HomeMy WebLinkAboutCity of Creve Coeur - Public Financial ReportPopular Annual
Financial Report
City of Creve Coeur, Missouri
For Fiscal Year Ending June 30, 2021
Creve Coeur Citizens,
In our ongoing effort to inform Creve Coeur citizens about
the state of city finances, we are pleased to present the 2021
Popular Annual Financial Report (PAFR).
The report is reflective of our commitment to preserving the
city’s long-term financial health. Further evidence of this is the
city’s AAA Standard & Poor’s bond rating; Creve Coeur is one
of a handful of such highly rated cities in the state of Missouri.
This bond rating was renewed prior to issuance of the city’s
2017 General Obligation Debt.
The financial activity statements included herein are taken
from the city’s Annual Comprehensive Financial Report
(ACFR). The ACFR provides more detailed information and includes an audit from an independent firm of
licensed certified public accountants.
The ACFR is prepared in accordance with Generally Accepted Accounting Principles (GAAP) in the United States
of America. The PAFR is prepared in accordance with the Government Finance Officers Association standards
and in conformity with GAAP.
Most of the City’s services are included in the governmental funds and proprietary funds (operations of ice arena
and golf course) so those are the funds that we include in the PAFR. We have not included Fiduciary Fund data
information in the PAFR but this information can be found in the city's ACFR.
We hope you find this report to be informative and we welcome your comments and questions. Please feel
free to contact either of us to discuss any aspect of this report. The information in this report is taken from
the city's ACFR. Citizens may keep apprised of the state of city finances by reviewing the ACFR at www.
crevecoeurmo.gov/ACFR or the quarterly financial reports posted to the city website at www.crevecoeurmo.gov/
QuarterlyFinancial.
Sincerely,
Mark Perkins Lori Obermoeller
City Administrator Director of Finance
Page 1 – City of Creve Coeur Popular Annual Financial Report 2021
A Message from the City Administrator
and the Director of Finance
Mark Perkins, ICMA-CM
City Administrator
Lori Obermoeller, CPFO
Director of Finance
Financial Activity Statements
Where Does the Money Come From?
Capital Improvement Program
Where Does the Money Go?
Property Tax Revenue
Outstanding Debt
Sales Tax Revenue Sharing
Miscellaneous Statistical Data
Acknowledgments
2
3
3-4
4
5
5
6
7
7
Table of Contents
Governmental Fund Balance
$3,5
6
5
,
2
8
7
'17$0
$1
$2
$3
$4
mi
l
l
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$3,4
6
9
,
6
0
2
$3,1
9
9
,
0
6
4
$2,8
1
8
,
6
8
2
$2,9
6
3
,
9
5
9
'18 '19 '20 '21
Enterprise Fund Balance
The Enterprise Fund Balance has decreased
over the last five years and is projected to
start using funds from the General Fund in
future years.
The overall Fund Balance for the
Governmental Funds has decreased the
last few years, but increased in FY2021
mainly as a result of receiving the federal
Coronavirus Aid, Relief, and Economic
Security (CARES) Act funds, as well as
a planned decrease in expenditures as
a result of the severity of the economic
downturn caused by COVID-19
combined with the uncertainty and
timing of a recovery.
'17 '18 '19 '20 '21$0
$15
$20
$25
$30
mi
l
l
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$10
$5
$28
,
2
6
3
,
7
2
9
$27
,
3
5
8
,
5
5
0
$24
,
4
2
1
,
7
6
7
$24
,
3
6
3
7
9
8
$27
,
0
7
0
,
0
6
8
General Fund
Capital Fund
Police Building
Fund
Parks & Storm-
water Fund
Sewer Lateral Fund
Debt Fund
Public Safety
Sales Tax
Fund
City of Creve Coeur Popular Annual Financial Report 2021 – Page 2
All Governmental Fund Types
All Governmental Funds for the City include the General Fund,
the Capital Improvement Fund, the Sewer Lateral Fund, the
Police Building Fund, the Debt Fund, the Parks and Stormwater
Fund, and the Public Safety Sales Tax Fund. During 2021, the
city’s revenues and sources were higher than expenditures and
uses in its Governmental Funds by $2,706,270 due to the new
parks and stormwater sales tax, a record number of building
permits issued, and the $1.2 million received from the CARES
Act.
