HomeMy WebLinkAboutCity of Henderson - Public Financial Report2021
Popular Annual Financial Report
City of Henderson, Nevada | For Fiscal Year Ended June 30, 2021
1City of Henderson, Nevada
Popular Annual Financial Report
For Fiscal Year Ended June 30, 2021
City Management
Dan H. Stewart John F. Marz
Councilman Ward IV Councilman Ward III
Dan K. Shaw Debra March Michelle Romero
Councilman Ward II Mayor Councilwoman Ward I
Stephanie Garcia-Vause Assistant City Manager/Chief Strategy Officer
Bristol S. EllingtonDeputy City Manager/Chief Operating Officer
Richard A. DerrickCity Manager/CEO
Robert HerrAssistant City Manager/ Chief Infrastructure Officer
2 City of Henderson, NevadaCity of Henderson, Nevada2
Presented herewith is the Popular Annual Financial Report (PAFR) for Fiscal Year 2021. This
document presents a summary of the City’s Annual Comprehensive Financial Report (ACFR) for the
Fiscal Year ending June 30, 2021. The ACFR is presented in conformance with Generally Accepted
Accounting Principles (GAAP) and was audited by BDO USA, LLP, a firm of licensed certified public
accountants. The ACFR contains the City’s financial information in more depth and presents the full
disclosure of all financial and non-financial events. The ACFR, as well as other City financial, budget,
and strategic plan reports, can be found on the City of Henderson website at
https://www.cityofhenderson.com/government/departments/finance.
The PAFR is a condensed presentation of the ACFR, and provides high-level financial information
and selected statistical information cited in the ACFR. This presentation is intended to provide the
citizenry of Henderson, and other interested parties, a better understanding of the financial workings of
the City of Henderson. As such, the PAFR is intended to simplify, but not to replace the ACFR.
It is important for citizens and taxpayers to know and understand the composition of the revenue
received by the City, as well as how the City manages those resources. We take our fiscal responsibility
seriously and understand fully that we are accountable to the residents of our great city. We will
continue to strive to provide the services our community desires in an efficient manner while
maximizing the use of the resources available.
Prepared By:
Finance Department
Budget Division
David Weiser, Budget Manager
City of Henderson
240 South Water Street
Henderson, NV 89015
702-267-1770
cityofhenderson.com
Overview Table Of Contents
3City of Henderson, NevadaCity of Henderson, Nevada 3
Table Of Contents
Introduction
Overview ...............................................................................................................................2
Table of Contents ..................................................................................................................3
Financial Reporting Award ....................................................................................................4
City Organization Chart .......................................................................................................5
Strategic Plan ........................................................................................................................6
Executive Summary ...............................................................................................................7
Statistical
Community Profile ..............................................................................................................8
Recreation and Attractions ....................................................................................................9
City of Henderson Demographics .......................................................................................10
Property Tax .......................................................................................................................11
Population and Assessed Valuation ......................................................................................12
Financial
Fund Overview ...................................................................................................................13
Governmental Funds ...........................................................................................................14
Proprietary Funds ................................................................................................................15
General Fund - Revenue by Source .....................................................................................16
General Fund - Expenditures ..............................................................................................17
Debt Outstanding ...............................................................................................................18
Statement of Net Position ...................................................................................................19
Glossary
Glossary of Terms ................................................................................................................20
4 City of Henderson, NevadaCity of Henderson, Nevada4
Government Finance Officers Association
Award for Outstanding
Achievement in Popular Annual Financial Reporting
Presented to
City of Henderson
Nevada
For its Annual Financial Report
for the Fiscal Year Ended 2020
Executive Director/CEO
Organization ChartFinancial Reporting Award
The Government Finance Officers Association of the United States and Canada (GFOA) has given an
Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Henderson for
its Popular Annual Financial Report for the fiscal year ended June 30, 2020. The Award for Outstanding
Achievement in Popular Annual Financial Reporting is a prestigious national award recognizing
conformance with the highest standards for preparation of state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a
government unit must publish a Popular Annual Financial Report, whose contents conform to program
standards of creativity, presentation, understandability, and reader appeal. An Award for Outstanding
Achievement in Popular Annual Financial Reporting is valid for a period of one year only. The City of
Henderson has received a Popular Award for the last four consecutive years.
5City of Henderson, NevadaCity of Henderson, Nevada 5
Organization Chart
Economic
Development & Tourism
Internal
Audit
Oce of
Performance &
Innovation
Lorem ipsum
Citizens of Henderson
Mayor &
Council
City Manager/
Chief Executive
Ocer
City Attorney
Deputy
City Manager/Chief
Operating Ocer
Chief Infrastructure
Ocer/ Assistant
City Manager
Chief Strategy
Ocer/ Assistant
City Manager
Finance
Government &
Community Relations
Community
Development
& Services
City Clerk
Municipal Court
Redevelopment Agency Public Works
Parks and
Recreation
Information
TechnologyFire
Human Resources
Police
Utility
Services
Emergency Management,
Environmental Health &
Safety
Oce of Public Aairs
M
Title VI
Coordinator
Financial Reporting Award
6 City of Henderson, NevadaCity of Henderson, Nevada66City of Henderson, Nevada
Strategic Plan Executive Summary
The Strategic Plan is available on the City’s website or
by contacting the City Manager’s Office.
