City of Edmond Popular Annual Financial Report 2019

C I T Y O F E D M O N D, O K L A H O M A BUILDING FOR THE FUTURE

POPULAR ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR ENDED JUNE 30, 2019

CLICK TO SEE THE ANNUAL COMPREHENSIVE FINANCIAL REPORT (ACFR) FOR THE FISCAL YEAR ENDED JUNE 30, 2019

TA B L E O F

CONTENTS

Director’s Letter 2

Edmond's Numbers 13

City Council & Ward Map 4

General Fund 16

Statement of Net Position 6

Long-Term Debt 20

Economic Outlook 24

Change in Net Position 8

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, 2019.

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 2019 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.

The City has two primary sources of revenue, utility revenues and sales tax. For FY 1819, the City had an increase in Wastewater system revenues, due to growth and a rate increase primarily for utility plant upgrades and construction. In FY 18-19, the City had a decline in system revenues in Electric and Water operations. The declines in revenues were primarily due to a moderate and wet spring and early summer season plus a decrease in system charges in Electric Fund. In FY 18-19, sales tax revenues increased 5.38% from FY 17-18 receipts. The City did experience an increase in Use Tax revenues as the State of Oklahoma Tax Commission successfully negotiated remittance of Use Tax by most large companies primarily selling products through the internet, plus increases in the Oil and the Medical sectors remitting Use Tax. More information about the City’s sales tax collections can be found in the CAFR. Plans are underway from major infrastructure enhancements for the Water and Wastewater utilities. In October 2017, bond financing was completed for improvements to the Wastewater Recovery Facility. Major construction activities will continue during the next two years at the wastewater plant to serve both future growth within the community and to meet current and expected environmental regulations. The City did delay the construction of a new Water Plant. Other improvements will begin during the next three years, with the new Water Plant being delayed for up to five years.

The City of Edmond have completed major intersection improvements on Covell and plan to initiate further improvements within this major corridor during FY19-20. The Hotel/Conference Center at Covell and I-35 opened in December 2017 and Showbiz Cinemas opened in December 2018. Additional commercial developments for the area have been completed and more projects are planned. The City issued 464 residential dwelling permits during FY 18-19. Edmond issued 42 new commercial construction permits, exceeding $53 million in value during the past fiscal year.

Another large project recently completed was the multi-use paved trail that follows Spring Creek from the west frontage road adjacent to I-35 to Spring Creek Park atz Arcadia Lake. The 18-foot-wide trail is over 2.5 miles in length and is the first leg of many trail additions that eventually would allow users to go around the lake and through various Arcadia Lake park areas. In partnership with Oklahoma Department of Transportation (ODOT), a new trail construction project has been awarded along Highway 66 from Arcadia Lake. Moreover, the city is partnering with Edmond Public Schools to construct a new tennis center complex for the community.

Edmond has completed the first phase of implementation of the most extensive Intelligent Traffic System (ITS) in Oklahoma. The City is in the process of expanding the ITS system plans to continue the development of the ITS network through a partnership with ODOT. 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,

Warren Porter Director of Finance

2

Nestled on historic Route 66 in central Oklahoma, Edmond covers approximately 87 square miles and is the third largest city in the Oklahoma City Combined Statistical Area (CSA). The City has adopted a charter and operates under a Council-Manager form of government. The city features quiet suburban living with a central business district, major shopping and modern office areas, and hosts a multitude of recreational and cultural events throughout the year.

3

CITY OF EDMOND

COUNCIL

TRUSTWORTHY SERVICE T H R O U G H C O N T I N U O U S I M P R OV E M E N T

OUR CORE VALUES

Dan O'Neil Mayor | May 2019–21 dan.oneil@edmondok.com

Accountability | We are responsible for our work, our words, and our actions.

Communication | We value efforts to communicate with our customers in a caring, timely, professional manner.

Customer Service | We provide service with courtesy, respect, dependability, flexibility, and timeliness.

