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Comprehensive Annual Financial Report Year Ended June 30, 2011 ---PAGE BREAK--- 1 COMPREHENSIVE ANNUAL FINANCIAL REPORT OF OGDEN CITY CORPORATION Year Ended June 30, 2011 Ogden, Utah Mayor Matthew R. Godfrey City Council Caitlin K. Gochnour Susie Van Hooser Brandon S. Stephenson Doug Stephens Amy L. Wicks Neil K. Garner Bart E. Blair Prepared by: Department of Management Services Shawn Choate, Director A. John Arrington, CPA, Comptroller Michael D. Goodwin, Treasurer Tracy R. Probert, CPA, Assistant Comptroller Lisa Stout, CPA, Senior Accountant Camille Cook, Senior Accountant Lee Beverley, Senior Accountant Cindi Hellewell, Accounting Technician ---PAGE BREAK--- 2 OGDEN CITY, UTAH COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2011 Table of Contents Introductory Section Title Table of Letter of GFOA Certificate of Ogden City Organization Principal City Financial Section Independent Auditors’ Management's Discussion and Analysis Basic Financial Statements Government-wide Financial Statements Statement of Net Statement of Governmental Fund Financial Statements Balance Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Assets………….. Statement of Revenues, Expenditures, and Changes in Fund Balances - Governmental Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds to the Statement of Proprietary Fund Financial Statements Statement of Net Statement of Revenues, Expenditures and Changes in Net Statement of Cash Notes to the Financial Required Supplementary Information Budgetary Comparison Schedule – General Budgetary Comparison Schedule – Ogden Redevelopment Agency (Special Revenue Fund)…………… Notes to Required Supplementary Information Information About Infrastructure Assets Reported using the Modified Approach…………………….…. Supplementary Information - Combining Statements Governmental Funds Nonmajor Governmental Funds Combining Balance Combining Statement of Revenues, Expenditures and Changes in Fund Balance…………………. Budgetary Comparison Schedule - Debt Budgetary Comparison Schedule - Capital Improvement Budgetary Comparison Schedule - Municipal Building Budgetary Comparison Schedule - Downtown Special Assessment……………………………………… Budgetary Comparison Schedule - Cemetery Perpetual Care Budgetary Comparison Schedule – Permanent Trust Gomer A. 1 2 4 10 11 12 15 17 25 26 30 33 34 36 38 42 44 48 74 76 77 79 82 83 84 85 86 87 88 89 ---PAGE BREAK--- 3 OGDEN CITY, UTAH COMPREHENSIVE ANNUAL FINANCIAL REPORT Year Ended June 30, 2011 Table of Contents, Continued Proprietary Funds Nonmajor Enterprise Funds Combining Statement of Net Combining Statement of Revenues, Expenditures and Changes in Net Assets……………… Combining Statement of Cash Internal Service Funds Combining Statement of Net Combining Statement of Revenues, Expenditures and Changes in Net Assets……………………… Combining Statement of Cash State of Utah – Impact Statistical Section (Unaudited) Financial Net Assets by Changes in Net Changes in Fund Balances, Governmental Fund Balances, Governmental Assessed and Estimated Actual Value of Taxable Principal Taxpayers for the Calendar Year 2010, Property Tax Appropriations and Property Tax Rates, Direct and Overlapping Tax Revenues by Ratios of Outstanding Debt by Ratios of General Bonded Debt Outstanding to Assessed Value and Per Computation of Direct and Overlapping Computation of Legal Debt Revenue Bond Coverage - Water Revenue Bond Coverage - Sewer Revenue Bond Coverage - Refuse Industrial Revenue Bonds Demographic and Economic Demographic and Economic Largest Operating Full-Time Authorized Employees Summary by Operating Indicators by Capital Assets Statistics by Miscellaneous Schedule of Insurance Staff per 1,000 Cost per Resident to Run City Page 92 94 96 99 100 101 102 104 105 106 108 110 112 113 114 115 116 118 119 120 121 122 123 124 125 126 127 128 129 130 131 132 133 134 136 137 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- h C o F m in R re R T L I C F I O C For the past de high adventure im Championships, outdoor destinatio FY 2012. The 7 million dollars. W ndustrial park in Revenues for ge evenue from var Revenue Sourc Taxes Licenses and per Intergovernmenta Charges for serv Fines and Forfeit Interest income Other revenue Change from prio cade, Ogden ha mprovements suc Farmer’s Marke on as is evident b 7,940,718 square We believe these Utah. neral governmen rious sources are ce 34 $ rmits 1 al 7 vices 6 ures 2 1 54 $ or year as been experien ch as the XTERR et, skiing, alp ine by the many nati e feet of space a investments in i ntal functions (G e shown in the fo % 2011 T 4,557,757 6 1,817,655 7,806,508 1 6,225,463 1 2,906,270 66,802 1,391,636 4,772,091 0.0% ncing a renaissa RA Mountain Cha mountain bikin ional and interna available at BDO infrastructure an GOVERN eneral Fund) for llowing tabulatio % of otal 201 63.1% 33,87 $ 3.3% 2,02 14.3% 6,98 11.4% 6,78 5.3% 2,33 0.1% 15 2.5% 2,60 100% 54,76 $ 6 nce, but this re n ampionship, Win g, hiking, fish ing ational publication O is approximate d new construct NMENT REVENU r the fiscal year e n: % of 10 Tota 1,436 61.9 3,309 3.7 5,697 12.8 9,028 12.4 9,788 4.3 2,238 0.3 0,904 4.7 2,400 100 1.5% naissance is not nter Dew Tour, O g, kayaking, roc ns highlighting th During home to compani Interactiv and Kahu has been headquart company In the 9,000 ne Medical E Foods, Lofthouse Chocolat Products support. Busine Ogden acre ma Business over 7 square industrial space. vibrant, g which ha significan since the Ogden C The 540 feet Distributio Barnes A Classic F Cornersto year, fac distribut Home D ly 90% leased. tion define the B UES ended June 30, f l 2009 9% 34,702,4 $ 7% 1,893,2 8% 6,482,7 4% 6,708,0 3% 2,708,9 3% 410,8 7% 1,066,9 0% 53,973,1 $ O all brick–and–m Ogden Marathon, ck and ice clim b he City, as this lis the past few y a number of ne ies including ve, GOODE Sk na Creations. T substantially rem ters of Amer of Salomon, Ato last ten years, ew jobs, includin Expansion, IRS Amer Sports, e Foods, Barn te, Southern Cl s, Wayfair and ess Depot is a 1 ,118 aster planned s Park with 7.9 million feet of l and office BDO is a growing park as undergone nt changes e transfer to City in 1997. ,000 square Hershey on Facility, Aerospace (165, Food Group (1 one RDI (152,00 cilities opened tion and CSN s Depot customer Currently, the to Business Depot a 2011 totaled $5 % of Total 441 64.3% 276 3.5% 702 12.0% 057 12.4% 901 5.0% 800 0.8% 951 2.0% 28 100% Ogden City Co Letter of T mortar. The addi , International Yo bing. Ogden is st shows. years, Ogden h w high adventur SnowSports, ki Technologies, The American C modeled to beco Sports Corp., omic and Suunto Ogden has re c ng The Junction , Williams Intern Descente, GO nes Aerospace, lassic Foods, Q d Home Dep o 000 square fee 135,000 square 00 square feet). for Quality Bik stores, with fac r service center otal investment e as the premier b 54,722,091. The 2008 35,629,287 $ 2,878,949 6,695,871 7,593,688 2,313,651 353,460 1,090,544 56,555,450 $ 4.4% orporation Transmittal tion of other outh Archery a preferred has become re recreation Nidecker, Scott U SA an Complex ome the new the parent brands. cruited over n, Fresenius national, US OODE Ski, , Hershey’s Quality Bike ot customer Southern feet), and . This past ke Products cilities for a planned for exceeds $94 business and e amounts of % of Total 63.0% 5.1% 11.8% 13.4% 4.1% 0.6% 2.0% 100% ---PAGE BREAK--- Ogden City Corporation Letter of Transmittal 7 Taxes produced 63.1 percent of general revenues. The amount of taxes collected was higher than the prior year, but still lower than FY 2009 and FY 2008. Taxable value of property in Ogden City was $3.15 billion. Included in this amount is $1.13 billion in the tax increment districts. Licenses and permits provided 3.3 pe rcent of general revenues. The decr ease from th e prior years is due to decreases in comm ercial permits issued mostly due to decreased redevelopment activities and the value of the construction. Intergovernmental revenues represented 14.3 percent of total general revenue. This represents an increase over the prior year mostly due to increases in utility fund transfers and donations from other governments for improvements to the Ogden River. Charges for services provided 11.4 percent of general revenues. This source o f revenue tends to fluctuate because of the nature of most activities in this category. Despite prior rate increases for various activities, general participation in these activities declined with the economy. Fines and forfeitures provided 5.3 percent of general revenues. Justice court and civil citation activity increased during FY 2011 which has caused the revenue category to increase over prior years. Interest Income provided 0.1 percent of general revenues. 