Maui County, HI. Debt Service Schedule

Transcription

1 Maui County, HI 1, General Obligation Bonds, Series 2015, $60,155,000, Dated: October 28, , General Obligation Bonds, Series 2014, $68,670,000, Dated: July 9, , General Obligation Bonds, Series 2012, $70,250,000, Dated: November 14, , General Obligation Bonds $73,695,000, 2010 Series A (Taxable) $23,375,000 and 2010 Series B (Tax Exempt) $50,320,000, Dated: December 2, , General Obligation Bonds, 2008 Series A, $39,500,000, Dated: January 16, 2008* 6 General Obligation Bonds, 2006 Series B and C, $25,190,000 Dated: September 21, 2006 Debt Service Schedule Aggregate Debt Service Outstanding General Obligation State Revolving Fund Total Debt Fiscal Year Ended June 30, Bond Debt Service Debt Service Service 2017 $ 35,028,819 $ 5,609,195 $ 40,638, $ 31,922,244 $ 6,234,504 $ 38,156, ,997,513 6,188,007 38,185, ,982,478 6,334,892 38,317, ,756,520 6,396,291 33,152, ,494,234 6,361,074 25,855, ,603,594 30,947, ,551, ,688,267 20,719,104 63,407, ,220,831 7,520,456 17,741,287 Total $ 307,694,500 $ 96,311,201 $ 404,005,701 * Fully redeemed on July 1,

2 Debt Information Statement of Funded Debt Principal Amount of County of Maui Bonds and Loans Outstanding: General Obligation Bonds $ 196,000,615 General Obligation Bonds for which reimbursement is required from Department of Water Supply 22,119,384 Loans Payable: State Revolving Fund 83,305,063 Loan from the United States Department of Agriculture (USDA) 0 Total $ 301,425,062 Less Exclusions: General Obligation Bonds for which reimbursement is required from Department of Water Supply 22,119,384 Net Principal Amount of Bonds and Loans Outstanding $ 279,305,678 Debt Margin: 15% of total assessed values for tax rate purposes $ 6,654,530,505 Less: Net Funded Debt of the County (279,305,678) Net Legal Debt Margin $ 6,375,224,827 Outstanding Obligation General Obligation State Revolving Date Bonds Outstanding Fund Loans Outstanding Total Population Debt Per Capita 6/30/2017 $ 218,119,999 $ 83,305,063 $ 301,425, ,386 $ 1,823 Source: 2017 Population data not available; 2016 Maui population from the interu.s. Census Bureau. Financial Information Real Property Certified Values For Tax Rate Purposes, Tax Rate, Levy and Collections Real Property Fiscal Year Certified Values Property Tax Rate Real Property Tax Collections Current and Delinquent Ended June 30, for Tax Rate Purpose Per $1,000 Tax Levy Amount Percent 2017 $ 44,363,536, $ 273,745,699 $ 272,024, % 2018 (2) $ 45,964,191, (1) N/A N/A N/A (1) Weighted average of the various tax rates applicable to the various classifications of property involved. (2) Based on certified values as of April 19,

