HomeMy WebLinkAboutMETRO - Public Financial Reportoregonmetro.gov
Popular Annual
Financial Report
for the fiscal year ended June 30, 2021
Metro’s FY 2020-21 Popular Annual Financial Report
FY 2020-21
Popular
Annual
Financial
Report
Letter from the Chief Operating Officer 2
Metro Council and Leadership 3
Overview of Audited Results 4
What is Metro 5
Metro Council Priorities 6
Balance Sheet (Statement of Net Position) 7
Income Statement (Statement of Activities) 8
Budget 9
Financial Policies 10
Revenue Overview (Budgetary Basis) 11
Expenditure Overview (Budgetary Basis) 12
Debt Overview 13
The information in this report is drawn from Metro’s Annual Comprehensive
Financial Report (ACFR) for the fiscal year ended June 30, 2021.
Please review the ACFR online at www.oregonmetro.gov/financial-reports or email
finance@oregonmetro.gov.
1
Metro’s FY 2020-21 Popular Annual Financial Report
Letter
from
Metro’s
Chief
Operating
Officer
Dear residents of the Metro region,
I am pleased to present the Popular Annual Financial Report for the fiscal year ending
June 30, 2021. This report is part of our continuing effort to increase the transparency
of Metro’s financial information. It also provides insight into how we make decisions
and set priorities.
This report is an overview of Metro’s expenditures and revenues for the fiscal year.
A more complete report of all Metro funds and financial statements is in our Annual
Comprehensive Financial Report, which can be found at www.oregonmetro.gov/
financial-reports or by emailing finance@oregonmetro.gov.
The budget for fiscal year 2021 was driven by the strategic goals and key initiatives
identified by the Metro Council that guide the agency and region towards the six
desired regional outcomes. It was developed before the magnitude of the COVID-19
pandemic was fully understood and was modified multiple times during the year as the
agency adapted to the changing circumstances.
In Fiscal Year 2020-21, Metro’s work included a focus on livability in the region,
investing in core services and initiatives such as refreshing the region’s 2040 vision with
an updated plan for housing, employment, and land use, implementing voter-approved
affordable housing, supportive housing services and parks measures, and working with
partners to improve the market for plastics recycling and increase the composting of
food scraps.
The organization also continues to deliver on and implement our goals for equity,
diversity and inclusion. Council has made increasing the diversity of our workforce,
increasing the percentage and dollar value of the contracts we award to minority and
women owned, and emerging businesses, improving our relationships with historically
underserved communities, and ensuring that all of the region’s residents have access to
the six desired regional outcomes a high priority for our departments.
Statewide shutdowns and distancing rules acutely impacted several of Metro’s key
functions; operations at the Oregon Zoo, Oregon Convention Center, Portland’5
Centers for the Arts, and Portland EXPO Center were all curtailed. This budget
stabilized their finances while recognizing major increases in activity in other areas,
such as an 80% increase in self-haul traffic at Metro’s transfer stations.
As in the past several fiscal years, the budget recommended that Metro invest in taking
care of our systems and structures. It also includes funding to address these deferred
investments and also to increase our efficiency.
Fiscal Year 2020-21 was rife with difficult circumstances and even more difficult
decisions. Metro modified the budget throughout the year to maintain the financial
health of the organization and to provide services to greater Portland that shape the
future and make life better today.
If you have any questions about the report please contact Brian Kennedy at brian.
kennedy@oregonmetro.gov or Caleb Ford at caleb.ford@oregonmetro.gov.
Sincerely,
Marissa Madrigal
Chief Operating Officer
2
Metro’s FY 2020-21 Popular Annual Financial Report
Metro
Council
and
Leadership
Metro is the only regional government agency in the U.S. whose governing body is
directly elected by the region’s voters. The Metro Council consists of a president who
is elected region wide and six councilors who are elected by district every four years
in nonpartisan races.
The Metro Council provides regional governance and leadership by fulfilling Metro’s
mission of crossing city limits and county lines to work with communities to create a
vibrant and sustainable region for all. As the governing body of Metro, the Council
develops long range plans for existing and future Metro activities, and assures the
financial integrity of the agency.
