CUSTOMER SERVICE
INNOVATION
INCLUSION
INTEGRITY
2016
CITIZEN'S REPORT COMMUNICATION
TEAMWORK
PROFESSIONALISM
CORE
ACCOUNTABILITY
8 VA L U ES
E XCELLENCE IN REPORTING
City of Edmond, Oklahoma • Fiscal Year Ending June 30, 2016
N
ATION
CITY OF EDMOND
COUNCIL
CORE INNOVATION
8 VA L U ES
E XCEL L EN CE IN REP OR T ING
CUSTOMER SERVICE
INTEGRITY
TEAMWORK
TA B L E O F
CONTENTS
Director’s Letter
2
Edmond's Numbers
14
City Council & Ward Map
4
General Fund
16
Statement of Net Position
6
Long-Term Debt
20
Change in Net Position
8
Taxable Sales
22
Economic Outlook
24
Pension/OPEB 10
Edmond's Sales Tax
12
1
LETTER TO
EDMOND CITIZENS
Dear Citizens of Edmond, We are pleased to present our Citizens Report for the fiscal year ending June 30, 2016. This report is a condensed version of our Comprehensive Annual Financial Report (CAFR), both of which are located on our website, www.edmondok.com/annualreport. The details in the Citizen’s report summarize our financial position based on the audited financial documents contained within the 2016 CAFR. The CAFR is prepared in accordance with generally accepted accounting principles; this report is in summary form and excludes the City’s discretely presented component units; the Edmond Economic Development Authority (EEDA) and the Edmond Historical Preservation Trust (EHPT). The City of Edmond provides a wide range of municipal services, including police and fire protection, the construction and maintenance of streets, highways and other infrastructure, and a multitude of recreational and cultural events throughout the year. The City also provides electric, water, wastewater, drainage and solid waste services to its residents under the legal entity of the Edmond Public Works Authority. Additional detailed financial information on these operations may be found in the City’s CAFR in Notes 1. within the notes section to the financial statements.
Plans are underway from major infrastructure enhancements for the Water and Wastewater utilities. In July 2016, bond financing was completed for improvements to the wastewater pumping and collection systems, and for the construction of two additional water towers. Major construction activities will occur during the next two years at both the water and wastewater plants to serve both future growth within the community and to meet current and expected environmental regulations. The City of Edmond completed major intersection improvements at South Broadway and 33rd Avenue plus continued planning for enhancements to the Intelligent Transportation System. The Public Safety Center opened in November 2015 and construction has begun on the I-35 & Covel Hotel/ Conference Center and the Covel corridor. Additional commercial developments for the area have been announced. Additionally, Edmond voters renewed two sales taxes in April 2016, a 1% general sales tax and a 0.5% Capital Improvements tax that will replace the Public Safety Center tax. As you review the report, we invite you to share any questions, concerns or comments with us. You may contact the Financial Services Department at (405) 359-4521 or visit the City Manager’s office at 24 E. First Street. Further information is available at www.edmondok.com. Respectfully,
The City has two primary sources of revenue, utility revenues and sales tax. For FY15-16, the City had an increase in utility revenues. Sales tax had a very slight increase over previous year, 0.7% above FY14-15. Although sales tax increase was slowed from the previous year increase of 4.3%, the collections set another record. More information about the City’s sales tax collections can be found in the CAFR.
Warren Porter Director of Finance
PROFESSIONAL
The City of Edmond provides a wide range of municipal services, including police and fire protection, the construction and maintenance of streets, highways and other infrastructure, and a multitude of recreational and cultural events throughout the year.
3
CITY OF EDMOND
COUNCIL
OUR VISION Edmond strives to be a diverse and innovative hometown committed to excellence through leadership, balanced growth and cooperation. These high standards will only be accomplished in full partnership with the community.
OUR MISSION
Charles Lamb Mayor | May 2015–17 charles.lamb@edmondok.com
The Edmond City Council leads by setting policy for City direction, by balancing growth and by serving as stewards of assets for today’s, as well as tomorrow’s, community and citizens.
