HomeMy Public PortalAbout2020 Audit
City of Parkville, Missouri
Basic Financial Statements
With
Independent Auditor’s Report
For the Year Ended
December 31, 2020
i
CITY OF PARKVILLE, MISSOURI
TABLE OF CONTENTS
Page
Independent Auditor’s Report 1-2
Management’s Discussion and Analysis 3-10
Basic Financial Statements:
Exhibit
Government-wide Financial Statements:
Statement of Net Position A 11
Statement of Activities B 12
Fund Financial Statements:
Balance Sheet – Governmental Funds C 13
Reconciliation of the Balance Sheet - Governmental Funds to
the Statement of Net Position 14
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds D 15
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances – Governmental Funds to the Statement of Activities 16
Statement of Net position – Proprietary Fund E 17
Statement of Revenues, Expenses and Changes in Fund Net Position –
Proprietary Fund 18
Statement of Cash Flows - Proprietary Fund G 19
Statement of Fiduciary Net Position – Fiduciary Fund H 20
Statement of Changes in Fiduciary Net Position – Fiduciary Fund I 21
Notes to the Basic Financial Statements 22-47
Schedule Page
Required Supplementary Information:
Schedule of Revenues, Expenditures and Changes in
Fund Balances – Budget and Actual – General Fund 1 48
Schedule of Revenues, Expenditures and Changes in
Fund Balances – Budget and Actual – Transportation Sales Tax Fund 2 49
Notes to Required Supplementary Information 50
Schedule of Changes in Net Pension Liability and Related Ratios 3 51
Schedule of Employer Contributions 4 52
ii
CITY OF PARKVILLE, MISSOURI
TABLE OF CONTENTS, Continued
Schedule Page
Other Supplementary Information
Combining and Individual Fund Statements and Schedules:
Combining Balance Sheet – General Fund 5 53
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances – General Fund 6 54
Combining Balance Sheet – Debt Service Funds 7 55
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances – Debt Service Funds 8 56
Combining Balance Sheet – Non-major Governmental Funds 9 57-58
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances – Non-major Governmental Funds 10 59-60
Schedules of Revenues, Expenditures and Changes in Fund Balances –
Budget and Actual –
Reserve Fund 11 61
Debt Service Funds 12 62-63
Park Sales Tax Fund 13 64
Economic Development Fund 14 65
Nature Sanctuary Fund 15 66
Parks Donation Fund 16 67
Veterans Memorial Fund 17 68
Fewson Fund 18 69
Capital Projects Fund 19 70
1
COCHRAN HEAD VICK & CO., P.C.
Certified Public Accountants
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor and
Board of Aldermen
City of Parkville, Missouri
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining fund information of the
City of Parkville, Missouri (the City) as of and for the year ended December 31, 2020, and the
related notes to the financial statements, which collectively comprise the City’s basic financial
statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial
statements in accordance with accounting principles generally accepted in the United States
of America; this includes 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.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We
conducted our audit in accordance with auditing standards generally accepted in the United
States of America and the standards applicable to the financial audits contained in
Government Auditing Standards, issued by the Comptroller General of the United States.
Those standards require that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the entity’s preparation and fair presentation of the
financial statements 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
entity’s internal control. Accordingly, we express no such opinion. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinions.
Opinions
In our opinion, the financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of the City as of December 31,
2020, 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.
1251 NW Briarcliff Pkwy
Suite 125
Kansas City, MO 64116
(816) 453-7014
Fax (816) 453-7016
Other offices in Missouri
and Kansas
2
Change in Accounting Principle
As described in Note 1 to the financial statements, the City adopted new accounting guidance, Governmental
Accounting Standard Board Statement No. 84, Fiduciary Activities. Our opinion is not modified with respect to
this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis, budgetary comparison information, schedule of changes in net pension liability and
related ratios and schedule of employer contributions as listed in the table of contents be presented to
supplement the basic financial statements. Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential
part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or
historical context. We have applied certain limited procedures to the required supplementary information in
accordance with auditing standards generally accepted in the United States of America, which consisted of
inquiries of management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge
we obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Other 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 combining and individual non-major fund financial
statements and schedules are presented for purposes of additional analysis and are not a required part of the
basic financial statements.
The combining and individual non-major fund financial statements and schedules are the responsibility of
management and were derived from and relate directly to the underlying accounting and other records used to
prepare the basic financial statements. Such 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 and individual non-major fund financial statements and schedules are fairly stated in all material
respects in relation to the basic financial statements as a whole.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated August 18, 2021, on
our consideration of the City’s internal control over financial reporting and our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on the 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 the City’s internal control over financial reporting and
compliance.
Kansas City, Missouri
August 18, 2021
CITY OF PARKVILLE, MISSOURI
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2020
3
As management of the City of Parkville, we offer readers of the City of Parkville’s (the City) financial
statements this narrative overview and analysis of the financial activities of the City of Parkville for the
year ended December 31, 2020. We encourage readers to consider the information presented here in
conjunction with the basic financial statements and the accompanying notes to those basic financial
statements.
Financial Highlights
1. The assets and deferred outflows of the City of Parkville exceeded its liabilities and deferred
inflows at the close of the year by $20,145,405 (net position), an increase of $2,505,731 over the
prior year.
2. As of the close of the current year, the City’s governmental funds showed a combined ending
balance of $12,206,659, an increase of $6,306,658 from the prior year. The main reason for the
increase stems from the issuance of the $3,995,000 Series 2020A, Taxable Neighborhood
Improvement District Limited General Obligation Refunding Bonds (Brush Creek Drainage Area
Neighborhood Improvement Project) Bonds (2020A bonds) and the $2,730,000 Series 2020B,
Taxable Neighborhood Improvement District Limited General Obligation Refunding Bonds (Brink
Meyer Road Neighborhood Improvement Project) Bonds (2020B bonds). The 2020A and 2020B
Bonds have been structured as a crossover advance refunding. Net proceeds of the bonds along
with available bond trust funds totaling approximately $7.2 million were deposited in trust with an
escrow agent. These funds will be used to refund the Series 2014A and 2014B Bonds at the
crossover date of March 1, 2020 as further discussed in Note 7 in the Notes to the Basic
Financial Statements.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City’s basic financial
statements. The City’s basic financial statements are comprised of three components; government-wide
financial statements, fund financial statements, and notes to the basic financial statements. This report
also contains required and other supplementary information in addition to the basic financial statements.
Reporting the City as a Whole
Our analysis of the City as a whole begins on page 5. One of the most important questions asked about
the City’s finances is, “Is the City as a whole better off or worse off as a result of the year’s activities?”
The Statement of Net Position and the Statement of Activities reports information about the City as a
whole and its activities in a way that helps answer this question. These statements include all assets,
deferred outflows, liabilities, and deferred inflows using the accrual basis of accounting, which is similar to
the accounting used by most private-sector companies. All of the current year’s revenues and expenses
are taken into account regardless of when cash is received or paid.
The Statement of Net Position and the Statement of Activities report the City’s net position and changes
in it. You can think of the City’s net position—the difference between assets and deferred outflows less
liabilities and deferred inflows—as one way to measure the City’s financial health, or financial position.
Over time, increases or decreases in the City’s net position are one indicator of whether its financial
health is improving or deteriorating. You will need to consider other non-financial factors, however, such
as changes in the City’s property tax base and the condition of the City’s roads, to assess the overall
health of the City.
CITY OF PARKVILLE, MISSOURI
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2020
4
To aid in the understanding of the Statement of Activities, some additional explanation is given. Of
particular interest is that the format is significantly different than a typical Statement of Revenues,
Expenses, and Changes in Fund Balance. You will notice that expenses are listed in the first column with
revenues from that particular program reported to the right. The result is a Net (Expense)/Revenue. The
reason for this kind of format is to highlight the relative net financial costs of each of the functions on the
City's taxpayers. It also identifies how much each function draws from the general revenues or if it is self-
financing through fees and grants.
In the Statement of Net Position and the Statement of Activities, we divide the City into two kinds of
activities:
Governmental activities—Most of the City’s basic services are reported here, including general
government, public safety, public works, parks and recreation, and community development. Taxes,
(sales, property, and franchise) charges for services, fines, and state and federal grants finance most of
these activities.
Business-type activities—The City charges a fee to customers to help it cover all or most of the cost of
certain services it provides. The City’s sanitary sewer fund activities are reported here.
Reporting the City’s Most Significant Funds - Fund Financial Statements
The fund financial statements begin on page 13 and provide detailed information about the most
significant funds—not the City as a whole. Some funds are required to be established by State law and by
bond covenants. The City establishes other funds to help it control and manage money for particular
purposes. The City uses three types of funds to manage its resources: governmental, proprietary, and
agency funds. A fund is a fiscal entity with a set of self-balancing accounts recording financial resources,
together with all related liabilities and residual equities and balances, and the changes therein. These
accounting entities are separated for the purpose of carrying on specific activities or attaining certain
objectives in accordance with regulations, restrictions, or limitations.
Governmental funds—Most of the City’s basic services are reported in governmental funds, which focus
on how money flows into and out of those funds and the balances left at year-end that are available for
spending. These funds are reported using an accounting method called modified accrual accounting,
which measures cash and all other financial assets that can readily be converted to cash. The
governmental fund statements provide a detailed short-term view of the City’s general government
operations and the basic services it provides. Governmental fund information helps you determine
whether there are more or fewer financial resources that can be spent in the near future to finance the
City’s programs. We describe the relationship (or differences) between governmental activities (reported
in the Statement of Net Position and the Statement of Activities) and governmental funds in the
reconciliation following the fund financial statements.
Proprietary funds—When the City charges customers for the services it provides, these services are
generally reported in proprietary funds. Proprietary funds are reported in the same way that all activities
are reported in the Statement of Net Position and the Statement of Activities. In fact, the City’s sewer
enterprise fund, is the same as the business-type activities we report in the government-wide statements
but provides more detail and additional information, such as cash flows.
Fiduciary Funds—Fiduciary funds are used to account for resources held for the benefit of parties
outside the government. Fiduciary funds are not reflected in the government-wide financial statements,
since the resources of those funds are not available to support the City’s operations. The accounting used
for fiduciary funds is much like that used for proprietary funds.
CITY OF PARKVILLE, MISSOURI
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2020
5
Notes to the Basic Financial Statements
The notes provide additional information that is essential to a full understanding of the data provided in
the government-wide and fund financial statements.
Other Information
In addition to the basic financial statements and accompanying notes, this report also contain certain
required supplemental information that further explains and supports the information in the financial
statements. This report also contains other supplementary information that provides certain combining
and individual fund statements and schedules.
Government-Wide Financial Analysis
Our analysis below focuses on net position (Figure 1) and changes in net position (Figure 2) of the
governmental and business-type activities.
Figure 1 – Statement of Net Position
Activities Activities Total
2020 2019 2020 2019 2020 2019
Current and other assets 21,367,038$ 12,853,151$ 1,146,695$ 1,352,866$ 22,513,733$ 14,206,017$
Capital assets 14,705,767 14,277,277 3,879,314 4,155,138 18,585,081 18,432,415
Total assets 36,072,805 27,130,428 5,026,009 5,508,004 41,098,814 32,638,432
Deferred charge on refunding 18,292 21,259 - - 18,292 21,259
Deferred outflows - pension 429,679 259,352 - - 429,679 259,352
Total deferred outflows of resources 447,971 280,611 - - 447,971 280,611
Long-term debt 19,504,801 12,970,184 718,756 886,675 20,223,557 13,856,859
Other liabilities 659,094 925,780 81,634 203,362 740,728 1,129,142
Total liabilities 20,163,895 13,895,964 800,390 1,090,037 20,964,285 14,986,001
Deferred inflow - property taxes 371,144 168,080 - - 371,144 168,080
Deferred inflow - pension 65,951 125,288 - - 65,951 125,288
Total deferred intflows of resources 437,095 293,368 - - 437,095 293,368
Net position:
Net investment in capital assets 9,265,500 8,298,080 3,160,558 3,268,463 12,426,058 11,566,543
Restricted 1,726,878 2,013,844 167,031 169,518 1,893,909 2,183,362
Unrestricted 4,927,408 2,909,783 898,030 979,986 5,825,438 3,889,769
Total net position 15,919,786$ 13,221,707$ 4,225,619$ 4,417,967$ 20,145,405$ 17,639,674$
Governmental Business-type
Net position may serve over time as a useful indicator of a government's financial position. The City of
Parkville’s assets and deferred outflows exceeded liabilities and deferred inflows by $20,145,405 at the
close of the year ended December 31, 2020.
CITY OF PARKVILLE, MISSOURI
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2020
6
Figure 2 – Statement of Changes in Net Position
Activities Activities Total
Revenues:
Program revenues:
Charges for services 981,167$ 1,002,359$ 1,510,656$ 1,602,375$ 2,491,823$ 2,604,734$
Operating grants and contributions 580,439 706,922 - - 580,439 706,922
Capital grants and contributions 1,119,458 2,370,770 22,571 27,427 1,142,029 2,398,197
General revenues:
Property taxes 1,859,760 1,723,989 - - 1,859,760 1,723,989
Sales taxes 2,567,205 2,035,755 - - 2,567,205 2,035,755
Franchise taxes 783,913 801,559 - - 783,913 801,559
Intergovernmental activity taxes 215,102 181,300 - - 215,102 181,300
Other taxes 1,146 1,876 - - 1,146 1,876
Gain on sale of assets 2,699,458 1,610,082 - - 2,699,458 1,610,082
Other 105,853 274,213 13,457 32,609 119,310 306,822
Total revenues 10,913,501 10,708,825 1,546,684 1,662,411 12,460,185 12,371,236
Expenses:
General government 1,706,346 1,782,968 - - 1,706,346 1,782,968
Public safety 1,776,629 1,543,666 - - 1,776,629 1,543,666
Public works 2,027,324 2,222,809 - - 2,027,324 2,222,809
Parks and recreation 881,126 751,519 - - 881,126 751,519
Community development 1,220,691 780,899 - - 1,220,691 780,899
Interest on long-term debt 603,306 395,338 - - 603,306 395,338
Sewer - - 1,739,032 1,323,492 1,739,032 1,323,492
Total expenses 8,215,422 7,477,199 1,739,032 1,323,492 9,954,454 8,800,691
Change in net position 2,698,079 3,231,626 (192,348) 338,919 2,505,731 3,570,545
Net position, beginning 13,221,707 9,990,081 4,417,967 4,079,048 17,639,674 14,069,129
Net position, ending 15,919,786$ 13,221,707$ 4,225,619$ 4,417,967$ 20,145,405$ 17,639,674$
20192020
Governmental Business-type
202020202019 2019
The City's net position increased $2,505,731 during the 2020 fiscal year. Of the total, governmental
activities net position increased $2,698,079 and business-type activities net position decreased by
$192,348. Total 2020 governmental revenues increased $204,676 from 2019 primarily due to the
increase in gain on sale of assets in connection with the Creekside Development Project exceeding the
decreases in capital grants and contributions related to donated infrastructure. Sales taxes increased
$531,450 primarily resulting from the collection of a full-year of parks sales taxes. Total governmental
activities expenses increased $738,223. The increase is primarily related to increases in public safety,
community development, and interest and fiscal charges.
Total 2020 business-type activities charges for services revenues decreased $91,719 from 2019. Total
business-type expenses increased $415,540 from 2019 primarily resulting from increased line
maintenance and repairs of approximately $327,000 over 2019.
CITY OF PARKVILLE, MISSOURI
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2020
7
Financial Analysis of the Government’s Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-
related legal requirements.
