2022 Annual Comprehensive Financial ReportAnnual Comprehensive
Financial Report
For the Fiscal Year Ended December 31, 2022
Board of Public Works and Safety
Prepared by:
CITY OF CARMEL, INDIANA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
For the Fiscal Year Ended December 31, 2022
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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 23–25
Management's Discussion and Analysis 26–35
Basic Financial Statements:
Government‐wide Financial Statements:
Statement of Net Position 36
Statement of Activities 37
Fund Financial Statements:
Governmental Funds:
Balance Sheet ‐ Governmental Funds 38
Reconciliation of the Balance Sheet ‐ Governmental Funds to the
Government‐wide Statement of Net Position 39
Statement of Revenues, Expenditures, and Changes in Fund
Balances ‐ Governmental Funds 40–41
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances ‐ Governmental Funds to the Government‐wide
Statement of Activities 42
Proprietary Funds:
Statement of Net Position ‐ Proprietary Funds 43–44
Statement of Revenues, Expenses, and Changes in Net
Position ‐ Proprietary Funds 45–46
Statement of Cash Flows ‐ Proprietary Funds 47–48
Fiduciary Funds:
Statement of Fiduciary Net Position - Fiduciary Funds 49
Statement of Changes in Fiduciary Net Position - Fiduciary Funds 50
Notes to the Basic Financial Statements 51–87
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 Schedules 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
City of Carmel, Indiana
Annual Comprehensive Financial Report
For the Fiscal Year Ended December 31, 2022
TABLE OF CONTENTS
Pages
Budgetary Comparison Schedules - General Fund 100–103
Notes to the Required Supplementary Information -
Budgetary Comparison Schedules 104
Supplementary Information:
Nonmajor Governmental Funds - Information 105–108
Combining Balance Sheet - Nonmajor Governmental Funds:
Special Revenue Funds 109–115
Capital Projects Funds 116–118
Debt Service Funds 119
Combining Statement of Revenues, Expenditures, and Changes in Fund
Balances ‐ Nonmajor Governmental Funds:
Special Revenue Funds 120–126
Capital Projects Funds 127–129
Debt Service Funds 130
Budgetary Comparison Schedules ‐ Nonmajor Funds 131–134
Fiduciary Funds - Information 135
Combining Statement of Fiduciary Net Position - Pension Funds 136
Combining Statement of Fiduciary Net Position - Custodial Fund 137
Combining Statement of Changes in Fiduciary Net Position - Pension Funds 138
Combining Statement of Changes in Fiduciary Net Position - Custodial Fund 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, 2022
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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June 21, 2023
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, 2022. 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 2022 was performed by the independent certified public accounting firm of FORVIS. Their audit was conducted in accordance with generally
accepted governmental auditing standards. The independent certified public accounting firm concluded, based upon the audit, that there was a reasonable basis for rendering an unmodified (clean) opinion that the City of Carmel’s financial statements for the year ended December 31, 2022, are fairly presented in conformity with GAAP. The independent auditor’s report is presented as the first component of the financial section, on page 23 of
this report.
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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 524 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 101,759 according to the U.S. Census Bureau's 2021
Census. Personal income statistics are above national and State of Indiana averages. The
median household income level is $115,109, and the median value of a home is $352,400. 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 2022, Carmel was the No. 1 best place to live (Niche), No. 1 best place
to raise a family (Niche), No. 1 best public schools in Indiana (Niche), No. 1 best place to
retire in the U.S. (Money) and we have 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 2022, 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 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, who serves as the presiding officer, and two 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 Community Services, Community Relations and Economic Development, Redevelopment, Engineering, Human Resources, Street Department, Law, Administration, Information Systems, Police, Fire, Brookshire Golf Club and the Carmel Water and Sewer Utilities.
The City employs a total of 622 full-time employees, with union representation as follows:
Carmel Professional Firefighters / IAFF #4444 Firefighters 164
Fraternal Order of Police Lodge #185 Police 137
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. More than 130 companies have international, national or regional headquarters located in the City. Hamilton County has the second highest per capita income and highest median household income in the State of Indiana.
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The newest or expanded businesses in the City include Republic Airways which purchased
land along the U.S. 31 corridor to build a new corporate headquarters and an airline pilot advanced training center. The $200 million aviation campus will bring in 1,900 new jobs to Carmel. There are also several redevelopment projects under construction, including:
1st on Main - A 1.7-acre mixed use project in the heart of the Arts & Design District.
This $40 million project will include apartments, condos, office and retail space and a 310 space public parking garage.
Melange – A $30 million residential project with for-sale townhomes and flats located along the Monon Greenway. The project replaces underused parking lots with a vibrant,
urban neighborhood south of City Center.
North End – A $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.
The Signature – A $78 million project with 16,000 square feet of ground floor retail space, apartments, owner-occupied condos, office/retail space and a public parking garage.
Several established major employers in the City include GEICO with 1,500 employees, Liberty Mutual Insurance with 1,450 employees, RCI (formerly Resort Condominium International) with 1,125 employees, KAR Global with approximately 1,000 employees, The Capital Group with approximately 975 employees, Next Gear Capital with 694 employees, Allied Solutions with more than 500 employees, Delta Faucet with 400
employees, and Duke Realty with 252 employees. Along US 31, known as the Meridian Corporate Corridor, numerous modern multi-story office complexes have been built in recent years. The corporate headquarters and offices of major corporations such as Delta Faucet, American Specialty Health, Blue Horseshoe
Solutions (now part of Accenture), CNO Financial Group, Monster.com, Encore Sotheby’s International Realty, and Liberty Mutual Insurance are among the many office complexes which line the Meridian Corridor for five miles from 96th Street to 146th Street. 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, I.U. Health North Hospital and its Cancer Center, and Franciscan Health Carmel, which opened in 2022 a new campus with a full-service hospital. Goodman Campbell Brain and Spine is now open at a $17.6-million facility along the Meridian Corridor. A $47-million project for Zotec Partners expanded the
company’s corporate campus in 2022 and created 300 additional jobs. The Bridges is a 65-acre mixed-use, master planned development located on the west side of US 31 in the Meridian Corridor. More than 250,000 square feet of restaurant and retail space, including a Market District store, serves 59,000 nearby workers, and attracts
customers from inside and outside Carmel. To the east of Meridian Corridor, a major mixed-use development, “The Olivia on Main,” is now open. This $30-million development includes 200 luxury apartments above ground floor retail developed by Keystone Corporation; and “Grand and Main,” an $80-million
development that includes townhomes, apartments, a retirement community, retail space and a hotel. Nearby is the Avant Luxe apartments that are now open.
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IMPACT OF COVID-19 PANDEMIC
The City received $3,761,460 from the U.S. Treasury on July 25, 2022, from the American Rescue Plan Act of 2021 (“ARP”). The ARP established the Coronavirus Local Fiscal Recovery Fund (“Fund”) and appropriated money for allocations to metropolitan cities,
non-entitlement units and counties. All appropriated money remains available through
December 31, 2024. The City received $121,540 from FEMA in 2022 for Covid-19 Public Assistance conducted by the Fire Department, $1,004,208 for the City and $16,952 for the Parks.
QUALITY OF LIFE
During the past 10 years, park land in Carmel has increased from 20 to more than 1,000 acres through purchases and gifts. 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 three-court gymnasium, an indoor
walking/jogging track, a workout center, meeting rooms, a banquet facility, park offices, 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 195.
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 110,000 visitors to its Saturday morning markets in 2021. 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 more than 450,000
visitors in 2022. The Christkindlmarkt was voted the No. 1 Best Holiday Market in North
America by USA Today readers in 2021 and 2022.
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The Carmel Arts and 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 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 completed construction of 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 2021 enrollment for the School Corporation at 16,174 students, and the Superintendent’s Office reports 1,082 full-
time educators.
Special studies in the areas of Gifted & Talented, English as a New Language, Special Education, and Title I services are provided by the school corporation. In addition, the J. Everett Light Career Center provides vocational programs in auto mechanics, computers, construction trades, dental occupations, electronics, machine trades, and radio/television production, among others.
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.
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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. 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 approximately twelve more buildings
scheduled to be constructed in the next few years. 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 2023 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 Indiana’s first Wahlburgers, a nationally recognized restaurant created by the Wahlburg family, which includes actors that are known on the national and international stage.
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 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 141
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. Carmel’s current fatality rate is 2.25 (based on 100,000 population). 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
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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
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 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 administered by PERF. 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
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the total expenditures of any major category must be approved by the City Council.
Transfers 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
Controller’s Office 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 Controller’s Office 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, 2021. 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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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, 2021. 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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2022 ORGANIZATIONAL CHART
City of Carmel, Indiana
Chief Deputy Clerk of City Business
Financial Specialist Part-timeDeputy Clerk of Court Business
Deputy Director
EXECUTIVE
Brookshire GC Manager
Course Management
Grounds Maintenance
Food/ Beverages Operations
Club House/ Pro Shop Operations
Administrative Assistant
Human Resources Director
Employee Benefits Manager
Employment/ Training Coordinator
Office Administrator
ADMINISTRATION
Information Services/ Communications Director
Office Administrator
Communications Supervisor
Systems Supervisor
GIS Coordinator
Network Administrator
Communications Technician I
GIS Technician I
Network Applications/ Analyst
Database Administrator
Programmer
REDEVELOPMENT
Director
Deputy Director
Finance Manager
Office Administrator
COMMUNITY RELATIONS & ECONOMIC DEVELOPMENT
Public Relations
Media Relations
Special Events Coordination
Economic Development
Transportation Development
ENGINEERING
City Engineer
Asst. City Engineer
Construction Manager
Engineering Administrator
Plan Review Coordinator
Construction Inspector
Storm Water Administrator
Right of Way Inspector
Public Works Coordinator
FIRE
Fire Chief
Deputy Chief
Battalion (Chief) -Division Head (Chief) -Accreditation Manager
Executive Officer
Captain
Lieutenant
Engineer
Firefighter
Quartermaster
Mechanic
Administrative Assistant
Chaplain
Part-time Members
LAW
Corporation Counsel
Asst. Corporation Counsel
Executive/ Legal Secretary
Administrative Assistant I & II
Deferral Program Coordinator
POLICE
Police Chief
Asst. Chief
Major
Lieutenant
Sergeant
Patrol Officer 1st and 2nd Class, Probationary
Crime Scene/ Evidence Technician
Mechanic I
Quartermaster/ Fleet Manager
UTILITIES
Director
Operations Manager
Plant Manager
Manager of Water Quality
Distribution/ Collections Manager
Electrical/ Controls Engineer
Senior Utilities Accountant
Asst. Plant Manager
Foreman
Hazardous Waste Coordinator
Customer Service Manager
STREETS
Street Commissioner
Operations Manager
Skilled Labor/ Foreman I
Skilled Labor/ Foreman II
Office Administrator
GIS Technician I
Administrative Assistant I
Skilled Labor
LEGISLATIVE
Council Members
JUDICIAL
Clerk of Court Administrator Asst. Clerk of Court AdministratorDeputy Clerk I&II
Bailiff
ADMINISTRATIVE
Accounts Payable Administrator Payroll Analyst
Director
City Clerk
Chief Deputy Clerkof Court Business
City Controller
Financial Analyst Accounts Payable AdministratorDeputy Clerk of City Business
Mayor Judge
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Mayor City Clerk City Court Judge
James Brainard Sue Wolfgang Brian Poindexter
jbrainard@carmel.in.gov swolfgang@carmel.in.gov bpoindexter@carmel.in.gov
Chaplain
Laura Campbell
North District
lcampbell@carmel.in.gov
President
Kevin “Woody” Rider At-
Large
krider@carmel.in.gov
Parliamentarian
Sue Finkam
Northeast District
sfinkam@carmel.in.gov
Bruce Kimball
Central District
bkimball@carmel.in.gov
Tim Hannon
At-Large
thannon@carmel.in.gov
Tony Green
Southwest District
agreen@carmel.in.gov
Miles Nelson
West District
mnelson@carmel.in.gov
Adam Aasen
Southeast District
aaasen@carmel.in.gov
City of Carmel, Indiana
List of Elected and Appointed Officials
For the Fiscal Reporting Year Ended December 31, 2021
Elected Officials
Vice-President
Jeff Worrell
At-Large
jworrell@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, 2022
(Continued)
Appointed Officials
Board of Public Works
(Appointed by the Mayor)
Mayor James Brainard
Lori Watson
Mary Ann Burke
Carmel Audit Committee
(Appointed Officials)
Arnold Hanish, Chairman
Josephine Biggers
J. Andrew Pinegar
Megan McVicker
Jeff Worrell
Carmel Redevelopment Authority
(Appointed Officials)
Robert Bush, President
Jay Brill, Secretary/Treasurer
Michael Corr
Carmel Redevelopment Commission
(Appointed Officials)
William Hammer, President
David Bowers, Vice President
William Brooks, Secretary
Adam Campagna
Jeff Worrell
Michael Kerschner
21
FINANCIAL SECTION
Financial Section:
Independent Auditor's Report
Management Discussion and Analysis
Basic Financial Statements
Required Supplementary Information
Combining and Individual Fund Financial
Statements and Schedules
Photo courtesy City of Carmel.
22
Independent Auditor’s Report0F
Audit Committee City of Carmel, Indiana Carmel, Indiana
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Carmel, Indiana (City), as of and for the year ended December 31, 2022, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of December 31, 2022 and the respective changes in financial position, and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
We did not audit the financial statements of The City of Carmel Local Public Improvement Bond Bank, a blended component unit, which represents 1%, 53%, and .2%, respectively, of the assets, liabilities and net position of the total governmental activities of the City as of December 31, 2022. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for the governmental activities for the City of Carmel Local Public Improvement Bond Bank, is based solely on the report of the other auditors.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are required to be independent of the City, and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As discussed in Note I to the financial statements, in 2022, the City adopted GASB Statement No. 87,
Leases. Our opinions are not modified with respect to this matter.
23
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for 12 months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government
Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit.
Identify and assess the risks of material misstatement of the financial statements, whether due tofraud or error, and design and perform audit procedures responsive to those risks. Suchprocedures include examining, on a test basis, evidence regarding the amounts and disclosuresin the financial statements.
Obtain an understanding of internal control relevant to the audit in order to design auditprocedures that are appropriate in the circumstances, but not for the purpose of expressing anopinion on the effectiveness of the City’s internal control. Accordingly, no such opinion isexpressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significantaccounting estimates made by management, as well as evaluate the overall presentation of thefinancial statements.
Conclude whether, in our judgment, there are conditions or events, considered in the aggregate,that raise substantial doubt about the City’s ability to continue as a going concern for areasonable 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
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, budgetary comparison, pension, and other postemployment benefit information be presented to supplement the basic financial statements. Such information is the responsibility of management and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual fund statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the combining and individual fund statements and schedules is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory section and statistical section but does not include the basic financial statements and our auditor’s report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 19, 2023, on our consideration of the City’s internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements, and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over
financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an
integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
Indianapolis, Indiana June 19, 2023
25
Financial Highlights
Overview of the Financial Statements
City of Carmel, Indiana
MANAGEMENT'S DISCUSSION AND ANALYSIS
For the Fiscal Year Ended December 31, 2022
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, 2022. 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 36 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
$512,496,798 (net position).
• The City's total net position increased $38,829,123 from the prior fiscal year. The main reason for this improvement was the purchase of
98 capital assets and an increase in construction in progress projects. Other reasons for this overall increase are discussed in the following
sections for governmental activities and business-type activities.
• At the close of the current fiscal year, the City's governmental funds reported combined fund balances of $257,516,837, an increase of
$15,663,458 in comparison with the prior year. Much of the increase represents bond proceeds. Approximately $18,878,417 of this amount
(7.3%) is available for spending at the government's discretion (unassigned fund balance).
• At the end of the current fiscal year, unrestricted fund balance (the total of the committed, assigned, and unassigned components of fund
balance) for the General Fund was $33,370,480, or approximately 33.2% of total General Fund expenditures.
• The City's total outstanding long-term liabilities increased by $40,977,879 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).
Both of the government-wide financial statements distinguish functions of the City that are principally supported by taxes and
intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their
costs through user fees and charges (business-type activities). The government-type activities include general government, public safety,
streets and other infrastructure, economic development, and culture and recreation. The business-type activities of the City include water
and sewer.
The City's adoption of GASB Statement No. 87, Leases, had no impact on the opening fund balance or net position as of January 1, 2022.
The 2021 balances within the Management's Discussion and Analysis were not restated for the adoption of GASB Statement No. 87,
Leases.
26
The government-wide financial statements begin on page 36 of this report.
The basic governmental fund financial statements begin on page 38 of this report.
The basic proprietary fund financial statements begin on page 43 of this report.
The fiduciary fund financial statements begin on page 49 of this report.
Notes to the Financial Statements. The notes provide additional information that is necessary to acquire a full understanding
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.
of the data provided in the government-wide and fund financial statements. The notes to the financial statements begin on page 51 of this
report.
The government-wide financial statements include not only the City itself (known as the primary government), but also a legally separate
redevelopment authority, five 501(c)(4) corporations, and a statutory 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 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, Redevelopment
Commission Fund, Redevelopment Authority Fund, 2021 Project Fund, and 2022 Project Fund, which are considered to be major funds.
Data from the other governmental funds are combined into a single aggregated presentation. Individual fund data for each of these
nonmajor governmental funds is provided in the form of combining statements in the combining and individual fund statements and
schedules section of this report.
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.
27
Government-wide Overall Financial Analysis
City of Carmel's Net Position
Current and other assets
Capital and leased assets
Total assets
Total deferred outflows
of resources
Other liabilities
Long-term liabilities
outstanding
Total liabilities
Total deferred inflows
of resources
Net position:
Restricted
Unrestricted
Total net position 512,496,798$
(32,920,624) (46,699,892)
46,309,663
518,721,235
34,566,956
(79,620,516)
393,652,201
3,397,581 22,302,605
552,011,103
Net investment in
capital assets
18,905,024 6,098,406 40,211,257
149,036,091 158,358,902 369,685,144
Governmental Activities
292,130,884$
1,008,609,843
1,300,740,727
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.
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
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 $512,496,798 at the close of the fiscal year.
969,579,445
1,552,791,481
279,555,288 289,826,039
concerning the City's progress in funding its obligation to provide pension and other post-employment benefits (OPEB) to its employees.
Required supplementary information can be found beginning on page 88 of this report.
22,208,946$
2021
303,656,748$ 281,447,802$
2022 20222022
305,837,641$
Business-type Activities
2021 2021
1,073,278,494
Total
13,706,757$
918,066,429
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 109 of this report.
1,251,027,247
1,298,435,882
47,881,189
1,604,273,523
1,943,603
1,249,134,733
40,464,351
20,872,785 23,971,721
175,317,159
45,786,525
876,379,628 1,052,405,709
940,034,204
21,967,775 3,213,729
176,026,081
179,239,810
17,659,056 2,003,946
1,093,383,588
1,117,355,309 177,321,105
301,764,234
38,520,748
303,532,796
2,094,664
894,038,684
387,588,024$
32,312,802 1,272,789
124,908,774$
28,960,423 2,254,154 27,687,634
355,298,054$ 473,667,675$ 118,369,621$
(33,751,811) (34,722,917) (68,474,728)
28
Other post-employment benefits – retiree healthcare obligation
Non-uniform public employee retirement plan obligation
'37 firefighters pension plan obligation
'25 police pension plan obligation
'77 firefighters pension plan obligation
'77 police pension plan obligation 7,009,627
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.
66,644,788$
9,704,788
8,841,169
10,829,524
Another contributing factor to the deficit is the City’s growth and aggressive acquisition of capital assets for infrastructure and other
amenities. This growth and improvement have been financed with debt, resulting in significant transaction costs and amortization of
deferred outflows. The City views these acquisitions as positive indicators. They reflect the City’s effort to attract and retain as residents
the most productive people in Central Indiana, and also to attract corporate headquarters and regional offices from all over the world. The
success of this effort has resulted in a strong tax base, yielding one of the lowest local tax rates in Indiana, despite the cost of debt.
8,185,267
22,074,413$
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.
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 $68,474,728.
The City reported significant negative unrestricted net position of $33,751,811 in governmental activities. This deficit is due in part to
unfunded pension and retiree healthcare liabilities of $66.6 million, as follows:
The City's Net Pension Liability for the four State Pension Plans (City PERF, Parks PERF, Police 1977 Plan, and the Firefighters 1977
Plan) increased significantly from the prior year. The liability increased due to a large decrease in the money-weighted rate of return. The
money-weighted rate of return equals investment performance, net of pension plan investment expense, adjusted for the changing amounts
actually invested. The 2022 money-weighted rate of return was -6.6%, which is a decrease of 32% from the prior year.
($200)$0 $200 $400 $600
Millions
City of Carmel
Net Position
December 31, 2022
Unrestricted Restricted Net investment in capital assets
29
The following chart displays Program Revenues and Expenses by function for the City's Governmental Activities.
The following chart displays the revenue composition for the City's Governmental Activities.
Governmental Activities. During the current fiscal year, net position for governmental activities increased $32,289,970 from the prior
fiscal year for an ending balance of $387,588,024. The increase of 9.09% resulted in part from the acquistion of 98 capital assets and an
increase in construction in progress activity during the year.
$0
$10,000,000
$20,000,000
$30,000,000
$40,000,000
$50,000,000
$60,000,000
$70,000,000
$80,000,000
$90,000,000
General government Public safety Streets, infrastructure Economic development Culture and recreation Interest on long-term
debt
CITY OF CARMEL
Program Revenues vs. Expenses
For the Fiscal Year Ended December 31, 2022
Program Expenses Program Revenues
Property taxes
28.59%
Income tax
23.72%
Tax incremental
revenue
19.16%
Charges for services
8.72%
Operating grants and
contributions
1.30%
Capital grants and
contributions
0.97%
Unrestricted investment
earnings
0.58%Other
16.95%
City of Carmel
Governmental Activities Revenue
For the Fiscal Year Ended December 31, 2022
30
City of Carmel's Changes in Net Position
REVENUES:
Program revenues:
Charges for services
Operating grants and
contributions
Capital grants and
contributions
General revenues:
Property taxes
Income tax
Other
Total revenues
EXPENSES:
General government
Public safety
Streets, infrastructure
Water distribution
Sewer collection
Economic development
Culture and recreation
Interest on long-term debt
Other
Total expenses
Transfers
NET POSITION - beginning
NET POSITION - ending
-
9,859,506
118,369,621$
5,059,713
1,320,506
32,289,970 38,829,123
Unrestricted investment
earnings
Tax incremental revenue 44,052,895
The reduction in streets, infrastructure expenses mainly reflect the reduction in construction costs related to the 2016 Project. The increase
in general government expenses can be attributed to an increase in construction costs related to the 2021 Project.
-
247,390 236,719
2,234,815
54,550,714 57,887,325 -
65,741,734
1,337,884
63,905,027
8,116,109 3,338,803
2021 2021
49,763,089$
2022 2021
Total
52,573,823$ 20,049,442$
2,327,172 - -
18,709,961$
2022
31,053,128$ 32,524,381$
Business-type Activities
-
11,946,131
2022
21,799,363
48,809,731
- 22,193,459
9,192,941
21,799,363 -
30,969,464
189,256,977 202,255,488
5,505,060
22,793,124
1,320,506 - (1,320,506)
32,177,678
-
38,020,210
124,908,774$ 512,496,798$
Change in net position before
transfers
- -
-
323,120,376 118,369,621 473,667,675
5,842,532
30,857,172
-
-
-
5,059,713 5,505,060 -
7,163,038
31,658,869 220,915,846
38,829,123
435,647,465
22,793,124
15,868,909
33,496,494
355,298,054$
235,751,982
Increase (decrease) in net
position
387,588,024$
355,298,054
473,667,675$
22,193,459
6,539,153
48,809,731
9,859,506
112,527,089
11,303,035
(1,320,506)
-
-
7,859,659
-
-
-
- 63,905,027
57,887,325
85,040,775
38,976,077
233,224,952
63,854,679
157,199
38,821,907
63,854,679 -
26,662,617
56,351,024 -
1,585,274
(76,768)
44,334,410
Governmental Activities
2,997,905 2,997,905 2,327,172
-
- 85,040,775
468,273
41,356,153
-
220,114,149
34,218,709
44,052,895
274,581,105
-
15,868,909
32,871,669
11,946,131
32,871,669
11,027,151 10,350,924 7,688,348
39,444,350
- 54,550,714
34,218,709
65,741,734
56,351,024
38,020,210
11,303,035
Fluctuations in grant revenues mainly reflect the unique, one-time grant programs related to the national health emergency. Fluctuations in
unrestricted investment earnings is attributable to the fluctuations in the market conditions.
Food and beverage tax 3,283,486 2,712,115 - - 3,283,486 2,712,115
44,334,410
9,192,941
393,918
258,936,056
26,585,849
31
Business-type Activities. For the City's business-type activities, overall net position increased to an ending balance of
The following chart displays program revenues and expenses by function for the City's Business-Type Activities.
The following chart displays the revenue composition for the City's Business-type Activities funds.
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
$124,908,774. The total increase in net position for business-type activities (water and sewer) was $6,539,153 or 5.2% from the
prior fiscal year, indicating a relatively stable and healthy net position.
The City has improved cash flows by replacing aging meters, expanding the system as the community grows and new customers tap in, and
a program of annual rate increases. Currently, the City utility rates are lower than the standard utility rates in the region. 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.
At December 31, 2022, the City's governmental funds reported combined fund balances of $257,516,837, an increase of $15,663,458 in
comparison with the prior year. Much of the increase is due to proceeds from bond issues. Approximately 7.3% of the combined fund
balances, $18,878,417, constitutes unassigned fund balance, which is available for spending at the government's discretion. The remainder
of the fund balance is either restricted, committed, or assigned, indicating that, legally, it is required to be maintained intact or used for
particular purposes ($218,211,288), it is committed for particular purposes ($11,862,061), or it is assigned for particular purposes
($8,565,071).
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.
$33,496,494
$41,356,153
$0
$5,000,000
$10,000,000
$15,000,000
$20,000,000
$25,000,000
$30,000,000
$35,000,000
$40,000,000
$45,000,000
CITY OF CARMEL
Business-Type Revenues vs. Expenses
For the Fiscal Year Ended December 31, 2022
Expenses Rev
Charges for services
79.12%
Capital grants and
contributions
19.74%
Other
1.14%City of Carmel
Business-Type Activities Income
For the Fiscal Year Ended December 31, 2022
32
General Fund Budgetary Highlights
The most significant differences between estimated revenues and actual revenues were as follows:
Revenue source
Property tax
Income tax
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Miscellaneous
Total
(2,683,093)
46,613,206$
Final
-
52,730,393
266,478
3,922,384
13,939,050
119,503,353$
the original estimated revenues.
(2,968,561)$
(214,200) 224,910
49,581,767$
Difference
Unrestricted net position of the Water Utility at the end of the year was a deficit of $30,759,897; for the Sewer Utility, unrestricted net
position was a deficit of $3,963,020. Water Utility net position, before capital contributions and transfers, decreased $630,097.
Improvement is expected as the utilities continue to expand and achieve both economies of scale and greater utilization of recently installed
mains, treatment facilities, and replacement of aging water meters.
