Document Ogden_doc_dda9b18e18

Comprehensive Annual Financial Report Year Ended June 30, 2015 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK ---PAGE BREAK--- COMPREHENSIVE ANNUAL FINANCIAL REPORT OF OGDEN CITY CORPORATION Year Ended June 30, 2015 Ogden, Utah Mayor Michael P. Caldwell City Council Bart E. Blair Neil K. Garner Caitlin K. Gochnour Richard Hyer Doug Stephens Marcia White Amy L. Wicks Prepared by: Department of Management Services David G. Buxton, Director Lisa Stout, CPA, Comptroller Camille Cook, Deputy Comptroller Korahle Jensen, Senior Accountant Cindi Hellewell, Accounting Technician Justin Sorenson, Senior Analyst Brandee Johnson, Treasurer Gabe Johns, Senior Accountant 1 ---PAGE BREAK--- OGDEN CITY, UTAH COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2015 Table of Contents Introductory Section Title Page 1 Table of Contents 2 Letter of Transmittal 4 GFOA Certificate of Achievement 13 Ogden City Organization Chart 14 Principal City Officials 15 Financial Section Independent Auditors’ Report 19 Management's Discussion and Analysis (Unaudited) 23 Basic Financial Statements Government‐wide Financial Statements Statement of Net Position 37 Statement of Activities 40 Governmental Fund Financial Statements Balance Sheet 44 Reconciliation of the Balance Sheet ‐ Governmental Funds to the Statement of Net Position 45 Statement of Revenues, Expenditures, and Changes in Fund Balances ‐ Governmental Fund 46 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances ‐ Governmental Funds to the Statement of Activities 47 Proprietary Fund Financial Statements Statement of Net Position 50 Statement of Revenues, Expenditures and Changes in Net Position 54 Statement of Cash Flows 56 Notes to the Financial Statements 60 Required Supplementary Information Budgetary Comparison Schedule – General Fund 98 Budgetary Comparison Schedule – Ogden Redevelopment Agency (Special Revenue Fund) 100 Notes to Required Supplementary Information 101 Information About Infrastructure Assets Reported using the Modified Approach 103 Schedule of the Proportionate Share of the Net Pension Liability 105 Schedule of 106 Schedule of Changes in the Net Penion Liability and Related Ratios, Public Safety Retirement System Supplementary Information ‐ Combining Statements Governmental Funds Nonmajor Governmental Funds Combining Balance Sheet 112 Combining Statement of Revenues, Expenditures and Changes in Fund Balance 113 Budgetary Comparison Schedule ‐ Capital Improvement Projects 114 Budgetary Comparison Schedule ‐ Debt Service 115 Budgetary Comparison Schedule – Municipal Building Authority 116 Budgetary Comparison Schedule – Downtown Special Assessment 117 2 ---PAGE BREAK--- OGDEN CITY, UTAH COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2015 Table of Contents, Continued Budgetary Comparison Schedule – Cemetery Perpetual Care 118 Budgetary Comparison Schedule – Permanent Trust Gomer A. Nicholas 119 Proprietary Funds Nonmajor Enterprise Funds Combining Statement of Net Position 122 Combining Statement of Revenues, Expenditures and Changes in Net Position 124 Combining Statement of Cash Flows 126 Internal Service Funds Combining Statement of Net Position 130 Combining Statement of Revenues, Expenditures and Changes in Net Position 131 Combining Statement of Cash Flows 132 State of Utah – Impact Fees 133 Statistical Section (Unaudited) Financial Trends 139 Net Position by Component 141 Changes in Net Position Changes in Fund Balances, Governmental Funds 144 Fund Balances, Governmental Funds 146 Revenue Capacity 147 Assessed and Estimated Actual Value of Taxable Property Principal Taxpayers for the Calendar Year 2014, 2004 150 Property Tax Appropriations and Collections Property Tax Rates, Direct and Overlapping Governments 152 Tax Revenues by Source 153 Debt Capacity 155 Ratios of Outstanding Debt by Type Ratios of General Bonded Debt Outstanding to Assessed Value and Per Capital 158 Computation of Direct and Overlapping Debt Computation of Legal Debt Margin 160 Revenue Bond Coverage ‐ Water Utility Revenue Bond Coverage ‐ Sanitary Sewer Utility 162 Revenue Bond Coverage ‐ Storm Sewer Utility Revenue Bond Coverage ‐ Refuse Utility 164 Industrial Revenue Bonds Outstanding 165 Demographic and Economic Information 167 Demographic and Economic Statistics 169 Largest Employers Operating Information 171 Full‐Time Authorized Employees Summary by Program Operating Indicators by Function/Program Capital Assets Statistics by Function/Program 175 Miscellaneous Statistics 176 Schedule of Insurance Coverage 178 Staff per 1,000 Residents 3 ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal December 14, 2015 Citizens, Honorable Mayor and Members of the City Council City of Ogden Ogden, Utah 84401 Dear Citizens, Mayor and Members of the City Council: In accordance with Section 10-6-150 of the Utah Code Unannotated 1993 you are being provided the Fiscal Year 2014- 2015 Comprehensive Annual Financial Report of the City of Ogden. This report has been formatted to comply with the financial reporting standards developed by the Governmental Accounting Standards Board (GASB). This report includes Government-Wide Financial Statements. The Government-Wide Financial Statements include a statement of net assets that provide the total net assets of the government, including all capital assets (including infrastructure) and the statement of activities that shows the cost of providing government services. Additional information can be found in Management’s Discussion and Analysis which begins on page 23. Responsibility for both the accuracy of the data, and the completeness and fairness of the presentation, including all disclosures, rests with City management. To the best of our knowledge, the enclosed data is accurate in all material respects and is reported in a manner designed to fairly present the financial position and results of operations of the City's various activities. These assertions are based upon a comprehensive framework of internal control that has been established for this purpose. The Comprehensive Annual Financial Report is presented in three sections: Introductory, Financial and Statistical. The Introductory Section includes the title page, the table of contents, this transmittal letter, the City's organization chart, a list of principal officers, and the Certificate of Achievement for Excellence in Financial Reporting for the 2014 Comprehensive Annual Financial Report. The Financial Section includes the basic financial statements and the combining and individual fund financial statements and schedules, as well as the auditors’ report on the financial statements and schedules which begins on page 19. This section also includes the management’s discussion and analysis (MD&A). The Statistical Section includes selected financial and demographic information presented on a multiyear basis where available. The City is required to undergo an annual single audit in conformity with the provisions of the Single Audit Act of 1996 and U.S. Office of Management and Budget Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations. Information related to this single audit, including the Schedule of Expenditures of Federal Awards, findings and recommendations, and auditors’ reports on the internal control structure and compliance with applicable laws and regulations are included in a separate Single Audit report. 4 ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal REPORTING ENTITY AND ITS SERVICES The City of Ogden, Utah was incorporated on February 6, 1851 and is defined as a city of the second class as defined in Title 10 of the Utah Code. The City is located in the northern part of the state and serves a population of over 84,000 residents and is the largest city in Weber County. The City functions under a strong mayor form of government. Under this form of government the Mayor is elected to a full-time position as the Chief Executive over the administration of the City. The City Council serves as the legislative arm of the government and approves and adopts the annual budget. This report includes all of the City's funds. The City provides a full range of services. Services provided by the City under general governmental functions include police and fire protection, planning and engineering, code enforcement, street maintenance, traffic control, parks operation and maintenance, recreation services, community development, and general administrative services. In addition, water services, sanitary sewer services, storm sewer, solid waste collection and disposal services, the golf courses, certain recreational programs, BDO activities, ambulance and paramedic services are provided under an enterprise fund concept, with user charges set by the City Council to ensure adequate coverage of operating expenses and payments on outstanding debt. The Municipal Airport is handled as an enterprise fund supported, in part, by contributions from the General Fund. Fleet/facilities operations, information technology systems and risk management are handled through internal service funds. The Tax Increment Districts of the Ogden Redevelopment Agency are reported as a Special Revenue Fund in this report. The Municipal Building Authority, Cemetery Perpetual Care and the Downtown Ogden Special Improvement District are also reported as Special Revenue Funds. The Capital Projects fund is used to account for projects approved in the City’s Capital Improvement Plan. The Gomer A. Nicholas Park Endowment is reported as a permanent fund. The interest from this fund is used to improve the City’s parks system. ACCOUNTING SYSTEM AND BUDGETARY CONTROL In developing and evaluating the City's accounting system, consideration is given to the adequacy of internal accounting controls. Internal accounting controls are designed to provide reasonable, but not absolute, assurance regarding: the safeguarding of assets against loss from unauthorized use or disposition; and the reliability of financial records for preparing financial statements and maintaining accountability for assets. The concept of reasonable assurance recognizes that: the cost of control should not exceed the benefits likely to be derived; and the evaluation of costs and benefits requires estimates and judgments by management. All internal control evaluations occur within the above framework. We believe the City's internal accounting controls adequately safeguard assets and provide reasonable assurance of proper recording of financial transactions. As a part of the City's single audit, described earlier, tests are made to determine the adequacy of the internal control structure, including that portion related to federal awards, as well as to determine that the City has complied with applicable laws and regulations. In addition, the City maintains budgetary controls. The objective of these budgetary controls is to ensure compliance with legal provisions embodied in the annual appropriated budget approved by the City Council. Activities of all funds used by the City are included in the annual appropriated budget. Project-length financial plans are adopted for the Capital Improvement Projects Fund. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established at the department level within an individual fund. The City also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Encumbered amounts lapse at year-end. However, encumbrances are generally re-appropriated as part of the following year's budget, and reserves for such are indicated as a portion of fund balances. 5 ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal ECONOMIC CONDITION AND FINANCIAL PLAN The national gross domestic product (GDP) expanded at a rate of 2.2% in the last quarter of 2015 over the same quarter of 2014. Ogden City’s sales tax growth during FY 2015 was 12.5%. Ogden City is in a better financial position at the end of FY 2015, due in part to conservative spending and increased revenues. Projections in the FY 2016 budget are conservative yet optimistic, due to steady economic growth. In July of 2015 the New York Times reported that economic forecasters’ predict strong economic growth in 2016, Consensus has the economic grow at a rate of 2.8% in 2016, in part due to a presidential election. While the City is expecting moderate economic growth, it will monitor actual revenues received on a basis to ensure that expenditures do not exceed generated revenues. The City monitors revenues and expenses through a committee that meets to review the results of operations, as well as discusses economic concerns, development, legislative actions that may affect the City and future economic conditions and trends. The City budgets ongoing revenues, such as sales tax, property tax and other taxes and fees for operating uses. One time revenue sources, such as grants are considered separately and only budgeted for the period and use available. The City also uses a financial planner to help determine the sufficiency of the Utility rates that are in place to ensure future operation and replacement needs can be met. ECONOMIC DEVELOPMENT Ogden consistently attracts global business and world-class events to the area with our unique mix of outdoor recreation, burgeoning business, and vibrant, active lifestyle; and our continued commitment to revitalize Ogden has positioned the City once again in the national and world spotlights. Forbes ranks Ogden No. 11 in its “Best Places for Business and Careers.” The report says “Ogden business costs are fourth lowest in the U.S. and high school attainment is off the charts.” Ogden ranks third in Forbes’ 2014 list of “America’s Best Places to Raise a Family” and also makes Forbes’ list of “The Best 25 Places to Retire.” 6 ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal The American Planning Association names Ogden’s 25th Street in its “Great Places in America: Streets” report for its “most complete contiguous collection of turn-of-the- century commercial architecture in Utah,” adding “but it’s the stories behind the buildings that make the street unique.” NerdWallet, a consumer advocacy website based in San Francisco, ranks Ogden second best medium-sized metropolitan area in the country for homeownership. Ogden is named in the “Top 20 U.S. Cities for Tech Startups” (Associated Press, Oct. 23, 2014) and comes in at number three in the “Top 5 U.S. Cities for Young Computer Professionals” (changetheequation.org, Oct. 16, 2014). Still Ogden’s “low-key vibe” at local ski resorts and its “greatest snow on earth” continue to get attention from well- known media such as USA Today (Jan. 17, 2014), US Airways Magazine (Feb. 2014), Dallas Morning News (March 7, 2014), DCSki.com (May, 24, 2014), Backcountry Magazine (Sept. and Oct. 2014), and Outside Online (Oct. 7, 2014) among others. Economic development efforts in Ogden are diligent and progressing with great momentum. The City has undertaken many strategies that have led to promising results for Ogden, and all redevelopment activities are made with serious analysis of potential benefits and a watchful eye toward current and future prosperity for residents. Calculated efforts to attract, develop, and retain business in the area has resulted in more than 1,085 new jobs in this fiscal year. Additional jobs have been retained and still more companies have committed to expansions in the coming years. Businesses recruited to or expanding in the area include: Northrup Grumman, Purch, Osprey Packs, Esurance, Answer Financial, WebNX, Rhema Health Products, Wells Fargo Financial Advisors, Volagi, Mercury Wheels, Lincoln Title, America First Credit Union, Warren’s CraftBurger/Century Club, Corner Bakery Café, Walgreens, Crossroads Skatepark and Shop, Zaxby’s, and Burlington Coat Factory. Ongoing development projects target specific areas to remove blight, clean up and beautify the environment, stimulate entrepreneurial activity, and attract investment and developers. Ogden Riverbend is a master planned redevelopment community along the Ogden River will offer multiple housing types in a walkable neighborhood setting. Restaurants and retail will enhance this mixed-use community. The river experience is being enhanced with parks, open spaces, and trail systems providing recreational opportunities, including the High Adventure Park with unique playground amenities and features. Oak Den Bungalows is planned to be exclusive housing development located in the heart of Ogden's Central Bench Historic District. Green building practices have been incorporated into the plan with historic architectural features to create homes that offer a high quality of life and low cost of living. 7 ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal The City held a ground breaking for the Ogden Business Exchange in Fiscal Year 2015. The Ogden Business Exchange is a planned business park located on 51 acres at the historic Ogden Union Stockyards. Designed to be more than a collection of buildings and roads for technology companies and industry, its proximity to walking and biking paths along the Weber River encourages a connection to the active outdoor recreation lifestyle that abounds in Ogden. A unique layout is planned to embody the history of the site through open space development and preservation of important elements. The Ogden Business Exchange will take several years to complete. As different business clusters are being established in the area, business development strategies are helping to foster their success. While cluster recruiting of bicycle manufacturers continues with a recruiting trip to Taiwan and hosting world- class events in Ogden like Scenic Tour of Utah and QBP Fat Bike Summit and Dealer Camp, new business clusters are emerging and gaining traction. Mobile Apps Lab (Startup Ogden) is located within the new Weber State Downtown campus building offering entrepreneurs the opportunity to network with other technology minds while building, testing, and taking to market software applications for mobile devices. The State of Utah’s STEM Action Center awarded Ogden School District and its partners a grant in connection with the STEM initiative. The STEM initiative is a coordination of workforce, education, and industry partners to establish a spark of interest in young students in science, technology, engineering, and math disciplines to augment the anticipated new jobs expected to come to Ogden that will require STEM graduates. Formal training programs are being established with Ogden-Weber Applied Tech College to help train for non-destructive inspection and advanced composites jobs. PUBLIC IMPROVEMENT The City recently completed an award winning Ogden Water Treatment Plant that utilizes the latest in microfiltration technology. This technology produces more consistent and higher quality water than conventional water treatment plants. The Plant is sized to meet current peak demands and is also easily expandable to meet future growth demands. Additionally, the Plant offers many water conservation education features. Additionally, the 36” Supply Line Replacement Project in effect added a large capacity to Ogden’s Water System. This was done by replacing a steel and concrete pipeline that had failed and at its peak was losing approximately two million gallons per day. The newly installed pipeline is made of a much more reliable material, ductile iron. This line will be able to reliably carry the total production of Ogden’s Pineview Well Field. 8 ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal Improvements to both the Harrison Boulevard and 5 Points Storm Water drains allows water to be captured, pre-treated and discharged safely while eliminating potential flooding threats and removing water from the roadways. The Storm Water Utility also replaced the old, dilapidated 17th Street lift station to ensure a safer work area for the employees. The 32nd Street Sidewalk was installed which allows children in elementary and middle school to safely access the schools without walking in roadway. Pickleball courts were completed at Monroe Park, bringing the total number of pickleball courts to 16 city-wide. Now that we have this inventory in 2 parks we have the ability to hosts tournaments that we’ve never been able to pursue. After 75 years, one of our most reserved pavilions in the Ogden City parks inventory needed a complete face lift. The Lorin Farr Pavilion was redone with modern engineering standards to bring it up to current codes that meet seismic and ADA standards. This beautiful edifice should last at least another 75 years. GOVERNMENT REVENUES Revenues for general governmental functions (General Fund) for the fiscal year ended June 30, 2015 totaled $57,566,272. The amounts of revenue from various sources are shown in the following tabulation: Taxes produced 59.4 percent of general revenues. The amount of taxes collected in fiscal year 2015 decreased mostly from reclassifying allocation from municipal operations from a tax on utility revenue to a transfer into the general fund from other funds. Taxable value of property in Ogden City for calendar year 2014 was $3.87 billion. Included in this amount is $1.1 billion in the tax increment districts. Licenses and permits provided 4.2 percent of general revenues. The increase from the prior year is due to an increase in building permits. Intergovernmental revenues represented 16.7 percent of total general revenue. This represents a 41.2% increase from the prior year, due to an increase in federal funds for redevelopment. Charges for services provided 13.7 percent of general revenues which equates to a 1.2 percent increase from the previous year. General participation in these activities changes with economic conditions. Fines and forfeitures provided 3.4 percent of general revenues. Justice court and civil citation activity has decreased over the past year. % of % of % of % of Revenue Source 2015 Total 2014 Total 2013 Total 2012 Total Taxes 34,191,113 $ 59.4% 38,091,714 $ 65.8% 37,445,113 $ 65.8% 35,865,785 $ 63.6% Licenses and permits 2,439,734 4.2% 2,301,809 4.0% 1,789,847 3.1% 2,285,419 4.1% Intergovernmental 9,632,057 16.7% 6,822,806 11.8% 7,712,677 13.6% 7,385,017 13.1% Charges for services 7,897,247 13.7% 7,228,630 12.5% 6,577,440 11.6% 6,557,954 11.6% Fines and Forfeitures 1,976,082 3.4% 2,168,991 3.7% 2,193,546 3.9% 2,930,273 5.2% Interest income 95,099 0.2% 55,606 0.1% 8,319 0.0% 148,198 0.3% Other revenue 1,334,940 2.3% 1,237,359 2.1% 1,165,783 2.0% 1,238,791 2.2% 57,566,272 $ 100% 57,906,915 $ 100% 56,892,725 $ 100% 56,411,437 $ 100% Change from prior year -0.6% 1.8% 0.9% 3.0% 9 ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal Interest Income provided 0.2 percent of general revenues. This amount represents a small increase over the previous year. Rates of return have remained lower than historical levels. Other revenue includes police auctions, insurance rebates, sales of assets and other administrative revenues. GENERAL FUND EXPENDITURES Expenditures for general governmental purposes (General Fund) for the fiscal year ended June 30, 2015 totaled $60,006,654. Levels of expenditures for major functions of the city are as follows: Expenditures for fiscal year 2015 increased over the prior year. The majority of this increase is attributed to the City covering the increased cost of health care insurance and retirement. Additionally the City awarded a 4 percent average pay for performance wage increase to employees during 2015. FUND BALANCE GUIDELINES Utah State Code Section 10-6-116 establishes guidelines on the use of fund balance in the General Fund. As outlined, any fund balance in excess of five percent of estimated revenues may be utilized for budget purposes. The section further indicates the fund balance shall not exceed twenty-five percent of estimated revenues. Under these guidelines the City's fund balance parameters are approximately $2,701,531 and $13,507,656 based on next fiscal year's budgeted receipts. The unassigned portion of the General Fund balance at June 30, 2015 is $3,771,984. ENTERPRISE FUNDS The income before transfers and capital contributions for the enterprise funds for the current and preceding three fiscal years are as follows: Expenditure by % of % of % of % of Function 2015 Total 2014 Total 2013 Total 2012 Total General Government 11,066,424 $ 18.4% 9,862,318 $ 17.6% (35,581,178) $ -65.1% 9,956,836 $ 18.5% Police and Fire 25,371,705 42.3% 24,728,817 44.0% 24,124,524 44.1% 23,180,853 43.0% Public Services 9,365,098 15.6% 9,928,317 17.7% 9,919,398 18.1% 9,873,168 18.3% Community and Economic Development 11,925,607 19.9% 9,343,143 16.6% 8,571,079 15.7% 8,394,772 15.6% Debt Service 2,277,820 3.8% 2,280,844 4.1% 2,560,274 4.7% 2,473,856 4.6% 60,006,654 $ 100% 56,143,439 $ 100% 54,696,021 $ 18% 53,879,485 $ 100% Change from prior year 6.9% 2.6% 1.5% -5.3% Income (loss) before transfers and % % of % capital contributions 2015 Change 2014 Total 2013 Change 2012 Water Utility 5,182,119 $ 98.3% 2,613,451 $ -31.1% 3,793,285 $ 11.1% 3,415,763 $ Sanitary Sewer Utility 1,993,736 -8.7% 2,182,927 -8.7% 2,390,258 -36.9% 3,789,038 Storm Sewer Utility 1,910,613 0.0% - 0.0% - 0.0% - Refuse Collection 1,717,068 72.4% 996,044 37.8% 722,673 81.6% 397,913 Business Depot Ogden (3,772,391) 23.8% (3,047,884) 301.0% (760,153) -31.4% (1,108,348) Municipal Airport (1,719,970) -203.4% (566,885) 138.0% 1,492,138 189.3% (1,670,682) Golf Courses (193,949) -222.1% (60,208) 78.0% (273,635) -15.8% (236,230) Recreation 87,204 546.0% (19,553) 141.2% 47,470 782.8% (6,952) Dinosaur Park - 0.0% - 100.0% 83 101.9% (4,285) Medical Services 391,044 -48.8% 763,335 -4.2% 797,025 -54.1% 1,736,820 10 ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal The above table shows the income (loss) generated by each fund rather than presenting the total change in net assets due to the effect of the inclusion of large capital contributions from outside donors and transfers of infrastructure assets from Business Depot Ogden to the Water and Sewer funds. The Unrestricted Net Assets for the enterprise funds for the current and preceding three fiscal years are as follows: DEBT ADMINISTRATION Outstanding bonds: General Obligation Refunding issued in 2009 have $2,075,000 principal outstanding. These bonds mature December 15, 2015. Sales Tax Revenue issued in 2011 have $1,351,000 principal outstanding. These bonds mature March 1, 2026 Tax Increment Revenue bonds have $31,240,000 principal outstanding. These bonds mature by June 2031. Water & Sewer Revenue bonds issued in 2009 have $3,755,000 principal outstanding. These bonds mature June 15, 2024. Water & Sewer Revenue bonds issued in 2008 have $42,930,000 principal outstanding. These bonds mature June 15, 2038. Water & Sewer Revenue bonds issued in 2013 have $12,440,000 principal outstanding. These bonds mature June 15, 2038. Water Revenue bonds issued in 2012 have $3,676,000 principal outstanding. These bonds mature June 15, 2033 Water Revenue bonds issued in 2013 have $4,912,000 principal outstanding. These bonds mature June 15, 2033. Storm Water Revenue bonds issued in 2012 have $1,522,000 principal outstanding. These bonds mature June 15, 2023. Storm Water Revenue bonds issued in 2013 have $4,125,000 principal outstanding. These bonds mature June 15, 2033. Solid Waste Revenue bonds issued in 2001 have $600,000 principal outstanding. These bonds mature June 15, 2016. Ogden Municipal Building Authority Refunding bonds issued in 2006 have $2,279,000 principal outstanding and mature June 15, 2021. Ogden Municipal Building Authority bonds issued in 2007 have $1,505,000 principal outstanding and mature January 15, 2028. Annual requirements to amortize this debt are provided for in each year's budget. Unrestricted % % of % Net Position 2015 Change 2014 Total 2013 Change 2012 Water Utility 7,403,453 $ -17.0% 8,920,663 $ 10.3% 8,089,476 $ -7.9% 8,779,378 $ Sanitary Sewer Utility 14,105,967 -23.8% 18,514,015 2.8% 18,011,400 19.4% 15,081,839 Strom Sewer Utility 4,412,488 0.0% - 0.0% - 0.0% - Refuse Collection 4,530,253 49.7% 3,025,512 8.1% 2,799,724 26.1% 2,220,522 Business Depot Ogden 12,629,752 29.6% 9,744,785 3.6% 9,409,399 18.5% 7,943,621 Municipal Airport (2,300,229) -7.6% (2,138,051) -0.7% (2,122,551) -26.5% (1,678,284) Golf Courses (45,577) 143.2% 105,506 124.9% (423,539) 46.7% (794,518) Recreation 36,557 26.2% 28,970 -36.3% 45,485 -61.4% 117,775 Dinosaur Park (27,795) 0.0% (27,795) 0.0% (27,795) 0.3% (27,878) Medical Services 1,066,409 -72.0% 3,812,435 18.8% 3,208,148 -15.8% 3,808,334 11 ---PAGE BREAK--- 12 ---PAGE BREAK--- 13 ---PAGE BREAK--- CITY COUNCIL (Elected Officials) MAYOR (Elected Official) COUNCIL EXECUTIVE DIRECTOR (Appointed Position) CHIEF ADMIN OFFICER (Appointed Position) CITY ATTORNEY (Appointed Position) FIRE CHIEF (Appointed Position) POLICE CHIEF (Appointed Position) PUBLIC SERVICES DIRECTOR (Appointed Position) COMMUNITY & ECONOMIC DEVELOPMENT DIRECTOR (Appointed Position) MANAGEMENT SERVICES DIRECTOR (Appointed Position) OGDEN CITY CORPORATION ORGANIZATIONAL STRUCTURE ADMINISTRATION COMPTROLLER FISCAL OPERATIONS HUMAN RESOURCES RECORDER FLEET & FACILITIES INFORMATION TECHNOLOGY RISK MANAGEMENT JUSTICE COURT ADMINISTRATION CEMETERY RECREATION ENGINEERING GOLF COURSES WATER UTILITY SEWER UTILITY SANITATION OPERATIONS ADMINISTRATION PREVENTION OPERATIONS MEDICAL SERVICES ADMINISTRATION SUPPORT SERVICES UNIFORM ADMINISTRATION PLANNING COMMUNITY DEVELOPMENT BUSINESS SERVICES ARTS, CUTLURE & EVENTS AIRPORT BDO BUILDING SERVICES ANIMAL SERVICES CODE SERVICES CITIZENS of OGDEN CITY INVESTIGATIONS PUBLIC WAYS & PARKS BUSINESS DEVELOPMENT COUNCIL STAFF ATTORNEY STAFF 14 ---PAGE BREAK--- OGDEN CITY CORPORATION PRINCIPAL CITY OFFICIALS June 30, 2015 Michael P. Caldwell Richard Hyer Mayor Council Member, Chair Caitlin Gouchnour Bart E. Blair Neil K. Garner Council Member, Vice Chair Council Member Council Member Doug Stephens Marcia White Amy L. Wicks Council Member Council Member Council Member Ogden City Department Heads Name Chief Administrative Officer Mark L. Johnson City Council Executive Director William B. Cook City Attorney Gary Williams Management Services Director/Budget Officer David G. Buxton Police Chief Michael R. Ashment Fire Chief Michael L. Mathieu Public Services Director Jay Lowder Community and Econ. Dev. Director Tom Christopulos Additional Administrative Officials City Recorder Tracy Hansen City Treasurer Brandee Johnson City Engineer Justin Anderson Building Official Steven Patrick Court Administrator Paula Carr Comptroller Lisa Stout 15 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 16 ---PAGE BREAK--- Financial Section 17 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 18 ---PAGE BREAK--- www.eidebailly.com 5 Triad Center, Ste. 600 I Salt Lake City, UT 84180-1106 I T [PHONE REDACTED] I F [PHONE REDACTED] I EOE 19 Independent Auditor’s Report To the Mayor and Members of the City Council Ogden City Corporation Ogden, UT Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Ogden City Corporation (the City) as of and for the year ended June 30, 2015, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Audit Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions. Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of Ogden City Corporation, as of June 30, 2015, and the respective changes in financial position and, where, applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America. ---PAGE BREAK--- 20 Emphasis of Matter As discussed in Notes 1 and 17 to the financial statements, the Ogden City Corporation has adopted the provisions of GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71, Pension Transition for Contributions Made Subsequent to the Measurement Date, which has resulted in a restatement of the net position as of July 1, 2014. Our opinions are not modified with respect to this matter. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, certain pension information, budgetary comparison information, and information about infrastructure assets, as listed in the table of contents, be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of American, which consisted of inquires of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquires, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise Ogden City Corporation’s financial statements. The introductory section, combining and individual non-major fund financial schedules, other supplemental budgetary schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the financial statements. The combining and individual non-major fund financial schedules and the other supplemental budgetary schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. Such information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining and individual non- major fund financial schedules and other supplemental budgetary schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them. ---PAGE BREAK--- 21 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued a report dated December 14, 2015 on our consideration of Ogden City Corporation’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, grant agreements, and other matters. The purpose of that report is to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. Salt Lake City, Utah December 14, 2015 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 22 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 INTRODUCTION The following is a discussion and analysis of Ogden City’s financial performance and activities for the year ended June 30, 2015. Please read it in conjunction with the transmittal letter in the Introductory Section of this report and with the financial statements that follow. HIGHLIGHTS Government-wide  As of July 1, 2014, the City adopted GASB Statement No. 68, Accounting and Financial Reporting form Pensions and GASB Statement No. 71, Pension Transactions for Contributions Made Subsequent to the Measurement Date. As a result the City had a significant restatement in fiscal year 2015 to beginning net position. The effect of GASB 68 is reported in the notes to financial statements, Note 17 on page 94. Net position information for fiscal year 2014, presented here in the management discussion and analysis has not been restated for the effects of GASB 68. The City’s total net position decreased $8,199,704 or 2.24 percent from the prior year. The decrease is a result of the GASB 68 implementation. Net position of governmental activities decreased $9,104,463 or 5.84 percent, and net position of business-type activities increased by $904,759 or 0.43 percent. Fund Level  Fund balances in the City’s governmental funds increased $2,766,214 or 11.92 percent from the prior year. Revenue in most governmental funds met budgeted expectations with the exception of the intergovernmental revenue. This revenue category is where the City accounts for grants. The City will recognize a budget for the grant when it is awarded, however revenue generally is not received until the City has spent the funds and requests reimbursement from the granting agencies.  Property tax revenues in the general fund increased $51,681 or .51 percent over the prior year. Property taxes in the general fund were also under budget by $415,552 or 3.9 percent below budget. Property tax collected in the Redevelopment Agency decreased by $208,836, a decline of 1.55 percent. Redevelopment Agency collected property tax did exceed the budget by $24,790 or 0.19 percent. The City’s total sales taxes increased $464,612 or 2 percent from the previous year. The City’s license and permit revenue increased $137,925 or 6 percent. This is generally attributed to a stable economy and developments within the City. Long-term Debt  The City’s long-term debt decreased by the amount of scheduled payments, less the issuance of a HUD 108 loan received by the City and capital lease financing for the purchase of vehicles and equipment.  