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City of Springboro, Ohio
Annual Comprehensive Financial Report
For Year Ended December 31, 2022
CITY OF SPRINGBORO, OHIO
SPRINGBORO
CITY OF SPRINGBORO
320 West Central Avenue
Springboro, Ohio 45066
phone (937) 748-4343
fax(937) 748-6859
CITY OF SPRINGBORO, OHIO
TABLE OF CONTENTS
CITY OF SPRINGBORO
WARREN COUNTY, OHIO
� 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 Auditor's Report ...............................................................................1
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...................................................................................................27
Austin Center Municipal Public Improvement TIF Fund................................28
American Rescue Plan Fund...........................................................................29
Proprietary Funds:
Statement of Net Position...................................................................................30
Statement of Revenues, Expenses and Changes in Fund Net Position...............34
Statementof Cash Flows....................................................................................36
Fiduciary Funds:
Statement of Net Position...................................................................................40
Statement of Changes in Net Position................................................................41
Notes to the Basic Financial Statements..................................................................42
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CITY OF SPRINGBORO, OHIO
D Required Supplementary Information:
Schedule of City's Proportionate Share of the Net
PensionLiability...............................................................................................108
Schedule of City Pension Contributions...........................................................110
Schedule of City's Proportionate Share of the Net Other
Postemployment Benefits (OPEB) Liability/(Asset)........................................112
Schedule of City's Other Postemployment Benefit(OPEB)
Contributions....................................................................................................114
Notes to the Required Supplementary Information...............................................116
E Combining and Individual Fund Statements and Schedules:
Nonmajor Governmental Financial Statements:
Combining Balance Sheet.................................................................................125
Combining Statement of Revenues, Expenditures and Changes in
FundBalances...................................................................................................126
Combining Balance Sheet—Nonmajor Special Revenue Funds......................127
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances—Nonmajor Special Revenue Funds........................................130
Combining Balance Sheet—Nonmajor Capital Projects Funds .......................134
Combining Statement of Revenues, Expenditures and Changes in
Fund Balances—Nonmajor Capital Projects Funds .........................................135
Individual Schedules of Revenues, Expenditures and Changes in
Fund Balance -Budget and Actual (Non-GAAP Budgetary Basis):
Major Governmental Funds:
GeneralFund...............................................................................................136
Special Revenue Funds:
Austin Center Municipal Public Improvement TIF Fund ........................140
American Rescue Plan Fund....................................................................141
Debt Service Fund.•
DebtService Fund....................................................................................142
Capital Projects Funds:
Construction Fund....................................................................................143
Income Tax Capital Improvement Fund...................................................144
Nonmajor Governmental Funds:
Special Revenue Funds:
Street Maintenance and Repair Fund .......................................................145
StateHighway Fund.................................................................................146
Permissive Use Tax Fund.........................................................................147
Motor Vehicle License Tax Fund.............................................................148
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CITY OF SPRINGBORO, OHIO
Special Revenue Funds (Continued):
Community Oriented Policing Service(COPS) Grant Fund....................149
One Ohio Opioid Fund.............................................................................150
Drug Law Enforcement Fund...................................................................151
Mayor's Court Improvement Fund...........................................................152
Austin JEDD Fund...................................................................................153
South Tech Public Improvement TIF Fund..............................................154
Law Enforcement Trust Fund...................................................................155
D.A.R.E Trust Fund .................................................................................156
Urban Redevelopment TIF Fund..............................................................157
Capital Projects Funds:
Permanent Improvement Fund.................................................................158
Land Acquisition Fund.............................................................................159
Fiduciary Funds—Custodial Funds:
Statement of Net Position.................................................................................162
Statement of Changes in Net Position..............................................................163
I I 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
Ratio 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
Pledged Revenue Coverage -Last Ten Years............................................................................ S 26
Demographic and Economic Statistics - Last Ten Years........................................................... S 28
Principal Employers - Current Year and Nine Years Ago ......................................................... S 31
Full Time Equivalent Employees by Function -Last Ten Years............................................... S 32
Operating Indicators by Function- Last Ten Years................................................................... S 34
Capital Asset Statistics by Function - Last Ten Years ............................................................... S 36
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CITY OF SPRINGBORO, OHIO
SPRINGBORO
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INTRODUCTORY SECTION
�
SPRINGBORO
�� CITY OF SPRINGBORO
S P R I N G B O R O 320 West Central Avenue • Springboro, Ohio 45066
phone (937)748-4343 fax(937) 748-6859
June 23, 2023
Honorable Mayor,Members of Council
And Citizens of Springboro
Springboro, Ohio
We are pleased to present the City of Springboro (the City) Annual Comprehensive Financial Report for
the year ended December 31, 2022. The responsibility for both the accuracy of the presented data, and the
completeness and fairness of presentation, including all disclosures, rests with the management of the
City, particularly the office of the Director of Finance. This report is prepared in conformance with
accounting principles generally accepted in the United States of America as set forth by the Governmental
Accounting Standards Board (GASB) and other recognized authoritative sources. We believe the data is
fairly presented in all material aspects and that it is presented in a manner designed to set forth the
financial position and results of operations of the City as measured by the financial activity of its various
funds; and that all disclosures necessary to enable the reader to gain a reasonable understanding of the
City's financial affairs have been included.
Accounting principles generally accepted in the United States of America require that management
provide a narrative introduction, overoiew and analysis to accompany the basic financial statements in the
form of Management's Discussion and Analysis (MD&A). This letter of transmittal is designed to
complement MD&A and should be read in conjunction with it. The City's MD&A can be found
immediately following the independent auditor's report.
THE CITY
We became a chartered municipality forty-four years ago, a City thirty-one years ago and have earned the
reputation as being the model suburban community. The City is located in the southwestern part of the
State of Ohio, uniquely within the boundaries of two counties, Warren County and Montgomery County,
Ohio. The City is a home rule municipal corporation, organized under the laws of the State of Ohio,
which operates under its own Charter. The current Charter, which provides, for a Council/Manager form
of government, was adopted on November 7, 1978, effective on January 1, 1979 and was amended most
recently on November 4, 2009. The seven-member Council is elected to four-year terms. The Council
appoints a City Manager who serves as the chief executive officer.
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CITY OF SPRINGBORO, OHIO
Letter of Transmittal
For the Year Ended December 31, 2022
REPORTING ENTITYAND SERVICES
A reporting entity is composed of the primary government, component units and other organizations that
are included to ensure that the financial statements are complete. The primary government of the City
consists of all funds and departments which comprise the legal entity of the City and which provide
various services including police, street construction and maintenance, traffic signalization, street
lighting, planning and zoning, building inspections, recreation, parks, recycling and general
administrative services. In addition, golf, sewer, water, storm water and trash collection and disposal
services are provided under an enterprise concept with user charges set by the City Council to ensure
adequate coverage of operating expenses and payments on outstanding debt.
Component units are legally separate organizations for which the City is financially accountable. The City
is financially accountable far 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 their budget, the issuance of their debt or the levying of their taxes. The
Community Improvement Corporation of Springboro is reported as a discretely presented component unit
in a separate column on the entity wide financial statements.
The Warren County General Health District, the Greater Warren County Drug Task Force, the Miami
Valley Regional Planning Commission, the Warren County Transportation Improvement District and the
Montgomery County Transportation Improvement District were determined to be jointly governed
organizations and the Ohio Municipal League of Workers' Compensation Group Rating Plan was
determined to be a group purchasing pooL These entities are discussed further in Notes 17 and 18 within
the notes to the financial statements.
ECONOMIC OUTLOOK
Growth and development within the City of Springboro is expected to continue to exceed the national and
state average due to the City's physical location along Interstate 75 between Cincinnati and Dayton. The
United States Census Bureau officially counted population in the City of Springboro on April 1, 2020 as
19,062 an increase of 1,653 from the 2010 United States Census Bureau count. The main factor
contributing to this growth over a sustained period was an abundance of community amenities, location,
small town atmosphere and a low crime rate.
Springboro is an important center for manufacturing, technology, and service industries. Electric battery
manufacturing, metal fabrication, fiber internet headquarters, electronics assembly, distribution and
aerospace comprise a substantial portion of the economic base in this region. Advanced Engineering
designs solutions for interiors of domestic and foreign vehicles. Thaler Machine designs and
manufactures parts for the aerospace and defense industries. These are a couple of the dozens of
companies in these sectors that contribute to Springboro's growing economic base.
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CITY OF SPRINGBORO, OHIO
Letter of Transmittal
For the Year Ended December 31, 2022
Add to that Victory Wholesale Grocers, a national grocery distributor and Klosterman Bakery, a bread
distributor, Springboro's prominence as a distribution center becomes evident.
Over 720 businesses call Springboro home, including corporate headquarters, branch offices and bustling
distribution and retail/service establishments.
Since the City annexed the South Tech Business Park and began marketing the Stolz Industrial Park and
Commercial Way Industrial Park, industrial growth in Springboro has blossomed. The City of Springbaro
purchased the remaining 89 acres of land at the South Tech Business Park on the northern edge of the
City and, in conjunction with other local governments, redeveloped the surrounding infrastructure to
create Austin Landing, a mixed-use development along Interstate 75. Development plans are still being
finalized for the area.
The City continues to be an inviting location for a wide range of retail shops as well. The City maintains
as active role in preserving and enhancing its historical downtown. In 1999, the City's downtown historic
district was placed on the National Register of Historic Places. The City continues to be an active
participant in state and regional downtown and tourism development programs. New and unique
businesses and amenities are added to the historic downtown on an annual basis.
The City recently completed a project to connect all city buildings and city utility outposts on the same
fiber network. Extra fiber strands have been installed over an 18 mile route of major city thoroughfares to
use for future economic development attraction. The project also was able to deliver 2+ new internet
providers to town who are offering fiber to the home to every house in town with speeds up to 2gb
up/down performance. This will make Springboro on of the only cities in the United Stated that will have
3 providers offering these types of internet options to every home in town.
Growth and development in the City are expected to continue to be strong through 2023 and beyond.
Medical office development and business retention are high on the City's Economic Development priority
list. Work continues at the Wright Station Development which is home to the new state of the art
Performing Arts Center and Warped Wing Brewery. Dayton Children's Medical Center continues to fill
out the occupancy of their recently opened Emergency Care Unit. New groups of doctors and surgeons
are being added to fill out the Medical Center and provide needed services to the community. Recently
announced expansion by Mayfield Brain and Spine to build a new state of the art neurosurgery facility in
Springboro with construction estimated to be completed in Summer of 2024.
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CITY OF SPRINGBORO, OHIO
Letter of Transmittal
For the Year Ended December 31, 2022
MAJOR INITIATIVES
For the Year (2022):
The citizens of Springboro are the City's greatest assets. The City's greatest concern in preparing each
year's budget is to provide services that address citizens' needs and safeguard their environment in
conformity with applicable Federal and State laws.
General Capitallmprovements:
In 2022 work was completed on the municipal parking lot security upgrade project and initial design work
began on the joint 73/75 Interchange upgrade project. Fiber and conduit installation continued across the
city and striping and sealing were completed on city owned parking lots.
Street Capital iinprovements:
The City has an annual resurfacing and miscellaneous street repair program that is completed each year.
Sidewalks were installed in various areas of the City as per the Mobility Master Plan. New multi-use
pedestrian trails were installed connecting various roadways in town. Concrete improvements were made
in conjunction with street resurfacing. Major improvements were also made on Clearcreek-Franklin Rd.
Park Improvements:
Improvements began in 2022 on the new Pump Track at Community Park. Routine upgrades and
preventative maintenance occurred on all park facilities and equipment.
Water Capitallmproveinents:
The Tamarack Hills Water Main Replacement program and the Royal Oaks Water Main Replacement
program continued in 2022, replacing 6" water mains with 8" water mains and will be done over several
years.
Sewer Capital Improvements:
Work continued on the Waste Water Treatment Plant Pump Improvements. Improvements are anticipated
to be completed over several years. Work also was completed on the Wastewater Treatment Plant Blower
replacement.
Storm Water Zltility Capitallmprovements:
Several catch basin repairs/replacements occurred in various subdivisions in conjunction with the
concrete work going on in those area.
Golf Course Iinprovements:
Improvements at the clubhouse continued in 2022 to maintain quality standards. Additional projects were
completed to improve the floodplain area and a new maintenance barn was constructed for storage.
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CITY OF SPRINGBORO, OHIO
Letter of Transmittal
For the Year Ended December 31, 2022
For the Future(2023):
General Capitallmprovements:
2023 budget of$6,175,000 includes monies for I75 / SR 73 intersection aesthetics to improve the look,
feel, land acquisition,irrigation upgrades, and Wright Station park area upgrades.
Street Capital Improvements:
Mobility Master Plan was completed in 2001, which analyzed both motorized and non-motorized
transportation needs and developed a capital improvement plan. The 2023 budget includes funding for
$2,235,000 of street capital improvements in various areas including $1,500,000 for street resurfacing;
$625,000 for Clearcreek-Franklin road upgrades; $85,000 for completion of Hazel multi-use trail; and
$25,000 for the installation of various sidewalks.
Park Improvements:
The 2023 budget includes: $300,000 for improvements to Clearcreek park for equipment storage; and
$1,400,000 for a new ADA complaint playground at North Park.
Water Capital improveinents:
In 1995, the City commissioned the development of a Water Master Plan study in conjunction with the
strategic planning process. This plan was updated in 1998, 2001 and 2008 to evaluate how the City's
growth and development had compared to that projected in the earlier study and was updated again in
2009. The 2023 budget includes funding for$800,000 water capital improvements.
Sewer Capital Improvements:
The City has developed a Sanitary Sewer Master Plan to address the sewer collection system and
treatment plant needs far the next 20-years. This plan includes an analysis of the system and a Capital
Improvement Program (CIP) to address these needs. In 2023 the budget includes and $500,000 for the
Advanced Drive generator replacement.
Storm Water Utility Capitallmprovements:
The 2023 budget includes: $75,000 to catch basin replacement program.
Golf Course Improvements:
Heatherwoode Golf Course improvements for 2023 include: $75,000 for emergency repairs; and $55,000
for new equipment.
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CITY OF SPRINGBORO, OHIO
Letter of Transmittal
For the Year Ended December 31, 2022
FINANCIAL INFORMATION
Internal Control,Budgetary Control and the Accounting System
Development of the City's accounting system included substantial consideration of the adequacy of the
internal accounting controls. Internal accounting controls are designed to provide reasonable but not
absolute assurance of the following:
L The City's assets are protected against loss and unauthorized use or
disposition.
2. Reliable financial reports for preparing financial statements and providing
accountability for assets are maintained.
The concept of reasonable assurance states that internal controls should be evaluated applying the
following criteria:
1. The expense associated with providing the internal controls should not
exceed the benefits likely to be derived from their implementation.
2. The evaluation of the offsetting costs and benefits involves estimates and
judgment by the City administration and the Finance Department.
All internal control evaluations occur within this framework. It is the belief of the administrative and
financial management personnel that the City's financial controls adequately safeguard existing assets and
provide reasonable assurance of the proper recording of financial transactions.
Budgetary control is maintained at the object level for each department within each fund via legislation
approved by City Council. Lower levels within each object are accounted for and reported internally.
Such lower levels are referred to as line items of expenditure. Estimated amounts must be encumbered
prior to final approval of purchase orders or other contracts to vendors. Encumbrances in excess of the
available object level appropriations are not approved unless additional appropriations are authorized.
Unencumbered appropriations return (lapse) to the unappropriated balances in the individual funds at the
end of each fiscal year,which coincides with the calendar year.
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CITY OF SPRINGBORO, OHIO
Letter of Transmittal
For the Year Ended December 31, 2022
OTHER INFORMATION
Independent Audit:
An audit team from the Wilson, Shannon and Snow, Inc. has performed this year's audit. The independent
auditor's unmodified opinion has been included in the Independent Auditor's Report.
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 Springboro, Ohio, for its
Annual Comprehensive Financial Report for the year ended December 31, 2021. This was the thirty-third
year that the government has achieved this prestigious award.
In order to be awarded a Certificate of Achievement, a government unit must publish an easily readable
and efficiently organized annual comprehensive financial report. This report must satisfy both accounting
principles generally accepted in the United States of America and applicable legal requirements. A
Certificate of Achievement is valid for a period of one year only. We believe our current comprehensive
annual financial report continues to meet the Certificate of Achievement Program's requirements, and we
are submitting it to GFOA to determine its eligibility for another certificate.
Acknowledgment:
Sincere appreciation is extended to the many people who have contributed their time and effort to prepare
this report. The Finance Department Staff is to be commended for their input and commitment. Particular
thanks is to be provided to Beth Eaton for her diligence in the creation of this report.
`.�-� ` b 1�j�� � ��u�-
tiM���� � �
Christopher Pozzuto Jonathan Hudson
City Manager Finance Director
-xi -
CITY OF SPRINGBORO, OHIO
List of Principal Officials
For the Year Ended December 31, 2022
YeaYs of
Council Title Service* Term erpires
John Agenbroad Mayor 27 December 2023
Janie Ridd Council Member W ard 1 8 December 2025
Dale Brunner Council Member W ard 2 7 December 2025
Jack Hanson Council Member Ward 3 4 December 2025
Jim Chmiel Council Member Ward 4 21 December 2025
Becky Iverson Council Member at L.arge 11 December 2023
Steve Harding Council Member at L.arge 7 December 2023
Appointed Officials Title
Chris Pozzuto City Manager
Jonathan Hudson Finance Director
Jeff Kruithoff Chief of Police
Elmer Dudas Development Director
Vincent Murphy Public Service Director
Mike Eaton Facilities Director
Matt I.ang IT Director
Gerald McDonald City Solicitor
L,ori Martin Clerk of Council
Beth Eaton Assistant Finance Director
James Rutherford Assistant Public Service Director
Ryan Michel Street Maintenance Supervisor
Jonathon Brown ParkMaintenance Supervisor
Mark Duvall Utlilities Billing Supervisor
Dan Walter GolfMaintenance Supervisor
Ben Goodin Income TaxAdministrator
Kelly Carroll Clerk of Mayor's Court
Chad DiYon City Faigineer
Tom West Golf Operations Manager
* Denotes length ofservice with the City,not necessarily solely in the capacity which they nowhold.
-xii -
CITY OF SPRINGBORO, OHIO
City Organizational Chart
For the Year Ended December 31, 2022
Citizens
Mavur/Council
Clerk of Council
City Manager
Administrativc
Secretary
Assistan[City Manager
Finance Dircctor Chief of Golf Golf �T Public Service Dcvelopment Facilities Director
Police Main[cnance Operations Dircctor Director Director
Supervisor Gencral
Manager
Assistant Financc Lieutcnant
Director Assistant Public Service
I'�Assistant Direc[or Ciry En�inecr
Golf Head Golf Pro
Scrgcan[s
Accounts Superv�sor
Payablc Clcrk Park Maintcnancc Construction
Officers Supervisor Inspector
2nd Assistaot 1"Assisrant
Accounts Golf Golf Pro
Receivables/ �>rF�« Supervisor Chief Building
Pavroll Clerk Managcr Park Maintenance lnspector
� F&B Dircctor Workecs
Golf Coursc Buildin
Utility Billing Customer Mcchanic �'
Supervisor Scrvice Sveet Maintenance Inspectors
Mana�cr Supervisor
b Evcnts Coordinaror
Customcr Scrvicc
Clerk of Courts Street Maintenance
Represcnta[ivc Workcrs
Kitchcn Managcr
Tax Assistant
Administrator ClerkofCourts
Mcchanics
Assistant Tax Tax Clcrk
Administrator
—Xlll —
CITY OF SPRINGBORO, OHIO
Government Finance Officers Association of the llnited States and Canada
Certificate of Achievement for Excellence in Financial Reporting
Gu�cnunent Finance Ullicers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
C_'ity of Springboro
Ohio
I-���r its Annual Comprchr�l�i�c
Financial Report
For thc Fiscal Year Ended
Drcember 3 l. 2021
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L�rcu[i�r l�ir:rtur CLO
-x1v-
FINANCIAL SECTION
�
SPRINGBORO
, � �� �
WILSON, SHANNON & SNOW
INC.
INDEPENDENT AUDITOR'S REPORT CPAs&ADVISORS
City of Springboro
Warren County
320 West Central Avenue
Springboro, Ohio 45066
To the City Council:
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, the
discretely presented component unit, each major fund,and the aggregate remaining fund information of the
Ciry of Springboro,Warren Counry, Ohio (the Ciry), as of and for the year ended December 31,2022, and
the related notes to the financial statements, which collectively comprise the Ciry'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 business-type activities, the
discretely presented component unit,each major fund,and the aggregate remaining fund information of the
City of Springboro,Warren County,Ohio as of December 31,2022,and the respective changes in financial
position and, where applicable, cash flows thereof and the respective budgetary comparisons for the
General, Austin Center Municipal Public Improvement TIF and American Rescue Plan funds for the year
then ended in accordance with the 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 Governrnent Auditing
Standards, issued by the Comptroller General of the United States. Our responsibilities under those
standards are further described in the Auditor's 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.
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10 West Locust Street � Newark, Ohio 43055 � Phone: 740-345-661 1 � Fax: 740-345-5635 � wssinc.net
City of Springboro
Warren County
Independent Auditor's Report
Auditor's 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 auditor's 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 GovernmentAuditing 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 Government Auditing 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 management's
discussion and analysis, and schedules of net pension and other post-employment benefit liabilities/assets
and pension and other post-employment benefit contributions 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 auditing standards generally accepted in the United States
of America, 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.
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City of Springboro
Warren County
Independent Auditor's Report
Supplementary information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic �nancial statements. The combining and individual nonmajor fund financial
statements and schedules 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 auditing standards
generally accepted in the United States of America.In our opinion,the combining and individual nonmajor
fund financial statements and schedules 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 financial report. The other
information comprises the introductory and statistical sections but does not include the basic financial
statements and our auditor's 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 Government Auditing Standards, we have also issued our report dated June 23, 2023,
on our consideration of the City's internal control over financial reporting and 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's internal control
over financial reporting and compliance.
W:�S�N.,��•�w.�►�. ,�S'k+v� �.�
Newark, Ohio
June 23,2023
- 3 -
SPRINGBORO
-4 -
CITY OF SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Management's discussion and analysis of the City of Springboro's (the City) financial performance
provides an overall review of the City's financial activities for the year ended December 31, 2022. The
intent of management's discussion and analysis is to look at the City's financial performance as a whole;
readers should also review the transmittal letter, 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:
❑ In total, net position increased $6.9 million. Net position of governmental activities increased $5
million which represents a 6.4% increase from 2021. Net position of business-type activities increased
$1.9 million or 2 %from 2021.
❑ General revenues accounted for $19.4 million in revenue or 52.8% of all revenues. Progam specific
revenues in the form of charges for services and sales and grants and contributions accounted for 47.2%
of total revenues of$36.9 million.
❑ Total net position of governmental activities increased by $5 million in total. Revenues increased by
$1.9 million and expenses and transfers increased $771,640. Revenue collections continue to outpace
expenses.
❑ The City had $17.4 million in expenses related to governmental activities; $3.8 million of these
expenses were offset by program specific charges for services and sales, grants or contributions.
General revenues(primarily taxes)of$20 million were adequate to provide for these programs.
❑ Among major funds, the general fund had $14 million in revenues and other financing sources and $15
million in expenditures and other financing uses. The general fund's fund balance decreased$967,107.
❑ Net position for enterprise funds increased by $1.9 million. Revenues were relatively flat compared to
2021 while expenses increased in the current year. Transfers from governmental activities and the
surplus of revenues over expenses accounted far the increase in 2022.
OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of four parts — management's discussion and analysis, the basic financial
state�nents, required supplementary information and an optional section that presents combining
statements for nonmajor governmental funds. The basic �nancial 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 SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Government-wide 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 inflows/outflows 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 they have changed. Net
position (the difference between the City's assets and deferred outflows of resources and liabilities and
deferred inflows of resources) is one way to measure the City's financial health or position.
• Over time, increases or decreases in the City's net position are 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
property tax base, current property tax laws, conditions of the City's streets and continued growth
within the City.
The government-wide financial statements of the City are divided into two categories:
• Governmental Activities — Most 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,transportation and general government.
• Business-Ty�e Activities — These services are provided on a charge for goods or services basis to
recover all of the expenses of the goods or services provided. The City's golf course, water, sewer,
trash and storm water services are reported as business-type activities.
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.
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CITY OF SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Proprietary Funds — Proprietary funds use the same basis of accounting as business-type activities;
therefore,these statements will essentially match.
Fiduciary Funds—Fiduciary funds are used to account for resources held for 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 separate Statements of Fiduciary Net Position and Changes in
Fiduciary Net Position.
FINANCIAL ANALYSIS OF THE CITY AS A WHOLE
The following table provides a summary of the City's net position for 2022 compared to 2021:
Governmental Business-type
Activities Acriviries Total
2022 2021 2022 2021 2022 2021
Current and other assets $31,848,913 $27,587,161 $21,173,431 $26,121,066 $53,022,344 $53,708,227
Net OPEB Asset 576,677 316,378 415,247 227,255 991,924 543,633
Capital assets,Net 77,238,569 77,337,977 81,090,650 81,385,392 158,329,219 158,723,369
Total assets 109,664,159 105,241,516 102,679,328 107,733,713 212,343,487 212,975,229
Deferred Outflows of Resources 3,760,165 2,850,653 646,075 975,758 4,406,240 3,826,411
Net Penision Liability 7,307,471 8,703,938 1,146,941 1,868,481 8,454,412 10,572,419
Net OPEB Liability 1,002,614 948,483 0 0 1,002,614 948,483
Long-term debt outstanding 12,542,543 8,948,374 1,442,820 8,306,006 13,985,363 17,254,380
Other liabiliries 2,869,954 6,629,785 800,169 802,653 3,670,123 7,432,438
Totalliabiliries 23,722,582 25,230,580 3,389,930 10,977,140 27,ll2,512 36,207,720
Deferred Inflows of Resources 6,093,634 4,289,672 1,818,426 1,500,792 7,912,060 5,790,464
Net investment in capital assets 67,424,616 69,246,590 79,957,514 73,811,554 147,382,130 143,058,144
Restricted 15,615,015 13,723,168 0 530,296 15,615,015 14,253,464
Unrestricted 568,477 4,397,841 18,159,533 21,889,689 18,728,010 17,491,848
Totalnetposition $83,608,108 $78,571,917 $98,ll7,047 $96,231,539 $181,725,155 $174,803,456
The net pension liability(NPL) 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
(NOL) 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.
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 liability or net OPEB liability.
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CITY OF SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
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.
GASB 68 and GASB 75 require the net pension liability and the net OPEB liability 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 ar 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, respectively, not accounted for as
deferred inflows/outflows. As a result of implementing GASB 75, the City is reporting a net OPEB
liability and deferred inflows/outflows of resources related to OPEB on the accrual basis of accounting.
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CITY OF SPRINGBORO, OHIO
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 2022 compared to
2021:
Governmental Business-type
Activities Activities Total
2022 2021 2022 2021 2022 2021
Revenues
Program Revenues:
Charges for Services and Sales $1,118,656 $915,991 $13,417,453 $12,643,379 $14,536,109 $13,559,370
Operaring Grants and Contributions 1,635,228 1,659,123 0 0 1,635,228 1,659,123
Capital Grants and Contributions 1,074,519 1,500,000 178,496 516,341 1,253,015 2,016,341
TotalProgram Revenues 3,828,403 4,075,114 13,595,949 13,159,720 17,424,352 17,234,834
General revenues:
IncomeTaxes 16,951,501 15,367,154 0 0 16,951,501 15,367,154
Property Taxes 844,456 761,596 0 0 844,456 761,596
Other Local Taxes 57,879 44,769 0 0 57,879 44,769
Payment in Lieu of Taxes 680,554 S4S,750 0 0 680,554 S4S,750
Intergovernmental,unrestricted 407,186 397,993 0 0 407,186 397,993
InvestmentEarnings (12,545) 132,036 (582,262) (176,241) (594,807) (44,205)
Miscellaneous 1,133,643 686,357 0 0 1,133,643 686,357
Total General Revenues 20,062,674 17,935,655 (582,262) (176,241) 19,480,412 17,759,414
Total Revenues 23,891,077 22,010,769 13,013,687 12,983,479 36,904,764 34,994,248
Program Expenses
Security of Persons and Properry 4,987,976 4,808,868 0 0 4,987,976 4,808,868
Public Health and Welfare Services 15,972 16,384 0 0 15,972 16,384
Leisure Time Acrivities 1,831,587 1,401,601 0 0 1,831,587 1,401,601
Community Environment 1,031,626 739,420 0 0 1,031,626 739,420
Transportation 3,217,157 3,624,939 0 0 3,217,157 3,624,939
General Government 5,813,511 6,434,048 0 0 5,813,511 6,434,048
Interest and Fiscal Charges 482,217 335,455 0 0 482,217 335,455
Golf Course 0 0 3,232,788 2,402,783 3,232,788 2,402,783
Water 0 0 3,998,676 3,330,446 3,998,676 3,330,446
Sewer 0 0 3,S84,S74 3,166,101 3,584,574 3,166,101
Trash 0 0 1,355,615 1,266,452 1,355,615 1,266,452
Storm Water 0 0 431,366 362,232 431,366 362,232
TotalExpenses 17,380,046 17,360,715 12,603,019 10,528,014 29,983,065 27,888,729
Change in Net Position before transfers 6,511,031 4,650,054 410,668 2,455,465 6,921,699 7,105,519
Transfers (1,474,840) (722,531) 1,474,840 722,531 0 0
TotalChangeinNetPosition 5,036,191 3,927,523 1,885,508 3,177,996 6,921,699 7,105,519
Beginning Net Position 78,571,917 74,644,394 96,231,539 93,053,543 174,803,456 167,697,937
EndingNetPosition $83,608,108 $78,571,917 $98,117,047 $96,231,539 $181,725,155 $174,803,456
- 9 -
CITY OF SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Governmental Activities
Net position of the City's governmental activities increased by $5 million. Revenues increased by $1.9
million in 2022 compared to 2021 and expenses and transfers increased by $771,640. Leisure time
activities accounted for the majority of the increase in expenses in 2022.
