HomeMy WebLinkAbout2023 Annual Comprehensive Financial ReportAnnual Comprehensive
Financial Report
For the Fiscal Year Ended December 31, 2023
Board of Public Works and Safety
Prepared by:
CITY OF CARMEL, INDIANA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year Ended December 31, 2023
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INTRODUCTORY SECTION Pages
8–17
18
19
20–21
Letter of Transmittal
GFOA Certificate of Achievement
Organizational Chart
List of Elected and Appointed Officials
FINANCIAL SECTION
23–25
26–36
Independent Auditor's Report
Management Discussion and Analysis
Basic Financial Statements:
Government‐wide Financial Statements:
37Statement of Net Position
Statement of Activities 38
Fund Financial Statements:
Governmental Funds:
39
40
41–42
Balance Sheet ‐ Governmental Funds
Reconciliation of the Balance Sheet ‐ Governmental Funds to the
Government‐wide Statement of Net Position
Statement of Revenues, Expenditures, and Changes in Fund
Balances ‐ Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances ‐ Governmental Funds to the Government‐wide
Statement of Activities 43
Proprietary Funds:
44–45
46
Statement of Net Position ‐ Proprietary Funds
Statement of Revenues, Expenses, and Changes in Net
Position ‐ Proprietary Funds
Statement of Cash Flows ‐ Proprietary Funds 47–48
Fiduciary Funds:
49Statement of Fiduciary Net Position - Fiduciary Funds
Statement of Changes in Fiduciary Net Position - Fiduciary Funds 50
51–85Notes to the Basic Financial Statements
Required Supplementary Information:
Other Post-Employment Benefits Plan
86
87
Schedule of Changes in Total OPEB Liability and Related Ratios
Schedule of Total OPEB Liability
Notes to Schedules 88–89
1925 Police Officers' And 1937 Firefighters' Pension Plans:
90
91
92
Schedule of Employer Contributions
Schedule of Net Pension Liability and Related Ratios
Schedule of Changes in Net Pension Liability
Notes to Schedules 93
Defined Benefit Pension Plans - Multiple Employer Plans:
94–95
96
Schedule of the City's Proportionate Share of the Net Pension Liability
Schedule of City Contributions
Notes to Schedules 97
City of Carmel, Indiana
Annual Comprehensive Financial Report
For the Fiscal Year Ended December 31, 2023
TABLE OF CONTENTS
Pages
98–101Budgetary Comparison Schedules - General Fund
Notes to the Required Supplementary Information -
Budgetary Comparison Schedules 102
Supplementary Information:
103–106Nonmajor Governmental Funds - Information
Combining Balance Sheet - Nonmajor Governmental Funds:
107–113
114–115
Special Revenue Funds
Capital Projects Funds
Debt Service Funds 116
Combining Statement of Revenues, Expenditures, and Changes in Fund
117–123
124–125
Balances ‐ Nonmajor Governmental Funds:
Special Revenue Funds
Capital Projects Funds
Debt Service Funds 126
Budgetary Comparison Schedules ‐ Nonmajor Funds 127–131
132
133
134
135
Fiduciary Funds - Information
Combining Statement of Fiduciary Net Position - Pension Funds
Combining Statement of Fiduciary Net Position - Custodial Fund
Combining Statement of Changes in Fiduciary Net Position - Pension Funds
Combining Statement of Changes in Fiduciary Net Position - Custodial Fund 136
STATISTICAL SECTION
Financial Trends:
138
139–140
141
Net Position by Component
Changes in Net Position
Fund Balances ‐ Governmental Funds
Changes in Fund Balances ‐ Governmental Funds 142–143
Revenue Capacity:
144
145
146
Assessed Value and Estimated Actual Value of Taxable Property
Property Tax Rates - Direct and Overlapping Governments
Principal Property Taxpayers
Property Tax Levies and Collections 147
Debt Capacity:
148
149
150
151
Legal Debt Margin Information
Ratios of Outstanding Debt by Type
Ratios of General Bonded Debt Outstanding
Direct and Overlapping Governmental Activities Debt
Pledged‐Revenue Coverage 152
Demographic and Economic Information:
153Demographic and Economic Statistics
Principal Employers 154
Operating Information:
155City Government Employees by Function/ Program
Operating Indicators and Capital Asset Statistics by Function/ Program 156
TABLE OF CONTENTS (CONTINUED)
For the Fiscal Year Ended December 31, 2023
City of Carmel, Indiana
Annual Comprehensive Financial Report
INTRODUCTORY SECTION
Introductory Section:
Letter of Transmittal
Certificate of Achievement – Government Finance
Officers Association
City of Carmel Organization Chart
List of Principal Officials
Photo courtesy City of Carmel. Photo by Jeff Bradley
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SUE FINKA,\I, MAYOR June 21, 2024
To the Honorable Members of the Carmel City Council, and Citizens of the City of Carmel, Indiana:
We are pleased to submit the Annual Comprehensive Financial Report ("Report") for the City of Carmel ("City") year ended December 31, 2023. Responsibility for both the accuracy of the presented data and the completeness and fairness of the presentation, including all
disclosures, rests with City management. To the best of our knowledge, the enclosed data is accurate in all material respects and is presented in a manner designed to fairly set forth the financial position and the results of operations of the various funds of the City of Carmel. All disclosures necessary to enable the reader to gain an understanding of the City's financial
activity have been included.
This report presents management's representations concerning the finances of the City. Consequently, management assumes full responsibility for the completeness and reliability of all the information presented in this report. To provide a reasonable basis for making these
representations, management has established a comprehensive internal control framework designed to protect the City's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City's financial statements in conformity with generally accepted accounting principles ("GAAP"). Because the costs of internal controls
should not outweigh the benefits, the City's comprehensive framework of internal control
has been designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement.
Indiana law requires an annual audit of the financial records and transactions of all City
functions. The City's audit for 2023 was performed by the independent certified public
accounting firm of FOR VIS Mazars. Their audit was conducted in accordance with generally accepted governmental auditing standards. The independent certified public accounting firm concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified (clean) opinion that the City of Carmel's financial statements for the year ended December 31, 2023, are fairly presented in conformity with GAAP. The independent auditor's report is presented as the first component of the financial section, on page 23 of this
report.
ONE CIVIC SQUARE, CARMEL, IN 46032 / OFFICE: 317-571-2401 / FAX: 317-844-3498 / WWW.CARMEL.IN.GOV
8
9
10
11
12
13
14
15
16
17
The Government Finance
Officers Association of the
United States (GFOA)
awarded the City a
Certificate of Achievement
for Excellence in Financial
Reporting for its Annual
Comprehensive Financial
Report (ACFR) for the fiscal
year that ended December
31, 2022. This Certificate of
Achievement is the highest
form of recognition in
governmental accounting
and financial reporting, and
its attainment represents a
significant accomplishment
by a government and its
management.
A Certificate of Achievement
is valid for a period of one
year. We believe our current
report continues to conform
to the Certificate of
Achievement program
requirements, and we are
submitting it to the GFOA to
determine its eligibility for
another certificate.
18
2023 ORGANIZATIONAL CHART
City of Carmel, Indiana
Chief Deputy Clerk of City Business
Financial Specialist Part-timeDeputy Clerk of Court Business
Deputy Director
EXECUTIVE
Brookshire GC Manager
Course Management
Grounds Maintenance
Food/ Beverages Operations
Club House/ Pro Shop Operations
Administrative Assistant
Human Resources Director
Employee Benefits Manager
Employment/ Training Coordinator
Office Administrator
ADMINISTRATION
Information Services/ Communications Director
Office Administrator
Communications Supervisor
Systems Supervisor
GIS Coordinator
Network Administrator
Communications Technician I
GIS Technician I
Network Applications/ Analyst
Database Administrator
Programmer
REDEVELOPMENT
Director
Deputy Director
Finance Manager
Office Administrator
COMMUNITY RELATIONS & ECONOMIC DEVELOPMENT
Public Relations
Media Relations
Special Events Coordination
Economic Development
Transportation Development
ENGINEERING
City Engineer
Asst. City Engineer
Construction Manager
Engineering Administrator
Plan Review Coordinator
Construction Inspector
Storm Water Administrator
Right of Way Inspector
Public Works Coordinator
FIRE
Fire Chief
Deputy Chief
Battalion (Chief) -Division Head (Chief) -Accreditation Manager
Executive Officer
Captain
Lieutenant
Engineer
Firefighter
Quartermaster
Mechanic
Administrative Assistant
Chaplain
Part-time Members
LAW
Corporation Counsel
Asst. Corporation Counsel
Executive/ Legal Secretary
Administrative Assistant I & II
Deferral Program Coordinator
POLICE
Police Chief
Asst. Chief
Major
Lieutenant
Sergeant
Patrol Officer 1st and 2nd Class, Probationary
Crime Scene/ Evidence Technician
Mechanic I
Quartermaster/ Fleet Manager
UTILITIES
Director
Operations Manager
Plant Manager
Manager of Water Quality
Distribution/ Collections Manager
Electrical/ Controls Engineer
Senior Utilities Accountant
Asst. Plant Manager
Foreman
Hazardous Waste Coordinator
Customer Service Manager
STREETS
Street Commissioner
Operations Manager
Skilled Labor/ Foreman I
Skilled Labor/ Foreman II
Office Administrator
GIS Technician I
Administrative Assistant I
Skilled Labor
LEGISLATIVE
Council Members
JUDICIAL
Clerk of Court Administrator Asst. Clerk of Court AdministratorDeputy Clerk I&II
Bailiff
ADMINISTRATIVE
Accounts Payable Administrator Payroll Analyst
Director
City Clerk
Chief Deputy Clerkof Court Business
City Controller
Financial Analyst Accounts Payable AdministratorDeputy Clerk of City Business
Mayor Judge
19
Mayor City Clerk City Court Judge
James Brainard Sue Wolfgang Brian Poindexter
jbrainard@carmel.in.gov swolfgang@carmel.in.gov bpoindexter@carmel.in.gov
Chaplain
Laura Campbell
North District
lcampbell@carmel.in.gov
President
Kevin “Woody” Rider At-
Large
krider@carmel.in.gov
Parliamentarian
Sue Finkam
Northeast District
sfinkam@carmel.in.gov
Teresa Ayers
Central District
tayers@carmel.in.gov
Tim Hannon
At-Large
thannon@carmel.in.gov
Tony Green
Southwest District
agreen@carmel.in.gov
Miles Nelson
West District
mnelson@carmel.in.gov
Adam Aasen
Southeast District
aaasen@carmel.in.gov
City of Carmel, Indiana
List of Elected and Appointed Officials
For the Fiscal Reporting Year Ended December 31, 2023
Elected Officials
Vice-President
Jeff Worrell
At-Large
jworrell@carmel.in.gov
20
City of Carmel, Indiana
LIST OF ELECTED AND APPOINTED OFFICIALS
For the Fiscal Reporting Year Ended December 31, 2023
(Continued)
Appointed Officials
Board of Public Works
(Appointed by the Mayor)
Mayor James Brainard
Lori Watson
Mary Ann Burke
Carmel Audit Committee
(Appointed Officials)
Santosh Rajmane, President
Megan McVicker, Secretary
J. Andrew Pinegar
Kelly Mitchell
Jeff Worrell
Carmel Redevelopment Authority
(Appointed Officials)
Robert Bush, President
Jay Brill, Secretary/Treasurer
Michael Corr
Carmel Redevelopment Commission
(Appointed Officials)
William Hammer, President
David Bowers, Vice President
William Brooks, Secretary
Lea Lockhart Sasena
Jeff Worrell
Greg Brown
21
FINANCIAL SECTION
Financial Section:
Independent Auditor's Report
Management Discussion and Analysis
Basic Financial Statements
Required Supplementary Information
Combining and Individual Fund Financial
Statements and Schedules
Photo courtesy City of Carmel.
22
Forvis Mazars, LLP is an independent member of Forvis Mazars Global Limited
Independent Auditor’s Report
Audit Committee City of Carmel, Indiana Carmel, Indiana
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Carmel, Indiana (City) as of and for the year ended December 31, 2023, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, based on our audit and the report of the other auditors, 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, each major fund, and the aggregate remaining fund information of the City as of December 31, 2023, and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
We did not audit the financial statements of The City of Carmel Local Public Improvement Bond Bank, a
blended component unit, which represents 1%, 52%, and .2%, respectively, of the assets, liabilities and net position of the total governmental activities of the City as of December 31, 2023. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the governmental activities for the City of Carmel Local Public Improvement Bond Bank, is based solely on the report of the other auditors.
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 Government Auditing Standards, issued by the Comptroller General of the United States (Government Auditing Standards). 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.
23
Audit Committee City of Carmel, Indiana
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 12 months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
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 Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and 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 fraudor error, and design and perform audit procedures responsive to those risks. Such procedures includeexamining, 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 proceduresthat are appropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significantaccounting estimates made by management, as well as evaluate the overall presentation of thefinancial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, thatraise substantial doubt about the City’s ability to continue as a going concern for a reasonable periodof 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, budgetary comparison, pension, and other postemployment benefit information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
24
Audit Committee City of Carmel, Indiana
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City’s basic financial statements. The combining and individual fund 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 GAAS. In our opinion, the combining and individual fund statements and schedules is 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 comprehensive 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 21, 2024, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Indianapolis, Indiana
June 21, 2024
25
Overview of the Financial Statements
• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows at the close of the fiscal year by
$559,748,041 (net position).
• The City's total net position increased $47,251,243 from the prior fiscal year. The main reason for this improvement is a decrease in the
City's long-term liabilities. Other reasons for this overall increase are discussed in the following sections for governmental activities and
business-type activities.
• At the close of the current fiscal year, the City's governmental funds reported combined fund balances of $233,979,142, a decrease of
$23,537,695 in comparison with the prior year. Approximately $19,741,549 of this amount (8.4%) is available for spending at the
government's discretion (unassigned fund balance).
• At the end of the current fiscal year, the unrestricted fund balance (the total of the committed, assigned, and unassigned components of fund
balance) for the General Fund was $32,331,543, or approximately 28.2% of total General Fund expenditures.
• The City's total outstanding long-term liabilities decreased by $16,422,151 during the current year.
Government-wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview
of the City's finances, in a manner similar to a private-sector business.
The statement of net position presents financial information on all of the City's assets, liabilities, and deferred inflows/outflows of resources,
with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the
financial position of the City is improving or deteriorating.
The discussion and analysis provided here are intended to serve as an introduction to the City's basic financial statements. The City's basic
financial statements consist of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) the notes to
financial statements. This report also includes supplementary information intended to furnish additional detail to support the basic financial
statements themselves.
The statement of activities presents information showing how the City's net position changed during the most recent fiscal year. All changes
in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, revenues and expenses are reported for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes
and earned but unused personal leave).
City of Carmel, Indiana
MANAGEMENT DISCUSSION AND ANALYSIS
For the Fiscal Year Ended December 31, 2023
As management of the City of Carmel, we offer readers of the City's financial statements this narrative overview and analysis of the financial
activities of the City for the fiscal year ended December 31, 2023. We encourage readers to consider the information presented here in
conjunction with additional information that we have furnished in our letter of transmittal, which can be found on page 8 of this report, and
the transactions, events, and conditions reflected in the City’s financial statements, beginning on page 37 of this report.
The City's adoption of GASB Statement No. 96, Subscription-Based Technology Arrangements, had no impact on the opening fund balance
or net position as of January 1, 2023. The 2022 balances within the Management's Discussion and Analysis were not restated for the adoption
of GASB Statement No. 96, Subscription-Based Technology Arrangements.
Financial Highlights
26
Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their
costs through user fees and charges (business-type activities). The government-type activities include general government, public safety,
streets and other infrastructure, economic development, and culture and recreation. The business-type activities of the City include water and
sewer.
The government-wide financial statements include not only the City itself (known as the primary government), but also the following legally
separate entities: the Redevelopment Authority, the Local Public Improvement Bond Bank, and five 501(c)(4) corporations for which the City
is financially accountable. These components, although legally separate, function for fiscal purposes as departments of the City, and therefore
have been included as integral parts of the primary government.
The government-wide financial statements begin on page 37 of this report.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the
government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements
focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the
fiscal year. Such information may be useful in assessing a government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the
information presented for governmental funds with similar information presented for governmental activities in the government-wide
financial statements. By doing so, readers may better understand the long-term impact of the government's near-term financing decisions.
Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures, and changes in fund balances
provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.
The City maintains seventy-four individual governmental funds. Information is presented separately in the governmental fund balance sheet
and in the governmental fund statement of revenues, expenditures, and changes in fund balances for the General Fund, Redevelopment
Commission Fund, Redevelopment Authority Fund, 2021 Project Fund, and 2022 Project Fund, which are considered to be major funds.
Data from the other governmental funds are combined into a single aggregated presentation. Individual fund data for each of these nonmajor
governmental funds is provided in the form of combining statements in the combining and individual fund statements and schedules section
of this report.
The basic governmental fund financial statements begin on page 39 of this report.
Proprietary Funds. The City maintains one type of proprietary fund. Enterprise funds are used to report the same functions presented as
business-type activities in the government-wide financial statements. The enterprise fund financial statements provide separate information
for the water and sewer utilities, which are considered to be major funds of the City.
The basic proprietary fund financial statements begin on page 44 of this report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside of the government. Fiduciary funds
are not reported in the government-wide financial statements because the resources of those funds are not available to support the City's own
programs. The accounting used for fiduciary funds is much like that used for the proprietary funds.
The City maintains two different types of fiduciary funds. Pension trust funds are used to report resources held in trust for retirees and
beneficiaries covered by the 1925 Police Officers' Pension Plan and the 1937 Firefighters' Pension Plan. Custodial funds report resources
held by the City in a custodial capacity for individuals, private organizations, and other governments.
The fiduciary fund financial statements begin on page 49 of this report.
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City of Carmel's Net Position
Current and other assets
Capital and leased assets
Total assets
Total deferred outflows
of resources
Other liabilities
Long-term liabilities
outstanding
Total liabilities
Total deferred inflows
of resources
Net position:
Restricted
Unrestricted
Total net position
38,700,717
387,588,024$
(20,531,837) (39,538,074)
47,220,417
411,624,202
2,502,520
124,908,774$
(34,722,917) (33,751,811)
18,335,513
572,597,535 158,358,902 160,973,333 393,652,201
22,302,605
552,011,103
512,496,798$
(60,069,911)
28,960,423
(68,474,728)
15,832,993 3,397,581 18,905,024
Governmental Activities
279,103,422$
1,026,193,581
1,305,297,003
1,008,609,841
1,604,273,521
289,826,039 296,719,226
13,706,757$
2022
305,837,641$ 292,130,884$
2023 20232023
298,491,912$
Business-type Activities
2022 2022
1,117,688,159
Total
19,388,490$
893,868,209
Notes to the Financial Statements. The notes provide additional information that is necessary to acquire a full understanding
of the data provided in the government-wide and fund financial statements. The notes to the financial statements begin on page 51 of this
report.
Other Information. In addition to the basic financial statements and accompanying notes, this report also presents required supplementary
information. This information includes budgetary comparison schedules as well as more detailed information concerning the City's progress
funding its obligation to provide pension and other post-employment benefits (OPEB) to its employees. Required supplementary
information can be found beginning on page 86 of this report.
The City adopts an annual appropriated budget for its General Fund, as well as several nonmajor funds. Budgetary comparison statements
have been provided for these funds to demonstrate compliance with the budget.
The combining statements referred to earlier in connection with nonmajor governmental funds are presented immediately following the
required supplementary information on budgetary comparison statements. Combining and individual fund statements and schedules can be
found starting on page 107 of this report.
Government-wide Overall Financial Analysis
As noted earlier, net position, over time, may serve as a useful indicator of a government's financial position. In the case of the City, assets
and deferred outflows of resources exceeded liabilities and deferred inflows by $559,748,041 at the close of the fiscal year.
1,300,740,725
1,322,912,807
3,065,294 58,762,352
1,621,404,719
2,094,664
186,715,531
1,298,435,880
47,881,189
23,971,721 24,789,230
183,426,078
55,697,058
918,399,279 1,093,716,438
303,532,796
45,786,525
316,107,716
1,272,789
940,034,204 915,367,986
21,499,777 2,003,946
175,317,159
177,321,105
21,967,775 3,289,453
1,077,294,287
1,102,083,517
429,793,082$ 559,748,041$
Net investment in
capital assets
27,687,634 8,519,700
129,954,959$
28
Other post-employment benefits – retiree healthcare obligation
Non-uniform public employee retirement plan obligation
'37 firefighters pension plan obligation
'25 police pension plan obligation
'77 firefighters pension plan obligation
'77 police pension plan obligation
The City reported a material unfavorable unrestricted net position of $20,531,837 in governmental activities. This deficit is due in part to
unfunded pension and retiree healthcare liabilities of $84.8 million, as follows:
By far, the largest portion of the City's net position reflects its investment in capital assets (e.g., land, buildings, machinery and equipment,
vehicles, and infrastructure), less any related outstanding debt that was used to acquire those assets. The City uses these capital assets to
provide a variety of services to its citizens. Accordingly, these assets are not available for future spending. Although the City's investment in
capital assets is reported net of related debt, it should be noted that the resources used to repay this debt must be provided from other sources,
since the capital assets themselves cannot be used to liquidate these liabilities.
9,445,418
The City's Net Pension Liability for the two 1977 Police Officers' and Firefighters' Retirement Fund, administered by the State increased
significantly from the prior year. The liability increased due to a large decrease in the difference between projected and actual experience.
The estimated rate of return on the actuarial value of assets was 5.2%, which was lower than the 6.25% investment return assumption
applicable for the year ended June 30, 2023.
Governmental Activities. During the current fiscal year, net position for governmental activities increased $42,205,058 from the prior
fiscal year for an ending balance of $429,793,082. The increase of 10.89% resulted in part from the material increase in investment earnings
and an increase in Parks Capital revenue.
12,659,416
29,067,566$
14,234,466
84,800,254$
An additional portion of the City's net position represents resources that are subject to external restriction on how they may be used. The
remaining balance of spendable net position is a deficit of $60,069,911.
7,868,952
11,524,436
Notwithstanding the City’s ultimate liability for the ’25 and ’37 plans, the State of Indiana has established a practice of appropriating funds to
cover these benefits. The State of Indiana is not obligated to continue making these appropriations, but it has done so every year since 2009.
Consequently, the City has incurred no cost from its own resources to service these plans. Also, the retiree healthcare plan is not a contractual
obligation that extends beyond the current budget year. The liability is shown in the statements because it has been the City’s consistent
practice to provide this benefit. However, the City believes it is not legally obligated to do so. The plan was closed to new entrants as of
October 3, 2016.
Another contributing factor to the deficit is the City’s growth and related acquisition of capital assets for infrastructure and other amenities.
This growth and improvement have been financed with debt, resulting in significant transaction costs and amortization of deferred outflows.
The City views these acquisitions as positive indicators. They reflect the City’s effort to attract and retain as residents the most productive
people in Central Indiana, and also to attract corporate headquarters and regional offices from all over the world. The success of this effort
has resulted in a strong tax base, yielding one of the lowest local tax rates in Indiana, despite the cost of debt.
($200) $0 $200 $400 $600 $800
Millions
City of Carmel
Net Position
December 31, 2023
Unrestricted Restricted Net investment in capital assets
29
The following chart displays Program Revenues and Program Expenses by function for the City's Governmental Activities.
The following chart displays the revenue composition for the City's Governmental Activities funds.
$0
$20,000,000
$40,000,000
$60,000,000
$80,000,000
$100,000,000
General government Public safety Streets, infrastructure Economic development Culture and recreation Interest on long-term
debt
City of Carmel
Governmental Activities
Program Revneues vs. Program Expenses
For the Fiscal Year Ended December 31, 2023
Program Expenses Program Revenues
Property taxes
27.81%
Income tax
25.46%
Tax incremental
revenue
16.71%
Charges for services
8.78%
Operating grants and
contributions
0.53%
Capital grants and
contributions
0.82%
Unrestricted
investment earnings
2.73%
Other
17.17%
City of Carmel
Governmental Activities Revenue
For the Fiscal Year Ended December 31, 2023
30
City of Carmel's Changes in Net Position
REVENUES:
Program revenues:
Charges for services
Operating grants and
contributions
Capital grants and
contributions
General revenues:
Property taxes
Income tax
Other
Total revenues
EXPENSES:
General government
Public safety
Streets, infrastructure
Water distribution
Sewer collection
Economic development
Culture and recreation
Interest on long-term debt
Other
Total expenses
Transfers
NET POSITION - beginning
NET POSITION - ending
24,478,677
22,193,459
11,303,035
-
22,938,572
-
355,298,054 124,908,774
-
124,908,774$
26,630,999 32,106,869
23,574,946
35,745,833
1,320,506 (1,320,506)
Change in net position before
transfers
-
38,829,123
-
559,748,041$
47,251,243
271,350,677
32,106,869
-
-
6,487,913
235,604,844
5,820,181
1,441,728
42,205,058
40,763,330
47,251,243
129,954,959$
Fluctuations in grant revenues mainly reflect the unique, one-time grant programs related to the national health emergency. Changes in
unrestricted investment earnings is attributable to the yield curve.
202,255,488
32,289,970
30,969,464
5,505,060 -
7,859,659
33,496,494
-
45,582,089
-
57,405,357
46,815,294
276,368,174
9,192,941
-
1,457,399
58,292,284$
6,715,665
2,997,905 -
8,116,109 2,234,815
2,997,905 -
2023
1,457,399
23,936,144$
Business-type Activities
52,573,823$
2022
20,049,442$
2023
32,524,381$ 34,356,140$
2022
Total
- - -
15,868,909
2023
473,667,675
38,829,123
2022
Governmental Activities
5,046,185
-
387,588,024$
Increase (decrease) in
net position
429,793,082$
387,588,024 512,496,798
6,539,153
54,550,714
9,192,941
11,303,035
118,369,621
12,807,261
(1,441,728)
-
92,218,814
2,227,666
69,439,020 54,550,714 -
41,356,153
38,976,077
-
785,255 1,337,884
75,837,517
7,432,432
65,741,734 75,837,517
Unrestricted investment
earnings
Tax incremental revenue
69,439,020
-
247,390
-
44,052,895
3,640,613 - - 3,640,613 Food and beverage tax 3,283,486
8,217,687
-
26,630,999
15,868,909
-
- 92,218,814
376,686
42,233,746
-
233,224,952
60,041,409
45,582,089
318,601,920
10,350,924 8,943,331
65,741,734
1,585,274
274,581,105
3,283,486
44,052,895
22,193,459
-
24,478,677
85,016,170 85,016,170
12,807,261
-
23,574,946
468,273
57,405,357 -
512,496,798$
22,938,572
39,444,350 47,191,980
60,041,409
5,820,181
235,751,982
-
5,505,060
31
Business-type Activities. For the City's business-type activities, overall net position increased to an ending balance of
The following chart displays program revenues and expenses by function for the City's business-type activities.
The following chart displays the revenue composition for the City's business-type activities funds.
$129,954,959. The total increase in net position for business-type activities (water and sewer) was $5,046,185 or 3.9% from the
prior fiscal year, indicating a relatively stable and healthy net position.
The City has improved cash flows by replacing aging meters, expanding the system as the community grows and new customers tap in, and a
program of annual rate increases. On December 18, 2023 the City Council approved a 35% increase in the water rate and a 20% increase in
the sewer rate. The City plans to keep comparatively low rates while implementing a gradual increase to be more consistent with the standard
rates. As a result, the City is able to maintain positive cash flow and anticipate future increases in debt service requirements.
$35,745,833
$42,233,746
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
City of Carmel
Business-Type Expenses vs. Revenues
For the Fiscal Year Ended December 31, 2023
Expenses Revenues
Charges for services
82.89%
Capital grants and
contributions
16.20%
Other
0.91%City of Carmel
Business-Type Activities Income
For the Fiscal Year Ended December 31, 2023
32
Financial Analysis of Governmental Funds
Governmental Funds. The focus of the City's governmental funds is to provide information on near-term inflows, outflows, and
Unrestricted net position of the Water Utility at the end of the year was a deficit of $33,986,819; for the Sewer Utility, unrestricted net
position was a deficit of $5,551,255. Water Utility net position, before capital contributions and transfers, increased $125,482. Improvement
is expected as the utilities continue to expand and achieve both economies of scale and greater utilization of recently installed mains,
treatment facilities, and replacement of aging water meters.
The 2021 Project Fund, a major fund, accounts for the expenditure of proceeds of certain 2021 bond issuances, the purpose of which was to
finance the Police headquarters expansion and related parking garage projects. The fund had a $16,433,605 decrease in fund balance during
the year, due to construction costs incurred which put the overall fund balance at $3,590,620.
In the year ended December 31, 2023, revenue, net of reasonable expenses for operation, repair, and maintenance was 76.09% of debt service
requirements for the Water Utility and 104.46% of debt service for the Sewer Utility.
The debt service requirement calculation above for the Water Utility does not include debt service on a Bond Anticipation Note (BAN) in the
amount of $17,745,000 due May 1, 2024. Management expects this note will be refinanced with a new BAN or a longer-term bond series.
The Redevelopment Commission Fund, a major fund, accounts for tax increment revenue, which is restricted for certain economic
development projects. The fund had a $8,851,158 decrease in fund balance during the year, representing reasonable variation in the amount
of debt service due each year, which put the overall fund balance at $23,175,921.
At December 31, 2023, the City's governmental funds reported combined fund balances of $233,979,142, a decrease of $23,537,695 in
comparison with the prior year. Much of the decrease is due to an increase in financed purchase obligations incurred during the year.
Approximately 8.4% of the combined fund balances, $19,741,549, constitutes unassigned fund balance, which is available for spending at the
government's discretion. The remainder of the fund balance is either restricted, committed, or assigned, indicating that, legally, it is required
to be maintained intact or used for particular purposes ($194,631,916), it is committed for particular purposes ($12,942,675), or it is assigned
for particular purposes ($6,663,002).
balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unassigned fund
balance may serve as a useful measure of a government's net resources available for discretionary use, as they represent the portion of fund
balance that has not yet been limited to use for a particular purpose by either an external party, the City itself, or a group of individuals that
has been delegated authority to assign resources for use for particular purposes by the City's Council.
The General Fund is the primary operating fund of the City. At the end of the current fiscal year, the unassigned fund balance of the General
Fund was $19,741,549 while the total fund balance was $32,331,543. As a measure of the General Fund's liquidity, it may be useful to
compare both unassigned fund balance and total fund balance to total General Fund expenditures. The unassigned fund balance represents
17.2% of the total General Fund expenditures while total fund balance represents 28.2% of that amount.
The fund balance of the City's General Fund decreased by $1,038,937 during the year, indicating a budget variance within approximately 2%
of revenues and expenditures, which is considered reasonable.
The 2022 Project Fund, a major fund, accounts for the expenditure of proceeds of a 2022 bond, the purpose of which was to finance the cost
of the improvement of the local and arterial road and street system. The fund had a $1,235,000 decrease in fund balance during the year, due
to construction costs incurred, which put the overall fund balance at $61,507,643.
The Redevelopment Authority Fund, a major fund, had a $3,865,656 decrease in fund balance during the current fiscal year, representing
reasonable variation in the amount of debt service due each year. The ending balance was $58,427,941, all of which was restricted for debt
service and capital projects.
Proprietary Funds. The City's proprietary funds provide the same type of information found in the government-wide financial statements,
but in more detail.
33
General Fund Budgetary Highlights
The most significant differences between estimated revenues and actual revenues were as follows:
Revenue source
Property tax
Income tax
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Miscellaneous
Total
The differences by department between estimated expenditures and actual expenditures were as follows:
Department
Controller
Clerk
Mayor's Office
City Council
Board of Public Works
Administration
Brookshire Golf Course
Building Operations
City Court
Law Department
Community Services
Personnel/ Human Resources
City Property Maintenance
Public Affairs/ Community Relations
Fire Department
Police Department
Communication Center
Parks Department
Redevelopment Department
Other
Total
57,845,970
280,768
Difference
474,355
(511,936)
35,002,748 30,347,732
5,296,421
5,417,095
923,641
(1,007,446)
The under-budget conditions mostly reflect the City’s policy of fully funding staffing, no provision for vacancies, and maximum fringe
benefits. Actual expenditures typically are less.
1,815,374
2,122,960
-
5,414,180 (1,021,217)
2,634,896
(935,956)
(14,668)
(4,655,016)
(3,411,802)
45,607,205$
Final
-
Estimated
Revenues
Original budget compared to final budget. During the year, there was no need for any material amendments to increase the original
estimated revenues.
48,573,932$
16,636,658
3,041,508
10,967,370
(3,700,000)
Investment earnings, subfund
transactions, and other
623,650
6,453,310
5,088,033
1,029,640$
(359,415)
4,642,449
46,878,600
12,327,053
1,233,387
(208,326)
(1,317,997)
1,496,996
5,635,133
(11,928,342)$ 125,701,005$
938,309
137,629,347$
(992,684)
1,729,019
(551,075) 682,312
758,805
(125,341)
6,303,867
(867,323)
329,585
The revenue excesses and shortfalls in the above revenue sources net to less than 3.0% and were not considered material in the
aggregate.
15,111,294
844,160
Difference
Final
6,162,941
3,700,000
(85,355)
3,829,563
16,645,994
2,015,115
(2,966,727)$
Actual
Revenues
1,314,316$
291,674
-
121,497,904$
Final Actual
Expenditures
5,088,033
Final Estimated
Expenditures
(286,096)
3,771,066 (58,497)
5,320,668
1,149,017
(9,336)
500,000
Final General Fund Budget Compared to Actual Results
610,353
33,844,033
1,815,374
6,353,051
33,718,692
4,392,963
789,602
4,844,944
124,811,796$
(510,387)
(284,676)$
4,810,281
(149,295)
(2,784,241)
3,313,892$
2,364,319
34
Capital Assets and Debt Administration
Capital assets. The City's investment in capital assets for its governmental and business-type activities as of December 31, 2023, amounts to
Capital Assets
Land
Construction in progress
Buildings
Machinery, equipment,
and vehicles
Infrastructure
Right-of-Use (leased) assets
Water distribution system
Sewer system
Total
Additional information on the City's capital assets can be found in Note II.C. on page 59 of this report.
Outstanding Long-Term Liabilities
Unamortized premium
OPEB
Net pension liability
Leases/SBITA
Financed purchase obligations
Total
296,719,226$ 1,026,193,581$
-
Contract purchases 1,184,701 1,430,630 - - 1,184,701 1,430,630
Bonds
15,944,052
29,067,566
The City's total debt outstanding decreased by $16,422,151 (1.50%) during the current fiscal year.
The City's utilities incurred $13,177,933 of bonded debt.
1,077,294,286$
3,362,392
3,869,227
918,399,278$
19,121,909
175,317,159$ 893,868,208$
55,732,688 4,195,272
22,074,413
953,292
31,256,392
332,850 953,292 332,850 - -
746,435,961$
2023
67,465,073
2023
93,663,755
203,436,545$
105,949,702
289,826,039$
67,465,073
1,093,716,437$
2,417,344
48,439,599 44,570,372
183,426,078$
9,794,889 3,177,857 12,212,233
987,597 332,850 - 987,597 332,850 -
359,118
2022
Governmental Activities Business-type Activities
49,805,036
2023
474,350,131
Governmental Activities
-
31,256,392
-
Business-type Activities
$1,322,912,807 (net of accumulated depreciation). This investment in capital assets includes land, buildings, machinery, equipment, vehicles,
park facilities, roads, highways, bridges, the water treatment plant, and the wastewater treatment plant.
222,533,466
2023
227,924,625
Total
2022202320222022
The total increase in capital assets for the current fiscal year was 1.89%. In 2023, the City continued its program of improving local roads and
streets, using proceeds of bonds issued in 2021 and 2022.
5,410,095$
108,368,012
1,322,912,807$
208,933,202$
-
1,298,435,880$
86,338,043
Long-term Debt. The City did not issue any new long-term obligations during 2023.
