Miami, FL, City of (FL)

Transcription

1 Miami, FL, City of (FL) 1 Miami, Florida, the City of, Vehicle Replacement Program 2016 of $10,644,628 dated September 20, City of Miami, Florida Limited Ad Valorem Tax Refunding Bond, Series 2015, $57,240,000, Dated: December 17, City of Miami, Florida Special Obligation Non-Ad Valorem Revenue Refunding Bond, Series 2014, $18,049,380, Dated: August 1, The City of Miami, Florida, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2012 (Port of Miami Tunnel Project), $44,725,000, Dated: December 13, Miami, Florida, City of, Special Obligation Non-Ad Valorem Revenue Refunding Bonds, Series 2011A, $70,645,000, Dated: July 21, City of Miami, Florida, Tax-Exempt Special Obligation Parking Revenue Bonds, Series 2010A (Marlins Stadium Project) $84,540,000 and Taxable Special Obligation Parking Revenue 7 Miami, Florida, City of, Special Obligation Bonds, Series 2009, (Street and Sidewalk Improvement Program) $65,000,000, Dated: December 2, Miami, Florida, The City of, Non-Ad Valorem Refunding Revenue Bonds Taxable Pension, Series 2009, $37,435,000, Dated: July 16, Miami, Florida, The City of, Limited Ad Valorem Tax Bonds, (Homeland Defense/Neighborhood Capital Improvement Projects) Series 2009, $51,055,000, Dated: May 29, Miami, Florida, City of, Special Obligation Bonds, Series 2007, (Street and Sidewalk Improvement Program) $80,000,000, Dated: December 5, Miami, Florida, The City of, Limited Ad Valorem Tax Refunding Bonds, Series 2007A (Homeland Defense/Neighborhood Capital Improvement Projects) $103,060,000, Dated July 10, Miami, Florida, The City of, General Obligation Refunding Bonds, Series 2002A, $32,510,000, Dated: April 1, Miami, Florida, The City of, Non-Ad Valorem Revenue Bonds, Taxable Pension, Series 1995, Taxable Compensated Absence, Series 1995, $72,000,000, Dated: December 1, 1995 Series 2012, 2011A, 2010AB, 2009 Pension, 2009 Sidewalk, 2009 Homeland, 2007A-B, 1995 Legally Available Non-Ad Valorem Revenues Fiscal Year Ended September 30, 2016 Revenues: Franchise and Utility Taxes $107,436,744 Licenses and Permits: Business Licenses and Permits 36,748,580 Construction Permits $33,838,229 Total Licenses and Permits $70,586,809 Intergovernmental: State and Revenue Sharing 32,683,239 Half-Cent Sales Tax 32,699,735 Fine and Forfeitures 15,074,723 Other 132,586 Total Intergovernmental 80,590,283 Charges for Services: Engineering Services 25,352,423 Public Safety 15,027,923 Recreation 15,210,701 Other 51,006,093 Total Charges for Services 106,597,140 Interest Income 2,662,789 Other 8,412,526 Component Units Operating: Transfers In 4,205,760 Total Sources of Legally Available Non-Ad Valorem Revenues 380,492,051 Essential Expenses Not Paid with Ad Valorem Taxes (164,395,823) Net Non-Ad Valorem Revenues Available for Debt Service after Payment of Essential Governmental Services 216,096,228 Maximum Annual Debt Service $49,593,285 Ratio of Non-Ad Valorem Revenues to Pro Forma Maximum Annual Debt Service City of Miami