45,735,219 6,995,174
(2,871,807)
Investment earnings, subfund
transactions, and other
-
117,881,742$
Original budget compared to final budget. During the year, there was no need for any significant amendments to increase
4,145,603
The 2022 fund had a $62,742,643 increase in fund balance during the year, due to bond proceeds being issued, which put the overall fund
balance at $62,742,643.
Estimated
Revenues
The Redevelopment Commission Fund, a major fund, accounts for tax increment revenue, which is restricted for certain economic
development projects. The fund had a $8,384,246 decrease in fund balance during the year, representing normal variation in the amount of
debt service due each year, which put the overall fund balance at $32,027,079.
Actual
Revenues
The fund balance of the City's General Fund increased by $4,489,457 during the year, indicating a budget variance within approximately
2% of revenues and expenditures, which is considered reasonable.
The General Fund is the chief operating fund of the City. At the end of the current fiscal year, unassigned fund balance of the General Fund
was $18,878,417 while the total fund balance was $33,370,480. As a measure of the General Fund's liquidity, it may be useful to compare
both unassigned fund balance and total fund balance to total General Fund expenditures. Unassigned fund balance represents 18.8% of total
general fund expenditures while total fund balance represents 33.2% of that amount.
Final
Proprietary Funds. The City's proprietary funds provide the same type of information found in the government-wide financial statements,
but in more detail.
The 2022 Project Fund, a major fund, accounts for the expenditure of proceeds of a 2022 Redevelopment Authority bond, the purpose of
which was to finance or reimburse the cost of the acquisition, design, construction, renovation, improvement and/or equipping of the local
and arterial road and street system.
344,422
(902,708)
1,621,611$
1,462,510
3,922,384
The revenue excesses and shortfalls in the above revenue sources net to less than 1.5% and were not considered problematic in the
aggregate.
14,841,758
The 2021 Project Fund, a major fund, accounts for the expenditure of proceeds of certain 2021 bond issuances, the purpose of which was to
finance the Police headquarters expansion and related parking garage projects. The fund had a $20,362,998 decrease in fund balance during
the year, due to construction costs incurred which put the overall fund balance at $20,024,225.
439,110
The Redevelopment Authority Fund, a major fund, had a $14,113,008 decrease in fund balance during the current fiscal year, due primarily
to an increase in construction costs during the year. The ending balance was $62,293,597, all of which was restricted for debt service and
capital projects.
Final General Fund Budget Compared to Actual Results
610,900
2,871,807
33
The differences by department between estimated expenditures and actual expenditures were as follows:
Department
Controller
Clerk
Mayor's Office
City Council
Board of Public Works
Administration
Brookshire Golf Course
Building Operations
City Court
Law Department
Community Services
Personnel/ Human Resources
Information Systems
City Property Maintenance
Public Affairs/ Community Relations
Fire Department
Police Department
Communication Center
Parks Department
Redevelopment Department
Other
Total
Capital Assets and Debt Administration
Capital Assets
Land
Construction in progress
Buildings
Machinery, equipment,
and vehicles
Infrastructure
Water distribution system
Sewer system
Total
Additional information on the City's capital assets can be found in Note II.C. on pages 59–60 of this report.
1,598,832
- -
(1,129,576)
26,978,151
289,826,039$
960,584$
1,008,276,993$
-
1,142,373 700,142
The under-budget conditions mostly reflect the City’s policy of fully funding full staffing, with no provision for vacancies, and fringe
benefits at the highest potential cost. Actual expenditures tend to be less.
1,318,601
659,823
(453,671)
1,202,757$
(770,566)
1,739,614 (182,537)
3,525,268 (323,335)
3,779,209
16,797,355 16,806,408
1,922,151
489,393,650
(442,231)
Governmental Activities
Difference
437,367
(297,610)
(1,529,039)
(242,173)$
4,576,732
(150,898)
Final Estimated
Expenditures
Final Actual
Expenditures
588,265
815,150
-
(908,248)
6,105,771
1,008,497
(9,053)
(14,327,892)$
5,081,632 (1,338,711)
26,204,508
4,660,703
4,113,172
824,060
(1,296,363)
-
113,382,172$
834,158
127,710,064$
(255,304)
31,409,870
31,509,960
1,318,601
5,059,563
31,254,656
3,742,921
5,957,066
(946,391)
(10,098)
1,380,862
(5,205,362)
4,549,775
2,289,110
710,887
4,396,876
2,052,503
5,526,452
(155,327)
3,848,603
Business-type Activities
2022, amounts to $1,298,103,032 (net of accumulated depreciation). This investment in capital assets includes land, buildings, machinery,
equipment, vehicles, park facilities, roads, highways, bridges, and the water treatment plant. The total increase in capital assets for the
current fiscal year was 3.92%.
Capital assets. The City's investment in capital assets for its governmental and business-type activities as of December 31,
227,924,625
26,978,151
-
58,924,152
205,056,414$
1,249,134,733$
67,465,073
1,298,103,031$ 279,555,288$
61,882,297
196,345,440$
-
-
227,924,625
67,465,073
431,852,064
200,899,962$
164,233,523
26,290,175
61,882,297
-
156,068,458
164,233,523
-
4,554,522$
105,949,702
489,393,650
210,466,509$
-
2022
In 2022, the City continued its program of improving streets and streetscapes, using proceeds of bonds issued in 2016 and 2017. The City
issued more bonds in 2022 to continue improving streets and streetscapes throughout the city.
207,908,254
Total
2021202220212021
-
2022
5,410,095$
107,183,512
969,579,445$
169,925,321
48,884,946
207,908,254
26,290,175
431,852,064
169,925,321
47,025,550
- -
34
Outstanding Long-Term Liabilities
Unamortized premium
Compensated absences
OPEB
Net pension liability
Financed purchase obligations
Total
Additional information on the City's long-term debt can be found in Note II.D. on pages 60–68 of this report.
Economic Factors and Next Year's Budgets and Rates
Request for Information
2021
At the end of the current fiscal year, the City had total bonded debt outstanding of $950,280,166. Of this amount, $611,596,088 is debt
backed by an unlimited ad valorem property tax levy, $146,590,000 is debt backed by income tax, $26,785,000 is debt backed by tax
increment, and $165,309,078 is debt backed by utility revenues. The remainder of the City's long-term obligations comprises post-
employment benefit debt, compensated absences, contract purchases, and financed purchase obligations.
Governmental Activities Business-type Activities
2021
175,776,906$
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”.
• The unemployment rate for the City was 0.9% at the close of the fiscal year, which is significantly below the national rate of 3.9% and
also below the rate of nearby communities.
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 Office of the Controller, One Civic Square, Carmel, Indiana 46032.
• The City enjoys favorable relationships with employee unions and no history of significant contract disputes.
Contract purchases 7,335,630 8,053,173 - - 7,335,630 8,053,173
The following economic factors currently affect the City and were considered in developing the 2023 fiscal year budget.
Bonds
54,121,774
2022
23,524,710
10,266,286
1,096,572,650$
11,494,812
2,062,886
386,052
The City's total debt outstanding increased by $41,631,761 (3.95%) during the current fiscal year.
The City's utilities incurred $2,531,091 of bonded debt.
1,228,526
23,395,059 21,754,116
920,795,744$
3,611,107
1,640,943
878,442,514$
12,212,233
176,498,375$ 1,054,940,889$
9,794,889
22,074,413
2,417,344
48,439,599
25,436,805
3,869,227
3,362,392
165,309,078$
50,164,154
3,189,063 2,729,316
44,570,372
927,819,022$
54,507,826
2,535,181 472,295
359,118
459,747
27,135,817
• 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.
Long-term Debt. On November 29, 2022, the City issued, through the Redevelopment Authority Fund, $62,450,000 of its Ad Valorem
Property Tax Lease Rental Bonds, Series 2022. The bonds were issued to finance the cost of the acquisition, design, construction,
renovation, improvement and/or equipping of the local arterial road and street system. The City has pledged an ad valorem property tax
levied on all taxable property within the City Redevelopment District to repay the bonds.
758,659,569$ 949,795,166$
49,805,036
169,159,453$ 784,486,088$
2022 2021 2022
Total
35
Governmental
Activities
Business-Type
Activities Total
Cash and investments 257,984,146$ 5,482,806$ 263,466,952$
Receivables (net of allowances for uncollectibles):
Lease and other 9,236,152 706,784 9,942,936
Taxes 23,749,099 - 23,749,099
Other - 1,458,677 1,458,677
Internal balances 351,310 (351,310) -
Inventories - 864,950 864,950
Prepaid expenses 810,177 25,000 835,177
Cash, restricted for debt service - 5,519,850 5,519,850
Capital and leased assets:
263,980,566 52,435,645 316,416,211
Other capital assets, net of depreciation 744,296,427 237,390,394 981,686,821
Right-of-use (leased) asset 332,850 - 332,850
Total assets 1,300,740,727 303,532,796 1,604,273,523
DEFERRED OUTFLOWS OF RESOURCES:
Bond refunding 15,782,537 - 15,782,537
Pensions 27,777,556 1,755,532 29,533,088
Other post-employment benefits 2,226,432 339,132 2,565,564
Total deferred outflows of resources 45,786,525 2,094,664 47,881,189
Lease Liability 332,850 - 332,850
Accounts payable 3,046,225 385,454 3,431,679
Accrued interest payable 10,532,275 689,316 11,221,591
Claims payable 1,480,423 - 1,480,423
Other current payables - 272,724 272,724
Accrued payroll and withholdings payable 1,928,721 154,000 2,082,721
Compensated absences 2,729,316 459,747 3,189,063
Unearned revenue 1,917,965 - 1,917,965
Customer deposits - 42,705 42,705
Noncurrent liabilities:
Due within one year:
Bonds and contract purchases payable 36,499,417 24,692,678 61,192,095
Financed purchase obligation payable 2,449,014 534,449 2,983,463
OPEB liability 824,552 125,597 950,149
Due in more than one year:
Bonds and contract purchases payable 805,127,337 140,975,518 946,102,855
Financed purchase obligation payable 7,345,875 1,882,895 9,228,770
Net pension liability 44,570,373 3,869,227 48,439,600
OPEB liability 21,249,861 3,236,795 24,486,656
Total liabilities 940,034,204 177,321,105 1,117,355,309
DEFERRED INFLOWS OF RESOURCES:-
Leases 8,438,899 - 8,438,899
2008 bond call rights waiver - 1,962,215 1,962,215
Pensions 2,291,719 190,234 2,481,953
Other post-employment benefits 8,174,406 1,245,132 9,419,538
Total deferred inflows of resources 18,905,024 3,397,581 22,302,605
Net investment in capital assets 393,652,201 158,358,902 552,011,103
Restricted:
General government 669,071 - 669,071
Public safety 2,250,165 - 2,250,165
Streets and other infrastructure 7,523,167 1,272,789 8,795,956
Drainage 6,707,179 - 6,707,179
Economic development 966,848 - 966,848
Culture and recreation 9,571,204 - 9,571,204
Unrestricted (33,751,811) (34,722,917) (68,474,728)
Total net position 387,588,024$ 124,908,774$ 512,496,798$
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, 2022
ASSETS:
Capital assets not being depreciated: land,
improvements, and construction in progress
36
Expenses
Governmental
Activities
Business-Type
Activities Total
FUNCTIONS/PROGRAMS:
Governmental activities:
General government 63,854,679$ 166,786$ 1,773,107$ -$(61,914,786)$ -$(61,914,786)$
Public safety 85,040,775 2,213,582 1,224,798 (81,602,395) - (81,602,395)
Streets and other infrastructure 9,192,941 4,287,774 - 2,234,815 (2,670,352) - (2,670,352)
Economic development 22,793,124 615,833 -- (22,177,291) - (22,177,291)
Culture and recreation 15,868,909 12,765,467 -- (3,103,442) - (3,103,442)
Unallocated interest expense 5,505,060 - - - (5,505,060) - (5,505,060)
Total governmental activities 202,255,488 20,049,442 2,997,905 2,234,815 (176,973,326) - (176,973,326)
Business-type activities:
Water 22,193,459 21,083,425 - 6,022,094 - 4,912,060 4,912,060
Sewer 11,303,035 11,440,956 - 2,094,015 - 2,231,936 2,231,936
Total business-type activities 33,496,494 32,524,381 - 8,116,109 - 7,143,996 7,143,996
TOTAL PRIMARY
GOVERNMENT 235,751,982$ 52,573,823$ 2,997,905$ 10,350,924$ (176,973,326) 7,143,996 (169,829,330)
GENERAL REVENUES AND TRANSFERS:
General Revenues:
Property tax 65,741,734 - 65,741,734
Income tax 54,550,714 - 54,550,714
Food and beverage tax 3,283,486 - 3,283,486
Tax incremental revenue 44,052,895 - 44,052,895
Unrestricted investment earnings 1,337,884 247,390 1,585,274
American Rescue Plan - lost revenue replacement 2,527,991 - 2,527,991
Other 36,448,086 468,273 36,916,359
Transfers 1,320,506 (1,320,506) -
Total general revenues and transfers 209,263,296 (604,843) 208,658,453
CHANGE IN NET POSITION 32,289,970 6,539,153 38,829,123
NET POSITION: beginning 355,298,054 118,369,621 473,667,675
NET POSITION: ending 387,588,024$ 124,908,774$ 512,496,798$
City of Carmel, Indiana
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended December 31, 2022
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
37
City of Carmel, Indiana
BALANCE SHEET
GOVERNMENTAL FUNDS
December 31, 2022
General Fund
Redevelopment
Commission
Fund
Redevelopment
Authority Fund
2021 Project
Fund
2022 Project
Fund
Total
Nonmajor
Funds Total
ASSETS:
Cash and investments 28,825,987$ 32,259,547$ 62,293,597$ 20,202,926$ 62,742,643$ 51,659,446$ 257,984,146$
Receivables:
Lease and other 644,011 - - - - 8,592,141 9,236,152
Taxes:
Property 1,642,372 - - - - 671,519 2,313,891
Income 21,435,208 - - - - - 21,435,208
Due from other governmental funds - - - - - 69,390 69,390
Due from related utility - - - - - 351,310 351,310
TOTAL ASSETS 52,547,578 32,259,547 62,293,597 20,202,926 62,742,643 61,343,806 291,390,097
LIABILITIES:
Accounts payable 1,474,879 232,468 - 178,701 - 1,160,177 3,046,225
Claims payable - - - -- 1,480,423 1,480,423
Due to other funds - - - -- 69,390 69,390
Unearned revenue - - - -- 1,917,965 1,917,965
1,603,164 - - - - 325,557 1,928,721
Total liabilities 3,078,043 232,468 - 178,701 - 4,953,512 8,442,724
DEFERRED INFLOWS OF RESOURCES:
Leases - - - - - 8,438,899 8,438,899
Unavailable revenue 16,099,055 - - - - 892,582 16,991,637
Total deferred inflow of resources 16,099,055 - - - - 9,331,481 25,430,536
FUND BALANCES:
Restricted:
General government - - - - - 669,071 669,071
Public safety - - - - - 2,250,165 2,250,165
Highways and streets - - 49,447,989 20,024,225 - 20,802,229 90,274,443
Drainage - - - - 6,707,179 6,707,179
Economic development - 32,027,079 10,613,872 - 62,742,643 966,848 106,350,442
Culture and recreation - - 2,231,736 - - 9,728,252 11,959,988
Committed:
General government 5,926,992 - - - - 1,164,581 7,091,573
Public safety - - - - - 3,254,605 3,254,605
Highways and streets - - - - - 456,745 456,745
Economic development - - - - - 158,789 158,789
Culture and recreation 900,349 900,349
Assigned:
General government 4,321,416 - - - - - 4,321,416
Public safety 3,671,338 - - - - - 3,671,338
Economic development 2,050 - - - - - 2,050
Culture and recreation 570,267 - - - - - 570,267
Unassigned 18,878,417 - - - - - 18,878,417
Total fund balances 33,370,480 32,027,079 62,293,597 20,024,225 62,742,643 47,058,813 257,516,837
TOTAL LIABILITIES, DEFERRED
INFLOWS OF RESOURCES
AND FUND BALANCES 52,547,578$ 32,259,547$ 62,293,597$ 20,202,926$ 62,742,643$ 61,343,806$ 291,390,097$
The notes to the financial statements are an integral part of this statement.
Accrued payroll withholdings payable
38
Fund Balance - governmental funds 257,516,837$
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.810,177
Capital and leased assets used in governmental activities are not financial resources and, therefore, are not
reported in the funds:
Right-of-use (leased) asset 332,850$
Land and construction in progress 263,980,566
Machinery, equipment, and vehicles 1,007,145,234
Accumulated depreciation (262,848,807)
1,008,609,843
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 2,313,891$
Income tax 13,812,672
Lease Security Deposits 93,361
Ambulance fees 127,702
Supplemental ambulance fees 644,011
16,991,637
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 (44,570,373)$
Other post-employment benefit liability (22,074,413)
(66,644,786)
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 15,782,537$
Pension-related inflows (2,291,719)
OPEB-related inflows (8,174,406)
Pension-related outflows 27,777,556
OPEB-related outflows 2,226,432
35,320,400
Other noncurrent liabilities are not due and payable in the current period and, therefore, are not
reported in the funds:
Lease Liability (332,850)$
Compensated absences (2,729,316)
Accrued interest payable (10,532,275)
Unamortized value of financed purchase obligations (9,794,889)
Unamortized premiums on bonds outstanding (49,805,036)
Unamortized principal on bonds outstanding (791,821,718)
(865,016,084)
Net position of governmental activities 387,588,024$
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, 2022
39
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
General Fund
Commission
Fund
Redevelopment
Authority Fund
2021 Project
Fund
2022 Project
Fund
Total Nonmajor
Funds Total
REVENUES:
Property tax 46,613,206$ -$ -$ -$ -$ 19,298,203$ 65,911,409$
Income tax 52,730,393 - - - - - 52,730,393
Food and beverage tax 3,283,486 - - - - - 3,283,486
Other local tax 4,024,823 38,189,599 - - - 1,838,473 44,052,895
Charges for services 1,462,510 151,807 - - - 18,435,125 20,049,442
Investment income 228,896 188,966 272,834 123,362 59 523,767 1,337,884
Licenses and permits 2,920,276 - - - - 116,887 3,037,163
Fines and forfeits 224,910 - - - - - 224,910
Intergovernmental:
Grants 1,209,621 - - - - 6,551,090 7,760,711
State shared revenue 943,488 - - - - 6,656,733 7,600,221
Other 171,959 - - - - - 171,959
Contributions - - - - - 456,725 456,725
Other 3,603,111 4,368,134 4,526,543 - 97,059 10,944,689 23,539,536
Total revenues 117,416,679 42,898,506 4,799,377 123,362 97,118 64,821,692 230,156,734
EXPENDITURES:
Current:
General government 19,798,573 - - - - 2,563,491 22,362,064
Public safety 57,388,459 - - - - 2,684,212 60,072,671
Streets and other infrastructure 1,570,897 - - - 213,650 23,343,836 25,128,383
Economic development 821,682 1,902,691 - - - 398,467 3,122,840
Culture and recreation 7,030,654 - - - - 9,713,255 16,743,909
Debt service:
Principal 4,078,000 1,857,543 21,874,702 - - 6,975,000 34,785,245
Interest 6,255,916 831,869 13,177,330 1,010,315 - 7,413,854 28,689,284
Bond issuance costs - - - 15,582 124,900 - 140,482
Capital outlay:
General government 70,273 - 32,727,353 - - - 32,797,626
Public safety 3,289,211 - - 20,470,778 - - 23,759,989
Streets and other infrastructure - - - - - 15,150,340 15,150,340
Economic development 2,261 17,370,277 - - - 1,000 17,373,538
Culture and recreation 349,371 - - - - 661,457 1,010,828
Total expenditures 100,655,297 21,962,380 67,779,385 21,496,675 338,550 68,904,912 281,137,199
Continued on next page.40
General Fund
Redevelopment
Commission
Fund
Redevelopment
Authority Fund
2021 Project
Fund
2022 Project
Fund
Total Nonmajor
Funds Total
EXCESS (DEFICIENCY) OF REVENUES
OVER (UNDER) EXPENDITURES 16,761,382 20,936,126 (62,980,008) (21,373,313) (241,432) (4,083,220) (50,980,465)
Bond issuance - principal - - - - 62,450,000 - 62,450,000
Bond issuance - premium - - - - 534,075 - 534,075
Debt issuance - financed purchase obligations 1,969,822 - - - - 369,520 2,339,342
Transfers in, governmental funds 766,168 - 48,867,000 1,010,315 - 9,928,481 60,571,964
Transfer in (out) from (to) enterprise funds 1,320,506 - - - - - 1,320,506
Transfers (out), governmental funds (16,328,421) (29,320,372) - - - (14,923,171) (60,571,964)
Total other financing sources and uses (12,271,925) (29,320,372) 48,867,000 1,010,315 62,984,075 (4,625,170) 66,643,923
NET CHANGES IN FUND BALANCES 4,489,457 (8,384,246) (14,113,008) (20,362,998) 62,742,643 (8,708,390) 15,663,458
FUND BALANCES: beginning 28,881,023 40,411,325 76,406,605 40,387,223 - 55,767,203 241,853,379
FUND BALANCES: ending 33,370,480$ 32,027,079$ 62,293,597$ 20,024,225$ 62,742,643$ 47,058,813$ 257,516,837$
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, 2022
(Continued)
41
15,663,458$
Capital outlays 64,312,698
Disposal of assets 1,144,317
Depreciation expense (26,759,467)
38,697,548
Decrease (increase) in bonds payable for private placement bonds 5,080,000
Decrease (increase) in bonds payable for other bonds secured by revenues (33,462,298)
Decrease (increase) in accreted interest 2,555,779
Decrease (increase) in bonds payable for contract purchase obligations 717,543
Amortization of certain bond-related prepaid expense and deferred inflows and outflows (1,920,237)
Amortization of premium on bonds outstanding 4,850,813
Bond issuance premium (534,075)
Financed purchase obligation proceeds (2,339,342)
Principal payments on financed purchase obligations 2,810,739 Compensated absences (666,430)
(22,907,508)
Property tax (169,675)
Income tax 1,820,321
Lease security deposits 93,361
Ambulance fees 54,857 Ambulance fee supplemental 59,733
1,858,597
1925 Police Officers' plan 660
1937 Firefighters' plan (728,420)
1977 Police Officers' plan 137,797
1977 Firefighters' plan 164,811
Civilian public employee retirement plan 787,955
Other post-employment benefits - retiree health insurance 135,797
498,600
(1,520,725)
Change in net position of governmental activities (Statement of Activities)32,289,970$
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
funds:
Expenses in the Statement of Activities for actuarially-determined pension and other post-employment benefits are not
recognized as expenditures in the funds:
Accrued interest reported in the Statement of Activities does not require the use of current financial resources and, therefore,
is not reported as expenditures in governmental funds, net decrease in accrual.
City of Carmel, Indiana
RECONCILIATION OF THE STATEMENT OF REVENUES,
EXPENDITURES, AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
TO THE GOVERNMENT-WIDE STATEMENT OF ACTIVITIES
For the Fiscal Year Ended December 31, 2022
42
Water Utility Sewer Utility Total Enterprise
ASSETS:
Current assets:
Cash 1,855,869$ 3,626,937$ 5,482,806$
Accounts receivable (net of allowance)343,915 362,869 706,784
Other receivables 1,023,044 435,633 1,458,677
Due from associated utility - 806,456 806,456
Inventories 444,505 420,445 864,950
Prepaid items 15,625 9,375 25,000
Total current assets 3,682,958 5,661,715 9,344,673
Noncurrent assets:
Restricted cash, debt service 1,669,886 3,849,964 5,519,850
Due from associated utility 661,555 - 661,555
Capital assets:
31,777,555 20,658,090 52,435,645
Utility plant in service, net of depreciation 169,925,321 67,465,073 237,390,394
Total noncurrent assets 204,034,317 91,973,127 296,007,444
Total assets 207,717,275 97,634,842 305,352,117
DEFERRED OUTFLOW OF RESOURCES:
Pension-related 986,030 769,502 1,755,532
OPEB-related 191,420 147,712 339,132
Total deferred outflow of resources 1,177,450 917,214 2,094,664
Continued on next page.
City of Carmel, Indiana
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
Business-Type Activities - Enterprise Funds
Land, improvements to land and
construction in progress
December 31, 2022
43
Water Utility Sewer Utility Total Enterprise
LIABILITIES:
Current liabilities:
Accounts payable 241,485$ 143,969$ 385,454$
Accrued wages payable 87,225 66,775 154,000
Compensated absences 261,892 197,855 459,747
Due to associated governmental funds 351,310 - 351,310
Due to associated utility 806,456 - 806,456
Hydrant deposits 42,705 - 42,705
Revenue bonds payable, current portion 23,099,000 1,593,678 24,692,678
Financed purchase obligation payable, current portion 344,786 189,663 534,449
Accrued interest payable 575,468 113,848 689,316
OPEB liability 70,892 54,705 125,597
Other 272,724 - 272,724
Total current liabilities 26,153,943 2,360,493 28,514,436
Noncurrent liabilities:
Bonds payable 111,805,422 29,170,096 140,975,518
Financed purchase obligation payable 1,026,813 856,082 1,882,895
Due to associated utility - 661,555 661,555
Net pension liability 2,173,229 1,695,998 3,869,227
OPEB liability 1,826,982 1,409,813 3,236,795
Total noncurrent liabilities 116,832,446 33,793,544 150,625,990
Total liabilities 142,986,389 36,154,037 179,140,426
Pension-related 106,849 83,385 190,234
OPEB-related 702,804 542,328 1,245,132
2008 bond call rights waiver 1,962,215 - 1,962,215
Total deferred inflow of resources 2,771,868 625,713 3,397,581
NET POSITION:
Net investment in capital assets 93,886,796 64,472,106 158,358,902
Restricted for infrastructure 9,569 1,263,220 1,272,789
Unrestricted (30,759,897) (3,963,020) (34,722,917)
Total net position 63,136,468$ 61,772,306$ 124,908,774$
The notes to the financial statements are an integral part of this statement.
PROPRIETARY FUNDS
December 31, 2022
City of Carmel, Indiana
STATEMENT OF NET POSITION
Business-Type Activities - Enterprise Funds
DEFERRED INFLOW OF RESOURCES
(Continued)
44
Water Utility Sewer Utility Total Enterprise
OPERATING REVENUES:
Residential sales 15,807,773$ 5,907,864$ 21,715,637$
Commercial and industrial sales 4,557,809 5,185,967 9,743,776
Other operating revenue 717,843 347,125 1,064,968
Total operating revenues 21,083,425 11,440,956 32,524,381
OPERATING EXPENSES:
Source of supply - operation and maintenance 128,131 - 128,131
Water treatment - operation and maintenance 5,409,702 - 5,409,702
Transmission and distribution 4,318,176 - 4,318,176
Collection system - operation and maintenance - 2,051,401 2,051,401
Treatment and disposal - operation and maintenance - 3,444,051 3,444,051
Customer accounts 862,723 700,379 1,563,102
Administration and general 900,399 1,380,186 2,280,585
Payroll tax 325,133 256,039 581,172
Utility receipts tax 118,200 - 118,200
Depreciation 4,436,676 2,494,111 6,930,787
Pension expense (credit)(180,225) (113,548) (293,773)
OPEB (credit)(57,635) 3,668 (53,967)
Total operating expenses 16,261,280 10,216,287 26,477,567
OPERATING INCOME 4,822,145 1,224,669 6,046,814
NON OPERATING REVENUES (EXPENSES):
Interest and investment revenue 97,917 149,473 247,390
Miscellaneous revenue 298,484 87,608 386,092
Amortization of call rights waiver 524,576 - 524,576
Amortization of debt premium/(discount)26,934 - 26,934
Interest expense (6,483,689) (1,086,748) (7,570,437)
Gain (loss) from sale of capital assets 83,536 (1,355) 82,181
Total nonoperating revenue (expenses)(5,452,242) (851,022) (6,303,264)
Continued on next page.
