AFA Budget 2013

7/27/2019 AFA Budget 2013

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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

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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

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Introduction

Annual Financial Analysis2013

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Executive Summary

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Financial History Review


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Corporate Fund Revenue

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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

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1D .

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CORPORAE FUND REVENUES

B 2003 2007, 67

. B 2008,

, 59 2009. B 2011,

57 .

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. B 2003

2007, 6

. I 2005, C - S

, 2008

-

. I

2009 2011, $487 ,

16 ,

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30 - , 3

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D , ff

2012, ,

2013.

F j

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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

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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

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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

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T

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2013.

Vehicle uel tax $60.0

2003 $49.8 2012,

- . V

2012

2013.

Recreation Taxes

R

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, 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

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. B 2012,

$163.2 , 5

. T C

$163.4 2013.

Amusement taxes ,

, ,

$37.6 2003, $87.8 2012.

T

1 2005 2009.

A

C

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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

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,

$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

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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)

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T S

S

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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 -

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. 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%

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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

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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 .

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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

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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,

, ,

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, .

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

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, $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 .

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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

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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

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. 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

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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

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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

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34/98



$104.1 2008 $87.9 2012,

2013 - $88.5 .

E , C

911 ,

911-

OEMC.

30

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35/98



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

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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

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D , C $65

, ,

. T

f

.

I

, 2012

0.373 0.474 ,

0.762 . T

C

C

. D

C I . T

C

,

,

j

.

33

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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

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$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

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41/98



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

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7/27/2019 AFA Budget 2013

43/98

7/27/2019 AFA Budget 2013

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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

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45/98



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

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47/98



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

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48/98

7/27/2019 AFA Budget 2013

49/98

Financial Forecast


45

7/27/2019 AFA Budget 2013

50/98

46

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51/98


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

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52/98

7/27/2019 AFA Budget 2013

53/98


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

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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

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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

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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

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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

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60/98

7/27/2019 AFA Budget 2013

61/98


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

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62/98

58

7/27/2019 AFA Budget 2013

63/98

7/27/2019 AFA Budget 2013

64/98

60

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65/98

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66/98

7/27/2019 AFA Budget 2013

67/98

7/27/2019 AFA Budget 2013

68/98


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

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69/98

Capital Investments


65

7/27/2019 AFA Budget 2013

70/98

66

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71/98


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 .

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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

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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%

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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%

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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 , .

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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

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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 .

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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

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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)

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Debt


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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

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Pensions


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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%

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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

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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.

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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

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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

.

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AFA Budget 2013

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