790,391,088$ 917,975,294$
44,515,643
165,309,078$
205,056,414$
-
-
222,533,466
86,338,043
489,393,650
210,466,508$
169,925,321
26,978,151
169,925,321
-
474,350,131
Total
-
2023
5,496,657$
58,924,152
1,008,609,841$
190,180,269
47,025,550
227,924,625
26,978,151
489,393,650
190,180,269
14,704,257
- -
At the end of the current fiscal year, the City had total bonded debt outstanding of $917,975,294. Of this amount, $578,428,271 is debt
backed by an unlimited ad valorem property tax levy, $138,560,000 is debt backed by local income tax, $24,492,690 is debt backed by tax
increment, $4,955,000 is debt backed by stormwater revenues, and $171,539,333 is debt backed by utility revenues. The remainder of the
City's long-term obligations comprises post-employment benefit debt, compensated absences, contract purchases, and financed purchase
obligations.
2022
25,436,805
2022
59,927,960
33,248,998 4,181,432
171,539,333$
44,847,827
955,700,166$
50,164,154 332,184
35
Additional information on the City's long-term debt can be found in Note II.D. on pages 60–67 of this report.
Economic Factors and Next Year's Budgets and Rates
Request for Information
This financial report is designed to provide a general overview of the City's finances for all those with an interest in the government's
finances. Questions concerning any of the information provided in this report or requests for additional financial information should be
addressed to the Finance Department, One Civic Square, Carmel, Indiana 46032.
• The City enjoys favorable relationships with employee unions and no history of significant contract disputes.
The following economic factors currently affect the City and were considered in developing the 2023 fiscal year budget.
• The unemployment rate for the City was 1.9% at the close of the fiscal year, which is significantly below the national rate of 3.9% and
also below the rate of nearby communities.
The City maintains a "AA" rating from Standard & Poor's on all bonds secured with an ad valorem property tax pledge. The City has one
outstanding 2005 lease bond issue with a property tax pledge that has a split rating: S&P “AA+”/Moody’s “Aa3”.
• Recent trends have been favorable with regard to increases in taxable assessed value and increases in taxable income.
The City's outstanding debt is payable primarily from pledges of property tax levies. Several of the City's outstanding obligations are payable
from non-property tax resources, even though they are subject ultimately to a property tax levy pledge. The latter of these obligations are not
subject to the 2% statutory debt limit, nor are obligations associated with lease-back arrangements.
36
Governmental
Activities
Business-Type
Activities Total
Cash and investments 233,061,065$ 3,507,334$ 236,568,399$
Receivables (net of allowances for uncollectibles):
Intergovernmental 919,037 - 919,037
Leases 8,322,165 - 8,322,165
Taxes 35,180,397 - 35,180,397
Other 695,882 2,364,872 3,060,754
Internal balances 364,371 (364,371) -
Inventories - 893,086 893,086
Prepaid expenses 560,505 25,000 585,505
Cash, restricted for debt service - 12,962,569 12,962,569
Capital and leased assets:
297,100,298 20,200,914 317,301,212
Other capital assets, net of depreciation 728,139,991 276,518,312 1,004,658,303
Right-of-use (lease/subscription) asset 953,292 - 953,292
Total assets 1,305,297,003 316,107,716 1,621,404,719
DEFERRED OUTFLOWS OF RESOURCES:
Bond refunding 14,110,212 - 14,110,212
Pensions 33,647,149 1,923,151 35,570,300
Other post-employment benefits 7,939,697 1,142,143 9,081,840
Total deferred outflows of resources 55,697,058 3,065,294 58,762,352
Accounts payable 3,718,224 1,804,805 5,523,029
Accrued interest payable 12,379,788 640,362 13,020,150
Claims payable 1,079,250 - 1,079,250
Other current payables - 200,260 200,260
Accrued payroll and withholdings payable 2,335,812 162,081 2,497,893
Compensated absences 1,986,703 438,715 2,425,418
Customer deposits - 43,230 43,230
Noncurrent liabilities:
Due within one year:
Lease Liability 89,996 - 89,996
Subscription Liability 366,145 - 366,145
Bonds and contract purchases payable 39,145,145 26,230,894 65,376,039
Financed purchase obligation payable 3,370,504 543,314 3,913,818
OPEB liability 830,656 119,492 950,148
Due in more than one year:
Lease Liability 158,766 - 158,766
Subscription Liability 372,690 - 372,690
Bonds and contract purchases payable 752,991,160 145,640,623 898,631,783
Financed purchase obligation payable 12,573,549 2,634,543 15,208,092
Net pension liability 55,732,688 4,195,272 59,927,960
OPEB liability 28,236,910 4,061,940 32,298,850
Total liabilities 915,367,986 186,715,531 1,102,083,517
DEFERRED INFLOWS OF RESOURCES:
Leases 8,039,082 - 8,039,082
2008 bond call rights waiver - 1,474,845 1,474,845
Pensions 683,962 4,894 688,856
Other post-employment benefits 7,109,949 1,022,781 8,132,730
Total deferred inflows of resources 15,832,993 2,502,520 18,335,513
Net investment in capital assets 411,624,202 160,973,333 572,597,535
Restricted:
General government 635,227 - 635,227
Public safety 3,647,825 - 3,647,825
Streets and other infrastructure 9,147,954 8,519,700 17,667,654
Drainage 7,061,140 - 7,061,140
Economic development 809,807 - 809,807
Culture and recreation 17,398,764 - 17,398,764
Unrestricted (20,531,837) (39,538,074) (60,069,911)
Total net position 429,793,082$ 129,954,959$ 559,748,041$
The notes to the financial statements are an integral part of this statement.
LIABILITIES:
NET POSITION:
City of Carmel, Indiana
STATEMENT OF NET POSITION
December 31, 2023
ASSETS:
Capital assets not being depreciated: land,
improvements, and construction in progress
37
Expenses
Governmental
Activities
Business-Type
Activities Total
FUNCTIONS/PROGRAMS:
Governmental activities:
General government 57,405,357$ 105,198$ -$-$(57,300,159)$ -$(57,300,159)$
Public safety 92,218,814 2,585,469 1,457,399 (88,175,946) - (88,175,946)
Streets and other infrastructure 24,478,677 4,559,428 - 2,227,666 (17,691,583) - (17,691,583)
Economic development 32,106,869 974,991 -- (31,131,878) - (31,131,878)
Culture and recreation 23,574,946 15,711,058 -- (7,863,888) - (7,863,888)
Unallocated interest expense 5,820,181 - - - (5,820,181) - (5,820,181)
Total governmental activities 235,604,844 23,936,144 1,457,399 2,227,666 (207,983,635) - (207,983,635)
Business-type activities:
Water 22,938,572 22,564,116 - 4,987,576 - 4,613,120 4,613,120
Sewer 12,807,261 11,792,024 - 1,728,089 - 712,852 712,852
Total business-type activities 35,745,833 34,356,140 - 6,715,665 - 5,325,972 5,325,972
TOTAL PRIMARY
GOVERNMENT 271,350,677$ 58,292,284$ 1,457,399$ 8,943,331$ (207,983,635) 5,325,972 (202,657,663)
GENERAL REVENUES AND TRANSFERS:
General Revenues:
Property tax 75,837,517 - 75,837,517
Income tax 69,439,020 - 69,439,020
Food and beverage tax 3,640,613 - 3,640,613
Tax incremental revenue 45,582,089 - 45,582,089
Unrestricted investment earnings 7,432,432 785,255 8,217,687
American Rescue Plan - lost revenue replacement 2,001,615 - 2,001,615
Other 44,813,679 376,686 45,190,365
Transfers 1,441,728 (1,441,728) -
Total general revenues and transfers 250,188,693 (279,787) 249,908,906
CHANGE IN NET POSITION 42,205,058 5,046,185 47,251,243
NET POSITION: beginning 387,588,024 124,908,774 512,496,798
NET POSITION: ending 429,793,082$ 129,954,959$ 559,748,041$
City of Carmel, Indiana
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended December 31, 2023
The notes to the financial statements are an integral part of this statement.
Net (Expense) Revenue and
Changes in Net Position
Charges for
Services
Operating
Grants and
Contributions
Capital Grants
and
Contributions
Program Revenues
38
City of Carmel, Indiana
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2023
General Fund
Redevelopment
Commission
Fund
Redevelopment
Authority Fund
2021 Project
Fund
2022 Project
Fund
Total
Nonmajor
Funds Total
ASSETS:
Cash and investments 28,197,757$ 23,191,194$ 59,021,095$ 3,592,764$ 62,146,714$ 56,911,541$ 233,061,065$
Receivables:
Intergovernmental - - - - 919,037 919,037
Lease and other 695,882 - - - - 8,322,165 9,018,047
Taxes:
Property 1,639,862 - - - - 1,051,782 2,691,644
Income 32,488,753 - - - - - 32,488,753
Due from other governmental funds - - - - - 74,586 74,586
Due from related utility - - - - - 364,371 364,371
TOTAL ASSETS 63,022,254 23,191,194 59,021,095 3,592,764 62,146,714 67,643,482 278,617,503
LIABILITIES:
Accounts payable 1,511,840 15,273 593,154 2,144 639,071 956,742 3,718,224
Claims payable - - - - - 1,079,250 1,079,250
Due to other funds - - - - - 74,586 74,586
1,976,910 - - - - 358,902 2,335,812
Total liabilities 3,488,750 15,273 593,154 2,144 639,071 2,469,480 7,207,872
DEFERRED INFLOWS OF RESOURCES:
Leases - - - - - 8,039,082 8,039,082
Unavailable revenue 27,201,961 - - - - 2,189,446 29,391,407
Total deferred inflow of resources 27,201,961 - - - - 10,228,528 37,430,489
FUND BALANCES:
Restricted:
General government - - - - - 635,227 635,227
Public safety - - - - - 3,647,825 3,647,825
Highways and streets - - 40,223,591 3,590,620 - 18,219,980 62,034,191
Drainage - - - - 7,061,140 7,061,140
Economic development - 23,175,921 10,550,659 - 61,507,643 809,807 96,044,030
Culture and recreation - - 7,653,691 - - 17,555,812 25,209,503
Debt service - -- - - - -
Committed:
General government 5,926,992 - - - - 413,719 6,340,711
Public safety - - - - - 4,854,941 4,854,941
Highways and streets - - - - - 506,648 506,648
Drainage - - - - - --
Economic development - - - - - 61,503 61,503
Culture and recreation 1,178,872 1,178,872
Assigned:
General government 3,742,073 - - - - - 3,742,073
Public safety 2,687,973 - - - - - 2,687,973
Economic development 2,271 - - - - - 2,271
Culture and recreation 230,685 - - - - - 230,685
Unassigned 19,741,549 - - - - - 19,741,549
Total fund balances 32,331,543 23,175,921 58,427,941 3,590,620 61,507,643 54,945,474 233,979,142
TOTAL LIABILITIES, DEFERRED
INFLOWS OF RESOURCES
AND FUND BALANCES 63,022,254$ 23,191,194$ 59,021,095$ 3,592,764$ 62,146,714$ 67,643,482$ 278,617,503$
The notes to the financial statements are an integral part of this statement.
Accrued payroll withholdings payable
39
Fund Balance - governmental funds 233,979,142$
Amounts reported for governmental activities in the Statement of Net Position are different because:
Prepaid expenditures represent the unamortized cost of bond insurance and similar credit
enhancements and are not financial resources and, therefore, are not reported in the funds.560,505
Capital assets used in governmental activities are not financial resources and, therefore, are not
reported in the funds:
Right-of-use (leased & subscription) asset 953,292
Land and construction in progress 297,100,298
Machinery, equipment, and vehicles 1,016,589,259
Accumulated depreciation (288,449,268)
1,026,193,581
Certain receivables are not expected to be collected within the time needed to liquidate
expenditures of the current year and therefore are not considered available in the funds:
Property tax 2,691,644
Income tax 24,866,217
Opioid settlement 919,037
Ambulance fees 218,627
Supplemental ambulance fees 695,882
29,391,407
Certain pension and other post-employment benefits that are not due and payable in the current
period are not recognized in the funds:
Pension liability (55,732,688)
Other post-employment benefit liability (29,067,566)
(84,800,254)
Certain liabilities are not due and payable in the current period and therefore are
not recognized in the funds:
Lease liability (248,762)
Subscription liability (738,835) (987,597)
Deferred inflows and outflows of resources are not financial resources and, therefore, are not
reported in the funds:
Unamortized cost of bond refunding and defeasement 14,110,212
Pension-related inflows (683,962)
OPEB-related inflows (7,109,949)
Pension-related outflows 33,647,149
OPEB-related outflows 7,939,697
47,903,147
Other noncurrent liabilities are not due and payable in the current period and, therefore, are not
reported in the funds:
Compensated absences (1,986,703)
Accrued interest payable (12,379,788)
Outstanding value of financed purchase obligations (15,944,053)
Unamortized premiums on bonds outstanding (44,515,643)
Principal on bonds outstanding (747,620,662)
(822,446,849)
Net position of governmental activities 429,793,082$
The notes to the financial statements are an integral part of this statement.
City of Carmel, Indiana
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE GOVERNMENT-WIDE STATEMENT OF NET POSITION
December 31, 2023
40
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
General Fund
Redevelopment
Commission Fund
Redevelopment
Authority Fund
2021 Project
Fund
2022 Project
Fund
Total Nonmajor
Funds Total
REVENUES:
Property tax 45,607,205$ -$ -$ -$ -$ 29,852,559$ 75,459,764$
Income tax 58,385,475 - - - - - 58,385,475
Food and beverage tax 3,640,613 - - - - - 3,640,613
Other local tax 3,736,145 39,253,155 - - - 2,592,789 45,582,089
Charges for services 1,573,353 176,175 - - - 22,186,616 23,936,144
Investment income 565,230 547,000 1,427,810 409,533 2,349,543 2,133,316 7,432,432
Licenses and permits 2,804,482 - - - - 60,869 2,865,351
Fines and forfeits 291,674 - - - - - 291,674
Intergovernmental:
Grants 1,312,818 - - - - 4,290,212 5,603,030
State shared revenue 951,241 - - - - 6,989,767 7,941,008
Other intergovernmental 100,156 - - - - 48,886 149,042
Contributions - - - - - 520,326 520,326
Other 4,405,856 5,621,952 4,962,170 - 821,258 15,037,402 30,848,638
Total revenues 123,374,248 45,598,282 6,389,980 409,533 3,170,801 83,712,742 262,655,586
EXPENDITURES:
Current:
General government 13,088,543 - - - - 1,567,755 14,656,298
Public safety 62,912,963 - - - - 2,573,129 65,486,092
Streets and other infrastructure 2,121,348 - - - 111,443 24,688,116 26,920,907
Economic development 5,300,588 (997,326) - - - 732,804 5,036,066
Culture and recreation 11,032,652 - - - - 11,653,974 22,686,626
Debt service:
Principal 3,535,000 6,425,929 23,570,488 - - 7,425,310 40,956,727
Interest 6,091,770 635,652 16,013,030 - - 7,192,881 29,933,333
Bond issuance costs - - - 2,739 16,180 - 18,919
Capital outlay:
General government 2,763,900 - 30,817,992 - - - 33,581,892
Public safety 5,989,834 - - 16,840,399 - - 22,830,233
Streets and other infrastructure - - - - 4,288,637 13,057,020 17,345,657
Economic development 32,667 13,436,972 - - - 1,000 13,470,639
Culture and recreation 1,595,794 - - - - 1,714,003 3,309,797
Total expenditures 114,465,059 19,501,227 70,401,510 16,843,138 4,416,260 70,605,992 296,233,186
Continued on next page.41
General Fund
Redevelopment
Commission Fund
Redevelopment
Authority Fund
2021 Project
Fund
2022 Project
Fund
Total Nonmajor
Funds Total
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 8,909,189 26,097,055 (64,011,530) (16,433,605) (1,245,459) 13,106,750 (33,577,600)
Debt issuance - financed purchase obligations 5,222,656 - - - - 3,375,521 8,598,177
Transfers in, governmental funds 535,325 - 60,156,333 - 10,459 9,047,332 69,749,449
Transfer in (out) from (to) enterprise funds 1,441,728 - - - - - 1,441,728
Transfers (out), governmental funds (17,147,835) (34,948,213) (10,459) - - (17,642,942) (69,749,449)
Total other financing sources and uses (9,948,126) (34,948,213) 60,145,874 - 10,459 (5,220,089) 10,039,905
NET CHANGES IN FUND BALANCES (1,038,937) (8,851,158) (3,865,656) (16,433,605) (1,235,000) 7,886,661 (23,537,695)
FUND BALANCES: beginning 33,370,480 32,027,079 62,293,597 20,024,225 62,742,643 47,058,813 257,516,837
FUND BALANCES: ending 32,331,543$ 23,175,921$ 58,427,941$ 3,590,620$ 61,507,643$ 54,945,474$ 233,979,142$
The notes to the financial statements are an integral part of this statement.
OTHER FINANCING SOURCES
AND (USES):
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
42
(23,537,695)$
Capital outlays 48,683,911
Disposal of assets (4,771,268)
Depreciation expense (26,949,348)
16,963,296
Decrease (increase) in bonds payable for private placement bonds 5,397,310
Decrease (increase) in bonds payable for other bonds secured by revenues 35,313,488
Decrease (increase) in accreted interest 3,244,329
Decrease (increase) in bonds payable for contract purchase obligations 245,929
Amortization of certain bond-related prepaid expense and deferred inflows and outflows (1,922,000)
Amortization of premium on bonds outstanding 5,289,393
Financed purchase obligation proceeds (8,598,177)
Principal payments on financed purchase obligations 2,449,014
Amortization of Subscription Liability (34,305) Compensated absences 742,613
42,127,594
Property tax 377,753
Income tax 11,053,545
Opioid settlement 919,037
Lease security deposits (93,361)
Ambulance fees 90,925
Ambulance fee supplemental 51,871
12,399,770
1925 Police Officers' plan 312,884
1937 Firefighters' plan 257,582
1977 Police Officers' plan (1,754,216)
1977 Firefighters' plan (2,283,944)
Civilian public employee retirement plan (217,269)
Other post-employment benefits - retiree health insurance (215,431)
(3,900,394)
(1,847,513)
Change in net position of governmental activities (Statement of Activities)42,205,058$
Net change in fund balances - total governmental funds, Statement of Revenues, Expenditures, and
Changes in Fund Balances
The notes to the financial statements are an integral part of this statement.
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those assets is
allocated over their estimated useful lives and recorded as a depreciation expense. The following is the amount by which
capital outlay expenditures exceeded depreciation expense in the current period:
The issuance of long-term debt (e.g., bonds, leases, financed purchase obligations) provides current financial resources to
governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of
governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect
of issuance costs, premiums, discounts and similar items when debt is first issued; whereas these amounts are deferred and
amortized in the Statement of Activities. The following items reflect these differences in the treatment of long-term debt and
related items:
Revenues in the Statement of Activities that do not provide current financial resources are not reported as revenues in the
Expenses in the Statement of Activities for actuarially-determined pension and other post-employment benefits are not
recognized as expenditures in the funds:
Accrued interest reported in the Statement of Activities does not require the use of current financial resources and, therefore,
is not reported as expenditures in governmental funds, net decrease in accrual.
City of Carmel, Indiana
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended December 31, 2023
43
Water Utility Sewer Utility Total Enterprise
ASSETS:
Current assets:
Cash 1,038,789$ 2,468,545$ 3,507,334$
Accounts receivable (net of allowance)454,711 496,541 951,252
Other receivables 976,341 437,279 1,413,620
Due from associated utility - 835,771 835,771
Inventories 436,908 456,178 893,086
Prepaid items 15,625 9,375 25,000
Total current assets 2,922,374 4,703,689 7,626,063
Noncurrent assets:
Restricted cash, debt service 1,827,950 11,134,619 12,962,569
Due from associated utility 629,434 - 629,434
Capital assets:
14,253,321 5,947,593 20,200,914
Utility plant in service, net of depreciation 190,180,269 86,338,043 276,518,312
Total noncurrent assets 206,890,974 103,420,255 310,311,229
Total assets 209,813,348 108,123,944 317,937,292
DEFERRED OUTFLOW OF RESOURCES:
Pension-related 1,057,427 865,724 1,923,151
OPEB-related 631,459 510,684 1,142,143
Total deferred outflow of resources 1,688,886 1,376,408 3,065,294
Continued on next page.
City of Carmel, Indiana
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
Business-Type Activities - Enterprise Funds
Land, improvements to land and
construction in progress
December 31, 2023
44
Water Utility Sewer Utility Total Enterprise
LIABILITIES:
Current liabilities:
Accounts payable 901,340$ 903,465$ 1,804,805$
Accrued wages payable 91,116 70,965 162,081
Compensated absences 246,792 191,923 438,715
Due to associated governmental funds 364,371 - 364,371
Due to associated utility 835,771 - 835,771
Hydrant deposits 43,230 - 43,230
Revenue bonds payable, current portion 24,597,000 1,633,894 26,230,894
Financed purchase obligation payable, current portion 342,023 201,291 543,314
Accrued interest payable 471,759 168,603 640,362
OPEB liability 66,064 53,428 119,492
Other 200,260 - 200,260
Total current liabilities 28,159,726 3,223,569 31,383,295
Noncurrent liabilities:
Bonds payable 107,604,420 38,036,203 145,640,623
Financed purchase obligation payable 1,811,823 822,720 2,634,543
Due to associated utility - 629,434 629,434
Net pension liability 2,306,731 1,888,541 4,195,272
OPEB liability 2,245,733 1,816,207 4,061,940
Total noncurrent liabilities 113,968,707 43,193,105 157,161,812
Total liabilities 142,128,433 46,416,674 188,545,107
Pension-related 2,691 2,203 4,894
OPEB-related 565,467 457,314 1,022,781
2008 bond call rights waiver 1,474,845 - 1,474,845
Total deferred inflow of resources 2,043,003 459,517 2,502,520
NET POSITION:
Net investment in capital assets 101,172,267 59,801,066 160,973,333
Restricted for infrastructure 145,350 8,374,350 8,519,700
Unrestricted (33,986,819) (5,551,255) (39,538,074)
Total net position 67,330,798$ 62,624,161$ 129,954,959$
The notes to the financial statements are an integral part of this statement.
PROPRIETARY FUNDS
December 31, 2023
City of Carmel, Indiana
STATEMENT OF NET POSITION
Business-Type Activities - Enterprise Funds
DEFERRED INFLOW OF RESOURCES
(Continued)
45
Water Utility Sewer Utility Total Enterprise
OPERATING REVENUES:
Residential sales 17,320,534$ 6,534,418$ 23,854,952$
Commercial and industrial sales 4,486,387 4,902,160 9,388,547
Other operating revenue 757,195 355,446 1,112,641
Total operating revenues 22,564,116 11,792,024 34,356,140
OPERATING EXPENSES:
Source of supply - operation and maintenance 66,682 - 66,682
Water treatment - operation and maintenance 5,678,729 - 5,678,729
Transmission and distribution 4,327,351 - 4,327,351
Collection system - operation and maintenance - 2,156,082 2,156,082
Treatment and disposal - operation and maintenance - 3,584,090 3,584,090
Customer accounts 915,493 826,890 1,742,383
Administration and general 1,454,733 2,085,939 3,540,672
Payroll tax 338,448 279,317 617,765
Depreciation 4,602,248 2,772,377 7,374,625
Pension expense (credit)(42,053) 15,138 (26,915)
OPEB (credit)(163,453) (42,869) (206,322)
Total operating expenses 17,178,178 11,676,964 28,855,142
OPERATING INCOME 5,385,938 115,060 5,500,998
NON OPERATING REVENUES (EXPENSES):
Interest and investment revenue 215,420 569,835 785,255
Miscellaneous revenue 354,005 66,024 420,029
Amortization of call rights waiver 487,370 - 487,370
Amortization of debt premium/(discount)26,934 - 26,934
Interest expense (6,274,698) (1,130,297) (7,404,995)
Gain (loss) from sale of capital assets (69,487) 26,144 (43,343)
Total nonoperating revenue (expenses)(5,260,456) (468,294) (5,728,750)
125,482 (353,234) (227,752)
CAPITAL CONTRIBUTIONS AND TRANSFERS:
Capital contributions 4,987,576 1,728,089 6,715,665
Transfers to associated city (918,728) (523,000) (1,441,728)
Total capital contributions and transfers 4,068,848 1,205,089 5,273,937
CHANGE IN NET POSITION 4,194,330 851,855 5,046,185
NET POSITION: beginning 63,136,468 61,772,306 124,908,774
TOTAL NET POSITION: ending 67,330,798$ 62,624,161$ 129,954,959$
The notes to the financial statements are an integral part of this statement.
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2023
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
Business-Type Activities - Enterprise Funds
CHANGE IN NET POSITION BEFORE
CONTRIBUTIONS AND TRANSFERS
46
Water Utility Sewer Utility Total Enterprise
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers and users 22,140,415$ 11,271,945$ 33,412,360$
Payments for goods and services (5,316,981) (2,489,811) (7,806,792)
Payments to employees (6,837,773) (5,501,647) (12,339,420)
Other receipts 777,855 168,816 946,671
10,763,516 3,449,303 14,212,819
Capital contributions 2,573,752 626,659 3,200,411
Acquisition and construction of capital assets (4,220,835) (5,808,630) (10,029,465)
Payment of capital debt, including refunded debt (5,354,000) (1,593,678) (6,947,678)
Interest paid on debt (3,773,158) (1,075,541) (4,848,699)
Proceeds from sale of capital assets 55,018 13,436 68,454
Proceeds from bond issuance - 10,467,879 10,467,879
Net cash provided (used) by capital
and related financing activities (10,719,223) 2,630,125 (8,089,098)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 215,419 569,835 785,254
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Transfers from (to) governmental funds (918,728) (523,000) (1,441,728)
(659,016) 6,126,263 5,467,247
3,525,755 7,476,901 11,002,656
CASH AND CASH EQUIVALENTS: ending 2,866,739$ 13,603,164$ 16,469,903$
- - -
Continued on next page.
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2023
City of Carmel, Indiana
STATEMENT OF CASH FLOWS
Business-Type Activities - Enterprise Funds
Net cash provided by operating activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
NET INCREASE IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS: beginning
47
Water Utility Sewer Utility Total Enterprise
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Operating income 5,385,938$ 115,060$ 5,500,998$
Adjustments to reconcile operating
income (loss) to net cash provided
(used) by operating activities:
Depreciation expense 4,602,248 2,772,377 7,374,625
Nonoperating income (expense)124,617 (42,270) 82,347
(Increase) decrease in assets:
Accounts receivable (110,795) (133,672) (244,467)
Pension-related deferred outflows of resources (71,397) (96,222) (167,619)
OPEB-related deferred outflows of resources (440,039) (362,972) (803,011)
Other 78,824 (1,647) 77,177
Interfund receivables 61,436 (61,436) -
Inventories 7,597 (35,732) (28,135)
Increase (decrease) in liabilities:
Accounts payable 708,183 759,496 1,467,679
Wages payable 3,892 4,190 8,082
Compensated absence payable (15,100) (5,932) (21,032)
Net pension liability 133,502 192,542 326,044
OPEB liability 413,923 405,117 819,040
Pension-related deferred inflows of resources (104,158) (81,182) (185,340)
OPEB-related deferred inflows of resources (137,337) (85,014) (222,351)
Other current liabilities 122,182 106,600 228,782
Total adjustments 5,377,578 3,334,243 8,711,821
10,763,516$ 3,449,303$ 14,212,819$
NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES:
Initiation of financed purchase obligations 1,127,033 167,929 1,294,962
Contributions of capital assets and aid in construction 2,413,823 1,101,430 3,515,253
Amortization of call rights waiver 487,370 - 487,370
Amortization of bond premium 26,934 - 26,934
The notes to the financial statements are an integral part of this statement.
Business-Type Activities - Enterprise Funds
For the Fiscal Year Ended December 31, 2023
(Continued)
NET CASH PROVIDED BY OPERATING
ACTIVITIES
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
City of Carmel, Indiana
48
Pension Trust
Funds Custodial Funds
ASSETS:
Cash and cash equivalents 174,788$ 84,013$
Receivable from State of Indiana 107,816 -
Total assets 282,604 84,013
LIABILITIES:
Payroll withholdings 107,815 -
Total liabilities 107,815 -
NET POSITION: Restricted for:
Pensions 174,789 -
Individuals, organization and other governments - 84,013
Total net position 174,789$ 84,013$
The notes to the financial statements are an integral part of this statement.
City of Carmel, Indiana
STATEMENT OF FIDUCIARY NET POSITION
December 31, 2023
FIDUCIARY FUNDS
49
Pension Trust
Funds Custodial Funds
ADDITIONS:
Employer contributions 1,312,818$ -$
Investment income 9,852 -
Court costs and fees - 1,116,016
Miscellaneous revenue 5,442 -
Total additions 1,328,112 1,116,016
DEDUCTIONS:
Benefits to plan members and beneficiaries 1,290,987 -
Administrative expenses 5,339 -
Distributions - 1,115,241
Total deductions 1,296,326 1,115,241
NET INCREASE IN NET POSITION 31,786 775
NET POSITION: beginning 143,003 83,238
NET POSITION: ending 174,789$ 84,013$
The notes to the financial statements are an integral part of this statement.
For the Fiscal Year Ended December 31, 2023
FIDUCIARY FUNDS
City of Carmel, Indiana
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
50
I. Summary of Significant Accounting Policies
A. Accounting Principles
B. Reporting Entity
C. Basis of Presentation – Government-Wide Statements
Carmel Municipal Facilities Building Corporation (CMFBC) is a legally separate Indiana not-for-profit corporation that facilitates borrowing for
certain City public safety-related capital projects. Accordingly, it imposes certain financial burdens and provides certain benefits to the City. City
officials appoint its board. It exists exclusively for the benefit of the City.
Carmel Midtown Building Corporation (CMBC) is a legally separate Indiana not-for-profit corporation that facilitates borrowing for certain City
capital projects. Accordingly, it imposes certain financial burdens and provides certain benefits to the City. City officials appoint its board. It exists
exclusively for the benefit of the City.
The Carmel Redevelopment Authority, CMBC, CMCDC, CMFBC, DCCDC, and 4CDC do not issue separate financial statements.
The Statement of Activities demonstrates the extent to which the direct expenses of a functional category are offset by program revenues. Direct
expenses are those that are clearly identifiable with a specific program. Program revenues include charges to customers or applicants who purchase,
use, or directly benefit from goods, services, or privileges provided by a given function. They also include operating and capital grants and
contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items properly excluded
from program revenues are reported as general revenue.
City of Carmel, Indiana
NOTES TO BASIC FINANCIAL STATEMENTS
For the Fiscal Year Ended December 31, 2023
The two government-wide financial statements, the Statement of Net Position and the Statement of Activities, report information on all of the non-
fiduciary activities of the City. Governmental activities, which include those activities primarily supported by taxes or intergovernmental revenue, are
reported separately from business-type activities, which generally rely on fees and charges for support. While separate government-wide and fund
financial statements are presented, they are interrelated. The governmental activities column incorporates data from governmental funds, while
business-type activities incorporate data from the government's enterprise funds. Separate financial statements are provided for governmental funds,
proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements.
The accounting policies of the City of Carmel, Indiana (City) applied to the accompanying financial statements for the year ended December 31, 2023,
conform to the accounting principles generally accepted in the United States of America (GAAP) for local governmental units. The Governmental
Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting
principles. A summary of the City's significant accounting policies employed in the preparation of the accompanying financial statements follows.
The City of Carmel (City) is a municipal corporation governed by an elected mayor as executive, an appointed controller as fiscal officer, and a nine-
member council as legislative and fiscal body. It is the primary general government reporting entity. The accompanying financial statements present
the government and its blended component units, entities for which the government is considered to be financially accountable. Blended component
units are, in substance, part of the primary government's operations, even though they are legally separate entities. Thus, blended component units are
appropriately presented within the funds of the primary government.
The City of Carmel Local Public Improvement Bond Bank (The Carmel Bond Bank) is an instrumentality of the City, organized under Indiana Code
Chapter 5-1.4-2 as a body corporate and politic, separate from the City. It serves as a facility by which certain local governmental agencies may issue
debt. Its board is appointed by City officials, it serves the City exclusively, and the City is liable for all of its debt. The Carmel Bond Bank issues
separate financial statements, which may be obtained at Carmel City Hall, Third Floor, One Civic Square, Carmel, Indiana 46032.
There are seven blended component units.
The Carmel Redevelopment Authority is organized under Indiana Code Chapter 36-7-14.5 as a body corporate and politic, separate from the City, to
facilitate long-term financing of certain City capital projects. City officials appoint its board, and the City is ultimately liable for all its debt.
The Carmel City Center Community Development Corporation (4CDC), Carmel Midtown Community Development Corporation (CMCDC), and
Downtown City Center Development Corporation (DCCDC) are legally separate Indiana not-for-profit corporations that are organized as community
development corporations, pursuant to Indiana Code 4-4-28-2. Their primary function is to facilitate borrowing for certain City capital projects.
Accordingly, they impose certain financial burdens and provide certain benefits to the City. City officials appoint their boards. They exist exclusively
for the benefit of the City.
51
D. Basis of Presentation – Fund Financial Statements
The government also reports certain other funds:
E. Measurement Focus and Basis of Accounting
The government also reports nonmajor funds, which are of three types: special revenue funds account for and report the proceeds of specific revenue
sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects; capital projects funds account
for revenues normally restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or construction of capital facilities
and other capital assets; and debt service funds account for and report financial resources that are restricted, committed, or assigned to expenditure for
principal and interest.
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting.
Revenues are recorded when earned, and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property
taxes are recognized in the year for which they are levied. Grants and similar items are recognized as revenues as soon as all eligibility requirements
imposed by the provider have been met.
The 2022 Project Fund is used to account for the expenditure of proceeds of certain 2022 bond issuances, the purpose of which were to finance the
cost of the acquisition, design, construction, renovation, improvement and/or equipping of the local and arterial road and street system.
The Water Utility and Sewer Utility Funds are enterprise funds and account for the activities of the City utilities, integral parts of the government. The
City operates the water distribution and sanitary sewer systems for residents and certain non-residents.
The fund financial statements provide information about the government's funds, including its fiduciary funds and blended component units. Separate
statements for each fund category–governmental, proprietary, and fiduciary–are presented. The emphasis of fund financial statements is on major
governmental and enterprise funds, each displayed in a separate column. All remaining governmental and enterprise funds are aggregated and reported
as nonmajor funds. Major individual governmental and enterprise funds are reported as separate columns in the fund financial statements.
The General Fund is the government's primary operating fund. It accounts for all financial resources of the general government, except those
accounted for in the funds described below.
The Redevelopment Authority Fund is used to account for the accumulation of resources that are restricted, committed, or assigned for the payment of
principal and interest on certain long-term obligations of governmental funds. In addition, the Redevelopment Authority Fund is used to account for
the construction costs of certain construction projects.
Pension Trust funds account for the activities of certain pension plans administered by the City.
Custodial funds account for municipal court escrows.
The government reports the following major proprietary funds:
The accounting and financial reporting treatment is determined by the applicable measurement focus and basis of accounting. Measurement focus
indicates the type of resources being measured, such as current financial resources or economic resources. The basis of accounting indicates the
timing of transactions or events for recognition in the financial statements.
The Redevelopment Commission Fund is used to account for the collection and expenditure of tax increment financing revenue and certain other
economic development activities.
The 2021 Project Fund is used to account for the expenditure of proceeds of certain 2021 bond issuances, the purpose of which were to finance the
police headquarters expansion and related parking garage projects.
During the course of operations, the government has activity between funds for various purposes. Any residual balances outstanding at year end are
reported as due from/to other funds. While these balances are reported in fund financial statements, certain eliminations are made in the preparation of
the government-wide financial statements. Balances between the funds included in governmental activities (i.e., the governmental funds) are
eliminated, so that only the net amount is included as internal balances in the governmental activities column. Similarly, balances between the funds
included in business-type activities (i.e., the enterprise funds) are eliminated, so that only the net amount is included as internal balances in the
business-type activities column.
