annual finance report 07

8/14/2019 Annual Finance Report 07

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CITY OF SOUTHEUCLID, OHIO

COMPREHENSIVEANNUAL FINANCIAL REPORTFOR THE YEAR ENDEDDECEN{BER 1,2O()7

ISSI'EDBY THE DEPARTMENTOFFINANCEJoseph .Filippo,CPAFINANCEDIRECTOR


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Cit l ' of 'SouthEucl id,OhioC' ntpreh nsv,eAn ru F nanc a Repo lFor the YearEndedDecentber , 2007Tableof ContentsL IntroductorJ:Section Pa

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TableoiContents .. . . . . . . . . . . .' . . . . .. . .o rgan iza t ronhar t . . . . . . . . . . . . . . . . . . . . . .C i t y o f S o u t h Eu c l i d E l e c t e d a n dA p p o i n t e d C i r y ,o f f i c i a l s . .' ' .cFbAcer t incateorAchievement . . .. . . . . . ] : l : : ' : : ' ] l i ] . . . . . . . . . . . . , . . . . . . ^IL Financial Sectiorr

Independentccountants'eportManagement 's iscussionndAnalysisBasicFinancial taten-rents:

Co'u'ernment id e FinancialStatementsStatement f Net Assets 1

ttatement f ActivitiesFundFinancialStatements:

BalanceSheet Go', ,ernmentalunds .. . . . . . .Reconciiiation f TotalGovemmental undBalancesoNetAsse ts f Governn ien ta lc t iv r t ies . . . . . , . . . . . . . . . . . . . . . .Statement f Revenues. xpenditur.esndChangesnFundBalances Governmentalunds.. .Reconciliation f the Statement f Revenues. xpenditures ndChangesn FupclBa lancesf Govemn- ren ta lundso theSta tementf Ac t iv i t ies . . . . . . . . . . . . . . . . . . .7Statement f Revenues. xpenditures ndChangesnFundBalance BudgetQrlon-GA{p Basis)ai d Actual;Genera l und , . . .

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11tatementf Fiduciary ssets ndLiabir i t ies AeencvFund

Notes o theBas ic inanc ia l ta tements . . . . . . . . . . .CombiningSrarementsnd ndividual undSchedules:

CombiningStatementsNonmajorGovemmental unds:FundDesc r ip t i ons . . . . . . . . . . . . . . . . . . . . . . . .1CombiningBalance heet NonmajorGo'ernmentai unds .. . . . . . . . . .0combinrng Statement f Rer.enues.xpenditures ndchanges n


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Cit1 of South Euclid, OhioComprehensve A nnual F nancial ReportFor the YearEndedDecember3l , 2007Tableof Contents continued)

CombiningBalanceSheet NonmajorSpecialRevenue unds .......52CombiningStatement f Revenues. xpenditures ndChangesnFundBalancesNonmajorSpecial evenue unds.. . . . . . . . . . . . . . . . . .55CombiningBalanceSheet NonmajorDebt Sen,iceFunds. .. .. 58CombiningStatement f Revenues, xpenditures ndChangesnFundBalances NonmajorDebt ServiceFunds. . . ...59Combining alance heet NonmajorCapitalProjects unds.. . . . . . . . . . . . . . . . . . . . . . . . . . .60Combining Statement f Revenues, xpendituresand ChangesnFundBalances NonmajorCapitalProjects unds .. . . . . . . . . . . . . . . . . . .62

Combining Statement Agency Fund:FundDescr ip t ion . . . . . . . . . . . . . . . . . . . . . .64Statementf Changesn Assets ndLiabi l i t ies AgencyFund.. . . . . . . . . . . . . . . . . . . . . . . . . .5

