Detroit - Analysis and Clarification
|
|
- Laurel McCormick
- 5 years ago
- Views:
Transcription
1 Detroit - Analysis and Clarification Morningstar Municipal Research Elizabeth Foos, Sr. Credit Analyst Rachel Barkley, Sr. Credit Analyst Jeff Westergaard, Dir. Municipal Analytics Aug. 1, Morningstar, Inc. All rights reserved.
2 Agenda Timeline of events Liabilities and the Emergency Manager s plan Concerns for bondholders- highlighting different security pledges Detroit and bond insurance Analyzing pension liabilities Mutual fund exposure to Detroit obligations Market reaction- observations of recent trades Conclusion Appendix 2
3 The Detroit Credit Crisis: A Brief Recap Detroit experienced decades of economic and fiscal stress and mismanagement March 14, 2013: State of Michigan assigns Emergency Manager to Detroit, Kevyn Orr June 14, 2013: Orr publishes Proposal For Creditors July 18, 2013: Detroit files for bankruptcy protection 3
4 Outstanding Liabilities ($ in millions) Estimated Liabilities from Emergency Manager Report Parking Revenue Bonds Water Revenue Loans Other** GO-ULT Sewer Revenue Loans GO-LT Pension Swaps Pension Certificates Water Revenue Bonds Sewer Revenue Bonds Pension Unfunded Liability Unfunded OPEB* $8 $21 $265 $469 $473 $540 $879 $1,400 $2,400 $2,900 $3,500 $5,700 4 *Other post employment benefits; **Miscellaneous liabilities
5 Concerns for Bondholders: Security Pledge General Obligation Unlimited Tax (GO-ULT) Bonds: Voter-approved full faith and credit general obligation of the city. The city is authorized and required to levy ad valorem taxes without limitation as to rate or amount upon all taxable property to pay principal and interest on the bonds. General Obligation Limited Tax (GO-LT) Bonds: Payable as a first budget obligation from any available funds including any collections from property taxes. Levy rates are subject to constitutional, statutory and charter limitations. GO-LT & GO-ULT Distributable State Aid (DSA) Bonds: Provides a statutory lien on certain state revenue sharing payments Detroit expects to receive from Michigan under provisions of Act 140 in each city fiscal year. Pension Obligation Certificates (POC): The city has an unconditional obligation to pay all service payments related to the POCs per contractual agreements with its two retirement service corporations. That obligation is not subject to appropriation. 5
6 Concerns for Bondholders: Security Pledge (continued) POC Swap Agreements: Secured claims arising under service agreements related to POCrelated interest rate swaps. Detroit directs the revenue received from wagering taxes on a daily basis to a trustee for collateral for the quarterly payment to counterparties. Water Supply System Revenue & Sewage Disposal System Revenue Bonds & Loans: The city issued bonds and received loans from the State of Michigan s Revolving Loan Funds to finance capital improvements which are secured by liens on net revenues of each respective system. Pension Liabilities: Maintains two single-employer pension plans. Michigan s Constitution Section 24 of Article IX states that financial benefits of these plans are contractual obligations and shall not be diminished or impaired. Other Post-Retirement Benefits (OPEB) Liabilities: Maintains the Health and Life Insurance Benefit Plan and the Supplemental Death Benefit Plan for retirees. There is no specific article referencing OPEB in Michigan s Constitution lending additional protections in bankruptcy. 6
7 Detroit- Bonded Debt Liability Profile ($ in millions) GO-ULT Distributable State Aid $100 GO-ULT $369 Parking Revenue Bonds $8 GO-LT $161 GO-LT Distributable State Aid $379 Pension Certificates $1,400 Water Revenue Second Lien $638 Water Revenue Senior Lien $1,718 Sewer Revenue Second Lien $981 Sewer Revenue Senior Lien $1,848 7
8 Secured and Unsecured Liabilities ($ in millions) Unsecured Secured Notes and Loans $34 GO-LT $161 Other $265 GO-ULT $369 Pension Certificates $1,400 Unfunded Pension Liability $3,500 Unfunded OPEB Liability $5,700 Parking Revenue Bonds State Water Loans Distributable State Aid GO-ULT Distributable State Aid GO-LT State Sewer Loans Pension Swap Agreements Water Revenue Bonds Sewer Revenue Bonds $8 $21 $100 $379 $473 $879 $2,400 $2,900 8
9 Insured Coverage - $7.65 Billion Total Debt Outstanding % Uninsured All Issuers, 13.8 % Insured All Issuers,
10 Insurer Exposure by Security Provision ($ in millions) Ambac Assured Guaranty Corp. Assured Guaranty Municipal Berkshire Hathaway Financial Guaranty (FGIC) MBIA Insurance National Public Finance Syncora Capital Syncora Capital ,000 1,200 1,400 1,600 National Public Finance MBIA Insurance Financial Guaranty (FGIC) Berkshire Hathaway Assured Guaranty Municipal Assured Guaranty Corp. Millions GO-ULT 34,380,000 88,245, ,665,000 87,190,000 77,635,000 GO-LT 0 92,705,000 Water Revenue 296,105, ,830, ,735, ,555,000 Sewer Revenue 474,215, ,160, ,160, ,635, ,930,000 Pension Certificates 1,250,155, Ambac 10
11 Ratings for Detroit Insurers Insurer Moody's Investor Service Standard & Poor's Ratings Service Ambac Assurance Corp. NR NR A3 Assured Guaranty Corp. AA- A2 AA- Assured Guaranty Municipal Corp. Aa1 Berkshire Hathaway Assurance Corp. AA+ NR Financial Guaranty Insurance Corp. NR Baa1 MBIA Insurance Corp. A Baa1 National Public Financial Guarantee Corp. A Syncora Capital Assurance, Inc. Ca CC 11 Ratings information is taken from sources considered to be accurate.
