
-
-
-
4,152,362
-
137,605
137,605
15,929,712
-
-
-
15,929,712
20,469,125
24,049,418
2,577,152
4,913,728
52,009,423
$ 29,999,304 $
25,210,744 $
6,913,083 $
6,580,796 $
68,703,927
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-5
2013 Comprehensive Annual Financial Report
RECONCILIATION OF THE BALANCE SHEET
TO THE STATEMENT OF NET POSITION
December 31, 2013
City of Renton, Washington
FUND BALANCES- TOTAL GOVERNMENTAL FUNDS $ 52,009,423
Amounts reported for governmental activities in the statement of net position are
different because:
Other non-current assets used in governmental activities are not financial resources
and therefore are not reported in the governmental funds.
Investment in Joint Venture -SCORE
Investment in Joint Venture -Valley Communications
Net Pension Obligation -overfunded
Capital assets used in governmental activities are not financial resources and
therefore are not reported in the governmental funds.
Land
Construction in progress
Buildings (net of accumulated depreciation)
Infrastructure (net of accumulated depreciation)
Machinery and equipment (net of accumulated depreciation)
Intangible assets (net of accumulated amortization)
Other long-term assets are not available to pay for current period expenditures
and therefore are reported as unavailable revenue in the funds.
Property tax revenue
Municipal court revenue
Photo enforcement revenue
Other
Certain liabilities are not due and payable in the current period and therefore
are not reported in the governmental funds.
Interest payable
Bonds payable and deferred amounts on refunding
Compensated absences
Other post employment benefits
Internal service funds are used by management to charge the costs of certain activities,
such as equipment rental, self-insurance, information technology and facility services
to individual funds. The assets and liabilities of the internal service funds are included
in the governmental activities in the statement of net position.
NET POSITION OF GOVERNMENTAL ACTIVITIES
32,201,419
5,672,607
3,041,851 40,915,877
192,865,483
76,288,632
59,799,277
137,101,120
1,513,197
142,081 467,709,790
569,419
1,171,612
2,555,180
105,407 4,401,618
(631,007)
(81,796,227)
(4,762,331)
(4,589,565) (91,779,130)
37,574,574
$ 510,832,152
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-6
2013 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Year Ended December 31, 2013
Page 1 of 1
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
4,024,222
MUNICIPAL
(4,412,962)
OTHER
TOTAL
OTHER FINANCING SOURCES (USES)
FACILITIES
CAPITAL
GOVERNMENTAL
GOVERNMENTAL
Transfer in
GENERAL
CIP
IMPROVEMENT
FUNDS
FUNDS
REVENUES
(4,415,559)
(277,000)
(56,025)
(1,354,000)
(6,102,584)
Taxes
$ 71,294,583 $
950,460
$ 200,000 $
7,855,709
$ 80,300,752
Licenses and permits
4,371,667
435,356
1,972,426
49,348
6,828,797
Intergovernmental revenues
5,130,377
907,754
15,874,118
966,794
22,879,043
Charges for services
9,208,624
-
-
433,188
9,641,812
Fines and forfeits
2,766,403
2,288,471
22,170
-
2,788,573
Interfund revenues
294,039
-
-
-
294,039
Contributions
84,383
369,522
230,658
65,000
749,563
Investment earnings
417,389
62,309
236
20,396
500,330
Miscellaneous revenues
1,708,853
-
500,000
-
2,208,853
TOTAL REVENUES
95,276,318
2,725,401
18,799,608
9,390,435
126,191,762
EXPENDITURES
Current:
General government
9,340,499
7,742
-
-
9,348,241
Judicial
2,364,631
-
2,364,631
Public safety
53,107,483
4,660
53,112,143
Utilities
468,442
-
-
468,442
Transportation
7,822,333
-
3,947,033
-
11,769,366
Economic environment
5,840,104
572,182
-
240,307
6,652,593
Health and human services
1,827,736
-
-
1,827,736
Culture and recreation
10,402,858
569,422
-
68,507
11,040,787
Capital outlay
78,010
2,779,497
19,254,595
115,075
22,227,177
Debt service:
Principal payments
-
-
-
4,744,439
4,744,439
Interest and fiscal charges
-
-
10,942
3,304,069
3,315,011
TOTAL EXPENDITURES
91,252,096
3,933,503
23,212,570
8,472,397
126,870,566
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
4,024,222
(1,208,102)
(4,412,962)
918,038
(678,804)
OTHER FINANCING SOURCES (USES)
Transfer in
2,166,197
2,678,367
959,449
56,025
5,860,038
Transfer (out)
(4,415,559)
(277,000)
(56,025)
(1,354,000)
(6,102,584)
GO bonds issued
-
3,200,000
3,200,000
Sale of capital assets
9,821
-
-
9,821
TOTAL OTHER FINANCE SOURCES (USES)
(2,239,541)
2,401,367
4,103,424
(1,297,975)
2,967,275
NET CHANGE IN FUND BALANCE
1,784,681
1,193,265
(309,538)
(379,937)
2,288,471
FUND BALANCE JANUARY 1
18,684,444
22,856,153
2,886,690
5,293,665
49,720,952
FUND BALANCE DECEMBER 31
$ 20,469,125 $
24,049,418 $
2,577,152 $
4,913,728 $
52,009,423
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-7
2013 Comprehensive Annual Financial Report City of Renton, Washington
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
GOVERNMENTAL ACTIVITIES
For the Year Ended December 31, 2013
NET CHANGES IN FUND BALANCES - TOTAL GOVERNMENTAL FUNDS $ 2,288,471
Amounts reported for governmental activities in the statement
of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the
statement of activities the cost of those assets is allocated over their
estimated useful lives and reported as depreciation expense. This is the
amount by which capital outlays exceeded depreciation expense in the
current period plus extraordinary gains on capital assets from the sale of
land and equipment.
Capital expenditures 22,227,178
Depreciation expense (8,973,852)
Sale of capital assets (7,413) 13,245,913
Donations of property and infrastructure from developers are not reported in the
governmental funds. However, in the statement of activities, the fair market
value of those assets is recognized as revenue. 3,129,415
Revenues in the statement of activities that do not provide current financial resources
are not reported as revenue in the funds. Unavailable revenue increased
by this amount. 245,696
The issuance of long-term debt (e.g., bonds, leases) provides current financial
resources to governmental funds, while the repayment of the principal of
long-term debt consumes the current financial resources of governmental
funds. Neither transaction, however, has any effect on net position. Also,
governmental funds report the effect of issuance costs, premiums, discounts,
and similar items when debt is first issued, whereas these amounts are deferred
and amortized in the statement of activities. This amount is the net effect of
these differences in the treatment of long-term debt and related items. (234,934)
Increase (decrease) in other non-current assets which include the Net Pension
Asset and Investments in Joint Ventures which are not reported in governmental
funds.
Equity interest -SCORE 958,575
Equity interest -Valley Communications 178,173
Net Pension Asset -overfunded 540,041 1,676,789
Internal service funds are used by management to charge the costs of certain
activities to individual funds. The net revenue (expense) of the internal service
funds are reported with governmental activities. 3,029,115
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES $ 23,380,465
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-8
2013 Comprehensive Annual Financial Report
ASSETS
Current assets:
Cash & cash equivalents
Investments at fair value
Receivables (net of allowances):
Customer accounts
Special assessments
Interest - investments
Interfund loan receivable
Due from other governmental units
Inventory of materials and supplies
Prepayments
Total current assets
Noncurrent assets:
Restricted cash & cash equivalents
Special assessments -non-current
Advances to other funds
Capital assets not being depreciated:
Land
Construction in progress
Capital assets, net of
accumulated depreciation:
Buildings, improvements and equipment
Intangible assets
Total noncurrent assets
TOTAL ASSETS
DEFERRED OUTFLOWS OF RESOURCES
Deferred amount on refunding
TOTAL DEFERRED OUTFLOWS OF RESOURCES
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
December 31, 2013
Page 1 of 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
OTHER TOTAL
WATERWORKS SOLID ENTERPRISE ENTERPRISE
UTILITY WASTE FUNDS FUNDS
City of Renton, Washington
GOVERNMENTAL
ACTIVITIES
INTERNAL SERVICE
FUNDS
$ 17,246,736 $
1,503,370 $
1,857,577 $
20,607,683 $
20,558,364
8,420,653
628,059
776,035
9,824,747
8,588,616
5,648,048
1,924,608
31,303
7,603,959
503,539
102,612
-
-
102,612
-
69,883
7,008
9,938
86,829
87,519
101,646
-
-
101,646
523,170
1,022,105
33,850
509,423
1,565,378
-
234,847
-
64,417
299,264
177,528
-
404,459
-
404,459
53,000
32,846,530
4,501,354
3,248,693
40,596,577
30,491,736
2,909,578
-
-
2,909,578
-
60,349
60,349
-
-
-
-
681,231
2,698,041
3,467,280
6,165,321
-
8,753,664
10,478,174
19,231,838
31,262
234,833,634
16,083,431
250,917,065
10,409,185
1,234,464
-
1,234,464
612,608
250,489,730
30,028,885
280,518,615
11,734,286
283,336,260
4,501,354
33,277,578
321,115,192
42,226,022
1,024,919
$ 1,024,919 $ $
1,024,919
$ 1,024,919 $
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-9
2013 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
December 31, 2013
Page 2 of 2
DEFERRED INFLOWS OF RESOURCES
TOTAL DEFERRED INFLOWS OF RESOURCES
NET POSITION
Net investment in capital assets 211,650,700 30,028,885 241,679,585 11,053,055
Restricted -Waterworks utility debt 2,909,578 - 2,909,578 -
Unrestricted 30,777,505 3,201,683 558,526 34,537,714 26,521,519
TOTAL NET POSITION $ 245,337,783 $ 3,201,683 $ 30,587,411 $ 279,126,877 $ 37,574,574
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-10
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
GOVERNMENTAL
OTHER
TOTAL
ACTIVITIES
WATERWORKS
SOLID
ENTERPRISE
ENTERPRISE
INTERNAL SERVICE
UTILITY
WASTE
FUNDS
FUNDS
FUNDS
LIABILITIES
Current liabilities:
Accounts payable
$ 726,843 $
1,197,741 $
1,045,812 $
2,970,396 $
802,748
Claims incurred but not reported
-
-
-
-
3,106,018
Retainage payable
96,545
141,004
237,549
9,586
Due to other funds
-
-
-
44,457
Interfund loans payable
-
484,885
484,885
-
Due to other governments
708,613
-
708,613
Accrued interest payable
116,738
-
2,341
119,079
-
Accrued employee wages and benefits payable
402,576
22,083
105,257
529,916
344,056
Accrued taxes payable
75,086
55,579
78,842
209,507
87
Custodial accounts
16,420
-
184,230
200,650
-
Unearned revenue
281,426
6,413
163,860
451,699
Revenue bonds payable
1,695,000
-
-
1,695,000
-
Total current liabilities
4,119,247
1,281,816
2,206,231
7,607,294
4,306,952
Long-term liabilities:
Revenue bonds payable
30,538,739
-
-
30,538,739
-
Interfund loans payable
-
-
391,853
391,853
-
Accrued employee wages and benefits payable
413,740
17,855
92,083
523,678
344,496
Public works trust fund loan payable
3,951,670
-
-
3,951,670
-
Total long-term liabilities
34,904,149
17,855
483,936
35,405,940
344,496
TOTAL LIABILITIES
39,023,396
1,299,671
2,690,167
43,013,234
4,651,448
DEFERRED INFLOWS OF RESOURCES
TOTAL DEFERRED INFLOWS OF RESOURCES
NET POSITION
Net investment in capital assets 211,650,700 30,028,885 241,679,585 11,053,055
Restricted -Waterworks utility debt 2,909,578 - 2,909,578 -
Unrestricted 30,777,505 3,201,683 558,526 34,537,714 26,521,519
TOTAL NET POSITION $ 245,337,783 $ 3,201,683 $ 30,587,411 $ 279,126,877 $ 37,574,574
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-10
2013 Comprehensive Annual Financial Report City of Renton, Washington
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Year Ended December 31, 2013
OPERATING REVENUES:
Charges for services
Interdepartmental services
Other services
TOTAL OPERATING REVENUES
OPERATING EXPENSES:
Supplies
Personnel services
Services
Insurance
Taxes
Depreciation
TOTAL OPERATING EXPENSES
OPERATING INCOME (LOSS)
NON-OPERATING REVENUES(EXPENSES):
Intergovernmental revenues
Investment earnings
Gain (loss) on sale of capital assets
Other non-operating revenues (expenses)
Interest expense
NON-OPERATING REVENUE NET OF EXPENSE
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
Capital contributions
Transfers in
Transfers out
CHANGE IN NET POSITION
NET POSITION, JANUARY 1
Prior period adjustment
NET POSITION, JANUARY 1 RESTATED
NET POSITION, DECEMBER 31
BUSINESS -TYPE ACTIVITIES
16,358,815 $
ENTERPRISE FUNDS
GOVERNMENTAL
OTHER
TOTAL ACTIVITIES
WATERWORKS SOLID ENTERPRISE
ENTERPRISE INTERNAL SERVICE
UTILITY WASTE FUNDS
FUNDS FUNDS
$ 48,647,556 $
16,358,815 $
1,923,206 $
66,929,577 $
16,430,979
121,361
616
-
121,977
-
255,709
69,734
2,713,663
3,039,106
11,317,696
49,024,626
16,429,165
4,636,869
70,090,660
27,748,675
230,230,829
3,188,201
23,075,843
2,029,782
2,020
616,184
2,647,986
2,088,422
6,453,208
444,482
2,046,201
8,943,891
5,741,319
19,055,443
13,902,205
2,050,141
35,007,789
3,900,317
-
-
-
-
14,207,692
4,321,663
1,878,150
13,003
6,212,816
894
7,474,088
-
794,490
8,268,578
1,904,421
39,334,184
16,226,857
5,520,019
61,081,060
27,843,065
9,690,442
202,308
(883,150)
9,009,600
(94,390)
68,575
34,000
3,120
105,695
106,301
77,995
6,665
9,417
94,077
112,767
-
-
-
-
16,627
43,788
3,027
77,466
124,281
280,148
(998,986)
-
(31,279)
(1,030,265)
-
(808,628)
43,692
58,724
(706,212)
515,843
8,881,814
246,000 (824,426)
8,303,388 421,453
10, 307,827
8,572,165
18,879,992
23,954
9,821
-
9,821
2,642,026
(1,882,292)
(232,518)
(236,171)
(2,350,981)
(58,318)
17,317,170
13,482
7,511,568
24,842,220
3,029,115
230,230,829
3,188,201
23,075,843
256,494,873
34,506,875
(2,210,216)
-
-
(2,210,216)
38,584
228,020,613
3,188,201
23,075,843
254,284,657
34,545,459
$ 245,337,783 $
3,201,683 $
30,587,411 $
279,126,877 $
37,574,574
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-11
2013 Comprehensive Annual Financial Report
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services
Cash received from other funds for services
Cash paid to suppliers for goods & services
Cash paid to other funds for goods & services
Cash paid to employees
Other non-operating receipts
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds
Transfers to other funds
Operating grants
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment
System development charges
Acquisition & construction of capital assets
Special assessments
Capital grants
Principal payments on debt
Interest payments on debt
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal proceeds from interfund loans
Proceeds from sale of investments
Payments for investments
Interest on investments and loans
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES
NET INCREASE (DECREASE) IN CASH &
CASH EQUIVALENTS
CASH & CASH EQUIVALENTS, JANUARY 1
RESTRICTED CASH & CASH EQUIVALENTS, JANUARY 1
TOTAL CASH, RESTRICTED CASH, & CASH
EQUIVALENTS, DECEMBER 31
City of Renton, Washington
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2013
Page 1 of 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
OTHER TOTAL
WATERWORKS SOLID ENTERPRISE ENTERPRISE
UTILITY WASTE FUNDS FUNDS
GOVERNMENTAL
ACTIVITIES
INTERNAL SERVICE
FUNDS
$ 48,910,317 $
16,169,475 $
4,564,175 $
69,643,967 $
-
147,298
-
-
147,298
27,306,147
(25,239,893)
(15,777,423)
(1,968,238)
(42,985,554)
(20,127,378)
(51,304)
(51,304)
(6,487,959)
(444,076)
(2,035,376)
(8,967,411)
(5,733,187)
43,788
3,027
77,466
124,281
280,148
17,322,247
(48,997)
638,027
17,911,277
1,725,730
9,821
-
9,821
2,642,026
(1,882,292)
(232,518)
(236,171)
(2,350,981)
(58,318)
68,575
100,563
3,120
172,258
106,384
(1,803,896)
(131,955)
(233,051)
(2,168,902)
2,690,092
-
-
91,259
1,197,309
1,197,309
-
(7,462,805)
(9,455,510)
(16,918,315)
(2,730,607)
211,335
-
211,335
-
504,663
8,594,643
9,099,306
23,954
(1,239,908)
(473,024)
(1,712,932)
-
(1,535,560)
(32,841)
(1,568,401)
(8,324,966)
(1,366,732)
(9,691,698)
(2,615,394)
98,208
-
98,208
511,666
-
106,899
106,899
-
(3,194,340)
(60,293)
-
(3,254,633)
(2,006,789)
33,984
3,713
5,156
42,853
71,670
(3,062,148)
(56,580)
112,055
(3,006,673)
(1,423,453)
4,131,237
(237,532)
(849,701)
3,044,004
376,975
13,115,499
1,740,902
2,707,278
17,563,679
20,181,389
2,909,578
-
-
2,909,578
-
$ 20,156,314 $
1,503,370 $
1,857,577 $
20,558,364
23,517,261 $
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-12
2013 Comprehensive Annual Financial Report
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
Other non-operating revenue
(Increase) decrease in
accounts receivable
Increase (decrease) in due from
otherfunds
(Increase) decrease in inventory
& prepaid items
Increase(decrease)in operating
accounts payable
Increase(decrease)in dueto
otherfunds
Increase(decrease)in payables
& other short-term liabilities
Increase(decrease)in
customer deposits
Increase(decrease)in
unearned revenues
Increase(decrease)in accrued
employee leave benefits
Total adjustments
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Prior Period Adjustment
Contributions of capital assets
Depreciation & amortization
City of Renton, Washington
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Year Ended December 31, 2013
Page 2 of 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
OTHER TOTAL
WATERWORKS SOLID ENTERPRISE ENTERPRISE
UTILITY WASTE FUNDS FUNDS
$ 9,690,442 $ 202,308 $ (883,150) $ 9,009,600 $
GOVERNMENTAL
ACTIVITIES
INTERNAL
SERVICE
FUNDS
(94,390)
7,474,088
-
794,490
8,268,578
1,904,421
43,788
3,027
77,466
124,281
280,148
(68,450)
(259,690)
64,242
(263,898)
(442,528)
25,937
-
25,937
28,131
(45,861)
3,063
(14,667)
(16,886)
139,797
50,472
540,118
730,387
34,624
(51,304)
-
-
(51,304)
-
(933)
(6,072)
167,909
160,904
52,209
(1,550)
-
12,053
10,503
-
77,052
6,413
(148,989)
(65,524)
-
(34,751)
406
10,825
(23,520)
8,132
7,631,805
(251,305)
1,521,177
8,901,677
1,820,120
$ 17,322,247 $
(48,997) $
638,027 $
17,911,277 $
1,725,730
$ (2,210,216) $
$
- $
(2,210,216) $
38,584
8,096,072
-
8,096,072
-
7,474,088
794,490
8,268,578
1,904,421
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-13
2013 Comprehensive Annual Financial Report
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
December 31, 2013
ASSETS
Cash and cash equivalents
Investments at fair value:
Federal National Mortgage Association
US Treasury Strips
Certificates of deposit
Receivables (net of allowances)
Interest on investments
TOTAL ASSETS
DEFERRED OUTFLOWS OF RESOURCES
TOTAL DEFERRED OUTFLOWS OF RESOURCES
LIABILITIES
Deposits
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES
TOTAL DEFERRED INFLOWS OF RESOURCES
NET POSITION
Net position held in trust for pension benefits
and other purposes
City of Renton, Washington
PENSION TRUST
AGENCY
FIREFIGHTER'S
PENSION
SPECIAL
DEPOSITS
$ 1,866,701 $
370,398
3,198,267
548,845
3,152,136
633,519
-
9,136,347
633,519
633,519
633,519
$ 9,136,347 $ -
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-14
2013 Comprehensive Annual Financial Report
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIREMEN'S PENSION FUND
For the Year Ended December 31, 2013
DEDUCTIONS:
Benefits 188,943
Administrative expenses 4,475
TOTAL DEDUCTIONS 193,418
Change in net position (368,241)
NET POSITION -JANUARY 1 9,504,588
NET POSITION - DECEMBER 31 $ 9,136,347
City of Renton, Washington
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-15
PENSION TRUST
FIREMEN'S
PENSION
ADDITIONS:
Other contributions:
Fire insurance premiums transferred in
$ 128,866
Investment earnings:
Investment interest
339,084
Net increase / (decrease) in the fair value of investments
(642,773)
Total Investment earnings
(303,689)
TOTAL ADDITIONS
(174,823)
DEDUCTIONS:
Benefits 188,943
Administrative expenses 4,475
TOTAL DEDUCTIONS 193,418
Change in net position (368,241)
NET POSITION -JANUARY 1 9,504,588
NET POSITION - DECEMBER 31 $ 9,136,347
City of Renton, Washington
The notes to the financial statements are an integral part of this statement. Basic Financial Statements, 4-15
2013 Comprehensive Annual Financial Report City of Renton, Washington
NOTES TO THE FINANCIAL STATEMENTS
January 1, 2013 through December 31, 2013
NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Renton was incorporated on September 6, 1901, and operates under the laws of the
State of Washington applicable to a Non -Charter code city with a Mayor/Council form of
government. A full-time Mayor and seven part-time Council members serve the City, all elected
at large to four-year terms. The City provides the full range of municipal services authorized by
state statues, together with a Municipal Airport, a Waterworks Utility, a Solid Waste Utility, and
a Municipal Golf Course.
The financial statements of the City have been prepared in conformity with U.S. generally
accepted accounting principles (GAAP) as applied to government units. The Governmental
Accounting Standards Board (GASB) is the accepted standard-setting body for establishing
governmental accounting and financial reporting principles.
Effective for fiscal year 2013 reporting, the City implemented the following new accounting and
reporting standards issued by the Governmental Accounting Standards Board (GASB):
GASB Statement No. 61— The Financial Reporting Entity: Omnibus
This statement modifies certain requirements for inclusion of component units in the
financial reporting entity. It also amends criteria for reporting component units as if
they were part of the primary government (blending) in certain circumstances. The
statement also clarifies the reporting of equity interests in legally separate
organizations.
GASB Statement No. 64 — Derivative Instruments: Applications of Hedge Accounting
Termination Provisions
The objective of this statement is to clarify whether an effective hedging relationship
continues after the replacement of a swap counterparty or a swap counterparty's credit
support provider.
GASB Statement No. 65 - Items Previously Reported as Assets and Liabilities
The objective of this statement is to either (a) properly classify certain items that were
previously reported as assets and liabilities as deferred outflows of resources or
deferred inflows of resources or (b) recognize certain items that were previously
reported as assets and liabilities as outflows of resources (expenses or expenditures) or
inflows of resources (revenues). These determinations are based on the definitions of
those elements in Concepts Statement No. 4, Elements of Financial Statements.
This statement amends or supersedes the accounting and financial reporting guidance
for certain items previously required to be reported as assets or liabilities. In addition,
this statement amends or supersedes requirements for the determination of major
Basic Financial Statements, 4-16
2013 Comprehensive Annual Financial Report
City of Renton, Washington
funds and addresses other statement of net position and governmental funds balance
sheet presentation issues.
Accounting changes adopted to conform to the provisions of this statement have been
applied retroactively and are reported as a restatement of beginning net position or
fund balance, as appropriate.
GASB Statement No. 66 — Technical Corrections -2012
The objective of this statement is to resolve conflicting guidance in GASB Statement No.
54, Fund Balance Reporting and Governmental Fund Type Definitions, and GASB
Statement NO. 10, Accounting and Financial Reporting for Risk Financing and Related
Insurance Issues, related to reporting of risk financing activities, and to resolve
conflicting guidance in GASB Statement No. 62, Codification of Accounting and Financial
Reporting Guidance Contained in Pre -November 30, 1989 FASB and AICPA
Pronouncements and GASB Statement No. 13, Accounting for Operating Leases with
Scheduled Rent Increases, regarding the reporting of certain operating lease
transactions, and GASB Statement No. 48, Sales and Pledges of Receivables and Future
Revenues and Intra -Entity Transfers of Assets and Future Revenues, concerning the
reporting of the acquisition of a loan or a group of loans and the recognition of servicing
fees related to mortgage loans that are sold.
A. REPORTING ENTITY
As required by GAAP the City's financial statements present the City of Renton — the primary
government.
The City of Renton's Mayor appoints the Governing Board for the Renton Housing Authority,
which is not considered a component unit of the City. The City is under no obligation to
subsidize, nor does it exercise any other prerequisite for inclusion.
The City of Renton has no component units (either blended or discretely presented) included in
these statements.
B. BASIC FINANCIAL STATEMENTS— GASB 34 PRESENTATION
The City's basic financial statements include both government -wide (reporting the City as a
whole) and fund financial statements (reporting the City's major funds). Both the government -
wide and fund financial statements categorize primary activities as either governmental or
business -type.
GOVERNMENT -WIDE STATEMENTS
In the Government -wide Statement of Net Position, both the governmental and business -type
activities columns (a) are presented on a consolidated basis by column, and (b) are reported on
a full accrual, economic resource basis, which recognized all long-term assets and receivables as
Basic Financial Statements, 4-17
2013 Comprehensive Annual Financial Report City of Renton, Washington
well as long-term debt and obligations. The City's net position is reported in three parts —
investment in capital assets, net of related debt; restricted net position; and unrestricted net
position. The City first utilizes restricted resources to finance qualifying activities.
The Government -wide Statement of Activities reports both the gross and net cost of each of the
City's functions and business -type activities (general government, judicial, public safety,
utilities, transportation, economic environment, health and human services, culture and
recreation, waterworks utility, airport, solid waste utility, and golf course). General
government revenues (property taxes, retail sales and use taxes, business taxes, excise taxes,
and other taxes) also support the functions. The Statement of Activities reduces gross expenses
(including depreciation) by related program revenues, operating and capital grants and
contributions. Program revenues must be directly associated with the function or a business -
type activity. Operating grants include operating specific and discretionary (either operating or
capital) grants while the capital grants column reflects capital specific grants. General revenues
normally cover the net cost, by function or business -type activity.
The Government -wide focus is more on the sustainability of the City as an entity and the
change in the City's net position resulting from the current year's activities.
The City's fiduciary funds are presented in the fund financial statements. Since the assets are
being held for the benefit of a third party and cannot be used for obligations of the City, they
are not included in the Government -wide statements.
Interfund fund activity has been eliminated from the Government -wide financial statements.
Exceptions are payments in lieu of taxes, external type transactions within the internal service
funds (revenue and expenses for interest or services provided to other governmental
organizations), and other charges for utilities. Elimination of these charges would distort the
direct cost and program revenues for these functions.
FUND FINANCIAL STATEMENTS
In the fund financial statements, the financial transactions are recorded in individual funds,
each accounted for by a separate set of self -balancing accounts that comprise assets, liabilities,
reserves, fund equity, revenues, and expenditures or expenses. The presentation is by major
funds in either the governmental or business -type categories. GASB Statement 34 sets forth
the minimum criteria for the determination of a major fund. The non -major funds are
combined in the fund financial statements and are detailed in the combining section.
The governmental major fund statements in the fund financial statement are presented on
current financial resources and modified accrual basis of accounting. Since governmental fund
statements are presented on a different measurement focus and basis of accounting than the
Government -wide statements' governmental column, reconciliation is presented at the end of
the statement, which briefly explains the adjustments necessary to transform the fund
statements into the Government -wide presentation.
Basic Financial Statements, 4-18
2013 Comprehensive Annual Financial Report City of Renton, Washington
Internal service funds of a government are presented in summary form as part of the
proprietary fund financial statements. Since the principal users of the internal services are the
City's governmental activities, financial statements for internal service funds are consolidated
into the governmental column when presented at the governmental level. These services are
reflected in the appropriate functional activity (general government, judicial, public safety,
utilities, transportation, economic environment, health and human services, culture and
recreation).
The following describes each fund as presented in the fund financial statements.
MAJOR FUNDS
GOVERNMENTAL FUNDS
GENERAL FUND
The General Fund is the primary operating fund of the City. It is used to account for the
resources and disbursements of ordinary City operations that are not required to be accounted
for in another fund. These include the costs of legislative and executive departments, court
services, finance and legal departments, development services, police and fire departments,
human resources and technical services, community services, parks, economic development,
streets, property management for City owned leased facilities, library and museum, fire
memorial, and fire department's health and wellness programs. The major sources of revenue
are property taxes, utility taxes, and sales taxes. Licenses and permits, charges for services, and
fines and forfeits provide additional support. Community development block grant activities
are accounted for within this fund, which is federally funded.
MUNICIPAL FACILITIES CIP FUND
The Municipal Facilities CIP fund accounts for facility improvements and renovations, property
acquisitions for parks and City space needs, parks development and equipment, and major
capital requirements. Resources include general and special revenue taxes, grants, and Council -
approved general obligation bonds.
CAPITAL IMPROVEMENT FUND
This fund supports the City of Renton transportation projects and projects linked with various
State and Federal funding programs. Many of the projects are dependent on grants, formation
of LIDS, and mitigation revenue.
Basic Financial Statements, 4-19
2013 Comprehensive Annual Financial Report
ENTERPRISE FUNDS
City of Renton, Washington
WATERWORKS UTILITY FUND
The Waterworks Utility Fund accounts for all operation and capital improvement programs for
water, wastewater, and storm water services within the City. The activities primarily supported
by user fees include: administration, billings and collections, debt service, engineering and
operation, maintenance and repairs. The primary resources for the capital improvement
programs are revenue bond proceeds, grants (as available), and utility connection charges.
SOLID WASTE FUND
Solid waste, recycling, and yard waste collection services for the City are accounted for in this
fund, supported entirely by service fees. The expenses include payment to the City's garbage
contractor and other service charges.
NON -MAJOR FUNDS
SPECIAL REVENUE FUNDS
ARTERIAL STREET FUND
The Arterial Street Fund was established pursuant to state law allocating the one-half cent State
Gasoline Tax revenue to cities and towns for construction, improvements, and major repair of
streets.
HOTEL/MOTEL TAX FUND
Accounts for monies collected through an increase of one percent in hotel/motel taxes for the
purpose of increasing tourism in the City of Renton.
1% FOR ART FUND
The City of Renton established this fund to account for one percent of construction project
actual costs to be used for the selection, acquisition and/or installation of works of art to be
placed in, on, or about City public facilities.
CABLE COMMUNICATIONS DEVELOPMENT FUND
The Cable Communications Development Fund accounts for funding for promotion and
development of cable communications as established by City ordinance.
SPRINGBROOK WETLANDS BANK FUND
The City of Renton established this fund in 2007 for the purpose of providing accounting for the
Springbrook Creek Wetland and Habitat Mitigation Bank project. The fund will receive revenue
by selling Wetlands Credits to third parties and to the City's internal departments.
Basic Financial Statements, 4-20
2013 Comprehensive Annual Financial Report
DEBT SERVICE FUNDS
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
This debt service fund accounts for the following outstanding debt issues:
City of Renton, Washington
• 2006 limited tax general obligation bonds which provided funding for the
construction of South Lake Washington infrastructure improvements.
• 2009 intergovernmental debt related to the Fire District #40 asset transfer
as a result of the Benson Hill annexation.
• 2009 intergovernmental debt related to acquisition, construction, and
equipping of the SCORE facility.
• 2010 intergovernmental refunding debt which refunded a portion of the
2000 intergovernmental debt for the construction of a new facility for
Valley Communications Center.
• 2010 limited tax general obligation refunding bonds which refunded a
portion of the 2001 limited tax general obligation bonds for the
construction of a downtown parking facility.
• 2011 limited tax general obligation bonds which funded the development
and construction of 2 new libraries.
• 2011 limited tax general obligation refunding bonds which refunded a
portion of the 2001 limited tax general obligation bonds which refunded a
portion of the 1997 limited tax general obligation bonds for the purchase
of Renton City Hall.
• 2013 limited tax general obligation qualified energy conservation bonds
(QECB) which provided funding for streetlight improvements.
CAPITAL PROJECT FUNDS
COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments
to City facilities.
FIRE IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments
to City facilities.
Basic Financial Statements, 4-21
2013 Comprehensive Annual Financial Report City of Renton, Washington
TRANSPORTATION IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their developments
to City facilities
SOUTH LAKE WASHINGTON INFRASTRUCTURE PROJECT FUND
The South Lake Washington Infrastructure Project Fund accounts for the infrastructure
improvements at the south end of Lake Washington. Primary resources include: REET, sales
tax, grants, and GO Bonds which provide for the design, construction, labor wages and benefits,
and equipment required to implement the project.
