HomeMy WebLinkAboutCity of Portage - Public Financial ReportCITY OF PORTAGE, MICHIGAN
POPULAR ANNUAL FINANCIAL REPORT
2020-2021
CITY OF PORTAGE
7900 SOUTH WESTNEDGE AVENUE
PORTAGE, MICHIGAN 49002
portagemi.gov | (269) 329-4534
CITY OF PORTAGE
POPULAR ANNUAL
FINANCIAL REPORT
The information in this Popular Annual Financial Report (PAFR) has been drawn from selected segments of the City of Portage Annual
Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2021. Complete financial statements of the City of Portage
with additional demographic and economic information are published in the ACFR. Detailed information where the totals are
represented by function can be found in the ACFR.
The PAFR and the ACFR are both available on the City of Portage website - portagemi.gov/638. A printed copy of both reports can be
obtained by calling the Portage Finance Department at (269) 329-4534.
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A Park Ranger sets up holiday decorations at the Ice Rink at Millennium Park
A Portage Firefighter watches as a young Portager takes a tour of a fire engine
A Department of Public Safety Records Clerk processes a Freedom of Information Act request
A Ramona Beach Lifeguard scans the water for swimmers
The Government Finance Officers Association of the United States and Canada (GFOA) presented an award for Distinguished Budget Presentation to the City of Portage for its annual budget for the fiscal year beginning July 1, 2021.
GOVERNMENT FINANCE OFFICERS ASSOCIATION
Distinguished Budget
Presentation Award
PRESENTED TO
City of Portage
Michigan
For the Fiscal Year Beginning
July 01, 2020
Executive Director In order to receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communications device. The award is valid for a period of one year only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award.
City of Portage, Michigan 2021-2022 Budget 8 2
FINANCIAL AWARDS
Government Finance Officers Association
Certificate of Achievement
for Excellencein Financial
Reporting
Presented to
City of PortageMichigan
For its Annual ComprehensiveFinancial ReportFor the Fiscal Year Ended
June 30, 2020
Executive Director/CEO
The Government Finance Officers Association of the United States and Canada (GFOA) presented an award for Distinguished Budget
Presentation to the City of Portage for its annual budget for the fiscal year beginning July 1, 2020.
The GFOA has also awarded the Certificate of Achievement for Excellence in Financial Reporting to City of Portage for its annual
comprehensive financial report for the fiscal year ended June 30, 2020. The report has been judged by an impartial panel to meet the
high standards of the program, which includes demonstrating a constructive “spirit of full disclosure” to clearly communicate its financial
story and motivate potential users and user groups to read the report.
The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its
attainment represents a significant accomplishment by a government and its management.
To receive this award, a governmental unit must publish a budget document that meets program criteria as a policy document, as an
operations guide, and as a communications device.
WHERE YOUR PROPERTY
TAXES WENT
In Fiscal Year 2020-2021, the City Treasurer distributed
property taxes to the schools, county, library and city
as shown below.
Taxing Unit Percentage
of Tax Levy
City of Portage 20.61%
Kalamazoo County 16.22%
Kalamazoo Regional Educational
Service Agency
14.22%
Community College 5.42%
Library 3.80%
Local Schools 39.73%
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The City of Portage operates on a balanced budget. Revenues are received from several sources,
primarily property taxes, charges for services and intergovernmental funding. Those revenues are
distributed primarily to the city’s General Fund and Capital Improvement Program Fund, as well as
other various funds.
WHERE THE MONEY CAME FROM
* State Education Tax, Public Schools, Kalamazoo Regional
Educational Service Agency, Community College.
Intergovernmental
18.2%
Other Revenue*
35.6%
Property Taxes
27.5%
Charges for Services
18.7%
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* Other Revenue = Interfund Transfers, Other Financing Sources,
Licenses & Permits, Interest & Rents, Special Assessments.
