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Home My WebLink AboutCity of Orlando - Public Financial ReportANNUAL REPORT TO CITIZENS OF ORLANDO, FLORIDA FOR FISCAL YEAR ENDED SEPTEMBER 30, 2021 Harry P. Leu Gardens TABLE OF CONTENTS INTRODUCTION .......................................................................1 LETTER FROM THE MAYOR ................................................2 ELECTED OFFICIALS .............................................................2 DISTRICT MAP ..........................................................................3 ORLANDO FACTS - DID YOU KNOW? ..............................4 PROPERTY TAXES ..................................................................6 CAPITAL BUDGET ...................................................................7 CONDENSED STATEMENTS ................................................8 GENERAL FUND ......................................................................9 DEBT ..........................................................................................11 SELECTED STATISTICS ........................................................12 GLOSSARY ...............................................................................13 Harry P. Leu Gardens Government Finance Officers Association Award for Outstanding Achievement in Popular Annual Financial Reporting Presented to City of Orlando Florida For its Annual Financial Report for the Fiscal Year Ended September 30, 2020 Executive Director/CEO INTRODUCTION OUR CITY The City of Orlando is a Florida municipal corporation that was founded in 1875, and has an estimated population of 314,506 living within an area of approximately 111 square miles. The city is in the approximate center of the State of Florida and the four-county (Orange, Osceola, Seminole, Lake) Orlando-Kissimmee-Sanford Metropolitan Statistical Area (MSA), which has an estimated population of 2.7 million. The city operates under a Charter adopted February 4, 1885, as amended. The city has a seven-member City Council comprised of the Mayor (elected at large) and six District Commissioners. The city provides the full range of governmental services, including police and fire protection; street construction and maintenance; solid waste management; sewer services; parks, recreation and cultural services; planning and development services; a variety of transportation and public infrastructure programs; and other traditional support activities. Included in the city’s basic financial statements is the legally separate Downtown Development Board (DDB), which is reported separately (i.e., discretely presented). Although legally separate, because of the closeness of their relationship to the city, the Community Redevelopment Agency (CRA) and Downtown South Neighborhood Improvement District are reported as though they are part of the city (i.e., blended presentation). WHAT IS AN ANNUAL REPORT TO CITIZENS? This Annual Report to Citizens is Orlando’s version of a Popular Annual Financial Report (PAFR). The Government Finance Officers Association (GFOA) recommends governments produce a PAFR to provide a summarized overview of the city’s financial position in a simplified format for the benefit of citizens and other interested parties. The information presented is extracted from the City’s award-winning Annual Comprehensive Financial Report, which is a complete set of audited financial statements presented in accordance with accounting principles generally accepted in the United States of America, (GAAP). The Annual Report to Citizens is unaudited and not presented in GAAP format. This is not intended to replace the Annual Comprehensive Financial Report. For those interested in more detail, the City of Orlando’s Annual Comprehensive Financial Report and other financial documents are available at orlando.gov/financialdocuments. The