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Financial Overview 2007 FINANCIAL OVERVIEW Kent County, Michigan

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Financial Overview 2007 FINANCIAL OVERVIEW Kent County, Michigan KENT COUNTY MICHIGAN 2007 Financial Overview 2007 FINANCIAL OVERVIEW Kent County, Michigan Daryl J. Delabbio County Administrator/Controller Robert J. White Fiscal Services Director TABLE OF CONTENTS Government......................................................................................................................................................... 1 Elected/Appointed Offi cials................................................................................................................. 2 Organization Chart................................................................................................................................. 3 Taxation and Limitations Property Tax Rates.................................................................................................................................. 4 Property Tax Rate History..................................................................................................................... 5 Property Tax Rate Limitations.............................................................................................................. 5 Taxable Valuation of Property.............................................................................................................. 5 State Equalized and Taxable Valuation............................................................................................... 6 State Equalized and Taxable Valuation History................................................................................. 7 Property Tax Abatement....................................................................................................................... 7 Tax Increment Authorities..................................................................................................................... 8 Personal Property Tax Exemptions and Property Tax Proposals.................................................... 9 Property Tax Collections....................................................................................................................... 9 Property Tax Collections History......................................................................................................... 9 Revenues From the State of Michigan Revenue Sharing..................................................................................................................................... 10 County Reserve Fund............................................................................................................................. 10 General Fund Revenues From the State of Michigan........................................................................ 12 Debt Position Constitutional Debt Limitation............................................................................................................. 13 Statement of Legal Debt Margin........................................................................................................... 13 Debt Statement........................................................................................................................................ 14 Debt Amortization Schedule................................................................................................................. 15 Debt History............................................................................................................................................ 16 Short-Term Financing............................................................................................................................ 16 Lease Obligations.................................................................................................................................... 16 Future Financing..................................................................................................................................... 17 Vacation and Sick Leave Liabilities...................................................................................................... 17 Retirement System.................................................................................................................................. 17 Other Post Retirement Benefi ts............................................................................................................. 19 Cash Management Cash Activity Summary and Analysis................................................................................................ 20 Cash Balances and Net Change in Balances........................................................................................ 21 Pooled Investment Fund........................................................................................................................ 22 Pooled Investments Earnings Performance........................................................................................ 23 Pooled Investments - Local Government Units................................................................................. 24 Summary of Investments....................................................................................................................... 25 www.accesskent.com i TABLE OF CONTENTS Labor Contracts.............................................................................................................................................................................. 26 Population Population Growth........................................................................................................................................................ 27 Per Capita Income Growth......................................................................................................................................... 28 Economic Profile Commercial/Industrial Base..................................................................................................................................... 29 Convention Facilities..................................................................................................................................................... 29 Regional Government Coordination..................................................................................................................... 29 Transportation................................................................................................................................................................. 30 Medical Services............................................................................................................................................................. 30 Utilities................................................................................................................................................................................ 31 Banking Services............................................................................................................................................................ 31 Education............................................................................................................................................................................ 31 General Housing Characteristics............................................................................................................................. 31 Largest Employers.......................................................................................................................................................... 32 Largest Businesses Based On Tax Roll Valuation .......................................................................................... 33 Retail Sales......................................................................................................................................................................... 33 Estimated Effective Household Buying Income............................................................................................... 34 Employment Rates......................................................................................................................................................... 34 Labor Force Distribution - By Industry................................................................................................................ 36 Financial Position - General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance.................................................. 39 Components of Fund Balance................................................................................................................................... 40 History of Revenues, Expenditures, and Operating Margin/(Defi cit).................................................... 41 Debt Service Requirements as a Percentage of General Fund Expenditures...................................... 42 Five-Year Forecast of General Fund Spending Capacity............................................................................... 43 Financial Position - Aeronautics Fund Statement of Revenues, Expenditures, and Changes in Fund Net Assets............................................ 48 Debt Service Coverage.................................................................................................................................................. 49 Historical Enplaned Passengers............................................................................................................................... 50 Airline Market Shares............................................................................................................................ 50 Airline Service........................................................................................................................................
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