Governmental Funds
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the City’s financing
requirements. In particular, unassigned fund balances may serve as a useful measure of a government’s
net resources available for spending at the end of the fiscal year.
As mentioned earlier in this analysis, at the end of the current fiscal year, the City’s governmental funds
reported combined ending fund balances of $12,206,659. Of this amount $11,410,138 is non-spendable,
restricted, committed or assigned for various purposes and $796,521 is unassigned.
The general fund is the main operating fund of the City. At the end of the current fiscal year the general
fund balance was $2,323,027. As a measure of the general fund’s liquidity, it is useful to compare
unassigned fund balance to total fund expenditures. Unassigned fund balance represents 16.6% of total
general fund expenditures. Included in the general fund’s committed fund balance is the City’s emergency
reserve fund which totaled $1,332,108 at December 31, 2020.
The City’s fund balance of the general fund decreased $726,281 during the current fiscal year. General
Fund revenues decreased by $349,573 from 2019 primarily related to decreases in intergovernmental
grants and other revenues. 2020 general fund expenditures and transfers out, were approximately
$174,909 more than 2019. The increase is mostly attributable to transfers out.
At December 31, 2020, the transportation sales tax fund has an ending fund balance of $96,882. The
fund balance decreased $18,645 during the year.
The debt service fund has a total fund balance of $7,257,317, all of which is restricted for the payment of
principal, interest, and fees. The fund balance increased by $6,386,126 during the year primarily due to
the issuance of the Series 2020A and Series 2020B crossover refunding bonds discussed above.
Proprietary Fund
The City’s proprietary fund provides the same type of information found in the government-wide financial
statements, but in more detail. The net position of the sewer fund at the end of the year totaled
$4,225,619 of which $898,030 is unrestricted. The sewer fund’s net position decreased by $192,348 from
the prior year due to increases in line maintenance and repairs over 2019.
General Fund Actual to Budget Analysis
Actual revenues were under budgeted revenues by $474,486 primarily related to less actual taxes and
other revenues than were budgeted. Actual expenditures were $485,786 under the final budget. The City
routinely outperforms budget due to careful management, conservative budgeting, and personnel savings
due to routine vacancies throughout the year. Costs were managed well below budget. Additional savings
were realized in professional services.
CITY OF PARKVILLE, MISSOURI
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2020
8
Capital Asset and Debt Administration
Capital Assets
At the end of year, the City had $18,585,081 invested in capital assets including land, construction in
progress, buildings, equipment, vehicles, infrastructure, and sewer lines net of accumulated depreciation.
(See table below) This represents a net increase of $152,666 from last year as current year capital asset
additions primarily related to contributed infrastructure assets exceeded depreciation expense.
City of Parkville, Missouri
Capital Assets (Net of Depreciation)
Additional information on the City’s capital assets can be found in Note 6 in the Notes to the
Basic Financial Statements.
2020 2019 2020 2019 2020 2019
Land 2,719,880$ 2,719,880$ 59,975$ 59,975$ 2,779,855$ 2,779,855$
Buildings and improvements 3,100,638 3,021,463 1,351,289 1,538,843 4,451,927 4,560,306
Equipment and vehicles 386,501 308,862 10,356 22,970 396,857 331,832
Infrastructure 8,498,748 8,227,072 2,457,694 2,533,350 10,956,442 10,760,422
Total 14,705,767$ 14,277,277$ 3,879,314$ 4,155,138$ 18,585,081$ 18,432,415$
Total
Governmental Business-Type
Activities Activities
CITY OF PARKVILLE, MISSOURI
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2020
9
Long-Term Obligations - At the end of the current fiscal year, the City had total long-term obligations
outstanding of $19,113,263.
City of Parkville, Missouri
Outstanding Debt
2020 2019 2020 2019 2020 2019
Limited General Obligation
Bonds (plus premium) 14,648,038$ 8,648,135$ -$ -$ 14,648,038$ 8,648,135$
Certificates of Participation 2,035,521 2,397,321 - - 2,035,521 2,397,321
Lease purchase agreement 1,626,900 1,856,700 - - 1,626,900 1,856,700
Compensated Absences 84,048 68,028 23,756 31,675 107,804 99,703
Revenue Bonds (plus premium) - - 695,000 855,000 695,000 855,000
Total 18,394,507$ 12,970,184$ 718,756$ 886,675$ 19,113,263$ 13,856,859$
Total
Governmental Business-Type
Activities Activities
The governmental activities increased $5,424,323 and the business-type activities decreased $167,919.
As discussed previously, the increase in governmental activities debt relates to the issuance of the Series
2020A and Series 2020B crossover refunding bonds.
Additional information on the City’s long-term obligations can be found in Note 7 in the Notes to the Basic
Financial Statements.
Economic Factors and Next Year’s Budgets and Rates
As in prior years, the City budgeted cautiously, holding 2021 revenues and expenditure budgets at or
near 2020 levels. The 2021 budget maintains essential services at current levels and directs limited
additional resources toward the 2021 Priorities as established by the Board of Aldermen in August 2020.
The City reaffirmed the five Critical Success Factors of Basic Services, Infrastructure, Economic
Development, Parks and Finances. The City established priorities for the next twelve to eighteen months
that focused on specific strategies in five goal areas: Service Delivery and Communications, Parks and
Recreation, Infrastructure and Public Facilities, Economic Development and Financial Stability. The City
continues to experience steady growth in its retail, residential, and commercial base that bodes well for
future financial security. Like all cities, Parkville has experienced some negative effects as a result of the
COVID-19 pandemic. But steady revenues and ample reserves have allowed the City to weather the
storm. In early 2019, the Board approved a redevelopment agreement and economic development
contract with a developer for a multi-phased project known as “Creekside”, a proposed mixed use
development located at the southeast, southwest, and northwest quadrants of the intersection of Highway
45 and Interstate 435. Progress on this and other developments have been made throughout 2020 and
2021. The City continues to take advantage of grant opportunities and strategic financing. For example,
the City reissued the Brink Meyer and Brush Creek NID Bonds which will result in taxpayer savings of
over $1.3 million. Property owners and the City’s general budget will benefit from the interest savings,
which will average approximately $97,000 per year until 2034.The City anticipates receiving $1,445,188 in
American Rescue Plan funds. We expect half of these funds to be distributed in 2021 with the remainder
received in 2022. Amongst the eligible use of these funds is the replacement of lost public sector
revenue due to the pandemic. The City is considering using a portion of these funds to offset eligible
expenses in the General Fund and Transportation Fund, which will improve the City’s budgetary
performance.
CITY OF PARKVILLE, MISSOURI
MANAGEMENT’S DISCUSSION AND ANALYSIS
December 31, 2020
10
Contacting the City’s Financial Management
This report is designed to provide our citizens, taxpayers, customers and creditors with a general
overview of the City’s finances and to demonstrate the City’s accountability for the money it receives. If
you have questions about this report or need additional financial information, contact the City Clerk’s
office, Parkville, Missouri.
Exhibit A
Governmental Business-type
Activities Activities Total
Assets
Cash and investments 4,175,847$ 785,004$ 4,960,851$
Receivables:
Taxes 383,126 - 383,126
Special assessments 2,525,500 - 2,525,500
Accounts and other 207,263 181,175 388,438
Creekside receivables 5,600,000 - 5,600,000
Due from other governments 155,972 - 155,972
Prepaids, deposits, and other assets 194,398 - 194,398
Restricted assets:
Cash and investments 8,124,932 180,516 8,305,448
Capital assets:
Not being depreciated 2,719,880 59,975 2,779,855
Being depreciated, net of depreciation 11,985,887 3,819,339 15,805,226
Total assets 36,072,805 5,026,009 41,098,814
Deferred Outflows of Resources
Deferred charges on refunding 18,292 - 18,292
Deferred outflow - pension related activity 429,679 - 429,679
Total deferred outflows of resources 447,971 - 447,971
Liabilities
Accounts payable 399,408 49,486 448,894
Accrued payroll and benefits 88,860 1,588 90,448
Accrued interest 170,826 17,075 187,901
Payable from restricted assets:
Customer deposits - 13,485 13,485
Long term debt:
Due within one year 8,374,057 160,000 8,534,057
Due in more than one year 10,020,450 558,756 10,579,206
Net pension liability 1,110,294 - 1,110,294
Total liabilities 20,163,895 800,390 20,964,285
Deferred Inflows of Resources
Deferred inflow - property taxes 371,144 - 371,144
Deferred inflow - pension related activity 65,951 - 65,951
Total deferred inflows of resources 437,095 - 437,095
Net Position
Net investment in capital assets 9,265,500 3,160,558 12,426,058
Restricted :
Capital projects 114,172 - 114,172
Debt service 7,674 167,031 174,705
Public safety 102,794 - 102,794
Parks and recreation 615,767 - 615,767
Community development 304,531 - 304,531
Fewson trust (non-expendable)581,940 - 581,940
Unrestricted 4,927,408 898,030 5,825,438
Total net position 15,919,786$ 4,225,619$ 20,145,405$
See accompanying notes to the basic financial statements
CITY OF PARKVILLE, MISSOURI
Statement of Net Position
December 31, 2020
Primary Government
11
Net (Expense) Revenue and Changes in Net Position
Operating Capital
Charges for Grants and Grants and Governmental Business-Type
Functions/Programs Expenses Services Contributions Contributions Activities Activities Total
Primary government:
Governmental activities
General government 1,706,346$ 874,098$ -$ -$ (832,248)$ -$ (832,248)$
Public safety 1,776,629 17,264 13,250 - (1,746,115) - (1,746,115)
Public works 2,027,324 28,397 217,973 1,119,458 (661,496) - (661,496)
Parks and recreation 881,126 61,408 349,216 - (470,502) - (470,502)
Community development 1,220,691 - - - (1,220,691) - (1,220,691)
Interest on long-term debt 603,306 - - - (603,306) - (603,306)
Total governmental activities 8,215,422 981,167 580,439 1,119,458 (5,534,358) - (5,534,358)
Business-type activities
Sewer 1,739,032 1,510,656 - 22,571 - (205,805) (205,805)
Total business-type activities 1,739,032 1,510,656 - 22,571 - (205,805) (205,805)
Total primary government 9,954,454$ 2,491,823$ 580,439$ 1,142,029$ (5,534,358) (205,805) (5,740,163)
General revenues:
Taxes:
Property taxes, levied for general purpose 1,427,140 - 1,427,140
Property taxes, levied for debt service 432,620 - 432,620
Sales taxes 2,567,205 - 2,567,205
Franchise taxes 783,913 - 783,913
Intergovernmental activity taxes 215,102 - 215,102
Other taxes 1,146 - 1,146
Unrestricted investment earnings 24,771 2,957 27,728
Gain on sale of assets 2,699,458 - 2,699,458
Miscellaneous 81,082 10,500 91,582
Total general revenues 8,232,437 13,457 8,245,894
Change in net position 2,698,079 (192,348) 2,505,731
Net position, beginning of year 13,221,707 4,417,967 17,639,674
Net position, end of year 15,919,786$ 4,225,619$ 20,145,405$
See accompanying notes to the basic financial statements
Program Revenues Primary Government
CITY OF PARKVILLE, MISSOURI
Statement of Activities
For the Year Ended December 31, 2020
12
Ex
h
i
b
i
t
B
Exhibit C
Transportation Nonmajor Total
Sales Tax Debt Service Governmental Governmental
General Fund Fund Funds Funds
Assets
Cash and investments 2,081,216$ -$ -$ 2,094,631$ 4,175,847$
Receivables:
Taxes 237,966 64,117 - 81,043 383,126
Special assessments - - 2,525,500 - 2,525,500
Accounts and other 207,263 - - - 207,263
Creekside receivables 5,600,000 - - - 5,600,000
Due from other governments 144,482 11,490 - - 155,972
Due from other funds 67,279 - - - 67,279
Prepaids, deposits and other assets 194,398 - - - 194,398
Restricted cash and investments - 91,762 7,433,940 599,230 8,124,932
Total Assets 8,532,604$ 167,369$ 9,959,440$ 2,774,904$ 21,434,317$
Liabilities
Accounts payable 184,379$ 70,487$ -$ 144,542$ 399,408$
Accrued payroll and benefits 88,860 - - - 88,860
Due to other funds - - 67,279 - 67,279
Total Liabilities 273,239 70,487 67,279 144,542 555,547
Deferred inflows of resources
Unavailable revenues:
Creekside receivables 5,600,000 - - - 5,600,000
Grants 137,908 - - - 137,908
Special assessments and
property taxes 198,430 - 2,634,844 100,929 2,934,203
5,936,338 - 2,634,844 100,929 8,672,111
Fund balances:
Nonspendable:
Prepaid items 194,398 - - - 194,398
Fewson trust - - - 581,940 581,940
Restricted:
Capital projects - 96,882 - 17,290 114,172
Debt service - - 7,257,317 - 7,257,317
Public safety - - - 102,794 102,794
Parks and recreation - - - 615,767 615,767
Community development - - - 304,531 304,531
Committed:
Emergency reserve 1,332,108 - - - 1,332,108
Assigned:
Capital projects - - - 907,111 907,111
Unassigned 796,521 - - - 796,521
Total fund balance 2,323,027 96,882 7,257,317 2,529,433 12,206,659
Total liabilities, deferred inflows
of resources and fund balances 8,532,604$ 167,369$ 9,959,440$ 2,774,904$ 21,434,317$
See accompanying notes to the basic financial statements
CITY OF PARKVILLE, MISSOURI
Balance Sheet - Governmental Funds
December 31, 2020
13
Exhibit C
Continued
Fund balances of governmental funds 12,206,659$
8,163,059
14,705,767
137,908
18,292
363,728
(170,826)
(1,110,294)
Long-term liabilities (18,394,507)
Net position of governmental activities 15,919,786$
See accompanying notes to the basic financial statements
Amounts reported for governmental activities in the Statement of Net Position are
different because:
CITY OF PARKVILLE, MISSOURI
Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Position
December 31, 2020
Capital assets used in governmental activities are not financial resources and
therefore are not reported in the governmental fund statements.
The issuance of long-term debt provides current financial resources to governmental
funds, while the repayment of the principal of long-term debt consumes the current
financial resources of governmental funds. Neither transaction has any effect on net
position. Also, governmental funds report the effect of premiums, discounts and
similar items when debt is first issued, whereas these amounts are deferred and
amortized in the statement of activities. This amount is the net effect of these
differences in the treatment of long-term debt and related items:
Deferred charges on refunding are not due and payable in the current period and
therefore are not reported in the governmental fund statements
Deferred outflows and inflows related to pension activity are not required to be
reported in the governmental funds but are required to be reported in the Statement
of Net Position
The net pension liability is not due and payable and therefore is not recorded in the
governmental fund statements.
Long-term note receivable and special assessments are not available to pay for
current period expenditures and are therefore deferred in the fund statements
Liabilities for interest on long-term debt are recognized only when due in the
governmental fund statements but are accrued in the government-wide statements.
Revenues in the statement of activities that do not provide current financial resources
are reported as unavailable revenue in the governmental funds.
