HomeMy WebLinkAbout2024 Annual Comprehensive Financial ReportAnnual Comprehensive
Financial Report
For the Fiscal Year Ended December 31, 2024
CITY OF CARMEL, INDIANA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year Ended December 31, 2024
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INTRODUCTORY SECTION Pages
Letter of Transmittal 8–17
GFOA Certificate of Achievement 18
Organizational Chart 19
List of Elected and Appointed Officials 20–21
FINANCIAL SECTION
Independent Auditor's Report 23–26
Management Discussion and Analysis 27–37
Basic Financial Statements:
Government‐wide Financial Statements:
Statement of Net Position 38
Statement of Activities 39
Fund Financial Statements:
Governmental Funds:
Balance Sheet ‐ Governmental Funds 40
Reconciliation of the Balance Sheet ‐ Governmental Funds to the
Government‐wide Statement of Net Position 41
Statement of Revenues, Expenditures, and Changes in Fund
Balances ‐ Governmental Funds 42–43
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances ‐ Governmental Funds to the Government‐wide
Statement of Activities 44
Proprietary Funds:
Statement of Net Position ‐ Proprietary Funds 45–46
Statement of Revenues, Expenses, and Changes in Net
Position ‐ Proprietary Funds 47
Statement of Cash Flows ‐ Proprietary Funds 48–49
Fiduciary Funds:
Statement of Fiduciary Net Position - Fiduciary Funds 50
Statement of Changes in Fiduciary Net Position - Fiduciary Funds 51
Notes to the Basic Financial Statements 52–87
Required Supplementary Information:
Other Post-Employment Benefits Plan
Schedule of Changes in Total OPEB Liability and Related Ratios 88
Schedule of Total OPEB Liability 89
Notes to the Required Supplementary Information Other Post-Employment Benefit Plan 90–91
1925 Police Officers' And 1937 Firefighters' Pension Plans:
Schedule of Employer Contributions 92
Schedule of Net Pension Liability and Related Ratios 93
Schedule of Changes in Net Pension Liability 94
Notes to Schedules 95
Defined Benefit Pension Plans - Multiple Employer Plans:
Schedule of the City's Proportionate Share of the Net Pension Liability 96–97
Schedule of City Contributions 98
Notes to Schedules 99
Annual Comprehensive Financial Report
For the Fiscal Year Ended December 31, 2024
TABLE OF CONTENTS
Pages
Budgetary Comparison Schedules - General Fund 100–103
Budgetary Comparison Schedules - Motor Vehicle Highway Fund 104
Notes to the Required Supplementary Information -
Budgetary Comparison Schedules 105
Supplementary Information:
Nonmajor Governmental Funds - Information 106–109
Combining Balance Sheet - Nonmajor Governmental Funds:
Special Revenue Funds 110–116
Capital Projects Funds 117–118
Debt Service Funds 119–120
Combining Statement of Revenues, Expenditures, and Changes in Fund
Balances ‐ Nonmajor Governmental Funds:
Special Revenue Funds 121–127
Capital Projects Funds 128–129
Debt Service Funds 130–131
Budgetary Comparison Schedules ‐ Nonmajor Funds 132–136
Fiduciary Funds - Information 137
Combining Statement of Fiduciary Net Position - Pension Funds 138
Combining Statement of Changes in Fiduciary Net Position - Pension Funds 139
STATISTICAL SECTION
Financial Trends:
Net Position by Component 141
Changes in Net Position 142–143
Fund Balances ‐ Governmental Funds 144
Changes in Fund Balances ‐ Governmental Funds 145–146
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property 147
Property Tax Rates - Direct and Overlapping Governments 148
Principal Property Taxpayers 149
Property Tax Levies and Collections 150
Debt Capacity:
Legal Debt Margin Information 151
Ratios of Outstanding Debt by Type 152
Ratios of General Bonded Debt Outstanding 153
Direct and Overlapping Governmental Activities Debt 154
Pledged‐Revenue Coverage 155
Demographic and Economic Information:
Demographic and Economic Statistics 156
Principal Employers 157
Operating Information:
City Government Employees by Function/ Program 158
Operating Indicators and Capital Asset Statistics by Function/ Program 159
TABLE OF CONTENTS (CONTINUED)
For the Fiscal Year Ended December 31, 2024
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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May 12, 2025
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, 2024. 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 2024 was performed by the State Board of Accounts
(“SBOA”). Their audit was conducted in accordance with generally accepted governmental
auditing standards. SBOA 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, 2024, are fairly presented in conformity with GAAP.
SBOA’s report is presented as the first component of the financial section, on page 23 of this
report.
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GAAP requires that management provide a narrative introduction, overview, and analysis to
accompany the basic financial statement in the form of management’s discussion and analysis
(MD&A). The MD&A complements this letter of transmittal and should be read in
conjunction with it. The City’s MD&A can be found immediately following the independent
auditors’ report in the financial section of the report.
CITY PROFILE
The City of Carmel was incorporated in 1874 and is located in Hamilton County, directly
north of Indianapolis. The City occupies nearly 49 square miles, with more than 532 miles of
public roadways. The City has experienced tremendous growth within the past few decades
and serves mainly as a residential and commercial area for both Carmel and Indianapolis
professionals.
Carmel has an estimated population of 102,296 according to the U.S. Census Bureau's 2023
estimates. Personal income statistics are above national and State of Indiana averages. The
median household income level is $134,602, and the median value of a home is $455,500.
Hamilton County ranks first in the State of Indiana for median household income and second
in the State for per capita personal income. The unemployment rate in Hamilton County has
been significantly lower than that of the State of Indiana throughout the past 10 years.
The City is recognized for its sound corporate environment, high-quality residential
neighborhoods, outstanding schools, cultural amenities, well-developed infrastructure, and
strong economy. The City consistently ranks as one of the best places to live in Indiana and
the United States. In 2024, Carmel was the No. 1 best place to live in Indiana and No. 2 best
place to live in America (Niche), No. 1 best small city in America (WalletHub), No. 1 best
suburb (Niche), No. 1 best place to live in the United States (Livability), and the No. 1 best
holiday market in the United States (USA Today). The proximity of Carmel to Indianapolis
provides increased employment and higher education opportunities for residents.
City Structure
In 2024, the City operated under elected officials including the Mayor, City Clerk, Judge and
a nine-member City Council pursuant to Indiana law. The Mayor serves as the chief
executive of the City and serves a four-year term. The City’s Chief Financial Officer/
Controller is appointed by the Mayor and is responsible for the financial records of the City.
The legislative and fiscal body for the City is the City Council. The nine-member Council is
comprised of three at-large and six district representatives who are elected to serve four-year
terms. The Council meets formally twice a month to conduct City business. Its duties include
the enactment of all ordinances and resolutions and approval of the annual budget.
The administrative body for the City is the Board of Public Works and Safety. This
three-member board consists of the Mayor, or her designee, and two additional
mayoral appointees. This board is responsible for bidding infrastructure projects as
well as other duties prescribed by Indiana state law.
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The City provides services in the following areas: public safety (police, fire, EMS, and
emergency communications), community services (planning, code enforcement, and economic
development), parks and recreation, transportation (streets and sidewalks), engineering, storm
water drainage, court, and general administrative services. In addition, the City provides water
and wastewater utility services.
The City of Carmel includes several departments and services, including the Mayor’s
Office, Finance Department, Community Services, Marketing and Community Relations,
Redevelopment, Engineering, Human Resources, Street Department, Office of Corporation
Counsel, Technology, Police, Fire, Brookshire Golf Club, and the Carmel Water and
Sewer Utilities.
The City employs a total of 665 full-time employees, with union representation as follows:
Carmel Professional Firefighters / IAFF #4444
Firefighters 165
Fraternal Order of Police Lodge #185
Police 144
The unions negotiate contracts with the City, but they are not collective bargaining units.
Planning and Zoning
The Carmel Plan Commission promotes orderly growth throughout the City. The nine-
member Plan Commission is appointed by the Mayor (5), City Council (1), Park Board (1),
City Engineer (1), and Board of Public Works (1). The Board of Zoning Appeals has five
members appointed by the Mayor, City Council, and Plan Commission.
Component Units
Certain financing and economic development functions are provided by a legally separate
redevelopment authority, five 501(c)(4) corporations, and a statutory local public
improvement bond bank 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 City’s financial statements.
Additional information on these entities can be found in Note I.B. of the notes to the financial
statements.
CITY ECONOMIC CONDITION
The City of Carmel has experienced extensive residential and commercial development in
recent years and has been one of the fastest growing areas in the Indianapolis Metropolitan
Area. Carmel’s economic outlook benefits from its population having a median family
income of $176,000. Additionally, Carmel boasts a higher education attainment rate of
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nearly 75% for its adult population, approximately 2.5 times the state average.
There are also several redevelopment projects that are under construction or recently
opened, including:
1st on Main - A 1.7-acre mixed use project in the heart of the Arts & Design District.
This $40 million opened and attracted office tenant Gelzer Investments to Carmel from
downtown Indianapolis.
North End – The $100 million, mixed-use project with 388 apartments, 40 condos, 46
townhomes, 10 single family homes and more than 28,000 square feet of retail/office space
successfully opened residential units continues to be under construction. A Phase 2 of the
project is expected in 2025.
Proscenium 2 – An $18 million, mixed-use development that includes seven owner-
occupied flats/condos, 48 luxury apartments, 15,000 square feet of office/retail, and a 120-
space free public parking garage opened in 2024 .
Proscenium 3 – Across the street from Proscenium 2, Proscenium 3 has been
approved and will be a $123 million mixed-use development that will include 63,000 square
feet of corporate headquarters space, 15,000 square feet of retail, including 4,000 of XBE, a
125-room upscale hotel, 120 multi-family units, 30-40 age-targeted multi-family units,
public art, and a 460-space public parking garage (508 spaces total).
LOR/1933 project – A $30 million, 3-story, mixed-use development that will include
43,000 square feet of office/retail, including the 1933 Lounge, and a for-sale residential
component. This mixed-use development further enhances the development along Range
Line Road in the Arts & Design District.
Icon on Main – A $75 million, mixed-use project with 266 apartments, 22 condos,
9,720 square feet of office/commercial space, and a public parking garage.
Monon Square North – A $100 million, mixed-use project with 371 apartments, 10
condos, more than 21,000 square feet of office/retail space, and a public parking garage.
AT&T Site – A $133 million, mixed-use project with 244 apartments, an 80,000
square feet corporate headquarters, and a public parking garage.
Ardalan Plaza – A $20 million, mixed-use project with 5 condos and 8,000 square
feet of retail/art gallery space.
The US 31 corridor, sometimes called the Meridian Corporate Corridor, is home to
numerous multi-story office buildings and complexes. More recent construction includes
buildings that are home to Delta Faucet, OPENLANE, CNO Financial Group, and Zotec
Partners.
In addition to these corporate headquarters, the Corridor's strength as a provider of medical
services is attested to by numerous health care facilities, including St. Vincent Carmel
Hospital and its Women’s Center, St. Vincent Heart Center, IU Health North Hospital and
its Cancer Center, Indiana Spine Hospital, Franciscan Health Carmel, and Goodman
Campbell Brain and Spine.
The Bridges is a 65-acre mixed-use, master planned development located on the west side
of US 31. More than 250,000 square feet of restaurant and retail space, including a Market
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District store, serves 59,000 nearby workers, and attracts customers from inside and outside
Carmel.
To the east of US 31 along Old Meridian, the Signature, a $78 million mixed-use
development that includes eight owner-occupied condominiums, 295 luxury apartments,
15,000 square feet of office/retail, and a 374-space free public parking garage recently
opened and residents and business have begun to move in.
QUALITY OF LIFE
Carmel has a nationally recognized park system with over 1,000 acres of parks and public
spaces. Central Park, which opened in 2007, provides many recreational opportunities for
residents of the City. The park includes a 146,000-square-foot community recreation center,
which houses a fitness center, indoor playground, three-court gymnasium, indoor
walking/jogging track, and an outdoor and indoor aquatic center.
Another unique Carmel recreational feature is the Monon Greenway, a five-mile paved trail
built on a former rail corridor, which extends through the center of Carmel and connects to
the 10.5-mile Monon Trail system in Marion County to the south, extending all the way to
downtown Indianapolis, and to Westfield to the north, connecting to the Grand Park
sports complex. The trail system is very popular with joggers, walkers, bicyclists, and
rollerbladers. Trail expansions have brought the City’s total miles of paths and trails to more
than 220.
Cultural activities are provided by the $175-million Center for the Performing Arts in City
Center, which includes the Palladium, a state-of-the-art, 1,600-seat concert hall, the
Tarkington, a 500-seat proscenium arch theater, and the 200-seat Studio Theater. The Center
is home to many local arts organizations including Actors Theatre of Indiana, the Gregory
Hancock Dance Theatre, Indiana Wind Symphony, Booth Tarkington Civic Theatre, and the
Carmel Symphony Orchestra.
Carter Green is a public place providing an area for the community and visitors to gather for
events and festivals between the Palladium and Tarkington theater building. The Carmel
Farmers Market attracted over 126,000 guests to its Saturday morning markets in 2024. The
Carmel Christkindlmarkt and the Ice at Carter Green is a winter wonderland with shops,
dining options, skating and entertainment in the fresh crisp air, attracting approximately
493,000 visitors in 2024. The Christkindlmarkt was voted the No. 1 Best Holiday Market in
North America by USA Today readers in 2021 through 2024.
The Carmel Arts & Design District, located in the heart of Old Town Carmel, is comprised of
galleries, eateries, boutiques, gift and interior design shops, antique stores, and other retail
establishments geared toward the arts. It is also home to the Indiana Design Center, a premier
destination for design in the Midwest. The expanded Monon Greenway and Midtown Plaza
continued to provide outdoor public spaces to give residents and visitors an opportunity to
venture out for some much-needed experiences with nature. Among the amenities, this linear
park features unique outdoor, all-weather games that allow visitors to play ping pong and
pool; an outdoor stage for live music; outdoor seating; green space; outdoor fireplace and a
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16-foot-wide digital video screen on which the City shows family-friendly movies and live
sporting events.
The Carmel Clay Public Library is one of the busiest public libraries in the State of Indiana,
serving resident of the City. In 2022, the library board completed construction of a new
library and campus on Main Street, a $40-million expansion that includes additional teen
space, additional programming space, functional outdoor space, and a parking garage. The
library provides students, teachers, and residents of the City access to books, other resource
materials, and programs located in the library as well as a new mobile library service. The
library is consistently ranked in the top ten libraries in the country by Hennen's American
Public Library Ratings. Inside the new facility, the library operates a Digital Media Lab for
computer use and training, software, recording room and 3-D printing services for library
patrons.
EDUCATION
Carmel Clay Schools serves the residents of the City and surrounding Clay Township.
Currently, the school system has one high school, three middle schools, and eleven
elementary schools. The Indiana Department of Education reports 2024 enrollment for the
School Corporation at 16,145 students, and the National Center for Education Statistics
reports 2,061 total employees including 1,021 full-time educators.
Special studies in the areas of Gifted & Talented, Multilingual learners, Special Education,
and Title I services are provided by the school corporation. Carmel High School Features
programs in everything from auto mechanics, culinary arts, construction trades, advanced
engineering and technology electronics, machine trades, and radio/television production to
advanced performing and visual arts.
REDEVELOPMENT
In 1998, the City of Carmel and its Redevelopment Commission began an aggressive effort
to redevelop and revitalize the center of the City, including the historic downtown, into a
cultural and civic center, undergoing a tremendous amount of new construction, including
offices, restaurants, retail, upscale apartments, condominiums, townhomes, and public
spaces, free public parking garages and monuments designed to create a vibrant urban
atmosphere.
The oldest part of this area is known today as the Carmel Arts & Design District, home to
more than 100 arts- and design-related businesses, including art galleries, design studios, and
the Indiana Design Center, where professional designers maintain offices and showrooms.
Located at the intersection of the Monon Greenway and Main Street is a mixed-use
development called Monon & Main. The $20-million structure features Anthony’s Chophouse,
a three-story, 12,000-square-foot restaurant and 3UP, a rooftop bar, a four-story office
building, retail space along Main Street, a parking garage and seven townhomes. Located at
the intersection of Main Street and Range Line Road is a mixed-use development called 1st on
Main. This $40-million project includes apartments, condos, office space, the restaurant Tre on
Main, and a public parking garage.
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The City Center redevelopment project is home to the Center for the Performing Arts and
several mixed-use buildings, including the Hotel Carmichael, Carmel City Center, the James
Building, the Nash Building, the Mezz on Monon and Pedcor Square. The last two buildings
of City Center are expected to be constructed by the end of 2024.
The City also continued major redevelopment in an area located along the Monon Greenway
between City Center and the Arts District – an area known as Midtown. The first several
phases of the Midtown redevelopment project, which includes mixed-use buildings, has
attracted several corporate headquarters. This area is poised for more growth in 2024 and
subsequent years as projects begin to take shape to the east and west of the Greenway.
Another major mixed-use development, known as the Proscenium, is now open south of the
City government center. The $60-million project includes apartments, for-sale condos, a
100,000 square foot office building, retail space and a one-level underground free parking
garage. The Proscenium is home to 101 Beer Kitchen and a future tavern on the green.
The City’s $30-million expansion of the Monon Greenway from a 12-foot path to the 140-
foot Monon Boulevard, with expanded paths for pedestrians and bicyclists, along with new
one-way streets on either side, includes the popular Midtown Plaza, a public park-like setting
with green space, community games (such as outdoor ping pong and pool), a 16-foot video
screen where movies and sporting events are broadcast and a stage for live music. In addition,
Monon Boulevard includes additional artwork, community benches, a spray plaza, and other
features to enhance the landscape for residents and visitors. The next phase of expansion is
currently under construction, adding a destination playground, public plaza, and beer garden.
This estimated $13 million project is the final stage of reimagining the Monon Greenway
between City Center and Midtown Carmel.
The City has invested millions of dollars in infrastructure improvements in the past decade
from major thoroughfares and road widening to the construction of more than 150
roundabouts across the City. The transition away from traffic signals and 4-way stops has
resulted in Carmel having one of the lowest automobile accident fatality rates among cities its
size in the U.S.
The City also took ownership of the former Ind. 431 from the State of Indiana and
transformed it into a nationally recognized and award-winning, free-flowing Keystone
Parkway. With $90 million from the State for reconstruction, Keystone Parkway was
transformed from a congested, dangerous five-mile stretch of roadway into a free-flowing
parkway with no traffic signals and with intersections that are controlled by grade-separation
and roundabouts. Upon seeing that project work well, the State of Indiana followed a similar
model to upgrade U.S. 31 through Carmel and Westfield, removing traffic signals and using
roundabouts to control grade-separated interchanges along 13 miles between I-465 and
Indiana State Road 38 north of the City. Additionally, the creation of new interchanges has
helped spur additional economic development on Main Street.
The City also transformed a key north-south corridor known as Range Line Road, which cuts
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through the middle of Carmel’s central corridor, replacing the former 4-lane road with traffic
signals on a “road diet.” This process eliminated two lanes of traffic, added a bike lane, added
a landscaped median, replaced traffic signals with roundabouts and added pedestrian and bike
friendly raised crosswalks to promote walkability and safety in an area that has been
transformed by the City’s redevelopment efforts. In 2022, this transformation was completed
to the north of this section to the edge of the Arts & Design District.
PENSION PLANS
The City of Carmel has four pension plans for its employees. All four pension plans are
administered by the Indiana Public Employees Retirement System (“INPRS”). All full-time
employees, with the exception of public safety officers, are members of the Public
Employees’ Retirement Fund of Indiana (“PERF”). PERF is classified as a cost-sharing,
multiple-employer defined benefit plan and acts as a common investment and administrative
agent for governmental units in Indiana. Police and fire department officers hired
subsequent to April 30, 1977, are members of the 1977 Police Officers and Firefighters’
Pension Fund. Both plans are fully funded on an actuarially determined accrual basis.
Police officers hired prior to May 1, 1977 are members of the Police Pension Fund established
in 1925 by the State of Indiana. Firefighters hired prior to May 1, 1977, are members of the
Fire Pension Fund established in 1937 by the State of Indiana. Additional information on
funding policies and pension costs is in Note II.F. of the notes to the financial statements.
OTHER POST-EMPLOYMENT BENEFITS (OPEB)
The City currently provides other post-employment benefits (“OPEB”) in the form of
healthcare benefits for retirees hired prior to October 3, 2016, who have completed twenty or
more years of full-time service to the City. Such benefits are self-funded by the City and
administered by a third party. The retiree healthcare plan is not a contractual obligation that
extends beyond the current budget year. The City is under no obligation to continue to offer
similar benefits for future new hires. Additional information regarding anticipated future
payments can be found in Note II.G. of the notes to the financial statements.
FINANCIAL INFORMATION
City Budget & Budgetary Controls
The City Council is required to adopt a final budget, subject to approval by the Indiana
Department of Local Government Finance (“DLGF”), through the passage of an
ordinance no later than November 1, following a public hearing process conducted to
obtain taxpayer comments.
This annual budget serves as the foundation for the City’s financial planning and control. The
budget is prepared by fund, department (e.g., police) and major category (e.g., personal
services). City directors are authorized to transfer limited budgeted amounts within
departments between line items within any major category; however, any revisions that alter
the total expenditures of any major category must be approved by the City Council. Transfers
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between funds must also be approved by the City Council. At the end of the fiscal year,
encumbered appropriations are carried forward and become part of the following year’s
budget.
Accounting System
The City’s accounting records for general government operations are reported by the
Finance Department on a cash basis, with the revenues being recorded when received.
Expenditures are recorded when claims are approved and paid. Accounting records for the
City’s proprietary activities are maintained on a full accrual basis, with revenues recorded
when earned and expenses when incurred.
In maintaining the City’s accounting system, consideration is given to the adequacy of
internal controls. Internal controls are designed to provide reasonable assurance regarding
the safeguarding of assets and to ensure the reliability of financial records and maintaining
accountability for assets. The concept of reasonable assurance recognizes that the cost of
control should not exceed the benefits likely to be derived. The evaluation of costs and
benefits requires continuing estimates and judgments by City management. We believe that
under the Finance Department direction the City’s system of internal accounting controls
continues to appropriately safeguard assets and provide reasonable assurance that financial
transactions are properly recorded.
Risk Management
The City carries traditional insurance for automobile liability and physical damage, general
liability, public officials’ liability, property and casualty, cyber liability, inland marine/boiler,
and crime damage. The City insures Worker Compensation using a large per claim deductible
program with stop loss and excess insurance in place. The Water Treatment Facility is insured
under “special form” property coverage.
CERTIFICATE OF ACHIEVEMENT
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 for the fiscal year that ended December 31, 2023. 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.
ACKNOWLEDGEMENTS
The preparation of this report involved many dedicated people across the organization. We
would like to express appreciation to the staff of the Finance Department, whose support and
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dedication made the report possible. We would like to express our appreciation to SBOA for
their professionalism and support. Furthermore, we would like to thank C.L. Coonrod and
Company, CPAs, for consulting on the application of GAAP and other technical
requirements of the report. Finally, we would like to thank the City Council, without whose
leadership and support, the preparation and results of this report would not have been
possible.
Respectfully submitted,
Sue Finkam,
Mayor
Zachary Q. Jackson,
CFO/Controller
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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, 2023. 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.
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City of Carmel, Indiana
List of Elected and Appointed Officials
For the Fiscal Reporting Year Ended December 31, 2024
Mayor
Sue Finkam
mayor@carmel.in.gov
President
Adam Aasen
Southeast District
aasen@carmel.in.gov
Vice President
Matthew Snyder
At-Large
msnyder@carmel.in.gov
Chaplain
Teresa Ayers
North Central District
tayers@carmel.in.gov
Parliamentarian
Tony Green
South Central District
agreen@carmel.in.gov
Rich Taylor
At-Large
rtaylor@carmel.in.gov
Jeff Worrell
At-Large
jworrell@carmel.in.gov
Ryan Locke
Northwest District
ralocke@carmel.in.gov
Shannon Minnar
Northeast District
sminnaar@carmel.in.gov
Anita Joshi
West District
ajoshi@carmel.in.gov
City Court Judge
Brian Poindexter
bpoindexter@carmel.in.gov
Clerk of the City
Jacob Quinn
jquinn@carmel.in.gov
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City of Carmel, Indiana
LIST OF ELECTED AND APPOINTED OFFICIALS
For the Fiscal Reporting Year Ended December 31, 2024
(Continued)
Appointed Officials
Board of Public Works
(Appointed by the Mayor)
Laura Campbell
Jim Barlow
Alan Potasnik
Carmel Audit Committee
(Appointed Officials)
Santosh Rajmane, President
Ryan Locke
J. Andrew Pinegar
Kelly Mitchell
vacant
Carmel Redevelopment Authority
(Appointed Officials)
Robert Bush, President
Jay Brill, Secretary/Treasurer
Michael Corr
Carmel Redevelopment Commission
(Appointed Officials)
William Hammer, President
Adam Aasen, Vice President
David Bowers, Secretary
William Brooks
Greg Brown
Charles Schalliol
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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.
