comprehensive annual financial report
Post on 19-Oct-2014
715 views
DESCRIPTION
TRANSCRIPT
![Page 1: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/1.jpg)
Comprehensive Annual Financial Report For the Fiscal Year Ended June 30, 2007
Table of Contents
I. INTRODUCTORY SECTION ................................................................................... IV
LETTER OF TRANSMITTAL ................................................................................................................1 ACKNOWLEDGEMENTS.....................................................................................................................6 COMMONWEALTH ORGANIZATIONAL STRUCTURE .............................................................................7 CONSTITUTIONAL OFFICERS ............................................................................................................8 ADVISORY BOARD TO THE COMPTROLLER ........................................................................................9 CERTIFICATE OF ACHIEVEMENT FOR EXCELLENCE IN FINANCIAL REPORTING.................................11
II. FINANCIAL SECTION..................................................................................................13
INDEPENDENT AUDITORS’ REPORT................................................................................................15 MANAGEMENT’S DISCUSSION AND ANALYSIS ..................................................................................19 BASIC FINANCIAL STATEMENTS:.....................................................................................................35 GOVERNMENT – WIDE FINANCIAL STATEMENTS .............................................................................35
Statement of Net Assets ............................................................................................................36 Statement of Activities..............................................................................................................38
GOVERNMENTAL FUND FINANCIAL STATEMENTS............................................................................41 Balance Sheet...........................................................................................................................42 Reconciliation of Fund Balances to the Statement of Net Assets.............................................43 Statement of Revenues, Expenditures and Changes in Fund Balances ...................................44 Reconciliation of Statement of Revenues, Expenditures and Changes in Fund Balances of
Governmental Funds to the Statement of Activities...........................................................45 PROPRIETARY FUND FINANCIAL STATEMENTS:...............................................................................47
Statement of Net Assets ............................................................................................................48 Statement of Revenues, Expenses and Changes in Net Assets .................................................49 Statement of Cash Flows..........................................................................................................50
FIDUCIARY FUND FINANCIAL STATEMENTS: ...................................................................................51 Statement of Net Assets ............................................................................................................52 Statement of Changes in Net Assets .........................................................................................53
DISCRETELY PRESENTED COMPONENT UNIT FINANCIAL STATEMENTS: ...........................................55 Statement of Net Assets ............................................................................................................56 Statement of Revenues, Expenses and Changes in Net Assets .................................................57
TABLE OF CONTENTS - NOTES TO THE BASIC FINANCIAL STATEMENTS .......................59 Notes to the Basic Financial Statements..................................................................................61
REQUIRED SUPPLEMENTARY INFORMATION-OTHER THAN MANAGEMENT’S DISCUSSION AND ANALYSIS: ................................................................................................................................133 Schedules of Revenues, Expenditures And Changes In Fund Balances – Statutory Basis –
Budget and Actual............................................................................................................134 Explanation of Differences between Revenues, Expenditures and Other Financing Sources
(Uses) for Budgetary Funds on a Budgetary Basis and GAAP Basis..............................135 Note to Required Supplementary Information – Budgetary Reporting .................................136 Schedule Pension Funding Progress – Last Three Fiscal Years...........................................138
OTHER SUPPLEMENTARY INFORMATION:........................................................................139
![Page 2: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/2.jpg)
Combined Balance Sheet – Other Governmental Funds .......................................................140 Combined Statement Of Revenues, Expenditures And Changes In Fund Balances – Other
Governmental Funds........................................................................................................142 Combining Statement of Net Assets Available for Pension Benefits – Pension Trust Funds 144 Combining Statement of Changes in Net Assets for Pension Benefits – Pension Trust Funds145 Combining Statement of Net Assets Held in Trust for Pool Participants – External Investment
Trust Fund........................................................................................................................146 Combining Statement of Changes in Net Assets Held in Trust for Pool Participants –
External Investment Trust Fund.......................................................................................147 Combining Statement of Changes in Assets and Liabilities - Agency Funds ........................148 Combing Statement Of Net Assets - Nonmajor Component Units.........................................150 Combining Statement Of Revenues, Expenses And Changes In Net Assets - Nonmajor
Component Units .............................................................................................................151
III. STATISTICAL SECTION............................................................................................153
Statistical Section Narrative and Table of Contents..............................................................154 Schedule of Net Assets by Component Last Six Fiscal Years ................................................156 Changes in Net Assets – Last Six Fiscal Years ......................................................................157 Fund Balances, Governmental Funds Last Six Fiscal Years.................................................159 Ten –Year Schedule of Revenues and Other Financing Sources All Governmental Fund Types
– Fund Perspective ..........................................................................................................160 Ten –Year Schedule of Expenditures and Other Financing Uses by Secretariat All