2 2016 Vehicle Program, Series 2014, 2012, 2011A, 2010A&B, 2009 Pension, 2007&2009 Sidewalk, 1995 Pension Schedule of Principal and Interest for Non-Ad Valorem Revenue Bonds and Loans Fiscal Year Principal Interest Total ,418,298 21,655,862 45,074, ,061,661 20,501,436 44,563, ,116,859 19,227,686 42,344, ,952,350 17,983,193 40,935, ,170,381 16,914,262 36,084, ,816,303 16,079,066 29,895, ,510,971 15,345,858 29,856, ,282,670 14,557,327 29,839, ,107,159 13,703,459 29,810, ,129,240 12,667,027 33,796, ,565,000 11,527,557 29,092, ,580,000 10,508,088 29,088, ,590,000 9,487,056 29,077, ,665,000 8,407,269 29,072, ,505,000 7,372,294 26,877, ,720,000 6,486,650 20,206, ,450,000 5,756,331 20,206, ,215,000 4,992,419 20,207, ,020,000 4,186,203 20,206, ,870,000 3,335,509 20,205, ,105,000 2,439,644 20,544, ,090,000 1,460,944 20,550, ,135, ,741 12,546, Total $415,075,891 $245,006,880 $660,082,770 2 City of Miami

3 Series 2012, 2011A, 2009 Pension, 2009 Sidewalk, 2009 Homeland, 2007A,B, 2002A Summary Schedule of Revenues, Expenditures and Net Changes in Fund Balance for the General Fund Fiscal Year Ended September 30, 2016 Revenues Property Taxes $262,607,953 Franchise Fees/ Other Taxes 107,436,744 Licenses and permits 70,586,809 Fines and forfeitures 15,074,723 Intergovernmental 65,515,561 Charges for services 106,597,140 Interest 2,662,789 Other 8,412,526 Total Revenues $638,894,245 Expenditures General government 85,229,772 Planning & development 15,955,460 Community development 2,252,167 Community redevelopment areas - Public works 71,692,400 Public safety 341,774,004 Public facilities 8,152,975 Parks and recreation 36,095,677 Risk management Pensions Organizational Support/ Group Benefits Non-departmental Debt Service: Principal Interest and Other Charges Capital Outlay 4,391,433 Total Expenditures $565,543,888 Excess (Deficiency) of Revenues Over (Under) Expenditures $73,350,357 Other financing sources and (uses): Operating transfers in 4,205,760 Operating transfers out (93,881,200) Refunding Bonds Issued Proceeds from sale of property 441,720 Payments to Refunded Bond Escrow Agent Bonds Issued Loan Capital Leases Sale of Capital Assets Total other financing sources (uses) (89,233,720) Net Change in Fund Balance ($15,883,363) 3 City of Miami

4 2016 Vehicle Program, Series 2012, 2011A, 2009 Sidewalk, 2009 Homeland, 2007A,B, 2002A Direct Debt Amount Outstanding DESCRIPTION Issued Balance General Obligations Bonds: General Obligation Refunding Bonds Series 2002A $32,510,000 $715,000 Homeland Defense/Neighborhood CIP Series 2007A (Limited) 103,060,000 92,375,000 Homeland Defense/Neighborhood CIP Series 2009 (Limited) 51,055,000 39,405,000 General Obligation Refunding Bonds Series ,240,000 57,240,000 Total General Obligation Bonds $243,865,000 $189,735,000 Special Obligation and Revenue Bonds and Loans: Special Obligation Non-Ad Valorem Revenue Bonds Series 1995 $72,000,000 $17,020,000 Special Obligation Non-Ad Valorem Refunding Bonds Series ,435,000 31,835,000 Special Obligation Tax-Exempt Revenue Bonds Series 2010A 84,540,000 84,540,000 Special Obligation Tax Revenue Bonds Garages Series 2010B 16,830,000 16,495,000 Special Revenue Bonds Series ,000,000 67,445,000 Special Revenue Bonds Series ,000,000 59,060,000 Special Obligation Non-Ad Valorem Refunding Bonds Series ,725,000 42,575,000 Special Obligation Refunding Bonds Series 2011-A 70,645,000 70,645,000 Special Obligation Refunding Bonds Series ,049,380 14,816,263 Vehicle Replacement Program ,644,628 10,644,628 Total Special Obligation and Revenue Bonds and Leases $499,869,008 $415,075,891 Total Debt $743,734,008 $604,810,891 Series 2012, 2011A, 2009 Sidewalk, 2009 Homeland, 2007A,B, 2002A Direct and Overlapping Governmental Activities Debt Net Debt Percentage Applicable to Amount Applicable to Governmental Unit Outstanding the City of Miami the City of Miami Debt Repaid with Property Taxes Miami-Dade County $1,597,781, % $303,578,390 Miami-Dade County School Board 499,129, % 94,834,510 Subtotal, Overlapping Debt 398,412,900 City of Miami, Florida Direct Debt 660,892,099 Total Direct and Overlapping Debt $1,059,304,999 4 City of Miami