lndividual Fund Schedules fRevenues,Expenditures nd Changes nFund Balance Budget Non-GAAP Basis) and Actual:Major Funds:G e n e r a lund . . . . . . . . . . . . . . . . . . . . . . . . . . . .7F loodCont ro l und . . . . . . . . . . . . . . . . . .12LandAqu is i t ion und . . . . . . . . . . . . . . .73Nonmajor Funds:Opera t ion ome mprovementund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .74COPSGrantFund . . . . . . . . . . . . . . . . . . . . .75StreetConstruct ion, aintenancendRepairFund.. . . . . . . . . . . . . . . . . . . . . . . . .76Sta te ighway und . . . . . . . . . . . . . . . . .7 '7Park ing o tsandMeters und. . . . . . . . . . . . . . . . . . . .8Swimming oo ls und . . . . . . . . . . . . .79Permissive otor VehicleLicense und . . . . . . . . . . . . . . . . . . . . . .0Po l iceRange und. . . . . . . .. . . . . . . . . . . .1Law Enforcementund. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .82FEMA Firef ighters rantFund .. . . . . . . . . . . . . . . . . .83Street ight ingFund.. . . . . . . . . . . . . . . .4Server en ta l und . . . . . . . .. . . . . . . . . . .5Po l ice ens ion und . . . . . . . .. . . . . r . . .6F i rePens ion und . . . . , . .. . . . . . . . . . . . . .7GeneralObiigat ion ondRet irement und. . . . . . . . . .88Special ssessrnentondRet irement und.. . . . . . . . . . . . . . .. 89Genera l ap i ta lmprovementsund. . . . . . . . . . . . . . . . . . . . . . . . . . . , . .90Safe ty orces eh ic le und . . .. . . . . . . . . . . . . . . . . . . .1Recreat ionmprovement und.. . . . . . . . . . . . . . . . . . .92Road mprovementund. . . . . . . . . . . . . . . . . . . . . . . . . . . . .93Sidewalk mprovement und .. . . . . . . . . . . . . .94Stanhopeark ing o t Fund.. . . . . . . . . . . . . . .. . . . . . .95I ssueI Fund . . . . . . . . . . . . . . . . . . . .. . . . . . . 96SewerRehabil i tat ionund .. . . . . .91


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Ci$ 'o f South Euc l id . Oh ioContprehettsir,ertrntaI inancialReportFor theYearEndedDecember 1'200iTabteof Contentscotttirtued)

II L statisticul SectiortStatistical ectiotiDescnPttonNe t Assets .vComponent LastEightYearsChangesn Net Assets LastSeven ears """FundBalances, overnmental unds LastNine YearsChangesn FundBalances, overnmental unds LastNine Years"IncomeTax Revenue as eandCollections LastSi x YearsIncome ax Stat ist ics OneYearAgo andSix YearsAgoPrincipal ncomeTaxpayers CurrentYearan dFour YearsAgo ""' 'Ratioof Outstanding ebt o Total PersonalncomeandDebtPer CaPita LastNine YearsRatioof General bligationBondedDebt o Estimated rue valuesandBoncierl ebt PerCapita LastNine Years'Computation f Direct an dOverlappingGovernmental

ActivitiesDebtLegalDebtMargin - LastNine YearsPr incipal mployers CunentYearandOneYearAgo"""" " 'Demographic nc lEconomicStatistics LastTen YearsCity Government mployees y Function/Program LastSix Years "'Operating ndicators y FunctioilProgram l-astSi x Years "" 'CapitalAssetsStatistics y Function?rogram Last Si x Years'

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CITY OFSOUTHEUCLID

FINANCE DEPARTivIENTJoseph . Fi l ippo,CPAl ' r ; - - -c , , - ^ t l : ; - , , ^ , . -v / . l l l u , . L c

Junc . 2008Citizensof SouthEuclid andHonorableMembersof Cib- CouncilSouthEucl id,Ohio 44121

It is my privilege o present o -vou he Ciry"of SouthEuclid's (the Cit1,)Comprehensive nnual FinancialReport (CAFR). This reportenables he Ciry to comply u,ith Ohio AdministrativeCode Section 17-2-03(B), which rcquires cportingon a G.AAP (GenerallyAccepted AccounringPrinciples)basis,and OhioRevisedCodeSection 17.38 vhich equireshe cities eportingon a CAAP basis o file anunaudited nnualreport vith he Auditor of Statewithin I 50 daysof yearend.Management ssumesul l responsibilifS'forhe completenessndreliability of the nformation ontained nthis report,based pona comprehensiverameq,ork f internalcontrol hat t hasestablishedorthis purpose.Because he cost of internalcontrol should not exceedanticipatedbenefits, he objective s to providereasonable, ather than absolute, assurance hat the financial statcmentsare free of anv materialmisstatements.Under Ohio law, regularauditsare required o be performedon all financial elatedoperations f the City'.These audits may be done by either the State Auditor's Office or, if the State Auditor permits, anindependentubl icaccount ingirm. For ' ' .heear 2007, he City of SouthEucl id vasaucl i ted i 'JamesG.Zupk4 CP A lnc. Their unqualified pinion s included n the financialsecrion f this report.Managernent's iscussion nd analy'sisMD&A) immediately ollows the indepen dent uditor's eportan dprovides a narrative ntroduction,overi'iew, and analysis of the basic financial slatements. N4D&Acomplementshi s cttcrof transmittal nd shouldbe read n coniunction 'ith t.