The City’s Fiscal Year 2019-2023 Strategic Plan has
identified the following key priorities:
• Community Safety
• Livable Communities
• Economic Vitality
• High-Performing Public Service
• Quality Education
Community Safety
The City of Henderson is committed to keeping every
member of the community safe, which is why the City
is repeatedly listed among the top 10 Safest Cities in the
nation by nationally recognized publications including
Money Magazine. From police, fire, emergency and
environmental services staff to the community and
traffic engineers – each plays a role in community
safety. Moreover, in order to attain our goal of being a
premier community, the City must leverage technology,
community, and capital resources to design a resilient
strategy capable of preventing, preparing for, mitigating,
responding to, and recovering from emergencies and
disasters – both natural and human-made.
Livable Communities
The City of Henderson prides itself on being a welcoming,
connected, and vibrant community, intentionally designed
to offer a range of housing choices, a clean environment,
easy access to transportation, outstanding municipal
services, healthcare, and a host of recreational amenities
and cultural events. The City is committed to maintaining
these community characteristics while extending our reach
into areas that require a greater inclusive presence.
Economic Vitality
The City of Henderson remains a welcoming business
environment that is committed to the continued growth
of our established businesses and to attracting new
opportunities. As economic growth continues, our goals
do not solely rely on fiscal sustainability, but also on
adaptability in the face of future economic, political,
technological or demographic changes. Commitment to
the principal goal of economic competitiveness requires
an emphasis on economic diversity, foresight, workforce
development and recruitment, as well as continuance of
expected high levels of service to citizens.
High-Performing Public Service
The City of Henderson’s vision is “To Be America’s
Premier Community.” To realize this vision, the City must
be accountable, transparent, efficient and responsive to
its residents, while also fully engaging its employees to
provide premier services. Although the City is proud of
its reputation for outstanding customer service, citizen
satisfaction rate, and employee engagement rate, it is
dedicated to advancing the processes and technology
required to further exceed resident expectations.
Quality Education
The City of Henderson residents consistently rank
education a top community priority and have responded
by actively supporting student achievement at our local
schools. The City's goal has been for public schools in our
community to improve and preserve educational facilities,
increase technology resources and pre‐kindergarten skills
assessments as well as provide for enhanced curriculum,
learning specialist positions and special education
assistants. The City also actively partners with community
representatives and nonprofit organizations to further
educational outcomes and is committed to sustaining
involvement in our children’s education.
City of Henderson, NevadaCity of Henderson, Nevada
Strategic Plan
Current State of Affairs
The City of Henderson is located in
the southeastern part of Clark County,
Nevada. With a population of over
300,000, Henderson is the second largest
city in the State of Nevada. The City
provides a full range of services including
police and fire protection; municipal
court; detention facilities; water and
sewer services; the construction and
maintenance of boulevards; streets and
other public infrastructure; recreational
facilities and activities; cultural events;
and a municipal golf course.
Located just seven miles from the famous
Las Vegas Strip, the City of Henderson
is known throughout the nation for
its premier master planned residential
communities, outstanding parks and
recreational facilities, cultural activities,
and business community.
The City maintains 25 active
Governmental Funds, including the
General Fund, Special Revenue Funds,
Capital Projects Funds, and Debt
Service Funds as well 12 Proprietary
Funds, including Enterprise Funds and
Internal Service Funds. The total revenue
excluding other financing sources (e.g.
debt proceeds, land sales, etc.) and
transfers-in for Governmental Funds for
Fiscal Year 2021 was $418.3 million.
Of this amount, the General Fund
represented $297.3 million, or 71% of
the total revenue. The City’s Proprietary
Funds generated $230.7 million in
operating and $8.5 million in non-
operating revenue.
The General Fund is the largest of the
City’s funds and comprises most of the
core functions for the City including,
General Government, Judicial, Public
Safety, Public Works, Culture &
Recreation, and Community Support.
The General Fund expenses for Fiscal
Year 2021 totaled $272.3 million of
which were 60% Public Safety, 19%
General Government, and 14% Culture
& Recreation. As of June 30 2021, the
total City assets exceeded its liabilities by
$2.71 billion (net position).
Looking Ahead to Fiscal Year 2022
The City's General Fund is highly
dependent on consolidated tax (primarily
consisting of sales taxes) and property
taxes. The COVID-19 Pandemic resulted
in the imposition of restrictions on
mass gatherings, widespread temporary
closings of businesses, and has largely
halted international travel. The initial
economic impacts of these restrictions were
devastating to the economy in Southern
Nevada, which is largely dependent on
tourism. However, with the large-scale
vaccination efforts in the United States
underway and the reopening of businesses,
The City is cautiously optimistic that
the worst of the economic impacts of the
COVID-19 Pandemic are over.