ENTERPRISE FUNDS
AIRPORT FUND
Provides accounting for revenues and expenses, which provides administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and Will
Rodger -Wily Post Memorial Seaplane Base. Sources of support to the fund are leases, fuel
charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course. The
fund accounts for the operation, maintenance, debt service, and capital improvements of the
facility.
C9111:I4:IIIlk W »1
INTERNAL SERVICE FUNDS
EQUIPMENT RENTAL
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City vehicles
and auxiliary equipment. In addition, this fund accounts for the City's information technology,
facilities and communications costs. All costs, including depreciation, are factors in calculating
the rates that are charged to each user department.
INSURANCE FUND
The Insurance Fund provides accounting for self-insurance services to all City departments,
including provisions for losses on property, liability, worker's compensation, unemployment
compensation, and the health care program. The Insurance Fund pays expenses and rates are
charged to departments based on use and/or coverage requirements.
FIDUCIARY FUNDS
Fiduciary funds are used to account for assets held by the City in a trustee capacity or as an
agent for individuals, private organizations, other governmental units and/or other funds. The
City has one Pension Trust Fund and one Agency Fund.
Basic Financial Statements, 4-22
2013 Comprehensive Annual Financial Report
PENSION TRUST FUND
City of Renton, Washington
FIREMEN'S PENSION FUND
The Firemen's Pension Fund accounts for the payment of administrative costs and benefits for
retired firefighters and their beneficiaries, who were employed prior to March 1, 1970. Primary
revenues sources are general property tax allocations in accordance with actuarial calculations,
the fire premium tax, and investment income.
AGENCY FUND
SPECIAL DEPOSIT FUND
The Special Deposit Fund was established for the purpose of holding or retaining cash deposits
or other securities pending fulfillment of certain conditions and/or requirements by the
depositor. Refunds are made when all obligations have been met and only upon authorization
from the transmitting department.
C. MEASUREMENT FOCUS AND BASIS OF ACCOUNTING
Basis of Accounting refers to the point at which revenues or expenditures/expenses are
recognized in the accounts and reported in the financial statements. It relates to the timing of
the measurement made regardless of the measurement focus applied:
1. Accrual
Both governmental and business -type activities in the Government -wide financial statements
and the proprietary and fiduciary fund financial statements are presented on the accrual basis
of accounting. Revenues are recognized when earned and expenses are recognized when
incurred.
Substantially all governmental fund revenues are accrued. Property taxes are billed and
collected within the same period in which taxes are levied. Subsidies and grants to proprietary
funds, which finance either capital or current operations, are reported as non-operating
revenue based on GASB Statement 33. In applying GASB Statement 33 to grant revenues, the
provider recognizes liabilities and expenses and the recipient recognizes receivables and
revenue when the eligibility requirements, including time requirements, are met. Resources
transmitted before the eligibility requirements are met, are reported as advances by the
provider and deferred revenue by the recipient.
2. Modified Accrual
The governmental funds financial statements are presented on the modified accrual basis of
accounting. Under the modified accrual basis of accounting, revenues are recorded when
susceptible to accrual: i.e., both measurable and available. "Available" means collectible within
the current period or soon enough thereafter to be used to pay liabilities of the current period.
Basic Financial Statements, 4-23
2013 Comprehensive Annual Financial Report City of Renton, Washington
The City considers all revenue reported in the governmental funds to be available if the
revenues are collected within sixty days after year-end. Expenditures are generally recognized
under the modified accrual basis of accounting when the related liability is incurred. The
exception to this general rule is that principal and interest on general obligation long-term
debt, if any, is recognized when due.
D. ASSETS AND DEFERRED OUTFLOWS OF RESOURCES, LIABILITIES AND DEFERRED INFLOWS
OF RESOURCES AND NET POSITION
1. Cash and Cash Equivalents
The City has defined cash and cash equivalents as cash on hand, demand deposits, and all
highly liquid investments (including restricted assets) with maturity of three months or less
when purchased. These amounts are classified on the balance sheet or in the statement of net
position as cash and cash equivalents or investments in the various funds. The interest on
these investments is prorated to the applicable funds. Included in this category are all funds
invested in the Local Government Investment Pool and Municipal Investor Account. Excluded
from this category are cash balances held by Fiscal Agents since the City does not have
discretionary use of these funds.
2. Investments (refer to Note 3B.)
3. Receivables and Payables — Amounts owed/payable to/by the City at year-end.
Taxes receivable consists of property taxes and related interest and penalties (refer to Note 4).
Accrued interest receivable consists of amounts earned on investments, notes, and contracts.
Accrued interest payable consists of amounts owed on notes, loans, and contracts.
Customer accounts receivable/payable consists of amounts owed from/to private individuals or
organizations for goods and services. If the transactions are with another governmental unit, it
is accounted for within "due from/to other governments."
Special assessments are recorded when levied and are liens against the property benefited.
Special assessments receivable consist of current and delinquent assessments and related
interest and penalties. Deferred amount on special assessments consist of special assessments
not due within one year reported as deferred outflows of resources in the governmental funds.
Receivables have been reported net of estimated uncollectible accounts. Because property
taxes, special assessments, and utility billings are considered liens on property, no estimated
uncollectible amounts are established.
Activities between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either interfund loans
receivable/payable. All other outstanding balances between funds are reported as due to/from
other funds. Any residual balances outstanding between the governmental activities and
Basic Financial Statements, 4-24
2013 Comprehensive Annual Financial Report City of Renton, Washington
business -type activities are reported in the government -wide financial statements as internal
balances. (Refer to Note 10).
Noncurrent portions of long-term interfund loans receivable are equally offset by a fund
balance amount which indicates that they do not constitute "available spendable resources"
since they are not a component of net position. Current portions of long-term interfund loans
receivable are considered "available spendable resources" and are subject to elimination upon
consolidation.
In the Government -wide financial statements, and proprietary fund types in the fund financial
statements, long-term liabilities are reported in applicable governmental activities, business -
type activities, or proprietary fund type statement of net position.
Deferred Amount on Refunding — the difference between the carrying amount of redeemed
and/or defeased debt and its reacquisition price. This amount is deferred and amortized over
the remaining life of the debt, or the life of the new debt, whichever is shorter.
4. Inventories and prepaid items
All City inventories are maintained on a consumption basis of accounting where items are
purchased for inventory and charged to the budgetary accounts as the items are consumed.
Any material inventories at year-end are included in the balance sheet of the appropriate fund.
All inventories are carried at cost on the first in, first out — FIFO basis, with the exception of the
Public Works Maintenance shops inventory. The value of this inventory is calculated using the
average cost method. Certain payments to vendors reflect costs applicable to future accounting
periods and are reported as prepaid items in both the Government -wide and fund statements.
5. Capital Assets and Depreciation (refer to Note 5).
6. Unearned Revenues
This account includes amounts collected in advance for services not yet rendered.
7. Unavailable Revenues
This account includes amounts recognized as receivables but not revenues in the governmental
funds because the revenue recognition criterion of availability has not been met.
8. Custodial Accounts
This account reflects the liability for net monetary assets being held by the City in its agency
capacity.
Basic Financial Statements, 4-25
2013 Comprehensive Annual Financial Report City of Renton, Washington
9. Compensated Absences
The City accrues accumulated unpaid vacation and other leave and associated employee -
related costs when earned (or estimated to be earned) by the employee. The non-current
portion (the amount estimated to be used in subsequent fiscal years) for governmental funds is
maintained separately and represents a reconciling item between the fund and Government -
wide presentations.
10. Fund Balance
Fund balance is presented in the governmental fund financial statements and represents the
difference between assets and deferred outflows of resources and liabilities and deferred
inflows of resources reported within the governmental fund. Fund Balance is classified into the
following categories:
Nonspendable — items that cannot be spent due to form; inventories, prepaid amounts, long-
term loan receivables, or amounts that must be maintained intact legally.
Restricted — amounts constrained for specific purposes imposed by external parties or imposed
through the judicial process and enabling legislation.
Committed — amounts constrained by the City Council. The Council can, by ordinance,
establish, modify, or rescind constraints on committed fund balances.
Assigned — constraints imposed by the City Council for amounts intended for specific purposes.
In governmental funds, excluding the General Fund, assigned fund balance is intended to be
used, at a minimum, for the purpose of that fund. In the General Fund a maximum of 12% and
minimum of 8% is assigned per the City's financial policies and adopted by the City Council in
the biennial budget ordinance.
Unassigned — any remaining fund balance in the General Fund not classified as nonspendable,
restricted, committed or assigned.
When multiple categories of fund balance are available for incurred expenditures, it is the City's
policy to consider restricted fund balance to have been depleted before using any of the
components of unrestricted fund balance. Further, when the components of unrestricted fund
balance can be used for the same purpose, committed fund balance is depleted first, followed
by assigned fund balance. Unassigned fund balance is applied last.
Basic Financial Statements, 4-26
2013 Comprehensive Annual Financial Report
City of Renton, Washington
The following table shows the fund balance classification detail, as of December 31, 2013:
11. Net Position (refer to Note 11).
E. REVENUES, EXPENDITURES, AND EXPENSES
1. Program Revenues
Program revenues include charges for services to customers for goods and services provided,
operating grants and contributions, and non-operating grants and contributions within the
Government -wide Statement of Activities. Charges for services include business licenses,
construction permits, and weapon permits.
2. General Revenues
Property taxes, retail taxes, business taxes, excise taxes, and associated penalties and interest,
and interest and investment earnings are classified as general revenues within the
Government -wide Statement of Activities.
3. Interfund Transfers
Permanent reallocations of resources between funds are classified as interfund transfers. For
purposes of the Government -wide Statement of Activities, all interfund transfers between
individual governmental funds have been eliminated.
Basic Financial Statements, 4-27
Other
Municipal
Capital
Governmental
General Fund
Facilities Fund
Improvement
Funds
Total
Restricted
PublicSafety
$ 193,134
$
$
$ 646,247
$ 839,381
Judicial
43,763
-
43,763
Social Services
66,154
-
66,154
Culture and Recreation
-
1,077,678
1,315,553
2,393,231
Library Construction
15,985,961
-
15,985,961
Transportation
-
780,178
780,178
LED Street Light Converstion
920,524
-
920,524
Economic Environment
-
215,806
215,806
Natural Environment
667,698
667,698
Debt Service
-
-
-
1,279,232
1,279,232
Committed
Transportation
-
-
1,656,628
9,014
1,665,642
Culture and Recreation
75,315
6,773,174
-
-
6,848,489
Economic Environment
77,047
75,000
152,047
General Stabilization and Reserves
3,000,000
3,000,000
Economic Stabilization
1,000,000
1,000,000
Ca p i to I Improvements
84,000
84,000
Assigned
PublicSafety
52,430
52,430
Social Services
112,426
-
112,426
Culture and Recreation
2,225,315
137,605
2,362,920
Transportation
1,912,255
-
1,912,255
General Government
11,627,286
11,627,286
Total fund balances
$ 20,469,125
$ 24,049,418
$ 2,577,152
$ 4,913,728
$ 52,009,422
11. Net Position (refer to Note 11).
E. REVENUES, EXPENDITURES, AND EXPENSES
1. Program Revenues
Program revenues include charges for services to customers for goods and services provided,
operating grants and contributions, and non-operating grants and contributions within the
Government -wide Statement of Activities. Charges for services include business licenses,
construction permits, and weapon permits.
2. General Revenues
Property taxes, retail taxes, business taxes, excise taxes, and associated penalties and interest,
and interest and investment earnings are classified as general revenues within the
Government -wide Statement of Activities.
3. Interfund Transfers
Permanent reallocations of resources between funds are classified as interfund transfers. For
purposes of the Government -wide Statement of Activities, all interfund transfers between
individual governmental funds have been eliminated.
Basic Financial Statements, 4-27
2013 Comprehensive Annual Financial Report City of Renton, Washington
4. Expenditures/Expenses
Expenses in the Government -wide Statement of Activities are reported by function as a
governmental activity (general government, judicial, public safety, utilities, transportation,
economic environment, health and human services, culture and recreation), interest on long-
term debt, or business -type activity (waterworks utility, airport, solid waste utility, or golf
course). In the fund financial statements, expenditures of governmental funds are classified by:
function, debt service principal and interest payments, or purchases of capital items.
Proprietary expenditures are classified as operating or non-operating. In 2013, operating
expenses were segregated into Supplies, Personnel services, Services, Insurance, Taxes and
Depreciation. The other categories reported previously (Operations and maintenance and
Administrative and general) were assigned to Supplies, Personnel services, Services, and
Insurance, as appropriate.
5. Operating and Non-operating Revenues and Expenses
Operating revenues and expenses for proprietary funds are those that result from providing
services and producing and delivering goods and/or services in connection to the proprietary
fund's principle ongoing operations. All revenue and expenses not related to capital and
related financing, non -capital financing, or investing activities are included. Those revenues
and expenses not meeting this definition are non-operating revenues and expenses.
NOTE 2. COMPLIANCE AND ACCOUNTABILITY
The City of Renton budgets its funds under Generally Accepted Accounting Principles (GAAP) at
the fund level. Annual appropriated budgets are adopted for governmental funds on a biennial
basis. Budgets for proprietary funds are "management budgets" and are not legally required to
be reported. Included in the Required Supplemental Information and Combining Statements
sections of the CAFR are Schedules of Revenues, Expenditures, and Changes in Fund Balances
(Budget to Actual) reporting the Actual Budgetary GAAP Basis verses Actual GAAP Basis of
Accounting for all legally adopted budgets. There have been no material violations of finance -
related legal or contractual provisions, and there have been no expenditures exceeding legal
appropriations in any of the funds of the City.
A. PROCEDURES FOR ADOPTING THE ORIGINAL BUDGET
The City of Renton's biennial budget procedures are mandated by the Chapter 35A.33 of the
Revised Code of Washington (RCW). The steps in the budget process are as follows:
1. Prior to November 1, the Mayor submits a proposed budget to the City Council. This budget
is based on priorities established by the Council; estimates provided by the City
departments during the preceding months; balanced by revenue estimates made by the
Mayor.
2. The City Council conducts public hearings on the proposed budget in November and
December.
Basic Financial Statements, 4-28
2013 Comprehensive Annual Financial Report City of Renton, Washington
3. The Council makes their adjustments to the proposed budget and adopts, by ordinance, a
final balanced budget no later than December 31.
4. The final operating budget, as adopted, is published and distributed within the first four
months of the following year.
B. AMENDING THE BUDGET
The budget, as adopted, constitutes the legal authority for expenditures. Budgets are adopted
on the GAAP basis of accounting. Any comparisons between budget and actual revenues and
expenditures are reported under the GAAP basis. The biennial budget is adopted with
budgetary control at the fund level, so expenditures may not legally exceed appropriations at
that level of detail. Transfers or revisions within funds are allowed, but only the City Council
has the legal authority to increase or decrease a given fund's annual budget. This is
accomplished by City ordinance. The budget was amended three times during 2013.
Original budgeted inflows as compared to the final budgeted inflows are as follows:
Increase
Original Final (Decrease)
Budgeted Budgeted Budgeted
General Fund
$ 92,495,099
$ 96,664,204
$ 4,169,105
Arterial Street Fund
643,000
643,000
-
Hotel/Motel Tax Fund
245,000
245,000
-
1% for Art Fund
15,000
16,000
1,000
General Government Miscellaneous Debt Service Fund
8,001,433
8,040,433
39,000
Community Development Impact Mitigation Fund
60,000
60,000
-
Fire Impact Mitigation Fund
25,000
25,000
Transportation Impact Mitigation Fund
40,000
40,000
-
Municipal Facilities CIP Fund
2,485,000
6,208,670
3,723,670
General Government Capital Improvement Fund
25,258,120
33,586,759
8,328,639
South Lake Washington Infrastructure Project Fund
-
44,874
44,874
Airport Fund
11,748,935
15,322,540
3,573,605
Solid Waste Utility Fund
15,700,852
15,700,852
-
Golf Course Fund
2,503,669
2,580,619
76,950
Waterworks Utility Fund
52,161,152
57,368,442
5,207,290
Equipment Repairand Replacement/ Information
Technology/ Facilities / Communications Fund
13,405,932
13,677,766
271,834
Insurance Fund
14,778,812
16,778,812
2,000,000
Firemen's Pension
300,000
300,000
TOTAL
$ 239,867,004
$ 267,302,971
$ 27,435,967
Basic Financial Statements, 4-29
2013 Comprehensive Annual Financial Report
City of Renton, Washington
Original budgeted outflows as compared to the final budgeted outflows are as follows:
Fund
Original
Budgeted
Outflows
Final
Budgeted
Outflows
Increase
(Decrease)
Budgeted
Outflows
General Fund
$ 92,447,466
$ 99,426,358
$ 6,978,892
Arterial Street Fund
640,000
600,000
(40,000)
Hotel/Motel Tax Fund
245,000
291,000
46,000
1% for Art Fund
50,000
50,000
-
General Government Miscellaneous Debt Service Fund
8,001,433
8,073,283
71,850
Community Development Impact Mitigation Fund
-
700,000
700,000
Fire Impact Mitigation Fund
250,000
250,000
-
Transportation Impact Mitigation Fund
183,000
54,000
(129,000)
Municipal Facilities CIP Fund
2,722,725
28,792,893
26,070,168
General Government Capital Improvement Fund
25,257,711
33,146,358
7,888,647
South Lake Washington Infrastructure Project Fund
-
96,947
96,947
Airport Fund
11,719,777
17,492,945
5,773,168
Solid Waste Utility Fund
16,170,067
16,177,073
7,006
Golf Course Fund
2,515,769
2,845,664
329,896
Waterworks Utility Fund
47,912,993
60,491,286
12,578,293
Equipment Repair and Replacement/ IT/ Facilities /
Communications Fund
13,209,596
15,057,326
1,847,730
Insurance Fund
15,698,251
15,702,961
4,710
Firemen's Pension
240.475
240.475
-
NOTE 3. DEPOSITS AND INVESTMENTS
A. Deposits
The City's deposits and certificates of deposit are insured by the Federal Depository Insurance
Corporation (FDIC) and the State of Washington Public Deposit Protection Commission
(WPDPC) Act of 1969.
The City's deposits with the Local Government Investment Pool (LGIP) are managed by the
Washington State Office of the Treasurer. The LGIP is comparable to a Rule 2a7 -pool
recognized by the Securities and Exchange Commission. A 2a7 -like -pool is an external
investment pool that is not registered with the SEC as an investment company but nevertheless
has a policy that it will, and does, operate in a manner consistent with the SEC's Rule 2a7 of the
Investment Company Act of 1940. Rule 2a7 allows SEC -registered mutual funds to use
amortized cost, which approximates fair value, to report net assets and compute share prices.
Basic Financial Statements, 4-30
2013 Comprehensive Annual Financial Report
City of Renton, Washington
Reconciliation to Statements of Net Position
Governmental
Fiduciary
Total
Ca s h
$ 66,058,296 $
2,500,220 $
68,558,516
Restricted Cash
2,909,578
-
2,909,578
Cash Equivalents (LGIP)
9,927,865
-
9,927,865
Total Cash & Cash Equivalents
78,895,739
2,500,220
81,395,959
Investments
33,028,784
4,117,509
37,146,293
Total Investments
33,028,784
4,117,509
37,146,293
Total Cash & Investments
$ 111,924,523 $
6,617,729 $
118,542,252
B. Investments
The City invests excess and inactive funds in accordance with the City's Investment Policy (last
updated and approved on February 23, 2009), which complies with the guidelines within
Chapter 35A.40.050 of the Revised Code of Washington (RCW). This allows for investment of
excess cash and inactive cash, directs that the responsibility for determining available cash for
investment is placed upon the department administering the funds, and allows for pooling of
the cash provided that the allocation of income is proportionate to the investment of each
fund. Currently, the City invests in obligations of the U.S. Government, U.S. agency issues, and
Certificates of Deposit with Washington State banks and savings and loan institutions as
allowed by RCW.
Investments are shown on the Government -wide Statement of Net Position at fair value.
Investments are reported within cash and cash equivalents or investments based on the length
of time to maturity when purchased.
Custodial Credit Risk
Custodial credit risk for investments is the risk that, in the event of the failure of the counter
party to a transaction, a government will not be able to recover the value of investment or
collateral securities that are in the possession of an outside party. All security transactions,
including collateral for repurchase agreements, entered into by the City are conducted on a
delivery -versus -payment (DVP) basis and are held in our safekeeping trust account with Bank of
New York with terms negotiated by the State of Washington.
Basic Financial Statements, 4-31
2013 Comprehensive Annual Financial Report City of Renton, Washington
Investment Schedule
As of December 31, 2013, the City of Renton had the following investments:
Credit risk. Credit Risk is the risk that an issuer or other counterparty to an investment will not
fulfill its obligations. Of the bonds held by the City, 44% are rated "Aaa" by Moody's Investors
Service and "AAA" by Standard & Poor and 55% are rated "Aaa" by Moody's Investors Service
and "AA+" by Standard & Poor. All certificates of deposit are insured by the FDIC up to
$250,000 and, additionally, are 100% collateralized in the multiple financial institution collateral
pool administered by the Washington Public Deposit Protection Commission (WPDPC).
The City's Investment Policy directs that the standard of prudence for investment activities shall
be the Prudent Investor Standard that states: "Investments shall be made with judgment and
care, under circumstances then prevailing, which person of prudence, discretion, and
intelligence would use in the management of their own affairs, not for speculation, but for
investment purposes, considering the probable safety of their capital as well as the probable
income to be derived."
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates over time,
adversely affecting the fair value of an investment. The City's portfolio is managed within the
parameters established by the Investment Policy, which limits the weighted average maturity of
the portfolio to five years. The City's FNMA and FHLMC bonds have call provisions with call
dates falling in the first six months of 2014.
Security Type
0-6
months
6 months -
1 year
Weighted
3+
years
Totals
Security Type
Cost
Fair Value
Ave Maturity
Moody's
S&P
Certificates of Deposit (within WPDPC)
23,794,006
23,794,006
0.79
unrated
unrated
FNMA
7,500,000
7,512,550
0.66
Aaa
AA+
FHLMC
2,500,000
2,502,075
0.21
Aaa
AA+
US TREASURY ZERO COUPON
2,038,263
3,198,267
5.97
Aaa
AAA
FNMA ZERO COUPON
99,556
139,395
0.35
unrated
unrated
TOTAL INVESTMENTS $
35,931,825 $
37,146,293
7,222,359
$ 17,952,090
$ 37,146,293
Credit risk. Credit Risk is the risk that an issuer or other counterparty to an investment will not
fulfill its obligations. Of the bonds held by the City, 44% are rated "Aaa" by Moody's Investors
Service and "AAA" by Standard & Poor and 55% are rated "Aaa" by Moody's Investors Service
and "AA+" by Standard & Poor. All certificates of deposit are insured by the FDIC up to
$250,000 and, additionally, are 100% collateralized in the multiple financial institution collateral
pool administered by the Washington Public Deposit Protection Commission (WPDPC).
The City's Investment Policy directs that the standard of prudence for investment activities shall
be the Prudent Investor Standard that states: "Investments shall be made with judgment and
care, under circumstances then prevailing, which person of prudence, discretion, and
intelligence would use in the management of their own affairs, not for speculation, but for
investment purposes, considering the probable safety of their capital as well as the probable
income to be derived."
Interest Rate Risk. Interest rate risk is the risk that changes in interest rates over time,
adversely affecting the fair value of an investment. The City's portfolio is managed within the
parameters established by the Investment Policy, which limits the weighted average maturity of
the portfolio to five years. The City's FNMA and FHLMC bonds have call provisions with call
dates falling in the first six months of 2014.
Security Type
0-6
months
6 months -
1 year
1-3
years
3+
years
Totals
Certificates of Deposit
(within WPDPC)
$ 4,285,082.76
$ 7,493,523 $
7,015,400
$ 5,000,000
$ 23,794,006
FHLMC
-
-
-
2,502,075
2,502,075
FNMA
-
-
-
7,512,550
7,512,550
FNMA ZERO COUPON
-
-
-
139,395
139,395
US TREAS ZERO COUPON
-
193,239
206,959
2,798,069.40
3,198,267
TOTAL INVESTMENTS
$ 4,285,083
$ 7,686,762 $
7,222,359
$ 17,952,090
$ 37,146,293
Basic Financial Statements, 4-32
2013 Comprehensive Annual Financial Report City of Renton, Washington
Concentration of Credit Risk. Concentration of credit risk is the risk of loss attributed to the
magnitude of a government's investment in a single issuer. The City diversifies its investment
instruments to avoid incurring unreasonable risk inherent with the over -investment of
instruments and issuers using the following target distribution as a guide during normal
economic times while allowing flexibility when appropriate. The City has certificate of deposits
equal to 14% of its total investments with Umpqua Bank; 27% with First Savings Bank
Northwest and 13% with Columbia Bank. As stated earlier these are 100% collateralized and
guaranteed by the State of Washington Public Deposit Protection Commission. The remaining
individual issuers are less than 5% of total investments or are otherwise excluded from this
disclosure due to the low risk nature of the investment.
Instrument
Issuer
Maximum's per Policy Maximum
Maximum
U.S. Treasuries 100%
100%
U.S. Agencies 75%
50%
Certificates of Deposit (within WPDPC) 75% 20%
Local Governmental Investment Pool (LGIP) 75% 75%
Commercial Paper 25% 5%
NOTE 4. PROPERTY TAXES
The King County Finance Director acts as an agent to collect property taxes levied in the county
for all taxing authorities. Taxes are levied annually, January 1, on property value listed as of the
prior August 31. Assessed values are established by the King County Assessor at 100 percent of
fair market value. A revaluation of all property is required every two years; however, King
County has the ability to revalue annually.
Property taxes levied by the King County Assessor and collected by the King County Finance
Director become a lien on the first day of the levy year and may be paid in two equal
installments if the total amount exceeds $30. The first half of real property taxes is due on April
30 and the balance is due October 31. Delinquent taxes bear interest at the rate of 12 percent
and are subject to additional penalties if not paid as scheduled. No allowance for uncollectible
taxes is established because delinquent taxes are considered fully collectible.
At year-end, property taxes are recorded as a receivable with the portion not expected to be
collected within 60 days offset by unavailable revenue. During the year, property tax revenues
are recognized when cash is received.
The tax rate for general City operations is limited to $3.10 per $1,000 of assessed value (RCW
84.52.043). This reflects a reduction of $0.50 per $1,000 as a result of the annexation to the
King County Library System. In addition to this amount, up to $0.225 (22.5 cents) per $1,000
may be designated for contribution to the Firemen's Pension Fund. If a report by a qualified
actuary on the condition of the Firemen's Pension Fund establishes that this amount (or portion
of) is not necessary to maintain the actuarial soundness of the fund, the amount can be used
for any other municipal purpose (RCW 41.16.060).
Basic Financial Statements, 4-33
2013 Comprehensive Annual Financial Report City of Renton, Washington
The tax rate limit may be reduced for any of the following reasons:
1. The Levy Limit: the levy limit calculation applies to a taxing district's budget, and not to
increases in the assessed value or tax bill of individual properties. Initiative 747 which
restricted individual taxing districts from collecting, in any year, more than a one percent
increase in their regular, non -voted, levy over the highest levy amount since 1985 was
overturned by the courts. However during 2007, the state legislature reinstated this limit
with the passage of HB2416. New construction, annexations, and excess levies approved by
the voters are not included in the levy limit calculation. If the assessed valuation increases
by more than one percent due to revaluation, the levy rate will be decreased.
2. The One Percent Constitution Limit: The Washington State Constitution limits the regular
(non -voted) combined property tax rate applied to an individual's property to one percent
($10 per $1,000) on the market valuation. Voters may approve special levies that are added
to this figure. If the taxes of all districts exceed this amount, each is proportionately
reduced until the total is at or below the one percent limit.
3. The City may voluntarily levy taxes below the legal limit.
Special levies approved by the voters are not subject to the above limitations. There is
currently no excess levy for General Obligation Bond debt. The City's regular levy per the King
County Assessor's 2013 Annual Report is $3.10.
NOTE 5. CAPITAL ASSETS AND DEPRECIATION
A. GENERAL POLICIES
Major expenditures for capital assets, including capital leases and major repairs that increase
the useful life, are capitalized. The capitalization threshold applied to the City's assets is
$5,000. Maintenance, repairs, and minor renewals are accounted for as expenditures or
expenses when incurred.
All capital assets are valued at historical cost (or estimated cost, where historical cost is not
known/or estimated market value for donated assets/or the original historical cost when
transferred between proprietary and governmental funds.)
Intangible assets, either purchased or internally developed, with a cost of $5,000 or more that
are identifiable by meeting one of the following conditions:
• The asset is capable of being separate or divided and sold, transferred, licensed, rented,
exchanged; or
• The asset arises from contractual or other legal rights, regardless of whether those
rights are transferable or separable.
Basic Financial Statements, 4-34
2013 Comprehensive Annual Financial Report City of Renton, Washington
The City has acquired certain assets with funding provided by federal financial assistance
programs. Depending on the terms of the agreements involved, the federal government could
retain an interest in these assets. However, the City has sufficient legal interest to accomplish
the purposes for which the assets were acquired, and has included such assets within the
applicable statements.
The City capitalizes art and historical treasures. Art and historical treasures are expected to be
maintained or enhanced over time and thus, are not depreciated.
B. GOVERNMENTAL CAPITAL ASSETS
Governmental long-lived assets of the City purchased, leased, or constructed are recorded as
expenditures in the governmental funds and are capitalized, net of depreciation, in the
Government -wide statements. The infrastructure component of GASB 34 for assets acquired
after January 1, 1980 was implemented retroactively in 2004. Donated capital assets are
capitalized at estimated fair value of the item at the date of the donation.
C. PROPRIETARY FUND CAPITAL ASSETS
Capital assets of proprietary funds are capitalized in their respective statement of net position,
net of depreciation. Any gain on the sale of capital assets is recorded in the Statement of
Activities as General revenues, Miscellaneous.
Interest incurred during the construction phase of capital assets of proprietary funds is included
as part of the capitalized value of the assets constructed. The amount of interest capitalized is
calculated by applying the weighted average borrowing rate to the average cumulative
expenditures since inception.
For the year ended December 31, 2013, total proprietary fund interest incurred of $1,331,562
was reduced by capitalized interest in the amount of $301,297.