Reporting Entig'The Ciry of South Euclid, Ohio. is located n the nonheastportion of CuyahogaCountr,, 0 miles fromdowntown Cleveland,w'ith he cities of L1'ndhursto the east.ClevelandHeights o the west, UniversiNHeightsan dBeachu,oodo the south,and Cleveland,Euclid, and RichmondHeights o the north. The Cilvhas23,537 esidents, ccordingo the most recent ata rom the United StatesCensus ureau.The City is in the ClevelandPrirnary Met''opolitanStatisticalArea. cornprisedof the four countiesofCuvahegn,Geauga, ake and N{edin4x,hich s the l6th largest f 7i in the United Stares.The Ciry is alsoin the Cleveland-Akron-Lorain onsolidatedv{etropolitan tatisticalArea r.vhichs the I ith mostoooulousof 20 in thecountry.


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Th e ciry is a memberof the No'thernohio Risk Management ssociation. shared sk pool In addition'the Ciry particrpatesn the Tri_ciry consortium on Aging and the South Euclid-L1'ndhursr ecreatronCommissionu'hich ha l e been detenrrinedo be joint \.enrures nd the Northeastohio Public Energ,'council. the First suuurt, consor-rium f Northeait ohio council of Go'ernmentsand the HeightsAreaspecialRescue ea mri.hrchar e ointly governed rganizations.

he shared isk pool. oint 'enturesand hejointll, gor,erned rganizations rediscussedn Notei 9, 19 and20 to thebasic inancialstatements

Form of GovernmentThe Ciry operates nderand is eol,erned y,its Charter r'hich 'oters rrstacloptedn 1953an d rr.hichhasbeenamendedrom time to time- The lastamend'rent \'asmade n 2005.effecti'e 2006 The Citf is alsosrrbjecto certaing"n.,ul larr,sapplicable o ai l ohio cities. Under the ohio Constitution. he City_mayexercise , rocaiself-government nd policepoo,ers o the extent ha t noneare n conflict *'ith applicable;;;; iarvs.The Chaier alsoestablisheserlainadministrative epartments'

Th e chaner provides fo r a may'or-council or m of government'Legislativeauthoritf is vested in aseven-memberouncil. The council consists f threecouncilmembers

recteclt-large nd ou r elected 1,,r,ards. ouncrlmembersar eelected o. u fo''t ' yeal term' Eachmemberha sa right to vote' The Councifixescompensationf city officialsand.employeesnd enacts rdinances nd esolutionselating o the citysen,ices.ax levies.appropnations nd naeuteaness.icensingof regr-rlatedusine.ssesnd radesand othemunicipar urposes. i,. ir.sicringofficer s thepresident 'ho is elected y council fo r a two-year errn'

TheCi ry ,sch ie fexecu t iveandad. rn in is t r .a t i r, eo f f i ce r is theNlayorwho ise lec tedby t l ievo te rssthat office or a four_yearerm. Th e otherelected fficial is the Municipalcourt Judge, lected o a six-yeatelm.Th e Mayor appoints ll of the cl.irectorsf the Ciry departments.ncluding he Directorsof Finance, allSenice. Economic Development,communitl' Reiations and Communiry center' the BuildingizoninAdministrator nd he city Engineer.The Maior alsoappoints he chiefs

of police andFire andPoliceanFire personnel ftercompetitive ivil sen'iceexarninations'The Mayor alsoappointsmembers o a numbeof boardsand commissions. nd in accordance.r'ith ivil service equirements. ay remo'e al l appointeofficialsandemployees. xceptCouncilofficersan demployees'The Muyot may vetoan y egislation assby council, bu t Councilmay fvemde a vetoby a voteof five Councilmembers.