Further, certain activity occurs during the year involving transfers of resources between funds. In fund financial statements, these amounts are reported
at gross amounts as transfers in/out. While reported in fund financial statements, certain eliminations are made in the preparation of the government-
wide financial statements. Transfers between the funds included in the governmental activities column are eliminated so that only the net amount is
included as transfers in the governmental activities column. Similarly, balances between the funds included in business-type activities are eliminated
so that only the net amount is included as transfers in the business-type activities column.
The government reports the following major governmental funds:
52
F. Reconciliation of Government-Wide and Fund Financial Statements
G. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance
1. Cash and Cash Equivalents
2. Investments
3. Inventories and Prepaid Items
4. Capital Assets
The capitalization threshold below is determined by the asset class.
a) Land is capitalized regardless of the value or cost;
A reconciliation of the difference between changes in fund balances, as reflected on the governmental funds Statement of Revenues, Expenditures, and
Changes in Fund Balances, and change in net position for governmental activities, as shown on the government-wide Statement of Activities, is
presented in an accompanying schedule to the governmental funds Statement of Revenues, Expenditures, and Changes in Fund Balances. The revenue
and expense elements that comprise the reconciliation differences stem from governmental funds using the current financial resources measurement
focus and the modified accrual basis of accounting, while the government-wide financial statements use the economic resources measurements focus
and the accrual basis of accounting.
Capital assets are recorded at cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at the acquisition value
at the date of donation.
A full year of depreciation is taken in the year of acquisition for capital assets employed in governmental activities, and depreciation is deferred to the
year after acquisition for those employed in business-type activities.
b) Buildings, infrastructure, vehicles, machinery, and equipment must be capitalized when the useful life is at least 1 year, and the cost is $5,000
or more for assets employed in governmental activities and $750 in business-type activities.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in the government-wide financial
statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased.
The City's cash and cash equivalents include cash on hand, demand deposits, and short‐term investments with original maturities of three months or
less from the date of acquisition. For purposes of the statement of cash flows, the City’s proprietary funds consider their demand deposits and all
highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents.
Property taxes and income taxes are considered to be susceptible to accrual and so have been recognized as revenues of the current fiscal period.
Certain service charges are recognized when the service is performed. Entitlements are recognized as revenues when all eligibility requirements are
met, including any time requirements. Expenditure-driven grants are recognized when the qualifying expenditures have been incurred and all other
eligibility requirements have been met. In all instances, revenues are recognized in governmental funds only when the amount is received during the
period or within the availability period (within 60 days of year end). All other revenue is recognized only when cash is received.
The proprietary, pension trust, and custodial funds are reported using the economic resources measurement focus and the accrual basis of
accounting.
The costs of normal maintenance and repairs that do not add to the value of the capital assets or materially extend capital assets' lives are not
capitalized. Major improvements are capitalized and depreciated over the remaining useful lives of the related capital assets.
The governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of
accounting. Revenues are recognized as soon as they are both measurable and available. Revenues from non-exchange transactions subject to
eligibility requirements are considered available when the time and other eligibility requirements are met. Accordingly, revenues shared by the State of
Indiana are considered available in the year in which the State allows the revenues to be appropriated, encumbered, and expended. All revenues are
considered to be available only if they are collectible within the current period, or soon enough thereafter to pay liabilities of the current period. For
this purpose, the government considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.
Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as
expenditures related to compensated absences, pensions, other post-employment benefits, and claims and judgements, are recorded only when payment
is due. General capital asset acquisitions are reported as expenditures in governmental funds. Issuance of long-term debt and acquisitions under
financed purchase obligations are reported as other financing sources.
Inventories are valued at cost using the first-in/first-out (FIFO) method and consist of expendable supplies. The cost of such inventories is recorded as
expenditures/expenses when consumed rather than when purchased.
Investments with a maturity of less than one year when purchased, non‐negotiable certificates of deposit, and other nonparticipating investments are
stated at cost or amortized cost. Investments with a maturity greater than one year when purchased and all investments of the pension and OPEB funds
are stated at fair value. Fair value is the price that would be received to sell an investment in an orderly transaction at year end.
All capital assets, whether owned by governmental activities or business-type activities, are recorded and depreciated in the government-wide financial
statements. No long-term capital assets or depreciation are shown in the governmental funds financial statements.
53
Buildings 20–100 years
Improvements Other than Buildings 10–20 years
Machinery, Equipment, and Vehicles 5–20 years
Infrastructure 20–50 years
5. Compensated Absences
6. Bond Premiums and Discounts
7. Deferred Outflows/Inflows of Resources
8. Net Position Flow Assumption
9. Fund Balance Flow Assumptions
Sometimes the government will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed, assigned,
and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund balance in the
governmental fund financial statements, a flow assumption must be made about the order in which the resources are considered to be applied. It is the
government's policy to consider restricted fund balance to have been depleted before using any of the components of unrestricted fund balance.
Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance is depleted first, followed by
assigned fund balance. Unassigned fund balance is applied last.
In addition to assets, the Statement of Net Position reports a separate section for deferred outflows of resources. This separate financial statement
element, deferred outflows 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 government only has three items reported on the government-wide statement of net position
that qualify for reporting in this category. One is the deferred charge on refunding. 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. The others are certain debits arising from changes in actuarial assumptions and timing differences for pensions and other post-
employment benefits.
Debt issuance costs, except for any portion related to insurance costs or other credit enhancements that tend similarly to affect interest rates in future
periods, are recognized as expenses of the current period. These credit enhancement costs are amortized on a straight-line basis over the term of the
related debt.
In addition to liabilities, the Statement of Net Position reports a separate section for deferred inflows of resources. This separate financial statement
element 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. The items that qualify for reporting in this category are credits resulting from bond refunding, credits resulting from a lease agreement, and
pension and OPEB-related credits arising from changes in actuarial assumptions and timing differences. The bond refunding category includes the
current value of renegotiated terms of certain bonds, particularly the waiving of call rights on certain bonds. Such renegotiation does not constitute
refunding per se but has a similar economic and accounting effect. The lease agreement category includes the initial measurement of a lease
receivable, and any lease payments received at or before the commencement of the lease term that relate to future periods.
Bond premiums and discounts are amortized in the government-wide and proprietary statements over the life of the issuances.
Depreciation is recorded on each class of depreciable property using the straight-line method over the estimated useful lives of the assets. Estimated
useful lives are as follows:
The government's policy permits employees to accumulate earned but unused personal time, which is eligible for payment upon separation from
government service. The liability for such leave is reported as incurred in the government-wide and proprietary fund financial statements. A liability
for those amounts is recorded in the governmental funds only if the liability has matured as a result of employee resignations or retirements.
Sometimes the government will fund outlays for a particular purpose from both restricted (e.g., restricted bond or grant proceeds) and unrestricted
resources. In order to calculate the amounts to report as restricted–net position in the government-wide and proprietary fund financial statements, a
flow assumption must be made about the order in which the resources are considered to be applied. It is the government's policy to consider restricted
net position to have been depleted before unrestricted net position is applied.
Leased assets are recorded an the initial measurement of the lease liability, plus lease payments made at or before the commencement of the lease term,
less any lease incentives recived from the lessor at or before the commencement of the lease, plus any initial direct costs that are ancillary to place the
asset into service. Lease assets are amortized on a straight-line basis over the shorter of the lease term or the useful life of the underlying asset.
Subscription assets are initially recorded at the initial measurement of the subscription liability, plus subscription payments made at or before the
commencement of the subscription-based information technology arrangement (SBITA) term, less any SBITA vendor incentives received from the
SBITA vendor at and certain payments made before the commencement of the SBITA term, plus capitalizable initial implementation costs.
Subscription assets are amortized on a straight-line basis over the shorter of the SBITA term or the useful life of hte underlying IT asset.
54
10. Fund Balance/Net Position
a) Non-spendable fund balance (inherently non-spendable) includes the:
• Portion of net resources that cannot be spent because of their form.
• Portion of net resources that cannot be spent because they must be maintained intact.
b) Restricted fund balance (externally enforceable limitations on use) includes amounts subject to:
• Limitations imposed by creditors, grantors, contributors, or laws and regulations of other governments.
• Limitations imposed by law through constitutional provision or enabling legislation.
c) Committed fund balance (self-imposed limitations set in place prior to the end of the period):
d) Assigned fund balance (limitation resulting from intended use) consists of amounts where the:
• Intended use is established by the body designated for that purpose (City Council).
e) Unassigned fund balance (residual net resources) is the:
11. Use of Estimates
12. Restricted Net Position
H. Revenues and Expenditures/Expenses
1 . Program Revenues
• Limitation imposed at the highest level of decision-making that requires formal action (passage of an ordinance) at the
same level to remove. For the City, the City Council is the highest level of decision-making authority.
• Intended use is established by an official authorized by the Council to make purchases, which includes the heads of
most departments.
• Negative unassigned fund balance is the excess over non-spendable, restricted, and committed fund balance over total
fund balance.
• Total unassigned fund balance in the General Fund is the excess of total fund balance over non-spendable, restricted,
committed, and assigned fund balance.
Fund balance is presented on the Balance Sheet for governmental funds. The components of fund balance include the following line items: a) non-
spendable fund balance, b) restricted fund balance, c) committed fund balance, d) assigned fund balance, and e) unassigned fund balance. For further
explanation of each fund balance component, please see the following:
Net position is presented on the Statement of Net Position. Net position represents the difference between (a) assets and deferred outflows of resources
and (b) liabilities and deferred inflows of resources. Net investment in capital assets consists of capital assets, net of accumulated depreciation, and
leased assets, net of accumulated amortization reduced by the outstanding balances of any debt related to the acquisition, construction, or improvement
of those assets. Deferred outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction, or improvement
of these assets or related debt are also included in this component of net position. Net position is reported as restricted when there are limitations
imposed on its use, either through enabling legislation adopted by the City or through external restrictions imposed by creditors, grantors, laws, or
regulations of other governments.
The preparation of the basic financial statements in conformity with GAAP requires the City's management to make estimates and assumptions that
affect the reported amounts of assets, liabilities, deferred outflows and inflows of resources and disclosures of contingent assets and liabilities at the
date of the basic financial statements and/or the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results
could differ from those estimates, but the City believes that the differences will be insignificant. Among the items subject to estimates are pension
liabilities, OPEB liabilities, deferred inflows and outflows of resources related to pensions and OPEB, and certain receivables.
Amounts reported as program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or
privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements
of a particular function or segment. All taxes, including those dedicated for specific purposes, and other internally dedicated resources are reported as
general revenues rather than as program revenues.
All net position reported as restricted in the accompanying Statement of Net Position is restricted due to legally enforceable contractual obligations or
Indiana law.
55
2 . Property Taxes
3 . Income Taxes
4. Proprietary Funds Operating and Nonoperating Revenues and Expenses
II. Detailed Notes on Certain Activities and Funds
A. Cash and Investments
1. Cash Deposits
The deposits and investments of the Pension Funds, as discussed in Notes II.F. below, are held separately.
Deposits of Indiana local government units are regulated by Indiana law. Deposits may be made only in financial institutions determined eligible by a
State agency.
Custodial credit risk for bank deposits is the risk that, in the event of a bank failure, the City's deposits may not be returned to it. The City's policy for
bank deposit custodial credit risk requires compliance with Indiana law.
The City's total cash deposits at December 31, 2023, were $166,422,078, of which $12,962,569 is restricted and $153,459,509 is unrestricted. The
City's cash deposits are insured up to $250,000 at financial institutions insured by the Federal Deposit Insurance Corporation. Any cash deposits in
excess of $250,000 are insured by the Indiana Public Deposits Insurance Fund (Fund) via the pledged collateral from the institutions securing deposits
of public funds. The Fund is a multiple financial institution collateral pool administered by the State of Indiana.
The Council is empowered to adopt property tax levies and rates, subject to certain statutory limitations. Taxable property becomes subject to lien on
January 1 of the year prior to the budget/levy year. Levy ordinances must be adopted before the following
November 1. Property taxes are due in two installments the following May 10 and November 10. The county government collects the taxes and
distributes them, generally, in two installments, June 30 and December 31 of the budget/levy year. The county may make advances as taxes are
collected.
Taxable property is assessed at its value on January 1 of the year prior to the budget/levy year. Before November 1 of that year, the Council is
empowered to adopt the ensuing year property tax levies and rates. The Council’s action is subject to certain statutory limitations. In some instances,
these statutory limitations may be appealed by the City, and adjusted as appropriate by the Indiana Department of Local Government Finance (DLGF).
Such appeals must be filed by the City by October 19 or December 31, depending on the nature of the appeal. After November 1, levies, rates, and
appropriations adopted by the Council are subject to review by the DLGF and adjusted, as appropriate, to meet statutory requirements and to reflect
the results of levy appeals. In some circumstances, taxpayers may also appeal the levies and rates at a public hearing before the DLGF. Review by the
DLGF must be completed by December 31 or January 15, depending on the type of levy appeal the City may file. Rates must then be published by
county officials three times, at least one week apart. The County Auditor then computes a tax bill for each parcel. The County Auditor must apply a
credit to each real estate tax bill that exceeds a certain percentage of the gross assessed value of the parcel. Those percentages are 1% for most single-
family owner-occupied residences, 2% for most other residential property, and 3% for commercial and other real property. The credit is funded by
reducing a portion of the levy of the City and each other overlapping taxing jurisdiction, on a pro-rata basis. Tax bills, net of credits, are due and
payable in two installments on May 10 and November 10 of the budget/levy year. The City considers property tax revenue to be receivable when it is
due and payable by the property owner, at which time the City has an enforceable legal claim on the revenue.
The City benefits from an income tax that was imposed by joint vote of several Hamilton County units of general government and is collected by the
State of Indiana. Each July 1, the Indiana Department of Revenue determines the amount of tax processed on returns filed for the previous year. That
amount is distributed to the County Auditor during the ensuing calendar year on a monthly pro-rata basis. The distributions are paid from accumulated
collections from withholdings and direct taxpayer payments held in trust by the Indiana Department of Revenue, which may result in a balance
remaining in the trust account. The County Auditor allocates the distributions to the City and other units of general government in accordance with a
statutory formula based on the size of each unit's non-debt property tax levy. Before May 2 of each year, the Indiana Department of Revenue
determines if the accumulated balance that was held in trust on December 31 two years preceding the determination exceeds fifteen percent (15%) of
the certified distribution to be made to the county in the determination year. If so, the excess is distributed to the County Auditor in May of the
determination year. These supplemental distributions are allocated immediately to the City and other units of general government in accordance with
the same statutory formula as for regular distributions. The City accounts for income tax revenue as a derived tax revenue. Accordingly, revenue is
recognized in the Statement of Activities when a taxpayer earns income. In the governmental funds, amounts certified for and distributed in the current
year are recognized as revenue, along with any additional amount in the trust fund that is expected to be distributed within 60 days.
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 water and sewer utility funds are charges to customers for sales and services. The Water Fund also recognizes as operating revenue the
portion of tap fees intended to recover the cost of connecting new customers to the system. 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.
56
2. Investments
These investments are required by statute to have a stated final maturity of not more than five years.
Below is a segmented time distribution for the City's debt investments at December 31, 2023:
Investment Type
Municipal Bonds
U.S. Treasury Notes
U.S. Government-backed Securities
Total
B. Receivables and Transfers
1. Receivables
Revenue Source
Property taxes
Income taxes
Intergovernmental
Lease and other
Due from other funds
Due from utility
Total
Revenue Source
Accounts and other
Due from associated utility
Due from associated utility - noncurrent
Total
The Sewer Utility recognizes a long-term liability of $629,434 due to the Water Utility for its share of the Water Utility's 2020 revenue bond.
62,668,670$
10,731,941$
2,691,644$
Water Utility
1,431,052$
629,434
- 74,586
933,820$
Sewer Utility
919,037
Total
- 919,037
Custodial credit risk for investments is the risk that, in the event of failure of the counterparty to the transaction, the City will not be able to recover the
value of investment or collateral securities that are in possession of an outside party. The City does not have a formal investment policy for custodial
credit risk for investments. The City believes it is not exposed to investment custodial credit risk because its securities are held in trust in the City's
name.
Less than 1
83,108,890$
Interest rate risk is the risk that the fair value of investments will be adversely affected by a change in interest rates. The City has no formal policy
regarding interest rate risk. The City may invest in securities for more than two years and not more than five years in accordance with Indiana law.
Under this policy, investments having maturities of more than two years are limited to 25% of the total investments and other cash and cash
equivalents held by the City.
-
Receivables at December 31, 2023, for business-type activities of the City's individual major enterprise funds consisted of the following:
1 to 5
76,671,497
-
20,247,138 -
Investments are valued at fair value. Fair value of substantially all investments is determined according to published, quoted prices for similar assets in
active markets, observable for the entire term of the asset. Accordingly, investments are classified in level two of the hierarchy of fair value.
193,082$ 193,082
More than 5
629,434
1,051,782$
-
Nonmajor
56,424,359
Investments by Indiana local government units are regulated by Indiana law. The City may invest in United States obligations and issues of federal
agencies, certain Indiana municipal securities, secured repurchase agreements fully collateralized by U.S. Treasury or U.S. agency obligations,
certificates of deposit, and certain money market mutual funds invested in U.S. Treasury or U.S. agency obligations.
Fair Value
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. The City's policy regarding credit risk is to
comply with Indiana law, which limits the City to very low-risk investments. The City’s investments in Federal Home Loan Bank Board and Federal
Home Loan Mortgage Corporation are rated AA+ by Standard & Poor’s and Aaa by Moody’s Investors Service and the municipal bond investments
are all rated AA or better by Standard & Poor’s and Moody’s Investors Service.
6,244,311 6,244,311 -
3,830,077$
9,018,047
32,488,753
General
20,440,220$ -$
Concentration risk is the risk that too many resources have been invested in a single issuer, and that issuer may fail. The City believes it is not exposed
to concentration risk because fewer than 5% of its investments are in a single issuer, other than the United States Government and its agencies.
Receivables at December 31, 2023, for governmental activities of the City's individual major governmental funds and nonmajor governmental funds in
the aggregate, consisted of the following:
1,639,862$
32,488,753
The City has no deposits or investments denominated in foreign currencies and does not foresee having any foreign currency risk in the future.
8,322,165
835,771 835,771
-
2,364,872$
-
Total
364,371
74,586
45,556,438$ 34,824,497$
1,769,591$
695,882
364,371
2,060,486$
-$
Investment Maturities (in Years)
-$
57
Description Unavailable Revenue
Property taxes
Income taxes
Ambulance fees
Supplemental Medicaid
Opioid Settlement
Total unavailable revenue
2. Transfers
a) Transfers among Governmental Funds
Transfers Out
General Fund
Redevelopment
Commission Fund
Redevelopment
Authority Fund
2021 Project Fund
Nonmajor
Total
b) Transfers between Governmental and Enterprise Funds
Transfers Out
Nonmajor funds transferred $3,846,607 to the Bond Bank Project Fund to satisfy debt service payments.
Governmental funds report deferred inflows in connection with receivables for revenues that are not considered to be available to liquidate liabilities
of the current period. At the end of the fiscal year, the various components of unavailable revenue reported in governmental funds were as follows:
Transfers In
24,866,217
2021 Project
Fund
16,620,199$
29,760,500
The General Fund transferred $16,620,199 to the Redevelopment Authority Fund to satisfy debt service payments.
The Redevelopment Commission Fund transferred $29,760,500 to the Redevelopment Authority Fund to satisfy debt service payments.
10,459 - 10,459
The General Fund transferred $8,636 to a nonmajor fund to fund the Carmel Sidewalk Grant program.
-
-
-$ -$
Redevelopment
Commission
-
General
695,882
Total
218,627
-$
-
-
-
10,459$
- 4,657,897 34,948,213
5,509
535,325$
29,391,407$
919,037
2,691,644$
-
-$
529,816
-
-
Transfers In
The Redevelopment Commission Fund transferred $529,816 to the General Fund to satisfy debt service payments.
The Redevelopment Commission Fund transferred $4,657,896 to a nonmajor fund to satisfy debt service payments.
The Redevelopment Authority Fund transferred $10,459 to the 2022 Project Fund for excess funds.
2022 Project
Fund
-
-
Nonmajor funds transferred $13,775,634 to the Redevelopment Authority Fund to satisfy debt service payments.
13,775,634
-
-
Redevelopment
Authority
-$
Water Fund
523,000
1,441,728$
Sewer Fund
General
60,156,333$
The Water and Sewer Funds transferred $918,728 and $523,000, respectively, of available excess cash to the General Fund.
918,728$
The General Fund transferred $519,000 of proceeds from a sale of property to a nonmajor fund to pay for park projects.
A nonmajor fund transferred $5,509 of grant revenue to the General Fund and $15,192 to other nonmajor funds for Federal grant projects.
Total
17,147,835$
-
17,642,942
69,749,449$
Nonmajor
527,636$
-
3,861,799
9,047,332$
-
58
C. Capital Assets
Governmental Activities:
Capital assets, not being depreciated
Land
Construction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated
Buildings and improvements
Right-of-use (lease/subscription) assets
Machinery, equipment, and vehicles
Infrastructure
Total capital assets, being depreciated
Less accumulated depreciation, for
Buildings and improvements
Machinery, equipment, and vehicles
Infrastructure
Total accumulated depreciation
Total capital assets, being depreciated, net
Governmental activities capital assets, net
Business-Type Activities:
Capital assets, not being depreciated
Land & land rights
Construction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated
Utility plant & equipment in service
Total capital assets, being depreciated
Less accumulated depreciation for
Utility plant & equipment in service
Total capital assets, being depreciated, net
Business-type activities capital assets, net
Governmental Activities:
General Government
Economic Development
Culture & Recreation
Public Safety
Streets and other infrastructure
Total governmental depreciation
Business-Type Activities:
Utility plant & equipment in service
Total business-type depreciation
Total depreciation
953,292
93,663,755
(1,684,372)
171,904,249
4,648,555
262,848,807 26,949,348
66,656,661
661,490,611
1,017,542,550 11,748,839
192,712
9,178,193
Transfers Out
BalanceDeletions/
Transfers In
332,850 704,530 (84,088)
39,023,834
Balance
Jan 1, 2023
(4,284,231)
(4,519,871)$ 203,436,543$
58,924,152
288,441,985 -
(8,804,102) 41,923,834
1,673,404
263,980,566
Additions/
Dec 31, 2023
297,100,298
205,056,414$ 2,900,000$
Capital asset activity for governmental activities for the year ended December 31, 2023, was as follows:
661,297,899
1,007,478,082
BalanceDeletions/
(39,224,067)$
394,658,845
276,518,312
187,140,480
729,093,282
26,723,325$
Balance
288,449,268
(1,513,989)
(335,485) (15,200,509)
Additions/
Transfers In
(1,513,989)
26,949,348
1,008,609,841$
8,635,461
349,446,855
5,496,657$
Depreciation expense was charged as follows for the year ended December 31, 2023:
6,070,414
1,964,893
7,374,625
286,768,581
86,562$
58,843,957 7,064,562 -
-
34,323,973$
237,390,394
296,719,226$
(1,348,887)
Capital asset activity for business-type activities for the year ended December 31, 2023, was as follows:
(1,348,887)
112,056,461
5,911,545
118,140,533
(223,437)
7,374,625
405,566
20,200,914 52,435,645
46,725,980
45,349,462$
(39,000,631) 5,998,108
46,725,980
(1,600,284)
-
59,078,752
39,351,355
47,025,550
5,410,095$
1,026,193,580$
Jan 1, 2023
65,908,519
(9,139,587)$
744,629,275
35,400,269 32,100,601
15,236,231
14,704,257
349,446,855
Dec 31, 2023
394,658,845
(1,290,553)
(39,000,631)
9,873,015$
7,374,625
289,826,039$
Transfers Out
-$
5959
D. Noncurrent Liabilities
1. Changes in Long-Term Debt Obligations and Other Liabilities
The following is a summary of changes in long-term obligations for the year ended December 31, 2023:
Governmental Activities:
Private placement bonds
Other bonds secured by revenues
Contract purchase obligations
Unamortized bond premium
Financed purchase obligations
Lease/SBITA liability
Compensated absences
Total OPEB liability
Portion of above due within one year
Portion of financed purchase obligation payable due in more than one year
Portion of Lease/SBITA liability due in more than one year
Net pension liability and total OPEB liability due in more than one year
Bonds payable due in more than one year
Business-Type Activities:
Sewer utility revenue bonds
Water utility revenue bonds
Total business-type bonds
Water utility bond premium
Utility financed purchase obligations
Compensated absences
Total OPEB liability
Portion of above due within one year
Portion of financed purchase obligation payable due in more than one year
Net pension liability and total OPEB liability due in more than one year
Bonds payable due in more than one year
332,850 738,835 (84,088) 987,597 456,141
531,456
3,177,857
-
39,145,145
9,794,889
131,869,236
171,539,333
Total business-type activities
27,332,415
134,545,303
175,776,906$
543,314
1,414,531
Balance
Total governmental activities
-
15,944,052
2,417,344
(63,291,058)$
Subtotal, bonds, premiums, and discounts 13,177,933
3,869,227
13,177,933
438,715 4,527
(6,947,678)
171,871,517
-
8,447,759
2,634,543
1,986,703
3,370,504
Reductions
165,668,196
8,598,177
(25,559)
(5,289,393)
72,540,000$
Jan 1, 2023
183,864,793$
Liabilities other than debt, which are ordinarily employment related, such as compensated absences, pensions, and other post-employment
benefits, have been liquidated in prior years by the same governmental funds that expended the regular compensation to the affected
employees. Typically the General Fund and the Motor Vehicle Highway Fund have been used in prior years to liquidate the liabilities, other
than debt. When liabilities have arisen, other than debt, which were not related to compensation, the liabilities have ordinarily been
liquidated by the governmental funds that financed the activities that gave rise to the liabilities.
752,991,160$
Due Within
45,789,149
(1,593,678)$
332,184 (26,934)
26,230,894
5,497,039$
8,257,212
830,656 Net pension liability
Subtotal, bonds, premiums, and discounts
55,732,686
(780,299)
17,071,072$
1,633,894$
(49,490,449)
Balance
(1,088,486)
One Year
(5,354,000)
921,128,594$
Additions
Due Within
39,670,097$
1,184,701
895,854,909$
(1,454,606)
(38,557,817)
-
45,789,149$
44,570,372 20,194,916
1,986,703
Additions
67,142,690$
(245,929)
679,293,271
Balance
(5,397,310)$
Balance
Less,
24,597,000
792,136,305
83,969,596
30,763,775$
Dec 31, 2023
(9,032,602) 29,067,566
37,686
(2,449,014)
One Year
38,017,373$
22,074,413
-
841,626,754
-
254,612
717,851,088
Dec 31, 2023
49,805,036
-$
Jan 1, 2023
2,729,316
1,430,630
(6,974,612)
359,118
1,294,962
438,715
(534,449)
Reductions
44,515,643
33,393,494
10,500,000$
12,573,548
27,332,415$
Net pension liability
459,747
165,309,078
2,677,933
The City administration believes it is in compliance with Federal arbitrage regulations, which apply to bonded debt, and that the City's liability, if
any, under these regulations, is not material.
-
3,362,392 1,179,119 (360,079)
26,230,894
4,181,432 119,492
Less,
4,195,272
145,640,623$
(8,983,185)$
60
Governmental Activities Long-Term Debt:
2043
Redevelopment Authority Taxable Lease
Rental Bonds, Series 2017A (Midtown
South)
2.000%-
5.000%
2036
General Obligation Bonds, Series 2016D
2016General Obligation Bonds, Series 2016I
2016
Taxable Economic Development Lease
Rental Revenue Bonds, Series 2018A
(Midtown West Project)
2036 1,214,000
1.576%-
3.762%
General Obligation Bonds, Series 2016J
General Obligation Bonds, Series 2016G
2.000%-
5.000%
2016
1,599,000
3.990% -
4.850%
7,496,000
2.000%-
5.000%
1,036,000
2036
1,577,000
1,373,000
General Obligation Bonds, Series 2016H 2036
2.000%-
5.000%
20362016
2036 123,533,000
1,211,000
1,383,000
2016
2.000%-
5.000%
20362.000%-
5.000%
General Obligation Bonds, Series 2016F
Taxable Lease Rental Revenue
Refunding Bonds, Series 2020B
2036
1,633,000
20,315,000
2016
2036
Redevelopment Authority Lease Rental
Bonds, Series 2016A (Public
Infrastructure Projects)
2038
2016
2.000%-
5.000%
Taxable Lease Rental Bonds, Series
2019A-2 2019
2016
2016
2016 1,394,000
21,965,000
2036
General Obligation Bonds, Series 2016M
1,147,000
880,000
125,195,000
Amount
Outstanding
125,195,000
3.000% -
4.000%
Year of
Interest Rate
2035
54,225,000 54,225,000
Year of
2035
2033
Original
2016 2036
Issue
Bonds issued in order to acquire capital assets, for which the City has pledged an unlimited ad valorem property tax levy to satisfy the principal
and interest on the bonds as they become due:
AmountMaturity
2020
2036
59,870,000
24,215,000
2016
2.000%-
5.000%
2.000%-
5.000%
1,577,000 1,147,000
0.211% -
2.301%
2041Redevelopment Authority Property Tax
Lease Rental Bonds, Series 2021
2016 18,830,000
1,373,000
2020
882,000
790,000
1.973% -
3.864%7,405,000
8,170,000
Taxable Redevelopment District Bonds,
Series 2021
6,300,000
0.337%-
2.074%62,270,000
2018
2021
Taxable Lease Rental Revenue
Refunding Bonds, Series 2020A
0.839%-
2.628%
2021
2.500% -
5.000%12,645,000
General Obligation Bonds, Series 2016A
2016 2036
139,872,000**
2017
2016
1,099,000
2.000%-
5.000%
996,000
2.000%-
5.000%General Obligation Bonds, Series 2016E 1,161,000
1,426,000
2016 Storm Water Bond
(Authorized: $44,500,000)
Taxable Special Program Bonds, Series
2016
1,187,000
16,490,000
2042
General Obligation Bonds, Series 2016C
6,720,000
2016General Obligation Bonds, Series 2016L
10,337,000
30,720,000
2029
2016
996,000
1,513,000
Redevelopment Authority Lease Rental
Bonds, Series 2016B (Economic
Development Projects)
1,005,000
2.000%-
5.000%
2.000%-
5.000%
2036
General Obligation Bonds, Series 2016K
2.000%-
5.000%
2036
1,013,000
1,089,000
2041
General Obligation Bonds, Series 2016B
11,625,000
2.000%-
5.000%
Redevelopment Authority Property Tax
Lease Rental Bonds, Series 2022
3.000% -
5.000%2022 2042 62,450,000 61,500,000
2.000%-
5.000%
61
* Original amount refers to the original amount of the non-refunded portion only of any partially refunded bonds.
** City has additionally pledged local income tax (LIT)
In the year ended December 31, 2023, the total of payments on the bonds listed above was 0.572% of taxable assessed value.
32,380,000
COIT Lease Rental Revenue Refunding
Bond, Series 2014B (Northwest Clay
Road)
3.000%-
5.000%
22,575,000
3.940%
440,000
0.855% -
2.706%
Redevelopment Authority LIT Lease
Rental Revenue Refunding Bonds, Series
2017
2.100% -
3.750%
2011Loft A Private Placement 2011
5.150%2019 City Center Community
Development Loan 2019
2025 12,760,000
1,355,000
23,180,000
3.000% -
4.000%2021
5.000%
69,245,000
2024
2005
2012
2017
Issue
9,970,000
Amount
2.006% -
3.200%
24,000,000^
Redevelopment Authority Taxable Lease
Rental Bonds, Series 2017C-1
2027
2017
5,395,000
Amount
Redevelopment Authority Lease Rental
Bonds, Series 2016C (Energy Center
Project)
1.190%-
3.000%
Outstanding
10,550,000
16,235,000
815,000^
3.000% -
5.000%2017
6.000%
Redevelopment Authority Tax-Exempt
Lease Rental Bonds, Series 2017B-1
3.200% -
3.200%
2027
6,000,000
2033
In the year ended December 31, 2023, the total of payments on the bonds listed immediately above was 8.6% of annual incremental tax
revenue.
5,897,690
Redevelopment Authority Taxable Lease
Rental Bonds, Series 2016D (Midtown
Phase 1A)
2.360% -
2.360%
10,550,000
2017
Maturity
2041
OriginalYear of
2004
Taxable Lease Rental Bonds, Series
2019A-1
16,600,000
Outstanding
32,380,000
Year of
2041
In the year ended December 31, 2023, the total of payments on the bonds listed immediately above was 19.2% of annual LIT revenue.
2017
9,500,000
2021
2027
Amount
46,795,000
Issue
Interest Rate
2019
2037
2037 32,495,000^
6.650%
Amount
2030
Maturity
20,275,000
15,164,000
2025
25,190,000
2041
Lease Rental Revenue Bonds of 2005
(unrefunded portion)
2016
Lease Rental Revenue Multipurpose
Bonds, Series 2012B
10,890,000
2.000%-
5.000%
9,190,000
5,345,000
30,840,000
Municipal Facilities Building Corp Lease
Rental Bonds, Series 2021
Year of
2016
18,228,271
Lease Rental Revenue Refunding Bonds
of 2011 (West Clay road)
19,649,150*
2011
Taxable Lease Rental Bonds, Series
2017C-2
5.800%-
8.450%
9,630,000
Taxable Local Income Tax General
Obligation Bonds, Series 2021
Bonds issued in order to acquire capital assets, for which the City has pledged its incremental tax revenue from certain allocation areas up to the
amount needed to satisfy the principal and interest on the bonds as they become due:
2014
Bonds issued in order to acquire capital assets, for which the City has pledged its LIT revenue up to the amount needed to satisfy the
principal and interest on the bonds as they become due:
2035 11,112,000
Year of
1.576%-
3.762%
2026
Interest Rate
Redevelopment Authority Tax-Exempt
Lease Rental Bonds, Series 2017B-2
10,525,000^
Original
2048
Taxable Tax Increment Revenue Bonds,
Series 2004A 2024
^ To the extent that the City LIT revenue would be insufficient to pay the bonds when due, bonds are payable from a special benefits tax (an ad
valorem property tax).
360,000
62
Restated Secondary Village #1
Total bond principal and contract purchases
Financed purchase obligations
Compensated Absences
Total bond principal, contract purchases, financed purchase obligations, and compensated absences.
Bond premium
Business-type Activities Long-Term Debt:
Bond Premium/ Discount
Total bonded debt, including amount due in one year
Total business-type activities bonds, financed purchase obligations, and compensated absences.
Total City bonds, financed purchase obligations, and compensated absences.
Compensated Absences N/AN/A N/A
AmountYear of Year of Original
2013
2025
Junior Waterworks Revenue Refunding
Bonds of 2017
2036
Maturity Amount
1.750%
2008
17,745,000
30-day SOFR
Total governmental activities bonds, contract purchases,
financed purchase obligations, and compensated absences.
