CAFR Enterprise Statements
CAFR Enterprise Statements
CAFR Enterprise Statements
The notes to the financial statements are an integral part of this statement.
30
CITY AND COUNTY OF SAN FRANCISCO
Statement of Net Position - Proprietary Funds (Continued)
June 30, 2018
(With comparative financial information as of June 30, 2017)
(In Thousands)
NET POSITION
Net investment in capital assets....................................... (564,762) 504,476 410,717 3,836,904 119,810 1,207,703 305,609 390,645 6,211,102 5,752,069 10,286 11,601
Restricted:
Debt service................................................................... 186,655 22,933 834 19,707 - 1,312 - 63,058 294,499 202,262 - -
Capital projects.............................................................. 419,486 32,978 11,712 - 19,399 - 20,738 10,759 515,072 394,634 - -
Other purposes.............................................................. - - - 291,472 - - - 2,650 294,122 93,696 - -
Unrestricted (deficit)......................................................... (9,000) (70,863) 184,013 (626,430) (671,932) 190 75,605 (374,296) (1,492,713) (670,759) (66,378) (47,329)
Total net position.................................................... $ 32,379 $ 489,524 $ 607,276 $ 3,521,653 $ (532,723) $ 1,209,205 $ 401,952 $ 92,816 $ 5,822,082 $ 5,771,902 $ (56,092) $ (35,728)
The notes to the financial statements are an integral part of this statement.
31
CITY AND COUNTY OF SAN FRANCISCO
Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds
Year Ended June 30, 2018
(With comparative financial information year ended June 30, 2017)
(In Thousands)
Business-Type Activities - Enterprise Funds
Major Funds
San San Hetch General San
Francisco Francisco Hetchy Municipal Hospital Francisco Laguna Governmental Activities -
International Water Water and Transportation Medical Wastewater Port of San Honda Total Internal Service Funds
Airport Enterprise Power Agency Center Enterprise Francisco Hospital 2018 2017 2018 2017
Operating revenues:
Aviation........................................................................... $ 670,282 $ - $ - $ - $ - $ - $ - $ - $ 670,282 $ 545,310 $ - $ -
Water and power service............................................... - 495,138 191,667 - - - - - 686,805 627,871 - -
Passenger fees.............................................................. - - - 202,280 - - - - 202,280 195,886 - -
Net patient service revenue........................................... - - - - 765,464 - - 193,694 959,158 863,559 - -
Sewer service................................................................. - - - - - 303,037 - - 303,037 267,601 - -
Rents and concessions.................................................. 158,594 12,906 296 8,111 2,587 611 80,605 - 263,710 244,975 436 176
Parking and transportation............................................. 151,731 - - 228,304 - - 22,281 - 402,316 400,072 - -
Other charges for services............................................. - - - 32,110 - - - - 32,110 29,055 152,676 145,284
Other revenues.............................................................. 83,195 17,595 - 41,179 4,636 11,448 6,883 1,555 166,491 166,726 - -
Total operating revenues............................................. 1,063,802 525,639 191,963 511,984 772,687 315,096 109,769 195,249 3,686,189 3,341,055 153,112 145,460
Operating expenses:
Personal services........................................................... 312,972 128,295 51,616 834,950 561,699 91,977 40,930 209,676 2,232,115 2,691,353 68,147 78,176
Contractual services....................................................... 86,103 14,131 9,216 133,212 219,228 16,061 18,038 11,584 507,573 483,002 59,364 59,146
Light, heat and power..................................................... 23,800 - 64,732 - - - 2,859 - 91,391 69,333 - -