12 Uninsured Debt Profile Water Revenue-secured $489 GO-LT Distributable State Aid $379 GO-ULT Distributable State Aid $100 GO-LT $69 Sewer Revenue-secured $17 12
13 Detroit s Pension and OPEB Liabilities: Why They Matter Another precedent setting issue in the Detroit bankruptcy case is how pension and postretirement health care (OPEB) benefits will be treated. Included in the city s unsecured liabilities under the Emergency Manager s plan are an estimated $3.5 billion of unfunded pension liabilities and $5.7 billion of unfunded OPEB liabilities. Under the proposed restructuring plan, bondholders and city retirees are pitted against each other for a limited amount of resources. Both are being offered pennies on the dollar of their pledged payments. 13
14 Detroit s Pension and OPEB Liabilities: Why They Matter The state constitution provides a potential hurdle to the Emergency Manager s plan. Michigan s Constitution Section 24 of Article IX states that The accrued financial benefits of each pension plan and retirement system of the state and its political subdivisions shall be a contractual obligation thereof and shall not be diminished or impaired thereby. Even with that, the question remains unclear whether that protection must remain in a federal bankruptcy court. OPEB benefits do not benefit from constitutional protection. 14
15 Detroit Pensions: Where They Stand Now Pension benefits are accounted for in two single-employer plans, the General Retirement System (GRS) and the Police and Fire Retirement System (PFRS). The funded status of each plan as of June 30, 2011 (the most recent actuarial valuation date) is as follows: 15 GRS PFRS Total Amortization period 30 years 30 years Asset valuation method 7-year smoothed market 7-year smoothed market Investment rate of return (net) 7.9% 8.0% Projected salary increases 4.0% - 8.9% 5.0% - 9.2% Inflation Rate 4.0% 0% for 4 years; 4% thereafter Cost-of-living pension adjustments 2.25% 2.25% Actuarial value of assets ($000s) Actuarial accrued liability (AAL) ($000s) $ 3,080,296 $ 3,804,760 $6,885,056 $ 3,720,167 $ 3,808,643 $7,528,810 Unfunded AAL (UAAL) $ 639,871 $ 3,883 $643,754 ($000s) Funded ratio 82.8% 99.9% 91.4%
16 Detroit Pensions: What s the Real Liability? Despite the data on the preceding slide, the city s actual unfunded pension liability is highly contested. Combined UAAL as of last actuarial valuation: $643.8 million. The city s total estimated UAAL for fiscal year 2012 is $977 million. The Emergency Manager has estimated the UAAL to be $3.5 billion. Orr states that the actuary s numbers are understated due to: Aggressive and unrealistic assumed annual rates of return on investments Smoothing of funding levels over seven years Its lengthy 30 year amortization period. 16
17 Detroit Pensions: What s the Real Liability? Some of the city s actuarial assumptions and asset valuation methods are within industry norms and others are outliers. With the exception of the assumed rate of return (7%), Orr hasn t disclosed what assumptions were used for his calculations. Actual investment returns for the city have fluctuated greatly over the past few years. Pension liabilities are considered to be soft liabilities as they are based on a series of assumptions. 17
18 Key Pension Takeaways Pension and OPEB liabilities account for a significant segment of the city s unsecured liabilities. Under the proposed restructuring plan: Retirees benefits would be reduced significantly. The level of protection from constitutionally protected benefits will be tested. Retirees and bondholders are being pitted against each other. The actual liability is unknown and contested. How these benefits are treated in bankruptcy court may set a precedent for how pensions are treated by other distressed localities. 18
19 Mutual Fund Holdings Analysis Analyzed most recent holdings data available to Morningstar for both open end and closed-end mutual funds Holdings reports are from a period beginning 3/31/2013 to 6/30/2013, therefore the data is historical in nature Over 200 funds were found to have Detroit obligation exposure 19
20 Mutual Fund Exposure to Detroit Obligations (% of total MV) Putnam- PXMIX Wells Fargo- WHYMX Eaton Vance- EMI AllianceBernstein- AMIAX Nuveen- FMITX Nuveen- NUM Fidelity- FMHTX First Investors- FTTMX First Investors- FTMIX Oppenheimer- ORMIX
21 Mutual Fund Exposure Secured vs. Unsecured (% of total MV) Secured Unsecured Putnam- PXMIX Wells Fargo- WHYMX Eaton Vance- EMI AllianceBernstein- AMIAX Nuveen- FMITX Nuveen- NUM Fidelity- FMHTX First Investors- FTTMX First Investors- FTMIX Oppenheimer- ORMIX
22 Mutual Fund Exposure Insured vs. Uninsured (% of total MV) Total Insured Total Uninsured Putnam- PXMIX Wells Fargo- WHYMX Eaton Vance- EMI AllianceBernstein- AMIAX Nuveen- FMITX Nuveen- NUM Fidelity- FMHTX First Investors- FTTMX First Investors- FTMIX Oppenheimer- ORMIX
23 Detroit - Trading Analysis Analyzed trades reported to the MSRB between 5/1/2013 and 7/30/2013 Divided into two periods- prior to Emergency Manager report on 6/14/2013 and after Acknowledging that this is a period of rising rates for the municipal market with record amounts of mutual fund outflows we still see clear evidence of yield impact Analyzed various security pledge backed issues to judge market implied credit risk and yield levels 23
24 Unlimited Tax General Obligation Bonds 50 Trading Activity May 1- July 30, Pre-Event Post-Event Poly. (Pre-Event) Poly. (Post-Event) 24
25 Limited Tax General Obligation Bonds - Insured 14 Trading Activity (May 1-July 30, 2013) Pre-Event Post-Event Poly. (Pre-Event) Poly. (Post-Event) 25
