2018-COH - Comprehensive Annual Financial Report

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Ca p i to l Assets (net of depreciation) June 30, 2018 and 2017 Additional information on the County's capital assets can be found in note 6 to the basic financial statements. Long-term debt. Long-term debt is primarily comprised of bonds of $407.4 million and State Revolving Fund loans of $36.6 million. At the end of the current fiscal year, the County had total bonded debt outstanding of $407.4 million. This entire amount was comprised of general obligation bonds which are backed by the full faith and credit of the County. The County's total bonded debt increased by $68.9 million (20 percent) during the current fiscal year due to the issuance of $138.8 million in bonds which were offset by the retirement of $69.9 of bonds. At the end of the fiscal year, the County held an "AA+" rating from Fitch and an "Aa2" rating from Moody's for general obligation debt. State statutes limit the amount of general obligation debt the County may issue up to 16 percent of the total assessed value of all county real property as established for tax purposes on the last tax assessment rolls. The current debt limitation for the County is $4.6 billion, which is in excess of the County's outstanding general obligation debt. Currently the County's outstanding debt represents 9 percent of our debt limitation. Additional information on the County's long-term debt can be found in note 10 to the basic financial statements. ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES • The unemployment rate for the County for the current fiscal year is at approximately 3.0 percent, which is the same percentage as the end of the prior fiscal year, and a 1.0 percent decline from two years ago and an even larger decline from the high of 11.0 percent in 2011. • The number of domestic and international visitors to the County for the current fiscal year was approximately 1.83 million, with an approximately II percent increase from the previous year's count of 1.66 million. These factors were considered in preparing the County's budget for the 2019 fiscal year. Primary Government Governmental Activities Business -type Activities Total 2018 2017 2018 2017 2018 2017 Land and improvements $ 256,390,951 $ 239,187,891 $ 753,877 $ 753,877 $ 257,144,828 $ 239,941,768 Infrastructure assets 309,295,827 328,917,985 309,295,827 328,917,985 Ground and site improvements 53,546 57,893 53,546 57,893 Buildings and improvements 631,727,813 597,987,986 574,454 610,498 632,302,267 598,598,484 Easements 6.169,006 4,244,255 6,169,006 4,244,255 Equipment 58,918,798 60,190,776 20,666 26,673 58,939,464 60,217,449 Construction work in progress 50,591,695 71,118,202 50,591,695 71,118,202 Total $1,313,094,090 $1,301,647,095 $ 1,402,543 $ 1,448,941 $1,314,496,633 $1,303,096,036 Additional information on the County's capital assets can be found in note 6 to the basic financial statements. Long-term debt. Long-term debt is primarily comprised of bonds of $407.4 million and State Revolving Fund loans of $36.6 million. At the end of the current fiscal year, the County had total bonded debt outstanding of $407.4 million. This entire amount was comprised of general obligation bonds which are backed by the full faith and credit of the County. The County's total bonded debt increased by $68.9 million (20 percent) during the current fiscal year due to the issuance of $138.8 million in bonds which were offset by the retirement of $69.9 of bonds. At the end of the fiscal year, the County held an "AA+" rating from Fitch and an "Aa2" rating from Moody's for general obligation debt. State statutes limit the amount of general obligation debt the County may issue up to 16 percent of the total assessed value of all county real property as established for tax purposes on the last tax assessment rolls. The current debt limitation for the County is $4.6 billion, which is in excess of the County's outstanding general obligation debt. Currently the County's outstanding debt represents 9 percent of our debt limitation. Additional information on the County's long-term debt can be found in note 10 to the basic financial statements. ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES • The unemployment rate for the County for the current fiscal year is at approximately 3.0 percent, which is the same percentage as the end of the prior fiscal year, and a 1.0 percent decline from two years ago and an even larger decline from the high of 11.0 percent in 2011. • The number of domestic and international visitors to the County for the current fiscal year was approximately 1.83 million, with an approximately II percent increase from the previous year's count of 1.66 million. These factors were considered in preparing the County's budget for the 2019 fiscal year.