HomeMy WebLinkAboutAnnual Report July 01, 2011 - June 30, 2012
Federal Compliance Audit
City of South Burlington, Vermont
June 30, 2012
Proven Expertise and Integrity
CITY OF SOUTH BURLINGTON, VERMONT
CONTENTS
JUNE 30, 2012
PAGE
INDEPENDENT AUDITORS' REPORT 1 - 2
MANAGEMENT’S DISCUSSION AND ANALYSIS 3 - 12
BASIC FINANCIAL STATEMENTS
GOVERNMENT WIDE FINANCIAL STATEMENTS
STATEMENT A - STATEMENT OF NET ASSETS 13
STATEMENT B - STATEMENT OF ACTIVITIES 14 - 15
FUND FINANCIAL STATEMENTS
STATEMENT C - BALANCE SHEET – GOVERNMENTAL FUNDS 16
STATEMENT D - RECONCILIATION OF THE GOVERNMENTAL FUNDS
BALANCE SHEET TO THE STATEMENT OF NET ASSETS 17
STATEMENT E - STATEMENT OF REVENUES, EXPENDITURES AND CHANGES
IN FUND BALANCES – GOVERNMENTAL FUNDS 18
STATEMENT F - RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES AND CHANGES IN FUND BALANCES OF
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES 19
STATEMENT G - BALANCE SHEET – PROPRIETARY FUNDS 20 - 21
STATEMENT H - STATEMENT OF REVENUES, EXPENSES AND CHANGES IN
NET ASSETS – PROPRIETARY FUNDS 22 - 23
STATEMENT I - STATEMENT OF CASH FLOWS – PROPRIETARY FUNDS 24 - 25
STATEMENT J - STATEMENT OF NET ASSETS – FIDUCIARY FUNDS 26
NOTES TO FINANCIAL STATEMENTS 27 - 52
REQUIRED SUPPLEMENTARY INFORMATION
REQUIRED SUPPLEMENTARY INFORMATION DESCRIPTION 53
SCHEDULE 1 - BUDGETARY COMPARISON SCHEDULE – BUDGETARY BASIS –
BUDGET AND ACTUAL – GENERAL FUND 54
SCHEDULE 2 - BUDGETARY COMPARISON SCHEDULE – BUDGETARY BASIS –
BUDGET AND ACTUAL – GENERAL FUND REVENUES 55
OTHER SUPPLEMENTARY INFORMATION
OTHER SUPPLEMENTARY INFORMATION DESCRIPTION 56
SCHEDULE A - SCHEDULE OF DEPARTMENTAL OPERATIONS 57 - 59
SCHEDULE B - COMBINING BALANCE SHEET – NONMAJOR GOVERNMENTAL
FUNDS 60
SCHEDULE C - COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES – NONMAJOR GOVERNMENTAL
FUNDS 61
SPECIAL REVENUE FUNDS DESCRIPTION 62
SCHEDULE D - COMBINING BALANCE SHEET – NONMAJOR SPECIAL
REVENUE FUNDS 63 - 74
SCHEDULE E - COMBINING SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES – NONMAJOR
SPECIAL REVENUE FUNDS 75 - 86
CAPITAL PROJECTS DESCRIPTION 87
SCHEDULE F - COMBINING BALANCE SHEET – NONMAJOR CAPITAL
PROJECT FUNDS 88 - 92
SCHEDULE G - COMBINING SCHEDULE OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCES – NONMAJOR CAPITAL
PROJECT FUNDS 93 - 97
PERMANENT FUNDS DESCRIPTION 98
SCHEDULE H - COMBINING BALANCE SHEET – NONMAJOR PERMANENT
FUNDS 99 - 101
SCHEDULE I - COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES – NONMAJOR PERMANENT
FUNDS 102 – 104
GENERAL CAPITAL ASSETS DESCRIPTION 105
SCHEDULE J - SCHEDULE OF GENERAL CAPITAL ASSETS BY FUNCTION 106
SCHEDULE K - SCHEDULE OF CHANGES IN GENERAL CAPITAL ASSETS
BY FUNCTION 107
FEDERAL COMPLIANCE
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 108
NOTES TO SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS 109
INDEPENDENT AUDITORS' REPORT ON INTERNAL CONTROL OVER
FINANCIAL REPORTING AND ON COMPLIANCE AND OTHER MATTERS
BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN
ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS 110 - 111
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE WITH REQUIREMENTS
THAT COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR
PROGRAM AND ON INTERNAL CONTROL OVER COMPLIANCE IN
ACCORDANCE WITH OMB CIRCULAR A-133 112 - 113
SCHEDULE OF FINDINGS AND QUESTIONED COSTS 114
1
INDEPENDENT AUDITORS’ REPORT
November 16, 2012
City Council
City of South Burlington
South Burlington, Vermont
We have audited the accompanying financial statements of the governmental
activities, the business-type activities, each major fund, and the aggregate remaining fund
information of the City of South Burlington, Vermont, as of and for the year ended June 30,
2012, which collectively comprise the City’s basic financial statements as listed in the table
of contents. These financial statements are the responsibility of the City’s management.
Our responsibility is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally accepted
in the United States of America and the standards applicable to financial audits contained
in Government Auditing Standards, issued by the Comptroller General of the United
States. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the basic financial statements are free of material misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts and
disclosures in the basic financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well as
evaluating the overall basic financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all
material respects, the respective financial position of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining information of the
City of South Burlington, Vermont as of June 30, 2012, and the respective changes in
financial position and cash flows, where applicable, thereof for the year then ended, in
conformity with accounting principles generally accepted in the United States of America.
Proven Expertise and Integrity
3 Old Orchard Road, Buxton, Maine 04093
Tel: (800) 300-7708 (207) 929-4606 Fax: (207) 929-4609
www.rhrsmith.com
2
In accordance with Government Auditing Standards, we have also issued our report
dated November 16, 2012 on our consideration of the City of South Burlington, Vermont’s
internal control over financial reporting and our tests of its compliance with certain
provisions of laws, regulations, contracts and grants agreements and other matters. The
purpose of that report is to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an
opinion on internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards and
should be read in conjunction with this report in considering the results of our audit.
Accounting principles generally accepted in the United States of America require
that the management’s discussion and analysis and budgetary comparison information on
pages 3 through 12 and 54 be presented to supplement the basic financial statements.
Such information, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board, who considers it to be an essential part of
financial reporting for placing the basic financial statements in an appropriate operational,
economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the
United States of America, which consisted of inquiries of management about the methods
of preparing the information and comparing the information for consistency with
management’s responses to our inquiries, the basic financial statements, and other
knowledge we obtained during our audit of the basic financial statements. We do not
express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Our audit was conducted for the purpose of forming opinions on the financial
statements that collectively comprise the City of South Burlington, Vermont’s financial
statements as a whole. The combining and individual non-major fund financial statements
are presented for purposes of additional analysis and are not a required part of the
financial statements. The accompanying schedule of expenditures of federal awards is
presented for the purposes of additional analysis as required by the U.S. Office of
Management and Budget Circular A-133, Audits of States, Local Governments, and Non-
Profit Organizations, and is also not a required part of the financial statements. The
combining and individual nonmajor fund financial statements and the schedule of
expenditures of federal awards are the responsibility of management and are derived from
and relate directly to the underlying accounting and other records used to prepare the
financial statements. The information has been subjected to the auditing procedures
applied in the audit of the financial statements and certain additional procedures, including
comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the financial statements or to the financial statements themselves,
and other additional procedures in accordance with auditing standards generally accepted
in the United States of America. In our opinion, the information is fairly stated in all
material respects in relation to the financial statements as a whole.
Certified Public Accountants
3
REQUIRED SUPPLEMENTARY INFORMATION
MANAGEMENT'S DISCUSSION AND ANALYSIS
JUNE 30, 2012
(UNAUDITED)
The following management’s discussion and analysis of the City of South
Burlington, Vermont's financial performance provides an overview of the City's financial
activities for the fiscal year ended June 30, 2012. Please read it in conjunction with the
City's financial statements.
Financial Statement Overview
The City of South Burlington’s basic financial statements include the following
components: 1) government-wide financial statements, 2) fund financial statements, and
3) notes to the financial statements. This report also includes required supplementary
information which consists of the general fund budgetary comparison schedule, and other
supplementary information which includes combining and other schedules.
Basic Financial Statements
The basic financial statements include financial information in two differing views:
the government-wide financial statements and the fund financial statements. These basic
financial statements also include the notes to financial statements that explain in more
detail certain information in the financial statements and also provide the user with the
accounting policies used in the preparation of the financial statements.
Government - Wide Financial Statements
The government-wide financial statements provide a broad view of the City’s
operations in a manner that is similar to private businesses. These statements provide
both short–term as well as long–term information in regards to the City’s financial position.
These financial statements are prepared using the accrual basis of accounting. This
measurement focus takes into account all revenues and expenses associated with the
fiscal year regardless of when cash is received or paid. The government–wide financial
statements include the following two statements:
The Statement of Net Assets – this statement presents all of the government’s
assets and liabilities with the difference being reported as net assets.
The Statement of Activities – this statement presents information that shows how
the government’s net assets changed during the period. All changes in net assets
are reported as soon as the underlying event giving rise to the change occurs,
regardless of the timing of the related cash flows.
4
Both of the above mentioned financial statements have separate columns for the
two different types of City activities. The types of activities presented for the City of South
Burlington are:
● Governmental activities – The activities in this section are mostly supported
by taxes and intergovernmental revenues (federal and state grants). Most of
the City's basic services are reported in governmental activities, which
include general government, public safety, public works, education, social
services, recreation and culture and other unclassified.
● Business-type activities – These activities are normally intended to recover
all or a significant portion of their costs through user fees and/or charges to
external users for goods and / or services. These activities for the City of
South Burlington include the recreation program, water department, water
pollution, ambulance services and storm water utilities.
Fund Financial Statements
A fund is a grouping of related accounts that is used to maintain control over
resources that have been segregated for specific activities or objectives. The City of South
Burlington, like other local governments uses fund accounting to ensure and demonstrate
compliance with financial related legal requirements. All of the funds of the City of South
Burlington can be divided into three categories: governmental funds, proprietary funds,
and fiduciary funds.
Governmental funds: Most of the basic services provided by the City are financed
through governmental funds. Governmental funds are used to account for essentially the
same functions reported in governmental activities in the government–wide financial
statements. However, unlike the government-wide financial statements, the governmental
fund financial statements focus on near-term inflows and outflows of spendable resources.
They also focus on the balance of spendable resources available at the end of the fiscal
year. Such information will be useful in evaluating the government’s near-term financing
requirements. This approach is known as the current financial resources measurement
focus and the modified accrual basis of accounting. Under this approach revenues are
recorded when cash is received or when susceptible to accrual. Expenditures are
recorded when liabilities are incurred and due. These statements provide a detailed short-
term view of the City’s finances to assist in determining whether there will be adequate
financial resources available to meet the current needs of the City.
Because the focus of governmental funds is narrower than that of government-wide
financial statements, it is useful to compare the information presented for governmental
funds with similar information presented for governmental activities in the government-wide
financial statements. By doing so, readers may better understand the long-term impact of
the government’s near-term financing decisions. Both the governmental fund balance
sheet and the governmental fund statement of revenues, expenditures and changes in
fund balances provide a reconciliation to facilitate this comparison between governmental
funds and governmental activities. These reconciliations are presented on the page
immediately following each governmental fund financial statement.
5
The City of South Burlington presents three columns in the governmental fund
balance sheet and the governmental fund statement of revenues, expenditures and
changes in fund balances. The City’s major governmental funds are the general fund and
airport parkway expansion. All other funds are shown as nonmajor and are combined in
the “Other Governmental Funds” column on these statements.
The general fund is the only fund for which the City legally adopted a budget. The
Budgetary Comparison Schedule – Budgetary Basis – Budget and Actual – General Fund
provides a comparison of the original and final budget and the actual expenditures for the
current year.
Proprietary Funds: The City of South Burlington maintains five proprietary funds:
the recreation programs, water department, water pollution, ambulance services and storm
water utilities. These funds are used to show activities that operate more like those of
commercial enterprises. Proprietary funds provide the same type of information as the
government-wide financial statements, only in more detail. Like the government-wide
financial statements, proprietary fund financial statements use the accrual basis of
accounting. No reconciliation is needed between the government-wide financial
statements for business-type activities and the proprietary fund financial statements.
Fiduciary Funds: These funds are used to account for resources held for the benefit
of parties outside the City of South Burlington. These funds are not reflected in the
government-wide financial statements because the resources of these funds are not
available to support the City’s own programs. The accounting used for fiduciary funds are
much like that of proprietary funds. They use the accrual basis of accounting. These
funds for the City are for the pension
Notes to the Financial Statements
The notes provide additional information that is essential to a full understanding of
the data provided in the Government-Wide and the Fund Financial Statements. The Notes
to Financial Statements can be found following the Fiduciary Fund Financial Statements.
Required Supplementary Information
The basic financial statements are followed by a section of required supplementary
information, which includes a Budgetary Comparison Schedule – Budgetary Basis –
Budget and Actual – General Fund.
Other Supplementary Information
Other supplementary information follows the required supplementary information.
These combining and other schedules provide information in regards to nonmajor funds,
capital asset activity and other detailed budgetary information for the general fund.
6
Government-Wide Financial Analysis
Our analysis below focuses on the net assets, and changes in net assets of the
City's governmental activities. The City's total net assets for governmental funds is $19.64
million compared to $17.78 million in the prior year, an increase of 10.44%. For the
business-type activities total net assets are $8.65 million as compared to $7.88 million in
the prior year, an increase of 9.74 %.
Unrestricted net assets - the part of net assets that can be used to finance day-to-
day operations without constraints established by debt covenants, enabling legislation, or
other legal requirements – is $5.88 million at the end of this year for governmental
activities and $3.89 million for the business-type activities.
G overnm ental B usiness-typ e G overnm ental B usiness-type
A ctivities A ctivities A ctivities A ctivities
Assets:
C urrent and O ther A ssets 8,996,709$ 3,422,814$ 8,522,491$ 2,259,829$
C apital A ssets 51,773,741 9,430,604 52,950,257 10,079,918
Total A ssets 60,770,450$ 12,853,418$ 61,472,748$ 12,339,747$
Liab ilities:
C urrent Liabilities 2,886,279$ 1,183,278$ 3,648,229$ 1,072,405$
Long-term D ebt O utstanding 38,244,783 3,024,008 40,041,948 3,388,144
Total Liabilities 41,131,062$ 4,207,286$ 43,690,177$ 4,460,549$
N et A ssets:
Invested in C apital A ssets,
N et of R elated D ebt 12,685,664$ 6,042,460$ 12,112,301$ 6,330,363$
R estricted for: S pecial revenues 358,477 - 977,574 -
P erm anent funds 467,933 - 407,851 -
C apital projects 249,153 - 394,471 -
S torm w ater - - - 5,000
U nrestricted N et A ssets 5,878,161 2,603,672 3,890,374 1,543,835
Total N et A ssets 19,639,388$ 8,646,132$ 17,782,571$ 7,879,198$
2011
Table 1
C ity of S outh B urlington, V erm ont
N et A ssets
June 30,
2012
7
G o vern m ental B usin ess-typ e G o vern m en tal B u sin ess-typ e
Activities Activities A ctivities Activities
R even ues
G eneral tax revenue (C ity)14,281,144$ -$ 13,301,819$ -$
Intergovernmental revenue 1,202,062 - 2,512,422 89,640
C harges for services 4,799,291 7,142,227 1,577,690 6,709,727
Investm ent incom e 115,338 - 161,859 4,946
B ond proceeds 2,200,000 - 24,876 -
P ension - net earnings - - - -
O ther revenue 302,894 407,138 498,511 197,664
T otal R evenues 22,900,729 7,549,365 18,077,177 7,001,977
E xp en ses
G eneral governm ent 3,342,863 - 2,947,013 -
P ublic safety 8,643,255 - 7,915,580 -
P ublic w orks 3,055,306 - 2,661,337 -
S ocial services 566,321 - 597,084 -
R ecreation and culture 1,178,834 - 994,460 -
P rogram expenditures 16,102 - 7,283 -
C apital outlay 3,527,264 - 449,829 -
Interest expense 785,201 - 1,180,029 -
E ducation 90,232 - 125,000 -
E nterprise fund - 6,620,965 - 6,838,510
T otal E xpenses 21,205,378 6,620,965 16,877,615 6,838,510
T otal transfers 161,466 (161,466) 207,878 (207,878)
C hange in N et A ssets 1,856,817 766,934 1,407,440 (44,411)
N et Assets - July 1 17,782,571 7,879,198 16,375,131 7,923,609
N et Assets - June 30 19,639,388$ 8,646,132$ 17,782,571$ 7,879,198$
2012 2011
T ab le 2
C ity o f S o uth B u rling to n, V erm o nt
C han g e in N et A ssets
F o r th e Y ears E n d ed Jun e 30,
8
Revenues and Expenses
Revenues for the City's governmental activities increased by 26.68%, while total
expenses increased by 25.64%. Most of the City’s expenses had increased from the prior
year.
The expenses and revenues for the proprietary fund were consistent with the prior
year. The proprietary fund has five enterprise funds with all of them having positive net
assets with the exception of ambulance services.
The proprietary funds had net income for the current year of $766,934. The
increase was mainly caused by transfers of funds from the general fund.
Financial Analysis of the City’s Fund Statements
Governmental funds: The financial reporting focus of the City’s governmental funds
is to provide information on near-term inflows, outflows, and balances of spendable
resources. Such information may be useful in assessing the City’s financial requirements.
In particular, unassigned fund balance may serve as a useful measure of a government’s
financial position at the end of the year, and the net resources available for spending.
9
2012 2011
M ajor Funds:
G eneral fund:
N onspendable 244,188$ 412,638$
U nassigned 1,743,982 1,226,972
A irport parkw ay expansion:
U nassigned 2,231,099 (4,163,267)
S ubtotal M ajor Funds 4,219,269 (2,523,657)
N on-M ajor Funds:
S pecial revenue funds:
R estricted 358,477 977,574
C om m itted 1,468,032 4,599,381
A ssigned 95,080 81,464
U nassigned (10,016) (428,986)
C apital projects fund:
R estricted 249,153 394,471
C om m itted 1,137,924 1,184,615
U nassigned (144,096) (1,228,082)
P erm anent funds:
R estricted 467,933 407,851
C om m itted 6,092 3,557
U nassigned (811) (1,486)
S ubtotal N on-M ajor Funds 3,627,768 5,990,359
Total G overnm ental Funds 7,847,037$ 3,466,702$
T able 3
C ity of S outh B urlington, V erm ont
Fund B alances - G overnm ental Fund s
June 30,
The general fund total fund balance increased by $348,560 from the prior fiscal
year. Other major funds fund balance increased by $6,394,366 and the non-major fund
balances decreased by $2,362,591 from the prior fiscal year. The increase in the airport
parkway expansion fund is due to bond proceeds and a transfer from the general fund.
The decrease in the non-major funds is due to transfers to the general fund to write-off
inactive funds.
Proprietary funds: The City’s proprietary funds provide the same type of information
found in the government-wide financial statements, but in more detail.
10
Budgetary Highlights
There were no significant differences between the original and final budget for the
general fund.
The general fund actual revenues exceeded the budgeted amount by $6,011,753.
This was mainly a result of charges for services and tax revenues and transferring certain
balances from other funds to the general fund.