l n l g g 4 . t h e r es p o n s i b i i i t i e s o fS a f e t y D i r e ct o r r r ' e r ef f a n s f e t re d t o t h e M a y o r. T h i s m o v e u ' a se s t a b i i s h a S f l o n g e r b o n < l b e n v e e n t h e H , t a y o , a n d t h e s a f e t y f o r c e s . T h e M a y o r t o o k o n t hSafetyDirector vith no additional emuneratlon'CitY Services

Th e Ciry providesbasic sen'ices o its resiclentsnclr-rding olice an d fire protection'parksand recreati

planning. oning. treetmaintenance nd epair. efuse olieition' municipalcourtandgeneral dminisffatsen'ices.TheCiry of Cleveland rovides iaterandseq'er en'iceso theCiry's residents'

The South Euciid-LyndhurstRecreationCommission organizesplogl?Tt, fo r cit'v residents' Thcommission s a eo'emmental oint venfureamong he city of Soutirpuitlo. th e ciry of Lpdhurst and hSouthEucrid_Lyndhurst iry SchoolDisn-ict. Each entiry supporrshe commission hrough undspaidthecommisstonandeachhasaccesso theyear-round ctivities nd classes'


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EconomicCondit ionand Out lookThe City is primarily a residential community u'ith a preponderance f single family homes. A majomedical faciliry, University SuburbanHealth Care,provides qualiqvheaithcare o South Euclid residentsau'ell as o our neighboringcommunities. South Euclid is home o Notre Dame College.a private, our-yeainstituteof higher eaming. The following industr-ies re vital to the City's financialconditionandcontributto the stableeconomic onditionof the City: Aero Conffoiex,Division of Transdigm. nc. s a Fortune50company w'hich manufactures custom components for the aerospace ndustry; Glastic Corporatiomanufactures hermoset olymersused n appliances;Gent N{achineCompanymanufacfures utomotiveanaircraftcomponents.Several etail shoppingcenters n South Euclid are available or the City's residents. Theseshoppingcenterare among he major tax contributors ,r,ithinhe City. In 2001, he City welcomeda new 14,000square ooshoppingcenterat the ntersection f Mayfield andGreen,which is anchoredby CVS. This supplementsheexisting Mayfield Road-GreenRoadshoppingcenter hat housesnumerous etail stores. This shoppingareincludesMarc's discountstore and BlockbusterVideo. Th e second-largesthoppingarea n the City ilocatedat CedarRoadbetweenWarrensville and Fenwick Roads. The City has purchased he property anis currently planning for the center's conversion from a strip mall to a mixed-use residentialand retaproject. Another small shoppingcenter s located n the northern section of the City known as GlengatShopping Center and houses hirteen retail stores. A smaller strip of stores s locatedon Cedar and GreeRoads.During 2007, the Building Deparfment ssued building permits for several commercial and educationschoolprojects. Two of the largerprojects nvolveda 30,000square oo t expansion f ciassroom pace othe Greenview Elementary School and the addition of a new gl.mnasium and locker room facility toMemorial Junior High School. The City saw the completionof many projects hat got underway during thecalendaryear of 2006; theseprojects included the completion of a new Dunkin Donuts store and a newbranchbank for Fifth Third Bank. One PlannedUnit ResidentialDevelopment PLIRD) known as NovickyCourt that began in 2006 completed ts constructionof 14 new dwelling units structuresby the end oAugust. Another PURD continuedbuilding out its developmentof eight new homesout of a total of eleveproposed housing units. Our newest development, Cutters Creek completed the installation of theinfrastructureand began building six dwelling units out of a proposed orff eight during the later part o2007. Notre Dame Collegeexperienced umerous nterior alterations hroughout he campusand began heiapprovalprocess or new buildingsthat will begin construction n 2008. For existing commercialbuildingsthe City administers BusinessMaintenancenspectionprogramwhich identifies maintenanceelated ssuethat need o be brought nto compliancewith our building codes. This program helps o maintain he valuewithin our community.In residential areas, homeownerscarefully maintain their properry, which increase properry value andenhance he appearance f the City's neighborhood. To encourage ndividual upkeep, he City continues oadminister its exterior residential properly maintenanceprogram. This program establishesminimumstandardsgoveming the maintenanceof dwelling structures,which allows the City to work to creatneighborhoodshat are enjoyable o inhabit. Without the support of properfy ownerswho have a geiuineconcem or the communify, he goalsof the program could not be reached. Under the program,eachyear aspecific reaof theCity is selectedor inspectionwith an annual verage f 1500home nspections.With an increase n fo reclosed roperries hroughoutour region,much of our efforts were focusedon vacanand abandoned roperties. Working with County grant fi.nds, he Building Departmentwasable o demolisa few condemned ropertiesand fix violationson over eight homes n the community. During the past yearresidents ave improved heir homesby alterations nd additionsvalued at $5,288.766. A total of 890permits were issued n 2007, which included 63 commercialpermits for additionsor improvementsotaling$14,281,819.The Ciry is emphasizing nforcement f maintenance tandards n its populationof rentahousingas well with a program goal of annualexterior nspections vith interior inspections erformedeverythreevears.

