Charleston County, SC

Transcription

1 Charleston County, SC 1 Charleston County, South Carolina, General Obligation Capital Improvement Bonds, Series 2017A, $103,250,000, Dated: November 30, Charleston County, South Carolina, General Obligation Refunding Bonds, Series 2017B, $16,440,000, Dated: November 30, Charleston County, South Carolina, General Obligation Transportation Sales Tax Refunding Bonds, Series 2017C, $97,600,000, Dated: November 30, Charleston County, South Carolina, Taxable Special Source Revenue Bonds, Series 2017, $35,815,000, Dated: November 29, Charleston County, South Carolina General Obligation Bonds, Series 2015, $123,805,000; Capital Improvement General Obligation Bonds, Series 2015A, $18,795,000, Fire Protection Services General Obligation Bonds, Series 2015B, $2,080,000, General Obligation Refunding Bonds, Series 2015C, $56,680,000, and General Obligation Transportation Sales Tax Refunding Bonds, Series 2015D, $46,250,000, Dated: November 3, Charleston County, South Carolina, General Obligation Refunding Bonds, Series A of 2014, $14,955,000 and Taxable Series B of 2014, $14,235,000, Dated: May 15, Charleston County, South Carolina Special Source Revenue Bonds, Series 2013 $86,405,000, Dated: December 11, Charleston County, South Carolina General Obligation Transportation Sales Tax Refunding Bonds of 2013 $70,135,000, Dated: May 21, Charleston County, South Carolina, General Obligation Refunding Bonds Series A of 2013, $28,940,000 and General Obligation Refunding Bonds Taxable Series B of 2013, $30,695,000 Dated: May 21, Charleston County, South Carolina, General Obligation Transportation Sales Tax Refunding Bonds of 2012, $32,095,000, Dated: March 22, Charleston County, South Carolina, General Obligation Capital Improvement Bonds of 2011, $27,100,000, Dated: July 27, Charleston County, South Carolina, General Obligation Capital Improvement Transportation Sales Tax Bonds of 2011, $167,000,000, Dated: July 27, Charleston County, South Carolina, General Obligation Refunding and Capital Improvement Bonds of 2009, Series A and B $70,775,000, (consisting of) General Obligation Capital Improvement Bonds of 2009 Series A $50,000,000 and General Obligation Refunding Bonds of 2009 Series B $20,775,000 Dated: August 13, Charleston County, South Carolina, General Obligation Bonds of 2007, $75,000,000, Dated: December 13, Charleston County, South Carolina, General Obligation Sales Tax Bonds of 2007, $150,000,000, Dated: December 13, 2007 Series 2017, 2017ABC, 2015A,B,C,D, 2014A,B, 2013A,B, 2013Sp.Rev., 2013GO, 2011GO, 2011Sale Tax, 2009A,B, 2007GO, 2007Sales Tax Assessed Value of Taxable Properties in Charleston County Assessed Value Total Taxable Total Direct Estimated Actual as a Percentage of Fiscal Year Ended June 30 Real Property Personal Property Vehicles Assessed Value Tax Rate Taxable Value Estimated Actual Tax Value 2017 Page 193 of the 2017 CAFR Series 2017, 2017ABC, 2015A,B,C,D, 2014A,B, 2013A,B, 2013Sp.Rev., 2013GO, 2012, 2011GO, 2011Sales Tax, 2009A,B, 2007GO, 2007Sales Tax Market Value Assessment Summary - see attached Fiscal Year End June 30, 2017 Approximate Market Class of Property Assessed Value Value Real Property and Mobile Homes- County Assessor Motor Vehicles- County Auditor by DOR Manual Public Utilities Manufacturing Property- DOR Full Levy Water Craft- County Auditor Business Personal - County Auditor Business Personal - DOR Railroads Aircraft Rental Residential Multi-county Park Personal Property TOTALS

