PowerPoint Presentation (Added 1/24/2025)*

Fiscal Year 2023-24 Year-End 
Financial Report
January 28, 2025

Presentation Outline
2
• Understanding Financial Reporting
• Highlights from the Audited Financial Report
• City’s Fiscal Health

Understanding Financial Reporting
3

Annual Reports
4
• Annual Comprehensive Financial Report (ACFR) 
– Financial information presented in accordance with U.S. Generally Accepted 
Accounting Principles (GAAP)
– Statement of Net Position/Fund Balance
– Revenues, Expenditures, and Changes in Fund Balance
• Single Audit Reporting Package
– ACFR
– Internal control and compliance report over the annual financial report
– Internal control and compliance report over federal programs
•
Annual Expenditure Limitation Report

5
Funds
Governmental Funds
• General Fund
• Special Revenue Funds
• Capital Projects Funds
• Debt Service
• Permanent Fund
Proprietary Funds:
• Enterprise Funds
• Internal Service Funds

6
Net Position & Fund Balance
Net Position: 
• Net Investment in 
Capital Assets
• Restricted
• Unrestricted
Fund Balance:
• Nonspendable
• Restricted
• Committed
• Assigned
• Unassigned

Highlights From the Audited Financial 
Report

8
GFOA Excellence in Financial Reporting 
Award
Thank You to our 
Accounting Team:
•
Megan Ellgen
•
Julianne Loyd
•
Sharon Broderius
•
Mark Munson
•
Jun Okabe
•
Elizabeth Smith
•
Sheng Wang
•
Michael Johnson
•
Susana Marquez
•
Anne Foss
•
Maribel Moreno

Net Position Improved
(Amounts Shown in Thousands)
9
Prior year
6/30/2023 6/30/2024
Change
Cash & Investments
752,531 
961,249 
208,718 
27.7%
Capital Assets, net of depreciation
1,767,379 
1,824,254 
56,875 
3.2%
Other Assets and Deferred Outflows
311,537 
327,164 
15,627 
5.0%
Total Assets and Deferred Outflows
$2,831,447 
$3,112,667 $281,220 
9.9%
Net Pension Liabilities
187,068 
218,484 
31,416 
16.8%
Bonds Payable
896,560 
896,195 
(365)
0.0%
Other Liabilities and Deferred Inflows
405,519 
433,853 
28,334 
7.0%
Total Liabilities and Deferred Inflows
$1,489,147 
$1,548,532 
$59,385 
4.0%
Total Net Position
$1,342,300 
$1,564,135 $221,835
16.5%

Cash and Investments at 6/30/24
(Amounts Shown in Thousands)
10
Prior Year 
6/30/2023
6/30/2024
Change
General Fund
$249,102
$257,266
$8,164
3.30%
Transportation Special Revenue Fund
114,348 
136,052 
21,704 
19.00%
Highway User Revenue Fund
23,246 
26,318 
3,072 
13.20%
Capital Projects Funds
100,073 
220,422 
120,349 120.30%
Debt Service Funds
72,140 
97,747 
25,607 
35.50%
Other Restricted Funds
31,027 
16,508 
(14,519)
-46.80%
Water & Sewer
79,499 
86,360 
6,861 
8.60%
Landfill
10,720 
8,441 
(2,279)
-21.30%
Other Enterprise Funds
3,098 
4,837 
1,739 
56.10%
Internal Service Funds
69,278 
107,298 
38,020 
54.90%
Total Cash & Investments
$752,531
$961,249
$208,718
27.70%

11
Capital Assets at 6/30/24
(Amounts Shown in Thousands)
Land, 
$132,126 
Construction in 
Progress
$72,582 
Buildings & 
Improvements
$819,579 
Streets & 
Drains
$1,086,579 
Parks & 
Airport
$136,258 
Water & Sewer
$953,973 
Equipment & 
Other
$282,824 
• Total Asset Value: 
$3,483,921
• Less Depreciation: 
$1,659,667
• Net Book Value: 
$1,824,254

Outstanding Bonded Debt at 6/30/24
(Amounts Shown in Thousands)
12
$135,945 
$272,045 
$45,705 
$32,885 
$239,735 
$8,360 
$161,520 
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
G. O. Bonds
Excise Tax
Revenue
Bonds
Transportation
Bonds
Municipal
Property Corp.
Bonds
Certificates of
Participation
(COPS)
Landfill G.O.
Bonds
Water & Sewer
Revenue
Bonds

Change In Net Pension Liabilities
(Amounts Shown in Thousands)
13
$89,899
$111,382
$112,069
$249,433
$75,613
$106,091
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
FY 2022
FY 2023
FY 2024
ASRS
PSPRS

14
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$450,000
General Fund
Other Restricted
Funds
Capital Projects
Funds
Debt Service Funds
Revenues
Expenditures
FY24 Governmental Funds’ Revenues, 
Expenditures, Other Sources & Uses 
(Amounts Shown in Thousands)

15
 $-
 $20,000
 $40,000
 $60,000
 $80,000
 $100,000
 $120,000
 $140,000
 $160,000
Water & Sewer
Landfill
Other Enterprise
Funds
Internal Service
Funds
Revenues
Expenses
FY24 Enterprise Funds’ Operating and 
Non-Operating Revenues & Expenses 
(Amounts Shown in Thousands)

16
City Revenue Categories

17
City Expense Categories

City’s Fiscal Health

19
Credit Ratings Improved
• Fitch Rating – Assigned a AAA rating to our 
most recent General Obligation Bonds
• Moody’s – Upgraded the city Transportation 
Excise Tax Bonds from A2 to A1

City’s Credit Ratings Over Time
20
General Obligation Issuer Rating 
Year
Moody’s
S&P
Fitch
2012
Aa3
A+
NR
2013
A2
A-
NR
2014
A3
BBB+
NR
2015
A3
BBB+
NR
2016
A2
A+
NR
2017
A1
A+
NR
2018
A1
A+
NR
2019
A1
AA-
NR
2020
A1
AA-
NR
2021
A1
AA-
AAA/AA
2022
A1/Aa2
AA 
AAA/AA
2023
A1/Aa2
AA 
AAA/AA
2024
Aa3/Aa2
AA 
AAA/AA

Strong Revenue Growth
21
• Revenue growth has been extraordinary with pandemic 
and post-pandemic spending and inflation
• TPT Growth is expected to slow for future fiscal years 
and will be monitored and managed through the 
annual budget process
– Residential Rental Tax elimination beginning 
January 2025

Annual Expenditure Limitation Report
22
• City’s expenditure limitation calculated by the 
State:
– Base limit adjustments for changes in 
population and inflation
• Maximum limit on the City’s spending of certain 
revenues (local revenues) on annual operating 
expenditures

Expenditure Limitation
(Amounts Shown in Thousands)
23
6/30/23
6/30/24
6/30/25
State Calculated Limit
$671,003
$730,771
$765,293
Expenditures Subject to the Limit
433,874
$ 479,541
(unaudited)
N/A
Amount Under the Limit
$237,129
$251,230
N/A

24
Questions?