The general fund actual expenditures exceeded budget by $5,413,193. All
expenditures were under budget with the exception of general government, public works
and debt service. Several transfers were made to close out funds with deficit balances.
Capital Asset and Debt Administration
Capital Assets
As of June 30, 2012, the net book value of capital assets recorded by the City
decreased by $1,825,830 from the prior fiscal year. This decrease was a result of current
year depreciation less capital additions.
20 12 2011
Land an d imp rovemen ts 7,837 ,632$ 8,049,192$
Buildings and improvements 10,293 ,482 1 0,795,851
M achinery and equipment 5,512 ,977 5,787,536
Vehicles 1,654 ,356 2,021,784
Infrastructure 7,334 ,647 7,804,561
C onstruction in progress 28,571 ,251 2 8,571,251
Total 61,204 ,345$ 6 3,030,175$
T able 4
C ity of So uth B urlington, Verm ont
C apital A ssets (Ne t of D eprecia tion)
June 30,
Debt
At June 30, 2012, the City had $33.265 million in bonds outstanding versus $34.365
million last year, a decrease of 3.20%, as shown in Note 5 of Notes to Financial
Statements. Other liabilities include notes payable and accrued vacation and sick time.
11
Economic Factors and Future Year's Budgets and Rates
As required by the City Charter, I am presenting the City Manager’s proposed
budget for FY 2013 for City Council consideration. This proposed budget does much to
restore service and staff cuts instituted in FY 2011 and FY 2012.
The FY 2012 General Fund ran an excess and we project the FY 2013 budget will
be balanced or in surplus. Many changes in how our budgets are constructed and
monitored – including sound revenue and expenditure projections and greater
accountability – have accounted for this turnaround from previous years. We also expect
all the Enterprise Funds to be balanced or run a surplus in FY 2013.
Considering all the services residents and taxpayers receive from the City of South
Burlington (roads, plowing, recreation, library, police, fire, ambulance, vital records,
planning and water, wastewater and stormwater utilities), the City is providing a relative
bargain. Many households have higher cable and internet or wireless phone bills than the
cost of municipal services they are asked to contribute to.
The FY 2013 General Fund budget expenditures are proposed at $18,970,660, an
increase of $1,300,108, or 7.36%. General Fund non-property tax revenues are
estimated to increase by $840,895, a 12.15% increase over the current year. The property
tax rate needed is estimated to be $0.4036, an increase of $0.0210 (2.10 cents), or 5.49%.
Special Funds (200, 300 and 600) continue to be consolidated into the General
Fund. The FY 2013 Special Funds budget expenditure is proposed at $790,284, a
decrease of $169,594 from the FY 2012 figure of $959,878.
The Water Fund budget for FY 2013 is proposed at $2,370,308, an increase of
$32,873, or 1.4% over the FY 2012 budget. Water user fees are proposed to increase
2.8%.
The Water Pollution Control Fund budget for FY 2013 is proposed at $2,668,971.
This is a decrease of $38,439 or 1.42% from the current year’s budget. A rate increase of
1.5% is proposed.
The Stormwater Fund budget is proposed at $3,621,856, an increase of $1,884,238
which is offset by $1,786,114 in additional revenues related to capital expenditures. No
rate increase is proposed for FY 2013.
The total of all funds for FY 2013 is $ 28,422,079, compared to $25,412,893 for FY
2012, an increase of $3,009,186. A large portion of this increase, $1,670,650, is due to
Stormwater capital projects expenditures and will be offset by revenues in the Stormwater
Fund.
12
A spreadsheet, entitled, “FY13 - Summary, All Funds, Expenses and Revenues”
provides a quick overview and is attached to this Executive Summary.
Copies of the FY 2013 proposed budget, including this Executive Summary and the
full Budget Message are available for inspection at the following locations: the South
Burlington Community Library, the City Manager’s Office, the City Clerk’s Office and on the
City’s website at www.sburl.com .
Acknowledgements:
I extend my thanks to all our City employees for their continued dedication and hard
work. I also extend the administration’s appreciation to the many volunteers who serve on
the City’s boards, committees, commissions and who aid us in many other ways year
round.
Special thanks to all division and department heads who participated in the
development of the budget and have continually found ways to avoid waste and produce
innovative solutions. I want to single out the contribution of Justin Rabidoux in assisting in
the development of the Enterprise Fund budgets. Kudos to Deputy Finance Officer, Sue
Dorey, who participated in all budget meetings and provided assistance in many facets of
this process and to Janice Ladd, Human Resources Coordinator, who helped with
compensation and benefits calculations.
Last, but not least, I acknowledge the extremely capable work performed by Deputy
City Manager Bob Rusten. Bob, working with department and division heads and other
staff, has developed a budget process which will serve South Burlington well for many
years to come. It is based on accuracy, trends and collaboration among team members,
all of which are essential to achieve the level of transparency we are striving for.
Responsibility for reviewing, revising and finalizing the budget to go to voters now
shifts to City Council whose assistance during the past year is also greatly appreciated.
Councilors, with assistance from City Staff, will hold a number of meetings over the next
several weeks in accordance with the attached schedule.
Contacting the City's Financial Management
This financial report is designed to provide our citizens, taxpayers, customers, and
investors and creditors with a general overview of the City's finances and to show the
City's accountability for the money it receives. If you have questions about this report or
need additional financial information, contact Bob Rusten, Assistant City Manager at 575
Dorset Street, South Burlington, Vermont 05403-0808. Bob can also be reached by
phone at 802-846-4107 or by email brusten@sburl.com.
STATEMENT A
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF NET ASSETS
JUNE 30, 2012
13
G overnm ental Business-Type
Activities Activities Total
ASSETS
C urrent assets:
C ash and cash equivalents 7,198,672$ 1,241,294$ 8,439,966$
Investm ents 368,393 - 368,393
Taxes receivable (net of allow ance for uncollectibles)197,003 - 197,003
D ue from other governm ents 485,025 - 485,025
D ue from w ater - billed - 493,276 493,276
D ue from w ater - unbilled - 1,156,469 1,156,469
O ther 368,953 601,524 970,477
D ue from agencies 75 - 75
Prepaid expenses 244,188 515 244,703
Inventory - 64,136 64,136
Internal balances 134,400 (134,400) -
Total current assets 8,996,709 3,422,814 12,419,523
N oncurrent assets:
C apital assets:
Land, 34,601,514 518,000 35,119,514
Buildings 17,172,227 8,912,604 26,084,831
Total noncurrent assets 51,773,741 9,430,604 61,204,345
TO TAL ASSETS 60,770,450$ 12,853,418$ 73,623,868$
LIABILITIES
C urrent liabilities:
Accounts payable 811,644$ 192,114$ 1,003,758$
Accrued expenses 216,778 - 216,778
D ue to taxpayers 35,795 - 35,795
D ue to agencies 6,188 - 6,188
D ue to other governm ents 14,043 627,028 641,071
O ther liabilities 12,936 - 12,936
Post retirem ent benefits 246,696 - 246,696
C urrent portion of long-term obligations 1,542,199 364,136 1,906,335
Total current liabilities 2,886,279 1,183,278 4,069,557
N oncurrent liabilities:
N oncurrent portion of long-term obligations:
Bonds payable 29,140,992 3,024,008 32,165,000
N otes payable 8,404,886 - 8,404,886
Accrued com pensated absences 698,905 - 698,905
Total noncurrent liabilities 38,244,783 3,024,008 41,268,791
TO TAL LIABILITIES 41,131,062 4,207,286 45,338,348
N ET ASSETS
Invested in capital assets, net of related debt 12,685,664 6,042,460 18,728,124
R estricted for: Special revenues 358,477 - 358,477
Perm anent funds 467,933 - 467,933
C apital projects 249,153 - 249,153
U nrestricted 5,878,161 2,603,672 8,481,833
TO TAL N ET A SSETS 19,639,388 8,646,132 28,285,520
TO TAL LIABILITIES AN D NE T ASSETS 60,770,450$ 12,853,418$ 73,623,868$
See accom panying independent auditors' report and notes to financial statem ents.
STATEMENT B
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2012
14
O perating C apital Business-
C harges for G rants &G rants &G overnm ental type
Functions/Program s Expenses Services C ontributions C ontributions A ctivities Activities Total
G overnm ental activities:
G eneral governm ent 3,342,863$ 1,428,426$ -$ -$ (1,914,437)$ -$ (1,914,437)$
Public safety 8,643,255 803,615 - - (7,839,640) - (7,839,640)
Public w orks 3,055,306 961,912 - - (2,093,394) - (2,093,394)
Social services 566,321 107,185 - - (459,136) - (459,136)
R ecreation and culture 1,178,834 187,728 - - (991,106) - (991,106)
Education 31,387,976 - - - (31,387,976) - (31,387,976)
Program expenditures 16,102 1,310,425 - - 1,294,323 - 1,294,323
C apital outlay 3,527,264 - - - (3,527,264) - (3,527,264)
Interest expense 785,201 - - - (785,201) - (785,201)
Total governm ental activities 52,503,122 4,799,291 - - (47,703,831) - (47,703,831)
Business-type activities:
R ecreation program s 160,957 191,425 - - - 30,468 30,468
W ater departm ent 2,107,305 2,052,901 - - - (54,404) (54,404)
W ater pollution 3,059,709 3,172,341 - - - 112,632 112,632
Am bulance services - - - - - - -
Storm w ater utilities 1,292,994 1,725,560 - - - 432,566 432,566
Total business-type activities 6,620,965 7,142,227 - - - 521,262 521,262
Total governm ent 59,124,087$ 11,941,518$ -$ -$ (47,703,831) 521,262 (47,182,569)
Program R evenues
N et (Expense) R evenue & C hanges
in N et Assets
STATEMENT B (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF ACTIVITIES (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2012
15
B usiness-
G overnm ental type
A ctivities A ctivities T otal
C hanges in net assets:
N et (expense) revenue (47,703,831) 521,262 (47,182,569)
G eneral revenues:
P roperty taxes, levied for general purposes
E ducation 31,297,744 - 31,297,744
M unicipal 14,281,144 - 14,281,144
G rants and contributions not restricted to
specific program s 1,202,062 - 1,202,062
Investm ent incom e 115,338 - 115,338
C apital projects funding 2,200,000 - 2,200,000
M iscellaneous 302,894 407,138 710,032
T ransfers 161,466 (161,466) -
T otal revenues and transfers 49,560,648 245,672 18,508,576
C hange in net assets 1,856,817 766,934 2,623,751
N E T A S S E T S - JU LY 1, 2011 17,782,571 7,879,198 25,661,769
N E T A S S E T S - JU N E 30, 2012 19,639,388$ 8,646,132$ 28,285,520$
S ee accom panying independent auditors' report and notes to financial statem ents.
STATEMENT C
CITY OF SOUTH BURLINGTON, VERMONT
BALANCE SHEET - GOVERNMENTAL FUNDS
JUNE 30, 2012
16
311
Airport O ther Totals
G eneral Parkway G overnm ental G overnm ental
Fund Expansion Funds Funds
ASSETS
C ash and cash equivalents 6,644,960$ -$ 553,712$ 7,198,672$
Investm ents - - 368,393 368,393
R eceivables (net of allow ance for
uncollectibles):
Taxes/liens 197,003 - - 197,003
O ther 368,953 - - 368,953
D ue from other governm ents 485,025 - - 485,025
D ue from agencies - - 75 75
Prepaid expenses 244,188 - - 244,188
D ue from other funds 366,966 2,231,099 2,934,754 5,532,819
TO TAL ASSETS 8,307,095$ 2,231,099$ 3,856,934$ 14,395,128$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES:
Accounts payable 793,192$ -$ 18,452$ 811,644$
Accrued payroll 155,456 - - 155,456
Accrued expenses 61,322 - - 61,322
D ue to other funds 5,196,321 - 202,098 5,398,419
D ue to taxpayers 35,795 - - 35,795
D ue to agencies - - 6,188 6,188
D ue to other governm ents 11,615 - 2,428 14,043
D eferred tax revenues 52,288 - - 52,288
O ther liabilities 12,936 - - 12,936
TO TAL LIABILITIES 6,318,925 - 229,166 6,548,091
FU N D BALAN C ES:
N onspendable 244,188 - - 244,188
R estricted - - 1,075,563 1,075,563
C om m itted - - 2,612,048 2,612,048
Assigned - - 95,080 95,080
U nassigned 1,743,982 2,231,099 (154,923) 3,820,158
TO TAL FU N D BALAN C ES 1,988,170 2,231,099 3,627,768 7,847,037
TO TAL LIABILITIES AN D FU N D BALAN C ES 8,307,095$ 2,231,099$ 3,856,934$ 14,395,128$
See accom panying independent auditors' report and notes to financial statem ents.
STATEMENT D
CITY OF SOUTH BURLINGTON, VERMONT
RECONCILIATION OF THE GOVERNMENTAL FUNDS BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
JUNE 30, 2012
17
T otal
G overnm ental
F unds
T otal F und B alances 7,847,037$
A m ounts reported for governm ental activities in the statem ent are different because:
C apital assets used in governm ental activities are not financial resources and
therefore are not reported in the funds, net of accum ulated depreciation 51,773,741
O ther long-term assets are not available to pay for current-period expenditures
and therefore are deferred in the funds show n above:
T axes and liens receivable 52,288
Long-term liabilities are not due and payable in the current period and
therefore are not reported in the funds:
B onds payable (29,876,856)
N otes payable (9,211,221)
A ccrued com pensated absences (698,905)
P ost retirem ent benefits (246,696)
N et assets of governm ental activities 19,639,388$
S ee accom panying independent auditors' report and notes to financial statem ents.
STATEMENT E
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
18
311
Airport O ther Totals
G eneral Parkw ay G overnm ental G overnm ental
Fund Expansion Funds Funds
R EVEN U ES
G eneral tax revenue - m unicipal and education 45,614,174$ -$ -$ 45,614,174$
Intergovernm ental revenue 49,821 - 1,152,241 1,202,062
C harges for services 3,488,866 - 1,310,425 4,799,291
Investm ent incom e 106,838 - 8,500 115,338
O ther revenue - 65,755 237,139 302,894
TO TAL R EVEN U ES 49,259,699 65,755 2,708,305 52,033,759
EXPEN D ITU R ES
C urrent:
G eneral governm ent 3,131,702 - 169,050 3,300,752
Public safety 8,103,701 - 6,695 8,110,396
Public w orks 2,503,255 - - 2,503,255
Social services 562,711 - - 562,711
R ecreation and culture 1,094,136 - - 1,094,136
D ebt service 1,786,764 - - 1,786,764
Education 31,297,744 - 90,232 31,387,976
Program expenditures - - 16,102 16,102
C apital outlay - 3,057,438 1,218,142 4,275,580
TO TAL EXPEN D ITU R ES 48,480,013 3,057,438 1,500,221 53,037,672
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES 779,686 (2,991,683) 1,208,084 (1,003,913)
O TH ER FIN AN C IN G SO U R C ES (U SES)
Bond proceeds - 5,222,782 - 5,222,782
O perating transfers in 5,470,350 4,163,267 2,050,772 11,684,389
O perating transfers (out)(5,901,476) - (5,621,447) (11,522,923)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(431,126) 9,386,049 (3,570,675) 5,384,248
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)348,560 6,394,366 (2,362,591) 4,380,335
FU N D BALAN C ES - JU LY 1 1,639,610 (4,163,267) 5,990,359 3,466,702
FU N D BALAN C ES - JU N E 30 1,988,170$ 2,231,099$ 3,627,768$ 7,847,037$
See accom panying independent auditors' report and notes to financial statem ents.
STATEMENT F
CITY OF SOUTH BURLINGTON, VERMONT
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2012
19
N et change in fund balances - total governm ental funds (S tatem ent E )4,380,335$
A mounts reported for governmental activities in the S tatem ent of A ctivities
(S tatem ent B ) are different because:
G overnm ental funds report capital outlays as expenditures while governm ental activities
report depreciation expense allocated to those expenditures over the life of the assets:
C apital asset purchases capitalized -
R eclassifcation of fixed assets -
D epreciation expense (1,176,516)
(1,176,516)
R evenues in the S tatem ent of A ctivities that do not provide current financial
resources are not reported.
T axes and liens receivable (35,286)
(35,286)
D ebt proceeds provide current financial resources to governm ental funds, but
long-term liabilities in the Statem ent of N et A ssets.(3,022,782)
R epaym ent of long-term debt principal is an expenditure in the governm ental
funds, but the repaym ent reduces long-term liabilities in the S tatem ent of
N et A ssets.1,749,879
S om e expenses reported in the S tatem ent of A ctivities do not require the use of
current financial resources and therefore are not reported as expenditures in
governmental funds:
P ost retirem ent benefits -
F unding of pension liability -
A ccrued compensated absences (38,813)
C hange in net assets of governm ental activities (S tatem ent B )1,856,817$
S ee accom panying independent auditors' report and notes to financial statem ents.
STATEMENT G
CITY OF SOUTH BURLINGTON, VERMONT
BALANCE SHEET – PROPRIETARY FUNDS
JUNE 30, 2012
20
R ecreation W ater W ater A m bulance S torm W ater
P rogram s D epartm ent P ollution S ervices U tilities T otals
A S SE T S
C urrent assets:
C ash and cash equivalents -$ 771,400$ -$ -$ 469,894$ 1,241,294$
A ccounts receivable (net of
allow ance for uncollectibles):
O ther - 601,524 - - - 601,524
D ue from water - billed - - 293,994 - 199,282 493,276
D ue from water - unbilled - 358,634 554,240 - 243,595 1,156,469
Inventory - 64,136 - - - 64,136
P repaid expenses - 515 - - - 515
D ue from other funds 30,468 - - - - 30,468
T otal current assets 30,468 1,796,209 848,234 - 912,771 3,587,682
N oncurrent assets:
N et capital assets - 3,906,295 4,639,014 - 885,295 9,430,604
T otal noncurrent assets - 3,906,295 4,639,014 - 885,295 9,430,604
TO TA L A S S E TS 30,468$ 5,702,504$ 5,487,248$ -$ 1,798,066$ 13,018,286$
E nterprise Funds
STATEMENT G (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
BALANCE SHEET – PROPRIETARY FUNDS
JUNE 30, 2012
21
Recreation W ater W ate r Am bulan ce Sto rm W ater
Programs Departme nt Pollu tion Services Utilities T otals
Enterprise Funds
LIA B ILITIE S A N D N E T A S S E TS
C urrent liabilities:
A ccounts payable -$ 192,114$ -$ -$ -$ 192,114$
D ue to other governm ents - 627,028 - - - 627,028
D ue to other funds - - - - 164,868 164,868
C urrent portion of long-term debt - 119,136 245,000 - - 364,136
T otal current liabilities - 938,278 245,000 - 164,868 1,348,146
N oncurrent liabilities:
B onds payable - 1,309,008 1,715,000 - - 3,024,008
N otes payable - - - - - -
T otal noncurrent liabilities - 1,309,008 1,715,000 - - 3,024,008
TO TA L LIA B ILITIE S - 2,247,286 1,960,000 - 164,868 4,372,154
N E T A S S E TS
Invested in capital assets, net of
related debt - 2,478,151 2,679,014 - 885,295 6,042,460
R estricted - - - - - -
U nrestricted (deficit)30,468 977,067 848,234 - 747,903 2,603,672
TO TA L N E T A S S E TS 30,468 3,455,218 3,527,248 - 1,633,198 8,646,132
TO TA L LIA B ILITIE S A N D N E T AS S E TS 30,468$ 5,702,504$ 5,487,248$ -$ 1,798,066$ 13,018,286$
S ee accom panying independent auditors' report and notes to financial statem ents.
