i VILLAGE OF GRAFTON Comprehensive Annual Financial Report For the Fiscal Year Ended December 31, 2016 TABLE OF CONTENTS INTRODUCTORY SECTION Letter of Transmittal................................................................................................................... 1 Table of Organization................................................................................................................. 8 Certificate of Achievement for Excellence in Financial Reporting............................................. .9 FINANCIAL SECTION INDEPENDENT AUDITORS’ REPORT ............................................................................................ 10 REQUIRED SUPPLEMENTARY INFORMATION MANAGEMENT’S DISCUSSION AND ANALYSIS.............................................................................. 14 BASIC FINANCIAL STATEMENTS Government-wide Financial Statements: Statement of Net Position ......................................................................................... 27 Statement of Activities............................................................................................... 28 Fund Financial Statements: Balance Sheet - Governmental Funds ..................................................................... 30 Reconciliation of the Balance Sheet – Governmental Funds to The Statement of Net Position ................................................................................. 32 Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds................................................................ 34 Reconciliation of the Statement of Revenues, Expenditures, and Changes In Fund Balances of Governmental Funds to the Statement of Activities ............ 36 Statement of Net Position - Proprietary Funds......................................................... 37 Statement of Revenues, Expenses, and Changes in Fund Net Position - Proprietary Funds................................................................. 38 Statement of Cash Flows - Proprietary Funds ......................................................... 39 Statement of Assets and Liabilities - Agency Fund.................................................. 41 Index to Notes to the Financial Statements .................................................................. 42 Notes to Financial Statements ...................................................................................... 43