14
Exhibit D
Transportation Nonmajor Total
Sales Tax Debt Service Governmental Governmental
General Fund Fund Funds Funds
Revenues:
Taxes 3,096,238$ 462,949$ 432,621$ 1,220,215$ 5,212,023$
Intergovernmental 374,531 493,550 125,906 215,102 1,209,089
Charges for services 15,188 - - 289 15,477
Fines and forfeitures 61,118 - - - 61,118
Licenses and permits 560,588 - - - 560,588
Special assessments - - 416,135 - 416,135
Grants and donations - 7,881 - 202,578 210,459
Charges for sewer administration 280,000 - - - 280,000
Interest 5,947 - 12,170 6,654 24,771
Other 140,965 4,101 - - 145,066
Total Revenues 4,534,575 968,481 986,832 1,644,838 8,134,726
Expenditures:
Current:
General government 1,506,528 - - - 1,506,528
Public safety 1,547,853 - - 10,122 1,557,975
Public works 726,978 - - - 726,978
Parks and recreation 499,904 - - 293,752 793,656
Community development 518,654 - - 655,245 1,173,899
Capital outlay - 884,465 - 427,057 1,311,522
Debt service:
Principal - - 1,371,300 - 1,371,300
Interest and fiscal charges - - 590,368 - 590,368
Total Expenditures 4,799,917 884,465 1,961,668 1,386,176 9,032,226
Excess of Revenues Over (Under) Expenditures (265,342) 84,016 (974,836) 258,662 (897,500)
Other financing sources (uses):
Transfers in 40,000 30,779 635,962 537,305 1,244,046
Transfers out (900,397) (213,140) - (130,509) (1,244,046)
Sale of assets 399,458 - - - 399,458
Refunding bond proceeds - - 6,725,000 - 6,725,000
Proceeds from lease - 79,700 - - 79,700
Total Other Financing Sources (Uses)(460,939) (102,661) 7,360,962 406,796 7,204,158
Net change in fund balances (726,281) (18,645) 6,386,126 665,458 6,306,658
Fund balances, beginning of year 3,049,308 115,527 871,191 1,863,975 5,900,001
Fund balances, end of year 2,323,027$ 96,882$ 7,257,317$ 2,529,433$ 12,206,659$
See accompanying notes to the basic financial statements
CITY OF PARKVILLE, MISSOURI
Statement of Revenues, Expenditures and
Changes in Fund Balances - Governmental Funds
For the Year Ended December 31, 2020
15
Exhibit D
(continued)
Amounts reported for governmental activities in the Statement of Activities are
different because:
Net change in fund balances - total governmental funds 6,306,658$
Governmental funds report capital outlays as expenditures.
However, in the Statement of Activities the cost of those assets is
allocated over their estimated useful lives and reported as
depreciation expense.
Capital outlay costs in excess of capitalization threshold 423,323
Depreciation (529,517)
Donated capital assets 534,684
Long-term assets held for redevelopment are not reported in the
Gain on disposal of land held for redevelopment 2,300,000
Revenues in the statement of activities that do not provide current
financial resources are reported as deferred inflows in the
governmental funds.
Special assessments, notes receivable, and grants (455,367)
The issuance of long-term debt provides current financial resources
to governmental funds, while the repayment of the principal of long-
term debt consumes the current financial resources of governmental
funds. Neither transaction has any effect on net position.
Principal payments on long-term debt 1,371,300
Proceeds from bonds (6,725,000)
Proceeds from lease (79,700)
Changes in unamortized bond issuance premium and deferred
charges 22,130
Changes in accrued interest expense (35,068)
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 compensated absences and net pension liability (435,364)
Change in net position of governmental activities 2,698,079$
See accompanying notes to the basic financial statements
CITY OF PARKVILLE, MISSOURI
Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances -
For the Year Ended December 31, 2020
Governmental Funds to the Statement of Activities
16
Exhibit E
Sewer
Fund
Assets
Current assets:
Cash and investments 785,004$
Receivables, net:
Accounts and other 181,175
Restricted cash and investments 180,516
Total current assets 1,146,695
Noncurrent assets:
59,975
3,819,339
Total noncurrent assets 3,879,314
Total assets 5,026,009
Liabilities
Current liabilities:
Accounts payable 49,486
Accrued liabilities 1,588
Current liabilities (payable from restricted assets):
Customer deposits 13,485
Interest payable 17,075
Current portion of bonds payable 160,000
Total current liabilities:241,634
Long-term liabilities:
Bonds payable 558,756
Total long-term liabilities:558,756
Total liabilities 800,390
Net position
Net investment in capital assets 3,160,558
Restricted net position for:
Debt service 167,031
Unrestricted 898,030
Total net position 4,225,619$
See accompanying notes to the basic financial statements
Being depreciated, net of depreciation
CITY OF PARKVILLE, MISSOURI
Statement of Net Position
Proprietary Fund
December 31, 2020
Capital assets:
Not being depreciated
17
Exhibit F
Sewer
Fund
Operating revenues:
Charges for services 1,510,656$
Other 10,500
Total operating revenues 1,521,156
Operating expenses:
Personnel services 26,300
Contractual services 363,597
Administrative fee 280,000
Depreciation 275,824
Repairs and maintenance 733,497
Other 29,709
Total operating expenses 1,708,927
Operating income (187,771)
Nonoperating revenues (expenses):
Intergovernmental revenues 22,571
Interest income 2,957
Interest expense (30,105)
Total nonoperating revenues (expenses) (4,577)
Change in net position (192,348)
Total net position, beginning of year 4,417,967
Total net position, end of year 4,225,619$
See accompanying notes to the basic financial statements
CITY OF PARKVILLE, MISSOURI
Statement of Revenues, Expenses and Changes in Fund Net Position
Proprietary Fund
For the Year Ended December 31, 2020
18
Exhibit G
Sewer
Fund
Cash flows from operating activities:
Receipts from customers and others 1,520,603$
Payments to suppliers (1,524,496)
Payments to employees (26,135)
Net cash provided by (used in) operating activities (30,028)
Cash flows provided by noncapital financing activities:
Intergovernmental revenues 22,571
Net cash flows provided by noncapital financing activities 22,571
Cash flows from investing activities:
Interest received 2,957
Net cash flows provided by investing activities 2,957
Cash flows from capital
and related financing activities:
Interest and fiscal charges (42,224)
Principal payments on long-term debt (160,000)
Net cash flows provided by (used in) capital
and related financing activities (202,224)
Net change in cash and equivalents (206,724)
Cash and equivalents, beginning of year 1,172,244
Cash and equivalents, end of year 965,520$
Cash and investments reported on the
Statement of Net Position
Cash and investments 785,004$
Restricted cash and investments 180,516
Total cash and investments 965,520$
Reconciliation of operating income (loss) to net cash
provided by (used in) operating activities:
Operating income (loss) (187,771)$
Adjustments to reconcile operating income (loss) to
net cash provided by (used in) operations:
Depreciation and amortization 275,824
Changes in:
Receivables (553)
Accounts payable (117,693)
Accrued liabilities 165
Net cash provided by (used in) operating activities (30,028)$
See accompanying notes to the basic financial statements
CITY OF PARKVILLE, MISSOURI
Statement of Cash Flows
Proprietary Fund
For the Year Ended December 31, 2020
19
Exhibit H
Custodial Fund
Municipal
Court
Assets
Cash and investments 21,187$
Total assets 21,187
Liabilities
Due to others 21,187
Total liabilities 21,187
Net Position -$
See accompanying notes to the basic financial statements
CITY OF PARKVILLE, MISSOURI
Statement of Fiduciary Net Position
Fiduciary Fund
December 31, 2020
20
Exhibit I
Custodial Fund
Municipal
Court
Additions
Deposits 84,538$
Total Additions 84,538
Deductions
Payments to others 84,538
Total deductions 84,538
Net changes in fiduciary net position -
Net position - beginning -
Net position - ending -$
See accompanying notes to the basic financial statements
CITY OF PARKVILLE, MISSOURI
Statement of Changes in Fiduciary Net Position
Fiduciary Fund
For the Year Ended December 31, 2020
21
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
22
(1) Summary of Significant Accounting Policies
The City of Parkville, Missouri (the City) was incorporated on February 6, 1957. The City is a fourth class
city and operates under a Mayor-Board of Aldermen form of government. The City Administrator is the
chief administrative officer of the City. The City provides services to nearly 6,900 residents in many areas,
including law enforcement, sewer services, community enrichment and development, and various social
services.
The accounting and reporting policies of the City conform to generally accepted accounting principles
(GAAP) in the United States of America applicable to local governments. The following represent the
more significant accounting and reporting policies and practices of the City.
A. Financial Reporting Entity
In evaluating how to define the government for financial reporting purposes, management has considered
all potential component units. Component units are separate legal entities which are included in the
primary government’s financial report. The decision to include a potential component unit in the reporting
entity was made by applying the criteria set forth in GAAP. The basic, but not only, criterion for including a
potential component unit within the reporting entity is the City’s financial accountability for the potential
component unit. An entity is considered a component unit if City officials appoint a voting majority of the
component unit’s governing body and the City is able to impose its will upon the component unit.
Additionally, if the entity provides specific financial benefits to or imposes specific financial burdens on the
City, it may be considered a component unit.
This report includes the financial statements of the City (the primary government) and its blended
component unit, the City of Parkville, Missouri Tax Increment Financing (TIF) Commission (the
Commission). The Commission is governed by a board of which six members are appointed by the Mayor
with the consent of the Board of Alderman, two members appointed by the school board whose district is
in the boundary of the redevelopment area, and one member appointed by the affected taxing district.
Although it is legally separate from the City, the Commission is reported as if it were part of the primary
government because its sole function is to use TIF as a method to finance economic development
through payments in lieu of taxes (PILOTS) and economic activity taxes (EATS). The Commission does
not issue separate financial statements.
B. Basis of Presentation
The City’s basic financial statements include both government-wide (reporting the City as a whole) and
fund financial statements (reporting the City’s major funds).
Government-wide financial statements
The statement of net position and the statement of activities display information about the City, the
primary government, as a whole. These statements distinguish between the governmental and business-
type activities of the City. Governmental activities generally are financed through taxes, intergovernmental
revenues, and other non-exchange transactions. Business-type activities are financed in whole or in part
by fees charged to external parties. Expenses are specifically associated with a service, program, or
department and are therefore clearly identifiable to a particular function. Program revenues include
charges paid by the recipients of the goods or services offered by the programs and grants and
contributions that are restricted to meeting the operational or capital requirements of a particular program.
Revenues that are not classified as program revenues are presented as general revenues. The
comparison of program revenues and expenses identifies the extent to which each program is self-
financing or draws from the general revenues of the City.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
23
Fund financial statements
Fund financial statements report detailed information about the City. The focus of governmental and
proprietary fund financial statements is on major funds rather than reporting funds by type. Each major
fund is presented in a separate column. Non-major funds are aggregated and presented in a single
column.
GOVERNMENTAL FUNDS
Governmental Funds are those through which most governmental functions of the City are financed. The
acquisition, use, and balances of the City’s expendable financial resources and the related liabilities
(other than those in Proprietary Funds) are accounted for through Governmental Funds. The
measurement focus is upon determination of financial position and changes in financial position, rather
than upon net income determination.
The following are the City’s major governmental funds:
General Fund – the general fund of the City accounts for all financial transactions not accounted for in
other funds. For financial reporting purposes, the City’s Emergency Reserve Fund’s activities are included
in the General Fund.
Transportation Sales Tax Fund – This fund is used to account for revenues restricted for transportation
purposes including the half-percent transportation sales taxes collected and a county tax distribution for
capital improvements and the expenditures for the related items.
Debt Service Funds – This fund accounts for the accumulation of resources for, and the payment of,
principal and interest on long-term obligations of the City.
The City reports the following fund types of nonmajor funds:
Special Revenue Funds - These funds account for specific revenue sources that are restricted for
specified purposes.
Permanent Fund – This fund reports resources that are legally restricted to the extent that only earnings,
not principal, may be used for purposes that support City programs.
Capital Projects Fund – This fund is used to account for major capital improvement projects.
PROPRIETARY FUND
Proprietary Funds are used to account for the City’s ongoing activities which are similar to those found in
the private sector. The measurement focus is upon determination of net income, financial position, and
changes in financial position.
The following is the City’s major proprietary fund:
The Sewer Service Fund – This fund accounts for the provision of wastewater and sewer services to the
general public. All activities necessary to provide such services are accounted for in this fund, including
administration, operations, maintenance, financing and related debt service, and billing and collection.
FIDUCIARY FUND
The City maintains one custodial fiduciary fund, the Municipal Court, which accounts for court bonds paid
by defendants. Since by definition these assets are being held for the benefit of a third party and cannot
be used to support activities or obligations of the City, these funds are not incorporated into the
government-wide statements.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
24
C. Basis of Accounting
Government-wide Financial Statements
The government-wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting. Revenues are recorded when earned or when all eligibility
requirements have been satisfied and expenses are recorded at the time liabilities are incurred,
regardless of when the related cash flows take place. Nonexchange transactions, in which the City gives
(or receives) value without directly receiving (or giving) equal value in exchange, include property taxes,
grants, sales tax, and donations. Revenue from grants and donations is recognized in the fiscal year in
which all eligibility requirements have been satisfied. This is a similar approach to that used in the
preparation of the proprietary fund financial statements but differs from the manner in which governmental
fund financial statements are prepared. Therefore, the governmental fund financial statements include a
reconciliation with brief explanations to better identify the relationship between the government-wide
statements and the statements for governmental funds.
Governmental Fund Financial Statements
All governmental funds are accounted for using the modified accrual basis of accounting and the current
financial resources measurement focus. Under this basis, revenues are recognized in the accounting
period in which they become measurable and available. Expenditures are recognized in the accounting
period in which the fund liability is incurred, if measurable.
Revenue Recognition
In applying the susceptible to accrual concept under the modified accrual basis, certain revenue sources
are deemed both measurable and available (collectible within the current year or within 60 days after
year-end to pay obligations of the current period). This includes property taxes, investment earnings and
state-levied locally shared taxes (including motor vehicle fees). The City records property tax receivables
at the time the lien attaches to the property. Reimbursements due for federally funded projects are
accrued as revenue at the time the expenditures are made, or when received in advance, deferred until
expenditures are made.
Other revenues, including licenses and permits, certain charges for services, and miscellaneous
revenues, are recorded as revenue when received in cash because they are generally not measurable
until actually received.
Expenditure Recognition
The measurement focus of governmental fund accounting is on decreases in net financial resources
(expenditures) rather than expenses. Most expenditures are measurable and are recorded when the
related fund liability is incurred. However, principal and interest on general long-term debt, which have not
matured are recognized when due. Allocations of cost, such as depreciation and amortization, are not
recognized in the governmental funds.
Proprietary Fund Financial Statements
The economic resources measurement focus and the accrual basis of accounting are utilized by the
proprietary funds. Under this basis of accounting, revenues are recognized when earned and expenses
are recorded when liabilities are incurred. All assets and liabilities (whether current or noncurrent)
associated with a proprietary fund’s activities are included on its statement of net position and statement
of activities. Operating revenues and expenses for proprietary funds are those that result from providing
services and producing and delivering goods and/or services. All other revenues and expenses are
considered nonoperating.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
25
D. Cash and Investments
Missouri State Statutes authorize the City, with certain restrictions, to deposit funds in open accounts,
time deposits, investment pools and certificates of deposit. Statutes also require that collateral pledged
must have a fair value equal to 100% of the funds on deposit, less insured amounts. Collateral securities
must be held by the City or an independent third party and must be of the kind prescribed by State
Statutes and approved by the State.
The City maintains and controls a cash pool in which a majority of the City’s funds share. Each fund’s
portion of the pool is displayed on their respective balance sheet or statement of net position as “cash
and investments”. The City’s cash and investments are primarily considered to be cash on hand, amounts
in demand deposits, and certificates of deposits. Interest earned on demand deposits is allocated to the
various funds on the basis of average month-end balances.
For purposes of the statement of cash flows, short-term investments, and certificates of deposit with a
maturity date within three months of the date acquired by the City, if any, are considered cash
equivalents.