STATEMENT H
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS – PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
22
R ecreation W ater W ater A m bulance S torm W ater
P rogram s D epartm ent P ollution S ervices U tilities Totals
O P E R A TIN G R E V E N U E S
Intergovernm ental revenue -$ -$ -$ -$ -$ -$
W ater sales - 1,996,812 - - - 1,996,812
C harges for services 191,425 56,089 3,172,341 - 1,725,560 5,145,415
O ther - 206,637 170,946 - 29,555 407,138
TO TA L O P E R A TIN G R E V E N U ES 191,425 2,259,538 3,343,287 - 1,755,115 7,549,365
O P E R A TIN G E X P E N S E S
S alaries and benefits 94,281 411,722 815,177 - 360,952 1,682,132
P rofessional and contracted services 47,008 78,860 837,166 - - 963,034
S upplies, m aterials and fuel 6,200 - 291,151 - 29,006 326,357
W ater purchases - 1,114,122 - - - 1,114,122
C apital outlays - - - - 459,169 459,169
U tilities - - 344,738 - 465 345,203
D epreciation - 210,190 452,730 - 87,644 750,564
C ity adm in fee - 49,600 - - - 49,600
Liability insurance - 31,500 137,758 - 22,167 191,425
M iscellaneous 13,468 141,316 180,989 - 333,591 669,364
TO TA L O P E R A TIN G E X P E N S E S 160,957 2,037,310 3,059,709 - 1,292,994 6,550,970
O P E R A TIN G IN C O M E (LO S S )30,468 222,228 283,578 - 462,121 998,395
E nterprise Funds
STATEMENT H (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS – PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
23
Recreation W ater W ater Ambulance Storm W ater
Program s Departm ent Pollution Services Utilities Totals
Enterp rise Fun ds
N O N -O P E R A TIN G IN C O M E (E X P E N S E )
O perating transfers in - - 1,294,433 471,436 132,382 1,898,251
O perating transfers (out)(169,349) - (616,927) - (1,273,441) (2,059,717)
Interest incom e - - - - - -
Interest expense - (69,995) - - - (69,995)
TO TA L N O N -O PE R A TIN G IN C O M E
(E X P E N S E )(169,349) (69,995) 677,506 471,436 (1,141,059) (231,461)
N E T IN C O M E (138,881) 152,233 961,084 471,436 (678,938) 766,934
N E T A S S E TS - JU LY 1 169,349 3,302,985 2,566,164 (471,436) 2,312,136 7,879,198
N E T A S S E TS - JU N E 30 30,468$ 3,455,218$ 3,527,248$ -$ 1,633,198$ 8,646,132$
S ee accom panying independent auditors' report and notes to financial statem ents.
STATEMENT I
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF CASH FLOWS – PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
24
R ecreation W ater W ater Am bulance S torm W ater
P rogram s D epartm ent P ollution S ervices U tilities Totals
C A S H FLO W S FR O M O P E R A TIN G A C TIVITIE S
R eceipts from customers 330,306$ 1,925,510$ 3,123,418$ 229,286$ 2,621,880$ 8,230,400$
Intergovernm ental receipts - - - - - -
O ther receipts - 206,637 170,946 - 29,555 407,138
P aym ents to em ployees (94,281) (411,722) (815,177) - (360,952) (1,682,132)
P aym ents to suppliers (66,676) (1,307,250) (2,911,693) (700,722) (679,530) (5,665,871)
N et cash provided (used) by operating activities 169,349 413,175 (432,506) (471,436) 1,610,953 1,289,535
C A S H FLO W S FR O M N O N -C AP ITA L FIN A N C IN G
A C TIVITIE S
Transfers (169,349) - 677,506 471,436 (1,141,059) (161,466)
N et cash provided (used) by non-capital financing
activities (169,349) - 677,506 471,436 (1,141,059) (161,466)
C A S H FLO W S FR O M C A P ITA L A N D R ELA TE D
FIN A N C IN G A C TIV IT IES
(P urchase) sale of fixed assets - (101,250) - - (101,250)
Interest paym ents on bond payable - (69,995) - - - (69,995)
P rincipal paym ents on bond/note payable - (116,411) (245,000) - - (361,411)
N et cash provided (used) by capital and related
financing activities - (287,656) (245,000) - - (532,656) .
N E T IN C R E A S E (D E C R E A S E ) IN C A S H - 125,519 - - 469,894 595,413
C A S H - JU LY 1 - 645,881 - - - 645,881
C A S H - JU N E 30 -$ 771,400$ -$ -$ 469,894$ 1,241,294$
E nterprise Funds
STATEMENT I (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF CASH FLOWS – PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
25
R ecreation W ater W ater Ambulance Storm W ater
Program s Departm ent Pollution Services Utilities Totals
Enterprise Funds
R E C O N C ILIAT IO N O F O P E R A TIN G IN C O M E
(LO S S ) TO N E T C A S H P R O V ID E D (U S E D ) B Y
O P E R A TIN G A C TIV ITIE S :
O perating incom e (loss) 30,468$ 222,228$ 283,578$ -$ 462,121$ 998,395$
A djustm ents to reconcile operating income to net
cash provided (used) by operating activities:
D epreciation expense - 210,190 452,730 - 87,644 750,564
C hanges in operating assets and liabilities:
(Increase) decrease in due from water - billed - - (48,923) - (5,607) (54,530)
(Increase) decrease in due from water - unbilled - (16,114) - - - (16,114)
(Increase) decrease in accounts receivable - (81,203) - 229,286 - 148,083
(Increase) decrease in inventory - (30,071) - - - (30,071)
(Increase) decrease in prepaid expenses - (3) - - - (3)
(Increase) decrease in due from other funds 138,881 - - - 901,927 1,040,808
(D ecrease) increase in accounts payable - 54,812 - - - 54,812
(D ecrease) increase in due to other governm ents - 53,336 - - - 53,336
(D ecrease) increase in due to other funds - - (1,119,891) (700,722) 164,868 (1,655,745)
N E T C A S H P R O V ID E D (U S E D ) B Y O P ER A TIN G
A C TIV IT IE S 169,349$ 413,175$ (432,506)$ (471,436)$ 1,610,953$ 1,289,535$
S ee accom panying independent auditors' report and notes to financial statem ents.
STATEMENT J
CITY OF SOUTH BURLINGTON, VERMONT
STATEMENT OF NET ASSETS – FIDUCIARY FUNDS
JUNE 30, 2012
26
Pension
Trust
ASSETS
Investm ents, at fair value 27,82 8,248$
D ue from city un funded pension -
TO TAL ASSETS 27,82 8,248$
LIABILITIES
Accrued ben efits 5,47 3,703$
D ue to em ployee s/retiree s -
TO TAL L IABILITIES 5,47 3,703
N ET ASSETS
H eld in trust for pension b enefits 22,35 4,545
TO TAL N ET ASSETS 22,35 4,545
TO TAL L IABILITIES AND NET ASSETS 27,82 8,248$
See accom panying independ ent auditors' report and no tes to fina ncial sta tements.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
27
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Reporting Entity
The City of South Burlington was incorporated under the laws of the State of
Vermont. The City operates under City Council-Manager form of government and provides
the following services: general government services, public safety, public works, health
and welfare, education, and recreation.
The City’s financial statements are prepared in accordance with generally accepted
accounting principles (GAAP). The Governmental Accounting Standards Board (GASB) is
responsible for establishing GAAP for state and local governments through its
pronouncements (Statements and Interpretations). Governments are also required to
follow the pronouncements of the Financial Accounting Standards Board (FASB) issued
through November 30, 1989 (when applicable) that do not conflict with or contradict GASB
pronouncements. Although the City has the option to apply FASB pronouncements issued
after that date to its business-type activities and enterprise funds, the City has chosen not
to do so.
The City’s combined financial statements include all accounts and all operations of
the City. We have determined that the City has no component units as described in GASB
Statement No. 14 and amended by GASB Statement No. 39.
Government –Wide and Fund Financial Statements
The City’s basic financial statements include both government-wide (reporting the
City as a whole) and fund financial statements (reporting the City’s major funds).
Both the government-wide and fund financial statements categorize primary
activities as either governmental or business-type. The City’s recreation program, water
department, water pollution, ambulance services; and storm water utilities are categorized
as business-type activities. All other activities of the City are categorized as governmental.
In the government-wide Statement of Net Assets, both the governmental and
business-type activities columns are (a) presented on a consolidated basis by column, and
(b) are reported on a full accrual, economic resources basis, which recognizes all long-
term assets and receivables as well as long-term debt and obligations. The City's net
assets are reported in three parts - invested in capital assets, net of related debt; restricted
net assets; and unrestricted net assets. The City first utilizes restricted resources to
finance qualifying activities.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
28
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The government-wide Statement of Activities reports both the gross and net cost of
each of the City's functions and business-type activities (general government, public
safety, etc.). The functions are also supported by general government revenues (property
taxes, certain intergovernmental revenues, miscellaneous revenues, etc.). The Statement
of Activities reduces gross expenses (including depreciation) by related program revenues,
operating and capital grants. Program revenues must be directly associated with the
function or a business-type activity. Operating grants include operating-specific and
discretionary (either operating or capital) grants while the capital grants column reflects
capital-specific grants. For the most part, the interfund activity has been eliminated from
these government–wide financial statements.
The net costs (by function) are normally covered by general revenue (taxes, certain
intergovernmental revenues and charges for services, etc.).
The City does not allocate indirect costs. All costs are charged directly to the
corresponding department.
The government-wide focus is more on the sustainability of the City as an entity and
the change in the City’s net assets resulting from the current year’s activities.
Measurement Focus - Basic Financial Statements & Fund Financial Statements
The financial transactions of the City are reported in the individual funds in the fund
financial statements. Each fund is accounted for by providing a separate set of self-
balancing accounts that comprise its assets, liabilities, fund balances, revenues and
expenditures/expenses. The various funds are reported by generic classification within the
financial statements.
The following fund types are used by the City:
1. Governmental Funds:
The focus of the governmental funds' measurement (in the fund statements) is upon
determination of financial position (sources, uses, and balances of financial resources)
rather than upon net income. The following is a description of the governmental funds of
the City:
a. The General Fund is the general operating fund of the City. It is used to
account for all financial resources except those required to be accounted for
in another fund.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
29
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
b. Special Revenue Funds are used to account for the proceeds of specific
revenue sources that are legally restricted to expenditures for specified
purposes.
c. Capital Project Funds are used to account for financial resources to be used
for the acquisition or construction of major capital facilities or equipment.
d. Permanent Funds are used to account for assets held by the City in trust for
specific purposes.
2. Proprietary Funds
The focus of proprietary fund measurement is upon determination of operating
income, changes in net assets, financial position, and cash flows. The generally accepted
accounting principles applicable are those similar to businesses in the private sector.
Operating revenues include charges for services, intergovernmental reimbursements and
other miscellaneous fees which are a direct result of the proprietary activity. Non-operating
revenues are any revenues which are generated outside of the general proprietary activity,
i.e. interest income. The following is a description of the proprietary funds of the City:
a. Enterprise Funds are required to be used to account for operations for which
a fee is charged to external users for goods or services and the activity (a) is
financed with debt that is solely secured by a pledge of net revenues, (b) has
third-party requirements that the cost of providing. services, including capital
costs, be recovered with fees and charges or (c) established fees and
charges based on a pricing policy designed to recover similar costs.
3. Fiduciary Funds:
Fiduciary funds are used to report assets held in a trustee or agency capacity for
others and therefore are not available to support City programs. The reporting focus is on
net assets and changes in net assets and are reported using accounting principles similar
to proprietary funds.
The City’s fiduciary funds are presented in the fiduciary fund financial statements by
type (pension trust). Since by definition these assets are being held for the benefit of a
third-party (other local governments, private parties, etc.) and cannot be used to address
activities or obligations of the government, these funds are not incorporated into the
government-wide financial statements.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
30
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
The emphasis in fund financial statements is on the major funds in either the
governmental or business-type activities categories. Non-major funds by category are
summarized into a single column, GASB Statement No. 34 sets forth minimum criteria
(percentage of the assets, liabilities, revenues, or expenses of either the fund category or
the governmental and enterprise combined) for the determination of major funds. The
nonmajor funds are combined in a column in the fund financial statements.
Basis of Accounting
Basis of accounting refers to when revenues and expenditures or expenses are
recognized in the accounts and reported in the financial statements. Basis of accounting
relates to the timing of the measurements made, regardless of the measurement focus
applied.
1. Accrual
Governmental activities in the government-wide financial statements and fiduciary
fund financial statements are presented on the accrual basis of accounting. Revenues are
recognized when earned and expenses are recognized when incurred.
2. Modified Accrual
The governmental fund financial statements are presented on the modified accrual
basis of accounting. Under the modified accrual basis of accounting, revenues are
recorded when susceptible to accrual; i.e., both measurable and available. "Available"
means collectible within the current period or soon enough thereafter to be used to pay
liabilities of the current period. Expenditures are generally recognized under the modified
accrual basis of accounting when the related liability is incurred. The exception to this
general rule is that principal and interest on general obligation long-term debt, if any, is
recognized when due.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
31
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Budget
The City’s policy is to adopt an annual budget for operations. The budget is
presented on the modified accrual basis of accounting which is consistent with generally
accepted accounting principles.
The following procedures are followed in establishing budgetary data reflected in
the financial statements:
1. Early in the second half of the year the City prepares a budget for the fiscal year
beginning July 1. The operating budget includes proposed expenditures and the
means of financing them.
2. A meeting of the City Council was called for the purpose of adopting the proposed
budget after public notice of the meeting was given.
3. The budget was adopted subsequent to passage by the Voters.
4. The City did not adopt budgets for Special Revenue Funds.
Deposits and Investments
The City’s cash and cash equivalents are considered to be cash on hand, demand
deposits and short-term investments with original maturities of three months or less from
the date of acquisition.
It is the City’s policy to value investments at fair value. None of the City’s
investments are reported at amortized cost. For purposes of the statement of cash flows,
all highly liquid investments with a maturity of three months or less when purchased are
considered to be a cash equivalent. The City Treasurer is authorized by State Statutes to
invest all excess funds in the following:
- Obligations of the U.S. Government, its agencies and instrumentalities.
- Certificates of deposits and other evidences of deposits at banks, savings and
loan associations, and credit unions.
- Repurchase agreements
- Money market mutual funds
The City of South Burlington has no formal investment policy but instead follows the
State of Vermont Statutes. They are in the process of adopting a more detailed
investment policy.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
32
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Inventories
Inventories of supplies are considered to be expenditures at the time of purchase
and are not included in the general fund balance sheet. The enterprise fund inventory
consists of water department supplies on hand at the end of the year, valued at cost. The
cost value is determined using the first-in, first-out (FIFO) method.
Interfund Receivables and Payables
Any residual balances outstanding between governmental activities and business-
type activities are reported in the governmental-wide financial statements as “internal
balances”. Interfund balances and transactions have been eliminated in the government-
wide financial statements.
Transactions Between Funds
Legally authorized transfers are treated as interfund transfers and are included in
the results of operations of both Governmental and Proprietary Funds.
Allowance for Uncollectible Accounts
The allowance for uncollectible accounts is estimated to be $244,167 as of June 30,
2012. The allowance is for ambulance receivables in the enterprise funds.
Capital Assets
Capital assets purchased or acquired with an original cost of $5,000 or more are
reported at historical cost or estimated historical cost. Contributed assets are reported at
fair market value as of the date received. Additions, improvements and other capital
outlays that significantly extend the useful life of an asset are capitalized. Infrastructure
such as streets, traffic signals, and signs are capitalized. Other costs incurred for repairs
and maintenance are expensed as incurred. Depreciation on all assets is provided on the
straight-line basis over the estimated useful lives.
The assets are valued at historical cost when available and estimated historical
cost where actual invoices or budgetary data was unavailable. Donated fixed assets are
valued at their estimated fair market value on the date received. All retirements have been
recorded by eliminating the net carrying values.
Infrastructure assets include roads, bridges, underground pipe (other than related to
independently owned utilities), traffic signals, etc. These infrastructure assets are likely to
be the largest asset class of the City.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
33
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Estimated useful lives are as follows:
Buildings 20 - 50 years
Infrastructure 50 - 100 years
Machinery and equipment 3 - 50 years
Vehicles 3 - 25 years
Long-term Obligations
The accounting treatment of long-term debt depends on whether the assets are
used in governmental fund operations or proprietary fund operations and whether they are
reported in the government-wide or fund financial statements.
All long-term debt to be repaid from governmental and business-type resources is
reported as liabilities in government-wide statements. The long-term debt consists
primarily of notes or bonds payable and compensated absences.
Long-term debt for governmental funds is not reported as liabilities in the fund
financial statements. The debt proceeds are reported as other financing sources and
payment of principal and interest reported as expenditures. The accounting for proprietary
fund is the same in the fund statements as it is in the government-wide statements.
Compensated Absences
The City’s policies regarding vacation and sick time do permit employees to
accumulate earned but unused vacation and sick leave. The liability for these
compensated absences is recorded as long-term debt in the government-wide financial
statements. In the fund financial statements, governmental funds report only the
compensated absence liability payable from expendable available financial resources,
while the proprietary funds report the liability as it is incurred. As of June 30, 2012 the
City’s liability for compensated absences is $660,092.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
34
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Net Assets / Fund Balance
Net assets represent the difference between assets and liabilities. Net assets
invested in capital assets, net of related debt consists of capital assets, net of accumulated
depreciation, reduced by the outstanding balances of any borrowing used for those assets,
and adding back unspent proceeds. Net assets are reported as restricted when there are
limitations imposed on their use either through the enabling legislations adopted by the
City or through external restrictions imposed by creditors, grantors or laws or regulations of
other governments. In the fund financial statements, fund balance for governmental funds
is reported in classifications that comprise a hierarchy based primarily on the extent to
which the City is bound to honor constraints on the specific purpose for which amounts in
the funds can be spent. Fund balance is reported in five components – nonspendable,
restricted, committed, assigned and unassigned.
Nonspendable – This includes amounts that cannot be spent either because they
are not in spendable form or because they are legally or contractually required to be
maintained intact.
Restricted – This includes amounts that can be spent only for specific purposes
because of constitutional provisions or enabling legislation or because of constraints that
are externally imposed by creditors, grantors, contributors, or the laws or regulations of
other governments.
Committed – This includes amounts that can be used only for specific purposes
determined by a formal action of the inhabitants of the City. The inhabitants of the City
through City meetings are the highest level of decision-making authority of the City.
Commitments may be established, modified, or rescinded only through a City meeting
vote.
Assigned – This includes amounts that do not meet the criteria to be classified as
restricted or committed but that are intended to be used for specific purposes. The
authority for assigning fund balance is expressed by the City Council.
Unassigned – This includes all other spendable amounts. The general fund is the
only fund that reports a positive unassigned fund balance amount. Other governmental
funds besides the general fund can only report a negative unassigned fund balance
amount.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
35
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
When an expenditure is incurred for purposes for which both restricted and
unrestricted fund balances are available, the City considers restricted funds to have been
spent first. When an expenditure is incurred for which committed, assigned, or unassigned
fund balances are available, the City considers amounts to have been spent first out of
committed funds, then assigned funds, and finally unassigned funds, as needed, unless
the City meeting vote has provided otherwise in its commitment or assignment actions.