D. DEPRECIATION AND AMORTIZATION
Depreciation on all depreciable assets is provided on the straight-line basis over the following
useful lives:
Estimated
Type of Asset Service Life
Buildings and structures, except utility plant 10-50 years
Other improvements 10-80 years
Utility plant 25-75 years
Machinery and equipment 3-40 years
Infrastructure 25-50 vears
Basic Financial Statements, 4-35
2013 Comprehensive Annual Financial Report
City of Renton, Washington
Amortization on all intangible assets is provided on the straight-line basis over the following
useful lives:
Depreciation and Amortization Expense was charged to functions/programs of the primary
government as follows:
Governmental Activities
General Government
Judicial
Public Safety
Physical Environment
Transportation
Economic Development
Culture and Recreation
Health and Human Services
Internal Service Funds (General Governmental)
Total -Governmental Activities
Business -Type Activities
Waterworks
Ai rport
Golf Course
Total -Business -Type Activities
Depreciation
Estimated
Type of Asset
Service Life
Computer Software
3-15 years
Land Use Rights
3-12 years
Patents, Trademarks, Copyrights
3-50 years
Other Intangibles with definite useful lives
3-12 vears
Depreciation and Amortization Expense was charged to functions/programs of the primary
government as follows:
Governmental Activities
General Government
Judicial
Public Safety
Physical Environment
Transportation
Economic Development
Culture and Recreation
Health and Human Services
Internal Service Funds (General Governmental)
Total -Governmental Activities
Business -Type Activities
Waterworks
Ai rport
Golf Course
Total -Business -Type Activities
Depreciation
Amortization
Total
$ 1,172,615
$ 15,775 $
1,188,390
6,926
558
7,484
945,341
255
945,596
460,939
35,561
496,500
4,514,014
11,657
4,525,671
493,429
-
493,429
1,267,079
4,411
1,271,490
45,292
-
45,292
1,717,282
187,139
1,904,421
$ 10,622,917
$ 255,356 $
10,878,273
$ 7,427,888 $ 46,200 $ 7,474,088
519,413 - 519,413
275,077 - 275,077
$ 8,222,378 $ 46,200 $ 8,268,578
Basic Financial Statements, 4-36
2013 Comprehensive Annual Financial Report
E. SUMMARY OF CHANGES
Capital asset activity for the year ended December 31, 2013 was as follows:
Governmental activities :
Capital assets, not being depreciated
City of Renton, Washington
Adjusted
Beginning Prior Period Beginning Ending
Balance Adiustment Balance Increases Decreases Balance
Land and land improvements
$ 191,294,495 $
Construction in progress
56,257,272
Total capital assets, not being depreciated
247,551,767
Capital assets, being depreciated:
22,158,332
Buildings and structures
95,682,992
Other improvements
205,990,259
Machineryand equipment
35,119,648
Total capital assets being depreciated
336,792,899
Less accumulated depreciation for:
5,868,519
Buildings and structures
33,502,866
Other improvements
65,403,214
Machineryand equipment
24,325,133
Total accumulated depreciation
123,231,213
Total capital assets, being depreciated, net
213,561,686
Intangible Assets:
133,281,163
Intangible assets, being amortized
5,059,143
Less accumulated amortization
4,626,756
Total intangible asset, being amortized, net
432,387
Total Intangible assets
432,387
Governmental activities capital assets, net
$ 461,545,840
77a Q1
Business -type activities:
771A 417
Capital assets, not being depreciated:
7Sn Q17 nFr
Land and land improvements
$ 7,943,225 $
Construction in progress
11,180,617
Total capital assets, not being depreciated
19,123,842
Capital assets, being depreciated:
Buildings and structures
17,195,908
Other improvements
343,170,536
Machineryand equipment
6,208,708
Total capital assets being depreciated
366,575,152
Less accumulated depreciation for:
Buildings and structures
6,451,756
Other improvements
111,481,576
Machineryand equipment
5,664,189
Total accumulated depreciation
123,597,521
Total capital assets, being depreciated, net
242,977,631
Intangible Assets:
Intangible assets, not being amortized
811,000
Intangible assets, being amortized
70,088
Less accumulated amortization
57,557
Total intangible asset, being amortized, net
12,531
Total Intangible assets
823,531
Business -type activities capital assets, net
$ 262,925,003 $
$ 191,294,495 $ 1,578,401 $ 7,413 $ 192,865,483
5,059,143 577,658 5,636,801
4,626,756 255,356 4,882,112
432,387 322,302 754,689
432,387 322,302 754,689
$ 90,125 $ 461,635,965 $ 17,726,236 $ 599,356 $ 478,762,845
(1,777,905) $ 6,165,320 $ - $ - $ 6,165,321
(771.0801 10.409.537 16.140.186 7.317.884 19.231.838
-
56,257,272
20,579,931
517,309
76,319,894
833,239
247,551,767
22,158,332
524,722
269,185,377
51,541
-
38,584
95,734,533
205,990,259
35,158,232
539,019
2,671,030
2,658,470
-
-
647,601
96,273,552
208,661,289
37,169,101
90,125
336,883,024
5,868,519
647,601
342,103,942
-
33,502,866
65,403,214
24,325,133
2,457,010
5,993,468
2,172,439
-
-
572,967
35,959,876
71,396,682
25,924,605
108,321
123,231,213
10,622,917
572,967
133,281,163
90,125
213,651,811
(4,754,398)
74,634
208,822,779
5,059,143 577,658 5,636,801
4,626,756 255,356 4,882,112
432,387 322,302 754,689
432,387 322,302 754,689
$ 90,125 $ 461,635,965 $ 17,726,236 $ 599,356 $ 478,762,845
(1,777,905) $ 6,165,320 $ - $ - $ 6,165,321
(771.0801 10.409.537 16.140.186 7.317.884 19.231.838
-
17,195,908
-
-
17,195,907
833,239
344,003,775
15,373,195
838,321
358,538,650
-
6,208,708
63,700
17,207
6,255,199
833,239
367,408,391
15,436,895
855,528
381,989,756
-
6,451,756
442,816
-
6,894,572
108,321
111,589,897
7,697,483
838,321
118,449,059
5,664,189
82,079
17,207
5,729,060
108,321
123,705,842
8,222,378
855,528
131,072,691
77a Q1
7dR 7n7 SaQ
771A 417
-
7Sn Q17 nFr
70,088 457,134 527,222
57,557 46,200 103,757
12,531
410,934
423,465
823,531
410,934
1,234,464
$ 261,100,937
$ 23,765,637 $
7,317,884 $ 277,548,688
Basic Financial Statements, 4-37
2013 Comprehensive Annual Financial Report
City of Renton, Washington
At the end of 2013, a total of 43 projects comprise the Construction in Progress. Upon
completion, the projects will be capitalized in the Government -wide statements in their
appropriate categories and in the fund statements for proprietary funds, if applicable.
Construction commitments as of December 31, 2013, are as follows:
Business -Type Activities Projects:
Construction
Governmental Activities Projects:
in progress
S 7TH ST
$ 16,591
LOGAN AVE S
354,308
GARDEN AVE N WIDENING
2,761,658
HIGHLANDS LIBRARY
658,172
HIGHLANDS TO LANDING
396,267
NE 31ST ST CULVERT
144,278
NE 3RD/NE 4TH CORRIDOR
3,493,290
NEW SIGNAL @ NE 4TH ST
89,948
RAINIER AVE GRADY WAYTO 2ND
44,347,075
CARR ROAD IMPROVEMENTS
26,542
RAINIER AVE PUBLICART WORK
42,950
RECORDS MGMT SYSTEM-LASERFICHE CITYWIDE
31,262
STRANDER BLVD - SW 27TH ST CONNECT
22,264,151
HMAC WATER FEATURE
104,713
CEDAR RIVER LIBRARY
859,028
RON REGIS PARK SPORT COURT
28,675
CEDAR RIVER TRAIL WALKWAY
83,860
CEDAR RIVER LIBRARY/LIBERTY PARK PLAYGROUND
3,614
SENIOR CENTER LIGHTING PROJECT
14,251
HIGHLANDS PARK LIGHTING PROJECT
2,600
MEADOW PARK PLAYGROUND
579,034
RIVERVIEW BRIDGE REPLACEMENT
3,172
COULON PARK SHORELINE EROSION
14,280
COULON PARK DOPHI NS/CAMEL LOGS REPLACEMENT
175
Total governmental activities
$ 76,319,894
Business -Type Activities Projects:
PRESIDENT PARK WATER MAIN PROJECT
$ 848,482
LOWER BLAST FENCE
43,452
HIGHLANDS 435 RESERVOIR REPLACEMENT
62,835
TELEMETRY IMPROVEMENT
141,922
MONTEREY TERRACE
84,582
EMERGENCY POWER TO PUMP STATION
369,972
GROUND WATER UNDER INFLUENCE CT
1,224,594
HARDIE AVE UNDERPASS STORM SYSTEM IMPROVEMENT
666,730
TIFFANY PARK
17,655
LOGAN AVE
3,241
MAPLEWOOD EQUIPMENT ACCESS & H25 MITIGATION
47,102
RAINIER AVE S ROAD & UTILITIES IMPROVEMENT
1,411,088
RENTON AEROSPACE TRAINING CENTER
253,749
LIND AVE LIFT STATION REHAB
851,630
TAXIWAY BRAVO REHAB
10,180,973
AIRPORT LIFT STATION REHAB
241,299
MISTY COVE LIFT STATION REPLACEMENT
185,231
HARRINGTON AVE NE GREEN CONNECTIONS
272,605
RAINIER AVE STORM WATER RETROFIT
681,850
NE 5TH ST WATER MAIN REPLACEMENT
36,891
WASTE WATER SCADA/TELEMETRY SYSTEM UPGRADE
313,603
THUNDER HILLS SANITARY
281
S 132ND ST SEWER EXTENSION
43,768
2013 SANITARY SEWER REHAB
297,833
DEVELOP ACCESS ROAD - ABERDEEN APARTMENTS
60,758
RENTON HILL DEEP MANHOLE
18,061
NE 5TH & EDMONDS STORM SYSTEM
610,599
SUNSET TERRACE REGIONAL STORMWATER FACILITY
31,925
NE 10TH ST & ANACORTES AVE NE DETENTION
228,523
HARRI NGTON AVE RETROFIT
604
Total business -type activities
$ 19,231,838
Remaining
Commitment
$ 126,528
58,640
130,916
9,468,759
64,016
734,020
8,975,813
4,668
978,635
2,600
670,965
1,847
16,398
303,329
2,436
7,008
7,461
155,983
1,270,500
65,316
152,287
820,878
131,104
4,886
14,816
36,059
36,055
30,382
1,076,734
155,967
9,101
4,296,700
Basic Financial Statements, 4-38
2013 Comprehensive Annual Financial Report
NOTE 6. PENSION PLANS
City of Renton, Washington
With the exception of firefighters employed prior to March 1, 1970, substantially all City's full-
time and qualifying part-time employees participate in one of the following statewide
retirement systems administered by the Washington State Department of Retirement Systems,
under cost-sharing multiple -employer public employee defined benefit and defined
contribution retirement plans. The Department of Retirement Systems (DRS), a department
within the primary government of the State of Washington, issues a publicly available
comprehensive annual financial report (CAFR) that includes financial statements and required
supplementary information for each plan. The DRS CAFR may be obtained by writing to:
Department of Retirement Systems, Communications Unit, P.O. Box 48380, Olympia, WA
98504-8380; or it may be downloaded from the DRS website at www.drs.wa.gov.
The City is the administrator of the Firefighter Pension Plan for all firefighters employed prior to
March 1, 1970. The Firefighter Pension Plan is included within the City of Renton's statements
as a pension trust fund. There is no separate GAAP -based audited report. A schedule of
employer contributions, prepared by Healthcare Actuaries, is included in the Required
Supplemental Information section. Additional information from the actuarial report prepared
for the Firefighter Pension Plan, by Healthcare Actuaries, may be obtained by contacting the
City of Renton, Finance Division, 1055 South Grady Way, Renton, WA 98057.
The following disclosures are made pursuant to GASB Statements No. 27, Accounting for
Pensions by State and Local Government Employers and No. 50, Pension Disclosures, and
Amendment of GASB No. 25 and No. 27.
Public Employees' Retirement System (PERS) Plans 1, 2, and 3
Plan Description
PERS is a cost-sharing multiple -employer retirement system comprised of three separate plans
for membership purposes: Plans 1 and 2 are defined benefit plans and Plan 3 is a defined
benefit plan with a defined contribution component.
Membership in the system includes: elected officials; state employees; employees of the
Supreme, Appeals, and Superior courts (other than judges currently in a judicial retirement
system); employees of legislative committees; community and technical colleges, college and
university employees not participating in national higher education retirement programs;
judges of district and municipal courts; and employees of local governments.
PERS participants, who joined the PERS system by September 30, 1977, are Plan 1 members.
Those who joined on or after October 1, 1977; and by either, February 28, 2002 for state and
higher education employees, or August 31, 2002 for local government employees, are Plan 2
members unless they exercise an option to transfer their membership to Plan 3. PERS
participants joining the system on or after March 1, 2002 for state and higher education
employees, or September 1, 2002 for local government employees, have the irrevocable option
Basic Financial Statements, 4-39
2013 Comprehensive Annual Financial Report City of Renton, Washington
of choosing membership in either PERS Plan 2 or PERS Plan 3. The option must be exercised
within 90 days of employment. An employee is reported in Plan 2 until a choice is made.
Employees who fail to choose within 90 days default to PERS Plan 3. Notwithstanding, PERS
Plan 2 and Plan 3 members may opt out of plan membership if terminally ill, with less than five
years to live.
PERS defined benefit retirement benefits are financed from a combination of investment
earnings and employer and employee contributions. PERS retirement benefit provisions are
established in state statute and may be amended only by the State Legislature.
PERS Plan 1 members are vested after the completion of five years of eligible service. Plan 1
members are eligible for retirement at any age after 30 years of service, or at age 60 with five
years of service, or at age 55 with 25 years of service. The annual benefit is two percent of the
average final compensation (AFC) per year of service, capped at 60 percent. (The AFC is based
on the greatest compensation during any 24 eligible consecutive compensation months.) Plan
1 members who retire from inactive status prior to the age of 65 may receive actuarially
reduced benefits. The benefit is actuarially reduced to reflect the choice of a survivor option. A
cost -of -living allowance (COLA) is granted at age 66 based on years of service credit times the
COLA amount, increased by three percent annually. Plan 1 members may also elect to receive
an additional COLA amount that provides an automatic annual adjustment based on the
Consumer Price Index. To offset the cost of this annual adjustment, the benefit is reduced.
PERS Plan 2 members are vested after completion of five years of eligible service. Plan 2
members may retire at age 65 with five years of service with an allowance of two percent of the
AFC per year of service. (The AFC is based on the greatest compensation during any eligible
consecutive 60 -month period.) Plan 2 members who retire prior to the age of 65 receive
reduced benefits. If retirement is at 55 or older with at least 30 years of service, a three
percent per year reduction applies; otherwise an actuarial reduction will apply. The benefit is
also actuarially reduced to reflect the choice of a survivor option. There is no cap on years of
service credit; and a cost -of -living allowance is granted (based on the Consumer Price Index),
capped at three percent annually.
PERS Plan 3 has a dual benefit structure. Employer contributions finance a defined benefit
component, and member contributions finance a defined contribution component. The
defined benefit portion provides a benefit calculation at one percent of the AFC per year of
service. (The AFC is based on the greatest compensation during any eligible consecutive 60 -
month period.) Effective June 7, 2006, Plan 3 members are vested in the defined benefit
portion of their plan after ten years of service; or after five years if twelve months were earned
after age 44; or after five service credit years earned in PERS 2 prior to June 1, 2003. Plan 3
members are immediately vested in the defined contribution portion of their plan. Vested Plan
3 members are eligible to retire with full benefits at age 65, or at age 55 with 10 years of
service. Plan 3 members who retire prior to age 65 receive reduced benefits. If retirement is at
age 55 or older with at least 30 years of service, a three percent per year reduction applies;
otherwise an actuarial reduction will apply. The benefit is also actuarially reduced to reflect the
Basic Financial Statements, 4-40
2013 Comprehensive Annual Financial Report City of Renton, Washington
choice of a survivor option. There is no cap on years of service credit; and Plan 3 provides the
same cost -of -living allowance as Plan 2.
The defined contribution portion can be distributed in accordance with an option selected by
the member, either as a lump sum or pursuant to other options authorized by the Employee
Retirement Benefits Board.
Judicial Benefit Multiplier
Beginning January 1, 2007 through December 31, 2007 judicial members of PERS were given
the choice to participate in the Judicial Benefit Program (JBM). Justices and judges in PERS 1
and 2 may make a one-time irrevocable election to pay increased contributions that would fund
a retirement benefit with a 3.5% multiplier. The benefit would be capped at 75% of AFC.
Judges in PERS Plan 3 can elect a 1.6% of pay per year of service benefit, capped at 37.5% of
average compensation.
Members who choose to participate in JBM will accrue service credit at a higher multiplier
beginning with the date of their election, be subject to the benefit cap of 75% of AFC, pay
higher contributions, stop contributing to the Judicial Retirement Account (JRA), and be given
the option to increase the multiplier on past judicial service. Members who do not choose to
participate will: continue to accrue service credit at the regular multiplier; continue to
participate in JRA, if applicable; never be a participant in the JBM Program; and continue to pay
contributions at the regular PERS rate.
Newly elected or appointed justices and judges who chose to become PERS members on or
after January 1, 2007, or who have not previously opted into PERS membership, were required
to participate in the JBM Program. Members required into the JBM program would: return to
prior PERS Plan if membership had previously been established; be mandated into Plan 2 and
not have a Plan 3 transfer choice, if a new PERS member; accrue the higher multiplier for all
judicial service; not contribute to JRA; and not have the option to increase the multiplier for
past judicial service.
Membership in PERS consisted of the following as of the latest actuarial valuation date for the
plans of June 30, 2012:
Retirees and beneficiaries receiving benefits 82,242
Terminated plan members entitled to but notyet receiving benefits 30,515
Active plan members vested 106,317
Active plan members non -vested 44,273
Tota 1 263,347
Basic Financial Statements, 4-41
2013 Comprehensive Annual Financial Report City of Renton, Washington
Following is a summary of the number of government employers participating in PERS as of
June 30, 2013.
Number of Particioatine Emolovers
Tota 1 459 216 657 972 2,304
Funding Policy
Each biennium, the state Pension Funding Council adopts Plan 1 employer contribution rates,
Plan 2 employer and employee contributions rates, and Plan 3 employer contribution rates.
Employee contribution rates for Plan 1 are established by statute at six percent for state
agencies and local government unit employees, and 7.5 percent for state government elected
officials. The employer and employee contribution rates for Plan 2 and the employer
contribution rate for Plan 3 are developed by the Office of the State Actuary to fully fund Plan 2
and the defined benefit portion of Plan 3. All employers are required to contribute at the level
established by the Legislature. Under PERS 3, employer contributions finance the defined
benefit portion of the plan, and member contributions finance the defined contribution
portion. The Employee Retirement Benefits Board sets Plan 3 employee contribution rates. Six
rate options are available ranging from 5 to 15 percent; two of the options are graduated rates
dependent on the employee's age. As a result of the implementation of the Judicial Benefit
Multiplier Program in January 2007, a second tier of employer and employee rates was
developed to fund, along with investment earnings, the increased retirement benefits of those
justices and judges that participate in the program. The methods used to determine the
contribution requirements are established under state statute in accordance with Chapters
41.40 and 41.45 RCW.
The required contribution rates expressed as a percentage of current -year covered payroll, as
of December 31, 2013, were as follows:
Members not participating in JBM:
Contributor PERS Plan 1 PERS Plan 2 PERS Plan 3
Employer* 9.21% 9.21% 9.21%
Employee 6.00% 4.92% ***
* The employer rates include the employer administrative expense
fee currently set at 0.18%.
** Plan 3 defined benefit portion only.
*** Variable from 5% to 15% based on rate selected bythe member.
Basic Financial Statements, 4-42
State
School Counties/
Other PoliticaI
Total
Plan
Agencies
Districts Municipalities
Subdivisions
Members
PERS 1
135
216 172
183
706
PERS 2
167
- 276
491
934
PERS 3
157
209
298
664
Tota 1 459 216 657 972 2,304
Funding Policy
Each biennium, the state Pension Funding Council adopts Plan 1 employer contribution rates,
Plan 2 employer and employee contributions rates, and Plan 3 employer contribution rates.
Employee contribution rates for Plan 1 are established by statute at six percent for state
agencies and local government unit employees, and 7.5 percent for state government elected
officials. The employer and employee contribution rates for Plan 2 and the employer
contribution rate for Plan 3 are developed by the Office of the State Actuary to fully fund Plan 2
and the defined benefit portion of Plan 3. All employers are required to contribute at the level
established by the Legislature. Under PERS 3, employer contributions finance the defined
benefit portion of the plan, and member contributions finance the defined contribution
portion. The Employee Retirement Benefits Board sets Plan 3 employee contribution rates. Six
rate options are available ranging from 5 to 15 percent; two of the options are graduated rates
dependent on the employee's age. As a result of the implementation of the Judicial Benefit
Multiplier Program in January 2007, a second tier of employer and employee rates was
developed to fund, along with investment earnings, the increased retirement benefits of those
justices and judges that participate in the program. The methods used to determine the
contribution requirements are established under state statute in accordance with Chapters
41.40 and 41.45 RCW.
The required contribution rates expressed as a percentage of current -year covered payroll, as
of December 31, 2013, were as follows:
Members not participating in JBM:
Contributor PERS Plan 1 PERS Plan 2 PERS Plan 3
Employer* 9.21% 9.21% 9.21%
Employee 6.00% 4.92% ***
* The employer rates include the employer administrative expense
fee currently set at 0.18%.
** Plan 3 defined benefit portion only.
*** Variable from 5% to 15% based on rate selected bythe member.
Basic Financial Statements, 4-42
2013 Comprehensive Annual Financial Report
Members participating in JBM:
City of Renton, Washington
Contributor
PERS Plan 1
PERS Plan 2
PERS Plan 3
Employer -State Agency*
11.71%
11.71%
11.71%**
Employer -Local Govt.*
9.21%
9.21%
9.21%**
Employee -State Agency
9.76%
9.80%
7.50%***
Emolovee-Locat Govt.
12.26%
12.30%
7.50%***
* The employer rates include the employer administrative expense
fee currently set at 0.18%.
** Plan 3 defined benefit portion only.
*** Minimum rate.
Both the City and the employees made the required contributions. The City's required
contributions for years ended December 31, were as follows:
Year
PERS Plan 1
PERS Plan 2
PERS Plan 3
2013
$ 37,139 $
2,033,876 $
346,182
2012
42,163
1,773,371
313,631
2011
44,457
1,496,892
261,528
Law Enforcement Officers' and Firefighters' Retirement System (LEOFF) Plans 1 and 2
Plan Description
LEOFF is a cost-sharing multiple -employer retirement system comprised of two separate
defined benefit plans. LEOFF participants who joined the system by September 30, 1977, are
Plan 1 members. Those who joined on or after October 1, 1977, are Plan 2 members.
Membership in the system includes all full-time, fully compensated; local law enforcement
officers, firefighters and as of July 24, 2005, those emergency medical technicians who were
given the option and chose LEOFF Plan 2 membership. LEOFF membership is comprised
primarily of non -state employees, with the Department of Fish and Wildlife enforcement
officers, who were first included prospectively effective July 27, 2003, being an exception.
Effective July 1, 2003, the LEOFF Plan 2 Retirement Board was established by Initiative 790 to
provide governance of LEOFF Plan 2. The Board's duties include adopting contribution rates
and recommending policy changes to the Legislature for the LEOFF Plan 2 retirement plan.
LEOFF defined benefit retirement benefits are financed from a combination of investment
earnings, employer and employee contributions, and a special funding situation in which the
state pays through state legislative appropriations. LEOFF retirement benefit provisions are
established in state statute and may be amended by the State Legislature.
Basic Financial Statements, 4-43
2013 Comprehensive Annual Financial Report City of Renton, Washington
LEOFF Plan 1 members are vested after the completion of five years of eligible service. Plan 1
members are eligible for retirement with five years of service at the age of 50. The benefit per
year of service calculated as a percent of final average salary (FAS) is as follows:
Percent of Final
Term of Service Average Salary
20 or more years 2.0%
10 but less than 20 years 1.5%
5 but less than 10 years 1.0%
The FAS is the basic monthly salary received at the time of retirement, provided a member has
held the same position or rank for 12 months preceding the date of retirement. Otherwise, it is
the average of the highest consecutive 24 months' salary within the last ten years of service. A
cost -of -living allowance is granted (indexed to the Consumer Price Index).
LEOFF Plan 2 members are vested after the completion of five years of eligible service. Plan 2
members may retire at the age of 50 with 20 years of service, or at age 53 with five years of
service, with an allowance of two percent of the FAS per year of service. The FAS is based on
the highest consecutive 60 months. Plan 2 members who retire prior to age 53 receive reduced
benefits. Benefits are actuarially reduced for each year that the benefit commences prior to age
53 and to reflect the choice of a survivor option. If the member has at least 20 years of service
credit and is age 50, the reduction is three percent for each year prior to age 53. There is no
cap on years of service credit; and a cost -of -living allowance is granted (indexed to the
Consumer Price Index), capped at three percent annually.
Membership in LEOFF consisted of the following as of the latest actuarial valuation date for the
plans of June 30, 2012:
Retirees and beneficiaries receiving benefits 10,189
Terminated plan members entitled to but notyet receiving benefits 689
Active plan members vested 14,273
Active plan members non -vested 2,633
Tota 1 27,784
Following is a summary of the number of government employers participating in LEOFF as of
June 30, 2013.
Number of Particioatine Emalovers
State School Counties/ Other Pol itica I Total
Plan Agencies Districts Municipalities Subdivisions Members
LEOFF 1 - 41 10 51
LEOFF 2 8 212 154 374
Total 8 253 164 425
Basic Financial Statements, 4-44
2013 Comprehensive Annual Financial Report City of Renton, Washington
Funding Policy
Starting on July 1, 2000, LEOFF Plan 1 employers and employees will contribute zero percent as
long as the plan remains fully funded. Employer and employee contribution rates are
developed by the Office of the State Actuary to fully fund the plan. LEOFF Plan 2 employer and
employees are required to pay at the level adopted by the LEOFF Plan 2 Retirement Board. All
employers are required to contribute at the level required by state law. The Legislature, by
means of a special funding arrangement, appropriated money from the state General Fund to
supplement the current service liability and fund the prior service cost of LEOFF Plan 2 in
accordance with the requirements of the Pension Funding Council and the LEOFF Plan 2
Retirement Board. However, this special funding situation is not mandated by the state
constitution and this funding requirement could be returned to the employers by a change in
statute.
The required contribution rates expressed as a percentage of current -year covered payroll, as
of December 31, 2013, were as follows:
Contributor LEOFF Plan 1 LEOFF Plan 2—
Em p I oye r*
Employer* 0.18% 5.23%
Employee 0.00% 8.41%
* The employer rates include the employer admin-
istrative expense fee currently set at 0.18%.
Both the City and the employees made the required contributions. The City's required
contributions for years ended December 31, were as follows:
Year LEOFF Plan 1 LEOFF Plan 2
2013 $ 288 $ 1,357,292
2012 395 1,364,670
2011 494 1,334,049
Public Safety Employee's Retirement System (PSERS) Plan 2
Plan Description
PSERS is a cost-sharing multiple -employer retirement system comprised of a single defined
benefit plan, PSERS Plan 2. PSERS was created by the 2004 legislature and became effective
July 1, 2006.
PSERS Plan 2 membership includes full-time employees of a covered employer on or before July
1, 2006, who met at least one of the PSERS eligibility criteria, and elected membership during
the election period of July 1, 2006 to September 30, 2006; and those full-time employees, hired
on or after July 1, 2006 by a covered employer, that meet at least one of the PSERS eligibility
criteria.
A "covered employer" is one that participates in PSERS. Covered employers include: State of
Washington agencies: Department of Corrections, Department of Natural Resources, Parks and
Basic Financial Statements, 4-45
2013 Comprehensive Annual Financial Report City of Renton, Washington
Recreation Commission, Gambling Commission, Washington State Patrol, Liquor Control Board;
Washington state counties; and Washington state cities except for Seattle, Tacoma and
Spokane.
To be eligible for PSERS, an employee must work on a full-time basis and:
• have completed a certified criminal justice training course with authority to arrest,
conduct criminal investigations, enforce that criminal laws of Washington, and carry a
firearm as part of the job; or
• have primary responsibility to ensure the custody and security of incarcerated or
probationary individuals; or
• function as a limited authority Washington peace officer, as defined in RCW 10.93.020;
or
• have primary responsibility to supervise eligible members who meet the above criteria.
PSERS defined benefit retirement benefits are financed from a combination of investment
earnings and employer and employee contributions. PSERS retirement benefit provisions are
established in state statue and may be amended only by the State Legislature.
PSERS Plan 2 members are vested after the completion of five years of eligible service. Plan 2
members may retire at the age of 65 with five years of service, or at the age of 60 with at least
ten years of PSERS service credit, with an allowance of two percent of the average final
compensation (AFC) per year of service. The AFC is the monthly average of the member's 60
consecutive highest-paid service credit months, excluding any severance pay such as lump -sum
payments for deferred sick leave, vacation or annual leave. Plan 2 retirees who retire prior to
the age of 60 receive reduced benefits. If retirement is at age 53 or older with at least 20 years
of service, a three percent per year reduction for each year between the age at retirement and
age 60 applies. There is no cap on years of service credit; and a cost -of -living allowance is
granted (based on the Consumer Price Index), capped at three percent annually.
Membership is PSERS consisted of the following as of the latest actuarial valuation date for the
plan of June 30, 2012:
Retirees and beneficiaries receiving benefits 27
Terminated plan members entitled to but notyet receiving benefits 60
Active plan members vested 2,083
Active plan members non -vested 2,167
Tota 1 4,337
Basic Financial Statements, 4-46
2013 Comprehensive Annual Financial Report City of Renton, Washington
Following is a summary of the number of government employers participating in PSERS as of
June 30, 2013.
Number of Participating Employers
State School Counties/ Othe r Pol i ti ca I Total
Plan Agencies Districts Municipalities Subdivisions Members
PSERS 9 65 1 75
Funding Policy
Each biennium, the state Pension Funding Council adopts PSERS Plan 2 employer and employee
contribution rates. The employer and employee contribution rates for Plan 2 are developed by
the Office of the State Actuary to fully fund Plan 2. All employers are required to contribute at
the level established by the Legislature. The methods used to determine the contribution
requirements are established under state statute in accordance with Chapters 41.37 and 41.45
RCW.
The required contribution rates expressed as a percentage of current year covered payroll, as of
December 31, 2013 were as follows:
Contributor PSERS Plan 2
Employer* 10.54%
Employee 6.36%
* The employer rates include the
employer administrative expense
fee currently set at 0.18%.
Both the City and the employees made the required contributions. The City's required
contributions for years ended December 31, were as follows:
Year PSERS Plan 2
2013 $ 11,925
2012 16,854
2011 21,518
Firefighter's Pension
Summary of Significant Accounting Policies
Investments are reported at fair value.
Plan Description
The Firefighter's Pension Plan (Plan) is a closed, single -employer defined benefit pension plan
administered by the City of Renton through the firefighter's pension board. The plan provides
pensions for firefighters that were employed prior to March 1, 1970, when the LEOFF
retirement system was established.
Basic Financial Statements, 4-47
2013 Comprehensive Annual Financial Report City of Renton, Washington
The firefighters' pension board consists of five members: the Mayor who serves as chair the
board, the chairperson of the Council Finance Committee, and three members elected by secret
ballot of the retired firefighters.
At December 31, 2013 FPF membership consisted of the following:
Retirees and beneficiaries receiving benefits 22
Retirees and beneficiaries currently receiving full retirement through LEOFF 9
Active plan members vested -
Active plan members non -vested -
Tota I 31
All members are retired and drawing benefits. Benefit terms provide for cost -of -living
adjustments to each member's retirement benefit. There are two types of increases: escalation
by salary in proportion to current salary of rank from which the firefighter retired or increase
proportionate to the increase in the Seattle -area consumer price index, with the change
computed annually. Regardless of the change in the consumer price index, such increase shall
be at least two percent each year. The former applies to firefighters who retired from service
after 1969, their survivors, and to firefighters who retired for duty disability (but not their
survivors) after 1961. The latter applies to all other types of monthly benefits.
Benefits. All benefit terms are in statutes RCW 41.16, 41.18, and 41.26. FPF provides
retirement, disability, and death benefits. Each firefighter in service on March 1, 1970 receives
the greater of the benefit payable under the Washington Law Enforcement Officers' and
Firefighters' Retirement (LEOFF) System and the benefits available under the provisions of prior
law. Where benefits under the old law exceed those under the new law for any firefighter, the
excess benefits are paid from the FPF of the city employing the member on March 1, 1970.
Contributions. As long as the FPF provides for benefits to covered members, the City will be
eligible to receive a share of the State's distribution of the fire insurance premium taxes. The
amount the City receives is 25% of all monies received by the State from taxes on fire insurance
premiums. Contributions can also come from taxes paid pursuant to the provisions of RCW
41.16.060. This stature requires that each municipality levy up to $0.45 (only $0.225 of which
can be in excess of the property tax limit pursuant to RCW84.52.043) per $1,000 of assessed
valuation, based on reports by a qualified actuary, to maintain the fund.
1 nvactmantc
Investment Policy. The pension fund holds laddered treasury -strip investments with annual
maturities to meet cash-flow requirements. The City is currently assessing options to deploy
the growing cash balance.
Basic Financial Statements, 4-48
2013 Comprehensive Annual Financial Report City of Renton, Washington
Rate of Return. For the year ended December 31, 2013, the annual money -weighted rate of
return on pension plan investments, net of pension plan investment expense, was 3.13%. The
money -weighted rate of return expresses investment performance, net of investment expense,
adjusted for the changing amount actually invested.
Actuarial Assumptions
The total pension liability was determined by an actuarial valuation as of December 31, 2012,
using the following actuarial assumptions, applied to all periods included in the measurement:
Inflation: 2.75%
Salary increases: 3.00%
Investment rate of return: 4.00%
Mortality rates were based on the RP -2000 Healthy Annuitant Mortality Table for Males or
Females, as appropriate, with adjustments for mortality improvement based on 50% of Scale
AA.
The long-term expected rate of return on pension plan investments was determined using a
building-block method in which best estimate ranges of expected future real rates of return
(expected returns, net of pension plan investment expense and inflation) are developed. We
used the weighted expected returns of the City's portfolio of cash, US Treasuries (to be held to
maturity), and receivables to develop the long-term expected rate of return.
Discount rate. The discount rate used to measure the total pension liability was 4.00%. The
projection of cash flows used to determine the discount rate assumed City contributions were
equal to revenue received from Fire Insurance premiums and the amount received would
increase at the inflation rate of 2.75%. Based on this assumption, the pension plan's fiduciary
net position was projected to be available to make all projected future benefit payment of
current plan members. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total
pension liability.
Sensitivity of the net pension liability to changes in the discount rate. The following presents
the net pension liability of the City, calculated using the discount rate of 4.0%, as well as what
the City's net pension liability would be if it were calculated using a discount rate that is one
percentage point lower, 3.0%, or one percentage point higher, 5.0%, than the current rate:
City's net pension liability
Current Discount
1% Decrease Rate 1% Increase
$ 3,039,213
$ 2,787,814 $ 2,569,559
Basic Financial Statements, 4-49
2013 Comprehensive Annual Financial Report City of Renton, Washington
An actuarial valuation is done every two years and was completed as of January 1, 2013. The
Actuarial Valuation of Firefighters' Pension Fund table is reported in the Required Supplemental
Information section, and a recap of the Schedule of Funding Progress for the last five valuations
is as follows:
($ in thousands)
*The reduction in Actuarial Accrued Liability in 2011 is made up of 10% decrease in demographic
experience (higher mortality rate) and a 25% decrease in actual benefit amounts compared to expectations. Changes in
economic assumptions had minimal impact on the liabilities.
