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HomeMy WebLinkAboutAudited Financial Results for the Fiscal Year Ended June 30, 2025AUDITED FINANCIAL RESULTS FOR THE FISCAL YEAR ENDED JUNE 30, 2025 Department of Finance | December 9, 2025 1 ACKNOWLEDGEMENTS •Senior Staff: •Kristin Bradley •Accounting Team: •Clifford Chewning •Katrina Flowers •Prakriti Guragain •Stacy Hershberger •Support Staff •Bonnie Castellow •Jessa Johnson •VB Communications Office •Blake Huffman •Kim Mattos •Howie McEntee •Kelley Peroe •Anne Potwine 2 AGENDA •Overview of FY 2025 Audited Financial Results •Net Position – All City Funds •General Fund •Enterprise Funds •Long-term Debt – Annual Required Payments 3 FY 2024 GFOA AND PAFR AWARD 4 STATEMENT OF NET POSITION – ALL CITY FUNDS JUNE 30, 2025 (IN MILLIONS) 5 2025 2024 2025 2024 Current Assets $ 1,769.5 $ 1,869.3 $ 379.0 $ 414.9 Capital Assets 5,313.6 5,096.9 666.2 638.9 Total Assets 7,083.1 6,966.2 1,045.2 1,053.8 Deferred Outflows of Resources 201.3 187.6 223.6 195.3 Current Liabilities 148.4 177.3 137.6 155.6 Net Pension Liability 437.7 436.4 462.4 484.7 Net OPEB Liability 73.2 78.6 144.3 152.3 Other Long-Term Liabilities 1,790.0 1,832.1 144.6 139.1 Total Liabilities 2,449.3 2,524.4 888.9 859.2 Deferred Inflows of Resources 142.9 136.3 123.8 106.3 Net Position: Net Investment in Capital Assets 3,802.9 3,524.6 658.2 630.3 Restricted 364.6 257.9 34.8 35.3 Unrestricted 524.7 710.8 (436.9) (454.6) Total Net Position $ 4,692.2 $ 4,493.3 $ 256.1 $ 211.0 CITY SCHOOLS GENERAL FUND BUDGET TO ACTUAL JUNE 30, 2025 (IN MILLIONS) 6 ADOPTED BUDGET AMENDED BUDGET ACTUAL VARIANCE ACTUAL % OF AMENDED BUDGET LOCAL $ 1,291.1 $ 1,291.3 $ 1,325.8 $ 34.5 2.7% STATE 188.2 198.2 199.3 1.1 0.6% FEDERAL 25.5 26.2 31.0 4.8 18.3% TOTAL REVENUES 1,504.8 $ 1,515.7 $ 1,556.1 $ 40.4 2.7% CITY 993.5 1,059.4 949.4 110.0 10.4% CITY CAPITAL PROJECTS 33.1 69.9 69.9 - 0.0% SCHOOLS 471.4 482.4 444.3 38.1 7.9% SCHOOLS CAPITAL PROJECTS 11.0 21.0 21.0 - 0.0% TOTAL EXPENDITURES 1,509.0 $ 1,632.7 $ 1,484.6 $ 148.1 9.1% OTHER FINANCING SOURCES 1.0 1.0 2.6 1.6 REVENUES OVER (UNDER) (3.2) $ (116.0) $ 74.1 $ 190.1 YEAR END FUND BALANCE 442.3 LESS: RESERVATIONS (263.9) TOTAL UNASSIGNED FUND BALANCE $ 178.4 * *11.5% of FY 2026 Budgeted Revenues TOTAL FUND BALANCE RESERVATIONS JUNE 30, 2025 (IN MILLIONS) 7 Total Fund Balance June 30, 2025 442.3$ Less Reservations: Inventories & Loans Receivable 10.8 Community Services Board Restricted Funds 8.7 School Reserve Fund 24.4 School Reversion 38.1 School Revenue True-Up 7.5 Carryforwards and Encumbrances 35.3 Flood Protection Referendum Fund 80.0 Storm Water Dedication 14.0 Trust and Gift Funds 2.1 FY 2026 City CIP Budget 36.5 Other uses of Fund Balance in FY 2026 6.5 263.9 Total Unassigned Fund Balance FY 2025 $ 178.4 % of FY 2026 Budgeted Revenues 11.5% UNASSIGNED GENERAL FUND BALANCE AS OF JUNE 30, 2016, THROUGH 2025 $107.1 $118.4 $114.3 $121.3 $152.8 $111.0 $180.3 $196.1 $186.2 $178.4 10.10% 10.50% 9.90% 10.20% 13.00% 9.00% 13.50%13.80% 12.60% 11.50% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% $- $50.0 $100.0 $150.0 $200.0 $250.