0.830% -
2.430%
Bonds issued in order to acquire capital assets, for which the City has pledged its sewer or water user fee revenue, net of reasonable
expenses of operation, repair, and maintenance, up to the amount needed to satisfy the principal and interest on the bonds for the term of the
bonds:
Amount
765,551,418
Original
44,515,643
Outstanding
Bonds issued in order to acquire capital assets, for which the City has pledged its sewer or water user fee revenue, net of reasonable
expenses of operation, repair, and maintenance, up to the amount needed to satisfy the principal and interest on the bonds for the term of the
bonds:
Year of
Issue
9,781,000
N/A
810,067,061$
Interest Rate
15,944,052
747,620,662
2016-2023
1,986,703 N/A
2034
Amount
2033
7,260,000
17,745,000
Amount Outstanding
Outstanding
24,381,168
4,955,000 Storm Water District Revenue Bonds,
Series 2020 2020
Contract purchases of capital assets:
Year ofYear of
Financed purchase obligations
21,625,000
Year of Original
Interest Rate Issue Maturity
4,500,000
6,700,000
Amount
N/AN/A
2.110%
Issue
1.290% -
6.930%
Interest Rate
4,595,000
2039
2023
5,100,000
2027
15,954,000
2019
3,100,000
Sewer Utility Revenue Bonds of 2020
2017
2.340%
Water Utility 2008 Capital Appreciation
Bonds
5,894,000
1,184,701
2034
Maturity
171,871,517
2,112,000
332,184
1.800%-
3.700%2037
2.000%-
4.000%
48,848,236
Sewer Utility Revenue Bond
Anticipation Notes of 2023 2023
2021 Sewer Utility Refunding Bonds
Junior Waterworks Revenue Bonds of
2021
2021 Sewer Utility Revenue Bonds
6,035,000
Sewer Utility 2005 Revenue Bonds
Refinance
20,644,479
2,062,097
2005
Water Utility Junior Waterwork Revenue
Bond of 2012
0.420%
3,010,000
Waterworks Special Program Bonds,
Series 2016
4.320%-
4.610%
2016
2009
4,542,736
438,715 N/A
3.000%-
5.000%
2033
2028
11,000,000 2026
13,035,000
4.130%-
5.790%
2030
2012
53,735,000
3,177,857
175,488,089
985,555,150$
2016-2023
2.250%
Sewer Utility 2009 SRF
Waterworks Revenue Bond Anticipation
Notes of 2019
2021 2032
37,865,000
13,000,000
10,500,000 10,500,000 3.53%
2021 2039
2021 2039
15,951,000 2020
2.320%
63
Public safety
Streets and infrastructure
Economic development
Total
2. Debt Service Requirements to Maturity
Total Requirements
Total Requirements
369,703
12,596,324
Total
In the year ended December 31, 2023, revenue, net of reasonable expenses for operation, repair, and maintenance, was 76.1% of debt
service requirement for the Water utility and 104.5% of debt service requirement for the Sewer utility.
13,409,490
Principal
369,703
2029 - 2033
Notes and Loan Payable -
10,706,787 369,704 272,909
- 26,058,523
282,544
5,497,039$
Total
369,703$
Interest Principal
1,273,323
106,101
3,767,054
48,281,000 17,463,177
-
23,644,322
Principal
- -
22,876,337
43,820,000
-
5,095,000
18,813,683
3,767,054
2026
226,176,000
2028 188,217
2027
2024
2025
7,165,261
2044 - 2048
7,734,604$
Interest
-
2026
2034 - 2038
1,667,030$
1,889,537
- -
-
77,183
254,612$
87,159
Governmental Activities:
96,795
Year Ended
The debt service requirement calculation above for the Water utility does not include debt service on a note in the amount of $17,745,000
due May 1, 2024. Management expects this note will be refinanced with a new note or a longer term bond series.
1,424,299$
9,535,881
Contract Purchase
Direct PlacementDecember 31 Obligations Payable
Interest on long term debt has been charged as a direct expense in certain instances in which borrowing has been essential to the
creation or continued existence of projects, as follows:
24,369,670$
263,602
-
115,091$ 2,237,565$
5,148,864
-
111,034
22,165,000
Notes and Loan Payable -
64,493,077
45,347,508
-
Obligations Payable - Total
Interest
75,161,315
-
248,341,000
54,681,544
3,893,523
70,015,162$
Total
61,910,855$
-
482,329$
Interest
65,744,177
Notes and Loan and Contract Purchase
61,424,906
-
-
1,184,701$ 67,142,690$
-
-
Total
2029 - 2033
30,870,017$
39,935,042 68,991,830
24,446,376 80,315,732
-
316,727,600
-
Thereafter -
Year Ended
47,587,054
December 31
13,623,075
193,306,000
864,666,078$
21,489,864
48,694,000
44,889,660 22,460,044
28,517,361$
216,182,337
-
2024
47,587,054
-
2025
72,300,717
202,353,954 180,481,000
-
665,670,196 947,281,747$ 733,997,587 198,995,882$
67,349,704
53,487,034
-
-
2028
55,869,356
-
-
2034 - 2038
43,820,000
290,669,077
20,479,771 67,626,351
39,145,145$
2027
747,620,662$
-
2039 - 2043
21,872,954
2039 - 2043
2044 - 2048
-
-
Thereafter
-
33,393,494$
68,386,600
213,284,160$
Accretion on CABs
679,293,271$
13,623,075
5,705,000
7,197,221
6,368,323
-
2,048,357
1,460,261
-
1,003,383 13,828,383 12,825,000
-
13,805,949$ 80,948,639$
Direct Borrowings
Principal
18,932,351
-
64
Business-Type Activities:
Total Requirements
Total Requirements
3. Financed Purchase Obligations
403,571 3,001,970
3,302,748
85,373,055
3,370,504$
679,541$
The Water and Sewer Utilities entered into various financed purchase obligations for certain equipment. As of December 31, 2023, the Utilities had
assets with an original cost of $3,750,121 and accumulated depreciation of $807,383 financed through purchase obligations.
2025
Governmental Activities:
543,314$ 2024
49,156,118
54,014
626,049
2029 - 2033
87,031
2026 2,598,399
1,418,750 14,703,562
2026
36,216,937
13,284,812 2028
237,228
143,335,576
15,944,052$
588,947$ 3,177,857$
2034 - 2037
118,376
Interest
2,422,567
648,133
744,425
2029 - 2033
22,805,575
Total
Year Ended
2,470,838
2,291,602
The City has entered into various financed purchase obligations for equipment for various departments, including Police, Fire, Streets, and for a
golf course. As of December 31, 2023, the City had assets with an original cost of $23,043,953 and accumulated depreciation of $9,179,158
financed through purchase obligations.
Total
2027
2,453,000
2,175,736$
Principal
136,227$
921,756
2034 - 2038
364,024
December 31
Principal Interest
11,478,343
2027
2026
21,634,899
Total
31,928
Total
Year Ended
2024
33,934,485
2,240,843 181,724
30,862
18,119,788$
2,762,512
2039 - 2043
291,242
291,674
1,065
14,337,560
2025
2028
Accretion on CABs
2,859,217
218,225,992$
2029 - 2033
Year Ended
December 31
74,890,416$
28,203,757
3,966,613$
522,039 3,642,596
2034 - 2038
2028
67,591
2,157,596
561,102
2027
171,539,333$
3,668,397$ 26,230,894$
12,533,864
3,766,804$
124,402
3,120,557
Business-type Activities:
797,355
2025
Principal
179,553
431,615
50,092 48,785
Total
2024
28,004 2,481,004
December 31
24,963,171
1,307
596,110$
12,299,586
Interest
2,112,049
9,231,116
29,899,291$
65
4. Lease Revenue and Lease Liability
Principal and interest requirements for lease liabilities to maturity are as follows:
5. Subcription-Based Information Technology Arrangements
5. Other Commitments
Total assigned from the General Fund balance:
Construction commitments for the Water and Sewer Enterprise Funds were $198,000 and $8,700,000, respectively.
6. Contingent Grants
2028 19,004 4,370 23,374
245,137 21,009 266,146
Principal Interest Total
824,937$
366,145$ 41,736$ 407,881$
Certain City officials are empowered to issue purchase orders and enter into contracts that constitute contractual obligations of the City. For
governmental funds, these obligations are included in, and do not exceed, the assigned, committed and restricted fund balances of the respective funds.
The Carmel Redevelopment Commission, an integral part of the City, is contingently liable for the issuance of up to $25.5 million of grants, via a
community development corporation which is a component unit of the City. The purpose of the contingent grants is to encourage private
investment in the area served by the community development corporation. The grants are contingent upon the need to cover payments on loans
used to finance the private investment. As of December 31, 2023, no grant payments had been made by the City in connection with these loans.
The Administration believes no such payments will be needed in the future.
Various claims and lawsuits are pending against the City. At December 31, 2023, the administration believes the amount payable for claims and
judgments, if any, is not material in relation to the basic financial statements taken as a whole.
The City is lessee on retail space in a certain commercial building, and in turn, the City is a sub-lessor for that commercial space. All rental amounts
are fixed. The book value of the leased retail space is $248,762.
14,838$
98,850$
The City is party to several subscription-based technology arrangements (SBITAs) that provide software for administrative tasks, facial recognition,
and other functions. The asset value of these SBITAs as of December 31, 2023 is $704,530, net of amortization of $344,954. Certain of these SBITAs
are reasonably certain to continue in force through 2026. Accordingly principal and interest payments are expected to be as follows:
263,600$
2025
Total
Year Ended
4,944
2027
2026 27,217 6,823 34,040
89,996$
5,328 23,374
2026
2027
Principal Interest
-
6,663,002$
Total 738,835$ 74,896$
18,046
Total
December 31
2024
1,040
8,854$
Year Ended
63,285
December 31
65,900
-
93,906
64,860
-
98,850
2024
2025
248,762$
2029-2033 6,837 70,122
The City did not recognize any outflows of resources in 2023 related to variable payments not previously included in the subscription liability's
measurement or for other payments, such as termination penalties, not previously included in the subscription liability's measurement.
The City is lessor on certain leases for commercial office space in a building owned by a component unit. Lease terms range up to 10 years, and
expected lease renewals range up to an additional 5 years. All rental amounts are fixed.
The City recognized $777,416 in inflows of resources related to leases during 2023.
66
7. Limited Recourse Obligations Payable Solely from Property Taxes Generated from a Specific Project Site
2023 Economic Development Revenue Bonds (Franciscan 2023A Project)
2023 Economic Development Revenue Bonds (AT&T Site Redevelopment Project)
2022 Economic Development Revenue Bonds (Lot One Project)
2021 Economic Development Revenue Bonds (North End Project)
2021C Subordinate Economic Development Revenue Bonds (Proscenium)
2021B Senior Economic Development Revenue Bonds (Proscenium
2021ASenior Economic Development Revenue Bonds (Proscenium)
2021B Subordinate Economic Development Revenue Bonds (Signature)
2021A Senior Economic Development Revenue Bonds (Signature)
2021 Economic Development Revenue Bonds (Firehouse Project)
2021 Economic Development Revenue Bonds (The Corner Project)
2021 Economic Development Revenue Bonds (Franciscan Health Project)
2020 Economic Development Tax Increment Revenue Bonds (City Center Phase II)
2020 Economic Development Tax Increment Revenue Bonds (Brookshire Village Shoppes Project)
2018 Tax-Exempt Economic Development Revenue Bonds (KAR Auction Services, Inc.)
2018 Taxable Economic Development Revenue Bonds (Meridian and Main - Indiana Spine Group II Project)
2018 Taxable Economic Development Revenue Bonds (Sunrise on the Monon)
2017 Economic Development Revenue Bonds (Grand & Main - The District)
2015 Economic Development Revenue Bonds (The Olivia on Main)
2011B Subordinate Economic Development Revenue Bonds (Arts District Lofts & Shoppes)
2011A Senior Economic Development Revenue Bonds (Arts District Lofts & Shoppes)
2011 Taxable Economic Development Revenue Bonds (Meridian and Main - Indiana Spine Group I Project)
2011 Taxable Economic Development Revenue Bonds (116th Street Centre Project)
2006B Taxable Economic Development Revenue Bonds (Buckingham-Gramercy Project)
8. Schedule of Outstanding Principal on Advance Refunded Debt
Outstanding Amount
Outstanding Bonds
Taxable Lease Rental Revenue Refunding Bonds, Series 2020A
Taxable Lease Rental Revenue Refunding Bonds, Series 2020B
Lease Rental Revenue Multipurpose Bonds, Series 2012A
Taxable Lease Rental Revenue Multipurpose Bonds, Series 2012B
Carmel Bond Bank Lease Rental Refunding Bonds, Series 2016C
Carmel Bond Bank Special Program Bonds, Series 2016
E. Risk Management; Claims
Changes in the balance of claim liabilities are as follows:
Unpaid claims, beginning of fiscal year
Incurred claims and changes in estimates
Claim payments
Unpaid claims, end of fiscal year
1/15/2035
16,368,479
1,480,423$
2022
Bonds Refunded
2012A LR Multi Bonds
40,515,000
2010A COPS
2023
15,811,018
$ 252,115,000
The City may be exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; job-related
illnesses or injuries to employees; medical benefits to employees, retirees, and dependents; and natural disasters. The City administration believes
these risks are adequately covered by the purchase of insurance. Settlements in excess of insurance, if any, have not been material in the past three
years.
16,769,653
1,480,423$ 1,072,881$
15,403,476
Refunded Bonds
Outstanding
2014 LR Refunding Bonds 2/1/2033
1,970,000
11,230,000
115,900,000$
2008B Jr. Water
2010C COPs 7/15/2035
The City has chosen to establish a Self Insurance Fund to mitigate the risk of loss related to employee health claims. An excess liability policy through
commercial insurance covers individual claims in excess of $225,000 per year.
6/1/2026
Amounts are paid into the Fund by user city departments. Funds are available for claims, claim reserves, and administrative costs of the program.
Interfund transfers into the Fund are based upon the actual claims incurred of each department's current year eligible employees. The basis for
estimating unpaid claims, including specific incremental claim adjustment expenditures, if any, is a study of actual claims experience in recent past
periods.
1/15/2035
53,705,000
Through
The City has entered into certain transactions with private firms to redevelop designated real property meeting certain criteria. In these instances,
bonds are issued to finance improvements on property designated by the City but owned by the private firm and its affiliates. The bonds are purchased
by the same private firm and affiliates. The private firm may supplement these improvements with additional improvements financed from its own
resources. As improvements are completed, incremental property tax revenue is generated, and a pre-determined portion of that revenue is applied to
the payment of the bonds. This pre-determined share of tax paid by the private firm is the sole source of repayment. There is no recourse to the City if
this revenue is inadequate to pay principal and interest on the bonds. The private firm and its affiliates are, in substance, the property owner, the
owner of the bonds, and the taxpayer. Accordingly, the bonds are not reported as liabilities of the City in the accompanying financial statements.
Following are the currently active transactions of this kind.
1,079,250$
2010B COPS
2/1/2038
28,795,000
67
F. Pension Plans
1. Single Employer Defined Benefit Pension Plans
Plan Descriptions:
14
Benefits provided:
-
The plans are closed to new entrants.
-
Fire
14
In addition, each child of the deceased member will receive 20% of the monthly pay of a first-class officer or firefighter. Total benefit for all such
beneficiaries may not exceed the pension benefit the deceased member was receiving. In addition to the above benefit, a funeral benefit of $12,000
will be paid to heirs of the deceased member.
As established by Indiana law, the boards for the police officers' and firefighters' plans consist of eight and five members, respectively. On each board,
the mayor of the City and the chief of each department serve ex officio. On the police board, the Controller of the City also serves ex officio. The
remaining members are elected by the active members, police and firefighters, respectively. At least one member of each board must be a retired
beneficiary of the respective plan.
2. If retired after December 31, 1985, receives 1% of first-class patrolman salary for each 6 months of service in excess of 20 years. The total
benefit may not exceed 74% of first-class salary.
-
2. 55% of the benefit the retiree was receiving.
Total Plan Members
-
Active members of the 1925 Police Officers' and 1937 Firefighters' plans had the option of converting to the 1977 Police Officers' and Firefighters'
Fund, which is described more fully below. Convertees were given a $10,000 bonus by the State of Indiana for exercising the option to convert. After
such a conversion, the member is covered by the benefit structure of the new plan, but the benefits are still financed by the local unit. Of the Carmel
members, four retired police officers and three retired firefighters converted.
14
Active members of the 1925 Police Officers' and 1937 Firefighters' plans had the option of participating in the deferred retirement option plan
(DROP). Under that plan, an active member could declare in advance a future retirement date. From the time of that declaration, contributions on
behalf of that member would have been segregated into a separate fund for his benefit. Upon retirement, the member would have several options with
regard to taking the balance in this fund in the form of a lump sum or future payments. The member's regular retirement benefits would be paid as if
he had retired on his declaration date. The City has no participants in DROP.
Members of the police and fire departments hired prior to May 1, 1977, who retire with 20 or more years of active duty receive fifty percent of the
salary of a first-class patrol officer or firefighter plus:
Retirees and beneficiaries currently receiving benefits
Effectively, benefits are subject to a cost-of-living adjustment because they are tied to current members' salaries, which tend to be adjusted each year,
as opposed to the historical salaries of the retirees.
Membership in the Plans as of the most recent actuarial valuation was comprised of the following:
Police
The Municipal Police Officers' 1925 and Firefighters' 1937 Plans are distinct single-employer defined benefit pension plans. The plans are
administered by local pension boards. The plans provide retirement, disability, and death benefits to plan members and beneficiaries. The plan
administrator does not issue a publicly available financial report that includes financial statements and required supplementary information of the plan.
14
Membership:
The plans also offer a disability benefit whereby members of the police and fire departments who have suffered or contracted a mental or physical
disease or disability that renders the member unable to perform the essential function of the department will receive the greater of 55% of first-class
salary or the pension benefit the member would have received if the member had retired on the disability date.
Terminated employees entitled to but not yet receiving benefits
1. If retired prior to January 1, 1986, receives 2% of the first-class salary for each year of service in excess of 20, or;
Current active employees
1. 30% of the monthly pay of a first-class patrol officer, or
The plans also provide a death benefit for a surviving spouse to receive the greater of
68
Contributions:
Net Pension Liability and Pension Expense:
Assumptions and Other Inputs
Changes in the Net Pension Liability:
Changes for the year:
Service Cost
Interest
Changes in Plan Provisions
Difference between Expected and Actual Experience
Changes in Assumptions
Benefit Payments
Employer contributions
Employee contributions
Net transfers into (out of) trust
Net investment income
Benefit payments
Administrative expenses
Other
Fiduciary net position as a percentage of total pension liability
Net Pension
Liability
Plan Fiduciary
Net Position
-
138,608$
(646,841) (646,841)
-
-
-
'25 Police Officers' Plan
-
Measurement Date
2.50%
652,291
-
Balances as of January 1, 2023
-
The plans are administered on a pay-as-you-go basis. Plan members are required by Indiana law to contribute an amount equal to 6 percent of the
salary of a first-class patrolman. For the year ended December 31, 2023, the State of Indiana contributed $652,291 to the '25 Police Officers' Plan and
$660,527 to the '37 Firefighters' Plan on behalf of the City during the fiscal year.
1977 Plan Converted
-
-
-
Mortality and Mortality Improvement
646,841
-
-
-
-
(646,841)
-
December 31, 2023–Police Officers' member census data as of January 1, 2023, and
Firefighters' member census data as of January 1, 2023, was used in the valuation.
-
343,658
Increase (Decrease)
December 31, 2023
-
(652,291)
343,658
-
Total Pension
Liability
-
-
Valuation Date
Cost of Living Increase:
8,185,266$
SOA published mortality improvement scale: MP-2021 generational, which projects
mortality improvement indefinitely after the 2006 base mortality year beginning with
high initial improvement (based on recent experience) and tapering to a lower level of
improvement for long-term mortality projections.
1925 or 1937 Plan
-
2.50%
Discount Rate
SOA published mortality table: RP-2014 blue collar mortality table adjusted to 2006 base
year. Separate tables for males and female participants. Separate tables for active
employees, healthy annuitants, and disabled participants.
4.31% Police Officers; 4.31% Firefighters for 2023
The City's net pension liability of $7,868,952 for the '25 Police Officers' Plan and $9,445,418 for the '37 Firefighters' Plan was measured as of
December 31, 2023, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December
31, 2023. For the year ended December 31, 2023, the City recognized pension expense of $339,408 for the '25 Police Plan and $402,945 for the '37
Firefighters Plan.
-
Balances as of December 31, 2023
-
8,020,691$
(7,681)
1.89%
-
-
151,739$
7,681
-
7,868,952$
- -
-
8,323,874$
69
'25 Police Officers' Plan
Fiscal Year End
Thereafter
Changes in the Net Pension Liability:
Changes for the year:
Service Cost
Interest
Changes in Plan Provisions
Difference between Expected and Actual Experience
Changes in Assumptions
Benefit Payments
Employer contributions
Employee contributions
Net transfers into (out of) trust
Net investment income
Benefit payments
Administrative expenses
Other
Fiduciary net position as a percentage of total pension liability
644,146
-
-
-
-
Total Pension
Liability
-
(2,271)
1,618$
2025 690
Deferred inflows of resources resulting from the differences between projected and actual investment earnings on Plan investments are amortized
over a 5-year period. Amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in pension expense
as follows:
Changes in assumptions -
-
Net Pension
Liability
-
2027
-
(172)
-
-
-
1,793$
- -
-
-
Balances as of December 31, 2023
-
-
9,468,466$ 9,445,418$
0.24%
23,048$
2024
(644,146)
(343)
-
9,709,184$
-
-
(644,146)
-
-
- 660,527
2,271
At December 31, 2023, the City reported a net pension liability of $7,868,952 for the '25 Police Officers' Plan.
-$
Increase (Decrease)
- 403,428
-
-
For the year ended December 31, 2023, the City recognized pension expense of $339,408, which included net amortization of deferred amounts
from liability experience, assumption changes and investment gains and/or losses. At December 31, 2023, the City reported deferred outflows of
resources and deferred inflows of resources related to the '25 Police Officers' Plan from the following sources:
-
-
(644,146)
-
Total 1,793$
-
2026
'37 Firefighters' Plan
9,704,788$ 4,396$
-
Balances as of January 1, 2023
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
-$
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences between expected and actual experience -$
1,793
Net difference between projected and actual earnings on pension
plan investments
Plan Fiduciary
Net Position
403,428
-
(660,527)
2028 -
70
'37 Firefighters' Plan
Fiscal Year End
Thereafter
Sensitivity of Net Pension Liability to Changes in the Discount Rate:
Participation by State of Indiana
ASSETS:
Cash and cash equivalents
Receivable from State of Indiana
Total assets
LIABILITIES: payroll withholdings
NET POSITION: restricted for pensions $ 23,048
Differences between expected and actual experience -$ -$
1,466
1% Increase
-
$ 8,542,842
53,823
(1,466)$
(418)
Net difference between projected and actual earnings on pension
plan investments
'37 Firefighters' Plan
205,563
$ 7,868,952
$ 10,533,288
53,824
-
Deferred inflows of resources resulting from the differences between projected and actual investment earnings on Plan investments are amortized
over a 5-year period. Amounts reported as deferred outflows of resources and deferred inflows of resources will be recognized in pension expense
as follows:
(403)
-
2027
Deferred Outflows of
Resources
2024
-
Total -$ 1,466$
2026
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
2025
53,992
$ 151,739
'37 Fire Pension
Trust Fund
$ 9,445,418
'25 Police Officers' Plan
December 31, 2023
$ 23,049
$ 151,740
The State of Indiana granted substantially all of the funds needed to cover the benefit payments of the 1925 Police Pension Plan and the 1937
Firefighters Pension Plan for the year ended December 31, 2023. The amounts were $652,291 and $660,527, respectively. The State of Indiana is not
obligated to make such payments in the future, and the City remains liable for future pension expenditures.
'25 Police
Pension Trust
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents the City's net pension liability,
calculated using the single discount rate, as well as what the plan's net pension liability would be if it were calculated using a single discount rate that
is 1-percentage-point lower or 1-percentage-point higher:
$ 8,618,723
Current Discount
Rate
$ 7,221,099
77,041
53,993
At December 31, 2023, the City reported a net pension liability of $9,445,418 for the '37 Firefighters' Plan.
(166)$
STATEMENT OF FIDUCIARY NET POSITION - PENSION FUNDS
For the year ended December 31, 2023, the City recognized pension expense of $402,945, which included net amortization of deferred amounts
from liability experience, assumption changes and investment gains and/or losses. At December 31, 2023, the City reported deferred outflows of
resources and deferred inflows of resources related to the '37 Firefighters' Plan from the following sources:
Deferred Inflows of
Resources
-
Changes in assumptions
(479)
1% Decrease
2028
71
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - PENSION FUNDS
ADDITIONS:
Employer contributions
Investment income
Miscellaneous revenue
Total additions
DEDUCTIONS:
Benefits
Other services and charges
Total deductions
NET INCREASE (DECREASE) IN NET POSITION
NET POSITION: beginning
NET POSITION: ending - restricted for pensions
2. Cost-Sharing Multiple-Employer Defined Benefit Pension Plan
Public Employees' Retirement Fund (PERF)
Plan Description:
1.
2. All other civilian employees of the City (City).
Benefits Provided:
Full Retirement Benefit
At age 65 with at least 10 years of creditable service (eight years for certain elected officials).
At age 60 with at least 15 years of creditable service.
At age 55 if age and creditable service total at least 85 (“Rule of 85”).
At age 55 with 20 years of creditable service and active as an elected official in the PERF-covered position.
At age 70 with 20 years of creditable service and still active in the PERF-covered position.
Early Retirement Benefit
Disability Benefit
Survivor Benefit
For the Fiscal Year Ended December 31, 2023
Age 50 and minimum of 15 years of creditable service (44 percent of full benefit at age 50, increasing five percent per year up to 89
percent at age 59).
7,581
'25 Police
Pension Trust
Employees who are compensated through the Parks Department of the General Fund and through certain other funds committed or
restricted for parks (Park).
$ 151,740
2,271
$ 23,048
646,628
13,133
138,607
The City contributes to the Public Employees' Retirement Fund (PERF), which is administered by the Indiana Public Retirement System (INPRS).
It is a cost-sharing, multiple-employer defined benefit plan. PERF provides retirement, disability, and survivor benefits to full-time employees of
state agencies, as well as those local political subdivisions that elect to participate, including the City of Carmel.
644,146
649,698
Members who have service in both PERF DB and either TRF Pre-'96 DB or TRF '96 DB, have the option of choosing from which of these funds
they would like to retire.
The City plan is allocated between governmental and business-type activities based on the percentage of total civilian (non-uniformed) PERF
expenditures during the City's fiscal year ended December 31.
An active member qualifying for Social Security disability with five years of creditable service may receive an unreduced retirement
benefit for the duration of their disability (minimum of $180 per month).
2,857
4,396
City participants are viewed by INPRS to be classified into two groups, solely for purposes of actuarial evaluation:
2,482
646,841
18,653
2,483
If a member dies after June 30, 2018, a spouse or dependent beneficiary of a member with a minimum of 10 years of creditable service
receives a benefit as if the member retired the later of age 50 or the age the day before the member’s death.
If a member dies while receiving a benefit, a beneficiary receives the benefit associated with the member’s selected form of payment: Five
Year Certain & Life, Joint with 100 percent Survivor Benefits, Joint with Two-Thirds Survivor Benefits, or Joint with One-Half Survivor
Benefits.
665,281
2,959
$ 660,527
662,831
$ 652,291
'37 Fire Pension
Trust Fund
72
Contribution Rates:
Actuarial Assumptions and Inputs:
Significant actuarial assumptions and other inputs used to measure the total pension liability:
Type of Plan The Public Employees’ Retirement Fund is a cost-sharing multiple-employer
plan for GASB accounting purposes.
Measurement Date June 30, 2023
Valuation Date
Assets:June 30, 2023
Liabilities:
Price Inflation 2.00% per year
Future Salary Increases 2.65% - 8.65% based on years of service
Cost-of-Living Increases As of June 30, 2023:
As of June 30, 2022:
Mortality Assumption
Experience Study
Members in pay status were granted a 1.00% COLA on January 1, 2022 and no COLA on January 1,
2023. Thereafter, the following COLAs, compounded annually, were assumed:
Disables – General Disabled table with a 140% load.
0.4% beginning on January 1, 2024
0.5% beginning on January 1, 2034
0.6% beginning on January 1, 2039
The most recent comprehensive experience study, based on member experience between June 30, 2014 and June
30, 2019, was completed in February 2020. The demographic assumptions were approved by the Board in June
2020 and were used beginning with the June 30, 2020 actuarial valuation. Economic assumptions were updated
and approved by the Board in May 2021 following the completion of an Asset-Liability study and first used in the
June 30, 2021 actuarial valuation.
June 30, 2022 – The TPL as of June 30, 2023 was determined based on an actuarial valuation prepared as of June
30, 2022 rolled forward one year to June 30, 2023, using the following key actuarial assumptions and other inputs,
such as benefit accruals and actual benefit payments during that time period.
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of
mortality improvements using SOA Scale MP-2019.Healthy Employees – General Employee table with a 3 year set forward for males and a 1 year set forward for
females.
Beneficiaries – Contingent Survivor table with no set forward for males and a 2 year set forward for females.
No COLA was granted for the 2023-2025 biennium. Thereafter, the following COLAs, compounded
annually, were assumed:
0.4% beginning on January 1, 2026
0.5% beginning on January 1, 2034
0.6% beginning on January 1, 2039
Retirees – General Retiree table with a 3 year set forward for males and a 1 year set forward for females.
The employer defined contribution rate is based on an actuarial valuation and is adopted, and may be amended, by the INPRS Board. For 2023, the
City contributed 11.2% of employee compensation to the plan. The employee contribution is set by statute at 3% of compensation. The employer
may choose to make the contributions on behalf of its participating employees, which the City has elected to do. In addition, under certain
circumstances, employees may elect to make additional voluntary contributions of up to 10% of their compensation. An employee's contribution
and interest credits belong to the employee and do not belong to the State or the City.
At December 31, 2023, the City reported a liability of $14,679,206 for its proportionate share of the City net pension liability and a liability of
$2,175,481 for its proportionate share of the Park net pension liability. The City's proportionate share of the net pension liability was based on
the City's wages as a proportion of total wages for the plan. The proportionate share used at the June 30, 2023, measurement date was
0.0041592 for the City plan and 0.0006164 for the Park plan.
Proportionate Share of the Net Pension Liability:
The City's contribution to the plan for the year ending December 31, 2023, was $3,916,037 for City participants and $333,379 for the Park
participants, which was equal to the required contributions for the year.
73
Discount Rate 6.25%, net of investment expenses
Discount Rate Sensitivity
2023 City
2023 Park
Classes of Plan Members Covered
Money-Weighted Rate of Return
Changes in the Net Pension Liability:
Changes for the year:
Changes in Proportion
Service Cost
Interest Cost
Experience (Gains)/Losses
Assumption Changes
Plan Amendments
Benefit Payments
Service Purchases:
Employer Contributions
Employee Contributions
Member Reassignments
Employer Contributions
Non-employer Contributions
Employee Contributions
Net Investment Income
Administrative Expenses
Other
Net Changes
90,238
-
(90,238)
Balances as of December 31, 2023 76,592,701$ 61,913,495$
181,987
74,370,664$
1,650,095
14,679,206$
12 (12)
- -
-
4,615,441
-
61,341,554$
4,615,441 -
- 181,987
-
- 2,824,312 (2,824,312)
-
-
2,222,037
- 1,525,671 (1,525,671)
15,813
Net Pension
Liability
Balances as of January 1, 2023
(4,095,808)
- -
571,941
- 1,024,116
88,307
865 865 -
Plan Fiduciary
Net Position
13,029,111$
(24,440) (24,440) -
5.25%
-
1,024,116
6,972,166$ 14,679,206$
(4,095,808)
The discount rate is equal to the expected long-term rate of return on plan investments, net of investment expense
and including price inflation. There was no change in the discount rate from the prior measurement date.
7.25%
-
- - -
15,813
The net pension liability (asset) is sensitive to changes in the discount rate. To illustrate the potential impact, the
following table presents the net pension liability of each defined benefit pension plan calculated using the
discount rate of 6.25 percent, as well as what each plan's net pension liability would be if it were calculated using
a discount rate that is one percentage point lower (5.25%) or one percentage point higher (7.25%) than the current
rate:
6.25%
City Plan
Increase (Decrease)
1% Decrease
Total Pension
Liability
1,033,286$
1% Increase
The money-weighted rate of return equals investment performance, net of pension plan investment expense,
adjusted for the changing amounts actually invested. For the fiscal year ending June 30, 2023, the moneyweighted
return on the plan assets is 2.5%.
The June 30, 2023 valuation was performed using census data provided by INPRS as of June 30, 2022. Standard
actuarial techniques were used to roll forward the total pension liability computed as of June 30, 2022, to the June
30, 2023 measurement date using actual benefit payments during that period of time.
3,545,344$
23,922,442$
Current Rate
The INPRS Board of Trustees has established a funding policy of setting the employer contribution rate equal to
the greater of 11.2% (the current contribution rate) or a rate equal to the actuarially determined contribution rate,
which is based on the assumptions and methods selected by the Board for the annual actuarial valuations and
projected covered member payroll. The June 30, 2023 actuarial valuation assumes a long-term rate of return on
assets of 6.25%, a 20-year level dollar closed method for amortizing the future layers of unfunded actuarial
accrued liability (30 years for amortization layers established prior to June 30, 2016), and a 5-year smoothing
method for recognizing investment gains and losses in the actuarial value of assets.
2,175,481$
In the past several years, the Board has followed its current funding policy and the State has complied in its
contributions to the plan. Therefore, if past practice is continued, the appropriations will be sufficient to fully fund
the plan within 10 to 20 years. Deterministic projections indicate the actuarially determined contribution rate will
decline over the coming years. As a result, it is presumed that the projected plan assets will be sufficient to cover
the future benefit payments for current members and a detailed projection of plan assets and cash flows has not
been prepared.
- -
504,061 415,754
74
Changes for the year:
Changes in Proportion
Service Cost
Interest Cost
Experience (Gains)/Losses
Assumption Changes
Plan Amendments
Benefit Payments
Service Purchases:
Employer Contributions
Employee Contributions
Member Reassignments
Employer Contributions
Non-employer Contributions
Employee Contributions
Net Investment Income
Administrative Expenses
Other
Net Changes
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
City
Net difference between projected and actual earnings on pension plan
investments
At December 31, 2023, the City reported a net pension liability of $14,679,206 for the City Plan and $2,175,481 for the Parks Plan.
Balances as of December 31, 2023
800,486
6,729,081$
17,124
-
17,124
17,124$
Deferred Outflows of
Resources
4,634,680
Differences between expected and actual experience
11,351,159$ 9,175,678$
151,776
-
Net Pension
Liability
Parks Plan
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary
Net Position
-
505,843
684,016
(13,373) 13,373
-
128
2,344
-
-
-
(607,005)
-
-
-
169,348
Deferred Inflows of
Resources
(3,622) -
-
-
-
-
For the year ended December 31, 2023, the City recognized pension expense of $3,123,913 for the City plan and $427,414 for the Park plan.
Pension expense included net amortization of deferred amounts described below. At December 31, 2023, the City reported deferred outflows of
resources and deferred inflows of resources related to the PERF Hybrid Plan from the following sources:
-$
2,175,481$
(226,107)
(2)
151,776
26,971
-
(418,567)
(3,622)
Changes in assumptions
Balances as of January 1, 2023 9,530,362$ 7,860,723$
Changes in proportion and differences between City contributions and
proportionate share of contributions
- 26,971
(607,005)
3,364,514
418,567
300,332$
-
2,344
-
128
-
2,094,401
2
- -
1,820,798 1,314,955
226,107
Total that will be recognized in pension expense (income) based on the
table below
Total
-
Pension contributions subsequent to measurement date
-
- 684,016
-
1,669,639$
-
1,566,191 1,291,808 274,383
75
Parks
Pension Plan Report and Fiduciary Net Position:
Plan Description:
Benefits Provided:
Contributions and Funding Policy:
65,246
Net difference between projected and actual earnings on pension plan
investments
Deferred Outflows of
Resources
-
1,625,832$
Amount Amount
168,501
2024
118,633
-
-$
The 1977 Police Officers' and Firefighters' Pension and Disability Fund is a cost-sharing, multiple-employer defined benefit pension plan
administered by the Indiana Public Retirement System (INPRS) for all police officers and firefighters hired (or rehired) after
April 30, 1977.