The following Annual Pension Cost and Net Pension Obligation table presents the Annual
Required Contribution (ARC) as of December 31, 2013.
The Annual Required Contribution (ARC) is the sum of the Normal Cost for the year plus
amortization of the Unfunded Actuarial Accrued Liability (UAAL). The Normal Cost is the
portion of the Actuarial Present Value (APV) of benefits attributable to current year services
rendered, and Actuarial Accrued Liability (AAL) is the APV of future benefit costs, including
projected benefit cost increase caused by projected future pay increases, attributable to prior
services. The Unfunded Actuarial Accrued Liability (UAAL) is the portion of Actuarial Accrued
Liability minus the actuarial value of the Plan's assets.
Since all members have already retired, the Plan has no Normal Cost. The UAAL is amortized
over a closed 30 -year period beginning January 1, 2000 using the level dollar amortization
method.
Annual Development of Pension Cost (1 of 2)
Unfunded
Annual
Total
Valuation
Actuarial
Actuarial
Actuarial
ARC
UAAL as a
Date
Value of
Accrued
Accrued
Funded
Covered Percentage of
January
Assets
Liabilities
Liabilities
Ratio
Payroll Covered Payroll
2009
8,941
6,517
(2,424)
137%
n/a
2011
8,940
3,914 *
(4,576)
217%
n/a
2013
9,501
2,788 **
(6,713)
341%
n/a
*The reduction in Actuarial Accrued Liability in 2011 is made up of 10% decrease in demographic
experience (higher mortality rate) and a 25% decrease in actual benefit amounts compared to expectations. Changes in
economic assumptions had minimal impact on the liabilities.
The following Annual Pension Cost and Net Pension Obligation table presents the Annual
Required Contribution (ARC) as of December 31, 2013.
The Annual Required Contribution (ARC) is the sum of the Normal Cost for the year plus
amortization of the Unfunded Actuarial Accrued Liability (UAAL). The Normal Cost is the
portion of the Actuarial Present Value (APV) of benefits attributable to current year services
rendered, and Actuarial Accrued Liability (AAL) is the APV of future benefit costs, including
projected benefit cost increase caused by projected future pay increases, attributable to prior
services. The Unfunded Actuarial Accrued Liability (UAAL) is the portion of Actuarial Accrued
Liability minus the actuarial value of the Plan's assets.
Since all members have already retired, the Plan has no Normal Cost. The UAAL is amortized
over a closed 30 -year period beginning January 1, 2000 using the level dollar amortization
method.
Annual Development of Pension Cost (1 of 2)
Basic Financial Statements, 4-50
Annual
Total
Fiscal Year
Interest
ARC
Pension
Employer
Change in
Ending
ARCatEOY
on NPO
Adjustment
Cost
Contributions
NPO
[1]
[2]
[3=pyr7/9]
[4=1+2-3]
[5]
[6=4-5]
12/31/2007
(109,968)
(38,658)
(54,591)
(94,035)
59,777
(153,812)
12/31/2008
(109,968)
(46,349)
(67,070)
(89,247)
66,055
(155,302)
12/31/2009
(172,788)
(43,291)
(74,178)
(141,901)
70,327
(212,228)
12/31/2010
(172,788)
(51,780)
(91,589)
(132,979)
107,068
(240,047)
12/31/2011
(348,435)
(61,382)
(112,345)
(297,472)
102,354
(399,826)
12/31/2012
(530,282)
(77,375)
(159,003)
(448,654)
118,775
(567,429)
12/31/2013
(530,282)
(100,072)
(214,705)
(415,650)
124,391
(540,041)
Basic Financial Statements, 4-50
2013 Comprehensive Annual Financial Report City of Renton, Washington
Annual Development of Pension Cost (2 of 2)
Fiscal Year
Ending
NPO
Balance
(Gain)/Loss
Amort.
Factor**
Amort. Of
(Gain)/Loss
Ending
Balance
Percentage of APC
[7=6+pryr7]
[8=1-5]
[9]
[10=pyr11/9]
[11=7]
12/31/2007
(926,978)
(169,745)
14.16300
(54,591)
(926,978)
12/31/2008
(1,082,280)
(176,023)
13.82120
(67,069)
(1,082,280)
12/31/2009
(1,294,508)
(243,115)
14.59030
(74,178)
(1,294,508)
12/31/2010
(1,534,555)
(279,856)
14.13390
(91,589)
(1,534,555)
12/31/2011
(1,934,381)
(450,789)
13.65930
(112,345)
(1,934,381)
12/31/2012
(2,501,810)
(649,057)
12.16567
(159,003)
(2,501,810)
12/31/2013
(3,041,851)
(654,673)
11.65230
(214,705)
(3,041,851)
Annual Reauired Pension Contribution and Net Pension Obligation
Fiscal Year Ending
12/31/2011 12/31/2012 12/31/2013
Annual required contribution (ARC)
I Annual Normal Cost $ - $ $
2. +Amortization of UAAL Beginning of Year* (335,034) (509,887) (509,887)
3. +Intereston UAALto End of Year* (13,401) (20,395) (20,395)
4. =ARC at End of Year [1+2+3]
5. +Intereston Net Pension Obligation
6. - Adjustment to ARC
7. =Annual pension cost (APC) [4+5-6]
$.- Employercontributions**
9. =Change in Net Pension Obligation [7-8]
(348,435) (530,282) (530,282)
(61,382) (77,375) (100,072)
(112,345) (159,003) (214,705)
(297,472) (448,654) (415,650)
102,354 118,775 124,391
(399,826) (567,429) (540,041)
to. +Net Pension Obligation at Beginning of Year (1,534,555) (1,934,381) (2,501,810)
11. = Net Pension Obligation at End of Year [9+10] $ (1,934,381) $ (2,501,810) $ (3,041,851)
* Assumed interest/discount rate of 4.0%, amortized with level dollar method.
** Employer contributions for pensions are total contributions to the fund net of disbursements for
medical and administrative expenses.
Three year trend information is recapped as follows:
Employees are not required to make contributions under this Plan. The employer contributions
to the Plan for 2013 include $128,866 from fire insurance premiums and $339,083 in
investment income from Plan assets. Benefits and refunds of the Plan are recognized when due
Basic Financial Statements, 4-51
Annual
Contribution as a
Net Pension
Fiscal Year Ending
Pension Cost (APC)
Percentage of APC
Obligation (NPO)
December31,2011
(297,472)
N/A
(1,934,381)
December31,2012
(448,654)
N/A
(2,501,810)
December31,2013
(415,650)
N/A
(3,041,851)
Employees are not required to make contributions under this Plan. The employer contributions
to the Plan for 2013 include $128,866 from fire insurance premiums and $339,083 in
investment income from Plan assets. Benefits and refunds of the Plan are recognized when due
Basic Financial Statements, 4-51
2013 Comprehensive Annual Financial Report City of Renton, Washington
and payable in accordance with the terms of the Plan. For 2013, $188,943 was paid for pension
benefit payments.
The Net Pension Obligation decreased by $540,041 to ($3,041,851) and is included as a non-
current asset in the City of Renton's Government -wide Statement of Net Position.
NOTE 7. OTHER POST EMPLOYMENT BENEFITS
During the year ended December 31, 2008, the City elected to adopt the provisions of GASB
Statement No. 45, "Accounting and Financial Reporting by Employers for Postemployment
Benefits Other Than Pensions" (GASB No. 45), which required the City to accrue other
postemployment benefits (OPEB) expense related to its postretirement healthcare plan based
on a computed annual required contribution (ARC) that includes the current period's service
cost and an amount to amortize unfunded actuarial accrued liabilities. Instead of recording
expense on a "pay-as-you-go" basis, the City, under GASB No. 45, has recorded a liability of
$3,744,023 for the difference between the actuarially calculated ARC and the contributions
made since the adoption of GASB No. 45. This liability is included in noncurrent liabilities in the
accompanying December 31, 2013 Government -wide Statement of Net Position. The effect of
GASB No. 45 for the current fiscal year was to decrease the City's excess of revenue over
expenses before capital contributions and the City's increase in net OPEB obligation for the year
ended December 31, 2013 by $845,542.
Plan Description
The City of Renton's LEOFF Plan 1 (the Health Plan) is a single -employer defined benefit
healthcare plan administered by the City. The Health Plan provides medical, prescription drug,
dental, Medicare Part B premiums, long-term care, and vision expenses for LEOFF Plan 1
retirees. Dependent spouses and children are not covered. The Health Plan's actuary is
Healthcare Actuaries. The Health Plan does not issue a separate standalone financial report.
Funding Policy
The City does not require retiree contributions. All benefits are paid in full by the City.
For the fiscal year ended December 31, 2013, the City contributed $1,039,281 to the Health
Plan. There were no retiree contributions.
Annual OPEB Cost and Net OPEB Obligation
The basis for the City's annual other postemployment benefit (OPEB) cost (expense) is the
annual required contribution (ARC). The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover the normal cost each year and to amortize any unfunded
actuarial liabilities (or funding excess) over a period not to exceed ten years. The following
displays the components of the City's annual OPEB cost, the estimated amount contributed to
the Health Plan, and changes in the City's net OPEB obligation to the Health Plan.
Basic Financial Statements, 4-52
2013 Comprehensive Annual Financial Report
City of Renton, Washington
Annual Required Contribution and Net OPEB Obligation
Annual required contribution (ARC)
Annual Normal Cost
+ Amo rtization of UAAL
+ Interest to End of Year
= ARC at end of year
+ Interest on Net OPEB Obligation
+ Adj ustment to ARC
= Annua I OPEB cost
- Employer Contributions
= Change in Net OPEB Obligation
+ Net OPEB Obl i gati on-begi nni ng of yea r
= Net OPEB Obl i gati on -end of yea r
* Unfunded Actuarial Accrued Liability (UAAL)
Fiscal Year Endin
12/31/2011 12/31/2012 12/31/2013
$ 54,262 $ - $ -
1,704,544 1,972,502 2,009,362
1,758,806 1,972,502 2,009,362
78,799 46,882 56,160
(120,635) (146,060) (180,699
1,716,970 1,873,324 1,884,823
875,699 1,254,795 1,039,281
841,271 618,529 845,542
2,284,223 3,125,494 3,744,023
$ 3,125,494 $ 3,744,023 $ 4,589,565
The City's annual OPEB cost, the percentage of annual OPEB cost contributed to the Health
Plan, and the net OPEB obligation for 2013 and the two preceding years were as follows:
Three vear trend information is recaaaed as follows:
Funded Status and Funding Progress
The funded status of the Health Plan as of December 31, 2013:
($ in thousands)
Unfunded
Percentage of
Annual
Employer
OPEB Cost
Net OPEB
Year
OPEB Cost
Contribution
Contributed
Obligation
2011
1,716,970
875,699
51.00%
3,125,494
2012
1,873,324
1,254,795
66.98%
3,744,023
2013
1,884,823
1,039,281
55.14%
4,589,565
Funded Status and Funding Progress
The funded status of the Health Plan as of December 31, 2013:
($ in thousands)
Basic Financial Statements, 4-53
Unfunded
Actu a ria I
Actuarial
Actuarial
Accrued
UAAL as a
Valuation Date Value of
Accrued
Liabilities
Funded
Covered Percentage of
January1 Assets
Liabilities
(UAAL)
Ratio
Payroll Covered Payroll
2011
27,835
27,835
0%
434 6412%
2012
42,209
42,209
0%
305 13841%
2013
41,633
41,633
0%
300 13865%
Basic Financial Statements, 4-53
2013 Comprehensive Annual Financial Report City of Renton, Washington
Actuarial valuations involve estimates of the value of reported amounts and assumptions about
the probability of occurrence of events far into the future. Actuarially determined amounts
regarding the funded status of the plan and the annual required contributions of the employer
are subject to continual revision as actual results are compared with past expectations and new
estimates are made about the future. Net position of $6,360,269 is reported as unrestricted in
the insurance fund, however the City intends to utilize net position for the purpose of funding a
portion of the UAAL.
The schedule of funding progress, presented as required supplementary information following
the notes to the financial statements, presents multi-year trend information that shows
whether the actuarial value of Health Plan assets is increasing or decreasing over time relative
to the actuarial liabilities for benefits.
Actuarial Methods and Assumptions
Projections of benefits for financial reporting purposes are based on the substantive plan (the
plan as understood by the employer and plan members) and include the types of benefits
provided at the time of each valuation. The actuarial methods and assumptions used include
techniques that are designed to reduce the effects of short-term volatility in actuarial accrued
liabilities and the actuarial value of assets, consistent with the long-term perspective of the
calculations.
The December 31, 2012 valuation used the projected unit credit actuarial cost methods. The
actuarial assumptions included a 1.5% investment rate of return (net of administrative
expenses) and an initial annual healthcare cost trend rate of 10.0% for pre -Medicare expenses,
to an ultimate rate of 4.2% after 72 years. The Medicare trend assumption is 6.5%, to an
ultimate rate of 4.2% after 8 years. The dental trend assumption is 5.5%, to an ultimate rate of
4.0% after 4 years. The Medicare premium trend rate is 8.5% for all years, except for the first
year, which has a 0% trend rate. The long-term care trend rate is 5.0% for all years. The trend
for the Excise Tax threshold is 0% until 2018, when a trend rate of 4.24% is used. The trend for
all future years is 3.24%. All trend rates include a 3.0% inflation assumption. The UAAL at
transition is being amortized as a level dollar amount on a closed basis. The remaining
amortization period at December 31, 2013 was 24.0 years. The UAAL is recalculated each year
and amortized as a level dollar amount over 25 years for 2013.
Basic Financial Statements, 4-54
2013 Comprehensive Annual Financial Report
Trend Rates
City of Renton, Washington
Year
Pre-
Medicare
Medicare
Dental
Vision
Part
Premiums
Long -Term
Care
Excise Tax
Threshold
2014
10.0%
6.5%
5.5%
4.0%
8.5%
5.0%
0.00%
2015
9.5%
6.5%
5.0%
4.0%
8.5%
5.0%
0.00%
2016
9.0%
6.0%
4.5%
4.0%
8.5%
5.0%
0.00%
2017
8.5%
6.0%
4.0%
4.0%
8.5%
5.0%
0.00%
2018
8.0%
5.5%
4.0%
4.0%
8.5%
5.0%
4.24%
2019
7.5%
5.0%
4.0%
4.0%
8.5%
5.0%
3.24%
2020
7.0%
4.5%
4.0%
4.0%
8.5%
5.0%
3.24%
2021
6.4%
4.2%
4.0%
4.0%
8.5%
5.0%
3.24%
2022-2084
...
...
4.0%
4.0%
8.5%
5.0%
3.24%
2085+
4.2%
4.2%
4.0%
4.0%
8.5%
5.0%
3.24%
Note: The trend rates include assumed inflation of 3.0% for all future years.
NOTE 8. CONTINGENCIES
Litigation
In the opinion of management, the City's insurance policies and/or self-insurance reserves are
adequate to pay all known or pending claims.
Contingencies under Grant Provisions
The City participates in a number of federal and state assisted programs. These grants are
subject to audit by the grantors of their representatives. Such audits could result in requests
for reimbursement to grantor agencies for expenditures disallowed under the terms of the
grants. The City's management believes that such disallowances, if any, will be immaterial.
Bond Indentures
The City is in compliance with all significant bond indentures and restrictions.
Construction Commitments
Refer to Note 5.
NOTE 9. RISK MANAGEMENT
The City of Renton is exposed to various risks of loss related to tort; theft of, damage to, and
destruction of assets; errors and omissions; injuries to employees; and natural disasters. The
City of Renton protects itself against unforeseen losses by utilizing a three -pronged risk
management approach. First, the City self -funds first level losses through its Insurance Fund.
Second, insurance and excess insurance is purchased to cover medium and large losses. Third,
the City reserves the right to utilize the provisions of Chapter 35A.31.060 RCW to fund
catastrophic or uninsured losses. This State statute allows cities to levy a non -voted property
tax increase to pay for uninsured claims. There were no settlements in excess of the insurance
coverage in any of the three prior fiscal years.
Basic Financial Statements, 4-55
2013 Comprehensive Annual Financial Report City of Renton, Washington
An analysis of the insurance deductibles and self-insured retention levels, limits of insurance,
and carriers for the major types of coverage are as follows:
Excess Employee Health — $175,000 N/A Sun Life
Expires 1/01/2014
* There is a 4 -hour utility interruption clause, prior to the deductible becoming applicable.
The City of Renton is a member of the Washington Cities Insurance Authority (WCIA).
Utilizing Chapter 48.62 RCW (self-insurance regulation) and Chapter 39.34 RCW (Interlocal
Cooperation Act), nine cities originally formed WCIA on January 1, 1981. WCIA was created for
the purpose of providing a pooling mechanism for jointly purchasing insurance, jointly self-
insuring, and / or jointly contracting for risk management services. WCIA has a total of 167
Members.
New members initially contract for a three-year term, and thereafter automatically renew on
an annual basis. A one-year withdrawal notice is required before membership can be
terminated. Termination does not relieve a former member from its unresolved loss history
incurred during membership.
Basic Financial Statements, 4-56
Risk
Retention
Type of Coverage
Occurrence
Aggregate Amount
Carrier
Property —
$25,000
$300,000,000 (per
WA Cities Ins
Expires 1/01/2014
occurrence subject to
Authority
annual aggregate &
sub -limits)
Liability—
$250,000
$20,000,000
WA Cities Ins
Expires 01/01/2014
(per occurrence)
Authority
Auto Physical Damage —
ACV or Replacement
WA Cities Ins
Expires 01/01/2014
$25,000
Cost; per Occurrence
Authority
Equipment Breakdown —
$5,000*
$50,000,000
Zurich
Expires 1/01/2014
Employee Fidelity/Crime—
$10,000
$2,500,000
National Union
Expires 12/31/2013
Fire
Airport Liability—
0
$100,000,000
Ace Property&
Expires 1/01/2014
Casualty
Underground Storage Tank—
$2,500
$1,000,000
Great American
Expires 1/01/2014
Excess Workers' Comp —
$500,000
Statutory
Safety National
Expires 1/01/2014
Excess Employee Health — $175,000 N/A Sun Life
Expires 1/01/2014
* There is a 4 -hour utility interruption clause, prior to the deductible becoming applicable.
The City of Renton is a member of the Washington Cities Insurance Authority (WCIA).
Utilizing Chapter 48.62 RCW (self-insurance regulation) and Chapter 39.34 RCW (Interlocal
Cooperation Act), nine cities originally formed WCIA on January 1, 1981. WCIA was created for
the purpose of providing a pooling mechanism for jointly purchasing insurance, jointly self-
insuring, and / or jointly contracting for risk management services. WCIA has a total of 167
Members.
New members initially contract for a three-year term, and thereafter automatically renew on
an annual basis. A one-year withdrawal notice is required before membership can be
terminated. Termination does not relieve a former member from its unresolved loss history
incurred during membership.
Basic Financial Statements, 4-56
2013 Comprehensive Annual Financial Report City of Renton, Washington
WCIA's Liability coverage is written on an occurrence basis, without deductibles. Coverage
includes general, automobile, police, public officials' errors or omissions, stop gap, employment
practices, and employee benefits liability. Limits are $4 million per occurrence self-insured
layer, and $16 million per occurrence in the re -insured excess layers. The excess layers are
insured by the purchase of reinsurance and insurance and are subject to aggregate limits. Total
limits are $20 million per occurrence subject to aggregate sub -limits in the excess layers. The
Board of Directors determines the limits and terms of coverage annually.
Insurance coverage for property, automobile physical damage, fidelity, and inland marine are
purchased on a group basis. Various deductibles apply by type of coverage. Property insurance
and auto physical damage are self-funded from the members' deductible to $750,000, for all
perils other than flood and earthquake, and insured above that amount by the purchase of
insurance.
In-house services include risk management consultation, loss control field services, claims and
litigation administration, and loss analyses. WCIA contracts for the claims investigation
consultants for personnel issues and land use problems, insurance brokerage, and lobbyist
services.
WCIA is fully funded by its members, who make annual assessments on a prospectively rated
basis, as determined by an outside, independent actuary. The assessment covers loss, loss
adjustment, and administrative expenses. As outlined in the Interlocal, WCIA retains the right
to additionally assess the membership for any funding shortfall.
An investment committee, using investment brokers, produces additional revenue by
investment of WCIA's assets in financial instruments which comply with all State guidelines.
A Board of Directors governs WCIA, which is comprised of one designated representative from
each member. The Board elects an Executive Committee and appoints a Treasurer to provide
general policy direction for the organization. The WCIA Executive Director reports to the
Executive Committee and is responsible for conducting the day to day operations of WCIA.
The City's Risk Management Program is administered under the authority of the Human
Resources and Risk Management Administrator, with claims being processed by the carriers
shown above.
As of December 31, 2013, the City had accrued the following amounts for outstanding claims:
Total Claims Payable
Coverage 12/31/2013
Property & liability $ 508,904
Workers' compensation 937,114
Employee health 1,660,000
TOTAL $ 3,106,018
Basic Financial Statements, 4-57
2013 Comprehensive Annual Financial Report
City of Renton, Washington
NOTE 10. INTERFUND TRANSACTIONS
Interfund transactions are classified as follows:
• Services Provided — Transactions that would be treated as revenues, expenditures,
or expenses if they involve external organizations, such as buying goods and services
or payments in lieu of taxes, are similarly treated when they involve other funds of
the City of Renton.
• Transfers — Transactions to support the operations of other funds are recorded as
"Transfers" and classified with "Other Financing Sources or Uses" in the fund
statements. Transfers between governmental or proprietary funds are netted as
part of the reconciliation to the Government -wide financial statements.
• Contributions — Contributions to the capital of enterprise or internal service funds,
transfers of capital assets between proprietary and governmental funds, transfers to
establish or reduce working capital in other funds, and transfers remaining balances
when funds are closed are classified non-operating revenue.
• Loans — Activities between funds that are representative of lending/borrowing
arrangements outstanding at the end of the fiscal year are referred to as interfund
loans receivable/payable. Any residual balances outstanding between the
governmental activities and business -type activities are reported in the government -
wide financial statements as internal balances.
Basic Financial Statements, 4-58
Property &
Workers'
Employee
2013
Liability
Compensation
Health
Totals
IBNR claims at beginning of the year
$ 537,571
$ 827,147
$ 1,389,400 $
2,754,118
Currentyearand changes in estimates
1,399,646
1,291,558
11,815,150
14,506,354
Claims payments
(1,428,313)
(1,181,591)
(11,544,550)
(14,154,454)
IBNR claims at end of the year
$ 508,904
$ 937,114
$ 1,660,000 $
3,106,018
NOTE 10. INTERFUND TRANSACTIONS
Interfund transactions are classified as follows:
• Services Provided — Transactions that would be treated as revenues, expenditures,
or expenses if they involve external organizations, such as buying goods and services
or payments in lieu of taxes, are similarly treated when they involve other funds of
the City of Renton.
• Transfers — Transactions to support the operations of other funds are recorded as
"Transfers" and classified with "Other Financing Sources or Uses" in the fund
statements. Transfers between governmental or proprietary funds are netted as
part of the reconciliation to the Government -wide financial statements.
• Contributions — Contributions to the capital of enterprise or internal service funds,
transfers of capital assets between proprietary and governmental funds, transfers to
establish or reduce working capital in other funds, and transfers remaining balances
when funds are closed are classified non-operating revenue.
• Loans — Activities between funds that are representative of lending/borrowing
arrangements outstanding at the end of the fiscal year are referred to as interfund
loans receivable/payable. Any residual balances outstanding between the
governmental activities and business -type activities are reported in the government -
wide financial statements as internal balances.
Basic Financial Statements, 4-58
Property &
Workers'
Employee
2012
Liability
Compensation
Health
Totals
IBNR claims at beginning of the year
$ 641,640
$ 613,655
$ 1,186,900 $
2,442,195
Current year and changes in estimates
946,936
1,362,079
11,898,851
14,207,866
Claims payments
(1,051,005)
(1,148,587)
(11,696,351)
(13,895,943)
IBNR claims at end of the year
$ 537,571
$ 827,147
$ 1,389,400 $
2,754,118
NOTE 10. INTERFUND TRANSACTIONS
Interfund transactions are classified as follows:
• Services Provided — Transactions that would be treated as revenues, expenditures,
or expenses if they involve external organizations, such as buying goods and services
or payments in lieu of taxes, are similarly treated when they involve other funds of
the City of Renton.
• Transfers — Transactions to support the operations of other funds are recorded as
"Transfers" and classified with "Other Financing Sources or Uses" in the fund
statements. Transfers between governmental or proprietary funds are netted as
part of the reconciliation to the Government -wide financial statements.
• Contributions — Contributions to the capital of enterprise or internal service funds,
transfers of capital assets between proprietary and governmental funds, transfers to
establish or reduce working capital in other funds, and transfers remaining balances
when funds are closed are classified non-operating revenue.
• Loans — Activities between funds that are representative of lending/borrowing
arrangements outstanding at the end of the fiscal year are referred to as interfund
loans receivable/payable. Any residual balances outstanding between the
governmental activities and business -type activities are reported in the government -
wide financial statements as internal balances.
Basic Financial Statements, 4-58
2013 Comprehensive Annual Financial Report City of Renton, Washington
The following is a summary of interfund transfers. Transfers into the General Fund, Other
Governmental Funds, and Internal Service Funds account for administrative support and debt
service contributions; whereas transfers into the Municipal CIP and Capital Improvement Funds
account for capital contributions towards the construction/acquisition of library land and
improvements and park construction and improvements.
Fund
Due From Other Funds
Transfers In
Capital Improvement Fund
Transfers Out
General Fund
$
2,166,197
$
4,415,559
Municipal Facilities CIP
$
2,678,367
Airport
Golf Course
Waterworks Utility
277,000
Capital Improvement
959,449
Subtotal Enterprise Funds
56,025
Other Governmental Funds
$
56,025
Insurance Fund
1,354,000
Subtotal Governmental Funds
$
5,860,038
$
6,102,584
Waterworks Utility Fund
$
9,821
TOTAL
1,882,293
Solid Waste
$
-
232,518
Other Enterprise Funds
-
236,171
Subtotal Enterprise Funds
$
9,821
$
2,350,982
Subtotal Internal Service Funds
$
2,642,025
$
58,318
TOTAL
$
8,511,884
$
8,511,884
The following is a summary of three outstanding interfund loans outstanding made for capital
improvement purposes, as of December 31, 2013:
Fund
Due From Other Funds
Due To Other Funds
Capital Improvement Fund
-
429,308
Subtotal Governmental Funds
$
-
$
429,308
Airport
Golf Course
Waterworks Utility
-
-
101,646
101,646
775,093
-
Subtotal Enterprise Funds
$
101,646
$
876,739
Insurance Fund
1,204,401
-
Subtotal Internal Service Funds
$
1,204,401
$
-
TOTAL
$
1,306,047
$
1,306,047
NOTE 11. NET POSITION
The Government -wide and business type fund financial statements utilize a net position
presentation. Net position is the difference between (a) assets and deferred outflows of
resources and (b) liabilities and deferred inflows of resources. Net position is categorized as
investments in capital assets (net of related debt), restricted, and unrestricted.
Basic Financial Statements, 4-59
2013 Comprehensive Annual Financial Report
City of Renton, Washington
• Investment in Capital Assets (net of related debt) is intended to reflect the portion of net
position associated with non -liquid, capital assets less outstanding capital asset related
debt. The net related debt is the debt less the outstanding liquid assets and any associated
unamortized costs.
• Restricted net position is comprised of liquid assets which have third party (statutory, bond
covenant, or granting agency) limitations on their use. The restricted component of net
position is reduced by liabilities and deferred inflows related to those assets. The restricted
component of net position of governmental activities may not equal to restricted fund
balances in the governmental funds due to a different measurement focus and different
basis of accounting.
The City would typically use restricted net position first, as appropriated opportunities arise,
but reserve the right to selectively defer the use thereof to a future project or replacement
equipment acquisition.
• Unrestricted net position represents unrestricted liquid assets. Unrestricted Governmental
Activities have committed and assigned designations that reflect the City Council and
management's plans and commitments to expend resources for certain purposes in future
periods. Funds with committed designations reflect amounts constrained by the City
Council, either through formal budget adoption or other purposes formally approved by the
Council. Amounts with assigned designations reflect all amounts remaining in governmental
funds, other than the general fund, not classified as nonspendable, restricted or committed.
Assigned amounts also include year-end encumbrances that have received approval from
the City Council and re -appropriated in the following year's carry forward budget. The
City's financial policies require a maximum amount of 12% and minimum of 8% fund
balance to remain in the general fund for cash flow purposes.
NOTE 12. PRIOR PERIOD ADJUSTMENTS
Governmental Activities
To conform to the accounting changes outlined in GASB Statement No. 65, Items Previously
Reported as Assets and Liabilities, prior period adjustment in the amount of $(333,364) was
required to remove previously capitalized debt issuance costs.
Additionally, prior period adjustments in the amount of $90,125 were required to record
construction -in -progress assets improperly expensed in prior years.
Business -Type Activities
To conform to the accounting changes outlined in GASB Statement No. 65, Items Previously
Reported as Assets and Liabilities, prior period adjustment in the amount of $(386,149) was
required to remove previously capitalized debt issuance costs.
Basic Financial Statements, 4-60
2013 Comprehensive Annual Financial Report City of Renton, Washington
A developer contribution from 2009 and the related asset in the amount of $724,918 (net of
depreciation) was not properly recorded in prior years. A prior period adjustment was
necessary in 2013 to properly record the capital asset.
The value of certain developer contributions from 2012 were improperly calculated. Prior
period adjustments in the amount of $(1,777,905) were necessary in 2013 to properly record
the assets.
Additionally, prior period adjustments in the amount of $(771,080) were required to dispose of
construction -in -progress assets improperly capitalized in prior years.
NOTE 13. LONGTERM DEBT
The City of Renton's long-term debt consists of General Obligation Debt, repaid mainly from
general governmental revenue sources, Proprietary Debt, repaid from proprietary revenues and
compensated absences/other post -employment benefits. These debts are accounted for in the
following areas: 1) The outstanding general obligation debt is reported in the Government -
wide financial statements; 2) The repayment, or debt service of the same, is recorded in the
Debt Service Funds; and, 3) The proprietary debt liability and repayment of the same are
reported in individual Proprietary Funds. Compensated absences and other post -employment
benefits are generally liquidated mainly from the general fund and to a lesser extent, the
internal service funds.
