General Fund Revenues Budget Actual Actual Budget Actual Actual FY 2018 12-31-2017 12-31-2016 FY 2018 12-31-2017 12-31-2016 GENERAL PROPERTY TAXES: NON-CATEGORICAL AID: Current Real Estate Taxes 10,400,000 5,266,915 5,148,648 Rolling Stock/Rental Car Taxes 42,000 24,026 23,414 Delinquent Real Property Taxes 140,000 96,230 62,133 Grantor's Taxes (Tax On Deeds) 57,000 40,056 16,038 Public Service Corp - RE & PP Taxes 308,700 312,974 307,406 Total Non-Categorical Aid 99,000 64,082 39,452 Current Personal Property Taxes 1,480,000 1,245,511 1,247,410 Delinquent Personal Property Taxes 35,000 24,886 25,776 SHARED COSTS-CATEGORICAL: Current Business Property Taxes 1,315,000 1,224,706 1,279,954 Comm. Atty / Sheriff / Med. Examiner 1,600 1,368 137 Delinquent Business Property Taxes 30,000 1,403 5,471 Commissioner of Revenue 74,000 31,334 30,597 Penalties and Interest 113,200 52,191 46,740 Treasurer 18,500 6,961 6,795 Total General Property Taxes 13,821,900 8,224,816 8,123,538 Registrar 36,000 0 0 Total Shared Costs 130,100 39,663 37,529 LOCAL TAXES: Virginia Power/VNG 307,000 109,860 110,381 EDUCATION: Communication Taxes 705,000 222,575 227,907 State Sales Tax 1,142,717 369,605 475,912 Business Licenses Taxes 1,780,000 33,697 35,590 Franchise License Taxes 116,000 30,181 35,424 OTHER CATEGORICAL AID: Bank Stock Taxes 320,000 0 0 599 Funds 385,333 192,666 192,666 Recordation Taxes 200,000 220,449 111,922 Emergency Services Grants 25,000 0 30,000 Cigarette Taxes 150,000 89,734 65,088 Public Safety Grants 1,640 6,760 0 Room Taxes 3,300,000 1,630,020 1,950,790 Miscellaneous State Grant 0 0 $2 Lodging Taxes 1,130,000 534,496 539,510 Streets & Sidewalks 1,810,000 899,734 879,153 Meal Taxes 6,995,000 3,062,511 3,800,223 Fire Programs 0 0 0 Total Other Local Taxes 15,003,000 5,933,523 6,876,835 Total Other Categorical Aid 2,221,973 1,099,160 1,101,819 PERMITS AND LICENSES: 195,990 119,744 102,263 NON-REVENUE RECEIPTS: Overtime-Police & Fire 105,000 41,446 34,545 FINES AND FORFEITURES: 195,200 93,301 90,718 WHF Grant 260,000 260,000 260,000 Arts Commission 75,000 70,000 75,000 USE OF MONEY AND PROPERTY: Enterprise Fund - Overhead Charges 650,000 325,000 325,000 Rents 715,056 372,434 398,596 Total Non-Revenue Receipts 1,090,000 696,446 694,545 Sale of Materials & Supplies 10,000 790 50,602 Total Use of Money and Property 725,056 373,224 449,198 Subtotal General Fund Revenue 35,988,922 17,651,584 18,622,028 Transfer From (To) Surplus 0 720,745 (485,039) FEES AND CHARGES: TOTAL GENERAL FUND REVENUES 35,988,922 18,372,329 18,136,989 Parks & Recreation 365,000 209,912 199,489 Planning & Community Development 45,600 26,936 24,445 Payments In Lieu of Taxes 123,000 0 0 EMS Recovery Fees 631,000 222,827 241,760 Emergency Services Contribution (W & M) 120,000 120,000 120,000 Other 79,386 58,345 44,525 Total Fees and Charges 1,363,986 638,020 630,219 FIN - 1