Sources of Funding - All Funds
Fiscal Year 2020-2021
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HOW THE CITY OF PORTAGE USED YOUR
PROPERTY
TAXES
In Fiscal Year 2020-2021, only 21% of Portage
resident property taxes were distributed
to the City of Portage. The remaining
funds were distributed to other taxing
jurisdictions. The city portion of your
property taxes were used in this way:
COST OF CITY SERVICES TO THE TYPICAL
RESIDENCE
In Fiscal Year 2020-2021, the total cost of city services for the typical residence in Portage, including property taxes and utilities, was
$1,598.18 shown below. The cost in Fiscal Year 2021-2022 will increase by $36.36.
General Operations
14.53%
Capital
Improvements
3.88%
Municipal
Streets1.4%
CurbsideCollections
0.7%
Recycling
0.6%
Fiscal Year 2021-22
(in 2020-21 dollars)
Fiscal Year 2021-22
Fiscal Year 2020-21
Property Taxes Utilities
$896.68 $701.50
$896.68 $739.86
$884.30 $729.64
Total
$1,598.18
$1,634.54
$1,613.95
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General Fund Revenues Amount Percentage
Property Taxes $17,177,438 56.72%
Licenses and Permits $869,934 2.87%
Federal Grants $1,183,949 3.91%
State-Shared Revenue $4,566,603 15.08%
Other State Grants $3,146,970 10.39%
Local Contributions $106,161 0.35%
Charges for Services $1,640,295 5.42%
Interest Income $56,795 0.19%
Rental Income $172,576 0.57%
Net Change in Fair Value Of Investments -$31,455 -0.10%
Other Revenue $1,393,826 4.60%
Total Revenues $30,283,092 100%
Other
Revenue*
5.61%
Charges
for Services
5.42%
Other State
Grants
10.39%
State-Shared
Revenue
15.08%
Federal
Grants
3.91%Licenses
and Permits
2.87%
Property Taxes
56.72%
GENERAL FUND REVENUES BY SOURCE
Fiscal Year 2020-2021
* Other Revenue includes Local Contributions, Interest Income, Rental Income and Net Change in Fair Value of Investments
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General Fund Expenditures Amount Percentage
General Government $6,500,264 26.29%
Public Safety $14,578,235 58.97%
Public Works $759,273 3.07%
Health and Welfare $165,659 0.67%
Community Development $1,141,086 4.62%
Recreation and Culture $1,576,072 6.38%
Total Expenditures $24,720,589 100.00%
GENERAL FUND EXPENDITURES BY DEPARTMENT
OR FUNCTION
Fiscal Year 2020-2021
Recreation and Culture
6.38%Community
Development
4.62%Health and
Welfare
0.67%
Public Works
3.07%
Public Safety
58.97%
General Government
26.29%
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FISCAL STABILITY
The City of Portage is a regional leader in economic strength. The spending priorities have always included a strong focus on road
improvements, along with parks and public facilities like the new Fire Station No. 2 and ongoing construction of the new Charles & Lynn
Zhang Portage Community Senior Center.
Standard & Poor’s Bond Rating
AA +
2017
AA +
2018
AA +
2019
AA +
2020
AA +
2021
On May 12, 2021, S&P Global Ratings assigned the ‘AA+’ rating to the City of Portage for the fourth
consecutive year. The ‘AA+’ rating is the second-highest that can be assigned to a municipality. S&P
Global commented, “The local economy remained resilient through the COVID-19 pandemic and
continues to see growth due to ongoing expansion of its top and large employers as well as residential
development, with further growth expected. This boosts revenue, resulting in ongoing positive
financial operations, and very strong budgetary flexibility that will keep supporting the city’s plans
to fund an array of capital projects. The city’s very strong management practices further highlight its
proactive nature in ensuring stability across its financial operations.”
@CityofPortageMI | @PortageMIPublicSafety @PortageSeniorCenterMI | @PortageMarketMI @CityofPortageMI @PDPSPortageMI @CityofPortageMI @PortageMarket @CityofPortage
City of Portage
Finance Department
7900 South Westnedge Avenue
Portage, Michigan 49002
portagemi.gov | (269) 329-4534