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HomeMy WebLinkAbout21.Comprehensive Financial Reports 2007-2013EXHIBIT C‐21    Y a\= LL / 1 CITY OF RENTON 2007 COMPREHENSIVE ANNUAL FINANCIAL REPORT For Year Ended December 31, 2007 Michael E. Bailey, CPA, Administrator Linda M. Parks, CPA, CGFM, Fiscal Services Director Finance & Information Services City of Renton 1055 South Grady Way Renton, Washington 98057 425) 430-6858 Website: www.rentonwa.gov 2007 Comprehensive Annual Financial Report City of Renton, Washington The independent audit of the City of Renton's financial statements is part of a broader, federally mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also the City's internal controls and compliance to legal requirements with special emphasis on internal controls and legal requirements involving the administration of federal grant programs. The City's Single Audit Report is issued separately and is available upon request or directly from the Washington State Auditor. Another State mandate requires the Washington State Auditor's Office to perform additional tests of compliance with State laws and regulations as required by RCW 43.09.260. This statute requires the State Auditor to inquire as to whether the City complied with the laws and the Constitution of the State of Washington, its own ordinances and orders, and the requirements of the State Auditor's Office. The City's State compliance report is also available upon request and from the Washington State Auditor. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of the Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the independent auditor's report. THE CITY OF RENTON AND ITS SERVICES The City of Renton was incorporated on September 6, 1901. Located at the south end of Lake Washington, our City borders the City of Seattle to the north. We currently have a land area of 18.19 square miles. We have over 1,160 acres of parks that includes 28 active parks. As presented by the Washington State Office of Financial Management, our 2007 population was 60,290. 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 and implement the policies established by the seven -member City Council. The Council establishes policies, appropriates monies through the budget process, and adopts local laws through ordinances. Each Councilmember serves a four-year term and they are elected on a staggered two-year cycle. Both the Council and the Mayor are elected on a non-partisan basis. The City is a general-purpose governmental entity and provides the full range of municipal services allowed by statute or charter. These services include police, fire/emergency, water, wastewater, stormwater, street construction and maintenance, planning and zoning, libraries, 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 rights and most of the water provided to its customers comes from its own groundwater supply. The City's sewage is treated by King County, but the City is responsible for transferring and maintaining the 1-2 Introduction City of ti Y o O City of Renton, Washington Comprehensive Annual Financial Report For the year ended December 31, 2008 rentonwa.gov RENTON AHEAD OF THE CURVE 2008 Comprehensive Annual Financial Report City of Renton, Washington The independent audit of the City of Renton's financial statements is part of a broader, federally mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also the City's internal controls and compliance to legal requirements with special emphasis on internal controls and legal requirements involving the administration of federal grant programs. The City's Single Audit Report is issued separately and is available upon request or directly from the Washington State Auditor. Another State mandate requires the Washington State Auditor's Office to perform additional tests of compliance with State laws and regulations as required by RCW 43.09.260. This statute requires the State Auditor to inquire as to whether the City complied with the laws and the Constitution of the State of Washington, its own ordinances and orders, and the requirements of the State Auditor's Office. The City's State compliance report is also available upon request and from the Washington State Auditor. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of the Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the independent auditor's report. THE CITY OF RENTON AND ITS SERVICES The City of Renton was incorporated on September 6, 1901. Located at the south end of Lake Washington, our city borders the City of Seattle to the north. We currently have a land area of 22.24 square miles. We have over 1,181 acres of parks that includes 29 active parks. As presented by the Washington State Office of Financial Management, our 2008 population was 80,708. 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 and implement the policies established by the seven -member City Council. The Council establishes policies, appropriates monies through the budget process and adopts local laws through ordinances. Each Councilmember serves a four-year term and they are elected on a staggered two-year cycle. Both the Council and the Mayor are elected on a non-partisan basis. The City is a general-purpose governmental entity and provides the full range of municipal services allowed by statute or charter. These services include police, fire, emergency medical, street construction and maintenance, planning and zoning, libraries, 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 rights and does not purchase water from outside sources. The City's sewage is treated by King County, but Introduction, 1-2 zoos LoMprehensl' Innual Financial Rena Allir Al a`. ' R`.