Bloomington, Illinois

Transcription

1 Bloomington, Illinois City of Bloomington, McLean County, Illinois Taxable General Obligation Refunding Bonds, Series 2014A, $14,920,000 and General Obligation Refunding Bonds, Series 2014B, $9,700,000, Dated: September 4, 2014 City of Bloomington, McLean County, Illinois Taxable General Obligation Bonds, Series 2013B, $555,000 and General Obligation Bonds, Series 2013C, $9,225,000, Dated: November 12, 2013 Public Building Commission of McLean County, Illinois Public Building Revenue Refunding Bonds, Series 2013, $1,550,000, Dated: November 1, 2013 City of Bloomington, McLean County, Illinois General Obligation Refunding Bonds, Series 2013A, $7,800,000, Dated: October 29, 2013 City of Bloomington, McLean County, Illinois Taxable General Obligation Bonds, Series 2012 $7,660,000, Dated: April 18, 2012 City of Bloomington, McLean County, Illinois General Obligation Refunding Bonds, Series 2011 $5,075,000, Dated: June 9, 2011 City of Bloomington, McLean County, Illinois General Obligation Refunding Bonds, Series 2009 $2,840,000, Dated: November 30, 2009 City of Bloomington, McLean County, Illinois General Obligation Bonds, Series 2007 $10,000,000, Dated: August 29, 2007 City of Bloomington, McLean County, Illinois General Obligation Bonds, Series 2005 $9,900,000, Dated: November 10, 2005 City of Bloomington, McLean County, Illinois Variable Rate Demand Bonds Series 2004 $15,600,000, Dated: October 13, 2004 City of Bloomington, McLean County, Illinois Taxable General Obligation Bonds, Series 2004 $29,455,000, Dated: June 1, 2004 City of Bloomington, McLean County, Illinois General Obligation Bonds, Series 2003 $10,000,000, Dated: June 1, 2003 Series 2014AB, 2013, 2013A, 2013C, 2012, 2011, 2009, 2007, 2005, 2004, 2003 Equalized Assessed Valuation By Property Type Fiscal Years Ended April 30, 2014* Residential $1,127,217,408 Commercial 619,594,728 Industrial 13,294,216 Farm 654,109 Railroad 811,342 Total $1,761,571,803 Percent Increase 0.01% *Data presented is 2013 tax levy year. Series 2014AB, 2013, 2013A,2013C, 2007, 2005, 2004, 2003 Trend of Equalized Assessed Valuation PERCENT YEAR EAV GROWTH 2014* 1,761,571, % *Data presented is 2013 tax levy year. Series 2014AB, 2013, 2013A, 2012, 2011, 2009, 2007, 2005, 2004, 2003 Tax Extensions and Collections Fiscal Years Ended April 30, Levy/ Coll. Total Collections Year Extensions Amount Percent 2012/ ,672,307 18,810, % Series 2007, 2005, 2004, 2003 Ten Largest Taxpayers Taxpayer Name Description Equalized Assessed Valuation 1 State Farm Insurance Company Insurance and Financial Services $171,994,562 2 Eastland Mall Retail 16,951,118 3 Country Life Insurance Company Insurance and Financial Services 12,956,762 4 Wingover Apartments Apartments 9,275,859 5 Illinois Agricultural Association Insurance and Farm Services 9,179,192 6 Bromenn Healthcare Healthcare 7,119,161 7 Brookridge Apartments Apartments 6,770,930 8 Westminister Village Retirement Community 5,963,773 9 US REIF Parkway Fee LLC Retail 5,166, Wal Mart Retail 5,118,816 Total $250,496,730 Total Ten Largest as Percent of Total City EAV ($) 13.15% Based on 2013 Assessed Valuations Series 2014AB, 2013, 2013A, 2013C, 2012, 2011, 2009, 2007, 2005, 2004, 2003 Tax Rates Per $100 of Equalized Assessed Valuation City Tax Rate by Purpose Representative Total Tax Rates Corporate $ IMRF Fire Protection Fire Pension Police Protection Police Pension Audit Liability Park Public Benefit Social Security Bonds and Interest Total City Tax Rate $ Based on 2013 Tax Levy Series 2012, 2011, 2009 Statement of Direct General Obligation Bonded Debt (Principal Only) Outstanding GO Bonded Debt: Taxable General