OUR CORE VALUES Truth | We seek the truth and allow for fair and thorough deliberation. Integrity | We operate on the foundation of trust by honoring honest and open discussion with each other and our citizens. Proactive | We believe in visionary leadership by creating opportunities for the citizens of Edmond to grow and define their community. Communication | We provide opportunities for diverse expression of thought and dialogue. Service | We believe in nurturing and advancing a united partnership between the Council, the City Staff and our Citizens. Accountability | We have high standards with regard to our monetary responsibilities, actions and performance and we hold ourselves accountable to these high standards.
4
Victoria Caldwell
Elizabeth Waner
Darrell Davis
Nick Massey
Council Member Ward 1 May 2015–19 victoria.caldwell@edmondok.com
Council Member Ward 2 May 2015–19 elizabeth.waner@edmondok.com
Council Member Ward 3 May 2013–17 darrell.davis@edmondok.com
Council Member Ward 4 May 2013–17 nick.massey@edmondok.com
Choctaw
Henney
Hiwassee
Anderson
Westminster
Post
Douglas
Midwest
Air Depot
Sooner
Coltrane
Bryant
Boulevard
Kelly
Santa Fe
Br o ad
w ay E
x t ens
I-35 ion
WARD 3 33rd
WARD 2 WARD 4 Covell
Western
Pennsylvania
Sorghum Mill
WA R D M A P CITY OF EDMOND
Waterloo
Coffee Creek
Danforth
WARD 1 Edmond
15th
Memorial
5
S TAT E M E N T I N
NET POSITION
The governmental activities net position for fiscal year ending June 30, 2016, reflect an increase over prior year's net position. The business-type activities also reflect an increase in net position. The full disclosed Statement of Net Position can be located in our CAFR located at edmondok.com/budget/reports. Unrestricted net position refers to all other net position that is not restricted or net investments in capital assets. This represents the amount of unexpended and available resources the City has in funds combined at a point in time to fund emergencies, shortfalls or other unexpected needs. This allows management to track the City's financial position over time.
Governmental Activities
Business-Type Activities
Totals
$ in Thousands
2016
2015
2016
2015
2016
2015
Current assets
$95,399
$10 4,320
$ 141 , 1 0 3
$110,575
$236,502
$ 2 14 , 8 9 5
Capital assets, net
313,579
2 9 9, 5 7 8
2 3 2 ,7 2 5
2 24 , 8 6 4
546,304
5 24 , 4 42
9, 8 0 1
10,871
4,06 8
4,109
13,869
14 , 9 8 0
41 8 ,7 7 9
414 ,76 9
3 7 7, 8 9 6
3 3 9, 5 4 8
796,675
7 5 4 , 3 17
9, 6 7 0
6,690
2,61 2
1,578
796,675
8,268
2 7, 4 3 0
28,822
20,384
1 6 , 47 0
47, 8 14
45,292
108,194
1 0 7, 6 6 6
45,830
49, 6 2 5
1 5 4 , 0 24
1 5 7, 2 9 1
Total liabilities
1 3 5 , 6 24
13 6,4 8 8
6 6 , 2 14
66,095
201,838
202,583
Deferred Inflows
5,808
13,816
706
1,6 4 3
6 , 514
15,4 59
255,087
250,996
18 6,4 8 6
17 8 , 1 2 9
4 41 , 5 7 3
42 9, 1 2 5
6 2 , 14 3
72,919
11,122
10,16 4
73,265
83,083
(3 0 , 2 1 3)
( 5 2 ,7 5 9)
115,980
85,095
8 5 ,76 7
32,336
$ 2 8 7, 0 17
$271,156
$313,588
$273,388
$600,605
$544,544
Other non-current assets Total assets
Deferred Outflows
Current liabilities Non-current liabilities
Net position Net Investment in capital assets Restricted Unrestricted Total net position 6
NET POSITION
UNRESTRICTED
( 30.2 ( $
g ov e r n m e n ta l ac t i v i t i e s Sales tax, franchise fees, fines, state and federal grants finance most of the City's services.