Revenue Recognition - Property Taxes - Modified Accrual Basis
The City's property tax for the current year was levied July 2, 2011 on the assessed
value listed as of April 1, 2011, for all real and personal property located in the City. Taxes
were due on August 15, 2011, November 15, 2011 and March 15, 2012. Interest on
unpaid taxes commenced on August 16, 2011, November 16, 2011 and March 16, 2012,
at 8% penalties and 1% interest per installment.
Property tax revenues are recognized when they become available. Available
includes those property tax receivables expected to be collected within sixty days after
year end. The remaining receivables have been recorded as deferred revenues.
Tax liens are placed on real property within twelve months following the tax
commitment date if taxes are delinquent. The City has the authority to foreclose on
property eighteen months after the filing of the lien if tax liens and associated costs remain
unpaid.
The City’s property tax collection rate for the current year was 97.75%.
Program Revenues
Program revenues include all directly related income items applicable to a particular
program (grant income/expenses).
Operating/Non-operating Proprietary Fund Revenues
Operating revenues consist mainly of direct revenue sources and/or charges for
services applicable to that fund.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
36
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
Encumbrance Accounting
Encumbrances are not liabilities and, therefore, are not recorded as expenditures
until receipt of material or service. For budgetary purposes, appropriations lapse at fiscal
year-end. The City does not utilize encumbrance accounting for its general fund.
Use of Estimates
During the preparation of the City’s financial statements, management is required to
make estimates and assumptions that affect the reported amounts of assets, liabilities, and
disclosure of contingent items as of the date of the financial statements and the reported
amounts of revenues and expenses/expenditures during the reporting period. Actual
results may differ from these estimates.
NOTE 2 - CASH AND INVESTMENTS
The City’s policies, which follow state statutes, authorize the City to invest in
obligations of the U.S. Treasury, agencies and instrumentalities, other states and Canada,
provided such securities are rated within the three highest grades by an approved rating
service of the State of Vermont, corporate stocks and bonds within statutory limits,
financial institutions, mutual funds and repurchase agreements. These investment policies
apply to all City funds.
Custodial credit risk for deposits is the risk that, in the event of a failure of a
depository financial institution, the City will not be able to recover its deposits or will not be
able to recover collateral securities that are in possession of an outside party. The City
does not have a policy covering custodial credit risk.
At June 30, 2012, the City’s cash balance of $8,439,966 was comprised of bank
deposits amounting to $8,942,871. This amount was comprised of $250,000 which was
insured by federal depository insurance and consequently was not exposed to custodial
credit risk and $8,692,871 that was in excess of federal depository insurance, but
collateralized with securities held by financial institutions in the City’s name.
Bank
Account Typ e Balance
Checkin g accounts 8,942,87 1$
8,942,87 1$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
37
NOTE 2 - CASH AND INVESTMENTS (CONTINUED)
At June 30, 2012, all of the City’s investments of $28,196,641 were not
collateralized.
Investm ent Type C urrent 1 Year 2 - 5 Y ears T hereafter
P rudential:
U .S . S tocks -$ -$ -$ 7,726,571$
International S tocks - - - 3,269,680
U .S . B onds - - - 1,905,659
S hort term - - - 8,656,507
R eal estate - - - 796,129
IC M A :
M oney m arket funds - - - 1,671,143
B ond funds - - - 507,870
A ssett allocation funds - - - 1,352,275
U .S . S tocks - - - 1,639,209
International S tocks - - - 303,205
W ells Fargo:
C ash equivalent 14 - - -
A sset backed securities - - - 24,587
M utual funds 280,987 - - -
Fixed rate cap securities 62,805 - - -
343,806$ -$ -$ 27,852,835$
Credit risk – Statutes for the State of Vermont authorize the City to invest in
obligations of the U.S. Treasury, agencies and instrumentalities, other states and Canada,
provided such securities are rated within the three highest grades by an approved rating
service of the State of Vermont, corporate stocks and bonds within statutory limits,
financial institutions, mutual funds and repurchase agreements. The City does not have
an investment policy on credit risk. Generally, the Vermont invests excess funds in
savings and money market accounts.
Interest rate risk – is the risk that changes in interest rates will adversely affect the
fair value of an investment. The City does not have a policy related to interest rate risk.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
38
NOTE 3 - INTERFUND RECEIVABLES AND PAYABLES
Interfund balances at June 30, 2012 consisted of the following individual fund
receivables and payables.
R eceivables P ayables
(D ue from )(D ue to)
G eneral fund 366,966$ 5,196,321$
A irport parkw ay expansion fund 2,231,099 -
S pecial revenue fund 1,433,270 56,957
C apital project fund 1,389,505 144,096
P ermanent fund 111,979 1,045
E nterprise fund 30,468 164,868
5,563,287$ 5,563,287$
NOTE 4 - CAPITAL ASSETS
The following is a summary of changes in capital assets at June 30, 2012:
Balance,Balanc e,
7/1/11 Additions D ispo sals 6/30/1 2
G overnm ental activities
N on-dep reciated a ssets:
Land 6 ,030,263$ -$ -$ 6,030,2 63$
C onstruction in p rogress 28 ,571,251 - - 28,571,2 51
34 ,601,514 - - 34,601,5 14
D epreciated assets:
Land Im provem ents 71,703 - - 71,7 03
Buildings 16 ,206,462 - - 16,206,4 62
Building improvem ents 559,798 - - 559,7 98
M achinery & equipm ent 1 ,882,010 - - 1,882,0 10
Vehicles 4 ,415,644 - - 4,415,6 44
Infrastructure 38 ,956,490 - - 38,956,4 90
62 ,092,107 - - 62,092,1 07
Less: accum ulate d depreciation (43 ,743,364) (1 ,176,516) - (44,919,8 80)
18 ,348,743 (1 ,176,516) - 17,172,2 27
N et capital assets 52 ,950,257$ (1 ,176,516)$ -$ 51,773,7 41$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
39
NOTE 4 - CAPITAL ASSETS (CONTINUED)
Bala nce,Balance,
7/1/11 Additions D isposals 6/30/12
Busines s-type activities
N on-dep reciated a ssets:
Land / co nstruction in progress 518 ,000$ -$ -$ 518,000$
518 ,000 - - 518,000
D epreciated assets:
Buildings 5,952 ,242 - - 5,952,242
Building improvem ents 11 ,130 - - 11,130
Land improve ments 7,362 ,506 - - 7,362,506
Vehicles 811 ,164 - - 811,164
M achinery & equipm ent 6,849 ,653 101,25 0 - 6,950,903
Storm water utilities 1,290 ,352 - - 1,290,352
22,277 ,047 101,25 0 - 22,378,297
Less: accum ulate d depreciation (12,715 ,129) (750,56 4) - (13,465,693)
9,561 ,918 (649,31 4) - 8,912,604
N et capital assets 10,079 ,918$ (649,31 4)$ -$ 9,430,604$
C urrent year depreciation
Fire 148,5 16$
Public works 363,7 07
G enera l governm ent 3,2 98
H ealth 3,6 10
Police 384,3 43
R ecreation 84,3 60
H ighw ay 188,3 44
Library 3 38
Subtotal governm ental 1,176,5 16
W ater d epartmen t 210,1 90
W ater p ollution control 452,7 30
Storm water utilities 87,6 44
Subtotal busness-type 750,5 64
Total depreciation expense 1,927,0 80$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
40
NOTE 5 - LONG TERM DEBT
The following is a summary of changes in the long-term debt for the year ended
June 30, 2012:
D ue
Balance,Balance,W ithin
7/1/11 Additions D eletions 6/30/12 O ne Year
G overnm ental Activities
Bonds payable 30,615,445$ -$ (738,589)$ 29,876,856$ 735,864$
N otes payable 10,222,511 - (1,011,290) 9,211,221 806,335
Accrued com pensated absences 660,092 38,813 - 698,905 -
Total G overnm ental Activities 41,498,048$ 38,813$ (1,749,879)$ 39,786,982$ 1,542,199$
Business-type Activities
Bonds payable 3,749,555$ -$ (361,411)$ 3,388,144$ 364,136$
Total Business-type Activities 3,749,555$ -$ (361,411)$ 3,388,144$ 364,136$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
41
NOTE 5 - LONG TERM DEBT (CONTINUED)
The following is a summary of outstanding bonds payable:
G ov ern m e ntal B u sines s-typ e
B ond s
$ 700 ,000 ,1 99 2 G en eral O blig atio n B ond du e in ann ua l in stallm en ts and
s em ia nnu al interest in stallm en ts throug h D ec em ber 2 012 .In te re st is
c harge d at a rate of 6.21 % p er a nnu m . A nnu al ins ta llm ents are $3 5,000 .3 5,000$ -$
$8 00 ,0 00,19 93 G en eral O bligation B o nd du e in an nu al ins ta llm ents and
s em ia nnu al interest in stallm en ts throug h D ec em ber 2 013 .In te re st is
c harge d at a rate of 5.27 % p er a nnu m . A nnu al ins ta llm ents are $4 0,000 . 8 0,000 -
$ 2,435 ,000 ,2 000 G ene ra l O bligation B o nd d ue in an nua l installm e nts
a nd s em ia nnu al interes t installm e nts th ro ugh D e cem be r 20 20 .Interes t is
c harge d at a rate of 5.23 % p er a nnu m . A nnu al ins ta llm ents are $1 20,00 0. 88 7,003 19 2,99 7
$ 4,900 ,000 ,1 998 G ene ra l O bligation B o nd d ue in an nua l installm e nts
a nd sem iann ua l in te re st in stallm en ts throug h A pril 2 020 .Intere st is n ot
c harge d . A nn ual in stallm en ts a re $2 45 ,0 00. - 1,96 0,00 0
$ 1,300 ,000 ,2 003 G ene ra l O bligation B o nd d ue in an nua l installm e nts
a nd s em ia nnu al interes t installm e nts th ro ugh D e cem be r 20 13 .Interes t is
c harge d at a rate of 2 .9 78 %pe r an num .A n nua l insta llm e nts are
$ 130 ,000 . 26 0,000 -
$ 3,400 ,000 ,2 004 G ene ra l O bligation B o nd d ue in an nua l installm e nts
a nd s em ia nnu al interes t installm e nts th ro ugh D e cem be r 20 24 .Interes t is
c harge d at a rate of 4 .4 55 %pe r an num .A n nua l insta llm e nts are
$ 170 ,000 . 97 4,853 1,23 5,14 7
$ 7,200 ,000 ,2 010 G ene ra l O bligation B o nd d ue in an nua l installm e nts
a nd s em ia nnu al interes t installm e nts th ro ugh D e cem be r 20 30 .Interes t is
c harge d at a rate of 4.34 % p er a nnu m . A nnu al ins ta llm ents are $3 60,00 0. 6,84 0,000 -
$ 2,000 ,000 ,2 010 G ene ra l O bligation B o nd d ue in an nua l installm e nts
a nd s em ia nnu al interes t installm e nts th ro ugh D e cem be r 20 22 .Interes t is
c harge d at a rate fro m 3.25 %to 4 .7 5%p er an num .$1 ,0 00,00 0 wa s p aid
b y A R R A fund in g. 1,00 0,000 -
$ 19,80 0,00 0,2 01 0 G en era l O bligation B ond d ue in an nua l installm e nts
a nd sem iann ual interest ins ta llm e nts throu gh A pril 20 30.Intere st is
c harge d at 1 .0 0% per a nn um . A nn ual Ins ta llm ents va ry. 1 9,80 0,000 -
2 9,87 6,856$ 3,38 8,14 4$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
42
NOTE 5 – LONG TERM DEBT (CONTINUED)
The following is a summary of outstanding notes payable:
N o te s
G ov ern m e ntal B u sines s-typ e
$5 87,00 0 N ote pa yab le to N orthfield S av in gs B a nk for a f ire truc k w ith
interest at 2.40% .N ote m atures on J uly 15 ,2 01 5 w ith ann ual prin cipal
ins ta llm ents of $1 46 ,7 50 . 58 7,000$ -$
$1 04,00 0,G e neral O b liga tion N ote from th e P o llution C ontrol R evo lv ing
L oan F un d du e in ann ua l prin cipa l ins ta llm ents w ith interest be ing
fo rg ive n. $ 52,00 0 w as pa id by A R R A fun din g. 4 2,008 -
$6 76 ,5 00 N ote p aya ble to C itize ns B a nk fo r 2 fire tru cks w ith in te res t at
3 .0 5% .N ote m a tu res on S e ptem be r 1 6,2 012 w ith a nnu al installm e nts of
$ 169 ,125 . 16 9,125 -
$9 0,310 ,G en eral O blig atio n N ote from the P o llutio n C ontro l R evo lv ing
L oan F un d du e in ann ua l prin cipa l ins ta llm ents w ith interest be ing
fo rg ive n. $ 45,15 5 w as pa id by A R R A fun din g. 3 6,478 -
$7 4,000 ,G en eral O blig atio n N ote from the P o llutio n C ontro l R evo lv ing
L oan F un d du e in ann ua l prin cipa l ins ta llm ents w ith interest be ing
fo rg ive n. $ 37,00 0 w as pa id by A R R A fun din g. 3 7,000 -
$2 13,31 6,G e neral O b liga tion N ote from th e P o llution C ontrol R evo lv ing
L oan F un d du e in ann ua l prin cipa l ins ta llm ents w ith interest be ing
fo rg ive n. $ 106 ,6 58 w a s p aid by A R R A fu nding . 8 6,163 -
$1 98,28 1,G e neral O b liga tion N ote from th e P o llution C ontrol R evo lv ing
L oan F un d du e in ann ua l prin cipa l ins ta llm ents w ith interest be ing
fo rg ive n. $ 99,14 0 w as pa id by A R R A fun din g. 8 0,090 -
$ 54 ,3 04 N ote p aya ble to C hitten de n B ank for a track le ss sidew a lk plow
w ith in tere st at 2.40% .N o te m a tu re s on De cem b er 1 4,2 011 at w h ich
tim e it m ay b e re fin anc ed. 1 8,100 -
$8 3,42 2 No te pay able to C hitten den B ank fo r a high wa y load er w ith
interest at 2 .4 0% .N ote m a tu res on D ec em ber 1 4,20 11 at w hich tim e it
m ay b e re fin anc ed. 2 7,807 -
$6 6,79 8 N ote pa yab le to C hitten den B ank for a du m p truck w ith interest
at 2.40% .N ote m atures on D e cem be r 14,2 011 at w h ich tim e it m a y be
refina nce d. 2 2,266 -
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
43
NOTE 5 - LONG TERM DEBT (CONTINUED)
N o te s
G ov ern m e ntal B u sines s-typ e
$300,000 N ote payable to TD Bank for storm w ater m itigation w ith
interest at 1.84% .Note m atures on January 21,2012 at w hich tim e it m ay
be refinanced. 200,000 -
$8,168,158 N ote payable to Merchants Bank for Pension Financing w ith
interest at 5.125% .N ote m atures on June 30,2031 w ith annual
installm ents of $660,948. 7,905,184 -
9,211,221$ -$
The following is a summary of outstanding bond principal and interest requirements
for the following fiscal years ending June 30:
Bonds Payable
Total
Principal Interest Debt Service
2013 1,100,000$ 429,558$ 1,529,558$
2014 1,879,903 818,600 2,698,503
2015 1,726,201 775,213 2,501,414
2016 1,783,982 734,549 2,518,531
2017 1,801,762 691,833 2,493,595
2018-2022 8,678,198 2,767,980 11,446,178
2023-2027 7,624,161 1,640,291 9,264,452
2028-2032 7,307,263 625,737 7,933,000
2033-2037 1,363,530 24,942 1,388,472
33,265,000$ 8,508,703$ 41,773,703$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
44
NOTE 5 - LONG TERM DEBT (CONTINUED)
The following is a summary of outstanding note principal and interest requirements
for the following fiscal years ending June 30:
Notes Payable
Total
Principal Interest Debt Service
2013 806,335$ 435,203$ 1,241,538$
2014 583,496 408,777 992,273
2015 498,626 388,340 886,966
2016 513,500 369,893 883,393
2017 320,064 348,734 668,798
2018-2022 2,239,677 1,486,618 3,726,295
2023-2027 1,912,934 970,251 2,883,185
2028-2032 2,336,589 307,205 2,643,794
9,211,221$ 4,715,021$ 13,926,242$
NOTE 6 - NONSPENDABLE FUND BALANCES
At June 30, 2012, the City had the following nonspendable fund balance:
Prepaid expenses 244,188$
NOTE 7 - RESTRICTED FUND BALANCES
At June 30, 2012, the City had the following restricted fund balances:
Nonmajor special revenue funds (Schedule D)915,306$
Nonmajor capital project funds (Schedule F)393,199
Nonmajor permanent funds (Schedule H)467,933
1,776,438$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
45
NOTE 8 - COMMITTED FUND BALANCES
At June 30, 2012, the City had the following committed fund balances:
Nonmajor special revenue funds (Schedule D)3,277,238$
Nonmajor capital project funds (Schedule F)1,626,900
Nonmajor permanent funds (Schedule H)6,092
4,910,230$
NOTE 9 - ASSIGNED FUND BALANCES
At June 30, 2012, the City had the following assigned fund balances:
Nonmajor special revenue funds (Schedule D)95,080$
NOTE 10 - RISK MANAGEMENT – PARTICIPATION IN A PUBLIC ENTITY RISK POOL
The City of South Burlington, Vermont is a member of Vermont League of Cities
and Towns (VLCT). The VLCT has established three insurance trusts: the Property and
Casualty Intermunicipal Fund, Inc. (PACIF) for multi-line insurance; The Vermont League
of Cities and Towns Health Trust (VLCTHT) for health, life and disability coverage; and the
Vermont league of Cities and Towns Unemployment Trust, Inc. (VLCTUT) for
unemployment compensation. PACIF, VLCTHT and VLCTUT are nonprofit corporations
formed to provide insurance and risk management programs for Vermont cities and towns
and is owned by the participating members. The Trusts are not licensed insurance carriers
and members are not protected by the Vermont Insurance Guaranty Association.
To provide insurance coverage, PACIF has established a self-funded insurance
trust. It provides extensive coverage for losses to member municipalities for property
damage, auto accidents, injured employees, public official liability and employment
practices liability. Members gain additional benefits from PACIF’s unique public safety and
risk management programs as well as dedicated in-house claims adjusters. In the event
that total contributions assessed to and made by all members result in a actual or
projected financial deficit and PACIF is unable to meet its required obligations, the
program will be terminated with each member assessed their proportionate share of the
deficit.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
46
NOTE 10 - RISK MANAGEMENT – PARTICIPATION IN A PUBLIC ENTITY RISK POOL
(CONTINUED)
To provide health insurance coverage, VLCTHT has established a self-funded fully
insured program in conjunction with Connecticut General (CIGNA). A portion of member
contributions is used to purchase reinsurance and to fund a reserve required by the
reinsurance. Other health related benefits available include dental insurance, flexible
spending accounts, life insurance, disability insurance and long-term care insurance.
Contributions in excess of claims requirements, reserve fund requirements, reinsurance
and administrative costs are returned to participants. The pooling agreement does not
permit the pool to make additional assessments to its members.
To provide unemployment coverage, VLCTUT has established a separate trust of
funds from member contributions to pay administrative costs, unemployment claims and
provide excess reinsurance protection. Contributions are based on payroll expense and
the previous two year unemployment compensation experience. In the event that total
contributions assessed to and made by all members result in an actual or projected
financial deficit and VLCTUT is unable to meet its required obligations, the program will be
terminated with each members assessed their proportionate share of the deficit.