Inclusion | We promote an inclusive work force and equitable services for our increasingly diverse community.

Innovation | We value innovation, creative thought, and the collaboration of ideas.

Integrity | We value the spirit of integrity in all aspects of our working lives.

Professionalism | We continue to seek growth, striving to be a learning organization.

Teamwork | We encourage diversity of thinking, ideas, and responsibilities.

David Chapman

Josh Moore

Darrell Davis

Nick Massey

Council Member Ward 1 May 2019–23 david.chapman@edmondok.com

Council Member Ward 2 May 2019–23 josh.moore@edmondok.com

Council Member Ward 3 May 2017–21 darrell.davis@edmondok.com

Council Member Ward 4 May 2017–21 nick.massey@edmondok.com

4

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, 2019, 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

2019

2018

2019

2018

2019

2018

$103,94 4

$ 1 0 4 , 6 74

$292,998

$296,216

$ 3 9 6 , 9 42

$400,890

3 3 7, 5 0 1

3 2 7, 9 9 0

3 7 9, 4 0 2

292,846

716,903

620,836

10,553

9, 1 3 1

3 9, 14 3

8 7, 8 8 1

49, 6 9 6

9 7, 0 1 2

4 51,998

4 41 ,7 9 5

711,543

6 76 , 9 4 3

1 , 1 6 3 , 5 41

1 , 1 1 8 ,7 3 8

Deferred Outflows

21,603

1 9, 6 6 6

2,887

2,922

24 , 49 0

22,588

Current liabilities

28,885

2 5 ,7 9 1

3 7, 1 2 3

2 9, 3 8 5

66,008

5 5 , 176

Non-current liabilities

9 7, 5 4 3

1 0 9, 3 0 5

2 6 1 , 1 24

266,000

358,667

375,305

Total liabilities

1 2 6 , 42 8

135,096

2 9 8 , 247

295,385

424 , 6 7 5

430,481

Deferred Inflows

7, 2 1 3

4,677

706

703

7, 9 1 9

5,380

302,959

286,813

230,309

212,909

533,268

49 9,7 2 2

54,830

64,158

2 3 ,7 2 7

23,678

78,557

8 7, 8 3 6

(17, 8 3 0)

( 2 9, 2 8 2 )

1 6 1 , 4 41

1 47, 1 8 9

14 3,611

1 17, 9 0 7

$ 3 3 9, 9 5 9

$321,689

$ 41 5 , 47 7

$ 3 8 3 ,7 76

$755,436

$705,465

Current assets Capital assets, net Other non-current assets Total assets

Net position Net Investment in capital assets Restricted Unrestricted (deficit) Total net position

6

NET POSITION

UNRESTRICTED

( 17.8 ( $

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

$

1 61

m i lli o n

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 lake fees finance business-type operations.

Electricity

Solid Waste

Water

KickingBird Golf Course

Drainage

Arcadia Lake

Wastewater

Transportation Services

This number represents 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, 2019. New reporting standards implemented in 2016 caused our Governmental Activities to report a negative in Unrestricted Net Position. For full disclosure, refer to our CAFR, Note 4 at www.edmondok.com/budget/reports.

7

CHANGE IN

NET POSITION 110,000

NOTES The results indicate the City, as a whole, experienced an increase in total net position of $50 million which was a combination of overall expenses staying relatively in line with revenue collections. *Does not include transfers.

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.

g ov e r n m e n ta l ac t i v i t i e s * The City’s governmental activities’ increase in net position of $18.3 million represents a 2.5% decrease from the prior year’s change in net position and is primarily the result of an increase in culture and recreation expense related to the tennis center project with Edmond Public Schools and a decrease in capital grants.

100,000 90,000 80,000 70,000 60,000 50,000 40,000 30,000 20,000 10,000 In Thousands

$0 2015

2016

2017

2018

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 increase in net position of $31.7 million represents a 6% decrease from the prior year, which is largely attributable to the increase in expenses and a decrease in capital grants.