`- EX.:' . A ' 1'• .. r a i ':rx -va i 4 v.c1#e --- I r 1i 1 City of VE RENTON. AHEAD OF THE CURenton Renton City Hall • 1055 South Grady Way • Renton, Washington 98057 • rentonwa.gov 2009 Comprehensive Annual Financial Report City of Renton, Washington reasonable basis for issuing an unqualified opinion that the City of Renton's financial statements for the fiscal year ended December 31, 2009, are fairly presented in conformity with GAAP. The State Auditor's report is included as the first component of the financial section of this report. The independent audit of the City of Renton's financial statements is part of a broader, federally mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also the City's internal controls and compliance to legal requirements with special emphasis on internal controls and legal requirements involving the administration of federal grant programs. The City's Single Audit Report is issued separately and is available upon request or directly from the Washington State Auditor. Another State mandate requires the Washington State Auditor's Office to perform additional tests of compliance with State laws and regulations as required by RCW 43.09.260. This statute requires the State Auditor to inquire as to whether the City complied with the laws and the Constitution of the State of Washington, its own ordinances and orders, and the requirements of the State Auditor's Office. The City's State compliance report is also available upon request and from the Washington State Auditor. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of the Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the independent auditor's report. THE CITY OF RENTON AND ITS SERVICES The City of Renton was incorporated on September 6, 1901. Located at the south end of Lake Washington, our city borders the City of Seattle to the north. We currently have a land area of 23.38 square miles. We have over 1,183 acres of parks that includes 30 active parks. As presented by the Washington State Office of Financial Management, our 2009 population was 83,650. 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 and implement the policies established by the seven -member City Council. The Council establishes policies, appropriates monies through the budget process and adopts local laws through ordinances. Each Councilmember serves a four-year term and they are elected on a staggered two-year cycle. Both the Council and the Mayor are elected on a non- partisan basis. The City is a general-purpose governmental entity and provides the full range of municipal services allowed by statute or charter. These services include police, fire, emergency medical, Introduction, 1-2 City of Renton 2010 Comprehensive Annual F*inanc*ial Report CITY OF RENTON 2010 COMPREHENSIVE ANNUAL FINANCIAL REPORT For Year Ended December 31, 2010 Iwen Wang, Administrator Gina Jarvis, CPA, Fiscal Services Director Finance and Information Technology Department City of Renton 1055 South Grady Way Renton, Washington 98057 425) 430-6858 Website: www.rentonwa.gov 2010 Comprehensive Annual Financial Report City of Renton, Washington GAAP. The State Auditor's report is included as the first component of the financial section of this report. The independent audit of the City of Renton's financial statements is part of a broader, federally mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also the City's internal controls and compliance to legal requirements with special emphasis on internal controls and legal requirements involving the administration of federal grant programs. The City's Single Audit Report is issued separately and is available upon request or directly from the Washington State Auditor. Another State mandate requires the Washington State Auditor's Office to perform additional tests of compliance with State laws and regulations as required by RCW 43.09.260. This statute requires the State Auditor to inquire as to whether the City complied with the laws and the Constitution of the State of Washington, its own ordinances and orders, and the requirements of the State Auditor's Office. The City's State compliance report is also available upon request from the Washington State Auditor. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of the Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the independent auditor's report. THE CITY OF RENTON AND ITS SERVICES The City of Renton was incorporated on September 6, 1901. Located at the south end of Lake Washington, our city borders the City of Seattle to the north. We currently have a land area of 23.79 square miles. We have over 1,183 acres of parks that includes 30 active parks. As presented by the Washington State Office of Financial Management, our 2010 population was 86,230. 