830,270
The funding policy for the 1977 Fund requires remittances of member and employer contributions based on percentages of the salary of a first-class
officer or firefighter and not on actual payroll. The employer contribution rate is actuarially determined. The required contributions are determined
and may be amended by the INPRS Board of Trustees. Since the 1977 Fund is a cost-sharing pension plan, all risks and costs, including benefit
costs, are shared proportionately by the participating employers. For the fiscal year 2023, plan members were required to contribute 6 percent and
participating employers were required to contribute 19.1 percent of the first-class officers' and firefighters' salary. Employers may elect to pay all or
part of the contribution for the member.
2028
167,053
44,510$
458,273
2025
The total pension liability is determined by INPRS actuaries in accordance with GASB No. 67 and No. 68, as part of their annual actuarial
valuation for each defined benefit retirement plan. Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts (e.g.,
salaries, credited service) and assumptions about the probability of occurrence of events far into the future (e.g., mortality, disabilities, retirements,
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 developed. Key methods and assumptions used in calculating the total pension liability in
the latest actuarial valuations are presented below.
67,918
4,617,556$
1977 Police Officers' and Firefighters' Pension and Disability Fund
Total that will be recognized in pension expense (income) based on the
table below
-
Changes in proportion and differences between City contributions and
proportionate share of contributions
-
Thereafter
103,114$
2027
Pension contributions subsequent to measurement date
366,896
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension
expense as follows:
103,114
Total 997,323$
Contributions subsequent to the June 30, 2023, measurement date of the net pension liability, but before the end of the employer's reporting period,
are recognized as a reduction of the net pension liability in the subsequent fiscal period rather than in the current fiscal period.
-
Changes in assumptions
Deferred Inflows of
Resources
498,626
Total 727,156$
301,769
-
Parks
103,114
Differences between expected and actual experience
-
The fund provides retirement, disability, and survivor benefits to full-time sworn officers of a police force of an Indiana city or eligible town,
along with full-time firefighters employed by an Indiana city, town, township, or county. Administration of the fund is generally in accordance
with Indiana Code Article 36-8 and Indiana Administrative Code Article 35-2, other Indiana pension law.
2026
City
227,096$
Year Ending December 31,
2,231,682
Detailed information about the pension plan's fiduciary net position is available in a stand-alone financial report of INPRS that includes
financial statements and required supplementary information for the plan as a whole. This report may be obtained by writing the Indiana Public
Retirement System, One North Capitol, Suite 001, Indianapolis, Indiana 46204, by calling (844) GO-INPRS, by emailing
questions@inprs.in.gov, or by visiting www.in.gov/inprs.
76
Actuarial Assumptions and Inputs:
Significant actuarial assumptions and other inputs used to measure the total pension liability:
Type of Plan The 1977 Police Officers’ and Firefighters’ Retirement Fund is a cost-sharing multiple-employer
plan for GASB accounting purposes.
Measurement Date June 30, 2023
Valuation Date:
Assets June 30, 2023
Liabilities
Price Inflation
Future Salary Increases
Cost-of-Living Increases As of June 30, 2023:
As of June 30, 2022:
Mortality Assumption
Experience Study
Discount Rate 6.25%, net of investment expenses
The City's contribution to the plan for the year ending December 31, 2023, was $2,609,695 for police participants and $3,103,078 for fire
participants, which was equal to the required contributions for the year.
2.65%
Beneficiaries – Contingent Survivor table with no set forward for males and a 2-year set forward for females.
June 30, 2022 – The TPL as of June 30, 2023 was determined based on an actuarial valuation prepared as of June
30, 2022 rolled forward one year to June 30, 2023, using the following key actuarial assumptions and other inputs,
such as benefit accruals and actual benefit payments during that time period.
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of
mortality improvements using SOA Scale MP-2019.
Disables – General Disabled table.
At December 31, 2023, the City reported a liability of $11,524,436 for police and a liability of $14,234,466 for fire for its proportionate share of the
net pension liability. The City's proportionate share of the net pension liability was based on the City's wages as a proportion of total wages for the
plan. The proportionate share used at the June 30, 2023, measurement date was 0.0112496 for police and 0.013895 for fire.
Retirees – Safety Retiree table with a 3-year set forward for males and a 1 year set forward for females.
Proportionate Share of the Net Pension Liability:
1.95% compounded annually, beginning July 1, 2023. Actual COLA increases at July 1, 2021 (1.9%) and July
1, 2022 (3.0%) are reflected in the valuation.
The discount rate is equal to the expected long-term rate of return on plan investments, net of investment expense
and including price inflation. There was no change in the discount rate from the prior measurement date.
2.00%
1.95% compounded annually, beginning July 1, 2024. Actual COLA increases at July 1, 2022 (3.0%) and July
1, 2023 (3.0%) are reflected in the valuation.
The most recent comprehensive experience study, based on member experience between June 30, 2014 and June
30, 2019, was completed in February 2020. The demographic assumptions were approved by the Board in June
2020 and were used beginning with the June 30, 2020 actuarial valuation. Economic assumptions were updated
and approved by the Board in May 2021 following the completion of an Asset-Liability study and first used in the
June 30, 2021 actuarial valuation.
The INPRS Board of Trustees has established a funding policy of setting the employer contribution rate equal to
the greater of 20.3% (the current contribution rate) or a rate equal to the actuarially determined contribution rate,
which is based on the assumptions and methods selected by the Board for the annual actuarial valuations and
projected covered member payroll. The June 30, 2023 actuarial valuation assumes a long-term rate of return on
assets of 6.25%, a 20-year level dollar closed method for amortizing the future layers of unfunded actuarial
accrued liability (dropped below 100% funded as of June 30, 2019), and a 5-year smoothing method for
recognizing investment gains and losses in the actuarial value of assets.
77
Discount Rate Sensitivity
2023 Police
2023 Fire
Classes of Plan Members Covered
Money-Weighted Rate of Return
Changes in the Net Pension Liability:
Changes for the year:
Changes in Proportion
Service Cost
Interest Cost
Experience (Gains)/Losses
Assumption Changes
Plan Amendments
Benefit Payments
Service Purchases:
Employer Contributions
Employee Contributions
Member Reassignments
Employer Contributions
Non-employer Contributions
Employee Contributions
Net Investment Income
Administrative Expenses
Other
Net Changes
1% Increase
(3,477,218)
2,178,984
The net pension liability (asset) is sensitive to changes in the discount rate. To illustrate the potential impact, the
following table presents the net pension liability of each defined benefit pension plan calculated using the
discount rate of 6.25 percent, as well as what each plan's net pension liability would be if it were calculated using
a discount rate that is one percentage point lower (5.25%) or one percentage point higher (7.25%) than the current
rate:
4,028
5.25%
-
5,871,719
89,608,122$
-
11,524,436$
-
Police Plan
Increase (Decrease)
-
Net Pension
Liability
(2,203)
- 872,127
-
(27,326) 27,326
-
(2,203)
-
2,167,794 (2,167,794)
4,028
- 3,060
(3,477,218)
-
7.25%
26,853,237$
33,167,910$
7,009,627$
The money-weighted rate of return equals investment performance, net of pension plan investment expense,
adjusted for the changing amounts actually invested. For the fiscal year ending June 30, 2023, the moneyweighted
return on the plan assets is 2.5%.
14,234,466$
11,524,436$
872,127
6.25%
-
82,598,494$
-
The June 30, 2023 valuation was performed using census data provided by INPRS as of June 30, 2022. Standard
actuarial techniques were used to roll forward the total pension liability computed as of June 30, 2022 to the June
30, 2023 measurement date using actual benefit payments during that period of time.
96 (96)
9,347,058
2,516,000
(851,701)$
Total Pension
Liability
Plan Fiduciary
Net Position
Balances as of January 1, 2023
- - -
- 703,935
- 2,516,000
5,871,719 -
(1,051,982)$
-
4,832,249 4,514,809
3,060
-
Balances as of December 31, 2023 98,955,180$ 87,430,743$
(703,935)
-
3,281,099
(2,178,984)
-
1% Decrease Current Rate
3,559,546 278,447
78
Changes for the year:
Changes in Proportion
Service Cost
Interest Cost
Experience (Gains)/Losses
Assumption Changes
Plan Amendments
Benefit Payments
Service Purchases:
Employer Contributions
Employee Contributions
Member Reassignments
Employer Contributions
Non-employer Contributions
Employee Contributions
Net Investment Income
Administrative Expenses
Other
Net Changes
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
Police
-
3,780 -
-
-
1,077,212 -
-
(33,752)
-
1,077,212
-
Increase (Decrease)
7,252,483
Firefighters Plan
Net Pension
Liability
- 7,252,483
-
3,785,892$
2,677,562
-
-
-
4,724,051
(2,721)
2,594,476
11,160,231 269,477
170,601
-
-
75,787
At December 31, 2023, the City reported a net pension liability of $11,524,436 for the Police Plan and a net pension liability of $14,234,466
for the Firefighters Plan.
- 869,469 (869,469)
-
3,780
33,752
Net difference between projected and actual earnings on pension plan
investments
119
Deferred Outflows of
Resources
Total that will be recognized in pension expense (income) based on the
table below
(2,721)
1,327,854
(2,677,562)
55,812
-
8,841,169$
3,107,650
4,975
3,107,650
12,488,085$ 269,477$ Total
-
(119)
Changes in assumptions
4,975
1,893,999
-
14,234,466$
2,691,383
Plan Fiduciary
Net Position
9,203,206 3,809,910 5,393,296
107,990,522$
-
-
(2,691,383)
Balances as of January 1, 2023 113,021,782$
2,054,731
104,180,612$
(4,294,903)
-
-
(4,294,903)
Deferred Inflows of
Resources
23,089$ Differences between expected and actual experience
Pension contributions subsequent to measurement date
Changes in proportion and differences between City contributions and
proportionate share of contributions
For the year ended December 31, 2023, the City recognized pension expense of $3,970,352 for police and $4,911,097 for fire, which included net
amortization of deferred amounts described below. At December 31, 2023, the City reported deferred outflows of resources and deferred inflows of
resources related to the 1977 Plan from the following sources:
Balances as of December 31, 2023 122,224,988$
160,732
Total Pension
Liability
79
Firefighters
Pension Plan Report and Fiduciary Net Position:
G. Other Post-Employment Benefits
Single-Employer Defined Benefit Healthcare Plan
Plan Description
3,204,580
2027
The Plan is closed to new entrants. Employees hired or disabled on or after October 3, 2016, are not eligible (except for those killed or disabled in the
line of duty).
Changes in proportion and differences between City contributions and
proportionate share of contributions
-
The City offers other post-employment benefits (OPEB) in the form of health insurance, in addition to pensions described elsewhere herein. OPEB is
authorized by the Common Council of the City, subject to annual appropriation.
Eligible retirees are those who retire from the City of Carmel with at least 20 years of creditable employment with a public employer. If any of the
years of creditable employment includes employment with other public employers besides the City of Carmel, then the retiree must also be at least age
55 in order to be eligible.
2024
4,182,033
Deferred Inflows of
Resources
10,890,754$
1,538,843
Differences between expected and actual experience
505,696
2,003,166$
99,497
2026
Total
Total that will be recognized in pension expense (income) based on the
table below
28,519$ 4,676,163$
13,815,175
The Plan is allocated between governmental and business-type activities based on the percentage of total personal services expenditures during the
City's fiscal year ended December 31.
Changes in assumptions
-
210,719
Pension contributions subsequent to measurement date
5,834,935
Detailed information about the pension plan's fiduciary net position is available in a stand-alone financial report of INPRS that includes
financial statements and required supplementary information for the plan as a whole. This report may be obtained by writing the Indiana Public
Retirement System, One North Capitol, Suite 001, Indianapolis, Indiana 46204, by calling (844) GO-INPRS, by emailing
questions@inprs.in.gov, or by visiting www.in.gov/inprs.
Year Ending December 31,
1,015,441
2,484,582$
634,345
Fire Amount
Net difference between projected and actual earnings on pension plan
investments
15,354,018$
Contributions subsequent to the June 30, 2023, measurement date of the net pension liability, but before the end of the employer's reporting period,
are recognized as a reduction of the net pension liability in the subsequent fiscal period rather than in the current fiscal period.
1,266,260
Deferred Outflows of
Resources
1,490,657
58,437
1,852,809
5,176,772
Thereafter
2028
1,693,761
2025
297,675$
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension
expense as follows:
Police Amount
2,102,732
13,517,500$
The Carmel Postretirement Benefit Plan (Plan) is a single-employer defined benefit healthcare insurance program. It is a preferred provider
organization plan that provides comprehensive major medical benefits to eligible retirees, their spouses, and dependents. The Plan also provides dental
and vision components.
297,675
80
Employees Covered By Benefit Terms
At December 31, 2023, the following members were projected to be covered by the terms of the plan:
Inactive plan members currently receiving benefit payments
Inactive plan members entitled to but not yet receiving benefit payments
Active plan members: fully eligible
Total
Total OPEB Liability
Changes in the Total OPEB Liability:
Balances at January 1, 2023
Changes for the Year
Service Cost
Interest
Changes in Plan Provisions
Difference between Expected and Actual Experience
Changes in Assumptions
Total OPEB Net Changes
Balances at December 31, 2023
Sensitivity of the Total OPEB Obligation to Changes in the Discount Rate:
Total OPEB Liability
Total OPEB Liability
1,095,242
Spousal coverage continues after the death of the retiree or after the retiree becomes eligible for Medicare, and ends at the spouse's Medicare eligibility
date.
1% Decrease Current Rate 1% Increase
36,101,425$ 33,248,999$ 30,642,948$
Deductibles, out-of-pocket limits, and employee contributions are assumed to increase annually at the medical care cost trend rate. The Lifetime
Maximum was not increased.
77
-
The Plan is funded on a pay-as-you-go basis. No irrevocable trust has been established to fund the Plan. Accordingly, no trust fund financial
statements are published. The Plan issues no separate reports.
-
364
For the year ended December 31, 2023, the City contributed $1,563,662 to the Plan for current premiums.
Coverage ends for the retiree at the retiree's Medicare eligibility date.
Under this method, actuarial gains (losses), as they occur, reduce (increase) the Total OPEB Liability and are explicitly identified and amortized in the
annual expense.
441
The Entry Age Normal Actuarial Cost Method used in the current OPEB actuarial valuation is unchanged from the prior OPEB actuarial valuation.
The committed fund balance of the Health Self Insurance Fund includes $435,738 to cover future claims of the OPEB plan. The commitment is not
irrevocable, and the underlying assets are not legally protected from the creditors of the City.
Increases (decreases) in liabilities due to benefit changes, actuarial assumption changes and/or actuarial method changes are also explicitly identified
and amortized in the annual expense.
25,436,804$
The City contributes 50% of the employee-spouse premium for a retiree who has 20 years of service with the City, plus 1% for each additional six
months of service, to a maximum of 75% of the cost of medical and dental coverage. A retiree with employee-only (or spouse-only, if the retiree is
over 65) is eligible to receive 50% to 75% of the employee-only (or spouse-only) premium using the same formula. The City’s contribution will not
exceed $900 per month (up to $10,800 per year). Retiree contributions for a married couple that works for the City are based on service of the
individual employed for the longer period of time (not to exceed 75% of the total premium). The City contributes 100% of the premium for medical
and dental coverage for those who are killed in the line of duty with no maximum contribution. The City pays 50% for work-related disabilities. All
other retirees pay 100% of the premium rate.
5,029,435
The following presents the total OPEB liability of the Employer, as well as what the Employer's total OPEB liability would be if it were calculated
using a discount rate that is 1-percentage point lower or 1-percentage-point higher than the current discount rate:
7,812,194
Net Benefits Paid by Employer
Under this method, as used in the December 31, 2023, OPEB valuation, the Actuarial Present Value (APV) of Benefits (APVB) of each individual
included in the valuation is allocated on a level basis over the earnings of the individual between entry age and assumed exit age(s). The employer
portion of this APVB allocated to a valuation year is the Employer Normal Cost. The portion of this APVB not provided for at a valuation date by the
APV of Future Employer Normal Costs is the Total OPEB Liability.
33,248,998$
756,690
(1,563,662)
2,494,489
81
Sensitivity of the Total OPEB Obligation to Changes in the Healthcare Cost Trend Rate:
Total OPEB Liability
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
Liability Experience Losses / (Gains)
Changes in Assumptions
Investment Losses / (Gains)
Measurement Date December 31, 2023
Valuation Date December 31, 2023
Cost Method Entry Age Normal (Level % of Pay)
Economic Assumptions
Discount rate
Discount rate basis
The following presents the total OPEB liability of the Employer, as well as what the Employer's total OPEB liability would be if it were calculated
using healthcare cost trend rates that are 1-percentage point lower or 1-percentage-point higher than the current healthcare cost trend rates:
Benefit-related costs are based on an established pattern of practice. Actuarial valuations of an ongoing plan involve estimates of the value of reported
amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment,
mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the Plan and the annual required contributions of the
employer are subject to continual revision as actual results are compared with past expectations and new estimates are made about the future. The
Schedule of Funding Progress, presented as required supplementary information following the notes to the basic financial statements, presents
multiyear trend information about whether the actuarial value of Plan assets is increasing or decreasing over time relative to the actuarial accrued
liabilities for benefits.
4.00% per annum as of December 31, 2023
5,322,027$
2027
2025
2026
949,109$
8,132,730$
1% Increase
Thereafter
2028
36,192,186$
2024
30,676,955$
(117,711)
Deferred Inflows of
Resources
-
(117,711)
33,248,999$
Amount
9,081,840$
The Required Supplementary Information immediately following the Notes to the Financial Statements presents multi-year trend information about
whether the actuarial value of Plan assets is increasing or decreasing over time relative to the actuarial accrued liability for benefits.
4.31% per annum as of December 31, 2022
Current Rate
2.25% per annum as of December 31, 2021
Total
1,537,664
(117,711)$
*The S&P Municipal Bond 20 Year High Grade Rate Index consists of bonds in the S&P Municipal Bond Index with a maturity of 20
years. Eligible bonds must be rated at least AA by Standard and Poor's Ratings Services, Aa2 by Moody's or AA by Fitch. If there are
multiple ratings, the lowest rating is used.
For the year ended December 31, 2023, the City recognized OPEB expense of $1,734,221. OPEB expense represents the change in the total OPEB
liability during the measurement period, adjusted for actual contributions and the deferred recognition of changes in investment gain/loss, and
actuarial assumptions or method. At December 31, 2023, the City reported deferred outflows of resources and deferred inflows of resources related to
OPEB from the following sources:
S&P Municipal Bond 20-Year High Grade Rate Index*
2,525,157$
1% Decrease
At December 31, the deferred outflows / (inflows) of resources based on obligations for the Plan are as follows:
Year Ending December 31,
Deferred Outflows of
Resources
-
6,556,683 2,810,703
(117,711)
Actuarial Methods and Assumptions
(117,711)
82
Coverage rate
Spouses
Disability
Mortality:
Civilian employees
Police and fire employees
Mortality improvement
Termination Rates: Civilian
Rates
Retirement Rates:
Per capita claims cost:
Annual Healthcare Trend:
708
6.75%
6.50%
6.25%
852
852
852
852
18,726
22,974
Retirees Retiree
9,328$
10,765
13,025
HDHP
8,949$
19,762
Dental
Future
Medical, Pharmacy, & Vision
Spouse
708$
5.0%
15.0%
22.0%
5.0%
PPO
Plan B
CivilianPublic SafetyAge
45-49
50
51-54
55
56-59
60-61
62
63-64
65
66-69
70-74
DentalMedical
5.8%
5.5%
5.3%
5.0%
708
708
55
60
64
7.00%
Year
7
8
1,608
5
10
15
20+
5.50%
Years of Service
15,453
18,959
40
45
100.0%
100.0%
100.0%
0.0%
None assumed.
Retired participants: Age and marital status based on actual census data.
80% of eligible employees are assumed to be covered in the plan at retirement.
7.5%
10.0%
30.0%
20.0%
30.0%
100.0%
852$
852 708
Plan A
27,199
Public Safety
Age Rates
1.90%
1.70%
1.80%
80.00%
40.00%
10.00%
10,328
10
11
12+
4.0%
4.75%
4.50%
4.25%
3.50%
2.75%
30.0%
100.0%
Age
0.00%
0
1
2
3
4
5.0%
Active participants: 35% are assumed to cover a spouse, with male spouses three years older
than female spouses.
SOA published mortality table: Pub-2010 General Employees amount weighted mortality table.
Separate tables for males and female participants. Separate tables for active employees, healthy
annuitants, contingent survivors, and disabled participants.
Medical Dental
9
12,515
0.00%
20
25
30
35
40
45
50
55
60+
5.25%
5.00%
12,496 15,142
10,844$
SOA published mortality table: Pub-2010 Safety Employees amount weighted mortality table.
Separate tables for males and female participants. Separate tables for active employees, healthy
annuitants, contingent survivors, and disabled participants.
75+
1.5%
1.5%
7.0%
15.0%
20.0%
20.0%
50.0%
50
7.25%
708
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%
4.0%4.0%
4.8%
4.5%
22,445 23,396
6.00%
Year
1
2
3
4
5
6
SOA published mortality improvement scale: MP-2021 (MP-2019 at December 31, 2019)
0.00%
0.00%
83
H. Schedule of Aggregate Amounts – Single-employer and Cost Sharing Multiple-employer Defined Benefit Pension Plans
Total pension liability
Plan net position
Net pension liability
Deferred outflows of resources
Deferred inflows of resources
Pension expense
Total pension liability
Plan net position
Net pension liability
Deferred outflows of resources
Deferred inflows of resources
Pension expense
I. Deferred Compensation Plan
688,856$
1,793$
9,468,466$
1937 Firefighters'
59,927,960$
9,729,259 7,965,429 44,218,808
2,306,731$ 1,888,541$ 10,483,933$
1,057,427$ 865,724$
Officer's Pension
Water Utility
195,421,263
Public Employees'
9,853,970$
The City offers its employees certain deferred compensation plans established in accordance with Internal Revenue Code Sections 401(a) and
457(b). The plans are available to all City employees and permits them to defer a portion of their salary until future years. The deferred
compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All assets of the plans are, until paid or
made available to the employee or other beneficiary, held in trust and are not subject to claims of the City's general creditors. Therefore, the assets
of the plans are not reported.
The City's liability to each participant is equal to the participant's deferred compensation, adjusted by an amount equal to the investment
performance in the related asset account. The City has no liability for losses under the plans but does have the duty of due care that would be
required of an ordinary prudent investor. Investments are managed by a trustee and investment decisions are made by individual employees.
9,445,418$
326,613,184$ 87,943,860$
-$ 7,726,404$
339,408$ 13,175,129$
490,900$
120,238$
Retirement
103,114$
427,414$
2,175,481$
120,238$
2,231,109$
Public Employees'
71,089,174
16,854,686$
7,726,404$
2,691$ 2,203$
997,323$
12,230$
87,943,860$
4,805,930$
54,702,741$
8,020,691$ 221,180,167$
Sewer Utility
402,945$
City Plan
12,035,990$
35,570,300$
City- All OtherParks
27,842,103$
7,868,952$
Retirement*
1925 Police
16,854,686$
Pension
1977 Police Officers'
and Firefighters'
Pension and Disability
1,466$
Total
11,351,159$
*Additional detail provided below.
The Public Employees' Retirement Fund is first classified by INPRS by (1) Parks employees (Parks) and (2) all other Civilian employees of the City
(City). The City plan is then allocated between governmental and business-type activities based on the percentage of total civilian (non-uniformed)
PERF expenditures during the City's fiscal year ended December 31.
9,175,678
3,551,327$
567,152$
8,881,449$
-$
Total
23,048 71,089,174 266,685,224
401,904$
151,739
25,758,904$
3,551,327$
84
J. Interfund Receivables and Payables
The composition of the interfund balances as of December 31, 2023 is as follows:
Due to/from other funds
Receivable Fund Payable Fund
Nonmajor governmental fund Nonmajor governmental fund
Motor Vehicle Highway Fund Storm Water Fund
Total among governmental funds
Water Enterprise Fund Sewer Enterprise Fund
Sewer Enterprise Fund Water Enterprise Fund
Total among proprietary funds
Storm Water Fund Water Enterprise Fund 364,371$
364,371
Amount
835,771
74,586$
629,434$
1,465,205$
Total among governmental and proprietary funds $
The Motor Vehicle Highway Fund is due $74,586 from the Storm Water Fund to comply with an ordinance requiring certain transfers.
Water Utility invoices include charges for Sewer and Storm Water, and these charges are remitted as collected, one month in arrears.
The Sewer Utility recognizes a long-term liability due to the Water Utility for its share of the Water Utility's 2020 revenue bond.
K. Subsequent Events
On April 16, 2024, the City received an extension financing of the $17,745,000 City of Carmel Utility Bond Anticipation Notes of 2019. The revised
final maturity date is now July 31, 2024, early redemption is prohibited.
74,586$
74,586$
85
2023 2022 2021 2020 2019 2018 2017
Total OPEB Liability
Service Cost 756,690$ 1,171,141$ 1,415,051$ 1,831,489$ 1,420,618$ 1,519,286$ 1,330,012$
Interest Cost 1,095,242 625,309 1,012,016$ 994,250$ 1,002,886$ 861,028$ 1,029,979$
Projected Earnings on Plan Investments - - - - - - -
Changes in Plan Provisions - - - - - - -
Administrative Expenses - - - - - - -
Other Changes in Plan Fiduciary Net Position - - - - - - -
- - - - - - -
Differences between Expected and Actual Experience 2,494,490 210,816 (6,005,917)$ (930,479)$ (107,011)$ (787,315)$ (418,473)$
Changes in Assumptions 5,029,435 (2,675,315) 1,983,945$ -$ 1,205,476$ (676,338)$ (1,046,528)$
(1,563,662) (1,030,964) (973,405)$ (906,212)$ (884,567)$ (539,334)$ (413,786)$
Net Changes in Total OPEB Liability 7,812,195 (1,699,013) (2,568,310) 989,048 2,637,402 377,327 481,204
Total OPEB Liability - Beginning 25,436,804 27,135,818 29,704,128 28,715,080 26,077,678 25,700,351 25,219,147
Total OPEB Liability - Ending 33,248,999$ 25,436,805$ 27,135,818$ 29,704,128$ 28,715,080$ 26,077,678$ 25,700,351$
REQUIRED SUPPLEMENTARY INFORMATION
City of Carmel, Indiana
Current Period Recognition of Deferred Outflows /
(Inflows) of Resources:
Benefit Payments
For the Fiscal Year Ended December 31, 2023
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS
86
2023 2022 2021 2020 2019 2018 2017
Total OPEB Liability - Ending 33,248,999$ 25,436,805$ 27,135,818$ 29,704,128$ 28,715,080$ 26,077,678$ 25,700,351$
Covered-Employee Payroll 38,875,099$ 39,161,042$ 35,069,203$ 45,468,975$ 44,359,976$ 38,986,588$ 38,047,090$
Total OPEB Liability as a Percentage of Covered-Employee Payroll 85.53% 64.95% 77.38% 65.33% 64.73% 66.89% 67.55%
The most recent actuarial valuation date is December 31, 2023.
Additional information on the City's OPEB can be found in Note II.G. on pages 80–83 of this report.
The City implemented GASB 75 in 2017. The information above is presented for as many years as available. The schedules are intended to show information
for 10 years. Years not shown are not available.
No assets are accumulated in a trust that meets the criteria in paragraph 4 of GASB 75, to pay related benefits for the OPEB plan.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF TOTAL OPEB LIABILITY
For the Fiscal Year Ended December 31, 2023
Notes to Schedule:
87
SUMMARY OF MAIN PLAN PROVISIONS
OTHER POST-EMPLOYMENT BENEFIT PLAN
December 31, 2023
The plan is a PPO plan providing comprehensive major medical benefits to eligible retirees, their spouses, and dependents.
Monthly Premiums
Spousal coverage continues after the death of the retiree or after the retiree becomes eligible for Medicare, and ends at the spouse's Medicare eligibility date.
Deductibles, out-of-pocket limits, and employee contributions are assumed to increase annually at the medical care cost trend rate. The Lifetime Maximum was not
increased.
Eligible retirees are those who retire from the City of Carmel with at least 20 years of creditable employment with a public employer. If any of the years of creditable employment
includes employment with other public employers besides the City of Carmel, then the retiree must also be at least age 55 in order to be eligible. Employees hired or disabled on or
after October 3, 2016 are not eligible (except for those killed or disabled in the line of duty).
The city contributes 50% of the employee-spouse premium for a retiree who has 20 years of service with the city, plus 1% for each additional six months of service, to a maximum
of 75% of the cost of medical and dental coverage. A retiree with employee-only (or spouse-only, if the retiree is over 65) is eligible to receive 50% to 75% of the employee-only
(or spouse-only) premium using the same formula. The city’s contribution will not exceed $900 per month (up to $10,800 per year). Retiree contributions for a married couple that
works for the city are based on service of the individual employed for the longer period of time (not to exceed 75% of the total premium). The city contributes 100%of the
premium for medical and dental coverage for those who are killed in the line of duty with no maximum contribution. The city pays 50% for work-related disabilities. All other
retirees pay 100% of the premium rate.
City of Carmel, Indiana
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
88
METHOD AND ASSUMPTIONS
Entry Age Normal (Level % of Pay)
ASSUMPTIONS:
Discount Rate 4.00% per annum as of December 31, 2023
4.31% per annum as of December 31, 2022
2.25% per annum as of December 31, 2021
Discount Rate Basis S&P Municipal Bond 20-Year High Grade Rate Index*
Coverage Rate 80% of eligible employees are assumed to be covered in the plan at retirement.
Spouses Retired participants: Age and marital status based on actual census data.
Active participants: 35% are assumed to cover a spouse, with male spouses three years older than female spouses.
Disability None assumed.
Mortality:
Civilian Employees
Police and Fire
Employees
Mortality
Improvement
Turnover
Age Rates Years of Service Rates
20 1.90%0 5.50%
25 1.70%1 5.25%
30 1.80%2 5.00%
35 80.00%3 4.75%
40 40.00%4 4.50%
45 10.00%5 4.25%
50 0.00%10 3.50%
55 0.00%15 2.75%
60+0.00%20+ 0.00%
Healthcare Cost Trend
Rates
SOA published mortality table: Pub-2010 Safety Employees amount weighted mortality table. Separate tables for males and female participants. Separate
tables for active employees, healthy annuitants, contingent survivors, and disabled participants.
SOA published mortality improvement scale: MP-2021 (MP-2019 at December 31, 2019) generational, which projects mortality improvement
indefinitely beyond the base mortality year beginning with high initial improvement based on recent experience and tapering to a lower level of
improvement for long-term mortality projections.
Medical costs were trended at 7.25% in the first year, graded down to 4.5% over 11 years; dental costs were trended at a flat 4.0% per year.
SOA published mortality table: Pub-2010 General Employees amount weighted mortality table. Separate tables for males and female participants.
Separate tables for active employees, healthy annuitants, contingent survivors, and disabled participants.
COST METHOD
(Prescribed)
Public Safety Civilian
89
1925 Police Officers' Pension Plan:2023 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution 652,291$ 612,374$ 579,819$ 607,355$ 564,928$ 564,928$ 557,208$ 546,748$ 534,143$
652,291 612,374 579,819 607,355 564,928 564,928 557,208 546,748 534,143
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$
Covered payroll -$ -$ -$ -$ -$ -$ -$ -$ -$
Contributions as a percentage of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
1937 Firefighters' Pension Plan:2023 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution 660,527$ 597,247$ 598,830$ 565,704$ 584,282$ 584,282$ 577,369$ 553,519$ 562,264$
660,527 597,247 598,830 565,704 584,282 584,282 577,369 553,519 562,264
Contribution deficiency (excess)-$ -$ -$ -$ -$ -$ -$ -$ -$
Covered payroll -$ -$ -$ -$ -$ -$ -$ -$ -$
Contributions as a percentage of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
See notes to schedules, 1925 Police Officers' and 1937 Firefighters' Pension Plans.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
December 31, 2023
Contributions in relation to the actuarially
determined contribution
Contributions in relation to the actuarially
determined contribution
90
1925 Police Officers' Pension Plan:2023 2022 2021 2020 2019 2018 2017 2016 2015
Total pension liability 8,020,691$ 8,323,874$ 8,318,027$ 8,616,378$ 9,650,494$ 9,893,565$ 10,119,548$ 10,119,548$ 10,179,012$
Less, fiduciary net position 151,739 138,608 130,048 136,916 145,316 131,361 147,471 148,470 147,785
Net pension liability 7,868,952$ 8,185,266$ 8,187,979$ 8,479,462$ 9,505,178$ 9,762,204$ 9,972,077$ 9,971,078$ 10,031,227$
1.89%1.67%1.56%1.59%1.51%1.33%1.46%1.47%1.45%
Covered payroll - - - - - - - - -
Net position as a percentage of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
1937 Firefighters' Pension Plan:2023 2022 2021 2020 2019 2018 2017 2016 2015
Total pension liability 9,468,466$ 9,709,184$ 8,997,143$ 9,278,530$ 10,366,629$ 10,601,151$ 10,883,369$ 10,883,369$ 10,997,707$
Less, fiduciary net position 23,048 4,397 20,207 14,354 36,220 5,405 26,027 30,375 39,365
Net pension liability 9,445,418$ 9,704,787$ 8,976,936$ 9,264,176$ 10,330,409$ 10,595,746$ 10,857,342$ 10,852,994$ 10,958,342$
0.24%0.05%0.22%0.15%0.35%0.05%0.24%0.28%0.36%
Covered payroll -$ -$ -$ -$ -$ -$ -$ -$ -$
Net position as a percentage of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
See notes to schedules, 1925 Police Officers' and 1937 Firefighters' Pension Plans.
City of Carmel, Indiana
SCHEDULE OF NET PENSION LIABILITY AND RELATED RATIOS
December 31, 2023
Fiduciary net position as a percentage of the
total pension liability
Fiduciary net position as a percentage of the
total pension liability
REQUIRED SUPPLEMENTARY INFORMATION
91
1925 Police Officers' Pension Plan:2023 2022 2021 2020 2019 2018 2017 2016 2015
Total pension liability - beginning 8,323,874$ 8,318,027$ 8,616,378$ 9,650,494$ 9,893,565$ 10,119,548$ 10,119,548$ 10,179,012$ 10,220,740$
Interest on total pension liability 343,658 278,016 288,782 329,811 339,070 354,913 355,402 363,703 367,444
Effect of economic/demographic gains and losses - 945,303 - (599,196) - 338,525 201,812 122,896 125,844
Effect of assumptions changes or inputs - (609,973) - (148,471) - (337,280) - - -
Benefit payments (646,841) (607,499) (587,133) (616,260) (582,141) (582,141) (557,214) (546,063) (535,016)
Total pension liability - ending 8,020,691 8,323,874 8,318,027 8,616,378 9,650,494 9,893,565 10,119,548 10,119,548 10,179,012
Fiduciary net position - beginning 138,608 130,048 136,916 145,316 131,361 147,471 148,470 147,785 148,615
Employer contributions 652,291 612,374 579,819 607,355 564,928 564,928 557,208 546,748 534,143
Net investment income 7,681 3,685 446 505 4,121 1,203 882 - 143
Benefit payments (646,841) (607,499) (587,133) (616,260) (582,141) (582,141) (557,214) (546,063) (535,016)
Administrative expenses - - - - - (100) (1,875) - (100)
Other - - - - 27,047 - - - -
Fiduciary net position - ending 151,738 138,607 130,048 136,916 145,316 131,361 147,471 148,470 147,785
Net pension liability - ending $ 7,868,953 $ 8,185,267 $ 8,187,979 $ 8,479,462 $ 9,505,178 $ 9,762,204 $ 9,972,077 $ 9,971,078 $ 10,031,227
1937 Firefighters' Pension Plan:2023 2022 2022 2022 2022 2018 2017 2016 2015
Total pension liability - beginning 9,709,184$ 8,997,143$ 9,278,530$ 10,366,629$ 10,601,151$ 10,883,369$ 10,883,369$ 10,997,707$ 11,028,789$
Interest on total pension liability 403,428 301,525 311,713 355,711 367,840 385,277 385,817 393,503 396,965
Effect of economic/demographic gains and losses - 1,903,685 - (699,325) - 289,272 192,103 54,668 125,812
Effect of assumptions changes or inputs - (879,089) - (156,836) - (351,553) - - -
Benefit payments (644,146) (614,080) (593,100) (587,649) (602,362) (605,214) (577,920) (562,509) (553,859)
Total pension liability - ending 9,468,466 9,709,184 8,997,143 9,278,530 10,366,629 10,601,151 10,883,369 10,883,369 10,997,707
Fiduciary net position - beginning 4,396 20,207 14,354 36,220 5,405 26,027 30,375 39,365 30,909
Employer contributions 660,527 597,247 598,830 565,704 584,282 584,282 577,369 553,519 562,264
Net investment income 2,271 1,023 123 79 847 310 224 - 51
Benefit payments (644,146) (614,080) (593,100) (587,649) (602,362) (605,214) (577,920) (562,509) (553,859)
Administrative expenses - - - - - - (4,021) - -
Other - - - - 48,048 - - - -
Fiduciary net position - ending 23,047 4,396 20,207 14,354 36,220 5,405 26,027 30,375 39,365
Net pension liability - ending $ 9,445,419 $ 9,704,788 $ 8,976,936 $ 9,264,176 $ 10,330,409 $ 10,595,746 $ 10,857,342 $ 10,852,994 $ 10,958,342
See notes to schedules, 1925 Police and 1937 Firefighters' Pension Plans.