Overall revenues increased $665,396. Expenditures
decreased by $2,369,676 with a decrease in expenditures
occurring in all functions, which includes General
Government, Public Safety, Public Works, Community
Development, Capital Outlay and Debt Service. Most of the
decrease was due to the decrease in capital outlay since the
police building was completed in FY20.
Enterprise Fund
The Enterprise Fund records the financial activity of the
recreation activities conducted at the Dielmann Recreation
Complex. The operating loss of the Enterprise Fund
decreased in 2021 from $380,382 to $277,902. The revenues
of the Enterprise Fund covered almost all operating expenses
in 2021 with the exception of depreciation of capital assets.
While depreciation is a “non-cash” expense that is reflected
on the Enterprise Fund statements, the City does not fund
depreciation because the capital assets depreciating in the
Enterprise Fund are funded out of the Capital Improvement
Fund. Therefore, the user fees for the Enterprise Fund
are established only to recover operation costs excluding
depreciation.
Financial Activity Statements for years ended June 30, 2020 and June 30, 2021
Enterprise Fund
Revenues 2020 2021
Food Service Revenues $47,041 $40,303
Golf Course Revenues $404,854 $557,212
Ice Arena Revenues $515,427 $554,827
Total Operating Revenues $967,322 $1,152,342
Operating Expenses
Food Service Expenses $46,256 $32,042
Golf Course Expenses $496,116 $552,801
Ice Arena Expenses $508,741 $512,869
Depreciation $298,026 $319,728
Total Operating Expenses $1,349,139 $1,417,440
Non-Operating Revenue (Expenses)
Investment Income $2,150 $171
Misc. Revenue $0 $12,842
Interest Expense $0 $0
Loss on Disposal of Assets ($715) ($25,816)
Total Non-Operating
Revenue (Expenses)
$1,435 ($12,803)
Loss Before Capital
Contributions & Transfers
($380,382) ($277,902)
Capital Contributions $0 $37,500
Transfers-In $0 $0
Proceeds from Sale of
Capital Assets
$0 ($11,200)
Change in Net Assets ($380,382) ($251,602)
Net Assets, July 1 $3,199,064 $3,215,559*
Net Assets, June 30 $2,818,682 $2,963,957
All Governmental Fund Types
Revenues 2020 2021
Property Taxes $1,684,774 $1,586,334
Sales Tax $7,842,205 $8,122,301
Public Utility Licenses $5,699,666 $5,396,414
Other Taxes $137,879 $135,967
Licenses and Permits $1,157,837 $1,610,411
Municipal Facilities $34,997 $17,535
Intergovernmental $2,181,781 $3,284,049
Fines & Forfeitures $499,153 $551,411
Charges for Services $63,868 $92,911
Investment Income $798,585 $170,224
Miscellaneous $421,909 $220,496
Total Revenues $20,522,655 $21,188,051
Expenditure by Function
General Government $2,964,942 $2,733,508
Public Safety $7,511,017 $7,106,518
Public Works $3,389,371 $3,282,366
Community Development $1,527,547 $1,476,340
Capital Outlay $4,823,385 $3,250,118
Debt Service (Principal &
Interest)
$713,006 $710,742
Total Expenditures $20,929,268 $18,559,592
Other Financing Sources/Uses
Transfers-In $629,802 $596,366
Transfers-Out $629,802 $596,366
Net Bond Proceeds $0 $0
Proceeds from Capital Lease $0 $0
Proceeds from Sale of Capital
Assets
$39,367 $77,810
Net Changes in Fund Balance ($367,246)$2,706,270
*The City recorded prior period adjustments and restated net position as of
June 30, 2020. These adjustments were made to correct misstatements in
capital assets which increased the Enterprise Fund beginning balance by
$396,876. Additionally, the City recorded prior period adjustments to correctly
record certain expenditures which should have been recorded during FY2021,
but were recorded in the prior year for the Governmental Funds of $309,276.
The Capital Improvement Program (CIP) is the city’s long-range
planning tool for improvements to infrastructure, parks and other
community facilities and to establish funding for high-priority
projects in a timely and cost-effective fashion. The CIP provides a
systematic approach to replacing deteriorating infrastructure and
major capital equipment, and adding new facilities that enhance
the quality of life in Creve Coeur.
