2012 Comprehensive Annual Financial Report - the City of Tukwila

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CITY OF TUKWILA: 2012 CAFRLETTER OF TRANSMITTALIn December 2012, the City adopted its first Strategic Plan which will guide our actions andinvestments for many years. The process was led by a Steering committee, comprised ofcommunity representatives and a staff committee who helped identify the community’s visionand translate it into five goals. These five goals, describing the desired future of Tukwila,comprise the following: A community of inviting neighborhoods & vibrant business districts A solid foundation for all Tukwila residents A diverse & regionally competitive economy A high performing and effective organization A positive community identity and imageThe Southcenter Parkway Extension project, widening the two lane roadway to five lanesbetween South 180 th and South 200 th Street, was completed and the road re-opened inDecember 2012. This roadway expansion provides the infrastructure needed for futuredevelopment of the Tukwila South area bringing new businesses, housing and jobs into theregion.Groundbreaking at the Tukwila Village site at South 144 th Street and Tukwila InternationalBoulevard is planned for the fall of 2013. Stakeholders have developed a conceptual site planfor location of the buildings and parking. In addition, key deal terms were approved and TukwilaCity Council approved the main agreement in October 2012. Tukwila Village will be home to anew King County Library, senior housing, Neighborhood Resource Center, retail shops, healthclinic and plaza/park, and will create a special place for this important area.The Boeing Access Road is a key east/west arterial that serves our north manufacturingindustrial center. The bridge over the Burlington Northern and Union Pacific railroads is nearthe end of its serviceable life. Lost capacity of this critical City and regional facility would createa negative impact to an employment center, an international airport, and a regional hub. Tohelp fund the rehabilitation of the bridge structure, Council accepted a $9.7 million federal grant.In March 2013, Council approved a proposed development agreement for the former Circuit Citysite on Andover Park East. The proposal includes several buildings with approximately 170hotel rooms, 300 residential units and space for retail business.On June 24, 2013, groundbreaking for the construction of a $46 million permanent TukwilaSounder commuter rail station took place. When complete, the permanent station will replace atemporary structure and offer double the amount of parking, improved transit connections, andimproved passenger shelters among other benefits. The temporary Tukwila Station currentlyservices more than 1,300 weekday boardings on average.Outside of the development arena, revenue growth is predicted to continue at a slow but steadyrate. As expenses outside of the City’s control increase, such as pension plan contributions andcontractual increases in salaries and benefits, determining how resources will be distributed tomeet expanding needs will remain a challenge.As Tukwila moves forward, economic conditions will be continually monitored and adjustmentsto City spending and services made to maintain the City’s financial health. Long-term plans will6
CITY OF TUKWILA: 2012 CAFRLETTER OF TRANSMITTALbe focused on ensuring the City continues to be an economically strong and viable City. OurStrategic Plan will help us draw on and enhance the strengths of individual neighborhoods andgroups and build stronger relationships with our stakeholders.III.OTHER RELEVANT INFORMATIONA. INDEPENDENT AUDITState law requires an annual audit of all City books of accounts and financial records by theOffice of the State Auditor, which is headed by an independently elected State official, the StateAuditor. The Auditor has broad legal authority to inquire into all financial and legal compliancematters and such audits are considered equal to audits by certified public accounting firms. The2012 financial audit of the City is complete and was conducted in conformance with GenerallyAccepted Auditing Standards. The financial statements of all City funds have been included inthis audit. The City has been given an unqualified opinion for 2012. Please see the Auditor’sReport. The State Auditor’s Office also audits the City’s administration of its federal grantsunder the single audit concept. There were no instances of questioned costs as part of theCity’s single audit for 2012.B. MANAGEMENT DISCUSSION AND ANALYSISAccounting principles generally accepted in the United States of America require thatmanagement provide a narrative introduction, overview and analysis to accompany the basicfinancial statements in the form of Management’s Discussion and Analysis (MD&A). This letterof transmittal is designed to complement the MD&A and should be read in conjunction with it.Tukwila’s MD&A can be found immediately following the independent auditor’s report.C. AWARDSThe Government Finance Officers Association of the United States and Canada (GFOA)awarded a Certificate of Achievement for Excellence in Financial Reporting to the City ofTukwila for its comprehensive annual financial report for the fiscal year ended December 31,2011. This was the 25th consecutive year that the government has achieved this prestigiousaward. In order to be awarded a Certificate of Achievement, a government must publish aneasily readable and efficiently organized comprehensive annual financial report. This reportmust satisfy both generally accepted accounting principles and applicable legal requirements.A Certificate of Achievement is valid for a period of one year only. We believe that our currentcomprehensive annual financial report continues to meet the Certificate of AchievementProgram’s requirements and we are submitting it to the GFOA to determine its eligibility foranother certificate.7
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2012 Comprehensive Annual Financial Report - the City of Tukwila

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