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INDEPENDENT AUDITOR'S REPORT
TO: THE OFFICIALS OF THE CITY OF CARMEL, HAMILTON COUNTY, INDIANA
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the
business-type activities, each major fund, and the aggregate remaining fund information of the City of
Carmel (City), as of and for the year ended December 31, 2024, and the related notes to the financial state-
ments, which collectively comprise the City's basic financial statements as listed in the Table of Contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all mate-
rial 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, 2024, 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, which represents 0.3 percent, 0.9 percent, and 2.1 percent, respectively, of the total assets, net
position, and revenues of the governmental activities as of December 31, 2024, and the respective changes
in financial position, and, where applicable, cash flows thereof for the year then ended. 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 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) 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.
Emphasis of Matter
As discussed in Note L to the financial statements, the City restated the governmental activities net
position in the amount of ($10,202,934) due to a change in methodology for calculating taxes receivable.
The City also restated the General Fund net position in the amount of ($7,622,536) due to a change in
methodology for calculating taxes receivable. Our opinion is not modified with respect to these matters.
23
INDEPENDENT AUDITOR'S REPORT
(Continued)
Other Matter
The City adopted new accounting guidance, GASB Statement No. 100, Accounting Changes and
Error Corrections.
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 presen-
tation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are condi-
tions or events, considered in the aggregate, that raise substantial doubt about the City's ability to continue
as a going concern for twelve months beyond the financial statement date, including any currently known
information that may raise substantial doubt shortly thereafter.
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 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, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether
due to fraud or error, and design and perform audit procedures responsive to those risks.
Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the City's internal control. Accordingly, no such opinion
is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluate the overall
presentation of the financial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the
aggregate, that raise substantial doubt about the City's ability to continue as a going
concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-
related matters that we identified during the audit.
24
INDEPENDENT AUDITOR'S REPORT
(Continued)
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis, Schedule of Changes in Total OPEB Liability and Related Ratios,
Schedule of Total OPEB Liability, Schedule of Employer Contributions - 1925 Police Officers' and 1937
Firefighters' Pension Plans, Schedule of Net Pension Liability and Related Ratios - 1925 Police Officers'
and 1937 Firefighters' Pension Plans, Schedule of Changes in Net Pension Liability - 1925 Police Officers'
and 1937 Firefighters' Pension Plans, Schedule of the City's Proportionate Share of the Net Pension
Liability - Defined Benefit Plans - Multiple Employer Plans, Schedule of City Contributions - Defined Benefit
Plans - Multiple Employer Plans, Budgetary Comparison Schedules - General Fund, and Budgetary
Comparison Schedules - Motor Vehicle Highway Fund be presented to supplement the basic financial state-
ments. 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 and other auditors have applied certain limited procedures to the
required supplementary information in accordance with auditing standards generally accepted in the United
States of America, which consisted of inquiries of management about the methods of preparing the
information and comparing the information for consistency with management's responses to our inquiries,
the basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the limited
procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
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 accompanying combining Balance
Sheets - Nonmajor Governmental Funds, Combining Statements of Revenues, Expenditures, and Changes
In Fund Balances - Nonmajor Governmental Funds, Budgetary Comparison Schedules - Nonmajor Funds,
Combining Statement of Fiduciary Net Position - Pension Funds, and Combining Statement of Changes In
Fiduciary Net Position - Pension Funds 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 recon-
ciling such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the basic financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our opinion, the
Combining Balance Sheets - Nonmajor Governmental Funds, Combining Statements of Revenues,
Expenditures, and Changes In Fund Balances - Nonmajor Governmental Funds, Budgetary Comparison
Schedules - Nonmajor Funds, Combining Statement of Fiduciary Net Position - Pension Funds, and
Combining Statement of Changes In Fiduciary Net Position - Pension Funds are fairly stated, in all material
respects, in relation to the basic financial statements as a whole
Other Information
Management is responsible for the other information included in the annual report. The other
information comprises the introductory and statistical 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.
25
INDEPENDENT AUDITOR'S REPORT
(Continued)
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.
Beth Kelley, CPA, CFE
June 30, 2025
26
Financial Highlights
Overview of the Financial Statements
• At the close of the current fiscal year, the City's governmental funds reported combined fund balances of $321,851,737, an increase of
$95,495,131 in comparison with the prior year. Approximately $33,324,739 of this amount (10.4%) 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 $39,244,108, or approximately 32.4% of total General Fund expenditures.
• The City's total outstanding long-term liabilities increased by $102,839,352 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, 2024
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, 2024. 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 38 of this report.
• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows at the close of the fiscal year by
$572,112,515 (net position).
• The City's total net position increased $22,567,408 from the prior fiscal year. The main reason for this improvement is due to the City
receiving $118,035,275 in bond proceeds during the year. Other reasons for this overall increase are discussed in the following sections for
governmental activities and business-type activities.
27
The government-wide financial statements begin on page 38 of this report.
The basic governmental fund financial statements begin on page 40 of this report.
The basic proprietary fund financial statements begin on page 45 of this report.
The fiduciary fund financial statements begin on page 50 of this report.
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.
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 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.
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, Motor Vehicle
Highway Fund, Redevelopment Commission Fund, Redevelopment Authority 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.
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.
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.
28
Notes to the Financial Statements. The notes provide additional information that is necessary to acquire a full understanding
Government-wide Overall Financial Analysis
City of Carmel's Net Position
Current and other assets
Capital and lease 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
Net investment in
capital assets 441,238,876
129,954,959$
(39,538,074) (30,734,771)
38,700,717 4,702,144
138,118,956$
8,519,700
433,993,559$ 572,112,515$
915,367,986 996,411,933
19,063,747 3,289,453
183,426,078
186,715,531
81,914,874 3,040,080
1,180,133,639
1,202,237,466 205,825,533
1,322,912,807
58,762,352
85,204,327 22,103,827
202,785,453
50,571,953
893,868,209 1,077,294,287
316,107,716
55,697,058
342,173,872
2,720,943 53,292,896
1,826,746,680
3,065,294
1,162,498,614
Total
35,245,202$
977,348,186
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 110 of this report.
1,376,944,374
1,342,883,963
19,388,490$
2023
370,139,283$ 350,750,793$
2024 20242024
483,862,717$
Business-type Activities
2023 2023
Governmental Activities
448,617,515$
1,035,955,293
1,484,572,808
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.
of the data provided in the government-wide and fund financial statements. The notes to the financial statements begin on page 52 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
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 $572,112,515 at the close of the fiscal year.
1,026,193,581
1,693,052,090
296,719,226 306,928,670
funding its obligation to provide pension and other post-employment benefits (OPEB) to its employees. Required supplementary
information can be found beginning on page 88 of this report.
104,739,269 2,502,520 97,683,298 100,185,818
572,597,535
549,545,107$
(281,305,112)
47,220,417
(70,272,845)
105,689,595
806,265,488 160,973,333 365,026,612 411,624,202
950,326
42,449,995
419,590,148$
(49,695,312) (231,609,800)
47,152,139
29
Governmental Activities. During the current fiscal year, net position for governmental activities
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.
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 increase in the pension expense, specifically the change in plan
assumptions and liability experience gains. In addition, the cost of living increased went from 2.0% in 2023 to 3.0% in 2024 for both plans.
increased $14,403,411 from the prior fiscal year for an ending balance of $433,993,559. The
increase of 3.43% resulted in part from the material increase in investment earnings and an
increase in bond proceeds received.
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.
The City has continued to grow and improve its infrastructure, requiring 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.
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 $281,305,112.
The City reported a material unfavorable unrestricted net position of $49,695,312 in governmental activities.
($400)$0 $400 $800
Millions
City of Carmel
Net Position
December 31, 2024
Unrestricted Restricted Net investment in capital assets
30
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
$100,000,000
General government Public safety Streets, infrastructure Economic
development
Culture and recreation Interest on long-term
debt
City of Carmel
Governmental Activities
Program Revenues vs. Program Expenses
For the Fiscal Year Ended December 31, 2024
Program Expenses Program Revenues
Property taxes
29.91%
Income tax …
Tax incremental revenue
16.78%Charges for services
9.43%
Operating grants and contributions
0.48%
Capital grants and contributions
0.44%
Unrestricted investment earnings
2.77%
Other
16.97%
Food and beverage tax
1.33%City of Carmel
Governmental Activities Revenue
For the Fiscal Year Ended December 31, 2024
31
City of Carmel's Changes in Net Position
REVENUES:
Program revenues:
Charges for services
Operating grants and
contributions
Capital grants and
contributions
General revenues:
Property taxes
Income tax
Other
Total revenues
EXPENSES:
General government
Public safety
Streets, infrastructure
Water distribution
Sewer collection
Economic development
Culture and recreation
Interest on long-term debt
Total expenses
Transfers
NET POSITION - beginning
Restatement*
NET POSITION - ending
24,478,677
12,807,261 12,228,702
(1,637,436)
3,640,613
45,582,089
42,016,997
92,218,814 92,218,814
12,228,702
-
24,656,972
376,686
70,134,728 -
30,400,192
47,191,980 48,204,681
57,405,357
8,217,687
308,398,986
-
- 88,280,840
677,657
52,430,327
-
266,165,240
57,405,357
47,003,579
332,480,827
8,943,331 9,307,427
75,459,764
-
32,106,869
23,574,946
Unrestricted investment
Tax incremental revenue
61,268,748
-
785,255
-
45,582,089
3,734,862 - - 3,734,862 Food and beverage tax 3,640,613
7,432,432
83,760,542
7,769,506
75,459,764 83,760,542 -
-
559,748,041
30,560,396
5,820,181 -
-
8,163,997
42,233,746
22,938,572
12,807,261
22,938,572
549,545,107
124,908,774
-
419,590,148$
Increase (decrease) in
net position
433,993,559$
429,793,082
-
129,954,959 512,496,798
59,613,839
2024
1,353,050
26,409,240$
Business-type Activities
1,223,949
61,268,748
2023
Governmental Activities
88,280,840
8,940,294
23,574,946
2024
34,356,140$ 42,498,404$
2023
Total
58,292,284$
2023
23,936,144$
2024
2,227,666
68,907,644$
8,083,478
1,457,399 -
6,715,665
59,613,839
1,457,399 - 1,353,050
47,003,579
-
70,134,728
47,527,024
280,050,500
24,478,677
- 30,400,192
46,815,294
-
1,170,788
42,016,997
12,765,975
22,567,408
138,118,956$
512,496,798
267,284,525
7,033,552
6,487,913
35,745,833
Change in net position before
transfers
-
37,048,309
-
572,112,515$ 549,545,107$
(10,202,934) -
NET POSITION -
beginning, adjusted
387,588,024 129,954,959
22,567,408
309,913,419
35,161,436
- -
-
9,801,433
7,033,552
271,350,677
-
5,820,181
37,048,309
235,604,844
-
124,908,774
129,954,959$
32,106,869 35,161,436
24,656,972
42,628,894
1,441,728 (1,441,728)
-
(10,202,934)
419,590,148
1,637,436
14,403,411
387,588,024
32,002,124 5,046,185
32
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.
The City has improved cash flows by replacing aging meters, expanding the system as the community grows, and 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.
$138,118,956. The total increase in net position for business-type activities (water and sewer) was $8,163,997 or 5.9% from the
prior fiscal year, indicating a relatively stable and healthy net position.
$42,628,894
$52,430,327
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
City of Carmel
Business-Type Expenses vs. Revenues
For the Fiscal Year Ended December 31, 2024
Expenses Revenues
Charges for services
81.06%
Capital grants and
contributions
15.42%
Unrestricted investment
earnings
2.23%
Other
1.29%City of Carmel
Business-Type Activities Income
For the Fiscal Year Ended December 31, 2024
33
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
Proprietary Funds. The City's proprietary funds provide the same type of information found in the government-wide financial statements,
but in more detail.
The fund balance of the City's General Fund increased by $14,535,101 during the year, indicating a budget variance within approximately
3% 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 $17,417,326 decrease in fund balance during the year,
due to construction costs incurred, which put the overall fund balance at $44,090,317.
The Redevelopment Authority Fund, a major fund, had a $91,579,675 increase in fund balance during the current fiscal year, representing a
reasonable variation in the amount of debt service due each year. The ending balance was $150,007,616, all of which was restricted for debt
service and capital projects.
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 $33,324,739 while the total fund balance was $39,244,108. 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
27.5% of the total General Fund expenditures, while the total fund balance represents 32.4% of that amount.
In the fiscal year ended December 31, 2024, revenue, net of reasonable expenses for operation, repair, and maintenance was 110.44% of
debt service requirements for the Water Utility and 217.96% of debt service for the Sewer Utility.
The Redevelopment Commission Fund, a major fund, accounts for tax increment revenue, which is restricted for certain economic
development projects. The fund had a $93,321 decrease in fund balance during the year, representing a reasonable variation in the amount of
debt service due each year, which put the overall fund balance at $23,082,600.
At December 31, 2024, the City's governmental funds reported combined fund balances of $321,851,737, an increase of $95,495,131 in
comparison with the prior year. Much of the increase is due to bond proceeds received during the year. Approximately 10.4% of the
combined fund balances, $33,324,739, constitutes an 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 ($274,312,924), it is committed for particular purposes ($8,294,705), or it is assigned for
particular purposes ($5,919,369).
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 Motor Vehicle Highway Fund, a major fund, accounts for gasoline tax and other revenue collected by the State of Indiana and shared
with the city, which is restricted for maintaining City streets and other infrastructure. The fund had a $1,006,349 increase in fund balance
during the year, which put the overall fund balance at $4,815,994. The increase in fund balance indicates a budget variance within
aproximately 2% of revenues and expenditures, which is considered reasonable.
The City's General Fund's increase in fund balance is primarily due to revenues increasing by almost 12% when compared to expenditures
increasing by only 6%. The increase in the City's General Fund revenues can be attributed to the increase in the interest rates, which
accounts for approximately $1.5 million of the increase in revenues. However, the majority of the City's increase in revenue is attributed to a
20.3% increase in local income tax, which corresponds to the City receiving its full distribution, rather than the limited distribution received
in prior years.
In addition, the City also received debt proceeds in December, accounting for $8.5 million in other financing sources and uses. Due to the
receipt date, the City did not have adequate time to disburse the debt proceeds prior to the end of the fiscal year.
Unrestricted net position of the Water Utility at the end of the year was a deficit of $227,811,768; for the Sewer Utility, unrestricted net
position was a deficit of $3,798,033. Water Utility net position, before capital contributions and transfers, decreased $623,089.
Improvement is expected as the utilities continue to expand and achieve both economies of scale and greater utilization of recently installed
mains, treatment facilities, and replacement of aging water meters.
34
General Fund Budgetary Highlights
The most significant differences between estimated revenues and actual revenues were as follows:
Revenue source
Property tax
Income tax
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Miscellaneous
Total
The differences by department between estimated expenditures and actual expenditures were as follows:
Department
Finance
Clerk
Mayor's Office
City Council
Board of Public Works
Administration
Brookshire Golf Course
Building Operations
City Court
Law Department
Community Services
Personnel/ Human Resources
City Property Maintenance
Public Affairs/ Community Relations
Fire Department
Police Department
Communication Center
Parks Department
Redevelopment Department
Economic Development
Other
Total
781,880
3,226,000
(224,241)
4,108,704
16,509,849
2,009,213
(861,359)$
Actual
Revenues
1,380,365$
287,598
-
116,365,627$
Final Actual
Expenditures
2,208,252
Final Estimated
Expenditures
(88,723)
4,047,324
Final General Fund Budget Compared to Actual Results
615,312
979,760
Difference
Final
Original budget compared to final budget. During the year, there was no need for any material amendments to increase the original
estimated revenues.
21,981,234
(3,226,000)
Investment earnings, subfund
transactions, and other
670,404
6,550,000
(621,514)
315,312
(61,380)
280,000
35,774,464
5,304,510
8,226,282
34,788,180
5,337,064
140,309,252$
3,245,822
Estimated
Revenues
48,284,958
48,441,411$
-
2,208,252
1,079,910$
(232,783)
4,618,418
16,106,024
1,252,684
5,042,622
1,014,663
(5,483)
1,948,995 2,726,063 (777,068)
(647,762)
The City of Carmel's LIT revenues had a maximum growth of 3% set by Indiana Code. The particular statue was set to expire in 2024,
however, legislation was enacted that continued to limit the City's growth in LIT revenue. Litigation was pursued, however, at the time
of the development of the 2024 budget and estimating the revenues for the ensuing year, the result of the litigation was not determined.
Therefore, the City determined it would be fiscally responsible to estimate lower LIT revenues due to the pending litigation. the
significant increase in LIT revenue is due to the City's successful litigation to resume the natural growth in LIT revenue.
7,598
47,580,052$
Final
9,283,258
6,415,643
4,242,312
(11,891,732)$ 134,095,270$
1,170,420
145,987,001$
1,920,490
(155,606) 1,097,078
16,504,366
5,605,698
965,553
23,749
(3,304,178)
(1,078,579)
2,030,370
5,266,180
2,651,884
755,519
(986,284)
6,856,893
5,596,242 (1,353,930)
(2,620,584)
(234,880)
(300,455)$
4,807,742
(64,370)
6,822,766
23,943,625$
241,992 226,160 (15,832)
(204,867)
(6,512,308)
5,304,510 -
70,266,192
300,000
Difference
606,034
37,059,335 30,547,027
6,880,642
35
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, 2024, 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 60 of this report.
Outstanding Long-Term Liabilities
Unamortized premium
OPEB
Net pension liability
Leases/SBITA
Financed purchase obligations
Total
At the end of the current fiscal year, the City had total bonded debt outstanding of $1,012,129,497. Of this amount, $664,248,643 is debt
backed by an unlimited ad valorem property tax levy, $129,880,000 is debt backed by local income tax, $22,500,652 is debt backed by tax
increment, $4,475,000 is debt backed by stormwater revenues, and $191,025,203 is debt backed by utility revenues. The remainder of the
City's long-term obligations comprises post-employment benefit debt, contract purchases, and financed purchase obligations.
2023 2023
821,104,294$
2024
72,247,777
34,174,435 4,170,800
191,025,203$
39,618,422
917,975,294$
44,847,827 305,250
1,322,912,807$
85,675,075
Long-term Debt
746,435,961$ 1,012,129,497$
39,313,172
171,539,333$
203,436,545$
-
-
230,340,143
85,675,075
1,342,883,963$
209,215,674$
-
2024
222,533,466
Total
2023202420232023
The total increase in capital assets for the current fiscal year was 1.51%. In 2024, the City continued its program of improving local roads
and streets, using proceeds of bonds issued in 2021 and 2022.
5,496,657$
114,924,197
332,184
2023
Governmental Activities Business-type Activities
-
2024
5,779,131$
93,663,755
44,515,643
2024
Business-type Activities
$1,342,883,963 (net of accumulated depreciation). This investment in capital assets includes land, buildings, machinery, equipment,
vehicles, park facilities, roads, highways, bridges, the water treatment plant, and the wastewater treatment plant.
230,340,143
474,350,131
31,256,392
208,933,202$
473,898,253
Governmental Activities
-
473,898,253 -
31,646,581
-
86,338,043
2024
Total
- -
31,646,581
1,026,193,581$
195,915,842
222,533,466
31,256,392
474,350,131
195,915,842 190,180,269
953,292
190,180,269
1,268,198 953,292 - -
1,077,294,286$
3,177,857
59,927,960 55,732,688
202,785,453$
15,944,052 2,940,182 19,121,909
1,199,444
16,893,793
987,597 -
19,833,975
183,426,078$ 977,348,186$
67,903,759 4,344,018
29,067,566 30,003,635
1,199,444 987,597 -
33,248,998
1,035,955,293$
-
Contract purchases 930,089 1,184,701 - - 930,089 1,184,701
The City incurred $118,525,000 of newly bonded debt during 2024.
Bonds
1,180,133,639$
4,181,432
4,195,272
893,868,208$
306,928,670$
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.
203,436,543$
108,368,012
296,719,226$
86,338,043
1,268,198
14,704,257 19,558,622 95,365,575
36
Additional information on the City's long-term debt can be found in Note II.D. on pages 61–69 of this report.
Economic Factors and Next Year's Budgets and Rates
Request for Information
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.
The City's total outstanding liabilities increased by $102,839,353 (9.55%) during the current fiscal year.
The City's utilities incurred $139,440,000 of bonded debt.
The unemployment rate for the City was 3.1% at the close of the fiscal year, which is significantly below the national rate of 4.1% and
also below the rate of nearby communities.
This financial report is designed to provide a general overview of the City's finances for all those with an interest in the government's
finances. Questions concerning any of the information provided in this report or requests for additional financial information should be
addressed to the Finance Department, One Civic Square, Carmel, Indiana 46032.
The City enjoys favorable relationships with employee unions and no history of significant contract disputes.
The following economic factors currently affect the City and were considered in developing the 2024 fiscal year budget.
The City maintains a "AA" rating from Standard & Poor's on all bonds secured with an ad valorem property tax pledge. The City has one
outstanding 2005 lease bond issue with a property tax pledge that has a split rating: S&P “AA+”/Moody’s “Aa3”.
