|
<br />2018 2017 2018 2017 2018 2017
<br />Land $ 77,293,927 74,317,488 17,168,640 17,168,640 94,462,567 91,486,128
<br />Construction in progress 18,524,079 14,240,991 6,944,090 1,958,730 25,468,169 16,199,721
<br />Buildings and equipment 134,215,642 136,821,873 58,243,003 58,267,349 192,458,645 195,089,222
<br />Improvements other
<br /> than buildings 42,278,221 41,389,094 38,727,235 42,561,878 81,005,456 83,950,972
<br />Storm sewers and
<br /> trunk sewers 0 0 136,321,360 137,123,773 136,321,360 137,123,773
<br />Infrastructure 190,054,211 190,714,317 0 0 190,054,211 190,714,317
<br />Intangible 4,678,846 0 0 0 4,678,846 0
<br />$ 467,044,926 457,483,763 257,404,328 257,080,370 724,449,254 714,564,133
<br />City of Eugene's Capital Assets, Net of Accumulated Depreciation
<br />Business-type ActivitiesGovernmental Activities Total
<br />
<br />Additional information on the City’s capital assets can be found in the Notes to Basic Financial Statements (Note 4E).
<br />
<br />Bonded Debt. At the end of the fiscal year, the City had total liabilities and deferred inflows of resources of $321.4 million. Of
<br />this amount, $62.4 million represented outstanding bonded indebtedness. Outstanding bonded debt included $8.7 million in
<br />general obligation bonds to be serviced by general property taxes, $0.2 million in limited tax improvement bonds to be serviced
<br />by payments from property owners benefitting from the improvements, and $53.0 million in limited tax pension bonds to be
<br />repaid from existing revenue sources, all backed by the full faith and credit of the City.
<br />
<br />2018 2017 2018 2017 2018 2017
<br />General obligation bonds $ 8,695,000 12,185,000 0 0 8,695,000 12,185,000
<br />Certificates of participation 0 200,000000200,000
<br />Limited tax bonds 43,992,044 46,332,768 9,221,483 9,711,694 53,213,527 56,044,462
<br />Tax increment bonds 0 298,000000298,000
<br />Bond premium 540,009 782,158 0 0 540,009 782,158
<br /> $ 53,227,053 59,797,926 9,221,483 9,711,694 62,448,536 69,509,620
<br />City of Eugene's Bonded Debt
<br />Governmental Activities Business-type Activities Total
<br />
<br />The City’s bonded debt decreased $7.1 million during the year as the result of debt service payments.
<br />
<br />Moody’s Investors Service rates the City’s publicly offered bond issues. The City’s most recent ratings from Moody’s are as
<br />follows:
<br />
<br /> Aa1 for general obligation bonds (June 2016).
<br />
<br /> The Oregon Local Governments Limited Tax Pension Obligations, Series 2002, are insured by Ambac Assurance and
<br />were rated Aaa at issuance. Subsequent to issuance, Ambac Assurance was downgraded by Moody’s Investors Service
<br />to Caa2. In July 2018, Moody’s Investors Service upgraded the underlying rating on Oregon Local Governments Limited
<br />Tax Pension Obligations, Series 2002 to Aa3 from A2. In April 2011, Ambac Assurance severed their relationship with
<br />Moody’s requesting that Ambac ratings be withdrawn. Moody’s ratings on securities insured by Ambac will be maintained
<br />at the published underlying rating, or Aa3. The pension obligations were issued as one offering for certain Oregon cities,
<br />counties, and special districts. The City of Eugene’s share of the total pension obligations on which the rating was based
<br />is 29.7%.
<br />
<br />Under Oregon Revised Statutes, general obligation debt issues are limited to 3.0% of the real market value of all taxable
<br />property within the City’s boundaries. The $8.7 million in general obligation debt applicable to this limit is well below the
<br />$801.0 million ceiling. The City’s net direct general obligation bonded debt per capita is $55.
<br />
<br />Additional information on the City’s bonded debt can be found in the Notes to Basic Financial Statements (Note 4H).
<br />
<br />23
<br />December 10, 2018, Meeting - Item 2D
|