The City obtained a guaranteed assistance loan from the U.S. Department of Housing and Urban Development (section 108 loan guarantee), during fiscal year 2015 in the amount of $3,340,000 to be used in connection with the Ogden Business Exchange. The section 108 loan guarantee is initially, variable interest rate, at 0.2 percent above the 3 month LIBOR, adjusted Interest only payments are required until August 2019, when the principal repayment begins and the borrowing is converted to a fixed interest rate. The section 108 loan guarantee will be paid off in August of 2032.  The City retired capital lease borrowings of $1,571,285 during fiscal year 2015, by trading in equipment and entered into new capital lease transactions to finance new equipment in the amount of $3,499,551. These lease obligations and the capital equipment being finance are accounted for in the Fleet, Facilities, Electronics and Stores Internal Service Fund. All of the outstanding lease agreements, of $3,822,189 will be paid by the end of fiscal year 2020. 23 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 OVERVIEW OF THE FINANCIAL STATEMENTS This discussion and analysis is an introduction to the City’s Basic Financial Statements. The Basic Financial Statements include three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. In addition to the Basic Financial Statements, this report also contains other supplementary information including combining statements for nonmajor funds and a statistical section. Government-wide Statements - Reporting the City as a Whole The Statement of Net Position and the Statement of Activities beginning on page 37 comprise the government-wide financial statements. These statements provide a broad overview with a long-term focus of the City’s finances as a whole and are prepared using the full-accrual basis of accounting, similar to private-sector companies. This means all revenues and expenses are recognized regardless of when cash is received or spent, and all assets and liabilities, including capital assets and long-term debt, are reported at the entity level. The government-wide statements report the City’s net position - the difference between total assets and total liabilities and deferred inflow of resources - and how they have changed from the prior year. Over time, increases and decreases in net position measure whether the City’s overall financial condition is getting better or worse. In evaluating the government’s overall condition, however additional non-financial factors should be considered such as the City’s economic outlook, changes in its demographics, and the condition of its capital assets and infrastructure. The government-wide statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or most of their costs through user fees and charges (business-type activities). Ogden City’s governmental activities include general administration, public safety, transportation, environmental protection, leisure opportunities, and community development. The City’s business-type activities include certain operations for utilities, medical services, airport, refuse, recreation and property management. Fund Financial Statements - Reporting the City’s Most Significant Funds The fund financial statements beginning on page 44 provide detailed information about individual major funds, and not the City as a whole. A fund is a group of related accounts that the City uses to keep track of specific resources that are segregated for a specific purpose. Some funds are required by law to exist, while others are established internally to maintain control over a particular activity. All of the City’s funds are divided into two types, each type uses a different accounting approach. Governmental Funds - Most of the City’s basic services are accounted for in governmental funds and are essentially the same functions reported as governmental activities in the government-wide statements. Governmental funds use the modified accrual basis of accounting, which measures the flow of current financial resources that can be converted to cash and the balances left at year-end that are available for future spending. This short-term view of the City’s financial position helps determine whether the City has sufficient resources to cover expenditures for its basic services in the near future. 24 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 Proprietary Funds - Ogden City uses two different types of proprietary funds. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City has nine enterprise funds which include water, sanitary sewer, storm sewer, airport, golf courses, refuse, BDO (Business Depot Ogden), recreation and medical services activities. The sanitary and storm sewer activity has been accounted for in the same fund. The sanitary sewer and the storm sewer activity was separated into two funds during fiscal year 2015. Internal service funds are an accounting device used to accumulate and allocate costs internally among the City’s various functions. The City maintains three internal service funds to account for its fleet and facilities, risk management, and information technology activities. Because those services predominantly benefit governmental rather than business-type activities, they are included with governmental activities in the government-wide statements. Reconciliation between Government-wide and Fund Statements The financial statements include schedules on pages 45 and 47 that reconcile the amounts reported for governmental activities on the government-wide statements (full-accrual accounting, long-term focus) with amounts reported on the governmental fund statements (modified accrual accounting, short-term focus). Following are some of the major differences between the two statements:  Capital assets and long-term debt are included on the government-wide statements but are not reported on the governmental fund statements.  Capital outlays result in capital assets on the government-wide statements but are expenditures on the governmental fund statements.  Depreciation expense on capital assets is included on the government-wide statements, but is not reported on the governmental fund statements.  Contributions of capital assets made to the government are reported on the government-wide statements, but are not reported on the governmental fund statements.  Bond proceeds result in liabilities on the government-wide statements but are other financing sources on the governmental fund statements.  Net pension liability and associated deferred inflows/outflows of resources for governmental funds are reported on the government-wide statements, but not on the governmental fund statements. Notes to the Financial Statements The notes beginning on page 60 provide additional schedules and information that are essential to a complete understanding of the financial statements. The notes apply to both the government-wide financial statements and the fund financial statements. Required Supplementary Information Ogden City adopts an annual budget for all of its governmental and proprietary funds. Beginning on page 98 are budgetary comparison schedules for the City’s General and major Special Revenue funds. Supplementary Information Supplementary information includes combining statements for the City’s nonmajor governmental funds, internal service funds, and nonmajor enterprise funds. 25 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 FINANCIAL ANALYSIS OF THE CITY AS A WHOLE Net Position The largest component of the City’s net position is net investment in capital assets. This accounts for 86.66 percent of net position and reflects investments in capital assets (land, buildings, equipment, roads, and other infrastructure) less all outstanding debt that was issued to buy or build those assets. As capital assets, these resources are not available for future spending, nor can they all be readily liquidated to pay off the related liabilities. Resources needed to repay capital-related debt must be provided from other sources. Restricted net position comprises 2.83 percent of total net position and is subject to external restrictions on how it may be used. The largest part of restricted net position for the City as a whole relates to grant requirements and how the grant resources may be used. Unrestricted net position is 10.51 percent of total net position. Unrestricted net position for the City decreased $19,575,979 or 34.27 percent from the prior year. Ogden City Corporation Net Position June 30 Governmental Business-type Activities Activities Total As previously As previously As previously presented, presented, presented, 2015 2014 2015 2014 2015 2014 Current and other assets $ 59,201,438 $ 62,177,647 $ 55,840,448 $ 66,252,436 $ 115,041,886 $ 128,430,083 Capital assets 190,793,075 186,970,154 238,845,277 226,524,948 429,638,352 413,495,102 Total Assets 249,994,513 249,147,801 294,685,725 292,777,384 544,680,238 541,925,185 Deferred outflows of resources 3,402,052 - 256,865 - 3,658,917 - Current and other liabilities 19,771,350 27,138,020 9,493,217 7,679,662 29,264,567 34,817,682 Long-term liabilities 63,522,132 44,468,100 73,830,625 75,375,616 137,352,757 119,843,716 Total Liabilities 83,293,482 71,606,120 83,323,842 83,055,278 166,617,324 154,661,398 Deferred inflows of resources 23,359,449 21,693,584 991,883 - 24,351,332 21,693,584 Net position Invested in capital assets, Net of related debt (restated) 145,590,488 137,742,706 164,109,269 166,139,531 309,699,757 303,882,237 Restricted 5,415,936 2,966,964 4,706,318 1,596,535 10,122,254 4,563,499 Unrestricted (4,262,790) 15,138,427 41,811,278 41,986,040 37,548,488 57,124,467 Total Net Position $ 146,743,634 $ 155,848,097 $ 210,626,865 $ 209,722,106 $ 357,370,499 $ 365,570,203 Change from prior year: -5.84% 10.97% 0.43% 2.29% -2.24% 5.82% Note: Fiscal year 2014 numbers have not been adjusted for the effects of GASB 68. 26 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 Changes in Net Position The following charts and schedules summarize the City’s revenues and expenses relative to each other and the prior year. Ogden City Total Revenues – 2015 Ogden City Total Expenses – 2015 27 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 Governmental Activities Tax revenues increased during 2015 by $472,041. Sales tax made up the majority of this increase. Net position for governmental activities increased this year by $12,507,728. Expenses before transfers increased over the prior year by $3,250,457. The majority of the expense increase related to public safety, and community development, while general administrative expenditures decreased. Ogden City Corporation Changes in Net Position Years Ended June 30 Governmental Business‐type Activities Activities Total Total As previously As previously As previously Percent presented, presented, presented, Change 2015 2014 2015 2014 2015 2014 2014‐2015 Revenues General Revenues Taxes $ 46,990,238 $ 46,518,197 $ ‐ $ ‐ $ 46,990,238 $ 46,518,197 1.0% Other General Revenues 1,232,323 3,131,238 396,363 326,267 1,628,686 3,457,505 ‐112.3% Program Revenues Charges for Services 25,259,088 28,008,865 53,044,524 50,164,446 78,303,612 78,173,311 0.2% Operating Grants 3,503,504 4,064,906 ‐ 82,825 3,503,504 4,147,731 ‐18.4% Capital Grants 5,093,702 6,317,596 420,986 658,913 5,514,688 6,976,509 ‐26.5% Total Revenues 82,078,855 88,040,802 53,861,873 51,232,451 135,940,728 139,273,253 ‐2.5% Expenses General Administration 20,103,339 25,434,444 ‐ ‐ 20,103,339 25,434,444 ‐26.5% Public Safety 30,735,027 26,854,122 ‐ ‐ 30,735,027 26,854,122 12.6% Transportation 5,961,415 5,500,657 ‐ ‐ 5,961,415 5,500,657 7.7% Environmental Protection 538,094 667,371 ‐ ‐ 538,094 667,371 ‐24.0% Leisure Opportunities 5,904,111 6,140,594 ‐ ‐ 5,904,111 6,140,594 ‐4.0% Community Development 12,102,350 6,854,489 ‐ ‐ 12,102,350 6,854,489 43.4% Interest on Long‐term Debt 1,190,313 1,832,516 ‐ ‐ 1,190,313 1,832,516 ‐54.0% Medical Services ‐ ‐ 6,046,734 5,335,476 6,046,734 5,335,476 11.8% Airport ‐ ‐ 2,605,648 1,616,676 2,605,648 1,616,676 38.0% Utilities ‐ ‐ 25,744,236 28,595,847 25,744,236 28,595,847 ‐11.1% Refuse ‐ ‐ 3,639,072 4,255,556 3,639,072 4,255,556 ‐16.9% Recreation ‐ ‐ 1,323,220 1,409,421 1,323,220 1,409,421 ‐6.5% Property Management ‐ ‐ 4,366,991 4,668,521 4,366,991 4,668,521 ‐6.9% Total Expenses 76,534,650 73,284,193 43,725,901 45,881,497 120,260,550 119,165,690 0.9% Change in Net Position beforeTransfers 5,544,206 14,756,609 10,135,972 5,350,954 15,680,179 20,107,563 ‐28.2% Special item ‐ ‐ ‐ ‐ ‐ ‐ 0.0% Transfers 6,963,522 654,940 (6,963,522) (654,940) ‐ ‐ 0.0% Change in Net Position 12,507,728 15,411,549 3,172,450 4,696,014 15,680,178 20,107,563 ‐28.2% Net Position ‐ Beginning (restated) 134,235,907 140,436,548 207,454,415 205,026,092 341,690,322 345,462,640 ‐1.1% Net Position ‐ Ending $ 146,743,635 $ 155,848,097 $ 210,626,865 $ 209,722,106 $ 357,370,500 $ 365,570,203 ‐2.3% Note: Fiscal year 2014 numbers have not been adjusted for the effects of GASB 68. The following table shows to what extent the City’s governmental activities relied on taxes and other general revenue to cover their costs. For 2015, these programs generated $33,856,294 or 44.24 percent of total expenses through charges for services and grants. Taxes, other general revenues and fund balance covered the remaining 55.76 percent. 28 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 Ogden City Net Cost of Governmental Activities Years Ended June 30 Program Revenues Less Net as a Percentage Program Program Program of Program Expenses Revenues Costs Expenses 2015 2015 2015 2014 2015 2014 Activities General Administration $ 20,103,339 $ (14,607,576) $ 5,495,763 $ 7,437,021 72.7% 70.8% Public Safety 30,735,027 (4,351,165) 26,383,862 20,937,585 14.2% 22.0% Transportation 5,961,415 (5,151,946) 809,469 (693,003) 86.4% 112.6% Environmental Protection 538,094 (3,613,440) (3,075,345) (2,785,336) 671.5% 517.4% Leisure Opportunities 5,904,111 (741,033) 5,163,078 5,454,716 12.6% 11.2% Community Development 12,102,350 (5,391,134) 6,711,216 2,709,357 44.5% 60.5% Interest on Long‐term Debt 1,190,313 ‐ 1,190,313 1,832,516 0.0% 0.0% Total Governmental Activities $ 76,534,650 $ (33,856,294) $ 42,678,356 $ 34,892,856 44.24% 52.40% Business‐type Activities The business‐type activities are generating sufficient revenue, before capital contributions and transfers, to cover costs in the water, sanitary sewer, BDO property management, medical, refuse, recreation and storm sewer. Reductions in net position occurred in the BDO property management, medical and airport funds. This combined with non‐operating transfer and capital contribution activities resulted in an increase in net position of $3,172,415 for the combined business activities. CAPITAL ASSETS AND LONG‐TERM DEBT ADMINISTRATION Capital Assets Ogden City added $35,169,344 in new capital assets during 2015. New additions to buildings and improvements, equipment, construction in progress, intangibles, and infrastructure were $4,607,829, $2,529,594, $19,120,687, $77,912, and $8,833,322, respectively. Overall, construction‐in‐progress increased by $15,656,427. Several projects, the mostly related to infrastructure and water improvements were completed and reclassified during the year, in the amount of $3,464,260. The majority were reclassified from construction‐in‐progress to infrastructure and improvements. New projects were also started during the year increasing construction‐in‐process in the amount of $19,120,687. The majority of the projects were started in the water fund, storm sewer fund, and governmental activities by $10,134,009, $7,604,522 and $1,381,020, respectively. The City sold, disposed of or traded in $510,104 in capital assets, the majority of which were related to vehicles and equipment that were traded in on new vehicles and equipment in the amount of $1,804,404. During the year, the BDO Property Management Fund transferred improvements and infrastructure totaling $399,202, $435,304, $653,999 and $3,051,993 to the water fund, sanitary sewer fund, storm sewer fund and general fixed assets, respectively. 29 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 Infrastructure The City has elected to use the modified-approach for reporting infrastructure. This election allows the City to forego reporting depreciation on infrastructure assets, provided that the City has made a commitment to maintain those particular assets at predetermined condition levels. Detailed information on the City’s modified approach for reporting infrastructure is presented in the Required Supplementary Information on page 103. During the year, the condition levels of infrastructure assets changed. Road infrastructure classifies as fair or better increased by 4.2% and infrastructure classified as very poor increased to 1.6%. Over the past five years, the City has been able to maintain road infrastructure above its committed level of maintenance of 50% for “Fair or better” for 3 of those 5 year. No bridges have been given a rating of “poor” in the past two year. The City spent less than estimated for maintenance of condition levels in the current year. During fiscal year 2015 the City spent $7,141,932 on infrastructure compared to a budget estimate of $21,048,412. More information about capital assets is included in Note 5 on page 75. Long-term Debt The general City obtained a guaranteed assistance section 108 loan for $3,340,000 and capital lease financing for $3,499,552. Note 7 on page 77 provides more information on the City’s long-term liability activity for the year. The following table presents changes in Ogden City’s long-term obligations in relation to the previous year. The following table presents changes in Ogden City’s long-term obligations in relation to the previous year. Ogden City Long-term Liabilities Years Ended June 30 Total Governmental Business-type Percent Activities Activities Total Change 2015 2014 2015 2014 2015 2014 2014-2015 General Obligation Bonds $ 2,075,000 $ 4,075,000 $ - $ - $ 2,075,000 $ 4,075,000 -49.08% Sales Tax Revenue Bonds 1,351,000 1,454,000 Lease Revenue Bonds 3,784,000 4,121,000 - - 3,784,000 4,121,000 -8.18% Tax Increment Revenue Bonds 31,240,000 34,835,000 - - 31,240,000 34,835,000 -10.32% Enterprise Revenue Bonds - - 73,960,000 76,601,000 73,960,000 76,601,000 -3.45% Notes Payable 4,640,000 1,400,000 - - 4,640,000 1,400,000 231.43% Capital Leases 3,709,778 2,955,172 - - 3,709,778 2,955,172 25.54% Claims payable 2,267,616 1,154,023 - - 2,267,616 1,154,023 96.50% Compensated Absences 3,201,745 3,064,921 844,634 916,309 4,046,379 3,981,230 1.64% Deferred Bond Insurance - - 193,354 210,914 193,354 210,914 -8.33% Bond Premium - - 792,279 827,967 792,279 827,967 -4.31% Bond Discount (189,190) (206,330) (16,271) (18,079) (205,461) (224,409) -8.44% Total $ 52,079,949 $ 52,852,786 $ 75,773,996 $ 78,538,111 $ 127,853,945 $ 131,390,897 -2.69% 30 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 FINANCIAL ANALYSIS OF THE CITY’S FUNDS Fund Balances At June 30, 2015, Ogden City’s governmental funds reported combined fund balances of $25,980,330. An amount of $2,919,454 is classified as nonspendable and includes prepaids, inventory, loans to other funds, and Gomer Nicholas fund principal. An amount of $4,458,270 is reported as spendable‐restricted for debt service, unspent bond proceeds and revolving loan program capital. An amount of $14,830,622 is reported as spendable‐assigned for various purposes as detailed on the face of the governmental funds balance sheet. An amount of $3,771,984 is reported as spendable‐unassigned. It is important to note that included in the unassigned amount is the State of Utah required reserve of $2,432,924. The following table presents the City’s fiscal year 2015 ending governmental fund balances. Ogden City Governmental Fund Balances June 30, 2015 General Redevelopment Nonmajor Fund Agency Funds Total Nonspendable $ 2,436,729 $ ‐ $ 482,725 $ 2,919,454 Spendable ‐ restricted 3,816,299 225,521 416,450 4,458,270 Spendable ‐ assigned 1,968,934 1,397,235 11,464,453 14,830,622 Spendable ‐ unassigned 3,771,984 ‐ ‐ 3,771,984 Total $ 11,993,946 $ 1,622,756 $ 12,363,628 $ 25,980,330 Percent Change from Prior Year: 8.90% ‐16.39% 20.52% 11.92% General Fund During 2015, the fund balance in the General Fund increased $979,740 or 8.9 percent. Expenditures exceeded revenues, before considering other financing sources and uses, by $2,440,382. Transfers into the General Fund exceeded transfers out of the General Fund by $3,420,122. Revenue in most of the key revenue categories came very close or exceeded budgeted amounts. Healthcare and employee wage costs continue to increase the City is proactive to prepare a conservative budget to ensure revenues will be sufficient to cover expenditures. Redevelopment Agency Fund (RDA) During the fiscal year, the fund balance in the RDA fund decreased by $318,201. Revenues exceeded expenditures, before considering other financing sources and uses, by $4,631,049. The main reason for the increase in fund balance is a result of additional property tax revenue received in redevelopment areas. Transfers out of the RDA exceeded transfers into the RDA by $4,949,250. A large portion of RDA transfers out went directly to the BDO Property Management proprietary fund to pay for infrastructure at the Business Development Ogden business park. 31 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 Water Fund In the current year, net position increased $3,431,714, primarily as a result of the approved rate increases that went into effect during the fiscal year. The BDO Property Management Fund transferred infrastructure assets totaling $399,202. Results from operations were positive at $7,562,911. Rate increases were necessary to fund a broad range of improvements, upgrades and expansion of the distribution system. A substantial amount of infrastructure was completed during the year. Bond funding was used for the construction of a new water treatment plant which was complete in fiscal year 2015 in Ogden Canyon at the base of Pine View Reservoir. Sanitary Sewer Fund Net position increased $1,150,523 over the previous year. Part of the increase in net position is a result of infrastructure transfers from the BDO Property Management Fund for storm sewer and sanitary sewer improvements of $435,304. Results of operations were $2,273,707. Operations were able to produce net income in the current year due to approved rate increases, which will help to maintain a viable operation and fund a broad range of sewer related infrastructure projects. The Sanitary Sewer Fund has several large storm drain projects underway, funded with bond proceeds. BDO Property Management Fund Net position decreased by $1,154,941. A major factor that limits an increase to net position in this fund is the requirement to report non‐cash depreciation expense, which in the current year was $4,055,655. Depreciation is directly associated with the City’s investment in capital assets at the facilities. The City’s objective at this site is maintenance and expansion. This emphasis encourages management to spend the accumulated balance. In addition, the project area transferred infrastructure assets to other funds in the City. Infrastructure transfers to the City are recorded as a non‐operating expense. The City’s share of leasing revenue increased by $1,142,204 over the prior year. Tax increment transferred to the City, in the BDO Property Management Fund from the RDA increased by $1,794,410, in line with increased value of property though development in the BDO. All RDA tax increment monies transferred to the BDO Property Management Fund are spent on infrastructure maintenance and expansion needs for the BDO. Medical Services Fund Net position decreased $2,245,056. The decrease resulted due to a transfer for the construction of a new fire station in the amount of $2,636,100. Results from operation in the medical services fund were $331,477. Nonmajor Governmental Funds Ogden City’s nonmajor governmental funds show a combined increase in fund balance of $2,104,675. This increase is due to budgeted transfers to cover the cost of capital improvement costs in the capital projects fund of $5,590,407. The increase from these transfers in were offset by expenditures in the CIP fund over revenue of $3,282,171. 32 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2015 Nonmajor Enterprise Funds The combined change in net position of the nonmajor enterprise funds shows an increase of $1,990,210 from the previous year. The majority of this increase came from the storm sewer and refuse funds. These funds had an increase in fund balance of $1,999,148 and $1,077,800, respectively. The golf courses and recreation funds also had increases of $166,028 and $87,204, respectively. The airport fund had a loss of $1,339,970. The City made transfers to the Airport and Golf Course Funds of $380,000 and $362,250, respectively to help fund their operations. The Airport fund received grants of $420,986. Nonmajor enterprise funds had $1,449,403 of operating income in fiscal year 2015. Depreciation expense accounts for $1,705,569 of operating expense. General Fund Budgetary Highlights Ogden City prepares its budget according to state statutes. The most significant budgeted fund is the General Fund. The City amended the General Fund budget several times during the year to meet the needs of the departments as issues arose and as additional funding sources became available. The original budget increased $3,718,876 during the year. The most significant budget increase was an addition of $2,958,478 for various grants. Actual General Fund revenues were $1,352,352 or 2.29 percent below the original budget and $3,462,227 or 5.67 percent below the final budget. Actual expenditures were $2,430,846 or 3.89 percent below the original budget and $6,126,559 or 10.21 percent below the final budget. OTHER MATTERS Current and Future Projects The City and the Ogden Redevelopment Agency are involved in significant development projects downtown including the targeted creation of 4,000 new jobs and the addition of market rate housing units to support an additional 4,000 residents over the next four years. In addition, there are increased opportunities for jobs in the industrial, retail and service markets. The City finished construction on a new water treatment facility which was placed in operation in the spring of 2015. The new treatment facility allows the City to better meet EPA requirements and will use micro/membrane filtration technology that will allow for year-round production. The storm sewer utility is in the process of completing several major upgrades to the storm sewer system. Additionally there are several major infrastructure projects currently under way. Other matters are addressed in the transmittal letter beginning on page 4 of this document. REQUESTS FOR INFORMATION This financial report is designed to provide our citizens, taxpayers, and creditors with a general overview of Ogden City’s finances and to demonstrate the City’s accountability for the money it receives. Questions concerning any of the information in this report or any other matters related to the City’s finances should be addressed to the Ogden City Comptroller, 2549 Washington Blvd., Ogden, Utah, 84401. 33 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 34 ---PAGE BREAK--- Basic Financial Section 35 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 36 ---PAGE BREAK--- Governmental Business-type Activities Activities Total ASSETS Current assets Cash and investments $ 25,845,322 $ 43,349,337 $ 69,194,659 Receivables (net of allowance for uncollectibles): Accounts 2,192,181 7,636,226 9,828,407 Taxes 22,871,762 - 22,871,762 Special assesments 83,445 - 83,445 Interest receivable 122,581 - 122,581 Inventory, at cost 1,248,645 64,788 1,313,433 Prepaid items 43,000 557,751 600,751 Internal balances 171,822 (171,822) - Total current assets 52,578,758 51,436,280 104,015,038 Restricted assets: Cash 3,968,961 2,786 3,971,747 Investments 903,513 3,371,707 4,275,220 Accounts receivable 90,712 - 90,712 Investments in properties held for sale 452,750 - 452,750 Grant loans and other notes (less allowance for doubtful accounts of $7,142,483) 750,000 - 750,000 Total restricted assets 6,165,936 3,374,493 9,540,429 Capital assets not being depreciated: Land 19,661,522 37,006,674 56,668,196 Construction-in-progress 1,381,020 22,339,999 23,721,019 Infrastructure 112,244,433 - 112,244,433 Capital assets, net of accumulated depreciation: Buildings and improvements 46,542,880 176,536,711 223,079,591 Machinery and equipment 10,699,484 2,244,235 12,943,719 Intangibles 263,736 717,658 981,394 Prepaid bond insurance - 178,163 178,163 Notes receivable - 618,836 618,836 Net pension asset 456,744 232,676 689,420 Total noncurrent assets 197,415,755 243,249,445 440,665,200 Total assets 249,994,513 294,685,725 544,680,238 DEFERRED OUTFLOW OF RESOURES Deferred outflows related to pensions 3,402,052 256,865 3,658,917 Total assets and deferred outflows of resources $ 253,396,565 $ 294,942,590 $ 548,339,155 The notes to the financial statements are an integral part of this statement. OGDEN CITY CORPORATION STATEMENT OF NET POSITION June 30, 2015 37 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 38 ---PAGE BREAK--- OGDEN CITY CORPORATION STATEMENT OF NET POSITION (Continued) June 30, 2015 Governmental Business-type Activities Activities Total LIABILITIES Current liabilities Accounts payable $ 3,059,258 $ 2,631,599 $ 5,690,857 Accrued wages payable 690,281 179,274 869,555 Accrued compensated absences 960,523 253,390 1,213,913 Other payables and liabilities 2,515,695 1,282,444 3,798,139 Customer deposits payable - 855,359 855,359 Claims payable 978,073 1,081,181 2,059,254 Line-of-credit 1,057,152 - 1,057,152 Deposits 2,631,136 - 2,631,136 Accrued bond interest 191,029 114,282 305,311 Current portion of long term liabilities 7,688,203 3,095,688 10,783,891 Total current liabilities 19,771,350 9,493,217 29,264,567 Noncurrent liabilities Net pension liability 21,178,780 1,599,061 22,777,841 Due in more than one year 42,343,352 72,231,564 114,574,916 Total liabilities 83,293,482 83,323,842 166,617,324 DEFERRED INFLOW OF RESOURES Property tax revenue 20,829,176 - 20,829,176 Deferred inflows related to pensions 1,947,069 991,883 2,938,952 Accrued investment derivative losses 583,204 - 583,204 Total deferred inflow of resources 23,359,449 991,883 24,351,332 NET POSITION Net investment in capital assets 144,292,285 164,109,269 308,401,554 Restricted - expendable: Grants and other programs 543,462 - 543,462 Debt service/replacement fund 4,462,474 4,706,318 9,168,792 Restricted - nonexpendable 410,000 - 410,000 Unrestricted (2,964,587) 41,811,278 38,846,691 Total net position $ 146,743,634 $ 210,626,865 $ 357,370,499 The notes to the financial statements are an integral part of this statement. 39 ---PAGE BREAK--- Page 1 of 2 Operating Capital Function/Programs Charges for Grants and Grants and Primary government: Expenses Services Contributions Contributions Governmental activities: General administration 20,103,340 $ 14,607,576 $ - $ - $ Public safety 30,735,027 2,977,719 1,373,446 - Transportation 5,961,415 295,025 - 4,856,921 Environmental protection 538,094 3,613,440 - - Leisure opportunities 5,904,111 455,686 48,845 236,502 Community development 12,102,350 3,309,642 2,081,213 279 Interest on long-term debt 1,190,313 - - - Total governmental activities 76,534,650 25,259,088 3,503,504 5,093,702 Business-type activities: Medical services 6,046,734 6,378,211 - - Airport 2,605,648 463,008 - 420,986 Utilities 25,744,236 34,564,510 - - Refuse 3,639,072 5,327,239 - - Recreation 1,323,220 1,213,374 - - Property management 4,366,991 5,098,182 - - Total business-type activities 43,725,901 53,044,524 - 420,986 Total primary government 120,260,551 $ 78,303,612 $ 3,503,504 $ 5,514,688 $ General revenues: Taxes: Property Sales Franchise City Utility Motor vehicle fee-in-lieu Unrestricted investment earnings Gain (loss) on sale of capital assets Total general revenues Transfers Change in net position Net position - beginning - restated (See footnote 17) Net position - ending The notes to the financial statements are an integral part of this statement. OGDEN CITY CORPORATION STATEMENT OF ACTIVITIES Year Ended June 30, 2015 Program Revenues 40 ---PAGE BREAK--- Page 2 of 2 Governmental Business‐type Activities Activities Total (5,495,764) $ ‐ $ (5,495,764) $ (26,383,862) ‐ (26,383,862) (809,469) ‐ (809,469) 3,075,345 ‐ 3,075,345 (5,163,078) ‐ (5,163,078) (6,711,216) ‐ (6,711,216) (1,190,313) ‐ (1,190,313) (42,678,357) ‐ (42,678,357) ‐ 331,477 331,477 ‐ (1,721,654) (1,721,654) ‐ 8,820,274 8,820,274 ‐ 1,688,167 1,688,167 ‐ (109,846) (109,846) ‐ 731,191 731,191 ‐ 9,739,609 9,739,609 (42,678,357) 9,739,609 (32,938,748) 23,672,526 ‐ 23,672,526 14,861,637 ‐ 14,861,637 6,916,255 ‐ 6,916,255 1,539,821 ‐ 1,539,821 649,227 ‐ 649,227 259,235 324,717 583,952 323,861 71,646 395,507 48,222,561 396,363 48,618,924 6,963,522 (6,963,522) ‐ 55,186,083 (6,567,159) 48,618,924 12,507,727 3,172,450 15,680,177 134,235,907 207,454,415 341,690,322 146,743,634 $ 210,626,865 $ 357,370,499 $ Primary Government Net (Expense) Revenue and Changes in Net Position 41 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 42 ---PAGE BREAK--- Governmental Fund Financial Statements General Fund To account for resources traditionally associated with governments which are not required to be accounted for in another fund. Redevelopment Agency A special revenue fund used to account for the specific revenues that are legally restricted to expenditures for the City's redevelopment activities, including payment of redevelopment agency debt. Nonmajor Governmental Funds Nonmajor governmental funds are presented beginning on page 111. 43 ---PAGE BREAK--- Special Revenue Non‐Major Total Redevelopment Governmental Governmental General Agency Funds Funds ASSETS Cash and investments $ 7,338,707 $ 4,429,148 $ 11,770,884 $ 23,538,739 Due from other funds 1,511,315 ‐ ‐ 1,511,315 Receivables (net of allowance for uncollectibles): Accounts 1,955,569 15,154 94,862 2,065,585 Taxes 10,880,570 11,991,192 ‐ 22,871,762 Special assessments ‐ ‐ 83,445 83,445 Loans to other funds, net of allowance 2,152,333 1,702,423 ‐ 3,854,756 Interest receivable ‐ 115,644 6,937 122,581 Inventory, at cost 87,721 ‐ 72,725 160,446 Prepaid Items 43,000 ‐ ‐ 43,000 Restricted assets: Cash 3,816,299 152,662 ‐ 3,968,961 Investments ‐ 72,859 830,654 903,513 Investments in properties held for sale 452,750 452,750 Grant loans and other notes 7,142,483 750,000 ‐ 7,892,483 Total assets $ 35,380,747 $ 19,229,082 $ 12,859,507 $ 67,469,336 LIABILITIES Due to other funds $ ‐ $ ‐ $ 1,615 $ 1,615 Accounts payable 1,675,587 493,376 354,073 2,523,036 Accrued wages payable 635,292 ‐ ‐ 635,292 Other payables and liabilities 2,383,748 ‐ 29,254 2,413,002 Loans from other funds ‐ 4,256,114 ‐ 4,256,114 Short‐term notes payable 1,057,152 ‐ ‐ 1,057,152 Deposits and grant loans 8,797,038 865,644 110,937 9,773,619 Total liabilities 14,548,817 5,615,134 495,879 20,659,830 DEFERRED INFLOW OF RESOURCES: Unavailable Property tax revenue 8,837,984 11,991,192 ‐ 20,829,176 Total deferred inflow of resources 8,837,984 11,991,192 ‐ 20,829,176 FUND BALANCE Nonspendable: Permanent fund principal ‐ ‐ 410,000 410,000 Inventory 87,721 ‐ 72,725 160,446 Prepaid items 43,000 ‐ ‐ 43,000 Long‐term loans to other funds 1,853,258 ‐ ‐ 1,853,258 Properties held for sale 452,750 ‐ ‐ 452,750 Spendable: Restricted: Debt service reserve 141,032 225,521 ‐ 366,553 Unspent bond proceeds 3,325,267 ‐ 416,450 3,741,717 Revolving loan program capital 350,000 ‐ ‐ 350,000 Assigned: Accrued compensated absences 904,069 ‐ ‐ 904,069 Downtown business promotion 138,900 ‐ 246,426 385,326 General fund ‐ for encumbrances City Council 177,850 ‐ ‐ 177,850 Management services 10,000 ‐ ‐ 10,000 Non‐departmental 150,800 ‐ ‐ 150,800 Community and economic development 1,750 ‐ ‐ 1,750 Fire 10,000 ‐ 10,000 Police 113,240 ‐ ‐ 113,240 Public services 462,325 ‐ ‐ 462,325 Debt service ‐ ‐ 258,287 258,287 Capital projects ‐ ‐ 9,695,484 9,695,484 Special revenue ‐ 1,397,235 1,264,256 2,661,491 Unassigned 3,771,984 ‐ ‐ 3,771,984 Total fund balance 11,993,946 1,622,756 12,363,628 25,980,330 Total liabilities, deferred inflow of resources and fund balance $ 35,380,747 $ 19,229,082 $ 12,859,507 $ 67,469,336 The notes to the financial statements are an integral part of this statement. GOVERNMENTAL FUNDS OGDEN CITY CORPORATION BALANCE SHEET June 30, 2015 44 ---PAGE BREAK--- OGDEN CITY CORPORATION Reconciliation of the Balance Sheet ‐ Governmental Funds to the Statement of Net Position June 30, 2015 Total Fund Balances ‐ Governmental Funds $ 25,980,330 Amounts reported for governmental activities in the Statement of Net Position are different because: Capital assets in governmental activities are not financial resources and therefore are not reported in governmental funds. These assets consist of the following (excluding internal service fund activity): Land $ 19,652,522 Infrastructure 112,244,433 Other capital assets 121,336,980 Accumulated depreciation (73,740,527) 179,493,408 Certain liabilities, including those related to investment derivatives and accrued interest, are not liquidated with current financial resources and thus are not recorded in the fund statements. (773,026) Management uses internal service funds to charge the costs of certain activities to individual funds. The assets and liabilities of the internal service funds are reported with governmental activities in the Statement of Net Position. 