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CityofWorthington, Ohio
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CITY OF WORTHINGTON
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED
DECEMBER 31, 2022
Issued by:
Department of Finance
Scott F. Bartter
Director
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CITY OF WORTHINGTON
TABLE OF CONTENTS
I� INTRODUCTORY SECTION
A Letter of Transmittal.............................................................................................v
B List of Principal Officials....................................................................................xii
C City Organizational Chart ..................................................................................xiii
D Certificate of Achievement for Excellence in Financial Reporting ........................xiv
I I FINANCIAL SECTION
A Independent Auditors' Report............................................................................l
B Management's Discussion and Analysis ...........................................................5
C Basic Financial Statements:
Government-wide Financial Statements:
Statement of Net Position...................................................................................16
Statement of Activities .......................................................................................18
Fund Financial Statements:
Governmental Funds:
BalanceSheet.....................................................................................................20
Reconciliation of Total Governmental Fund Balances to Net Position of
Governmental Activities.....................................................................................22
Statement of Revenues, Expenditures and Changes in Fund Balances..............24
Reconciliation of the Statement of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities..........26
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual(Non-GAAP Budgetary Basis):
GeneralFund.................................................................................................28
Fiduciary Funds:
Statement of Net Position...................................................................................29
Statement of Changes in Net Position................................................................30
Notes to the Basic Financial Statements..................................................................31
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CITY OF WORTHINGTON
D Required Supplementary Information:
Schedule of City's Proportionate Share of the Net
PensionLiability.................................................................................................86
Schedule of City Pension Contributions.............................................................88
Schedule of City's Proportionate Share of the Net Other
Postemployment Benefits(OPEB) Liability/Asset.............................................90
Schedule of City Other Postemployment Benefit(OPEB)
Contributions......................................................................................................92
Notes to the Required Supplementary Information.................................................94
E Combining and Individual Fund Statements and Schedules:
Nonmaj or Governmental Financial Statements:
CombiningBalance Sheet.................................................................................103
Combining Statement of Revenues, Expenditures and Changes in
FundBalances...................................................................................................104
Combining Balance Sheet—Nonmaj or Special Revenue Funds......................105
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances—Nonmajor Special Revenue Funds........................................109
Combining Balance Sheet—Nonmaj or Debt Service Funds............................113
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances—Nonmajor Debt Service Funds..............................................114
Individual Schedules of Revenues, Expenditures and Changes
in Fund Balance -Budget and Actual (Non-GAAP Budgetary Basis):
Major Governmental Funds:
GeneralFund...............................................................................................115
Capital Projects Fund:
Tax Increment Financing Fund................................................................120
Capital Improvement Fund.......................................................................121
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CITY OF WORTHINGTON
Nonmajor Governmental Funds:
Special Revenue Funds:
Property Assessed Clean Energy Fund.....................................................122
Payroll Reserve Fund...............................................................................123
Street, Construction,Maintenance and Repair Fund................................124
StateHighway Fund.................................................................................125
WaterFund...............................................................................................126
Sanitary Sewer Fund................................................................................127
Police Pension Fund.................................................................................128
Law Enforcement Fund............................................................................129
Municipal Motor Vehicle License Tax Fund...........................................130
Enforcement and Education Fund............................................................131
American Rescue Plan Act(ARPA) Fund...............................................132
Ohio Opioid Settlement Fund...................................................................133
Court Clerk Computer Fund.....................................................................134
Economic Development Fund..................................................................135
Convention and Visitor's Bureau Fund....................................................136
Law Enforcement Continuing Education Fund........................................137
SpecialParks Fund...................................................................................138
Bicentennial Trust Fund...........................................................................139
Debt Service Funds:
General Obligation Bond Retirement Fund..............................................140
Special Assessment Bond Retirement Fund.............................................141
Capital Projects Funds:
TrunkSewer Fund....................................................................................142
Fiduciary Funds—Custodial Funds:
Combining Statement of Net Position..............................................................144
Combining Statement of Changes in Net Position...........................................146
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CITY OF WORTHINGTON
I�� STATISTICAL SECTION
Net Position by Component-Last Ten Years.............................................................................. S 2
Changes in Net Position-Last Ten Years.................................................................................... S 4
Fund Balances, Governmental Funds -Last Ten Years............................................................... S 8
Changes in Fund Balances, Governmental Funds -Last Ten Years.......................................... S 10
Income Tax Revenues by Source, Governmental Funds-Last Ten Years................................ S 14
Income Tax Statistics -Current Year and Nine Years Ago ....................................................... S 17
Ratios of Outstanding Debt by Type -Last Ten Years.............................................................. S 18
Ratios of General Bonded Debt Outstanding-Last Ten Years ................................................. S 20
Computation of Direct and Overlapping Debt Attributable to
Governmental Activities -Current Year.................................................................................... S 23
Debt Limitations -Last Ten Years............................................................................................. S 24
Demographic and Economic Statistics -Last Ten Years........................................................... S 26
Principal Employers -Current Year and Nine Years Ago ......................................................... S 29
Full Time Equivalent Employees by Function-Last Nine Years.............................................. S 30
Operating Indicators by Function-Last Eight Years................................................................. S 32
Capital Asset Statistics by Function-Last Five Years .............................................................. S 34
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June 16,2023
To: Members of City Council and Citizens of the City of Worthington
The Annual Comprehensive Financial Report of the City of Worthington, Ohio (City), for fiscal year
ended December 31, 2022, is submitted herewith. The report has a complete set of financial statements
presented in conformity with accounting principles generally accepted in the United States of America
(GAAP) and audited in accordance with generally accepted government auditing standards by Clark
Schaefer Hackett. The independent auditor's report is located at the front of the financial section of this
report.
Management's discussion and analysis (MD&A) immediately follows the independent auditor's report.
The MD&A provides a narrative introduction, overview, and analysis of the basic financial statements
and complements this letter of transmittal and should be read in conjunction with it.
The City's Finance Department is responsible for management's representations concerning the finances
of the City. Consequently, management assumes full responsibility for the completeness and reliability
of the information contained in the report, based upon a comprehensive framewark of internal controls
that it has established for this purpose. Because the cost of internal controls should not exceed its
anticipated benefits, the objective is to provide reasonable, rather than absolute, assurance that the
financial statements are free of any material misstatements.
In developing and revising the City's accounting and reporting control systems, consideration is given to
the adequacy of internal controls to provide reasonable but not absolute assurance regarding the
safeguarding of assets from loss, theft or misuse, and reliability of financial records for preparing the
City's financial statements in conformity with GAAP and maintaining accountability for assets. The
concept of reasonable assurance recognizes that the cost of control should not exceed the benefits likely to
be derived, and the evaluation of costs and benefits requires estimates and judgments by management.
As management, we believe the data presented is accurate in all material respects and that a11
disclosures necessary to enable the reader to acquire the maximum understanding of the City's financial
activity have been included.
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6550 N. High Street I Worthington, Ohio 43085 614.436.3100 worthington.org
CITY OF WORTHINGTON
Letter of Transmittal
For the Year Ended December 31, 2022
Profile of the Citv
The City of Worthington, with a population of approximately 15,000, is located in the northern quadrant
of Franklin County, on the I-270 outer belt, adjacent to Columbus, Ohio, the Capital of the State of Ohio.
The City encompasses 5.5 square miles and has a daytime population of approximately 35,000. The City
was founded in 1803, the year of Ohio statehood, by the Scioto Land Company which was formed in
1802 in Granby, Connecticut. The Village was named by James Kilbourne, community leader, in honor of
Thomas Worthington, who had actively advocated Ohio statehood and who later served as State Senator
and Governor.
The Village of Worthington was incorporated in 1835, became a city in 1956, and in 1957 adopted a city
charter approving a council/city manager form of government. The City is an independent political
subdivision of the State of Ohio and operates subject to the provisions of the Ohio Constitution, various
sections of the Ohio Revised Code, and the City's charter. The City Manager is the chief executive and
administrative officer of the City and is charged with the responsibility for the administration of all
municipal affairs as empowered by the charter.
Component units are legally separate organizations for which the City is financially accountable. The City
is financially accountable for an organization if the City appoints a voting majority of the organization's
governing board and(1) the City is able to significantly influence the programs or services performed or
provided by the organization; or (2) the City is legally entitled to or can otherwise access the
organization's resources; the City is legally obligated or has otherwise assumed the responsibility to
finance the deficits of, or provide financial support to, the organization; or the City is obligated for the
debt of the organization. Component units may also include organizations that are fiscally dependent on
the City in that the City approves the organization's budget, the issuance of its debt, or the levying of its
taxes.
Discretely Presented Component Unit — A 10-member board governs the Worthington
Community Improvement Corporation (CIC). For financial reporting purposes, the CIC is
reported separately from the City's operations because its purpose is to assist the City as a
whole in the revitalization and enhancement of the property within the City, and its governing
body is not the same as that of the primary government.
The annual budget serves as the foundation for the City's financial planning and controL The City
complies with requirements of the Ohio Revised Code in the adoption of the budget. Appropriations for
the operation of various City departments are established through the passage of an ordinance by City
Council. Budgetary control is facilitated through the maintenance of an encumbrance system for purchase
orders, and through the use of the City's automated financial system. The City Council is required to hold
public hearings on the proposed budget and to adopt the budget no later than December 31, the close of
the City's fiscal year. The appropriated budget is prepared by fund, department or function, and category
(i.e. personnel services and other than personnel services). The City Council may pass supplemental
appropriations at any time by ordinance.
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CITY OF WORTHINGTON
Letter of Transmittal
For the Year Ended December 31, 2022
Economic Condition and Outlook
The information presented in the financial statements is perhaps best understood when it is considered
from the broader perspective of the specific environment within which the City operates.
In recent years there has been significant economic development in and around the City and throughout
Central Ohio,particularly in the areas of distribution, insurance,professional services, and retail.
While predominately a residential community, the City possesses a healthy mix of industrial and
commercial enterprises. The City benefits from the strong Central Ohio economy. Unemployment in the
County is traditionally well below state and nationallevels.
Most of the geographic area of the City is fully developed, with approximately 64% being residential and
19% being commercial or industrial. While there are limited sites for new development, there are
numerous sites for redevelopment and sites where positive economic initiatives are underway. A few
examples include:
• Downtown Worthington—The City's downtown area has a high occupancy rate, which is a
positive reflection on the efforts and activities of the City, merchants and various
community partners. The 2023 budget continues funding to the Worthington Partnership,
which the City first funded in 2016, to help ensure support for this vital and iconic part of
the City. Additionally, in 2019 the Worthington Partnership assumed the duties of the
Convention and Visitors Bureau(CVB) and will receive financial support from the City for
enhanced community marketing efforts. The City continues to see investment in older
downtown residential and commercial buildings, such as the full renovation of office
buildings at 25 W. New England Avenue and 579 High Street. The renovation and
occupation of the Kilbourne Memorial Library Building owned by the City on the Village
Green has been a success having been converted to a mix of retail, co-working, and maker
space. This dynamic mix of uses has contributed to new vibrancy north of State Route 161,
outside of the traditional central business district. This includes the area near North and
High Streets where the conversion of a former car repair shop to a bank, renovation of retail
facades, and completion of two two-story office/retail building is attracting new retail,
office and entertainment tenants.
• East Wilson Bridge Road Corridor— Reinvestment has occurred along East Wilson Bridge
Road with the expansion of MedVet Medical & Cancer Center for Pets, the reconstruction
of a McDonald's, and construction of new apartments. Construction has finished on the
Northeast Gateway Intersection project, a $17 million-dollar improvement of the
intersection of Huntley Road, Worthington-Galena, and East Wilson Bridge Road. This
project utilizes Federal, State and local dollars and has significantly improved traffic
conditions surrounding the City's industrial corridor. Additional public investment
involving a new waterline and road resurfacing in this carridor has also been completed.
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CITY OF WORTHINGTON
Letter of Transmittal
For the Year Ended December 31, 2022
The �rst phase of improvements to McCord Park have been completed which involved the
replacement of a playground, creation of the full-size soccer/field hockey field, installation
of reservable shelters and the installation of a multi-use path. The second and final phase of
improvement to the Park has begun with renovation of ballfields, installation of a new
restroom facility and the extension of the multi-use path. This 25 acre park in the East
Wilson Bridge Rd. Corridor is adjacent to the Worthington Community Center and hosts
numerous community events. Additionally, the Community Improvement Corporation (the
"CIC") has acquired four residential parcels and identified a development partner for the
construction of office space.
• Fa�ade Improvement Program (FACE) — The FACE grant and loan program has achieved
success in improving aesthetics and attracting investment in the eastern industrial portions
of the City. The CIC recommended and Council approved using some of these funds to
offer energy efficiency analyses for commercial buildings, with a goal of encouraging
property owners to use the Property Assessed Clean Energy (PACE) program to invest in
energy efficiency retrofits. This has the dual goal of lowering the City's carbon footprint
and enhancing older office buildings. The City has extended the FACE program to other
areas of the City,with a focus on allowing office buildings outside the industrial corridor to
be eligible far fa�ade renovation grants.
• Two redevelopment projects are focused on the area near Proprietors Road and SR-161.
The Kemper House, a memory care facility, opened on Proprietor's Road representing the
final piece of the redevelopment of the former Worthington Foods site. Across the street,
Boundless, a not for profit serving the developmentally disabled has acquired the former
Harding Hospital site, utilizes it for their administrative offices, and is pursuing
implementation of plans for the property. They have constructed, and are now operating, a
health center serving all ages, with a focus on people with intellectual and developmental
disabilities, autism and mental health challenges. The health center provides primary care,
dental care,behavioral health care, and speech and language therapy.
• The Shops at Worthington Place were purchased by new owners who have proposed a
significant redevelopment, called High North, with a Planned Unit Development that
includes approximately 200,000 square feet of office, restaurant, and retail in two phases.
To accomplish this catalytic project,parking structures will be needed, and a portion of the
current shops would be demolished. The High North project has received development
approvals from the City and the City has approved a tax increment financing arrangement
to support the structured parking in Phase I of this project.
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CITY OF WORTHINGTON
Letter of Transmittal
For the Year Ended December 31, 2022
In inventorying the City's economic development programs, initiatives, and assets, it quickly becomes
apparent that the City has a long and successful history of planned development, a track-record of
proactive economic development initiatives, and a well-regarded economic development office and
professional staff.
Long-term Financial Planning
A significant portion of the City's role in reinvesting in Worthington is to protect those investments
already made as the community grew and took shape over the course of many decades — our
underground and surface infrastructure and public facilities such as the Community Center, Griswold
Senior Center, and parks. The City remains committed to improving its aging infrastructure through its
annually updated five-year Capital Improvement Program(CIP).
In 2018, Worthington City Council adopted a revised General Fund Carryover Policy to assist the City in
maintaining long-term financial stability. The revised policy increases the minimum General Fund balance
to 35% of prior year expenditures and incorporates a financial action plan in the event the City falls below
the policy floor. Additionally, in 2018 the City Council adopted a new debt policy to establish parameters
and provide guidance governing the issuance, management, evaluation, and reporting of all debt
obligations of the City.
In 2019, the City established a twenty-seventh pay reserve, distinct and separate from the fund balance,
to have funds available to pay every eleven years when a "twenty-seventh"payday occurs. The City will
put aside funds each year to pay for this periodic occurrence.
In 2020, the City received funding through the Coronavirus Aid, Relief, and Economic Security Act
(CARES Act). To comply with Federal regulations on receipt of these dollars the City established a
new Coronavirus Relief Fund to receive these funds into. Additionally, the City has received Federal
funds through the American Rescue Plan Act (ARPA), which are planned for use in funding waterline
improvements.
In 2021 S&P Global Ratings assigned a rating of AAA to the city of Worthington.
City Council has prioritized a citizen-led comprehensive visioning process to consider the community's
vision for the future. The results of this visioning process wi11 direct future goals of the City and further
set community priorities and development plans.
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CITY OF WORTHINGTON
Letter of Transmittal
For the Year Ended December 31, 2022
Certificate of Achievement
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Worthington, Ohio for its
Annual Comprehensive Financial Report for the fiscal year ended December 31, 2021. To be awarded a
Certificate of Achievement, a governmental unit must prepare an easily readable and efficiently organized
Annual Comprehensive Financial Report whose contents satisfy all program standards. The report must
satisfy both generally accepted accounting principles (GAAP) and applicable legal requirements
respective to the reporting entity.
A Certificate of Achievement is valid for a period of one year only. We believe this current report
continues to conform to the Certificate of Achievement for Excellence in Financial Reporting program
requirements and are submitting it to the GFOA.
Acknowledgements
The preparation of this report was made possible by the diligence of the staff of the entire Finance
Department. Their initiative and conscientious wark ensured the integrity of the information contained
herein and guaranteed this report's successful completion.
In closing, we would like to thank City Council for their support in maintaining the highest standards of
professionalism in the management of the City of Worthington's finances
Respectfully submitted,
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Scott F. Bartter, Finance Director Robyn Stewart, Acting City Manager
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CITY OF WORTHINGTON
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CITY OF WORTHINGTON
List of Principal Officials
For the Year Ended December 31, 2022
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For the Year Ended December 31,2022
City Council
President David Robinson
President Pro Tempore Katie Brewer
Member of Council Rebecca Hermann
Member of Council Peter Bucher
Member of Council Beth Kowalczyk
Member of Council Bonnie Michael
Member of Council Doug Smith
Appointed Officials
Acting City Manager Robyn Stewart
Mayor Scott Holmes
Vice-Mayor Joseph Mas
Executive Staff
Assistant City Manager& Economic David McCorkle
Development Director
City Clerk Grace Brown
Clerk of Courts Nickolas Johnson
Director of Finance Scott F. Bartter
Director of Information Technology Gene Oliver
Director of Communications Anne Brown
Director of Law Tom Lindsey
Director of Parks& Recreation Darren Hurley
Director of Personnel Angela Harris
Director of Planning & Building Lee Brown
Director of Service & Engineering John Moorehead
Fire Division Chief Mark Zambito
Police Division Chief Eric Grile
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CITY OF WORTHINGTON
City Organizational Chart
For the Year Ended December 31, 2022
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CITY OF WORTHINGTON
Government Finance Officers Association of the United States and Canada
Certifzcate of Achievement for Excellence in Financial Reporting
Go�•crnmcnt Financr Ofticcrs Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presrntcdto
City of Worthington
Ohio
For its Annual Comprchrnsi�•c
Financial Rcport
For thc Fiscal Ycar Ended
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� 4449 Easton Way,Suite 400, Columbus,Ohio 43219
BUSINESS ADVISORS P.614.885.2208 � F.614.885.8159
INDEPENDENT AUDITORS' REPORT
To the City Manager and City Council
City of Worthington, Ohio:
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the discretely presented
component unit, each major fund, and the aggregate remaining fund information of the City of
Worthington, Ohio (the"City"), as of and for the year ended December 31, 2022, and the related notes to
the financial statements, which collectively comprise the City's basic financial statements as listed in the
table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the discretely presented
component unit, each major fund, and the aggregate remaining fund information of the City, as of
December 31, 2022, and the respective changes in financial position and the respective budgetary
comparison for the General Fund for the year then ended in accordance with accounting principles
generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America (GAAS) and the standards applicable to financial audits contained in GovernmentAuditing
Standards, issued by the Comptroller General of the United States (Government Auditing Standards).
Our responsibilities under those standards are further described in the Auditors' Responsibilities for the
Audit of the Financial Statements section of our report. We are required to be independent of the City,
and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating
to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide
a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair
presentation of financial statements that are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City's ability to continue as a
going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
Auditors'Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors' report that
includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance
and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a
material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the
aggregate, they would influence the judgment made by a reasonable user based on the financial
statements.
In performing an audit in accordance with GAAS and GovernmentAuditing Standards, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such
procedures include examining, on a test basis, evidence regarding the amounts and disclosures
in the financial statements.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the City's internal control. Accordingly, no such opinion is
expressed.
• Evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,
that raise substantial doubt about the City's ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters,
the planned scope and timing of the audit, significant audit findings, and certain internal control-related
matters that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the managemenYs
discussion and analysis and schedules of net pension and OPEB liabilities/(assets) and pension and
OPEB contributions, as listed in the table of contents, be presented to supplement the basic financial
statements. Such information is the responsibility of management and, although not a part of the basic
financial statements, is required by the Governmental Accounting Standards Board, who considers it to
be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with GAAS, which consisted of inquiries of management about
the methods of preparing the information and comparing the information for consistency with
management's responses to our inquiries, the basic financial statements, and other knowledge we
obtained during our audit of the basic financial statements. We do not express an opinion or provide any
assurance on the information because the limited procedures do not provide us with sufficient evidence to
express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The combining and individual nonmajor fund financial
statements are presented for purposes of additional analysis and are not a required part of the basic
financial statements. Such information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. The information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and certain additional procedures, including comparing and reconciling such
information directly to the underlying accounting and other records used to prepare the basic financial
statements or to the basic financial statements themselves, and other additional procedures in
accordance with GAAS. In our opinion, the combining and individual nonmajor fund financial statements
are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical section but does not include the basic financial statements and
our auditors' report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If,
based on the work performed, we conclude that an uncorrected material misstatement of the other
information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with GovernmentAuditing Standards, we have also issued our report dated June 16, 2023
on our consideration of the City of Worthington's internal control over financial reporting and on our tests
of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other
matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the
effectiveness of the City's internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering the
City of Worthington's internal control over financial reporting and compliance.
(i�Rf`K�/ JGfLRe�e/`� TIaG�tt (JL (�4,
Columbus, Ohio
June 16, 2023
CITY OF WORTHINGTON
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
The discussion and analysis of the City of Worthington's financial performance provides an overall
review of the City's financial activities for the year ended December 31, 2022. The intent of this
discussion and analysis is to look at the City's �nancial performance as a whole; readers should also
review the notes to the basic financial statements and financial statements to enhance their understanding
of the City's financial performance.
FINANCIAL HIGHLIGHTS
Key financial highlights for 2022 are as follows:
❑ Net position increased$13,731,068,which represents a 26%increase from 2021.
❑ General revenues accounted for $39,750,199 in revenue or 86% of all revenues. Program specific
revenues in the form of charges for services and grants and contributions accounted for $6,544,532 or
14°/o of total revenues of$46,294,731.
❑ The City had $32,563,663 in expenses related to governmental activities; only $6,544,532 of these
expenses were offset by program specific charges for services, grants or contributions. General revenues
(primarily taxes) of$39,750,199 were also available to provide for these programs.
❑ Among major funds, the general fund had $35,702,807 in revenues and $29,326,562 in expenditures.
The general fund's fund balance increased$3,467,386 to $27,202,201.
OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of four parts — management's discussion and analysis, the basic financial
statements, required supplementary inforznation, and an optional section that presents cornbining
statements for nonmajor governmental funds. The basic financial statements include two kinds of
statements that present different views of the City:
These statements are as follows:
1. The Government-Wide Financial Statements — These statements provide both long-term and
short-term information about the City's overall financial status.
2. The Fund Financial Statements — These statements focus on individual parts of the City,
reporting the City's operations in more detail than the government-wide statements.
The financial statements also include notes that explain some of the information in the financial
statements and provide more detailed data.
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Government-Wide Financial Statements
The government-wide statements report information about the City as a whole using accounting methods
similar to those used by private-sector companies. The statement of net position includes all of the
government's assets, liabilities, and deferred outflows/inflows of resources. All of the current year's
revenues and expenses are accounted for in the statement of activities regardless of when cash is received
or paid.
The two government-wide statements report the City's net position and how it has changed. Net position
is one way to measure the City's financial health.
• Over time, increases or decreases in the City's net position is an indicator of whether its financial
health is improving or deteriorating, respectively.
• To assess the overall health of the City you need to consider additional nonfinancial factors such as
the City's tax base and the condition of the City's capital assets.
The government-wide financial statements of the City reflect the following category of activities:
• Governmental Activities — All of the City's program's and services are reported here including
security of persons and property, public health and welfare services, leisure time activities,
community environment, basic utility services, transportation, general government, interest and fiscal
charges, and other expenses.
Fund Financial Statements
The fund financial statements provide more detailed information about the City's most significant funds,
not the City as a whole. Funds are accounting devices that the City uses to keep track of specific sources
of funding and spending for particular purposes.
Governmental Funds— Most of the City's activities are reported in governmental funds, which focus on
how money flows into and out of those funds and the balances left at year-end available for spending in
future periods. These funds are reported using an accounting method called modified accrual accounting,
which measures cash and all other financial assets that can readily be converted to cash. The
governmental fund statements provide a detailed short-term view of the City's general government
operations and the basic services it provides. Governmental fund information helps you determine
whether there are more or fewer financial resources that can be spent in the near future to finance
programs. The relationship (or differences)between governmental activities (reported in the Statement of
Net Position and the Statement of Activities) and governmental funds is reconciled in the financial
statements.
Fiduciary Funds — Fiduciary funds are used to account for resources held far the benefit of parties
outside the government. Fiduciary funds are not reflected in the government-wide financial statements
because the resources of those funds are not available to support the City's own programs. All of the
City's fiduciary activities are reported in a separate Statement of Net Position and Statement of Changes
in Net Position.
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
FINANCIAL ANALYSIS OF THE CITY AS A WHOLE
The following table provides a comparison of the City's net position as of December 31,2022 and 2021:
Governmental
Activities
2022 2021
�arrent and OtherAssets $60,732,835 $53,515,054
Net OPEB Asset 1,382,223 826,424
CapitalAssets,Net 56,606,185 56,257,811
Total Assets ll8,721,243 110,599,289
Deferred Outflows ofResources 9,338,011 6,787,326
Net Pension Liability 21,823,182 27,333,459
Net OPEB Liability 3,165,274 3,203,766
Other L.ong-term Liabilities 15,799,858 16,543,679
Other Liabilities 1,873,801 2,587,541
Total Liabilities 42,662,115 49,668,445
Deferred Inflows ofResources 19,506,740 15,558,839
Net Position
Net Investment in Capital Assets 42,309,190 42,224,296
Res tricted 7,354,826 7,735,188
Unrestricted(Deficit) 16,226,383 2,199,847
TotalNet Position $65,890,399 $52,159,331
The net pension liability is reported by the City pursuant to GASB Statement 68, "Accounting and
Financial Reporting for Pensions—an Amendment of GASB Statement 27." The net OPEB liability/asset
is reported by the City pursuant to GASB Statement 75, "Accounting and Financial Reporting for
Postemployment Benefits Other Than Pensions," which significantly revises accounting for costs and
liabilities related to other postemployment benefits (OPEB). For reasons discussed below, many end users
of this financial statement will gain a clearer understanding of the City's actual financial condition by
adding deferred inflows related to pension and OPEB, the net pension liability and the net OPEB liability
to the reported net position and subtracting deferred outflows related to pension and OPEB, and net
OPEB asset.
Governmental Accounting Standards Board standards are national and apply to all government financial
reports prepared in accordance with generally accepted accounting principles. Prior accounting for
pensions (GASB 27) and postemployment benefits (GASB 45) focused on a funding approach. This
approach limited pension and OPEB costs to contributions annually required by law, which may or may
not be sufficient to fully fund each plan's net pension liabiliry or net OPEB liability. GASB 68 and
GASB 75 take an earnings approach to pension and OPEB accounting; however, the nature of Ohio's
statewide pension/OPEB plans and state law governing those systems requires additional explanation in
order to properly understand the information presented in these statements.
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
GASB 68 and GASB 75 require the net pension liability and the net OPEB liability/asset to equal the
City's proportionate share of each plan's collective:
1. Present value of estimated future pension/OPEB benefits attributable to active and inactive
employees' past service
2. Minus plan assets available to pay these benefits
GASB notes that pension and OPEB obligations, whether funded or unfunded, are part of the
"employment exchange" — that is, the employee is trading his or her labor in exchange for wages,
benefits, and the promise of a future pension and other postemployment benefits. GASB noted that the
unfunded portion of this promise is a present obligation of the government, part of a bargained-for benefit
to the employee, and should accordingly be reported by the government as a liability since they received
the benefit of the exchange. However, the City is not responsible for certain key factors affecting the
balance of these liabilities. In Ohio, the employee shares the obligation of funding pension benefits with
the employer. Both employer and employee contribution rates are capped by State statute. A change in
these caps requires action of both Houses of the General Assembly and approval of the Governor. Benefit
provisions are also determined by State statute. The Ohio Revised Code permits, but does not require the
retirement systems to provide healthcare to eligible benefit recipients. The retirement systems may
allocate a portion of the employer contributions to provide for these OPEB benefits.
The employee enters the employment exchange with the knowledge that the employer's promise is
limited not by contract but by law. The employer enters the exchange also knowing that there is a
specific, legal limit to its contribution to the retirement system. In Ohio, there is no legal means to
enforce the unfunded liability of the pension/OPEB plan as against the public employer. State law
operates to mitigate/lessen the moral obligation of the public employer to the employee, because all
parties enter the employment exchange with notice as to the law. The retirement system is responsible for
the administration of the pension and OPEB plans.
Most long-term liabilities have set repayment schedules or, in the case of compensated absences (i.e. sick
and vacation leave), are satisfied through paid time-off or termination payments. There is no repayment
schedule for the net pension liability or the net OPEB liability. As explained above, changes in benefits,
contribution rates, and return on investments affect the balance of these liabilities, but are outside the
control of the local government. In the event that contributions, investment returns, and other changes are
insufficient to keep up with required payments, State statute does not assign/identify the responsible party
for the unfunded portion. Due to the unique nature of how the net pension liability and the net OPEB
liability are satisfied, these liabilities are separately identified within the long-term liability section of the
statement of net position.
In accordance with GASB 68 and GASB 75, the City's statements prepared on an accrual basis of
accounting include an annual pension expense and an annual OPEB expense for their proportionate share
of each plan's change in net pension liability and net OPEB liability/asset,respectively, not accounted for
as deferred inflows/outflows.
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Changes in Net Position — The following table shows the changes in net position for fiscal years 2022
and 2021:
Govemmental
Activitics
2022 2021
Revenues
Program revenues:
Charges for Services and Sales $3,078,997 $2,805,858
Operating Grants and Contributions 2,647,343 1,173,570
Capital(�ants and Contributions 818,192 1,173,144
TotalProgramRevenues 6,544,532 5,152,572
General revenues:
Property Ta�s 4,420,313 4,252,861
Municipal Income Taxes 33,760,465 31,731,764
Other Local Ta�s 81,306 83,170
Intergovernmental,Unrestricted 917,986 943,170
Investment Eamings (20,870) (10,604)
Miscellaneous 590,999 439,389
Total General Revenues 39,750,199 37,439,750
Total Revenues 46,294,731 42,592,322
Program Expens es
Security ofPersons and Property 14,131,522 14,606,693
Public Health and Welfare Services 77,175 73,500
Leisure Time Activities 4,522,433 2,739,808
Community Fnvironment 798,ll2 1,146,825
Basic Utility Services 1,542,317 1,191,753
Transportation 2,242,682 1,896,851
General Government 8,936,089 6,593,619
Interest and Fiscal Charges 313,333 479,024
TotalFaq�enses 32,563,663 28,728,073
Change in Net Position 13,731,068 13,864,249
Beginning Net Position 52,159,331 38,295,082
Ending Net Position $65,890,399 $52,159,331
Governmental Activities
Governmental activities net position increased $13,731,068, or 26% in 2022. Coronavirus relief funding
received as part of the CARES Act contributed to an increase in operating grants and contributions. An
increase in income taxes was the result of improving economic conditions. Increases in charges for
services revenue and leisure time activities expense was the result of recreation programming and
membership returning to pre-pandemic levels.
A slight decline in expenses for security of persons and property was the result of overall reduced costs
for both salaries and services. Contributions made to the Worthington Community Improvement
Corporation in the prior year resulted in a subsequent decrease in community environment expense in
2022.
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
A decrease in transportation and general government expenses in the prior year due to changes in the net
pension and OPEB liabilities/asset resulted in a subsequent increase in these categories in 2022.
The City also receives an income tax and a hotel/motel tax. The income tax is based on 2.5% of all
income earned within the City. In addition, the residents of the City are required to pay income tax on
income earned outside of the City; however, the City allows a credit for income taxes paid to another
municipality up to 100 percent of the City's current tax rate. The hoteUmotel tax is based on 6.00°/o of all
lodging revenues.