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2022
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
Business-Type Activities - Enterprise Funds
45
Water Utility Sewer Utility Total Enterprise
(630,097) 373,647 (256,450)
CAPITAL CONTRIBUTIONS AND TRANSFERS:
Capital contributions 6,022,094 2,094,015 8,116,109
Transfers to associated city (839,763) (480,743) (1,320,506)
Total capital contributions and transfers 5,182,331 1,613,272 6,795,603
CHANGE IN NET POSITION 4,552,234 1,986,919 6,539,153
NET POSITION: beginning 58,584,234 59,785,387 118,369,621
TOTAL NET POSITION: ending 63,136,468$ 61,772,306$ 124,908,774$
The notes to the financial statements are an integral part of this statement.
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
(Continued)
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2022
CHANGE IN NET POSITION BEFORE
CONTRIBUTIONS AND TRANSFERS
Business-Type Activities - Enterprise Funds
46
Water Utility Sewer Utility Total Enterprise
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers and users 20,676,162$ 11,193,677$ 31,869,839$
Payments for goods and services (6,384,086) (3,013,929) (9,398,015)
Payments to employees (6,671,114) (5,074,763) (11,745,877)
Other receipts 705,748 209,486 915,234
8,326,710 3,314,471 11,641,181
Proceeds from sale of bonds 2,531,091 - 2,531,091
Capital contributions 3,929,302 1,575,307 5,504,609
Acquisition and construction of capital assets (8,984,740) (4,929,118) (13,913,858)
Payment of capital debt, including refunded debt (4,822,000) (1,559,466) (6,381,466)
Interest paid on debt (3,544,203) (703,466) (4,247,669)
Proceeds from sale of capital assets 83,536 - 83,536
Bond-related professional fees (2,531,091) (31,385) (2,562,476)
Net cash provided (used) by capital
and related financing activities (13,338,105) (5,648,128) (18,986,233)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 97,917 149,473 247,390
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Transfers from (to) governmental funds (839,763) (480,743) (1,320,506)
(5,753,241) (2,664,927) (8,418,168)
9,278,996 10,141,828 19,420,824
CASH AND CASH EQUIVALENTS: ending 3,525,755$ 7,476,901$ 11,002,656$
Continued on next page.
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2022
City of Carmel, Indiana
STATEMENT OF CASH FLOWS
Business-Type Activities - Enterprise Funds
Net cash provided by operating activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES:
NET INCREASE (DECREASE) IN CASH AND CASH
EQUIVALENTS
CASH AND CASH EQUIVALENTS: beginning
47
Water Utility Sewer Utility Total Enterprise
RECONCILIATION OF OPERATING INCOME TO
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Operating income 4,822,145$ 1,224,669$ 6,046,814$
Adjustments to reconcile operating
income (loss) to net cash provided
(used) by operating activities:
Depreciation expense 4,436,676 2,494,111 6,930,787
Nonoperating income (expense)156,676 119,002 275,678
(Increase) decrease in assets:
Accounts receivable (32,538) (44,553) (77,091)
Pension-related deferred outflows of resources (85,858) (83,551) (169,409)
OPEB-related deferred outflows of resources 12,604 5,744 18,348
Other 11,573 175,935 187,508
Interfund receivables 31,385 (31,385) -
Inventories 22,119 6,603 28,722
Increase (decrease) in liabilities:
Accounts payable (914,090) (364,610) (1,278,700)
Wages payable (998) (149) (1,147)
Compensated absence payable (14,473) 1,925 (12,548)
Net pension liability 1,241,945 986,339 2,228,284
OPEB liability (163,087) (85,628) (248,715)
Pension-related deferred inflows of resources (1,336,312) (1,016,336) (2,352,648)
OPEB-related deferred inflows of resources 92,848 83,552 176,400
Other current liabilities 46,095 (157,197) (111,102)
Total adjustments 3,504,565 2,089,802 5,594,367
8,326,710$ 3,314,471$ 11,641,181$
NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES:
Initiation of financed purchase obligations 658,124 996,714 1,654,838
Contributions of capital assets and aid in construction 2,092,792 1,114,063 3,206,855
Amortization of call rights waiver 524,576 - 524,576
Amortization of bond premium 26,934 - 26,934
Accreted interest 2,531,091 - 2,531,091
The notes to the financial statements are an integral part of this statement.
Business-Type Activities - Enterprise Funds
For the Fiscal Year Ended December 31, 2022
(Continued)
NET CASH PROVIDED BY OPERATING
ACTIVITIES
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
City of Carmel, Indiana
48
Pension Trust
Funds Custodial Funds
ASSETS:
Cash and cash equivalents 143,003$ 83,238$
Receivable from State of Indiana 102,474 -
Total assets 245,477 83,238
LIABILITIES:
Payroll withholdings 102,474 -
Total liabilities 102,474 -
NET POSITION: Restricted for:
Pensions 143,003 -
Individuals, organization and other governments - 83,238
Total net position 143,003$ 83,238$
The notes to the financial statements are an integral part of this statement.
City of Carmel, Indiana
STATEMENT OF FIDUCIARY NET POSITION
December 31, 2022
FIDUCIARY FUNDS
49
Pension Trust
Funds Custodial Funds
ADDITIONS:
Employer contributions 1,209,621$ -$
Investment income 4,708 -
Court costs and fees - 902,873
Miscellaneous revenue 4,111 -
Total additions 1,218,440 902,873
DEDUCTIONS:
Benefits to plan members and beneficiaries 1,221,579 -
Administrative expenses 4,113 -
Distributions - 897,320
Total deductions 1,225,692 897,320
NET INCREASE (DECREASE) IN NET POSITION (7,252) 5,553
NET POSITION: beginning 150,255 77,685
NET POSITION: ending 143,003$ 83,238$
The notes to the financial statements are an integral part of this statement.
For the Fiscal Year Ended December 31, 2022
FIDUCIARY FUNDS
City of Carmel, Indiana
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
50
I. Summary of Significant Accounting Policies
A. Accounting Principles
B. Reporting Entity
C. Basis of Presentation – Government-Wide Statements
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.
The Carmel Redevelopment Authority, CMBC, CMCDC, CMFBC, DCCDC, and 4CDC do not issue separate financial statements.
The Statement of Activities demonstrates the extent to which the direct expenses of a functional category are offset by program revenues. Direct
expenses are those that are clearly identifiable with a specific program. Program revenues include charges to customers or applicants who
purchase, use, or directly benefit from goods, services, or privileges provided by a given function. They also include operating and capital grants
and contributions that are restricted to meeting the operational or capital requirements of a particular function. Taxes and other items properly
excluded from program revenues are reported as general revenue.
City of Carmel, Indiana
NOTES TO BASIC FINANCIAL STATEMENTS
For the Fiscal Year Ended December 31, 2022
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,
2022, 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.
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.
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.
51
D. Basis of Presentation – Fund Financial Statements
The government also reports certain other funds:
E. Measurement Focus and Basis of Accounting
The Redevelopment Commission Fund is used to account for the collection and expenditure of tax increment financing revenue and certain other
economic development activities.
The 2021 Project Fund is used to account for the expenditure of proceeds of certain 2021 bond issuances, the purpose of which were to finance
the Police headquarters expansion and related parking garage projects.
During the course of operations, the government has activity between funds for various purposes. Any residual balances outstanding at year end
are reported as due from/to other funds and advances to/from 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 also reports nonmajor funds, which are of three types: special revenue funds account for and report the proceeds of specific
revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects; capital projects
funds account for revenues normally restricted, committed, or assigned to expenditure for capital outlays, including the acquisition or
construction of capital facilities and other capital assets; and debt service funds account for and report financial resources that are restricted,
committed, or assigned to expenditure for principal and interest.
The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting.
Revenues are recorded when earned, and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows.
Property taxes are recognized in the year for which they are levied. Grants and similar items are recognized as revenues as soon as all eligibility
requirements imposed by the provider have been met.
The 2022 Project Fund is used to account for the expenditure of proceeds of certain 2022 bond issuances, the purpose of which were to finance
the cost of the acquisition, design, construction, renovation, improvement and/or equipping of the local and arterial road and street system.
The Water Utility and Sewer Utility Funds are enterprise funds and account for the activities of the City utilities, integral parts of the
government. The City operates the water distribution and sanitary sewer systems for residents and certain non-residents.
The fund financial statements provide information about the government's funds, including its fiduciary funds and blended component units.
Separate statements for each fund category–governmental, proprietary, and fiduciary–are presented. The emphasis of fund financial statements is
on major governmental and enterprise funds, each displayed in a separate column. All remaining governmental and enterprise funds are
aggregated and reported as nonmajor funds. Major individual governmental and enterprise funds are reported as separate columns in the fund
financial statements.
The General Fund is the government's primary operating fund. It accounts for all financial resources of the general government, except those
accounted for in the funds described below.
The Redevelopment Authority Fund is used to account for the accumulation of resources that are restricted, committed, or assigned for the
payment of principal and interest on certain long-term obligations of governmental funds. In addition, the Redevelopment Authority Fund is used
to account for the 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 government reports the following major governmental funds:
52
F. Reconciliation of Government-Wide and Fund Financial Statements
G. Assets, Liabilities, Deferred Outflows/Inflows of Resources, and Net Position/Fund Balance
1. Cash and Cash Equivalents
2. Investments
3. Inventories and Prepaid Items
4. Capital Assets
The capitalization threshold below is determined by the asset class.
a) Land is capitalized regardless of the value or cost;
The costs of normal maintenance and repairs that do not add to the value of the capital assets or materially extend capital assets' lives are not
capitalized. Major improvements are capitalized and depreciated over the remaining useful lives of the related capital assets.
The 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.
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.
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.
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 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 trust 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.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both the government-wide
and fund financial statements. The cost of prepaid items is recorded as expenditures/expenses when consumed rather than when purchased.
53
Buildings 20–100 years
Improvements Other than Buildings 10–20 years
Machinery, Equipment, and Vehicles 5–20 years
Infrastructure 20–50 years
5. Compensated Absences
6. Bond Premiums and Discounts
7. Deferred Outflows/Inflows of Resources
8. Net Position Flow Assumption
9. Fund Balance Flow Assumptions
Sometimes the government will fund outlays for a particular purpose from both restricted (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.
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.
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.
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.
Sometimes the government will fund outlays for a particular purpose from both restricted and unrestricted resources (the total of committed,
assigned, and unassigned fund balance). In order to calculate the amounts to report as restricted, committed, assigned, and unassigned fund
balance in the governmental fund financial statements, a flow assumption must be made about the order in which the resources are considered to
be applied. It is the government's policy to consider restricted fund balance to have been depleted before using any of the components of
unrestricted fund balance. Further, when the components of unrestricted fund balance can be used for the same purpose, committed fund balance
is depleted first, followed by assigned fund balance. Unassigned fund balance is applied last.
In addition to 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.
54
10. Fund Balance/Net Position
a) Non-spendable fund balance (inherently non-spendable) includes the:
• Portion of net resources that cannot be spent because of their form.
• Portion of net resources that cannot be spent because they must be maintained intact.
b) Restricted fund balance (externally enforceable limitations on use) includes amounts subject to:
• Limitations imposed by creditors, grantors, contributors, or laws and regulations of other governments.
• Limitations imposed by law through constitutional provision or enabling legislation.
c) Committed fund balance (self-imposed limitations set in place prior to the end of the period):
d) Assigned fund balance (limitation resulting from intended use) consists of amounts where the:
• Intended use is established by the body designated for that purpose (City Council).
e) Unassigned fund balance (residual net resources) is the:
11. Use of Estimates
12. Restricted Net Position
H. Revenues and Expenditures/Expenses
1 . Program Revenues
All net position reported as restricted in the accompanying Statement of Net Position is restricted due to legally enforceable contractual
obligations or Indiana law.
During 2022, the City adopted GASB Statement No. 87, Leases (Statement No. 87). Statement No. 87 requires lessees to recognize a lease
liability and an intangible right-to-use lease asset for leases that previously were classified as operating leases and for lessors, requires
recognition of a lease receivable and deferred inflow of resources, thereby enhancing the relevance and consistency of information about a
government's leasing activities. Statement No. 87 has been applied retrospectively to all years presented. The adoption had no impact on the
opening fund balance or net position as of January 1, 2022.
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:
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.
Net position is presented on the Statement of Net Position. Net position represents the difference between (a) assets and deferred outflows of
resources and (b) liabilities and deferred inflows of resources. Net investment in capital assets consists of capital assets, net of accumulated
depreciation, and leased assets, net of accumulated amortization, reduced by the outstanding balances of any debt related to the acquisition,
construction, or improvement of those assets. Deferred outflows of resources and deferred inflows of resources that are attributable to the
acquisition, construction, or improvement of these assets or related debt are also included in this component of net position. Net position is
reported as restricted when there are limitations imposed on its use, either through enabling legislation adopted by the City or through external
restrictions imposed by creditors, grantors, laws, or regulations of other governments.
The preparation of the basic financial statements in conformity with GAAP requires the City's management to make estimates and assumptions
that affect the reported amounts of assets, liabilities, deferred outflows and inflows of resources and disclosures of contingent assets and
liabilities at the date of the basic financial statements and/or the reported amounts of revenues and expenditures/expenses during the reporting
period. Actual results could differ from those estimates, but the City believes that the differences will be insignificant. Among the items subject
to estimates are pension liabilities, OPEB liabilities, deferred inflows and outflows of resources related to pensions and OPEB, and certain
• 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.
55
2 . Property Taxes
3 . Income Taxes
4. Proprietary Funds Operating and Nonoperating Revenues and Expenses
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, and, 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 10 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 Indiana 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 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 certified to the County Auditor. It is distributed to the County Auditor on a pro-rata basis, monthly, during the ensuing
calendar year. 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.
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.
56
II. Detailed Notes on Certain Activities and Funds
A. Cash and Investments
1. Deposits
The deposits and investments of the Pension and OPEB Trust Funds, as discussed in Notes II.F. and II.G. below, are held separately.
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, 2022:
Investment Type
Municipal Bonds
U.S. Treasury Notes
U.S. Government-backed Securities
Total
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
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.
374,659
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.
More than 5
The City's total cash deposits at December 31, 2022, were $239,250,303, of which $5,519,850 is restricted and $233,730,453 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 $250,000 are insured by the Indiana Public Deposits Insurance Fund (Fund) via the pledged collateral from the institutions securing
deposits of public funds. The Fund is a multiple financial institution collateral pool administered by the State of Indiana.
1 to 5
29,337,865
374,659$
Investment Maturities (in Years)
-$
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.
-
22,016,404 7,321,461 -
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.
The City has no deposits or investments denominated in foreign currencies and does not foresee having any foreign currency risk in the future.
22,415,038$
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.
23,975
-$
23,975
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
-
7,321,461$ -$
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.
29,736,499$
57
B. Receivables and Transfers
1. Receivables
Revenue Source
Property taxes
Income taxes
Lease and other
Due from other funds
Due from utility
Total
Revenue Source
Accounts and other
Due from associated utility
Total
The Sewer Utility recognizes a long-term liability of $661,555 due to the Water Utility for its share of the Water Utility's 2020 revenue bond.
Description Unavailable Revenue
Property taxes
Income taxes
Ambulance fees
Supplemental Medicaid
Other unavailable
Total unavailable revenue
2. Transfers
a) Transfers among Governmental Funds
Transfers Out
General Fund
Redevelopment
Commission Fund
RDA Fund
2021 Project Fund
Nonmajor
Total
The General Fund transferred $50,000 to a nonmajor fund to fund the Carmel Sidewalk Grant program.
The Redevelopment Commission Fund transferred $529,449 to the General Fund to satisfy debt service payments.
The Redevelopment Commission Fund transferred $4,220,923 to a nonmajor fund to satisfy debt service payments.
5,377,557
9,928,481$
1,604,958$
644,011
-
806,456
798,502$
16,991,637$
127,702
-
-
-
-
-
Redevelopment
Commission
9,684,360$
2,313,891$
Water Utility
1,366,959$
661,555
13,812,672
2021 Project
Fund
-
Total
671,519$
-
Nonmajor
351,310
661,555
2,313,891$
3,633,472$
9,236,152
1,010,315$
The General Fund, the Redevelopment Commission Fund, and nonmajor funds made financed purchase obligation payments to the
Redevelopment Authority (RDA) Fund in the amounts of $15,998,421, $24,570,000, and $8,298,579, respectively, in order to satisfy debt
service payments.
Governmental funds report deferred inflows in connection with receivables for revenues that are not considered to be available to liquidate
liabilities of the current period. At the end of the fiscal year, the various components of unavailable revenue reported in governmental funds were
as follows:
236,720
766,168$
Receivables at December 31, 2022, for business-type activities of the City's individual major enterprise funds consisted of the following:
8,592,141
Sewer Utility
Total
16,328,421$
29,320,372
-
-
14,923,171
60,571,964$
General
93,361
644,011
-$
Redevelopment
Authority
-$
-
-
1,010,315
21,435,208
8,298,579
351,310
General
806,456
Transfers In
2,028,514$
The General Fund transferred $280,000 of proceeds from a sale of property to a nonmajor fund to pay for park projects.
-$
529,448
-
-
-
15,998,421$
24,570,000
Due from associated
utility - noncurrent
69,390
-
69,390
33,405,951$ 23,721,591$
-
-$
-
Receivables at December 31, 2022, for governmental activities of the City's individual major governmental funds and nonmajor governmental
funds, in the aggregate, consisted of the following:
2,165,461$
-
1,642,372$
21,435,208
Total
48,867,000$
Nonmajor
330,000$
4,220,924
58
Nonmajor funds transferred $440,370 to other nonmajor funds to close out certain construction cash accounts.
b) Transfers between Governmental and Enterprise Funds
Transfers Out
C. Capital Assets
Governmental Activities:
Capital assets, not being depreciated
Land
Construction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated
Buildings and improvements
Machinery, equipment, and vehicles
Infrastructure
Total capital assets, being depreciated
Less accumulated depreciation, for
Buildings and improvements
Machinery, equipment, and vehicles
Infrastructure
Total accumulated depreciation
Total capital assets, being depreciated, net
Governmental activities capital assets, net
Business-Type Activities:
Capital assets, not being depreciated
Land & land rights
Construction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated
Utility plant & equipment in service
Total capital assets, being depreciated
Less accumulated depreciation for
Utility plant & equipment in service
Total capital assets, being depreciated, net
Business-type activities capital assets, net
Transfers In
171,904,249 15,460,599
47,025,550
331,273,960
6,930,787
279,555,288$
Transfers Out
112,056,461
(72,204)
58,843,957 51,544,468 7,299,489 -
-
(13,464,271)$
349,446,855
(1,014,047)
48,884,946
855,573$
237,390,394
744,296,427
130,647,026$
(13,392,067)
Balance
1,008,276,993$
Deletions/
-$ 5,410,095$
32,100,601
18,277,565
(91,949,479)$
Balance
331,273,960
Dec 31, 2022
349,446,855
(32,466)
(13,392,067)
226,115,820
289,826,039$
969,579,445$
105,158,140
(1,267,102)
(130,958)
55,405,444
259,452,722
11,532,671
18,277,565
23,735,022$
4,554,522$
52,435,645 12,388,244 53,439,468
Jan 1, 2022
(1,014,047)
Capital asset activity for Business-Type Activities for the year ended December 31, 2022, was as follows:
588,295,714
903,153,880
666,050,493 78,629,946
Additions/
Transfers In
262,848,807
(104,670)
(384,013)
Water Fund
480,743
58,924,152
8,710,974$
286,768,582 -
(91,565,466)
(104,670)
303,528,952
Additions/
Dec 31, 2022
263,980,566
196,345,440$
A nonmajor fund transferred $49,373 to another nonmajor fund to fund storm water improvement projects.
Transfers Out
BalanceDeletions/
Transfers In
Nonmajor funds transferred $3,856,885 to the Bond Bank Project Fund to satisfy debt service payments.
The Water and Sewer Funds transferred $839,763 and $480,743, respectively, of available excess cash to the General Fund.
839,763$
43,306,106
Total
Balance
Jan 1, 2022
(91,565,466)
-$ 205,056,414$
Capital asset activity for Governmental Activities for the year ended December 31, 2022, was as follows:
A nonmajor fund transferred $1,010,315 to the 2021 Project Fund to satisfy debt service payments.
(1,398,060)
156,443,650
3,999,379
237,103,387 26,759,467
27,315,860
29,115,269
59,078,752
661,297,899
1,007,145,234 105,389,413
73,133,143
4,940,410
A nonmajor fund transferred $236,720 of grant revenue to the General Fund and $1,030,929 to other nonmajor funds for Federal grant projects.
1,320,506$
Sewer Fund
General
52,017,080
107,183,512
11,346,778
59
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
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, 2022:
Governmental Activities:
Private placement bonds
Other bonds secured by revenues
Contract purchase obligations
Unamortized bond premium
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
Subtotal, bonds, premiums, and discounts
(72,905,348)$
44,570,372
(717,543)
841,626,754
717,851,088
Balance Balance
6,930,787
446,731
Additions Reductions
(5,080,000)$
534,075
33,690,253$
878,442,514$ 115,258,578$
23,524,710
8,800,605
(31,543,481)
49,805,036
30,778,488
9,856,577$
805,127,337$
42,502,299
2,062,886 719,425
(24,281,426)
(2,810,739)
26,759,466
(42,191,837)
Net pension liability
42,502,299$ 920,795,744$
7,345,875
Less,
2,729,316
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 year's 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.
9,794,889
8,053,173
820,834,516
(4,850,813)
7,335,630
2,339,342
21,754,116 47,097,682
22,074,413 (3,568,351)
Total governmental activities
65,820,233
-
36,499,417
(52,995) 2,729,316
2,449,014
824,552
Depreciation expense was charged as follows for the year ended December 31, 2022:
5,984,909
1,670,645
One Year
-
6,930,787
66,635,000$ 4,965,000$
54,121,774
-$
Jan 1, 2022
Due Within
2,118,054
10,266,286
71,715,000$
62,984,075
62,450,000
755,929
686,944,569
Dec 31, 2022
60
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
Governmental Activities Long-Term Debt:
Redevelopment Authority Property Tax
Lease Rental Bonds, Series 2022
3.000% -
5.000%2022 2042 62,450,000$ 62,450,000$
2.000%-
5.000%
2018
1.973% -
3.864%
12,005,000 2.500% -
5.000%12,645,000 2043
Redevelopment Authority Taxable Lease
Rental Bonds, Series 2017A (Midtown
South)
Taxable Economic Development Lease
Rental Revenue Bonds, Series 2018A
(Midtown West Project)
22,245,000
2042 6,980,000
(8,378,716)$
2020
935,000
838,000 1,089,000
7,657,246$
359,118
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:
Taxable Lease Rental Revenue
Refunding Bonds, Series 2020B
2038
25,812,471$
3.990% -
4.850%
165,309,078 2,531,091
1,593,678$
1,228,526
Subtotal, bonds, premiums, and discounts 2,531,091
1.576%-
3.762%
7,405,000 2017
2016
1,258,000 1,633,000
1,882,895
Year of
176,498,376$
534,449
3,172,930
(4,822,000)
Additions
134,545,303
Taxable Special Program Bonds, Series
2016
60,700,000
2035 24,215,000
Dec 31, 2022
Due Within
(6,381,466)
30,763,775$
1,640,943
One Year
23,099,000
20,863 (33,410)
165,668,196
-$
-
Balance
(26,934)
24,692,678 (6,408,400)
24,692,678
Net pension liability
472,295
169,159,453
2,531,091 136,836,212
Balance
32,323,241$
8,170,000 Taxable Lease Rental Bonds, Series
2019A-2
2,417,344
Total business-type activities
125,195,000
25,812,471
Amount
2021
Outstanding
7,106,022
125,195,000
1,057,000
175,776,906$
Less,
140,975,518$
2041Redevelopment Authority Property Tax
Lease Rental Bonds, Series 2021
459,747
2035
2033
(1,559,466)$
54,225,000
2036
(944,646) 3,869,227
169,545,505
-
3,611,107 277,524 (526,239)
2021
3.000% -
4.000%
2020
3,362,392
386,052
1,654,838
459,747
(466,019)
125,597
Reductions
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.
Issue Amount
Jan 1, 2022
Original
2016
54,225,000
1,373,000
0.211% -
2.301%
0.337%-
2.074%62,270,000
17,195,000
2036 1,214,000
2041
General Obligation Bonds, Series 2016B
2016 18,830,000
Taxable Lease Rental Revenue
Refunding Bonds, Series 2020A
0.839%-
2.628%
2016
General Obligation Bonds, Series 2016C 2016
2019 6,725,000
20362.000%-
5.000%
Taxable Redevelopment District Bonds,
Series 2021
2.000%-
5.000%
Year of
MaturityInterest Rate
General Obligation Bonds, Series 2016A
2036
General Obligation Bonds, Series 2016D
2.000%-
5.000%
61
* Original amount refers to the original amount of the non-refunded portion only of any partially refunded bonds.
** City has additionally pledged county option income tax (COIT).
In the year ended December 31, 2022, the total of payments on the bonds listed above was 0.490% of taxable assessed value.