PAFR is available to be viewed and downloaded at orlando.gov/pafr. ACHIEVEMENTS The City of Orlando continues to be recognized for its financial reporting efforts. The GFOA has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Orlando for its Annual Report to Citizens for the fiscal year ended September 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. In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability, and reader appeal. An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. The City of Orlando has received a Popular Award for the last three consecutive years (fiscal years ended September 30, 2018, 2019 and 2020). We believe our current report continues to conform to the Popular Annual Financial Reporting requirements, and we are submitting it to the GFOA to determine its eligibility for another award. The City of Orlando was also awarded the Certificate of Achievement for Excellence in Financial Reporting for its Annual Comprehensive Financial Report for the fiscal year ended September 30, 2020. This is the 43rd consecutive year it has received the distinguished award. 1 On behalf of the Orlando City Council and staff, it is my pleasure to present to you the City of Orlando’s Annual Report to Citizens (Report) for the fiscal year ended September 30, 2021. Accountability and responsible stewardship are key components of the financial reporting process. This Report will provide you with a snapshot of the city’s financial activities and achievements from the past year and is an illustration of our continued commitment to financial transparency. We know that a strong partnership with you, our residents, is the best way to work through challenges and realize opportunity. With that in mind, as you review this report, please share any recommendations, concerns or questions you may have with our Office of Business and Financial Services at orlando.gov/obfs. Sincerely, Buddy Dyer Mayor, City of Orlando Members of the Orlando City Council are the Mayor, elected at-large, and six City Commissioners who are elected from respective districts. All are elected for four-year terms. TOP ROW: District 1 Commissioner, Jim Gray District 2 Commissioner, Tony Ortiz District 3 Commissioner, Robert F. Stuart District 6 Commissioner, Bakari F. Burns BOTTOM ROW: District 5 Commissioner, Regina I. Hill Mayor, Buddy Dyer District 4 Commissioner, Patty Sheehan DISTRICT MAP LETTER FROM THE MAYOR ELECTED OFFICIALS 2 4 4 4 4 4 S R 4 17 S SR 417 N SR 528 E I-4 E SR 528 W I-4 W SR 408 E SR 408 W F L O RI D A S T U R N PI K E S F L O RID A S T U R N PIK E N I-4 EI-4 W W OSCEOLA PKWY SR 408 W FLORIDAS TURNPIKE N I-4 E SR 408 E SR 408 W I-4 W SR 408 W I-4 W I-4 W I-4 W E COLONIAL DR S ORANGE AVE N DEAN RD ROUSE RD LAKE UNDERHILL RD AL OM A AV E UNIVERSITY BLVD N POWERS DR N ALAFAYA TRL W COLONIAL DR SILVER STAR RD N FORSYTH RD LAKE NONA BLVD BOGGY CREEK RD LEE RD HOFFNER AVE CURRY FORD RD N PINE HILLS RD L B MCLEOD RD S AL AF AYA TRL N MILLS AVE CENTRAL FLORIDA PKWY ED GEWATER DR M O SS PAR K RD UNIVERSAL BLVD ST A T E R O A D 535 N HIAWASSEE RD DR PHILLIPS BLVD HEINTZELMAN BLVD VINELAND RD WOODBURY RD S JOHN YOUNG PKWY E AMELIA ST GATLIN AVE E ROBINSON ST HALL RD N BUMBY AVE N SEMORAN BLVD PALM PKWY HOLDEN AVE S SEMORAN BLVD E MICHIGAN ST DELANEY AVE LONG ST W SAND LAKE RD N HASTINGS ST LANDSTAR BLVD PALMER AVE W PRINCETON ST TRADEPORT DR S N PARK AVE WINEGARD RD NORTH LN DAETWYLER DR BOGGY CREEK RD S ORANGE BLOSSOM TRL E LANDSTREET RD VALENCIA COLLEGE LN HUNTERS CREEK BLVD S KIRKMAN RD HANSEL AVE S FERN CREEK AVE MCCOY RD THORPE RD INTERNATIONAL DR S SUMMERLIN AVE CONWAY GARDENS RD OR A NG E AVE S G OL D ENRO D R D BENNETT RD COLUMBIA ST S DEAN RD BACHMAN RD NARC O OSSEE RD LAKE PICKETT RD WETHERBEE RD W CHURCH ST JEFF FUQUA BLVD YUC ATAN DR GRAND NATIONAL DR WEWAHOOTEE RD TURKEY LAKE RD RALEIGH ST SIMPSON