Property taxes and income taxes made up 9.55% and 7292% respectively, of revenues for governmental
activities in fiscal year 2022, while other local taxes made up 0.18%. The City's reliance upon tax
revenues is demonstrated by the following graph indicating 82.65% of total revenues from general tax
revenues:
Percent
Revenue Sources 2022 of Total
Property Taxes $4,420,313 9.55%
Income Taxes 33,760,465 72•92% 9.55% � 72�92��°
Other L,ocal Taxes 81,306 018% 1.23% --- -
ProgramRevenues 6,544,532 1414% 198% _
Intergovernmental,Unrestricted 917,986 1.98%
General Other 570,129 1.23% 14.14% � '
0.18%
TotalRevenue $46,294,731 ]00.00%
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
The City's governmental funds reported a combined fund balance of$50,348,952, which is an increase
from last year's balance of $42,836,317. The schedule below indicates the fund balance and the total
change in fund balance as of December 31,2022 and 2021:
Fund Balance Fund Balance Increase
December 31,2022 December 31,2021 (Decrease)
General $27,202,201 $23,734,815 $3,467,386
TaxIncrement Financing 2,246,432 1,673,585 572,847
Capital Improvement 16,427,973 13,015,531 3,412,442
Other Governmental 4,472,346 4,412,386 59,960
Total $50,348,952 $42,836,317 $7,512,635
General Fund — The City's General Fund balance change is due to various reasons. The tables that
follow assist in illustrating the financial activities and balance of the General Fund:
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
2022 2021 Increase
Revenues Revenues (Decrease)
Property TaYes $3,077,007 $3,028,771 $48,236
Municipal Income Taxes 26,639,303 25,014,879 1,624,424
Other Local TaYes 3,742 4,089 (347)
Intergovernmental Revenues 2,427,080 892,749 1,534,331
Charges for Services 2,715,618 2,187,503 528,ll5
Licenses,Permits and Fees 411,015 458,531 (47,516)
Investment Earnings (63,508) (8,840) (54,668)
Special A s s es sments 32,977 32,977 0
Fines and Forfeitures 55,632 36,683 18,949
All Other Revenue 403,941 204,986 198,955
Total $35,702,807 $31,852,328 $3,850,479
General Fund revenues increased approximately 12% when compared with the prior year. Coronavirus
relief funding received as part of the CARES Act contributed to an increase in intergovernmental
revenues. An increase in income taxes was the result of improving economic conditions. An increase in
charges for services was the result of recreation membership returning to pre-pandemic levels.
2022 2021 Increase
Eapenditures Eapenditures (Decrease)
Security ofPersons and Property $13,146,137 $12,953,236 $192,901
Public Health and Welfare Services 77,175 73,500 3,675
L.eisure Time Activities 5,191,911 4,425,565 766,346
Community Environment 1,010,210 1,521,237 (511,027)
Basic Utility Services 1,200,282 1,008,439 191,843
General Government 8,700,847 7,819,133 881,714
Total $29,326,562 $27,801,110 $1,525,452
General Fund expenditures increased $1,525,452, or 5% from the prior year. An increase in community
environment in the prior year due to payments made to the Worthington Community Improvement
Corporation resulted in a subsequent decrease in 2022. An increase in general government can mostly be
attributed to increases in tax refunds as well as refuse collection costs. An increase in leisure time
activities was the result of recreation programming returning to pre-pandemic levels.
Tax Increment Financing Fund — The City's Tax Increment Financing Fund balance increased
$572,847, or 34%. This fund reports amounts received in lieu of property taxes generated by various tax
increment financing agreements. Expenditures are for various infrastructure improvements.
Capital Improvement Fund — The City's Capital Improvement Fund balance increased $3,412,442, or
26°/o in 2022. This increase was mostly due to a decrease in capital outlays, as well as an increase in
transfers received from other funds.
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
The City's budget is prepared according to Ohio law and is based on accounting for certain transactions
on a basis of cash receipts, disbursements and encumbrances. The most significant budgeted fund is the
General Fund.
During the course of fiscal year 2022 the City amended its General Fund budget several times.
General fund original and final revenue and expenditure estimates were not significantly different. Actual
revenues were 14%more than final estimates. Income tax revenues were 24°/o higher than final estimates.
This was offset by lower than expected charges for services. Actual budget basis expenditures were 8°/o
less than final budget estimates.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
At the end of fiscal year 2022, the City had$56,606,185 net of accumulated depreciation invested in land,
construction in progress, land improvements, buildings, infrastructure, equipment and furniture, and
vehicles. The following table shows fiscal year 2022 and 2021 balances:
Governmental Increas e
Activities (Decreas e)
2022 2021
Land $9,216,299 $9,216,299 $0
Construction In Progress 14,047,417 14,453,299 (405,882)
Land Improvements 4,269,267 2,192,508 2,076,759
Buildings 23,388,232 22,924,544 463,688
Infrastructure 50,532,370 50,532,370 0
Equipment and Furniture 7,456,668 6,950,682 505,986
Vehicles 6,927,754 6,770,097 157,657
Less:Accumulated Depreciation (59,231,822) (56,781,988) (2,449,834)
Totals $56,606,185 $56,257,811 $348,374
Additions to construction in progress included McCord Park renovations, Selby Park playground
improvements, and various street and sewer improvements. Equipment additions included playground
equipment, fire department equipment, and various computer equipment. Changes in vehicles included
the addition of police cruisers, maintenance trucks, and a sport utility vehicle in the fire department.
Improvements included various energy conservation building upgrades.
As of December 31, 2022, the City had contractual commitments of $6,112,378 related to street
improvements, equipment replacements, and building improvements. Additional information on the
City's capital assets can be found in Note 8.
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Debt and OtheY Long-TeYm Obligations
The following table summarizes the City's debt and other long-term obligations outstanding as of
December 31, 2022 and 2021:
2022 2021
Governmental Activities:
General Obligation Bonds $13,298,196 $14,029,417
OPWC L,oans 488,450 516,687
Installment Loan 16,162 43,395
Compensated Absences 1,997,050 1,954,180
Tota1 Governmental Activities $15,799,858 $16,543,679
Additional information on the City's debt and other long-term obligations can be found in Note 13.
ECONOMIC FACTORS
The City of Worthington is building upon its efforts to implement a robust, multi-faceted, and
professional economic development program. The City has witnessed the re-emergence of the downtown
retailers' association, The Worthington Partnership deployed a mix of property tax incentives and income
tax incentives to support physical infrastructure improvements and payroll growth,respectively.
Worthington is an inner-ring, infill community. Understanding that Worthington's economic
sustainability hinges not on further growth via new land masses and annexation, but on continual
investment and at times, re-use and redevelopment in existing commercial property inventory, the City
has been working aggressively to encourage new investments and identify public funding mechanisms to
encourage commercial redevelopment opportunities.
Efforts continue to advance, as Worthington is experiencing a number of development activities:
• Continued focus has been placed on ensuring the economic vitality of the Wilson Bridge Road
Corridor. There have been several initiatives in this important area including:
o The Worthington Community Improvement Corporation's acquisition of four residential
parcels for the purpose of long-term redevelopment to revenue-generating office space.
o The Shops at Worthington Place were purchased by new owners who have proposed a
significant mixed-use redevelopment, called High North, which is proposed to include
200,000 square feet of office,restaurant, and retail space.
o A Planned Use Development (PUD) has been approved for a mixed-use project at the
former Holiday Inn site, called the Worthington Gateway. Once completed, the
Worthington Gateway will have approximately 45,000 square feet of retail, restaurant,
and professional services space, as well as 60,000 square feet of Class A office space.
o Attraction and retention of two employers, NODIS Corp. and Cleverley & Associates,
respectively.
o Construction of the Northeast Gateway is nearing complete, a $17 million traffic
improvement project that has improved traffic congestion and provides a distinctive
gateway into the Huntley Road industrial corridor and the eastern portion of the Wilson
Bridge Road corridor.
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CITY OF WORTHINGTON
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
• The City continued to see the opening of several businesses at Linworth Crossing Plaza, a new
40,000 sq.ft. retail development at the City's western gateway.
• Two redevelopment projects are focused on the area near Proprietors Road and SR-161. The
Kemper House, a memory care facility, opened on Proprietor's Road representing the final piece
of the redevelopment of the former Worthington Foods site. Across the street, I Am Boundless,
a not for profit serving the developmentally disabled has acquired the former Harding Hospital
site, utilizes it for their administrative offices, and is pursuing implementation of plans for the
property. They have constructed, and are now operating, a health center serving all ages, with a
focus on people with intellectual and developmental disabilities, autism and mental health
challenges. The health center provides primary care, dental care, behavioral health care, and
speech and language therapy.
REQUESTS FOR INFORMATION
This financial report is designed to provide our citizens, taxpayers, investors and creditors with a general
overview of the City's finances and to show the City's accountability for the money it receives. If you
have questions about this report ar need additional financial information contact Scott F. Bartter, Director
of Finance for the City of Worthington.
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CITY OF WORTHINGTON
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CITY OF WORTHINGTON
Statement of Net Position
December 31, 2022
Component Unit
Community
Governmental Improvement
Activities Corporation
Assets:
Pooled Cash and Investments $ 46,898,482 $ 0
Cash and Cash Equivalents 0 85,538
Cash and Cash Equivalents in Segregated Accounts 44,091 0
Receivables:
T�es 11,533,563 0
Accounts 350,286 0
Intergovernmental 1,014,253 0
Interest 141,000 0
Special Assessments 14,643 0
I,eases 0 111,981
Loans 25,000 0
Prepaid Items 192,371 427
Restricted Assets:
Cash and Cash Equivalents with Fiscal Agent 519,146 0
Net OPEB Asset 1,382,223 0
Real Estate Held for Development 0 975,955
Capital Assets:
Capital Assets Not BeingDepreciated 23,263,716 0
Capital Assets Being Depreciated,Net 33,342,469 0
Total Assets ll8,721,243 1,173,901
Deferred Outflows of Resources:
Pension 7,535,240 0
OPEB 1,802,771 0
Total Deferred Outt7ows of Resources 9,338,011 0
Liabilities:
Accounts Payable 503,016 0
Accrued Wages and Benefits 313,916 0
Intergovernmental Payable 491,903 0
Contracts Payable 481,412 0
Property Taxes Payable 0 26,639
Retainage Payable 53,775 0
Accrued Interest Payable 29,779 0
Noncurrent Liabilities:
Due Within One Year 1,372,089 0
Due in M ore Than One Year:
Net Pension Liability 21,823,182 0
Net OPEB Liability 3,165,274 0
Other Amounts Due in M ore Than One Year 14,427,769 0
Total Liabilities 42,662,115 26,639
(Continued)
- 16 -
CITY OF WORTHINGTON
Component Unit
Community
Governmental Improvement
Activities Corporation
Deferred Inflows of Resources:
Property T�Levy far Next Fiscal Year 4,092,906 0
L,eases 0 96,599
Pension 12,152,609 0
OPEB 3,261,225 0
Total Deferred Inflows of Resources 19,506,740 96,599
Net Position:
Net Investment in Capital Assets 42,309,190 0
Restricted For:
Capital Projects 3,222,471 0
Debt Service 1,963,714 0
Street Improvements 900,587 0
Law Enforcement 1,033,270 0
Mayar's Court Improvements 190,845 0
Building Insp ection 14,966 0
Performance Deposits 21,887 0
Addiction Treatment 7,086 0
Unrestricted 16,226,383 1,050,663
Total Net Position $ 65,890,399 $ 1,050,663
See accompanyingnotes to thebasic financial statements
- 17 -
CITY OF WORTHINGTON
Statement of Activities
For the Year Ended December 31, 2022
Program Revenues
Charges far OperatingGrants Capital Grants
Services and and and
EYpenses Sales Contributions Contributions
Governmental Activities:
Security ofPersons andProperty $ 14,131,522 $ 1,084,356 $ 0 $ 237,550
Public Health and Welfare Services 77,175 0 7,086 0
L,eisure Time Activities 4,522,433 1,607,263 0 392,000
Community Environment 798,112 240,995 0 0
Basic Utility Services 1,542,317 79,839 0 0
Transportation 2,242,682 0 1,091,043 188,642
General Government 8,936,089 66,544 1,549,214 0
Interest and Fiscal Charges 313,333 0 0 0
Total Primary Government $ 32,563,663 $ 3,078,997 $ 2,647,343 $ 818,192
Component Unit:
Community Improvement Corporation $ 31,999 $ 33,097 $ 0 $ 0
General Revenues
Property Ta�ces Levied for:
General Purposes
Bond Retirement
Police Pension
Cap ital Projects
Municipal Income Taxes
Other Local Taxes
Intergovernmental,Unrestricted
Investment Earnings
M iscellaneous
Total General Revenues
Change in Net Position
Net Position Beginning of Year
Net Position End of Year
See accompanyingnotes to the basic financial statements
- 18 -
CITY OF WORTHINGTON
Net(E�ense)Revenue Component
and Changes in Net Position Unit
Community
Imp rovement
Governmental Activities Corporation
$ (12,809,616)
(70,089)
(2,523,170)
(557,117)
(1,462,478)
(962,997)
(7,320,331)
(313,333)
$ (26,019,131)
$ 1,098
3,117,446 0
115,351 0
203,561 0
983,955 0
33,760,465 0
81,306 0
917,986 0
(20,870) 5,384
590,999 343
39,750,199 5,727
13,731,068 6,825
52,159,331 1,043,838
$ 65,890,399 $ 1,050,663
- 19 -
CITY OF WORTHINGTON
Balance Sheet
Governmental Funds
December 31, 2022
Tax Increment Cap ital
General Financing Improvement
Assets:
Pooled Cash and Investments $ 23,591,789 $ 2,896,432 $ 15,856,659
Cash and Cash Equivalents in Segregated Accounts 6,662 0 0
Receivables:
Taxes 9,029,041 708,500 1,469,033
Accounts 341,181 0 0
Intergovernmental 442,208 0 0
Interest 141,000 0 0
Special Assessments 0 0 14,643
Loans 25,000 0 0
Interfund Loans Receivable 650,000 0 153,738
Prepaid Items ll0,627 0 81,744
Restricted Assets:
Cash and Cash Equivalents with Fiscal Agent 0 0 519,146
Total Assets $ 34,337,508 $ 3,604,932 $ 18,094,963
Liabilities:
Accounts Payable $ 443,091 $ 0 $ 0
Accrued Wages and Benefits Payable 301,670 0 0
Intergovernmental Payable 363,030 0 42,282
Contracts Payable 0 0 481,412
RetainagePayable 0 0 53,775
Interfund Loans Payable 0 650,000 0
Compensated Absences Payable 2,451 0 0
Total Liabilities 1,ll0,242 650,000 577,469
Deferred Inflows of Resources:
Unavailable Amounts 2,958,838 0 1,089,521
Property Tax Levy for Next Fiscal Year 3,066,227 708,500 0
Total Deferred Inflows of Resources 6,025,065 708,500 1,089,521
Fund Balances:
Nonspendable 830,769 0 81,744
Restricted 0 2,246,432 41,000
Committed 611,646 0 16,305,229
Assigned 6,472,165 0 0
Unassigned 19,287,621 0 0
Total Fund Balances 27,202,201 2,246,432 16,427,973
Total Liabilities,Deferred Inflows
of Resources and Fund Balances $ 34,337,508 $ 3,604,932 $ 18,094,963
See accompanying notes to the basic financial statements
-20 -
CITY OF WORTHINGTON
Other Total
Governmental Governmental
Funds Funds
$ 4,553,602 $ 46,898,482
37,429 44,091
326,989 11,533,563
9,105 350,286
572,045 1,014,253
0 141,000
0 14,643
0 25,000
0 803,738
0 192,371
0 519,146
$ 5,499,170 $ 61,536,573
$ 59,925 $ 503,016
12,246 313,916
86,591 491,903
0 481,412
0 53,775
153,738 803,738
0 2,451
312,500 2,650,211
396,145 4,444,504
318,179 4,092,906
714,324 8,537,410
0 912,513
4,209,647 6,497,079
262,699 17,179,574
0 6,472,165
0 19,287,621
4,472,346 50,348,952
$ 5,499,170 $ 61,536,573
-21 -
CITY OF WORTHINGTON
Reconciliation Of Total Governmental Fund Balances
To Net Position Of Governmental Activities
December 31, 2022
Total Governmental Fund Balances $ 50,348,952
Amounts reported forgovernmental activities in the
staterrcent of netposition are different because
Capital Assets used in governmental activities are not
resources and therefore are not reported in the funds. 56,606,185
Other long-term assets are not a�ailable to pay for current-
period expenditures and therefore are deferred in the funds. 4,444,504
The net pension and OPEB liabilities are not due and payable in the current
period,and the net OPEB asset is not an eapendable financial resource;
therefare,the liabilities/asset and related deferred inflows/outflows are not
reported in the governmental funds.
Deferred Outflows-Pension 7,535,240
Deferred Inflows-Pension (12,152,609)
Net Pension Liability (21,823,182)
Deferred Outflows-OPEB 1,802,771
Deferred Inflows-OPEB (3,261,225)
Net OPEB Asset 1,382,223
Net OPEB Liability (3,165,274) (29,682,056)
Long-term liabilities,including bonds payable,are not due
and payable in the current period and therefore are not
reported in the funds.
Installment Loan Payable (16,162)
General Obligation Bonds Payable (13,298,196)
OPWC L,oans Payable (488,450)
Compensated Absences Payable (1,994,599)
Accrued Interest Payable (29,779) (15,827,186)
Net Position of Governmental Activities $ 65,890,399
See accompanyingnotes to the basic financial statements
-22 -
CITY OF WORTHINGTON
� �
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-23 -
CITY OF WORTHINGTON
Statement of Revenues,Expenditures and Changes in Fund Balances
Governmental Funds
For the Year Ended December 31, 2022
Tan Increment Cap ital
General Financing Improvement
Revenues:
Property Taxes $ 3,077,007 $ 1,028,127 $ 0
Municipal Income Taxes 26,639,303 0 6,655,079
Other Local Taxes 3,742 0 0
IntergovernmentalRevenues 2,427,080 0 818,192
Charges for Services 2,715,618 0 0
Licenses,Permits and Fees 411,015 0 0
Investment Earnings (63,508) 0 0
Special Assessments 32,977 0 25,085
Fines and Forfeitures 55,632 0 0
All Other Revenue 403,941 1,620 0
Total Revenues 35,702,807 1,029,747 7,498,356
FYpenditures:
Cwrent:
Security ofPersons andProperty 13,146,137 0 0
Public Health and Welfare Services 77,175 0 0
Leisure Time Activities 5,191,9ll 0 0
Community Environment 1,010,210 0 0
Basic Utility Services 1,200,282 0 0
Transp ortation 0 0 0
General Government 8,700,847 456,900 482,301
CapitalOutlay 0 0 4,829,669
Debt Service:
Principal Retirement 0 0 55,470
Interest and Fiscal Charges 0 0 1,152
Total Expenditures 29,326,562 456,900 5,368,592
Excess(Deficiency)of Revenues
Over(Under)E�enditures 6,376,245 572,847 2,129,764
Other Financing Sources(Uses):
Transfers In 0 0 2,015,000
Transfers Out (2,908,859) 0 (732,322)
Total Other Financing Sources(Uses) (2,908,859) 0 1,282,678
Net Change in Fund Balances 3,467,386 572,847 3,412,442
Fund Balances at Beginning of Year 23,734,815 1,673,585 13,015,531
Fund Balances End of Year $ 27,202,201 $ 2,246,432 $ 16,427,973
See accompanying notes to the basic financial statements
-24 -
CITY OF WORTHINGTON
Other Total
Governmental Governmental
Funds Funds
$ 319,299 $ 4,424,433
0 33,294,382
7,263 11,005
1,138,398 4,383,670
82,150 2,797,768
0 411,015
1,003 (62,505)
0 58,062
5,280 60,912
43,805 449,366
1,597,198 45,828,108
702,352 13,848,489
0 77,175
64,341 5,256,252
0 1,010,210
313,383 1,513,665
943,550 943,550
94,881 9,734,929
0 4,829,669
670,000 725,470
374,912 376,064
3,163,419 38,315,473
�i,s66,aai� �,sia,63s
1,766,181 3,781,181
(140,000) (3,781,181)
1,626,181 0
59,960 7,512,635
4,412,386 42,836,317
$ 4,472,346 $ 50,348,952
-25 -
CITY OF WORTHINGTON
Reconciliation Of The Statement Of Revenues, Expenditures
And Changes In Fund Balances Of Governmental Funds
To The Statement Of Activities
For The Year Ended December 31, 2022
Net Change in Fund Balances-Total Governmental Funds $ 7,512,635
Amounts reported forgovernmental activities in the statement of
activities are different because
Governmental funds report capital outlays as e�penditures. However,in the
statement of activities,the cost of those assets is allocated over their estimated
useful lives as depreciation expense. This is the amount by which capital outlay
exceeded depreciation in the current period.
Cap ital Outlay 3,409,334
Depreciation E�ense (2,985,746) 423,588
The statement of activities reports losses arising from the disposal of
capital assets. Conversely,the governmental funds do not report any loss
on the disposal of capital assets. (75,214)
Revenues in the statement of activities that do not provide current financial
resources are not reparted as revenues in the funds. 466,623
Contractually required contributions are reported as eapenditures in
governmental funds;however,the statement of net position reports
these amounts as deferred outflows:
Pension 2,603,497
OPEB 38,348 2,641,845
Except for amounts reported as deferred inflows/outflows,changes in the
net pension and OPEB liabilities/asset are reported as pension/OPEB expense
in the statement of activities:
Pension 651,416
OPEB 1,362,393 2,013,809
(Continued)
-26 -
CITY OF WORTHINGTON
Repayment of bond,loan,and lease principal is an eacpenditure in the
governmental funds,but the repayment reduces longterm liabilities in the
statement of net p osition.
General Obligation Bond Principal Payment 670,000
Bond Premium Amartization 61,221
OPWC L,oan Principal Payment 28,237
Installrnent Loan Principal Payment 27,233 786,691
In the statement of activities,interest is accrued on outstanding bonds,
whereas in governmental funds,an interest expenditure is reported when due. 1,510
Some expenses reparted in the statement of activities do not require the use
of current financial resources and therefore are not reported as e�enditures
in the governmental funds.
Comp ensated Abs ences (40,419)
Change in Net Position of Governmental Activities $ 13,731,068
See accompanyingnotes to the basic fmancial statements
-27 -
CITY OF WORTHINGTON
Statement of Revenues,Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
General Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Positive
Original Budget Final Budget Actual (Negative)
Revenues:
Property Taxes $ 3,048,732 $ 3,080,448 $ 3,077,007 $ (3,441)
MunicipallncomeTaYes 21,502,166 21,502,166 26,578,133 5,075,967
OtherLocalTaxes 5,100 5,100 3,727 (1,373)
Intergovernmental Revenue 745,232 744,825 882,542 137,717
Charges far Services 3,709,154 3,709,154 2,722,516 (986,638)
Licenses,Permits and Fees 496,500 496,500 409,506 (86,994)
Investment Earnings 350,000 350,000 394,819 44,819
Fines and Forfeitures 150,000 150,000 52,939 (97,061)
All Other Revenues 269,571 269,571 390,494 120,923
Total Revenues 30,276,455 30,307,764 34,511,683 4,203,919
Expenditures:
Current:
Security ofPersons andProperty 15,153,658 15,311,157 14,282,960 1,028,197
Public Health and Welfare Services 95,625 95,625 95,550 75
Leisure Time Activities 6,246,656 6,326,656 5,439,552 887,104
Community Environment 1,028,280 1,028,280 1,002,821 25,459
Basic Utility Seroices 1,343,427 1,343,427 1,279,880 63,547
General Government 9,735,056 10,367,856 9,627,636 740,220
Total E�enditures 33,602,702 34,473,001 31,728,399 2,744,602
Excess(Deficiency)of Revenues
Over(Under)Eapenditures (3,326,247) (4,165,237) 2,783,284 6,948,521
Other Financing Sources(Uses):
Transfers In 0 0 1,695,147 1,695,147
Transfers Out (555,000) (5,030,000) (5,030,000) 0
Total Other Financing Sources(Uses): (555,000) (5,030,000) (3,334,853) 1,695,147
Net Change in Fund Balance (3,881,247) (9,195,237) (551,569) 8,643,668
Fund Balance at Beginningof Year 18,190,565 18,190,565 18,190,565 0
Prior Year Encumbrances 1,336,051 1,336,051 1,336,051 0
Fund Balance at End of Year $ 15,645,369 $ 10,331,379 $ 18,975,047 $ 8,643,668
See accompanying notes to the basic financial statements
-2g -
CITY OF WORTHINGTON
Statement of Net Position
Fiduciary Funds
December 31, 2022
Custodial
Assets:
Cash and Cash Equivalents $ 47,238
Cash and Cash Equivalents in Segregated Accounts 2,880
Receivables:
Property TaYes 24,264
Total Assets 74,382
Liabilities:
Intergovernmental Payable 74,353
Undistributed M onies 29
Total Liabilities 74,382
Net Position:
Total Net Position $ 0
See accompanying notes to thebasic financial statements
-29 -
CITY OF WORTHINGTON
Statement of Changes in Net Position
Fiduciary Funds
For the Year Ended December 31, 2022
Custodial
Additions:
Fines and Forfeiture Collections for other Governments $ 24,980
Fee Collections for other Govemments 22,428
Income Tax Collections for other Governments 110,997
Total Additions 158,405
Deductions:
Distribution of Fines and Forfeitures to other Governments 24,980
Distribution of Fees to other Governments 22,428
Distribution of Income Taxes to other Govemments ll0,997
Total Deductions 158,405
Change in Net Position 0
Net Position at Beginning of Year 0
Net Position End of Year $ 0
See accompanyingnotes to thebasic financial statements
- 30 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Worthington ("the City") is a charter municipal corporation operating under the laws of the
State of Ohio. A charter was first adopted in November, 1956, before the Village of Worthington became
a City. The City was incorporated on November 8, 1960.
The municipal government provided by the charter is known as a Council-Manager form of government.
Legislative power is vested in a seven-member council, each elected to four-year terms. The Council
appoints the Mayor and the City Manager. The City Manager is the chief executive officer and the head
of the administrative agencies of the City. The City Manager appoints all department heads and
employees, except as otherwise provided in the charter.
The financial statements of the City have been prepared in conformity with accounting principles
generally accepted in the United States of America(GAAP) as applied to local governmental units. The
Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for
establishing governmental accounting and financial reporting principles.
A. Reportin�EntitV
The reporting entity is comprised of the primary government, component units and other
organizations that are included to ensure that the financial statements of the City are not
misleading. The primary government consists of all funds and departments that are not legally
separate from the City. The City provides various services including police protection, fire
protection, parks and recreation (including the community center), planning, zoning, street
maintenance and repair, community development, and public health and welfare. These activities
comprise the primary governmental unit of the City and are directly responsible to Council and
the City Manager. Therefore,they are included in the reporting entity.
The accompanying basic financial statements comply with the provisions of Governmental
Accounting Standards Board (GASB) Statement No. 14, "The Financial Reporting Entity," as
amended by GASB Statement No. 39, "Determining Whether Certain Organizations Are
Component Units," and GASB Statement No. 61, "The Financial Reporting Entity - Omnibus"
in that the financial statements include all organizations, activities, functions and component units
for which the City (the reporting entity) is financially accountable. Financial accountability is
defined as the appointment of a voting majority of a legally separate organization's governing
body and either the City's ability to impose its will over the organization or the possibility that
the organization will provide a financial benefit to, or impose a financial burden on, the City.
Based on the foregoing, the City has one component unit, the Worthington Community
Improvement Corporation.
Discretelv Presented Component Unit - The component unit column in the government-wide
�nancial statements includes the financial data of the City's component unit. The City of
Worthington Community Improvement Corporation (the "CIC") was formed pursuant to passage
of City of Worthington Ordinance 13-2006, passed April 3, 2006 and incorporated as a not-for-
profit corporation under Title XVII, Chapters 1702 and 1724 of the Ohio Revised Code for the
purpose of advancing, encouraging and promoting the industrial, economic, commercial and civic
development of the City of Worthington and its environment.
- 31 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
A. Reporting Entitv(Continued)
The CIC is designated by the City as its agency for the industrial, commercial, distribution and
research development in the City, in order to promote health, safety, morals and general welfare
of the residents of the City of Worthington.
The CIC is a legally separate entity and is reported as a component unit of the City due to the
nature and significance of the CIC's relationship with the City, and the fact that the CIC is
financially closely related to the City. Historically, CIC revenues consist almost entirely of
contributions from the City, which are used to further economic development efforts of the City.
Complete financial statements can be obtained from the City's finance department. See Note 18
for additional note disclosures regarding the CIC.
The City of Worthington Mayor's Court has been included in the City's financial statements as a
custodial fund. The Mayor is an appointed City official who has a fiduciary responsibility for the
collection and distribution of court fees and fines.
This space intentionally left blank.
- 32 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
A. Reporting Entitv(Continued)
The City is a member of the Central Ohio Health Care Consortium, (the "Pool") a risk sharing
self-insurance pool which provides health insurance to the City. The Pool, which commenced
business on January 1, 1992, has eleven members consisting of various cities, villages, and
townships. The members have entered into an irrevocable agreement to remain a member of the
Pool for a minimum of three years. The Consortium established a new Pool, effective January 1,
1995, to continue its self-insurance program. The new Pool retained the major attributes of the
original PooL The Consortium transferred an amount from the original Pool Trust account to the
new Pool Trust account in 1995, which was equal to a total of each member's average monthly
contribution. The Consortium elected to distribute excess contributions from the original Pool to
its participating members. The Pool is governed by a Board of Directors consisting of one
director appointed by each member. The Board elects a chairman, a vice chairman and a
secretary. The Board is responsible for its own financial matters, and the Pool maintains its own
books of account. Budgeting and financing of the Pool is subject to the approval of the Board.
The City has no explicit and measurable equity interest in the Pool. With the passage of
Ordinance 49-2021, the City committed to an eleventh three-year term that began on January 1,
2022. The City has no ongoing financial responsibility other than the three-year minimum
membership. See Note 12.
B.Basis of Presentation-Fund Accounting
The City uses funds to report on its financial position and the results of its operations. Fund
accounting is designed to demonstrate legal compliance and to aid financial management by
segregating transactions related to certain City functions or activities.
A fund is defined as a fiscal and accounting entity with a self-balancing set of accounts recording
cash and other financial resources, together with all related liabilities and residual equities or
balances, and changes therein, which are segregated for the purpose of carrying on specific
activities or attaining certain objectives in accordance with special regulations, restrictions or
limitations.
For financial statement presentation purposes, the various funds of the City are grouped into the
following generic fund types under the broad fund categories of governmental and fiduciary.
Governmental Fund Types
Governmental funds are those through which most governmental functions typically are financed.
The acquisition, use and balances of the City's expendable financial resources and the related
current liabilities are accounted for through governmental funds. The measurement focus is upon
determination of "financial flow" (sources, uses and balances of financial resources). The
following are the City's major governmental funds:
- 33 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
B.Basis of Presentation-Fund Accounting(Continued)
General Fund- This fund is the operating fund of the City and is used to account for all financial
resources except those required to be accounted for in another fund. The general fund balance is
available to the City for any purpose provided it is expended or transferred according to the
general laws of Ohio and the Charter of the City.
Tax Increment Financin� - This fund is used to account for payments received in lieu of
property taxes to be used for public improvements.
Capital Improvement Fund - This fund is used to account for financial resources to be used for
the acquisition of capital assets and the construction of major capital facilities.
Other governmental funds of the City are used to account for (a) financial resources that are
restricted, committed, or assigned to expenditures for capital outlays including acquisition or
construction of capital facilities and other capital assets, (b) specific revenue sources that are
restricted or committed to an expenditure for specified purposes other than debt service or capital
projects, and (c) financial resources that are restricted, committed, or assigned to expenditures for
principal and interest.
Fiduciary Funds
Fiduciary fund reporting focuses on net position and changes in net position. The fiduciary
category is split into four classifications: pension trust funds, investment trust funds, private-
purpose trust funds, and custodial funds. Fiduciary funds are used to account for assets the City
holds in a trustee capacity or as an agent for individuals, private organizations, other
governments, and other funds. The City's only fiduciary funds are custodial funds, which account
for the mayor's court activity, sewer system capacity fees, building permit surcharges, and
activity of the Sharon Township Joint Economic Development District.
C. Basis of Presentation—Financial Statements
Government-wide Financial Statements — The statement of net position and the statement of
activities display information about the City as a whole. These statements include the financial
activities of the primary government, except for fiduciary funds.
Interfund receivables and payables between governmental activities have been eliminated in the
government-wide Statement of Net Position. These eliminations minimize the duplicating effect
on assets and liabilities within the governmental activities. Interfund services provided and used
are not eliminated through the process of consolidation.
The government-wide statements are prepared using the economic resources measurement focus.
The governmental fund financial statements include a reconciliation with brief explanations to
better identify the relationship between the government-wide statements and the statements for
governmental funds.
The government-wide statement of activities presents a comparison between direct expenses and
program revenues for each function or program of the City's governmental activities. Direct
expenses are those that are specifically associated with a service, program or department and
therefore clearly identifiable to a particular function.
- 34 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
C. Basis of Presentation—Financial Statements (Continued)
Program revenues include charges paid by the recipient of the goods or services offered by the
program, and grants and contributions that are restricted to meeting the operational or capital
requirements of a particular program. Revenues which are not classified as program revenues are
presented as general revenues of the City, with certain limited exceptions. The comparison of
direct expenses with program revenues identifies the extent to which each governmental function
is self-financing or draws from the general revenues of the City.