The Metro Auditor is elected by the region and is responsible for engaging
the external independent financial auditing firm while focusing staff efforts on
performance audits.
The Chief Operating Officer (COO) serves at the pleasure of the Council and
provides leadership and management authority to agency staff by implementing the
Council’s policy directives, goals and objectives. The COO and Deputy COO enforce
Metro ordinances, provide day-to-day management of Metro’s resources, programs,
enterprise businesses, facilities and workforce and prepare the budget for Council
consideration.
Metro Council, from left, first row: Metro Council President Lynn
Peterson, Councilors Shirley Craddick, and Mary Nolan. From left,
second row: Councilors Christine Lewis, Gerritt Rosenthal, and Juan
Carlos González. From left, bottom row: Councilor Bob Stacey.
Elected officials Position Service began Current term expires
Lynn Peterson Metro Council President January 2019 January 2023
Shirley Craddick Councilor- District 1 January 2011 January 2023
Christine Lewis Councilor- District 2 January 2019 January 2023
Gerritt Rosenthal Councilor- District 3 January 2021 January 2025
Juan Carlos González Councilor- District 4 January 2019 January 2023
Mary Nolan Councilor- District 5 January 2021 January 2025
Bob Stacey Councilor- District 6 January 2013 **
Brian Evans Metro Auditor January 2015 January 2023
Appointed officials Position
Marissa Madrigal Chief Operating Officer
Carrie MacLaren Metro Attorney
** As of December 2021, Bob Stacey resigned from Council.
3
Metro’s FY 2020-21 Popular Annual Financial Report
Overview
of Audited
Results
The following summary highlights are taken directly from the Management
Discussion and Analysis section of the Annual Comprehensive Financial Report
(ACFR) for the fiscal year ending June 30, 2021.
•Metro’s assets and deferred outflows of resources exceed its liabilities and deferred
inflows of resources (also defined as net position) by $631,847,736 at June 30,
2021, which reflects a decrease of 5.7 percent or $38,457,093 over the prior fiscal
year.
•Metro completed the fiscal year with its governmental funds reporting combined
fund balances of $975,286,854. Of the total amount of governmental combined
fund balance, $25,371,310 or 2.6 percent, is considered available for spending at
Metro’s discretion (unassigned fund balance).
•At the end of fiscal year 2021, unrestricted spendable fund balance (the total
of the committed, assigned and unassigned components of fund balance) in the
general fund totaled $25,678,072 and represents 28.0 percent of total general fund
expenditures.
•Metro’s total outstanding long-term liabilities increased $58,111,145 or 5.1 percent
during the current fiscal year. This reflects less debt issuance than the historical
average, with only a full faith and credit borrowing of $27.5 million to fund the
Supportive Housing tax implementation.
•In March of 2020 the Governor of the State of Oregon issued an emergency order
declaring a state of emergency as a result of a global pandemic related to the
COVID-19 pandemic. In compliance with that order, Metro closed the Oregon Zoo,
Oregon Convention Center, EXPO, and the Portland’5 Performing Arts Centers, as
well as many park facilities. Additionally, office workers were directed to telework
and access to office facilities was restricted. These closures led to significant layoffs
for both the visitor venues and support service departments mid-year and all
departments were asked to reduce programs and spending where possible.
•Program revenues of Metro’s business-type activities (Solid Waste, Oregon Zoo
and MERC operations) totaled $124,492,504, down $37,207,528 or 23.0 percent,
attributable to the necessary pandemic-related closure of the MERC venues. Solid
Waste revenues increased 7.3 percent to a total of $77,517,801, as construction
activity and tonnage increased.
4
Metro’s FY 2020-21 Popular Annual Financial Report
What is
MetroFew metropolitan areas can boast the combined advantages found in the Portland
metropolitan area. Thriving communities, cultural amenities, economic vitality, scenic
beauty and healthy natural ecosystems make this a great place to live, work and play.