37
Governmental
Activities
Business-Type
Activities Total
Cash and investments 330,866,782$ 8,063,006$ 338,929,788$
Receivables (net of allowances for uncollectibles):
Intergovernmental 2,945,201 - 2,945,201
Leases and other 7,886,920 - 7,886,920
Taxes 106,212,115 - 106,212,115
Other - 2,527,624 2,527,624
Internal balances 395,667 (395,667) -
Inventories - 899,069 899,069
Prepaid expenses 310,830 25,000 335,830
Cash, restricted for debt service - 24,126,170 24,126,170
Capital and lease assets:
298,802,118 25,337,754 324,139,872
Other capital assets, net of depreciation 735,884,977 281,590,916 1,017,475,893
Right-of-use (lease/subscription) asset 1,268,198 - 1,268,198
Total assets 1,484,572,808 342,173,872 1,826,746,680
DEFERRED OUTFLOWS OF RESOURCES:
Bond refunding 12,439,649 - 12,439,649
Pensions 30,727,600 1,691,617 32,419,217
Other post-employment benefits 7,404,704 1,029,326 8,434,030
Total deferred outflows of resources 50,571,953 2,720,943 53,292,896
Accounts payable 6,279,741 577,895 6,857,636
Accrued interest payable 6,682,837 1,511,073 8,193,910
Claims payable 887,073 - 887,073
Other current payables - 235,571 235,571
Accrued payroll and withholdings payable 3,205,758 231,963 3,437,721
Compensated absences 2,008,338 439,723 2,448,061
Customer deposits - 43,855 43,855
Noncurrent liabilities:
Due within one year:
Lease Liability 93,907 - 93,907
Subscription Liability 573,288 - 573,288
Bonds and contract purchases payable 48,837,506 3,711,116 52,548,622
Financed purchase obligation payable 3,825,862 628,037 4,453,899
OPEB liability 834,188 115,961 950,149
Due in more than one year:
Lease Liability 64,860 - 64,860
Subscription Liability 467,389 - 467,389
Bonds and contract purchases payable 812,510,049 187,619,337 1,000,129,386
Financed purchase obligation payable 13,067,931 2,312,145 15,380,076
Net pension liability 67,903,759 4,344,018 72,247,777
OPEB liability 29,169,447 4,054,839 33,224,286
Total liabilities 996,411,933 205,825,533 1,202,237,466
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenue 90,232,096 - 90,232,096
Leases 7,844,097 - 7,844,097
Pensions 443,488 85,742 529,230
Other post-employment benefits 6,219,588 864,584 7,084,172
Total deferred inflows of resources 104,739,269 950,326 105,689,595
Net investment in capital assets 441,238,876 365,026,612 806,265,488
Restricted:
General government 707,124 - 707,124
Public safety 6,884,249 - 6,884,249
Streets and other infrastructure 4,928,351 4,702,144 9,630,495
Drainage 7,363,480 - 7,363,480
Economic development 2,052,523 - 2,052,523
Culture and recreation 20,514,268 - 20,514,268
Unrestricted (49,695,312) (231,609,800) (281,305,112)
Total net position 433,993,559$ 138,118,956$ 572,112,515$
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, 2024
ASSETS:
Capital assets not being depreciated: land,
improvements, and construction in progress
38
Expenses
Governmental
Activities
Business-Type
Activities Total
FUNCTIONS/PROGRAMS:
Governmental activities:
General government 70,134,728$ 105,874$ -$ -$ (70,028,854)$ -$ (70,028,854)$
Public safety 88,280,840 2,605,230 1,353,050 (84,322,560) - (84,322,560)
Streets and other infrastructure 42,016,997 4,854,290 - 1,223,949 (35,938,758) - (35,938,758)
Economic development 35,161,436 1,531,402 - - (33,630,034) - (33,630,034)
Culture and recreation 24,656,972 17,312,444 - - (7,344,528) - (7,344,528)
Unallocated interest expense 7,033,552 - - - (7,033,552) - (7,033,552)
Total governmental activities 267,284,525 26,409,240 1,353,050 1,223,949 (238,298,286) - (238,298,286)
Business-type activities:
Water 30,400,192 28,580,808 - 6,851,170 - 5,031,786 5,031,786
Sewer 12,228,702 13,917,596 - 1,232,308 - 2,921,202 2,921,202
Total business-type activities 42,628,894 42,498,404 - 8,083,478 - 7,952,988 7,952,988
TOTAL PRIMARY
GOVERNMENT 309,913,419$ 68,907,644$ 1,353,050$ 9,307,427$ (238,298,286) 7,952,988 (230,345,298)
GENERAL REVENUES AND TRANSFERS:
General Revenues:
Property tax 83,760,542 - 83,760,542
Income tax 61,268,748 - 61,268,748
Food and beverage tax 3,734,862 - 3,734,862
Tax incremental revenue 47,003,579 - 47,003,579
Unrestricted investment earnings 7,769,506 1,170,788 8,940,294
American Rescue Plan - lost revenue replacement 83,650 - 83,650
Other 47,443,374 677,657 48,121,031
Transfers 1,637,436 (1,637,436) -
Total general revenues and transfers 252,701,697 211,009 252,912,706
CHANGE IN NET POSITION 14,403,411 8,163,997 22,567,408
NET POSITION: beginning 429,793,082 129,954,959 559,748,041
Restatement (See Note II.L.)(10,202,934) - (10,202,934)
NET POSITION: beginning, adjusted 419,590,148 129,954,959 549,545,107
NET POSITION: ending 433,993,559$ 138,118,956$ 572,112,515$
City of Carmel, Indiana
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended December 31, 2024
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
39
City of Carmel, Indiana
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2024
General Fund
Motor Vehicle
Highway
Redevelopment
Commission
Fund
Redevelopment
Authority
Fund
2022 Project
Fund
Total
Nonmajor
Funds Total
ASSETS:
Cash and investments 43,834,088$ 5,539,461$ 23,092,446$ 150,007,616$ 46,098,701$ 62,294,470$ 330,866,782$
Receivables:
Intergovernmental 1,062,977 - - - 1,882,224 2,945,201
Lease and other - - - - - 7,886,920 7,886,920
Taxes:
Property 48,910,393 20,523,360 - - - 23,489,987 92,923,740
Income 23,491,309 - - - - - 23,491,309
Due from other governmental funds - 74,035 - - - - 74,035
Due from related utility - - - - - 395,667 395,667
TOTAL ASSETS 117,298,767 26,136,856 23,092,446 150,007,616 46,098,701 95,949,268 458,583,654
LIABILITIES:
Accounts payable 1,915,462 458,716 9,846 - 2,008,384 1,887,333 6,279,741
Claims payable - - - - - 887,073 887,073
Due to other funds - - - - - 74,035 74,035
2,674,518 338,786 - - - 192,454 3,205,758
Total liabilities 4,589,980 797,502 9,846 - 2,008,384 3,040,895 10,446,607
DEFERRED INFLOWS OF RESOURCES:
Leases - - - - 7,844,097 7,844,097
Unavailable revenue 73,464,679 20,523,360 - - - 24,453,174 118,441,213
Total deferred inflow of resources 73,464,679 20,523,360 - - - 32,297,271 126,285,310
FUND BALANCES:
Restricted:
General government - - - - - 707,124 707,124
Public safety - - - - - 6,884,249 6,884,249
Highways and streets - 4,815,994 - 128,402,379 - 14,637,705 147,856,078
Drainage - - - - 7,363,480 7,363,480
Economic development - - 23,082,600 11,317,170 44,090,317 2,052,523 80,542,610
Culture and recreation - - - 10,288,067 - 20,671,316 30,959,383
Debt service - - - - - - -
Committed:
General government - - - - - 402,185 402,185
Public safety - - - - - 5,894,036 5,894,036
Highways and streets - - - - - 641,941 641,941
Drainage - - - - - -
Economic development - - - - - 97,633 97,633
Culture and recreation 1,258,910 1,258,910
Assigned:
General government 2,701,405 - - - - - 2,701,405
Public safety 2,687,814 - - - - - 2,687,814
Economic development 66,273 - - - - - 66,273
Culture and recreation 463,877 - - - - - 463,877
Unassigned 33,324,739 - - - - - 33,324,739
Total fund balances 39,244,108 4,815,994 23,082,600 150,007,616 44,090,317 60,611,102 321,851,737
TOTAL LIABILITIES, DEFERRED
INFLOWS OF RESOURCES
AND FUND BALANCES 117,298,767$ 26,136,856$ 23,092,446$ 150,007,616$ 46,098,701$ 95,949,268$ 458,583,654$
The notes to the financial statements are an integral part of this statement.
Accrued payroll withholdings payable
40
Fund Balance - governmental funds 321,851,737$
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. 310,830
Capital assets used in governmental activities are not financial resources and, therefore, are not
reported in the funds:
Right-of-use (leased & subscription) asset 1,268,198
Land and construction in progress 298,802,118
Machinery, equipment, and vehicles 1,052,429,981
Accumulated depreciation (316,545,004)
1,035,955,293
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 13,288,375
Opioid settlement 963,187
Ambulance fees -
Supplemental ambulance fees 1,062,977
18,006,183
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 (67,903,759)
Other post-employment benefit liability (30,003,635)
(97,907,394)
Certain liabilities are not due and payable in the current period and therefore are
not recognized in the funds:
Lease liability (158,767)
Subscription liability (1,040,677) (1,199,444)
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 12,439,649
Pension-related inflows (443,488)
OPEB-related inflows (6,219,588)
Pension-related outflows 30,727,600
OPEB-related outflows 7,404,704
43,908,877
Other noncurrent liabilities are not due and payable in the current period and, therefore, are not
reported in the funds:
Compensated absences (2,008,338)
Accrued interest payable (6,682,837)
Outstanding value of financed purchase obligations (16,893,793)
Unamortized premiums on bonds outstanding (39,313,172)
Principal on bonds outstanding (822,034,383)
(886,932,523)
Net position of governmental activities 433,993,559$
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, 2024
41
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2024
General Fund
Motor Vehicle
Highway
Redevelopment
Commission Fund
Redevelopment
Authority Fund
2022 Project
Fund
Total Nonmajor
Funds Total
REVENUES:
Property tax 47,580,052$ 18,703,141$ -$ -$ -$ 17,477,349$ 83,760,542$
Income tax 70,266,192 - - - - - 70,266,192
Food and beverage tax 3,734,862 - - - - - 3,734,862
Other local tax 3,577,157 1,402,808 40,728,838 - - 1,294,776 47,003,579
Charges for services 1,675,848 - 293,916 - - 22,225,925 24,195,689
Investment income 2,061,905 - 275,659 1,720,941 1,705,519 2,005,482 7,769,506
Licenses and permits 3,147,267 - - - 2,273,549 5,420,816
Fines and forfeits 287,598 - - - 1,890 289,488
Intergovernmental:
Grants 1,285,632 - - - 1,291,367 2,576,999
State shared revenue 910,512 4,172,538 - - - 2,838,533 7,921,583
Other intergovernmental 33,474 - - - 1,218,681 1,252,155
Contributions - - - - 868,857 868,857
Other 3,484,206 519,022 5,652,572 941,472 953,512 20,958,642 32,509,426
Total revenues 138,044,705 24,797,509 46,950,985 2,662,413 2,659,031 72,455,051 287,569,694
EXPENDITURES:
Current:
General government 16,913,006 - - - - 1,598,138 18,511,144
Public safety 65,416,357 - - - - 1,104,176 66,520,533
Streets and other infrastructure 1,900,176 20,211,958 - - 38,122 7,666,198 29,816,454
Economic development 5,394,540 - 2,910,872 - - 3,186,039 11,491,451
Culture and recreation 12,327,946 - - - - 12,870,885 25,198,831
Debt service:
Principal 3,796,000 - 1,234,612 26,181,494 - 7,933,039 39,145,145
Interest 5,929,080 - 439,797 17,587,213 - 6,913,928 30,870,018
Bond issuance costs - - - - 650 198,679 199,329
Capital outlay:
General government 4,115,855 - - 37,836,556 - - 41,952,411
Public safety 4,418,594 - - - - 4,637,174 9,055,768
Streets and other infrastructure - 4,486,611 - - 20,037,585 1,357,576 25,881,772
Economic development 71,056 - 8,953,871 - - 1,000 9,025,927
Culture and recreation 943,263 - - - - 7,881,278 8,824,541
Total expenditures 121,225,873 24,698,569 13,539,152 81,605,263 20,076,357 55,348,110 316,493,324
Continued on next page.
42
General Fund
Motor Vehicle
Highway
Redevelopment
Commission Fund
Redevelopment
Authority Fund
2022 Project
Fund
Total Nonmajor
Funds Total
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 16,818,832 98,940 33,411,833 (78,942,850) (17,417,326) 17,106,941 (28,923,630)
Bond issuance - principal 8,650,000 - 109,385,275 - - 118,035,275
Bond issuance - premium 317,393 - - - - 317,393
Bond issuance - refunding principal - - - - -
Debt issuance - financed purchase obligations 4,428,657 - - - - 4,428,657
Payment to refunded bond escrow agent - - - - -
Transfers in, governmental funds 627,111 907,409 - 61,137,250 - 11,289,295 73,961,065
Transfer in (out) from (to) enterprise funds 1,637,436 - - - - 1,637,436
Transfers (out), governmental funds (17,944,328) - (33,505,154) - - (22,511,583) (73,961,065)
Total other financing sources and uses (2,283,731) 907,409 (33,505,154) 170,522,525 - (11,222,288) 124,418,761
NET CHANGES IN FUND BALANCES 14,535,101 1,006,349 (93,321) 91,579,675 (17,417,326) 5,884,653 95,495,131
FUND BALANCES: beginning 32,331,543 3,809,645 23,175,921 58,427,941 61,507,643 54,726,448 233,979,141
Restatement ($7,622,536)- - - - - (7,622,536)
FUND BALANCES: beginning, restated 24,709,007 3,809,645 23,175,921 58,427,941 61,507,643 54,726,449 226,356,606
FUND BALANCES: ending 39,244,108$ 4,815,994$ 23,082,600$ 150,007,616$ 44,090,317$ 60,611,102$ 321,851,737$
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, 2024
(Continued)
43
95,495,131$
Capital outlays 68,970,352
Disposal of assets (29,747,689)
Depreciation expense (29,775,857)
9,446,806
Decrease (increase) in bonds payable for private placement bonds 5,497,039
Decrease (increase) in bonds payable for other bonds secured by revenues (83,409,701)
Decrease (increase) in accreted interest 3,244,329
Decrease (increase) in bonds payable for contract purchase obligations 254,612
Amortization of certain bond-related prepaid expense and deferred inflows and outflows (1,920,238)
Amortization of premium on bonds outstanding 5,202,471
Financed purchase obligation proceeds (4,428,657)
Principal payments on financed purchase obligations 3,478,917
Amortization of Subscription Liability 103,059 Compensated absences (21,635)
(71,999,804)
Property tax -
Income tax (8,997,444)
Opioid settlement 44,150
Ambulance fees (218,627)
Ambulance fee supplemental 367,095
(8,804,826)
1925 Police Officers' plan (2,388,536)
1937 Firefighters' plan (2,777,878)
1977 Police Officers' plan (3,482,480)
1977 Firefighters' plan (4,145,797)
Civilian public employee retirement plan (2,055,455)
Other post-employment benefits - retiree health insurance (580,701)
(15,430,847)
5,696,951
Change in net position of governmental activities (Statement of Activities) 14,403,411$
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, 2024
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.
44
Water Utility Sewer Utility Total Enterprise
ASSETS:
Current assets:
Cash 3,922,138$ 4,140,868$ 8,063,006$
Accounts receivable (net of allowance) 745,299 374,206 1,119,505
Other receivables 1,003,299 404,820 1,408,119
Due from associated utility - 1,010,257 1,010,257
Inventories 486,668 412,401 899,069
Prepaid items 15,625 9,375 25,000
Total current assets 6,173,029 6,351,927 12,524,956
Noncurrent assets:
Restricted cash, debt service 20,424,428 3,701,742 24,126,170
Due from associated utility 596,559 - 596,559
Capital assets:
11,912,181 13,425,573 25,337,754
Utility plant in service, net of depreciation 195,915,841 85,675,075 281,590,916
Total noncurrent assets 228,849,009 102,802,390 331,651,399
Total assets 235,022,038 109,154,317 344,176,355
DEFERRED OUTFLOW OF RESOURCES:
Pension-related 921,289 770,328 1,691,617
OPEB-related 567,936 461,390 1,029,326
Total deferred outflow of resources 1,489,225 1,231,718 2,720,943
Continued on next page.
Business-Type Activities - Enterprise Funds
Land, improvements to land and
construction in progress
December 31, 2024
City of Carmel, Indiana
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
45
Water Utility Sewer Utility Total Enterprise
LIABILITIES:
Current liabilities:
Accounts payable 373,359$ 204,536$ 577,895$
Accrued wages payable 133,134 98,829 231,963
Compensated absences 247,549 192,174 439,723
Due to associated governmental funds 395,667 - 395,667
Due to associated utility 1,010,257 - 1,010,257
Hydrant deposits 43,855 - 43,855
Revenue bonds payable, current portion 2,036,000 1,675,116 3,711,116
Financed purchase obligation payable, current portion 377,420 250,617 628,037
Accrued interest payable 1,349,839 161,234 1,511,073
OPEB liability 63,982 51,979 115,961
Other 235,571 - 235,571
Total current liabilities 6,266,633 2,634,485 8,901,118
Noncurrent liabilities:
Bonds payable 151,258,250 36,361,087 187,619,337
Financed purchase obligation payable 1,244,644 1,067,501 2,312,145
Due to associated utility - 596,559 596,559
Net pension liability 2,365,842 1,978,176 4,344,018
OPEB liability 2,237,279 1,817,560 4,054,839
Total noncurrent liabilities 157,106,015 41,820,883 198,926,898
Total liabilities 163,372,648 44,455,368 207,828,016
Pension-related 46,697 39,045 85,742
OPEB-related 477,039 387,545 864,584
2008 bond call rights waiver - - -
Total deferred inflow of resources 523,736 426,590 950,326
NET POSITION:
Net investment in capital assets 297,069,833 67,956,779 365,026,612
Restricted for infrastructure 3,356,814 1,345,330 4,702,144
Unrestricted (227,811,768) (3,798,033) (231,609,801)
Total net position 72,614,879$ 65,504,077$ 138,118,956$
The notes to the financial statements are an integral part of this statement.
Business-Type Activities - Enterprise Funds
DEFERRED INFLOW OF RESOURCES
(Continued)
PROPRIETARY FUNDS
December 31, 2024
City of Carmel, Indiana
STATEMENT OF NET POSITION
46
Water Utility Sewer Utility Total Enterprise
OPERATING REVENUES:
Residential sales 21,600,246$ 7,686,509$ 29,286,755$
Commercial and industrial sales 6,028,916 5,866,267 11,895,183
Other operating revenue 951,646 364,820 1,316,466
Total operating revenues 28,580,808 13,917,596 42,498,404
OPERATING EXPENSES:
Source of supply - operation and maintenance 147,374 - 147,374
Water treatment - operation and maintenance 5,924,214 - 5,924,214
Transmission and distribution 4,441,554 - 4,441,554
Collection system - operation and maintenance - 2,362,289 2,362,289
Treatment and disposal - operation and maintenance - 3,434,347 3,434,347
Customer accounts 1,020,448 890,984 1,911,432
Administration and general 1,023,196 787,635 1,810,831
Payroll tax 348,472 286,986 635,458
Depreciation 5,046,089 3,208,556 8,254,645
Pension expense 239,255 221,873 461,128
OPEB (credit) (35,441) (20,571) (56,012)
Total operating expenses 18,155,161 11,172,099 29,327,260
OPERATING INCOME 10,425,647 2,745,497 13,171,144
NON OPERATING REVENUES (EXPENSES):
Interest and investment revenue 707,871 462,917 1,170,788
Miscellaneous revenue 335,668 90,754 426,422
Amortization of call rights waiver - - -
Amortization of debt premium/(discount)- - -
Interest expense (12,245,031) (1,056,603) (13,301,634)
Gain (loss) from sale of capital assets 152,756 98,479 251,235
Total nonoperating revenue (expenses)(11,048,736) (404,453) (11,453,189)
(623,089) 2,341,044 1,717,955
CAPITAL CONTRIBUTIONS AND TRANSFERS:
Capital contributions 6,851,170 1,232,308 8,083,478
Transfers to associated city (944,000) (693,436) (1,637,436)
Total capital contributions and transfers 5,907,170 538,872 6,446,042
CHANGE IN NET POSITION 5,284,081 2,879,916 8,163,997
NET POSITION: beginning 67,330,798 62,624,161 129,954,959
TOTAL NET POSITION: ending 72,614,879$ 65,504,077$ 138,118,956$
The notes to the financial statements are an integral part of this statement.
Business-Type Activities - Enterprise Funds
CHANGE IN NET POSITION BEFORE
CONTRIBUTIONS AND TRANSFERS
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2024
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
47
Water Utility Sewer Utility Total Enterprise
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers and users 27,792,269$ 13,533,087$ 41,325,356$
Payments for goods and services (5,886,994) (2,438,994) (8,325,988)
Payments to employees (7,006,263) (5,670,493) (12,676,756)
Other receipts 872,412 204,560 1,076,972
15,771,424 5,628,160 21,399,584
Capital contributions 3,949,029 1,232,308 5,181,337
Acquisition and construction of capital assets (6,153,415) (9,819,968) (15,973,383)
Payment of capital debt, including refunded debt (6,852,000) (1,633,894) (8,485,894)
Interest paid on debt (5,991,219) (1,003,766) (6,994,985)
Proceeds from sale of capital assets 145,429 100,000 245,429
Proceeds from bond issuance 138,180,493 - 138,180,493
Advance refunding of bonds (117,493,237) - (117,493,237)
Bond-related professional fees 159,453 (32,875) 126,578
Net cash provided (used) by capital
and related financing activities 5,944,533 (11,158,195) (5,213,662)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 707,870 462,917 1,170,787
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Transfers from (to) governmental funds (944,000) (693,436) (1,637,436)
21,479,827 (5,760,554) 15,719,273
2,866,739 13,603,164 16,469,903
CASH AND CASH EQUIVALENTS: ending 24,346,566$ 7,842,610$ 32,189,176$
- --
Continued on next page.
CASH AND CASH EQUIVALENTS: beginning
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
Business-Type Activities - Enterprise Funds
Net cash provided by operating activities
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2024
City of Carmel, Indiana
STATEMENT OF CASH FLOWS
48
Water Utility Sewer Utility Total Enterprise
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Operating income 10,425,647$ 2,745,497$ 13,171,144$
Adjustments to reconcile operating
income (loss) to net cash provided
(used) by operating activities:
Depreciation expense 5,046,088 3,208,557 8,254,645
Nonoperating income (expense) 335,668 90,754 426,422
(Increase) decrease in assets:
Accounts receivable (290,588) 122,335 (168,253)
Pension-related deferred outflows of resources 136,138 95,396 231,534
OPEB-related deferred outflows of resources 63,523 49,294 112,817
Other 7,215 (648,047) (640,832)
Interfund receivables 207,361 (207,361) -
Inventories (49,760) 43,777 (5,983)
Increase (decrease) in liabilities:
Accounts payable (193,267) 18,416 (174,851)
Wages payable 42,018 27,864 69,882
Compensated absence payable 757 251 1,008
Net pension liability 59,111 89,634 148,745
OPEB liability (10,536) (96) (10,632)
Pension-related deferred inflows of resources 44,006 36,842 80,848
OPEB-related deferred inflows of resources (88,428) (69,769) (158,197)
Other current liabilities 36,471 24,816 61,287
Total adjustments 5,345,777 2,882,663 8,228,440
15,771,424$ 5,628,160$ 21,399,584$
NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES:
Initiation of financed purchase obligations 575,843 502,397 1,078,240
Contributions of capital assets and aid in construction 2,902,141 - 2,902,141
Amortization of call rights waiver 444,413 - 444,413
Amortization of bond premium 13,467 - 13,467
The notes to the financial statements are an integral part of this statement.
NET CASH PROVIDED BY OPERATING
ACTIVITIES
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
City of Carmel, Indiana
Business-Type Activities - Enterprise Funds
For the Fiscal Year Ended December 31, 2024
(Continued)
49
Pension Trust
Funds Custodial Funds
ASSETS:
Cash and cash equivalents 163,222$ 107,234$
Receivable from State of Indiana 110,851 -
Total assets 274,073 107,234
LIABILITIES:
Payroll withholdings 110,850 -
Total liabilities 110,850 -
NET POSITION: Restricted for:
Pensions 163,223 -
Individuals, organization and other governments - 107,234
Total net position 163,223$ 107,234$
The notes to the financial statements are an integral part of this statement.
City of Carmel, Indiana
STATEMENT OF FIDUCIARY NET POSITION
December 31, 2024
FIDUCIARY FUNDS
50
Pension Trust
Funds Custodial Funds
ADDITIONS:
Employer contributions 1,285,632$ -$
Investment income 7,384 -
Court costs and fees - 1,193,337
Miscellaneous revenue 28,034 -
Total additions 1,321,050 1,193,337
DEDUCTIONS:
Benefits to plan members and beneficiaries 1,327,342 -
Administrative expenses 5,274 -
Distributions - 1,170,116
Total deductions 1,332,616 1,170,116
NET INCREASE (DECREASE) IN NET POSITION (11,566) 23,221
NET POSITION: beginning 174,789 84,013
NET POSITION: ending 163,223$ 107,234$
The notes to the financial statements are an integral part of this statement.
For the Fiscal Year Ended December 31, 2024
FIDUCIARY FUNDS
City of Carmel, Indiana
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
51
I. Summary of Significant Accounting Policies
A. Accounting Principles
B. Reporting Entity
C. Basis of Presentation – Government-Wide Statements
City of Carmel, Indiana
NOTES TO BASIC FINANCIAL STATEMENTS
For the Fiscal Year Ended December 31, 2024
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, 2024,
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.
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.
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.
52
D. Basis of Presentation – Fund Financial Statements
The government also reports certain other funds:
E. Measurement Focus and Basis of Accounting
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.
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:
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 Motor Vehicle Highway Fund is used to account 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.
53
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;
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.
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.
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.
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.
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.
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.
54
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 (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.
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.
Lease 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 the underlying IT asset.
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.
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.
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.
55
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
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.
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.
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 lease 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.
• 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.
56
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, 2024, were $332,185,058, of which $24,126,170 is restricted and $308,058,888 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.
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.
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.
57
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, 2024:
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 $596,559 due to the Water Utility for its share of the Water Utility's 2020 revenue bond.
-$
2,345,157$
-
1,010,257 1,010,257
-
2,527,624$
596,559
Investment Maturities (in Years)
-$
-
-
General
395,667
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.
10,987,317 11,855,842 868,525
4,134,440$
7,886,920
-
-
Total
7,689,236 -
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.
-$
127,716,872$
More than 5
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 1 to 5
19,015,058
22,313,139$
Water Utility
1,748,598$
-
Motor Vehicle
Highway
92,923,740$
23,491,309
2,945,201
7,886,920
74,035
-
74,035
779,026$
Sewer Utility
48,910,393$
23,491,309
596,559
20,523,360$
-
-
33,654,798$ 73,464,679$
Receivables at December 31, 2024, for business-type activities of the City's individual major enterprise funds consisted of the following:
-
20,597,395$
23,489,987$
8,557,761$
Total
-$
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, 2024, for governmental activities of the City's individual major governmental funds and nonmajor governmental funds in the
aggregate, consisted of the following:
The City has no deposits or investments denominated in foreign currencies and does not foresee having any foreign currency risk in the future.