5 Series 2002A, 2007A, 2009, Vehicle Program,2014, 2012, 2011A, 2010A&B, 2009 Pension, 2007&2009 Sidewalk, 1995 Pension Debt Ratios General Obligation & Limited Ad Valorem Debt Per Capita $ General Obligation & Limited Ad Valorem Debt as a Percentage of Taxable Value 0.42% Non-Self Supporting Revenue Debt Per Capita $ Non-Self Supporting Revenue Debt as a Percentage of Taxable Assessed Value 0.95% General Government Debt Service (non-self supporting) as a Percentage of Non- Ad Valorem General Fund Expenditures 6.56% General Government Direct Debt Per Capita $ Net Direct Debt as a Percentage of Taxable Assessed Value 0.42% General Government Debt Service as a Percentage of Non- Ad Valorem General Fund Revenues 6.87% Series 2012, 2011A, 2007 & 2009 Sidewalk, 2009 Homeland, 2007A-B, 2002A Property Tax Rates Fiscal Year Ended September 30, Tax Roll Year General Operations Debt Service Total City Series 2012, 2011AB, 2007 & 2009 Sidewalk, 2009 Homeland, 2007A-B, 2002A Net Assessed Value and Estimated Actual Value of Taxable Property Net Assessed Value as a Real Property Percentage of Residential Commercial Personal Net Assessed Total City Estimated Estimated Fiscal Year Property Property Property Value Tax Millage Actual Value Actual Value ,319,085,749 15,141,552,949 2,141,666,844 44,602,305, ,628,790, % Series 2012, 2011A, 2007 & 2009 Sidewalk, 2009 Homeland, 2007A-B, 2002A Property Tax Levies and Collections Collected Within the Fiscal Year of the Levy Total Collections to Date Total Tax Levied Percent of Collections in Percent of Fiscal Year for Fiscal Year Amount Levy Subsequent Years Amount Levy ,176, ,048, % 4,332, ,381, % 5 City of Miami

6 Series 2012, 2011A, 2007 and 2009 Sidewalk, HD 2009, 2007A-B, 2002A, and 1995 Pension Ten Largest Tax Assessments - Principal Property Taxpayers Type of Net Assessed Percent of Total Taxpayer Business Value City Net Assessed Value 1 Florida Power & Light Utility $535,078, % S Biscayne TIC 1 LLC Real Estate 247,609, % 3 CP Miami Center LLC Commerce 198,555, % 4 T C 701 Brickell LLC Commerce 172,085, % Brickell LLC Commerce 160,067, % 6 Plantation General Hospital Medical 154,290, % 7 PR 1111 Brickell LLC Commerce 139,998, % 8 Brickell Holding LLC Real Estate 134,815, % 9 Met II Office LLC Commerce 126,923, % 10 Resorts World Miami LLC Commerce 126,391, % Total $1,995,815, % Coverage of Net Non-Ad Valorem Revenues Series 2016,2014, 2012, 2011A, 2010A&B, 2009 Pension, 2007 & 2009 Sidewalk, and 1995 Pension Historical Anti-Dilution Test Fiscal Year Ended September 30, 2016 Net Non-Ad Valorem Funds Available to Pay Debt Service $216,096,228 Debt Service $45,074,159 Coverage % Debt Service $90,148, Coverage 2.40 Series 2002A, 2007A, 2009, and 2015 Millage for Voted Debt Service Fiscal General Obligation Year Debt Series XXXX Series XXXX Total City of Miami

