HomeMy WebLinkAboutFY 2010 - 2011 - Annual Comprehensive Financial Reports (ACFRs)
Comprehensive Annual Financial Report
For Fiscal Year Ending June 30, 2011
TOWN OF VINTON, VIRGINIA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
YEAR ENDED JUNE 30, 2011
Prepared by the Town of Vinton
Finance Department/Treasurer’s Office
TOWN OF VINTON, VIRGINIA
TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
Letter of Transmittal ..........................................................................................................................................i
Certificate of Achievement for Excellence in Financial Reporting ..............................................................vii
Directory of Principal Officials.....................................................................................................................viii
Organizational Chart .......................................................................................................................................ix
FINANCIAL SECTION
Independent Auditor’s Report ..........................................................................................................................1
Management’s Discussion and Analysis .........................................................................................................3
Basic Financial Statements
Government-wide Financial Statements
Exhibit 1 Statement of Net Assets ......................................................................................................12
Exhibit 2 Statement of Activities ........................................................................................................ 13
Fund Financial Statements
Exhibit 3 Balance Sheet –Governmental Fund ................................................................................. 14
Exhibit 4 Reconciliation of the Governmental Fund Balance Sheet
to the Statement of Net Assets ........................................................................................ 15
Exhibit 5 Statement of Revenues, Expenditures, and Changes in
Fund Balances –Governmental Fund ............................................................................. 16
Exhibit 6 Reconciliation of the Statement of Revenues, Expenditures, and Changes
in Fund Balances of the Governmental Fund to the Statement of Activities................. 17
Exhibit 7 Statement of Revenues, Expenditures, and Changes in Fund Balance –
Budget and Actual –General Fund................................................................................. 18
Exhibit 8 Statement of Net Assets –Proprietary Fund ...................................................................... 19
Exhibit 9 Statement of Revenues, Expenses, and Changes in Fund
Net Assets –Proprietary Fund ........................................................................................ 20
Exhibit 10 Statement of Cash Flows –Proprietary Fund..................................................................... 21
Notes to Financial Statements .................................................................................................................... 22
Required Supplementary Information
Exhibit 11 Analysis of Funding Progress for Defined Benefit Pension Plan ......................................49
Exhibit 12 Analysis of Funding Progress for Other Post-Employment Benefits ................................ 50
TOWN OF VINTON, VIRGINIA
TABLE OF CONTENTS
(Continued)
Page
STATISTICAL SECTION
Table 1 Net Assets by Component ......................................................................................................... 52
Table 2 Change in Net Assets by Component ........................................................................................ 53
Table 3 Fund Balances –Governmental Fund ....................................................................................... 55
Table 4 Changes in Fund Balances –Governmental Fund .................................................................... 56
Table 5 Assessed Value and Actual Value of Taxable Property ...........................................................57
Table 6 Principal Water and Sewer Customers ...................................................................................... 58
Table 7 Property Tax Levies and Collections ........................................................................................ 59
Table 8 Water and Sewer Rates .............................................................................................................. 60
Table 9 Legal Debt Margin Information ................................................................................................ 61
Table 10 Ratios of Outstanding Debt by Type ......................................................................................... 62
Table 11 Pledged Revenue Coverage ....................................................................................................... 63
Table 12 Demographic Statistics .............................................................................................................. 64
Table 13 Principal Employers ................................................................................................................... 65
Table 14 Full-Time Equivalent Town Government Employees by Function/Program .......................... 66
Table 15 Operating Indicators by Function/Program ............................................................................... 67
Table 16 Capital Asset and Infrastructure Statistics by Function/Program ............................................. 68
COMPLIANCE SECTION
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..................................................................................................... 70
Summary of Compliance Matters .................................................................................................................. 72
Schedule of Findings and Responses ............................................................................................................. 73
INTRODUCTORY SECTION
i
November 3, 2011
To the Honorable Mayor, Members of Town Council, and Citizens of the Town of Vinton,
Virginia
The Comprehensive Annual Financial Report (CAFR) for the Town of Vinton for the fiscal year
ended June 30, 2011 is hereby submitted in accordance with Section 15.1-167 of the 1950 Code
of Virginia, (1950 as amended). The Code requires that the Town issues an annual report on its
financial accounts and records. In addition, the report must be audited. The report was prepared
by the Treasurer’s Office and audited independently by the accounting firm of Brown, Edwards
& Company, L.L.P.
Responsibility for both the accuracy of the data and completeness and fairness of the
presentation, including all disclosures, rests with the Town of Vinton. To the best of our
knowledge and belief, the enclosed data is accurate in all material respects and is reported in a
manner designed to present fairly the financial position and results of operations of the various
funds of the Town. All disclosures necessary to enable the reader to gain an understanding of
the Town’s financial activities have been included.
The Reporting Entity and Services Provided
The financial reporting entity includes all of the funds of the primary government of the Town of
Vinton, as legally defined. The reporting entity does not include legally separate entities
(component units) for which a primary government is financially accountable because there are
no such component units within the Town. The Town jointly operates the Roanoke Valley
Resource Authority with Roanoke County and City of Roanoke. It is, however, a legally
separate entity governed by a six-member multi-jurisdictional Board, one member of which
represents the Town.
The Town of Vinton provides a full range of municipal services. These services include police
protection, fire and first aid services, refuse and recycling functions, general public
improvements, street and right-of-way maintenance, recreational and cultural activities, and
planning and zoning. The Town also provides potable water distribution, wastewater collection,
maintenance and service of line, meters, and other components related to its utility system.
Based on the latest Water Quality Report, the water system meets all state and federal
requirements administered by the Office of Drinking Water under the Virginia Department of
Health. According to the 2010 Water Quality Report,the Town had no water quality violations.
The Town also received a third place award in the Water Taste Competition from the Virginia
Rural Water Association in 2009. The Virginia Department of Environmental Quality in
April 2011 reported statewide recycling rates for calendar year 2010. The Town of Vinton’s rate
was 51.8% which ranked seventh out of 71 solid waste planning units in the Commonwealth.
Barry W. Thompson
Finance Director/Treasurer
Town of Vinton
311 S. Pollard Street
Vinton, VA 24179
Phone (540) 983-0608
Fax (540) 985-3105
ii
Local Economic Condition and Outlook
The Town of Vinton is located in the southern end of the Shenandoah Valley, in the
southwestern region of Virginia. Vinton is a part of the Roanoke Metropolitan Statistical Area,
which includes the Cities of Roanoke and Salem and Counties of Roanoke, Botetourt, and
Craig. The Town is a compact, urban area of 3.2 square miles located within eastern Roanoke
County and shares a common border with the City of Roanoke. It is approximately 170 miles
west of Richmond, Virginia, the State capital. The Town is a major gateway to the recreational
attractions of Smith Mountain Lake and the Blue Ridge Parkway. Approximately 78.8% of the
total land within the Town is developed; 50.6% for residential use, 13.8% for commercial or
industrial development (within the Town industrial park and at various other locations) and
14.4% for public facility development.
Vinton is proud of its small size in relation to the surrounding dense urban areas. It has a
reputation as a friendly community with much scenic charm and beauty, and is often the urban
center of choice for residents in east Roanoke County and the surrounding population centers of
Bedford, Botetourt, and Franklin counties.
The location of the Town provides quick and easy access from neighboring jurisdictions via US
Interstates 81 and 581, U.S.Routes 460 and 220, and Virginia Routes 24 and 634. This also
provides an opportunity for citizens to be able to drive to a community college, two private
colleges, and two public universities in less than one hour. The Town’s location also means that
its economy is impacted by the economic conditions of its neighbors, and by decisions made by
these larger neighboring jurisdictions.
Since the Town of Vinton is highly concerned with providing a positive atmosphere and quality
of life for its citizens, it has taken an active role in various regional authorities and activities.
The Town participates in economic development by being a member of the Roanoke Regional
Partnership and in a variety of Valley wide recreational events like the Virginia Commonwealth
Games as well as in community relations by funding a portion of the annual operating costs of
the Roanoke Valley Regional Cable Television. The Town also participates in the Greenway
Commission, the purpose of which is to identify possible greenway locations in the Roanoke
Valley area. In 1999, the Town chose to participate in the construction and maintenance of a
Regional Fire Training Academy.
Vinton has maintained stable property tax rates over the years, while continuing to provide high
quality municipal services and responsive government. The Town Council adopted an ordinance
to eliminate the vehicle decal and to enact a vehicle license fee effective January 1, 2008. This
essentially was a revenue neutral action by Council.
The nearby educational institutions allow opportunities for Town citizens to receive higher
education and technical training. Expansion of industry, tourist facilities, and conference
centers in the region continue to enhance the reputation of the Town as a highly desirable
residential area.
Long-term Financial Planning
Christopher S. Lawrence was appointed as Town Manager in September 2008. Mr. Lawrence
has strong leadership and management skills and has set goals toward community and economic
development. The Town’s Management Team works closely with the Roanoke County
Management Team to develop short-term and long-term financial goals addressing the financial
stability of the Town/County endeavors.
iii
Long-term Financial Planning (Continued)
The Town Council approved a balanced budget for the upcoming fiscal year. The budget
provides for maintaining the existing levels of services provided to the Town’s citizens while
increasing an effort on economic development through revitalizing the downtown business area.
These efforts include partnering with the Virginia Department of Housing and Community
Development whereby funding may be provided for a downtown economic restructuring plan as
well as a physical improvement master plan. The Town was also awarded by the Virginia
Department of Housing and Community Development (VA DHCD), a Business District
Revitalization Planning Grant in the amount of $35,000. The grant enabled the Town to hire
consultants to complete the Downtown Revitalization and Economic Restructuring Plans. The
project involved citizens in a participatory planning process from May 2009 through
September 2010. A series of meeting and surveys were held to identify community assets and
opportunities in downtown Vinton. These identified economic and physical needs will be used to
compile the Downtown Revitalization and Economic Restructuring Plans for Vinton and will be
submitted for future VA DHCD Community Improvement Grant applications for funding.
The budget maintains the Cigarette Tax, which was passed two years ago at $0.20 per pack of
cigarettes. This revenue generated an additional $325,000. Another economic benefit for the
Town is the result of the marketing and branding efforts of the newly completed War Memorial
Conference Center. The Town should continue to realize increased revenue from the use of this
facility. It is a premier conference facility. It has a main ballroom with a seating capacity of
240 to 300 depending on the room configuration which can be converted into two rooms. There
is also a smaller meeting room known as the Library on the main floor and another two smaller
meeting rooms on the second floor. The facility has a modern sound system, projectors and
screens, and wireless Internet. The facility is now fully ADA compliant and all floors are
served by an elevator. As a part of this project,the Jaycee Ball field near the War Memorial
Complex was relocated to the Vineyard Park in order to continue providing the Vinton
community an adequate ball field facility. This project is in cooperation with Roanoke County
through its Parks and Recreation Program in order to provide a high level of service to our
citizens.
The Town continues to commit to the improvement of the highways, streets, and roads by
including approximately $250,000 for paving and milling of streets throughout the Town.
Major Initiatives
The Vinton Business Center is open for business. Cardinal Glass Industries of Minnesota is the
first company located in the Vinton Business Center. It has completed its 222,000 square-foot
building at an investment of approximately $23.9 million. Currently, it is fully staffed.
There are two additional prepared sites at the Vinton Business Center which are being
marketed. A picnic shelter has been completed while the Greenway Trail is planned to
eventually connect with the existing Greenway System running through the Town of Vinton and
east Roanoke County. A business center sign has been constructed to better identify the Vinton
Business Center. This was jointly constructed by the Town of Vinton and Roanoke County at a
cost of $36,874.
In November 2003, the citizens of Vinton voted to allow operation of an off-track betting
facility within the Town limits. Colonial Downs was constructed and began operations in
October 2004 which has brought approximately $30,000 of tax revenue to the Town.
iv
Major Initiatives (Continued)
The Roanoke County Commonwealth Attorney’s Office continues to represent the Town’s
interests in the prosecution of criminal charges. Attorney Elizabeth Dillon was re-appointed by
the Town Council on July 1, 2010 to serve as counsel for the Town’s other legal matters.
The Town evaluated its wastewater collection and water distribution system and as a result
identified four (4) projects as vital to improve and update its safe and reliable operations. In
January 2008, the Town issued bonds through VML-VACo amounting to $2,750,000 to fund
these projects. The bonds were issued to fund the water and wastewater improvement projects
and are secured by pledges from the water and sewer revenues from the current utility system.
The remaining project to be completed is as follows:
Glade Creek/Tinker Creek Wastewater Trunk Line will replace 750 foot segment
of 18-inch wastewater trunk line and install new manholes along new alignment.
The new alignment will locate replacement line away from creek within existing
right-of-way. The segment of existing line to be replaced is in severely
deteriorated condition and needs to be replaced immediately.
The Town continues to update with the County of Roanoke the Real Estate Tax and Appraisal
and Personal Property Tax Software and billing has been successfully implemented. Roanoke
County/Town of Vinton also has implemented and continues to update an Appraisal System.
DMV imports have been automated and set-off debts have been automated and have improved
delinquent collections. The Town is currently implementing an agreement with ACS
Enterprise, Inc. for Application Hosting and Technology Support Systems and Services for the
Financial Applications which will provide the Town with Technical Support, continuous
software updating on the financial applications, and a disaster recovery plan in the event of
some unforeseen emergency. This project should be complete in December 2011.