11,325,822
30,870,900$
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.
-
395,667
1,789,283$
1,882,224
Nonmajor
1,062,977 -
58
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
Motor Vehicle Highway
Nonmajor
Total
b) Transfers between Governmental and Enterprise Funds
Transfers Out
Motor Vehicle
Highway
-
907,409
907,409$
Nonmajor funds transferred $267,156 to another nonmajor fund to establish the Law Enforcement Aid Fund.
Nonmajor funds transferred $3,850,479 to the Bond Bank Project Fund to satisfy debt service payments.
The Water and Sewer Funds transferred $944,000 and $693,436, respectively, of available excess cash to the General Fund.
944,000$
The General Fund transferred $2,000,000 of proceeds from a sale of property to a nonmajor fund to pay for park projects.
A nonmajor fund transferred $93,617 of grant revenue to the General Fund for Federal grant projects.
Transfers In
Nonmajor funds transferred $17,392,922 to the Redevelopment Authority Fund to satisfy debt service payments.
17,392,922
1,062,977
23,491,309
61,137,250$
Total
17,944,328$
-
22,511,583
73,961,065$
Nonmajor
3,000,000$
-
4,117,635
11,289,295$
-
Redevelopment
Authority
-$
533,494
The Redevelopment Commission Fund transferred $533,494 to the General Fund to satisfy debt service payments.
The Redevelopment Commission Fund transferred $4,171,660 to a nonmajor fund to satisfy debt service payments.
92,923,740$
2022 Project
Fund
-
Total
28,800,000
The General Fund transferred $14,944,328 to the Redevelopment Authority Fund to satisfy debt service payments.
The Redevelopment Commission Fund transferred $28,800,000 to the Redevelopment Authority Fund to satisfy debt service payments.
- - -
The General Fund transferred $1,000,000 to a nonmajor fund for Self-Insurance.
-
-$
Redevelopment
Commission
-
-
118,441,213$
963,187
-
-
-$
-
-
-
-$
- 4,171,660 33,505,154
93,617
627,111$
14,944,328$
-
-
General
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
Water Fund
693,436
1,637,436$
Sewer Fund
General
59
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
(1,000)$
462,556
25,337,754 20,200,914
13,402,796
276,518,312
306,928,670$
(75,547)
8,254,645
70,915,855
676,452,494
(2,164,994) 1,053,698,180 38,320,623
19,036,782$
(8,751,791) 13,888,631
5,148,151
394,658,845
406,891,493
(1,094,601)
Deletions/
(8,827,338)$
406,891,493
281,590,916
5,288,594
288,449,268 29,775,858
14,704,257
39,269,274 35,400,269 (1,419,589)
15,674,294
19,558,622
Dec 31, 2024
(8,750,791)
8,254,645
296,719,226$
Transfers Out
9,752,398$
(1,757,658)
(317,339)
66,656,661
15,279,222
8,544,765
Additions/
Transfers In
(1,170,148)
29,775,857
1,026,193,580$
9,351,848
394,658,845
5,779,131$
Depreciation expense was charged as follows for the year ended December 31, 2024:
7,992,794
118,140,533
13,605,157
125,300,577
Balance
316,545,004
(1,170,148)
(484,872)
8,254,645
298,802,118
203,436,543$ -$
Capital asset activity for governmental activities for the year ended December 31, 2024, was as follows:
661,490,611
1,017,542,550
13,402,796
Balance
16,619,647
297,100,298
Dec 31, 2024
288,441,985
283,474$
65,908,519 8,812,970 -
(260,533) 202,554,241
737,153,176
(1,680,122)
Capital asset activity for business-type activities for the year ended December 31, 2024, was as follows:
Transfers Out
187,140,480
BalanceDeletions/
39,599,397$
Transfers In
5,496,657$
1,035,955,294$
Jan 1, 2024
74,721,489
(29,837,684)$
Balance
Jan 1, 2024
(29,352,812)
-$ 203,436,543$
38,030,502$
2,216,261
729,093,282
31,054,632
95,365,575
Additions/
6,016,852
1,268,198
93,663,755
953,292 404,902 (89,996)
31,054,632
305,061,632 (0)
(29,352,812)
60
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, 2024:
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
Long-Term Debt 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
8,398,857
(123,275,035)$
1,078,240
439,723
4,894,836$
2,312,145
One Year
44,515,643
(5,497,039)$
Net pension liability
438,715
171,539,333
139,440,000
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. However, it has been determined that there are excess earnings in the amount of $1,481,859 for the period
ending December 2024. No payment is required, as a payment is only required to be made once every five years. The excess earnings relate to the
Carmel Redevelopment Ad Valorem Property Tax Bond, Series 2022.
-
4,181,432 284,368 (295,000)
3,711,116
4,170,800 115,961
Less,
4,344,018
187,619,338$
532,249
27,905,876
332,184
2,036,000
97,073,206
-$
13,067,931
1,986,703
861,347,555
-
67,903,759
(306,697)
404,902
154,089,733$
29,067,566 55,732,686
4,428,658
Balance
Less,
Reductions
2,008,338
Additions
2,008,338
834,188
(1,315,915)
(119,981,064)
152,989,000
191,025,203
(38,359,628)
56,173,091
(1,633,894)$
305,250
Due Within
39,670,097$
Dec 31, 2024
(15,734,803) 30,003,635
328,332
(3,478,917)
-$
Jan 1, 2024
792,136,305
118,525,000
263,602
39,313,172
43,425,042
3,711,116
5,148,864$
679,293,271
142,635,418$
1,675,116$
(49,313,750)
Balance
(1,661,050)
(118,320,236)
987,597
895,854,909$
Additions
Due Within
38,036,203$
930,089
979,356,524$
(1,560,896)
4,195,272
139,440,000
-
56,173,091$
439,723
15,944,052
Total business-type activities
4,894,836
131,869,236
183,864,793$
628,036
1,809,796
Balance
Total governmental activities
16,893,793
3,177,857
23,014
(119,954,130)
191,330,453
(193,055) 1,199,444 667,195
171,871,517
(22,006)
Jan 1, 2024
203,225,176$
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.
812,510,047$
Net pension liability
-
2,496,965
2,940,182
(70,588,118)$
Subtotal, bonds, premiums, and discounts 139,440,000
(26,934)
3,825,862
-
48,837,508 118,525,000 Subtotal, bonds, premiums, and discounts
Reductions
(5,202,471)
67,142,690$ 61,645,651$
(254,612) 1,184,701
759,458,643
Balance
One YearDec 31, 2024
61
Governmental Activities Long-Term Debt:
General Obligation Bonds, Series 2016K
2.000%-
5.000%
2036
1,089,000
Redevelopment Authority Property Tax Lease
Rental Bonds, Series 2022
3.000% -
5.000%2022 2042 62,450,000 59,225,000
2020
826,000
740,000
1.973% -
3.864%7,405,000
8,170,000
Taxable Redevelopment District Bonds,
Series 2021
5,855,000
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 11,230,000
948,000
2016 Storm Water Bond
(Authorized: $44,500,000)
General Obligation Bonds, Series 2016L
2016
2036
942,000
1,029,000
General Obligation Bonds, Series 2016C
2016
30,720,000
1,112,000 2016
General Obligation Bonds, Series 2016M
Year of
2042
18,830,000
12,825,000 12,825,000
General Obligation Refunding Bonds, Series
2024
3.000% -
5.000%2024 2029 8,650,000 8,650,000
4.000% -
4.125%
1,088,000
1,426,000
2036
2036
2036
General Obligation Bonds, Series 2016D
General Obligation Bonds, Series 2016I
2016
2.000%-
5.000%
General Obligation Bonds, Series 2016H
2.000%-
5.000%
General Obligation Bonds, Series 2016A
2017
2016
2036
Redevelopment Authority Property Tax Lease
Rental Bonds, Series 2021
2016
Taxable Lease Rental Revenue Refunding
Bonds, Series 2020B
Taxable Special Program Bonds, Series 2016 1.576%-
3.762%
2038
2019
2.000%-
5.000%
2.000%-
5.000%
0.211% -
2.301%
2041
2033
2041
General Obligation Bonds, Series 2016B
Taxable Lease Rental Bonds, Series 2019A-2
2024 2027
3.990% -
4.850%
Taxable Economic Development Lease Rental
Revenue Bonds, Series 2018A (Midtown
West Project)
2036 1,214,000
2035
2016
6,450,000
15,775,000
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 58,680,000
24,215,000
54,225,000 53,090,000
Year of
2035
3.000% -
4.000%
125,195,000
Outstanding
124,425,000
Interest Rate
Original
General Obligation Bonds, Series 2016J
General Obligation Bonds, Series 2016G
2.000%-
5.000%
2016
1,599,000
18,760,000
1,633,000
1,373,000
1,383,000
2.000%-
5.000%
2036
Redevelopment Authority Property Tax Lease
Rental Bonds, Series 2024B
1.125% -
5.000%2024 2044 97,050,000 97,050,000
Redevelopment Authority Property Tax Lease
Rental Refunding Bonds, Series 2024A
824,000 1,211,000
2.000%-
5.000%
Amount
933,000
1,513,000
2036
2016
2043
Redevelopment Authority Taxable Lease
Rental Bonds, Series 2017A (Midtown South)
2.000%-
5.000%
2.000%-
5.000%
2016
2016
2016 1,394,000
20,645,000
2036
933,000
1,074,000 2.000%-
5.000%
20362016
20362016
2.000%-
5.000%
2.000%-
5.000%
971,000
2036
1,577,000
1,577,000 1,074,000
1,373,000
2016
General Obligation Bonds, Series 2016F
2.000%-
5.000%General Obligation Bonds, Series 2016E
62
* 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, 2024, the total of payments on the bonds listed above was 0.418% of taxable assessed value.
24,000,000^
Taxable Lease Rental Bonds, Series 2017C-2
Redevelopment Authority LIT Lease Rental
Revenue Refunding Bonds, Series 2017
Year of
2017
Maturity
15,570,000
2025
14,400,000
22,220,000
23,180,000
Redevelopment Authority Taxable Lease
Rental Bonds, Series 2016D (Midtown Phase
1A)
2021
4,085,000
2014
Amount
2030
2036
Interest Rate
2.000%-
5.000%
Redevelopment Authority Tax-Exempt Lease
Rental Bonds, Series 2017B-2
10,525,000^
Original
32,380,000
2027
2016
3.000% -
5.000%2017
Issue
Year of
2.360% -
2.360%
Maturity
2041
Original Amount
46,795,000
Issue
Interest Rate
2019
2035 10,410,000
139,872,000**
2029
Taxable Lease Rental Bonds, Series 2019A-1
10,550,000
119,737,000
2016
1.576%-
3.762%
2026 19,649,150*
10,890,000 8,790,000
11,335,643
Outstanding
10,337,000
2.000%-
5.000%
6,582,000
2037 32,495,000^
Year of
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:
Municipal Facilities Building Corp Lease
Rental Bonds, Series 2021
Year of
3.000% -
4.000%
3.200% -
3.200%
Redevelopment Authority Taxable Lease
Rental Bonds, Series 2017C-1
In the year ended December 31, 2024, the total of payments on the bonds listed immediately above was 20.1% of annual LIT revenue.
2017
25,190,000 2011
2021
2027
2027
0.855% -
2.706%
32,380,000
COIT Lease Rental Revenue Refunding Bond,
Series 2014B (Northwest Clay Road)
3.000%-
5.000%
^ 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).
270,000 2.006% -
3.200%
11,890,000
2025
2016
10,550,000 Taxable Local Income Tax General
Obligation Bonds, Series 2021
3.940%
2041
Redevelopment Authority Tax-Exempt Lease
Rental Bonds, Series 2017B-1
2016
Redevelopment Authority Lease Rental
Bonds, Series 2016B (Economic
Development Projects)
2.000%-
5.000%15,164,000
2041
Redevelopment Authority Lease Rental
Bonds, Series 2016C (Energy Center Project)
Lease Rental Revenue Multipurpose Bonds,
Series 2012B
Lease Rental Revenue Refunding Bonds of
2011 (West Clay road)
2017
815,000^
2.100% -
3.750%
2,240,000
Amount
1.190%-
3.000%
-
2005
2012
5.800%-
8.450%
69,245,000
2024
Amount
Lease Rental Revenue Bonds of 2005
(unrefunded portion)
9,630,000
2019 City Center Community Development
Loan
4,855,000
3.000% -
5.000%
30,405,000
Outstanding
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:
2033
2037
2011Loft A Private Placement 2011
4.700%
Redevelopment Authority Lease Rental
Bonds, Series 2016A (Public Infrastructure
Projects)
2019
In the year ended December 31, 2024, the total of payments on the bonds listed immediately above was 7.3% of annual incremental tax revenue.
5,755,652
16,600,000 2017
2048 6,000,000
6.000%
63
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.
2016-2023
1,074,504,223$
2021 2039
15,950,000
10,500,000 10,500,000 3.53% 2027
2,940,182
Amount
822,034,384
Interest Rate
Maturity
Year of
Interest Rate
2.110%
4,500,000
OutstandingAmount
Outstanding
194,710,358
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:
Maturity
Issue
Year ofYear of
7,260,000
Interest Rate
4,345,000
2016 - 2024
4,475,000
5,894,000 2009
1.29% - 6.93%
Junior Waterworks Revenue Bonds of 2021
2021 Sewer Utility Revenue Bonds
5,410,000
Outstanding
2021 2039
2.250%
2033
2005
Compensated Absences
In the year ended December 31, 2024, revenue, net of reasonable expenses for operation, repair, and maintenance, was 108.3% of debt service
requirement for the Water utility and 218.0% of debt service requirement for the Sewer utility.
2039
5,100,000
15,954,000
2,008,338 N/A
Sewer Utility Revenue Bond Anticipation
Notes of 2023
1,440,000
840,480,693
Original
Sewer Utility 2005 Revenue Bonds Refinance
2020
930,089
27,016,791
1.800%-
3.700%
2021 20322021 Sewer Utility Refunding Bonds
11,000,000 2026
2017
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
2037
N/AN/A
39,313,172
Amount
Year of
Issue
Total governmental activities bonds, contract purchases, financed
purchase obligations, and compensated absences.
1,771,203
N/A
879,793,865$
Maturity Amount
1.750%
Issue
2034
203430-day SOFR
16,437,972
2033
Junior Waterworks Revenue Refunding
Bonds of 2017
3,100,000
Sewer Utility Revenue Bonds of 2020
2.340% 2,965,000
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:
N/AN/A
4.320%-
4.610%
Original
Storm Water District Revenue Bonds, Series
2020 2020
Contract purchases of capital assets:
6,700,000
305,250
33,595,000 33,595,000
Waterworks Refunding Revenue Bonds
2024B 5.72% 2024 2049 57,065,000
AmountYear of Year of Original
2013
Waterworks Refunding Revenue Bonds
2024A
4.496%-
4.657%2024 2053
4,542,736
0.420%
2023
191,330,453
13,000,000
2030
Financed purchase obligations
48,780,000 48,780,000
Sewer Utility 2009 SRF
2024 20496.56%
439,723 N/A
57,065,000
Waterworks Revenue and Refunding Bonds
2024C
9,204,000
N/A
64
Public safety
Streets and infrastructure
Economic development
Total
2. Debt Service Requirements to Maturity
Total Requirements
Total Requirements
-
December 31
25,528,698
Thereafter -
Year Ended
87,159
5,095,000
12,596,324
6,536,665
-
1,889,537
2040 - 2044
272,909
73,214,035$
Direct Borrowings
Principal
-
3,187,833
73,050,144$
Total
-
-
22,857,833
Notes and Loan Payable -
106,101$ 2,048,357$
10,706,787
369,703$
Interest Principal
Thereafter
5,148,864$
24,212,636$
-
-
Notes and Loan and Contract Purchase
-
-
65,483,220$
-
282,544
-
111,034
-
-
-
188,217
-
-
1,297,327$ 930,089$ 61,645,651$
-
8,656,941
963,444,579$
Accretion on CABs 8,656,941
-
85,159,337 77,624,373
51,691,000
5,068,104
1,037,955,941$ 813,377,442 212,642,877$ 224,578,499$
-
-
2035 - 2039
759,458,643$
2045 - 2049
2029
2040 - 2044
822,034,383$
49,725,000 20,000,033
1,460,261
- -
2035 - 2039
2028
-
Total
69,528,104
189,823,000
347,854,362
73,261,896
90,899,386
75,340,362
24,959,066
22,058,178$ 48,837,508$ 43,425,042$
22,921,402
-
-
252,844,000
-
-
27,515,030
1,273,323
2030 - 2034
-
Obligations Payable - Total
Interest
79,818,436
272,514,000
56,897,034
52,404,660
-
21,305,373 62,306,544
76,261,698
Governmental Activities:
Year Ended
2029 -
11,568,384$
-
Principal
7,197,221$
7,165,261
Notes and Loan Payable -
263,602$
19,670,000
369,704
Total
5,068,104
2025
2026
22,852,793
602,408 10,492,408
Obligations Payable
-
-
56,319,000
69,725,033
367,238$
Interest
55,155,000
69,528,104
204,892,066 179,933,000
64,460,000
324,996,529
215,384,474
21,570,896
9,890,000
77,183
-
Interest
24,092,985$
Total
750,801,702
-
2028
2025
2026
6,368,323
2045 - 2049
2027
1,106,665
96,795
2027
77,933,358
72,152,529
63,384,356
Principal
- -
25,561,474
64,460,000
-
5,430,000
21,106,698
Contract Purchase
Direct PlacementDecember 31
1,424,299$
9,000,967
13,667,719
2030 - 2034
5,705,000 369,703
65
Business-Type Activities:
Total Requirements
3. Financed Purchase Obligations
2030 - 2034
84,243
850,288
Total
3,143,502
289,028
Business-type Activities:
759,012
2026
Principal
2029
50,394
356,513
2,940,182$
- -
16,437,972$
501,685$
Interest
763,892$
Governmental Activities:
2030 - 2034
4,549,812
2025
135,856$
3,441,867$
91,276
Interest
-
Total
The Water and Sewer Utilities entered into various financed purchase obligations for certain equipment. As of December 31, 2024, the Utilities had assets
with an original cost of $4,257,469 and accumulated depreciation of $1,316,529 financed through purchase obligations.
2026
412,643
3,396,949
Year Ended
1,864,818
496,886
260,883
260,277
Total
2029
67,486
2,177,594$
2025
18,615,565$ Total
Year Ended
16,154
606,734
December 31
Principal
27,865,000
61,266,494 2035 - 2039
244,729
713,404
2045 - 2049
2040 - 2044
191,025,203$
December 31
1,046,914
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, 2024, the City had assets with an original cost of $24,848,780 and accumulated depreciation of $11,402,679 financed through purchase
obligations.
1,755,296 109,522
339,824,559$
3,319,844 2027
3,403,778
2030 - 2034
36,950,000 2050 - 2054 3,411,913 40,361,913
2034 - 2037
106,671
2028
996,520
-
747,290$
14,910,575
26,088,302
2029
3,711,116$ 9,510,601$
8,453,730
-
Interest
2028
148,799,356$
4,573,151$
586,232 3,983,181
2035 - 2039
29,590,494
-
8,086,442
Year Ended
December 31
Principal
2027
31,676,000
36,200,379
2028
2025
22,584,336 50,449,336
23,364,305
50,458,521
4,696,055
2026
12,636,254
Total
4,063,343
13,221,717$
13,185,502
7,895,779 12,591,834
2027
36,515,000 13,943,521
423,879 3,743,723
9,122,159
62,288,681
628,036$
3,825,862$
66
4. Lease Revenue and Lease Liability
Principal and interest requirements for lease liabilities to maturity are as follows:
5. Subscription-Based Information Technology Arrangements
5. Other Commitments
Total assigned from the General Fund balance:
Construction commitments for the Water and Sewer Enterprise Funds were $2,697,615 and $523,715, respectively.
6. Contingent Grants
The City is lessor on certain leases for commercial office space in a building owned by a component unit. Lease terms range up to 10 years, and expected lease
renewals range up to an additional 5 years. All rental amounts are fixed.
158,766$
2029-2033
The City did not recognize any outflows of resources in 2024 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.
11,546 97,176
2025
-
2026
573,288$
Year Ended
The Carmel Redevelopment Commission, an integral part of the City, is contingently liable for the issuance of up to $25.5 million of grants, via a
community development corporation which is a component unit of the City. The purpose of the contingent grants is to encourage private investment in
the area served by the community development corporation. The grants are contingent upon the need to cover payments on loans used to finance the
private investment. As of December 31, 2024, no grant payments had been made by the City in connection with these loans. The Administration
believes no such payments will be needed in the future.
164,750$
2027 39,544
1,040,678$
Various claims and lawsuits are pending against the City. At December 31, 2024, 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 recognized $1,166,815 in inflows of resources related to leases during 2024.
19,435
1,145,510$
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.
104,833$
5,919,369$
Total
-
-
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 $158,766.
65,900
Total
64,860
-
-
Principal
327,179
2025
2026
Year Ended
December 31
26,370 353,548
Principal Interest Total
7,932 47,476
Total
2028
December 31
5,984$
98,850$
-
93,906$
2027
4,944$
Interest
1,040
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, 2024 is $1,109,432, net of amortization of $344,954. Certain of these SBITAs are reasonably
certain to continue in force through 2026. Accordingly principal and interest payments are expected to be as follows:
54,586$ 627,874$
2028 15,036 4,399
85,630
67
7. Limited Recourse Obligations Payable Solely from Property Taxes Generated from a Specific Project Site
2024A Economic Development Tax Increment Revenue Bonds (Monon NWQ)
2024B Economic Development Tax increment Revenue Bonds (Monon NWQ)
2024 Economic Development Tax Increment Revenue Bonds (Courtyards of Carmel)
2024 Economic Development Tax Increment Revenue Bonds (Proscenium II)
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. Economic Loss on Advance Refunding
2030 - 2034
8,050,000
9,785,000
Refunding Bonds
2026
1,735,000
Savings
2028
8,885,000 7,240,000
1,055,000
-
17,010,520 6,370,520
1,645,000
2025
-
1,808,959
24,605,000
2045 - 2049 - 32,410,000 (32,410,000)
2050 - 2054 - - -
2029
(24,605,000)
The change in cash flows resulting from the refunding is as follows:
4,845,000
(15,435,000)
3,633,959
$ 90,660,000
2040 - 2044
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.
6,740,000 1,310,000
2027
1,825,000
5,900,000
$ 5,245,000
Proceeds of Water Utility bonds issued during the year ended December 31, 2024, known as the Waterworks Special Program Bonds, Series 2016 and 2008
Plant Expansion Capital Appreciation Bonds, were used to refund certain other obligations then outstanding, at an economic loss of $32,150,521.
Totals
10,640,000
Year
15,435,000
$ (32,150,521) $ 58,509,479
8,050,000
Refunded
Obligations
2035 - 2039
2024 $ 5,245,000 $ -
68
9. Schedule of Outstanding Principal on Advance Refunded Debt
Outstanding Amount
Outstanding Bonds
Property Tax Lease Rental Refunding Bonds, Series 2024A
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
F. Pension Plans
1. Single Employer Defined Benefit Pension Plans
Plan Descriptions:
2/1/2038
16,769,653
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.
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.
27,450,000 1/15/2035
1,480,423$
Through
1/15/2035
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.
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:
1,079,250$
2023
2010B COPS
53,335,000 2014 LR Refunding Bonds 2/1/2033
115,900,000
Bonds Refunded
2020B LRR Bonds
2012A LR Multi Bonds
55,429,479
2010A COPS
$ 277,719,479
7/15/202713,130,000$
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.
887,073$
Benefits provided:
2024
16,368,479
1,885,000
10,590,000
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.
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;
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 $225,000 per year.
6/1/2026
Amounts are paid into the Fund by user city departments. Funds are available for claims, claim reserves, and administrative costs of the program. Interfund
transfers into the Fund are based upon the actual claims incurred of each department's current year eligible employees. The basis for estimating unpaid claims,
including specific incremental claim adjustment expenditures, if any, is a study of actual claims experience in recent past periods.
1,079,250$
17,600,078
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.
17,792,254
Refunded Bonds
Outstanding
69
Contributions:
Net Pension Liability and Pension Expense:
Assumptions and Other Inputs
Fire
Retirees and beneficiaries currently receiving benefits
14
Mortality and Mortality Improvement
4.00%
-
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.