E. Accounts Receivable
Accounts receivable result primarily from miscellaneous services provided to citizens accounted for in the
Governmental Funds and Sewer Fund net of an allowance for doubtful accounts.
F. Special Assessments Receivable
Special assessments receivable reflects the property taxes collectible by the City for the purpose of
repaying certain Special Assessment debt held by the City. The amount collectible by the City is reduced
each year as the taxes are levied against the property and, subsequently, collected by the City.
G. Prepaid Items
Certain payments reflect costs applicable to future accounting periods and are recorded as prepaid items.
H. Capital Assets
Capital assets, which include property, equipment, and infrastructure assets (i.e., roads, streets lights,
storm sewers, etc.) are reported in the applicable governmental or business-type activities columns in the
government-wide financial statements. Capital assets are charged to expenditures as purchased in the
governmental fund statements and capitalized in the proprietary fund statements. Capital assets are
recorded at historical cost or estimated historical cost if purchased or constructed. Donated assets are
recorded at estimated fair value as of the date of the donation.
As the City is a Phase III government under Governmental Accounting Standards Board (GASB)
Statement No. 34, it has elected to exercise its option to forego retroactively reporting governmental
infrastructure assets acquired prior to December 31, 2003. Governmental infrastructure assets on the
statement of net position include only infrastructure capital assets acquired subsequent to December 31,
2003.
Capital assets are defined by the City as assets with an initial, individual cost of $2,500 or more and an
estimated useful life of greater than one year. Additions or improvements and other capital outlays that
significantly extend the useful life of an asset, or that significantly increase the capacity of an asset are
capitalized. Other costs incurred for repairs and maintenance is expensed as incurred. Fully depreciated
capital assets are included in their respective accounts until their disposal.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
26
Depreciation on exhaustible assets is recorded as an allocated expense in the Statement of Activities with
accumulated depreciation reflected in the Statement of Net Position and is provided on the straight-line
basis over the following estimated useful lives:
Infrastructure 20 – 40 years
Buildings and improvements 20 – 40 years
Equipment and vehicles 5 – 10 years
Sewer plant and collection systems 20 – 50 years
I. Compensated Absences
Under terms of the City’s personnel policy, City employees are granted vacation in varying amounts.
Vacation days are required to be taken within the current or following calendar year in which earned. In
the event of retirement or termination, an employee is paid for unused vacation days.
Vested or accumulation vacation is accounted for as follows:
Governmental Funds - The accumulated liabilities for employee vacation is recorded in the governmental
activities column of the government-wide financial statements.
J. 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. The City has two items that qualify for
reporting in this category. The first item is the deferred charge on refunding reported in the government-
wide statement of net position. A deferred charge on refunding results from the difference in the carrying
value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter
of the life of the refunding or refunded debt. The second item results from actuarial assumption changes,
the change in actual and projected experience, and pension contributions made by the City subsequent to
the pension valuation date. The contribution amount will be applied during the next fiscal year while the
changes in actual versus projected amounts and change in assumptions will be amortized over five to
seven years.
In addition to liabilities, the statement of net position will sometimes report a separate section for 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. The City has two types of items, which arises under the accrual and
modified accrual basis of accounting, which qualify for reporting in this category. The first one relates to
changes in assumptions, the change in actual and projected experience in calculating the pension
liability, and the difference between actual and projected earnings in calculating the net pension liability.
The second item, unavailable revenue, is reported in both the statement of net position and in the
governmental funds balance sheet. The governmental funds report unavailable revenues related to taxes,
note receivable, and special assessments, fees, and grants. These amounts are deferred and recognized
as an inflow of resources in the period that the amounts become available.
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of
resources related to pensions, and pension expense, information about the fiduciary net position of the
Missouri Local Government Employees Retirement System (LAGERS) and additions to/deductions from
LAGERS fiduciary net position have been determined on the same basis as they are reported by
LAGERS. For this purpose, benefit payments (including refunds of employee contributions) are
recognized when due and payable in accordance with the benefit terms.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
27
K. Interfund Activity
Loans – amounts provided with a requirement for repayment. Interfund loans are reported as interfund
receivables (i.e., due from other funds) in lender funds and interfund payables (i.e. due to other funds) in
borrower funds.
Services provided and used – sales and purchases of goods and services between funds for a price
approximating their fair value. Interfund services provided and used are reported as revenues in funds
providing the good or service and expenditures or expenses in the fund purchasing the good or service.
Unpaid amounts are reported as interfund receivables and payables in the fund balance sheets or
statement of net position.
The General fund provides administrative and other support services for the Sewer fund. Amounts
charged to the Sewer fund for such services were $280,000 for the year ended December 31, 2020.
Reimbursements – repayments from the funds responsible for particular expenditures or expenses to
the funds that initially paid for them. Reimbursements are reported as expenditures in the reimbursing
fund and as a reduction of expenditures in the reimbursed fund.
Transfers – flows of assets (such as cash or goods) without equivalent flows of assets in return and
without a requirement for repayment. In governmental funds, transfers are reported as other financing
uses in the funds making transfers and as other financing sources in the funds receiving transfers.
L. Fund Balances
In the fund financial statements, governmental funds report the following fund balance classifications:
Non-Spendable – This consists of amounts that cannot be spent because they are either not in spendable
form or legally or contractually required to be maintained intact.
Restricted – This consists of amounts where constraints are placed on the use of those resources which
are either externally imposed by creditors, grantors, contributors, laws, or regulations of other
governments, or imposed by law through constitutional provisions or enabling legislation.
Committed – This consists of amounts which can only be used for specific purposes determined by a
formal action of passing an ordinance or resolution by the Board of Aldermen, the City’s highest level of
decision-making authority. Any changes or removal of specific purpose requires the same action by the
Board of Aldermen.
Assigned – This consists of amounts which are constrained by City management’s intent to be used for a
specific purpose but do not met the criteria to be classified as committed. In accordance with the
approved City policy only the Board of Alderman has the authority to assign amounts for a specific
purpose in this category.
Unassigned – This consists of the residual fund balance that does not meet the requirements for the non-
spendable, restricted, committed, or assigned classifications. A positive unassigned fund balance is only
possible in the general fund.
The City has a fund balance policy that provides guidance for programs with multiple revenue sources.
The policy is to use restricted resources first when an expenditure is incurred for purposes for which both
restricted and unrestricted fund balance is available. 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.
Per policy, the general fund balance should be no less than 5% of general fund appropriations for the
succeeding fiscal year in order to provide adequate cash flow and emergency cash funding. The City will
endeavor to maintain a general fund balance of 15% of general fund appropriations for the succeeding
fiscal year. Amounts over 15% may be transferred into the emergency reserve fund.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
28
M. Net Position Classifications
In the government-wide statements, equity is shown as net position and classified into three components:
(1) Net investment in capital assets – consisting of capital assets including restricted capital assets,
net of accumulated depreciation and reduced by the outstanding balances of any bonds,
mortgage notes, or other borrowings that are attributable to the acquisition, construction, or
improvement of those assets.
(2) Restricted net position – consisting of net position with constraints placed on their use either by
(1) external groups such as creditors, grantors, contributors, or laws or regulations of other
governments; or (2) law through constitutional provisions or enabling legislation. The City first
utilizes restricted resources to finance qualifying activities.
(3) Unrestricted net position – All other net position that do not meet the definition of “restricted” or
“net investment in capital assets.”
Sometimes the City will fund outlays for a particular purpose from both restricted (e.g., restricted bond or
grant proceeds) and unrestricted resources. In order to calculate the amounts to report as restricted net
position and unrestricted net position in the government-wide and proprietary fund financial statements, a
flow assumption must be made about the order in which the resources are considered to be applied. It is
the government’s policy to consider restricted net position to have been depleted before unrestricted net
position is applied.
N. Use of Estimates
The preparation of the basic 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 basic financial statements and the reported amounts of revenues and expenses during the
reporting period. Actual results could differ from those estimates.
O. Adoption of New Accounting Standards
The City adopted GASB Statement No. 84, Fiduciary Activities. This statement improves guidance
regarding the identification of fiduciary activities for accounting and financial reporting purposes and how
those activities should be reported. The statement establishes criteria for identifying fiduciary activities,
with the focus of the criteria on (1) whether a government is controlling the assets of the fiduciary activity
and (2) the beneficiaries with whom a fiduciary relationship exists. An activity meeting the criteria should
be reported in a fiduciary fund
P. Expenditures in excess of Budget
In violation of the budget ordinance, actual expenditures and transfers out exceeded budgeted
appropriations in the Brush Creek Debt Service Fund by $76,257 and Brink Meyer Debt Service Fund by
$59,358.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
29
(2) Cash and Investments
A reconciliation of cash and investments as shown on the government-wide statement of net position
and statement of fiduciary net position is as follows:
Government-wide Fiduciary funds
statement statement of
of net position assets and liabilities Total
Cash and investments 4,960,851$ 21,187$ 4,982,038$
Restricted cash and investments 8,305,448 - 8,305,448
13,266,299$ 21,187$ 13,287,486$
Custodial Credit Risk
The custodial credit risk for deposits is the risk that, in the event of failure of a depository financial
institution, the City will not be able to recover deposits or will not be able to recover collateral securities
that are in the possession of an outside party. The custodial credit risk for investments is that, in the event
of the failure of a counterparty to a transaction, the City will not be able to recover the value of investment
or collateral securities that are in the possession of an outside party. The City’s policy is to collateralize
deposits with securities held by the financial institution’s agent and in the City’s name.
As of December 31, 2020, the City’s deposits were insured with Federal depository insurance, with the
remaining uninsured balance collateralized by securities held in the City’s name by their financial
institution’s agent. Accordingly, management has determined that none of the City’s deposits were
exposed to custodial credit risk as of December 31, 2020.
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value
to changes in market interest rates. The City structures the investment portfolio so that securities mature
to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the
open market prior to maturity and by investing operating funds primarily in shorter-term securities. The
City has elected to use the segmented time distribution method of disclosure for its interest rate risk.
Fair Value Measurements
The City categorizes its fair value measurements within the fair value hierarchy established by general
accepted accounting principles. The hierarchy is based on the valuation inputs used to measure the fair
value of the asset. Level 1 inputs are quoted in active markets for identical assets; Level 2 inputs are
significant other observable inputs such as third party pricing services for identical assets; Level 3 inputs
are significant unobservable inputs.
Cash on hand 331$
Demand deposits 5,466,863
Certificates of deposits 353,480
US treasuries and agency securities 50,038
Restricted cash equivalents held in trust 7,416,674
13,287,386$
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
30
The City has the following recurring fair value measurements as of December 31, 2020.
All of the City’s investments are classified as Level 1 of the fair value hierarchy using prices quoted in
active markets for those securities.
(3) Tax Revenues and Taxes Receivable
The City’s property taxes are levied and recorded each November 1 on the assessed value as of the prior
January 1 for all property located in the City and are delinquent on January 1 (the lien date) following the
levy date. Assessed values are established by county assessors, subject to review by the county’s Board
of Equalization. The assessed value of local property at January 1, 2019, was $254,326,100.
The City is permitted by the Missouri State Constitution to levy (without a vote of two-thirds of the voting
electorate) taxes up to $1.00 per $100 of assessed valuation for general governmental services other
than the payment of principal and interest on long-term debt. The City’s property tax levies per $100 of
assessed valuation for the year in which the revenues were earned were as follows:
Fund Levy
General Fund $ 0.4612
General Revenue-
Temporary 0.1759
$ 0.6371
Tax revenues for the year ended December 31, 2020 consisted of the following:
Property Sales Franchise Other
Taxes Taxes Taxes Taxes Total
Major governmental funds:
General 1,342,809$ 969,516$ 783,913$ -$ 3,096,238$
Transportation Sales Tax - 462,949 - - 462,949
Debt Service 432,621 - - - 432,621
Nonmajor funds 84,329 1,134,740 - 1,146 1,220,215
1,859,759$ 2,567,205$ 783,913$ 1,146$ 5,212,023$
Level 1
Investment
Federal Home Loan Bank 50,038$
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
31
Taxes receivable represent property, sales, and franchise taxes, including interest and penalties, reduced
by an appropriate allowance for uncollectable taxes. Taxes receivable consisted of the following at
December 31, 2020:
Sales Franchise
Taxes Taxes Total
Major governmental funds:
General $ 132,877 $ 105,089 $ 237,966
Transportation Sales Tax 64,117 - 64,117
Nonmajor funds 81,043 - 81,043
$ 278,037 $ 105,089 $ 383,126
(4) Intergovernmental Revenues/Receivables
Intergovernmental revenues for the year ended December 31,2020 consisted of the following:
Transportation Debt Nonmajor
General Sales Tax Service Funds Total
Grants - Federal, State and Local $ 296,782 $ - $ - $ - $ 296,782
State: - -
Motor vehicle taxes and fees 77,749 140,224 - - 217,973
Local:
Special road district - 160,066 - - 160,066
County transportation - 193,260 - - 193,260
Economic activity taxes - - - 215,102 215,102
9 Hwy CID - - 125,906 - 125,906
Total intergovernmental revenues $ 374,531 $ 493,550 $ 125,906 $215,102 $ 1,209,089
Amounts due from other governments at December 31, 2020, were as follows:
Transportation
General Sales Tax Total
Motor vehicle taxes and fees $ 6,574 $ 11,490 18,064$
Grants - federal 137,908 - 137,908
Total due from other governments $144,482 $ 11,490 $155,972
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
32
(5) Interfund Activity
Transfers between funds for the year ended December 31, 2020 were as follows:
Nonmajor
Transportation Governmental
General Sales Tax Funds Total
Transfers In:
Governmental activities:
General -$ -$ 40,000$ 40,000$
Transportation Sales Tax 30,779 - - 30,779
Debt Service 422,822 213,140 - 635,962
Nonmajor Governmental Funds 446,796 - 90,509 537,305
Total 900,397$ 213,140$ 130,509$ 1,244,046$
Transfers Out:
Transfers are used to (1) move revenues from the fund that statute or budget requires to collect them to
the fund that statute or budget requires to expend them, and (2) to use unrestricted revenues collected in
a fund used to finance various programs and debt service payments accounted for in other funds in
accordance with budgetary authorizations. Any transfers within the governmental funds or within the
proprietary funds have been eliminated in the government-wide statement of activities.