2019

Expenses

180,000

150,000

120,000

90,000

60,000

30,000

In Thousands $0 2015

2016

2017

2018

Revenues

2019

Expenses 8

I N C R E A S E I N T O TA L

$

NET POSITION

50

million

A combination of overall expenses staying relatively in line with revenue collections.

9

PENSION/OPEB Pension Liability Reported

Oklahoma Firefighters Pension and Retirement System reported: Liability of $42,792,838

As of June 30, 2019

Oklahoma Police Pension and Retirement System reported:

Liability of $-

City of Edmond Employees’ Retirement System reported:

Liability of $19,833,265

c h a n g e s i n t o ta l o p e b l i a b i l i t y

Balance at Beginning of Year

$6,098,015

Sensitivity of the City's total OPEB Liability to changes in the discount rate The following presents the City's total OPEB liability, as well as what the City's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.87 percent) or 1-percentage-point higher (4.87 percent) than the current discount rate:

Changes for the Year Service Cost

$323,640

Interest Expense

$ 2 2 9, 8 9 5

Differences in Expected & Actual Experience

$ ( 1 6 , 1 6 9)

Changes in Assumptions

$ ( 5 9 9, 1 3 0)

Benefits Paid

$ ( 2 0 1 , 1 3 9)

Net Changes

$ ( 2 6 2 , 9 0 3)

Balances End of Year

e m p l oy e r ' s t o ta l o p e b l i a b i l i t y 1% Decrease (2.87%)

Current Discount Rate (3.87%)

1% Increase (4.87%)

$6,883,392

$5,835,112

$5,004,481

$5,835,112

10

PENSION/OPEB o p e b l i a b i l i t y /ac t u r i a l a s s u m p t i o n s The total OPEB liability was determined based on actuarial valuation performed as of June 30, 2018 which is also the measurement date.

The total OPEB liability in the June 30, 2018 valuation, was determined using the following actuarial assumptions:

•

Actuarial Cost Method - Entry Age

•

Discount Rate - 3.87% based on the 20 year municipal bond yield

•

Retirement Age - Civilians - 55 with 7 years of service, Police and Fire 20 years of service

•

Medical Trend Rates

year

rate

2018 6.05%

2019 6.02%

2020 5.99%

2030 5.99%

2035 5.87% 2040

5.33%

2045

5.15%

2050

5.03%

2060

4.87%

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.

SUPPORTS CITY SERVICES

8.25

%

surrounding cities 8.85% Mustang 8.85% Yukon

8.625%

9.1%

Oklahoma City Midwest City

8.50% Moore 8.75% Norman

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 2017 Capital Improvement Tax Fund for various capital improvements. This fund replaces the 2012 Public Safety Center Capital Improvements Tax Fund. This was voted on by our voters in April 2016 and will continue for 10 years.

12

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 2 % 1%

4% 1 1%

18%

10%

2%

54%

73% 16 %

9%

Sales Tax

Public Safety (Fire & Police)