Governmental Fund Types – Fund Perspective...............................................................162 Personal Income by Industry Last Ten Calendar Years ........................................................164 Commonwealth of Massachusetts Personal Income Tax Filers and Liability by Income Level
- Tax Years 2005 and 1996 ..............................................................................................166 Six – Year Schedule of Per Capita General Long-Term Bonded Debt and Capital Leases..167 Ten – Year Schedule of Outstanding Direct Debt and Statutory Debt Limit.........................168 Ten-Year Schedule of Percentage of Annual Debt Service Expenditures For General Bonded
Debt to Total Expenditures – Fund Perspective All Governmental Fund Types.............170 Component Units Revenue Bond Coverage for the Last Ten Fiscal Years ...........................171 Ten-Year Schedule of Massachusetts and United States Resident Population......................172 Ten-Year Schedule of Massachusetts and United States Resident Per Capita Net Income...173 Nonagricultural Employment By Sector and Industry in Massachusetts and the United States
for 2007............................................................................................................................174 Ten-Year Schedule of Annual Average Civilian Labor Force, Unemployment and
Unemployment Rates for Massachusetts and the United States ......................................175 Largest Private Sector Massachusetts Employers.................................................................176 Standard and Poors 500 Companies Headquartered in Massachusetts ...............................177 Full Time Equivalent Employees by Function / Program Last Ten Years ............................178 Massachusetts Road Inventory Calendar Year End, Lane Miles by Type Last Ten Calendar
Years ................................................................................................................................180 Average Annual Medicaid Caseload and Medicaid Expenditures – Fund Perspective – Last
Ten Fiscal Years ..............................................................................................................181 Massachusetts Real Property Owned and Leased Annual Inventory, Acreage, Improvements
and Square Footage Last Ten Years................................................................................182 Massachusetts Public Higher Education Enrollment and Degrees Conferred Last Nine
Academic Years (Enrollment), Last Ten Years (Degrees) ...............................................184
![Page 3: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/3.jpg)
Calculation of Transfers: Stabilization Fund ........................................................................186 Calculation of Transfers: Tax Reduction Fund .....................................................................187 Massachusetts General Information......................................................................................188
![Page 4: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/4.jpg)
I. Introductory Section
![Page 5: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/5.jpg)
![Page 6: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/6.jpg)
Letter of Transmittal
![Page 7: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/7.jpg)
![Page 8: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/8.jpg)
![Page 9: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/9.jpg)
![Page 10: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/10.jpg)
![Page 11: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/11.jpg)
Acknowledgements
![Page 12: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/12.jpg)
Commonwealth Organizational Structure
![Page 13: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/13.jpg)
Constitutional Officers
![Page 14: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/14.jpg)
Advisory Board to the Comptroller
![Page 15: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/15.jpg)
![Page 16: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/16.jpg)
Certificate of Achievement for Excellence in Financial Reporting
![Page 17: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/17.jpg)
![Page 18: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/18.jpg)
II. Financial Section
![Page 19: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/19.jpg)
![Page 20: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/20.jpg)
Independent Auditors’ Report
![Page 21: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/21.jpg)
![Page 22: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/22.jpg)
![Page 23: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/23.jpg)
![Page 24: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/24.jpg)
Management’s Discussion and Analysis
![Page 25: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/25.jpg)
![Page 26: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/26.jpg)
![Page 27: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/27.jpg)
![Page 28: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/28.jpg)
![Page 29: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/29.jpg)
![Page 30: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/30.jpg)
![Page 31: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/31.jpg)
![Page 32: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/32.jpg)
![Page 33: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/33.jpg)
![Page 34: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/34.jpg)
![Page 35: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/35.jpg)
![Page 36: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/36.jpg)
![Page 37: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/37.jpg)
![Page 38: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/38.jpg)
![Page 39: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/39.jpg)
![Page 40: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/40.jpg)
Basic Financial Statements:
Government – Wide Financial Statements
![Page 41: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/41.jpg)
Statement of Net Assets
![Page 42: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/42.jpg)
![Page 43: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/43.jpg)
Statement of Activities
![Page 44: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/44.jpg)
![Page 45: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/45.jpg)
![Page 46: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/46.jpg)
Governmental Fund Financial Statements
![Page 47: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/47.jpg)
Balance Sheet
![Page 48: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/48.jpg)
Reconciliation of Fund Balances to the Statement of Net Assets
![Page 49: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/49.jpg)
Statement of Revenues, Expenditures and Changes in Fund Balances
![Page 50: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/50.jpg)
Reconciliation of Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities
![Page 51: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/51.jpg)