For the region’s leaders and community alike, nurturing this livability is a constant
quest. Metro plays a unique and leading role in that effort. Metro crosses city limits
and county lines to make our communities safe, livable and ready for tomorrow. From
protecting our region’s air, water and natural beauty to supporting neighborhoods,
businesses and farms that thrive, Metro makes this a great place. Metro serves more
than 1.6 million residents in Clackamas, Multnomah and Washington counties, and
the 24 cities in the Portland, Oregon metropolitan area. Metro, the only directly
elected regional governing body in the United States, is governed by a president,
elected region wide, and six councilors elected by district.
Its home rule charter, approved by the voters in 1992 and amended in 2000, grants
broad powers, primarily for regional land use and transportation planning, but also
for issues of metropolitan concern. The charter also insists that the Metro Council be
elected, visible and accountable.
Metro embodies the region’s commitment to maintain and enhance the livability
and sustainability of the region. A regional approach simply makes sense when it
comes to protecting natural areas, caring for parks, providing affordable housing and
supportive housing services, planning for the future of our neighborhoods, managing
garbage disposal and increasing recycling. Metro manages world-class facilities such
as the Oregon Zoo, which contributes to conservation and education, and the Oregon
Convention Center, which benefits the region’s economy.
Information
Services
Metro Citizens
Metro Auditor
Chief Operating
Officer
Visitor
Venues
Metropolitan Exposition Recreation Commission
Office of the
Metro Attorney
Metro Council
Human
Resources
Planning and
Development
Waste
Prevention and
Environmental
Services
Parks and Nature
Oregon
Convention
Center
Portland’5
Centers for
the Arts
Communications
Finance and
Regulatory
Services Oregon
Zoo
Portland
Expo
Center
Capital Assets
Management
5
Metro’s FY 2020-21 Popular Annual Financial Report
Metro
Council
Priorities
Metro’s budgets are anchored by the region’s six desired outcomes. Developed by
the region and adopted by the Metro Council in 2010 as part of the region’s growth
management policies, the six outcomes help all leaders and their communities focus
on what makes this region a great place. The Metro Council has directed Metro to use
the outcomes to guide its strategic decision-making.
In addition, Metro is guiding budgetary decisions with its Strategic Recovery
Framework, embodying Metro’s values of Safety, Public Service, and Resilience
through the organization-wide guiding principles of Racial Justice, Climate Justice
and Resilience, and Shared Prosperity. Each of Metro’s departments is applying that
framework to day-to-day decision making and creating high level department specific
goals in concert with budget development. These goals help each department to look
ahead and identify key opportunities to make progress on the desired outcomes and
ensure that decisions made today will be sustainable and strategic for the next three to
five years.
6
Metro’s FY 2020-21 Popular Annual Financial Report
Balance
Sheet
(Statement
of Net
Position)
The government-wide Statement of Net Position reflects a healthy financial condition
as of June 30, 2021.
The assets of Metro exceeded its liabilities by $631 million at the close of the fiscal
year. This statement is presented as a high level summary overview of net position.
For greater detail, please see the complete ACFR, available for download at
www.oregonmetro.gov/financial-reports.
Assets: Resources currently owned by Metro, which have future economic value that
can be measured and can be expressed in dollars.
Deferred outflows of resources: Expenses incurred, but applicable to a future period.
Liabilities: Present obligations that require payment of cash in a certain stated time
period.
Deferred inflows of resources: Income received, but applicable to a future period.
Net position: The extent to which Metro’s assets exceeds its liabilities in a stated time
period.
Metro - Statement of Net Position
As of June 30,
2021
As of June 30,
2020
As of June 30,
2019
Assets
Current assets $ 1,108,986,309 $ 1,156,368,959 $ 988,188,064
Capital assets 725,114,956 712,928,496 688,192,337
Total assets 1,834,101,265 1,869,297,455 1,676,380,401
Total deferred outflows of
resources 45,032,124 38,001,534 37,016,768
Liabilities
Current and other liabilities 43,506,627 90,258,226 46,711,923
Long-Term liabilities 1,197,986,944 1,139,875,799 1,023,107,315
Total liabilities 1,241,493,571 1,230,134,025 1,069,819,238
Total deferred inflows of
resources 5,792,082 6,860,135 6,399,641
Net Position $ 631,847,736 $ 670,304,829 $ 637,178,290
7
Metro’s FY 2020-21 Popular Annual Financial Report
Income
Statement
(Statement
of
Activities)
The government-wide Statement of Activities reports all financial activity for the fiscal
year.
