CONTINUING DISCLOSURE REPORT FOR FISCAL YEAR ENDED JUNE 30, Certificates of Participation. General Obligation Bonds

Transcription

1 CONTINUING DISCLOSURE REPORT FOR FISCAL YEAR ENDED JUNE 30, 2012 Certificates of Participation 1. Refunding Series Refunding Project General Obligation Bonds 1. General Obligation Bonds, Election of 2001, Series General Obligation Bonds, Election of 2001, Series General Obligation Refunding Bonds, Series 2011 March 29, 2013 Prepared by: 2321 Rosecrans Avenue, Suite 3200 El Segundo, CA 90245

2 TABLE OF CONTENTS Audited Financials 1 Summary of Revenues, Expenditures and General Fund Balances.. 1 Summary of Proposed and Adopted Budgets. 1 Summary of Aggregate Annual Debt Obligations of the District 1 Summary of Outstanding Principal Obligations of the District 1 Average Daily Attendance. 1 Assessed Valuations.. 1 Summary of Ad Valorem Tax Rates/Typical Tax Rate Secured Tax Charges and Delinquencies. 2 Largest Local Secured Property Taxpayers 3 Assessed Valuation and Parcels by Land Use.. 4 Twenty Largest Employers Located in the Boundaries of the District 5 Direct and Overlapping Debt 6 Certificated Employees and Classified Employees 7 Retirement Contribution for Fiscal Year... 7 Budgeted Retirement Contributions Estimated for Fiscal Year Developer Fees Collected.. 8 Enrollment... 8 Student Teacher Ratio.. 8 Number of District Facilities Schedule of Secured Property Tax Distribution.. 9 Page

3 Audited Financials Summary of Revenues, Expenditures and Fund Balances for Fiscal Year Summary of Proposed and Adopted Budgets for Fiscal Year Summary of Aggregate Annual Debt Obligations of the District Summary of Outstanding Principal Obligations of the District Average Daily Attendance Assessed Valuations through Fiscal Year Local Secured Utility Unsecured Total Before Redevelopment Increment $9,212,209,815 $1,862,152 $205,783,616 $9,419,855, ,846,829,515 1,789, ,089,152 8,045,707, ,828,655,821 1,513, ,070,397 7,017,239, ,952,766, , ,440,024 7,147,169, ,830,853, , ,620,746 7,058,437,258 1

4 Summary of Ad Valorem Tax Rates Typical Total Tax Rates General Palmdale School District Antelope Valley Union High School District Antelope Valley Joint Community College District Antelope Valley-East Kern Water Agency Total Fiscal Year Secured Tax Charges and Delinquencies Secured Tax Charge (1) Amt. Del. June 30 % Del. June $4,443, $223, % ,571, , ,919, , ,454, , ,530, , Fiscal Year Secured Tax Charge (2) Amt. Del. June 30 % Del. June $1,482, $189, % ,649, , ,513, , ,553, , ,722, , (1) 1% General Fund apportionment. Excludes redevelopment agency impounds. Reflects countywide delinquency rate. (2) General Obligation Bond debt service levy only. 2

5 Largest Local Secured Property Taxpayers % of Property Owner Primary Land Use Assessed Valuation Total (1) 1. Lockheed Corp. Industrial $ 304,193, % 2. Lancaster Hospital Corporation Hospital 140,702, Antelope Valley Mall LLC Shopping Center 117,349, Hoprock Palmdale LLC, Lessor Shopping Center 69,553, Wal Mart Real Estate Business Trust Shopping Center 54,527, Amargosa Palmdale Investments LLC Shopping Center 33,920, Heritage Asset Management Inc. Hotel 27,768, Bascom Fontains LLC Apartments 26,328, Lowes HIW Inc. Shopping Center 25,708, Palmdale Marketplace LLC Shopping Center 24,050, Lockheed Martin Aeronautics Co. Industrial 22,737, Target Corporation Shopping Center 21,722, Northrop Corp. Industrial 21,590, Palmdale Lodging Associates LLC Hospital 17,957, Sears Roebuck and Co. Shopping Center 16,269, Ellie I LLC Shopping Center 15,536, Coast United Advertising Co. Inc. Commercial 15,315, J and M Properties LP Shopping Center 15,190, Grae Palmdale Rancho Vista Commercial 15,156, Federal National Mortgage Association Residential Properties 14,816, $1,000,394, % (1) Local Secured Assessed Valuation: $6,830,853,312 3

6 Assessed Valuation and Parcels by Land Use % of No. of % of Assessed Valuation (1) Total Parcels Total Agricultural/Rural $ 1,271, % % Commercial 1,165,060, Vacant Commercial 131,218, Industrial 512,001, Vacant Industrial 95,811, Recreational 29,300, Government/Social/Institutional 116,915, Vacant Miscellaneous/Desert 93,001, , Subtotal Non-Residential $2,144,581, % 3, % Residential: Single Family Residence $4,018,698, % 30, % Condominium/Townhouse 124,226, , Mobile Home 3,971, Mobile Home Park 15,859, Residential Units 61,539, Residential Units/Apartments 251,692, Vacant Residential 210,283, , Subtotal Residential $4,686,271, % 35, % Total $6,830,853, % 38, % (1) Local Secured Assessed Valuation; excluding tax-exempt property. 4

