C IT Y O F E D MO N D, O K L A HO MA 11 Nationally recognized Blue Ribbon Schoolsthe highest number in Oklahoma.
517
Edmond boasts a growing economy with 517 new home permits expected to be issued in 2018.
Edmond has the lowest crimes per thousand rate in the OKC metro at 16.64.
17
Edmond Electric is Oklahoma’s largest community owned electric utility and provides a 99.9% reliability rating!
100 E D M O N D , I T ’ S E V E RY W H E R E YO U WA N T T O B E COMPR EHENSIV E ANNUA L FINANCI A L R EPORT
FOR THE FISC A L Y E A R ENDED JU NE 30, 2018
TA B L E O F
CONTENTS
Director’s Letter 2
Edmond's Numbers 12
City Council & Ward Map 4
General Fund 15
Statement of Net Position 6
Long-Term Debt 19
Economic Outlook 23
Change in Net Position 8
Pension/OPEB 10
Edmond's Sales Tax 11
1
LETTER TO
EDMOND CITIZENS
Dear Citizens of Edmond, We are pleased to present our Citizen's Report for the fiscal year ending June 30, 2018. This report is a condensed version of our Comprehensive Annual Financial Report (CAFR), both of which are located on our website, www.edmondok.com/annualreport. The details in the Citizen’s Report summarize our financial position based on the audited financial documents contained within the 2018 CAFR. The CAFR is prepared in accordance with generally accepted accounting principles; this report is in summary form and excludes the City’s discretely presented component units; the Edmond Economic Development Authority (EEDA) and the Edmond Historic Preservation Trust (EHPT). The City of Edmond provides a wide range of municipal services, including police and fire protection, the construction and maintenance of streets, highways and other infrastructure, and a multitude of recreational and cultural events throughout the year. The City also provides electric, water, wastewater, drainage and solid waste services to its residents under the legal entity of the Edmond Public Works Authority. Additional detailed financial information on these operations may be found in the City’s CAFR in Notes 1. within the notes section to the financial statements. The City has two primary sources of revenue, utility revenues and sales tax. For FY 17-18, the City had an increase in both Water and Waste Water system revenues, due to growth and rate increases primarily for utility plant upgrades and construction. In FY 17-18, sales tax revenues increased 2.69% from FY 16-17 receipts. The City did experience an increase in Use Tax revenues as the State of Oklahoma Tax Commission successfully negotiated remittance of Use Tax by some companies primarily selling products through the internet. More information about the City’s sales tax collections can be found in the CAFR. Edmond committed a total of nearly $12 million from the 2000 CIP Fund for a variety of projects for the development corridor, including the purchase of the land for the Hotel/Conference Center on the northwest corner; land on the northeast corner for a proposed indoor sports complex; infrastructure improvements to serve development west of the interchange and provide financial assistance for construction of the Conference Center. These investments addressed many needs identified by the community.
The other large project recently completed is the $3 million multi-use paved trail that runs along Spring Creek from the west frontage road adjacent to I-35 to Spring Creek Park at Arcadia Lake. This 18 feet wide trail is over 2.5 miles in length and is the first leg of many trail additions that would take the trail user around the lake and through the various parks at the lake. Edmond continues to grow in both commercial and residential building. The City of Edmond issued 64 new commercial construction permits at a value of $78,808,716 during 2017. Edmond has completed the first phase of implementation of the most extensive Intelligent Traffic System (ITS) in Oklahoma. The City will continue to develop the network through multi-year CIP funding to improve traffic flow through the installation of continuous communication devices at high traffic intersections and controlled through a central computer system. As you review the report, we invite you to share any questions, concerns or comments with us. You may contact the Financial Services Department at (405) 359-4521 or visit the City Manager’s office at 24 E. First Street. Further information is available at www.edmondok.com.