Prospects for the Future
Comprehensive Plan –The twenty-year Comprehensive Plan for the Town’s economic and
community development was adopted in September 2004. This plan which serves as the blue
print for the Town’s direction regarding land use, capital development, and economic progress
is continuously being reviewed and updated, as needed.
Façade Improvement Program –The Façade Improvement program was envisioned from
recommendations during the Vinton Comprehensive Planning process, which was adopted by
Town Council in 2004. The Program provides financial assistance to small businesses, within
an identified Downtown area, that wish to improve their property. The grants available under
this program range from $500 to $5,000. The program provides a 50% reimbursement of
qualified expenses, which include façade and other general property improvements undertaken
in accordance with the established design guidelines for exterior improvements only and
address architecture, signage, landscaping, walls, lighting, veneers,and awnings. Ten
buildings in downtown Vinton have been updated using the façade grant program.
Vinton Area Corridors Plan –The Vinton Area Corridors Plan’s purpose is to provide data
and information for the Town of Vinton, Roanoke County, and the Virginia Department of
Transportation (VDOT) to use in land use and transportation planning. The Town, with a
population approaching 8,000 and a land mass slightly larger than 3 square miles is a
diversifying urban area striving to sustain its distinctive small-town charm within the greater
Roanoke Valley. The study area is comprised of 7.5 miles of corridors that traverse through
the Town of Vinton and eastern Roanoke County. The Plan contains a number of
implementation strategies that are to be completed over the next 20 years and are grouped by
project names, timeframes, and responsible parties.
v
Accounting System and Budgetary Controls
The Town’s accounting records for governmental fund type operations are maintained on a
modified accrual basis with revenues being recorded when available and measurable, and
expenditures being recorded when services or goods are received and fund liabilities are
incurred. Accounting records for proprietary fund types are maintained on the accrual basis
with revenues and expenses being recorded when earned or incurred.
In developing or modifying the Town’s accounting system, consideration is given to the
adequacy of internal controls. Internal controls are designed to provide reasonable, but not
absolute, assurance regarding: (a) the safeguarding of assets against loss from unauthorized use
or disposition, and (b) the reliability of financial records for preparing financial statements and
maintaining accountability for assets.
The concept of reasonable assurance recognizes that: (a) the cost of a control should not
exceed the benefits likely to be derived, and (b) the evaluation of costs and benefits requires
estimates and judgments by management. All internal control evaluations occur within the
above framework. The Town’s internal controls adequately safeguard assets and provide
reasonable assurance of proper recording of financial transactions.
Budgetary control is maintained at the department or function level by the adoption of an
annual, accrual plus encumbrances basis budget for both the General and Enterprise Funds.
The budgetary controls are designed to ensure compliance with legal restrictions on
expenditures as established by the Town Council. Only the Council can revise appropriations.
Year-end outstanding encumbrances are reported as a reserve of fund balance and
re-appropriated in the subsequent year.
Cash Management
The Town uses a pooled cash concept to allow greater investment flexibility and consequently
a better return on investments. Cash from all funds is pooled for investment purposes in the
Commonwealth of Virginia’s Local Government Investment Pool. The Town’s checking
account is an interest bearing public fund demand deposit account earning interest rates tied to
the 90-day US T-Bill.
Risk Management
The Town’s various property and liability insurance coverage is provided by Virginia
Municipal League Insurance Programs. The annual insurance costs are allocated to specific
departments and funds based on assigned equipment, number of personnel, building usage, and
other equitable cost estimates.
vii
viii
TOWN OF VINTON, VIRGINIA
DIRECTORY OF PRINCIPAL OFFICIALS
June 30, 2011
TOWN COUNCIL
Bradley E. Grose, Mayor
Robert R. Altice
Carolyn D. Fidler
William S. Nance
Matthew S. Hare
APPOINTED OFFICIALS
Christopher S. Lawrence ........................................................Town Manager
Barry W. Thompson ............................................Finance Director/Treasurer
Susan Johnson ..............................................................................Town Clerk
Herbert G. Cooley ...................................................................Chief of Police
INDEPENDENT AUDITORS
Brown, Edwards & Company, L.L.P.
ix
Citizens of Vinton
Town Council
Town Manager Town Attorney
Police Department
Administration
Public Works Department
Finance Department
Planning and Zoning Department
Special Programs Department
War Memorial Department
Operations
Services
Streets
Property/Grounds
Utilities
Refuse/Recycling
Fire/EMS Department
Career
Human Resources
Volunteer Fire and First Aid Crew
Assistant Town Manager
Economic Development/Business Advocacy
Town Clerk
Town of Vinton
Organization Chart
FINANCIAL SECTION
1
Your Success is Our Focus
319 McClanahan Street, S.W. • P.O. Box 12388 • Roanoke, VA 24025-2388 • 540-345-0936 • Fax: 540-342-6181 • www.BEcpas.com
INDEPENDENT AUDITOR’S REPORT
Honorable Members of Town Council
Town of Vinton, Virginia
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, and each major fund of the Town of Vinton, Virginia, as of and for the year ended
June 30, 2011, which collectively comprise the Town’s basic financial statements as listed in the table of
contents. These financial statements are the responsibility of the Town’s management. Our responsibility
is to express an opinion on these financial statements based on our audit. The prior year partial
comparative information has been derived from the Town’s 2010 financial statements and, in our report
dated September 30, 2010,we expressed unqualified opinions on the respective financial statements of the
governmental activities, the business-type activities, and each major fund.
We conducted our audit 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 Specifications for Audits of
Counties, Cities, and Towns issued by the Auditor of Public Accounts of the Commonwealth of Virginia.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
basis for our opinions.
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,
and each major fund of the Town, as of June 30, 2011, and the respective changes in financial
position and cash flows, where applicable, thereof and the respective budgetary comparison for the
general fund for the year then ended, in conformity with accounting principles generally accepted in
the United States of America.
During 2011, the Town implemented GASB Statement No. 54, Fund Balance Reporting and
Governmental Fund Type Definitions.
In accordance with Government Auditing Standards, we have also issued our report dated
November 3, 2011 on our consideration of the Town’s internal control over financial reporting and our
tests of its compliance with certain provisions of laws,regulations, contracts, and grant 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 the
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 considered in assessing the
results of our audit.
2
Accounting principles generally accepted in the United States of America require that the
management’s discussion and analysis and budgetary comparison information, the Analysis of Funding
Progress for Defined Benefit Pension Plan, and Analysis of Funding Progress for Other Postemployment
Benefits 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 an opinion on the financial statements that
collectively comprise the Town’s basic financial statements. The introductory section and the statistical
section are presented for purposes of additional analysis and are not a required part of the basic financial
statements. The introductory section and statistical section have not been subjected to the auditing
procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion
on them.
CERTIFIED PUBLIC ACCOUNTANTS
Roanoke, Virginia
November 3, 2011
3
MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of the Town of Vinton, Virginia (the “Town”), we offer readers of the Town’s
financial statements this narrative overview and analysis of the financial activities of the Town for the
fiscal year ended June 30, 2011. We encourage readers to consider the information presented here in
conjunction with additional information that we have furnished in our letter of transmittal, which can be
found on pages i through vi of this report.
Financial Highlights
The total assets of the Town exceeded its liabilities at the close of the most recent fiscal year
by $13,509,155 (net assets). Of this amount, $2,152,648 (unrestricted net assets) may be used
to meet the Town’s ongoing obligations to citizens and creditors.
The Town’s total net assets decreased by $368,878. This decrease is largely due to the total
expenses of $10,695,736 being more than the total revenues of $10,326,858. This resulted
in a drop of $48,943 (1.1%) in current and other assets. Additionally, capital assets
decreased by $1,116,017 (4.8%) in capital assets with the final result being a drop of 4.2%
in total assets.
On the other hand, long-term liabilities decreased by $739,572 (6.0%) while other liabilities
fell by $56,510 (3.8%), thus causing a favorable effect on the total net assets.
The final result of all these effects is a 2.7% decrease in net assets.
As of the close of the current fiscal year, the Town’s governmental fund reported an ending
fund balance of $1,735,401, an increase of $52,216 in comparison with the prior year. This is
largely due to an increase of $47,258 (1.6%) in total assets particularly due from other
governmental units. In addition to this positive effect, total liabilities decreased by $4,958
(0.4%) in particular accrued payroll and related liabilities.
Approximately 69.0% of the ending fund balance,$1,196,789 is available for spending at the
Town’s discretion (unassigned fund balance), and represents 16.3% of the governmental
fund’s expenditures.
The Town’s total long-term liabilities decreased by $739,572 (5.70%) during the current
fiscal year. This decrease is largely due to the regular payment on bonds and capital lease.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the Town’s basic financial
statements. The Town’s basic financial statements comprise three components: (1) government-wide
financial statements,(2)fund financial statements, and (3) notes to the financial statements. This report
also contains other supplementary information in addition to the basic financial statements themselves.
4
Overview of the Financial Statements (Continued)
Government-wide Financial Statements –The government-wide financial statements are
designed to provide readers with a broad overview of the Town’s finances, in a manner similar to
a private-sector business.
The statement of net assets presents information on all of the Town’s assets and liabilities, with
the difference between the two reported as net assets. Over time, increases or decreases in net
assets may serve as a useful indicator of whether the financial position of the Town is
improving or deteriorating.
The statement of activities presents information showing how the government’s net assets
changed during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, revenues and expenses are reported in this statement for some items that will result only in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the Town that are
principally supported by taxes and intergovernmental revenues (governmental activities) from
other functions that are intended to recover all or a significant portion of their costs through user
fees and charges (business-type activities). The governmental activities of the Town include
general government, public safety, public works, community development, and parks,recreation,
and cultural. The business-type activity of the Town is the water and sewer department.
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 Town,
like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. All of the funds of the Town can be divided
into two categories: governmental funds and proprietary funds.
Governmental Funds –Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources,as well as on
balances of spendable resources available at the end of the fiscal year. Such information may be
useful in evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the 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.
The Town adopts an annual appropriated budget for its general fund. A budgetary comparison
statement has been provided for the general fund to demonstrate compliance with this budget.
Proprietary Funds –The Town maintains one type of proprietary fund. Enterprise funds are
used to report the same functions presented as business-type activities in the government-wide
financial statements. The Town uses an enterprise fund to account for its Water and Sewer
Department.
5
Overview of the Financial Statements (Continued)
Proprietary Funds (Continued)–Proprietary funds provide the same type of information as the
government-wide financial statements, only in more detail. The proprietary fund financial
statements provide separate information for the Water and Sewer Department.
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 fund financial statement.
Other Information –In addition to the basic financial statements and accompanying notes, this
report also presents certain required supplementary information concerning the Town’s funding
progress for the defined benefit pension plan.
Government-wide Financial Analysis
As noted earlier, net assets may serve over time as a useful indicator of a government’s financial
position. In the case of the Town, assets exceeded liabilities by $13,509,155 at the close of the most recent
fiscal year.
By far the largest portion of the Town’s net assets (84.0%) reflects its investment in capital assets
(e.g., land, buildings, infrastructure, machinery, and equipment), less any related debt used to acquire those
assets that are still outstanding. The Town uses these capital assets to provide services to citizens;
consequently, these assets are not available for future spending. Although the Town’s investment in its
capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt
must be provided from other sources, since the capital assets themselves cannot be used to liquidate these
liabilities.
The Town’s Net Assets
Governmental Business-Type
Activities Activities Total
2011 2010 2011 2010 2011 2010
Current and other assets $3,187,166 $3,146,550 $1,323,424 $1,412,983 $4,510,590 $4,559,533
Capital assets 10,603,739 11,304,677 11,492,996 11,908,075 22,096,735 23,212,752
Total assets 13,790,905 14,451,227 12,816,420 13,321,058 26,607,325 27,772,285
Long-term liabilities 4,736,142 5,070,376 6,922,032 7,327,370 11,658,174 12,397,746
Other liabilities 1,226,398 1,237,607 213,598 258,899 1,439,996 1,496,506
Total liabilities 5,962,540 6,307,983 7,135,630 7,586,269 13,098,170 13,894,252
Net assets
Invested in capital
assets, net of
related debt 6,316,937 6,760,474 5,019,517 5,437,639 11,336,454 12,198,113
Restricted 20,053 20,000 - - 20,053 20,000
Unrestricted 1,491,375 1,362,770 661,273 297,150 2,152,648 1,659,920
Total net assets $7,828,365 $8,143,244 $5,680,790 $5,734,789 $13,509,155 $13,878,033
Unrestricted net assets of $2,152,648 may be used to meet the Town’s ongoing obligations to
citizens and creditors.
At the end of the current fiscal year, the Town is able to report positive balances in all three
categories of net assets, both for the government as a whole, and for its separate governmental and
business-type activities. The same situation held true for the prior fiscal year.
6
Government-wide Financial Analysis (Continued)
Governmental activities –Governmental activities decreased the Town’s net assets by 314,879.
The key elements of this decrease are a decrease in cigarette tax of $40,087 (11.6%), a reduction of
transfers by $78,466 (100.0%),and a drop on operating grants and contributions by $48,577 (3.6%).