NOTE 11 - RETIREMENT INCENTIVES
The City will permit any employee with 15 years or more of service to exchange 160
hours of sick leave plus 16 additional sick leave hours per year of service beyond 15 years
towards early retirement in the year of retirement.
Life insurance is offered to all retirees for the rest of their lives. The present cost is
different for each person. There are 32 people presently receiving life insurance benefits
with a cost to the city of $480. The liability will change from year to year based on the cost
of the insurance and the number of people receiving the insurance benefit.
Pursuant to employment contracts with the employees of the police and fire
departments, the City offers a plan that uses accumulated unused sick time to pay for the
loss of health insurance upon their retirement. The amount of unused sick time hours
multiplied by the employee’s hourly rate is the amount credited to a sick leave bank to pay
the cost of insurance. The amount is actually unfunded and treated as a “pay as you go”
plan. As of June 30, 2012, this amount has been estimated at $3,058,913.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
47
NOTE 12 - DEFINED BENEFIT PENSION PLAN
The City of South Burlington, Vermont, sponsors one defined benefit pension plan
with two components that cover all eligible employees. One component is for public safety
employees (fire and police) and the other component is for all other City employees. The
City of South Burlington, Vermont, provides the authority under which benefit provisions
are established and the City’s obligation to contribute is established. The plan calls for
benefits to be paid to eligible employees at retirement based primarily upon years of
service with the City and compensation rates near retirement.
Non-public safety employees earn 1.75 percent of average monthly compensation
per year of service. Average monthly compensation means the monthly compensation of
a participant averaged over the three (3) consecutive plan years for the date of
employment, including periods prior to the effective date of the plan, which produce the
highest monthly average. If a participant has less than three (3) consecutive plan years of
service between the date of employment to the date of termination, the average monthly
compensation will be based on the monthly compensation during the months of service
from the date of employment to the date of termination.
Public safety employees earn 2.5 percent of average monthly compensation per
year of service limited to 25 years. Average monthly compensation means the monthly
compensation of a participant average over the three (3) highest consecutive years of the
last ten (10) years from the date of employment, including periods prior to the effective
date of the plan, which produce the highest monthly average. If a participant has less than
three (3) consecutive plan years of service from the date of employment to the date of
termination, the average monthly compensation will be based on the monthly
compensation during the months of service from the date of employment to the date of
termination. Public safety employees contribute 6.5% of their base salary in the plan.
The Plan provides death and disability benefits. Employees become eligible after
three years of service. Benefits vest 20 percent per year upon eligibility. Employees are
100 percent vested after five years of participation that occurs at the end of the seventh
year. Normal retirement for the non-public safety employees is age 65 with early
retirement at age 60. Normal retirement for public safety employees is age 53 with early
retirement at age 50. Contributions to the plan reflect benefits attributed to employees’
services to date, as well as services expected to be earned in the future.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
48
NOTE 12 - DEFINED BENEFIT PENSION PLAN (CONTINUED)
At June 30, 2012, the number of participants consisted of:
N on-P ublic
Public S afety S afety G roup
R etired participants currently receiving benefits 23 32
Term inated vested or inactive but still em ployeed 8 30
P articipants currently em ployed:70 35
Total participants 101 97
Ineligible em ployees 0 11
The City of South Burlington, Vermont’s current year aggregate compensation of
active participants in the pension plan equaled $5,299,232.
The following sets forth the determination of normal cost of the plan for the year
ended June 30, 2012:
N on-P ublic
Public S afety S afety G roup
1. A ctual present value of future benefits:
A . Inactive participants 8,220,273$ 3,705,748$
B . A ctive participants 11,975,289 4,518,371
C . Total 20,195,562 8,224,119
2. A ctuarial asset value:16,322,208 6,032,342
3. P resent value of future em ployee contributions:1,651,784 -
4. U nfunded entry age accrued liability:252,369 779,045
5. P resent value of future norm al cost (1C -2-3-4):1,969,201 1,412,732
6. P resent value of future payroll:25,412,056 15,299,527
7. N ormal cost accrual rate (5/6):7.7491%9.2338%
8. C urrent payroll:3,611,303 1,687,929
9. N ormal cost (7*8):279,843 155,860
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
49
NOTE 12 - DEFINED BENEFIT PENSION PLAN (CONTINUED)
The following sets forth the actuarial present value of accumulated plan benefits as
for June 30, 2012:
N on-P ublic
Public S afety S afety G roup
A ctuarial present value of vested accumulated
plan benefits
Inactive participants (retirees, term vested):8,220,273$ 3,705,748$
A ctively em ployed participants 8,005,060 2,028,424
P resent value of vested accumulated benefits 16,225,333 5,734,172
P resent value of non-vested accum ulated benefits 152,059 42,192
Total present value of future benefits 16,377,392 5,776,364
A ctuarially com puted value of accrued vested
P lan assets available to provide benefits 16,322,209 6,032,341
U nfunded pension benefit obligation - -
F unded ratio 99.7%104.4%
The following sets forth the asset fair market value of accumulated plan benefits as
for June 30, 2012:
N on-P ublic
Public S afety S afety G roup
A sset fair m arket value at July 1, 2011:16,224,502$ 5,916,216$
A dditional bond proceeds 578 122
E mployer contributions:245,628 354,372
M andatory employee contributions:282,608 -
B enefit paym ents to participants:(700,529) (336,144)
S hare of investment earnings (net of expenses):269,421 97,776
A sset fair m arket value at June 30, 2012 16,322,208 6,032,342
E mployer contribution receivable:- -
E mployee contribution receivable:- -
A sset fair m arket value at June 30, 2012 16,322,208 6,032,342
Approximate annual rate of return for the plan year
(net of expenses): 1.66%
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
50
NOTE 12 - DEFINED BENEFIT PENSION PLAN (CONTINUED)
Significant actuarial assumptions used to compute the pension benefit obligations
and the actuarial present value of accumulated plan benefits are as follows:
Current actuarial valuation date July 1, 2012
Actuarial present value interest rate 7.50%
Projected salary increase: 4.00%
Employee contribution rate (Public Safety Only) 6.50%
Actuarial cost method Frozen initial liability cost method
Mortality table used in determining
actuarial present values IRC Section 430-2009 Optional Combined Table
NOTE 13 - DEFERRED COMPENSATION PLAN
The City offers its employees a deferred compensation plan created in accordance
with Internal Revenue Code Section 457. The plan, available to all City employees,
permits them to defer a portion of their salary until future years. The deferred
compensation is not available to employees until termination, retirement, death or
unforeseen emergency.
All amounts of compensation deferred under the plan, all property and rights
purchased with those amounts, and all income attributable to those amounts, property, or
rights are (until paid or made available to the employee or other beneficiary) to be held in a
trust for the exclusive benefit of the participants and their beneficiaries.
It is the opinion of the City’s management that the City has no liability for losses
under the plan but does have the duty of due care that would be required of an ordinary
prudent investor.
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
51
NOTE 14 - DEFICIT FUND BALANCES
At June 30, 2012 the City had the following deficit fund balances / net assets:
N on-m ajor funds:
M P G 10 N atural R esources (210)3,510$
M P G FY 08 G rowth C enter (219)515
M obile data term inals (245)2,616
M arket street federal (280)3,375
K ennedy drive reconstruction (303)9,754
E xit 14B S taples 3rd lane (318)130,017
H ayes ave. storm w ater (328)4,325
Fire departm ent donations 811
Total non-m ajor funds 154,923$
The City is currently reviewing the condition of these overdrafts and a plan to fund
them.
NOTE 15 - CONTINGENCIES
With regard to pending legal claims or any unasserted claims, it is not feasible at
this time to predict or determine their outcome. Management believes, however, that
settlement amounts, if any, will not have a material adverse effect on the City’s financial
position.
The City participates in various intergovernmental grant programs which may be
subject to future program compliance audits by the grantors or their representatives.
Accordingly, the City’s compliance with applicable grant requirement may be established at
some future date. The amount, if any, of any liabilities arising from the disallowance of
expenditures or ineligibility of grant revenues cannot be determined at this time.
NOTE 16 - OPERATING LEASE
On June 25, 2007, the City of South Burlington, Vermont entered into a lease
agreement with Delage Landen for the lease of a copier. The total amount due is
$9,025.80, to be paid in monthly installment of $150.43 over 5 years. The following is a
schedule of future minimum lease payments under this lease.
During the year ended June 30, 2012 $1,806
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO FINANCIAL STATEMENTS
JUNE 30, 2012
52
NOTE 17 - LESSOR LEASE
Commencing May 1, 2005, the National Gardening Association (NGA) has entered
into an agreement with the City for the lease of a building and a portion of the City’s
property located on Dorset Street. The lease is for 20 years with an option to extend an
additional 20 years. The NGA agrees to pay the City $1 per year.
NOTE 18 - COMMITMENTS
The City of South Burlington, Vermont contracts for management, water purchases
and other services from the Champlain Water District (CWD). The water department has
contracted with CWD to manage and maintain the water facility. This contract is renewed
annually. The terms of the management contract provide for hourly wages for the CWD
employees.
53
Required Supplementary Information
Required supplementary information includes financial information and disclosures that are
required by the Government Accounting Standards Board but are not considered a part of
the basic financial statements. Such information includes:
● Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual -
General Fund
● Budgetary Comparison Schedule - Budgetary Basis - Budget and Actual -
General Fund Revenues
SCHEDULE 1
CITY OF SOUTH BURLINGTON, VERMONT
BUDGETARY COMPARISON SCHEDULE – BUDGETARY BASIS
BUDGET AND ACTUAL – GENERAL FUND
FOR THE YEAR ENDED JUNE 30, 2012
54
Variance
Actual Positive
O riginal Final Am ounts (N egative)
Budgetary Fund Balance, July 1 1,639,610$ 1,639,610$ 1,639,610$ -$
R esources (Inflow s):
G eneral tax revenue - m unicipal and education 45,500,012 45,500,012 45,614,174 114,162
Intergovernm ental revenue 89,590 89,590 49,821 (39,769)
C harges for services 3,044,005 3,044,005 3,488,866 444,861
Investm ent incom e 76,189 76,189 106,838 30,649 O ther revenue - - - -
Transfers from other funds 8,500 8,500 5,470,350 5,461,850
Am ounts A vailable for Appropriation 50,357,906 50,357,906 56,369,659 6,011,753
C harges to Appropriations (O utflow s):
G eneral governm ent 2,482,723 2,482,723 3,131,702 (648,979)
Public safety 9,180,133 9,180,133 8,103,701 1,076,432
Public w orks 2,429,110 2,429,110 2,503,255 (74,145)
Social services 567,955 567,955 562,711 5,244
R ecreation and culture 1,189,281 1,189,281 1,094,136 95,145
D ebt service 1,125,650 1,125,650 1,786,764 (661,114)
Education 31,297,744 31,297,744 31,297,744 -
Transfers to other funds 695,700 695,700 5,901,476 (5,205,776)
Total C harges to Appropriations 48,968,296 48,968,296 54,381,489 (5,413,193)
Budgetary Fund Balance, June 30 1,389,610$ 1,389,610$ 1,988,170$ 598,560$
U tilization of unassigned fund balance 250,000$ 250,000$ -$ (250,000)$
U tilization of assigned fund balance - - - -
250,000$ 250,000$ -$ (250,000)$
See accom panying independent auditors' report.
Budgeted Am ounts
SCHEDULE 2
CITY OF SOUTH BURLINGTON, VERMONT
BUDGETARY COMPARISON SCHEDULE – BUDGETARY BASIS
BUDGET AND ACTUAL – GENERAL FUND REVENUES
FOR THE YEAR ENDED JUNE 30, 2012
55
Variance
O riginal Final Actual Positive
B udget B udget (Negative)
R EVENU ES
G eneral tax revenues:
Property taxes 10,501,268$ 10,501,268$ 10,641,540$ 140,272$
Property taxes (education)31,297,744 31,297,744 31,297,744 -
Local options tax 3,220,000 3,220,000 3,446,252 226,252
Interest and penalties 481,000 481,000 228,638 (252,362)
Intergovernm ental revenues:
Fire safer grant 75,990 75,990 37,995 (37,995)
Pager grant 13,600 13,600 11,826 (1,774)
C harges for services:
Adm inistrative services 315,976 315,976 734,319 418,343
Fire departm ent 88,980 88,980 103,029 14,049
O ther Tow n C lerk fees 217,350 217,350 220,572 3,222
Building & sign perm its 167,100 167,100 276,175 109,075
O ther planning fees 80,487 80,487 94,331 13,844
Verm ont district court 120,000 120,000 107,185 (12,815)
Police departm ent 120,500 120,500 129,414 8,914
H ighw ay departm ent 892,861 892,861 961,912 69,051
R ecreation 19,476 19,476 19,419 (57)
Facilities 500 500 480 (20)
Park m aintenance 300 300 - (300)
Special activities 105,350 105,350 156,301 50,951
Am bulance 904,815 904,815 674,201 (230,614)
Library 10,310 10,310 11,528 1,218
Investm ent incom e 76,189 76,189 106,838 30,649 O ther incom e
Transfers from other funds:
Poice bequeath fund - - 15,000 15,000
Blanchette library 8,500 8,500 8,500 -
R oad opening im pact fees 92,568 92,568
M PG FY 08 grow th center - - 2,000 2,000
W rite-offs - - 5,352,282 5,352,282
U se of unassigned 250,000 250,000 - (250,000)
Total revenues 48,968,296$ 48,968,296$ 54,730,049$ 5,761,753$
See accom panying independent auditors' report.
Other Supplementary Information
56
Other supplementary information includes financial statements and schedules not
required by the Government Accounting Standards Board, nor a part of the basic financial
statements, but are presented for purposes of additional analysis.
● Schedule of Departmental Operations
● Combining Balance Sheet - Nonmajor Governmental Funds
● Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Governmental Funds
● Combining Balance Sheet - Nonmajor Special Revenue Funds
● Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances - Nonmajor Special Revenue Funds
● Combining Balance Sheet – Nonmajor Capital Projects Funds
● Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances – Nonmajor Capital Project Funds
● Combining Balance Sheet – Nonmajor Permanent Funds
● Combining Schedule of Revenues, Expenditures and Changes in
Fund Balances – Nonmajor Permanent Funds
● Schedule of General Capital Assets by Function
● Schedule of Changes in General Capital Assets by Function
SCHEDULE A
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF DEPARTMENTAL OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2012
57
O rigin al B u dg et F in al B alan ce
B ud get A djus tm en ts B ud get A ctual P o sitive (Ne ga tive )
G en e ra l g o vern m e n t:
C ity co un cil 117 ,2 03$ -$ 11 7,203$ 1 14,9 34$ 2,26 9$
A dm inistra tive insu ra nce 555 ,0 31 - 55 5,031 9 97,1 81 (4 42,15 0)
C ity m an age r 385 ,5 47 - 38 5,547 4 05,7 77 (20,23 0)
C ity clerk 189 ,0 12 - 18 9,012 1 90,9 04 (1,89 2)
Le gal/acc oun ting /actua ry 192 ,0 00 - 19 2,000 3 26,2 68 (1 34,26 8)
A dm inistra tive se rv ice s 559 ,5 00 - 55 9,500 6 58,2 65 (98,76 5)
G en era l ledg er/p ayroll 69 ,7 15 - 6 9,715 68,9 49 76 6
A ss ess in g/ta x 162 ,3 86 - 16 2,386 1 24,1 61 38,22 5
P lann in g/de sign re view 249 ,4 29 - 24 9,429 2 44,0 66 5,36 3
N atural reso urces 2 ,9 00 - 2,900 1,1 97 1,70 3
2,482 ,7 23 - 2,48 2,723 3 ,1 31,7 02 (6 48,97 9)
P u b lic safety:
F ire de pa rtm e nt 2,741 ,4 19 - 2,74 1,419 2 ,5 27,4 83 2 13,93 6
A m bu la nce 1,155 ,0 64 - 1,15 5,064 1 ,1 18,8 03 36,26 1
P olice de pa rtm e nt 5,283 ,6 50 - 5,28 3,650 4 ,4 57,4 15 8 26,23 5
9,180 ,1 33 - 9,18 0,133 8 ,1 03,7 01 1 ,0 76,43 2
P u b lic w o rk s:
H ig hw ay d ep artm ent 2,429 ,1 10 - 2,42 9,110 2 ,5 03,2 55 (74,14 5)
2,429 ,1 10 - 2,42 9,110 2 ,5 03,2 55 (74,14 5)
S o c ial se rvices:
C ou nty cou rt 103 ,0 44 - 10 3,044 97,8 93 5,15 1
W in oos ki V a lley P a rk 54 ,0 00 - 5 4,000 54,0 00 -
C .C.T .A 375 ,5 94 - 37 5,594 3 75,3 44 25 0
R eg io nal plann in g 18 ,1 65 - 1 8,165 18,3 22 (15 7)
M e trop olitan p la nning 17 ,1 52 - 1 7,152 17,1 52 -
567 ,9 55 - 56 7,955 5 62,7 11 5,24 4
SCHEDULE A (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF DEPARTMENTAL OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2012
58
O rigin al B u dg et F in al B alan ce s
B ud get A djus tm en ts B ud get A ctual P ositiv e (N eg ativ e)
R ec rea tio n a n d cu ltu re :
R ec rea to n ad m inistra tion 261 ,7 20 - 26 1,720 2 54,3 79 7,341
P rogram s 33 ,8 38 - 3 3,838 16,4 19 1 7,419
R ed R o cks pa rk 13 ,8 00 - 1 3,800 15,0 00 (1,200 )
F ac ilities 29 ,3 48 - 2 9,348 30,1 68 (820 )
Le is ure a rts 16 ,6 52 - 1 6,652 17,3 73 (721 )
C on tracted p ro gra m s 51 ,2 36 - 5 1,236 71,1 62 (1 9,926 )
G re at e sca pe 15 ,0 00 - 1 5,000 18,5 11 (3,511 )
S pe cial a ctiv ities 13 ,6 86 - 1 3,686 16,1 79 (2,493 )
S kiing prog ram s 9 ,8 00 - 9,800 12,1 20 (2,320 )
C om m unity library 403 ,9 91 - 40 3,991 3 68,1 01 3 5,890
P ark m aintena nce 340 ,2 10 - 34 0,210 2 74,7 24 6 5,486
1,189 ,2 81 - 1,18 9,281 1 ,0 94,1 36 9 5,145
D eb t se rvice:
P rin cip al p ub lic w ork s facility 98 ,5 00 - 9 8,500 98,5 68 (68 )
P rin cip al K enn edy d rive reco n.22 ,4 40 - 2 2,440 22,5 08 (68 )
P rin cip al L im e K iln bridg e 22 ,4 40 - 2 2,440 22,5 08 (68 )
P rin icp al F /D bu ilding im p ro vem en ts 30 ,0 90 - 3 0,090 30,0 05 85
P rin icp al e m erg enc y cen te r 130 ,0 00 - 13 0,000 1 30,0 00 -
P rin cip al p olic e he adq uarte rs 360 ,0 00 - 36 0,000 3 60,0 00 -
P rin cip al P ark la nd, 19 92 35 ,0 00 - 3 5,000 35,0 00 -
P rin cip al P ark la nd/B rand farm 40 ,0 00 - 4 0,000 40,0 00 -
P rin cip al p en sio n liab ilitiy - - - 2 62,9 74 (26 2,974 )
P rin cip al s to rm w ater - - - - -
In te res t p ublic w o rks fa cility 50 ,7 83 - 5 0,783 50,8 25 (42 )
In te res t K e nne dy d rive re con .13 ,9 30 - 1 3,930 13,9 68 (38 )
In te res t L im e K iln b ridge 13 ,9 30 - 1 3,930 13,9 68 (38 )
In te res t F /E bu ilding im p ro vem en ts 18 ,6 80 - 1 8,680 18,6 21 59
In te res t e m e rge ncy c ente r 11 ,6 54 - 1 1,654 11,6 54 -
In te res t p olice h ea dqu arte rs 269 ,0 82 - 26 9,082 2 69,0 82 -
In te res t P a rklan d, 199 2 4 ,5 71 - 4,571 3,4 43 1,128
In te res t P a rklan d/B ra nd fa rm 4 ,5 50 - 4,550 5,6 66 (1,116 )
In te res t p ens io n liab ility - - - 3 97,9 74 (39 7,974 )
1,125 ,6 50 - 1,12 5,650 1 ,7 86,7 64 (26 3,140 )
SCHEDULE A (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF DEPARTMENTAL OPERATIONS
FOR THE YEAR ENDED JUNE 30, 2012
59
O riginal Budget Final Balances
B udget Adjustm ents Budget Actual Positive (N egative)
Education 31,297,744 - 31,297,744 31,297,744 -
Transfers:
O pen space 273,000 - 273,000 273,000 -
Interim zoning 75,000 - 75,000 75,000 -
Fuel pum p reserve 8,200 - 8,200 8,200 -
Am bulance services 155,000 - 155,000 - 155,000
EM TP training 10,000 - 10,000 10,000 -
Fire departm ent building im pr.40,000 - 40,000 40,000 -
Fire departm ent fund 64,000 - 64,000 64,000 -
R eappraisal 70,500 - 70,500 70,500 -
W rite-offs - - - 5,360,776 (5,360,776)
695,700 - 695,700 5,901,476 (5,205,776)
Total Expenditures 48,968,296$ -$ 48,968,296$ 54,381,489$ (5,015,219)$
See accom panying independent auditors' report.
