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CITY of TOLEDO, OHIO 2019 Annual Information Statement

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CITY of TOLEDO, OHIO 2019 Annual Information Statement CITY OF TOLEDO, OHIO 2019 Annual Information Statement in connection with Bonds and Notes of the City of Toledo In addition to providing information on an annual basis, the City of Toledo intends that this Annual Information Statement be used, together with information to be provided by the City specifically for that purpose, in connection with the original offering and issuance by the City of its bonds and notes. Questions regarding information contained in this Annual Information Statement should be directed to: Thomas C. Skrobola Director of Finance One Government Center, Suite 2050 Toledo, Ohio 43604-2293 Telephone (419) 245-1647 E-Mail: [email protected] The date of this Annual Information Statement is August 15, 2019. REGARDING THIS ANNUAL INFORMATION STATEMENT The information and expressions of opinion in this Annual Information Statement are subject to change without notice. Neither the delivery of this Annual Information Statement nor any sale made under an Official Statement or other offering document of which it is a part shall, under any circumstances, give rise to any implication that there has been no change in the affairs of the City since its date. TABLE OF CONTENTS Page INTRODUCTORY STATEMENT ........................................................................................................... 1 THE CITY ................................................................................................................................................... 2 General Information ............................................................................................................................... 2 City Government .................................................................................................................................... 4 Employees ............................................................................................................................................ 10 ECONOMIC AND COMMUNITY DEVELOPMENT ACTIVITIES ................................................ 12 Industry and Commerce ....................................................................................................................... 12 Healthcare ...................................................................................................................................... 12 Automotive .................................................................................................................................... 13 Recent Downtown Development Activities ................................................................................... 14 Other Recent and Ongoing Development Activities ...................................................................... 15 Port Authority Economic Development Efforts ............................................................................. 16 Public Projects ...................................................................................................................................... 17 Housing .......................................................................................................................................... 19 Education .............................................................................................................................................. 21 Economic and Demographic Information ............................................................................................ 21 Population ...................................................................................................................................... 21 Industry and Major Employers ...................................................................................................... 22 Employment ................................................................................................................................... 27 Income and Spending ..................................................................................................................... 27 Home Values and Housing Units ................................................................................................... 28 Building Permits ............................................................................................................................ 28 Transportation ...................................................................................................................................... 29 Ground Transportation ................................................................................................................... 29 Airports .......................................................................................................................................... 30 Seaport ........................................................................................................................................... 31 City Facilities ....................................................................................................................................... 32 Water System ....................................................................................................................................... 33 Facilities and Operations................................................................................................................ 33 Service Area and Users .................................................................................................................. 34 Water Rates .................................................................................................................................... 36 Operating Results ........................................................................................................................... 38 Outstanding Water System Revenue Bonds and Other Obligations .............................................. 39 March 2015 Water System Event .................................................................................................. 40 Regional Water Discussions and Planning .................................................................................... 40 Sewer System ....................................................................................................................................... 41 Facilities and Operations................................................................................................................ 41 Service Area and Users .................................................................................................................. 42 Sewer Rates .................................................................................................................................... 43 Operating Results ........................................................................................................................... 44 - i - Outstanding Sewer System Revenue Bonds and Other Obligations .............................................. 44 Storm Water Management System ....................................................................................................... 45 Other Utilities ....................................................................................................................................... 47 Natural Gas; Electricity; Telephone ............................................................................................... 47 Solid Waste Collection and Disposal ............................................................................................. 47 FINANCIAL MATTERS ......................................................................................................................... 47 Introduction .......................................................................................................................................... 47 Budgeting, Tax Levy and Appropriations Procedures ......................................................................... 48 Financial Reports and Audits ............................................................................................................... 49 Investment and Management of City Funds ......................................................................................... 50 General Fund and Financial Outlook ................................................................................................... 51 CERTAIN MAJOR GENERAL FUND REVENUE SOURCES ......................................................... 52 Municipal Income Tax ......................................................................................................................... 52 Nontax Revenues .................................................................................................................................. 54 Local Government Assistance Funds ................................................................................................... 57 Casino Tax Revenues ........................................................................................................................... 57 AD VALOREM PROPERTY TAXES .................................................................................................... 58 Assessed Valuation ............................................................................................................................... 58 Largest Property Tax Payers ................................................................................................................ 58 Overlapping Governmental Entities ....................................................................................................
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