Comprehensive Annual Financial Report

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The Unassigned Fund Balance for the past five fiscal years, as a percent of the Adopted General Fund Budget, is shown below. It should be noted that fiscal years 2007 through 2010 were prior to the implementation of GASB 54: FY 2007: 7.7% FY 2008: 7.5% FY 2009: 7.4% FY 2010: 9.4% FY 2011: 10.1% Note: The unassigned fund balance percentage was calculated differently in fiscal years 2007-2011 as compared to fiscal year 2012. This change in calculation was the result of a new unassigned fund balance policy adopted on April 23, 2012. The City has had a fund balance policy in place since 1988. On April 23, 2012 the City Council adopted a new unassigned fund balance policy, which states: Debt Guidelines The Mayor will prepare and administer General Fund budgets that will provide operating surpluses of 0.5% of expenditures until the Unassigned Fund Balance reaches at least 10% of the General Fund and Richmond Public Schools budgeted expenditures, less the budgeted transfer to Richmond Public Schools from the General Fund. The Council, in adopting a General Fund budget, will provide that General Fund budget operating surpluses be no less than those recommended by the Mayor in the General Fund budget submitted to the Council. The City will not make appropriation from the Unassigned Fund Balance except when faced with unusual, unanticipated, and otherwise seemingly insurmountable hardship. To the extent that the Unassigned Fund Balance is ever drawn upon, the City shall budget replenishment of such amount drawn over the next three subsequent years. The City of Richmond originally adopted a resolution in 1989 establishing guidelines for the planning, issuance and management of debt, for and on behalf of the City. These policy guidelines were most recently revised by resolution adopted on March 12, 2012. The City issues debt for the purpose of acquiring and constructing capital projects and for making major renovations to existing capital assets. It is the policy of the City to provide operating funds for projects that are perennial and/or of an ongoing maintenance type activity. In addition, it is the policy of the City that general fund supported debt, including bonds and notes authorized but unissued, will be limited by any of the following adopted policies: Total debt service to be paid on general obligation, moral obligation, and subject to appropriation debt shall not exceed 10% of the General Fund and Richmond Public Schools’ Budget. General obligation, moral obligation, and subject to appropriation debt will not exceed 4.5% of the assessed value of real estate, personal property, and machinery and tools in the City. General Fund supported debt will be structured in a manner such that 60% of the outstanding debt will be repaid within ten years. The City will issue General Fund supported debt with an average life consistent with the useful life of the asset being financed and with a maximum term of 30 years. It is a goal of the City to provide cash funding from annual operating funds for a portion of the City’s five-year Capital Improvement Plan (pay-as-you-go funding). V
A. No Overlapping Debt The City is a separate and distinct political unit and is autonomous and independent of any county or any other political subdivision of the Commonwealth. The City is not coterminous with or subject to any county or school district taxation and is not liable for any indebtedness other than its own. B. Legal Debt Margin Article VII, Section 10 of the Constitution of Virginia provides that the legal general obligation debt limit for cities is ten percent of the last preceding assessment for real estate taxes. At June 30, 2012 the City had a legal debt limit of $1,971,053,100 and the statutory capacity to issue approximately $1,270,584,308 of additional general obligation debt. The City’s legal debt margin is computed as follows: 10% of Assessed Value of Taxable Real Estate as of January 1, 2012 1 $1,971,653,100 Less: Bonds and Notes Payable 2,3 $701,068,792 Legal Margin for Creating Additional Debt $1,270,584,308 ____________ 1 Source: City Assessor for Real Estate 2 Does not include $556,645,429 of self-supporting City of Richmond Public Utility Revenue Bonds, $12,325,000 of Certificates of Participation and $8,360,231 of Lease Revenue Bonds that by State law are not required to be included in calculations for legal margin for creation of additional debt 3 As of June 30, 2012. C. Short-Term Debt In the past, the City had annually issued notes in anticipation of the receipt of personal property and real estate property taxes to finance current operations. The City has issued revenue anticipation notes in amounts ranging between $45.0 million and $75.0 million with maturities of less than one year. With the successful transition to twice-a-year real estate billing in fiscal year 2011, the City ended the practice of utilizing revenue anticipation notes. The City uses a $100.0 million Commercial Paper Bond Anticipation Note Facility to provide interim financing for Capital Improvement Plan (CIP) projects. Debt issued on this facility is refinanced periodically as General Obligation Bonds. As of June 30, 2012, the City had $5.94 million of Commercial Paper Notes outstanding. D. Long-Term Debt Bonds of the City, including general obligation bonds, serial equipment notes and certain public utility bonds, and commercial paper notes are direct general obligations, to which the full faith and credit of the City are pledged. The Council is authorized and required, unless other funds are lawfully available and appropriated for timely payment, to levy and collect on all property taxable by the City such ad valorem taxes as may be necessary to pay when due the principal of, premium, if any, and interest on such bonds and notes as the same shall become due and payable. The City has never defaulted in the payment of principal, premium, or interest on any debt. Enterprise Funds and Internal Service Funds pay from user fees the principal of and interest on certain general obligations bonds, revenue bonds and serial equipment notes issued for the program purposes of each fund. All other monies for the principal of and interest on such debt are appropriated in the General Fund budget. No long-term bonds are sold to finance current operations. VI
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Page 31 and 32: OVERVIEW OF THE FINANCIAL STATEMENT
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CITY OF RICHMOND, VIRGINIA NOTES TO
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Due To CITY OF RICHMOND, VIRGINIA N
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EXHIBIT H-1 CITY OF RICHMOND, VIRGI
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EXHIBIT H-1, Continued CITY OF RICH
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Exhibit H-2 CITY OF RICHMOND, VIRGI
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EXHIBIT I-1 Special Revenue CITY OF
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EXHIBIT I-3 CITY OF RICHMOND, VIRGI
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CITY OF RICHMOND, VIRGINIA BUDGETAR
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EXHIBIT J-1 CITY OF RICHMOND, VIRGI
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EXHIBIT J-3 CITY OF RICHMOND, VIRGI
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EXHIBIT K-1 CITY OF RICHMOND, VIRGI
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EXHIBIT K-3 CITY OF RICHMOND, VIRGI
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EXHIBIT L-1 CITY OF RICHMOND, VIRGI
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EXHIBIT L-3 CITY OF RICHMOND, VIRGI
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CITY OF RICHMOND, VIRGINIA MISCELLA
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Monthly Commercial and Industrial B
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CITY INDEBTEDNESS All of the City
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122 CITY OF RICHMOND, VIRGINIA CHAN
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124 CITY OF RICHMOND, VIRGINIA ASSE
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126 CITY OF RICHMOND, VIRGINIA PRIN
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128 CITY OF RICHMOND, VIRGINIA RATI
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CITY OF RICHMOND, VIRGINIA PLEDGED-
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CITY OF RICHMOND, VIRGINIA FULL-TIM
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CAPITAL ASSETS STATISTICS BY FUNCTI
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Comprehensive Annual Financial Report

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