2012 Comprehensive Annual Financial Report - the City of Tukwila

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CITY OF TUKWILA: 2012 CAFRMANAGEMENT’S DISCUSSION AND ANALYSISFiduciary FundsFiduciary funds account for assets held by the City in a trustee capacity or as an agent forindividuals, private organizations, other governments or other funds. Fiduciary funds are notincluded in the government-wide financial statements because their assets are not available tosupport the City’s activities.The City has two fiduciary funds: a firemen’s pension trust fund and an agency fund, which areaccounted for on the accrual basis. As agency funds are custodial in nature, they do not includerevenues and expenses.Notes to the Financial StatementsThe notes provide additional information that is essential to a full understanding of the data providedin the government-wide and fund financial statements. The notes to the financial statements can befound at the end of the Basic Financial Statements section.Other InformationIn addition to the basic financial statements and accompanying notes, this report also presentscertain required supplementary information including a budget vs. actuals report for the City’sgeneral fund, a schedule of major/non-major special revenue funds, and a schedule of fundingprogress for the Firemen’s Pension Trust Fund and other post-employment benefits. Additionalpension benefit information is found in Note 9.The combining statements referred to earlier in connection with non-major governmental funds andinternal service funds are presented in the section titled “Fund Financial Statements and Schedules”.Government-wide Financial AnalysisAs noted earlier, net position may serve over time as a useful indicator of a government’s financialposition. For the City of Tukwila, total assets exceeded liabilities by $291 million at December 31,2012.The largest portion of the City’s net position, $253.3 million, or 87 percent, reflects its investment incapital assets (e.g., land, buildings, machinery, and equipment) less any related debt used to acquirethose assets that is still outstanding. The governmental activities net invested in capital assetsexcludes debt issued for the construction of the golf course clubhouse.The City of Tukwila uses these capital assets to provide services to citizens; consequently, theseassets are not available for future spending. Although the City of Tukwila’s investment in its capitalassets is reported net of related debt, it should be noted that the resources needed to repay this debtmust be provided from other sources, since the capital assets themselves cannot be used toliquidate these liabilities:18
CITY OF TUKWILA: 2012 CAFRMANAGEMENT’S DISCUSSION AND ANALYSISCITY OF TUKWILA NET POSITION(in thousands)Governmental Activities Business-type Activities TotalAs of 12/31/12 As of 12/31/11 As of 12/31/12 As of 12/31/11 As of 12/31/12 As of 12/31/11Current and other assets $46,928 $51,018 $12,476 $11,248 $59,403 $62,266Capital assets, net ofaccumulated depreciation 218,767 213,700 63,118 63,403 281,885 277,103Total assets 265,695 264,718 75,594 74,651 341,289 339,369Long-term liabilities 29,126 31,008 10,515 10,276 39,642 41,284Other liabilities 10,417 7,700 725 1,584 11,142 9,284Total liabilities 39,544 38,707 11,240 11,860 50,784 50,567Net positionNet investment incapital assets 203,207 199,512 52,912 52,135 253,253 248,637Restricted 2,750 5,020 430 430 3,180 5,450Unrestricted 20,194 21,479 11,011 10,226 34,071 34,714Total net position $226,151 $226,011 $64,354 $62,791 $290,504 $288,801The governmental unrestricted net assets comprise $20.2 million. The general fund unrestricted netassets are available for functions such as public safety employee salaries and supplies, park androad maintenance, and other general government services. The unrestricted net assets of businesstypeactivities, $11 million, may only be spent on activities related to one of the three City utilities(water, sewer, and surface water) or to the golf course activities. Examples of utility activities includemaintenance of water/sewer mains, pump and lift stations, storm drain flushing, and water meterreading.The $4.1 million decrease in current and other assets for governmental activities is comprised of a$1.6 million net decrease in cash and investments from the use of bond funding on the SouthcenterParkway and emergency preparedness capital purchases. The increase of $1.2 million in currentand other assets for business-type activities is comprised of an increase of $1.2 million in cash andnominal increase in investments. This increase results from a rate structure design in the utilityfunds that build reserves for major infrastructure replacement and improvement.Governmental capital assets increased by $5.1 million due to capital outlays of $12.1 million anddeveloper contributions of $23,813, offset by depreciation. The addition is due to the activities in themajor projects below:Duwamish Hill Preserve-Land, $1.1 millionArterial Street Overlay, $1.3 millionKlickitat/Southcenter Parkway/I-5 Access Revision, $2.3 millionSouthcenter Parkway Extension, $4.7 millionThe $1.9 million decrease in long-term liabilities for governmental activities is due to the $790,000increase in other post-employment benefits (OPEB) offset by principal payments on existing debt.The increase in other liabilities comprise year-end payables that were settled in 2013.Business-type activity capital assets decreased by $284,577 due to capital outlays of $1.66 millionand developer contributions of $28,253, offset by depreciation. Capital outlays primarily include smalldrainage projects and construction activity on the Southcenter Parkway extension project.19
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2012 Comprehensive Annual Financial Report - the City of Tukwila

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