m i lli o n
General Administrative Services Fire Police Street Construction & Repair Park Maintenance
$
116
b u s i n e s s - t y p e ac t i v i t i e s Income from resident utility bills, public golf course and
m i lli o n
lake fees finance business-type operations. Electricity
Solid Waste
Water
KickingBird Golf Course
Drainage
Arcadia Lake
Wastewater
Transportation Services
This number represent the Unrestricted Net Position to pay for emergencies, shortfalls or other unexpected needs in both the Governmental and Business Type Activities for the fiscal year ended June 30, 2016. New reporting standards implemented this year caused our Governmental Activities to report a negative in Unrestricted Net Position. For full disclosure, refer to our CAFR, Note 4 located at www.www.edmondok.com/budget/reports .
7
CHANGE IN
NET POSITION
NOTES
g ov e r n m e n ta l ac t i v i t i e s *
The results indicate the City, as a whole, increased in total net position of $56.1 million is a combination of overall expense staying relatively in line with revenue collections.
The City’s governmental activities’ increase in net position of $15.9 million represents a 36% decrease from the prior year’s change in net position and is primarily the result of increased expenses related to pension expense.
*Does not include transfers.
100,000 90,000 80,000 70,000 60,000 50,000 40,000
This summary report excludes transfers. Transfers are used to support Government services. For full disclosure see our CAFR note section 3.F Interfund Balances and Activities.
30,000 20,000 10,000 In Thousands
$0 2012
2013
2014
2015
Revenues
b u s i n e s s - t y p e ac t i v i t i e s * The City's business type activities reported an increase in net position of $40.2 million for the year. All individual activities reported net revenue for the year. The increase is largely attributable to the increase of grant contributions and increase rate fees and less transfers out along with expenses staying in line with prior year.
2016
Expenses
180,000
150,000
120,000
90,000
60,000
30,000
In Thousands $0 2012
2013
2014
2015
Revenues 8
2016
Expenses
ALISM
ACCOUNTABILITY
I N C R E A S E I N T O TA L
$
NET POSITION
56.1
million
A combination of less grant contributing and expenses staying in line with revenue collections.
9
PENSION/OPEB Pension Liability Reported
Oklahoma Firefighters Pension and Retirement System reported:
Liability of $37,851,799
As of June 30, 2016
Oklahoma Police Pension and Retirement System reported:
Liability of $127,846
City of Edmond Employees’ Retirement System reported:
Liability of $13,350,635
a n n ua l o p e b c o s t a n d n e t o p e b o b l i g at i o n The City’s annual other post employment benefit (OPEB)
Annual required contribution
$772,339
cost (expense) is calculated based on the annual required
Interest on net OPEB obligation
$101,4 80
contribution of the employer (ARC), an amount actuarially
Adjustment to annual required contribution
determined in accordance with the parameters of GASB Statement 45. See more details in our CAFR report, Note 4.