7 Twenty Largest Employers Located in the Boundaries of the District Number of Employer Type of Business Employees Walmart Supercenter Department Stores 800 Us Faa Federal Government-Transportation Prgrms 600 Palmdale Regional Medical Ctr Hospitals 570 Aeronautical Systems Inc Aircraft-Manufacturers 350 Highland High School Schools 350 Walmart Supercenter Department Stores 350 American Legion Veterans' & Military Organizations 280 Ginger's Maid In America House Cleaning 278 Antelope Valley Press Newspapers (Publishers/Mfrs) 275 Delta Scientific Corp Security Guard & Patrol Service 250 Palmdale High School Schools 250 Palmdale Sheriff Station Government Offices-City, Village & Twp 250 Palmdale City Hall City Government-Executive Offices 225 Best Buy Electronic Equipment & Supplies-Retail 216 US Pole Co Inc Lighting Fixtures-Wholesale 210 J C Penney Co Department Stores 205 Dillard's Department Stores 200 Macy's Department Stores 200 Sam's Club Wholesale Clubs 200 Sears Department Stores 200 Source: infousa 5

8 Assessed Valuation: $7,058,437,258 Estimated Direct and Overlapping Bonded Debt DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT: % Applicable Debt 2/1/13 Los Angeles County Flood Control District 0.123% $ 45,750 Antelope Valley Joint Community College District ,281,601 Antelope Valley Union High School District ,633,257 Palmdale School District ,114,827 (1) Los Angeles County Community Facilities District No ,672,922 Palmdale School District Community Facilities District No ,598,773 Antelope Valley-East Kern Water Agency Community Facilities District No ,215,548 City of Palmdale Community Facilities Districts ,260,000 City of Palmdale 1915 Act Bonds ,720,650 Los Angeles County Regional Park and Open Space Assessment District ,226 TOTAL DIRECT AND OVERLAPPING TAX AND ASSESSMENT DEBT $164,470,554 DIRECT AND OVERLAPPING GENERAL FUND DEBT: Los Angeles County General Fund Obligations 0.648% $ 11,299,689 Los Angeles County Superintendent of Schools Certificates of Participation ,245 Antelope Valley Joint Community College District Certificates of Participation ,610,577 Palmdale School District Certificates of Participation ,405,053 City of Palmdale Certificates of Participation ,138,352 Los Angeles County Sanitation District No. 14 Authority ,100 Los Angeles County Sanitation District No. 20 Authority ,204,373 Palmdale Water District Certificates of Participation ,233,724 TOTAL GROSS DIRECT AND OVERLAPPING GENERAL FUND DEBT $141,065,113 Less: Los Angeles County General Fund Obligations supported by landfill revenues 108,204 TOTAL NET DIRECT AND OVERLAPPING GENERAL FUND DEBT $140,956,909 OVERLAPPING TAX INCREMENT DEBT: Palmdale Redevelopment Agency Merged Project Area % $61,341,123 Palmdale Redevelopment Agency Project Area No ,800,000 TOTAL OVERLAPPING TAX INCREMENT DEBT $83,141,123 GROSS COMBINED TOTAL DEBT $388,676,790 (2) NET COMBINED TOTAL DEBT $388,568,586 Ratios to Assessed Valuation: Direct Debt ($18,114,827) % Total Overlapping Tax and Assessment Debt % 6

9 Combined Direct Debt ($39,519,880) % Gross Combined Total Debt % Net Combined Total Debt % Ratios to Redevelopment Incremental Valuation ($2,780,538,701): Total Overlapping Tax Increment Debt % (1) Excludes issue to be sold. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded capital lease obligations. Certificated Employees and Classified Employees Fiscal Year Certificated Employees Classified Employees , ,088 1, , , , Projected Projected , , Source: Palmdale School District. Retirement Contribution for Fiscal Year Projected Retirement Contributions Estimated for Fiscal Year Number of Employees Covered Employer contributions as a % of Covered Payroll Total Employer District s Plan Contributions Covered Payroll STRS 1,207 $6,270,174 $76,002, % PERS 1,108 $2,471,458 $18,982, % Source: Palmdale School District. 7

10 Developer Fees Collected From Fiscal Year through Fiscal Year Developer Fees Collected $158, , , , ,969 Projected Projected ,000 Source: Palmdale School District Enrollment Fiscal Year Enrollment , , , , , ,400 Source: California Department of Education Educational Demographics Unit Student Teacher Ratio Source: The District. FY Student-Teacher Ratio Kindergarten Gr. 3 31:1 Gr :1 Gr :1 Number of District Facilities Currently, approximately 19,620 students are provided a K-8 educational program within 24 District Facilities. Source: The District. 8

11 Schedule of Secured Property Tax Distributions The following is a schedule of secured property taxes distributed to the District by Los Angeles County. Month Percent of Total Collection December 50% April 50% Source: Los Angeles County Auditor-Controller s Office. March 25,