26 Limited Tax General Obligation Bonds - Uninsured DSA 7 Trading Activity (May 1-July 30, 2013) Pre-Event Post-Event Poly. (Pre-Event) Poly. (Post-Event) 26
27 Limited Tax General Obligation Bonds - Uninsured Non-DSA 60 Trading Activity (May 1-July 30, 2013) Pre-Event Post-Event 27
28 Insured Water and Sewer Revenue Bonds Insured Water Insured Sewer Pre-Event Post-Event Pre-Event Post-Event Poly. (Pre-Event) Poly. (Post-Event) Poly. (Pre-Event) Poly. (Post-Event) 28
29 The Market is Differentiating Among Bond Insurers 9 Post-Event Water & Sewer Trading By Insurer Assured Guaranty Berkshire Hathaway MBIA Poly. (Assured Guaranty) Poly. (Berkshire Hathaway) Poly. (MBIA) 29
30 Our Conclusions - Is this a Watershed Event for the Municipal Market? Potentially momentous implications for sovereign rights of states versus power of federal bankruptcy laws over constitutional protection of pension benefits Potentially watershed revision of opinion regarding the fundamental security offered by unlimited tax general obligation pledge Critical determination of the value that bond insurance may provide in the aftermath of the financial crisis Emphasis on differentiating the source of security backing bond issues becomes acutely important 30
31 31
32 32 APPENDIX
33 Mutual Fund Exposure by Security Provision (% of total MV) Fund Sewer Revenue Water Revenue Unlimited Tax G.O. Limited G.O. Limited G.O. With DSA Parking Revenue Oppenheimer- ORMIX First Investors- FTMIX First Investors- FTTMX Fidelity- FMHTX Nuveen- NUM Nuveen- FMITX AllianceBernstei n- AMIAX Eaton Vance- EMI Wells Fargo- WHYMX Putnam- PXMIX
34 Mutual Fund Exposure by Insurer (% of total MV) Fund Ambac Assured Gty. Berkshire Hathaway MBIA/National Syncora Oppenheimer- ORMIX First Investors- FTMIX First Investors- FTTMX Fidelity- FMHTX Nuveen- NUM Nuveen- FMITX AllianceBernstein- AMIAX Eaton Vance- EMI Wells Fargo- WHYMX Putnam- PXMIX
35 Uninsured Water Revenue Bonds 12 Trading Activity (May 1- July 30, 2013) Pre-Event Post-Event Poly. (Pre-Event) Poly. (Post-Event) 35
36 Pension Certificates of Participation (Insured) 25 Trading Activity (May 1- July 30, 2013) Pre-Event Post-Event 36
CITY OF DETROIT WATER FUND. Basic Financial Statements and Required Supplementary Information. June 30, 2006 and 2005
Basic Financial Statements and Required Supplementary Information (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Basic Financial Statements: Statements
More informationUNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION
UNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN SOUTHERN DIVISION --------------------------------------------------------------x In re Chapter 9 CITY OF DETROIT, MICHIGAN, Case No. 13-53846
More informationCITY OF ST. AUGUSTINE, FLORIDA
CITY OF ST. AUGUSTINE, FLORIDA Water and Sewer Revenue Refunding Bonds, Series 2012, $15,930,000, Dated: December 11, 2012 Water and Sewer Revenue Refunding Bonds, Series 2005, $21,435,000, Dated: July
More informationCITY OF ST. AUGUSTINE, FLORIDA
CITY OF ST. AUGUSTINE, FLORIDA City of St. Augustine, Florida Capital Improvement Refunding Revenue Bonds, Series 2013, $20,645,000, Dated: February 15, 2013 City of St. Augustine, Florida Capital Improvement
More informationCITY OF DETROIT RETIREMENT SYSTEMS. Financial Statements. June 30, (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Statement of Plan Net Assets 2 Statement of Changes in Plan Net Assets 3 Notes to the
More informationFremont Union High School District CONTINUING DISCLOSURE FILING
Fremont Union High School District CONTINUING DISCLOSURE FILING FOR THE PERIOD ENDING JUNE 30, 2014 Fremont Union High School District General Fund Summary Audited Information Budgeted Information (2014/15)
More informationFinancial and Operating Plan Kevyn D. Orr Emergency Manager
Financial and Operating Plan Kevyn D. Orr Emergency Manager June 10, 2013 Detroit spends more than it takes in it is insolvent. It has borrowed hundreds of millions of dollars and has deferred just as
More informationCITY OF DETROIT SEWAGE DISPOSAL FUND. Basic Financial Statements. June 30, (With Independent Auditors Report Thereon)
Basic Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 Basic Financial Statements: Statement of Fund Net Assets 2 3 Statement of Revenues,
More informationCITY OF DETROIT RETIREMENT SYSTEMS. Financial Statements. June 30, (With Independent Auditors Report Thereon)
Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page Independent Auditors Report 1 Statement of Plan Net Assets 2 Statement of Changes in Plan Net Assets 3 Notes to the
More informationDetroit Bankruptcy May Change How Other Distressed Cities Approach Their Pension and Debt Obligations
JULY 26, 2013 U.S. PUBLIC FINANCE SPECIAL COMMENT Detroit Bankruptcy May Change How Other Distressed Cities Approach Their Pension and Debt Obligations Table of Contents: DETROIT AS TONE-SETTER FOR SEVERELY
More informationCITY OF DETROIT WATER FUND. Basic Financial Statements. June 30, (With Independent Auditors Report Thereon)
Basic Financial Statements (With Independent Auditors Report Thereon) KPMG LLP Suite 1900 150 West Jefferson Detroit, MI 48226 Independent Auditors Report The Board of Water Commissioners, the Honorable
More informationINDIANA BOND BANK (A COMPONENT UNIT OF THE STATE OF INDIANA)
FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS REPORT WITH SUPPLEMENTARY AND OTHER INFORMATION June 30, 2014 and 2013 Table of Contents Page(s) Independent Auditors Report 1 2 Management s Discussion and