6,503,181 Property taxes levied for the current or prior periods that are estimated to be collectible after year end, but are not available by definition to pay for the current period's expenditures are reported as unearned revenue in the funds. 440,000 Net pension assets and liabilities, not available for current period expenditures and are not applicable to funds or are reported as deferred. Net penson asset, governmental funds 455,556 Deferred outflow of resouces related to pensions, governmental funds 3,287,761 Net penson liability, governmental funds (20,467,288) Deferred inflow of resouces related to pensions, governmental funds (1,942,005) Some liabilities are not due and payable in the current year and therefore are not reported in the governmental funds. These liabilities and related costs consist of the following (excluding internal service fund activity): Long term debt, governmental funds (52,079,949) Claims payable, internal service funds 2,267,616 Capital leases, internal service funds 3,709,778 Compensated absences, internal service funds (131,728) (46,234,283) Net Position of Governmental Activities $ 146,743,634 The notes to the financial statements are an integral part of this statement. 45 ---PAGE BREAK--- Special Revenue Non‐Major Total Redevelopment Governmental Governmental General Agency Funds Funds REVENUES: Taxes and special assessments $ 34,191,113 $ 13,245,040 $ 250,961 $ 47,687,114 Licenses and permits 2,439,734 ‐ ‐ 2,439,734 Intergovernmental 9,632,057 ‐ 2,413,282 12,045,339 Charges for services 7,897,247 694,800 543,376 9,135,423 Fines and forfeitures 1,976,082 ‐ ‐ 1,976,082 Miscellaneous 111,433 85,597 50,000 247,030 Outside donations 1,219,330 ‐ ‐ 1,219,330 Interest 95,099 88,333 55,837 239,269 Sale of property 4,177 111,376 ‐ 115,553 Total revenues 57,566,272 14,225,146 3,313,456 75,104,874 EXPENDITURES: Mayor 527,264 ‐ ‐ 527,264 City council 920,599 ‐ ‐ 920,599 Management services 3,985,140 ‐ 19,804 4,004,944 Corporate counsel 1,149,121 ‐ ‐ 1,149,121 Non‐departmental 4,484,300 ‐ 355,214 4,839,514 Police 18,242,723 ‐ ‐ 18,242,723 Fire 7,128,982 ‐ 85,302 7,214,284 Public services 9,365,098 ‐ 5,342,846 14,707,944 Community and economic development 11,925,607 4,342,240 256,982 16,524,829 Debt service: Principal 2,104,333 3,650,693 275,985 6,031,011 Interest and fiscal charges 173,487 1,601,164 263,305 2,037,956 Total expenditures 60,006,654 9,594,097 6,599,438 76,200,189 Excess (deficiency) of revenues over expenditures (2,440,382) 4,631,049 (3,285,982) (1,095,315) OTHER FINANCING SOURCES (USES): Transfers in 4,614,622 3,917,535 5,643,407 14,175,564 Transfers out (1,194,500) (8,866,785) (252,750) (10,314,035) Total other financing sources (uses) 3,420,122 (4,949,250) 5,390,657 3,861,529 Net change in fund balances 979,740 (318,201) 2,104,675 2,766,214 Fund balance at beginning of year 11,014,206 1,940,957 10,258,953 23,214,116 Fund balance at end of year $ 11,993,946 $ 1,622,756 $ 12,363,628 $ 25,980,330 The notes to the financial statements are an integral part of this statement. OGDEN CITY CORPORATION STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES ‐ GOVERNMENTAL FUNDS Year Ended June 30, 2015 46 ---PAGE BREAK--- OGDEN CITY CORPORATION Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Government Funds to the Statement of Activities Year Ended June 30, 2015 Net Change in Fund Balances‐Total Governmental Funds 2,766,214 $ Amounts reported for governmental activities in the statement of activities are different because: Capital outlays are reported as expenditures in the governmental funds. However, in the Statement of Activities, the cost of capital assets is allocated over their estimated useful lives as depreciation expense. In the current year, these amounts were as follows (excluding internal service fund activity): Capital outlay 5,889,818 $ Depreciation expense (4,300,252) 1,589,566 Debt proceeds provide current financial resources to governmental funds; however, issuing debt increases long‐term liabilities in the Statement of Net Assets. In the current year, proceeds were received from issuing bonds including bond discounts. (3,340,000) Net pension not available for current period expenditures and are not applicable to funds or are reported as deferred. Interest and other plan expenses 2,189,525 Repayment of long‐term debt is reported as an expenditure in the governmental funds, but the repayment reduces long‐term liabilities in the Statement of Activities 6,135,000 Revenues recognized in prior periods in the Statement of Activities that first became available as revenue in the governmental funds during the current period must be removed from fund revenue and reflected as an adjustment to government‐wide net assets. (487,650) Property taxes levied for the current or prior periods that are estimated to be collectible after year end, but are not available by definition to pay for the current period's expenditures are reported as unearned revenue in the funds. 440,000 Management uses internal service funds to charge the costs of certain activities to individual funds. The net revenue (expense) of the internal service funds is reported with governmental activities (702,196) Management reassigned certain assets of an enterprise fund to the general fixed assets of the City. The transaction is treated as a capital contribution in the enterprise fund. The transfer‐in is recognized in the government‐wide statement of activities 3,051,993 Other items, including net pension assets and liabilities, not available for current period expenditures and are not applicable to funds or are reported as deferred. Change in accrued bond interest and amortization of bond premium 63,537 Change in loss on investment derivatives (GASB 53) 801,737 865,274 Change in Net Position of Governmental Activities 12,507,727 $ The notes to the financial statements are an integral part of this statement. 47 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 48 ---PAGE BREAK--- Proprietary Fund Financial Statements Water Utility Fund To account for the provision of water to City residents and some residents of Weber County. All activities necessary to provide such services are accounted for in this fund including, but not limited to: administration (utility director), operations, maintenance, financing, related debt service, billing and collection. Sanitary Sewer Utility Fund To account for the provision of sewer services to City residents and some residents of Weber County. All activities necessary to provide such services are accounted for in this fund including, but not limited to: operations, maintenance, financing, related debt service, billing and collection. Business Development Ogden (BDO) Property Management To account for revenues and expenditures related to the development of the Business Development Ogden business park formally known as the Defense Depot of Ogden. Medical Services Fund To account for revenues and expenditures related the provision of ambulance and paramedic services of the City. All activities necessary to provide such services are accounted for in this fund including, but not limited to: administration, operations, maintenance, financing, related debt services, billing and collection. Nonmajor Enterprise Funds Nonmajor enterprise funds are presented beginning on page 121. Governmental Activities - Internal Service Funds These funds account for certain activities that are charged to the other departments on a cost-reimbursement basis. These funds are presented beginning on page 129. 49 ---PAGE BREAK--- OGDEN CITY CORPORATION STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2015 Page 1 of 4 BDO Sanitary Property Water Sewer Management ASSETS Current assets Cash $ 10,248,429 $ 13,491,637 $ 11,458,997 Accounts receivable (net) 1,923,557 1,012,847 1,361,723 Inventory, at cost ‐ ‐ ‐ Prepaid expenses 542,560 ‐ ‐ Loans to other funds ‐ ‐ ‐ Total current assets 12,714,546 14,504,484 12,820,720 Noncurrent assets Prepaid items 133,067 45,096 ‐ Notes receivable ‐ ‐ ‐ Employee PC loans receivable ‐ ‐ ‐ Net pension assets 1,481 202 24 Subtotal 134,548 45,298 24 Restricted assets: Cash 2,786 ‐ ‐ Investments 3,037,293 15,594 ‐ Subtotal 3,040,079 15,594 ‐ Capital assets: Land 642,083 ‐ 32,591,750 Buildings 2,139,395 ‐ 101,382,023 Improvements 101,656,948 29,291,283 5,461 Construction‐in‐process 14,671,768 63,709 ‐ Office furniture 319,515 ‐ ‐ Equipment 1,730,123 96,187 ‐ Vehicles ‐ ‐ ‐ Intangibles 717,658 ‐ ‐ Total capital assets 121,877,490 29,451,179 133,979,234 Less accumulated depreciation / amortization (26,268,146) (7,357,319) (52,775,791) Net capital assets 95,609,344 22,093,860 81,203,443 Total noncurrent assets 98,783,971 22,154,752 81,203,467 Total assets 111,498,517 36,659,236 94,024,187 Deferred outflows of resources, related to pensions 142,473 19,401 2,322 Total assets and deferred outflows of resources $ 111,640,990 $ 36,678,637 $ 94,026,509 The notes to the financial statements are an integral part of this statement. 50 ---PAGE BREAK--- Page 2 of 4 Non‐Major Medical Enterprise Total Services Funds Total Internal Service $ 601,739 $ 7,548,535 $ 43,349,337 $ 2,306,583 2,065,237 1,272,862 7,636,226 126,596 ‐ 64,788 64,788 1,088,199 ‐ 15,191 557,751 ‐ ‐ 2,042,191 2,042,191 ‐ 2,666,976 10,943,567 53,650,293 3,521,378 ‐ ‐ 178,163 ‐ ‐ 618,836 618,836 ‐ ‐ ‐ ‐ 90,712 230,006 963 232,676 1,188 230,006 619,799 1,029,675 91,900 ‐ 2,786 ‐ ‐ 318,820 3,371,707 ‐ ‐ 318,820 3,374,493 ‐ ‐ 3,772,841 37,006,674 9,000 ‐ 2,714,437 106,235,855 1,603,918 ‐ 44,686,860 175,640,552 363,520 ‐ 7,604,522 22,339,999 ‐ ‐ ‐ 319,515 ‐ ‐ 1,289,971 3,116,281 14,674,678 402,813 ‐ 402,813 12,388,547 ‐ 717,658 513,009 402,813 60,068,631 345,779,347 29,552,672 (162,141) (20,370,673) (106,934,070) (18,253,005) 240,672 39,697,958 238,845,277 11,299,667 470,678 40,636,577 243,249,445 11,391,567 3,137,654 51,580,144 296,899,738 14,912,945 ‐ 92,669 256,865 114,291 $ 3,137,654 $ 51,672,813 $ 297,156,603 $ 15,027,236 51 ---PAGE BREAK--- OGDEN CITY CORPORATION STATEMENT OF NET POSITION PROPRIETARY FUNDS June 30, 2015 Page 3 of 4 BDO Sanitary Property Water Sewer Management LIABILITIES AND NET POSITION LIABILITIES: Current liabilities Due to other funds $ ‐ $ ‐ $ ‐ Accounts payable 1,549,089 60,888 177,805 Accrued wages payable 61,574 7,552 949 Accrued compensated absences 88,305 28,595 ‐ Other accrued payables 672,174 141,910 ‐ Deposits payable 384,494 ‐ ‐ Retainage payable 307,859 17,643 ‐ Claims payable ‐ ‐ ‐ Accrued bond interest 93,498 18,269 ‐ Revenue bonds/note payable 1,895,579 254,401 ‐ Total current liabilities 5,052,572 529,258 178,754 Noncurrent liabilities Revenue bonds/note payable 59,619,911 6,616,370 ‐ Claims payable ‐ ‐ ‐ Capital leases ‐ ‐ ‐ Net pension liability 886,938 120,777 14,457 Compensated absences 206,045 66,722 ‐ Loans from other funds ‐ ‐ ‐ Total noncurrent liabilities 60,712,894 6,803,869 14,457 Total liabilities 65,765,466 7,333,127 193,211 Deferred inflows of resources 6,313 860 103 NET POSITION: Net investment in capital assets 34,093,854 15,223,089 81,203,443 Restricted for debt service/replacement fund 4,371,904 15,594 ‐ Unrestricted 7,403,453 14,105,967 12,629,752 Total net position $ 45,869,211 $ 29,344,650 $ 93,833,195 The notes to the financial statements are an integral part of this statement. 52 ---PAGE BREAK--- Page 4 of 4 Non‐Major Medical Enterprise Total Services Funds Total Internal Service $ ‐ $ 561,681 $ 561,681 $ 948,019 22,748 821,069 2,631,599 536,222 49,811 59,388 179,274 54,989 83,254 53,236 253,390 56,454 468,360 1,282,444 ‐ ‐ 470,865 855,359 102,693 ‐ 255,679 581,181 ‐ 500,000 ‐ 500,000 2,276,276 ‐ 2,515 114,282 ‐ ‐ 945,708 3,095,688 ‐ 655,813 3,638,501 10,054,898 3,974,653 ‐ 5,404,039 71,640,320 ‐ ‐ ‐ ‐ 1,289,543 ‐ ‐ ‐ 2,411,575 ‐ 576,889 1,599,061 711,492 194,259 124,218 591,244 131,728 ‐ 1,652,332 1,652,332 ‐ 194,259 7,757,478 75,482,957 4,544,338 850,072 11,395,979 85,537,855 8,518,991 980,501 4,106 991,883 5,064 240,672 33,348,211 164,109,269 7,589,889 ‐ 318,820 4,706,318 ‐ 1,066,409 6,605,697 41,811,278 (1,086,708) $ 1,307,081 $ 40,272,728 $ 210,626,865 $ 6,503,181 53 ---PAGE BREAK--- Page 1 of 2 BDO Sanitary Property Water Sewer Management OPERATING REVENUES: Charges for services $ 17,462,432 $ 10,595,390 $ 5,098,182 Special district fees 1,085,122 ‐ ‐ Accounting charges 781,050 ‐ ‐ Miscellaneous income 2,747 2,950 ‐ Total revenue 19,331,351 10,598,340 5,098,182 OPERATING EXPENSES: Cost of materials and parts ‐ ‐ ‐ Personal services: Salaries and wages 2,141,191 326,443 38,277 Benefits 1,282,582 140,062 18,162 Supplies: Office supplies 207,154 343 ‐ Operating supplies 400,044 19,101 ‐ Repair and maintenance supplies 119,001 9,581 ‐ Charges for services: Sewer district charges ‐ 4,947,109 ‐ Disposal charges ‐ ‐ ‐ Public utility services 539,320 3,154 ‐ Travel and education 21,497 170 ‐ Contracted agreements 1,579,325 777,457 254,897 Other operating expenses: Rental charges 103,639 44,658 ‐ Fiscal charges 913,357 553,770 ‐ Depreciation / amortization 2,088,050 577,810 4,055,655 Data processing and computer equipment 469,930 92,563 ‐ Maintenance and repair 328,411 699,214 ‐ Vehicle operating expenses 386,849 132,554 ‐ Water purchase 1,111,948 ‐ ‐ Claims payments ‐ ‐ ‐ Miscellaneous 76,142 644 ‐ Total operating expenses 11,768,440 8,324,633 4,366,991 Operating income (loss) 7,562,911 2,273,707 731,191 NON‐OPERATING REVENUES (EXPENSES): Revenues: Interest income 92,799 64,208 36,916 Grants and donations ‐ ‐ ‐ Gain on sale of assets 75,584 ‐ ‐ Expenses: Capital contributed to general government ‐ ‐ (4,540,498) Interest expense (2,542,237) (344,179) ‐ Loss on sale of assets (6,938) ‐ ‐ Total non‐operating revenues (expenses) (2,380,792) (279,971) (4,503,582) Capital contributions 399,202 435,304 ‐ Income before transfers 5,581,321 2,429,040 (3,772,391) Transfers in ‐ ‐ 5,180,000 Transfers out (2,149,607) (1,278,517) (2,562,550) Change in net position 3,431,714 1,150,523 (1,154,941) Net position restated, beginning 42,437,497 28,194,127 94,988,136 Net position, ending $ 45,869,211 $ 29,344,650 $ 93,833,195 The notes to the financial statements are an integral part of this statement. OGDEN CITY CORPORATION STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION PROPRIETARY FUNDS Year Ended June 30, 2015 54 ---PAGE BREAK--- Page 2 of 2 Non‐Major Internal Medical Enterprise Service Services Funds Total Funds $ 4,786,130 $ 11,586,586 $ 49,528,720 $ 13,878,620 1,592,081 ‐ 2,677,203 ‐ ‐ ‐ 781,050 ‐ 51,854 57,551 1,297,685 6,378,211 11,638,440 53,044,524 15,176,305 ‐ 115,828 115,828 2,392,531 2,266,788 1,874,875 6,647,574 1,992,147 1,343,645 643,333 3,427,784 774,792 4,331 7,960 219,788 9,975 135,864 139,646 694,655 141,928 1,466 8,475 138,523 3,638 ‐ ‐ 4,947,109 ‐ ‐ 925,606 925,606 ‐ 68,848 160,341 771,663 1,330,185 3,644 24,912 50,223 24,891 488,072 879,788 3,979,539 3,059,087 8,745 86,446 243,488 420,474 607,619 712,347 2,787,093 ‐ 69,781 1,705,569 8,496,865 2,725,740 76,000 150,786 789,279 964,086 25,912 1,285,665 2,339,202 100,580 340,031 1,304,866 2,164,300 167,129 ‐ ‐ 1,111,948 ‐ ‐ ‐ ‐ 1,957,627 605,988 162,594 845,368 9,615 6,046,734 10,189,037 40,695,835 16,074,425 331,477 1,449,403 12,348,689 (898,120) 59,567 71,227 324,717 3,632 ‐ 420,986 420,986 ‐ ‐ 3,000 78,584 208,308 ‐ ‐ (4,540,498) ‐ ‐ (143,650) (3,030,066) (66,016) ‐ ‐ (6,938) 59,567 351,563 (6,753,215) 145,924 ‐ 653,999 1,488,505 ‐ 391,044 2,454,965 7,083,979 (752,196) ‐ 742,250 5,922,250 50,000 (2,636,100) (1,207,005) (9,833,779) ‐ (2,245,056) 1,990,210 3,172,450 (702,196) 3,552,137 38,282,518 207,454,415 7,205,377 $ 1,307,081 $ 40,272,728 $ 210,626,865 $ 6,503,181 55 ---PAGE BREAK--- OGDEN CITY CORPORATION STATEMENT OF CASH FLOWS PROPRIETARY FUNDS Year Ended June 30, 2015 Page 1 of 4 BDO Sanitary Property Water Sewer Management CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers $ 19,539,853 $ 10,604,620 $ 5,198,695 Cash received (paid) from (to) other funds ‐ ‐ ‐ Cash payments to suppliers for goods and services (5,913,205) (7,746,841) (264,137) Cash payments to employees for services (3,659,294) (436,551) (59,722) Net cash from operating activities 9,967,354 2,421,228 4,874,836 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Payments paid on interfund loans ‐ ‐ ‐ Grants/Donations ‐ ‐ ‐ Transfers in ‐ ‐ 5,180,000 Transfers out (2,149,607) (1,278,517) (7,103,048) PC loans paid ‐ ‐ ‐ Net cash from noncapital financing activities (2,149,607) (1,278,517) (1,923,048) CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Acquisition of capital assets (12,401,466) (115,467) ‐ Principal paid on revenue bonds (1,825,186) (242,986) ‐ Interest paid on revenue bonds (2,448,739) (325,910) ‐ Change in retainage payable 302,932 9,789 ‐ Change in deferred charges 11,705 5,011 ‐ Interest expense on loans ‐ ‐ ‐ Proceeds from sale of assets 68,646 ‐ ‐ Net cash from capital and related financing activities (16,292,108) (669,563) ‐ CASH FLOWS FROM INVESTING ACTIVITIES: Interest on investments 92,799 64,208 36,916 Change in restricted investments 8,500,679 55,555 ‐ Net cash from investing activities 8,593,478 119,763 36,916 Net increase (decrease) in cash equivalents 119,117 592,911 2,988,704 Cash/equivalents at beginning of year 10,132,098 12,898,726 8,470,293 Cash/equivalents at end of year $ 10,251,215 $ 13,491,637 $ 11,458,997 Cash/equivalents, end of year (unrestricted) 10,248,429 13,491,637 11,458,997 Cash/equivalents, end of year (restricted) 2,786 ‐ ‐ Total cash/equivalents, end of year $ 10,251,215 $ 13,491,637 $ 11,458,997 The notes to the financial statements are an integral part of this statement. 56 ---PAGE BREAK--- Page 2 of 4 Non‐Major Internal Medical Enterprise Service Services Funds Totals Funds $ 6,188,031 $ 11,548,295 $ 53,079,494 $ 15,181,812 ‐ 222,311 222,311 (1,754,184) (2,030,487) (5,525,993) (21,480,663) (8,946,952) (3,433,027) (2,678,432) (10,267,026) (2,872,294) 724,517 3,566,181 21,554,116 1,608,382 ‐ (249,075) (249,075) ‐ ‐ 420,986 420,986 ‐ ‐ 742,250 5,922,250 50,000 (2,636,100) (1,207,005) (14,374,277) ‐ ‐ ‐ ‐ 6,243 (2,636,100) (292,844) (8,280,116) 56,243 (10,488) (6,879,585) (19,407,006) (898,642) ‐ (621,899) (2,690,071) ‐ ‐ (141,135) (2,915,784) ‐ ‐ 247,189 559,910 ‐ 16,035 32,751 ‐ ‐ ‐ ‐ (70,713) ‐ 3,000 71,646 42,121 (10,488) (7,376,395) (24,348,554) (927,234) 59,567 49,227 302,717 8,329 ‐ 4,538,493 13,094,727 ‐ 59,567 4,587,720 13,397,444 8,329 (1,862,504) 484,662 2,322,890 745,720 2,464,243 7,063,873 41,029,233 1,560,863 $ 601,739 $ 7,548,535 $ 43,352,123 $ 2,306,583 601,739 7,548,535 43,349,337 2,306,583 ‐ ‐ 2,786 ‐ $ 601,739 $ 7,548,535 $ 43,352,123 $ 2,306,583 57 ---PAGE BREAK--- OGDEN CITY CORPORATION STATEMENT OF CASH FLOWS PROPRIETARY FUNDS Year Ended June 30, 2015 Page 3 of 4 RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY OPERATING ACTIVITIES: BDO Sanitary Property Water Sewer Management Operating income (loss) $ 7,562,911 $ 2,273,707 $ 731,191 Reconciliation adjustments: Depreciation 2,088,050 577,810 4,055,655 Changes in assets and liabilities: Change in accounts receivable 208,502 6,280 100,513 Change in inventory ‐ ‐ ‐ Change in prepaid expenses (117,098) ‐ ‐ Change in due to other funds ‐ ‐ ‐ Change in accounts payable 442,262 (242,152) (9,240) Change in deposits payable ‐ ‐ ‐ Change in unearned revenue ‐ ‐ ‐ Change in other accrued liabilities 18,248 (224,371) ‐ Change in wages payable and compensated absences (235,521) 29,954 (3,283) Total adjustments 2,404,443 147,521 4,143,645 Net cash provided by (used in) operating activities $ 9,967,354 $ 2,421,228 $ 4,874,836 NONCASH INVESTING, CAPITAL AND FINANCING ACTIVITIES: The Water and Sanitary Sewer funds recorded capital contributions from Business Depot Ogden in the amount of $399,202 and $435,304, respectively. The Water and Sanitary Sewer fund recorded a deferred charge of bond insurance costs of $28,229 and $1,751, respectively. The notes to the financial statements are an integral part of this statement. 58 ---PAGE BREAK--- Page 4 of 4 Non‐Major Internal Medical Enterprise Service Services Funds Totals Funds $ 331,477 $ 1,449,403 $ 12,348,689 $ (898,120) 69,781 1,705,569 8,496,865 2,725,740 (190,180) (90,145) 34,970 5,507 ‐ (5,436) (5,436) (66,837) ‐ (15,191) (132,289) ‐ ‐ 222,311 222,311 (1,754,184) (163,967) 455,474 482,377 (100,346) ‐ (29,116) (29,116) ‐ ‐ 33,536 33,536 ‐ 500,000 ‐ 293,877 1,801,977 177,406 (160,224) (191,668) (105,355) 393,040 2,116,778 9,205,427 2,506,502 $ 724,517 $ 3,566,181 $ 21,554,116 $ 1,608,382 59 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies of the City of Ogden conform in all material respects to generally accepted accounting principles (GAAP) as applicable to governments. The City has adopted the provisions of the Governmental Accounting Standards Board (GASB). Preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. The following is a summary of the more significant policies and is presented to assist the reader in interpreting the financial statements and other data in this report. These policies, as presented, should be viewed as an integral part of the accompanying financial statements. A. Reporting Entity Ogden City Corporation was incorporated February 6, 1851 by the General Assembly of the State of Deseret. Ogden became a home rule charter city on June 29, 1851. The City is governed by an elected mayor and seven member council and provides the following services as authorized by its charter: police and fire protection, planning and engineering, code enforcement, street maintenance, traffic control, parks operation and maintenance, recreation services, community development, general administrative services, burial, water, sewer and solid waste services and airport services. The criteria set forth by generally accepted accounting principles (GAAP) was used to determine which entities to include in this report. GASB Concepts Statement‐1 (Objectives of Financial Reporting) concludes that the basic foundation for governmental financial reporting is accountability. The Concepts Statement asserts that accountability requires governments to answer to the citizenry ‐ to justify the raising of public resources and the purposes for which they are used. In turn, the concept of accountability becomes the basis for defining the financial reporting entity. The financial reporting entity consists of the following: A. The primary government B. Organizations for which the primary government is financially accountable C. Other organizations that, because of the nature and significance of their relationship with the primary government, exclusion from the reporting entity would render the financial statements misleading or incomplete Blended component units, although legally separate entities, are in substance part of the government’s operations. They are reported as part of the primary government and blended with the appropriate funds. The accompanying financial statements include all activities of the City and Ogden Redevelopment Agency (RDA). The RDA was included because the separate governing bodies of both entities are comprised of the same individuals and the City is financially accountable for the RDA. The financial statements also include activities of the Ogden Municipal Building Authority. The Building Authority governing body is comprised of the same individuals as the City Council and was created to purchase condominium space in the office building that houses most city administrative departments as well as the City Council. Revenue comes from a lease with the City. Both the Ogden Redevelopment Agency and the Ogden Municipal Building Authority are included in the accompanying financial statements as blended component units. The City’s basic financial statements consist of both government‐wide statements and fund statements. The government‐wide statements focus on the City as a whole, while the fund statements focus on individual funds. 60 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 B. Government‐wide and Fund Financial Statements Government‐wide Financial Statements The government‐wide statements present information on all activities of the primary government. Primary government activities are distinguished between governmental and business‐type activities. Governmental activities generally are financed through taxes, intergovernmental revenues, and other non‐exchange revenues. Business‐ type activities are financed in whole or in part by fees charged to external parties for goods or services. The effects of interfund activity have been eliminated from the government‐wide statements except for the residual amounts due between governmental and business‐type activities. The Statement of Net Position presents the City’s assets and liabilities, with the difference reported as net position. Net position is restricted when constraints placed upon them are either externally imposed or are imposed by constitutional provisions or enabling legislation. The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment are offset by program revenues. Direct expenses are those that are clearly identifiable within a specific function. The City does not allocate general government (indirect) expenses to other functions. Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function; and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other revenues not meeting the definition of program revenues are reported as general revenues. Fund Financial Statements The financial transactions of the City are recorded in individual funds. A fund is a separate accounting entity with a self‐balancing set of accounts. Fund accounting is used to demonstrate legal compliance and to aid financial management by segregating transactions related to certain government functions or activities. Separate statements are provided for governmental and proprietary funds. For governmental and proprietary funds, the emphasis is on major funds, with each displayed in a separate column. The City reports the following major governmental funds:  General Fund ‐ This fund is the principal operating fund of the City. It is used to account for and report all financial resources not required to be accounted for in another fund.  Ogden Redevelopment Agency Fund ‐ This special revenue fund accounts for the agency’s redevelopment activities which are supported by property tax increment revenue. The Ogden Redevelopment Agency debt is included in this fund. The City’s remaining governmental funds are considered and reported as nonmajor funds. These funds account for specific revenue sources that are legally restricted to expenditures for specific purposes. Funds included are the Municipal Building Authority, Downtown Special Assessment, and Cemetery Perpetual Care (Special Revenue Funds), the Gomer A. Nicholas Fund, (a Permanent Fund), the Capital Improvement Projects Fund and the Debt Service Fund. The nonmajor funds are grouped together in a single column in the basic financial statements and they are displayed individually in the combining statements. Net appreciation in the City’s permanent fund amounted to $2,111. The original grantor of the funds specified that any annual increase above the original principal endowment is to be invested in the recreational facilities of the City. Based on the original agreement, City policy allows the appropriation of annual interest earnings as reimbursement to departments that have invested in recreational facilities. The City reports the following major proprietary funds:  Water Utility Fund ‐ This enterprise fund accounts for activities necessary to provide water services to residents. 61 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 B. Government‐wide and Fund Financial Statements (Continued)  Sanitary Sewer Utility Fund ‐ This enterprise fund accounts for activities necessary to provide sanitary sewer services to residents.  BDO Property Management Fund – This enterprise fund is used to account for operations of the Business Development Ogden project.  Medical Services Fund – This enterprise fund is used to account for operations of the ambulance service provided to the Ogden City area.  Internal Service Fund ‐ These funds account for the financing of services provided by one department or agency to other departments or agencies of the city on a cost reimbursement basis. The City maintains internal service funds for Fleet, Facilities, Electronics and Stores; Management Information Systems; and Risk Management services. Internal service funds are reported in a single column on the proprietary fund statements and are combined with governmental activities on the government‐wide statements. They are also displayed individually in the combining statements. The City’s remaining proprietary funds are considered and reported as nonmajor enterprise funds. These funds account for their respective business‐type activities and include Storm Sewer, Refuse, Airport, Golf Courses, Recreation, and Dinosaur Park. The nonmajor enterprise funds are grouped together in a single column in the basic financial statements and they are displayed individually in the combining statements. C. Measurement Focus and Basis of Accounting The government‐wide financial statements are prepared using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when the related liability is incurred, regardless of the timing of the cash flows. Taxes and fees are recognized in the year in which the related sales or other activity has occurred. Grants and similar items are recognized as revenue when all eligibility requirements have been met. The proprietary fund statements are also prepared using the economic resources measurement focus and the accrual basis of accounting. Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues generally result from exchange transactions associated with the principal activity of the fund. Exchange transactions are those in which each party receives and gives up essentially equal values. Nonoperating items, such as interest expense and investment earnings, result from nonexchange transactions or ancillary activities. The governmental fund financial statements are prepared and reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized when they are both measurable and available. Expenditures are generally recorded when the related liability is incurred. Reconciliations between the government‐wide method of reporting governmental net position and activities and the governmental fund method of reporting are prepared to disclose the items that make up the differences in the two reporting methods. The following are the City’s significant policies related to recognition and reporting of certain revenues and expenditures. 62 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 C. Measurement Focus and Basis of Accounting (Continued) Property Tax Revenue Ad valorem (based on value) property taxes constitute a major source of General Fund revenue. Taxes are levied through the passage of an ordinance in June of each year. The levy is applicable to only one fiscal year. All taxable property is required to be assessed and taxed at a uniform and equal rate on the basis of fair market value. The State Tax Commission is required to assess certain statutorily specified types of property including public utilities and mining property. The County Assessor is required to assess all other types of taxable property, and both entities are required to assess the respective types of property as of January 1, the assessment (lien) date. The County is then required to complete the tax rolls by May 15th. By July 21st, the County Treasurer is to mail assessed value and tax notices to property owners. Then a taxpayer may petition the County Board of Equalization between August 1st and August 15th for a revision of the assessed value. Approved changes in assessed value are made by the County Auditor by November 1st and on this same date the Auditor is to deliver the completed assessment rolls to the County Treasurer. Tax notices are mailed with a due date of November 30th, and delinquent taxes are subject to penalty. Unless delinquent taxes and penalties are paid before January 15th, a lien is attached to the property, and the amount of taxes and penalties bear interest from January 1st until paid. After five years delinquent taxes have not been paid, the County sells the property at a tax sale. Tax collections are remitted to the City from the County GASB Statement No. 33, Accounting and Financial Reporting for Nonexchange Transactions, defines a nonexchange transaction as one in which, “a government either gives value to another party without directly receiving equal value in exchange or receives value from another party without giving equal value in exchange.” For property taxes, at January 1 of each year (the assessment date), the City has the legal right to collect the taxes, and in accordance with the provisions of the statement, has now recorded a receivable and a corresponding deferred inflow of resources for the assessed amount of those property taxes as of January 1, 2015. Revenue Availability Under the modified accrual basis of accounting, revenues are considered to be “available” when they are collected within the current period or expected to be collected soon enough thereafter to pay liabilities of the current period. Ogden City considers property tax revenues to be available if they are collected within 60 days after the end of the current year. Grants and similar items are recognized as revenue when all eligibility requirements have been met. All other revenues, including sales and franchise taxes, are considered to be available if they are collected within 60 days after year‐end. Expenditure Recognition In governmental funds, expenditures are generally recorded when the related liability is incurred. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Capital asset acquisitions are reported as expenditures, and proceeds of long‐ term debt and acquisitions under capital leases are reported as other financing sources. When an expenditure is incurred for purposes for which both restricted and unrestricted resources are available, the City generally uses restricted resources first, then unrestricted resources. Program Revenues Amounts reported as program revenues include 1) charges to customers or applicants for goods and services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes. 63 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Assets, Liabilities, Deferred Outflows/Inflows and Fund Balances/Net Position Proprietary funds Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the enterprise funds and internal service funds are the result of charges to customers for sales and services. Operating expenses for enterprise and internal service funds include the cost of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses. The following are the City’s significant policies regarding recognition and reporting of certain assets, liabilities and fund balance/net position. Cash and Cash Equivalents Unrestricted and restricted cash balances of all funds are combined to form a pool of cash and investments which is managed by the City Treasurer. Utah State Statutes allow for investments in the Utah Public Treasurer’s Investment Fund and Utah Money Management Act (UMMA) approved financial institutions. The UMMA provides for a committee to evaluate financial institutions and provide a list of those qualified as depositories for public funds, including the amount they are authorized to maintain over and above insured amounts. The City Treasurer invests unrestricted cash with the Utah Public Treasurer’s Investment Fund and with financial institutions on the approved list. Investments in the pooled cash fund consist primarily of certificates of deposit, repurchase agreements, time deposits, commercial paper and government agency securities and are carried at cost which approximates market value. Interest income earned as a result of pooling is distributed to the appropriate funds based on month end balances of cash and investments. Short‐term investments that are readily convertible to known amounts of cash and have an original maturity date of three months or less are defined as cash equivalents for purposes of the Cash Flow statements. Long‐term Investments Investments are reported in accordance with GASB Statements 31 and 40. Investments are reported at fair value or amortized cost. Investment Derivatives (Interest Rate Swaps) The Ogden City Redevelopment Agency (RDA) entered into two Libor‐indexed interest rate swaps with JP Morgan Chase Bank, NA (formerly Bear Stearns Capital Markets Inc.) on November 10, 2005 in conjunction with the issuance of its $8,900,000 RDA Taxable Variable Rate Revenue Bonds Series 2005B and its $22,400,000 RDA Taxable Variable Rate Bonds Series 2005C‐1 and 2005C‐2. On September 30, 2009, the Series 2005B, 2005C‐1 and 2005C‐2 bonds were refunded through a current refunding by issuance of the RDA Taxable Variable Rate Revenue Bonds Series 2009A, 2009B‐1 and 2009B‐2 bonds. The purpose of the refunding was to establish a new credit facility with Wells Fargo Bank given that the original credit facility and extension thereof had expired. This refunding had no effect on the interest rate swap agreements between the RDA and JP Morgan Chase Bank, NA. The Series 2009A Bonds are paid from lease revenues derived from a commercial lease agreement. The Series 2009B‐1 and 2009B‐2 bonds are paid with tax increment and lease revenues. Objective: The RDA entered into the Swap Agreements to hedge its exposure to interest rate volatility on the Bonds and to create a fixed rate for the bonds during the first 10 years of the 2005 Bond financing. Notional Amount: The notional amounts of the swaps as of June 30, 2015 are $7,083,846 and $15,785,220 for the 2009A and 2009B‐1 and 2009B‐2, respectively. 64 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Assets, Liabilities, Deferred Outflows/Inflows and Fund Balances/Net Position (Continued) Fair Value: As of June 30, 2015 the following mid‐market values based upon the market close rate data provided by Bloomberg Financial were: $8.9M ‐ 100% Libor Swap ($163,348) and $22.4M ‐ 100% Libor Swap ($419,856). A requirement of the implementation process was to test for hedge effectiveness of the swap agreements. The swap agreements held by the City were determined to be ineffective hedges. Based on the determination, the standard requires the swaps to be reported as investment derivatives. The fair value and the changes in fair value of the investment derivatives are reported as a reduction in unrestricted investment earnings on the statement of activities and as a reduction in noncurrent liability on the Statement of Net Position in the amount of ($583,204). Interest Rate risk: The Series 2005 Bonds were issued November 29, 2005, which is the same day the Swap became effective and remains in effect with the Series 2009 bonds. Under terms of the swap agreement, the RDA pays the counterparty (Wells Fargo Bank, NA) a fixed rate of 4.95% on the Series 2009A Bonds and 5.507% on the Series 2009B Bonds on the first business day of January, April, July, and October during the term of the Transaction. The RDA receives a floating rate on the same dates equal to 1 month Libor plus .20% applicable for the same calculation period. At June 30, 2015, the swaps had a negative fair value of $583,204. Early Termination Risk: The RDA has the option to terminate the JP Morgan Chase Swap upon 30 days notice. The amount due with respect to an early termination shall be determined as though the counterparty is the sole affected party and “Market Quotation and Second Method” shall apply. Either party may terminate only upon an “Event of Default” caused by a “Failure to Pay or Deliver” as specified in Section 5 of the International Swaps and Derivatives Association (ISDA) Master Agreement. Any amounts due to the counterparty upon termination are payable from lease payments and tax increment revenue. Rollover Risk: The Series 2009A bonds amortize over a 22 year period ending June 1, 2031 and the Series 2009B bonds amortize over an 18 year period ending December 1, 2027. The swap terminates on December 1, 2015, at which time the City will be exposed to potentially higher interest expense on these bonds, due to fluctuations in the Libor rate. Short‐term Interfund Receivables and Payables During the course of operations, numerous transactions occur between individual funds for goods provided or services rendered. These receivables and payables are classified as due from other funds, or due to other funds on the balance sheet. Short‐term interfund loans are classified as interfund receivables and payables. Loans to Other Funds Non‐current portions of long‐term interfund loan receivables are reported as loans and are offset equally by a fund balance reserve account which indicates that they do not constitute expendable available financial resources and therefore are not available for appropriation. Accounts Receivable The City records water, sewer, refuse, and medical services unbilled services as an account receivable, net of allowance for doubtful accounts, through June 30, 2015. This amount has likewise been recorded as revenue in the appropriate fund. The City calculates an allowance for doubtful accounts on receivables based on the average of bad debt expense to revenue over 5 years. 65 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Assets, Liabilities, Deferred Outflows/Inflows and Fund Balances/Net Position (Continued) Inventories Inventory is valued at cost using the average-cost method, which approximates market. Inventory in the General Fund consists of supplies for streets maintenance. Inventory in nonmajor governmental funds consists of cemetery lots for sale. The cost of governmental fund type inventories are recorded as expenditures when consumed rather than when purchased. Reported inventories are equally offset by fund balance which classification indicates that they do not constitute available spendable resources even though they are a component of current assets. Inventory in nonmajor enterprise funds represent available for sale merchandise at the golf course proshops. Inventories in the internal services funds primarily consist of supplies for the fleet, facilities and electronics operations. Prepaid Items Payments made to vendors for services that will benefit periods beyond June 30, 2015 are recorded as prepaid items in both government-wide and fund financial statements. The cost of governmental fund type prepaid items are recorded as expenditures when consumed rather than when purchased. Restricted Assets Certain proceeds of fund revenue bonds, as well as certain resources set aside for their repayment, are classified as restricted assets because their use is limited by applicable bond covenants and legal requirements. Grant Loans Primarily consisting of loans to residents for the benefit of housing purchases and improvements in designated project areas. Some loans are payable in installments, other are due on sale or transfer of ownership of the related property and other loan payments are deferred. Reported grant loans are equally offset by a deposit liability. Properties Held for Resale Property acquired by the City, primarily in designated revitalization areas within the City. The cost of the property held for resale is capitalized until the property is sold. Capital Assets General capital assets are not capitalized in the funds used to acquire or construct them. Instead, capital acquisition and construction are reflected as expenditures in governmental funds. Capital assets, with an initial, individual cost of more than $5,000 are reported in the applicable governmental or business-type activities columns in the government-wide financial statements. All purchased capital assets are valued at cost or estimated historical cost. Donated capital assets are valued at their estimated fair market value on the date received. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. Improvements are capitalized and depreciated over the remaining useful lives of the related capital assets, as applicable. Intangible capital assets consist mainly of computer software, right-of-ways, water rights and water stock. However, they may include any items meeting the definition of intangible capital assets under GASB 51 – Accounting and Financial Reporting for Intangible Assets. Infrastructure capital assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems and lighting systems are capitalized. The City has elected to use the modified-approach for reporting infrastructure. This election allows the City to forego depreciation of networks or of infrastructure assets, provided that the City has made a commitment to maintain those particular assets at predetermined condition levels. The City has established an asset management system and policy that is adequate for that purpose. Refer to pages 103 and 104 of the required supplementary information regarding the modified-approach. 66 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Assets, Liabilities, Deferred Outflows/Inflows and Fund Balances/Net Position (Continued) Capital assets, with the exception of infrastructure, are depreciated. Depreciation of buildings, equipment and vehicles is computed using the straight‐line method. Depreciation of all exhaustible capital assets is charged as an expense in the related program. Accumulated depreciation is reported on the Statement of Net Position. Depreciation has been provided over the estimated useful lives using the straight‐line method. The estimated useful lives are as follows: years Improvements...............10‐25 years years years Compensated Absences ‐ Accumulated Unpaid Vacation, Sick Pay, and Compensation Time Accumulated unpaid vacation, sick pay, and other employee benefit amounts are accrued when incurred in proprietary funds (using the accrual basis of accounting). In the governmental funds, only the amount of the benefits that have matured is reported as an expenditure and corresponding liability. The estimated current portion of the accumulated benefits is reported in the fund as a reservation of fund balance. A liability for unused compensated absences is reported in the government‐wide Statement of Net Position. Long‐term Obligations In the government‐wide statements and proprietary fund statements, long‐term debt and other long‐term obligations are reported as liabilities. Bond premiums, discounts, and insurance costs are deferred and amortized over the life of the bonds using the straight‐line method, which approximates the effective interest method. Bonds payable are reported net of the applicable bond premium or discount. Issuance costs are expensed in the period in which the obligation is incurred. In the governmental fund financial statements, bond premiums, discounts, and issuance costs are recognized as expenditures in the current period. Premiums received on debt issuances are reported as other financing sources, while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as debt service expenditures. The face amount of debt issued is reported as other financing sources. Deferred Inflows and Outflows of Resources In addition to assets, the statements of financial position will sometimes report a separate section for deferred outflows of resources. This separate financial element, deferred outflows of resources, represents a consumption of fund balance/net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expenditure/expense) until then. In addition to liabilities, the statement of financial position will sometimes report a separate section for deferred inflow of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of fund balance/net position that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The government has items which qualify for reporting in this category. The governmental funds report unavailable revenue from property taxes. The government wide statement of financial position report unavailable revenue from property taxes and investment derivatives. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available. 67 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Assets, Liabilities, Deferred Outflows/Inflows and Fund Balances/Net Position (Continued) Pensions For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the Utah Retirement Systems Pension Plan (URS) and additions to/deductions from URS/s fiduciary net position have been determined on the same basis as they are reported by URS. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value. Net Position/Fund Balances The difference between assets and liabilities is reported as net position on the government‐wide and proprietary fund statements, and fund balance on the governmental fund statements. Fund financial statements GASB Statement No. 54 on Fund Balance Reporting and Governmental Fund Type Definitions applies only to governmental fund financial statements and not to government‐wide statements or proprietary fund statements. Proprietary fund equity is classified the same as in the government‐wide statements. The governmental fund balances may be classified as follows: Non‐spendable – Fund balances that cannot be spent either because they are in non‐spendable form or because they are legally or contractually required to be maintained intact. Restricted fund balance – Fund balances are reported as restricted when they are constrained by externally imposed legal restrictions, by law through constitutional provisions or enabling legislation, or restrictions set by creditors, grantors, or contributors. Committed fund balance – Fund balances are reported as committed when the City Council formally designates the use of resources by ordinance for a specific purpose and cannot be used for any other purpose unless the City Council likewise formally changes the use. Committed fund balance at June 30, 2015 was Assigned fund balance – Fund balances are reported as assigned when the City Council intends to use the funds for a specific purpose. Normally funds are assigned by the appropriation process of setting the budget. Funds in special revenue, debt service, and capital project funds are by their nature assigned to the purpose of those respective funds. Commitments for contracts, goods or services, made before the end of the fiscal year, are encumbered and show as an assignment of fund balances in the governmental funds. Unencumbered appropriations lapse at year end, except for capital projects that extend for the term of the project. Subsequent years’ appropriations provide authority for the Budget Officer to complete encumbered transactions. The encumbrance balance at June 30, 2015 was $925,965. Unassigned fund balance – Fund balances in the general fund are reported as unassigned when they are neither restricted, committed, nor assigned. They may be used for any governmental purpose. When an expenditure is incurred for purposes for which both restricted and unrestricted fund balance is available, the City considers restricted funds to have been spent first. When an expenditure is incurred for which committed, assigned, or unassigned fund balances are available, the City considers amounts to have been spent first out of committed funds, then assigned funds, and finally unassigned funds, as needed, unless the City Council has provided otherwise in its commitment or assignment actions. 68 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Assets, Liabilities, Deferred Outflows/Inflows and Fund Balances/Net Position (Continued) The City has no formal policy on minimum fund balances. Utah Code 10-6-116(4) requires the City to maintain a minimum fund balance in the general fund equal to 5% of general fund revenue. Government-wide Statements Equity is classified as net position and displayed in three components: Net investment in capital assets – Consists of capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, mortgages, notes, or other borrowings that are attributable to the acquisition, construction, or improvement of those assets. Restricted net position – Consists of net position with constraints placed on the use either by external groups such as creditors, grantors, contributors, or laws or regulations of other governments; or law through constitutional provisions or enabling legislation. Unrestricted net position – Net position that does not meet the definition of “restricted” or “net investment in capital assets”. It is City policy to first apply restricted resources when an expense is incurred for purposes for which both restricted and unrestricted net position is available. E. Interfund Activity and Balances Government-wide Statements In general, eliminations have been made to minimize the double counting of internal activity, including internal service fund type activity. However, interfund services provided and used between different functional categories have not been eliminated in order to avoid distorting the direct costs and program revenues of the applicable functions. Interfund receivables and payables have been eliminated from the Statement of Net Position, except for the residual amounts due between governmental and business-type activities, which are shown as “internal balances”. Governmental Fund Statements Interfund transactions for goods and services provided and used are reported as revenues and expenditures/expenses in the funds involved. Cash transfers between funds of the City are reported as other financing sources and uses in the governmental fund statements. F. New Pronouncements As of July 1, 2014, the City adopted GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71 Pension Transition for Contributions Made Subsequent to the Measurement Date. The implementation of these standards requires governments calculate and report the costs and obligations associated with pensions in their basic financial statements. Employers are required to recognize pension amounts for all benefits provided through the plan which include the net pension liability, deferred outflows of resources, deferred inflows of resources, and pension expense. The effect of the implementation of these standards on beginning net position is disclosed in Note 17 and the additional disclosures required by these standards are included in Note 11. 69 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 2. DEPOSITS AND INVESTMENTS Deposits and investments for Ogden City are governed by the Utah Money Management Act (Utah Code Annotated, Title 51, Chapter 7, “the Act”) and by rules of the Utah Money Management Council (“the Council”). Following are discussions of the City’s exposure to various risks related to its cash management activities. A. Custodial Credit Risk Deposits. Custodial credit risk for deposits is the risk that in the event of a bank failure, the City’s deposits may not be recovered. The City’s policy for managing custodial credit risk is to adhere to the Act. The Act requires all deposits of City funds to be in a qualified depository, defined as any financial institution whose deposits are insured by an agency of the federal government and which has been certified by the Commissioner of Financial Institutions as meeting the requirements of the Act and adhering to the rules of the Utah Money Management Council. The City’s deposits in the bank in excess of the insured amount are uninsured and are not collateralized, nor do state statutes require them to be. The City’s deposits at June 30, 2015 were $79,004,149 of which, $77,422,924, were uninsured and uncollateralized. Investments. Custodial credit risk for investments is the risk that in the event of the failure of the counterparty, the City will not be able to recover the value of its investments that are in the possession of an outside party. The City does not have a formal policy for custodial credit risk of investments. The entire $32,503,260 of the City’s investments in government agency securities, corporate bonds, commercial paper, corporate notes and money market funds are uninsured, unregistered, and held by the counterparty’s trust department. However, the investments are held in the City’s name and therefore are not exposed to custodial credit risk. B. Interest Rate Risk Interest rate risk is the risk that changes in interest rates of debt investments that will adversely affect the fair value of an investment. The City’s policy for limiting interest rate risk is to comply with the Act. The City manages its exposure to declines in fair value by investing mainly in the PTIF and by adhering to the Money Management Act. The Act requires that the remaining term to maturity of investments may not exceed the period of availability of the funds to be invested. The Act further limits the remaining term to maturity of commercial paper to 270 days or less and fixed rate negotiable deposits and corporate obligations to 365 days or less. Maturities of the City’s investments are noted in the subsequent table. C. Concentration of Credit Risk Concentration of credit risk is the risk of loss attributed to the magnitude of a government’s investment in a single issuer. The City’s policy to limit this risk is to adhere to the rules of the Money Management Council. The Council rules do not limit the amount of investments a government may make in any one issuer except for Rule 2 regarding certain endowments and funds with a long‐term perspective, and Rule 17 which limits investments in a single issuer of commercial paper and corporate obligations to between 5 and 10 percent depending upon the total dollar amount held in the government’s portfolio at the time of purchase. D. Credit Risk Credit risk is the risk that the counterparty to an investment transaction will not fulfill its obligations. The City’s policy for limiting the credit risk of investments is to comply with the Act. The Act requires investment transactions to be conducted only through qualified depositories, certified dealers, or directly with issuers of the investment securities. Permitted investments include deposits of qualified depositories; repurchase agreements; commercial 70 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Credit Risk (Continued) paper that is classified as “first‐tier” by two nationally recognized statistical rating organizations, one of which must be Moody’s Investor Services or Standard & Poors; bankers acceptances; obligations of the U.S. Treasury and U.S. government sponsored enterprises; bonds and notes of political subdivisions of the State of Utah; fixed rate corporate obligations and variable rate securities rated or higher by two nationally recognized statistical rating organizations; and shares in a money market fund as defined in the Act. The City is also authorized to invest in the Utah Public Treasurer’s Investment Fund (PTIF), an unrated external pooled investment fund managed by the Utah State Treasurer and subject to the Act and Council requirements. The PTIF is not registered with the SEC as an investment company, and deposits in the PTIF are not insured or otherwise guaranteed by the State of Utah. The PTIF operates and reports to participants on an amortized cost basis. The income, gains, and losses, net of administration fees, of the PTIF are allocated based upon the participants’ average daily balances. The fair value of the PTIF investment pool is approximately equal to the value of the pool shares. Following are the City’s cash and investments at June 30, 2015: Cash deposit and Fair Quality Investment Type Value Maturity Ratings Cash on deposit $ 17,168,317 n/a not rated PTIF Investments 29,332,572 n/a not rated Certicates of deposit 11,624,482 various not rated Corporate notes 20,878,778 270 days* AA Total $ 79,004,149 Cash on deposit is equivalent to cash deposited with an insured financial institution. * Weighted‐average maturity Cash and investments $ 70,737,288 Restricted cash 3,991,641 Restricted investments 4,275,220 Total $ 79,004,149 As of June 30, 2015 the carrying amount of the City’s cash deposits and investments was $77,441,626, respective bank balances totaled $79,004,149. The City’s investments are diversified in such a manner that no individual investment represents more than 5% of the City’s total investments at June 30, 2015. These investments are reported in the Redevelopment Agency, Municipal Building Authority, Gomer A. Nicholas Permanent Fund, Water Utility, Sanitary Sewer, Storm Sewer and Refuse Utility Funds. 71 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 3. RECEIVABLES AND PAYABLES A. Interfund Payables and Receivables: Due To/From other funds ‐ Cash overdrafts: Funds which have overdrawn their share of pooled cash show a due to other funds on the balance sheet for the amount of the overdraft. Funds which management selected because of their strong cash position show an offsetting due from other funds on the balance sheet. Funds which had overdrawn their share of pooled cash and the offsetting funds as of June 30, 2015 were as follows: Payable Fund Amount General Debt Service $ 1,615 General Fleet, Facilities, Electronics, and Stores 948,019 General Airport 533,886 General Dinosaur park 27,795 Total $ 1,511,315 Receivable Fund The terms of repayment of the cash overdraft amounts are discussed in footnote 16 – Commitments and Contingencies. B. Loans To/From Other Funds: Funds which have received loans from other funds as of June 30, 2015 were: Payable Fund (Due From) Amount General Redevelopment Agency 5,771,660 $ Allowance for uncollectible advances (see note 3) (5,760,160) 11,500 General Golf Course 267,219 General Airport 1,335,113 Business Depot Ogden Redevelopment Agency 1,702,423 Refuse Redevelopment Agency 2,042,191 General Redevelopment Agency 500,000 Total $ 5,858,446 Receivable Fund (Due To) Repayment terms – Interfund Lending Activity : General fund to the Redevelopment Agency: These loans have been reserved for in the general fund to the extent that they are considered collectible. Terms of the loans specify that tax increment revenue from the individually identified project areas is to be used to repay these loans. General fund to the Golf Courses Fund: The terms and City Council resolution indicate that principal and interest payments are to be budgeted for payment annually. General fund to the Airport fund : The terms and City Council resolution indicate that principal and interest payments are to be budgeted for payment annually. 72 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 B. Loans To/From Other Funds (Continued) Business Depot Ogden to the Redevelopment Agency: This note was established to refinance the outside line‐of‐ credit previously maintained by the RDA for the river project area. The note was due in full on July 1, 2014. Refuse fund loan to the Redevelopment Agency fund : The note was extended and the terms of the note indicate that principal and interest are to be paid in full on or before June 30, 2016. This note is associated with the river project area. General Fund to the Redevelopment Agency: This is a no interest, unsecured note to provide the Redevelopment Agency funds for land purchases. The terms of the note indicate that the pricipal is to be paid in full on or before May 27, 2018. Allowance for uncollectible advances: In a prior year, it was determined that a valuation allowance was necessary regarding the above mentioned General fund to Redevelopment Agency interfund advances. This determination was made based on the anticipated revenues from the payment funding sources. The advances and associated valuation allowance are detailed as follows: Payable Fund Amount General RDA ‐ Central Business District $ 1,751,601 General RDA ‐ 25th Street District 1,003,106 General RDA ‐ Washington Blvd. District 3,016,953 5,771,660 Allowance for uncollectible advances (5,760,160) $ 11,500 Receivable Fund C. Employee Loan Program: Upon recommendation of the administration, the City Council approved an interest free loan program for employees to use to purchase a computer or bicycle. $100,000 was set aside in the Information Technology Internal Service Fund as the funding mechanism. The program has strict controls to ensure that quality equipment is purchased and payment is handled automatically, through payroll deduction with additional protection for early termination. $2,000 is the maximum allowed for each employee and as payments are received to replenish the funding for additional purchases, employees on a waiting list are given the opportunity to participate. In addition to the increased morale of City employees, this program benefits the City through increased employee computer literacy and wellness. The Information Technology Internal Service Fund showed a receivable of $90,712 at June 30, 2015 for these loans to employees. 73 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Special Assessments Receivable: The City created the downtown special assessment district in the 1990s to fund the promotion of the central business district. Assessments are approved by the City Council and are made against commercial properties in the district. Assessment are on a three year cycle. The most recent assessment was in fiscal year 2012. The current balance due to the City is from the final year of the fiscal year 2012 assessment. $ 31,130 Delinquent………………………………… 52,315 $ 83,445 E. Allowance for Doubtful Accounts Receivable: The City calculates an allowance for doubtful accounts on receivables base on the average bad debt expense as a percent of revenue, averaged over 5 years. Accounts receivable and associated allowances at June 30, 2015 are detailed as follows: Receivable Less Allowance Net Receivable Water $ 1,957,039 $ (33,482) $ 1,923,557 Sanitary Sewer 1,020,968 (8,121) 1,012,847 Storm Sewer 437,824 (5,848) 431,976 Refuse 503,684 (6,314) 497,370 Medical Services 3,046,384 (981,147) 2,065,237 $ 6,965,899 $ (1,034,912) $ 5,930,987 Accounts Receivable Fund NOTE 4. INTERFUND TRANSFERS Transfers between funds occur primarily to finance programs accounted for in one fund with resources collected in other funds in accordance with budgetary authorizations. For Ogden City, the following transfers are as shown: Redevel‐ Internal Governmental Total General opment BDO Service Enterprise Nonmajor Transfers Fund Agency Fund Funds Funds Funds Out Transfers out reported in: General Fund $ ‐ $ ‐ $ ‐ $ ‐ $ 515,000 $ 679,500 $ 1,194,500 Redevelopment Agency ‐ 3,686,785 5,180,000 ‐ ‐ ‐ 8,866,785 BDO Property Management 30,000 ‐ ‐ 50,000 227,250 2,255,300 2,562,550 Enterprise Funds 4,562,622 ‐ ‐ ‐ ‐ 2,708,607 7,271,229 Nonmajor Funds 22,000 230,750 ‐ ‐ ‐ ‐ 252,750 Total Transfers In $ 4,614,622 $ 3,917,535 $ 5,180,000 $ 50,000 $ 742,250 $ 5,643,407 $ 20,147,814 Transfers in reported in: Transfers are used to move revenues between funds to finance various programs that the government must account for in other funds in accordance with budgetary authorizations, including amounts provided as subsidies or matching funds for various grants. 74 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 5. CAPITAL ASSETS Capital asset activity for the year ended June 30, 2015 was as follows: Beginning Ending Balance Additions Deletions Balance Governmental Activities: Capital assets, being depreciated: Buildings and Improvements $ 117,745,781 $ 899,478 $ (5,342) $ 118,639,917 Equipment 28,896,870 1,959,940 (510,104) 30,346,706 Intangibles 435,097 77,912 ‐ 513,009 Total 147,077,748 2,937,330 (515,446) 149,499,632 z Less Accumulated Depreciation for: Building and Improvements (67,996,841) (4,106,577) 6,381 (72,097,037) Equipment (17,279,525) (2,832,441) 464,744 (19,647,222) Intangibles (162,299) (86,974) ‐ (249,273) Total (85,438,665) (7,025,992) 471,125 (91,993,532) Capital assets being depreciated, net 61,639,083 (4,088,662) (44,321) 57,506,100 Capital assets , not being depreciated: Land 19,661,522 ‐ ‐ 19,661,522 Construction in Progress 2,258,438 1,381,020 (2,258,438) 1,381,020 Infrastructure 103,411,111 11,013,317 (2,179,995) 112,244,433 Governmental Activity Capital Assets, Net $ 186,970,154 $ 8,305,675 $ (4,482,754) $ 190,793,075 Capital Assets Beginning Ending Balance Additions Deletions Balance Business‐type Activities: Capital assets, being depreciated: Building and Improvements $ 278,162,714 $ 20,569,154 $ (16,855,461) $ 281,876,407 Equipment 3,268,955 569,654 ‐ 3,838,609 Total 281,431,669 21,138,808 (16,855,461) 285,715,016 Less Accumulated Depreciation for: Buildings and Improvements (97,458,157) (11,812,476) 3,930,937 (105,339,696) Equipment (979,050) (616,052) 728 (1,594,374) Total (98,437,207) (12,428,528) 3,931,665 (106,934,070) Capital assets, being depreciated, net 182,994,462 8,710,280 (12,923,796) 178,780,946 Capital assets, not being depreciated Land 37,006,674 1,294,330 (1,294,330) 37,006,674 Construction‐in‐process 5,806,154 22,253,236 (5,719,391) 22,339,999 Intangibles 717,658 ‐ ‐ 717,658 Business‐type Activities Capital Assets, Net $ 226,524,948 $ 32,257,846 $ (19,937,517) $ 238,845,277 Capital Assets 75 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 5. CAPITAL ASSETS (Continued) Depreciation expense of governmental activities was charged to functions as follows: General Administration………………………………………………. $ 1,281,905 Public 577,094 697,071 Environmental 12,041 Leisure Opportunities………………………………………………. 