Post on 02-Apr-2018
7/27/2019 AFA Budget 2013
1/98
C i t y o f C h i c a g o
Annual Financial Analysis
2013
Mayor Rahm Emanuel
EmbargoEd until 12:00 Pm,
July 31, 2013
7/27/2019 AFA Budget 2013
2/98
7/27/2019 AFA Budget 2013
3/98
7/27/2019 AFA Budget 2013
4/98
7/27/2019 AFA Budget 2013
5/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Letter rom the Mayor
F C,
T C C 2013 A F A. T
C ,
C.
O
q C . T
q C , ,
j ,
C C . M,
q . O , -
.
T , , . U S,
. A ,
.
P C
C 2014
. I C f : j ,
C ,
, C
, , .
R E
M
1
7/27/2019 AFA Budget 2013
6/98
2
7/27/2019 AFA Budget 2013
7/98
Introduction
Annual Financial Analysis2013
3
7/27/2019 AFA Budget 2013
8/98
4
7/27/2019 AFA Budget 2013
9/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Executive Summary
T j
C , ,
. T C
, C
- .
T j 2014 $338.7
. T $1.16 2016,
.
T A F A
:
F H R. T C ,
, ,
10 . T
C
f ,
C , ,
, .
TY F F. T
j
2014
,
$339 . W
,
. T
ff
2015 2016 ,
,
C .
L A L R F. T
C -
S
C
. S 2012,
C
.
C I. T
C , C
10 , C
.
IF. T C
10 . I j IF
.
D. T C
,
, , -
. I C
10
.
P. T -
,
C
, C .
E O N. 2011-7 C C
O B M , ,
-
C
C .
T C A F A
C,
, ,
, C
. T
C
.
T A F A -
, C
, , ,
C .
5
7/27/2019 AFA Budget 2013
10/98
7/27/2019 AFA Budget 2013
11/98
Financial History Review
Annual Financial Analysis2013
T C C A F R (CAFR) B F- S C . T C CAFR j .
7
7/27/2019 AFA Budget 2013
12/98
7/27/2019 AFA Budget 2013
13/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
Corporate Fund Revenue
T
C
10 . C :
L ,
C, , ,
, , .
I ,
C I ,
, .
N- ,
, , ; ; ;
C
.
P ,
,
C .
O 10 ,
2008. W
, , ff
. T
, - ,
ff ,
2008. R
, C
-
- S
.
2003 2004 2005 2006 2007 2008 2009 2010 2011 20122013
YE Est
Proceeds & Transfers In 261.8 180.1 133.3 115.1 154.5 259.3 474.6 519.0 467.6 86.6 22.4
Intergovernmental Taxes 449.2 501.8 563.2 592.2 662.7 659.3 508.6 553.8 525.2 587.6 616.9
Non-Tax Revenue 717.0 698.2 722.5 730.0 822.6 814.0 777.8 773.3 921.1 907.8 970.2
Local Taxes 1,156.0 1,202.0 1,378.6 1,446.8 1,450.1 1,402.4 1,275.3 1,283.8 1,335.0 1,425.3 1,431.2
Total 2,584.0 2,582.1 2,797.6 2,884.1 3,089.9 3,135.0 3,036.3 3,129.9 3,248.9 3,007.3 3,040.7
$2,5
84.0
$2,5
82.1
$2,7
97
.6
$2,88
4.1
$3,
089.9
$3,1
35.0
$3,0
36.3
$3,1
29.9
$
3,2
48.9
$3,0
07.3
$3,0
40.7
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
OAL CORPORAE FUND REVENUE BY SOURCE
$ M
1D .
9
7/27/2019 AFA Budget 2013
14/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
CORPORAE FUND REVENUES
B 2003 2007, 67
. B 2008,
, 59 2009. B 2011,
57 .
A - , C
,
. B 2003
2007, 6
. I 2005, C - S
, 2008
-
. I
2009 2011, $487 ,
16 ,
- .
T 2012 , ,
. I 2012, 67
,
30 - , 3
.
D , ff
2012, ,
2013.
F j
.
47%
47%
41%
41%
42%
45%
47%
50%
49%
47%
45%
32%
30%
28%
25%
26%
26%
27%
25%
26%
27%
28%
20%
20%
16%
18%
17%
21%
21%
21%
20%
19%
17%
1%
3%
14%
17%
16%
8%
5%
4%
5%
6%
8%
1%
2%
0% 20% 40% 60% 80% 100%
2013 YEEst
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
Local Taxes Non-Tax Revenue Intergovernmental Taxes Proceeds & Transfers In Property Tax
10
7/27/2019 AFA Budget 2013
15/98
7/27/2019 AFA Budget 2013
16/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
h p 10 , gg$188.7 m h . I
2003, x g $187.2 m, g
8 p p . I 2012,
x g $188.8 m, g
6 p p . T g
g-f qpm h ff h
m xp mp
h gh h gg , h 2013 -
m $190.8 m.
T C mp g- x. T natural
gas utility tax 8 p x mp h ph
p g. T natural gas use tax mp
6.3 p hm bj
h g x. A h x,
g x hgh p p h
p. N g h hm
bg, h h mp x . I 2003, g-
x g $97.6 m, g 3 p
p . N g p g
2008 h hgh, gg 106.2 p
hm, C m x pk
$153.2 m h . P pp g
55.1 p hm g 2009 h g
35.3 p hm 2012. I 2012, g x
g $98.8 m, g 3 p
p . P h bg b m
h p p , h g p
p 30 p 2012 g h h 2013. Rg
p, gh h h 2012 bg
g, xp g x 2013.
Cable television tax, hh mk p m
p p , g m $13.3 m
2003 $25.5 m 2012, h 2013 - m
$26.8 m. S gh xp
h p gh, g
h -m p-p- h.
Transaction Taxes
x x h ,
h p pp, h h-m
m h h h . Cmb
x h 6 12 p p
h p 10 . F h
k h h m h
mk. T 2013 - $263.1 , 9
.
REAL PROPERY RANSFER AX REVENUE
$ M H P I
$145.
4$190.8$236.
3
$242.
3
$2
05.8
$119.
5
$61.
9
$81.
3
$86.0
$102.
6
$119.
3
0
20
40
60
80
100
120
140
160
180
200
$0
$50
$100
$150
$200
$250
$300
Transfer Tax Revenue
S&P Case-Schiller Average HomePrice Index (Chicago)
NAURAL GAS AX REVENUE
$ M $ P N G
$8.4
$7.7 $
25.1
$26.1
$27.4
$33.0
$32.8
$30.7
$32.4
$29.4
$32.9
$89.1
$91.4
$109.0
$105.9
$102.9
$120.2
$94.0
$83.6
$81.3
$69.4
$81.3
$97.6
$99.1
$13
4.1
$131.9
$130
.3
$
153.2
$126.8
$114.3
$113.7
$98.8 $
114.2
$0
$20
$40
$60
$80
$100
$120
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Natural Gas Utility TaxNatural Gas Use TaxNatural Gas Price per Therm
12
7/27/2019 AFA Budget 2013
17/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
I h g p h , real property
transfer tax h , g m
$145.4 m 2003 pk $242.3 m 2006.