SCHEDULE B
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET – NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2012
60
Special C apital Total N onm ajor
R evenue Project P erm anent G overnm ental
Funds Funds Funds Funds
ASSETS
C ash and cash equivalents 553,712$ -$ -$ 553,712$
Investm ents - - 368,393 368,393
D ue from agencies - - 75 75
D ue from other funds 1,433,270 1,389,505 111,979 2,934,754
TO TAL ASSETS 1,986,982$ 1,389,505$ 480,447$ 3,856,934$
LIABILITIES
Accounts payable 18,452$ -$ -$ 18,452$
D ue to agencies - - 6,188 6,188
D ue to other governm ents - 2,428 - 2,428
D ue to other funds 56,957 144,096 1,045 202,098
TO TAL LIABILITIES 75,409 146,524 7,233 229,166
FU N D BALAN C ES
N onspendable - - - -
R estricted 358,477 249,153 467,933 1,075,563
C om m itted 1,468,032 1,137,924 6,092 2,612,048
Assigned 95,080 - - 95,080
U nassigned (10,016) (144,096) (811) (154,923)
TO TAL FU N D BALAN C ES 1,911,573 1,242,981 473,214 3,627,768
TO TAL LIABILITIES AN D FU N D
BALAN C ES 1,986,982$ 1,389,505$ 480,447$ 3,856,934$
See accom panying independent auditors' report.
SCHEDULE C
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCES – NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
61
S pecial C apital Total N onm ajor
R evenue Project Perm anent G overnm ental
Funds Funds Funds Funds
R EVEN U ES
Intergovernm ental revenue 218,368$ 933,873$ -$ 1,152,241$
C harges for service 1,308,425 - 2,000 1,310,425
O ther incom e 79,202 80,774 77,163 237,139
Investm ent incom e - - 8,500 8,500
TO TAL R EVEN U ES 1,605,995 1,014,647 87,663 2,708,305
EXPEN D ITU R ES
Adm inistration 169,050 - - 169,050
Public safety 5,449 - 1,246 6,695
C apital outlay 358,565 859,577 - 1,218,142
O ther - - 16,102 16,102
TO TAL EXPEN D ITU R ES 623,296 859,577 17,348 1,500,221
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES 982,699 155,070 70,315 1,208,084
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In 612,907 1,436,379 1,486 2,050,772
O perating Transfers (O ut)(4,913,466) (699,472) (8,509) (5,621,447)
TO TAL O TH ER FIN A NC IN G SO U R C ES
(U SES)(4,300,559) 736,907 (7,023) (3,570,675)
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R)
EXPEN D ITU R ES AN D O TH ER (U SES)(3,317,860) 891,977 63,292 (2,362,591)
FU N D BALAN C ES, JU LY 1 5,229,433 351,004 409,922 5,990,359
FU N D BALAN C ES, JU N E 30 1,911,573$ 1,242,981$ 473,214$ 3,627,768$
See accom panying independent auditors' report.
62
Special Revenue Funds
Special revenue funds are established to account for the proceeds of specific
revenue sources (other than expendable trusts or for major capital projects) that are legally
restricted to expenditures for specific purposes.
SCHEDULE D
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
63
269 203 204 206 207
MPO /Traffic Fire Sew er 205 Police Police
O verlay Im pact Im pact Project O ff-D uty Forfeiture
G rant Fees Fees D are W ork Fund
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$ -$
D ue from other funds 4,163 161,479 - 809 - 45,649
TO TAL ASSETS 4,163$ 161,479$ -$ 809$ -$ 45,649$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - - - - -
TO TAL LIABILITIES - - - - - -
FU N D BALAN C ES
N onspendable - - - - - -
R estricted 4,163 - - 809 - 45,649
C om m itted - 161,479 - - - -
Assigned - - - - - -
U nassigned - - - - - -
TO TAL FU N D BALAN C ES 4,163 161,479 - 809 - 45,649
TO TAL LIABILITIES AN D FU N D BALAN C ES 4,163$ 161,479$ -$ 809$ -$ 45,649$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
64
210 215 218
M PG 10 211 212 213 214 Fire D ept.216 W illiston
N atural EM TP Fueling Bianchi Interim O ff-D uty C lerk R oad S/W
R esources Training Station R uling Zoning W ork C om puterization Study
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$ -$ -$ -$
D ue from other funds - 10,000 8,200 - 75,000 - 129,645 -
TO TAL ASSETS -$ 10,000$ 8,200$ -$ 75,000$ -$ 129,645$ -$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$ -$ -$ -$
D ue to other funds 3,510 - - - - - - -
TO TAL LIABILITIES 3,510 - - - - - - -
FU N D BALAN C ES
N onspendable - - - - - - - -
R estricted - 10,000 8,200 - 75,000 - - -
C om m itted - - - - - - 129,645 -
Assigned - - - - - - - -
U nassigned (3,510) - - - - - - -
TO TAL FU N D BALAN C ES (3,510) 10,000 8,200 - 75,000 - 129,645 -
TO TAL LIABILITIES AN D FU N D BALAN C ES -$ 10,000$ 8,200$ -$ 75,000$ -$ 129,645$ -$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
65
219 220 221 222 223 224 225
MPG FY 08 R ecreation H ighw ay School AR EH S/W Special
G row th Im pact Im pact Im pact Bike Path D isconnection N eeds
C enter Fees Fees Fees R epaving Program Assessm ent
ASSETS
C ash and cash equivalents -$ -$ 478,712$ -$ -$ -$ -$
D ue from other funds 17,937 358,086 307,351 - - - -
TO TAL ASSETS 17,937$ 358,086$ 786,063$ -$ -$ -$ -$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable 18,452$ -$ -$ -$ -$ -$ -$
D ue to other funds - - - - - - -
TO TAL LIABILITIES 18,452 - - - - - -
FU N D BALAN C ES
N onspendable - - - - - - -
R estricted - - - - - - -
C om m itted - 358,086 786,063 - - - -
Assigned - - - - - - -
U nassigned (515) - - - - - -
TO TAL FU N D BALAN C ES (515) 358,086 786,063 - - - -
TO TAL LIABILITIES AN D FU N D BALAN C ES 17,937$ 358,086$ 786,063$ -$ -$ -$ -$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
66
289 230
Better 227 228 611 D orset
R oads R ecords R eparative Senior Street H2O
G rant Preservation Board C itizens Miltot
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds - 94,771 1,633 309 24,682
TO TAL ASSETS -$ 94,771$ 1,633$ 309$ 24,682$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - - - -
TO TAL LIABILITIES - - - - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted - - - - 24,682
C om m itted - - 1,633 - -
Assigned - 94,771 - 309 -
U nassigned - - - - -
TO TAL FU N D BALAN C ES - 94,771 1,633 309 24,682
TO TAL LIABILITIES AN D FU N D BALAN C ES -$ 94,771$ 1,633$ 309$ 24,682$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
67
234 235 237 296 242
R oad FEMA C ity Center -Potash H ealthy
O pening M im ic Potash Brook H om es
Im pact Fees G rant R estoration C ulvert G rant
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds - 69,482 - - -
TO TAL ASSETS -$ 69,482$ -$ -$ -$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - - - -
TO TAL LIABILITIES - - - - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted - 69,482 - - -
C om m itted - - - - -
Assigned - - - - -
U nassigned - - - - -
TO TAL FU N D BALAN C ES - 69,482 - - -
TO TAL LIABILITIES AN D FU N D BALAN C ES -$ 69,482$ -$ -$ -$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
68
243 244 245 246 248
South Public Art M obile Butler M PG -
Village C ity D ata Farm s C ity C enter
R ec. Im pact Center Term inals S/W Pond D esign
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds 34,089 - - - -
TO TAL ASSETS 34,089$ -$ -$ -$ -$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - 2,616 -
TO TAL LIABILITIES - - 2,616 - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted 34,089 - - - -
C om m itted - - - - -
Assigned - - - - -
U nassigned - - (2,616) - -
TO TAL FU N D BALAN C ES 34,089 - (2,616) - -
TO TAL LIABILITIES AN D FU N D BALAN C ES 34,089$ -$ -$ -$ -$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
69
620 251 252 254 255
Police Fields U se Storm Freem an S/W
Bequeath Im pact W ater Foundation M onitoring
Fund Fees U tilities G rant Equipm ent
ASSETS
C ash and cash equivalents 75,000$ -$ -$ -$ -$
D ue from other funds - 1,987 - - -
TO TAL ASSETS 75,000$ 1,987$ -$ -$ -$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds 47,456 - - - -
TO TAL LIABILITIES 47,456 - - - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted 27,544 - - - -
C om m itted - 1,987 - - -
Assigned - - - - -
U nassigned - - - - -
TO TAL FU N D BALAN C ES 27,544 1,987 - - -
TO TAL LIABILITIES AN D FU N D BALAN C ES 75,000$ 1,987$ -$ -$ -$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
70
261 262 264 265 267
CL Jew ish C /L Arts Tree Fire Act 270
S pecific W riters C ouncil M aintenance/G rant H om eland
O utlays G rant G rant R eplacem ent (FEMA)Security
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$ -$
D ue from other funds 3,484 - - 20,555 - -
TO TAL ASSETS 3,484$ -$ -$ 20,555$ -$ -$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$ -$
D ue to other funds - - - - - -
TO TAL LIABILITIES - - - - - -
FU N D BALAN C ES
N onspendable - - - - - -
R estricted - - - - - -
C om m itted 3,484 - - 20,555 - -
Assigned - - - - - -
U nassigned - - - - - -
TO TAL FU N D BALAN C ES 3,484 - - 20,555 - -
TO TAL LIABILITIES AN D FU N D BALAN C ES 3,484$ -$ -$ 20,555$ -$ -$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
71
273
271 272 EP A 274 275
G reat Youth D em onstration Skiing Transportation
Escape B aseball G rant Program Action
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds - - - - 20
TO TAL ASSETS -$ -$ -$ -$ 20$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - - - -
TO TAL LIABILITIES - - - - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted - - - - 20
C om m itted - - - - -
Assigned - - - - -
U nassigned - - - - -
TO TAL FU N D BALAN C ES - - - - 20
TO TAL LIABILITIES AN D FU N D BALAN C ES -$ -$ -$ -$ 20$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
72
277 278 280 283 284
Stag BYFAE Market LED H om eland
EPA Jag Street Signage/Security
G rant G rant (Federal)C rossw alks Tech. R escue
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds 6,244 - - 28,147 -
TO TAL ASSETS 6,244$ -$ -$ 28,147$ -$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - 3,375 - -
TO TAL LIABILITIES - - 3,375 - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted 6,244 - - 28,147 -
C om m itted - - - - -
Assigned - - - - -
U nassigned - - (3,375) - -
TO TAL FU N D BALAN C ES 6,244 - (3,375) 28,147 -
TO TAL LIABILITIES AN D FU N D BALAN C ES 6,244$ -$ -$ 28,147$ -$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
73
286 287 288 290 293
San R em o C /L A/P H ighw ay Fire
D rive Sum m er A/G uard S afety Act
Project Program Environm ental G rant 2004
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds 512 100 15,964 7,972 -
TO TAL ASSETS 512$ 100$ 15,964$ 7,972$ -$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - - - -
TO TAL LIABILITIES - - - - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted 512 - 15,964 7,972 -
C om m itted - 100 - - -
Assigned - - - - -
U nassigned - - - - -
TO TAL FU N D BALAN C ES 512 100 15,964 7,972 -
TO TAL LIABILITIES AN D FU N D BALAN C ES 512$ 100$ 15,964$ 7,972$ -$
SCHEDULE D (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR SPECIAL REVENUE FUNDS
JUNE 30, 2012
74
298 299
Local O ptions/Fire D ept.615 617
R oom s/M eals S afer C om m unity C anine
Tax G rant D evelopm ent U nit Totals
ASSETS
C ash and cash equivalents -$ -$ -$ -$ 553,712$
D ue from other funds - - - 5,000 1,433,270
TO TAL ASSETS -$ -$ -$ 5,000$ 1,986,982$
LIABILITIES AN D FU N D BALAN C ES
LIABILITIES
Accounts payable -$ -$ -$ -$ 18,452$
D ue to other funds - - - - 56,957
TO TAL LIABILITIES - - - - 75,409
FU N D BALAN C ES
N onspendable - - - - -
R estricted - - - - 358,477
C om m itted - - - 5,000 1,468,032
Assigned - - - - 95,080
U nassigned - - - - (10,016)
TO TAL FU N D BALAN C ES - - - 5,000 1,911,573
TO TAL LIABILITIES AN D FU N D BALAN C ES -$ -$ -$ 5,000$ 1,986,982$
See accom panying independent auditors' report.