General Fund Expenditures Budget Actual Actual Budget Actual Actual FY 2018 12-31-2017 12-31-2016 FY 2018 12-31-2017 12-31-2016 LEGISLATIVE: PUBLIC WORKS: Mayor and City Council 155,248 93,945 104,653 Engineering 284,881 137,315 137,126 Clerk of Council 206,212 65,909 57,347 Street Department 910,868 528,829 519,024 Total Legislative 361,460 159,854 162,000 Stormwater Operations 213,419 121,424 99,941 Refuse Collection 486,300 200,440 167,317 GENERAL & FINANCIAL ADMINISTRATION: Facilities Maintenance 477,658 228,878 241,479 City Manager 539,202 258,361 244,080 Landscaping 603,191 309,108 314,950 Non-departmental - Contingency 370,480 81,499 262,964 Total Public Works 2,976,317 1,525,994 1,479,837 Economic Development 283,207 122,147 115,760 Legal-City Attorney 292,964 140,698 139,791 HEALTH & HUMAN SERVICES: Human Resources 112,858 49,612 55,489 Health Agencies 193,719 139,864 134,783 Triangle Management 42,000 28,242 20,711 Colonial Behavioral Health 255,000 127,500 127,500 Commissioner of Revenue 213,201 106,731 104,113 Public Assistance 1,088,233 261,470 261,389 City Assessor 191,534 99,508 94,163 Total Health & Human Services 1,536,952 528,834 523,672 Treasurer 68,008 37,295 33,854 Finance 843,244 451,055 393,777 EDUCATION: 9,222,757 4,547,313 4,546,721 Information Technology 803,439 463,776 386,250 City Shop 261,949 97,957 118,820 PARKS AND RECREATION: Total General & Financial Admistration 4,022,086 1,936,881 1,969,772 Administration 358,637 170,801 196,419 Supervision of Parks 265,648 145,037 136,868 BOARD OF ELECTIONS: Programs 653,971 256,973 238,999 Electoral Board and Officials 24,133 13,572 12,514 Cemetery 71,759 34,853 35,221 Registrar 155,446 74,084 70,722 Total Parks and Recreation 1,350,015 607,664 607,507 Total Board of Elections 179,579 87,656 83,236 CULTURAL: ADMINISTRATION OF JUSTICE: Williamsburg Regional Library 860,699 429,850 421,230 Joint Activities - Courthouse 450,000 176,794 151,169 COMMUNITY DEVELOPMENT: PUBLIC SAFETY: Planning 447,853 193,709 187,865 Police 4,596,661 2,282,443 2,212,787 Contributions - WADMC 1,130,000 453,310 455,708 Prince George Parking Garage 133,601 70,242 64,336 Contributions - Other Tourism Promotion 2,100,000 1,700,000 1,700,000 Fire 4,027,089 1,911,115 1,803,665 Contributions To Other Entities 816,668 727,892 701,949 Regional Jail 1,151,327 767,551 794,351 Total Community Development 4,494,521 3,074,911 3,045,522 Juv Det/Group Home Com/Colonial Com Cor 170,607 79,095 48,834 Codes Compliance 436,351 186,132 217,625 TOTAL GENERAL FUND EXPENDITURES 35,988,922 18,372,329 18,136,989 Animal Control 18,900 0 4,725 Total Public Safety 10,534,536 5,296,578 5,146,323 FIN - 2
Sales Tax Fund Budgeted Actual Actual Revenue Collected Collected REVENUES: FY 2018 12-31-2017 12-31-2016 Local 1% Taxes 4,400,000 1,591,405 2,076,683 Interest Income 150,000 135,612 71,549 Stormwater Management 13,200 Courthouse Maintenance Transfer 40,000 0 0 Bond Proceeds 0 200,000 0 Grants - State 5,625,753 172,462 515,665 Grants - Federal 527,664 55,936 0 Grants - Local 302,236 10,569 0 Transfer from EDA 75,000 0 0 Transfer from Utility Fund 500,000 500,000 0 Transfer from Fund Balance 13,164,440 0 0 TOTAL REVENUES 24,785,093 2,665,984 2,677,097 Prior Original Budget Total Actual Year's Budget Adjustments Adjusted Expended EXPENDITURES: *Carryover FY 2018 FY2018 Budget 12-31-2017 Public Works: Monticello Avenue Redesign 60,863 0 4,129,000 4,189,863 