T h mk h
$61.9 m 2009. 2010 2011 gh pp x $81.3 m
$86.0 m, p, g p
mm . T
mk, h, j bg h
gh 2012. Hm 2012 p b
23 p m 2011, bgg pp
x $102.6 m . Dg h x
mh 2013, xg hm g, p
21 p 2012, hm p ,
h hm p p 15 p 2012. T ghg mk, mb h mm
, xp pp x
p g 2013 p $119.3 m.
A h h x ,
personal property lease transaction taxes, mp h
p pp 8 p
h p, ff h
mp p b mp, xpg
gh h p . I 2003, x
h p pp g $90.8, 4
. I 2008,
6 8
$119.3 . T $108.4
2010 2011 $123.5
. G 2012 $132.5 ,
4 . 2013 -
$137.7 ,
ff.
Transportation Taxes
,
, .
$136.6 , 5 , 2003 $177.9 , 6
, 2012,
2013 $180.7 .
Garage taxes
. R j 2005, 2009, 2012
,
$68.2 2003 $119.2
2012. T C
- ff J 1, 2013.
T C, ff
.
T
, .
T C p $122.6 m gg x
2013.
Vehicle uel tax $60.0
2003 $49.8 2012,
- . V
2012
2013.
Recreation Taxes
R
, , q, , -
, ff- . I 2003,
$85.9 C, 3
GARAGE AX REVENUE
$ M
$68.2
$69.8 $
81.7
$83.6
$88.1
$85.3 $
93
.1
$92
.3
$93
.4$119.2
$122.6
$0
$20
$40
$60
$80
$100
$120
$140
13
7/27/2019 AFA Budget 2013
18/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
. B 2012,
$163.2 , 5
. T C
$163.4 2013.
Amusement taxes ,
, ,
$37.6 2003, $87.8 2012.
T
1 2005 2009.
A
C
. T
C $88.6 2013,
C S ff ff
B B.
Cigarette tax $15.6
$32.9 2004 2006,
C 2005 2006,
$18.0
2012. T
. T ,
,
$16.5 2013.
Liquor tax, ,
10 , $18.4 2003 $32.6
2012 $33.0 2013,
. R
non-alcoholic beverages
--
, j $11.5 2007
$18.8 2008,
. T 2013 - -
$22.7 .
Business Taxes
B
. A
-2000, $92.3 2008
14 $79.6 2009.
I 2010 2011,
- . C
ff
, ff 2012.
HOEL ACCOMMODAIONS AX REVENUE
$ M $ R A R
$37.
5
$39.2
$46.3
$59.7
$61.9
$64.3
$50.1
$54.3
$60.1
$85.6
$89.
9
$108.9
$109.
3
$121.1
$144.9
$152.5
$144.
4
$109.7
$118.
2
$127.8
$140.5
$0
$2
$4
$6
$8
$1
$1
$1
$1
$1
$2
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Hotel Tax
Revenue per Available Room
CIGAREE AX REVENUE AND RAE INCREASES
$ M $ R Pk
$15.6
$15.6
$27.5
$32.9
$28.4
$24.3
$21.0
$19.3
$18.7
$18.0
$16.5
$1.7
1$2.53
$2.8
5
$4.0
5
$4.0
5
$4.0
5$4.6
7
$4.6
7
$4.6
7 $5.6
7 $6.6
7
$0.00
$1.00
$2.00
$3.00$4.00
$5.00
$6.00
$7.00
$8.00
$10
$15
$20
$25$30
$35
$40
$45
$50
Tax Revenue
Effective Tax Rate Per Pack
Tax Rate Increase - Entity
County & City
County
City
State
Federal
County
14
7/27/2019 AFA Budget 2013
19/98
7/27/2019 AFA Budget 2013
20/98
7/27/2019 AFA Budget 2013
21/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
2011. I 2012,
S
C, 13
. I ,
2011 2012, , 2012 $245.2
.
I C 13
2013 S
-,
$276.0 . G 2012
,
- A
2012 .
Personal Property Replacement Tax
T (PPR)
, , , .
T S
S
. T C
PPR C .
B PPR - ,
,
2008
. H,
S 2011
S PPR
S B E
. T PPR
C 2011.
C
C . A
PPR C
, PPR
f 66 2008 2012, $109.7
$37.6 , C $25.7
PPR f 2013.
Nonax Revenues
N-
; , ; ;
, , ; ; .
License and Permit Fees
L -
, ,
. L
f ,
. I 2003, $96.4
, $148.2 2007,
$96.2 2010. T
2007 2008
- . S 2010,
$127.1 2013,
11 2008 .
P ,
$51.4 2007. A
C ,
$24.5 2011,
52 2007 . P
PPR REVENUE
$ M
$94.2
$126.5
$141.2
$147.8 $
179.9
$166.6
$146.8
$154.1
$144.3
$139.5
$152.3
45%
61%
67%
56%
69%
66%
35%
33%
25
%
27%
17%
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
$220
$240
PPRT Revenue to Corporate Fund
PPRT Revenue to Pensions
55%
39%
33%
44%
31%
34%
65%
67%
75%
73%
83%
17
7/27/2019 AFA Budget 2013
22/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
2012,
2013
,
$39.4 .
Fines, Forfeitures, and PenaltiesF, , , -
,
. T
, $177.9 2003 $290.8
2012, 10 2012
. T
,
- , -
,
. I
, , . I 2013, , ,
$324.6 .
Charges for Services
C
, q,
, . I 2003,
$65.2 , $124.6
2012,
. S j $116.0
2013, 4
.
Leases, Rentals, and Sales
R C- ,
,
. I
, C
q,
C
.
T
C
, $34.5 $10.7
. I 2012,
$14.7 ,
C
. T C
$23.3 2013,
C
.
Internal Service Earnings
I
C ,
, , C
. S 10
,
$250 $310 10 .
Proceeds and ransers In
Property TaxesN f
C ,
C .
T f
2004. T C
P
.
LICENSE AND PERMI FEE REVENUE
$ M
$96.4
$104.5
$120.8
$117.8 $1
48.2
$114.7
$100.5
$96.2
$102.7
$117.6
$127
.1
$0
20
40
60
80
00
20
40
60
80
Prior Period Fines
Alcohol Dealers License
Business Licenses
Building Permits
Other Permits and Certificates
18
7/27/2019 AFA Budget 2013
23/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
Other Proceeds and Transfers In
A -
2008, C
-
. B 2003 2007,
6
,
. I 2005, C
- S, 2008
-
. I 2009
2011, $487 , 16
, -
. T 2012 2013
. T C
1
2013.
Corporate Fund Expenditures
S 2003,
$2.6 2004 $3.1
2008. G,
ff
. T
.
Spending by City Service4
Public Safety
E , ,
41 , F D
SPENDING BY CIY SERVICE
$ M
$2,65
1.0
$2,5
56.2
$2,7
31.9
$2,8
95.1
$3,0
56.1
$3,1
02.0
$
3,0
09.1
$
3,0
28.9
$
3,0
37.6
$3,0
79.2
$0
$500
$1,000
$1,500
$2,000
$2,500
$3,000
$3,500
$4,000
Legislative and Elections Environmental, Building, and Business RegulationCity Development Community ServicesFinance and Administration Fleet and Facility ManagementInfrastructure Services Citywide ExpensesPublic Safety
4 O , C . R .
19
7/27/2019 AFA Budget 2013
24/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
16 , O E M
C 3 ,
. A ,
, 58 2003 62 2012.