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, 2011 totaled $56,874,866. Levels of expenditures for major functions of the city are as follows: For fiscal year 2011, the City budgeted a 2% increase in sala ries and wages. The Cit y also covered the increased cost of health care insurance and retirement. These increases were a large part of the overall increase in general operating expenditures. Community and Economic Development increased due to redevelopment activities in several districts. Debt service remained constant w ith the prior year. Bo nds matured du ring the year and fin al year pa yments were made, which are generally greater than yearly payments. As indicated in the financial statements, bond issues and loans in the prior year added to the current year payment schedules. 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 p ercent of estimated revenues may be utilized for budget purposes. The section further indicates the fund balance shall not exceed eighteen percent of esti mated revenues. Under t hese guidelines the City's fund balance parameters are approximately $2,510,161 and $9,036,580 based on next fiscal year's budgeted receipts. T he unassigned portion of the General Fund balance at June 30, 2011 is $2,577,021. Expenditure by % of % of % of % of Function 2011 Total 2010 Total 2009 Total 2008 Total General Government 10,041,095 $ 17.7% 11,117,091 $ 20.0% 9,716,685 $ 18.2% 9,215,194 $ 15.9% Police and Fire 24,279,450 42.7% 23,311,460 42.0% 22,386,549 41.9% 23,470,314 40.6% Public Services 10,897,470 19.2% 10,018,882 18.1% 10,116,733 18.9% 11,475,634 19.8% Community and Economic Development 9,214,520 16.2% 8,569,653 15.4% 8,675,865 16.2% 11,093,635 19.2% Debt Service 2,442,331 4.3% 2,477,737 4.5% 2,544,185 4.8% 2,573,885 4.5% 56,874,866 $ 100% 55,494,823 $ 100% 53,440,017 $ 100% 57,828,662 $ 100% Change from prior year 2.5% 3.8% -7.6% 14.1% ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Financial Section ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2011 17 INTRODUCTION The following is a discussion and analysis of Ogden City’s financial performance and activities for the year ended June 30, 2011. 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 The City’s total net assets increased $7,132,130 or 2.4 percent from the prior year. Net assets of governmental activities increased $3,759,877 or 3.4 percent, and net assets of business-type activities increased by $3,372,253 or 1.8 percent. Fund Level Fund balances in the City’s governmental funds decreased $1,755,370 or 8.2 percent from the prior year, mostly due to debt activities and spending in areas of redevelopment. Property tax revenues were 4.3 percent higher than the prior year due to additional development of the property tax base generally in RDA tax increment districts throughout the City. The City’s total sales taxes increased less than 0.5 percent from the previous year. This is generally attributed to new retail development and is also considered to be positive news showing the end of a multi-year declining trend. Long-term Debt The City’s long-term debt decreased by the amount of scheduled payments. The RDA issued debt of $1,600,000 in order to develop the hotel site at the Junction. 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 Assets and the Statement of Activities beginning on page 25 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 assets - the difference between total assets and total liabilities - and how they have changed from the prior year. Over time, increases and decreases in net assets 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, recreation and property management. Fund Financial Statements - Reporting the City’s Most Significant Funds The fund financial statements beginning on page 29 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. ---PAGE BREAK--- ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2011 19 Ogden City Corporation Net Assets June 30 Governmental Business-type Activities Activities Total 2011 2010 2011 2010 2011 2010 Current and other assets $ 65,446,640 $ 66,909,242 $ 50,714,643 $ 56,425,998 $ 116,161,283 $ 123,335,240 Capital assets 167,513,434 169,197,569 206,713,903 196,216,116 374,227,337 365,413,685 Total Assets 232,960,074 236,106,811 257,428,546 252,642,114 490,388,620 488,748,925 Current and other liabilities 48,099,838 48,551,537 7,905,174 4,805,861 56,005,012 53,357,398 Long-term liabilities 71,017,334 77,472,249 54,801,048 56,486,182 125,818,382 133,958,431 Total Liabilities 119,117,172 126,023,786 62,706,222 61,292,043 181,823,394 187,315,829 Net assets: Invested in capital assets, Net of related debt (restated 95,321,152 92,749,343 173,316,247 172,332,110 268,637,399 265,081,453 Restricted 15,330,598 15,070,975 349,228 349,228 15,679,826 15,420,203 Unrestricted 3,191,152 2,262,707 21,056,849 18,668,733 24,248,001 20,931,440 Total Net Assets $ 113,842,902 $ 110,083,025 $ 194,722,324 $ 191,350,071 $ 308,565,226 $ 301,433,096 Change from prior year: 3.42% 8.45% 1.76% -0.22% 2.37% 2.97% Changes in Net Assets The following charts and schedules summarize the City’s revenues and expenses relative to each other and the prior year. Ogden City Ogden City Total Revenues - 2011 Total Expenses – 2011 ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2011 20 Governmental Activities Total tax revenues showed a moderate increase during 2011. Property taxes edged upward due to an increase in taxes collected from redevelopment tax districts. Net assets for governmental activities increased this year due to increased sales tax revenue and net transfers to governmental activities being greater than transfers out. The City anticipated a revenue shortfall during the fiscal year and budgeted accordingly. Ogden City Corporation Changes in Net Assets Years Ended June 30 Total Governmental Business-type Percent Activities Activities Total Change 2011 2010 2011 2010 2011 2010 2010-2011 Revenues General Revenues Taxes $ 42,501,690 $ 41,434,422 $ - $ - $ 42,501,690 $ 41,434,422 2.5% Other General Revenues 1,802,273 (7,808,462) 428,920 1,452,281 2,231,193 (6,356,181) 384.9% Program Revenues Charges for Services 24,016,924 25,918,738 44,400,080 40,166,414 68,417,004 66,085,152 3.4% Operating Grants 5,733,914 4,680,386 - - 5,733,914 4,680,386 18.4% Capital Grants 3,268,214 3,095,794 3,642,770 1,922,050 6,910,984 5,017,844 27.4% Total Revenues 77,323,015 67,320,878 48,471,770 43,540,745 125,794,785 110,861,623 11.9% Expenses General Administration 26,378,133 23,323,641 - - 26,378,133 23,323,641 11.6% Public Safety 25,232,522 26,262,584 - - 25,232,522 26,262,584 -4.1% Transportation 6,095,515 5,187,967 - - 6,095,515 5,187,967 14.9% Environmental Protection 585,712 557,528 - - 585,712 557,528 4.8% Leisure Opportunities 5,377,416 5,264,019 - - 5,377,416 5,264,019 2.1% Community Development 7,443,575 7,837,498 - - 7,443,575 7,837,498 -5.3% Interest on Long-term Debt 4,421,011 4,327,042 - - 4,421,011 4,327,042 2.1% Medical Services - - 4,939,844 5,052,084 4,939,844 5,052,084 -2.3% Airport - - 1,754,491 1,744,840 1,754,491 1,744,840 0.6% Utilities - - 24,576,722 21,666,957 24,576,722 21,666,957 11.8% Refuse - - 4,489,157 4,082,848 4,489,157 4,082,848 9.1% Recreation - - 2,252,134 2,220,201 2,252,134 2,220,201 1.4% Property Management - - 4,258,808 4,215,409 4,258,808 4,215,409 1.0% Total Expenses 75,533,884 72,760,279 42,271,156 38,982,339 117,805,040 111,742,618 5.1% Change in Net Assets beforeTransfer 1,789,131 (5,439,401) 6,200,614 4,558,406 7,989,745 (880,995) 111.0% Transfers 1,970,747 (2,095,672) (1,970,747) 2,095,672 - - 0.0% Change in Net Assets 3,759,878 (7,535,073) 4,229,867 6,654,078 7,989,745 (880,995) 111.0% Net Assets - Beginning (restated) 110,083,024 117,618,097 190,492,457 184,695,993 300,575,481 302,314,090 -0.6% Net Assets - Ending $ 113,842,902 $ 110,083,024 $ 194,722,324 $ 191,350,071 $ 308,565,226 $ 301,433,095 2.3% ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2011 21 The following table shows to what extent the City’s governmental activities relied on taxes and other general revenue to cover their costs. For 2011, these programs generated $33,019,052 or 43.7 percent of their total expenses through charges for services and grants. Taxes, other general revenues and fund balance covered the remaining 56.3 percent. 