The City receives an income tax, which is based on 1.5% of all salaries, wages, commissions and other
compensation earned from residents living within the City and from nonresidents for work done or
services performed or rendered in the City.
Property taxes and income taxes made up 3.5% and 71% respectively of revenues for governmental
activities for the City in 2022. The City's reliance upon tax revenues is demonstrated by the following
graph indicating 74.74% of total revenues from general tax revenues:
Percent
Revenue Sources 2022 of Total 16.02%
Intergovernmental,unrestricted $407,186 1.70%
Program Revenues 3,828,403 16.02% 1.70%
General Tax Revenues 17,853,836 74.74%
GeneralOther 1,801,652 7.54% zs4%
74.74%
Total Revenue $23,891,077 100.00%
Business-Type Activities
Net position of the business-type activities increased by $1.9 million. This increase was the result of
revenues outpacing expenses as the City waits for long-term capital projects in these activities to
commence in coming years.
FINANCIAL ANALYSIS OF THE CITY'S FUNDS
The City's governmental funds reported a combined fund balance of $24,453,540, which is a increase
from last year's balance of $16,613,132. The schedule below indicates the fund balance and the total
change in fund balance by fund type as of December 31, 2022 and 2021:
Fund Balance Fund Balance Increase
December 31,2022 December 31,2021 (Decrease)
General $10,167,896 $11,135,003 ($967,107)
Austin Center Municipal Public TIF (1,808,402) (2,250,474) 442,072
Debt Service 623,039 563,220 59,819
Construction 4,599,433 2,425,409 2,174,024
Income Tax Capital
Improvement(Capital Project) 5,847,283 4,434,614 1,412,669
Other Governmental 5,024,291 305,360 4,718,931
Total $24,453,540 $16,613,132 $7,840,408
- 10 -
CITY OF SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
General Fund—The City's General Fund balance decrease is due predominately to increased transfers out
in 2022. The tables that follow assist in illustrating the financial activities and balance of the General
Fund:
2022 2021 Increase
Revenues Revenues (Decrease)
Municipal Income Taxes $11,164,265 $10,403,005 $761,260
Property and Other Taxes 904,397 784,133 120,264
Intergovernmental Revenue 390,305 385,790 4,515
Fines,Licenses and Permits 341,347 396,760 (55,413)
Investment Earnings (63,705) 98,935 (162,640)
Special Assessments 38,642 36,897 1,745
All Other Revenue 1,095,001 2,127,916 (1,032,915)
Total $13,870,252 $14,233,436 ($363,184)
General Fund revenues decreased compared with revenues in 2021. The majority of the decrease is
attributed to a one-time reimbursement receipt(All Other Revenue)in 2021.
2022 2021 Increase
Expenditures Expenditures (Decrease)
Security of Persons and Property $4,564,255 $4,194,540 $369,715
Public Health and Welfare Services 15,972 16,384 (412)
Leisure Time Activities 1,364,368 1,191,728 172,640
Community Environment 1,165,580 1,056,940 108,640
General Government 5,977,350 5,378,283 599,067
CapitalOutlay 0 3,485,000 (3,485,000)
Debt Service:
Principal Retirement 0 595,000 (595,000)
Interest and Fiscal Charges 30,408 90,240 (59,832)
Total $13,117,933 $16,008,ll5 ($2,890,182)
General Fund expenditures decreased by $2.9 million ar 18.1% under the prior year due largely to costs
associated with a capital lease.
Austin Center Municipal Public Improvement TIF—This fund is used to account for payments in lieu of
taxes from Montgomery County for properties within the Austin TIF area to be used for payments to the
Miamisburg City School District as required per the Cooperative Agreement.
- 11 -
CITY OF SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Debt Service Fund—The Debt Service Fund balance increased this year by $59,819. The fund balance of
this fund will vary from year to year based upon the City's debt service requirements, as well as
premiums received on notes or bonds sold during the year.
Constv�uction Fund — The fund balance increased $2.2 million due to the issuance of a bond to fund
construction projects and a $1 million contribution to assist with the payoff of the City's fiber optic lease
obligation.
Income Tax Capital Improvement Fund - The fund balance increased $1.4 million to a balance of$5.8
million. Income tax collections outpaced transfers out this year. Transfers vary year to year depending
on the capital projects slated for that year and savings for future year projects.
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 2022 the City amended its General Fund budget several times, none significant.
For the General Fund,final budget basis revenue of$12.2 million did not change from the original budget
estimates. The General Fund had an adequate fund balance to cover expenditures.
The large variances between budgeted and actual expenditures represent fiscally conservative spending
practices.
CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets
At the end of 2022 the City had $158,329,219 net of accumulated depreciation invested in land,
improvements, infrastructure, buildings, machinery and equipment and construction in progress. Of this
total, $77,238,569 was related to governmental activities and $81,090,650 to the business-type activities.
The following table shows 2022 and 2021 balances:
Governmental
Acriviries Changes
2022 2021
Land $27,527,140 $26,546,235 $980,905
Construction in Progress 744,660 2,572,030 (1,827,370)
Total Non-Depreciable Capital Assets 28,271,800 29,118,265 (846,465)
Improvements 10,996,329 11,006,274 (9,945)
Infrastructure 58,083,753 57,028,794 1,054,959
Buildings 18,125,107 18,852,467 (727,360)
Machinery and Equipment ll,174,304 7,915,334 3,258,970
Less:Accumulated Depreciation (49,412,724) (46,583,157) (2,829,567)
Total Depreciable Capital Assets,Net 48,966,769 48,219,712 747,057
Totals $77,238,569 $77,337,977 ($99,408)
- 12 -
CITY OF SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
Business-Type
Activities Changes
2022 2021
Land $8,685,240 $8,685,240 $0
Construcrion in Progress 503,459 133,913 369,546
Total Non-Depreciable Capital Assets 9,188,699 8,819,153 369,546
Buildings 5,397,868 4,469,177 928,691
Land Improvements 2,ll6,227 2,116,227 0
Infrastructure 95,685,781 95,625,961 59,820
Machinery and Eqiupment 7,558,752 6,855,310 703,442
Less:Accumulated Depreciation (38,856,677) (36,500,436) (2,356,241)
Total Depreciable Capital Assets,Net 71,901,951 72,566,239 (664,288)
Totals $81,090,650 $81,385,392 ($294,742)
The primary increases occurred in infrastructure and machinery and equipment in the governmental
activities. The largest changes in the business-type activities capital assets (other than accumulated
depreciation) occurred primarily in buildings. This is a result of the commitment made by City Council
and management to upgrade some older utility equipment throughout neighborhoods within the City.
As of December 31, 2022, the City has contractual commitments of $1.4 million for various projects.
Additional information on the City's capital assets can be found in Note 9.
Debt
At December 31, 2022,the City had$12.5 million in bonds outstanding, $2.4 million due within one year.
The following table summarizes the City's debt outstanding as of December 31, 2022 and 2021:
2022 2021
Governmental Activiries:
Special Assessment Bonds $142,472 $279,946
General Obligation Bonds 7,440,822 1,666,561
Special Obligarion Bonds 3,991,966 0
General Obligation Notes 0 3,200,000
Compensated Absences 967,283 9ll,867
Capital Lease 0 2,890,000
Total Governmental Activities 12,542,543 8,948,374
Business-Type Activities:
General Obligation Bonds 942,321 1,864,639
Mortgage Revenue Bonds 0 6,208,422
Compensated Absences 248,325 232,945
Capital Lease 252,174 0
Total Business-Type Activities 1,442,820 8,306,006
Totals $13,985,363 $17,254,380
- 13 -
CITY OF SPRINGBORO, OHIO
Management's Discussion and Analysis
For the Year Ended December 31, 2022 Unaudited
State statutes limit the amount of unvoted general obligation debt the City may issue. The aggregate
amount of the City's unvoted debt is also subject to overlapping debt restrictions with other political
subdivisions. The actual aggregate amount of the City's unvoted debt, when added to that of other
political subdivisions within the respective counties in which Springboro lies, is limited to ten mills. At
December 31, 2022, the City's outstanding debt was below the legal limit. Additional information on the
City's long-term debt can be found in Note 13.
ECONOMIC FACTORS
The City's budget for 2022 was consistent with its conservative budgeting practice. The City of
Springboro has been able to sustain and grow over the past several years despite strong economic
headwinds in the overall economy during that time. We have a solid residential, industrial, and
commercial base. Income tax revenue has continued to increase annually. The 2022 expenditures were
increased from 2021 levels due to an increase in capital projects and debt retirement. City Council wishes
to maintain current service levels to the residents of the City and they will continue to monitor the
revenue stream for future years and if necessary, adjust expenditures accordingly.
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 or need additional financial information contact the Finance Department
by calling 937-748-4351 or writing to City of Springboro Finance Department, 320 West Central Avenue,
Springbaro, Ohio 45066.
- 14 -
CITY OF SPRINGBORO, OHIO
SPRiNGBORO
- 15 -
CITY OF SPRINGBORO, OHIO
Statement of Net Position
December 31, 2022
Component Unit
Community
Improvement
Governmental Business-Type Corporation of
Activities Activities Total Springboro
Assets:
Equity in Pooled Cash and Investments $ 22,751,814 $ 19,396,094 $ 42,147,908 $ 32,051
Receivables:
Taxes 1,416,183 0 1,416,183 0
Accounts 20,185 1,486,551 1,506,736 0
Intergovernmental 923,031 14,982 938,013 0
Income Taxes 2,923,984 0 2,923,984 0
SpecialAssessments 855,449 0 855,449 0
Inventory of Supplies at Cost 216,186 24,463 240,649 0
Inventory Held for Resale 0 97,436 97,436 0
PrepaidItems 306,379 153,382 459,761 0
Restricted Assets:
Cash and Cash Equivalents 0 523 523 0
Assets Held for Resale 2,435,702 0 2,435,702 0
Net OPEB Asset 576,677 415,247 991,924
Non-Depreciable Capital Assets 28,271,800 9,188,699 37,460,499 0
Depreciable Capital Assets,Net 48,966,769 71,901,951 120,868,720 0
Total Assets 109,664,159 102,679,328 212,343,487 32,051
Deferred Outflows of Resources:
Deferred Charge on Debt Refunding 20,155 61,359 81,514 0
Pension 3,154,066 573,343 3,727,409 0
OPEB 585,944 11,373 597,317 0
Total Deferred Outflows of Resources 3,760,165 646,075 4,406,240 0
Liabilities:
Accounts Payable 212,267 526,005 738,272 0
Accrued Wages and Benefits 364,853 133,598 498,451 0
Intergovernmental Payable 257,672 116,637 374,309 0
Refundable Deposits 0 523 523 0
Unearned Revenue 1,990,959 0 1,990,959
Accrued Interest Payable 44,203 23,406 67,609 0
Long Term Liabilities:
Due within one year 1,492,702 1,091,306 2,584,008 0
Due in More Than One Year:
Net Pension Liability 7,307,471 1,146,941 8,454,412 0
Net OPEB Liability 1,002,614 0 1,002,614 0
Other Amounts Due in More Than One Year 11,049,841 351,514 ll,401,355 0
Total Liabilities 23,722,582 3,389,930 27,112,512 0
(Continued)
- 16 -
CITY OF SPRINGBORO, OHIO
Component Unit
Community
Improvement
Governmental Business-Type Corporation of
Activities Activities Total Springboro
Deferred Inflows of Resources:
Property Tas Levy for Next Fiscal Year 1,395,000 0 1,395,000 0
Pension 3,739,406 1,389,393 5,128,799 0
OPEB 959,228 429,033 1,388,261 0
Total Deferred Inflows of Resources 6,093,634 1,818,426 7,912,060 0
Net Position:
Net Investment in Capital Assets 67,424,616 79,957,514 147,382,130 0
Restricted For:
Capital Projects 12,045,237 0 12,045,237 0
Debt Service 1,434,285 0 1,434,285 0
Security of Persons 164,414 0 164,414 0
Transp ortation 1,971,079 0 1,971,079 0
Unrestricted 568,477 18,159,533 18,728,010 32,051
Total Net Position $ 83,608,108 $ 98,117,047 $ 181,725,155 $ 32,051
See accompanying notes to the basic fmancial statements
- 17 -
CITY OF SPRINGBORO, OHIO
Statement ofActivities
For the Year Ended December 31, 2022
Program Revenues
Charges for OperatingGrants Capital Grants
Services and and and
E�penses Sales Contributions Contributions
Governmental Activities:
Security of Persons and Property $ 4,987,976 $ 61,236 $ 52,098 $ 0
Public Health and Welfare Services 15,972 0 0 0
Leisure Time Activities 1,831,587 233,584 0 0
Community Environment 1,031,626 128,866 0 0
Transportation 3,217,157 371,350 1,580,538 0
General Government 5,813,511 323,620 2,592 1,074,519
Interest and Fiscal Charges 482,217 0 0 0
Total Governmental Activities 17,380,046 1,ll8,656 1,635,228 1,074,519
Business-Type Activities:
Golf Course 3,232,788 2,556,125 0 0
Water 3,998,676 4,762,887 0 76,301
Sewer 3,584,574 4,548,641 0 ]02,195
Trash 1,355,615 1,262,667 0 0
Storm Water 431,366 287,133 0 0
Total Business-Type Activities 12,603,019 13,417,453 0 178,496
Totals $ 29,983,065 $ 14,536,109 $ 1,635,228 $ 1,253,015
Component Unit:
Community Improvement
Corporation of Springboro $ 109,414 $ 0 $ 125,000 $ 0
General Revenues:
Income Taxes
Property Taxes
Other Local Taxes
Payment in Lieu of Taxes
Intergovernmental,unrestricted
Investment Earnings
M iscellaneous
Transfers
Total General Revenues and Transfers
Change in Net Position
Net Position Beginning of Year
Net Position End of Year
See accompanying notes to the basic financial statements
- 18 -
CITY OF SPRINGBORO, OHIO
Net(Expense)Revenue Component
and Changes in Net Position Unit
Community
Imp rovement
Governmental Business-Type Corporation
Activities Activities Total of Springboro
$ (4,874,642) $ 0 $ (4,874,642)
(15,972) 0 (15,972)
(1,598,003) 0 (1,598,003)
�9oz,�6o� o �9oa,�6o�
�i,ads,269� o �l,z6s,a69�
�4,4i2,�go� o �4,4ia,�so�
�4s2,2 i�� o �4gz,2���
(13,551,643) 0 (13,551,643)
0 (676,663) (676,663)
0 840,512 840,512
0 l,066,262 l,066,262
0 (92,948) (92,948)
0 (144,233) (144,233)
0 992,930 992,930
(13,551,643) 992,930 (12,558,713)
$ 15,586
16,951,501 0 16,951,501 0
844,456 0 844,456 0
57,879 0 57,879 0
680,554 0 680,554 0
407,186 0 407,186 0
(12,545) (582,262) (594,807) 5
1,133,643 0 1,133,643 0
(1,474,840) 1,474,840 0 0
18,587,834 892,578 19,480,412 5
5,036,191 1,885,508 6,921,699 15,591
78,571,917 96,231,539 174,803,456 16,460
$ 83,608,108 $ 98,117,047 $ 181,725,155 $ 32,051
- 19 -
CITY OF SPRINGBORO, OHIO
Balance Sheet
Governmental Funds
December 31, 2022
Austin Center
M unicip al
Public
Improvement American
General TIF Rescue Plan Debt Service
Assets:
Equity in Pooled Cash and Investments $ 8,569,865 $ 336,598 $ 1,990,959 $ 623,039
Receivables:
Taxes 866,183 550,000 0 0
Accounts 20,185 0 0 0
Intergovernmental 201,983 0 0 0
Income Taxes 1,949,323 0 0 0
Special Assessments 0 0 0 855,449
Advances to Other Funds 1,072,500 0 0 0
Inventary of Supplies,at Cost 48,804 0 0 0
Prepaid Items 269,045 0 0 0
Assets Held for Resale 0 0 0 0
Total Assets $ 12,997,888 $ 886,598 $ 1,990,959 $ 1,478,488
Liabilities:
Accounts Payable $ 138,512 $ 0 $ 0 $ 0
Accrued Wages and Benefits Payable 314,043 0 0 0
Intergovernmental Payable 242,278 0 0 0
Advances from Other Funds 0 2,145,000 0 0
Unearned Revenue 0 0 1,990,959 0
Total Liabilities 694,833 2,145,000 1,990,959 0
Deferred Inflows of Resources:
Property Taa{Levy for Ne�Fiscal Year 845,000 550,000 0 0
Unavailable Amounts 1,290,159 0 0 855,449
Total Deferred Inflows of Resources 2,135,159 550,000 0 855,449
Fund Balances:
Nonsp endable 317,849 0 0 0
Restricted 0 0 0 623,039
Assigned 2,249,672 0 0 0
Unassigned 7,600,375 (1,808,402) 0 0
TotalFundBalances 10,167,896 (1,808,402) 0 623,039
Total Liabilities,Deferred Inflows of
Resources and Fund Balances $ 12,997,888 $ 886,598 $ 1,990,959 $ 1,478,488
See accompanying notes to the basic financial statements
- 20 -
CITY OF SPRINGBORO, OHIO
Income Tax Other Total
Capital Govemmental Governmental
Construction Improvement Funds Funds
$ 4,484,581 $ 4,360,528 $ 2,386,244 $ 22,751,814
0 0 0 1,416,183
0 0 0 20,185
0 0 721,048 923,031
0 974,661 0 2,923,984
0 0 0 855,449
0 1,072,500 0 2,145,000
0 0 167,382 216,186
0 0 37,334 306,379
123,229 0 2,312,473 2,435,702
$ 4,607,810 $ 6,407,689 $ 5,624,481 $ 33,993,913
$ 8,377 $ 0 $ 65,378 $ 212,267
0 0 50,810 364,853
0 0 15,394 257,672
0 0 0 2,145,000
0 0 0 1,990,959
8,377 0 131,582 4,970,751
0 0 0 1,395,000
0 560,406 468,608 3,174,622
0 560,406 468,608 4,569,622
0 0 204,716 522,565
4,599,433 5,847,283 4,819,575 15,889,330
0 0 0 2,249,672
0 0 0 5,791,973
4,599,433 5,847,283 5,024,291 24,453,540
$ 4,607,810 $ 6,407,689 $ 5,624,481 $ 33,993,913
-21 -
CITY OF SPRINGBORO, OHIO
Reconciliation Of Total Governmental Fund Balances
To Net Position Of Governmental Activities
December 31, 2022
Total Governmental Fund Balances $ 24,453,540
Amounts reported forgovernmental activities in the
statement of net position are different because
Capital Assets used in governmental activities are not
resources and therefore are not reparted in the funds. 77,238,569
Other long-term assets are not available to pay for current-period
expenditwes and therefore are reported as deferred inflows of
resources in the funds.
Income Taxes Receivable-accrual basis 1,681,218
Property Taxes Receivable-accrual basis 21,183
Special Assessments Receivable-accrual basis 855,449
Grants Receivable-accrual basis 616,772
Total 3,174,622
The net pension/OPEB liabilities are not due and payable in the
current period;therefore,the liabilities and related deferred inflows
&outflows are not reported in govemmental funds:
Net OPEB Asset 576,677
Deferred Outflows-Pension 3,154,066
Deferred Outflows-OPEB 585,944
Deferred Inflows-Pension (3,739,406)
Deferred Inflows-OPEB (959,228)
Net Pension Liability (7,307,471)
Net OPEB Liability (1,002,614)
Total (8,692,032)
Long-term liabilities,including bonds payable,are not due
and payable in the current period and therefore are not
reported in the funds.
Amounts Due Within One Year (1,492,702)
Amounts Due in More Than One Year (11,049,841)
Accrued Interest on I,ong-Term Debt (44,203)
Deferred Charge on Debt Refunding 20,155
Tota1 (12,566,591)
NetPositionofGovernmentalActivities $ 83,608,108
See accompanyingnotes to thebasic financial statements
- 22 -
CITY OF SPRINGBORO, OHIO
SPRINGBORO
- 23 -
CITY OF SPRINGBORO, OHIO
Statement of Revenues,Expenditures and Changes in Fund Balances
Governmental Funds
For�the Year Ended December 31, 2022
Austin Center
M unicip al
Public
Improvement
General TIF Debt Service Construction
Revenues:
MunicipalIncomeTax $ 11,164,265 $ 0 $ 0 $ 0
Property and Other Taxes 904,397 0 0 0
Payment in Lieu of Taxes 0 680,554 0 0
Intergovernmental Revenues 390,305 0 0 0
Fines,Licenses and Permits 341,347 0 0 0
Investment Earnings (63,705) 0 0 0
Special Assessments 38,642 0 231,883 16,839
Donations 0 0 0 0
All Other Revenue 1,095,001 0 0 1,366,284
Total Revenue 13,870,252 680,554 231,883 1,383,123
F�penditures:
Current:
Security of Persons and Property 4,564,255 0 0 0
Public Health and Welfare Services 15,972 0 0 0
Leisure Time Activities 1,364,368 0 0 0
Community Environment 1,165,580 0 0 0
Transp ortation 0 0 0 0
General Government 5,977,350 150,147 77,472 0
CapitalOutlay 0 0 0 2,653,219
Debt Service:
Principal Retirement 0 0 4,140,000 2,890,000
Interest and Fiscal Charges 30,408 88,335 321,143 44,767
Total Expenditures 13,117,933 238,482 4,538,615 5,587,986
Excess(Deficiency)of Revenues
Over Expenditures 752,319 442,072 (4,306,732) (4,204,863)
Other Financing Sources(Uses):
Bonds Issued 0 0 0 6,000,000
Premium on Debt Issued 0 0 622,326 0
Transfers In 164,536 277,335 3,744,225 4,487,900
Transfers Out (1,883,962) (277,335) 0 (4,109,013)
Total Other Financing Sources(Uses) (1,719,426) 0 4,366,551 6,378,887
Net Change in Fund Balances (967,107) 442,072 59,819 2,174,024
Fund Balances(Deficits)at Beginning of Year 11,135,003 (2,250,474) 563,220 2,425,409
Fund Balances(Deficits)End of Year $ 10,167,896 $ (1,808,402) $ 623,039 $ 4,599,433
See accompanying notes to the basic financial statements
- 24 -
CITY OF SPRINGBORO, OHIO
Income Tax Other Total
Capital Governmental Governmental
Improvement Funds Funds
$ 5,581,241 $ 0 $ 16,745,506
0 0 904,397
0 0 680,554
0 1,624,061 2,014,366
0 39,378 380,725
44,168 6,992 (12,545)
0 0 287,364
0 2,382 2,382
0 370,196 2,831,481
5,625,409 2,043,009 23,834,230
0 225,612 4,789,867
0 0 15,972
0 0 1,364,368
0 0 1,165,580
0 1,325,930 1,325,930
0 19,215 6,224,184
0 62,223 2,715,442
0 0 7,030,000
0 25,312 509,965
0 1,658,292 25,141,308
5,625,409 384,717 (1,307,078)
0 4,000,000 10,000,000
0 0 622,326
0 867,712 9,541,708
(4,212,740) (533,498) (11,016,548)
(4,212,740) 4,334,214 9,147,486
1,412,669 4,718,931 7,840,408
4,434,614 305,360 16,613,132
$ 5,847,283 $ 5,024,291 $ 24,453,540
- 25 -
CITY OF SPRINGBORO, OHIO
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 $ 7,840,408
Amounts reported forgovernmental activities in the statement of
activides 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 eapense. This is the amount
by which capital outlays exceeded depreciation in the current period. 122,715
The net effect of various miscellaneous transactions involving capital assets
(i.e.disposals and donations)is to change net position. (222,123)
Revenues and transfers in the statement of activities that do not provide
current financial resources are not reported as revenues in the funds. 56,847
Contractually required contributions are reparted as eapenditures in
govemmental funds;however,the statement of net p osition rep orts
these amounts as deferred outflows. 950,532
Except for amounts reported as deferred inflows/outflows,changes in the
net pension and OPEB liabilities are reparted as pension elpense in the
statement of activities. (92,194)
The issuance of long-term debt(e.g.notes,bonds)provides current
financial resources to government funds,while the repayment of the principal
of long-term debt consumes the cunent flnancial resources of government funds.
Neither transaction,however,has any effect on net position.