Infrastructure Services
I D S
S D
9
10 . T
C ;
; , , C ,
, ;
.
M C j
,
. T j
C
I .
T C
2006 2011,
, j
. O , C
q .
I 2011, C
, ,
C C
. B -
, j
29
. T
, .
I 2012, C --
- . U -
, C
j . T
A 2013. T
$18 , C ,
.
City Development
C , ;
, , j;
ff ,
1
2003. A
; j
G
. T D C
Aff S E,
, ,
, C
, .
Community Services
E , 2
D F S S, D
P H, M O P
D. T -,
, , $500
. T
G .
Environmental, Building, and Business Regulation
O ,
, ,
2 . T
D B,
C
, ,
,
D B Aff C P,
, .
20
7/27/2019 AFA Budget 2013
25/98
7/27/2019 AFA Budget 2013
26/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
, $61.8 , 2012.5 S,
,
C j
f ,
. A , C
2003 .I 2012,
$13.6 , $13.0
2003.
(
, ,
) 2007 $54.6
. T
,
.
I 2003 2004, C
,
- $20.2 , 8
. T
2005
, 2008 $38.9 , 12.4
. S 2008,
$32.8 C
.
A 2013, C 33 N. LS .
I , C j C
$4
.
S C H
j , C
C- . T C
$12 ,
.
Commodities and Materials
E
, . O , 1 , $29.3, . B2003 2008,
$250.
6
$256.4
$276
.9
$278
.2
$3
22.
5
$314.
1
$3
02.
0
$3
02.
3
$29
4.
5
$284.
3
$0
$50
$100
$150
$200
$250
$300
$350
$400
All Other Rent & MaintenanceTechnology TelecommunicationsWaste Disposal
CONRACUAL SERVICES EXPENDIURES
$ M
$0
$100
$200
$300
$400
$500
$600
Utilities Motor FuelCommodities & Materials Claims & JudgmentsMiscellaneous Contractual Services
NON-PERSONNEL EXPENDIURES
$ M
5 I , C , D .
22
7/27/2019 AFA Budget 2013
27/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
7 .T 13 2008 2012, , , ,
q.
Utilities
M C , 0.33 0.85 2003. R 2004 2007.
I , , , C
. S, C - LED C . I C ff . I , C - 2010, - . T , , 2012,
$25.9 2007 $10.1 2012.
Motor Vehicle Fuel
R C , C . O , 2003 2008, C 23 , $12 2003 $33 2008. I 2009, $21 , 2010 $23.6 2012.
I
, C C f . I 2011, C , Z C - , Z C . T C f . C, C 2,200 , , , , - , .
MOOR FUEL EXPENDIURES
$ M $ R G P
$4.
1
$5.
3
$6.
9
$8.
0
$8.
8
$15.
2
$10.
0
$10.
2
$13.0
$9.
3
$7.
8
$8.
4
$10.
9
$13.
7
$14.
3 $
17.
3
$11.3
$12.
9
$16
.3
$14.
1$
1.
65
$1.
93
$2.
35
$2.
70
$2.
99
$3.
46
$2.
49
$2.
98
$3.
78
$3.
91
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$0
$5
$10
$15
$20
$25
$30
$35
$40
$45
$50
Diesel Gasoline Retail Gas Price
$7.2
$4.3 $
7.6 $
11.7
$17.4
$12.2
$10.0
$10.2
$10.2
$8.2
$5.2
$4.9
$7.1
$
5.7
$8.5
$6.7
$4.7
$4.4
$4.0
$1.9
$12.4
$9.2
$14.7 $
17.4
$25.9
$18.9
$14.7
$14.6
$14.2
$10.1
$0
$5
$10
$15
$20
$25
$30
Electricity Gas
UILIY EXPENDIURES
$ M
23
7/27/2019 AFA Budget 2013
28/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
Settlements and Judgments
E , C
j C. E
. T
C j- , -
.
T C j- ,
$64.8 $189.0
10 , --
,
j , C
. C
,
j ,
. R
2012 Lewis
C F D 1995,
$51.5 ff, $13.3
,
$8.1 C.
O , , 60 70
C j
- . T
C, 550 2009 265 .
E , C
C q
- , -
, f q
. T
$22 .
I 2011, C
- -
C - . T - L D
,
-,
$10.2
18 .
SELEMEN & JUDGMEN EXPENSES
$ M
$75.9
$80.7
$64.8 $
80.8
$80.0
$167.3
$91.2
$91.4
$82.3
$189.0
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
24
7/27/2019 AFA Budget 2013
29/98
7/27/2019 AFA Budget 2013
30/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
. T
, ,
,
, , , ,
. O ,
,
.
U
2010, C -
-
. W
C
.
Motor Fuel Tax Fund
M (MF )
19
(21.5 ) S,
C . S
, MF
. T MF , , .
A f
. I
. P
. Cq,
ff
. T
. M $83.0
2003 $65.7 2012,
2013. F 2010 2012,
C $12.5 S
I J N! , MF
. B S , C
2014.
T MF
10 ,
. T
,
,
C . T
$35.6 2009,$39.8 2010, $10.4 2011. B
C
,
C 2012
2013. C ff
f
, .
E
j . S , --
f
j. Pj
,
, . I
, CA
C . D
,
- ,
.
MOOR FUEL AX FUND REVENUE
$ M
$83.
0
$82.
7
$84.
4
$84.
2
$81.
9
$76.
6
$74.
2
$73.
5
$70.
0
$65.
7
$63.
7
$1.0
$0.2
$0.4
$0.
4
$0.
0
$0.
1
$1.
5
$12.
7
$12.
6
$12.6
$6.
0
$0
$10
$20
$30
$40$50
$60
$70
$80
$90
$100
MFT RevenuesOther Revenues
26
7/27/2019 AFA Budget 2013
31/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
A MF
. T q
. F , F 2011
C 2009 2010. B ,
2012 $1.3
.
I , 55 60 -
. T C
q. L
2009 2010 C U
P E (COUPE) ff
-2009 -2011, -
, C
. L
2011
-ff
COUPE .
Special Events and Hotel OperatorsOccupation Tax Fund6
T
C. T
, S-
1 ,
.
T ,
C, C
. T
ff . B
2003 2008, $12.6
$18.4 $18.5 $23.3 ,, 2009
. H
2011, $18.8 2012
$20.0 2013. R
2011
C C P
D . W C
6 H, . T C 2011 D CAff, O , M O S E.
WINER WEAHER COSS
$ M $ T
$12.
1
$14.
6 $
20.
9
$7.
6
$33.
3
$31.
1
$17.
0
$14.
8
$24.
6
$
9.
9
$11.
7
$0
$100
$200
$300
$400
$500
$600
$700
$800
$900
$1,000
$0
$5
$10
$15
$20
$25
$30
$35
$40
Salt Costs Labor CostsEquipment Costs Cost Per Inch
EVEN FEE & HOEL AX REVENUE
$ M
$18.5
$20.0
$21.3
$21.8
$22.5
$23.3
$19.5
$18.0
$3.6
$8.8
$8.9
$12.6
$12.2
$13.8
$16.7
$17.7
$18.4
$14.0
$14.5
$18.1 $
18.8
$20.0
$8.6 $
7.3
$7.6
$8.4
$9.9
$10.9
$10.7 $
9.5
$8.2
$0
$10
$20
$30
$40
$50
$60
Event Fees Hotel Tax Other Revenue
27
7/27/2019 AFA Budget 2013
32/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
C , $8.8
2012
2013.