Membership in the Plans as of the most recent actuarial valuation was comprised of the following:
2. 55% of the benefit the retiree was receiving.
Police
Discount Rate
SOA published mortality table: 2025 Static Combined Table for Small Plans pursuant to IRS
Notice 2024-42.
The City's net pension liability of $10,255,964 for the '25 Police Officers' Plan and $12,223,485 for the '37 Firefighters' Plan was measured as of December
31, 2024, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2024. For the
year ended December 31, 2024, the City recognized pension expense of $3,056,084 for the '25 Police Plan and $3,420,963 for the '37 Firefighters Plan.
-
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.
The plans are closed to new entrants.
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.
The plans also provide a death benefit for a surviving spouse to receive the greater of
Total Plan Members
Terminated employees entitled to but not yet receiving benefits
Current active employees
1. 30% of the monthly pay of a first-class patrol officer, or
3.00%
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, 2024, the State of Indiana contributed $667,547 to the '25 Police Officers' Plan and $618,085 to the
'37 Firefighters' Plan on behalf of the City during the fiscal year.
1977 Plan Converted
14
December 31, 2024–Police Officers' member census data as of January 1, 2025, and
Firefighters' member census data as of January 1, 2025, was used in the valuation.
SOA published mortality improvement scale: MP-2021 generational, which projects mortality
improvement indefinitely after the 2006 base mortality year beginning with high initial
improvement (based on recent experience) and tapering to a lower level of improvement for
long-term mortality projections.
1925 or 1937 Plan
December 31, 2024Measurement Date
14
4.28% Police Officers; 4.28% Firefighters for 2024
Membership:
Valuation Date
Cost of Living Increase:
- -
70
Changes in the Net Pension Liability:
Changes for the year:
Service Cost
Interest
Changes in Plan Provisions
Difference between Expected and Actual Experience
Changes in Assumptions
Benefit Payments
Employer contributions
Employee contributions
Net transfers into (out of) trust
Net investment income
Benefit payments
Administrative expenses
Other
Fiduciary net position as a percentage of total pension liability
'25 Police Officers' Plan
Fiscal Year End
Thereafter
2026 (148)
162,648$ Balances as of December 31, 2024
-
-
Total 269$
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
10,255,964$
- -
10,418,611$
(6,422)
-
330,212
795,507
For the year ended December 31, 2024, the City recognized pension expense of $3,056,084, which included net amortization of deferred amounts from
liability experience, assumption changes and investment gains and/or losses. At December 31, 2024, the City reported deferred outflows of resources and
deferred inflows of resources related to the '25 Police Officers' Plan from the following sources:
330,212
-
(667,547)
2027
-$
-
7,868,952$
-
-
-
Net Pension
Liability
Total Pension
Liability
- -
Increase (Decrease)
151,739$
-
667,547
-
-
6,422
795,507
'25 Police Officers' Plan
8,020,691$
1,935,262
Balances as of January 1, 2024
Plan Fiduciary Net
Position
-
1,935,262
-
2028
(319)
663,061 (663,061)
-
At December 31, 2024, the City reported a net pension liability of $10,255,964 for the '25 Police Officers' Plan.
-$
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 -
22
-
714$
- - -
(663,061) (663,061)
-
1.56%
2029 -
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences between expected and actual experience -$
Net difference between projected and actual earnings on pension plan
investments 269
-
269$
2025
-
-
-
-
71
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
'37 Firefighters' Plan
Fiscal Year End
Thereafter
Sensitivity of Net Pension Liability to Changes in the Discount Rate:
962
2027
-
-
392,583
-
-
Total Pension
Liability
Plan Fiduciary Net
Position
-
-
0.00%
At December 31, 2024, the City reported a net pension liability of $12,223,484 for the '37 Firefighters' Plan.
-
2,239
(664,281)
-
9,468,466$
1,687,493
(664,281)
1,339,799
Balances as of January 1, 2024
392,583
(473)
-
Balances as of December 31, 2024
(2,239)
-
12,224,060$ 12,223,485$
(962)
'37 Firefighters' Plan
(397)$
-
-
2026
Differences between expected and actual experience -$ -$
1,275
664,281
-
For the year ended December 31, 2024, the City recognized pension expense of $3,420,963, which included net amortization of deferred amounts from
liability experience, assumption changes and investment gains and/or losses. At December 31, 2024, the City reported deferred outflows of resources and
deferred inflows of resources related to the '37 Firefighters' Plan from the following sources:
Deferred Inflows of
Resources
- -
618,085
-$
Net Pension
Liability
2025
(25,000)
Increase (Decrease)
9,445,418$ 23,048$
-
-
$ 10,976,068
-
1,687,493
-
Changes in assumptions
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:
(1,275)$
1,275$
'25 Police Officers' Plan
Current Discount
Rate
$ 9,404,019 $ 11,240,559 $ 10,255,964
-
1,339,799
(618,085)
2029 -
(412)
(664,281)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
-
$ 12,223,485
-
Total
25,000
575$
-
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:
7
'37 Firefighters' Plan
-
$ 13,747,808
Deferred Outflows of
Resources
1% Decrease
2028
-
Net difference between projected and actual earnings on pension plan
investments
1% Increase
72
Participation by State of Indiana
ASSETS:
Cash and cash equivalentsReceivable from State of Indiana
Total assets
LIABILITIES: payroll withholdings
NET POSITION: restricted for pensions
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
'37 Fire Pension
Trust Fund
55,530
56,105
$ 162,646
3,776
663,061
(22,473)
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.
$ 576
City participants are viewed by INPRS to be classified into two groups, solely for purposes of actuarial evaluation:
'25 Police
Pension Trust
217,968
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.
664,281
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).
6,422
'25 Police
Pension Trust
$ 576
26,537
$ 162,647
55,322
645,584
1,499
675,468
$ 162,647
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, 2024. The amounts were $667,547 and $618,085, respectively. The State of Indiana is not obligated to make
such payments in the future, and the City remains liable for future pension expenditures.
664,559
23,049
$ 667,547
Employees who are compensated through the Parks Department of the General Fund and through certain other funds committed or
restricted for parks (Park).
55,529
STATEMENT OF FIDUCIARY NET POSITION - PENSION FUNDS
December 31, 2024
'37 Fire Pension
Trust Fund
$ 576
For the Fiscal Year Ended December 31, 2024
668,057
10,909
151,739
1,498
962
55,321
$ 618,085
73
Disability Benefit
Survivor Benefit
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, 2024
Valuation Date
Assets: June 30, 2024
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, 2024:
As of June 30, 2023:
Mortality Assumption
Experience Study
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality
improvements using SOA Scale MP-2019.
0.4% beginning on January 1, 2026
0.5% beginning on January 1, 2034
0.6% beginning on January 1, 2039
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.
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.
Retirees – General Retiree table with a 3 year set forward for males and a 1 year set forward for females.
Disableds – General Disabled table with a 140% load.
June 30, 2023 – The TPL as of June 30, 2024 was determined based on an actuarial valuation prepared as of June 30,
2023 rolled forward one year to June 30, 2024, using the following key actuarial assumptions and other inputs, such as
benefit accruals and actual benefit payments during that time period.
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.
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).
The City's contribution to the plan for the year ending December 31, 2024, was $4,203,450 for City participants and $376,988 for the Park
participants, which was equal to the required contributions for the year.
No COLA was granted for the 2023-2025 biennium. Thereafter, the following COLAs, compounded annually,
were assumed:
The employer defined contribution rate is based on an actuarial valuation and is adopted, and may be amended, by the INPRS Board. For 2024, 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.
Proportionate Share of the Net Pension Liability:
At December 31, 2024, the City reported a liability of $16,059,847 for its proportionate share of the City net pension liability and a liability of
$2,523,397 for its proportionate share of the Park net pension liability. The City's proportionate share of the net pension liability was based on the
City's wages as a proportion of total wages for the plan. The proportionate share used at the June 30, 2024, measurement date was 0.0039841 for the
City plan and 0.000626 for the Park plan.
A one-time 13th check was granted and payable by October 1, 2024. Thereafter, it is assumed participants who
have commenced benefits prior to July 1, 2025 will receive an annual 13th check indexed with inflation.
Participants commencing on or after July 1, 2025 are assumed to receive a 1% COLA.
74
Discount Rate 6.25%, net of investment expenses
Discount Rate Sensitivity
2024 City
2024 Park
Classes of Plan Members Covered
Money-Weighted Rate of Return
Changes in the Net Pension Liability:
Changes for the year:
Changes in Proportion
Service Cost
Interest Cost
Experience (Gains)/Losses
Assumption Changes
Plan Amendments
Benefit Payments
Service Purchases:
Employer Contributions
Employee Contributions
Member Reassignments
Employer Contributions
Non-employer Contributions
Employee Contributions
Net Investment Income
Administrative Expenses
Other
Net Changes
(3,224,510) (2,606,524)
1,061,380
(617,986)
-
-
4,523,822
1,455,862 -
61,913,495$
8,139,336$ 16,059,847$
2,523,397$
7.25%
-
Plan Fiduciary Net
Position
76,592,701$
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:
Net Pension
Liability
-
6.25%
City Plan
-
Balances as of January 1, 2024
Increase (Decrease)
1% Decrease
-
1,278,890$
-
-
5.25%
-
14,679,206$
- -
406,443
278 (278)
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 7.4%.
The June 30, 2024 valuation was performed using census data provided by INPRS as of June 30, 2023. Standard actuarial
techniques were used to roll forward the total pension liability computed as of June 30, 2023, to the June 30, 2024
measurement date using actual benefit payments during that period of time.
4,020,133$
25,585,640$
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, 2024 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.
Total Pension
Liability
1,455,862
1,471
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.
4,523,822
-
1,471
1,380,641
Balances as of December 31, 2024
-
1,787,084
-
- 2,067,369
-
847
(2,873,673)
(4,083,460)
- 4,322,585
2,067,369
62,319,938$
-
2,873,673
(4,322,585)
(15,697) (15,697)
-
1,061,380
(4,083,460)
-
78,379,785$
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.
86,731 (86,731)
847
16,059,847$
75
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
33,882
2,175,481$
-
(641,612)
- 710,804
(679,184)
(44)
142,305
(2,466)
Changes in proportion and differences between City contributions and
proportionate share of contributions
Total that will be recognized in pension expense (income) based on the table
below
-
2,126,379
228,752
324,834
-
-
2,523,397$
Pension contributions subsequent to measurement date
- -
964,231 616,316
679,184
Total
-
176,786 142,905
133
-
(451,525)
(2,466)
231
44
-
-
- 231
(641,612)
At December 31, 2024, the City reported a net pension liability of $16,059,847 for the City Plan and $2,523,397 for the Parks Plan.
-
Net difference between projected and actual earnings on pension plan
investments
-
-
-$
-
For the year ended December 31, 2024, the City recognized pension expense of $5,345,209 for the City plan and $849,705 for the Park plan. Pension
expense included net amortization of deferred amounts described below. At December 31, 2024, the City reported deferred outflows of resources and
deferred inflows of resources related to the PERF Hybrid Plan from the following sources:
-
-
451,525
-
347,915
228,752
Balances as of January 1, 2024 11,351,159$ 9,175,678$
6,253,912$
133
324,834
Deferred Inflows of
Resources
710,804
Increase (Decrease)
Total Pension
Liability
Plan Fiduciary Net
Position
-
166,769
316,988
316,988$
Deferred Outflows of
Resources
2,339,289
316,988
-
Balances as of December 31, 2024
(13,628) -
Changes in assumptions
13,628
1,645,939$
- 166,769
-
-
3,914,623
Differences between expected and actual experience
12,315,390$ 9,791,994$
Net Pension
Liability
Parks Plan
76
Parks
Pension Plan Report and Fiduciary Net Position:
Plan Description:
Benefits Provided:
Contributions and Funding Policy:
2027
City
142,207$
Changes in proportion and differences between City contributions and
proportionate share of contributions
Contributions subsequent to the June 30, 2024, 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.
636,123
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.
Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as
follows:
35,383
334,106
Year Ending December 31,
Changes in assumptions
Deferred Inflows of
Resources
Deferred Outflows of
Resources
-$
Net difference between projected and actual earnings on pension plan
investments
258,617$
-
2,470,257
722,543
Total 916,596$
Pension contributions subsequent to measurement date
117,224
-
35,383
2028
3,597,635$
-
1977 Police Officers' and Firefighters' Pension and Disability Fund
35,383$
-
-
-
Parks
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.
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.
(20,642)
Amount
194,053
448,371
2025 622,619$
Amount
-
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.
2026
(131,364)
Thereafter
Total
Differences between expected and actual experience
129,820
687,160$
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 2024, 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.
2029
Total that will be recognized in pension expense (income) based on the table
below
-
77
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, 2024
Valuation Date:
Assets June 30, 2024
Liabilities
Price Inflation
Future Salary Increases
Cost-of-Living Increases As of June 30, 2024:
As of June 30, 2023:
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, 2024, was $2,792,871 for police participants and $3,276,392 for fire participants,
which was equal to the required contributions for the year.
2.65%
Disableds – General Disabled table.
At December 31, 2024, the City reported a liability of $14,282,029 for police and a liability of $16,903,056 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, 2024, measurement date was 0.0113089 for police and 0.0133843 for fire.
Proportionate Share of the Net Pension Liability:
Retirees – Safety Retiree 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.
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection of mortality
improvements using SOA Scale MP-2019.
2.00%
June 30, 2023 – The TPL as of June 30, 2024 was determined based on an actuarial valuation prepared as of June 30,
2023 rolled forward one year to June 30, 2024, using the following key actuarial assumptions and other inputs, such as
benefit accruals and actual benefit payments during that time period.
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.
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.
1.95% compounded annually, beginning July 1, 2025. Actual COLA increases at July 1, 2023 (3.0%) and July 1, 2024
(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 23.3% (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, 2024 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.
78
Discount Rate Sensitivity
2024 Police
2024 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
60,749 521,622
1,107,643
(747,209)
Balances as of January 1, 2024
- - -
- 747,209
- 20,610 20,610
11,923
797
6,219,652 2,757,593
-
14,282,029$
11,923
-
-
- 3,310
Balances as of December 31, 2024 107,932,424$
(6,503,539)
(27,990) 27,990
-
797
-
(3,310)
8,977,245
93,650,395$
-
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:
- 2,667,301
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, 2024, the money-weighted return on the plan
assets is 7.4%.
Net Pension
Liability
Total Pension
Liability
Plan Fiduciary Net
Position
The June 30, 2024 valuation was performed using census data provided by INPRS as of June 30, 2023. Standard actuarial
techniques were used to roll forward the total pension liability computed as of June 30, 2023 to the June 30, 2024
measurement date using actual benefit payments during that period of time.
2,667,301
87,430,743$
6.25%
6,263,273
98,955,180$
Police Plan
Increase (Decrease)
6,263,273
31,232,631$
1% Increase
14,282,029$
-
460,874
806,540$
681,476$
16,903,056$
1,107,643
1% Decrease
7.25%
11,524,436$
-
36,964,418$
Current Rate
(3,896,791)
-
-
5.25%
-
2,396,170 (2,396,170)
(3,896,791)
6,503,539
- 2,280,865 2,280,865
79
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
Total Pension
Liability
16,903,056$
944
7,412,704
-
4,955,075$
2,835,913
7,412,704
-
-
3,073,133
For the year ended December 31, 2024, the City recognized pension expense of $5,967,274 for police and $7,068,531 for fire, which included net
amortization of deferred amounts described below. At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of
resources related to the 1977 Plan from the following sources:
Balances as of December 31, 2024 127,740,094$
Net Pension
Liability
-
2,090,076
10,162,190 82,476
24,874
-
1,414,007
(2,835,913)
43,906 57,602
Total
-
944
Balances as of January 1, 2024
-
(7,697,063)
(4,492,285)
(4,611,927)
At December 31, 2024, the City reported a net pension liability of $14,282,029 for the Police Plan and a net pension liability of $16,903,056 for the
Firefighters Plan.
- 884,337 (884,337)
-
-
1,310,917
Total that will be recognized in pension expense (income) based on the table
below
-
-
82,476$
Differences between expected and actual experience
Net difference between projected and actual earnings on pension plan
investments
Changes in assumptions
14,111
-$
3,918
7,697,063
5,515,106 2,846,516 2,668,590
110,837,038$
-
3,156,802
14,111
3,156,802
Deferred Outflows of
Resources
2,699,448
(523,177)
(33,127)
1,310,917
2,699,448
Increase (Decrease)
Firefighters Plan
-
33,127
(4,611,927)
24,393
-
107,990,522$
-
-
-
(3,918)
122,224,988$ 14,234,466$
-
Pension contributions subsequent to measurement date
Changes in proportion and differences between City contributions and
proportionate share of contributions
11,576,197$
Plan Fiduciary Net
Position
Deferred Inflows of
Resources
(3,969,108)
-
24,393 -
80
Firefighters
Pension Plan Report and Fiduciary Net Position:
G. Other Post-Employment Benefits
Single-Employer Defined Benefit Healthcare Plan
Plan Description
13,672,244$
Contributions subsequent to the June 30, 2024, 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.
1,128,608
2027
2025
1,810,492
2029 743,310
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).
Net difference between projected and actual earnings on pension plan
investments
4,311,902
10,079,714$
5,110,202
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.
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.
63,669
93,108$
3,637,111
882,110
479,074
11,957,976$
2026
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,
Deferred Outflows of
Resources
1,621,160
Differences between expected and actual experience
Thereafter
Total
2,149,296
2028
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
75,902
29,439
1,908,510$
2,473,645
Fire Amount
Total that will be recognized in pension expense (income) based on the table
below
Pension contributions subsequent to measurement date
Changes in proportion and differences between City contributions and
proportionate share of contributions
-
-$ 5,864,426$
Deferred Inflows of
Resources
-
564,339
1,343,519
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.
93,108 12,051,084
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
1,606,328$
81
Employees Covered By Benefit Terms
At December 31, 2024, 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, 2024
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, 2024
Sensitivity of the Total OPEB Obligation to Changes in the Discount Rate:
Total OPEB Liability
983,361
34,174,434$
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.
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.
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.
-
Net Benefits Paid by Employer
(273,389)
(1,131,206)
Total OPEB Liability
441
-
For the year ended December 31, 2024, the City contributed $1,131,206 to the Plan for current premiums.
364
Coverage ends for the retiree at the retiree's Medicare eligibility date.
Under this method, actuarial gains (losses), as they occur, reduce (increase) the Total OPEB Liability and are explicitly identified and amortized in the annual
expense.
33,248,998$
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.
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.
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:
925,436
-
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.
1% Decrease Current Rate 1% Increase
36,976,224$ 34,174,435$ 31,605,352$
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 $466,022 to cover future claims of the OPEB plan. The commitment is not
irrevocable, and the underlying assets are not legally protected from the creditors of the City.
77
1,346,670
82
Sensitivity of the Total OPEB Obligation to Changes in the Healthcare Cost Trend Rate:
Total OPEB Liability
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
Liability Experience Losses / (Gains)
Changes in Assumptions
Investment Losses / (Gains)
Measurement Date December 31, 2024
Valuation Date December 31, 2023
Cost Method Entry Age Normal (Level % of Pay)
Economic Assumptions
Discount rate
Discount rate basis
2025
Year Ending December 31,
5,704,408 2,589,029
*The S&P Municipal Bond 20 Year High Grade Rate Index consists of bonds in the S&P Municipal Bond Index with a maturity of 20 years.
Eligible bonds must be rated at least AA by Standard and Poor's Ratings Services, Aa2 by Moody's or AA by Fitch. If there are multiple
ratings, the lowest rating is used.
7,084,171$
111,314
Actuarial Methods and Assumptions
Thereafter
2029
1,542,407
Total
1% Increase
37,300,638$ 31,445,975$
Amount
-
2,729,624$
1% Decrease
At December 31, the deferred outflows / (inflows) of resources based on obligations for the Plan are as follows:
(75,965)$
Deferred Outflows of
Resources
(75,965)
Current Rate
4.31% per annum as of December 31, 2022
S&P Municipal Bond 20-Year High Grade Rate Index*
34,174,435$
1,349,861$
(75,965)
Deferred Inflows of
Resources
-
8,434,032$
2028
(75,965)
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.
For the year ended December 31, 2024, the City recognized OPEB expense of $2,177,180. OPEB expense represents the change in the total OPEB liability
during the measurement period, adjusted for actual contributions and the deferred recognition of changes in investment gain/loss, and actuarial assumptions or
method. At December 31, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following
sources:
2026
2027
The following presents the total OPEB liability of the Employer, as well as what the Employer's total OPEB liability would be if it were calculated using
healthcare cost trend rates that are 1-percentage point lower or 1-percentage-point higher than the current healthcare cost trend rates:
4,495,142$
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.
4.00% per annum as of December 31, 2023
4.28% per annum as of December 31, 2024
83
Coverage rate
Spouses
Disability
Mortality:
Civilian employees
Police and fire employees
Mortality improvement
Termination Rates:
Rates
Retirement Rates:
Per capita claims cost:
Annual Healthcare Trend:
Spouse
75+
5.0%
Active participants: 35% are assumed to cover a spouse, with male spouses three years older than
female spouses.
4.0%
4.0%
5
6
15.0%
12,496
4.0%
Medical, Pharmacy, & Vision
1
3.50%
2.75%
5.0%
5.50%
7.25%
4
1
15,142
27,199
4.75%
20.0%
50.0%
100.0%
2
3
1.90%
1.70%
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.
5.25%
4.0%
5.5%
5.3%
708
4.0%
4.0%
0.80%
40.00%
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.
Retired participants: Age and marital status based on actual census data.
0.00%
0.00%
4.0%
100.0%
100.0%
50
0.00%
5.0%
SOA published mortality improvement scale: MP-2021 (MP-2019 at December 31, 2019)
5
0
10
1555
60+
15.0%
20.0%
7.0%
20+
6.25%
4.0% 12+
Retirees
7.5%
10.0%
30.0%
4.0%
4.8%
30.0%
2
Medical
18,726
45
30.0%
100.0%
Age
Civilian
20.0%
0.00%
10,844$
10,328
40
45
50
100.0%
0.0%1.5%
4.0%
6.00%
Public Safety
Age Rates
3
4
40
80% of eligible employees are assumed to be covered in the plan at retirement.
12,515
0.10%
1.5%
22.0%
7
8
5.00%
22,445 23,396
Year
Years of Service
4.50%
1.30%
20
25
30
35
Dental
Future
55
60
64
Plan A
4.5%
852
4.25%
4.0%
22,974
708
852
852
852
708
708
10
5.8%
5.0%
7.00%
Year
6.75%
6.50%
1,608 15,453
Retiree
9,328$
13,025
708$
HDHP
8,949$
19,762
Medical Dental
9
11
4.0%
Dental
18,959
None assumed.
852$
852 708 10,765
PPO
Plan B
CivilianPublic SafetyAge
45-49
50
51-54
55
56-59
60-61
62
63-64
65
66-69
70-74
84
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
658,398$
162,648
12,224,060$
6,194,914$
1937 Firefighters'
72,247,777$
10,418,611$ 235,672,518$
9,791,993
Pension
1977 Police Officers' and
Firefighters' Pension and
Disability
3,899,387$
Total
31,185,085$
1,275$
Total
12,315,390$
Parks Retirement
35,383$
849,705$
Sewer Utility
3,420,963$
City Plan
32,419,217$
18,583,243$
575 72,111,932 276,762,587
2,523,397$
352,371$ 529,230$
268$
3,056,084$ 25,707,766$
-$
City- All Other
7,170,508$
12,223,485$
25,248,441$
10,255,964$
Retirement*
1925 Police
349,010,364$ 90,695,175$
*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.
57,178,883$
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.
Water Utility
204,487,432
Public Employees'
-$ 7,170,508$
6,194,915$
46,697$ 39,045$
18,583,243$
Officer's Pension
9,180,607 7,676,276 45,463,055
2,365,842$ 1,978,176$ 11,715,827$
921,289$ 770,328$
72,111,932
787,425$
231,246$
90,695,175$
4,562,295$
11,546,450$
916,596$
9,654,452$
Public Employees'
352,371$
175,584$
13,035,805$
85
J. Interfund Receivables and Payables
The composition of the interfund balances as of December 31, 2024 is as follows:
Due to/from other funds
Receivable Fund Payable 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
Total among governmental and proprietary funds
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. Reclassification
Funds treated as major in the prior year were reclassified as nonmajor for the year ended December 31, 2023:
Reclassification from major to nonmajor funds for 2024:
2021 Project Fund
Reclassification from nonmajor to major funds for 2024:
Motor Vehicle Highway Fund
Total restatement
596,559$
1,606,816$
The Motor Vehicle Highway Fund is due $74,035 from the Storm Water Fund to comply with an ordinance requiring certain transfers.