Materials and supplies................................................... 17,573 15,936 2,642 72,041 99,064 9,446 1,001 20,985 238,688 224,257 17,197 14,508
Depreciation and amortization........................................ 265,169 118,751 19,115 167,220 27,975 55,591 17,778 15,187 686,786 669,538 2,909 3,294
General and administrative............................................ 2,535 36,174 41,329 42,609 4,954 1,144 3,585 - 132,330 125,912 1,720 408
Services provided by other
departments................................................................. 23,369 56,860 8,965 69,261 50,212 36,374 19,310 10,741 275,092 272,050 7,977 9,590
Other.............................................................................. 38,665 - - (25,148) (969) - (6,678) 55,908 61,778 18,706 2,564 3,184
Total operating expenses............................................ 770,186 370,147 197,615 1,294,145 962,163 210,593 96,823 324,081 4,225,753 4,554,151 159,878 168,306
Operating income (loss)............................................... 293,616 155,492 (5,652) (782,161) (189,476) 104,503 12,946 (128,832) (539,564) (1,213,096) (6,766) (22,846)
Nonoperating revenues (expenses):
Operating grants:
Federal......................................................................... - 597 1,050 11,464 - - 4,232 403 17,746 72,053 - -
State / other................................................................. - - - 140,475 59,285 - - - 199,760 198,114 - -
Interest and investment income...................................... 11,316 6,448 2,929 10,122 2,896 2,317 2,231 751 39,010 28,547 4,498 4,470
Interest expense............................................................. (211,461) (164,001) (3,204) (10,109) (1,695) (24,978) (4,461) (6,106) (426,015) (409,529) (4,981) (4,664)
Other nonoperating revenues........................................ 113,742 52,007 10,261 44,349 - 10,730 - 15,738 246,827 257,419 256 739
Other nonoperating expenses........................................ (110,507) (1,920) (1,547) - - (414) (1,383) - (115,771) (107,794) - -
Total nonoperating revenues (expenses).................... (196,910) (106,869) 9,489 196,301 60,486 (12,345) 619 10,786 (38,443) 38,810 (227) 545
Income (loss) before capital
contributions and transfers........................................ 96,706 48,623 3,837 (585,860) (128,990) 92,158 13,565 (118,046) (578,007) (1,174,286) (6,993) (22,301)
Capital contributions....................................................... 15,051 - - 438,489 - - 2,626 - 456,166 369,327 - -
Transfers in.................................................................... - 382 30,087 726,090 97,373 - 19 57,668 911,619 751,924 414 2,153
Transfers out.................................................................. (46,549) (31,368) (512) (19,737) (25,892) (26,960) - (7,318) (158,336) (172,899) - (138)
Change in net position................................................. 65,208 17,637 33,412 558,982 (57,509) 65,198 16,210 (67,696) 631,442 (225,934) (6,579) (20,286)
Net position (deficit) at beginning of year,
as previously reported.................................................... 50,169 501,267 578,260 3,295,692 (412,424) 1,146,263 389,740 222,935 5,771,902 5,997,836 (35,728) (15,442)
Cumulative effect of accounting change........................... (82,998) (29,380) (4,396) (333,021) (62,790) (2,256) (3,998) (62,423) (581,262) - (13,785) -
Net position (deficit) at beginning of year, as restated..... (32,829) 471,887 573,864 2,962,671 (475,214) 1,144,007 385,742 160,512 5,190,640 5,997,836 (49,513) (15,442)
Net position (deficit) at end of year................................... $ 32,379 $ 489,524 $ 607,276 $ 3,521,653 $ (532,723) $ 1,209,205 $ 401,952 $ 92,816 $ 5,822,082 $ 5,771,902 $ (56,092) $ (35,728)
The notes to the financial statements are an integral part of this statement.