Obligation Bonds, Series ,935,000 General Obligation Variable Rate Demand Bonds, Series ,100,000 General Obligation Bonds, Series ,065,000 General Obligation Bonds, Series ,920,000 General Obligation Refunding Bonds, Series ,840,000 General Obligation Refunding Bonds, Series ,385,000 Taxable General Obligation Bonds, Series ,660,000 General Obligation Refunding Bonds, Series 2013A 7,800,000 Taxable General Obligation Bonds, Series 2013B 555,000 General Obligation Bonds, Series 2013C 9,225,000 Total Direct General Obligation Bonded Debt: 79,485,000 Series 2012, 2011 Direct General Obligation Bonded Debt Retirement Schedule (Principal Only) Outstanding G.O. Cumulative Retired Due Bonds Principal Amount Percent 2015 $5,980,000 $5,980, % ,800,000 12,780, % ,990,000 17,770, % ,185,000 22,955, % ,845,000 27,800, % ,110,000 31,910, % ,395,000 36,305, % ,575,000 40,880, % ,490,000 45,370, % ,700,000 50,070, % ,520,000 53,590, % ,370,000 56,960, % ,005,000 59,965, % ,215,000 63,180, % ,440,000 65,620, % ,030,000 67,650, % ,220,000 69,870, % ,420,000 72,290, % ,640,000 74,930, % ,170,000 77,100, % ,385,000 79,485, % Total $79,485,000

2 Series 2012, 2011, 2007, 2005, 2004, 2003 Detailed Overlapping Bonded Indebtedness OUTSTANDING APPLICABLE TO CITY TAXING BODY BONDS PERCENTAGE AMOUNT McLean County $316, % $153,943 McLean County Public Building Commission $12,948, % $6,304,864 Bloomington Normal Airport Authority 49,517, % $33,582,465 Bloomington School District #87 48,602, % $48,441,634 Tri Valley CUSD#3 5,343, % $30,456 Normal Community Unit School District #5 209,625, % $95,694,146 Olympia Unit #16 16,494, % $8,835,850 Community College District # ,983, % $61,676,968 Total Overlapping General Obligation Bonded Debt $254,720,326 Series 2014AB, 2013, 2013A, 2013C, 2012, 2011, 2010, 2004 Selected Financial Information 2013# Estimated Full Value of Taxable Property 5,284,715, # Equalized Assessed Valuation of Taxable Property 1,761,571,803 General Obligation Bonded Debt 79,485,000 Other Direct General Obligation Debt 35,099,054 Total Direct General Obligation Debt 114,584,054 Equalized Assessed Valuation 1,761,571,803 Estimate Full Valuation 5,284,715,409 Population 77,733 Net Direct Debt Per Capita 1, General Obligation Bonded Debt and Overlapping General Obligation Bonded Debt $334,205,326 Ratio of: Net Direct Debt to EAV 6.50% Net Direct Debt to Estimate Full Valuation 2.17% Net Direct and Overlapping Debt to EAV 18.97% Net Direct and Overlapping Debt to Estimated Full Valuation 6.32% # 2013 amounts used as 2014 amounts were not available at time of fiing Series 2010, 2004 Debt Ratios Overlapping Debt to Est. True Value 4.82% Overlapping & Direct Debt to Est. True Value 6.32% Overlapping Debt to E.A. V % Overlapping & Direct Debt to E.A. V % Overlapping Debt Per Capita 3, Overlapping & Direct Debt per Capita 4, Overlapping Debt Per Acre $14, Overlapping & Direct Debt Per Acre $19, Series 2014AB, 2013, 2013A, 2013C, 2012, 2011, 2007, 2005, 2004, 2003 Summary of Revenues, Expenditures and Changes in Fund Balance General Fund (Amounts in Thousands) Fiscal Year Ending April 30, 2014 Revenues Taxes $69,245 Licenses and permits 1,206 Intergovernmental 448 Charges for services 11,840 Fines and forfeits 1,202 Investment Income 166 Miscellaneous 1,293 Total revenues $85,400 Expenditures General government $13,944 Public safety 42,526 Highways and streets 7,662 Sanitation 0 Culture and recreation 9,868 Parking 409 Debt Service 1,842 Capital Outlay 705 Total expenditures $76,956 Excess (deficiency) of revenues over expenditures $8,444 Other Sources / (Uses) ($10,308) Fund Balance Adjustment $0 Fund balance at beginning of year $19,886 