507,000 Community 1,225,142 Depreciation on capital assets of the City's internal service funds is charged to the various functions based on their usage of assets 2,725,740 $ 7,025,992 NOTE 6. LEASE COMMITMENTS A. Capital Leases The City has entered into non‐cancelable leases for equipment. Leases that in substance are purchases are reported as capital lease obligations. In the government‐wide and proprietary fund statements, assets and liabilities resulting from capital leases are recorded at the inception of the lease at either the lower of fair value or the present value of the future minimum lease payments. The principal portion of lease payments reduces the liability, and the interest portion is expensed. In governmental fund statements, both the principal and interest portions of capital lease payments are recorded as expenditures of the applicable governmental function. These lease obligations are shown in the fleet and facilities internal service fund. Governmental Business‐type Year Activities Activities Total 2016 $ 1,349,117 $ ‐ $ 1,349,117 2017 956,055 ‐ 956,055 2018 772,430 ‐ 772,430 2019 648,860 ‐ 648,860 2020 95,727 ‐ 95,727 Thereafter ‐ ‐ ‐ Total 3,822,189 ‐ 3,822,189 Less amounts representing interest 112,411 ‐ 112,411 Present value of future minumum lease payments $ 3,709,778 $ ‐ $ 3,709,778 Equipment $ 7,247,033 Less accumulated depreciation (2,154,963) Net book value $ 5,092,070 76 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 B. Operating Leases The City has entered into operating leases for equipment. Rent expense during the fiscal year ended June 30, 2015 approximated $67,391. These rent expenses are accounted for in the fleet and facilities and Information Technology internal service funds in the amounts of $32,113 and $35,278, respectively. NOTE 7. LONG‐TERM LIABILITIES A. Changes in Long‐term Liabilities Changes in long‐term liabilities for the year ended June 30, 2015 were as follows: Beginning Ending Due Within Balance Additions Reductions Balance One Year Governmental Activities: General Obligation Bonds $ 4,075,000 $ ‐ 2,000,000 $ 2,075,000 $ 2,075,000 Sales Tax Revenue Bonds 1,454,000 ‐ 103,000 1,351,000 107,000 Lease Revenue Bonds 4,121,000 ‐ 337,000 3,784,000 353,000 Tax Increment Revenue Bonds 34,835,000 ‐ 3,595,000 31,240,000 3,755,000 Section 108 Notes 1,400,000 3,340,000 100,000 4,640,000 100,000 Capital leases 2,955,172 3,499,552 2,744,946 3,709,778 1,298,203 Compensated absences 3,064,921 136,824 ‐ 3,201,745 960,523 Claims payable 1,154,023 1,113,593 ‐ 2,267,616 978,073 Unamortized bond discounts (206,330) ‐ (17,140) (189,190) Total Governmental Long‐term Liabilities $ 52,852,786 $ 8,089,969 $ 8,862,806 $ 52,079,949 $ 9,626,799 Long‐term Liabilities Beginning Ending Due Within Balance Additions Reductions Balance One Year Business‐type Activities: Revenue Bonds and Notes $ 76,601,000 $ ‐ $ 2,641,000 $ 73,960,000 $ 3,060,000 Unamortized bond discounts (18,079) ‐ (1,808) (16,271) Unamortized bond premium 827,967 ‐ 35,688 792,279 35,688 Deferred insurance 210,914 ‐ 17,560 193,354 17,560 Compensated Absences 916,309 ‐ 71,675 844,634 253,390 Total Business‐type Long‐term Liabilities $ 78,538,111 $ ‐ $ 2,764,115 $ 75,773,996 $ 3,366,638 Long‐term Liabilities The compensated absence liability of governmental activities is liquidated in the General Fund, Enterprise Funds, or Internal Service Funds of the employing department. Governmental funds report only the amount that has matured but has not yet been paid. Additional information related to these long‐term liabilities is found in the following tables including debt service requirements to maturity. 77 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 B. General Obligation Bonds/Sales Tax Revenue Bonds General Obligation Bonds and Sales Tax Revenue Bonds Payable at June 30, 2015 consists of the following: Issue Maturity Interest Original Balance Date Date Rate Amount June 30, 2015 2009 GO Bonds Refunding 04/21/09 12/15/15 2.50% to 5.00% $ 8,125,000 $ 2,075,000 2011 Sales Tax Refunding Bonds 12/05/11 03/01/26 2.88% 1,737,000 1,351,000 $ 3,426,000 General Obligation/Sales Tax Revenue Bonds Payable Total General Obligation Bonds Outstanding Year Principal Interest Principal Interest Principal Interest 2016 $ 2,075,000 37,750 $ 107,000 40,322 $ 2,182,000 78,072 2017 ‐ ‐ 110,000 37,303 110,000 37,303 2018 ‐ ‐ 113,000 34,184 113,000 34,184 2019 ‐ ‐ 116,000 30,978 116,000 30,978 2020 ‐ ‐ 119,000 27,686 119,000 27,686 2021‐2025 ‐ ‐ 646,000 86,135 646,000 86,135 2026‐2030 ‐ ‐ 140,000 6,023 140,000 6,023 Total $ 2,075,000 $ 37,750 $ 1,351,000 $ 262,630 $ 3,426,000 $ 300,380 General Obligation Bonds‐Debt Service Requirements to Maturity Total 2009 GO Bonds Refunding 2011 Sales Tax Refunding Pledged revenues The City pledged property tax revenue to repay Series 2009 General Obligation Refunding Bonds in the amount of $2,075,000. The City’s general obligation bonds are a voter approved debt used for the acquisition and construction of major capital facilities. The City pledged sales tax revenue to repay Series 2011 Sales Tax Refunding Bonds in the amount of $1,351,000. The City issued sales tax revenue bonds for the acquisition and construction of major capital facilities. C. Lease Revenue Bonds Lease Revenue Bonds Payable at June 30, 2015 consists of the following: Issue Maturity Interest Original Balance Date Date Rate Amount June 30, 2015 Series 2007 Stadium 04/04/06 06/15/21 4.35% $ 2,865,000 $ 2,279,000 Series 2006 refunding 12/11/07 01/15/28 5.08% 3,000,000 1,505,000 $ 3,784,000 Lease Revenue Bonds Payable Total Lease Revenue Bonds Payable 78 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 C. Lease Revenue Bonds (Continued) Year Principal Interest Principal Interest Principal Interest 2016 $ 225,000 65,468 $ 128,000 112,522 $ 353,000 177,990 2017 235,000 55,680 135,000 105,842 370,000 161,522 2018 245,000 45,458 141,000 98,831 386,000 144,289 2019 255,000 34,800 149,000 91,465 404,000 126,265 2020 265,000 23,708 156,000 83,718 421,000 107,426 2021‐2025 280,000 12,180 907,000 288,163 1,187,000 300,343 2026‐2030 ‐ ‐ 663,000 51,638 663,000 51,638 Total $ 1,505,000 $ 237,294 $ 2,279,000 $ 832,179 $ 3,784,000 $ 1,069,473 Lease Revenue Bonds‐Debt Service Requirements to Maturity Series 2006 Refunding Series 2007 Stadium Total Pledged revenues The City and the MBA pledged lease revenue to repay Series 2006 Lease Revenue Refunding Bonds and Series 2007 Stadium Bonds in the amounts of $1,505,000 and $2,279,000 respectively. The City and the MBA issued bonds for the acquisition and construction of major capital assets. The lease revenue earned by the MBA is related to lease agreements within the primary government. D. Tax Increment Revenue Bonds Tax Increment Revenue Bonds Payable at June 30, 2015 consists of the following: Issue Maturity Interest Original Balance Date Date Rate Amount June 30, 2015 Wall Ave Tax Increment 08/29/02 02/01/19 variable $ 675,000 $ 285,000 25th Street (Crown Plaza) 09/18/01 02/01/18 variable 1,610,000 475,000 2005 Series A ‐ Recreation Center 11/01/05 04/01/25 variable 7,280,000 3,270,000 2009 Series A ‐ Rec Center 09/30/09 06/01/31 variable / swap 8,780,000 6,910,000 2009 Series B‐1 and B‐2 ‐ Rec Center 09/30/09 12/01/27 variable / swap 21,565,000 16,020,000 2006 Series A ‐ West 12th (tax‐exempt) 12/20/06 04/01/17 4.43% 3,500,000 1,305,000 2007 Fairmount District 06/05/07 03/01/18 6.75% 3,300,000 825,000 2008 Series A ‐ West 12th 07/08/08 04/01/17 4.75% to 5.25% 3,000,000 865,000 2011 Series CBD 02/15/11 02/15/26 5.10% 1,600,000 1,285,000 $ 31,240,000 Tax Increment Bonds Payable Total Tax Increment Revenue Bonds Payable 79 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Tax Increment Revenue Bonds (Continued) Year Principal Interest Principal Interest Principal Interest 2016 $ 65,000 4,133 $ 145,000 14,250 $ 600,000 142,245 2017 65,000 3,190 160,000 9,900 185,000 116,145 2018 75,000 2,248 170,000 5,100 195,000 108,098 2019 80,000 1,160 ‐ ‐ 345,000 99,615 2020 310,000 84,608 2021‐2025 ‐ ‐ ‐ ‐ 1,635,000 210,759 Total $ 285,000 $ 10,731 $ 475,000 $ 29,250 $ 3,270,000 $ 761,471 Tax Increment Revenue Bonds‐Debt Service Requirements to Maturity (Crown Plaza) 2005 Series A Wall Ave Tax Increment 25th Street Recreation Center Year Principal Interest Principal Interest Principal Interest 2016 $ 385,000 415,188 $ 1,150,000 958,757 $ 640,000 57,812 2017 250,000 393,791 845,000 893,201 665,000 29,460 2018 265,000 378,313 915,000 840,695 ‐ ‐ 2019 285,000 361,924 985,000 783,941 ‐ ‐ 2020 310,000 344,169 1,060,000 722,785 2021‐2025 1,940,000 1,400,805 6,675,000 2,518,141 ‐ ‐ 2026‐2030 2,785,000 700,934 4,390,000 411,243 ‐ ‐ 2031‐2035 690,000 31,564 ‐ ‐ ‐ ‐ Total $ 6,910,000 $ 4,026,688 $ 16,020,000 $ 7,128,763 $ 1,305,000 $ 87,274 Recreation Center Recreation Center 2009 B‐1 and B‐2 2009 Series A West 12th (Tax‐exempt) 2006 Series A Year Principal Interest Principal Interest Principal Interest 2016 $ 260,000 89,438 $ 420,000 45,413 $ 90,000 65,535 2017 275,000 71,888 445,000 23,363 95,000 60,945 2018 290,000 53,325 ‐ ‐ 100,000 56,100 2019 ‐ ‐ ‐ ‐ 105,000 51,000 2020 110,000 45,645 2021‐2025 ‐ ‐ ‐ ‐ 635,000 138,720 2026‐2030 ‐ ‐ ‐ ‐ 150,000 7,650 Total $ 825,000 $ 214,651 $ 865,000 $ 68,776 $ 1,285,000 $ 425,595 2011 Series 2007 Series Central Business District West 12th 2008 Series A Fairmount District Year Principal Interest 2016 3,755,000 1,792,771 2017 2,985,000 1,601,883 2018 2,010,000 1,443,879 2019 1,800,000 1,297,640 2020 1,790,000 1,197,207 2021‐2025 10,885,000 4,268,425 2026‐2030 7,325,000 1,119,827 2031‐2035 690,000 31,564 Total $ 31,240,000 $ 12,753,197 Total 80 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 D. Tax Increment Revenue Bonds (Continued) Pledged revenues The City and RDA have pledged tax increment revenue to repay Wall Avenue Bonds in the amount of $285,000. These bonds were issued for redevelopment purposes in the Wall Avenue Redevelopment Project Area. The City and RDA have pledged tax increment revenue to repay 25th Street Bonds in the amount of $475,000. These bonds were issued for redevelopment purposes in the 25th Street Redevelopment Project Area. The City and RDA have pledged tax increment revenue to repay the West 12th Street 2006 Series A Bonds and the West 12th 2008 Series A Bonds in the amounts of $1,305,000 and $865,000, respectively. These bonds were issued for development purposes in the West 12th Street Economic Development Area. The City and RDA have pledged tax increment revenue to repay Fairmount District 2007 Bonds in the amount of $825,000. These bonds were issued for redevelopment purposes in the Fairmount Redevelopment Project Area. The City and the RDA have pledged tax increment revenue to repay CBD Mall 2011 Series Bonds in the amount of $1,285,000. These bonds were issued for redevelopment purposes in the CBD Mall Redevelopment area. Additionally, in the CBD Mall Redevelopment Area, the City and RDA have pledged certain revenues to repay 2005 Series A, 2009A and 2009B bonds in the amounts of $3,270,000, $6,910,000, and $16,020,000, respectively. Tax increment revenues from 10 identified RDA districts are pledged for debt service of the 2005 Series A bonds. Total principal and interest remaining on the 2005 Series A bonds is $4,031,471, payable through April 2025. The 2009 Series B bonds have three revenue sources pledged, which include, tax increment revenue from the CBD RDA district, tax increment from the American can RDA district and City franchise tax. Total principal and interest remaining on the 2009 Series B bonds is $23,148,763, payable through December 2027. For the current year, principal and interest paid on 2005 Series A and 2009B bonds in the amounts of $580,470 and $1,132,495 respectively. For the current year total tax increment revenue from the CBD RDA and all other RDA districts used to supplement debt services payments were $1,356,988 and $1,697,135, respectively. Lease revenues from the Solomon recreation center are pledged for debt service for the 2009 Series A bonds. Total principal and interest remaining on the 2009 Series A bonds is $10,936,688, payable through June 2031. For the current year, principal and interest paid on 2009 Series A bonds and total lease revenues were $370,000 and $42,495, respectively. Swap payments and associated debt Using rates as of June 30, 2015, debt service requirements of the Adjustable Rate 2009 Series A, 2009 Series B‐1 and 2009 Series B‐2 contain provisions for net swap payments. As rates vary, variable‐rate bond interest payments and net swap payments will vary. For the year ended June 30, 2015, the net swap payments on the 2009 Series A and 2009 Series B Bonds were $247,048 and $649,628, respectively. These payments, when included with the variable rate of interest, maintain the effective rate of interest being paid by the city at the stated rate. 81 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 E. Section 108 The City has two separate HUD Section 108 loans. A HUD Section 108 loan for $2,000,000 was created in fiscal year 2007 to purchase equipment for the City’s new high adventure recreation center. The loan was originally applied for in fiscal year 2005 and the purchase of the loan specified equipment took place in fiscal year 2006 using an advance from the City to the Redevelopment District of the Ogden Redevelopment Agency. As of June 30, 2007, the loan had received final approval by HUD, but had not received final approval by the Mayor nor had the proceeds been received by the City. The City recorded the loan and a receivable and other financing source of revenue in fiscal year 2007 after making the determination that the expenditures should be reported on the fiscal year 2007 schedule of federal awards. The balance as of June 30, 2015 is $1,300,000. The loan is scheduled to be retired in August of 2027. A HUD section 108 loan for $3,340,000 was issued to the City on May 28, 2015 to purchase land and for redevelopment in the Trackline EDC area. The balance as of June 30, 2015 is $3,340,000. The loan requires interest only payments until August of 2019. The loan is scheduled to be retired in August of 2032. F. Enterprise Fund Revenue Bonds The individual balances of Enterprise Fund Revenue Bonds payable at June 30, 2015 are listed as follows: Issue Maturity Interest Original Balance Date Date Rate Amount June 30, 2015 Series 2001 Bonds (refuse) 08/29/01 06/15/16 4.90% $ 3,300,000 $ 600,000 Series 2009 Water and Sewer Bond 04/22/09 06/15/24 3.0% to 5.0% 5,585,000 3,755,000 Series 2008 Water and Sewer Bond 06/04/08 06/15/38 2.8% to 5.0% 49,175,000 42,930,000 Series 2012 Storm Sewer Bond 11/10/12 06/15/23 2.09% 2,043,000 1,522,000 Series 2012 State Water Bonds 10/17/12 06/15/33 2.26% 4,000,000 3,676,000 Series 2013 State Water Bonds 03/06/13 06/15/33 2.39% 5,339,000 4,912,000 Series 2013 Storm Drain Revenue Bonds 09/24/13 06/15/33 2.0% to 5.25% 4,490,000 4,125,000 Series 2013 Water and Sewer Bonds 09/24/13 06/15/38 2.0% to 5.25% 13,225,000 12,440,000 $ 73,960,000 Enterprise Fund Revenue and Note Total Bonds and Note Outstanding Year Principal Interest Principal Interest Principal Interest 2016 $ 600,000 $ 29,400 $ 350,000 $ 167,875 $ 1,055,000 $ 2,041,456 2017 ‐ ‐ 365,000 153,875 1,075,000 1,988,706 2018 ‐ ‐ 375,000 139,275 1,155,000 1,940,331 2019 ‐ ‐ 400,000 120,525 1,215,000 1,882,581 2020 415,000 112,650 1,275,000 1,537,200 2021‐2025 ‐ ‐ 1,850,000 202,238 7,390,000 8,387,905 2026‐2030 ‐ ‐ ‐ ‐ 9,395,000 6,243,680 2031‐2035 ‐ ‐ ‐ ‐ 11,870,000 3,760,780 2036‐2040 ‐ ‐ ‐ ‐ 8,500,000 482,863 Total $ 600,000 $ 29,400 $ 3,755,000 $ 896,438 $ 42,930,000 $ 28,265,502 Refuse 2001 Water/Sewer 2009 Water/Sewer 2008 Enterprise Revenue Bonds‐Debt Service Requirements to Maturity 82 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 F. Enterprise Fund Revenue Bonds (Continued) Year Principal Interest Principal Interest Principal Interest 2016 $ 175,000 $ 31,810 $ 168,000 $ 83,078 $ 222,000 $ 117,397 2017 179,000 28,152 172,000 79,281 227,000 112,091 2018 184,000 24,411 175,000 75,394 232,000 106,666 2019 188,000 20,566 179,000 71,439 238,000 101,121 2020 192,000 16,636 183,000 67,393 244,000 95,433 2021‐2025 604,000 25,435 982,000 272,872 1,307,000 387,037 2026‐2030 ‐ 1,097,000 156,866 1,472,000 223,131 2031‐2035 ‐ 720,000 32,770 970,000 46,725 2036‐2040 ‐ ‐ ‐ ‐ ‐ ‐ Total $ 1,522,000 $ 147,011 $ 3,676,000 $ 839,093 $ 4,912,000 $ 1,189,601 State Water 2012 Storm Sewer 2012 State Water 2013 Year Principal Interest Principal Interest Principal Interest 2016 $ 165,000 $ 123,750 $ 325,000 $ 373,200 $ 3,060,000 $ 2,967,966 2017 170,000 194,040 335,000 363,450 2,523,000 2,919,595 2018 170,000 185,710 345,000 471,200 2,636,000 2,942,987 2019 180,000 177,380 360,000 457,400 2,760,000 2,831,012 2020 185,000 168,560 375,000 443,000 2,869,000 2,440,872 2021‐2025 1,050,000 572,095 2,125,000 2,265,700 15,308,000 12,113,282 2026‐2030 1,285,000 387,301 2,690,000 1,904,700 15,939,000 8,915,678 2031‐2035 920,000 95,513 3,420,000 1,128,783 17,900,000 5,064,571 2036‐2040 ‐ ‐ 2,465,000 232,556 10,965,000 715,419 Total $ 4,125,000 $ 1,904,349 $ 12,440,000 $ 7,639,989 $ 73,960,000 $ 40,911,383 Series 2013 Water & Sewer Bond Total Series 2013 Storm Drain Rev Bond Pledged revenues The Refuse Utility has pledged to repay Series 2001 Refuse Bonds in the amount of $600,000. The Sewer Utility has pledged storm sewer revenue to repay the 2012 Series Storm Sewer Bonds and the Series 2013 Storm Drain Bonds in the amounts of $1,522,000 and $4,125,000, respectively. The Water and Sewer Utilities have each pledged to repay certain portions of the 2008 Water/Sewer bonds in the amounts of $37,349,100 and $5,580,900 respectively. Additionally, the Water and Sewer Utilities have each pledged to repay a portion of the 2009 Water/Sewer bonds in the amounts of $2,515,850 and $1,239,150, respectively. The Sewer Utility has pledged sanitary sewer revenue for debt service for the Sewer Utility portion of the 2008 and 2009 Water/Sewer bonds. Additionally, the Water Utility has pledged water utility revenue to repay the 2012 and 2013 State Water bonds and the Series 2013 Water/Sewer bonds in the amounts of $3,676,000, $4,912,000 and $12,440,000, respectively. 83 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 8. LINE‐OF‐CREDIT The City has a line‐of‐credit agreement with GE Money Bank. The purpose of the line is to help fund activities of the Community Development department and specifically the Housing and Urban Development program known as Asset Control Area. The line‐of‐credit is for $1,400,000, at a rate equal to 3‐month Libor plus 1.5% (1.78% at June 30, 2015), adjusted quarterly, and carried a balance of $1,057,152. The line‐of‐credit has a maturity date of June 2, 2016. Lines‐of‐Credit Beginning Ending Balance Additions Reductions Balance Governmental Activities: Community development $ 195,575 $ 2,116,653 $ 1,255,076 $ 1,057,152 NOTE 9. FUND BALANCES / NET POSITION DEFICITS As June 30, 2015, the airport, golf courses, dinosaur park, fleet facilities electronics and stores fund, information technology risk management and debt service funds had deficit unrestricted net position of $2,300,229, $45,577, $27,795, $702,239, $43,676, $340,362 and $1,615 respectively. The Airport fund may never achieve positive unrestricted net position because of the flow of capital resources from the Federal government. The City manages airport finances so that if the cash balance becomes negative, the City appropriates a transfer of cash, to bring the cash balance to a positive position. The agreement between the dinosaur park foundation and the City calls for the City to receive annual payments. Generally these payments are appropriated for trail maintenance, however the City can appropriate money from this revenue source to transfer to the dinosaur park fund to pay off the deficit in cash and net position. The fleet facilities electronics and stores fund had unrestricted net position deficit of $2,425,958 at June 30, 2014. During 2014 the fleet facilities electronics and stores fund capitalized $6,991,559 in new equipment during 2014. It has been determined that the unrestricted net position of this fund will improve under current operating arrangement over the next few years. The unrestricted net position improved by $1,723,719 during fiscal year 2015. The information technology fund and risk management fund unrestricted net position of $43,676 and $340,362 respectively, will improve under the current operating arrangement. NOTE 10. DEPOSITS Deposits include resources received by the City before they are earned. Deposits held by the City include grant monies or donations received prior to the incurrence of qualifying expenditures and receivables that are not considered available to pay liabilities of the current period. Grant and other loans have agreements where payments may be payable in installments, due on sale or transfer of ownership of the underlying property, have deferred payment arrangements or may eventually be forgiven under the terms of the grant. 84 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 10. DEPOSITS (Continued) The deposits liability reported by the City at June 30, 2015 consist of the following items: Deposits, governmental funds, balance sheet General Fund $ 8,797,038 Special Revenue Fund (Redevelopment Agency) 865,644 Nonmajor Governmental Funds 110,937 Deposits, governmental funds, balance sheet $ 9,773,619 Deposits Governmental Funds Grant loans receivable $ 7,142,483 Notes receivable 865,644 Prepaid interments 51,131 Grant program income 1,173,199 Miscellaneous deposits, general fund 430,225 Miscellaneous deposits, non‐major funds 110,937 Total $ 9,773,619 Proprietary Funds Miscellaneous donations $ 19,339 Customer deposits 384,484 Nonmajor enterprise fund, airport prepaid lease 448,800 Total $ 852,623 ` NOTE 11. RETIREMENT PLANS General Information about the Pension Plan Plan description: Eligible plan participants are provided with pensions through the Utah Retirement System. The Utah Retirement Systems are composed of the following pension trust funds:  Public Employee Noncontributory Retirement System (Noncontributory System); Public Employees Contributory Retirement System (Contributory System); Firefighters Retirement System (Firefighters System); are multiple employer, cost sharing, public employees, retirement systems.  The Public Safety Retirement System (Public Safety System) is a mixed agent and cost sharing, multiple employer, retirement system.  Tier 2 Public Employees Contributory Retirement System (Tier 2 Public Employees System); and the Tier 2 Public Safety and Firefighter Contributory Retirement System (Tier 2 Public Employees System) are multiple employer cost sharing, public employees, retirement systems. 85 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 11. RETIREMENT PLANS (Continued) The Tier 2 Public Employees System became effective July 1, 2011. All eligible employees beginning on or after July 1, 2011, who have no previous service credit with any of the Utah Retirement Systems, are members of the Tier 2 Retirement System. The Utah Retirement Systems (Systems) are established and governed by the respective sections of Title 49 of the Utah Code Annotated 1953, as amended. The Systems’ defined benefit plans are amended statutorily by the State Legislature. The Utah State Retirement Office Act in Title 49 provided for the administration of the Systems under the direction of the Board, whose members are appointed by the Governor. The Systems are fiduciary funds defined as pension (and other employee benefit) trust funds. URS is a component unit of the State of Utah. Title 49 of the Utah Code grants the authority to establish and amend the benefit terms. URS issues a publicly available financial report that can be obtained by writing Utah Retirement Systems, 560 E. 200 S, Salt Lake City, Utah 84102 or visiting the website: www.urs.org. Benefits provided: URS provides retirement, disability, and death benefits. Retirement benefits are as follows: Summary of Benefits by System System Final Average Salary Years of Service Required and/or Age Eligible for Benefits Benefit Percent Per Year of Service COLA Noncontributory System Highest 3 Years 30 years, any age 2.0% per year, all years Up to 4% 25 years, any age * 20 years, age 60 * 10 years, age 62 * 4 years, age 65 Contributory System Highest 5 Years 30 years, any age 1.25% per year to June 1975; Up to 4% 20 years, age 60 * 2% per year July 1975 to 10 years, age 62 * present 4 years, age 65 Public Safety System Highest 3 Years 20 years, any age 2.5% per year up to 20 years; Up to 2.5% to 10 years, age 60 2.0% per year over 20 years 4% 4 years age 65 depending on the employer Firefighters System Highest 3 Years 20 years, any age 2.5% per year up to 20 years; Up to 4% 10 years, age 60 2.0% per year over 20 years 4 years age 65 Tier 2 Public Employees System Highest 5 Years 35 years, any age 1.5% per year all years Up to 2.5% 20 years, any age 60 * 10 years, age 62 * 4 years age 65 Tier 2 Public Safety and Firefighter Highest 5 Years 25 years, any age 1.5% per year all years Up to 2.5% System 20 years, any age 60 * 10 years, age 62 * 4 years age 65 * With actuarial reductions All post‐retirement cost‐of‐living adjustments are non‐compounding and are based on the original benefit except for Judges, which is a compounding benefit. The cost‐of‐living adjustments are also limited to the actual Consumer Price Index (CPI) increase for the year, although unused CPI increases not met may be carried forward to subsequent years. 86 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 11. RETIREMENT PLANS (Continued) Contributions: As a condition of participation in the Systems, employers and/or employees are required to contribute certain percentages of salary and wages as authorized by statute and specified by the URS Board. Contributions are actuarially determined as amount that, when combined with employee contributions (where applicable) is expected to finance the cost of benefits earned by employees during the year, with an additional amount to finance any unfunded actuarial accrued liability. Contribution rates are as follows: Utah Retirement Systems Paid by Employer Employee Employer Contribution Paid for Employee Rates Contributory System 11 ‐ Local Governmental Division Tier 1 N/A 6.000% 14.460% 111 ‐ Local Governmental Division Tier 2 N/A N/A 14.830% Noncontributory System 15 ‐ Local Governmental Division Tier 1 N/A N/A 18.470% Public Safety Retirement System 45 ‐ Other Division A Noncontributory Tier 1 N/A N/A 48.680% 122 ‐ Other Division A Contributory Tier 2 N/A N/A 37.070% Firefighters System 32 ‐ Division B Tier 1 1.800% 14.910% 6.590% 132 ‐ Division B Tier 2 N/A N/A 10.800% Pension Assets, Liabilities, Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions At December 31, 2014, we reported a net pension asset of $689,420 and a net pension liability of $22,777,841. Net Net Proportionate Pension Pension Share Asset Liability Noncontributory System 1.3172268% $0 $5,719,709 Contributory System 1.6092602% $0 $464,181 Public Safety System [PHONE REDACTED]% $0 $16,593,951 Firefighters System 5.7853017% $636,659 $0 Tier 2 Public Employees System 0.3407238% $10,325 $0 Tier 2 Public Safety and Firefighter System 2.8685844% $42,436 $0 Total Net Pension Asset / Liability $689,420 $22,777,841 The net pension asset and liability was measured as of December 31, 2014, and the total pension liability was used to calculate the net pension asset and liability was determined by an actuarial valuation as of January 1, 2014 and rolled forward using generally accepted actuarial procedures. The proportion of the net pension asset and liability was based upon actual historical employer contributions to the plan from the census data submitted to the plan for pay periods ending in 2014. 87 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 11. RETIREMENT PLANS (Continued) For the year ended June 30, 2015, we recognized pension expense of $3,886,363. At June 30, 2015, we reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources: Deferred Deferred Outflows of Inflows of Resources Resources Differences between expected and actual experience $408,151 $944,277 Changes in assumptions $0 $1,994,675 Net difference between projected and actual earnings on pension plan investments $420,957 $0 Changes in proportion and differences between contributions and proportionate share of contributions $0 $0 Contributions subsequeent to the measurement date $2,829,809 $0 Total $3,658,917 $2,938,952 $2,829,809 was reported as deferred outflows of resources related to pensions results from contributions made by us prior to our fiscal year end, but subsequent to the measurement date of December 31, 2014. These contributions will be recognized as a reduction of the net pension liability in the upcoming fiscal year. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows: Deferred Outflows (inflows) of Resources Year Ended June 30, 2016 ($490,072) 2017 ($433,314) 2018 ($387,219) 2019 ($331,210) 2020 ($260,542) Thereafter ($207,485) Actuarial assumptions: The total pension liability in the December 31, 2014, actuarial valuation was determined using the following actuarial assumptions, applied to all periods included in the measurement: Inflation 2.75 percent Salary Increases 3.50 - 10.50 percent, average, including inflation Investment Rate of Returen 7.50 percent, net of pension plan investment expense including inflation 88 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 11. RETIREMENT PLANS (Continued) Active member mortality rates are a function of the member’s gender, occupation, age and are developed based upon plan experience. Retiree mortality assumptions are highlighted in the table below: Retired Member Mortality Class of Member Educators Men EDUM (90%) Women EDUF (100%) Public Safety and Firefighters Men RP 2000mWC (100%) Women EDUF (120%) Local Government, Public Employees Men RP 2000mWC (100%) Women EDUF (120%) EDUM = Constructed mortality table based on actual experience of male educators multiplied by given percentage EDUF = Constructed mortality table based on actual experience of female educators multiplied by given percentage RP 2000mWC = RP 2000 Combined mortality table for males with white collar adjustments multiplied by given percentage The actuarial assumptions used in the January 1, 2014, valuation were based on the results of an actuarial experience study for the five year period of January 1, 2008 – December 31, 2013. The long term expected rate of return on pension plan investments was determined using a building block method in which best‐estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long‐ term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table: Real Return Long‐Term expected Target Asset Arithmetic portfolio real Asset Class Allocation Basis rate of return Equity Securities 40% 7.06% 2.82% Debt Securities 20% 0.80% 0.16% Real Assets 13% 5.10% 0.66% Private Equity 9% 11.30% 1.02% Absolute Return 18% 3.15% 0.57% Cash and Cash Equivalents 0% 0.00% 0.00% Totals 100% 5.23% Inflation 2.75% Expected arithmetic nominal return 7.98% Expected Return Arithmetic Basis The 7.50% assumed investment rate of return is comprised of an inflation fate of 2.75%, a real return of 4.75% that is net of investment expense. 89 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 11. RETIREMENT PLANS (Continued) Discount rate: The discount rate used to measure the total pension liability was 7.5 percent. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that contributions from all participating employers will be made at contractually required rates that are actuarially determined and certified by the URS Board. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees. Therefore, the long‐term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Sensitivity of the proportionate share of the net pension asset and liability to changes in the discount rate. The following presents the proportionate share of the net pension liability calculated using the discount rate of 7.5 percent, as well as what the proportionate share of the net pension liability would be if it were calculated using a discount rate that is 1‐percentage‐point lower (6.50 percent) or 1‐percentage‐pont higher (8.50 percent) than the current rate: 1% Discount 1% Proporation share of Decrease Rate Increase Net pension (asset) / liability: (7.50%) (8.50%) Contributory System Local Governmental Division Tier 1 1,319,472 464,181 (253,123) Local Governmental Division Tier 2 75,936 (10,325) (75,370) Noncontributory System Local Governmental Division Tier 1 13,723,820 5,719,709 (949,379) Public Safety Retirement System Other Division A Noncontributory Tier 1 26,085,820 16,593,951 8,781,076 Other Division A Contributory Tier 2 18,143 (42,436) (88,780) Firefighters Division B Tier 1 5,934,024 (636,659) (6,063,547) Total Proporation share of Net pension (asset) / liability 47,157,215 22,088,421 1,350,877 Pension plan fiduciary net position: Detailed information about the pension plan’s fiduciary net position is available in the separately issued URS financial report. Deferred Compensation Plans The City participates in a 401(k) Plan and a 457 Plan (collectively, the Plans), both of which are defined contribution plans administered by URS. The Plans are in addition to the retirement benefits outlined above. Voluntary contributions may be made to the Plans subject to URS and Internal Revenue Service limitations. Employees may contribute to both Plans up to maximum percentages allowed by IRS regulations. Account balances of the Plans are fully vested to the participants at the time of deposit. All assets and income of the Plans are held by URS for the exclusive benefit of the participants and their beneficiaries. 90 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 11. RETIREMENT PLANS (Continued) 401(k) Plan Contributions Employee Employer $376,266 $261,170 $340,822 $205,235 $295,546 $171,775 $368,509 $258,569 $410,897 $300,964 457 Plan Contributions Employee Employer $366,228 $29,893 $325,134 $44,387 $280,775 $85,206 $305,714 $141,088 $346,695 $131,282 NOTE 12. RISK MANAGEMENT The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees; and natural disasters. The City purchases commercial insurance through the Utah Risk Management Mutual Association to mitigate the costs of these risks. The City’s responsibility extends only to payment of premiums, and deductibles are $15,000 for general liability and property claims and $2,500 for auto physical damage. The amount of settlements has not exceeded insurance coverage for the past five years. The City maintains the Risk Management Fund (an internal service fund) to account for the cost of commercial insurance and to finance its risk of losses not covered by insurance. All departments of the City make payments to the Risk Management Fund based on estimates of each department’s insurable risks of loss and on amounts needed to pay prior and current-year uninsured claims. Changes in fiscal years 2011 to 2015 were as follows: Beginning of Changes Claim End of Year Year Liability in Estimates Payments Liability 2011 2,776,529 1,367,128 1,799,607 2,344,050 2012 2,344,050 1,741,814 2,048,555 2,037,309 2013 2,037,309 868,438 1,503,850 1,401,897 2014 1,401,897 1,246,713 1,494,587 1,154,023 2015 1,154,023 1,993,466 879,873 2,267,616 Risk Management Fund - Uninsured Claims Liability 91 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 13. LITIGATION AND CONTINGENCIES The City records liabilities resulting from claims and legal actions when they become fixed or determinable in amount. The City is currently the defendant in several pending lawsuits. Legal counsel is of the opinion that potential claims against the City resulting from such litigation not covered by insurance do not pose a threat of significant liability to the City. As of June 30, 2015, the City has accrued a liability of $1,661,000 which represents the estimated liability to the City as a result of claims against the City. The City has received several federal and state grants for specific purposes that are subject to review and audit by the grantor agencies. Such audits could lead to requests for reimbursements to grantor agencies for expenditures disallowed under the terms of the grant. Based upon prior experience, the City believes such disallowances, if any, will be immaterial. NOTE 14. REDEVELOPMENT AGENCY The Ogden Redevelopment Agency had the following project areas which collected tax increment monies in fiscal year ended June 30, 2015: Fairmont $ 1,244,930 Central Business District 1,356,828 South Central Business District………………………. 