January 7, 2011 - - PowerPoint PPT Presentation

• January 7, 2011

1

| January 7, 2011

• Toby LaFrance

Finance and Information S

Debbie Smith-Wagar

Assistant Finance Director

Pat Clancy

Financial Advisor, WFG

• ion Services Director

ctor

• Overview of City

Park System and Projects City Finances Economics and Demograph

| January 7, 2011

• Economics and Demograph

Water System CIP The Bonds raphics

• raphics

• Incorporated in 1961

Encompasses almost 12 sq Estimated population of 47 Located in Washington Cou

| January 7, 2011

• Located in Washington Cou

Fifteen minutes from down Located along I-5, Highway Neighboring cities: Beaver Portland 2 square miles

• f 47,460

County

• County
• wntown Portland

way 217 and Pacific Highway averton, Lake Oswego, Tualatin and

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!"

The Tigard Park System Ma

– Inventoried existing fac – Underwent a year-long

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• – Underwent a year-long

– Summarized a needs an – Developed a planning a

The TPSMP was adopted Ju

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Master Plan Update (TPSMP):

facilities

• ng public involvement process
• $
• ng public involvement process

s analysis for Tigard Parks ng and implementation framework

ed July 2009

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Identifies $80 million dollar projects Over $20 million priority on

| January 7, 2011

• Over $20 million priority on

Projects include park land Open space land acquisition acquisitions

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• llars in capital improvement

y one projects listed

• %

y one projects listed nd acquisitions and development itions were identified as opportunistic

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• &

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$17 million of general oblig November 2010 election At least 80 percent toward parks or trail corridors

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• parks or trail corridors

Up to 20 percent toward im park land Up to $1.7 million may be $2.5 million in Parks SDCs e projects

+,--.

• bligation bonds authorized at the

ard land acquisition for open spaces,

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rd improvements and development of be spent for a downtown area park Cs expected to be contributed to these

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City has agreements in pla

– $5.0 mil 43-acre site, inc – $1.4 mil five-acre site fo – $5.0 mil 20-acre site

| January 7, 2011

• – $5.0 mil 20-acre site

– $0.6 mil Dog Park

Over the next year, Park an identify and recommend additi develop

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place to purchase community parks:

, including $3.0 mil intergovernmental te for needed development adjacent to 43-acre site

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and Recreation Advisory Board to dditional properties to purchase and

)0 )1,-,

| January 7, 2011

• Charges

for service $3,583,366 Operating grants and contributions $199,506 Capital grants and contributions $305,398 Other $11,918,649

City-wide revenues

Taxes $16,070,846 Interest $308,853 Community services $19,832,642 Public works $8,563,893 Community development $4,846,494 Administration $1,511,956 Interest on long- term debt $548,987

City-wide expenses

,-,

• Charges

for service $1,286,411 Franchise fees $4,548,520 Intergovnt'l Taxes $11,935,841 Interest $299,885 Fines and forfeitures $915,524

General Fund revenues

Intergovnt'l $5,819,081 $11,935,841 Community services $18,870,804 Public works $5,129,767 Community development $3,555,391 Administration $787,209 Capital

• utlay

$292,221

General Fund expenses

)

General Fund ending balance as was $7.3 million (26 percent of GF ending balance for June 30, This includes about $1 million o

| January 7, 2011

• This includes about $1 million o

GF ending balance policy: 2 unallocated fund balance of expenses, and 2 adequate fund balance to p July 1 until property taxes ce as of June 30, 2010 nt of expenditures) 30, 2011 is projected at $7.7 million ion of one- time resources

• ion of one- time resources

ce of at least 2 months of operating to provide sufficient cashflow from xes are received in November

)345

Revenues flat the last two years five years Conservative approach to finan grew from $7.9 million at end o

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• grew from $7.9 million at end o

FY 2008 In the last two years the City ha help reduce cuts to City service Targeted cuts in personnel and 2010 Service levels balanced against budget ears after significant growth in the prior inancial operations: GF fund balance nd of FY 2003 to $10.8 million at end of

• nd of FY 2003 to $10.8 million at end of

y has purposely used fund balance to rvices and materials and services made in FY inst available resources for FY 2012

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Tigard has very low debt le 2 $26 million of un 2 $8.3 million full f

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• 2

$8.3 million full f installment contr bt levels: f unlimited tax GO ull faith & credit obligations paid from

• ull faith & credit obligations paid from
• ntracts, gas taxes or park SDCs

7(#8#*

History of growing taxable assessed value; rati

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• #*

ratio of AV to RMV is 69 percent

7

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.)1707620*)6 6'38 )09//07)/ )**01+/099) *'7 )06*109*/ 1)01)10)*+ )'2 )06*109*/ 1)01)10)*+ )'2 11*01+* /10**90+++ )'*

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610*+60)7+ +'1 7130131 6*067103)3 +'2 7**0)2) *10)*70*++ +'2 7+/0+19 *201))09++ +'/ 6170*6) *707+/016+ +'/ 6/30)79 **0//60//+ +'7 .901/20)/2 .2)90362022) )*'68

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.707+1096/0+22 13'38 .)6063)01/6 ./0+*1023)03*3 )++'+8 /0+*1023)03*3'

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Washington County’s population has grown 16.9 percent

• ver the past ten

years

| January 7, 2011

• years
• %

Tigard’s population has grown 12.6 percent

• ver the past ten years

9+:!6#

| January 7, 2011

• &

Per capita income in Washington County consistently exceeds that

• f the State

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| January 7, 2011

• Description

Tot Joint Water Supply Projects* 112 $ ASR Wells & Storage 10 Pump Stations Pipelines Planned Capital Expenditures Pipelines Other 17 Total 151 $ *Note: Joint Water Supply total does not include $6 million alrea FY Type Long-Term Financing (millions) 2011 Revenue Bonds 44.15 2012 Revenue Bonds 40.00 2017 Revenue Bonds 41.34 Total 124.49 $ Projected Bond Issues

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Totals 112,057,883 10,245,063 4,709,385 7,022,566 FY Totals 2011 9,911,141 $ 2012 16,242,522 2013 23,865,900 2014 43,447,985 2015 304,490 2016 325,416 Projected Annual Program Costs 7,022,566 17,836,466 151,871,362 lready spent FY Rate Change FY Rate Change 2011 34.50% 2016 4.30% 2012 14.00% 2017 4.30% 2013 14.00% 2018 4.30% 2014 14.00% 2019 0.00% 2015 4.30% 2020 0.00% Total Projected Annual Rate Adjustments 2016 325,416 2017 49,066,585 2018 6,935,477 2019 862,835 2020 909,012 Total 151,871,363 $

+.

$17 million GO Bonds, Seri Fixed-rate, 20-year, level d Estimated tax rate: 29 cent

| January 7, 2011

• Estimated tax rate: 29 cent

($58 annual tax on average $9 million GO Refunding B (refund GO Series 2002), pr Security: Pledge of city’s fu legally available revenues a Series 2011A—new money el debt service, tax-exempt cents per thousand AV

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cents per thousand AV rage AV $200,000) ng Bonds, Series 2011B ), proportional savings y’s full faith and credit including all ues and an unlimited direct ad valorem

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January 7 Rating January 13 Recei January 14 Distrib

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• January 14

Distrib January 25 Bid O February 3 Closin ating Presentation eceive Rating istribute POS

• istribute POS

id Opening losing

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Stable and growing tax bas Conservative financial man Low debt levels

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• Low debt levels

High income levels City fully participates in the metro area base management and multi-year planning

• n the economy of the greater Portland