7 GENERAL INFORMATION REGARDING THE CITY OF MIAMI AND MIAMI-DADE COUNTY Series 1995, 2002A, HD 2007A, HD 2009, 2007 & 2009 Sidewalk, 2012, and 2011A Population City of Percent Miami-Dade Percent State of Percent Year Miami Change County Change Florida Change , % 2,712, % 20,612, % Series 2012, 2011A, 2007 & 2009 Sidewalk and 2002A Distribution of Major Employment Classifications for Miami-Dade County Percentage Occupational Title Employees of Totals Construction 46, % Manufacturing 37, % Mining and Natural Resources % Trade, Transportation, and Utilities 290, % Information 18, % Finance Activities 81, % Professional and Business 166, % Education and Health Services 174, % Leisure and Hospitality 133, % Other Services 51, % Government 139, % Total Employed 1,141, % Series 2002A, 2012, 2007 & 2009 Sidewalk and 2011A Labor Force and Employment Statistics Greater Miami Metropolitan Area Civilian Unemployment Florida Year Employment Labor Force Rate Unemployment Rate ,268,400 1,345, % 4.80% 7 City of Miami

8 Series 2002A, 2012, 2007 & 2009 Sidewalk and 2011A Top Ten Major Employers in Miami-Dade County Public Employers Name Number of Employees 1 Miami-Dade County Pubic Schools 33,477 2 Miami-Dade County 25,502 3 Federal Government 19,200 4 Florida State Government 17,100 5 Jackson Health System 9,797 6 City of Miami 3,997 7 Florida International University 3,534 8 Homestead AFB 3,250 9 Miami AV Healthcare System 2, Miami Dade College 2,390 Total 120,747 Private Employers Name Number of Employees 1 University of Miami 12,818 2 Baptist Health South Florida 11,353 3 American Airlines 11,031 4 Carnival Cruise Line 3,500 5 Miami Children Hospital 3,500 6 Mount Sinai Medical Center 3,321 7 Florida Power & Light Company 3,011 8 Royal Caribbean international/celebrity Cruises 2,989 9 Wells Fargo 2, Bank of America Merrill Lynch 2,000 Total 55,573 Series 2002A, 2012, 2011A, 1995 Pension, 2007 & 2009 Sidewalk and HD Series 2007A Record of Building Permits- City of Miami, Florida Fiscal New Commercial Other Commercial New Residential Other Residential Year Building Permits Estimated Cost Building Permits Building Permits Estimated Cost Building Permits $1,935,928,049 3, $77,948,689 1,529 Series 2012, 2011A, 2009 Sidewalk Per Capita Personal Income Year Miami Florida 2016 N/A $45,819 8 City of Miami

9 Series 1995 Pension Financial Institutions June 30 Number o Banks Total Deposits $124,821,000,000 Series 1995 Pension Educational Institutions School Year Ending June Miami Dade County Total 2016 $58,721 $356,086 Series 1995 Pension Miami International Airport Year Total Passengers Total Cargo ,600,000 2,180,684 Series 1995 Pension Port of Miami Year Revenue Total Passengers Cargo Tonnage 2016 $145,253,000 4,980,000 8,778,000 Series 1995 Pension Retail Sales Taxable Sales Fiscal Year 2016 Miami $24,860,689,533 Dade County $50,884,945,310 Miami/Dade 48.86% Unemployment Rates Annual Average 2016 Miami 5.00% Dade County 5.10% U.S 4.90% 9 City of Miami

10 Street and Sidewalk Improvement Program LOCAL OPTION GAS TAXES Series 2007 and 2009 Sidewalk Miami-Dade County, Florida - Number of Taxable Gallons Sold State Fiscal Year Ended June 30 Gasoline and Gasohol Special Fuel Total Gallons ,026,435, ,850,762 1,157,286,704 Series 2007 and 2009 Sidewalk The City of Miami, Florida - Local Option Gas Taxes Fiscal Year Local Option Gas Percentage Increase Ended September 30, Taxes Received (Decrease) ,084, % Series 2007 and 2009 Sidewalk The City of Miami, Florida - Historical Collection of Transportation Surtax Fiscal Year 80% of Transportation Percentage Increase Percentage Received by Ended September 30, Surtax Received (Decrease) the City ,604, % 29.48% Series 2007 and 2009 Sidewalk The City of Miami, Florida - Historical Collection of Parking Surcharge Fiscal Year 20% of Parking Surcharge Percentage Increase Ended September 30, Revenues Received (Decrease) ,216, % Series 2007 and 2009 Sidewalk The City of Miami, Florida - Historical Designated Revenues and Debt Service Coverage 80% of Total Annual Local Option Transportation 20% of Designated Maximum Debt Service Year Gas Taxes Surtax Parking Surcharge Revenues Debt Service Coverage ,084,039 12,604,655 4,216,799 23,905,494 9,508, City of Miami