Annual OPEB cost (expense) Contributions made Increase in net OPEB obligation
10
$ (3 2 0 ,7 7 8) $ 5 5 3 , 0 41 $(162,3 26) $ 3 9 0 ,7 1 5
Net OPEB obligation-beginning of year
$ 2 ,7 5 7, 4 6 5
Net OPEB obligation-end of year
$ 3 , 14 8 , 1 8 0
PENSION/OPEB The City’s annual OPEB cost, the percentage of annual OPEB cost contributed to the plan, and the net unfunded OPEB obligation for 2016 was as follows:
Net OPEB Obligation
Fiscal Year
Annual OPEB Cost
Net Employer Contribution
Percentage of Annual OPEB Cost Contributed
6/30/09
$ 4 4 5 , 9 42
$ 1 3 7, 5 5 2
3 1%
$308,390
6/30/10
$ 4 61,3 62
$ 142 , 3 6 6
3 1%
$ 6 2 7, 3 8 6
6/30/11
$ 4 4 3 , 17 9
$ 14 4 , 4 0 3
33%
$9 26,162
6/30/12
$520,8 82
$ 14 4 , 4 0 2
28%
$ 1 , 3 0 2 , 6 41
6/30/13
$ 5 9 7, 0 6 2
$188,856
32%
$ 1 ,7 1 0 , 8 47
6 / 3 0 / 14
$600,226
$188,858
3 1%
$2,122,215
6/30/15
$ 74 0 , 9 3 7
$105,686
14%
$ 2 ,7 5 7, 4 6 5
6/3 0/16
$ 5 5 3 , 0 41
$162,3 26
29%
$ 3 , 14 8 , 1 8 0
11
E D M O N D ' S S A L E S TA X CI T Y S ERV I C ES The City provides a wide range of municipal services, including police and fire protection, the construction and maintenance of highways, streets, and other infrastructure. The City also provides electric, water, wastewater, drainage and solid waste services to its residents under the legal entity of the Edmond Public Works Authority (EPWA). The City also provides a multitude of recreational and cultural events throughout the year. The City’s Kickingbird Golf Course, Arcadia Lake and many City parks provides hours of entertainment to our citizens. An ordinance passed and approved by the citizens of Edmond requires that 30% of General Fund revenues (defined as taxes, licenses and permits, fines and forfeitures, charges for services, interest and miscellaneous revenues) be used for funding fire department operations and that 36.8% of these same General Fund revenues be used for funding police department operations.
12
SUPPORTS CITY SERVICES
8.25
%
surrounding cities
8.85% Mustang
8.85% Yukon
8.375%
8.35%
Oklahoma City
8.50% Moore
8.75% Norman
Midwest City
s a l e s ta x b r e a k d ow n The State of Oklahoma tax rate is 4.5% and is added to the 3.75% City’s sales tax rate that is levied on all taxable sales within the City. It is recorded as follows:
One quarter cent recorded as revenue within the Fire Public Safety Limited Tax Fund to account for improvements to the fire department per voter approval.
Two cents recorded within the General Fund.
One eighth cent recorded as revenue within the Police Public Safety Limited Tax Fund to account for improvements to the police department per voter approval.
One eighth cent recorded as revenue within the Park Sales Tax Fund to account for operations and facility improvement costs of the City’s park and recreation system. Three quarter cent recorded as revenue within the 2000 Capital Improvement Tax Fund to account for capital improvements as recommended to the City Council by the Capital Projects & Financing Task Force.
One half cent recorded as revenue within the 2012 Capital Improvement Tax Fund-Public Safety Center to account for building the Public Safety Center per voter approval.
MONEY COMES AND MONEY GOES WHERE DOES THE MONEY COME FROM?
WHERE DOES THE MONEY GO?
g ov e r n m e n ta l r e v e n u e by s o u r c e
g ov e r n m e n ta l ac t i v i t i e s u s e s
3%
3% 2%
3% 9%
10%
1 1%
16%
68%
56%
19%
Sales and Use Taxes
Public Safety
Grants
Streets & Highways
Charges of Service
General Government
Franchise & Hotel/Motel Taxes
Culture, Parks and Recreation
Other
Interest on Long-Term Debt Health & Welfare
13
36
CITY OF EDMOND
COUNCIL
m e d i a n ag e o f p o p u l at i o n
4.4 u n e m p l oy m e n t r at e
14
%
CITY OF EDMOND
259
WA R D M A P
fires extinguished
51
%
residents with c o l l eg e d eg r e e s o r h i g h e r
15
GENERAL
NOTES
FUND
general fund revenues *
The General Fund is the primary operating fund for City services. It is used for all activities except those legally or administratively required to be accounted for in other funds.