Other Taxes

General Government

Charges for Service

Culture, Parks and Recreation

Grants

Streets and Highways

Other

Health and Welfare Interest on Long-Term Debt

13

100 o f c i t y fac i l i t i e s r u n

o n r e n e wa b l e e n e r gy s o u r c e s

%

437

residential new building permits i s s u e d i n c a l e n da r y e a r

2018

14

3.1

%

u n e m p l oy m e n t r at e

9 3 K+ 2018

c i t y o f e d m o n d p o p l u l at i o n

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. $50,000,000

$45,000,000 $40,000,000

2 019

2018

2 017

2 016

2 015

Sales and Use Taxes

46,328,395

41,601,211

3 8 , 69 3 ,158

3 8 ,18 6 , 53 5

37,777, 579

Charges for Services*

6,453,165

6,054,249

6 ,78 0 ,18 8

5 , 3 97,4 8 0

5 ,921 , 0 07

Fines and Forfeitures

1,854,649

1,628,740

2, 267,734

1 , 641 , 28 3

1 , 8 0 9, 016

Franchise & Public Service Tax

2,121,326

2,173,068

2,142, 557

2, 281 ,49 0

2, 371 ,750

Intergovernmental

1,793,530

1,819,583

1 ,976 , 671

1 ,9 82, 59 0

2,4 53 , 3 69

Licenses and Permits

1,544,064

1,446,443

1 ,4 52,924

1 ,412, 552

1 ,769, 3 55

Miscellaneous

167,303

222,053

14 8 , 255

243 , 3 55

241 ,99 0

Investment Income

257,128

73,971

4 4 , 619

73 ,131

10 0 ,432

60,519,560

55,019,318

53,506,106

51,218,416

52,444,498

$35,000,000 30,000,000 25,000,000

general fund expenditures

20,000,000 15,000,000 10,000,000 5,000,000 $0 2015

2016

Sales and Use Taxes All other Revenues

2017

2018

2019

2 019

2 018

General Government

2 017

2 016

2 015

6,373,715

5,545,128

Public Safety

3,015,627

2,987,164

5,370,175

5,828,765

5,686,690

2,955,869

2,988,821

Health and Welfare

710,882

692,581

648,896

2,566,686

647,276

466,338

Culture, Parks and Recreation

4,088,628

4,078,792

3,718,180

3,609,872

4,239,954

Streets and Highways

6,280,570

5,488,301

5,377,604

6,354,224

4,843,989

Capital Outlay

1,012,056

455,971

2,027,680

937,712

1,649,799

21,481,478

19,247,937

20,098,404

20,366,670

19,453,456

*Per City ordinance, 30% of General Fund revenues are tansferred and used for funding the Fire Department operations and 36.8 % of these same revenues will be used for funding Police Department operations.

.

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 miscellaneious charges.

Fines and Forfeitures Includes all court fines and fees, and building code violations.

Franchise and Public Service Taxes Includes fees assessed for private use of public property.

E X P L A N AT I O N O F T E R M S

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.

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, elecrical, heat/air, furniture stocking, fixture stocking, fire permits, miscellaneous permits, contracor registration, reinspection 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 brom our investments portfolio.

general fund expenditures

Public Safety Expenditures within the funds that supports the safety of our citizens, such as police, fire, emergency management, and animal welfare.

Health and Welfare Includes code enforcement, family services, and social services..

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 Government Includes city council, municipal court, planning, Downtown Community Center and airport maintenance and repairs.

17

GENERAL FUND N OT ES

15

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.

12

In this analysis only the General Fund information is reported and is based on revenues. In our model, 10% is considered a minimum responsible level, while 30% is considered responsible.

9

As you can see by this 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

6

3

0%

2015

2016

2017

2018

2019

18

GOING ABOVE

A N D B E YO N D

13.06

%

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 $277 million in long-term debt outstanding which represents a decrease of $10 million or 3.5% from the prior year.

In 2017, the City issued series 2017 Sales and Utility Revenue Funding Bonds for $167 Million for construction of new Coffee Creek Water Resource Building

DEBT

g o v e r n m e n ta l activities

b u s i n e s s -t y p e activities

totals

2 0 1 9 2 0 1 8 2 0 1 9 2 0 1 8 2 0 1 9

2018

% of Change

Accrued absences

$ 4, 3 2 2

$ 4, 1 2 2

$832

$758

$ 5 , 15 4

$ 4, 8 8 0

6%

Revenue bonds*

3 5 ,6 0 1

42 , 5 5 7

222,557

2 2 7, 8 6 6

2 5 8 , 15 8

2 70 ,424

-5%

Note payable

1 2 , 3 47

14, 2 8 8

14, 2 8 8

1 2 , 3 47

16%

Capital Lease

5

8

5

8

-38%

$ 2 3 7,6 8 2

$ 24 0 ,9 79

$ 2 7 7,6 0 5

$ 2 8 7,6 59

-3%

Total (Thousands)

See our complete disclosed information in our CAFR Notes Section 3E, Long-Term Debt.