This statement presents high level summary information about how Metro’s net
position changed during the fiscal year as a result of all financial activity (i.e. revenues
and expenses). For greater detail, please see the complete ACFR, available for
download at www.oregonmetro.gov/financial-reports.
Metro - Statement of Activities
FY 2020-21 FY 2019-20 FY 2018-19
Revenues $ 297,140,362 $ 372,509,848 $ 350,567,260
Expenses 335,597,457 339,383,309 319,016,468
Increase (decrease) in Net
Position (38,457,095) 33,126,539 31,550,792
Net Position, Beginning of year 670,304,831 637,178,290 605,627,498
Net Position, End of Year $ 631,847,736 $ 670,304,829 $ 637,178,290
8
Metro’s FY 2020-21 Popular Annual Financial Report
The Metro Council unanimously adopted the annual budget for FY 2021-22 on
June 17, 2021. To best illustrate trends, below are the fiscal year budget amounts for
the most recently adopted budget compared with previous fiscal years.
For more information on Metro’s annual budget, please visit www.oregonmetro.gov/
metro-budget.
Budget
Metro - Adopted Budget Information
FY 2021-22 FY 2020-21 FY 2019-20
Personnel Services $ 123,577,464 $ 121,541,935 $ 122,466,433
Materials and Services 657,351,139 354,633,498 374,825,025
Debt Service 95,242,966 81,358,360 90,822,789
Transfers 76,501,442 50,467,463 45,610,343
Annual Operating
Budget
952,673,011 608,001,256 633,724,590
Capital Outlay 51,255,354 62,108,129 100,326,036
Reserves 115,711,522 94,540,171 106,877,157
Ending fund balance 439,747,017 670,047,318 507,926,111
TOTAL $1,559,386,904 $ 1,434,696,874 $1,348,853,894
9
Metro’s FY 2020-21 Popular Annual Financial Report
Financial
Policies
Metro’s financial policies establish basic principles to guide Metro’s elected officials and staff in
carrying out their financial duties and fiduciary responsibilities. Metro’s financial policies shall
be reviewed annually by the Council and shall be published in the adopted budget. The Chief
Financial Officer shall establish procedures to implement the policies established in the adopted
budget.
Accounting, auditing and financial reporting
Metro shall annually prepare and publish an Annual Comprehensive Financial Report
including financial statements and notes prepared in conformity with generally accepted
accounting principles as promulgated by the Governmental Accounting Standards Board.
An independent financial and grant compliance audit shall be performed annually in
accordance with generally accepted auditing standards.
Budgeting and financial planning
Metro shall maintain fund balance reserves that are appropriate to the needs of each fund.
Targeted reserve levels shall be established and reviewed annually as part of the budget
process. Use of fund balance to support budgeted operations in the General Fund, an
operating fund, or a central service fund shall be explained in the annual budget document;
such explanation shall describe the nature of the budgeted reduction in fund balance and
its expected future impact. Fund balances in excess of future needs shall be evaluated for
alternative uses. Metro shall prepare, present and adopt its annual budget in accordance
with Oregon Local Budget Law.
Metro staff shall regularly monitor actual revenues and expenditures and report to Council
at least quarterly on how they compare to budgeted amounts, to ensure compliance with
the adopted budget. Any significant changes in financial status shall be timely reported to
the Council.
Capital asset management
Metro shall budget for the adequate maintenance of capital equipment and facilities and
for their orderly replacement, consistent with longer-term planning for the management of
capital assets.
Cash management and investments
Metro shall manage its investment portfolio with the objectives of safety of principal as the
highest priority, liquidity adequate to needs as the second highest priority and yield from
investments as its third highest priority.