December 31, 2023
SCHEDULE OF CHANGES IN NET PENSION LIABILITY
REQUIRED SUPPLEMENTARY INFORMATION
City of Carmel, Indiana
92
Assumption changes:
Discount Rate:4.31% Police Officers; 4.31% Firefighters for 2023
Valuation date:
Methods and assumptions used to determine most current contribution rate:
Actuarial cost method Entry Age Normal
Amortization method N/A
Remaining amortization period N/A
Retirement age N/A
Mortality 2023 Static Combined Table for Small Plans as publiched in IRS Notice 2022-22
Other information N/A
REQUIRED SUPPLEMENTARY INFORMATION
Note: The City is presenting its ninth ACFR since 2007. The information above is presented for as many years as available. The schedules are intended to show information for 10 years. Years not
shown are not available.
Actuarially determined contribution rates are calculated as of December 31 of the fiscal year in which contributions are
reported.
Effective with the December 31, 2023 measurement date, the future mortality improvement assumption was updated to
the 2023 Static Combined Table for Small Plans as published in IRS Notice 2022-22.
City of Carmel, Indiana
NOTES TO SCHEDULES
1925 POLICE OFFICERS' AND 1937 FIREFIGHTERS' PENSION PLANS
December 31, 2023
93
Public Employees' Retirement Fund:
Year Ended
City's
Proportion of
the Net Pension
Liability
(Asset)
City's
Proportionate
Share of the
Net Pension
Liability
(Asset)
City's Covered
Payroll
Net Pension
Liability as a
Percentage of
Covered Payroll
Plan Fiduciary Net
Position as a
Percentage of
Total Pension
Liability (Asset)
City:
June 30, 2023 0.0041592 14,679,206$ 26,148,635$ 56.1%80.8%
June 30, 2022 0.0041312 13,029,111$ 23,776,000$ 54.8%82.5%
June 30, 2021 0.0041368 5,443,399$ 22,808,056$ 23.9%92.5%
June 30, 2020 0.0041028 12,392,074$ 22,149,413$ 55.9%81.5%
June 30, 2019 0.0040206 13,288,339$ 20,947,877$ 63.4%80.1%
June 30, 2018 0.0039301 13,350,728$ 20,053,519$ 66.6%78.9%
June 30, 2017 0.0034924 15,581,494$ 17,326,450$ 89.9%76.7%
June 30, 2016 0.0035353 16,044,763$ 16,943,306$ 94.7%75.4%
June 30, 2015 0.0034106 13,891,040$ 16,335,991$ 85.0%77.4%
Parks:
June 30, 2023 0.0006164 2,175,481$ 3,875,012$ 56.1%80.8%
June 30, 2022 0.0005294 1,669,639$ 3,046,724$ 54.8%82.5%
June 30, 2021 0.0005979 786,745$ 3,296,397$ 23.9%92.5%
June 30, 2020 0.0006229 1,881,404$ 3,362,676$ 55.9%81.5%
June 30, 2019 0.0006321 2,089,131$ 3,293,425$ 63.4%80.1%
June 30, 2018 0.0006161 2,092,920$ 3,143,577$ 66.6%78.9%
June 30, 2017 0.0006062 2,704,588$ 3,007,362$ 89.9%76.7%
June 30, 2016 0.0006398 2,903,697$ 3,066,437$ 94.7%75.4%
June 30, 2015 0.0006001 2,444,149$ 2,874,230$ 85.0%77.4%
Continued on next page.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
DEFINED BENEFIT PENSION PLANS - MULTIPLE EMPLOYER PLANS
SCHEDULE OF THE CITY'S PROPORTIONATE SHARE
December 31, 2023
OF THE NET PENSION LIABILITY
94
1977 Police Officers' and Firefighters' Pension and Disability Fund:
Year Ended
City's
Proportion of
the Net Pension
Liability
(Asset)
City's
Proportionate
Share of the
Net Pension
Liability
(Asset)
City's Covered
Payroll
Net Pension
Liability as a
Percentage of
Covered Payroll
Plan Fiduciary Net
Position as a
Percentage of
Total Pension
Liability (Asset)
Police:
June 30, 2023 0.0112496 11,524,436$ 12,222,581$ 94.3%88.4%
June 30, 2022 0.0108198 7,009,627$ 10,936,953$ 64.1%92.2%
June 30, 2021 0.0106286 (6,281,665)$ 10,091,036$ -62.2%107.8%
June 30, 2020 0.0102375 2,485,745$ 9,493,108$ 26.2%96.4%
June 30, 2019 0.0101312 93,369$ 8,955,356$ 1.0%99.9%
June 30, 2018 0.0102071 (897,318)$ 8,596,291$ -10.4%101.5%
June 30, 2017 0.0094176 (145,270)$ 7,634,954$ -1.9%100.3%
June 30, 2016 0.0101528 901,944$ 7,847,007$ 11.5%98.2%
June 30, 2015 0.0101282 (1,496,139)$ 7,552,611$ -19.8%103.2%
Fire:
June 30, 2023 0.0138950 14,234,466$ 15,096,787$ 94.3%88.4%
June 30, 2022 0.0136469 8,841,169$ 13,794,689$ 64.1%92.2%
June 30, 2021 0.0136674 (8,077,642)$ 12,976,093$ -62.3%107.8%
June 30, 2020 0.0128110 3,110,611$ 11,879,532$ 26.2%96.4%
June 30, 2019 0.0129129 119,005$ 11,414,229$ 1.0%99.9%
June 30, 2018 0.0135067 (1,187,390)$ 11,375,165$ -10.4%101.5%
June 30, 2017 0.0126561 (195,225)$ 10,260,440$ -1.9%100.3%
June 30, 2016 0.0135237 1,201,404$ 10,452,317$ 11.5%98.2%
June 30, 2015 0.0137130 (2,025,686)$ 10,225,780$ -19.8%103.2%
Source: INPRS Actuarial Valuations and Unaudited Employer-specific GASB 68 Schedules.
The amounts presented for each year were determined as of the Plan's June 30 year-end that occurred within the City's
fiscal year.
December 31, 2023
(Continued)
Note: The City is presenting its ninth ACFR since 2007. The information above is presented for as many years as
available. The schedules are intended to show information for 10 years. Years not shown are not available.
OF THE NET PENSION LIABILITY
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
DEFINED BENEFIT PENSION PLANS - MULTIPLE EMPLOYER PLANS
SCHEDULE OF THE CITY'S PROPORTIONATE SHARE
95
Public Employees' Retirement Fund:
Year Ended
Contractually
Required
Contributions
City Contributions
related to the
Contractually Required
Contributions
Contribution
Deficiency
(Excess)
City's Covered
Payroll
Contributions as
a Percentage of
Covered Payroll
City:
December 31, 2023 3,916,037$ 3,916,037$-$24,962,318$ 15.7%
December 31, 2022 3,582,578$ 3,582,578$-$23,292,028$ 15.4%
December 31, 2021 3,481,738$ 3,481,738$-$22,478,735$ 15.5%
December 31, 2020 3,497,604$ 3,497,604$-$21,548,645$ 16.2%
December 31, 2019 3,523,477$ 3,523,477$-$20,500,698$ 17.2%
December 31, 2018 3,308,652$ 3,308,652$-$18,689,985$ 17.7%
December 31, 2017 3,045,739$ 3,045,739$-$17,134,878$ 17.8%
December 31, 2016 2,916,463$ 2,916,463$-$16,639,649$ 17.5%
December 31, 2015 2,755,295$ 2,755,295$-$15,944,994$ 17.3%
Parks:
December 31, 2023 333,379$ 333,379$-$3,460,868$ 9.6%
December 31, 2022 289,370$ 289,370$-$3,171,561$ 9.1%
December 31, 2021 237,999$ 237,999$-$3,329,537$ 7.1%
December 31, 2020 344,090$ 344,090$-$3,328,051$ 10.3%
December 31, 2019 339,303$ 339,303$-$3,218,501$ 10.5%
December 31, 2018 307,209$ 307,209$-$3,075,470$ 10.0%
December 31, 2017 304,629$ 304,629$-$3,036,900$ 10.0%
December 31, 2016 291,429$ 291,429$-$2,970,334$ 9.8%
December 31, 2015 297,154$ 297,154$-$3,113,889$ 9.5%
1977 Police Officers' and Firefighters' Pension and Disability Fund:
Year Ended
Contractually
Required
Contributions
City Contributions
related to the
Contractually Required
Contributions
Contribution
Deficiency
(Excess)
City's Covered
Payroll
Contributions as
a Percentage of
Covered Payroll
Police:
December 31, 2023 2,609,695$ 2,609,695$-$11,579,767$ 22.5%
December 31, 2022 2,367,884$ 2,367,884$-$10,513,995$ 22.5%
December 31, 2021 2,197,128$ 2,197,128$-$9,792,072$ 22.4%
December 31, 2020 2,117,739$ 2,117,739$-$9,224,232$ 23.0%
December 31, 2019 1,920,734$ 1,920,734$-$8,775,824$ 21.9%
December 31, 2018 1,809,416$ 1,809,416$-$8,115,623$ 22.3%
December 31, 2017 1,713,532$ 1,713,532$-$7,740,981$ 22.1%
December 31, 2016 1,657,359$ 1,657,359$-$7,699,809$ 21.5%
December 31, 2015 1,607,669$ 1,607,669$-$6,066,675$ 26.5%
Fire:
December 31, 2023 3,103,078$ 3,103,078$-$14,445,738$ 21.5%
December 31, 2022 2,964,234$ 2,964,234$-$13,385,391$ 22.1%
December 31, 2021 2,787,164$ 2,787,164$-$12,427,813$ 22.4%
December 31, 2020 2,695,458$ 2,695,458$-$11,646,881$ 23.1%
December 31, 2019 2,424,965$ 2,424,965$-$11,394,697$ 21.3%
December 31, 2018 2,351,694$ 2,351,694$-$10,817,803$ 21.7%
December 31, 2017 2,350,371$ 2,350,371$-$10,356,379$ 22.7%
December 31, 2016 2,186,794$ 2,186,794$-$10,339,049$ 21.2%
December 31, 2015 2,185,238$ 2,185,238$-$10,058,633$ 21.7%
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
DEFINED BENEFIT PENSION PLANS - MULTIPLE EMPLOYER PLANS
SCHEDULE OF CITY CONTRIBUTIONS
December 31, 2023
96
Changes in actuarial assumptions:
Public Employees' Retirement Fund and 1977 Police Officers' and Firefighters' Pension and Disability Fund:
Changes in actuarial methods:
Public Employees' Retirement Fund and 1977 Police Officers' and Firefighters' Pension and Disability Fund:
Changes in plan provisions:
Public Employees' Retirement Fund and 1977 Police Officers' and Firefighters' Pension and Disability Fund:
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO SCHEDULES
PUBLIC EMPLOYEES' RETIREMENT AND 1977 POLICE OFFICERS' AND
FIREFIGHTERS' PENSION AND DISABILITY FUNDS
Note: Covered payroll for the purposes of this schedule was determined as of the City's fiscal year
ended December 31.
December 31, 2023
Note: The City is presenting its ninth ACFR since 2007. The information above is presented for as many years as
available. The schedules are intended to show information for 10 years. Years not shown are not available.
There were no changes in actuarial methods since the prior year.
There were no changes to the plan provisions during the fiscal year for the Public Employees' Retirement Fund.
Eligibility for a Millie Morgan Reitrement within the 1977 Police Officers' and Firefighters' Pension and Disability Fund,
where members can receive their pension benefit while still working, was reduced from age 70 to age 65 (with 20 years of
service). There was no impact on the valuation since no assumptions changed.
There were no changes in assumptions from the June 30, 2022 actuarial valuations to the June 30, 2023 actuarial valuations.
97
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 48,573,932$ 48,573,932$ 45,607,205$ (2,966,727)$
Income tax 46,878,600 46,878,600 57,845,970 10,967,370
Licenses and permits 3,700,000 3,700,000 - (3,700,000)
Intergovernmental 280,768 280,768 610,353 329,585
Charges for services 6,453,310 6,453,310 3,041,508 (3,411,802)
Fines and forfeits 500,000 500,000 291,674 (208,326)
Miscellaneous - - 5,088,033 5,088,033
Other 17,219,677 15,111,294 12,327,053 (2,784,241) -
Total revenues: budgetary basis 123,606,287$ 121,497,904$ 124,811,796 3,313,892$
Increase in available income tax receivable -
Transfer in from enterprise funds
treated as revenue on a budgetary basis (1,441,728)
Transfer from a nonmajor fund
treated as revenue on a budgetary basis (535,325)
Total revenues reported on the
Statement of Revenues and Expenditures 123,374,248$
EXPENDITURES:
Current:
General government:
City Controller:
Personal services 1,013,550$ 1,013,550$ 863,262$ (150,288)$
Supplies 12,969 12,969 8,140 (4,829)
Other services and charges 273,062 273,062 155,669 (117,393)
Capital outlay 14,735 14,735 2,569 (12,166)
City Clerk:
Personal services 816,810 816,810 725,671 (91,139)
Supplies 15,603 15,603 2,669 (12,934)
Other services and charges 259,169 259,169 47,927 (211,242)
Capital outlay 57,435 57,435 13,335 (44,100)
Mayor's Office:-
Personal services 538,152 538,152 498,476 (39,676)
Supplies 6,068 6,068 5,918 (150)
Other services and charges 4,734,568 4,734,568 4,294,236 (440,332)
Capital outlay 41,880 41,880 11,651 (30,229)
City Council:
Personal services 448,379 448,379 353,647 (94,732)
Supplies 4,000 4,000 1,110 (2,890)
Other services and charges 168,581 168,581 118,398 (50,183)
Capital outlay 2,690 2,690 1,200 (1,490)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
General Fund
For the Fiscal Year Ended December 31, 2023
Budgeted Amounts
Continued on next page.
98
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
Expenditures (continued):
Current (continued):
General government (continued):
Board of Public Works:
Personal services 23,795 23,795 16,459 (7,336)
Debt service 16,622,199 16,622,199 16,620,199 (2,000)
Administration:
Personal services 1,322,926 1,322,926 1,298,216 (24,710)
Supplies 68,750 68,750 31,405 (37,345)
Other services and charges 3,578,045 3,578,045 2,722,347 (855,698)
Capital outlay 665,412 665,412 590,481 (74,931)
Brookshire Golf Course:
Personal services 981,732 981,732 891,173 (90,559)
Supplies 74,500 74,500 54,351 (20,149)
Other services and charges 499,144 499,144 487,396 (11,748)
Capital outlay 459,739 459,739 296,099 (163,640)
Building Operations:
Supplies - - - -
Other services and charges 3,829,563 3,829,563 3,771,066 (58,497)
Capital outlay - - - -
City Court:
Personal services 667,160 667,160 624,112 (43,048)
Supplies - - - -
Other services and charges 177,000 177,000 134,693 (42,307)
Capital outlay - - - -
Law Department:
Personal services 1,366,567 1,366,567 1,155,157 (211,410)
Supplies 7,309 7,309 4,156 (3,153)
Other services and charges 810,637 810,637 285,395 (525,242)
Capital outlay 179,806 179,806 52,288 (127,518)
Community Services:
Personal services 3,569,900 3,569,900 3,210,210 (359,690)
Supplies 57,642 57,642 40,781 (16,861)
Other services and charges 1,759,600 1,771,744 939,317 (832,427)
Capital outlay 763,655 763,655 654,636 (109,019)
Personnel/ Human Resources:-
Personal services 720,000 720,000 529,659 (190,341)
Supplies 4,500 4,500 1,799 (2,701)
Other services and charges 489,926 489,926 141,378 (348,548)
Capital outlay 18,961 18,961 9,476 (9,485)
For the Fiscal Year Ended December 31, 2023
(Continued)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
Continued on next page.
Budgeted Amounts
99
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
Expenditures (continued):
Current (continued):
City Property Maintenance:
Supplies 221,349 221,349 112,103 (109,246)
Other services and charges 2,413,547 2,413,547 2,010,857 (402,690)
Public Affairs/ Community Relations:
Personal services 1,439,157 1,439,157 1,306,443 (132,714)
Supplies 4,684 4,684 3,507 (1,177)
Other services and charges 3,906,687 3,910,437 3,058,056 (852,381)
Capital outlay 59,902 59,902 24,957 (34,945)
Total general government 55,171,445 55,187,339 48,182,050 (7,005,289)
Public Safety:
Fire Department:
Personal services 30,947,652 30,947,652 31,279,159 331,507
Supplies 421,265 421,265 391,947 (29,318)
Other services and charges 2,475,116 2,475,116 2,047,586 (427,530)
Police Department:
Personal services 28,243,100 28,357,129 25,108,955 (3,248,174)
Supplies 964,067 964,067 742,954 (221,113)
Other services and charges 1,789,374 1,789,374 1,731,364 (58,010)
Capital outlay 3,892,178 3,892,178 2,764,459 (1,127,719)
Communication Center:
Personal services 2,573,732 2,573,732 2,404,688 (169,044)
Supplies 82,988 82,988 78,278 (4,710)
Other services and charges 2,709,081 2,709,081 2,048,749 (660,332)
Capital outlay 938,066 938,066 764,706 (173,360)
Total public safety 75,036,619 75,150,648 69,362,845 (5,787,803)
(Continued)
Continued on next page.
Budgeted Amounts
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
For the Fiscal Year Ended December 31, 2023
City of Carmel, Indiana
100
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
Expenditures (continued):
Current (continued):
Culture and recreation:
Parks Department:
Personal services 3,587,356 3,587,356 3,504,571 (82,785)
Supplies 186,587 188,346 166,704 (21,642)
Other services and charges 2,510,849 2,566,349 1,736,579 (829,770)
Capital outlay 11,000 11,000 9,241 (1,759)
Total culture and recreation 6,295,792 6,353,051 5,417,095 (935,956)
Economic Development:
Redevelopment Department:
Personal services 834,225 834,225 800,086 (34,139)
Supplies 3,700 3,700 2,126 (1,574)
Other services and charges 85,384 85,384 112,100 26,716
Capital outlay 15,000 15,000 9,329 (5,671)
Total economic development 938,309 938,309 923,641 (14,668)
Transfers to nonmajor funds
- - 527,636 527,636
Other Expenditure - - 1,287,738 1,287,738
Total expenditures, budgetary basis 137,442,165$ 137,629,347$ 125,701,005 (11,928,342)$
Increase in accrued liabilities:
Accounts payable 36,961
Accrued payroll and withholdings payable 373,746
Financed purchase obligations 5,222,656
Transfers to other funds (17,147,835)
Rainy Day Fund
Less, accrual due to Rainy Day Fund -
Total expenditures reported on the
Statement of Revenues and Expenditures 114,465,059$
treated as expenditures on a
budgetary basis
Budgeted Amounts
For the Fiscal Year Ended December 31, 2023
(Continued)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
101
City of Carmel, Indiana
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
December 31, 2023
Budgetary Basis of Accounting
Annual budgets are required for the General Fund, Motor Vehicle Highway Fund, Fire Pension Fund, Police Pension Fund,
Local Road & Street Fund, Cumulative Capital Improvement Fund, Cumulative Capital Development Fund, 2004 Road Bond
Fund, 2016 Property Tax Bond Fund, 2021 Property Tax Bond Fund, and 2022 Property Tax Bond Fund. The original budget
is the first complete appropriated budget for the year.
The deadline for the adoption of annual budgets by the Common Council is November 1 of the previous year. It is subject to
adjustment by the Common Council and, in certain circumstances, by an Indiana State agency.
The property tax levy is authorized at the time annual appropriations are adopted. Original budgeted revenues represent the
budgeted revenues submitted by the City along with budget expenditures, as adopted. The final budget reflects official changes
to those numbers.
The appropriated budget is prepared by fund, department, character, and/or object. Transfers of appropriations require the
approval of the Common Council. The legal level of budgetary control (i.e., the level at which expenditures may not legally
exceed appropriations) is the character and/or object.
Appropriations in all budgeted funds lapse at the end of the fiscal year unless they are encumbered. Encumbrances are
contractual obligations related to unperformed (executory) contracts for goods or services (i.e., purchase orders, contracts, and
commitments). Encumbrance accounting is utilized to the extent necessary to assure effective budgetary control and
accountability and to facilitate effective cash planning and control.
The basis of accounting for the budget, and the actual revenues and expenditures provided for comparison, is the cash basis,
modified only by the addition of encumbrances to appropriations to arrive at the total budget. Encumbrances are not added to
actual expenditures because utilization of encumbrances is optional at the managerial level.
102
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS - INFORMATION
Special revenue funds - used to account for revenues derived for a specific purpose. The title of the funds is
descriptive of the activities involved. The City maintains the following nonmajor special revenue funds:
The Park Impact Fee Fund accounts for fees charged to developers solely for the purpose of maintaining parks.
The Hazardous Materials Fund accounts for fees charged on the handling of certain hazardous waste and required
by law to be used to enhance the City’s ability to respond to hazardous waste emergencies.
The Parks Program Fund accounts for certain fees collected in accordance with inter-local governmental
agreements and required to be used for parks and recreation programs.
The Parks Monon Fund accounts for certain fees collected in accordance with inter-local governmental agreements
and required to be used to support the redevelopment of the former Monon Railroad track line as a recreational
trail.
The Parks Facility Fund accounts for fees collected from program participants and shall be used for the purchase,
development, and/or rehabilitation of park facilities.
The Local Road and Street Fund accounts for gasoline taxes and other revenues collected by the State of Indiana
and distributed to the City in accordance with a statutory formula, required to be used for certain road and street
contracts.
The Deferral Fund accounts for certain fees paid by offenders to defer their cases to a non-criminal process,
required by law to be used for certain public safety purposes.
The User Fee Fund accounts for the City’s share of certain fee revenue collected from participants in certain public
safety and criminal justice programs, and other court-related programs, required by law to be used for certain public
safety and court-related purposes.
The Barrett Law and Barrett Law Surplus Funds account for certain payments collected from property owners who
benefit from specific projects that affect their property, required to be used to cover debt service on those projects.
The Storm Water Fund accounts for monies received for user charges restricted for drainage projects.
The 4CDC Operating Fund accounts for the rental and maintenance operations of the 4CDC office building.
The CMCDC Operating Fund accounts for revenue borrowed or otherwise set aside for certain economic
development purposes.
The Motor Vehicle Highway Fund is used to account for gasoline tax and other revenue collected by the State of
Indiana and shared with the City for the purpose of maintaining streets and other infrastructure.
The Maternal Infant Health Program (MIHP) Fund accounts for funds used to support Medicaid beneficiaries in
order to promote healthy pregnancies, positive birth outcomes, and infant health and development.
Continued on next page.
103
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
The Opioid Settlement Fund accounts for the City's portion of the national settlement.
The Health Self Insurance Fund accounts for the City's employee healthcare self-insurance program.
The Workers Compensation Fund accounts for the City's workers' compensation programs.
The Support for the Arts Fund accounts for donations and grants received to be spent on arts programs and
The Keystone Non-Reverting Fund accounts for amounts accumulated for certain infrastructure projects.
The Bicycle Facilities Non-Reverting Fund accounts for amounts accumulated for the operation and maintenance of
City bicycle facilities and amenities.
The Center Green Ice Non-Reverting Fund accounts for monies received and expended for the operation and
maintenance of the ice rink located at the Palladium Center Green.
Events & Festival Non-Reverting Fund accounts for amounts accumulated for certain recreation projects relating to
City festivals and other community events.
The Code Enforcement Non-Reverting Fund accounts for monies received and expended for City code enforcement
activities.
The Sidewalk Non-Reverting Fund accounts for monies received and expended for City sidewalk improvements.
The Urban Forestry Fund accounts for amounts accumulated for street tree maintenance, storm event or natural
disaster cleanup, the replacement of street trees, and special training.
The Clerk’s Record Perpetuation Fund accounts for document storage fees and facsimile transmission fees collected
by the Carmel City Court. Disbursements are for the purpose of developing a record retention program.
The Court Interpreter Fund accounts for monies received from the Indiana Supreme Court to be spent on foreign
language interpreters for court cases.
The Public Defender Fund accounts for the costs of public defender representation ordered by the court. Financing
is provided by charges assessed to individuals represented by public defenders.
The Judicial Salary Fees Fund accounts for certain court fees restricted by law to the payment of certain court
administration expenditures.
The Historic Preservation Fund accounts for amounts accumulated to protect and to promote the educational,
cultural and general welfare of the citizens of the City and to ensure the harmonious and orderly growth and
development of the City.
The Fire Gift Fund accounts for donations received for fire department expenditures.
The Police Gift Fund accounts for donations received for police department expenditures.
Continued on next page.
104
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
The Parks Gift Fund accounts for donations received for park expenditures.
The Community Relations Gift Fund accounts for donations received for the community relations department.
The Redevelopment Commission Gift Fund accounts for donations received for the redevelopment commission.
The Economic Development Fund accounts for expenditures related to projects promoting economic development.
Financing is provided by state grants and loan payments. Expenditures include grants and related expenses.
The Housing Authority Fund accounts for expenditures related to the provision of affordable housing programs to
eligible renters within the City.
The Drug Task Force Fund accounts for donations to the City for various expenditures relating to this educational
program.
The Thoroughfare Fund accounts for amounts accumulated for certain infrastructure projects.
The COVID Fund accounts for relief monies received for navigating the impact of the COVID-19 pandemic.
The Grant Fund is used to account for grant resources received from various local, state, and federal agencies and
organizations. The use of these resources is restricted to a particular function of the City by each grantor.
The Bond Bank Project Fund is used to account for the proceeds of bond issuances that have been aggregated
through the City's local public improvement bond bank, established in accordance with Indiana law. Generally,
proceeds not needed for issuance costs and required reserves are transferred to other funds to be used to acquire
capital assets.
Capital Projects Funds - used to account for revenues and other financing sources restricted or committed to
the acquisition of capital assets:
The Redevelopment Authority Capital Projects Fund is used to account for capital projects undertaken by the City
with financing provided by the Authority.
The Ambulance Fund accounts for EMS service fees, committed for acquisition of EMS and fire protection
equipment.
The Parks Capital Fund accounts for certain fees collected in accordance with inter-local governmental agreements
and required to be used for capital projects for parks and recreation.
The Cumulative Capital Improvement Fund accounts for cigarette taxes and other revenues collected by the State of
Indiana and distributed to the City in accordance with a statutory formula, required primarily to be used for certain
road and street contracts.
The Cumulative Capital Sewer Fund accounts for financial resources for the construction or repairing of storm
sewers. Financing is provided by a dedicated property tax levy.
Continued on next page.
105
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
The Cumulative Capital Development Fund accounts for a property tax levy established and imposed for the sole
purpose of funding certain types of capital acquisitions and the payment of debt service for such acquisitions.
The Illinois Street Construction Fund accounts for certain payments in lieu of taxes required by contract with the
payor to be used for certain capital projects.
The Old Town/126th Street Construction Fund accounts for the accumulation of resources for certain community
improvement projects.
The 2016 Property Tax Bond Construction Funds 1-6 and 9-13 account for the proceeds of eleven separate street
projects financed by property tax, issued for the purpose of street improvement and construction.
The 2016 Project Fund is used to account for the expenditure of proceeds of a certain 2016 bond issuance, the
purpose of which was to finance street improvement and construction.
The 2017 Project Fund is used to account for the expenditure of proceeds of certain 2017 bond issuances, the
purposes of which were to finance street improvement and construction and economic development.
The 2017 A Bond Construction Fund is a capital projects fund that accounts for the proceeds of a bond expected to
be paid from tax increment revenue.
The 2018 CMBC Bond Construction Fund is a capital projects fund that accounts for the proceeds of a bond
expected to be paid from tax increment revenue.
Debt Service Funds- used to account for revenues and other financing sources restricted or committed to the
payment of principal and interest on noncurrent debt:
The Lease Rental Fund accounts for the accumulation of resources for certain leases.
The 2004 Road Bond Fund accounts for financial resources that are restricted to expenditure for payment of
principal and interest on certain bonds.
The 2016 Property Tax Bond Fund is a debt service fund that accounts for a tax levy to fund debt service for
property tax-supported debt that finances 13 separate capital projects.
The 2021 L/R Property Tax Bond Fund is a debt service fund that accounts for a tax levy to fund debt service for
property-tax supported debt.
The 2022 L/R Property Tax Bond Fund is a debt service fund that accounts for a tax levy to fund debt service for
property-tax supported debt.
106
Park Impact
Fee
Hazardous
Material Parks Program Parks Monon
Parks
Facility
Local Road &
Street
ASSETS:
Cash and cash equivalents 4,262,667$ $ 43,574 $ 3,690,718 4,650,484$ 315,021$ 2,851,343$
Property tax receivable - - - - - -
Due from other governmental funds - - - - - -
Due from related utility --- - --
Intergovernmental receivables - - - - - -
Lease and other receivable - - - - - -
Total assets 4,262,667 43,574 3,690,718 4,650,484 315,021 2,851,343
DEFERRED OUTFLOW OF RESOURCES:
Leases - - - - - -
Total deferred outflow of resources - - - - - -
LIABILITIES:
Accounts payable 12,158 -66,524 163,273 9,707 9,167
Claims payable - - - - - -
Due to other funds - - - - - -
Unearned Revenue --- - --
Accrued payroll - - 62,907 63,632 - -
Total liabilities 12,158 - 129,431 226,905 9,707 9,167
DEFERRED INFLOW OF RESOURCES:
Leases - - - - - -
Unavailable revenue - - - - - -
Total deferred inflow of resources - - - - - -
FUND BALANCE:
Restricted:
General government -- - - - -
Public safety - 43,574 - - - -
Highways and streets - -- - - 2,842,176
Drainage and other capital assets - -- - - -
Economic development - -- - - -
Culture and recreation 4,250,509 - 3,561,287 4,423,579 305,314 -
Committed:
General government --- - --
Public safety --- - --
Highways and streets --- - --
Drainage --- - --
Economic development --- - --
Culture and recreation --- - --
Assigned --- - --
Unassigned - - - - - -
TOTAL FUND BALANCES 4,250,509 43,574 3,561,287 4,423,579 305,314 2,842,176
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES 4,262,667$ 43,574$ 3,690,718$ 4,650,484$ 315,021$ 2,851,343$
Continued on next page.
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
December 31, 2023
City of Carmel, Indiana
107
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Deferral User Fee
Barrett
Law
Barrett Law
Surplus Storm Water
4CDC
Operating Fund
127,372$ 485,951$ 6$ $ 166,369 $ 6,636,985 $ 66,294
- - - - - -
- - - - - -
- - - - 364,371 -
- - - - - -
- - - - - 8,059,813
127,372 485,951 6 166,369 7,001,356 8,126,107
- - - - - -
- - - - - -
1,073 593 - - 41,656 -
- - - - - -
- - - - 74,586 -
- - - - - -
932 - - - - -
2,005 593 - - 116,242 -
- - - - - 8,039,082
- - - - - -
- - - - - 8,039,082
- - - - - -
125,367 485,358 - - - -
- - - - - -
- - 6 166,369 6,885,114 -
- - - - - 44,656
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - 42,369
- - - - -
- - - - -
- - - - - -
125,367 485,358 6 166,369 6,885,114 87,025
127,372$ 485,951$ 6$ 166,369$ 7,001,356$ 8,126,107$
Continued on next page.
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
City of Carmel, Indiana
Special Revenue Funds
December 31, 2023
108
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
CMCDC
Operating
Fund
Motor Vehicle
Highway Fund MIHP
Opioid
Settlement
Health Self
Insurance
Workers
Comp
Support for
the Arts
$ 95,828 4,583,936$ 5,213$ 246,266$ 1,385,041$ 119,142$ 19,134$
-553,569 - - - - -
- 74,586 - - - - -
- - - - - - -
- - - 919,037 - - -
- - - - - - -
95,828 5,212,091 5,213 1,165,303 1,385,041 119,142 19,134
- - - - - - -
- - - - - - -
-459,284 397 - 11,214 - -
- -- - 1,079,250 - -
- -- - - - -
-- - - - --
-231,431 - - - - -
- 690,715 397 - 1,090,464 - -
- - - - - - -
- 553,569 - 919,037 - - -
- 553,569 - 919,037 - - -
- - - - - --
- - 4,816 246,266 - --
- 3,967,807 - - - --
- - - - - --
95,828 - - - - --
- - - - - --
-- - - 294,577 119,142 -
-- - - - - -
-- - - - - -
-- - - - - -
-- - - - - 19,134
-- - - - - -
-- - - ---
- - - - - - -
95,828 3,967,807 4,816 246,266 294,577 119,142 19,134
95,828$ 5,212,091$ 5,213$ 1,165,303$ 1,385,041$ 119,142$ 19,134$
Continued on next page.
NONMAJOR GOVERNMENTAL FUNDS
BALANCE SHEET
City of Carmel, Indiana
Special Revenue Funds
December 31, 2023
109
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Keystone
Non-
Reverting
Bicycle
Facilities Non-
Reverting
Center Green
Ice Non-
Reverting
Events &
Festival Non-
Reverting
Code
Enforcement
Non-
Reverting
Sidewalk
Non-
Reverting
150,205$ 72,252$ 709,500$ 135,472$ 65,899$ 62,946$
------
------
------
------
- - - - - -
150,205 72,252 709,500 135,472 65,899 62,946
- - - - - -
- - - - - -
-- 2,527 ---
------
------
------
- - - - - -
- - 2,527 - - -
------
- - - - - -
- - - - - -
------
------
------
------
------
------
- - - - - -
------
150,205 72,252 - - 65,899 62,946
- - - - - -
- - - - - -
- - 706,973 135,472 - -
------
- - - - - -
150,205 72,252 706,973 135,472 65,899 62,946
150,205$ 72,252$ 709,500$ 135,472$ 65,899$ 62,946$
Continued on next page.
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
City of Carmel, Indiana
Special Revenue Funds
December 31, 2023
110
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Urban
Forestry
Clerk's
Record
Perpetuation
Court
Interpreter
Public
Defender
Judicial
Salary Fees
Historic
Preservation
Fund
74,759$ 274,121$ 86$ 4,134$ 83,381$ 336,427$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
74,759 274,121 86 4,134 83,381 336,427
- - - - - -
- - - - - -
- 2,103 - - 5,364 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 2,103 - - 5,364 -
- - - - - -
- - - - - -
- - - - - -
- 272,018 - - - -
- - 86 4,134 78,017 -
- - - - - -
- - - - - -
- - - - - -
74,759 - - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - 336,427 -
- - - - - - -
- - - - - -
74,759 272,018 86 4,134 78,017 336,427
74,759$ 274,121$ 86$ 4,134$ 83,381$ 336,427$
Continued on next page.