Fund Financial Statements — Fund financial statements report detailed information about the
City. The focus of governmental fund financial statements is on major funds rather than reporting
funds by type. Each major fund is presented in a separate column. Nonmajor funds are
aggregated and presented in a single column. Fiduciary funds are reported by fund type.
The accounting and financial reporting treatment applied to a fund is determined by its
measurement focus. All governmental fund types are accounted for using a flow of current
�nancial resources measurement focus. The financial statements for governmental funds are a
balance sheet, which generally includes only current assets, current liabilities, deferred
outflows/inflows of resources, and a statement of revenues, expenditures and changes in fund
balances, which reports on the sources (i.e., revenues and other financing sources) and uses (i.e.,
expenditures and other financing uses) of current financial resources. The custodial funds are
accounted for on an "economic resources" measurement focus. This measurement focus provides
that all assets, liabilities, and deferred outflows/inflows of resources associated with the operation
of these funds are included on the balance sheet.
D. Basis of Accounting
Basis of accounting represents the methodology utilized in the recognition of revenues and
expenditures or expenses in the accounts and reported in the financial statements, and relates to
the timing of the measurements made. The accounting and reporting treatment applied to a fund
is determined by its measurement focus.
The modified accrual basis of accounting is followed by the governmental funds. Under the
modified accrual basis of accounting,revenues are recorded when susceptible to accrual,i.e.,both
measurable and available. The term "available" means collectible within the current period or
soon enough thereafter to be used to pay liabilities of the current period, which for the City is 60
days after year end. Expenditures are recognized in the accounting period in which the fund
liability is incurred, if ineasurable, except for unmatured interest on general long-term debt which
is recognized when due.
The accrual basis of accounting is followed by the government-wide financial statements and
fiduciary funds. Revenues are recorded when earned and expenses are recorded when a liability
is incurred, regardless of the time of related cash flows. All assets and deferred outflows of
resources and all liabilities and deferred inflows of resources associated with the operations of the
City are included on the statement of net position. The statement of activities presents increases
(i.e., revenues) and decreases (i.e., expenses)in total net position.
- 35 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
D. Basis of Accounting(Continued)
Non-exchange transactions, in which the City receives value without directly giving equal value
in return, include income taxes, property taxes, grants, entitlements and donations. Revenue from
income taxes is recognized in the period in which the income is earned and is available. Revenue
from grants, entitlements and donations is recognized in the fiscal year in which all eligibility
requirements have been satisfied and the revenue is available. Eligibility requirements include
timing requirements, which specify the year when the resources are required to be used or the
year when use is first permitted, matching requirements, in which the City must provide local
resources to be used for a specific purpose, and expenditure requirements, in which the resources
are provided to the City on a reimbursement basis.
Revenues considered susceptible to accrual at year end include income taxes, interest on
investments and state levied locally shared taxes (including motor vehicle license fees, gasoline
tax, and local government assistance). Other revenues, including licenses,permits, certain charges
for services, fines and forfeitures, and miscellaneous revenues, are recorded as revenues when
received in cash because generally these revenues are not measurable until actually received.
Special assessment installments and related accrued interest, which are measurable but not
available at December 31, 2022 are recorded as deferred inflows of resources. Property taxes
measurable as of December 31, 2022, but which are not intended to finance 2022 operations and
delinquent property taxes, whose availability is indeterminate, are recorded as deferred inflows of
resources. Property taxes are further described in Note 5.
E.Bud�etary Process
The budgetary process is prescribed by provisions of the Ohio Revised Code and entails the
preparation of budgetary documents within an established timetable. The major documents
prepared are the tax budget, the certificate of estimated resources, and the appropriation
ordinance, all of which are prepared on the budgetary basis of accounting. The certificate of
estimated resources and the appropriations ordinance are subject to amendment throughout the
year with the legal restriction that appropriations cannot exceed estimated resources, as certi�ed.
All funds other than the custodial funds, are legally required to be budgeted and appropriated.
The City did not adopt a budget for the Subdivision Trust and Performance Trust Special
Revenue Funds. These funds were classified as special revenue funds for GAAP reporting. The
legal level of budgetary control is at the object level (personal services and other expenditures)
within each department. Budgetary modifications may only be made by resolution of the City
Council.
1. Tax Budget
Priar to July 20 of each year, the City must submit to the County Budget Commission a Council-
adopted operating budget of the City for the year commencing the following January L The
express purpose of this budget document is to reflect the need for existing(or increased)tax rates.
- 36 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E.Bud�etary Process (Continued)
2. Estimated Resources
Prior to October 1, the City accepts, by formal resolution, the tax rates as determined by the
Budget Commission and receives the Commission's certificate of estimated resources which
states the estimated fund balance and the projected revenues of each fund. Prior to December 31,
the City must revise its budget so that the total contemplated expenditures from any fund during
the ensuing fiscal year will not exceed the amount available as stated in the certificate of
estimated resources. The revised budget then serves as the basis for the annual appropriation
ordinance. On or about January 1, the certificate of estimated resources is amended to include
unencumbered fund balances at December 31 of the preceding year. The certificate may be
further amended during the year if the fiscal of�cer determines that the revenue collected is
greater or less than the current estimates. The amounts reported on the budgetary statements
reflect the amounts in the final amended certificate issued during 2022.
3. A�propriations
A temporary appropriation measure to control expenditures may be passed on or about January 1
of each year for the period from January 1 to March 3 L The annual appropriation ordinance must
be passed by April 1 of each year for the period January 1 to December 31. Appropriations may
not exceed current estimated resources, as certified in the Official Amended Certificate of
Estimated Resources. Supplemental appropriations may be adopted during the year only by an
ordinance of Council. During the year, several supplemental appropriation measures were passed.
The budget figures which appear in the "Statement of Revenues, Expenditures, and Changes in
Fund Balances-Budget and Actual" represent the final appropriation amounts, including all
amendments and modifications.
4. Encumbrances
As part of formal budgetary control, purchase orders, contracts and other commitments for
expenditures are encumbered and recorded as the equivalent of expenditures (budget basis) in
order to reserve that portion of the applicable appropriation and to determine and maintain legal
compliance. However, on the GAAP basis of accounting, encumbrances do not constitute
expenditures or liabilities.
5. Lapsin�of A�propriations
At the close of each year, the unencumbered balance of each appropriation reverts to the
respective fund from which it was appropriated and becomes subject to future appropriations. The
encumbered appropriation balance is carried forward to the succeeding calendar year and need
not be reappropriated.
- 37 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E.Bud�etary Process (Continued)
6. Bud,�etary Basis of Accounting
The City's budgetary process accounts for certain transactions on a basis other than accounting
principles generally accepted in the United States of America (GAAP). The major differences
between the budgetary basis and the GAAP basis lie in the manner in which revenues and
expenditures are recorded. Under the budgetary basis, revenues and expenditures are recognized
on the cash basis. Utilizing the cash basis, revenues are recorded when received in cash and
expenditures when paid. In addition, under the budgetary basis, encumbrances are recognized as
expenditures and note proceeds are recognized as an other financing source. Under the GAAP
basis,revenues and expenditures are recorded on the modified accrual basis of accounting.
The following table summarizes the adjustments necessary to reconcile the GAAP basis
statements to the "Statement of Revenues, Expenditures, and Changes in Fund Balances-Budget
and Actual"for the General Fund:
Net Change in Fund Balance
General Fund
GAAP Basis (as reported) $3,467,386
Increase(Decrease):
Accrued Revenues at
December 31,2022
received during 2023 (3,380,881)
Accrued Revenues at
December 31,2021
received during 2022 3,788,201
Accrued Eapenditures at
December 31,2022
paid during 2023 1,110,242
Accrued Eapenditures at
December 31,2021
paid during 2022 (994,645)
2021 Prepaids for 2022 136,362
2022 Prepaids for 2023 (110,627)
Change in Interfund Loans 150,000
Outstanding Encumbrances (4,539,100)
Perspective Difference:
Activity ofFunds Reclassified
for GAAP Reporting Purposes (178,507)
Budget Basis ($551,569)
- 38 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
F. Cash and Cash Equivalents
Cash and cash equivalents include amounts in federal securities, demand deposits, repurchase
agreements, the State Treasury Asset Reserve (STAR Ohio) and certificates of deposit with
original maturity dates of three months or less. Except for cash in segregated accounts, the City
pools its cash for investment and resource management purposes. Each fund's equity in pooled
cash and investments represents the balance on hand as if each fund maintained its own cash and
investment account. See Note 4, "Cash, Cash Equivalents and Investments."
Cash and cash equivalents in segregated accounts represents bonds and inspection fees collected
for public improvements being made by owners, developers, and contractors working in the City,
and funds generated by mayor's court activity.
Investment earnings of $199,170 earned by other funds were credited to the General Fund as
required by State Statute.
G.Investments
Investment procedures and interest allocations are restricted by provisions of the Ohio
Constitution and the Ohio Revised Code. The City allocates interest among certain funds based
upon the fund's cash balance at the date of investment. In accordance with GASB Statement No.
31, "Accounting and Financial Reporting for Certain Investments and for External Investment
Pools" and GASB Statement No. 72, "Fair T�alue Measurement and Application," the City
records all its investments at fair value except for nonparticipating investment contracts which are
reported at cost, which approximates fair value. All investment income, including changes in the
fair value of investments, is recognized as revenue in the operating statements. See Note 4,
"Cash, Cash Equivalents and Investments."
The City's investment in the State Treasury Asset Reserve of Ohio (STAR Ohio)is an investment
pool managed by the State Treasurer's Office which allows governments within the State to pool
their funds for investment purposes. STAR Ohio is not registered with the SEC as an investment
company and is recognized as an external investment pool by the City. The City measures their
investment in STAR Ohio at the net asset value (NAV) per share provided by STAR Ohia The
NAV per share is calculated on an amortized cost basis that provides a NAV per share that
approximates fair value. For 2022, there were no limitations or restrictions on any participant
withdrawals due to redemption notice periods, liquidity fees, or redemption gates. However,
notice must be given 24 hours in advance of all deposits and withdrawals exceeding $100 million.
STAR Ohio reserves the right to limit the transaction to $250 million, requiring the excess
amount to be transacted the following business day(s), but only to the $250 million limit. All
accounts of the participant will be combined for these purposes.
H.Prepaid Items
Payments made to vendors for services that will benefit periods beyond December 31, are
recorded as prepaid items using the consumption method. A current asset for the prepaid amount
is recorded at the time of the purchase and an expenditure is reported in the year in which services
are consumed.
- 39 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
L Capital Assets and Depreciation
Capital assets are defined by the City as assets with an initial, individual cost of more than
$5,000.
1. PropertY, Plant and Equipment-Governmental Activities
Governmental activities capital assets are acquired or constructed for governmental activities and
are recorded as expenditures in the governmental funds and are capitalized at cost. The capital
asset values were initially determined at December 31, 1990, assigning original acquisition costs
when such information was available. In cases where information supporting original costs was
not available, estimated historical costs were developed.
For certain capital assets, the estimates were arrived at by indexing estimated current costs back
to the estimated year of acquisition. Donated capital assets are capitalized at acquisition value on
the date donated. The costs of normal maintenance and repairs that do not add to the value of the
asset or materially extend asset lives are not capitalized. Improvements are capitalized. These
assets are reported in the Governmental Activities column of the Government-wide Statement of
Net Position,but they are not reported in the Fund Financial Statements.
2. Depreciation
All capital assets are depreciated, excluding land and construction in progress. Depreciation has
been provided using the straight-line method over the following estimated useful lives:
Description Estimated Lives (in years)
Land Improvements 30
Buildings 20 - 50
Infrastructure 15 —40
Equipment and Furniture 5—20
Vehicles 3 - 15
J.Accrued Liabilities and Long-Term Obligations
Long-term liabilities are being repaid from the following funds:
Obligation Fund
General Obligation Notes/Bonds General Obligation Bond Retirement Fund
Installment Loan Capital Improvement Fund
OPWC Loans Capital Improvement Fund
Compensated Absences/Net General Fund, Street Maintenance and Repair
Pension and OPEB Liabilities Fund, State Highway Improvement Fund,
Water Fund, Sanitary Sewer Fund, Parks and
Recreation Fund
-40 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
J.Accrued Liabilities and Long-Term Obli�ations (Continued)
All payables, accrued liabilities and long-term obligations are reported in the government-wide
financial statements. In general, governmental fund payables and accrued liabilities that once
incurred, are paid in a timely manner and in full from current financial resources, are reported as
obligations of the funds. However, claims and judgments, compensated absences, and net
pension/OPEB liabilities that will be paid from governmental funds are reported as a liability in
the fund financial statements only to the extent that they are due for payment during the current
year. Bonds are recognized as a liability on the fund financial statements when due.
K. Compensated Absences
The City accrues a liability for compensated absences in accordance with the provisions of
Governmental Accounting Standards Board (GASB) Statement No. 16, `Accounting for
Compensated Absences." Vacation benefits and compensatory time are accrued as a liability as
the benefits are earned if the employees' rights to receive compensation are attributable to
services already rendered and it is probable that the City will compensate employees for the
benefits through time off or some other means. Sick leave benefits are accrued using the
termination method. An accrual for earned sick leave is made to the extent it is probable that
benefits will result in termination payments. The amount is based on accumulated sick leave and
employees' wage rates at year end, taking into consideration any limits specified in the City's
termination policy.
City employees earn vacation leave at varying rates depending upon the length of service. City
employees can earn compensatory time for any work in excess of their normal hours of work per
day in lieu of overtime pay. Employees earn compensatory time at the rate of one and one-half
times for overtime hours worked.
City employees earn sick leave at the rate of ten hours per month. Sick leave may be accumulated
and carried forward from year to year without limit. An employee who is to be separated from
City service through retirement, layoff, or resignation in good standing after completion of fifteen
years continuous service with the City and has accumulated more than 232 hours of sick leave, is
eligible to be paid for thirty-five percent of the total accrued hours up to a maximum of 640 hours
paid.
For governmental funds, that portion of unpaid compensated absences that is expected to be paid
using expendable available financial resources is reported as an expenditure in the fund from
which the individual earning the leave is paid, and a corresponding liability is reflected in the
account "Compensated Absences Payable." In the government wide statement of net position,
"Compensated Absences Payable" is recorded within the "Due within one year" account and the
long-term portion of the liability is recorded within the"Due in more than one year"account.
-41 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
L.Net Position
Net position represents the difference between assets, liabilities, and deferred outflows/inflows of
resources. Net investment in capital assets consists of capital assets, net of accumulated
depreciation, reduced by the outstanding balances of any borrowings used for the acquisition,
construction or improvement of those assets. Net position is reported as restricted when there are
limitations imposed on use either through the enabling legislation adopted by the City or through
external restrictions imposed by creditors, grantors or laws or regulations of other governments.
The City applies restricted resources when an expense is incurred for purposes for which both
restricted and unrestricted net position is available.
M.Pension/OPEB
The provision for pension/OPEB cost is recorded when the related payroll is accrued and the
obligation is incurred. For purposes of ineasuring the net pension and OPEB liability/asset,
deferred outflows of resources and deferred inflows of resources related to pensions/OPEB, and
pension/OPEB expense, information about the fiduciary net position of the pension/OPEB plans
and additions to/deductions from their �duciary net positon have been determined on the same
basis as they are reported by the pension/OPEB systems. For this purpose, benefit payments
(including refunds of employee contributions) are recognized when due and payable in
accordance with the benefit terms. The pension/OPEB systems report investments at fair value.
N. Intergovernmental Revenues
In governmental funds, intergovernmental revenues, such as grants awarded on a
non-reimbursement basis, and shared revenues are recorded as intergovernmental receivables and
revenues when measurable and available. Reimbursable grants are recorded as intergovernmental
receivables and revenues when the related expenditures are made.
O. Interfund Activitv
Exchange transactions between funds are reported as revenues in the seller funds and as
expenditures in the purchaser funds. Flows of cash or goods from one fund to another without a
requirement for repayment are reported as interfund transfers. Interfund transfers are reported as
other financing sources/uses in governmental funds. Repayments from funds responsible for
particular expenditures to the funds that initially paid for them are not presented on the financial
statements.
P. Interfund Assets/Liabilities
Receivables and payables arising between funds for goods provided or services rendered are
classified as "Due From/To Other Funds" on the balance sheet. The City had no "Due From/To
Other Funds" at December 31, 2022. Short-term interfund loans are classified as "Interfund
Receivables/Payables," while long-term interfund loans are classi�ed as "Interfund Loan
Receivables/Payables."
-42 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Q. Restricted Assets
Cash with fiscal agent is classified as restricted assets on the balance sheet because these funds
are being held for specified purposes.
R. Fund Balances
In the fund financial statements, fund balance for governmental funds is reported in
classifications that comprise a hierarchy based primarily on the extent to which the City is bound
to honor constraints on the specific purpose for which amounts in the funds can be spent. Fund
balance is reported in five components — nonspendable, restricted, committed, assigned and
unassigned.
Nonspendable—Nonspendable fund balance includes amounts that cannot be spent because they
are either not in spendable form or legally contractually required to be maintained intact.
Restricted— Restricted fund balance consists of amounts that have constraints placed on them
either externally by third parties (creditors, grantors, contributors, or laws or regulations of other
governments) or by law through constitutional provisions or enabling legislation. Enabling
legislation authorizes the City to assess, levy, charge or otherwise mandate payment of resources
(from external resource providers) and includes a legally enforceable requirement (compelled by
external parties) that those resources be used only for the specific purposes stipulated in the
legislation.
Committed — Committed fund balance consists of amounts that can only be used for specific
purposes pursuant to constraints imposed by formal action of the City's highest level of decision
making authority. For the City, these constraints consist of ordinances passed by City Council.
Committed amounts cannot be used for any other purpose unless the City removes or changes the
specified use by taking the same type of action (ordinance) it employed previously to commit
those amounts.
Assigned—Assigned fund balance consists of amounts that are constrained by the City's intent to
be used for specific purposes, but are neither restricted nor committed. The City has no formal
policy authorizing a body or official to assign amounts for specific purposes.
Unassigned — Unassigned fund balance consists of amounts that have not been restricted,
committed or assigned to specific purposes within the General Fund as well as negative fund
balances in all other governmental funds.
When both restricted and unrestricted resources are available for use, it is the City's policy to use
restricted resources first, then unrestricted resources (committed, assigned and unassigned) as
they are needed. Similarly, within unrestricted fund balance, committed amounts are reduced first
followed by assigned, and then unassigned amounts when expenditures are incurred for purposes
for which amounts in any of the unrestricted fund balance classifications could be used.
-43 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
S.Estimates
The preparation of financial statements in conformity with GAAP requires management to make
estimates and assumptions that affect the amounts reported in the financial statements and
accompanying notes. Actual results may differ from those estimates.
T.Deferred Outflows/Inflows of Resources
In addition to assets, the statement of financial position will sometimes report a separate section
for deferred outflows of resources. This separate financial statement element, deferred outflows of
resouNces, represents a consumption of net assets that applies to a future period(s) and so will not
be recognized as an outflow of resources (expense/expenditure) until then. The City reports
deferred outflows for deferred pension/OPEB amounts. Deferred outflows of resources are
reported for pension/OPEB amounts on the government-wide statement of net position. See Notes
9 and 10.
In addition to liabilities, the statement of financial position will sometimes report a separate
section for deferred inflows of resources. This separate financial statement element, deferred
inflows of resources, represents an acquisition of net assets that applies to a future period(s) and
so will not be recognized as an inflow of resources (revenue)until that time. On the government-
wide statement of net position and governmental funds balance sheet, property taxes that are
intended to finance future fiscal periods are reported as deferred inflows. In addition, the
governmental funds balance sheet reports deferred inflows which arise only under a modified
accrual basis of accounting. Accordingly, the item, unavailable amounts, is reported only in the
governmental funds balance sheet. The governmental funds report unavailable amounts for
property taxes, income taxes, special assessments, and state levied shared taxes. These amounts
are deferred and recognized as an inflow of resources in the period that the amounts become
available. Deferred inflows of resources related to pension/OPEB are reported on the
government-wide statement of net position. See Notes 9 and 10.
NOTE 2—CHANGE IN ACCOUNTING PRINCIPLE
For 2022, the City implemented Governmental Accounting Standards Board (GASB) Statement No. 87,
"Leases," Statement No. 91, "Conduit Debt Obligations," Statement No. 92, "Omnibus 2020," and
Statement No. 93, "Replacement of Interbank Offered Rates."
GASB Statement No. 87 establishes standards of accounting and financial reporting for leases.
GASB Statement No. 91 establishes a single method of reporting conduit debt obligations.
GASB Statement No. 92 establishes accounting and financial reporting requirements for specific issues
related to leases, intra-entity transfers of assets, postemployment benefits, government acquisitions, risk
�nancing and insurance-related activities of public entity risk pools, fair value measurements, and
derivative instruments.
GASB Statement No. 93 establishes accounting and financial reporting requirements related to the
replacement of interbank offered rates in hedging derivative instruments and leases.
The implementation of these Statements had no effect on beginning net position/fund balance.
-44 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 3-FUND BALANCE CLASSIFICATION
Fund balance is classified as nonspendable, restricted, committed, assigned, and unassigned based
primarily on the extent to which the City is bound to observe constraints imposed upon the use of the
resources in the governmental funds. The constraints placed on fund balance for the major governmental
funds and all other governmental funds are presented below:
Tax Capital Other Total
General Increment Improvement Governmental Governmental
Fund Balances Fund Financing Fund Fund Funds Funds
Nonspendable:
Prepaid Items $110,627 $0 $81,744 $0 $192,371
Interfund Loans Receivable 650,000 0 0 0 650,000
Unclaimed Funds 70,142 0 0 0 70,142
TotalNonspendable 830,769 0 81,744 0 912,513
Restricted:
Street Maintenance and Repair 0 0 0 600,668 600,668
L.aw Enforcement 0 0 0 1,015,578 1,015,578
Court Improvements 0 0 0 190,845 190,845
Performance Deposits 0 0 0 21,887 21,887
Building Code Inspection 0 0 0 14,966 14,966
Debt Retirement 0 0 0 1,983,468 1,983,468
Addiction Treatment 0 0 0 7,086 7,086
CapitalImprovements 0 2,246,432 41,000 375,149 2,662,581
Total Restricted 0 2,246,432 41,000 4,209,647 6,497,079
Committed:
Economic Development 611,646 0 0 0 611,646
Parks and Recreation 0 0 0 50,264 50,264
WaterPublic Works 0 0 0 91,646 91,646
SewerPublic Works 0 0 0 42,553 42,553
Bicentennial Celebration 0 0 0 76,386 76,386
Convention and Visitor's Bureau 0 0 0 1,850 1,850
Capital Improvements 0 0 16,305,229 0 16,305,229
Total Committed 611,646 0 16,305,229 262,699 17,179,574
Assigned:
Materials and Supplies 3,958,632 0 0 0 3,958,632
Budget Resource 2,513,533 0 0 0 2,513,533
TotalAssigned 6,472,165 0 0 0 6,472,165
Unassigned(Deficits): 19,287,621 0 0 0 19,287,621
Total Fund Balances $27,202,201 $2,246,432 $16,427,973 $4,472,346 $50,348,952
In 2018, City Council adopted a revised General Fund Carryover Policy to assist the City in maintaining
long-term financial stability. The revised policy increases the minimum General Fund balance to 35% of
prior year expenditures and incorporates a financial action plan in the event the City falls below the policy
floor. This policy remained unchanged through 2022.
-45 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 4—CASH,CASH EQUIVALENTS AND INVESTMENTS
Cash resources of several individual funds are combined to form a pool of cash, cash equivalents and
investments. The City has a formal adopted investment policy, with the main objective being the
preservation of capital and the protection of investment principal.
Statutes require the classification of funds held by the City into three categories. Category 1 consists of
"active"funds -those funds required to be kept in a"cash" or"near cash" status for immediate use by the
City. Such funds must be maintained either as cash in the City Treasury or in depository accounts
payable or withdrawable on demand, including negotiable order of withdrawal (NOW) accounts.
Category 2 consists of"inactive" funds - those funds not required for use within the current five year
period of designation of depositories. Inactive funds may be deposited or invested only as certificates of
deposit maturing not later than the end of the current period of designation of depositories.
Category 3 consists of"interim" funds - those funds which are not needed for immediate use but, which
will be needed before the end of the current period of designation of depositories. Interim funds may be
invested or deposited in the following securities:
• United States treasury notes,bills, bonds, or any other obligation or security issued by the
United States treasury or any other obligation guaranteed as to principal or interest by the
United States;
• Bonds, notes, debentures, or any other obligations or securities issued by any federal
government agency or instrumentality, including but not limited to, the federal national
mortgage association, federal home loan bank, federal farm credit bank, federal home
loan mortgage corporation, and government national mortgage association. All federal
agency securities shall be direct issuances of federal government agencies or
instrumentalities;
• Written repurchase agreements in the securities listed above provided that the market
value of the securities subject to the repurchase agreement must exceed the principal
value of the agreement by at least two percent and be marked to market daily, and that the
term of the agreement must not exceed thirty days;
• Bonds and other obligations of the State of Ohio, and with certain limitations including a
requirement for maturity within ten years from the date of settlement, bonds and other
obligations of political subdivisions of the State of Ohio, if training requirements have
been met;
• No-load money market mutual funds consisting exclusively of obligations described in
the first two bullets of this section and repurchase agreements secured by such
obligations, provided that investments in securities described in this division are made
only through eligible institutions;
• The State Treasury Asset Reserve of Ohio (STAR Ohio), and
• Time certificates of deposit or savings or deposit accounts including, but not limited to,
passbook accounts.
-46 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 4—CASH,CASH EQUIVALENTS AND INVESTMENTS (Continued)
A.Deposits
Custodial credit risk is the risk that in the event of bank failure, the City's deposits may not be
returned to it. The City has no deposit policy for custodial risk beyond the requirements of State
statute.
Ohio law requires that deposits be either insured or be protected by eligible securities pledged to
the City and deposited with a qualified trustee by the financial institution as security for
repayment whose market value at all times shall be at least 105 percent of the deposits being
secured, or participation in the Ohio Pooled Collateral System (OPCS), a collateral pool of
eligible securities deposited with a qualified trustee and pledged to the Treasurer of State to
secure the repayment of all public monies deposited in the financial institution. OPCS requires
the total market value of the securities pledged to be 102 percent of the deposits being secured or
a rate set by the Treasurer of State.
At December 31, 2022,the carrying amount of the City's deposits,including segregated accounts,
was $7,633,956 and the bank balance was $8,352,547. Of the bank balance, $7,690,871 was
covered by federal depository insurance and $661,676 was exposed to custodial risk and was
collateralized with securities held in the Ohio Pooled Collateral System.
The City had $519,146 related to permissive tax monies held and secured by Franklin County,
which is reported as cash and cash equivalents with fiscal agent.
B. Investments
The City's investments at December 31, 2022 were as follows:
Measurement Credit Fair Value Concentration Investment Maturities(in Years)
Value Rating Hierarchy of Credit Risk less than 1 1-3 3-5
STAROhio4 $15,583,222 AAArn' NA 39.08% $15,583,222 $0 $0
Repurchase Agreement 10,795,052 * Leve12 27.07% 10,795,052 0 0
Government Money Market 2,843,868 AA+i Level 1 7.13% 2,843,868 0 0
Municipal Bonds 1,844,105 Aa23 Leve12 4.62% 1,844,105 0 0
FHLB 2,424,125 AA+i Leve12 6.08% 0 1,975,820 448,305
FHLMC 490,385 AA+i Leve12 1.23% 0 490,385 0
Negoriable CD's 5,897,124 AAA� Leve12 14.79% 1,446,873 1,620,559 2,829,692
TotalInvestments $39,877,881 100.00% $32,513,120 $4,086,764 $3,277,997
' Standard&Poor's
Z All are fully FDIC insured and therefore have an implied AAA credit rating
3 Moody's
4 Reported at amortized cost
* United States Treasury and United States Agency securities underlie the repurchase agreements
and are therefore not subject to credit risk disclosures.
-47 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 4—CASH,CASH EQUIVALENTS AND INVESTMENTS (Continued)
B. Investments(Continued)
The City categorizes its fair value measurements within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical
assets. Active markets are those in which transactions for the asset or liability occur in sufficient
frequency and volume to provide pricing information on an ongoing basis. Quoted prices are
available in active markets for identical assets or liabilities as of the reporting date. Level 2 inputs
are significant other observable inputs. Investments classified in Level 2 of the fair value
hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities
based on the securities' relationship to benchmark quoted prices. Level 3 inputs are significant
unobservable inputs.
Investment Credit Risk — The City has no credit risk policy beyond the requirements of State
Statute.
Interest Rate Risk — The Ohio Revised Code generally limits security purchases to those that
mature within five years of settlement date. The City does not have a policy regarding interest
rate risk.
Concentration of Credit Risk— The City limits the amount the City may invest in one issuer to
30°/o of the City's investable funds. The City's investment policy addresses concentration of
credit risk by requiring investments to be diversified to reduce the risk of loss resulting from over
concentration of assets in a specific issue or specific class of securities.
Custodial Credit Risk—For an investment, custodial credit risk is the risk that in the event of the
failure of the counterparty, the City will not be able to recover the value of its investment or
collateral securities that are in the possession of an outside party. Of the City's investment in
repurchase agreements,the entire balance is collateralized by underlying securities pledged by the
investment's counterparty, not in the name of the City. The City has no policy on custodial credit
risk and is governed by the Ohio Revised Code as described under Deposits.
-48 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 5 -TAXES
A. PropertY Taxes
Property taxes include amounts levied against all real estate and public utility property located in
the City. Real property taxes (other than public utility) collected during 2022 were levied after
October 1, 2021 on assessed values as of January 1, 2021, the lien date. Assessed values are
established by the county auditor at 35 percent of appraised market value. All property is required
to be reappraised every six years and equalization adjustments are made in the third year
following reappraisaL The last reappraisal was completed in 2017. Real property taxes are
payable annually or semi-annually. The first payment is due January 20, with the remainder
payable by June 20.
Public utility real and tangible personal property taxes collected in one calendar year are levied in
the preceding calendar year on assessed values determined as of December 31 of the second year
preceding the tax collection year,the lien date. Certain public utility tangible personal property is
currently assessed at 100 percent of its true value. Public utility property taxes are payable on the
same dates as real property described previously.
The County Treasurer collects property taxes on behalf of all taxing Cities in the County,
including the City of Worthington. The County Auditor periodically remits to the City its portion
of the taxes collected. The full tax rate for all City operations for the year ended December 31,
2022, was $5.00 per $1,000 of assessed value. Ohio law prohibits taxation of property from all
taxing authorities in excess of 1% of assessed value without a vote of the people. Under current
procedures,the City's share is .50%(5.00 mills) of assessed value.
The assessed values of real and public utility tangible personal property upon which 2022
property tax receipts were based are as follows:
Category Amount
Real Property Tax $740,451,950
Public Utility Tangible Personal 19,628,510
TotalAssessed Valuation $760,080,460
Property taxes receivable represent real and public utility taxes and outstanding delinquencies
which are measurable as of December 31, 2022. Although total property tax collections for the
next fiscal year are measurable, amounts to be received during the available period are not subject
to reasonable estimation at December 31, nor are they intended to finance 2022 operations. The
receivable is therefore offset by a credit to deferred inflows of resources.
-49 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 5—TAXES (Continued)
A. Propertv Taxes (Continued)
Tax Abatement Disclosures
Pursuant to Ohio Revised Code Section 5709 the City of Worthington has established three (3)
Community Reinvestment Areas (CRAs). As established with City of Worthington Resolution 15-2007,
the minimum qualifying criteria for tax exemption under a CRA is as follows.
Land Use Min. Investment in New Construction Min Number of New Employees Max Term
Residential No exemption permitted
Industrial $1,000,000 25 Employees or$1,000,000 of 10 years
employee compensation
Commercial $1,000,000 25 Employees or$1,000,000 of 10 years
employee compensation
The City has offered the CRA abatements to encourage economic stability, maintain property values,
and generate new employment opportunities and population growth.
Below is information relevant to the disclosure of this program for the year ending December 31, 2022.
Total Amount of
Taxes Abated
For the year 2022
CommunityReinvestmentArea (CRA)
RetaiUFinancial $58,671
$58,671
B. Income Tax
The City levies and collects an income tax of 2.5 percent on all income earned within the City. In
addition, the residents of the City are required to pay income tax on income earned outside of the
City; however, the City allows a credit for income taxes paid to another municipality up to 100
percent of the City's current tax rate.
Employers within the City are required to withhold income tax on employee compensation and
remit the tax to the City monthly. Corporations and other individual taxpayers are required to pay
their estimated tax quarterly and file a declaration annually.
The City entered into an agreement with the Regional Income Tax Agency (R.LT.A.) for the
administration and collection of all City income tax effective July 1, 2002. Collections are
distributed twice per month to the City less a 3.0% collection fee. An annual reconciliation is
performed each year to determine each community's proportionate share of the collection
expense and an adjustment is made at the time of the fixed 3.0% collection fee.