10,890,000
1,057,000
1,513,000
23,230,000
2016
General Obligation Bonds, Series 2016H
1,066,000
2.000%-
5.000%
2035
2024
9,580,000
General Obligation Bonds, Series 2016M
Lease Rental Revenue Multipurpose
Bonds, Series 2012B
2.000%-
5.000%
2016
10,337,000
2.000%-
5.000%30,720,000
Redevelopment Authority Taxable
Lease Rental Bonds, Series 2016D
(Midtown Phase 1A)
Redevelopment Authority Lease Rental
Bonds, Series 2016B (Economic
Development Projects)
2029
2016
2016
2.000%-
5.000%
1,394,000
1,577,000
1,373,000
11,783,000
1.576%-
3.762%
6,535,000
2036 127,068,000
15,164,000
1,383,000
20162.000%-
5.000%
2016 2036
139,872,000**
2036
2035
2.000%-
5.000%
23,108,088
2016
1,099,000 1,426,000
2036
1,232,000
2036 1,216,000
1,166,000
2.000%-
5.000%
2016
4,830,000
Lease Rental Revenue Refunding Bonds
of 2011 (West Clay road)
Redevelopment District Bonds of 2013
19,649,150*2026
General Obligation Bonds, Series 2016G
2016
2.000%-
5.000%
1,216,000
933,000
5.000%
2016General Obligation Bonds, Series 2016I
8,205,000
2.000%-
5.000%
2.000%-
5.000%
2016
1,211,000
2016 2036
1,074,000
25,190,000
2.000%-
5.000%
2041
2016
2.000%-
5.000%
2016
2.000%-
4.000%
2025
2013
General Obligation Bonds, Series 2016L
2016 Storm Water Bond
(Authorized: $44,500,000)
Redevelopment Authority Lease Rental
Bonds, Series 2016A (Public
Infrastructure Projects)
20362.000%-
5.000%General Obligation Bonds, Series 2016E
2036
1,599,000
2036
General Obligation Bonds, Series 2016K
Lease Rental Revenue Bonds of 2005
(unrefunded portion)
General Obligation Bonds, Series 2016F 1,577,000
2036
2036
2011
5.800%-
8.450%
3,975,000
69,245,000 17,950,000 1.190%-
3.000%
Redevelopment Authority Lease Rental
Bonds, Series 2016C (Energy Center
Project)
General Obligation Bonds, Series 2016J
2005
2012
62
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:
Loft A Private Placement 2011
6,000,000
2011 5,905,000 20336.000%
Interest Rate
16,600,000 2017
1,280,000
Redevelopment Authority LIT Lease
Rental Revenue Refunding Bonds, Series
2017
COIT Lease Rental Revenue Refunding
Bond, Series 2014B (Northwest Clay
Road)
Taxable Local Income Tax General
Obligation Bonds, Series 2021 10,550,000
17,745,000
Maturity
24,755,000
2025
Bonds issued in order to acquire capital assets, for which the City has pledged its local income tax (LIT) revenue up to the amount
needed to satisfy the principal and interest on the bonds as they become due:
13,600,000 2.100% -
3.750%
Year of
2041
In the year ended December 31, 2022, the total of payments on the bonds listed immediately above was 23.4% of annual county option
income tax revenue.
2017
0.855% -
2.706%
2.360% -
2.360%
10,550,000
Original
2030
Outstanding
2.110%2033
3.940%
22,910,000
Year of
2027
Redevelopment Authority Taxable
Lease Rental Bonds, Series 2017C-1 2027
Amount
Municipal Facilities Building Corp
Lease Rental Bonds, Series 2021
Year of
815,000^
31,245,000 3.000% -
5.000%2017Redevelopment Authority Tax-Exempt
Lease Rental Bonds, Series 2017B-1
3.200% -
3.200%
Taxable Lease Rental Bonds, Series
2019A-1
Interest Rate Amount
2017
6,555,000
6,700,000
2037
2037 32,495,000^
3.000%-
5.000%2014
Taxable Tax Increment Revenue Bonds,
Series 2004A
2019
^ To the extent that the City LIT Revenues would be insufficient to pay the bonds when due, bonds are payable from a special benefits tax
(an ad valorem property tax).
Year of
Amount
450,000
24,000,000^
2017
2024
9,630,000
Issue Maturity Amount Outstanding
Storm Water District Revenue Bonds,
Series 2020
Redevelopment Authority Tax-Exempt
Lease Rental Bonds, Series 2017B-2
10,525,000^
Original
2021
5.150%2019 City Center Community
Development Loan
Taxable Lease Rental Bonds, Series
2017C-2
9,500,000
Original Amount
Interest Rate
2048
In the year ended December 31, 2022, the total of payments on the bonds listed immediately above was 8.7% of annual incremental tax
revenue.
6,000,000
23,180,000
3.000% -
4.000%2021 2041
2020 5,420,000
2004
Outstanding
Issue
46,795,000
Maturity
2027
32,380,000
2019
2.006% -
3.200%
6.650%
32,380,000
Issue
Bonds issued in order to acquire capital assets, for which the City has pledged its sewer or water user fee revenue, net of reasonable
expenses of operation, repair, and maintenance, up to the amount needed to satisfy the principal and interest on the bonds for the term
of the bonds:
Year of Year of
Amount
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.
2021 2039
2021 2039
5,100,000$
The City expects the pledged revenue will be more than sufficient to satisfy the principal and interest on the obligations listed
above. This revenue is not pledged to satisfy any other obligations, nor is it committed for operating or other necessary expenses.
1,022,696,246$
The debt service requirement calculation above for the Water utility does not include debt service on a note in the amount of
$17,745,000 due December 29, 2023. Management expects this note will be refinanced with a new note or a longer term bond series.
The City has pledged up to $1,115,000 of income tax revenue, payable in the event an overlapping unit of government is unable to
service certain debt. The City does not expect to be called upon to make these payments.
N/ACompensated Absences
In the year ended December 31, 2022, revenue, net of reasonable expenses for operation, repair, and maintenance, was 78.2% of debt
service requirement for the Water utility and 138.7% of debt service requirement for the Sewer utility.
Water Utility Junior Waterwork Revenue
Bond of 2012
0.420%
21,625,000
4,030,526
459,747 N/A
168,545,287
Interest on long term debt has been charged as a direct expense in certain instances in which borrowing has been essential to the
creation or continued existence of projects, as follows:
2,417,344
2012
2019
1.800%-
3.700%2037
2.000%-
4.000%
46,170,303
15,952,000
7,260,000
3.000%-
5.000%
1.750%2021 2032
2.320%
2016-2022
Sewer Utility 2009 SRF
2.250%
41,525,000
Waterworks Revenue Bond Anticipation
Notes of 2019
165,668,196
10,345,000
2.340%
Water Utility 2008 Capital Appreciation
Bonds
Bonds issued in order to acquire capital assets, for which the City has pledged its sewer or water user fee revenue, net of reasonable
expenses of operation, repair, and maintenance, up to the amount needed to satisfy the principal and interest on the bonds for the term
of the bonds:
3,100,000
2033
2028
11,000,000 2026 2,755,000
2021 Sewer Utility Revenue Bonds
Financed purchase obligations
6,650,000
Sewer Utility 2005 Revenue Bonds
Refinance
20,644,479
2,351,775
2005
3,055,000
Waterworks Special Program Bonds,
Series 2016
17,745,000
5,894,000
Sewer Utility Revenue Bonds of 2020
2017
2039
2008
17,745,000 2023
15,954,000
2013
2025
Junior Waterworks Revenue Refunding
Bonds of 2017
2036
53,735,000
N/A
854,150,959$
Interest Rate
13,915,000
4.130%-
5.790%
2030
2021 Sewer Utility Refunding Bonds
Year of
Junior Waterworks Revenue Bonds of
2021
1,430,630
2033
Outstanding
4,845,000$
2,729,316
Total governmental activities bonds, contract purchases,
financed purchase obligations, and compensated absences.
0.830% -
2.430%
Year of
Amount Outstanding
4,500,000
1.290% -
4.880%
Interest Rate
2034
N/A
Amount
804,345,923
Original
49,805,036
N/AN/A
N/AN/A
2020
359,118
13,000,000
4.320%-
4.610%
2016
2009
Original
Issue Maturity Amount
9,794,889
791,821,718
2016-2022
AmountYear of Year of
LIBOR
Maturity
15,782,989
Issue
Contract purchases of capital assets:
64
Public safety
Streets and infrastructure
Economic development
Total
2. Debt Service Requirements to Maturity
Total Requirements
Total Requirements
Total Requirements
Business-Type Activities:
Total Requirements
2024
246,673,265$
Total
66,523,754$
Obligations Payable
111,282 4,960,282
417
Interest
2038 - 2042
29,720,105
2023
Accretion on CABs
717,851,088$
16,867,404
77,396,851$
23,083,931
11,783,641
217,180,105$
Thereafter
928,581,228$
- -
139,783,254
39,707,245
2038 - 2042
13,966,910
30,024,337$
33,748,494 70,623,783
23,784,799 69,683,443
55,456,544
60,000
9,231,116
438,832
2027
45,898,644
70,390,593
257,897,118
Year Ended
December 31
Thereafter 417
Year Ended
68,800,698
Direct Borrowings
36,499,417$
12,163,214
2024 8,485,894
Principal
22,598,270
28,496,388$
1,630,000
2026
December 31
2028 - 2032
16,867,404
11,478,343
226,031,000
2033 - 2037
62,037,756
2,488,567
3,803,710$
Total
58,227,392$ 2023
2028 - 2032
67,987,930
24,692,678$
28,682,211
49,649,886
2027
27,448,904$
2025 2,932,098
791,821,718$
2038 - 2042
30,778,488$
42,174,693
45,389,660
40,395,042 21,642,714
Principal
430,000
63,235,000
774,954,314 227,597,544$
5,565,698
2043 - 2047
-
4,725,000
6,973,299
6,763,257
16,738,462$
139,695
1,918,299
6,425,925
1,615,968 6,340,968
1,200,000
-
932,544
22,610,000
Notes and Loan Payable -
72,878,171
39,598,106
1,339,695
Obligations Payable - Total
Interest
75,552,264
-
254,343,034
49,229,000 19,052,639
60,000
31,025,677
Notes and Loan and Contract Purchase
62,430,705
5,188,643
2043 - 2047
7,075,350$
Interest
-
2025
2033 - 2037
9,672,889$
1,760,925
389,895 1,589,895
-
287,246
1,219,762 838,602
3,126,034
1,468,257
83,373,462$
16,860,000
3,569,180
465,083$ 2,110,350$
27,798,643
887,909
-
1,200,000 -
794,612
7,335,630$
2,146,013 19,006,013
-
-
2028 - 2032
4,965,000$
1,190,872$
Total
10,004,125
Contract Purchase
1,221,012$
Direct Placement
1,223,366
425,167
Notes and Loan Payable -
4,665,000
335,457
Governmental Activities:
381,160
Year Ended
2026
2023
2024 1,219,779
Total
12,245,745
Principal Principal
December 31
1,219,790
1,972,271 14,277,846
26,565,955
12,305,575
51,002,569
-
2027
Principal
60,417 -
31,866,118
3,297,747
64,435,000
81,881,938
-
5,295,000
20,808,142
-
332,852,994
Total
76,264,686
238,891,105 209,171,000
2,337,259$
Interest
68,281,639
8,832
228,607,000 78,509,960
2026
4,849,000
700,983,684 1,021,627,579$
66,635,000$
2033 - 2037
1,778,527
5,955,593
5,055,000
60,417
755,929$
23,440,742$
Interest
443,146
301,485,171
2025
148,527
24,549,695
65
Total Requirements
3. Financed Purchase Obligations
4. Lease Revenue and Lease Liability
Principal and interest requirements for lease liabilities to maturity are as follows:
21,080 541 21,621
12,566$
Year Ended
December 31
2023
2024
2025
2026
Principal Interest Total
84,088$
89,996
93,906
64,860
252,371$
2033 - 2037
Year Ended
2026
25,525,824
2,701,385$
194,425 2,380,587
The City is lessor on certain leases for commercial office space in a building owned by a component unit. Lease terms range up to 10 years, and
expected lease renewals range up to an additional 5 years. All rental amounts are fixed. The City recognized $378,262 in inflows of resources
related to leases during 2022.
286,222$
28,135
33,606
2,186,162
98,850
65,900
Business-type Activities:
258,526
2024
Principal Interest
1,432,956
65,132
450,861
100,219
98,850
2027
360,254$ Total
217,490 16,853
482,674
96,654$
1,085,439
2028 - 2032 1,533,175
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, 2022, the City had assets with an original cost of $15,782,989 and accumulated depreciation of $11,039,329
financed through purchase obligations.
2024
Governmental Activities:
534,449$ 2023
TotalDecember 31
Principal Interest
2026
December 31
Total
2,417,344$
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 $332,850.
332,850$
422,726
2028 - 2032
51,783
547,806
Year Ended
2023
934,188 43,591
22,175
10,630,307$
1,187,067
8,854
4,944
1,040
27,404$
2,703,566$
165,309,078$
2025
977,779
Accretion on CABs
2025
624,621$
480,399 532,182
2,449,014$
1,684,954
Total
835,419$
142,739 1,827,693
The Water and Sewer Utilities entered into various financed purchase obligations for certain equipment. As of December 31, 2022, the Utilities
had assets with an original cost of $2,455,159 and accumulated depreciation of $700,732 financed through purchase obligations.
22,621
9,794,888$
101,628
446 2033 - 2037
2027
Total
90,172$
292,132
234,343
66
5. Other Commitments
Total assigned from the General Fund balance:
Construction commitments for the Water and Sewer Enterprise Funds were $180,000 and $700,000, respectively.
6. Contingent Grants
7. Limited Recourse Obligations Payable Solely from Property Taxes Generated from a Specific Project Site
2022 Economic Development Revenue Bonds (Lot One Project)
2021 Economic Development Revenue Bonds (North End Project)
2021C Subordinate Economic Development Revenue Bonds (Proscenium)
2021B Senior Economic Development Revenue Bonds (Proscenium
2021ASenior Economic Development Revenue Bonds (Proscenium)
2021B Subordinate Economic Development Revenue Bonds (Signature)
2021A Senior Economic Development Revenue Bonds (Signature)
2021 Economic Development Revenue Bonds (Firehouse Project)
2021 Economic Development Revenue Bonds (The Corner Project)
2021 Economic Development Revenue Bonds (Franciscan Health Project)
2020 Economic Development Tax Increment Revenue Bonds (City Center Phase II)
2020 Economic Development Tax Increment Revenue Bonds (Brookshire Village Shoppes Project)
2018 Tax-Exempt Economic Development Revenue Bonds (KAR Auction Services, Inc.)
2018 Taxable Economic Development Revenue Bonds (Meridian and Main - Indiana Spine Group II Project)
2018 Taxable Economic Development Revenue Bonds (Sunrise on the Monon)
2017 Economic Development Revenue Bonds (Grand & Main - The District)
2015 Economic Development Revenue Bonds (The Olivia on Main)
2011B Subordinate Economic Development Revenue Bonds (Arts District Lofts & Shoppes)
2011A Senior Economic Development Revenue Bonds (Arts District Lofts & Shoppes)
2011 Taxable Economic Development Revenue Bonds (Meridian and Main - Indiana Spine Group I Project)
2011 Taxable Economic Development Revenue Bonds (116th Street Centre Project)
2006B Taxable Economic Development Revenue Bonds (Buckingham-Gramercy Project)
8. Schedule of Outstanding Principal on Advance Refunded Debt
Outstanding Amount
Outstanding Bonds
Taxable Lease Rental Revenue Refunding Bonds, Series 2020A
Taxable Lease Rental Revenue Refunding Bonds, Series 2020B
Lease Rental Revenue Multipurpose Bonds, Series 2012A
Taxable Lease Rental Revenue Multipurpose Bonds, Series 2012B
Carmel Bond Bank Lease Rental Refunding Bonds, Series 2016C
Carmel Bond Bank Special Program Bonds, Series 2016
2/1/2038
30,040,000
Certain City officials are empowered to issue purchase orders and enter into contracts that constitute contractual obligations of the City. For
governmental funds, these obligations are included in, and do not exceed, the assigned, committed and restricted fund balances of the respective
funds.
The Carmel Redevelopment Commission, an integral part of the City, is contingently liable for the issuance of up to $25.5 million of grants,
via a community development corporation which is a component unit of the City. The purpose of the contingent grants is to encourage
private investment in the area served by the community development corporation. The grants are contingent upon the need to cover
payments on loans used to finance the private investment. As of December 31, 2022, no grant payments had been made by the City in
connection with these loans. The Administration believes no such payments will be needed in the future.
Outstanding
8,565,071$
2,050,000
2014 LR Refunding Bonds
$ 258,525,000
2/1/2033
Various claims and lawsuits are pending against the City. At December 31, 2022, 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.
54,060,000
1/15/20352010B COPS
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.
Refunded Bonds Through
115,900,000$
Bonds Refunded
2012A LR Multi Bonds
44,645,000
2010A COPS
11,830,000 2010C COPs 7/15/2035
2008B Jr. Water 6/1/2026
1/15/2035
67
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 Pension Plans
Plan Descriptions:
2021
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 $175,000 per year.
The City may be exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; job-related
illnesses or injuries to employees; medical benefits to employees, retirees, and dependents; and natural disasters. The City administration believes
these risks are adequately covered by the purchase of insurance. Settlements in excess of insurance, if any, have not been material in the past
three years.
The plans also provide a death benefit for a surviving spouse to receive the greater of
1,480,423$
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:
Benefits provided:
2022
15,204,616
910,893$
1,072,881$
Amounts are paid into the Fund by user 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.
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.
1,072,881$
15,042,628
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;
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.
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.
15,811,018
15,403,476
1. 30% of the monthly pay of a first-class patrol officer, or
2. 55% of the benefit the retiree was receiving.
In addition, each child of the deceased member will receive 20% of the monthly pay of a first-class officer or firefighter. Total benefit for all such
beneficiaries may not exceed the pension benefit the deceased member was receiving. In addition to the above benefit, a funeral benefit of
$12,000 will be paid to heirs of the deceased member.
As established by Indiana law, the boards for the police officers' and firefighters' plans consist of eight and five members, respectively. On each
board, the mayor of the City and the chief of each department serve ex officio. On the police board, the Controller of the City also serves ex
officio. The remaining members are elected by the active members, police and firefighters, respectively. At least one member of each board must
be a retired beneficiary of the respective plan.
2. If retired after December 31, 1985, receives 1% of first-class patrolman salary for each 6 months of service in excess of 20 years. The
total benefit may not exceed 74% of first-class salary.
68
Contributions:
Net Pension Liability and Pension Expense:
Assumptions and Other Inputs
Measurement Date
2.50%
-
1977 Plan Converted
14
Active members of the 1925 Police Officers' and 1937 Firefighters' plans had the option of participating in the deferred retirement option plan
(DROP). Under that plan, an active member could declare in advance a future retirement date. From the time of that declaration, contributions on
behalf of that member would have been segregated into a separate fund for his benefit. Upon retirement, the member would have several options
with regard to taking the balance in this fund in the form of a lump sum or future payments. The member's regular retirement benefits would be
paid as if he had retired on his declaration date. The City has no participants in DROP.
Police
SOA published mortality table: RP-2014 blue collar mortality table adjusted to 2006
base year. Separate tables for males and female participants. Separate tables for active
employees, healthy annuitants, and disabled participants.
The City's net pension liability of $8,185,266 for the '25 Police Officers' Plan and $9,704,787 for the '37 Firefighters' Plan was measured as of
December 31, 2022, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
December 31, 2022. For the year ended December 31, 2022, the City recognized pension expense of $611,713 for the '25 Police Plan and
$1,325,667 for the '37 Firefighters Plan.
Retirees and beneficiaries currently receiving benefits
-
Fire
14
-
Discount Rate
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, 2022, the State of Indiana contributed $612,374 to the '25 Police Officers' Plan
and $597,247 to the '37 Firefighters' Plan on behalf of the City during the fiscal year.
14
Mortality and Mortality Improvement
1925 or 1937 Plan
Valuation Date
Current active employees
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.
14
4.31% Police Officers; 4.31% Firefighters for 2022
December 31, 2022–Police Officers' member census data as of December 31, 2022,
and Firefighters' member census data as of December 31, 2022, was used in the
valuation.
Membership in the Plans as of the most recent actuarial valuation was comprised of the following:
-
2.50%
The plans are closed to new entrants.
December 31, 2022
Membership:
Terminated employees entitled to but not yet receiving benefits
Total Plan Members
Active members of the 1925 Police Officers' and 1937 Firefighters' plans had the option of converting to the 1977 Police Officers' and
Firefighters' Fund, which is described more fully below. Convertees were given a $10,000 bonus by the State of Indiana for exercising the option
to convert. After such a conversion, the member is covered by the benefit structure of the new plan, but the benefits are still financed by the local
unit. Of the Carmel members, four retired police officers and three retired firefighters converted.
Cost of Living Increase:
69
Changes in the Net Pension Liability:
Changes for the year:
Service Cost
Interest
Changes in Plan Provisions
Difference between Expected and Actual Experience
Changes in Assumptions
Benefit Payments
Employer contributions
Employee contributions
Net transfers into (out of) trust
Net investment income
Benefit payments
Administrative expenses
Other
Fiduciary net position as a percentage of total pension liability
'25 Police Officers' Plan
Fiscal Year End
Thereafter
8,318,027$
2027 -
Net difference between projected and actual earnings on
pension plan investments
-
At December 31, 2022, the City reported a net pension liability of $8,185,266 for the '25 Police Officers' Plan.
-$
- -
2,065$
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:
8,323,874$
5,224$
2025
- -
2026
1,031
(3,685)
- Changes in assumptions
169
-
-$
5,224
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
-
8,185,266$
Balances as of January 1, 2022 130,048$
(607,499) (607,499)
-
-
8,187,979$
(607,499)
138,608$
(612,374)
-
-
1,959
-
Balances as of December 31, 2022
-
-
1.67%
For the year ended December 31, 2022, the City recognized pension expense of $611,713, which included net amortization of deferred
amounts from liability experience, assumption changes and investment gains and/or losses. At December 31, 2022, the City reported
deferred outflows of resources and deferred inflows of resources related to the '25 Police Officers' Plan from the following sources:
-
-
2023
Total 5,224$ -$
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences between expected and actual experience
-
607,499
(609,973)
-
- 945,303
3,685
-
(609,973)
Total Pension
Liability
-
-
2024
Net Pension
Liability
Plan Fiduciary
Net Position
612,374
-
-
945,303
278,016
-
-
-
278,016
Increase (Decrease)
-
'25 Police Officers' Plan
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
'37 Firefighters' Plan
Fiscal Year End
Thereafter
Plan Fiduciary
Net Position
301,525
2027
(879,089)
(597,247)
13
-
322$
322
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:
250
- -
Total 322$ -$
2025
1,023
-
-
-
614,080
-
-
597,247
(1,023)
-
- -
Changes in assumptions
- (614,080)
0.05%
Increase (Decrease)
- 301,525
'37 Firefighters' Plan
8,976,936$ 20,207$
-
Total Pension
Liability
2024
2026
Deferred Outflows of
Resources
Deferred Inflows of
Resources
At December 31, 2022, the City reported a net pension liability of $9,704,787 for the '37 Firefighters' Plan.
2023 122$
Balances as of December 31, 2022 9,704,787$
(63)
Net difference between projected and actual earnings on
pension plan investments
-
-
Balances as of January 1, 2022
4,397$
For the year ended December 31, 2022, the City recognized pension expense of $1,325,667, which included net amortization of deferred
amounts from liability experience, assumption changes and investment gains and/or losses. At December 31, 2022, the City reported
deferred outflows of resources and deferred inflows of resources related to the '37 Firefighters' Plan from the following sources:
Net Pension
Liability
(879,089)
-
-
9,709,184$
1,903,685
-
-
-
-
(614,080) (614,080)
8,997,143$
Differences between expected and actual experience -$ -$
-
-
-
-
-
-
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
-
1,903,685
-
71
Sensitivity of Net Pension Liability to Changes in the Discount Rate:
Participation by State of Indiana
ASSETS:
Cash and cash equivalents
Receivable from State of Indiana
Total assets
LIABILITIES: payroll withholdings
NET POSITION: restricted for pensions
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
1% Decrease
$ 8,755,731
(15,811)
'37 Fire Pension
Trust Fund
$ 597,247
2,131
607,499
Regarding the sensitivity of the net pension liability to changes in the single discount rate, the following presents the City's net pension liability,
calculated using the single discount rate, as well as what the plan's net pension liability would be if it were calculated using a single discount rate
that is 1-percentage-point lower or 1-percentage-point higher:
$ 8,993,761
Current Discount
Rate
STATEMENT OF FIDUCIARY NET POSITION - PENSION FUNDS
616,211
8,559
130,048
609,481
$ 612,374
51,509
$ 138,607
'37 Fire Pension
Trust Fund
$ 9,704,787
'25 Police Officers' Plan
December 31, 2022
$ 4,396
$ 138,607
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, 2022. The amounts were $612,374 and $597,247, respectively. The State of Indiana
is not obligated to make such payments in the future, and the City remains liable for future pension expenditures.
614,080
1% Increase
'25 Police
Pension Trust
$ 10,852,652
50,965
20,207
$ 4,396
$ 8,185,266
For the Fiscal Year Ended December 31, 2022
$ 7,489,760
55,905
51,509
'37 Firefighters' Plan
3,685
189,572
50,965
'25 Police
Pension Trust
$ 138,607
1,023
$ 4,396
2,130
600,400
1,982
1,981
618,040
72
2. Cost-Sharing Multiple-Employer Defined Benefit Pension Plan
PUBLIC EMPLOYEES' RETIREMENT FUND (PERF)
Plan Description:
1.
2. All other civilian employees of the City (City).
Benefits Provided:
Full Retirement Benefit
At age 65 with at least 10 years of creditable service (eight years for certain elected officials).
At age 60 with at least 15 years of creditable service.
At age 55 if age and creditable service total at least 85 (“Rule of 85”).
At age 55 with 20 years of creditable service and active as an elected official in the PERF-covered position.
At age 70 with 20 years of creditable service and still active in the PERF-covered position.
Early Retirement Benefit
Disability Benefit
Survivor Benefit
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 the State not covered by another plan, those political subdivisions that elect to participate in the retirement plan, including the
City of Carmel, and certain INPRS employees. There are two components to the PERF Hybrid Plan. The first is PERF defined benefit plan
(DB), the monthly employer-funded defined benefit component, the second component is the Public Employees' Hybrid Members Defined
Contribution Account (PERF DC), a member-funded account.
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.
City participants are viewed by INPRS to be classified into two groups, solely for purposes of actuarial evaluation:
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.
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).
First time new employees hired by the State or a participating political subdivision who offers a choice, have a one-time election to join
either the PERF Hybrid plan or PERF MC DC. Refer to the Description of Defined Contribution Funds for discussion of both the PERF
DC and PERF MC DC plans. A new hire that is an existing member of PERF Hybrid and was not given the option for the PERF MC DC
plan is given the option to elect PERF MC DC or remain in PERF Hybrid.
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).
Employees who are compensated through the Parks Department of the General Fund and through certain other funds
committed or restricted for parks (Park).
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.
73
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, 2022
Valuation Date
Assets:June 30, 2022
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, 2022:
As of June 30, 2021:
Mortality Assumption
Beneficiaries – Contingent Survivor table with no set forward for males and a 2 year set forward for females.
The City's contribution to the plan for the year ending December 31, 2022, was $3,582,578 for City participants and $289,370 for the
Park participants, which was equal to the required contributions for the year.
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection
of mortality improvements using SOA Scale MP-2019.
Proportionate Share of the Net Pension Liability:
0.4% beginning on January 1, 2022
0.5% beginning on January 1, 2034
0.6% beginning on January 1, 2039
Disables – General Disabled table with a 140% load.
Healthy Employees – General Employee table with a 3 year set forward for males and a 1 year set forward for
females.
Members in pay status were granted a 1.00% COLA on January 1, 2022 and no COLA on January 1,
2023. Thereafter, the following COLAs, compounded annually, were assumed:
At December 31, 2022, the City reported a liability of $13,029,111 for its proportionate share of the City net pension liability and a
liability of $1,669,639 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, 2022,
measurement date was 0.0041312 for the City plan and 0.0005294 for the Park plan.
June 30, 2021 – The TPL as of June 30, 2022 was determined based on an actuarial valuation prepared as of
June 30, 2021 rolled forward one year to June 30, 2022, using the following key actuarial assumptions and
other inputs, such as benefit accruals and actual benefit payments during that time period.