As municipal stewards, it is essential
that the financial integrity of the City
is maintained regardless of the effects of
outside forces and economic conditions.
Value driven City initiatives which
contributed to the development of the
Fiscal Year 2022 budget include:
• Commitment to Public Safety, with
approximately 58% of General
Fund expenditures dedicated to
Public Safety.
• Maintains financial resiliency in the
General Fund with an anticipated
ending fund balance of 8.5% of
General Fund revenue.
• Maintains one of the lowest city
property tax rates in the State with
$0.7708 of $100 of assessed value.
• Provides premier public services
while maintaining one of the lowest
employee to citizen ratios in the Las
Vegas Valley.
Executive Summary
7
City of Henderson, Nevada8
Community Profile Recreation and Attractions
Incorporated in 1953, the City of Henderson received its charter in 1965 from the Nevada State
Legislature. The City charter established a council/manager form of government, in which the Mayor and
Council are vested with the legislative power of the City and the City Manager is responsible for executive
duties and administration of the City.
The Mayor and four City Council members are elected at large on a nonpartisan basis, although no
two council members can be from the same ward of the City's four wards. The Council appoints a City
Manager, City Attorney, and City Clerk who directly report to the Council. All other City department
heads, including the Police Chief and the Fire Chief, are hired by the City Manager.
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Map of Henderson and Surrounding Area
8 City of Henderson, Nevada
Key Statistics
Median Age 42.2
Median Household Income $74,147
Median Home Value $405,000
Sales Tax Rate 8.375%
Elevation 1,940
Full-Service & Specialty
Hospitals 6
Public Libraries 4
Schools
Elementary 27
Middle 7
High 6
Colleges & Universities 10
9City of Henderson, Nevada
Community Profile Recreation and Attractions
9City of Henderson, Nevada
Recreation Centers: 8
Including the Heritage Park Senior Facility and
the largest multigenerational center in the state
City Parks: 67Including the Henderson Bird Viewing Preserve, skate park at Anthem Hills Park, and 16 Splash Pads
Ball Fields/Multi-Use Fields: 105 Including one of the largest multi-use sports complexes in the state
Tennis Courts: 58Many lighted
Public Pools: 13In 7 locations,including 3 aquatic complexes
Golf Courses: 106 Public | 1 Municipal | 3 Private
TrailsMore than 180 linear miles of bicycle and pedestrian trails
Hotels & Resorts Offering gaming, shows, concerts, fine dining, spas, and luxury accommodations
Water Street DistrictCultural arts, events plaza, art galleries, shopping, and dining
Major ShoppingGalleria at SunsetMonteLago Village at Lake Las Vegas Resort
The District at Green Valley Ranch
City of Henderson, Nevada10
Demographics Property Tax
89002 89011 89012 89014 89015 89044 89052 89074
Population 38,442 30,639 36,822 41,686 43,020 27,803 59,240 53,706
Household Income
Less than $15,000 5.0% 8.7% 6.2% 7.3% 11.9% 9.7% 6.1% 5.3%
$15,000 ‐$24,999 5.0% 5.0% 6.1% 10.0% 10.8% 8.8% 4.3% 5.3%
$25,000 ‐ $34,999 5.4% 7.8% 7.1% 10.2% 7.6% 9.4% 7.5% 6.3%
$35,000 ‐ $49,999 10.6% 12.2% 10.4% 12.6% 12.6% 13.7% 10.2% 13.0%
$50,000 ‐ $74,999 18.7% 18.9% 15.9% 20.6% 22.0% 18.7% 15.8% 18.1%
$75,000 ‐ $99,999 17.2% 12.2% 15.0% 14.6% 13.4% 13.7% 12.9% 17.0%
$100,000 ‐ $149,999 22.3% 17.6% 19.1% 13.3% 13.1% 14.9% 19.0% 18.0%
$150,000 ‐ $199,999 9.3% 8.2% 8.8% 6.3% 5.4% 5.8% 10.1% 7.9%
$200,000 and Over 6.3% 9.2% 11.4% 5.0% 3.1% 5.4% 14.2% 8.9%
Average Household $97,492 $101,139 $108,312 $79,692 $70,121 $116,447 $85,021 $99,082
Median Household $82,778 $70,129 $81,992 $61,194 $56,569 $89,012 $120,942 $76,422
Age