E f C ,
ff C . Mj f
-
C . T
50
2006
M
P . S
50
2010 2011, $24.7 $11.3 ,
C C PD C C
B (CCB), -C
C . I
2012, C C
CCB C
O C C C,
C.
O
. B
;
, C
. A, ,
,
2008,
- .
Library Funds
T C
C P L
, , .R
C . I
2008, $83.4 C
.7 T
2005
2008
. S 2008,
SPECIAL EVENS AND HOEL AXFUND EXPENDIURES
$ M
$28.
7
$29.
7
$43.
8
$46.
7
$49.
0
$52.
$49.
1
$41.
5
$25.
3
$35.
5
$0
$10
$20
$30
$40
$50
$60
Special Events & Tourism Commodities, Materials & Misc.
Healthcare Benefits Contractual Services
Salaries & Wages
7 T C P . I C 2012 , $83.5 . I 2013, $5.3 $4.3 .
LIBRARY FUND EXPENDIURES
$ M
$70.7
$59.6
$72.6
$73.4
$77.8
$84.0
$84.6
$84.9
$84.8
$81.5
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Utilities Commodities, Materials & Misc.
Healthcare Benefits Contractual Services
Salaries & Wages
28
7/27/2019 AFA Budget 2013
33/98
7/27/2019 AFA Budget 2013
34/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
$104.1 2008 $87.9 2012,
2013 - $88.5 .
E , C
911 ,
911-
OEMC.
30
7/27/2019 AFA Budget 2013
35/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
Enterprise Funds
T C ,
, C
OH M A.9 T- ,
.
OHare and Midway Airport Funds
OH M
, , ,
- ,
. T
- .
W
C ,
C
- .
A f
,
C . B OH M
,
2008 2009,
. T OH 5.3 , $636.7 2003 $961.4
2012, M
7.3 , $128.6
2003 $225.9 2012. B
2013, $960.8 $228.7
, .
T
, , ,
. A j OH
M P , j ,
. O , 2003,
29 OH
27 M .
I , q
,
, ,
.
9 P - S 2005, C S . T L- A L R F .
OHARE AIRPOR FUND
$ M
MIDWAY AIRPOR FUND
$ M
$636.
7
$645.
4
$692.6
$697.5
$751.
4
$803.4
$811.
8
$834.5
$879.
3
$961.4
$0
$200
$400
$600
$800
$1,000
$1,200
Energy Materials, Supplies & Other Professional & Engineering Repair & MaintenanceDepreciation & Amortization Salaries, Wages & BenefitsInterest Expense
$128.6
$138.4
$171.0
$188.1
$211.1
$217.6
$206.6
$224.5
$218.2
$225.9
$0
$50
$100
$150
$200
$250
$300
Interest Expense Depreciation & AmortizationRepair & Maintenance Professional & EngineeringMaterials, Supplies & Other EnergySalaries, Wages & Benefits
31
7/27/2019 AFA Budget 2013
36/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
S, ,
ff
C ,
. P OH
M
2 2003 2012.10 H,
,
, 27 2003
20 2012,
. E
C
, f .
Water and Sewer Funds
T C
(
). 11
T , ,
C . L C
, C
.
O ff
,
, C .
2003
2006,
2004
. I
2006 f
. H,
2007 ,
11 , $74.3 2006 $133.7 2012,
2006, 2008,
2010, 2012. P
, C I
.
WAER FUND
$ M
$318.9
$297.9
$326.4
$324.0
$350.2
$37
1.3
$38
2.5
$39
9.4
$41
6.3
$41
7.3
$0
$100
$200
$300
$400
$500
Administrative & GeneralCustomer Accounting and CollectionOtherDepreciation & AmortizationTransmission and DistributionInterest ExpensePurificationPower and PumpingCentral Services & Reimbursements
SEWER FUND
$ M
$144.
4
$135.
0
$132.
7
$130.
5
$137.
0
$158.
3
$170.
0
$184.
9
$194.
1
$195.
9
$0
$50
$100
$150
$200
$250
Repairs Administrative and General
Depreciation/Amortization Engineering
Interest Expense Maintenance
Reimbursements
10 T OH 2011, q .
11 T . W , .
32
7/27/2019 AFA Budget 2013
37/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
D , C $65
, ,
. T
f
.
I
, 2012
0.373 0.474 ,
0.762 . T
C
C
. D
C I . T
C
,
,
j
.
33
7/27/2019 AFA Budget 2013
38/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
Grant Funding
G C, 21
C 10 . TC ,, , , , .
Sources of Grant Funding: 2003 - 2012
G $1.45 . T C C . A
2009 f F A R R A(ARRA).12 S -- f C - j.
D , C 82 ( ARRA ), 13 , 3 . I ,
C - , . S $29.6 , 2 , .
G , . F , O S . S
J J . T C .T, , . T C
12 ARRA - j , , , , ff , .
13 D , 2003 2005 f C . F 2006 2012, . F 2013, .
GRAN FUNDING SOURCES
$ M
$1,2
29.5
$1,1
44.7
$1,0
81.1
$1,2
61.4
$1,1
43.7 $
1,4
21.1 $
1,6
87.3 $
1,971.3
$1,7
01.7
$1,7
89.0
$1,6
28.6
$0
$500
$1,000
$1,500
$2,000
$2,500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013YE EstFederal State Public/Private Program Income Stimulus Federal
34
7/27/2019 AFA Budget 2013
39/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
$1,2
29.5
$1,1
44.7
$1,0
81.1
$1,2
61.4
$1,1
43.7 $
1,4
21.1
$1,6
87.3 $
1,9
71.3
$1,7
01.7
$1,7
89.0
$1,6
28.6
$0
$500
$1,000
$1,500
$2,000
$2,500
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YEEst
Community Services Infrastructure Services City DevelopmentPublic Service Enterprises Public Safety Finance and AdministrationRegulatory
GRAN FUNDING USES
$ M
, . T f ,
.
Uses of Grant Funding: 2003 - 2012
G C . T ff 10, .
Finance and Administration
T O B M, D I , D F,
D L C. D , $25.3 , 2 C , . T , 2011 2012 ARRA , - , .
City Development
T D H E D D C Aff S E . D 10 , $251.6 , 17 C , . G 2009 2011 $169 N S P , HOME I P , ff ,, - . F HOME 51
2011 2012, .
Community Services
G D F SS, D P H, CP L, M O P
14 D , 2003 2005 f . F 2006 2012, . F 2013, .
35
7/27/2019 AFA Budget 2013
40/98
7/27/2019 AFA Budget 2013
41/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
G (CDBG) HOME I PG (HOME) . S 2010, CDBG 19 ( $17 )
HOME 50 ( $16 ). A C H I F C S , . I , ARRA , - , , - .
S q, , C . I 2013,
D F S S D P H , H S, $6.5; E S G (ESG), $1.3 , 20 ; C S B G, $1.3. T 5 - , , . D , C
. W q , C .
37
7/27/2019 AFA Budget 2013
42/98
7/27/2019 AFA Budget 2013
43/98
7/27/2019 AFA Budget 2013
44/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
T
2003 2013.