Bonds Issued (10,000,000)
Premium on Bonds Issued (622,326)
Principal Retirement 7,030,000
Total (3,592,326)
In the statement of activities,interest is accrued on outstandingbonds,
whereas in governmental funds,an interest eapenditure is reported
when due. 47,901
Some e�penses reported in the statement of activities do not require the use
of current financial resources and,therefore,are not reported as e�;penditures
in governmental funds. (75,569)
Change in NetPosition of Governmental Activities $ 5,036,191
See accompanyingnotes to the basic fmancial statements
- 26 -
CITY OF SPRINGBORO, OHIO
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
Orignal Positive
Budget Final Budgct Actual (Negative)
Revenues:
Municipal Income Tax $ 9,975,000 $ 9,975,000 $ 11,257,032 $ 1,282,032
Property and Other Taxes 750,000 750,000 904,397 154,397
Intergovernmental Revenue 320,900 320,900 385,537 64,637
Fines,Licenses and Permits 504,300 504,300 338,060 (166,240)
Investment Earnings 175,000 175,000 199,191 24,191
Special Assessments 37,162 37,162 38,642 1,480
All Other Revenues 290,500 290,500 1,073,492 782,992
Total Revenues 12,052,862 12,052,862 14,196,351 2,143,489
Expenditures:
Current:
Security ofPersons andProperty 4,640,352 4,713,165 4,584,336 128,829
Public Health and Welfare Services 17,000 17,000 15,972 1,028
Leisure Time Activities 1,704,530 1,653,498 1,469,518 183,980
Community Environment 1,628,206 1,602,136 1,312,783 289,353
General Government 6,522,965 6,680,391 6,249,624 430,767
Total Eapenditures 14,513,053 14,666,190 13,632,233 1,033,957
Excess(Deficiency)of Revenues
Over(Under)Expenditures (2,460,191) (2,613,328) 564,118 3,177,446
Other Financing Sources(Uses):
TransfersIn 164,536 164,536 164,536 0
Transfers Out (3,717,005) (3,737,005) (1,883,962) 1,853,043
Advances In 0 0 138,668 138,668
Total Other Financing Sources(Uses): (3,552,469) (3,572,469) (1,580,758) 1,991,7ll
Net Change in Fund Balance (6,012,660) (6,185,797) (1,016,640) 5,169,157
Fund Balance at Beginning of Year 8,467,271 8,467,271 8,467,271 0
Prior Year Encumbrances 821,504 821,504 821,504 0
Fund Balance at End of Year $ 3,276,115 $ 3,102,978 $ 8,272,135 $ 5,169,157
See accompanying notes to the basic financial statements
- 27 -
CITY OF SPRINGBORO, OHIO
Statement of Revenues,Expenditures and Changes in
Fund Balance-Budget and Actual(Non-GAAP Budgetary Basis)
Special Revenue Fund-Austin Center Municipal Public Improvement TIF Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Original Positive
Budget Final Budget Actual (Negative)
Revenues:
Payment in Lieu of Taxes $ 550,000 $ 550,000 $ 680,554 $ 130,554
Total Revenues 550,000 550,000 680,554 130,554
Expenditures:
Current:
General Government 217,000 217,000 158,147 58,853
Total E�enditures 217,000 217,000 158,147 58,853
Excess(Deficiency)of Revenues
Over(Under)E�penditures 333,000 333,000 522,407 189,407
Other Financing Sources(Uses):
Transfers Out (277,335) (277,335) (277,335) 0
Total Other Financing Sources(Uses): (277,335) (277,335) (277,335) 0
Net Change in Fund Balance 55,665 55,665 245,072 189,407
Fund Balance at Beginning of Year 83,526 83,526 83,526 0
Fund Balance at End of Year $ 139,191 $ 139,191 $ 328,598 $ 189,407
See accompanyingnotes to the basic fmancial statements
- 28 -
CITY OF SPRINGBORO, OHIO
Statement of Revenues,Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Special Revenue Fund—American Rescue Plan Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Original Positive
Budget Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenue $ 0 $ 0 $ 999,438 $ 999,438
Total Revenues 0 0 999,438 999,438
Expenditures:
Total E�enditures 0 0 0 0
Excess(Deficiency)of Revenues
Over(Under)E�penditures 0 0 999,438 999,438
Fund Balance at Beginning of Year 991,521 991,521 991,521 0
Fund Balance at End of Year $ 991,521 $ 991,521 $ 1,990,959 $ 999,438
See accompanyingnotes to the basic financial statements
- 29 -
CITY OF SPRINGBORO, OHIO
Statement of Net Position
Proprietary Funds
December 31, 2022
Business-Type Activities
Enterprise Funds
Golf Course Water Sewer
Assets:
Current Assets:
Equity in Pooled Cash and Investments $ 670,941 $ 9,582,274 $ 8,596,125
Receivables:
Accounts 1 603,513 659,516
Intergovernmental 307 14,489 142
Inventory of Supplies at Cost 24,463 0 0
Inventory Held for Resale 97,436 0 0
Prepaid Items 16,742 70,384 55,090
Total CurrentAssets 809,890 10,270,660 9,310,873
Non Current Assets:
Restricted Assets:
Cash and Cash Equivalents 0 523 0
Net OPEB Asset 190,877 108,894 73,657
Non-Depreciable Capital Assets 8,227,959 738,090 222,650
Depreciable Capital Assets,Net 3,693,685 30,868,747 28,999,854
TotalNoncurrentAssets 12,112,521 31,716,254 29,296,161
Total Assets 12,922,411 41,986,914 38,607,034
DeferredOutflows ofResources:
Deferred Charge on Debt Refunding 0 61,359 0
Pension 263,020 150,686 101,861
OPEB 4,807 3,249 2,142
Total Deferred Outflows of Resources 267,827 215,294 104,003
- 30 -
CITY OF SPRINGBORO, OHIO
Trash Storm Water Total
$ 96,249 $ 450,505 $ 19,396,094
180,020 43,501 1,486,551
12 32 14,982
0 0 24,463
0 0 97,436
5,145 6,021 153,382
281,426 500,059 21,172,908
0 0 523
18,325 23,494 415,247
0 0 9,188,699
0 8,339,665 71,901,951
18,325 8,363,159 81,506,420
299,751 8,863,218 102,679,328
0 0 61,359
25,315 32,461 573,343
514 661 11,373
25,829 33,122 646,075
(Continued)
- 31 -
CITY OF SPRINGBORO, OHIO
Statement of Net Position
Proprietary Funds
December 31, 2022
Business-Type Activities
Enterprise Funds
Golf Course Water Sewer
Liabilities:
Current Liabilities:
Accounts Payable 85,600 134,447 202,758
Accrued Wages and Benefits 55,572 38,165 25,215
Intergovemmental Payable 19,312 83,632 8,598
Refundable Dep osits 0 523 0
Accrued Interest Payable 0 3,356 20,050
Compensated Absences Payable-Current 8,909 6,476 5,437
Capital L,eases-Current 125,142 0 0
General Obligation Bonds-Current 0 942,321 0
TotalCurrentLiabilities 294,535 1,208,920 262,058
Noncurrent Liabilities:
CompensatedAbsencesPayable 46,358 78,211 66,021
Capital Leases Payable 127,032 0 0
Net Pension Liability 527,213 300,772 203,447
TotalNoncurrentLiabilities 700,603 378,983 269,468
Total Liabilities 995,138 1,587,903 531,526
Deferred Inflows of Resources:
Pension 638,662 364,354 246,451
OPEB 197,214 112,508 76,103
Total Deferred Inflows of Resources 835,876 476,862 322,554
Net Position:
Net Investment in Capital Assets ll,669,470 30,725,875 29,222,504
Restricted far:
Unrestricted (310,246) 9,4ll,568 8,634,453
Total Net Position $ ll,359,224 $ 40,137,443 $ 37,856,957
See accompanyingnotes to thebasic financial statements
- 32 -
CITY OF SPRINGBORO, OHIO
Trash Storm Water Total
99,399 3,801 526,005
6,437 8,209 133,598
2,243 2,852 116,637
0 0 523
0 0 23,406
1,366 1,655 23,843
0 0 125,142
0 0 942,321
109,445 16,517 1,891,475
13,448 20,444 224,482
0 0 127,032
50,616 64,893 1,146,941
64,064 85,337 1,498,455
173,509 101,854 3,389,930
61,315 78,611 1,389,393
18,935 24,273 429,033
80,250 102,884 1,818,426
0 8,339,665 79,957,514
71,821 351,937 l 8,159,533
$ 71,821 $ 8,691,602 $ 98,117,047
- 33 -
CITY OF SPRINGBORO, OHIO
Statement of Revenues,Expenses and Changes in Fund Net Position
Proprietary Funds
For�the Year Ended December 31, 2022
Business-Type Activities
Enterprise Funds
Golf Course Water Sewer
Operating Revenues:
Charges for Services $ 2,171,913 $ 4,732,503 $ 4,413,847
Sales 342,142 0 0
OtherOperatingRevenue 42,070 30,384 134,794
Total Operating Revenues 2,556,125 4,762,887 4,548,641
Operating Expenses:
Personal Services 1,466,224 678,990 448,598
Contractual Services 574,926 2,169,022 2,237,445
Materials and Supplies 713,823 208,790 45,193
Depreciation 473,028 869,512 819,956
Total Operating Expenses 3,228,001 3,926,314 3,551,192
Operatinglncome(Loss) (671,876) 836,573 997,449
Nonoperating Revenue(Expenses):
Investment Earnings 0 (310,656) (271,606)
Interest and Fiscal Charges (4,787) (72,362) (33,382)
Total Nonoperating Revenues(Fxpenses) (4,787) (383,018) (304,988)
Income(Loss)Before Transfers and Contributions (676,663) 453,555 692,461
Transfers In 1,550,000 0 0
Transfers Out 0 (87,580) (87,580)
Capital Contributions-Tap in Fees 0 76,301 102,195
Change in Net Position 873,337 442,276 707,076
Net Position Beginning of Year 10,485,887 39,695,167 37,149,881
Net Position End of Year $ 11,359,224 $ 40,137,443 $ 37,856,957
See accompanying notes to the basic financial statements
- 34 -
CITY OF SPRINGBORO, OHIO
Trash Storm Water Total
$ 1,262,306 $ 286,986 $ 12,867,555
0 0 342,142
361 147 207,756
1,262,667 287,133 13,417,453
117,772 145,862 2,857,446
1,209,882 79,131 6,270,406
27,961 2,485 998,252
0 203,888 2,366,384
1,355,615 431,366 12,492,488
(92,948) (144,233) 924,965
0 0 (582,262)
0 0 (110,531)
0 0 (692,793)
(92,948) (144,233) 232,172
100,000 0 1,650,000
0 0 (175,160)
0 0 178,496
7,052 (144,233) 1,885,508
64,769 8,835,835 96,231,539
$ 71,821 $ 8,691,602 $ 98,117,047
- 35 -
CITY OF SPRINGBORO, OHIO
Statement of Cash Flows
Proprietary Funds
For�the Year Ended December 31, 2022
Business-Type Activities
Enterprise Funds
Golf Course Water Sewer
Cash Flows from OneratineActivities:
Cash Received from Customers $2,171,913 $4,756,769 $4,417,037
OtherOperatingReceipts 384,124 30,300 134,716
Cash Payments for Goods and Services (1,285,175) (2,144,339) (2,024,376)
Cash Payments to Employees (1,681,708) (918,680) (600,689)
Net Cash Provided(Used)by OperatingActivities (410,846) 1,724,050 1,926,688
Cash Flows from Noncanital Financin�Activities:
Transfers In from Other Funds 1,550,000 0 0
Transfers Out to Other Funds 0 (87,580) (87,580)
Net Cash Provided(Used)by
NoncapitalFinancingActivities 1,550,000 (87,580) (87,580)
Cash Flows from Canital and Related Financin�Activities:
Cash Received from Tap-in Fees in Excess of Cost 0 76,301 102,195
Inception of Capital Lease 375,454 0 0
Principal Paid on Capital Lease (123,280) 0 0
Acquisition and Construction of Assets (1,816,489) (401,291) (137,691)
Principal Paid on General Obligation Bonds 0 (875,000) 0
Principal Paid on Mortgage Revenue Bonds 0 0 (5,745,000)
Interest Paid on All Debt (4,787) (59,962) (120,299)
Net Cash Used by Capital and
RelatedFinancingActivities (1,569,102) (1,259,952) (5,900,795)
Cash Flows from Investin�Activities:
Receipt ofInterest 0 35,183 28,691
Change in Value of Investments 0 (345,839) (300,297)
Net Cash Used by Investing Activities 0 (310,656) (271,606)
Net Increase(Decrease)in Cash and Cash Equivalents (429,948) 65,862 (4,333,293)
Cash and Cash Equivalents at Beginning of Year 1,100,889 9,516,935 12,929,418
Cash and Cash Equivalents at End of Year $670,941 $9,582,797 $8,596,125
Reconciliation of Cash and Cash
Eauivalents ner the Balance Sheet:
Cash and Cash Equivalents $670,941 $9,582,274 $8,596,125
Restricted Cash and Cash Equivalents 0 523 0
Cash and Cash Equivalents at End of Year $670,941 $9,582,797 $8,596,125
- 36 -
CITY OF SPRINGBORO, OHIO
Trash Storm Water Totals
$1,261,601 $287,993 $12,895,313
364 134 549,638
(1,237,892) (84,402) (6,776,184)
(149,487) (187,763) (3,538,327)
(125,414) 15,962 3,130,440
100,000 0 1,650,000
0 0 (175,160)
100,000 0 1,474,840
0 0 178,496
0 0 375,454
0 0 (123,280)
o �s3,iao� �2,43s,s9i�
0 0 �g�s,000>
0 0 �s,�4s,000>
0 0 �iss,o4s>
o �s3,iao� �g,giz,969�
0 0 63,874
0 0 (646,136)
0 0 (582,262)
�as,4i4� �d�,isg� �4,�s9,9si�
121,663 517,663 24,186,568
$96,249 $450,505 $19,396,617
$96,249 $450,505 $19,396,094
0 0 523
$96,249 $450,505 $19,396,617
(Continued)
- 37 -
CITY OF SPRINGBORO, OHIO
Statement of Cash Flows
Proprietary Funds
For�the Year Ended December 31, 2022
Business-Type Activities
Entetprise Funds
Golf Course Water Sewer
Reconciliation of Oneratine Income(Lossl to Net Cash
Provided(Usedl bv OperatingActivities:
OperatingIncome(Loss) ($671,876) $836,573 $997,449
Adjustments to Reconcile OperatingIncome(Loss)to
Net Cash Provided(Used)by Operating Activities:
Depreciation E�pense 473,028 869,512 819,956
Changes in Assets and Liabilities:
(Increase)Decrease in Accounts Receivable (1) 26,119 3,190
(Increase)Decrease in Intergovernmental Receivable (87) (1,937) (78)
Decrease in Inventory 8,389 0 0
Increase in Inventory Held for Resale (26,010) 0 0
(Increase)Decrease in Prepaid Items (5,829) 57,129 87,743
(Increase)in Net OPEB Asset (94,815) (43,987) (30,836)
Increase in Deferred Outflows-Pension (127,207) (58,781) (41,387)
Decrease in Deferred Outflows-OPEB 60,779 41,161 27,038
Increase(Decrease)in Accounts Payable 22,796 101,802 167,880
Increase in Accrued Wages and Benefits 6,945 5,428 2,781
Increase(Decrease)in Intergovernmental Payable 1,031 70,626 (1,233)
Increase in Compensated Absences 3,148 5,089 3,036
Increase in Deferred Inflows-Pension 297,772 134,022 94,500
(Decrease)in Deferred Inflows-OPEB (96,297) (85,810) (54,730)
(Decrease)in Net Pension Liability (262,612) (232,896) (148,621)
Total Adjustments 261,030 887,477 929,239
Net Cash Provided(Used)by Operating Activities ($410,846) $1,724,050 $1,926,688
Schcdulc of Noncash Invcstin�,Capital and Financine Activities:
At December 31,2022,the Golf Course and Sewer Funds had outstanding
liabilities of$51,693 and$1,386 for the purchase of certain capital assets.
See accompanyingnotes to thebasic financial statements
- 38 -
CITY OF SPRINGBORO, OHIO
Trash Storm Water Totals
($92,948) ($144,233) $924,965
0 203,888 2,366,384
(705) 1,007 29,610
3 (13) (2,ll2)
0 0 8,389
0 0 (26,010)
�adg� �96g� i3�,so�
�s,o��� �io,a��� �is�,992�
�io,s3g� �i3,�s2� �2si,99s�
6,477 8,359 143,814
255 (2,482) 290,251
309 440 15,903
(294) (178) 69,952
1,742 2,365 15,380
24,949 31,712 582,955
�ia,3��� �id,io�� �26s,3ai�
�33,642� �43,�69� ��ai,s4o�
(32,466) 160,195 2,205,475
($125,414) $15,962 $3,130,440
- 39 -
CITY OF SPRINGBORO, OHIO
Statement of Net Position
Fiduciary Funds
December 31, 2022
Custodial
Funds
Assets:
Equity in Pooled Cash and Investments $ 104,738
Receivables:
Special Assessments 240,563
Total Assets $ 345,301
Liabilities:
Due to Others $ 341,068
Undistributed M onies 4,233
Total Liabilities $ 345,301
See accompanyingnotes to the basic financial statements
-40 -
CITY OF SPRINGBORO, OHIO
Statement of Changes in Net Position
Fiduciary Funds
For�the Year Ended December 31, 2022
Custodial
Funds
Additions:
Intergovemmental Revenues $ 82,578
Fines,Licenses and Permits 287,385
Special Assessments 120,448
Total Additions 490,411
Deductions:
Other Distributions 490,411
Total Deductions 490,411
Change in Net Position 0
Net Position at Beginning of Year 0
Net Position at End of Year $ 0
See accompanying notes to the basic financial statements
-41 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The City of Springboro, Ohio (the City) is a home rule municipal corporation created under the laws of
the State of Ohio. The City operates under its own Charter. The current Charter, which provides for a
Council - Manager form of government, was adopted November 7, 1978, became effective January 1,
1979, and was amended November 4, 2011. The six member Council and the Mayor are elected to four-
year terms. The Council appoints a City Manager who serves as the chief executive officer, the head of
the administrative agencies, and a law enforcement officer of the City. The City Manager appoints all of
the department managers.
The financial statements are presented as of December 31, 2022 and for the year then ended and have
been prepared in conformity with accounting principles generally accepted in the United States of
America(GAAP) applicable to local governments. The Governmental Accounting Standards Board(the
GASB) is the standard-setting body for establishing governmental accounting and financial reporting
principles, which are primarily set forth in the GASB's Codification of Governmental Accountin� and
Financial Reportin� Standards (GASB Codification).
A. Reporting Entitv
The accompanying basic �nancial statements comply with the provisions of GASB Statement
No. 14, "The Financial Reporting Entity," as amended by GASB Statement No. 39, "Determining
Whether Certain Organizations are Component Units" as amended by GASB Statement No. 61,
"The Financial Reporting Entity Omnibus" in that the financial statements include all
arganizations, activities, functions and component units for which the City (the primary
government) is financially accountable. 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
organizations; 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
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 for which the City approves
the budget, the issuance of debt, or the levying of taxes. Certain organizations are also included
as component units if the nature and significance of the relationship between the primary
government and the arganization is such that exclusion by the primary government would render
the primary government's financial statements incomplete or misleading.
Based on the foregoing, the City's financial reporting entity includes all funds, agencies, boards
and commissions that are part of the primary government, which includes the following services:
police protection, street construction and maintenance, street lighting, parks and recreation,
planning and zoning and other governmental services. In addition, golf, water, sewer, trash
collection and disposal services and storm water collection services are provided under an
enterprise concept with user charges set by City Council to ensure adequate coverage of operating
expenses and payments on outstanding debt. In addition, the City has included the Community
Improvement Corporation of Springboro (CIC) as a discretely presented component unit.
-42 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
A. Reuorting Entitv(Continued)
Discretely Presented Component Unit—The component unit column in the entity-wide financial
statements includes the financial data of the City's component unit. It is reported in a separate
column to emphasize that it is legally separate from the City. The component unit is being
presented as a part of the City's reporting entity because the City appoints the voting majority of
the component unit's board and the City can impose its' will on the component unit.
Community Improvement Corporation of Springboro — The Community Improvement
Corporation of Springboro (CIC), a non-profit organization, has a Board of Directors consisting
of no less than three and no more than five board members as determined by the City of
Springboro. The CIC was created to seroe the business community of Springboro. The CIC
spends a majority of its time and effort on administering financial assistance programs that
provide resources to local businesses for projects that improve the community through increased
local investment, more viable businesses, and increasing or maintaining employment
opportunities in the City. The City provides all subsidies to the CIC to finance its operations and
activities. Financial statements related to the CIC can be obtained from the Finance Director.
The Warren County General Health District, a jointly governed organization, provides health
services within the County. The Board of Health, which consists of a representative from each of
the participating governments, oversees the operation of the District. The Ciry is not financially
accountable for the District. The County Commissioners serve as the taxing authority and the
County Auditor and Treasurer serve as fiscal officers. The City is associated with the Greater
Warren County Drug Task Force, the Miami Valley Regional Planning Commission, Warren
County Transportation Improvement District and the Montgomery County Transportation
Improvement District also jointly governed organizations. The City is also a member of the Ohio
Municipal League of Workers Compensation Group Rating Plan (GRP), an insurance purchasing
pool. See Notes 17 and 18 for additional information on these organizations.
B.Basis of Presentation-Fund Accounting
The accounting system is organized and operated on the basis of funds, each of which is
considered a separate accounting entity. The operations of each fund are accounted for with a
separate set of self-balancing accounts that comprise its assets, liabilities, deferred
inflows/outflows of resources, fund equity, revenues and expenditures/expenses. The various
funds are summarized by type in the basic financial statements. The following fund types are
used by the City:
Governmental Funds
The governmental funds are those funds 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 (except those accounted for in the proprietary funds) 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:
-43 -
CITY OF SPRINGBORO, OHIO
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 used to account for all financial resources except those 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 limitations of the City
Charter.
Austin Center Municipal Public Improvement TIF Fund - This fund is used to account for
payments in lieu of taxes from Montgomery County for properties within the Austin TIF area to
be used for payments to the Miamisburg City School District as required per the Cooperative
Agreement.
American Rescue Plan 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.
Debt Service Fund- This fund is used for the accumulation of resources for, and the payment of,
general obligation and special assessment long-term debt principal and interest.
Construction Fund—This fund is used to account for transfers of income tax revenues and grants
used for all construction projects not accounted for in the permanent improvement fund or the
enterprise funds.
Income Tax Capital Improvement Fund — This fund is used to account far income tax proceeds
from .5% of the City's 1.5% income tax. The funds are to be spent on capital projects at
Council's discretion.
Proprietary Funds
All proprietary funds are accounted for on an "economic resources" measurement focus. This
measurement focus provides that all assets and all liabilities associated with the operation of these
funds are included on the balance sheet. Proprietary fund type operating statements present
increases (i.e.,revenues) and decreases (i.e., expenses)in net total position.
Proprietary funds distinguish operating revenues and expenses from nonoperating items.
Operating revenues and expenses generally result from providing services and producing and
delivering goods in connection with a proprietary fund's principal ongoing operations. The
principal operating revenues of the City's enterprise funds are charges to customers for sales and
services. Operating expenses for enterprise funds include the cost of sales and services,
administrative expenses and depreciation on capital assets. All revenues and expenses not
meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the City's policy to use
restricted resources first,then unrestricted resources as they are needed.
-44 -
CITY OF SPRINGBORO, OHIO
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)
Enterprise Funds - These funds are used to account for operations that are financed and operated
in a manner similar to private business enterprises -- where the intent of the governing body is
that the costs (expenses, including depreciation) of providing goods or services to the general
public on a continuing basis be financed or recovered primarily through user charges. The City's
major enterprise funds are:
Golf Course Fund — To account for revenue received from user charges; such as greens fees,
rentals and concessions, to be used for the general operation of Heatherwoode, an 18-hole
championship golf course.
Water Fund—This fund is used to account for the operation of the City's water service.
Sewer Fund—This fund is used to account for the operation of the City's sanitary sewer seroice.
Trash Fund— This fund is used to account for the operation of the City's solid waste collection
and disposal service.
Storm Water Fund—This fund is used to account for the City's storm water collection system.
Fiduciary Funds
Custodial Funds -All custodial funds are accounted for on an "economic resources" measurement
focus. This measurement focus provides that all assets and all liabilities associated with the
operation of these funds are included on the balance sheet. These funds are used to account for
assets held by a government unit as an agent for individuals, private organizations, other
governmental units, and/or other funds. The City's custodial funds account for donations to the
Library, Joint Economic Development District (JEDD) activity, Mayor's court fines and special
assessments collected on behalf of neighborhood associations. Custodial fund reporting focuses
on net position and changes in net position.
This Space Intentionally Left Blank
-45 -
CITY OF SPRINGBORO, OHIO
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
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. The statements distinguish
between those activities of the City that are governmental and those that are considered business-
type activities.
Interfund receivables and payables between governmental and business-type 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 and business-type activities
total column. Interfund services provided and used are not eliminated in the process of
consolidation.
The government-wide statements are prepared using the economic resources measurement focus.
This is the same approach used in the preparation of the proprietary fund financial statements but
differs from the manner in which governmental fund financial statements are prepared.
Governmental fund financial statements therefore 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 segment of the business-type activities of the City and 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 therefare clearly identifiable to
a particular function. 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 identi�es the extent to which each
business segment or 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 and proprietary 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.
-46 -
CITY OF SPRINGBORO, OHIO
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)
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
financial resources measurement focus. The financial statements for governmental funds are a
balance sheet, which generally includes only current assets, current liabilities, deferred 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.
All proprietary funds are accounted for on a flow of economic resources measurement focus.
With this measurement focus, all assets and all liabilities and all deferred outflows/inflows
associated with the operation of these funds are included on the statement of net position. The
statement of changes in fund net position presents increases (i.e., revenues) and decreases (i.e.,
expenses) in net total position. The statement of cash flows provides information about how the
City finances and meets the cash flow needs of its proprietary activities.
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.
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 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.
-47 -
CITY OF SPRINGBORO, OHIO
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)
Revenue considered susceptible to accrual at year end includes income taxes withheld by
employers, interest on investments, and state levied locally shared taxes (including motor vehicle
license fees and local government assistance). Other revenue, including licenses,permits, certain
charges for services, income taxes other than those withheld by employers and miscellaneous
revenues are recorded as revenue when received in cash because generally these revenues are not
measurable until received.
Special assessment installments including related interest, which are measurable but not available
at December 31, are recorded as deferred revenue. 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.
The accrual basis of accounting is utilized for reporting purposes by the government-wide
statements, the enterprise funds and the custodial funds. Revenues are recognized when they are
earned and expenses are recognized when incurred.
E.Budgetary 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 appropriation ordinance are subject to amendment throughout the
year.
All funds, other than custodial funds, are legally required to be budgeted and appropriated;
however, only governmental funds are required to be reported. The legal level of budgetary
control is at the object level (personal services, operations and maintenance and capital outlay)
within each department. Budgetary modifications may only be made by ordinance of the City
Council.
-48 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E.Budgetary Process (Continued)
L Tax Bud�et
The City Finance Director submits an annual tax budget for the following fiscal year to City
Council by July 15 for consideration and passage. The adopted budget is submitted to the County
Auditor, as Secretary of the County Budget Commission, by July 20 of each year for the period
January 1 to December 31 of the following year.
2. Estimated Resources
The County Budget Commission reviews estimated revenue and determines if the budget
substantiates a need to levy all or part of previously authorized taxes. The Budget Commission
then certifies its actions to the City by September 1 of each year. As part of the certification
process, the City receives an official certificate of estimated resources stating the projected
receipts by 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 do not exceed the
amount available as stated in the certificate of estimated resources. The revised budget then
serves as the basis for the annual appropriations measure. On or about January 1, the certificate
of estimated resources is amended to include any unencumbered fund balances from the
preceding year. The certificate may be further amended during the year if a new source of
revenue is identified or if actual receipts exceed current estimates. The amounts reported on the
budgetary statement reflect the amounts in the final amended official certificate of estimated
resources issued during 2022.
3. Appropriations
A temporary appropriation ordinance to control expenditures may be passed on or about January
1 of each year for the period January 1 through March 31. An annual appropriation ordinance
must be passed by April 1 of each year for the period January 1 through December 31. The
appropriation ordinance establishes spending controls at the fund, department and object level,
and may be modified during the year by ordinance of the City Council. Total fund appropriations
may not exceed the current estimated resources as certified by the County Budget Commission.
Expenditures may not legally exceed budgeted appropriations at the object level. The allocation
of appropriations within a fund may be modified with the approval of the City Council. During
2022, several supplemental appropriations measures were necessary to budget the use of
contingency funds and capital improvement projects. Administrative control is maintained
through the establishment of more detailed line-item budgets. The budgetary figures which
appear in the Statement of Revenues, Expenditures, and Changes in Fund Balances--Budget and
Actual (Non-GAAP Budgetary Basis) for the General Fund and major special revenue fund are
presented on the budgetary basis to provide a comparison of actual results to the final budget,
including all amendments and modifications.
-49 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
E.Budgetary Process (Continued)
4. Lapsin_g 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 subsequent fiscal year and need
not be reappropriated.
5. Budgetary 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 a cash basis. Utilizing the cash basis, revenues are recorded when received in cash and
expenditures when paid. 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 budgetary basis statements for the General Fund and major special revenue
fund:
Net Change in Fund Balance
Austin Center
General Municipal
Fund Improvement TIF
GAAP Basis(as reported) ($967,107) $442,072
Increase(Decrease):
Accrued Revenues at
December 31,2022
received during 2023 (1,660,191) 0
Accrued Revenues at
December 31,2021
received during 2022 2,124,958 0
Accrued Expenditures at
December 31,2022
paid during 2023 694,833 2,145,000
Accrued Expenditures at
December 31,2021
paid during 2022 (575,941) (2,334,000)
Change in Inventory (7,574) 0
2021 Prepaids for 2022 255,981 0
2022 Prepaids for 2023 (269,045) 0
Outstanding Encumbrances (612,554) (8,000)
BudgetBasis ($1,016,640) $245,072
- 50 -
CITY OF SPRINGBORO, OHIO
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
During 2022, cash and cash equivalents included amounts in demand deposits and in U.S.
Treasury Money Market accounts in US Bank and Charles Schwab investment accounts with
original maturities of less than three months.
The City pools its cash for investment and resource management purposes. Each fund's equity in
pooled cash and cash equivalents represents the balance on hand as if each fund maintained its
own cash and cash equivalent account. See Note 5, "Cash, Cash Equivalents and Investments."
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 Value 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.
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. Level 2 inputs are significant other observable inputs; Level 3 inputs are significant
unobservable inputs. See Note 5, "Cash, Cash Equivalents and Investments."
This Space Intentionally Left Blank
- 51 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
H.Restricted Assets
Restricted assets in the enterprise funds represent cash and cash equivalents and cash and cash
equivalents with fiscal agents set aside to satisfy bond indenture requirements far current and
future debt payments and for the replacement and improvement of capital assets originally
acquired with bond proceeds. In addition, water and sewer customer deposits are presented as
restricted assets.
I.Inventory
Inventory is stated at cost(first-in, first-out) in the governmental funds and at the lower of cost or
market (first-in, first-out) in the proprietary funds. The costs of inventory items are recorded as
expenditures in the governmental funds when purchased. Inventories of enterprise funds are
expensed when used.
J. Preuaid Items
Payments made to vendors for services that will benefit periods beyond December 31, 2022, 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/expense is reported in the year in
which services are consumed.
K. Capital Assets and Depreciation
Capital assets are defined by the City as assets with an initial, individual cost of more than $7,500
and an estimated useful life threshold of three or more years.
1. Property,Plant and Equipment-Governmental Activities
Governmental activities capital assets are those not directly related to the business type funds.
These generally are acquired or constructed for governmental activities and are recorded as
expenditures in the governmental funds and are capitalized at cost(or estimated historical cost for
assets not purchased in recent years). 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.
Contributed capital assets are recorded at acquisition value at the date received. Capital assets
include land, improvements to land, buildings, building improvements, machinery, equipment
and infrastructure. Infrastructure is defined as long-lived capital assets that normally are
stationary in nature and normally can be preserved for a significant number of years. Examples
of infrastructure include roads, bridges, curbs and gutters, streets and sidewalks, drainage systems
and lighting systems.
- 52 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
K. Cauital Assets and Depreciation (Continued)
2. PropertY,Plant and Equipment—Business-Ty�e Activities
Property, plant and equipment acquired by the proprietary funds are stated at cost (or estimated
historical cost), including interest capitalized during construction and architectural and
engineering fees where applicable. Contributed capital assets are recorded at acquisition value at
the date received. These assets are reported in both the Business-Type Activities column of the
Government-wide Statement of Net Position and in the respective funds.
3. Depreciation
All capital assets are depreciated, excluding land and construction in progress. Depreciation on
newly acquired/constructed streets begins in the year following acquisition. Depreciation has
been provided using the straight-line method over the following estimated usefullives:
Governmental and
Business-Type Activities
Description Estimated Lives (in years)
Land and Land Improvements 15 - 60
Buildings 10 -40
Infrastructure 50 - 65
Equipment 3 - 15
Utility Plant in Service 50 - 65
L.Long-Term Obligations
Long-term liabilities are being repaid from the following funds:
Obligation Fund
Special Assessment Bonds Bond Retirement Fund
General Obligation Bonds Bond Retirement Fund and Water Fund.
