My WebLink
|
Help
|
About
|
Sign Out
Home
Browse
Search
Resolution No. 5176
COE
>
City of Eugene
>
Resolutions
>
2016 No. 5146-5179
>
Resolution No. 5176
Metadata
Thumbnails
Annotations
Entry Properties
Last modified
12/29/2016 10:26:56 AM
Creation date
12/29/2016 10:26:13 AM
Metadata
Fields
Template:
City Recorder
CMO_Document_Type
Resolutions
Document_Date
12/12/2016
Document_Number
5176
CMO_Effective_Date
12/12/2016
Author
CRO
There are no annotations on this page.
Document management portal powered by Laserfiche WebLink 9 © 1998-2015
Laserfiche.
All rights reserved.
/
199
PDF
Print
Pages to print
Enter page numbers and/or page ranges separated by commas. For example, 1,3,5-12.
After downloading, print the document using a PDF reader (e.g. Adobe Reader).
View images
View plain text
Management’s Discussion and Analysis <br />The management of the City of Eugene, Oregon (City) presents this narrative overview to facilitate both a short and a <br />long-term analysis of the financial activities of the City for the fiscal year ended June 30, 2016. This Management’s <br />Discussion and Analysis (MD&A) is based on currently known facts, decisions, and conditions that existed as of the <br />date of the independent auditor’s report. Additional information outside the scope of this analysis can be found in the <br />Letter of Transmittal. <br />Financial Highlights <br /> The City’s total assets and deferred outflows of resources at June 30, 2016 increased $3.4 million from $997.3 <br />million to $1,000.7 million. <br /> The City’s total liabilities and deferred inflows of resources increased $26.9 million from $198.8 million to $225.7 <br />million. The increase was primarily due an increase of $75.4 million in net pension liability offset by a $40.2 million <br />decrease in deferred inflows of resources related to pensions. <br /> The net position of the City (assets less liabilities) at June 30, 2016 decreased $23.5 million from $798.6 million to <br />$775.1 million. The City’s unrestricted portion of net position is $22.7 million. <br /> At June 30, 2016, the General Fund’s fund balance was $58.2 million, an increase of $17.2 million from the <br />previous year. Of the General Fund’s fund balance $19.3 million is unassigned. <br />The City’s pension liability at June 30, 2016 increased $105.9 million from a pension asset of $30.5 million to a pension <br />liability of $75.4 million. The increase in the pension liability was the result of lower than projected investment earnings <br />Moro <br />on pension plan assets and the Oregon Supreme Court’s decision. The Court’s decision reversed a significant <br />portion of the reductions that the 2013 Oregon Legislature made to future cost of living adjustments. The reversal <br />increased the benefits projected to be paid compared to those developed in the prior actuarial valuation, and <br />consequently increased the plan liabilities. <br />Overview of the Financial Statements <br />The following discussion and analysis is intended to serve as an introduction to the City’s basic financial statements and <br />other required supplementary information. The City’s basic financial statements comprise three components: <br />1. Government-wide financial statements <br />2. Fund financial statements <br />3. Notes to the basic financial statements <br />Government-wide financial statements. <br />The government-wide financial statements are designed to provide readers <br />with a broad overview of the City’s finances, in a manner similar to a private-sector business. <br />The Statement of Net Position presents information on all of the City’s assets and deferred outflows of resources and <br />liabilities and deferred inflows of resources, with the difference between the two reported as net position. <br />The Statement of Activities presents information showing how the City’s net position changed during the most recent <br />fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, <br />regardless of the timing of related cash flows. Thus, revenues and expenses are reported in this statement for some <br />items that will result in cash flows in a future fiscal period. Examples of such items include earned, but uncollected <br />property taxes, and earned, but unused compensated absences. <br />Both of the government-wide financial statements distinguish functions of the City that are principally supported by <br />taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all, or <br />a significant portion of, their costs through user fees and charges (business-type activities). <br />The governmental activities of the City include the following: <br /> Central services <br /> Fire and emergency medical services <br /> Library, recreation, and cultural services <br /> Planning and development <br /> Police <br /> Public works <br />15 <br />
The URL can be used to link to this page
Your browser does not support the video tag.