Respectfully,
Warren Porter Director of Finance
2
Incorporated in 1890, the City of Edmond covers approximately 87 square miles and is the sixth largest community in Oklahoma. The city has adopted a charter and operates under a Council-Manager form of government. The city features quiet suburban living with a central business district, major shopping and modern office areas and the lowest crime rate, per thousand population, in the Oklahoma City metro area.
3
CITY OF EDMOND
COUNCIL
TRUSTWORTHY SERVICE T H R O U G H C O N T I N U O U S I M P R OV E M E N T
OUR CORE VALUES
Charles Lamb Mayor | May 2015–19 charles.lamb@edmondok.com
Accountability | We are responsible for our work, our words, and our actions. Communication | We value efforts to communicate with our customers in a caring, timely, professional manner. Customer Service | We provide service with courtesy, respect, dependability, flexibility, and timeliness. Inclusion | We promote an inclusive work force and equitable services for our increasingly diverse community. Innovation | We value innovation, creative thought, and the collaboration of ideas. Integrity | We value the spirit of integrity in all aspects of our working lives. Professionalism | We continue to seek growth, striving to be a learning organization. Teamwork | We encourage diversity of thinking, ideas, and responsibilities.
Victoria Caldwell
Elizabeth Waner
Darrell Davis
Nick Massey
Council Member Ward 1 May 2015–19 victoria.caldwell@edmondok.com
Council Member Ward 2 May 2015–19 elizabeth.waner@edmondok.com
Council Member Ward 3 May 2017–21 darrell.davis@edmondok.com
Council Member Ward 4 May 2017–21 nick.massey@edmondok.com
4
Choctaw
Henney
Hiwassee
Anderson
Westminster
Post
Douglas
Midwest
Air Depot
Sooner
Coltrane
Bryant
Boulevard
Kelly
Santa Fe
Br o ad
w ay E
x t ens
I-35 ion
WARD 3 33rd
WARD 2 WARD 4 Covell
Western
Pennsylvania
Sorghum Mill
WA R D M A P CITY OF EDMOND
Waterloo
Coffee Creek
Danforth
WARD 1 Edmond
15th
Memorial
5
S TAT E M E N T I N
NET POSITION
The governmental activities net position for fiscal year ending June 30, 2018, reflect an increase over prior year's net position. The business-type activities also reflect an increase in net position. The full disclosed Statement of Net Position can be located in our CAFR located at edmondok.com/budget/reports. Unrestricted net position refers to all other net position that is not restricted or net investments in capital assets. This represents the amount of unexpended and available resources the City has in funds combined at a point in time to fund emergencies, shortfalls or other unexpected needs. This allows management to track the City's financial position over time.
Governmental Activities
Business-Type Activities
Totals
$ in Thousands
2018
Current assets
2 0 17
2018
2 0 17
2018
2 0 17
$ 1 0 4 , 6 74
$93,933
$296,216
$ 2 0 4 , 8 41
$400,890
$ 2 9 8 ,7 74
3 2 7, 9 9 0
328,059
292,846
247,7 0 5
620,836
5 7 5 ,76 4
9, 1 3 1
9, 42 5
8 7, 8 8 1
6,4 40
9 7, 0 1 2
15,865
4 41 ,7 9 5
4 3 1 , 417
6 76 , 9 4 3
458,986
1 , 1 1 8 ,7 3 8
890,403
Deferred Outflows
1 9, 6 6 6
23,118
2,922
3,999
22,588
2 7, 1 17
Current liabilities
2 5 ,7 9 1
2 7, 8 0 0
2 9, 3 8 5
20,646
5 5 , 176
48,4 46
1 0 9, 3 0 5
121,621
266,000
91,673
375,305
213,294
Total liabilities
135,096
149, 42 1
295,385
112,319
430,481
2 6 1 ,74 0
Deferred Inflows
4,677
2,161
703
680
5,380
2 , 8 41
286,813
2 9 7,76 2
212,909
200,608
49 9,7 2 2
49 8 , 3 7 0
64,158
5 2 , 41 5
23,678
12,555
8 7, 8 3 6
64,970
( 2 9, 2 8 2 )
(47, 2 2 3)
1 47, 1 8 9
136,831
1 17, 9 0 7
8 9, 6 0 8
$321,689
$302,954
$ 3 8 3 ,7 76
$ 3 49, 9 9 4
$705,465
$652,948
Capital assets, net Other non-current assets Total assets
Non-current liabilities
Net position Net Investment in capital assets Restricted Unrestricted Total net position
6
NET POSITION
UNRESTRICTED
( 2 9.2 ( $
g ov e r n m e n ta l ac t i v i t i e s Sales tax, franchise fees, fines, state and federal grants finance most of the City's services.