Debt management
Metro shall issue long-term debt only to finance capital improvements, including land
acquisition, that cannot be readily financed from current revenues, or to reduce the cost of
long-term financial obligations.
Metro shall strive to obtain the highest credit ratings to ensure that borrowing costs are
minimized and Metro’s access to credit is preserved.
Revenues
Metro shall estimate revenues through an objective, analytical process. Metro shall also
strive to maintain a diversified and balanced revenue system to protect it from short-term
fluctuations in any one revenue source.
10
Metro’s FY 2020-21 Popular Annual Financial Report
Revenue
Overview
(Budgetary
Basis)
Metro’s revenues come from a variety of sources.
Charges for services: The largest part of Metro’s revenues comes from fees and charges for goods
and services established to recoup from its customers the cost of providing those goods and services
to them.
Grants and Contributions: The primary planning functions of the agency — Planning and
Development and the Research Center — receive grant funding from federal, state and local
grants to fund most of the transportation planning and modeling programs. Both the zoo and
Metro’s Parks and Environmental Services also receive grants for capital projects, ongoing work
and operations. Metro also receives donations for the zoo, parks and cemeteries. In addition to
the above revenues, Metro receives revenue from both state and local agencies. Among these are
transient lodging tax receipts from Multnomah County, funds from the City of Portland to support
the Portland’5 Centers for the Arts, state marine fuel tax revenues and a portion of the recreational
vehicle registration fees passed through Multnomah County from the State of Oregon to support
the regional parks.
Property Taxes: Metro has a permanent property tax rate of $0.0966 per $1,000 of assessed value.
This rate cannot even be changed by the voters. Metro also receives property tax revenues from
voter-approved levies. The five-year Parks and Natural Areas Local Option Levy is $0.0960 per
$1,000 and the outstanding debt levies assess another $0.4071 per $1,000. The average homeowner
with $200,000 assessed value/$250,000 market value spends approximately $119.94 annually in
property taxes assessed by Metro.
Excise Tax: This tax is paid by users of Metro facilities and services in accordance with Metro
Charter and Metro Code. It supports the costs of general government activities, such as the Council
Office and elections expense. It also supports various planning, parks and venue activities.
Construction Excise Tax: This is a tax assessed on construction permits issued by local cities and
counties in the Metro region. The tax is assessed at 0.12 percent of the value of the improvements
for which a permit is sought, unless the project is exempted from the tax. For example, for
improvements valued at $250,000, the tax will be $300. The construction excise tax then funds a
competitive grant program to provide cities and counties with the planning resources necessary to
prepare land for development.
Income Tax: In May 2020, voters in greater Portland approved Measure 26-210 to help end
homelessness across the greater Portland region. The measure included two separate taxes that
expire at the end of 10 years unless extended by voters:
• A 1% marginal personal income tax on taxable income above $125,000 for individuals and
$200,000 for those filing jointly, and
• A 1% business income tax on net income for businesses with gross receipts above $5
million.
Collections for these taxes began in April 2021 and the first tax returns are due April 2022.
For more information on Metro’s Supportive Housing Services please visit www.oregonmetro.gov/
supportivehousing
Investment earnings: Metro receives interest earnings on invested cash balances.
Other Revenues: Any other revenue Metro receives that doesn’t fall into the above categories.
Metro - Revenue Overview
FY 2020-21 FY 2019-20 FY 2018-19
Charges for Services $ 109,386,929 $ 144,286,307 $ 174,779,792
Operating & Capital Grants
& Contributions 42,182,632 54,617,242 58,484,492
Property Taxes 106,520,166 114,101,431 79,370,064
Excise Taxes 18,704,633 16,916,905 18,587,682
Business Income Taxes 173,875
Personal Income Taxes 1,350,598
Construction Excise Tax 3,318,783 3,627,232 3,583,093
Investment Earnings 13,562,955 22,544,402 6,891,713
Other Revenues 99,611 78,520 151,779
Other Financing Sources:
Bond Proceeds 27,500,000 210,922,405 655,430,335
TOTAL $ 322,800,182 $ 567,094,445 $ 997,278,950
11
Metro’s FY 2020-21 Popular Annual Financial Report
Expenditure
Overview
(Budgetary
Basis)
Metro appropriates for expenditures at a very high level, hence there are a number of
categories that roll up into those appropriations. The major categories are listed and
defined below.