For the most part, revenues closely paralleled inflation and conditions represented in the
economy and growth in the demand for services. Revenues from operating grants and contributions
showed a major decrease due to not receiving VDOT revenue sharing which was a significant amount In
the prior year. Investment earnings also showed a decline because of a very low interest rate coupled
with the declining investments and bond proceeds. However, there was an increase in gain sharing
revenue due to business growth in the area.
The Town’s Changes in Net Assets
Governmental Business-Type
Activities Activities Total
2011 2010 2011 2010 2011 2010
Revenues
Program revenues
Charges for services $696,556 $708,263 $2,672,156 $2,439,634 $3,368,712 $3,147,897
Operating grants and
contributions 1,318,394 1,366,971 - - 1,318,394 1,366,971
Capital grants and
contributions 75,188 8,034 - - 75,188 8,034
General revenues
Property taxes 429,409 419,401 - - 429,409 419,401
Other taxes 4,026,254 3,971,094 - - 4,026,254 3,971,094
Intergovernmental
unrestricted 748,815 664,975 - - 748,815 664,975
Investment earnings 1,904 3,187 1,601 3,551 3,505 6,738
Other 81,373 29,275 275,208 298,591 356,581 327,866
Total revenues 7,377,893 7,171,200 2,948,965 2,741,776 10,326,858 9,912,976
Expenses
General government 934,388 1,023,227 - - 934,388 1,023,227
Public safety 3,397,562 3,446,746 - - 3,397,562 3,446,746
Public works 2,243,111 2,457,832 - - 2,243,111 2,457,832
Parks,recreation, and
cultural 583,569 617,778 - - 583,569 617,778
Community development 339,983 393,160 - - 339,983 393,160
Interest on long-term
debt 194,159 203,787 - - 194,159 203,787
Water and sewer - - 3,002,964 3,238,927 3,002,964 3,238,927
Total expenses 7,692,772 8,142,530 3,002,964 3,238,927 10,695,736 11,381,457
Excess (deficiency) before
transfers (314,879) (971,330)(53,999)(497,151) (368,878)(1,468,481)
Transfers - 78,466 - (78,466)- -
Change in net assets (314,879) (892,864)(53,999)(575,617) (368,878)(1,468,481)
Net assets –July 1 8,143,244 9,036,108 5,734,789 6,310,406 13,878,033 15,346,514
Net assets –June 30 $7,828,365 $8,143,244 $5,680,790 $5,734,789 $13,509,155 $13,878,033
7
Government-wide Financial Analysis (Continued)
Expenses and Program Revenues –Governmental Activities
-
1,000,000
2,000,000
3,000,000
4,000,000
5,000,000
6,000,000
7,000,000
8,000,000
9,000,000
General
Government
Public Safety Public Works Parks,
Recreation, &
Cultural
Community
Development
Interest on
Long-Term
Debt
Total
Expenses
Program Revenues
Revenues by Source –Governmental Activities
Business-type activities –Business-type activities decreased the Town’s net assets by $53,999.
This decrease is largely due to the decrease in other revenue by $23,383 (7.8%). There were no capital
grants and contributions received this fiscal year. This unfavorable effect was partially offset by an
increase in charges for services of $232,522 (9.5%), a reduction of transfers out of $78,466 (100.0%),
and a decrease in expenses of $235,963 (7.3%).
8
Financial Analysis of the Government’s Funds
As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Governmental funds –The focus of the Town’s governmental funds is to provide information on
near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing
the Town’s financing requirements. In particular, unassigned fund balance may serve as a useful measure
of a government’s net resources available for spending at the end of the fiscal year.
As of the end of the current fiscal year, the Town’s governmental fund reported combined ending
fund balances of $1,735,401, an increase of $52,216 in comparison with the prior year. This is largely
due to an increase in total of assets totaling $47,258 (1.6%) particularly an increase by due from other
governmental units by $39,689 (11.4%), and an increase in prepaid items by $9,605 (17.1%). In
addition to this favorable effect, accrued payroll and related liabilities decreased by $56,372 (26.0%) but
was partially counteracted by an increase in accounts payable and accrued liabilities of $56,171 (18.6%).
Proprietary funds –The Town’s proprietary fund provides the same type of information found in
the government-wide financial statements, but in more detail.
Unrestricted net assets of the Water and Sewer Department at the end of the year amounted to
$661,273. Factors concerning the finances of this fund have already been addressed in the discussion of
the Town’s business-type activities.
General Fund Budgetary Highlights
Differences between the original budget and the final amended budget for revenues were
$65,443 primarily due to an increase on Categorical Aid by $67,028,or 6.03%.
Differences between the original budget and the final amended budget for expenditures were
$207,673. These differences are primarily due to minimal increases on expenses for general
government administration; public safety; parks, recreation, and cultural; and community development.
There were multiple significant variances between the final budget and the actual final results for
the year. They can be briefly summarized as follows:
Some revenue forecasts in the governmental fund were not significantly realized. Current
personal property tax collection was 77.57% of the budget due to budgeting too high and collections being
lower on current property taxes while tax on public utilities was budgeted too high. Interest from
investments had a variance of 84% due to very low interest rate on investments. Other income
expectations were significantly met. These are the revenues on recoveries and rebates $41,658,or 145%,
other police grants $63,129,or 123%, ATF recoveries $5,870,or 100%. No CDBG grant was received
during the fiscal year.
However, there were unfavorable variances on revenue raised on cigarette tax (6.0%) and wireless
911 grant (75%) which could not be precisely predicted since the E-911 center merged with Roanoke
County.
On the other hand, there were also favorable variances on certain expenses. Some maintenance
service contracts were discontinued as a result of the merger of the E911 Communication System with
Roanoke County thereby using only 36% of the budget. Additionally, 25% of the wireless E-911 expense
budgeted was not used due to the merger with Roanoke County Emergency Communication Services.
Also, much of the items for the criminal justice system improvement were acquired during the fiscal year
causing a significant variance over the budget. A favorable variance resulted from the delay in the
completion of the web cad project in the Police Department due to the change in the record program.
However, this project was completed almost two months after the end of the fiscal year.
9
General Fund Budgetary Highlights (Continued)
Salaries and wages of personnel assigned in maintenance of highways, streets, and bridges are
9.08% above the budget because of the classification of expenses at the time actually recorded were
different than budgeted.
Significant variances in the enterprise fund are in the bulk water sale and interest from
investments. Revenue realized from bulk water sale was 48% below the budget due to classification
whereas interest earned from investment was dramatically short by 84% because of the very low interest
rate. These negative variances were partially offset by a $20,000 planning grant received that was not
budgeted.
The numbers of accounts with significant favorable variances in the enterprise fund are more than
the unfavorable ones. Water purchased for resale was below the budget by 22% due to the corresponding
decrease in the bulk water sale. Expenditures which can be held off without affecting services and
operations cause positive variances on contractual services (63%), and maintenance and repair of buildings
(30%). Wastewater treatment cost was 21% favorably below the budget because the projection was based
on higher treatment cost which turned out to be relatively the same as last year. The favorable variance in
the salaries and wage category in sewer was offset by the unfavorable salaries and wage category in water
due to different actual cost allocation for expenditures than the budget. The favorable variance of 20% in
electrical services is primarily due to rebate of previous rate increase during the year. Pump houses and
pumps had to be repaired thus overshooting the budget. Some necessary repairs had to be done in the
wastewater system maintenance thus exceeding the allocation by 65%.
Capital Asset and Debt Administration
Capital assets –The Town’s investment in capital assets for its governmental and business-type
activities as of June 30, 2011, amounts to $22,096,735 (net of accumulated depreciation). This investment
in capital assets includes land, buildings and systems, improvements, infrastructure, machinery, and
equipment. The total decrease in the Town’s investment in capital assets for the current fiscal year was
4.81% (a 6.20% decrease for governmental activities and a 3.49% decrease for business-type activities).
Additional information on the Town’s capital assets can be found in Note 5 of this report.
The Town’s Capital Assets
(Net of Depreciation)
Governmental Business-Type
Activities Activities Total
2011 2010 2011 2010 2011 2010
Land $1,706,089 $1,706,092 $80,752 $80,752 $1,786,841 $1,786,844
Buildings and systems 6,392,462 6,634,029 8,072,486 7,798,074 14,464,948 14,432,103
Infrastructure 1,717,120 1,809,274 - - 1,717,120 1,809,274
Improvements other than
buildings - - 2,918,026 3,048,142 2,918,026 3,048,142
Machinery and equipment 701,026 1,066,393 288,813 338,752 989,839 1,405,145
Construction in progress 87,042 88,889 132,919 642,355 219,961 731,244
Total $10,603,739 $11,304,677 $11,492,996 $11,908,075 $22,096,735 $23,212,752
10
Capital Asset and Debt Administration (Continued)
Long-term debt –At the end of the current fiscal year, the Town had total debt outstanding of
$11,141,403. Of this amount, $7,103,808 comprises debt backed by the full faith and credit of the
government, $3,990,000 is related to revenue bond obligations, and $47,595 is related to capital lease
obligations.
The Town’s Outstanding Debt
General Obligation and Capital Leases
Governmental Business-Type
Activities Activities Total
2011 2010 2011 2010 2011 2010
General obligation bonds $2,845,000 $2,990,000 $4,258,808 $4,558,025 $7,103,808 $7,548,025
Revenue bonds 1,435,000 1,505,000 2,555,000 2,655,000 3,990,000 4,160,000
Capital leases 47,595 93,095 - - 47,595 93,095
$4,327,595 $4,588,095 $6,813,808 $7,213,025 $11,141,403 $11,801,120
The Town’s total debt decreased by $659,717,or 5.59% during the fiscal year. This decrease is
largely due to the principal payments on general obligation and revenue bonds amounting to $444,208,
or 67.33% and $170,000,or 25.77% respectively. The payment of $45,501,or 6.90% on capital lease
also lowered the total debt.
Additional information on the Town’s long-term debt can be found in Note 6 of this report.
Economic Factors and Next Year’s Budgets and Rates
During the current year, the Town took measures to mitigate the impact of the economic
downturn. Departments were also asked to delay small capital expenditures and to monitor operating
expenditures for the remainder of the fiscal year.
The unemployment rate for Roanoke County (no statistics are available for the Town
individually) as of June 30, 2011 is 5.7%, which is lower than last year’s rate of 6.3%. This
compares favorably to the state’s average unemployment rate as of June 30, 2011 of 6.0%
percent and to the national average rate of 9.2%.
The occupancy rate of the Town’s central business district has remained at 90% for the past
five years.
Inflationary trends in the region compare favorably to national indices.
During the current fiscal year, the unreserved fund balance in the general fund increased by
$52,216. The general fund remains strong with an increase in ending fund balance of $1,735,401. It is
intended that this available fund balance will be used for future needs of the Town.
Requests for Information
This financial report is designed to provide a general overview of the Town’s finances for all
those with an interest in the government’s finances. Questions concerning any of the information provided
in this report or requests for additional financial information should be addressed to the Finance
Department/Treasurer’s Office, Town of Vinton, 311 S. Pollard Street, Vinton, Virginia 24179.
11
BASIC
FINANCIAL STATEMENTS
EXHIBIT 1
Governmental Business-type
(For Comparison
Only)
Activities Activities 2011 2010
ASSETS
Cash and cash equivalents (Note 2)2,302,531$ 310,112$ 2,612,643$ 2,371,712$
Receivables, net (Note 3)314,130 566,657 880,787 792,686
387,406 - 387,406 347,717
Inventories 505 31,589 32,094 36,028
Prepaid expenses 65,836 14,211 80,047 72,522
Bond issue costs, net 94,618 70,777 165,395 176,367
Restricted assets:
Cash and cash equivalents (Note 2)22,140 330,078 352,218 762,501
Capital assets: (Note 5)
Nondepreciable 1,793,131 213,671 2,006,802 2,518,088
Depreciable, net 8,810,608 11,279,325 20,089,933 20,694,664
Total assets 13,790,905 12,816,420 26,607,325 27,772,285
LIABILITIES
Accounts payable and accrued liabilities 358,058 113,777 471,835 420,838
Accrued payroll and related liabilities 160,363 8,242 168,605 260,977
Accrued interest payable 68,856 91,579 160,435 169,111
Unearned revenue (Note 3)639,121 - 639,121 645,580
Long-term liabilities: (Note 6)
Due within one year 353,248 430,936 784,184 780,796
Due in more than one year 4,382,894 6,491,096 10,873,990 11,616,950
Total liabilities 5,962,540 7,135,630 13,098,170 13,894,252
NET ASSETS
6,316,937 5,019,517 11,336,454 12,198,113
Restricted for:
Flower fund 20,053 - 20,053 20,000
Unrestricted 1,491,375 661,273 2,152,648 1,659,920
Total net assets 7,828,365$ 5,680,790$ 13,509,155$ 13,878,033$
Invested in capital assets, net of
related debt
Due from other governmental
units (Note 4)
Totals
TOWN OF VINTON, VIRGINIA
STATEMENT OF NET ASSETS
June 30, 2011
The Notes to Financial Statements are
an integral part of this statement.