67,129 Lincoln Redevelopment……………………………..... 499,849 Washington 346,633 Lester 93,404 Golden 714 Park 63,466 25th 674,272 St. Benedicts 201,464 Union 23,875 12th 168,171 5,244,443 American Can 495,515 Wall Ave 136,347 West 12th 1,930,078 Hinckley 310,086 Hinckley 162,196 Ogden River 109,145 South Wall 34,852 Trackline 211,617 East Washington 53,422 Outstanding principal amounts on bonded debt and other debt for the project areas at June 30, 2015: Bonded Debt Other Loans Central Business District……………………………. $ 27,485,000 $ 4,640,000 825,000 - 25th 475,000 - Wall 285,000 - West 12th 2,170,000 - 92 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 15. LEASE AGREEMENTS The City, as landlord, has entered into a master lease agreement with a property management and development company (the Company). Under the terms of the agreement, the Company has leased substantially all of the property known as Business Depot Ogden (BDO). Parcels not subject to the lease have been identified therein. The initial term for such lease is 50 years with rents based on calculations and other stipulations as detailed in the lease agreement. The activities of this lease arrangement are recorded in the BDO Property Management Enterprise fund of the City along with other City activities at the BDO facility. The original estimated value of the leased facilities was $99,387,500, with a carrying value of $47,019,965 as of June 30, 2015. In addition, the City, as landlord, has entered into various tract leases with the Company at the Business Depot Ogden Project. The initial term for such leases is 40 years with rents based on a percentage of net operating revenue. The income generated from these lease arrangements is recorded in the BDO Property Management Enterprise fund of the City along with other City activities at the BDO facility. An estimate of the value of the tract lease parcels and their carrying value has not been determined. The value of the tracts is not a factor in the lease payment calculation. The Redevelopment Agency, as landlord, has entered into a commercial lease agreement with a health and fitness company (the Company). Under the terms of the agreement, the Company has leased substantially all of the property known as the Solomon Center. The initial term of the lease is for 20 years with two five year renewal options. According to the agreement the future minimum lease payments are $694,800 annually for a total of $8,337,600 over the remaining term. The original cost of the assets was $23,000,000, with a carrying amount of $15,927,770 as of June 30, 2015. NOTE 16. COMMITMENTS AND CONTINGENCIES A. Construction Commitments The City has active construction projects as of June 30, 2015. At year‐end the City’s commitments with contractors are as follows: Expended Remaining Project thru 6/30/15 Commitment Water system projects 12,520,613 $ 1,515,013 $ Sanitary Sewer system projects 31,770 26,208 Storm Sewer system projects 5,846,656 1,169,967 BDO infrastructure projects 5,678,677 2,178,323 General city projects 621,545 1,362,969 Totals 24,699,261 $ 6,252,480 $ B. Contingencies As of June 30, 2015, it was determined that negative cash balances being carried by nonmajor governmental funds, internal service funds, nonmajor enterprise funds in the amounts of $1,615, $948,019 and $561,681, respectively, are recoverable under the current operating arrangements. 93 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE FINANCIAL STATEMENTS Year Ended June 30, 2015 NOTE 17. RESTATEMENT OF NET POSITION AND FUND BALANCE As of July 1, 2014 the City adopted GASB Statement No. 68, Accounting and Financial Reporting for Pensions and GASB Statement No. 71 Pension Transition for Contributions Made Subsequent to the Measurement Date. The implementation of these standards requires governments calculate and report the cost and obligations associated with pensions in their financial statements, including additional note disclosures and required supplementary information. Beginning net position was restated to retroactively report the beginning net pension liability and deferred outflows of resources related to contributions made after the measurement date for proprietary funds as follows: Governmental Activities Water Sanitary Medical NonMajor Internal Service Utility Sewer Utility BDO Services Enterprise Funds Total Funds Net position at June 30, 2014, as previously reported 43,393,756 $ 28,325,472 $ 95,003,883 $ 4,112,400 $ 38,886,595 $ 209,722,106 $ 7,962,067 $ Net Pension Asset at June 30, 2014 ‐ ‐ ‐ 6,356 ‐ 6,356 ‐ Net Pension Liability at June 30, 2014 (1,058,887) (145,441) (17,437) (627,430) (668,908) (2,518,103) (837,900) Deferred outflows of resources related to contributions made during the year ended June 30, 2014 102,628 14,096 1,690 60,811 64,831 244,056 81,210 Net position at July 1, 2014, as restated 42,437,497 $ 28,194,127 $ 94,988,136 $ 3,552,137 $ 38,282,518 $ 207,454,415 $ 7,205,377 $ Business Type Activities ‐ Enterprise Funds Beginning net position was restated to retroactively report the beginning net pension liability and deferred outflows of resources related to contributions made after the measurement date for governmental and business type activities as follows: Governmental‐Type Business‐Type Net position at June 30, 2014, as previously reported 155,848,097 $ 209,722,106 $ Net Pension Asset at June 30, 2014 10,584 6,356 Net Pension Liability at June 30, 2014 (23,943,384) (2,518,103) Deferred outflows of resources 2,320,610 244,056 Net position at July 1, 2014, as restated 134,235,907 $ 207,454,415 $ Government Wide Finacial Statements related to contributions made during the year ended June 30, 2014 94 ---PAGE BREAK--- Required Supplementary Information 95 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 96 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 97 ---PAGE BREAK--- Page 1 of 2 Budgetary Amounts Variance with Original Final Actual Final Budget REVENUES: Taxes Property $ 11,039,725 $ 10,639,725 $ 10,224,173 $ (415,552) Sales 15,259,475 15,303,975 16,401,458 1,097,483 Franchise 8,197,450 8,197,450 6,916,255 (1,281,195) Other 700,000 700,000 649,227 (50,773) Total Taxes 35,196,650 34,841,150 34,191,113 (650,037) Licenses and permits 2,173,500 2,173,500 2,439,734 266,234 Intergovernmental 9,813,225 12,079,274 9,632,057 (2,447,217) Charges for services 7,681,400 7,534,810 7,897,247 362,437 Fines and forfeitures 2,450,000 2,450,000 1,976,082 (473,918) Interest 50,000 50,000 111,433 61,433 Miscellaneous 1,551,350 1,810,625 1,219,330 (591,295) Donations - 86,640 95,099 8,459 Sale of property 2,500 2,500 4,177 1,677 Total revenues 58,918,625 61,028,499 57,566,272 (3,462,227) EXPENDITURES: Mayor 535,750 529,025 527,264 1,761 City council 1,008,275 1,082,400 920,599 161,801 Management services Administration 558,300 496,675 480,488 16,187 Human resources 530,025 540,400 536,513 3,887 Comptroller 593,325 626,675 607,885 18,790 Fiscal operations 409,325 414,425 375,487 38,938 Purchasing 133,850 137,125 134,202 2,923 Recorder 405,750 413,450 388,077 25,373 Justice Court 1,477,100 1,503,350 1,462,488 40,862 Total Management services 4,107,675 4,132,100 3,985,140 146,960 Corporate counsel 1,123,950 1,150,838 1,149,121 1,717 Non departmental 5,029,950 5,852,923 4,484,300 1,368,623 Police Administration 1,591,900 1,582,447 1,534,670 47,777 Uniform 9,148,025 9,582,980 9,540,652 42,328 Investigations 6,069,350 6,160,162 5,654,512 505,650 Support services 1,729,950 1,723,500 1,512,889 210,611 Total Police 18,539,225 19,049,089 18,242,723 806,366 Fire Administration 513,000 380,246 713,646 (333,400) Prevention 368,725 428,780 443,133 (14,353) Operations 6,119,075 6,244,104 5,972,203 271,901 Medical - 351,724 - 351,724 Total Fire 7,000,800 7,404,854 7,128,982 275,872 Public services Administration 401,650 351,650 334,322 17,328 Streets 3,135,200 3,326,275 3,196,830 129,445 Engineering 1,292,000 1,616,300 1,147,338 468,962 OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE GENERAL FUND Year Ended June 30, 2015 98 ---PAGE BREAK--- Page 2 of 2 Budgetary Amounts Variance with Original Final Actual Final Budget Public services (cont.) Arts, culture and events $ 441,725 $ 468,725 $ 364,406 $ 104,319 Parks and cemetery 2,924,625 3,008,850 2,795,157 213,693 Recreation 1,372,650 1,480,663 1,527,044 (46,381) Total Public services 9,567,850 10,252,463 9,365,097 887,366 Community and economic development Administration 1,228,500 1,286,521 1,143,091 143,430 Planning 598,375 628,903 615,869 13,034 Neighborhood Development 5,596,725 6,086,050 5,184,834 901,216 Building Services 1,027,200 1,050,575 1,080,040 (29,465) Business Services 257,550 265,200 210,987 54,213 Community development 4,780,775 5,106,035 3,667,787 1,438,248 Total Community and economic development 13,489,125 14,423,284 11,902,608 2,520,676 Debt service Principal 2,103,000 2,103,000 2,104,333 (1,333) Interest 166,450 184,450 173,487 10,963 Total expenditures 62,672,050 66,164,426 59,983,654 6,180,772 Excess (deficiency) of revenues over expenditures (3,753,425) (5,135,927) (2,417,382) 2,718,545 OTHER FINANCING SOURCES (USES): Transfers in 4,721,425 6,330,427 4,614,622 (1,715,805) Transfers out (968,000) (1,194,500) (1,217,500) (23,000) Total other financing sources/(uses) 3,753,425 5,135,927 3,397,122 (1,738,805) Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses - - 979,740 979,740 Fund balances at beginning of year 11,014,206 11,014,206 11,014,206 - Fund balances at end of year $ 11,014,206 $ 11,014,206 $ 11,993,946 $ 979,740 99 ---PAGE BREAK--- Variance with Original Final Actual Final Budget REVENUES: Taxes and special assessments $ 13,220,250 $ 13,220,250 $ 13,245,040 $ 24,790 Charges for services 694,800 694,800 694,800 - Miscellaneous income 15,000 1,515,000 85,597 (1,429,403) Interest income 78,600 78,600 88,333 9,733 Sale of property - - 111,376 111,376 Total revenues 14,008,650 15,508,650 14,225,146 (1,283,504) EXPENDITURES: Current: City Council - - - - Community and Economic Development 3,942,150 6,064,815 4,342,240 1,722,575 Debt service: Debt service principal 3,702,000 3,952,000 3,650,693 301,307 Debt service interest 1,982,800 1,982,800 1,601,164 381,636 Total expenditures 9,626,950 11,999,615 9,594,097 2,405,518 Excess (deficiency) of revenues over expenditures 4,381,700 3,509,035 4,631,049 1,122,014 OTHER FINANCING SOURCES (USES): Issuance of debt - - - - Refunded bonds redeemed - - - - Operating transfers in 4,734,850 5,317,515 3,917,535 (1,399,980) Operating transfers out (9,116,550) (8,826,550) (8,866,785) (40,235) Total other financing sources (uses) (4,381,700) (3,509,035) (4,949,250) (1,440,215) Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses - - (318,201) (318,201) Fund balance at beginning of year 1,940,957 1,940,957 1,940,957 - Fund balance at end of year $ 1,940,957 $ 1,940,957 $ 1,622,756 $ (318,201) Budgeted Amounts OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE OGDEN REDEVELOPMENT AGENCY - SPECIAL REVENUE FUND Year Ended June 30, 2015 100 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION Year Ended June 30, 2015 Budgets and Budgetary Accounting Budgets are adopted on a basis consistent with generally accepted accounting principles. Annual appropriated budgets are adopted for all the funds. All annual appropriations lapse at the fiscal year end. Project‐length financial plans are adopted for all capital projects funds. Summary of City Budget Procedures and Calendar: 1. The City Council can amend the budget to any extent, provided the budgeted expenditures do not exceed budgeted revenues and appropriated fund balance. 2. Budgets are required by the State of Utah for the General, Special Revenue, Debt Service, and Capital Improvement Project Funds. The city also prepares budgets for Enterprise and Internal Service Funds 3. The City’s organizational structure is divided into major administrative areas of management responsibility for an operation or group of related operations within a functional area referred to as “departments.” Within a department may be several related operations. Each of which is referred to as a “division.” The legal level of control (defined as the level at which the governing body must approve any expenditures in excess of appropriations or transfers of appropriated amounts) required by the State of Utah is at the departmental level. Each year the City publishes a separate budget document prepared according to this legal level of control. 4. The City’s budget is a Financial Plan of all estimated revenues and all appropriations for expenditures. Revenues and Expenditures must balance for the funds required by the State Code as indicated in item 2 above. 5. A tentative budget is presented by the Mayor to the City Council by the first regularly scheduled council meeting in May. The tentative budget is reviewed and tentatively adopted by the Council at regular or special meeting, but no later than June 22. 6. The tentative budget is a public record and is available for inspection at the County library, City finance department, City web site and City Recorder’s office for at least ten days prior to adoption of the final budget. 7. Notice of public hearing on adoption of the final budget is published at least seven days prior to the public hearing. 8. The public hearing on the tentatively adopted budget is held no later than June 22. Final adjustments are made to the tentative budget by the council after the public hearing. 9. Occasionally the City Council will exercise their option to open the budget to appropriate additional financing sources that become available. Once each year, as the financial report for the prior year is completed, there is a substantial budget opening. At that time carryover funds in the form of encumbrance reserves, capital projects funding and unallocated federal funds are included in the next year’s budget. 10. The final budget is adopted by ordinance on or before June 22 and a copy of the budget certified by the Budget Officer is filed with the State Auditor within thirty days of adoption. 11. In connection with budget adoption: a. An annual tax ordinance establishing the property tax rate is adopted. b. The City Recorder is to certify the property tax rate to the County Auditor. 101 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION Year Ended June 30, 2015 Summary of City Budget Procedures and Calendar (Continued) 12. Budgets for the General, Special Revenue, Debt Service and Capital Improvement Projects Funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Summary of Action Required for Budget Changes: Transfers of unexpended appropriations from one division to another and from one expenditure account to another in the same department within a fund can be made with the consent of the Budget Officer and CAO. The Council may, by resolution, transfer unexpended appropriations from one department to another department within the same fund. The budget appropriation for any department may be reduced by resolution. Fund budgets may be increased by ordinance after a public hearing. Final amendments to budgets in the current year shall be adopted by the Council by the last day of the fiscal year. Budgets of Enterprise Funds may be increased by ordinance of the governing body (public hearing not required). 102 ---PAGE BREAK--- OGDEN CITY, UTAH Year Ended June 30, 2015 Required Supplementary Information INFORMATION ABOUT INFRASTRUCTURE ASSETS REPORTED USING THE MODIFIED APPROACH As allowed by GASB Statement No. 34, Basic Financial Statements – and Management's Discussion and Analysis ‐ for State and Local Governments, the City has adopted an alternative to reporting depreciation on roads and bridges (infrastructure assets) maintained by Ogden City. Under this alternative method, referred to as the “modified approach”, infrastructure assets are not depreciated, and maintenance and preservation costs are expensed. In order to utilize the modified approach, the City is required to:  Maintain an asset management system that includes an up‐to‐date inventory of eligible infrastructure assets.  Perform and document replicable condition assessments of the eligible infrastructure assets and summarize the results using a measurement scale.  Estimate each year the annual amount to maintain and preserve the eligible infrastructure assets at the condition level established and disclosed by the City.  Document that the infrastructure assets are being preserved approximately at, or above the condition level established by the City. Roads Ogden City uses Cartegraph to determine the condition of 312 centerline miles of City roads. The assessment is based on the Overall Condition Index (OCI). The City’s goal is to keep the OCI at or above ten years. This is the point at which pavement maintenance is able to keep up with deterioration of pavement and much more expensive street reconstruction projects are not needed. The cost to maintain a pavement with preventative maintenance treatments is about one‐third the cost of rehabilitation, or one‐sixth the cost of reconstruction. Category Index Description Very Good (90‐100) 471 New or nearly new pavements that are mainly free of distress. Good (80) 833 Pavements exhibit few, if any, visible signs of distress. Fair (70) 1264 Surface defects in this category such as cracking, rutting, and raveling. Poor (60) 158 These roadways have deteriorated to such an extent that they are in need of resurfacing. Very Poor (<50) 45 Pavements in this category are severely deteriorated. Condition Level The City's established condition level is to maintain 50 percent of its roads with a rating of “fair” or better and no more than 15 percent of roads with a rating of “very poor”. All streets are surveyed annually to determine their condition. This data is used to determine changes in pavement condition and to prioritize the type and quantity of pavement maintenance work that is to be accomplished during the coming summer. The City performs complete assessments on a calendar year basis. The following table reports the result of pavements with ratings of “fair” or better or “very poor for the last five years: Rating 2015 2014 2013 2012 2011 Fair or Better 92.7% 88.5% 88.5% 88.5% 79.7% Very Poor 1.6% 0.0% 0.0% 0.0% 0.3% 103 ---PAGE BREAK--- OGDEN CITY, UTAH Year Ended June 30, 2015 Required Supplementary Information Bridges Utah Department of Transportation (UDOT), Bridge Operations Section, maintains the inventory of all bridge structures in Ogden City. UDOT requires that bridges spanning over 20 feet require an annual inspection. All bridges in Ogden City are required to be inspected every 2 years by UDOT staff members. A report is submitted to Ogden City indicating what maintenance and repair actions are required. Three categories of condition are established as follows: Category Description Good Preventive maintenance requirements include repair leaking deck joints, apply deck overlays and seals, place concrete sealers to splash zones, paint steel surfaces, and minor beam repairs. Fair Corrective repairs include deck, beam, and substructure repairs, fixing settled approaches, and repairing collision damage. Poor Major rehabilitation and replace includes deck, beam, or substructure replacements or replacement of the entire bridge. Condition Level In response to the annual UDOT bridge inspection report, the recommended actions are either accomplished by Ogden City Public Services Operations Division Staff or by contract. Based on the cost of the resultant contract estimates, projects will be funded using road fund money already in the budget for contract work or materials purchased for in‐house staff to accomplish the work. If necessary, a CIP project will be created to accomplish any major repair or alteration work. The City's established condition level is to maintain 50 percent of its bridges with a rating of “good” and no more than 25 percent of bridges with a rating of “poor”. Rating 2015 2014 2013 2012 2011 Good 54.5% 54.5% 75.0% 75.0% 75.0% Poor 0.0% 0.0% 12.5% 12.5% 12.5% The following table presents the City’s estimated amounts needed to maintain and preserve the roads and bridges at or above the established condition levels addressed above, and the amounts actually spent for each of the past five reporting periods: FISCAL YEAR ESTIMATED SPENDING ACTUAL SPENDING 2015 $21,048,412 $ 7,141,932 2014 $11,390,878 $ 6,002,118 2013 $ 6,385,969 $ 4,750,867 2012 $ 6,794,376 $ 5,121,998 2011 $ 6,850,572 $ 4,227,680 104 ---PAGE BREAK--- Proportion of the ner pension liability (asset) 1.3172268% 1.6092602% [PHONE REDACTED]% 5.7853017% 0.3407238% 2.8685844% 5,719,709 $ 464,181 $ 16,594 $ (636,659) $ (10,325) $ (42,436) $ Covered employee payroll 11,380,596 $ 861,781 $ 5,997,126 $ 5,047,917 $ 1,672,108 $ 1,186,529 $ Notes: * The schedule usually covers 10 years; this information presented is available as of the implementation of GASB 68. Additional years will be added as they become available. OGDEN CITY, UTAH Year Ended June 30, 2015 SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION Last 10 Years* 120.5% percentage of the total pension liability 90.2% 94.0% 77.2% 101.3% 103.5% Safety and Firefighter System Proportionate share of the net pension (asset) Proportionate share of the net pension liablity (asset) as a percentage of its covered‐ 50.3% 53.9% Schedule of the Proportionate Share of the Net Pension Liability Utah Retirement Systems Schedule as of December 31, 2014 276.7% ‐1.3% ‐0.6% ‐3.6% NonContributor y System Contributory Retirement System Public Safety System Firefighters System Tier 2 Public Employees System 105 ---PAGE BREAK--- Contractually required contribution 2,262,968 $ 121,134 $ 2,947,487 $ 322,992 $ 173,455 $ 157,971 $ (2,262,968) $ (121,134) $ (2,947,487) $ (322,992) $ (173,455) $ (157,971) $ Contribution deficiency (excess) ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ ‐ $ Covered employee payroll 11,825,102 $ 837,716 $ 6,151,140 $ 5,106,771 $ 2,082,625 $ 1,462,968 $ Notes: * The schedule usually covers 10 years; this information presented is available as of the implementation of GASB 68. Additional years will be added as they become available. Contributions as a percentage of covered‐employee payroll may be different than the Board certified rate due to rounding or other administrative issues. Last 10 Fiscal Years* Safety and Firefighter System Contributions in relation to the contractually required contribution Contributions as a percentage of covered‐employee payroll** 19.1% 14.5% 47.9% 6.3% 8.3% 10.8% NonContributo ry System Contributory Retirement System Public Safety System Firefighters System Tier 2 Public Employees System SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION Schedule of Contributions OGDEN CITY, UTAH Utah Retirement Systems Year Ended June 30, 2015 106 ---PAGE BREAK--- 2015 Total pension liability Service cost 1,169,893 $ Interest 5,184,615 $ Difference between epected and actual experience 558,544 $ Assumption changes (822,000) $ Benefit payments including refunds of employee contributions (3,957,828) $ Net change in total pension liability 2,133,224 $ Total pension liability , beginning 70,785,620 $ Total pension liability , ending 72,918,844 $ Plan fiduciary net position Contributions‐employer 2,790,819 $ Contributions‐employee ‐ $ Net investment income 3,802,579 $ Benefit payments, including refunds of employee contributions (3,957,828) $ Administrative expenses (27,090) $ Other changes 107,067 $ Net change in plan fiduciary net position 2,715,547 $ Plan fiduciary net position, beginning 53,609,346 $ Plan fiduciary net position, ending 56,324,893 $ Net pension liability 16,593,951 $ Plan fiduciary net position as a percentage of the total pension liability 77.2% Projected convered employee payroll 5,997,126 $ Net pension liability as a percentage of covered employee payroll 276.7% Note: The schedule usually covers 10 years; this information presented is available as of the implementation of GASB 68. Additional years will be added as they become available. Year Ended June 30, 2015 OGDEN CITY, UTAH Schedule as of December 31, 2014 LAST 10 FISCAL YEARS* SCHEDULE OF REQUIRED SUPPLEMENTARY INFORMATION PUBLIC SAFETY RETIRMENT SYSTEM SCHEDULE OF CHANGES IN THE NET PENSION LIABILITY AND RELATED RATIOS Utah Retirement Systems 107 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 108 ---PAGE BREAK--- Supplementary Information 109 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 110 ---PAGE BREAK--- Nonmajor Governmental Funds Capital Improvement Projects Fund The Capital Improvement Projects Fund is used to account for financial resources to be used for the construction of major capital facilities (other than those financed by Proprietary Funds and Trust Funds). Debt Service Debt service funds are used to account for the accumulation of resources for, and the payment of, general long‐term debt principal, interest, and related costs. Municipal Building Authority Fund A special revenue fund used to account for the lease revenues that are legally restricted to expenditures for the City's development associated with Municipal Building Authority. Downtown Special Assessment Fund A special revenue fund used to account for the special assessment revenues that are legally restricted to expenditures for the City's promotion of downtown business activities. Cemetery Perpetual Care Fund To account for monies received on sale of grave plots which will provide for perpetual upkeep of the graves. Gomer A. Nicholas Park Endowment Fund A permanent Fund to account for the interest earnings of this fund and the transfer of these earnings to the Capital Improvement Projects Fund for use in parks development. 111 ---PAGE BREAK--- OGDEN CITY CORPORATION COMBINING BALANCE SHEET NONMAJOR GOVERNMENTAL FUNDS Special Revenue Permanent Capital Municipal Downtown Cemetery Gomer Improvement Debt Building Special Perpetual A. Projects Service Authority Assessment Care Nicholas Totals ASSETS Cash $ 9,955,294 $ ‐ $ 259,902 $ 325,960 $ 1,229,678 $ 50 $ 11,770,884 Accounts receivable (net) 55,413 ‐ ‐ 9,125 30,324 ‐ 94,862 Inventory, at cost ‐ ‐ ‐ ‐ 72,725 ‐ 72,725 Special assess. receivable ‐ ‐ ‐ 83,445 ‐ ‐ 83,445 Interest receivable ‐ ‐ ‐ 6,937 ‐ ‐ 6,937 Total current assets 10,010,707 ‐ 259,902 425,467 1,332,727 50 12,028,853 Restricted assets: Investments ‐ ‐ 416,450 ‐ ‐ 414,204 830,654 Total restricted assets ‐ ‐ 416,450 ‐ ‐ 414,204 830,654 Total assets $ 10,010,707 $ ‐ $ 676,352 $ 425,467 $ 1,332,727 $ 414,254 $ 12,859,507 LIABILITIES Due to other funds $ ‐ $ 1,615 $ ‐ $ ‐ $ ‐ $ ‐ $ 1,615 Accounts payable 265,414 ‐ ‐ 88,659 ‐ ‐ 354,073 Retainage payable 29,254 ‐ ‐ ‐ ‐ ‐ 29,254 Deposits 20,555 ‐ ‐ 90,382 ‐ ‐ 110,937 Total liabilities 315,223 1,615 ‐ 179,041 ‐ ‐ 495,879 FUND BALANCE Nonspendable Permanent fund principal ‐ ‐ ‐ ‐ ‐ 410,000 410,000 Inventory ‐ ‐ ‐ ‐ 72,725 ‐ 72,725 Spendable Restricted Unspent bond proceeds ‐ ‐ 416,450 ‐ ‐ ‐ 416,450 Assigned Downtown business promotion ‐ ‐ ‐ 246,426 ‐ ‐ 246,426 Debt service ‐ (1,615) 259,902 ‐ ‐ ‐ 258,287 Capital projects 9,695,484 ‐ ‐ ‐ ‐ ‐ 9,695,484 Special revenue ‐ ‐ ‐ ‐ 1,260,002 4,254 1,264,256 Total fund balance 9,695,484 (1,615) 676,352 246,426 1,332,727 414,254 12,363,628 Total liabilities and fund balances $ 10,010,707 $ ‐ $ 676,352 $ 425,467 $ 1,332,727 $ 414,254 $ 12,859,507 June 30, 2015 112 ---PAGE BREAK--- Permanent Capital Municipal Downtown Cemetery Gomer Improvement Debt Building Special Perpetual A. Projects Service Authority Assessment Care Nicholas Totals REVENUES: Charges for services $ ‐ $ ‐ $ 534,750 $ ‐ $ 8,626 $ ‐ $ 543,376 Special assessments ‐ ‐ ‐ 250,961 ‐ ‐ 250,961 Interest 42,515 4,000 1,625 5,594 2,111 55,837 Intergovernmental 2,413,282 ‐ ‐ ‐ ‐ ‐ 2,413,282 Miscellaneous 50,000 ‐ ‐ ‐ ‐ ‐ 50,000 Total revenue 2,505,797 538,750 252,586 14,220 2,111 3,313,456 EXPENDITURES: Management Services 19,804 ‐ ‐ ‐ ‐ ‐ 19,804 Public services 5,344,404 ‐ ‐ ‐ (1,558) ‐ 5,342,846 Non‐departmental 271,309 ‐ 1,175 82,730 ‐ ‐ 355,214 Fire 85,302 85,302 Community and economic development 67,149 ‐ ‐ 189,833 ‐ ‐ 256,982 Bond principal ‐ ‐ 275,985 ‐ ‐ ‐ 275,985 Interest ‐ ‐ 263,305 ‐ ‐ ‐ 263,305 Total expenditures 5,787,968 ‐ 540,465 272,563 (1,558) ‐ 6,599,438 Excess (deficiency) of revenues over expenditures before operating transfers (3,282,171) (1,715) (19,977) 15,778 2,111 (3,285,982) OTHER FINANCING SOURCES (USES): Transfers in 5,590,407 ‐ ‐ 53,000 ‐ ‐ 5,643,407 Transfers out (252,750) ‐ ‐ ‐ ‐ (252,750) Total financing sources/uses: 5,337,657 ‐ ‐ 53,000 ‐ ‐ 5,390,657 Excess (deficiency) of revenues and other financing uses 2,055,486 (1,715) 33,023 15,778 2,111 2,104,675 Fund balance at the beginning of year 7,639,998 (1,607) 678,067 213,403 1,316,949 412,143 10,258,953 Fund balance at the end of year $ 9,695,484 $ (1,615) $ 676,352 $ 246,426 $ 1,332,727 $ 414,254 $ 12,363,628 Special Revenue OGDEN CITY CORPORATION COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE NONMAJOR GOVERNMENT FUNDS Year Ended June 30, 2015 113 ---PAGE BREAK--- OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE CAPITAL IMPROVEMENT PROJECTS Year Ended June 30, 2015 Budgeted Amounts Variance with Original Final Actual Final Budget REVENUES: Intergovernmental $ 5,948,850 $ 18,780,285 $ 2,413,283 $ (16,367,002) Miscellaneous ‐ 9,357,037 50,000 (9,307,037) Interest 10,000 10,000 42,515 32,515 Total revenues 5,958,850 28,147,322 2,505,798 (25,641,524) EXPENDITURES: Current: Non‐departmental 984,600 1,511,391 271,309 1,240,082 Management Services ‐ 765,079 19,804 745,275 Public services 7,629,700 28,393,102 5,344,404 23,048,698 Fire 2,636,100 2,741,604 85,302 2,656,302 Community and economic development ‐ 95,953 67,149 28,804 Total expenditures 11,250,400 33,507,129 5,787,968 27,719,161 Excess (deficiency) of revenues over expenditures (5,291,550) (5,359,807) (3,282,170) 2,077,637 OTHER FINANCING SOURCES (USES): Transfers in 5,291,550 5,590,557 5,590,407 (150) Transfers out ‐ (230,750) (252,750) (22,000) Total other financing sources (uses) 5,291,550 5,359,807 5,337,657 (22,150) Excess (deficiency) of revenues/sources over (under) expenditures/uses ‐ ‐ 2,055,487 2,055,487 Fund balance at beginning of year 7,639,998 7,639,998 7,639,998 ‐ Fund balance at end of year $ 7,639,998 $ 7,639,998 $ 9,695,485 $ 2,055,487 114 ---PAGE BREAK--- OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE DEBT SERVICE Year Ended June 30, 2015 Budgeted Amounts Variance with Original Final Actual Final Budget REVENUES: Interest $ ‐ $ ‐ $ $ Total revenues ‐ ‐ EXPENDITURES: Current: Interest and fiscal charges ‐ ‐ ‐ ‐ Total expenditures ‐ ‐ ‐ ‐ Excess (deficiency) of revenues over expenditures ‐ ‐ Excess (deficiency) of revenues/sources over (under) expenditures/uses ‐ ‐ Fund balance at beginning of year (1,607) (1,607) (1,607) ‐ Fund balance at end of year $ (1,607) $ (1,607) $ (1,614) $ 115 ---PAGE BREAK--- OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE MUNICIPAL BUILDING AUTHORITY Year Ended June 30, 2015 Budgeted Amounts Variance with Original Final Actual Final Budget REVENUES: Charges for services $ 534,750 $ 534,750 $ 534,750 $ ‐ Interest 10,000 10,000 4,000 (6,000) Total revenues 544,750 544,750 538,750 (6,000) EXPENDITURES: Debt service: Non‐departmental ‐ ‐ 1,175 (1,175) Principal 337,000 337,000 275,985 61,015 Interest and fiscal charges 207,750 207,750 263,305 (55,555) Total expenditures 544,750 544,750 540,465 4,285 Excess (deficiency) of revenues over expenditures ‐ ‐ (1,715) (1,715) OTHER FINANCING SOURCES (USES): Transfers out ‐ ‐ ‐ ‐ Total other financing sources (uses) ‐ ‐ ‐ ‐ Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses ‐ ‐ (1,715) (1,715) Fund balance at beginning of year 678,067 678,067 678,067 ‐ Fund balance at end of year $ 678,067 $ 678,067 $ 676,352 $ (1,715) 116 ---PAGE BREAK--- OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE DOWNTOWN SPECIAL ASSESSMENT Year Ended June 30, 2015 Budgeted Amounts Variance with Original Final Actual Final Budget REVENUES: Taxes and special assessments $ 212,500 $ 212,500 $ 250,961 $ 38,461 Interest 1,750 1,750 1,625 (125) Total revenues 214,250 214,250 252,586 38,336 EXPENDITURES: Current: Non‐departmental 149,000 149,000 82,730 66,270 Community and Economic Developmen 166,250 166,250 189,833 (23,583) Total expenditures 315,250 315,250 272,563 42,687 Excess (deficiency) of revenues over expenditures (101,000) (101,000) (19,977) 81,023 OTHER FINANCING SOURCES (USES): Transfers in 101,000 101,000 53,000 (48,000) Total other financing sources (uses) 101,000 101,000 53,000 (48,000) Excess (deficiency) of revenues/sources over expenditures/uses (101,000) (101,000) 33,023 33,023 Fund balance at beginning of year 213,403 213,403 213,403 ‐ Fund balance at end of year 213,403 $ $ 213,403 $ 246,426 $ 33,023 117 ---PAGE BREAK--- OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE CEMETERY PERPETUAL CARE Year Ended June 30, 2015 Budgeted Amounts Variance with Original Final Actual Final Budget REVENUES: Charges for services $ 9,250 $ 9,250 $ 8,626 $ (624) Interest 12,000 12,000 5,594 (6,406) Total revenues 21,250 21,250 14,220 (7,030) EXPENDITURES: Current: Public services 21,250 21,250 (1,558) 22,808 Total expenditures 21,250 21,250 (1,558) 22,808 Excess (deficiency) of revenues over expenditures ‐ ‐ 15,778 15,778 Fund balance at beginning of year 1,316,949 1,316,949 1,316,949 ‐ Fund balance at end of year $ 1,316,949 $ 1,316,949 $ 1,332,727 $ 15,778 118 ---PAGE BREAK--- OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE Permanent Trust Fund GOMER A. NICHOLAS Year Ended June 30, 2015 Budgeted Amounts Variance with Original Final Actual Final Budget REVENUES: Interest $ 150 $ 150 $ 2,111 $ 1,961 Total revenues 150 150 2,111 1,961 EXPENDITURES: Current: Management services ‐ ‐ ‐ ‐ Total expenditures ‐ ‐ ‐ ‐ Excess (deficiency) of revenues over expenditures 150 150 2,111 1,961 OTHER FINANCING SOURCES (USES): Transfers out (150) (150) ‐ 150 Total other financing sources (uses) (150) (150) ‐ 150 Excess (deficiency) of revenues/sources over (under) expenditures/uses ‐ ‐ 2,111 2,111 Fund balance at beginning of year 412,143 412,143 412,143 ‐ Fund balance at end of year $ 412,143 $ 412,143 $ 414,254 $ 2,111 119 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 120 ---PAGE BREAK--- Nonmajor Enterprise Funds Storm Sewer Utility Fund To account for the provision of sewer services to City residents and some residents of Weber County. All activities necessary to provide such services are accounted for in this fund including, but not limited to: operations, maintenance, financing, related debt service, billing and collection. Refuse Utility Fund To account for the service of refuse collection and disposal for City residents and some residents of Weber County. All activities necessary to provide such services are accounted for in this fund including, but not limited to: administration, operation, maintenance, billing and collecting. Airport Fund To account for administration, operation and maintenance of the Ogden Hinckley Airport. Golf Courses Fund To account for the provision of two recreational golf facilities to Ogden City residents and residents of the surrounding area. Recreation Fund To account for adult and youth recreational programs administered by Ogden City. Dinosaur Park Fund To account for the administration, operation and maintenance of the dinosaur park. 121 ---PAGE BREAK--- Page 1 of 2 Storm Golf ASSETS AND DEFERRED OUTFLOWS Sewer Refuse Airport Courses ASSETS: Current assets Cash $ 5,333,420 $ 1,818,867 $ 1,008 $ 344,072 Accounts receivable (net) 431,976 497,370 323,078 11,978 Inventory, at cost ‐ ‐ ‐ 64,788 Prepaid expenses 15,191 ‐ ‐ ‐ Loans to other funds ‐ 2,042,191 ‐ ‐ Total current assets 5,780,587 4,358,428 324,086 420,838 Noncurrent assets Notes receivable ‐ 618,836 ‐ ‐ Net pension assets 281 340 198 144 Subtotal 281 619,176 198 144 Restricted assets Investments 1,200 317,620 ‐ ‐ Subtotal 1,200 317,620 ‐ ‐ Capital Assets: Land 1,294,330 502,250 1,941,461 34,800 Buildings ‐ 1,110,983 888,968 714,486 Construction in process 7,604,522 ‐ ‐ ‐ Improvements 15,177,944 ‐ 26,735,716 2,472,778 Equipment ‐ ‐ 1,008,525 ‐ 24,076,796 1,613,233 30,574,670 3,222,064 Less accumulated depreciation (3,715,798) (647,693) (13,768,486) (2,078,430) Net capital assets 20,360,998 965,540 16,806,184 1,143,634 Total noncurrent assets 20,362,479 1,902,336 16,806,382 1,143,778 Total assets 26,143,066 6,260,764 17,130,468 1,564,616 DEFERRED OUTFLOWS OF RESOURCES: Deferred outflows related to pensions 27,008 32,683 19,069 13,899 Total assets and deferred outflows of resources 26,170,074 6,293,447 17,149,537 1,578,515 LIABILITIES, DEFERRED INFLOWS AND NET POSITION LIABILITIES: Current liabilities Due to other funds ‐ ‐ 533,886 ‐ Accounts payable 484,437 184,294 93,507 37,327 Accrued wages payable 12,024 22,117 8,327 15,198 Accrued compensated absences 1,277 20,251 16,318 15,390 Other accrued payables 468,360 ‐ Deposits payable ‐ ‐ 448,800 22,273 Retainage payable 255,679 ‐ ‐ ‐ Accrued bond interest 1,307 1,208 ‐ ‐ Revenue bonds/note payable 345,708 600,000 ‐ ‐ Total current liabilities 1,568,792 827,870 1,100,838 90,188 Noncurrent liabilities Revenue bonds 5,404,039 ‐ ‐ ‐ Net pension liability 168,128 203,463 118,710 86,525 Compensated absences 2,979 47,253 38,076 35,910 Loans from other funds ‐ ‐ 1,385,113 267,219 Total noncurrent liabilities 5,575,146 250,716 1,541,899 389,654 Total liabilities 7,143,938 1,078,586 2,642,737 479,842 DEFERRED INFLOWS OF RESOURCES: Deferred inflows related to pensions 1,197 1,448 845 616 NET POSITION: Net investment in capital assets 14,611,251 365,540 16,806,184 1,143,634 Restricted net assets 1,200 317,620 ‐ ‐ Unrestricted 4,412,488 4,530,253 (2,300,229) (45,577) Total net position $ 19,024,939 $ 5,213,413 $ 14,505,955 $ 1,098,057 COMBINING STATEMENT OF NET POSITION NONMAJOR ENTERPRISE FUNDS June 30, 2015 122 ---PAGE BREAK--- Page 2 of 2 Dinosaur Recreation Park Total $ 51,168 $ ‐ $ 7,548,535 8,460 ‐ 1,272,862 ‐ ‐ 64,788 ‐ ‐ 15,191 ‐ ‐ 2,042,191 59,628 ‐ 10,943,567 ‐ ‐ 618,836 ‐ ‐ 963 ‐ ‐ 619,799 ‐ ‐ 318,820 ‐ ‐ 318,820 ‐ ‐ 3,772,841 ‐ ‐ 2,714,437 ‐ ‐ 7,604,522 300,422 ‐ 44,686,860 281,446 ‐ 1,289,971 581,868 ‐ 60,068,631 (160,266) ‐ (20,370,673) 421,602 ‐ 39,697,958 421,602 ‐ 40,636,577 481,230 ‐ 51,580,144 10 ‐ 92,669 481,240 ‐ 51,672,813 ‐ 27,795 561,681 21,504 ‐ 821,069 1,722 ‐ 59,388 ‐ ‐ 53,236 468,360 (208) ‐ 470,865 ‐ ‐ 255,679 ‐ ‐ 2,515 ‐ ‐ 945,708 23,018 27,795 3,638,501 ‐ ‐ 5,404,039 63 ‐ 576,889 ‐ ‐ 124,218 ‐ ‐ 1,652,332 63 ‐ 7,757,478 23,081 27,795 11,395,979 ‐ ‐ 4,106 421,602 ‐ 33,348,211 ‐ ‐ 318,820 36,557 (27,795) 6,605,697 $ 458,159 $ (27,795) $ 40,272,728 123 ---PAGE BREAK--- OGDEN CITY CORPORATION COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION NONMAJOR ENTERPRISE FUNDS Year Ended June 30, 2015 Page 1 of 2 Storm Golf Sewer Refuse Airport Courses OPERATING REVENUES Charges for services $ 4,632,083 $ 5,327,239 $ 415,353 $ 955,004 Miscellaneous income 2,736 ‐ 47,655 1,463 4,634,819 5,327,239 463,008 956,467 OPERATING EXPENSES Cost of materials and parts ‐ ‐ ‐ 115,828 Personal services: Salaries and wages 445,276 610,366 333,468 444,558 Benefits 172,526 227,025 123,318 116,327 Supplies Office supplies 299 1,246 3,389 2,635 Operating supplies 10,356 12,088 22,598 43,122 Repair and maintenance supplies 3,063 632 3,809 971 Charges for services: Disposal charges ‐ 925,606 ‐ ‐ Public utility services 2,174 2,475 68,690 79,667 Travel and education 1,815 844 21,062 1,191 Contracted agreements 373,107 62,445 297,972 40,616 Other operating expenses: Rental charges 17,293 63,965 2,839 ‐ Fiscal charges 247,604 458,437 ‐ ‐ Depreciation 280,085 42,118 1,301,951 49,286 Data processing 52,913 70,463 16,810 10,600 Maintenance and repair 800,643 181,619 353,859 60,076 Vehicle operating expenses 241,271 853,321 47,307 162,967 Miscellaneous 119 98,975 8,576 25,502 Total operating expenses 2,648,544 3,611,625 2,605,648 1,153,346 Operating income (loss) 1,986,275 1,715,614 (2,142,640) (196,879) NON‐OPERATING REVENUES (EXPENSES) Revenues Interest income 40,541 28,901 (1,316) 2,930 Grants and donations ‐ ‐ 420,986 ‐ Gain on sale of assets ‐ ‐ 3,000 ‐ Expenses: Interest expense (116,203) (27,447) ‐ ‐ Total non‐operating revenues (expenses) (75,662) 1,454 422,670 2,930 Capital contributions 653,999 ‐ ‐ ‐ Income before operating transfers 2,564,612 1,717,068 (1,719,970) (193,949) Transfers in ‐ ‐ 380,000 362,250 Transfers out (565,464) (639,268) ‐ (2,273) Change in net position 1,999,148 1,077,800 (1,339,970) 166,028 Net position restated, beginning 17,025,791 4,135,613 15,845,925 932,029 Net position, ending $ 19,024,939 $ 5,213,413 $ 14,505,955 $ 1,098,057 124 ---PAGE BREAK--- Page 2 of 2 Dinosaur Recreation Park Totals $ 256,907 $ ‐ $ 11,586,586 ‐ ‐ 51,854 256,907 ‐ 11,638,440 ‐ ‐ 115,828 41,207 ‐ 1,874,875 4,137 ‐ 643,333 391 ‐ 7,960 51,482 ‐ 139,646 ‐ ‐ 8,475 ‐ ‐ 925,606 7,335 ‐ 160,341 ‐ ‐ 24,912 105,648 ‐ 879,788 2,349 ‐ 86,446 6,306 ‐ 712,347 32,129 ‐ 1,705,569 ‐ ‐ 150,786 (110,532) ‐ 1,285,665 ‐ ‐ 1,304,866 29,422 ‐ 162,594 169,874 ‐ 10,189,037 87,033 ‐ 1,449,403 171 ‐ 71,227 ‐ ‐ 420,986 ‐ ‐ 3,000 ‐ ‐ (143,650) 171 ‐ 351,563 ‐ ‐ 653,999 87,204 ‐ 2,454,965 ‐ ‐ 742,250 ‐ ‐ (1,207,005) 87,204 ‐ 1,990,210 370,955 (27,795) 38,282,518 $ 458,159 $ (27,795) $ 40,272,728 125 ---PAGE BREAK--- Page 1 of 2 Storm Golf Sewer Refuse Airport Courses CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers $ 4,653,557 $ 5,334,793 $ 341,397 $ 963,467 Cash received (paid) from (to) other funds ‐ ‐ 222,311 ‐ Cash payments to suppliers for goods and services (1,466,583) (2,650,929) (781,452) (529,220) Cash payments to employees for services (710,322) (893,564) (456,396) (572,238) Net cash provided by (used in) operating activities 2,476,652 1,790,300 (674,140) (137,991) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Payments paid on interfund loans ‐ ‐ (115,425) (133,650) Grants/donations ‐ ‐ 420,986 ‐ Transfers in ‐ ‐ 380,000 362,250 Transfers (out) (565,464) (639,268) ‐ (2,273) Net cash provided by noncapital financing activities (565,464) (639,268) 685,561 226,327 CASH FLOWS FROM CAPTIAL AND RELATED FINANCING ACTIVITIES: Acquisition of capital assets (6,482,974) ‐ (12,097) (273,091) Principal paid on revenue bonds (351,899) (270,000) ‐ ‐ Interest paid on revenue bonds (114,896) (26,239) ‐ ‐ Change in retainage payable 248,942 (1,753) ‐ ‐ Change in deferred charge 16,035 ‐ ‐ ‐ Proceeds form sale of assets ‐ ‐ 3,000 ‐ Net cash provided by (used in) capital and related financing activities (6,684,792) (297,992) (9,097) (273,091) CASH FLOWS FROM INVESTING ACTIVITIES: Interest on investments 40,541 6,901 (1,316) 2,930 Change in restricted assets 4,538,493 ‐ ‐ ‐ Net cash from investing activities 4,579,034 6,901 (1,316) 2,930 Net increase (decrease) in cash equivalents (194,570) 859,941 1,008 (181,825) Cash/equivalents at beginning of year 5,527,990 958,926 ‐ 525,897 Cash/equivalents at end of year $ 5,333,420 $ 1,818,867 $ 1,008 $ 344,072 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Operating income (loss) $ 1,986,275 $ 1,715,614 $ (2,142,640) $ (196,879) Reconciliation adjustments: Depreciation 280,085 42,118 1,301,951 49,286 Changes in assets and liabilities: Change in accounts receivable 18,738 7,554 (121,611) 7,000 Change in inventory ‐ ‐ ‐ (5,436) Change in prepaids (15,191) ‐ ‐ ‐ Change in due to other funds ‐ ‐ 222,311 ‐ Change in accounts payable 290,166 81,187 79,059 8,886 Change in deposits payable (24,437) ‐ (13,600) 10,505 Change in other accrued liabilities 33,536 ‐ ‐ ‐ Change in wages payable and compensated absences (92,520) (56,173) 390 (11,353) Total adjustments 490,377 74,686 1,468,500 58,888 Net cash provided by (used in) operating activities $ 2,476,652 $ 1,790,300 $ (674,140) $ (137,991) OGDEN CITY CORPORATION COMBINING STATEMENT OF CASH FLOWS NONMAJOR ENTERPRISE FUNDS Year Ended June 30, 2015 126 ---PAGE BREAK--- Page 2 of 2 Dinosaur Recreation Park Total $ 255,081 $ ‐ $ 11,548,295 ‐ ‐ 222,311 (97,809) ‐ (5,525,993) (45,912) ‐ (2,678,432) 111,360 ‐ 3,566,181 ‐ ‐ (249,075) ‐ ‐ 420,986 ‐ ‐ 742,250 ‐ ‐ (1,207,005) ‐ ‐ (292,844) (111,423) ‐ (6,879,585) ‐ ‐ (621,899) ‐ ‐ (141,135) ‐ ‐ 247,189 ‐ ‐ 16,035 ‐ ‐ 3,000 (111,423) ‐ (7,376,395) 171 ‐ 49,227 ‐ ‐ 4,538,493 171 ‐ 4,587,720 108 ‐ 484,662 51,060 ‐ 7,063,873 $ 51,168 $ ‐ $ 7,548,535 $ 87,033 $ ‐ $ 1,449,403 32,129 ‐ 1,705,569 (1,826) ‐ (90,145) ‐ ‐ (5,436) ‐ ‐ (15,191) ‐ ‐ 222,311 (3,824) ‐ 455,474 (1,584) ‐ (29,116) ‐ ‐ 33,536 (568) ‐ (160,224) 24,327 ‐ 2,116,778 $ 111,360 $ ‐ $ 3,566,181 127 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 128 ---PAGE BREAK--- Internal Service Funds Fleet, Facilities, Electronics and Stores Fund To account for the costs of operating a maintenance facility for automotive, mechanical, and electrical equipment used by other departments. Such costs are billed to the other departments at actual cost, which includes depreciation on the garage building and improvements and the machinery and equipment used to provide the service. This fund also accounts for the City's physical facilities maintenance activities. Information Technology Fund Provides information system services to other departments, all of which are integrated into the City’s network and pc computers, and accounts for the costs of these services. Costs are charged to the departments on an estimated usage basis. Risk Management Fund Accounts for the risk management activities of the City which include monitoring and administering liability and workman's compensation claims against the City, determining the City's insurance needs and implementing safety programs. Costs are charged to departments on percentage basis according to type of employees and total payroll. 129 ---PAGE BREAK--- Fleet, Facilities, Information Risk ASSETS AND DEFERRED OUTFLOWS Electronics and Stores Technology Management Totals ASSETS: Current assets Cash $ ‐ $ 342,827 $ 1,963,756 $ 2,306,583 Accounts receivable 118,839 ‐ 7,757 126,596 Inventory, at cost 1,088,199 ‐ ‐ 1,088,199 Total current assets 1,207,038 342,827 1,971,513 3,521,378 Noncurrent assets Employee PC loans receivable ‐ 90,712 ‐ 90,712 Net pension asset 606 558 24 1,188 Total noncurrent assets 606 91,270 24 91,900 Capital assets: Land 9,000 ‐ ‐ 9,000 Buildings 1,603,918 ‐ ‐ 1,603,918 Improvements other than buildings 363,520 ‐ ‐ 363,520 Equipment 12,392,588 2,282,090 ‐ 14,674,678 Vehicles 12,388,547 ‐ ‐ 12,388,547 Intangible ‐ 513,009 ‐ 513,009 Total capital assets 26,757,573 2,795,099 ‐ 29,552,672 Less accumulated depreciation/amortization (15,767,994) (2,485,011) ‐ (18,253,005) Net capital assets 10,989,579 310,088 ‐ 11,299,667 Total noncurrent assets 10,990,185 401,358 24 11,391,567 Total assets 12,197,223 744,185 1,971,537 14,912,945 DEFERRED OUTFLOW OF RESOURCES: Deferred outflows related to pensions 58,268 53,667 2,356 114,291 Total assets and deferred outflows of resources $ 12,255,491 $ 797,852 $ 1,973,893 $ 15,027,236 LIABILITIES, DEFFERED INFLOWS AND NET POSITION LIABILITIES AND FUND EQUITY: Current liabilities Due to other funds $ 948,019 $ ‐ $ ‐ $ 948,019 Accounts payable 430,929 75,772 29,521 536,222 Accrued wages payable 23,768 30,319 902 54,989 Accrued compensated absences 29,356 26,665 433 56,454 Deposits payable 102,693 ‐ ‐ 102,693 Claims payable 1,298,203 ‐ 978,073 2,276,276 Total current liabilities 2,832,968 132,756 1,008,929 3,974,653 Noncurrent liabilities Claims payable ‐ ‐ 1,289,543 1,289,543 Capital leases 2,411,575 ‐ ‐ 2,411,575 Net pension liability 362,737 334,087 14,668 711,492 Compensated absences 68,498 62,219 1,011 131,728 Total noncurrent liabilities 2,842,810 396,306 1,305,222 4,544,338 Total liabilities 5,675,778 529,062 2,314,151 8,518,991 DEFERRED INFLOW OF RESOURCES: Deferred inflows related to pensions 2,582 2,378 104 5,064 NET POSITION/RETAINED EARNINGS: Net investment in capital assets 7,279,801 310,088 ‐ 7,589,889 Unrestricted (702,670) (43,676) (340,362) (1,086,708) Total net position 6,577,131 266,412 (340,362) 6,503,181 Total liabilities, deferred inflow and net position $ 12,255,491 $ 797,852 $ 1,973,893 $ 15,027,236 OGDEN CITY CORPORATION COMBINING STATEMENT OF NET POSITION INTERNAL SERVICE FUNDS June 30, 2015 130 ---PAGE BREAK--- Fleet, Facilities, Information Risk Electronics and Stores Technology Management Totals OPERATING REVENUES: Charges to departments $ 8,110,486 $ 3,955,489 $ 1,812,645 $ 13,878,620 Miscellaneous income 1,297,317 368 ‐ 1,297,685 Total operating income 9,407,803 3,955,857 1,812,645 15,176,305 OPERATING EXPENSES: Cost of materials and parts 2,392,531 ‐ ‐ 2,392,531 Personal services: Salaries and wages 978,387 974,927 38,833 1,992,147 Benefits 405,755 351,718 17,319 774,792 Supplies: Office supplies 2,819 6,484 672 9,975 Operating supplies 72,133 661 69,134 141,928 Repair and maintenance supplies 3,638 ‐ ‐ 3,638 Charges for services: Public utility services 924,558 402,302 3,325 1,330,185 Travel and education 1,113 23,013 765 24,891 Contracted agreements 1,733,899 933,734 391,454 3,059,087 Other operating expenses: Computer equipment ‐ 822,920 ‐ 822,920 Depreciation/amortization 2,533,391 192,349 ‐ 2,725,740 Data processing 114,850 1,566 24,750 141,166 Maintenance and repair 99,793 787 ‐ 100,580 Vehicle operating expenses 163,469 3,660 ‐ 167,129 Claims payments ‐ ‐ 1,957,627 1,957,627 Rental expense 418,081 ‐ 2,393 420,474 Miscellaneous 9,305 5 305 9,615 Total operating expenses 9,853,722 3,714,126 2,506,577 16,074,425 Operating income (loss) (445,919) 241,731 (693,932) (898,120) NON‐OPERATING REVENUES (EXPENSES): Revenues: Interest income (4,697) 582 7,747 3,632 Gain on sale of assets 208,308 ‐ ‐ 208,308 Expenses: Interest expense (66,016) ‐ ‐ (66,016) Total non‐operating revenue (expense) 137,595 582 7,747 145,924 Income before operating transfers (308,324) 242,313 (686,185) (752,196) Transfers in 50,000 ‐ ‐ 50,000 Change in net assets (258,324) 242,313 (686,185) (702,196) Net Position restated, beginning 6,835,455 24,099 345,823 7,205,377 Net Position, ending $ 6,577,131 $ 266,412 $ (340,362) $ 6,503,181 OGDEN CITY CORPORATION COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET POSITION INTERNAL SERVICE FUNDS Year Ended June 30, 2015 131 ---PAGE BREAK--- Fleet, Facilities, Information Risk Electronics and Stores Technology Management Totals CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers $ 9,411,347 $ 3,957,161 $ 1,813,304 $ 15,181,812 Cash received (paid) from (to) other funds (1,754,184) ‐ ‐ (1,754,184) Cash payments to suppliers for goods and services (5,424,701) (2,179,352) (1,342,899) (8,946,952) Cash payments to employees for services (1,433,640) (1,378,074) (60,580) (2,872,294) Net cash from operating activities 798,822 399,735 409,825 1,608,382 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES: Operating transfers in 50,000 ‐ ‐ 50,000 PC loans paid ‐ 6,243 ‐ 6,243 Net cash from noncapital financing activities 50,000 6,243 ‐ 56,243 CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES: Acquisition of capital assets (820,230) (78,412) ‐ (898,642) Interest expense on loans (70,713) ‐ ‐ (70,713) Proceeds from sale of assets 42,121 ‐ ‐ 42,121 Net cash from capital financing activities (848,822) (78,412) ‐ (927,234) CASH FLOWS FROM INVESTING ACTIVITIES: Interest on investments ‐ 582 7,747 8,329 Net cash from investing activities ‐ 582 7,747 8,329 Net increase (decrease) in cash equivalents ‐ 328,148 417,572 745,720 Cash/equivalents, beginning ‐ 14,679 1,546,184 1,560,863 Cash/equivalents, ending $ ‐ $ 342,827 $ 1,963,756 $ 2,306,583 RECONCILIATION OF OPERATING INCOME TO NET CASH PROVIDED BY OPERATING ACTIVITIES: Operating income (loss) $ (445,919) $ 241,731 $ (693,932) $ (898,120) Reconciliation adjustments: Depreciation 2,533,391 192,349 ‐ 2,725,740 Changes in assets and liabilities: Change in accounts receivable 3,544 1,304 659 5,507 Change in inventory (66,837) ‐ ‐ (66,837) Change in due to other funds (1,754,184) ‐ ‐ (1,754,184) Change in accounts payable (110,059) 15,780 (6,067) (100,346) Change in claims payable 920,079 ‐ 1,113,593 2,033,672 Change in wages payable (49,498) (51,429) (4,428) (105,355) Change in other accrued liabilities (231,695) ‐ ‐ (231,695) Total adjustments 1,244,741 158,004 1,103,757 2,506,502 Net cash provided by (used in) operating activities $ 798,822 $ 399,735 $ 409,825 $ 1,608,382 OGDEN CITY CORPORATION COMBINING STATEMENT OF CASH FLOWS INTERNAL SERVICE FUNDS Year Ended June 30, 2015 132 ---PAGE BREAK--- OGDEN CITY, UTAH Year Ended June 30, 2015 Supplementary Information INFORMATION ABOUT IMPACT FEES AS REQUIRED BY UTAH CODE The laws of the State of Utah require that within 180 days after the close of the fiscal year‐end, each municipality prepare an annual financial report. “Each annual report shall identify impact fee funds by the year in which they were received, the project from which the funds were collected, the capital projects for which the funds are budgeted, and the projected schedule of expenditure.” CAPITAL ASSETS – GOVERNMENTAL ACTIVITIES EXCLUDING INTERNAL SERVICE FUNDS CAPITAL ASSETS The following schedule presents only the capital assets related to governmental funds. Accordingly, the capital assets reported in internal service funds are excluded from the amounts presented. Generally, the capital assets of internal service funds are included as governmental activities in the statement of net assets. Governmental funds, capital assets 2015 2014 Land 19,652,522 $ 19,652,522 $ Buildings and improvements 116,672,479 115,847,988 Machinery and equipment 3,283,481 3,133,445 Infrastructure 112,244,433 103,411,110 Construction in progress 1,381,020 2,253,438 Accumulated depreciation (73,740,527) (69,446,656) Net Governmental Funds, capital assets 179,493,408 $ 174,851,847 $ 133 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 134 ---PAGE BREAK--- Statistical Section 135 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 136 ---PAGE BREAK--- Statistical Section (Unaudited) This part of the Ogden City's comprehensive annual financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures and required supplementary information says about the City's overall financial health. Contents Financial Trends These schedules contain trend information to help the reader understand how the City's financial performance and well‐being have changed over time. Revenue Capacity These schedules contain information to help the reader assess the City's most significant local revenue source, the property tax. Debt Capacity These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future. Demographic and Economic Information These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place. Operating Information These schedules contain service and infrastructure data to help the reader understand how the information in the City's financial report relates to the services the City provides and the activities it performs. Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual financial reports for the relevant year. The City implemented GASB Statement 34 in 2003; schedules presenting government‐wide information include information beginning in that year. 137 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 138 ---PAGE BREAK--- FINANCIAL TRENDS (Unaudited) 139 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 140 ---PAGE BREAK--- Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Year Year Year Year Year Year Year Year Year Year 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Governmental activities Invested in capital assets, net of related debt $ 145,590,488 $ 137,742,706 $ 123,243,516 $ 118,429,865 $ 107,084,787 $ 104,512,977 $ 107,653,088 $ 92,141,925 $ 84,313,339 $ 87,589,530 Restricted 5,415,936 2,966,964 12,047,845 14,223,370 15,330,598 15,070,975 16,566,676 23,404,053 23,109,238 11,702,871 Unrestricted (4,262,790) 15,138,427 5,145,187 1,014,620 3,191,152 2,262,708 5,161,968 3,034,912 3,829,377 3,290,456 Total governmental activities net position $ 146,743,634 $ 155,848,097 $ 140,436,548 $ 133,667,855 $ 125,606,537 $ 121,846,660 $ 129,381,732 $ 118,580,890 $ 111,251,954 $ 102,582,857 Business‐type activities Invested in capital assets, net of related debt $ 164,109,269 $ 166,139,531 $ 163,995,375 $ 162,826,097 $ 173,316,247 $ 172,332,110 $ 176,302,702 $ 168,598,250 $ 166,219,757 $ 159,802,111 Restricted 4,706,318 1,596,535 2,041,003 349,829 349,228 349,228 349,228 49,280,783 992,091 956,676 Unrestricted 41,811,278 41,986,040 38,989,747 35,450,773 21,056,849 18,668,733 8,044,063 (42,979,592) 8,898,266 15,735,682 Total business‐type activities net position $ 210,626,865 $ 209,722,106 $ 205,026,125 $ 198,626,699 $ 194,722,324 $ 191,350,071 $ 184,695,993 $ 174,899,441 $ 176,110,114 $ 176,494,469 Primary government Invested in capital assets, net of related debt $ 309,699,757 $ 303,882,237 $ 287,238,891 $ 281,255,962 $ 280,401,034 $ 276,845,087 $ 283,955,790 $ 260,740,175 $ 250,533,096 $ 247,391,641 Restricted 10,122,254 4,563,499 14,088,848 14,573,199 15,679,826 15,420,203 16,915,904 72,684,836 24,101,329 12,659,547 Unrestricted 37,548,488 57,124,467 44,134,934 36,465,393 24,248,001 20,931,441 13,206,031 (39,944,680) 12,727,643 19,026,138 Total primary government net position $ 357,370,499 $ 365,570,203 $ 345,462,673 $ 332,294,554 $ 320,328,861 $ 313,196,731 $ 314,077,725 $ 293,480,331 $ 287,362,068 $ 279,077,326 Source: Ogden City Comptroller Division Further discussion of this data is available in the Management Discussion and Analysis, the transmittal letter and the notes found in the financial section. Ogden City Net Position by Component Last Ten Fiscal Years (accrual basis of accounting) (UNAUDITED) - 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Value by Dollars Year Net Position by Component Governmental activities Business-type activities Primary government 141 ---PAGE BREAK--- Ogden City Changes in Net Position Last Ten Fiscal Years (accrual basis of accounting) (UNAUDITED) Page 1 of 2 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Revenues Governmental Activities: General Revenues: Taxes $ 47,639,465 $ 46,518,197 $ 46,626,661 $ 43,797,554 $ 43,423,270 $ 42,240,214 $ 41,657,956 $ 42,270,568 $ 42,870,200 $ 38,373,228 Other General Revenues 583,096 3,131,238 403,045 (35,630) 880,693 (8,614,254) 1,585,578 3,077,324 971,051 2,043,186 Charges for Services: General Administration 14,607,576 17,997,423 15,335,519 14,717,254 14,932,975 15,809,004 15,875,234 17,093,520 7,748,767 9,403,129 Public Safety 2,977,719 3,121,855 2,919,022 3,354,242 3,402,995 3,251,048 3,529,180 3,321,966 2,762,457 2,206,926 Transportation 295,025 257,318 295,025 295,025 110,025 110,025 ‐ ‐ ‐ ‐ Environmental Protection 3,613,440 3,452,737 2,890,946 3,372,530 3,015,013 3,383,824 2,995,996 4,025,826 3,344,855 3,080,519 Leisure Opportunities 455,686 372,520 401,455 420,549 409,028 340,475 314,290 1,039,951 1,147,366 1,104,187 Community Development 3,309,642 2,807,012 2,068,228 2,225,389 2,146,888 3,024,362 2,617,546 2,799,860 2,655,432 1,896,147 Operating Grants and Contributions 3,503,504 4,064,906 4,895,549 3,662,162 5,733,914 4,680,386 4,637,076 4,472,445 3,237,918 5,469,986 Capital Grants and Contributions 5,093,702 6,317,596 4,618,131 5,055,575 3,268,214 3,095,794 2,834,716 3,269,306 5,332,442 2,552,825 Total Governmental Activities Revenues 82,078,855 88,040,802 80,453,581 76,864,650 77,323,015 67,320,878 76,047,572 81,370,766 70,070,488 66,130,133 Business‐Type Activities: General Revenues: Other General Revenues 396,363 326,267 451,878 (215,239) 428,920 1,452,281 1,359,677 1,085,558 869,725 4,664,474 Charges for Services: Medical Services 6,378,211 6,047,634 5,805,348 6,873,003 5,454,941 4,855,855 5,731,709 4,315,263 3,493,928 2,599,408 Airport 463,008 395,386 349,594 321,301 318,584 295,622 275,495 323,346 273,730 304,641 Utilities 34,564,510 33,182,470 32,526,185 31,168,887 28,267,206 25,012,682 24,161,797 19,593,131 15,947,745 20,703,204 Refuse 5,327,239 5,225,584 5,119,494 4,945,202 4,878,913 4,678,149 4,925,650 4,859,881 4,019,859 ‐ Recreation 1,213,374 1,244,731 1,267,229 1,315,396 1,629,958 1,724,684 1,774,510 1,058,545 1,066,098 1,012,274 Property Management 5,098,182 4,068,641 3,498,430 3,580,846 3,850,478 3,599,422 3,225,121 2,877,729 2,141,335 2,474,339 Operating Grants and Contributions ‐ 82,825 4,937 ‐ ‐ ‐ ‐ ‐ 1,630,527 2,974,921 Capital Grants and Contributions 420,986 658,913 3,427,745 3,746,183 3,642,770 1,922,050 2,182,647 2,640,419 2,543,454 265,319 Total Business‐Type Activities Revenues 53,861,873 51,232,451 52,450,840 51,735,579 48,471,770 43,540,745 43,636,606 36,753,872 31,986,401 34,998,580 Total Primary Government Revenues 135,940,728 139,273,253 132,904,421 128,600,229 125,794,785 110,861,623 119,684,178 118,124,638 102,056,889 $ 101,128,713 Expenses Governmental Activities: General Administration $ 20,103,340 $ 25,434,444 $ 20,278,677 $ 24,173,956 $ 26,378,133 $ 23,323,641 $ 24,976,880 $ 25,603,725 $ 15,515,738 $ 16,592,363 Public Safety 30,735,027 26,854,122 25,562,249 25,742,362 25,232,522 26,262,584 27,133,365 26,822,607 22,761,963 21,241,719 Transportation 5,961,415 5,500,657 5,578,078 5,236,900 6,095,515 5,187,967 5,462,687 5,641,984 5,763,544 7,526,427 Environmental Protection 538,094 667,371 531,471 582,561 585,712 557,528 510,501 520,604 422,424 398,019 Leisure Opportunities 5,904,111 6,140,594 5,970,011 6,047,729 5,377,416 5,264,019 5,357,892 5,799,222 5,783,791 6,162,480 Community Development 12,102,350 6,854,489 9,216,870 5,782,149 7,443,575 7,837,498 8,117,169 9,934,181 6,935,707 8,422,124 Interest on Long‐Term Debt 1,190,313 1,832,516 1,754,652 4,507,901 4,421,011 4,327,042 5,246,392 4,236,068 4,841,020 3,138,558 Total Governmental Activities Program Expenses 76,534,652 73,284,193 68,892,008 72,073,559 75,533,884 72,760,279 76,804,886 78,558,391 62,024,187 63,481,690 142 ---PAGE BREAK--- Page 2 of 2 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Business‐Type Activities: Medical Services 6,046,734 5,335,476 5,100,067 5,136,183 4,939,844 5,052,084 4,649,854 5,309,021 4,610,850 3,946,947 Airport 2,605,648 1,616,676 2,306,211 1,991,983 1,754,491 1,744,840 1,423,212 2,324,058 1,793,226 1,499,326 Utilities 25,744,236 28,595,847 26,616,342 26,358,238 24,576,722 21,666,957 21,585,626 16,145,793 15,293,929 18,937,363 Refuse 3,639,072 4,255,556 4,418,293 4,563,104 4,489,157 4,082,848 4,122,402 4,356,267 4,148,941 1,347,419 Recreation 1,323,220 1,409,421 1,498,458 1,567,052 2,252,134 2,220,201 2,083,593 1,272,750 1,337,385 4,721,336 Property Management 4,366,991 4,668,521 4,302,325 4,689,194 4,258,808 4,215,409 4,213,562 4,351,300 4,563,629 ‐ Total Business‐Type Activities Program Expenses 43,725,901 45,881,497 44,241,696 44,305,754 42,271,156 38,982,339 38,078,249 33,759,189 31,747,960 30,452,391 Total Primary Government Program Expenses $ 120,260,553 $ 119,165,690 $ 113,133,704 $ 116,379,313 $ 117,805,040 $ 111,742,618 $ 114,883,135 $ 112,317,580 $ 93,772,147 $ 93,934,081 Change in Net Position Before Transfers: Net (Expense)/Revenue Governmental activities $ 5,544,203 $ 14,756,609 $ 11,561,573 $ 4,791,091 $ 1,789,131 $ (5,439,401) $ (757,314) $ 2,812,375 $ 8,046,301 $ 2,648,443 Business‐type activities 10,135,972 5,350,954 8,209,144 7,429,825 6,200,614 4,558,406 5,558,357 2,994,683 238,441 4,546,189 Total primary government net (expense)/revenue $ 15,680,175 $ 20,107,563 $ 19,770,717 $ 12,220,916 $ 7,989,745 $ (880,995) $ 4,801,043 $ 5,807,058 $ 8,284,742 $ 7,194,632 General Revenues and Other Changes in Net Position Governmental Activities: Special item $ ‐ $ ‐ (2,800,394) (255,224) $ ‐ $ ‐ $ 12,289,714 $ ‐ $ ‐ $ ‐ Transfers 6,963,522 654,940 $ 412,294 $ 3,525,450 1,970,747 (2,095,672) 847,340 4,070,296 622,796 12,734,014 Total Governmental Activities 6,963,522 654,940 (2,388,100) 3,525,450 1,970,747 (2,095,672) 13,137,054 4,070,296 622,796 12,734,014 Business‐Type Activities: Transfers (6,963,522) (654,940) (412,294) (3,525,450) (1,970,747) 2,095,672 (847,340) (4,070,296) (622,796) (12,734,014) Total Business‐Type Activities (6,963,522) (654,940) (412,294) (3,525,450) (1,970,747) 2,095,672 (847,340) (4,070,296) (622,796) (12,734,014) Total Primary Government $ ‐ $ ‐ $ (2,800,394) $ ‐ $ ‐ $ ‐ $ 12,289,714 $ ‐ $ ‐ $ ‐ Change in Net Position Governmental Activities $ 12,507,725 $ 15,411,549 $ 9,173,473 $ 8,316,542 $ 3,759,878 $ (7,535,073) $ 12,379,740 $ 6,882,671 $ 8,669,097 $ 15,382,457 Business‐Type Activities 3,172,450 4,696,014 7,796,850 3,904,375 4,229,867 6,654,078 4,711,017 (1,075,613) (384,355) (8,187,825) Total primary government $ 15,680,175 $ 20,107,563 $ 16,970,323 $ 12,220,917 $ 7,989,745 $ (880,995) $ 17,090,757 $ 5,807,058 $ 8,284,742 $ 7,194,632 Source: Ogden City Comptroller Division Further discussion of this data is available in the Management Discussion and Analysis, the transmittal letter and the notes found in the financial section. 143 ---PAGE BREAK--- Ogden City Changes in Fund Balances, Governmental Funds Last Ten Fiscal Years (modified accrual basis of accounting) (UNAUDITED) Page 1 of 2 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Revenues Taxes and special assessments $ 47,687,114 $ 51,771,068 $ 50,577,774 $ 47,935,557 $ 46,566,375 $ 45,249,486 $ 44,597,418 $ 43,611,330 $ 42,623,435 $ 40,600,630 Licenses and permits 2,439,734 2,301,809 1,789,847 2,285,419 1,817,655 2,023,309 1,893,276 2,878,949 2,363,717 2,100,508 Intergovernmental 12,045,339 9,077,524 8,915,284 7,592,667 7,222,608 7,283,399 6,738,715 7,039,957 5,849,188 7,707,958 Charges for services 9,135,423 8,607,711 7,821,496 7,798,525 7,477,912 8,088,203 7,906,072 8,801,731 7,618,203 6,531,996 Fines and forfeitures 1,976,082 2,168,991 2,193,546 2,930,273 2,906,270 2,339,788 2,708,901 2,313,651 1,822,689 960,148 Miscellaneous 247,030 171,802 140,142 1,443,708 1,226,922 1,814,732 2,667,732 4,793,505 1,893,025 1,793,608 Outside donations 1,219,330 1,142,701 1,080,848 36,250 482,149 27,602 3,000 1,651 128,464 80,806 Interest 239,269 197,978 130,779 307,907 171,455 252,352 1,198,243 1,348,315 1,863,408 1,287,672 Sale of property 115,553 204,315 113,908 279,562 32,901 1,446,331 134,042 2,920,324 802,272 569,303 Total revenues 75,104,874 75,643,899 72,763,624 70,609,868 67,904,247 68,525,202 67,847,399 73,709,413 64,964,401 61,632,629 Expenditures General government: Mayor 527,264 504,700 518,787 477,079 441,968 431,006 462,660 494,642 496,415 433,797 City Council 920,599 916,226 850,486 790,373 841,362 735,459 781,376 793,726 752,183 634,277 Management Services 3,776,744 4,181,188 4,173,932 4,188,210 4,679,143 4,115,384 3,982,475 3,597,970 3,366,890 2,293,113 Circuit Court ‐ ‐ ‐ ‐ 70,116 66,709 63,600 61,200 34,020 34,020 Corporate Counsel 1,149,121 1,102,462 1,078,100 1,065,323 1,045,253 1,007,730 973,207 955,813 922,204 896,177 Non Departmental 4,839,514 3,280,228 3,711,567 3,383,332 3,130,086 5,416,204 3,828,073 3,394,572 2,984,936 4,620,366 Police 18,079,539 17,887,987 17,446,800 16,329,974 16,665,401 16,448,740 15,574,326 16,148,734 14,187,387 14,267,656 Fire 7,214,284 6,935,033 6,677,724 6,727,145 7,597,049 6,862,720 6,812,223 7,321,580 6,109,653 6,326,334 Community & Economic Develop 16,002,116 12,346,227 12,010,331 11,562,681 16,447,780 12,569,682 19,160,621 25,940,165 26,055,225 21,197,793 Public Services 9,732,223 10,570,902 9,146,249 10,214,315 12,016,880 11,326,448 11,268,583 12,140,211 12,578,410 10,655,033 Debt Service: Principal 6,031,011 7,696,000 8,067,674 7,477,000 6,185,000 6,015,000 5,063,000 4,646,000 3,781,000 5,002,000 Interest and Fiscal Charges 2,037,956 2,502,271 2,767,709 3,193,708 3,382,954 4,607,697 4,189,469 3,905,117 4,853,032 3,864,630 Fees and Assessments ‐ ‐ ‐ 34,500 ‐ ‐ ‐ ‐ ‐ 39,950 Capital Outlay 5,889,818 5,164,117 2,629,601 2,647,689 ‐ ‐ ‐ ‐ ‐ 91,000 Total expenditures 76,200,189 73,087,341 69,078,960 68,091,329 72,502,992 69,602,779 72,159,613 79,399,730 76,121,355 70,356,146 Excess of revenues over (under) expenditures (1,095,315) 2,556,558 3,684,664 2,518,539 (4,598,745) (1,077,577) (4,312,214) (5,690,317) (11,156,954) (8,723,517) 144 ---PAGE BREAK--- Page 2 of 2 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 Other Financing Sources (Uses) Loan/Bond Proceeds ‐ ‐ ‐ 7,112,000 1,600,000 30,345,000 3,000,000 3,000,000 11,300,000 43,440,000 Repayment of Bonds ‐ ‐ ‐ (7,470,000) ‐ ‐ ‐ ‐ ‐ ‐ Bond Premium/(Discount) ‐ ‐ ‐ ‐ ‐ ‐ 483,884 (6,500) ‐ (336,300) Payment to Refunded Bond Escrow ‐ ‐ ‐ ‐ ‐ (29,145,000) (8,572,980) ‐ ‐ (2,865,000) Issuance of Refunding Bond ‐ ‐ ‐ ‐ ‐ ‐ 8,125,000 ‐ ‐ ‐ Special item ‐ ‐ (2,800,394) 255,224 ‐ ‐ 12,289,714 ‐ ‐ ‐ Operating Transfers In 14,175,564 9,640,154 9,548,177 5,942,979 6,935,500 7,287,973 10,924,814 6,785,278 6,517,942 22,580,824 Operating Transfers Out (10,314,035) (9,464,384) (10,265,228) (7,114,547) (6,356,025) (10,229,267) (11,505,530) (6,126,178) (7,676,161) (25,051,312) Total other financing sources (uses) 3,861,529 175,770 (3,517,445) (1,274,344) 2,179,475 (1,741,294) 14,744,902 3,652,600 10,141,781 37,768,212 Net change in fund balances $ 2,766,214 $ 2,732,328 $ 167,219 $ 1,244,195 $ (2,419,270) $ (2,818,871) $ 10,432,688 $ (2,037,717) $ (1,015,173) $ 29,044,695 Debt service as a percentage of noncapital expenditures 11.5% 15.0% 16.3% 16.4% 13.2% 16.2% 14.4% 13.6% 12.8% 14.5% Source: Ogden City Comptroller Division Further discussion of this data is available in the Management Discussion and Analysis, the Transmittal Letter and the notes found in the financial section. 64% 3% 16% 12% 3% 0% 2% 0% 0% 2015 Governmental Funds Revenues Taxes and special assessments Licenses and permits Intergovernmental Charges for services Fines and forfeitures Miscellaneous Outside donations Interest Sale of property 1% 1% 5% 2% 7% 26% 10% 23% 14% 11% 2015 Government Fund Expenditures Mayor City Council Management Services Corporate Counsel Non Departmental Police Fire Community & Economic Development Public Services Debt Service 145 ---PAGE BREAK--- Ogden City Fund Balances, Governmental Funds Last Ten Fiscal Years (modified accrual basis of accounting) (UNAUDITED) Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 1 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 General Fund Reserved $ $ $ $ $ $ 4,746,524 $ 6,716,162 $ 7,576,817 $ 8,926,257 $ 12,431,274 Unreserved/Designated 1,684,623 1,445,969 1,160,253 983,584 84,109 Unreserved/Undesignated 3,036,171 2,994,167 3,201,230 3,983,421 4,579,463 1 Non‐Spendable 2,436,729 2,634,321 2,810,610 1,117,537 1,477,571 1 Spendable ‐ Restricted 3,816,299 539,484 373,793 326,523 313,831 1 Spendable ‐ Assigned 1,968,934 3,284,849 3,929,332 3,970,766 3,047,170 1 Unassigned 3,771,984 4,555,552 4,254,714 3,560,619 2,577,021 Total General Fund $ 11,993,946 $ 11,014,206 $ 11,368,449 $ 8,975,445 $ 7,415,593 $ 9,467,318 $ 11,156,298 $ 11,938,300 $ 13,893,262 $ 17,094,846 All Other Governmental Funds Reserved $ $ $ $ $ $ 9,575,882 $ 9,435,074 $ 9,667,006 $ 12,530,227 $ 16,732,816 Unreserved/Designated 611,570 592,019 763,460 282,684 2,754,423 Unreserved/Undesignated 1,681,422 2,971,672 3,594,814 1,045,132 (7,815,607) 1 Non‐Spendable 482,725 485,525 585,407 3,301,339 4,279,330 1 Spendable ‐ Restricted 641,971 593,859 677,665 851,376 1,207,630 1 Spendable ‐ Assigned 12,861,688 11,120,526 7,850,267 7,186,409 6,678,269 Total all Other Governmental Funds $ 13,986,384 $ 12,199,910 $ 9,113,339 $ 11,339,124 $ 12,165,229 $ 11,868,874 $ 12,998,765 $ 14,025,280 $ 13,858,043 $ 11,671,632 Total Primary Government $ 25,980,330 $ 23,214,116 $ 20,481,788 $ 20,314,569 $ 19,580,822 $ 21,336,192 $ 24,155,063 $ 25,963,580 $ 27,751,305 $ 28,766,478 Note: Fund balances are discussed in detail in Management's Discussion and Analysis Source: Ogden City Comptroller Division 1 GASB 54 conversion. Previous years' Fund Balance detail not available. (20,000,000) (15,000,000) (10,000,000) (5,000,000) - 5,000,000 10,000,000 15,000,000 20,000,000 25,000,000 30,000,000 Value in Dollars Year Governmental Fund Balances General Fund Other Gov. Funds Primary Government 146 ---PAGE BREAK--- REVENUE CAPACITY (Unaudited) 147 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 148 ---PAGE BREAK--- OGDEN CITY CORPORATION ASSESSED AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY LAST TEN FISCAL YEARS (UNAUDITED) Real Property Personal Property Total Total Est. Est. Est. Direct Fiscal Taxable Market Taxable Market Taxable Market Tax Year Value 1 Value 1 Value 1 Value 1 Value Value Rate 3 2 2 2 2006 2,448,901,445 3,614,684,061 424,839,874 428,998,796 2,873,741,319 4,043,682,857 4.253 2007 2,534,955,309 4,045,823,892 424,233,158 424,233,158 2,959,188,467 4,470,057,050 3.905 2008 2,826,620,677 4,573,342,298 470,435,170 470,435,170 3,297,055,847 5,043,777,468 3.384 2009 3,177,442,909 5,291,016,777 568,934,583 568,934,583 3,746,377,492 5,859,951,360 3.109 2010 3,202,409,477 5,244,781,463 592,440,209 592,440,209 3,794,849,686 5,837,221,672 3.164 2011 3,152,188,693 4,955,639,894 607,238,942 607,238,942 3,759,427,635 5,562,878,836 3.321 2012 3,181,775,208 4,987,386,730 559,202,032 559,202,032 3,740,977,240 5,546,588,762 3.330 2013 3,076,866,704 4,784,312,785 567,587,191 556,195,006 3,644,453,895 5,340,507,791 3.498 2014 3,210,904,256 4,946,432,473 567,481,109 616,275,891 3,778,385,365 5,562,708,364 3.415 2015 3,256,206,565 5,019,893,174 616,284,724 603,774,232 3,872,491,289 5,623,667,406 3.367 Source: Weber County Auditor's Office 1 Taxable and market values as provided by Weber County Auditor's office. Includes State Assessed Utilities. 