$40,000,000
$35,000,000
2016
2015
2014
2013
2012
Sales and Use Taxes
3 8 ,18 6 , 53 5
37,777, 579
3 6 , 0 65 ,782
34 ,4 0 3 , 578
31, 299, 3 51 5 , 6 46 ,4 3 3
Charges for Services
5 , 397,4 8 0
5 ,921, 0 07
5 , 84 0 ,15 4
5 , 8 50 , 591
Fines and Forfeitures
1, 6 41, 28 3
1, 8 0 9, 016
2, 0 99,73 5
2, 0 53 ,9 31
2, 0 68 ,170
Franchise & Public Service Tax
2, 281,49 0
2, 371,750
2, 311,150
2,199,4 8 8
2,10 6 , 551
Intergovernmental
1,9 82, 59 0
2,4 53 , 3 69
2,155 , 268
2, 299,771
2, 394 , 576
Licenses and Permits
1,412, 552
1,769, 3 55
1, 6 0 8 , 68 0
1, 3 89, 282
1,4 50 ,110
** Hotel/Motel Taxes 30,000,000 25,000,000
391, 66 4
Miscellaneous
24 3 , 3 55
241,99 0
23 8 , 6 0 5
296 ,14 4
23 3 ,175
Investment Income
73 ,131
10 0 ,4 32
91, 653
5 4 ,923
77,9 04
51, 218 ,416
52,4 4 4 ,49 8
50 ,411, 0 27
4 8 , 5 47,70 8
4 5 , 667,9 34
2014
20,000,000
general fund expenditures *
15,000,000
2016
2015
General Government
5 , 2 52, 0 37
5 , 68 6 , 69 0
Public Safety
2,9 8 8 , 821
2, 566 , 68 6
Health and Welfare
6 47, 276
466 , 3 3 8
4 4 8 , 63 0
10,000,000 5,000,000 $0 2012
2013
Sales and Use Taxes All other Revenues
2014
2015
2016
2013
2012
5 , 20 9, 315
5 , 0 0 2,157
4 , 551,4 0 3
2,4 3 0 , 5 4 0
2, 34 0 ,4 81
2,173 , 0 0 6
1, 8 89, 896
1, 891, 82 5
Culture, Parks and Recreation
3 , 6 0 9, 872
4 , 239,9 5 4
4 , 204 , 3 3 3
4 ,13 5 , 376
3 ,784 ,739
Streets and Highways
6 , 3 5 4 , 224
4 , 84 3 ,9 89
4 ,4 3 6 ,18 6
4 , 3 50 ,720
4 ,16 4 ,797
Capital Outlay
9 37,712
1, 6 49,799
66 0 , 012
399, 249
1, 020 ,4 51
19,789,942
19,4 53 ,4 56
17, 3 89, 016
18 ,117, 879
17, 58 6 , 221
* These graphs do not include transfers. Chart reflects direct operating revenues and expenses. **Hotel/Motel revenues beginning in 2013 are now being reported in it own newly created fund. ** *Per City ordinance, 30% of General Fund revenues are transferred and used for funding the fire department operations and 36.8% of these same revenues will be used for funding police department operations. Beginning in 2014, Citylink Transportation has been removed from the General Fund and is now an Enterprise Fund, both Revenues and Expenditures were moved.
16
GENERAL FUND general fund revenues Sales and Use Taxes Of the 3 3/4 cent sales tax on taxable sales within the City, 2 cents is recorded as revenue in the General Fund. Use tax is if you have purchased items for use in Oklahoma from retailers who do not collect Oklahoma from retailers who do not collect Oklahoma sales tax, you owe Oklahoma use tax on those items. Use tax is paid by the buyer when the Oklahoma sales tax has not been collected by the seller. This includes purchases made from an out-of-state retailer whether by mail order, catalog, television shopping networks, radio, Internet, phone or in person. Charges for Services Includes all revenues collected on services provided through the General Fund, such as planning filing fees, cemetery revenues, right of way, animal welfare welfare fees, 911 service fee, aquatic center admissions season passes, recreation program fees and other miscellaneous charges. Fines and Forfeitures Includes all court fines and fees, and building code violations.