2 Series 2017, 2017ABC, 2015A,B,C,D, 2014A,B, 2013A,B, 2013Sp.Rev., 2013GO, 2012, 2011GO, 2011Sales Tax, 2009A,B, 2007GO, 2007 Sales tax Tax levy for the Issuer for current fiscal year Fiscal Year End June 30, County Direct Rates Page 194 of the 2017 CAFR Charleston County Government Operating Charleston County Government Debt Service Park and Recreation Commission Operating Park and Recreation Commission Debt Service Trident Technical College Trident Technical College Debt Service County School Board Operating County School Board Debt Service Total Direct Rate Fire District Rates: City/ Town Rates: Public Service District Rates: Series 2017, 2017ABC, 2015A,B,C,D, 2014A,B, 2013A,B, 2013Sp.Rev., 2013GO, 2012, 2011GO, 2011Sales Tax, 2009A,B, 2007GO, 2007 Sales tax Property Tax Collection Record - see attached Collected within the Fiscal Year of the Levy Total Collections to Date Adjusted Tax Percentage Collections in Percentage Fiscal Year Ended June 30 Levy for Fiscal Year Amount of Levy Subsequent Years Amount of Levy 2017 Series 2017, 2017ABC, 2015A,B,C,D, 2014A,B, 2013A,B, 2013Sp.Rev., 2013GO, 2012, 2011GO, 2011Sales Tax, 2009A,B, 2007GO, 2007 Sales tax Ten largest taxpayers for the Issuer for preceding fiscal year Fiscal Year End June 30, 2017 Taxpayer Business Estimated Assessed Value Amount of Tax Page 196 of the 2017 CAFR Series 2015A,B,C,D, 2014A,B, 2013A,B, 2013Sp.Rev., 2013GO, 2012, 2011GO, 2011Sales Tax, 2009A,B, 2007GO, 2007 Sales tax Debt Service for General Obligation Bonds and Lease Purchase Obligations Fiscal Year End June 30, Series 2015 General Obligation Sales Other Outstanding General Other General Year Principal Interest Total Tax Debt Service Obligation Debt Service COPS & Leases Total Total 2018 $3,841, $3,332, $3,249, included below included below included below $3,124, $3,000, $3,000, $3,000, $3,000, $3,000, $3,000, $3,000, $ $ $ $ $ $ $ $0 Totals $0 $0 $34,548,594