I ,
,
PPR -
. G ,
-
C ,
ff. T C
.
TIF Revenue
D C
C ; ,
--
C (IF) . C
IF 1984
, ,
C , j, . T
EAV EAV
IF ,
( ) j,
,
. T EAV IF
, EAV
C . T
ff ,
- , IF
.
W IF ,
EAV EAV
. ,
C,
EAV
IF . B , C
C .T ,
IF , $1.1 2012
IF . I 2013, C
EAV 12
IF , $3.3 ,
C
.
H IF
, C IF ,
IF .
PROPERY AX REVENUE
$ M
City Levy$714.5
57.1%
LibraryLevy$83.5
6.7%
TIF$454.3
36.3%
40
7/27/2019 AFA Budget 2013
45/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
City Workorce
M C
C . T C -
,
, ,
. T
j C .
P- ,
, , , ,
,
C 78
10 . H, ,
85 . S
67
C ,
9 .
T
,
. F 2003 2012,
77
,
74 2003 80
2012. , 61 C , 54 2003.
T C
40,506 (42,392 - q,
FE) 2003 32,420 (33,554 FE)
2013, 20 , 8,086
(8,837 FE). H,
, C
15 2003 2012,
11
38 . T C $58,299 2003 $95,406 2012.
Union Workforce
T
j
C . , 90 C
CIY WORKFORCE AND COS PER EMPLOYEE
42,3
92
41,5
50
40,3
18
40,3
53
40,2
64
40,1
08
37,4
85
36,9
70
36,6
17
33,7
44
33,5
54
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
0
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
45,000
FTEs Cost Per Employee
41
7/27/2019 AFA Budget 2013
46/98
7/27/2019 AFA Budget 2013
47/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial History Review
B 2003 2012, C
$309.8 $428.5 ,
.
T 2005 2006
, j ,
2011
2011 .
T
C
,
,
,
q.
B 2003 2012,
C
13 , 134,626 116,114. H,
, C
18
15
. W
C
, 40 2003 47 2012,
q
. I , ,
, C
.
N C
. T U.S.
2003,
q, . A - , C
. B 2003
2012, C 38 ,
34
.
T
f; , C
,
- . I
-
- , 2012, C
.
T C
. B
, , , ,
, C
. I
, 84
, ,
.
Overtime Management
S 2003, C , ,
96 C . B 2007
2011, C
27 . M
, 2009
COUPE ,
. T COUPE -2011. I
2012, C
2011 . A
CIYWIDE HEALHCARE COSS
$ M
$309.8
$299.6 $
340.2
$318.4
$341.8
$371.8
$394.0
$405.4
$398
.6
$428.5
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
43
7/27/2019 AFA Budget 2013
48/98
7/27/2019 AFA Budget 2013
49/98
Financial Forecast
Annual Financial Analysis2013
45
7/27/2019 AFA Budget 2013
50/98
46
7/27/2019 AFA Budget 2013
51/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial Forecast
INRODUCION
T C 2013 -
, 2014 j,
2015 2016 , ,
. T j
,
,
C . T
2014
C
-
q .
T ,
C,
.
A j C j
.
GENERAL ECONOMICCONSIDERAIONS
B ,
. T
,
, ,
. T q,
, J
4 2012. U.S. GDP,
,
1.8 q 2012. T
C S I 84.1 J
2007. A
.
L,
. D 2013,
21
15 2012. I
,
, -
. L ,
. L ,
C 6 2011,
2007 46.3 . D 2013, 2
2012 5
2012.
T
j. T 2014
j 2015-2016
. T
2015-2016
ff C .
2013 CORPORAE FUNDYEAR-END ESIMAES
2013 Year-End Revenues
2013
$3.22 . T $177.0
, 2013
ff ,
, 2011 2012.
C
1.8 , $56 , 2013
. T - f
C -
,
S
. Mj
, -
F H R
.
U j
2012 , ff
. -
,
47
7/27/2019 AFA Budget 2013
52/98
7/27/2019 AFA Budget 2013
53/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial Forecast
,
C q .
2014 CORPORAE FUNDPROJECIONS
T ff C . B j, C 2014 $338.7 . T j j 2014 C 2011 2012A F A, .
T , , q C , - , j ,
C C . H,
- .
Corporate Fund Revenues
C j
6 2013 - $3.22
$3.02 2014. A
2013 2014 f
ff ;
2013 $177.0
, 2014 j
C 2013
2014. I ,
J 1, 2014,
M
j
C. F , 2014
f 2013.
CORPORAE FUND PRELIMINARY GAP
$ M
($116.1) ($115.5)
($220.4)
($94.1)
($64.5)
($217.7)
($420.0)
($519.7)
($654.7)($635.7)
($369.0)
($338.7)
($466.0)
($790.7)
($900)
($800)
($700)
($600)
($500)
($400)
($300)
($200)
($100)
$02003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014
Current Projected 2014 Gap
Projected 2014 Gap at time of 2012 Annual Financial Analysis
Projected 2014 Gap at time of 2011 Annual Financial Analysis
49
7/27/2019 AFA Budget 2013
54/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial Forecast
O f 2013
2014,
. Pj
.
2013
C
-.
G
2014 ,
.
V , ,
2014 .
M C
- ,
2014
j
. R
j 2014
, 2013
, f .
T C
2014 ,
2014 2013 ,
2013
.
A
2014, f
, . O
2013 2014,
q -
ff .
Tax RevenueU F $454.8 $453.9
263.1 270.0
180.7 184.2
R 163.4 164.3
B 106.1 100.1
S U 572.9 588.2
I , PPR & O I 307.1 280.3
Total Tax Revenue 2,048.1 2,041.0
Non-Tax Revenue
L P 127.1 130.6
F, F P 324.6 349.7
C S 116.0 116.2
M P 9.6 9.6
L, R S 23.3 20.8
R, I & O 369.6 334.2
Total Non-Tax Revenue 970.2 961.1
Proceeds and Transers In 22.4 14.8
Total Revenue 3,040.7 3,016.9
A P Y F B 177.0 0.0
Total Projected Resources $3,217.7 $3,016.9
YE E.
2014Projected
REVENUECORPORAE FUND, $ M
50
7/27/2019 AFA Budget 2013
55/98
7/27/2019 AFA Budget 2013
56/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial Forecast
C $479.5 2013 $1.07
2015 $1.11 2016.
T C , PPR . B 2015, . A , C . T j 2015 2016.
F, C , C .
Base Outlook
T j
2 2014 2015 2015 2016, $3.08 . T j 2014 , , , - , , - .H, j . A 2015 2016 2013 2014, . H 2016. I, 2015, j 2016 S , 2011.19
19 Eff F 2011, S 5 3 7 4.8 . H, S, , f L G D F (LGDF). E C , C , LGDF .
-6 PROJECED GAP
$ M
($116.1)
($115.5)
($220.4)
($94.1)($64.5)
($217.7)
($420.0)
($519.7)
($654.7) ($635.7)
($369.0)($338.7)
($400.9)
($528.6)
($994.7)
($1,156.8)
($1,400)
($1,200)
($1,000)
($800)
($600)
($400)
($200)
$0
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Pe
nsion
($593.8
)
Pension(
$628.2
)
52
7/27/2019 AFA Budget 2013
57/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial Forecast
W j
2 ,
j
3.7
, $3.48 2015 $3.61 2016.