Special Obligation Bonds Bond Retirement Fund
Compensated Absences General Fund, Street Maintenance and Repair Fund,
Net Pension Liability Golf Course Fund, Water Fund, Sewer Fund, Trash
Net OPEB Liability Fund and Storm Water Fund
Mortgage Revenue Bonds Sewer Fund
- 53 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
M. Bond Discounts/Premiums
Bond discounts and premiums are amortized over the term of the bonds using the bonds-
outstanding method, which approximates the effective interest method. Bond discounts are
presented as a reduction of the face amount of bonds payable,while premiums are presented as an
increase in the face amount of the bonds payable.
N. Compensated Absences
In accordance with GASB Statement No. 16, "Accounting for Compensated Absences,"vacation
and compensatory time are accrued as liabilities when an employee's right to receive
compensation is attributable to services already rendered and it is probable that the employee will
be compensated through paid time off or some other means, such as cash payments at termination
ar retirement. Leave time that has been earned but is unavailable for use as paid time off ar as
some other form of compensation because an employee has not met the minimum service time
requirement, is accrued to the extent that it is considered to be probable that the conditions for
compensation will be met in the future.
Sick leave is accrued using the vesting method, whereby the liability is recorded on the basis of
leave accumulated by employees who are eligible to receive termination payments as of the
balance sheet date, and on leave balances accumulated by other employees who are expected to
become eligible in the future to receive such payments.
For governmental funds, if a portion of unpaid compensated absences has matured as of year-end,
it 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. Compensated absences are expensed in the proprietary
funds when earned and the related liability is reported within the fund.
O.Net position
Net position represents the difference between assets and 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 are reported as restricted when there
are limitations imposed on their 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 positions are available.
- 54 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
P. 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/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 fiduciary net position 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.
Q.Interfund Activitv
Exchange transactions between funds are reported as revenues in the seller funds and as
expenditures/expenses 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 and after nonoperating
revenues/expenses in proprietary funds. Repayments from funds responsible for particular
expenditures/expenses to the funds that initially paid for them are not presented on the financial
statements.
Transfers between governmental and business-type activities on the government-wide statements
are reported in the same manner as general revenues. In addition, interfund transfers between
governmental funds are eliminated for reporting on the government-wide financial statements.
Only transfers between governmental activities and business-type activities are reported on the
statement of activities.
R.Interfund Assets/Liabilities
The City reports cash overdrafts from pooled cash and cash equivalents as an interfund loan
payable in the fund with the overdraft and as an interfund loan receivable in the fund(s)
designated by management. The interfund loans receivable are equally offset by a fund balance
reserve account which indicates that they do not constitute available expendable resources since
they are not a component of net current assets. Receivables and payables resulting from
transactions between funds for services provided or goods received are classified as "due from
other funds" or "due to other funds" on the balance sheet. Long-term interfund loans are
classified as "advances to/from other funds." The General Fund and Income Tax Capital
Improvement Fund have advances to other funds totaling $1,072,500 (each) and the Austin
Center Municipal Public Improvement TIF Fund has an advance from other funds balance of
$2,145,000. The advance to/from other funds arise from a manuscript debt transaction where the
proceeds were utilized to retire the Austin Road Interchange Bonds. The long term advance will
be repaid over the next twelve years at an interest rate of 3.25%.
- 55 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
S.Fund Balance
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 Charter
authorizes the Director of Finance to assign fund balance.
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
unrestricted resources first (committed, assigned and unassigned), then restricted resources as
they are needed.
T.Assets Held for Resale
As part of the economic development program, the City has acquired land at the South Tech
Industrial Park. The City's intent is for the land to be sold to businesses to promote economic
development within the City. Transactions are conducted through the City's Land Acquisition
and Construction Funds.
- 56 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
U. Estimates
The preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America 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.
V. Extraordinary and Special Items
Extraordinary items are transactions or events that are both unusual in nature and infrequent in
occurrence. Special items are transactions or events that are within the control of the City
Council and that are either unusual in nature or infrequent in occurrence. Neither type of
transaction occurred during 2022.
W.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 ou�ows of
resources,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 the deferred charge on debt refunding and for deferred pension/OPEB
amounts. The deferred charge on debt refunding is reported in the government-wide statement of
net position and proprietary funds statement of net position. A deferred charge on refunding
results from the difference in the carrying value of refunded debt and its reacquisition price. This
amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.
Deferred outflows of resources are reported for pension/OPEB amounts on the government-wide
and proprietary funds statement of net position. See Notes 10 and 11.
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 and proprietary funds statement of net position. See Notes 10 and 11.
- 57 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 2—ACCOUNTABILITY AND COMPLIANCE
A. 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.
Statement 87 was evaluated for implementation by the City and was deemed immaterial to the
financial statements as a whole. The City will continue to evaluate this Statement each year for
future reporting.
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 financing 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.
B. Compliance
The fund deficit at December 31, 2022 in the Austin Municipal Public Improvement TIF fund of
$1,808,402 arises from the recognition of certain liabilities under the modified accrual basis of
accounting. Under the budgetary basis of accounting these deficits do not exist. The General
Fund provides transfers when cash is required,not when accruals occur.
- 58 -
CITY OF SPRINGBORO, OHIO
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, 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:
Austin Center Income TaY Other Total
Municipal Public Capital Govemmental Governmental
Fund Balances General Improvement TIF Debt Service Construction Improvement Funds Funds
Nonspendable:
PrepaidItems $269,045 $0 $0 $0 $0 $37,334 $306,379
Supplies Inventory 48,804 0 0 0 0 167,382 216,186
TotalNonspendable 317,849 0 0 0 0 204,716 522,565
Restricted:
Transportation Projects 0 0 0 0 0 1,278,077 1,278,077
Court Projects 0 0 0 0 0 159,859 159,859
Law Enforcement 0 0 0 0 0 165,896 165,896
TIF Projects 0 0 0 0 0 436,476 436,476
Debt Service 0 0 623,039 0 0 0 623,039
CapitalImprovements 0 0 0 4,599,433 5,847,283 2,779,267 13,225,983
Total Restricted 0 0 623,039 4,599,433 5,847,283 4,819,575 15,889,330
Assigned:
Projectedbudgetary deficit 1,660,963 0 0 0 0 0 1,660,963
Goods and Services 588,709 0 0 0 0 0 588,709
TotalAssigned 2,249,672 0 0 0 0 0 2,249,672
Unassigned 7,600,375 (1,808,402) 0 0 0 0 5,791,973
TotalFundBalances $]0,167,896 ($1,808,402) $623,039 $4,599,433 $5,847,283 $5,024,291 $24,453,540
- 59 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 4 — RECONCILIATION OF GOVERNMENT-WIDE AND FUND FINANCIAL
STATEMENTS
The governmental fund statement of revenues, expenditures, and changes in fund balances includes a
reconciliation between net changes in fund balances — total governmental funds and changes in net
position of governmental activities as reported in the government — wide statement of activities. The
following is a detailed listing of those reconciling items that are net adjustments or a combination of
several transactions:
Amount by which capital outlay exceeded depreciation in the current period:
CapitalOutlay $3,866,399
Depreciarion Expense (3,743,684)
$122,715
Net effect of capital asset transactions:
Loss on Disposal of Capital Asset $222,123
Governinental revenues not reported in the funds:
Increase in Delinquent Income Tax Revenue $205,995
Decrease in Delinquent Property Tax (2,062)
Increase in Intergovernmental,unrestricted 28,048
Decrease in Special Assessment Revenue (175,134)
$56,847
Contractually reguired contributions reported as deferred outflows:
Pension $936,470
OPEB 14,062
$950,532
Pension and OPEB expense:
Pension ($420,207)
OPEB 328,013
($92,194)
- 60 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 5-CASH, CASH EQUIVALENTS AND INVESTMENTS
Cash resources of a majority of individual funds are combined to form a pool of cash and investments.
Each fund type's portion of this pool is displayed on the combined balance sheet as "Cash and Cash
Equivalents." Ohio law requires 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 "cash equivalent"
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, government national mortgage association, and student loan marketing
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 fair 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;
• Interim deposits in eligible institutions applying for interim funds;
• Bonds and other obligations of the State of Ohio;
• 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, and
• The State Treasury Asset Reserve of Ohio (STAR Ohio).
- 61 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 5-CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued)
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 fair 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 fair
value of the securities pledged to be 102 percent of the deposits being secured or a rate set by the
Treasurer of State.
A.DeUosits
At year end the carrying amount of the City's deposits was $19,031,263 and the bank balance was
$20,826,596. Federal depository insurance covered $1,000,000 of the bank balance and
$19,826,596 was uninsured and collateralized with securities held in the Ohio Pooled Collateral
System.
B.Investments
The City's investments at December 31, 2022 were as follows:
Concentration
Measurement Credit Fair Value of Credit Investment Maturiries(in Years)
Amount Rating Hierarchy Risk less than 1 1-3 3-5
Negotiable CID's $1,702,455 AAA Level2 733% $738,775 $719,574 $244,106
FHLB 6,089,741 AA+ I,evel2 26.22% 0 5,349,024 740,717
FHLMC 981,305 AA+ Level2 423% 0 485,027 496,278
FNMA 1,850,430 AA+ I,evel2 7.97% 0 1,850,430 0
FFCB 4,238,584 AA+ Level2 1825% 1,937,817 2,300,767 0
FHLM 962,289 AA+ I,evel2 4.14% 289,609 672,680 0
US TreasuryNotes 7,397,102 A-1+ Level 2 31.86% 3,977,208 3,419,894 0
TotalInvestments $23,221,906 100.00% $6,943,409 $14,797,396 $1,481,101
CreditRating— Standard and Poor's
- 62 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 5-CASH, CASH EQUIVALENTS AND INVESTMENTS (Continued)
B.Investments (Continued)
The City's investments in federal agency securities (FHLM, FNMA, FFCB, FHLB, US T-Notes)
and negotiable CD's are valued using quoted prices in markets that are not considered to be active
dealer quotations ar alternative pricing sources for similar assets or liabilities far which all
significant inputs are observable, either directly or indirectly(Leve12 inputs).
Interest Rate Risk — The Ohio Revised Code generally limits security purchases to those that
mature within five years of settlement date. The City has no policy that limits investment
purchases beyond the requirements of the Ohio Revised Code.
Concentration of Credit Risk—The City places no limit on the amount the City may invest in one
issuer.
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. The City's investment policy
states that it will diversify its investments to avoid incurring unreasonable and avoidable risks
regarding specific security types or individual financial institutions. All of the City's investments
are collateralized by underlying securities pledged by the investment's counterparty, not in the
name of the City.
This space intentionally left blank
- 63 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE6 - TAXES
A. Property Taxes
Property taxes include amounts levied against all real, public utility and tangible personal
property located in the City. Property tax revenue received during 2022 for real and public utility
properry taxes represents collections of 2021 taxes. Property tax payments received during 2022
for tangible personal property (other than public utility property) is for 2022 taxes.
2022 real property taxes are levied after October 1, 2022, on assessed value as of January 1, 2022,
the lien date. Assessed values are established by State law at 35 percent of the appraised value.
2022 real property taxes are collected in and intended to finance 2022.
Public utility tangible personal property currently is assessed at varying percentages of true value;
public utility real property is assessed at 35 percent of true value. 2022 public utility property
taxes became a lien December 31, 2021, are levied after October 1, 2022, and are collected in
2022 with real property taxes.
Tangible personal property tax revenue received during 2022 (other than public utility property
tax) represents the collection of 2022 taxes levied against local inter-exchange telephone
companies. Tangible personal property tax on business inventory, manufacturing machinery and
equipment, furniture and fixtures is no longer levied and collected. Tangible personal property
taxes received from telephone companies in 2022 were levied after October 1, 2021, on the value
as of December 31, 2021.
The full tax rate for all City operations for the year ended December 31, 2022, was $1.11 per
$1,000 of assessed value. The assessed values of real and tangible personal property upon which
2022 property tax receipts were based are as follows: $736,157,480 in real property assessed
value and$23,193,360 in public utility assessed value.
Real property taxes are payable annually and semi-annually. If paid annually, payment is due
December 31; if paid semi-annually, the first payment is due December 31, with the remainder
payable by June 20. Under certain circumstances, State statute permits later payment dates to be
established. For 2022,the due dates were February 19 and July 15.
Tangible personal property taxes paid by multi-county taxpayers are due September 20. Single
county taxpayers may pay annually or semi-annually. If paid annually, payment is due April 30;
paid semi-annually, the first payment is due April 30, with the remainder payable at September
20.
The County Treasurer collects property taxes on behalf of Warren County, including the City.
The County Auditor periodically remits to the City its portion of the taxes collected.
- 64 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 6—TAXES (Continued)
A. Propertv Taxes (Continued)
Property taxes receivable represents real property taxes, public utility taxes and outstanding
delinquencies which are measurable as of December 31, 2022 and for which there is an
enforceable legal claim. In the General Fund and the Austin Center Municipal Public
Improvement TIF Fund, the entire receivable has been offset by deferred inflows of resources
since the current taxes were not levied to finance 2022 operations and the collection of delinquent
taxes during the available period is not subject to reasonable estimation. On a full accrual basis,
collectible delinquent property taxes have been recorded as revenue while the remainder of the
receivable is deferred inflows of resources.
B.Income Tax
The City levies a tax of 1.5% on all salaries, wages, commissions and other compensation and on
net profits earned within the City as well as on incomes of residents earned outside the City. In
the latter case, the City allows a credit of 67% of the tax paid to another municipality to a
maximum of the total amount assessed. Of the one and one-half percent income tax, one-half
percent is voter approved for the sole purpose of funding capital improvements.
Employers within the City are required to withhold income tax on employees' compensation and
remit the tax to the City either monthly or quarterly, as required. Corparations and other
individual taxpayers are required to pay their estimated tax quarterly and file a declaration
annually. Income tax proceeds are to be used for general fund operations, maintenance of
equipment, new equipment/capital improvements, debt service and other governmental functions
when needed, as determined by City Council. Income tax revenue for 2022 was $16,951,501.
NOTE 7-RECEIVABLES
Receivables at December 31, 2022 consisted of income taxes, property taxes, accounts, special
assessments and intergovernmental receivables arising from shared revenues. All receivables are
considered collectible in full.
- 65 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 8-TRANSFERS
Following is a summary of transfers in and out for all funds for 2022:
Fund Transfer In Transfer Out
General Fund $164,536 $1,883,962
Austin Center Municipal Public Improvement TIF Fund 277,335 277,335
Debt Service Fund 3,744,225 0
Construction Fund 4,487,900 4,109,013
Income Tax Capital Improvement Fund 0 4,212,740
Other Governmental Funds 867,712 533,498
Total Governmental Funds 9,541,708 11,016,548
Golf Course Fund 1,550,000 0
Water Fund 0 87,580
Sewer Fund 0 87,580
Trash Fund 100,000 0
Total Proprietary Funds 1,650,000 175,160
Totals $11,191,708 $11,191,708
Transfers are used to move revenues from the fund that statute or budget requires to collect them to the
fund that statute or budget requires to expend them and unrestricted revenues collected in the income tax
fund to finance various programs accounted for in other funds in accordance with budgetary
authorizations; to segregate money for anticipated capital projects; to provide additional resources for
current operations or debt service. All transfers are considered allowable in accordance with Ohio
Revised Code Sections 5705.14, 5705.15 and 570516.
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CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9-CAPITAL ASSETS
A. Governmental Activities Capital Assets
Summary by category of changes in governmental activities capital assets at December 31, 2022:
Historical Cost: Balance at Balance at
December 31, December 31,
Class 2021 Additions Deletions 2022
Non-depreciable Capital assets:
Land $26,546,235 $1,062,315 ($81,410) $27,527,140
Construction in Progress 2,572,030 627,176 (2,454,546) 744,660
Total Non-depreciable Capital assets 29,118,265 1,689,491 (2,535,956) 28,271,800
Capital assets being depreciated:
Improvements 11,006,274 0 (9,945) 10,996,329
Infrastructure 57,028,794 1,054,959 0 58,083,753
Buildings 18,852,467 0 (727,360) 18,125,107
Machinery and Equipment 7,915,334 3,576,495 (317,525) 11,174,304
Total Depreciable Capital assets 94,802,869 4,631,454 (1,054,830) 98,379,493
Total Cost $123,921,134 $6,320,945 ($3,590,786) $126,651,293
Accumulated Depreciation: Balance at Balance at
December 31, December 31,
Class 2021 Additions Deletions 2022
Improvements ($4,186,065) ($771,122) $6,216 ($4,950,971)
Infrastructure (33,307,955) (1,892,908) 0 (35,200,863)
Buildings (4,034,736) (413,269) 590,376 (3,857,629)
Machinery and Equipment (5,054,401) (666,385) 317,525 (5,403,261)
Total Depreciation ($46,583,157) ($3,743,684) * $914,ll7 ($49,412,724)
Net Value: $77,337,977 $77,238,569
* Depreciation expenses were charged to governmental functions as follows:
Security of Persons and Property $300,347
Leisure Time Activiries 506,371
Community Environment 21,265
Transportation 2,345,562
General Government 570,139
Total Depreciation Expense $3,743,684
- 67 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 9-CAPITAL ASSETS (Continued)
B.Business-Type Activities Capital Assets
Summary by Category at December 31, 2022:
Historical Cost: Balance at Balance at
December 31, December 31,
Class 2021 Addirions Delerions 2022
Non-depreciable Capital assets:
Land $8,685,240 $0 $0 $8,685,240
Construction in Progress 133,913 425,153 (55,607) 503,459
TotalNon-depreciableCapitalAssets 8,819,153 425,153 (55,607) 9,188,699
Capital assets being depreciated:
Buildings 4,469,177 938,521 (9,830) 5,397,868
Land Improvements 2,116,227 0 0 2,ll6,227
Infrastructure 95,625,961 59,820 0 95,685,781
Machinery and Equipment 6,855,310 703,755 (313) 7,558,752
Total Depreciable Capital assets 109,066,675 1,702,096 (10,143) 110,758,628
Total Cost $117,885,828 $2,127,249 ($65,750) $119,947,327
Accumulated Depreciation: Balance at Balance at
December 31, December 31,
Class 2021 Additions Deletions 2022
Buildings ($2,676,654) ($127,520) $9,830 ($2,794,344)
Land Improvements (1,686,034) (64,051) 0 (1,750,085)
Infrastructure (28,980,038) (1,460,616) 0 (30,440,654)
Machinery and Equipment (3,157,710) (714,197) 313 (3,871,594)
Total Depreciation ($36,500,436) ($2,366,384) $10,143 ($38,856,677)
Net Value: $81,385,392 $81,090,650
- 68 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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 fmancial 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 Ciry 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 full-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.
- 69 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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.or�/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 ar 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
Public Safety Public Safety Public Safety
Age and Service Requirements: Age and Service Requirements: Age and Service Requirements:
Age 48 with 25 years of service credit Age 48 with 25 years of service credit Age 52 with 25 years of service credit
or Age 52 with 15 years of scrvice credit or Age 52 with 15 years of service credit or Age 56 with 15 years of service credit
Law Enforcement Law Enforcement Law Enforcement
Age and Service Requirements: Age and Service Requirements: Age and Service Requirements:
Age 52 with 15 years of service credit Age 48 with 25 years of service credit Age 48 with 25 years of service credit
or Age 52 with 15 years of service credit or Age 56 with 15 years of service credit
Public Safety and Law Enforcement Public Safety and Law Enforcement Public Safety and Law Enforcement
Formula: Formula: Formula:
2.5%of FAS multipfied by years of 2.5%of FAS multipfied by years of 2.5%of FAS multiplied by years of
service far the f�rst 25 years and 2.1% service far the first 25 years and 2.1% service far the first 25 years and 2.1%
for service years in excess of 25 far service years in excess of 25 far service years in excess of 25
- �� -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—DEFINED BENEFIT PENSION PLANS (Continued)
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 seroice 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 far 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 benefit 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.
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 suroivor 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.
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CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—DEFINED BENEFIT PENSION PLANS (Continued)
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 autharity far member and employer
contributions as follows:
State Law
and Local Enforcement
2022 Statutory Maximum Contribution Rates
Employer 14.0 % 18.1 °/a
Employee 10.0 % *
2022 Actual Contribution Rates
Employer:
Pension 14.0 % 18.1 %
Post-employment Health Care Benefits 0.0 0.0
Total Employer 14.0 % 18.1 %
Employee 10.0 % 13.0 °/a
* This rate is determined by OPERS' Board, but is limited by ORC to not more
than 2 percent greater than the Public Safety rate.
Employer contribution rates are actuarially determined and are expressed as a percentage of covered
payroll. The City's contractually required contribution was $691,666 for 2022.
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- 72 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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�org 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 rype 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 1.5 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 seroice 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 1,
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.
- 73 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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 Benefits 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 $534,355 for 2022.
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 $2,739,759 $5,714,653 $8,454,412
Proportion ofthe Net Pension Liability-2022 0.031490% 0.091472%
Proportion of the Net Pension Liability-2021 0.030185% 0.089520%
Percentage Change 0.0013050% 0.001952%
Pension F�pense ($250,075) $569,253 $319,178
- 74 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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 Res ources
Changes in assumptions $342,604 $1,044,393 $1,386,997
Differences between eapected and
actual eaperience 139,660 164,778 304,438
Change in proportionate share 195,697 614,256 809,953
City contributions subsequent to the
measurement date 691,666 534,355 1,226,021
TotalDeferred Outflows ofResources $1,369,627 $2,357,782 $3,727,409
Deferred Inflows of Res ources
Net difference between projected and
actual earnings on pension plan investments $3,258,837 $1,498,297 $4,757,134
Differences between eapected and
actual e�erience 60,090 297,082 357,172
Change in proportionate share 0 14,493 14,493
Total Deferred Inflows ofResources $3,318,927 $1,809,872 $5,128,799
$1,226,021 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 ($281,642) $165,772 ($115,870)
2024 (1,074,628) (218,512) (1,293,140)
2025 (766,287) (15,079) (781,366)
2026 (518,409) (47,312) (565,721)
2027 0 128,686 128,686
Total ($2,640,96� $13,555 ($2,627,411)
Actuarial 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.
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CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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 orAd Hoc COLA(Pre 1/7/13 retirees) 3 percent simple
COLA or Ad Hoc COLA(Post 1/7/]3 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 orAd Hoc COLA(Pre 1/7/13 retirees) 3 percent simple
COLA or Ad Hoc COLA(Post 1/7/13 retirees) 0.5 percent sirnple through 2021.2.15 percent simple,thereafter
Investment Rate of Return 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 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.
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.
- 76 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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:
L.ong-Term E�ected
Target Real Rate of Return
Asset Class Allocation (Arithmetic)
Fixed Income 24.00 % 1.03 %
Domestic Equities 21.00 3.78
Real Es tate 11.00 3.66
Private Equity 12.00 7.43
International Equities 23.00 4.88
Ris k Parity 5.00 2.92
Other Investments 4.00 2.85
Total 100.00 % 421 %
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%) (7.90%)
City's proportionate share
of the net pension liability $7,223,491 $2,739,759 ($991,305)
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CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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 actuarialliabilities 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 Norma]
Investment Rate of Return 7.5 percent 8.0 percent
Projected Salary �ncreases 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 Living Adjustments 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.
- 78 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—DEFINED BENEFIT PENSION PLANS (Continued)
Age Police Fire
59orless 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 Long TermF�pected
AssetClass Allocation RealRateofReturn
Cash and Cash Equivalents 0.00 °/o 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
MidstreamFa►ergy Infrastructure 5.00 5.00
Real A s s ets 8.00 5.90
Gold 5.00 2.40
Private Real Fstate 12.00 4.80
Total 125.00 %
* levered 2.Sx
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.
- 79 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 10—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 liabiliry 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.
Ctiirrent
1%Decrease Discount Rate 1%Increase
(6.50%) (7.50%) (8.50%)
City's proportionate share
ofthe netpension liability $8,474,752 $5,714,653 $3,416,174
This Space Intentionally Left Blank
- 80 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -DEFINED BENEFIT OPEB PLANS
Net OPEB Liability(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 seroices. 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
financial 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.
- 81 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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 Connectar 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 far 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.
- 82 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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 1, 2022, with differing eligibiliry
requirements for 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 autharized 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.
- 83 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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 1, 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 plan. 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 115 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.
- 84 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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 ll5 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 $14,062 for 2022.
OPEB Liabilities (Asset), OPEB Expense, and Deferred Outflows of Resources and Deferred 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 1, 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) ($991,924) $1,002,614 $10,690
Proportion ofthe Net OPEB Liability(Asset)-2022 0.031669% 0.091472%
Proportion ofthe Net OPEB Liability(Asset)-2021 0.030514% 0.089520%
Percentage Change O.0011550% 0.001952%
OPEB E�ense ($740,87� $103,364 ($637,512)
- 85 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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:
OPF1tS OP&F Total
Deferred Outflows of Resources
Changes in assumptions $0 $443,787 $443,787
Differences between expected and
actual eaperience 0 45,610 45,610
Change in proportionate share 27,203 66,655 93,858
City contributions subsequent to the
measurement date 0 14,062 14,062
Total Deferred Outflows ofResources $27,203 $570,114 $597,317
Deferred Inflows of Resources
Net difference between projected and
actual earnings on OPEB plan investments $472,882 $90,571 $563,453
Differences between expected and
actual eaperience 150,458 132,511 282,969
Changes in assumptions 401,518 ll6,447 517,965
Change in proportionate share 0 23,874 23,874
Total Deferred Inflows ofResources $1,024,858 $363,403 $1,388,261
$14,062 reported as deferred outflows of resources related to OPEB resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in 2023.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to
OPEB will be recognized in OPEB expense as follows:
OPERS OP&F Total
Year Ending December 31:
2023 (�6o6,6i� �a�,zo6 ($s6z,4io�
2024 (219,802) 30,758 (189,044)
2025 (103,321) 35,893 (67,428)
zo26 �6�,916� zi,sog �46,4os�
2027 0 32,339 32,339
2028 0 20,118 20,ll 8
2029 0 7,827 7,827
Total ($997,655) $192,649 ($805,006)
- 86 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -DEFINED BENEFIT OPEB PLANS (Continued)
Actuarial 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 2.75 percent
Projected Salary Increases, 2.75 to lOJS percent
including inflation including wage inflation
Single Discount Rate:
C�rrent measurement date 6.00 percent
Prior measurement date 6.00 percent
Investment Rate ofReturn:
�rrent measurement date 6.00 percent
Priar measurement date 6.00 percent
Municipal Bond Rate:
C�rrent measurement date 1.84 percent
Prior measurement date 2.00 percent
Health Care Cost Trend Rate:
Cti.irrent measurement date 5.5 percent initial,
3.5 percent ultimate in 2034
Priar measurement date 8.5 percent initial,
3.5 percent ultixnate in 2035
Actuarial Cost Method Individual Entry Age Norn�al
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 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.
- 87 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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-TermE�pected
Target Real Rate of Return
Asset Class Allocation (Arithmetic)
Fixed Income 34.00 % 0.91 %
Domestic Equities 25.00 3.78
Real Fstate 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 %
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 1.84 percent (Fidelity Index's "20-Year
Municipal GO AA Index").
- 88 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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 financ e
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 City's Proportionate Share 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:
C�irrent
1%Decrease Discount Rate 1%Increase
(5.00%) (6.00%) (7.00%)
City's proportionate share
ofthe net OPEB liabiliry(asset) ($583,343) ($991,924) ($1,331,048)
Sensitivity of the City's Proportionate Share 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.
Crrent Health Care
Cost Trend Rate
1%Decrease Assumption 1%Increase
City's proportionate share
ofthe net OPEB liability(asset) ($1,002,641) ($991,924) ($979,205)
- 89 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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 or 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 productiviry increase rate of 0.5
Single discount rate 2.84 percent 2.96 percent
Cost of LivingAdjustments 2.2 percent simple 2.2 percent simple
- 9� -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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 ll 5 120
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 far 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:
- 91 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -DEFINED BENEFIT OPEB PLANS (Continued)
Target L.ong Term E�pected
Asset Class Allocation Real Rate ofRetum
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 Fi�ced 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 Fstate 12.00 4.80
Total ]25.00 %
* levered 2.Sx
Note:Assumptions 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 212 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.
- 92 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 11 -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.
C�irrent
1%Decrease Discount Rate 1%Increase
(1.84%) (2.84%) (3.84%)
City's proportionate share
of the net OPEB liability $1,260,308 $1,002,614 $790,789
Sensitivity of the City's Proportionate 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.
- 93 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 12 -COMPENSATED ABSENCES
The costs of vacation and sick leave benefits are recorded as they are earned. Employees earn vacation
leave at varying rates based upon length of service. Sick leave is accumulated at a rate of four and six
tenths hours per eighty hours of service. Sick leave is cumulative without limit. Upon retirement an
individual will be compensated for their accumulated sick leave at a rate of 25% of the balance.
At December 31, 2022,the City's accumulated, unpaid compensated absences amounted to $1,215,608, of
which $967,283 is recorded as a liability of the Governmental Activities and $248,325 is recorded as a
liability of the Business-Type Activities. The amounts are recorded as Amounts Due Within One Year
and Amounts Due in More Than One Year on the Government Wide Statement of Net Position.