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 2011 2011 2011 2010 2011 2010 Activities General Administration $ 26,378,133 $ (14,932,975) $ 11,445,158 $ 7,514,637 56.6% 63.6% Public Safety 25,232,522 (5,940,910) 19,291,612 21,494,549 23.5% 18.2% Transportation 6,095,515 (2,934,445) 3,161,070 2,479,582 48.1% 51.8% Environmental Protection 585,712 (3,015,013) (2,429,301) (2,826,296) 514.8% 773.3% Leisure Opportunities 5,377,416 (409,028) 4,968,388 4,923,544 7.6% 17.9% Community Development 7,443,575 (5,786,681) 1,656,894 1,152,303 77.7% 59.9% Interest on Long-term Debt 4,421,011 - 4,421,011 4,327,042 0.0% 0.0% Total Governmental Activities $ 75,533,884 $ (33,019,052) $ 42,514,831 $ 39,065,361 43.7% 43.6% Business-type Activities The business-type activities are generating sufficient revenue, before capital contributions and transfers, to cover costs in the water, sewer, refuse and medical funds. Reductions in net assets occurred in the BDO property management, airport, golf, dinosaur park and recreation funds. This combined with non-operating transfer and capital contribution activities resulted in an increase in net assets of $4,229,867 for the combined business activities. CAPITAL ASSETS AND LONG-TERM DEBT ADMINISTRATION Capital Assets Ogden City added $22,201,272 in new capital assets during 2011. New additions to buildings and improvements, equipment, intangibles and land were $17,442,749, $1,661,827, $46,946 and $187,352, respectively. Overall, construction-in-progress increased $1,214,841. The City sold or disposed of $314,761 in capital assets, which consisted of outdated equipment. During the year, the BDO Property Management Fund transferred improvements totaling $1,322,613, $29,878 and $44,316 to the general fixed assets, water and sewer funds, respectively. 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 79. During the year, there were no significant changes in condition levels of infrastructure assets. For the past five years, the City has been able to maintain infrastructure at a level above its committed level of maintenance of 50% for “Fair or better” condition on Roads and Bridges. Roads and bridges with a rating of “very poor” were below the 15% maximum allowable level for the past 5 years. ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2011 22 The City spent less than estimated for maintenance of condition levels in the current year. Nevertheless, the City spent more in the current year than any of the previous 4 years showing commitment to maintain quality infrastructure. During fiscal year 2011 the City spent $4,227,680 on infrastructure compared to a budget estimate of $6,850,572. More information about capital assets is included in Note 5 on page 59. Long-term Debt During 2011, the RDA issued the 2011 tax increment to fund additional development in the central business district. Note 8 on page 61 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. FINANCIAL ANALYSIS OF THE CITY’S FUNDS Fund Balances At June 30, 2011, Ogden City’s governmental funds reported combined fund balances of $19,580,822. An amount of, $5,756,901 is classified as nonspendable and includes prepaids, inventory, loans to other funds, land held-for- redevelopment and Gomer Nicholas fund principal. An amount of, $1,521,461 is reported as spendable-restricted for debt service, unspent bond proceeds and revolving loan program capital. An amount of, $9,725,439 is reported as spendable-assigned for various purposes as detailed on the face of the governmental funds balance sheet. An amount of, $2,577,021 is reported as spendable-unassigned. It is important to note that included in the unassigned amount is the State of Utah required reserve of $2,510,161. The following table presents the City’s FY2011 ending governmental fund balances. Ogden City Governmental Fund Balances June 30, 2011 General Debt Redevelopment Nonmajor Fund Service Agency Funds Total Nonspendable $ 1,477,571 $ - $ 3,690,441 $ 588,889 $ 5,756,901 Spendable - restricted 313,831 (21,092) 812,989 415,733 1,521,461 Spendable - assigned 3,047,170 - 226,613 6,451,656 9,725,439 Spendable - unassigned 2,577,021 - - - 2,577,021 Total $ 7,415,593 $ (21,092) $ 4,730,043 $ 7,456,278 $ 19,580,822 Percent Change from Prior Year: -21.67% -118.48% 1.95% 4.80% -8.23% Ogden City Long-term Liabilities Years Ended June 30, Total Governmental Business-type Percent Activities Activities Total Change 2011 2010 2011 2010 2011 2010 2010-2011 General Obligation Bonds $ 11,270,000 $ 13,060,000 $ - $ - $ 11,270,000 $ 13,060,000 -13.71% Lease Revenue Bonds 5,047,000 5,332,000 - - 5,047,000 5,332,000 -5.35% Tax Increment Revenue Bonds 50,695,000 52,945,000 - - 50,695,000 52,945,000 -4.25% Enterprise Revenue Bonds - - 55,509,790 57,131,580 55,509,790 57,131,580 -2.84% Notes Payable 2,160,000 2,420,000 - - 2,160,000 2,420,000 -10.74% Capital Leases 2,718,070 3,250,892 - - 2,718,070 3,250,892 -16.39% Claims payable 2,344,050 2,776,529 - - 2,344,050 2,776,529 -15.58% Compensated Absences 3,057,222 3,108,625 897,671 914,652 3,954,893 4,023,277 -1.70% Bond Premium 345,633 423,790 363,578 377,044 709,211 800,834 -11.44% Bond Discount (43,420) (46,475) (37,902) (40,910) (81,322) (87,385) -6.94% Total $ 77,593,555 $ 83,270,361 $ 56,733,137 $ 58,382,366 $ 134,326,692 $ 141,652,727 -5.17% ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2011 23 General Fund During 2011, the fund balance in the General Fund decreased $2,051,725 or 21.7 percent. Expenditures exceeded revenues, before considering other financing sources and uses, by $2,102,775. Revenue increased however shortfalls in most of the key revenue categories caused revenue to be less than originally budgeted. In addition, costs such as fuel, healthcare and retirement continue to increase at high rates. Debt Service Fund The fund balance in the Debt Service Fund decreased $135,239 due to the write-off of receivables due from property owners in the special assessment project areas of Mountain Road and 4th and Grant. These receivables were recorded in such a way as to make it very difficult to tell which homeowners have paid their assessment and which ones have not. The determination was made that liens will remain on the identified properties, but given the uncertainty of collection the receivables have been written-off for financial reporting purposes. Redevelopment Agency Fund (RDA) During the fiscal year, the fund balance in the RDA fund increased $90,251. Expenditures exceeded revenues, before considering other financing sources and uses, by $740,749. This amount would have been greater were it not for the decision to write-down the land held for redevelopment assets in the river project tax increment district. The amount of the write-down was $2,550,209. Water Fund In the current year, net assets increased $1,010,657 primarily as a result of the approved rate increases that went into effect during the fiscal year. The BDO property management fund, outside contractors and developers also donated and transferred infrastructure assets totaling $129,243. Results from operations were positive at $2,668,440. The City has encouraged several conservation measures be taken by its citizens causing a decrease in water consumption. This action plus the increase costs caused by the limited supply have been offset in the current year by rate increases. Rate increases were also 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 with the use of bond funding. Sewer Fund Net assets increased $5,845,307 over the previous year. Results of operations were $3,419,325. Operations were able to produce net income in the current year due to approved rate increases. Rate increases in the sewer fund were necessary to maintain a viable operation and fund a broad range of sewer related infrastructure projects as well as to fund an anticipated increase from Central Weber Sewer. Additionally, the City received grants of $2,150,000 and transferred and donated assets of $602,980. Extensive infrastructure assets were completed during the year, including both bond funded projects and storm water projects at the Ogden river and elsewhere. Refuse Fund Net assets increased overall by $431,949. Rate increases in prior years have allowed the fund revenue to keep pace with operating costs. For now, fuel costs are manageable for the most part due to the City’s purchase of CNG fueled refuse collection vehicles. The City made the decision to switch to CNG to try and hedge the risk of future rising fuel prices and also reduce the carbon footprint of the refuse collection system. BDO Property Management Fund Net assets decreased by $3,300,282. A major factor that limits the increase each year is the requirement to report non- cash depreciation expense, which in the current year was $4,013,955. 