3 Series 2017A,B,C Debt Service for General Obligation Bonds Fiscal Year End June 30, Series 2017A Series 2017B Series 2017C Transportation Sales Tax General Year Principal Interest Total Principal Interest Total Principal Interest Total General Obligation Bonds Obligation Bonds Total 2018 $0 $1,921,622 $1,921,622 $0 $255,442 $255,442 $0 $1,616,833 $1,616,833 $27,351,631 $25,336,342 $56,481, $5,920,000 $4,433,350 $10,353,350 $0 $609,000 $609,000 $0 $3,854,700 $3,854,700 $24,641,595 $23,329,315 $62,787, $2,135,000 $4,231,975 $6,366,975 $0 $609,000 $609,000 $0 $3,854,700 $3,854,700 $25,461,557 $22,836,424 $59,128, $2,370,000 $4,119,350 $6,489,350 $0 $609,000 $609,000 $0 $3,854,700 $3,854,700 $26,626,544 $16,017,658 $53,597, $2,625,000 $3,994,475 $6,619,475 $0 $609,000 $609,000 $0 $3,854,700 $3,854,700 $27,467,544 $14,892,431 $53,443, $2,900,000 $3,856,350 $6,756,350 $1,380,000 $588,300 $1,968,300 $9,750,000 $3,757,200 $13,507,200 $18,758,894 $12,343,930 $53,334, $3,185,000 $3,704,225 $6,889,225 $1,425,000 $546,225 $1,971,225 $10,235,000 $3,557,350 $13,792,350 $19,441,253 $12,718,706 $54,812, $3,485,000 $3,537,475 $7,022,475 $1,460,000 $510,250 $1,970,250 $10,910,000 $3,182,250 $14,092,250 $20,153,238 $12,947,056 $56,185, $3,810,000 $3,355,100 $7,165,100 $1,510,000 $457,900 $1,967,900 $11,770,000 $2,615,250 $14,385,250 $20,859,175 $12,954,356 $57,331, $4,155,000 $3,155,975 $7,310,975 $1,585,000 $380,525 $1,965,525 $12,690,000 $2,003,750 $14,693,750 $21,622,544 $13,344,681 $58,937, $4,520,000 $2,939,100 $7,459,100 $1,670,000 $299,150 $1,969,150 $13,655,000 $1,345,125 $15,000,125 $4,796,700 $13,746,859 $42,971, $4,900,000 $2,703,600 $7,603,600 $1,755,000 $213,525 $1,968,525 $14,605,000 $711,650 $15,316,650 $0 $6,316,712 $31,205, $5,310,000 $2,448,350 $7,758,350 $1,830,000 $142,200 $1,972,200 $13,985,000 $209,775 $14,194,775 $0 $1,375,281 $25,300, $5,715,000 $2,201,300 $7,916,300 $1,885,000 $86,475 $1,971,475 $0 $0 $0 $0 $1,380,781 $11,268, $6,110,000 $1,964,800 $8,074,800 $1,940,000 $29,100 $1,969,100 $0 $0 $0 $0 $1,375,231 $11,419, $6,520,000 $1,712,200 $8,232,200 $0 $0 $0 $0 $0 $0 $0 $1,378,631 $9,610, $6,955,000 $1,442,700 $8,397,700 $0 $0 $0 $0 $0 $0 $0 $1,380,031 $9,777, $7,410,000 $1,155,400 $8,565,400 $0 $0 $0 $0 $0 $0 $0 $1,295,734 $9,861, $7,885,000 $849,500 $8,734,500 $0 $0 $0 $0 $0 $0 $0 $1,295,718 $10,030, $8,385,000 $524,100 $8,909,100 $0 $0 $0 $0 $0 $0 $0 $0 $8,909, $8,910,000 $178,200 $9,088,200 $0 $0 $0 $0 $0 $0 $0 $0 $9,088, $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Totals $103,205,000 $54,429,147 $157,634,147 $16,440,000 $5,945,092 $22,385,092 $97,600,000 $34,417,983 $132,017,983 $237,180,675 $196,265,877 Series 2017Sp. Rev., 2013Sp. Rev. Debt Service Schedule for the Special Source Revenue Bonds Fiscal Year End June 30, Series 2013 Series 2017 Year Principal & Interest Principal Net Interest Total Debt Service 2018 $4,269,369 $0 $550,755 $4,820, $7,564,869 $0 $1,089,404 $8,654, $7,581,119 $0 $1,089,404 $8,670, $7,168,619 $2,500,000 $1,063,180 $10,731, $6,758,368 $2,500,000 $1,008,992 $10,267, $6,458,118 $2,500,000 $950,568 $9,908, $6,409,118 $2,625,000 $885,771 $9,919, $6,379,494 $2,280,000 $819,903 $9,479, $6,377,744 $2,130,000 $757,112 $9,264, $6,372,869 $1,775,000 $699,362 $8,847, $6,369,494 $1,415,000 $651,398 $8,435, $6,362,244 $1,385,000 $607,523 $8,354, $6,380,769 $1,425,000 $561,359 $8,367, $6,376,368 $1,475,000 $512,633 $8,364, $6,367,747 $1,525,000 $461,476 $8,354, $6,344,550 $1,575,000 $407,446 $8,326, $6,342,050 $1,635,000 $350,693 $8,327, $6,326,675 $1,690,000 $291,891 $8,308, $6,322,219 $1,750,000 $231,055 $8,303, $6,313,587 $1,810,000 $168,096 $8,291, $6,305,125 $1,875,000 $102,927 $8,283, $6,296,044 $1,945,000 $34,884 $8,275,928 Total $141,446,559 $35,815,000 $13,295,832 $190,557,391 Series 2013Sp.Rev. Collection of Certain Pledged FILOT Revenues - see page 202 of 2017 CAFR Fiscal Year End June 30, Collected Pledged FILOT Revenues Derived from Year Fee Agreements 2017

4 STATE APPROPRIATIONS LAST TEN FISCAL YEARS Fiscal Year Ended June 30 State Appropriations 2008 $ 18,966, , 137, ,324, ,212, ,880, ,983, ,037, ,252, ,086, ,687,402 Source: Charleston County Treasurer.

5 PRINCIPAL MANUFACTURING EMPLOYERS (MSA) FISCAL YEAR 2017 Name Service Employees The Boeing Company Robert Bosch LLC Nucor Steel KapStone Charleston Kraft LLC Detyens Shipyards, Inc. (OSI) Cummins Turbo Technologies Alcoa Mt. Holly BAE System JW Aluminum Mahle Behr (formerly Behr Heat Transfer Systems, Inc.) Aircraft Antilock brake systems, fuel injection Steel roll & steel beam Paper and lumber Shipyard (repairs & modifications) Turbochargers & air compressors Aluminum ingot and smelting Electronic security and communications systems Flat-rolled aluminum products Engine cooling systems 7,400 1,800 1,000 1, Source: Center for Business Research, Charleston Metro Chamber of Commerce, June 2017.