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 % of Budgeted GF RevenueDollars (Millions)Unassigned General Fund Balance % of Budgeted General Fund Revenue 8 TOTAL REVENUES – GENERAL FUND JUNE 30, 2025 COMPARED TO PRIOR YEAR (IN MILLIONS) 9 FY 2025 AMENDED BUDGET FY 2025 YTD ACTUAL FY 2025 $ VARIANCE FY 2025 % VARIANCE FY 2024 AMENDED BUDGET FY 2024 YTD ACTUAL FY 2024 % VARIANCE REAL ESTATE TAXES 732.6$ 730.0$ (2.6)$ 99.6%701.4$ 698.3$ 99.6% PERSONAL PROPERTY TAXES 153.3 165.5 12.2 108.0%154.8 154.5 99.8% COMMONWEALTH - PPTRA 53.4 53.4 - 100.0%53.4 53.4 100.0% GENERAL SALES TAX 93.3 95.4 2.1 102.3%91.9 92.2 100.3% BUSINESS LICENSE 62.6 67.3 4.7 107.5%58.7 62.1 105.8% UTILITY TAXES 42.3 42.9 0.6 101.4%43.1 42.7 99.1% MEAL TAX 62.0 62.4 0.4 100.6%58.7 59.9 102.0% HOTEL TAX 11.5 11.2 (0.3) 97.4%11.3 11.2 99.1% OTHER LOCAL TAXES 32.6 31.2 (1.4) 95.7%33.9 28.8 85.0% CHARGES FOR SERVICES 63.5 62.7 (0.8) 98.7%63.2 64.7 102.4% OTHER LOCAL REVENUE 29.1 28.9 (0.2) 99.3%26.4 28.0 106.1% INTEREST REVENUE 8.4 28.3 19.9 336.9%4.4 21.9 497.7% COMMONWEALTH REVENUE 144.9 145.9 1.0 100.7%140.6 139.5 99.2% FEDERAL REVENUE 26.2 31.0 4.8 118.3%24.6 29.4 119.5% TOTAL GENERAL FUND REVENUE 1,515.7$ 1,556.1$ 40.4$ 102.7%1,466.4$ 1,486.6$ 101.4% TOTAL EXPENDITURES – GENERAL FUND JUNE 30, 2025 COMPARED TO PRIOR YEAR 10 - 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 2025 2024 ENTERPRISE FUNDS STATEMENT OF NET POSITION AT JUNE 30, 2025 (IN MILLIONS) 11 WATER AND SEWER STORM WATER WASTE MANAGEMENT PARKING TOTAL CASH AND INVESTMENTS $ 133.6 $ 29.1 $ 11.0 $ 5.2 $ 178.9 CASH AND INVESTMENTS-RESTRICTED 43.2 123.9 - - 167.1 RECEIVABLES 18.4 5.8 5.2 - 29.4 INVENTORY 4.4 0.2 - - 4.6 CAPITAL ASSETS 751.2 611.3 6.6 3.9 1,373.0 DEFERRED OUTFLOWS 10.0 2.3 2.8 0.2 15.3 TOTAL ASSETS + DEFERRED 960.8 772.6 25.6 9.3 1,768.3 CURRENT LIABILITIES 29.3 13.1 2.6 0.7 45.7 BONDS AND NOTES PAYABLE 163.3 204.3 - - 367.6 OTHER LONG-TERM LIABILITIES 7.1 0.7 1.2 3.3 12.3 NET PENSION LIABILITY 23.4 5.4 6.5 0.5 35.8 NET OPEB LIABILITY 2.0 0.5 0.7 0.0 3.2 DEFERRED INFLOWS 4.6 1.4 1.3 0.1 7.4 TOTAL LIABILITIES + DEFERRED 229.7 225.4 12.3 4.6 472.0 NET INVESTMENT IN CAPITAL ASSETS 584.6 445.8 6.6 0.3 1,037.3 CAPITAL PROJECTS - 35.8 - - 35.8 FUTURE DEBT SERVICES 21.4 14.5 - - 35.9 UNRESTRICTED (DEFICIT) 125.1 51.1 6.7 4.4 187.3 TOTAL NET POSITION $ 731.1 $ 547.2 $ 13.3 $ 4.7 $ 1,296.3 ENTERPRISE FUNDS STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN NET POSITION AT JUNE 30, 2025 (IN MILLIONS) 12 WATER AND SEWER STORM WATER WASTE MANAGEMENT PARKING CHARGES FOR SERVICES $ 146.1 $ 46.8 $ 45.9 $ 5.4 MISCELLANEOUS 0.07 - 0.9 - OPERATING REVENUE 146.1 46.8 46.8 5.4 COST OF GOODS SOLD 37.1 - 0.4 - PERSONNEL SERVICES 36.0 8.8 12.7 0.7 OPERATING EXPENSES 40.1 10.3 30.6 4.1 DEPRECIATION 27.6 11.4 3.3 0.3 OPERATING EXPENSES 140.8 30.5 47.0 5.1 INTEREST AND FISCAL AGENT FEES (4.9) (4.1) - (0.6) OTHER NONOPERATING REVENUES 11.2 3.3 0.6 0.3 NONOPERATING REV AND EXP 6.3 (0.8) 0.6 (0.3) CAPITAL CONTRIBUTIONS 8.0 41.3 - - TRANSFERS IN (OUT) - - - (0.4) CHANGE IN NET POSITION $ 19.6 $ 56.9 $ 0.4 $ (0.5) LONG TERM DEBT ANNUAL PAYMENTS (IN MILLIONS) 13 FY 2025 FY 2024 Principal Retirement $ 105.1 $ 112.1 Interest 43.2 46.1 City Pension - Employer Contributions 82.3 72.6 School Pension - Employer Contributions 77.5 84.6 City OPEB - Employer Contributions 12.4 12.4 School OPEB - Employer Contributions 19.4 19.2 THANK YOU QUESTIONS? 14