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GENERAL FUND UPDATE 12.10.2024AUDITED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED JUNE 30, 2024 Department of Finance | December 10, 2024 1 AGENDA •Overview of FY 2024 Audited Financial Results •Net Position – All City Funds •General Fund •Enterprise Funds •Long-term Debt – Annual Required Payments 2 STATEMENT OF NET POSITION – ALL CITY FUNDS JUNE 30, 2024 (IN MILLIONS) CITY SCHOOLS TOTAL Current Assets $ 1,869.5 $ 414.9 $ 2,284.4 Capital Assets 5,096.8 638.9 5,735.7 Total Assets 6,966.3 1,053.8 8,020.1 Deferred Outflows of Resources 187.6 195.3 382.9 Current Liabilities 177.3 155.6 332.9 Net Pension Liability 436.4 484.7 921.1 Net OPEB Liability 78.6 152.3 230.9 Other Long-Term Liabilities 1,832.1 66.6 1,898.7 Total Liabilities 2,524.4 859.2 3,383.6 Deferred Inflows of Resources 136.3 106.3 242.6 Net Position: Net Investment in Capital Assets 3,524.6 630.3 4,154.9 Restricted 257.9 35.3 293.2 Unrestricted 710.8 (382.1) 328.7 Total Net Position $ 4,493.3 $ 283.5 $ 4,776.8 3 GENERAL FUND BUDGET TO ACTUAL JUNE 30, 2024 (IN MILLIONS) 4 ADOPTED BUDGET AMENDED BUDGET ACTUAL VARIANCE ACTUAL % OF AMENDED BUDGET LOCAL $ 1,246.4 $ 1,247.8 $ 1,264.4 $ 16.6 1.3% STATE 174.8 194.0 192.8 (1.2)-0.6% FEDERAL 24.6 24.6 29.4 4.8 19.5% TOTAL REVENUES $ 1,445.8 $ 1,466.4 $ 1,486.6 $ 20.2 1.4% CITY OPERATIONS 939.8 976.0 914.7 61.3 6.3% CITY CAPITAL PROJECTS 81.0 120.4 120.4 - 0.0% SCHOOLS 468.4 468.7 437.0 31.7 6.8% SCHOOL RESERVE FUND 0.4 0.4 0.4 - 0.0% SCHOOLS CAPITAL PROJECTS 11.0 25.9 25.9 - 0.0% TOTAL EXPENDITURES $ 1,500.6 $ 1,591.4 $ 1,498.4 $ 93.0 5.8% OTHER FINANCING SOURCES $ 1.0 $ 1.0 $ 37.8 $ 36.8 (1.0) REVENUES OVER (UNDER) $ (53.8) $ (124.0) $ 26.0 $ 113.2 FUND BALANCE @ JUNE 30 368.1 LESS: RESERVATIONS (181.9) TOTAL UNASSIGNED FUND BALANCE 186.2$ * *12.6% of FY 2025 Budgeted Revenues TOTAL FUND BALANCE RESERVATIONS JUNE 30, 2024 (IN MILLIONS) Total Fund Balance June 30, 2024 368.1$ Less Reservations: Inventories & Loans Receivable 9.1 Community Services Board Restricted Funds 6.8 School Reserve Fund 14.9 School Reversion 31.7 Carryforwards and Encumbrances 23.3 Flood Protection Referendum Fund 55.3 Trust and Gift Funds 1.0 FY 2025 City CIP Budget 36.2 Other uses of Fund Balance in FY 2025 3.6 181.9 Total Unassigned Fund Balance FY 2024 $ 186.2 % of FY 2025 Budgeted Revenues 12.6% 5 UNASSIGNED GENERAL FUND BALANCE AS OF JUNE 30, 2015, THROUGH 2024 $97.0 $107.1 $118.4 $114.3 $121.3 $152.8 $111.0 $180.3 $196.1 $ 186.2 9.30% 10.10%10.50%9.90%10.20% 13.00% 9.00% 13.50%13.80% 12.60% 0.00% 2.00% 4.00% 6.00% 8.00% 10.00% 12.00% 14.00% $- $50.0 $100.0 $150.0 $200.0 $250.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 % of Budgeted GF RevenueDollars (Millions)Unassigned General Fund Balance % of Budgeted General Fund Revenue 6 TOTAL REVENUES – GENERAL FUND JUNE 30, 2024 COMPARED TO PRIOR YEAR (IN MILLIONS) 7 - FY 2024 ADOPTED BUDGET FY 2024 AMENDED BUDGET FY 2024 YTD ACTUAL $ VARIANCE (AMENDED VS ACTUAL) FY 2024 ACTUAL % OF AMNDED BUDGET FY 2023 AMENDED BUDGET FY 2023 YTD ACTUAL FY 2023 ACTUAL % OF AMENDED BUDGET REAL ESTATE TAXES 701.4$ 701.4$ 698.3$ 3.1$ 99.6%649.7$ 642.5$ 98.9% PERSONAL PROPERTY TAXES 154.8 154.8 154.5 0.3 99.8%139.2 140.3 100.8% COMMONWEALTH - PPTRA 53.4 53.4 