Under 18 28.2% 18.9% 19.9% 21.2% 22.3% 19.0% 20.6% 19.3%
18‐24 7.2% 8.9% 6.0% 8.5% 7.2% 2.7% 5.4% 6.1%
25‐34 11.2% 14.4% 12.4% 15.7% 13.4% 9.3% 11.0% 15.6%
35‐44 14.0% 15.1% 13.8% 14.2% 11.6% 13.8% 13.2% 13.2%
45‐54 15.4% 13.1% 13.8% 13.8% 13.7% 9.4% 12.5% 14.2%
55‐64 11.1% 14.9% 12.5% 13.3% 14.1% 15.2% 12.5% 13.6%
65+12.8% 14.9% 21.4% 13.9% 17.6% 30.6% 24.9% 18.0%
Average Age 38.0 39.0 42.8 39.4 40.2 47.0 44.2 42.4
Median Age 37.3 39.1 44.1 38.1 39.6 51.5 46.4 42.4
Housing Units
Total 13,704 12,828 15,159 17,515 16,419 12,620 25,467 21,974
Types of Dwelling
Single Family 81.2% 76.2% 67.7% 45.2% 70.9% 88.6% 70.8% 59.8%
Condominium 0.0% 8.1% 4.3% 10.5% 2.7% 0.2% 8.3% 8.8%
Townhome 8.3% 6.7% 7.1% 8.1% 3.4% 8.0% 3.7% 8.1%
Plexes (2‐4)0.0% 0.8% 0.0% 0.0% 2.2% 0.0% 0.4% 1.6%
Mobile Home 2.2% 1.1% 0.0% 0.1% 2.9% 0.4% 0.0% 1.7%
Apartment 8.2% 6.9% 20.6% 36.4% 17.7% 2.7% 16.6% 20.0%
Henderson Zip Codes
Note: Henderson also has small portions of 89183 & 89124 and there are small areas outside of Henderson in 89052, 89074, & 89011.
Source: United States Census Bureau American Community Survey & Henderson Community and Services Department.
11City of Henderson, Nevada
Demographics Property Tax
The City receives only 25 percent of your property
tax dollars. A home with a taxable value of $400,000
will provide the equivalent of $86.43 per month in
property tax support for City of Henderson services,
including:
• 24-Hour Police Protection
• 24-Hour Emergency Medical Service
• 24-Hour 9-1-1 Service
• Maintained Streets, Lighting and Flood Control
• Recreational Programming for All Ages
• Parks Operations and Maintenance
• Code Enforcement Services
• Comprehensive Land-Use Planning
FY 2021
State 0.1700$
Clark County Operating 0.6541
School District
Operating 0.7500
Debt 0.5534
Sub‐total School District 1.3034
City of Henderson
Operating 0.6208
Debt 0.1200
Sub‐total City 0.7408
Special Districts
Henderson Library District 0.0608
Sub‐total Special Districts 0.0608
Total Property Tax Rate 2.9291$
Note: Tax rates stated per $100 of assessed valuation.
Source: Nevada Department of Taxation Property Tax Rates for Nevada local governments.
Overlapping Property Tax Rate Breakdown
$0.74
$0.96
$1.06
$1.16
Henderson Reno Las Vegas* North Las Vegas
Property Tax Rate Comparison
Fiscal Year 2021
Note: Tax rates per $100 of assessed valuation.*Includes Las Vegas Portion of Las Vegas Metropolitan Police.
City of Henderson, Nevada12
Population
* Includes Las Vegas portion of the Las Vegas Metropolitan Police and the Las Vegas Valley Water District. Employment reported April 2021.
Information for Fiscal Year 2021 and prior provided by the Nevada State Demographer.
Information for Fiscal Year 2022 provided by the City of Henderson Community Development Department.
Fund Overview
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Population as of July 1 of each fiscal year
11.0
7.9
6.6
6.3
4.5
City of Boulder City
City of Las Vegas*
City of Mesquite
City of Henderson
City of North Las Vegas
Number of Full‐Time Employees
(per 1,000 residents)
13City of Henderson, Nevada
Population Fund Overview
Total Expense ‐ All Funds*
$676,177,686
Governmental Funds Proprietary Funds**
$438,228,681 $237,949,005
General
Fund
Special
Revenue
Debt
Service
Capital
Projects
Internal
Service
Enterprise
Funds
$272,312,679 $94,724,667 $13,325,878 $57,865,457 $68,256,225 $169,692,780
Grant Fund
Special
Assessment
Municipal
Facilities Engineering Water
$47,174,873 $6,507 $1,604,509 $9,253,809 $90,003,851
Redevelopment
Agency Ad Valorem
Special
Recreation City Shop Sewer
$16,926,572 $13,319,371 $5,527,850 $11,592,193 $51,525,612
Gas Tax
Park
Development
Self
Insurance
Development
Services
$7,003,617 $764,314 $4,297,299 $20,825,092
Forfeited
Assets
Capital
Replacement Worker's
Compensation
Cultural Arts