Basic Financial Statements, 4-61
2013 Comprehensive Annual Financial Report
Outstanding debt issues as of December 31, 2013 are as follows:
City of Renton, Washington
Basic Financial Statements, 4-62
Issued
Maturity
Original Issued
Type of Debt
Interest Rates
Date
Date
Amount
GOVERNMENTAL DEBT:
General Obligation Bonds:
Limited:
2006 GO Bonds
4.25%-5.00%
8/8/2006
12/1/2028
17,980,000
2010 GO Refunding Bonds
3.00%-4.50%
5/11/2010
12/1/2021
6,170,000
2011 GO Library Bonds
2.00%-5.00%
8/2/2011
12/1/2022
16,715,000
2011 GO Refunding Bonds
2.00%-5.00%
9/21/2011
12/1/2017
9,425,000
2013 GO Qualified Energy Conservation Bonds
3.22%
7/1/2013
7/1/2028
3,200,000
SUBTOTAL LIMITED GO
53,490,000
Other Miscellaneous debt - Intergovernmental,
Backed by full faith and credit of the City:
2009 FD 40 Loan for acquisition of FS13
3.75%
3/1/2009
9/1/2028
6,798,085
2009 (A) SCORE Tax Exempt
4.00%-5.00%
11/4/2009
1/1/2022
2,953,800
2009 (B) SCORE BABS
3.00%-6.62%
11/4/2009
1/1/2039
28,090,800
2010 GO Valley Comm Refunding Bonds
3.00%-4.00%
4/5/2010
12/1/2015
1,065,000
SUBTOTAL MISCELLANEOUS
38,907,685
TOTAL GOVERNMENTAL -TYPE DEBT ISSUANCE
92,397,685
BUSINESS -TYPE DEBT:
Revenue Bonds:
2003 Water/Sewer Refunding
3.20%
9/15/2003
6/1/2013
8,035,000
2004 Water/Sewer
4.33%
11/1/2004
12/1/2027
10,335,000
2007 Water/Sewer
4.00%-5.00%
11/6/2007
12/1/2022
1,430,000
2007 Water/Sewer Refunding (02)
4.00%-5.00%
11/6/2007
12/1/2022
8,320,000
2008 Water/Sewer (a)
4.17%
1/4/2008
12/1/2027
9,975,000
2008 Water/Sewer (b)
4.17%
1/4/2008
12/1/2016
2,035,000
2012 Water/Sewer Refunding
2.00%-3.00%
12/7/2012
12/1/2027
9,190,000
TOTAL REVENUE BONDS
49,320,000
Public Works Trust Fund Loans:
Central Renton Sewer Replacement
1.00%
5/4/1993
7/1/2015
1,631,800
East Renton Interceptor
1.00%
6/7/1993
7/1/2013
2,542,704
Dayton Avenue NE
2.00%
5/12/1994
7/1/2014
96,958
NE 27'h /Aberdeen Drainage Improvements
1.00%
5/15/1995
7/1/2015
731,000
East Kennydale Interceptor
2.00%
1/24/1998
7/1/2016
2,093,740
Honeycreek Interceptor
2.00%
12/4/1995
7/1/2016
1,840,568
Corrosion Control Treatment Facilities
1.00%
1/6/1997
7/1/2017
1,106,000
Maplewood Water Treatment Improvement
0.50%
1/22/2002
7/1/2021
567,831
Construct CT Pipeline for Wells
0.50%
11/5/2002
7/1/2022
814,527
Maplewood Water Treatment Improvement
0.50%
6/3/2004
7/1/2024
5,150,000
TOTAL PUBLIC WORKS TRUST FUND LOANS
16,575,128
TOTAL BUSINESS -TYPE DEBT ISSUANCE
65,895,128
TOTAL AMOUNT ISSUED ON OUTSTANDING DEBT AS OF DECEMBER 31, 2013
$ 158,292,813
Basic Financial Statements, 4-62
2013 Comprehensive Annual Financial Report
Outstanding debt additions and retirements are summarized as follows:
City of Renton, Washington
Basic Financial Statements, 4-63
Beginning Balance
Ending Balance
Due Within One
General Governmental Debt
01/01/2013
Additions
Deductions
12/31/2013
Year
Limited General Obligation Debt
2006 GO Bonds
$ 15,160,000
$
$ 640,000
$ 14,520,000
$ 670,000
2010 GO Refunding Bonds
6,020,000
5,000
6,015,000
5,000
2011 GO Library Bonds
15,340,000
1,420,000
13,920,000
1,460,000
2011 GO Refunding Bonds
7,815,000
1,480,000
6,335,000
1,510,000
2013 GO Qualified Energy Conservation Bonds
-
3,200,000
-
3,200,000
210,000
Unamortized (discount)/premium/refunding
2,408,675
-
294,731
2,113,944
-
Total Limited GO Bonds
46,743,675
3,200,000
3,839,731
46,103,944
3,855,000
Other Miscellaneous debt - Intergovernmental,
Backed with full faith and credit of the City
2009 FD 40 Loan for acquisition of FS13
5,889,522
282,439
5,607,083
293,130
2009 (A) SCORE Tax Exempt
2,953,800
-
2,953,800
716,400
2009 (B) SCORE BABS
27,401,400
702,000
26,699,400
-
2010 GO Valley Comm. Refunding Bonds
647,000
215,000
432,000
212,000
Total Miscellaneous
36,891,722
-
1,199,439
35,692,283
1,221,530
Total General Obligation Debt
83,635,398
3,200,000
5,039,170
81,796,227
5,076,530
Other:
Employee Leave Benefits (Comp. Absences)
5,231,645
2,857,219
2,982,038
5,106,827
2,910,891
Other post -employment benefits payable
3,744,023
1,884,823
1,039,281
4,589,565
-
Total Governmental Obligation
$ 92,611,066
$ 7,942,042
$ 9,060,489
$ 91,492,619
$ 7,987,421
Basic Financial Statements, 4-63
2013 Comprehensive Annual Financial Report
City of Renton, Washington
Outstanding debt additions and retirements are summarized as follows (continued):
DEEP DISCOUNT DEBT
As of December 31, 2013, the City of Renton has no deep discount debt outstanding.
SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL COMMITMENT
As of December 31, 2013, the City of Renton has no special assessment debt outstanding.
DEBT LIMIT CAPACITIES
State law provides that debt cannot be incurred in excess of the following percentages of the
value of the taxable property of the City: 1.5 percent without a vote of the people provided the
indebtedness with a vote is 1 percent or less; 2.5 percent with a vote of the people; 5.0 percent
with a vote of the people, provided the indebtedness in excess of 2.5 percent is for utilities; and
7.5 percent with a vote of the people provided the indebtedness in excess of 5.0 percent is for
open space development and parks facilities. Table 12 in the Statistical Section shows the
computation of legal debt margin for general and special purpose capacities for the City of
Renton.
Basic Financial Statements, 4-64
Beginning Balance
Ending Balance
Due Within One
Business -Type Debt
01/01/2013
Additions
Deductions
12/31/2013
Year
Revenue Bonds:
2003 Water/Sewer Refunding Bond
$ 415,000
$
$ 415,000
$ -
$
2004 Water/Sewer Bond
1,290,000
205,000
1,085,000
235,000
2007 Water/Sewer Bond
1,430,000
-
1,430,000
95,000
2007 Water/Sewer Refunding Bond (02)
8,260,000
20,000
8,240,000
730,000
2008 Water/Sewer Bond (a)
9,975,000
-
9,975,000
-
2008 Water/Sewer Bond (b)
2,035,000
610,000
1,425,000
600,000
2012 Water/Sewer Refunding Bond
9,190,000
40,000
9,150,000
35,000
Unamortized (discount)/premium/refunding
(102,198)
(6,017)
(96,181)
-
Total Revenue Bonds
32,492,802
1,283,983
31,208,819
1,695,000
Public Works Trust Fund Loans:
Central Renton Sewer Replacement
191,518
87,483
104,034
52,018
East Renton Interceptor
134,570
134,570
-
-
Dayton Avenue NE
10,206
5,103
5,103
5,103
NE 27th/Aberdeen Drainage Improvement
127,769
42,590
85,180
42,590
East Kennydale Interceptor
467,422
116,855
350,567
116,855
Honeycreek Interceptor
387,488
96,872
290,616
96,872
Corrosion Control Treatment Facilities
246,785
49,357
197,428
49,357
Maplewood Water Improvement
272,709
30,301
242,408
30,301
Const. CT Pipeline for Wells
428,699
42,870
385,829
42,870
Maplewood Water Improvements
3,271,765
272,647
2,999,118
272,647
Total Public Work Trust Fund Loan
5,538,929
-
878,648
4,660,282
708,612
Other:
Employee Leave Benefits (Comp.Absences)
725,392
150,209
173,978
701,622
177,944
Total Business -Type Debt
38,757,123
150,209
2,336,608
36,570,723
2,581,556
GRAND TOTALS
$ 131,368,189
$ 8,092,251
$ 11,397,097
$ 128,063,342
$ 10,568,977
DEEP DISCOUNT DEBT
As of December 31, 2013, the City of Renton has no deep discount debt outstanding.
SPECIAL ASSESSMENT DEBT WITH GOVERNMENTAL COMMITMENT
As of December 31, 2013, the City of Renton has no special assessment debt outstanding.
DEBT LIMIT CAPACITIES
State law provides that debt cannot be incurred in excess of the following percentages of the
value of the taxable property of the City: 1.5 percent without a vote of the people provided the
indebtedness with a vote is 1 percent or less; 2.5 percent with a vote of the people; 5.0 percent
with a vote of the people, provided the indebtedness in excess of 2.5 percent is for utilities; and
7.5 percent with a vote of the people provided the indebtedness in excess of 5.0 percent is for
open space development and parks facilities. Table 12 in the Statistical Section shows the
computation of legal debt margin for general and special purpose capacities for the City of
Renton.
Basic Financial Statements, 4-64
2013 Comprehensive Annual Financial Report City of Renton, Washington
ARBITRAGE
The City engages an outside agency to calculate its' arbitrage rebate liability on outstanding tax-
exempt bonds and certificates of participation under Section 148(f) of the Internal Revenue
Code. No additional rebate was found due for any revenue or general obligation bonds for
2013.
ISSUED/REFUNDED DEBT
On July 1, 2013 the City issued $3,200,000 in taxable direct -pay Qualified Energy Conservation
Bonds (QECB) with an average interest rate of 3.22% to finance streetlight improvements.
PRIOR YEAR DEFEASANCE OF DEBT
In prior years the City defeased certain bond issues by placing the proceeds of new bonds in an
irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly,
the trust account assets and the liability for the defeased bonds are not included in the City's
financial statements. The schedule of assets, liabilities, and net assets of the City's escrow
account as of December 31, 2013 is provided in the following table.
Cash with Trustee
Investments with Trustee
Estimated Interest Receivable
Total Assets
Liabilities
Refunded Bonds Payable
Total Liabilities
Net Assets
Earnings with Trustee
Total Net Assets
US Bank Corporate Trust
(2012 Revenue Bonds)
$ 2
9,474,821
9,474,823
9,474,821
9,474,821
2
$ 2
Basic Financial Statements, 4-65
2013 Comprehensive Annual Financial Report City of Renton, Washington
ANNUAL DEBT SERVICE REQUIREMENTS
The annual debt service requirements to maturity, including principal and interest, for long-
term debt as of December 31, 2013, are as follows:
AMOUNT AVAILABLE FOR DEBT SERVICE
Fund balances that have been reserved for debt repayment are $445,410, reported other non -
major governmental funds.
OPERATING LEASES
As of December 31, 2013, the City of Renton has no operating leases outstanding.
NOTE 14. DEFERRED CHARGES IN PROPRIETARY FUNDS
As of December 31, 2013, the total amount of deferred charges and other assets reported in
the proprietary funds is $0. Per GASB Statement No. 65 - Items Previously Reported as Assets
and Liabilities, the City is required to recognize debt issuance costs as an expense in the period
incurred.
NOTE 15. SEGMENT INFORMATION
An identifiable activity (or grouping of activities) required to be accounted for separately, which
(a) is reported as or within an enterprise fund; (b) for which one or more revenue bonds are
outstanding; and, (c) where the revenue stream is pledged for payment of, are required to
disclose segment information. The City of Renton has no required segment information to
disclose for 2013.
NOTE 16. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement
and that is owned, operated, or governed by two or more participants as a separate and
Basic Financial Statements, 4-66
Governmental Activities
Business -Type
Activities
Year
Principal
Interest
Principal
Interest
2014
5,076,530
3,330,849
2,403,612
1,243,751
2015
5,247,625
3,151,431
2,468,509
1,165,996
2016
5,202,416
2,978,183
2,453,901
1,083,517
2017
5,389,072
2,773,566
2,325,175
991,301
2018
5,251,675
2,542,068
2,365,818
900,578
2019-2023
23,108,857
9,327,422
12,995,617
3,199,705
2024-2028
14,911,707
5,315,330
10,952,647
954,831
2029-2033
6,935,400
2,760,186
-
-
2034-2038
8,559,000
1,135,177
2039+
-
-
-
-
Totals
79,682,283
33,314,212
35,965,279
91539,678
AMOUNT AVAILABLE FOR DEBT SERVICE
Fund balances that have been reserved for debt repayment are $445,410, reported other non -
major governmental funds.
OPERATING LEASES
As of December 31, 2013, the City of Renton has no operating leases outstanding.
NOTE 14. DEFERRED CHARGES IN PROPRIETARY FUNDS
As of December 31, 2013, the total amount of deferred charges and other assets reported in
the proprietary funds is $0. Per GASB Statement No. 65 - Items Previously Reported as Assets
and Liabilities, the City is required to recognize debt issuance costs as an expense in the period
incurred.
NOTE 15. SEGMENT INFORMATION
An identifiable activity (or grouping of activities) required to be accounted for separately, which
(a) is reported as or within an enterprise fund; (b) for which one or more revenue bonds are
outstanding; and, (c) where the revenue stream is pledged for payment of, are required to
disclose segment information. The City of Renton has no required segment information to
disclose for 2013.
NOTE 16. JOINT VENTURES
A joint venture is a legal entity or other organization that results from a contractual agreement
and that is owned, operated, or governed by two or more participants as a separate and
Basic Financial Statements, 4-66
2013 Comprehensive Annual Financial Report City of Renton, Washington
specific activity subject to joint control in which the participants retain (a) an on-going financial
interest or (b) an on-going financial responsibility. The City participates in two joint ventures.
VALLEY COMMUNICATIONS CENTER
The Valley Communications Center (Valley Com) was established August 20, 1976, when an
Interlocal Agreement was entered into by four original participating municipal corporations,
including the cities of Renton, Kent, Auburn, and Tukwila. Federal Way was formally admitted
in 2000. The agreement is sanctioned by the provisions and terms of the Interlocal Cooperation
Act pursuant to Chapter 39.34 RCW. The initial duration of the agreement was five years, and
thereafter is automatically extended for consecutive five-year periods.
The purpose of the joint operation, hereafter referred to as Valley Com, is to provide improved
consolidated emergency communications (dispatch) services for police, fire, and medical aid, to
the five participating cities and to several subscribing agencies that include: King County Fire
Districts 2, 17 (Black Diamond), 20, 26, 40, 43, 44, 47; City of Pacific Police and Fire
Departments; City of Black Diamond Police Department; City of Des Moines Police Department;
SeaTac Fire Department; North Highline Fire Department; King County EMS Units; and Vashon
Island Fire Department. Separate agreements between Valley Com and the subscribing
agencies have been executed, which set forth conditions of services and rates charged.
The City of Renton reports its share of equity interest in the Governmental Activities column
within the Government -wide financial statements under non-current assets. The following is
condensed financial information as of December 31, 2013 related to Valley Communications
Center:
Completed Financial Statements for Valley Com can be obtained from the Valley
Communications Center, 23807 — 98th Avenue South, Kent, WA 98031.
SOUTH CORRECTIONAL ENTITY (SCORE)
The South Correctional Entity (SCORE) consolidated correctional facility was established
February 25, 2009, when an Interlocal Agreement (the "Original Interlocal Agreement") was
Basic Financial Statements, 4-67
Valley Communications Center
2013 Owner Cities Equity Allocation
Member City
Percent of Equity
2012 Euit Balance 2013 Distribution
2013 Euit Balance
Auburn
19.43%
$ 4,783,577 $
176,069
$ 4,959,646
Federal Way
22.00%
3,324,584
183,886
3,508,470
Kent
27.57%
7,139,778
239,013
7,378,791
Renton
21.39%
5,062,434
178,173
5,240,607
Tukwila
9.61%
2,843,407
83,751
2,927,158
Grand Totals
100.00%
$ 23,153,780 $
860,892
$ 24,014,672
Completed Financial Statements for Valley Com can be obtained from the Valley
Communications Center, 23807 — 98th Avenue South, Kent, WA 98031.
SOUTH CORRECTIONAL ENTITY (SCORE)
The South Correctional Entity (SCORE) consolidated correctional facility was established
February 25, 2009, when an Interlocal Agreement (the "Original Interlocal Agreement") was
Basic Financial Statements, 4-67
2013 Comprehensive Annual Financial Report City of Renton, Washington
entered into by seven participating municipal governments, the "Member Cities" of Auburn,
Burien, Des Moines, Federal Way, Renton, SeaTac and Tukwila, under the authority of the
"Interlocal Cooperation Act" (RCW 39.34). This "Original Interlocal Agreement" was amended
and restated October 1, 2009 and named the City of Des Moines as the "Host City" and the
remaining Member Cities as "Owner Cities". This interlocal agreement is known as the
"Formation Interlocal Agreement". Pursuant to a separate "Host City Agreement" dated
October 1, 2009, the Host City will not enjoy the same equity position as the Owner Cities until
all debts issued are paid and the Host City fulfills all of its obligations as outlined in the
Agreement.
SCORE, a governmental administrative agency pursuant to RCW 39.34.030 (3), has the power to
acquire, construct, own, operate, maintain, equip, and improve a correctional facility known as
the "SCORE Facility" and to provide correctional services and functions incidental thereto, for
the purpose of detaining arrestees and sentenced offenders in the furtherance of public safety
and emergencies within the jurisdiction of the Member Cities. The SCORE Facility may serve
the Member Cities and Subscribing Agencies which are in need of correctional facilities. Any
agreement with a Subscribing Agency shall be in writing and approved by SCORE as provided
within the SCORE Formation Interlocal Agreement.
Financing for the acquisition, construction, equipping, and improvement of the SCORE Facility
will be provided by bonds issued by the South Correctional Entity Facility Public Development
Authority (the "SCORE PDA"), a public development authority chartered by the City of Renton
pursuant to RCW 35.21.730 through 35.21.7SS and secured by the full faith and credit of the
Cities of Auburn, Burien, Federal Way, Renton, SeaTac, and Tukwila (the "Owner Cities"). The
SCORE PDA issued $86 million in special obligation bonds in 2009 to carry out the facility
development project.
The following is a summary of the debt service requirements for the bond issue:
Basic Financial Statements, 4-68
Debt Service Schedule
35% BABs
Year
Princi pal
Interest
Subsidy
Total
2014
$ 1,950,000 $
5,066,566 $
(1,654,975) $
5,361,591
2015
1,990,000
4,995,069
(1,632,787)
5,352,282
2016
2,065,000
4,911,886
(1,632,787)
5,344,099
2017
2,145,000
4,820,241
(1,621,980)
5,343,261
2018
2,240,000
4,715,979
(1,621,980)
5,333,999
2019-2023
12,435,000
21,771,988
(7,583,953)
26,623,035
2024-2028
15,060,000
17,809,677
(6,398,978)
26,470,699
2029-2033
18,475,000
12,403,424
(4,553,914)
26,324,510
2034-2038
22,795,000
5,605,241
(2,225,755)
26,174,486
2039
5,165,000
170,858
119,601
5,216,257
Tota I s
$ 84,320,000 $
82,270,929 $
29,046,710 $
137,544,219
Basic Financial Statements, 4-68
2013 Comprehensive Annual Financial Report
The following is the debt service allocation to each Owner City:
City of Renton, Washington
The City of Renton reports its share of equity interest in the Governmental Activities column
within the Government -wide financial statements under non-current assets. The following is
condensed financial information as of December 31, 2013 related to SCORE:
South Correctional Entity (SCORE)
2013 Owner Cities Equity Allocation
Debt Service Allocation to Owner Cities
Member City
Percent of Equity
Auburn
Burien
Federal Way
Renton
SeaTac
Tukwila
Year
31%
4%
18%
36%
3%
8%
2014
$ 1,662,093 $
214,464
$ 965,086 $
1,930,173 $
160,848
$ 428,927
2015
1,659,207
214,091
963,411
1,926,822
160,568
428,183
2016
1,656,671
213,764
961,938
1,923,876
160,323
427,528
2017
1,656,411
213,730
961,787
1,923,574
160,298
427,461
2018
1,653,540
213,360
960,120
1,920,240
160,020
426,720
2019-2023
8,253,141
1,064,921
4,792,146
9,584,293
798,691
2,129,843
2024-2028
8,205,917
1,058,828
4,764,726
9,529,452
794,121
2,117,656
2029-2033
8,160,598
1,052,980
4,738,412
9,476,824
789,735
2,105,961
2034-2038
8,114,091
1,046,979
4,711,407
9,422,815
785,235
2,093,959
2039
1,617,040
208,650
938,926
1,877,853
156,488
417,301
Totals
$ 42,638,709 $
5,501,767
$ 24,757,959 $
49,515,922 $
4,126,327
$ 11,003,539
The City of Renton reports its share of equity interest in the Governmental Activities column
within the Government -wide financial statements under non-current assets. The following is
condensed financial information as of December 31, 2013 related to SCORE:
Completed financial statements for SCORE and SCORE PDA can be obtained at SCORE, 20817
17th Avenue South, Des Moines, WA 98198.
NOTE 17. SUBSEQUENT EVENTS
There were no significant subsequent events that occurred after the end of the reporting
period and before the issuance of the financial statements.
Basic Financial Statements, 4-69
South Correctional Entity (SCORE)
2013 Owner Cities Equity Allocation
Member City
Percent of Equity
2012 Equity Balance 2013 Distribution
2013 Equity Balance
Auburn
31.00%
$ 1,368,859 $
1,148,378
$ 2,517,237
Burien
4.00%
176,627
117,696
294,323
Des Moines
1.00%
-
107,970
107,970
Federal Way
22.00%
794,820
1,026,120
1,820,940
Renton
31.00%
1,589, 644
958,575
2,548,219
SeaTac
4.00%
132,469
199,239
331,708
Tukwila
7.00%
353,254
248,680
601,934
Grand Totals
100.00%
$ 4,415,673 $
3,806,658
$ 8,222,331
Completed financial statements for SCORE and SCORE PDA can be obtained at SCORE, 20817
17th Avenue South, Des Moines, WA 98198.
NOTE 17. SUBSEQUENT EVENTS
There were no significant subsequent events that occurred after the end of the reporting
period and before the issuance of the financial statements.
Basic Financial Statements, 4-69
2013 Comprehensive Annual Financial Report
This page intentionally left blank.
City of Renton, Washington
Basic Financial Statements, 4-70
2013 Comprehensive Annual Financial Report
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Fines and forfeits
Interfund revenues
Contributions
Interest
Miscellaneous revenues
TOTAL REVENUES
EXPENDITURES
Current:
General government
Judicial
Public safety
Utilities
Transportation
Economic environment
Health and human services
Culture and recreation
Capital outlay
Debt service:
Principal payment
Interest payment
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transferin
Transfer (out)
Sale of capital assets
TOTAL OTHER FINANCING SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
REQUIRED SUPPLEMENTARY INFORMATON
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL -GENERAL FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
ORIGINAL
FINAL
ACTUAL AMOUNTS
BUDGETARY BASIS
VARIANCE
City of Renton, Washington
ACTUAL AMOUNTS
GAAP BASIS
BUDGETARY TO GAAP
DIFFERENCES
OVER (UNDER)
$ 75,701,208 $
77,151,208 $
78,864,340 $
1,713,132 $
71,294,583 $
7,569,757
(1),(2)
4,153,828
4,353,828
4,371,667
17,839
4,371,667
-
(2)
2,975,860
4,371,757
5,470,027
1,098,270
5,130,377
339,650
(1)
8,738,037
9,081,262
9,208,624
127,362
9,208,624
-
3,058,500
3,058,500
2,766,403
(292,097)
2,766,403
3,004,214
3,313,830
294,039
(3,019,791)
294,039
87,000
94,665
84,383
(10,282)
84,383
-
645,300
745,300
424,390
(320,910)
417,389
7,001
(1),(2)
999,622
992,622
1,036,150
43,528
1,708,853
(672,703)
(2)
99,363,569
103,162,972
102,520,023
(642,949)
95,276,318
7,243,705
8,458,185
8,945,669
8,710,377
(235,292)
9,340,499
(630,122)
(2)
2,459,664
2,476,149
2,364,631
(111,518)
2,364,631
52,220,989
53,156,839
53,107,483
(49,356)
53,107,483
547,223
550,755
468,442
(82,313)
468,442
8,790,731
8,852,491
7,822,333
(1,030,158)
7,822,333
6,131,558
6,562,196
5,840,104
(722,092)
5,840,104
1,753,834
1,981,087
1,827,736
(153,351)
1,827,736
10,853,042
11,062,050
10,402,858
(659,192)
10,402,858
236,910
273,251
78,010
(195,241)
78,010
-
4,705,439
4,744,439
4,744,439
-
4,744,439
(1)
3,295,994
3,328,844
3,304,069
(24,775)
-
3,304,069
(1)
99,453,569
101,933,770
98,670,482
(3,263,288)
91,252,096
7,418,386
(90,000)
1,229,202
3,849,541
2,620,339
4,024,222
(174,681)
250,000
270,000
2,416,197
2,146,197
2,166,197
250,000
(1)
(160,000)
(4,344,351)
(4,363,988)
19,637
(4,415,559)
51,571
(2)
-
4,868
9,821
4,953
9,821
-
90,000
(4,069,483)
(1,937,970)
2,170,787
(2,239,541)
301,571
-
(2,840,281)
1,911,571
4,791,126
1,784,681
126,890
10,751,945
16,461,047
19,314,308
2,853,261
18,684,444
629,864
(1), (2)
$ 10,751,945 $
13,620,766 $
21,225,879 $
7,605,113 $
20,469,125 $
756,754
(1), (2)
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
(1) General Governmental Debt Fund is included in the Actual Amounts Budgetary Basis column.
(2) Leased City Property Fund is included in the Actual Amounts GAAP Basis column
Required Supplementary Information, 5-1
2013 Comprehensive Annual Financial Report
REQUIRED SUPPLEMENTARY INFORMATION
FIREFIGHTERS' PENSION FUND
SCHEDULE OF EMPLOYER CONTRIBUTION
December 31, 2013
City of Renton, Washington
The information presented is derived from the actuarial valuation performed April 1, 2013.
* Negative Employer Contributions represent disbursements from the Fund for administration and non -pension medical
benefit expenses as allowed by RCW 41.26.150.
Required Supplementary Information, 5-2
ANNUAL
FIRE
TOTAL
REQUIRED
PERCENTAGE
EMPLOYER
INSURANCE
EMPLOYER
CONTRIBUTION
OF ARC
YEAR ENDING 12/31
CONTRIBUTIONS*
PREMIUMS
CONTRIBUTIONS
(ARC)
CONTRIBUTED
2006
$ (18,753)
$ 77,821
$ 59,068
$ (113,541)
N/A
2007
(25,285)
85,062
59,777
(109,968)
N/A
2008
(19,894)
85,949
66,055
(109,968)
N/A
2009
(36,296)
106,623
70,327
(172,788)
N/A
2010
(5,618)
112,686
107,068
(172,788)
N/A
2011
(12,700)
115,054
102,354
(348,435)
N/A
2012
(893)
119,668
118,775
(530,282)
N/A
2013
(4,475)
128,866
124,391
(530,282)
N/A
The information presented is derived from the actuarial valuation performed April 1, 2013.
* Negative Employer Contributions represent disbursements from the Fund for administration and non -pension medical
benefit expenses as allowed by RCW 41.26.150.
Required Supplementary Information, 5-2
2013 Comprehensive Annual Financial Report
City of Renton, Washington
LEOFF 1 RETIREE MEDICAL BENEFITS
SCHEDULE OF EMPLOYER CONTRIBUTION
December 31, 2013
YEAR ENDING
REQUIRED SUPPLEMENTARY INFORMATION
Employer
% of OPEB
Net OPEB
LEOFF 1 RETIREE MEDICAL BENEFITS
OPEB Cost
Contributions
Cost
SCHEDULE OF FUNDING PROGRESS
2008 $
2,024,068
$ 1,266,192
December 31, 2013
757,876
2009
1,912,147
UNFUNDED
58%
UAAL AS A
2010
ACTUARIAL ACTUARIAL ACTUARIAL
983,868
PERCENTAGE
YEAR ENDING
VALUE OF ACCRUED ACCRUED FUNDED
COVERED
OF COVERED
12/31
ASSETS LIABILITES LIABILITIES RATIO
PAYROLL
PAYROLL
2008 $
$ 32,331,107 $ 32,331,107 0% $
471,470
6857.51%
2009
27,985,358 27,985,358 0%
411,952
6793.35%
2010
27,835,211 27,835,211 0%
414,264
6719.20%
2011
27,835,211 27,835,211 0%
434,132
6411.70%
2012
41,633,198 41,633,198 0%
304,951
13652.42%
2013
41,633,198 41,633,198 0%
300,273
13865.12%
LEOFF 1 RETIREE MEDICAL BENEFITS
SCHEDULE OF EMPLOYER CONTRIBUTION
December 31, 2013
YEAR ENDING
Annual
Employer
% of OPEB
Net OPEB
12/31
OPEB Cost
Contributions
Cost
Obligation
2008 $
2,024,068
$ 1,266,192
63% $
757,876
2009
1,912,147
1,104,351
58%
1,565,672
2010
1,702,419
983,868
58%
2,284,223
2011
1,716,970
875,699
51%
3,125,494
2012
1,873,324
1,254,795
67%
3,744,023
2013
1,884,823
1,039,281
55%
4,589,565
Required Supplementary Information, 5-3
2013 Comprehensive Annual Financial Report
This page intentionally left blank.
City of Renton, Washington
Required Supplementary Information, 5-4
2013 Comprehensive Annual Financial Report
Non -Major Governmental Funds
Special Revenue Funds
City of Renton, Washington
ARTERIAL STREET FUND
The Arterial Street Fund was established pursuant to state law allocating the one-half
cent State Gasoline Tax revenue to cities and towns for construction, improvements,
and major repair of streets.
HOTEL/MOTEL TAX FUND
Accounts for monies collected through an increase of 1% in hotel/motel taxes for the
purpose of increasing tourism in the City of Renton.
1% FOR ART FUND
The City of Renton established this fund to account for one percent of construction
project actual costs to be used for the selection, acquisition and/or installation of works
of art to be placed in, on, or about City public facilities.
CABLE COMMUNICATIONS DEVELOPMENT FUND
The Cable Communications Development Fund accounts for funding for promotion and
development of cable communications as established by City ordinance.
SPRINGBROOK WETLANDS BANK FUND
The City of Renton established this fund in 2007 for the purpose of providing accounting
for the Springbrook Creek Wetland and Habitat Mitigation Bank project. The fund will
receive revenue by selling Wetlands Credits to third parties and to the City's internal
departments.
Combining Statements & Schedules, 6-1
2013 Comprehensive Annual Financial Report City of Renton, Washington
Debt Service Funds
GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
This debt service fund accounts for the following outstanding debt issues:
• 2006 limited tax general obligation bonds which provided funding for the
construction of South Lake Washington infrastructure improvements.
• 2009 intergovernmental debt related to the Fire District #40 asset transfer as a
result of the Benson Hill annexation.
• 2009 intergovernmental debt related to acquisition, construction, and equipping
of the SCORE facility.
• 2010 intergovernmental refunding debt which refunded a portion of the 2000
intergovernmental debt for the construction of a new facility for Valley
Communications Center.
• 2010 limited tax general obligation refunding bonds which refunded a portion of
the 2001 limited tax general obligation bonds for the construction of a
downtown parking facility.
• 2011 limited tax general obligation bonds which funded the development and
construction of 2 new libraries.
• 2011 limited tax general obligation refunding bonds which refunded a portion of
the 2001 limited tax general obligation bonds which refunded a portion of the
1997 limited tax general obligation bonds for the purchase of Renton City Hall.
• 2013 limited tax general obligation qualified energy conservation bonds (QECB)
which provided funding for streetlight improvements.
Combining Statements & Schedules, 6-2
2013 Comprehensive Annual Financial Report City of Renton, Washington
Capital Project Funds
COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their
developments to City facilities.
FIRE IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their
developments to City facilities.
TRANSPORTATION IMPACT MITIGATION FUND
Accounts for monies collected from developers to offset impacts created by their
developments to City facilities.
SOUTH LAKE WASHINGTON INFRASTRUCTURE PROJECT FUND
The South Lake Washington Infrastructure Project Fund accounts for the infrastructure
improvements at the south end of Lake Washington. Primary resources include: REET,
sales tax, grants, and GO Bonds which provide for the design, construction, labor wages
and benefits, and equipment required to implement the project.
Combining Statements & Schedules, 6-3
2013 Comprehensive Annual Financial Report
Non -Major Proprietary Funds
Enterprise Funds
City of Renton, Washington
AIRPORT FUND
The Airport Fund accounts for revenues and expenses for administration, debt services,
operation, capital improvements, and maintenance of the Renton Municipal Airport and
Will Rodger -Wily Post Memorial Seaplane Base. Sources of support to the fund are
leases, fuel charges, investment interest, and grant funding as available.
GOLF COURSE FUND
The Golf Course Fund was created after the City acquired the Maplewood Golf Course.
The fund accounts for the operation, maintenance, debt service, and capital
improvements of the facility.
Internal Service Funds
EQUIPMENT RENTAL
The Equipment Rental Fund accounts for the costs of maintaining and replacing all City
vehicles and auxiliary equipment. In addition, this fund accounts for the City's
information technology, facilities and communications costs. All costs, including
depreciation, are factors in calculating the rates that are charged to each user
department.
INSURANCE FUND
The Insurance Fund provides accounting for self-insurance services to all City
departments, including provisions for losses on property, liability, worker's
compensation, unemployment compensation, and the health care program. Expenses
are paid from the Insurance Fund and rates are charged to departments based on use
and/or coverage requirements.