3 Certified Values For Tax Rate Purposes and Tax Rates By Classes of Property Fiscal Year Ended June 30, (1) Value Rate Value Rate Net Taxable Land Time Share $ 202,330,000 $ $ 200,594,000 $ Improved Residential 4,002,857,750 $ ,239,596,400 $ 5.54 Apartment 1,836,482,700 $ ,927,141,470 $ 6.32 Hotel/Resort 1,830,786,150 $ ,735,180,200 $ 9.37 Commercial 2,044,180,800 $ ,962,986,600 $ 7.28 Industrial 1,327,427,100 $ ,223,480,750 $ 7.49 Agricultural 2,156,674,750 $ ,188,117,400 $ 6.01 Conservation 292,380,950 $ ,048,450 $ 6.37 Unimproved Residential $ $ Homeowners 6,311,759,300 $ ,566,111,150 $ 2.86 Commercialized Residential 77,084,300 $ ,064,500 $ 4.56 Total All Classes $ 20,081,963,800 $ 20,414,320,920 Net Taxable Building Time Share $ 1,694,339,100 $ $ 1,742,966,650 $ Improved Residential 2,756,504,250 $ ,914,084,550 $ 5.54 Apartment 4,297,572,800 $ ,516,389,880 $ 6.32 Hotel/Resort 7,914,361,550 $ ,274,755,950 $ 9.37 Commercial 1,180,373,350 $ ,270,125,800 $ 7.28 Industrial 725,797,100 $ ,303,200 $ 7.49 Agricultural 1,615,441,850 $ ,736,849,300 $ 6.01 Conservation 132,089,900 $ ,149,950 $ 6.37 Unimproved Residential $ $ Homeowners 3,878,736,000 $ ,062,833,650 $ 2.86 Commercialized Residential 86,357,000 $ ,411,700 $ 4.56 Total All Classes $ 24,281,572,900 $ 25,549,870,630 Net Taxable Real Property Time Share $ 1,896,669,100 $ $ 1,943,560,650 $ Improved Residential 6,759,362,000 $ ,153,680,950 $ 5.54 Apartment 6,134,055,500 $ ,443,531,350 $ 6.32 Hotel/Resort 9,745,147,700 $ ,009,936,150 $ 9.37 Commercial 3,224,554,150 $ ,233,112,400 $ 7.28 Industrial 2,053,224,200 $ ,026,783,950 $ 7.49 Agricultural 3,772,116,600 $ ,924,966,700 $ 6.01 Conservation 424,470,850 $ ,198,400 $ 6.37 Unimproved Residential $ $ Homeowners 10,190,495,300 $ ,628,944,800 $ 2.86 Commercialized Residential 163,441,300 $ ,476,200 $ 4.56 Total All Classes $ 44,363,536,700 $ 45,964,191,550 (1) Based from certified values as of April 19,

4 Principal Real Property Taxpayers By Amount of Tax Levied Taxpayer Type of Business Real Property Taxes Percent of Levy Westin Maui Corporation Hotel/Time Share $ 10,464, % Marriott Ownership Resorts Time Share 6,418, % Alexander & Baldwin, A&B, East Maui Irrigation Management 3,848, % HMC Maui LP, HMC Kea Lani LLC Hotel 3,831, % Island Acquisitions Kapalua LLC Hotel/Time Share 3,102, % GWR Wailea Property LLC Hotel 2,841, % West Maui Resort Partners LP Hotel/Time Share 2,502, % Lanai Resorts LLC Hotel, Golf Course 2,290, % Hart Wailea LLC Shopping Center 2,251, % Maui Timeshare Venture LLC Time Share 1,487, % Total $ 39,036, % Principal Real Property Taxpayers By Amount of Tax Levied Fiscal Year Ended June 30, 2018 (1) Taxpayer Type of Business Real Property Taxes Percent of Levy Westin Maui Corporation Hotel/Time Share $ 9,427, % Marriott Ownership Resorts Time Share 6,921, % HMC Maui LP, HMC Kea Lani LLC Hotel 4,177, % Island Acquisitions Kapalua LLC Hotel/Time Share 3,682, % Aleaxander & Baldwin, A&B, East Maui Irrigatin Management 3,114, % GWR Wailea Property LLC Hotel 3,096, % HV Global Management Corp., Maui Timeshare Venture LLC Time Share 2,736, % West Maui Resort Partners LP Hotel/Time Share 2,703, % Lanai Resorts LLC Hotel, Golf Course 2,492, % Hart Wailea LLC Shopping Center 2,341, % Total $ 40,692, % (1) Based from certified values as of April 19,