m i lli o n
General Administrative Services Fire Police Street Construction & Repair Park Maintenance
$
1 47
m i lli o n
b u s i n e s s - t y p e ac t i v i t i e s Income from resident utility bills, public golf course and lake fees finance business-type operations. Electricity
Solid Waste
Water
KickingBird Golf Course
Drainage
Arcadia Lake
Wastewater
Transportation Services
This number represent the Unrestricted Net Position to pay for emergencies, shortfalls or other unexpected needs in both the Governmental and Business Type Activities for the fiscal year ended June 30, 2018. New reporting standards implemented in 2016 caused our Governmental Activities to report a negative in Unrestricted Net Position. For full disclosure, refer to our CAFR, Note 4 located at www.edmondok.com/budget/reports .
7
CHANGE IN
NET POSITION 120,000
NOTES The results indicate the City, as a whole, increased in total net position of $52.5 million which was a combination of overall expenses staying relatively in line with revenue collections. *Does not include transfers.
g ov e r n m e n ta l ac t i v i t i e s * The City’s governmental activities’ increase in net position of $18.7 million represents a 5% increase from the prior year’s change in net position and is primarily the result of increased revenues in the charges for services category and an increase in transfers in.
100,000 90,000 80,000 70,000 60,000 50,000 40,000
This summary report excludes transfers. Transfers are used to support Government services. For full disclosure see our CAFR note section 3.F Interfund Balances and Activities.
30,000 20,000 10,000 In Thousands
$0 2014
2015
2016
2017
Revenues
b u s i n e s s - t y p e ac t i v i t i e s * The City's business type activities increase in net position of $33.8 million represents an 8% decrease from the prior year, which is largely attributed to the increases in expenses and an increase in transfer out.
2018
Expenses
180,000
150,000
120,000
90,000
60,000
30,000
In Thousands $0 2014
2015
2016
2017
Revenues
2018
Expenses 8
I N C R E A S E I N T O TA L
$
NET POSITION
52.5
million
A combination of less grant contributing and expenses staying in line with revenue collections.
9
PENSION/OPEB Pension Liability Reported
Oklahoma Firefighters Pension and Retirement System reported: Liability of $47,467,987
As of June 30, 2018
Oklahoma Police Pension and Retirement System reported:
Liability of $267,765
City of Edmond Employees’ Retirement System reported:
Liability of $18,051,070
Sensitivity of the City's total OPEB Liability to changes in the discount rate
c h a n g e s i n t o ta l o p e b l i a b i l i t y
Balance at Beginning of Year
$6,136,679
The following presents the City's total OPEB liability, as well as what the City's total OPEB liability would be if it were calculated using a discount rate that is 1-percentage-point lower (2.58 percent) or 1-percentage-point higher (4.58 percent) than the current discount rate:
Changes for the Year Service Cost
$ 3 47, 42 6
Interest Expense
$166,825
Changes in assumptions
$ (3 6 5 , 4 47 )
Experience Gain/Loss
$ ( 1 8 7, 4 6 9)
Net Changes
Balances End of Year
$ (3 8 , 6 5 5 )
e m p l oy e r ' s t o ta l o p e b l i a b i l i t y 1% Decrease (2.58%)
Current Discount Rate (3.58%)
1% Increase (4.58%)
$ 7,225,464
$ 6,098,014
$5,206,770
$6,098,014
10
E D M O N D ' S S A L E S TA X CI T Y S ERV I C ES The City provides a wide range of municipal services, including police and fire protection, the construction and maintenance of highways, streets, and other infrastructure. The City also provides electric, water, wastewater, drainage and solid waste services to its residents under the legal entity of the Edmond Public Works Authority (EPWA). The City also provides a multitude of recreational and cultural events throughout the year. The City’s Kickingbird Golf Course, Arcadia Lake and many City parks provides hours of entertainment to our citizens. An ordinance passed and approved by the citizens of Edmond requires that 30% of General Fund revenues(defined as taxes, licenses and permits, fines and forfeitures, charges for services, interest and miscellaneous revenues) be used for funding fire department operations and that 36.8% of these same General Fund revenues be used for funding police department operations.