E X P L A N AT I O N O F T E R M S
Licenses and Permits Includes all permits and licenses required by the City including engineering inspections fees, occupational licenses, oil and gas feed, public safety revenues including plumbing, building, electrical, heat/air, furniture stocking, fixture stocking, fire permits, miscellaneous permits, contractor registration, re-inspection fees, temporary certificate of occupancy, building inspection feed, sign permits, and commercial plan review fees Miscellaneous Items that are not covered by any of the aforementioned categories. Investment Income Revenue earned from our investment portfolio.
Culture, Parks and Recreation Includes maintenance and administration of 26 parks/ playgrounds, pool, splash pad, sports fields, Festival Marketplace, recreation programs, Senior Center, Gracelawn Cemetery, and Edmond Historical Preservation and Trust Streets and Highways Street rehabilitation and resurfacing, and upkeep of the medians. Capital Outlay Expenditures for assets that are intended to be held or used for a extended period of time. Includes land, land improvements, building, building improvements, machinery, equipment, and furniture and fixtures. Also includes infrastructure such as streets, sidewalks, culverts, curbs, roads and bridges.
general fund expenditures General Government Includes city council, municipal court, planning, Downtown Community Center and airport maintenance and repairs.
Franchise and Public Service Taxes Includes fees assessed for private use of public property.
Public Safety Expenditures within the funds that supports the safety of our citizens, such as police, fire, emergency management, and animal welfare.
Intergovernmental Activities of two or more governments including revenues such as alcoholic beverage tax, cigarette tax, county-property resale, grants, commercial vehicle tax, and gasoline excise tax.
Health and Welfare Includes code enforcement, family services, and social services.
17
GENERAL FUND N OT ES The ‘unassigned’ fund balance is an indication of the amount of available resources the City has at a point in time to fund emergencies, shortfalls or other unexpected needs. In this analysis only the General Fund information is reported. In our model, 10% is considered a minimum responsible level, while 30% is considered responsible. As you can see by the above chart, we have tightened up and were able to exceed that 10% responsible level. We continue to strive toward the 30% level. See our complete disclosed information in our CAFR Basic Financial Statements.
UNASSIGNED FUND BALANCE
15
12
9
6
3
0%
18
2012
2013
2014
2015
2016
COMMUNICATION
GOING ABOVE
A N D B E YO N D
6.14
PROFES
%
The City of Edmond's goal is to maintain a 10% balance on the General Fund Unassigned Fund Balance.
19
L O N G -T E R M
N OT ES At fiscal year end, the City had $104 million in long-term debt outstanding which represents a $9.0 million or 8% decrease from the prior year. In 2015, the City issued series 2014B Sales and Utility Revenue Funding bonds to advance refund the 2005 Sales and Utility Revenue bond series. The City also issued series 2015 Sales and Utility Revenue Refunding bonds to advance refund 2005 Utility Revenue bonds.
DEBT b u s i n e s s -t y p e activities
g o v e r n m e n ta l activities
Totals
2 0 1 6 2 0 1 5 2 0 1 6 2 0 1 5 2 0 1 6
2015
Accrued absences
$ 3 ,610
$3,299
$ 71 9
$656
$ 4, 3 2 9
$ 3 ,9 5 5
9%
Revenue bonds*
5 5 ,78 8
62 , 15 3
2 8 ,717
3 0 ,4 4 4
8 4, 5 0 5
9 2 , 59 7
-9%
Note payable
14,9 9 9
16 , 2 7 5
14,9 9 9
16 , 2 7 5
-8%
Capital Lease
39
$1 1 2 , 8 2 7
-8%
Total (Thousands)
See our complete disclosed information in our CAFR, Notes section 3E, Longterm Debt.