22,300 Ironbound/Longhill Intersection 1,448,299 2,000,000 0 3,448,299 553,331 Capitol Landing Road Intersection 0 5,774,300 (2,887,000) 2,887,300 0 Annual Street Resurfacing Program 150,000 1,000,000 (150,000) 1,000,000 300 Stormwater Management Improvements 80,000 60,000 (30,000) 110,000 12,500 Bicycle Facility Improvements 1,333,860 0 0 1,333,860 81,660 Bridge Inspections 83,754 95,000 0 178,754 90,464 Sidewalk Construction 15,230 0 0 15,230 12,611 Underground Wiring 1,873,782 0 (612,000) 1,261,782 0 Public Safety: E-911 Regional Center 0 45,000 0 45,000 45,000 Fire Station Improvements 0 750,000 0 750,000 3,619 Fire - 4 For Life Equipment 0 132,000 0 132,000 103,755 Fire - ATL Equipment 0 285,000 (240,000) 45,000 19,127 Police Equipment 0 51,315 0 51,315 44,861 PGPG Equipment Replacement 160,000 0 0 160,000 0 Respiratory Protection 0 0 240,000 240,000 9,613 Police Station Needs Study 0 350,000 0 350,000 0 Fire/EMS Equipment 0 0 10,570 10,570 10,568 Recreation & Open Space: Quarterpath Park Improvements 254,809 0 0 254,809 9,327 Kiwanis Park Improvements 236,250 167,000 0 403,250 0 Waller Mill Park Improvements 19,951 128,000 0 147,951 0 General Government: Municipal Building Renovations 0 20,000 0 20,000 0 Facility Painting 0 52,000 0 52,000 41,978 Library Renovations 21,334 300,000 0 321,334 0 IT - PC Replacement Program 0 30,000 0 30,000 27,273 IT - ERP System 111,364 215,000 0 326,364 62,146 IT - Phone System Gateways 0 150,000 0 150,000 47,045 Vehicles & Equipment 289,352 851,000 0 1,140,352 321,406 Debt Service 0 1,211,191 0 1,211,191 391,701 Bond Issuance Cost 0 0 0 0 205,535 Purchase of Property 300,000 0 (300,000) 0 0 Capital Contingency 198,522 200,000 (150,000) 248,522 7,540 Northeast Triangle Redevelopment & Design Plan 150,000 0 0 150,000 0 Downtown Vibrancy & Design Plan 28,039 0 0 28,039 9,920 Downtown & Arts District Way-Finding Signs 25,000 0 0 25,000 16,476 Bike Share Program Study 30,000 0 0 30,000 0 Public Art Consultant & Grant Writing 15,800 0 0 15,800 0 Comprehensive Plan Update 0 40,000 0 40,000 0 Economic Development Strategic Plan Update 0 75,000 0 75,000 0 City Housing Renovation 0 40,000 0 40,000 0 Parks, Recreation, & Cultural Master Plan 76,200 0 0 76,200 0 Courthouse Maintenance-Special Projects 0 40,000 0 40,000 0 Capital Contribution - W-JCC Schools 3,401,635 287,645 61,028 3,750,308 825,781 TOTAL EXPENDITURES 10,364,044 14,349,451 71,598 24,785,093 2,975,837 *Prior year's carryover represents amounts unspent at 6/30/17. FIN - 3
Utility Fund WATER & SEWER - OPERATIONS Budgeted Actual Actual REVENUES: FY 2018 12-31-2017 12-31-2016 Water Service 4,623,000 1,788,021 1,715,926 Sewer Service 1,850,000 886,141 768,191 Water Connections 2,400 400 2,400 HRSD Tap Fees 80,000 34,110 20,845 Sewer Connections 1,000 2,400 2,400 Penalties-Late Payments 18,000 10,397 14,254 Other Sources 10,000 1,480 1,199 Water Tower Usage 169,994 218,244 174,614 Interest Earnings 29,000 23,802 16,536 Availability Fees 300,000 264,000 153,000 XFER - Retained Earnings For Operations (291,174) 0 0 Total Revenues 6,792,220 3,228,995 2,869,365 EXPENSES: Administration 1,955,217 515,696 476,832 