RD M AURY R D DIXIE BELLE DR D OWDEN RD MANDARIN DR CONWAY RD PERSHING AVE S LAKEMONT AVE N APOPKA VINELAND RD CLARCONA OCOEE RD LEEVISTA BLVD HANGING MOSS RD CORRINE DR 8TH ST TAFT VINELAND RD S KIRKMAN RD CONWAY RD W PAR ST W AMELIA ST MOSS PARK RD GENERAL REES AVE W OAK RIDGE RD S HIAWASSEE RD LEE RD NARCOOSSEE RD CON R OY RD LAKE STANLEY RD MERCY DR LAKEVIEW STN ORANGE AVE W GORE ST 4TH ST N A R C O O S S E E R DS SEMORAN BLVD ALOMA AVE N HIAWASSEE RD MCCOY RDW SAND LAKE RD S HIAWASSEE RD SILVER STAR RD W COLONIAL DR CURRY FORD RD HOFFNER AVE CURRY FORD RD S ORANGE BLOSSOM TRL INTERNATIONAL DR S JOHN YOUNG PKWY S ORANGE AVE S SEMORAN BLVD 91 91 91 417 528 417 408 417 528 528 528 417 417 417 417 408 408 408 417 408 417 ORANGE CO Note: District Boundaries adopted by City Council 10/31/2011, Doc# 1110311102Effective for Term beginning 6/01/2012 SEMINOLE CO ORANGE CO Legend District 1 - Jim Gray District 2 - Tony Ortiz District 3 - Robert F. Stuart District 4 - Patty Sheehan District 5 - Regina I. Hill District 6 - Bakari F. Burns Commissioner Districts City GISStandard MapsAugust 2020 Office of City Commissioners 0123 Miles 4 4 4 4 4 S R 4 1 7 S SR 417 N SR 528 E I-4 E SR 528 W I-4 W SR 408 E SR 408 W F L O RI D A S T U R N P I K E S F L O RID A S T U R N PIK E N I-4 EI-4 W W OSCEOLA PKWY SR 408 W FLORIDAS TURNPIKE N I-4 E SR 408 E SR 408 W I-4 W SR 408 W I-4 W I-4 W I-4 W E COLONIAL DR S ORA N G E AVE N DEAN RD ROUSE RD LAKE UNDERHILL RD ALOM A AV E UNIVERSITY BLVD N POWERS DR N ALAFAYA TRL W COLONIAL DR SILVER STAR RD N FORSYTH RD LAKE NONA BLVD BOGGY CREEK RD LEE RD HOFFNER AVE CURRY FORD RD N PINE HILLS RD L B MCLEOD RD S ALA F A Y A TR L N MILLS AVE CENTRAL FLORIDA PKWY ED GE W ATER DR M O S S PA R K R D UNIVERSAL BLVD S T A T E R O A D 5 35 N HIAWASSEE RD DR PHILLIPS BLVD HEINTZELMAN BLVD VINELAND RD WOODBURY RD S JOHN YOUNG PKWY E AMELIA ST GATLIN AVE E ROBINSON ST HALL RD N BUMBY AVE N SEMORAN BLVD PALM PKW Y HOLDEN AVE S SEMORAN BLVD E MICHIGAN ST DELANEY AVE LONG ST W SAND LAKE RD N HASTINGS ST LANDSTAR BLVD PALMER AVE W PRINCETON ST TRADEPORT DR S N PARK AVE WINEGARD RD NORTH LN DAETWYLER DR BOGGY CREEK RD S ORANGE BLOSSOM TRL E LANDSTREET RD VALENCIA COLLEGE LN HUNTERS CREEK BLVD S KIRKMAN RD HANSEL AVE S FERN CREEK AVE MCCOY RD THORPE RD INTERNATIONAL DR S SUMMERLIN AVE CONWAY GARDENS RD O RAN G E A VE S G O L D E N R O D R D BENNETT RD COLUMBIA ST S DEAN RD BACHMAN RD N AR C O OSSEE R D LAKE PICKETT RD WETHERBEE RD W CHURCH ST JEFF FUQUA BLVD Y UC ATA N D R GRAND NATIONAL DR WEWAHOOTEE RD TURKEY LAKE RD RALEIGH ST SIMPSON RD M A U RY R D DIXIE BELLE DR D O W DE N R D MANDARIN DR CONWAY RD PERSHING AVE S LAKEMONT AVE N APOPKA VINELAND RD CLARCONA OCOEE RD LEE VISTA BLVD HANGING MOSS RD CORRINE DR 8TH ST TAFT V INE L AND RD S KIRKMAN RD CONWAY RD W PAR ST W AMELIA ST MOSS PARK RD GENERAL REES AVE W OAK RIDGE RD S HIAWASSEE RD LEE RD NARCOOSSEE RD CON R O Y RD LAKE STANLEY RD MERCY DR LAKEVIEW STN ORANGE AVE W GORE ST 4TH ST N A R C O O S S E E R DS SEMORAN BLVD ALOMA AVE N HIAWASSEE RD MCCOY RDW SAND LAKE RD S HIAWASSEE RD SILVER STAR RD W COLONIAL DR CURRY FORD RD HOFFNER AVE CURRY FORD RD S ORANGE BLOSSOM TRL INTER NATIO NAL D R S JOHN YOUNG PKWY S ORANGE AVE S SEMORAN BLVD 91 91 91 417 528 417 408 417 528 528 528 417 417 417 417 408 408 408 417 408 417 ORANGE CO Note: District Boundaries adopted by City Council 10/31/2011, Doc# 1110311102 Effective for Term beginning 6/01/2012 SEMINOLE CO ORANGE CO Legend District 1 - Jim Gray District 2 - Tony Ortiz District 3 - Robert F. Stuart District 4 - Patty Sheehan District 5 - Regina I. Hill District 6 - Bakari F. Burns Commissioner Districts City GIS Standard Maps August 2020 Office of City Commissioners 0 1 2 3 Miles 4 4 4 4 4 S R 4 1 7 S SR 417 N SR 528 E I-4 E SR 528 W I-4 W SR 408 E SR 408 W F L O R I D A S T U R N P I K E S F L O