SUPPORTS CITY SERVICES
8.25
%
surrounding cities 8.85% Mustang 8.85% Yukon
8.625%
9.1%
Oklahoma City Midwest City
8.50% Moore 8.75% Norman
s a l e s ta x b r e a k d ow n The State of Oklahoma tax rate is 4.5% and is added to the 3.75% City’s sales tax rate that is levied on all taxable sales within the City. It is recorded as follows:
One quarter cent recorded as revenue within the Fire Public Safety Limited Tax Fund to account for improvements to the fire department per voter approval.
Two cents recorded within the General Fund.
One eighth cent recorded as revenue within the Police Public Safety Limited Tax Fund to account for improvements to the police department per voter approval.
One eighth cent recorded as revenue within the Park Sales Tax Fund to account for operations and facility improvement costs of the City’s park and recreation system. Three quarter cent recorded as revenue within the 2000 Capital Improvement Tax Fund to account for capital improvements as recommended to the City Council by the Capital Projects & Financing Task Force.
One half cent recorded as revenue within the 2017 Capital Improvement Tax Fund for various capital improvements. This fund replaces the 2012 Public Safety Center Capital Improvements Tax Fund. This was voted on by our voters in April 2016 and will continue for 10 years.
11
MONEY COMES AND MONEY GOES WHERE DOES THE MONEY COME FROM?
WHERE DOES THE MONEY GO?
g ov e r n m e n ta l r e v e n u e by s o u r c e
g ov e r n m e n ta l ac t i v i t i e s u s e s 2 % 1%
3% 19%
14%
10% 9%
71%
2%
61%
8%
Sales Tax
Public Safety (Fire & Police)
Other Taxes
General Government
Charges for Service
Culture, Parks and Recreation
Grants
Streets and Highways
Other
Health and Welfare Interest on Long-Term Debt
71% of our revenue is earned through Sales and Use Tax collections.Property Tax is not collected for use in operations per State law. Major commercial development at the interchange of Covell and Interstate 35 should stimulate significant visitor traffic to Edmond and generate new sales tax dollars for the community.
Public Safety combined with construction and maintenance of streets and highways dominate the expenditures to keep Edmond safe and address problem areas identified by our citizens through engineering analysis of traffic needs.