32
CITY AND COUNTY OF SAN FRANCISCO
Statement of Cash Flows – Proprietary Funds
Year Ended June 30, 2018
(With comparative financial information year ended June 30, 2017)
(In Thousands)
Business-Type Activities - Enterprise Funds
Major Funds
San San General San
Francisco Francisco Hetch Hetchy Municipal Hospital Francisco Laguna Governmental Activities -
International Water Water and Transportation Medical Wastewater Port of San Honda Total Internal Service Funds
Airport Enterprise Power Agency Center Enterprise Francisco Hospital 2018 2017 2018 2017
Cash flows from operating activities:
Cash received from customers, including cash deposits................. $ 988,320 $ 525,886 $ 198,412 $ 559,313 $ 857,275 $ 312,769 $ 27,625 $ 157,715 $ 3,627,315 $ 3,345,857 $ 175,852 $ 163,461
Cash received from tenants for rent.................................................. - 12,783 308 8,169 2,587 657 78,499 - 103,003 97,208 - -
Cash paid for employees' services................................................... (290,061) (121,352) (49,243) (767,412) (543,606) (85,045) (38,631) (203,909) (2,099,259) (1,978,699) (61,144) (58,641)
Cash paid to suppliers for goods and services................................. (195,409) (108,216) (120,194) (342,480) (327,236) (43,346) (41,887) (41,434) (1,220,202) (1,317,241) (87,168) (93,370)
Cash paid for judgments and claims................................................. - (2,925) (3,551) (11,554) - (2,124) - - (20,154) (25,549) - -
Net cash provided by (used in) operating activities...................... 502,850 306,176 25,732 (553,964) (10,980) 182,911 25,606 (87,628) 390,703 121,576 27,540 11,450
Cash flows from noncapital financing activities:
Operating grants................................................................................ - 422 1,034 155,009 59,326 891 730 403 217,815 267,459 - -
Transfers in........................................................................................ - 382 30,087 678,791 97,373 - - 57,668 864,301 652,101 414 2,153
Transfers out..................................................................................... (46,549) (31,368) (512) (35,514) (25,892) (26,960) - (7,318) (174,113) (172,899) - (138)
Other noncapital financing sources................................................... 1,771 13,709 9,303 58,090 - 1,322 4,250 - 88,445 75,846 - -
Other noncapital financing uses........................................................ (89,254) (1,920) (1,878) - (171) (414) - - (93,637) (86,607) - -
Net cash provided by (used in)
noncapital financing activities..................................................... (134,032) (18,775) 38,034 856,376 130,636 (25,161) 4,980 50,753 902,811 735,900 414 2,015
Cash flows from capital and related financing activities:
Capital grants and other proceeds restricted for capital purposes... 4,945 - - 293,609 - - 443 29,260 328,257 297,434 - -
Transfers in........................................................................................ - - - 83,837 - - 19 - 83,856 99,589 - -
Bond sale proceeds and loans received........................................... 1,023,750 928,694 - 4,689 - - - - 1,957,133 1,822,183 - -
Proceeds from sale/transfer of capital assets.................................. - 3,231 136 139 - 21 30 - 3,557 6,736 - -
Proceeds from commercial paper borrowings................................. 557,700 15,664 222 - 1,088 151,448 - - 726,122 477,604 - -
Proceeds from passenger facility charges....................................... 111,379 - - - - - - - 111,379 97,287 - -
Acquisition of capital assets.............................................................. (807,048) (257,777) (48,606) (732,397) (7,200) (287,297) (15,498) (1,015) (2,156,838) (1,712,583) (1,279) (3,910)
Retirement of capital leases, bonds and loans................................. (201,300) (648,233) (2,768) (12,394) (4,738) (13,939) (2,567) (6,440) (892,379) (1,551,389) (11,194) (14,025)
Bond issue costs paid....................................................................... - (1,405) - (121) - (208) - - (1,734) (3,029) - -
Interest paid on debt.......................................................................... (253,077) (279,114) (3,524) (10,477) (1,703) (47,360) (4,587) (6,311) (606,153) (501,341) (4,739) (4,753)
Federal interest income subsidy from Build America Bonds............ - 24,042 756 - - 4,008 - - 28,806 28,688 - -