SCHEDULE E
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
75
269 203 204 206 207
MPO /Traffic Fire Sew er 205 Police Police
O verlay Im pact Im pact Project O ff-D uty Forfeiture
G rant Fees Fees D are W ork Fund
R EVEN U ES
Intergovernm ental revenue -$ -$ -$ -$ -$ -$
C harges for service - 43,027 361,704 - - 28,181
O ther incom e - - - 809 - -
TO TAL R EVEN U ES - 43,027 361,704 809 - 28,181
EXPEN D ITU R ES
Adm inistration - - - - - -
Public safety - - - - - 5,449
Education - - - - - -
C apital outlay - - - - - -
TO TAL EXPEN D ITU R ES - - - - - 5,449
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES - 43,027 361,704 809 - 22,732
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - - - - -
O perating Transfers (O ut)- - (2,170,910) (2,896) (12,774) (90,000)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)- - (2,170,910) (2,896) (12,774) (90,000)
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)- 43,027 (1,809,206) (2,087) (12,774) (67,268)
FU N D BALAN C ES, JU LY 1 4,163 118,452 1,809,206 2,896 12,774 112,917
FU N D BALAN C ES, JU N E 30 4,163$ 161,479$ -$ 809$ -$ 45,649$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
76
210 215 218
MPG 10 211 212 213 214 Fire D ept.216 W illiston
N atural EM TP Fueling Bianchi Interim O ff-D uty C lerk R oad S/W
R esources Training Station R uling Zoning W ork C om puterization Study
R EVEN U ES
Intergovernm ental revenue -$ -$ -$ -$ -$ -$ -$ 1,403$
C harges for service 664 - - - - - - -
O ther incom e - - - - - - 78,393 -
TO TAL R EVEN U ES 664 - - - - - 78,393 1,403
EXPEN D ITU R ES
Adm inistration - - - - - - 32,188 -
Public safety - - - - - - - -
Education - - - - - - - -
C apital outlay 7,684 - - - - - - -
TO TAL EXPEN D ITU R ES 7,684 - - - - - 32,188 -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES (7,020) - - - - - 46,205 1,403
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - 10,000 8,200 - 75,000 1,637 - -
O perating Transfers (O ut)- - - (46,861) - - - (8,235)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)- 10,000 8,200 (46,861) 75,000 1,637 - (8,235)
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)(7,020) 10,000 8,200 (46,861) 75,000 1,637 46,205 (6,832)
FU N D BALAN C ES, JU LY 1 3,510 - - 46,861 - (1,637) 83,440 6,832
FU N D BALAN C ES, JU N E 30 (3,510)$ 10,000$ 8,200$ -$ 75,000$ -$ 129,645$ -$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
77
219 220 221 222 223 224 225
M PG FY 08 R ecreation H ighw ay School AR EH S/W Special
G row th Im pact Im pact Im pact B ike Path D isconnection N eeds
C enter Fees Fees Fees R epaving Program A ssessm ent
R EVEN U ES
Intergovernm ental revenue 80,000$ -$ -$ -$ -$ -$
C harges for service - 209,162 291,618 - - - -
O ther incom e - - - - -
TO TAL R EVEN U ES 80,000 209,162 291,618 - - - -
EXPEN D ITU R ES
Adm inistration - - - - - - -
Public safety - - - - - - -
Education - - - 90,232 - - -
C apital outlay 96,310 - - - - -
TO TAL EXPEN D ITU R ES 96,310 - - 90,232 - - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES (16,310) 209,162 291,618 (90,232) - - -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - - - 7,269 2,620 -
O perating Transfers (O ut)(2,000) - - - - - (1,204)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(2,000) - - - 7,269 2,620 (1,204)
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)(18,310) 209,162 291,618 (90,232) 7,269 2,620 (1,204)
FU N D BALAN C ES, JU LY 1 17,795 148,924 494,445 90,232 (7,269) (2,620) 1,204
FU N D BALAN C ES, JU N E 30 (515)$ 358,086$ 786,063$ -$ -$ -$ -$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
78
289 230
Better 227 228 611 D orset
R oads R ecords R eparative S enior S treet H 2O
G rant Preservation Board C itizens M ilot
R EVEN U ES
Intergovernm ental revenue -$ -$ -$ -$ -$
C harges for service - 27,717 - - 3,530
O ther incom e - - - - -
TO TAL R EVEN U ES - 27,717 - - 3,530
EXPEN D ITU R ES
Adm inistration - 1,327 975 - -
Public safety - - - - -
Education - - - - -
C apital outlay - - - - -
TO TAL EXPEN D ITU R ES - 1,327 975 - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES - 26,390 (975) - 3,530
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In 4,003 - - - -
O perating Transfers (O ut)- - - - -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)4,003 - - - -
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)4,003 26,390 (975) - 3,530
FU N D BALAN C ES, JU LY 1 (4,003) 68,381 2,608 309 21,152
FU N D BALAN C ES, JU N E 30 -$ 94,771$ 1,633$ 309$ 24,682$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
79
234 235 237 296 242
R oad FEMA C ity C enter -Potash H ealthy
O pening M im ic Potash B rook H om es
Im pact Fees G rant R estoration C ulvert G rant
R EVEN U ES
Intergovernm ental revenue -$ -$ -$ 6,900$ -$
C harges for service 93,828 187,825 - - -
O ther incom e - - - - -
TO TAL R EVEN U ES 93,828 187,825 - 6,900 -
EXPEN D ITU R ES
Adm inistration - - 57,966 - -
Public safety - - - - -
Education - - - - -
C apital outlay - 97,731 - - -
TO TAL EXPEN D ITU R ES - 97,731 57,966 - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES 93,828 90,094 (57,966) 6,900 -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - 57,966 - -
O perating Transfers (O ut)(388,479) - (389,055) - (38)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(388,479) - (331,089) - (38)
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)(294,651) 90,094 (389,055) 6,900 (38)
FU N D BALAN C ES, JU LY 1 294,651 (20,612) 389,055 (6,900) 38
FU N D BALAN C ES, JU N E 30 -$ 69,482$ -$ -$ -$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
80
243 244 245 246 248
South Public Art Mobile Butler MP G -
Village C ity D ata Farm s C ity C enter
R ec. Im pact C enter Term inals S/W Pond D esign
R EVEN U ES
Intergovernm ental revenue -$ -$ 30,886$ -$ 10,500$
C harges for service 10,943 - - - -
O ther incom e - - - - -
TO TAL R EVEN U ES 10,943 - 30,886 - 10,500
EXPEN D ITU R ES
Adm inistration - - - 32,093 -
Public safety - - - - -
Education - - - - -
C apital outlay - - 33,502 - -
TO TAL EXPEN D ITU R ES - - 33,502 32,093 -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES 10,943 - (2,616) (32,093) 10,500
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - 99,404 4,817 32,093 15,615
O perating Transfers (O ut)- - - (82,317) -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)- 99,404 4,817 (50,224) 15,615
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)10,943 99,404 2,201 (82,317) 26,115
FU N D BALAN C ES, JU LY 1 23,146 (99,404) (4,817) 82,317 (26,115)
FU N D BALAN C ES, JU N E 30 34,089$ -$ (2,616)$ -$ -$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
81
620 251 252 254 255
Police Fields U se Storm Freem an S/W
Bequeath Im pact W ater Foundation M onitoring
Fund Fees U tilities G rant Equipm ent
R EVEN U ES
Intergovernm ental revenue -$ -$ -$ -$ -$
C harges for service - 33,539 - - -
O ther incom e - - - - -
TO TAL R EVEN U ES - 33,539 - - -
EXPEN D ITU R ES
Adm inistration 2,456 42,045 - - -
Public safety - - - - -
Education - - - - -
C apital outlay - - - -
TO TAL EXPEN D ITU R ES 2,456 42,045 - - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES (2,456) (8,506) - - -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - 70,799 - 1,713
O perating Transfers (O ut)(45,000) - - (1) -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(45,000) - 70,799 (1) 1,713
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)(47,456) (8,506) 70,799 (1) 1,713
FU N D BALAN C ES, JU LY 1 75,000 10,493 (70,799) 1 (1,713)
FU N D BALAN C ES, JU N E 30 27,544$ 1,987$ -$ -$ -$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
82
261 262 264 265 267
C /L Jew ish C /L Arts Tree Fire Act 270
Specific W riters C ouncil M aintenance/G rant H om eland
O utlays G rant G rant R eplacem ent (FE MA)Security
R EVEN U ES
Intergovernm ental revenue -$ -$ -$ -$ -$ -$
C harges for service 723 - - - - -
O ther incom e - - - - - -
TO TAL R EVEN U ES 723 - - - - -
EXPEN D ITU R ES
Adm inistration - - - - -
Public safety - - - - - -
Education - - - - - -
C apital outlay 478 - - - - -
TO TAL EXPEN D ITU R ES 478 - - - - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES 245 - - - - -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - - - 24,247 3,619
O perating Transfers (O ut)- (123) (155) - - -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)- (123) (155) - 24,247 3,619
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)245 (123) (155) - 24,247 3,619
FU N D BALAN C ES, JU LY 1 3,239 123 155 20,555 (24,247) (3,619)
FU N D BALAN C ES, JU N E 30 3,484$ -$ -$ 20,555$ -$ -$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
83
273
271 272 EPA 274 275
G reat Youth D em onstration Skiing Transportation
Escape Baseball G rant Program Action
R EVEN U ES
Intergovernm ental revenue -$ -$ 63,361$ -$ -$
C harges for service - - - - -
O ther incom e - - - - -
TO TAL R EVEN U ES - - 63,361 - -
EXPEN D ITU R ES
Adm inistration - - - - -
Public safety - - - - -
Education - - - - -
C apital outlay - - 116,183 - -
TO TAL EXPEN D ITU R ES - - 116,183 - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES - - (52,822) - -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - 53 52,822 - -
O perating Transfers (O ut)(25) - (78,625) (6,514) -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(25) 53 (25,803) (6,514) -
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)(25) 53 (78,625) (6,514) -
FU N D BALAN C ES, JU LY 1 25 (53) 78,625 6,514 20
FU N D BALAN C ES, JU N E 30 -$ -$ -$ -$ 20$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
84
277 278 280 283 284
Stag BYFAE Market LED H om eland
EPA Jag Street Signage/Security
G rant G rant (Federal)C rossw alks Tech. R escue
R EVEN U ES
Intergovernm ental revenue -$ 10,410$ -$ -$ -$
C harges for service - - - - -
O ther incom e - - - - -
TO TAL R EVEN U ES - 10,410 - - -
EXPEN D ITU R ES
Adm inistration - - - - -
Public safety - - - -
Education - - - - -
C apital outlay - 2,686 3,375 616 -
TO TAL EXPEN D ITU R ES - 2,686 3,375 616 -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES - 7,724 (3,375) (616) -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - 1,291 68,258 - 6,017
O perating Transfers (O ut)- - - - -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)- 1,291 68,258 - 6,017
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)- 9,015 64,883 (616) 6,017
FU N D BALAN C ES, JU LY 1 6,244 (9,015) (68,258) 28,763 (6,017)
FU N D BALAN C ES, JU N E 30 6,244$ -$ (3,375)$ 28,147$ -$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
85
286 287 288 290 293
San R em o C /L A/P Highw ay Fire
D rive Sum m er A/G uard Safety Act
Project Program Envirom ental G rant 2004
R EVEN U ES
Intergovernm ental revenue 512$ -$ -$ 14,396$ -$
C harges for service - - 15,964 - -
O ther incom e - - - - -
TO TAL R EVEN U ES 512 - 15,964 14,396 -
EXPEN D ITU R ES
Adm inistration - - - - -
Public safety - - - - -
Education - - - - -
C apital outlay - - - - -
TO TAL EXPEN D ITU R ES - - - - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES 512 - 15,964 14,396 -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - - - 34,308
O perating Transfers (O ut)- - (77,936) - -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)- - (77,936) - 34,308
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)512 - (61,972) 14,396 34,308
FU N D BALAN C ES, JU LY 1 - 100 77,936 (6,424) (34,308)
FU N D BALAN C ES, JU N E 30 512$ 100$ 15,964$ 7,972$ -$
SCHEDULE E (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR SPECIAL REVENUE FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
86
298 299
Local O ptions/Fire D ept.615 617
R oom s/Meals Safer C om m unity C anine
Tax G rant Developm ent U nit Totals
R EVEN U ES
Intergovernm ental revenue -$ -$ -$ -$ 218,368$
C harges for service - - - 1,308,425
O ther incom e - - - - 79,202
TO TAL R EVEN U ES - - - - 1,605,995
EXPEN D ITU R ES
Adm inistration - - - - 169,050
Public safety - - - - 5,449
Education - - - - 90,232
C apital outlay - - - - 358,565
TO TAL EXPEN D ITU R ES - - - - 623,296
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES
- - - - 982,699
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - 30,397 759 - 612,907
O perating Transfers (O ut)(1,510,318) - - - (4,913,466)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES) (1,510,318) 30,397 759 - (4,300,559)
EXC ESS O F R EVEN U ES AN D O TH ER SO U R C ES
O VER (U N D ER ) EXPEN D ITU R ES AN D O TH ER
(U SES)(1,510,318) 30,397 759 - (3,317,860)
FU N D BALAN C ES, JU LY 1 1,510,318 (30,397) (759) 5,000 5,229,433
FU N D BALAN C ES, JU N E 30 -$ -$ -$ 5,000$ 1,911,573$
See accom panying independent auditors' report.
87
Capital Projects Funds
Capital projects funds are established to account for financial resources to be used
for the acquisition or construction of major capital facilities, other than those financed by
proprietary or trust fund.
SCHEDULE F
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR CAPITAL PROJECT FUNDS
JUNE 30, 2012
88
208 258 285
Spear C ity C enter San R em o 295 301 302
Street P lanning &Drive S/W R eappraisal Police
Sew er D esign P roject O akcreek Fund H eadquarters
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$ -$
D ue from other funds 2,428 - - - 70,145 -
TO TAL ASSETS 2,428$ -$ -$ -$ 70,145$ -$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$ -$
D ue to other funds - - - - - -
D ue to other governm ents 2,428 - - - - -
TO TAL LIABILITIES 2,428 - - - - -
FU N D BALAN C ES
N onspendable - - - - - -
R estricted - - - - - -
C om m itted - - - - 70,145 -
Assigned - - - - - -
U nassigned - - - - - -
TO TAL FU N D BALAN C ES - - - - 70,145 -
TO TAL LIABILITIES AN D FU N D BALAN C ES 2,428$ -$ -$ -$ 70,145$ -$
SCHEDULE F (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR CAPITAL PROJECT FUNDS
JUNE 30, 2012
89
303 306 307 308 309
Kennedy Fire Am bulance O pen O pen Space
D rive D epartm ent Equipm ent Space Special
Reconstruction Fund Replacem ent Fund Assessm ent
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds - 129,000 105,000 - 793,779
TO TAL ASSETS -$ 129,000$ 105,000$ -$ 793,779$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds 9,754 - - - -
D ue to other governm ents - - - - -
TO TAL LIABILITIES 9,754 - - - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted - - - - -
C om m itted - 129,000 105,000 - 793,779
Assigned - - - - -
U nassigned (9,754) - - - -
TO TAL FU N D BALAN C ES (9,754) 129,000 105,000 - 793,779
TO TAL LIABILITIES AN D FU N D BALAN C ES -$ 129,000$ 105,000$ -$ 793,779$
SCHEDULE F (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR CAPITAL PROJECT FUNDS
JUNE 30, 2012
90
312 314 315
310 Tilley 313 Spear Fire D ept.
AC O E R ecreation AC O E Street/Building
BBN Path BBS Pinnacle Im provem ents
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds - - - - 40,000
TO TAL ASSETS -$ -$ -$ -$ 40,000$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - - - -
D ue to other governm ents - - - - -
TO TAL LIABILITIES - - - - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted - - - - -
C om m itted - - - - 40,000
Assigned - - - - -
U nassigned - - - - -
TO TAL FU N D BALAN C ES - - - - 40,000
TO TAL LIABILITIES AN D FU N D BALAN C ES -$ -$ -$ -$ 40,000$
SCHEDULE F (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR CAPITAL PROJECT FUNDS
JUNE 30, 2012
91
316 318 323 324
W P C Equip.317 Exit 14B AR R A AR R A
R eplacem ent Vactor Staples Q uarry Tw in
Fund SM MG 0054 3rd Lane R idge S/W O aks
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds - - - 37,327 106,248
TO TAL ASSETS -$ -$ -$ 37,327$ 106,248$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - 130,017 - -
D ue to other governm ents - - - - -
TO TAL LIABILITIES - - 130,017 - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted - - - 37,327 106,248
C om m itted - - - - -
Assigned - - - - -
U nassigned - - (130,017) - -
TO TAL FU N D BALAN C ES - - (130,017) 37,327 106,248
TO TAL LIABILITIES AN D FU N D BALAN C ES -$ -$ -$ 37,327$ 106,248$
SCHEDULE F (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR CAPITAL PROJECT FUNDS
JUNE 30, 2012
92
326 327 328
325 AR RA AR R A H ayes
AR R A W inding H arbor Avenue
R idgew ood Brook H eights Storm w ater Totals
ASSETS
C ash and cash equivalents -$ -$ -$ -$ -$
D ue from other funds 60,517 45,061 - - 1,389,505
TO TAL ASSETS 60,517$ 45,061$ -$ -$ 1,389,505$
LIABILITIES
Accounts payable -$ -$ -$ -$ -$
D ue to other funds - - - 4,325 144,096
D ue to other governm ents - - - - 2,428
TO TAL LIABILITIES - - - 4,325 146,524
FU N D BALAN C ES
N onspendable - - - - -
R estricted 60,517 45,061 - - 249,153
C om m itted - - - - 1,137,924
Assigned - - - - -
U nassigned - - - (4,325) (144,096)
TO TAL FU N D BALAN C ES 60,517 45,061 - (4,325) 1,242,981
TO TAL LIABILITIES AN D FU N D BALAN C ES 60,517$ 45,061$ -$ -$ 1,389,505$
See accom panying independent auditors' report.
SCHEDULE G
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
93
208 258 285
Spear C ity C enter S an R em o 295 301 302
Street Planning &D rive S/W R eappraisal Police
Sew er D esign Project O akcreek Fund H eadquarters
R EVEN U ES
Intergovenm ental revenue -$ -$ 188,124$ -$ -$
Investm ent incom e - - - - - -
O ther incom e - - - - 44,500 -
TO TAL R EVEN U ES - - 188,124 - 44,500 -
EXPEN D ITU R ES
Adm inistration - - - - - -
Public safety - - - - - -
Public w orks - - - - - -
C apital outlay - - 2,451 - - -
TO TAL EXPEN D ITU R ES - - 2,451 - - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES - - 185,673 - 44,500 -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - 76,183 21,529 - 70,500 164,872
O perating Transfers (O ut)(9,375) - - (629) - -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(9,375) 76,183 21,529 (629) 70,500 164,872
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)(9,375) 76,183 207,202 (629) 115,000 164,872
FU N D BALAN C ES, JU LY 1 9,375 (76,183) (207,202) 629 (44,855) (164,872)
FU N D BALAN C ES, JU N E 30 -$ -$ -$ -$ 70,145$ -$
SCHEDULE G (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
94
303 306 307 308 309
Kennedy Fire Am bulance O pen O pen Space
D rive D epartm ent Equipm ent Space Special
R econstruction Fund R eplacem ent Fund Assessm ent
R EVEN U ES
Intergovenm ental revenue 711,726$ -$ -$ -$ -$
Investm ent incom e - - - - -
O ther incom e - - - - -
TO TAL R EVEN U ES 711,726 - - - -
EXPEN D ITU R ES
Adm inistration - - - - -
Public safety - - - - -
Public w orks - - - - -
C apital outlay 721,480 - - - -
TO TAL EXPEN D ITU R ES 721,480 - - - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES (9,754) - - - -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In 258,243 64,000 - - 273,000
O perating Transfers (O ut)- - - (1,380) -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)258,243 64,000 - (1,380) 273,000
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)248,489 64,000 - (1,380) 273,000
FU N D BALAN C ES, JU LY 1 (258,243) 65,000 105,000 1,380 520,779
FU N D BALAN C ES, JU N E 30 (9,754)$ 129,000$ 105,000$ -$ 793,779$
SCHEDULE G (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
95
312 314 315
310 Tilley 313 Spear Fire D ept.
AC O E R ecreation AC O E S treet/B uilding
B BN Path BBS Pinnacle Im provem ents
R EVEN U ES
Intergovenm ental revenue -$ -$ -$ -$ -$
Investm ent incom e - - - - -
O ther incom e - - - - -
TO TAL R EVEN U ES - - - - -
EXPEN D ITU R ES
Adm inistration - - - - -
Public safety - - - -
Public w orks - - - - -
C apital outlay 15,142 400 - - -
TO TAL EXPEN D ITU R ES 15,142 400 - - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES (15,142) (400) - - -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In 132,396 - - 179,820 40,000
O perating Transfers (O ut)- (872) (134,042) - (3,480)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)132,396 (872) (134,042) 179,820 36,520
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)117,254 (1,272) (134,042) 179,820 36,520
FU N D BALAN C ES, JU LY 1 (117,254) 1,272 134,042 (179,820) 3,480
FU N D BALAN C ES, JU N E 30 -$ -$ -$ -$ 40,000$
SCHEDULE G (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
96
316 318 323 324
W PC Equip.317 Exit 14B AR R A AR R A
R eplacem ent V actor S taples Q uarry Tw in
Fund SM M G 0054 3rd Lane R idge S/W O aks
R EVEN U ES
Intergovenm ental -$ -$ 9,579$ -$ -$
Investm ent incom e - - - - -
O ther incom e - - - - -
TO TAL R EVEN U ES - - 9,579 - -
EXPEN D ITU R ES
Adm inistration - - - - -
Public safety - - - - -
Public w orks - - - - -
C apital outlay - - 115,779 - -
TO TAL EXPEN D ITU R ES - - 115,779 - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES - - (106,200) - -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - 128,320 14,330 - -
O perating Transfers (O ut)(488,976) - - - -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(488,976) 128,320 14,330 - -
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)(488,976) 128,320 (91,870) - -
FU N D BALAN C ES, JU LY 1 488,976 (128,320) (38,147) 37,327 106,248
FU N D BALAN C ES, JU N E 30 -$ -$ (130,017)$ 37,327$ 106,248$
SCHEDULE G (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULE OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES
NONMAJOR CAPITAL PROJECTS FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
97
326 327 328
325 AR R A AR R A H ayes
AR R A W inding Harbor Avenue
R idgew ood Brook H eights Storm w ater Totals
R EVEN U ES
Intergovenm ental revenue -$ -$ 24,444$ -$ 933,873$
Investm ent incom e - - - - -
O ther incom e 36,274 - - - 80,774
TO TAL R EVEN U ES 36,274 - 24,444 - 1,014,647
EXPEN D ITU R ES
Adm inistration - - - - -
Public safety - - - - -
Public w orks - - - - -
C apital outlay - - - 4,325 859,577
TO TAL EXPEN D ITU R ES - - - 4,325 859,577
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES 36,274 - 24,444 (4,325) 155,070
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - 3,890 9,296 1,436,379
O perating Transfers (O ut)(36,274) - (24,444) - (699,472)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(36,274) - (20,554) 9,296 736,907
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)- - 3,890 4,971 891,977
FU N D BALAN C ES, JU LY 1 60,517 45,061 (3,890) (9,296) 351,004$
FU N D BALAN C ES, JU N E 30 60,517$ 45,061$ -$ (4,325)$ 1,242,981$
See accom panying independent auditors' report.
98
Permanent Funds
Permanent funds are used to account for assets held by the City of South
Burlington, Vermont in trust or as an agent for individuals, private organizations, other
governmental units and/or other funds. These funds have been established for the
provision and/or maintenance of the cemeteries and various community organizations.
SCHEDULE H
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR PERMANENT FUNDS
JUNE 30, 2012
99
C om m unity
Library C om m unity R ecreation
C em etary Trust C horus D onation P.A.C .T.