Fund balance at end of year $18,022 Series 2014AB, 2007 Balance Sheet General Fund (Amounts in Thousands) Assets Cash and Investments 9,617 Receivables, net of allowance for uncollectibles: Taxes 16,492 Loans 364 Accounts 2,362 Due from other governmental units 8,339 Due from other funds 3,085 Interfund advances 30 Inventory 353 Prepaid Items 5 Deposits Total assets 40,647 Liabilities Accounts payable and accrued expenditures 3,670 Due to other funds 0 Deposits 23 Unearned income 38 Deferred revenue 18,894 Interfund advance $0 Total Liabilities 22,625 Fund Balances Nonspendable Inventory 353 Loans 364 Interfund advances 30 Prepaid items 5 Restricted 0 Committed 0 Assigned 3,205 Unassigned $14,065 Total fund balances 18,022 $40,647 Total liabilities and fund balances

3 Series 2007 Budget General Fund Budget FY Beginning Fund Balance $13,460,189 Total Revenues $89,897,001 Transfers In 1,872,927 Total Sources $91,769,928 Total Expenditures $84,899,272 Transfers Out 6,345,627 Total Uses $91,244,899 Increase/ (Decrease) $525,029 Ending Fund/Balance $13,985,218 Series 2007 Direct General Obligation Debt TOTAL CITY DIRECT DEBT CITY PROPERTY TAX SUPPORTED DEBT General Obligation Bonds 79,485,000 79,485,000 Less: Self Supporting Debt Net Property Tax Supported Debt Plus: The Bonds Total City Direct Debt 79,485,000 79,485,000 Series 2007, 2005, 2004, 2003 Debt Service Requirements LESS: ANNUALLY TOTAL TAX TOTAL ABATED DEBT LEVIED DEBT TAX YEAR DEBT SERVICE SERVICE SERVICE ,694,884 8,221,084 1,473, ,449,834 9,010,658 1,439, ,073,435 6,663,947 1,409, ,549,885 6,174,947 1,374, ,630,935 5,540,597 1,090, ,746,035 5,680,891 1,065, ,755,044 5,718,251 1,036, ,489,296 5,860, , ,510,108 5,893, , ,308,940 6,035, , ,829,136 4,553, , ,052,019 4,774, , ,365,344 4,091, , ,419,531 3,145, , ,866,831 2,592, , ,938,388 2,664, , ,008,394 2,735, , ,086,119 2,809, , ,460,381 2,460, ,537,044 2,537,044 0 Total $109,771,583 $97,164,086 $12,607,497 Series 2007, 2005, 2003 Direct General Obligation Bonded Debt (Principal Only) FYE 2014 Year Ending Less Abated Net Tax Levied December 31, Total Existing Debt Amount Amount ,980,000 4,755,000 1,225, ,800,000 5,700,000 1,100, ,990,000 3,890,000 1,100, ,185,000 4,080,000 1,105, ,845,000 3,730,000 1,115, ,110,000 3,235, , ,395,000 3,510, , ,575,000 3,690, , ,490,000 3,985, , ,700,000 4,190, , ,520,000 3,335, , ,370,000 3,175, , ,005,000 2,800, , ,215,000 3,005, , ,440,000 2,220, , ,030,000 1,800, , ,220,000 1,980, , ,420,000 2,170, , ,640,000 2,375, , ,170,000 2,170, ,385,000 2,385,000 79,485,000 68,180,000 11,305,000

4 Series 2014AB, 2013, 2013A, 2013C, 2004 Direct General Obligation Bonded Debt (Principal Only) Calendar Less: Total Outstanding Year Series 2004 Bonds Series 2004 Demand Bonds Series 2005 Bonds Series 2007 Bonds Series 2009 Bonds Series 2011 Bonds Series 2012 Bonds Series 2013A Bonds Series 2013B Bonds Series 2013C Bonds Refunded Bonds Bonds , , , , ,000 2,270,000 1,100, ,000 5,980, , , , , ,000 2,390, , ,000 6,800, , , , ,000 1,170, , ,000 4,990, , , , ,000 1,140, , ,000 5,185, , , , , , , ,000 4,845, , , , , ,000 1,015,000 4,110, ,000 1,000, , , ,000 1,045,000 4,395, ,000 1,000, , , ,000 1,075,000 4,575, ,000 1,100, , , ,000 1,110,000 4,490, ,005,000 1,100, , , ,000 1,140,000 4,700, ,150,000 1,200, , ,000 3,520, ,310, , , ,000 3,370, ,485, ,000 1,000,000 3,005, ,675, ,000 1,000,000 3,215, ,880, ,000 2,440, ,445, ,000 2,030, ,605, ,000 2,220, ,780, ,000 2,420, ,970, ,000 2,640, ,170,000 2,170, ,385,000 2,385,000 Totals 23,935,000 10,100,000 7,065,000 8,920,000 2,840,000 4,385,000 4,660,000 7,800, ,000 9,225,000 79,485,000 Series 2014AB, 2013A, 2013C General Fund Revenue Sources Fiscal Year