NOTE 13 -LONG-TERM OBLIGATIONS
Long-term debt and other long-term obligations of the City at December 31, 2022 were as follows:
Balance Balance Amount
December 31, December 31, Due Within
2021 Issued (Retired) 2022 One Year
Business Type-Activities:
General Obligation Bonds:
2.00-5.00%Water Refitnding Bond 2017 $1,770,000 $0 ($875,000) $895,000 $895,000
Premium on Refunding Bond 2017 94,639 0 (47,318) 47,321 47,321
Total General Obligatron Bonds 1,864,639 0 (922,318) 942,321 942,321
Mortgage Revenue Bonds:
2.00-5.00%Sewer Refunding-2004 Issue 2012 5,745,000 0 (5,745,000) 0 0
2.00-5.00%Premium on Sewer Funding-2004 2012 463,422 0 (463,422) 0 0
Total Mortgage Revenue Bonds 6,208,422 0 (6,208,422) 0 0
Compensated Absences Payable 232,945 248,325 (232,945) 248,325 23,843
Lease Payable 0 375,454 (123,280) 252,174 125,142
Total Business-Type Activity Long-Term Liabilities $8,306,006 $623,779 ($7,486,965) S1,442,820 $1,091,306
- 94 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 13 -LONGTERM OBLIGATIONS (Continued)
Balance Balance Amount
December 31, December 31, Due Within
2021 Issued (Retired) 2022 One Year
Governmental Activities:
Special Assessment Bonds:
2.000-5.000% Various Purpose Refunding 2017 $265,000 $0 ($130,000) $135,000 $135,000
Premium on Refunding 2017 14,946 0 (7,474) 7,472 7,472
Total Special Assessment Bonds
(with Governmental Commitment) 279,946 0 (137,474) 142,472 142,472
Unvoted General Obligation Bonds:
5.00% Various Purpose 2022 0 6,000,000 (180,000) 5,820,000 455,000
2.000-5.000% Municipal Building Refunding 2017 825,000 0 (410,000) 415,000 415,000
2.000-5.000% Street Improvement Bonds 2017 760,000 0 (145,000) 615,000 150,000
Premium on Bonds 81,561 552,968 (43,707) 590,822 57,797
Total General Obligation Bonds 1,666,561 6,552,968 (778,707) 7,440,822 1,077,797
Special Obligation Bond:
4.625-5.000% Performing Arts Center 2022 0 4,000,000 (75,000) 3,925,000 200,000
Premium on Bonds 0 69,358 (2,392) 66,966 4,784
Total Special Obligation Bonds 0 4,069,358 (77,392) 3,991,966 204,784
Capital Lease Payable 2,890,000 0 (2,890,000) 0 0
General Obligation Note Payable 3,200,000 0 (3,200,000) 0 0
Compensated Absences Payable 911,867 967,283 (911,867) 967,283 67,649
TotalGovernmentalActivityLong-TermLiabilities $8,948,374 $11,589,609 ($7,995,440) $12,542,543 $1,492,702
The principal amount of the City's special assessment bonds outstanding at December 31, 2022,
$135,000, is general obligation debt (backed by the full faith and credit of the City) that is being retired
with the proceeds from special assessments levied against benefited property owners. The City is
obligated to repay the debt irrespective of the amount of special assessments collected from property
owners.
- 95 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 13 -LONGTERM OBLIGATIONS (Continued)
A. Future Long-Term Financing Requirements
The City's future long-term obligation funding requirements, including principal and interest
payments as of December 31, 2022, follow:
General Obligation Bonds
Governmental Activities Business-Type Activities
Years Principal Interest Principal Interest
2023 $1,020,000 $330,375 $895,000 $40,275
2024 360,000 282,200 0 0
2025 360,000 267,300 0 0
2026 360,000 252,500 0 0
2027 220,000 237,500 0 0
2028-2032 1,280,000 1,010,750 0 0
2033-2037 1,630,000 657,500 0 0
2038-2041 1,620,000 207,500 0 0
Totals $6,850,000 $3,245,625 $895,000 $40,275
Special Assessment Bonds Special Obligarion Bonds
Years Principal Interest Principal Interest
2023 $135,000 $6,075 $200,000 $193,981
2024 0 0 210,000 183,981
2025 0 0 220,000 173,481
2026 0 0 235,000 162,481
2027 0 0 245,000 150,731
2028-2032 0 0 1,415,000 558,762
2033-2037 0 0 1,400,000 179,250
Totals $135,000 $6,075 $3,925,000 $1,602,667
B.Defeased Debt
In prior years, the City has defeased certain general obligation and other bonds by placing the
proceeds of the refunding bonds in irrevocable trusts to provide for all future debt service
payments on the old bonds. Accordingly, the trust account assets and the liability for the
defeased bonds are not included on the City's financial statements. At December 31, 2022,
$230,000 of bonds outstanding are considered defeased.
- 96 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 13 -LONGTERM OBLIGATIONS (Continued)
B.Defeased Debt(Continued)
In September 2008, the City refunded $10,570,000 of Mortgage Revenue Bonds for Water 1997,
through the issuance of$10,630,000 of General Obligation Bonds. The refunded bonds, which
have an outstanding balance of $960,000 at December 31, 2022, are not included in the City's
outstanding debt since the City has in-substance satisfied its obligations through the advance
refunding.
In April 2012, the City partially refunded $10,245,000 of Mortgage Revenue Bonds for Sewer
Improvements 2004, through the issuance of $10,295,000 of Mortgage Revenue Bonds. The
refunded bonds, which have an outstanding balance of$4,985,000 at December 31, 2022, are not
included in the City's outstanding debt since the City has in-substance satisfied its obligations
through the advance refunding.
NOTE 14-NOTES PAYABLE
The Ohio Revised Code provides that notes including renewal notes issued in anticipation of the issuance
of general obligation bonds may be issued and outstanding from time to time up to a maximum period of
20 years from the date of issuance of the original notes. The maximum maturity for notes anticipating
general obligation bonds payable from special assessments is five years. Any period in excess of five
years must be deducted from the permitted maximum maturity of the bonds anticipated, and portions of
the principal amount of notes outstanding for more than five years must be retired in amounts at least
equal to, and payable no later than, those principal maturities that would have been required if the bonds
had been issued at the expiration of the initial five year period.
Notes payable at December 31, 2022 were as follows:
Balance Balance
December 31, December 31,
2021 Issued (Retired) 2022
Special Revenue Fund:
Urban Redevelopment TIF Fund:
0.75% Performing Arts Center $4,500,000 $0 ($4,500,000) $0
- 97 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 15 -RISK MANAGEMENT
The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets;
errors and omissions; and natural disasters. During 2022 the City contracted with several different
insurance providers for various insurance coverages, as follows:
Type of Coverage Liability Limits Deductible
Property $97,721,205 $5,000
Crime 1,000,000 75,000
Inland Marine 5,171,311 1,000
General Liability 10,000,000 10,000
Employee Benefits Liability 8,000,000 1,000
Employers Liability 8,000,000 0
Automobile Liability 8,000,000 1,000
Public Officials Liability 8,000,000 5,000
Police Liability 8,000,000 5,000
Employment Practices Liability 8,000,000 0
Cyber Liability 1,000,000 15,000
There has been no significant reduction in insurance coverages from coverages in the prior year. In
addition, settled claims resulting from these risks have not exceeded commercial insurance coverages in
any of the past three years.
For the year 2022, the City participated in the Ohio Municipal League of Ohio Workers' Compensation
Group Rating Plan (GRP), an insurance purchasing pool (see Note 17). The intent of the GRP is to
achieve the benefit of a reduced premium for the City by virtue of its grouping and representation with
other participants in the GRP. The workers' compensation experience of the participating cities is
calculated as one experience and a common premium rate is applied to all cities in the GRP. Each
participant pays its warkers' compensation premium to the State based on the rate for the GRP rather than
its individual rate. Total savings are then calculated and each participant's individual performance is
compared to the overall savings of the GRP. A participant will then either receive money from or be
required to contribute to the "Equity Pooling Fund." This "equity pooling" arrangement insures that each
participant shares equally in the overall performance of the GRP. Participation in the GRP is limited to
cities that can meet the GRP's selection criteria. The firm of Comp Management, Inc. provides
administrative, cost control and actuarial services to the GRP.
The City may withdraw from the GRP if written notice is provided within sixty days prior to the
prescribed application deadline of the Ohio Bureau of Workers' Compensation. However, the participant
is not relieved of the obligation to pay any amount owed to the GRP prior to withdrawal, and any
participant leaving the GRP allows the representative of the GRP to access loss experience for three years
following the last year of participation.
- 98 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 16-CONTRACTUAL COMMITMENTS
As of December 31, 2022, the City had the following significant contractual commitments:
Remaining
Contractual
Proj ect Commitment
Hazel Woods Multi-Use Trail $331,665
Pumping Station Project 299,719
Heatherwoode Flood Project 246,686
Total $878,070
NOTE 17—GROUP PURCHASING POOL
The City participates in the Ohio Municipal League of Ohio Workers' Compensation Group Rating Plan
(GRP). The GRP's business and affairs are conducted by a twenty-five member Board of Trustees
consisting of fifteen mayors, two council members, three administratars, three finance officers and two
law directors which are voted in by the members for staggered two year terms. The Executive Director of
the Ohio Municipal League serves as coordinator of the GRP. Each year, the participating cities pay an
enrollment fee to the GRP to cover the costs of administering the GRP.
This Space Intentionally Left Blank
- 99 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 18—JOINTLY GOVERNED ORGANIZATIONS
During 2022, the City participated in the Warren County General Health District, the Greater Warren
County Drug Task Force, Miami Valley Regional Planning Commission, the Montgomery County
Transportation Improvement District, the Warren County Transportation Improvement District and the
Warren County Port Authority,jointly governed organizations. The following describes the relationship
between these organizations and the City:
Warren County General Health District
The Warren County General Health District (the District) provides health services to the citizens within
the County. The District, which consists of a representative from each of the participating governments,
including the City, oversees the operation of the District. The amount the City contributed during 2022
for the operation of the District was minimal. The City does not have any financial interest in or
responsibility for the District. The County Commissioners serve as the taxing authority, and the County
Auditor and County Treasurer serve as the fiscal officers. Financial information may be obtained from
Kathy Stephenson at the Warren County General Health District, 416 S. East Street, Lebanon, Ohio
45036.
The Greater Warren Count.��Task Force
The Greater Warren County Drug Task Force (the Task Force) is a multijurisdictional drug task force
with the primary goal of combating major narcotic traffickers in Warren and Clinton Counties. It is
governed by a local policy board consisting of inembers from local police departments, sheriff's offices,
and county prosecutar's offices. Participating members contribute a fee for the operation of the task
force, with each member's control over the operation limited to its representation on the Board. The City
does not have any financial interest in or responsibility for the operations of the Task Force. Any
information requests should be directed to 822 Memorial Drive, Lebanon, Ohio 45036.
Miami Valley Re�ional Planning Commission
The Miami Valley Regional Planning Commission(the Commission)was formed to provide planning and
administrative services to approximately 71 governmental and 18 non-governmental members that
constitute the full Board of Directors. Each unit of local government members pays a per capita
assessment to join the Commission. Non-governmental and other governmental members pay a flat rate
to cover associated Commission expenses if they are not a member. The Commission is not dependent
upon the City for its existence, no debt exists, and the City does not have an equity interest or a financial
responsibility for the Commission. Any information requests should be directed to 10 N. Ludlow St.,
Suite 700, Dayton, OH 45402.
Mont_�omery Countv Transportation Improvement District
The City is a participant in the Montgomery County Transportation Improvement District (the District), a
statutorily created political subdivision created for the purpose of financing, constructing, maintaining,
repairing and operating selected transportation projects. The District is a jointly governed entity
administered by a Board of Directors that acts as a legislative body and is comprised of seven board
members, of whom five are voting and two are non-voting appointed by Montgomery County and State
governments. Of the seven,three are elected as officers of the District.
- 100 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 18—JOINTLY GOVERNED ORGANIZATIONS (Continued)
The City entered into a cooperative agreement with the District on December 15, 2005 which was
amended on July 21, 2010 and includes Miami Township, the City of Miamisburg, and the Miamisburg
City School District related to the Austin Road Interchange Project. This project is intended to enhance
and facilitate traffic flow in the southern portion of Montgomery County and further simulate
development of real property in the hope of expanding the employment base in the area. Each entiry has
agreed to borrow their predetermined respective sum as collateral for the District borrowing monies from
the State Infrastructure Bank or from any other appropriate sources in an amount to pay their respective
portion of the costs to be incurred for the Austin Road Interchange Project.
On July 30, 2010 the District issued $20,335,000 Austin Road Interchange Bonds, Series 2010. These 33
year bonds were used for repayment of the note, cost of issuance of the bonds and new money for right-
of-way acquisition. The responsibilities for repayment of these bonds is governed by each participating
entity in the Austin Road Interchange Project and were allocated to Miami Township of $11,520,000,
City of Miamisburg of $4,580,000, and the City of Springboro of $4,235,000. The City paid off the
remaining balance of the bonds in 2022 ($2,850,000). Any information requests should be directed to
Crystal Corbin, (937)226-8240, 451 W Third Street, Dayton, OH 45422.
Warren Count.�portation Improvement District
The City is a participant in the Warren County Transportation Improvement District (the WCTID), a
statutorily created political subdivision created for the purpose of financing, constructing, maintaining,
repairing and operating selected transportation projects. The WCTID is a jointly governed entity
administered by a Board of Directors that acts as a legislative body and is comprised of seven board
members, of whom five are voting and two are non-voting appointed by Warren County and State
governments. Of the seven, three are elected from the voting members as officers of the WCTID.
Warren County Port Authority
The City entered into a cooperative agreement with the Warren County Port Authority (the Port
Authority) for the purpose of financing, constructing and maintaining fiber assets throughout the City.
The Port Authority is a jointly governed entity which has an appointed Board independent of the City.
- 101 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 19—RELATED ORGANIZATION
The Springboro Friends and Family Fund(the Fund)was incorporated on August 6, 2007 and was created
to promote a spirit of good fellowship among the members, their families and dependents, and to assist
others during time of health related distress. All permanent full-time employees and permanent part-time
employees of the City of Springboro shall be eligible for membership in the Fund as of the date of their
hiring.
The Fund shall have a Board of Directors consisting of 5 members. Three members shall be employees
of the City of Springboro and two members shall be of the general public at large. The Board of
Directors shall have general control over business and activities of the Fund and shall approve all requests
for benefits. Although the Fund was created to benefit all employees of the City of Springboro, the City
of Springboro does not have an ability to impose its will over the Fund, is not responsible for approving
the Fund's annual budget, or would be responsible for any debt issued or outstanding during the course of
its existence. Finally, in the event the Fund is dissolved any funds shall be remitted to the Hospice of
Dayton in accordance with the Fund's by-laws.
Any requests for information should be directed to Ryan Michel, President, 220 East Mill St, Springboro,
OH 45066.
- 102 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 20—SIGNIFICANT ENCUMBRANCES
At December 31, 2022 the City had the following significant cash-basis encumbrances outstanding:
Total Significant
Fund Encumbrances Encumbrances F�tplanation
Major Funds:
General $ 612,558 $67,200 Park Storae Facility
70,500 ADA Transition Plan
GolfCourse 532,745 273,394 FloodwayImprovements
W ater 2,929,141 935,184 W ater Debt
606,918 Water Facility Upgrades
765,000 WaterMainReplacement
Sewer 2,169,858 1,060,479 Sewer Facility Repairs
658,366 Treatment Plant Blower
All Nonmajor
Funds 1,717,696 667,482 Multi-UseTrailProjects
NOTE 21 —TAX ABATEMENT DISCLOSURES
As of December 31, 2022, the City of Springboro provides tax incentives under the Community
Reinvestment Area(CRA)program.
Real Estate Tax Abatements
Pursuant to Ohio Revised Code Chapter 5709, the City established a Community Reinvestment Area in
1981, which included all commercial and industrial land within the boundaries of the City of Springbaro.
The City of Springboro authorizes incentives based upon each businesses investment criteria, and through
a contractual application process with each business, including proof that the improvements have been
made. The abatement equals an agreed upon percentage of the additional property tax resulting from the
increase in assessed value as a result of the improvements. The amount of the abatement is deducted
from the recipient's property tax bill. The establishment of the CRA gave the City the ability to maintain
and expand businesses located in the City and create new jobs by abating or reducing assessed valuation
of properties,resulting in abated taxes, from new or improved business real estate.
The City of Springboro also has an agreement with the Springboro Community City School District,
Franklin City School District, Miamisburg City School District and Warren County Career Center for
payments in lieu of taxes when required by Section 5709.82 of the Ohio Revised Code.
- 103 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 21—TAX ABATEMENT DISCLOSURES (Continued)
Incentive Criteria for Decision Making
The City of Springboro has offered Community Reinvestment Act (CRA) abatements to various
businesses based upon substantial project investment in the City. The City considers projects that have at
least a payroll of$1,000,000 dollars annually. There have been a few CRA tax abatement transactions in
the past that were less than the criteria above, however, these projects rehabilitated some areas of the City
needing improvement with such success.
Below is the information relevant to the disclosure of those programs for the year ended December 31,
2022:
Total Amount of
Taxes Abated for
the Year 2022
TaxAbatement Program (In Actual Dollars)
Community Reinvestment Act(CRA)
Commercial $124,865
In dus trial 364,224
$489,089
The City of Springboro and the Springboro Community City School District, Franklin Ciry School
District, Miamisburg City School District and Warren County Career Center, in line with section 5709.82
of the Ohio Revised Code, have created a Community Reinvestment Area (CRA) Compensation
Agreement. This agreement requires municipal income tax sharing with the School Districts, when new
income tax collections exceed $1,000,000 dollars for a project granted a CRA abatement. The agreement
with Springboro Community City School District and Franklin City School District reimburses those
school districts 90 percent of one-third of the municipal income tax revenue. In those same agreements,
the Warren County Career Center is reimbursed 10 percent of one-third of the municipal income tax
revenue. The agreement with Miamisburg City School District reimburses that school district 50 percent
of the municipal income tax revenue.
The following are the required amounts of income tax dollars paid by the City to each School District in
2022:
Springboro City School District
Conunercial 90%of 1/3 Municipallncome TaxRevenue $71,753
Franklin City School District
Industrial 90%of 1/3 Municipal Income TaxRevenue $44,566
Miamisburg City School District
Com�nercial 50%ofMunicipal Income TaxRevenue $13,239
Warren County Career Center
Conu�nercial 10%ofMunicipal Income TaxRevenue $4,952
Industrial 10%ofMunicipal Income TaxRevenue 7,973
$12,925
- 104 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 22—CITY OF SPRINGBORO COMMUNITY IMPROVEMENT CORPORATION(CIC)
Summary of Significant Accounting Policies
Or�anization
The Community Improvement Corporation of Springboro ("CIC" or "the Organization") is a non- profit
organization incorporated in Ohio on March 30, 1989 by resolution from the City of Springboro, Ohio.
The Organization was established as a "community improvement corporation", as set forth in the Ohio
Revised Code. The Board of Directors consist of no less than three and no more than five board members
as determined by the City of Springboro.
The CIC was created to serve the business community of Springboro. The CICs responsibilities include
providing financial resources and assistance for development that benefits the business community. Due
to the variable nature of local development, the CIC consistently seeks potential projects that support its
identified core principles of maintaining a functioning CIC, supporting the business community,
developing or maintaining local infrastructure, and encouraging stability and vitality within the region.
Basis of Presentation
The accompanying financial statements have been prepared on the accrual basis of accounting in
accordance with generally accepted accounting principles. Net position and revenues and expenses are
classified based on the existence or absence of imposed restrictions. Accordingly, net position of the CIC
is classified as unrestricted net position because it is not subject to imposed stipulations.
Cash and Cash Equivalents
During the calendar year 2022, the CIC's cash in an interest bearing account is considered to be cash
equivalents. The CIC had no investments.
Income Taxes
The CIC is a non-profit entity exempt from income taxes under Section 501(c)(6) of the Internal Revenue
Code. Therefore,no provision for income taxes has been made in these financial statements.
Fin 48-Accountin�for Uncertain Tax Positions
The CIC may file income tax returns and information returns in the US Federal jurisdiction and various
state and local jurisdictions. The CIC is no longer subject to US Federal income tax examination by
authorities for the years prior to 2007. With respect to state and local jurisdictions the CIC is no longer
subject to income tax examinations prior to 2007. In the normal course of business, the CIC is subject to
examination by various taxing authorities. Although the outcome of tax audits is always uncertain, the
CIC believes that there are no significant unrecognized tax liabilities as of December 31, 2022.
- 105 -
CITY OF SPRINGBORO, OHIO
Notes to the Basic Financial Statements
For the Year Ended December 31, 2022
NOTE 23—LEASE PAYABLE
The City is party to one lease. The lease is for the usage of a fleet of carts for the Golf Course. The cost
of the equipment obtained under this lease is valued at$375,454. At December 31, 2022 the equipment is
capitalized as machinery and equipment within capital assets. The liability for this lease is recorded on
the Statement of Net Position as due within one year and due in more than one year. The following is a
schedule of future minimum lease payments under the capital lease together with the present value of the
net minimum lease payments as of December 31, 2022:
Year Ending December 31, Capital Lease
2023 $128,066
2024 128,066
Minimum Lease Payments 256,132
Less amount representing interest at the
at the City's incremental borrow rate (3,958)
Present value of minimum lease payments $252,174
- 106 -
CITY OF SPRINGBORO, OHIO
REQUIRED IJ UPPLEMENTARY INFORMATION
- 107 -
CITY OF SPRINGBORO, OHIO
Schedule of the City's Proportionate Share of the Net Pension Liability
Last Nine Years
Ohio Public Employe e s Re tire me nt Sys te m
Fiscal Year 2013 2014 2015 2016
City's proportion of the net pension
liability 0.022048% 0.022048% 0.025022% 0.026454%
City's proportionate share of the net
pension liabiliry $2,599,172 $2,659,236 $4,334,157 $6,007,271
City's covered payroll $2,938,923 $2,762,517 $3,128,433 $3,576,317
City's proportionate share of the net
pension liabiliry as a percentage
of its covered payroll 88.44% 96.26% 138.54% 167.97%
Plan fiduciary net position as a
percentage of the total pension
liability 86.36% 86.45% 81.08% 77.25%
Source:Finance Director's Office and the Ohio Public Employees Retirement System
Ohio Police and Fire Pension Fund
FiscalYear 2013 2014 2015 2016
City's proportion of the net pension
liability 0.077251% 0.077251% 0.076945% 0.077502%
City's proportionate share of the net
pension liability $3,762,361 $4,001,919 $4,949,952 $4,908,909
City's coveredpayroll $1,629,956 $1,703,247 $1,732,632 $1,702,937
City's proportionate share of the net
pension liabiliry as a percentage
of its covered payroll 230.83% 234.96% 285.69% 288.26%
Plan fiduciary net position as a
percentage of the total pension
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 mtended to show ten years of mformation. Additional years
will be displayed as they become ava�able. Information priar to 2013 is not available.
The schedule is reported as of the measurement date of the Net Pension Liability,
which is the prior year end.
See accompanying notes to the required supplementary information
- 108 -
CITY OF SPRINGBORO, OHIO
2017 2o1s 2019 2020 2021
0.026347% 0.028445% 0.029447% 0.030185% 0.031490%
$4,133,386 $7,790,509 $5,820,399 $4,469,739 $2,739,759
$3,374,031 $3,677,686 $3,916,571 $4,276,229 $4,423,779
122.51% 211.83% 148.61% 104.53% 61.93%
84.66% 74.70% 82.17% 86.88°/a 92.62%
2017 2018 2019 2020 2021
0.077363% 0.076406% 0.081785% 0.089520% 0.091472%
$4,748,ll6 $6,236,748 $5,509,441 $6,102,680 $5,714,653
$1,958,784 $1,987,232 $2,208,416 $2,511,126 $2,673,958
242.40% 313.84% 249.47% 243.03°/a 213.72%
70.91% 63.07% 69.89% 70.65°/a 75.03%
- 109 -
CITY OF SPRINGBORO, OHIO
Schedule of City Pension Contributions
Last Ten Years
Ohio Public Employees Retirement System
Fiscal Year 2013 2014 2015 2016
Contractually required conmbution $382,060 $331,502 $375,412 $429,158
Contributions in relation to the
contractually required contribution 382,060 331,502 375,412 429,158
Contribution deficiency(excess) $0 $0 $0 $0
City's covered payroll $2,938,923 $2,762,517 $3,128,433 $3,576,317
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
Fiscal Year 2013 2014 2015 2016
Contractually required contnbution $259,652 $323,617 $329,200 $323,558
Contributions in relation to the
contractually required contrbution 259,652 323,617 329,200 323,558
Contribution deficiency(excess) $0 $0 $0 $0
City's coveredpayroll $1,629,956 $1,703,247 $1,732,632 $1,702,937
Contrbutions as a percentage of 15.93% 19.00% 19.00% 19.00%
covered payroll
Source:Finance Director's Office and the Ohio Police and Fire Pension Fund
Notes:The City implemented GASB Statement 68 in 2015.
See accompanying notes to the required supplementary information
- 110 -
CITY OF SPRINGBORO, OHIO
2017 2018 2019 2020 2021 2022
$438,624 $514,876 $548,320 $598,672 $619,329 $691,666
438,624 514,876 548,320 598,672 619,329 691,666
$0 $0 $0 $0 $0 $0
$3,374,031 $3,677,686 $3,916,571 $4,276,229 $4,423,779 $4,940,471
13.00% 14.00% 14.00% 14.00% 14.00% 14.00%
2017 2018 2019 2020 2021 2022
$372,169 $377,574 $419,599 $477,114 $508,052 $534,355
372,169 377,574 419,599 477,114 508,052 534,355
$0 $0 $0 $0 $0 $0
$1,958,784 $1,987,232 $2,208,416 $2,511,126 $2,673,958 $2,812,395
19.00% 19.00% 19.00% 19.00% 19.00% 19.00%
- 111 -
CITY OF SPRINGBORO, OHIO
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 2016 2017 2018
Ciry's proportion of the net OPEB
liability(asset) 0.027151% 0.026752% 0.028667%
City's proportionate share of the net
OPEB liabiliry (asset) $2,742,368 $2,905,022 $3,737,501
City's covered payroll $3,576,317 $3,374,031 $3,677,686
Ciry's proportionate share of the net
OPEB liability(asset) as a percentage
of its covered payroll 76.68% 86.10% 101.63°/o
Plan fiduciary net position as a
percentage of the total OPEB
liability(asset) 54.50% 54.14% 46.33%
Source:Finance Director's Office and the Ohio Public Employees Retirement System
Ohio Police and Fire Pension Fund
Year 2016 2017 2018
City's proportion of the net OPEB
liability 0.077502% 0.077363% 0.076406%
City's proportionate share of the net
OPEB liability $3,678,853 $4,383,280 $695,794
Ciry's coveredpayroll $1,702,937 $1,958,784 $1,987,232
City's proportionate share of the net
OPEB liability as a percentage
of its covered payroll 216.03% 223.78% 35.01%
Plan fiduciary net position as a
percentage of the total OPEB
liabiliry 15.96% 14.13% 46.57%
Source:Finance Director's Off'ice and the Ohio Police and Fire Pension Fund
Notes:The Ciry implemented 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 2016 is not available.
The schedule is reported as of the measurement date of the Net OPEB Liability.
See accompanying notes to the required supplementary information
- 112 -
CITY OF SPRINGBORO, OHIO
2019 2020 2021
0.029683% 0.030514% 0.031669%
$4,099,993 ($543,633) ($991,924)
$3,916,571 $4,276,229 $4,423,779
104.68% (12.71%) (22.42%)
47.80% 115.57% 128.23%
2019 2020 2021
0.081785% 0.089520% 0.091472%
$807,846 $948,483 $1,002,614
$2,208,416 $2,511,126 $2,673,958
36.58% 37.77% 37.50%
47.08% 45.42% 46.86%
- 113 -
CITY OF SPRINGBORO, OHIO
Schedule of City's Other Postemployment Benefit(OPEB) Contributions
Last Ten Years
Ohio Public Employees Retirement System
Year 2013 2014 2015 2016
Contractually required contriburion $29,389 $55,250 $62,569 $71,526
Contributions in relation to the
contractually required contribution 29,389 55,250 62,569 71,526
Contribution deficiency(excess) $0 $0 $0 $0
City's covered payroll $2,938,923 $2,762,517 $3,128,433 $3,576,317
Contributions as a percentage of 1.00% 2.00% 2.00% 2.00%
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 $58,870 $8,516 $8,663 $8,515
Contributions in relation to the
contractually required contribution 58,870 8,516 8,663 8,515
Contribution deficiency(excess) $0 $0 $0 $0
City's coveredpayroll $1,629,956 $1,703,247 $1,732,632 $1,702,937
Contributions as a percentage of 3.61% 0.50% 0.50% 0.50%
covered payroll
Source:Finance Director's Office and the Ohio Police and Fire Pension Fund
Notes:The Ciry implemented GASB Statement 75 in 2018.