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
December 31, 2023
111
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Fire Gift Police Gift Parks Gift
Community
Relations
Gift
Redevelopment
Commission
Gift
Economic
Development
15,313$ 222,685$ 119,281$ 232,809$ 140,475$ 93,565$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
15,313 222,685 119,281 232,809 140,475 93,565
- - - - - -
- - - - - -
749 27 120 10,075 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
749 27 120 10,075 - -
- - - - - -
- - - - - -
- - - - - -
- - - 222,734 140,475 -
14,564 222,658 - - - -
- - - - - -
- - - - - -
- - - - - 93,565
- - 119,161 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
14,564 222,658 119,161 222,734 140,475 93,565
15,313$ 222,685$ 119,281$ 232,809$ 140,475$ 93,565$
Continued on next page.
City of Carmel, Indiana
BALANCE SHEET
December 31, 2023
NONMAJOR GOVERNMENTAL FUNDS
Special Revenue Funds
112
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Housing
Authority
Drug Task
Force Thoroughfare COVID Fund Grant
Bond Bank
Project Fund
Total Special Revenue
Funds
58,865$ 437,396$ 2,337,971$ -$ 1,996,843$ 6,845,780$ 44,221,509$
- --- - -553,569
- --- - -74,586
- --- - -364,371
- --- - -919,037
- - - - - - 8,059,813
58,865 437,396 2,337,971 - 1,996,843 6,845,780 54,192,885
- - - - - - -
- - - - - - -
- 11,254 -- - -807,265
- --- - -1,079,250
- --- - -74,586
- --- - --
- - - - - - 358,902
- 11,254 - - - - 2,320,003
- --- - -8,039,082
- - - - - - 1,472,606
- - - - - - 9,511,688
- --- - -635,227
- 426,142 -- 1,996,843 -3,647,825
- - 2,337,971 - - 6,845,780 15,993,734
- --- - -7,051,489
58,865 --- - -292,914
- --- - -12,734,609 -
- --- - -413,719
- --- - --
- --- - -351,302
- --- - --
- --- - -61,503
- --- - -1,178,872 -
- --- - -- -
- - - - - - -
58,865 426,142 2,337,971 - 1,996,843 6,845,780 42,361,194
58,865$ 437,396$ 2,337,971$ -$ 1,996,843$ 6,845,780$ 54,192,885$
Continued on next page.
Special Revenue Funds
BALANCE SHEET
December 31, 2023
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
113
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Redevelopment
Authority
Capital Projects
Fund Ambulance Parks Capital
Cumulative
Capital
Improvement
Cumulative
Capital Sewer
Cumulative
Capital
Development
5,780$ 4,921,992$ 4,826,910$ 155,346$ $ 9,651 $ 298,923
- - - - -170,855
- - - - - -
- - - - - -
- - - - - -
-262,352 - - - -
5,780 5,184,344 4,826,910 155,346 9,651 469,778
- - - - - -
- - - - - -
- 110,776 5,707 - - 32,994
--- - - -
--- - - -
- -- - --
- - - - - -
- 110,776 5,707 - - 32,994
- - - - - -
- 218,627 - - - 170,855
- 218,627 - - - 170,855
- -- - - -
- - -- -
5,780 -- -- 265,929
- -- - 9,651 -
-- -- -
- - 4,821,203 -- -
- -- - --
- 4,854,941 - - --
- - - 155,346 --
- - - - --
- - - - --
- - - - ---
- -- - ---
- - - - - -
5,780 4,854,941 4,821,203 155,346 9,651 265,929
5,780$ 5,184,344$ 4,826,910$ 155,346$ 9,651$ 469,778$
Continued on next page.
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2023
Capital Projects Funds
BALANCE SHEET
114
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Old
Town/126th
Construction
2016 Property
Tax Bond
Construction
3
2016
Project Fund
2017
Project Fund
2018 CMBC Bond
Construction Fund
Total Capital Projects
Funds
459$ -$ 164,846$ 1,285,985$ 475,813$12,145,705$
-- - - - 170,855
-- - - - -
-- - - - -
-- - - - -
- - - - - 262,352
459 - 164,846 1,285,985 475,813 12,578,912
- - - - - -
- - - - - -
-- - - - 149,477
-- - - - -
-- - - - -
-- - - - -
- - - - - -
- - - - - 149,477
-- - - - -
- - - - - 389,482
- - - - - 389,482
-- - - - -
-- - - - -
-- 164,846 1,245,364 - 1,681,919
-- - - - 9,651
459 - - 40,621 475,813 516,893
-- - - - 4,821,203-
-- - - - -
-- - - - 4,854,941
-- - - - 155,346
-- - - - -
-- - - - -
-- - - - - -
-- -
- - - - - -
459 - 164,846 1,285,985 475,813 12,039,953
459$ -$ 164,846$ 1,285,985$ 475,813$ 12,578,912$
Continued on next page.
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
Capital Projects Funds
December 31, 2023
115
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
DEFERRED OUTFLOW OF RESOURCES:
Leases
Total deferred outflow of resources
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Lease
Rental
2004 Road
Bond
2016
Property Tax
Bond Fund
2021 L/R
Property Tax Bond
Fund
2022 L/R
Property Tax
Bond Fund
Total Debt
Service Funds
Total
Nonmajor
Governmental
Funds
3,853$ 79,345$ 148,081$ 98,627$214,421$ 544,327$ 56,911,541$
- 89,528 50,573 23,578 163,679 327,358 1,051,782
---- - - 74,586
---- - - 364,371
---- - - 919,037
- -- - - - 8,322,165
3,853 168,873 198,654 122,205 378,100 871,685 67,643,482
- - - - - - -
- - - - - - -
---- - - 956,742
---- - - 1,079,250
---- - - 74,586
---- - - -
- - - - - - 358,902
- - - - - - 2,469,480
---- - - 8,039,082
- 89,528 50,573 23,578 163,679 327,358 2,189,446
- 89,528 50,573 23,578 163,679 327,358 10,228,528
---- - - 635,227
---- - - 3,647,825
3,853 79,345 148,081 98,627 214,421 544,327 18,219,980
---- - - 7,061,140
---- - - 809,807
---- - - 17,555,812 - -
-
---- - - 413,719
---- - - 4,854,941
---- - - 506,648
---- - - -
---- - - 61,503
---- - - 1,178,872 - -
---- - -- - -
- - - - - - -
3,853 79,345 148,081 98,627 214,421 544,327 54,945,474
3,853$ 168,873$ 198,654$ 122,205$ 378,100$ 871,685$ 67,643,482$
City of Carmel, Indiana
Debt Service Funds
NONMAJOR GOVERNMENTAL FUNDS
BALANCE SHEET
December 31, 2023
116
Park Impact Fee
Hazardous
Material Parks Program Parks Monon Parks Facility
Local Road &
Street
REVENUES:
Charges for services 1,830,075$ 800$ 5,298,090$ 6,885,245$ 229,493$ -$
Investment income 229,187 2,491 197,988 253,086 15,564 -
Licenses and permits -- - - - -
Other -- - 15,790 36,774 48,230
Other taxes -- - - - -
Contributions -- 32,767 13,176 - -
General property taxes -- - - - -
Intergovernmental:
Grants -- - - - -
Other intergovernmental -- - - - -
Shared revenue - - - - - 2,684,734
Total revenues 2,059,262 3,291 5,528,845 7,167,297 281,831 2,732,964
EXPENDITURES:
Current:
General government -- - - - -
Public safety -- - - - -
Streets and other infrastructure -- - - - -
Economic development -- - - - -
Culture and recreation 1,702 - 4,429,120 6,345,285 204,141 -
Debt service:
Principal -- - - - -
Interest -- - - - -
Lease rentals and issuance costs -- - - - -
Capital outlay:
General government -- - - - -
Public safety -- - - - -
Streets and other infrastructure -- - - - 1,287,742
Economic development -- - - - -
Culture and recreation 601,582 - - - 146 -
Total expenditures 603,284 - 4,429,120 6,345,285 204,287 1,287,742
Excess (deficiency) of revenues
over (under) expenditures 1,455,978 3,291 1,099,725 822,012 77,544 1,445,222
Other financing sources (uses):
Transfers in, governmental funds -- 3,343 11,849 - -Transfer in (out) from (to) enterprise funds - - - - -
Transfers (out), governmental funds -- - - - (801,848)
Bond issuance - principal -- - - - -
Bond issuance - premium -- - - - -
Debt issuance - finacned purchase obligations - - - - - -
Total other financing sources - - 3,343 11,849 - (801,848)
NET CHANGE IN FUND BALANCES 1,455,978 3,291 1,103,068 833,861 77,544 643,374
FUND BALANCES: beginning 2,794,531 40,283 2,458,219 3,589,718 227,770 2,198,802
FUND BALANCES: ending 4,250,509$ 43,574$ 3,561,287$ 4,423,579$ 305,314$ 2,842,176$
Continued on next page.
City of Carmel, Indiana
For the Fiscal Year Ended December 31, 2023
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
Special Revenue
117
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
Deferral User Fee Barrett Law
Barrett Law
Surplus Storm Water
4CDC
Operating Fund
778$ 48,216$ -$ -$ 4,232,827$ 777,416$
8,393 - - - 97,731 -
- 60,869 - - --
- - - - 399,125 334
- - - - --
- - - - --
- - - - --
- - - - --
- - - - --
- - - - - -
9,171 109,085 - - 4,729,683 777,750
- - - - - 474,423
45,444 37,336 - - --
- - - --
- - - - 158,446
- - - - --
- - - - 465,000 102,310
- - - - 111,935 252,249
- - - - --
- - - - --
- - - - --
- - - - 1,430,637 -
- - - - --
- - - - - -
45,444 37,336 - - 2,007,572 987,428
(36,273) 71,749 - - 2,722,111 (209,678)
- - - - -- - - - - - -
- - - - (2,368,150) -
- - - - --
- - - - --
- - - - - -
- - - - (2,368,150) -
(36,273) 71,749 - - 353,961 (209,678)
161,640 413,609 6 166,369 6,531,153 296,703
125,367$ 485,358$ 6$ 166,369$ 6,885,114$ 87,025$
Continued on next page.
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Special Revenue
118
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
CMCDC
Operating Fund
Motor Vehicle
Highway Fund MIHP
Opioid
Settlement
Health Self
Insurance
Workers
Comp
Support of the
Arts
21,400$ -$ -$ -$ -$ -$ -$
- 316,323 342 - - - -
- - - - - - -
474,687 1,168,963 - - - 300,000 -
- 1,268,317 - - - - -
- - - - - - -
- 15,415,906 - - - - -
-
- - - - - - -
- - - 48,886 - - -
- 4,301,862 - - - - -
496,087 22,471,371 342 48,886 - 300,000 -
- - - - 718,649 332,213 -
- - 2,327 - - - -
- 18,420,270 - - - - -
568,803 - - - - - -
- - - - - - -
-
- - - - - - -
- - - - - - -
- - - - - - -
-
- - - - - - -
- - - - - - -
- 6,896,123 - - - - -
- - - - - - -
- - - - - - -
568,803 25,316,393 2,327 - 718,649 332,213 -
(72,716) (2,845,022) (1,985) 48,886 (718,649) (32,213) -
- - - - - - - - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 3,375,521 - - - - -
- 3,375,521 - - - - -
(72,716) 530,499 (1,985) 48,886 (718,649) (32,213) -
168,544 3,437,308 6,801 197,380 1,013,226 151,355 19,134
95,828$ 3,967,807$ 4,816$ 246,266$ 294,577$ 119,142$ 19,134$
Continued on next page.
City of Carmel, Indiana
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
For the Fiscal Year Ended December 31, 2023
(Continued)
Special Revenue
119
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
Keystone Non-
Reverting
Bicycle
Facilities Non-
Reverting
Center Green
Ice Non-
Reverting
Events &
Festival Non-
Reverting
Code
Enforcement
Non-Reverting
Sidewalk Non-
Reverting
-$ -$ -$ -$ -$ -$
8,624 3,681 43,437 6,169 3,698 3,272
- - - - - -
- 16,891 456,708 40,876 10,000 -
- - - - - -
- - - 57,998 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
8,624 20,572 500,145 105,043 13,698 3,272
- - - - - -
- - - - - -
- - - - - 4,891
- - - - - -
- - 358,845 25,855 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - 358,845 25,855 - 4,891
8,624 20,572 141,300 79,188 13,698 (1,619)
- - - - - 8,636 - - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - 8,636
8,624 20,572 141,300 79,188 13,698 7,017
141,581 51,680 565,673 56,284 52,201 55,929
150,205$ 72,252$ 706,973$ 135,472$ 65,899$ 62,946$
Continued on next page.
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Special Revenue
120
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
Urban Forestry
Clerk's Record
Perpetuation
Court
Interpreter
Public
Defender
Judicial Salary
Fees
Historic
Preservation
Fund
-$ -$ - 3,228$ 24,501$ -$
- - 4 - - -
- - -- - -
- 26,434 - - - 63,590
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 26,434 4 3,228 24,501 63,590
- 42,470 - - - -
- -- 2,084 39,804 -
- - - - - -
- - - - - 5,555
- - - - - -
-
- - - - - -
- - - - - -
- - - - - -
-
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 42,470 - 2,084 39,804 5,555
- (16,036) 4 1,144 (15,303) 58,035
- - - - - - - - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- (16,036) 4 1,144 (15,303) 58,035
74,759 288,054 82 2,990 93,320 278,392
74,759$ 272,018$ 86$ 4,134$ 78,017$ 336,427$
Continued on next page.
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
City of Carmel, Indiana
Special Revenue
121
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
Fire Gift Police Gift Parks Gift
Community
Relations Gift
Redevelopment
Commission Gift
Economic
Development
-$ -$ -$ -$ -$ -$
875 9,720 6,949 16,257 1,546 -
- - - - - -
- - - 10,740 100,000 20,000
- - - - - -
26,920 112,462 90,754 186,249 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
27,795 122,182 97,703 213,246 101,546 20,000
- - - - - -
29,116 54,487 - - - -
- - - - - -
- - - - - -
- - 97,456 179,664 3,612 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
29,116 54,487 97,456 179,664 3,612 -
(1,321) 67,695 247 33,582 97,934 20,000
- - - - - - - - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
(1,321) 67,695 247 33,582 97,934 20,000
15,885 154,963 118,914 189,152 42,541 73,565
14,564$ 222,658$ 119,161$ 222,734$ 140,475$ 93,565$
Continued on next page.
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Special Revenue
122
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
Housing
Authority
Drug Task
Force Thoroughfare
COVID
Fund Grant
Bond Bank
Project Fund
Total Special
Revenue Funds
-$-$ 326,601$ -$ -$-$19,678,670$
- 23,057 129,269 4,714 - 225,552 1,607,929
--- - -- 60,869
- 101,379 - - - 6,115,398 9,405,919
--- - -- 1,268,317
--- - -- 520,326
--- - -- 15,415,906
- 144,581 - 1,917,965 2,227,666 - 4,290,212
--- --48,886
- -- -- - 6,986,596
- 269,017 455,870 1,922,679 2,227,666 6,340,950 59,283,630
-- - -- 1,567,755
- 216,209 - - 1,000,000 - 1,426,807
--- - - 3,695,353 22,120,514
--- - -- 732,804
--- - -- 11,645,680
-- - - - 6,478,000 7,045,310
-- - - - 6,336,229 6,700,413
-- - - ---
-- - - ---
-- - - ---
-- 4,956 2,072,003 -- 11,691,461
-- - - ---
- - - - - - 601,728
- 216,209 4,956 2,072,003 1,000,000 16,509,582 63,532,472
- 52,808 450,914 (149,324) 1,227,666 (10,168,632) (4,248,842)
-- - - - 7,627,504 7,651,332 - - - - - --
-- - - (20,701) - (3,190,699)
-- - - ---
-- - - ---
- - - - - - 3,375,521
- - - -(20,701) 7,627,504 7,836,154
- 52,808 450,914 (149,324) 1,206,965 (2,541,128) 3,587,312
58,865 373,334 1,887,057 149,324 789,878 9,386,908 38,773,882
58,865$ 426,142$ 2,337,971$ -$ 1,996,843$ 6,845,780$ 42,361,194$
Continued on next page.
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Special Revenue
123
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
Redevelopment
Authority Capital
Projects Fund Ambulance Parks Capital
Cumulative
Capital
Improvement
Cumulative
Capital
Sewer
Cumulative
Capital
Development
-$2,507,946$ -$-$ -$ -$
543 238,712 163,532 - - -
-- -- - -
-- 4,786,605 - - -
-- - 181,079 - 391,456
-- -- - -
-- -- - 4,755,190
-- -- - -
-- -- - -
- - - - - 1,742
543 2,746,658 4,950,137 181,079 - 5,148,388
-- -- - -
- 1,146,322 -- - -
---- - 370,166
---- - -
8,294 - -- - -
-
-- -- - -
-- -- - -
-- -- - -
-- -- - -
-- -- - -
70,425 - - 181,087 - -
-- -- - -
- - 1,112,275 - - -
78,719 1,146,322 1,112,275 181,087 - 370,166
(78,176) 1,600,336 3,837,862 (8) - 4,778,222
-- 519,000 - - - - - - - - -
-- -- - (4,512,953)
-- - - -
-- - - -
- - - - - -
- - 519,000 - - (4,512,953)
(78,176) 1,600,336 4,356,862 (8) - 265,269
83,956 3,254,605 464,341 155,354 9,651 660
5,780$ 4,854,941$ 4,821,203$ 155,346$ 9,651$ 265,929$
Continued on next page.
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Capital Projects Funds
124
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
Old Town/126th
Construction
2016
Project Fund
2017
Project Fund
2018 CMBC Bond
Construction Fund
Total Capital
Projects Funds
-$ -$-$-$ 2,507,946$
- 12,267 107,574 2,737 525,387
- --- -
- 844,878 -- 5,631,483
- --- 572,535
- --- -
- --4,755,190
- --- -
- --- -
- - - - 1,742
- 857,145 107,574 2,737 13,994,283
- --- -
- --- 1,146,322
- 650 2,184,195 - 2,561,935
- --- -
- --- 8,294
---
- -- 380,000 380,000
- -- 492,468 492,468
- --- -
-
- --- -
- --- -
- 1,114,047 -- 1,365,559
- --1,000 1,000
- -- - 1,112,275
- 1,114,697 2,184,195 873,468 7,067,853
- (257,552) (2,076,621) (870,731) 6,926,430
- -- 877,000 1,396,000 - - - - -
- --- (4,512,953)
- --- -
- ---
- - - - -
- - - 877,000 (3,116,953)
- (257,552) (2,076,621) 6,269 3,809,477
459 422,398 3,362,606 469,544 8,230,476
459$ 164,846$ 1,285,985$ 475,813$ 12,039,953$
Continued on next page.
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Capital Projects Funds
125
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
Other intergovernmental
Shared revenue
Total revenues
EXPENDITURES:
Current:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Debt service:
Principal
Interest
Lease rentals and issuance costs
Capital outlay:
General government
Public safety
Streets and other infrastructure
Economic development
Culture and recreation
Total expenditures
Excess (deficiency) of revenues
over (under) expenditures
Other financing sources (uses):
Transfers in, governmental fundsTransfer in (out) from (to) enterprise funds
Transfers (out), governmental funds
Bond issuance - principal
Bond issuance - premium
Debt issuance - finacned purchase obligations
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
Lease
Rental
2004 Road
Bond
2016
Property Tax
Bond Fund
2021 L/R
Property Tax
Bond Fund
2022 L/R
Property Tax
Bond Fund
Total Debt
Service
Funds
Total Nonmajor
Governmental
Funds
-$ -$ -$-$ -$ -$22,186,616$
-- -- - - 2,133,316
-- -- - - 60,869
-- -- - - 15,037,402
- 205,122 115,871 54,260 376,684 751,937 2,592,789
---- - - 520,326
- 2,645,629 1,495,378 699,719 4,840,737 9,681,463 29,852,559
-- -- - - 4,290,212
-- -- - - 48,886
- 913 516 - - 1,429 6,989,767
- 2,851,664 1,611,765 753,979 5,217,421 10,434,829 83,712,742
-- -- - - 1,567,755
-- -- - - 2,573,129
-- -- 5,667 5,667 24,688,116
-- -- - - 732,804
-- -- - - 11,653,974
-
-- -- - - 7,425,310
-- -- - - 7,192,881
-- -- - --
-
-- -- - --
-- -- - --
-- -- - - 13,057,020
-- -- - -1,000
- - - - - - 1,714,003
- - - - 5,667 5,667 70,605,992
- 2,851,664 1,611,765 753,979 5,211,754 10,429,162 13,106,750
-- -- - - 9,047,332 - - - - - - -
- (2,793,500) (1,478,457) (670,000) (4,997,333) (9,939,290) (17,642,942)
-- -- - --
-- -- - --
- - - - - - 3,375,521
- (2,793,500) (1,478,457) (670,000) (4,997,333) (9,939,290) (5,220,089)
- 58,164 133,308 83,979 214,421 489,872 7,886,661
3,853 21,181 14,773 14,648 - 54,455 47,058,813
3,853$ 79,345$ 148,081$ 98,627$ 214,421$ 544,327$ 54,945,474$
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Debt Service Funds
126
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2023
Motor Vehicle Highway Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes 16,397,118$ 16,397,118$ 15,415,906$ (981,212)$
MVHF distribution 3,765,821 3,765,821 4,296,219 530,398
Miscellaneous 3,173,059 2,463,013 2,754,050 291,037
Total Revenues 23,335,998$ 22,625,952$ 22,466,175$ (159,777)$
EXPENDITURES:
Engineering:
Personal services 2,174,015 2,174,015 2,079,550 (94,465)
Supplies 17,400 17,400 13,485 (3,915)
Other services and charges 788,139 788,139 312,482 (475,657)
Capital outlay 65,157 65,157 60,459 (4,698)
Street Department:
Personal services 8,219,575 8,219,575 7,109,581 (1,109,994)
Supplies 3,035,922 3,035,922 1,896,595 (1,139,327)
Other services and charges 11,148,994 11,148,994 7,072,251 (4,076,743)
Capital outlay 1,740,535 1,740,535 927,182 (813,353)
Other expenditures - - - -
- - 2,500,000 2,500,000
Total Expenditures 27,189,737$ 27,189,737$ 21,971,585$ (5,218,152)$
Fire Pension Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
REVENUES:Original Final Amounts (Negative)
Interest -$ -$ 2,271$ 2,271$
Miscellaneous - - - -
State assumption of pension payments 675,000 675,000 660,527 (14,473)
Total Revenues 675,000 675,000 662,798 (12,202)
EXPENDITURES:
Personal services 688,964 688,964 644,145 (44,819)
Supplies 150 150 - (150)
Other services and charges 8,000 8,000 - (8,000)
Total Expenditures 697,114$ 697,114$ 644,145$ (52,969)$
Continued on next page.
Construction, reconstruction, and
preservation
127
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Police Pension Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 7,581$ 7,581$
State assumption of pension payments 600,000 600,000 652,291 52,291
Total Revenues 600,000 600,000 660,072 59,972
EXPENDITURES:
Personal services 634,593 634,593 646,640 12,047
Supplies 300 300 - (300)
Other services and charges 5,200 5,200 200 (5,000)
Total Expenditures 640,093$ 640,093$ 646,840$ 6,747$
Local Road & Street Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Local road & street distribution 2,448,782$ 2,448,782$ 2,684,734$ 235,952$
Miscellaneous 265,000 265,000 48,230 (216,770)
Total Revenues 2,713,782 2,713,782 2,732,964 19,182
EXPENDITURES:
Other services and charges 3,480,188 3,480,188 1,160,457 (2,319,731)
Capital outlay 1,318,468 1,318,468 - (1,318,468)
Debt service 801,848 801,848 801,848 -
Total Expenditures 5,600,504$ 5,600,504$ 1,962,305$ (3,638,199)$
Continued on next page.
128
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
Cumulative Capital Improvement Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Cigarette tax distribution 188,358$ 188,358$ 181,079$ (7,279)$
Total Revenues 188,358 188,358 181,079 (7,279)
EXPENDITURES:
Other services and charges 195,256 195,256 116,437 (78,819)
Capital outlay 148,768 148,768 99,960 (48,808)
Total Expenditures 344,024$ 344,024$ 216,397$ (127,627)$
Cumulative Capital Development Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 5,060,839$ 5,060,839$ 4,755,190$ (305,649)$
Commercial vehicle excise tax 1,676 1,545 1,742 197
Other 295,550 305,834 391,456 85,622
Total Revenues 5,358,065 5,368,218 5,148,388 (219,830)
EXPENDITURES:
Other services and charges 857,063 857,063 370,166 (486,897)
Capital outlay - - - -
Debt service 4,512,953 4,512,953 4,512,953 -
Total Expenditures 5,370,016$ 5,370,016$ 4,883,119$ (486,897)$
Continued on next page.
129
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2023
(Continued)
2004 Road Bond P/I Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 2,651,880$ 2,651,880$ 2,645,629$ (6,251)$
Commercial vehicle excise tax 1,154 878 913 35
Other 304,561 154,869 205,122 50,253
Total Revenues 2,957,595 2,807,627 2,851,664 44,037
EXPENDITURES:
Debt service 2,793,500 2,793,500 2,793,500 -
Total Expenditures 2,793,500$ 2,793,500$ 2,793,500$ -$
2016 G.O. Property Tax Bond Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 1,498,008$ 1,498,008$ 1,495,378$ (2,630)$
Commercial vehicle excise tax 573 496 516 20
Other 151,244 87,483 115,871 28,388
Total Revenues 1,649,825 1,585,987 1,611,765 25,778
EXPENDITURES:
Debt service 1,485,380 1,485,380 1,478,457 (6,923)
Total Expenditures 1,485,380$ 1,485,380$ 1,478,457$ (6,923)$
Continued on next page.
130
2021 L/R Property Tax Bond Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 698,396$ 698,396$ 699,719$ 1,323$
Commercial vehicle excise tax 242 231 - (231)
Other 52,796 40,786 54,260 13,474
Total Revenues 698,638 739,413 753,979 14,566
EXPENDITURES:
Debt service 1,485,380 1,485,380 670,000 (815,380)
Total Expenditures 1,485,380$ 1,485,380$ 670,000$ (815,380)$
2022 L/R Property Tax Bond Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 4,848,284$ 4,848,284$ 4,840,737$ (7,547)$
Commercial vehicle excise tax 1,888 1,606 - (1,606)
Other 498,473 283,137 376,684 93,547
Total Revenues 4,850,172 5,133,027 5,217,421 84,394
EXPENDITURES:
Debt service 5,058,000 5,058,000 5,003,000 (55,000)
Total Expenditures 5,058,000$ 5,058,000$ 5,003,000$ (55,000)$
For the Fiscal Year Ended December 31, 2023
(Continued)
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
131
City of Carmel, Indiana
FIDUCIARY FUNDS
Pension trust funds - used to report resources that are required to be held in trust for the members and
beneficiaries of defined benefit pension plans. The City maintains the following pension trust funds:
The 1925 Police Pension Trust Fund accounts for the retirement and disability payments to police
officers hired prior to May 1, 1977.
The 1937 Fire Pension Trust Fund accounts for the retirement and disability benefits to firefighters
hired prior to May 1, 1977.
Custodial funds - used to account for resources that are custodial in nature. They are amounts held by
the City on behalf of third parties. The City maintains the following custodial fund:
The City Court Custodial Fund accounts for certain collections made by municipal court for
redistribution to third parties.
132
1925 Police
Pension Trust
Fund
1937 Fire Pension
Trust Fund Total Trust Funds
ASSETS:
Cash and cash equivalents 151,739$ 23,049$ 174,788$
Receivable from State of Indiana 53,824 53,992 107,816
Total assets 205,563 77,041 282,604
LIABILITIES:
Payroll withholdings 53,823 53,993 107,816
Total liabilities 53,823 53,993 107,816
NET POSITION: restricted for pensions 151,740$ 23,048$174,788$
City of Carmel, Indiana
COMBINING STATEMENT OF FIDUCIARY NET POSITION - PENSION FUNDS
December 31, 2023
133
City Court
Custodial Fund
ASSETS:
Cash and cash equivalents 84,013$
Total assets 84,013
LIABILITIES:
Court escrow -
Total liabilities -
NET POSITION 84,013$
City of Carmel, Indiana
COMBINING STATEMENT OF FIDUCIARY NET POSITION - CUSTODIAL FUND
December 31, 2023
134
1925 Police
Pension Trust
1937 Fire Pension
Trust Fund Total Trust Funds
ADDITIONS:
Employer contributions 652,291$660,527$1,312,818$
Investment income 7,581 2,271 9,852
Miscellaneous revenue 2,959 2,483 5,442
Total additions 662,831 665,281 1,328,112
DEDUCTIONS:
Benefits 646,841 644,146 1,290,987
Other services and charges 2,857 2,482 5,339
Total deductions 649,698 646,628 1,296,326
NET INCREASE (DECREASE) IN NET POSITION 13,133 18,653 31,786
NET POSITION: beginning 138,607 4,396 143,003
NET POSITION: ending 151,740$ 23,048$174,788$
- - -
City of Carmel, Indiana
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION FUNDS
For the Fiscal Year Ended December 31, 2023
135
City Court
Custodial Fund
ADDITIONS:
Court costs and fees 1,116,016$
Miscellaneous revenue -
Total additions 1,116,016
DEDUCTIONS:
Distributions 1,115,241
Total deductions 1,115,241
NET INCREASE (DECREASE) IN NET POSITION 775
NET POSITION: beginning 83,238
NET POSITION: ending 84,013$
-
City of Carmel, Indiana
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUND
For the Fiscal Year Ended December 31, 2023
136
CONTENTS PAGES
Financial Trends 138 - 143
Revenue Capacity 144 - 147
Debt Capacity 148 - 152
Demographic and Economic Information 153 - 154
Operating Information 155 - 156
Source: Unless otherwise noted, the information in these schedules is derived from the ACFR for the
relevant year.
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented
for certain statistical section presentations.
City of Carmel, Indiana
Operating information is intended to provide contextual information about the City's
operations and resources to assist readers in using financial statement information to
understand and assess the City’s economic condition.
STATISTICAL SECTION
Financial trends information is intended to assist users in understanding and assessing how
the City's financial position has changed over time.
Revenue capacity information is intended to assist users in understanding and assessing the
factors affecting the City's ability to generate its own-source revenues.
Debt capacity information is intended to assist users in understanding and assessing the
City's debt burden and its ability to issue additional debt.
Demographic and economic information is intended to (1) assist users in understanding the
socioeconomic environment within which the City operates and (2) provide information that
facilitates comparisons of financial statement information over time and among
governments.
This part of the City's annual comprehensive financial report (ACFR) presents detailed information as a
context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the City's overall financial health.
137
2023 2022 2021 2020 2019 2018 2017 2016 2015
Governmental activities:
Net investment
in capital assets 411,624,202$ 393,652,201$ 369,685,144$ 376,746,545$ 378,022,382$ 412,830,075$ 344,721,169$ 299,216,267$ 314,601,738$
Not spendable - - - - - - - - -
Restricted 38,700,717 27,687,634 32,312,802 14,625,073 23,734,389 35,065,020 30,924,357 25,355,156 25,629,325
Unrestricted (20,531,837) (33,751,811) (46,699,892) (68,251,242) (70,195,178) (94,111,631) (83,269,698) (35,777,877) (42,319,616) Total governmental activities
net position 429,793,082$ 387,588,024$ 355,298,054$ 323,120,376$ 331,561,593$ 353,783,464$ 292,375,828$ 288,793,546$ 297,911,447$
Business-type activities:
Net investment
in capital assets 160,973,333$ 158,358,902$ 149,036,091$ 138,083,697$ 101,192,811$ 114,861,067$ 118,497,972$ 116,495,474$ 113,210,726$
Not spendable - - - - - - - - -
Restricted 8,519,700 1,272,789 2,254,154 2,069,280 - - - - -
Unrestricted (39,538,074) (34,722,917) (32,920,624) (27,625,888) 8,978,611 (5,903,010) (9,695,164) (4,011,279) (1,147,670)
Total business-type activities
net position 129,954,959$ 124,908,774$ 118,369,621$ 112,527,089$ 110,171,422$ 108,958,057$ 108,802,808$ 112,484,195$ 112,063,056$
Primary government:
Net investment
in capital assets 572,597,535$ 552,011,103$ 518,721,235$ 514,830,242$ 479,215,193$ 527,691,142$ 463,219,141$ 415,711,741$ 427,812,464$
Not spendable - - - - - - - - -
Restricted 47,220,417 28,960,423 34,566,956 16,694,353 23,734,389 35,065,020 30,924,357 25,355,156 25,629,325
Unrestricted (60,069,911) (68,474,728) (79,620,516) (95,877,130) (61,216,567) (100,014,641) (92,964,862) (39,789,156) (43,467,286)
Total primary government net
position 559,748,041$ 512,496,798$ 473,667,675$ 435,647,465$ 441,733,015$ 462,741,521$ 401,178,636$ 401,277,741$ 409,974,503$
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
City of Carmel, Indiana
NET POSITION BY COMPONENT
Last Ten Fiscal Years
138
2023 2022 2021 2020 2019 2018 2017 2016 2015
Expenses:
Governmental activities:
General government 57,405,357$ 63,854,679$ 34,218,709$ 31,926,796$ 29,340,736$ 24,996,549$ 30,372,875$ 30,984,884$ 20,841,943$
Public safety 92,218,814 85,040,775 56,351,024 53,605,541 54,710,167 53,919,299 41,085,416 40,267,560 42,151,467
Streets and other infrastructure 24,478,677 9,192,941 48,809,731 43,870,342 46,372,722 48,637,707 25,476,391 12,340,719 29,584,125
Economic development 32,106,869 22,793,124 32,871,669 34,750,667 39,956,058 15,817,738 16,711,747 54,995,901 10,771,611
Culture and recreation 23,574,946 15,868,909 11,946,131 20,141,103 21,497,105 21,621,998 17,932,242 10,122,290 18,549,674
Unallocated interest expense 5,820,181 5,505,060 5,059,713 5,593,677 2,623,251 2,267,516 18,217,810 5,545,855 4,542,707
Total governmental activities expenses 235,604,844 202,255,488 189,256,977 189,888,126 194,500,039 167,260,807 149,796,481 154,257,209 126,441,527
Business-type activities:
Water 22,938,572 22,193,459 21,799,363 20,130,070 20,063,976 19,277,075 20,824,320 19,439,437 13,542,037
Sewer 12,807,261 11,303,035 9,859,506 10,567,339 10,479,383 10,163,336 10,451,835 10,016,870 7,305,928
Storm Water - - - - - - 5,367,154 1,651,075 -
Other - - - - - - 769,837 706,935 895,780
Total business-type activities expenses 35,745,833 33,496,494 31,658,869 30,697,409 30,543,359 29,440,411 37,413,146 31,814,317 21,743,745
Total primary government expenses 271,350,677$ 235,751,982$ 220,915,846$ 220,585,535$ 225,043,398$ 196,701,218$ 187,209,627$ 186,071,526$ 148,185,272$
Program Revenues:
Governmental activities:
Charges for services:
General government 105,198$ 166,786$ 131,588$ 306,364$ 146,498$ 221,467$ 211,995$ 82,803$ 72,056$
Public safety 2,585,469 2,213,582 1,945,203 1,926,343 1,774,066 1,713,002 1,726,580 1,470,638 1,152,600
Streets and other infrastructure 4,559,428 4,287,774 4,763,870 4,016,186 4,181,410 2,869,523 98,090 248,036 480
Economic development 974,991 615,833 1,595,688 1,470,526 1,913,324 1,482,785 52,093 - -
Culture and recreation 15,711,058 12,765,467 10,273,612 8,087,184 12,983,411 12,403,573 12,818,388 11,585,645 7,345,221
Operating grants and contributions:
General government - 1,773,107 1,134,894 3,357,992 - - - - -
Public safety 1,457,399 1,224,798 1,192,278 1,238,625 1,245,695 1,322,719 96,894 112,651 60,618
Streets and other infrastructure - - - - - - - - -
Economic development - - - - - - - - -
Culture and recreation - - - - - - - - -
Capital grants and contributions:
General government - - - - - - - - -
Public safety - - - - - - - - -
Streets and other infrastructure 2,227,666 2,234,815 2,154,150 4,324,469 3,070,276 386,624 1,906,397 865,258 3,516,506
Economic development - - 1,184,653 - - - - - -
Culture and recreation - - - - - - - - 50,043
Total governmental activities revenues 27,621,209$ 25,282,162$ 24,375,936$ 24,727,689$ 25,314,680$ 20,399,693$ 16,910,437$ 14,365,031$ 12,197,524$
Continued on next page.