6 CENSUS POPULATION LAST FIVE CENSUS YEARS Census Census Census Charleston County 247, , ,039 Berkeley County 56,199 94, ,776 Dorchester County 32,276 58,266 83,060 Total SMSA (Tri-County) 336, , ,875 Census Census , , , ,843 96, , , ,607 Source: US Census Bureau.

7 PER CAPITA INCOME - COUNTY AND STATE LAST TEN FISCAL YEARS Fiscal Year Ended June 30 County State 2007 $ 38,702 $ 32, ,097 33, ,199 32, ,969 32, ,536 34, ,075 35, ,656 35, ,748 36, ,843 38, ,838 39, Not Available Not Available Source: South Carolina Board of Economic Advisors. State per Capita Income - jobs.scworks.rog

8 LABOR FORCE ESTIMATE ANNUAL AVERAGE FOR LAST FIVE YEARS Civilian labor Force 186, , , , ,203 Employment Total 175, , , , ,379 Unemployment 11,057 9,756 9,888 9,036 6,824 Percent of Labor Force 5.9% 5.1% 4.9% 4.4% 3.3% Source: South Carolina Department of Employment and Workforce.

9 NONAGRICULTURAL WAGE AND SALARY EMPLOYMENT LAST FIVE YEARS Natural Resources and Mining Construction 8,977 9,461 10,642 11,346 12, 180 Manufacturing 14,348 14,262 15,175 15,616 15,887 Wholesale Trade 4,821 4,915 5,025 5,321 5,771 Retail Trade 26,226 26,572 27,738 27,916 28,630 Transportation and Warehousing 8,256 8,556 9,229 9,321 9,385 Utilities Information 3,691 3,298 3,516 3,547 3,751 Financial Activities 9,702 9,972 10,573 11,226 11,070 Professional and Business Services 33,275 31,742 34,465 35,533 36,892 Education and Health Services 26,506 26,805 28,079 28,702 29,231 Leisure and Hospitality 30,696 31,937 33,404 35,049 36,932 Other Services 5,685 5,763 5,915 6,120 6,332 Total, Federal Government 8,977 9, 116 8,978 9,283 9,591 Total, State Government 18,769 18,822 18,868 19,095 19,271 Total, Local Government 16,325 16,054 16,073 16,333 16, 195 Total 217, , , , ,002 Source: South Carolina Department of Employment and Workforce.

10 ASSESSED VALUES AND APPROXIMATE MARKET VALUES-BY TAX CLASS CATEGORIES FISCAL YEAR 2017 Class of Property Assessed Value Approximate Market Value Real Property and Mobile Homes-County Assessor Motor Vehicles-County Auditor by DOR Manual Public Utilities Manufacturing Property-DOR Full Levy Water Craft-County Auditor Business Personal-County Auditor Business Personal-DOR Aircraft Rental Residential Multi-county Park Personal Property $3,244,302, ,416, ,367,230 12,097,300 37,717, ,290,840 83,424,400 6,025,350 3,134,400 52,666,261 $64,491,688,557 3,283,574,333 1, 157, 195, ,212, ,509, ,334, ,518,095 57,384,286 29,851,429 38,935,333 TOTALS $3,835,441,652 $70,602,203,819 Source: Charleston County Auditor.

11 LOCAL OPTION SALES TAX RECEIPTS RETAINED BY THE COUNTY LAST TEN FISCAL YEARS Fiscal Year Ended % Increase (Decrease) June 30 LOST Receipts over (Under) Prior Years 2008 $ 44,458, % ,085, % ,955, % ,340, % ,044, % ,280, % ,409, % ,628, % ,932, % ,509, % Source: Charleston County Treasurer.

12 TOTAL LOCAL OPTION SALES TAX RECEIPTS AND SALES LAST TEN FISCAL YEARS Fiscal Year LOST Ended June 30 Distribution Net Taxable Sales 2008 $ 75,818,097 $ 7,960,900, ,403,947 7,497,414, ,802,305 7,224,242, ,787,125 7,451,276, ,428,592 8, 150,377, ,495,460 8,473,206, ,349,979 8,801, 785, ,860,574 9,985,323, ,101,304 10,642,242, , 794,446 11, 136,257,500 Source: Charleston County Treasurer.