Members in pay status were granted a 1.00% COLA on January 1, 2022 and no COLA on January 1,
2023. Thereafter, the following COLAs, compounded annually, were assumed:
0.4% beginning on January 1, 2024
0.5% beginning on January 1, 2034
0.6% beginning on January 1, 2039
Retirees – General Retiree table with a 3 year set forward for males and a 1 year set forward for females.
The employer defined-benefit contribution rate is based on an actuarial valuation and is adopted, and may be amended, by the INPRS Board.
For 2022, the City contributed 11.2% of employee compensation to the plan. The DC Account consists of the employee contribution, which is
set by statute at 3% of compensation, as defined by Indiana statutes, plus the interest/earnings or losses credited to the employee's account. 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 into their DC
Account. An employee's contribution and interest credits belong to the employee and do not belong to the State or the City.
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.
74
Experience Study
Discount Rate 6.25%, net of investment expenses
Discount Rate Sensitivity
2022 City
2022 Park
Classes of Plan Members Covered
Money-Weighted Rate of Return
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.
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.
1% Decrease
5.25%
5,537,613$
6.25%
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, 2022 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.
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:
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% Increase
The June 30, 2022 valuation was performed using census data provided by INPRS as of June 30, 2021.
Standard actuarial techniques were used to roll forward the total pension liability computed as of June 30,
2021 to the June 30, 2022 measurement date using actual benefit payments during that period of time.
2,820,631$
22,010,938$
Current Rate
7.25%
709,627$
13,029,111$
1,669,639$
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, 2022, the
moneyweighted return on the plan assets is -6.6%.
75
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
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
(98,354) (90,986) (7,368)
(1,203,076) (1,112,940) (90,136)
-
1,715,394
- -
Total Pension
Liability
- (4,353,880) 4,353,880
-
City Plan
Increase (Decrease)
302,039
(3,924,453) (3,924,453)
-
- -
575 575 -
163
-
7,585,713
163
Balances as of December 31, 2022 74,370,664$ 61,341,554$
Balances as of January 1, 2022 5,443,399$
-
(502,906)
981,083
-
786,746$
-
Plan Fiduciary
Net Position
-
4,472,928
Net Pension
Liability
-
- -
38,705
-
(5,870,319)
-
-
38,705
-
-
-
(502,906)
4,489
-
-
4,489
- 573,191
-
1,270 1,270 -
(23,608) (23,608) -
- 2,594,038 (2,594,038)
-
-
-
Balances as of January 1, 2022 10,501,012$ 9,714,266$
981,083
573,191
125,723
7,860,723$
-
72,655,270$ 67,211,872$
4,472,928
- -
- 302,039
- -
13,029,111$
Net Pension
Liability
Parks Plan
Increase (Decrease)
(3,025) (3,025) -
- 332,418 (332,418)
1,669,639$ Balances as of December 31, 2022
- - -
(970,650) (1,853,543) 882,893
- (557,936) 557,936
- (9,902) 9,902
- 10 (10)
9,530,362$
125,723
(77,269) 77,269
- 80 (80)
Total Pension
Liability
Plan Fiduciary
Net Position
76
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
City
Parks
280,955$
3,822,876
1,607,930
Changes in assumptions 1,764,728
169,263
Pension contributions subsequent to measurement date
182,586
For the year ended December 31, 2022, the City recognized pension expense of $1,854,826 for the City plan and $148,996 for the Park plan.
Pension expense included net amortization of deferred amounts described below. At December 31, 2022, the City reported deferred outflows
of resources and deferred inflows of resources related to the PERF Hybrid Plan from the following sources:
Deferred Inflows of
Resources
260,369$
At December 31, 2022, the City reported a net pension liability of $13,029,111 for the City Plan and $1,669,639 for the Parks Plan.
640,591
557,429
-
6,350$
630,019$
Pension contributions subsequent to measurement date 154,904
36,003$
260,369
Total
33,611
640,591$
Deferred Outflows of
Resources
6,917
2,088,649
5,911,525$
475,115
71,433
Contributions subsequent to the June 30, 2022, 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.
Differences between expected and actual experience
Changes in proportion and differences between City contributions and
proportionate share of contributions
-
Differences between expected and actual experience
Total that will be recognized in pension expense (income) based on
the table below
206,051
-
Changes in proportion and differences between City contributions and
proportionate share of contributions
226,144
Deferred Inflows of
Resources
Changes in assumptions
Total that will be recognized in pension expense (income) based on
the table below
-
Net difference between projected and actual earnings on pension plan
investments
Net difference between projected and actual earnings on pension plan
investments
Deferred Outflows of
Resources
Total
49,551$
77
Pension Plan Report and Fiduciary Net Position:
Plan Description:
Benefits Provided:
Contributions and Funding Policy:
Year Ending December 31,
-
2025
City
(4,170)$
Thereafter -
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.
(248,607)
-
Deferred inflows of resources resulting from the differences between projected and actual investment earnings on Plan investments are
amortized over a 5-year period. A change in an employer's proportionate share represents the change as of the current year measurement date
versus the prior year measurement date, and is amortized over the average expected remaining service lives of the plan. The difference between
an employer's contributions and the employer's proportionate share of the collective contributions is amortized over the average expected
remaining service lives of the plan. Differences between expected and actual experience and changes in assumptions are amortized over the
average expected remaining service lives of the plan. Amounts reported as deferred outflows of resources and deferred inflows of resources
will be recognized in pension expense as follows:
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.
217,960
3,182,285$
2023
1977 POLICE OFFICERS' AND FIREFIGHTERS' PENSION AND DISABILITY FUND
Amount
Parks
2027
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.
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.
Proportionate Share of the Net Pension Liability:
1,700,879
2024
Total
Amount
214,746$
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 2022, plan members were required to
contribute 6 percent and participating employers were required to contribute 17.5 percent of the first-class officers' and firefighters' salary.
Employers may elect to pay all or part of the contribution for the member.
(66,784)
At December 31, 2022, the City reported a liability of $7,009,627 for police and a liability of $8,841,169 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, 2022, measurement date was 0.0108198 for police and 0.0136469 for fire.
1,066,661
-
The City's contribution to the plan for the year ending December 31, 2022, was $2,367,884 for police participants and $2,964,234 for fire
participants, which was equal to the required contributions for the year.
663,352$
67,740
78
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, 2022
Valuation Date:
Assets June 30, 2022
Liabilities
Price Inflation
Future Salary Increases
Cost-of-Living Increases As of June 30, 2022:
As of June 30, 2021:
Mortality Assumption
Experience Study
Discount Rate 6.25%, net of investment expenses
2.65%
Healthy Employees – Safety Employee table with a 3-year set forward for males and no set forward for
females.
The INPRS Board of Trustees has established a funding policy of setting the employer contribution rate equal
to the greater of 18% (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, 2022 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.
Beneficiaries – Contingent Survivor table with no set forward for males and a 2-year set forward for females.
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, 2023. Actual COLA increases at July 1, 2021 (1.9%) and
July 1, 2022 (3.0%) are reflected in the valuation.
Retirees – Safety Retiree table with a 3-year set forward for males and a 1 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.
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection
of mortality improvements using SOA Scale MP-2019.
2.00%
1.95% compounded annually, beginning July 1, 2020. Actual COLA increases at July 1, 2020 (2.1%) and
July 1, 2010 (1.95%) are reflected in the valuation.
June 30, 2021 – The TPL as of June 30, 2022 was determined based on an actuarial valuation prepared as of
June 30, 2021 rolled forward one year to June 30, 2022, using the following key actuarial assumptions and
other inputs, such as benefit accruals and actual benefit payments during that time period.
Disables – General Disabled table.
79
Discount Rate Sensitivity
2022 Police
2022 Fire
Classes of Plan Members Covered
Money-Weighted Rate of Return
Changes in the Net Pension Liability:
Changes for the year:
Changes in Proportion
Service Cost
Interest Cost
Experience (Gains)/Losses
Assumption Changes
Plan Amendments
Benefit Payments
Service Purchases:
Employer Contributions
Employee Contributions
Member Reassignments
Employer Contributions
Non-employer Contributions
Employee Contributions
Net Investment Income
Administrative Expenses
Other
Net Changes
1,452,885 1,565,887 (113,002)
(2,695,419)
7,973
-
(5,418,403)$
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, 2022, the
moneyweighted return on the plan assets is -6.6%.
7,973
- 3,990
-
-
92 92
Balances as of December 31, 2022 89,608,122$ 82,598,494$
(629,534)
-
7,009,627$
Police Plan
Increase (Decrease)
-
3,990
80,764,325$
2,277,954
Balances as of January 1, 2022
- - -
- 629,534
- 2,277,954
5,197,093 - 5,197,093
5,848,807
-
1,911,498 (1,911,498)
-
- -
-
87,045,990$
- -
-
(22,425) 22,425
(6,281,665)$
182 (182)
8,843,797 (4,447,495) 13,291,292
5.25%
-
7.25%
21,016,317$
26,507,660$
(4,295,923)$
1% Increase
8,841,169$
Total Pension
Liability
Plan Fiduciary
Net Position
Net Pension
Liability (Asset)
(2,695,419)
(5,848,807)
2,599,229 - 2,599,229
6.25%
The June 30, 2022 valuation was performed using census data provided by INPRS as of June 30, 2021.
Standard actuarial techniques were used to roll forward the total pension liability computed as of June 30,
2021 to the June 30, 2022 measurement date using actual benefit payments during that period of time.
1% Decrease Current Rate
7,009,627$
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:
80
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
(155,775) (167,891) 12,116
2,873,159
10,057
-
-
115
For the year ended December 31, 2022, the City recognized pension expense of $1,859,854 for police and $2,341,429 for fire, which included
net amortization of deferred amounts described below. At December 31, 2022, the City reported deferred outflows of resources and deferred
inflows of resources related to the 1977 Plan from the following sources:
-
Balances as of December 31, 2022
- -
(3,399,704)
8,841,169$
Deferred Inflows of
Resources
97,814$ Differences between expected and actual experience
Changes in proportion and differences between City contributions and
proportionate share of contributions
(229)
Changes in assumptions
10,057
Plan Fiduciary
Net Position
9,166,303 (7,752,509) 16,918,811
- (28,285) 28,285
-
Net Pension
Liability (Asset)
Balances as of January 1, 2022 103,855,478$ 111,933,120$ (8,077,642)$
Firefighters Plan
1,281,249
5,033
Net difference between projected and actual earnings on pension
plan investments
52,460
At December 31, 2022, the City reported a net pension liability of $7,009,627 for the Police Plan and a net pension liability of $8,841,169
for the Firefighters Plan.
- 794,024 (794,024)
- (7,377,039) 7,377,039
6,555,038
703,071$ Total
- 2,410,952 (2,410,952)
Deferred Outflows of
Resources
113,021,781$
-
2,231,006
115
Total that will be recognized in pension expense (income) based on
the table below
3,584,970$
Pension contributions subsequent to measurement date
104,180,611$
229
(3,399,704)
-
2,991,023
8,879,837 703,071
552,797
-
-
Increase (Decrease)
Total Pension
Liability
-
2,873,159
- -
-
-
3,278,380 -
-
-
5,033 -
- 6,555,038
72,838
10,161,086$
3,278,380
81
Firefighters
Pension Plan Report and Fiduciary Net Position:
G. Other Post-Employment Benefits
Single-Employer Defined Benefit Healthcare Plan
Plan Description
917,540
4,182,104
1,214,309
1,163,025 916,784
1,500,909
877,922
Thereafter 1,181,074
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).
10,355,945$
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.
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.
721,368
125,692
4,521,685$
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.
3,772,545
Detailed information about the pension plan's fiduciary net position is available in a stand-alone financial report of INPRS that includes
financial statements and required supplementary information for the plan as a whole. This report may be obtained by writing the Indiana
Public Retirement System, One North Capitol, Suite 001, Indianapolis, Indiana 46204, by calling (844) GO-INPRS, by emailing
questions@inprs.in.gov, or by visiting www.in.gov/inprs.
Year Ending December 31,
1,591,045
Total
Total that will be recognized in pension expense (income) based on
the table below
Differences between expected and actual experience
2026
2025
2027
3,309,844
2024
877,922$
Deferred inflows of resources resulting from the differences between projected and actual investment earnings on Plan investments are
amortized over a 5-year period. A change in an employer's proportionate share represents the change as of the current year measurement date
versus the prior year measurement date, and is amortized over the average expected remaining service lives of the plan. The difference between
an employer's contributions and the employer's proportionate share of the collective contributions is amortized over the average expected
remaining service lives of the plan. Differences between expected and actual experience and changes in assumptions are amortized over the
average expected remaining service lives of the plan. Amounts reported as deferred outflows of resources and deferred inflows of resources
will be recognized in pension expense as follows:
Police Amount
1,538,017
123,372$
Deferred Inflows of
Resources
2023
Pension contributions subsequent to measurement date
2,813,945
Fire Amount
Deferred Outflows of
Resources
8,176,766$
-
Changes in assumptions
-
697,237
Net difference between projected and actual earnings on pension
plan investments
Changes in proportion and differences between City contributions and
proportionate share of contributions
11,233,867
57,313
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.
12,824,912$
Contributions subsequent to the June 30, 2022, 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.
833,387$ 1,054,350$
82
Employees Covered By Benefit Terms
At December 31, 2022, 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, 2022
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, 2022
(2,675,315)
625,309
Net Benefits Paid by Employer
210,816
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.
(1,699,013)
(1,030,964)
Under this method, as used in the December 31, 2022, 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.
25,436,805$
Coverage ends for the retiree at the retiree's Medicare eligibility date.
-
1,171,141
For the year ended December 31, 2022, the City contributed $1,030,964 to the Plan for current premiums.
The Plan is funded on a pay-as-you-go basis. No irrevocable trust has been established to fund the Plan. Accordingly, no trust fund financial
statements are published. The Plan issues no separate reports.
-
Liability
Increases (decreases) in liabilities due to benefit changes, actuarial assumption changes and/or actuarial method changes are also explicitly
identified and amortized in the annual expense.
27,135,818$
458
The Entry Age Normal Actuarial Cost Method used in the current OPEB actuarial valuation is unchanged from the prior OPEB actuarial
The committed fund balance of the Health Self Insurance Fund includes $319,554 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.
Total OPEB
398
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.
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 $10,800 per year). Retiree contributions for a married couple that works for the City are
based on service of the individual employed for the longer period of time (not to exceed 75% of the total premium). The City contributes 100% of
the premium for medical and dental coverage for those who are killed in the line of duty with no maximum contribution. The City pays 50% for
work-related disabilities. All other retirees pay 100% of the premium rate.
60
83
Sensitivity of the Total OPEB Obligation to Changes in the Discount Rate:
Total OPEB Liability
Sensitivity of the Total OPEB Obligation to Changes in the Healthcare Cost Trend Rate:
Total OPEB Liability
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
Liability Experience Losses / (Gains)
Changes in Assumptions
Measurement Date December 31, 2022
Valuation Date December 31, 2022
Cosst method Entry Age Normal (Level % of Pay)
Total
(2,077,714)
(955,252)$
(955,252)
Actuarial Methods and Assumptions
1% Increase
Thereafter
2027
27,567,820$
2023
23,592,823$
(955,252)
Deferred Inflows of
Resources
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.
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:
2,565,564$
For the year ended December 31, 2022, the City recognized OPEB expense of $841,198. OPEB expense represents the change in the total OPEB
liability during the measurement period, adjusted for actual contributions and the deferred recognition of changes in investment gain/loss, and
actuarial assumptions or method. At December 31, 2022, the City reported deferred outflows of resources and deferred inflows of resources
related to OPEB from the following sources:
2024
2025
(6,853,974)$
The following presents the total OPEB liability of the Employer, as well as what the Employer's total OPEB liability would be if it were
calculated using healthcare cost trend rates that are 1-percentage point lower or 1-percentage-point higher than the current healthcare cost
trend rates:
Benefit-related costs are based on an established pattern of practice. Actuarial valuations of an ongoing plan involve estimates of the value of
reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future
employment, mortality, and the healthcare cost trend. Amounts determined regarding the funded status of the Plan and the annual required
contributions of the employer are subject to continual revision as actual results are compared with past expectations and new estimates are made
about the future. The Schedule of Funding Progress, presented as required supplementary information following the notes to the basic financial
statements, presents multiyear trend information about whether the actuarial value of Plan assets is increasing or decreasing over time relative to
the actuarial accrued liabilities for benefits.
Year Ending December 31,
(955,252)
(955,252)
2026
Current Rate
6,148,912$
25,436,805$
Amount
9,419,538$
1% Decrease
At December 31, the deferred outflows / (inflows) of resources based on obligations for the Plan are as follows:
2,379,522 3,270,626
186,042$
Deferred Outflows of
Resources
1% Decrease Current Rate 1% Increase
27,699,950$ 25,436,805$ 23,391,069$
84
Economic Assumptions
Discount rate
Discount rate basis
Coverage rate
Spouses
Disability
Mortality:
Civilian employees
Police and fire employees
Mortality improvement
Turnover According to Sarason Table T-1.
Retirement Rates:
Civilian employees:
Police and fire employees:
Rate
100%
55-60
61-64
Female
20%
16%
7.5%
Male
65+100.0%
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.
None assumed.
2%
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.
14%
2.5%
26%
65
30.0%
52-54
25%
22%
Age
5%
35%
100%61
62 32%
90% of eligible employees are assumed to be covered in the plan at retirement.
*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.
2.25% per annum as of December 31, 2021
Age
50-53
Female
5%
12%
19%
40%
8%
17%
4.31% per annum as of December 31, 2022
20%3%
Male
S&P Municipal Bond 20-Year High Grade Rate Index*
17%
68
69
Retired participants: Age and marital status based on actual census data.
3.30% per annum as of December 31, 2020
64
19%
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.
4%
22.5%
56
57
66
58
60
45-51
19%
14%
Active participants: 35% are assumed to cover a spouse, with male spouses two years older
than female spouses.
59
54
70-74
4%
75+
30%
24%
30%
63
4%
21%
5%
Age
67
2%
55
2%
4%
5%
3%
7%
85
Per capita claims cost:
Age Age
55-59 All Ages
60-64
Age Age
55-59 All Ages
60-64
Annual Healthcare Trend
Year Medical Dental Year Medical Dental
1 7
2 8
3 9
4 10
5 11
6 12
13+
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
83,901,026$
322$ 6,541,544$
611,713$
260,369$
148,996$ 241,442$
138,607
15,850,796$
15,353$
2,003,822$
City Plan
12,404,875$
-$
4.5%
Officer's Pension
5.0%4.5%
Water Utility
186,779,107
Public Employees'
9,680,820$
9,704,787$
304,563,987$
52,284,969$
8,142,485$
309,381$
202,629,903$
10,231,645 7,984,822 43,125,085
2,173,229$ 1,695,998$ 9,159,884$
986,030$ 769,502$
83,385$
630,019$
450,357$
16,098$
1,325,667$
*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.
83,901,026$
69,202,276
14,698,750$
6,541,544$ 4,155,993$
900,960$
1,304,003$
2021/2022 Dental
5.3%
1977 Police Officers'
and Firefighters'
Pension and Disability
7.5%
4.5%
746$
17,816$
Female
Sewer Utility
Total
4,397 69,202,276 256,124,386
4.5%
Public Employees'
900,960$
14,698,750$
Retirement
Total
9,530,362$
1,669,639$
106,849$
-$
Male
4.5%
1937 Firefighters'
City- All OtherParks
7,860,723
22,985,998$
8,185,266$
2,003,822$
1,580,993$
4,201,283$
7.8%
Retirement*
16,991$
13,104$
4.5%
6.8%
6.5%
Pension
8.0%
5.8%7.3%
704$
Female
2019/2020 Medical & Vision
Male
29,533,088$
2,481,953$
5,224$
4.5%
Varies by age and status; representative rates follow:
704$
Male
4.5%
48,439,600$
8,323,874$
4.5%
Male
2021/2022 Medical & Vision
6.5%
13,247$
5.5%4.5%
6.3%
6.0%4.5%
Female
Female
1925 Police
4.5%
9,709,184$
13,890$ 13,740$
4.5%
2019/2020 Dental
746$
86
I. Deferred Compensation Plan
J. Interfund Receivables and Payables
The composition of the interfund balances as of December 31, 2022 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, 2022:
Reclassification from major to nonmajor funds for 2022:
Bond Bank Project Fund
198,362,526$ 241,853,379$ 43,490,853$
241,853,379$
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.
(12,276,350) 12,276,350
Total fund balances of nonmajor funds as previously reported at
December 31, 2021
Total fund balances as of January 1, 2022 55,767,203$
Major Nonmajor Governmental
186,086,176$
Amount
806,456
Water Utility invoices include charges for Sewer and Storm Water, and these charges are remitted as collected, one month in arrears.
-
Total
69,390$
661,555$
1,468,011$
The Motor Vehicle Highway Fund is due $69,390 from the Storm Water Fund to comply with an ordinance requiring certain transfers.
69,390$
351,310$
351,310$
87
2022 2021 2020 2019 2018 2017
Total OPEB Liability
Service Cost 1,171,141$ 1,415,051$ 1,831,489$ 1,420,618$ 1,519,286$ 1,330,012$
Interest Cost 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 210,816 (6,005,917) (930,479) (107,011) (787,315) (418,473)
Changes in Assumptions (2,675,315) 1,983,945 - 1,205,476 (676,338) (1,046,528)
(1,030,964) (973,405) (906,212) (884,567) (539,334) (413,786)
Net Changes in Total OPEB Liability (1,699,013) (2,568,310) 989,048 2,637,402 377,327 481,204
Total OPEB Liability - Beginning 27,135,818 29,704,128 28,715,080 26,077,678 25,700,351 25,219,147
Total OPEB Liability - Ending 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, 2022
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS
88
2022 2021 2020 2019 2018 2017
Total OPEB Liability - Ending 25,436,805$ 27,135,818$ 29,704,128$ 28,715,080$ 26,077,678$ 25,700,351$
Covered-Employee Payroll 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 64.95% 77.38% 65.33% 64.73% 66.89% 67.55%
The most recent actuarial valuation date is December 31, 2022.
Additional information on the City's OPEB can be found in Note II.G. on pages 82–86 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, 2022
Notes to Schedule:
89
SUMMARY OF MAIN PLAN PROVISIONS
METHOD AND ASSUMPTIONS
Entry Age Normal (Level % of Pay)
ASSUMPTIONS:
Discount Rate 4.31% per annum as of December 31, 2022
2.25% per annum as of December 31, 2021
3.30% per annum as of December 31, 2020
OTHER POST-EMPLOYMENT BENEFIT PLAN
December 31, 2022
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.
COST METHOD
(Prescribed)
Eligible retirees are those who retire from the City of Carmel with at least 20 years of creditable employment with a public employer. If any of the years of creditable
employment includes employment with other public employers besides the City of Carmel, then the retiree must also be at least age 55 in order to be eligible. Employees
hired or disabled on or after October 3, 2016 are not eligible (except for those killed or disabled in the line of duty).
The city contributes 50% of the employee-spouse premium for a retiree who has 20 years of service with the city, plus 1% for each additional six months of service, to a
maximum of 75% of the cost of medical and dental coverage. A retiree with employee-only (or spouse-only, if the retiree is over 65) is eligible to receive 50% to 75%
of the employee-only (or spouse-only) premium using the same formula. The city’s contribution will not exceed $900 per month (up to $10,800 per year). Retiree
contributions for a married couple that works for the city are based on service of the individual employed for the longer period of time (not to exceed 75% of the total
premium). The city contributes 100%of the premium for medical and dental coverage for those who are killed in the line of duty with no maximum contribution. The
city pays 50% for work-related disabilities. All other retirees pay 100% of the premium rate.
City of Carmel, Indiana
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
90
Discount Rate Basis S&P Municipal Bond 20-Year High Grade Rate Index*
Coverage Rate 90% 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 two years older than female spouses.
Disability None assumed.
Mortality:
Civilian Employees
Police and Fire
Employees
Mortality
Improvement
Turnover According to Sarason Table T-1.
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 8.0% in the first year, graded down to 5.75% over 10 years; dental costs were trended at a flat 4.5% 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.
91
1925 Police Officers' Pension Plan:2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution 612,374$ 579,819$ 607,355$ 564,928$ 564,928$ 557,208$ 546,748$ 534,143$
612,374 579,819 607,355 564,928 564,928 557,208 546,748 534,143
Contribution deficiency (excess)- - - - - - - -
Covered payroll -$ -$ -$ -$ -$ -$ -$ -$
Contributions as a percentage of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
1937 Firefighters' Pension Plan:2022 2021 2020 2019 2018 2017 2016 2015
Actuarially determined contribution 597,247$ 598,830$ 565,704$ 584,282$ 584,282$ 577,369$ 553,519$ 562,264$
597,247 598,830 565,704 584,282 584,282 577,369 553,519 562,264
Contribution deficiency (excess)- - - - - - - -
Covered payroll -$ -$ -$ -$ -$ -$ -$ -$
Contributions as a percentage of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
See notes to schedules, 1925 Police Officers' and 1937 Firefighters' Pension Plans.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF EMPLOYER CONTRIBUTIONS
December 31, 2022
Contributions in relation to the actuarially
determined contribution
Contributions in relation to the actuarially
determined contribution
92
1925 Police Officers' Pension Plan:2022 2021 2020 2019 2018 2017 2016 2015
Total pension liability 8,323,874$ 8,318,027$ 8,616,378$ 9,650,494$ 9,893,565$ 10,119,548$ 10,119,548$ 10,179,012$
Less, fiduciary net position 138,608 130,048 136,916 145,316 131,361 147,471 148,470 147,785
Net pension liability 8,185,266$ 8,187,979$ 8,479,462$ 9,505,178$ 9,762,204$ 9,972,077$ 9,971,078$ 10,031,227$
1.67%1.56%1.59%1.51%1.33%1.46%1.47%1.45%
Covered payroll -$ -$ -$ -$ -$ -$ -$ -$
Net position as a percentage of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
1937 Firefighters' Pension Plan:2022 2021 2020 2019 2018 2017 2016 2015
Total pension liability 9,709,184$ 8,997,143$ 9,278,530$ 10,366,629$ 10,601,151$ 10,883,369$ 10,883,369$ 10,997,707$
Less, fiduciary net position 4,397 20,207 14,354 36,220 5,405 26,027 30,375 39,365
Net pension liability 9,704,787$ 8,976,936$ 9,264,176$ 10,330,409$ 10,595,746$ 10,857,342$ 10,852,994$ 10,958,342$
0.05%0.22%0.15%0.35%0.05%0.24%0.28%0.36%
Covered payroll -$ -$ -$ -$ -$ -$ -$ -$
Net position as a percentage of covered payroll Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable Not applicable
See notes to schedules, 1925 Police Officers' and 1937 Firefighters' Pension Plans.