More informationResearch. Market Summary. March Contributors
Research Municipal Bond Credit Report The Municipal Bond Credit Report synthesizes, analyzes and presents aggregate credit information and trends in the municipal bond market. The report includes municipal
More informationRetirement Systems of the City of Detroit. Financial Report with Supplemental Information June 30, 2004
Retirement Systems of the City of Detroit Financial Report with Supplemental Information June 30, 2004 Contents Report Letter 1-2 Management s Discussion and Analysis 3-5 Basic Financial Statements Statement
More informationHow to Improve Your Bond Rating and Current Trends in the Municipal Bond Market
How to Improve Your Bond Rating and Current Trends in the Municipal Bond Market Wendy Wipperman Crews & Associates, Inc. Texas Association of County Auditors Conference October 14, 2010 MEMBER FINRA &
More informationNCPERS 2013 Public Safety Employees Pension & Benefits Conference
NCPERS 2013 Public Safety Employees Pension & Benefits Conference Implications of Detroit s Bankruptcy Filing for Public Pension Funds October 28, 2013 John A. Kehoe Girard Gibbs LLP Underfunded Pension
More informationCity of Dearborn. Post Employment Obligation Bond Analysis and Considerations. February 15, 2018
City of Dearborn Post Employment Obligation Bond Analysis and Considerations February 15, 2018 PFM Financial Advisors LLC 555 Briarwood Circle 734-994-9700 Suite 333 www.pfm.com PFM Ann Arbor, MI 48108
More informationDaytona Beach, FL, City of
Daytona Beach, FL, City of 1 City of Daytona Beach, Florida General Obligation Refunding Bonds,, $18,810,000 Dated: May 15, 2012 2 City of Daytona Beach, Florida Capital Improvement Revenue Bonds, Series
More informationCITY OF DETROIT WATER FUND. Basic Financial Statements. June 30, (With Independent Auditors Report Thereon)
Basic Financial Statements (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 Basic Financial Statements: Statement of Fund Net Assets 2 3 Statement of Revenues,
More informationResearch. Market Summary. December Contributors
Research Municipal Bond Credit Report The Municipal Bond Credit Report synthesizes, analyzes and presents aggregate credit information and trends in the municipal bond market. The report includes municipal
More informationDaytona Beach, FL, City of
Daytona Beach, FL, City of 1 City of Daytona Beach, Florida General Obligation Refunding Bonds, Series 2012, $18,810,000 Dated: May 15, 2012 2 City of Daytona Beach, Florida Capital Improvement Revenue
More informationReviewing Bond Offering and Legal Documents
Reviewing Bond Offering and Legal Documents Allen Robertson Shareholder, Robinson, Bradshaw & Hinson, P.A. President, National Association of Bond Lawyers Southern Municipal Finance Society February 20,
More informationNEW YORK STATE AND LOCAL RETIREMENT SYSTEM. Financial Statements and Supplementary Information. Fiscal Year Ended March 31, 2012
Financial Statements and Supplementary Information Fiscal Year Ended (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Management s Discussion and Analysis
More informationMunicipal Bankruptcy: A Primer on Chapter 9
Municipal Bankruptcy: A Primer on Chapter 9 Market Commentary August 2017 MUNICIPAL BANKRUPTCY FILINGS REMAIN RARE, but recent high-profile Chapter 9 cases may be changing long-held views of the bankruptcy
More informationJackson County State of Michigan. Amended and Restated Comprehensive Financial Plan For Pension and Other Post-Employment Benefits
Jackson County State of Michigan Amended and Restated Comprehensive Financial Plan For Pension and Other Post-Employment Benefits October 17, 2017 T A B L E O F C O N T E N T S Section Pages Comprehensive
More informationCONSOLIDATED POLICE OFFICERS AND FIREFIGHTERS RETIREMENT PLAN OF THE CITY OF GAINESVILLE, FLORIDA
CONSOLIDATED POLICE OFFICERS AND FIREFIGHTERS RETIREMENT PLAN OF THE CITY OF GAINESVILLE, FLORIDA FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT SEPTEMBER 30, 2011 CONTENTS PAGE INDEPENDENT AUDITORS'
More informationCity of Grand Blanc County of Genesee State of Michigan
City of Grand Blanc County of Genesee State of Michigan Comprehensive Financial Plan For Pension and Other Post Employment Benefits April 13, 2016 T A B L E O F C O N T E N T S Section Pages Comprehensive
More informationSystem Keynotes. Investment Strategy Actuarial Results, Funded Levels, Contributions, Demographics
City Council Working Session February 13, 2012 Agenda System Keynotes Trust Performance, Market Returns, Investment Strategy Actuarial Results, Funded Levels, Contributions, Demographics 1 City Ordinance
More informationSeven states have specific clauses in their constitutions
Issue Brief M M A N H A T T A N I N S T I T U T E F O R P O L I C Y R E S E A R C H I No. 25 August 2013 CONSTITUTIONAL PUBLIC PENSION GUARANTEES: Unfair, Unaffordable, and Bad Policy Stephen D. Eide,
More informationOakland (City of), CA
CREDIT OPINION New Issue Oakland (City of), CA New Sale Moody s assigns Aa2 to Oakland, CA s GOULT 2017C Summary Rating Rationale Moody s Investors Service has assigned an Aa2 rating to the City of Oakland,
More informationCity of Harrisburg Police Pension Plan
City of Harrisburg Police Pension Plan Financial Statements and Required Supplementary Information Years Ended December 31, 2014 and 2013 with Independent Auditor s Report TABLE OF CONTENTS Independent
More informationChicago Board of Education; General Obligation
Summary: Chicago Board of Education; General Obligation Primary Credit Analyst: Jennifer Boyd, Chicago (1) 312-233-7040; jennifer.boyd@standardandpoors.com Secondary Contact: Helen Samuelson, Chicago (1)