Interfund receivable and payable balances as of December 31, 2020 were as follows:
Due to:
General
Due from:
Debt Service 67,279$
Amounts due to the General Fund represent advances for short-term cash flow needs.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
33
(6) Capital Assets
A summary of the changes in capital assets for the year ended December 31, 2020 is as follows:
December 31,December 31,
2019 Additions Deletions 2020
Governmental activities:
Capital assets, not being depreciated
Land 2,719,880$ -$ -$ 2,719,880$
Total capital assets, not being depreciated 2,719,880 - - 2,719,880
Capital assets, being depreciated
Buildings and improvements 4,682,779 207,631 - 4,890,410
Equipment and vehicles 2,419,871 215,692 - 2,635,563
Infrastructure 10,258,764 534,684 - 10,793,448
Total capital assets being depreciated 17,361,414 958,007 - 18,319,421
Less accumulated depreciation for:
Buildings and improvements 1,661,316 128,456 - 1,789,772
Equipment and vehicles 2,111,009 138,053 - 2,249,062
Infrastructure 2,031,692 263,008 - 2,294,700
Total accumulated depreciation 5,804,017 529,517 - 6,333,534
Total capital assets being depreciated, net 11,557,397 11,985,887
Governmental activities capital assets, net 14,277,277$ 14,705,767$
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
34
December 31,December 31,
2019 Additions Deletions 2020
Business-type activities:
Capital assets, not being depreciated
Land 59,975$ -$ -$ 59,975$
Total capital assets, not being depreciated 59,975 - - 59,975
Capital assets, being depreciated
Buildings and improvements 5,503,734 - - 5,503,734
Equipment and vehicles 320,659 - - 320,659
Infrastructure 3,709,528 - - 3,709,528
Total capital assets being depreciated 9,533,921 - - 9,533,921
Less accumulated depreciation for:
Buildings and improvements 3,964,891 187,554 - 4,152,445
Equipment and vehicles 297,689 12,614 - 310,303
Infrastructure 1,176,178 75,656 - 1,251,834
Total accumulated depreciation 5,438,758 275,824 - 5,714,582
Total capital assets being depreciated, net 4,095,163 3,819,339
Business-type activities capital assets, net 4,155,138$ 3,879,314$
Depreciation expense was charged to functions and programs of the primary government as follows:
Governmental activities:
General government 115,282$
Public safety 18,861
Public works 332,405
Parks and recreation 55,700
Community development 7,269
Total depreciation expense for
governmental activities 529,517$
Business-type activities:
Sewer 275,824$
Total depreciation expense for
business-type activities 275,824$
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
35
(7) Long Term Debt
A summary of the changes in long term debt for the year ended December 31, 2020 is as follows:
Beginning Adjustments/ Adjustments/ End of Due Within
Governmental Activities:of Year Additions Retirements Year One Year
Limited general obligation bonds:
Series 2010 - River Park 315,000$ -$ 315,000$ -$ -$
Series 2014A - Brush Creek 4,730,000 - 230,000 4,500,000 4,500,000
Series 2014B - Brink Meyer 3,240,000 - 155,000 3,085,000 3,085,000
Premium on issuance 363,135 - 25,097 338,038 -
Series 2020A - Brush Creek - 3,995,000 - 3,995,000 -
Series 2020B - Brink Meyer - 2,730,000 - 2,730,000 -
8,648,135 6,725,000 725,097 14,648,038 7,585,000
Certificates of participation 2,397,321 - 361,800 2,035,521 388,809
Lease purchase agreement 1,856,700 79,700 309,500 1,626,900 316,200
* Compensated absences 68,028 16,020 - 84,048 84,048
Total Governmental Activities 12,970,184 6,820,720 1,396,397 18,394,507 8,374,057
Business-type Activites:
Revenue bonds 855,000 - 160,000 695,000 160,000
Premium on issuance 31,675 - 7,919 23,756 -
Total Business-type Activites 886,675 - 167,919 718,756 160,000
Total Primary Government 13,856,859$ 6,820,720$ 1,564,316$ 19,113,263$ 8,534,057$
* Primarily liquidated by the General fund in prior years.
A. Limited General Obligation Bonds
The City has issued special limited general obligation bonds to provide funds for the acquisition and
construction of certain neighborhood improvement projects. Financing is provided by special
assessments levied within the respective Districts. Special general obligation bonds are direct obligations
and pledge the full faith and credit of the City. The City’s limited general obligation bonds as of December
31, 2020 are as follows:
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
36
Series 2014A - Neighborhood Improvement District - Limited General
Obligation Bonds (Brush Creek Drainage Area Neighborhood
Improvement Project); due in annual installments through March 1,
2034; interest at 3.0% to 4.0%. See crossover refunding note below. 4,500,000$
Series 2014B - Neighborhood Improvement District - Limited General
Obligation Bonds (Brink Meyer Road Neighborhood Improvement
Project); due in annual installments through March 1, 2034; int erest at
3.0% to 3.25%. See crossover refunding note below. 3,085,000
Series 2020A - Taxable Neighborhood Improvement District - Limited
General Obligation Refunding Bonds (Brush Creek Drainage Area
Neighborhood Improvement Project); due in annual installments through
March 1, 2034; interest at 0.7% to 2.0% 3,995,000
Series 2020B - Taxable Neighborhood Improvement District - Limited
General Obligation Refunding Bonds (Brink Meyer Road Neighborhood
Improvement Project); due in annual installments through March 1,
2034; interest at 0.7% to 2.0% 2,730,000
Total limited general obligation bonds 14,310,000$
Crossover Refunding
In June 2020, the City issued $3,995,000 Series 2020A, Taxable Neighborhood Improvement District
Limited General Obligation Refunding Bonds (Brush Creek Drainage Area Neighborhood Improvement
Project) Bonds (2020A bonds). The 2020A Bonds have been structured as a crossover advance
refunding. Net proceeds of the bonds along with available Series 2014A bond trust funds totaling
$4,300,413 were deposited in trust with an escrow agent to 1) pay the interest on the Series 2020A
Bonds to and including March 1, 2021, the anticipated call date of the Series 2014A Bonds and 2)
redeem the Series 2014A refunded maturities on the anticipated call date of March 1, 2021 at a price of
par plus accrued interest.
The City issued the 2020A bonds to reduce its net debt service payments by approximately $685,259
which resulted in a net economic gain of $611,747.
In June 2020, the City issued $2,730,000 Series 2020B, Taxable Neighborhood Improvement District
Limited General Obligation Refunding Bonds (Brink Meyer Road Neighborhood Improvement Project)
Bonds (2020B bonds). The 2020B Bonds have been structured as a crossover advance refunding. Net
proceeds of the bonds along with available Series 2014B bond trust funds totaling $2,949,228 were
deposited in trust with an escrow agent to 1) pay the interest on the Series 2020B Bonds to and including
March 1, 2021, the anticipated call date of the Series 2014B Bonds and 2) redeem the Series 2014B
refunded maturities on the anticipated call date of March 1, 2021 at a price of par plus accrued interest.
The City issued the 2020B bonds to reduce its net debt service payments by approximately $681,070
which resulted in a net economic gain of $605,627.
On March 1, 2021, the 2014A and 2014B bonds were redeemed in accordance with the crossover
refunding.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
37
Land Held For Development
In 2015, the City began the required special assessment levy on the property owners within the Brush
Creek Drainage Area Neighborhood Improvement (Brush Creek NID) and the Brink Meyer Road
Neighborhood Improvement District (Brink Meyer NID).
The City has taken legal actions against certain properties located within the Brush Creek and Brink
Meyer NIDs related to delinquent special assessments on those properties. As a result, the City has
acquired certain properties through conveyance and the judicial foreclosure process. City management
has estimated the acquisition value of the acquired properties and has recorded these amounts as “Land
held for redevelopment”. These properties are no longer subject to Brush Creek NID and/or the Brink
Meyer Road NID special assessments.
A summary of the changes in land held for redevelopment is as follows:
December 31,December 31,
2019 Additions Deletions 2020
Land held for redevelopment 1,300,000$ -$ 1,300,000$ -$
The Brush Creek and Brink Meyer NID’s originally scheduled annual special assessments necessary to
meet the Series 2014A and 2014B debt service requirements was approximately $670,000. Currently, the
anticipated annual collections of special assessments are scheduled to be approximately $255,000.
During the year ended December 31, 2020, the City transferred $422,822 from the General Fund to the
Debt Service Fund to cover the shortfall of special assessments necessary to meet the 2014A and 2014B
debt service requirements.
Tract IX Purchase Agreement – Meadows at Creekside
On March 5, 2019, the City entered into a Real Estate Purchase Agreement (Agreement) to sell
approximately 70 acres of land held for development to a developer for a total purchase price of
$4,800,000. The agreement provides for the acquisition of the property in two phases. The initial portion
(Phase I) of the property to be acquired is approximately 35 acres. The second portion (Phase II) of the
property to be acquired is approximately 35 acres.
The purchase price for Phase I is $2,400,000 and is payable with $400,000 due at the Phase I closing
and the execution of a Promissory Note of $2,000,000 delivered by the Meadows at Creekside
Community Improvement District (the CID) (Phase I closing was completed in 2019). The Promissory
Note is payable solely from the proceeds of special assessments levied by the CID and secured by a
second deed of trust.
The purchase price for Phase II is $2,400,000 and is payable with $400,000 due at the Phase II closing
and the execution of a Promissory Note delivered by the CID ( Phase II closing occurred in 2020). The
Promissory Note is payable solely from the CID special assessments and secured by a second deed of
trust. The Promissory Note is payable solely from the proceeds of special assessments levied by the CID
and secured by a second deed of trust.
The CID special assessments are anticipated to begin in 2021. Payments on the promissory notes are
scheduled to be $300,000 per year up to a total of the outstanding note balances. At December 31, 2020,
the outstanding balance of the related notes receivable totaled $4,000,000.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
38
Tract I Purchase Option – Creekside Industrial
In November 2020, the Developer exercised the Tract I Purchase Option. Under the Tract I Purchase
Option, the Developer and City entered into a purchase and sale agreement (Tract I Purchase Agreement).
The Tract I Purchase Agreement set the purchase price at $1,600,000. Beginning January 1, 2022 and
ending December 31, 2025, the City will receive $100,000 per year from the Hotel Special Assessment.
Beginning January 1, 2026, the amount increases to $150,000 per year. In any year the contribution falls
short, the Developer will pay the difference. In any year, the contribution from the Hotel Special Assessment
falls short, or the Developer’s failure to pay the difference, the City shall receive $100,000 each year from
available sources in the Creekside Incentive Fund. All payments will be deducted from the $1,600,000
purchase and sale agreement receivable. At December 31, 2020, the outstanding balance of the purchase
and sale agreement receivable totaled $1,600,000.
B. Certificates of Participation
During fiscal year 2015, the City issued $3,383,722 Refunding Certificates of Participation to current
refund the 2006 Certificates of Participation issued for the purpose of constructing City Hall, public
parking lot and certain other capital improvements within the City. A temporary tax levy was approved to
fund a portion of the debt service payments. Principal and interest payments are due semi-annually
beginning on September 1, 2016 through March 1, 2027 with principal payments ranging from $139,867
to $444,872, with an interest rate of 2.24%. The outstanding balance at December 31, 2020, is
$2,035,521.
C. Lease Purchase Agreement
During fiscal year 2017, the City entered into a lease purchase agreement for $2,353,700 for the purpose
of transportation related capital improvements. Principal and interest payments are due semi-annually
beginning on September 1, 2017 through March 1, 2022 with principal payments ranging from $194,100
to $1,310,700, with an interest rate of 2.19%. On February 27, 2020, the lease purchase agreement was
amended providing additional funds of $79,700 and to restructure the scheduled note maturities due to
the unanticipated delays in the project and receipt of the related funding as it was projected that the
federal funds would be available to the City to be used for the originally scheduled March 1, 2020 debt
service payment of $1,329,800. The outstanding balance at December 31, 2020, is $1,626,900.
Portions of the proceeds of the lease purchase agreement ($1,020,300) will be used to fund the Route 9
Project (the Project). The total costs of the Project have been estimated at $3,484,000. The Project is
currently in the engineering phase with the construction phase estimated to begin in 2021. The City has
been awarded $965,000 in federal funds and is anticipating $1,734,500 in state funding for the
construction costs of the Project. The state and federal funding sources requires a local match of
$784,500. To provide funding for the matching requirement, the City has entered into a cooperative
agreement with the 9 Highway Corridor Community Improvement District (the District). The agreement
provides for reimbursements to the City for certain costs associated with the Project payable from the
District’s 1% sales tax.
D. Revenue Bonds
The City issued Sewerage System Revenue Bonds (State Revolving Loan Fund (SRF)) Series 2004A in
the original amount of $2,750,000. The Series 2004A Sewage System Revenue Bonds are special,
limited obligations of the City payable solely from, and secured by a pledge of, the net revenues of the
Sewer Fund. The bonds are due in annual installments of $30,000 to $170,000 through January 1, 2025
with interest ranging from 3.0% to 5.25%. The outstanding balance at December 31, 2020, is $695,000.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
39
E. Future Debt Service Requirements
F. Conduit Debt
The City is authorized to issue industrial development revenue bonds to finance the costs of office and other
industrial and commercial developments. Bonds are secured by the property financed and are payable
solely from payments received on the underlying lease agreements. The bonds and the interest are limited
obligations of the City payable solely out of the payments, revenues, and receipts derived by the City from
the lease agreements. At December 31, 2020, there are two outstanding industrial revenue bond issuances
with a total principal amount of approximately $197 million.
Year Ending
December 31,Principal Interest Principal Interest Principal Interest
2021 4,500,000$ 80,419$ 3,085,000$ 65,144$ -$ 68,788$
2022 - - - - 285,000 56,061
2023 - - - - 290,000 53,904
2024 - - - - 290,000 51,439
2025 - - - - 295,000 48,659
2026-2030 - - - - 1,525,000 185,830
2031-2034 - - - - 1,310,000 51,969
4,500,000$ 80,419$ 3,085,000$ 65,144$ 3,995,000$ 516,650$
Year Ending
December 31,Principal Interest Principal Interest Principal Interest
2021 -$ 47,074$ 388,809$ 41,241$ 316,200$ 36,677$
2022 195,000 38,365 395,103 32,461 1,310,700 1,607
2023 195,000 36,903 420,474 23,327 - -
2024 195,000 35,245 444,872 13,635 - -
2025 200,000 33,368 123,277 7,272 - -
2026-2030 1,045,000 127,421 262,986 6,078 - -
2031-2034 900,000 35,767 - - - -
Totals 2,730,000$ 354,143$ 2,035,521$ 124,014$ 1,626,900$ 38,284$
Year Ending
December 31,Principal Interest Principal Interest
2021 8,290,009$ 339,343$ 160,000$ 38,350$
2022 2,185,803 128,494 165,000 29,950
2023 905,474 114,134 170,000 21,625
2024 929,872 100,319 170,000 13,250
2025 618,277 89,299 30,000 5,175
2026-2030 2,832,986 319,329 - -
2031-2034 2,210,000 87,736 - -
Totals 17,972,421$ 1,178,654$ 695,000$ 108,350$
Certificates of Participation
Series 2015
Governmental Activities
Governmental Activities
Governmental Activities
Limited General Obligation
Refunding Bonds - Series
2020A (Brush Creek)
Limited General Obligation
Bonds - Series 2014A
(Brush Creek)
Limited General Obligation
Bonds - Series 2014
(Brink Meyer)
Total
Lease Purchase
Agreement
Limited General Obligation
Refunding Bonds - Series
2020B (Brink Meyer)
Business-type Activities
Sewage System Revenue
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
40
(8) Cooperative Agreement – Sewer Services
The City has entered into agreements with the City of Kansas City, Missouri, and the Platte County
Regional Sewer District to provide certain sewer services for the City. For the year ended December 31,
2020, expenses incurred under these agreements were $40,126 (Kansas City, Missouri) and $17,759
(Platte County Regional Sewer District).
(9) Employees Retirement System
A. Plan Description
The City’s defined benefit pension plan provides certain retirement, disability, and death benefits to plan
members and beneficiaries. The City participates in the Missouri Local Government Employees
Retirement System (LAGERS). LAGERS is an agent multiple-employer, statewide public employee
pension plan established in 1967 and administered in accordance with RSMo. 70.600-70.755. As such, it
is LAGERS responsibility to administer the law in accordance with the expressed intent of the General
Assembly. The plan is qualified under the Internal Revenue Code Section 401(a) and is tax exempt. The
responsibility for the operations and administration of LAGERS is vested in the LAGERS Board of
Trustees consisting of seven persons. LAGERS’ issues a publicly available financial report that includes
financial statements and required supplementary information. This report may be obtained by accessing
the LAGERS website at www.molagers.org.