12
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13
EXHIBIT 3
(For
Comparison
Only)
2011 2010
ASSETS
Cash and cash equivalents 2,302,531$ 2,317,207$
Cash and cash equivalents, restricted 22,140 30,824
Receivables, net 314,130 292,806
Due from other governmental units 387,406 347,717
Inventories 505 505
Prepaid items 65,836 56,231
Total assets 3,092,548$ 3,045,290$
LIABILITIES
Accounts payable and accrued liabilities 358,058$ 301,887$
Accrued payroll and related liabilities 160,363 216,735
Deferred revenue (Note 3)838,726 843,483
Total liabilities 1,357,147 1,362,105
FUND BALANCES
Nonspendable 66,341 56,736
Restricted 372,271 751,677
Committed - 303,644
Assigned 100,000 130,710
Unassigned 1,196,789 440,418
Total fund balances 1,735,401 1,683,185
Total liabilities and fund balances 3,092,548$ 3,045,290$
General Fund
TOWN OF VINTON, VIRGINIA
BALANCE SHEET
GOVERNMENTAL FUND
June 30, 2011
The Notes to Financial Statements are
an integral part of this statement.
14
EXHIBIT 4
(For
Comparison
Only)
2011 2010
Total Fund Balances – Governmental Fund 1,735,401$ 1,683,185$
are different because:
Capital assets used in governmental activities are not financial resources,
and, therefore, are not reported in the funds.
Governmental capital assets 17,420,879$
Less: accumulated depreciation (6,817,140)
10,603,739 11,304,677
Bond issuance costs and premiums are reported as expenditures or
Issuance costs on debt issuances total $132,858 and
accumulated amortization is $38,240.94,618
Bond premiums total $70,855 and accumulated amortization
is $17,029.(53,826)
40,792 43,892
Other long-term assets are not available to pay for current-period
expenditures and, therefore, are deferred in the funds.199,605 197,903
Long-term liabilities are not due and payable in the current period and,
therefore, are not reported in the funds.
General obligation bonds (2,845,000)
Revenue bonds (1,435,000)
Capital lease obligations (47,595)
Accrued interest payable (68,856)
Compensated absences (330,621)
Other post-employment benefits (24,100)
(4,751,172) (5,086,413)
Total Net Assets – Governmental Activities 7,828,365$ 8,143,244$
revenues in the governmental funds, but are amortized over the life of
the debt obligation in the statement of net assets:
General Fund
TOWN OF VINTON, VIRGINIA
RECONCILIATION OF THE GOVERNMENTAL FUND BALANCE SHEET
TO THE STATEMENT OF NET ASSETS
June 30, 2011
Amounts reported for governmental activities in the statement of net assets
The Notes to Financial Statements are
an integral part of this statement.
15
EXHIBIT 5
(For
Comparison
Only)
2011 2010
REVENUES
General property taxes 431,418$ 403,172$
Other local taxes 4,035,740 3,942,775
Permits, privilege fees, and regulatory licenses 10,242 12,116
Fines and forfeitures 102,566 94,548
Revenues from use of money and property 118,560 156,533
Charges for services 355,606 328,116
Other 16,860 3,562
Gain sharing 527,420 435,113
Recovered costs 170,511 150,488
Contribution from Roanoke County - 5,807
Non-categorical aid 407,876 405,975
Categorical aid 1,197,925 1,173,407
Total revenues 7,374,724 7,111,612
EXPENDITURES
Current:
General government administration 628,386 641,853
Public safety 3,250,590 3,200,859
Public works 1,990,381 2,164,328
Parks, recreation, and cultural 551,240 574,215
Community development 333,617 365,366
Capital projects 114,309 90,570
Debt service:
Principal retirement 260,501 253,500
Interest and fiscal charges 195,608 205,189
Total expenditures 7,324,632 7,495,880
Excess (deficiency) of revenues over expenditures 50,092 (384,268)
OTHER FINANCING SOURCES
Proceeds from sale of capital assets 2,124 17,491
Transfers in - 78,466
Total other financing sources 2,124 95,957
Net change in fund balances 52,216 (288,311)
FUND BALANCES AT JULY 1 1,683,185 1,971,496
FUND BALANCES AT JUNE 30 1,735,401$ 1,683,185$
General Fund
TOWN OF VINTON, VIRGINIA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUND
Year Ended June 30, 2011
The Notes to Financial Statements are
an integral part of this statement.
16
EXHIBIT 6
(For
Comparison
Only)
2011 2010
Net change in fund balances governmental fund 52,216$ (288,311)$
4,549 4,502
(700,938) (855,858)
1,701 59,589
257,401 250,400
70,192 (63,186)
Change in net assets of governmental activities (314,879)$ (892,864)$
TOWN OF VINTON, VIRGINIA
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND
CHANGES IN FUND BALANCES OF THE GOVERNMENTAL FUND TO THE
STATEMENT OF ACTIVITIES
Year Ended June 30, 2011
General Fund
Revenues in the statement of activities that do not provide
current financial resources are not reported as revenues in the
funds.
The issuance of long-term debt provides current financial
resources to governmental funds, while the repayment of the
principal of long-term debt consumes the current financial
resources of governmental funds.Neither transaction has any
effect on net assets.Also,governmental funds report issuance
costs,premiums,discounts,and similar items when debt is
issued,whereas these amounts are deferred and amortized in
the statement of activities.This amount is the net effect of
those differences.
Some items reported in the statement of activities,do not
require the use of current financial resources and therefore are
not reported as expenditures in governmental funds.These
activities consist of a decrease in compensated absenses of
$80,398 and an increase in other post-employment benefits of
$(10,206).
The net effect of the change in accrued interest expense,which
is not reflected in the fund statements.
Governmental funds report capital outlays as expenditures;
however,in the statement of activities,the cost of those assets
are allocated over their estimated useful lives as depreciation
expense.This is the amount by which depreciation ($864,358)
exceeded capital outlays ($163,420) in the current period.
Amounts reported for governmental activities in the statement of
activities are different because:
The Notes to Financial Statements are
an integral part of this statement.
17
EXHIBIT 7
Variance with
Final Budget
Positive
Original Final Actual (Negative)
REVENUES
General property taxes 531,332$ 531,332$ 431,418$ (99,914)$
Other local taxes 3,993,000 3,993,000 4,035,740 42,740
Permits, privilege fees, and 11,500 11,500 10,242 (1,258)
regulatory licenses
Fines and forfeitures 116,500 116,500 102,566 (13,934)
Revenues from use of money 152,000 152,000 118,560 (33,440)
and property
Charges for services 342,000 343,661 355,606 11,945
Other 21,000 13,500 16,860 3,360
Gain sharing 450,000 450,000 527,420 77,420
Recovered costs 143,500 147,754 170,511 22,757
Non-categorical aid 405,096 405,096 407,876 2,780
Categorical aid 1,111,153 1,178,181 1,197,925 19,744
Total revenues 7,277,081 7,342,524 7,374,724 32,200
EXPENDITURES
Current:
General government administration 642,013 642,012 628,386 13,626
Public safety 3,253,701 3,268,484 3,250,590 17,894
Public works 1,937,564 1,979,090 1,990,381 (11,291)
Parks, recreation, and cultural 567,523 588,734 551,240 37,494
Community development 344,800 348,485 333,617 14,868
Capital projects 79,710 206,179 114,309 91,870
Debt service:
Principal retirement 260,501 260,501 260,501 -
Interest and fiscal charges 196,269 196,269 195,608 661
Total expenditures 7,282,081 7,489,754 7,324,632 165,122
OTHER FINANCING SOURCES
Proceeds from sale of capital assets 5,000 5,000 2,124 (2,876)
Transfers in 51,500 51,500 - (51,500)
Total other financing sources 56,500 56,500 2,124 (54,376)
Net change in fund balance 51,500$ (90,730)$ 52,216$ 142,946$
Budgeted Amounts
TOWN OF VINTON, VIRGINIA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE –
BUDGET AND ACTUAL – GENERAL FUND
Year Ended June 30, 2011
The Notes to Financial Statements are
an integral part of this statement.
18
EXHIBIT 8
(For Comparison
Only)
2011 2010
ASSETS
Current assets:
Cash and cash equivalents 310,112$ 54,505$
Cash and cash equivalents, restricted 330,078 731,677
Receivables, net 566,657 499,880
Inventories 31,589 36,028
Prepaid items 14,211 15,786
Total current assets 1,252,647 1,337,876
Noncurrent assets:
Bond issue costs, net 70,777 75,107
Capital assets:
Nondepreciable 213,671 723,107
Depreciable, net 11,279,325 11,184,968
Total noncurrent assets 11,563,773 11,983,182
Total assets 12,816,420 13,321,058
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 113,777 118,951
Accrued payroll and related liabilities 8,242 44,242
Accrued interest payable 91,579 95,706
Current portion of noncurrent liabilities 430,936 415,735
Total current liabilities 644,534 674,634
Noncurrent liabilities:
Due in more than one year 6,491,096 6,911,635
Total noncurrent liabilities 6,491,096 6,911,635
Total liabilities 7,135,630 7,586,269
NET ASSETS
Invested in capital assets, net of related debt 5,019,517 5,437,639
Unrestricted 661,273 297,150
Total net assets 5,680,790$ 5,734,789$
Water and Sewer
Business-type Activities –
Enterprise Fund
TOWN OF VINTON, VIRGINIA
STATEMENT OF NET ASSETS
PROPRIETARY FUND
June 30, 2011
The Notes to Financial Statements are
an integral part of this statement.
19
EXHIBIT 9
(For Comparison
Only)
2011 2010
OPERATING REVENUES
Water service charges and fees 1,206,891$ 1,104,196$
Sewer service charges and fees 1,418,951 1,292,309
Water/sewer penalties 46,314 43,129
Other revenue 275,208 298,591
Total operating revenues 2,947,364 2,738,225
OPERATING EXPENSES
Salaries 777,762 809,286
Fringe benefits 276,825 274,419
Contractual services 43,802 65,168
Maintenance 32,173 48,507
Rent, utilities, and insurance 279,090 361,056
Materials and supplies 112,787 112,621
Equipment repairs and rentals 21,144 36,998
Sewage treatment 334,336 345,141
Purchase of water 116,645 141,569
Other 146,202 166,953
Depreciation 632,179 658,380
Amortization 4,330 4,330
Total operating expenses 2,777,275 3,024,428
Operating income (loss)170,089 (286,203)
NON-OPERATING REVENUE (EXPENSE)
Interest income 1,601 3,551
Interest expense (225,689) (195,038)
Loss on disposal of capital asset - (19,461)
Net non-operating expense (224,088) (210,948)
Loss before transfers (53,999) (497,151)
TRANSFERS OUT - (78,466)
Change in net assets (53,999) (575,617)
NET ASSETS AT JULY 1 5,734,789 6,310,406
NET ASSETS AT JUNE 30 5,680,790$ 5,734,789$
TOWN OF VINTON, VIRGINIA
Business-type Activities –
Enterprise Fund
Water and Sewer
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
PROPRIETARY FUND
Year Ended June 30, 2011
The Notes to Financial Statements are
an integral part of this statement.
20
EXHIBIT 10
(For Comparison
Only)
2011 2010
OPERATING ACTIVITIES
Receipts from customers 2,605,379$ 2,372,827$
Receipts from other sources 275,208 298,591
Payments to suppliers (1,070,631) (1,314,701)
Payments to employees (1,093,039) (1,071,607)
Net cash provided by operating activities 716,917 285,110
NONCAPITAL FINANCING ACTIVITIES
Transfers to other funds - (78,466)
CAPITAL AND RELATED FINANCING ACTIVITIES
Purchases of capital assets (231,808) (775,899)
Principal paid on long-term liabilities (399,218) (385,135)
Interest paid (233,484) (202,673)
Net cash used in capital and related
financing activities (864,510) (1,363,707)
INVESTING ACTIVITIES
Interest received on investments 1,601 3,551
Net decrease in cash and cash equivalents (145,992) (1,153,512)
CASH AND CASH EQUIVALENTS
Beginning at July 1 786,182 1,939,694
Ending at June 30 640,190$ 786,182$
RECONCILIATION TO EXHIBIT 8
Cash and cash equivalents 310,112$ 54,505$
Cash and cash equivalents, restricted 330,078 731,677
640,190$ 786,182$
Reconciliation of operating income (loss) to net cash
provided by operating activities
Operating income (loss)170,089$ (286,203)$
Adjustments to reconcile operating income (loss) to
net cash provided by operating activities:
Depreciation and amortization 636,509 662,710
Change in certain assets and liabilities:
(Increase) decrease in:
Receivables, net (66,777) (66,807)
Inventories 4,439 3,968
Prepaid items 1,575 (1,698)
(Decrease) increase in:
Accounts payable and accrued liabilities (28,918) (26,860)
Net cash provided by operating activities 716,917$ 285,110$
NONCASH CAPITAL AND RELATED FINANCING
ACTIVITIES
Capital asset purchases included in accounts payable -$ 14,708$
Business-type Activities –
Enterprise Fund
Water and Sewer
TOWN OF VINTON, VIRGINIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUND
Year Ended June 30, 2011
The Notes to Financial Statements are
an integral part of this statement.
21
(Continued)22
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 1.Summary of Significant Accounting Policies
A.The Financial Reporting Entity
The Town of Vinton was established in 1884. It is a political subdivision of the Commonwealth
of Virginia operating under the Council-Manager form of government. The Town Council
consists of a mayor and four other council members. The Town is part of Roanoke County and
has taxing powers subject to state-wide restrictions and tax limits.