![Page 52: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/52.jpg)
Proprietary Fund Financial Statements:
![Page 53: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/53.jpg)
Statement of Net Assets
![Page 54: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/54.jpg)
Statement of Revenues, Expenses and Changes in Net Assets
![Page 55: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/55.jpg)
Statement of Cash Flows
![Page 56: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/56.jpg)
Fiduciary Fund Financial Statements:
![Page 57: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/57.jpg)
Statement of Net Assets
![Page 58: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/58.jpg)
Statement of Changes in Net Assets
![Page 59: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/59.jpg)
![Page 60: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/60.jpg)
Discretely Presented Component Unit Financial Statements:
![Page 61: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/61.jpg)
Statement of Net Assets
![Page 62: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/62.jpg)
Statement of Revenues, Expenses and Changes in Net Assets
![Page 63: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/63.jpg)
![Page 64: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/64.jpg)
TABLE OF CONTENTS - NOTES TO THE BASIC FINANCIAL STATEMENTS
![Page 65: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/65.jpg)
![Page 66: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/66.jpg)
Notes to the Basic Financial Statements
![Page 67: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/67.jpg)
![Page 68: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/68.jpg)
![Page 69: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/69.jpg)
![Page 70: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/70.jpg)
![Page 71: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/71.jpg)
![Page 72: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/72.jpg)
![Page 73: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/73.jpg)
![Page 74: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/74.jpg)
![Page 75: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/75.jpg)
![Page 76: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/76.jpg)
![Page 77: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/77.jpg)
![Page 78: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/78.jpg)
![Page 79: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/79.jpg)
![Page 80: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/80.jpg)
![Page 81: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/81.jpg)
![Page 82: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/82.jpg)
![Page 83: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/83.jpg)
![Page 84: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/84.jpg)
![Page 85: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/85.jpg)
![Page 86: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/86.jpg)
![Page 87: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/87.jpg)
![Page 88: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/88.jpg)
![Page 89: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/89.jpg)
![Page 90: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/90.jpg)
![Page 91: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/91.jpg)
![Page 92: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/92.jpg)
![Page 93: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/93.jpg)
![Page 94: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/94.jpg)
![Page 95: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/95.jpg)
![Page 96: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/96.jpg)
![Page 97: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/97.jpg)
![Page 98: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/98.jpg)
![Page 99: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/99.jpg)
![Page 100: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/100.jpg)
![Page 101: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/101.jpg)
![Page 102: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/102.jpg)
![Page 103: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/103.jpg)
![Page 104: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/104.jpg)
![Page 105: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/105.jpg)
![Page 106: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/106.jpg)
![Page 107: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/107.jpg)
![Page 108: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/108.jpg)
![Page 109: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/109.jpg)
![Page 110: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/110.jpg)
![Page 111: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/111.jpg)
![Page 112: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/112.jpg)
![Page 113: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/113.jpg)
![Page 114: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/114.jpg)
![Page 115: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/115.jpg)
![Page 116: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/116.jpg)
![Page 117: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/117.jpg)
![Page 118: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/118.jpg)
![Page 119: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/119.jpg)
![Page 120: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/120.jpg)
![Page 121: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/121.jpg)
![Page 122: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/122.jpg)
![Page 123: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/123.jpg)
![Page 124: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/124.jpg)
![Page 125: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/125.jpg)
![Page 126: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/126.jpg)
![Page 127: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/127.jpg)
![Page 128: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/128.jpg)
![Page 129: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/129.jpg)
![Page 130: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/130.jpg)
![Page 131: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/131.jpg)
![Page 132: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/132.jpg)
![Page 133: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/133.jpg)
![Page 134: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/134.jpg)
![Page 135: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/135.jpg)
![Page 136: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/136.jpg)
![Page 137: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/137.jpg)
![Page 138: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/138.jpg)
Required Supplementary Information-Other than Management’s Discussion and Analysis:
![Page 139: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/139.jpg)
Schedules of Revenues, Expenditures And Changes In Fund Balances – Statutory Basis – Budget and Actual
![Page 140: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/140.jpg)
