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FINANCIAL OVERVIEW Kent County, Michigan

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FINANCIAL OVERVIEW Kent County, Michigan 2010 FINANCIAL OVERVIEW Kent County, Michigan Daryl J. Delabbio County Administrator/Controller Stephen W. Duarte Fiscal Services Director OFFICE OF THE ADMINISTRATOR Kent County Administration Building 300 Monroe Avenue, N.W. Grand Rapids, Michigan 49503-2206 Phone: (616) 632-7570 · Fax: (616) 632-7565 April 16, 2010 The Honorable Board of Commissioners Kent County Administration Building 300 Monroe Avenue NW Grand Rapids, MI 49503-2221 RE: 2010 Kent County Financial Overview The following document presents a “Financial Overview” for Kent County. The information contained herein provides significant economic, demographic and financial information in summary format. It will provide the reader with a comprehensive report demonstrating the financial strength and stability of Kent County government. The document is intended to serve the information needs of individuals and organizations with a financial interest in Kent County including: • Retail Bond Holders/Institutional Investors/Rating Agencies; • County Elected Officials; • The Citizens of Kent County; and • Businesses doing business or considering locating new business in Kent County. This is an annual publication, the preparation of which is a cooperative effort of the County Treasurer, Human Resources and Fiscal Services staff. This document continues to demonstrate the County’s adherence to conservative fiscal principles and strong management oversight. Respectfully submitted, Daryl J. Delabbio County Administrator/Controller 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 Property Tax Abatement ................................................................................................................... 7 Tax Increment Authorities ................................................................................................................ 8 Personal Property Tax Exemptions and Property Tax Proposals ............................................... 9 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 ............................................................................................ 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 Labor Contracts ............................................................................................................................................... 26 www.accesskent.com i TABLE OF CONTENTS Population Population Growth ............................................................................................................................. 27 Per Capita Income Growth ............................................................................................................... 28 Economic Profi le 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 Employment Rates ............................................................................................................................. 33 Labor Force Distribution - By Industry ........................................................................................... 34 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 Historical Enplaned Passengers ......................................................................................................
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