Vinton provides a full range of municipal services including police, refuse collection, recycling,
public improvements, planning and zoning, general administrative services, fire, first aid,
recreation, and water and sewer services. Fire and first-aid services are supplemented by
volunteer departments.
Jointly Governed Organizations
Roanoke Valley Resource Authority:
The Town of Vinton, Roanoke County, and the City of Roanoke jointly participate in the
Roanoke Valley Resource Authority, which operates a regional solid waste disposal system that
includes a sanitary landfill, waste collection, and transfer station. The Authority is governed by a
board composed of seven members appointed by the governing bodies of participating
jurisdictions. Town Council appoints one member. The Town has control over the budget and
financing of the Authority only to the extent of representation by the board member appointed.
The participating localities are each responsible for their pro-rata share, based on population, of
any year-end operating deficit. For the year ended June 30, 2011, the Town remitted $178,326 to
the Authority for services. A separate financial statement can be obtained from the Roanoke
Valley Resource Authority, 110 Hollins Road, NE, Roanoke, Virginia 24012.
Roanoke Valley Regional Pound Facility:
The Counties of Roanoke and Botetourt, the City of Roanoke, the Town of Vinton, and the
Roanoke Valley Society for the Prevention of Cruelty to Animals, Inc. formed the Advisory
Board of the Roanoke Valley Regional Pound Facility to construct and operate a regional pound
facility. The Board is composed of nine members. Each locality’s financial obligation is based
on the number of animals caged per day at the facility. The Town’s proportionate share totaled
$39,855 for the year ended June 30, 2011. Separate financial statements are not available.
(Continued)23
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 1.Summary of Significant Accounting Policies (Continued)
A.The Financial Reporting Entity (Continued)
Joint Venture
Regional Fire Training Facility:
The Town participates in an intergovernmental agreement with the County of Roanoke and the
Cities of Roanoke and Salem for the operation of a regional fire training facility. The Roanoke
Valley Regional Fire Training Academy Board is responsible for overseeing the management,
operation, and administration of the Academy. Each participating jurisdiction maintains a
leasehold interest in the project and shares costs of operation and maintenance equal to the
jurisdiction’s payment percentage as defined in the agreement. The Town’s participating interest
is 4%. The Town’s share of the operating cost was approximately $3,545 in the current year.
Separate financial statements are not available.
B.Individual Component Unit Disclosures
As required by generally accepted accounting principles, these financial statements present the
Town as the primary government. A component unit is an entity for which the primary
government is considered to be financially accountable. There are no component units within this
reporting entity.
C.Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement of
changes in net assets) report information on all of the activities of the Town. For the most part,
the effect of interfund activity has been removed from these statements. Governmental activities,
which normally are supported by taxes and intergovernmental revenues, are reported separately
from business-type activities, which rely to a significant extent on fees and charges for support.
The statement of activities demonstrates the degree to which the direct expenses of a given
function or segment are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. Program revenues include (1) charges to
customers or applicants who purchase, use, or directly benefit from goods, services, or privileges
provided by a given function or segment and (2) grants and contributions that are restricted to
meeting the operational or capital requirements of a particular function or segment. Taxes and
other items not properly included among program revenues are reported instead as general
revenues.
Separate financial statements are provided for the governmental fund and proprietary fund.
(Continued)24
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 1.Summary of Significant Accounting Policies (Continued)
D.Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government-wide financial statements are reported using the economic resources
measurement focus and the accrual basis of accounting, as are the proprietary fund financial
statements. Revenues are recorded when earned, and expenses are recorded when a liability is
incurred, regardless of the timing of related cash flows. Property taxes are recognized as
revenues in the year for which they are levied. Grants and similar items are recognized as
revenue as soon as all eligibility requirements imposed by the provider have been met.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Revenues are recognized as
soon as they are both measurable and available. Revenues are considered to be available when
they are collectible within the current period or soon enough thereafter to pay liabilities of the
current period. For this purpose, the Town considers revenue as available if it is collected within
45 days of the end of the current fiscal period. Expenditures generally are recorded when a
liability is incurred, as under accrual accounting. However, debt service expenditures, as well as
expenditures related to compensated absences and claims and judgments, are recorded only when
payment is due.
Property taxes, franchise taxes, licenses, and interest associated with the current fiscal period are
all considered to be susceptible to accrual and have been recognized as revenues of the current
fiscal period. All other revenue items are considered to be measurable and available only when
cash is received by the Town.
The Town reports the following major governmental fund:
The general fund is the Town’s primary operating fund. It accounts for all financial
resources of the Town, except those required to be accounted for in another fund.
The Town reports the following major proprietary fund:
The enterprise fund accounts for the financing of services to the general public where all or
most of the operating expenses involved are intended to be recovered in the form of user
charges, or where management has decided that periodic determination of revenues earned,
expenses incurred, and/or net income is appropriate for management control, accountability,
or other purposes. The enterprise fund consists of the activities relating to water and sewer
services.
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both the government-wide and proprietary fund financial statements to
the extent that those standards do not conflict with or contradict guidance of the Governmental
Accounting Standards Board. Governments also have the option of following subsequent private-
sector guidance for their enterprise funds, subject to this same limitation. The Town has elected
not to follow subsequent private-sector guidance.
(Continued)25
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 1.Summary of Significant Accounting Policies (Continued)
D.Measurement Focus, Basis of Accounting, and Financial Statement Presentation
(Continued)
Amounts reported as program revenues include (1) charges to customers or applicants for goods,
services, or privileges provided, (2) operating grants and contributions, and (3) capital grants and
contributions, including special assessments. Internally dedicated resources are reported as
general revenues rather than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from non-operating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund’s principal ongoing operations. The
principal operating revenues of the water and sewer enterprise fund are charges to customers for
sales and services. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses, and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as non-operating revenues and expenses.
E.Budgets and Budgetary Accounting
The following procedures are used in establishing the budgetary data reflected in the financial
statements:
1) Prior to June 30, the Town Manager submits to Council a proposed operating and capital
budget for the fiscal year commencing the following July 1. This budget includes proposed
expenditures and the means of financing them.
2)Public hearings are conducted to obtain citizen comments.
3) Prior to June 30, the budgets for the general and enterprise funds are legally enacted through
passage of an appropriations ordinance. Town Council may, from time to time, amend the
budget providing for additional expenditures and the means for financing them. Town
Council approved additional general fund appropriations of approximately $207,673 during
the fiscal year ended June 30, primarily for capital projects deferred from the prior year and
additional operating expenditures.
4)The appropriations ordinance places legal restrictions on expenditures at the department or
function level. Management can over-expend at the line item level without approval of Town
Council. The appropriation for each department or function can be revised only by Town
Council. The Town Manager is authorized to transfer budget amounts within departments.
All budget data presented in Exhibit 7 is at the legal level of budgetary control.
(Continued)26
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 1.Summary of Significant Accounting Policies (Continued)
E.Budgets and Budgetary Accounting (Continued)
5)Formal budgetary integration is employed as a management control device during the year for
the general and enterprise funds.
6)Budgets are adopted on a basis consistent with generally accepted accounting principles
(GAAP).
7)Appropriations lapse on June 30.
8)All budget data presented in the accompanying financial statements are revised as of June 30.
F.Cash and Cash Equivalents
Cash and cash equivalents are defined as short-term, highly liquid investments (including
restricted assets) with an original maturity of three months or less when purchased.
G.Allowance for Uncollectible Accounts
The Town calculates its allowance for uncollectible accounts using historical collection data and
specific account analysis.
H.Inventories
Inventories in the general and enterprise funds are valued at the lower of cost (first-in, first-out)
or market method.
I.Capital Assets
Capital assets, which include property, plant, and equipment, and infrastructure assets acquired
subsequent to July 1, 2001, are reported in the applicable governmental or business-type activities
columns in the government-wide financial statements. Capital assets are defined by the Town as
assets with an initial, individual cost of more than $5,000 and an estimated useful life in excess of
one year. Such assets are recorded at historical cost or estimated historical cost if purchased or
constructed. Donated capital assets are recorded at estimated fair market value at the date of
donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend assets lives are not capitalized.
(Continued)27
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 1.Summary of Significant Accounting Policies (Continued)
I.Capital Assets (Continued)
Property, plant, and equipment are depreciated using the straight-line method over the following
estimated useful lives:
Buildings and improvements 10-40 years
Machinery and equipment 3-10 years
Utility plant 20-40 years
Public domain infrastructure 25-40 years
Sewage treatment contract 30 years
J.Capitalization of Interest
The Town follows the policy of capitalizing net interest costs on funds borrowed to finance the
construction of proprietary capital assets. Interest is not capitalized on the construction of assets
used in governmental activities. There was $19,738 of interest capitalized for the year ended
June 30, 2011.
K.Compensated Absences
The Town has policies which allow for the accumulation and vesting of limited amounts of
vacation and sick leave until termination or retirement. Amounts of such absences are accrued
when incurred in the government-wide and proprietary fund financial statements. A liability for
these amounts is reported in governmental funds only when the leave is due and payable.
L.Long-Term Obligations
In the government-wide financial statements and proprietary fund types in the fund financial
statements, long-term debt and other long-term obligations are reported as liabilities in the
applicable governmental activities, business-type activities, or proprietary fund type statement of
net assets. Bond premiums and discounts, as well as issuance costs, are deferred and amortized
over the life of the bonds using the effective interest method. Bonds payable are reported net of
the applicable bond premium or discount. Bond issuance costs are reported as deferred charges
and amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond premiums and
discounts, as well as bond issuance costs, during the current period. The face amount of debt
issued is reported as other financing sources. Premiums received on debt issuances are reported
as other financing sources, while discounts on debt issuances are reported as other financing uses.
Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as
debt service expenditures.
(Continued)28
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 1.Summary of Significant Accounting Policies (Continued)
M.Fund Balances
Fund balance is divided into five classifications based primarily on the extent to which the Town
is bound to observe constraints imposed upon the use of the resources in the governmental funds.
The classifications are as follows:
Nonspendable –Amounts that cannot be spent because they are not in spendable form,
or legally or contractually required to be maintained intact. The “not in spendable form”
criterion includes items that are not expected to be converted to cash.
Restricted –Amounts constrained to specific purposes by their providers (such as
grantors, bondholders, and higher levels of government), through constitutional
provisions, or by enabling legislation.
Committed –Amounts constrained to specific purposes by the Town, using its highest
level of decision making authority; to be reported as committed, amounts cannot be used
for any other purposes unless the same highest level of action is taken to remove or
change the constraint.
Assigned –Amounts the Town intends to use for a specified purpose; intent can be
expressed by the governing body.
Unassigned – Amounts that are available for any purpose; positive amounts are reported
only in the general fund.
Council establishes fund balance commitments by passage of an ordinance or resolution. This is
typically done through adoption and amendment of the budget. Assigned fund balance is
established by Council through adoption or amendment of the budget as intended for specific
purpose (such as the purchase of capital assets, construction, debt service, or for other purposes).
The Town applies restricted resources first when expenditures are incurred for purposes for which
either restricted or unrestricted (committed, assigned, and unassigned) amounts are available.
Similarly, within unrestricted fund balance, committed amounts are reduced first followed by
assigned, and then unassigned amounts when expenditures are incurred for purposes for which
amounts in any of the unrestricted fund balance classifications could be used.
Minimum Fund Balance Policy
The Town does not have a minimum fund balance policy or target for the General Fund.
N.Estimates
Management uses estimates and assumptions in preparing its financial statements. Those
estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of
contingent liabilities, and reported revenues and expenses. Actual results could differ from those
estimates.
(Continued)29
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 1.Summary of Significant Accounting Policies (Continued)
O.Comparative Information
The basic financial statements include certain prior year summarized comparative information in
total but not at the level of detail required for a presentation in conformity with generally
accepted accounting principles. Accordingly, such information should be read in conjunction
with the government’s financial statements for the prior year from which the summarized
information was derived.
P.Reclassifications
Certain amounts in the prior-year comparison information have been reclassified for comparative
purposes to conform with the presentation in the current-year financial statements.
Note 2.Deposits and Investments
Deposits
Deposits with banks are covered by the Federal Deposit Insurance Corporation (FDIC) and
collateralized in accordance with the Virginia Security for Public Deposits Act (the “Act”) Section
2.2-4400 et. seq. of the Code of Virginia. Under the Act, banks and savings institutions holding
public deposits in excess of the amount insured by the FDIC must pledge collateral to the
Commonwealth of Virginia Treasury Board. Financial Institutions may choose between two
collateralization methodologies and depending upon that choice, will pledge collateral that ranges in
the amounts from 50% to 130% of excess deposits. Accordingly, all deposits are considered fully
collateralized.
Investments
Investment Policy:
Statutes authorize the Town to invest in obligations of the United States or agencies thereof,
obligations of the Commonwealth of Virginia or political subdivisions thereof, obligations of the
International Bank for Reconstruction and Development (World Bank), the Asian Development Bank,
the African Development Bank, “prime quality” commercial paper and certain corporate notes, and
bankers’ acceptances, repurchase agreements, and the State Treasurer’s Local Government
Investment Pool (LGIP). Pursuant to Section 2.1-234.7 Code of Virginia, the Treasury Board of the
Commonwealth sponsors the LGIP and has delegated certain functions to the State Treasurer. The
LGIP reports to the Treasury Board at their regulatory scheduled monthly meetings and the fair value
of the position in LGIP is the same as the value of the pool shares (i.e., the LGIP maintains a stable
net asset value of $1 per share). The investment policy (the “Policy”) specifies that no investment
may have a maturity greater than one year from the date of purchase.
(Continued)30
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 2.Deposits and Investments (Continued)
Investments (Continued)
Credit Risk:
As required by state statute, the Policy requires that commercial paper have a short-term debt rating
of no less than “A-1” (or its equivalent) from at least two of the following: Moody’s Investors
Service, Standard & Poor’s, and Fitch Investors Service, provided that the issuing corporation has a
net worth of at least $50 million and its long-term debt is rated “A” or better by Moody’s and
Standard & Poor’s. Bankers’ acceptances and Certificates of Deposit maturing in less than one year
must have a short-term debt rating of at least “A-1” by Standard & Poor’s and “P-1” by Moody’s
Investors Service.
As of June 30, 100% of the portfolio was invested in “AAAm” rated securities. All credit ratings
presented in this paragraph are Standard & Poor’s short-term issue credit ratings.
Although the intent of the Policy is for the Town to diversify its investment portfolio to avoid
incurring unreasonable risks regarding (i) security type, (ii) individual financial institution or issuing
entity, and (iii) maturity, the Policy places no limit on the amount the Town may invest in any one
issuer.
Interest Rate Risk:
As of June 30, the fair value and weighted average maturity investments were as follows:
Investment Type Fair Value Credit
Rating
Weighted
Average
Maturity*
Virginia LGIP $1,921,997 AAAm 37.55
Money Market Funds –Wells Fargo (Heritage)330,079 AAAm 2.35
Total investments $2,252,076
Portfolio weighted average maturity 39.90
* Weighted average maturity in days.
(Continued)31
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 2.Deposits and Investments (Continued)
Investments (Continued)
Custodial Credit Risk:
The Policy requires that all investment securities shall be held in safekeeping by a third-party and
evidenced by safekeeping receipts. As required by the Code of Virginia, all security holdings with
maturities over 30 days may not be held in safekeeping with the “counterparty” to the investment
transaction. As of June 30, all of the Town’s investments are held in a bank’s trust department in the
Town’s name.
Fair
Value
Investments $2,252,076
Deposits 710,123
Total deposits and investments $2,962,199
Reconciliation of deposits and investments to Exhibit 1:
Cash and cash equivalents, excluding $2,662 cash on hand $2,609,981
Cash and cash equivalents, restricted 352,218
Total deposits and investments $2,962,199
Restricted cash and cash equivalents consists primarily of unused bond proceeds.
(Continued)32
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 3.Receivables
Receivables consist of the following:
Governmental Business-type
Activities Activities Total
Receivables
Taxes $411,031 $- $411,031
Accounts 11,780 633,657 645,437
Gross receivables 422,811 633,657 1,056,468
Allowance for uncollectibles (108,681)(67,000)(175,681)
Receivables, net $314,130 $566,657 $880,787
Governmental funds report deferred revenue in connection with receivables for revenues that are not
considered to be available to liquidate liabilities of the current period. Governmental funds also defer
revenue recognition in connection with resources that have been received but not yet earned. At the
end of the current fiscal year, the various components of deferred revenue and unearned revenue
reported in the governmental funds were as follows:
Unavailable Unearned Total
Included in receivables:
Delinquent property taxes receivable $16,905 $89,895 $106,800
Vehicle license fee 29,450 - 29,450
Sales tax 94,519 - 94,519
Communication taxes 24,332 - 24,332
Overcharges 24,955 - 24,955
Intergovernmental 1,155 - 1,155
Other taxes and fees 8,289 - 8,289
199,605 89,895 289,500
Included in cash:
Subsequent years’ tax collections - 537,448 537,448
Deposits on facility use - 11,778 11,778
- 549,226 549,226
Total deferred/unearned revenue
for governmental funds $199,605 $639,121 $838,726
(Continued)33
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 4.Due from Other Governmental Units
A summary of funds due from other governmental units was as follows:
Commonwealth of Virginia
Communication taxes $53,923
Miscellaneous non-categorical aid 43,124
97,047
County of Roanoke
Local sales taxes 212,914
Vinton Business Center 1,155
Refuse Credit 55,000
Transport fees 14,721
Court fines 6,569
290,359
$387,406
Note 5.Capital Assets
Capital asset activity for the year was as follows:
Beginning Ending
Governmental Activities Balance Increases Decreases Balance
Capital assets, not depreciated
Land $1,706,089 $ - $ - $1,706,089
Construction in progress 88,889 20,114 21,961 87,042
Total capital assets, not depreciated 1,794,978 20,114 21,961 1,793,131
Capital assets, depreciated
Buildings and improvements 9,304,851 46,330 25,728 9,325,453
Machinery and equipment 3,899,454 118,937 148,770 3,869,621
Infrastructure 2,432,674 - - 2,432,674
Total capital assets, depreciated 15,636,979 165,267 174,498 15,627,748
Less accumulated depreciation for:
Buildings and improvements 2,670,822 287,897 25,728 2,932,991
Machinery and equipment 2,833,058 484,307 148,770 3,168,595
Infrastructure 623,400 92,154 - 715,554
Total accumulated depreciation 6,127,280 864,358 174,498 6,817,140
Total capital assets, depreciated, net 9,509,699 (699,091) - 8,810,608
Governmental activities
capital assets, net $11,304,677 $(678,977)$21,961 $10,603,739
(Continued)34
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 5.Capital Assets (Continued)
Beginning Ending
Business-type activities Balance Increases Decreases Balance
Capital assets, not depreciated
Land $80,752 $ - $ - $80,752
Construction in progress 642,354 217,101 726,536 132,919
Total capital assets, not depreciated 723,106 217,101 726,536 213,671
Capital assets, depreciated
Utility plant 17,004,501 726,536 - 17,731,037
Sewage treatment contract 3,816,857 - - 3,816,857
Machinery and equipment 1,105,406 - - 1,105,406
_______________Total capital assets, depreciated 21,926,764 726,536 -22,653,300
Less accumulated depreciation for:
Utility plant 9,206,430 452,121 - 9,658,551
Sewage treatment contract 768,713 130,118 - 898,831
Machinery and equipment 766,653 49,940 - 816,593
Total accumulated depreciation 10,741,796 632,179 - 11,373,975
Total capital assets, depreciated, net 11,184,968 94,357 - 11,279,325
Business-type activities
capital assets, net $11,908,074 $311,458 $726,536 $11,492,996
Included in Governmental Activities’ capital assets is equipment with a cost of $227,500 and
accumulated amortization of $178,208 financed by a capital lease.
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities
General government $324,075
Public safety 249,446
Public works 259,337
Parks, recreation, and cultural 31,500
$864,358
Business-type activities
Water and sewer $632,179
Construction Commitments
The Town has no active construction projects as of June 30, 2011. The Town does have partially
completed construction in progress,but there are no outstanding construction commitments related to
these items. The construction in progress for governmental activities is related to design and study
costs that the Town has done for future projects. The amounts in construction in progress in the water
and sewer fund are engineering costs associated with the Tinker Creek Phase II project. As of the end
of the year, the Town doesn’t have enough funding to fully complete this project as originally
designed. The Town will revamp the designs for this project and bid the work out in the next few
years.
(Continued)35
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 5.Capital Assets (Continued)
Sewage Treatment Contract
Through its participation in an agreement with four other localities for expansion of the regional
sewage treatment plant and interceptors, the Town received contractual rights to predetermined
capacity in both the plant and interceptors through 2034. This expansion was completed in 2001 at a
cost to the Town of approximately $1.2 million.
Modifications costing approximately $46.0 million were completed in June 2008. The Town’s share
of the costs were approximately 5.6% or $2.6 million, which was partially funded with general
obligation bonds issued in fiscal year 2005 through the Virginia Resources Authority.
The Town is required to contribute $66,000 annually to a capital reserve fund for ongoing
maintenance of the system.
Note 6.Long-Term Liabilities
The following is a summary of changes in long-term liabilities for the year:
Governmental Beginning Ending Due Within
Activities Balance Additions Reductions Balance One Year
General obligation bonds $ 2,990,000 $- $ 145,000 $ 2,845,000 $ 145,000
Revenue bonds 1,505,000 - 70,000 1,435,000 75,000
Bond Premiums 57,369 - 3,543 53,826 3,543
Capital leases 93,096 - 45,501 47,595 47,595
Compensated absences 411,019 20,619 101,017 330,621 82,110
Other postemployment
benefits 13,894 51,024 40,818 24,100 -
$5,070,378 $71,643 $405,879 $4,736,142 $353,248
Business-type
Activities
General obligation bonds $4,558,026 $- $299,218 $4,258,808 $312,975
Revenue bonds 2,655,000 - 100,000 2,555,000 105,000
Bond Premiums 64,194 - 3,668 60,526 3,668
Compensated absences 48,794 6,741 10,189 45,346 9,293
Other postemployment
benefits 1,356 4,978 3,982 2,352 -
$7,327,370 $11,719 $417,057 $6,922,032 $430,936
The general fund has been used to liquidate the liability for compensated absences, net pension
obligation, and net other post-employment benefits.
(Continued)36
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 6.Long-Term Liabilities (Continued)
The annual requirements to amortize long-term debt and related interest are as follows:
Governmental Activities Business-type Activities
General Obligation
Bonds Revenue Bonds Capital Leases
General Obligation
Bonds Revenue Bonds
Fiscal
Year Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
2012 $145,000 $120,573 $75,000 $62,941 $47,595 $2,190 $312,975 $135,695 $105,000 $115,425
2013 155,000 114,672 75,000 60,064 - - 324,498 124,172 110,000 111,125
2014 160,000 108,260 75,000 57,078 - - 268,204 112,209 115,000 106,625
2015 165,000 101,873 80,000 54,002 - - 237,382 103,649 120,000 101,925
2016 170,000 95,272 85,000 50,953 - - 244,924 96,106 120,000 97,125
2017-2021 960,000 363,587 470,000 197,838 - - 1,347,436 358,719 685,000 407,613
2022-2026 1,010,000 132,469 520,000 81,274 - - 1,440,022 132,910 880,000 219,500
2027-2030 80,000 4,000 55,000 2,668 - - 83,367 1,300 420,000 21,250
$2,845,000 $1,040,706 $1,435,000 $566,818 $47,595 $2,190 $4,258,808 $1,064,760 $2,555,000 $1,180,588
(Continued)37
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 6.Long-Term Liabilities (Continued)
Details of long-term indebtedness are as follows:
Interest
Rates Date Issued
Final
Maturity
Date
Amount of
Original
Issue
Governmental
Activities
Business-
type
Activities
General Obligation Bonds:
Virginia Resources Authority Taxable:
G.O. Water and Sewer Bonds 3.00%01/17/97 12/01/13 $1,120,000 $ - $236,500
Virginia Revolving Loan Fund:
G.O. Water and Sewer Bonds 3.30%07/24/03 07/01/24 1,250,704 - 946,845
G.O. Water and Sewer Bonds 3.10%10/01/04 10/01/26 2,479,000 - 2,084,047
G.O. Water and Sewer Bonds 3.10%01/12/06 03/01/26 1,210,000 - 991,416
Virginia Association of Counties:
G.O. Public Improvement Bonds 2.50-4.38%12/15/04 08/21/24 2,500,000 1,915,000 -
G.O. Public Improvement Bonds 3.75-5.25%02/08/07 02/01/27 1,045,000 930,000 -
2,845,000 4,258,808
Plus bond premium, net of amortization 35,305 -
$2,880,305 $4,258,808
Revenue Bonds:
Virginia Resources Authority:
Infrastructure Revenue Bonds 2.38-4.48%11/04/04 10/01/24 $1,015,000 $785,000 $ -
Infrastructure Revenue Bonds 3.64-4.96%06/01/06 10/01/26 755,000 650,000 -
Virginia Association of Counties:
Revenue Water and Sewer Bonds 3.50-5.00%12/19/07 08/01/27 2,750,000 - 2,555,000
1,435,000 2,555,000
Plus bond premium, net of amortization 18,521 60,526
$1,453,521 $2,615,526
Capital Leases:
First Capital Equipment Leasing 4.60%07/16/07 08/01/11 $227,500 $47,595 $ -
(Continued)38
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 7.Defined Benefit Pension Plan
Plan Description
The Town of Vinton contributes to the Virginia Retirement System (VRS), an agent and cost-sharing
multiple-employer defined benefit pension plan administered by the Virginia Retirement System (the
“System”). All full-time, salaried permanent (professional) employees of participating employers are
automatically covered by VRS upon employment. Benefits vest after five years of service credit.
Members earn one month of service credit for each month they are employed and their employer is
paying into the VRS. Members are eligible to purchase prior public service, active duty military
service, certain periods of leave and previously refunded VRS service as credit in their plan.
VRS administers two defined benefit plans for local government employees –Plan 1 and Plan 2:
Members hired before July 1, 2010 and who have service credits before July 1, 2010 are
covered under Plan 1. Non-hazardous duty members are eligible for an unreduced
retirement benefit beginning at age 65 with at least five years of service credit or age 50
with at least 30 years of service credit. They may retire with a reduced benefit as early as
age 55 with at least 10 years of service credit or age 50 with at least five years of service
credit.