11 PLEDGED REVENUES Series 2010A,B Convention Development Tax The Convention Development Tax is imposed by Miami-Dade County on the exercise within its boundaries (other than the Cities of Bal Harbour and Surfside) of the taxable privilege of leasing or letting transient rental accommodations at the rate of three percent (3%) of the total consideration charged therefor authorized pursuant to Section (4)(b), Florida Statutes, and imposed by the CDT Ordinance (Ordinance No ). Miami-Dade County will pay yearly to the City the amounts listed in the schedule of projected collection of pledged revenues. Miami-Dade County is to pay the Convention Development Tax in equal monthly installments from the CDT receipts received by the County each month until the annual Convention Development Tax payments are paid in full. If the CDT receipts received by the County in any year are insufficient to pay the annual Convention Development Tax payment for such year( a "Shortfall"), and if in subsequent years the amount of CDT receipts exceed the annual Convention Development Tax payment (a "Surplus"), then the County shall remit such Surplus to the City up to the amount of any Shortfall. Such Surplus shall be paid to the City until all Shortfalls have been paid in full. Series 2010A, B Miami-Dade County, Florida - 3% Convention Development Tax Collections Fiscal Year Ended 9/30 Taxable Revenue Growth Rate Tax Rate Gross Collections Administration Fees Net Collections ,674,308, % 3% 80,229,248 1,604,585 78,624,763 Series 2010A,B The City of Miami, Florida - Projected Collection of Pledged Revenues Fiscal Year Pledged Revenues CDT Parking Revenues Parking Surcharge Total ,000,000 4,411, ,461 $9,236, ,000,000 4,411, ,461 $9,236, ,000,000 4,411, ,461 $9,236, ,000,000 4,411, ,461 $9,236, ,000,000 4,411, ,461 $10,236, ,000,000 4,454, ,865 $10,321, ,000,000 4,454, ,865 $10,321, ,000,000 4,454, ,865 $10,321, ,000,000 4,454, ,865 $10,321, ,000,000 4,454, ,865 $11,321, ,000,000 4,743, ,366 $11,653, ,000,000 4,743, ,366 $11,653, ,000,000 4,743, ,366 $11,653, ,000,000 4,743, ,366 $11,653, ,000,000 4,743, ,366 $13,653, ,000,000 5,048, ,963 $14,004, ,000,000 5,048, ,963 $14,004, ,000,000 5,048, ,963 $14,004, ,000,000 5,048, ,963 $14,004, ,000,000 5,048, ,963 $14,004, ,000,000 5,367,682 1,003,656 $14,371, ,000,000 5,367,682 1,003,656 $14,371, ,367,682 1,003,656 $6,371, TOTAL $135,000,000 $109,393,271 $20,804,243 $265,197, City of Miami