RID A S T U R N PIK E N I-4 EI-4 W W OSCEOLA PKWY SR 408 W FLORIDAS TURNPIKE N I-4 E SR 408 E SR 408 W I-4 W SR 408 W I-4 W I-4 W I-4 W E COLONIAL DR S ORA N G E AVE N DEAN RD ROUSE RD LAKE UNDERHILL RD AL OM A AVE UNIVERSITY BLVD N POWERS DR N ALAFAYA TRL W COLONIAL DR SILVER STAR RD N FORSYTH RD LAKE NONA BLVD BOGGY CREEK RD LEE RD HOFFNER AVE CURRY FORD RD N PINE HILLS RD L B MCLEOD RD S A L AFAY A TR L N MILLS AVE CENTRAL FLORIDA PKWY ED GE W ATER DR M O S S PA RK R D UNIVERSAL BLVD S T A T E R O A D 5 35 N HIAWASSEE RD DR PHILLIPS BLVD HEINTZELMAN BLVD VINELAND RD WOODBURY RD S JOHN YOUNG PKWY E AMELIA ST GATLIN AVE E ROBINSON ST HALL RD N BUMBY AVE N SEMORAN BLVD PALM PK WY HOLDEN AVE S SEMORAN BLVD E MICHIGAN ST DELANEY AVE LONG ST W SAND LAKE RD N HASTINGS ST LANDSTAR BLVD PALMER AVE W PRINCETON ST TRADEPORT DR S N PARK AVE WINEGARD RD NORTH LN DAETWYLER DR BOGGY CREEK RD S ORANGE BLOSSOM TRL E LANDSTREET RD VALENCIA COLLEGE LN HUNTERS CREEK BLVD S KIRKMAN RD HANSEL AVE S FERN CREEK AVE MCCOY RD THORPE RD INTERNATIONAL DR S SUMMERLIN AVE CONWAY GARDENS RD O R A N G E A VE S G O L D E N R O D R D BENNETT RD COLUMBIA ST S DEAN RD BACHMAN RD NAR C O OSSEE R D LAKE PICKETT RD WETHERBEE RD W CHURCH ST JEFF FUQUA BLVD YU C A T A N D R GRAND NATIONAL DR WEWAHOOTEE RD TURKEY LAKE RD RALEIGH ST SIMPSON RD M A U R Y R D DIXIE BELLE DR DOWDE N R D MANDARIN DR CONWAY RD PERSHING AVE S LAKEMONT AVE N APOPKA VINELAND RD CLARCONA OCOEE RD LEEVISTA BLVD HANGING MOSS RD CORRINE DR 8TH ST TAFT VINELAND RD S KIRKMAN RD CONWAY RD W PAR ST W AMELIA ST MOSS PARK RD GENERAL REES AVE W OAK RIDGE RD S HIAWASSEE RD LEE RD NARCOOSSEE RD C O N R O Y RD LAKE STANLEY RD MERCY DR LAKEVIEW STN ORANGE AVE W GORE ST 4TH ST N A R C O O S S E E R DS SEMORAN BLVD ALOMA AVE N HIAWASSEE RD MCCOY RDW SAND LAKE RD S HIAWASSEE RD SILVER STAR RD W COLONIAL DR CURRY FORD RD HOFFNER AVE CURRY FORD RD S ORANGE BLOSSOM TRL INTER NATIONAL DR S JOHN YOUNG PKWY S ORANGE AVE S SEMORAN BLVD 91 91 91 417 528 417 408 417 528 528 528 417 417 417 417 408 408 408 417 408 417 ORANGE CO Note: District Boundaries adopted by City Council 10/31/2011, Doc# 1110311102 Effective for Term beginning 6/01/2012 SEMINOLE CO ORANGE CO Legend District 1 - Jim Gray District 2 - Tony Ortiz District 3 - Robert F. Stuart District 4 - Patty Sheehan District 5 - Regina I. Hill District 6 - Bakari F. Burns Commissioner Districts City GIS Standard Maps August 2020 Office of City Commissioners 0 1 2 3 Miles ELECTED OFFICIALS OFFICE OF CITY COMMISSIONERS 3 314,506 POPULATION OF ORLANDO $340,000 MEDIAN HOME PRICE, ORLANDO MSA 9TH BUSIEST AIRPORT IN THE NATION (ORLANDO INTERNATIONAL AIRPORT) 1ST BEST CITY FOR RECREATION. WALLETHUB RANKED ORLANDO AS THE 2021 BEST CITY FOR RECREATION BASED ON ENTERTAINMENT AND RECREATIONAL FACILITIES, QUALITY OF PARKS, COST AND WEATHER. 4.4% UNEMPLOYMENT RATE FOR ORLANDO MSA AS OF SEPTEMBER 2021 2,319 PEOPLE IN ORANGE COUNTY WHO MOVED INTO PERMANENT HOUSING FROM BEING HOMELESS (IN THE 12-MONTH PERIOD ENDED 12/31/2021) 12 MAIN STREET DISTRICTS 70,406 FALL 2021 ENROLLMENT AT UNIVERSITY OF CENTRAL FLORIDA 10 NUMBER OF MAYOR’S PRIORITIES: COMMUNITY TRUST AND EQUITY INITIATIVE, CARING FOR THOSE EXPERIENCING HOMELESSNESS, A CITY FOR EVERYONE, MAKING IT EASIER TO DO BUSINESS, PUBLIC SAFETY, SUSTAINABILITY AND RESILIENCY, TRANSPORTATION, ACCESS TO QUALITY HOUSING, PROVIDING OPPORTUNITIES FOR YOUNG RESIDENTS, INVESTING IN OUR NEIGHBORHOODS ORLANDO FACTS - DID YOU KNOW? 3RD ORLANDO’S RANK IN POPULATION GROWTH AMONG THE 100 LARGEST US CITIES ACCORDING TO THE 2020 CENSUS. Aa1/AA+/AAA ORLANDO’S COMPARABLE RATING FOR GENERAL OBLIGATION DEBT BY RATING AGENCIES MOODY’S INVESTORS SERVICE, STANDARD & POOR’S, AND FITCH RATINGS, RESPECTIVELY 85% CITY DIVISIONS INVOLVED IN SUSTAINABILITY INITIATIVES 578 NUMBER OF VENDORS REGISTERED IN CITY’S MINORITY OR WOMEN