Combining Statements & Schedules, 6-4
2013 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2013
Page 1 of 6
Combining Statements & Schedules, 6-5
SPECIAL REVENUE FUNDS
ARTERIAL
HOTEL/
CABLE
STREET
MOTEL TAX
COMMUNICATIONS
ASSETS
Cash & cash equivalents
$
135,232
$
140,148
$
200,219
Investments at fair value
56,495
58,549
83,645
Receivables (net of allowances):
Accrued interest & penalty
986
478
806
Due from other governmental units
101,218
30,174
-
TOTAL ASSETS
293,931
229,349
284,670
DEFERRED OUTFLOWS OF RESOURCES
-
-
-
TOTAL DEFERRED OUTFLOWS OF RESOURCES
-
-
-
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
$
293,931
$
229,349
$
284,670
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
Liabilities
Accounts payable
$
$
13,543
$
-
Taxes payable
-
137
Unearned revenue
1,500
Total liabilities
13,543
1,637
DEFERRED INFLOWS OF RESOURCES
-
-
TOTAL DEFERRED INFLOWS OF RESOURCES
-
-
FUND BALANCES
Restricted
293,931
215,806
283,033
Total fund balances
293,931
215,806
283,033
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
$
293,931
$
229,349
$
284,670
Combining Statements & Schedules, 6-5
2013 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2013
Page 2 of 6
City of Renton, Washington
SPECIAL REVENUE FUNDS
Combining Statements & Schedules, 6-6
1% FOR
SPRINGBROOK
TOTAL
ART
WETLANDS
SRF
ASSETS
Cash & cash equivalents
$
68,754
$
469,596
$
1,013,949
Investments at fair value
28,723
196,182
423,594
Receivables (net of allowances):
Accrued interest & penalty
307
1,920
4,497
Due from other governmental units
-
-
131,392
TOTAL ASSETS
97,784
667,698
1,573,432
DEFERRED OUTFLOWS OF RESOURCES
-
-
-
TOTAL DEFERRED OUTFLOWS OF RESOURCES
-
-
-
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
$
97,784
$
667,698
$
1,573,432
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
Liabilities
Accounts payable
$
$
$
13,543
Taxes payable
137
Deferred revenue
1,500
Total liabilities
15,180
DEFERRED INFLOWS OF RESOURCES
-
TOTAL DEFERRED INFLOWS OF RESOURCES
FUND BALANCES
Restricted
97,784
667,698
1,558,252
Total fund balances
97,784
667,698
1,558,252
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
$
97,784
$
667,698
$
1,573,432
Combining Statements & Schedules, 6-6
2013 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2013
Page 3 of 6
City of Renton, Washington
DEBT SERVICE FUNDS
DEFERRED INFLOWS OF RESOURCES
TOTAL DEFERRED INFLOWS OF RESOURCES
FUND BALANCES
Restricted 1,279,231 1,279,231
Total fund balances 1,279,231 1,279,231
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES $ 2,915,605 $ 2,915,605
Combining Statements & Schedules, 6-7
GENERAL
TOTAL
DEBT
DSF
ASSETS
Cash & cash equivalents
$
818,565
$
818,565
Investments at fair value
341,970
341,970
Receivables (net of allowances):
Accrued interest & penalty
9,284
9,284
Due from other governmental units
1,745,786
1,745,786
TOTAL ASSETS
2,915,605
2,915,605
DEFERRED OUTFLOWS OF RESOURCES
-
-
TOTAL DEFERRED OUTFLOWS OF RESOURCES
-
-
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
$
2,915,605
$
2,915,605
LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES
Liabilities
Unearned revenue
$
1,636,374
$
1,636,374
Total liabilities
1,636,374
1,636,374
DEFERRED INFLOWS OF RESOURCES
TOTAL DEFERRED INFLOWS OF RESOURCES
FUND BALANCES
Restricted 1,279,231 1,279,231
Total fund balances 1,279,231 1,279,231
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES $ 2,915,605 $ 2,915,605
Combining Statements & Schedules, 6-7
2013 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2013
Page 4 of 6
CAPITAL PROJECT FUNDS
C.D. IMPACT FIRE IMPACT TRANS. IMPACT
ASSETS
Cash & cash equivalents
$
656,517
$ 454,012
$ 342,543
Investments
274,271
189,671
143,103
Receivables (net of allowances):
Accrued interest & penalty
4,479
3,043
1,318
Special assessments
-
-
13,788
TOTAL ASSETS
935,267
646,726
500,752
DEFERRED OUTFLOWS OF RESOURCES
-
-
-
TOTAL DEFERRED OUTFLOWS OF RESOURCES
-
-
-
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
$
935,267
$ 646,726
$ 500,752
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
530
$ 479
$ 717
Total liabilities
530
479
717
DEFERRED INFLOWS OF RESOURCES
Deferred amounts on special assessments
-
-
13,788
TOTAL DEFERRED INFLOWS OF RESOURCES
-
13,788
FUND BALANCES
Restricted
934,737
646,247
486,247
Total fund balances
934,737
646,247
486,247
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
$
935,267
$ 646,726
$ 500,752
Combining Statements & Schedules, 6-8
2013 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2013
Page 5 of 6
City of Renton, Washington
Combining Statements & Schedules, 6-9
CAPITAL PROJECT FUNDS
SO LK WA INFRA-
TOTAL
STRUCTURE
CPF
ASSETS
Cash & cash equivalents
$
6,309
$ 1,459,381
Investments
2,636
609,681
Receivables (net of allowances):
Accrued interest & penalty
69
8,909
Special assessments
-
13,788
TOTAL ASSETS
9,014
2,091,759
DEFERRED OUTFLOWS OF RESOURCES
-
-
TOTAL DEFERRED OUTFLOWS OF RESOURCES
-
-
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
$
9,014
$ 2,091,759
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$
-
$ 1,726
Total liabilities
1,726
DEFERRED INFLOWS OF RESOURCES
Deferred amounts on special assessments
13,788
TOTAL DEFERRED INFLOWS OF RESOURCES
-
13,788
FUND BALANCES
Restricted
9,014
2,076,245
Total fund balances
9,014
2,076,245
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
$
9,014
$ 2,091,759
Combining Statements & Schedules, 6-9
2013 Comprehensive Annual Financial Report
COMBINING BALANCE SHEET
OTHER GOVERNMENTAL FUNDS
December 31, 2013
Page 6of6
TOTAL
ASSETS
Cash & cash equivalents
Investments at fair value
Receivables (net of allowances):
Accrued interest & penalty
Special assessments
Due from other governmental units
TOTAL ASSETS
DEFERRED OUTFLOWS OF RESOURCES
TOTAL DEFERRED OUTFLOWS OF RESOURCES
TOTAL ASSETS AND DEFERRED OUTFLOWS OF RESOURCES
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
Taxes payable
Unearned revenue
Total liabilities
DEFERRED INFLOWS OF RESOURCES
Deferred amounts on special assessments
TOTAL DEFERRED INFLOWS OF RESOURCES
FUND BALANCES
Restricted
Total fund balances
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES
AND FUND BALANCES
City of Renton, Washington
TOTALOTHER
TOTAL TOTAL GOVERNMENTAL
$ 1,013,949
$ 818,565
$ 1,459,381
$ 3,291,895
423,594
341,970
609,681
1,375,245
4,497
9,284
8,909
22,690
-
-
13,788
13,788
131,392
1,745,786
-
1,877,178
1,573,432
2,915,605
2,091,759
6,580,796
$ 13,543
$
$ 1,726
$ 15,269
137
-
137
1,500
1,636,374
-
1,637,874
15,180
1,636,374
1,726
1,653, 280
-
-
13,788
13,788
-
-
13,788
13,788
1,558,252
1,279,231
2,076,245
4,913,728
1,558,252
1,279,231
2,076,245
4,913,728
$ 1,573,432
$ 2,915,605
$ 2,091,759
$ 6,580,796
Combining Statements & Schedules, 6-10
2013 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
For the Year Ended December 31, 2013
Page 1 of 6
SPECIAL REVENUE FUNDS
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Contributions
Interest
TOTAL REVENUES
EXPENDITURES
Current:
Economic environment
Culture and recreation
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfer in
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
ARTERIAL HOTEL/ CABLE
STREET MOTEL TAX COMMUNICATIONS
$ $ 245,952 $ 40,000
49,348
627,144 - -
- 65,000 -
997 479 800
628,141 311,431 90,148
240,307 -
- 66,007
240,307 66,007
628,141 71,124 24,141
(600,000)
(600,000)
28,141 71,124 24,141
265,790 144,682 258,892
$ 293,931 $ 215,806 $ 283,033
Combining Statements & Schedules, 6-11
2013 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
For the Year Ended December 31, 2013
Page 2 of 6
Combining Statements & Schedules, 6-12
SPECIAL REVENUE FUNDS
1% FOR
SPRINGBROOK
TOTAL
ART
WETLANDS
SRF
REVENUES
Taxes
$
$ $
285,952
Licenses and permits
49,348
Intergovernmental revenues
627,144
Contributions
65,000
Interest
282
1,820
4,378
TOTAL REVENUES
282
1,820
1,031,822
EXPENDITURES
Current:
Economic environment
-
-
240,307
Culture and recreation
2,500
68,507
Capital outlay
27,300
27,300
TOTAL EXPENDITURES
29,800
-
336,114
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(29,518)
1,820
695,708
OTHER FINANCING SOURCES (USES)
Transfer in
11,151
-
11,151
Transfer (out)
-
(600,000)
TOTAL OTHER FINANCE SOURCES (USES)
11,151
(588,849)
NET CHANGE IN FUND BALANCE
(18,367)
1,820
106,859
FUND BALANCE JANUARY 1
116,151
665,878
1,451,393
FUND BALANCE DECEMBER 31
$ 97,784
$ 667,698 $
1,558,252
Combining Statements & Schedules, 6-12
2013 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCE
OTHER GOVERNMENTAL FUNDS
For the Year Ended December 31, 2013
Page 3 of 6
REVENUES
Taxes
Intergovernmental revenues
Interest
TOTAL REVENUES
EXPENDITURES
Debt service:
Principal payments
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES
Transferin
TOTAL OTHER FINANCE SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
DEBT SERVICE FUNDS
GENERAL TOTAL
DEBT DSF
$ 7,569,757 $ 7,569,757
339,650 339,650
8,332 8,332
7,917,739 7,917,739
4,744,439 4,744,439
3,304,069 3,304,069
8,048,508 8,048,508
(130,769) (130,769)
7cn nnn 7cn nnn
4jv,uuu LJu,uuu
119,231 119,231
1,160,000 1,160,000
$ 1,279,231 $ 1,279,231
Combining Statements & Schedules, 6-13
2013 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
For the Year Ended December 31, 2013
Page 4 of 6
CAPITAL PROJECT FUNDS
NET CHANGE IN FUND BALANCE
C.D. IMPACT
FIRE IMPACT
TRANS. IMPACT
FUND BALANCE JANUARY 1
MITIGATION
MITIGATION
MITIGATION
REVENUES
$ 934,737 $
646,247 $
486,247
Charges for services
$ 90,231 $
96,479 $
246,478
Interest
4,237
2,292
1,121
TOTAL REVENUES
94,468
98,771
247,599
EXPENDITURES
Capital outlay
-
-
-
TOTAL EXPENDITURES
-
-
-
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
94,468
98,771
247,599
OTHER FINANCING SOURCES (USES)
Transfer in
-
-
-
Transfer (out)
(700,000)
(250,000)
(54,000)
TOTAL OTHER FINANCE SOURCES (USES)
(700,000)
(250,000)
(54,000)
NET CHANGE IN FUND BALANCE
(605,532)
(151,229)
193,599
FUND BALANCE JANUARY 1
1,540,269
797,476
292,648
FUND BALANCE DECEMBER 31
$ 934,737 $
646,247 $
486,247
Combining Statements & Schedules, 6-14
2013 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
For the Year Ended December 31, 2013
Page 5 of 6
CAPITAL PROJECT FUNDS
REVENUES
Charges for services
Interest
TOTAL REVENUES
EXPENDITURES
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfer in
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
SO LK WA INFRA- TOTAL
STRUCTURE CPF
$ - $ 433,188
36 7,686
36 440,874
87,775 87,775
(87,739) 353,099
44,874 44,874
- (1,004,000)
44,874 (959,126)
(42,865) (606,027)
51,879 2,682,272
$ 9,014 $ 2,076,245
Combining Statements & Schedules, 6-15
2013 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
OTHER GOVERNMENTAL FUNDS
For the Year Ended December 31, 2013
Page 6 of 6
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Charges for services
Contributions
Interest
TOTAL REVENUES
EXPENDITURES
Current:
Economic environment
Culture and recreation
Capital outlay
Debt service:
Principal payments
Interest and fiscal charges
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfer in
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES)
NET CHANGE IN FUND BALANCE
106,859
119,231
TOTAL OTHER
TOTAL
TOTAL
TOTAL
GOVERNMENTAL
SRF
DSF
CPF
FUNDS
$ 285,952 $
7,569,757 $
$
7,855,709
49,348
-
49,348
627,144
339,650
966,794
-
-
433,188
433,188
65,000
-
-
65,000
4,378
8,332
7,686
20,396
1,031,822
7,917,739
440,874
9,390,435
240,307
-
-
240,307
68,507
-
68,507
27,300
-
87,775
115,075
-
4,744,439
-
4,744,439
-
3,304,069
-
3,304,069
336,114
8,048,508
87,775
8,472,397
695,708
(130,769)
353,099
918,038
11,151
250,000
44,874
306,025
(600,000)
-
(1,004,000)
(1,604,000)
(588,849)
250,000
(959,126)
(1,297,975)
NET CHANGE IN FUND BALANCE
106,859
119,231
(606,027)
(379,937)
FUND BALANCE JANUARY 1
1,451,393
1,160,000
2,682,272
5,293,665
FUND BALANCE DECEMBER 31
$ 1,558,252 $
1,279,231 $
2,076,245 $
4,913,728
Combining Statements & Schedules, 6-16
2013 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - ARTERIAL STREET FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
ORIGINAL FINAL ACTUAL
City of Renton, Washington
VARIANCE
REVENUES
Intergovernmental revenues $
640,000 $
640,000 $
627,144 $
(12,856)
Interest
3,000
3,000
997
(2,003)
TOTAL REVENUES
643,000
643,000
628,141
(14,859)
EXPENDITURES
-
-
-
TOTAL EXPENDITURES
-
-
-
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
643,000
643,000
628,141
(14,859)
OTHER FINANCING SOURCES (USES)
Transfer (out)
(640,000)
(600,000)
(600,000)
TOTAL OTHER FINANCE SOURCES (USES)
(640,000)
(600,000)
(600,000)
NET CHANGE IN FUND BALANCE
3,000
43,000
28,141
(14,859)
FUND BALANCE JANUARY 1
158,974
168,514
265,790
97,276
FUND BALANCE DECEMBER 31 $
161,974 $
211,514 $
293,931 $
82,417
Combining Statements & Schedules, 6-17
2013 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - HOTEL/MOTEL TAX FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
City of Renton, Washington
Combining Statements & Schedules, 6-18
ORIGINAL
FINAL
ACTUAL
VARIANCE
REVENUES
Taxes
$ 180,000 $
180,000 $
245,952 $
65,952
Contributions
65,000
65,000
65,000
-
Interest
-
-
479
479
TOTAL REVENUES
245,000
245,000
311,431
66,431
EXPENDITURES
Current:
Economic environment
245,000
291,000
240,307
(50,693)
TOTAL EXPENDITURES
245,000
291,000
240,307
(50,693)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
-
(46,000)
71,124
117,124
OTHER FINANCING SOURCES (USES)
-
-
TOTAL OTHER FINANCE SOURCES (USES)
-
-
NET CHANGE IN FUND BALANCE
-
(46,000)
71,124
117,124
FUND BALANCE JANUARY 1
66,506
111,256
144,682
33,426
FUND BALANCE DECEMBER 31
$ 66,506 $
65,256 $
215,806 $
150,550
Combining Statements & Schedules, 6-18
2013 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - 1% FOR ART FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Interest $
$
$
282 $
282
TOTAL REVENUES
282
282
EXPENDITURES
Current:
Culture and recreation
2,500
2,500
Capital outlay
50,000
50,000
27,300
(22,700)
TOTAL EXPENDITURES
50,000
50,000
29,800
(20,200)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(50,000)
(50,000)
(29,518)
20,482
OTHER FINANCING SOURCES (USES)
Transfer in
15,000
16,000
11,151
(4,849)
TOTAL OTHER FINANCE SOURCES (USES)
15,000
16,000
11,151
(4,849)
NET CHANGE IN FUND BALANCE
(35,000)
(34,000)
(18,367)
15,633
FUND BALANCE JANUARY 1
104,499
116,142
116,151
9
FUND BALANCE DECEMBER 31 $
69,499 $
82,142 $
97,784 $
15,642
Combining Statements & Schedules, 6-19
2013 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - CABLE COMMUNICATIONS DEVELOPMENT FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Taxes $
40,000 $
40,000 $
40,000 $
-
Licenses and permits
45,674
45,674
49,348
3,674
Interest
-
-
800
800
TOTAL REVENUES
85,674
85,674
90,148
4,474
EXPENDITURES
Current:
Culture and recreation
45,674
45,674
66,007
20,333
Capital outlay
40,000
40,000
-
(40,000)
TOTAL EXPENDITURES
85,674
85,674
66,007
(19,667)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
-
-
24,141
24,141
OTHER FINANCING SOURCES (USES)
-
-
TOTAL OTHER FINANCE SOURCES (USES)
-
-
NET CHANGE IN FUND BALANCE
-
-
24,141
24,141
FUND BALANCE JANUARY 1
35,294
257,372
258,892
1,520
FUND BALANCE DECEMBER 31 $
35,294 $
257,372 $
283,033 $
25,661
Combining Statements & Schedules, 6-20
2013 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGETTO ACTUAL- SPRINGBROOK WETLANDS BANK FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
ORIGINAL FINAL ACTUAL VARIANCE
REVENUES
Interest
TOTAL REVENUES
EXPENDITURES
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
TOTAL OTHER FINANCE SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
$ 1,820 $ 1,820
1,820 1,820
1,820 1,820
- - 1,820 1,820
663,556 665,828 665,878 50
$ 663,556 $ 665,828 $ 667,698 $ 1,870
Combining Statements & Schedules, 6-21
2013 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL GOVERNMENTAL MISCELLANEOUS DEBT SERVICE FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
Combining Statements & Schedules, 6-22
ORIGINAL
FINAL
ACTUAL
VARIANCE
REVENUES
Taxes
$ 7,460,903 $
7,460,903 $
7,569,757 $
108,854
Intergovernmental revenues
290,530
329,530
339,650
10,120
Interest
-
-
8,332
8,332
TOTAL REVENUES
7,751,433
7,790,433
7,917,739
127,306
EXPENDITURES
Debt service:
Principal payments
4,705,439
4,744,439
4,744,439
-
Interest and fiscal charges
3,295,994
3,328,844
3,304,069
(24,775)
TOTAL EXPENDITURES
8,001,433
8,073,283
8,048,508
(24,775)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(250,000)
(282,850)
(130,769)
152,081
OTHER FINANCING SOURCES (USES)
Transfers in
250,000
250,000
250,000
-
TOTAL OTHER FINANCE SOURCES (USES)
250,000
250,000
250,000
-
NET CHANGE IN FUND BALANCE
-
(32,850)
119,231
152,081
FUND BALANCE JANUARY 1
1,230,778
1,956,833
1,160,000
(796,833)
FUND BALANCE DECEMBER 31
$ 1,230,778 $
1,923,983 $
1,279,231 $
(644,752)
Combining Statements & Schedules, 6-22
2013 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL- COMMUNITY DEVELOPMENT IMPACT MITIGATION FUND
For the Year Ended December 31, 2013
REVENUES
Charges for services
Interest
TOTAL REVENUES
EXPENDITURES
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfer in
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
City of Renton, Washington
VARIANCE
- - 4,237 4,237
60,000 60,000 94,468 34,468
60,000
60,000
94,468
34,468
-
-
(700,000)
(700,000)
(700,000)
(700,000)
-
(700,000)
(700,000)
-
60,000
(640,000)
(605,532)
34,468
1,135,050
1,540,154
1,540, 269
115
$ 1,195,050 $
900,154 $
934,737 $
34,583
Combining Statements & Schedules, 6-23
2013 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE
OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - FIRE IMPACT MITIGATION FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
ORIGINAL FINAL
ACTUAL
VARIANCE
REVENUES
Charges for services
$ 25,000 $ 25,000 $
96,479
$ 71,479
Interest
- -
2,292
2,292
TOTAL REVENUES
25,000 25,000
98,771
73,771
EXPENDITURES
- -
-
-
TOTAL EXPENDITURES
- -
-
-
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
25,000 25,000
98,771
73,771
OTHER FINANCING SOURCES (USES)
Transfer (out)
(250,000) (250,000)
(250,000)
-
TOTAL OTHER FINANCE SOURCES (USES)
(250,000) (250,000)
(250,000)
-
NET CHANGE IN FUND BALANCE
(225,000) (225,000)
(151,229)
73,771
FUND BALANCE JANUARY 1
655,748 797,417
797,476
59
FUND BALANCE DECEMBER 31
$ 430,748 $ 572,417 $
646,247
$ 73,830
Combining Statements & Schedules, 6-24
2013 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES
BUDGET TO ACTUAL
- TRANSPORTATION IMPACT MITIGATION FUND
For the Year Ended December
31, 2013
BUDGETED AMOUNTS
ORIGINAL
FINAL
ACTUAL
VARIANCE
REVENUES
Charges for services $
30,000 $
30,000 $
246,478
$ 216,478
Interest
10,000
10,000
1,121
(8,879)
TOTAL REVENUES
40,000
40,000
247,599
207,599
EXPENDITURES
-
-
-
TOTAL EXPENDITURES
-
-
-
-
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
40,000
40,000
247,599
207,599
OTHER FINANCING SOURCES (USES)
Transfer (out)
(183,000)
(54,000)
(54,000)
-
TOTAL OTHER FINANCE SOURCES (USES)
(183,000)
(54,000)
(54,000)
-
NET CHANGE IN FUND BALANCE
(143,000)
(14,000)
193,599
207,599
FUND BALANCE JANUARY 1
307,187
292,627
292,648
21
FUND BALANCE DECEMBER 31 $
164,187 $
278,627 $
486,247
$ 207,620
Combining Statements & Schedules, 6-25
2013 Comprehensive Annual Financial Report
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - MUNICIPAL FACILITIES CAPITAL IMPROVEMENT FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
ORIGINAL FINAL ACTUAL
REVENUES
Taxes
Licenses and permits
Intergovernmental revenues
Contributions
Interest
TOTAL REVENUES
EXPENDITURES
Current:
General government
Security of persons and property
Economic environment
Culture & recreation
Capital outlay
TOTAL EXPENDITURES
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfer in
Transfer (out)
TOTAL OTHER FINANCE SOURCES (USES)
NET CHANGE IN FUND BALANCE
FUND BALANCE JANUARY 1
FUND BALANCE DECEMBER 31
City of Renton, Washington
VARIANCE
Combining Statements & Schedules, 6-26
400,000
400,000
435,356
35,356
-
1,370,387
907,754
(462,633)
250,000
644,080
369,522
(274,558)
-
30,836
62,309
31,473
1,735,000
3,530,303
2,725,401
(804,902)
-
-
7,742
7,742
-
4,660
4,660
-
1,045,750
572,182
(473,568)
305,725
625,680
569,422
(56,258)
2,417,000
26,844,463
2,779,497
(24,064,966)
2,722,725
28,515,893
3,933,503
(24,582,390)
(987,725)
(24,985,590)
(1,208,102)
23,777,488
750,000
2,678,367
2,678,367
-
-
(277,000)
(277,000)
750,000
2,401,367
2,401,367
-
(237,725)
(22,584,223)
1,193,265
23,777,488
786,859
22,702,220
22,856,153
153,933
$ 549,134 $
117,997 $
24,049,418 $
23,931,421
Combining Statements & Schedules, 6-26
2013 Comprehensive Annual Financial Report City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL - GENERAL GOVERNMENT CAPITAL IMPROVEMENT FUND
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
Combining Statements & Schedules, 6-27
ORIGINAL
FINAL
ACTUAL
VARIANCE
REVENUES
Taxes
$ - $
- $
200,000 $
200,000
Licenses and permits
1,701,619
1,701,619
1,972,426
270,807
Intergovernmental revenues
22,433,501
26,381,466
15,874,118
(10,507,348)
Fines and forfeits
-
-
22,170
22,170
Contributions
1,338,190
230,658
(1,107,532)
Interest
-
236
236
Miscellaneous revenues
-
500,000
500,000
TOTAL REVENUES
24,135,120
29,421,275
18,799,608
(10,621,667)
EXPENDITURES
Current:
Transportation
-
-
3,947,033
3,947,033
Capital outlay
25,093,120
32,936,893
19,254,595
(13,682,298)
Debt service:
Principal payment
136,852
136,852
-
(136,852)
Interest payment
12,739
12,739
10,942
(1,797)
TOTAL EXPENDITURES
25,242,711
33,086,484
23,212,570
(9,873,914)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(1,107,591)
(3,665,209)
(4,412,962)
(747,753)
OTHER FINANCING SOURCES (USES)
Proceeds of long-term debt
-
3,200,000
3,200,000
Transfer in
1,123,000
965,484
959,449
(6,035)
Transfer (out)
(15,000)
(59,874)
(56,025)
(3,849)
TOTAL OTHER FINANCE SOURCES (USES)
1,108,000
4,105,610
4,103,424
(2,186)
NET CHANGE IN FUND BALANCE
409
440,401
(309,538)
(749,939)
FUND BALANCE JANUARY 1
46,182
(391,159)
2,886,690
3,277,849
FUND BALANCE DECEMBER 31
$ 46,591 $
49,242 $
2,577,152 $
2,527,910
Combining Statements & Schedules, 6-27
2013 Comprehensive Annual Financial Report
City of Renton, Washington
SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
BUDGET TO ACTUAL
- SOUTH LAKE WASHINGTON INFRASTRUCTURE
For the Year Ended December 31, 2013
BUDGETED AMOUNTS
ORIGINAL FINAL
ACTUAL
VARIANCE
REVENUES
Interest $
$ $
36
$ 36
TOTAL REVENUES
-
36
36
EXPENDITURES
Current:
Capital outlay
95,947
87,775
(8,172)
TOTAL EXPENDITURES
95,947
87,775
(8,172)
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
(95,947)
(87,739)
8,208
OTHER FINANCING SOURCES (USES)
Proceeds of long-term debt
-
44,874
44,874
Transfer in
44,874
-
(44,874)
Transfer (out)
(1,000)
-
(1,000)
TOTAL OTHER FINANCE SOURCES (USES)
43,874
44,874
1,000
NET CHANGE IN FUND BALANCE
(52,073)
(42,865)
9,208
FUND BALANCE JANUARY 1
768 52,073
51,879
(194)
FUND BALANCE DECEMBER 31 $
768 $ - $
9,014
$ 9,014
Combining Statements & Schedules, 6-28
2013 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET POSITION
NON -MAJOR ENTERPRISE FUNDS
December 31, 2013
Page 1 of 2
ASSETS
Current assets:
Cash & cash equivalents
Investments at fair value
Receivables (net of allowances):
Customer accounts
Interest - investments
Due from other governmental units
Inventory of materials and supplies
Total current assets
Noncurrent assets:
Capital assets not being depreciated:
Land
Construction in progress
Capital assets, net of
accumulated depreciation:
Buildings, improvements and equipment
TOTAL ASSETS
DEFERRED OUTFLOWS OF RESOURCES
TOTAL DEFERRED OUTFLOWS OF RESOURCES
City of Renton, Washington
Combining Statements & Schedules, 6-29
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
$ 1,491,727 $
365,850
$ 1,857,577
623,195
152,840
776,035
27,732
3,571
31,303
7,292
2,646
9,938
509,423
-
509,423
64,417
64,417
2,659,369
589,324
3,248,693
784,080
2,683,200
3,467,280
10,478,174
-
10,478,174
10,852,161
5,231,270
16,083,431
24,773,784
8,503,794
33,277,578
Combining Statements & Schedules, 6-29
2013 Comprehensive Annual Financial Report City of Renton, Washington
COMBINING STATEMENT OF NET POSITION
NON -MAJOR ENTERPRISE FUNDS
December 31, 2013
Page 2 of 2
Combining Statements & Schedules, 6-30
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
LIABILITIES
Current liabilities:
Accounts payable
$ 1,036,552 $
9,260 $
1,045,812
Retainage payable
141,004
-
141,004
Interfund loan payable
101,646
383,239
484,885
Accrued interest payable
889
1,452
2,341
Accrued wages payable
46,590
58,667
105,257
Accrued taxes payable
69,919
8,923
78,842
Custodial accounts
-
184,230
184,230
Unearned revenue
163,860
-
163,860
Total current liabilities
1,560,460
645,771
2,206,231
Long-term liabilities:
Accrued employee wages and benefits payable
31,532
60,551
92,083
Interfund loan payable
-
391,853
391,853
Total long-term liabilities
31,532
452,404
483,936
TOTAL LIABILITIES
1,591,992
1,098,175
2,690,167
DEFERRED INFLOWS OF RESOURCES
-
-
TOTAL DEFERRED INFLOWS OF RESOURCES
-
-
-
NET POSITION
Investment in capital assets,
Net investment in capital assets
22,114,415
7,914,470
30,028,885
Unrestricted
1,067,377
(508,851)
558,526
TOTAL NET POSITION
$ 23,181,792 $
7,405,619 $
30,587,411
Combining Statements & Schedules, 6-30
2012 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
NON - MAJOR ENTERPRISE FUNDS
For the Year Ended December 31, 2013
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
TOTAL
NON -MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
OPERATING REVENUES:
Charges for services $ 133,774 $ 1,789,432 $ 1,923,206
Other services 2,360,662 353,001 2,713,663
TOTAL OPERATING REVENUES 2,494,436 2,142,433 4,636,869
OPERATING EXPENSES:
3,120
-
3,120
Supplies
103,640
512,544
616,184
Personnel services
821,204
1,224,997
2,046,201
Services
1,848,080
202,061
2,050,141
Taxes
2,078
10,925
13,003
Depreciation
519,413
275,077
794,490
TOTAL OPERATING EXPENSES
3,294,415
2,225,604
5,520,019
OPERATING INCOME (LOSS)
(799,979)
(83,171)
(883,150)
NON-OPERATING REVENUES (EXPENSES):
Intergovernmental revenues
3,120
-
3,120
Interest revenues
7,137
2,280
9,417
Other non-operating revenues (expenses)
100
77,366
77,466
Interest expense
(6,135)
(25,144)
(31,279)
NON-OPERATING REVENUE NET OF EXPENSES
4,222
54,502
58,724
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
(795,757)
(28,669)
(824,426)
Capital Contributions
8,572,165
8,572,165
Operating transfers (out)
(119,613)
(116,558)
(236,171)
CHANGE IN NET POSITION
7,656,795
(145,227)
7,511,568
NET POSITION, JANUARY 1
15,524,997
7,550,846
23,075,843
NET POSITION, DECEMBER 31
$ 23,181,792 $
7,405,619 $
30,587,411
Combining Statements & Schedules, 6-31
2013 Comprehensive Annual Financial Report
STATEMENT OF CASH FLOWS
NON -MAJOR ENTERPRISE FUNDS
For the Year Ended December 31, 2013
Page 1 of 2
City of Renton, Washington
Combining Statements & Schedules, 6-32
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
TOTAL
NON -MAJOR
AIRPORT
GOLF COURSE
ENTERPRISE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received for services
$ 2,392,705
$ 2,171,470 $
4,564,175
Cash paid to suppliers for goods & services
(1,244,886)
(723,352)
(1,968,238)
Cash paid to employees
(815,376)
(1,220,000)
(2,035,376)
Other non-operating receipts
100
77,366
77,466
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
332,543
305,484
638,027
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers to other funds
(119,613)
(116,558)
(236,171)
Operating grants
3,120
3,120
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES
(116,493)
(116,558)
(233,051)
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Acquisition & construction of capital assets
(9,455,510)
(9,455,510)
Capital grants
8,594,643
8,594,643
Principal payments on debt
(98,209)
(374,815)
(473,024)
Interest payments on debt
(6,995)
(25,846)
(32,841)
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES
(966,071)
(400,661)
(1,366,732)
CASH FLOWS FROM INVESTING ACTIVITIES:
Proceeds from sale of investments
80,433
26,466
106,899
Interest on investments
3,831
1,325
5,156
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES
84,264
27,791
112,055
NET INCREASE(DECREASE)IN CASH &
CASH EQUIVALENTS
(665,757)
(183,944)
(849,701)
CASH & CASH EQUIVALENTS, JANUARY 1
2,157,484
549,794
2,707,278
CASH & CASH EQUIVALENTS, DECEMBER 31
$ 1,491,727
$ 365,850 $
1,857,577
Combining Statements & Schedules, 6-32
2013 Comprehensive Annual Financial Report
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
Other non-operating revenue
(Increase) decrease in
accounts receivable
(Increase) decrease in inventory
& prepaid items
Increase (decrease) in operating
accounts payable
Increase (decrease)in payables
& other short-term liabilities
Increase (decrease)in
customer deposits
Increase (decrease)in
unearned revenues
Increase (decrease)in accrued
employee leave benefits
Total adjustments
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Depreciation & amortization
City of Renton, Washington
STATEMENT OF CASH FLOWS
NON -MAJOR ENTERPRISE FUNDS
For the Year Ended December 31, 2013
Page 2 of 2
BUSINESS -TYPE ACTIVITIES
ENTERPRISE FUNDS
TOTAL
NON -MAJOR
AIRPORT GOLF COURSE ENTERPRISE FUNDS
$ (799,979) $ (83,171) $ (883,150)
519,413
275,077
794,490
100
77,366
77,466
47,258
16,984
64,242
-
3,063
3,063
540,809
(691)
540,118
168,103
(194)
167,909
-
12,053
12,053
(148,989)
-
(148,989)
5,828
4,997
10,825
1,132,522
388,655
1,521,177
$ 332,543 $
305,484 $
638,027
$ 519,413 $ 275,077 $ 794,490
Combining Statements & Schedules, 6-33
2013 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
December 31, 2013
Page 1 of 2
City of Renton, Washington
Combining Statements & Schedules, 6-34
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
ASSETS
Current assets:
Cash & cash equivalents
$ 5,584,859 $
14,973,505 $
20,558,364
Investments at fair value
2,333,172
6,255,444
8,588,616
Receivables (net of allowances):
Customer accounts
19,357
484,182
503,539
Interest - investments
22,027
65,492
87,519
Interfund loan receivable
-
523,170
523,170
Inventory of materials and supplies
177,528
-
177,528
Prepayments
-
53,000
53,000
Total current assets
8,136,943
22,354,793
30,491,736
Noncurrent assets:
Interfund loan receivable
-
681,231
681,231
Capital assets not being depreciated:
Construction in progress
31,262
-
31,262
Capital assets, net of
accumulated depreciation:
Buildings, improvements and equipment
10,409,185
10,409,185
Intangible assets
612,608
-
612,608
Total noncurrent assets
11,053,055
681,231
11,734,286
TOTAL ASSETS
19,189,998
23,036,024
42,226,022
DEFERRED OUTFLOWS OF RESOURCES
-
-
-
TOTAL DEFERRED OUTFLOWS OF RESOURCES
$ $
- $
Combining Statements & Schedules, 6-34
2013 Comprehensive Annual Financial Report
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
December 31, 2013
Page 2 of 2
LIABILITIES
Current liabilities:
Accounts payable
Claims incurred but not reported
Retainage payable
Due to other funds
Accrued employee benefits payable
Accrued taxes payable
Total current liabilities
Long-term liabilities:
Accrued employee wages and benefits payable
Total long-term liabilities
TOTAL LIABILITIES
DEFERRED INFLOWS OF RESOURCES
TOTAL DEFERRED INFLOWS OF RESOURCES
NET POSITION
Net investment in capital assets
Unrestricted
TOTAL NET POSITION
City of Renton, Washington
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
$ 248,113 $ 554,635 $
- 3,106,018
9,586 -
44,457 -
317,860 26,196
87 -
620,103 3,686,849
802,748
3,106,018
9,586
44,457
344,056
87
4,306,952
326,818 17,678 344,496
326,818 17,678 344,496
946,921 3,704,527 4,651,448
11,053,055 - 11,053,055
7,190,022 19,331,497 26,521,519
$ 18,243,077 $ 19,331,497 $ 37,574,574
Combining Statements & Schedules, 6-35
2013 Comprehensive Annual Financial Report
City of Renton, Washington
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET POSITION
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2013
OPERATING REVENUES:
Charges for services
Other operating revenues
TOTAL OPERATING REVENUES
OPERATING EXPENSES:
Supplies
Personnel services
Services
Insurance
Taxes
Depreciation
TOTAL OPERATING EXPENSES
OPERATING INCOME (LOSS)
NON-OPERATING REVENUES (EXPENSES):
Intergovernmental revenues
Interest revenues
Gain (loss) on sale of capital assets
Other non-operating revenues (expenses)
NON-OPERATING REVENUE NET OF EXPENSE
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS
Contributed capital
Transfers in
Transfers (out)
CHANGE IN NET POSITION
NET POSITION, JANUARY 1
Prior period adjustment
NET POSITION, DECEMBER 31
TOTAL
EQUIPMENT INSURANCE INTERNAL
RENTAL FUND SERVICE FUNDS
$ 13,248,783 $
3,182,196 $
16,430,979
127,994
11,189,702
11, 317,696
13,376,777
14,371,898
27,748,675
2,080,231
8,191
2,088,422
5,264,556
476,763
5,741,319
3,092,681
807,636
3,900,317
-
14,207,692
14,207,692
794
100
894
1,904,421
-
1,904,421
12,342,683
15,500,382
27,843,065
1,034,094
(1,128,484)
(94,390)
73,834
32,467
106,301
21,054
91,713
112,767
16,627
-
16,627
47,712
232,436
280,148
159,227
356,616
515,843
1,193,321
(771,868)
421,453
23,954
-
23,954
632,441
2,009,585
2,642,026
-
(58,318)
(58,318)
1,849,716
1,179,399
3,029,115
16,354,777
18,152,098
34,506,875
38,584
-
38,584
$ 18,243,077 $
19,331,497 $
37,574,574
Combining Statements & Schedules, 6-36
2013 Comprehensive Annual Financial Report
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2013
Page 1 of 2
City of Renton, Washington
Combining Statements & Schedules, 6-37
TOTAL
EQUIPMENT
INSURANCE
INTERNAL
RENTAL
FUND
SERVICE FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from other funds for services
$ 13,407,042 $
13,899,105 $
27,306,147
Cash paid to suppliers for goods & services
(5,708,955)
(14,418,423)
(20,127,378)
Cash paid to employees
(5,282,347)
(450,840)
(5,733,187)
Other non-operating receipts
47,712
232,436
280,148
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
2,463,452
(737,722)
1,725,730
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Transfers from other funds
632,441
2,009,585
2,642,026
Transfers to other funds
-
(58,318)
(58,318)
Operating grants
73,917
32,467
106,384
NET CASH PROVIDED (USED) BY
NONCAPITAL FINANCING ACTIVITIES
706,358
1,983,734
2,690,092
CASH FLOWS FROM CAPITAL
FINANCING ACTIVITIES:
Proceeds from the sale of equipment
91,259
-
91,259
Acquisition & construction of capital assets
(2,730,607)
(2,730,607)
Capital grants
23,954
23,954
NET CASH PROVIDED (USED) BY
CAPITAL FINANCING ACTIVITIES
(2,615,394)
(2,615,394)
CASH FLOWS FROM INVESTING ACTIVITIES:
Principal proceeds from interfund loans
511,666
511,666
Payments for investments
(525,154)
(1,481,635)
(2,006,789)
Interest on investments and loans
11,802
59,868
71,670
NET CASH PROVIDED (USED) BY
INVESTING ACTIVITIES
(513,352)
(910,101)
(1,423,453)
NET INCREASE(DECREASE)IN CASH &
CASH EQUIVALENTS
41,064
335,911
376,975
CASH & CASH EQUIVALENTS, JANUARY 1
5,543,795
14,637,594
20,181,389
CASH & CASH EQUIVALENTS, DECEMBER 31
$ 5,584,859 $
14,973,505 $
20,558,364
Combining Statements & Schedules, 6-37
2013 Comprehensive Annual Financial Report
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
For the Year Ended December 31, 2013
Page 2 of 2
RECONCILIATION OF OPERATING INCOME
(LOSS) TO NET CASH PROVIDED (USED)
BY OPERATING ACTIVITIES:
Operating income (loss)
Adjustments to reconcile operating income
(loss) to net cash provided (used)
by operating activities:
Depreciation & amortization of
deferred charges
Other non-operating revenue
(Increase) decrease in
accounts receivable
(Increase) decrease in inventory
& prepaid items
Increase (decrease)in operating
accounts payable
Increase(decrease)in payables
& other short-term liabilities
Increase (decrease)in accrued
employee leave benefits
Total adjustments
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Prior Period Adjustment
Depreciation & amortization
EQUIPMENT
RENTAL
City of Renton, Washington
TOTAL
INSURANCE INTERNAL
FUND SERVICE FUNDS
$ 1,034,094 $ (1,128,484) $ (94,390)
1,904,421
-
1,904,421
47,712
232,436
280,148
30,265
(472,793)
(442,528)
(16,886)
-
(16,886)
(520,011)
554,635
34,624
1,648
50,561
52,209
(17,791)
25,923
8,132
1,429,358
390,762
1,820,120
$ 2,463,452 $
(737,722) $
1,725,730
$ 38,584 $
$
38,584
1,904,421
1,904,421
Combining Statements & Schedules, 6-38
2013 Comprehensive Annual Financial Report
STATEMENT OF CHANGES IN ASSETS AND LIABILITIES
AGENCY FUND - SPECIAL DEPOSIT
For the Year Ended December 31, 2013
Page 1 of 1
City of Renton, Washington
Combining Statements & Schedules, 6-39
BEGINNING
ENDING
BALANCE
DEBITS
CREDITS
BALANCE
ASSETS
Cash
$
587,913
$
689,315
$ 643,709
$ 633,519
TOTAL ASSETS
$
587,913
$
689,315
$ 643,709
$ 633,519
LIABILITIES
Deposits payable
$
587,913
$
1,251,985
$ 1,297,591
$ 633,519
TOTAL LIABILITIES
$
587,913
$
1,251,985
$ 1,297,591
$ 633,519
Combining Statements & Schedules, 6-39
2013 Comprehensive Annual Financial Report
This page intentionally left blank.