See accompanying notes to the required supplementary information
- 114 -
CITY OF SPRINGBORO, OHIO
2017 2018 2019 2020 2021 2022
$33,740 $0 $0 $0 $0 $0
33,740 0 0 0 0 0
$0 $0 $0 $0 $0 $0
$3,374,031 $3,677,686 $3,916,571 $4,276,229 $4,423,779 $4,940,471
1.00% 0.00% 0.00% 0.00% 0.00% 0.00%
2017 2018 2019 2020 2021 2022
$9,794 $9,936 $11,042 $12,556 $13,370 $14,062
9,794 9,936 11,042 12,556 13,370 14,062
$0 $0 $0 $0 $0 $0
$1,958,784 $1,987,232 $2,208,416 $2,511,126 $2,673,958 $2,812,395
0.50% 0.50% 0.50% 0.50% 0.50% 0.50%
- 115 -
CITY OF SPRINGBORO, OHIO
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%-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%to 1.4%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%to 0.5%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%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.
- 116 -
CITY OF SPRINGBORO, OHIO
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%to 3.25%
-Reduce DROP interest rate from 4.5%to 4.0°/o
-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 1, 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
- 117 -
CITY OF SPRINGBORO, OHIO
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 for 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%to 3.71%
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%
- The Municipal Bond Rate changed from 3.71%to 2.75%
2021: 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%
- 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%to 1.84%
- 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.
- 118 -
CITY OF SPRINGBORO, OHIO
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%.
2021: 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%.
- 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%.
- 119 -
CITY OF SPRINGBORO, OHIO
SPRINGBORO
- i2o -
CITY OF SPRINGBORO, OHIO
COMBINING AND INDIVIDUAL FUND
,iJ TATEMENTS AND ,�J CHEDULES
THE FOLLOWING COMBINING STATEMENTS AND SCHEDULES
INCLUDE THE MAJOR AND NONMAJOR GOVERNMENTAL FUNDS,
AND FID UCIARY FUNDS.
- 121 -
CITY OF SPRINGBORO, OHIO
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 trusts ar major capital projects) that are legally restricted to
expenditures for specified purposes.
Street Maintenance and Repair Fund
To account for that portion of the state gasoline tax and motor vehicle registration fees
designated for maintenance and repair of designated streets within the City.
State Highway Fund
To account far that portion of the state gasoline tax designated for maintenance of state
highways within the City.
Permissive Use Tax Fund
To account for the $S.00 license tax levied by the City of Springboro. This money is used
for the maintenance of highway projects.
Motor Vehicle License Tax Fund
To account for $2.50 of each $5.00 tax levied by Warren County on each motor vehicle
registered in the City. Expenditures include planning, constructing, improving,
maintaining, and repairing roads, streets and bridges.
Community Oriented Policing Service (COPS) Grant Fund
To account for proceeds from federal and state grant monies. The grant funds must be
used toward the salary and benefits of police officers.
One Ohio Opioid Fund
To account for monies obtained and distributed by the State of Ohio from opioid
settlements of drug manufacturers and distributors. It is designated for resources to assist
with community drug recovery,prevention and treatment.
Drug Law Enforcement Fund
To account for fines and costs collected for felonious drug trafficking convictions and
sentences. This money may be used in any drug law enforcement activity.
Mayor's Court Improvement Fund
To account for fees collected from each paid case in the Springboro Mayor's Court. The
money may be used to purchase and improve the court computer systems.
(Continued)
- 122 -
CITY OF SPRINGBORO, OHIO
Nonmajor Governmental Funds
Special Revenue Funds (continued)
Austin JEDD Fund
To account for the City's portion of income tax revenue distributed from the Austin JEDD
and expensed for maintenance and improvements to the Austin JEDD area, as required by
the Austin Center JEDD Contract.
South Tech Public Improvement TIF Fund
To account for payments in lieu of taxes from Warren County for properties within the
South Tech TIF area to be used for repayment of the South Tech Street Improvement
Bond Anticipation Note and payments to the Springboro Community City School District
as required per the Cooperative Agreement.
Law Enforcement Trust Fund
To account for the fines generated in the prosecution of those in possession of contraband
and the proceeds gained from the sale of confiscated contraband. This money may be
spent for any law enforcement activity.
D.A.R.E. Trust Fund
To account for donations and a portion of fines and forfeitures from the City of
Springboro's Mayor's Court to be used for the DARE education program.
Urban Redevelopment TIF Fund
This fund is used to account for tax increment financing activities associated with
redevelopment throughout the City.
(Continued)
- 123 -
CITY OF SPRINGBORO, OHIO
Nonmajor Governmental Funds
Capital Projects Funds
The Capital Projects Funds are used to account for the financial resources to be used for the
acquisition or construction of major capital facilities.
Permanent Improvement Fund
To account for various local and state revenues used for all construction projects related
to park facilities.
Land Acquisition Fund
To account for purchase of land for City use or for land held for resale.
- 124 -
CITY OF SPRINGBORO, OHIO
Combining Balance Sheet
Nonmajor Governmental Funds
December 31, 2022
Nonmajor Nonmajor Total Nonmajor
Special CapitalProjects Governmental
Revenue Funds Funds Funds
Assets:
Equity in Pooled Cash and Investments $ 1,919,450 $ 466,794 $ 2,386,244
Receivables:
Intergovernmental 721,048 0 721,048
Inventory of Supplies,at Cost 167,382 0 167,382
Prepaid Items 37,334 0 37,334
Assets Held for Resale 0 2,312,473 2,312,473
Total Assets $ 2,845,214 $ 2,779,267 $ 5,624,481
Liabilities:
Accounts Payable $ 65,378 $ 0 $ 65,378
Accrued Wages and Benefits Payable 50,810 0 50,810
Intergovernmental Payable 15,394 0 15,394
Total Liabilities 131,582 0 131,582
Deferred Inflows of Resources:
Unavailable Amounts 468,608 0 468,608
Total Deferred Inflows of Resources 468,608 0 468,608
Fund Balances:
Nonspendable 204,716 0 204,716
Restricted 2,040,308 2,779,267 4,819,575
Total Fund Balances 2,245,024 2,779,267 5,024,291
Total Liabilities,DeferredInflows of
Resources and Fund Balances $ 2,845,214 $ 2,779,267 $ 5,624,481
- 125 -
CITY OF SPRINGBORO, OHIO
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 Capital Projects Governmental
Revenue Funds Funds Funds
Revenues:
Intergovemmental Revenues $ 1,624,061 $ 0 $ 1,624,061
Fines,Licenses andPermits 30,088 9,290 39,378
Investment Earnings 6,992 0 6,992
Donations 2,382 0 2,382
All Other Revenue 145,902 224,294 370,196
Total Revenue 1,809,425 233,584 2,043,009
F�penditures:
Current:
Security of Persons and Property 225,612 0 225,612
Transportation 1,325,930 0 1,325,930
General Government 19,215 0 19,215
CapitalOutlay 0 62,223 62,223
Debt Service:
Interest and Fiscal Charges 25,312 0 25,312
Total Expenclitures 1,596,069 62,223 1,658,292
Excess(Deficiency)of Revenues
Over E�enditures 213,356 171,361 384,717
Other Financing Sources(Uses):
Bonds Issued 4,000,000 0 4,000,000
Transfers In 792,712 75,000 867,712
Transfers Out (533,498) 0 (533,498)
Total Other Financing Sources(Uses) 4,259,214 75,000 4,334,214
Net Change in Fund Balances 4,472,570 246,361 4,718,931
Fund Balances at Beginning of Year (2,227,546) 2,532,906 305,360
Fund Balances End of Year $ 2,245,024 $ 2,779,267 $ 5,024,291
- 126 -
CITY OF SPRINGBORO, OHIO
Combining Balance Sheet
Nonmajor Special Revenue Funds
December 31, 2022
Street
Maintenance Permissive Use Motar Vehicle
and Repair State Highway Tax License Tax
Assets:
Equity in Pooled Cash and Investments $ 320,554 $ 296,924 $ 4,166 $ 551,503
Receivables:
Intergovernmental 515,111 41,757 0 146,157
Inventory of Supplies,at Cost 167,382 0 0 0
Prepaid Items 35,643 0 0 0
Total Assets $ 1,038,690 $ 338,681 $ 4,166 $ 697,660
Liabilities:
Accounts Payable $ 64,440 $ 0 $ 0 $ 0
Accrued Wages and Benefits Payable 50,810 0 0 0
Intergovernmental Payable 14,237 0 0 0
Total Liabilities 129,487 0 0 0
Deferred Inflows of Resources:
Unavailable Amounts 343,332 27,838 0 97,438
Total Deferred Inflows of Resources 343,332 27,838 0 97,438
Fund Balances:
Nonsp endable 203,025 0 0 0
Restricted 362,846 310,843 4,166 600,222
Total Fund Balances 565,871 310,843 4,166 600,222
Total Liabilities,Deferred Inflows of
ResourcesandFundBalances $ 1,038,690 $ 338,681 $ 4,166 $ 697,660
(Continued)
- 127 -
CITY OF SPRINGBORO, OHIO
Combining Balance Sheet
Nonmajor Special Revenue Funds
December 31, 2022
OneOhio DrugLaw Mayor'sCourt
COPS Grant Opioid Enforcement Improvement
Assets:
Equity in Pooled Cash and Investments $ 14,977 $ 2,592 $ 48,676 $ 160,057
Receivables:
Intergovernmental 16,514 0 0 3
Inventory of Supplies,at Cost 0 0 0 0
Prepaid Items 1,ll0 0 0 581
Total Assets $ 32,601 $ 2,592 $ 48,676 $ 160,641
Liabilities:
Accounts Payable $ 0 $ 0 $ 0 $ 0
Accrued Wages and Benefits Payable 0 0 0 0
Intergovernmental Payable 109 0 0 201
Total Liabilities 109 0 0 201
Deferred Inflows of Resources:
Unavailable Amounts 0 0 0 0
Total Deferred Inflows of Resources 0 0 0 0
Fund Balances:
Nonsp endable 1,ll 0 0 0 581
Restricted 31,382 2,592 48,676 159,859
Total Fund Balances 32,492 2,592 48,676 160,440
Total Liabilities,Deferred Inflows of
Resources and Fund Balances $ 32,601 $ 2,592 $ 48,676 $ 160,641
- 128 -
CITY OF SPRINGBORO, OHIO
South Tech
Public Law Urban Total Nonmajar
Improvement Enforcement Redevelopment Special
Austin JEDD TIF Trust DARE Trust TIF Revenue Funds
$ 83,121 $ 5,131 $ 72,064 $ ll,461 $ 348,224 $ 1,919,450
0 0 0 1,506 0 721,048
0 0 0 0 0 l 67,382
0 0 0 0 0 37,334
$ 83,121 $ 5,131 $ 72,064 $ 12,967 $ 348,224 $ 2,845,214
$ 0 $ 0 $ 0 $ 938 $ 0 $ 65,378
0 0 0 0 0 50,810
0 0 0 847 0 15,394
0 0 0 1,785 0 131,582
0 0 0 0 0 468,608
0 0 0 0 0 468,608
0 0 0 0 0 204,716
83,121 5,131 72,064 11,182 348,224 2,040,308
83,121 5,131 72,064 11,182 348,224 2,245,024
$ 83,121 $ 5,131 $ 72,064 $ 12,967 $ 348,224 $ 2,845,214
- 129 -
CITY OF SPRINGBORO, OHIO
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For�the Year Ended December 31, 2022
Street
Maintenance State PermissiveUse MotorVehicle
and Repair Highway Tax License Tax
Revenues:
Intergovernmental Revenues $ 1,050,594 $ 85,184 $ 0 $ 248,490
Fines,Licenses and Permits 0 0 0 0
Investment Earnings 2,230 1,454 22 3,286
Donations 0 0 0 0
All Other Revenue 6,997 0 0 0
Total Revenue 1,059,821 86,638 22 251,776
Expenditures:
Current:
Security of Persons and Property 0 0 0 0
Transportation 1,289,549 36,381 0 0
General Government 0 0 0 0
Debt Service:
Interest and Fiscal Charges 0 0 0 0
Total Expenditures 1,289,549 36,381 0 0
Excess(Deficiency)of Revenues
Over Expenditures (229,728) 50,257 22 251,776
Other Financing Sources([7ses):
Bonds Issued 0 0 0 0
Transfers In 0 0 0 0
Transfers Out 0 0 0 (200,000)
Total Other Financing Sources(Uses) 0 0 0 (200,000)
Net Change in Fund Balances (229,728) 50,257 22 51,776
Fund Balance at Beginning of Year 795,599 260,586 4,144 548,446
Fund Balance End of Year $ 565,871 $ 310,843 $ 4,166 $ 600,222
- 130 -
CITY OF SPRINGBORO, OHIO
South Tech
Public
One Ohio DrugLaw Mayor's Court Improvement
COPS Grant Opioid Enforcement Improvement Austin JEDD TIF
$ 0 $ 2,592 $ 0 $ 0 $ 185,103 $ 0
0 0 15,688 14,400 0 0
0 0 0 0 0 0
0 0 0 0 0 0
35,624 0 0 15 0 0
35,624 2,592 15,688 14,415 185,103 0
80,548 0 45,584 0 0 0
0 0 0 0 0 0
0 0 0 17,094 0 0
0 0 0 0 0 0
80,548 0 45,584 17,094 0 0
(44,924) 2,592 (29,896) (2,679) 185,103 0
0 0 0 0 0 0
50,000 0 0 0 0 168,962
0 0 0 0 (164,536) (168,962)
50,000 0 0 0 (164,536) 0
5,076 2,592 (29,896) (2,679) 20,567 0
27,416 0 78,572 163,ll9 62,554 5,131
$ 32,492 $ 2,592 $ 48,676 $ 160,440 $ 83,121 $ 5,131
(Continued)
- 131 -
CITY OF SPRINGBORO, OHIO
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds
For�the Year Ended December 31, 2022
Total
Nonmajor
Law Urban Special
Enforcement Redevelopment Revenue
Trust DARE Trust TIF Funds
Revenues:
Intergovernmental Revenues $ 0 $ 52,098 $ 0 $ 1,624,061
Fines,Licenses and Permits 0 0 0 30,088
Investment Earnings 0 0 0 6,992
Donations 0 2,382 0 2,382
All Other Revenue 6,036 1,506 95,724 145,902
Total Revenue 6,036 55,986 95,724 1,809,425
Expenditures:
Current:
Security of Persons and Property 0 99,480 0 225,612
Transp ortation 0 0 0 1,325,930
General Government 0 0 2,121 19,215
Debt Service:
Interest and Fiscal Charges 0 0 25,312 25,312
Total Fxpenditures 0 99,480 27,433 1,596,069
Excess(Deficiency)of Revenues
Over E�penditures 6,036 (43,494) 68,291 213,356
Other Financing Sources(Uses):
Bonds Issued 0 0 4,000,000 4,000,000
Transfers In 0 40,000 533,750 792,712
Transfers Out 0 0 0 (533,498)
Total Other Financing Sources(Uses) 0 40,000 4,533,750 4,259,214
Net Change in Fund Balances 6,036 (3,494) 4,602,041 4,472,570
Fund Balance at Beginning of Year 66,028 14,676 (4,253,817) (2,227,546)
Fund Balance End of Year $ 72,064 $ ll,182 $ 348,224 $ 2,245,024
- 132 -
CITY OF SPRINGBORO, OHIO
SPRINGBORO
- 133 -
CITY OF SPRINGBORO, OHIO
Combining Balance Sheet
Nonmajor Capital Projects Funds
December 31, 2022
Total Nonmajar
Permanent Capital Projects
Improvement Land Acquisition Funds
Assets:
Equity in Pooled Cash and Investments $ 465,070 $ 1,724 $ 466,794
Assets Held for Resale 0 2,312,473 2,312,473
Total Assets $ 465,070 $ 2,314,197 $ 2,779,267
Liabilities:
Total Liabilities $ 0 $ 0 $ 0
Fund Balances:
Restricted 465,070 2,314,197 2,779,267
Total FundBalances 465,070 2,314,197 2,779,267
Total Liabilities and Fund Balances $ 465,070 $ 2,314,197 $ 2,779,267
- 134 -
CITY OF SPRINGBORO, OHIO
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Capital Projects Funds
For�the Year Ended December 31, 2022
Total Nonmajor
Permanent Land Capital Projects
Improvement Acquisition Funds
Revenues:
Fines,Licenses and Permits $ 9,290 $ 0 $ 9,290
All Other Revenue 224,294 0 224,294
Total Revenue 233,584 0 233,584
EYpenditures:
CapitalOutlay 62,223 0 62,223
Total Expenditures 62,223 0 62,223
Excess(Deficiency)of Revenues
Over E�enditures 171,361 0 171,361
Other Financing Sources(Uses):
Transfers In 75,000 0 75,000
Total Other Financing Sources(Uses) 75,000 0 75,000
Net change in Fund Balances 246,361 0 246,361
Fund Balances at Beginning of Year 218,709 2,314,197 2,532,906
Fund Balances End of Year $ 465,070 $ 2,314,197 $ 2,779,267
- 135 -
CITY OF SPRINGBORO, OHIO
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)
Revenues:
Municipal Income Tases $ 9,975,000 $ 9,975,000 $ 11,257,032 $ 1,282,032
Property and Other Taxes 750,000 750,000 904,397 154,397
Intergovernmental Revenues 320,900 320,900 385,537 64,637
Fines,Licenses and Permits 504,300 504,300 338,060 (166,240)
Investment Earnings 175,000 175,000 199,191 24,191
Special Assessments 37,162 37,162 38,642 1,480
All Other Revenues 290,500 290,500 1,073,492 782,992
Total Revenues 12,052,862 12,052,862 14,196,351 2,143,489
F�penclitures:
Security of Persons and Property:
Police Department:
Personal Services 3,641,766 3,668,393 3,613,858 54,535
Materials and Supplies 177,642 189,106 176,558 12,548
Contractual Services 298,606 291,291 242,618 48,673
Total Police Department 4,118,014 4,148,790 4,033,034 115,756
Police Dispatcher:
Personal Services 317,700 346,287 344,031 2,256
Materials and Supplies 4,000 4,000 2,791 1,209
Contractual Services 18,038 17,512 8,782 8,730
TotalPoliceDispatcher 339,738 367,799 355,604 12,195
Street Lighting
Contractual Services 175,000 188,576 188,260 316
Total Street Lighting 175,000 188,576 188,260 316
Civil Defense:
Contractual Services 2,600 3,000 2,859 141
Total Civil Defense 2,600 3,000 2,859 141
Prisoner Care:
Contractual Services 5,000 5,000 4,579 421
Total Prisoner Care 5,000 5,000 4,579 421
Total Security of Persons and Property 4,640,352 4,713,165 4,584,336 128,829
Public Health and Welfare:
Health Board:
Contractual Services 17,000 17,000 15,972 1,028
Total Public Health and Welfare 17,000 17,000 15,972 1,028
(Continued)
- 136 -
CITY OF SPRINGBORO, OHIO
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)
Leisure Time Activities:
Park M aintenance:
Personal Services 820,000 773,129 755,683 17,446
ContracualServices 191,599 199,789 177,660 22,129
Materials and Supplies 329,889 306,785 186,234 120,551
Total Park Maintenance 1,341,488 1,279,703 1,ll9,577 160,126
Library Services:
Contractual Services 31,386 26,734 10,928 15,806
Materials and Supplies 1,000 1,000 450 550
Total Library Services 32,386 27,734 11,378 16,356
Community Events:
Personal Services 104,500 118,808 113,073 5,735
Contractual Services 216,156 207,489 206,088 1,401
Materials and Supplies 10,000 19,764 19,402 362
Total Community Events 330,656 346,061 338,563 7,498
Total Leisure Time Activities 1,704,530 1,653,498 1,469,518 183,980
Community Environment:
Planning and Zoning:
Personal Services 163,500 137,000 124,303 12,697
Contractual Services 78,829 81,329 79,517 1,812
Materials and Supplies 1,000 1,000 620 380
Total Planning and Zoning 243,329 219,329 204,440 14,889
Engineering:
Personal Services 135,000 135,200 128,352 6,848
Contractual Services 535,811 533,337 423,180 110,157
Materials and Supplies 10,760 10,760 6,475 4,285
Total Engineering 681,571 679,297 558,007 121,290
Economic Development:
Personal Services 71,800 73,335 68,627 4,708
Contractual Services 113,971 112,940 43,988 68,952
Materials and Supplies 500 200 0 200
Total Economic Development 186,271 186,475 ll2,615 73,860
Building lnsp ection:
Personal Services 398,800 398,500 388,860 9,640
Contractual Services 108,735 108,735 41,648 67,087
Materials and Supplies 9,500 9,800 7,213 2,587
Total BuildingInspection 517,035 517,035 437,721 79,314
Total Communiry Environment 1,628,206 ],602,136 1,312,783 289,353
(Continued)
- 137 -
CITY OF SPRINGBORO, OHIO
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)
General Government:
City Council:
Personal Services 240,100 231,011 220,576 10,435
Contractual Services 117,397 116,963 100,942 16,021
Materials and Supplies 13,297 13,297 10,504 2,793
Total City Council 370,794 361,271 332,022 29,249
City M anager:
Personal Services 184,250 180,264 167,422 12,842
Contractual Services 93,129 79,990 65,933 14,057
Materials and Supplies 300 430 425 5
TotalCity Manager 277,679 260,684 233,780 26,904
Assistant City Manager:
Personal Services 116,950 99,328 94,316 5,012
Contractual Services 129,694 104,685 94,460 10,225
Materials and Supplies 1,300 1,300 491 809
Total Assistant City Manager 247,944 205,313 189,267 16,046
Computer Administration:
Personal Services 114,150 114,150 ll 1,198 2,952
Contractual Services 290,816 331,498 316,359 15,139
Materials and Supplies 128,508 123,508 85,996 37,512
Total Computer Adminstration 533,474 569,156 513,553 55,603
Finance Department:
Personal Services 218,500 218,500 210,524 7,976
Contractual Services 105,500 75,629 67,682 7,947
Materials and Supplies 3,000 3,000 731 2,269
TotalFinanceDepartment 327,000 297,129 278,937 18,192
Mayor's Court:
Personal Services 135,300 135,300 126,875 8,425
Contractual Services 74,300 78,900 75,476 3,424
Materials and Supplies 500 500 438 62
TotalMayor'sCourt 210,100 214,700 202,789 11,911
(Continued)
- 138 -
CITY OF SPRINGBORO, OHIO
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)
Income Tax:
Personal Services 278,150 317,703 317,569 134
Contractual Services 989,672 1,105,485 1,105,466 19
Materials and Supplies 1,500 909 909 0
Total Income Tax 1,269,322 1,424,097 1,423,944 153
Legal Administration:
Contractual Services 97,575 68,906 64,456 4,450
Total Legal Administration 97,575 68,906 64,456 4,450
Volunteer Services:
Contractual Services 5,000 3,594 3,162 432
Total Volunteer Services 5,000 3,594 3,162 432
Building and Land:
Personal Services 1,278,954 1,279,454 1,221,729 57,725
Contractual Services 1,623,950 1,706,140 1,576,596 129,544
Materials and Supplies 146,474 155,248 128,852 26,396
TotalBuildingandLand 3,049,378 3,140,842 2,927,177 213,665
M iscellaneous:
Contractual Services 124,499 124,299 70,729 53,570
Materials and Supplies 10,200 10,400 9,808 592
TotalMiscellaneous 134,699 134,699 80,537 54,162
Total General Government 6,522,965 6,680,391 6,249,624 430,767
Total Eapenditures 14,513,053 14,666,190 13,632,233 1,033,957
Excess(Deficiency)of Revenues
Over(Under)Eapenditures (2,460,191) (2,613,328) 564,ll8 3,177,446
Other Financing Sources(Uses):
Transfers In 164,536 164,536 164,536 0
Transfers Out (3,717,005) (3,737,005) (1,883,962) 1,853,043
Advances In 0 0 138,668 138,668
Total OtherFinancingSources(Uses) (3,552,469) (3,572,469) (1,580,758) 1,991,711
Net Change in Fund Balance (6,012,660) (6,185,797) (1,016,640) 5,169,157
Fund Balance at Beginning of Year 8,467,271 8,467,271 8,467,271 0
Prior Year Encumbrances 821,504 821,504 821,504 0
Fund Balance at End of Year $ 3,276,115 $ 3,102,978 $ 8,272,135 $ 5,169,157
- 139 -
CITY OF SPRINGBORO, OHIO
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds—Special Revenue Funds—Austin Center Municipal Public Improvement TIF
Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Payment in Lieu of Taxes $ 550,000 $ 680,554 $ 130,554
Total Revenues 550,000 680,554 130,554
Expenditures:
General Government:
Contractual Services 217,000 158,147 58,853
Total Expenditures 217,000 158,147 58,853
Excess(Deficiency)of Revenues
Over(Under)Expenditures 333,000 522,407 189,407
Other Financing Sources(Uses):
Transfers Out (277,335) (277,335) 0
Total Other Financing Sources(Uses) (277,335) (277,335) 0
Net Change in Fund Balance 55,665 245,072 189,407
Fund Balance at Beginning of Year 83,526 83,526 0
Fund Balance at End of Year $ 139,191 $ 328,598 $ l 89,407
- 140 -
CITY OF SPRINGBORO, OHIO
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Major Funds—Special Revenue Funds—American Rescue Plan Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovemmental Revenues $ 0 $ 999,438 $ 999,438
Total Revenues 0 999,438 999,438
Expenditures:
Total Expenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)Expenditures 0 999,438 999,438
Fund Balance at Beginning of Year 991,521 991,521 0
Fund Balance at End of Year $ 991,521 $ 1,990,959 $ 999,438
- 141 -
CITY OF SPRINGBORO, OHIO
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Major Fund—Debt Service Fund—Debt Service Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Special Assessments $ 282,196 $ 231,883 $ (50,313)
Total Revenues 282,196 231,883 (50,313)
Expenclitures:
General Government:
Contractual Services 203,000 77,472 125,528
Total General Government 203,000 77,472 125,528
Debt Service:
Principal Retirement 9,591,654 8,829,000 762,654
Interest and Fiscal Charges 443,228 443,228 0
TotalE�penditures 10,237,882 9,349,700 888,182
Excess(Deficiency)of Revenues
Over(Under)Eapenditures (9,955,686) (9,117,817) 837,869
Other Financing Sources(Uses):
Premium on Sale of Bonds 0 622,326 622,326
Transfers In 10,000,000 8,555,310 (1,444,690)
Total Other Financing Sources(Uses) 10,000,000 9,177,636 (822,364)
Net Change in Fund Balance 44,314 59,819 15,505
Fund Balance at Beginning of Year 563,220 563,220 0
Fund Balance at End of Year $ 607,534 $ 623,039 $ 15,505
- 142 -
CITY OF SPRINGBORO, OHIO
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Major Fund— Capital Projects Funds— Construction Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 150,000 $ 0 $ (150,000)
Special Assessments 5,000 16,839 11,839
All Other Revenues 10,000 290,765 280,765
Total Revenues 165,000 307,604 142,604
Expenclitures:
CapitalOutlay 6,093,207 5,971,287 121,920
Total Expenditures 6,093,207 5,971,287 121,920
Excess(Deficiency)of Revenues
Over(Under)Eapenditures (5,928,207) (5,663,683) 264,524
Other Financing Sources(Uses):
Bonds Issued 6,001,000 6,001,000 0
Transfers In 3,055,765 4,487,900 1,432,135
Transfers Out (4,109,O13) (4,109,O13) 0
Total Other Financing Sources(Uses) 4,947,752 6,379,887 1,432,135
Net Change in Fund Balance (980,455) 716,204 1,696,659
Fund Balance at Beginning of Year 1,630,474 1,630,474 0
Prior Year Encumbrances 1,112,955 1,112,955 0