& Tourism
$309,443 $12,536,072 $10,416,103 $4,652,693
Muni Court
Admin Fees
Special
Assessment
Health
Insurance
Municipal Golf
Course
$367,866 $2,791,447 $19,480,814 $2,685,532
Sales & Use Tax Land Sales Citywide
$16,513,196 $4,033,480 $13,216,007
Commissary
Bond
Proceeds
$19,910 $30,607,785
Eldorado
Valley
$197,002
Crime
Prevention Modified Accrual Basis of Accounting
$3,764,080
NID Full Accrual Basis of Accounting
$16,365
*Includes Redevelopment Agency
Rec., Cultural
& Tourism
**Excludes non‐operating expenses
$2,431,743
City of Henderson, Nevada14
Governmental Funds Proprietary Funds
FY 2020 FY 2021
Beginning Fund Balance 264,016,915$ 339,809,860$
Revenue
Property Taxes 99,826,025 111,720,780
Franchise Fees 33,741,224 31,865,215
Licenses and Permits 12,806,382 14,588,735
Intergovernmental Resources 163,594,535 219,856,813
Charges for Services 27,245,566 22,794,123
Fines and Forfeits 4,500,781 4,354,813
Impact Fees 1,831,958 2,204,865
Investment Income 6,503,137 205,244
Room Taxes 2,210,635 1,799,180
Developer Contributions 1,560,220 3,991,395
Residential Construction Tax 817,894 1,649,294
Miscellaneous 4,121,814 3,294,484
Total Revenues*358,760,171$ 418,324,941$
Other Financing Sources
Gain (loss) on Capital Asset Disposition ‐$ 22,231$
Capital Leases 151,556 459,153
Debt Issuance Proceeds 74,512,894 ‐
Issuance of Refunding Bonds 68,702,106 ‐
Premium on Refunding Bonds Issued 5,675,415 ‐
Proceeds from Land Sales 3,367,490 200,623
Transfers In 24,292,313 31,908,793
Total Other Financing Sources 176,701,774$ 32,590,800$
Total Revenue & Other Financing Sources 535,461,945$ 450,915,741$
Total Resources 799,478,860$ 790,725,601$
Expenditures by Function
General Government 72,875,665$ 77,137,293$
Judicial 12,011,682 12,075,700
Public Safety 192,850,091 195,343,953
Public Works 18,521,280 25,123,274
Culture and Recreation 52,945,638 97,340,948
Community Support 4,518,814 17,230,872
Debt Service 13,323,773 13,976,641
Total Expenditures**367,046,943$ 438,228,681$
Other Financing Uses
Operating Transfers Out 24,281,402$ 30,426,576$
Payment to Refunded Bond Escrow Agent 68,340,655 ‐
Total Expenditures & Other Financing Uses 459,669,000$ 468,655,257$
Ending Fund Balance (EFB)339,809,860$ 322,070,344$
Total Commitments and EFB 799,478,860$ 790,725,601$
**Total expenditures increased $71.2 million year over year primarily due to large capital projects from bond issuance proceeds
received in Fiscal Year 2020. Additional increases in expenditures related to one‐time grant funding for pandemic relief.
*Total revenues increased $59.6 million year over year primarily due to record federal stimulus which drove an increase in
consolidated taxes, sales taxes, and one‐time capital grants and contributions.
15City of Henderson, Nevada
Governmental Funds Proprietary Funds
FY 2020 FY 2021 FY 2020 FY 2021
Revenues
Utilities Fees 124,909,267$ 135,073,204$ ‐$ ‐$
Connection Fees 1,604,011 2,330,939 ‐ ‐
Late Charges 1,211,730 1,066,324 ‐ ‐
Charges for Services 14,861,156 15,751,594 61,871,071 69,893,697
Licenses and Permits 6,190,461 5,804,416 ‐ ‐
Intergovernmental 527,213 478,560 ‐ ‐
Miscellaneous 269,679 284,551 ‐ ‐
Total Operating Revenues 149,573,517$ 160,789,588$ 61,871,071$ 69,893,697$
Operating Expenses
Salaries and Wages 32,639,462$ 33,734,652$ 7,429,076$ 7,488,438$
Employee Benefits 17,103,462 15,938,855 3,879,566 3,637,628
Water Purchases 27,725,838 31,847,289 ‐ ‐
Services and Supplies 58,412,175 62,514,395 23,529,445 25,100,585
Claims and Judgements ‐ ‐ 19,492,680 27,070,862
Legal Fees ‐ ‐ 31,240 35,312
Depreciation & Amortization 25,646,260 25,657,589 4,232,535 4,923,400
Total Operating Expenses 161,527,197$ 169,692,780$ 58,594,542$ 68,256,225$
Operating Income (Loss)(11,953,680)$ (8,903,192)$ 3,276,529$ 1,637,472$
Nonoperating Revenues (Exp.)