- 50 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 6-RECEIVABLES
Receivables at December 31, 2022 consisted of taxes, intergovernmental receivables arising from shared
revenues, special assessments,loans, interest, and utility and emergency medical service accounts.
NOTE 7—TRANSFERS AND INTERFUND RECEIVABLES/PAYABLES
Transfers are used to move revenues from the funds that statute or budget requires to collect them to the
funds that statute or budget requires to expend them; to move receipts restricted to debt service from the
funds collecting the receipts to the debt service fund as debt service payments are due, and to use
unrestricted revenues collected in the General Fund to finance various programs accounted for in other
funds in accordance with budgetary authorizations. Following is a summary of transfers in and out for all
funds for 2022:
Fund Transfers In Transfers Out
General Fund $0 $2,908,859
Capital Improvement Fund 2,015,000 732,322
Nonmajor Governmental Funds 1,766,181 140,000
Total All Funds $3,781,181 $3,781,181
Transfers out of the Capital Improvement Fund were for debt service payments. Transfers out of
nonmajor governmental funds were for the City's match for street construction projects, and for reclasses
related to debt retirement. All transfers were made in accordance with Ohio Revised Code Sections
5705.14, 5705.15 and 5705.16. Interfund transfers between governmental funds are eliminated in the
government-wide financial statements.
Individual interfund loan receivable and payable balances at December 31, 2022 were as follows:
Interfund Interfund
Loans Loans
Receivable Payable
General Fund $650,000 $0
Tax Increment Financing Fund 0 650,000
Capital Improvement Fund 153,738 0
Nonmajor Governmental Funds 0 153,738
Totals $803,738 $803,738
Interfund loan balances represent special assessment collections receipted in the Special Assessment
Bond Retirement Fund which are due to the Capital Improvement Fund. Interfund loan receivable and
payable balances are eliminated in the governmental activities column on the statement of net position.
- 51 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 8 -CAPITAL ASSETS
Summary by category of changes in governmental activities capital assets at December 31, 2022:
Historical Cost:
December 31, December 31,
Class 2021 Additions Deletions 2022
Capital assets not being depreciated:
Land $9,216,299 $0 $0 $9,216,299
Construction in Progress 14,453,299 2,617,240 (3,023,122) 14,047,417
23,669,598 2,617,240 (3,023,122) 23,263,716
Capital assets being depreciated:
Land Irnprovements 2,192,508 2,076,759 0 4,269,267
Buildings 22,924,544 463,688 0 23,388,232
Infrastructure 50,532,370 0 0 50,532,370
Equipment and Furniture 6,950,682 948,047 (442,061) 7,456,668
Vehicles 6,770,097 326,722 (169,065) 6,927,754
TotalCost $ll3,039,799 $6,432,456 ($3,634,248) $ll5,838,007
Accumulated Depreciation:
December 31, December 31,
Class 2021 Additions Deletions 2022
Land Improvements ($2,004,720) ($70,163) $0 ($2,074,883)
Buildings (14,671,973) (547,812) 0 (15,219,785)
Infrastructure (32,137,808) (1,475,892) 0 (33,613,700)
Machinery and Equipment (4,133,678) (438,533) 397,104 (4,175,107)
Vehicles (3,833,809) (453,346) 138,808 (4,148,347)
TotalDepreciation ($56,781,988) ($2,985,74� * $535,912 ($59,231,822)
Net Value: $56,257,811 $56,606,185
* Depreciation was charged to governmental functions as follows:
Security ofPersons and Property $584,341
Leisure Time Activities 497,363
Community Environment 5,729
Transportation 1,481,834
General Government 416,479
Total Depreciation E�ense $2,985,746
- 52 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS
Net Pension Liability
The net pension liability reported on the statement of net position represents a liability to employees for
pensions. Pensions are a component of exchange transactions—between an employer and its employees—
of salaries and benefits for employee services. Pensions are provided to an employee—on a deferred-
payment basis—as part of the total compensation package offered by an employer for employee services
each financial period. The obligation to sacrifice resources for pensions is a present obligation because it
was created as a result of employment exchanges that already have occurred.
The net pension liability represents the City's proportionate share of each pension plan's collective
actuarial present value of projected benefit payments attributable to past periods of service, net of each
pension plan's fiduciary net position. The net pension liability calculation is dependent on critical long-
term variables, including estimated average life expectancies, earnings on investments, cost of living
adjustments and others. While these estimates use the best information available, unknowable future
events require adjusting this estimate annually.
Ohio Revised Code limits the City's obligation for this liability to annually required payments. The City
cannot control benefit terms or the manner in which pensions are financed; however, the City does
receive the benefit of employees' services in exchange for compensation including pension.
GASB 68 assumes the liability is solely the obligation of the employer, because (1) they benefit from
employee services; and (2) State statute requires all funding to come from these employers. All
contributions to date have come solely from these employers (which also includes costs paid in the form
of withholdings from employees). State statute requires the pension plans to amortize unfunded liabilities
within 30 years. If the amortization period exceeds 30 years, each pension plan's board must propose
corrective action to the State legislature. Any resulting legislative change to benefits or funding could
significantly affect the net pension liability. Resulting adjustments to the net pension liability would be
effective when the changes are legally enforceable.
The proportionate share of each plan's unfunded benefits is presented as a long-term net pension liability
on the accrual basis of accounting. Any liability for the contractually-required pension contribution
outstanding at the end of the year is included in intergovernmental payable on both the accrual and
modified accrual bases of accounting.
Plan Description—Ohio Public Employees Retirement System (OPERS)
Plan Description - City employees, other than fu11-time police and firefighters, participate in the Ohio
Public Employees Retirement System (OPERS). OPERS administers three separate pension plans. The
traditional pension plan is a cost-sharing, multiple-employer defined benefit pension plan. The member-
directed plan is a defined contribution plan and the combined plan is a cost-sharing, multiple-employer
defined benefit pension plan with defined contribution features. While members (e.g. City employees)
may elect the member-directed plan and the combined plan, substantially all employee members are in
OPERS' traditional plan; therefore,the following disclosure focuses on the traditional pension plan.
- 53 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
OPERS provides retirement, disability, survivor and death benefits, and annual cost of living adjustments
to members of the traditional plan. Authority to establish and amend benefits is provided by Chapter 145
of the Ohio Revised Code. OPERS issues a stand-alone financial report that includes financial statements,
required supplementary information and detailed information about OPERS' fiduciary net position that
may be obtained by visiting https://www.opers.org/financial/reports.shtml, by writing to the Ohio Public
Employees Retirement System, 277 East Town Street, Columbus, Ohio 43215-4642, or by calling 800-
222-7377.
Senate Bill (SB) 343 was enacted into law with an effective date of January 7, 2013. In the legislation,
members were categorized into three groups with varying provisions of the law applicable to each group.
The following table provides age and service requirements for retirement and the retirement formula
applied to final average salary (FAS) for the three member groups under the traditional plan as per the
reduced benefits adopted by SB 343 (see OPERS Annual Comprehensive Financial Report referenced
above for additional information, including requirements for reduced and unreduced benefits):
Group A Group B Group C
Eligible to retire prior to 20 years of service credit prior to Members not in other Groups
January 7,2013 or five years January 7,2013 or eligible to retire and members hired on or after
after January 7,2013 ten years after January 7,2013 January 7,2013
State and Local State and Local State and Local
Age and Service Requirements: Age and Service Requirements: Age and Service Requirements:
Age 60 with 60 months of service credit Age 60 with 60 months of service credit Age 57 with 25 years of service credit
or Age 55 with 25 years of service credit or Age 55 with 25 years of service credit or Age 62 with 5 years of service credit
Formula: Formula: Formula:
2.2%of FAS multiplied by years of 2.2%of FAS multiplied by years of 2.2%of FAS multiplied by years of
service for the first 30 years and 2.5% service for the first 30 years and 2.5% service for the first 35 years and 2.5%
for service years in excess of 30 for service years in excess of 30 for service years in excess of 35
Final average Salary (FAS)represents the average of the three highest years of earnings over a member's
career for Groups A and B. Group C is based on the average of the five highest years of earnings over a
member's career.
Members who retire before meeting the age and years of service credit requirement for unreduced
benefits receive a percentage reduction in the benefit amount. The initial amount of a member's pension
benefit is vested upon receipt of the initial benefit payment for calculation of an annual cost-of-living
adjustment.
When a benefit recipient has received benefits for 12 months, an annual cost of living adjustment(COLA)
is provided. This COLA is calculated on the base retirement benefit at the date of retirement and is not
compounded. For those retiring prior to January 7, 2013, the COLA will continue to be a 3.00% simple
annual COLA. For those retiring subsequent to January 7, 2013, beginning in calendar year 2019, the
COLA will be based on the average percentage increase in the Consumer Price Index, capped at 3.00%.
Benefits in the Combined Plan consist of both an age-and-service formula benefit (defined benefit) and a
defined contribution element. The defined benefit element is calculated on the basis of age, FAS, and
years of service. Eligibility regarding age and years of service in the Combined Plan is the same as the
Traditional Pension Plan. The benefit formula for the defined bene�t component of the plan for State
and Local members in transition Groups A and B applies a factor of 1.00% to the member's FAS for the
first 30 years of service.
- 54 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
A factor of 1.25% is applied to years of service in excess of 30. The benefit formula for transition Group
C applies a factor of 1.0% to the member's FAS and the first 35 years of service and a factor of 1.25% is
applied to years in excess of 35. Persons retiring before age 65 with less than 30 years of service credit
receive a percentage reduction in benefit. The defined contribution portion of the benefit is based on
accumulated member contributions plus or minus any investment gains or losses on those contributions.
Defined contribution plan benefits are established in the plan documents, which may be amended by the
OPERS's Board of Trustees. Member-Directed Plan and Combined Plan members who have met the
retirement eligibility requirements may apply for retirement benefits. The amount available for defined
contribution benefits in the Combined Plan consists of the member's contributions plus or minus the
investment gains or losses resulting from the member's investment selections. Combined plan members
wishing to receive benefits must meet the requirements for both the defined benefit and defined
contribution plans. Member-directed participants must have attained the age of 55,have money on deposit
in the defined contribution plan and have terminated public service to apply for retirement benefits. The
amount available for defined contribution benefits in the Member-Directed Plan consists of the members'
contributions, vested employer contributions and investment gains or losses resulting from the members'
investment selections. Employer contributions and associated investment earnings vest over a five-year
period, at a rate of 20% each year. At retirement, members may select one of several distribution options
for payment of the vested balance in their individual OPERS accounts. Options include the annuitization
of the benefit (which includes joint and survivor options), partial lump-sum payments (subject to
limitations), a rollover of the vested account balance to another financial institution, receipt of entire
account balance, net of taxes withheld, or a combination of these options. When members choose to
annuitize their defined contribution benefit, the annuitized portion of the benefit is reclassified to a
defined benefit. For additional information, see the Plan Statement in the OPERS Annual Comprehensive
Financial Report.
Beginning in 2022, the Combined Plan will be consolidated under the Traditional Pension Plan (defined
benefit plan) and the Combined Plan option will no longer be available for new hires beginning in 2022.
Funding Policy - The Ohio Revised Code (ORC) provides statutory authority for member and employer
contributions as follows:
State
and Local
2022 Statutory Maximum Contribution Rates
Employer 14.0 %
Employee 10.0 %
2022 Actual Contribution Rates
Employer:
Pension 14.0 %
Post-employment Health Care Benefits 0.0
Total Employer 14.0 %
Employee 10.0 °/a
Employer contribution rates are actuarially determined and are expressed as a percentage of covered
payroll. The City's contractually required contribution was $958,999 for 2022. Of this amount, $103,750
is reported as an intergovernmental payable.
- 55 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
Plan Description—Ohio Police& Fire Pension Fund(OPF)
Plan Description - City full-time police and firefighters participate in Ohio Police and Fire Pension Fund
(OPF), a cost-sharing, multiple-employer defined benefit pension plan administered by OPF. OPF
provides retirement and disability pension benefits, annual cost-of-living adjustments, and death benefits
to plan members and beneficiaries. Benefit provisions are established by the Ohio State Legislature and
are codified in Chapter 742 of the Ohio Revised Code. OPF issues a publicly available financial report
that includes financial information and required supplementary information and detailed information
about OPF fiduciary net position. The report that may be obtained by visiting the OPF website at
www.op-f�or� or by writing to the Ohio Police and Fire Pension Fund, 140 East Town Street, Columbus,
Ohio 43215-5164.
Upon attaining a qualifying age with sufficient years of service, a member of OPF inay retire and receive
a lifetime monthly pension. OPF offers four types of service retirement: normal, service commuted,
age/service commuted and actuarially reduced. Each type has different eligibility guidelines and is
calculated using the member's average annual salary. The following discussion of the pension formula
relates to normal service retirement.
For members hired after July 1, 2013, the minimum retirement age is 52 for normal service retirement
with at least 25 years of service credit. For members hired on or before July 1, 2013, the minimum
retirement age is 48 for normal service retirement with at least 25 years of service credit.
The annual pension benefit for normal service retirement is equal to a percentage of the allowable average
annual salary. The percentage equals 2.5 percent for each of the first 20 years of service credit, 2.0
percent for each of the next five years of service credit and LS percent for each year of service credit in
excess of 25 years. The maximum pension of 72 percent of the allowable average annual salary is paid
after 33 years of service credit. (see OP&F Annual Comprehensive Financial Report referenced above for
additional information, including requirements for Deferred Retirement Option Plan provisions and
reduced and unreduced benefits).
Under normal service retirement, retired members who are at least 55 years old and have been receiving
OPF benefits for at least one year may be eligible for a cost-of-living allowance adjustment. The age 55
provision for receiving a COLA does not apply to those who are receiving a permanent and total
disability benefit and statutory survivors. Members participating in the DROP program have separate
eligibility requirements related to COLA.
Members retiring under normal service retirement, with less than 15 years of service credit on July 1,
2013, will receive a COLA equal to either 3.00% or the percent increase, if any, in the consumer price
index (CPI) over the 12-month period ending on September 30 of the immediately preceding year,
whichever is less. The COLA amount for members with at least 15 years of service credit as of July l,
2013 is equal to 3.00% of their base pension or disability benefit.
Members who retired prior to July 24, 1986 or their surviving beneficiaries under optional plans are
entitled to cost-of-living allowance increases. The annual increase is paid on July 1 st of each year. The
annual COLA increase is $360 under a Single Life Annuity Plan with proportional reductions for optional
payment plans.
- 56 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
Funding Policy - The Ohio Revised Code (ORC) provides statutory authority for member and employer
contributions as follows:
Police Firefighters
2022 Statutory Maximum Contribution Rates
Employer 19.50 % 24.00 %
Employee 12.25 % 12.25
2022 Actual Contribution Rates
Employer:
Pension 19.00 % 23.50 %
Post-employment Health Care Bene�ts 0.50 0.50
Total Employer 19.50 % 24.00 %
Employee 12.25 % 12.25 %
Employer contribution rates are expressed as a percentage of covered payroll. The City's contractually
required contribution to OPF was $1,644,498 for 2022. Of this amount, $162,886 is reported as an
intergovernmental payable.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of
Resources Related to Pensions
The net pension liability for OPERS was measured as of December 31, 2021, and the total pension
liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
OPF's total pension liability was measured as of December 31, 2021, and was determined by rolling
forward the total pension liability as of January 1, 2021, to December 31, 2021. The City's proportion of
the net pension liability was based on the City's share of contributions to the pension plan relative to the
contributions of all participating entities. Following is information related to the proportionate share and
pension expense:
OPERS OP&F Total
Proportionate Share ofthe Net Pension Liability $3,781,891 $18,041,291 $21,823,182
Proportion ofthe Net Pension Liability-2022 0.043468% 0.288780%
Proportion ofthe Net Pension Liability-2021 0.045381% 0.302380%
Percentage Change (0.001913%) (0.013600%)
Pension F�pense ($1,460,142) $808,726 ($651,41�
- 57 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
At December 31, 2022, the City reported deferred outflows of resources and deferred inflows of resources
related to pensions from the following sources:
OPERS OP&F Total
Deferred Outflows of Resources
Changes in assumptions $472,922 $3,297,173 $3,770,095
Differences between expected and
actual eaperience 192,795 520,207 713,002
Change in proportionate share 0 448,646 448,646
City contributions subsequent to the
measurement date 958,999 1,644,498 2,603,497
Total DeferredOutflows ofResources $1,624,716 $5,910,524 $7,535,240
Deferred Inflows of Resources
Net difference between projected and
actual earnings on pension plan investments $4,498,422 $4,730,147 $9,228,569
Differences between eapected and
actual experience 82,946 937,900 1,020,846
Change inproportionate share 550,718 1,352,476 1,903,194
Total DeferredInflows ofResources $5,132,086 $7,020,523 $12,152,609
$2,603,497 reported as deferred outflows of resources related to pension resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the
year ending December 31, 2023. Other amounts reported as deferred outflows of resources and deferred
inflows of resources related to pension will be recognized in pension expense as follows:
OPERS OP&F Total
Year Ending December 31:
2023 ($1,077,791) ($342,132) ($1,419,923)
2024 (1,615,226) (1,489,259) (3,104,485)
2o2s �i,os�,�6o� �6s�,o6�� �1,�14,s2��
2026 ��ls,s92� �s21,s9s� �1,23�,1g��
202� 0 2ss,ss6 2ss,ss6
Total ($4,466,369) ($2,754,497) ($7,220,866)
ActuaYial Assumptions- OPERS
Actuarial valuations of an ongoing plan involve estimates of the values of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and cost trends. Actuarially determined amounts are
subject to continual review or modification as actual results are compared with past expectations and new
estimates are made about the future.
- 58 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employers and plan members) and include the types of benefits provided at the time of
each valuation. The total pension liability in the December 31, 2021 and December 31, 2020 actuarial
valuation was determined using the following actuarial assumptions, applied to all periods included in the
measurement:
December 31,2021
Wage Inflation 2.75 percent
Future Salary Increases,including inflation 2.75 to 10.75 percent including wage inflation
COLA or Ad Hoc COLA(Pre 1/7/13 retirees) 3 percent simple
COLA or Ad Hoc COLA(Post 1/7/13 retirees) 3 percent simple through 2022.2.05 percent simple,thereafter
Investment Rate of Return 6.9 percent
Actuarial Cost Method Individual Entry Age
December 31,2020
Wage Inflation 3.25 percent
Future Salary Increases,including inflation 3.25 to 10.75 percent including wage inflation
COLA or Ad Hoc COLA(Pre 1/7/13 retirees) 3 percent siinple
COLA or Ad Hoc COLA(Post 1/7/13 retirees) 0.5 percent simple through 2021.2.15 percent simple,thereafter
Investment Rate of Retum 7.2 percent
Actuarial Cost Method Individual Entry Age
Pre-retirement mortality rates are based on 130% of the Pub-2010 General Employee Mortality tables
(males and females) for State and Local Government divisions and 170% of the Pub-2010 Safety
Employee Mortality tables (males and females) for the Public Safety and Law Enforcement divisions.
Post-retirement mortality rates are based on 115% of the PubG-2010 Retiree Mortality Tables (males and
females) for all divisions. Post-retirement mortality rates for disabled retirees are based on the PubNS-
2010 Disabled Retiree Mortality Tables (males and females) for all divisions. For a11 of the previously
described tables, the base year is 2010 and mortality rates for a particular calendar year are determined by
applying the MP-2020 mortality improvement scales (males and females)to all of these tables.
The most recent experience study was completed for the five year period ended December 31, 2020.
The long-term rate of return on defined benefit investment assets was determined using a building-block
method in which best-estimate ranges of expected future real rates of return are developed for each major
asset class. These ranges are combined to produce the long-term expected real rate of return by weighting
the expected future real rates of return by the target asset allocation percentage, adjusted for inflation.
- 59 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
The allocation of investment assets with the Defined Benefit portfolio is approved by the Board of
Trustees as outlined in the annual investment plan. Plan assets are managed on a total return basis with a
long-term objective of achieving and maintaining a fully funded status for the benefits provided through
the defined benefit pension plans. Best estimates of arithmetic real rates of return were provided by the
Board's investment consultant. For each major asset class that is included in the Defined Benefit
portfolio's target asset allocation as of December 31, 2021, these best estimates are summarized in the
following table:
Long-Term Eapected
Target Real Rate of Return
Asset Class Allocation (Arithmetic)
Fixed Income 24.00 % 1.03 %
Domestic Equities 21.00 3.78
Real Estate 11.00 3.66
Private Equity 12.00 7.43
International Equities 23.00 4.88
Risk Parity 5.00 2.92
Other Investments 4.00 2.85
Total 100.00 % 4.21 %
Discount Rate The discount rate used to measure the total pension liability was 6.9 percent. The
projection of cash flows used to determine the discount rate assumed that contributions from plan members
and those of the contributing employers are made at the statutorily required rates. Based on those
assumptions, the pension plan's fiduciary net position was projected to be available to make all projected
future benefits payments of current plan members. Therefore, the long-term expected rate of return on
pension plan investments was applied to all periods of projected benefit payments to determine the
total pension liability.
Sensitivity of the City's Proportionate Share of the Net Pension Liability to Changes in the Discount
Rate The following table presents the City's proportionate share of the net pension liability calculated
using the current period discount rate assumption of 6.9 percent, as well as what the City's proportionate
share of the net pension liability would be if it were calculated using a discount rate that is one-
percentage-point lower(5.9 percent) or one-percentage-point higher(7.9 percent)than the current rate:
C�rrent
1%Decrease Discount Rate 1%Increase
(5.90%) (6.90%) (7.9%)
City's proportionate share
ofthe netpension liability(asset) $9,971,125 $3,781,891 ($1,368,373)
- 60 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
Actuarial Assumptions—OPF
OPF's total pension liability as of December 31, 2021 is based on the results of an actuarial valuation date
of January 1, 2021, and rolled-forward using generally accepted actuarial procedures. The total pension
liability is determined by OPF's actuaries in accordance with GASB Statement No. 67, as part of their
annual valuation. Actuarial valuations of an ongoing plan involve estimates of reported amounts and
assumptions about probability of occurrence of events far into the future. Examples include assumptions
about future employment mortality, salary increases, disabilities, retirements and employment
terminations. Actuarially determined amounts are subject to continual review and potential modifications,
as actual results are compared with past expectations and new estimates are made about the future.
Assumptions considered were: withdrawal rates, disability retirement, service retirement, DROP
elections, mortality, percent married and forms of the payment, DROP interest rate, CPI-based COLA,
investment returns, salary increases and payroll growth.
Key methods and assumptions used in the latest actuarial valuation, reflecting experience study results,
prepared as of January 1, 2021, compared with January 1, 2020, are presented below.
January 1,2021 January 1,2020
Valuation Date January 1,2021,with actuarial liabilities January 1,2020,with actuarial liabilities
rolled forward to December 31,2021 rolled forward to December 31,2020
Actuarial Cost M ethod Entry Age Normal Entry Age Normal
Investment Rate of Return 7.5 percent 8.0 percent
Projected Salary Increases 3.75 percent to 10.5 percent 3.75 percent to 10.5 percent
Payroll Growth Inflation rate of 2.75 percent plus Inflation rate of 2.75 percent plus
productivity increase rate of 0.5 productivity increase rate of 0.5
Cost of LivingAdjustments 2.2 percent simple 2.2 percent simple
For the January 1, 2021 valuation, mortality for non-disabled participants is based on the RP-2014 Total
Employee and Healthy Annuitant Mortality Tables rolled back to 2006, adjusted according to the rates in
the following table, and projected with the Buck Modified 2016 Improvement Scale. Rates for surviving
beneficiaries are adjusted by 120 percent.
Age Police Fire
67 or less 77 % 68 %
68-77 105 87
78 and up 115 120
For the January 1, 2021 valuation, mortality for disabled retirees is based on the RP-2014 Disabled
Mortality Tables rolled back to 2006, adjusted according to the rates in the following table, and projected
with the Buck Modified 2016 Improvement Scale.
- 61 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
Age Police Fire
59 or less 35 % 35 %
60-69 60 45
70-79 75 70
80 and up 100 90
The most recent experience study was completed for the five year period ended December 31, 2016.
The long-term expected rate of return on pension plan investments was determined using a building-block
approach and assumes a time horizon, as defined in the Statement of Investment Policy. A forecasted rate
of inflation serves as the baseline for the return expectation. Various real return premiums over the
baseline inflation rate have been established for each asset class. The long-term expected nominal rate of
return has been determined by calculating a weighted averaged of the expected real return premiums for
each asset class, adding the projected inflation rate and adding the expected return from rebalancing
uncorrelated asset classes.
Best estimates of the long-term expected geometric real rates of return for each major asset class included
in OPF's target asset allocation as of December 31, 2021 are summarized below:
Target L,ong TermExpected
AssetClass Allocation RealRateofReturn
Cash and Cash Equivalents 0.00 % 0.00 %
Domestic Equity 21.00 3.60
Non-US Equity 14.00 4.40
Private Markets 8.00 6.80
Core Fixed Income * 23.00 1.10
High Yield Fixed Income 7.00 3.00
Private Credit 5.00 4.50
U.S.Inflation Linked Bonds* 17.00 0.80
MidstreamEnergy Infrastructure 5.00 5.00
Real A s s ets 8.00 5.90
Go ld 5.00 2.40
Private Real Estate 12.00 4.80
Total 125.00 %
* levered 2x
Note:Assumptions are geometric
OPF's Board of Trustees has incorporated the "risk parity" concept into OPF's asset liability valuation
with the goal of reducing equity risk exposure, which reduces overall Total Portfolio risk without
sacrificing return, and creating a more risk-balanced portfolio based on their relationship between asset
classes and economic environments. From the notional portfolio perspective above, the Total Portfolio
may be levered up to 1.25 times due to the application of leverage in certain fixed income asset classes.
- 62 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9—DEFINED BENEFIT PENSION PLANS (Continued)
Discount Rate For 2021, the total pension liability was calculated using the discount rate of 7.50 percent.
The discount rate used for 2020 was 8.00 percent. The projection of cash flows used to determine the
discount rate assumed the contributions from employers and from the members would be computed based
on contribution requirements as stipulated by State statute. Projected inflows from investment earning
were calculated using the longer-term assumed investment rate of return 7.50 percent. Based on those
assumptions, the plan's fiduciary net position was projected to be available to make all future benefit
payments of current plan members. Therefore, a long-term expected rate of return on pension plan
investments was applied to all periods of projected benefits to determine the total pension liability.
Sensitivity of the City's Proportionate Share of the Net Pension Liability to Changes in the Discount
Rate Net pension liability is sensitive to changes in the discount rate, and to illustrate the potential impact
the following table presents the net pension liability calculated using the discount rate of 7.50 percent, as
well as what the net pension liability would be if it were calculated using a discount rate that is one
percentage point lower(6.50 percent), or one percentage point higher(8.50 percent)than the current rate.
Current
1%Decrease Discount Rate 1%Increase
(6.50%) (7.50%) (8.50%)
City's proportionate share
ofthenetpensionliability $26,754,984 $18,041,291 $10,784,938
This Space Intentionally Left Blank
- 63 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS
Net OPEB Liabiliry(Asset)
The net OPEB liability(asset)reported on the statement of net position represents a liability to employees
for OPEB. OPEB is a component of exchange transactions--between an employer and its employees—of
salaries and benefits for employee services. OPEB are provided to an employee—on a deferred-payment
basis—as part of the total compensation package offered by an employer for employee services each
�nancial period. The obligation to sacrifice resources for OPEB is a present obligation because it was
created as a result of employment exchanges that already have occurred.
The net OPEB liability (asset) represents the City's proportionate share of each OPEB plan's collective
actuarial present value of projected benefit payments attributable to past periods of service, net of each
OPEB plan's fiduciary net position. The net OPEB liability (asset) calculation is dependent on critical
long-term variables, including estimated average life expectancies, earnings on investments, cost of living
adjustments and others. While these estimates use the best information available, unknowable future
events require adjusting these estimates annually.
Ohio Revised Code limits the City's obligation for this liability to annually required payments. The City
cannot control benefit terms or the manner in which OPEB are financed; however, the City does receive
the benefit of employees' services in exchange for compensation including OPEB.
GASB 75 assumes the liability is solely the obligation of the employer, because they benefit from
employee services. OPEB contributions come from these employers and health care plan enrollees which
pay a portion of the health care costs in the form of a monthly premium. The Ohio revised Code permits,
but does not require the retirement systems to provide healthcare to eligible benefit recipients. Any
change to benefits or funding could significantly affect the net OPEB liability (asset). Resulting
adjustments to the net OPEB liability(asset)would be effective when the changes are legally enforceable.
The retirement systems may allocate a portion of the employer contributions to provide for these OPEB
benefits.
The proportionate share of each plan's unfunded benefits is presented as a long-term net OPEB liability
(asset) on the accrual basis of accounting. Any liability for the contractually-required OPEB contribution
outstanding at the end of the year is included in intergovernmental payable on both the accrual and
modified accrual bases of accounting.
This Space Intentionally Left Blank
- 64 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
Plan Description —Ohio Public Employees Retirement System (OPERS)
Plan Description - The Ohio Public Employees Retirement System (OPERS) administers three separate
pension plans: the traditional pension plan, a cost-sharing, multiple-employer defined benefit pension
plan; the member-directed plan, a defined contribution plan; and the combined plan, a cost-sharing,
multiple-employer defined benefit pension plan that has elements of both a defined benefit and defined
contribution plan.
OPERS maintains a cost-sharing, multiple-employer defined benefit post-employment health care trust,
which funds multiple health care plans including medical coverage, prescription drug coverage and
deposits to a Health Reimbursement Arrangement to qualifying benefit recipients of both the traditional
pension and the combined plans. This trust is also used to fund health care for member-directed plan
participants, in the form of a Retiree Medical Account(RMA). At retirement or refund, member directed
plan participants may be eligible for reimbursement of qualified medical expenses from their vested RMA
balance.
Currently, Medicare-eligible retirees are able to select medical and prescription drug plans from a range of
options and may elect optional vision and dental plans. Retirees and eligible dependents enrolled in
Medicare Parts A and B have the option to enroll in a Medicare supplemental plan with the assistance of the
OPERS Medicare Connector. The OPERS Medicare Connector is a relationship with a vendor selected by
OPERS to assist retirees, spouses and dependents with selecting a medical and pharmacy plan. Monthly
allowances,based on years of service and the age at which the retiree first enrolled in OPERS coverage, are
deposited into an HRA. For non-Medicare retirees and eligible dependents, OPERS sponsors medical and
prescription coverage through a professionally managed self-insured plan. An allowance to offset a portion
of the monthly premium is offered to retirees and eligible dependents. The allowance is based on the
retiree's years of service and age when they first enrolled in OPERS coverage.
Medicare-eligible retirees who choose to become re-employed or survivors who become employed in an
OPERS-covered position are prohibited from participating in an HRA. For this group of retirees, OPERS
sponsors secondary coverage through a professionally managed self-insured program. Retirees who enroll
in this plan are provided with a monthly allowance to offset a portion of the monthly premium. Medicare-
eligible spouses and dependents can also enroll in this plan as long as the retiree is enrolled.
OPERS provides a monthly allowance for health care coverage for eligible retirees and their eligible
dependents. The base allowance is determined by OPERS.
Effective January 1, 2022, OPERS will discontinue the group plans currently offered to non-Medicare
retirees and re-employed retirees. Instead, eligible non-Medicare retirees will select an individual medical
plan. OPERS will provide a subsidy or allowance via an HRA allowance to those retirees who meet
health care eligibility requirements. Retirees will be able to seek reimbursement for plan premiums and
other qualified medical expenses. These changes are reflected in the December 31, 2020, measurement
date health care valuation.
- 65 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
In order to qualify for postemployment health care coverage, age and service retirees under the traditional
pension and combined plans must have 20 or more years of qualifying Ohio service credit with a
minimum age of 60, or generally 30 years of qualifying service at any age. Health care coverage for
disability benefit recipients and qualified survivor benefit recipients is available. The health care
coverage provided by OPERS meets the definition of an Other Post Employment Benefit (OPEB) as
described in GASB Statement 75. Current retirees eligible (or who become eligible prior to January 1,
2022) to participate in the OPERS health care program will continue to be eligible after January 1, 2022.
Eligibility requirements will change for those retiring after January l, 2022, with differing eligibility
requirements far Medicare retirees and non-Medicare retirees. See OPERS' Annual Comprehensive
Financial Report referenced below for additional information.
The Ohio Revised Code permits,but does not require OPERS to provide health care to its eligible benefit
recipients. Authority to establish and amend health care coverage is provided to the Board in Chapter 145
of the Ohio Revised Code.
Disclosures for the health care plan are presented separately in the OPERS financial report. Interested
parties may obtain a copy by visiting https://www.opers.org/financial/reports.shtml, by writing to
OPERS, 277 East Town Street, Columbus, Ohio 43215-4642, or by calling (614) 222-5601 or 800-222-
7377.