Fund Balance at End of Year $ 1,762,974 $ 3,459,633 $ 1,696,659
- 143 -
CITY OF SPRINGBORO, OHIO
Schedule of Revenues, Expenditures and Changes in
Fund Balance—Budget and Actual(Non-GAAP Budgetary Basis)
Major Fund— Capital Projects Funds—Income Tax Capital Improvement Fund
For the Year Ended December 31, 2022
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
MunicipalIncomeTa�ces $ 4,987,500 $ 5,627,621 $ 640,121
All Other Revenues 4,900,000 0 (4,900,000)
TotalRevenues 9,887,500 5,627,621 (4,259,879)
Expenditures:
Total E�enditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)Eapenditures 9,887,500 5,627,621 (4,259,879)
Other Financing Sources(Uses):
Transfers Out (6,462,740) (4,212,740) 2,250,000
Advances In 0 138,668 138,668
Total Other Financing Sources(Uses) (6,462,740) (4,074,072) 2,388,668
Net Change in Fund Balance 3,424,760 1,553,549 (1,871,2ll)
Fund Balance at Beginning of Year 2,806,979 2,806,979 0
Fund Balance at End of Year $ 6,231,739 $ 4,360,528 $ (1,871,2ll)
- 144 -
CITY OF SPRINGBORO, OHIO
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 MAINTENANCEAND REPAII2 FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 1,394,500 $ 1,054,918 $ (339,582)
Investment Earnings 4,500 2,230 (2,270)
All Other Revenues 1,000 6,964 5,964
Tota1 Revenues 1,400,000 1,064,ll2 (335,888)
Expenclitures:
Transportation:
Personal Services 1,027,270 748,052 279,218
Materials and Supplies 532,895 434,092 98,803
Contractual Services 316,791 237,433 79,358
Total E�enditures 1,876,956 1,419,577 457,379
Excess(Deficiency)of Revenues
Over(Under)Eapenditures (476,956) (355,465) 121,491
Fund Balance at Beginning of Year 299,676 299,676 0
Priar Year Encumbrances 209,456 209,456 0
Fund Balance at End of Year $ 32,176 $ 153,667 $ 121,491
- 145 -
CITY OF SPRINGBORO, OHIO
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 HIGHWAY FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 76,300 $ 85,535 $ 9,235
Investment Earnings 2,300 1,454 (846)
Total Revenues 78,600 86,989 8,389
Expenditures:
Transp ortation:
Contractual Services 50,000 40,047 9,953
CapitalOutlay 43,388 15,388 28,000
TotalEapenditures 93,388 55,435 37,953
Excess(Deficiency)of Revenues
Over(Under)E�enditures (14,788) 31,554 46,342
Fund Balance at Beginning of Year 232,894 232,894 0
Prior Year Encumbrances 15,388 15,388 0
Fund Balance at End of Year $ 233,494 $ 279,836 $ 46,342
- 146 -
CITY OF SPRINGBORO, OHIO
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
PERMIS S IVE US E TAX FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 75,000 $ 0 $ (75,000)
Investment Earnings 40 22 (18)
Total Revenues 75,040 22 (75,018)
Expenditures:
Total Expenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)Expenditures 75,040 22 (75,018)
Other Financing Sources(Uses):
Transfers Out (75,000) 0 75,000
Total Other Financing Sources(Uses) (75,000) 0 75,000
Net Change in Fund Balance 40 22 (18)
Fund Balance at Beginning of Year 4,144 4,144 0
Fund Balance at End of Year $ 4,184 $ 4,166 $ (18)
- 147 -
CITY OF SPRINGBORO, OHIO
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
MOTOR VEIIICLE LICENSE TAX FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 217,000 $ 238,231 $ 21,231
Investment Earnings 2,300 3,286 986
Total Revenues 219,300 241,517 22,217
Expenditures:
Total Expenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)Expenditures 219,300 241,517 22,217
Other Financing Sources(Uses):
Transfers Out (200,000) (200,000) 0
Total Other Financing Sources(Uses) (200,000) (200,000) 0
Net Change in Fund Balance 19,300 41,517 22,217
Fund Balance at Beginning of Year 509,986 509,986 0
Fund Balance at End of Year $ 529,286 $ 551,503 $ 22,217
- 148 -
CITY OF SPRINGBORO, OHIO
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
COPS GRANT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
All Other Revenues $ 85,000 $ 36,619 $ (48,381)
Total Revenues 85,000 36,619 (48,381)
Expenctitures:
Security of Persons and Property:
Personal Services 140,400 80,191 60,209
Materials and Supplies 500 0 500
Contractual Services 1,200 863 337
Tota1 E�penditures 142,100 81,054 61,046
Excess(Deficiency)of Revenues
Over(Under)Expenditures (57,100) (44,435) 12,665
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 (7,100) 5,565 12,665
Fund Balance at Beginning of Year 9,412 9,412 0
Fund Balance at End of Year $ 2,312 $ 14,977 $ 12,665
- 149 -
CITY OF SPRINGBORO, OHIO
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
ONE OHIO OPIOID FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 0 $ 2,592 $ 2,592
Total Revenues 0 2,592 2,592
Expenditures:
Total Expenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)Expenditures 0 2,592 2,592
Fund Balance at Beginning of Year 0 0 0
Fund Balance at End of Year $ 0 $ 2,592 $ 2,592
- 150 -
CITY OF SPRINGBORO, OHIO
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
DRUG LAW ENFORCEMENT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Fines,Licenses and Permits $ 11,000 $ 15,688 $ 4,688
Total Revenues 11,000 15,688 4,688
Expenditures:
Security ofPersons andProperty:
Contractual Services 2,426 2,426 0
CapitalOutlay 49,378 43,158 6,220
Total Expenditures 51,804 45,584 6,220
Excess(Deficiency)of Revenues
Over(Under)E�enditures (40,804) (29,896) 10,908
Fund Balance at Beginning of Year 44,519 44,519 0
Prior Year Encumbrances 34,053 34,053 0
Fund Balance at End of Year $ 37,768 $ 48,676 $ 10,908
- 151 -
CITY OF SPRINGBORO, OHIO
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
MAYOR'S COURT IMPROVF.MF.NT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Fines,Licenses and Permits $ 14,500 $ 14,140 $ (360)
All Other Revenues 0 14 14
Total Revenues 14,500 14,154 (346)
Expenditures:
General Government:
Personal Services 14,050 13,183 867
Materials and Supplies 1,500 0 1,500
Contractual Services 5,300 3,455 1,845
CapitalOutlay 8,376 926 7,450
Total Eap enditures 29,226 17,564 11,662
Excess(Deficiency)of Revenues
Over(Under)E�enditures (14,726) (3,410) 11,316
Fund Balance at Beginning of Year 161,711 161,711 0
Prior Year Encumbrances 926 926 0
Fund Balance at End of Year $ 147,911 $ 159,227 $ 11,316
- 152 -
CITY OF SPRINGBORO, OHIO
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
AUSTIN JIDD FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 164,536 $ 185,103 $ 20,567
Total Revenues 164,536 185,103 20,567
Expenditures:
Total Expenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)Eapenditures 164,536 185,103 20,567
Other Financing Sources(Uses):
Transfers Out (164,536) (164,536) 0
Total Other Financing Sources(Uses) (164,536) (164,536) 0
Net Change in Fund Balance 0 20,567 20,567
Fund Balance at Beginning of Year 62,554 62,554 0
Fund Balance at End of Year $ 62,554 $ 83,121 $ 20,567
- 153 -
CITY OF SPRINGBORO, OHIO
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
SOUTH TECH PUBLIC IMPROVEMENT TIF FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
All Other Revenues $ 8,688 $ 0 $ (8,688)
Total Revenues 8,688 0 (8,688)
Expenditures:
Total Expenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)Eapenditures 8,688 0 (8,688)
Other Financing Sources(Uses):
Transfers In 170,000 168,962 (1,038)
Transfers Out (168,962) (168,962) 0
Total Other Financing Sources(Uses) 1,038 0 (1,038)
Net Change in Fund Balance 9,726 0 (9,726)
Fund Balance at Beginning of Year 5,131 5,131 0
Fund Balance at End of Year $ 14,857 $ 5,131 $ (9,726)
- 154 -
CITY OF SPRINGBORO, OHIO
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 TRUST FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
All Other Revenues $ 5,000 $ 6,036 $ 1,036
Total Revenues 5,000 6,036 1,036
Expenditures:
Security of Persons and Property:
Personal Services 3,000 0 3,000
Materials and Supplies 5,000 0 5,000
Contractual Services 3,000 0 3,000
CapitalOutlay 2,200 0 2,200
Total Eapenditures 13,200 0 13,200
Excess(Deficiency)of Revenues
Over(Under)E�enditures (8,200) 6,036 14,236
Fund Balance at Beginning of Year 66,028 66,028 0
Fund Balance at End of Year $ 57,828 $ 72,064 $ 14,236
- 155 -
CITY OF SPRINGBORO, OHIO
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
DARE TRUS T FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Intergovernmental Revenues $ 74,000 $ 52,098 $ (21,902)
Donations 1,000 2,432 1,432
Total Revenues 75,000 54,530 (20,470)
Expenclitures:
Security of Persons and Property:
Personal Services 109,071 89,397 19,674
Materials and Supplies 10,262 7,617 2,645
Contractual Services 3,100 2,720 380
Total E�penditures 122,433 99,734 22,699
Excess(Deficiency)of Revenues
Over(Under)Expenditures (47,433) (45,204) 2,229
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 (7,433) (5,204) 2,229
Fund Balance at Beginning of Year 12,872 12,872 0
Prior Year Encumbrances 1,734 1,734 0
Fund Balance at End of Year $ 7,173 $ 9,402 $ 2,229
- 156 -
CITY OF SPRINGBORO, OHIO
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
URBAN REDEVELOPMENT TIF FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
All Other Revenues $ 90,000 $ 95,724 $ 5,724
Total Revenues 90,000 95,724 5,724
Expenditures:
General Government:
Contractual Services 4,024 3,588 436
CapitalOutlay 25,000 0 25,000
Total E�enditures 29,024 3,588 25,436
Excess(Deficiency)of Revenues
Over(Under)Eapenditures 60,976 92,136 31,160
Other Financing Sources(Uses):
Bonds Issued 4,500,000 4,000,000 (500,000)
Transfers Out (4,533,750) (4,000,000) 533,750
Total Other Financing Sources(Uses) (33,750) 0 33,750
Net Change in Fund Balance 27,226 92,136 64,910
Fund Balance at Beginning of Year 249,544 249,544 0
Prior Year Encumbrances 4,970 4,970 0
Fund Balance at End of Year $ 281,740 $ 346,650 $ 64,910
- 157 -
CITY OF SPRINGBORO, OHIO
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
PERMANENT IMPROVEMENT FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Fines,Licenses and Permits $ 15,000 $ 9,290 $ (5,710)
All Other Revenues 231,429 227,294 (4,135)
Total Revenues 246,429 236,584 (9,845)
Expenditures:
CapitalOutlay 495,000 495,000 0
Total Expenditures 495,000 495,000 0
Excess(Deficiency)of Revenues
Over(Under)E�penditures (248,571) (258,416) (9,845)
Other Financing Sources(Uses):
Transfers In 223,571 75,000 (148,571)
Total Other Financing Sources(Uses) 223,571 75,000 (148,571)
Net Change in Fund Balance (25,000) (183,416) (158,416)
Fund Balance at Beginning of Year 190,709 190,709 0
Prior Year Encumbrances 25,000 25,000 0
Fund Balance at End of Year $ 190,709 $ 32,293 $ (158,416)
- 158 -
CITY OF SPRINGBORO, OHIO
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
LAND ACQUISITION FUND
Variance with
Final Budget
Positive
Final Budget Actual (Negative)
Revenues:
Total Revenues $ 0 $ 0 $ 0
Expenditures:
Total Expenditures 0 0 0
Excess(Deficiency)of Revenues
Over(Under)Expenditures 0 0 0
Fund Balance at Beginning of Year 1,724 1,724 0
Fund Balance at End of Year $ 1,724 $ 1,724 $ 0
- 159 -
CITY OF SPRINGBORO, OHIO
SPRINGBORO
- 160 -
CITY OF SPRINGBORO, OHIO
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
Library Donation Fund
To account for donations that the City receives and then gives to the library.
Lytle Five Points JEDD Fund
To account for the collection and disbursement of JEDD income tax from the Lytle Five
Points JEDD area, as required per the Lytle Five Points JEDD Agreement.
Mayor's Court Fund
To account for the collection and distribution of court fines and forfeitures.
Special Assessment Fund
To account for special assessments collected from property owners and remitted to various
homeowners associations.
- 161 -
CITY OF SPRINGBORO, OHIO
Statement Of Net Position
Fiduciary Funds
December 31, 2022
Lytle Five Sp ecial
Library Points 7EDD Mayar's Court Assessment Total Custodial
Donation Fund Fund Fund Fund Funds
Assets:
Equity in Pooled Cash and Investments $ 9,845 $ 90,660 $ 4,233 $ 0 $ 104,738
Receivables:
SpecialAssessments 0 0 0 240,563 240,563
Total Assets $ 9,845 $ 90,660 $ 4,233 $ 240,563 $ 345,301
Liabilities:
Due to Others $ 9,845 $ 90,660 $ 0 $ 240,563 $ 341,068
Undistributed Monics 0 0 4,233 0 4,233
Totallaabilities $ 9,845 $ 90,660 $ 4,233 $ 240,563 $ 345,301
- 162 -
CITY OF SPRINGBORO, OHIO
Statement Of Changes in Net Position
Fiduciary Funds
For�the Year Ended December 31, 2022
Lytle Five Special
Points JEDD Mayor's Court Assessment Total Custodial
Fund Fund Fund Funds
Additions:
Intergovernmental Revenues $ 82,578 $ 0 $ 0 $ 82,578
Fines,Licenses andPermits 0 287,385 0 287,385
Special Assessments 0 0 120,448 120,448
Total Additions 82,578 287,385 120,448 490,41 l
Deductions:
Other Distributions 82,578 287,385 120,448 490,4ll
Total Deductions 82,578 287,385 120,448 490,4ll
Change in Net Position 0 0 0 0
Net Position at Beginning of Year 0 0 0 0
Net Position End of Year $ 0 $ 0 $ 0 $ 0
- 163 -
CITY OF SPRINGBORO, OHIO
SPRINGBORO
- 164 -
STATISTICAL SECTION
�
SPRINGBORO
CITY OF SPRINGBORO, OHIO
STATISTICAL TABLEs
This part of the City's annual comprehensive financial report presents detailed
infortnation 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 sources, the property tax and the income tax.
Debt Capacity S 18—S 27
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 28—S 31
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 32—S 39
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
annual comprehensive financial reports for the relevant year.
- 51 -
City of Springboro, Ohio
Net Position by Component
Last Ten Years
(accrual basis of accountin�
2013 2014 2015 2016
Governmental Activities:
Net Investment in Capital Assets $41,524,086 $43,618,251 $46,648,334 $47,661,162
Restricted 10,672,787 10,366,896 14,312,206 14,603,501
Unrestricted 5,121,940 661,307 (1,403,800) (1,523,402)
Total Governmental Activities Net Position $57,318,813 $54,646,454 $59,556,740 $60,741,261
Business-type Activities:
Net Investment in Capital Assets $51,515,909 $54,601,283 $56,633,201 $62,763,659
Restricted 2,371,790 2,386,606 2,398,893 830,181
Unrestricted 12,417,118 12,793,561 15,446,817 14,799,177
Total Business-type Activities Net Position $66,304,817 $69,781,450 $74,478,911 $78,393,017
Primary Government:
Net Investment in Capital Assets $93,039,995 $98,219,534 $103,281,535 $110,424,821
Restricted 13,044,577 12,753,502 16,711,099 15,433,682
Unrestricted 17,539,058 13,454,868 14,043,017 13,275,775
Total Primary Government Net Position $123,623,630 $124,427,904 $134,035,651 $139,134,278
Source: Finance Director's Office
* Restated
- 52 -
City of Springboro, Ohio
201� 2o1g 2019 2020 2021 2022
*
$48,013,645 $54,582,898 $61,193,691 $65,852,121 $69,246,590 $67,424,616
14,376,740 16,017,516 12,828,382 11,754,091 13,723,168 15,615,015
(6,602,138) (6,463,345) (3,464,473) (2,961,818) (4,397,841) 568,477
$55,788,247 $64,137,069 $70,557,600 $74,644,394 $78,571,917 $83,608,108
$63,777,140 $66,408,488 $68,586,546 $73,298,682 $73,811,554 $79,957,514
724,349 468,042 487,066 507,439 530,296 0
16,164,328 18,475,267 18,587,703 19,247,422 21,889,689 18,159,533
$80,665,817 $85,351,797 $87,661,315 $93,053,543 $96,231,539 $98,117,047
$111,790,785 $120,991,386 $129,780,237 $139,150,803 $143,058,144 $147,382,130
15,101,089 16,485,558 13,315,448 12,261,530 14,253,464 15,615,015
9,562,190 12,011,922 15,123,230 16,285,604 17,491,848 18,728,010
$136,454,064 $149,488,866 $158,218,915 $167,697,937 $174,803,456 $181,725,155
- 53 -
City of Sp�ingboro, Ohio
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2013 2014 2015
Expenses
Governmental Activities:
Security of Persons and Property $2,954,087 $3,377,387 $3,333,613
Public Health and Welfare Services 14,651 16,704 16,677
Leisure Time Activities 694,736 769,354 735,563
Community Environment 666,822 682,355 738,231
Transportation 3,798,401 3,159,853 2,680,481
General Government 3,685,441 3,815,946 3,871,054
Interest and Fiscal Charges 542,335 484,875 433,760
Total Governmental Activities Expenses 12,356,473 12,306,474 ll,809,379
Business-type Activities:
Golf Course 2,237,071 2,368,968 2,275,754
Water 3,140,275 3,037,234 3,078,773
Sewer 2,920,507 2,971,336 3,010,001
Trash 1,012,007 1,168,721 1,103,164
Storm Water 284,940 317,896 336,791
Total Business-type Activities Expenses 9,594,800 9,864,155 9,804,483
Total Primary Government Expenses $21,951,273 $22,170,629 $21,613,862
Program Revenues
Governmental Activities:
Charges for Services and Sales
Security of Persons and Properry $19,027 $18,976 $69,982
Leisure Time Activities 138,999 160,027 117,480
Communiry Environment 210,534 269,250 314,172
Transportation 344,208 422,147 285,917
General Government 252,163 236,608 217,723
Operating Grants and Contributions 1,181,004 979,678 1,017,011
Capital Grants and Contributions 355,511 108,708 857,004
Total Governmental Activities Program Revenues 2,501,446 2,195,394 2,879,289
- 54 -
City of Springbo�o, Ohio
2016 2017 2018 2019 2020 2021 2022
$3,726,152 $3,875,186 $4,360,669 $1,220,689 $4,239,484 $4,808,868 $4,987,976
16,685 16,480 16,460 16,532 16,618 16,384 15,972
828,342 930,498 915,240 1,427,099 1,331,660 1,401,601 1,831,587
1,665,239 894,046 926,636 1,292,447 1,095,542 739,420 1,031,626
3,501,098 5,708,785 2,691,945 3,502,736 3,540,567 3,624,939 3,217,157
4,222,777 4,496,267 4,197,195 5,420,982 6,587,249 6,434,048 5,813,511
432,103 338,394 402,182 471,279 329,496 335,455 482,217
14,392,396 16,259,656 13,510,327 13,351,764 17,140,616 17,360,715 17,380,046
2,970,701 2,744,386 2,260,020 3,000,185 2,986,882 2,402,783 3,232,788
3,242,720 3,634,171 3,294,517 4,234,747 2,751,493 3,330,446 3,998,676
2,992,339 3,139,008 2,934,574 3,476,853 3,149,313 3,166,101 3,584,574
1,153,549 1,174,847 1,396,694 1,269,780 1,289,600 1,266,452 1,355,615
333,538 407,877 850,463 832,778 462,507 362,232 431,366
10,692,847 11,100,289 10,736,268 12,814,343 10,639,795 10,528,014 12,603,019
$25,085,243 $27,359,945 $24,246,595 $26,166,107 $27,780,411 $27,888,729 $29,983,065
$36,202 $87,773 $101,048 $67,387 $55,152 $48,275 $61,236
140,250 109,780 307,722 295,173 326,088 263,879 233,584
449,613 331,005 358,358 354,036 317,415 260,816 128,866
175,042 136,981 276,265 195,080 430,063 128,470 371,350
218,199 242,596 227,191 433,065 277,462 214,551 323,620
1,072,047 1,209,464 1,407,169 1,529,386 2,808,730 1,659,123 1,635,228
59,071 79,145 3,495,542 118,986 100,694 1,500,000 1,074,519
2,150,424 2,196,744 6,173,295 2,993,113 4,315,604 4,075,114 3,828,403
(continued)
- SS -
City of Springboro, Ohio
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2013 2014 2015
Business-type Activities:
Charges for Services
Golf Course 1,621,898 1,713,411 1,688,183
Water 4,475,509 4,630,118 4,589,298
Sewer 3,963,098 4,146,437 4,247,656
Trash 1,030,615 1,069,469 1,108,436
Storm Water 264,150 269,083 272,996
Capital Grants and Contributions 794,448 1,060,632 1,502,175
Total Business-type Activities Program Revenues 12,149,718 12,889,150 13,408,744
Total Primary Government Program Revenues 14,651,164 15,084,544 16,288,033
Net(Expense)/Revenue
Governmental Activities (9,855,027) (10,111,080) (8,930,090)
Business-type Activities 2,554,918 3,024,995 3,604,261
Total Primary Government Net(Expense)/Revenue ($7,300,109) ($7,086,085) ($5,325,829)
General Revenues and Other Changes in Net Position
Governmental Activities:
Income Taxes $11,755,014 $11,925,126 $13,274,634
Property Taxes 828,996 870,963 768,398
Other Local Taxes 70,427 69,690 73,476
Payment in Lieu of Taxes 147,717 96,645 103,114
Intergovernmental,unrestricted 441,753 253,287 259,602
Investment Earnings 67,201 77,679 77,545
Miscellaneous 195,995 258,713 332,784
Gain(Loss) on Sale of Assets Held for Resale 0 2,305 0
Transfers (1,108,127) (1,263,069) (1,049,177)
Total Governmental Activities 12,398,976 12,291,339 13,840,376
Business-type Activities:
Investment Earnings 14,299 42,366 44,023
Transfers 1,108,127 1,263,069 1,049,177
Total Business-type Activities 1,122,426 1,305,435 1,093,200
Total Primary Government $13,521,402 $13,596,774 $14,933,576
Change in Net Position
Governmental Activities $2,543,949 $2,180,259 $4,910,286
Business-type Activities 3,677,344 4,330,430 4,697,461
Total Primary Government Change in Net Position $6,221,293 $6,510,689 $9,607,747
Source: Finance Director's Office
- 56 -
City of Sp�ingboro, Ohio
2016 201� 2o1g 2019 2020 2021 2022
1,828,392 1,897,763 1,981,923 2,029,644 2,091,327 2,475,175 2,556,125
4,768,013 4,731,894 4,832,675 5,063,956 5,124,544 4,547,870 4,762,887
4,337,885 4,430,069 4,535,924 4,534,193 4,529,296 4,210,228 4,548,641
1,143,061 1,177,890 1,212,273 1,217,038 1,223,384 1,144,641 1,262,667
275,873 279,642 283,565 285,901 289,509 265,465 287,133
1,247,132 909,Sll 1,230,151 919,427 1,249,691 516,341 178,496
13,600,356 13,426,769 14,076,511 14,050,159 14,507,751 13,159,720 13,595,949
15,750,780 15,623,513 20,249,806 17,043,272 18,823,355 17,234,834 17,424,352
(12,241,972) (14,062,912) (7,337,032) (10,358,651) (12,825,012) (13,285,601) (13,551,643)
2,907,509 2,326,480 3,340,243 1,235,816 3,867,956 2,631,706 992,930
($9,334,463) ($11,736,432) ($3,996,789) ($9,122,835) ($8,957,056) ($10,653,895) ($12,558,713)
$12,476,441 $13,272,536 $13,899,458 $14,297,708 $15,032,782 $15,367,154 $16,951,501
856,208 871,019 745,854 1,018,540 693,921 761,596 844,456
83,300 78,581 71,793 78,623 34,968 44,769 57,879
264,735 175,264 536,457 564,331 604,025 545,750 680,554
244,861 289,115 1,024,272 330,020 301,577 397,993 407,186
104,955 109,278 252,894 649,776 394,130 132,036 (12,545)
356,905 508,430 317,333 578,377 1,219,079 686,357 1,133,643
0 66,152 0 0 0 0 0
(960,912) (1,010,454) (1,162,207) (738,193) (1,368,676) (722,531) (1,474,840)
13,426,493 14,359,921 15,685,854 16,779,182 16,911,806 17,213,124 18,587,834
45,685 63,530 183,530 335,509 155,596 (176,241) (582,262)
960,912 1,010,454 1,162,207 738,193 1,368,676 722,531 1,474,840
1,006,597 1,073,984 1,345,737 1,073,702 1,524,272 546,290 892,578
$14,433,090 $]5,433,905 $17,031,591 $17,852,884 $18,436,078 $17,759,414 $]9,480,412
$1,184,521 $297,009 $8,348,822 $6,420,531 $4,086,794 $3,927,523 $5,036,191
3,9]4,106 3,400,464 4,685,980 2,309,518 5,392,228 3,177,996 1,885,508
$5,098,627 $3,697,473 $13,034,802 $8,730,049 $9,479,022 $7,105,519 $6,921,699
- 57 -
City of Springboro, Ohio
Fund Balances, Governmental Funds
Last Ten YeaYs
(modified accrual basis of accounting)
2013 2014 2015 2016
General Fund
Nonspendable $193,739 $218,291 $241,847 $302,572
Assigned 1,007,606 1,402,360 749,159 1,766,114
Unassigned 6,746,464 7,031,255 5,399,772 4,966,533
Total General Fund 7,947,809 8,651,906 6,390,778 7,035,219
All Other Governmental Funds
Nonspendable $105,942 $107,944 $136,487 $144,919
Restricted 7,797,447 7,861,782 11,867,883 12,553,690
Unassigned (1,275,608) 0 0 0
Total All Other Governmental Funds 6,627,781 7,969,726 12,004,370 12,698,609
Total Governmental Funds $14,575,590 $16,621,632 $18,395,148 $19,733,828
Source: Finance Director's Of�ce
- 58 -
City of Springboro, Ohio
201� 2ols 2019 2020 2021 2022
$275,099 $303,055 $286,819 $303,791 $297,211 $317,849
1,438,163 1,661,535 2,556,105 4,662,546 4,859,576 2,249,672
6,419,752 6,929,507 6,513,601 5,440,761 5,978,216 7,600,375
8,133,014 8,894,097 9,356,525 10,407,098 11,135,003 10,167,896
$154,834 $248,659 $177,032 $125,886 $183,043 $204,716
12,237,148 13,987,435 10,335,348 9,558,064 11,799,484 15,889,330
0 (10,501) (4,499,945) (4,237,466) (6,504,398) (1,808,402)
12,391,982 14,225,593 6,012,435 5,446,484 5,478,129 14,285,644
$20,524,996 $23,119,690 $15,368,960 $15,853,582 $16,613,132 $24,453,540
- 59 -
City of Springboro, Ohio
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016
Revenues:
Municipal Income Taxes $11,576,805 $11,627,659 $13,067,ll4 $13,082,097
Property Tax 903,357 951,075 843,022 938,153
Payment in Lieu of Taxes 147,717 96,645 103,ll4 264,735
Intergovernmental Revenues 1,944,528 1,348,059 1,298,239 1,304,187
Fines, Licenses and Permits 540,991 573,421 657,868 764,413
Investment Earnings 67,201 77,679 77,545 104,955
Special Assessments 370,615 400,731 255,278 249,288
Donations 1,020 800 6,825 1,200
All Other Revenue 549,190 681,417 640,878 575,623
Total Revenue 16,101,424 15,757,486 16,949,883 17,284,651
Expenditures:
Current:
Security of Persons and Property 2,888,617 3,042,822 3,054,604 3,165,959
Public Health and Welfare Services 14,651 16,704 16,677 16,685