U , ,
, , , , -
.20 L ,
j- ,
f . S
,
C , j
- q
f, , ff,
, ff,
,
- .
U j
, C
$400.9
2015 $528.6 2016. W
, j
2015 2016 $994.7 $1.16
, .
Negative Outlook
T C
ff C . U
, j 2014
2015, 2 2016,
$2.93
2015 $2.87 2016. T
,
f,
,
. T
ff
, . A
, ,
, , ,
. I ,
,
2015 2016
S . W
j
, ,
. S, ,
f, -
2014 .
A ,
C
,
,
5.1 $3.59 2015 $3.78
2016. U ,
,
- . C
2003-2012 . Pj
- q ,
,
, ff
.
5-6 PROJECED GAP
$ M
5 6
P O ($820.7) ($917.8)
B O ($994.7) ($1,156.8)
N O ($1,255.9) ($1,532.0)
20 L- 2003 2012, C
. 53
7/27/2019 AFA Budget 2013
58/98
7/27/2019 AFA Budget 2013
59/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial Forecast
Outlook or Special Revenue Funds
Vehicle Tax Fund
T C 2013 $116.6 ,
, 2013
- $118.9 2014
C P I (CPI).
C
j CPI. T
2015 2016 j
2014 ,
$118.9 2015 $121.3
2016, f CPI .
O , , , ,
,
2013 2016.
Motor Fuel Tax Fund
I C
2013 $63.7 ,
3 2012 .
T
ff
. Pj
,
$56.4 2016.
I , S I J N!
2014. F C
f
2010, $12.5
. T
2015 .
I 2013, C
U.S. D I F I A
(IFIA) C
R, C
I . B 2014,
,
R f
C
.
PROJECED MOOR FUEL AX REVENUES
$ M
$63.
7
$61.
2
$58.
7
$56.
4
$12.
5
$12.
5
$0
$10
$20
$30
$40
$50
$60
$70
$80
MFT Revenue IL Jobs Now! Funding
PROJECED VEHICLE AX FUND REVENUES
$ M
$116.6
$118.9
$118.9
$121.3
$37.5
$36.2
$36.2
$36.2
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
Sticker Revenue Other Revenue
55
7/27/2019 AFA Budget 2013
60/98
7/27/2019 AFA Budget 2013
61/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Financial Forecast
Outlook or Enterprise Funds
Water and Sewer Funds
R
2012 . T
C I . T - j
,
ff
.
Aviation Funds
T 2014 OH M A
,
, 2013
2 $975.2 $232.1 , .
T C j 2015 2016
j
.
PROJECED WAER AND SEWER FUND RESOURCES
$ M
$279.9
$326.9
$382.3
$388.0
$641.2
$721.9 $
811.5
$823.2
$0
$200
$400
$600
$800
$1,000
$1,200
,
Sewer Water
PROJECED AVIAION FUND RESOURCES
$ M
$960.
8
$975.
2
$989.
8
$1,0
04.
7
$22
8.7
$23
2.
1
$235.
6
$2
39.1
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
O'Hare Midway
57
7/27/2019 AFA Budget 2013
62/98
58
7/27/2019 AFA Budget 2013
63/98
7/27/2019 AFA Budget 2013
64/98
60
7/27/2019 AFA Budget 2013
65/98
7/27/2019 AFA Budget 2013
66/98
7/27/2019 AFA Budget 2013
67/98
7/27/2019 AFA Budget 2013
68/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Long-Term Asset Lease And Reserve Funds
, , ,
:
Training and employing currently unemployed
C j; Providinghome-deliveredmealstoseniorcitizens;
Enabling the continued development of multi-
ff ;
Oering rent andhome-heating subsidies to low
;
Funding after-school and summer educational,
, j- ;
Increasingaccesstocapitalandotherresourcesfor
;
Maintaining shelter, food,and supportive services
C , , -
.
Asset Lease Funds Going Forward
A 2012,
C $628
. T j $500
S - , $13
$115 - .
T 2012
C
. O -
-
. I , , C
$20
C - 2012,
$15 2013.
64
7/27/2019 AFA Budget 2013
69/98
Capital Investments
Annual Financial Analysis2013
65
7/27/2019 AFA Budget 2013
70/98
66
7/27/2019 AFA Budget 2013
71/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Capital Investments
Introduction
T C
, ,
C . C j ,
, , , k ,
. F
,
, ,
, fi,
/ .
P
-k . T C
q
ff
.
Capital Investment: 2003-2012
T C
10
,
C
C .24 G
C-
fi . M
fi
-
, , ffi .
Local Bond-Funded Capital Outlay
F 2003 2012, C z
(, ) $2.1
. T z
j , :25
G, j,
, , , ,
, k, ,
.
F,
C ,
fi , , ,
.
I,
, , , ,
, k, , ffi
, k , k.
A j,
, $1.32
fi
. O , k,
, ,
,
Pk D ($13.5
), C P S ($2.6 ),
C A ($500,000).
T 2003
N A ,
(
2000)
fi
. A
2003, -
j. T -fi
2008 fl ,
. L
-
10
C ff
.
Water and Sewer Bond-Funded Capital Outlay
W
fi , .
W .
24 S M OH A - . IF .
25 G , D .
67
7/27/2019 AFA Budget 2013
72/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Capital Investments
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Ald. Menu $71.4 $64.7 $61.2 $54.2 $85.9 $93.4 $94.4 $81.4 $102.0 $84.0
Greening $30.4 $46.5 $23.3 $32.7 $28.0 $20.7 $19.0 $15.7 $5.8 $4.2
Infrastructure $124.9 $77.2 $38.6 $64.3 $74.8 $54.0 $36.8 $28.9 $26.0 $33.1
Facilities $169.5 $9.4 $41.6 $47.4 $47.3 $114.9 $35.8 $40.0 $24.9 $12.7
Total $396.2 $197.8 $164.7 $198.7 $236.1 $283.0 $185.9 $166.0 $158.7 $134.1
$396.2
$197.8
$164.7
$198.7
$236.1 $
283.0
$185.9
$166.0
$158.7
$134.1
$0
$50
$100
$150
$200
$250
$300
$350
$400
$450
F 2003 2012, C $2.1 , fl
fl C
.
A z
C
2012 C
,
. D , C
$65 k
, k, k.
I 2012, C D W M
87 , - 47
, j
. T k ,
,
ff
.
CAPITAL USES OF LOCAL BOND FUNDING
$ Millions
$0.0
$87.5
$0.0
$62.6
$150.0
$0.0
$248.2
$0.0
$300.0
$220.0
$0.0
$376.0
$277.6
$400.0
$0
$100
$200
$300
$400
$500
$600
$700
$800
Sewer Water
WATER AND SEWER BOND ISSUANCES
$ Millions
68
7/27/2019 AFA Budget 2013
73/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Capital Investments
Capital Improvement Program:2013 - 2017
T C
$7.97
fi . T
fi- . D
, , ,
j 2017
C .
Mj j fi
:
130 S A ,
-
B A 130
S ffi fl,
,
ffi F M
C ; j
.
Rfi -
D, F, E ,
70,000
ffi .
T 606 k ,
B k ,
2.7
- k fi
- k.
C CA
Ck G L,
,
23 S,
Ck R,
MCk P
.