B. Benefits Provided
LAGERS provides retirement, death, and disability benefits. Benefit provisions are adopted by the
governing body of the employer, within the options available in the state statutes governing LAGERS. All
benefits vest after 5 years of credited service. Employees who retire on or after age 60 (55 for police) with
5 or more years of service are entitled to an allowance for life based upon the benefit program information
provided below. Employees may retire with an early retirement benefit with a minimum of 5 years of
credited service and after attaining age 55 (50 for police) and receive a reduced allowance.
2020 Valuation
Benefit Multiplier: 1.75%
Final Average Salary: 5 Years
Member Contributions: 4%
Benefit terms provide for annual post retirement adjustments to each member’s retirement allowance
subsequent to the member’s retirement date. The annual adjustment is based on the increase in the
Consumer Price Index and is limited to 4% per year.
C. Employees Covered by Benefit Terms
The following employees were covered by the benefit terms:
General Police Total
Inactive employees or beneficiaries currently
receiving benefits 2 2 4
Inactive employees entitled to but not yet
receiving benefits 9 9 18
Active employees 23 16 39
34 27 61
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
41
D. Contributions
The employer is required to contribute amounts at least equal to the actuarially determined rate, as
established by LAGERS. The actuarially determined rate is the estimated amount necessary to finance
the cost of benefits earned by employees during the year, with an additional amount to finance an
unfunded accrued liability. Full-time employees of the employer contribute 4% to the pension plan.
Employer contribution rates are 12.0% (General) and 13.7% (Police) of annual covered payroll.
E. Net Pension Liability
The City’s net pension liability was measured as of June 30, 2020, and the total pension liability used to
calculate the net pension liability was determined by an actuarial valuation as of February 29, 2020.
F. Actuarial Assumptions
The total pension liability in the February 29, 2020 actuarial valuation was determined using the following
actuarial assumptions, applied to all periods included in the measurement:
Inflation 3.25% wage inflation; 2.5% price inflation
Salary Increase 3.25% to 6.55% including wage inflation
Investment rate of return 7.25%, net of investment expenses
The healthy retiree mortality tables, for post-retirement mortality, were the RP-2014 Healthy Annuitant
mortality tables for males and females. The disabled retiree mortality tables, for post-retirement mortality,
were the RP-2014 disabled mortality table for males and females. The pre-retirement mortality tables
used were the RP-2014 employees mortality table for males and females.
Both the post-retirement and pre-retirement tables were adjusted for mortality improvement back to the
observation period base year of 2006.The base year for males was then established to be 2017. Mortality
rates for a particular calendar year are determined by applying the MP-2015 mortality improvement scale
to the above described tables.
The long-term expected rate of return on pension plan investments was determined using a model
method in which the best-estimate ranges of expected future real rates of return (expected returns, net of
investment expenses 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. The target allocation
and a weighted average of the geometric real rates of return for each major asset class rollup are
summarized in the following table:
Asset Class
Target
Allocation
Long-Term Expected
Real Rate of Return
Alpha 15.00% 3.67%
Equity 35.00% 4.78%
Fixed income 31.00% 1.41%
Real Assets 36.00% 3.29%
Strategic Assets 8.00% 5.25%
Cash 10.00% 0.00%
Leverage -35.00% -0.29%
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
42
G. Discount Rate
The discount rate used to measure the total pension liability is 7.25%. The projection of cash flows used
to determine the discount rate assumes that employer and employee contributions will be made at the
rates agreed upon for employees and the actuarially determined rates for employers. Based on these
assumptions, the pension plan’s fiduciary net position was projected to be available to pay all projected
future benefit payments of current active and inactive employees. Therefore, the long-term expected rate
of return on pension plan investments was applied to all periods of projected benefit payment to
determine the total pension liability.
H. Changes in the Net Pension Liability
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
(a) (b) (a) - (b)
2,587,277$ 2,125,991$ 461,286$
201,429 - 201,429
193,934 - 193,934
Change in benefit terms 443,125 - 443,125
126,146 - 126,146
Change in assumptions - - -
- 206,382 (206,382)
- 82,259 (82,259)
- 30,625 (30,625)
(22,947) (22,947) -
- (6,190) 6,190
- 2,550 (2,550)
Net changes 941,687 292,679 649,008
3,528,964$ 2,418,670$ 1,110,294$
Difference between expected and actual
Increase (Decrease)
Balances at beginning of year
Changes for the year:
Service Cost
Interest
Balances at end of year
Contributions - employer
Contributions - employee
Net investment income
Benefit payments, including refunds
Administrative expense
Other changes (net transfer)
I. Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the Net Pension Liability of the employer, calculated using the discount rate of
7.25%, as well as what the employer’s Net Pension Liability would be using a discount rate that is one
percentage point lower (6.25%) or one percentage point higher (8.25%) than the current rate.
1% Decrease
Current Single
Discount Rate
Assumption 1% Increase
6.25%7.25%8.25%
Total Pension Liability 4,134,699$ 3,528,964$ 3,039,021$
Plan Fiduciary Net Position (2,418,670) (2,418,670) (2,418,670)
Net Pension Liability 1,716,029$ 1,110,294$ 620,351$
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
43
J. Pension Expense and Deferred Outflows of Resources and Deferred Inflows of Resources
Related to Pensions
For the year ended December 31, 2020, the City recognized LAGERS pension expense of $654,949
($371,532 (General) and $283,417 (Police)). The City reported deferred outflows related to LAGERS
pension from the following sources:
General Police Total
Deferred Outflows of Resources:
Assumption changes 18,038$ 11,045$ 29,083$
Difference in experience 115,698 82,708 198,406
Difference in projected and actual
earnings on plan investments 43,860 32,709 76,569
Contributions subsequent to the
measurement date* 76,635 48,986 125,621
Total 254,231$ 175,448$ 429,679$
Deferred Inflows of Resources:
Assumption changes (4,816)$ -$ (4,816)$
Difference in experience (37,680) (23,455) (61,135)
Total (42,496)$ (23,455)$ (65,951)$
.
*The amount reported as deferred outflows of resources resulting from contributions subsequent to the
measurement date will be recognized as a reduction in the Net Pension Liability for the year ending
December 31, 2021.
Net amounts reported as deferred outflows and deferred inflows of resources related to LAGERS pension
will be recognized in pension expense as follows:
Year ending December 31: General Police Total
2021 18,134$ 25,081$ 43,215$
2022 24,620 29,671 54,291
2023 34,644 27,595 62,239
2024 37,396 18,327 55,723
2025 14,314 2,333 16,647
Thereafter 5,992 - 5,992
Total 135,100$ 103,007$ 238,107$
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
44
K. Payable to the Pension Plan
At December 31, 2020, the City paid all outstanding contributions to the LAGERS pension plan.
(10) Commitments and Contingencies
A. Insurance
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; injuries to employees; and natural disasters.
The City is a member of the Midwest Public Risk (MPR), formerly Mid-America Regional Council
Insurance Trust, a not-for-profit corporation consisting of local governments and political subdivisions.
MPR was formed as a public entity risk retention pool to cover health and dental, workers’ compensation,
and property and casualty claims for its members. MPR has been established as assessable pools and
accounting records are maintained for each line of coverage on a policy-year basis. The City pays annual
premiums to MPR for all coverage. The agreement with MPR provides that MPR will be self-sustaining
through member premiums. MPR has the authority to assess members for any deficiencies of revenues
under expenses for any single plan year. Likewise, MPR has the authority to declare refunds to members
for the excess of revenues over expenses relating to any single plan year. The City continues to carry
commercial insurance for employee life insurance and short-term disability. The amount of settlements
has not exceeded the City’s insurance coverage in any of the past three fiscal years.
B. Investments-Trust Fund
The City was the recipient of funds from a resident’s estate during the calendar year 2002. The funds
were previously held by a trustee for the benefit of the City. In 2011, the City took over management of
the fund and by Resolution No. 12-01-13, the Board of Aldermen enacted a policy restricting the use of
the fund to follow the intentions of the original donor of the fund. The nature of the fund is that the
principal of the contributions is to remain intact. One-half of the interest earnings are to be added to the
principal and the remaining one-half of annual earnings may be used to fund City capital projects. At
December 31, 2020, the fund had $17,290 net appreciation on assets available for expenditure which is
reported as restricted fund balance and $581,940 in principal which is reported as nonspendable fund
balance. Both of these amounts are reported as restricted net position on the government-wide statement
of net position. The State of Missouri requires that recipients of endowment gifts maintain the original
principal intact at the original donation value.
C. Federal and State Grants
The City has received financial assistance from various federal, state, and local agencies in the form of
grants and entitlements. These programs are subject to audit by agents of the granting authority.
Management does not believe that liabilities for reimbursements, if any, will have a materially adverse
effect upon the financial condition of the City.
D. Litigation
The City is involved in legal proceedings arising from the ordinary course of City activities. While these
proceedings may have future financial effect, management believes that their ultimate outcome will not be
material to the basic financial statements.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
45
(11) Development Agreements
Tax Increment Financing and Economic Development Contract
On April 23, 2019, the City entered into a Tax Increment Financing and Economic Development Contract
(the Agreement) with various Creekside Development entities (the Developer). The Agreement sets forth
the implementation of the Creekside Plan, including the responsibilities of the City and the Developer.
The Creekside Plan is a multi-phased project along three quadrants of the intersection of Interstate 435 and
Missouri Highway 45 in the City, and consists of the following planned developments:
- The Meadows At Creekside – a planned residential development consisting of 101 single-family
homes, 96 townhome units and 216 apartment units on the southeast quadrant of the interchange
(consisting of approximately 43.24 acres).
- Old Town At Creekside – a planned commercial development consisting of 13 lots for six restaurants,
two mixed-use retail buildings with 100 apartment units, one café, one grocery/market, one hotel and
one bank on the southeast quadrant of the interchange (consisting of approximately 38.12 acres).
- The Woods At Creekside & Creekside Village – a planned residential development consisting of
115 single-family homes (consisting of approximately 32.14 acres) and 172 townhome units in
43 buildings (consisting of approximately 23.36 acres) on the northwest quadrant of the interchange.
- Creekside Commons – a planned commercial development consisting of 10 lots for three hotels, two
restaurants, a quick-serve restaurant, a gas station, a pharmacy/medical office, one mixed-use retail
building with 50 apartment units, and six tournament quality youth baseball and softball fields on the
northwest quadrant of the interchange. The total ballfield space of Creekside Commons consists of
approximately 681,240 square feet, with total building space of the development consisting of
approximately square feet, and total commercial space of the development (minus hotels) consisting of
66,100 square feet.
- Creekside Industrial – a planned industrial development consisting of 29 pad sites (a total of
1,024,106 square feet) for office/service and industrial uses on the southwest quadrant of the
interchange.
The estimated cost of the entire Creekside project is approximately $335 million with financial assistance
from all sources of approximately $52 million, plus interest and financing costs.
Tract IX Purchase Agreement – Meadows at Creekside
As discussed in Note 7A, the City entered into a real estate purchase agreement to sell approximately 70
acres for the Meadows at Creekside development project.
The Meadows at Creekside Community Improvement District (Meadows CID) has been established to levy
certain special assessments on each apartment unit and single family dwelling. The annual assessment will
be $1,737 per apartment unit and $400 per single-family home. The City is scheduled to receive $300,000
annually as payments on the promissory notes over 16 years up to a total of $4,000,000.
Tract I Purchase Option Agreement – Creekside Industrial
As discussed in Note 7A, the Developer exercised the Tract I Purchase Option. Under the Tract I Purchase
Option, the Developer and City entered into a purchase and sale agreement (Tract I Purchase Agreement).
The Tract I Purchase Agreement set the purchase price at $1,600,000. Beginning January 1, 2022 and
ending December 31, 2025, the City will receive $100,000 per year from the Hotel Special Assessment.
Beginning January 1, 2026, the amount increases to $150,000 per year. In any year, the contribution from
the Hotel Special Assessment falls short, or the Developer’s failure to pay the difference, the City shall
receive $100,000 each year from available sources in the Creekside Incentive Fund. All payments will be
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
46
deducted from the $1,600,000 purchase and sale agreement receivable. At December 31, 2020, the
outstanding balance of the purchase and sale agreement receivable totaled $1,600,000.
The City established the Creekside Community Improvement District (CID). The Creekside Transportation
District (TDD) was established through a judicial process. The CID and TDD will impose a one percent
sales tax for a period of 40 years to fund eligible CID and TDD improvements.
The City has also approved a Chapter 100 Industrial Development Plan for the portion of the site where the
apartments are built. The Chapter 100 plan provides property tax abatement to the owners of the
apartments for a sixteen year period. The City has issued its Taxable Industrial Development Revenue
Bonds (Creekside Development Apartments Project), Series 2019, in an aggregate principal amount not to
exceed $26,000,000 and its Taxable Industrial Development Revenue Bonds (Creekside Development
Apartments Project), Series 2019, in an aggregate maximum principal amount of $171,000,000, for the
purpose of providing funds to pay the costs of the Project.
The Creekside Plan is on a pay-as-you-go basis payable from the incremental increase in property and
sales taxes generated within TIF areas of the Creekside Plan. Funding is also available from CID and TDD
one percent sales taxes and certain Meadows CID special assessments As of December 31, 2020, certified
tax increment financing reimbursable project costs totaled $1,038,461.
Parkville Market Place Tax Increment Financing Redevelopment Plan
In 2008, the City established the Parkville Market Place Tax Increment Financing Redevelopment Plan
(Market Place Plan). The redeveloper designated as the redeveloper of Redevelopment Project Area 1
has not redeveloped Redevelopment Project Area 1. In 2018, the City amended the Market Place Plan to
expand the boundaries of the original redevelopment area and created Redevelopment Project Area 2
(Project 2). Project 2 includes the construction of approximately 33,400 square feet of retail, restaurant,
and/or other commercial facilities, and public and private infrastructure improvements The Market Place
Plan provides up to a maximum reimbursable project costs of $5,916,893 for Project 2. The Market Place
Plan is on a pay-as-you-go basis payable from the incremental increase in property and sales taxes.
Funding is also available from the tax increment economic activity taxes portion of the Market Place
Community Improvement District’s one percent CID Sales tax and the tax increment economic activity
taxes portion Market Place #2 Community Improvement District’s one percent CID Sales tax.
(12) Uncertainties
On March 11, 2020, the World Health Organization declared the COVID-19 virus outbreak a global
pandemic and recommended mitigation protocols. The impact on the City’s operations and finances is
dependent on future developments, including the effect of recently developed vaccines as treatment to
prevent the spread of the virus. It is not currently possible to determine the overall impact of COVID-19 on
the City’s operations.
CITY OF PARKVILLE, MISSOURI
Notes to the Basic Financial Statements
December 31, 2020
47
(13) Subsequent Events
The City evaluated subsequent events through August 18, 2021, the date the financial statements were
available to be issued. In addition to the crossover refunding discussed in Note 7, the following
subsequent event occurred:
The City issued its $2,985,000 City of Parkville, Missouri Certificates of Participation Series 2021A (Series
2021A Certificates). Proceeds from the sale of the Series 2021A Certificates will be used, together with
other available funds, (a) to provide for the financing of a portion of the costs related to construction of
multimodal improvements for a segment of the Missouri Route 9 corridor in the City, (b) prepay an
existing lease purchase obligation of the City, and (c) to pay the costs of issuance of the Series 2021A
Certificates. Principal and interest payments are due semi-annually beginning on March 1, 2022 through
March 1, 2037 with principal payments ranging from $160,000 to $385,000 with an interest rate of 2.00%.