12
36 .2 m e d i a n ag e o f p o p u l at i o n
3.5
%
u n e m p l oy m e n t r at e
13
54 .7 r e s i d e n t s w i t h c o l l eg e d eg r e e s o r h i g h e r
%
49.9 m i l e s o f m a i n ta i n e d h i k i n g a n d
biking trails in the cit y of edmond
14
GENERAL
NOTES
FUND
general fund revenues *
The General Fund is the primary operating fund for City services. It is used for all activities except those legally or administratively required to be accounted for in other funds. $45,000,000 $40,000,000
$35,000,000
2018
2017
2 016
2 015
2 014* *
Sales and Use Taxes
41,601,211
38,693,158
3 8 ,18 6 , 53 5
37,777, 579
3 6 , 0 6 5 ,782
Charges for Services
6,054,249
6,780,188
5 , 3 97,4 8 0
5 ,921 , 0 07
5 , 84 0 ,154
Fines and Forfeitures
1,628,740
2,267,734
1 , 641 , 28 3
1 , 8 0 9, 016
2, 0 99,73 5
Franchise & Public Service Tax
2,173,068
2,142,557
2, 281 ,49 0
2, 371 ,750
2, 311 ,150
Intergovernmental
1,819,583
1,976,671
1 ,9 82, 59 0
2,4 53 , 3 69
2,155 , 268
Licenses and Permits
1,446,443
1,452,924
1 ,412, 552
1 ,769, 3 55
1 , 60 8 , 68 0
Miscellaneous
222,053
148,255
243 , 3 55
241 ,99 0
23 8 , 60 5
Investment Income
73,971
44,619
73 ,131
10 0 ,432
91 , 6 53
55,019,318
53,506,106
51,218,416
52,444,498
50,411,027
2 016
2 015
2 014* *
30,000,000 25,000,000 20,000,000
general fund expenditures *
15,000,000
2 018
10,000,000 5,000,000 $0 2014
2015
Sales and Use Taxes
2016
2017
2018
2 017
General Government
5,545,128
5,370,175
5,828,765
5,686,690
5,209,315
Public Safety
2,987,164
2,955,869
2,988,821
2,566,686
2,430,540
Health and Welfare
692,581
648,896
647,276
466,338
448,630
Culture, Parks and Recreation
4,078,792
3,718,180
3,609,872
4,239,954
4,204,333
Streets and Highways
5,488,301
5,377,604
6,354,224
4,843,989
4,436,186
Capital Outlay
All other Revenues
455,971
2,027,680
937,712
1,649,799
660,012
19,247,937
20,098,404
20,366,670
19,453,456
17,389,016
*These graphs do not include transfers. Chart reflects direct operating revenues and expenses. **Per City ordinance, 30% of General Fund revenues are transferred and used for funding the Fire Department operations and 36.8 % of these same revenues will be used for funding Police Department operations. Beginning in 2014, Citylink Transportation has been removed from the General Fund and is now an Enterprise Fund, both Revenues and Expenditures were moved. For more information, refer Basic Financial Statements in CAFR, page 42. .
15
GENERAL FUND general fund revenues Sales and Use Taxes Of the 3 ž cent sales tax on taxable sales within the City, 2 cents is recorded as revenue in the General Fund. Use tax becomes relevant if you have purchased items for use in Oklahoma from retailers who do not collect Oklahoma sales tax. This includes purchases made from an out-of-state retailer whether by mail order, catalog, television shopping networks, radio, internet, phone or in person. Charges for Services Includes all revenues collected on services provided through the General Fund, such as planning filing fees, cemetery revenues, right of way, animal welfare welfare fees, 911 service fee, aquatic center admissions season passes, recreation program fees and other miscellaneious charges. Fines and Forfeitures Includes all court fines and fees, and building code violations. Franchise and Public Service Taxes Includes fees assessed for private use of public property. Intergovernmental Activities of two or more governments including revenues such as alcoholic beverage tax, cigarette
E X P L A N AT I O N O F T E R M S
tax, county-property resale, grants, commercial vehicle tax, and gasoline excise tax. Licenses and Permits Includes all permits and licenses required by the City including engineering inspections fees, occupational licenses, oil and gas fees, public safety revenues including plumbing, building, elecrical, heat/air, furniture stocking, fixture stocking, fire permits, miscellaneous permits, contractor registration, re-inspection fees, temporary certificate of occupancy, building inspection fees, sign permits, and commercial plan review fees. Miscellaneous Items that are not covered by any of the aforementioned categories. Investment Income Revenue earned from our investments portfolio.