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. The City’s share of leasing revenue as well as tax increment received by the City from the RDA increased in line with increased tenant occupancy and the addition of several new facilities. Medical Services Fund Net assets increased in the Medical Services Fund by $556,540. The increase was due to increases in collection rates and decreased accounts receivable. Call volume and standard rates increased over the prior year. ---PAGE BREAK--- OGDEN CITY, UTAH MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED) Year Ended June 30, 2011 24 Nonmajor Governmental Funds Ogden City’s nonmajor governmental funds show a combined increase in fund balance of $341,343. This increase appears to be due to the carryforward of budgeted fund balance in the capital projects fund. Nonmajor Enterprise Funds The combined change in net assets of the nonmajor enterprise funds shows an decrease of $314,305 from the previous year. This was primarily due to operating losses at the dinosaur park, airport, golf courses and recreation. The City made transfers to cover most of the losses in the Airport and Golf Course Funds. The Airport fund also received substantial grants for the expansion and improvement of a specified taxiway. Combined results of operations for the airport, golf, dinosaur park and recreation funds were negative $2,042,030. Depreciation expense accounts for $1,255,541 of the loss from operations for a net of $786,489. 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 most significant change to the original budget was a $400,000 reduction in budgeted sales tax revenue due to a change in estimates as the year progressed. Actual General Fund revenues were $1,132,309 or 2.0 percent below the original budget and $3,734,350 or 6.7 percent below the final budget. Actual expenditures were $1,806,566 or 3.3 percent above the original budget and $5,047,900 or 8.2 percent below the final budget. The original budgeted revenues in the general fund anticipated continued decline in sales tax and building permit fee revenues, however, it was not anticipated that the decline would be as steep and as long- lasting. For this reason, the actual results were lower than the original 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. These projects have been effected by the lagging economy, but have not dissolved. 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. ---PAGE BREAK--- Basic Financial Section ---PAGE BREAK--- Governmental Activities Business-type (As Restated) Activities Total ASSETS Current assets Cash and investments $ 16,663,243 $ 22,295,186 $ 38,958,429 Receivables (net of allowance for uncollectibles): Accounts 3,126,014 5,941,917 9,067,931 Taxes 21,388,720 - 21,388,720 Special assesments 82,177 - 82,177 Prepaid items 1,023,308 404,293 1,427,601 Inventory, at cost 1,100,597 72,755 1,173,352 Internal balances 805,497 (805,497) - Total current assets 44,189,556 27,908,654 72,098,210 Noncurrent assets Restricted assets: Cash 316,607 40,637 357,244 Accounts receivable 74,985 - 74,985 Interest receivable 6,574 - 6,574 Grant loans 13,302,564 - 13,302,564 Investments 1,629,868 21,234,732 22,864,600 Total restricted assets 15,330,598 21,275,369 36,605,967 Capital assets: Land 19,988,216 36,826,410 56,814,626 Construction-in-progress 3,243,323 18,406,236 21,649,559 Infrastructure 97,847,788 - 97,847,788 Buildings and improvements 109,661,336 231,178,961 340,840,297 Machinery and equipment 26,082,169 1,064,036 27,146,205 Intangibles 70,751 717,658 788,409 Less: accumulated depreciation (89,380,149) (81,479,398) (170,859,547) Net capital assets 167,513,434 206,713,903 374,227,337 Deferred charges 2,236,046 1,530,620 3,766,666 Land held-for-community development 3,690,441 - 3,690,441 Total noncurrent assets 188,770,519 229,519,892 418,290,411 Total assets 232,960,074 257,428,546 490,388,620 LIABILITIES Current liabilities Accounts payable 2,383,974 3,085,039 5,469,013 Accrued wages payable 1,030,510 314,992 1,345,502 Accrued compensated absences 917,166 269,299 1,186,465 p y Claims payable 779,999 456,405 1,236,404 Other payables and liabilities 2,010,493 1,034,033 3,044,526 Line-of-credit 560,422 - 560,422 Unearned revenue 32,632,602 504,474 33,137,076 Accrued bond interest 380,837 181,167 562,004 Customer deposits - 396,975 396,975 Other noncurrent liabilities, due within one year 7,403,835 1,662,790 9,066,625 Total current liabilities 48,099,838 7,905,174 56,005,012 Noncurrent liabilities Accrued investment derivative losses 2,524,780 - 2,524,780 Due in more than one year 68,492,554 54,801,048 123,293,602 Total liabilities 119,117,172 62,706,222 181,823,394 NET ASSETS Investment in capital assets net of related debt 95,321,152 173,316,247 268,637,399 Restricted - expendable: Grant and other programs 398,166 - 398,166 Grant loans 13,302,564 - 13,302,564 Debt Service 1,211,235 349,228 1,560,463 Restricted - nonexpendable 418,633 - 418,633 Unrestricted 3,191,152 21,056,849 24,248,001 Total net assets $ 113,842,902 $ 194,722,324 $ 308,565,226 The notes to the financial statements are an integral part of this statement. OGDEN CITY CORPORATION STATEMENT OF NET ASSETS June 30, 2011 25 ---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 26,378,133 $ 14,932,975 $ - $ - $ Public safety 25,232,522 3,402,995 2,537,915 - Transportation 6,095,515 110,025 - 2,824,420 Environmental protection 585,712 3,015,013 - - Leisure opportunities 5,377,416 409,028 - - Community development 7,443,575 2,146,888 3,195,999 443,794 Interest on long-term debt 4,421,011 - - - Total governmental activities 75,533,884 24,016,924 5,733,914 3,268,214 Business-type activities: Medical services 4,939,844 5,454,941 - - Airport 1,754,491 318,584 - 790,425 Utilities 24,576,722 28,267,206 - 2,852,345 Refuse 4,489,157 4,878,913 - - Recreation 2,252,134 1,629,958 - - Property management 4,258,808 3,850,478 - - Total business-type activities 42,271,156 44,400,080 - 3,642,770 Total primary government 117,805,040 $ 68,417,004 $ 5,733,914 $ 6,910,984 $ General revenues: Taxes: Property Sales Franchise City Utility Motor vehicle fee-in-lieu Unrestricted investment earnings Gain on sale of capital assets Total general revenues Transfers Change in net assets Net assets - beginning - restated (See footnote 18) Net assets - ending The notes to the financial statements are an integral part of this statement. OGDEN CITY CORPORATION STATEMENT OF ACTIVITIES Year Ended June 30, 2011 Program Revenues 26 ---PAGE BREAK--- Page 2 of 2 Governmental Business-type Activities Activities Total (11,445,158) $ - $ (11,445,158) $ (19,291,612) - (19,291,612) (3,161,070) - (3,161,070) 2,429,301 - 2,429,301 (4,968,388) - (4,968,388) (1,656,894) - (1,656,894) (4,421,011) - (4,421,011) (42,514,831) - (42,514,831) - 515,097 515,097 - (645,482) (645,482) - 6,542,829 6,542,829 - 389,756 389,756 - (622,176) (622,176) - (408,330) (408,330) - 5,771,694 5,771,694 (42,514,831) 5,771,694 (36,743,137) 22,537,474 - 22,537,474 11,885,793 - 11,885,793 7,877,216 - 7,877,216 201,207 - 201,207 921,580 - 921,580 796,172 419,784 1,215,956 84,521 9,136 93,657 44,303,963 428,920 44,732,883 1,970,747 (1,970,747) - 46,274,710 (1,541,827) 44,732,883 3,759,878 4,229,867 7,989,745 110,083,024 190,492,457 300,575,481 113,842,902 $ 194,722,324 $ 308,565,226 $ Primary Government Net (Expense) Revenue and Changes in Net Assets 27 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Page 1 of 2 Special Revenue General Debt Redevelopment (As Restated) Service Agency ASSETS Cash and investments $ 3,614,781 $ - $ 3,639,437 Due from other funds 118,131 - - Receivables (net of allowance for uncollectibles): Accounts 2,804,634 - 159,537 Taxes 10,919,762 - 10,468,958 Special assessments - - - Loans to other funds 2,648,633 - - Inventory, at cost 44,349 - - Restricted assets: Cash 313,831 - 2,776 Interest receivable - - - Prepaid items 73,222 - - Investments / grant loans 13,302,564 - 810,213 Loans to other funds, net of allowance 1,360,000 - 1,700,000 Other assets - land held for redevelopment - - 3,690,441 Total assets $ 35,199,907 $ - $ 20,471,362 LIABILITIES Due to other funds $ - $ 21,092 $ - Accounts payable 1,744,569 - 170,170 Accrued wages payable 939,250 - - Other payables and liabilities 1,917,665 - - Loans from other funds - - 5,102,191 Short-term notes payable 560,422 - - Deferred revenue 22,622,408 - 10,468,958 Total liabilities 27,784,314 21,092 15,741,319 FUND BALANCE Nonspendable: Permanent fund principal - - - Inventory 44,349 - - Prepaid expenses 73,222 - - Long-term loans to other funds 1,360,000 - - Land held for redevelopment - - 3,690,441 Spendable: Restricted: Debt service reserve 63,831 (21,092) 812,989 Unspent bond proceeds - - Revolving loan program capital 250,000 - - Assigned: Accrued compensated absences 869,519 - - Downtown business promotion 158,100 - - Major and misc. grant activity 1,261,737 - - City Council 45,050 - - Management services 62,559 Non-departmental 100,583 - - Community and economic development 136,664 - Police 16,700 - - Public services 396,258 - - Debt service - - - Capital projects - - - Special revenue - - 226,613 Unassigned 2,577,021 - - 7,415,593 (21,092) 4,730,043 Total liabilities and fund balances $ 35,199,907 $ - $ 20,471,362 The notes to the financial statements are an integral part of this statement. GOVERNMENTAL FUNDS OGDEN CITY CORPORATION BALANCE SHEET June 30, 2011 30 ---PAGE BREAK--- Page 2 of 2 Non-Major Total Governmental Governmental Funds Funds $ 6,588,411 $ 13,842,629 - 118,131 24,718 2,988,889 - 21,388,720 82,177 82,177 - 2,648,633 82,950 127,299 - 316,607 6,574 6,574 - 73,222 819,655 14,932,432 102,017 3,162,017 - 3,690,441 $ 7,706,502 $ 63,377,771 $ - $ 21,092 122,882 2,037,621 11,106 950,356 - 1,917,665 - 5,102,191 - 560,422 116,236 33,207,602 250,224 43,796,949 403,922 403,922 82,950 127,299 - 73,222 102,017 1,462,017 3,690,441 - 855,728 415,733 415,733 - 250,000 - 869,519 220,675 378,775 - 1,261,737 - 45,050 - 62,559 5,500 106,083 - 136,664 - 16,700 388,946 785,204 215,000 215,000 3,427,221 3,427,221 2,194,314 2,420,927 - 2,577,021 7,456,278 19,580,822 $ 7,706,502 $ 63,377,771 31 ---PAGE BREAK--- ---PAGE BREAK--- OGDEN CITY CORPORATION Reconciliation of the Balance Sheet - Governmental Funds to the Statement of Net Assets June 30, 2011 Total Fund Balances - Governmental Funds $ 19,580,822 Amounts reported for governmental activities in the Statement of Net Assets 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 $ 19,979,216 Infrastructure 97,847,788 Other capital assets 113,963,626 Accumulated depreciation (70,115,014) 161,675,616 Bond issuance costs are assets that are reported for governmental activities, but not in the governmental funds as they are considered to be long-term and amortized over the life of the associated liabilities. 2,236,046 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. (2,905,617) 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 Assets. 5,053,649 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. 575,000 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 activities (footnote 8) (77,593,556) Compensated absences, governmental activities (footnote 8) 3,057,222 Capital leases, internal service funds 2,718,070 Claims payable, internal service funds 2,344,050 (69,474,214) Compensated absences, governmental activities (footnote 8) (3,057,222) Compensated absences, internal service funds 158,822 (2,898,400) (72,372,614) Net Assets of Governmental Activities $ 113,842,902 The notes to the financial statements are an integral part of this statement. 33 ---PAGE BREAK--- Page 1 of 2 Special Revenue Debt Redevelopment General Service Agency REVENUES: Taxes and special assessments $ 34,557,757 $ - $ 11,851,877 Licenses and permits 1,817,655 - - Intergovernmental 7,806,508 - - Charges for services 6,225,463 - 694,800 Fines and forfeitures 2,906,270 - - Miscellaneous 892,849 - - Outside donations 482,149 - - Interest 66,802 - 42,599 Sale of property 16,638 - 16,263 Total revenues 54,772,091 - 12,605,539 EXPENDITURES: Current: Mayor 441,968 - - City council 841,362 - - Management services 4,679,143 - - Circuit court 70,116 - - Corporate counsel 1,045,253 - - Non-departmental 2,980,253 - - Police 16,665,401 - - Fire 7,597,049 - - Public services 10,897,470 - - Community and economic development 9,214,520 - 6,899,530 Debt service: Principal 1,950,000 - 3,950,000 Interest and fiscal charges 492,331 135,239 2,496,758 Total expenditures 56,874,866 135,239 13,346,288 Excess (deficiency) of revenues over expenditures (2,102,775) (135,239) (740,749) OTHER FINANCING SOURCES (USES): Issuance of debt - - 1,600,000 Transfers in 1,225,150 - 4,347,925 Transfers out (1,174,100) - (5,116,925) Total other financing sources (uses) 51,050 - 831,000 Net change in fund balances (2,051,725) (135,239) 90,251 Fund balance at beginning of year, restated 9,467,318 114,147 4,639,792 Fund balance at end of year $ 7,415,593 $ (21,092) $ 4,730,043 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 FUND Year Ended June 30, 2011 34 ---PAGE BREAK--- Page 2 of 2 Non-Major Total Governmental Governmental Funds Funds $ 156,741 $ 46,566,375 - 1,817,655 - 7,806,508 495,149 7,415,412 - 2,906,270 334,073 1,226,922 - 482,149 62,054 171,455 - 32,901 1,048,017 68,425,647 - 441,968 - 841,362 - 4,679,143 - 70,116 - 1,045,253 149,833 3,130,086 - 16,665,401 - 7,597,049 1,119,410 12,016,880 191,230 16,305,280 285,000 6,185,000 258,626 3,382,954 2,004,099 72,360,492 (956,082) (3,934,845) - 1,600,000 1,362,425 6,935,500 (65,000) (6,356,025) 1,297,425 2,179,475 341,343 (1,755,370) 7,114,935 21,336,192 $ 7,456,278 $ 19,580,822 35 ---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, 2011 Net Change in Fund Balances-Total Governmental Funds (1,755,370) $ 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 2,039,897 $ Depreciation expense (4,517,043) (2,477,147) 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. (1,600,000) Changes in long-term compensated absences are expensed in the governmental funds. However, in the Statement of Activities, changes in long- term compensated absences are applied to long-term debt balances. 19,198 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 6,185,000 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. (450,000) 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. 575,000 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 1,149,903 Management reassigned certain infrastructure 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 1,322,622 Capital contribution of infrastructure assets are made to the City throughout the year by various outside contractors which are not recorded in the governmental funds. 248,412 Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in governmental funds. These activities consist of the following: Change in accrued bond interest (4,618) Change in loss on investment derivatives (GASB 53) 611,130 Gain on disposal of general capital assets 32,901 Capitalization of bond issuance costs 100,000 Amortization of bond premiums, discounts and costs (197,154) 542,259 Change in Net Assets of Governmental Activities 3,759,878 $ The notes to the financial statements are an integral part of this statement. 