5 Principal Real Property Taxpayers By Assessed Value Taxpayer Type of Business Assessed Value Westin Maui Corporation Hotel/Time Share $ 808,447,900 Alexander & Baldwin, A&B, East Maui Irrigation Management 578,291,200 Marriott Ownership Resorts Time Share 448,189,300 HMC Maui LP, HMC Kea Lani LLC Hotel 445,471,500 Island Acquisitions Kapalua LLC Hotel/Time Share 348,381,400 Lanai Resorts LLC Hotel, Golf Course 335,204,100 GWR Wailea Property LLC Hotel 328,074,400 Hart Wailea LLC Shopping Center 298,807,200 WV Sub LLC Shopping Center 203,972,100 LLC, ATC Makena Land LLC Hotel, Golf Course 185,491,400 Total $ 3,980,330,500 Principal Real Property Taxpayers By Assessed Value Fiscal Year Ended June 30, 2018 (1) Taxpayer Type of Business Assessed Value Westin Maui Corporation Hotel/Time Share $ 610,784,600 HMC Maui LP, HMC Kea Lani LLC Hotel 450,893,600 Marriott Ownership Resorts Time Share 448,189,300 Alexander & Baldwin, A&B, East Maui Irrigation Management 413,105,700 Island Acquisitions Kapalua LLC Hotel/Time Share 376,676,200 Lanai Resorts LLC Hotel, Golf Course 348,287,300 GWR Wailea Property LLC Hotel 332,256,200 Hart Wailea LLC Shopping Center 303,064,700 HV Global Management Corp., Maui Timeshare Venture LLC Time Share 177,241,100 West Maui Resort Parners LP Hotel/Time Share 174,667,700 Total $ 3,635,166,400 (1) Based from certified values as of April 19,

6 Transient Accommodations Tax Fiscal Year Receipts 2017 $ 23,484,000 Series 2006BC Statement of Revenues, Expenditures, and Changes in Fund Balance Special Revenue Funds Highway Fund Wastewater Fund Grant Fund Other Governmental Funds Revenues Taxes $ 23,402,369 $ $ $ Licenses and Permits 21,388,832 41,065 2,534,961 Intergovernmental Revenues 39,555,736 Charges for Current Services 2,540,166 51,990,829 19,887,813 Fines and Forfeitures 77,427 Money and Property 15,784 Assessments 1,742,182 Other , ,280 4,212,082 Total Revenues $ 47,331,827 $ 52,067,133 $ 40,029,800 $ 28,454,465 Expenditures Current: General Government $ $ $ 8,485,143 $ 1,359,754 Public Safety 5,478, ,356 Highways and Streets 29,692, , ,279 Sanitation 27,265, ,242 26,816,250 Social Welfare 24,144,387 14,642,753 Cultural and Recreation 363,813 Total Expenditures $ 29,692,386 $ 27,265,325 $ 39,479,028 $ 43,583,392 Excess (Deficiency) of Revenues over Expenditures $ 17,639,441 $ 24,801,808 $ 550,772 $ (15,128,927) 6

7 The Annual Pension Costs Contribution to State Year Retirement System Cost 2017 $ 71,774,629 Series 2015, 2014 Schedule of Funding Progress Other PostEmployment Benefits (OPEB) Actuarial Actuarial Unfunded Actuarial UAAL as a % of Valuation Date Value of Assets Accrued Liability Accrued Liability Funded Ratio Covered Payroll Covered Payroll 7/1/2015 (1) $ 148,983,000 $ 445,986,000 $ 297,003, % $ 165,229, % (1) Most recent data available. Series 2012 Maui's OPEB based on the 7% discount rate 7/1/2015 Liabilities Present Value of Benefits (PVB) $ 546,365,000 Actuarial Accrued Liability (AAL) $ 445,986,000 Normal Cost $ 11,719,000 Assets $ 148,982,952 Unfunded AAL $ 297,003,000 ARC $ 31,778,000 Fiscal Year Ending June 30, 2017 Series 2012 Contribution Towards OPEB 2017 County Contribution to State Trust Fund $ 31,888,102 County Contribution to Main OPEB Fund $ 7