$ 59, 3 9 8
$ 6 5 ,4 52
$ 4 4,474
39 $ 47, 3 7 5
$10 3 , 8 72
r e v e n u e b o n d s paya b l e : g ov e r n m e n ta l ac t i v i t i e s * All bonds are secured by utility revenues and pledged sales tax
** These series represent refundings that have benefitted the City in an economic gain.
Series Sales Tax & Utility System Bonds 2010 2012 2013 2 0 14 2 0 14 b
Original Issue Amount 13,900 13,255 1 3 ,7 1 0 12,6 4 5 20,280
Original Date
Final Maturity Total
12 /30/2010 8/16/201 2 5 / 14 / 2 0 1 3 4 / 3 / 2 0 14 1 2 / 9/ 2 0 14
7/ 1 / 2 0 2 1 7, 1 5 0 7/ 1 / 2 0 2 3 9, 4 4 0 7/ 1 / 2 0 2 3 9, 9 2 5 7/ 1 / 2 0 24 1 0 , 5 3 3 7/ 1 / 2 0 2 6 1 8 ,74 0
$ 5 5 ,7 8 8 $ in Thousands
r e v e n u e b o n d s paya b l e : b u s i n e s s - t y p e ac t i v i t i e s * All bonds are secured by utility revenues
Utility System Refunding Bonds
2 0 14 2015
Original Issue Amount 10,085 20,4 56
Original Date
Final Maturity Total
4 / 3 / 2 0 14 7/ 1 / 2 0 24 9, 1 0 2 4 / 2 / 2 0 1 5 7/ 1 / 2 0 2 3 1 9, 6 1 5
$ 2 8 ,7 17 $ in Thousands
20
% of Change
H E A LT H Y G R O W T H I N
E D U C AT I O N
24,407 F Y16
school enrollment
The City of Edmond had an increase in enrollment of 442 students from FY15 to FY16.
INNOVATION
INCLUSION
21
$
13
m i lli o n
c i t y s a l e s ta x r ec e i v e d f r o m r e ta i l g e n e r a l m e r c h a n d i s e
$
7.5
m i lli o n
c i t y s a l e s ta x r ec e i v e d f r o m r e s ta u r a n t a n d b a r s
22
6.6
$
m i lli o n
c i t y s a l e s ta x r ec e i v e d f r o m r e ta i l b u i l d i n g m at e r i a l s
6.1
$
m i lli o n
c i t y s a l e s ta x r ec e i v e d f r o m r e ta i l g r o c e r y
23
ECONOMIC OUTLOOK N OT ES
F Y12
This chart reflect the actual amount of sales tax for the
F Y13
F Y14
F Y 1 2 -17 G E N E R A L F U N D ' S S A L E S TA X | A C T U A L S
F Y15
F Y16
F Y17
3.25
General Fund received for the last 5 fiscal years ending June 30, 2016. The sales tax revenues collected for 2017 thus far has shown a slight increase compared to last year for the first 6 months actuals. The City beginning in July of 2013 has experienced an exceptional increase in sales
3.0
tax collections which is a result of the economy bouncing back. More retail shops and restaurants have moved into the Edmond area boosting the economy. Single family building permits have increased causing an increase in
2.5
sales of lumber, concrete, hardware and appliances. For more information, the MD&A of our CAFR will provide more detailed information on our economic growth.
2.0
$ In Millions
1.5 JUL
24
AUG
SEP
OCT
NOV
DEC
JAN
FEB
MAR
APR
MAY
JUN
O U T S TA N D I N G
ACHIEVEMENT The Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Edmond, Oklahoma for its Popular Annual Financial Report for the fiscal year ended June 30, 2015 . The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability and reader appeal. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year. City of Edmond, Oklahoma has received a Popular Award for the last six consecutive years (fiscal years ended 2010-2015). We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to GFOA.
25
2016
CITIZEN'S REPORT
City of Edmond, Oklahoma • Fiscal Year Ending June 30, 2016
7 North Broadway • Edmond, Oklahoma 73034 • (4 05) 359 – 4 521 • edmondok.com