Leisure Time Activities 581,460 589,217 580,393 642,794
Community Environment 631,873 644,956 719,559 1,642,089
Transportation 975,291 1,368,605 925,913 906,513
General Government 3,429,879 3,546,195 3,667,354 3,814,706
CapitalOutlay 4,222,106 3,044,966 3,639,098 9,116,981
Debt Service:
Principal Retirement 1,150,000 1,190,000 2,590,000 2,630,000
Interest and Fiscal Charges 567,797 499,621 458,607 367,933
Total Expenditures 14,461,674 13,943,086 15,652,205 22,303,660
Excess (Deficiency) of Revenues
Over Expenditures 1,639,750 1,814,400 1,297,678 (5,019,009)
- S 10 -
City of Springboro, Ohio
201� 2o1g 2019 2020 2021 2022
$13,380,200 $13,762,046 $13,898,865 $14,742,790 $15,621,472 $16,745,506
948,201 823,329 783,337 1,049,244 784,133 904,397
175,264 536,457 564,331 604,025 545,750 680,554
1,487,662 5,688,056 1,689,806 3,133,261 2,011,448 2,014,366
670,335 678,855 683,531 612,485 455,060 380,725
109,278 252,894 649,776 394,130 132,036 (12,545)
259,067 195,691 229,953 204,051 292,506 287,364
1,200 1,785 955 1,555 1,725 2,382
711,010 871,424 1,183,514 1,991,130 2,524,507 2,831,481
17,742,217 22,810,537 19,684,068 22,732,671 22,368,637 23,834,230
3,310,877 3,605,984 3,848,741 3,470,588 4,363,497 4,789,867
16,480 16,460 16,532 16,618 16,384 15,972
636,392 688,336 914,916 906,155 1,191,728 1,364,368
783,064 830,915 1,094,412 938,584 1,056,940 1,165,580
913,025 1,026,760 1,140,490 1,164,245 1,227,035 1,325,930
3,999,710 4,216,438 9,266,457 5,979,262 5,774,728 6,224,184
4,952,458 7,047,055 8,009,888 5,320,093 6,298,475 2,715,442
8,535,000 7,310,000 6,890,000 5,810,000 7,300,000 7,030,000
400,109 378,298 522,422 419,668 398,639 509,965
23,547,115 25,120,246 31,703,858 24,025,213 27,627,426 25,141,308
(5,804,898) (2,309,709) (12,019,790) (1,292,542) (5,258,789) (1,307,078)
(Continued)
- 511 -
City of Sp�ingboro, Ohio
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016
Other Financing Sources (Uses):
Gain(Loss) on Sale of Assets Held for Resale 0 2,305 0 0
Issuance of General Obligation Notes 0 1,500,000 1,500,000 7,300,000
Inception of Capital Lease 0 0 0 0
Issuance of Bonds 0 0 0 0
Refunding General Obligation Bonds 0 0 0 0
Premium on Bonds 0 0 0 0
Payment to Refunded Bond Escrow Agent 0 0 0 0
Transfers In 6,659,391 5,798,965 9,256,027 4,756,696
Transfers Out (7,767,518) (7,062,034) (10,305,204) (5,717,608)
Total Other Financing Sources (Uses) (1,108,127) 239,236 450,823 6,339,088
Net Change in Fund Balance $531,623 $2,053,636 $1,748,501 $1,320,079
Debt Service as a Percentage
of Noncapital Expenditures 14.85% 15.25% 25.38% 21.51%
Source: Finance Director's Office
- S 12 -
City of Springboro, Ohio
201� 2o1g 2019 2020 2021 2022
66,152 0 0 0 0 0
6,050,000 6,050,000 5,000,000 3,200,000 3,200,000 0
0 0 0 0 3,485,000 0
1,370,000 0 0 0 0 10,000,000
2,835,000 0 0 0 0 0
281,517 0 0 0 0 622,326
(2,995,367) 0 0 0 0 0
9,783,918 8,007,462 5,558,208 9,454,886 12,145,414 9,541,708
(10,794,372) (9,169,669) (6,296,401) (10,823,562) (12,867,945) (11,016,548)
6,596,848 4,887,793 4,261,807 1,831,324 5,962,469 9,147,486
$791,950 $2,578,084 ($7,757,983) $538,782 $703,680 $7,840,408
41.85% 45.15% 38.51% 34.45% 33.85% 35.44%
- S13 -
City of Springboro, Ohio
Income Tax Revenues by Source, Governmental Funds
Last Ten Years
Tax year 2013 2014 2015 2016
Income Tax Rate 1.50% 1.50% 1.50% 1.50%
Estimated Personal Income $783,695,333 $785,480,333 $871,974,733 $889,483,000
Total Tax Collected $11,755,430 $11,782,205 $13,079,621 $13,342,245
Income Tax Receipts
Withholding 7,193,224 7,230,191 7,823,634 8,190,693
Percentage 60% 61% 60% 61%
Corporate 1,336,470 1,297,990 1,667,142 1,492,084
Percentage 11% ll% 13% 11%
Individuals 3,225,736 3,254,024 3,588,845 3,659,468
Percentage 27% 28% 27% 27%
Income Tax by Business Type
Industrial $1,584,384 $1,650,806 $1,338,009 $1,808,422
Education/Government 474,856 473,461 503,690 567,521
Service 1,069,197 1,021,450 1,042,193 1,185,310
Retail 509,623 541,549 577,193 594,789
Medical 835,690 859,599 892,091 952,579
Construction 71,349 132,315 143,715 209,099
Financial 78,547 78,268 84,375 88,990
Restaurants 243,657 280,816 288,359 299,355
Miscellaneous 66,008 86,090 90,104 85,586
Total Tax $4,933,310 $5,124,354 $4,959,729 $5,791,651
Source: City Income Tax Department
- S 14 -
City of Springboro, Ohio
201� 2ols 2019 2020 2021 2022
l.so�io l.so�ia l.so�io l.so�io l.so�io l.so�io
$896,913,411 $930,904,133 $944,607,400 $954,398,400 $1,045,620,200 $1,120,092,667
$13,453,701 $13,963,562 $14,169,111 $14,315,976 $15,684,303 $16,801,390
8,524,849 9,164,882 9,406,135 9,563,177 10,267,481 11,205,465
63% 65°/a 66% 67% 66% 67%
1,586,724 1,327,274 1,375,277 1,586,541 2,075,582 2,140,797
12% 10% 10% ll% 13% 13%
3,342,128 3,471,406 3,387,699 3,166,258 3,341,240 3,455,128
25% 25% 24% 22% 21% 20%
$1,598,410 $1,572,631 $1,241,969 $1,201,218 $1,703,567 $1,609,077
594,880 627,300 655,080 561,264 682,151 731,685
1,726,385 1,790,579 1,478,569 1,590,405 2,ll9,059 2,127,181
482,570 433,672 404,698 412,340 295,619 840,270
1,026,144 836,998 1,110,468 913,034 1,ll2,340 1,211,579
282,007 253,745 281,868 245,181 290,520 282,149
100,869 97,217 94,947 91,693 118,661 117,723
260,038 360,140 259,174 210,970 295,619 354,621
94,000 88,471 52,220 47,561 27,846 132,245
$6,165,302 $6,060,753 $5,578,992 $5,273,666 $6,645,382 $7,406,530
- 515 -
City of Springboro, Ohio
SPRINGBORO
- s 16 -
City of Springbo�o
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 3,886 28.23% 24,452,760 1.84%
20,000 -49,999 1,906 13.85% 65,505,643 4.92%
50,000 -74,999 1,422 10.33% 88,821,705 6.67%
75,000 -99,999 1,226 8.91% 107,324,571 8.06%
Over 100,000 5,324 38.68% 1,045,558,065 78.51%
Total 13,764 100.00% $1,331,662,744 100.00%
Local Taxes Paid by Residents Tax Dollars
Taxes Paid to Springboro 11,421,770
Taxes Credited to Other Municipalities 2,903,823
$14,325,593
Calendar Year 2013
Local
Number Percent of Taxable Percent of
Income Level of Filers Total Income Income
$0 - $19,999 4,176 45.80% $14,949,522 2.74%
20,000 -49,999 1,179 12.93% 39,951,036 732%
50,000 -74,999 868 9.52% 54,073,044 9.91%
75,000 -99,999 785 8.61% 68,302,001 12.52%
Over 100,000 2,110 23.14% 368,176,747 67.51%
Total 9,118 100.00% $545,452,350 100.00%
Local Taxes Paid by Residents Tax Dollars
Taxes Paid to Springboro $3,225,736
Taxes Credited to Other Municipalities 1,826,856
$5,052,592
Source: City Income Tax Department
- 517 -
City of Springboro, Ohio
Ratio of Outstanding Debt By Type
Last Ten Years
2013 2014 2015 2016
Governmental Activities �i)
Special Assessment Bonds Payable $1,445,000 $1,170,000 $1,035,000 $895,000
Unvoted General Obligation Bonds Payable 10,242,506 9,306,535 8,330,564 7,319,597
Special Obligation Bonds Payable 0 0 0 0
General Obligation Notes Payable 0 1,500,000 1,500,000 7,300,000
Capital Leases 0 0 0 0
Business-type Activities �1�
Mortgage Revenue Bonds Payable $17,830,566 $16,578,756 $15,291,946 $10,989,602
General Obligation Bonds Payable 10,179,845 9,296,360 8,382,875 7,439,390
Capital Leases 0 0 0 0
Total Primary Government $39,697,917 $37,851,651 $34,540,385 $33,943,589
Population �z)
City of Springboro 17,409 17,409 17,409 17,409
Outstanding Debt Per Capita $2,280 $2,174 $1,984 $1,950
Income �s�
Personal (in thousands) 835,667 870,537 904,3ll 956,468
Percentage of Personal Income 4.75% 435% 3.82% 3.55%
Sources:
(1) Source: Finance Director's Office
(2) US Bureau of Census,Population Division
(3) US Department of Commerce,Bureau of Economic Analysis
(a) Per Capita Income is only available by Counry, Total Personal Income is a calculation
- S 18 -
City of Springboro, Ohio
201� 2ols 2019 2020 2021 2022
$794,842 $672,368 $544,894 $412,420 $279,946 $142,472
7,727,538 6,541,410 5,790,617 5,076,089 1,666,561 7,440,822
0 0 0 0 0 3,991,966
6,050,000 6,050,000 5,000,000 3,200,000 3,200,000 0
0 0 0 0 2,890,000 0
$9,907,366 $8,800,130 $7,972,894 $7,110,658 $6,208,422 $0
6,598,911 5,551,593 4,459,275 2,751,957 1,864,639 942,321
0 0 0 0 0 252,174
$31,078,657 $27,615,501 $23,767,680 $18,551,124 $16,109,568 $12,769,755
17,409 17,409 17,409 17,409 19,062 19,062
$1,785 $1,586 $1,365 $1,066 $845 $670
998,859 1,041,163 1,094,956 1,150,387 1,326,353 1,326,353
3.11% 2.65% 2.17% 1.61% 1.21% 0.96%
- S 19 -
City of Sp�ingboro, Ohio
Ratios of General Bonded Debt Outstanding
Last Ten Years
Year 2013 2014 2015 2016
Population �i� 17,409 17,409 17,409 17,409
Assessed Value �z> $453,795,120 $487,025,000 $522,384,960 $534,920,670
General Bonded Debt �3�
General Obligation Bonds $20,422,351 $18,602,895 $16,713,439 $14,758,987
Resources Available to Pay Principal �a� $149,414 $140,602 $156,654 $225,749
Net General Bonded Debt $20,272,937 $18,462,293 $16,556,785 $14,533,238
Ratio of Net Bonded Debt
to Estimated Actual Value 4.47% 3.79% 3.17% 2.72%
Net Bonded Debt per Capita $1,164.51 $1,060.50 $951.05 $834.81
Source:
(1) U.S. Bureau of Census of Population
(2) Warren County Auditor
(3) Includes all general obligation bonded debt
(4) Includes only Debt Service funds available for general obligation bonded debt.
- 520 -
City of Springboro, Ohio
201� 2ols 2019 2020 2021 2022
17,409 17,409 17,409 17,409 19,062 19,062
$552,457,420 $626,320,880 $635,609,010 $659,622,710 $759,350,840 $769,286,570
$14,326,449 $12,093,003 $10,249,892 $7,828,046 $3,531,200 $8,383,143
$278,412 $1,124,828 $1,440,783 $346,314 $563,220 $623,039
$14,048,037 $10,968,175 $8,809,109 $7,481,732 $2,967,980 $7,760,104
2.54% 1.75% 1.39% 1.13% 0.39% 1.01%
$806.94 $630.03 $506.01 $429.76 $155.70 $407.10
- 521 -
City of Springboro, Ohio
SPRINGBORO
- s22 -
City of Springboro, Ohio
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 Springboro Springboro
Direct:
City of Springboro $11,575,260 (i) 100.00% $11,575,260
Overlapping:
Warren County 14,358,026 8.01% 1,150,078
Subtotal 1,150,078
Total $12,725,338
Source: Warren County Auditor's Office
(1)Includes all Governmental Activity long-term debt instruments.
Percentages determined by dividing each overlapping subdivisions' assessed valuation within the City
by the subdivisions'total assessed valuation.
- 523 -
City of Springboro, Ohio
Debt Limitations
Last Ten Years
2013 2014 2015 2016
Total Debt
Net Assessed Valuation $453,795,120 $487,025,000 $522,384,960 $534,920,670
Legal Debt Limitation(%)�i) 10.50% 10.50% 10.50% 10.50%
Legal Debt Limitation($)�i� 47,648,488 51,137,625 54,850,421 56,166,670
City Debt Outstanding�z� 10,242,506 9,306,535 8,330,564 7,319,597
Less: Applicable Debt Service Fund Amounts (149,414) (140,602) (156,654) (225,749)
Net Indebtedness Subject to Limitation 10,093,092 9,165,933 8,173,910 7,093,848
Overall Legal Debt Margin $37,555,396 $41,971,692 $46,676,511 $49,072,822
Unvoted Debt
Net Assessed Valuation $453,795,120 $487,025,000 $522,384,960 $534,920,670
Legal Debt Limitation(%)(i> 5.50% 5.50% 5.50% 5.50%
Legal Debt Limitation($)��� 24,958,732 26,786,375 28,731,173 29,420,637
City Debt Outstanding�2� 10,242,506 9,306,535 8,330,564 7,319,597
Less: Applicable Debt Service Fund Amounts (149,414) (140,602) (156,654) (225,749)
Net Indebtedness Subject to Limitation 10,093,092 9,165,933 8,173,910 7,093,848
Overall Legal Debt Margin $14,865,640 $17,620,442 $20,557,263 $22,326,789
(1) Direct Debt Limitation based upon Section 133, The Uniform Bond Act of the Ohio Revised Code.
(2) City Debt Outstanding includes Non Self-Supporting General Obligation Bonds and Notes only.
Enterprise Debt is not considered in the computation of the Legal Debt Margin.
Source: Finance Director's Office
- 524 -
City of Springboro, Ohio
201� 2ols 2019 2020 2021 2022
$552,457,420 $626,320,880 $635,609,010 $659,622,710 $759,350,840 $769,286,570
10.50% 10.50% 10.50% 10.50% 10.50% 10.50%
58,008,029 65,763,692 66,738,946 69,260,385 79,731,838 80,775,090
7,727,538 6,541,410 5,790,617 5,076,089 1,666,561 7,440,822
(278,412) (1,124,828) (1,440,783) (346,314) (563,220) (623,039)
7,449,126 5,416,582 4,349,834 4,729,775 1,103,341 6,817,783
$50,558,903 $60,347,110 $62,389,112 $64,530,610 $78,628,497 $73,957,307
$552,457,420 $626,320,880 $635,609,010 $659,622,710 $759,350,840 $769,286,570
5.50°/a 5.50°/a 5.50% 5.50% 5.50% 5.50%
30,385,158 34,447,648 34,958,496 36,279,249 41,764,296 42,310,761
7,727,538 6,541,410 5,790,617 5,076,089 1,666,561 7,440,822
(278,412) (1,124,828) (1,440,783) (346,314) (563,220) (623,039)
7,449,126 5,416,582 4,349,834 4,729,775 1,103,341 6,817,783
$22,936,032 $29,031,066 $30,608,662 $31,549,474 $40,660,955 $35,492,978
- S25 -
City of Sp�ingboro, Ohio
Pledged Revenue Coverage
Last Ten Years
2013 2014 2015 2016
Water System Bonds �i a�
Gross Revenues �2> $4,478,496 $4,649,905 $4,610,395 $4,788,553
Direct Operating Expenses �3> 2,081,257 2,021,365 2,078,527 2,283,596
Net Revenue Available for Debt Service 2,397,239 2,628,540 2,531,868 2,504,957
Annual Debt Service Requirement 295,708 297,908 294,470 855,545
Coverage 8.11 8.82 8.60 2.93
Sewer System Bonds �i e>
Gross Revenues �z> $3,964,822 $4,169,016 $4,270,582 $4,363,030
Direct Operating Expenses �3> 1,695,235 1,764,117 1,796,455 1,891,237
Net Revenue Available for Debt Service 2,269,587 2,404,899 2,474,127 2,471,793
Annual Debt Service Requirement 1,507,344 1,510,100 1,511,038 3,857,363
Coverage 1.51 1.59 1.64 0.64
Special Assessment Bonds �a�
Special Assessment Collections $370,615 $400,731 $255,278 $249,288
Debt Service
Principal 260,000 275,000 135,000 140,000
Interest 88,268 73,868 60,650 53,660
Coverage 1.06 1.15 1.30 1.29
(1) The Mortgage Revenue Bonds were issued as follows:
(a) The Water system Mortgage Revenue Bonds were issued in 2004, in the amount of$3,255,000
(b) The Sewer system Mortgage Revenue Bonds were issued in 2004, in the amount of$18,310,000
Partially defeased in 2012.
(b) The Sewer system Mortgage Revenue Bonds were issued in 2011, in the amount of$2,040,000.
(b) The Sewer system Mortgage Revenue Bonds were issued in 2012, in the amount of$10,295,000.
(2) Gross revenues include operating revenues plus interest income.
(3) Direct operating expenses include operating expenses less depreciation.
(4) This includes several different Special Assessment Bond issues.
Source: City Finance Director's Office
- 526 -
City of Springboro, Ohio
201� 2ols 2019 2020 2021 2022
$o $o $o $o $o $o
0 0 0 0 0 0
0 0 0 0 0 0
0 0 0 0 0 0
N/A N/A N/A N/A N/A N/A
$4,462,191 $4,629,646 $4,708,066 $4,620,487 $4,102,580 $4,277,035
2,046,382 1,868,078 2,432,453 2,103,804 2,100,876 2,731,236
2,415,809 2,761,568 2,275,613 2,516,683 2,001,704 1,545,799
1,410,200 1,406,875 1,089,850 1,086,475 1,086,225 1,093,200
1.71 1.96 2.09 2.32 1.84 1.41
$259,067 $195,691 $229,953 $204,051 $292,506 $287,364
125,000 115,000 120,000 125,000 125,000 130,000
42,217 24,800 22,500 16,500 14,000 9,000
1.55 1.40 1.61 1.44 2.10 2.07
- 527 -
City of Springboro, Ohio
Demographic and Economic Statistics
Last Ten Years
Calendar Year 2013 2014 2015 2016
Population �i�
City of Springboro (a) 17,409 17,409 17,409 17,409
Warren County 212,693 212,693 212,693 212,693
Income (z)(a)
Total Personal (in thousands) 835,667 870,537 904,311 956,468
County Per Capita 48,002 50,005 51,945 54,941
Unemployment Rate (3)
Federal 7.4% 5.4% 5.0% 4.9%
State 7.4% 4.7% 4.6% 4.9%
Warren County 6.3% 3.9% 3.9% 4.1%
Civilian Work Force Estimates �s�
State 5,698,900 5,697,000 5,669,200 5,713,100
Warren County 110,200 110,500 110,100 113,300
Employment Distribution by Occupation �4�
Industrial 2,137 2,015 1,873 1,979
Education/Government 1,109 1,053 1,256 1,201
Service 2,174 2,125 2,124 2,419
Retail 1,615 1,771 1,506 1,726
Medical 1,741 1,773 1,861 2,203
Construction 190 222 397 450
Financial 172 153 162 147
Restaurants 2,384 2,375 2,480 2,382
Miscellaneous 356 350 397 391
Sources:
(1) US Bureau of Census of Population
(a) City of Springboro Communiry Development Department
(2) US Department of Commerce, Bureau of Economic Analysis information is only available through 2021
for the presentation of 2021-22 statistics,the Ciry is using the latest information available.
(a) Total Personal Income is a calculation based on the County's Per Capita Income, which is the
only information available.
(3) State Department of Labor Statistics
(4) Source: City Income Tax Department
- 528 -
City of Springboro, Ohio
201� 2ols 2019 2020 2021 2022
17,409 17,409 17,409 17,409 19,062 19,062
212,693 212,693 212,693 212,693 242,337 242,337
998,859 1,041,163 1,094,956 1,150,387 1,326,353 1,326,353
57,376 59,806 62,896 66,080 69,581 69,581
4.4% 3.9% 3.7% 8.1% 5.3% 3.6%
5.0% 4.6% 4.1% 8.1% 5.1% 4.0%
4.1% 3.9% 3.5% 6.4% 4.0% 3.3%
5,780,000 5,754,900 5,802,300 5,754,300 5,736,900 5,741,300
116,400 116,800 119,200 118,800 121,200 122,800
1,971 1,994 1,841 1,611 1,691 1,809
1,208 1,205 1,266 910 1,069 1,117
2,897 2,908 2,956 2,628 2,641 2,626
1,517 2,635 1,500 1,476 1,578 1,504
2,302 1,830 2,955 2,290 2,035 1,952
593 673 634 491 515 533
161 145 129 113 116 111
2,201 1,520 2,362 1,977 2,401 2,373
445 440 442 1,376 433 524
- 529 -
City of Springboro, Ohio
SPRINGBORO
- 530 -
City of Springboro
Principal Employers
Current Year and Nine Years Ago
2022
Percentage
Number of of Tota1
Employer Nature of Business Employees Rank Employment
Springboro Schools Education 939 1 3.87%
Dayton Children's Hospital Medical 743 2 3.06°/o
DLM Springboro LLC Grocery Store 395 3 1.63%
Kroger Limited Partnership Retail 359 4 1.48°/o
Dayton Metro YMCA 314 5 1.29%
Hillspring Nursing Home 281 6 1.16%
City of Springboro Government 272 7 1.12%
Kelchner Inc Construction 248 8 1.02%
LaComedia Enterprises Inc Entertainment 245 9 1.01%
Victory Wholesale Industry 221 10 0.91%
Total 4,017
Total Employment within the City 24,283
2013
Percentage
Number of of Total
Employer Nature of Business Employees Rank Employment
Springboro Community Schools Education 874 1 7.36%
DLM Springboro, LLC Grocery Store 331 2 2.79%
Hillspring Rehabilitation Center Nursing Home 307 3 2.58%
Sourcelink Ohio, LLC Industry 296 4 2.49%
Kroger Limited Partnership Grocery Store 257 5 2.16%
Miami Valley Dinner Theatre Dinner Theatre 222 6 1.87%
Dayton Metro YMCA YMCA Center 220 7 1.85%
Kmart Retail 181 8 1.52%
General Dynamics Armament Industry 169 9 1.42%
Victory Wholesale Grocers Industry 166 10 1.40%
Total 3,023
Total Employment within the Ciry 11,878
Source: City Income Tax Department
- 531 -
City of Springboro, Ohio
Full Time Equivalent Employees by Function
Last Ten YeaYs
2013 2014 2015 2016 2017
Governmental Activities
General Government
Finance 5.50 5.00 5.00 5.00 6.00
Income Tax 3.00 3.00 3.00 3.00 3.00
Mayor's Court 2.00 2.00 2.00 2.00 2.00
City Manager's Office 3.00 3.00 3.00 3.00 3.00
Computer Administration 1.00 1.00 1.00 1.00 1.00
Council/Clerk of Council 4.50 4.50 4.50 4.50 4.50
Security of Persons and Property
Police 26.00 24.00 24.00 25.00 25.00
Dispatch 4.00 4.00 4.00 4.00 4.00
Transportation
Street 9.50 9.50 9.50 9.50 9.50
Leisure Time Activities
Parks and Recreation 10.00 10.00 10.00 10.00 10.00
Community Environment
Engineering 2.50 2.00 2.00 2.00 2.00
Building and Zoning 3.50 3.50 3.50 3.50 4.50
Business-Type Activities
Utilities
Water 2.00 2.00 2.00 2.00 2.00
Sewer 1.00 1.00 1.00 1.00 1.00
Golf Operations 0.00 0.00 26.75 26.75 26.75
Golf Maintenance 9.00 9.00 9.00 9.00 9.00
Total Employees 86.50 83.50 110.25 111.25 113.25
Method: 1.00 for each full-time, 0.50 for each part-time and 0.25 for each seasonal employee
Source: Finance Director's Office
- 532 -
City of Springboro, Ohio
2o1g 2019 2020 2021 2022
6.00 6.00 6.00 6.00 6.00
3.00 3.00 3.50 3.50 4.00
2.00 2.00 2.00 2.00 2.00
3.00 3.00 3.00 3.00 3.00
1.00 1.00 1.00 1.00 1.00
4.50 4.50 4.50 4.50 4.50
26.00 27.00 28.00 28.00 28.00
4.00 4.00 4.00 4.00 4.00
9.50 9.50 9.50 9.50 9.50
10.00 11.00 11.00 11.00 11.00
2.00 2.00 2.00 2.00 2.00
4.50 4.50 4.50 4.50 4.50
2.00 2.00 2.00 2.00 2.00
1.00 1.00 1.00 1.00 1.00
26.75 26.75 23.00 25.00 22.00
9.00 9.00 9.00 10.00 10.00
114.25 116.25 114.00 117.00 114.50
- S33 -
City of Springboro, Ohio
Operating Indicators by Function
Last Ten Years
2013 2014 2015 2016 2017
Governmental Activities
General Government
Court
Number of Criminal Cases 445 726 984 1,527 962
Number of Traffic Cases 1,631 1,386 1,326 1,269 1,192
Number of Citations 1,915 1,608 1,489 1,496 1,644
Number of Offenses 2,178 1,817 1,691 1,716 2,404
Number of Open Cases 771 1,068 1,489 2,239 2,099
Licenses and Permits
Number of Residential Building Permits 95 65 67 61 70
Number of Commercial Building Permits 4 2 1 51 35
Number of Residential Building Inspections 2,650 2,369 2,265 1,714 2,175
Number of Commercial Building Inspections 579 455 904 1,360 1,284
Security of Persons and Property
Police
Number of Calls for Service 16,458 15,447 15,278 15,478 16,244
Number of Criminal Arrests 677 535 521 563 743
Number of DUT Arrests 129 85 88 122 160
Number of Traffic Accidents 265 296 262 243 214
Transportation
Street
Number of Streets Resurfaced 12 1 15 13 13
Community Environment
Number of New Jobs 115 126 97 165 217
Business-Type Activities
Golf Course
Number of Rounds 31,308 30,033 33,040 33,436 33,752
Water
Number of Service Connections 7,743 7,780 7,912 8,022 8,100
Daily Average Consumption(MGD) 2,525 2,400 2,450 2,250 2,200
Peak Daily Consumption(MGD) 4,520 4,570 4,580 4,600 4,500
Sewer
Number of Service Connections 8,241 8,278 8,300 8,348 8,478
Daily Average Sewage Treatment(MGD) 2,350 2,600 2,750 2,720 2,600
Trash
Number of Customers Served 5,822 5,931 6,015 6,118 6,193
Source: Finance Director's Office
- S34 -
City of Springboro, Ohio
2o1g 2019 2020 2021 2022
1,490 290 135 112 127
892 1,379 1,200 720 1,436
1,051 1,486 1,154 802 1,567
2,563 1,877 1,368 986 1,749
2,321 2,001 1,282 1,163 1,167
54 56 70 16 64
45 53 35 39 13
N/A N/A N/A N/A N/A
N/A N/A N/A N/A N/A
15,918 18,368 15,838 1,770 19,566
533 449 334 406 479
103 96 102 108 107
229 219 173 211 183
14 15 6 21 30
212 221 142 210 188
32,150 33,762 40,496 38,146 38,146
8,185 8,195 8,225 8,249 8,261
2,200 2,250 2,145 2,200 2,040
4,400 4,550 4,400 4,500 3,537
8,564 8,586 8,616 8,640 8,675
2,700 2,720 2,525 2,500 2,060
6,398 6,260 6,674 6,936 6,946
- 535 -
City of Sp�ingboro, Ohio
Capital Asset Statistics by Function
Last Ten Years
2013 2014 2015 2016 2017
Governmental Activities
General Government
Public Land and Buildings
Land(acres) 594 592 599 600 600
Buildings 15 15 21 17 17
Licensed Vehicles 8 8 8 8 8
Library 1 1 1 1 1
Security of Persons and Property
Police
Stations 1 1 1 1 1
Vehicles 25 25 25 22 22
Transportation
Street
Number of Paved Streets 368 368 371 371 371
Total Paved Miles 91 91 85 85 85
Street Lights 118 118 118 118 118
Signal Controlled Intersections 17 18 16 16 16
Licensed Vehicles 16 17 17 17 18
Leisure Time Activities
Parks and Recreation
Land(acres) 495 495 495 495 495
Buildings 11 11 11 11 11
Parks 5 5 5 5 5
Playgrounds 5 5 5 5 5
Tennis Courts 4 4 4 4 4
Baseball/Softball Diamonds 10 10 10 10 10
Basketball Courts 2 2 2 2 2
Soccer/Lacrosse/Football Fields 8 8 8 8 8
Licensed Vehicles 4 4 4 3 3
- 536 -
City of Springboro, Ohio
2018 2019 2020 2021 2022
619 620 621 621 621
17 20 18 18 18
8 8 9 8 9
1 1 1 1 0
1 1 1 1 1
21 22 26 27 24
371 372 375 375 375
85 86 87 87 87
118 125 125 125 125
16 16 16 16 16
21 20 21 21 24
501 501 501 501 501
11 12 12 12 12
6 7 9 9 9
5 6 8 8 8
4 4 4 4 4
10 10 11 11 11
2 2 3 3 3
8 8 28 28 28
3 3 3 3 2
(Continued)
- 537 -
City of Springboro, Ohio
Capital Asset Statistics by Function
Last Ten Years
2013 2014 2015 2016 2017
Business-Type Activities
Golf Course/Clubhouse
Land(acres) 188 188 188 188 188
Buildings 11 11 11 11 11
Golf Carts 78 78 78 78 78
Licensed Vehicles 1 1 1 1 1
Utilities
Water
Water Towers 4 4 4 4 4
Water Treatment Plant 1 1 1 1 1
Buildings 3 3 3 3 3
Licensed Vehicles 12 9 9 9 9
Pump Stations 4 4 4 4 4
Storage Capacity(thousands of gallons) 5,100,000 5,100,000 5,100,000 5,100,000 5,100,000
Sewer
Sewage Treatment Plant 1 1 1 1 1
Buildings 7 7 7 7 7
Licensed Vehicles 4 6 6 7 7
Lift Stations 8 8 8 8 8
Source: Finance Director's Office
- 538 -
City of Springboro, Ohio
2018 2019 2020 2021 2022
188 188 188 188 188
11 11 11 11 11
78 78 78 78 78
1 1 2 2 3
4 4 4 4 4
1 1 1 1 1
3 3 3 3 3
8 8 8 8 9
4 4 4 4 4
5,100,000 5,100,000 5,100,000 5,100,000 5,100,000
1 1 1 1 1
7 7 7 7 7
8 9 9 9 9
8 8 8 8 8
- 539 -
City of Springboro, Ohio
SPRINGBORO
- 540 -