Personnel Services: These are expenditures for salaries, wages and related expenses
for Metro employees. These expenses include employee-related benefit costs such as
health and welfare, pension contributions, as well as fringe benefits.
Materials and Services: These expenses are for contractual and other services,
materials, supplies and other charges.
Debt service: This category is for payment on general obligation, full faith and credit,
pension obligation, and dedicated tax revenue bonds sold for the Metro Regional
Center, the Natural Areas program, the Portland Expo Center, the Oregon Zoo and
the Oregon Convention Center Hotel project, and Affordable Housing and Supportive
Housing Services.
Capital outlay: These funds are for land acquisitions and major capital improvement
projects at various facilities.
Metro - Expenditure Overview
FY 2020-21 FY 2019-20 FY 2018-19
Personnel Services $ 94,148,995 $ 110,599,511 $ 106,654,378
Materials and Services 170,412,320 165,103,688 175,704,686
Debt Service 85,104,103 90,822,787 54,528,766
Capital Outlay 26,533,413 39,516,476 31,594,665
TOTAL 376,198,831 $ 406,042,462 $ 368,482,495
Metro Function/Program Expenses, Fiscal Year 2021
18 Metro ACFR - Financial Section
METRO
Management’s Discussion and Analysis, continued
For the fiscal year ended June 30, 2021
Interest on long-term debt increased by $2,339,589 or 7.9
percent from the prior fiscal year and totaled $32,096,042
or 9.6 percent of Metro’s total program costs, up from
8.8 percent in the prior fiscal year, reflecting a relatively
stable amount of debt and its corresponding repayment.
Business-type activities. Program revenues of Metro’s
business-type activities (Solid Waste, the Oregon Zoo
and MERC operations) totaled $124,531,253, down
$40,969,782 or 24.8 percent. Metro’s business-type
activities were the most directly impacted area by the
COVID-19 pandemic. The Zoo and MERC facilities
were either closed or limited in allowable capacity in
Metro Function/Program Expenses
Gen Govt Ops: 7.1%Gen Govt Ops: 7.1%Gen Govt Ops: 7.1%
Reg Plan/Dev: 23.8%Reg Plan/Dev: 23.8%Reg Plan/Dev: 23.8%
Culture and Recreation: 10.9%Culture and Recreation: 10.9%Culture and Recreation: 10.9%
Zoo: 11.2%Zoo: 11.2%Zoo: 11.2%Interest L/T Debt: 9.6%Interest L/T Debt: 9.6%Interest L/T Debt: 9.6%
Solid Waste: 28.6%Solid Waste: 28.6%Solid Waste: 28.6%
MERC: 8.8%MERC: 8.8%MERC: 8.8%
Metro Governmental Activities Sources of Revenue
Property Tax: 64.9%Property Tax: 64.9%Property Tax: 64.9%
Business Income Tax: 0.8%Business Income Tax: 0.8%Business Income Tax: 0.8%
Personal Income Tax: 0.1%Personal Income Tax: 0.1%Personal Income Tax: 0.1%Excise Taxes: 11.4%Excise Taxes: 11.4%Excise Taxes: 11.4%
Construction Excise Tax: 2.0%Construction Excise Tax: 2.0%Construction Excise Tax: 2.0%
Local Government: 2.6%Local Government: 2.6%Local Government: 2.6%
Investment: 1.7%Investment: 1.7%Investment: 1.7%
Government Fees: 0.1%Government Fees: 0.1%Government Fees: 0.1%
Culture and Recreation: 2.8%Culture and Recreation: 2.8%Culture and Recreation: 2.8%
Other Fees: 1.2%Other Fees: 1.2%Other Fees: 1.2%
Internal Charges : 3.8%Internal Charges : 3.8%Internal Charges : 3.8%
Misc Revenue: 0.5%Misc Revenue: 0.5%Misc Revenue: 0.5%
Grants: 7.6%Grants: 7.6%Grants: 7.6%
Contributions and Donations: 0.2%Contributions and Donations: 0.2%Contributions and Donations: 0.2%
Licenses & Permits: 0.4%Licenses & Permits: 0.4%Licenses & Permits: 0.4%
12
Metro’s FY 2020-21 Popular Annual Financial Report
Debt
OverviewMetro uses long and short-term debt to finance capital projects and some capital
equipment. In March 2020, Standard & Poor’s reaffirmed its AAA rating on Metro
general obligation bonds, while Moody’s Investor Services reaffirmed it’s Aaa rating.