City of Carmel, Indiana
SCHEDULE OF NET PENSION LIABILITY AND RELATED RATIOS
December 31, 2022
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
93
1925 Police Officers' Pension Plan:2022 2021 2020 2019 2018 2017 2016 2015
Total pension liability - beginning 8,318,027$ 8,616,378$ 9,650,494$ 9,893,565$ 10,119,548$ 10,119,548$ 10,179,012$ 10,220,740$
Interest on total pension liability 278,016 288,782 329,811 339,070 354,913 355,402 363,703 367,444
Effect of economic/demographic gains and losses 945,303 - (599,196) - 338,525 201,812 122,896 125,844
Effect of assumptions changes or inputs (609,973) - (148,471) - (337,280) - - -
Benefit payments (607,499) (587,133) (616,260) (582,141) (582,141) (557,214) (546,063) (535,016)
Total pension liability - ending 8,323,874 8,318,027 8,616,378 9,650,494 9,893,565 10,119,548 10,119,548 10,179,012
Fiduciary net position - beginning 130,048 136,916 145,316 131,361 147,471 148,470 147,785 148,615
Employer contributions 612,374 579,819 607,355 564,928 564,928 557,208 546,748 534,143
Net investment income 3,685 446 505 4,121 1,203 882 - 143
Benefit payments (607,499) (587,133) (616,260) (582,141) (582,141) (557,214) (546,063) (535,016)
Administrative expenses - - - - (100) (1,875) - (100)
Other - - - 27,047 - - - -
Fiduciary net position - ending 138,607 130,048 136,916 145,316 131,361 147,471 148,470 147,785
Net pension liability - ending $ 8,185,267 $ 8,187,979 $ 8,479,462 $ 9,505,178 $ 9,762,204 $ 9,972,077 $ 9,971,078 $ 10,031,227
1937 Firefighters' Pension Plan:2022 2021 2021 2021 2018 2017 2016 2015
Total pension liability - beginning 8,997,143$ 9,278,530$ 10,366,629$ 10,601,151$ 10,883,369$ 10,883,369$ 10,997,707$ 11,028,789$
Interest on total pension liability 301,525 311,713 355,711 367,840 385,277 385,817 393,503 396,965
Effect of economic/demographic gains and losses 1,903,685 - (699,325) - 289,272 192,103 54,668 125,812
Effect of assumptions changes or inputs (879,089) - (156,836) - (351,553) - - -
Benefit payments (614,080) (593,100) (587,649) (602,362) (605,214) (577,920) (562,509) (553,859)
Total pension liability - ending 9,709,184 8,997,143 9,278,530 10,366,629 10,601,151 10,883,369 10,883,369 10,997,707
Fiduciary net position - beginning 20,207 14,354 36,220 5,405 26,027 30,375 39,365 30,909
Employer contributions 597,247 598,830 565,704 584,282 584,282 577,369 553,519 562,264
Net investment income 1,023 123 79 847 310 224 - 51
Benefit payments (614,080) (593,100) (587,649) (602,362) (605,214) (577,920) (562,509) (553,859)
Administrative expenses - - - - - (4,021) - -
Other - - - 48,048 - - - -
Fiduciary net position - ending 4,396 20,207 14,354 36,220 5,405 26,027 30,375 39,365
Net pension liability - ending $ 9,704,788 $ 8,976,936 $ 9,264,176 $ 10,330,409 $ 10,595,746 $ 10,857,342 $ 10,852,994 $ 10,958,342
See notes to schedules, 1925 Police and 1937 Firefighters' Pension Plans.
December 31, 2022
SCHEDULE OF CHANGES IN NET PENSION LIABILITY
REQUIRED SUPPLEMENTARY INFORMATION
City of Carmel, Indiana
94
Assumption changes:
Discount Rate:4.31% Police Officers; 4.31% Firefighters for 2022
Valuation date:
Methods and assumptions used to determine most current contribution rate:
Actuarial cost method Entry Age Normal
Amortization method N/A
Remaining amortization period N/A
Retirement age N/A
Mortality 2023 Static Combined Table for Small Plans as publiched in IRS Notice 2022-22
Other information N/A
REQUIRED SUPPLEMENTARY INFORMATION
Note: The City is presenting its eighth ACFR since 2007. The information above is presented for as many years as available. The schedules are intended to show information for 10
years. Years not shown are not available.
Actuarially determined contribution rates are calculated as of December 31 of the fiscal year in which
contributions are reported.
Effective with the December 31, 2022 measurement date, the future mortality improvement assumption
was updated to the 2023 Static Combined Table for Small Plans as published in IRS Notice 2022-22.
City of Carmel, Indiana
NOTES TO SCHEDULES
1925 POLICE OFFICERS' AND 1937 FIREFIGHTERS' PENSION PLANS
December 31, 2022
95
Public Employees' Retirement Fund:
Year Ended
City's
Proportion of
the Net Pension
Liability
City's Proportionate
Share of the Net
Pension Liability
City's Covered
Payroll
Net Pension
Liability as a
Percentage of
Covered Payroll
Plan Fiduciary Net
Position as a
Percentage of
Total Pension
Liability
City:
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, 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, 2022
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, 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, 2022 0.0136469 8,841,169$ 13,794,689$ 64.1%92.2%
June 30, 2021 0.0136674 (8,077,642)$ 12,976,093$ -62.3%107.8%
June 30, 2020 0.0128110 3,110,611$ 11,879,532$ 26.2%96.4%
June 30, 2019 0.0129129 119,005$ 11,414,229$ 1.0%99.9%
June 30, 2018 0.0135067 (1,187,390)$ 11,375,165$ -10.4%101.5%
June 30, 2017 0.0126561 (195,225)$ 10,260,440$ -1.9%100.3%
June 30, 2016 0.0135237 1,201,404$ 10,452,317$ 11.5%98.2%
June 30, 2015 0.0137130 (2,025,686)$ 10,225,780$ -19.8%103.2%
Source: INPRS Actuarial Valuations and Unaudited Employer-specific GASB 68 Schedules.
The amounts presented for each year were determined as of the Plan's June 30 year-end that occurred within the
City's fiscal year.
December 31, 2022
(Continued)
Note: The City is presenting its eighth ACFR since 2007. The information above is presented for as many years
as available. The schedules are intended to show information for 10 years. Years not shown are not available.
OF THE NET PENSION LIABILITY
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
DEFINED BENEFIT PENSION PLANS - MULTIPLE EMPLOYER PLANS
SCHEDULE OF THE CITY'S PROPORTIONATE SHARE
97
Public Employees' Retirement Fund:
Year Ended
Contractually
Required
Contributions
City Contributions
related to the
Contractually
Required
Contribution
Deficiency
(Excess)
City's Covered
Payroll
Contributions
as a Percentage
of Covered
Payroll
City:
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, 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, 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, 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, 2022
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:
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO SCHEDULES
PUBLIC EMPLOYEES' RETIREMENT AND 1977 POLICE OFFICERS' AND
FIREFIGHTERS' PENSION AND DISABILITY FUNDS
Note: Covered payroll for the purposes of this schedule was determined as of the City's fiscal year
ended December 31.
December 31, 2022
Note: The City is presenting its eighth ACFR since 2007. The information above is presented for as many years as
available. The schedules are intended to show information for 10 years. Years not shown are not available.
There were no changes in actuarial methods since the prior year.
There were no changes in assumptions from the June 30, 2021 actuarial valuations to the June 30, 2022 actuarial valuations.
The most significant factor in the liability experience was salaries increasing by more than expected. Several funds
experienced new entrant and rehire losses, as well as retirement and termination experience losses. All funds had liability
gains in their mortality experience, partially offsetting the liability losses. Note that data used in these valuations is based on
census data as of June 30, 2021, and therefore includes experience for part of the COVID-19 pandemic.
There were no changes to the plan provisions during the fiscal year.
99
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 49,581,767$ 49,581,767$ 46,613,206$ (2,968,561)$
Income tax 45,735,219 45,735,219 52,730,393 6,995,174
Licenses and permits 2,871,807 2,871,807 - (2,871,807)
Intergovernmental 266,478 266,478 610,900 344,422
Charges for services 4,145,603 4,145,603 1,462,510 (2,683,093)
Fines and forfeits 439,110 439,110 224,910 (214,200)
Miscellaneous - - 3,922,384 3,922,384
Other 15,472,007 14,841,758 13,939,050 (902,708) -
Total revenues: budgetary basis 118,511,991$ 117,881,742$ 119,503,353 1,621,611$
Increase in available income tax receivable -
Transfer in from enterprise funds
treated as revenue on a budgetary basis (1,320,506)
Transfer from a nonmajor fund
treated as revenue on a budgetary basis (766,168)
Total revenues reported on the
Statement of Revenues and Expenditures 117,416,679$
EXPENDITURES:
Current:
General government:
City Controller:
Personal services 923,787$ 923,787$ 782,865$ (140,922)$
Supplies 14,511 14,511 7,360 (7,151)
Other services and charges 249,055 249,055 161,832 (87,223)
Capital outlay 15,404 15,404 8,527 (6,877)
City Clerk:
Personal services 761,570 761,570 644,242 (117,328)
Supplies 14,400 14,400 7,059 (7,341)
Other services and charges 182,527 182,527 45,975 (136,552)
Capital outlay 50,000 50,000 13,611 (36,389)
Mayor's Office:-
Personal services 538,205 538,205 458,936 (79,269)
Supplies 4,300 4,300 3,362 (938)
Other services and charges 5,529,560 5,529,560 4,109,348 (1,420,212)
Capital outlay 33,706 33,706 5,086 (28,620)
City Council:
Personal services 412,356 412,356 325,206 (87,150)
Supplies 4,000 4,000 478 (3,522)
Other services and charges 169,219 169,219 110,411 (58,808)
Capital outlay 2,690 2,690 1,272 (1,418)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
General Fund
For the Fiscal Year Ended December 31, 2022
Budgeted Amounts
Continued on next page.
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 22,531 22,531 15,527 (7,004)
Debt service 16,783,877 16,783,877 16,781,828 (2,049)
Administration:
Personal services 1,156,960 1,156,960 1,138,558 (18,402)
Supplies 76,914 76,914 53,307 (23,607)
Other services and charges 2,705,078 2,705,078 2,062,103 (642,975)
Capital outlay 610,823 610,823 525,241 (85,582)
Brookshire Golf Course:
Personal services 924,162 924,162 878,060 (46,102)
Supplies 69,900 69,900 56,821 (13,079)
Other services and charges 468,350 468,350 460,855 (7,495)
Capital outlay 459,739 459,739 343,878 (115,861)
Building Operations:
Supplies 8,000 8,000 - (8,000)
Other services and charges 3,840,603 3,840,603 3,525,268 (315,335)
Capital outlay - - - -
City Court:
Personal services 630,950 630,950 533,404 (97,546)
Supplies - - - -
Other services and charges 184,200 184,200 126,419 (57,781)
Capital outlay - - - -
Law Department:
Personal services 1,216,932 1,216,932 1,011,005 (205,927)
Supplies 8,127 8,127 3,899 (4,228)
Other services and charges 859,967 859,967 293,080 (566,887)
Capital outlay 204,084 204,084 72,878 (131,206)
Community Services:
Personal services 3,042,650 3,042,650 2,881,084 (161,566)
Supplies 62,072 62,072 48,885 (13,187)
Other services and charges 1,728,901 1,743,828 1,033,661 (710,167)
Capital outlay 677,902 677,902 433,246 (244,656)
Personnel/ Human Resources:-
Personal services 708,950 708,950 525,558 (183,392)
Supplies 1,500 1,500 619 (881)
Other services and charges 413,403 413,403 169,124 (244,279)
Capital outlay 18,520 18,520 4,841 (13,679)
For the Fiscal Year Ended December 31, 2022
(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):
Information Systems:
Personal services - - - -
Supplies - - - -
Other services and charges - - - -
Capital outlay - - - -
City Property Maintenance:
Supplies 236,588 236,588 134,895 (101,693)
Other services and charges 1,815,915 1,815,915 1,463,937 (351,978)
Public Affairs/ Community Relations:
Personal services 1,311,075 1,311,075 1,069,287 (241,788)
Supplies 4,362 4,362 2,664 (1,698)
Other services and charges 3,705,158 3,711,158 2,649,579 (1,061,579)
Capital outlay 55,037 55,037 21,391 (33,646)
Total general government 52,918,520 52,939,447 45,006,472 (7,932,975)
Public Safety:
Fire Department:
Personal services 28,390,904 28,685,040 28,981,402 296,362
Supplies 421,806 421,806 428,500 6,694
Other services and charges 2,403,114 2,403,114 1,844,754 (558,360)
Police Department:
Personal services 25,254,100 25,285,952 22,603,087 (2,682,865)
Supplies 678,018 843,018 677,471 (165,547)
Other services and charges 1,660,030 1,756,030 1,394,828 (361,202)
Capital outlay 2,620,681 3,524,870 1,529,122 (1,995,748)
Communication Center:
Personal services 2,473,490 2,473,490 2,147,823 (325,667)
Supplies 56,130 56,130 51,958 (4,172)
Other services and charges 2,454,051 2,454,051 1,713,517 (740,534)
Capital outlay 973,395 973,395 747,405 (225,990)
Total public safety 67,385,719 68,876,896 62,119,867 (6,757,029)
(Continued)
Continued on next page.
Budgeted Amounts
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
For the Fiscal Year Ended December 31, 2022
City of Carmel, Indiana
102
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
Expenditures (continued):
Current (continued):
Culture and recreation:
Parks Department:
Personal services 3,161,827 3,161,827 2,847,076 (314,751)
Supplies 179,559 179,559 160,757 (18,802)
Other services and charges 1,710,870 1,710,870 1,101,663 (609,207)
Capital outlay 7,307 7,307 3,676 (3,631)
Total culture and recreation 5,059,563 5,059,563 4,113,172 (946,391)
Economic Development:
Redevelopment Department:
Personal services 741,053 741,053 726,211 (14,842)
Supplies 3,700 3,700 3,825 125
Other services and charges 79,970 79,970 88,895 8,925
Capital outlay 9,435 9,435 5,129 (4,306)
Total economic development 834,158 834,158 824,060 (10,098)
Transfers to nonmajor funds
- - 330,000 330,000
Other Expenditure - - 988,601 988,601
Total expenditures, budgetary basis 126,197,960$ 127,710,064$ 113,382,172 (14,327,892)$
Increase in accrued liabilities:
Accounts payable 124,224
Accrued payroll and withholdings payable 297,879
Financed purchase obligations 1,969,822
Transfers to other funds (16,328,421)
Rainy Day Fund
Less, accrual due to Rainy Day Fund -
Total expenditures reported on the
Statement of Revenues and Expenditures 100,655,297$
treated as expenditures on a
budgetary basis
Budgeted Amounts
For the Fiscal Year Ended December 31, 2022
(Continued)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
103
City of Carmel, Indiana
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
December 31, 2022
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, and 2016 Property Tax Bond Fund. The original budget is the first complete appropriated budget for the year.
The deadline for the adoption of annual budgets by the Common Council is November 1 of the previous year. It is subject to
adjustment by the Common Council and, in certain circumstances, by an Indiana State agency.
The property tax levy is authorized at the time annual appropriations are adopted. Original budgeted revenues represent the
budgeted revenues submitted by the City along with budget expenditures, as adopted. The final budget reflects official changes
to those numbers.
The appropriated budget is prepared by fund, department, character, and/or object. Transfers of appropriations require the
approval of the Common Council. The legal level of budgetary control (i.e., the level at which expenditures may not legally
exceed appropriations) is the character and/or object.
Appropriations in all budgeted funds lapse at the end of the fiscal year unless they are encumbered. Encumbrances are
contractual obligations related to unperformed (executory) contracts for goods or services (i.e., purchase orders, contracts, and
commitments). Encumbrance accounting is utilized to the extent necessary to assure effective budgetary control and
accountability and to facilitate effective cash planning and control.
The basis of accounting for the budget, and the actual revenues and expenditures provided for comparison, is the cash basis,
modified only by the addition of encumbrances to appropriations to arrive at the total budget. Encumbrances are not added to
actual expenditures because utilization of encumbrances is optional at the managerial level.
104
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS - INFORMATION
Special revenue funds - used to account for revenues derived for a specific purpose. The title of the funds is descriptive of
the activities involved. The City maintains the following nonmajor special revenue funds:
The Park Impact Fee Fund accounts for fees charged to developers solely for the purpose of maintaining parks.
The Hazardous Materials Fund accounts for fees charged on the handling of certain hazardous waste and required by law
to be used to enhance the City’s ability to respond to hazardous waste emergencies.
The Parks Program Fund accounts for certain fees collected in accordance with inter-local governmental agreements and
required to be used for parks and recreation programs.
The Parks Monon Fund accounts for certain fees collected in accordance with inter-local governmental agreements and
required to be used to support the redevelopment of the former Monon Railroad track line as a recreational trail.
The Parks Facility Fund accounts for fees collected from program participants and shall be used for the purchase,
development, and/or rehabilitation of park facilities.
The Local Road and Street Fund accounts for gasoline taxes and other revenues collected by the State of Indiana and
distributed to the City in accordance with a statutory formula, required to be used for certain road and street contracts.
The Deferral Fund accounts for certain fees paid by offenders to defer their cases to a non-criminal process, required by
law to be used for certain public safety purposes.
The User Fee Fund accounts for the City’s share of certain fee revenue collected from participants in certain public
safety and criminal justice programs, and other court-related programs, required by law to be used for certain public
safety and court-related purposes.
The Barrett Law and Barrett Law Surplus Funds account for certain payments collected from property owners who
benefit from specific projects that affect their property, required to be used to cover debt service on those projects.
The Storm Water Fund accounts for monies received for user charges restricted for drainage projects.
The 4CDC Operating Fund accounts for the rental and maintenance operations of the 4CDC office building.
The CMCDC Operating Fund accounts for revenue borrowed or otherwise set aside for certain economic development
purposes.
The Motor Vehicle Highway Fund is used to account for gasoline tax and other revenue collected by the State of Indiana
and shared with the City for the purpose of maintaining streets and other infrastructure.
The Maternal Infant Health Program (MIHP) Fund accounts for funds used to support Medicaid beneficiaries in order to
promote healthy pregnancies, positive birth outcomes, and infant health and development.
Continued on next page.
105
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
The Opioid Settlement Fund accounts for the City's portion of Indiana's settlement of the national opioid litigation.
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 engagement.
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
The Sidewalk Non-Reverting Fund accounts for monies received and expended for City sidewalk improvements.
The Urban Forestry Fund accounts for amounts accumulated for street tree maintenance, storm event or natural disaster
cleanup, the replacement of street trees, and special training.
The Clerk’s Record Perpetuation Fund accounts for document storage fees and facsimile transmission fees collected by
the Carmel City Court. Disbursements are for the purpose of developing a record retention program.
The Court Interpreter Fund accounts for monies received from the Indiana Supreme Court to be spent on foreign
language interpreters for court cases.
The Public Defender Fund accounts for the costs of public defender representation ordered by the court. Financing is
provided by charges assessed to individuals represented by public defenders.
The Judicial Salary Fees Fund accounts for certain court fees restricted by law to the payment of certain court
administration expenditures.
The Historic Preservation Fund accounts for amounts accumulated to protect and to promote the educational, cultural
and general welfare of the citizens of the City and to ensure the harmonious and orderly growth and development of the
City.
The Fire Gift Fund accounts for donations received for fire department expenditures.
The Police Gift Fund accounts for donations received for police department expenditures.
Continued on next page.
106
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
The Parks Gift Fund accounts for donations received for park expenditures.
The Community Relations Gift Fund accounts for donations received for the community relations department.
The Redevelopment Commission Gift Fund accounts for donations received for the redevelopment commission.
The Economic Development Fund accounts for expenditures related to projects promoting economic development.
Financing is provided by state grants and loan payments. Expenditures include grants and related expenses.
The Housing Authority Fund accounts for expenditures related to the provision of affordable housing programs to
eligible renters within the City.
The Drug Task Force Fund accounts for donations to the City for various expenditures relating to this educational
program.
The Thoroughfare Fund accounts for amounts accumulated for certain infrastructure projects.
The COVID Fund accounts for relief monies received for navigating the impact of the COVID-19 pandemic.
The Grant Fund is used to account for grant resources received from various local, state, and federal agencies and
organizations. The use of these resources is restricted to a particular function of the City by each grantor.
The Bond Bank Project Fund is used to account for the proceeds of bond issuances that have been aggregated through the
City's local public improvement bond bank, established in accordance with Indiana law. Generally, proceeds not needed
for issuance costs and required reserves are transferred to other funds to be used to acquire capital assets.
Capital Projects Funds - used to account for revenues and other financing sources restricted or committed to the
acquisition of capital assets:
The Redevelopment Authority Capital Projects Fund is used to account for capital projects undertaken by the City with
financing provided by the Authority.
The Ambulance Fund accounts for EMS service fees, committed for acquisition of EMS and fire protection equipment.
The Parks Capital Fund accounts for certain fees collected in accordance with inter-local governmental agreements and
required to be used for capital projects for parks and recreation.
The Cumulative Capital Improvement Fund accounts for cigarette taxes and other revenues collected by the State of
Indiana and distributed to the City in accordance with a statutory formula, required primarily to be used for certain road
and street contracts.
The Cumulative Capital Sewer Fund accounts for financial resources for the construction or repairing of storm sewers.
Financing is provided by a dedicated property tax levy.
Continued on next page.
107
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 Property Tax Bond Construction Funds 1, 3, 4, and 13 account for the proceeds of eleven separate street
projects financed by property tax, issued for the purpose of street improvement and construction.
The 2016 Project Fund is used to account for the expenditure of proceeds of a certain 2016 bond issuance, the purpose of
which was to finance street improvement and construction.
The 2017 Project Fund is used to account for the expenditure of proceeds of certain 2017 bond issuances, the purposes of
which were to finance street improvement and construction and economic development.
The 2018 CMBC Bond Construction Fund is a capital projects fund that accounts for the proceeds of a bond expected to
be paid from tax increment revenue.
Debt Service Funds- used to account for revenues and other financing sources restricted or committed to the
payment of principal and interest on noncurrent debt:
The Lease Rental Fund accounts for the accumulation of resources for certain leases.
The 2004 Road Bond Fund accounts for financial resources that are restricted to expenditure for payment of principal
and interest on certain bonds.
The 2016 Property Tax Bond Fund is a debt service fund that accounts for a tax levy to fund debt service for property tax-
supported debt that finances 13 separate capital projects.
The 2021 L/R Property Tax Bond Fund is a debt service fund that accounts for a tax levy to fund debt service for
property-tax supported debt.
108
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
Park Impact
Fee
Hazardous
Material
Parks
Program Parks Monon
Parks
Facility
Local Road
& Street
ASSETS:
Cash and cash equivalents 2,800,155$ $ 40,283 $ 2,560,554 3,803,785$ 234,474$ 2,238,845$
Property tax receivable - - - - - -
Due from other governmental funds - - - - - -
Due from related utility - - - - - -
Intergovernmental receivables - - - - - -
Lease and other receivable - - - - - -
Total assets 2,800,155 40,283 2,560,554 3,803,785 234,474 2,238,845
LIABILITIES:
Accounts payable 5,624 - 52,534 161,086 6,704 40,043
Claims payable - - - - - -
Due to other funds - - - - - -
Unearned Revenue - - - - - -
Accrued payroll - - 49,801 52,981 - -
Total liabilities 5,624 - 102,335 214,067 6,704 40,043
DEFERRED INFLOW OF RESOURCES:
Leases - - - - - -
Unavailable revenue - - - - - -
Total deferred inflow of resources - - - - - -
FUND BALANCE:
Restricted:
General government - - - - - -
Public safety - 40,283 - - - -
Highways and streets - - - - - 2,198,802
Drainage and other capital assets - - - - - -
Economic development - - - - - -
Culture and recreation 2,794,531 - 2,458,219 3,589,718 227,770 -
Committed:
General government - - - - - -
Public safety - - - - - -
Highways and streets - - - - - -
Drainage - - - - - -
Economic development - - - - - -
Culture and recreation - - - - - -
Assigned - - - - - -
Unassigned - - - - - -
TOTAL FUND BALANCES 2,794,531 40,283 2,458,219 3,589,718 227,770 2,198,802
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES 2,800,155$ 40,283$ 2,560,554$ 3,803,785$ 234,474$ 2,238,845$
Continued on next page.
Special Revenue Funds
December 31, 2022
109
ASSETS:
Cash and cash equivalents
Property tax receivable
Due from other governmental funds
Due from related utility
Intergovernmental receivables
Lease and other receivable
Total assets
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Deferral User Fee Barrett Law
Barrett Law
Surplus Storm Water
4CDC
Operating
Fund
CMCDC
Operating
Fund
162,435$ 413,968$ 6$ $ 166,369 $ 6,257,668 $ 390,064 $ 168,544
- - - - - - -
- - - - - - -
- - - - 351,310 - -
- - - - - - -
- - - - - 8,438,899 -
162,435 413,968 6 166,369 6,608,978 8,828,963 168,544
- 359 - - 8,435 - -
- - - - - - -
- - - - 69,390 - -
- - - - - - -
795 - - - - - -
795 359 - - 77,825 - -
- - - - - 8,438,899 -
- - - - - 93,361 -
- - - - - 8,532,260 -
- - - - - - -
161,640 413,609 - - - - -
- - - - - - -
- - 6 166,369 6,531,153 - -
- - - - - 157,048 168,544
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - 139,655 -
- - - - - -
- - - - - -
- - - - - - -
161,640 413,609 6 166,369 6,531,153 296,703 168,544
162,435$ 413,968$ 6$ 166,369$ 6,608,978$ 8,828,963$ 168,544$
Continued on next page.
Special Revenue Funds
December 31, 2022
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Motor
Vehicle
Highway
Fund MIHP
Opioid
Settlement
Health Self
Insurance
Workers
Comp
Support for
the Arts
4,247,508$ 6,801$ 197,380$ 2,579,551$ 151,355$ 19,134$
396,567 - - - - -
69,390 - - - - -
- - - - - -
- - - - - -
- - - - - -
4,713,465 6,801 197,380 2,579,551 151,355 19,134
657,610 - - 85,902 - -
- - - 1,480,423 - -
- - - - - -
- - - - - -
221,980 - - - - -
879,590 - - 1,566,325 - -
- - - - - -
396,567 - - - - -
396,567 - - - - -
- - - - - -
- 6,801 197,380 - - -
3,437,308 - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - 1,013,226 151,355 -
- - - - - -
- - - - - -
- - - - - -
- - - - - 19,134
- - - - - -
- - - - - -
- - - - - -
3,437,308 6,801 197,380 1,013,226 151,355 19,134
4,713,465$ 6,801$ 197,380$ 2,579,551$ 151,355$ 19,134$
Continued on next page.
December 31, 2022
Special Revenue Funds
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Keystone
Non-
Reverting
Bicycle
Facilities Non-
Reverting
Center Green
Ice Non-
Reverting
Events &
Festival Non-
Reverting
Code
Enforcement
Non-
Reverting
Sidewalk
Non-
Reverting
141,581$ 51,680$ 631,346$ 56,284$ 52,201$ 55,929$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
141,581 51,680 631,346 56,284 52,201 55,929
- - 65,673 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - 65,673 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
141,581 51,680 - - 52,201 55,929
- - - - - -
- - - - - -
- - 565,673 56,284 - -
- - - - - -
- - - - - -
141,581 51,680 565,673 56,284 52,201 55,929
141,581$ 51,680$ 631,346$ 56,284$ 52,201$ 55,929$
Continued on next page.