Schedule 1
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes 3,314,861$ 3,314,861$ 3,096,238$ (218,623)$
Intergovernmental 484,250 484,250 374,531 (109,719)
Charges for services 40,850 40,850 15,188 (25,662)
Fines and forfeitures 150,000 150,000 61,118 (88,882)
Licenses and permits 403,600 403,600 560,588 156,988
Charges for sewer 280,000 280,000 280,000 -
Interest 8,000 8,000 5,947 (2,053)
Other 327,500 327,500 140,965 (186,535)
Total Revenues 5,009,061 5,009,061 4,534,575 (474,486)
Expenditures:
Current:
General government 1,588,158 1,599,365 1,506,528 92,837
Public safety 1,743,065 1,743,065 1,547,853 195,212
Public works 884,667 884,667 726,978 157,689
Parks and recreation 487,734 487,734 499,904 (12,170)
Community development 570,872 570,872 518,654 52,218
Total Expenditures 5,274,496 5,285,703 4,799,917 485,786
Excess of Revenues Over
(Under) Expenditures (265,435) (276,642) (265,342) 11,300
Other Financing Sources (Uses):
Transfers in 215,000 215,000 40,000 (175,000)
Transfers out (922,822) (1,175,397) (1,000,397) 175,000
Sale of assets 397,712 397,712 399,458 1,746
Total Other Financing Sources (Uses)(310,110) (562,685) (560,939) 1,746
Change in fund balance (575,545)$ (839,327)$ (826,281) 13,046$
Fund Balances, Beginning of Year 1,817,200
Fund Balances, End of Year 990,919$
Note: GAAP is the budgetary basis used to prepare this schedule
2020
CITY OF PARKVILLE, MISSOURI
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
General Fund
For the Year Ended December 31, 2020
48
Schedule 2
Variance with
Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes 510,821$ 510,821$ 462,949$ (47,872)$
Intergovernmental 546,491 546,491 493,550 (52,941)
Grants and donations 13,000 13,000 7,881 (5,119)
Other - - 4,101 4,101
Total Revenues 1,070,312 1,070,312 968,481 (101,831)
Expenditures:
Current:
Capital outlay 844,000 910,945 884,465 26,480
Total Expenditures 844,000 910,945 884,465 26,480
Excess of Revenues Over
(Under) Expenditures 226,312 159,367 84,016 (75,351)
Other Financing Sources (Uses):
Transfers in - 30,779 30,779 -
Transfers out (388,140) (213,140) (213,140) -
Proceeds from lease - - 79,700 79,700
Total Other Financing Sources (Uses) (388,140) (182,361) (102,661) 79,700
Change in fund balance (161,828)$ (22,994)$ (18,645) 4,349$
Fund Balances, Beginning of Year 115,527
Fund Balances, End of Year 96,882$
Note: GAAP is the budgetary basis used to prepare this schedule
2020
CITY OF PARKVILLE, MISSOURI
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balances - Budget and Actual
Transportation Sales Tax Fund
For the Year Ended December 31, 2020
49
CITY OF PARKVILLE, MISSOURI
Notes to Required Supplementary Information
December 31, 2020
50
(1) Budgetary Data
The Board of Alderman adopted annual operating budgets for all funds except for the Court Recoupment
Fees, Police Training Fees LET, Police Shop, TIF Development, Market Place Project 2, Market Place
CID #1, Market Place CID #2, and the Creekside Development funds. The City’s budget is adopted using
Generally Accepted Accounting Principles on the Modified Accrual Basis of Accounting. Revisions to the
budget can be made only by the Board of Alderman. Legally, expenditures may not exceed the total
amount of expenditures budgeted, as revised, in each fund. All annual appropriations lapse at year end if
not encumbered.
The City follows these procedures in establishing the budgetary date reflected in the financial statements,
beginning in the prior year.
1. In early August, budget worksheets are issued to each department.
2. In early September, budget requests are submitted by departments to the City Administrator.
3. Budget meetings are held between the City Administrator and each department beginning in late
September to early October.
4. In late October, a proposed budget is presented to the Board of Aldermen.
5. In early December, the Board of Alderman adopt the budget.
Schedule 3
2020 2019 2018 2017 2016 2015
Total Pension Liability
Service costs 201,429$ 172,547$ 148,593$ 119,807$ 116,946$ 104,714$
Interest on total pension liability 193,934 161,830 142,885 107,562 93,722 69,352
Changes in benefit terms 443,125 - - 252,150 - 226,297
Difference between expected and
actual experience of the total pension liability 126,146 117,686 (16,202) 19,236 (66,469) (47,700)
Changes of assumptions - - - (12,160) 79,853 -
Benefit payments and refunds (22,947) (23,897) (27,488) (18,639) (31,360) (14,002)
Net change in total pension liability 941,687 428,166 247,788 467,956 192,692 338,661
Total pension liability - beginning of year 2,587,277 2,159,111 1,911,323 1,443,367 1,250,675 912,014
Total pension liability - end of year (a)3,528,964$ 2,587,277$ 2,159,111$ 1,911,323$ 1,443,367$ 1,250,675$
Plan Fiduciary Net Position
Contributions - employer 206,382$ 177,852$ 155,363$ 112,455$ 93,771$ 73,690$
Contributions - employee 82,259 77,157 68,390 62,865 61,441 60,880
Net investment income 30,625 120,889 180,098 141,948 63 17,409
Benefit payments and refunds (22,947) (23,897) (27,488) (18,639) (31,360) (14,002)
Administrative expenses (6,190) (5,440) (3,246) (3,626) (3,451) (3,356)
Other (net transfer) 2,550 (1,855) (6,335) 1,806 (3,952) 38,126
Net change in plan fiduciary net position 292,679 344,706 366,782 296,809 116,512 172,747
Plan fiduciary net position - beginning of year 2,125,991 1,781,285 1,414,503 1,117,694 1,001,182 828,435
Plan fiduciary net position - end of year (b) $ 2,418,670 $ 2,125,991 $ 1,781,285 $ 1,414,503 $ 1,117,694 $ 1,001,182
Net pension liability (a) - (b) $ 1,110,294 $ 461,286 $ 377,826 $ 496,820 $ 325,673 $ 249,493
Plan net position as a percentage of the
total pension liability 68.54% 82.17% 82.50% 74.01% 77.44% 80.05%
Covered employee payroll 2,136,492 1,935,516 1,567,178 1,457,585 1,415,099 1,414,512
Net pension liability/(asset) as a
percentage of covered payroll 51.97% 23.83% 24.11% 34.09% 23.01% 17.64%
GASB 68 requires presentation of ten years. As of December 31, 2020, only six years of information is available.
CITY OF PARKVILLE, MISSOURI
Required Supplementary Information
Schedule of Changes in Net Pension Liability and Related Ratios
For the Year Ended December 31, 2020
Lagers
51
Schedule 4
Actuarially Covered Contribution
Fiscal Determined Contribution in Contribution Employee as
Year Contribution Relation Deficiency Payroll Percentage
2011 $ 54,185 $ 54,185 $ - $ 1,354,526 4.00%
2012 65,702 65,702 - 1,522,146 4.32%
2013 61,194 61,194 - 1,496,050 4.09%
2014 63,625 63,625 - 1,621,236 3.92%
2015 90,452 90,452 - 1,497,747 6.04%
2016 93,266 93,266 - 1,559,830 5.98%
2017 142,758 142,758 - 1,633,155 8.74%
2018 159,791 159,791 - 1,767,037 9.04%
2019 192,504 192,504 - 2,041,265 9.43%
2020 235,257 235,257 - 2,055,071 11.45%
Lagers
Valuation Date
Notes:
Actuarial cost method Entry Age Normal and Modified Terminal Funding
Amortization method
Remaining amortization period Multiple bases from 14 to 19 years
Asset valuation method 5-year smoothed market; 20% corridor
Inflation assumption 3.25% wage inflation; 2.5% price inflation
Salary increases 3.25% to 6.55% including wage inflation
Investment rate of return 7.25%, net of investment expenses
Retirement age
Mortality
Other information:
CITY OF PARKVILLE, MISSOURI
Required Supplementary Information
Schedule of Employer Contributions
For the Year Ended December 31, 2020
LAGERS (General and Police)
Both the post-retirement and pre-retirement tables were adjusted for mortality
improvement back to the observation period based year of 2006. The base year for
males was then established to be 2017. Mortality rates for a particular calendar year
are determined by applying the MP-2015 mortality improvement scale to the above
described tables.
None
Experienced-based table of rates that are specific to the type of eligibility condition
Methods and assumptions used to determine contributions rates:
February 29, 2020
The roll-forward of total pension liability from February 29, 2020 to June 30, 2020
reflects expected service cost and interest reduced by actual benefit payments and
administrative expenses.
The healthy retiree mortality tables, for post retirement mortality, were the RP-2014
Healthy Annuitant mortality table for males and females. The disabled retiree mortality
tables, for post-retirement mortality, were the RP-2014 disabled mortality table for
male and females. The pre-retirement mortality tables used were the RP-2014
employees mortality table for male and females.
Level percentage of payroll amortization method is used to amortize the UAAL over a
close period of years. If the UAAL (excluding the UAAL associated with benefit
changes) is negative, then this amount is amortized over the greater of (i) the
remaining initial amortization period or (ii) 15 years.
52
Schedule 5
General Reserve
Fund Fund Totals
Assets:
Cash and investments 749,108$ 1,332,108$ 2,081,216$
Receivables:
Taxes 237,966 - 237,966
Accounts and other 207,263 - 207,263
Creekside receivables 5,600,000 - 5,600,000
Due from other governments 144,482 - 144,482
Prepaid, deposits and other assets 194,398 - 194,398
Total Assets 7,200,496$ 1,332,108$ 8,532,604$
Liabilities:
Accounts payable 184,379$ -$ 184,379$
Accrued payroll and benefits 88,860 - 88,860
Total Liabilities 273,239 - 273,239
Deferred inflows of resources:
Unavailable revenues - Creekside receivables 5,600,000 - 5,600,000
Unavailable revenues - grants 137,908 - 137,908
Unavailable revenues - taxes 198,430 - 198,430
5,936,338 - 5,936,338
Fund balances:
Nonspendable:
Prepaid items 194,398 - 194,398
Committed:
Emergency reserve - 1,332,108 1,332,108
Unassigned 796,521 - 796,521
Total fund balances 990,919 1,332,108 2,323,027
Total liabilities, deferred inflows
of resources and fund balances 7,200,496$ 1,332,108$ 8,532,604$
CITY OF PARKVILLE, MISSOURI
Combining Balance Sheet - General Fund
December 31, 2020
53
Schedule 6
General Reserve
Fund Fund Eliminations Totals
Revenues:
Taxes 3,096,238$ -$ -$ 3,096,238$
Intergovernmental 374,531 - - 374,531
Charges for services 15,188 - - 15,188
Fines and forfeitures 61,118 - - 61,118
Licenses and permits 560,588 - - 560,588
Charges for sewer administration 280,000 - - 280,000
Interest 5,947 - - 5,947
Other 140,965 - - 140,965
Total Revenues 4,534,575 - - 4,534,575
Expenditures:
Current:
General government 1,506,528 - - 1,506,528
Public safety 1,547,853 - - 1,547,853
Public works 726,978 - - 726,978
Parks and recreation 499,904 - - 499,904
Community development 518,654 - - 518,654
4,799,917 - - 4,799,917
Excess of Revenues Over
(Under) Expenditures (265,342) - - (265,342)
Other financing sources (uses):
Transfers in 40,000 100,000 (100,000) 40,000
Transfers out (1,000,397) - 100,000 (900,397)
Sale of assets 399,458 - - 399,458
Total Other Financing Sources (560,939) 100,000 - (460,939)
Change in fund balance (826,281) 100,000 - (726,281)
Fund Balances, Beginning of Year 1,817,200 1,232,108 - 3,049,308
Fund Balances, End of Year 990,919$ 1,332,108$ -$ 2,323,027$
CITY OF PARKVILLE, MISSOURI
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
General Fund
For the Year Ended December 31, 2020
54
Schedule 7
River Certificates of Brush Brink Lease Purchase
Park Participation Creek Meyer Agreement Totals
Assets:
Restricted cash and investments -$ 127,633$ 4,355,156$ 2,951,151$ -$ 7,433,940$
Receivables:
Special assessments - - 2,525,500 - - 2,525,500
Total Assets -$ 127,633$ 6,880,656$ 2,951,151$ -$ 9,959,440$
Liabilities:
Due to other funds -$ -$ -$ -$ 67,279$ 67,279$
Total Liabilities - - - - 67,279 67,279
Deferred inflows of resources:
Unavailable revenues -
special assessments - 71,785 2,563,059 - - 2,634,844
Fund balances:
Restricted:
Debt service - 55,848 4,317,597 2,951,151 (67,279) 7,257,317
Total fund balances (deficit)- 55,848 4,317,597 2,951,151 (67,279) 7,257,317
Total liabilities, deferred inflows
and fund balances (deficit)-$ 127,633$ 6,880,656$ 2,951,151$ -$ 9,959,440$
CITY OF PARKVILLE, MISSOURI
Combining Balance Sheet - Debt Service Funds
December 31, 2020
55
Schedule 8
River Certificates of Brush Brink Lease Purchase
Park Participation Creek Meyer Agreement Totals
Revenues:
Taxes -$ 432,621$ -$ -$ -$ 432,621$
Intergovernmental - - - - 125,906 125,906
Special assessments 161,089 - 253,255 1,791 - 416,135
Interest 81 223 6,862 5,004 - 12,170
Total Revenues 161,170 432,844 260,117 6,795 125,906 986,832
Expenditures:
Debt service:
Principal 315,000 361,800 230,000 155,000 309,500 1,371,300
Interest and fiscal charges 5,186 49,648 260,720 210,943 63,871 590,368
320,186 411,448 490,720 365,943 373,371 1,961,668
Excess of Revenues Over
(Under) Expenditures (159,016) 21,396 (230,603) (359,148) (247,465) (974,836)
Other financing sources (uses):
Transfers in - - 140,000 282,822 213,140 635,962
Proceeds from bonds - - 3,995,000 2,730,000 6,725,000
Total Other Financing Sources - - 4,135,000 3,012,822 213,140 7,360,962
Change in fund balance (159,016) 21,396 3,904,397 2,653,674 (34,325) 6,386,126
Fund Balances (deficit),
Beginning of Year 159,016 34,452 413,200 297,477 (32,954) 871,191
Fund Balances (deficit),
End of Year -$ 55,848$ 4,317,597$ 2,951,151$ (67,279)$ 7,257,317$
CITY OF PARKVILLE, MISSOURI
Combining Statement of Revenues, Expenditures and Changes in Fund Balance -
Debt Service Funds
For the Year Ended December 31, 2020
56
Schedule 9
Court Police
Park Sales Economic Nature Parks Veterans Recoupment Training Fees Police
Tax Development Sanctuary Donations Memorial Fees LET Shop
Assets
Cash and investments 347,255$ 3,536$ 259,054$ 15,107$ 15,999$ 41,321$ 37,508$ 33,096$
Receivables:
Taxes 63,225 - - - - - - -
Restricted cash and investments - - - - - - - -