Water Treatment 1,396,550 600,814 590,792 Water System 658,375 309,153 288,612 Sewage System 2,502,380 928,287 865,441 Debt Service 179,698 89,850 96,183 Newport News Supplemental Water 100,000 0 0 Total Expenses 6,792,220 2,443,800 2,317,860 Excess of Operating Revenues over Expenses 0 785,195 551,505 WATER & SEWER - CAPITAL PROJECTS Prior Year Budgeted Total Adjusted Actual Expended *Carryover FY 2018 Budget 12-31-2017 Water Line Improvements 500,000 500,000 500,000 Water Treatment Improvements 50,000 50,000 14,299 Waller Mill Dam Improvements 65,000 65,000 0 Vehicles 265,000 265,000 0 Sewer System Rehab-SSO 100,000 100,000 9,020 Water/Sewer System Contingency 75,000 75,000 45,805 Water Tank Roof Replacement 294,474 0 294,474 162,676 Pump Station - Reliability Upgrade 45,000 45,000 31,106 Watershed Protection/Water Quality 75,000 75,000 0 Total Expenses 294,474 1,175,000 1,469,474 762,906 *Prior year's carryover represents amounts unspent at 6/30/17. FIN - 4
Room, Meal, and 1% Tax Receipts ROOM TAXES*: MEAL TAXES*: OF ACTIVITY FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 % Change Over FY 2017 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 % Change Over FY 2017 JUNE 380,689 337,874 361,773 344,350 356,161 3.43% 602,651 610,235 638,352 639,943 632,498-1.16% JULY 382,525 361,986 421,888 413,428 404,495-2.16% 621,313 644,092 697,301 681,050 665,247-2.32% AUG 352,853 375,949 380,727 371,577 358,765-3.45% 620,635 660,912 674,098 672,366 626,708-6.79% SEPT 220,990 232,474 245,219 263,975 262,379-0.60% 510,226 548,970 574,165 569,443 580,970 2.02% OCT 302,838 312,474 315,786 333,339 321,933-3.42% 568,788 623,324 633,160 657,173 634,684-3.42% NOV 225,426 221,569 236,122 244,774 252,130 3.01% 517,688 527,384 541,688 576,727 546,566-5.23% DEC 293,951 276,884 312,061 317,184 608,898 628,077 690,261 705,626 JAN 82,862 95,712 76,482 77,658 325,808 370,469 339,420 325,960 FEB 104,215 112,143 121,670 107,055 368,372 364,260 407,298 401,544 MARCH 180,507 203,526 252,666 219,094 468,954 503,525 588,109 531,640 APRIL 314,270 326,598 306,242 336,833 624,350 649,519 627,879 672,285 MAY 319,649 339,246 308,924 313,896 598,176 643,613 617,746 610,829 TOTAL 3,160,775 3,196,435 3,339,560 3,343,163 1,955,863-0.79% 6,435,859 6,774,380 7,029,477 7,044,586 3,686,673-2.90% * For Year/Month comparability, Room & Meal Tax receipts are shown for the month of the activity, not the month received. SUBMITTED TO CITY * 1% SALES TAX REVENUES OF ACTIVITY FY 2010 FY 2011 FY 2012 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 % Change Over FY 2017 2 year Trend 3 year Trend JULY MAY 323,317 332,913 318,212 362,793 358,893 394,536 406,981 380,725 311,120-18.28% -23.55% -21.14% AUG JUNE 378,126 360,190 370,851 381,342 421,010 403,369 375,324 392,835 386,930-1.50% 3.09% -4.08% SEPT JULY 355,356 388,998 406,585 384,312 382,301 392,691 420,181 424,742 435,923 2.63% 3.75% 11.01% OCT AUG 356,961 365,448 376,436 365,223 362,159 368,370 396,300 438,049 403,586-7.87% 1.84% 9.56% NOV SEPT 310,560 333,642 298,176 365,864 344,615 360,221 384,966 383,963 409,406 6.63% 6.35% 13.65% DEC OCT 358,732 377,128 382,026 340,142 373,736 