CITY OF TOLEDO, OHIO 2011 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: Patrick A. McLean Director of Finance One Government Center, Suite 2050 Toledo, Ohio 43604-2293 Telephone (419) 245-1648 E-Mail: [email protected]. The date of this Annual Information Statement is August 31, 2011. 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 it 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 ........................................................................................................................... 3 Employees...................................................................................................................................... 9 Economic and Community Development Activities ................................................................... 11 Industry and Commerce........................................................................................................... 11 Recent Development Activity ................................................................................................. 11 Port Authority........................................................................................................................... 12 Public Projects.......................................................................................................................... 12 Housing..................................................................................................................................... 13 Education ....................................................................................................................................... 14 Economic and Demographic Information .................................................................................... 15 Population................................................................................................................................. 15 Industry and Major Employers................................................................................................ 16 Employment ............................................................................................................................. 21 Income and Spending............................................................................................................... 21 Home Values and Housing Units............................................................................................ 22 Building Permits....................................................................................................................... 23 Transportation................................................................................................................................ 23 Ground Transportation............................................................................................................. 23 Airports..................................................................................................................................... 24 Seaport...................................................................................................................................... 24 City Facilities ................................................................................................................................. 25 Water System................................................................................................................................. 26 Facilities.................................................................................................................................... 26 Service Area and Users............................................................................................................ 26 Water Rates .............................................................................................................................. 27 Operating Results..................................................................................................................... 28 Outstanding Water System Revenue Bonds and Other Obligations ..................................... 28 Sewer System................................................................................................................................. 29 Facilities.................................................................................................................................... 29 Service Area and Users............................................................................................................ 30 Sewer Rates.............................................................................................................................. 31 Operating Results..................................................................................................................... 31 Outstanding Sewer System Revenue Bonds and Other Obligations..................................... 32 Storm Water Utility ....................................................................................................................... 33 Other Utilities................................................................................................................................. 34 Natural Gas; Electricity; Telephone........................................................................................ 34 Solid Waste Collection and Disposal...................................................................................... 34 FINANCIAL MATTERS ................................................................................................................... 35 Introduction.................................................................................................................................... 35 Budgeting, Tax Levy and Appropriations Procedures................................................................. 36 Financial Reports and Audits........................................................................................................ 36 Investment and Management of City Funds ................................................................................ 38 General Fund and Financial Outlook............................................................................................ 38 CERTAIN MAJOR GENERAL FUND REVENUE SOURCES................................................. 41 Municipal Income Tax .................................................................................................................. 41 Local Government Assistance Funds ........................................................................................... 43 Nontax Revenues........................................................................................................................... 43 - i - AD VALOREM PROPERTY TAXES............................................................................................. 44 Assessed Valuation........................................................................................................................ 44 Largest Property Tax Payers ......................................................................................................... 45 Overlapping Governmental Entities............................................................................................. 47 Tax Rates........................................................................................................................................ 48 Tax Table A - Tax Rates for City and Overlapping Taxing Subdivisions .................. 50 Collections ..................................................................................................................................... 51 Tax Table B - Real, Tangible Personal and Public Utility Property Tax and Special Assessment Collections.................................................................................... 51 Delinquency Procedures................................................................................................................ 52 CITY DEBT AND OTHER LONG-TERM OBLIGATIONS...................................................... 53 Security for General Obligation Debt........................................................................................... 53 Bonds and BANs ........................................................................................................................... 53 Statutory Direct Debt Limitations................................................................................................