The CIP covers a five-year period and is updated annually. The
Planning and Zoning Commission and Finance Committee
review the plan and forward a recommendation to the
City Council. The City Council holds a public hearing and
ultimately decides on the CIP’s adoption.
The CIP and other long-range planning documents are
available for review at the Government Center and on the city’s
website at www.crevecoeurmo.gov/CIP.
Projects are prioritized based on the following criteria:
Where Does the Money Come From?
Sales Tax: derived from the 1.25 percent
general retail sales tax, the 0.5 percent
capital sales tax, the 0.5 percent public
safety sales tax, and the 0.5 percent parks
and stormwater sales tax. A portion of
the sales tax revenue is shared with other
cities and St. Louis County (see article on
page 6).
Public Utility Licenses: as of the end of
FY2021, the gross receipts tax on sales
of electric, gas, telephone and water
services within the city were 8 percent
for commercial. Residential rates were 7
percent. These commercial rates were
amended effective November 1, 2018.
Residential electric rates were amended
effective March 1, 2019. A 5 percent video
service fee is also included.
Intergovernmental: revenues from grants
and pass-through monies from the state of
Missouri and the U.S. government, including
gasoline tax, auto sales tax and road and
bridge money.
Property Taxes: derived from the city’s real
estate tax rate of $0.073 for residential and
$0.080 for commercial property per $100
assessed valuation. 2021 also includes a
Creve Coeur debt levy of $0.068.
Licenses & Permits: includes building
permits, business licenses, and other
permits.
Investment Income: revenue earned by
investing city funds throughout the year,
pursuant to the city’s investment policy.
Fines & Forfeitures: derived from fines and
costs levied in the court.
Miscellaneous: derived from sources such
as reimbursements, refunds and other
sources.
Other Taxes: primarily tax revenues for the
sewer lateral program.
Municipal Facilities & Charges for Services:
revenues from fees for use of city facilities
and recreation programs and charges for
services such as the school resource officer
contract with the Parkway School District.
How Are Capital Improvement Funds Spent?
Page 3 – City of Creve Coeur Popular Annual Financial Report 2021
Governmental Fund
Revenues
FY2021
Sales Tax $8,122,301
Public Utility Licenses $5,396,414
Intergovernmental $3,284,049
Licenses and Permits $1,610,411
Property Taxes $1,586,334
Fines & Forfeitures $551,411
Miscellaneous $220,496
Investment Income $170,224
Other Taxes $135,967
Charges for Services $92,911
Municipal Facilities $17,535
Total $21,188,052
Property Taxes
Fines & Forteitures
Miscellaneous
Investment IncomeOther Taxes
Licenses & Permits
Intergovernmental
Public Utility Licenses
Sales Tax
Charges for Services & Municipal Facilities
7%
3%
1%
1%<1%
15%
25%
38%
<1%
8%
• Public safety
• Condition of existing facility
• Operating efficiency
• Citizen demand
• Economic growth
• Protection & conservation
• Beautification
• Coordination (projects,
regulations)
• Availability of funding
Capital Fund Expenditures FY2021
Streets & Sidewalks $2,008,793
Stormwater $287,721
Capital Equipment $180,078
Building Improvements $2,862
Parks & Recreation $254,338
Administration $92,183
Total $2,825,975
Public Safety: expenditures relating
to the police department, including
administration, investigation, patrol and
dispatching.
Capital Outlay: accounts used to
purchase capital items and the
construction or acquisition of major
capital facilities.
Public Works: expenditures relating
to services such as streets and
sidewalk maintenance, parks, building
maintenance, refuse and recycling
collection, engineering and other related
services.
General Government: expenditures
relating to city council, city clerk, city
administrator’s office, finance, municipal
court, insurance, sewer lateral program
and other related functions.
Community Development: expenditures
relating to planning, zoning, building
inspection and code enforcement.
Debt Service: debt service payments
include both principal and interest
debt issued for the construction of the
police building (2017). Construction was
completed during fall of 2019.
City of Creve Coeur Popular Annual Financial Report 2021 – Page 4
Where Does the Money Go?Governmental Fund
Expenditures
FY2021
Public Safety $7,106,518
Public Works $3,282,366
Capital Outlay $3,250,118
General Government $2,733,508
Community Development $1,476,340
Debt Service $710,742
Total $18,559,592
Public Works18%
Capital Outlay17%
General Government15%
Community Development8%
Debt Service4%
Public Safety38%
*In November 2020, voters in Creve
Coeur approved a half-cent sales
tax that is dedicated to capital
improvements, operations and
maintenance for the City’s parks
and stormwater infrastructure. This
new revenue source necessitated
the creation of the Parks and
Stormwater Fund, which will be
supplemented by grants and other
outside funding related to parks
and stormwater. The five-year
projected expenses for the fund is
$11.3 million.