Funding Policy - The Ohio Revised Code provides the statutory authority requiring public employers to
fund postemployment health care through their contributions to OPERS. When funding is approved by
OPERS' Board of Trustees, a portion of each employer's contribution to OPERS is set aside to fund
OPERS health care plans. Beginning in 2018,health care is not being funded.
Employer contribution rates are expressed as a percentage of the earnable salary of active members. In
2022, state and local employers contributed at a rate of 14.0 percent of earnable salary and public safety
and law enforcement employers contributed at 18.1 percent. These are the maximum employer
contribution rates permitted by the Ohio Revised Code. Active member contributions do not fund health
care.
Each year, the OPERS Board determines the portion of the employer contribution rate that will be set
aside to fund health care plans. The portion of employer contributions allocated to health care for
members in the Traditional Pension Plan and Combined Plan was 0 percent during calendar year 2022.
The OPERS Board is also authorized to establish rules for the retiree or their surviving beneficiaries to
pay a portion of the health care provided. Payment amounts vary depending on the number of covered
dependents and the coverage selected. The employer contribution as a percentage of covered payroll
deposited into the RMA for participants in the Member-Directed Plan for 2022 was 4.0 percent.
Employer contribution rates are actuarially determined and are expressed as a percentage of covered
payroll. The City's contractually required contribution was $0 for 2022.
- 66 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
Plan Description—Ohio Police& Fire Pension Fund(OP&F)
Plan Description — The City contributes to the Ohio Police and Fire Pension Fund (OP&F) sponsored
healthcare program, a cost-sharing, multiple-employer defined post-employment health care plan
administered by a third-party provider. This program is not guaranteed and is subject to change at any
time upon action of the Board of Trustees. On January l, 2019, OP&F implemented a new model for
health care. Under this new model, OP&F provides eligible retirees with a fixed stipend earmarked to
pay for health care and Medicare Part B reimbursements. OP&F contracted with a vendor who assists
eligible retirees in choosing health care plans that are available where they live (both Medicare-eligible
and pre-65 populations). A stipend funded by OP&F is available to these members through a Health
Reimbursement Arrangement and can be used to reimburse retirees for qualified health care expenses.
A retiree is eligible for the OP&F health care stipend unless they have access to any other group coverage
including employer and retirement coverage. The eligibility of spouses and dependent children could
increase the stipend amount. If the spouse or dependents have access to any other group coverage
including employer or retirement coverage, they are not eligible for stipend support from OP&F. Even if
an OP&F member or their dependents are not eligible for a stipend, they can use the services of the third-
party administrator to select and enroll in a p1an. The stipend provided by OP&F meets the definition of
an Other Post Employment Benefit (OPEB) as described in Governmental Accounting Standards Board
(GASB) Statement No. 75. OP&F inaintains funds for health care in two separate accounts: one account
for health care benefits and one account for Medicare Part B reimbursements. A separate health care trust
accrual account is maintained for health care benefits under IRS Code Section ll5 trust. IRS Code
Section 401(h) account is maintained for Medicare Part B reimbursements.
The Ohio Revised Code allows, but does not mandate, OP&F to provide OPEB benefits. Authority for
the OP&F Board of Trustees to provide health care coverage to eligible participants and to establish and
amend benefits is codified in Chapter 742 of the Ohio Revised Code.
OP&F issues a publicly available financial report that includes financial information and required
supplementary information for the plan. The report may be obtained by visiting the OP&F website at
www.op-£org or by writing to the Ohio Police and Fire Pension Fund, 140 East Town Street, Columbus,
Ohio 43215-5164.
Funding Policy — The Ohio Revised Code provides for contribution requirements of the participating
employers and of plan members to the OP&F defined benefit pension plan. Participating employers are
required to contribute to the pension plan at rates expressed as percentages of the payroll of active
pension plan members, currently 19.5 percent and 24 percent of covered payroll for police and fire
employer units, respectively. The Ohio Revised Code states that the employer contribution may not
exceed 19.5 percent of covered payroll for police employer units and 24 percent of covered payroll for
fire employer units. Active members do not make contributions to the OPEB Plan.
- 67 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
The Board of Trustees is authorized to allocate a portion of the total employer contributions made into the
pension plan to the Section 115 trust and the Section 401(h) account as the employer contribution for
retiree health care benefits. For 2022, the portion of employer contributions allocated to health care was
0.5 percent of covered payroll. The amount of employer contributions allocated to the health care plan
each year is subject to the Trustees' primary responsibility to ensure that pension benefits are adequately
funded and is limited by the provisions of Sections ll 5 and 401(h).
The OP&F Board of Trustees is also authorized to establish requirements for contributions to the health
care plan by retirees and their eligible dependents or their surviving beneficiaries. Payment amounts vary
depending on the number of covered dependents and the coverage selected.
The City's contractually required contribution to OP&F was $38,348 for 2022. Of this amount, $3,848 is
reported as an intergovernmental payable.
OPEB Liabilities (Asset), OPEB Expense, and DefeYYed Outflows of Resources and DefeYred Inflows
of Resources Related to OPEB
The net OPEB liability (asset) and total OPEB liability for OPERS were determined by an actuarial
valuation as of December 31, 2020, rolled forward to the measurement date of December 31, 2021, by
incorporating the expected value of health care cost accruals, the actual health care payment, and interest
accruals during the year. OP&F's total OPEB liability was measured as of December 31, 2021, and was
determined by rolling forward the total OPEB liability as of January l, 2021, to December 31, 2021. The
City's proportion of the net OPEB liability (asset) was based on the City's share of contributions to the
retirement plan relative to the contributions of all participating entities. Following is information related
to the proportionate share and OPEB expense:
OPERS OP&F Total
Proportionate Share ofthe Net OPEB Liability(Asset) ($1,382,223) $3,165,274 $1,783,051
Proportion ofthe Net OPEB Liability(Asset)-2022 0.044130% 0.288780%
Proportion ofthe Net OPEB Liability(Asset)-2021 0.046387% 0.302380%
Percentage Change (0.002257%) (0.013600%)
OPEB E�ense ($1,544,559) $182,166 ($1,362,393)
- 68 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
At December 31, 2022, the City reported deferred outflows of resources and deferred inflows of resources
related to OPEB from the following sources:
OPERS OP&F Total
Deferred Outflows of Resources
Changes inassumptions $0 $1,401,046 $1,401,046
Differences between expected and
actual ea�perience 0 143,991 143,991
Change inproportionate share 0 219,386 219,386
City contributions subsequent to the
measurement date 0 38,348 38,348
TotalDeferredOutflowsofResources $0 $1,802,771 $1,802,771
Deferred Inflows of Resources
Net difference between projected and
actual earnings on OPEB plan investments $658,945 $285,930 $944,875
Changes in assumptions 559,506 367,628 927,134
Differences between expected and
actual experience 209,662 418,335 627,997
Changeinproportionate share 251,841 509,378 761,219
TotalDeferredInflowsofResources $1,679,954 $1,581,271 $3,261,225
$38,348 reported as deferred outflows of resources related to OPEB resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net OPEB liability/addition
to the net OPEB asset in 2023. Other amounts reported as deferred outflows of resources and deferred
inflows of resources related to OPEB will be recognized in OPEB expense as follows:
OPERS OP&F Total
Year Ending December 31:
2023 ($1,121,982) $53,833 ($1,068,149)
2024 (331,201) 11,381 (319,820)
zozs �16g,sgs� 14,�96 �is4,os9�
zoz6 �s�,sg6> 6,�0� �si,i�9�
2027 0 54,644 54,644
2028 0 28,486 28,486
2029 0 13,305 13,305
Total ($1,679,954) $183,152 ($1,496,802)
- 69 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
ActuaYial Assumptions- OPERS
Actuarial valuations of an ongoing plan involve estimates of the values of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and cost trends. Actuarially determined amounts are
subject to continual review or modification as actual results are compared with past expectations and new
estimates are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan and include the
types of coverage provided at the time of each valuation and the historical pattern of sharing of costs
between OPERS and plan members. The total OPEB liability was determined by an actuarial valuation
as of December 31, 2020, rolled forward to the measurement date of December 31, 2021. The actuarial
valuation used the following actuarial assumptions applied to all prior periods included in the
measurement in accordance with the requirements of GASB 74:
Wage Inflation:
C�irrent measurement date 2.75 percent
Prior measurement date 3.25 percent
Projected Salary Increases,
Including Inflation:
C�irrent measurement date 2.75 to 10.75 percent
Prior measurement date 3.25 to 10.75 percent
Single Discount Rate:
�rrent measurement date 6.00 percent
Prior measurement date 6.00 percent
Investment Rate ofRetum:
C�irrent measurement date 6.00 percent
Prior measurement date 6.00 percent
Municipal Bond Rate:
C�irrent measurement date 1.84 percent
Prior measurement date 2.00 percent
Health Care Cost Trend Rate:
C�xrrent measurement date 5.5 percent initial,
3.5 percent ultimate in 2034
Prior measurement date 8.5 percent initial,
3.5 percent ultimate in 2035
Actuarial Cost Method Individual Entry Age Normal
Pre-retirement mortality rates are based on 130% of the Pub-2010 General Employee Mortality tables
(males and females) for State and Loca1 Government divisions and 170% of the Pub-2010 Safety
Employee Mortality tables (males and females) for the Public Safety and Law Enforcement divisions.
Post-retirement mortality rates are based on 115% of the PubG-2010 Retiree Mortality Tables (males and
females) for all divisions. Post-retirement mortality rates for disabled retirees are based on the PubNS-
2010 Disabled Retiree Mortality Tables (males and females) for all divisions. For all of the previously
described tables, the base year is 2010 and mortality rates for a particular calendar year are determined by
applying the MP-2020 mortality improvement scales (males and females)to all of these tables.
The most recent experience study was completed for the five year period ended December 31, 2020.
-70 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
The long-term expected rate of return on health care investment assets was determined using a building-
block method in which best-estimate ranges of expected future real rates of return are developed for each
major asset class. These ranges are combined to produce the long-term expected real rate of return by
weighting the expected future real rates of return by the target asset allocation percentage, adjusted for
inflation. The allocation of investment assets with the Health Care portfolio is approved by the Board of
Trustees as outlined in the annual investment plan. Assets are managed on a total return basis with a
long-term objective of continuing to offer a sustainable health care program for current and future
retirees. OPERS' primary goal is to achieve and maintain a fully funded status for the benefits provided
through the defined pension plans. Health care is a discretionary benefit. Best estimates of arithmetic
rates of return were provided by OPERS investment consultant. For each major asset class that is
included in the Health Care's portfolio's target asset allocation as of December 31, 2021, these best
estimates are summarized in the following table:
Weighted Average
Long-Term Eapected
Target Real Rate of Return
Asset Class Allocation (Arithmetic)
Fixed Income 34.00 % 0.91 %
Domestic Equities 25.00 3.78
Real Estate Investment Trust 7.00 3.71
International Equities 25.00 4.88
Risk Parity 2.00 2.92
Other investments 7.00 1.93
Total 100.00 % 3.45 %
During 2021, OPERS managed investments in three investment portfolios: the Defined Benefit portfolio,
the Health Care portfolio and the Defined Contribution portfolio. The Health Care portfolio includes the
assets for health care expenses for the Traditional Pension Plan, Combined Plan and Member-Directed
Plan eligible members. Within the Health Care portfolio, contributions into the plans are assumed to be
received continuously throughout the year based on the actual payroll payable at the time contributions
are made, and health care-related payments are assumed to occur mid-year. Accordingly, the money-
weighted rate of return is considered to be the same for all plans within the portfolio. The annual money-
weighted rate of return expressing investment performance, net of investment expenses and adjusted for
the changing amounts actually invested, for the Health Care portfolio was a gain of 14.3% for 2021.
Discount Rate A single discount rate of 6.00 percent was used to measure the OPEB liability on the
measurement date of December 31, 2021. A single discount rate of 6.00 percent was used to measure
the OPEB liability on the measurement date of December 31, 2020. Projected benefit payments are
required to be discounted to their actuarial present value using a single discount rate that reflects (1) a
long-term expected rate of return on OPEB plan investments (to the extent that the health care fiduciary
net position is projected to be sufficient to pay benefits), and (2) tax-exempt municipal bond rate based
on an index of 20-year general obligation bonds with an average AA credit rating as of the
measurement date (to the extent that the contributions for use with the long-term expected rate are not
met). This single discount rate was based on an expected rate of return on the health care investment
portfolio of 6.00 percent and a municipal bond rate of L84 percent (Fidelity Index's "20-Year
Municipal GO AA Index").
-71 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
The projection of cash flows used to determine this single discount rate assumed that employer
contributions will be made at rates equal to the actuarially determined contribution rate. Based on these
assumptions, the health care fiduciary net position and future contributions were sufficient to finance
health care costs through 2121. As a result, the long-term expected rate of return on health care
investments was applied to projected costs through the year 2121, the duration of the projection period
through which projected health care payments are fully funded.
Sensitivity of the Ciry's PropoNtionate ShaYe of the Net OPEB Liability (Asset) to Changes in the
Discount Rate The following table presents the City's proportionate share of the net OPEB liability
(asset) calculated using the single discount rate of 6.00 percent, as well as what the City's proportionate
share of the net OPEB liability (asset) would be if it were calculated using a discount rate that is one-
percentage-point lower(5.00 percent) or one-percentage-point higher(7.00 percent)than the current rate:
Current
1°/o Decrease Discount Rate 1°/o Increase
(5.00%) (6.00°/a) (7.00%)
City's proportionate share
of the net OPEB liability(asset) ($812,875) ($1,382,223) ($1,854,784)
Sensitivity of the Ciry's Proportionate ShaYe of the Net OPEB Liability (Asset) to Changes in the
Health Care Cost Trend Rate Changes in the health care cost trend rate may also have a significant
impact on the net OPEB liability (asset). The following table presents the net OPEB liability (asset)
calculated using the assumed trend rates and the expected net OPEB liability (asset) if it were calculated
using a health care cost trend rate that is 1.0 percent lower or 1.0 percent higher than the current rate.
Retiree health care valuations use a health care cost-trend assumption that changes over several years
built into the assumption. The near-term rates reflect increases in the current cost of health care; the trend
starting in 2022 is 5.50 percent. If this trend continues for future years, the projection indicates that years
from now virtually all expenditures will be for health care. A more reasonable alternative is that in the
not-too-distant future,the health plan cost trend will decrease to a level at, or near,wage inflation. On this
basis, the actuaries project premium rate increases will continue to exceed wage inflation for
approximately the next decade, but by less each year, until leveling off at an ultimate rate, assumed to be
3.50 percent in the most recent valuation.
Current Health Care
Cost Trend Rate
1%Decrease Assumption 1%Increase
City's proportionate share
ofthenetOPEBliability(asset) ($1,397,156) ($1,382,223) ($1,364,500)
-72 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
Actuarial Assumptions—OP&F
OP&F's total OPEB liability as of December 31, 2021, is based on the results of an actuarial valuation
date of January 1, 2021, and rolled-forward using generally accepted actuarial procedures. The total
OPEB liability is determined by OP&F's actuaries in accordance with GASB Statement No. 74, as part of
their annual valuation. Actuarial valuations of an ongoing plan involve estimates of reported amounts and
assumptions about probability of occurrence of events far into the future. Examples include assumptions
about future employment mortality, salary increases, disabilities, retirements and employment
terminations. Actuarially determined amounts are subject to continual review and potential modifications,
as actual results are compared with past expectations and new estimates are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employers and plan members) and include the types of benefits provided at the time of
each valuation and the historical pattern of sharing benefit costs between the employers and plan
members to that point. The projection of benefits for financial reporting purposes does not explicitly
incorporate the potential effects of legal ar contractual funding limitations.
Actuarial calculations reflect a long-term perspective. For a newly hired employee, actuarial calculations
will take into account the employee's entire career with the employer and also take into consideration the
benefits, if any,paid to the employee after termination of employment until the death of the employee and
any applicable contingent annuitant. In many cases, actuarial calculations reflect several decades of
service with the employer and the payment of benefits after termination.
Key methods and assumptions used in the latest actuarial valuation, reflecting experience study results,
are presented below.
Valuation Date January 1,2021,with actuarial liabilities January 1,2020,with actuarial liabilities
rolled forward to December 31,2021 rolled forward to December 31,2020
Actuarial Cost M ethod Entry Age Normal Entry Age Normal
Investment Rate of Return 7.5 percent 8.0 percent
Projected Salary Increases 3.75 percent to 10.5 percent 3.75 percent to 10.5 percent
Payroll Growth Inflation rate of 2.75 percent plus Inflation rate of 2.75 percent plus
productiviry increase rate of 0.5 productivity increase rate of 0.5
Single discount rate 2.84 percent 2.96 percent
Cost ofLivingAdjustments 2.2percent simple 2.2 percent simple
-73 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
Mortality for non-disabled participants is based on the RP-2014 Total Employee and Healthy Annuitant
Mortality Tables rolled back to 2006, adjusted according to the rates in the following table, and projected
with the Buck Modified 2016 Improvement Scale. Rates for surviving beneficiaries are adjusted by 120
percent.
Age Police Fire
67 or less 77 % 68 %
68-77 105 87
78 and up 115 120
Mortality for disabled retirees is based on the RP-2014 Disabled Mortality Tables rolled back to 2006,
adjusted according to the rates in the following table, and projected with the Buck Modified 2016
Improvement Scale.
Age Police Fire
59 or less 35 % 35 %
60-69 60 45
70-79 75 70
80 and up 100 90
The most recent experience study was completed for the five year period ended December 31, 2016.
The long-term expected rate of return on OPEB plan investments was determined using a building-block
approach and assumes a time horizon, as defined in the Statement of Investment Policy. A forecasted rate
of inflation serves as the baseline for the return expected. Various real return premiums over the baseline
inflation rate have been established for each asset class. The long-term expected nominal rate of return
has been determined by calculating a weighted averaged of the expected real return premiums for each
asset class, adding the projected inflation rate and adding the expected return from rebalancing
uncorrelated asset classes. Best estimates of the long-term expected geometric real rates of return for each
major asset class included in OP&F's target asset allocation as of December 31, 2021, are summarized
below:
-74 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
Target Long TermE�ected
AssetClass Allocation RealRateofReturn
Cash and Cash Equivalents 0.00 % 0.00 %
Domestic Equity 21.00 3.60
Non-US Equity 14.00 4.40
Private Markets 8.00 6.80
Core Fixed Income* 23.00 1.10
High Yeld Fixed Income 7.00 3.00
Private Credit 5.00 4.50
U.S.Inflation Linked Bonds* 17.00 0.80
MidstreamEnergy Infrastructure 5.00 5.00
Real A s s ets 8.00 5.90
Go ld 5.00 2.40
Private Real Estate 12.00 4.80
Total 125.00 %
* levered 2x
Note:Assumprions are geometric
OP&F's Board of Trustees has incorporated the risk parity concept into OP&F's asset liability valuation
with the goal of reducing equity risk exposure, which reduces overall Total Portfolio risk without
sacrificing return, and creating a more risk-balanced portfolio based on their relationship between asset
classes and economic environments. From the notional portfolio perspective above, the Total Portfolio
may be levered up to 1.25 times due to the application of leverage in certain fixed income asset classes.
Discount Rate For 2021, the total OPEB liability was calculated using the discount rate of 2.84 percent.
For 2020, the total OPEB liability was calculated using the discount rate of 2.96 percent. The projection
of cash flows used to determine the discount rate assumed the contribution from employers and from
members would be computed based on contribution requirements as stipulated by State statute. Projected
inflows from investment earnings were calculated using the longer-term assumed investment rate of
return of 7.50 percent. Based on those assumptions, OP&F's fiduciary net position was projected to not
be able to make all future benefit payments of current plan members. Therefore, a municipal bond rate of
2.05 percent at December 31, 2021 and 2.12 percent at December 31, 2020, was blended with the long-
term rate of 7.50 percent, which resulted in a blended discount rate of 2.84 percent for 2021 and 2.96
percent for 2020. The municipal bond rate was determined using the Bond Buyers General Obligation 20-
year Municipal Bond Index Rate. The OPEB plan's fiduciary net position was projected to be available to
make all projected OPEB payments until 2037. The long-term expected rate of return on health care
investments was applied to projected costs through 2037, and the municipal bond rate was applied to all
health care costs after that date.
-75 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10 -DEFINED BENEFIT OPEB PLANS (Continued)
Sensitivity of the City's Proportionate Share of the Net OPEB Liability to Changes in the Discount
Rate The net OPEB liability is sensitive to changes in the discount rate, and to illustrate the potential
impact the following table presents the net OPEB liability calculated using the discount rate of 2.84
percent, as well as what the net OPEB liability would be if it were calculated using a discount rate that is
one percentage point lower (1.84 percent), or one percentage point higher (3.84 percent) than the current
rate.
Current
1%Decrease DiscountRate 1%Increase
(1.84%) (2.84%) (3.84%)
City's proportionate share
of the net OPEB liability $3,978,821 $3,165,274 $2,496,538
Sensitivity of the City's PYoportionate Share of the Net OPEB Liability to Changes in the Health Care
Cost Trend Rate The total OPEB liability is based on a medical benefit that is a flat dollar amount;
therefore, it is unaffected by a health care cost trend rate. An increase or decrease in the trend rate would
have no effect on the total OPEB liability.
NOTE 11 - COMPENSATED ABSENCES
City employees earn sick leave at the rate of ten hours per month. Sick leave may be accumulated and
carried forward from year to year without limit. An employee who is to be separated from City service
through retirement, layoff, or resignation in good standing after completion of fifteen years continuous
service with the City and has accumulated more than 232 hours of sick leave, is eligible to be paid for
thirty percent of the total accrued hours up to a maximum of 640 hours paid.
City employees earn vacation leave at varying rates depending upon the length of service. City employees
can earn compensatory time for any work in excess of their normal hours of work per day in lieu of
overtime pay. Employees earn compensatory time at the rate of one and one-half times for overtime hours
worked.
At December 31, 2022, the total liability for accumulated unpaid compensated absences reported as long-
term obligations of the City was as follows:
Hours Amount
Sick Leave 21,308 $856,476
Vacation/Compensatory Time 28,457 1,140,574
Total 49,765 $1,997,050
-76 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 12 -RISK MANAGEMENT
A. Insurance
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of
assets; errors and omissions; injuries to employees and natural disasters. During 2022, the City
contracted with various insurance agencies for various insurance, which includes the following
types of insurance, amount of coverage and the amount of deductible:
Type of Coverage Coverage Deductible
General Liability $2,000,000 $5,000
Automobile 1,000,000 500/1,000
Property 69,779,124 5,000
Boiler and Machinery 69,779,124 5,000
Crime 250,000 2,500
Public Officials 1,000,000 10,000
Law Enforcement 1,000,000 10,000
Abuse/Molestation 1,000,000 0
Cyber 1,000,000 10,000
Umbrella 5,000,000 0
Settled claims have not exceeded this commercial coverage in any of the past three years. There
have been no significant reductions in insurance from the prior year.
The City pays the State Workers' Compensation System a premium based on a rate per $100 of
salaries. This rate is calculated based on accident history and administrative costs.
B.Health Care Benefits
The City participates in the Central Ohio Health Care Consortium(COHCC), a risk-sharing pool,
which provides employee health care benefits for all full-time employees who wish to participate
in the plan. The COHCC consists of eleven political subdivisions that pool risk for basic
hospital, surgical and prescription drug coverage. The COHCC is governed by a Board of
Directors consisting of one director appointed by each member municipality. The Board elects a
chairman, vice-chairman, secretary and treasurer. The Board is responsible for its own financial
matters and the COHCC maintains its own books of account. Budgeting and financing of the
COHCC are subject to the approval of the Board. The City pays monthly contributions to the
COHCC, which are used to purchase excess loss insurance for the COHCC to pay current claims
and related claim settlement expenses and to establish and maintain sufficient reserves. The
monthly contribution is determined far each member in accordance with the number of covered
officers and employees, and the prior loss experience of the respective member group. The funds
are maintained in a bank trust account established for the sole purpose and benefit of the
COHCC's operations. Financial information for the COHCC can be obtained from Carie Kraner,
Treasurer, COHCC, 141 East Broadway PO Box 514, Granville, Ohio 43023.
-77 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 12 -RISK MANAGEMENT (Continued)
B.Health Care Benefits(Continued)
The COHCC has entered into an agreement for specific stop loss coverage with a commercial
insurance carrier. The specific stop loss coverage has been structured to indemnify the COHCC
for medical claims paid on an individual in excess of $250,000, with an unlimited individual
lifetime maximum. Aggregate stop loss coverage was discontinued effective 1/1/2020. In the
event the consortium incurs net plan expenses in any year which exceed amounts paid to the
COHCC and including plan cash reserves, the payment of all excess expenses shall revert to the
member political subdivisions of the COHCC. No such loss has occurred in the past ten years.
The City currently has no specified percentage share of the COHCC. The only time at which a
percentage share would be calculated occurs if the COHCC votes to terminate ongoing
operations. After a vote to terminate the COHCC, the Board would wind-up the COHCCs
business as quickly as practicable, but in any event would complete this process no later than
twelve months after the termination date. During such period, the COHCC would continue to pay
all claims and expenses until the COHCC's funds are exhausted. After payment of all claims and
expenses, or upon the termination of the aforesaid twelve month period, any remaining surplus
funds held by the COHCC would be paid to the members of the COHCC who are members as of
the termination date. The Board would determine the manner in which such surplus funds would
be distributed, and would consider the percentage relationship which each member's contributions
to the COHCC for the prior three calendar years of the COHCC bore to all members'
contributions to the COHCC for that same period. The City's payment for health insurance
coverage to COHCC in 2022 was $2,526,310. Dental, vision and life insurance benefits are also
provided. The family and single rates are not gender and age sensitive, and are the same for each
class of employees.
This Space Intentionally Left Blank
-78 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 13 -LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES
Detail of the changes in the long-term debt and other long-term liabilities of the City for the year ended
December 31, 2022, was as follows:
Balance Balance Amount
December 31, December 31, Due Within
2021 Issued (Retired) 2022 One Year
Governmental Activities Debt:
General Obligation Bonds:
2017 2.21% Various Purpose $2,820,000 $0 ($250,000) $2,570,000 $260,000
2021 2.0-5.0% Various Purpose 9,985,000 0 (420,000) 9,565,000 430,000
Premium 1,224,417 0 (61,221) 1,163,196 0
Total General Obligation Bonds 14,029,417 0 (731,221) 13,298,196 690,000
OPWC Loans:
0.00% Old Worthington ADA Ramps 46,860 0 (7,810) 39,050 7,810
0.00% Kenyonbrook Sanitary Sewer 469,827 0 (20,427) 449,400 20,427
Total OPWC Loans 516,687 0 (28,23'� 488,450 28,237
Installment Loan:
2018 3.99% Wheel Loader 43,395 0 (27,233) 16,162 16,162
Governmental Activities Other Long-Term Liabilities:
CompensatedAbsences 1,954,180 599,597 (556,727) 1,997,050 637,690
Total Governmental Activities Long-TermDebt and
OtherLong-TermLiabilities $16,543,679 $599,597 ($1,343,418) $15,799,858 $1,372,089
The Ohio Public Works Commission Loans and Installment Loans are direct borrowings.
In 2008 the City received a$156,201 Ohio Public Warks Commission loan for installation of Americans
with Disabilities Act ramps in Old Worthington. The loan carries a 0°/o interest rate and matures in 2028.
In 2015 the City received a $612,816 Ohio Public Works Commission loan for sanitary sewer
improvements. The loan carries a 0%interest rate and matures in 2045.
On January 18, 2017, the City issued $3,960,000 of general obligation bonds to retire notes previously
issued in the amount of $1,560,000 for the acquisition of a fire truck, constructing and installing a
waterline for the Davis Estates subdivision and for the community center window replacement project. In
addition to retiring notes previously issued, the bond proceeds are for various roadway and sewer
projects. The bonds carry an interest rate of 2.21% and mature in 2032. These bonds are direct placement
debt.
-79 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 13 -LONG-TERM DEBT AND OTHER LONG-TERM LIABILITIES (Continued)
In August 2021 the City issued $9,985,000 of various purpose general obligation bonds for improvements
to parks, water, sewer, public safety building, street, and other various improvements. The bonds carry an
interest rate of 2.00%to 5.00% and mature in 2041.
The City issues general obligation bonds to provide funds for the acquisition and construction of major
capital facilities and the refinancing of bond anticipation notes. General obligation bonds are direct
obligations of the City for which its full faith and credit are pledged for repayment. All general obligation
bond issues will be paid through the General Obligation Debt Retirement Fund.
A. Principal and Interest Requirements
A summary of the City's future long-term debt funding requirements, including principal and
interest payments as of December 31, 2022, follows:
General Obligation Bonds OPWC L,oans Installment Loan
Years Principal Interest Principal Interest Principal Interest
2023 $690,000 $357,348 $28,237 $0 $16,162 $164
2024 710,000 334,402 28,237 0 0 0
2025 735,000 310,656 28,237 0 0 0
2026 760,000 286,088 28,237 0 0 0
2027 800,000 260,610 28,237 0 0 0
2028-2032 4,125,000 836,462 102,135 0 0 0
2033-2037 2,790,000 316,200 102,136 0 0 0
2038-2042 1,525,000 67,100 102,135 0 0 0
2043-2045 0 0 40,859 0 0 0
Totals $12,135,000 $2,768,866 $488,450 $0 $16,162 $164
The Ohio Public Works Commission Loans and Installment Loans are direct borrowings.
- 80 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 14 - SIGNIFICANT COMMITMENTS
The City had the following contractual commitments at December 31, 2022:
Project Amount
NE Gateway Wilson Bridge/Huntley/WG Intersection Study $2,146,602
2021 Street Improvement Program 81,618
2022 Street Improvement Program 119,272
Arterial Improvements - Huntley and Schrock Road 553,323
Streetscape Improvements - High and North 45,525
Colonial&Andover Waterline Improvement 2,103,727
Park Overlook Drive Waterline 122,240
Northbrook Relief Sewer Phase II 48,227
North District Sewer Study 2,664
Kenyonbrook Sanitary Sewer 85,721
Kenyonbrook Trunk Sewer Improvement 72,687
2020 Sewer Lining& Repair 39,424
Security System Improvements 50,000
McCord Park Master Plan 45,633
McCord Park Renovations 1,540
Community Center Lobby Renovations Design 25,000
Selby Park Renovations Design 50,000
Perry Park Playground 81,360
Fire Station Bathroom 100,000
Municipal Building Window & Door Replacements 8,891
Police Building Roof 32,413
HVAC Improvement Program 116,487
2019 Bike and PED Improvement 17,784
2021 Bicycle &Pedestrian Improvement 162,240
$6,112,378
At December 31, 2022 the City had encumbrance commitments in the Governmental Funds as follows:
Fund Encumbrances
General Fund $4,539,100
TaxIncrement Financing Fund 1,798,155
Capital Improvement Fund 8,179,866
Other Govemmental Funds 251,028
Total Governmental Funds $14,768,149
- 81 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 15 -CONTINGENT LIABILITIES
A. Litigation
The City is of the opinion that the ultimate disposition of all claims and legal proceedings will not
have a material effect,if any, on the financial condition of the City.
B. State and Federal Grants
For the period January 1, 2022, to December 31, 2022, the City received state and federal grants
for specific purposes that are subject to review and audit by grantor agencies or their designee.
Such audits could lead to a request for reimbursement to the grantor agency for expenditures
disallowed under the terms of the grant. Based on prior experience, the City believes such
disallowance, if any,would be immaterial.
NOTE 16—JOINTLY GOVERNED ORGANIZATIONS
Mid-Ohio Regional Planning Co�n�nission - The City is a participant in the Mid-Ohio Regional Planning
Commission (MORPC), a jointly governed organization. MORPC is composed of 84 representatives
appointed by member governments who make up the commission, the policy-making body of MORPC,
and the oversight board. MORPC is a voluntary association of local governments in central and south-
central Ohio and a regional planning agency whose membership includes 44 political subdivisions in and
around Franklin, Delaware, Fairfield, Licking, Madison, Morrow, Pickaway, Ross and Union counties.
MORPC's area of interest also includes Fayette, Marion, and Knox counties resulting in a strong 12-
county region. The purpose of the organization is to improve the quality of life for member communities
by improving housing conditions, to promote and support livability/sustainability measures as a means of
addressing regional growth challenges, and to administer and facilitate the availability of regional
environmental infrastructure program funding to the full advantage of MORPC's members.
Northwest Regional Emergency Communications Center (NRECC) — With the passage of Resolution 31-
2019, City Council authorized the City Manager to enter into a three-year agreement with the City of
Dublin for the Northwest Regional Emergency Communications Center to provide public safety
dispatching communication services. The agreement would commence on January l, 2020. With
Resolution 26-2023, City Council authorized the renewal of the NRECC agreement. The Northwest
Regional Emergency Communications Center, operated by the City of Dublin, currently serves the
communities of Dublin, Hilliard and Upper Arlington, and is governed by an executive committee and
two operational committees which allow for each of the jurisdictions served by the Center to have input
on how the Center operates and interacts with the community,police,firefighters and paramedics.