Explanation of Differences between Revenues, Expenditures and Other Financing Sources (Uses) for Budgetary Funds on a Budgetary Basis and GAAP Basis
![Page 141: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/141.jpg)
Note to Required Supplementary Information – Budgetary Reporting
![Page 142: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/142.jpg)
![Page 143: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/143.jpg)
Schedule Pension Funding Progress – Last Three Fiscal Years
![Page 144: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/144.jpg)
OTHER SUPPLEMENTARY INFORMATION:
![Page 145: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/145.jpg)
Combined Balance Sheet – Other Governmental Funds
![Page 146: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/146.jpg)
![Page 147: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/147.jpg)
Combined Statement Of Revenues, Expenditures And Changes In Fund Balances – Other Governmental Funds
![Page 148: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/148.jpg)
![Page 149: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/149.jpg)
Combining Statement of Net Assets Available for Pension Benefits – Pension Trust Funds
![Page 150: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/150.jpg)
Combining Statement of Changes in Net Assets for Pension Benefits – Pension Trust Funds
![Page 151: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/151.jpg)
Combining Statement of Net Assets Held in Trust for Pool Participants – External Investment Trust Fund
![Page 152: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/152.jpg)
Combining Statement of Changes in Net Assets Held in Trust for Pool Participants – External Investment Trust Fund
![Page 153: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/153.jpg)
Combining Statement of Changes in Assets and Liabilities - Agency Funds
![Page 154: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/154.jpg)
![Page 155: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/155.jpg)
Combing Statement Of Net Assets - Nonmajor Component Units
![Page 156: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/156.jpg)
Combining Statement Of Revenues, Expenses And Changes In Net Assets - Nonmajor Component Units
![Page 157: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/157.jpg)
![Page 158: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/158.jpg)
III. Statistical Section
![Page 159: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/159.jpg)
Statistical Section Narrative and Table of Contents
![Page 160: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/160.jpg)
![Page 161: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/161.jpg)
Schedule of Net Assets by Component Last Six Fiscal Years
![Page 162: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/162.jpg)
Changes in Net Assets – Last Six Fiscal Years
![Page 163: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/163.jpg)
![Page 164: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/164.jpg)
Fund Balances, Governmental Funds Last Six Fiscal Years
![Page 165: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/165.jpg)
Ten –Year Schedule of Revenues and Other Financing Sources All Governmental Fund Types – Fund Perspective
![Page 166: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/166.jpg)
![Page 167: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/167.jpg)
Ten –Year Schedule of Expenditures and Other Financing Uses by Secretariat All Governmental Fund Types – Fund Perspective
![Page 168: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/168.jpg)
![Page 169: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/169.jpg)
Personal Income by Industry Last Ten Calendar Years
![Page 170: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/170.jpg)
![Page 171: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/171.jpg)
Commonwealth of Massachusetts Personal Income Tax Filers and Liability by Income Level - Tax Years 2005 and 1996
![Page 172: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/172.jpg)
Six – Year Schedule of Per Capita General Long-Term Bonded Debt and Capital Leases
![Page 173: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/173.jpg)
Ten – Year Schedule of Outstanding Direct Debt and Statutory Debt Limit
![Page 174: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/174.jpg)
![Page 175: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/175.jpg)
Ten-Year Schedule of Percentage of Annual Debt Service Expenditures For General Bonded Debt to Total Expenditures – Fund Perspective All Governmental Fund Types
![Page 176: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/176.jpg)
Component Units Revenue Bond Coverage for the Last Ten Fiscal Years
![Page 177: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/177.jpg)
Ten-Year Schedule of Massachusetts and United States Resident Population
![Page 178: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/178.jpg)
Ten-Year Schedule of Massachusetts and United States Resident Per Capita Net Income
![Page 179: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/179.jpg)
Nonagricultural Employment By Sector and Industry in Massachusetts and the United States for 2007
![Page 180: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/180.jpg)
Ten-Year Schedule of Annual Average Civilian Labor Force, Unemployment and Unemployment Rates for Massachusetts and the United States
![Page 181: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/181.jpg)
Largest Private Sector Massachusetts Employers
![Page 182: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/182.jpg)
Standard and Poors 500 Companies Headquartered in Massachusetts
![Page 183: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/183.jpg)
Full Time Equivalent Employees by Function / Program Last Ten Years
![Page 184: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/184.jpg)
![Page 185: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/185.jpg)
Massachusetts Road Inventory Calendar Year End, Lane Miles by Type Last Ten Calendar Years
![Page 186: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/186.jpg)
Average Annual Medicaid Caseload and Medicaid Expenditures – Fund Perspective – Last Ten Fiscal Years
![Page 187: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/187.jpg)
Massachusetts Real Property Owned and Leased Annual Inventory, Acreage, Improvements and Square Footage Last Ten Years
![Page 188: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/188.jpg)
![Page 189: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/189.jpg)
Massachusetts Public Higher Education Enrollment and Degrees Conferred Last Nine Academic Years (Enrollment), Last Ten Years (Degrees)
![Page 190: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/190.jpg)
![Page 191: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/191.jpg)
Calculation of Transfers: Stabilization Fund
![Page 192: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/192.jpg)
Calculation of Transfers: Tax Reduction Fund
![Page 193: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/193.jpg)
Massachusetts General Information
![Page 194: Comprehensive Annual Financial Report](https://reader034.vdocuments.us/reader034/viewer/2022051411/54444d97b1af9f640a8b487b/html5/thumbnails/194.jpg)