Special Revenue Funds
December 31, 2022
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Urban
Forestry
Clerk's
Record
Perpetuation
Court
Interpreter
Public
Defender
Judicial
Salary Fees
Historic
Preservation
Fund Fire Gift
74,759$ 288,643$ 82$ 2,990$ 94,721$ 278,392$ 15,885$
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
74,759 288,643 82 2,990 94,721 278,392 15,885
- 589 - - 1,401 - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- 589 - - 1,401 - -
- - - - - - -
- - - - - - -
- - - - - - -
- 288,054 - - - - -
- - 82 2,990 93,320 - 15,885
- - - - - - -
- - - - - - -
- - - - - - -
74,759 - - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - - -
- - - - - 278,392 - -
- - - - - - - -
- - - - - - -
74,759 288,054 82 2,990 93,320 278,392 15,885
74,759$ 288,643$ 82$ 2,990$ 94,721$ 278,392$ 15,885$
Continued on next page.
Special Revenue Funds
December 31, 2022
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Police Gift Parks Gift
Community
Relations Gift
Redevelopment
Commission
Gift
Economic
Development
Housing
Authority
154,963$ 129,599$ 193,416$ 42,541$ 73,565$ 58,865$
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
154,963 129,599 193,416 42,541 73,565 58,865
- 10,685 4,264 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 10,685 4,264 - - -
- - - - - -
- - - - - -
- - - - - -
- - 189,152 42,541 - -
154,963 - - - - -
- - - - - -
- - - - - -
- - - - 73,565 58,865
- 118,914 - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
154,963 118,914 189,152 42,541 73,565 58,865
154,963$ 129,599$ 193,416$ 42,541$ 73,565$ 58,865$
Continued on next page.
Special Revenue Funds
December 31, 2022
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Drug Task
Force Thoroughfare COVID Fund Grant
Bond Bank
Project Fund
Total Special
Revenue
Funds
384,126$ 1,887,057$ 2,067,289$ 789,878$ 9,386,908$ 43,351,579$
- - - - - 396,567
- - - - - 69,390
- - - - - 351,310
- - - - - -
- - - - - 8,438,899
384,126 1,887,057 2,067,289 789,878 9,386,908 52,607,745
10,792 - - - - 1,111,701
- - - - - 1,480,423
- - - - - 69,390
- - 1,917,965 - - 1,917,965
- - - - - 325,557
10,792 - 1,917,965 - - 4,905,036
- - - - - 8,438,899
- - - - - 489,928
- - - - - 8,928,827
- - 149,324 - - 669,071
373,334 - - 789,878 - 2,250,165
- 1,887,057 - - 9,386,908 16,910,075
- - - - - 6,697,528
- - - - - 458,022
- - - - - 9,263,911 -
- - - - - 1,164,581
- - - - - -
- - - - - 301,391
- - - - - -
- - - - - 158,789
- - - - - 900,349 -
- - - - - - -
- - - - - -
373,334 1,887,057 149,324 789,878 9,386,908 38,773,882
384,126$ 1,887,057$ 2,067,289$ 789,878$ 9,386,908$ 52,607,745$
Continued on next page.
Special Revenue Funds
December 31, 2022
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Redevelopment
Authority
Capital Projects
Fund Ambulance Parks Capital
Cumulative
Capital
Improvement
Cumulative
Capital Sewer
83,956$ 3,240,631$ 465,941$ 190,664$ $ 9,651
- - - - -
- - - - -
- - - - -
- - - - -
- 153,242 - - -
83,956 3,393,873 465,941 190,664 9,651
- 11,566 1,600 35,310 -
- - - - -
- - - - -
- - - - -
- - - - -
- 11,566 1,600 35,310 -
- - - - -
- 127,702 - - -
- 127,702 - - -
- - - - -
- - - -
83,956 - - - -
- - - - 9,651
- - - -
- - 464,341 - -
- - - - -
- 3,254,605 - - -
- - - 155,354 -
- - - - -
- - - - -
- - - - - -
- - - - - -
- - - - -
83,956 3,254,605 464,341 155,354 9,651
83,956$ 3,393,873$ 465,941$ 190,664$ 9,651$
Continued on next page.
December 31, 2022
Capital Projects Funds
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Cumulative
Capital
Development
Old
Town/126th
Construction
2016
Property Tax
Bond
Construction
1
2016
Property Tax
Bond
Construction
3
2016
Property Tax
Bond
Construction
4
$ 660 459$ -$ 6,902$ -$
146,876 - - - -
- - - - -
- - - - -
- - - - -
- - - - -
147,536 459 - 6,902 -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
146,876 - - - -
146,876 - - - -
- - - - -
- - - - -
660 - - 6,902 -
- - - - -
- 459 - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- -
- - - - -
660 459 - 6,902 -
147,536$ 459$ -$ 6,902$ -$
Continued on next page.
December 31, 2022
Capital Projects Funds
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
2016
Property Tax
Bond
Construction
13
2016
Project Fund
2017
Project Fund
2018 CMBC
Bond
Construction
Fund
Total
Capital
Projects
Funds
-$ 422,398$ 3,362,606$ 469,544$ 8,253,412$
- - - - 146,876
- - - - -
- - - - -
- - - - -
- - - - 153,242
- 422,398 3,362,606 469,544 8,553,530
- - - - 48,476
- - - - -
- - - - -
- - - - -
- - - - -
- - - - 48,476
- - - - -
- - - - 274,578
- - - - 274,578
- - - - -
- - - - -
- 422,398 3,323,783 - 3,837,699
- - - - 9,651
- - 38,823 469,544 508,826
- - - - 464,341 -
- - - - -
- - - - 3,254,605
- - - - 155,354
- - - - -
- - - - -
- - - - - -
- -
- - - - -
- 422,398 3,362,606 469,544 8,230,476
-$ 422,398$ 3,362,606$ 469,544$ 8,553,530$
Continued on next page.
Capital Projects Funds
December 31, 2022
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
LIABILITIES:
Accounts payable
Claims payable
Due to other funds
Unearned Revenue
Accrued payroll
Total liabilities
DEFERRED INFLOW OF RESOURCES:
Leases
Unavailable revenue
Total deferred inflow of resources
FUND BALANCE:
Restricted:
General government
Public safety
Highways and streets
Drainage and other capital assets
Economic development
Culture and recreation
Committed:
General government
Public safety
Highways and streets
Drainage
Economic development
Culture and recreation
Assigned
Unassigned
TOTAL FUND BALANCES
TOTAL LIABILITIES, DEFERRED
OUTFLOWS OF RESOURCES, AND
FUND BALANCES
City of Carmel, Indiana
BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
Lease Rental
2004 Road
Bond
2016
Property Tax
Bond Fund
2021 L/R
Property Tax
Bond Fund
Total Debt
Service
Funds
Total Nonmajor
Governmental
Funds
3,853$ 21,181$ 14,773$ 14,648$ 54,455$ 51,659,446$
- 76,082 41,419 10,575 128,076 671,519
- - - - - 69,390
- - - - - 351,310
- - - - - -
- - - - - 8,592,141
3,853 97,263 56,192 25,223 182,531 61,343,806
- - - - - 1,160,177
- - - - - 1,480,423
- - - - - 69,390
- - - - - 1,917,965
- - - - - 325,557
- - - - - 4,953,512
- - - - - 8,438,899
- 76,082 41,419 10,575 128,076 892,582
- 76,082 41,419 10,575 128,076 9,331,481
- - - - - 669,071
- - - - - 2,250,165
3,853 21,181 14,773 14,648 54,455 20,802,229
- - - - - 6,707,179
- - - - - 966,848
- - - - - 9,728,252 - -
-
- - - - - 1,164,581
- - - - - 3,254,605
- - - - - 456,745
- - - - - -
- - - - - 158,789
- - - - - 900,349 - -
- - - - - - - -
- - - - - -
3,853 21,181 14,773 14,648 54,455 47,058,813
3,853$ 97,263$ 56,192$ 25,223$ 182,531$ 61,343,806$
Debt Service Funds
December 31, 2022
119
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
Park Impact
Fee
Hazardous
Material Parks Program Parks Monon Parks Facility
Local Road &
Street Deferral
REVENUES:
Charges for services 783,665$ 6,234$ 4,401,882$ 6,097,377$ 186,819$ -$ 1,210$
Investment income 62,320 880 57,328 84,010 5,140 - 3,790
Licenses and permits - - - - - - -
Other - - - - 1,332 - -
Other taxes - - - - - - -
Contributions - - 203 12,000 - - -
General property taxes - - - - - - -
Intergovernmental:
Grants - - - - - - -
Shared revenue - - - - - 2,554,162 -
Total revenues 845,985 7,114 4,459,413 6,193,387 193,291 2,554,162 5,000
EXPENDITURES:
Current:
General government - - - - - - -
Public safety - - - - - - 27,677
Streets and other infrastructure - - - - - -
Economic development - - - - - -
Culture and recreation - - 3,682,899 5,357,239 151,208 - -
Debt service:
Principal - - - - - - -
Interest - - - - - - -
Lease rentals and issuance costs - - - - - - -
Capital outlay:
General government - - - - - - -
Public safety - - - - - - -
Streets and other infrastructure - - - - - 1,525,904 -
Economic development - - - - - - -
Culture and recreation 283,189 - - - - - -
Total expenditures 283,189 - 3,682,899 5,357,239 151,208 1,525,904 27,677
Excess (deficiency) of revenues
over (under) expenditures 562,796 7,114 776,514 836,148 42,083 1,028,258 (22,677)
Other financing sources (uses):
Transfers in, governmental funds - - 16,065 28,215 - - -
Transfer in (out) from (to) enterprise funds - - - - - -
Transfers (out), governmental funds - - - - - (525,798) -
Bond issuance - principal - - - - - - -
Bond issuance - premium - - - - - - -
Capital lease proceeds - - - - - - -
Total other financing sources - - 16,065 28,215 - (525,798) -
NET CHANGE IN FUND BALANCES 562,796 7,114 792,579 864,363 42,083 502,460 (22,677)
FUND BALANCES: beginning 2,231,735 33,169 1,665,640 2,725,355 185,687 1,696,342 184,317
FUND BALANCES: ending 2,794,531$ 40,283$ 2,458,219$ 3,589,718$ 227,770$ 2,198,802$ 161,640$
Continued on next page.
Special Revenue
120
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
User Fee Barrett Law
Barrett Law
Surplus Storm Water
4CDC
Operating Fund
CMCDC
Operating Fund
Motor Vehicle
Highway Fund
40,318$ -$ -$ 4,136,878$ 378,262$ 85,764$ -$
- - - 23,464 - - -
116,887 - - - - - -
- - - 50,448 565 245,000 1,337,374
- - - - - - 978,717
- - - - - - -
- - - - - - 11,278,784
- - - - - - -
- - - - - - 4,099,554
157,205 - - 4,210,790 378,827 330,764 17,694,429
- - - - 1,702,248 - -
(141,678) - - - - - -
- - - - - - 16,299,335
- - - - 153,467 245,000 -
- - - - - - -
-
- - - 450,000 - - -
- - - 121,483 234,215 - -
- - - - - - -
-
- - - - - - -
- - - - - - -
- - - 2,564,889 - - 2,367,059
- - - - - - -
- - - - - - -
(141,678) - - 3,136,372 2,089,930 245,000 18,666,394
298,883 - - 1,074,418 (1,711,103) 85,764 (971,965)
- - - 69,603 - - 8,786
- - - - - -
- - - (2,372,195) - - (49,373)
- - - - - - -
- - - - - - -
- - - - - - 369,520
- - - (2,302,592) - - 328,933
298,883 - - (1,228,174) (1,711,103) 85,764 (643,032)
114,726 6 166,369 7,759,327 2,007,806 82,780 4,080,340
413,609$ 6$ 166,369$ 6,531,153$ 296,703$ 168,544$ 3,437,308$
Continued on next page.
Special Revenue
121
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
MIHP
Opioid
Settlement
Health Self
Insurance Workers Comp
Support of the
Arts
Keystone Non-
Reverting
-$ -$ -$ -$ -$ -$
163 - - - - 3,206
- - - - - -
- 197,380 - 1,128 - -
- - - - - -
273 - - - - -
- - - - - -
-
- - - - - -
- - - - - -
436 197,380 - 1,128 - 3,206
- - 503,999 323,008 - -
2,164 - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
2,164 - 503,999 323,008 - -
(1,728) 197,380 (503,999) (321,880) - 3,206
- - 957,633 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - 957,633 - - -
(1,728) 197,380 453,634 (321,880) - 3,206
8,529 - 559,592 473,235 19,134 138,375
6,801$ 197,380$ 1,013,226$ 151,355$ 19,134$ 141,581$
Continued on next page.
Special Revenue
122
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Bicycle
Facilities Non-
Reverting
Center Green
Ice Non-
Reverting
Events &
Festival Non-
Reverting
Code
Enforcement
Non-Reverting
Sidewalk Non-
Reverting Urban Forestry
-$ -$ -$ -$ -$ -$
1,117 14,752 1,214 1,179 866 -
- - - - - -
18,944 391,069 2,154 10,000 - -
- - - - - -
- - 40,250 - - -
- - - - - -
- - - - - -
- - - - - -
20,061 405,821 43,618 11,179 866 -
- - - - - -
- - - - - -
- - - - 25,324 -
- - - - - -
- 270,479 14,000 - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- 270,479 14,000 - 25,324 -
20,061 135,342 29,618 11,179 (24,458) -
- - - - 50,000 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - 50,000 -
20,061 135,342 29,618 11,179 25,542 -
31,619 430,331 26,666 41,022 30,387 74,759
51,680$ 565,673$ 56,284$ 52,201$ 55,929$ 74,759$
Continued on next page.
Special Revenue
123
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Clerk's Record
Perpetuation
Court
Interpreter
Public
Defender
Judicial Salary
Fees
Historic
Preservation
Fund Fire Gift
-$ 2 2,151$ 20,061$ -$ -$
- - - - - 474
- - - - - -
21,298 - - - 68,826 -
- - - - - -
- - - - - 38,658
- - - - - -
- - - - - -
- - - - - -
21,298 2 2,151 20,061 68,826 39,132
34,236 - - - - -
- - 7,200 25,499 - 47,397
- - - - - -
- - - - - -
- - - - - -
-
- - - - - -
- - - - - -
- - - - - -
-
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
34,236 - 7,200 25,499 - 47,397
(12,938) 2 (5,049) (5,438) 68,826 (8,265)
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
(12,938) 2 (5,049) (5,438) 68,826 (8,265)
300,992 80 8,039 98,758 209,566 24,150
288,054$ 82$ 2,990$ 93,320$ 278,392$ 15,885$
Continued on next page.
Special Revenue
124
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Police Gift Parks Gift
Community
Relations Gift
Redevelopment
Commission
Gift
Economic
Development
Housing
Authority
-$ -$ -$ -$ -$ -$
3,050 2,903 5,293 9 - -
- - - - - -
- - 2,490 - 20,000 -
- - - - - -
93,649 67,714 188,978 15,000 - -
- - - - - -
- - - - - -
- - - - - -
96,699 70,617 196,761 15,009 20,000 -
- - - - - -
122,080 - - - - -
- - - - - -
- - - - - -
- 58,596 173,864 4,970 - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
122,080 58,596 173,864 4,970 - -
(25,381) 12,021 22,897 10,039 20,000 -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
- - - - - -
(25,381) 12,021 22,897 10,039 20,000 -
180,344 106,893 166,255 32,502 53,565 58,865
154,963$ 118,914$ 189,152$ 42,541$ 73,565$ 58,865$
Continued on next page.
Special Revenue
125
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Drug Task
Force Thoroughfare COVID Fund Grant
Bond Bank
Project Fund
Total Special
Revenue Funds
-$ 150,896$ -$ -$ -$ 16,291,519$
8,662 41,962 12,534 - 62,216 396,532
- - - - - 116,887
165,524 - - - 5,278,531 7,812,063
- - - - - 978,717
- - - - - 456,725
- - - - - 11,278,784
15,177 - 4,301,098 2,234,815 - 6,551,090
- - - - - 6,653,716
189,363 192,858 4,313,632 2,234,815 5,340,747 50,536,033
- - - - - 2,563,491
222,682 - - 1,031,229 - 1,344,250
- - - - 1,708,839 18,033,498
- - - - - 398,467
- - - - - 9,713,255
- - - - 6,155,000 6,605,000
- - - - 6,554,844 6,910,542
- - - - - -
- - - - - -
- - - - - -
- - 4,172,514 - - 10,630,366
- - - - - -
- - - - - 283,189
222,682 - 4,172,514 1,031,229 14,418,683 56,482,058
(33,319) 192,858 141,118 1,203,586 (9,077,936) (5,946,025)
- - - - 7,198,809 8,329,111
- - - - - -
- - - (1,267,649) (1,010,315) (5,225,330)
- - - - - -
- - - - - -
- - - - - 369,520
- - - (1,267,649) 6,188,494 3,473,301
(33,319) 192,858 141,118 (64,063) (2,889,442) (2,472,724)
406,653 1,694,199 8,206 853,941 12,276,350 41,246,606
373,334$ 1,887,057$ 149,324$ 789,878$ 9,386,908$ 38,773,882$
Continued on next page.
Special Revenue
126
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Redevelopment
Authority
Capital Projects
Fund Ambulance Parks Capital
Cumulative
Capital
Improvement
Cumulative
Capital Sewer
-$ 2,143,606$ -$ -$ -$
353 67,347 12,668 - -
- - - - -
4,786 - - - -
- - - 181,057 -
- - - - -
- - - - -
- - - - -
- - - - -
5,139 2,210,953 12,668 181,057 -
- - - - -
- 1,339,962 - - -
- - - - -
- - - - -
- - - - -
-
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
213,869 - - 197,906 -
- - - - -
- - 378,268 - -
213,869 1,339,962 378,268 197,906 -
(208,730) 870,991 (365,600) (16,849) -
- - 280,000 - -
- - - - -
- - - - -
- - - -
- - - -
- - - - -
- - 280,000 - -
(208,730) 870,991 (85,600) (16,849) -
292,686 2,383,614 549,941 172,203 9,651
83,956$ 3,254,605$ 464,341$ 155,354$ 9,651$
Continued on next page.
Capital Projects Funds
127
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Cumulative
Capital
Development
Old
Town/126th
Construction
2016 Property
Tax Bond
Construction
1
2016 Property
Tax Bond
Construction
3
2016 Property
Tax Bond
Construction
4
-$ -$ -$ -$ -$
- - - 1,531 21
- - - - -
24,000 - - - -
362,488 - - - -
- - - - -
4,181,341 - - - -
- - - - -
1,676 - - - -
4,569,505 - - 1,531 21
- - - - -
- - - - -
379,521 - - 375 -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - - -
- - - 1,725,398 -
- - - - -
- - - - -
379,521 - - 1,725,773 -
4,189,984 - - (1,724,242) 21
- - - 5 29,974
- - - - -
(4,634,781) - (1,492) - (410,394)
- - - - -
- - - - -
- - - - -
(4,634,781) - (1,492) 5 (380,420)
(444,797) - (1,492) (1,724,237) (380,399)
445,457 459 1,492 1,731,139 380,399
660$ 459$ -$ 6,902$ -$
Continued on next page.
Capital Projects Funds
128
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
2016 Property
Tax Bond
Construction
13
2016
Project Fund
2017
Project Fund
2018 CMBC
Bond
Construction
Fund
Total Capital
Projects Funds
-$ -$ -$ -$ 2,143,606$
10 7,222 37,953 130 127,235
- - - - -
- 3,103,840 - - 3,132,626
- - - - 543,545
- - - - -
- - - 4,181,341
- - - - -
- - - - 1,676
10 3,111,062 37,953 130 10,130,029
- - - - -
- - - - 1,339,962
543,657 114,345 4,272,440 - 5,310,338
- - - - -
- - - - -
- - -
- - - 370,000 370,000
- - - 503,312 503,312
- - - - -
-
- - - - -
- - - - -
5,625 2,377,176 - - 4,519,974
- - - 1,000 1,000
- - - - 378,268
549,282 2,491,521 4,272,440 874,312 12,422,854
(549,272) 619,541 (4,234,487) (874,182) (2,292,825)
410,391 - - 879,000 1,599,370
- - - - -
(28,484) - - - (5,075,151)
- - - - -
- - - -
- - - - -
381,907 - - 879,000 (3,475,781)
(167,365) 619,541 (4,234,487) 4,818 (5,768,606)
167,365 (197,143) 7,597,093 464,726 13,999,082
-$ 422,398$ 3,362,606$ 469,544$ 8,230,476$
Continued on next page.
Capital Projects Funds
129
REVENUES:
Charges for services
Investment income
Licenses and permits
Other
Other taxes
Contributions
General property taxes
Intergovernmental:
Grants
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
Capital lease proceeds
Total other financing sources
NET CHANGE IN FUND BALANCES
FUND BALANCES: beginning
FUND BALANCES: ending
City of Carmel, Indiana
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES - NONMAJOR GOVERNMENTAL FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Lease Rental
2004 Road
Bond
2016 Property
Tax Bond Fund
2021 L/R
Property Tax
Bond Fund
Total Debt
Service Funds
Total
Nonmajor
Governmental
Funds
-$ -$ -$ -$ -$ 18,435,125$
- - - - - 523,767
- - - - - 116,887
- - - - - 10,944,689
- 187,769 102,221 26,221 316,211 1,838,473
- - - - - 456,725
- 2,279,386 1,240,265 318,427 3,838,078 19,298,203
- - - - - 6,551,090
- 868 473 - 1,341 6,656,733
- 2,468,023 1,342,959 344,648 4,155,630 64,821,692
- - - - - 2,563,491
- - - - - 2,684,212
- - - - - 23,343,836
- - - - - 398,467
- - - - - 9,713,255
-
- - - - - 6,975,000
- - - - - 7,413,854
- - - - - -
-
- - - - - -
- - - - - -
- - - - - 15,150,340
- - - - - 1,000
- - - - - 661,457
- - - - - 68,904,912
- 2,468,023 1,342,959 344,648 4,155,630 (4,083,220)
- - - - - 9,928,481
- - - - - -
- (2,808,000) (1,484,690) (330,000) (4,622,690) (14,923,171)
- - - - - -
- - - - - -
- - - - - 369,520
- (2,808,000) (1,484,690) (330,000) (4,622,690) (4,625,170)
- (339,977) (141,731) 14,648 (467,060) (8,708,390)
3,853 361,158 156,504 - 521,515 55,767,203
3,853$ 21,181$ 14,773$ 14,648$ 54,455$ 47,058,813$
Debt Service Funds
130
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2022
Motor Vehicle Highway Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes 11,971,988$ 11,971,988$ 11,278,784$ (693,204)$
MVHF distribution 3,606,288 3,606,288 4,095,028 488,740
Miscellaneous 2,796,265 2,643,782 2,328,121 (315,661)
Total Revenues 18,374,541$ 18,222,058$ 17,701,933 (520,125)$
EXPENDITURES:
Engineering:
Personal services 1,970,150 1,970,150 1,920,916 (49,234)
Supplies 12,400 12,400 14,797 2,397
Other services and charges 844,602 853,388 382,012 (471,376)
Capital outlay 64,556 64,556 52,110 (12,446)
Street Department:
Personal services 7,150,323 7,150,323 6,494,422 (655,901)
Supplies 2,880,502 2,880,502 1,505,552 (1,374,950)
Other services and charges 7,058,705 7,058,705 5,670,069 (1,388,636)
Capital outlay 1,854,817 1,854,817 1,502,614 (352,203)
Other expenditures - - - 49,373
- - 453,415 453,415
Total Expenditures 21,836,055$ 21,844,841$ 17,995,907$ (3,799,561)$
Fire Pension Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
REVENUES:Original Final Amounts (Negative)
Interest -$ -$ 1,023$ 1,023$
Miscellaneous 6,000 6,000 - (6,000)
State assumption of pension payments 626,722 626,722 597,246 (29,476)
Total Revenues 632,722 632,722 598,269 (34,453)
EXPENDITURES:
Personal services 629,769 629,769 614,080 (15,689)
Supplies 150 150 - (150)
Other services and charges 8,000 8,000 - (8,000)
Total Expenditures 637,919$ 637,919$ 614,080$ (23,839)$
Continued on next page.
Construction, reconstruction, and preservation
131
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Police Pension Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 3,685$ 3,685$
State assumption of pension payments 618,134 618,134 612,373 (5,761)
Total Revenues 618,134 618,134 616,058 (2,076)
EXPENDITURES:
Personal services 603,888 603,888 607,299 3,411
Supplies 300 300 - (300)
Other services and charges 5,200 5,200 200 (5,000)
Total Expenditures 609,388$ 609,388$ 607,499$ (1,889)$
Local Road & Street Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Local road & street distribution 1,915,226$ 1,915,226$ 2,554,162$ 638,936$
Miscellaneous 604,538 604,538 - (604,538)
Total Revenues 2,519,764 2,519,764 2,554,162 34,398
EXPENDITURES:
Other services and charges 3,985,245 3,985,245 2,140,979 (1,844,266)
Capital outlay 2,174,472 2,174,472 - (2,174,472)
Debt service 525,798 525,798 525,798 -
Total Expenditures 6,685,515$ 6,685,515$ 2,666,777$ (4,018,738)$
Continued on next page.
132
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
Cumulative Capital Improvement Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Cigarette tax distribution 205,327$ 205,327$ 181,057$ (24,270)$
Total Revenues 205,327 205,327 181,057 (24,270)
EXPENDITURES:
Other services and charges 296,388 296,388 162,596 (133,792)
Capital outlay 98,800 98,800 - (98,800)
Total Expenditures 395,188$ 395,188$ 162,596$ (232,592)$
Cumulative Capital Development Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 4,212,538$ 4,212,538$ 4,181,341$ (31,197)$
Commercial vehicle excise tax 1,880 1,545 1,676 131
Other 430,634 305,834 386,488 80,654
Total Revenues 4,645,052 4,519,917 4,569,505 49,588
EXPENDITURES:
Other services and charges 850,997 850,997 379,521 (471,476)
Capital outlay - - - -
Debt service 4,634,781 4,634,781 4,634,781 -
Total Expenditures 5,485,778$ 5,485,778$ 5,014,302$ (471,476)$
Continued on next page.
133
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2022
(Continued)
2004 Road Bond P/I Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 1,777,691$ 1,777,691$ 2,279,386$ 501,695$
Commercial vehicle excise tax 1,244 669 868 199
Other 101,235 129,045 187,769 58,724
Total Revenues 1,880,170 1,907,405 2,468,023 560,618
EXPENDITURES:
Debt service 2,808,000 2,808,000 2,808,000 -
Total Expenditures 2,808,000$ 2,808,000$ 2,808,000$ -$
2016 G.O. Property Tax Bond Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 1,356,437$ 1,356,437$ 1,240,265$ (116,172)$
Commercial vehicle excise tax 598 510 473 (37)
Other 131,808 98,466 102,221 3,755
Total Revenues 1,488,843 1,455,413 1,342,959 (112,454)
EXPENDITURES:
Debt service 1,484,690 1,484,690 1,484,690 -
Total Expenditures 1,484,690$ 1,484,690$ 1,484,690$ -$
134
City of Carmel, Indiana
FIDUCIARY FUNDS
Pension trust funds - used to report resources that are required to be held in trust for the members and
beneficiaries of defined benefit pension plans. The City maintains the following pension trust funds:
The 1925 Police Pension Trust Fund accounts for the retirement and disability payments to police
officers hired prior to May 1, 1977.