More informationBALANCE SHEETS (thousands) Assets
BALANCE SHEETS Assets 2011 2010 (thousands) as of December 31, 2011 and 2010 Utility Plant - at cost Electric plant..................................... $ 4,943,363 $ 4,792,217 Less accumulated depreciation
More informationHARRIS COUNTY WATER CONTROL AND IMPROVEMENT DISTRICT NO. 50
HARRIS COUNTY, TEXAS ANNUAL FINANCIAL REPORT JUNE 30, 2016 McCALL GIBSON SWEDLUND BARFOOT PLLC Certified Public Accountants HARRIS COUNTY, TEXAS ANNUAL FINANCIAL REPORT JUNE 30, 2016 T A B L E O F C
More informationBASIC FINANCIAL STATEMENTS
COMPREHENSIVE ANNUAL FINANCIAL REPORT BASIC FINANCIAL STATEMENTS, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT GOVERNMENT-WIDE FINANCIAL STATEMENTS, CALIFORNIA COMPREHENSIVE ANNUAL FINANCIAL REPORT
More informationFINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORTS CITY OF ST. AUGUSTINE BEACH ST. AUGUSTINE BEACH, FLORIDA SEPTEMBER 30, 2013
FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORTS CITY OF ST. AUGUSTINE BEACH ST. AUGUSTINE BEACH, FLORIDA SEPTEMBER 30, 2013 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORTS CITY OF ST. AUGUSTINE
More informationSecurity Structures Beyond GOs
Security Structures Beyond GOs Municipal Analysts Group of NY luncheon Amy Laskey, Managing Director September 8, 2017 Agenda Explain the relationship between the Issuer Default Rating (IDR) and security
More informationInformation Supplement. Table of Contents
Information Supplement Municipal Series 1323 Investment Grade Municipal Trust, 7-13 Year Series 80 This Information Supplement provides additional information concerning the risks and operations of each
More informationThe Police and Fire Retirement System of the City of Detroit GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pension Plans of
The Police and Fire Retirement System of the City of Detroit GASB Statement Nos. 67 and 68 Accounting and Financial Reporting for Pension Plans of Component II June 30, 2018 October 17, 2018 Board of Trustees
More informationAccounting for the OPEB Obligation
Accounting for the OPEB Obligation Tom Swain, F.S.A. August 18, 2016 Agenda Overview and effective dates Significant changes Sample balance sheet pre/post changes Plan sponsor implications Planning steps
More informationFirst Quarter 2015 Operating Supplement
First Quarter 2015 Operating Supplement Table of Contents Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Net Income (Loss) Reconciliation to Operating Income (Loss) 4 Net Premiums
More informationGWINNETT COUNTY PUBLIC EMPLOYEES RETIREMENT SYSTEM OPEB HEALTH PLAN (AN OPEB TRUST FUND OF GWINNETT COUNTY, GEORGIA) ANNUAL FINANCIAL REPORT
GWINNETT COUNTY PUBLIC EMPLOYEES RETIREMENT SYSTEM OPEB HEALTH PLAN (AN OPEB TRUST FUND OF GWINNETT COUNTY, GEORGIA) ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2011 GWINNETT COUNTY PUBLIC
More informationCITY OF CAPE CORAL ANNUAL DEBT AND CREDIT REPORT
CITY OF CAPE CORAL ANNUAL DEBT AND CREDIT REPORT September 30, 2012 Prepared by: Financial Services Department TABLE OF CONTENTS Executive Summary... I Total Debt Summary Information... 1 Targets, Ratios,
More informationState Retirement and Pension System of Maryland
Audit Report State Retirement and Pension System of Maryland Independent Auditor s Report, Financial Statements, Required Supplementary Information and Other Supplementary Information for Fiscal Years
More informationRomulus, MI, City of. City Taxation and Limitations
Romulus, MI, City of 1 City of Romulus, County of Wayne, State of Michigan, 2016 Refunding Bonds, (Limited Tax General Obligation), $3,835,000, Dated: May 18, 2016 2 City of Romulus, County of Wayne, State
More informationPublic Pension Woes Make Differentiated Muni Investing Key
February 2015 Public Pension Woes Make Differentiated Muni Investing Key EXECUTIVE SUMMARY Mark Stockwell Senior Analyst Tax Sensitive Strategies As public pension funding gaps and municipal fiscal challenges
More informationUTILITY SYSTEM IMPROVEMENT FINANCING
UTILITY SYSTEM IMPROVEMENT FINANCING Stauder, Barch & Associates Ann Arbor 1 UTILITY SYSTEM FINANCING OPTIONS POSSIBLE FUNDING SOURCES Utility System Reserves Grants Bond Financing (Including SRF) Installment
More informationUNITED STATES BANKRUPTCY COURT EASTERN DISTRICT OF MICHIGAN. x : : : : : : : : x
THE BANKRUPTCY COURT HAS NOT APPROVED THE PROPOSED DISCLOSURE STATEMENT TO ACCOMPANY THIS PLAN. THE DISTRIBUTION OF THIS PLAN AND THE DISCLOSURE STATEMENT IS NOT INTENDED TO BE, AND SHOULD NOT BE CONSTRUED
More informationCOMBINED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT COMMUNITY DEVELOPMENT ADMINISTRATION INFRASTRUCTURE PROGRAM FUNDS JUNE 30, 2013
COMBINED FINANCIAL STATEMENTS AND INDEPENDENT AUDITOR S REPORT COMMUNITY DEVELOPMENT ADMINISTRATION INFRASTRUCTURE PROGRAM FUNDS JUNE 30, 2013 TABLE OF CONTENTS PAGE INDEPENDENT AUDITOR S REPORT 3 COMBINED
More informationFourth Quarter 2016 Operating Supplement
Fourth Quarter 2016 Operating Supplement Table of Contents Consolidated Balance Sheets 2 Consolidated Statements of Operations 3 Net Income (Loss) Reconciliation to Operating Income (Loss) 4 Net Premiums
More informationCITY OF FREEPORT ACCOUNTING FOR POST-EMPLOYMENT BENEFIT PLANS UNDER GASB #45 FOR FISCAL YEAR ENDING APRIL 30, 2017
CITY OF FREEPORT ACCOUNTING FOR POST-EMPLOYMENT BENEFIT PLANS UNDER GASB #45 FOR FISCAL YEAR ENDING APRIL 30, 2017 JUNE 2017 TABLE OF CONTENTS BACKGROUND Retiree Medical Plan... 1 Funding Versus Accounting...
More informationPOLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO (A Component Unit of the City of Chicago)
POLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO Financial Statements and Supplementary Information For the Years Ended December 31, 2015 and 2014 With Independent Auditor s Report December 31, 2015 and
More informationMuni Opinion Fixed Income
Strategy Insights September 2013 Muni Opinion Fixed Income Out of gas: The motor city s tank runs dry On July 18, 2013, the city of Detroit filed for Chapter 9 bankruptcy. The bankruptcy filing the largest
More informationCITY OF MOBILE, ALABAMA POLICE AND FIREFIGHTERS RETIREMENT PLAN
FINANCIAL STATEMENTS AND SUPPLEMENTARY INFORMATION FOR THE YEAR ENDED TABLE OF CONTENTS Page INDEPENDENT AUDITORS' REPORT 1-2 FINANCIAL STATEMENTS Statement of Fiduciary Net Position 3 Statement of Changes
More informationLegacy Pension Plan (Component II) of the General Retirement System of the City of Detroit
Legacy Pension Plan (Component II) of the General Retirement System of the City of Detroit Statement of Changes in Fiduciary with Supplemental Information Contents Report Letter 1-2 Basic Financial Statements
More informationADDISON PUBLIC LIBRARY ADDISON, ILLINOIS ANNUAL FINANCIAL REPORT. For the Year Ended April 30, 2015
ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2015 TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 1-3 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management s Discussion and Analysis...
More informationRICHARDSON BAY SANITARY DISTRICT FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2017 AND 2016
FINANCIAL STATEMENTS FOR THE YEARS ENDED JUNE 30, 2017 AND 2016 FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT FOR THE YEARS ENDED JUNE 30, 2017 AND 2016 TABLE OF CONTENTS Page Independent Auditors'
More informationPOLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO (A Component Unit of the City of Chicago)
POLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO Financial Statements and Supplementary Information For the Years Ended December 31, 2016 and 2015 With Independent Auditor s Report December 31, 2016 and
More informationHouse Committee on Oversight
House Committee on Oversight 38 Studios Moral Obligation Bond Repayment May 8, 2014 What is RIPEC? RIPEC is an independent, nonprofit and nonpartisan public policy research and education organization.
More informationCITY OF WAYNE, MICHIGAN
FINANCIAL REPORT WITH SUPPLEMENTAL INFORMATION TABLE OF CONTENTS Independent Auditor's Report 1 Management s Discussion and Analysis 4 Financial Statements Government-wide Financial Statements Statement
More informationInformation Supplement
Information Supplement Insured Municipals Income Trust Investors Quality Tax-Exempt Trust Van Kampen Focus Portfolios, Municipal Series Van Kampen Unit Trusts, Municipal Series Invesco Unit Trusts, Municipal
More informationOTHER POST EMPLOYMENT BENEFITS. GASB STATEMENTS NO. 43 and 45 REPORTING GUIDELINES FOR GOVERNMENT FINANCIAL STATEMENTS. A Civic Federation Issue Brief
OTHER POST EMPLOYMENT BENEFITS GASB STATEMENTS NO. 43 and 45 REPORTING GUIDELINES FOR GOVERNMENT FINANCIAL STATEMENTS A Civic Federation Issue Brief Prepared By The Civic Federation February 9, 2006 TABLE
More informationAlabama Water Pollution Control Authority
Alabama Water Pollution Control Authority COMPONENT UNIT FINANCIAL STATEMENTS For the Year Ended September 30, 2016 Alabama Water Pollution Control Authority Table of Contents September 30, 2016 TAB: REPORT
More informationCity of Elko, Nevada FINANCIAL STATEMENTS FISCAL YEAR ENDED JUNE 30, 2018
City of Elko, Nevada FINANCIAL STATEMENTS FISCAL YEAR ENDED JUNE 30, 2018 Table of Contents Page FINANCIAL SECTION Independent Auditors Report... 1 Management s Discussion and Analysis... 4 Basic Financial
More informationCITY OF MOMENCE, ILLINOIS ANNUAL FINANCIAL REPORT. For the Year Ended April 30, 2012
ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2012 Certified Public Accountants & Advisors TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 1-2 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS
More informationCity of Oakland, CA. Update to Credit Analysis. CREDIT OPINION 19 April Summary
CREDIT OPINION City of Oakland, CA Update to Credit Analysis Summary Contacts Alexandra J. +1.415.274.1754 Cimmiyotti VP-Senior Analyst alexandra.cimmiyotti@moodys.com Eric Hoffmann +1.415.274.1702 Senior
More informationKENTUCKY JUDICIAL FORM RETIREMENT SYSTEM FINANCIAL STATEMENTS
KENTUCKY JUDICIAL FORM RETIREMENT SYSTEM FINANCIAL STATEMENTS TABLE OF CONTENTS Page Report of Independent Auditors... 1 Management s Discussion and Analysis... 3 Financial Statements Statement of Plan