Other capital financing sources......................................................... - - - 13,877 - - 550 - 14,427 16,150 - -
Other capital financing uses.............................................................. - - - - - - (4,920) - (4,920) (3,098) - -
Net cash provided by (used in)
capital and related financing activities........................................ 436,349 (214,898) (53,784) (359,238) (12,553) (193,327) (26,530) 15,494 (408,487) (925,769) (17,212) (22,688)
Cash flows from investing activities:
Purchases of investments with trustees........................................... (619,746) (436,878) (3,446) - - (77,977) - (12,733) (1,150,780) (1,305,756) (2,260) -
Proceeds from sale of investments with trustees............................. 666,304 485,074 4,990 - - 85,012 - - 1,241,380 1,206,922 - -
Interest and investment income........................................................ 23,419 5,204 3,810 8,489 2,896 1,828 1,709 656 48,011 36,125 119 148
Other investing activities.................................................................... - - - - - - - - - - (313) (2)
Net cash provided by (used in) investing activities....................... 69,977 53,400 5,354 8,489 2,896 8,863 1,709 (12,077) 138,611 (62,709) (2,454) 146
Net increase (decrease) in cash and cash equivalents...................... 875,144 125,903 15,336 (48,337) 109,999 (26,714) 5,765 (33,458) 1,023,638 (131,002) 8,288 (9,077)
Cash and cash equivalents-beginning of year..................................... 971,852 461,701 305,521 1,039,810 225,074 240,531 190,651 56,477 3,491,617 3,622,619 51,536 60,613
Cash and cash equivalents-end of year.............................................. $ 1,846,996 $ 587,604 $ 320,857 $ 991,473 $ 335,073 $ 213,817 $ 196,416 $ 23,019 $ 4,515,255 $ 3,491,617 $ 59,824 $ 51,536
The notes to the financial statements are an integral part of this statement.
33
CITY AND COUNTY OF SAN FRANCISCO
Statement of Cash Flows – Proprietary Funds (Continued)
Year Ended June 30, 2018
(With comparative financial information year ended June 30, 2017)
(In Thousands)
Business-Type Activities - Enterprise Funds
Major Funds
San San Hetch General San
Francisco Francisco Hetchy Municipal Hospital Francisco Laguna Governmental Activities -
International Water Water and Transportation Medical Wastewater Port of San Honda Total Internal Service Funds
Airport Enterprise Power Agency Center Enterprise Francisco Hospital 2018 2017 2018 2017
Reconciliation of operating income (loss) to
net cash provided by (used in) operating activities:
Operating income (loss)................................................................... $ 293,616 $ 155,492 $ (5,652) $ (782,161) $ (189,476) $ 104,503 $ 12,946 $ (128,832) $ (539,564) $ (1,213,096) $ (6,766) $ (22,846)
Adjustments for non-cash and other activities:
Depreciation and amortization....................................................... 265,169 118,751 19,115 167,220 27,975 55,591 17,778 15,187 686,786 669,538 2,909 3,294
Provision for uncollectibles............................................................ (198) (37) 308 3 - (248) (180) - (352) 1,503 - -
Write-off of capital assets.............................................................. - 910 58 - - 4,729 - - 5,697 5,890 - -
Other............................................................................................. 4,150 - - - - - - - 4,150 1,912 99 409
Changes in assets and deferred outflows of resources/liabilities
and deferred inflows of resources:
Receivables, net......................................................................... (42,331) 454 991 (259) 64,056 (1,575) 763 (6,756) 15,343 1,575 17,363 12,609
Due from other funds.................................................................. - 338 2,026 225 - 44 - (31,404) (28,771) 34,048 - -
Inventories................................................................................... 7 1,875 - (4,250) (4,302) (36) 240 223 (6,243) 4,200 - -
Other assets................................................................................ (779) - (2,864) 589 - - 428 - (2,626) (4,943) - -
Accounts payable........................................................................ 13,870 8,286 8,568 (10,380) 49,556 12,563 1,580 57,562 141,605 (60,448) 4,750 (3,803)
Accrued payroll........................................................................... 1,421 177 (23) 1,554 1,433 (184) 55 816 5,249 8,769 120 380