OWNED ENTERPRISE SYSTEM 3RD MOST PET-FRIENDLY CITY AMONG THE 100 LARGEST US CITIES PER WALLETHUB $10,000,000 BY JANUARY 2022, USING 100% OF ITS ALLOCATION OF CARES ACT AND ERAP 1 FUNDING, THE CITY PAID OVER $10 MILLION OF RENT TO LANDLORDS ON BEHALF OF ALMOST 2,100 RESIDENTS WHO WERE NEGATIVELY IMPACTED BY COVID 19.4 5 House Assessed Value Exemption Taxable Value Taxing Entity Millage Rate Tax Percentage Taxes $340,000.00 $25,000.00 $315,000.00 Public Schools 6.8570 37.00%$2,159.96 340,000.00 50,000.00 290,000.00 City of Orlando 6.6500 36.00%1,928.50 340,000.00 50,000.00 290,000.00 Orange County 4.4347 24.00%1,286.06 340,000.00 50,000.00 290,000.00 Library 0.3748 2.00%108.69 340,000.00 50,000.00 290,000.00 St. Johns Water Mgmt 0.2287 1.00%66.32 Total:18.5452 100% $5,549.53 Fiscal Year ended Sept. 30 Total Property Tax Revenue Collected City of Orlando Millage Rate 2017 $159,237,271 6.6500 2018 $178,209,997 6.6500 2019 $197,771,073 6.6500 2020 $217,565,362 6.6500 2021 $238,347,498 6.6500 PROPERTY TAX REVENUE Ad valorem property taxes are the city’s largest source of revenue. The table below shows the total amount of tax collected in the last 5 years. Although the city’s millage rate (dollars of tax per $1,000 of taxable value) has remained the same, assessed property values have increased, resulting in more property tax revenue being collected. WHERE DO PROPERTY TAXES GO? The example below shows the total amount of property tax a resident would pay on a home with an assessed value of $340,000, and where those tax dollars go. CITY OF ORLANDO MILLAGE RATES LAST FIVE YEARS: Public Schools 37¢ City of Orlando 36¢ OrangeCounty 24¢ Library 2¢ St. JohnsWater Mgmt 1¢ Ad Valorem Property Taxes A tax based on the assessed value of an item, such as real estate or personal property. Non-ad Valorem Revenues Revenues not including property tax, such as the utilities service tax. 6 Type of Service Capital Improvement Budget 2021 % of Total Water Reclamation $90,760,497 58.2% Transportation 23,660,006 15.2% Economic Development 21,498,595 13.8% Recreation and Culture 5,755,811 3.7% Stormwater 3,115,000 2.0% General Government 3,083,346 2.0% Public Safety 3,010,724 1.9% Community Infrastructure 2,250,000 1.4% Solid Waste 1,900,000 1.2% Public Facilities 1,000,000 0.6% Total $156,033,979 100% CAPITAL IMPROVEMENT PROGRAM WHAT IS IT AND WHY DO WE HAVE ONE? The city provides needed and desired government services to the public. In order to provide these services, the city must invest in the community by acquiring and constructing capital assets, such as buildings, infrastructure, roads, and parks. The capital improvement program is a road map, approved by City Council, which details and establishes the city’s capital investment priorities and policies over the next five fiscal years. The capital improvement program is of major significance to the city. The benefits derived from the projects intersect with and impact the lives of the city’s residents, businesses, and visitors through the provision of health, safety, transportation, recreation, cultural, and other services. The following chart illustrates the FY2020/2021 Capital Budget by type of service. It includes 109 projects totaling $156 million. Capital Assets Long-term investments in land, buildings, equipment, infrastructure or improvements. Capital Budget Funds budgeted to purchase or construct buildings, equipment, infrastructure or improvements. Water Reclamation 58.2% Transportation 15.2% Economic Development 13.8% Recreation and Culture 3.7% Stormwater 2.0% General Government 2.0% Public Safety 1.9% Community Infrastructure 1.4% Solid Waste 1.2% Public Facilities 0.6% 7 CONDENSED STATEMENT OF ACTIVITIES 2017 2018 FY2019 FY2020 FY2021 Change - 2021 vs 2020 Current and Other Assets $1,290,462,653 $1,245,721,481 $1,440,976,523 $1,555,883,472 $1,594,916,173 $39,032,701 Capital Assets 2,220,006,507 2,284,524,121 2,325,897,589 2,421,109,760 2,539,758,200 118,648,440 Deferred Outflows of Resources 135,659,541 200,965,761 167,152,939 181,684,522 187,106,539 5,422,017 Total Assets and Deferred Outflows 3,646,128,701 3,731,211,363 3,934,027,051 4,158,677,754 4,321,780,912 163,103,158 Current Liabilities 277,940,857 298,869,637 248,385,992 318,979,012 379,774,993 60,795,981 Long-Term Liabilities 1,342,926,903 1,611,898,548 1,758,475,033 1,715,596,648 1,695,083,248 (20,513,400) Deferred Inflows of Resources 8,721,010 32,951,705 14,451,421 37,636,969 46,607,603 8,970,634 Total Liabilities and Deferred Inflows 1,629,588,770 1,943,719,890 2,021,312,446 2,072,212,629 2,121,465,844 49,253,215 Net Position $2,016,539,931 $1,787,491,473 $1,912,714,605 $2,086,465,125 $ 2,200,315,068 $113,849,943 2017 2018 FY2019 FY2020 FY2021 Change - 2021 vs 2020 Revenues $1,131,628,201 $897,352,585 $1,017,874,702 $1,079,325,407 $1,011,946,309 $(72,165,903) Expenses/ Expenditures 748,665,553 842,177,013 892,651,570 905,574,887 913,483,486 3,121,794 Change in Net Position 382,962,648 55,175,572 125,223,132 173,750,520 98,462,823 (75,287,697) Net Position - Beginning 1,633,577,283 2,016,539,931 1,787,491,473 1,912,714,605 2,086,465,125 173,750,520 Prior Period Adjustment - (284,224,030) - - 15,387,120 15,387,120 Net Position - Ending $2,016,539,931 $1,787,491,473 $1,912,714,605 $2,086,465,125 $2,200,315,068 $113,849,943 CONDENSED FINANCIAL STATEMENTS The city’s statement of net position is a snapshot of its financial position. It presents all of the city’s assets and deferred outflows and liabilities and deferred inflows. The difference between assets and deferred outflows and liabilities and deferred inflows is known as net position. The change in net position from year to year serves as an indicator of the results of the city’s operations and financial position. For the fiscal year ended September 30, 2021, the city’s net position is $2,200,315,068. This is an increase of $98,462,823 over Fiscal Year 2020, including effect of prior period adjustment. Revenues and expenses are presented in the statement of activities. See glossary for definitions of key terms. CONDENSED STATEMENT OF NET POSITION 8 GENERAL FUND REVENUES AND EXPENDITURES 2019 2020 2021 Change (2021 vs 2020) Revenues $531,115,080 $536,243,691 $552,813,058 $16,569,367 Expenditures 462,786,162 475,058,556 492,838,232 17,779,676 Net Transfers to other Funds (51,906,882) (40,837,238)(41,692,158) (854,920) Debt Proceeds -0 -0 1,700,000 1,700,000 Net Change in Fund Balance $16,422,036 $20,347,897 $19,982,668 $(365,229) Property Taxes 43% Orlando Utilities Commission Contribution 12% Charges for Service 10% State Sales Tax 7% Franchise Fees 6% Other 6% Other Intergovernmental 6% Utilities Services Tax 6% Local Business Tax 2% Communication Services Tax 2% 2021 GENERAL FUND REVENUES BY SOURCE Fire 26% Police 34% Families, Parks and Recreation 9% Business and Financial Services 7% Executive Offices 6% Public Works 2% Debt Service Payments 4% Transportation 3% Economic Development 3%Other Expenditures 6% 2021 GENERAL FUND EXPENSES BY DEPARTMENT The city is required to account for its finances using fund accounting. Fund accounting separates revenues and expenses into different funds or “buckets”, based on the source of the revenue and its intended use. The largest “bucket” and chief operating fund of the city is the General Fund. Most of the city’s revenues and expenses are accounted for here. General Fund revenues include property tax, licenses, permitting fees, utility taxes, state taxes, contributions such as revenue sharing, and service charges. General Fund expenses include police, fire, parks and recreation, business and financial services, transportation, economic development, and public works services. The table below provides