2020 Annual Comprehensive Financial ReportCITY OF CARMEL INDIANA
Comprehensive Annual
Financial Report
For the Fiscal Year Ended December 31, 2020
1
Prepared by:
Board of Public Works and Safety
CITY OF CARMEL, INDIANA
COMPREHENSIVE ANNUAL FINANCIAL REPORT
For the Fiscal Year Ended December 31, 2020
2
This page has been intentionally left blank.
3
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 Discussion and Analysis 26–36
Basic Financial Statements:
Government‐wide Financial Statements:
Statement of Net Position 37
Statement of Activities 38
Fund Financial Statements:
Governmental Funds:
Balance Sheet ‐ Governmental Funds 39
Reconciliation of the Balance Sheet ‐ Governmental Funds to the
Government‐wide Statement of Net Position 40
Statement of Revenues, Expenditures, and Changes in Fund
Balances ‐ Governmental Funds 41–42
Reconciliation of the Statement of Revenues, Expenditures, and Changes in
Fund Balances ‐ Governmental Funds to the Government‐wide
Statement of Activities 43
Proprietary Funds:
Statement of Net Position ‐ Proprietary Funds 44–45
Statement of Revenues, Expenses, and Changes in Net
Position ‐ Proprietary Funds 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 51–93
Required Supplementary Information:
Other Post-Employment Benefits Plan
Schedule of Changes in Net OPEB Liability and Related Ratios 94
Schedule of Net OPEB Liability 95
Notes to Schedules 96
1925 Police Officers' And 1937 Firefighters' Pension Plans:
Schedule of Employer Contributions 97
Schedule of Net Pension Liability and Related Ratios 98
Schedule of Changes in Net Pension Liability 99
Notes to Schedules 100
Defined Benefit Pension Plans - Multiple Employer Plans:
Schedule of the City's Proportionate Share of the Net Pension Liability 101–102
Schedule of City Contributions 103
Notes to Schedules 104
City of Carmel, Indiana
Comprehensive Annual Financial Report
For the Fiscal Year Ended December 31, 2020
TABLE OF CONTENTS
4
Pages
Budgetary Comparison Schedules - General Fund 105–108
Notes to the Required Supplementary Information -
Budgetary Comparison Schedules 109
Supplementary Information:
Nonmajor Governmental Funds - Information 110–113
Combining Balance Sheet - Nonmajor Governmental Funds:
Special Revenue Funds 114–117
Capital Projects Funds 117–119
Debt Service Funds 119
Combining Statement of Revenues, Expenditures, and Changes in Fund
Balances ‐ Nonmajor Governmental Funds:
Special Revenue Funds 120–123
Capital Projects Funds 123–125
Debt Service Funds 125
Budgetary Comparison Schedules ‐ Nonmajor Funds 126–136
Combining Statement of Fiduciary Net Position - Pension Funds 138
Combining Statement of Fiduciary Net Position - Custodial Fund 139
Combining Statement of Changes in Fiduciary Net Position - Pension Funds 140
Combining Statement of Changes in Fiduciary Net Position - Custodial Fund 141
STATISTICAL SECTION
Financial Trends:
Net Position by Component 143
Changes in Net Position 144–145
Fund Balances ‐ Governmental Funds 146
Changes in Fund Balances ‐ Governmental Funds 147–148
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property 149
Property Tax Rates - Direct and Overlapping Governments 150
Principal Property Taxpayers 151
Property Tax Levies and Collections 152
Debt Capacity:
Legal Debt Margin Information 153
Ratios of Outstanding Debt by Type 154
Ratios of General Bonded Debt Outstanding 155
Direct and Overlapping Governmental Activities Debt 156
Pledged‐Revenue Coverage 157
Demographic and Economic Information:
Demographic and Economic Statistics 158
Principal Employers 159
Operating Information:
City Government Employees by Function/ Program 160
Operating Indicators and Capital Asset Statistics by Function/ Program 161
TABLE OF CONTENTS (CONTINUED)
For the Fiscal Year Ended December 31, 2020
City of Carmel, Indiana
Comprehensive Annual Financial Report
5
INTRODUCTORY SECTION
Introductory Section:
Letter of Transmittal
Certificate of Achievement – Government Finance
Officers Association
City of Carmel Organization Chart
List of Principal Officials
6
This page has been intentionally left blank.
7
October 28, 2021
To the Honorable Members of the Carmel City Council, and Citizens of the City of Carmel, Indiana:
We are pleased to submit the Comprehensive Annual Financial Report (“Report”) for the City of Carmel (“City”) year ended December 31, 2020. 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 2020 was performed by the independent certified public
accounting firm of BKD, LLP. 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, 2020, 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.
8
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 99,757 according to the U.S. Census Bureau's 2020 Census. Personal income statistics are above national and State of Indiana averages. The
median household income level is $112,765 and the median value of a home is $333,200. 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 was ranked as the No. 1 place to live in the Midwest by Newsweek Magazine in 2020, and is consistently ranked among the best places to raise a family and among the safest cities by a variety of rating websites and agencies. The
proximity of Carmel to Indianapolis provides increased employment and higher education opportunities for local residents.
City Structure In 2020, the City operated under elected officials including the Mayor, City Clerk, Judge and
a nine-member Common 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 Common 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.
9
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 wastewater utility services and drinking water.
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 658 full-time employees, with union representation as follows:
Carmel Professional Firefighters / IAFF #4444 Firefighters 160
Fraternal Order of Police Lodge #185 Police 129
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 and other areas of Clay Township. 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, four 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 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.
The newest or expanded businesses in the City include Simplifeye, which relocated here
10
from New York City with a $10-million investment in the Carmel Arts & Design District and plans to add 75 new jobs with salaries averaging $100,000; Braunability’s $7.5-million
research and innovation lab that will hire an additional 68 high-paying high-tech jobs, and several companies that have relocated to Carmel’s growing mixed-use developments such as the Proscenium.
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, The Capital Group with approximately 975 employees, Next Gear Capital with 694 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, CNO Financial Group, