HomeMy Public PortalAbout21-22 Audit ReportRFP #21-095
Harrison County
CITY OF BRIDGEPORT
(A CLASS III MUNICIPALITY IN HARRISON COUNTY, WEST VIRGINIA)
FINANCIAL STATEMENTS
AND SUPPLEMENTARY INFORMATION
(WITH INDEPENDENT AUDITOR'S REPORT THEREON)
YEAR ENDED JUNE 30, 2022
DAVID L. HOWELL, CPA
PO BOX 458
1740 E. DUPONT AVE
BELLE, WEST VIRGINIA 25015
CITY OF BRIDGEPORT
TABLE OF CONTENTS
Year Ended June 30, 2022
Page
Municipal Officials 1
Schedule of Funds Included in the Financial Report 2
Independent Auditor’s Report 3 - 6
Management’s Discussion and Analysis 7 - 18
Basic Financial Statements:
Statement of Net Position 19
Statement of Activities 20
Fund Financial Statements:
Fund Balance Sheets – Governmental Funds 21
Reconciliation of Fund Balance Sheets – Governmental Funds
to the Statement of Net Position 22
Statement of Revenues, Expenditures, and Changes in Fund Balances –
Governmental Funds 23 - 24
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities 25
Statement of Net Position – Proprietary Funds 26 - 27
Statement of Revenues, Expenses and Changes in Net Position –
Proprietary Funds 28
Statement of Cash Flows – Proprietary Funds 29 - 30
Statement of Fiduciary Net Position - Fiduciary Fund 31
Statement of Changes in Fiduciary Net Position - Fiduciary Fund 32
Notes to Financial Statements 33 - 70
CITY OF BRIDGEPORT
TABLE OF CONTENTS (CONTINUED)
Year Ended June 30, 2022
Page
Required Supplementary Information:
Statement of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – General Fund – Budgetary Basis 71
Statement of Revenues, Expenditures and Changes in Fund Balance –
Budget and Actual – Coal Severance Fund – Budgetary Basis 72
Schedule of Proportionate Share of the Net Pension Liability 73 - 74
Schedule of Pension Contributions 75 - 76
Schedule of Proportionate Share of the Net OPEB Liability 77
Schedule of OPEB Contributions 78
Notes to Required Supplementary Information 79
Supplementary Information:
Combining Fund Balance Sheets – Nonmajor Governmental Funds 80
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances – Nonmajor Governmental Funds 81
Independent Auditor's 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 82 - 83
Schedule of Findings 84
Summary Schedule of Prior Year Audit Findings 85
Office Elective Term Expires
Mayor Andy Lang 6/30/2025
Recorder Harry M. Murrary III 6/30/2023
Council Members Jon Griffith 6/30/2025
Jason Campbell 6/30/2025
Jeffrey Smell 6/30/2023
John S. Wilson, Sr. 6/30/2025
Don Burton 6/30/2023
Appointive
City Manager Brian Newton
Finance Director Sharon Hinkle
Municipal Attorney Dean C. Ramsey
CITY OF BRIDGEPORT
MUNICIPAL OFFICIALS
Year Ended June 30, 2022
Page 1
CITY OF BRIDGEPORT
SCHEDULE OF FUNDS INCLUDED IN THE FINANCIAL REPORT
Year Ended June 30, 2022
GOVERNMENTAL FUNDS
MAJOR FUNDS
General Fund
American Rescue Plan Act Fund
Capital Reserve Fund
Cemetery Trust - Benedum Fund
Coal Severance Tax Fund
PEIA OPEB Reserve Fund
Municipal Sales Tax Fund
Blended Component Units
Bridgeport Public Library
Bridgeport Municipal Building Commission
NON-MAJOR FUNDS
Asset Forfeiture Fund
Cemetery Fund
Unemployment Fund
Development Authority Fund
PROPRIETARY FUNDS
Water Fund
Sewer Fund
FIDUCIARY FUND
Civic Center Trust
Page 2
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor and Council of the
City of Bridgeport
Bridgeport, West Virginia
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities,
the business-type activities, the blended component units, each major fund, and the
aggregate remaining fund information of the City of Bridgeport, West Virginia (the
"City"), as of and for the year ended June 30, 2022, and the related notes to the
financial statements, which collectively comprise the City's basic financial statements
as listed in the table of contents.
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, the blended component units, each major fund, and the
aggregate remaining fund information of the City, as of June 30, 2022, and the
respective changes in financial position, and, where applicable, cash flows thereof for
the year then ended in accordance with accounting principles generally accepted in the
United States of America.
Basis for Opinions
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. Our responsibilities under those standards are further described in the Auditor's
Responsibilities for the Audit of the Financial Statements section of our report. We are
required to be independent of the City and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that
the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial
statements in accordance with accounting principles generally accepted in the United
States of America, and for the design, implementation, and maintenance of internal
control relevant to the preparation and fair presentation of financial statements that are
free from material misstatement, whether due to fraud or error.
Page 3
In preparing the financial statements, management is required to evaluate whether
there are conditions or events, considered in the aggregate, that raise substantial doubt
about the City's ability to continue as a going concern for twelve months beyond the
financial statement date, including any currently known information that may raise
substantial doubt shortly thereafter.
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor's report that includes our opinions. Reasonable assurance
is a high level of assurance but is not absolute assurance and therefore is not a
guarantee that an audit conducted in accordance with generally accepted auditing
standards and Government Auditing Standards will always detect a material
misstatement when it exists. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion,
forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that,
individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and
Government Auditing Standards, we:
!Exercise professional judgment and maintain professional skepticism
throughout the audit.
!Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, and design and perform audit
procedures responsive to those risks. Such procedures include examining,
on a test basis, evidence regarding the amounts and disclosures in the
financial statements.
!Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances, but not for
the purpose of expressing an opinion on the effectiveness of the City's
internal control. Accordingly, no such opinion is expressed.
!Evaluate the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management,
as well as evaluate the overall presentation of the financial statements.
!Conclude whether, in our judgment, there are conditions or events,
considered in the aggregate, that raise substantial doubt about the City's
ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among
other matters, the planned scope and timing of the audit, significant audit findings, and
certain internal control-related matters that we identified during the audit.
Page 4
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that
the management's discussion and analysis, statement of revenues, expenditures and
changes in fund balance - budget and actual - general fund - budgetary basis,
statement of revenues, expenditures and changes in fund balance - budget and actual
- coal severance fund - budgetary basis, schedule of proportionate share of the net
pension liability, schedule of pension contributions, schedule of proportionate share of
the net OPEB liability, schedule of OPEB contributions, and notes to required
supplementary information be presented to supplement the basic financial statements.
Such information is the responsibility of management and, 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.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial
statements that collectively comprise the City's basic financial statements. The
accompanying combining fund balance sheets - nonmajor governmental funds and
combining statement of revenues, expenditures and changes in fund balances -
nonmajor governmental funds are presented for purposes of additional analysis and are
not a required part of the basic financial statements. Such information is the
responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the basic financial statements.
The information has been subjected to the auditing procedures applied in the audit of
the basic financial statements and certain additional procedures, including comparing
and reconciling such information directly to the underlying accounting and other records
used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards
generally accepted in the United States of America. In our opinion, the combining fund
balance sheets - nonmajor governmental funds and combining statement of revenues,
expenditures and changes in fund balances - nonmajor governmental funds are fairly
stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The
other information comprises the introductory and statistical sections but does not
include the basic financial statements and our auditor's report thereon. Our opinions on
the basic financial statements do not cover the other information, and we do not
express an opinion or any form of assurance thereon.
Page 5
In connection with our audit of the basic financial statements, our responsibility is to
read the other information and consider whether a material inconsistency exists
between the other information and the basic financial statements, or the other
information otherwise appears to be materially misstated. If, based on the work
performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report
dated April 12, 2023, on our consideration of the City's internal control over financial
reporting and on our tests of its compliance with certain provisions of laws, regulations,
contracts, and grant agreements and other matters. The purpose of that report is solely
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
effectiveness of the City's internal control over financial reporting or on compliance.
That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering City's internal control over financial reporting and
compliance.
David L. Howell, CPA
Belle, West Virginia
April 12, 2023
Page 6
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS
Year Ended June 30, 2022
The City of Bridgeport’s discussion and analysis (MD&A) is designed to provide an objective and easy
to read analysis of the City’s financial activities based on currently known facts, decisions, or
conditions. It is intended to provide a broad overview on short-term and long-term analysis of the
City’s activities based on information presented in the financial report and fiscal policies that have
been adopted by the City. Specifically, this section is designed to assist the reader in focusing on
significant financial issues, provide an overview of the City’s financial activity, identify changes in the
City’s financial position (its ability to address the next and subsequent year challenges), identify any
material deviations from the approved budget, and identify individual fund issues or concerns.
As with other sections of this financial report, the information contained within this MD&A should be
considered only a part of a greater whole. The reader of this statement should take time to read and
evaluate all sections of this report, including the Notes to the Financial Statements and the other
Required Supplemental Information (RSI) that is provided in addition to this MD&A. The audit report
for the fiscal year ending June 30, 2021, noted no instances of non-compliance by the City of
Bridgeport.
FINANCIAL HIGHLIGHTS
!Total net assets increased $8.4 million, or 5%, over the previous fiscal year. Net assets of
government activities increased $7 million or 6%, while the net assets of business-type
activities increased $1.3 million or 3%. The largest portion of this increase can be attributed
to Net Pension asset (PERS) and Net OPEB asset (PEIA). Deferred inflows of resources
increased overall by $8.7 million, mostly attributable to grant funding and pensions. Total
overall net position $900,092.
!The change in net position before transfers dramatically decreased by $11.3 million, which is
mostly due to the expenditures associated with the completion of The Bridge recreational
center and Public Safety funds; however, the beginning net position offset these increases in
expenditure. Total general revenues were $19,428,600, which is $3 million less than the
previous year. Charges for services within culture and recreation experienced the largest
increase in program revenues of $1.56 million or 208%.
!As of the close of the current fiscal year, the City’s governmental funds reported combined
ending fund balances of $52,544,944. A decrease of $1,024,063 in comparison to last year.
!The City transferred $7,075,291 (including interest earned) into the capital reserve fund,
$6,878,453 of which came from the General Fund; $66,644 from the Water Fund, $94,494
from the Sewer Fund and $35,700 from the Cemetery Fund for the following projects. This
compares to $5,531,072 transferred to the capital escrow fund during the fiscal year ended
June 30, 2021, an increase of $1,544,219.
See independent auditor’s report.
Page 7
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
• $72,879 - One-Time B&O Projects
• $307,504 – One Time ISRC Projects
• $429,977 – One Time Airport B&O Projects
• $44,113 – Unappropriated Interest for future projects
• $267,026 – Hotel Tax for future projects
• $3,001,198 – Future Bridge Sports Complex Projects
• $112,050 – IT and Phone Upgrades, Cameras, and Admin Vehicle
• $1,005,000 – Public Safety Complex and City Hall HVAC
• $36,250 – Police Motorcycle and Laser Scanner
• $247,287 – Fire Department Cascade System, SCBA’s, Replacement Vehicles
• $304,464 – Public Works Equipment and Vehicles
• $1,181,000 – Various Parks and Recreation projects and equipment
• $35,700 – Cemetery projects and equipment
• $30,844 – Library computers, security, and HVAC
!As of the end of the year, the City had a total of $48,011,113 in long term debt. This includes
2005 Lease Revenue Bonds, 2016 MVB Fiber to Home Bonds, 2016 WVEDA Fiber to Home
Bonds, 2017 Lease Revenue Bonds, 2019 Recreation Complex Bonds, and Compensated
Absences. Additional information about long-term debt can be found in the notes to the
financial statements.
OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of four parts – Management’s Discussion and Analysis (this section), the
Basic Financial Statement, Required Supplementary Information, and an optional section that
presents Combining Statements for Non-Major Governmental Funds. The basic financial statements
include two kinds of statements that present different views of the City:
The first two statements are Government-Wide Financial Statements that provide both long-term and
short term information about the City’s overall financial status. The remaining statements are Fund
Financial Statements that focus on individual parts of the City government, reporting operations in
more detail than the government-wide statements and include governmental funds, proprietary funds,
fiduciary funds, and other funds.
!The governmental funds statements tell how general government services such as public
safety and public works were financed in the short-term, as well as what remains for future
spending.
!Proprietary funds statements offer short- and long-term financial information about the
activities the City operates like businesses, such as the Water and Sewer Funds.
!Fiduciary funds statements provide information about the financial relationships in which the
City acts solely as a trustee or agent for the benefits of others to whom the resources in
question belong, such as the Civic Center trust.
See independent auditor’s report.
Page 8
Government-wide
Statements Government Funds Proprietary Funds Fiduciary Funds
Scope
Entire City government
(except fiduciary funds)
The activities of the City
that are not proprietary or
fiduciary, such as public
safety, public works, and
parks
Activities the City
operates similar to
private businesses such
as the Water and Sewer
Departments
Instances in which the
City is the trustee or agent
for someone else’s
resources, such as the
Civic Center Trust
Required Financial
Statements
Statement of Net Position
Statement of Activities
Balance sheet
Statement of Revenue,
Expenditures, and
Changes in Fund Balance
Statement of Net Position
Statement of Revenues,
Expenditures, and
Changes in Net Position
Statement of Cash Flows
Statement of Fiduciary
Net Position
Statement of Changes in
Fiduciary Net Position
Accounting Basis
and Measurement
Focus
Accrual accounting and
economic resources
focus
Modified accrual
accounting and current
financial resources focus
Accrual accounting and
economic resources
focus
Accrual accounting and
economic resources
focus
Type of
Asset/Liability
Information
All assets and liabilities,
both financial and capital,
short-term and long-term
Only assets expected to
be consumed and
liabilities that come due
during the year or soon
thereafter; no capital
assets included
All assets and liabilities,
both financial and capital,
short-term and long-term
All assets and liabilities,
both short-term and long-
term; can include capital
as well as financial assets
Type of
Inflow/Outflow
Information
All revenues and
expenses during the
year, regardless of when
cash is received or paid
Revenues for which cash
is received during or soon
after the end of the year;
expenditures when goods
and services have been
received and payment is
due during the year or
soon thereafter
All revenues and
expenses during the year,
regardless of when cash
is received or paid
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
!Other funds include the Unemployment Compensation fund which is a fund established by
the City to pay for any unemployment claims.
The financial statements also include other notes that explain some of the information in the financial
statements and provide more detailed data. In addition to these required elements, there is also a
section with combining statements that provides details about non-major governmental funds, each
of which are added together and presented in a single column in the basic financial statements. These
non-major governmental funds are Cemetery, Development Authority Fund, Asset Forfeiture, and
Unemployment.
The following is a summary of the major features of the City’s financial statements, including the
portion of City government they cover and the types of information they contain:
See independent auditor’s report.
Page 9
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
Government-Wide Statements
The government-wide statements report information about the City as a whole using accounting
methods similar to those used by private-sector companies. The statement of net position includes
all of the City's assets and liabilities but does not include those of the fiduciary funds. The statement
of activities includes all of the City's current year revenues and expenses on a full-accrual basis.
The two government-wide statements report the City's net position - the difference between assets
and liabilities - and the change in net position. Net position and the change therein are one way to
measure the City's financial health or position:
!Over time, increases or decreases in net position are an indication of whether the City’s
financial health is improving or deteriorating, respectively.
!However, to assess the overall health of the City, additional non-financial factors, such
as changes to the City’s economic or tax base must be considered.
The City’s government-wide financial statements are divided into two categories:
!Governmental activities - Most of the City's basic services are included here, such as
police, fire, public works, parks, and general administration. Business and occupation
taxes, property taxes, and utility taxes finance approximately 64% of these activities.
!Business-type activities - The City's Water and Sewer Departments. Charges for services
are expected to cover the full cost of operations of these activities, including capital
maintenance.
Fund Financial Statements
The fund financial statements provide more detailed information about the City's most significant
funds - not the City. Funds are accounting devices that the City uses to keep track of specific sources
of funding and spending for particular purposes. Some funds are required by state law, bond
covenants, or grant agreements. Other funds may be established to control and manage monies for
particular purposes and to show that such designated revenues are properly used.
The City has three kinds of funds as follows:
!Governmental Funds - Included in the City's governmental funds are the General Fund,
Special Revenue Funds, and Capital Reserve Funds. These funds are used to account
for the City's basic financial services and provide a detailed, short-term view. The focus
is on how cash and assets that can readily be converted to cash flow in and out and the
balances left at fiscal year end that can be appropriated. Because this information does
not include the additional long-term focus of the government-wide statements,
reconciliation is presented at the end of the governmental funds statement that details the
differences between the two focuses.
See independent auditor’s report.
Page 10
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
!Proprietary Funds – Activities for which user charges are made and which are expected
to cover the cost of the services provided are reported in proprietary funds. Proprietary
funds provide both long and short-term financial information and are presented on the
full-accrual basis of accounting. The City’s proprietary funds are its two enterprise funds
established for the Water and Sewer Departments. These funds are the same as the
City’s business-type activities, but the fund statements provide more detail and additional
information, including information on cash flows.
!Fiduciary Funds – The City is the trustee, or fiduciary, for the Civic Center Trust Fund.
The City is responsible for ensuring that the assets reported in these funds are used for
their intended purpose. All of the City’s fiduciary activities are reported in the statement
of fiduciary net position and the statement of changes in fiduciary net position. These
funds are not included in the City’s government-wide financial statements because the
City cannot use these assets to finance its operations.
FINANCIAL ANALYSIS OF THE CITY AS A WHOLE
Net Position
The net position may serve over time as a useful indicator of a municipalities financial position. The
City’s combined net position increased by $900,092 to $122,463,261. Key elements of the increase
are as follows:
!An increase in total assets of $8,415,614, including an increase in cash of $6,804,256,
a decrease in investments of $2,873,973, and an increase in net capital assets of
$356,386.
!A decrease in total liabilities of $955,143, including an increase in accounts payable of
$100,741, and an increase in accrued expenses of $6,550. Long term liability decreased
due to debt payments.
!Deferred outflows increased by $274,308. Deferred inflows increased by $8,744,973,
mostly related to grants and pension funds.
The net position of the governmental activities slightly decreased over the previous year to
$78,168,547. The net position of the business-type activities increased 3% over the previous year to
$44,294,714. Net position invested in capital assets is reflective of capital assets, net of accumulated
depreciation less any remaining debt that was used for the purchase of these assets. Net position
restricted for capital projects include customer advances received and sinking funds for debt service.
See independent auditor’s report.
Page 11
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
Governmental Activities
The City of Bridgeport uses a Comprehensive Plan and annual Strategic Planning Conference to
establish the needs and goals of our community. These needs and goals are used to help prepare
the annual budget, our Capital Reserve budget and to allocate one-time revenues. It is the City
Council’s and administration’s budget philosophy that one-time revenues should be used for one-time
expenditures and should not be incorporated into the budget to pay for ongoing operating expenses
of the city.
The Bridge Sports Complex began full operation in July 2021. This new complex and the existing
outdoor complex are located on 125 acres of city-owned land in Charles Point. As part of a
sponsorship agreement, the new indoor facility was recently named the Citynet Center. There are
3,500 square feet of indoor turf field with retractable batting cages and pitching machines. This indoor
turf field contains markings for soccer, football, lacrosse, and baseball with a digital scoreboard. The
UHC Aquatics Center features two state-of-the-art swimming pools: a 25 meter by 25-yard ten lane
competition pool and a 25-yard recreational warmup pool. The Bridge’s Clip n’ Climb area mimics
traditional climbing in a safe, controlled environment suitable for children and adults. The WesBanco
fieldhouse has six hardwood multi-sport courts and advanced sporting equipment that features
basketball, volleyball, and pickleball configurations. The indoor Fitness Center has an elevated
walking track, cardio equipment, strength equipment, free weights, and group fitness classes.
The Bridgeport Recreation Complex, which has become part of the Bridge Sports Complex campus,
marked the 10th year of operation in 2022. The complex experienced another successful year in
which 14 tournaments were held during the baseball season. These various tournaments brought
teams in from at least six different states and the complex had activity almost every weekend from
march to November. In addition to these tournaments, Bridgeport Little League, Challenger League
and three travel baseball teams including the WV Patriot Baseball team conducted their regular
season practices and games at the complex. We also host the home games for the Fairmont State
University Baseball team. It is estimated that the impact to our economy and community from the
recreation complex runs just over a million dollars spent in area hotels, restaurants, gas stations, our
local mall, etc. Once the baseball season was completed, the complex remained busy with local youth
football, soccer, lacrosse, and cross-country track utilizing our multi-purpose field. This area has seen
great improvements including a concession stand, T-Ball field and C-Ball field sharing outfields with
soccer and open green space. Many other events such as 5K races, color runs, law enforcement
training and running clubs utilize the nearly 1-mile walking trail that encompasses the complex. The
city has continued its aggressive and professional turf management program to keep the complex as
one of the premier facilities of this nature in the state and region.
The City has obtained additional grants for trail systems for non-vehicular connectivity throughout
Bridgeport. The current Virginia Ave (Rt 58) trail is upon completion with an 80/20 share between the
WVDOH and the City of Bridgeport. The total expenditures for the year for this project have been
approximately $336k. Next fiscal year will close out the grant funding for this project with anticipated
costs of $295k remaining. A Transportation Alternative Grant has also been received for a trail to be
See independent auditor’s report.
Page 12
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
constructed from The Bridge Sports Complex to Compton Park. The funds awaiting expenditure for
this grant are approx. $725k. This project remains in the preliminary planning phase and is estimated
to start designing during 2023 fiscal year.
The City continues to realize that its future growth will come from the availability of infrastructure. Over
the last several years, many infrastructure grants have addressed the United Hospital Center campus,
Bridgeport Public Safety Complex, and the upgrades at the North Central Regional Airport. Further
grants have been obtained by the North Central Regional Airport to expand their operations into a new
terminal to be built along the Northeastern side of the runway with access from WV Rt. 279. The water
supply is adequate for the expansion, while upgraded sanitary sewer appurtenances will be
necessary. Funding for these modifications will be provided by the federal grants obtained by the
airport for the expansion.
In 2017, the City of Bridgeport contracted with a local engineering firm to complete a new
Comprehensive Plan, which was adopted in 2019. State code requires that the city review and update
this plan on a regular basis. This plan is a document that will help facilitate and drive the direction of
the city. Public opinion was sought via various meetings, a survey, and individuals representing
various sectors were also interviewed. Areas addressed in the plan include issues of housing,
economic development, land use, infrastructure, and recreation. Major trends and issues were
identified. Through the Comprehensive Plan study, it was determined that we are one of the few cities
in West Virginia which is growing and growing quickly. City Council and City Administration
incorporated the information presented in the comprehensive plan in the budget process for the fiscal
year ending June 30, 2022.
The chart below illustrates the City’s revenues for the fiscal year ended June 30, 2022. Revenues for
the City’s governmental activities totaled $27,790,363. The dramatic decrease is due to the
completion The Bridge Sports Center and less bond proceeds collected.
See independent auditor’s report.
Page 13
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
The chart below illustrates the City’s expenditures for the fiscal year ended June 30, 2022. Total
expenditures for governmental activities totaled $28,956,756, which compared to last year is
significantly less due to the completion of The Bridge Complex.
Business-Type Activities
Business-Type activities include the proprietary funds of the City of Bridgeport consisting of the Water
and Sewer Funds. There are currently no bonds outstanding for the water or sewer funds and no
immediate concern for rate increases although the city supplier, Clarksburg Water Board has passed
several rate increases. The last rate increase that was approved by council was in 2015.
The City continues progress on its long-term control plan (LTCP) which lists planned infrastructure
improvements through the year 2032. This LTCP is a list of projects through phases implemented to
minimize overflows from sanitary and storm water flowing into our sewage treatment plant. These
improvements will provide greater flow into our sewer plant and help to reduce the number of
overflows into Simpson Creek. The city completed maintenance and/or upgrades at the sewer plant,
various sewer line projects, water line projects, storm drain projects, electric lighting installation,
asphalt street paving, sidewalk replacement, line striping, and concrete street repairs. The total worth
of this investment through internal work and contract completion for 2021-2022 is approximately $2.2
million. For the fiscal year 2022-2023, the City anticipates the worth of work to exceed $2.6 million.
See independent auditor’s report.
Page 14
American Municipal
Rescue Capital Cemetery Coal PEIA Municipal Public Building
General Plan Reserve Trust - Severance OPEB Sales Tax Library Commission Nonmajor Total
Committed -$ - - 6,951,889 - - - - - - 6,951,889
Assigned - 3,978 23,185,023 - 23,138 2,231,297 2,884,730 18,805 300,647 2,203,863 30,851,481
Unassigned 14,760,379 - - - - - - - - - 14,760,379
TOTAL 14,760,379$ 3,978 23,185,023 6,951,889 23,138 2,231,297 2,884,730 18,805 300,647 2,203,863 52,563,749
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
FINANCIAL ANALYSIS OF THE CITY’S FUNDS
As stated earlier, the fund financial statements provide more detailed information about the City and
keeps track of specific sources of funding and spending. Some funds are required by state law, bond
covenants, or grant agreements. Other funds may be established to control and manage monies to
show that designated revenues are properly used.
Fund balances serve as a useful measure of the City’s net resources available for spending at the end
of the year. Fund balances of the Governmental funds are as follows on June 30, 2022:
The overall fund balance decreased from $53,569,007 to $52,563,749. Most notable of these changes
include, the general fund decreased by $651,459; the capital reserve fund increased by $14,405,759;
and municipal sales fund decreased by $4,836,963 (completion of The Bridge Sports Complex).
General Fund Budgetary Highlights
Over the course of the year, City Council revised the City’s General Fund budget. These budget
revisions fall into two categories:
!Amendments and supplemental appropriations approved shortly after the beginning of
the year to reflect the actual beginning account balances.
!Revisions made during the year to account for additional revenue received and to
increase appropriations to prevent budget overruns.
CAPITAL ASSET AND DEBT ADMINISTRATION
Capital Assets
Governmental activities reported net capital assets at June 30, 2022 in the amount of $65,438,621.
It should be noted that construction-in-process category had a zero ending balance with the
completion of The Bridge Sports Complex, which was also a significant addition to the building
category. The Business Type activities ended the year with net capital assets of $10,408,527 (water)
and $16,321,298 (sewer).
See independent auditor’s report.
Page 15
ISSUE
G G
BALANCE
AS OF JULY 01, 2021
INTEREST
RATE MATURITY DATE
OU S G
BALANCE AS OF
JUNE 30, 2022
2005 Lease Revenue
Bonds $531,811 5.94% March 15, 2026 $431,818
2016 Fiber Project
Bonds – MVB Bank
$5,000,000 $1,844,293 5.50% May 3, 2026 $1,692,292
2016 WVEDA Fiber to
Home Bonds
$3,000,000 $2,648,689
10 Yr.
Treasury plus
3/4% 2030 $2,307,049
2018 Greater
Bridgeport CVB Bonds $3,297,126 3.10% September 8, 2037 $3,141,066
2019 Rec Complex
Bonds
$39,502,823 $37,444,709 2.95% November 15, 2048 $39,637,000
Accrued Compensated
Absences $836,174 n/a n/a $801,888
Total $46,602,802 $48,011,113
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
Long-Term Debt
At the end of the fiscal year ending June 30, 2022, the City had $48,011,113 in long-term debt. This
debt is broken down as follows:
The Bridgeport Development Authority which is a component unit of the City of Bridgeport has been
used as a conduit to borrow $5 million for a “Fiber to Home” project from MVB Bank at an interest rate
of 5.5%. The Bridgeport Development Authority has also been approved for a $3 million bond at an
interest rate of a ten-year US Treasury Security plus ¾ percent, from the WV Economic Development
Authority that is to be used to pay off $3 million of the original $5 million bond. The Development
Authority has entered into an agreement with Citynet, LLC for this project. Citynet, LLC will make all
payments for the bond and will retain ownership of the fiber system. They are also a conduit for the
funding for the Convention and Visitors Bureau building which was constructed at Charles Pointe.
The City Council, as well as the Bridgeport Municipal Building Commission and the Bridgeport
Development Authority have all taken action to pursue the sale of the current Convention Visitors
Building (CVB). The City is currently the lessor of the CVB that is not fully occupied after the departure
of Fairmont State University.
Additional information concerning Long-term debt can be found in the audit report.
ECONOMIC FACTORS AND NEXT YEAR’S BUDGET RATES
Over the past several years, the city has maintained enough growth to surpass the national CPI and
has been able to cover increased costs for employee benefits and additional costs of operations.
Bridgeport City Council has had several discussions concerning the continued practice of utilizing
See independent auditor’s report.
Page 16
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
one-time revenues for one-time expenses. Management has continued to follow this concept and has
not used one-time revenues for ongoing operating expenses to date.
In March of 2023, Bridgeport City Council will determine a budget for the fiscal year beginning July
01, 2023. In January 2023, staff will make final budget projections for revenues and expenses for the
next fiscal year.
In February of 2018, the city had an Excess Levy election for the five-year period beginning July 01,
2018, through July 01, 2024. City residents approved the five-year levy which is anticipated to
generate approximately $1,612,810 per year to help fund six key areas of city operations. The renewal
election will be held in June 2023.
A. 10% is allocated to maintain, operate, and improve the Bridgeport Parks and Recreation
Department.
B. 30% is allocated to resurface existing city streets.
C. 15% is allocated to maintain and operate the Bridgeport Public Library.
D. 5% is allocated to construct, maintain, and repair sidewalks.
E. 30% is allocated to provide funds for Public Safety, Police, Fire and Emergency Services.
F. 10% is allocated to provide funds to construct, maintain and repair storm drains.
Another issue that may affect future budgets in the City of Bridgeport is the outcome of the vote for
Amendment Two that amends the state’s constitution to take property taxing authority away from local
communities and give significant power to the state legislature. These taxes are essential for providing
public services such as public libraries, police and fire protection, and parks and recreation. The
elimination of this tax could adversely affect the current Excess Levy and the Regular tax collections
by approximately $1.3 million dollars. At this point, the amendment failed, but efforts continue to
reduce some property taxes.
For the period July 1, 2021 through June 30, 2022, the city had approximately $54,124,959 in
estimated new construction projects. Some of the notable projects exceeding $500,000 include:
!North Central Airport Site/Infrastructure - $12,187,408
!New Home Construction - $9,983,034
!United Hospital Center Expanded Parking and Trail - $5,685,946
!City of Bridgeport Turf Field and Lighting - $2,407,627
!Lexington Circle Phase II Infrastructure - $2,351,303
!Dan Cava Renovations - $1,565,986
!Anderson Equipment Interior Renovations - $1,542,986
!City of Bridgeport Water Storage Tank - $1,249,300
!United Hospital Center Endocrinology Addition - $1,090,000
!Unlimited Car Wash Construction - $985,000
!WV Department of Highways Rest Stop Renovations - $943,243
!Benedum Airport Authority - $745,000
!City of Bridgeport Walking Trail - $730,475
!Dominion Energy New Gas Lines - $644,128
See independent auditor’s report.
Page 17
CITY OF BRIDGEPORT
MANAGEMENT’S DISCUSSION AND ANALYSIS (CONTINUED)
In the FY 23 fiscal year, the city anticipates that the new terminal at the North Central WV Airport will
begin construction. The North Central WV Airport has spent $12 million dollars on site prep, grading
and infrastructure to prepare for the new terminal building. The city is also waiting for construction to
commence on the new Menard’s facility. It has been five years since the developer announced that
Menard’s was locating to Bridgeport. Due to the pandemic, this project has been pushed back,
however; a “Menard’s Coming Soon” sign has recently been constructed. The developer has informed
us that construction is expected to begin early in 2023. In 2018, the developer expended $12 million
to prepare the site pad and moved 4 million cubic yards of earth.
The city currently operates two trust funds. The Cemetery Trust has assets of approximately
$6,951,889, which has lost value over the last year. Revenue from this fund is used to help operate
and maintain the Bridgeport Cemetery. We anticipate that income generated from within the Cemetery
and revenues from the Trust will be sufficient to enable the City to continue to operate this perpetual
care Cemetery without obligating any General funds to the operation. The city also operates a Civic
Center Trust which is currently valued at approximately $1,592,225 and has lost value over the year.
This trust serves as an emergency fund that City Council can use to provide and meet emergency
needs for the Benedum Civic Center operations and facilities.
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, and investors and
creditors with a general overview of the City’s finances and to show the City’s accountability for the
money it receives. If you have any questions about this report or need additional financial information,
contact the Finance Director at the City of Bridgeport, P.O. Box 1310, Bridgeport, WV 26330.
See independent auditor’s report.
Page 18
Business -
Type
Activities Total
Assets
Current:
Cash $ 37,618,480 17,644,404 55,262,884
Investments 13,916,692 - 13,916,692
Restricted assets 1,131,367 - 1,131,367
Receivables 12,138,793 606,991 12,745,784
Inventory - 162,926 162,926
Noncurrent:
Net pension asset (MPFRS) 499,285 - 499,285
Net pension asset (PERS) 3,421,822 599,028 4,020,850
Net OPEB asset 29,289 5,191 34,480
Capital assets, net 65,438,621 26,729,825 92,168,446
Total assets 134,194,349 45,748,365 179,942,714
Deferred Outflows of Resources
Deferred outflows related to PERS 1,729,857 302,831 2,032,688
Deferred outflows related to MPFRS 211,278 - 211,278
Deferred outflows related to OPEB 233,824 41,444 275,268
Total deferred outflows of resources 2,174,959 344,275 2,519,234
Liabilities
Accounts payable 97,274 12,566 109,840
Accrued expenses 410,560 78,306 488,866
Long-term liabilities:
Due within one year 1,707,583 17,962 1,725,545
Due in more than one year 46,303,530 722,028 47,025,558
Total liabilities 48,518,947 830,862 49,349,809
Deferred Inflows of Resources
Deferred inflows - grants 3,908,497 - 3,908,497
Deferred inflows related to PERS 4,453,170 779,577 5,232,747
Deferred inflows related to MPFRS 241,654 - 241,654
Deferred inflows related to OPEB 1,057,790 187,487 1,245,277
Total deferred inflows of resources 9,661,111 967,064 10,628,175
Net Position
Net investment in capital assets 65,438,621 26,729,825 92,168,446
Restricted 1,131,367 - 1,131,367
Unrestricted 11,619,262 17,564,889 29,184,151
Total net position $ 78,189,250 44,294,714 122,483,964
Activities
Governmental
CITY OF BRIDGEPORT
STATEMENT OF NET POSITION
June 30, 2022
See accompanying notes and independent auditor’s report.
Page 19
Charges Operating Capital Business-
for Grants and Grants and Governmental Type
Functions/Programs Services Contributions Contributions Activities Activities Total
Primary Government:
Governmental activities
General government $ 2,291,594 69,426 622,164 - (1,600,004) - (1,600,004)
Public safety 6,342,007 1,854,704 890,582 - (3,596,721) - (3,596,721)
Streets and transportation 2,989,541 - - - (2,989,541) - (2,989,541)
Health and sanitation 345,706 - - - (345,706) - (345,706)
Culture and recreation 13,442,410 2,326,239 - - (11,116,171) - (11,116,171)
Social services 38,077 284,542 - - 246,465 - 246,465
Total governmental activities 25,449,335 4,534,911 1,512,746 - (19,401,678) - (19,401,678)
Business-type activities
Water 3,086,299 3,444,762 - - - 358,463 358,463
Sewer 2,851,847 3,387,257 - - - 535,410 535,410
Total business-type activities 5,938,146 6,832,019 - - - 893,873 893,873
Total primary government $ 31,387,481 11,366,930 1,512,746 - (19,401,678) 893,873 (18,507,805)
General Revenues
Taxes and special assessments:
Ad valorem 4,581,399 - 4,581,399
Excise tax 554,816 - 554,816
Business and occupation tax 8,838,843 - 8,838,843
Wine and liquor tax 332,735 - 332,735
Animal control tax 3,251 - 3,251
Hotel occupancy tax 1,073,709 - 1,073,709
Municipal sales tax 4,942,723 - 4,942,723
Gas and oil severance tax 17,225 - 17,225
License and permits 381,643 - 381,643
Franchise fees 85,756 - 85,756
Interest and investment earnings (2,330,399) 16,108 (2,314,291)
Miscellaneous 653,373 277,418 930,791
Transfers in (out) 161,138 (161,138) -
Total general revenues 19,296,212 132,388 19,428,600
Change in net position (105,466) 1,026,261 920,795
Net position - beginning 78,294,716 43,268,453 121,563,169
Net position - ending 78,189,250$ 44,294,714 122,483,964
Expenses
Program Revenues
Net Revenues (Expenses) and
Changes in Net Position
Primary Government
CITY OF BRIDGEPORT
STATEMENT OF ACTIVITIES
Year Ended June 30, 2022
See accompanying notes and independent auditor’s report.
Page 20
American Cemetery PEIA Bridgeport Total
Rescue Capital Trust - Coal OPEB Municipal Bridgeport Municipal Nonmajor
Plan Act Reserve Benedum Severance Reserve Sales Tax Public Building Governmental
Fund Fund Fund Fund Fund Fund Library Commission Funds Total
Cash $ 7,425,201 3,912,475 23,186,184 - 10,817 - 1,084,189 22,527 - 1,977,087 37,618,480
Restricted assets - - - - - - 608,091 - 300,647 222,629 1,131,367
Investments 4,737,639 - - 6,947,756 - 2,231,297 - - - - 13,916,692
Receivables, net of allowance:
Taxes 2,494,232 - - - - - 1,206,581 - - - 3,700,813
Accounts 825,227 - - 4,133 12,321 - - - - 17,624 859,305
Grants 6,449 - - - - - - - - - 6,449
Total assets $ 15,488,748 3,912,475 23,186,184 6,951,889 23,138 2,231,297 2,898,861 22,527 300,647 2,217,340 57,233,106
LIABILITIES, DEFERRED INFLOWS OF
RESOURCES AND FUND BALANCES
Liabilities:
Accounts payable $ 92,395 - 1,161 - - - 1,374 1,824 - 520 97,274
Accrued expenses 395,445 - - - - - 5,247 - - 9,868 410,560
Accrued compensated absences 123,380 - - - - - 7,510 - - 3,089 133,979
Total liabilities 611,220 - 1,161 - - - 14,131 1,824 - 13,477 641,813
Deferred Inflows of Resources:
Deferred revenue - taxes 117,149 - - - - - - - - - 117,149
Deferred revenue - grants - 3,908,497 - - - - - - - - 3,908,497
Total deferred inflow of resources 117,149 3,908,497 - - - - - - - - 4,025,646
Fund Balances:
Committed - - - 6,951,889 - - - - - - 6,951,889
Assigned - 3,978 23,185,023 - 23,138 2,231,297 2,884,730 20,703 300,647 1,883,770 30,533,286
Restricted - - - - - - - - - 320,093 320,093
Unassigned 14,760,379 - - - - - - - - - 14,760,379
Total fund balances 14,760,379 3,978 23,185,023 6,951,889 23,138 2,231,297 2,884,730 20,703 300,647 2,203,863 52,565,647
$ 15,488,748 3,912,475 23,186,184 6,951,889 23,138 2,231,297 2,898,861 22,527 300,647 2,217,340 57,233,106
General
Fund
of resources and fund balances
ASSETS
Total liabilities, deferred inflows
CITY OF BRIDGEPORT
FUND BALANCE SHEETS – GOVERNMENTAL FUNDS
June 30, 2022
See accompanying notes and independent auditor’s report.
Page 21
Total fund balances - fund level statement June 30, 2022 $ 52,565,647
The total fund balances of the City of Bridgeport's governmental funds differ from the
total net position of governmental activities reported on the Statement of Net
Position as follows:
Some receivables are not due and receivable in the current period and therefore,
are not reported in the fund level statements:
Bonds receivable 7,572,225
Some assets/ liabilities are not due and payable in the current period and therefore,
are not reported in the fund level statements:
Bonds payable (47,209,225)
Net pension asset (PERS) 3,421,822
Net pension asset (MPFRS) 499,285
Net OPEB asset 29,289
Accrued compensated absences (667,908)
The cost of purchased or constructed capital assets that are used in the governmental
activities are reported as expenditures in the governmental funds. However, the Statement
of Net Position includes those assets and their associated accumulated depreciation. 65,438,621
Some revenues are reported as deferred in the governmental funds:
Deferred revenue 117,149
Deferred inflows and outflows related to pension activity are not required to be reported
in the funds but are required to be reported at the government-wide level:
Deferred outflows related to pension 1,729,857
Deferred outflows related to MPFRS 211,278
Deferred outflows related to OPEB 233,824
Deferred inflows related to pension (4,453,170)
Deferred inflows related to MPFRS (241,654)
Deferred inflows related to OPEB (1,057,790)
Net position of governmental activities $ 78,189,250
CITY OF BRIDGEPORT
RECONCILIATION OF FUND BALANCE SHEETS – GOVERNMENTAL FUNDS TO THE
STATEMENT OF NET POSITION
June 30, 2022
See accompanying notes and independent auditor’s report.
Page 22
American Cemetery PEIA Bridgeport Total
Rescue Capital Trust - Coal OPEB Municipal Bridgeport Municipal Nonmajor Total
Plan Act Reserve Benedum Severance Reserve Sales Tax Public Building Governmental Governmental
Fund Fund Fund Fund Fund Fund Library Commission Funds Funds
Revenues
Taxes and special assessments:
Ad valorem $ 4,521,914 - - - - - - - - - 4,521,914
Excise tax 554,816 - - - - - - - - - 554,816
Business and occupation tax 8,838,843 - - - - - - - - - 8,838,843
Wine and liquor tax 332,735 - - - - - - - - - 332,735
Animal control tax 3,251 - - - - - - - - - 3,251
Hotel occupancy tax 1,073,709 - - - - - - - - - 1,073,709
Sales tax - - - - - - 4,942,723 - - - 4,942,723
Gas and oil severance tax 17,225 - - - - - - - - - 17,225
License and permits 381,643 - - - - - - - - - 381,643
Charges for services 1,955,693 - - - - - 2,117,290 6,836 - 284,542 4,364,361
Fines and forfeits 153,094 - - - - - - - - - 153,094
Confiscated property - - - - - - - - - 17,456 17,456
Bond proceeds - - - - - - 2,792,291 - - - 2,792,291
Intergovernmental:
Federal 66,325 - 311,505 - - - - - - - 377,830
State 544,171 - - - 36,480 - - 41,513 - - 622,164
Investment income (loss) (518,449) 3,978 45,311 (1,626,479) 20 (253,844) 14,206 - 30 4,828 (2,330,399)
Contributions 435,927 - - - - - - 76,825 - - 512,752
Franchise fee 85,756 - - - - - - - - - 85,756
Miscellaneous 537,122 - - 6,634 - 3,635 96,621 - - 9,361 653,373
Total revenues $ 18,983,775 3,978 356,816 (1,619,845) 36,500 (250,209) 9,963,131 125,174 30 316,187 27,915,537
General
Fund
CITY OF BRIDGEPORT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS
Year Ended June 30, 2022
See accompanying notes and independent auditor’s report.
Page 23
American Cemetery PEIA Bridgeport Total
Rescue Capital Trust - Coal OPEB Municipal Bridgeport Municipal Nonmajor Total
General Plan Act Reserve Benedum Severance Reserve Sales Tax Public Building Governmental Governmental
Fund Fund Fund Fund Fund Fund Fund Library Commission Funds Funds
Expenditures
General government $ 2,352,707 - 203,516 - 20,196 6,429 - - - 2,500 2,585,348
Public safety 7,300,766 - 391,400 - - - - - - 1,298 7,693,464
Street and transportation 2,876,359 - 135,754 - - - - - - - 3,012,113
Health and sanitation - - - - - - - - - 393,518 393,518
Culture and recreation 2,975,426 - 458,719 - - - 11,800,094 123,276 - - 15,357,515
Social services - - - 38,077 - - - - - - 38,077
Total expenditures 15,505,258 - 1,189,389 38,077 20,196 6,429 11,800,094 123,276 - 397,316 29,080,035
Excess (deficiency) of revenues
over (under) expenditures 3,478,517 3,978 (832,573) (1,657,922) 16,304 (256,638) (1,836,963) 1,898 30 (81,129) (1,164,498)
Other Financing Sources (Uses)
Operating transfers in - - 7,285,914 24,076 - - - - - 528,948 7,838,938
Operating transfers (out) (4,129,976) - (59,100) (428,948) - - (3,000,000) - - (59,776) (7,677,800)
Total other financing sources (uses) (4,129,976) - 7,226,814 (404,872) - - (3,000,000) - - 469,172 161,138
Net change in fund balances (651,459) 3,978 6,394,241 (2,062,794) 16,304 (256,638) (4,836,963) 1,898 30 388,043 (1,003,360)
Fund balance at beginning of year 15,411,838 - 16,790,782 9,014,683 6,834 2,487,935 7,721,693 18,805 300,617 1,815,820 53,569,007
Fund balance at end of year $ 14,760,379 3,978 23,185,023 6,951,889 23,138 2,231,297 2,884,730 20,703 300,647 2,203,863 52,565,647
CITY OF BRIDGEPORT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES – GOVERNMENTAL FUNDS (CONTINUED)
Year Ended June 30, 2022
See accompanying notes and independent auditor’s report.
Page 24
Net change in fund balances - total governmental funds $ (1,003,360)
Amounts reported for governmental activities in the Statement of Activities are
different because:
Governmental funds report capital outlays as expenditures while governmental
activities report depreciation expense to allocate those expenditures over the
life of the assets. This is the amount by which depreciation exceeded capital
outlays in the current period. 875,589
Revenues in the Statement of Activities that do provide current financial
resources are not reported as revenues in the fund level statements:
Change in bonds receivable (749,695)
Some revenues are reported as deferred in Governmental Funds:
Change in deferred revenue 59,485
Repayment of bonds payable is an expenditure of the governmental funds, but the
repayment reduces long-term liabilities in the Statement of Net Position
Net proceeds from long-term borrowing (2,792,291)
Repayment of long-term borrowing 1,349,694
Some expenses 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.
Change in accrued compensated absences 30,899
Certain pension and OPEB expenses in the statement of activities are recognized
on the accrual basis of accounting
Amount of PERS expenditures at fund level 766,419
Amount of MPFRS expenditures at fund level 118,433
Amount of OEPB expenditures at fund level 1,165,359
Amount of PERS expenses at recognized government-wide level 584,272
Amount of MPFRS expenses at recognized government-wide level 62,019
Amount of OEPB expenses recognized at government-wide level (572,289)
Change in net position of governmental activities $ (105,466)
CITY OF BRIDGEPORT
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN
FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
Year Ended June 30, 2022
See accompanying notes and independent auditor’s report.
Page 25
Sewer
Fund Total
Current assets:
Cash $ 5,462,960 12,181,444 17,644,404
Receivables, net of allowances:
Accounts 290,393 316,598 606,991
Inventory 118,994 43,932 162,926
Total current assets 5,872,347 12,541,974 18,414,321
Noncurrent assets:
Capital assets:
Land 228,247 94,914 323,161
Building and equipment 20,088,041 36,738,946 56,826,987
Less: accumulated depreciation (9,907,761) (20,512,562) (30,420,323)
Total capital assets, net 10,408,527 16,321,298 26,729,825
Net pension asset - PERS 242,603 356,425 599,028
Net OPEB asset 2,321 2,870 5,191
Total noncurrent assets 10,653,451 16,680,593 27,334,044
Total assets 16,525,798 29,222,567 45,748,365
Deferred Outflows of Resources
Deferred outflows related to pension - PERS 122,645 180,186 302,831
Deferred outflows related to OPEB 18,528 22,916 41,444
Total deferred outflows of resources 141,173 203,102 344,275
Current liabilities:
Accounts payable $ 5,679 6,887 12,566
Accrued expenses 29,618 48,688 78,306
Accrued compensated absences 5,089 12,873 17,962
Total current liabilities 40,386 68,448 108,834
Noncurrent liabilities:
Customer advances for construction 273,652 358,565 632,217
Accrued compensated absences 25,447 64,364 89,811
Total noncurrent liabilities 299,099 422,929 722,028
Total liabilities 339,485 491,377 830,862
Assets
Liabilities
Fund
Water
CITY OF BRIDGEPORT
STATEMENT OF NET POSITION – PROPRIETARY FUNDS
June 30, 2022
See accompanying notes and independent auditor’s report.
Page 26
Sewer
Fund Total
Deferred Inflows of Resources
Deferred inflows related to pension - PERS 315,725 463,852 779,577
Deferred inflows related to OPEB 83,818 103,669 187,487
Total deferred inflows of resources 399,543 567,521 967,064
Net Position
Net investment in capital assets 10,408,527 16,321,298 26,729,825
Unrestricted 5,519,416 12,045,473 17,564,889
Total net position $ 15,927,943 28,366,771 44,294,714
Fund
Water
CITY OF BRIDGEPORT
STATEMENT OF NET POSITION – PROPRIETARY FUNDS (CONTINUED)
June 30, 2022
See accompanying notes and independent auditor’s report.
Page 27
Sewer
Fund Total
Operating Revenues
Charges for services $ 3,444,762 3,387,257 6,832,019
Miscellaneous 159,643 103,204 262,847
Total operating revenues 3,604,405 3,490,461 7,094,866
Operating Expenses
Operation and maintenance 2,408,086 1,746,122 4,154,208
Depreciation 678,213 1,105,725 1,783,938
Total operating expenses 3,086,299 2,851,847 5,938,146
Operating Income (Loss) 518,106 638,614 1,156,720
Nonoperating Revenues (Expenses)
Interest 13,331 2,777 16,108
Miscellaneous 11,107 3,464 14,571
Total nonoperating revenues (expenses) 24,438 6,241 30,679
Income before transfers and nonoperating grants 542,544 644,855 1,187,399
Operating transfers in (out) (66,644) (94,494) (161,138)
Change in net position 475,900 550,361 1,026,261
Net position, beginning of year 15,452,043 27,816,410 43,268,453
Net position, end of year $ 15,927,943 28,366,771 44,294,714
Fund
Water
CITY OF BRIDGEPORT
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION –
PROPRIETARY FUNDS
Year Ended June 30, 2022
See accompanying notes and independent auditor’s report.
Page 28
Sewer
Fund Total
Cash Flows from Operating Activities
Receipts from customers $ 3,620,721 3,497,707 7,118,428
Payments to suppliers (1,793,126) (679,380) (2,472,506)
Payments to employees (782,316) (1,208,960) (1,991,276)
Net cash provided (used) by operating activities 1,045,279 1,609,367 2,654,646
Cash Flows from Noncapital Financing Activities
Transfers to other funds (66,644) (94,494) (161,138)
Net cash provided (used) by noncapital financing activities (66,644) (94,494) (161,138)
Cash Flows from Capital and Related Financing Activities
Capital asset acquisitions (412,731) (852,005) (1,264,736)
Proceeds from nonoperating revenues 11,107 3,464 14,571
Net cash provided (used) by capital and related
financing activities (401,624) (848,541) (1,250,165)
Cash Flows From Investing Activities
Interest income 13,331 2,777 16,108
Net cash provided (used) by investing activities 13,331 2,777 16,108
Net increase (decrease) in cash 590,342 669,109 1,259,451
Cash at beginning of year 4,872,618 11,512,335 16,384,953
Cash at end of year $ 5,462,960 12,181,444 17,644,404
Fund
Water
CITY OF BRIDGEPORT
STATEMENT OF CASH FLOWS – PROPRIETARY FUNDS
Year Ended June 30, 2022
See accompanying notes and independent auditor’s report.
Page 29
Sewer
Fund Total
Reconciliation of operating income (loss) to net
cash provided (used) by operating activities
Operating income (loss) $ 518,106 638,614 1,156,720
Adjustments to reconcile operating income (loss) to net
cash provided (used) by operating activities:
Depreciation 678,213 1,105,725 1,783,938
(Increase) decrease in:
Accounts receivable 16,316 7,246 23,562
Inventory (29,872) 9,776 (20,096)
Net pension asset - PERS (242,603) (356,425) (599,028)
Net OPEB asset (2,321) (2,870) (5,191)
Deferred outflows related to pensions 40,296 (40,013) 283
Deferred outflows related to OPEB 3,367 5,377 8,744
Increase (decrease) in:
Accounts payable 4,404 6,887 11,291
Accrued compensated absences (45,992) (20,747) (66,739)
Accrued net OPEB liability (49,272) (57,458) (106,730)
Accrued net pension obligation (195,643) (176,755) (372,398)
Deferred inflows related to pensions 300,146 438,659 738,805
Deferred inflows related to OPEB (29,262) (45,405) (74,667)
Customer advances fir construction 62,289 66,684 128,973
Accrued expenses 17,107 30,072 47,179
Net cash provided (used) by operating activities $ 1,045,279 1,609,367 2,654,646
Fund
Water
CITY OF BRIDGEPORT
STATEMENT OF CASH FLOWS – PROPRIETARY FUNDS (CONTINUED)
Year Ended June 30, 2022
See accompanying notes and independent auditor’s report.
Page 30
Assets
Investments $ 1,592,225
Total assets 1,592,225
Net Position
Held in trust 1,592,225
Total net position $ 1,592,225
Civic Center
Trust
CITY OF BRIDGEPORT
STATEMENT OF FIDUCIARY NET POSITION - FIDUCIARY FUND
June 30, 2022
See accompanying notes and independent auditor’s report.
Page 31
Additions
Investment income:
Net change in fair value of investments $ (695,793)
Capital gain on sale of investments 318,922
Interest and dividends 24,243
Total additions (352,628)
Deductions
Culture and recreation 8,779
Total deductions 8,779
Change in net position (361,407)
Net position - beginning of year 1,953,632
Net position - end of year $ 1,592,225
Civic Center
Trust
CITY OF BRIDGEPORT
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - FIDUCIARY FUND
Year Ended June 30, 2022
See accompanying notes and independent auditor’s report.
Page 32
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS
Year End June 30, 2022
NOTE 1 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accounting policies of the City of Bridgeport, West Virginia (the City), conform to
generally accepted accounting principles as applicable to governmental units. The
following is a summary of significant accounting policies:
a) Reporting Entity
The City of Bridgeport is a municipal corporation governed by an elected mayor and five
member council. The accompanying financial statements present the government and it's
component units as required by generally accepted accounting principles.
The services provided by the government and accounted for within these financial
statements include law enforcement for the City, health and sanitation services, cultural
and recreational programs, and other governmental services.
The accompanying financial statements present the government as required by the
accounting principles generally accepted in the United States. In determining whether to
include a governmental department, agency, commission or organization as a component
unit, the government must evaluate each entity as to whether they are legally separate
and financially accountable based on the criteria set for by the Governmental Accounting
Standards Board (GASB). Legal separateness is evaluated on the basis of: (1) its
corporate name, (2) the right to sue and be sued and (3) the right to buy, sell or lease and
mortgage property. Financial accountability is based on: (I) the appointment of the
governing authority, and (2) the ability to impose will, or (3) the providing of specific
financial benefit or imposition of specific financial burden. Another factor to consider in
this evaluation is whether an entity is fiscally dependent on the City.
The City complies with GASB Statement No. 61, "The Financial Reporting Entity:
Omnibus an Amendment of GASB Statements No. 14 and No. 34". This statement
established standards for defining and reporting component units in the financial
statements of the reporting entity. It defines component units as legally separate
organizations for which the component unit not only has a fiscal dependency on the
reporting entity but also a financial benefit or burden relationship must be present
between the reporting entity and the entity that is to be included as a component unit. In
addition, an entity may be included as a component unit in the financial statements of the
reporting entity, if the reporting entity's management determines that it would be
misleading to exclude them.
Blended Component Units
The entities below are legally separate from the City and meet GAAP criteria for
component units. These entities are blended with the primary government because they
provide services entirely or almost entirely to the City.
See independent auditor’s report.
Page 33
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The Bridgeport Municipal Building Commission and Bridgeport Public Library are blended
component units of the City of Bridgeport.
Discretely Presented Component Units
Discretely presented component units are entities which are legally separate from the
City, but are financially accountable to the City, or whose relationship with the City is such
that exclusion would cause the City's financial statements to be misleading or incomplete.
Because of the nature of services they provide and the City's ability to impose its will on
them or a financial benefit/burden relationship exists, the following component units are
discretely presented in accordance with GASB Statement No. 14 (as amended by GASB
Statement No. 39). The discretely presented component units are presented on the
government-wide statements.
There are no discretely presented component units.
b) Government-Wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net position and the
statement of activities) report information on all the nonfiduciary activities of the primary
government and its component units. 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.
Likewise, the primary government is reported separately from certain legally separate
component units for which the primary government is financially accountable.
The Statement of Activities demonstrates the degree to which the direct expenses of a
given function are offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function. Program revenues include: 1) charges to customers
or applicants whose purchase, use, or directly benefit from goods, services, or privileges
provided by a given function and 2) grants and contributions that are restricted to meeting
the operational or capital requirements of a particular function. Taxes and other items not
properly included among program revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds,
and fiduciary funds, even though the latter are excluded from the governmental-wide
financial statements. Major individual governmental funds and major individual enterprise
funds are reported as separate columns in the fund financial statements. Combining
financial statements for the nonmajor governmental funds are included as supplementary
information.
See independent auditor’s report.
Page 34
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
c) 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 and
fiduciary 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 and
collectible. 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
available when they are collectible within the current period or soon enough thereafter to
pay liabilities of the current period. For this purpose, the government considers revenues
to be available if they are collectible within 60 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, interest and special assessments are susceptible to
accrual. Also, certain taxpayer-assessed revenues such as business and occupation and
utility taxes are accrued as revenue at year end. Only the portion of special assessments
receivable due within the current fiscal period is considered to be susceptible to accrual
as revenue of the current period. Other receipts and taxes become measurable and
available when cash is received by the government and are recognized as revenue at that
time.
Entitlements and shared revenues are recorded at the time of receipt or earlier if the
susceptible to accrual criteria are met. Expenditure-driven grants are recognized as
revenue when the qualifying expenditures have been incurred and all other grant
requirements have been met.
The fund types used by the City of Bridgeport are described as follows:
Governmental Fund Types
General Fund: The General Fund is the general operating fund of the City. It is used to
account for all financial resources except those required to be accounted for in another
fund.
Special Revenue Funds: Special Revenue Funds are used to account for the proceeds
of specific revenue sources (other than special assessments, expendable trusts, or major
capital projects) that are legally restricted to expenditures for capital purposes.
See independent auditor’s report.
Page 35
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Capital Project Funds: Capital project funds account for the acquisition of capital assets
or construction of major capital projects not being financed by proprietary or fiduciary trust
funds.
Proprietary Fund Types
Enterprise Funds: Enterprise funds are used to account for operations (a) that are
financed and operated in a manner similar to private business enterprises -where the
intent of the governing body is that the costs (expenses including depreciation) of
providing goods and services to the general public on a continuing basis be financed or
recovered primarily through user charges; or (b) where the governing body has decided
that periodic determination of revenues earned, expenses incurred, and/or net income is
appropriate for capital maintenance, public policy, management control, accountability,
or other purposes.
Fiduciary Fund Types
Internal Service Funds: Internal service funds account for operations that provide
services to other departments or agencies of the government, or to other governments,
on a cost -reimbursement basis. The city has one internal service fund.
The City of Bridgeport reports the following major governmental funds:
The General Fund, American Rescue Plan Act Fund, Capital Reserve Fund, Cemetery
Trust Fund, Coal Severance Fund, PEIA OPEB Reserve Fund, Municipal Sales Tax
Fund, Bridgeport Public Library, and the Bridgeport Municipal Building Commission.
General Fund: The General Fund is the general operating fund of the City.
The City of Bridgeport reports the following major proprietary funds:
The Water Fund and Sewer Fund.
As a general rule, the effect of interfund activity has been eliminated from the
government-wide financial statements.
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 program revenues. Likewise,
general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services in connection
with a proprietary fund's principal ongoing operations. Expenses for the enterprise fund
See independent auditor’s report.
Page 36
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
include the administrative expense, and depreciation of capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and
expenses.
When both restricted and unrestricted resources are available for use, it is the
government's policy to use restricted resources first, then unrestricted resources as they
are needed.
d) Assets, Deferred Outflows, Liabilities, Deferred Inflows, and Net Position
The accounts of the City are organized into funds, each of which is considered to be a
separate accounting entity. The major fund categories and account groups for the fund
financial statements are:
1. Deposits and Investments
The City of Bridgeport, West Virginia's cash and cash equivalents are considered to be
cash on hand, demand deposits and short-term investments with original maturities of
less than three months from the date of acquisition. For purposes of the Statement of
Cash Flows, restricted assets may be considered cash equivalents based on liquidity.
In accordance with GASB Statement No. 31, Accounting and Financial Reporting for
Certain Investments and for External Investment Pools, the City reports its investments
at fair value, except for non-participating investment contracts (certificates of deposits and
repurchase agreements) which are reported at costs, which approximates fair value. All
investment income, including changes in fair value of investments, are recognized as
revenue in the operating statement. Fair value is determined by quoted market prices.
Short-term investments are reported at cost, which approximates fair value. Securities
traded on a national or international exchange are valued at the last reported sales price
at current exchange rates. Managed funds related to the retirement systems not listed on
an established market are reported at estimated fair value as determined by the
respective fund managers based on quoted sales prices of underlying securities. Cash
deposits are reported at carrying amount, which reasonably estimates fair value.
State statutes authorize the government to invest in the State Investment Pool or the
Municipal Bond Commission or to invest such funds in the following classes of securities:
Obligations of the United States or any agency thereof, certificates of deposit (which
mature in less than one year), general and direct obligations of the State of West Virginia;
obligations of the federal mortgage association; indebtedness or guaranteed by the
federal government; pooled mortgage trusts (subject to limitations); indebtedness of any
private corporation that is properly graded in the top three ratings, at the time of
acquisition; interest earning deposits which are fully insured or collateralized; and mutual
funds registered with the S.E.C. which have fund assets over three hundred million
dollars.
See independent auditor’s report.
Page 37
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
State statute §8-13-22c places limitations on the aforementioned investments include the
following: at no time can investment portfolios consist of more than seventy-five percent
of the indebtedness of any private corporation nor can the portfolio have over twenty-five
percent of its portfolio consisting of the indebtedness of a private corporation's debt which
matures in less than one year; at no time may more than nine percent of the portfolio be
invested in securities issued by a single private corporation or association; and at no time
can more than sixty percent of the portfolio be invested in equity mutual funds.
Municipal Pension Funds are governed as to type of investments by West Virginia Code
§8-22-22. Pension funds are permitted to invest in all of the above mentioned types of
investments with the exceptions of: (1) Direct and general obligations of the State and (2)
Pooled mortgage trusts. Additionally, pension funds are permitted to invest funds in the
following categories of investments: (1) Repurchase agreements and (2) Common stock,
securities convertible into common stocks, or warrants and rights to purchase such
securities. Pension funds have different rules concerning the purchase of marketable debt
securities.
The following restrictions apply only to pension portfolios and are separate and distinct
from the limitations mentioned above: (1) fixed income securities which are issued by one
issuer (with the exception of the United States government) are not to exceed five percent
of the total pension fund assets; and (2) at no time can the nonreal estate equity portion
of the portfolio exceed seventy-five percent of the total portfolio.
2) Receivables and Payables
Interfund Transactions
Activity between funds that are representative of lending/borrowing arrangements
outstanding at the end of the fiscal year are referred to as either "interfund receivables
or payables" (i.e., the current portion of interfund loans) or "advances to/from other funds"
(i.e., the non-current portion of interfund loans). All other outstanding balances between
funds are reported as "due to/from other funds." Any residual balance outstanding
between the governmental activities and the business-type activities are reported in the
government-wide financial statements as "internal balances".
Trade Receivables
All trade receivables are shown at their gross value and, where appropriate, are reduced
by the estimated portion that is expected to be uncollectible.
Property Tax Receivable
All current taxes assessed on real and personal property may be paid in two installments;
the first installment is payable on September first of the year for which the assessment
is made, and becomes delinquent on October first; the second installment is payable on
the first day the following March and becomes delinquent on April first. Taxes paid on or
before the date when they are payable, including both first and second installments, are
See independent auditor’s report.
Page 38
Class of
Property
Current
Expense
Excess
Levy
Class II $ 424,725,808 23.34 cents 12.50 cents
Class IV $ 548,287,157 46.68 cents 25.00 cents
Assessed
Valuation for Tax
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
subject to a discount of two and one-half percent. If the taxes are not paid on or before
the date in which they become delinquent, including both first and second installments,
interest at the rate of nine percent annum is added for the date they become delinquent
until the date they are paid.
All municipalities within the State are authorized to levy taxes not in excess of the
following maximum levies per $100 of assessed valuation: On Class I property, twelve
and five-tenths cents (12.5 cents); On Class II property, twenty five cents (25 cents) ; On
Class IV property, fifty cents (50 cents). In addition, municipalities may provide for an
election to lay an excess levy; the rates not to exceed statutory limitations, provided at
least sixty percent of the voters cast ballots in favor of the excess levy.
The rates levied by the City per $100 of assessed valuation for each class of property for
the fiscal year ended June 30, 2022, were as follows:
3) Restricted Assets
Certain proceeds of the enterprise fund revenue bonds, as well as certain proceeds set
aside for their repayment, are classified as restricted assets on the balance sheet
because their use is limited by applicable bond covenants.
4) Capital Assets and Depreciation
Capital assets, which include property, plant, and equipment, and infrastructure assets
(e.g., roads, bridges, sidewalks, and similar items), are reported in the applicable
governmental or business-type activities columns in the government-wide financial
statements. Capital assets are defined by the government as assets with an initial,
individual cost of $1,000 or more and estimated to have a 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 assets
are materially extend assets lives are not capitalized.
Major outlays for capital assets and improvements are capitalized in proprietary funds as
projects are constructed. Interest incurred during the construction phase of proprietary
fund capital assets is not reflected in the capitalized value of the asset constructed, net
of interest earned on the invest proceeds during the same period.
See independent auditor’s report.
Page 39
Construction in progress
Buildings 25 - 50 years
Structures and improvements 25 - 50 years
Transmission and distribution 25 - 50 years
Machinery and equipment 5 - 10 years
None
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Capital assets of the primary government, as well as the component units, are
depreciated using the straight-line method over the following estimated useful lives:
5) Compensated Absences
It is the City's policy to permit employees to accumulate earned but unused vacation and
sick pay benefits. All vacation pay is accrued when incurred in the government-wide,
proprietary, and fiduciary fund financial statements in accordance with GASB Statement
No. 16, Accounting for Compensated Absences.
6) Long-Term Obligations
In the government-wide financial statements, the 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 position. Bond premiums and discounts are deferred and
amortized over the life of the bonds using the straight-line method. Bonds payable are
reported net of the applicable bond premium or discount.
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 are recognized as an expense in the
period incurred.
7) Fund Balances/Net Position
Equity Classification
Effective July 1, 2010, the City adopted GASB Statement No. 54, Fund Balance
Reporting and Governmental Fund Type Definitions, which establishes new standards
for accounting and financial reporting that are intended to improve the clarity and
consistency of the fund balance information provided to financial report users. The
classifications are based primarily on the extent to which the City is bound to honor
constraints on the specific purposes for which the amounts in those funds can be spent.
Fund balances are reported in the following categories:
See independent auditor’s report.
Page 40
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Net Position Classifications:
GASB 63 - Financial Reporting of Deferred Outflows of Resources, Deferred Inflows
of Resources, and Net Position - divided net position for Governmentwide net position
into three components:
a.Net investment in capital assets - consists of the historical cost of capital assets less
accumulated depreciation and less any debt that remains outstanding that was used
to finance those assets plus deferred outflows of resources less deferred inflows of
resources related to those assets.
b.Restricted - consists of net position that is restricted by the City's creditors (for
example through debt covenants), by the state enabling legislation (through
restrictions on shared revenues), by grantors (both federal and state), and by other
contributors.
c.Unrestricted - all other net position is reported in this category
GASB Statement No. 54 - Fund Balance Reporting and Governmental Fund Type
Definitions - divided fund balance for fund level into five components:
a.Nonspendable - Amounts that cannot be spent either because they are in a
nonspendable form or because they are legally or contractually required to be
maintained intact.
b.Restricted - Amounts that can be spent only for specific purposes because of the
City's code, state or federal laws, or externally imposed conditions by grantors or
creditors.
c.Committed - Amounts that can be used only for specific purposes determined by a
formal action by the City's council.
d.Assigned - Amounts that are designed by the City's council for a particular purpose
but are not spendable until there is a majority vote approval by the City's council.
e.Unassigned - All amounts not included in other spendable classifications.
The City Council is the government's highest level of decision-making authority. The
Council would take formal action to establish, and modify or rescind, a fund balance
commitment or to assign fund balance amounts to a specific purpose. The government
has adopted a revenue spending policy that provides guidance for programs with multiple
revenue sources. For purposes of fund balance classification, expenditures are to be
spent from restricted fund balance first, followed in order by committed fund balance,
assigned fund balance and lastly unassigned fund balance. The government has the
authority to deviate from this policy if it is in the best interest of the City.
See independent auditor’s report.
Page 41
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
8) Deferred Outflows/Inflows of Resources
In addition to assets, the statement of net position will sometimes report a separate
section for deferred outflows of resources. This separate financial statement element,
deferred outflows of resources, represents a consumption of net position that applies to
a future period(s) and so will not be recognized as an outflow of resources
(expense/expenditure) until then.
In addition to liabilities, the statement of net position will sometimes report a separate
section of deferred inflows of resources. This separate financial statement element,
deferred inflows of resources, represents an acquisition of net position that applies to a
future period(s) and so will not be recognized as an inflow of resources (revenue) until
that time.
9) Pensions
For purposes of measuring the net pension liability and deferred outflows/inflows of the
resources related to pensions, and pension expense, information about the fiduciary net
position of City of Bridgeport's Retirement Systems (PERS & MPFRS) and additions
to/deductions from the Plans' fiduciary net position have been determined on the same
basis as they are reported by the PERS & MPFRS. For this purpose, benefit payments
(including refunds of employee contributions) are recognized when due and payable in
accordance with the benefit terms. Investments are reported at fair value.
10) Post-Employment Benefits Other Than Pensions (OPEB)
For purposes of measuring the net OPEB liability and deferred outflows/inflows of the
resources related to OPEB, and OPEB expense, information about the fiduciary net
position of the West Virginia Retiree Health Benefits Trust Fund (RHBT) and additions
to/deductions from the RHBT's fiduciary net position have been determined on the same
basis as they are reported by the RHBT. RHBT recognizes benefit payments when due
and payable in accordance with the benefit terms. Investments are reported at fair value.
11) Use of Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Actual results could differ
from those estimates.
See independent auditor’s report.
Page 42
$ 897,241 General government expenditure increase
$ 1,463,746 Public safety expenditure increase
$ 2,139,643 Street and transportation expenditure increase
$ 2,049,368 Culture and recreation expenditure increase
General Fund
Amount
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 2 STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
Budgetary Information
Annual budgets are adopted on a basis consistent with generally accepted accounting
principles for the General Fund and the Coal Severance Tax Special Revenue Fund,
except that the amounts held for stabilization are not included for budgeting purposes. All
annual appropriations lapse at fiscal year end.
The governing body of the City is required to hold a meeting or meetings between the
seventh and twenty-eighth days of March to ascertain the financial condition of the City
and to prepare the levy estimate (budget) for the fiscal year commencing July 1. The
budget is then forthwith submitted to the State Auditor for approval. The governing body
then reconvenes on the third Tuesday in April to hear objections from the public and
formally lay the levy.
The appropriated budget is prepared by fund, function and department. Transfers of
appropriations between departments and revenue related revisions to the budget require
approval from the governing council and then submission to the State Auditor for
approval. Revisions become effective when approved by the State Auditor and budgeted
amounts in the financial statements reflect only such approved amounts. The governing
body made the following material supplementary budgetary appropriations throughout the
year:
NOTE 3 DETAILED NOTES ON ALL FUNDS
A. Deposits and Investments
At year end, the government had the following investments:
See independent auditor’s report.
Page 43
Moody's
Investment
Cost Services
Fiduciary Funds - Civic Center Trust
Money Market $ 82,343 52,343 Not Rated Not Rated
Common Stock 508,925 579,762 Not Rated Not Rated
Mutual Funds 1,000,957 1,193,959 Not Rated Not Rated
$ 1,592,225 1,826,064
Interest Rate Risk
Common Stock $ 508,925
Mutual Funds 1,000,957
$ 1,509,882
Fitch
Poor's and
Standard &
Fair Value
Credit Risk Rating
0 - 3 Years
Issuer Percent
Federated US Treasury Cash Reserves $ 82,343 5.17%
Fidelity Advisor Strategic Income Z 82,417 5.18%
Fidelity Floating Rate High Income FD#814 55,199 3.47%
Fidelity Advisor Total Bond FD Z 84,199 5.29%
I Shares Core U.S. Aggregate Bond ETF 201,123 12.63%
Metropolitan West Total Return Bond FD 56,802 3.57%
Vanguard S/T Invest GR-ADM #539 86,727 5.45%
Invesco Developing Markets-R6 30,616 1.92%
Artisan International Fund-Ins 19,542 1.23%
Artisan Mid Cap Fund-Ins 30,845 1.94%
Brown Capital Management Small Company Inst 30,485 1.91%
Federated Hermes Int'l Leaders Fund 19,341 1.21%
Ishares MSCI ACWX Index Fund ETF 78,615 4.94%
Vanguard Small-Cap Value ETF 31,612 1.99%
Vanguard Mid-Cap ETF 41,561 2.61%
Vanguard Small Cap ETF 41,738 2.62%
Victory Sycamore Established Value Fund 32,504 2.04%
Calamos Market Neutral Income Fund-I 27,834 1.75%
Diamond Hill Long/Short Fund-1 #11 49,797 3.12%
Common Stock 508,925 31.96%
1,592,225$ 100.00%
Fair Value
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Concentration of Credit Risk:
The City's investment policy does not allow for an investment in any one issuer that is in
excess of five percent of the government's total investment. In accordance with GASB
Statement No. 40, Deposit and Investment Risk Disclosures, it requires disclosure when
the investment in any one issuer equals or exceeds 5% of the total amount of
investments. At year end, the Civic Center Trust had the following investments held with
these issuers:
See independent auditor’s report.
Page 44
Moody's
Investment
Cost Services
Cemetery Trust - Benedum Fund
Money Market $ 177,684 177,684 Not Rated Not Rated
Common Stock 2,280,284 2,198,413 Not Rated Not Rated
Mutual Funds 4,489,788 5,791,204 Not Rated Not Rated
$ 6,947,756 8,167,301
Interest Rate Risk
Common Stock $ 2280284
Mutual Funds 4,489,788
$ 6,770,072
Fair Value
Credit Risk Rating
Poor's and
0 - 3 Years
Standard &
Fitch
Issuer Percent
Federated US Treasury Cash Reserves $ 177,684 2.56%
Fidelity Advisor Strategic Income Z 493,906 7.11%
Fidelity Floating Rate High Income FD#814 247,942 3.57%
Fidelity Advisor Total Bond FD Z 428,744 6.17%
I Shares Core U.S. Aggregate Bond ETF 980,907 14.12%
Vanguard S/T Invest GR-ADM #539 389,557 5.61%
Invesco Developing Markets-R6 138,797 2.00%
Artisan International Fund-Ins 97,890 1.41%
Artisan Mid Cap Fund-Ins 138,153 1.99%
Brown Capital Management Small Company Inst 136,880 1.97%
Federated Hermes Int'l Leaders Fund 100,318 1.44%
Ishares MSCI ACWX Index Fund ETF 327,015 4.71%
Vanguard Small-Cap Value ETF 142,179 2.05%
Vanguard Mid-Cap ETF 186,925 2.69%
Vanguard Small Cap ETF 187,205 2.69%
Victory Sycamore Established Value Fund 146,001 2.10%
Calamos Market Neutral Income Fund-I 124,916 1.80%
Diamond Hill Long/Short Fund-1 #11 222,453 3.20%
Common Stock 2,280,284 32.81%
$ 6,947,756 100.00%
Fair Value
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Concentration of Credit Risk:
The City's investment policy does not allow for an investment in any one issuer that is in
excess of five percent of the government's total investment. In accordance with GASB
Statement No. 40, Deposit and Investment Risk Disclosures, it requires disclosure when
the investment in any one issuer equals or exceeds 5% of the total amount of
investments. At year end, the Cemetery Trust - Benedum Fund had the following
investments held with these issuers:
See independent auditor’s report.
Page 45
Moody's
Investment
Cost Services
PEIA OPEB Reserve Fund
Money Market $ 92,761 92,761 Not Rated
Mutual Funds 2,138,536 2,367,776 Not Rated
$ 2,231,297 2,460,537
Interest Rate Risk
Mutual Funds $ 2,138,536
Fair Value Fitch
Poor's and
Credit Risk Rating
Standard &
0 - 3 Years
Not Rated
Not Rated
Issuer Fair Value Percent
Federated US Treasury Cash Reserves $ 92,761 4.16%
US Treasury 696,060 31.20%
Mortgage Backed Securities 576,501 25.84%
Fidelity Limited Term Bond Fund 136,077 6.10%
Fidelity Investment Grade Bond Fund 729,898 32.70%
$ 2,231,297 100.00%
Moody's
Investment
Cost Services
General Fund
Money Market $ 306,239 306,239 Not Rated Not Rated
Mutual Funds 4,431,400 4,989,292 Not Rated Not Rated
$ 4,737,639 5,295,531
Interest Rate Risk
Mutual Funds $ 4,431,400
Fair Value
Standard &
Poor's and
Fitch
Credit Risk Rating
0 - 3 Years
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Concentration of Credit Risk:
The City's investment policy does not allow for an investment in any one issuer that is in
excess of five percent of the government's total investment. In accordance with GASB
Statement No. 40, Deposit and Investment Risk Disclosures, it requires disclosure when
the investment in any one issuer equals or exceeds 5% of the total amount of
investments. At year end, the PEIA OPEB Reserve Fund had the following investments
held with these issuers:
See independent auditor’s report.
Page 46
Issuer Fair Value Percent
Federated US Treasury Cash Reserves $ 306,239 6.46%
US Treasury 2,784,240 58.77%
Mortgage Backed Securities 1,647,160 34.77%
$ 4,737,639 100.00%
Cash and cash equivalents $ 56,394,251
Investments - collateralized and secured 15,508,917
Total $ 71,903,168
Cash and cash equivalents $ 55,262,884
Restricted assets 1,131,367
Investments 13,916,692
Investments - Fiduciary Fund 1,592,225
Total $ 71,903,168
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Concentration of Credit Risk:
The City’s investment policy does not allow for an investment in any one issuer that is in
excess of five percent of the government's total investment. In accordance with GASB
Statement No. 40, Deposit and Investment Risk Disclosures, it requires disclosure when
the investment in any one issuer equals or exceeds 5% of the total amount of
investments. At year end, the General Fund had the following investments held with these
issuers:
For Investments, the City could be exposed to risk in the event of the failure of the
counterparty where the City will not be able to recover the value of its investments or
collateral securities that are in the possession of an outside party. The City has adopted
State Code requirements as its policy for custodial credit risk. At year end, the investment
balances were $18,744,297. The entire balance is considered secured.
A reconciliation of cash and investments as shown on the Statement of Net Position of
the government and Statement of Net Position of the Fiduciary Funds is as follows:
B. Receivables
Receivables at year end for the government's individual major and nonmajor funds, and
fiduciary funds in the aggregate are as follows:
See independent auditor’s report.
Page 47
Cemetery Bridgeport Total
Coal Trust - Municipal Municipal Nonmajor
Severance Benedum Sales Tax Building Governmental Enterprise
Fund Fund Fund Commission Funds Funds Total
Receivables:
Taxes $ 2,494,232 - - 1,206,581 - - - 3,700,813
Accounts 825,227 12,321 4,133 - 7,572,226 17,624 606,991 9,038,522
Grants 6,449 - - - - - - 6,449
Total $ 3,325,908 12,321 4,133 1,206,581 7,572,226 17,624 606,991 12,745,784
Allowance for
doubtful accounts $ - - - - - - 5,089 5,089
Fund
General
Property taxes receivable $ 117,149
Total 117,149
Deferred Taxes 117,149
Deferred Grants 3,908,497
Total deferred revenue for governmental funds $ 4,025,646
Ending
Additions Retirements Balance
Governmental Activities
Nondepreciable
Land $ 3,352,253 - - 3,352,253
Construction in progress 41,022,647 2,629,199 (43,651,846) -
Total nondepreciable assets 44,374,900 2,629,199 (43,651,846) 3,352,253
Depreciable
Building 32,762,575 43,651,846 - 76,414,421
Equipment 9,226,981 746,753 (874,214) 9,099,520
Vehicles 8,192,193 412,684 (153,194) 8,451,683
Total at historical cost 50,181,749 44,811,283 (1,027,408) 93,965,624
Less: accumulated depreciation (29,993,617) (2,913,047) 1,027,408 (31,879,256)
Total depreciable capital assets, net 20,188,132 41,898,236 - 62,086,368
Governmental activities capital assets, net $ 64,563,032 44,527,435 (43,651,846) 65,438,621
Beginning
Balance
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Governmental funds report deferred revenue in connection with receivables for revenue
that are not considered to be available to liquidate liabilities of the current period.
Governmental funds also defer revenue recognition in connections 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:
C. Capital Assets
Capital asset activity for the fiscal year ended June 30, 2022, was as follows:
See independent auditor’s report.
Page 48
Ending
Additions Retirements Balance
Water Fund
Nondepreciable
Land $ 228,247 - - 228,247
Total nondepreciable assets 228,247 - - 228,247
Depreciable
Building and equipment 19,696,610 412,731 (21,300) 20,088,041
Less: accumulated depreciation (9,250,848) (678,213) 21,300 (9,907,761)
Total depreciable capital assets, net 10,445,762 (265,482) - 10,180,280
Water Fund capital assets, net $ 10,674,009 (265,482) - 10,408,527
Ending
Additions Retirements Balance
Sewer Fund
Nondepreciable
Land $ 94,914 - - 94,914
Total nondepreciable assets 94,914 - - 94,914
Depreciable
Building and equipment 35,898,705 852,004 (11,763) 36,738,946
Less: accumulated depreciation (19,418,600) (1,105,725) 11,763 (20,512,562)
Total depreciable capital assets, net 16,480,105 (253,721) - 16,226,384
Sewer Fund capital assets, net $ 16,575,019 (253,721) - 16,321,298
Ending
Additions Retirements Balance
Business-Type Activities
Nondepreciable
Land $ 323,161 - - 323,161
Total nondepreciable assets 323,161 - - 323,161
Depreciable
Building and equipment 55,595,315 1,264,735 (33,063) 56,826,987
Less: accumulated depreciation (28,669,448) (1,783,938) 33,063 (30,420,323)
Total depreciable capital assets, net 26,925,867 (519,203) - 26,406,664
Business-type activities capital assets, net $ 27,249,028 (519,203) - 26,729,825
Balance
Beginning
Balance
Beginning
Balance
Beginning
General government $ 222,766
Public Safety 584,956
Street and transportation 389,800
Culture and recreation 1,699,512
Social services 16,013
Total depreciation expense $ 2,913,047
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Depreciation expense was charged to governmental activities as follows:
See independent auditor’s report.
Page 49
American Cemetery PEIA Bridgeport Total
Rescue Capital Trust - Coal OPEB Municipal Bridgeport Municipal Nonmajor
Plan Act Reserve Benedum Severance Reserve Sales Tax Public Building Governmental
Fund Fund Fund Fund Fund Fund Library Commission Funds Total
Committed:
Social services $ - - - 6,951,889 - - - - - - 6,951,889
Total committed - - - 6,951,889 - - - - - - 6,951,889
Assigned:
General government - 3,978 - - 23,138 - - - 300,647 341,614 669,377
Insurance and benefits - - - - - 2,231,297 2,884,730 - - - 5,116,027
Public safety - - - - - - - - - 97,464 97,464
Social services - - - - - - - 20,703 - 1,764,785 1,785,488
Culture and recreation - - - - - - - - -
Capital expenditures - - 23,185,023 - - - - - - - 23,185,023
Total assigned - 3,978 23,185,023 - 23,138 2,231,297 2,884,730 20,703 300,647 2,203,863 30,853,379
Unassigned 14,760,379 - - - - - - - - - 14,760,379
Total unassigned 14,760,379 - - - - - - - - - 14,760,379
Total fund balance $ 14,760,379 3,978 23,185,023 6,951,889 23,138 2,231,297 2,884,730 20,703 300,647 2,203,863 52,565,647
Fund
General
Amounts Amounts
Beginning Ending Due Within Due After
Balance Additions Reductions Balance One Year One Year
Governmental Activities
2005 Lease Revenue Bonds $ 531,811 - 99,993 431,818 106,470 325,348
2016 MVB Fiber to Home Bonds 1,844,293 - 152,001 1,692,292 173,197 1,519,095
2016 WVEDA Fiber to Home Bonds 2,648,689 - 341,640 2,307,049 354,113 1,952,936
2017 Lease Revenue Bonds 3,297,126 - 156,060 3,141,066 162,824 2,978,242
2019 Rec Complex Bonds 37,444,709 2,792,291 600,000 39,637,000 777,000 38,860,000
Compensated absences 836,174 - 34,286 801,888 133,979 667,909
Net pension obligation 1,979,326 - 1,979,326 - - -
Net OPEB liability 358,113 - 358,113 - - -
Governmental activities
long-term liabilities $ 48,940,241 2,792,291 3,721,419 48,011,113 1,707,583 46,303,530
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
D. Fund Balance Detail
At year-end, the detail of the City's fund balances is as follows:
E. Long-Term Debt
Long-term liability activity for Governmental Activities for the year ended June 30, 2022
was as follows:
Long-term liability activity for the year ended June 30, 2022 was as follows:
Bridgeport Development Authority Lease Revenue Bonds
2005 Lease Revenue Bonds: This bond issue had an original issue of $1,500,000
payable in monthly installments of $10,771 including interest at 5.94%. This bond issue
is dated March 5, 2005 and matures on March 15, 2026.
See independent auditor’s report.
Page 50
For the Year Ended June 30, Principal Interest
2023 $ 129,252 106,470 22,782
2024 129,252 112,969 16,283
2025 129,252 119,865 9,387
2026 94,777 92,514 2,263
$ 482,533 431,818 50,715
Total
For the Year Ended June 30, Principal Interest
2023 $ 261,950 173,197 88,753
2024 261,950 182,967 78,983
2025 261,950 193,288 68,662
2026 261,950 204,190 57,760
2027 261,950 215,708 46,242
2028 - 2030 785,878 722,942 62,936
$ 2,095,628 1,692,292 403,336
Total
For the Year Ended June 30, Principal Interest
2023 $ 435,870 354,113 81,757
2024 435,870 367,843 68,027
2025 435,870 382,105 53,765
2026 435,870 396,920 38,950
2027 435,870 412,310 23,560
2028 - 2030 401,333 393,758 7,575
$ 2,580,683 2,307,049 273,634
Total
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Bridgeport Development Authority Fiber to Home Project Bonds
2016 Fiber to Home Project Bonds: This bond issue has been approved at the amount
of $5,000,000 with MVB Bank at an interest rate of 5.50%. The Bridgeport Development
Authority has also been approved for a $3,000,000 bond at an interest rate of a ten year
U.S. Treasury Security plus 3/4 percent, from the West Virginia Economic Development
Authority that is to be used to pay off $3,000,000 of the original $5,000,000 bond. The
Bridgeport Development Authority has entered into an agreement with Citynet, LLC for
this project. Citynet, LLC will make all payments for the bond and will retain ownership
of the fiber system. As of June 30, 2022, the City’s balance at June 30, 2022 for the MVB
Bank portion is $1,692,292 and the WVEDA’s portion is $2,307,049.
MVB Bank
WV EDA
See independent auditor’s report.
Page 51
For the Year Ended June 30, Principal Interest
2023 $ 257,897 162,824 95,073
2024 257,897 167,944 89,953
2025 257,897 173,225 84,672
2026 257,897 178,672 79,225
2027 257,897 184,290 73,607
2028 - 2032 1,289,485 1,012,106 277,379
2033 - 2037 1,289,485 1,181,558 107,927
2038 80,947 80,447 500
$ 3,949,402 3,141,066 808,336
Total
For the Year Ended June 30, Principal Interest
2023 $ 2,332,135 777,000 1,555,135
2024 2,425,678 904,000 1,521,678
2025 2,424,467 939,000 1,485,467
2026 2,425,803 978,000 1,447,803
2027 2,424,619 1,016,000 1,408,619
2028 - 2032 12,126,230 5,728,000 6,398,230
2033 - 2037 12,125,306 6,971,000 5,154,306
2038 - 2042 12,122,616 8,482,000 3,640,616
2043 - 2047 10,913,147 9,201,000 1,712,147
2048 - 2049 4,849,590 4,641,000 208,590
$ 64,169,591 39,637,000 24,532,591
Total
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Bridgeport Municipal Building Commission Lease Revenue Bonds
2018 Lease Revenue Bonds: This bond issue has been approved at the amount of
$4,700,000 with WesBanco Bank at an interest rate of 3.10% for the first five years,
adjusting every five years thereafter to the then current index rate for a total of twenty
years. The Bridgeport Municipal Building Commission has entered into an agreement with
Greater Bridgeport CVB for this project. Greater Bridgeport CVB will make all payments
for the bond and will retain ownership of the building. At June 30, 2022, the Municipal
Building Commission’s balance is $3,141,066.
Bridgeport Indoor Recreation Complex
2019 Bridgeport Indoor Creation Complex: This 30 year bond issue has been approved
at the amount of $40,371,000 with WesBanco Bank. As of June 30, 2022, the City’s
balance was $39,637,000.
See independent auditor’s report.
Page 52
Amounts Amounts
Ending Due Within Due After
Additions Reductions Balance One Year One Year
Business-Type Activities
Compensated absences $ 174,512 - 66,739 107,773 17,962 89,811
Customer advances for
construction 503,244 128,973 - 632,217 - 632,217
Net pension obligation 372,398 - 372,398 - - -
Net OPEB liability 106,730 - 106,730 - - -
Business-type activities
long-term liabilities $ 1,156,884 128,973 545,867 739,990 17,962 722,028
Beginning
Balance
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Long-term liability activity for Business-Type Activities for the year ended June 30, 2022
was as follows:
NOTE 4 OTHER INFORMATION
A. Risk Management
The government is exposed to various risks of loss related to torts, theft of, damage to
and destruction of assets; errors and omissions; and natural disasters for which the
government carries insurance with Commercial Insurance Company for umbrella (general
liability) insurance for these various risks.
Workers' Compensation Fund (WCF): Private insurance companies could begin to offer
workers compensation coverage to government employers beginning July 1, 2010.
Workers compensation coverage is provided for this entity by Encova Insurance.
Liabilities are reported when it is probable a loss has occurred and the amount of the loss
can be reasonably estimated.
B. Contingent Liabilities
The government is a defendant in various lawsuits. Although the outcome of these
lawsuits is not presently determinable, it is the opinion of the government's counsel that
resolution of these matters will not have a material effect on the financial condition of the
government.
NOTE 5 EMPLOYEE RETIREMENT SYSTEM AND PLANS
Deferred Compensation Plan
The City offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all full-time City employees
at their option, permits participants to defer a portion of their salary until future years. The
deferred compensation is not available to participants until termination, retirement, death
or an unforeseeable emergency.
See independent auditor’s report.
Page 53
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
A. Public Employees Retirement System (PERS)
Plan Descriptions, Contribution Information and Funding Policies
The City participates in state-wide, cost-sharing, multiple-employer defined benefit plans
on behalf of City employees. The system is administered by an agency of the State of
West Virginia and funded by contributions from participants, employers, and State
appropriations, as necessary.
The City's cost-sharing multiple-employer plan is administered by the West Virginia
Consolidated Public Retirement Board (CPRB), which acts as a common investment and
administrative agent for all of the participating employers. The CPRB issues a publicly
available report that include a full description of the pension plan regarding benefit
provisions, assumptions and membership information that can be found on the CPRB
website at www.wvretirement.com. The following is a summary of eligibility factors,
contribution methods, and benefit provisions:
Eligibility to participate All City full-time employees, except those covered by
other pension plans
Authority establishing contribution
obligations and benefit provisions
State statue
Plan member’s contribution rate 4.50% for employees hired before July 1, 2015
6.00% for employees hired on/after July 1, 2015
City’s contribution rate 10.00%
Period required to vest Five years for employees hired before July 1, 2015
Ten years for employees hired on/after July 1, 2015
Benefits and eligibility for distribution A member who has attained age 60 and has earned
5 years or more of contributing service or age 55 if the
sum of his/her age plus years of credited service is
equal to or greater than 80. The final average salary
(three highest consecutive years in the last 10) times
the years of service times 2% equals the annual
retirement benefit. For members joining on or after
July 1, 2015, the retirement age is 62 with 10 years of
service or age 55 if age plus years of service equals
80. The final average salary for members joining on or
after July 1, 2015, is based on the five highest
consecutive years in the last 15 years.
Deferred retirement portion No
Provisions for:
Cost of living No
Death benefits Yes
See independent auditor’s report.
Page 54
Amount for proportionate share of net pension liability (asset) $ (4,020,850)
Percentage for proportionate share of net pension liability (asset) -0.4579890%
Increase/-Decrease % from prior proportion measured 2.95659%
Government-wide pension expense $ (803,801)
Deferred Inflow
of Resources
Net difference between projected and actual earnings
on pension plan investments $ - 5,150,054
Difference between expected and actual experiences 458,882 15,242
Changes in proportion and differences between City
contributions and proportionate share of contributions 29,548 -
City contributions subsequent to the measurement date 779,229 -
Changes in assumptions 765,029 32,590
Changes in proportion and differences between employer
contributions and proportionate share of contributions - 34,861
$ 2,032,688 5,232,747
of Resources
Deferred Outflow
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
PERS issue a publicly available financial report that includes financial statements and
required supplementary information. That information may be obtained by writing to the
Public Employees' Retirement System, 4101 MacCorkle Avenue, SE, Charleston, WV
25304.
Pension Liabilities, Pension Expense, Deferred Outflows of Resources, and
Deferred Inflows of Resources Related to Pensions
At fiscal year-end, the City reported the following liability (asset) for its proportionate
share of the net pension liability (asset). The net pension liability (asset) was measured
as of June 30, 2021, and the total pension liability (asset) used to calculate the net
pension liability (asset) was determined by an actuarial valuation as of July 1, 2020 and
rolled forward to June 30, 2021 using the actuarial assumptions and methods described
in the appropriate section of this note. The City's proportion of the net pension liability
(asset) was based on a projection of its long-term share of contributions to the pension
plans relative to the projected contributions of all participating employers, actuarially
determined. At June 30, 2021, the City's reported the following proportions and
increase/decreases from its proportion measured as of June 30, 2020:
For the year ended June 30, 2022, the City recognized the following pension expenses:
The City reported deferred outflows of resources and deferred inflows of resources
related to pensions from the following sources:
See independent auditor’s report.
Page 55
Year Ended
June 30,
2023 $ (755,342)
2024 (649,378)
2025 (1,057,680)
2026 (1,516,888)
$ (3,979,288)
Actuarial cost method Individual entry age normal cost with level percentage of payroll
Asset valuation method Fair value
Amortization method Level dollar, fixed period
Amortization period Through fiscal year 2035
Actuarial assumptions:
Investment rate of return 7.25%, net of investment expense
Projected salary increases:
State 2.75 - 5.55%
Non-state 3.60 - 6.75%
Inflation rate 2.75%
Discount rate 7.25%
Mortality Rates: Active-100% of Pub-2010 General Employees table, below-median,
headcounted weighted, projected with scale MP-2018
Healthy Male Retirees 108% of Pub-2010 General Retiree Male table, below-median,
headcounted weighted, projected with scale MP-2018
Healthy Female Retirees 122% of Pub-2010 General Retiree Female table, below-median,
headcounted weighted, projected with scale MP-2018
Disabled Males 118% of Pub-2010 General/Teachers Disabled Male table,
headcounted weighted, projected with scale MP-2018
Disabled Females 117% of Pub-2010 General/Teachers Disabled Female table,
headcounted weighted, projected with scale MP-2018
Withdrawl rates:
State 2.28% - 45.63%
Non-state 2.50% - 35.88%
Disability rates .005% - .054%
Retirement rates 12% - 100%
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The amount reported as deferred outflows of resources related to pensions resulting from
City contributions subsequent to the measurement date will be recognized as a reduction
of the net pension liability in the measurement year ended June 30, 2022. Other amounts
reported as deferred outflows of resources and deferred inflows of resources related to
pensions will be recognized in pension expense as follows:
The total pension liability (asset) was determined by an actuarial valuation as of July 1,
2020 and rolled forward to June 30, 2021 for all plans, using the following actuarial
assumptions, applied to all periods included in the measurement.
See independent auditor’s report.
Page 56
Long-term Weighted
Expected Average
Target Asset Real Rate Expected Real
Investment Allocation of Return Rate of Return
Domestic Equity 27.5% 5.5% 1.51%
International Equity 27.5% 7.0% 1.93%
Fixed Income 15.0% 2.2% 0.33%
Real Estate 10.0% 6.6% 0.66%
Private Equity 10.0% 8.5% 0.85%
Hedge Funds 10.0% 4.0% 0.40%
100.0% 5.68%
Inflation (CPI) 2.10%
7.78%
City's proportionate share of PERS' net
pension liability (asset) $ 45,945 $ (4,020,850) $ (7,453,423)
1.0%
Increase
8.25%
1.0%
Decrease
6.25%
Current
Discount Rate
7.25%
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The actuarial assumptions used in the valuation were based on the results of an actuarial
experience study for the period July 1, 2013 to June 30, 2018.
The long-term expected rate of return on pension plan investments were determined
using a building-block method in which estimates of expected real rates of returns
(expected returns, net of pension plan investment expense and inflation) are developed
for each major asset class. These ranges are combined to produce the long-term
expected rate of return by weighting the expected future real rates of return by the target
asset allocation percentage and by adding expected inflation. Best estimates of long-term
geometric rates of return are summarized in the following tables and were used for all
defined benefit plans for the year ended June 30, 2021:
Discount rate. The discount rate used to measure the total pension liability was 7.25
percent for all defined benefit plans. The projection of cash flows used to determine the
discount rates assumed that employer contributions will continue to follow the current
funding policies. Based on those assumptions, the fiduciary net position for each defined
benefit pension plan was projected to be available to make all projected future benefit
payments of current plan members. Therefore, the long-term expected rates of return on
pension plan investments were applied to all periods of projected benefit payments to
determine the total pension liabilities of each plan.
The following chart presents the sensitivity of the net pension liability to changes in the
discount rate, calculated using the discount rates as used in the actuarial evaluation, and
what the net pension liability would be if it were calculated using a discount rate that is
1-percentage-point lower or 1-percentage point higher than the current rate:
See independent auditor’s report.
Page 57
Municipal Police and Firefighters Retirement System (MPFRS)
Eligibility to participate All full-time police and firefighters employed by the City after June 1, 2011
Authority establishing contribution
Obligations and benefit provisions: State Statute
Plan member's contribution rate: 8.50%
Municipality's contribution rate: 8.50%
Period required to vest: No vesting occurs. If separation from employment occurs the member is entitled
to a refund of his/her contributions only.
Benefits and eligibility for distribution A member who has attained age 50 when age and contributory service equals 70
(excluding military service) or has attained age 60 and completion of 10 years
contributory service (excluding military service). The final average salary is the
average of the highest annual compensation received by the member during
covered employment for any 5 consecutive plan years (Jan. 1 - Dec. 31) within
the last 10 years of service. The accrued benefit on behalf of any member is
calculated as follows:
Final Average Salary x Years of Credited Service x Benefit Percentage
2.6% x FAS x Years of Service for years 1-20
2.0% x FAS x Years of Service for years 21-25
1.0% x FAS x Years of Service for years 26-30
Provisions for:
Disability benefits Yes
Death benefits Yes
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
B. Municipal Police Officers and Firefighters Retirement System (MPFRS)
The City participates in a state-wide, cost-sharing, multiple-employer defined benefit plan
on behalf of police employed by the City after June 1, 2011. The system is administered
by agencies of the State of West Virginia and funded by contributions from participants,
employers, and State appropriations, as necessary.
The following is a summary of eligibility factors, contribution methods, and benefit
provisions:
MPFRS issues a public available financial report that includes financial statements and
required supplementary information. That information may be obtained by writing to the
Public Employees’ Retirement System, 4101 MacCorkle Avenue. S.E., Charleston, West
Virginia 25304.
See independent auditor’s report.
Page 58
Amount for proportionate share of net pension (asset) liability $ (186,907) $ (312,378) $ (499,285)
Percentage for proportionate share of net pension (asset) liability -1.712540% -2.862176% -4.574716%
Increase/-Decrease % from prior proportion measured -4.92% 10.51% 5.59%
MPFRS -
Fire
MPFRS -
Police Total
Pension expense $ (64,501) $ (115,951) $ (180,452)
MPFRS -
Fire
MPFRS -
Police Total
Deferred Inflow
of Resources
Net difference between projected and actual earnings
on pension plan investments $ - 46,769
Difference between expected and actual experiences 12,347 4,333
Changes in proportion and differences between City
contributions and proportionate share of contributions 5,285 26,683
Changes in assumptions 20,431 1,113
City contributions subsequent to the measurement date 43,195 -
$ 81,258 78,898
Deferred Outflow
of Resources
Municipal Police Officers and Firefighters Retirement System - Fire
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Pension Liability, Pension Expense, Deferred Outflows of Resources, and Deferred
Inflows of Resources Related to Pensions
At fiscal year-end, the City reported the following liability (asset) for its proportionate
share of the net pension liability (asset). The net pension liability (asset) was measured
as of June 30, 2021, and the total pension liability (asset) used to calculate the net
pension liability (asset) was determined by an actuarial valuation as of July 1, 2020
androlled forward to June 30, 2021 using the actuarial assumptions and methods
described in the appropriate section of this note. The City's proportion of the net pension
liability (asset) was based on a projection of its long-term share of contributions to the
pension plans relative to the projected contributions of all participating employers,
actuarially determined. At June 30, 2021, the City's reported the following proportions
and increase/decreases from its proportion measured as of June 30, 2020:
For the year ended June 30, 2022, the City recognized the following pension expense
The City reported deferred outflows of resources and deferred inflows of resources
related to pensions from the following sources:
See independent auditor’s report.
Page 59
Deferred Inflow
of Resources
Net difference between projected and actual earnings
on pension plan investments $ - 78,166
Difference between expected and actual experiences 20,636 7,241
Changes in proportion and differences between City
contributions and proportionate share of contributions - 75,489
Changes in assumptions 34,146 1,860
City contributions subsequent to the measurement date 75,238 -
$ 130,020 162,756
Deferred Inflow
of Resources
Net difference between projected and actual earnings
on pension plan investments $ - 124,935
Difference between expected and actual experiences 32,983 11,574
Changes in proportion and differences between City
contributions and proportionate share of contributions 5,285 102,172
Changes in assumptions 54,577 2,973
City contributions subsequent to the measurement date 118,433 -
$ 211,278 241,654
of Resources
of Resources
Municipal Police Officers and Firefighters Retirement System - Police
Deferred Outflow
Municipal Police Officers and Firefighters Retirement System - Total
Deferred Outflow
Year Ended
June 30,
2023 $ (43,949)
2024 (42,120)
2025 (40,777)
2026 (40,829)
2027 5,401
2028 8,676
2029 4,789
$ (148,809)
MPFRS
Total
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The amount reported as deferred outflows of resources related resulting from City
contributions subsequent to the measurement date will be recognized as a reduction of
the net pension liability in the year ended June 30, 2022. Other amounts will be reported
as deferred outflows of resources and deferred inflows of resources related to pensions
will be recognized in pension expense as follows:
See independent auditor’s report.
Page 60
Actuarial cost method Individual entry age normal cost with level percentage of payroll
Asset valuation method Fair value
Amortization method Level dollar, fixed period
Amortization period n/a
Actuarial assumptions:
Investment rate of return 7.25%, net of investment expense
Projected salary increases: By age from 4.75% at age 30, declining to 3.25% at age 65
Inflation rate 2.75%
Discount rate 7.25%
Mortality Rates: Active - 100% of Pub-2010 Safety Employee Table, Amount-
weighted, projected generationallywith Scale MP-2020
Healthy Male Retirees 98% of Pub-2010 Safety Retiree Male Table, Amount-weighted,
projected generationallywith Scale MP-2020
Healthy Female Retirees 99% of Pub-2010 Safety Retiree Female Table, Amount-weighted,
projected generationallywith Scale MP-2020
Disabled Males 124% of Pub-2010 Safety Disabled Male Table, Amount-weighted,
projected generationallywith Scale MP-2020
Disabled Females 100% of Pub-2010 Safety Disabled Female Table, Amount-weighted,
projected generationallywith Scale MP-2020
Withdrawl rates: 3.00% - 21.00%
Disability rates .003 - .40%
Retirement rates 25% - 100%
2015 - 2020
Date range of most recent
experience study
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Actuarial Assumptions
The total pension liabilities for financial reporting purposes were determined by actuarial
valuation as of July 1, 2020 and rolled forward to June 30, 2021 using the actuarial
assumptions and methods described, as follows:
The long-term expected rate of return on pension plan investments were determined
using a building-block method in which estimates of expected real rates of returns
(expected returns, net of pension plan investment expense and inflation) are developed
for each major asset class. These ranges are combined to produce the long term
expected rate of return by weighting the expected future real rates of return by the target
asset allocation percentage and by adding expected inflation. Rates summarized in the
following table include the inflation component and were used for the following defined
benefit plan:
See independent auditor’s report.
Page 61
Long-term Weighted
Expected Average
Target Asset Real Rate Expected Real
Investment Allocation of Return Rate of Return
Domestic Equity 27.5% 5.5% 1.51%
International Equity 27.5% 7.0% 1.93%
Fixed Income 15.0% 2.2% 0.33%
Real Estate 10.0% 6.6% 0.66%
Private Equity 10.0% 8.5% 0.85%
Hedge Funds 10.0% 4.0% 0.40%
100.0% 5.68%
Inflation (CPI) 2.10%
7.78%
Current 1.0%
Discount Rate Increase
7.25% 8.25%
City's proportionate share of MPFRS Fire net pension (asset) liability $ (125,889) (186,907) (232,820)
City's proportionate share of MPFRS Police net pension (asset) liability (210,399) (312,378) (389,113)
Total City proportionate share of MPFRS net pension (asset) liability $ (336,287) (499,285) (621,933)
1.0%
Decrease
6.25%
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Discount rate. The discount rate used to measure the total pension liability was 7.25
percent for all defined benefit plans. The projection of cash flows used to determine the
discount rates assumed that employer contributions will continue to follow the current
funding policies. Based on those assumptions, the fiduciary net position for each defined
benefit pension plan was projected to be available to make all projected future benefit
payments of current plan members. Therefore, the long-term expected rates of return on
pension plan investments were applied to all periods of projected benefit payments to
determine the total pension liabilities of each plan.
The following chart presents the sensitivity of the net pension liability to changes in the
discount rate, calculated using the discount rates as used in the actuarial evaluation, and
what the net pension liability would be if it were calculated using a discount rate that is
1-percentage-point lower or 1-percentage point higher than the current rate:
NOTE 6 POSTEMPLOYMENT BENEFITS OTHER THAN PENSIONS (OPEB)
West Virginia Retiree Health Benefit Trust (RHBT)
Plan description
The City contributes to the West Virginia Other Postemployment Benefit Plan (the Plan),
a cost-sharing, multiple employer, defined benefit other post-employment benefit plan
and covers the retirees of State agencies, colleges and universities, county boards of
education, and other government entities as set forth in the West Virginia Code Section
See independent auditor’s report.
Page 62
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
5-16D-2 (the Code). The financial activities of the Plan are accounted for in the West
Virginia Retiree Health Benefit Trust Fund (RHBT), a fiduciary fund of the State of West
Virginia. The Plan is administered by a combination of the West Virginia Public
Employees Insurance Agency (PEIA) and the RHBT staff. Plan benefits are established
and revised by PEIA and the RHBT management with approval of the Finance Board.
The Finance Board is comprised of nine members. Finance Board members are
appointed by the Governor, serve a term of four years and are eligible for reappointment.
The State Department of Administration cabinet secretary serves as Chairman of the
Board. Four members represent labor, education, public employees and public retirees.
The four remaining members represent the public at large.
The Plan had approximately 43,000 policyholders and 64,000 covered lives at June 30,
2021.
Active employees who retire are eligible for PEIA health and life benefits, provided they
meet the minimum eligibility requirements of the applicable State retirement system and
if their last employer immediately prior to retirement: is a participating employer under the
Consolidated Public Retirement Board (CPRB) and, as of July 1, 2008 forward, is a
participating employer with the Public Employees Insurance Agency (PEIA). Active
employees who, as of July 1, 2008, have ten years or more of credited service in the
CPRB and whose employer at the time of their retirement does participate with CPRB,
but does not participate with PEIA will be eligible for PEIA retiree coverage provided: they
otherwise meet all criteria under this heading and their employer agrees, in writing, upon
a form prescribed by PEIA, that the employer will pay to PEIA the non-participating retiree
premium on behalf of the retiree or retirees, or that the retiree agrees to pay the entire
unsubsidized premium themselves. Active employees who are members of the Teacher’s
Defined Contribution Retirement plan must be either: 55 years of age and have 12 or
more years of credited service; or be at least 60 years of age with five years of service;
and their last employer immediately prior to retirement must be a participating employer
under that, or the CPRB system to qualify to continue PEIA insurance benefits upon
retirement. Employees who participate in non-State retirement systems but that are
CPRB system affiliated, contracted, or approved (such as TIAA-CREF and similar plans),
or are approved, in writing, by the PEIA Director must, in the case of education
employees, meet the minimum eligibility requirements of the State Teacher’s Retirement
System, and in all other cases meet the minimum eligibility requirements of the Public
Employees Retirement System to be eligible for PEIA benefits as a retiree.
For additional financial information, the RHBT audited financial statements and actuarial
reports can be found on the PEIA website at www.peia.wv.gov. If you have any questions
or need additional information, contact the RHBT Controller, Jennifer Priddy, at
304-352-0298, ext. 20298. You can also submit your questions in writing to the West
Virginia Public Employees Insurance Agency, 601 57th. Street, SE, Suite 2, Charleston,
WV, 25304.
See independent auditor’s report.
Page 63
2021 2020
Paygo premium 160$ 168$
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Benefits provided
The Plan provides medical and prescription drug insurance and life insurance. The
medical and prescription drug insurance is provided through two options:
1) Self-Insured Preferred Provider Benefit Plan (primarily for
non-Medicare-eligible retirees and spouses)
2) External Managed Care Organizations (primarily for Medicare-eligible retirees
and spouses).
Contributions
Employer contributions were from the RHBT billing system, called the Web Contribution
System, for fiscal year ended June 30, 2021. The employer contributions which were the
basis of the related schedules represent what the employer was billed during the
respective year for their portion of the pay as you go premiums, commonly referred to as
paygo, retiree leave conversion billings, and other matters, including billing adjustments.
Paygo premiums are established by the Finance Board annually. All participating
employers are required by statute to contribute to the RHBT this premium at the
established rate for every active policyholder per month. The active premiums subsidized
the retirees’ health care by approximately $137 million for the fiscal year ending 2021.
The paygo rates for June 30, were:
Contributions to the OPEB plan from the City were $136,361 for the current fiscal year.
Paygo Premium
Members retired before July 1, 1997, pay retiree healthcare contributions at the highest
sponsor subsidized rate, regardless of their actual years of service. Members retired
between July 1, 1997, and June 30, 2010, pay a subsidized rate depending on the
member’s years of service. Members hired on or after July 1, 2010, pay retiree healthcare
contributions with no sponsor provided implicit or explicit subsidy.
Retiree leave conversion contributions from the employer depend on the retiree’s date
of hire and years of service at retirement as described below:
See independent auditor’s report.
Page 64
Retirees and beneficiaries currently receiving benefit payments 43,269
Inactive plan members entitled to but not yet receiving benefit payments a 11,913
Active plan members 34,319
Totals 89,501
a Inactive plan members excluded 11,913 wavied annuitants over the age of 75 in 2021.
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
1) Members hired before July 1, 1988, may convert accrued sick or leave days
into 100% of the required retiree healthcare contribution.
2) Members hired from July 1, 1988, to June 30, 2001, may convert accrued
sick or leave days into 50% of the required retiree healthcare contribution.
The conversion rate is two days of unused sick and annual leave days per month for
single healthcare coverage and three days of unused sick and annual leave days per
month for family healthcare coverage.
There may be differences in the amount an employer has in their internal records as
contributions to RHBT and the amounts shown in the allocation schedules as
contributions. Additionally, total employer contributions reported in the Schedules, may
not agree with the total employer contributions reported in the RHBT Statement of
Changes in Fiduciary Net Position. Examples of these types of differences are listed
below:
1) An employer is paying the retiree’s health premium or the retiree’s life
insurance premium as they are a non CPRB agency.
2) Contributions paid to the RHBT due to an approved payment plan for historic
non-participating employer premium billings are excluded from the
Schedules.
3) RHBT receives special funding for the county school boards.
Summary of Membership Information
At June 30, 2021, the Plan’s OPEB eligible membership consisted of the following:
The Plan is a closed plan to new entrants.
See independent auditor’s report.
Page 65
Deferred Outflow Deferred Inflow
of Resources of Resources
Changes in proportion and differences between City
contributions and proportionate share of contributions 138,907$ 28,398
Difference between expected and actual investment earnings - 237,953
Difference between expected and actual non-investment experience - 237,513
Changes in assumptions - 729,603
Reallocation of opt-out employer change in proportionate share - 11,810
City contributions subsequent to the measurement date 136,361 -
275,268$ 1,245,277
Year Ended
June 30,
2023 $ (557,441)
2024 (431,633)
2025 (38,557)
2026 (78,739)
$ (1,106,370)
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
OPEB Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to OPEB
At fiscal year-end, the City reported a liability (asset) of ($34,480) for its proportionate
share of the net OPEB liability (asset). The net OPEB liability (asset), deferred inflows
and outflows of resources and OPEB expense were determined by an actuarial valuation
date as of June 30, 2020 and was based on a measurement date of June 30, 2021. The
City's proportion of the net OPEB liability (asset) was based on a projection of the City's
long-term share of contributions to the OPEB plan relative to the projected contributions
of all participating governments, actuarially determined. At June 30, 2021, the City's
proportion was -0.11595723%, which was a increase of 10.18224% from its proportion
measured as of June 30, 2020.
For this fiscal year, the City recognized OPEB expense of ($634,554). The City reported
deferred outflows of resources and deferred inflows of resources related to OPEB from
the following sources:
The amount reported as deferred outflows of resources related to OPEB resulting from
City contributions subsequent to the measurement date will be recognized as a reduction
of the net OPEB liability (asset) in the year ended June 30, 2022. Other amounts reported
as deferred outflows of resources and deferred inflows of resources related to OPEB will
be recognized in OPEB expense as follows:
See independent auditor’s report.
Page 66
Inflation 2.25%
Salary increases Rates based on 2015-2020 OPEB Experience Study and dependent on pension
plan participation and attained age, and range from 2.75% to 5.18%, including
inflation. Rates were first applied to the 2020 valuation.
Investment Rate of Return 6.65%, net of OPEB plan investment expense, including inflation
Trend rate for pre-Medicare per capita costs of 7.0% for plan year end 2020,
decreasing by 0.50% for one year then by 0.25% each year thereafter, until
ultimate trend rate of 4.25% is reached in plan year end 2032. Trend rate for
Medicare per capita costs of (31.11%) for plan year end 2022.
9.15% for plan year end 2023, decreasing ratably each year thereafter,
until ultimate trend rate of 4.25% is reached in plan year end 2036.
Actuarial cost method Entry Age Normal Cost Method
Amortization method Level percentage of payroll over a 20-year closed period beginning June 30, 2017
Asset valuation method Market Value
Wage inflation 2.75% for PERS and TRS, and 3.25% for Troopers
Aging factors Based on the 2013 SOA Study "Health Care Costs - From Birth to Death"
Retirement age Rates based on 2015-2020 OPEB experience study and vary by pension
plan participation and age/service at retirement. Rates first applied to the 2020
valuation.
Expenses Health administrative expenses are included in the development of the per capita
claims cost. Operating expenses are included as a component of the annual
expense.
Healthcare cost trend rates
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Actuarial assumptions
The total OPEB liability (asset) was determined by an actuarial valuation as of June 30,
2020, using the following actuarial assumptions, applied to all periods included in the
measurement, unless otherwise specified:
Mortality rates were based on the Pub-2010 General Healthy Retiree Mortality Tables
(100% males, 108% females) projected with MP-2019 for TRS. Pub-2010 General Below
Median Healthy Retiree Tables (106% males, 113% females) projected with MP-2019 for
PERS. Pub-2010 Public Safety Healthy Retiree Mortality Tables (100% males, 100%
females) projected with Scale MP-2019 for Troopers A and B. Pre-Retirement: Pub-2010
General Employee Mortality Tables (100% males, 100% females) projected with Scale
MP-2019 for TRS. Pub-2010 Below-Median Income General Employee Mortality Tables
projected with Scale MP-2019 for PERS. Pub-2010 Public Safety Employee Mortality
Tables projected with Scale MP-2019 for Troopers A & B.
The actuarial assumptions used in the June 30, 2020 valuation were based on the results
of an actuarial experience study for the period July 1, 2015 - June 30, 2020.
See independent auditor’s report.
Page 67
Long-term Expected
Asset Class Real Rate of Return
Global Equity 4.8%
Core Plus Fixed Income 2.1%
Core Real Estate 4.1%
Hedge Fund 2.4%
Private Equity 6.8%
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
The long-term expected rate of return of 6.65% on OPEB plan investments was
determined by a combination of an expected long-term rate of return of 7.00% for
long-term assets invested with the WV Investment Management Board (WVIMB) and an
expected short-term rate of return of 2.50% for assets invested with the West Virginia
Board of Treasury Investments (WVBTI).
Long-term pre-funding assets are invested with the WVIMB. The strategic asset allocation
consists of 55% equity, 15% fixed income, 10% private equity, 10% hedge fund and 10%
real estate invested. Short-term assets used to pay current year benefits and expenses
are invested with the WVBTI.
The long-term rates of return on OPEB plan investments are determined using a building
block method in which estimates of expected future real rates of return (expected returns,
net of OPEB plan investment expense and inflation) are developed for each major asset
class. These ranges are combined to produce the long-term expected rate of return by
weighting the expected future real rates of return by the target asset allocation
percentage. Target asset allocations, capital market assumptions (“CMA”), and forecast
returns were provided by the Plan’s investment advisors, including West Virginia
Investment Management Board (“WV-IMB”). The projected return for the Money Market
Pool held with the West Virginia Board of Treasury Investments (“WV-BTI”) was
estimated based on WVIMB assumed inflation of 2.0% plus a 25 basis point spread.
The target allocation and estimates of annualized long-term expected real returns
assuming a 10-year horizon are summarized below:
Discount rate
A single discount rate of 6.65% was used to measure the total OPEB liability (asset). This
single discount rate was based on the expected rate of return on OPEB plan investments
of 6.65%. The projection of cash flows used to determine this single discount rate
assumed that employer contributions will be made in accordance with the prefunding and
investment policies. Based on these assumptions, the OPEB plan’s fiduciary net position
was projected to be available to make all projected future benefit payments of current
plan members. Therefore, the long-term expected rate of return on OPEB plan
investments was applied to all periods of projected benefit payments to determine the
total OPEB liability (asset).
See independent auditor’s report.
Page 68
Net OPEB (Asset) Liability $ 185,021 $ (34,480) $ (216,728)
1.0%
Increase
(7.65%)
Discount Rate
(6.65%)
1.0%
Decrease
(5.65%)
Net OPEB (Asset) Liability $ (254,579) $ (34,480) $ 233,626
1.0%
Increase
Healthcare Cost
Trend Rates
1.0%
Decrease
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Sensitivity of the government's proportionate share of the net OPEB (asset) liability to
changes in the discount rate.
The following chart presents the City’s proportionate share of the net OPEB (asset)
liability, as well as what the proportionate share of the net OPEB (asset) liability would be
if it were calculated using a discount rate that is 1-percentage-point lower (5.65%) or
1-percentage point higher (7.65%) than the current discount rate:
Sensitivity of the government's proportionate share of the net OPEB (asset) liability to
changes in the healthcare cost trend rates.
The following chart presents the City's proportionate share of the net OPEB (asset)
liability, as well as what the proportionate share of the net OPEB (asset) liability would be
if it were calculated using healthcare cost trend rates that are 1-percentage-point lower
or 1-percentage point higher than the current healthcare cost trend rates described in the
actuarial assumptions:
Opt-Out Employer Balance Reallocation. Certain employers that meet the Plan’s opt-out
criteria are no longer required to make contributions to the Plan. These opt employers
have no continuing involvement with the Plan. Accordingly, the amounts previously
allocated to such employers for the net OPEB liability (asset) and related deferred inflows
and outflows are reallocated to the remaining employers participating in the cost sharing
plan. The Plan reallocates these balances to the remaining active employers based on
their proportionate share of contributions made in the period of reallocation.
OPEB plan fiduciary net position. Detailed information about the OPEB plan's fiduciary
net position is available in the separately issued financial report available at the West
Virginia Public Employee Insurance Agency's website at peia.wv.gov. That information
can also be obtained by writing to the West Virginia Public Employee Insurance Agency,
601 57th. Street, SE Suite 2, Charleston, WV, 25304.
See independent auditor’s report.
Page 69
CITY OF BRIDGEPORT
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
NOTE 7 SUBSEQUENT EVENTS
The City has considered all subsequent events through April 12, 2023, the date the
financial statements were available to issue.
See independent auditor’s report.
Page 70
REQUIRED SUPPLEMENTARY INFORMATION
Variance
With Final
Actual Budget Actual Budget
(Budgetary to GAAP Amounts Favorable
Final Basis) Differences GAAP Basis (Unfavorable)
Revenues
Taxes and special assessments
Ad valorem $ 4,500,332 4,500,332 4,521,914 59,485 4,581,399 21,582
Excise 530,000 530,000 554,816 - 554,816 24,816
Business and occupation 6,750,000 7,250,000 8,838,843 - 8,838,843 1,588,843
Wine and liquor 250,000 250,000 332,735 - 332,735 82,735
Animal control 3,000 3,000 3,251 - 3,251 251
Hotel occupancy 850,000 850,000 1,073,709 - 1,073,709 223,709
Gas and oil severance 15,000 15,000 17,225 - 17,225 2,225
Licenses and permits 363,000 363,000 381,643 - 381,643 18,643
Charges for services 1,690,976 1,695,976 1,955,693 - 1,955,693 259,717
Fines and forfeits 166,500 183,500 153,094 - 153,094 (30,406)
Intergovernmental:
Federal 121,075 181,075 66,325 - 66,325 (114,750)
State 356,200 356,700 544,171 - 544,171 187,471
Video and gaming income - - - - - -
Investment income 24,000 24,000 (518,449) - (518,449) (542,449)
Contributions 1,073,537 1,073,537 435,927 - 435,927 (637,610)
Franchise fees 90,000 90,000 85,756 - 85,756 (4,244)
Miscellaneous 120,000 120,000 537,122 - 537,122 417,122
Total revenues 16,903,620 17,486,120 18,983,775 59,485 19,043,260 1,497,655
Expenditures
General government 3,466,337 4,363,578 2,814,432 (293,754) 2,520,678 1,549,146
Public safety 8,478,063 9,941,809 7,887,186 (1,351,457) 6,535,729 2,054,623
Street and transportation 2,994,534 5,134,177 2,983,382 (22,572) 2,960,810 2,150,795
Culture and recreation 3,498,720 5,548,088 3,992,519 353,277 4,345,796 1,555,569
Total expenditures 18,437,654 24,987,652 17,677,519 (1,314,506) 16,363,013 7,310,133
Net change in fund balance (1,534,034) (7,501,532) 1,306,256 1,373,991 2,680,247 8,807,788
Fund balance at beginning of year 1,534,034 7,501,532 15,411,838 36,610,418 52,022,256 7,910,306
Fund balance at end of year $ - - 16,718,094 37,984,409 54,702,503 16,718,094
Budgeted Amounts
Original
CITY OF BRIDGEPORT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE –
BUDGET AND ACTUAL – GENERAL FUND – BUDGETARY BASIS
Year Ended June 30, 2022
Explanation of Differences:
(1) The City budgets for capital expenditures as a current period expenditure rather than a
capital expenditure on the accrual basis of accounting.