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Long term f inancialplanningThe General und baiance ncreased ver he previous ear n 2007. The net change n fund balanceGeneral und u'asS1.250.318i'hich epresents 30.82percent ncrease.The City income ax is the argest ource f revenue or fundingof ou r governmental ctivities.Th e taremained onstant t 1.5percent rom 198{ through2005. In Au-eust 005 hecitizens f SouthEuclidto raise he ncome ax rate o 2.00percent ecomingeffective anuary .2006.The Cit l ' has a StreetLighting special evenue und q'hich s used o maintainan dpay the expensestreet ights hroughout he Ciq'. Revenues collected s a specialassessmentaid b1'all properryobased n the fiont footageof theirproperfy.Th e expenses ainly representhe costof electricity. s uothernecessaryepairs o provide hesffeet ighting.The City also uses wo funds or themaintenancendcapital mprovements f the City sewersystem.person,ncludingbusinesses,'hose remise n the Ciry is servedby a connection 'ith the seu,er ysthe City, shallpay a sewer entalcharge.A portionof the chargegoes nto the SewerRehabilitationprojects und u'hich is used o pay for the cost of the management, aintenance nd repair of thesystem. The major portion of the revenue ollectedgetsdepositednto the Flood Control capitalprfund. This fund is used or the cost of improving he Ciry's sewersystemby construction,enovareplacement.The City aiso established landbank o enhancehe City's appearancend .vell-being.

Relevant i nancialpoliciesThe Ciry uses he City income ax to run its daily operations.Al l of the income ax goes nt o the GFund. When needed he GeneralFundu'il l subsidize ther undsw'here evenue ollected s not enocover heir expenses.Funds hatmay receivean operating ransfer nclude he ParkingLots and MeteSu'imming Pools special revenue unds, and the Safety Forces Vehicle, Sewer Rehabilitation,GCapital Improvements.Road lmprovementand the Flood Control capitalprojects funds. All transfeapproved y City Council.The City has a GeneralObligationbond retirement un d which is used o pay fo r the bond issurecreationalmprovementsn the City. The sourceof revenue o pay this debt s collected rom the prowners n their properry ax biils. The millagewas reduced rom L 3 mills to 1. 1mills beginning n thetaxcollection ear.

N{ajor InitiativesFor the Year In 2007. he Ciry of SouthEuclid continued ts commitment o provide quality servicfacilit ies o the City's residents.Emphasis ontinued o be placedon the maintenance nd mprovemthe Ciry's nfrastmcture. pecifically treets nd seu'ers.The Ciq' alsocontinuedts traditionalannuaresurfacing rogmm. Throu-ehhe combinationof the Road ImprovementFund and the Flood Control3 streetswere able o be reconstmcted r resurfaced.S1,067.000l'as spent rom the Road mprovFundan dover $7.500.000 'a sspent rom the FloodControlFund.