36 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION Year Ended June 30, 2011 NOTE 16. LEASE AGREEMENTS, CONTINUED 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 $13,896,000 over the initial term. The original cost of the assets was $23,000,000, with a carrying amount of $19,703,034. NOTE 17. CONTINGENCIES As shown in the accompanying financial statements, the City incurred a deficiency of expenditures over revenues of $2,434,432 for the year in the Governmental Funds. These deficits are the results of past and present activity related to the general and debt service funds and redevelopment of the City. Management has made reductions in the fiscal year 2011 budget to compensate for general fund shortages. Management considers redevelopment deficits to be an investment in the City’s needed revitalization development. Management also believes tax increment payments and the related tax increment financing should eliminate this deficit over the lives of the individual districts. The City will likewise benefit from additional taxes and other revenue sources from this investment. As of June 30, 2011, it was determined that negative cash balances being carried by the Golf, Dinosaur park and Debt Service funds are recoverable under the current operating arrangements. NOTE 18. RESTATEMENT OF NET ASSETS Certain amounts reported in the prior period, June 30, 2010, were improperly reported causing a restatement of beginning net assets in the current period. These reclassifications and errors occurred in the following areas: Enterprise Funds / Governmental-Type Business-Type Activities Activities Correction of error in prior year receivables - $ (457,614) $ Balance sheet reclassification - (400,000) - $ (857,614) $ The follow details identify the specific causes for the restatement of beginning net assets: Correction of error in prior year receivables – during our review of the airport funds accounts receivable balance, it was determined that an amount reported as part of grants receivable at year end had been received prior to the end of the year. Balance sheet reclassification - During the year ended June 30, 2011, it was determined that an amount that had been previously recognized as revenue in the water fund should have been deferred until such time as the agreement was to be fulfilled to provide additional water to the BDO facility. 71 ---PAGE BREAK--- OGDEN CITY, UTAH NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION Year Ended June 30, 2011 NOTE 18. RESTATEMENT OF NET ASSETS, CONTINUED Certain amounts previously reported in the, June 30, 2011 CAFR, were improperly reported causing a restatement of the June 30, 2011 CAFR. These reclassifications and errors occurred in the following areas: Governmental-Type Activities Previosuly stated assets 62,713,871 $ Correction of error 663,900 Restated assets 63,377,771 $ General Fund Peviously stated change in fund balance Correction of error (2,419,270) $ Restated change in fund balance 663,900 (1,755,370) $ The following details identify the specific causes for the restatement: The City participates in a HUD program known as Asset Control Area (ACA) program where HUD homes are purchased by the City for 50 percent of the appraised value. The City then rehabilitates the homes and sells them for near the appraised value, to recapture the amount the City invested in the home. The ACA program agreement states the City will record the discount amount as Federal Revenue and report that revenue on the Schedule of Federal Expenditures. During a review of the ACA program, it was determined that $663,900 of discounts received on HUD home purchases had not been recorded as an asset on the Balance Sheet – Governmental Fund and as revenue on the Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Fund, along with the Schedule of Federal Expenditures. Accordingly, the 2011 Balance Sheet – Governmental Fund and Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Fund and Schedule of Federal Expenditures as of and for the year ended June 30, 2011, have been restated to correct this error. NOTE 19. SUBSEQUENT EVENTS The redevelopment agency issued tax increment refunding bonds in order to refund the 2001D and 2001B series bonds. These bonds were associated with activities in the Business Depot Ogden tax increment district. As part of the refunding, bond principal was reduced by $425,000. The term of the bonds remained unchanged while the coupon rate decreased from 4.58% to 2.34%. It is estimated that this refunding will generate saving to the RDA of $400,000 over the life of the bonds. The City turned the operation of the Dinosaur park over to the Ogden Eccles Dinosaur Park foundation and its Board of Directors. The agreement requires that foundation to make payments to the City based on net profit generated. The City does not however retain control of how the park will be operated or how much will be charged for the various activities, nor does the City hold any position on the foundation Board of Directors. 72 ---PAGE BREAK--- Required Supplementary Information ---PAGE BREAK--- ---PAGE BREAK--- Page 1 of 2 Budgetary Amounts Variance with Original Final Actual Final Budget REVENUES: Taxes Property $ 9,837,250 $ 9,837,250 $ 9,953,856 $ 116,606 Sales 13,050,000 12,550,000 12,288,206 (261,794) Franchise 7,925,000 7,925,000 7,676,010 (248,990) Other 4,870,175 4,870,175 4,639,685 (230,490) Total Taxes 35,682,425 35,182,425 34,557,757 (624,668) Licenses and permits 2,135,300 2,135,300 1,817,655 (317,645) Intergovernmental 6,047,200 8,379,824 7,806,508 (573,316) Charges for services 7,208,000 7,607,717 6,225,463 (1,382,254) Fines and forfeitures 3,145,500 3,145,500 2,906,270 (239,230) Interest 110,000 110,000 66,802 (43,198) Miscellaneous 1,444,825 1,450,825 892,849 (557,976) Donations 116,150 479,850 482,149 2,299 Sale of property 15,000 15,000 16,638 1,638 Total revenues 55,904,400 58,506,441 54,772,091 (3,734,350) EXPENDITURES: Mayor 444,625 473,200 441,968 31,232 City council 827,500 910,556 841,362 69,194 Management services Administration 388,225 375,200 358,023 17,177 Human resources 451,000 459,200 439,534 19,666 Comptroller 599,050 657,475 556,709 100,766 Fiscal operations 540,550 577,725 571,631 6,094 Purchasing 146,575 150,560 152,322 (1,762) Recorder 427,800 443,226 440,556 2,670 Business license 261,625 292,625 286,303 6,322 Fleet and facilities - 760,500 476,646 283,854 Justice Court 1,308,600 1,320,894 1,397,417 (76,523) Total Management services 4,123,425 5,037,405 4,679,141 358,264 Circuit court 76,000 76,000 70,116 5,884 Corporate counsel 1,039,950 1,056,425 1,045,253 11,172 Non departmental 3,215,625 3,492,464 2,980,253 512,211 Police Administration 493,200 337,548 310,164 27,384 Uniform 8,717,700 8,799,150 8,776,986 22,164 Support services 7,449,625 7,912,938 7,578,251 334,687 Total Police 16,660,525 17,049,636 16,665,401 384,235 Fire Administration 503,175 1,602,631 1,431,691 170,940 Prevention 388,875 376,180 373,208 2,972 Operations 5,751,525 5,837,796 5,809,151 28,645 Total Fire 6,643,575 7,816,607 7,614,050 202,557 Public services Administration 307,575 260,310 257,616 2,694 Streets 3,072,050 3,591,999 3,725,662 (133,663) Engineering 1,687,475 2,686,110 1,679,007 1,007,103 OGDEN CITY CORPORATION BUDGETARY COMPARISON SCHEDULE GENERAL FUND Year Ended June 30, 2011 74 ---PAGE BREAK--- Page 2 of 2 Budgetary Amounts Variance with Original Final Actual Final Budget Public services (cont.) Arts, culture and events $ 377,800 $ 423,314 $ 303,460 $ 119,854 Animal services 669,950 276,108 269,687 6,421 Parks and cemetery 2,733,625 3,011,551 3,110,125 (98,574) Recreation 1,404,325 1,434,017 1,551,912 (117,895) Total Public services 10,252,800 11,683,409 10,897,469 785,940 Community and economic development Administration 1,272,000 1,588,883 1,410,511 178,372 Property development 2,594,375 3,124,250 2,188,422 935,828 Planning 550,900 1,635,547 1,546,644 88,903 Community development 4,947,225 5,583,609 4,068,945 1,514,664 Total Community and economic development 9,364,500 11,932,289 9,214,522 2,717,767 Debt service Principal 1,950,000 1,950,000 1,950,000 - Interest 486,775 461,775 486,483 (24,708) Fees and assessments - - 5,848 (5,848) Total expenditures 55,085,300 61,939,766 56,891,866 5,047,900 Excess (deficiency) of revenues over expenditures 819,100 (3,433,325) (2,119,775) 1,313,550 OTHER FINANCING SOURCES (USES): Transfers in 300,000 1,225,150 1,242,150 17,000 Transfers out (1,119,100) (1,144,100) (1,174,100) (30,000) Total other financing sources/(uses) (819,100) 81,050 68,050 (13,000) Excess (deficiency) of revenues and other financing sources over (under) expenditures and other financing uses - (3,352,275) (2,051,725) 1,300,550 Fund balances at beginning of