More informationNational Public Finance Guarantee Corporation Statutory-Basis Financial Statements December 31, 2017 and 2016
National Public Finance Guarantee Corporation Statutory-Basis Financial Statements December 31, 2017 and 2016 Page(s) Independent Auditor s Report...1-2 Statutory-Basis Financial Statements Statements
More informationState School District Credit Enhancement Programs
State School District Credit Enhancement Programs Revised Winter 2018 Executive Summary The use of state guaranties, state aid intercepts, and other similar programs to enhance the credit ratings of local
More informationWayne County Employees' Retirement System Defined Benefit Plan
Wayne County Employees' Retirement System Defined Benefit Plan Year Ended September 30, 2012 and 2011 Financial Statements Table of Contents Page Independent Auditors' Report 1 Management's Discussion
More informationCITY OF BATAVIA, ILLINOIS FIREFIGHTERS' PENSION FUND
FIREFIGHTERS' PENSION FUND ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2017 FIREFIGHTERS PENSION FUND TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 12 BASIC FINANCIAL STATEMENTS
More informationReport on the Actuarial Valuation for Virginia Retirement System. Prepared as of June 30, 2014
R Report on the Actuarial Valuation for Virginia Retirement System Prepared as of June 30, 2014 December 19, 2014 The Board of Trustees Page 2 The promised benefits of VRS are included in the calculated
More informationEL PASO COUNTY RETIREMENT PLAN
EL PASO COUNTY RETIREMENT PLAN MANAGEMENT S DISCUSSION AND ANALYSIS Management is pleased to provide this overview and analysis of the financial activities of the El Paso County Retirement Plan (the Plan).
More informationPublic Finance Tools to Fund Infrastructure February 22, 2018
Public Finance Tools to Fund Infrastructure February 22, 2018 August 15, 2016 Presentation Title Second Line 1 Introductions JOAN MICHAELS AGUILAR DEPUTY CITYMANAGER ADMINSERVICES CITY OF DIXON KENNETH
More informationPOLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO (A Component Unit of the City of Chicago)
POLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO Financial Statements and Supplementary Information For the Years Ended With Report of Independent Auditors TABLE OF CONTENTS Page(s) REPORT OF INDEPENDENT
More informationCITY OF BATAVIA, ILLINOIS FIREFIGHTERS PENSION FUND ANNUAL FINANCIAL REPORT. For the Year Ended December 31, 2015
FIREFIGHTERS PENSION FUND ANNUAL FINANCIAL REPORT For the Year Ended December 31, 2015 FIREFIGHTERS PENSION FUND TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 12 BASIC FINANCIAL STATEMENTS
More informationADDISON PUBLIC LIBRARY ADDISON, ILLINOIS
ANNUAL FINANCIAL REPORT For the Year Ended April 30, 2018 TABLE OF CONTENTS Page(s) INDEPENDENT AUDITOR S REPORT... 1-3 GENERAL PURPOSE EXTERNAL FINANCIAL STATEMENTS Management s Discussion and Analysis...
More informationREDEVELOPMENT AGENCY OF THE CITY OF HEALDSBURG FINANCIAL STATEMENTS JUNE 30, 2010
FINANCIAL STATEMENTS Financial Statements June 30, 2010 TABLE OF CONTENTS Independent Auditor s Report... 1 Basic Financial Statements: Government-wide Financial Statements Statement of Net Assets... 3
More informationFOREST PRESERVE DISTRICT OF WILL COUNTY, ILLINOIS RETIREE HEALTH INSURANCE TRUST FUND ANNUAL FINANCIAL REPORT
FOREST PRESERVE DISTRICT OF WILL COUNTY, ILLINOIS ANNUAL FINANCIAL REPORT For the Years Ended December 31, 2014 and 2013 FOREST PRESERVE DISTRICT OF WILL COUNTY, ILLINOIS TABLE OF CONTENTS Page(s) INDEPENDENT
More informationCounty of Volusia, Florida. Annual Report on County Debt
County of Volusia, Florida Annual Report on County Debt For the Fiscal Year Ended September 30, 2005 (Audited) Prepared by: Charlene S. Weaver, CPA Chief Financial Officer Rhonda C. Orr Operations/Debt
More informationPublic Safety Pension Funding JEFF FIEGENSCHUH, CITY MANAGER
Public Safety Pension Funding JEFF FIEGENSCHUH, CITY MANAGER PENSIONS 101: Downstate Police & Fire Pension Fund 40 ILCS 5/3 & 5/4-125 State statute-required benefits for eligible municipal public safety
More informationREQUIRED SUPPLEMENTARY INFORMATION
REQUIRED SUPPLEMENTARY INFORMATION DW SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS DURING THE MEASUREMENT PERIOD County Miscellaneous, Agent Multiple Employer Plan Measurement Period
More informationRamona Municipal Water District Financial Statements June 30, 2016
Ramona Municipal Water District Financial Statements INDEX TO FINANCIAL STATEMENTS Independent Auditor s Report... 2 Management s Discussion and Analysis... 5 Statement of Net Position... 12 Statement
More informationBLOCK HOUSE MUNICIPAL UTILITY DISTRICT