Total Assets 410,480$ 3,536$ 259,054$ 15,107$ 15,999$ 41,321$ 37,508$ 33,096$
Liabilities and Fund Balances
Liabilities:
Accounts payable 83,540$ -$ 1,333$ -$ -$ -$ -$ 9,131$
Total Liabilities 83,540 - 1,333 - - - - 9,131
Deferred inflows of resources:
Unavailable revenues - - - - - - - -
Fund balances
Nonspendable:
Fewson trust - - - - - - - -
Restricted:
Capital projects - - - - - - - -
Public safety - - - - - 41,321 37,508 23,965
Parks and recreation 326,940 - 257,721 15,107 15,999 - - -
Community development - 3,536 - - - - - -
Assigned:
Capital projects - - - - - - - -
Total fund balances 326,940 3,536 257,721 15,107 15,999 41,321 37,508 23,965
Total liabilities and fund balances 410,480$ 3,536$ 259,054$ 15,107$ 15,999$ 41,321$ 37,508$ 33,096$
(Continued on Next Page)
Special Revenue Funds
CITY OF PARKVILLE, MISSOURI
Combining Balance Sheet - Non-major Governmental Funds
December 31, 2020
57
Assets
Cash and investments
Receivables:
Taxes
Restricted cash and investments
Total Assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Total Liabilities
Deferred inflows of resources:
Unavailable revenues
Fund balances
Nonspendable:
Fewson trust
Restricted:
Capital projects
Public safety
Parks and recreation
Community development
Assigned:
Capital projects
Total fund balances
Total liabilities and fund balances
Schedule 9
Permanent Capital
Fund Project Fund
Market Place
TIF Project 2 Market Place Market Place Creekside Fewson Capital
Development Development CID #1 CID #2 Development Project Projects Totals
12,516$ 328,018$ 16,617$ 14,756$ 12,683$ -$ 957,165$ 2,094,631$
-
- - 5,446 5,446 6,926 - - 81,043
- - - - - 599,230 - 599,230
12,516$ 328,018$ 22,063$ 20,202$ 19,609$ 599,230$ 957,165$ 2,774,904$
-$ -$ -$ 484$ -$ -$ 50,054$ 144,542$
- - - 484 - - 50,054 144,542
- 100,533 - - 396 - - 100,929
- - - - - 581,940 - 581,940
- - - - - 17,290 17,290
- - - - - - - 102,794
- - - - - - - 615,767
12,516 227,485 22,063 19,718 19,213 - - 304,531
- - - - - - 907,111 907,111
12,516 227,485 22,063 19,718 19,213 599,230 907,111 2,529,433
12,516$ 328,018$ 22,063$ 20,202$ 19,609$ 599,230$ 957,165$ 2,774,904$
Special Revenue Funds
CITY OF PARKVILLE, MISSOURI
Combining Balance Sheet - Non-major Governmental Funds
December 31, 2020
58
Schedule 10
Court Police
Park Sales Economic Nature Parks Veterans Recoupment Training Fees Police
Tax Development Sanctuary Donations Memorial Fees LET Shop
Revenues:
Taxes 566,526$ 1,146$ -$ -$ -$ -$ -$ -$
Intergovernmental - - - - - - - -
Charges for services - - - - - 945 (656) -
Interest - - - - - - - -
Grants and donations - - 184,251 902 4,175 - - 13,250
Total Revenues 566,526 1,146 184,251 902 4,175 945 (656) 13,250
Expenditures:
Current:
Public safety - - - - - - - 10,122
Parks and recreation 267,576 - 1,989 22,718 1,469 - - -
Community development - - - - - - - -
Capital outlay - - - - - - - -
267,576 - 1,989 22,718 1,469 - - 10,122
Excess of Revenues
Over (Under) Expenditures 298,950 1,146 182,262 (21,816) 2,706 945 (656) 3,128
Other financing sources (uses):
Transfers in - - - - - - - -
Transfers out (90,523) - - - - - - -
Total Other Financing
Sources (Uses)(90,523) - - - - - - -
Change in fund balance 208,427 1,146 182,262 (21,816) 2,706 945 (656) 3,128
Fund Balances, Beginning of Year 118,513 2,390 75,459 36,923 13,293 40,376 38,164 20,837
Fund Balances, End of Year 326,940$ 3,536$ 257,721$ 15,107$ 15,999$ 41,321$ 37,508$ 23,965$
(Continued on Next Page)
CITY OF PARKVILLE, MISSOURI
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
For the Year Ended December 31, 2020
Special Revenue Funds
Non-major Governmental Funds
59
Revenues:
Taxes
Intergovernmental
Charges for services
Interest
Grants and donations
Total Revenues
Expenditures:
Current:
Public safety
Parks and recreation
Community development
Capital outlay
Excess of Revenues
Over (Under) Expenditures
Other financing sources (uses):
Transfers in
Transfers out
Total Other Financing
Sources (Uses)
Change in fund balance
Fund Balances, Beginning of Year
Fund Balances, End of Year
Permanent Capital
Fund Project Fund
Market
TIF Place Market Place Market Place Creekside Fewson Capital
Development Project 2 CID #1 CID #2 Development Project Projects Totals
344,386$ 147,726$ 43,864$ 43,864$ 72,703$ -$ -$ 1,220,215$
215,102 - - - - - - 215,102
- - - - - - - 289
23 - - - - 6,631 - 6,654
- - - - - - - 202,578
559,511 147,726 43,864 43,864 72,703 6,631 - 1,644,838
- - - - - - - 10,122
- - - - - - - 293,752
559,488 3,119 16,190 17,244 59,204 - - 655,245
- - - - - - 427,057 427,057
559,488 3,119 16,190 17,244 59,204 - 427,057 1,386,176
23 144,607 27,674 26,620 13,499 6,631 (427,057) 258,662
- 39,986 - - - - 497,319 537,305
- - (19,993) (19,993) - - - (130,509)
- 39,986 (19,993) (19,993) - - 497,319 406,796
23 184,593 7,681 6,627 13,499 6,631 70,262 665,458
12,493 42,892 14,382 13,091 5,714 592,599 836,849 1,863,975
12,516$ 227,485$ 22,063$ 19,718$ 19,213$ 599,230$ 907,111$ 2,529,433$
Schedule 10
Special Revenue Funds
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
CITY OF PARKVILLE, MISSOURI
For the Year Ended December 31, 2020
Non-major Governmental Funds
60
Schedule 11
Variance with
2020 Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues -$ -$ -$ -$
Expenditures - - - -
Excess of Revenues Over Expenditures - - - -
Other financing sources (uses):
Transfers in 100,000 100,000 100,000 -
Total Other Financing Sources (Uses) 100,000 100,000 100,000 -
Change in fund balance 100,000$ 100,000$ 100,000 -$
Fund Balance, Beginning of Year 1,232,108
Fund Balance, End of Year 1,332,108$
CITY OF PARKVILLE, MISSOURI
For the Year Ended December 31, 2020
Fund Balance - Budget and Actual
Schedule of Revenues, Expenditures and Changes in
Reserve Fund
61
Final Budget Actual
Variance
Positive
(Negative) Final Budget Actual
Variance
Positive
(Negative) Final Budget Actual
Variance Positive
(Negative)
Revenues:
Taxes -$ -$ -$ 437,450$ 432,621$ (4,829)$ -$ -$ -$
Special assessments 322,400 161,089 (161,311) - - - 251,036 253,255 2,219
Interest 200 81 (119) 120 223 103 7,500 6,862 (638)
Total Revenues 322,600 161,170 (161,430) 437,570 432,844 (4,726) 258,536 260,117 1,581
Expenditures:
Debt service:
Principal 315,000 315,000 - 361,800 361,800 - 230,000 230,000 -
Interest and fiscal charges 5,543 5,186 357 50,750 49,648 1,102 184,463 260,720 (76,257)
Total Expenditures 320,543 320,186 357 412,550 411,448 1,102 414,463 490,720 (76,257)
Excess of Revenues Over
(Under) Expenditures 2,057 (159,016) (161,073) 25,020 21,396 (3,624) (155,927) (230,603) (74,676)
Other financing sources (uses):
Transfers in - - - - - - 140,000 140,000 -
Refunding bond proceeds - - - - - - - 3,995,000 3,995,000
Total Other Financing Sources (Uses)- - - - - - 140,000 4,135,000 3,995,000
Change in fund balance 2,057$ (159,016) (161,073)$ 25,020$ 21,396 (3,624)$ (15,927)$ 3,904,397 3,920,324$
Fund Balance, Beginning of Year 159,016 34,452 413,200
Fund Balance (Deficit), End of Year -$ 55,848$ 4,317,597$
(Continued on Next Page)
Schedule 12
River Park Certificates of Participation Brush Creek
CITY OF PARKVILLE, MISSOURI
Schedule of Revenues, Expenditures and Changes in
For the Year Ended December 31, 2020
Fund Balance - Budget and Actual
Debt Service Funds
62
Final Budget Actual
Variance
Positive
(Negative) Final Budget Actual
Variance
Positive
(Negative) Final Budget Actual
Variance
Positive
(Negative)
Revenues:
Taxes -$ -$ -$ 209,649$ -$ (209,649)$ 647,099$ 432,621$ (214,478)$
Intergovernmental - - - - 125,906 125,906 - 125,906 125,906
Special assessments 1,791 1,791 - - - - 575,227 416,135 (159,092)
Interest 5,500 5,004 (496) 213,140 - (213,140) 226,460 12,170 (214,290)
Total Revenues 7,291 6,795 (496) 422,789 125,906 (296,883) 1,448,786 986,832 (461,954)
Expenditures:
Debt service:
Principal 155,000 155,000 - 1,329,800 309,500 1,020,300 2,391,600 1,371,300 1,020,300
Interest and fiscal charges 151,585 210,943 (59,358) 52,592 63,871 (11,279) 444,933 590,368 (145,435)
Total Expenditures 306,585 365,943 (59,358) 1,382,392 373,371 1,009,021 2,836,533 1,961,668 874,865
Excess of Revenues Over
(Under) Expenditures (299,294) (359,148) (59,854) (959,603) (247,465) 712,138 (1,387,747) (974,836) 412,911
Other financing sources (uses):
Transfers in 282,822 282,822 - 933,112 213,140 (719,972) 1,355,934 635,962 (719,972)
Refunding bond proceeds - 2,730,000 2,730,000 - - - - 6,725,000 6,725,000
Total Other Financing Sources (Uses)282,822 3,012,822 2,730,000 933,112 213,140 (719,972) 1,355,934 7,360,962 6,005,028
Change in fund balance (16,472)$ 2,653,674 2,670,146$ (26,491)$ (34,325) (7,834)$ (31,813)$ 6,386,126 6,417,939$
Fund Balance (deficit),
Beginning of Year 297,477 (32,954) 871,191
Fund Balance (deficit),
End of Year 2,951,151$ (67,279)$ 7,257,317$
Brink Meyer Lease Purchase Agreement Totals
Schedule 12
CITY OF PARKVILLE, MISSOURI
Schedule of Revenues, Expenditures and Changes in
For the Year Ended December 31, 2020
Fund Balance - Budget and Actual
Debt Service Funds
63
Schedule 13
Variance with
2020 Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes 587,108$ 587,108$ 566,526$ (20,582)$
Total Revenues 587,108 587,108 566,526 (20,582)
Expenditures:
Parks and recreation 525,000 525,000 267,576 257,424
Total Expenditures 525,000 525,000 267,576 257,424
Excess of Revenues Over Expenditures 62,108 62,108 298,950 236,842
Other financing sources (uses):
Transfers out (40,000) (90,523) (90,523) -
Total Other Financing Sources (Uses)(40,000) (90,523) (90,523) -
Change in fund balance 22,108$ (28,415)$ 208,427 236,842$
Fund Balance, Beginning of Year 118,513
Fund Balance, End of Year 326,940$
CITY OF PARKVILLE, MISSOURI
Schedule of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual
Park Sales Tax Fund
For the Year Ended December 31, 2020
64
Schedule 14
Variance with
2020 Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Taxes 3,891$ 3,891$ 1,146$ (2,745)$
Total Revenues 3,891 3,891 1,146 (2,745)
Expenditures:
Community development 2,000 2,000 - 2,000
Total Expenditures 2,000 2,000 - 2,000
Change in fund balance 1,891$ 1,891$ 1,146 (745)$
Fund Balance, Beginning of Year 2,390
Fund Balance, End of Year 3,536$
CITY OF PARKVILLE, MISSOURI
Economic Development Fund
Schedule of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual
For the Year Ended December 31, 2020
65
Schedule 15
Variance with
2020 Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Grants and donations 2,500$ 2,500$ 184,251$ 181,751$
Other 1,500 1,500 - (1,500)
Total Revenues 4,000 4,000 184,251 180,251
Expenditures:
Parks and recreation 3,250 3,250 1,989 1,261
Total Expenditures 3,250 3,250 1,989 1,261
Change in fund balance 750$ 750$ 182,262 181,512$
Fund Balance, Beginning of Year 75,459
Fund Balance, End of Year 257,721$
CITY OF PARKVILLE, MISSOURI
Nature Sanctuary Fund
Schedule of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual
For the Year Ended December 31, 2020
66
Schedule 16
Variance with
2020 Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Grants and donations 2,500$ 2,500$ 902$ (1,598)$
Total Revenues 2,500 2,500 902 (1,598)
Expenditures:
Parks and recreation 5,000 22,718 22,718 -
Total Expenditures 5,000 22,718 22,718 -
Change in fund balance (2,500)$ (20,218)$ (21,816) (1,598)$
Fund Balance, Beginning of Year 36,923
Fund Balance, End of Year 15,107$
CITY OF PARKVILLE, MISSOURI
Parks Donations Fund
Schedule of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual
For the Year Ended December 31, 2020
67
Schedule 17
Variance with
2020 Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Interest 5,000$ 5,000$ -$ (5,000)$
Grants and donations 250,000 250,000 4,175 (245,825)
Total Revenues 255,000 255,000 4,175 (250,825)
Expenditures:
Parks and recreation 240,000 240,000 1,469 238,531
Total Expenditures 240,000 240,000 1,469 238,531
Change in fund balance 15,000$ 15,000$ 2,706 (12,294)$
Fund Balance, Beginning of Year 13,293
Fund Balance, End of Year 15,999$
CITY OF PARKVILLE, MISSOURI
Schedule of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual
Veterans Memorial Fund
For the Year Ended December 31, 2020
68
Schedule 18
Variance with
2020 Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Interest 4,900$ 4,900$ 6,631$ 1,731$
Total Revenues 4,900 4,900 6,631 1,731
Expenditures:
General government 150 150 - 150
Total Expenditures 150 150 - 150
Excess of Revenues Over Expenditures 4,750 4,750 6,631 1,881
Other financing sources (uses):
Transfers out (10,967) (10,967) - 10,967
Total Other Financing Sources (Uses) (10,967) (10,967) - 10,967
Change in fund balance (6,217)$ (6,217)$ 6,631 12,848$
Fund Balance, Beginning of Year 592,599
Fund Balance, End of Year 599,230$
For the Year Ended December 31, 2020
Fund Balance - Budget and Actual
Fewson Fund
CITY OF PARKVILLE, MISSOURI
Schedule of Revenues, Expenditures and Changes in
69
Schedule 19
Variance with
2020 Final Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues:
Intergovernmenta 400,000$ 400,000$ -$ (400,000)$
Grants and donations 77,196 77,196 - (77,196)
Total Revenues 477,196 477,196 - (477,196)
Expenditures:
Capital outlay 4,621,418 4,621,418 427,057 4,194,361
Total Expenditures 4,621,418 4,621,418 427,057 4,194,361
Excess of Revenues Over Expenditures (4,144,222) (4,144,222) (427,057) 3,717,165
Other financing sources (uses):
Transfers in 3,477,549 3,574,868 497,319 (3,077,549)
Total Other Financing Sources (Uses)3,477,549 3,574,868 497,319 (3,077,549)
Change in fund balance (666,673)$ (569,354)$ 70,262 639,616$
Fund Balance, Beginning of Year 836,849
Fund Balance, End of Year 907,111$
CITY OF PARKVILLE, MISSOURI
Capital Projects Fund
Schedule of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual
For the Year Ended December 31, 2020
70