2012 Comprehensive Annual Financial Report - the City of Tukwila

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CITY OF TUKWILA: 2012 CAFRNOTES TO THE FINANCIAL STATEMENTSdirection for the organization. The WCIA Executive Director reports to the Executive Committee and isresponsible for conducting the day to day operations of WCIA.The City insures its buildings, equipment, and vehicle property insurance with WCIA. They self-fund upto $250,000 with standard property insurance purchased above that amount. Travelers insures boilermachinery and Anderson & Black Insurance insures employee dishonesty coverage.The City of Tukwila has a Risk Management and a Safety Committee to oversee risk management. Inaddition, the WCIA provides support for a proactive risk analysis program and a loss control manual.There were no significant reductions in insurance coverage in the past year. During the year underaudit and in the past three years, no settlement has exceeded insurance coverage.The City self-insures for unemployment benefits. This is budgeted each year and has not exceeded$60,000 per year. This expense is budgeted in department 20 within the general fund and no reservesare allocated because of the limited liability and historical cost.The City also self-insures for medical, dental and other health care benefits. A third-party administrator,Healthcare Management Administrators, Inc., provides claims administration. The City has a stop-losspolicy with Sun Life Insurance Company, which provides individual limits of $125,000 and a plan limit of$7,480,385 in 2012. Each fund contributes an appropriate amount each year to pay premiums andclaims. Liabilities include an actuarially determined amount for claims that have been incurred but notreported (IBNR’s) and a contingency reserve equal to 2.5 times the IBNR reserve.The following table reflects changes in the balances of claims liabilities for 2012 and 2011.ITEMSUMMARY OF HEALTH CARE CLAIM LIABILITIESHealthBenefitInsurance2012HealthBenefitInsurance2011Insurance –LEOFF I 2012Insurance –LEOFF I 2011Claims Liabilities at Beginning of Year $ 1,499,600 $ 1,155,647 $ 193,200 $ 97,401Claims expenses:Current year and changes in estima 4,426,949 4,300,120 426,251 249,957Claims payments and expenses (4,082,996) (4,312,224) (303,351) (277,058)Claims Liabilities at End of Year $ 1,843,553 $ 1,143,543 $ 316,100 $ 70,300NOTE 15 – SUBSEQUENT EVENTSOn February 1, 2013 the City sold a $1 million limited tax general obligation bond to Cashmere ValleyBank in a private sale. The City and the Tukwila Metropolitan Park District (MPD) entered into aninterlocal agreement for the City to loan the proceeds to the MPD. The proceeds will be used to pay forimprovements to the pool and related facilities owned by the MPD. The MPD will repay the loan ininstallments equal to the debt service payments required by the City. The bonds will be paid back over10 years with the first payment due June 1, 2013 and the final payment due December 1, 2022.102
CITY OF TUKWILA: 2012 CAFRREQUIRED SUPPLEMENTAL INFORMATIONCITY OF TUKWILA, WASHINGTONSCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESBUDGET AND ACTUALGENERAL FUNDFOR THE YEAR ENDED DECEMBER 31,2012VARIANCE WITHORIGINAL FINAL FINAL BUDGETBUDGET BUDGET A CTUA L POSITIV E(GAAP BASIS) (GAAP BASIS) RESULTS (NEGATIVE)REVENUES:TAXES $ 40,550,620 $ 40,550,620 $ 39,840,363 $ (710,257)LICENSES AND PERMITS 1,908,566 1,908,566 1,604,594 (303,972)INTERGOVERNMENTAL 4,060,841 4,143,051 4,708,774 565,723CHARGES FOR SERVICES 2,678,400 2,700,400 2,184,369 (516,031)FINES AND FORFEITURES 213,270 213,270 220,752 7,482INVESTMENT EARNINGS 137,258 137,258 64,418 (72,840)MISCELLANEOUS 51,800 51,800 71,159 19,359TOTAL REVENUES 49,600,755 49,704,965 48,694,430 (1,010,536)EXPENDITURES:CURRENT:GENERAL GOVERNMENT 8,688,421 8,918,421 8,344,177 574,244PUBLIC SAFETY 24,566,657 25,100,635 24,907,510 193,125PHYSICAL ENVIRONMENT 1,994,094 1,994,094 1,673,956 320,138TRANSPORTATION 2,676,535 2,756,535 2,682,877 73,658ECONOMIC ENVIRONMENT 3,439,920 3,439,920 3,394,823 45,097CULTURE AND RECREATION 3,492,862 3,630,482 3,361,825 268,657CAPITAL OUTLAY 84,000 307,000 273,560 33,440TOTAL EXPENDITURES 44,942,489 46,147,087 44,638,728 1,508,359EXCESS OF REVENUES OVER EXPENDITURES 4,658,266 3,557,878 4,055,702 497,823OTHER FINANCING SOURCES (USES):SALES OF CAPITAL ASSETS 1,300,500 672,882 9,903 (662,979)BOND PROCEEDS - 1,100,000 - (1,100,000)TRANSFERS IN (Note 5) 3,298,617 2,391,235 2,330,665 (60,570)TRANSFERS OUT (Note 5) (7,444,767) (7,532,732) (5,619,148) 1,913,584LOAN TO TUKWILA METROPOLITAN PARK DISTRICT - (1,825,000) (658,706) 1,166,294TOTAL OTHER FINANCING SOURCES AND USES (2,845,650) (5,193,615) (3,937,286) 1,256,329NET CHANGE IN FUND BALANCES 1,812,616 (1,635,737) 118,416 1,754,152FUND BALANCES - BEGINNING 6,505,139 6,505,139 8,260,141 1,755,002FUND BALANCES - ENDING $ 8,317,755 $ 4,869,402 $ 8,378,557 $ 3,509,154The notes to the financial statements are an integral part of this statement.103
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