general fund expenditures
management, and animal welfare. Health and Welfare Includes code enforcement, family services, and social services. Culture, Parks and Recreation Includes maintenance and administration of 26 parks/playgrounds, pool, splash pad, sports fields, Festival Marketplace, recreation programs, Senior Center, Gracelawn Cemetery, and Edmond Historical Preservation and Trust Streets and Highways Street rehabilitation and resurfacing, and upkeep of the medians. Capital Outlay Expenditures for assets that are intended to be held or used for a extended period of time. Includes land, land improvements, building, building improvements, machinery, equipment, and furniture and fixtures. Also includes infrastructure such as streets, sidewalks, culverts, curbs, roads and bridges.
General Government Includes city council, municipal court, planning, Downtown Community Center and airport maintenance and repairs. Public Safety Expenditures within the funds that support the safety of our citizens, such as police, fire, emergency
16
GENERAL FUND N OT ES
15
The ‘unassigned’ fund balance is an indication of the amount of available resources the City has at a point in time to fund emergencies, shortfalls or other unexpected needs.
12
In this analysis only the General Fund information is reported and is based on revenues. In our model, 10% is considered a minimum responsible level, while 30% is considered responsible.
9
As you can see by this chart, we have tightened up and were able to exceed that 10% responsible level. We continue to strive toward the 30% level. See our complete disclosed information in our CAFR Basic Financial Statements.
UNASSIGNED FUND BALANCE
6
3
0%
2014
2015
2016
2017
2018
17
GOING ABOVE
A N D B E YO N D
12.23
%
The City of Edmond's goal is to maintain a 10% balance on the General Fund Unassigned Fund Balance.
18
L O N G -T E R M
N OT ES
DEBT b u s i n e s s -t y p e activities
g o v e r n m e n ta l activities
Totals
2 0 1 8 2 0 17 2 0 1 8 2 0 17 2 0 1 8
2 0 17
% of Change
At fiscal year end, the City had $287 million in long-term debt outstanding which represents a $154 million or 115% increase from the prior year.
Accrued absences
$ 4, 1 2 2
$ 3 ,7 5 4
$758
$753
$ 4, 8 8 0
$ 4, 5 0 7
8%
Revenue bonds*
42 , 5 5 7
49, 2 59
2 2 7, 8 6 6
6 6 , 10 2
2 70 ,424
1 15 , 3 61
13 4%
In 2017, the City issued series 2017 Sales and Utility Revenue Funding Bonds for $167 Million for construction of new Coffee Creek Water Resource Building.
Note payable
1 2 , 3 47
13 ,6 8 8
1 2 , 3 47
13 ,6 8 8
-10 %
Capital Lease
8
22
8
22
- 6 4%
See our complete disclosed information in our CAFR Notes Section 3E, Long-Term Debt.