WILLIAMSON COUNTY, TEXAS ANNUAL FINANCIAL REPORT SEPTEMBER 30, 2015 McCALL GIBSON SWEDLUND BARFOOT PLLC Certified Public Accountants WILLIAMSON COUNTY, TEXAS ANNUAL FINANCIAL REPORT SEPTEMBER 30, 2015
More informationClay County School Board, FL
Clay County School Board, FL Certificates of Participation (School Board of Clay County, Florida Master Lease Program) Evidencing an Undivided Proportionate Interest of the owners thereof in Basic Rent
More informationGALVESTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 6 GALVESTON COUNTY, TEXAS ANNUAL AUDIT REPORT SEPTEMBER 30, 2017
GALVESTON COUNTY MUNICIPAL UTILITY DISTRICT NO. 6 GALVESTON COUNTY, TEXAS ANNUAL AUDIT REPORT SEPTEMBER 30, 2017 C O N T E N T S INDEPENDENT AUDITOR S REPORT 1-2 MANAGEMENT S DISCUSSION AND ANALYSIS 3-7
More informationACTUARIAL & STATISTICAL SECTION
SUMMARY OF ASSUMPTIONS USED FOR DGRS ACTUARIAL VALUATIONS assumptions adopted by board of trustees after consulting with actuary ECONOMIC ASSUMPTIONS THE INVESTMENT RETURN RATE used in making the valuation
More informationPOLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO (A Component Unit of the City of Chicago)
POLICEMEN S ANNUITY AND BENEFIT FUND OF CHICAGO Financial Statements and Supplementary Information For the Years Ended With Report of Independent Auditors TABLE OF CONTENTS Page(s) REPORT OF INDEPENDENT
More informationGold Ridge Fire Protection District Annual Report For the Fiscal Year Ended June 30, 2009
Annual Report For the Fiscal Year Ended RODNEY A. DOLE SONOMA COUNTY AUDITOR-CONTROLLER TREASURER-TAX COLLECTOR Annual Report For the Fiscal Year Ended TABLE OF CONTENTS Auditor-Controller s Report Page
More informationMIDWAY CITY SANITARY DISTRICT FINANCIAL STATEMENTS WITH REPORT ON AUDIT BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS FOR THE YEAR ENDED JUNE 30, 2017
FINANCIAL STATEMENTS WITH REPORT ON AUDIT BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS FOR THE YEAR ENDED JUNE 30, 2017 TABLE OF CONTENTS For the year ended Page Number Independent Auditors Report 1-2 Management
More informationBankruptcy Court Holds that Detroit Is Eligible to File for Chapter 9 Protection
December 11, 2013 Bankruptcy Court Holds that Detroit Is Eligible to File for Chapter 9 Protection The birthplace of the American auto industry now holds another, less fortunate distinction, that of being
More informationThe Town of Summerdale Summerdale, Alabama
The Town of Summerdale Summerdale, Alabama Annual Financial Report For the Fiscal Year Ended September 30, 2012 Vance CPA LLC Certified Public Accountant 832 Snow St., Suite B Oxford, Alabama 36203 Tel.
More informationMASSACHUSETTS WATER RESOURCES AUTHORITY. Financial Statements and Supplemental Schedules and Required Supplementary Information
Financial Statements and Supplemental Schedules and Required Supplementary Information (With Independent Auditors Report Thereon) Table of Contents Page(s) Independent Auditors Report 1 2 Management s
More informationINTEREST RATE SWAP POLICY
INTEREST RATE SWAP POLICY I. INTRODUCTION The purpose of this Interest Rate Swap Policy (Policy) of the Riverside County Transportation Commission (RCTC) is to establish guidelines for the use and management
More informationNew Mexico Retiree Health Care Authority
New Mexico Retiree Health Care Authority Actuarial Valuation and Review of Other Postemployment Benefits (OPEB) as of June 30, 2016 In accordance with GASB Statement No. 43 This report has been prepared
More informationThe Town of Summerdale Summerdale, Alabama
The Town of Summerdale Summerdale, Alabama Annual Financial Report For the Fiscal Year Ended September 30, 2013 Vance CPA LLC Certified Public Accountant 832 Snow St., Suite B Oxford, Alabama 36203 Tel.
More informationBEXAR COUNTY DEBT MANAGEMENT POLICY
BEXAR COUNTY DEBT MANAGEMENT POLICY Adopted by Commissioners Court on August 14, 2007 Revised October 7, 2008 Revised February 3, 2015 Revised March 21, 2017 Table of Contents Section Title Page 1 Purpose
More informationAlabama Water Pollution Control Authority
Alabama Water Pollution Control Authority COMPONENT UNIT FINANCIAL STATEMENTS For the Year Ended September 30, 2018 Table of Contents September 30, 2018 REPORT Independent Auditors Report 1 FINANCIAL STATEMENTS
More informationMunicipal Credit Research Glossary of Terms
Municipal Credit Research Glossary of Terms 2012 Morningstar, Inc. All rights reserved. Reproduction or transcription by any means, in whole or in part, without the prior written consent of Morningstar,
More informationFinancial Report with Supplemental Information December 31, 2015
Financial Report with Supplemental Information December 31, 2015 Contents Report Letter 1-3 Management's Discussion and Analysis 4-11 Basic Financial Statements Statement of Net Position 12 Statement of
More information