53.4 - 100.0%53.4 53.4 100.0% GENERAL SALES TAX 91.9 91.9 92.2 (0.3) 100.3%93.9 89.5 95.3% BUSINESS LICENSE 58.7 58.7 62.1 (3.4) 105.8%54.9 59.0 107.5% UTILITY TAXES 43.1 43.1 42.7 0.4 99.1%43.1 40.5 94.0% MEAL TAX 58.7 58.7 59.9 (1.2) 102.0%57.0 58.7 103.0% HOTEL TAX 11.3 11.3 11.2 0.1 99.1%10.7 11.1 103.7% OTHER LOCAL TAXES 33.9 33.9 28.8 5.1 85.0%34.5 30.7 89.0% CHARGES FOR SERVICES 63.1 63.2 64.7 (1.5) 102.4%54.1 54.6 100.9% OTHER LOCAL REVENUE 29.5 30.8 49.9 (19.1) 162.0%27.4 27.4 100.0% COMMONWEALTH MAINTENANCE OF ROADS 56.0 66.2 66.2 - 100.0%57.5 60.6 105.4% COMMONWEALTH - HUMAN SERVICES 39.2 47.0 45.4 1.6 96.6%41.6 41.1 98.8% COMMONWEALTH - OTHER STATE REVENUE 26.3 27.4 27.9 (0.5) 101.8%26.2 25.0 95.4% FEDERAL REVENUE 24.5 24.6 29.4 (4.8) 119.5%25.2 26.0 103.2% TOTAL GENERAL FUND REVENUE 1,445.8$ 1,466.4$ 1,486.6$ (20.2)$ 101.4%1,368.4$ 1,360.4$ 99.4% TOTAL EXPENDITURES – GENERAL FUND JUNE 30, 2024 COMPARED TO PRIOR YEAR 8 - 50,000,000 100,000,000 150,000,000 200,000,000 250,000,000 300,000,000 350,000,000 400,000,000 450,000,000 500,000,000 Transfers - Schools Salaries Operating Expenses Fringe Benefits Transfers - CIPs Debt Service Transfers - Other Funds Capital Outlay 2024 2023 ENTERPRISE FUNDS STATEMENT OF NET POSITION AT JUNE 30, 2024 (IN MILLIONS) 9 WATER AND SEWER STORM WATER WASTE MANAGEMENT PARKING TOTAL CASH AND INVESTMENTS $ 129.3 $ 28.7 $ 12.2 $ 5.9 $ 176.1 CASH AND INVESTMENTS-RESTRICTED 88.0 31.6 - - 119.6 RECEIVABLES 15.9 5.4 4.7 - 26.0 INVENTORY 3.8 3.8 CAPITAL ASSETS 707.1 573.4 5.3 3.6 1,289.4 DEFERRED OUTFLOWS 9.2 2.2 2.8 0.2 14.4 TOTAL ASSETS + DEFERRED 953.3 641.3 25.0 9.7 1,629.3 CURRENT LIABILITIES 31.3 11.1 2.0 1.0 45.4 COMPENSATED ABSENCES 2.3 0.6 1.1 0.1 4.1 BONDS AND NOTES PAYABLE 178.5 132.0 - - 310.5 SUBSCRIPTIONS PAYABLE - - - - - LEASE PAYABLE - - - 3.0 3.0 NET PENSION LIABILITY 23.0 5.4 6.9 0.4 35.7 NET OPEB LIABILITY 2.5 0.6 0.9 0.1 4.1 DEFERRED INFLOWS 4.2 1.3 1.3 0.1 6.9 TOTAL LIABILITIES + DEFERRED 241.8 151.0 12.2 4.6 409.6 NET INVESTMENT IN CAPITAL ASSETS 508.5 431.6 5.3 0.3 945.7 FUTURE DEBT SERVICES 20.5 9.6 - - 30.1 UNRESTRICTED (DEFICIT) 182.5 49.1 7.5 4.8 243.9 TOTAL NET POSITION $ 711.5 $ 490.3 $ 12.8 $ 5.1 $ 1,219.7 ENTERPRISE FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN NET POSITION AT JUNE 30, 2024 (IN MILLIONS) 10 WATER AND SEWER STORM WATER WASTE MANAGEMENT PARKING CHARGES FOR SERVICES $ 137.5 $ 46.3 $ 41.3 $ 5.9 MISCELLANEOUS 0.04 0.03 0.9 - OPERATING REVENUE 137.5 46.3 42.2 5.9 COST OF GOODS SOLD 38.2 - 0.4 - PERSONNEL SERVICES 37.1 8.9 13.6 0.6 OPERATING EXPENSES 39.2 14.1 26.7 5.2 DEPRECIATION 27.9 11.2 3.0 0.3 OPERATING EXPENSES 142.4 34.2 43.7 6.1 INTEREST AND FISCAL AGENT FEES (5.0) (3.4) - (0.6) OTHER NONOPERATING REVENUES 8.3 2.7 0.5 0.2 NONOPERATING REV AND EXP 3.3 (0.7) 0.5 (0.4) CAPITAL CONTRIBUTIONS 2.9 2.1 - - TRANSFERS IN (OUT) - - - (0.4) CHANGE IN NET POSITION $ 1.3 $ 13.6 $ (1.1) $ (1.2) LONG TERM DEBT ANNUAL PAYMENTS (IN MILLIONS) 11 FY 2024 FY 2023 Principal Retirement $ 112.1 $ 122.8 Interest 46.1 51.2 City Pension - Employer Contributions 72.6 67.6 School Pension - Employer Contributions 84.6 77.3 City OPEB - Employer Contributions 12.4 11.7 School OPEB - Employer Contributions 19.2 17.5 FY 2023 GFOA AND PAFR AWARD 12 THANK YOU QUESTIONS? 13