The 1937 Fire Pension Trust Fund accounts for the retirement and disability benefits to firefighters
hired prior to May 1, 1977.
Custodial funds - used to account for resources that are custodial in nature. They are amounts held by
the City on behalf of third parties. The City maintains the following custodial fund:
The City Court Custodial Fund accounts for certain collections made by municipal court for
redistribution to third parties.
135
1925 Police
Pension Trust
Fund
1937 Fire Pension
Trust Fund Total Trust Funds
ASSETS:
Cash and cash equivalents 138,607$ 4,396$ 143,003$
Receivable from State of Indiana 50,965 51,509 102,474
Total assets 189,572 55,905 245,477
LIABILITIES:
Payroll withholdings 50,965 51,509 102,474
Total liabilities 50,965 51,509 102,474
NET POSITION: restricted for pensions 138,608$ 4,397$ 143,005$
City of Carmel, Indiana
COMBINING STATEMENT OF FIDUCIARY NET POSITION - PENSION FUNDS
December 31, 2022
136
City Court
Custodial Fund
ASSETS:
Cash and cash equivalents 83,238$
Total assets 83,238
LIABILITIES:
Court escrow -
Total liabilities -
NET POSITION 83,238$
City of Carmel, Indiana
COMBINING STATEMENT OF FIDUCIARY NET POSITION - CUSTODIAL FUND
December 31, 2022
137
1925 Police
Pension Trust
1937 Fire Pension
Trust Fund Total Trust Funds
ADDITIONS:
Employer contributions 612,374$ 597,247$ 1,209,621$
Investment income 3,685 1,023 4,708
Miscellaneous revenue 1,981 2,130 4,111
Total additions 618,040 600,400 1,218,440
DEDUCTIONS:
Benefits 607,499 614,080 1,221,579
Other services and charges 1,982 2,131 4,113
Total deductions 609,481 616,211 1,225,692
NET INCREASE (DECREASE) IN NET POSITION 8,559 (15,811) (7,252)
NET POSITION: beginning 130,048 20,207 150,255
NET POSITION: ending 138,608$ 4,397$ 143,005$
City of Carmel, Indiana
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION FUNDS
For the Fiscal Year Ended December 31, 2022
138
City Court
Custodial Fund
ADDITIONS:
Court costs and fees 902,873$
Miscellaneous revenue -
Total additions 902,873
DEDUCTIONS:
Distributions 897,320
Total deductions 897,320
NET INCREASE (DECREASE) IN NET POSITION 5,553
NET POSITION: beginning 77,685
NET POSITION: ending 83,238$
City of Carmel, Indiana
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUND
For the Fiscal Year Ended December 31, 2022
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.
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented
for certain statistical section presentations.
City of Carmel, Indiana
Operating information is intended to provide contextual information about the City's
operations and resources to assist readers in using financial statement information to
understand and assess the City’s economic condition.
STATISTICAL SECTION
Financial trends information is intended to assist users in understanding and assessing how
the City's financial position has changed over time.
Revenue capacity information is intended to assist users in understanding and assessing the
factors affecting the City's ability to generate its own-source revenues.
Debt capacity information is intended to assist users in understanding and assessing the
City's debt burden and its ability to issue additional debt.
Demographic and economic information is intended to (1) assist users in understanding the
socioeconomic environment within which the City operates and (2) provide information that
facilitates comparisons of financial statement information over time and among
governments.
This part of the City's annual comprehensive financial report (ACFR) presents detailed information as a
context for understanding what the information in the financial statements, note disclosures, and
required supplementary information says about the City's overall financial health.
140
2022 2021 2020 2019 2018 2017 2016 2015
Governmental activities:
Net investment
in capital assets 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 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 (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 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 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 1,272,789 2,254,154 2,069,280 - - - - -
Unrestricted (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 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 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 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 (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 512,496,798$ 473,667,675$ 435,647,465$ 441,733,015$ 462,741,521$ 401,178,636$ 401,277,741$ 409,974,503$
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
City of Carmel, Indiana
NET POSITION BY COMPONENT
Last Ten Fiscal Years
141
2022 2021 2020 2019 2018 2017 2016 2015
Expenses:
Governmental activities:
General government 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 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 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 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 15,868,909 11,946,131 20,141,103 21,497,105 21,621,998 17,932,242 10,122,290 18,549,674
Unallocated interest expense 5,505,060 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 202,255,488 189,256,977 189,888,126 194,500,039 167,260,807 149,796,481 154,257,209 126,441,527
Business-type activities:
Water 22,193,459 21,799,363 20,130,070 20,063,976 19,277,075 20,824,320 19,439,437 13,542,037
Sewer 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 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 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 166,786$ 131,588$ 306,364$ 146,498$ 221,467$ 211,995$ 82,803$ 72,056$
Public safety 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 4,287,774 4,763,870 4,016,186 4,181,410 2,869,523 98,090 248,036 480
Economic development 615,833 1,595,688 1,470,526 1,913,324 1,482,785 52,093 - -
Culture and recreation 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 1,224,798 1,192,278 1,238,625 1,245,695 1,322,719 96,894 112,651 60,618
Streets and other infrastructure - - - - - - - -
Economic development - - - - - - - -
Culture and recreation - - - - - - - -
Capital grants and contributions:
General government - - - - - - - -
Public safety - - - - - - - -
Streets and other infrastructure 2,234,815 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 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
2022 2021 2020 2019 2018 2017 2016 2015
Business-type activities:
Charges for services:
Water 21,083,425$ 20,017,196$ 19,764,152$ 18,407,840$ 17,735,563$ 16,982,790$ 15,458,695$ 13,500,929$
Sewer 11,440,956 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 6,022,094 5,775,390 3,419,195 3,458,396 3,279,973 4,995,765 4,620,949 -
Sewer 2,094,015 1,912,958 761,819 387,133 629,483 336,363 552,460 -
Total business-type activities revenues 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 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 (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 7,143,996 7,082,607 3,867,292 1,867,342 2,199,266 (1,095,665) 2,378,161 4,267,800
(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 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 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 3,283,486 2,712,115 - - - - - -
Tax incremental revenue 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 1,585,274 393,918 1,120,777 4,208,019 4,487,604 2,723,267 574,253 155,461
2,527,991 168,963 - - - - - -
Other 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 208,658,453 195,818,644 169,912,198 163,379,317 166,497,581 142,416,467 135,912,319 123,839,092
38,829,123 38,020,210 8,619,053 (3,938,700) 21,835,733 8,434,758 (1,601,698) 13,862,889
SPECIAL ITEM: gain - - - - - - - 619,000
Total CHANGE IN NET POSITION 38,829,123 38,020,210 8,619,053 (3,938,700) 21,835,733 8,434,758 (1,601,698) 14,481,889
NET POSITION: beginning 473,667,675 435,647,465 441,733,015 462,741,521 400,056,203 401,190,880 409,974,503 395,492,614
Restatement - - (14,704,603) (17,069,806) 40,849,585 (8,447,001) (7,095,064) -
NET POSITION: beginning, adjusted 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 512,496,798$ 473,667,675$ 435,647,465$ 441,733,015$ 462,741,521$ 401,178,637$ 401,277,741$ 409,974,503$
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
Total primary government net (expense)
revenue
City of Carmel, Indiana
CHANGES IN NET POSITION
Last Ten Fiscal Years
(Continued)
CHANGE IN NET POSITION
BEFORE SPECIAL ITEMS
American Rescue Plan - lost
revenue replacement
143
2022 2021 2020 2019 2018 2017 2016 2015
General Fund:
Nonspendable -$ -$ -$ -$ -$ -$ -$ -$
Restricted - - - - - - - -
Committed 5,926,992 - - - - - - -
Assigned 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 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 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 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 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 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 257,516,837$ 241,853,379$ 124,114,695$ 158,751,315$ 211,167,353$ 278,864,318$ 278,000,684$ 59,359,965$
City of Carmel, Indiana
FUND BALANCES ‐ GOVERNMENTAL FUNDS
Last Ten Fiscal Years
(modified accrual basis of accounting)
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
144
2022 2021 2020 2019 2018 2017 2016 2015
Revenues:
Property tax 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 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 3,283,486 2,712,115
Other local tax 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 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 1,337,884 236,719 897,178 3,958,675 4,356,867 2,339,501 442,961 74,597
Licenses and permits 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 224,910 292,965 250,062 439,110 457,062 466,731 571,556 788,604
Intergovernmental:
Grants 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 7,600,221 7,243,707 6,697,371 6,986,908 2,993,528 2,736,296 1,198,398 1,116,639
Other 171,959 148,236 2,177,824 3,289,848 7,426,341 5,995,761 - -
Contributions 456,725 551,408 100,185 240,302 190,321 262,116 660,714 286,716
Other 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 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 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 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 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 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 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 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 28,689,284 25,656,085 30,190,082 28,998,519 28,361,382 26,688,864 17,763,071 17,223,247
Lease rentals and issuance costs 140,482 1,216,129 - 328,421 - - - -
Capital outlay:
General government 32,797,626 4,224,592 1,629,419 1,301,526 503,513 707,523 2,931,360 119,885
Public safety 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 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 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 1,010,828 1,863,371 2,890,800 2,261,904 5,061,517 747,324 734,053 422,388
Total expenditures 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 (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
2022 2021 2020 2019 2018 2017 2016 2015
Other financing sources (uses):
Bond issuance - principal 62,450,000 121,370,000 9,200,000 24,695,000 13,791,036 81,358,423 199,265,510 -
Bond issuance - premium 534,075 13,940,632 - - 243,540 3,334,569 35,087,956 -
Proceeds - refunding - - 187,465,000 - - 23,180,000 18,170,404 -
Capital lease proceeds 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 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 1,320,506 1,320,506 1,912,211 1,320,506 1,320,506 1,703,277 1,606,319 1,014,100
Transfers out (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)66,643,923 139,454,167 16,883,034 29,545,875 17,910,721 85,713,415 238,514,734 4,181,106
Total change in fund balances 15,663,458$ 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 29.3% 30.6% 30.1% 27.5% 29.5% 28.9% 23.4% 25.0%
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
(Continued)
City of Carmel, Indiana
CHANGES IN FUND BALANCES ‐ GOVERNMENTAL FUNDS
(modified accrual basis of accounting)
Last Ten Fiscal Years
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
2022 8,783,788,344 523,259,929 9,307,048,273 16,744,445,574 55.6% 0.7877
2021 8,334,052,361 516,783,628 8,850,835,989 15,967,555,616 55.4% 0.7877
2020 8,005,622,698 509,094,794 8,514,717,492 15,258,648,418 55.8% 0.7877
2019 7,442,409,615 458,423,501 7,900,833,116 14,197,500,652 55.6% 0.7886
2018 6,666,896,042 467,365,607 7,134,261,649 12,997,560,747 54.9% 0.7887
2017 6,474,642,116 436,043,965 6,910,686,081 12,552,181,043 55.1% 0.7895
2016 6,220,543,748 420,168,770 6,640,712,518 12,043,692,490 55.1% 0.8356
2015 6,006,875,967 409,451,119 6,416,327,086 11,591,806,730 55.4% 0.7007
2014 4,829,947,454 398,186,327 5,228,133,781 9,538,010,360 54.8% 0.7007
2013 4,762,146,198 373,474,201 5,135,620,399 9,445,479,646 54.4% 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
Net Taxable
Assessed Value
as a
Percentage of
Estimated
Actual Value
147
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
City Direct Rates:
Corporation General 0.5591 0.5222 0.5631 0.5572 0.5769 0.5741 0.5745 0.5088 0.5381 0.5459
Motor Vehicle Highway 0.1350 0.1783 0.1268 0.1188 0.1051 0.1027 0.1701 0.1643 0.1249 0.1268
Debt Service 0.0141 0.0161 0.0183 0.0184 0.0193 0.0195 0.0000 0.0000 0.0000 0.0000
Debt Payment 0.0036 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
Redevelopment Bond 0.0259 0.0211 0.0295 0.0445 0.0374 0.0440 0.0424 0.0000 0.0101 0.0000
Cumulative Capital Development 0.0500 0.0500 0.0500 0.0497 0.0500 0.0492 0.0486 0.0276 0.0276 0.0280
Total Direct Rate 0.7877 0.7877 0.7877 0.7886 0.7887 0.7895 0.8356 0.7007 0.7007 0.7007
Overlapping Rates:
State 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000
County 0.2744 0.2744 0.2754 0.2791 0.2814 0.2814 0.2814 0.2926 0.3054 0.3074
Solid Waste 0.0029 0.0030 0.0030 0.0031 0.0032 0.0032 0.0032 0.0033 0.0033 0.0033
Township - Clay 0.0730 0.0741 0.0565 0.0640 0.0675 0.0694 0.0673 0.0746 0.0719 0.0781
Library 0.0742 0.0752 0.0751 0.0755 0.0760 0.0760 0.0778 0.0787 0.0787 0.0765
Carmel Clay School Corp 0.8602 0.8583 0.8572 0.8251 0.8118 0.8291 0.8053 0.8106 0.8453 0.8591
Total Direct and Overlapping Rate 2.0724 2.0727 2.0549 2.0354 2.0286 2.0486 2.0706 1.9605 2.0053 2.0251
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
Clarion Health North LLC 88,793,200 1.01%
Karmel Property LLC 45,210,400 0.51%
VSM Partners LLC 38,429,200 0.44%
Carmel Lofts LLC 38,351,500 0.44%
Edward Rose Development Carmel LLC 37,841,600 0.43%
Carmel Center Apartments LLC 36,518,500 0.42%
Hunt Sunrise LLC 35,236,900 0.40%
BMF 2 Gramercy LLC 35,089,900 0.40%
Lakeside Apartments of Carmel LLC 34,481,400 0.39%
Edward Rose Development Company LLC 32,654,300 0.37%
422,606,900 4.81%
Percentage of
Total City
Taxpayer Assessed Value Assessed Value
Clarion Health North LLC 99,320,900 2.09%
Carmel Lofts LLC 45,600,500 0.96%
Clay Terrace Partners LLC 30,416,400 0.64%
TIC Carmel Center 350 LLC 29,387,700 0.62%
Duke Weeks Reality LP 28,519,500 0.60%
MRI Spring Mill Miamidian 28,497,800 0.60%
Legacy Town & Flats LLC 28,428,200 0.60%
Carmel Indy Properties LLC 28,199,300 0.59%
Carmel Indy Properties LLC 26,027,800 0.55%
HR of Indiana LLC 25,418,700 0.53%
369,816,800 7.78%
Source: Hamilton County Auditor's office.
2022
2013
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
2022 69,854,334 3,428,107 65,592,982 69,021,089 93.90%
2021 66,364,322 2,967,513 63,283,378 66,250,891 99.83%
2020 63,779,530 2,425,294 61,908,918 64,334,212 100.87%
2019 59,383,729 2,402,495 55,252,616 57,655,111 97.09%
2018 56,917,333 2,048,991 53,042,657 55,091,648 96.79%
2017 52,180,837 2,642,506 50,907,298 53,549,804 102.62%
2016 55,990,426 2,917,489 52,647,063 55,564,552 99.24%
2015 45,416,367 1,132,485 44,043,913 45,176,398 99.47%
2014 44,020,059 1,105,727 40,554,757 41,660,484 94.64%
2013 43,391,737 1,119,259 38,072,795 39,192,054 90.32%
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 2022, total
delinquent property tax due to the City for 2022 and all prior years was approximately $6,088,623.
City of Carmel, Indiana
PROPERTY TAX LEVIES AND COLLECTIONS
Last Ten Fiscal Years
Total Collections
150
2022 2021 2020 2019 2018 2017 2016 2015
Certified net assessed valuation 8,868,139,414$ 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%
Subtotal 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
Debt limit 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 (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 35,179,041$ 30,977,886$ 28,105,528$ 25,379,618$ 21,133,184$ 16,992,208$ 11,090,836$ 27,793,472$
59.50% 55.15% 52.07% 50.56% 43.93% 36.44% 24.83% 64.32%
Source: Indiana Department of Local Government Finance
Notes:1.Division by three is required to adjust for a change in the method of determining values since the constitutional standard was established.
2.The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
Legal debt margin as
percentage
City of Carmel, Indiana
LEGAL DEBT MARGIN INFORMATION
Last Ten Fiscal Years
151
2022 841,626,754 9,794,889 851,421,643 165,668,196 2,417,344 168,085,540 1,019,507,183 16.57% 9,999
2022 820,834,516 10,266,286 831,100,802 169,545,505 1,228,526 170,774,031 1,001,874,833 12.14% 9,942
2020 725,062,256 10,206,016 735,268,272 164,363,644 1,089,246 165,452,890 900,721,162 11.23% 9,029
2019 739,095,398 8,433,199 747,528,597 151,165,878 1,092,136 152,258,014 899,786,611 11.36% 8,903
2018 743,736,654 7,637,383 751,374,037 135,831,887 519,822 136,351,709 887,725,746 12.01% 9,161
2017 721,260,757 7,315,666 728,576,423 172,348,990 721,688 173,070,678 901,647,101 13.75% 9,901
2016 660,449,791 6,836,403 667,286,194 175,750,411 562,700 176,313,111 843,599,305 13.67% 9,476
2015 755,670,563 7,315,666 762,986,229 139,951,647 721,688 140,673,335 903,659,564 15.19% 10,186
1 Population and personal income data can be found on the Schedule of Demographics and Economic Statistics.
City of Carmel, Indiana
RATIOS OF OUTSTANDING DEBT BY TYPE
Last Ten Fiscal Years
Governmental Activities
Bonds and
Contract
Purchases
Total
Governmental
Activities
Financed
Purchase
Obligations
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.
Debt per
Capita ˡ
Total
Business
Activities
Total Primary
Government
Business Activities
Bonds and
Contract
Purchases
Financed
Purchase
Obligation
s
Percentage of
Personal
Incomeˡ
152
2022 1,007,294,950 6.02%9,879
2021 990,380,021 6.20%9,827
2020 889,425,900 5.83%8,916
2019 890,261,276 6.27%8,809
2018 879,568,541 6.77%9,077
2017 893,609,747 7.12%9,813
2016 836,200,202 6.94%9,392
2015 895,622,210 7.73%10,096
Note: Details regarding the City's outstanding debt can be found in the notes to financial statements.
1 Includes bonds and contract purchases of both governmental and business-type activities.
2 Property tax value can be found on the Schedule of Assessed Value and Actual Value of Taxable Property.
3 Population data can be found on the Schedule of Demographics and Economic Statistics.
Bonds and Contract
Purchases 1
City of Carmel, Indiana
RATIOS OF GENERAL BONDED DEBT OUTSTANDING
Last Ten Fiscal Years
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain
statistical section presentations.
Per Capita 3
Actual Value of Taxable
Property 2
153
Percent Amount
Outstanding Applicable to Applicable to
Governmental Unit Debt (1) Carmel (2)Carmel
Direct Debt:
City of Carmel (see page 152)851,421,643$ 100.00% 851,421,643$
Overlapping Debt Paid with Property Taxes:
Carmel Clay School Corporation 186,815,000 100.00% 186,815,000
Carmel Clay Public Library 26,235,000 100.00% 26,235,000
Clay Township 91,008,343 100.00% 91,008,343
Hamilton County 114,190,000 33.37% 38,105,203
Westfield-Washington School Corporation 163,425,000 0.97% 1,585,223
Westfield Washington Public Library 17,090,000 0.97%165,773
Sub-Total Overlapping Debt 598,763,343$ 343,914,542
Total Direct and Overlapping Debt 1,195,336,185$
Population - 2022 (3)101,964
Estimated direct and overlapping debt per capita 11,723$
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, 2022
(1) Source: Gateway for Governmental Units.
154
Net Revenue
Operating Operating Available for
Revenue Expenses 1 Debt Service Principal Interest Coverage 2
Water Utility
2022 21,083,425$ 11,824,604$ 9,258,821$ 5,354,000$ 3 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
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, 2022
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented
for certain statistical section presentations.
1 Operating expenses do not include depreciation and amortization.
2 Coverage = Net Available Revenue/Debt Service Requirements.
3 The calculation of debt service principal payments for 2022 does not include debt service on a note in the
amount of $17,745,000 due December 29, 2023. Management expects this note will be refinanced with a new
note or longer term bond series.
155
Public Year-end
Fiscal Median Per Capita Personal High School School Unemployment
Year Population 1 Age 1, 2 Income 3 Income Graduation 4 Enrollment 4 Rate 5
2022 101,964 37.8 60,329 6,151,386,156 96.4% 16,072 0.9%
2021 100,777 37.8 81,885 8,252,167,281 97.0% 16,215 0.7%
2020 99,757 39.4 80,426 8,023,056,482 95.2% 16,664 3.2%
2019 101,068 39.5 78,343 7,917,970,324 97.6% 16,352 2.0%
2018 96,900 39.2 76,293 7,392,791,700 97.9% 16,147 2.4%
2017 91,065 39.2 72,005 6,557,135,325 97.5% 16,082 2.2%
2016 89,029 39.9 69,337 6,173,003,773 96.5% 15,954 2.6%
2015 88,713 38.5 67,040 5,947,319,520 95.8% 15,971 3.0%
2014 86,682 38.4 64,271 5,571,138,822 96.9% 15,912 3.6%
2013 85,929 38.7 60,857 5,229,381,153 96.3% 15,724 3.8%
2012 83,595 38.4 60,158 5,028,908,010 94.3% 15,750 5.1%
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
Carmel Clay Schools Public education 2,717 1 4.88%
GEICO Auto insurance company 2,534 2 4.55%
CNO Financial Group (formerly Conseco, Inc.) Life insurance holding company 1,200 3 2.15%
American Funds/Capital Group Financial Services 975 4 1.75%
KAR Global Automotive remarketing services 892 5 1.60%
Resort Condominium Int’l. (RCI)Vacation exchange network and services 862 6 1.55%
Midcontinent Independent System Operator (MISO) Electric companies 700 7 1.26%
Next Gear Capital Auto deal inventory services 694 8 1.25%
American Speciality Health Health plan management services 675 9 1.21%
Percentage of
Total City
Company Industry Employees Rank Employment
Carmel Clay Schools Public Education 2,384 1 5.54%
Conseco Inc (now CNO Financial Group)Life insurance holding company 1,700 2 3.95%
Liberty Mutual/Indiana Insurance Insurance company 1,200 3 2.79%
GEICO Auto insurance company 1,200 4 2.79%
Resort Condominium Int. (RCI)Vacation exchange network and services 1100 5 2.56%
I.U. Health North Hospital Acute healthcare facility 1080 6 2.51%
The Capital Group Financial services 1000 7 2.32%
Next Gear Capital Auto deal inventory services 877 8 2.04%
Midcontinent Independent System Operator (MISO)Electric companies 854 9 1.98%
KAR Auction Automotive remarketing services 850 10 1.97%
Sources: Hamilton County Economic Development Corporation
City and Company Officials
Carmel Clay School Corporation
2022
2013
City of Carmel, Indiana
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
157
2022 2021 2020 2019 2018 2017 2016 2015
General Government:
Controller 6 6 7 0 0 0 0 0
City Clerk 5 5 5 9 9 9 8 6
Mayor 3 3 3 3 3 3 3 3
City Council 9 9 9 7 7 7 7 7
Board of Public Works 2 2 2 3 2 2 2 2
Plan Commission 9 9 9 9 9 9 11 11
Administration 4 4 4 4 3 3 2 4
City Court 4 4 4 6 6 7 7 7
Law Department 8 5 6 7 7 6 6 8
Community Services 24 24 24 23 23 21 22 22
Community Relations 10 9 9 7 7 6 5 4
Public Safety:
Police
Officers 139 136 129 118 114 114 109 117
Civilians 26 26 24 25 24 23 23 26
Fire
Firefighters and Officers 174 164 160 154 146 147 153 166
Civilians 12 10 10 10 9 8 8 9
Culture and Recreation:
Parks Department 65 53 53 69 63 65 64 62
Brookshire Golf 5 5 5 4 4 4 4 4
Utilities (Water and Sewer)106 106 105 105 104 104 103 109
Other Programs:
Human Resources 4 5 4 4 3 3 3 3
Street 61 50 52 52 50 48 48 52
Engineering 15 15 15 15 15 15 15 16
Communications 16 14 14 14 14 16 15 13
Redevelopment 5 5 5 4 4 2 3 1
TOTAL 712 669 658 652 626 622 621 652
Source: City of Carmel Department Heads; Human Resources
City of Carmel, Indiana
CITY GOVERNMENT EMPLOYEES
BY FUNCTION/ PROGRAM
Last Ten Fiscal Years
Note: Clerk-Treasurer split into City Clerk and Controller beginning in 2020.
The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section
presentations.
158
2022 2021 2020 2019 2018 2017 2016 2015
General Government:
Community Services
Permits issued 1,764 2,098 1,610 1,628 1,703 1,557 1,351 1,237
Residential construction permits 405 562 332 358 478 463 429 359
Total number of dwelling units 1,033 943 592 469 767 759 432 1,663
Building inspections performed 605 436 531 512 487 472 431 476
Public Safety:
Police
Incidents 83,156 87,550 89,155 91,436 83,740 85,500 83,955 83,904
Occurred incidents 4,106 3,755 3,635 4,548 4,361 4,010 4,270 4,330
Accidents 2,187 2,065 1,602 2,645 2,575 2,504 2,488 2,442
Total agency arrests 1,757 1,410 1,517 2,469 2,569 2,459 2,530 2,642
Fire
Emergency medical responses 6,200 5,700 4,934 6,279 5,517 5,136 4,755 4,402
Fire-related calls for service 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
Culture and recreation:
Number of parks and greenways 19 19 19 17 17 17 16 15
Total acres 389 577 550 540 530 505 505 505
Total trail miles 26.5 26.5 26.5 26.5 26.5 16 16 16
Streets:
Number of "center line" miles streets 527 527 524 515 486 485 483 482
Number of roundabouts 144 146 138 131 122 115 111 97
Sewer:
Miles of sanitary mains 265 265 252 265 254 243 243 243
Miles of sanitary sewer main cleaned/inspected 96.00 135.70 27.00 25.40 16.00 14.85 14.20 13.65
9.28 9.95 10.24 10.82 10.78 10.16 10.05 9.92
Water:
Miles of watermains 579 573 555 550 565 538 538 538
Peak-day water demand (in millions of gallons) 26.2 23.2 22.5 24.0 21.5 22.0 21.0 19.0
Number of fire hydrants inspected/serviced 7,432 7,242 7,295 5,524 5,580 5,024 4,655 4,500
Source: City of Carmel Department Heads; Carmel Clay Parks
Wastewater treatment flow per day (in millions
of gallons)
Note: The City is presenting its eighth ACFR since 2007. Accordingly, a 10-year history is not presented for certain
statistical section presentations.
City of Carmel, Indiana
OPERATING INDICATORS AND CAPITAL ASSET STATISTICS
BY FUNCTION/ PROGRAM
Last Ten Fiscal Years
159