NOTE 17—JOINT VENTURE
Central Ohio Interoperable Radio System Council of Governments-The City joined the City of Dublin
and Delaware County to create the Central Ohio Interoperable Radio System Council of Governments
(COG),which is a joint venture. The COG was created in order to allow the members to collaborate to
create an improved dispatching system with enhanced technology,redundancy, spectrum efficiency, and
interoperability that will better serve the residents of each member's political subdivision. The City does
not have an equity interest in the COG.
- 82 -
CITY OF WORTHINGTON
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 18—COMPONENT UNIT
The component unit column in the government-wide financial statements includes the financial data of
the City's component unit,the Worthington Community Improvement Corporation(CIC).
A. Basis of Accountin�
The basic financial statements of the CIC are prepared using the accrual basis of accounting in
conformity with GAAP.
B. Basis of Presentation
The CIC's basic financial statements consist of a statement of net position, a statement of
revenues, expenses and changes in net position, and a statement of cash flows.
The CIC distinguishes operating revenues and expenses from non-operating items. Operating
revenues and expenses generally resulted from providing services in connection with the CIC's
principal ongoing operation. The principal operating revenues of the CIC are contributions from
the City. Operating expenses for the CIC include professional fees and service contract fees. All
revenues and expenses not meeting these definitions are reported as non-operating revenues and
expenses.
C. Federal Income Tax
The City of Worthington Community Improvement Corporation is exempt from federal income
tax under Section 501 (c)(3) of the Internal Revenue Code.
D. Deposits
As of December 31, 2022, the carrying amount of the CIC's deposits was in the amount of
$85,538. Based on the criteria described in GASB Statement No. 40, "Deposits and Investment
Risk Disclosure", as of December 31, 2022 the entire bank balance was covered by the Federal
Deposit Insurance Corporation. There are no significant statutory restrictions regarding the
deposits and investments of funds held by the not-for-profit corporation.
E. Real Estate Held for Development
At December 31, 2022 the CIC reported$975,955 of real estate held for development. Additional
property purchases in the East Wilson Bridge Road corridor are expected, with the intent to
develop this property into commercial space.
E Contributions from the Citv
The CIC received no contributions from the City in 2022.
- 83 -
CITY OF WORTHINGTON
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- 84 -
CITY OF WORTHINGTON
REQUIRED SUPPLEMENTARY INFORMATION
- 85 -
CITY OF WORTHINGTON
Schedule of City's Proportionate ShaNe of the Net Pension Liability
Last Nine Years
Ohio Public Employees Retirement System
Year 2014 2015 2016 2017
City's proportion of the net pension
liability(asset) 0.052367% 0.052367% 0.051182% 0.049793%
City's proportionate share of the net
pension liability(asset) $6,173,387 $6,316,045 $8,865,381 $11,307,168
City's covered payroll $6,628,738 $6,439,617 $6,393,258 $6,484,525
City's proportionate share of the net
pension liability(asset)as a percentage
of its covered payroll 93.13% 98.08% 138.67% 174.37%
Plan fiduciary net position as a
percentage of the totalpension
liability 86.36% 86.45% 81.08% 7725%
Source:Finance Director's Office and the Ohio Public Employees Retirement System
Ohio Police and Fire Pension Fund
Year 2014 2015 2016 2017
City's proportion of the net pension
liability(asset) 0.320344% 0.320344% 0.321738% 0.310223%
City's proportionate share of the net
pension liability(asset) $15,601,738 $16,595,134 $20,697,616 $19,649,242
City's covered payroll $7,143,963 $6,315,026 $6,460,034 $6,620,503
City's proportionate share of the net
pension liability(asset)as a percentage
of its covered payroll 218.39% 262.79% 320.39% 296.79%
Plan fiduciary net position as a
percentage of the totalpension
liability 73.00% 72.20% 66.77% 68.36%
Source:Finance Director's Office and the Ohio Police and Fire Pension Fund
Notes:The City implemented GASB Statement 68 in 2015.
The schedule is intended to show ten years of mformation. Additional years
will be displayed as they become ava�lable. Information prior to 2014 is not available.
The schedule is reported as of the measurement date of the Net Pension Liability,
which is the prior year end.
See notes to the required supplementary information
- 86 -
CITY OF WORTHINGTON
zois zoi9 zozo zozi zoz2
0.051531% 0.052514% 0.052154% 0.045381% 0.043468%
$8,084,188 $14,382,520 $10,308,590 $6,719,937 $3,781,891
$6,835,277 $7,131,850 $7,281,807 $6,317,093 $6,031,921
118.27% 201.67% 141.57% 106.38% 62.70%
84.66% 74.70% 82.17% 86.88% 92.62%
2018 2019 2020 2021 2022
0322982% 0304814% 0297303% 0.302380% 0.288780%
$19,822,876 $24,880,876 $20,027,9ll $20,613,522 $18,041,291
$6,990,813 $6,847,709 $7,002,528 $7,103,344 $7,321,238
283.56% 363.35% 286.01% 290.19% 246.42%
70.91% 63.07% 69.89% 70.65% 75.03%
- 87 -
CITY OF WORTHINGTON
Schedule of City Pension Contributions
Last Ten YeaNs
Ohio Public Employees Retirement System
Year 2013 2014 2015 2016
Contractually required contribution $861,736 $772,754 $767,191 $778,143
Contributions in relation to the
contractually required conmbution 861,736 772,754 767,191 778,143
Contribution deficiency(excess) $0 $0 $0 $0
Ciry's covered payroll $6,628,738 $6,439,617 $6,393,258 $6,484,525
Contributions as a percentage of 13.00% 12.00% 12.00% 12.00%
covered payroll
Source:Finance Director's Office and the Ohio Public Employees Retirement System
Ohio Police and Fire Pension Fund
Year 2013 2014 2015 2016
Contractually required contribution $1,222,690 $1,352,864 $1,383,353 $1,420,678
Contributions in relation to the
contractually required contribution 1,222,690 1,352,864 1,383,353 1,420,678
Contribution deficiency(excess) $0 $0 $0 $0
City's coveredpayroll $7,143,963 $6,315,026 $6,460,034 $6,620,503
Contributions as a percentage of 17.12% 21.42% 21.41% 21.46%
covered payroll
Source:Finance Directar's Office and the Ohio Police and Fire Pension Fund
Notes:The City implemented GASB Statement 68 in 2015.
See notes to the required supplementary information
- 88 -
CITY OF WORTHINGTON
2oi� 2ois 2oi9 2020 2o2i 2022
$888,586 $998,459 $1,019,453 $884,393 $844,469 $958,999
888,586 998,459 1,019,453 884,393 844,469 958,999
$0 $0 $0 $0 $0 $0
$6,835,277 $7,131,850 $7,281,807 $6,317,093 $6,031,921 $6,849,993
13.00% 14.00% 14.00% 14.00% 14.00% 14.00%
2017 2018 2019 2020 2021 2022
$1,497,060 $1,464,952 $1,503,453 $1,518,554 $1,572,781 $1,644,498
1,497,060 1,464,952 1,503,453 1,518,554 1,572,781 1,644,498
$0 $0 $0 $0 $0 $0
$6,990,813 $6,847,709 $7,002,528 $7,103,344 $7,321,238 $7,669,583
21.41% 21.39% 21.47% 21.38% 21.48% 21.44%
- 89 -
CITY OF WORTHINGTON
Schedule of the City's Proportionate Share of the Net Other Postemployment Benefits
(OPEB)Liability (Asset)
Last Six Years
Ohio Public Employees Retirement System
Year 2017 2018 2019
City's proportion of the net OPEB
liability(asset) 0.050253% 0.052212% 0.053116%
City's proportionate share of the net
OPEB liability(asset) $5,075,727 $5,669,804 $6,925,071
City's covered payroll $6,484,525 $6,835,277 $7,131,850
City's proportionate share of the net
OPEB liability(asset) as a percentage
of its covered payroll 78.27% 82.95% 9710%
Plan fiduciary net position as a
percentage of the total OPEB
liability 54.04% 54.14% 46.33%
Source:Finance Director's Office and the Ohio Public Employees Retirement System
Ohio Police and Fire Pension Fund
Year 2017 2018 2019
City's proportion of the net OPEB
liability(asset) 0.310223% 0.322982% 0.304814%
City's proportionate share of the net
OPEB liability(asset) $14,725,610 $18,299,719 $2,775,798
City's covered payroll $6,620,503 $6,990,813 $6,847,709
City's proportionate share of the net
OPEB liability(asset) as a percentage
of its covered payroll 222.42% 261.77% 40.54%
Plan fiduciary net position as a
percentage of the total OPEB
liability 15.96% 14.13% 46.57%
Source:Finance Director's Office and the Ohio Police and Fire Pension Fund
Notes:The City itnplemented GASB Statement 75 in 2018.
The schedule is intended to show ten years of information. Additional years
will be displayed as they become available. Information prior to 2017 is not ava�lable.
The schedule is reported as of the measurement date of the Net OPEB Liability,
which is the prior year end.
See notes to the required supplementary information
-90 -
CITY OF WORTHINGTON
2020 2o2i 2022
0.052920% 0.046387% 0.044130%
$7,309,625 ($826,424) ($1,382,223)
$7,281,807 $6,317,093 $6,031,921
100.38% (13.08%) (22.92%)
47.80% 115.57% 128.23%
2020 2021 2022
0.297303% 0.302380% 0.288780%
$2,936,677 $3,203,766 $3,165,274
$7,002,528 $7,103,344 $7,321,238
41.94% 45.10% 4323%
47.08% 45.42% 46.86%
-91 -
CITY OF WORTHINGTON
Schedule of City Other Postemployment Benefit(OPEB) Contributions
Last Ten YeaNs
Ohio Public Employees Retirement System
Year 2013 2014 2015 2016
Contractually required contr�ution $66,287 $128,792 $127,865 $129,691
Contributions in relation to the
contractually required contribution 66,287 128,792 127,865 129,691
Contribution deficiency(excess) $0 $0 $0 $0
City's covered payroll $6,628,738 $6,439,617 $6,393,258 $6,484,525
Contributions as a percentage of 1.00°/o 2.00% 2.00% 2.00%
covered payroll
Source:Finance Directar's Office and the Ohio Public Employees Retirement System
Ohio Police and Fire Pension Fund
Year 2013 2014 2015 2016
Contractually required contribution $242,888 $31,575 $32,300 $33,103
Contrbutions in relation to the
contractually required conmbution 242,888 31,575 32,300 33,103
Contribution deficiency(excess) $0 $0 $0 $0
Ciry's covered payroll $7,143,963 $6,315,026 $6,460,034 $6,620,503
Contrbutions as a percentage of 3.40°/o 0.50% 0.50% 0.50%
covered payroll
Source:Finance Director's Office and the Ohio Police and Fire Pension Fund
Notes:The City implemented GASB Statement 75 in 2018.
See notes to the required supplementary information
-92 -
CITY OF WORTHINGTON
2oi� 2ois 2oi9 2020 2o2i 2022
$68,353 $0 $0 $0 $0 $0
68,353 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$6,835,277 $7,131,850 $7,281,807 $6,317,093 $6,031,921 $6,849,993
1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2017 2018 2019 2020 2021 2022
$34,954 $34,239 $35,013 $35,517 $36,606 $38,348
34,954 34,239 35,013 35,517 36,606 38,348
$0 $0 $0 $0 $0 $0
$6,990,813 $6,847,709 $7,002,528 $7,103,344 $7,321,238 $7,669,583
0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
-93 -
CITY OF WORTHINGTON
Notes to the Required Supplementary Information
For the Year Ended December 31, 2022
NET PENSION LIABILITY
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM(OPERS)
Changes in benefit terms: There were no changes in benefit terms for the period 2014-2022.
Changes in assumptions:
2014-2016: There were no changes in methods and assumptions used in the calculation of actuarial
determined contributions.
2017: The following were the most significant changes of assumptions that affected the total pension
liability since the prior measurement date:
-Reduction in actuarial assumed rate of return from 8.00%to 7.50%
-Decrease in wage inflation from 3.75%to 3.25%
-Change in future salary increases from a range of 4.25°/o-10.02%to 3.25%-10.75%
- Amounts reported beginning in 2017 use mortality rates based on the RP-2014 Healthy Annuitant
mortality table.
2018: There were no changes in methods and assumptions used in the calculation of actuarial determined
contributions.
2019: The following were the most significant changes of assumptions that affected the total pension
liability since the prior measurement date:
-Reduction in actuarial assumed rate of return from 7.50%to 7.20%
2020: The following were the most significant changes of assumptions that affected the total pension
liability since the prior measurement date:
-Change in COLA from 3.00°/o to 1.4°/o for post 1/7/13 retirees.
2021: The following were the most significant changes of assumptions that affected the total pension
liability since the prior measurement date:
-Change in COLA from 1.4°/o to 0.5°/o for post 1/7/13 retirees.
2022: The following were the most significant changes of assumptions that affected the total pension
liability since the prior measurement date:
-Change in COLA from 0.5°/o to 3.00°/o for post 1/7/13 retirees.
-Reduction in actuarial assumed rate of return from 7.20%to 6.90%.
- Pre-retirement mortality rates are based on Pub-2010 General Employee/Safety Employee mortality
tables.
- Post-retirement mortality rates are based on PubG-2010 Retiree mortality tables.
- Post-retirement mortality rates for disabled retirees are based on PubNS-2010 Disabled Retiree
mortality tables for all divisions.
-94 -
CITY OF WORTHINGTON
Notes to the Required Supplementary Information
For the Year Ended December 31, 2022
NET PENSION LIABILITY (Continued)
OHIO POLICE AND FIRE (OP&F)PENSION FUND
Changes in benefit terms: There were no changes in benefit terms for the period 2014-2022.
Changes in assumptions:
2014-2017: There were no changes in methods and assumptions used in the calculation of actuarial
determined contributions.
2018: The following were the most significant changes of assumptions that affected the total pension
liability since the prior measurement date:
-Reduction in actuarial assumed rate of return from 8.25%to 8.00%
-Decrease salary increases from 3.75%to 3.25%
- Change in payroll growth from 3.75°/o to 3.25°/o
-Reduce DROP interest rate from 4.5%to 4.0%
-Reduce CPI-based COLA from 2.6%to 2.2%
-Inflation component reduced from 3.25%to 2.75%
- For the January 1, 2017, valuation, mortality for non-disabled participants is based on the RP-2014
Total Employee and Healthy Annuitant Mortality Tables rolled back to 2006
- For the January l, 2017, valuation, mortality for disabled retirees is based on the RP-2014 Disabled
Mortality Tables rolled back to 2006
2019-2021: There were no changes in methods and assumptions used in the calculation of actuarial
determined contributions.
2022: The following were the most significant changes of assumptions that affected the total pension
liability since the prior measurement date:
-Reduction in actuarial assumed rate of return from 8.00%to 7.50%
This Space Intentionally Left Blank
-95 -
CITY OF WORTHINGTON
Notes to the Required Supplementary Information
For the Year Ended December 31, 2022
NET OPEB LIABILITY(ASSET)
OHIO PUBLIC EMPLOYEES RETIREMENT SYSTEM(OPERS)
Changes in benefit terms: There were no changes in benefit terms for the periods 2018-2021.
2022: Group plans far non-Medicare retirees and re-employed retirees replaced with individual medical
plans. OPERS will provide a subsidy or allowance via an HRA.
Changes in assumptions:
For 2018,the single discount rate changed from 4.23%to 3.85%.
2019: The following were the most significant changes of assumptions that affected the total OPEB
liability since the prior measurement date:
-The single discount rate changed from 3.85%to 3.96%.
-Reduction in actuarial assumed rate of return from 6.50%to 6.00%
-Change in health care cost trend rate from 7.5%to 10%
-The Municipal Bond Rate changed from 3.31°/o to 3.71°/o
2020: The following were the most significant changes of assumptions that affected the total OPEB
liability since the prior measurement date:
-The single discount rate changed from 3.96%to 3.16%.
-Change in health care cost trend rate from 10.0%to 10.5°/o
-The Municipal Bond Rate changed from 3.71°/o to 2.75°/o
202 L The following were the most significant changes of assumptions that affected the total OPEB
liability since the prior measurement date:
-The single discount rate changed from 3.16%to 6.00%.
-Change in health care cost trend rate from 10.5%to 8.5°/o
-The Municipal Bond Rate changed from 2.75%to 2.00%
2022: The following were the most significant changes of assumptions that affected the total OPEB
liability since the prior measurement date:
-Change in health care cost trend rate from 8.5%to 5.5%
-The Municipal Bond Rate changed from 2.00°/o to 1.84°/o
- Pre-retirement mortality rates are based on Pub-2010 General Employee/Safety Employee mortality
tables.
- Post-retirement mortality rates are based on PubG-2010 Retiree mortality tables.
- Post-retirement mortality rates for disabled retirees are based on PubNS-2010 Disabled Retiree
mortality tables for all divisions.
-96 -
CITY OF WORTHINGTON
Notes to the Required Supplementary Information
For the Year Ended December 31, 2022
NET OPEB LIABILITY(ASSET) (Continued)
OHIO POLICE AND FIRE (OP&F)PENSION FUND
Changes in benefit terms:
2018: There were no changes in benefit terms.
2019: The retiree health care model and the current self-insured health care plan were replaced with a
stipend-based health care model.
2020 -2022: There were no changes in benefit terms.
Changes in assumptions:
2018: The single discount rate changed from 3.79%to 3.24%.
2019: The following were the most significant changes of assumptions that affected the total OPEB
liability since the prior measurement date:
-The single discount rate changed from 3.24%to 4.66%.
2020: The following were the most significant changes of assumptions that affected the total OPEB
liability since the prior measurement date:
-The single discount rate changed from 4.66%to 3.56%.
202L• The following were the most significant changes of assumptions that affected the total OPEB
liability since the prior measurement date:
-The single discount rate changed from 3.56%to 2.96°/o.
-The payroll growth rate changed from 2.75%to 3.25%.
2022: The following were the most significant changes of assumptions that affected the total OPEB
liability since the prior measurement date:
-The single discount rate changed from 2.96%to 2.84°/o.
-97 -
CITY OF WORTHINGTON
� �
� �
. �
� ■■■■■ - - � ■
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-98 -
CITY OF WORTHINGTON
COMBINING AND INDIVIDUAL FUND
r,7 TATEMENTS AND ,�J CHEDULES
THE FOLLOWING COMBINING STATEMENTS AND SCHEDULES INCLUDE
THE MAJOR AND NONMAJOR GOVERNMENTAL FUNDS AND FIDUCIARY
Fvlvns.
-99 -
CITY OF WORTHINGTON
Nonmajor Governmental Funds
Special Revenue Funds
Special Revenue funds are used to account for the proceeds of specific revenue sources (other
than amounts relating to major capital projects) that are legally restricted to expenditures for
specified purposes.
Property Assessed Clean Energy Fund
To account for special assessments that are levied by the City and remitted to the Franklin
County Finance Authority, as part of the Property Assessed Clean Energy Program. (The
Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances
are not presented because this fund is reported as part of the General Fund on a GAAP
basis.)
Payroll Reserve Fund
To account for resources accumulated for payment of salaries during any fiscal year when
the number of pay periods exceeds the usual number. (The Balance Sheet and Statement
of Revenues, Expenditures and Changes in Fund Balances are not presented because this
fund is reported as part of the General Fund on a GAAP basis.)
Street Construction, Maintenance and Repair Fund
To account for revenues distributed by the State from the motor vehicle registration and
gasoline tax. Expenditures may only be used for City street construction, maintenance
and repair.
State Highway Fund
To account for the portion of the state gasoline tax designated for construction,
maintenance and repair of State highways located within the City.
Water Fund
To account for the operation of the water distribution system. This fund receives proceeds
from the City water surcharge and water permit fees as paid to and distributed by the City
of Columbus.
Sanitary Sewer Fund
To account for the operation of the sanitary sewer distribution system. This fund receives
proceeds from the City sewer surcharge and sewer permit fees as paid to and distributed by
the City of Columbus.
Police Pension Fund
To account for property taxes levied to fund police retirement plan contributions.
Law Enforcement Fund
To account for revenues received by the Police Department for contraband per state statute.
(Continued)
- 100 -
CITY OF WORTHINGTON
Special Revenue Funds (Continued)
Municipal Motor Vehicle License Tax Fund
To account for the permissive auto license taxes levied for street construction,
maintenance and repairs.
Enforcement and Education Fund
To account for revenues received from mandatory fines for drug offenses.
American Rescue Plan Act (ARPA) Fund
This fund is used to account for Coronavirus State and Local Fiscal Recovery funds
received as part of the American Rescue Plan Act. The funds are to be used to support the
response and recovery from the COVID-19 public health emergency. (The Balance Sheet
and Statement of Revenues, Expenditures and Changes in Fund Balances are not presented
because there are no assets or liabilities at year end or GAAP basis revenues or
expenditures.)
Ohio Opioid Settlement Fund
To account far monies obtained and distributed by the State of Ohio for opioid
settlements from drug manufacturers and distributors. It is designated for
resources to assist with community drug recovery, prevention and treatment.
Court Clerk Computer Fund
To account for the assessment fee charged to each issued citation to be used only for the
purchase and maintenance of computerizing the Mayor's Court operations.
Economic Development Fund
To account for the activities associated with offering certain economic incentives provided
to businesses who meet specific criteria. This fund receives non-tax revenue transfers from
the General Fund. (The Balance Sheet and Statement of Revenues, Expenditures and
Changes in Fund Balances are not presented because this fund is reported as part of the
General Fund on a GAAP basis.)
Convention and Visitors Bureau Fund
To account for hotel taxes to be used to promote tourism in the City.
Law Enforcement Continuing Education Fund
To account for monies to be used for continuing professional training programs for law
enforcement officers.
Special Parks Fund
To account for the Public Area Fee Payments related to the development of residential,
industrial, and commercial property. Fees are received as a result of new or redevelopment
projects in lieu of dedicated public property for park lands. The City matches the public
use fee payments as required by State statute. These fees are to be used for the capital costs
associated with the City's parks,playgrounds, and recreation areas.
Bicentennial Trust Fund
To account for the pledges, contributions, donations, and City advances designated for the
City 2003 Bicentennial Celebration.
(Continued)
- 101 -
CITY OF WORTHINGTON
Special Revenue Funds (Continued)
Subdivision Trust Fund
To account for bonds and inspection fees collected for public improvements being made
by owners or developers in the City. (This fund is not part of the City's appropriated
budget therefore no budgetary schedule is presented.)
Performance Trust Fund
To account for bond payments made by contractors working within the City to ensure their
project is completed within City requirements. The bond is released back to the contractor
upon the successful completion and inspection of the project. (This fund is not part of the
City's appropriated budget therefore no budgetary schedule is presented.).
Debt Ser�vice Funds
The debt service funds are used to account for the accumulation of resources and payment of
general obligation bond principal and interest from governmental resources and special
assessment levies when the government is obligated in some manner for the payment.
General Obligation Bond Retirement Fund
To account for property taxes and transfers to be used for payments of principal and
interest on the City's general obligation bonds.
Special Assessment Bond Retirement Fund
To account for the accumulation of special assessment revenues collected by the County
Treasurer and remitted to the City by the County Auditor for payment of principal and
interest on the City's special assessment bonds.
Capital Projects Fund
The Capital Projects Funds are used to account for the financial resources to be used for the
acquisition or construction of maj or capital facilities.
Trunk Sewer Fund
To account for the City's portion of the sewer system capacity charge collected for the
maintenance of the main trunk sanitary sewer lines.