CIP Five-Year Projections (FY2022-2026)
(in millions)0 2 4 6 8 10 12
Capital Equipment
Building Improvements
Parks & Recreation*
Stormwater*
Streets & Sidewalks
Administration
14
$1,987,700 / $30,000
$2,165,000 / $1,133,953
$441,000 / $5,720,000
$494,082 / $786,264
Debt Service $3,577,340
$14,396,500$2,642,000
Capital Fund Parks-Stormwater Fund Building Bond Fund
The average Creve Coeur homeowner ($400,000 market value
house) pays $5,392 to $5,414 in real estate taxes to all taxing
entities combined. Of this amount, the City of Creve Coeur
receives $107, or about 2 percent of the total tax bill. These
revenues support the City’s General Fund (0.073) and Debt
Service (0.068). Sewer taxes vary subject to your location.
How Is Property Tax Revenue Allocated?
Outstanding Debt 2017-2021
2017 Police Building Debt: in April 2017, Creve Coeur issued
general obligation bonds to finance the construction, furnishing
and equipping of a new police station and to fund safety,
security and accessibility improvements to the Creve Coeur
Government Center. The bonds bear interest ranging from 2 to
3.125 percent. The debt service is paid from a property tax levy
of .068 per $100 of assessed valuation. The bonds will mature
March 1, 2037.
Capital Lease Payable: provided funds to acquire certain office
equipment for city departments.
Compensated Absences: reflects the outstanding liability
on the city’s financial statement for the value of employees’
accumulation of vacation time. Most of this vacation will be used
during the normal course of operations during the city’s fiscal
year.
Page 5 – City of Creve Coeur Popular Annual Financial Report 2021
Tax Entity (FY2021)Rate Cost
Parkway School District 3.6390 $2,766
Ladue School District 3.6100 $2,744
Creve Coeur Fire District 0.9750 $741
Special School District 1.0158 $772
County 0.4180 $318
Community College 0.2787 $212
Metro Zoo 0.2455 $187
Library 0.2060 $157
Disability 0.0710 $54
City of Creve Coeur 0.1410 $107
State 0.0300 $23
MSD Sewer 0.1041 $79
Total Parkway School District 7.1241 $5,414
Total Ladue School District 7.0951 $5,392
City of Creve Coeur Outstanding Debt
June 30, 2021
Police Building Debt $9,189,602
Capital Lease Payable $0
Compensated Absences $522,198
Total Debt $9,711,800
$11,33
4
,
2
5
6
2017
$0
$2
$4
$6
$8
$10
mil
l
i
o
n
s
$12 $11,03
9
,
3
6
9
2018
$10,64
1
,
6
6
0
2019
$10,31
5
,
1
3
6
2020
$9,711
,
8
0
0
2021
Outstanding Debt 2017-2021
Sales Tax Revenue Sharing in St. Louis County
Retail sales in St. Louis County are subject to a 1 percent local
sales tax that is shared among the cities in St. Louis County
and the county itself. St. Louis County is the only county in
the state where sales tax sharing applies, pursuant to state
legislation adopted in 1993 which identifies each city as either
‘A’, ‘B’ or ‘A/B’. The city’s one-half cent capital improvement
sales tax and one-quarter cent local option sales tax are also
shared. The capital sales tax is shared at a fixed rate of 15%.
The parks and stormwater sales tax is not subject to sharing.
‘A’ Cities: ‘A’ cities, or ‘point-of-sales’ cities, receive sales
tax revenue generated within their city limits, but also share a
portion of their revenue with other cities if the average sales
tax income per capita exceeds the average sales tax income
per capita countywide. As a result of the sharing
formula, Creve Coeur shared approximately
17.5% of sales tax revenue with other cities and
St. Louis County in FY21.
‘B’ Cities: ‘B’ cities, also called ‘pool’ cities,
receive a population based pro-rated share of the
sales tax revenue collected by St. Louis County.