2 Calendar year valuations fiscal year 2015 is the 2014 calendar year valuation) 3 Total direct tax rate is the Ogden City General Fund tax rate for the calendar year as provided by Weber County. fiscal year 2015 is the 2014 calendar year tax rate) 0 1,000,000,000 2,000,000,000 3,000,000,000 4,000,000,000 5,000,000,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Value in Dollars Year Value of Taxable Property Real Property Personal Property Total 149 ---PAGE BREAK--- OGDEN CITY CORPORATION PRINCIPAL TAXPAYERS FOR THE CALENDAR YEAR 2014 June 30, 2015 TEN LARGEST PROPERTY TAXPAYERS (UNAUDITED) 2014 1 Percentage of 2004 Taxable Total Taxable Taxable Taxpayer Type of Business Value Value Value Ranking Boyer Company Construction/space leasing $ 228,157,286 5.89% $ 116,380,983 1 Fresenius USA (Delmed Medical) Health care products 195,993,972 5.06% 81,804,437 2 IHC Health Services Health services 84,122,188 2.17% 28,870,824 8 Autoliv ASP, Inc - Auto Pro Automotive safety products 58,619,708 1.51% (Morton International) GGP/Homart (Newgate Mall) Space leasing for retail sales 52,316,732 1.35% 28,626,896 9 Williams International Corp Manufacturer of jet 47,187,622 1.22% 48,831,230 4 airplane engines McDonnell Douglas Air force subcontractor 43,814,025 1.13% 34,936,106 6 (The Boeing Company) Pacificorp (Utah Power) Electric utility 42,600,087 1.10% 31,059,426 7 Nutraceutical Corporation Nutritional supplements 39,478,980 1.02% Mark Novis/ Hershey Chocolate manufacturer 34,870,425 0.90% Qwest Corp Telephone/communications 37,018,982 5 Flying J Gasoline refining and sales 17,336,071 10 Total taxable value of 10 largest taxpayers……………………… 827,161,025 21.4% 424,864,955 Total taxable value of all other taxpayers……………………….. 3,045,330,264 78.6% 2,329,119,506 Total taxable value of all $ 3,872,491,289 100.0% 2,818,219,023 Sources: Weber County Treasurer's and Auditor's Offices 150 ---PAGE BREAK--- Percent of Percent Collected in Delinquent Total Tax Fiscal Total Tax Current Tax of Approp. Subsequent Percent Tax Total Tax Collections Year Appropriation Collections Collected Years 1 Amount of Levy Collections 1 Collections 2 to Tax Approp. 2006 19,306,325 16,820,852 87.1% 16,820,852 87.1% 556,156 17,377,008 90.0% 2007 18,257,350 16,892,631 92.5% 16,892,631 92.5% 550,557 17,443,188 95.5% 2008 20,222,150 17,795,330 88.0% 17,795,330 88.0% 509,009 18,304,339 90.5% 2009 22,931,825 19,863,615 86.6% 10,808 19,874,422 86.7% 373,517 20,247,940 88.3% 2010 24,412,425 21,285,399 87.2% 40,019 21,325,417 87.4% 420,595 21,746,012 89.1% 2011 24,757,350 21,892,279 88.4% 107,350 21,999,629 88.9% 562,503 22,562,131 91.1% 2012 26,789,125 22,173,829 82.8% 190,104 22,363,933 83.5% 533,547 22,897,480 85.5% 2013 27,390,775 23,447,857 85.6% 410,588 23,858,445 87.1% 697,704 24,556,149 89.7% 2014 28,555,875 24,013,444 84.1% 218,976 24,232,420 84.9% 463,847 24,696,267 86.5% 2015 24,947,700 24,115,338 96.7% 24,115,338 96.7% 438,997 24,554,335 98.4% Source: Weber County Auditor's Office Ogden City Comptroller Division 1 Subsequent collections by levy year were not reported prior to Fiscal Year 2014. Property taxes are collected by Weber County and then disbursed to the appropriate entities. Remittance of delinquent tax collections prior to Fiscal Year 2014 were not identified by tax year. 2 Delinquent taxes collected during the year were added to current collections. Total Tax Collections reflect the total of the current levy, delinquent taxes received during the year and beginning with Fiscal Year 2014 tax revenue collected in subsequent years, by tax year levied Total Collected to Date OGDEN CITY CORPORATION PROPERTY TAX APPROPRIATIONS AND COLLECTIONS LAST TEN FISCAL YEARS (UNAUDITED) Collected in Fiscal Year of Leavy - 2,000,000 4,000,000 6,000,000 8,000,000 10,000,000 12,000,000 14,000,000 16,000,000 18,000,000 20,000,000 22,000,000 24,000,000 26,000,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Volume in Dollars Year Property Tax Collections & Appropriations Current Tax Collections Delinquent Tax Collections Total Collected to Date 151 ---PAGE BREAK--- Weber Weber Ogden Weber Weber Basin Basin Ogden State City County County Consolidated Weber Mosquito Water Water Central City Assess Calendar General General Library Health County Abatement General Ogden Weber School and Year Fund Fund Fund Fund Paramedic Dist. Levy Special Sewer District Collect Total 2005 4.253 2.405 1.124 0.193 0.185 0.110 0.193 0.310 0.567 7.312 0.377 17.029 2006 3.905 2.309 1.056 0.185 0.480 0.106 0.178 0.306 0.573 8.380 0.335 17.813 2007 3.384 2.376 0.615 0.164 0.451 0.094 0.200 0.345 0.519 8.176 0.295 16.619 2008 3.109 2.235 0.585 0.156 0.428 0.089 0.181 0.323 0.800 7.453 0.321 15.680 2009 3.164 2.303 0.601 0.112 0.488 0.128 0.188 0.276 0.811 7.782 0.342 16.195 2010 3.321 2.472 0.646 0.120 0.526 0.138 0.207 0.290 0.833 8.175 0.377 17.105 2011 3.330 2.520 0.660 0.123 0.523 0.141 0.217 0.289 0.854 8.260 0.391 17.308 2012 3.498 2.507 0.696 0.130 0.550 0.145 0.215 0.305 0.880 8.926 0.399 18.254 2013 3.415 2.469 0.686 0.129 0.540 0.146 0.210 0.298 0.866 8.359 0.385 17.503 2014 3.367 2.335 0.662 0.125 0.525 0.141 0.199 0.294 0.838 8.612 0.367 17.465 Source: Weber County Auditor's Office OGDEN CITY CORPORATION PROPERTY TAX RATES DIRECT AND OVERLAPPING GOVERNMENTS PER $1,000 ASSESSED VALUATION LAST TEN CALENDAR YEARS (UNAUDITED) 152 ---PAGE BREAK--- OGDEN CITY CORPORATION TAX REVENUES BY SOURCE LAST TEN FISCAL YEARS (UNAUDITED) City Fiscal Property Prior Year Sales Franchise Utility Fee in Lieu Year Taxes Taxes Taxes Taxes Taxes of Tax Total 2006 16,820,852 556,156 13,452,590 7,054,842 3,289,875 1,062,475 42,236,790 2007 16,892,631 550,557 15,100,532 6,687,005 3,212,744 920,361 43,363,830 2008 17,795,330 509,009 14,812,621 7,583,031 3,599,048 889,514 45,188,553 2009 19,863,615 373,517 13,348,067 7,611,391 4,180,423 865,686 46,242,700 2010 21,285,399 420,595 12,293,276 7,549,969 4,265,064 805,614 46,619,917 2011 22,051,816 562,503 12,288,206 7,676,010 4,639,685 744,510 47,962,730 2012 22,173,829 533,547 13,392,913 7,578,905 4,845,552 706,655 49,231,401 2013 23,447,857 697,704 14,040,376 8,057,296 4,912,838 699,113 51,855,183 2014 24,013,444 463,847 14,581,388 8,272,313 4,391,507 674,015 52,396,513 2015 24,115,338 438,997 16,401,458 6,916,255 4,691,400 649,227 53,212,674 Source: Ogden City Comptroller Division - 10,000,000 20,000,000 30,000,000 40,000,000 50,000,000 60,000,000 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Dollars Year Tax Revenues by Source Fee in Lieu of Tax City Utility Taxes Franchise Taxes Sales Taxes Prior Year Taxes Property Taxes 153 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 154 ---PAGE BREAK--- DEBT CAPACITY (Unaudited) 155 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 156 ---PAGE BREAK--- Governmental Activities General Lease Tax Increment Notes and Fiscal Personal Obligation Revenue Revenue Special Leases Year Population 1 Income 2 Bonds Bonds Bonds Assessment Payable 2006 82,007 1,399,029,100 20,020,000 3,340,000 50,305,000 257,000 3,886,330 2007 82,843 1,302,936,900 18,455,000 3,005,000 57,925,000 176,000 6,989,883 2008 82,843 1,457,006,800 16,810,000 5,845,000 55,400,000 90,000 6,579,676 2009 82,865 1,536,764,300 14,795,000 5,602,000 55,505,000 - 8,910,964 2010 83,296 1,561,055,900 13,060,000 5,332,000 52,945,000 - 5,670,892 2011 83,171 1,584,421,100 11,270,000 5,047,000 50,695,000 - 4,878,070 2012 83,949 1,644,690,100 9,475,000 4,752,000 45,220,000 - 5,280,174 2013 83,793 1,573,797,800 7,529,000 4,442,000 40,110,000 - 4,235,530 2014 84,249 1,598,052,300 5,529,000 4,121,000 34,835,000 - 4,355,172 2015 84,316 1,612,951,900 3,426,000 3,784,000 31,240,000 8,349,778 Total Percentage Fiscal Revenue Notes Primary of Personal Per Year Bonds Payable Government Income Capita 2006 10,518,496 4,702,742 93,029,568 6.65% 1,134.41 2007 9,798,765 4,568,950 100,918,598 7.75% 1,218.19 2008 58,221,951 415,160 143,361,787 9.84% 1,730.52 2009 58,463,000 311,370 143,587,334 9.34% 1,732.79 2010 57,027,790 207,580 134,243,262 8.60% 1,611.64 2011 55,406,000 103,790 127,399,860 8.04% 1,531.78 2012 53,847,000 - 118,574,174 7.21% 1,412.45 2013 61,644,000 - 117,960,530 7.50% 1,407.76 2014 76,601,000 - 125,441,172 7.85% 1,488.93 2015 73,960,000 120,759,778 7.49% 1,432.23 Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements. These ratios are calculated using personal income and population for the prior calendar year. Source: Ogden City Comptrollers Office Ogden City Planning Division Utah Department of Workforce Services 1 Population estimates are from the U.S. Census Bureau , (i.e. fiscal year 2015 population is the July 1, 2014 estimate). Population from the 2000 census was 77,226. The population figures have been revised to bring them more in line with the census. Fiscal year 2011 population is from the 2010 census. 2 Personal income numbers are for Ogden City Metro Area. In prior years Weber County totals were used. Calendar year numbers fiscal year 2015 is calendar year 2014 numbers) Business-Type Activities Ogden City Ratios of Outstanding Debt by Type Last Ten Fiscal Years (UNAUDITED) 157 ---PAGE BREAK--- Ratio of Net Net General Bonded Bonded Bonded Debt to Debt Fiscal Taxable Value/ Debt Assessed per Year Population 1 Est. Market Value 2 Outstanding Value Capita 2006 82,007 4,043,682,857 20,020,000 0.50 244.13 2007 82,843 4,470,057,050 18,455,000 0.41 222.77 2008 82,843 5,043,777,468 16,810,000 0.33 202.91 2009 83,297 5,859,951,360 14,795,000 0.25 177.62 2010 82,825 5,837,221,672 13,060,000 0.22 157.68 2011 83,171 5,562,878,836 11,270,000 0.20 135.50 2012 83,950 5,546,588,762 9,475,000 0.17 112.86 2013 83,793 5,340,507,791 7,529,000 0.14 89.85 2014 84,249 5,562,708,364 5,529,000 0.10 65.63 2015 84,316 5,623,667,406 3,426,000 0.06 40.63 Sources: Weber County Auditor's Office Ogden City Planning and U.S. Census Bureau Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements. 1 Population estimates are from the U.S. Census Bureau Calendar year (i.e. FY 2014 population is the July 1, 2013 estimate) Population from the 2000 census was 77,226. The population figures have been revised to bring them more in line with the census. Fiscal year 2011 population is from the 2010 census. 2 Calendar year valuations fiscal year 2014 is calendar year 2013 valuation) . Taxable and market values as provided by the Weber County Auditor's office. Includes State Assessed Utilities. OGDEN CITY CORPORATION RATIOS OF GENERAL BONDED DEBT OUTSTANDING TO ASSESSED VALUE AND PER CAPITA LAST TEN FISCAL YEARS (UNAUDITED) 158 ---PAGE BREAK--- OGDEN CITY CORPORATION COMPUTATION OF DIRECT AND OVERLAPPING DEBT (UNAUDITED) Percentage Amount Applicable Applicable Net Debt to to Jurisdiction Outstanding Ogden City Ogden City Ogden City Corporation $ 46,799,778 100% $ 46,799,778 Total Direct Governmental Debt 46,799,778 Ogden City School District 109,377,855 100% 109,377,855 Weber County 37,895,000 32% 12,254,543 Weber Basin Water Conservancy Dist. 21,139,452 9% 1,936,347 Total Overlapping Governmental Debt 123,568,745 Total Direct and Overlapping Governmental Debt $ 170,368,523 Notes: Percentage applicable to Ogden City calculated using taxable value data as provided by the entities listed above or from the Weber County Auditor's Office. The State of Utah general obligation debt is not included in the calculation of Overlapping General Obligation Debt because the State currently levies no property tax for payment of general obligation bonds. Sources: Ogden City Comptrollers Office Ogden City School District Weber County Auditor/Clerk/Treasurer's Office Weber Basin Water Conservancy District June 30, 2015 159 ---PAGE BREAK--- Net assessed value for 2015: Real Property Taxable Value $ 3,256,206,565 Personal Property Taxable value $ 616,284,724 Total taxable $ General Debt Margin 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Debt limit: 4% of total taxable value 1 $ 114,949,653 $ 118,367,539 $ 131,882,234 $ 149,855,100 $ 151,793,987 $ 150,377,105 $ 149,639,090 $ 145,778,156 $ 224,946,696 $ 154,899,652 Total net debt applicable to limit 77,534,004 # 86,284,340 84,459,741 85,040,021 77,385,207 72,192,283 64,963,314 56,093,060 48,633,842 46,799,778 Legal debt margin $ 37,415,649 $ 32,083,199 $ 47,422,493 $ 64,815,079 $ 74,408,780 $ 78,184,822 $ 84,675,776 $ 89,685,096 $ 176,312,854 $ 108,099,874 Total net debt applicable to the limit as a percentage of debt limit 67.45% 72.90% 64.04% 56.75% 50.98% 48.01% 43.41% 38.48% 21.62% 30.21% Utilities Debt Margin 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Debt limit: 4% of total taxable value for utilities $ 114,949,653 $ 118,367,539 $ 131,882,234 $ 149,855,100 $ 151,793,987 $ 150,377,105 $ 149,639,090 $ 145,778,156 $ 224,946,696 $ 154,899,652 Total net debt applicable to limit 15,221,238 14,367,715 59,041,086 59,120,962 57,571,504 55,835,466 54,162,218 61,960,760 77,410,888 73,960,000 Legal debt margin $ 99,728,415 $ 103,999,824 $ 72,841,148 $ 90,734,138 $ 94,222,483 $ 94,541,639 $ 95,476,872 $ 83,817,396 $ 147,535,808 $ 80,939,652 Total net debt applicable to the limit as a percentage of debt limit 13.24% 12.14% 44.77% 39.45% 37.93% 37.13% 36.20% 42.50% 34.41% 47.75% 1 Article XIV. Section 4. Constitution of Utah: Establishes that no city, town, school district or other municipal corporation, shall become indebted to an amount, including existing indebtedness, exceeding four per cent of the value of the taxable property with with provisions that an additional four percent is allowed if the debt is incurred to provide the entity with water, light or sewer service. Sources:Ogden City Comptrollers Office Weber County Auditor's Office Fiscal Year Fiscal Year OGDEN CITY CORPORATION COMPUTATION OF LEGAL DEBT MARGIN Last Ten Fiscal Years June 30, 2015 (UNAUDITED) 3,872,491,289 160 ---PAGE BREAK--- OGDEN CITY CORPORATION REVENUE BOND COVERAGE WATER UTILITY LAST TEN FISCAL YEARS (UNAUDITED) Net Revenue Direct Available Debt Service Requirements3 Fiscal Gross Operating for Debt Year Revenues 1 Expense 2 Service Principal Interest Total Coverage 2006 7,775,694 7,814,521 (38,827) 160,080 217,540 377,620 (0.10) 2007 9,028,800 9,221,001 (192,201) 166,750 242,814 409,564 (0.47) 2008 11,400,743 9,508,672 1,892,071 173,420 321,101 494,521 3.83 2009 13,727,378 11,288,163 2,439,215 677,005 2,107,152 2,784,157 0.88 2010 13,529,048 10,621,197 2,907,851 901,650 1,993,350 2,895,000 1.00 2011 15,321,858 12,653,418 2,668,440 957,900 1,944,674 2,902,574 0.92 2012 16,472,188 13,056,425 3,415,763 979,650 2,077,463 3,057,113 1.12 2013 18,085,617 12,319,541 5,766,076 1,015,800 2,068,658 3,084,458 1.87 2014 18,563,118 13,303,270 5,259,848 1,893,950 2,555,476 4,449,426 1.18 2015 19,331,351 11,768,440 7,562,911 1,807,550 2,529,055 4,336,605 1.74 1 Total operating revenues. 2 Total operating expenses including depreciation. 3 Operating income is used to cover debt service requirements. Source: Ogden City Comptrollers Office 161 ---PAGE BREAK--- OGDEN CITY CORPORATION REVENUE BOND COVERAGE SANITARY SEWER UTILITY LAST TEN FISCAL YEARS (UNAUDITED) Net Revenue Direct Available Debt Service Requirements3 Fiscal Gross Operating for Debt Year Revenues 1 Expense 2 Service Principal Interest Total Coverage 2005 5,541,685 4,353,094 1,188,591 338,607 257,106 595,713 2.00 2006 5,801,639 4,181,699 1,619,940 353,057 274,882 627,939 2.58 2007 6,918,945 5,582,307 1,336,638 368,064 274,806 642,870 2.08 2008 8,192,388 9,508,672 (1,316,284) 383,394 166,306 549,700 (2.39) 2009 10,434,419 7,606,271 2,828,148 495,361 574,229 1,069,590 2.64 2010 11,483,634 8,410,533 3,073,101 193,350 641,137 834,487 3.68 2011 12,945,348 9,526,023 3,419,325 212,100 452,555 664,655 5.14 2012 14,696,699 10,907,661 3,789,038 215,350 313,931 529,281 7.16 2013 14,440,568 11,687,463 2,753,105 407,200 494,449 901,649 3.05 2014 14,619,352 11,928,087 2,691,265 604,050 565,650 1,169,700 2.30 2015 10,598,340 8,324,633 2,273,707 241,850 331,119 572,969 3.97 1 Total operating revenues. 2 Total operating expenses including depreciation. 3 Operating income is used to cover debt service requirements. 4 Source: Ogden City Comptrollers Office In FY 2015, Sanitary and Storm Sewer were allocated to separate funds. In all prior years, Sanitary and Storm were combined in the same fund 162 ---PAGE BREAK--- OGDEN CITY CORPORATION REVENUE BOND COVERAGE STORM SEWER UTILITY LAST TEN FISCAL YEARS (UNAUDITED) Net Revenue Direct Available Debt Service Requirements3 Fiscal Gross Operating for Debt Year Revenues 1 Expense 2 Service Principal Interest Total Coverage 2005 5,541,685 4,353,094 1,188,591 338,607 257,106 595,713 2.00 2006 5,801,639 4,181,699 1,619,940 353,057 274,882 627,939 2.58 2007 6,918,945 5,582,307 1,336,638 368,064 274,806 642,870 2.08 2008 8,192,388 9,508,672 (1,316,284) 383,394 166,306 549,700 (2.39) 2009 10,434,419 7,606,271 2,828,148 495,361 574,229 1,069,590 2.64 2010 11,483,634 8,410,533 3,073,101 193,350 641,137 834,487 3.68 2011 12,945,348 9,526,023 3,419,325 212,100 452,555 664,655 5.14 2012 14,696,699 10,907,661 3,789,038 215,350 313,931 529,281 7.16 2013 14,440,568 11,687,463 2,753,105 407,200 494,449 901,649 3.05 2014 14,619,352 11,928,087 2,691,265 604,050 565,650 1,169,700 2.30 2015 4,634,819 2,648,544 1,986,275 331,000 163,934 494,934 4.01 1 Total operating revenues. 2 Total operating expenses including depreciation. 3 Operating income is used to cover debt service requirements. 4 Source: Ogden City Comptrollers Office In FY 2015, Sanitary and Storm Sewer were allocated to separate funds. In all prior years, Sanitary and Storm were combined in the same fund 163 ---PAGE BREAK--- OGDEN CITY CORPORATION REVENUE BOND COVERAGE REFUSE UTILITY LAST TEN FISCAL YEARS (UNAUDITED) Net Revenue Direct Available Debt Service Requirements3 Fiscal Gross Operating for Debt Year Revenues 1 Expense 2 Service Principal Interest Total Coverage 2005 3,691,825 3,198,080 493,745 170,000 146,265 316,265 1.56 2006 3,828,593 3,067,261 761,332 175,000 137,935 312,935 2.43 2007 4,019,859 3,940,483 79,376 185,000 129,360 314,360 0.25 2008 4,859,881 4,175,403 684,478 195,000 120,295 315,295 2.17 2009 4,925,650 3,942,764 982,886 205,000 110,740 315,740 3.11 2010 4,678,149 4,028,787 649,362 215,000 100,695 315,695 2.06 2011 4,878,913 4,447,141 431,772 225,000 90,160 315,160 1.37 2012 4,945,202 4,547,289 397,913 235,000 79,135 314,135 1.27 2013 5,119,494 4,375,350 744,144 250,000 67,620 317,620 2.34 2014 5,225,584 4,218,033 1,007,551 260,000 55,730 315,730 3.19 2015 5,327,239 3,611,625 1,715,614 270,000 42,630 312,630 5.49 1 Total operating revenues. 2 Total operating expenses including depreciation. 3 Operating income is used to cover debt service requirements. Source: Ogden City Comptrollers Office 164 ---PAGE BREAK--- OGDEN CITY CORPORATION INDUSTRIAL REVENUE BONDS OUTSTANDING As of June 30, 2015 (UNAUDITED) Date Outstanding Issued Retired Outstanding Company Issued July 1, 2015 in 2014 in 2015 June 30, 2015 Albion Manufacturing 11‐25‐08 1,175,000 $ ‐ $ 194,000 $ 981,000 $ Sources: Financial institutions, bond contracts, accounting firms 165 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 166 ---PAGE BREAK--- DEMOGRAPHIC & ECONOMIC INFORMATION (Unaudited) 167 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 168 ---PAGE BREAK--- OGDEN CITY CORPORATION DEMOGRAPHIC AND ECONOMIC STATISTICS LAST TEN FISCAL YEARS Public Fiscal Aggregate Per Capita School Unemployment Year Population 1 Income 2 Income 2 Enrollment 3 Rate 4 2006 82,007 1,399,029,100 17,671 12,059 4.6% 2007 82,843 1,302,936,900 16,100 12,564 4.4% 2008 82,843 1,457,006,800 18,269 12,781 6.8% 2009 82,865 1,536,764,300 19,011 12,623 10.2% 2010 83,296 1,561,055,900 18,922 12,568 11.8% 2011 83,171 1,584,421,100 19,548 12,606 8.2% 2012 83,949 1,644,690,100 20,028 12,529 7.1% 2013 83,793 1,573,797,800 18,876 12,486 5.2% 2014 84,249 1,598,052,300 18,970 12,447 5.0% 2015 84,316 1,612,951,900 19,349 13,486 4.6% Sources: U.S. Census Bureau Ogden City School District 1 Population estimates are from the U.S. Census Bureau (i.e. FY 2015 population is the July 1, 2014 estimate) Population from the 2000 census was 77,226. The population figures have been revised to bring them more in line with the census. Fiscal year 2011‐2014 populations are from the 2010 census. 2 The data is based on calendar year (i.e. fiscal year 2015 is calendar year 2014 data). 3 Calendar year data. 4 Rates are raw annual calendar year averages. The 2015 is an average of the first 9 months of 2015 169 ---PAGE BREAK--- 2005 Employment Employment Percent of Total Company Type of Business Range 1 Range City Employement 2 Department of Treasury Federal Government 5,000-6,999 5,000 ‐ 6,999 14.3% Weber County School District Public Education 3,000-3,999 3,000 ‐ 3,999 8.3% McKay-Dee Hospital Center Health Care 3,000-3,999 2,000 ‐ 2,999 8.3% Weber State University Higher Education 3,000-3,999 2,000 ‐ 2,999 8.3% Autoliv Asp, Inc. Manufacturing 2,000-2,999 2,000 ‐ 2,999 5.9% State of Utah State Government 1,000-1,999 1,000 ‐ 1,999 3.6% Fresenius USA Manufacturing Manufacturing 1,000-1,999 1,000 ‐ 1,999 3.6% Ogden City School District Public Education 1,000-1,999 1,000 ‐ 1,999 3.6% America First Credit Union Credit Unions 1,000-1,999 3.6% Wal-Mart Retail Sales 1,000-1,999 1,000 ‐ 1,999 3.6% SOS Satffing Services Temporary Help Services 1,000-1,999 3.6% The Home Depot Home Improvement Centers 500-999 1.8% 22,500 ‐ 34, 988 66.0% Sources: Utah Department of Workforce Services 1 The Utah Department of Workforce Services provides employer data by county in the State. The largest employers listed above are within the boundaries of Weber County. Ranking data is not available. 2 Calculated using the midpoint of the employee range. OGDEN CITY CORPORATION LARGEST EMPLOYERS FOR 2015 (UNAUDITED) 170 ---PAGE BREAK--- OPERATING INFORMATION (Unaudited) 171 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 172 ---PAGE BREAK--- Ogden City Full‐Time Authorized Employees Summary by Program Last Ten Fiscal Years (UNAUDITED) Community and Fiscal General Economic Environmental Leisure Public Year Administration Development Protection Opportunities Safety Transportation Total 2006 86 29 87 36 289 51 578 2007 103 29 87 33 288 51 591 2008 105 28 84 33 313 32 595 2009 109 28 84 33 312 33 599 2010 106 23 84 31 313 34 591 2011 106 23 84 30 313 34 590 2012 105 18 86 28 308 32 577 2013 105 16 86 28 313 32 580 2014 105 16 87 28 313 32 581 2015 112 18 97 32 308 32 599 Source: Ogden City Adopted Budget 0 100 200 300 400 500 [PHONE REDACTED] 2007 2008 2009 2010 2011 2012 2013 2014 2015 Full‐Time Authorized Employees Fiscal Year Transportation Public Safety Leisure Opportunities Environmental Protection Community and Economic Development General Administration Full‐Time Authorized Employees by Program 173 ---PAGE BREAK--- Function 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 3 Police (Calendar Year) Part I: Crimes of Violence 383 415 507 388 393 330 392 353 313 362 1 Homicides 5 2 3 4 4 1 2 2 3 5 1 Forcible Rape 40 37 37 43 33 25 20 25 31 35 1 Detail Robbery 121 123 137 128 107 111 96 96 107 127 1 not shown Aggravated Assault 217 253 330 213 249 193 274 230 172 195 1 on report Part I: Crimes of Non‐Violence 4,931 5,029 4,954 4,229 4,052 4,674 4,429 4,001 4,135 4,093 1 Burglary 797 820 927 703 774 867 858 734 564 536 1 Theft 3,723 3,773 3,495 3,176 2,962 3,494 3,279 3,051 3,295 3,304 1 Motor Vehicle Theft 411 436 532 350 316 313 292 216 276 253 1 81,166 80,861 78,160 83,353 83,016 82,825 84,423 85,083 84,249 84,249 Total all UCR Offenses 5,314 5,444 5,461 4,617 4,445 5,004 4,821 4,354 4,448 4,455 1 Total Averages of UCR Crimes per 1,000 Population Violent Crimes per 1,000 4.7 5.1 6.5 4.7 4.7 4.0 4.6 4.1 3.7 4.3 1 Non‐Violent Crimes per 1,000 60.8 62.2 63.4 50.7 48.8 56.4 52.5 47.0 49.1 48.6 1 All UCR Crime per 1,000 65.5 67.3 69.9 55.4 53.5 60.4 57.1 51.2 52.8 52.9 1 Function 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 4 Fire (Fiscal Year) Incident Reponses 12,979 13,428 14,387 14,450 14,147 14,558 15,700 16,089 18,068 17,788 Inspections/Preplanning Property Visits (excludes Public Nuisance inspections) 1,460 2,972 2,871 2,345 1,762 1,851 2,044 1,355 726 846 Fire Investigations 2 49 46 53 51 46 46 36 31 32 Fire Investigation Hours 386 670 245 416 389 224 292 234 155 120 Public Education Hours 990 382 255 190 257 132 187 167 114 81 1 2 Information not available for prior years. 3 Police information is presented for the calendar year. 4 Fire information is presented for the fiscal year. Notes: Information on this report presents available indicators of demand or level of service. Sources: Ogden City Police Department, Uniform Crime Report http://www.ucrdatatool.gov/ Ogden City Fire Department Data from previous years revised to reflect UCR totals as reported by FBI. Information reported in prior years may be iniatially reported as projected and later revised to actual. Ogden City Operating Indicators by Function/Program Last Ten Years (UNAUDITED) 174 ---PAGE BREAK--- Ogden City Capital Asset Statistics by Function/Program Last Ten Fiscal Years (UNAUDITED) Function 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Police Stations 1 1 1 1 1 1 1 1 1 1 Patrol units 1 1 133 139 151 148 100 109 126 143 units 1 1 8 8 8 8 8 8 8 10 Animal control units 1 1 3 3 3 3 3 3 3 3 Fire Stations 5 5 5 5 5 5 5 5 5 5 Ladder trucks 1 1 2 2 2 2 2 2 2 2 Pumper trucks 1 1 5 5 7 9 7 7 5 5 Ambulances 1 1 7 7 7 9 9 8 8 7 Street Streets (miles) 273 305 305 311 311 311 311 312 312 313 Curb and gutter (miles) 1 1 481 485 512 512 519 520 521 521 Sidewalk (miles) 1 1 316 333 359 359 366 366 368 368 Streetlights 2,965 3,619 3,619 2,830 3,300 3,550 966 966 966 3,395 Traffic signals 1 1 75 86 88 90 90 91 91 91 Parks and recreation Community centers 1 1 2 2 1 1 1 1 1 1 Parks 40 39 41 41 43 43 44 44 45 45 Park acreage 238.67 238.52 242.87 242.87 250.22 250.22 253.22 253.22 254.15 270.00 Covered picnic areas 1 1 29 29 30 30 30 30 30 28 Baseball/Softball diamonds 1 1 23 23 23 23 23 23 8 11 Soccer fields 1 1 10 10 10 12 12 12 11 12 Tennis courts 1 1 14 14 14 14 14 14 14 14 Pickleball Courts 1 1 ‐ ‐ ‐ ‐ 8 8 8 16 Skate Park 1 1 1 1 1 1 1 1 1 1 Swimming pools 1 1 2 2 1 1 1 1 2 2 Gymnasiums 1 1 1 1 ‐ ‐ ‐ ‐ ‐ 1 Sewer Sanitary sewers (miles) 335 335 335 247 247 232 232 283 283 284 Storm sewers (miles) 116 116 116 106 136 147 145 144 144 145 Water Water lines (miles) 350 350 350 280 324 327 359 347 352 348 Fire hydrants 1 1 2,372 2,372 2,680 2,684 2,766 2,920 3,002 3,014 Source: Various City Departmental Data 1 Information in prior years provided as available 175 ---PAGE BREAK--- OGDEN CITY CORPORATION MISCELLANEOUS STATISTICS June 30, 2015 (UNAUDITED) 2005 Comparative Data Date of Incorporation: February 6, 1851 Form of government: Council ‐ Mayor Area (in square miles): 27 27 Miles of streets: 313 273 Number of street lights: 3,395 2,965 Fire protection: Number of stations 5 5 Number of firemen and officers 106 115 Police protection: Number of stations 1 1 Number of policemen and officers 124 126 (Does not include reserve police officers) Ogden School District: Elementary schools 14 15 Total number of schools 21 1 Number of elementary teachers 331 329 Total number of teachers 574 1 Number of elementary students 7,854 6,265 Total number of students 13,486 1 Municipal water department: Number of consumers 23,987 27,227 Average Daily Consumption (gallons) 11,432,664 12,271,486 Miles of water mains 348 350 Sewers: Sanitary sewers (in miles) 284 335 Storm sewers (in miles) 145 116 Building permits issued: 2,234 1,636 Recreation and culture: Number of parks 45 39 Total park acreage 270.00 238.52 Number of libraries 1 1 Number of event permits 162 1 Employees: Classified service 526 499 Exempt 292 311 1 Not available for 2005 Sources: Various Ogden City departments Ogden School District 176 ---PAGE BREAK--- THIS PAGE INTENTIONALLY LEFT BLANK 177 ---PAGE BREAK--- Coverage Carrier Limits Deductible Expiration Description LIABILITY URMMA – Per $6,000,000 $10,000 July 1, 2015 Covers bodily injury, General Liability Joint Protection damage, personal injury, Agreement and ommissions, and Law Enforcement Included $6,000,000 $15,000 July 1, 2015 injury protection. This is Liability a Claims Made policy. Public Official Liability Included $6,000,000 $15,000 July 1, 2015 Excludes Airport Planning & Zoning Incl. Auto Liability Included $15,000 HANDLED DIRECT Bodily Injury & BY URMMA Property Damage Annual Premium Uninsured Motorist & Invoiced & Paid to Underinsured Motorist URMMA Directly Airport Liability Global Aerospace $25,000,000 0 July 1, 2015 Contractual $25,000,000 0 Ground Hangar Keepers $25,000,000 $1,000 Off-Duty Auto Liability 33 Limited 135 Unlimited Positions Covered Great American $1,000,000 0 July 1, 2015 Automobile Liability coverage for Off-Duty Vehicle Usage **Property Package Blanket Real & Personal Property (Bldg & Contents) Including “Boiler” Equipment Breakdown Lexington Ins. $178,890,808 $10,000 Other Deductibles On file with company. July 1, 2015 Covers buildings and contents listed on statement of values as a result of covered causes of loss. **Earthquake Included Included 1% or $100,000 July 1,2015 Covers City properties from an Earthquake or Flood Included Included $100,000 Flood. **Mobile Eq. & EDP Scheduled & Unscheduled Included Included $10,000 July 1, 2015 Covers City Owned Mobile Eq. & EDP as a result of covered causes of loss. **Valuable Papers Included in above Property Package Included $10,000 July 1, 2015 Covers cost to research and restore lost information from a covered cause of loss.** **Business Interruption (Municipal Building Authority) Included in above Property Package Included 24Hrs July 1, 2015 Covers loss of income for Baseball Stadium as required by City contract.** **Auto Physical Damage Vehicles Over $50,000. Comp & Collision Perils Parked Autos Great American $1,737,400 $5,853,800 $25,000 $10,000 July 1, 2015 Covers property damage to scheduled owned city vehicles including Strike Force Vehicles. **TOTAL COMBINED GROUP PURCHASED PREMIUM $236 546 00 Commercial Crime Employee Theft, Faithful Performance of Duty Including Forgery, Alterations & Computer Fraud Coverage Travelers Insurance $1,000,000 Money & Securities In & Outside $50,000 $25,000 July 1, 2015 Covers loss caused through failure of any employee to perform duties faithfully or account properly for all monies and property received Schedule of Insurance as of June 30, 2015 Covers General Liability occurrences at Airport Premium $ 12,150.00 178 ---PAGE BREAK--- Coverage Carrier Limits Deductible Expiration Description Public Official Bond Brandee Johnson, Treasurer Travelers Insurance $2,989,850 N/A June 15, 2016 Covers loss caused through failure of City Treasurer to perform duties faithfully or to account properly for all monies. Premium $3,859 Excess Workers Compensation Safety National Insurance Co. Statutory Work Comp; $1,000,000 Employers Liability $750,000 Self Insured Retention July 1, 2015 Coverage for employee accident or illness per workers compensation law above self insured retention limit. Premium $93,915.00 General Liability (2 )Parking Structures Great American Insurance $1,000,000 Each Occurrence No Deductible July 1, 2015 Covers Liability For North & South Parking Structures. Premium $8,816.00 Liquor Liability Elmonte & Mt. Ogden Golf Courses Mt. Vernon Fire Ins. Group $1,000,000 No Deductible July 1, 2015 Covers City Liability for serving alcohol. Premium $2,156.00 Liquor Liability 4th Street Baseball Park Scottsdale Insurance $1,000,000 No Deductible July 1, 2015 Covers City Liability for serving alcohol. Premium $1,148.00 Liquor Liability Ampitheater Scottsdale Insurance $1,000,000 No Deductible April 9, 2016 Covers City Liability for serving alcohol. Premium $1,409.00 Commercial General Liability - “Bike Park” Great American $1,000,000 No Deductible July 16, 2015 Covers City Liability for City Park Premium $5,662.00 Commercial Auto Liability – 1 Vehicle Driven By – Weber State College Employees Scottsdale Indemnity $1,000,000 No Deductible June 24, 2015 Covers City Liability while transporting people to adventure sites in Ogden Premium $1,341.00 Commercial Auto Excess Liability 1 Vehicle Driven By – Weber State College Employees Scottsdale Indemnity $1,000,000 No Deductible June 24, 2015 Covers Excess Liability over primary policy transporting to Adventure sites in Ogden. Premium $1,044.00 Commercial Auto Liability 66 Leased buses from Weber School District (Ogden Marathon) Scottsdale Indemnity $1,000,000 No Deductible May 17, 2015 1 Day Coverage Covers City Liability while transporting Marathon Runners. 1 Day Special Event Premium $6,113.00 Commercial Auto Excess Liability 66 Leased buses from Weber School District (Ogden Marathon) Scottsdale Indeminity $1,000,000 Excess Limit No Deductible May 17, 2015 1 Day Coverage Excess over $1,500,000 primary policy. Transporting Marathon Runners – 1 Day Evt. Premium $1,644.00 Commercial General Liability - Scenic Tour of Utah Greenwich Insurance $1,000,000/per occurrence No Deductible September 21, 2014 Covers City's Liability for Scneic Tour of Utah Event. Premium $2,787.00 Participants Accidnetal Medical - Scenic Tour of Utah United States Fire Insurance $5,000 No Deductible September 21, 2014 Covers City's Liability for Scneic Tour of Utah Event. Premium $310.00 179 ---PAGE BREAK--- Ogden City Staff per 1000 Residents Last Ten Fiscal Years (UNAUDITED) Total Full‐Time Staff Fiscal Authorized per 1,000 Year Population 1 Employees 2 Residents 2006 82,007 578 7.05 2007 82,843 591 7.13 2008 82,843 595 7.18 2009 82,865 599 7.23 2010 83,296 591 7.10 2011 83,171 590 7.09 2012 83,949 577 6.87 2013 83,793 580 6.92 2014 84,249 581 6.90 2015 84,316 599 7.10 1 Population estimates are from the U.S. Census Bureau FY 2014 population is the July 1, 2013 estimate). Population from the 2000 census was 77,226. The population figures have been revised to bring them more in line with the census. FY 2011 population is from the 2010 census. 2 Total full‐time authorized positions as approved by City Council when fiscal year budget is adopted. Authorized positions may be temporarily vacant. 180