year 9,467,318 9,467,318 9,467,318 - Fund balances at end of year $ 9,467,318 $ 6,115,043 $ 7,415,593 $ 1,300,550 75 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Supplementary Information ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Statistical Section ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Fiscal Year Year Year Year Year Year Year Year Year 2011 2010 2009 2008 2007 2006 2005 2004 2003 1 Governmental activities Invested in capital assets, net of related debt $ 95,321,152 $ 92,749,342 $ 95,889,453 $ 92,141,925 $ 84,313,339 $ 87,589,530 $ 88,862,111 $ 90,026,228 $ 90,469,850 Restricted 15,330,598 15,070,975 16,566,676 23,404,053 23,109,238 11,702,871 11,419,430 11,917,845 14,956,114 Unrestricted 3,191,152 2,262,708 5,161,968 3,034,912 3,829,377 3,290,456 (12,816,700) (14,377,522) 1,225,344 Total governmental activities net assets $ 113,842,902 $ 110,083,025 $ 117,618,097 $ 118,580,890 $ 111,251,954 $ 102,582,857 $ 87,464,841 $ 87,566,551 $ 106,651,308 Business-type activities Invested in capital assets, net of related debt $ 173,316,247 $ 172,332,110 $ 176,302,702 $ 168,598,250 $ 166,219,757 $ 159,802,111 $ 172,829,482 $ 173,651,238 $ 137,083,566 Restricted 349,228 349,228 349,228 49,280,783 992,091 956,676 1,971,539 2,045,380 1,986,251 Unrestricted 21,056,849 18,668,733 8,044,063 (42,979,592) 8,898,266 15,735,682 9,881,273 10,687,031 34,547,615 Total business-type activities net assets $ 194,722,324 $ 191,350,071 $ 184,695,993 $ 174,899,441 $ 176,110,114 $ 176,494,469 $ 184,682,294 $ 186,383,649 $ 173,617,432 Primary government Invested in capital assets, net of related debt $ 268,637,399 $ 265,081,452 $ 272,192,155 $ 260,740,175 $ 250,533,096 $ 247,391,641 $ 261,691,593 $ 263,677,466 $ 227,553,416 Restricted 15,679,826 15,420,203 16,915,904 72,684,836 24,101,329 12,659,547 13,390,969 13,963,225 16,942,365 Unrestricted 24,248,001 20,931,440 13,206,031 (39,944,680) 12,727,643 19,026,138 (2,935,427) (3,690,491) 35,772,959 Total primary government net assets $ 308,565,226 $ 301,433,095 $ 302,314,090 $ 293,480,331 $ 287,362,068 $ 279,077,326 $ 272,147,135 $ 273,950,200 $ 280,268,740 Source: Ogden City Comptroller Division 1 GASB 34 and 44 conversion. Ten years of comparative data is not yet available. 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 Assets by Component Last Nine Fiscal Years (accrual basis of accounting) (UNAUDITED) 105 - 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000 2011 2010 2009 2008 2007 2006 2005 2004 2003 Value by Dollars Year Net Assets by Component Governmental activities Business-type activities Primary government ---PAGE BREAK--- Ogden City Changes in Net Assets Last Nine 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 2011 2010 2009 2008 2007 2006 2005 2004 2003 1 Revenues Governmental Activities: General Revenues: Taxes $ 43,423,270 $ 42,240,214 $ 41,657,956 $ 42,270,568 $ 42,870,200 $ 38,373,228 $ 38,328,343 $ 36,017,959 $ 33,971,622 Other General Revenues 880,693 (8,614,254) 1,585,578 3,077,324 971,051 2,043,186 2,488,483 882,611 4,307,620 Charges for Services: General Administration 14,932,975 15,809,004 15,875,234 17,093,520 7,748,767 9,403,129 12,258,702 9,910,771 8,047,423 Public Safety 3,402,995 3,251,048 3,529,180 3,321,966 2,762,457 2,206,926 3,240,239 3,059,210 1,450,229 Transportation 110,025 110,025 - - - - - - 60,000 Environmental Protection 3,015,013 3,383,824 2,995,996 4,025,826 3,344,855 3,080,519 5,425 10,342 99,096 Leisure Opportunities 409,028 340,475 314,290 1,039,951 1,147,366 1,104,187 - 1,326,588 1,203,545 Community Development 2,146,888 3,024,362 2,617,546 2,799,860 2,655,432 1,896,147 2,206,970 1,909,324 3,665,677 Operating Grants and Contributions 5,733,914 4,680,386 4,637,076 4,472,445 3,237,918 5,469,986 7,264,383 7,743,220 4,561,636 Capital Grants and Contributions 3,268,214 3,095,794 2,834,716 3,269,306 5,332,442 2,552,825 2,650,734 3,158,693 2,310,903 Total Governmental Activities Revenues 77,323,015 67,320,878 76,047,572 81,370,766 70,070,488 66,130,133 68,443,279 64,018,718 59,677,751 Business-Type Activities: General Revenues: Other General Revenues 428,920 1,452,281 1,359,677 1,085,558 869,725 4,664,474 862,142 828,125 1,057,772 Charges for Services: Medical Services 5,454,941 4,855,855 5,731,709 4,315,263 3,493,928 2,599,408 3,005,572 2,019,242 1,694,577 Airport 318,584 295,622 275,495 323,346 273,730 304,641 274,992 208,732 240,079 Utilities 28,267,206 25,012,682 24,161,797 19,593,131 15,947,745 20,703,204 17,354,190 16,459,367 16,246,793 Refuse 4,878,913 4,678,149 4,925,650 4,859,881 4,019,859 - - - 1,109,338 Recreation 1,629,958 1,724,684 1,774,510 1,058,545 1,066,098 1,012,274 1,177,656 1,238,980 7,338,021 Property Management 3,850,478 3,599,422 3,225,121 2,877,729 2,141,335 2,474,339 7,175,425 8,025,864 - Operating Grants and Contributions - - - - 1,630,527 2,974,921 2,042,822 4,694,006 8,964,319 Capital Grants and Contributions 3,642,770 1,922,050 2,182,647 2,640,419 2,543,454 265,319 716,645 3,148,221 - Total Business-Type Activities Revenues 48,471,770 43,540,745 43,636,606 36,753,872 31,986,401 34,998,580 32,609,444 36,622,537 36,650,899 Total Primary Government Revenues 125,794,785 110,861,623 119,684,178 118,124,638 102,056,889 101,128,713 $ 101,052,723 $ 100,641,255 $ 96,328,650 Expenses Governmental Activities: General Administration $ 26,378,133 $ 23,323,641 $ 24,976,880 $ 25,603,725 $ 15,515,738 $ 16,592,363 $ 12,743,125 $ 14,870,625 $ 15,513,093 Public Safety 25,232,522 26,262,584 27,133,365 26,822,607 22,761,963 21,241,719 19,749,804 20,761,099 19,290,381 Transportation 6,095,515 5,187,967 5,462,687 5,641,984 5,763,544 7,526,427 4,288,029 4,511,192 5,206,523 Environmental Protection 585,712 557,528 510,501 520,604 422,424 398,019 25,072 13,848 1,650,660 Leisure Opportunities 5,377,416 5,264,019 5,357,892 5,799,222 5,783,791 6,162,480 1,004,428 1,878,428 1,378,373 Community Development 7,443,575 7,837,498 8,117,169 9,934,181 6,935,707 8,422,124 19,807,703 18,252,479 16,896,453 Interest on Long-Term Debt 4,421,011 4,327,042 5,246,392 4,236,068 4,841,020 3,138,558 3,745,000 3,691,124 1,440,965 Total Governmental Activities Program Expenses 75,533,884 72,760,279 76,804,886 78,558,391 62,024,187 63,481,690 61,363,161 63,978,795 61,376,448 106 ---PAGE BREAK--- Page 2 of 2 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2011 2010 2009 2008 2007 2006 2005 2004 2003 1 Business-Type Activities: Medical Services 4,939,844 5,052,084 4,649,854 5,309,021 4,610,850 3,946,947 3,528,822 3,165,958 3,183,742 Airport 1,754,491 1,744,840 1,423,212 2,324,058 1,793,226 1,499,326 1,408,112 1,603,342 1,176,054 Utilities 24,576,722 21,666,957 21,585,626 16,145,793 15,293,929 18,937,363 18,871,487 17,474,990 15,662,746 Refuse 4,489,157 4,082,848 4,122,402 4,356,267 4,148,941 1,347,419 1,585,168 1,498,993 1,507,983 Recreation 2,252,134 2,220,201 2,083,593 1,272,750 1,337,385 4,721,336 10,257,504 9,156,306 6,279,954 Property Management 4,258,808 4,215,409 4,213,562 4,351,300 4,563,629 - - - - Total Business-Type Activities Program Expenses 42,271,156 38,982,339 38,078,249 33,759,189 31,747,960 30,452,391 35,651,093 32,899,589 27,810,479 Total Primary Government Program Expenses $ 117,805,040 $ 111,742,618 $ 114,883,135 $ 112,317,580 $ 93,772,147 $ 93,934,081 $ 97,014,254 $ 96,878,384 $ 89,186,927 Change in Net Assets Before Transfers: Net (Expense)/Revenue Governmental activities $ 1,789,131 $ (5,439,401) $ (757,314) $ 2,812,375 $ 8,046,301 $ 2,648,443 $ 7,080,118 $ 39,923 $ (1,698,697) Business-type activities 6,200,614 4,558,406 5,558,357 2,994,683 238,441 4,546,189 (3,041,649) 3,722,948 8,840,420 Total primary government net (expense)/revenue $ 7,989,745 $ (880,995) $ 4,801,043 $ 5,807,058 $ 8,284,742 $ 7,194,632 $ 4,038,469 $ 3,762,871 $ 7,141,723 General Revenues and Other Changes in Net Assets Governmental Activities: Transfers $ 1,970,747 $ (2,095,672) $ 847,340 $ 4,070,296 $ 622,796 $ 12,734,014 $ (2,960,213) $ (7,817,707) $ (4,545,300) Total Governmental Activities 1,970,747 (2,095,672) 847,340 4,070,296 622,796 12,734,014 (2,960,213) (7,817,707) (4,545,300) Business-Type Activities: Transfers (1,970,747) 2,095,672 (847,340) (4,070,296) (622,796) (12,734,014) 2,960,213 7,817,707 4,545,300 Total Business-Type Activities (1,970,747) 2,095,672 (847,340) (4,070,296) (622,796) (12,734,014) 2,960,213 7,817,707 4,545,300 Total Primary Government $ - $ - $ - $ - $ - $ - $ - $ - $ - Change in Net Assets Governmental Activities $ 3,759,878 $ (7,535,073) $ 90,026 $ 6,882,671 $ 8,669,097 $ 15,382,457 $ 4,119,905 $ (7,777,784) $ (6,243,997) Business-Type Activities 4,229,867 6,654,078 4,711,017 (1,075,613) (384,355) (8,187,825) (81,436) 11,540,655 13,385,720 Total primary government $ 7,989,745 $ (880,995) $ 4,801,043 $ 5,807,058 $ 8,284,742 $ 7,194,632 $ 4,038,469 $ 3,762,871 $ 7,141,723 Source: Ogden City Comptroller Division 1 GASB 34 and 44 conversion. Ten years of comparative data is not yet available. Further discussion of this data is available in the Management Discussion and Analysis, the transmittal letter and the notes found in the financial section. 