Investment Income 6,250,221$ 202,681$ 1,915,353$ 68,603$
Gain (Loss) on Capital Asset (400,834) (115,296) 343,919 457,229
Interest Expense (3,594,524) (6,399,361) (13,400) (9,455)
Sales Tax Revenue 5,666,777 6,154,189 ‐ ‐
Intergovernmental 7,709 664,932 ‐ 625,351
Gain on Transfer of Liabilities 488,896 ‐ ‐ ‐
Bond Issuance Costs (948,079) ‐ ‐ ‐
Miscellaneous 11,501 15,589 338,458 331,744
Total Nonoperating Revenues (Exp.)7,481,667$ 522,734$ 2,584,330$ 1,473,472$
Income (Loss)(4,472,013)$ (8,380,458)$ 5,860,859$ 3,110,944$
Capital Contributions
Capital Contributions 26,100,088$ 33,957,365$ 5,064,929$ 4,489,573$
Transfers
Operating Transfers In 415,946 150,000 7,000,000 150,000
Operating Transfers Out (6,939,385) (1,562,217) (487,472) (220,000)
Change in Net Position 15,104,636$ 24,164,690$ 17,438,316$ 7,530,517$
Net Position, Beginning of Year 1,097,619,591$ 1,112,724,227$ 51,987,102$ 69,425,418$
Net Position, End of Year 1,112,724,227$ 1,136,888,917$ 69,425,418$ 76,955,935$
Enterprise Funds Internal Service Funds
City of Henderson, Nevada16
General Fund Revenue General Fund Expenditures
* Percentage represents proportion to total General Fund revenue. Increase in the proportional share of Intergovernmental Revenues in Fiscal Year 2021 is primarily due to one-time Federal Grant revenue related to COVID-19 Pandemic relief.
FY 2020 % of
Total FY 2021 % of
Total
Beginning Fund Balance 33,981,675$ 27,165,660$
Revenues
Property Taxes 73,136,498$ 27% 80,992,884$ 27%
Franchise Fees 33,741,224 12% 31,865,215 11%
Licenses and Permits 12,806,382 5% 14,588,735 5%
Intergovernmental Resources 117,307,632 43% 140,570,172 47%
Charges for Services 26,713,716 10% 22,500,307 8%
Fines and Forfeits 3,755,908 1% 3,296,133 1%
Impact Fees 1,831,958 <1% 2,204,865 <1%
Investment Income 779,015 <1% 107,444 <1%
Miscellaneous 3,077,593 1% 1,135,452 <1%
Total Revenues 273,149,926$ 100% 297,261,207$ 100%
Other Financing Sources
Transfers In ‐$ 15,641$
Gain (loss) on Capital Asset Disposition ‐ 950
Capital Lease Proceeds 151,556 459,153
Total Other Financing Sources 151,556$ 475,744$
Total Revenue & Other Financing Sources 273,301,482$ 297,736,951$
Total Resources 307,283,157$ 324,902,611$
25%24%24%24%24%27%27%
42%42%44%43%44%43%
47%
33%33%32%33%32%30%
25%
$‐
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
FY15 FY16 FY17 FY18 FY19 FY20 FY21
General Fund Revenue
Primary Sources 7 Year Trend*
($ amounts in thousands)
Property Tax Intergovernmental Other
17City of Henderson, Nevada
General Fund Revenue General Fund Expenditures
*Excluding other financing sources & uses (e.g. operating transfers out).
**The excess of revenues over expenditures in Fiscal Year 2021 is a result of the City's outstanding efforts to implement cost saving measures in response to the COVID-19 Pandemic, including a hiring freeze for vacant positions, and not paying cost of living
adjustments to employees, along with better than expected revenue results within intergovernmental revenues, which include
consolidated tax and Federal Grants.
FY 2020 % of
Total FY 2021 % of
Total
Expenditures by Function
General Government 50,091,068$ 19% 51,073,738$ 19%
Judicial 11,453,584 4% 11,584,210 4%
Public Safety 157,358,706 59% 164,163,176 60%
Public Works 7,075,026 3% 6,364,044 2%
Culture and Recreation 37,878,361 14% 37,550,378 14%
Community Support 1,232,442 <1% 1,577,133 <1%
Total Expenditures 265,089,187$ 100% 272,312,679$ 100%
Other Financing Uses
Operating Transfers Out*15,028,310$ 22,374,459$
Total Expenditures & Other Financing Uses 280,117,497$ 294,687,138$
Ending Fund Balance (EFB)27,165,660$ 30,215,473$
Total Commitments and EFB 307,283,157$ 324,902,611$
*General fund operating transfers out for Fiscal Years 2020 and 2021 were primarily made to the City's capital projects funds for the acquisition or
construction of major capital facilities.