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There u,ere several major projects for 2007 starting u'ith the replacementor renovation of variousinfrasrrucrureassets u,iihin th; Ciry, including the Warrensville Center Road project and the EastAntisdale/Grosvenornfrastmcrure Piojects and the Brookline Road infrastructureproject. consisting.ofsewers,bridgesand culvefts. The City also continued o updatean outdatedCity Hall and the CommunityCenter eceiveda kitchenremodel. A reverse 11 systemwas implemented or the safetyof the residentsand hasalso been an effective tool in informing residentsof activities n the Ciry. any schedule hangesofcity services nd any otherpertinent nformation'consrmction of new housing continues to be a priority in the city. one Planned Unit ResidentialDevelopment (pURD), calleJ Novicky Court reached completion last August, with 14 attachedunitsconstnr;ted,andal l havebeensold.Constmctionhas begun at the City's othermajor housingdevelopments'At Cutter,sCreek,six attacheddwelling units out of a proposed48 havebeencompletedand aresellingwell'Constructionaisocontinuesat FrancisCourtGables,a sixteenunit tou'nhouse evelopment.The City continues o improvecommunicationwith residents.n2007, the City completed he process fupdating he website,www,cITyoFSourHEUCLID.coM. This user-friendly pgradeallows residentstheability to easilycontactany of the City's respective eparfments.

For the Future The Administration and City Council continue o reachout to the City's key employersbyencouraging timulatingdialogue.Listening o business onstituents llowsthe City to prosper'The City alsocontinuJs o look for oiportunities which will ensureour residentsa high quality of life and createa strongersense f communitYPride.The redevelopment f the CedarCenterarea s progressing.n 2008, he buildingswill be demolished ndcurrentplanscall for the Coral Company o reaeuelrophe property with approximately100,000square eetof anchor etail space,100,000 qr.,ui. iet of other ritail spaceand variousrestaurant ocations'Therewillalsobe 10,000square eet of office spaceand residentialunits. The intersectionof Warrensville RoadandCedarRoadwill b""o.n. a revitalizedshoppingareavital to our community'The City continues o analyze he four quadrants t Mayfield and GreenRoads, o allow the area o reach tsfull potential.The City continues o atfract nterest n all of our commercialdistrictswhich demonstratesheCit/s successn winningover he developmentommunily'The Ciry continues o explore other avenueso encourageeconomicdevelopment.The Ciry recognizeshatou r place n theregionalmarketpositionsSouthEuclid as an deal ocation o build a successful roject'

Other InformationAwardsln Decembe 200'/ lv1aryTaylor, CPA, the Auditor of the Stateof Ohio, recognized he City of SouthEuclidfor excellent inancial accountability. Auditor of StateMary Taylor's office presented he City of SouthEuclid officials with the ,,Making your Tax Dollars count" au,ard or their calendaryear 2005 audit. Fewerthan five percent of al l Ohio governmentagenciesare eligible for this award. "I t is an honor to recognizeSouthEuClidofficials for their commitment o sffong inancialaccountabiiity,"saidTaylor.The GovernmentFinance officers Associationof the United Statesand Canada arvardsa Certificate ofAchievement or Excellence n FinancialReporting o a governmentalunit that pubiishesan nformative andefficiently organizedComprehensive nnuai FinancialReport (CAFR) u'hosecontentsconform to programstandards.Such reports must satisfy both generally acceptedaccounting principles and applicable egalrequirements. he -iry or SouthEuciid received he Certificateof Achievement or its 2006 ComprehensiveAnnual FinancialReport.


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A Cerr i f icate f Achievements val id for a per iodof one iearonl l ' , Ve bel ieve hat this CAFR forcont inueso meet he Cerr i f icate f Achievement rogram's cquiremcntsnd u'e arc: ubmit t ing t tGovernmerlt inance f f icers ssociat iono dcterminets l igibi l i i i ' for another ert i f icate,Acknox,leCgententsThe preparat ion f this repoi uould not be possible ' i thout he di l igentand extrawork b1 our FinDepa-r-rrnentralf. appreciateheir efforts.Appr;ciation s alsoexpressedo all City Hall DepartmeniHand Superintendentsor theircooperation nd assistance.n addition,m)' gratitude ndcomplimentsto tireAuditor of State'sSectionof Local GovernmentServices 'ho helpedus u'ith this report.Finathzurk 'ou o lvlavorGeorgine \relo and he members f Citi CounciI s in order or tireircontinued uof prepar ing ComprehensivennualFinancial eport .

Respectfnly submfted,- , 4 , t './, ,f e /;/.11u'/\, ,p'. ltz,-5a>

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Joseph . Fi l ippo,CPAFinance irector

annual finance report 07

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