107 ---PAGE BREAK--- Ogden City Changes in Fund Balances, Governmental Funds Last Nine 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 2011 2010 2009 2008 2007 2006 2005 2004 2003 1 Revenues Taxes and special assessments $ 46,566,375 $ 45,249,486 $ 44,597,418 $ 43,611,330 $ 42,623,435 $ 40,600,630 $ 38,300,398 $ 36,017,959 $ 33,674,649 Licenses and permits 1,817,655 2,023,309 1,893,276 2,878,949 2,363,717 2,100,508 2,165,027 1,760,100 1,761,584 Intergovernmental 7,806,508 7,283,399 6,738,715 7,039,957 5,849,188 7,707,958 9,827,317 9,873,197 6,118,536 Charges for services 7,415,412 8,088,203 7,906,072 8,801,731 7,618,203 6,531,996 6,117,999 5,993,359 7,016,822 Fines and forfeitures 2,906,270 2,339,788 2,708,901 2,313,651 1,822,689 960,148 832,712 847,954 561,075 Miscellaneous 1,226,922 1,814,732 2,667,732 4,793,505 1,893,025 1,793,608 1,419,727 1,948,517 2,172,698 Outside donations 482,149 27,602 3,000 1,651 128,464 80,806 63,431 114,306 718,694 Interest 171,455 252,352 1,198,243 1,348,315 1,863,408 1,287,672 896,004 802,363 999,930 Sale of property 32,901 1,446,331 134,042 2,920,324 802,272 569,303 1,434,827 29,352 1,703,047 Total revenues 68,425,647 68,525,202 67,847,399 73,709,413 64,964,401 61,632,629 61,057,442 57,387,107 54,727,035 Expenditures General government: Mayor 441,968 431,006 462,660 494,642 496,415 433,797 415,256 419,481 422,142 City Council 841,362 735,459 781,376 793,726 752,183 634,277 537,695 606,812 600,025 Management Services 4,679,143 4,115,384 3,982,475 3,597,970 3,366,890 2,293,113 2,027,169 2,089,066 2,042,904 Circuit Court 70,116 66,709 63,600 61,200 34,020 34,020 34,020 34,020 32,400 Corporate Counsel 1,045,253 1,007,730 973,207 955,813 922,204 896,177 814,485 803,345 765,768 Non Departmental 3,130,086 5,416,204 3,828,073 3,394,572 2,984,936 4,620,366 2,579,605 4,176,233 4,736,949 Police 16,665,401 16,448,740 15,574,326 16,148,734 14,187,387 14,267,656 12,799,940 13,017,997 11,769,534 Fire 7,597,049 6,862,720 6,812,223 7,321,580 6,109,653 6,326,334 6,488,091 6,458,664 6,290,897 Public Works2 - - - - - - - 4,708,270 6,434,126 Community Services2 - - - - - - - 7,265,426 7,576,512 Community & Economic Development 16,305,280 12,569,682 19,160,621 25,940,165 26,055,225 21,197,793 12,672,324 10,901,179 8,567,845 Public Services2 12,016,880 11,326,448 11,268,583 12,140,211 12,578,410 10,655,033 9,670,977 - - Debt Service: Principal 6,185,000 6,015,000 5,063,000 4,646,000 3,781,000 5,002,000 4,018,091 2,634,000 4,802,447 Interest and Fiscal Charges 3,382,954 4,607,697 4,189,469 3,905,117 4,853,032 3,864,630 2,721,531 2,984,634 2,011,960 Fees and Assessments - - - - - 39,950 - 657,362 569,375 Capital Outlay - - - - - 91,000 9,064,289 935,738 2,950,360 Total expenditures 72,360,492 69,602,779 72,159,613 79,399,730 76,121,355 70,356,146 63,843,473 57,692,227 59,573,244 Excess of revenues over (under) expenditures (3,934,845) (1,077,577) (4,312,214) (5,690,317) (11,156,954) (8,723,517) (2,786,031) (305,120) (4,846,209) 108 ---PAGE BREAK--- Page 2 of 2 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2011 2010 2009 2008 2007 2006 2005 2004 2003 1 Other Financing Sources (Uses) Loan/Bond Proceeds 1,600,000 30,345,000 3,000,000 3,000,000 11,300,000 43,440,000 2,100,000 8,072,255 1,426,359 Bond Premium/(Discount) - - 483,884 (6,500) - (336,300) - - - Payment to Refunded Bond Escrow - (29,145,000) (8,572,980) - - (2,865,000) - (7,970,446) - Issuance of Refunding Bond - - 8,125,000 - - - - - - Capital Assets - - - - - - - - - Operating Transfers In 6,935,500 7,287,973 10,924,814 6,785,278 6,517,942 22,580,824 16,064,479 4,482,782 12,253,102 Operating Transfers Out (6,356,025) (10,229,267) (11,505,530) (6,126,178) (7,676,161) (25,051,312) (19,187,992) (12,300,490) (17,183,552) Total other financing sources (uses) 2,179,475 (1,741,294) 2,455,188 3,652,600 10,141,781 37,768,212 (1,023,513) (7,715,899) (3,504,091) Net change in fund balances $ (1,755,370) $ (2,818,871) $ (1,857,026) $ (2,037,717) $ (1,015,173) $ 29,044,695 $ (3,809,544) $ (8,021,019) $ (8,350,300) Debt service as a percentage of noncapital expenditures 13.2% 15.3% 13.6% 12.0% 14.5% 14.5% 12.3% 11.1% 13.0% Source: Ogden City Comptroller Division 1 GASB 34 and 44 conversion. Ten years of comparative data not yet available. 2 The departments of Public Works and Community Services were combined into one department of Public Services in fiscal year 2005. Further discussion of this data is available in the Management Discussion and Analysis, the Transmittal Letter and the notes found in the financial section. 109 68% 3% 11% 11% 4% 2% 1% 0% 0% 2011 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% 6% 0%1% 4% 23% 11% 23% 17% 13% 2011 Government Fund Expenditures Mayor City Council Management Services Circuit Court Corporate Counsel Non Departmental Police Fire ---PAGE BREAK--- Ogden City Fund Balances, Governmental Funds Last Nine Fiscal Years (modified accrual basis of accounting) (UNAUDITED) Fiscal Year 1 Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year 2011 2010 2009 2008 2007 2006 2005 2004 2003 2 General Fund Reserved $ $ 4,746,524 $ 6,716,162 $ 7,576,817 $ 8,926,257 $ 12,431,274 $ 10,596,273 $ 10,875,511 $ 11,476,944 Unreserved/Designated 1,684,623 1,445,969 1,160,253 983,584 84,109 276,897 321,722 302,961 Unreserved/Undesignated 3,036,171 2,994,167 3,201,230 3,983,421 4,579,463 6,443,606 4,059,669 2,672,865 1 Non-Spendable 1,477,571 1 Spendable - Restricted 313,831 1 Spendable - Assigned 3,047,170 1 Unassigned 2,577,021 Total General Fund $ 7,415,593 $ 9,467,318 $ 11,156,298 $ 11,938,300 $ 13,893,262 $ 17,094,846 $ 17,316,776 $ 15,256,902 $ 14,452,770 All Other Governmental Funds Reserved $ $ 9,575,882 $ 9,435,074 $ 9,667,006 $ 12,530,227 $ 16,732,816 $ 1,290,744 $ 872,571 $ 1,537,499 Unreserved/Designated 611,570 592,019 763,460 282,684 2,754,423 2,894,858 (8,897,891) (8,201,873) Unreserved/Undesignated 1,681,422 2,971,672 3,594,814 1,045,132 (7,815,607) (22,545,895) (4,465,555) 1,294,444 1 Non-Spendable 4,279,330 1 Spendable - Restricted 1,207,630 1 Spendable - Assigned 6,678,269 Total all Other Governmental Funds $ 12,165,229 $ 11,868,874 $ 12,998,765 $ 14,025,280 $ 13,858,043 $ 11,671,632 $ (18,360,293) $ (12,490,875) $ (5,369,930) Total Primary Government $ 19,580,822 $ 21,336,192 $ 24,155,063 $ 25,963,580 $ 27,751,305 $ 28,766,478 $ (1,043,517) $ 2,766,027 $ 9,082,840 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. 2 GASB 34 and 44 conversion. Ten years of comparative date not yet available. 110 (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 ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- ---PAGE BREAK--- Total General Government Cost per Expenditures Resident (Excluding to Run Fiscal Capital City Year Population 1 Outlay) 2 Government 2002 79,757 2 N/A 2003 80,599 56,622,884 702.53 2004 81,416 56,721,213 696.68 2005 82,007 54,804,577 668.29 2006 82,007 61,427,613 749.05 2007 82,843 59,691,103 720.53 2008 82,843 71,243,247 859.98 2009 82,865 68,025,413 820.92 2010 83,296 68,104,991 817.63 2011 83,171 70,320,595 845.49 1 Population estimates from the Department of Workforce Services FY 2010 population is the July 1, 2009 estimate). Population from the 1990 census was 63,909. The population figures have been revised to bring them more in line with the census. FY 2011 population is from the 2010 census. 2 GASB 34 and 44 conversion. Ten years of comparative data is not yet available. Ogden City Cost per Resident to Run City Government Last Nine Fiscal Years (UNAUDITED) 137