ASSETS
Investm ents -$ -$ -$ -$ -$
D ue from other agencies - - - - -
D ue from other funds 4,599 57,482 706 5,254 3,012
TO TAL ASSETS 4,599$ 57,482$ 706$ 5,254$ 3,012$
LIABILITIES
D ue to other funds -$ -$ -$ -$ -$
D ue to agencies - - 706 - -
TO TAL LIABILITIES - - 706 - -
FU N D BALAN C ES
N onspendable - - - - -
R estricted 4,599 57,482 - - 3,012
C om m itted - - - 5,254 -
Assigned - - - - -
U nassigned - - - - -
TO TAL FU N D BALAN C ES 4,599 57,482 - 5,254 3,012
TO TAL LIABILITIES AN D FU N D
BALAN C ES 4,599$ 57,482$ 706$ 5,254$ 3,012$
SCHEDULE H (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR PERMANENT FUNDS
JUNE 30, 2012
100
D orset R ecreation
Mem orial Veterans S treet Path
Fund Mem orial Banners D onations
ASSETS
Investm ents -$ -$ -$ -$
D ue from other agencies - - - -
D ue from other funds 2,886 31,720 - 5,482
TO TAL ASSETS 2,886$ 31,720$ -$ 5,482$
LIABILITIES
D ue to other funds -$ -$ -$ -$
D ue to agencies - - - 5,482
TO TAL LIABILITIES - - - 5,482
FU N D BALAN C ES
N onspendable - - - -
R estricted 2,886 31,720 - -
C om m itted - - - -
Assigned - - - -
U nassigned - - - -
TO TAL FU N D BALAN C ES 2,886 31,720 - -
TO TAL LIABILITIES AN D FU N D
BALAN C ES 2,886$ 31,720$ -$ 5,482$
SCHEDULE H (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING BALANCE SHEET - NONMAJOR PERMANENT FUNDS
JUNE 30, 2012
101
Fire C om m unity
Library Departm ent D og Park M usic
(B lanchette)D onations D onations Festival Totals
ASSETS
Investm ents 368,393$ -$ -$ -$ 368,393$
D ue from agencies - - - 75 75
D ue from other funds - - 838 - 111,979
TO TAL ASSETS 368,393$ -$ 838$ 75$ 480,447$
LIABILITIES
D ue to other funds 159$ 811$ -$ 75$ 1,045$
D ue to agencies - - - - 6,188
TO TAL LIABILITIES 159 811 - 75 7,233
FU N D BALAN C ES
N onspendable - - - - -
R estricted 368,234 - - - 467,933
C om m itted - - 838 - 6,092
Assigned - - - - -
U nassigned - (811) - - (811)
TO TAL FU N D BALAN C ES 368,234 (811) 838 - 473,214
TO TAL LIABILITIES AN D FU N D
BALAN C ES 368,393$ -$ 838$ 75$ 480,447$
See accom panying independent auditors' report.
SCHEDULE I
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULES OF REVENUES, EXPENDITURES, CHANGES IN FUND BALANCES
NONMAJOR PERMANENT FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
102
C om m unity
Library C om m unity R ecreation
C em etary Trust C horus D onation P.A .C .T.
R EVEN U ES
C harges for services -$ 1,650$ -$ -$ 350$
Investm ent incom e - - - - -
Miscellanous - 38,943 - 6,529 3,579
TO TAL R EVEN U ES - 40,593 - 6,529 3,929
EXPEN D ITU R ES
Public safety - - - - -
O ther 400 2,730 4,064 2,974
TO TAL EXPEN D ITU R ES 400 2,730 - 4,064 2,974
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES (400) 37,863 - 2,465 955
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - - - -
O perating Transfers (O ut)- - - - -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)- - - - -
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)(400) 37,863 - 2,465 955
FU N D BALAN C ES, JU LY 1 4,999 19,619 - 2,789 2,057
FU N D BALAN C ES, JU N E 30 4,599$ 57,482$ -$ 5,254$ 3,012$
SCHEDULE I (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULES OF REVENUES, EXPENDITURES, CHANGES IN FUND BALANCES
NONMAJOR PERMANENT FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
103
D orset R ecreation
M em orial Veterans Street Path
Fund M em orial Banners D onations
R EVEN U ES
C harges for services -$ -$ -$ -$
Investm ent incom e - - - -
Miscellanous - 32,754 - -
TO TAL R EVEN U ES - 32,754 - -
EXPEN D ITU R ES
Public safety - - - -
O ther - 5,934 - -
TO TAL EXPEN D ITU R ES - 5,934 - -
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES - 26,820 - -
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - - - -
O perating Transfers (O ut)- - (9) -
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)- - (9) -
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)- 26,820 (9) -
FU N D BALAN C ES, JU LY 1 2,886 4,900 9 -
FU N D BALAN C ES, JU N E 30 2,886$ 31,720$ -$ -$
SCHEDULE I (CONTINUED)
CITY OF SOUTH BURLINGTON, VERMONT
COMBINING SCHEDULES OF REVENUES, EXPENDITURES, CHANGES IN FUND BALANCES
NONMAJOR PERMANENT FUNDS
FOR THE YEAR ENDED JUNE 30, 2012
104
Fire C om m unity
Library D epartm ent D og P ark Music
(Blanchette)D onations D onations Festival Totals
R EVEN U ES
C harges for services -$ -$ -$ -$ 2,000$
Investm ent incom e 8,500 - - - 8,500
Miscellanous (5,147) 435 70 - 77,163
TO TAL R EVEN U ES 3,353 435 70 - 87,663
EXPEN D ITU R ES
Public safety - 1,246 - - 1,246
O ther - - - - 16,102
TO TAL EXPEN D ITU R ES - 1,246 - - 17,348
EXC ESS O F R EVEN U ES O VER (U N D ER )
EXPEN D ITU R ES 3,353 (811) 70 - 70,315
O TH ER FIN AN C IN G SO U R C ES (U SES)
O perating Transfers In - 1,486 - - 1,486
O perating Transfers (O ut)(8,500) - - - (8,509)
TO TAL O TH ER FIN A NC IN G SO U R C ES (U SES)(8,500) 1,486 - - (7,023)
EXC ESS O F R EVEN U ES AN D O TH ER
SO U R C ES O VER (U N DE R) EX PEN D ITU R ES
AN D O TH ER (U SES)(5,147) 675 70 - 63,292
FU N D BALAN C ES, JU LY 1 373,381 (1,486) 768 - 409,922
FU N D BALAN C ES, JU N E 30 368,234$ (811)$ 838$ -$ 473,214$
See accom panying independent auditors' report.
General Capital Assets
105
General capital assets are those assets related to activities reported in the
governmental funds. These assets are reported in the governmental activities column of
the government-wide statement of net assets.
SCHEDULE J
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF GENERAL CAPITAL ASSETS BY FUNCTION
JUNE 30, 2012
106
F urniture,
L and and Building s Fixtures,
N on-depreciable Build ings Im proveme nts Equ ipmen t
Assets & L and Improvements & Veh icles In frastructure Total
G enera l G overnm ent 329,511$ 1 ,398,945$ 75,4 25$ -$ 1,80 3,881$
Ambulance - - 185,1 69 - 18 5,169
Fire 1,118,500 6 ,314,977 2,110,4 19 - 9,54 3,896
Police - 7 ,319,538 1,606,1 75 - 8,92 5,713
H ighw ay 904,654 - 2,132,5 99 4 56,585 3,49 3,838
Public W orks 6,621,526 791,049 219,1 83 36,3 24,586 43,95 6,344
Library - - 12,0 84 - 1 2,084
R ecreation 2,610,952 323,206 141,7 69 2,0 67,014 5,14 2,941
H ealth 280,500 681,648 - 1 08,305 1,07 0,453
Airpo rt 21,375,571 - - - 21,37 5,571
C ity W ide 1,360,300 8,600 - - 1,36 8,900
Storm W ater U tilitie s 30,000 154,994 616,2 02 4 79,044 1,28 0,240
W ater Pollution C ontrol 488,000 13 ,170,884 352,6 19 8 11,308 14,82 2,811
W ater D ep artment - - 6,608,0 77 - 6,60 8,077
Total G eneral C apital Assets 35,119,514 30 ,163,841 14,059,7 21 40,2 46,842 119,58 9,918
Less: Accum ulated De preciation - (18 ,580,990) (6,892,3 88) (32,9 12,195) (58,38 5,573)
N et G eneral C apital Assets 35,119,514$ 11 ,582,851$ 7,167,3 33$ 7,3 34,647$ 61,20 4,345$
See accom panying independ ent auditors' report.
SCHEDULE K
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF CHANGES IN GENERAL CAPITAL ASSETS BY FUNCTION
FOR THE YEAR ENDED JUNE 30, 2012
107
G enera l G eneral
C apita l C apital
Assets Assets
7/1/1 1 Additions D eletions 6/30/12
G enera l G overnm ent 1,803,88 1$ -$ -$ 1,803,881$
Ambulance 185,16 9 - - 185,169
Fire 9,543,89 6 - - 9,543,896
Police 8,925,71 3 - - 8,925,713
H ighw ay 3,493,83 8 - - 3,493,838
Public W orks 43,956,34 4 - - 43,956,344
Library 12,08 4 - - 12,084
R ecreation 5,142,94 1 - - 5,142,941
H ealth 1,070,45 3 - - 1,070,453
Airpo rt 21,375,57 1 - - 21,375,571
C ity W ide 1,368,90 0 - - 1,368,900
Storm W ater U tilitie s 1,280,24 0 - - 1,280,240
W ater Pollution C ontrol 14,822,81 1 - - 14,822,811
W ater D ep artment 6,506,82 7 10 1,250 - 6,608,077
Total G eneral C apital Assets 119,488,66 8 10 1,250 - 1 19,589,918
Less: Accum ulated De preciation (56,458,49 3) (1,92 7,080) - (58,385,573)
N et G eneral C apital Assets 63,030,17 5$ (1,82 5,830)$ -$ 61,204,345$
See accom panying independ ent auditors' report.
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
JUNE 30, 2012
108
Federal G rantor F ederal P ass Thru
P ass Through G rantor C FD A G rantor Federal
P rogram Title N um ber N um ber E xpenditures
U .S . Agency of Transportation
P assed through V erm ont A gency of Transportation:
Federal A id H ighw ay:
B utler Farm S W P ond 20.205 08126-S W 0047 32,093$
K ennedy D rive 20.205 08126-C A 0006 721,480
Tilley D rive 20.205 08126-13E H 07 400
S taples 3rd Lane 20.205 08126-C A 0241 115,779
Total A gency of T ransportation 869,752
U .S . D epartm ent of D efense
D irect Program :
M ilitary C onstruction 21.400 N /A 57,966
E nvirom ental P rotection A gency:
D irect Program :
C ongressionally M andated P rojects 66.202 N /A 116,183
E dw ard B yrne M em orial Justice A ssistance 66.202 N /A 2,686
P assed Through V erm ont E nvirom ental P rotection:
A irport P arkway E xpansion/R evolving Loan 66.458 06140-AR 1-067 3,057,438
Total E nvirom ental P rotection A gency 3,176,307
D epartm ent of H omeland S ecurity
D irect Program :
FE M A M im ic G rant 97.044 N /A 97,731
P assed Through V erm ont P ublic S afety:
H om eland Security P rogram 97.067 02140-77252-106 33,502
Total D epartem ent of H om eland S ecurity 131,233
TO TA L FE D E R A L A S S IS TA N C E 4,235,258$
CITY OF SOUTH BURLINGTON, VERMONT
NOTES TO SCHEDULE OF FEDERAL AWARDS
JUNE 30, 2012
109
1. General
The accompanying Schedule of Expenditures of Federal Awards presents the
activity of all federal award programs of the City of South Burlington, Vermont. All federal
financial assistance received is included on the schedule.
2. Basis of Accounting
The accompanying Schedule of Expenditures of Federal Awards is presented using
the accrual basis of accounting.
3. The following programs were tested as Type A program as outlined in OMB Circular
A-133.
1) 66.458 – Revolving Loan Fund
110
INDEPENDENT AUDITORS’ REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING AND ON COMPLIANCE AND OTHER MATTERS BASED ON AN AUDIT
OF FINANCIAL STATEMENTS PERFORMED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
November 16, 2012
City Council
City of South Burlington
South Burlington, Vermont
We have audited the financial statements of the City of South Burlington, Vermont,
as of and for the year ended June 30, 2012, and have issued our report thereon dated
November 16, 2012. We conducted our audit in accordance with auditing standards
generally accepted in the United States of America and the standards applicable to
financial audits contained in Government Auditing Standards, issued by the Comptroller
General of the United States.
Internal Control Over Financial Reporting
In planning and performing our audit, we considered City of South Burlington,
Vermont’s internal control over financial reporting as a basis for designing our auditing
procedures for the purpose of expressing our opinion on the financial statements, but
not for the purpose of expressing an opinion on the effectiveness of the City of South
Burlington, Vermont’s internal control over financial reporting. Accordingly, we do not
express an opinion on the effectiveness of the Organization’s internal control over
financial reporting.
A deficiency in internal control exists when the design or operation of a control does
not allow management or employees, in the normal course of performing their assigned
functions, to prevent or detect misstatements on a timely basis. A material weakness is
a deficiency, or combination of deficiencies, in internal control such that there is a
reasonable possibility that a material misstatement of the entity’s financial statements
will not be prevented, or detected and corrected on a timely basis.
Our consideration of internal control over financial reporting was for the limited
purpose described in the first paragraph of this section and was not necessarily
designed to identify all deficiencies in internal control over financial reporting that might
be deficiencies, significant deficiencies, or material weaknesses. We did not identify any
deficiencies in internal control over financial reporting that we consider to be material
weaknesses, as defined above.
3 Old Orchard Road, Buxton, Maine 04093
Tel: (800) 300-7708 (207) 929-4606 Fax: (207) 929-4609
www.rhrsmith.com
Proven Expertise and Integrity
111
Compliance and Other Matters
As part of obtaining reasonable assurance about whether City of South Burlington,
Vermont’s financial statements are free of material misstatement, we performed tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements,
noncompliance with which could have a direct and material effect on the determination of
financial statement amounts. However, providing an opinion on compliance with those
provisions was not an objective of our audit and, accordingly, we do not express such an
opinion. The results of our tests disclosed no instances of noncompliance or other matters
that are required to be reported under Government Auditing Standards.
We noted certain other matters that we reported to management of the City of South
Burlington, Vermont in a separate letter dated December 7, 2012.
This report is intended solely for the information of the City Council, management and
federal awarding agencies and pass-through entities and is not intended to be and should
not be used by anyone other than the specified parties.
Certified Public Accountants
112
INDEPENDENT AUDITORS’ REPORT ON COMPLIANCE WITH REQUIREMENTS THAT
COULD HAVE A DIRECT AND MATERIAL EFFECT ON EACH MAJOR PROGRAM AND
ON INTERNAL CONTROL OVER COMPLIANCE IN
ACCORDANCE WITH OMB CIRCULAR A-133
November 16, 2012
City Council
City of South Burlington
South Burlington, Vermont
Compliance
We have audited City of South Burlington, Vermont’s compliance with the types of
compliance requirements described in the OMB Circular A-133 Compliance Supplement
that could have a direct and material effect on each of City of South Burlington, Vermont’s
major federal programs for the year ended June 30, 2012. City of South Burlington,
Vermont’s major federal programs are identified in the summary of auditor’s results section
of the accompanying schedule of findings and questioned costs. Compliance with the
requirements of laws, regulations, contracts, and grants applicable to each of its major
federal programs is the responsibility of City of South Burlington, Vermont’s management.
Our responsibility is to express an opinion on City of South Burlington, Vermont’s
compliance based on our audit.
We conducted our audit of compliance in accordance with auditing standards
generally accepted in the United States of America; the standards applicable to financial
audits contained in Government Auditing Standards, issued by the Comptroller General of
the United States; and OMB Circular A-133, Audits of States, Local Governments, and
Non-Profit Organizations. Those standards and OMB Circular A-133 require that we plan
and perform the audit to obtain reasonable assurance about whether noncompliance with
the types of compliance requirements referred to above that could have a direct and
material effect on a major federal program occurred. An audit includes examining, on a test
basis, evidence about City of South Burlington, Vermont’s compliance with those
requirements and performing such other procedures as we considered necessary in the
circumstances. We believe that our audit provides a reasonable basis for our opinion. Our
audit does not provide a legal determination of City of South Burlington, Vermont’s
compliance with those requirements.
Proven Expertise and Integrity
3 Old Orchard Road, Buxton, Maine 04093
Tel: (800) 300-7708 (207) 929-4606 Fax: (207) 929-4609
www.rhrsmith.com
113
In our opinion, City of South Burlington, Vermont, complied, in all material respects,
with the compliance requirements referred to above that could have a direct and material
effect on each of its major federal programs for the year ended June 30, 2012.
Internal Control over Compliance
Management of City of South Burlington, Vermont is responsible for establishing and
maintaining effective internal control over with the requirements of laws, regulations,
contracts, and grants applicable to federal programs. In planning and performing our
audit, we considered City of South Burlington, Vermont’s internal control over compliance
with requirements that could have a direct and material effect on a major federal program
to determine the auditing procedures for the purpose of expressing our opinion on
compliance and to test and report on internal control over compliance in accordance with
OMB Circular A-133, but not for the purpose of expressing an opinion on the effectiveness
of internal control over compliance. Accordingly, we do not express an opinion on the
effectiveness of City of South Burlington, Vermont’s internal control over compliance.
A deficiency in internal control over compliance exists when the design or operation of
a control over compliance does not allow management or employees, in the normal course
of performing their assigned functions, to prevent, or detect and correct, noncompliance
with a type of compliance requirement of a federal program on a timely basis. A material
weakness in internal control over compliance is a deficiency, or combination of
deficiencies, in internal control over compliance; such that there is a reasonable possibility
that material noncompliance with a type of compliance requirement of a federal program
will not be prevented or detected and corrected, on a timely basis.
Our consideration of internal control over compliance was for the limited purpose
described in the first paragraph of this section and was not designed to identify all
deficiencies in internal control over compliance that might be deficiencies, significant
deficiencies, or material weaknesses. We did not identify any deficiencies in internal
control over compliance that we consider to be material weaknesses, as defined above.
This report is intended solely for the information and use of management, City Council,
others within the entity, and federal awarding agencies and pass-through entities and is
not intended to be and should not be used by anyone other than the specified parties.
Certified Public Accountants
CITY OF SOUTH BURLINGTON, VERMONT
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE YEAR ENDED JUNE 30, 2012
114
Section I - Summary of Auditor’s Results
Financial Statements
Type of auditor’s report issued : Unqualified
Internal control over financial reporting:
Material weakness(es) identified? yes X no
Significant deficieny(ies) identified? yes X no
Noncompliance material to financial statements noted yes X no
Federal Awards
Internal control over major programs:
Material weakness(es) identified? yes X no
Significant deficiency(ies) identified? yes X no
Type of auditor’s report issued on compliance for major programs: Unqualified
Any audit findings disclosed that are required to be reported
In accordance with section 510(a) of OMB Circular A-133? yes X no
Identification of major programs:
CFDA Numbers Name of Federal Program or Cluster
66.458 Revolving Loan Fund
Dollar threshold used to distinguish between type A and B: $300,000
Auditee qualified as low-risk auditee? X yes _ no
Section II – Financial Statement Findings
None
Section III – Federal Awards Findings and Questioned Costs
None