Accrued vacation and sick leave pay.......................................... 1,038 (325) 328 1,949 1,105 466 88 2 4,651 423 235 114
Accrued workers' compensation.................................................. 657 1,868 (20) 9,442 856 204 94 1,236 14,337 4,325 (41) (64)
Estimated claims payable............................................................ - 2,664 28 14,522 - (83) (675) - 16,456 (21,766) - -
Due to other funds...................................................................... - 89 (2,054) (887) - (84) - - (2,936) (82) - (24)
Unearned revenue and other liabilities....................................... (54,459) 12,592 3,432 (1,084) 23,119 2,140 (9,756) 625 (23,391) (6,321) 2,182 2,276
Net pension liability and pension related deferred outflows and
inflows of resources.................................................................. 9,835 (3,730) 25 22,803 (81,368) 2,458 993 (3,149) (52,133) 600,608 4,884 16,230
Net OPEB liability and OPEB related deferred outflows and
inflows of resources.................................................................. 10,854 6,772 1,466 26,750 96,066 2,423 1,252 6,862 152,445 95,441 1,805 2,875
Total adjustments.......................................................................... 209,234 150,684 31,384 228,197 178,496 78,408 12,660 41,204 930,267 1,334,672 34,306 34,296
Net cash provided by (used in) operating
activities........................................................................................... $ 502,850 $ 306,176 $ 25,732 $ (553,964) $ (10,980) $ 182,911 $ 25,606 $ (87,628) $ 390,703 $ 121,576 $ 27,540 $ 11,450
Reconciliation of cash and cash equivalents
to the statement of net position:
Deposits and investments with City Treasury:
Unrestricted................................................................................... $ 458,219 $ 358,768 $ 274,871 $ 647,731 $ 334,609 $ 164,107 $ 155,722 $ - $ 2,394,027 $ 2,446,138 $ 36,595 $ 29,919
Restricted...................................................................................... 1,345,179 102,011 41,420 316,351 - 36,054 30,877 22,895 1,894,787 921,349 - -
Deposits and investments outside City Treasury:
Unrestricted................................................................................... 6,408 274 10 5,559 10 262 5 2 12,530 15,576 - -
Restricted...................................................................................... 710,685 143,739 3,815 21,832 454 14,282 10,077 12,855 917,739 734,945 25,478 21,617
Total deposits and investments..................................................... 2,520,491 604,792 320,116 991,473 335,073 214,705 196,681 35,752 5,219,083 4,118,008 62,073 51,536
Less: Investments outside City Treasury not
meeting the definition of cash equivalents................................... (673,495) (17,188) 741 - - (888) (265) (12,733) (703,828) (626,391) (2,249) -
Cash and cash equivalents at end of year
on statement of cash flows.............................................................. $ 1,846,996 $ 587,604 $ 320,857 $ 991,473 $ 335,073 $ 213,817 $ 196,416 $ 23,019 $ 4,515,255 $ 3,491,617 $ 59,824 $ 51,536
Non-cash capital and related financing activities:
Acquisition of capital assets on accounts payable
and capital lease........................................................................... $ 189,596 $ 45,882 $ 11,826 $ - $ - $ 48,720 $ 5,033 $ 175 $ 301,232 $ 156,712 $ 3,599 $ 1,997
Tenant improvements financed by rent credits................................ - - - - - - 2,590 - 2,590 613 - -
Net capitalized interest..................................................................... 28,756 59,855 413 4,536 - 22,415 18 - 115,993 80,311 - -
Donated inventory............................................................................ - - - - 1,490 - - - 1,490 1,910 - -
Capital contributions and other noncash capital items..................... - - - - - - 1,413 - 1,413 749 - -
Bond refunding through fiscal agent................................................ 26,789 - - - - - - - 26,789 184,536 - -
Bond proceeds held by fiscal agent................................................. 802,338 - - - - - - - 802,338 434,287 - -
Commercial paper repaid through fiscal agent................................ 706,285 - - - - - - - 706,285 343,050 - -
Interfund loan................................................................................... - 96 - - - 1,061 - - 1,157 1,257 - -
The notes to the financial statements are an integral part of this statement.
34