12 Series 1995 The City of Miami, Florida - General Fund Revenues and Other Financing Sources (in thousands) Fiscal Year Ended September 30, Ad Valorem Business & Inter- Licenses and Charges For Other Revenue and Taxes Excise Tax Governmental Permits Services Financing Sources Total ,607, ,511,467 65,515,561 70,586, ,597,140 15,722, ,541,725 Series 1995 The City of Miami, Florida - General Fund Expenditures and Other Financing Uses by Function (in thousands) Fiscal Year Ended September 30, Police and Public General Culture and Other Expenditures or Fire Solid Waste Improvements Government Recreation Financing Uses Total ,774,004-79,845,375 85,229,772 36,095, ,480, ,425,088 APPENDIX B - PENSION PLANS AND OTHER POST-EMPOLYMENT BENEFITS See Attached "Appendix B" (GASB 25 and GASB 27 Disclosures are no longer required; were replaced with GASB 67 and 68) for the recent presentation of the following information: Historical Funding Progress - COLA Fund (in $ millions) Annual Employer Contributions - FIPO - Excluding COLA Fund Historical Funding Progress - Excluding COLA Fund (in $ millions) Revenues and Expenses of the FIPO - Excluding COLA Fund Annual Employer Contributions - GESE Historical Funding Progress - GESE (in millions) GESE Revenues Past Ten Years Annual Employer Contributions - GESE EBP (Excess benefit plan) Historical Funding Progress - EBP (in millions) City's Annual Pension Cost and Net Pension Obligation to the EBP Annual Employer Contributions - Staff Trust Historical Funding Progress - EBP (in millions) City's Annual Pension Cost and Net Pension Obligation to the EBP Annual Employer Contributions - Staff Trust Historical Funding Progress - Staff Trust City's Annual Pension Cost and Net Pension Obligation to the Staff Trust Annual Employer Contributions - EORT 12 City of Miami

13 Series 2012, 2011A Special Benefits Plans The following information relates to the City participation in the SBP: Total current year's payroll for all employees $ 307,382,972 Current year's payroll for participating employees 6,937,727 Current year employer contributions 503,738 Series 2012 Annual OPEB Cost and Net OPEB Obligation Non-Police Police Total Annual required contribution (ARC) $ 26,952,000 $ 58,957,000 $ 85,909,000 Interest on net OPEB Obligation (NOO) 1,543,000 4,795,000 6,338,000 Adjustment to ARC (2,354,000) (9,028,000) (11,382,000) Annual OPEB Cost 26,141,000 54,724,000 80,865,000 Contributions made 3,551,000 8,245,000 11,796,000 Increase in Net OPEB Obligation (NOO) 22,590,000 46,479,000 69,069,000 NOO, beginning of year 77,153, ,733, ,886,000 NOO, end of year $ 99,743,000 $ 286,212,000 $ 385,955,000 Series 2012 City's Percentage of Annual OPEB Cost Contributed to the Plans, and the Net OPEB Obligations Non-Police OPEB Percentage of Annual OPEB Employer Annual OPEB Cost Net OPEB Fiscal Year Cost Contribution Contributed Obligation 2016 $26,141,000 $3,551,000 14% $99,743,000 Police OPEB Percentage of Annual OPEB Employer Annual OPEB Cost Net OPEB Fiscal Year Cost Contribution Contributed Obligation 2016 $54,724,000 $8,245,000 15% $286,212,000 Series 2012 OPEB Funding Progress Non-Police OPEB Actuarial Actuarial Value Actuarial Accrued Unfunded AAL UAAL as Percent Valuation Date (October 1) of Assets Liability (AAL) (UAAL) Funded Ratio Covered Payroll of Annual Payroll 2016 $0 $256,912,000 $256,912, % $205,181, % Police OPEB Actuarial Actuarial Value Actuarial Accrued Unfunded AAL UAAL as Percent Valuation Date (October 1) of Assets Liability (AAL) (UAAL) Funded Ratio Covered Payroll of Annual Payroll 2016 $0 $678,879,000 $678,879, % $80,617, % 13 City of Miami

14 Miami, FL, City of (FL) APPENDIX B - PENSION PLANS Components of The Net Pension Liability for FIPO Total Plan Net Pension Fiduciary Pension Fiscal Year Liability Net position Liability 2016 $ 2,222,547,481 $ (1,700,098,500) $ 522,448,981 City Reported Deferred Outflows Of Resources And Deferred Inflows Of Resources For FIPO Deferred Inflow Deferred Outflow Fiscal Year of Resources of Resources 2016 $ 26,541,499 $ 102,190,481 Sensitivity of the Net Pension Liability to Changes in the Discount Rate for FIPO 1% Decrease Current Discount Rate 1% Increase Fiscal Year (6.42) % (7.42) % (8.42) % 2016 $ 730,131,214 $ 522,448,981 $ 332,514,826 Components of The Net pension Liability for GESE Total Plan Net Pension Fiduciary Pension Fiscal Year Liability Net position Liability 2016 $ 873,799,058 $ (589,051,025) $ 284,748,033 City reported deferred outflows of resources and deferred inflows of resources for GESE Deferred Inflow Deferred Outflow Fiscal Year of Resources of Resources 2016 $ 6,399,163 $ 55,315,512