13 EFFECITVE OPERATING MILLAGE RATES LAST TEN FISCAL YEARS Fiscal Year Ended June 30 Actual Operating Millage Effective Operating Millage Local Option Sales Tax Credit (4%) Applied To Ad Valorem Taxes Effective Operating Millage Local Option Sales Tax Credit (6%) Applied To Ad Valorem Taxes Effective Operating Millage Local Option Sales Tax Credit (10.5%) Applied To Ad Valorem Taxes * * * Reassessment Source: Charleston County Auditor.

14 TRANSPORTATION SALES TAX RECEIPTS REMITTED TO THE COUNTY FROM INCEPTION OF SALES TAX Fiscal Year Ended June 30 Sales Tax Receipts % Increase (Decrease) Over Prior Year 2006 $ 37,978, ,521, ,096, ,469, ,248, ,963, ,672, ,494, ,683, ,707, ,922, ,362,302 N/A 4.1% 1.5% -6.6% -3.3% 4.7% 7.2% 4.5% 9.8% 6.5% 6.5% 23.5% Additional half cent sales tax began May 1, 2017 Source: Charleston County Treasurer.

15 CONTRIBUTIONS TO THE STATE RETIREMENT SYSTEM LAST FIVE FISCAL YEARS Retirement System SCRS* $ 7,099,972 $ 7,450,960 $ 8,122,490 $ 8,557,082 $ 9,790,076 PORS** 4,094,830 4,263,734 4,656,574 4,823,080 5,403,995 Total $11,194,802 $ 11,714,694 $ 12,779,064 $ 13,380,162 $ 15, 194,071 **South Carolina Governmental Employees' Retirement System. **South Carolina Police Officers' Retirement System.

16 OVERLAPPING DEBT OUSTANDING GENERAL OBLIGATION BONDS AT JUNE 30, 2017 Taxing Entity Outstanding GOBS Charleston County School District (1) City of Charleston (2) Town of Mt Pleasant (3) City of North Charleston (4) Charleston County Park & Recreation Commission City of Isle of Palms St John's Fire Department St. Paul's Fire Department City of Folly Beach (5) James Island Public Service District (6) Town of McClellanville $165,735,000 48,750,000 33,560,000 32,365,230 25,911,226 8,090,000 10,100,000 2,994, , ,298 58,041 Source: Carolinas MAC. (1) Excludes Installment Purchase Revenue Bonds outstanding. (2) At December 31, Excludes $32,698,000 Special Redevlopment Bonds outstanding; Excludes $50,852,000 Revenue Bonds Outstanding; Excludes $21,218,000 Installment Purchase Revenue Bonds outstanding. (3) Excludes $1,070,000 Tax Increment Bonds outstanding. (4) Excludes $30,515,000 COP's outstanding; Excludes $7,715,000 Tax Increment Bonds outstanding; Excludes $45,885,000 Installment Purchase Revenue Bonds outstanding. (5) Excludes $114,000 Revenue Bonds outstanding. (6) Excludes $1,217,024 Revenue Bonds outstanding.

17 Collected Pledged FILOT Revenues This schedule can be found in Charleston County's Fiscal Year 2017 CAFR on page 202.

18 AWENDAW MCCLELLANVILLE CONSOLIDATED FIRE PROTECTION DISTRICT ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY Fiscal Year Ended Personal Total Taxable June 30, Real Property Property Vehicles Assessed Value 2014 $ 57,346,080 $ 4,182,010 $ 3,539,208 $ 65,067, ,326,911 3,729,860 3,788,880 60,845, ,879,423 5,466,930 4,376, ,722, ,785,878 5,699,990 4,937,340 65,423,208 Source: Charleston County Auditor.

19 COUNTY OF CHARLESTON AWENDAW MCCLELLANVILLE CONSOLIDATED FIRE PROTECTION DISTRICT PROPERTY TAX LEVIES AND COLLECTIONS UNAUDITED Fiscal Year Ended June 30 Collected within the Fiscal Adjusted Tax Year of the Levy Collections in Total Collections to Date Levy for Percentage Subsequent Percentage Fiscal Year Amount of Levy Years Amount of Levy $ 1,956,847 $ 1,755, % $ 192,147 $ 1,947, % 2,316,896 2,128, % 158,747 2,287, % 2,139,908 1,988, % 137,301 2, 126, % 2,225,320 2,053, % 69,598 2,123, % Source: Charleston County Treasurer.