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Resolution No. 5176
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2016 No. 5146-5179
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Resolution No. 5176
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12/29/2016 10:26:56 AM
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12/29/2016 10:26:13 AM
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City Recorder
CMO_Document_Type
Resolutions
Document_Date
12/12/2016
Document_Number
5176
CMO_Effective_Date
12/12/2016
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CRO
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Under Oregon Revised Statutes, general obligation debt issues are limited to 3.0% of the real market value of all <br />taxable property within the City’s boundaries. The $15.6 million in general obligation debt applicable to this limit is well <br />below the $688.0 million ceiling. The City’s net direct general obligation bonded debt per capita is $96. <br />Additional information on the City’s bonded debt can be found in the Notes to Basic Financial Statements (Note 4H). <br />Fund-based Financial Analysis <br />As previously discussed, the City uses fund accounting to demonstrate transparency and ensure compliance with <br />finance-related legal requirements. <br />. <br />Governmental funds The focus of the City’s governmental funds is to provide information on near-term inflows, <br />outflows, and balances of spendable resources. Such information is useful in assessing the City’s requirements for <br />funding day-to-day operations. Significant issues regarding the governmental funds are listed below. <br />As of the end of the fiscal year, the City’s governmental funds reported a combined ending fund balance of $149.0 <br />million, an increase of $20.3 million in comparison to the prior year. $3.2 million of the fund balance is nonspendable <br />because it consists of the following: 1) prepaid expenditures, 2) debt service, 3) inventories, and 4) assets held for <br />resale. The remaining $145.8 million of fund balance was classified as follows. <br /> $61.2 million was restricted due to external limits on how the resources may be used. <br /> $13.3 million was committed as a result of specific constraints placed on the use of the resources per City <br />ordinance. <br /> $51.5 million was assigned per City Council’s intent to use these resources for a specific purpose: <br />unappropriated ending fund balance, reserve for revenue shortfall, balancing the next year’s budget, and <br />uncompleted capital projects are the primary components. <br /> $19.8 million was unassigned and is available to be used at the government’s discretion, subject to fund <br />limitations. <br />The fund balance of the City’s General Fund increased $17.2 million from $41.0 million to $58.2 million during the <br />current fiscal year. The increase was primarily due to an $18.75 million legal settlement of Franchise fees on telecom <br />providers. <br />The fund balance in the Community Development Fund decreased $0.5 million from $3.7 million to $3.2 million during <br />the fiscal year. The decrease was in part due to a $1.5 million decrease in revolving loan repayments, which was offset <br />by a $1.2 million decrease in debt service payments. <br />The fund balance in the General Obligation Debt Service Fund decreased $0.1 million from $0.4 million to $0.3 million <br />during the fiscal year. The decrease was due to the issuance of the General Obligation and Refunding Bonds, Series <br />2016. <br />The fund balance in the General Capital Projects Fund increased $0.4 million from $17.1 million to $17.5 million during <br />the fiscal year. The increase in fund balance was primarily the result of a $2.5 million increase in proceeds from debt <br />issuance that were offset by a $2.3 million decrease in transfers from the General Fund for capital projects. <br />The fund balance in the Systems Development Capital Projects Fund increased $3.0 million from $20.9 million to $23.9 <br />million during the fiscal year. The increase was primarily due to the accumulation of resources for future park <br />developments. <br />. <br />Proprietary funds The City’s proprietary fund statements provide the same type of information found in the <br />government-wide financial statements, but in more detail. <br />Unrestricted net position and its percent to total net position of each proprietary fund are as follows: <br /> Unrestricted PercentofTotal <br />Fund Name Net Position Net Position <br />Ambulance Transport $ (4.0) million (124.8)% <br />Municipal Airport 0.1 million 0.1 % <br />Parking Services 0.9 million 5.6 % <br />Stormwater Utility 1.0 million 1.6 % <br />Wastewater Utility (5.1) million (6.1)% <br />22 <br />
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