City of Renton, Washington
Combining Statements & Schedules, 6-40
2013 Comprehensive Annual Financial Report
STATISTICAL SECTION
December 31, 2013
City of Renton, Washington
Presentations included in the Statistical Section of the Comprehensive Annual Financial Report
(CAFR) provide users detailed information as a context for understanding what the information
in the financial statements, note disclosures and the supporting schedules say about the
government's overall financial health. The section is divided into five categories based on the
following:
FINANCIAL TRENDS
These schedules contain trend information to help the reader understand how the
government's financial performance and well-being have changed over time.
REVENUE CAPACITY
These schedules present information to help the reader assess the government's most
significant local revenue source — property tax.
DEBT CAPACITY
These schedules present information to help the reader assess the affordability of the
government's current levels of outstanding debt and the government's ability to issue
additional debt in the future.
DEMOGRAPHIC AND ECONOMIC INFORMATION
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the government's financial activities take place.
OPERATING INFORMATION
These schedules contain service and infrastructure data to help the reader understand how
the information in the government's financial report relates to the services the government
provides and the activities it performs.
Statistical Section, 7-1
2013 Comprehensive Annual Financial Report
Governmental activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total governmental activities net position
Business -type activities
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total business -type activities net position
Primary government
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total primary government net position
TABLE 1
NET POSITION BY COMPONENT
LAST TEN FISCAL YEARS'
(accrual basis of accounting)
Fiscal Year
City of Renton, Washington
2004 2005 2006 2007 2008 2009 2010 2011 2012 20131
$ 195,282,055 $ 203,297,293 $ 209,964,556 $ 232,714,563 $ 353,197,782 $ 378,440,636 $ 383,016,494 $ 373,641,842 $ 425,581,342 $ 445,277,657
21,460,395 28,578,305 42,261,663 32,648,993 33,294,987 20,882,824 11,664,101 26,432,127 7,953,634 23,873,159
25,746,196 29,272,573 29,340,290 32,075,613 34,160,010 35,033,629 45,911,214 53,244,297 54,159,950 41,681,337
$ 242,488,646 $ 261,148,171 $ 281,566,509 $ 297,439,169 $ 420,652,779 $ 434,357,089 $ 440,591,809 $ 453,318,266 $ 487,694,926 $ 510,832,152
$ 163,891,546 $ 171,827,746 $ 181,515,939 $ 188,518,151 $ 202,255,997 $ 208,682,683 $ 214,001,083 $ 217,103,722 $ 224,893,271 $ 240,654,666
3,555,690 3,555,690 3,555,690 3,586,667 4,171,525 4,029,537 58,747 - 2,909,578 2,909,578
21,612,156 21,541,563 19,357,695 17,973,237 17,430,207 18,209,611 17,743,107 23,340,910 28,692,024 35,562,633
$ 189,059,392 $ 196,924,999 $ 204,429,324 $ 210,078,055 $ 223,857,729 $ 230,921,831 $ 231,802,937 $ 240,444,632 $ 256,494,873 $ 279,126,877
$ 359,173,601 $ 375,125,039 $ 391,480,495 $ 421,232,714 $ 555,453,779 $ 587,123,319 $ 597,017,577 $ 590,745,564 $ 650,474,613 $ 685,932,323
25,016,085 32,133,995 45,817,353 36,235,660 37,466,512 24,912,361 11,722,848 26,432,127 10,863,212 26,782,737
47,358,352 50,814,136 48,697,985 50,048,850 51,590,217 53,243,240 63,654,321 76,585,207 82,851,974 77,243,970
$ 431,548,038 $ 458,073,170 $ 485,995,833 $ 507,517,224 $ 644,510,508 $ 665,278,920 $ 672,394,746 $ 693,762,898 $ 744,189,799 $ 789,959,029
Source : City of Renton Finance Division
12013 reflects prior period adjustments of ($243,239) in Governmental Activities and ($2,210,216) in Business Type Activities; a total prior period decrease of ($2,453,455)
Statistical section, 7-2
2013 Comprehensive Annual Financial Report
EXPENSES
Government activities:
General government
Judicial
Public safety
Physical environment
Transportation
Economic environment
Health and human services
Culture and recreation
Interest on long-term debt
Total governmental activities expenses
Business -type activities:
Waterworks utility
Airport
Solid waste utility
Golf course
Total Business -type activities net position
Total Primary Government expenses
PROGRAM REVENUES
Governmental activities:
Charges for services:
General government
Judicial
Public safety
Physical environment
Transportation
Economic environment
Culture and recreation
Operating grants and contributions
Capital grants and contributions
Total governmental activities program revenues
Business -type activities:
Charges for services:
Waterworks utility
Airport
Solid waste utility
Golf course
Total Business -type charges
Operating grants and contributions
Capital grants and contributions
Total business -type activities program revenues
Total primary government program revenues
Net
Governmental activities
Business -type activities
Total primary government net expense
TABLE 2
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS'
(accrual basis of accounting)
Page 1 of 2
Fiscal Year
City of Renton, Washington
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
$ 22,144,567 $
21,137,856 $
19,977,086
$ 29,112,970
$ 12,010,422
$ 18,808,404
$ 10,018,501
$ 4,268,321
$ 9,859,550
$ 10,923,530
1,340,655
1,380,816
1,434,134
1,845,031
1,761,665
2,134,283
2,402,692
2,563,989
2,610,481
2,372,115
28,647,443
29,496,791
30,749,762
36,213,120
46,289,454
44,361,089
50,657,146
52,627,849
58,152,773
53,930,214
2,278,445
2,208,340
2,618,832
2,749,417
3,333,471
2,440,801
2,425,279
2,151,322
2,643,930
964,942
6,797,356
4,183,880
15,798,138
11,237,287
13,675,581
11,765,835
16,903,492
25,376,308
13,571,691
18,842,487
5,519,929
5,899,796
6,372,118
6,880,687
6,823,426
6,669,911
7,363,396
6,491,151
6,330,233
7,146,022
228,966
300,171
295,072
301,495
325,066
328,333
882,740
819,138
827,802
1,873,028
10,303,074
9,744,692
9,695,924
11,036,931
17,025,800
16,992,266
13,518,312
11,955,737
13,011,327
12,938,589
1,627,581
1,710,346
1,772,370
2,594,784
2,663,436
2,848,081
2,127,347
2,165,960
3,087,269
3,411,488
78,888,016
76,062,688
88,713,436
101,971,722
103,908,321
106,349,003
106,298,905
108,419,775
110,095,056
112,402,415
23,347,678
25,884,227
27,220,132
28,657,468
32,738,366
35,617,861
36,574,469
37,148,813
39,419,864
40,333,170
936,305
1,226,810
1,196,363
1,396,054
1,733,894
1,865,481
1,993,202
2,026,804
2,251,434
3,300,550
8,558,441
9,327,525
9,706,016
10,606,560
11,518,047
14,143,956
14,826,315
14,434,201
14,780,647
16,226,857
1,933,113
2,132,077
2,056,874
2,277,454
2,334,838
2,303,192
2,296,870
2,099,936
2,139,847
2,250,748
34,775,537
38,570,639
40,179,385
42,937,536
48,325,145
53,930,490
55,690,856
55,709,754
58,591,792
62,111,325
113,663,553
114,633,327
128,892,821
144,909,258
152,233,466
160,279,493
161,989,761
164,129,529
168,686,848
174,513,740
15,579,366
17,525,244
21,852,465
23,163,645
5,614,638
2,864,232
2,363,280
2,756,613
2,586,799
3,372,595
1,531,773
697,883
831,485
1,169,581
2,420,913
5,176,402
3,706,436
3,565,216
3,493,071
3,011,028
200,149
247,235
517,151
591,586
550,773
643,970
761,835
641,483
650,129
6,578,528
837,027
894,750
400,798
999,484
864,581
951,940
1,233,424
1,015,323
1,326,517
3,755
1,916,862
1,660,698
1,628,154
1,432,215
2,165,538
3,178,543
3,111,259
3,275,596
3,329,054
2,712,137
4,236,596
4,516,899
4,368,399
7,857,186
4,236,983
1,965,125
2,419,488
2,486,396
3,130,530
3,766,499
1,507,387
1,558,458
1,742,071
1,649,960
1,739,055
2,377,290
2,299,635
1,793,863
1,811,127
2,096,514
6,213,791
4,979,601
4,596,836
5,265,737
9,570,931
11,029,657
10,520,151
15,540,897
12,794,132
6,621,431
1,745,718
1,227,503
5,909,870
4,940,471
18,109,124
16,091,934
9,102,331
12,135,982
33,529,033
23,077,914
33,768,669
33,308,271
41,847,229
47,069,865
45,272,536
44,279,093
35,517,839
43,211,369
62,650,392
51,240,401
27,102,797
27,569,448
27,036,324
32,078,690
31,110,061
33,278,345
35,545,308
43,003,494
47,314,389
49,024,626
804,500
901,603
909,425
965,809
1,086,064
1,254,732
2,039,477
2,294,383
2,436,543
2,494,436
8,832,837
9,393,366
9,837,915
10,094,752
10,192,718
14,234,026
15,383,667
15,015,434
14,905,934
16,429,165
2,176,980
2,165,413
2,272,415
2,264,098
2,262,841
2,134,394
2,095,751
2,014,983
2,128,452
2,142,433
38,917,114
40,029,830
40,056,079
45,403,349
44,651,684
50,901,497
55,064,203
62,328,294
66,785,318
70,090,660
112,616
196,974
77,688
243,537
264,784
46,267
125,819
465,468
165,164
105,695
6,583,241
5,101,699
6,317,203
1,761,802
6,888,975
7,556,701
1,056,961
2,473,309
7,668,558
18,879,992
45,612,971
45,328,503
46,450,970
47,408,688
51,805,443
58,504,465
56,246,983
65,267,071
74,619,040
89,076,347
$ 79,381,640
$ 78,636,774 $
88,298,199 $
94,478,553 $
97,077,979
$ 102,783,558
$ 91,764,822
$ 108,478,440
$ 137,269,432
$ 140,316,748
$ (45,119,347) $ (42,754,417) $ (46,866,207) $ (54,901,857) $ (58,635,785) $ (62,069,910) $ (70,781,066) $ (65,208,406) $ (47,444,664) $ (61,162,014)
10,837,434 6,757,864 6,271,585 4,471,152 3,480,298 4,573,975 556,127 9,557,317 16,027,248 26,965,022
$ (34,281,913) $ (35,996,553) $ (40,594,622) $ (50,430,705) $ (55,155,487) $ (57,495,935) $ (70,224,939) $ (55,651,089) $ (31,417,416) $ (34,196,992)
Statistical Section, 7-3
2013 Comprehensive Annual Financial Report
GENERAL REVENUES AND OTHER CHANGES
Governmental activities:
Taxes
Property taxes
Retail sales taxes
Business taxes
Excise taxes
Penalties and interest
Investment earnings
Miscellaneous
Transfers'
Total governmental activities
Business -type activities:
Investment earnings
Miscellaneous
Transfers'
Total business -type activities
Total primary government
CHANGES IN NET POSITION
Governmental activities
Business -type activities
Total primary government
Source : City of Renton Finance Division
TABLE 2
CHANGES IN NET POSITION
LAST TEN FISCAL YEARS
(accrual basis of accounting)
Page 2 of 2
2004 2005 2006 2007 2008
City of Renton, Washington
2009 2010 2011 2012 2013
$ 19,578,390 $
21,523,818 $
23,600,131 $
23,106,578
$ 29,381,036
$ 32,300,319
$ 32,586,884
$ 33,309,975
$ 33,932,290
$ 32,536,533
18,281,949
18,910,823
20,869,595
22,749,831
23,190,076
22,065,316
21,591,375
22,008,777
23,653,706
25,541,972
9,957,129
10,643,068
11,219,303
11,962,879
14,945,173
14,876,496
16,883,888
16,870, 284
17,632,759
16,439,502
6,751,264
6,938,265
7,718,945
8,236,876
4,362,945
4,923,978
4,351,914
4,113,705
4,286,883
5,838,149
6,048
49
3,799
33,949
6,477
1,353
276
380
9,486
-
1,291,669
1,449,001
3,251,975
3,465,517
2,419,260
1,118,889
794,793
602,516
589,616
613,097
4,346,619
1,958,217
689,243
1,218,889
2,104,133
172,594
82,352
991,772
1,179,112
1,232,066
(10,304)
(9,300)
(68,446)
-
110,000
(100,000)
(17,095)
37,454
233,961
2,341,160
60,202,764
61,413,941
67,284,545
70,774,519
76,519,100
75,358,945
76,274,387
77,934,863
81,517,813
84,542,479
270,605
458,797
881,486
1,041,576
1,120,342
396,957
224,974
117,090
105,129
94,077
119,455
639,646
282,808
135,986
85,493
1,207,689
172,663
71,235
44,842
124,281
10,304
9,300
68,446
-
(110,000)
100,000
17,095
(37,454)
(233,961)
(2,341,160)
400,364
1,107,743
1,232,740
1,177,562
1,095,835
1,704,646
414,732
150,871
(83,990)
(2,122,802)
$ 60,603,128
$ 62,521,684 $
68,517,285 $
71,952,081
$ 77,614,935
$ 77,063,591
$ 76,689,119
$ 78,085,734
$ 81,433,823
$ 82,419,677
$ 15,083,417 $ 18,659,524 $ 20,418,338 $ 15,872,662 $ 17,883,315 $ 13,289,035 $ 5,493,321 $ 12,726,457 $ 34,073,149 $ 23,380,465
11,237,798 7,865,607 7,504,325 5,648,714 4,576,133 6,278,621 970,859 9,708,188 15,943,258 24,842,220
$ 26,321,215 $ 26,525,131 $ 27,922,663 $ 21,521,376 $ 22,459,448 $ 19,567,656 $ 6,464,180 $ 22,434,645 $ 50,016,407 $ 48,222,685
Statistical Section, 7-4
2013 Comprehensive Annual Financial Report
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
City of Renton, Washington
TABLE 3
FUND BALANCE OF GOVERNMENT FUNDS
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
u General fund o All other governmental funds
Source : City of Renton Finance Division
' In 2011, implementation of GASB 54 requires new designations of fund balance; prior year data not available in presribed format
Statistical Section, 7-5
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
General fund
Reserved
$
108,742
$ 8,000
$ 8,000
$ 8,000
$ 8,000
$ 8,000
$ 2,468,569
$
$
$
Unreserved
8,603,003
9,189,871
10,737,097
16,474,384
13,509,097
13,478,727
12,020,420
Nonspendablel
-
-
-
-
-
-
-
1,149,907
-
Restricted'
786,611
690,655
303,050
Committed'
-
-
4,236,363
Assigned'
13,812,258
16,566,659
15,929,712
Unassigned'
-
1,427,130
-
Total general fund
$
8,711,745
$ 9,197,871
$ 10,745,097
$ 16,482,384
$ 13,517,097
$ 13,486,727
$ 14,488,989
$ 15,748,776
$ 18,684,444
$ 20,469,125
All other governmental funds
Reserved
$
500,000
$ 240,000
$ 63,900
$ 975,000
$ 1,000,000
$ -
$ 6,771,384
$ -
$ -
$ -
Unreserved, reported in:
Special revenue funds
3,238,246
2,929,692
4,243,189
2,616,596
2,806,667
2,106,370
2,073,227
Debt service funds
1,486,894
2,752,445
3,068,587
1,392,915
1,270,936
367,652
-
Capital project funds
26,202,437
27,890,457
42,152,437
29,057,397
29,217,384
18,408,802
8,701,843
-
-
-
Nonspendable'
-
-
-
-
-
-
-
-
-
-
Restricted'
19,152,913
23,730,688
22,888,877
Committed'
7,468,491
6,085,812
8,513,816
Assigned'
6,828,410
1,220,008
137,605
Total all other governmental funds
$
31,427,577
$ 33,812,594
$ 49,528,113
$ 34,041,908
$ 34,294,987
$ 20,882,824
$ 17,546,454
$ 33,449,814
$ 31,036,508
$ 31,540,298
Source : City of Renton Finance Division
' In 2011, implementation of GASB 54 requires new designations of fund balance; prior year data not available in presribed format
Statistical Section, 7-5
2013 Comprehensive Annual Financial Report City of Renton, Washington
TABLE 4
CHANGES IN FUND BALANCES OF GOVERNMENT FUNDS
LAST TEN FISCAL YEARS
(modified accrual basis of accounting)
REVENUES
Taxes
Licenses and permits
Intergovernmental
Charges for services
Fines
Interfund revenues'
Special assessments
Contributions
Investment Earnings
Miscellaneous Revenues
Total revenues
EXPENDITURES
Current
General government
Judicial
Public safety
Utilities
Transportation
Economic environment
Health and human services
Culture and recreation
Capital outlay
Debt service
Principal payments
Interest and fiscal charges
Total expenditures
EXCESS (DEFICIENCY) OF REVENUES
OVER EXPENDITURES
OTHER FINANCING SOURCES (USES)
Transfers in'
Transfer (out)
Proceeds of long-term debt
Interfund loan proceeds
Refunding bonds issued
GO Bonds issued
Premium on general obligation debt
Sale of capital assets
Payment to refunded bond escrow agent
Total other financing sources (uses)
Net change in fund balance
Debt service as a percentage of
non capital expenditures
Source : City of Renton Finance Division
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
$ 55,344,506
$ 58,794,081 $
64,005,567 $
66,698,876
$ 72,514,388
$ 71,545,700
$ 75,223,750 $
76,266,688
$ 79,878,467
$ 80,300,752
4,329,086
4,686,608
4,962,507
5,828,230
4,975,585
6,226,371
3,975,441
4,410,862
4,843,446
6,828,797
7,570,570
5,687,169
9,769,225
9,791,830
27,549,621
23,968,449
16,203,499
19,441,957
33,430,078
22,879,043
6,593,153
5,563,289
6,543,289
10,048,879
7,145,950
4,543,420
4,635,502
4,191,024
4,497,039
9,641,812
1,008,984
731,286
906,685
1,150,079
2,002,854
3,724,162
3,439,926
3,150,326
3,053,938
2,788,573
3,638,574
3,796,042
2,843,147
3,352,411
3,072,526
3,228,110
3,244,928
3,057,642
3,375,134
294,039
20,852
23,340
511,932
51,723
-
1,353
-
-
-
-
249,938
317,600
214,387
353,582
135,000
516,805
2,952,649
4,288,448
1,488,384
3,878,978
1,059,886
1,060,353
2,570,682
2,486,889
1,740,035
753,607
550,134
475,278
494,518
500,330
122,799
569,881
223,908
86,322
1,273,359
171,004
82,353
648,608
942,998
2,208,853
79,938,348
81,229,649
92,551,329
99,848,821
120,409,318
114,678,981
110,308,182
115,930,833
132,004,002
129,321,177
13,660,095
14,382,634
13,972,592
14,597,355
15,094,140
12,923,999
10,532,537
10,937,806
8,371,489
9,348,241
-
-
-
-
1,761,665
2,134,283
2,402,692
2,563,989
2,610,481
2,364,631
27,462,613
29,031,626
31,157,303
35,583,500
45,530,208
46,048,967
48,904,653
52,986,589
54,378,422
53,112,143
2,201,777
2,190,228
2,609,452
2,764,563
3,123,883
2,431,213
2,345,459
2,048,971
2,608,369
468,442
4,615,345
4,711,924
5,097,449
6,403,358
6,332,006
7,043,665
10,748,393
10,038,344
10,137,750
11,769,366
4,947,080
5,123,024
5,519,219
5,896,589
6,673,681
7,071,009
7,205,500
6,447,163
6,283,264
6,652,593
11,723
12,700
9,231
13,818
16,459
19,726
787,768
511,934
523,577
1,827,736
8,563,967
8,876,250
9,933,854
10,830,224
11,119,073
14,914,298
12,310,530
11,166,081
11,537,450
11,040,787
13,246,669
11,438,104
21,117,525
29,320,023
28,520,453
41,989,793
12,216,152
14,981,858
24,989,777
25,356,592
1,477,579 1,375,738 1,503,350 1,565,904 2,079,551 2,327,138 2,682,672 2,783,237 7,116,917 4,744,439
1,763,893 1,713,525 2,129,656 2,646,623 2,729,247 2,629,157 2,231,823 2,502,876 3,368,903 3,315,011
77,950,741 78,855,753 93,049,631 109,621,957 122,980,366 139,533,248 112,368,179 116,968,848 131,926,399 129,999,981
1,987,607 2,373,896 (498,302) (9,773,136) (2,571,048) (24,854,267) (2,059,997) (1,038,015) 77,603 (678,804)
6,563,978
5,476,360
2,962,895
5,782,988
4,053,607
15,059,649
2,545,659
3,886,650
4,183,185
5,860,038
(7,764,278)
(5,443,660)
(3,705,341)
(5,782,988)
(4,200,607)
(10,446,000)
(2,822,330)
(4,144,157)
(4,113,465)
(6,102,584)
18,490,029
-
-
6,798,085
-
-
-
6,170,000
9,425,000
-
-
16,715,000
3,200,000
-
443,484
2,268,169
-
117,328
464,547
13,464
24,218
20,643
-
500
375,039
9,821
-
-
-
-
-
-
(6,406,088)
(9,950,000)
-
-
(1,082,972)
497,247
17,761,047
24,218
(126,357)
11,411,734
(69,275)
18,201,162
444,759
2,967,275
$ 904,635 $ 2,871,143 $ 17,262,745 $ (9,748,918) $ (2,697,405) $ (13,442,533) $ (2,129,272) $ 17,163,147 $ 522,362 $ 2,288,471
5.01% 4.58% 5.05% 5.25% 5.09% 5.08% 4.91°% 5.18% 9.81% 7.70%
Tables prior to 2010 used the titles "Security of persons and property" and "Mental and physical health" for functions now being referred to as "Public Safety" and "Health and Human Services", respectively. Tables Prior to 2013 used the title "Physical environment"
Statistical Section, 7-6
2013 Comprehensive Annual Financial Report
$90,000,000
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
TABLE 5
GENERAL GOVERNMENT TAX REVENUE BY SOURCE
LAST TEN FISCAL YEARS
(accrual basis of accounting)
City of Renton, Washington
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
u Property Tax 19 Sales Tax uAdmission/Utility Tax
u Excise Tax u Penalty, Interest, Delinquent Tax
INTEREST
FISCAL
PROPERTY
ADMISSION
DELINQUENT
YEAR
TAX
SALES TAX
UTILITY TAX
EXCISE TAX
TAX
TOTAL TAX
2004
19,886,805
18,281,949
9,957,130
6,751,265
6,048
54,883,197
2005
21,826,229
18,910,822
10,643,068
6,938,264
49
58,318,433
2006
23,600,131
20,869,596
11,219,302
7,718,945
3,799
63,411,773
2007
23,106,578
22,749,831
11,962,879
8,236,876
33,949
66,090,113
2008
29,381,036
23,190,076
14,945,173
4,362,945
6,477
71,885,707
2009
32,300,319
22,065,316
14,876,496
4,923,978
1,353
74,167,462
2010
32,586,884
21,591,375
16,883,888
4,351,914
276
75,414,337
2011
33,309,975
22,008,777
16,870,284
4,113,705
380
76,303,121
2012
33,932,290
23,653,706
17,632,759
4,286,883
9,486
79,515,124
2013
32,536,533
25,541,972
16,439,502
5,838,149
18,967
80,375,123
Source : City of Renton Finance Division
Statistical Section, 7-7
2013 Comprehensive Annual Financial Report
TABLE 6
PRINCIPAL PROPERTY TAX PAYERS
City of Renton, Washington
2013 2004
% OF TOTAL % OF TOTAL
TAXABLE' TAXABLE TAXABLE TAXABLE
ASSESSED ASSESSED ASSESSED ASSESSED
TAXPAYER VALUE RANK VALUE VALUE RANK VALUE
Boeing
$ 829,693,657
Puget Sound Energy-Elec/Gas
126,385,366
Paccar
108,664,080
Transwestern Harvest Lakeshore
82,926,723
Renton Properties LLC
51,550,600
Fred Meyer Stores Inc.