Total (Thousands)
$ 24 0 ,9 79
$80,565
$ 2 8 7,6 59
$ 13 3 , 5 78
1 15 %
$ 4 6 ,679
$ 5 3 , 0 13
r e v e n u e b o n d s paya b l e : g ov e r n m e n ta l ac t i v i t i e s * All bonds are secured by utility revenues and pledged sales tax Series Sales Tax & Utility System Bonds
Original Issue Amount
Original Date
Final Maturity Total
2010
13,900
1 2 / 3 0 / 2 0 1 0 7/ 1 / 2 0 2 1 4 , 42 0
2012
13,255
8 / 1 6 / 2 0 1 2 7/ 1 / 2 0 2 3 6 , 9 3 0
2013
1 3 ,7 1 0
5 / 14 / 2 0 1 3 7/ 1 / 2 0 2 3 7, 2 8 0
2 0 14
12,6 4 5
2 0 14 b
20,280
4 / 3 / 2 0 14 7/ 1 / 2 0 24 8 , 4 0 2 1 2 / 9/ 2 0 14
7/ 1 / 2 0 2 6 1 5 , 5 2 5
$ in Thousands
$ 42 , 5 5 7
r e v e n u e b o n d s paya b l e : b u s i n e s s - t y p e ac t i v i t i e s * All bonds are secured by utility revenues
Utility System Refunding Bonds 2 0 14
Original Issue Amount
Original Date
Final Maturity Total
10,085
4 / 3 / 2 0 14 7/ 1 / 2 0 24 7, 2 5 6
2015
20,4 56
4 / 2 / 2 0 1 5 7/ 1 / 2 0 2 3 1 2 , 5 0 0
2016
41 ,7 9 5
7/ 5 / 2 0 1 6 7/ 1 / 2 0 4 6 41 , 0 8 5
2 0 17 1 6 7, 0 2 5 1 0 / 1 9/ 2 0 17 7/ 1 / 2 0 47
1 6 7, 0 2 5
$ in Thousands $ 2 2 7, 8 6 6
19
2,112 t r e e s d i s t r i b u t e d / p l a n t e d by urban forestry d e pa r t m e n t s i n c e 2010
TOP 3 EMPLOYERS
1. e d m o n d p u b l i c s c h o o l s 2. u n i v e r s i t y o f c e n t r a l o k l a h o m a 3. c i t y o f e d m o n d
39
%
reduction in traffic v i o l at i o n s c o m pa r e d to l ast fiscal year
9 2 k+ 2017 c i t y o f e d m o n d p o p u l at i o n
20
213,269 pa s s e n g e r s t r a n s p o r t e d by e d m o n d ' s free local bus service, cit ylink
51,221 s e n i o r c i t i z e n s pa r t i c i pat e d i n
va r i o u s s e n i o r c e n t e r p r o g r a m s
21
17
to n s
r ec yc l a b l e s c o l l ec t e d p e r day i n f i s c a l y e a r
345 fires extinguished
2018
22
ECONOMIC OUTLOOK N OT ES This chart reflect the actual amount of sales tax for the General Fund received for the last 4 fiscal years ending June 30, 2018. The sales tax revenues collected for FY 18-19 thus far has shown a slight increase compared to last year for the first 6 months actuals. In FY17-18, sales tax revenues increased 2.69% from FY16-17 receipts.
F Y 1 3 -1 8 G E N E R A L F U N D ' S S A L E S TA X | A C T U A L S
FY 14-15 3,300,000
JUL
AUG
SEPT
OCT
FY 15-16 NOV
FY 16-17 DEC
FY 17-18 JAN
FY 18-19 FEB
MAR
APR
MAY
JUNE
3,200,000 3,100,000 3,000,000 2,900,000
The City did experience an increase in Use 2,800,000 Tax revenues as the State of Oklahoma Tax Commission successfully negotiated remit2,700,000 tance of Use Tax by some companies primarily selling products through the internet, plus 2,600,000 increases in the Oil and Medical sectors remitting Use Tax. The City had its largest number of 2,500,000 residential building permits for new construction in history during 2017. Edmond issued 64 new commercial construction permits, 2,400,000 exceeding $78.8 million in value during 2017. For more information, the MD&A of our CAFR 2,300,000 will provide more detailed information on our economic growth.
23
O U T S TA N D I N G
ACHIEVEMENT The Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Edmond, Oklahoma for its Popular Annual Financial Report for the fiscal year ended June 30, 2017 . The Award for Outstanding Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability and reader appeal. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year. City of Edmond, Oklahoma has received a Popular Award for the last eight consecutive years (fiscal years ended 2010–2017). We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to GFOA.
24
2018
CITIZEN'S REPORT City of Edmond, Oklahoma • Fiscal Year Ending June 30, 2018
7 North Broadway • Edmond, Oklahoma 73034 • (4 05) 359 – 4 521 • edmondok.com