C - C ; -
880 -
, 750
, 140,000 ,
- .
T C Rk,
S S
, ,
,
U.S. D
I F I
A .
CAPITAL FUNDING SOURCES, 2013-2017
$ Millions
Aviation Bond$1,830.923.0%
Water Bond$1,735.121.8%
Sewer Bond$1,037.713.0%
FederalFunds$910.911.4%
City Funds$805.010.1%
G.O. Bonds$681.78.6%
Other Funds$489.46.1%
TIF Funds$305.33.8%
State Funds$173.82.2%
69
7/27/2019 AFA Budget 2013
74/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Capital Investments
CAPITAL FUNDING USES, 2013-2017
$ Millions
Sewer/Water$2,972.237.3%
Aviation$2,690.533.8%
Greening$202.22.5%
Infrastructure$2,010.525.2%
Facilities$94.41.2%
70
7/27/2019 AFA Budget 2013
75/98
7/27/2019 AFA Budget 2013
76/98
72
7/27/2019 AFA Budget 2013
77/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
IF
Introduction
C I F (IF)
1984 , ,
, j, . T
qz (EAV) EAV
IF (
) j,
,
. T ff
,
- .
T
C IF .
C, :
A IF . T
IF,
, IF
, qfi fi. T
j IF
.
R (RDA). A RDA
j IF
. T RDA
, IF ,
.
A fi . T fi q
; ,
S C IF .
Pj . T
IF -
.
T IF . T
- IF
j IF.
IF IF
.
M C IF ,
IF .
I , C , fi
,
j ;
,
,
; 10 .
IF Revenue: 2003-2012
A 2003, C 128 IF , 118
. B
2003 2011, C 46 IF ,
2012, . D 2003-2012
0
20
40
60
80
100
120
140
160
180
0
2
4
6
8
10
12
OngoingTIFs
New/ClosedTIFs
New Closed Ongoing
TIF DISTRICTS CITYWIDE
total districts and number created and closed26
26 C D 31 , .
73
7/27/2019 AFA Budget 2013
78/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
IF
, C
. I ,
IF 24 , .
T C
153 164 IF 2012, $454.3 .
T C IF 10 .
T IF 2003
2008 IF
IF
. T fi IF
IF , C
L IF. T 2008
IF 2009.
T 2011 . A
P ,
C
fl k
.27 I IF ,
IF EAV
, EAV . I 2011, ,
EAV
IF , IF .
I 2012, ,
EAV
, IF .
TIF Project Bonds and Notes
T C IF j
, IF-
. T
27 P C , . D , EAV fl . W EAV , .
28 T , q . N , IF . S z IF IF 1999. S $1.4 $2.5 I 2003 2012 .
$224.
8
$289.
4
$377.
5
$409
.3
$533.5
$567.
4
$481.
9
$475.
1 $
549.3
$467.
2
$0
$100
$200
$300
$400
$500
$600
$700
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Tax Revenue Interest Land Sales & Rental Revenue Other Revenue
TIF REVENUE BY SOURCE28
$ Millions
74
7/27/2019 AFA Budget 2013
79/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
IF
q IF
. S fi C k
j , IF
. T
.
A fl , C IF
j C L 2003 P
I C 2004. I 2007 2010,
C M S A
C (MSAC),
.
IF Expenditures: 2003-2012
B 2003 2012, C $3.38 IF (
IF j) j IF
C. T
, z :
$142.8
$51.0
$1.5
$0.5
$378.5
$0.5
$0.0 $
162.0
$0.0
$0.0
$0
$50
$100
$150
$200
$250
$300
$350
$400
TIF BOND ISSUANCES
$ Millions
$15
5.0
$207.8
$224.0
$255.6
$404.5
$696.1
$364.8
$410.2
$328.2
$338.2
$0
$100
$200
$300
$400
$500
$600
$700
$800
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
Financing Public ImprovementsSite Preparation DevelopmentJob Training Admin., Studies & Services
TIF EXPENDITURES29
$ Millions
29 T IF . T k fi IF j .
75
7/27/2019 AFA Budget 2013
80/98
7/27/2019 AFA Budget 2013
81/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
TIF
,
IF . I
, C IF
, j
j ,
j IF , IF
(
j IF) $2
.
T
2009 , IF
, , . D
, C 20 ,
Pk D 6 , CPS
52 , .
T C IF $1.71
2012. H, $1.53
j.
O , j
IF ,
ffi .
TIF Closings
T IF
:
A IF 23 24
, .
T C IF
k
k.
T C IF
fi .
A C IF , C IF 2012; ,
, . T C
IF
,
IF .
A IF , EAV -
EAV
. , C,
EAV IF
. A -
j S-
, CPS. T
P -
.
IF Program Going Forward
T C j IF fi
IF IF
j. O , C
j
Ck C. W
, C
IF . C, C k
.
A , EAV C IF
. D C
, k
, IF
2012. IF
,
IF EAV
TIF SURPLUS
$ Millions, declared and from TIFs closed in prior years
D $0.0 $0.0 $188.0 $82.9 $25.0
E $0.0 $0.5 $15.4 $0.0 $2.4
R $2.3 $0.0 $0.0 $0.0 $0.5
$12.1 $0.0 $0.0 $0.0 $9.6
Total $14.4 $0.5 $203.4 $82.9 $37.5
2009 2010 2011 2012 2013
77
7/27/2019 AFA Budget 2013
82/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
TIF
Assume a TIF districts total EAV in Year X is $125 million,
of which $100 million is base EAV and $25 million is
incremental EAV. If in Year Y the total EAV declines to $105
million, then the base EAV will remain at $100 million while
the incremental EAV is reduced to $5 million.
( EAV EAV
IF ). T EAV,
IF ,
EAV. T .
P C
.
H, C,
. Cq,
EAV
fl
k. C EAV k 2010 $84.6
$65.3 , 23
.
I , EAV IF
$1 , EAV
, EAV
fi IF
. T j ff IF
. N IF j
EAV EAV; IF
EAV.
I , IF
EAV
EAV, IF
j
IF .
, C k IF z
ff IF .
E IF
N W Sk I C 2013;
95 S & S I, N S, R/
H 2014; S D & S C,
Sk S Q I, R/
D 2015. T -
.
EXAMPLE OF REDUCED EAVON TIF INCREMENT
$ Millions
$100.0 $100.0
$25.0
$5.0
$0
$10
$20$30
$40
$50
$60
$70
$80
$90
$100
$110
$120$130
Year X Year Y
Base Increment
($20.0)
78
7/27/2019 AFA Budget 2013
83/98
Debt
Annual Financial Analysis2013
79
7/27/2019 AFA Budget 2013
84/98
80
7/27/2019 AFA Budget 2013
85/98
7/27/2019 AFA Budget 2013
86/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Debt
j
, .
OH M ,
,
fi .
T C
10 , 2012 $20.3
. T k
j C,
k ,
, ;
( -);
j C.
I , C
fi q ,
q, , fi
q, . T
q
- k 2006 $111.7
$68 2012 - C
ff .
D (
OH M
, )
$738.3 2012. T
$914.0 2013. E
- , fi,
2016. T C
. A
F F ,
C .