- 102 -
CITY OF WORTHINGTON
Combining Balance Sheet
Nonmajor Governmental Funds
December 31, 2022
Nonmajor Nonmajor Total Nonmajor
Special NonmajarDebt CapitalProjects Governmental
Revenue Funds Service Funds Fund Funds
Assets:
Pooled Cash and Cash Equivalents $ 2,041,247 $ 2,137,206 $ 375,149 $ 4,553,602
Cash and Cash Equivalents in Segregated Accounts 37,429 0 0 37,429
Receivables:
Taxes 208,887 118,102 0 326,989
Accounts 9,105 0 0 9,105
Intergovernmental 565,036 7,009 0 572,045
Total Assets $ 2,861,704 $ 2,262,317 $ 375,149 $ 5,499,170
Liabilities:
Accounts Payable $ 59,925 $ 0 $ 0 $ 59,925
Accrued Wages and Benefits Payable 12,246 0 0 12,246
Intergovernmental Payable 86,591 0 0 86,591
Interfund Loans Payable 0 153,738 0 153,738
Total Liabilities 158,762 153,738 0 312,500
Deferred Inflows of Resources:
Unavailable Amounts 386,120 10,025 0 396,145
Property Ta�cLevy forNext FiscalYear 203,093 115,086 0 318,179
Total Deferredlnflows of Resources 589,213 125,111 0 714,324
Fund Balances:
Restricted 1,851,030 1,983,468 375,149 4,209,647
Committed 262,699 0 0 262,699
TotalFundBalances 2,113,729 1,983,468 375,149 4,472,346
Total Liabilities,Deferred Inflows of
Resources and Fund Balances $ 2,861,704 $ 2,262,317 $ 375,149 $ 5,499,170
- 103 -
CITY OF WORTHINGTON
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
For the Year Ended December 31, 2022
Nonmajor Nonmajor Total Nonmajor
Special NonmajarDebt CapitalProjects Governmental
Revenue Funds Service Funds Fund Funds
Revenues:
Property Taxes $ 203,808 $ 115,491 $ 0 $ 319,299
Other Local Taxes 7,263 0 0 7,263
Intergovernmental Revenues 1,124,620 13,778 0 1,138,398
Charges for Services 82,150 0 0 82,150
Investment Earnings 1,003 0 0 1,003
Fines and Forfeitures 5,280 0 0 5,280
All Other Revenues 43,805 0 0 43,805
Total Revenue 1,467,929 129,269 0 1,597,198
Expenditures:
Cwrent:
Security of Persons and Property 702,352 0 0 702,352
Leisure Time Activities 64,341 0 0 64,341
Basic Utility Services 313,383 0 0 313,383
Transportation 943,550 0 0 943,550
General Government 94,881 0 0 94,881
Debt Service:
Principal Retirement 0 670,000 0 670,000
Interest&Fiscal Charges 0 374,912 0 374,912
Total Expenditures 2,118,507 1,044,912 0 3,163,419
Excess(Deficiency)of Revenues
Over(Under)Expenditures (650,578) (915,643) 0 (1,566,221)
Other Financing Sources(Uses):
Transfers In 1,033,859 732,322 0 1,766,181
Transfers Out (140,000) 0 0 (140,000)
Total Other Financing Sources(Uses 893,859 732,322 0 1,626,181
Net Change in Fund Balances 243,281 (183,321) 0 59,960
Fund Balances at Beginning of Year 1,870,448 2,166,789 375,149 4,412,386
Fund Balances End of Year $ 2,113,729 $ 1,983,468 $ 375,149 $ 4,472,346
- 104 -
CITY OF WORTHINGTON
Combining Balance Sheet
Nonmajor Special Revenue Funds
December 31, 2022
Street
Construction
M aintenance
and Repair State Highway Water Sanitary Sewer
Assets:
Pooled Cash and Investments $ 334,238 $ 93,581 $ 95,417 $ 63,526
Cash and Cash Equivalents in Segregated Accounts 0 0 0 0
Receivables:
Taxes 0 0 0 0
Accounts 0 0 4,842 4,263
Intergovernmental 453,636 36,786 0 0
Total Assets $ 787,874 $ 130,367 $ 100,259 $ 67,789
Liabilities:
Accounts Payable $ 25,014 $ 0 $ 7,355 $ 23,978
Accrued Wages and Benefits Payable 9,306 1,470 735 735
IntergovernmentalPayable 6,615 1,044 523 523
Total Liabilities 40,935 2,514 8,613 25,236
Deferred Inflows of Resources:
Unavailable Amounts 302,424 24,524 0 0
Property Ta�cLevy farNext FiscalYear 0 0 0 0
Total Deferred Inflows of Resources 302,424 24,524 0 0
Fund Balances:
Restricted 444,515 103,329 0 0
Committed 0 0 91,646 42,553
Total Fund Balances 444,515 103,329 91,646 42,553
Total Liabilities,Deferred Inflows of
Resources and Fund Balances $ 787,874 $ 130,367 $ 100,259 $ 67,789
(Continued)
- 105 -
CITY OF WORTHINGTON
Combining Balance Sheet
Nonmajor Special Revenue Funds
December 31, 2022
M unicip al
Law Motor Vehicle Enforcement
Police Pension Enforcement License Tax and Education
Assets:
Pooled Cash and Investments $ 1,004,284 $ 17,501 $ 32,084 $ 53,624
Cash and Cash Equivalents in Segregated Accounts 0 0 0 0
Receivables:
Taxes 208,416 0 0 0
Accounts 0 0 0 0
Intergovernmental 12,369 0 62,220 25
Total Assets $ 1,225,069 $ 17,501 $ 94,304 $ 53,649
Liabilities:
Accounts Payable $ 0 $ 0 $ 0 $ 0
Accrued Wages and Benefits Payable 0 0 0 0
Intergovernmental Pay able 77,886 0 0 0
Total Liabilities 77,886 0 0 0
Deferred Inflows of Resources:
Unavailable Amounts 17,692 0 41,480 0
Property Ta�cLevy farNext FiscalYear 203,093 0 0 0
Total Deferred Inflows of Resources 220,785 0 41,480 0
Fund Balances:
Restricted 926,398 17,501 52,824 53,649
Committed 0 0 0 0
Total Fund Balances 926,398 17,501 52,824 53,649
Total Liabilities,Deferred Inflows of
Resources and Fund Balances $ 1,225,069 $ 17,501 $ 94,304 $ 53,649
- 106 -
CITY OF WORTHINGTON
Law
Enfarcement
Ohio Opioid Court Clerk Convention and Continuing Bicentennial
Settlement Computer Visitor's Bureau Education Special Parks Trust
$ 7,086 $ ]90,502 $ 4,406 $ 18,030 $ 50,582 $ 76,386
0 576 0 0 0 0
0 0 471 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
$ 7,086 $ 191,078 $ 4,877 $ 18,030 $ 50,582 $ 76,386
$ 0 $ 233 $ 3,027 $ 0 $ 318 $ 0
0 0 0 0 0 0
0 0 0 0 0 0
0 233 3,027 0 318 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
7,086 190,845 0 18,030 0 0
0 0 1,850 0 50,264 76,386
7,086 190,845 1,850 18,030 50,264 76,386
$ 7,086 $ 191,078 $ 4,877 $ 18,030 $ 50,582 $ 76,386
(Continued)
- 107 -
CITY OF WORTHINGTON
Combining Balance Sheet
Nonmajor Special Revenue Funds
December 31, 2022
Total Nonmajar
Subdivision Performance Special
Trust Trust Revenue Funds
Assets:
Pooled Cash and Investments $ 0 $ 0 $ 2,041,247
Cash and Cash Equivalents in Segregated Accounts 14,966 21,887 37,429
Receivables:
Taxes 0 0 208,887
Accounts 0 0 9,105
Intergovernmental 0 0 565,036
Total Assets $ 14,966 $ 21,887 $ 2,861,704
Liabilities:
Accounts Payable $ 0 $ 0 $ 59,925
Accrued Wages and Benefits Payable 0 0 12,246
IntergovernmentalPayable 0 0 86,591
Total Liabilities 0 0 158,762
Deferred Inflows of Resources:
Una�ailable Amounts 0 0 386,120
Property Ta�c Levy for Next Fiscal Year 0 0 203,093
Total Deferred Inflows of Resources 0 0 589,213
Fund Balances:
Restricted 14,966 21,887 1,851,030
Committed 0 0 262,699
Total Fund Balances 14,966 21,887 2,ll3,729
Total Liabilities,Deferred Inflows of
Resources and Fund Balances $ 14,966 $ 21,887 $ 2,861,704
- 108 -
CITY OF WORTHINGTON
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
Street
Construction
M aintenance
and Repair State Highway Water Sanitary Sewer
Revenues:
Property Taxes $ 0 $ 0 $ 0 $ 0
Other Local Taxes 0 0 0 0
Intergovernmental Revenues 899,625 72,944 0 0
Charges for Services 0 0 41,318 38,521
Investment Earnings 0 0 0 0
Fines and Forfeitures 0 0 0 0
All Other Revenue 0 0 0 0
Total Revenues 899,625 72,944 41,318 38,521
Expenditures:
Current:
Security of Persons and Property 0 0 0 0
L,eisure Time Activities 0 0 0 0
Basic Utility Services 0 0 219,188 94,195
Transpartation 859,987 83,563 0 0
General Government 0 0 0 0
Total Expenclitures 859,987 83,563 219,188 94,195
Excess(Deficiency)of Revenues
Over(Under)E�enditures 39,638 (10,619) (177,870) (55,674)
Other Financing Sources(Uses):
Transfers In 0 25,000 175,000 40,000
Transfers Out 0 0 0 0
Total Other Financing Sources(Uses) 0 25,000 175,000 40,000
Net Change in Fund Balances 39,638 14,381 (2,870) (15,674)
Fund Balances at Beginning of Year 404,877 88,948 94,516 58,227
Fund Balances End of Year $ 444,515 $ 103,329 $ 91,646 $ 42,553
(Continued)
- 1�9 -
CITY OF WORTHINGTON
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
M unicip al
Law Motor Vehicle Enforcement
Police Pension Enforcement License Tax and Education
Revenues:
Property Taxes $ 203,808 $ 0 $ 0 $ 0
Other Local Taxes 0 0 0 0
Intergovernmental Revenues 24,313 0 120,652 0
Charges for Services 0 0 0 0
Investment Earnings 0 0 0 0
Fines and Forfeitures 0 0 0 600
All Other Revenue 0 0 0 0
Total Revenues 228,121 0 120,652 600
Expenditures:
Current:
Security of Persons and Property 684,034 0 0 0
L,eisure Time Activities 0 0 0 0
Basic Utility Services 0 0 0 0
Transp artation 0 0 0 0
General Government 0 0 0 0
Total Expenclitures 684,034 0 0 0
Excess(Deficiency)of Revenues
Over(Under)E�enditures (455,913) 0 120,652 600
Other Financing Sources(Uses):
Transfers In 728,859 0 0 0
Transfers Out 0 0 (140,000) 0
Total Other Financing Sources(Uses) 728,859 0 (140,000) 0
Net Change in Fund Balances 272,946 0 (19,348) 600
Fund Balances at Beginning of Year 653,452 17,501 72,172 53,049
Fund Balances End of Year $ 926,398 $ 17,501 $ 52,824 $ 53,649
- 110 -
CITY OF WORTHINGTON
Law
Enforcement
Ohio Opioid Court Clerk Convention and Continuing Bicentennial
Settlement Computer Visitor's Bureau Education Special Parks Trust
$ 0 $ 0 $ 0 $ 0 $ 0 $ 0
0 0 7,263 0 0 0
7,086 0 0 0 0 0
0 0 0 0 2,311 0
0 0 0 0 0 1,003
0 4,680 0 0 0 0
0 0 0 0 19,905 0
7,086 4,680 7,263 0 22,216 1,003
0 0 0 18,318 0 0
0 0 0 0 64,341 0
0 0 0 0 0 0
0 0 0 0 0 0
0 11,601 72,270 0 0 0
0 11,601 72,270 18,318 64,341 0
�,os6 �6,9ai� �6s,00�� �is,3is� �4a,ias� i,003
0 0 6s,000 0 0 0
0 0 0 0 0 0
0 0 6s,000 0 0 0
7,086 (6,921) (7) (18,318) (42,125) 1,003
0 197,766 1,857 36,348 92,389 75,383
$ 7,086 $ 190,845 $ 1,850 $ 18,030 $ 50,264 $ 76,386
(Continued)
- 111 -
CITY OF WORTHINGTON
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
Total Nonmajor
Subdivision Performance Special
Trust Trust Revenue Funds
Revenues:
Property Taxes $ 0 $ 0 $ 203,808
Other Local Taxes 0 0 7,263
Intergovernmental Revenues 0 0 1,124,620
Charges for Services 0 0 82,150
Investment Earnings 0 0 1,003
Fines and Forfeitures 0 0 5,280
All Other Revenue 3 23,897 43,805
Total Revenues 3 23,897 1,467,929
Espenditures:
Current:
Security of Persons and Property 0 0 702,352
Leisure Time Activities 0 0 64,341
Basic Utility Services 0 0 313,383
Transpartation 0 0 943,550
General Government 0 ll,010 94,881
Total Expenclitures 0 ll,010 2,ll8,507
Excess(Deficiency)of Revenues
Over(Under)E�enditures 3 12,887 (650,578)
Other Financing Sources(Uses):
Transfers In 0 0 1,033,859
Transfers Out 0 0 (140,000)
Total Other Financing Sources(Uses) 0 0 893,859
Net Change in Fund Balances 3 12,887 243,281
Fund Balances at Beginning of Year 14,963 9,000 1,870,448
Fund Balances End of Year $ 14,966 $ 21,887 $ 2,ll3,729
- 112 -
CITY OF WORTHINGTON
Combining Balance Sheet
Nonmajor Debt Service Funds
December 31, 2022
General Special
Obligation Assessment TotalNonmajor
Bond Bond Debt Service
Retirement Retirement Funds
Assets:
Pooled Cash and Investments $ 1,858,758 $ 278,448 $ 2,137,206
Receivables:
Taxes 118,102 0 ll 8,102
Intergovernmental 7,009 0 7,009
Total Assets $ 1,983,869 $ 278,448 $ 2,262,317
Liabilities:
Interfund Loans Payable $ 0 $ 153,738 $ 153,738
Total Liabilities 0 153,738 153,738
Deferred Inflows of Resources:
Unavailable Amounts 10,025 0 10,025
Property Tax Levy for Next Fiscal Year 115,086 0 ll 5,086
Total Deferred Inflows of Resources 125,111 0 125,111
Fund Balances:
Restricted 1,858,758 124,710 1,983,468
Total Fund Balances 1,858,758 124,710 1,983,468
Total Liabilities,Deferred Inflows of
Resources and Fund Balances $ 1,983,869 $ 278,448 $ 2,262,317
- 113 -
CITY OF WORTHINGTON
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Debt Service Funds
For the Year Ended December 31, 2022
General Special
Obligation Assessment Total Nonmajor
Bond Bond Debt Service
Retirement Retirement Funds
Revenues:
Property Taxes $ 115,491 $ 0 $ 115,491
Intergovernmental Revenues 13,778 0 13,778
Total Revenues 129,269 0 129,269
Expenclitures:
Debt Service:
Principal Retirement 670,000 0 670,000
Interest and Fiscal Charges 374,912 0 374,912
Total Expenditures 1,044,912 0 1,044,912
Excess(Deficiency)of Revenues
Over(Under)E�enditures (915,643) 0 (915,643)
Other Financing Sources(Uses):
Transfers In 732,322 0 732,322
Total Other Financing Sources(Uses) 732,322 0 732,322
Net Change in Fund Balances (183,321) 0 (183,321)
Fund Balances at Beginning of Year 2,042,079 124,710 2,166,789
Fund Balances End of Year $ 1,858,758 $ 124,710 $ 1,983,468
- 114 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance-Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds- General Fund
For the Year Ended December 31, 2022
variance witn
Final Budget
Original Positive
Budget Final Budget Actual (Negative)
Revenues:
Property Taxes $ 3,048,732 $ 3,080,448 $ 3,077,007 $ (3,441)
MunicipallncomeTaxes 21,502,166 21,502,166 26,578,133 5,075,967
Other L,ocal Taxes 5,100 5,100 3,727 (1,373)
Intergovernmental Revenues 745,232 744,825 882,542 137,717
Charges for Services 3,709,154 3,709,154 2,722,516 (986,638)
Licenses,Permits and Fees 496,500 496,500 409,506 (86,994)
Investment Earnings 350,000 350,000 394,819 44,819
Fines and Forfeitures 150,000 150,000 52,939 (97,061)
All Other Revenues 269,571 269,571 390,494 120,923
Total Revenues 30,276,455 30,307,764 34,511,683 4,203,919
Expenditures:
Security of Persons and Property:
Police-Administration:
Personal Services 582,864 532,864 441,109 91,755
Nonpersonnel 541,402 565,402 432,278 133,124
Total Police-Administration 1,124,266 1,098,266 873,387 224,879
Police-Community Service:
Personal Services 5,388,783 5,452,283 5,060,687 391,596
Nonpersonnel 45,262 45,262 40,836 4,426
Total Police-Community Service 5,434,045 5,497,545 5,101,523 396,022
Police-Support Service:
Personal Services 459,132 459,132 376,733 82,399
Total Police-Suppart Service 459,132 459,132 376,733 82,399
Fire-Administration:
Personal Services 273,509 273,509 257,207 16,302
Nonpersonnel 160,276 160,276 146,818 13,458
Total Fire-Administration 433,785 433,785 404,025 29,760
Fire-Operations:
Personal Services 6,354,320 6,299,366 6,043,280 256,086
Nonpersonnel 357,140 532,140 526,545 5,595
Total Fire-Operations 6,711,460 6,831,506 6,569,825 261,681
Fire-Training and Prevention:
Personal Services 208,212 208,165 178,668 29,497
Nonpersonnel 27,758 27,758 26,000 1,758
Total Fire-Training and Prevention 235,970 235,923 204,668 31,255
(Continued)
- 115 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance-Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds- General Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Original Positive
Budget Final Budget Actual (Negative)
911 Dispatch:
Nonpersonnel 755,000 755,000 752,799 2,201
Total9ll Dispatch 755,000 755,000 752,799 2,201
Total Security ofPersons andProperty 15,153,658 15,311,157 14,282,960 1,028,197
Public Health and Welfare Services:
Board of Health:
Nonpersonnel 95,625 95,625 95,550 75
Total Public Health and Welfare Services 95,625 95,625 95,550 75
L,eisure Time Activities:
Parks and Recreation-Administration:
Personal Services 249,456 249,456 197,637 51,819
Nonpersonnel 46,209 66,209 48,590 17,619
Total Parks and Recreation-Administration 295,665 315,665 246,227 69,438
Parks Mamtenance:
Personal Services 976,552 916,952 839,859 77,093
Nonpersonnel 344,599 404,199 392,982 11,217
Total Parks Maintenance 1,321,151 1,321,151 1,232,841 88,310
Community Center Programs:
Personal Services 2,186,418 2,171,318 2,072,839 98,479
Nonpersonnel 976,255 1,066,955 957,801 109,154
TotalCommunityCenterPrograms 3,162,673 3,238,273 3,030,640 207,633
Recreation Programs:
Personal Services 636,924 656,924 381,731 275,193
Nonpersonnel 349,551 336,551 264,957 71,594
Total Recreation Programs 986,475 993,475 646,688 346,787
Senior Citizen Programs:
Personal Services 403,563 380,963 226,648 154,315
Nonpersonnel 77,129 77,129 56,508 20,621
Total Senior Citizen Programs 480,692 458,092 283,156 174,936
Total Leisure Time Activities 6,246,656 6,326,656 5,439,552 887,104
Community Environment:
Planning and Building.
Personal Services 705,773 705,773 690,191 15,582
Nonpersonnel 322,507 322,507 312,630 9,877
Total Community Environment 1,028,280 1,028,280 1,002,821 25,459
(Continued)
- 116 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance-Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds- General Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Original Positive
Budget Final Budget Actual (Negative)
Basic Utility Services:
Refuse:
Nonpersonnel 1,343,427 1,343,427 1,279,880 63,547
Total Basic Utility Services 1,343,427 1,343,427 1,279,880 63,547
General Government:
Personnel:
Personal Services 525,187 625,187 598,161 27,026
Nonpersonnel 67,5 ll 77,511 64,698 12,813
Total Personnel 592,698 702,698 662,859 39,839
Finance and Taxation:
Personal Services 544,442 544,442 497,939 46,503
Nonpersonnel 1,506,008 1,571,008 1,524,816 46,192
Total Finance and Taxation 2,050,450 2,115,450 2,022,755 92,695
Legislative and Clerk:
Personal Services 89,399 90,399 83,797 6,602
Nonpersonnel 126,815 126,815 95,251 31,564
Total Legislative and Clerk 216,214 217,214 179,048 38,166
Law:
Personal Services 296,071 296,071 292,275 3,796
Nonpersonnel 409,915 784,915 763,735 21,180
Total Law 705,986 1,080,986 1,056,010 24,976
Mayar and Mayars Court:
Personal Services 151,967 190,017 166,489 23,528
Nonpersonnel 19,798 19,798 9,265 10,533
Total Mayor and Mayors Court 171,765 209,815 175,754 34,061
Economic Development:
PersonalServices 180,053 180,053 178,877 1,176
Nonpersonnel 62,778 62,778 56,211 6,567
Total Economic Development 242,831 242,831 235,088 7,743
Management Information Systems:
Personal Services 536,858 536,858 523,355 13,503
Nonpersonnel 227,139 267,139 265,471 1,668
Total Management Information Systems 763,997 803,997 788,826 15,171
(Continued)
- 117 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance-Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds- General Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Original Positive
Budget Final Budget Actual (Negative)
Service/Engineering-Administration:
Personal Services 1,025,059 1,025,059 938,953 86,106
Nonpersonnel 344,227 344,227 338,252 5,975
Total Service/Engineering-Administration 1,369,286 1,369,286 1,277,205 92,081
Service/Engineering-Buildings and Structures:
Personal Services 327,631 327,631 323,815 3,816
Nonpersonnel 347,104 347,104 328,167 18,937
Total Service/Engineering-Buildings and Structures 674,735 674,735 651,982 22,753
Service/Engineering-Grounds M aintenance:
Personal Services 625,881 580,881 431,165 149,716
Nonpersonnel 333,890 333,890 273,342 60,548
Total Service/Engineering-Grounds Maintenance 959,771 914,771 704,507 210,264
Service/Engineering-Sanitation:
Nonpersonnel 26,430 26,430 26,189 241
Total Service/Engineering-Sanitation 26,430 26,430 26,189 241
Service/Engineering-Fleet Maintenance:
Personal Services 148,840 148,840 145,806 3,034
Nonpersonnel 189,476 209,476 20],806 7,670
Total Service/Engineering-Fleet Maintenance 338,316 358,316 347,612 10,704
Cultural Arts Center:
Nonpersonnel 264,128 264,128 257,500 6,628
Total Cultural Arts Center 264,128 264,128 257,500 6,628
Administration:
Personal Services 857,657 879,407 811,082 68,325
Nonpersonnel 132,905 133,905 ll 5,242 18,663
Total Administration 990,562 1,013,312 926,324 86,988
General Miscellaneous:
Nonpersonnel 367,887 373,887 315,977 57,910
Total General Miscellaneous 367,887 373,887 315,977 57,910
Total General Government 9,735,056 10,367,856 9,627,636 740,220
Total Eapenditures 33,602,702 34,473,001 31,728,399 2,744,602
Excess(Deficiency)ofRevenues
Over(Under)Eapenditures (3,326,247) (4,165,237) 2,783,284 6,948,521
(Continued)
- 11g -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds— General Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Original Positive
Budget Final Budget Actual (Negative)
Other Financing Sources(Uses):
Transfers In 0 0 1,695,147 1,695,147
Transfers Out (555,000) (5,030,000) (5,030,000) 0
Total Other Financing Sources(Uses) (555,000) (5,030,000) (3,334,853) 1,695,147
Net Change in Fund Balance (3,881,247) (9,195,237) (551,569) 8,643,668
Fund Balance at Beginning of Year 18,190,565 18,190,565 18,190,565 0
Prior Year Encumbrances 1,336,051 1,336,051 1,336,051 0
Fund Balance at End of Year $ 15,645,369 $ 10,331,379 $ 18,975,047 $ 8,643,668
- 119 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds— Capital Projects Fund— Ta�Increment Financing Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Property TaYes $ 619,000 $ 1,028,127 $ 409,127
All Other Revenues 0 1,620 1,620
Total Revenues 619,000 1,029,747 410,747
Expenclitures:
General Government:
Nonpersonnel 2,522,906 2,405,056 117,850
Total Eapenditures 2,522,906 2,405,056 117,850
Net Change in Fund Balance (1,903,906) (1,375,309) 528,597
Fund Balance at Beginning of Year 711,329 711,329 0
Priar Year Encumbrances 1,762,256 1,762,256 0
Fund Balance at End of Year $ 569,679 $ 1,098,276 $ 528,597
- 120 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds— Capital Projects Fund— Capital Improvement Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
MunicipalIncomeTaxes $ 5,375,542 $ 6,639,710 $ 1,264,168
Intergovernmental Revenues 0 188,642 188,642
Special Assessments 40,000 44,035 4,035
All Other Revenues 150,000 2,644,550 2,494,550
Total Revenues 5,565,542 9,516,937 3,951,395
Expenditures:
General Government:
Nonpersonnel 524,900 482,119 42,781
Capital Outlay:
Nonpersonnel 13,589,663 13,029,619 560,044
Debt Service:
Principal Retirement 155,665 151,196 4,469
Total Expenditures 14,270,228 13,662,934 607,294
Excess(Deficiency)of Revenues
Over(Under)Eapenditures (8,704,686) (4,145,997) 4,558,689
Other Financing Sources(Uses):
Transfers Out (737,322) (732,322) 5,000
Total Other Financing Sources(Uses) (737,322) (732,322) 5,000
Net Change in Fund Balance (9,442,008) (4,878,319) 4,563,689
Fund Balance at Beginning of Year 5,674,348 5,674,348 0
Prior Year Encumbrances 6,880,764 6,880,764 0
Fund Balance at End of Year $ 3,ll3,104 $ 7,676,793 $ 4,563,689
- 121 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
PROPERTY AS S ES S ED CT.EAN ENERGY FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Special Assessments $ 33,000 $ 32,977 $ (23)
Total Revenues 33,000 32,977 (23)
Expenditures:
General Government:
Nonpersonnel 33,000 32,977 23
Total Expenditures 33,000 32,977 23
Net Change in Fund Balance 0 0 0
Fund Balance at Beginning of Year 0 0 0
Fund Balance at End of Year $ 0 $ 0 $ 0
- 122 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
ra�oi.t.�s�vE Fvlvn
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Total Revenues $ 0 $ 0 $ 0
Expenclitures:
Total Eapenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)E�penditures 0 0 0
Other Financing Sources(Uses):
Transfers In 50,000 50,000 0
Total Other Financing Sources(Uses) 50,000 50,000 0
Net Change in Fund Balance 50,000 50,000 0
Fund Balance at Beginning of Year 0 0 0
Fund Balance at End of Year $ 50,000 $ 50,000 $ 0
- 123 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
STREET CONSTRUCTION,MAINTINANCEAND REPAIRFUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 990,000 $ 901,783 $ (88,217)
Total Revenues 990,000 901,783 (88,217)
Expenclitures:
Transportation:
Personal Services 715,208 666,099 49,109
Nonpersonnel 210,012 205,932 4,080
Total Expenditures 925,220 872,031 53,189
Net Change in Fund Balance 64,780 29,752 (35,028)
Fund Balance at Beginning of Year 261,218 261,218 0
Prior Year Encumbrances 13,938 13,938 0
Fund Balance at End of Year $ 339,936 $ 304,908 $ (35,028)
- 124 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
S TATE ffiGHWAY FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 85,000 $ 73,ll7 $ (11,883)
Total Revenues 85,000 73,ll7 (11,883)
Expenditures:
Transportation:
Personal Services 87,570 83,419 4,151
Nonpersonnel 25,000 0 25,000
Total Eapenditures 112,570 83,419 29,151
Excess(Deficiency)of Revenues
Over(Under)E�enditures (27,570) (10,302) 17,268
Other Financing Sources(Uses):
Transfers In 0 25,000 25,000
Total Other Financing Sources(Uses) 0 25,000 25,000
Net Change in Fund Balance (27,570) 14,698 42,268
Fund Balance at Beginning of Year 78,827 78,827 0
Priar Year Encumbrances 56 56 0
Fund Balance at End of Year $ 51,313 $ 93,581 $ 42,268
- 125 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
WATER FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Charges far Services $ 45,500 $ 41,328 $ (4,172)
Total Revenues 45,500 41,328 (4,172)
Expenditures:
Basic Utility Services:
Personal Services 59,624 58,668 956
Nonp ersonnel 164,301 164,301 0
Total Expenditures 223,925 222,969 956
Excess(Deficiency)of Revenues
Over(Under)E�enditures (178,425) (181,641) (3,216)
Other Financing Sources(Uses):
Transfers In 180,000 175,000 (5,000)
Total Other Financing Sowces(Uses) 180,000 175,000 (5,000)
Net Change in Fund Balance 1,575 (6,641) (8,216)
Fund Balance at Beginning of Year 90,9ll 90,9ll 0
Priar Year Encumbrances 1,829 1,829 0
Fund Balance at End of Year $ 94,315 $ 86,099 $ (8,216)
- 126 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
S ANITARY S EWER FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Charges for Services $ 45,500 $ 38,599 $ (6,901)
Total Revenues 45,500 38,599 (6,901)
Expenclitures:
Basic Utility Services:
Personal Services 63,319 62,318 1,001
Nonpersonnel 39,799 39,146 653
Total Expenditures 103,ll8 101,464 1,654
Excess(Deficiency)of Revenues
Over(Under)Eapenditures (57,618) (62,865) (5,247)
Other Financing Sources(Uses):
Transfers In 40,000 40,000 0
Total Other Financing Sources(Uses) 40,000 40,000 0
Net Change in Fund Balance (17,618) (22,865) (5,247)
Fund Balance at Beginning of Year 48,397 48,397 0
Priar Year Encumbrances 13,022 13,022 0
Fund Balance at End of Year $ 43,801 $ 38,554 $ (5,247)
- 127 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
POLICE PENS ION FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Property Ta�ces $ 204,036 $ 203,808 $ (228)
Intergovernmental Revenues 24,347 24,313 (34)
Total Revenues 228,383 228,121 (262)
Expenclitures:
Security of Persons and Property:
Personal Services 775,000 673,530 101,470
Total Expenditures 775,000 673,530 101,470
Excess(Deficiency)of Revenues
Over(Under)Expenditares (546,617) (445,409) 101,208
Other Financing Sources(Uses):
Transfers In 600,000 728,859 128,859
Total Other Financing Sources(Uses) 600,000 728,859 128,859
Net Change in Fund Balance 53,383 283,450 230,067
Fund Balance at Beginning of Year 720,834 720,834 0
Fund Balance at End of Year $ 774,217 $ 1,004,284 $ 230,067
- 128 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
LAW ENFORCEMINT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
All Other Revenues $ 2,500 $ 0 $ (2,500)
Total Revenues 2,500 0 (2,500)
Expenclitures:
Security of Persons and Property:
Personal Services 2,500 0 2,500
Total Expenditures 2,500 0 2,500
Net Change in Fund Balance 0 0 0
Fund Balance at Beginning of Year 17,501 17,501 0
Fund Balance at End of Year $ 17,501 $ 17,501 $ 0
- 129 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
MUNICIPAL MOTOR VF.IIICLE LICENS E TAX FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 120,000 $ 119,409 $ (591)
Total Revenues 120,000 119,409 (591)
Expenclitures:
Total Expenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)EYpenditures 120,000 119,409 (591)
Other Financing Sources(Uses):
Transfers Out (150,000) (140,000) 10,000
Total Other Financing Sources(Uses) (150,000) (140,000) 10,000
Net Change in Fund Balance (30,000) (20,591) 9,409
Fund Balance at Beginning of Year 52,675 52,675 0
Fund Balance at End of Year $ 22,675 $ 32,084 $ 9,409
- 130 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
ENFORCEMENT AND EDUCATION FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Fines and Forfeitures $ 2,500 $ 575 $ (1,925)
Total Revenues 2,500 575 (1,925)
Expenditures:
Security of Persons and Property:
Nonpersonnel 3,500 0 3,500
Total E�penditures 3,500 0 3,500
Net Change in Fund Balance (1,000) 575 1,575
Fund Balance at Beginning of Year 53,049 53,049 0
Fund Balance at End of Year $ 52,049 $ 53,624 $ 1,575
- 131 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
AMERICAN RESCUE PLAN ACT(ARPA)FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 780,499 $ 775,646 $ (4,853)
Total Revenues 780,499 775,646 (4,853)
Expenditures:
Security ofPersons andProperty:
Personal Services 1,550,000 1,545,147 4,853
Total Eapenditures 1,550,000 1,545,147 4,853
Net Change in Fund Balance (769,501) (769,501) 0
Fund Balance at Beginning of Year 769,501 769,501 0
Fund Balance at End of Year $ 0 $ 0 $ 0
- 132 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
OHIO OPIOID SETTI.F.MENT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 0 $ 7,086 $ 7,086
Total Revenues 0 7,086 7,086
Expenditures:
Total Etpenditures 0 0 0
Net Change in Fund Balance 0 7,086 7,086
Fund Balance at Beginning of Year 0 0 0
Fund Balance at End of Year $ 0 $ 7,086 $ 7,086
- 133 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
COURT CLERK COMPUTER FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Fines and Forfeitures $ 20,000 $ 4,410 $ (15,590)
Total Revenues 20,000 4,410 (15,590)
Expenditures:
General Government:
Nonpersonnel 14,193 12,097 2,096
Total E�penditures 14,193 12,097 2,096
Net Change in Fund Balance 5,807 (7,687) (13,494)
Fund Balance at Beginning of Year 197,028 197,028 0
Prior Year Encumbrances 493 493 0
Fund Balance at End of Year $ 203,328 $ 189,834 $ (13,494)
- 134 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
ECONOMIC DEVELOPMENT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
All Other Revenues $ 20,000 $ 14,000 $ (6,000)
Total Revenues 20,000 14,000 (6,000)
Expenditures:
Community Environment:
Nonpersonnel 508,157 361,566 146,591
Total Expenditures 508,157 361,566 146,591
Excess(Deficiency)of Revenues
Over(Under)E�penditures (488,157) (347,566) 140,591
Other Financing Sources(Uses):
Transfers In 300,000 300,000 0
Total Other Financing Sources(Uses) 300,000 300,000 0
Net Change in Fund Balance (188,157) (47,566) 140,591
Fund Balance at Beginning of Year 299,302 299,302 0
Prior Year Encumbrances 115,157 115,157 0
Fund Balance at End of Year $ 226,302 $ 366,893 $ 140,591
- 135 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
CONVENTION AND VISITOR'S BURF.AUFUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Other L,ocal Ta�ces $ 9,900 $ 72,235 $ 62,335
Total Revenues 9,900 72,235 62,335
Expenditures:
General Government:
Nonpersonnel 71,850 71,850 0
Total E�penditures 71,850 71,850 0
Excess(Deficiency)of Revenues
Over(Under)E�penditures (61,950) 385 62,335
Other Financing S ources(Uses):
Transfers In 65,000 0 (65,000)
Total Other Financing Sources(Uses) 65,000 0 (65,000)
Net Change in Fund Balance 3,050 385 (2,665)
Fund Balance at Beginning of Year 1,846 1,846 0
Priar Year Encumbrances 1,850 1,850 0
Fund Balance at End of Year $ 6,746 $ 4,081 $ (2,665)
- 136 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
LAW ENFORCEMENT CONTINUING EDUCATION FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 20,000 $ 18,318 $ (1,682)
Total Revenues 20,000 18,318 (1,682)
Expenditures:
Security of Persons and Property:
Personal Services 20,000 18,318 1,682
Total E�penditures 20,000 18,318 1,682
Net Change in Fund Balance 0 0 0
Fund Balance at Beginning of Year 18,030 18,030 0
Fund Balance at End of Year $ 18,030 $ 18,030 $ 0
- 137 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
S PECIAL PARKS FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Charges far Services $ 5,000 $ 2,311 $ (2,689)
All Other Revenues 0 19,905 19,905
Total Revenues 5,000 22,216 17,216
Expenditures:
Leisure Time Activities:
Nonpersonnel 76,088 76,089 (1)
Total Etpenditures 76,088 76,089 (1)
Excess(Deficiency)of Revenues
Over(Under)Expenditures (71,088) (53,873) 17,215
Other Financing Sources(Uses):
Transfers In 5,000 0 (5,000)
Total Other Financing Sources(Uses) 5,000 0 (5,000)
Net Change in Fund Balance (66,088) (53,873) 12,215
Fund Balance at Beginning of Year 86,793 86,793 0
Priar Year Encumbrances 6,088 6,088 0
Fund Balance at End of Year $ 26,793 $ 39,008 $ 12,215
- 138 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Special Revenue Funds
For the Year Ended December 31, 2022
BICENTENNIAL TRUS T FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Investment Earnings $ 250 $ 1,003 $ 753
Total Revenues 250 1,003 753
Espenditures:
Total Etpenditures 0 0 0
Net Change in Fund Balance 250 1,003 753
Fund Balance at Beginning of Year 75,383 75,383 0
Fund Balance at End of Year $ 75,633 $ 76,386 $ 753
- 139 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Debt Service Funds
For the Year Ended December 31, 2022
GENERAI.OBLIGATION BOND RETII2EMINT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Property Ta�ces $ ll5,620 $ 115,491 $ (129)
Intergovernmental Revenues 13,797 13,778 (19)
Total Revenues 129,417 129,269 (148)
Expenditures:
Debt Service:
Principal Retirement 670,000 670,000 0
Interest and Fiscal Charges 415,000 380,000 35,000
Total E�enditures 1,085,000 1,050,000 35,000
Excess(Deficiency)of Revenues
Over(Under)E�penditures (955,583) (920,731) 34,852
Other Financing Sources(Uses):
Transfers In 1,047,970 732,322 (315,648)
Total Other Financing Sources(Uses) 1,047,970 732,322 (315,648)
Net Change in Fund Balance 92,387 (188,409) (280,796)
Fund Balance at Beginning of Year 2,042,079 2,042,079 0
Fund Balance at End of Year $ 2,134,466 $ 1,853,670 $ (280,796)
- 140 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Debt Service Funds
For the Year Ended December 31, 2022
S PECIAL AS S ES S MF.NT BOND RETII2EMENT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Total Revenues $ 0 $ 0 $ 0
Expenditures:
Total E�enditures 0 0 0
Net Change in Fund Balance 0 0 0
Fund Balance at Beginning of Year 278,448 278,448 0
Fund Balance at End of Year $ 278,448 $ 278,448 $ 0
- 141 -
CITY OF WORTHINGTON
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Nonmajor Capital Projects Funds
For the Year Ended December 31, 2022
TRUNK S EWER FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Total Revenues $ 0 $ 0 $ 0
Expenditures:
Total Elpenditures 0 0 0
Net Change in Fund Balance 0 0 0
Fund Balance at Beginning of Year 375,149 375,149 0
Fund Balance at End of Year $ 375,149 $ 375,149 $ 0
- 142 -
CITY OF WORTHINGTON
Fiduciary Funds
Fiduciary fund types are used to account for assets held by the City in a trustee capacity or as
an agent for individuals,private organizations, other governmental units and/or other funds.
Custodial Funds
Mayor's Court Fund
To account for funds that flow through the City's Mayor's Court.
Accrued Acreage Benefit Fund
To account for sewer system capacity charges collected and remitted to the City of
Columbus.
Ohio Board of Building Standards (OBBS) Fund
To account for the three percent surcharge levied on building permits issued in the City
of Worthington by the State of Ohio and the one percent surcharge levied on residential
permits. These funds are distributed to the State of Ohio on a monthly basis.
Sharon Township JEDD Fund
To account for the receipt and disbursement of income tax revenue pursuant to The Joint
Economic Development District Agreement with Sharon Township.
- 143 -
CITY OF WORTHINGTON
Combining Statement of Net Position
Custodial Funds
December 31, 2022
Accrued
Mayor's Court Acreage Benefit OBBS
Assets:
Pooled Cash and Investments $ 0 $ 8,066 $ 1,935
Cash and Cash Equivalents in Segregated Accounts 2,880 0 0
Receivables:
Property TaYes 0 0 0
Total Assets 2,880 8,066 1,935
Liabilities:
Intergovernmental Payable 2,851 8,066 1,935
Undistributed M onies 29 0 0
Total Liabilities 2,880 8,066 1,935
Net Position:
Total Net Position $ 0 $ 0 $ 0
- 144 -
CITY OF WORTHINGTON
Sharon
Township Total Custodial
JEDD Funds
$ 37,237 $ 47,238
0 2,880
24,264 24,264
61,501 74,382
61,501 74,353
0 29
61,501 74,382
$ 0 $ 0
- 145 -
CITY OF WORTHINGTON
Combining Statement of Changes in Net Position
Custodial Funds
For the Year Ended December 31, 2022
Accrued
Mayor's Court Acreage Benefit OBBS
Additions:
Fines and Forfeitwe Collections for other Governments $ 24,980 $ 0 $ 0
Fee Collections for other Governments 0 19,205 3,223
Income Tax Collections for other Governments 0 0 0
Total Additions 24,980 19,205 3,223
Deductions:
Distribution of Fines and Forfeitures to other Governments 24,980 0 0
Distribution of Fees to other Governments 0 19,205 3,223
Distribution of Income Taxes to other Governments 0 0 0
Total Deductions 24,980 19,205 3,223
Net Position at Beginning of Year 0 0 0
Net Position End of Year $ 0 $ 0 $ 0
- 146 -
CITY OF WORTHINGTON
Sharon
Township Total Custodial
JEDD Funds
$ 0 $ 24,980
0 22,428
110,997 110,997
1 l 0,997 158,405
0 24,980
0 22,428
110,997 110,997
110,997 158,405
0 0
$ 0 $ 0
- 147 -
CITY OF WORTHINGTON
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- 148 -
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CITY OF WORTHINGTON, OHIO
STA TISTICAL TABLES
This part of the City's annual comprehensive financial report presents detailed
information as a context for understanding what the information in the financial
statements, note disclosures, and required supplementary information says about
the City's overall financial health.