409,284 397,188 437,094 342,490-21.64% -13.77% -16.32% JAN NOV 307,528 316,052 331,761 363,157 349,056 368,749 373,282 388,128 FEB DEC 399,000 373,554 419,484 422,543 458,961 443,047 391,024 493,171 MARCH JAN 225,941 247,379 216,043 235,738 235,088 244,321 146,242 254,086 APRIL FEB 206,963 235,780 263,824 258,308 244,659 239,823 263,015 208,095 MAY MARCH 322,218 269,636 323,127 351,036 308,622 345,039 365,159 320,261 JUNE APRIL 348,702 366,773 399,534 313,021 382,856 397,876 387,826 342,956 TOTAL 3,893,404 3,967,494 4,106,059 4,143,481 4,221,954 4,367,328 4,307,487 4,464,105 2,289,454-6.83% -3.84% -1.68% * Represents cash collections during these months which is 2 months later than the actual sales. Sales tax [6% in Hampton Roads as of July,1 2013] is collected by local businesses, submitted to the State Department of Taxation, with 1% returned to the City. FIN - 5
ANALYSIS OF ROOM, $2 LODGING, AND MEAL TAXES TOTAL ROOM SALES: OF ACTIVITY FY 2014 FY 2015 over prior yr FY 2016 over prior yr FY 2017 over prior yr FY 2018 over prior yr 2 year Trend 3 year Trend JUNE 7,613,780 6,757,480-11.25% 7,235,460 7.07% 6,887,000-4.82% 7,123,220 3.43% -1.55% 5.41% JULY 7,650,500 7,239,720-5.37% 8,437,760 16.55% 8,268,560-2.01% 8,089,900-2.16% -4.12% 11.74% AUG 7,057,060 7,518,980 6.55% 7,614,540 1.27% 7,431,540-2.40% 7,175,300-3.45% -5.77% -4.57% SEPT 4,419,800 4,649,480 5.20% 4,904,380 5.48% 5,279,500 7.65% 5,247,580-0.60% 7.00% 12.86% OCT 6,056,760 6,249,480 3.18% 6,315,714 1.06% 6,666,780 5.56% 6,438,660-3.42% 1.95% 3.03% NOV 4,508,520 4,431,380-1.71% 4,722,440 6.57% 4,895,480 3.66% 5,042,600 3.01% 6.78% 13.79% DEC 5,879,020 5,537,680-5.81% 6,241,220 12.70% 6,343,680 1.64% JAN 1,657,240 1,914,240 15.51% 1,529,640-20.09% 1,553,160 1.54% FEB 2,084,300 2,242,860 7.61% 2,433,400 8.50% 2,141,100-12.01% MARCH 3,610,140 4,070,520 12.75% 5,053,320 24.14% 4,381,880-13.29% APRIL 6,285,400 6,531,960 3.92% 6,124,840-6.23% 6,736,660 9.99% MAY 6,392,980 6,784,920 6.13% 6,178,480-8.94% 6,277,920 1.61% TOTAL 63,215,500 63,928,700 1.13% 66,791,194 4.48% 66,863,260 0.11% 39,117,260-0.79% -0.29% 6.16% TOTAL $2 LODGING TAX RECEIPTS: OF ACTIVITY FY 2014 FY 2015 over prior yr FY 2016 over prior yr FY 2017 over prior yr FY 2018 over prior yr 2 year Trend 3 year Trend JUNE 128,304 115,434-10.03% 119,724 3.72% 118,304-1.19% 117,394-0.77% -1.95% 1.70% JULY 137,110 126,762-7.55% 135,088 6.57% 134,948-0.10% 130,296-3.45% -3.55% 2.79% AUG 127,416 129,094 1.32% 125,528-2.76% 128,162 2.10% 120,684-5.83% -3.86% -6.51% SEPT 82,508 80,990-1.84% 86,680 7.03% 92,734 6.98% 89,050-3.97% 2.73% 9.95% OCT 108,644 103,940-4.33% 105,090 1.11% 108,582 3.32% 101,762-6.28% -3.17% -2.10% NOV 79,290 77,088-2.78% 79,108 2.62% 83,388 5.41% 81,186-2.64% 2.63% 5.32% DEC 93,208 87,020-6.64% 91,686 5.36% 96,706 5.48% JAN 42,152 44,410 5.36% 38,492-13.33% 36,342-5.59% FEB 47,200 50,534 7.06% 54,062 6.98% 47,620-11.92% MARCH 79,748 84,100 5.46% 94,732 12.64% 89,778-5.23% APRIL 107,656 107,504-0.14% 99,814-7.15% 107,404 7.60% MAY 105,982 111,840 5.53% 102,388-8.45% 100,614-1.73% TOTAL 1,139,218 1,118,716-1.80% 1,132,392 1.22% 1,144,582 1.08% 640,372-3.87% -1.67% 1.12% TOTAL