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 and implement the policies established by the seven -member City Council. The Council establishes policies, appropriates monies through the budget process and adopts local laws through ordinances. Each Councilmember serves a four-year term and they are elected on a staggered two-year cycle. Both the Council and the Mayor are elected on a non- partisan basis. The City is a general-purpose governmental entity and provides the full range of municipal services allowed by statute or charter. These services include police, fire, emergency medical, street construction and maintenance, planning and zoning, libraries, parks and recreation, municipal court, and general administrative services. Introduction, 1-2 14; City of Renton 2011 om re ensive Annuainancia eport I 0 AM MUM MENU ---ti City of RENTON. AHEAD OF THE CUPVE trw% lnRen 0 Renton City Hall 9 1055 South Grady Way o Renton, Washington 98057 0 rentonwa.gov Printed by Print & Mail Services, City of Renton Cover photo by Denis Law CITY OF RENTON 2011 COMPREHENSIVE ANNUAL FINANCIAL REPORT For Year Ended December 31, 2011 Iwen Wang, Administrator Jamie Thomas, Fiscal Services Director Administrative Services Department City of Renton 1055 South Grady Way Renton, Washington 98057 425) 430-6858 Website: www.rentonwa.gov 2011 Comprehensive Annual Financial Report City of Renton, Washington GAAP. The State Auditor's report is included as the first component of the financial section of this report. The independent audit of the City of Renton's financial statements is part of a broader, federally mandated "Single Audit" designed to meet the special needs of federal grantor agencies. The standards governing Single Audit engagements require the independent auditor to report not only on the fair presentation of the financial statements, but also the City's internal controls and compliance to legal requirements with special emphasis on internal controls and legal requirements involving the administration of federal grant programs. The City's Single Audit Report is issued separately and is available upon request or directly from the Washington State Auditor. Another State mandate requires the Washington State Auditor's Office to perform additional tests of compliance with State laws and regulations as required by RCW 43.09.260. This statute requires the State Auditor to inquire as to whether the City complied with the laws and the Constitution of the State of Washington, its own ordinances and orders, and the requirements of the State Auditor's Office. The City's State compliance report is also available upon request from the Washington State Auditor. GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of the Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City's MD&A can be found immediately following the independent auditor's report. THE CITY OF RENTON AND ITS SERVICES The City of Renton was incorporated on September 6, 1901. Located at the south end of Lake Washington, our city borders the City of Seattle to the north. We currently have a land area of 23.79 square miles. We have over 1,183 acres of parks that includes 30 active parks. As presented by the Washington State Office of Financial Management, our 2011 estimated population was 92,590. 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 and implement the policies established by the seven -member City Council. The Council establishes policies, appropriates monies through the budget process and adopts local laws through ordinances. Each Councilmember serves a four-year term and they are elected on a staggered two-year cycle. Both the Council and the Mayor are elected on a non- partisan basis. The City is a general-purpose governmental entity and provides the full range of municipal services allowed by statute or charter. These services include police, fire, emergency medical, street construction and maintenance, planning and zoning, libraries, parks and recreation, municipal court, and general administrative services. Introduction, 1-2 City of Renton 2012 Comprehensive Annual F*inanc*ial Report 1 N as 6,.N--. 40 4]POO City of Re toRENTON. AHEAD OF THE CURVE • Renton City Hall • 1055 South Grady Way 0 Renton, Washington 98057 • rentonwa.gov Ji ''_ 1 + CITY OF RENTON 2012 COMPREHENSIVE ANNUAL FINANCIAL REPORT For Year Ended December 31, 2012 Iwen Wang, Administrator Jamie Thomas, Fiscal Services Director Administrative Services Department City of Renton 1055 South Grady Way Renton, Washington 98057 425) 430-6858 Website: www.rentonwa.gov 2012 Comprehensive Annual Financial Report City of Renton, Washington BUDGETARY CONTROLS 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. 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 and implement the policies established by the seven -member City Council elected at large on a non-partisan basis. With a population of 93,910 in 2012, 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 also operates a golf course. All costs of the Maplewood Golf Course are paid from 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 Introduction, 1-2 City of Renton, WA Comprehensive Annual Financial Report For the Year Ended December 31,, 2013 11 - 7'"I"M riw r s 1 o City 01 RENTON. AHEAD OF THE CURVE 'onen 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 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