Last Ten Fiscal Years
CHANGES IN NET POSITION
City of Carmel, Indiana
139
2023 2022 2021 2020 2019 2018 2017 2016 2015
Business-type activities:
Charges for services:
Water 22,564,116$ 21,083,425$ 20,017,196$ 19,764,152$ 18,407,840$ 17,735,563$ 16,982,790$ 15,458,695$ 13,500,929$
Sewer 11,792,024 11,440,956 11,035,932 10,619,535 10,157,332 9,994,658 9,638,861 9,303,554 8,471,996
Storm Water - - - - - - 3,295,837 3,222,138 -
Other - - - - - - 1,067,865 1,034,682 4,038,620
Capital grants and contributions:
Water 4,987,576 6,022,094 5,775,390 3,419,195 3,458,396 3,279,973 4,995,765 4,620,949 -
Sewer 1,728,089 2,094,015 1,912,958 761,819 387,133 629,483 336,363 552,460 -
Total business-type activities revenues 41,071,805 40,640,490 38,741,476 34,564,701 32,410,701 31,639,677 36,317,481 34,192,478 26,011,545
Total primary government revenues 68,693,014$ 65,922,652$ 63,117,412$ 59,292,390$ 57,725,381$ 52,039,370$ 53,227,918$ 48,557,509$ 38,209,069$
Net (expense) revenue and changes in net position:
Governmental Activities (207,983,635)$ (176,973,326)$ (164,881,041)$ (165,160,437)$ (169,185,359)$ (146,861,114)$ (132,886,044)$ (139,892,178)$ (114,244,003)$
Business-Type Activities 5,325,972 7,143,996 7,082,607 3,867,292 1,867,342 2,199,266 (1,095,665) 2,378,161 4,267,800
(202,657,663) (169,829,330) (157,798,434) (161,293,145) (167,318,017) (144,661,848) (133,981,709) (137,514,017) (109,976,203)
GENERAL REVENUES AND TRANSFERS:
Property tax 75,837,517 65,741,734 63,905,027 63,533,389 56,571,934 54,455,110 52,042,841 52,989,360 44,104,576
Income tax 69,439,020 54,550,714 57,887,325 44,412,562 44,847,572 43,996,077 41,801,838 36,700,613 32,745,504
Food and beverage tax 3,640,613 3,283,486 2,712,115 - - - - - -
Tax incremental revenue 45,582,089 44,052,895 44,334,410 36,446,525 36,555,314 33,658,972 30,326,364 28,850,762 26,154,361
Unrestricted investment earnings 8,217,687 1,585,274 393,918 1,120,777 4,208,019 4,487,604 2,723,267 574,253 155,461
2,001,615 2,527,991 168,963 - - - - - -
Other 45,190,365 36,916,359 26,416,886 24,398,945 21,196,478 29,899,818 15,522,157 16,797,331 20,679,190
Total general revenues and transfers 249,908,906 208,658,453 195,818,644 169,912,198 163,379,317 166,497,581 142,416,467 135,912,319 123,839,092
47,251,243 38,829,123 38,020,210 8,619,053 (3,938,700) 21,835,733 8,434,757 (1,601,698) 13,862,889
SPECIAL ITEM: gain - - - - - - - - 619,000
Total CHANGE IN NET POSITION 47,251,243 38,829,123 38,020,210 8,619,053 (3,938,700) 21,835,733 8,434,757 (1,601,698) 14,481,889
NET POSITION: beginning 512,496,798 473,667,675 435,647,465 441,733,015 462,741,521 400,056,203 401,190,880 409,974,503 395,492,614
Restatement - - - (14,704,603) (17,069,806) 40,849,585 (8,447,001) (7,095,064) -
NET POSITION: beginning, adjusted 512,496,798 473,667,675 435,647,465 427,028,412 445,671,715 440,905,788 392,743,879 402,879,439 395,492,614
NET POSITION: ending 559,748,041$ 512,496,798$ 473,667,675$ 435,647,465$ 441,733,015$ 462,741,521$ 401,178,636$ 401,277,741$ 409,974,503$
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
Total primary government net (expense)
revenue
City of Carmel, Indiana
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Continued)
CHANGE IN NET POSITION
BEFORE SPECIAL ITEMS
American Rescue Plan - lost
revenue replacement
140
2023 2022 2021 2020 2019 2018 2017 2016 2015
General Fund:
Nonspendable -$ -$ -$ -$ -$ -$ -$ -$ -$
Restricted - - - - - - - - -
Committed 5,926,992 5,926,992 - - - - - - -
Assigned 6,663,002 8,565,071 6,726,730 5,259,777 3,014,336 3,014,336 1,803,672 1,910,880 1,416,155
Unassigned 19,741,549 18,878,417 22,154,293 22,314,019 22,006,859 23,328,255 15,034,935 15,066,402 14,008,886
Total General Fund 32,331,543$ 33,370,480$ 28,881,023$ 27,573,796$ 25,021,195$ 26,342,591$ 16,838,607$ 16,977,282$ 15,425,041$
All Other Governmental Funds:
Nonspendable -$ -$ -$ -$ -$ -$ -$ -$ -$
Restricted 194,631,916 218,211,288 207,974,077 90,467,731 128,443,455 178,817,196 256,581,733 257,811,177 43,069,142
Committed 7,015,683 5,935,069 4,998,279 6,073,168 5,286,665 6,007,566 5,443,978 3,212,225 1,115,637
Assigned - - - - - - - - -
Unassigned - - - - - - - - (249,855)
Total all other Governmental Funds 201,647,599$ 224,146,357$ 212,972,356$ 96,540,899$ 133,730,120$ 184,824,762$ 262,025,711$ 261,023,402$ 43,934,924$
Total, Governmental Funds 233,979,142$ 257,516,837$ 241,853,379$ 124,114,695$ 158,751,315$ 211,167,353$ 278,864,318$ 278,000,684$ 59,359,965$
City of Carmel, Indiana
FUND BALANCES ‐ GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
141
2023 2022 2021 2020 2019 2018 2017 2016 2015
Revenues:
Property tax 75,459,764$ 65,911,409$ 63,283,378$ 63,437,130$ 56,633,438$ 54,425,761$ 52,259,944$ 52,647,063$ 44,043,914$
Income tax 58,385,475 52,730,393 50,521,352 47,894,782 45,139,812 44,606,607 37,187,574 46,625,784 28,847,934
Food and beverage tax 3,640,613 3,283,486 2,712,115
Other local tax 45,582,089 44,052,895 44,334,410 36,446,525 36,555,314 33,658,972 30,326,364 28,850,762 26,154,361
Charges for services 23,936,144 20,049,442 18,709,945 15,806,603 20,998,709 18,679,782 14,907,146 12,901,368 8,570,357
Investment income 7,432,432 1,337,884 236,719 897,178 3,958,675 4,356,867 2,339,501 442,961 74,597
Licenses and permits 2,865,351 3,037,163 3,058,442 3,176,106 2,572,301 2,909,371 2,490,849 2,441,853 2,159,234
Fines and forfeits 291,674 224,910 292,965 250,062 439,110 457,062 466,731 571,556 788,604
Intergovernmental:
Grants 5,603,030 7,760,711 4,650,285 7,748,027 3,166,761 4,358,623 1,710,058 1,191,485 3,062,731
Fire service contract - - - - - - - 6,825,041 4,870,501
State shared revenue 7,941,008 7,600,221 7,243,707 6,697,371 6,986,908 2,993,528 2,736,296 1,198,398 1,116,639
Other intergovernmental 149,042 171,959 148,236 2,177,824 3,289,848 7,426,341 5,995,761 - -
Contributions 520,326 456,725 551,408 100,185 240,302 190,321 262,116 660,714 286,716
Other 30,848,638 23,539,536 14,040,943 11,480,128 7,091,842 12,175,681 4,336,810 5,858,544 10,915,190
Total revenues 262,655,586 230,156,734 209,783,905 196,111,921 187,073,020 186,238,916 155,019,150 160,215,529 130,890,778
Expenditures:
Current:
General government 14,656,298 22,362,064 30,733,896 29,981,293 28,720,273 24,830,230 29,533,750 28,670,916 20,135,899
Public safety 65,486,092 60,072,671 57,182,088 52,740,203 49,435,106 49,683,728 40,261,813 38,547,773 45,026,384
Streets and other infrastructure 26,920,907 25,128,383 27,810,264 20,944,061 31,433,579 30,794,894 13,258,597 13,540,350 13,784,488
Economic development 5,036,066 3,122,840 8,537,360 4,730,248 5,840,957 20,179,724 1,319,474 5,074,808 4,284,583
Culture and recreation 22,686,626 16,743,909 14,037,667 14,474,713 18,102,363 14,359,423 12,938,526 13,397,374 13,432,578
Debt Service:
Principal 40,956,727 34,785,245 33,983,881 28,078,897 24,650,551 21,976,855 18,808,576 17,387,515 15,768,608
Interest 29,933,333 28,689,284 25,656,085 30,190,082 28,998,519 28,361,382 26,688,864 17,763,071 17,223,247
Financed purchases and issuance costs 18,919 140,482 1,216,129 - 328,421 - -- -
Capital outlay:
General government 33,581,892 32,797,626 4,224,592 1,629,419 1,301,526 503,513 707,523 2,931,360 119,885
Public safety 22,830,233 23,759,989 3,596,303 4,189,888 1,016,079 2,440,252 1,327,731 1,925,392 3,710,693
Streets and other infrastructure 17,345,657 15,150,340 17,459,764 44,467,946 52,780,716 84,098,163 60,138,533 25,097,876 4,445,749
Economic development 13,470,639 17,373,538 5,197,988 12,149,970 24,325,592 15,212,738 34,138,220 16,809,771 2,439,830
Culture and recreation 3,309,797 1,010,828 1,863,371 2,890,800 2,261,904 5,061,517 747,324 734,053 422,388
Total expenditures 296,233,186 281,137,199 231,499,388 246,467,520 269,195,586 297,502,419 239,868,931 181,880,259 140,794,332
Excess (deficit) of revenues
over (under) expenditures (33,577,600) (50,980,465) (21,715,483) (50,355,599) (82,122,566) (111,263,503) (84,849,781) (21,664,730) (9,903,554)
Continued on next page.
City of Carmel, Indiana
CHANGES IN FUND BALANCES ‐ GOVERNMENTAL FUNDS
(modified accrual basis of accounting)
Last Ten Fiscal Years
142
2023 2022 2021 2020 2019 2018 2017 2016 2015
Other financing sources (uses):
Bond issuance - principal - 62,450,000 121,370,000 9,200,000 24,695,000 13,791,036 81,358,423 199,265,510 -
Bond issuance - premium - 543,075 13,940,632 - - 243,540 3,334,569 35,087,956 -
Proceeds - refunding - - - 187,465,000 - - 23,180,000 18,170,404 -
Financed purchase issuance 8,598,177 2,339,342 2,823,029 4,648,419 3,530,369 2,555,639 2,638,693 2,294,226 3,167,006
Payment to refunded bond
escrow agent - - - (186,342,596) - - (26,501,547) (17,909,681) -
Transfers in 69,749,449 60,571,964 81,788,668 79,346,147 79,578,276 60,427,364 126,937,135 278,264,371 30,928,247
Transfer in from associated utility 1,441,728 1,320,506 1,320,506 1,912,211 1,320,506 1,320,506 1,703,277 1,606,319 1,014,100
Transfers out (69,749,449) (60,571,964) (81,788,668) (79,346,147) (79,578,276) (60,427,364) (126,937,135) (278,264,371) (30,928,247)
Total other financing sources (uses)10,039,905 66,652,923 139,454,167 16,883,034 29,545,875 17,910,721 85,713,415 238,514,734 4,181,106
Total change in fund balances (23,537,695)$ 15,672,458$ 117,738,684$ (33,472,565)$ (52,576,691)$ (93,352,782)$ 863,634$ 216,850,004$ (5,722,448)$
Total debt service expenditures as a percentage
of noncapital expenditures 28.6% 27.3% 30.6% 30.1% 27.5% 29.5% 28.9% 23.4% 25.0%
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
(Continued)
City of Carmel, Indiana
CHANGES IN FUND BALANCES ‐ GOVERNMENTAL FUNDS
(modified accrual basis of accounting)
Last Ten Fiscal Years
143
Taxes Net Value Net Value Total Total
Payable Real Estate Railroad/ Utility/ Business Net Taxable Estimated Direct
Year 2 Property Personal Property Assessed Value Actual Value 3 Tax Rate
2023 10,027,035,206 513,414,085 10,540,449,291 18,788,833,360 56.1% 0.7877
2022 8,783,788,344 523,259,929 9,307,048,273 16,744,445,574 55.6% 0.7877
2021 8,334,052,361 516,783,628 8,850,835,989 15,967,555,616 55.4% 0.7877
2020 8,005,622,698 509,094,794 8,514,717,492 15,258,648,418 55.8% 0.7877
2019 7,442,409,615 458,423,501 7,900,833,116 14,197,500,652 55.6% 0.7886
2018 6,666,896,042 467,365,607 7,134,261,649 12,997,560,747 54.9% 0.7887
2017 6,474,642,116 436,043,965 6,910,686,081 12,552,181,043 55.1% 0.7895
2016 6,220,543,748 420,168,770 6,640,712,518 12,043,692,490 55.1% 0.8356
2015 6,006,875,967 409,451,119 6,416,327,086 11,591,806,730 55.4% 0.7007
2014 4,829,947,454 398,186,327 5,228,133,781 9,538,010,360 54.8% 0.7007
Sources:Hamilton County Auditor's office
Indiana Gateway for Government Units
Notes:1.Property taxes are the City's most significant own-source revenue.
2.Assessed on January 1 of the prior year for taxes due and payable in the year indicated.
3.
4.Tax rates are per $100 of net assessed value.
Estimated actual value is 100% of gross assessed value, which approximates market value. Residential real property
for homesteads is subject to a $45,000 homestead deduction and a 35% supplemental homestead and other
deductions to arrive at net assessed value.
City of Carmel, Indiana
ASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTY
Last Ten Fiscal Years Net Taxable
Assessed Value
as a
Percentage of
Estimated
Actual Value
144
2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
City Direct Rates:
Corporation General 0.4799 0.5591 0.5222 0.5631 0.5572 0.5769 0.5741 0.5745 0.5088 0.5381
Motor Vehicle Highway 0.1620 0.1350 0.1783 0.1268 0.1188 0.1051 0.1027 0.1701 0.1643 0.1249
Debt Service 0.0148 0.0141 0.0161 0.0183 0.0184 0.0193 0.0195 0.0000 0.0000 0.0000
Debt Payment 0.0069 0.0036 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Redevelopment Bond 0.0262 0.0259 0.0211 0.0295 0.0445 0.0374 0.0440 0.0424 0.0000 0.0101
Bond #2 0.0479 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Cumulative Capital Development 0.0500 0.0500 0.0500 0.0500 0.0497 0.0500 0.0492 0.0486 0.0276 0.0276
Total Direct Rate 0.7877 0.7877 0.7877 0.7877 0.7886 0.7887 0.7895 0.8356 0.7007 0.7007
Overlapping Rates:
State 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
County 0.2744 0.2744 0.2744 0.2754 0.2791 0.2814 0.2814 0.2814 0.2926 0.3054
Solid Waste 0.0026 0.0029 0.0030 0.0030 0.0031 0.0032 0.0032 0.0032 0.0033 0.0033
Township - Clay 0.0707 0.0730 0.0741 0.0565 0.0640 0.0675 0.0694 0.0673 0.0746 0.0719
Library 0.0669 0.0742 0.0752 0.0751 0.0755 0.0760 0.0760 0.0778 0.0787 0.0787
Carmel Clay School Corp 0.8603 0.8602 0.8583 0.8572 0.8251 0.8118 0.8291 0.8053 0.8106 0.8453
Total Direct and Overlapping Rate 2.0626 2.0724 2.0727 2.0549 2.0354 2.0286 2.0486 2.0706 1.9605 2.0053
Source: Hamilton County Auditor's office property tax abstracts; Indiana Department of Local Government Finance certified budget orders.
Notes: For taxes due and payable in the year indicated and assessed the prior year.
City of Carmel, Indiana
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
(Rate per $100 of assessed value)
Last Ten Fiscal Years
145
Percentage of
Total City
Taxpayer Assessed Value Assessed Value
Clarion Health North LLC 89,369,000 0.89%
Meridian Ortho Development LLC 49,911,600 0.50%
Karmel Property LLC 47,168,000 0.47%
VSM Partners LLC 41,666,200 0.42%
Carmel Lofts LLC 40,234,200 0.40%
Edward Rose Development Carmel LLC 40,172,400 0.40%
Carmel Center XIV LLC 38,805,400 0.39%
Hunt Sunrise LLC 37,772,300 0.38%
Lakeside Apartments of Carmel LLC 36,841,600 0.37%
Midtown West Residential Partners LLC 35,221,500 0.35%
457,162,200 4.57%
Percentage of
Total City
Taxpayer Assessed Value Assessed Value
Clarion Health North LLC 103,000,000 2.13%
Carmel Lofts LLC 46,211,100 0.96%
Clay Terrace Partners LLC 31,123,400 0.64%
Carmel Center XIV LLC 28,955,100 0.60%
VSM Partners LLC 28,165,400 0.58%
Parkwood Four & Five LLC 26,880,000 0.56%
Edward Rose Development Company LLC 25,982,400 0.54%
Providence HUD LLC 25,254,500 0.52%
Indiana University Health inc. 25,241,000 0.52%
Carmel Indy Holdings LLC 24,644,200 0.51%
365,457,100 7.56%
Source: Hamilton County Auditor's office.
2023
2014
City of Carmel, Indiana
Current Year and Nine Years Ago
PRINCIPAL PROPERTY TAXPAYERS
146
Taxes Total Certified Cash Percentage
Payable Year Tax Levy Credits 1 Collections 2 Total of Levy
2023 79,728,457 4,141,958 69,919,308 74,061,266 87.70%
2022 69,854,334 3,428,107 65,592,982 69,021,089 93.90%
2021 66,364,322 2,967,513 63,283,378 66,250,891 99.83%
2020 63,779,530 2,425,294 61,908,918 64,334,212 100.87%
2019 59,383,729 2,402,495 55,252,616 57,655,111 97.09%
2018 56,917,333 2,048,991 53,042,657 55,091,648 96.79%
2017 52,180,837 2,642,506 50,907,298 53,549,804 102.62%
2016 55,990,426 2,917,489 52,647,063 55,564,552 99.24%
2015 45,416,367 1,132,485 44,043,913 45,176,398 99.47%
2014 44,020,059 1,105,727 40,554,757 41,660,484 94.64%
Sources:Indiana Gateway for Government Units
Indiana Department of Local Government Finance
Note:1.
2.
Indiana local units are required to credit back to taxpayers a portion of tax bills exceeding a percentage of
each property's assessed value. A taxpayer's property tax liability on homestead property taxes is capped at
1%, other residential and agricultural property taxes are capped at 2%, and other real property and personal
property taxes are capped at 3%. Property taxes approved by referendum are not subject to these limitations.
Hamilton County Auditor's Office system is not structured to track collections by year levied. The amount
collected includes any delinquent payment plus any penalty or interest applicable. At the end of 2023, total
delinquent property tax due to the City for 2023 and all prior years was approximately $7,105,255.
City of Carmel, Indiana
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Total Collections
147
2023 2022 2021 2020 2019 2018 2017 2016 2015
Certified net assessed valuation 10,917,604,394$ 8,868,139,414$ 8,425,075,775$ $8,096,931,541 7,530,272,592$ 7,216,601,040$ 6,994,981,173$ 6,700,625,433$ 6,481,570,742$
2% constitutional debt limit 2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%2.0%
Subtotal 218,352,088 177,362,788 168,501,516 161,938,631 150,605,452 144,332,021 139,899,623 134,012,509 129,631,415
divided by three 1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
Debt limit 72,784,029 59,120,929 56,167,172 53,979,544 50,201,817 48,110,674 46,633,208 44,670,836 43,210,472
Net debt applicable to debt limit (29,283,052) (23,941,889) (25,189,286) (25,874,016) (24,822,199) (26,977,490) (29,641,000) (33,580,000) (15,417,000)
Legal debt margin 43,500,977$ 35,179,041$ 30,977,886$ 28,105,528$ 25,379,618$ 21,133,184$ 16,992,208$ 11,090,836$ 27,793,472$
59.77% 59.50% 55.15% 52.07% 50.56% 43.93% 36.44% 24.83% 64.32%
Source: Indiana Department of Local Government Finance
Notes:1.Division by three is required to adjust for a change in the method of determining values since the constitutional standard was established.
2.The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
Legal debt margin as
percentage
City of Carmel, Indiana
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
148
2023 792,136,305 15,944,052 808,080,357 171,871,517 3,177,857 175,049,374 983,129,731 13.71% 9,611
2022 841,626,754 9,794,889 851,421,643 165,668,186 2,417,344 168,085,530 1,019,507,173 16.57% 9,999
2021 820,834,516 10,266,286 831,100,802 169,545,505 1,228,526 170,774,031 1,001,874,833 12.14% 9,942
2020 725,062,256 10,206,016 735,268,272 164,363,644 1,089,246 165,452,890 900,721,162 11.23% 9,029
2019 739,095,398 8,433,199 747,528,597 151,165,878 1,092,136 152,258,014 899,786,611 11.36% 8,903
2018 743,736,654 7,637,383 751,374,037 135,831,887 519,822 136,351,709 887,725,746 12.01% 9,161
2017 721,260,757 7,315,666 728,576,423 172,348,990 721,688 173,070,678 901,647,101 13.75% 9,901
2016 660,449,791 6,836,403 667,286,194 175,750,411 562,700 176,313,111 843,599,305 13.67% 9,476
2015 755,670,563 7,315,666 762,986,229 139,951,647 721,688 140,673,335 903,659,564 15.19% 10,186
1 Population and personal income data can be found on the Schedule of Demographics and Economic Statistics.
City of Carmel, Indiana
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Governmental Activities
Bonds and
Contract
Purchases
Total
Governmental
Activities
Financed
Purchase
Obligations
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
Debt per
Capita ˡ
Total
Business
Activities
Total Primary
Government
Business Activities
Bonds and
Contract
Purchases
Financed
Purchase
Obligations
Percentage of
Personal
Incomeˡ
149
2023 964,007,822 5.13%9,424
2022 1,007,294,950 6.02%9,879
2021 990,380,021 6.20%9,827
2020 889,425,900 5.83%8,916
2019 890,261,276 6.27%8,809
2018 879,568,541 6.77%9,077
2017 893,609,747 7.12%9,813
2016 836,200,202 6.94%9,392
2015 895,622,210 7.73%10,096
Note: Details regarding the City's outstanding debt can be found in the notes to financial statements.
1 Includes bonds and contract purchases of both governmental and business-type activities.
2 Property tax value can be found on the Schedule of Assessed Value and Actual Value of Taxable Property.
3 Population data can be found on the Schedule of Demographics and Economic Statistics.
Bonds and Contract
Purchases 1
City of Carmel, Indiana
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain
statistical section presentations.
Per Capita 3
Actual Value of Taxable
Property 2
150
Percent Amount
Outstanding Applicable to Applicable to
Governmental Unit Debt (1) Carmel (2)Carmel
Direct Debt:
City of Carmel (see page 149)808,080,357$ 100.00% 808,080,357$
Overlapping Debt Paid with Property Taxes:
Carmel Clay School Corporation 216,015,000 100.00% 216,015,000
Carmel Clay Public Library 24,690,000 100.00% 24,690,000
Clay Township 86,013,340 100.00% 86,013,340
Hamilton County 104,450,000 33.37% 34,854,965
Westfield-Washington School Corporation 184,635,000 0.97% 1,790,960
Westfield Washington Public Library 16,015,000 0.97%155,346
Sub-Total Overlapping Debt 631,818,340$ 363,519,610
Total Direct and Overlapping Debt 1,171,599,967$
Population - 2023 (3)102,296
Estimated direct and overlapping debt per capita 11,453$
Note:
(3) Source: U.S. Census Bureau
Overlapping districts are those that coincide, at least in part, with the geographic boundaries of the City.
This schedule estimates the portion of the outstanding debt of those overlapping districts that is borne by
the residents and businesses of the City. This process recognizes that, when considering the districts'
ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses
should be taken into account.
(2) The percentage of overlapping debt applicable is estimated using taxable assessed property value.
Applicable percentages were estimated by determining the portion of another governmental unit's assessed
value that is within the City's corporate boundaries and dividing it by each unit's total assessed value.
City of Carmel, Indiana
DIRECT AND OVERLAPPING GOVERNMENTAL ACTIVITIES DEBT
at December 31, 2023
(1) Source: Gateway for Governmental Units.
151
Net Revenue
Operating Operating Available for
Revenue Expenses 1 Debt Service Principal Interest Coverage 2
Water Utility
2023 22,564,116$ 12,575,930$ 9,988,186$ 6,852,000$ 3 6,274,698$ 76%
2022 21,083,425$ 11,824,604$ 9,258,821$ 5,354,000$ 6,483,689$ 78%
2021 20,017,196$ 11,292,258$ 8,724,938$ 4,822,000$ 6,713,111$ 76%
2020 19,764,152$ 10,321,412$ 9,442,740$ 4,070,000$ 6,049,021$ 93%
2019 18,407,840$ 10,818,376$ 7,589,464$ 3,625,000$ 5,019,477$ 88%
2018 17,735,563$ 10,480,050$ 7,255,513$ 3,191,000$ 4,912,499$ 90%
2017 16,982,790$ 11,035,945$ 5,946,845$ 2,797,000$ 5,901,623$ 68%
2016 15,458,695$ 9,343,469$ 6,115,226$ 2,877,177$ 5,993,331$ 69%
2015 13,500,929$ 9,367,529$ 4,133,400$ 3,457,294$ 6,158,188$ 43%
Sewer Utility
2023 11,792,024$ 8,904,587$ 2,887,437$ 1,633,894$ 1,130,297$ 104%
2022 11,440,956$ 7,722,176$ 3,718,780$ 1,593,678$ 1,086,748$ 139%
2021 11,035,932$ 6,533,523$ 4,502,409$ 1,559,466$ 791,020$ 192%
2020 10,619,535$ 7,178,126$ 3,441,409$ 1,401,260$ 725,310$ 162%
2019 10,157,332$ 7,377,202$ 2,780,130$ 1,359,058$ 472,156$ 152%
2018 9,994,658$ 7,042,092$ 2,952,566$ 1,323,861$ 495,372$ 162%
2017 9,638,861$ 7,300,561$ 2,338,300$ 1,288,670$ 538,490$ 128%
2016 9,303,554$ 6,915,953$ 2,387,601$ 1,254,484$ 557,477$ 132%
2015 8,471,996$ 6,383,278$ 2,088,718$ 1,256,303$ 562,869$ 115%
Note: Details of the City's outstanding debt can be found in the notes to the financial statements.
Debt Service Requirements
City of Carmel, Indiana
PLEDGED‐REVENUE COVERAGE
at December 31, 2023
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented
for certain statistical section presentations.
3 The calculation of debt service principal payments for 2023 does not include debt service on a note in the
amount of $17,745,000 due May 1, 2024. Management expects this note will be refinanced with a new note or
longer term bond series.
2 Coverage = Net Available Revenue/Debt Service Requirements.
1 Operating expenses do not include depreciation and amortization.
152
Public Year-end
Fiscal Median Per Capita Personal High School School Unemployment
Year Population 1 Age 1, 2 Income 3 Income Graduation 4 Enrollment 4 Rate 5
2023 102,296 40.0 70,093 7,170,233,528 98.5% 16,072 1.9%
2022 101,964 37.8 60,329 6,151,386,156 96.4% 16,215 1.5%
2021 100,777 37.8 81,885 8,252,167,281 97.0% 16,395 1.3%
2020 99,757 39.4 80,426 8,023,056,482 95.2% 16,664 3.2%
2019 101,068 39.5 78,343 7,917,970,324 97.6% 16,352 2.0%
2018 96,900 39.2 76,293 7,392,791,700 97.9% 16,147 2.4%
2017 91,065 39.2 72,005 6,557,135,325 97.5% 16,082 2.2%
2016 89,029 39.9 69,337 6,173,003,773 96.5% 15,954 2.6%
2015 88,713 38.5 67,040 5,947,319,520 95.8% 15,971 3.0%
2014 86,682 38.4 64,271 5,571,138,822 96.9% 15,912 3.6%
Sources:1 U.S. Census Bureau
U.S. Census Bureau, American Community Survey 1-Year Estimates
2020 - U.S. Census Bureau, 2020 Census
2 U.S. Census Bureau, 5-Year American Community Survey
Median Age and City of Carmel Per Capita Income
3 Bureau of Economic Analysis
Hamilton County Per Capita Income for years 2012-2020. 2021 estimate based on trend.
4 Indiana Department of Education
Total graduation rate and corporate enrollment, Carmel Clay Schools
5 Bureau of Labor Statistics
City of Carmel, Indiana
DEMOGRAPHIC AND ECONOMIC STATISTICS
Last Ten Fiscal Years
153
Percentage of
Total City
Company Industry Employees Rank Employment
Hospitals & health care 13,157 1 23.53%
Insurance 2,534 2 4.53%
Public education 2,251 3 4.03%
Hospitals & health care 1,335 4 2.39%
Safety & security systems 1,300 5 2.33%
Life insurance holding company 1,200 6 2.15%
Financial services 975 7 1.74%
Vacation exchange network & services 862 8 1.54%
Automobile auctions 700 9 1.25%
Electric companies 700 10 1.25%
Percentage of
Total City
Company Industry Employees Rank Employment
Carmel Clay Schools Public Education 2,357 1 5.37%
Conseco Inc (now CNO Financial Group)Life insurance holding company 1,750 2 3.99%
Liberty Mutual/Indiana Insurance Insurance company 1,200 3 2.74%
IU Health North Hospital (formerly Clarian North Medical Center)Acute healthcare facility 1,080 4 2.46%
Resort Condominium Int. (RCI)Resort hotel 986 5 2.25%
St. Vincent Carmel Hospital Acute healthcare facility 800 6 1.82%
The Capital Group Financial services 750 7 1.71%
Midcontinent Independent System Operator (MISO)Business consulting services 680 8 1.55%
City of Carmel City government 598 9 1.36%
St. Vincent Heart Center Acute healthcare facility 500 10 1.14%
Sources: Hamilton County Economic Development Corporation
City and Company Officials
Carmel Clay School Corporation
2023
IU Health
GEICO
Carmel Clay Schools
Ascension St. Vincent Hospital
Allegion
CNO Financial Group (formerly Conseco, Inc.) Amercian
Funds/Capital Group
Resort Condominium Itl. (RCI)
OpenLane (formerly KAR Global)
Midcontinent Independent System Operator, Inc. (MISO)
2014
City of Carmel, Indiana
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
154
2023 2022 2021 2020 2019 2018 2017 2016 2015
General Government:
Controller 6 6 6 7 0 0 0 0 0
City Clerk 5 5 5 5 9 9 9 8 6
Mayor 3 3 3 3 3 3 3 3 3
City Council 9 9 9 9 7 7 7 7 7
Board of Public Works 2 2 2 2 3 2 2 2 2
Plan Commission 9 9 9 9 9 9 9 11 11
Administration 4 4 4 4 4 3 3 2 4
City Court 4 4 4 4 6 6 7 7 7
Law Department 9 8 5 6 7 7 6 6 8
Community Services 28 24 24 24 23 23 21 22 22
Community Relations 10 10 9 9 7 7 6 5 4
Public Safety:
Police
Officers 144 139 136 129 118 114 114 109 117
Civilians 26 26 26 24 25 24 23 23 26
Fire
Firefighters and Officers 165 174 164 160 154 146 147 153 166
Civilians 11 12 10 10 10 9 8 8 9
Culture and Recreation:
Parks Department 73 65 53 53 69 63 65 64 62
Brookshire Golf 5 5 5 5 4 4 4 4 4
Utilities (Water and Sewer)105 106 106 105 105 104 104 103 109
Other Programs:
Human Resources 5 4 5 4 4 3 3 3 3
Street 62 61 50 52 52 50 48 48 52
Engineering 13 15 15 15 15 15 15 15 16
Communications 16 16 14 14 14 14 16 15 13
Redevelopment 4 5 5 5 4 4 2 3 1
TOTAL 718 712 669 658 652 626 622 621 652
Source: City of Carmel Department Heads; Human Resources
City of Carmel, Indiana
CITY GOVERNMENT EMPLOYEES
BY FUNCTION/ PROGRAM
Last Ten Fiscal Years
Note: Clerk-Treasurer split into City Clerk and Controller beginning in 2020.
The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
155
2023 2022 2021 2020 2019 2018 2017 2016 2015
General Government:
Community Services
Permits issued 1,725 1,764 2,098 1,610 1,628 1,703 1,557 1,351 1,237
Residential construction permits 327 405 562 332 358 478 463 429 359
Total number of dwelling units 988 1,033 943 592 469 767 759 432 1,663
Building inspections performed 7,310 605 436 531 512 487 472 431 476
Public Safety:
Police
Incidents 88,317 83,156 87,550 89,155 91,436 83,740 85,500 83,955 83,904
Occurred incidents 5,014 4,106 3,755 3,635 4,548 4,361 4,010 4,270 4,330
Accidents 2,411 2,187 2,065 1,602 2,645 2,575 2,504 2,488 2,442
Total agency arrests 2,253 1,757 1,410 1,517 2,469 2,569 2,459 2,530 2,642
Fire
Emergency medical responses 6,295 6,200 5,700 4,934 6,279 5,517 5,136 4,755 4,402
Fire-related calls for service 3,119 3,134 2,809 2,495 3,848 3,220 2,906 2,592 2,312
Number of fire stations 6 6 6 6 6 6 6 6 6
Culture and recreation:
Number of parks and greenways 21 19 19 19 17 17 17 16 15
Total acres 692 389 577 550 540 530 505 505 505
Total trail miles 30.2 26.5 26.5 26.5 26.5 26.5 16 16 16
Streets:
Number of "center line" miles streets 530 527 527 524 515 486 485 483 482
Number of roundabouts 150 144 146 138 131 122 115 111 97
Sewer:
Miles of sanitary mains 273 265 265 252 265 254 243 243 243
Miles of sanitary sewer main cleaned/inspected 105.00 96.00 135.70 27.00 25.40 16.00 14.85 14.20 13.65
7.30 9.28 9.95 10.24 10.82 10.78 10.16 10.05 9.92
Water:
584 579 573 555 550 565 538 538 538
22.6 26.2 23.2 22.5 24.0 21.5 22.0 21.0 19.0
Miles of water mains
Peak-day water demand (in millions of gallons)
Number of fire hydrants inspected/serviced 5,184 7,432 7,242 7,295 5,524 5,580 5,024 4,655 4,500
Source: City of Carmel Department Heads; Carmel Clay Parks
Wastewater treatment flow per day (in millions
of gallons)
Note: The City is presenting its ninth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical
section presentations.
City of Carmel, Indiana
OPERATING INDICATORS AND CAPITAL ASSET STATISTICS
BY FUNCTION/ PROGRAM
Last Ten Fiscal Years
156