$ 3 9,9 2 3

$ 4 6 ,679

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 Series Sales Tax & Utility System Bonds

Original Issue Amount

Original Date

Final Maturity Total

2010

13,900

12/30/2010

7/ 1 / 2 0 2 1

2012

13,255

8/16/2012

7/ 1 / 2 0 2 3

5,620

2013

1 3 ,7 1 0

5 / 14 / 2 0 1 3

7/ 1 / 2 0 2 3

5,905

2 0 14

12,6 4 5

4 / 3 / 2 0 14

7/ 1 / 2 0 24

7, 2 6 0

2 0 14 b

20,280

1 2 / 9/ 2 0 14

7/ 1 / 2 0 2 6

13,825

$ in Thousands

$35,600

2,990

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

Original Issue Amount

Original Date

Final Maturity Total

2 0 14

10,085

4 / 3 / 2 0 14

7/ 1 / 2 0 24

6,277

2015

20,4 56

4/2/2015

7/ 1 / 2 0 2 3

11,040

2016

41 ,7 9 5

7/ 5 / 2 0 1 6

7/ 1 / 2 0 4 6

2 0 17 1 6 7, 0 2 5 1 0 / 1 9/ 2 0 17 7/ 1 / 2 0 47

$ in Thousands

40,350 16 4,890 $ 222,557

20

$4 2 , 2 4 0 p e r c a p i ta p e r s o n a l i n c o m e

TOP 3

EMPLOYERS

1.

2.

3.

1,127 a s p h a lt p o t h o l e s r e pa i r e d ( i n t o n s)

edmond public schools universit y of central okl ahoma cit y of edmond

$5 4 8 , 3 9 4 h o t e l / m o t e l ta x c o l l ec t e d i n f i s c a l y e a r 2019

21

5,108 m i l e s o f ac r e ag e f o r pa r ks

6,315 street lights in edmond

a n d r ec r e at i o n fac i l i t i e s

22

157 p o l i c e pat r o l u n i t s

8 , 3 67 fire emergency responses

23

ECONOMIC OUTLOOK N OT ES This chart reflects the actual amount of sales tax for the General Fund received for the last 4 fiscal years ending June 30, 2019. The sales tax revenues collected for FY 18–19 thus far have shown a positive growth compared to last year for the first 6 month actuals. In FY 18–19, sales tax revenues increased 5.38% from FY 17–18 receipts. For FY 18–19, net use tax collections increased $2,433,936or 35.4% over FY 17–18.

Under construction in 2019 is a collaboration between the City of Edmond and Edmond Public Schools for a Tennis Center. This state-of-the-art complex will feature 6 indoor courts and 24 outdoor courts, including two center championship courts.

Construction is anticipated to be completed summer 2020. Other future projects include intersection improvements at Kelly and Danforth; implementation of Phase 2 of the Intelligent Traffic Systems; downtown streetscape program; part improvements of Hafer Park and Stephenson Park and soccer complex improvements. Also, the city is under construction for an expansion of its Animal Shelter and the replacement station for Fire Station #2 should be operational by the end of 2019. For more insights, the MD&A of our CAFR will provide more detailed information on our economic growth.

F Y 1 5 -1 9 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

FY 15-16 3,500,000

JUL

AUG

SEPT

OCT

FY 16-17

NOV

FY 17 -18

DEC

JAN

FY 18-19

FEB

FY 19-20

MAR

APR

MAY

JUNE

3,400,000

3,300,000

3,200,000

3,100,000

3,000,000

2,900,000

2,800,000

2,700,000

2,600,000

2,500,000

24

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, 2018 . 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 nine consecutive years (fiscal years ended 2010–2018). We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to GFOA.

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2019

CITIZEN'S REPORT City of Edmond, Oklahoma Fiscal Year Ending June 30, 2019 7 North Broadway • Edmond, Oklahoma 73034 (4 05) 359 – 4 521 • edmondok.com