$231,075 $240,080 $247,628
$266,119
$282,252
$273,150
$297,261
$215,225
$228,372
$235,463
$246,122
$259,437 $265,089 $272,313
$200,000
$220,000
$240,000
$260,000
$280,000
$300,000
FY15 FY16 FY17 FY18 FY19 FY20 FY21**
General Fund Revenue and Expenditures
7 Year Trend*
($ amounts in thousands)
Total Revenue Total Expenditures
City of Henderson, Nevada18
Outstanding Debt Statement of Net Position
FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021
General Obligation Bonds 169,285,000$ 161,135,000$ ‐$ ‐$ 169,285,000$ 161,135,000$
Tax Allocation Bonds (RDA)8,420,000 8,155,000 ‐ ‐ 8,420,000 8,155,000
Water and Sewer Bonds ‐ ‐ 205,296,772 200,396,462 205,296,772 200,396,462
Other 435,429 1,273,822 322,874 ‐ 758,303 1,273,822
Total 178,140,429$ 170,563,822$ 205,619,646$ 200,396,462$ 383,760,075$ 370,960,284$
Governmental Activities Business‐type Activities Total
Summary
Principal Interest Principal Interest
For the Year Ending June 30,
2022 5,078,311$ 6,887,053$ 8,200,000$ 4,659,501$
2023 5,296,792 6,666,624 8,455,000 4,407,716
2024 5,142,337 6,438,443 8,740,000 4,119,362
2025 5,377,337 6,208,853 8,975,000 3,887,268
2026 5,427,337 6,117,918 9,405,000 3,707,619
2027‐2031 29,264,348 28,704,718 47,975,000 15,351,539
2032‐2036 31,540,000 24,538,695 41,730,000 9,452,922
2037‐2041 33,985,000 19,336,200 27,655,000 2,888,050
2042‐2046 40,575,000 12,738,400 ‐ ‐
2047‐2051 38,710,000 3,947,000 ‐ ‐
Total 200,396,462$ 121,583,904$ 161,135,000$ 48,473,977$
Principal Interest Principal Interest
For the Year Ending June 30,
2022 275,000$ 341,925$ 148,311$ ‐$
2023 290,000 327,800 ‐ ‐
2024 305,000 312,925 ‐ ‐
2025 320,000 297,300 ‐ ‐
2026 335,000 280,925 ‐ ‐
2027‐2031 1,955,000 1,131,100 ‐ ‐
2032‐2036 2,395,000 694,301 ‐ ‐
2037‐2041 2,280,000 187,000 ‐ ‐
Total 8,155,000$ 3,573,276$ 148,311$ ‐$
*Other Long‐Term Obligations exclude capital lease payments of $1,125,511.
Future Debt Service Requirements
Revenue Bonds General Obligation Bonds
Tax Allocation Bonds Other Long‐Term
Debt Obligations*
19City of Henderson, Nevada
Outstanding Debt Statement of Net Position
$‐
$500
$1,000
$1,500
$2,000
$2,500
$3,000
FY15 FY16 FY17 FY18 FY19 FY20 FY21
Historical Net Position
($ amounts in millions)
Governmental activities Business‐type activities
FY 2020 FY 2021 FY 2020 FY 2021 FY 2020 FY 2021
Assets
Current, Restricted and
Other 515,015,842$ 554,002,942$ 349,457,046$ 343,400,351$ 864,472,888$ 897,403,293$
Capital Assets 1,698,920,811 1,795,881,309 1,021,642,619 1,044,548,829 2,720,563,430 2,840,430,138
Total Assets 2,213,936,653$ 2,349,884,251$ 1,371,099,665$ 1,387,949,180$ 3,585,036,318$ 3,737,833,431$
Deferred Outflows
Deferred Outflows
of Resources 87,294,564$ 76,388,636$ 15,858,880$ 13,976,375$ 103,153,444$ 90,365,011$
2,301,231,217$ 2,426,272,887$ 1,386,958,545$ 1,401,925,555$ 3,688,189,762$ 3,828,198,442$
Liabilities
Current 27,136,313$ 27,064,532$ 14,060,879$ 10,913,555$ 41,197,192$ 37,978,087$
Other 700,926,204 743,366,018 306,587,153 303,543,333 1,007,513,357 1,046,909,351
Total Liabilities 728,062,517$ 770,430,550$ 320,648,032$ 314,456,888$ 1,048,710,549$ 1,084,887,438$
Deferred Inflows
Deferred Inflows
of Resources 37,330,358$ 28,153,160$ 5,093,303$ 3,640,839$ 42,423,661$ 31,793,999$
765,392,875$ 798,583,710$ 325,741,335$ 318,097,727$ 1,091,134,210$ 1,116,681,437$
Net Position
Net Investment in
Capital Assets 1,599,479,735$ 1,682,426,162$ 937,997,632$ 949,960,187$ 2,537,477,367$ 2,632,386,349$
Restricted 235,164,250 211,507,733 10,330,257 5,697,756 245,494,507 217,205,489
Unrestricted (deficit)(298,805,643) (266,244,718) 112,889,321 128,169,885 (185,916,322) (138,074,833)
Total Net Position 1,535,838,342$ 1,627,689,177$ 1,061,217,210$ 1,083,827,828$ 2,597,055,552$ 2,711,517,005$
Governmental Activities Business‐type Activities Total
Total Assets & Deferred
Outflows of Resources
Total Liabilities & Deferred
Inflows of Resources
The City's net position increased by $114.4 million in Fiscal Year 2021. Net Position from Governmental activities increased largely due to higher
than anticipated levels of consolidated taxes and sales taxes, along with increased property taxes, and capital grants and contributions, in addition to
cost mitigation efforts to curb expenses during the COVID-19 Pandemic. Net Position from Business-type activities increased as a result of increased charges for services.