(2) The amount reported as "fund balance" on the budgetary basis of accounting derives
from the basis of accounting used in preparing the City's budget. This amount differs from
the fund balance reported in the statement of revenues, expenditures, and changes in
fund balances because of the cumulative effect of transactions such as those described
above.
See independent auditor’s report.
Page 71
Variance
With Final
Actual Budget Actual Budget
(Budgetary to GAAP Amounts Favorable
Final Basis) Differences GAAP Basis (Unfavorable)
Revenues
Intergovernmental:
State $ 18,000 18,000 36,480 - 36,480 18,480
Investment income - - 20 - 20 20
Total revenues 18,000 18,000 36,500 - 36,500 18,500
Expenditures
General government 18,000 20,196 20,196 - 20,196 -
Total expenditures 18,000 20,196 20,196 - 20,196 -
Net change in fund balance - (2,196) 16,304 - 16,304 18,500
Fund balance at beginning of year - 2,196 6,834 - 6,834 4,638
Fund balance at end of year $ - - 23,138 - 23,138 23,138
Original
Budgeted Amounts
CITY OF BRIDGEPORT
STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE –
BUDGET AND ACTUAL – COAL SEVERANCE FUND – BUDGETARY BASIS
Year Ended June 30, 2022
Explanation of Differences:
(1) The City budgets for capital expenditures as a current period expenditure rather than a
capital expenditure on the accrual basis of accounting.
(2) The amount reported as "fund balance" on the budgetary basis of accounting derives
from the basis of accounting used in preparing the City's budget. This amount differs from
the fund balance reported in the statement of revenues, expenditures, and changes in
fund balances because of the cumulative effect of transactions such as those described
above.
See independent auditor’s report.
Page 72
2022 2021 2020 2019 2018 2017 2016 2015 2014
City's proportion of the net pension
liability (asset) (percentage) -0.457989% 0.444837% 0.462563% 0.481292% 0.483992% 0.481285% 0.462288% 0.448862% 0.433598%
City's proportionate share of the net
pension liability (asset) (4,020,850)$ 2,351,724 994,572 1,242,946 2,089,126 4,423,576 2,581,893 1,656,591 3,952,813
City's covered-employee payroll 7,792,290$ 7,275,550 6,913,620 7,792,290 6,625,482 6,143,500 6,632,044 6,253,943 5,876,793
City's proportionate share of the net
pension liability (asset) as a percentage
of its covered-employee payroll 51.60% 32.32% 14.39% 15.95% 31.53% 72.00% 38.93% 26.49% 67.26%
Plan fiduciary net position as a percentage
of the total pension liability 111.07% 92.89% 96.99% 96.33% 93.67% 86.11% 91.29% 93.98% 79.70%
Public Employees Reitrement System (PERS)
2022 2021 2020 2019 2018 2017 2016 2015 2014
City's proportion of the net pension
liability (asset) (percentage) -1.712540% -1.801136% -1.731763% -0.991647% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
City's proportionate share of the net
pension liability (asset) (186,907)$ (112,643) (79,401) (36,671) - - - - -
City's covered-employee payroll 508,176$ 430,365 364,435 291,376 126,871 - - - -
City's proportionate share of the net
pension liability (asset) as a percentage
of its covered-employee payroll -36.78% -26.17% -21.79% -12.59% 0.00% 0.00% 0.00% 0.00% 0.00%
Plan fiduciary net position as a percentage
of the total pension liability 182.78% 172.43% 168.31% 184.45% 203.46% 0.00% 0.00% 0.00% 0.00%
West Virginia Municipal Police Officers and Firefighters Retirement System - Fire
CITY OF BRIDGEPORT
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY
Year Ended June 30, 2022
See independent auditor’s report and notes to required supplementary information.
Page 73
2022 2021 2020 2019 2018 2017 2016 2015 2014
City's proportion of the net pension
liability (asset) (percentage) -2.862176% -2.589971% -1.524211% -0.812013% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
City's proportionate share of the net
pension liability (asset) (312,378)$ (161,977) (69,885) (30,028) - - - - -
City's covered-employee payroll 885,153$ 719,271 524,047 286,824 103,894 - - - -
City's proportionate share of the net
pension liability (asset) as a percentage
of its covered-employee payroll -35.29% -22.52% -13.34% -10.47% 0.00% 0.00% 0.00% 0.00% 0.00%
Plan fiduciary net position as a percentage
of the total pension liability 182.78% 172.43% 168.31% 184.45% 203.46% 0.00% 0.00% 0.00% 0.00%
2022 2021 2020 2019 2018 2017 2016 2015 2014
City's proportion of the net pension
liability (asset) (percentage) -4.574716% -4.391107% -3.255974% -1.803660% 0.000000% 0.000000% 0.000000% 0.000000% 0.000000%
City's proportionate share of the net
pension liability (asset) (499,285)$ (274,620) (149,286) (66,699) - - - - -
City's covered-employee payroll 1,393,329$ 1,149,635 888,482 578,200 230,765 - - - -
City's proportionate share of the net
pension liability (asset) as a percentage
of its covered-employee payroll -72.07% -48.69% -35.12% -23.05% 0.00% 0.00% 0.00% 0.00% 0.00%
Plan fiduciary net position as a percentage
of the total pension liability 182.78% 172.43% 168.31% 184.45% 203.46% 0.00% 0.00% 0.00% 0.00%
West Virginia Municipal Police Officers and Firefighters Retirement System - Police
West Virginia Municipal Police Officers and Firefighters Retirement System - Total
CITY OF BRIDGEPORT
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY (CONTINUED)
Year Ended June 30, 2022
See independent auditor’s report and notes to required supplementary information.
Page 74
2022 2021 2020 2019 2018 2017 2016 2015 2014
Contractually required contribution 779,229$ 727,555 691,362 779,229 728,803 737,220 895,326 875,552 852,135
Contributions in relation to the contractually
required contribution (779,229) (727,555) (691,362) (779,229) (728,803) (737,220) (895,326) (875,552) (852,135)
Contribution deficiency (excess) -$ - - - - - - - -
City's covered-employee payroll 7,792,290$ 7,275,550 6,913,620 7,792,290 6,625,482 6,143,500 6,632,044 6,253,943 5,876,793
Contributions as a percentage of covered-
employee payroll 10.00% 10.00% 10.00% 10.00% 11.00% 12.00% 13.50% 14.00% 14.50%
Public Employees Retirement System (PERS)
2022 2021 2020 2019 2018 2017 2016 2015 2014
Contractually required contribution 43,195$ 36,581 30,977 24,767 10,784 - - - -
Contributions in relation to the contractually
required contribution (43,195)$ (36,581) (30,977) (24,767) (10,784) - - - -
Contribution deficiency (excess) - - - - - - - - -
City's covered-employee payroll 508,176$ 430,365 364,435$ 291,376 126,871 - - - -
Contributions as a percentage of covered-
employee payroll 8.50% 8.50% 8.50% 8.50% 8.50% - - - -
West Virginia Municipal Police Officers and Firefighters Retirement System - Fire
CITY OF BRIDGEPORT
SCHEDULE OF PENSION CONTRIBUTIONS
Year Ended June 30, 2022
See independent auditor’s report and notes to required supplementary information.
Page 75
2022 2021 2020 2019 2018 2017 2016 2015 2014
Contractually required contribution 75,238$ 61,138 44,544 24,380 8,831 - - - -
Contributions in relation to the contractually
required contribution (75,238)$ (61,138) (44,544) (24,380) (8,831) - - - -
Contribution deficiency (excess) - - - - - - - - -
City's covered-employee payroll 885,153$ 719,271 524,047 286,824 103,894 - - - -
Contributions as a percentage of covered-
employee payroll 8.50% 8.50% 8.50% 8.50% 8.50% - - - -
2022 2021 2020 2019 2018 2017 2016 2015 2014
Contractually required contribution 118,433$ 97,719 75,521 49,147 19,615 - - - -
Contributions in relation to the contractually
required contribution (118,433)$ (97,719) (75,521) (49,147) (19,615) - - - -
Contribution deficiency (excess) - - - - - - - - -
City's covered-employee payroll 1,393,329$ 1,149,635 888,482 578,200 230,765 - - - -
Contributions as a percentage of covered-
employee payroll 8.50% 8.50% 8.50% 8.50% 8.50% - - - -
West Virginia Municipal Police Officers and Firefighters Retirement System - Police
West Virginia Municipal Police Officers and Firefighters Retirement System - Total
CITY OF BRIDGEPORT
SCHEDULE OF PENSION CONTRIBUTIONS (CONTINUED)
Year Ended June 30, 2022
See independent auditor’s report and notes to required supplementary information.
Page 76
2022 2021 2020 2019 2018 2017
City's proportion of the net OPEB (asset) liability -0.11595723% 0.10524131% 0.10680480% 0.10849016% 0.00106220% 0.12842015%
City's proportionate share of the net OPEB (asset) liability (34,480)$ 464,842 1,772,033 2,327,587 2,611,943 3,189,090
City's covered-employee payroll 8,968,287$ 8,582,093 7,499,309 7,499,309 6,198,820 5,784,770
City's proportionate share of the net OPEB liability
(asset) as a percentage of its covered-employee payroll -0.38% 5.42% 23.63% 31.04% 42.14% 55.13%
Plan fiduciary net position as a percentage of the
total OPEB (asset) liability 101.81% 73.49% 30.98% 30.98% 21.64% 25.10%
Retiree Health Benefit Trust (RHBT)
CITY OF BRIDGEPORT
SCHEDULE OF PROPORTIONATE SHARE OF THE NET OPEB LIABILITY
Year Ended June 30, 2022
See independent auditor’s report and notes to required supplementary information.
Page 77
2022 2021 2020 2019 2018 2017
Contractually required contribution 136,361$ 211,458 203,420 220,049 222,055 218,175
Contributions in relation to the contractually
required contribution (136,361) (211,458) (203,420) (220,049) (222,055) (218,175)
Contribution deficiency (excess) -$ - - - - -
City's covered-employee payroll 8,968,287$ 8,582,093 7,499,309 7,499,309 6,198,820 5,784,770
Contributions as a percentage of covered-
employee payroll 1.52% 2.46% 2.71% 2.93% 3.58% 3.77%
Retiree Health Benefit Trust (RHBT)
CITY OF BRIDGEPORT
SCHEDULE OF OPEB CONTRIBUTIONS
Year ended June 30, 2022
See independent auditor’s report and notes to required supplementary information.
Page 78
CITY OF BRIDGEPORT
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
Year ended June 30, 2022
NOTE 1 PENSIONS
A. Presentation
The information presented in the schedule of proportionate share of the net pension
liability and the schedule of pension contributions are only available for the fiscal years
ended June 30, 2022, 2021, 2020, 2019, 2018, 2017, 2016, 2015, and 2014. The City
will be adding additional years to the accompanying schedules as information
becomes available until a 10 year trend is achieved.
B. Changes in Benefit Terms
There were no changes in benefit terms as of the measurement date of June 30,
2021.
C. Changes in Assumptions
There were no assumption changes from the actuarial valuation as of July 1, 2020,
to a roll-forward measurement date of June 30, 2021.
NOTE 2 OTHER POST EMPLOYMENT BENEFITS (OPEB)
A. Presentation
The information presented in the schedule of proportionate share of the net OPEB
liability and the schedule of OPEB contributions are only available for the fiscal years
ended June 30, 2022, 2021, 2020, 2019, 2018 and 2017. The City will be adding
additional years to the accompanying schedules as information becomes available
until a 10 year trend is achieved.
B. Changes in Benefit Terms
There were no changes in benefit terms as of the measurement date of June 30,
2021.
C. Changes in Assumptions
There were no assumption changes from the actuarial valuation as of June 30, 2020,
measured at June 30, 2020 to a roll-forward measurement date of June 30, 2021.
See independent auditor’s report.
Page 79
SUPPLEMENTARY INFORMATION
Total
Development Nonmajor
Cemetery Unemployment Authority Governmental
Fund Fund Fund Funds
Cash $ 97,464 1,760,638 118,985 - 1,977,087
Restricted assets - - - 222,629 222,629
Receivables, net of allowance: -
Accounts - 17,624 - - 17,624
Total assets $ 97,464 1,778,262 118,985 222,629 2,217,340
Liabilities:
Accounts payable $ - 520 - - 520
Accrued expenses - 9,868 - - 9,868
Accrued compensated absences - 3,089 - - 3,089
Total liabilities - 13,477 - - 13,477
Fund Balances:
Assigned - 1,764,785 118,985 - 1,883,770
Restricted 97,464 - - 222,629 320,093
Total fund balances 97,464 1,764,785 118,985 222,629 2,203,863
$ 97,464 1,778,262 118,985 222,629 2,217,340
ASSETS
LIABILITIES AND FUND BALANCES
Total liabilities and fund balances
Asset
Forfeiture
Fund
CITY OF BRIDGEPORT
COMBINING FUND BALANCE SHEETS – NONMAJOR GOVERNMENTAL FUNDS
June 30, 2022
See independent auditor’s report.
Page 80
Total
Development Nonmajor
Cemetery Unemployment Authority Governmental
Fund Fund Fund Funds
Revenues
Charges for services $ - 284,542 - - 284,542
Confiscated property 17,456 - - - 17,456
Investment income 208 4,039 300 281 4,828
Miscellaneous 1,512 7,849 - - 9,361
Total revenues 19,176 296,430 300 281 316,187
Expenditures
General government - - 2,500 - 2,500
Public safety 1,298 - - - 1,298
Health and sanitation - 393,518 - - 393,518
Total operating expenses 1,298 393,518 2,500 - 397,316
Excess (deficiency) of revenues over (under)
expenditures before other financing sources (uses) 17,878 (97,088) (2,200) 281 (81,129)
Other Financing Sources (Uses)
Operating transfers in - 428,948 - 100,000 528,948
Operating transfers (out) - (59,776) - - (59,776)
Total other financing sources (uses) - 369,172 - 100,000 469,172
Net change in fund balances 17,878 272,084 (2,200) 100,281 388,043
Fund balances, beginning of year 79,586 1,492,701 121,185 122,348 1,815,820
Fund balances, end of year $ 97,464 1,764,785 118,985 222,629 2,203,863
Fund
Forfeiture
Asset
CITY OF BRIDGEPORT
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCES – NONMAJOR GOVERNMENTAL FUNDS
Year ended June 30, 2022
See independent auditor’s report.
Page 81
INDEPENDENT AUDITOR'S 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
To the Honorable Mayor and Council of the
City of Bridgeport
Bridgeport, West Virginia
We have audited, in accordance with the 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, the financial statements of the governmental activities, the business-type
activities, the blended component units, each major fund, and the aggregate remaining
fund information of the City of Bridgeport (the "City"), as of and for the year ended June
30, 2022, and the related notes to the financial statements, which collectively comprise
the City's basic financial statements, and have issued our report thereon dated April 12,
2023.
Report on Internal Control over Financial Reporting
In planning and performing our audit of the financial statements, we considered the
City's internal control over financial reporting (internal control) as a basis for designing
audit procedures that are appropriate in the circumstances for the purpose of
expressing our opinions on the financial statements, but not for the purpose of
expressing an opinion on the effectiveness of the City's internal control. Accordingly, we
do not express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not
allow management or employees, in the normal course of performing their assigned
functions, to prevent, or detect 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 City's financial
statements will not be prevented, or detected and corrected, on a timely basis. A
significant deficiency is a deficiency, or a combination of deficiencies, in internal control
that is less severe than a material weakness, yet important enough to merit attention
by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first
paragraph of this section and was not designed to identify all deficiencies in internal
control that might be material weaknesses or significant deficiencies. Given these
limitations, during our audit we did not identify any deficiencies in internal control that
we consider to be material weaknesses. However, material weaknesses may exist that
have not been identified.
Page 82
Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements
are free from 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 financial statements. However,
providing an opinion on compliance with those provisions was not an objective of our
audit, and accordingly, we do not express such an opinion. The results of our tests
disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal
control and compliance and the results of that testing, and not to provide an opinion on
the effectiveness of the City's internal control or on compliance. This report is an
integral part of an audit performed in accordance with Government Auditing Standards
in considering the City's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
David L. Howell, CPA
Belle, West Virginia
April 12, 2023
Page 83
CITY OF BRIDGEPORT
SCHEDULE OF FINDINGS
Year ended June 30, 2022
There are no findings reported.
Page 84
CITY OF BRIDGEPORT
SUMMARY SCHEDULE OF PRIOR YEAR AUDIT FINDINGS
Year ended June 30, 2022
There were no findings reported in the prior year.
Page 85