Contents
Financial Trends S 2—S 13
These schedules contain trend information to help the reader understand how
the City's financial position has changed over time.
Revenue Capacity S 14—S 17
These schedules contain information to help the reader understand and assess
the factors affecting the City's ability to generate its most significant local
revenue source,the income tax.
Debt Capacity S 18—S 25
These schedules present information to help the reader assess the affordability
of the City's current levels of outstanding debt and the City's ability to issue
additional debt in the future.
Economic and Demographic Information S 26—S 29
These schedules offer economic and demographic indicators to help the reader
understand the environment within which the City's financial activities take
place and to provide information that facilitates comparisons of financial
information over time and among governments.
Operating Information S 30—S 35
These schedules contain service and infrastructure data to help the reader
understand how the information in the City's financial report relates to the
services the City provides and the activities it performs.
Sources Note:
Unless otherwise noted, the information in these schedules is derived from the
comprehensive annual financial reports for the relevant year.
- 51 -
CITY OF WORTHINGTON
Net Position by Component
Last Ten Years
(accrual basis of accountin�
* *
2013 2014 2015 2016
Governmental Activities:
Net Investment in Capital Assets $33,117,458 $34,341,581 $36,040,343 $35,066,291
Restricted 2,916,767 2,580,781 2,737,671 3,738,858
Unrestricted 16,946,414 (154,676) 905,477 (43,393)
Total Primary Government Net Position $52,980,639 $36,767,686 $39,683,491 $38,761,756
Source: City Finance Director's Off�ice
* As Restated
- 52 -
CITY OF WORTHINGTON
* *
201� 2o1g 2019 2020 2021 2022
$35,853,600 $35,598,171 $40,987,801 $43,582,235 $42,224,296 $42,309,190
3,882,091 4,193,594 4,466,757 6,240,586 7,735,188 7,354,826
(18,845,342) (19,184,400) (9,014,333) (11,527,739) 2,199,847 16,226,383
$20,890,349 $20,607,365 $36,440,225 $38,295,082 $52,159,331 $65,890,399
- 53 -
CITY OF WORTHINGTON
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2013 2014 2015
Expenses
Governmental Acrivities:
SecurityofPersonsandProperty $10,782,636 $11,222,523 $12,601,769
Public Health and Welfare Services 43,301 54,180 54,045
Leisure Time Activities 4,194,404 4,513,699 5,681,219
Community Environment 526,119 765,040 844,283
Basic Utility Services 1,867,611 2,107,884 1,109,835
Transpartation 1,871,571 2,141,898 2,075,204
General Government 8,346,511 8,510,482 7,068,167
Interest and Fiscal Charges 302,813 277,281 227,741
Total Primary Government Expenses $27,934,966 $29,592,987 $29,662,263
Program Revenues
Governmental Activities:
Charges for Services
SecurityofPersonsandProperty $1,420,899 $1,439,086 $1,327,412
Leisure Time Activities 2,124,088 2,137,502 2,172,924
Community Environment 254,565 251,870 222,788
Basic Utility Services 96,930 89,176 89,176
Transportation 180 0 5,085
General Government 0 2,500 0
Operating Grants and Contributions 940,889 938,914 1,261,922
Capital Grants and Contributions 306,729 447,271 0
Total Primary Government Program Revenues 5,144,280 5,306,319 5,079,307
- 54-
CITY OF WORTHINGTON
2oi6 2oi� 2o1g 2oi9 2020 2o2i 2022
$13,827,841 $14,453,396 $16,168,159 $2,035,677 $17,242,042 $14,606,693 $14,131,522
42,559 73,770 63,000 66,153 70,000 73,500 77,175
6,019,675 6,474,760 6,814,845 7,152,692 5,741,663 2,739,808 4,522,433
1,098,121 1,028,043 1,281,355 1,250,129 1,416,432 1,146,825 798,112
1,079,883 1,379,682 1,343,620 1,220,625 1,449,751 1,191,753 1,542,317
2,457,842 2,709,083 2,505,597 2,468,187 2,518,695 1,896,851 2,242,682
7,620,278 8,187,827 9,716,823 10,307,088 9,944,001 6,593,619 8,936,089
147,987 199,009 211,215 307,499 251,019 479,024 313,333
$32,294,186 $34,505,570 $38,104,614 $24,808,050 $38,633,603 $28,728,073 $32,563,663
$1,354,344 $1,358,886 $1,348,441 $1,252,362 $1,289,186 $1,285,974 $1,084,356
2,211,620 2,283,207 2,336,946 2,419,580 947,495 1,090,551 1,607,263
243,883 245,942 274,635 320,305 242,354 296,274 240,995
90,730 90,196 80,161 80,997 82,826 79,633 79,839
0 251 56 0 70,807 0 0
2 2 40,329 47,225 43,407 53,426 66,544
1,202,627 934,301 900,969 1,199,369 2,461,136 1,173,570 2,647,343
0 0 612,321 2,889,715 772,295 1,173,144 818,192
5,103,206 4,912,785 5,593,858 8,209,553 5,909,506 5,152,572 6,544,532
(continued)
- SS -
CITY OF WORTHINGTON
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2013 2014 2015
Net(Expense)/Revenue
Governmental Activities (22,790,686) (24,286,668) (24,582,956)
Total Primary Government Net(Expense)/Revenue ($22,790,686) ($24,286,668) ($24,582,956)
General Revenues and Other Changes in Net Position
Governmental Activities:
Property Taxes $2,536,180 $2,396,954 $2,503,244
Municipal Income Taxes 22,144,863 23,636,768 23,428,075
Other Local Taxes 205,573 203,099 233,061
Intergovernmental Revenue,Unrestricted 1,267,009 929,797 788,376
Investment Earnings 40,171 34,359 203,962
Miscellaneous 698,637 522,245 342,043
Total Primary Government $26,892,433 $27,723,222 $27,498,761
Change in Net Position
Governmental Activities $4,101,747 $3,436,554 $2,915,805
Total Primary Government Change in Net Position $4,101,747 $3,436,554 $2,915,805
Source: City Finance Director's Office
- 56 -
CITY OF WORTHINGTON
2oi6 2oi� 2o1g 2oi9 2020 2o2i 2022
(27,190,980) (29,592,785) (32,510,756) (16,598,497) (32,724,097) (23,575,501) (26,019,131)
($27,190,980) ($29,592,785) ($32,510,756) ($16,598,497) ($32,724,097) ($23,575,501) ($26,019,131)
$2,758,956 $2,800,084 $3,441,389 $3,487,243 $3,639,209 $4,252,861 $4,420,313
25,006,898 27,009,943 26,986,800 26,745,221 26,770,166 31,731,764 33,760,465
217,345 185,435 97,172 15,587 73,905 83,170 81,306
771,640 722,404 724,696 872,887 785,472 943,170 917,986
170,700 119,705 365,681 767,218 459,424 (10,604) (20,870)
382,161 581,837 548,212 543,201 2,850,778 439,389 590,999
$29,307,700 $31,419,408 $32,163,950 $32,431,357 $34,578,954 $37,439,750 $39,750,199
$2,ll6,720 $1,826,623 ($346,806) $15,832,860 $1,854,857 $13,864,249 $13,731,068
$2,ll6,720 $1,826,623 ($346,806) $15,832,860 $1,854,857 $13,864,249 $13,731,068
- 57 -
CITY OF WORTHINGTON
Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016
General Fund
Nonspendable $31,479 $35,051 $32,704 $34,855
Restricted 0 0 0 0
Committed 682,314 607,031 504,457 540,221
Assigned 825,172 396,974 826,160 947,624
Unassigned 8,891,886 11,124,927 11,614,096 12,425,887
Total General Fund 10,430,851 12,163,983 12,977,417 13,948,587
All Other Governmental Funds
Nonspendable 56,291 56,556 58,609 57,314
Restricted 2,303,163 2,420,720 2,584,213 3,023,840
Committed 6,443,142 6,753,563 7,153,824 7,970,436
Assigned 0 0 0 0
Unassigned (28,441) 0 0 0
Total All Other Governmental Funds 8,774,155 9,230,839 9,796,646 11,051,590
Total Governmental Funds $19,205,006 $21,394,822 $22,774,063 $25,000,177
Source: City Finance Director's Office
* As Restated
- 58 -
CITY OF WORTHINGTON
*
201� 2o1g 2019 2020 2021 2022
$34,398 $96,443 $84,753 $103,272 $1,000,184 $830,769
0 0 0 0 0 0
587,181 569,887 703,685 706,580 431,364 611,646
1,463,862 2,521,541 3,382,414 3,538,550 3,166,205 6,472,165
14,042,149 13,668,594 14,218,139 16,511,559 19,137,062 19,287,621
16,127,590 16,856,465 18,388,991 20,859,961 23,734,815 27,202,201
64,131 59,897 59,158 67,083 75,060 81,744
3,052,161 5,601,770 3,747,734 5,424,954 6,915,456 6,497,079
9,443,727 5,137,576 4,206,241 2,572,217 12,ll0,986 16,567,928
0 0 0 0 0 0
0 0 0 0 0 0
12,560,019 10,799,243 8,013,133 8,064,254 19,101,502 23,146,751
$28,687,609 $27,655,708 $26,402,124 $28,924,215 $42,836,317 $50,348,952
- 59 -
CITY OF WORTHINGTON
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016
Revenues:
Property Taxes $2,547,500 $2,408,615 $2,533,210 $2,712,413
Municipal Income Taxes 21,968,120 23,531,714 23,573,223 25,181,744
Other Local Taxes 205,573 203,099 233,061 217,345
Intergovernmental Revenues 2,440,227 2,225,148 1,638,930 1,914,292
Charges for Services 3,340,517 3,370,997 3,305,918 3,376,707
Licenses,Permits and Fees 472,788 503,885 453,276 519,593
Investment Eamings 40,171 34,359 203,962 170,700
Special Assessments 16,715 33,698 17,946 22,569
Fines and Forfeitures 297,008 273,465 192,953 168,407
All Other Revenue 485,056 276,133 137,832 109,590
Total Revenue 31,813,675 32,861,113 32,290,311 34,393,360
Expenditures:
Current:
Security of Persons and Property 10,367,348 10,576,062 11,862,349 11,870,390
Public Health and Welfare Services 43,301 54,180 54,045 42,559
Leisure Time Activities 3,732,335 3,908,091 5,194,138 5,303,025
Community Environment 504,927 626,798 818,167 1,046,297
Basic Utility Services 1,868,434 2,009,604 1,109,619 1,076,461
Transportation 779,038 881,852 905,003 1,046,176
General Government 8,296,165 7,909,130 6,929,128 7,465,688
CapitalOutlay 3,269,024 4,331,815 3,435,649 3,368,398
Debt Service:
Principal Retirement 2,482,810 2,506,715 6,949,119 2,418,237
Interest and Fiscal Charges 264,977 239,866 278,853 90,015
Total Expenditures 31,608,359 33,044,113 37,536,070 33,727,246
Excess(Deficiency)of Revenues
Over Expenditures 205,316 (183,000) (5,245,759) 666,114
- S 10 -
CITY OF WORTHINGTON
201� 2o1s 2019 2020 2o2i 2022
$2,787,849 $3,424,243 $3,534,141 $3,635,106 $4,231,022 $4,424,433
27,310,948 25,368,712 26,717,808 26,757,531 31,268,523 33,294,382
185,435 97,172 15,587 6,381 12,027 11,005
1,578,200 2,399,337 4,904,706 3,965,219 3,263,228 4,383,670
3,526,529 3,653,599 3,665,959 2,141,270 2,290,346 2,797,768
466,285 507,901 504,161 446,072 458,531 411,015
113,804 356,120 759,179 466,355 (8,517) (62,505)
55,749 71,069 85,963 60,413 75,642 58,062
172,714 164,488 133,882 57,281 40,093 60,912
359,220 268,073 338,378 2,710,416 347,855 449,366
36,556,733 36,310,714 40,659,764 40,246,044 41,978,750 45,828,108
12,632,285 12,624,584 13,261,938 14,589,957 13,644,289 13,848,489
73,770 63,000 66,153 70,000 73,500 77,175
5,263,937 5,458,303 5,529,247 4,446,915 4,438,689 5,256,252
870,069 1,027,970 1,078,509 1,237,042 1,521,237 1,010,210
1,297,233 1,149,678 1,194,753 1,369,712 1,204,224 1,513,665
1,101,114 955,364 929,710 922,649 957,490 943,550
7,429,858 8,324,660 8,939,437 8,464,213 8,837,578 9,734,929
5,609,059 6,734,263 9,935,584 5,155,972 6,902,128 4,829,669
2,602,950 1,038,639 1,236,308 1,269,174 1,296,680 725,470
159,343 204,340 298,392 198,319 400,250 376,064
37,039,618 37,580,801 42,470,031 37,723,953 39,276,065 38,315,473
�4sz,gss� �l,z�o,os�� �l,slo,z6�� z,sz2,o91 z,�o2,6ss �,siz,63s
(continued)
- 511 -
CITY OF WORTHINGTON
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016
Other Financing Sources(Uses):
Capital Lease Issuance 0 0 0 0
Bond Issuance 0 0 0 0
Premium on Debt Issuance 0 0 0 0
Sale of Notes 1,860,000 1,760,000 1,660,000 1,560,000
Insurance Proceeds 0 0 375,000 0
Refunding Bonds Issued 0 0 4,590,000 0
OPWC Loan Issuance 0 612,816 0 0
Transfers In 1,685,832 1,777,919 1,945,201 2,177,193
Transfers Out (1,685,832) (1,777,919) (1,945,201) (2,177,193)
Total Other Financing Sources(Uses) 1,860,000 2,372,816 6,625,000 1,560,000
Net Change in Fund Balance $2,065,316 $2,189,816 $1,379,241 $2,226,114
Debt Service as a Percentage
of Noncapital Expenditures 9.70°/o 9.22°/o 21.14% 8.27%
Source: City Finance Director's Office
- S 12 -
CITY OF WORTHINGTON
201� 2o1s 2019 2020 2o2i 2022
210,317 128,471 513,054 0 0 0
3,960,000 0 0 0 9,985,000 0
0 45,893 43,629 0 1,224,417 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
1,820,246 1,976,230 2,309,117 2,503,144 3,201,662 3,781,181
(1,820,246) (1,976,230) (2,309,ll7) (2,503,144) (3,201,662) (3,781,181)
4,170,317 174,364 556,683 0 11,209,417 0
$3,687,432 ($1,095,723) ($1,253,584) $2,522,091 $13,912,102 $7,512,635
8.67% 3.84% 4.80% 4.32% 5.03% 3.16%
- 513 -
CITY OF WORTHINGTON
Income Tax Revenues by Source, Governmental Funds
Last Ten Years
Tax year 2013 2014 2015 2016
Income Tax Rate 2.50% 2.50% 2.50% 2.50%
Total Personal Income $517,108,395 $524,948,983 $540,626,455 $540,926,478
Total Tax Collected $22,531,915 $23,359,334 $23,741,881 $24,883,975
Income Tax Receipts
Withholding 16,843,232 17,434,204 17,925,917 19,358,989
Percentage 74.8% 74.7% 75.5% 77.8%
Corporate 3,109,576 3,345,462 2,960,948 2,623,030
Percentage 13.8% 14.3% 12.5% 10.5%
Individuals 2,579,107 2,579,668 2,855,016 2,901,956
Percentage 11.4% 11.0% 12.0% 11.7%
Source: City Finance Department
- S 14 -
CITY OF WORTHINGTON
201� 2o1s 2019 2020 2021 2022
2.50% 2.50% 2.50% 2.50% 2.50% 2.50°/a
$530,503,028 $414,607,177 $545,997,584 $555,050,411 $528,825,626 $531,795,109
$26,258,201 $26,065,130 $26,426,895 $26,498,678 $30,736,965 $33,198,547
20,444,183 20,508,647 20,764,225 20,820,728 23,119,571 24,836,420
77.9% 78.7% 78.6% 78.6% 75.2% 74.8°/a
3,056,963 2,662,644 2,828,732 2,763,783 4,605,795 5,124,707
11.6% 10.2% 10.7% 10.4% 15.0% 15.4°/a
2,757,055 2,893,839 2,833,938 2,914,167 3,011,599 3,237,420
10.5% 11.1% 10.7% 11.0% 9.8% 9.8°/a
- S 15 -
CITY OF WORTHINGTON
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- S 16 -
CITY OF WORTHINGTON
Income Tax Statistics
Current Year and Nine Years Ago
Calendar Year 2022
Local
Number Percent of Taxable Percent of
Income Level of Filers Total Income Income
$0- $19,999 921 20.02% $6,951,257 1.31%
20,000-49,999 749 16.28% 25,743,533 4.84°/a
50,000- 74,999 562 12.22% 34,963,883 6.57%
75,000-99,999 519 11.28% 45,257,132 8.51°/a
Over 100,000 1,849 40.20% 418,879,303 78.77%
Total 4,600 100.00% $531,795,108 100.00%
Calendar Year 2013
Local
Number Percent of Taxable Percent of
Income Level of Filers Total Income Income
$0- $19,999 1,281 22.76% $9,952,014 1.93%
20,000-49,999 1,079 19.17% 36,971,998 7.17%
50,000- 74,999 748 13.29% 46,275,298 8.98%
75,000-99,999 646 ll.48% 56,174,375 10.90%
Over 100,000 1,875 33.30% 365,964,495 71.02%
Total 5,629 100.00% $515,338,180 100.00%
Source: City Finance Director's Office
- 517 -
CITY OF WORTHINGTON
Ratios of Outstanding Debt By Type
Last Ten Years
2013 2014 2015 2016
Governmental Activities
General Obligation Bonds $5,730,000 $5,095,000 $4,510,000 $3,780,000
Ohio Public Works Commission Loans 113,246 714,347 700,228 671,991
Installment Loan 0 0 0 0
Total Primary Government $5,843,246 $5,809,347 $5,210,228 $4,451,991
Population (1)
City of Worthington 13,599 13,606 13,629 13,596
Outstanding Debt Per Capita $430 $427 $382 $327
Income �2�
PersonalIncome $517,108,395 $524,948,983 $540,626,455 $540,926,478
Percentage of Personal Income 1.13% 1.11% 0.96% 0.82%
Sources:
(1) MORPC Population Estimates
(2) Regional Income Tax Agency
- S 18 -
CITY OF WORTHINGTON
201� 2olg 2019 2020 2021 2022
$6,785,000 $5,825,000 $4,845,000 $3,840,000 $14,029,417 $13,298,196
629,635 601,398 573,161 544,924 516,687 488,450
164,723 242,792 527,775 291,838 43,395 16,162
$7,579,358 $6,669,190 $5,945,936 $4,676,762 $14,589,499 $13,802,808
13,650 14,285 14,442 14,692 14,786 14,786
$555 $467 $412 $318 $987 $934
$530,503,028 $414,607,177 $545,997,584 $550,050,411 $528,825,626 $531,795,109
1.43% 1.61% 1.09% 0.85% 2.76% 2.60%
- S 19 -
CITY OF WORTHINGTON
Ratios of General Bonded Debt Outstanding
Last Ten Years
Year 2013 2014 2015 2016
Population �i� 13,599 13,606 13,629 13,596
Personal Income �a� $517,108,395 $524,948,983 $540,626,455 $540,926,478
General Bonded Debt �3>
General Obligation Bonds $5,730,000 $5,095,000 $4,510,000 $3,780,000
Resources Available to Pay Principal $1,049,298 $1,122,887 $1,213,529 $1,348,040
Net General Bonded Debt $4,680,702 $3,972,113 $3,296,471 $2,431,960
Ratio of Net Bonded Debt
to Personal Income 0.91% 0.76% 0.61% 0.45%
Net Bonded Debt per Capita $344.19 $291.94 $241.87 $178.87
Source:
(1) MORPC Population Estimates
(2) Regional Income Tax Agency
(3) Includes all general obligation bonded debt supported by property taxes.
- 520 -
CITY OF WORTHINGTON
201� 2o1g 2019 2020 2021 2022
13,650 14,285 14,442 14,692 14,786 14,786
$530,503,028 $414,607,177 $545,997,584 $550,050,411 $528,825,626 $531,795,109
$6,785,000 $5,825,000 $4,845,000 $3,840,000 $14,029,417 $13,298,196
$1,063,222 $1,191,326 $1,183,122 $1,206,300 $2,042,079 $1,858,758
$5,721,778 $4,633,674 $3,661,878 $2,633,700 $11,987,338 $11,439,438
1.08% 1.12% 0.67% 0.48% 2.27% 2.15%
$419.18 $324.37 $253.56 $179.26 $810.72 $773.67
- 521 -
CITY OF WORTHINGTON
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- 522 -
CITY OF WORTHINGTON
Computation of Direct and Overlapping
Debt Attributable to Governmental Activities
Deceinber 31, 2022
Percentage Amount
Applicable to Applicable to
Gross Debt the City of the City of
Jurisdiction Outstanding Worthington Worthington
Direct:
City of Worthington $13,802,808 100.00% $13,802,808
Overlapping:
Franklin County 98,791,035 2.06% 2,035,095
Worthington City Schools 103,886,000 31.27% 32,485,152
Columbus State Community College 122,740,000 2.06% 2,528,444
Solid Waste Authority of Central Ohio 55,640,000 1.96% 1,090,544
Subtotal 38,139,235
Total $51,942,043
Source: Ohio Municipal Advisory Council
Note: Percentages determined by dividing each overlapping subdivisions' assessed valuation
within the City by the subdivisions'total assessed valuation.
- 523 -
CITY OF WORTHINGTON
Debt Limitations
Last Ten Years
2013 2014 2015 2016
Total Debt
Net Assessed Valuation $551,623,370 $577,576,190 $582,555,670 $584,612,080
Legal Debt Limitation(%)�i> 10.50% 10.50% 10.50% 10.50%
Legal Debt Limitation($)�i> 57,920,454 60,645,500 61,168,345 61,384,268
City Debt Outstanding�z� 5,730,000 5,095,000 4,510,000 3,780,000
Less: Applicable Debt Service Fund Amounts (1,049,298) (1,122,887) (1,213,529) (1,348,040)
Net Indebtedness Subject to Limitation 4,680,702 3,972,113 3,296,471 2,431,960
Overall Legal Debt Margin $53,239,752 $56,673,387 $57,871,874 $58,952,308
Debt Margin as a Percentage of Debt Limit 91.92% 93.45°/o 94.61% 96.04%
Unvoted Debt
Net Assessed Valuation $551,623,370 $577,576,190 $582,555,670 $584,612,080
Legal Debt Limitation(%)(i> 5.50% 5.50% 5.50% 5.50%
Legal Debt Limitation($)�>> 30,339,285 31,766,690 32,040,562 32,153,664
City Debt Outstanding�z> 5,730,000 5,095,000 4,510,000 3,780,000
Less: Applicable Debt Service Fund Amounts (1,049,298) (1,122,887) (1,213,529) (1,348,040)
Net Indebtedness Subject to Limitation 4,680,702 3,972,113 3,296,471 2,431,960
Overall Legal Debt Margin $25,658,583 $27,794,577 $28,744,091 $29,721,704
(1) Direct Debt Limitation based upon Section 133, The Uniform Bond Act of the Ohio Revised Code.
(2) Ciry Debt Outstanding includes Non Self-Supporting General Obligation Bonds and Notes only.
Source: City Finance Director's Office
- 524-
CITY OF WORTHINGTON
2oi� 2o1g 2oi9 2020 2o2i 2022
$650,365,580 $650,262,970 $657,692,980 $754,629,800 $760,080,460 $763,334,190
10.50% 10.50% 10.50% 10.50°/a 10.50% 10.50%
68,288,386 68,277,612 69,057,763 79,236,129 79,808,448 80,150,090
6,785,000 5,825,000 4,845,000 3,840,000 14,029,417 13,298,196
(1,063,222) (1,191,326) (1,183,122) (1,206,300) (2,042,079) (1,858,758)
5,721,778 4,633,674 3,661,878 2,633,700 11,987,338 11,439,438
$62,566,608 $63,643,938 $65,395,885 $76,602,429 $67,821,ll0 $68,710,652
91.62% 93.21% 94.70% 96.68°/a 84.98% 85.73%
$650,365,580 $650,262,970 $657,692,980 $754,629,800 $760,080,460 $763,334,190
5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
35,770,107 35,764,463 36,173,114 41,504,639 41,804,425 41,983,380
6,785,000 5,825,000 4,845,000 3,840,000 14,029,417 13,298,196
(1,063,222) (1,191,326) (1,183,122) (1,206,300) (2,042,079) (1,858,758)
5,721,778 4,633,674 3,661,878 2,633,700 11,987,338 11,439,438
$30,048,329 $31,130,789 $32,511,236 $38,870,939 $29,817,087 $30,543,942
- 525 -
CITY OF WORTHINGTON
Demographic and Economic Statistics
Last Ten Years
Calendar Year 2013 2014 2015 2016
Population �i>
City of Worthington 13,599 13,606 13,629 13,596
Income
Total Personal Income �z� $517,108,395 $524,948,983 $540,626,455 $540,926,478
Per Capita Personal Income 38,025 38,582 39,667 39,786
Median Household Income�s� NA 87,842 90,445 91,075
Unemployment Rate �4�
Federal 6.7% 5.6% 5.3% 4.9%
State 7.2% 4.8% 4.9% 5.0%
Franklin County 6.2% 3.6% 4.1% 6.1%
Sources:
(1) MORPC Population Estimates
(2) Regional Income Tax Agency
(3) Data USA
(4) Ohio Department of Job and Family Services Ohio Labor Market Information
- 526 -
CITY OF WORTHINGTON
201� 2o1g 2019 2020 2021 2022
13,650 14,285 14,442 14,692 14,786 14,786
$530,503,028 $414,607,177 $545,997,584 $550,050,4ll $528,825,626 $531,795,109
38,865 29,024 37,806 37,439 35,765 35,966
98,784 102,731 NA N/A N/A N/A
3.9% 3.9% 3.5% 6.7% 3.9% 3.4%
4.5% 4.6% 4.1% 5.5% 4.5% 4.0%
3.6% 3.5% 4.0% 5.7% 2.9% 3.4%
- 527 -
CITY OF WORTHINGTON
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- S28 -
CITY OF WORTHINGTON
Principal Employers
Current Year and Nine Years Ago
2022
Employer Nature of Business Rank(1)
Worthington City Schools Education 1
Worthington Industries Incorporated Manufacturing 2
MedVet Associates Animal Care 3
Worthington Cylinder Corporation Manufacturing 4
Worthington Steel Company Manufacturing 5
Diamond Innovations Manufacturing 6
DLZ Corporation Professional Services 7
Ohio Automobile Club Automotive 8
I Am Boundless Health Care 9
The Ohio State University Health Care 10
Total
2013
Employer Nature of Business Rank(1)
Worthington Industries Inc Manufacturing 1
Worthington City Schools Education 2
Diamond Innovations Inc Manufacturing 3
The Wellpoint Companies Inc Professional Services 4
MedVet Associates Inc Animal Care 5
Worthington Cylinder Corp Manufacturing 6
Worthington Steel Company Manufacturing 7
Ohio Automobile Club Automotive 8
Jack Maxton Chevrolet Inc Automotive 9
Metter-Toledo LLC Manufacturing 10
Source: City Finance Director's Office
(1) Based on total payroll taxes
- 529 -
CITY OF WORTHINGTON
Full Time Equivalent Employees by Function
Last Nine Years
2014 2015 2016 2017
Governmental Activities
General Government
Finance 4.00 4.00 4.00 4.00
LegaUCourt 3.50 3.50 3.50 3.50
Administration 10.00 10.00 10.25 10.25
Public Safety
Police 46.50 47.00 47.00 47.00
Fire 41.00 41.00 41.00 41.00
Public Works
Public Service&Engineering 24.00 24.00 24.00 24.00
Parks and Recreation
Parks and Recreation 55.75 57.75 57.75 57.75
Community Environment
Planning&Building 5.00 5.50 5.50 5.50
Total Employees 189.75 192.75 193.00 193.00
Method: 1.00 for each full-time, Part-time positions are calculated using a base of 2080 hours.
Information is not available in this format for years prior to 2014
Source: City Finance Director's Off'ice
- 530 -
CITY OF WORTHINGTON
2018 2019 2020 2021 2022
4.00 4.00 4.00 4.00 4.00
3.50 3.50 3.50 3.50 3.50
11.25 11.25 11.25 ll.25 12.25
47.00 48.00 48.00 40.50 40.50
41.00 41.00 41.00 41.00 42.50
24.00 24.00 24.00 24.00 25.00
58.75 58.75 58.75 59.25 40.50
5.50 5.50 5.50 5.50 5.50
195.00 196.00 196.00 189.00 173.75
- 531 -
CITY OF WORTHINGTON
Operating Indicators by Function
Last Eight Years
2015 2016 2017
Governmental Activities
General Government
Court
Number of Mayor's Court Cases 2,462 2,018 2,291
Licenses and Permits
Number of Building Permits 1,542 1,277 1,161
Number of Building Inspections 3,396 3,733 3,747
Information Technology
Number of Website Visitors 302,867 340,191 328,421
Public Safety
Police
Number of Moving Citations Issued 1,977 2,005 2,145
Number of Non-moving Citations Issued 273 226 343
Number of Felony Arrests 28 54 60
Number of Misdemeanor Arrests 234 216 253
Number of Juvenile Arrests 36 43 20
Number of DUI/OVI Arrests 107 100 ll 4
Number of Auto Accident Reports 448 458 469
Fire
Number of Fire Calls N/A 1,200 1,202
Number of EMS Runs N/A 3,083 3,149
Number of Inspections N/A 946 398
Public Works
Street
Centerline Miles of Streets Resurfaced 1 2 3.50
Number of Public Trees Trimmed 600 620 1,300
Curbside Leaf Pickup (#of households) 5,200 5,200 5,200
Curbside Leaf Pickup (#of Leaf Loads) 460 458 480
Sidewalk Repair Locations (#properties) 51 51 106
Parks and Recreation
Parks and Recreation*
Number of Classes/Events (Community Center) 1,651 1,728 1,769
Number of Classes/Events (Griswold Center) 453 404 374
Number of Community Center Memberships N/A 7,661 8,908
Number of Community Center Day Passes Sold 19,884 32,204 34,561
Number of Griswold Memberships 1,030 799 789
Information is not available in this format for years prior to 2015
*2020 Parks and Recreation activity was significantly impacted by the Covid-19 pandemic.
Source: City Finance Director's Office
- 532 -
CITY OF WORTHINGTON
2ols 2019 2020 2021 2022
2,169 1,537 635 446 800
1,210 1,164 1,079 1,170 1,156
3,453 3,528 2,878 3,134 3,879
331,868 394,155 389,429 387,712 738,998
2,029 1,665 766 533 950
383 289 130 28 123
33 75 52 60 ll4
285 254 103 93 191
22 27 10 15 13
155 116 62 63 77
463 444 241 320 380
1,145 1,051 903 1,319 1,186
3,199 3,271 3,179 3,318 3,024
349 422 527 727 1,123
3.60 4.20 3.26 3.42 2.90
530 1,055 2,200 1,150 558
5,200 5,200 5,200 5,200 5,200
496 384 400 356 394
82 76 71 107 64
1,462 1,585 651 1,330 1,226
368 656 329 446 425
5,838 5,612 2,713 3,056 9,133
38,621 35,369 12,437 2,781 12,564
625 596 180 131 251
- S33 -
CITY OF WORTHINGTON
Capital Asset Statistics by Function
Last Five Years
2018 2019 2020 2021
Governmental Activities
General Government
Public Land and Buildings
ROW Land(acres) 650 650 650 650
Buildings 3 3 3 3
Public Safety
Police
Stations 1 1 1 1
Vehicles 15 19 19 19
Fire
Stations 1 1 1 1
Vehicles 14 15 15 15
Public Works
Street
Streets (lane miles) 130 130 130 130
Street Lights 170 170 170 170
Vehicles 25 29 29 29
Parks and Recreation
Parks and Recreation
Land(acres) 221 221 221 221
Buildings 8 8 8 8
Parks 20 20 20 20
Tennis Courts 8 8 8 8
Baseball/Softball Diamonds 10 10 10 10
Soccer Fields 5 5 5 5
Vehicles 8 9 9 9
Information is not available in this format for years prior to 2018
Source: City Finance Director's Office
- S34 -
CITY OF WORTHINGTON
2022
6so
3
1
20
1
15
130
170
28
221
8
20
8
10
5
9
- 535 -
CITY OF WORTHINGTON
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- S36 -