Newly created cities and areas annexed since the
sharing formula became effective are ‘B’ cities.
‘A/B’ Cities: ‘A/B’ cities are those that were in
existence at the time the sharing formula was
created and are a mixture of ‘A’ (‘point-of-sale’)
and ‘B’ (‘pool’).
Creve Coeur is an ‘A/B’ city, primarily a ‘point-of-sale’ (‘A’) city,
except for Ward 4 and a section of Ward 1, east of Lindbergh
and north of Olive, which were annexed by the City in the
1990s. These areas are ‘pool’ (‘B’).
Total sales tax revenue generated in Creve Coeur last year
was approximately $7,721,252 for general and capital sales
tax. However, $1,052,081 was shared with other cities
under the County formula, resulting in net sales tax revenue
for Creve Coeur of $6,669,171. As a result of the sharing
legislation, the City of Creve Coeur receives approximately
86% of the sales tax revenue generated by Creve Coeur
businesses with the remaining 14% shared with other cities
and the county.
City of Creve Coeur Popular Annual Financial Report 2021 – Page 6
Distribution of Sales Tax Rate
St. Louis County Public Safety
St. Louis County Transportation
Countywide Regional Parks & Trails
St. Louis County Children's Services
Zoo
Creve Coeur CapitalImprovements
St. Louis County Bi-State Metro
Creve Coeur General Services
State of Missouri
St. Louis County E-911
0.5%
0.5%
0.2875%
0.25%
0.125%
0.75%
1.25%
4.2250%
0.1%
0.5%
Creve Coeur Parks& Stormwater0.5%
Creve Coeur Sales Tax Rate8.9875%
Net Sales Tax Revenue for Creve Coeur
Sales Tax Revenue Sharedwith Other Cities
$6,669,171
$1,052,081
Sales Tax Generated in Creve Coeur (FY21)
66
City of Creve Coeur
300 N. New Ballas Rd.
Creve Coeur, MO 63141
Phone: 314-432-6000
Fax: 314-872-2539
www.crevecoeurmo.gov
Facebook.com/CityofCreveCoeur
Twitter.com/CreveCoeurMO
Creve Coeur by the Numbers
Thank you to the Finance Committee
and Audit Committee for their support
and dedication in advising the City
Council on financial matters impacting
the City.
The Finance Committee consists
of seven to nine members. Primary
responsibilities and duties include
review of the annual budget annually,
review the Capital Improvement Plan
(CIP) annually, and advising the City
Council on other financial matters
impacting the City as requested by the
City Council or staff.
The Audit Committee consists of three
Council members and two Finance
Committee members, serving as an
advisory body to the City Council
on matters concerning the City’s
annual audit. Primary responsibilities
and duties of the committee include
coordinating the process of soliciting,
selecting and hiring of the auditing
firm, working cooperatively with the
auditing firm, and reviewing and
presenting recommendations on audit
results to the City Council.
Acknowledgments
Page 7 – City of Creve Coeur Popular Annual Financial Report 2021
The information in the City of Creve
Coeur Popular Annual Financial Report
is taken from the City of Creve Coeur
Annual Comprehensive Financial
Report (ACFR).
A copy of the ACFR available at the
Government Center and online at
www.crevecoeurmo.gov/ACFR.
The Basics...
In the Community...In the Parks...
78.9
centerline miles of streets
maintained by the city
8,756
housing units
$96,319
median household income
10.27 square
miles
Population of18,834
full-time
employees
1061949incorporated in
home rule charter
adopted in1976
Ward 2
Ward 1Ward 3
Ward 4
4 wards
s w o r n offi cers
49
6 parks
94 acres
of parks
Council–City Administrator
form of government
te n n i s courts
8
1
indoor ice arena
9
-
h
ole gol f c ourse
1
Award for Outstanding
Achievement in Popular
Annual Financial Reporting
The City of Creve Coeur was the
recipient of the Award for Outstanding
Achievement in Popular Annual Financial
Reporting by the Government Finance
Officers Association of the United States
and Canada for its Popular Annual
Financial Report for fiscal year ending
June 30, 2020.
The Award for Outstanding Achievement
in Popular Annual Financial
Reporting is a prestigious
national award recognizing
conformance with the
highest standards for
preparation of state and
local government popular
reports. Visit www.gfoa.org
for more information about
this award and its criteria.
June 30, 2020
$402,300
median home value