Ended April 30, 2014 Increase (Decrease) from FY FY 2014 Amount Percent of Total 2013 Taxes 69,245, % 2.26% Intergovernmental 448, % 1.56% Licenses and Permits 1,205, % 5.87% Charges for Services 11,840, % 1.51% Fines and Forfeitures 1,202, % 9.74% Investment Income 165, % % Miscellaneous 1,293, % 7.21% Total 85,400, % 1.37% Series 2013A, 2013C Official Budget Summary of Budgeted Appropriations General Fund, 2015 Fiscal Year 2015 REVENUES: Property Taxes 16,642,213 Home Rule and State Sales Tax 26,896,625 Other Taxes 27,637,109 Intergovernmental 2,064,130 Fees, Fines and Forfeitures 14,115,498 General Fund Transfer 1,872,927 Fund Balance Licenses and Permits 1,331,248 Miscellaneous 1,210,178 TOTAL REVENUES 91,769,928 EXPENDITURES Public Safety 45,182,822 Community Services 23,460,028 Transfers 6,345,627 Information Services 2,530,556 Planning and Code Enforcement 3,170,073 Economic Development 2,495,280 Human Resources 1,299,937 Finance, Administration and City Clerk 3,115,276 Legal 961,428 Other 2,683,872 TOTAL EXPENDITURES 91,244,899

5 Series 2014AB Statement of Activities Governmental Activities 2014 Governmental Activities General Government (9,862,795) Public Safety (40,282,444) Highways, Streets and Sanitation (16,201,065) Health and Welfare Culture and Recreation (12,996,770) Parking (114,218) Community Development (97,329) Interest on Long Term Debt (3,048,823) Total Governmental Activities (82,603,444) General Revenues Taxes: Property 23,318,742 Franchise 2,031,681 Sales 13,599,481 Home Rule Sales 12,884,341 Utility 3,181,207 Income 7,465,350 Food and Beverage 4,227,203 Other 9,538,733 Investment Income 168,227 Miscellaneous 1,841,407 Transfers (1,620,659) Total General Revenues and Transfers 76,635,713 Change in Net Assets (5,967,731) Extraordinary Item Impairment Loss (613,000) Net Assets, Beginning 140,213,865 Prior Period Adjustment 0 Net Assets, Ending 133,633,134 Series 2014AB Statement of Net Assets Governmental Activities 2014 ASSETS Current Assets: Cash and Investments 51,214,819 Receivables, Net: Taxes 23,219,066 Loans 1,590,731 Accounts 2,396,130 Accrued Interest Due from Other Governmental Unit 8,880,730 Internal Balances 1,780,947 Inventory 352,997 Prepaid Items and Other Assets 158,399 Properties Held for Resale 16,775 Total Current Assets 89,610,594 Non Current Assets: Land 19,744,622 Construction in Progress 3,641,815 Other Depreciable Capital Assets 151,077,157 Net Pension Assets 1,499,095 Bond Issuance Costs Bond Discounts Unamortized loss on refunding 94,037 Restricted Investments Total Non Current Assets 176,056,726 TOTAL ASSETS 265,667,320 LIABILITIES AND NET ASSETS: Current Liabilities: Accounts Payable and Accrued Expenses 6,011,465 Claims Payable 2,243,673 Compensated Absences 1,505,509 Accrued Interest Payable 1,164,770 Unearned Revenue 44,466 Deferred Revenue, Property Taxes 23,219,066 Deposits 23,654 Current Portion of Capital Lease Payable 1,214,684 Current Portion of Developer Agreements Current Portion of G.O. Bonds Payable 5,454,690 Total Current Liabilities 40,881,977 Non Current Liabilities: Compensated Absences 9,703,681 Claims Payable 1,826,889 Bond Premium Net OPEB Obligation 5,973,836 Net Pension Obligation 788,296 Line of Credit Capital Lease Payable, Non Current Portion 4,437,549 Developer Agreements, Non Current Portion G.O. Bonds Payable, Non Current Portion 68,421,958 Total Non Current Liabilities 91,152,209 TOTAL LIABILITIES 132,034,186 NET ASSETS Invested in Capital Assets, Net of Related Debt 140,453,350 Permanently Restricted, Non expendable Restricted 22,726,819 Unrestricted (29,547,035) TOTAL NET ASSETS 133,633,134 TOTAL LIABILITIES AND NET ASSETS 265,667,320