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2011 Kent County Financial Overview

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2011 Kent County Financial Overview 2011 FINANCIAL OVERVIEW Kent County, Michigan Daryl J. Delabbio County Administrator/Controller Stephen W. Duarte Fiscal Services Director Kenneth D. Parrish County Treasurer TABLE OF CONTENTS Government ................................................................................................................................................ 1 Elected/Appointed Offi cials ........................................................................................................ 2 Organization Chart ....................................................................................................................... 3 Taxation and Limitations Property Tax Rates ........................................................................................................................ 4 Property Tax Rate History.............................................................................................................. 4 Property Tax Rate Limitations ..................................................................................................... 5 Taxable Valuation of Property....................................................................................................... 5 State Equalized and Taxable Valuation ...................................................................................... 6 Property Tax Abatement .............................................................................................................. 7 Tax Increment Authorities ........................................................................................................... 8 Personal Property Tax Exemptions and Property Tax Proposals .......................................... 8 Property Tax Collections .............................................................................................................. 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 Future Financing ............................................................................................................................ 16 Vacation and Sick Leave Liabilities ............................................................................................ 16 Retirement System ......................................................................................................................... 16 Other Post Retirement Benefi ts ................................................................................................... 19 Cash Management Cash Activity Summary and Analysis ....................................................................................... 21 Cash Balances and Net Change in Balances .............................................................................. 22 Pooled Investment Fund .............................................................................................................. 23 Pooled Investments Earnings Performance ............................................................................... 24 Pooled Investments - Local Government Units ........................................................................ 25 Summary of Investments ............................................................................................................. 26 Labor Contracts .......................................................................................................................................... 27 www.accesskent.com i TABLE OF CONTENTS Population Population Growth ...................................................................................................................... 28 Per Capita Income Growth ......................................................................................................... 29 Economic Profi le Commercial/Industrial Base ...................................................................................................... 30 Convention Facilities ................................................................................................................... 30 Regional Government Coordination ......................................................................................... 30 Transportation .............................................................................................................................. 31 Medical Services ........................................................................................................................... 31 Utilities .......................................................................................................................................... 32 Banking Services .......................................................................................................................... 32 Education ...................................................................................................................................... 32 Housing Demographics .............................................................................................................. 32 Largest Employers ....................................................................................................................... 33 Largest Businesses Based On Tax Roll Valuation ................................................................... 34 Employment Data ........................................................................................................................ 34 Labor Force Distribution.............................................................................................................. 35 Financial Position - General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance ................................ 37 Components of Fund Balance .................................................................................................... 38 History of Revenues, Expenditures, and Operating Margin/(Defi cit) ................................ 39 Debt Service Requirements as a Percentage of General Fund Expenditures ...................... 40 Forecast of General Fund Spending Capacity ......................................................................... 41 Financial Position - Delinquent Tax Anticipation Notes Fund Statement of Revenues, Expenditures, and Changes in Fund Balance ................................ 46 Financial Position - Capital Improvement Program Fund Statement of Revenues, Expenditures, and Changes in Fund Balance ................................ 47 Financial Position - Aeronautics Fund Statement of Revenues, Expenditures, and Changes in Fund Net Assets ........................... 48 Debt Service Coverage ................................................................................................................ 49 Airline Market Shares ................................................................................................................. 50 Historical Enplaned Passengers ................................................................................................ 51 Airline Service .............................................................................................................................. 51 Airlines and Types of Aircrafts Providing Services to Hub Destinations ........................... 52 Financial Position - Public Works Fund Statement of Revenues, Expenditures, and Changes in Fund Net Assets ........................... 53 Debt Service Coverage ................................................................................................................ 54 Waste-to-Energy Facility Operating Stats ................................................................................ 55 Historic Plant Performance ........................................................................................................ 55 Steam Energy Market .................................................................................................................. 56 Financial Position - Lodging Excise Tax Fund Statement of Revenues, Expenditures, and Changes in Fund Balance ................................ 57 Debt Service Coverage ................................................................................................................ 58 ii www.accesskent.com TABLE OF CONTENTS Financial Position - Correction and Detention Facilities Fund Statement of Revenues, Expenditures, and Changes in Fund Balance ...............................
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