MEAL SALES: OF ACTIVITY FY 2014 FY 2015 over prior yr FY 2016 over prior yr FY 2017 over prior yr FY 2018 over prior yr 2 year Trend 3 year Trend JUNE 12,053,020 12,204,700 1.26% 12,767,040 4.61% 12,798,860 0.25% 12,649,960-1.16% -0.92% 3.65% JULY 12,426,260 12,881,840 3.67% 13,946,020 8.26% 13,621,000-2.33% 13,304,940-2.32% -4.60% 3.28% AUG 12,412,700 13,218,240 6.49% 13,481,960 2.00% 13,447,320-0.26% 12,534,160-6.79% -7.03% -5.18% SEPT 10,204,520 10,979,400 7.59% 11,483,300 4.59% 11,388,860-0.82% 11,619,400 2.02% 1.19% 5.83% OCT 11,375,760 12,466,480 9.59% 12,663,200 1.58% 13,143,460 3.79% 12,693,680-3.42% 0.24% 1.82% NOV 10,353,760 10,547,680 1.87% 10,833,760 2.71% 11,534,540 6.47% 10,931,320-5.23% 0.90% 3.64% DEC 12,177,960 12,561,540 3.15% 13,805,220 9.90% 14,112,520 2.23% JAN 6,516,160 7,409,380 13.71% 6,788,400-8.38% 6,519,200-3.97% FEB 7,367,440 7,285,200-1.12% 8,145,960 11.82% 8,030,880-1.41% MARCH 9,379,080 10,070,500 7.37% 11,762,180 16.80% 10,632,800-9.60% APRIL 12,487,000 12,990,380 4.03% 12,557,580-3.33% 13,445,700 7.07% MAY 11,963,520 12,872,260 7.60% 12,354,920-4.02% 12,216,580-1.12% TOTAL 128,717,180 135,487,600 5.26% 140,589,540 3.77% 140,891,720 0.21% 73,733,460-2.90% -1.92% 1.98% FIN - 5A
Status of Funds CASH & INVESTMENTS: CASH EQUIVALENTS: INVESTMENTS: COMPARISON COMPARISON COMBINED LOCAL GOV'T CERTIFICATES INSURED TOTAL CHECKING INVESTMENT OF CASH CASH BOND 3 S 12 S FUND (interest-bearing) POOL** DEPOSIT SWEEP **** EQUIV. PROCEEDS TOTAL AGO AGO GENERAL FUND $6,275,178 $4,627,980 $0 $14,657,464 $25,560,622 $0 $25,560,622 $21,938,459 $26,245,956 SALES TAX FUND $1,533,878 $99,568 $0 $0 $1,633,446 $0 $1,633,446 $1,369,755 $1,243,096 ENTERPRISE FUND $2,408,669 $3,855,644 $0 $0 $6,264,313 $0 $6,264,313 $5,797,033 $6,424,575 WATER DEPOSIT FUND $48,795 $15,000 $0 $0 $63,795 $0 $63,795 $60,040 $59,519 COURTHOUSE MTCE FUND $0 $27,300 $0 $0 $27,300 $0 $27,300 $20,948 $11,032 TOTAL $10,266,520 $8,625,492 $0 $14,657,464 $33,549,476 $0 $33,549,476 $29,186,235 $33,984,178 INVESTMENT DEC. 31, 2017 SEPT 30, 2017 DEC. 31, 2016 POLICY ACTUAL ACTUAL ACTUAL % OF PORTFOLIO MATURING WITHIN 30 DAYS (MIN.) 10.00% 100.00% 100.00% 100.00% LONG-TERM DEBT: % OF PORTFOLIO MATURING WITHIN 12 S (MIN.) 50.00% 100.00% 100.00% 100.00% % OF PORTFOLIO MATURING BETWEEN 12 AND 36 S (MAX.) 50.00% 0.00% 0.00% 0.00% TOTAL 100% 100% 100% ISSUE PRINCIPAL BOND RATINGS: PURPOSE ISSUE DATE AMOUNT BALANCE: Moody's S & P TERMS: all interest paid semi-annually, principal paid annually GO Refunding Bonds 2010 October, 2010 $10,635,000 $202,712 Aa1 AAA 17 years, 2.75%, scheduled pay-off June 2020* GO Refunding Bonds 2012 June, 2012 $5,180,000 $2,060,000 Aa1 AAA 8 years, 2.40%, scheduled pay-off June 2020 GO Public Imp. & Refunding Bonds December, 2017 $19,630,000 $19,630,000 Aa1 AAA 20 years, 2.736%, scheduled pay-off July, 2037 Total $35,445,000 $21,892,712 *Represents remaining principal balance of 2010 refunding bonds that were not refinanced in December, 2017. ** State's LGIP interest rate at end of month =1.42% - compared to.77% in Dec, 2016 **** ICS account, fully insured by FDIC, current earnings rate = 1.34% FIN - 6