The rating agencies’ reports emphasized the strong financial reserves of the agency, the
low debt ration, significantly broad tax base and the strength of its financial policies.
Metro has a relatively low level of outstanding debt. Currently, there are thirteen
outstanding debt issues, totaling $1,007,425,000.
Original Original Principal Final
Amount Issue Date Outstanding Maturity
GENERAL OBLIGATION BONDS (Property tax funded)
General Obligation Bonds
Natural Areas 2012A Series $75,000,000 5/23/2012 $38,720,000 6/1/2026
Natural Areas 2018 Series 28,105,000 5/15/2018 10,665,000 6/1/2026
Natural Areas, 2020A Series 110,000,000 4/30/2020 110,000,000 6/1/2040
Natural Areas, 2020B Series 90,000,000 4/30/2020 74,385,000 6/1/2030
Oregon Zoo Infrastructure 2012A Series 65,000,000 5/23/2012 33,390,000 6/1/2028
Oregon Zoo Infrastructure 2018 Series 10,000,000 5/15/2018 7,495,000 6/1/2028
Affordable Housing 2019 Series 652,800,000 5/15/2019 626,085,000 6/1/2038
TOTAL GENERAL OBLIGATION BONDS OUTSTANDING $900,740,000
FULL FAITH AND CREDIT BONDS (General revenue funded)
Full Faith and Credit Refunding Bonds
2013 Series 12,600,000 2/26/2013 $2,715,000 8/1/2022
2016 Series 7,385,000 9/7/2016 3,840,000 12/1/2024
Full Faith and Credit
2018 Series 13,290,000 5/24/2018 13,290,000 6/1/2033
2021 Series 27,500,000 2/9/2021 23,815,000 6/1/2023
TOTAL FULL FAITH & CREDIT BONDS OUTSTANDING $43,660,000
PENSION OBLIGATION BONDS (Department assessments funded)
Limited Tax Pension Obligation Bonds
Series 2005 24,290,000 9/23/2005 $14,180,000 6/1/2028
TOTAL PENSION OBLIGATION BONDS OUTSTANDING $14,180,000
DEDICATED TAX REVENUE BONDS (Transient Lodging Tax funded)
Dedicated Tax Revenue Bonds
OCC Hotel Project, Series 2017 52,260,000 8/8/2017 $48,845,000 6/15/2047
TOTAL DEDICATED TAX REVENUE BONDS OUTSTANDING $48,845,000
GRAND TOTAL – METRO DEBT OUTSTANDING $1,007,425,000
13
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PORTLAND
If you picnic at Blue Lake or take your kids to the
Oregon Zoo, enjoy symphonies at the Schnitz or
auto shows at the convention center, put out your
trash or drive your car – we’ve already crossed
paths.
So, hello. We’re Metro – nice to meet you.
In a metropolitan area as big as Portland, we can
do a lot of things better together. Join us to help the
region prepare for a happy, healthy future.
Stay in touch with news, stories and things to do.
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Metro Council President
Lynn Peterson
Metro Councilors
Shirley Craddick, District 1
Christine Lewis, District 2
Gerritt Rosenthal, District 3
Juan Carlos González, District 4
Mary Nolan, District 5
Bob Stacey, District 6
Auditor
Brian Evans