20 City of Henderson, Nevada
Glossary of Terms
Accounts Payable - Items the City owes to individuals and
companies who supply a service or good, and the expected payment is within twelve months.
Assessed Valuation - A valuation set upon real estate or other property by a government as a basis for levying taxes - 35% of market value.
Bond - A written promise to pay a specified sum of money at a
fixed time in the future, and carrying interest at a fixed rate, usually
payable periodically.
Capital Assets - Assets including land, improvement to land, easements, building, vehicles, infrastructure, and all other tangible or intangible assets that are used in operations and have initial useful lives that extend beyond a single reporting period.
Capital Projects Funds - Capital Projects Funds are governmental funds used to account for financial resources to be used for the
acquisition or construction of major capital facilities.
Consolidated Tax - Compilation of sales, cigarette, liquor, personal property transfer, basic city county relief tax, supplemental city county relief tax, government services tax and motor vehicle privilege tax revenues that are distributed by the state.
Deferred Inflow of Resources - An acquisition of net position by the government that is applicable to a future reporting period.
Deferred Outflow of Resources - A consumption of net position
by the government that is applicable to a future reporting period.
Enterprise Funds - Enterprise Funds are proprietary funds used to account for operations (a) 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 and services to the general public on a continuing basis be financed and recovered primarily through user charges; or (b) where the governing body has decided that
periodic determination of revenues earned, expense incurred, and/
or net income is appropriate for capital maintenance, public policy,
management control, accountability, or other purposes.
Fiscal Year - A 12-month period designated as the operating year for accounting and budgeting purposes in an organization; the City has a fiscal year from July 1 – June 30.
Fund Balance - The excess of the assets of a fund over its liabilities, reserves and carryover.
General Fund - A fund established to account for resources and
costs of operations associated with the City which are not required to be accounted for in other funds.
General Obligation Bond - Bonds that finance a variety of public projects such as streets, buildings and improvements; the repayment of these bonds is usually made from the debt portion of property taxes, and these bonds are backed by the full faith and credit of the issuing government.
Governmental Funds - Funds generally used to account for tax-
supported activities. These include the general fund, special revenue funds, debt service funds and capital projects funds.
Governmental Activities - Combination of Governmental Funds and Internal Service funds for presentation in the government-wide financial statements and are reported using the economic resources measurement focus and the accrual basis of accounting.
Internal Service Funds - Internal Service Funds are proprietary
funds used to account for the financing of goods or services
provided by one department or agency to other departments or agencies of the City on a cost-reimbursement basis.
Intergovernmental Resources - Funds received from federal, state and other local government sources in the form of grants, shared revenues and payments in lieu of taxes. Operating Transfers In/Out - Amounts transferred from one fund
to another to assist in financing the services of the recipient fund.
Other Assets - Include categories such as accounts receivable, inventories, prepaid items, land held for resale, and amounts owed from other governments.
Other Liabilities - Include amounts due to other entities, unearned revenues, deposits, interest, contract retention, and tax increments payable to developers.
Pooled Cash and Investments - The amount of physical cash
held by the City in checking accounts and on hand for purposes
of paying expenses. Investments are made up of funds not needed to pay current expenses and allows the City to earn interest on its cash.
Resources - Total amounts available for appropriation including projected revenues, fund transfers, bond proceeds and beginning fund balances.
Restricted - The amount of assets or resources limited for a specific
purposes.
Revenue-Supported Bonds - Bonds usually sold for constructing a project that will produce revenue for the government; that revenue is pledged to pay the principal and interest of the bond.
Special Revenue Funds - Special Revenue Funds are governmental funds used to account for the proceeds of specific revenue sources that are legally restricted to expenditure for specified purposes.
Unrestricted - The difference between assets and liabilities that are
not already limited for a specific purpose, i.e. restricted.
Debra March
Mayor
John F. Marz
Councilman
Michelle Romero
Councilwoman
Dan K. Shaw
Councilman
Dan H. Stewart
Councilman
Richard A. Derrick
City Manager/CEO
Bristol S. Ellington
Deputy City Manager/
Chief Operating Officer
Stephanie Garcia-Vause
Assistant City Manager/
Chief Strategy Officer
Robert Herr
Assistant City Manager/
Chief Infrastructure Officer
Jim McIntosh
Chief Financial Officer
CITY OF HENDERSON
240 S. Water St. | Henderson, NV 89015
cityofhenderson.com