a summary and comparison of General Fund revenues, expenses, transfers, and net change in fund balance. The charts present expenditures by department and revenues by source for the General Fund for the Fiscal Year ended September 30, 2021. Total revenues increased $16,569,367 compared to the same period last year. Property Tax was the largest source of revenue for the General Fund representing 43% of the total. Public Safety (Police and Fire services) was the largest expense for the General Fund, representing approximately 60% of total expenses. Total General Fund revenues increased 3% in fiscal year 2021 compared to 2020. Property Tax collections increased by $20.8 million due to an increase in assessed property values, and Sales Tax revenue increased by $5.5 million as the economy began to recover from the negative impacts of the Pandemic. These increases were offset by a decrease in the contribution to the City from Orlando Utilities Commission consistent with agreed amounts, and a decrease in Investment-related earnings as the City’s rate of return decreased from 4% in 2020 to .10% in 2021. There was an increase of 3.7% in total General Fund Expenses, mostly due to cost of living salary increases which affected all departments. 9 $170,831,603 $127,208,576 $43,273,722 $33,665,766 $29,355,819 $28,310,146 $19,973,042 $16,266,168 $15,414,777 $8,538,613 $0 $20,000,000 $40,000,000 $60,000,000 $80,000,000 $100,000,000 $120,000,000 $140,000,000 $160,000,000 $180,000,000 Police Fire Families, Parks& Recreation Business &FinancialServices OtherExpenditures ExecutiveOffices Debt ServicePayments Transportation EconomicDevelopment Public Works General Fund Expenses by Department, Last Three Fiscal Years 2021 2020 2019 $237,792,338 $61,830,528 $60,978,459 $42,690,592 $30,796,144 $36,395,910 $32,974,580 $25,879,623 $13,686,674 $9,788,210 $0 $50,000,000 $100,000,000 $150,000,000 $200,000,000 $250,000,000 General Fund Revenues by Source, Last Three Fiscal Years 2021 2020 2019 GENERAL FUND EXPENSES BY DEPARTMENT (LAST THREE FISCAL YEARS) GENERAL FUND REVENUES BY SOURCE (LAST THREE FISCAL YEARS) 10 Purpose Payment Source Issued Outstanding CRA Capital Projects and Dr. Phillips Center for the Performing Arts Tax Increment Revenues $185,551,000 $144,506,111 Capital Improvement Public Safety and Capital Projects Non-ad Valorem Revenues 335,776,000 290,349,000 Total Govt Debt $521,327,000 $434,855,111 Purpose Payment Source Issued Outstanding Parking Parking Garage Construction Parking Revenues $41,422,000 $39,851,000 Orlando Venues Community Venues State Sales Tax and TDT 449,710,000 327,635,000 Water Reclamation Water Reclamation Projects Water Reclamation Revenues 167,956,343 101,458,636 Total Business Type Debt $659,088,343 $468,944,636 CONDENSED STATEMENT OF OUTSTANDING DEBT The City of Orlando primarily issues bonds to pay for large and long-lived capital assets such as parks, roads, water treatment plants, and buildings. Sometimes existing bonds are refunded with new bonds to achieve savings on interest costs. There are multiple benefits to paying for large and long-lived capital assets with debt. One benefit is that future users of the assets will bear some of the cost through taxes or other charges that help pay the debt over time. The city consistently achieves some of the highest bond ratings possible from the major ratings agencies Moody’s, Standard and Poor’s and Fitch. High bond ratings indicate that the city is financially strong, stable and able to repay its debt, which generally results in lower interest costs. BUSINESS TYPE ACTIVITIES GOVERNMENTAL ACTIVITIES Governmental Activities The city’s basic services such as Police, Fire, Public Works and Families, Parks, and Recreation which are mostly funded by property tax, sales tax and franchise fees. Business Type Activities City services that charge