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  • Fiscal Year Ended September 30, 2015 Governor Rick Snyder, CPA

    Prepared by the State Budget Office

    State of Michigan Comprehensive Annual Financial Report

  • Michigan

    2015 Comprehensive Annual Financial Report

  • State of Michigan Comprehensive Annual Financial Report

    Fiscal Year Ended September 30, 2015

    RICK SNYDER, CPA Governor

    JOHN S. ROBERTS State Budget Director

    MICHAEL J. MOODY, CPA Director

    Office of Financial Management

    1

  • Michigan

    2015 Comprehensive Annual Financial Report

    TABLE OF CONTENTS Page

    Title page ......................................................................................................................................................................... 1 Table of Contents ............................................................................................................................................................. 2

    INTRODUCTORY SECTION

    Letter of Transmittal ......................................................................................................................................................... 6 Certificate of Achievement ............................................................................................................................................... 11 State Organizational Structure ......................................................................................................................................... 12 Principal State Officials .................................................................................................................................................... 13

    FINANCIAL SECTION Independent Auditor’s Report .......................................................................................................................................... 16

    Management's Discussion and Analysis .......................................................................................................................... 21

    Basic Financial Statements

    Government-wide Financial Statements Statement of Net Position ....................................................................................................................................... 32 Statement of Activities ............................................................................................................................................. 34

    Governmental Fund Financial Statements Balance Sheet ......................................................................................................................................................... 38 Reconciliation of the Balance Sheet – Governmental Funds to the Statement of Net Position. .............................. 39 Statement of Revenues, Expenditures, and Changes in Fund Balances ................................................................ 40 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund

    Balances - Governmental Funds to the Statement of Activities ........................................................................... 41

    Proprietary Fund Financial Statements Statement of Net Position ....................................................................................................................................... 44 Statement of Revenues, Expenses, and Changes in Fund Net Position................................................................. 45 Statement of Cash Flows ........................................................................................................................................ 46

    Fiduciary Fund Financial Statements Statement of Fiduciary Net Position ........................................................................................................................ 50 Statement of Changes in Fiduciary Net Position ..................................................................................................... 51

    Component Unit Financial Statements Statement of Net Position ....................................................................................................................................... 54 Statement of Activities ............................................................................................................................................. 56

    Index for Notes to Financial Statements ....................................................................................................................... 58 Notes to Financial Statements ...................................................................................................................................... 59

    Required Supplementary Information Other Than Management’s Discussion and Analysis Budgetary Comparison Schedule - Major Governmental Funds .................................................................................. 124 Budgetary Comparison Schedule - Budget-to-GAAP Reconciliation ............................................................................ 126 Notes to Required Supplementary Information - Budgetary Reporting ......................................................................... 127 Information About Infrastructure Assets Reported Using the Modified Approach ......................................................... 128

    Combining and Individual Fund Statements and Schedules - Non-Major Funds

    Governmental Funds Balance Sheet - By Fund Type ............................................................................................................................... 132 Statement of Revenues, Expenditures and Changes in Fund Balances - By Fund Type ....................................... 133

    Special Revenue Funds – By Classification Balance Sheet ......................................................................................................................................................... 134 Statement of Revenues, Expenditures, and Changes in Fund Balances ................................................................ 135 Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual ................................. 136

    2

  • Michigan

    2015 Comprehensive Annual Financial Report

    Page

    Special Revenue Funds - Transportation Related Combining Balance Sheet ....................................................................................................................................... 140 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 141 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual .............. 142

    Special Revenue Funds - Conservation, Environment, and Recreation Related Combining Balance Sheet ....................................................................................................................................... 146 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 148 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual .............. 150

    Special Revenue Funds - Regulatory and Administrative Related Combining Balance Sheet ....................................................................................................................................... 154 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 156 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual .............. 158

    Special Revenue Funds - Other State Funds Combining Balance Sheet ....................................................................................................................................... 164 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 166 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual .............. 168

    Debt Service Funds Combining Balance Sheet ....................................................................................................................................... 172 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 174

    Capital Projects Funds Combining Balance Sheet ....................................................................................................................................... 178 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 180 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances – Budget and Actual .............. 182

    Permanent Funds Combining Balance Sheet ....................................................................................................................................... 186 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............................................. 187 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual ............... 188

    Proprietary Funds Enterprise Funds

    Combining Statement of Net Position ..........................................................................