Members hired or rehired on or after July 1, 2010 and who have no service credits
before July 1, 2010 are covered under Plan 2. Non-hazardous duty members are eligible
for an unreduced benefit beginning at their normal Social Security retirement age with at
least five years of service credit or when the sum of their age and service equals 90.
They may retire with a reduced benefit as early as age 60 with at least five years of
service credit.
Eligible hazardous duty members in Plan 1 and Plan 2 are eligible for an unreduced
benefit beginning at age 60 with at least 5 years of service credit or age 50 with at least
25 years of service credit. These members include sheriffs, deputy sheriffs and
hazardous duty employees of political subdivisions that have elected to provide
enhanced coverage for hazardous duty service. They may retire with a reduced benefit as
early as age 50 with at least five years of service credit. All other provisions of the
member’s plan apply.
The VRS Basic Benefit is a lifetime monthly benefit based on a retirement multiplier as a
percentage of the member’s average final compensation multiplied by the member’s total service
credit. Under Plan 1, average final compensation is the average of the member’s 36 consecutive
months of highest compensation. Under Plan 2, average final compensation is the average of the
member’s 60 consecutive months of highest compensation. The retirement multiplier for
non-hazardous duty members is 1.70%. The retirement multiplier for sheriffs and regional jail
superintendents is 1.85%. The retirement multiplier for eligible political subdivision hazardous
duty employees other than sheriffs and jail superintendents is 1.70% or 1.85% as elected by the
employer. At retirement, members can elect the Basic Benefit, the Survivor Option, a Partial
Lump-Sum Option Payment (PLOP) or the Advance Pension Option. A retirement reduction
factor is applied to the Basic Benefit amount for members electing the Survivor Option, PLOP or
Advance Pension Option or those retiring with a reduced benefit.
(Continued)39
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 7.Defined Benefit Pension Plan
Plan Description (Continued)
Retirees are eligible for an annual cost-of-living adjustment (COLA) effective July 1 of the second
calendar year of retirement. Under Plan 1, the COLA cannot exceed 5.00%; under Plan 2, the COLA
cannot exceed 6.00%. During years of no inflation or deflation, the COLA is -0-%. The VRS also
provides death and disability benefits. Title 51.1 of the Code of Virginia (1950), as amended, assigns
the authority to establish and amend benefit provisions to the General Assembly of Virginia.
The system issues a publicly available comprehensive annual financial report that includes financial
statements and required supplementary information for the plans administered by VRS. A copy of
the report may be obtained from the VRS Web site at http://www.varetire.org/Pdf/Publications/2010-
annual-report.pdf or by writing to the System’s Chief Financial Officer at P.O. Box 2500, Richmond,
VA, 23218-2500.
Funding Policy
Plan members are required by Title 51.1 of the Code of Virginia (1950), as amended, to contribute
5.00% of their compensation toward their retirement. All or part of the 5.00% member contribution
may be assumed by the employer. In addition, the Town is required to contribute the remaining
amounts necessary to fund its participation in the VRS using the actuarial basis specified by the Code
of Virginia and approved by the VRS Board of Trustees. The Town’s contribution rate for the fiscal
year ended June 30, 2011 was 8.48% of the annual covered payroll.
Annual Pension Cost
For the fiscal year ended June 30, 2011, the Town’s annual pension cost of $452,742 for VRS was
equal to the required and actual contributions.
Three-Year Trend Information
Annual Pension Percentage of
Cost APC Net Pension
Fiscal Year Ending (APC)Contributed Obligation
June 30, 2011 $ 452,742 100 % $ -
June 30, 2010 $ 477,750 100 % $ -
June 30, 2009 $ 473,590 100 % $ -
(Continued)40
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 7.Defined Benefit Pension Plan (Continued)
The fiscal year 2011 required contribution was determined as part of the June 30,2009 actuarial
valuation using the entry age actuarial cost method. The actuarial assumptions at June 30, 2009
included (a) an investment rate of return (net of administrative expenses) of 7.50%, (b) projected
salary increases ranging from 3.75% to 5.60% per year for general government employees and 3.50%
to 4.75% per year for employees eligible for enhanced benefits available to law enforcement officers,
firefighters, and sheriffs, and (c) a cost-of-living adjustment of 2.50% per year. Both the investment
rate of return and the projected salary increases also included an inflation component of 2.50%. The
actuarial value of the Town’s assets is equal to the modified market value of assets. This method uses
techniques that smooth the effects of short-term volatility in the market value of assets over a
five-year period. The Town’s unfunded actuarial accrued liability is being amortized as a level
percentage of projected payroll on an open basis. The remaining amortization period at June 30, 2009
for the Unfunded Actuarial Accrued Liability (UAAL) was 20 years.
Funded Status and Funding Progress
As of June 30, 2010, the most recent actuarial valuation date, the plan was 86.81% funded. The
actuarial accrued liability for benefits was $14,175,236, and the actuarial value of assets was
$12,305,195, resulting in an unfunded actuarial accrued liability (UAAL) of $1,870,041. The covered
payroll (annual payroll of active employees covered by the plan) was $3,513,612, and the ratio of the
UAAL to the covered payroll was 53.22%.
The schedule of funding progress, presented as required supplementary information (RSI) following
the notes to the financial statements, presents multi-year trend information about whether the actuarial
value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability
(AAL) for benefits.
Note 8.Other Post-Employment Benefits
Plan Description
The Town provides post-employment medical and dental benefits to its eligible retirees and their
dependents who elect to stay in the plans. At retirement, retirees under the age of 65 may participate
in one of the Town’s health and dental plans and may continue coverage under these plans until age
65 or becoming eligible for Medicare, whichever comes first. The Town contributes $200 per month
towards this coverage with the retiree paying the remainder of the premium. Medicare-eligible
retirees may participate in the Medicare supplement only. Medicare-eligible retirees pay 100% of the
Medicare supplement. Additionally, the retirees receive an implicit benefit from participating in the
Town’s health and dental plans through lower insurance rates created by the blending of the retirees
with active employees rates. The Town Council may change, add, or delete benefits (including
contributions required of retired employees) as deemed appropriate.
Participants are eligible for the plan at age 55 if they have completed 25 years of service. Retiring
employees must have been active employees when they retire.
The plan does not provide audited financial statements.
(Continued)41
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 8.Other Post-Employment Benefits (Continued)
Funding Policy
The Town currently funds post-employment benefits on a pay-as-you-go basis. The Town does not
intend to establish a trust to pre-fund this liability.
Annual OPEB Cost and Net OPEB Obligation
For the year ended June 30, 2011, the Town’s annual OPEB cost (expense) of $55,900 was equal to
its Annual Required Contribution (ARC). The ARC represents a level of funding that, if paid on an
ongoing basis, is projected to cover normal costs each year and amortize any unfunded actuarial
liabilities (or funding excess) over a period not to exceed 30 years. For the year ended 2011, the
Town’s pay-as-you-go funding totaled $44,800 and resulted in a Net OPEB obligation of $26,452.
The pay-as-you-go funding includes the Town’s contribution towards retiree health care premiums of
$4,820, and an implicit subsidy of the retiree health care premiums created through the blending of
active employee and retiree insurance rates.
Annual required contribution $ 55,900
Interest on net OPEB obligation 610
Adjustment to annual required contribution (508)
Annual OPEB cost 56,002
Less funding (44,800)
Increase in net OPEB obligation 11,202
Net OPEB obligation-beginning of year 15,250
Net OPEB obligation-end of year $ 26,452
The Town’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the
net OPEB obligation for 2011 and 2010 are as follows:
Fiscal Year
Ended
OPEB
Obligation
Percentage of
Annual OPEB
Cost
Contributed
Net OPEB
Obligation
June 30, 2011 $56,002 80.0%$26,452
June 30, 2010 55,400 72.5%$15,250
(Continued)42
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 8.Other Post-Employment Benefits (Continued)
Funded Status and Funding Progress
As of January 1, 2009, the Town’s most recent actuarial valuation date, the unfunded actuarial
accrued liability (UAAL) for benefits was $479,500, all of which was unfunded. The covered payroll
(annual payroll of active employees covered by the plan) was $3,715,300, and the ratio of the UAAL
to the covered payroll was 12.91%.
Methods and Assumptions
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and healthcare cost trends. Amounts determined
regarding the funded status of the plan and the annual required contributions of the employer are
subject to continual revision as actual results are compared with past expectations and new estimates
are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan and include
the types of benefits provided at the time of each valuation and the historical pattern of sharing of
benefit costs between the employer and plan members to that point. The actuarial methods and
assumptions used include techniques that are designed to reduce the effects of short-term volatility in
actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective
of the calculations. The projection of benefits for financial reporting purposes does not explicitly
incorporate the potential effects of legal or contractual funding limitations on the pattern of cost
sharing between the employer and plan members in the future.
In the January 1, 2009 actuarial valuation, the projected unit credit cost method was used to determine
the liabilities. Under this method, the post-retirement health costs are assumed to be earned ratably
from the date of hire to the participant’s full eligibility age. The actuarial assumptions used a 4%
discount rate and an initial annual healthcare cost trend of 6.8% reduced by decrements each year to
arrive at an ultimate healthcare cost trend rate of 4.5%. The unfunded accrued liability is being
amortized over 30 years. The remaining amortization period at June 30, 2010 is 29 years.
The schedule of funding progress, presented as Required Supplementary Information following the
notes to the financial statements, presents multi-year trend information about whether the actuarial
value of plan assets is increasing or decreasing over time relative to the actuarial accrued liability for
benefits.
(Continued)43
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 9.Service Contracts
Sewage Treatment
The Town is party to an agreement, dated November 1, 2003, with the Western Virginia Water
Authority for the Authority to provide the transportation and treatment of waste at a specified rate to
be adjusted annually on July 1, based on the actual operating and maintenance costs for the previous
year. The 30-year agreement provides for a surcharge in the event waste content or volume exceeds
certain limits or the cost is less than the amount paid by users.
Water Purchases/Sales
Effective, June 1, 2005, the Town agreed to purchase water from the Western Virginia Water
Authority at a bulk rate which is determined by a mutually agreed-upon formula. The water is
designated for an industrial user who pays the Town a rate agreed upon by the user and the Town.
This is a 30-year agreement and will expire in 2035.
Note 10.Property Taxes
The major sources of property taxes are real estate and personal property taxes. The assessments are
the responsibility of the County of Roanoke, while billing and collection functions are the Town’s
responsibilities.
Property taxes are levied annually in April on assessed values as of January 1. Personal property
transactions during the year are taxed on a prorated basis. Real estate tax is payable in two equal
installments on or before June 5 and December 5, and personal property tax is due on or before
May 31, or within 30 days subsequent to assessment. Personal property taxes do not create a lien on
property.
The annual assessment for real estate is based on 100% of the assessed fair market value. A penalty
of 10% of the unpaid tax is due for late payment. Interest is accrued at 10% for the initial year of
delinquency, and thereafter at the maximum annual rate authorized by the Internal Revenue Code
Section 6621(b). The effective tax rates per $100 of assessed value for the year ended June 30 were
as follows:
Real estate $.03
Personal property $1.00
Machinery and tools $1.00
Note 11.Leases
The Town leases a portion of a building to the Virginia State Department of Health for $1,602 per
month on a month to month basis until terminated by either party.
(Continued)44
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 12.Risk Management
The Town is insured for workers’ compensation, general liability, health, and other risks. The risk
management programs are as follows:
Workers’ Compensation
Workers’ compensation insurance is provided through the Virginia Municipal League. During
2010-2011, total premiums paid were approximately $79,000. Benefits are those afforded through
Commonwealth of Virginia as outlined in the Code of Virginia Section 65.2-100; premiums are based
upon covered payroll, job rates, and claims experience.
General Liability
The Town provides general liability and other insurance through policies with Virginia Municipal
Self-Insurance Association. During 2010-2011, total premiums paid were approximately $170,000.
General liability and business automobile have a $1,000,000 limit per occurrence. Boiler and
machinery coverage and property insurance are covered per statement of values. The Town maintains
an additional $4,000,000 umbrella policy over all forms of liability insurance. Police professional
liability and public officials’ liability insurance with a $1,000,000 limit are covered through a policy
with the Commonwealth of Virginia.
There were no significant reductions in insurance coverages from the prior year and no settlements
that exceeded the amount of insurance coverage during the last three fiscal years.
Healthcare
The Town provides healthcare coverage for employees through a policy with Anthem Blue Cross
Blue Shield. The Town contributes the required premium amount for single coverage for each
employee. Dependents of employees are also covered by the policy provided they pay the additional
premium to the Town. During 2010-2011, total premiums paid were approximately $555,000.
Note 13.Commitments and Contingencies
Special Purpose Grants
Special purpose grants are subject to audit to determine compliance with their requirements. Town
management believes that required refunds, if any, will be immaterial.
(Continued)45
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 13.Commitments and Contingencies (Continued)
Landfill Closure and Post-Closure Costs
As discussed in Note 1, the Town participates in the Roanoke Valley Resource Authority. The
Authority currently has responsibility for closure and post-closure care related to the new Smith Gap
landfill, the transfer station, and the old landfill site formerly owned by the Roanoke Valley Regional
Solid Waste Management Board.