74,035$
-
179,033,668$
Total fund balances of nonmajor funds as previously reported at
December 31, 2023
Nonmajor Governmental
Total
74,035$
Total fund balances as of January 1, 2024
54,945,474$
1,010,257
233,979,142$
-
(3,590,620)
3,967,807
3,590,620
(3,967,807)
-
179,410,855$ 54,568,287$
Water Utility invoices include charges for Sewer and Storm Water, and these charges are remitted as collected, one month in arrears.
233,979,142$
Major
(377,187) 377,187
Amount
395,667$
395,667$
86
L. Accounting Changes and Error Corrections
Change in Accounting Principle - Taxes Receivable
Adjustments to and Restatements of Beginning Balances
Government-Wide
Governmental Activities, Net Position
Total Primary Government
Governmental Funds
Major Funds, Fund Balance
NonMajor Funds, Fund Balance
Total Governmental Funds
The estimate for local income taxes receivable decreased significantly from the prior fiscal year report. The decrease in the estimate is due to guidance by
the SBOA. SBOA is responsible for formulating, prescribing, and installing a system of accounting and reporting for local Indiana units of government.
The new methodology considers the local income tax rate to be set and imposed by an ordinance passed by the adopting body. The timing of the ordinance
passage determines the date of the imposition of the income tax, and therefore, the date the asset and revenue should be included in the City's financial
statement. This change in methodology is preferable as it better aligns with the authoritative guidance, including the applicable Indiana Code.
These changes in principle impacted the General Fund (major) and six Non-Major Funds. On the Governmental Funds Balance Sheet, property tax
receivable, income tax receivable, and unavailable revenue were impacted. . Similarly, on the Government-Wide Statement of Activities, the property tax
and income tax amounts within the general revenues category were impacted. On the Statement of Net Position, the taxes receivable amount for
governmental activities was impacted.
The following adjustments to and restatements of the 2024 beginning net position, fund balance, and fund net position as applicable, were as follows:
$179,033,668
$54,945,474
$233,979,142 ($7,622,536)
$0
($7,622,536)$171,411,132
$54,945,474
The estimate for property taxes receivable increased significantly from the prior fiscal year report. The increase in the estimate is due to guidance by the
Indiana State Board of Accounts ("SBOA"). SBOA is responsible for formulating, prescribing, and installing a system of accounting and reporting for
local Indiana units of government. The new methodology calculates the receivable amount as the property tax levies assessed in the current year and
payable in the next calendar year, less the estimated circuit breaker credits. This change in methodology is preferable as it better reflects the actual funds
receivable within the next calendar year.
$226,356,606
December 31, 2023
as previously reported
Change in
Accounting
Principle
December 31, 2023
as adjusted/restated
$429,793,082
$559,748,041 ($10,202,934)
($10,202,934) $419,590,148
$549,545,107
87
2024 2023 2022 2021 2020 2019 2018 2017
Total OPEB Liability
Service Cost 983,361$ 756,690$ 1,171,141$ 1,415,051$ 1,831,489$ 1,420,618$ 1,519,286$ 1,330,012$
Interest Cost 1,346,670 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 (273,389) 5,029,435 (2,675,315) 1,983,945$ -$ 1,205,476$ (676,338)$ (1,046,528)$
(1,131,206) (1,563,662) (1,030,964) (973,405)$ (906,212)$ (884,567)$ (539,334)$ (413,786)$
Net Changes in Total OPEB Liability 925,436 7,812,195 (1,699,013) (2,568,310) 989,048 2,637,402 377,327 481,204
Total OPEB Liability - Beginning 33,248,998 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 34,174,434$ 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, 2024
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS
88
2024 2023 2022 2021 2020 2019 2018 2017
Total OPEB Liability - Ending 34,174,434$ 33,248,999$ 25,436,805$ 27,135,818$ 29,704,128$ 28,715,080$ 26,077,678$ 25,700,351$
Covered-Employee Payroll 37,038,450$ 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 92.27% 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 81–84 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, 2024
Notes to Schedule:
89
SUMMARY OF MAIN PLAN PROVISIONS
City of Carmel, Indiana
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
OTHER POST-EMPLOYMENT BENEFIT PLAN
December 31, 2024
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.
90
METHOD AND ASSUMPTIONS
Entry Age Normal (Level % of Pay)
ASSUMPTIONS:
Discount Rate 4.28% per annum as of December 31, 2024
4.00% per annum as of December 31, 2023
4.31% per annum as of December 31, 2022
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 1.30%2 5.00%
35 0.80%3 4.75%
40 40.00%4 4.50%
45 0.10%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
91
1925 Police Officers' Pension Plan:2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarially determined contribution 667,547$ 652,291$ 612,374$ 579,819$ 607,355$ 564,928$ 564,928$ 557,208$ 546,748$
667,547 652,291 612,374 579,819 607,355 564,928 564,928 557,208 546,748
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:2024 2023 2022 2021 2020 2019 2018 2017 2016
Actuarially determined contribution 618,085$ 660,527$ 597,247$ 598,830$ 565,704$ 584,282$ 584,282$ 577,369$ 553,519$
618,085 660,527 597,247 598,830 565,704 584,282 584,282 577,369 553,519
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
Contributions in relation to the actuarially
determined contribution
Contributions in relation to the actuarially
determined contribution
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
December 31, 2024
92
1925 Police Officers' Pension Plan:2024 2023 2022 2021 2020 2019 2018 2017 2016
Total pension liability 10,418,611$ 8,020,691$ 8,323,874$ 8,318,027$ 8,616,378$ 9,650,494$ 9,893,565$ 10,119,548$ 10,119,548$
Less, fiduciary net position 162,648 151,739 138,608 130,048 136,916 145,316 131,361 147,471 148,470
Net pension liability 10,255,964$ 7,868,952$ 8,185,266$ 8,187,979$ 8,479,462$ 9,505,178$ 9,762,204$ 9,972,077$ 9,971,078$
1.56%1.89%1.67%1.56%1.59%1.51%1.33%1.46%1.47%
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:2024 2023 2022 2021 2020 2019 2018 2017 2016
Total pension liability 12,224,060$ 9,468,466$ 9,709,184$ 8,997,143$ 9,278,530$ 10,366,629$ 10,601,151$ 10,883,369$ 10,883,369$
Less, fiduciary net position 575 23,048 4,397 20,207 14,354 36,220 5,405 26,027 30,375
Net pension liability 12,223,485$ 9,445,418$ 9,704,787$ 8,976,936$ 9,264,176$ 10,330,409$ 10,595,746$ 10,857,342$ 10,852,994$
0.00%0.24%0.05%0.22%0.15%0.35%0.05%0.24%0.28%
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
SCHEDULE OF NET PENSION LIABILITY AND RELATED RATIOS
December 31, 2024
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
City of Carmel, Indiana
93
1925 Police Officers' Pension Plan:2024 2023 2022 2021 2020 2019 2018 2017 2016
Total pension liability - beginning 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$
Interest on total pension liability 330,212 343,658 278,016 288,782 329,811 339,070 354,913 355,402 363,703
Effect of economic/demographic gains and losses 1,935,262 - 945,303 - (599,196) - 338,525 201,812 122,896
Effect of assumptions changes or inputs 795,507 - (609,973) - (148,471) - (337,280) - -
Benefit payments (663,061) (646,841) (607,499) (587,133) (616,260) (582,141) (582,141) (557,214) (546,063)
Total pension liability - ending 10,418,611 8,020,691 8,323,874 8,318,027 8,616,378 9,650,494 9,893,565 10,119,548 10,119,548
Fiduciary net position - beginning 151,739 138,608 130,048 136,916 145,316 131,361 147,471 148,470 147,785
Employer contributions 667,547 652,291 612,374 579,819 607,355 564,928 564,928 557,208 546,748
Net investment income 6,422 7,681 3,685 446 505 4,121 1,203 882 -
Benefit payments (663,061) (646,841) (607,499) (587,133) (616,260) (582,141) (582,141) (557,214) (546,063)
Administrative expenses - - - - - - (100) (1,875) -
Other - - - - - 27,047 - - -
Fiduciary net position - ending 162,648 151,738 138,607 130,048 136,916 145,316 131,361 147,471 148,470
Net pension liability - ending $ 10,255,964 $ 7,868,953 $ 8,185,267 $ 8,187,979 $ 8,479,462 $ 9,505,178 $ 9,762,204 $ 9,972,077 $ 9,971,078
1937 Firefighters' Pension Plan: 2024 2023 2022 2021 2020 2019 2018 2017 2016
Total pension liability - beginning 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$
Interest on total pension liability 392,583 403,428 301,525 311,713 355,711 367,840 385,277 385,817 393,503
Effect of economic/demographic gains and losses 1,687,493 - 1,903,685 - (699,325) - 289,272 192,103 54,668
Effect of assumptions changes or inputs 1,339,799 - (879,089) - (156,836) - (351,553) - -
Benefit payments (664,281) (644,146) (614,080) (593,100) (587,649) (602,362) (605,214) (577,920) (562,509)
Total pension liability - ending 12,224,060 9,468,466 9,709,184 8,997,143 9,278,530 10,366,629 10,601,151 10,883,369 10,883,369
Fiduciary net position - beginning 23,048 4,396 20,207 14,354 36,220 5,405 26,027 30,375 39,365
Employer contributions 618,085 660,527 597,247 598,830 565,704 584,282 584,282 577,369 553,519
Net transfers into (out of) trust 25,000 - - - - - - -
Net investment income 962 2,271 1,023 123 79 847 310 224 -
Benefit payments (664,281) (644,146) (614,080) (593,100) (587,649) (602,362) (605,214) (577,920) (562,509)
Administrative expenses (2,239) - - - - - - (4,021) -
Other - - - - - 48,048 - - -
Fiduciary net position - ending 575 23,047 4,396 20,207 14,354 36,220 5,405 26,027 30,375
Net pension liability - ending $ 12,223,485 $ 9,445,419 $ 9,704,788 $ 8,976,936 $ 9,264,176 $ 10,330,409 $ 10,595,746 $ 10,857,342 $ 10,852,994
See notes to schedules, 1925 Police and 1937 Firefighters' Pension Plans.
December 31, 2024
SCHEDULE OF CHANGES IN NET PENSION LIABILITY
REQUIRED SUPPLEMENTARY INFORMATION
City of Carmel, Indiana
94
Assumption changes:
Discount Rate:4.28% Police Officers; 4.28% Firefighters for 2024
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 2025 Static Combined Table for Small Plans pursuant to IRS Notice 2024-42
Other information N/A
REQUIRED SUPPLEMENTARY INFORMATION
Actuarially determined contribution rates are calculated as of December 31 of the fiscal year in which contributions are reported.
Effective with the December 31, 2024 measurement date, the future mortality improvement assumption was updated to the 2025 Static
Combined Table for Small Plans as published in IRS Notice 2024-42.
City of Carmel, Indiana
NOTES TO SCHEDULES
1925 POLICE OFFICERS' AND 1937 FIREFIGHTERS' PENSION PLANS
December 31, 2024
95
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, 2024 0.0039841 16,059,847$ 26,760,224$ 60.0% 79.5%
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, 2024 0.0006260 2,523,397$ 4,204,541$ 60.0% 79.5%
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, 2024
OF THE NET PENSION LIABILITY
96
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, 2024 0.0113089 14,282,029$ 12,924,792$ 110.5% 86.8%
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, 2024 0.0133843 16,903,056$ 15,296,640$ 110.5% 86.8%
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%
Note: 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, 2024
(Continued)
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
Source: INPRS Actuarial Valuations and Unaudited Employer-specific GASB 68 Schedules.
97
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, 2024 4,203,450$ 4,203,450$ -$ 26,454,430$ 15.9%
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, 2024 376,988$ 376,988$ -$ 4,039,777$ 9.3%
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, 2024 2,792,871$ 2,792,871$ -$ 12,573,687$ 22.2%
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, 2024 3,276,392$ 3,276,392$ -$ 15,196,714$ 21.6%
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, 2024
98
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:
Note: Covered payroll for the purposes of this schedule was determined as of the City's fiscal year
ended December 31.
December 31, 2024
The Surcharge Rate Method was significantly revised by the passage of HEA 1004-2024.
No changes in actuarial methods were reported since the prior year.
A 13th check to be paid in Fiscal Year 2025 from the SRA was granted. The Supplemental Benefit funding for an inflation-
indexed 13th check for participants who have commenced prior to July 1, 2025 and a 1% COLA for commencements
thereafter is now required by legislation, although no additional benefits have yet been granted beyond this FY 2025 13th
check.
The maximum DROP period was extended from 36 to 60 months.
The COLA assumption was revised by the passage of HEA 1004-2024.
Retirement rates were updated based on the change in statue extending the DROP election period from 3 years to 5 years.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO SCHEDULES
PUBLIC EMPLOYEES' RETIREMENT AND 1977 POLICE OFFICERS' AND
FIREFIGHTERS' PENSION AND DISABILITY FUNDS
99
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 48,441,411$ 48,441,411$ 47,580,052$ (861,359)$
Income tax 48,284,958 48,284,958 70,266,192 21,981,234
Licenses and permits 3,226,000 3,226,000 - (3,226,000)
Intergovernmental 300,000 300,000 615,312 315,312
Charges for services 6,550,000 6,550,000 3,245,822 (3,304,178)
Fines and forfeits 280,000 280,000 287,598 7,598
Miscellaneous - - 2,208,252 2,208,252
Other 24,002,897 9,283,258 16,106,024 6,822,766
Total revenues: budgetary basis 131,085,266$ 116,365,627$ 140,309,252 23,943,625$
Increase in available income tax receivable -
Transfer in from enterprise funds
treated as revenue on a budgetary basis (1,637,436)
Transfer from a nonmajor fund
treated as revenue on a budgetary basis (627,111)
Total revenues reported on the
Statement of Revenues and Expenditures 138,044,705$
EXPENDITURES:
Current:
General government:
City Controller:
Personal services 1,045,946$ 1,045,946$ 919,922$ (126,024)$
Supplies 17,892 17,892 4,835 (13,057)
Other services and charges 285,527 285,527 147,217 (138,310)
Capital outlay 31,000 31,000 7,936 (23,064)
City Clerk:
Personal services 830,192 830,192 672,284 (157,908)
Supplies 12,500 12,500 7,622 (4,878)
Other services and charges 139,971 139,971 90,515 (49,456)
Capital outlay 32,000 32,000 11,459 (20,541)
Mayor's Office: -
Personal services 544,275 544,275 722,777 178,502
Supplies 5,300 5,300 5,409 109
Other services and charges 4,472,648 4,472,648 4,055,652 (416,996)
Capital outlay 20,399 20,399 23,905 3,506
City Council:
Personal services 487,123 487,123 380,771 (106,352)
Supplies 4,900 4,900 758 (4,142)
Other services and charges 175,381 175,381 223,377 47,996
Capital outlay 3,000 3,000 1,128 (1,872)
Budgeted Amounts
Continued on next page.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
General Fund
For the Fiscal Year Ended December 31, 2024
100
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 19,298 19,298 19,563 265
Debt service 16,490,551 16,490,551 16,484,803 (5,749)
Administration:
Personal services 1,375,783 1,375,783 1,170,515 (205,268)
Supplies 66,530 66,530 55,655 (10,875)
Other services and charges 3,580,250 3,580,250 2,937,094 (643,156)
Capital outlay 243,617 243,617 455,153 211,536
Brookshire Golf Course:
Personal services 1,019,046 1,019,046 952,664 (66,382)
Supplies 73,500 73,500 67,179 (6,321)
Other services and charges 508,500 508,500 506,790 (1,710)
Capital outlay 408,167 408,167 393,856 (14,311)
Building Operations:
Supplies - - - -
Other services and charges 4,108,704 4,108,704 4,047,324 (61,380)
Capital outlay - - - -
City Court:
Personal services 764,760 764,760 649,432 (115,328)
Supplies - - - -
Other services and charges 215,000 215,000 106,086 (108,914)
Capital outlay - - - -
Law Department:
Personal services 1,409,071 1,409,071 1,305,143 (103,928)
Supplies 8,049 8,049 1,948 (6,101)
Other services and charges 1,120,186 1,120,186 699,905 (420,281)
Capital outlay 114,578 114,578 23,374 (91,204)
Community Services:
Personal services 3,845,600 3,845,600 3,666,390 (179,210)
Supplies 60,397 60,397 52,576 (7,821)
Other services and charges 1,893,605 1,903,813 1,240,703 (663,110)
Capital outlay 605,833 605,833 377,395 (228,438)
Personnel/ Human Resources: -
Personal services 747,900 747,900 748,629 729
Supplies 5,613 5,613 1,858 (3,755)
Other services and charges 482,919 482,919 338,234 (144,685)
Capital outlay 16,252 16,252 8,356 (7,896)
For the Fiscal Year Ended December 31, 2024
(Continued)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
Continued on next page.
Budgeted Amounts
101
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
Expenditures (continued):
Current (continued):
City Property Maintenance:
Supplies 272,987 272,987 129,182 (143,806)
Other services and charges 2,453,076 2,453,076 1,819,814 (633,262)
Public Affairs/ Community Relations:
Personal services 1,476,517 1,476,517 1,566,703 90,186
Supplies 4,404 4,404 2,827 (1,577)
Other services and charges 4,039,353 4,039,353 2,635,995 (1,403,358)
Capital outlay 75,968 75,968 36,787 (39,181)
Total general government 55,614,068 56,657,616 49,777,500 (6,880,115)
Public Safety:
Fire Department:
Personal services 32,653,610 32,697,690 32,375,349 (322,341)
Supplies 461,303 461,303 444,997 (16,306)
Other services and charges 2,609,551 2,615,471 1,967,834 (647,637)
Police Department:
Personal services 30,904,301 30,940,918 26,529,264 (4,411,654)
Supplies 909,672 909,672 664,845 (244,827)
Other services and charges 2,171,478 2,171,478 1,574,191 (597,287)
Capital outlay 3,037,267 3,037,267 1,778,727 (1,258,540)
Communication Center:
Personal services 2,731,580 2,731,580 2,412,944 (318,636)
Supplies 75,201 75,201 61,312 (13,889)
Other services and charges 3,083,962 3,083,962 2,535,865 (548,097)
Capital outlay 966,150 966,150 1,870,522 904,372
Total public safety 79,604,075 79,690,692 72,215,848 (7,474,843)
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
For the Fiscal Year Ended December 31, 2024
City of Carmel, Indiana
(Continued)
Continued on next page.
Budgeted Amounts
102
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
Expenditures (continued):
Current (continued):
Culture and recreation:
Parks Department:
Personal services 3,883,860 3,883,860 3,773,470 (110,390)
Supplies 232,021 232,021 170,897 (61,124)
Other services and charges 4,091,739 4,091,739 1,644,987 (2,446,752)
Capital outlay 18,662 18,662 16,344 (2,318)
Total culture and recreation 8,226,282 8,226,282 5,605,698 (2,620,584)
Economic Development:
Economic Department
Personal services - 39,800 177,733 137,933
Supplies 793 993 - (993)
Other services and charges 71,275 193,608 45,392 (148,216)
Capital outlay 2,091 7,591 3,034 (4,557)
Redevelopment Department:
Personal services 898,143 1,065,976 713,593 (352,383)
Supplies 5,560 5,560 6,134 574
Other services and charges 85,704 85,704 241,576 155,872
Capital outlay 13,180 13,180 4,250 (8,930)
Total economic development 1,076,746 1,412,412 1,191,713 (220,699)
Transfers to nonmajor funds
- - 3,000,000 3,000,000
Other Expenditure - - 2,304,511 2,304,511
Total expenditures, budgetary basis 144,521,171$ 145,987,001$ 134,095,271 (11,891,731)$
Increase in accrued liabilities:
Accounts payable 403,622
Accrued payroll and withholdings payable 697,608
Financed purchase obligations 4,428,657
Transfers to other funds (17,944,328)
Rainy Day Fund
Less, accrual due to Rainy Day Fund -
Total expenditures reported on the
Statement of Revenues and Expenditures 121,225,873$
treated as expenditures on a
budgetary basis
Budgeted Amounts
For the Fiscal Year Ended December 31, 2024
(Continued)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
103
City of Carmel, Indiana D
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
MOTOR VEHICLE HIGHWAY FUND
For the Fiscal Year Ended December 31, 2024
Motor Vehicle Highway Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes 18,996,632$ 18,996,632$ 18,703,141$ (293,491)$
MVHF distribution 3,949,860 3,949,860 4,172,538 222,678
Miscellaneous 3,117,616 2,339,213 2,829,790 490,577
Total Revenues 26,064,108$ 25,285,705$ 25,705,469$ 419,764$
EXPENDITURES:
Engineering:
Personal services 2,232,493 2,232,493 2,234,499 2,006
Supplies 17,804 17,804 12,518 (5,286)
Other services and charges 823,410 823,410 352,733 (470,677)
Capital outlay 54,101 54,101 43,888 (10,213)
Street Department:
Personal services 8,521,817 8,521,817 7,900,447 (621,370)
Supplies 2,868,024 2,868,024 1,834,245 (1,033,779)
Other services and charges 13,604,073 13,604,073 7,836,680 (5,767,393)
Capital outlay 2,003,847 2,003,847 1,597,014 (406,833)
Other expenditures - - - -
- - 2,779,758 2,779,758
Total Expenditures 30,125,569$ 30,125,569$ 24,591,782$ (5,533,787)$
reconstruction, and
104
City of Carmel, Indiana
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
December 31, 2024
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
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.
105
City of Carmel, Indiana
SUPPLEMENTAL INFORMATION
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 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.
106
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 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.
107
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 Law Enforcement Aid Fund accounts for the Carmel Police Department's forfeitures under Indiana Code 34-24-1-
The Drug Task Force Fund accounts for donations to the City for various expenditures relating to this educational
The Thoroughfare Fund accounts for amounts accumulated for certain infrastructure projects.
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.
108
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 Old Town/126th Street Construction Fund accounts for the accumulation of resources for certain community
improvement projects.
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 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.
The 2021 Project Fund is a capital projects fund that accounts for the proceeds of a bond expected to be paid from
property taxes, issued for the purpose of infrastructure construction and improvement.
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.
The 2024 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 2024 G.O. Bond Fund is a debt service fund that accounts for a tax levy to fund debt service for property-tax
supported debt.
109
Park Impact Fee
Hazardous
Material Parks Program Parks Monon Parks Facility
Local Road &
Street
ASSETS:
Cash and cash equivalents 3,777,143$ $ 49,127 $ 4,496,414 4,799,475$ 375,443$ 2,205,922$
Property tax receivable - - - - - -
Due from other governmental funds - - - - - -
Due from related utility - - - - - -
Intergovernmental receivables - - - - - -
Lease and other receivable - - - - - -
Total assets 3,777,143 49,127 4,496,414 4,799,475 375,443 2,205,922
DEFERRED OUTFLOW OF RESOURCES:
Leases - - - - - -
Total deferred outflow of resources - - - - - -
LIABILITIES:
Accounts payable 94,960 - 87,186 317,436 8,777 23,098
Claims payable - - - - - -
Due to other funds - - - - - -
Unearned Revenue - - - - - -
Accrued payroll - - 94,492 96,650 - -
Total liabilities 94,960 - 181,678 414,086 8,777 23,098
DEFERRED INFLOW OF RESOURCES:
Leases - - - - - -
Unavailable revenue - - - - - -
Total deferred inflow of resources - - - - - -
FUND BALANCE:
Restricted:
General government - - - - - -
Public safety - 49,127 - - - -
Highways and streets - - - - - 2,182,824
Drainage and other capital assets - - - - - -
Economic development - - - - - -
Culture and recreation 3,682,183 - 4,314,736 4,385,389 366,666 -
Committed:
General government - - - - - -
Public safety - - - - - -
Highways and streets - - - - - -
Drainage - - - - - -
Economic development - - - - - -
Culture and recreation - - - - - -
Assigned - - - - - -
Unassigned - - - - - -
TOTAL FUND BALANCES 3,682,183 49,127 4,314,736 4,385,389 366,666 2,182,824
TOTAL LIABILITIES, DEFERRED
INFLOWS OF RESOURCES, AND
FUND BALANCES 3,777,143$ 49,127$ 4,496,414$ 4,799,475$ 375,443$ 2,205,922$
Continued on next page.