45,618,700
Axis Grand Holdings
43,612,000
ECI Two WTC LLC
40,049,500
BRE-FMCA LLC c/o Bre Properties
34,814,700
FP -FAA Seattle LLC
34,623,900
Qwest
0.49%
AMB Property Corp
6
Avalon Bay Communities Inc
6
Walmart
25,401,500
Walton Renton Investors III
0.38%
All Others
9,190,781,973
Total Assessed Valuation
$ 10,588,721,199
Source: 'King County Department of Assessments
1
7.84%
$ 315,450,000
1
4.72%
2
1.19%
81,118,762
2
1.21%
3
1.03%
72,197,100
3
1.08%
4
0.78%
89.57%
100.00% $ 6,683,310,627
5
0.49%
38,799,100
6
0.58%
6
0.43%
25,401,500
8
0.38%
7
0.41%
8
0.38%
9
0.33%
10
0.33%
45,955,646
4
0.69%
43,820,000
5
0.66%
26,396,000
7
0.39%
24,737,200
9
0.37%
23,398,400
10
0.35%
86.80% 5,986,036,919
89.57%
100.00% $ 6,683,310,627
100.00%
Statistical Section, 7-8
2013 Comprehensive Annual Financial Report
$14
$12
$10
$8
0
$ 6
$4
$2
City of Renton, Washington
TABLE 7
ASSESSED VALUE OF TAXABLE PROPERTY
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
oTotal Taxable Assessed Value v Direct Tax Rate
REAL PROPERTY t
6.000
5.500
5.000
4.500
4.000
3.500
3.000
2.500
2.000
FISCAL COMMERCIAL
INDUSTRIAL
RESIDENTIAL
LESS: EXEMPT
PERSONAL
ADJUSTMENTS TO
TOTALTAXABLE
DIRECTTAX
YEAR PROPERTY
PROPERTY
PROPERTY
REALPROPERTYS
PROPERTY°
BASE
ASSESSED VALUE
RATE
2004 $ 1,507,408,900
$ 955,156,350
$ 3,715,677,750
$ 715,901,000
$ 716,313,413
$ 193,976,709
$ 6,372,632,122
3.327
2005 1,641,109,248
1,062,849,250
4,127,049,250
772,643,900
656,709,434
(17,301,375)
6,697,771,907
3.227
2006 1,926,421,521
1,176,622,619
4,813,353,950
889,457,300
636,713,076
(329,177,324)
7,334,476,542
3.116
2007 2,192,952,200
1,279,582,200
5,659,232,650
982,670,250
754,326,325
(532,621,620)
8,370,801,505
2.884
2008 2,792,844,697
1,448,578,000
8,372,238,600
1,257,849,300
828,746,994
(2,524,881,337)
9,659,677,654
2.624
2009 2,883,148,991
1,520,339,100
7,199,738,295
1,365,819,700
885,490,676
2,110,347,418
13,233,244,780
2.369
2010 2,877,658,818
1,728,440,200
7,184,089,489
1,359,951,195
840,554,180
613,936,948
11,884,728,440
2.712
2011 3,003,796,896
1,746,154,400
6,654,066,896
1,636,584,396
821,141,161
891,891,404
11,480,466,361
2.832
2012 2,971,359,393
1,373,778,056
6,482,467,387
1,585,047,600
806,821,188
766,080,093
10,815,458,517
3.100
2013 2,693,600,191
1,312,002,800
6,753,032,784
511,297,275
806,299,478
(464,916,779)
10,588,721,199
3.100
Note: 2008 and 2009 Adjustments to Base reflect the Benson Hill Annexation
Sources:
11(ing County Department of Assessments Data; prior year data has been updated with current method of data collection via City
of Renton GIS Services
2Includes adjustements to the tax base for senior citizen exemptions, prior year omits, etc.
31ncludes Tax Exempt Property
41(ing County Assessor Annual Reports
sChange to state law (RCW 84. 40.045 and 84.40.175) by the
2013 Legislature eliminated
revaluationof government owned
Statistical Section, 7-9
2013 Comprehensive Annual Financial Report
16.0
14.0
12.0
10.0
8.0
6.0
4.0
2.0
City of Renton, Washington
TABLE 8
PROPERTY TAX RATES
DIRECTAND OVERLAPPING GOVERNMENTS
LAST TEN FISCAL YEARS
13.22755
11.50065 11.86676 11.12066 12.21369
9.77752 9.95405
A"AIIA"
LEVY
A: U
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
iiiiiiiiiiiiiiiiiiiCity oConsolidated Levy IIIIIIIIIIIIIIIIIIISpecial Districts 6..dSchool Districts -41--Total direct and overlapping
Source: King County Codes and Levies
Special Districts include Emergency Medical Services, Hospital districts, Library and Flood Zones
Statistical Section, 7-10
CITY OF RENTON
CONSOLIDATED
LEVY
SCHOOL DISTRICT
TOTAL DIRECT
KING COUNTY
KING COUNTY
Port
Total Consolidated
DEBT
BUILDING
TOTAL
TOTAL
AND
FISCAL
OPERATING
DEBT
TOTAL
State of
OPERATING
DEBT
(Operating and
Levy
SPECIAL
OPERATING
SERVICE
FUND
SCHOOL
OVERLAPPING
OVERLAPPING
YEAR
MILLAGE
SERVICE MILLAGE
CITY MILLAGE
Washington
MILLAGE
SERVICE MILLAGE
Debt)
(State, County & Port)
DISTRICTS'
MILLAGE
MILLAGE
MILLAGE
MILLAGE
MILLAGE
MILLAGE
2004
3.16022
0.08322
3.24344
2.75678
1.18279
0.24867
0.25402
4.44226
0.32917
1.60492
1.88086
-
3.48578
8.25721
11.50065
2005
3.14843
0.07861
3.22704
2.68951
1.15665
0.22564
0.25321
4.32501
0.32221
1.62332
2.36918
-
3.99250
8.63972
11.86676
2006
3.04482
0.07088
3.11570
2.49787
1.09915
0.22954
0.23330
4.05986
0.80982
1.53290
2.42680
-
3.95970
8.82938
11.94508
2007
2.82148
0.06252
2.88400
2.32535
1.08814
0.20142
0.23158
3.84649
0.76273
1.40073
2.04586
-
3.44659
8.05581
10.93981
2008
2.57052
0.05330
2.62382
2.13233
1.04278
0.16492
0.22359
3.56362
0.96354
1.26082
1.36572
-
2.62654
7.15370
9.77752
2009
2.36923
-
2.36923
1.96268
0.95271
0.14501
0.19700
3.25740
0.88686
1.42951
1.71049
0.30056
3.44056
7.58482
9.95405
2010
2.71184
-
2.71184
2.22253
1.16171
0.12328
0.21597
3.72349
0.94152
1.70401
1.69983
0.33997
3.74381
8.40882
11.12066
2011
2.83207
-
2.83207
2.27990
1.14534
0.19282
0.22366
3.84172
1.47089
1.86118
1.85585
0.35198
4.06901
9.38162
12.21369
2012
3.10000
-
3.10000
2.42266
1.21477
0.20111
0.22982
4.06836
1.41988
2.08341
2.18222
0.37368
4.63931
10.12755
13.22755
2013
3.10000
-
3.10000
2.56720
1.34165
0.19885
0.23324
4.34094
1.50331
2.49448
2.30546
0.55769
5.35763
11.20188
14.30188
Source: King County Codes and Levies
Special Districts include Emergency Medical Services, Hospital districts, Library and Flood Zones
Statistical Section, 7-10
2013 Comprehensive Annual Financial Report
N $40
o $35
$30
$25
$20
$15
$10
$5
City of Renton, Washington
TABLE 9
PROPERTY TAX LEVIES AND COLLECTIONS
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
r✓�Tax Levied —N—Collected in Year Levied
TOTALTAX
FISCAL LEVY FOR
YEAR FISCAL YEAR
2004
$ 20,451,011
2005
21,654,069
2006
22,796,225
2007
24,049,060
2008
27,188,522
2009
31,058,589
2010
32,057,010
2011
32,166,084
2012
33,333,628
2013
32,606,827
COLLECTED WITHIN THE 1
FISCAL YEAR OF THE LEVY
AMOUNT % OF LEVY
20,184,238 98.7%
21,358,689 98.6%
22,339,299 98.0%
23,585,143 98.1%
26,722,301 98.3%
30,249,856 97.4%
31,283,546 97.6%
31,538,875 98.1%
32,904,890 98.7%
32,170,706 98.7%
Sources:
1 Annual Tax Receivable Summary from King County
z Includes Collections and Levy Changes in subsequent years
100%
99%
98%
97%
96%
95%
COLLECTIONS 1'2
TOTAL COLLECTIONS TO
IN SUBSEQUENT
DATE
YEARS
AMOUNT
% LEVY
$ 266,742
$ 20,450,980
100.0%
295,452
21,654,141
100.0%
456,839
22,796,137
100.0%
457,219
24,042,362
100.0%
464,279
27,186,579
100.0%
804,552
31,054,408
100.0%
765,022
32,048,569
100.0%
560,829
32,099,704
99.8%
N/A
32,904,890
98.7%
N/A
32,170,706
98.7%
Statistical Section, 7-11
2013 Comprehensive Annual Financial Report
$7,000,000
$6,000,000
$5,000,000
$4,000,000
$3,000,000
$2,000,000
$1,000,000
City of Renton, Washington
TABLE 10
SALES TAX COLLECTIONS BY SECTOR
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2013
YRetail ■Construction 0Manufacturing ■Transportation UWholesale 9Automotive UServices HMiscellaneous
RETAIL TRADE SECTOR
Furniture
Electronics and Appliances
General Merchandise
Misc Retail Trade
Others
Subtotal Retail
OTHER SECTORS
Construction
Manufacturing
Wholesale
Automotive
Services
Miscellaneous
Subtotal - Other Sectors
Total Sales Tax
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
$ 2,205,114 $ 1,203,942 $ 1,276,644 $ 1,245,901 $ 1,199,045 $ 1,065,605 $ 1,143,289 $ 1,186,244 $ 1,320,786 $ 1,461,950
2,641,907
1,065,416
1,130,621
1,143,188
1,137,586
1,036,569
1,086,334
988,355
962,595
742,150
1,013,876
1,073,144
1,100,217
1,169,225
1,462,858
1,573,716
1,646,351
1,652,442
1,722,213
1,707,695
862,919
848,834
928,083
658,429
756,662
625,320
558,709
594,226
614,814
661,905
1,651,782
2,227,721
2,464,896
1,378,094
1,574,482
1,538,600
1,563,101
1,649,231
1,862,533
2,003,901
5,733,691
6,419,057
6,900,461
5,594,837
6,130,633
5,839,810
5,997,784
6,070,498
6,482,942
6,577,601
2,641,907
2,495,684
2,688,902
3,898,202
4,725,533
2,991,530
2,218,377
1,576,127
1,844,545
2,694,710
1,185,473
1,064,135
1,364,568
983,110
1,050,789
950,113
777,452
1,073,075
1,043,859
1,323,363
1,416,559
1,025,132
1,016,468
1,083,059
1,131,445
915,885
941,315
1,148,660
1,169,432
1,174,007
3,538,502
3,946,163
4,303,221
4,176,747
3,575,928
3,215,641
3,035,251
3,179,418
3,361,196
3,731,241
1,677,315
1,736,569
2,039,090
4,103,240
3,939,201
3,616,076
3,694,342
3,960,151
4,221,446
4,362,344
460,372
421,715
378,233
503,000
402,360
466,785
533,667
721,805
441,252
553,106
10,920,128
10,689,398
11,790,482
14,747,358
14,825,256
12,156,029
11,200,404
11,659,237
12,081,729
13,838,771
$ 16,653,819 $ 17,108,455 $ 18,690,943 $ 20,342,195 $ 20,955,889 $ 17,995,840 $ 17,198,187 $ 17,729,735 $ 18,564,671 $ 20,416,372
Source : City of Renton Finance Division
in 2007 the State of Washington changed industry classification from the Standard Industry Classification (SIC) to the North American Industry Classification System (NAICS). This change reclassified various other retail activities to
the expanded service classification.
Statistical Section, 7-12
2013 Comprehensive Annual Financial Report
$140,000,000
$120,000,000
$100,000,000
$80,000,000
$60,000,000
$40,000,000
$20,000,000
City of Renton, Washington
TABLE 11
RATIOS OF OUTSTANDING DEBT BY TYPE
LAST TEN FISCAL YEARS
Source : City of Renton Finance Division
1The percentage of Personal Income column is based on personal income of King County. (See Table 16)
2Other GO debt includes debt issued by related entities that are backed by the City's full faith and credit as well as intergovernmental loans.
Statistical Section, 7-13
2004
2005
2006 2007
2008
2009 2010
2011
2012
2013
■General Obligation
(Governmental)
9Other Long Term
(Governmental)
o Revenue (Business
-Type) 90ther
Long Term (Business -Type)
GOVERNMENTAL ACTIVITIES
BUSINESS -TYPE ACTIVITIES
GENERAL
OTHER
OTHER
TOTAL PRIMARY
PERCENTAGE
% of Actual
FISCAL
OBLIGATION
GENERAL
REVENUE
LONG TERM
GOVERNMENT
OF PERSONAL
DEBT PER
Taxable Value of
YEAR
BONDS
OBLIGATION'
BONDS
DEBT
DEBT
INCOME'
CAPITA
Property
2004
30,629,403
37,680,000
8,384,138
76,693,541
8.71%
1,385
1.159/1
2005
29,107,664
35,790,000
11,589,789
76,487,453
8.68%
1,346
1.049/c
2006
45,584,314
33,840,000
10,716,520
90,140,834
8.59%
1,545
1.089/,
2007
44,017,551
33,405,000
9,878,951
87,301,502
8.17%
1,448
0.90%
2008
41,938,000
43,310,000
8,968,894
94,216,894
8.57%
1,196
0.71%
2009
39,039,834
38,973,547
41,110,000
8,284,962
127,408,343
12.36%
1,523
0.9694
2010
36,990,612
38,511,875
36,955,000
7,357,546
119,815,033
11.26%
1,318
1.01%
2011
52,993,407
38,053,639
34,926,581
6,443,218
132,416,845
11.62%
1,430
1.15%
2012
46,743,675
36,891,722
32,492,802
5,538,929
121,667,128
10.09%
1,296
1.129/c
2013
46,103,944
35,692,283
31,208,819
4,660,282
117,665,328
N/A
1,232
1.1194
Source : City of Renton Finance Division
1The percentage of Personal Income column is based on personal income of King County. (See Table 16)
2Other GO debt includes debt issued by related entities that are backed by the City's full faith and credit as well as intergovernmental loans.
Statistical Section, 7-13
2013 Comprehensive Annual Financial Report
LEGAL DEBT MARGIN CALCULATION
Assessed value
Total assessed value
Debt limit
1.5% of General purpose limit, non -voted
1.0%General purpose limit, voted
2.5% General purpose combined limit
2.5% Utility purpose limit, voted
2.5% Open space, park and capital facilities,
Total debt limit
Debt applicable to limit
General obligation bonds
Other long term debt
Total Debt
Less: Amount set aside for repayment of general
obligation debt and contracts payable
Total net debt applicable to limit
Legal debt margin
Percentage of net debt to debt limit
Source : City of Renton Finance Division
City of Renton, Washington
Statistical Section, 7-14
TABLE 12
LEGAL DEBT MARGIN INFORMATION
LAST TEN FISCAL YEARS
Fiscal Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
$ 6,372,632,122
$
6,697,771,907
$ 7,334,476,542
$
8,370,801,505 $
9,659,677,654
$ 13,233,244,780
$ 11,884,728,440
$ 11,480,466,361
$ 10,815,458,517
$ 10,588,721,199
$ 6,372,632,122
$
6,697,771,907
$ 7,334,476,542
$
8,370,801,505 $
9,659,677,654
$ 13,233,244,780
$ 11,884,728,440
$ 11,480,466,361
$ 10,815,458,517
$ 10,588,721,199
95, 589, 482
100,466,575
110, 017,14 8
125,562,023
144, 895,165
198, 498, 672
178, 270, 927
172, 206, 995
162, 231, 878
158, 830, 818
63,726,321
66,977,719
73,344,765
83,708,015
96,596,777
132,332,448
118,847,284
114,804,664
108,154,585
105,887,212
159,315,803
167,444,298
183,361,914
209,270,038
241,491,941
330,831,120
297,118,211
287,011,659
270,386,463
264,718,030
159,315,803
167,444,298
183,361,914
209,270,038
241,491,941
330,831,120
297,118,211
287,011,659
270,386,463
264,718,030
159,315,803
167,444,298
183,361,914
209,270,038
241,491,941
330,831,120
297,118,211
287,011,659
270,386,463
264,718,030
477,947,409
502,332,893
550,085,741
627,810,113
724,475,824
992,493,359
891,354,633
861,034,977
811,159,389
794,154,090
30,629,403
29,107,664
45,584,314
44,017,551
41,938,000
39,039,834
36,990,612
52,993,407
46,743,675
46,103,944
-
-
-
-
-
38,973,547
38,511,875
38,053,639
36,891,722
35,692,283
30,629,403
29,107,664
45,584,314
44,017,551
41,938,000
78,013,381
75,502,487
91,047,046
83,635,397
81,796,227
(2,683,997)
(3,068,586)
(1,392,915)
(1,270,936)
(367,652)
(1,009,555)
(1,032,360)
(1,160,000)
(1,279,231)
30,629,403
26,423,667
42,515,728
42,624,636
40,667,064
77,645,729
74,492,932
90,014,686
82,475,397
80,516,996
$ 447,318,006
$
475,909,226
$ 507,570,013
$
585,185,477 $
683,808,760
$ 914,847,630
$ 816,861,701
$ 771,020,291
$ 728,683,991
$ 713,637,094
6.41%
5.26%
7.73%
6.79%
5.61%
7.82%
8.36%
10.45%
10.17%
10.14%
Statistical Section, 7-14
2013 Comprehensive Annual Financial Report
$1,200
$1,000
$800
$600
$400
$200
City of Renton, Washington
TABLE 13
PER CAPITA GENERAL OBLIGATION DEBT
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
NET % OF GO BOND
Statistical Section, 7-15
GENERAL
LESS:
GENERAL
DEBT TO
FISCAL
OBLIGATION
AMOUNTSl
OBLIGATION
ASSESSED 2,3
ASSESSED
PER
YEAR
DEBT
AVAILABLE
DEBT
VALUE
VALUE
CAPITA
2004
$ 30,629,403
$ -
$ 30,629,403
$ 6,697,771,907
0.46%
$ 553
2005
29,107,664
2,683,997
26,423,667
7,334,476,542
0.36%
465
2006
45,584,314
3,068,586
42,515,728
8,370,801,505
0.51%
729
2007
44,017,551
1,392,915
42,624,636
9,659,677,654
0.44%
707
2008
41,938,000
1,270,936
40,667,064
13,233,244,780
0.31%
516
2009
78,013,381
367,652
77,645,729
13,233,244,780
0.59%
928
2010
75,502,487
1,009,555
74,492,932
11,884,728,440
0.63%
819
2011
91,047,046
1,032,360
90,014,686
11,480,466,361
0.78%
972
2012
83,635,397
1,160,000
82,475,397
10,815,458,517
0.76%
878
2013
81,796,227
1,279,231
80,516,996
10,588,721,199
0.76%
843
Source:
1 City of Renton
Finance Division
Z King County
Department of Assessments
3 Population
Data can be found in
Table 16
Statistical Section, 7-15
2013 Comprehensive Annual Financial Report
Schools
64%_\
GOVERNMENTAL UNIT
City of Renton Direct Debt
TABLE 14
DIRECTAND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
Port of Seattle
:1%
City of Renton Overlapping Debt 4
King County 3
Port of Seattle
Renton School District #403
Issaquah School District #411
Kent School District #415
Fire District 10-1
Fire District 40-1
King County Library
City of Renton Overlapping Debt
Total Direct and Overlapping Debt
Sources:
1 King County Department of Executive Services
8%
City of Renton, Washington
Renton
24%
DEBT
Estimated Percent
Estimated Share of
OUTSTANDING
Applicable
overlapping debt
$ 81,796,227
100%
$ 81,796,227
$ 812,796,000
3.36%
$ 27,309,946
283,815,000
3.36%
9,536,184
306,807,998
69.08%
211,942,965
331,553,984
2.43%
8,056,762
176,796,097
0.70%
1,235,628
5,029,617
0.02%
1,001
6,839,849
42.43%
2,902,107
127,607,269
0.97%
1,237,791
$ 262,222,383
$ 344,018,610
Z King County Department of Assessments
3 King County's gross outstanding debt excludes available cash in debt service funds, proprietary -type debt, debt financed from component
unit, and hotel/motel tax debt.
4 Overlapping percentages are determined by checking within the levy codes of the reporting district to see which taxing districts overlap
with that reporting district. For example, within levy code 2100, the Renton School District and the King County Library district overlap with
the city and both have debt. Since they both have debt and they overlap with the City, those two districts are reported and the value within
that levy code is reported as overlapping with the school and library districts.
Statistical Section, 7-16
2013 Comprehensive Annual Financial Report
WATER AND SEWER REVENUE BONDS:
20,000,000
18,000,000
16,000,000
14,000,000
12,000,000
10,000,000
8,000,000
6,000,000
4,000,000
2,000,000
0
Fiscal
Year
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
City of Renton, Washington
TABLE 15
PLEDGED -REVENUE COVERAGE
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
M Water and Sewer Net Revenue available for debt service o Debt Service 0 Coverage
Revenue Debt Service
2.86
2.17 6.78
1
3.61
3.82
3.61
1,477,124
without
Available for
2.86
Revenue
Depreciation
Debt Service
Principal
27,301,230
18,325,863
8,975,367
1,475,000
27,889,360
18,892,824
8,996,536
1,630,000
27,750,508
18,850,225
8,900,283
1,680,000
1
22,020,642
10,866,630
M
32,152,413
M
8,385,976
r
34,795,614
26,894,033
FM
1,890,000
rM
28,183,489
M
2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
M Water and Sewer Net Revenue available for debt service o Debt Service 0 Coverage
Revenue Debt Service
Ratio
Interest
Expenses
Net Revenue
3.61
1,477,124
without
Available for
2.86
Revenue
Depreciation
Debt Service
Principal
27,301,230
18,325,863
8,975,367
1,475,000
27,889,360
18,892,824
8,996,536
1,630,000
27,750,508
18,850,225
8,900,283
1,680,000
32,887,272
22,020,642
10,866,630
1,740,000
32,152,413
23,766,437
8,385,976
1,810,000
34,795,614
26,894,033
7,901,581
1,890,000
35,790,870
28,183,489
7,607,381
1,955,000
43,146,158
28,835,969
14,310,189
2,030,000
47,426,677
31,097,802
16,328,875
2,115,000
49,102, 621
31, 860,096
17, 242,525
1,290,000
Ratio
Interest
Coverage'
1,010,268
3.61
1,477,124
2.90
1,430,199
2.86
1,373,036
3.49
1,803,687
3.01
1,758,589
2.17
1,689,455
2.09
1,716,503
3.82
1,529,260
4.48
1,252,997
6.78
Source: City of Renton Finance Division
1 Bond financing requirements are that the average annual coverage is at least 1.25 times the average annual debt service for Water and
Sewer revenue bonds.
Z Revenue includes connection charges, system development charges, latecomer fees, and interest revenue.
Statistical Section, 7-17
2013 Comprehensive Annual Financial Report
10%
9%
8%
7%
6%
5%
4%
3%
2%
1%
0%
TABLE 16
DEMOGRAPHIC AND ECONOMIC STATISTICS
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008 2009 2010 2011
--*--King County Unemployment Rate --I0—City of Renton Unemployment Rate
POPULATION 1
FISCAL
YEAR KING COUNTY RFNTnN
PER CAPITA
PERSONAL PERSONAL
INCOME INCOME
KING COUNTY KING COUNTY
SCHOOL
ENROLLMENTS
MEDIAN RENTON SCHOOL
AGE DISTRICT
City of Renton, Washington
2012 2013
UNEMPLOYMENT
RATE
KING COUNTY RFNI
2004 1,775,297 55,360 89,382,811,000
50,348
36.60
13,062
5.2%
2005 1,795,268 56,840 89,432,163,000
49,815
36.83
13,192
4.7%
2006 1,822,967 58,360 99,609,451,000
54,641
36.93
13,397
4.2%
2007 1,847,986 60,290 106,693,888,000
57,735
36.97
13,570
3.6%
2008 1,875,020 78,780 109,927,858,000
58,628
37.00
13,836
4.4%
2009 1,912,012 83,650 103,120,593,000
53,933
37.08
13,977
8.6%
2010 1,937,809 90,927 106,401,739,000
54,908
37.24
13,600
9.1%
2011 1,971,602 92,590 113,922,436,000
57,782
37.40
14,440
8.2%
2012 2,007,440 93,910 120,627,950,000
60,090
37.72
14,590
6.8%
2013 1,981,900 95,540 N/A
N/A
37.70
14,783
5.2%
Sources:
1 Washington State Office of Financial Management - prior year data updated to reflect actuals
where adjusted
2 U.S. Bureau of Economic Analysis - prior year data updated to reflect actuals where adjusted
3 U.S. Bureau of Economic Analysis.
4 Washington State Office of Financial Management
5 Enrollment is based on entire Renton School District, which includes schools
located outside
city boundaries
but excludes
schools of Kent
and Issaquah school districts located within Renton city limits.
6 US Bureau of Labor Statistics; annual rates, not seasonally adjusted
5.5%
5.0%
4.3%
3.7%
4.6%
9.2%
7.8%
7.0%
6.0%
4.9%
Statistical Section, 7-18
2013 Comprehensive Annual Financial Report
EMPLOYER
Boeing Company
Valley Medical Center
DOT - Federal Aviation Administration
Renton School District No. 403
Providence Wa Regional Svcs
PACCAR
City Of Renton
Providence Health & Services
Convergent Outsourcing Inc
Puget Sound Educational Services Dist #121
Walmart
Er Solutions
City of Renton, Washington
TABLE 17
PRINCIPAL EMPLOYERS
2013
2004
EMPLOYEES RANK
CITY
EMPLOYEES
RANK
14,667 1
31.29%
10,448
1
2,187 2
4.67
1,630
2
1,480 3
3.16
850
6
1,401 4
2.99
1,350
4
1,245 5
2.66
---
---
1,005 6
2.14
1,370
3
705 7
1.50
889
5
430 8
0.92
---
---
368 9
0.79
---
---
364 10
0.78
---
---
--- ---
---
442
7
Ikea ---
Fry's Electronics ---
Total Principal Employers 23,852
Total All other employers 23,018
Total Employees working within Renton 46,870
Source: City of Renton Business license records and individual inquiries
391 8
--- --- 355 9
--- --- 354 10
50.89% 18,079
49.11% 17,519
100.00% 35,598
CITY
29.35%
4.58
2.39
3.79
3.85
2.50
1.24
1.10
1.00
0.99
50.79%
Statistical Section, 7-19
2013 Comprehensive Annual Financial Report City of Renton, Washington
FUNCTION
General Government
Public Safety
Police
Commissioned Officers
Util Non -Commissioned Officers
Fire
Commissioned Officers
Non -Commissioned Officers
Public Works
Administration
Transportation Systems
Utility Systems
Maintenance Services
Culture and Recreation
Parks/Recreation/Facilities/Human Svs
Library
Museum
Golf Course
Total
TABLE 18
FULL TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
LAST TEN FISCAL YEARS
2004
2005
2006
2007
20081
20092
20103
2011
2012°
2013
97.5
94.5
89.5
95.0
155.6
163.8
143.3
143.5
147.3
135.4
89.0
91.0
97.0
122.0
124.0
121.0
123.0
123.0
123.0
121.5
41.2
43.2
42.2
49.2
51.2
46.4
44.4
28.4
28.4
28.4
106.0
106.0
106.0
109.0
118.0
137.0
136.0
145.0
145.0
140.0
13.0
13.0
14.0
16.0
17.0
18.0
16.0
16.0
16.0
16.0
42.7
42.5
46.5
49.0
4.0
3.5
3.0
3.0
3.0
3.0
34.5
34.5
35.5
40.5
41.0
37.0
33.0
33.0
33.0
31.0
20.8
20.8
24.8
29.3
36.7
37.7
29.5
29.5
25.5
23.5
62.0
62.0
64.1
71.0
88.0
83.0
78.0
78.0
80.0
80.0
77.5
76.5
76.5
81.0
89.5
86.3
81.8
82.8
83.6
80.0
14.0
13.0
13.0
14.0
14.0
15.0
0.0
0.0
0.0
0.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
10.0
10.0
10.0
10.0
10.0
9.5
9.5
9.5
9.5
9.5
609.2
608.0
620.0
687.0
750.0
759.2
698.5
692.7
695.2
669.3
Source: City of Renton Finance Division
1 In 2008, development services moved from public works to community and economic development which is listed under general government.
2 In 20 Utilities
a reorganization of staffing from the Finance and Information Services Department and the Mayors Office
3 Operations of the Renton libraries transferred to King County Library System (KCLS) in 2010 as a result of voter -approved annexation
4 Farmer's Market Program was moved from Community and Economic Development Department to Community Services Department in 2012.
Statistical Section, 7-20
2013 Comprehensive Annual Financial Report
FUNCTION
Public Safety
Police
Physical arrests
Parking violations
Traffic violations
Photo Enorcement Violations
Fire
Number of calls answered
Inspections
Transportation
Street resurfacing (miles)
Solid Waste Utility
Recyclables collected (tons/yr)
Culture and Recreation
Athletic field attendance
Community Center admissions
Waterworks Utility
Metered connection
Average daily consumption
(thousands of gallons)
Peak daily consumption
(thousands of gallons)
Source: City of Renton
TABLE 19
OPERATING INDICATORS BY FUNCTION
LAST TEN FISCAL YEARS
2004 2005 2006 2007 2008
City of Renton, Washington
2009 2010 2011 2012 2013
4,280 4,590 2,489 2,925 3,580 3,748 3,464 2,810 1,968 1,725
3,733 3,575 3,520 5,995 5,117 6,795 4,748 4,757 4,855 4,799
10,963 12,866 10,172 9,148 10,705 14,220 13,829 8,805 7,943 8,388
--- --- --- --- 13,342 27,509 21,157 21,301 22,036 15,733
8,984 9,202 10,096 10,159 12,402 12,840 13,045 12,752 13,667 13,848
2,539 3,438 3,505 3,197 2,772 2,968 2,620 2,300 1,807 689
3.67 3.69 3.86 1.59 2.59 3.08 2.65 2.07 2.19 0.00
4,920 4,934 4,843 5,004 5,395 9,653 9,836 12,565 13,509 13,616
156,707 155,000 155,000 91,053 93,000 93,000 93,000 93,000 94,000 94,000
172,537 177,761 177,761 162,476 155,000 150,000 150,000 150,000 155,000 155,000
15,379 16,585 16,668 16,958 17,172 17,295 17,368 17,370 17,422 17,422
7,635 7,306 7,999 8,008 7,388 7,585 6,750 6,650 6,483 6,553
14,248 13,025 15,271 14,750 12,739 14,814 12,826 12,476 11,445 12,361
Statistical Section, 7-21
2013 Comprehensive Annual Financial Report
TABLE 20
CAPITAL ASSETS STATISTICS BY FUNCTION
LAST TEN FISCAL YEARS
City of Renton, Washington
1Includes Natural Area acreage, and developed/undeveloped park acreage for Neighborhood Parks, Community Parks, Regional Parks, Special Use
Parks and Corridors
2Developed Neighborhood, Community, Regional and Special Use Parks only. Two new parks were part of Benson Hill Annexation not previously
accounted for - Parkwood South Div #3 and SE 186th Place Properties
Source: City of Renton Departments
Statistical Section, 7-22
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
FUNCTION
Public safety
Police Stations
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
Police Patrol Districts
7.0
7.0
7.0
7.0
10.0
10.0
10.0
10.0
10.0
10.0
Fire stations
5.0
5.0
5.0
5.0
6.0
6.0
6.0
6.0
6.0
6.0
Transportation
Street (miles)
213.7
218.0
224.6
233.7
263.8
263.8
264.5
266.1
266.1
266.1
Streetlights
3,063
3,149
3,283
3,496
3,726
3,864
3,935
4,015
4,172
4,182
Culture and recreation
Parks acreage
1,158.0
1,158.0
1,160.0
1,160.0
1,181.0
1,183.0
1,183.0
1205.81
1,210.0
1,211.0
Parks
26.0
26.0
26.0
28.0
29.0
30.0
30.0
32.02
32.0
32.0
Swimming pools
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
Tennis courts
17.0
17.0
17.0
17.0
17.0
17.0
17.0
17.0
17.0
17.0
Community centers
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
1.0
Waterworks Utility
Water mains (miles)
291.1
293.0
295.0
300.0
304.0
305.0
305.0
305.0
306.0
308.0
Fire hydrants
3,274
3,374
3,440
3,544
3,602
3,624
3,651
3,639
3,655
3,670
Sanitary sewers (miles)
189.6
193.3
204.9
206.3
215.7
216.4
217.7
219.3
219.9
223.4
Storm sewers (miles)
209.7
214.8
219.7
222.3
267.5
273.8
274.9
276.1
278.5
282.0
1Includes Natural Area acreage, and developed/undeveloped park acreage for Neighborhood Parks, Community Parks, Regional Parks, Special Use
Parks and Corridors
2Developed Neighborhood, Community, Regional and Special Use Parks only. Two new parks were part of Benson Hill Annexation not previously
accounted for - Parkwood South Div #3 and SE 186th Place Properties
Source: City of Renton Departments
Statistical Section, 7-22
Y
RENTON�
AHEAD OF THE CURVE