15 Sensitivity of the Net Pension Liability to Changes in the Discount Rate for GESE 1% Decrease Current Discount Rate 1% Increase Fiscal Year (6.6) % (7.6) % (8.6) % 2016 $ 372,935,078 $ 284,748,033 $ 209,766,857 Components of The Net Pension Liability for GESE EBP Total Plan Net Pension Fiduciary Pension Fiscal Year Liability Net position Liability 2016 $ 12,750,481 $ - $ 12,750,481 City Reported Deferred Outflows of Resources and Deferred Inflows of Resources for GESE EBP Deferred Inflow Deferred Outflow Fiscal Year of Resources of Resources 2016 $ 3,653,688 Sensitivity of The Net Pension Liability to Changes in The Discount Rate for GESE EBP 1% Decrease Current Discount Rate 1% Increase Fiscal Year (3.13) % (4.13) % (5.13) % 2016 $ 14,482,923 $ 12,750,481 $ 11,354,882 Components of The Net Pension Liability for GESE Staff Trust Total Plan Net Pension Fiduciary Pension Fiscal Year Liability Net position Liability 2016 $ 4,972,592 $ (3,145,336) $ 1,827,256 City Reported Deferred Outflows of Resources and Deferred Inflows of Resources for GESE Staff Trust Deferred Inflow Deferred Outflow Fiscal Year of Resources of Resources 2016 $ - $ 469,983

16 Sensitivity of The Net Pension Liability to Changes in The Discount Rate for GESE Staff Trust 1% Decrease Current Discount Rate 1% Increase Fiscal Year (6.6) % (7.6) % (8.6) % 2016 $ 2,471,267 $ 1,827,256 $ 1,306,569 Components of The Net Pension Liability for EORT Total Plan Net Pension Fiduciary Pension Fiscal Year Liability Net position Liability 2016 $ 8,642,267 $ (6,962,265) $ 1,680,002 City Reported Deferred Outflows of Resources and Deferred Inflows of Resources for EORT Deferred Inflow Deferred Outflow Fiscal Year of Resources of Resources 2016 $ - $ 738,498 Sensitivity of The Net Pension Liability to Changes in the Discount Rate for EORT 1% Decrease Current Discount Rate 1% Increase Fiscal Year (2.75) % (3.75) % (4.75) % 2016 $ 2,978,121 $ 1,680,002 $ 632,716

17 FIPO Contributions Actuarially Contrubutions made in Contribution Covered Contribution as a Determined relation to the actuarially deficiency Employee percentage of covered- Fiscal Year Contribution determined contribution (excess) Payroll employee payroll 2016 $ 48,672,615 $ 48,672,615 $ - $ 133,083, % GESE Contributions Actuarially Contrubutions made in Contribution Covered Contribution as a Determined relation to the actuarially deficiency Employee percentage of covered- Fiscal Year Contribution determined contribution (excess) Payroll employee payroll 2016 $ 33,036,318 $ 33,036,318 $ - $ 71,924, % GESE Staff Contributions Actuarially Contrubutions made in Contribution Covered Contribution as a Determined relation to the actuarially deficiency Employee percentage of covered- Fiscal Year Contribution determined contribution (excess) Payroll employee payroll 2016 $ 291,087 $ 291,087 $ - $ 164, % GESE Excess Contributions Actuarially Contrubutions made in Contribution Covered Contribution as a Determined relation to the actuarially deficiency Employee percentage of covered- Fiscal Year Contribution determined contribution (excess) Payroll employee payroll 2016 $ 947,666 $ 648,302 $ 299,364 $ 71,924, %