Special Revenue Funds
City of Carmel, Indiana
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Deferral User Fee
Barrett
Law
Barrett Law
Surplus Storm Water
4CDC
Operating Fund
110,957$ 508,728$ 6$ $ 166,369 $ 6,900,499 $ 110,044
- - - - - -
- - - - - -
- - - - 395,667 -
- - - - - -
- - - - - 7,886,920
110,957 508,728 6 166,369 7,296,166 7,996,964
- - - - - -
- - - - - -
- 332 - - 34,677 29,712
- - - - - -
- - - - 74,035 -
- - - - - -
1,312 - - - - -
1,312 332 - - 108,712 29,712
- - - - - 7,844,097
- - - - - -
- - - - - 7,844,097
- - - - - -
109,645 508,396 - - - -
- - - - - -
- - 6 166,369 7,187,454 -
- - - - - 44,656
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - 78,499
- - - - -
- - - - -
- - - - - -
109,645 508,396 6 166,369 7,187,454 123,155
110,957$ 508,728$ 6$ 166,369$ 7,296,166$ 7,996,964$
Continued on next page.
Special Revenue Funds
City of Carmel, Indiana
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
(Continued)
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
CMCDC
Operating
Fund MIHP
Opioid
Settlement
Health Self
Insurance
Workers
Comp
Support for
the Arts
$ 1,299,295 3,136$ 415,910$ 1,276,864$ 12,394$ 19,134$
- - - - - -
- - - - - -
- - - - - -
- - 1,882,224 - - -
- - - - - -
1,299,295 3,136 2,298,134 1,276,864 12,394 19,134
- - - - - -
- - - - - -
- - - - - -
- - - 887,073 - -
- - - - - -
- - - - - -
- - - - - -
- - - 887,073 - -
- - - - - -
- - 963,187 - - -
- - 963,187 - - -
- - - - - -
- 3,136 1,334,947 - - -
- - - - - -
- - - - - -
1,299,295 - - - - -
- - - - - -
- - - 389,791 12,394 -
- - - - - -
- - - - - -
- - - - - -
- - - - - 19,134
- - - - -
- - - - -
- - - - - -
1,299,295 3,136 1,334,947 389,791 12,394 19,134
1,299,295$ 3,136$ 2,298,134$ 1,276,864$ 12,394$ 19,134$
Continued on next page.
Special Revenue Funds
City of Carmel, Indiana
(Continued)
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Keystone
Non-
Reverting
Bicycle
Facilities Non-
Reverting
Center Green
Ice Non-
Reverting
Events &
Festival Non-
Reverting
Code
Enforcement
Non-
Reverting
Sidewalk
Non-
Reverting
157,346$ 93,656$ 875,424$ 161,726$ 79,507$ 53,728$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
157,346 93,656 875,424 161,726 79,507 53,728
- - - - - -
- - - - - -
- - 28,312 12,134 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - 28,312 12,134 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
157,346 93,656 - - 79,507 53,728
- - - - - -
- - - - - -
- - 847,112 149,592 - -
- - - - - -
- - - - - -
157,346 93,656 847,112 149,592 79,507 53,728
157,346$ 93,656$ 875,424$ 161,726$ 79,507$ 53,728$
Continued on next page.
Special Revenue Funds
City of Carmel, Indiana
(Continued)
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Urban
Forestry
Clerk's
Record
Perpetuation
Court
Interpreter
Public
Defender
Judicial
Salary Fees
Historic
Preservation
Fund
74,759$ 282,970$ 90$ 7,134$ 95,088$ 262,206$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
74,759 282,970 90 7,134 95,088 262,206
- - - - - -
- - - - - -
- 374 - - 1,368 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 374 - - 1,368 -
- - - - - -
- - - - - -
- - - - - -
- 282,596 - - - -
- - 90 7,134 93,720 -
- - - - - -
- - - - - -
- - - - - -
74,759 - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - 262,206
- - - - - -
- - - - - -
74,759 282,596 90 7,134 93,720 262,206
74,759$ 282,970$ 90$ 7,134$ 95,088$ 262,206$
Continued on next page.
Special Revenue Funds
City of Carmel, Indiana
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
(Continued)
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Fire Gift Police Gift Parks Gift
Community
Relations Gift
Redevelopment
Commission
Gift
Economic
Development
15,399$ 441,209$ 123,617$ 304,272$ 126,399$ 123,565$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
15,399 441,209 123,617 304,272 126,399 123,565
- - - - - -
- - - - - -
125 40 87 18,610 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
125 40 87 18,610 - -
- - - - - -
- - - - - -
- - - - - -
- - - 285,662 126,399 -
15,274 441,169 - - - -
- - - - - -
- - - - - -
- - - - - 123,565
- - 123,530 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
15,274 441,169 123,530 285,662 126,399 123,565
15,399$ 441,209$ 123,617$ 304,272$ 126,399$ 123,565$
Continued on next page.
Special Revenue Funds
City of Carmel, Indiana
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
(Continued)
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Housing
Authority
Law
Enforcement
Aid
Drug Task
Force Thoroughfare Grant
Bond Bank
Project Fund
Total Special
Revenue Funds
58,865$ 267,156$ 1,035,815$ 2,745,527$ 3,063,522$ 4,558,774$ 41,534,614$
- - - - - - -
- - - - - - -
- - - - - - 395,667
- - - - - - 1,882,224
- - - - - - 7,886,920
58,865 267,156 1,035,815 2,745,527 3,063,522 4,558,774 51,699,425
- - - - - - -
- - - - - - -
- - 7,978 - 36,904 - 702,110
- - - - - - 887,073
- - - - - - 74,035
- - - - - - -
- - - - - - 192,454
- - 7,978 - 36,904 - 1,855,672
- - - - - - 7,844,097
- - - - - - 963,187
- - - - - - 8,807,284
- - - - - 694,657
- 267,156 1,027,837 - 3,026,618 - 6,884,249
- - - 2,745,527 - 4,558,774 9,487,125
- - - - - - 7,353,829
58,865 - - - - - 1,526,381
- - - - - - 12,947,263
-
- - - - - - 402,185
- - - - - - -
- - - - - - 384,237
- - - - - - -
- - - - - - 97,633
- - - - - - 1,258,910
- - - - - - -
- - - - - - -
58,865 267,156 1,027,837 2,745,527 3,026,618 4,558,774 41,036,469
58,865$ 267,156$ 1,035,815$ 2,745,527$ 3,063,522$ 4,558,774$ 51,699,425$
Continued on next page.
Special Revenue Funds
City of Carmel, Indiana
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
(Continued)
116
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Redevelopment
Authority
Capital Projects
Fund Ambulance Parks Capital
Cumulative
Capital
Improvement
Cumulative
Capital Sewer
Cumulative
Capital
Development
-$ 6,101,688$ 8,242,148$ 257,704$ $ 9,651 $ 624,686
- - - - - 5,897,518
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 6,101,688 8,242,148 257,704 9,651 6,522,204
- - - - - -
- - - - - -
- 207,652 518,095 - - 39,745
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 207,652 518,095 - - 39,745
- - - - - -
- - - - - 5,897,518
- - - - - 5,897,518
- - - - - -
- - - - -
- - - - - 584,941
- - - - 9,651 -
- - - - -
- - 7,724,053 - - -
- - - - - -
- 5,894,036 - - - -
- - - 257,704 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 5,894,036 7,724,053 257,704 9,651 584,941
-$ 6,101,688$ 8,242,148$ 257,704$ 9,651$ 6,522,204$
Continued on next page.
City of Carmel, Indiana
Capital Projects Funds
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
(Continued)
117
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Old
Town/126th
Construction
2016
Project Fund
2017
Project Fund
2018 CMBC Bond
Construction Fund
2021 Project
Fund
Total Capital
Projects Funds
459$ 1,203,210$ 1,264,856$ 483,036$ 893,175$ 19,080,613$
- - - - - 5,897,518
- - - - - -
- - - - - -
- - - - - -
- - - - - -
459 1,203,210 1,264,856 483,036 893,175 24,978,131
- - - - - -
- - - - - -
- - - - 419,731 1,185,223
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 419,731 1,185,223
- - - - - -
- - - - - 5,897,518
- - - - - 5,897,518
- - - - - -
- - - - - -
- 1,203,210 1,222,209 - 473,444 3,483,804
- - - - - 9,651
459 - 42,647 483,036 - 526,142
- - - - - 7,724,053
-
- - - - - -
- - - - - 5,894,036
- - - - - 257,704
- - - - - -
- - - - - -
- - - - - -
- -
- - - - - -
459 1,203,210 1,264,856 483,036 473,444 17,895,390
459$ 1,203,210$ 1,264,856$ 483,036$ 893,175$ 24,978,131$
Continued on next page.
City of Carmel, Indiana
Capital Projects Funds
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
118
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Lease
Rental
2004 Road
Bond
2016
Property Tax
Bond Fund
2021 L/R
Property Tax Bond
Fund
2022 L/R
Property Tax
Bond Fund
2024 L/R
Property Tax
Bond Fund
3,853$ 39,799$ 240,163$ 704,612$ 678,349$ -$
- - 1,188,842 3,422,426 3,950,800 6,484,596
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,853 39,799 1,429,005 4,127,038 4,629,149 6,484,596
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - 1,188,842 3,422,426 3,950,800 6,484,596
- - 1,188,842 3,422,426 3,950,800 6,484,596
- - - - - -
- - - - - -
3,853 39,799 240,163 704,612 678,349 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
3,853 39,799 240,163 704,612 678,349 -
3,853$ 39,799$ 1,429,005$ 4,127,038$ 4,629,149$ 6,484,596$
Continued on next page.
Debt Service Funds
City of Carmel, Indiana
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
(Continued)
119
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Debt Service Funds
2024 G.O. Bond
Fund
Total Debt
Service Funds
Total
Nonmajor
Governmental
Funds
12,467$ 1,679,243$ 62,294,470$
2,545,805 17,592,469 23,489,987
- - -
- - 395,667
- - 1,882,224
- - 7,886,920
2,558,272 19,271,712 95,949,268
- - -
- - -
- - 1,887,333
- - 887,073
- - 74,035
- - -
- - 192,454
- - 3,040,895
- - 7,844,097
2,545,805 17,592,469 24,453,174
2,545,805 17,592,469 32,297,271
12,467 12,467 707,124
- - 6,884,249
- 1,666,776 14,637,705
- - 7,363,480
- - 2,052,523
- - 20,671,316
-
- - 402,185
- - 5,894,036
- - 641,941
- - -
- - 97,633
- - 1,258,910
- - -
- - -
12,467 1,679,243 60,611,102
2,558,272$ 19,271,712$ 95,949,268$
City of Carmel, Indiana
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
(Continued)
120
Park Impact
Fee
Hazardous
Material
Parks
Program
Parks
Monon Parks Facility
Local Road
& Street
REVENUES:
Charges for services -$ 3,440$ 5,776,682$ 7,514,778$ 239,349$ -$
Investment income 176,089 2,113 202,800 221,874 15,303 -
Fines and forfeits - - - - - -
Licenses and permits 2,211,661 - - - - -
Other - - - 15,400 11,181 117
Other taxes - - - - - -
Contributions - - - 12,128 - -
General property taxes - - - - - -
Intergovernmental:
Grants - - - - - -
Other intergovernmental - - - - - -
Shared revenue - - - - 2,677,162
Total revenues 2,387,750 5,553 5,979,482 7,764,180 265,833 2,677,279
EXPENDITURES:
Current:
General government - - - - - -
Public safety - - - - - -
Streets and other infrastructure - - - - - 1,487,061
Economic development - - - - - -
Culture and recreation - - 5,226,033 6,716,006 188,501 -
Debt service:
Principal - - - - - -
Interest - - - - - -
Lease rentals and issuance costs - - - - - -
Capital outlay:
General government - - - - - -
Public safety - - - - - -
Streets and other infrastructure - - - - - -
Economic development - - - - - -
Culture and recreation 2,956,076 - - 1,086,364 15,980 -
Total expenditures 2,956,076 - 5,226,033 7,802,370 204,481 1,487,061
Excess (deficiency) of revenues
over (under) expenditures (568,326) 5,553 753,449 (38,190) 61,352 1,190,218
Other financing sources (uses):
Transfers in, governmental funds - - - - - -
Transfer in (out) from (to) enterprise funds - - - - -
Transfers (out), governmental funds - - - - - (2,007,732)
Bond issuance - principal - - - - - -
Bond issuance - premium - - - - - -
Debt issuance - finacned purchase obligations - - - - - -
Total other financing sources - - - - - (2,007,732)
NET CHANGE IN FUND BALANCES (568,326) 5,553 753,449 (38,190) 61,352 (817,514)
FUND BALANCES: beginning, restated 4,250,509 43,574 3,561,287 4,423,579 305,314 3,000,338
FUND BALANCES: ending 3,682,183$ 49,127$ 4,314,736$ 4,385,389$ 366,666$ 2,182,824$
Continued on next page.
Special Revenue
City of Carmel, Indiana
For the Fiscal Year Ended December 31, 2024
OMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
121
REVENUES:
Charges for services
Investment income
Fines and forfeits
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 funds
Transfer 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, restated
FUND BALANCES: ending
Deferral User Fee Barrett Law
Barrett Law
Surplus Storm Water
4CDC
Operating
Fund
-$ 45,718$ -$ -$ 4,568,339$ 1,166,815$
12,377 - - - 204,739 -
1,890 - - - -
- 61,888 - - - -
- 16 - - 29,806 163
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
14,267 107,622 - - 4,802,884 1,166,978
- - - - - 31,156
29,989 84,584 - - - -
- - - - -
- - - - 710,429
- - - - - -
- - - - 480,000 142,039
- - - - 102,019 247,224
- - - - - -
- - - - - -
- - - - - -
- - - - 642,117 -
- - - - - -
- - - - - -
29,989 84,584 - - 1,224,136 1,130,848
(15,722) 23,038 - - 3,578,748 36,130
- - - - - -
- - - - - -
- - - - (3,276,408) -
- - - - - -
- - - - - -
- - - - - -
- - - - (3,276,408) -
(15,722) 23,038 - - 302,340 36,130
125,367 485,358 6 166,369 6,885,114 87,025
109,645$ 508,396$ 6$ 166,369$ 7,187,454$ 123,155$
Continued on next page.
Special Revenue
City of Carmel, Indiana
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2024
(Continued)
122
REVENUES:
Charges for services
Investment income
Fines and forfeits
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 funds
Transfer 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, restated
FUND BALANCES: ending
CMCDC
Operating
Fund MIHP
Opioid
Settlement
Health Self
Insurance
Workers
Comp
Support of the
Arts
70,671$ -$ -$ -$ -$ -$
- 178 - - - -
- - - - -
- - - - - -
3,534,185 - - - 428,988 -
- - - - - -
- - - - - -
- - - - - -
-
- - - - - -
- - 1,218,681 - - -
- - - - - -
3,604,856 178 1,218,681 - 428,988 -
- - - 904,786 535,736 -
- 1,858 130,000 - - -
- - - - - -
2,401,389 - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,401,389 1,858 130,000 904,786 535,736 -
1,203,467 (1,680) 1,088,681 (904,786) (106,748) -
- - - 1,000,000 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - 1,000,000 - -
1,203,467 (1,680) 1,088,681 95,214 (106,748) -
95,828 4,816 246,266 294,577 119,142 19,134
1,299,295$ 3,136$ 1,334,947$ 389,791$ 12,394$ 19,134$
Continued on next page.
Special Revenue
City of Carmel, Indiana
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
For the Fiscal Year Ended December 31, 2024
(Continued)
123
REVENUES:
Charges for services
Investment income
Fines and forfeits
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 funds
Transfer 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, restated
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
-$ -$ -$ -$ -$ -$
7,141 3,862 43,658 6,907 3,608 2,738
- - - - - -
- - - - - -
- 17,542 472,319 83,630 10,000 -
- - - - - -
- - - 9,057 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
7,141 21,404 515,977 99,594 13,608 2,738
- - - - - -
- - - - - -
- - - - - 11,956
- - - - - -
- - 375,838 85,474 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - 375,838 85,474 - 11,956
7,141 21,404 140,139 14,120 13,608 (9,218)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
7,141 21,404 140,139 14,120 13,608 (9,218)
150,205 72,252 706,973 135,472 65,899 62,946
157,346$ 93,656$ 847,112$ 149,592$ 79,507$ 53,728$
Continued on next page.
Special Revenue
City of Carmel, Indiana
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2024
(Continued)
124
REVENUES:
Charges for services
Investment income
Fines and forfeits
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 funds
Transfer 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, restated
FUND BALANCES: ending
Urban
Forestry
Clerk's Record
Perpetuation
Court
Interpreter
Public
Defender
Judicial Salary
Fees
Historic
Preservation
Fund
-$ -$ - 3,000$ 24,914$ -$
- - 4 - - -
- - - - - -
- - - - - -
- 26,608 - - 137 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 26,608 4 3,000 25,051 -
- 16,030 - - - -
- - - - 9,348 -
- - - - - -
- - - - - 74,221
- - - - - -
-
- - - - - -
- - - - - -
- - - - - -
-
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 16,030 - - 9,348 74,221
- 10,578 4 3,000 15,703 (74,221)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 10,578 4 3,000 15,703 (74,221)
74,759 272,018 86 4,134 78,017 336,427
74,759$ 282,596$ 90$ 7,134$ 93,720$ 262,206$
Continued on next page.
Special Revenue
City of Carmel, Indiana
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2024
(Continued)
125
REVENUES:
Charges for services
Investment income
Fines and forfeits
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 funds
Transfer 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, restated
FUND BALANCES: ending
Fire Gift Police Gift Parks Gift
Community
Relations Gift
Redevelopment
Commission
Gift
Economic
Development
-$ -$ -$ -$ -$ -$
1,258 19,323 6,073 15,014 5,899 -
- - - - - -
- - - - - -
402 - - 21,863 - 30,000
- - - - - -
44,549 525,498 48,331 229,294 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
46,209 544,821 54,404 266,171 5,899 30,000
- - - - - -
45,499 326,310 - - - -
- - - - - -
- - - - - -
- - 50,035 203,243 19,975 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
45,499 326,310 50,035 203,243 19,975 -
710 218,511 4,369 62,928 (14,076) 30,000
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
710 218,511 4,369 62,928 (14,076) 30,000
14,564 222,658 119,161 222,734 140,475 93,565
15,274$ 441,169$ 123,530$ 285,662$ 126,399$ 123,565$
Continued on next page.
Special Revenue
City of Carmel, Indiana
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2024
(Continued)
126
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
Housing
Authority
Law
Enforcement
Aid
Drug Task
Force Thoroughfare Grant
Bond Bank
Project Fund
Total Special
Revenue Funds
58,865$ 267,156$ 1,035,815$ 2,745,527$ 3,063,522$ 4,558,774$ 41,534,614$
- - - - - - -
- - - - - - -
- - - - - - 395,667
- - - - - - 1,882,224
- - - - - - 7,886,920
58,865 267,156 1,035,815 2,745,527 3,063,522 4,558,774 51,699,425
- - - - - - -
- - - - - - -
- - 7,978 - 36,904 - 702,110
- - - - - - 887,073
- - - - - - 74,035
- - - - - - -
- - - - - - 192,454
- - 7,978 - 36,904 - 1,855,672
- - - - - - 7,844,097
- - - - - - 963,187
- - - - - - 8,807,284
- - - - - 694,657
- 267,156 1,027,837 - 3,026,618 - 6,884,249
- - - 2,745,527 - 4,558,774 9,487,125
- - - - - - 7,353,829
58,865 - - - - - 1,526,381
- - - - - - 12,947,263
-
- - - - - - 402,185
- - - - - - -
- - - - - - 384,237
- - - - - - -
- - - - - - 97,633
- - - - - - 1,258,910
- - - - - - -
- - - - - - -
58,865 267,156 1,027,837 2,745,527 3,026,618 4,558,774 41,036,469
58,865$ 267,156$ 1,035,815$ 2,745,527$ 3,063,522$ 4,558,774$ 51,699,425$
Continued on next page.
Special Revenue Funds
City of Carmel, Indiana
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
(Continued)
127
REVENUES:
Charges for services
Investment income
Fines and forfeits
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 funds
Transfer 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, restated
FUND BALANCES: ending
Redevelopment
Authority Capital
Projects Fund Ambulance Parks Capital
Cumulative Capital
Improvement
Cumulative
Capital Sewer
Cumulative
Capital
Development
-$ 2,526,268$ -$ -$ -$ -$
- 247,392 309,848 - - -
- - - - - -
- - - - - -
- 72,930 4,415,860 - - -
- - - - - 403,105
- - - - - -
- - - - - 5,376,091
- - - - - -
- - - - - -
- - - 161,371 - -
- 2,846,590 4,725,708 161,371 - 5,779,196
- - - - - -
- 190,672 - - - -
- - - - - 463,994
- - - - - -
5,780 - - - - -
-
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 1,616,823 - - - -
- - - 59,013 - -
- - - - - -
- - 3,822,858 - - -
5,780 1,807,495 3,822,858 59,013 - 463,994
(5,780) 1,039,095 902,850 102,358 - 5,315,202
- - 2,000,000 - - -
- - - - - -
- - - - - (4,996,190)
- - - - -
- - - - -
- - - - - -
- - 2,000,000 - - (4,996,190)
(5,780) 1,039,095 2,902,850 102,358 - 319,012
5,780 4,854,941 4,821,203 155,346 9,651 265,929
-$ 5,894,036$ 7,724,053$ 257,704$ 9,651$ 584,941$
Continued on next page.
Capital Projects Funds
City of Carmel, Indiana
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2024
(Continued)
128
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
INFLOWS OF RESOURCES, AND
FUND BALANCES
(Continued)
Old
Town/126th
Construction
2016
Project Fund
2017
Project Fund
2018 CMBC Bond
Construction Fund
2021 Project
Fund
Total Capital
Projects Funds
459$ 1,203,210$ 1,264,856$ 483,036$ 893,175$ 19,080,613$
- - - - - 5,897,518
- - - - - -
- - - - - -
- - - - - -
- - - - - -
459 1,203,210 1,264,856 483,036 893,175 24,978,131
- - - - - -
- - - - - -
- - - - 419,731 1,185,223
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 419,731 1,185,223
- - - - - -
- - - - - 5,897,518
- - - - - 5,897,518
- - - - - -
- - - - - -
- 1,203,210 1,222,209 - 473,444 3,483,804
- - - - - 9,651
459 - 42,647 483,036 - 526,142
- - - - - 7,724,053
-
- - - - - -
- - - - - 5,894,036
- - - - - 257,704
- - - - - -
- - - - - -
- - - - - -
- -
- - - - - -
459 1,203,210 1,264,856 483,036 473,444 17,895,390
459$ 1,203,210$ 1,264,856$ 483,036$ 893,175$ 24,978,131$
Continued on next page.
City of Carmel, Indiana
Capital Projects Funds
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
December 31, 2024
129
REVENUES:
Charges for services
Investment income
Fines and forfeits
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 funds
Transfer 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, restated
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
2024 L/R
Property Tax
Bond Fund
-$ -$ -$ -$ -$ -$
- - - - - -
- - - - -
- - - - - -
- - - - - -
- 92,715 108,033 336,996 353,927 -
- - - - - -
- 1,260,739 1,465,529 4,568,989 4,806,001 -
-
- - - - - -
- - - - - -
- - - - - -
- 1,353,454 1,573,562 4,905,985 5,159,928 -
- - - - - -
- - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 1,353,454 1,573,562 4,905,985 5,159,928 -
- - - - - -
- - - - - -
- (1,393,000) (1,481,480) (4,300,000) (4,696,000) -
- - - - - -
- - - - - -
- - - - - -
- (1,393,000) (1,481,480) (4,300,000) (4,696,000) -
- (39,546) 92,082 605,985 463,928 -
3,853 79,345 148,081 98,627 214,421 -
3,853$ 39,799$ 240,163$ 704,612$ 678,349$ -$
Continued on next page.