Closure and post-closure care requirements are mandated under the United States Environmental
Protection Agency (EPA) rule, Solid Waste Disposal Facility Criteria, and are subject to periodic
revisions by the EPA. The current estimate of remaining closure and post-closure care costs,
assuming full utilization of the sites, is approximately $13.9 million. The participating localities have
contributed their pro-rata shares to fund the closure and post-closure care costs.
Gain Sharing Agreement –Vinton Business Center
On March 2, 1999, the Town and Roanoke County reached an agreement to provide for the sharing of
certain local tax revenues and sharing of the costs of certain public services. That agreement states
that the Town and County may negotiate an agreement to fund jointly the costs of development of the
Vinton Business Center and to share equally in the local tax revenues generated by this project.
During 2007, the County paid the Town one-half of the costs of development.
As part of the agreement, the Town agreed to convey a one-half undivided interest in the remaining
real estate of the project. The agreement states that the Town and County plan on making additional
improvements to this project and will share in the costs of that and annual maintenance equally. The
Town and County must jointly agree before any future improvements are made to the property or
before portions of the property are sold. No major improvements were commenced during the current
year.
Note 14.Major Customer/Taxpayer
During fiscal year 2011, approximately 8.0% of the Town’s business-type revenues were generated
by one industrial customer.
(Continued)46
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 15.Fund Balances
Fund balance is classified as nonspendable, restricted, committed, assigned and/or unassigned based
primarily on the extent to which the Town is bound to observe constraints imposed upon the use of
the resources in the general funds. The constraints placed on the general fund balance are presented
below:
General Fund
Nonspendable:
Inventories $ 505
Prepaids 65,836
Total nonspendable 66,341
Restricted for:
Public safety 22,140
Public works 330,078
Community development 20,053
Total restricted 372,271
Assigned to:
Community development 100,000
Total assigned 100,000
Unassigned 1,196,789
Total fund balance $ 1,735,401
Note 16.Subsequent Event
On September 6, 2011, the Town and Roanoke County reached an agreement to purchase property at
304 South Pollard Street for a future Roanoke County/Vinton Branch Library to be built by Roanoke
County. The property is being sold for $1.25 million, and the Town will be responsible for half of that
amount or $625,000. Roanoke County will be responsible for the remainder of the costs. The Town
will make an additional $100,000 good faith deposit and the remaining costs for the project will be
spread out over the next 10 years. The Town will pay $50,000 each year for years one through five,
and $55,000 per year in years six through ten. Roanoke County will own the property and add it to its
capital assets.
Note 17.New Accounting Standards
The Governmental Accounting Standards Board (GASB) has issued the following statements which
are not yet effective.
GASB Statement No. 57, OPEB Measurements by Agent Employers and Agent Multiple-Employer
Plans,was issued address issues related to the use of the alternative measurement method, and the
frequency and timing of measurements by employers that participate in agent multiple-employer
other postemployment benefit (OPEB) plans. The statement amends GASB No. 45, to permit an
agent employer that has an individual-employer OPEB plan with fewer than 100 total plan members
to use the alternative measurement method, at its option, regardless of the number of total plan
members in the agent multiple-employer OPEB plan in which it participates. This statement will be
effective for the year ending June 30, 2012.
47
TOWN OF VINTON, VIRGINIA
NOTES TO FINANCIAL STATEMENTS
June 30, 2011
Note 17.New Accounting Standards (Continued)
GASB Statement No. 62, Codification of Accounting and Financial Reporting Guidance
Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements,was issued to
incorporate into the GASB’s authoritative literature certain accounting and financial reporting
guidance that is included in FASB pronouncements issued on or before November 30,1989 which do
not conflict with or contradict GASB pronouncements. This statement will be effective for the year
ending June 30, 2013.
GASB Statement No. 63, Financial Reporting of Deferred Outflows of Resources, Deferred Inflow
of Resources, and Net Position,is intended to improve financial reporting by standardizing the
presentation of deferred outflows of resources and deferred inflows of resources and their effects on a
government’s net position. It alleviates uncertainty about reporting those financial statement elements
by providing guidance where none previously existed.This statement will be effective for the year
ending June 30, 2013.
Management has not yet evaluated the effects, if any, of adopting these standards.
THIS PAGE INTENTIONALLY BLANK
48
REQUIRED SUPPLEMENTARY
INFORMATION
EXHIBIT 11
(a)(b)(b-a)(a/b)(c)((b-a)/c)
Unfunded
Actuarial UAAL as of
Actuarial Actuarial Actuarial Accrued Annual Percentage
Valuation Value of Accrued Liability Funded Covered of Covered
Date Assets Liability (AAL)(UAAL)Ratio Payroll Payroll
June 30, 2010 12,305,195$ 14,175,236$ 1,870,041$ 86.81%3,513,612$ 53.22%
June 30, 2009 12,201,884$ 13,108,688$ 906,804$ 93.08%3,601,670$ 25.18%
June 30, 2008 12,035,517$ 12,518,772$ 483,255$ 96.14%3,225,456$ 14.98%
June 30, 2007 10,981,805$ 11,558,591$ 576,786$ 95.01%3,156,124$ 18.28%
June 30, 2006 9,702,178$ 9,524,237$ (177,941)$ 101.87%2,787,681$ (6.38)%
June 30, 2005 9,259,266$ 9,590,278$ 331,012$ 96.55%2,519,480$ 13.14%
TOWN OF VINTON, VIRGINIA
ANALYSIS OF FUNDING PROGRESS FOR DEFINED BENEFIT PENSION PLAN
June 30, 2011
49
EXHIBIT 12
(a)(b)(b-a)(a/b)(c)((b-a)/c)
Unfunded
Actuarial UAAL as of
Actuarial Actuarial Actuarial Accrued Annual Percentage
Valuation Value of Accrued Liability Funded Covered of Covered
Date Assets Liability (AAL)(UAAL)Ratio Payroll Payroll
January 1, 2009 -$ 479,500$ 479,500$ 0.00% 3,715,300$ 12.91%
TOWN OF VINTON, VIRGINIA
ANALYSIS OF FUNDING PROGRESS FOR OTHER POSTEMPLOYMENT BENEFITS
June 30, 2011
50
51
STATISTICAL SECTION
This part of the Town of Vinton Comprehensive Annual Financial Report presents detailed information as a
context for understanding what the information in the financial statements, note disclosures, and required
supplementary information says about the Town’s overall financial health.
Contents Table
Financial Trends .....................................................................1-4
These tables contain trend information to help
the reader understand how the Town’s financial
performance and well-being have changed over
time.
Revenue Capacity ...................................................................5-8
These tables contain information to help the
reader assess the factors affecting the Town’s
ability to generate its property and sales taxes, as
well as customer rates for its water and sewer
operations.
Debt Capacity .......................................................................9-11
These tables present information to help the
reader assess the affordability of the Town’s
current levels of outstanding debt and the
Town’s ability to issue additional debt in the
future.
Demographic and Economic Information ........................12-13
These tables offer demographic and economic
indicators to help the reader understand the
environment within which the Town’s financial
activities take place and to help make
comparisons over time and with other
governments.
Operating Information.......................................................14-16
These schedules contain information about the
Town’s operations and resources to help the
reader understand how the Town’s financial
information relates to the services the Town
provides and the activities it performs.
Sources: Unless otherwise noted, the information in these
schedules is derived from the Comprehensive Annual Financial
Reports for the relevant year. The Town implemented Statement
34 in 2003; schedules presenting government-wide information
include information beginning in that year.
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57
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59
TABLE 8
Fiscal
Year Water Sewer Water Sewer
2011 15.92$ 23.39$ 7.97$ 11.68$
2010 13.84$ 20.34$ 6.93$ 10.16$
2009 12.59$ 18.49$ 6.30$ 9.24$
2008 12.59$ 18.49$ 6.30$ 9.24$
2007 11.77$ 15.84$ 5.89$ 7.92$
2006 11.77$ 15.84$ 5.89$ 7.92$
2005 11.00$ 13.20$ 5.50$ 6.60$
2004 10.00$ 12.00$ 5.00$ 6.00$
2003 10.00$ 12.00$ 5.00$ 6.00$
2002 10.00$ 12.00$ 5.00$ 6.00$
Note: Minimum charge for water and sewer resiential and commerical service is based on
standard 5/8" meter
1 Residential Minimum Charges are billed on a bi-monthly basis
2 Commercial Minimum Charges are billed on a monthly basis
Residential 1 Commercial 2
First 3,000 Gallons or Less First 1,500 Gallons or Less
TOWN OF VINTON, VIRGINIA
WATER AND SEWER RATES
Last Ten Fiscal Years
60
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m
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)
65
TA
B
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1
4
20
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1
2
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1
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n
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t
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Of
f
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s
25
2
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9
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v
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l
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s
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1
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0
Fi
r
e
Fi
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e
f
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g
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t
e
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68
THIS PAGE INTENTIONALLY BLANK
69
COMPLIANCE SECTION
70
Your Success is Our Focus
319 McClanahan Street, S.W. • P.O. Box 12388 • Roanoke, VA 24025-2388 • 540-345-0936 • Fax: 540-342-6181 • www.BEcpas.com
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
Honorable Members of Town Council
Town of Vinton, Virginia
We have audited the financial statements of the governmental activities, business-type
activities, and each major fund of the Town of Vinton, Virginia, as of and for the year ended
June 30, 2011, which collectively comprise the Town of Vinton, Virginia’s basic financial statements
and have issued our report thereon dated November 3, 2011. 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, and the Specifications for Audits of Counties, Cities, and Towns issued by the Auditor
of Public Accounts of the Commonwealth of Virginia.
Internal Control over Financial Reporting
In planning and performing our audit, we considered the Town’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
Town’s internal control over financial reporting. Accordingly, we do not express an opinion on the
effectiveness of the Town’s internal control over financial reporting.
Our consideration of internal control over financial reporting was for the limited purpose
described in the preceding paragraph and was not designed to identify all deficiencies in internal control
over financial reporting that might be significant deficiencies or material weaknesses and therefore,
there can be no assurance that all deficiencies, significant deficiencies, or material weaknesses have
been identified. However, as described in the accompanying Schedule of Findings and Responses, we
identified a certain deficiency in internal control over financial reporting that we consider to be a
material weakness.
A deficiency in internal control exists when the design of operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent, or
detect and correct misstatements on a timely basis. A material weakness is a deficiency, or a
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. We consider the deficiency described as 07-1 in the accompanying schedule of
findings and responses to be a material weakness in internal control over financial reporting.
71
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Town’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 instances of noncompliance or other matters
that are required to be reported under Government Auditing Standards and which are described in
the accompanying schedule of findings and questioned costs as items 11-1 and 11-2.
We noted certain matters that we reported to management of the Town in a separate letter dated
November 3, 2011.
The Town’s response to the findings identified in our audit is described in the accompanying
schedule of findings and responses. We did not audit the Town’s responses and, accordingly, we
express no opinion on them.
This report is intended solely for the information and use of management, state and federal
awarding agencies, pass-through entities, and Town Council, and is not intended to be,and should not
be,used by anyone other than these specified parties.
CERTIFIED PUBLIC ACCOUNTANTS
Roanoke, Virginia
November 3, 2011
72
TOWN OF VINTON, VIRGINIA
SUMMARY OF COMPLIANCE MATTERS
June 30, 2011
As more fully described in the 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, we performed tests of the Town’s compliance with certain provisions of laws, regulations,
contracts and grants shown below.
STATE COMPLIANCE MATTERS
Code of Virginia:
Budget and Appropriation Laws
Cash and Investment Laws
Conflicts of Interest Act
Debt Provisions
Local Retirement Systems
Procurement Laws
Uniform Disposition of Unclaimed Property Act
State Agency Requirements:
Highway Maintenance Funds
LOCAL COMPLIANCE MATTERS
Town Charter
73
TOWN OF VINTON, VIRGINIA
SCHEDULE OF FINDINGS AND RESPONSES
Year Ended June 30, 2011
A.FINDINGS –FINANCIAL STATEMENT AUDIT
07-1:Segregation of Duties (Material Weakness)
Condition:
A fundamental concept of internal controls is the separation of duties. No one employee should have
access to both physical assets and the related accounting records, or to all phases of a transaction. A
proper segregation of duties has not been established in functions related to payroll, accounts payable,
accounts receivable, cash disbursements, and computer controls.
Recommendation:
Steps should be taken to eliminate performance of conflicting duties where possible or to implement
effective compensating controls.
Management’s Response:
Management noted this finding. The Finance Director has segregated duties,where practical, and
ensured that the same person does not have complete control or conflicting duties on the different
functions in the department.
B.FINDINGS –COMMONWEALTH OF VIRGINIA
11-1:Highway Maintenance Finding
Condition:
Costs were incurred for the maintenance of an ineligible street.
Recommendation:
Steps should be taken to ensure that work is only done on eligible streets included on the Department
of Transportation’s annual listing of eligible streets for the Town.
Management’s Response:
The auditee concurs.
11-2:Public Works Budget Appropriations
Condition:
Public works expenditures exceeded budgeted appropriations.
Recommendation:
Steps should be taken to ensure that an excess expenditures over budgeted appropriations be approved
by Town Council and the budget amended accordingly.
Management’s Response:
Any excess expenditures over budgeted appropriations will be recommended for budget amendment
to Town Council for approval at a regularly scheduled Town Council meeting.