Short-erm Debt
I - , C
-
, q, , :
LONG-TERM DEBT SERVICE PAYMENTS32
$ Millions
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Property Tax Funded G.O. Bonds $243 $250 $312 $284 $400 $390 $381 $311 $368 $386 $511 $538 $541 $550
Non Property Tax Funded G.O. Bonds $27 $32 $50 $55 $64 $137 $42 $56 $56 $69 $69 $92 $84 $85
Sales Tax Revenue Bonds $26 $26 $22 $19 $26 $25 $13 $5 $15 $33 $39 $39 $39 $39
Motor Fuel Tax Revenue Bonds $11 $11 $12 $12 $12 $11 $16 $16 $16 $16 $16 $16 $17 $13
Water Revenue Bonds $63 $56 $57 $61 $82 $96 $110 $110 $127 $128 $148 $148 $148 $155
Sewer Revenue Bonds $48 $52 $35 $48 $50 $58 $64 $64 $82 $82 $100 $100 $100 $100
O'Hare Revenue Bonds $208 $243 $251 $279 $345 $326 $292 $380 $401 $732 $436 $517 $519 $574
Midway Revenue Bonds $39 $48 $45 $68 $71 $74 $77 $82 $91 $114 $95 $176 $167 $89
TIF Bonds $78 $74 $86 $80 $91 $103 $32 $32 $38 $24 $31 $27 $13 $15
Total $742 $793 $871 $907 $1,140 $1,221 $1,027 $1,056 $1,194 $1,584 $1,445 $1,650 $1,627 $1,620
$742.
3
$793.
1
$871.
1
$907.
0
$1,
139.
9
$1,
221.
4
$1,
027.
3
$1,
055.
5
$1,
194.
3 $
1,
583.
8
$1,
444.9
$1,
650.
5
$1,
627.
5
$1,
620.
0
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
82
7/27/2019 AFA Budget 2013
87/98
7/27/2019 AFA Budget 2013
88/98
84
7/27/2019 AFA Budget 2013
89/98
Pensions
Annual Financial Analysis2013
85
7/27/2019 AFA Budget 2013
90/98
86
7/27/2019 AFA Budget 2013
91/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Pensions
he Citys Pension Funds
I S
S,
C. T , ,
fi . C
fi-fi
:33
M E A Bfi
F (MEABF),
C, -
C P S ;
L R B E
A Bfi F (LABF), C ;
F A Bfi F (FABF),
C fifi
;
P A Bfi F (PABF),
C ffi,
, , .
T fi
I P C. E
C -
C. T C -
,
.34
T
k ,
I P C. T ,
C
, k
. O
( q ),
fi .
STATE-MANDATED PENSION CONTRIBUTIONS34
as a percentage of pay, as of 2013
33 S C A, C Pk D, C P S. T , A F A fi C .
34 T C . F , 2013, C ( ) 2011. B C , , , . C .
FABF PABF LABF MEABF
E C 9.125% 9.00% 8.50% 8.50%
C M 2.26 2.00 1.00 1.25
C C 20.62% 18.00% 8.50% 10.63%
Total Contribution 29.75% 27.00% 17.00% 19.13%
87
7/27/2019 AFA Budget 2013
92/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Pensions
he Unfunded Pension Liability
A
ffi j fi
P C q . I
ffi fi,
. T
ff
fi .35 A ,
C fi ,
.
T
k
k. A , I
P C
,
C fi .
T ;
j ff
,
, fi
. A ,
,
.
Economic Downturns
j fi ff
C . W
2000, k fi k . F 2000 2002,
87
62 , .
I -2000,
, ,
61 66 .
T, 2007 2008, - k
k C , ,
62 38 . W
,
ffi
MEABF, , q
13.5
50 k fi
.
Changes in Benefts
O , fi
I P C. M , -- j
P C fi
fi. T j
-- . L
S 2010 --
j J 1, 2011,
, -- j
.36 H,
, , FABF
PABF MEABF LABF
. E 2011
FABF PABF -- j
( 3 1.5 )
. E
2011 LABF MEABF
FUNDING STATUS OF CITY PENSION FUNDS
$ Millions, as of December 31, 2012
MEABF $5,183 $13,367 $8,455 38%
LABF $1,371 $2,375 $1,004 58%
FABF $1,032 $4,066 $3,034 25%
PABF $3,213 $10,221 $7,007 31%
Total $10,779 $30,299 $19,500 36%
35 T . I -- , fi .
36 P.A. 96-0889 P.A. 96-1495..
UnfundedLiability
FundingLevel
AccruedActuarial
Liability
otalAssets
88
7/27/2019 AFA Budget 2013
93/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Pensions
-- j 3
, fi
3 fi
.
I -- j,
, P C
fi . A
, fi ,
fi ,
fi .
Workorce and Retiree Demographics
I fi ,
k C k . T -
,
, fi ,
j fi .
A , C k z
C ,
. T ff
- fi .
Conclusion
I ,
,
. T j
fi ,
k k
fi q.
T $19.5 . T
$24.5
2017 ,
MEABF k
2024, LABF 2027.37
Effect of the Unfunded Liabilityon City Finances
T , ,
C -q . F
, -q ,
, fi
.
P S 2010,
2015, C q
- ffi
PABF FABF 90
2040.38 N
LABF MEABF. T
C
-q 2020
, PABF
FABF q. T
C q
q
FABF PABF LABF
MEABF.
E , q
LABF MEABF, C q
$479.5
2013 $1.07 2015,
$1.26 2020. I q
LABF MEABF, C q
$1.68 2015,
$1.97 2020. ,
q
2015 q
k 4,300 ffi 3,750
fifi ; 16,000 k,
C P
L .
T C $801.3 .
T
,
37 T j 7.50 LABF MEABF, 8.00 FABF, 7.75 PABF.
38 P.A. 96-1495.
89
7/27/2019 AFA Budget 2013
94/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Pensions
39 I , C . T C fi ff , , ff fi ff fi , j C k C.
40 A j , j ,, ; j , .
PPR . A, C
,
PPR
.39 N
fl , PPR fl
70 2007 2012
. T q
.
T , ,
C k. T
q C
C , . I
, C
$350.9
$384.2
$416.6
$398.0
$421.9
$457.0
$454.9
$458.8
$450.5
$476.3
$479.5
$483.4
$1,073
.3
$1,10
7.7
$1,1
42.7
$1
,179.2
$
1,217.7
$1,256.6
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
MEABF PABF FABF LABF
HISTORIC AND PROJECTEDPENSION CONTRIBUTIONS40
$ Millions
ALL FUNDS 90 PERCENT FUNDING40
$ Millions
$1,
683
.4
$1,
73
5.
9
$1,7
94.
2
$1,850.
0
$1
,908.
7
$1,
968.
9
$0
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$1,800
$2,000
$2,200
$2,400
MEABF PABF FABF LABF
90
7/27/2019 AFA Budget 2013
95/98
A n n u a l F i n a n c i a l A n a l y s i s 2 0 1 3
Pensions
2015
$600 , fi
C . A , C
- ,
C , k .
Pension Reform
G z
q ,
,
. T
,
C ,
. G Q
2012 2013,
k.
M E Sfi M 2012
. T M
k j
C
k. C--j . I
,
. I , M
ff
, . T C
G
.
91
7/27/2019 AFA Budget 2013
96/98
92
7/27/2019 AFA Budget 2013
97/98
7/27/2019 AFA Budget 2013
98/98