Debt Service Funds
City of Carmel, Indiana
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2024
(Continued)
130
REVENUES:
Charges for services
Investment income
Fines and forfeits
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 funds
Transfer 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, restated
FUND BALANCES: ending
Debt Service Funds
2024 G.O. Bond Fund Total Debt Service Funds
Total Nonmajor
Governmental Funds
-$ -$ 22,225,925$
- - 2,005,482
- 1,890
- - 2,273,549
122,897 122,897 20,958,642
- 891,671 1,294,776
- - 868,857
- 12,101,258 17,477,349
-
- - 1,291,367
- - 1,218,681
- - 2,838,533
122,897 13,115,826 72,455,051
110,430 110,430 1,598,138
- - 1,104,176
- - 7,666,198
- - 3,186,039
- - 12,870,885
-
- - 7,933,039
- - 6,913,928
- - 198,679
-
- - -
- - 4,637,174
- - 1,357,576
- - 1,000
- - 7,881,278
110,430 110,430 55,348,110
12,467 13,005,396 17,106,941
- 11,289,295
- -
(11,870,480) (22,511,583)
- -
- -
- - -
- (11,870,480) (11,222,288)
12,467 1,134,916 5,884,653
- 544,327 54,726,449
12,467$ 1,679,243$ 60,611,102$
City of Carmel, Indiana
OMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES I
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2024
(Continued)
131
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2024
Fire Pension Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
REVENUES:Original Final Amounts (Negative)
Interest -$ -$ 962$ 962$
Miscellaneous - - 26,537 26,537
State assumption of pension payments 675,000 675,000 618,085 (56,915)
Total Revenues 675,000 675,000 645,584 (29,416)
EXPENDITURES:
Personal services 700,377 700,377 664,281 (36,096)
Supplies - - - -
Other services and charges 8,000 8,000 6,015 (4,224)
Total Expenditures 708,377$ 708,377$ 670,295$ (40,320)$
Continued on next page.
132
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2024
(Continued)
Police Pension Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 6,422$ 6,422$
State assumption of pension payments 600,000 600,000 667,547 67,547
Total Revenues 600,000 600,000 673,969 73,969
EXPENDITURES:
Personal services 665,461 665,461 662,961 (2,500)
Supplies 300 300 - (300)
Other services and charges 5,200 5,200 100 (5,100)
Total Expenditures 670,961$ 670,961$ 663,061$ (7,900)$
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$ 2,677,162$ 228,380$
Miscellaneous 265,000 265,000 117 (264,883)
Total Revenues 2,713,782 2,713,782 2,677,279 (36,503)
EXPENDITURES:
Other services and charges 4,076,057 4,147,957 1,473,130 (2,674,827)
Capital outlay 2,359,365 2,431,265 - (2,431,265)
Debt service 2,007,733 2,007,733 2,007,732 (1)
Total Expenditures 8,443,155$ 8,586,955$ 3,480,862$ (5,106,093)$
Continued on next page.
133
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2024
(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$ 161,371$ (26,987)$
Total Revenues 188,358 188,358 161,371 (26,987)
EXPENDITURES:
Other services and charges 180,482 180,482 56,353 (124,129)
Capital outlay 108,800 108,800 2,660 (106,140)
Total Expenditures 289,282$ 289,282$ 59,013$ (230,269)$
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$ 5,376,091$ 315,252$
Commercial vehicle excise tax 1,676 1,545 1,738 193
Other 295,550 305,834 401,367 95,533
Total Revenues 5,358,065 5,368,218 5,779,196 410,978
EXPENDITURES:
Other services and charges 870,176 870,176 463,994 (406,182)
Capital outlay - - - -
Debt service 4,996,190 4,996,190 4,996,190 -
Total Expenditures 5,866,366$ 5,866,366$ 5,460,184$ (406,182)$
Continued on next page.
134
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2024
(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$ 1,260,739$ (1,391,141)$
Commercial vehicle excise tax 1,154 878 - (878)
Other 304,561 154,869 92,715 (62,154)
Total Revenues 2,957,595 2,807,627 1,353,454 (1,454,173)
EXPENDITURES:
Debt service 1,393,000 1,393,000 1,393,000 -
Total Expenditures 1,393,000$ 1,393,000$ 1,393,000$ -$
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$ 1,465,529$ (32,479)$
Commercial vehicle excise tax 573 496 - (496)
Other 151,244 87,483 108,033 20,550
Total Revenues 1,649,825 1,585,987 1,573,562 (12,425)
EXPENDITURES:
Debt service 1,481,480 1,481,480 1,481,480 -
Total Expenditures 1,481,480$ 1,481,480$ 1,481,480$ -$
Continued on next page.
135
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$ 4,568,989$ 3,870,593$
Commercial vehicle excise tax 242 231 - (231)
Other 52,796 40,786 336,996 296,210
Total Revenues 698,638 739,413 4,905,985 4,166,572
EXPENDITURES:
Debt service 1,481,480 1,481,480 4,300,000 2,818,520
Total Expenditures 1,481,480$ 1,481,480$ 4,300,000$ 2,818,520$
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$ 4,806,001$ (42,283)$
Commercial vehicle excise tax 1,888 1,606 - (1,606)
Other 498,473 283,137 353,927 70,790
Total Revenues 4,850,172 5,133,027 5,159,928 26,901
EXPENDITURES:
Debt service 4,696,000 4,696,000 4,696,000 -
Total Expenditures 4,696,000$ 4,696,000$ 4,696,000$ -$
For the Fiscal Year Ended December 31, 2024
(Continued)
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
136
City of Carmel, Indiana
FIDUCIARY FUNDS - INFORMATION
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.
137
1925 Police
Pension Trust
Fund
1937 Fire Pension
Trust Fund Total Trust Funds
ASSETS:
Cash and cash equivalents 162,646$ 576$ 163,222$
Receivable from State of Indiana 55,322 55,529 110,851
Total assets 217,968 56,105 274,073
LIABILITIES:
Payroll withholdings 55,321 55,530 110,851
Total liabilities 55,321 55,530 110,851
NET POSITION: restricted for pensions 162,647$ 575$ 163,223$
City of Carmel, Indiana
COMBINING STATEMENT OF FIDUCIARY NET POSITION - PENSION FUNDS
December 31, 2024
138
1925 Police
Pension Trust
1937 Fire Pension
Trust Fund Total Trust Funds
ADDITIONS:
Employer contributions 667,547$ 618,085$ 1,285,632$
Investment income 6,422 962 7,384
Miscellaneous revenue 1,499 26,537 28,036
Total additions 675,468 645,584 1,321,052
DEDUCTIONS:
Benefits 663,061 664,281 1,327,342
Other services and charges 1,498 3,776 5,274
Total deductions 664,559 668,057 1,332,616
NET INCREASE (DECREASE) IN NET POSITION 10,909 (22,473) (11,564)
NET POSITION: beginning 151,739 23,049 174,788
NET POSITION: ending 162,648$ 575$ 163,223$
1 - -
City of Carmel, Indiana
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION FUNDS
For the Fiscal Year Ended December 31, 2024
139
CONTENTS PAGES
Financial Trends 141 - 146
Revenue Capacity 147 - 150
Debt Capacity 151 - 155
Demographic and Economic Information 156 - 157
Operating Information 158 - 159
Source: Unless otherwise noted, the information in these schedules is derived from the ACFR for the
relevant year.
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.
140
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Governmental activities:
Net investment
in capital assets 441,238,876$ 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 42,449,995 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 (49,695,312) (30,734,771) (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 433,993,559$ 419,590,148$ 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 365,026,612$ 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 4,702,144 8,519,700 1,272,789 2,254,154 2,069,280 - - - - -
Unrestricted (231,609,800) (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 138,118,956$ 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 806,265,488$ 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 47,152,139 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 (281,305,112) (70,272,845) (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 572,112,515$ 549,545,107$ 512,496,798$ 473,667,675$ 435,647,465$ 441,733,015$ 462,741,521$ 401,178,636$ 401,277,741$ 409,974,503$
City of Carmel, Indiana
NET POSITION BY COMPONENT
Last Ten Fiscal Years
141
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Expenses:
Governmental activities:
General government 70,134,728$ 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 88,280,840 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 42,016,997 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 35,161,436 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 24,656,972 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 7,033,552 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 267,284,525 235,604,844 202,255,488 189,256,977 189,888,126 194,500,039 167,260,807 149,796,481 154,257,209 126,441,527
Business-type activities:
Water 30,400,192 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 12,228,702 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 42,628,894 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 309,913,419$ 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 105,874$ 105,198$ 166,786$ 131,588$ 306,364$ 146,498$ 221,467$ 211,995$ 82,803$ 72,056$
Public safety 2,605,230 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 4,854,290 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 1,531,402 974,991 615,833 1,595,688 1,470,526 1,913,324 1,482,785 52,093 - -
Culture and recreation 17,312,444 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 1,353,050 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 1,223,949 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 28,986,239$ 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
142
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Business-type activities:
Charges for services:
Water 28,580,808$ 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 13,917,596 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 6,851,170 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 1,232,308 1,728,089 2,094,015 1,912,958 761,819 387,133 629,483 336,363 552,460 -
Total business-type activities revenues 50,581,882 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 79,568,121$ 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 (238,298,286)$ (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 7,952,988 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
(230,345,298) (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 83,760,542 75,459,764 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 61,268,748 59,613,839 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 3,734,862 3,640,613 3,283,486 2,712,115 - - - - - -
Tax incremental revenue 47,003,579 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 8,940,294 8,217,687 1,585,274 393,918 1,120,777 4,208,019 4,487,604 2,723,267 574,253 155,461
83,650 2,001,615 2,527,991 168,963 - - - - - -
Other 48,121,031 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 252,912,706 239,705,972 208,658,453 195,818,644 169,912,198 163,379,317 166,497,581 142,416,467 135,912,319 123,839,092
22,567,408 37,048,309 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 22,567,408 37,048,309 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 559,748,041 512,496,798 473,667,675 435,647,465 441,733,015 462,741,521 400,056,203 401,190,880 409,974,503 395,492,614
Restatement (10,202,934) - - - (14,704,603) (17,069,806) 40,849,585 (8,447,001) (7,095,064) -
NET POSITION: beginning, adjusted 549,545,107 512,496,798 473,667,675 435,647,465 427,028,412 445,671,715 440,905,788 392,743,879 402,879,439 395,492,614
NET POSITION: ending 572,112,515$ 549,545,107$ 512,496,798$ 473,667,675$ 435,647,465$ 441,733,015$ 462,741,521$ 401,178,636$ 401,277,741$ 409,974,503$
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
143
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
General Fund:
Nonspendable -$ -$ -$ -$ -$ -$ -$ -$ -$ -$
Restricted - - - - - - - - - -
Committed - 5,926,992 5,926,992 - - - - - - -
Assigned 5,919,369 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 33,324,739 12,119,013 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 39,244,108$ 24,709,007$ 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 274,312,924 194,631,916 218,211,288 207,974,077 90,467,731 128,443,455 178,817,196 256,581,733 257,811,177 43,069,142
Committed 8,294,705 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 282,607,629$ 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 321,851,737$ 226,356,606$ 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)
144
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Revenues:
Property tax 83,760,542$ 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 70,266,192 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 3,734,862 3,640,613 3,283,486 2,712,115
Other local tax 47,003,579 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 24,195,689 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 7,769,506 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 5,420,816 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 289,488 291,674 224,910 292,965 250,062 439,110 457,062 466,731 571,556 788,604
Intergovernmental:
Grants 2,576,999 4,290,212 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 7,921,583 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 1,252,155 149,042 171,959 148,236 2,177,824 3,289,848 7,426,341 5,995,761 - -
Contributions 868,857 520,326 456,725 551,408 100,185 240,302 190,321 262,116 660,714 286,716
Other 32,509,426 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 287,569,694 261,342,768 230,156,734 209,783,905 196,111,921 187,073,020 186,238,916 155,019,150 160,215,529 130,890,778
Expenditures:
Current:
General government 18,511,144 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 66,520,533 64,173,274 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 29,816,454 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 11,491,451 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 25,198,831 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 39,145,145 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 30,870,018 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 cost 199,329 18,919 140,482 1,216,129 - 328,421 - - - -
Capital outlay:
General government 41,952,411 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 9,055,768 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 25,881,772 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 9,025,927 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 8,824,541 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 316,493,324 294,920,368 281,137,199 231,499,388 246,467,520 269,195,586 297,502,419 239,868,931 181,880,259 140,794,332
Excess (deficit) of revenues
over (under) expenditures (28,923,630) (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
145
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Other financing sources (uses):
Bond issuance - principal 118,035,275 - 62,450,000 121,370,000 9,200,000 24,695,000 13,791,036 81,358,423 199,265,510 -
Bond issuance - premium 317,393 - 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 4,428,657 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 73,961,065 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 1,637,436 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 (73,961,065) (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)124,418,761 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 95,495,131$ (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 28.3% 28.8% 29.9% 30.6% 30.1% 27.5% 29.5% 28.9% 23.4% 25.0%
(Continued)
City of Carmel, Indiana
CHANGES IN FUND BALANCES ‐ GOVERNMENTAL FUNDS
(modified accrual basis of accounting)
Last Ten Fiscal Years
146
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
2024 12,015,791,390 529,268,168 12,545,059,558 21,070,261,690 59.5% 0.7783
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
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
Assessed Value
as a
Percentage of
Estimated
Actual Value
147
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
City Direct Rates:
Corporation General 0.4437 0.4799 0.5591 0.5222 0.5631 0.5572 0.5769 0.5741 0.5745 0.5088
Motor Vehicle Highway 0.1740 0.1620 0.1350 0.1783 0.1268 0.1188 0.1051 0.1027 0.1701 0.1643
Debt Service 0.0134 0.0148 0.0141 0.0161 0.0183 0.0184 0.0193 0.0195 0.0000 0.0000
Debt Payment 0.0418 0.0069 0.0036 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Redevelopment Bond 0.0115 0.0262 0.0259 0.0211 0.0295 0.0445 0.0374 0.0440 0.0424 0.0000
Bond #2 0.0439 0.0479 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 0.0500 0.0497 0.0500 0.0492 0.0486 0.0276
Total Direct Rate 0.7783 0.7877 0.7877 0.7877 0.7877 0.7886 0.7887 0.7895 0.8356 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 0.2737 0.2744 0.2744 0.2744 0.2754 0.2791 0.2814 0.2814 0.2814 0.2926
Solid Waste 0.0025 0.0026 0.0029 0.0030 0.0030 0.0031 0.0032 0.0032 0.0032 0.0033
Township - Clay 0.0639 0.0707 0.0730 0.0741 0.0565 0.0640 0.0675 0.0694 0.0673 0.0746
Library 0.0635 0.0669 0.0742 0.0752 0.0751 0.0755 0.0760 0.0760 0.0778 0.0787
Carmel Clay School Corp 0.8341 0.8603 0.8602 0.8583 0.8572 0.8251 0.8118 0.8291 0.8053 0.8106
Total Direct and Overlapping Rate 2.0160 2.0626 2.0724 2.0727 2.0549 2.0354 2.0286 2.0486 2.0706 1.9605
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
148
Percentage of
Total City
Taxpayer Assessed Value Assessed Value
Indiana University Health (formerly Clarian 184,974,300 1.54%
Parkwood Crossing 119,244,500 0.99%
Edward Rose Development Carmel LLC 87,416,500 0.73%
Clay Terrace Partners 76,609,700 0.64%
Meridian Ortho Development 61,866,800 0.51%
Carmel Lofts LLC 52,032,900 0.43%
Hamilton Crossing Reality 49,736,890 0.41%
Providence Hud LLC 48,387,440 0.40%
Karmel Property LLC (KAR) 46,871,100 0.39%
Washington National 45,156,860 0.38%
772,296,990 6.42%
Percentage of
Total City
Taxpayer Assessed Value Assessed Value
Duke Realty 139,868,516 2.33%
Clarian Health Partners 121,796,100 2.03%
Clay Terrace Partners LLC 65,878,700 1.10%
Carmel Indy Properties LLC 48,938,100 0.81%
Carmel Lofts LLC 46,333,900 0.77%
Cottonwood Carmel Center LLC 28,410,700 0.47%
MRI Spring Mill Miamidian LLC 27,880,800 0.46%
Edward Rose Development LLC 25,453,000 0.42%
HR Of Indiana LLC 25,241,000 0.42%
Providence HUD LLC 23,528,400 0.39%
553,329,216 9.20%
Source: Hamilton County Auditor's office.
2024
2015
City of Carmel, Indiana
Current Year and Nine Years Ago
PRINCIPAL PROPERTY TAXPAYERS
149
Taxes Total Certified Cash Percentage
Payable Year Tax Levy Credits 1 Collections 2 Total of Levy
2024 93,518,904 1,346,593 83,760,542 85,107,135 89.57%
2023 79,728,457 4,141,958 75,459,764 79,601,722 94.65%
2022 69,854,334 3,428,107 65,911,409 69,339,516 94.36%
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%
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 2024, total
delinquent property tax due to the City for 2024 and all prior years was approximately $7,105,255.
City of Carmel, Indiana
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Total Collections
150
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Certified net assessed valuation 12,015,791,390$ 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%2.0%
Subtotal 240,315,828 218,352,088 177,362,788 168,501,516 161,938,631 150,605,452 144,332,021 139,899,623 134,012,509 129,631,415
divided by three 1 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0 3.0
Debt limit 80,105,276 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 (28,931,972) (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 51,173,304$ 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$
63.88% 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.
Legal debt margin as
percentage
City of Carmel, Indiana
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
151
2024 861,347,555 16,893,793 1,199,444 879,440,792 191,330,453 2,940,182 194,270,635 1,073,711,427 15.55% 10,363
2023 792,136,305 15,944,052 987,597 809,067,954 171,871,517 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.
Debt per
Capita ˡ
Total
Business
Activities
Total Primary
Government
Business Activities
Bonds and
Contract
Purchases
Financed
Purchase
Obligations
Percentage of
Personal
Incomeˡ
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
Lease and
SBITA
Liability
152
2024 1,052,678,008 5.60%10,160
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 Proper
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
Per Capita 3
Actual Value of Taxable
Property 2
153
Percent Amount
Outstanding Applicable to Applicable to
Governmental Unit Debt (1) Carmel (2)Carmel
Direct Debt:
City of Carmel (see page 152) 879,440,792$ 100.00% 879,440,792$
Overlapping Debt Paid with Property Taxes:
Carmel Clay School Corporation 258,615,000 100.00% 258,615,000
Carmel Clay Public Library 23,095,000 100.00% 23,095,000
Clay Township 80,873,825 100.00% 80,873,825
Washington Township 5,110,000 18.26% 933,086
Hamilton County 274,550,000 32.52% 89,283,660
Westfield-Washington School Corporation 162,735,000 0.79% 1,285,607
Westfield Washington Public Library 15,565,000 0.79% 122,964
Sub-Total Overlapping Debt 820,543,825$ 454,209,141
Total Direct and Overlapping Debt 1,333,649,933$
Population - 2024 (3)103,606
Estimated direct and overlapping debt per capita 12,872$
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, 2024
(1) Source: Gateway for Governmental Units.
154
Net Revenue
Operating Operating Available for
Revenue Expenses 1 Debt Service Principal Interest Coverage 2
Water Utility
2024 28,580,808$ 13,109,072$ 15,471,736$ 2,036,000$ 3 12,245,031$ 108%
2023 22,564,116$ 10,264,133$ 12,299,983$ 6,852,000$ 6,274,698$ 94%
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
2024 13,917,596$ 7,963,543$ 5,954,053$ 1,675,116$ 1,056,603$ 218%
2023 11,792,024$ 7,034,952$ 4,757,072$ 1,633,894$ 1,130,297$ 172%
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, 2024
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.
155
Public Year-end
Fiscal Median Per Capita Personal High School School Unemployment
Year Population 1 Age 2 Income 3 Income Graduation 4 Enrollment 4 Rate 5
2024 103,606 37.5 66,654 6,905,754,324 99.7% 16,116 3.1%
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%
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
156
Percentage of
Total City
Company Industry Employees Rank Employment
CNO Financial Group (formerly Conseco, Inc.)Life insurance holding company 2,300 1 4.17%
Resort Condominium Itl. (RCI)Vacation exchange network & services 2,000 2 3.63%
OpenLane (formerly KAR Global)Automobile auctions 800 3 1.45%
IU Health North Hospital (formerly Clarian North Medical Center)Acute healthcare facility 783 4 1.42%
American Speciality Health Inc. Health Plans 500 5 0.91%
Midcontinent Independent System Operator, Inc. (MISO) Electric companies 500 6 0.91%
Delta Fauce Co. Plumbing Fixtures & Supplies 400 7 0.73%
Nightingale Home Health Care Home Health Services 400 8 0.73%
Adesa inc. Automobile auctions 380 9 0.69%
Progressive Fleet & Spec. Program Insurance 360 10 0.65%
Percentage of
Total City
Company Industry Employees Rank Employment
Carmel Clay Schools Public Education 2,384 1 5.14%
Conseco Inc (now CNO Financial Group)Life insurance holding company 1,750 2 3.77%
GEICO Auto Insurance 1,200 3 2.59%
Liberty Mutual/Indiana Insurance Insurance company 1,200 4 2.59%
The Capital Group Financial services 1000 5 2.16%
IU Health North Hospital (formerly Clarian North Medical Center)Acute healthcare facility 1080 6 2.33%
Resort Condominium Int. (RCI)Resort hotel 900 7 1.94%
NextGear Capital Business consulting services 877 8 1.89%
KAR Auction Services Inc. City government 828 9 1.79%
Firestone Industrical Products Acute healthcare facility 825 10 1.78%
Sources: Hamilton County Economic Development Corporation
City and Company Officials
Carmel Clay School Corporation
2024
2015
City of Carmel, Indiana
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
157
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
General Government:
Finance 7666700000
Economic 1000000000
City Clerk 5555599986
Mayor 5333333333
City Council 9999977777
Board of Public Works 3222232222
Plan Commission 999999991111
Administration 5444443324
City Court 4444466777
Law Department 10985677668
Community Services 29 28 24 24 24 23 23 21 22 22
Community Relations 1510109977654
Public Safety:
Police
Officers 152 144 139 136 129 118 114 114 109 117
Civilians 39 26 26 26 24 25 24 23 23 26
Fire
Firefighters and Officers 167 165 174 164 160 154 146 147 153 166
Civilians 12 11 12 10 10 10 9889
Culture and Recreation:
Parks Department 77736553536963656462
Brookshire Golf 5555544444
Utilities (Water and Sewer)109 105 106 106 105 105 104 104 103 109
Other Programs:
Human Resources 6545443333
Street 67 62 61 50 52 52 50 48 48 52
Engineering 16131515151515151516
Communications 17 16 16 14 14 14 14 16 15 13
Redevelopment 5455544231
TOTAL 774 718 712 669 658 652 626 622 621 652
Source: City of Carmel Department Heads; Human Resources
Note: Clerk-Treasurer split into City Clerk and Controller beginning in 2020.
City of Carmel, Indiana
CITY GOVERNMENT EMPLOYEES
BY FUNCTION/ PROGRAM
Last Ten Fiscal Years
158
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
General Government:
Community Services
Permits issued 1,825 1,725 1,764 2,098 1,610 1,628 1,703 1,557 1,351 1,237
Residential construction permits 370 327 405 562 332 358 478 463 429 359
Total number of dwelling units 1,292 988 1,033 943 592 469 767 759 432 1,663
Building inspections performed 8,557 7,310 605 436 531 512 487 472 431 476
Public Safety:
Police
Incidents 73,764 88,317 83,156 87,550 89,155 91,436 83,740 85,500 83,955 83,904
Occurred incidents 4,724 5,014 4,106 3,755 3,635 4,548 4,361 4,010 4,270 4,330
Accidents 2,388 2,411 2,187 2,065 1,602 2,645 2,575 2,504 2,488 2,442
Total agency arrests 2,074 2,253 1,757 1,410 1,517 2,469 2,569 2,459 2,530 2,642
Fire
Emergency medical responses 6,522 6,295 6,200 5,700 4,934 6,279 5,517 5,136 4,755 4,402
Fire-related calls for service 3,002 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 6
Culture and recreation:
Number of parks and greenways 21 21 19 19 19 17 17 17 16 15
Total acres 692 692 389 577 550 540 530 505 505 505
Total trail miles 30.2 30.2 26.5 26.5 26.5 26.5 26.5 16 16 16
Streets:
Number of "center line" miles streets 532 530 527 527 524 515 486 485 483 482
Number of roundabouts 155 150 144 146 138 131 122 115 111 97
Sewer:
Miles of sanitary mains 261 273 265 265 252 265 254 243 243 243
Miles of sanitary sewer main cleaned/inspected 152.00 105.00 96.00 135.70 27.00 25.40 16.00 14.85 14.20 13.65
7.82 7.30 9.28 9.95 10.24 10.82 10.78 10.16 10.05 9.92
Water:
Miles of watermains 579 584 579 573 555 550 565 538 538 538
Peak-day water demand (in millions of gallons) 21.3 22.6 26.2 23.2 22.5 24.0 21.5 22.0 21.0 19.0
Number of fire hydrants inspected/serviced 5,835 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)
City of Carmel, Indiana
OPERATING INDICATORS AND CAPITAL ASSET STATISTICS
BY FUNCTION/ PROGRAM
Last Ten Fiscal Years
159