users based on the cost of providing the service. Bond Rating A measure of financial strength that provides the ability to obtain low interest rates. Tourist Development Tax (TDT) A tax on the amount paid by guests for short-term accommodation (less than 6 months). This 6% tax is collected by Orange County and Florida Statutes require the funds be used for designated tourism- related expenditures. The county contributes TDT revenue to the City of Orlando to support debt service payments on the outstanding TDT revenue bonds. Government-wide The city as a whole. Total City Debt $1,180,415,343 $903,799,747 11 SELECTED STATISTICS DEMOGRAPHIC AND ECONOMIC STATISTICS (LAST TEN FISCAL YEARS) Employer Type of Business Number of Employees 2021 Rank Percentage of Total MSA Employment Walt Disney World Resort Leisure and Hospitality 58,478 1 4.52 Advent Health Healthcare 37,000 2 2.86 Orange County Public Schools Education 25,125 3 1.94 Universal Orlando Resort Leisure and Hospitality 21,143 4 1.64 Orlando Health Healthcare 19,657 5 1.52 Orlando International Airport (MCO)Transportation 15,783 6 1.22 Publix Supermarkets Inc.Service (grocery)15,511 7 1.20 University of Central Florida Education 12,354 8 0.96 Seminole County Public Schools Education 10,000 9a 0.77 Lockheed Martin Aerospace / Defense 10,000 9b 0.77 Orange County Government Government 8,000 10 0.62 Other Employers Various 1,059,488 81.97 Total 1,292,539 100.00 Year City Population Orlando-Kissimmee-Sanford MSA Population City Personal Income (in thousands) Per Capita Personal Income Unemployment Rate 2012 245,402 2,184,588 9,083,064 37,013 8.4% 2013 250,415 2,225,730 9,263,352 36,992 6.3% 2014 255,636 2,270,370 9,485,118 37,104 5.7% 2015 262,949 2,320,195 10,158,246 38,632 4.9% 2016 271,752 2,376,358 10,916,006 40,169 4.4% 2017 279,789 2,437,975 11,605,648 41,480 3.2% 2018 285,099 2,508,570 12,399,241 43,491 2.7% 2019 291,800 2,585,614 13,176,521 45,156 2.8% 2020 298,943 2,645,784 14,415,928 48,223 9.8% 2021 314,506 2,741,997 N/A N/A 4.4% PRINCIPAL EMPLOYERS Source: Orlando Economic Partnership Note: Includes the four counties in the Orlando-Kissimmee-Sanford Metropolitan Statistical Area (MSA), (Orange, Seminole, Osceola, and Lake) 12 GLOSSARY Current and Other Assets Assets such as cash, investments, receivables and inventory that can be converted to cash within one year. Current Liabilities Debts that can be paid off in one year or less, such as accounts payable and accrued payroll. Deferred Inflows of Resources An acquisition of net position by the government that is applicable to a future reporting period. Deferred Outflows of Resources A consumption of net position by the government that is applicable to a future reporting period. Expenses/Expenditures Money spent or costs incurred through the city’s operations. Fund A self-balancing set of accounts which are segregated for specific activities or objectives. Funds are often referred to as “buckets.” Fund Balance The difference between assets and deferred outflow of resources and liabilities and deferred inflow of resources of a fund. General Fund The chief operating fund of the city. Government Finance Officers Association (GFOA) Organization which represents public finance officials and promotes excellence in public finance by providing best practice guidance, recognition programs, research and training. Long-Term Liabilities Represents mainly debt obligations of the city. Millage Rate Dollars of tax per $1,000 of taxable value. Net Position The difference between assets and deferred outflow of resources and liabilities and deferred inflow of resources for the city as a whole. Prior Period Adjustment The correction of an error or retroactive application of a new accounting rule. Revenues Income from taxes and charges to individuals who purchase, use, or benefit from goods or services. 13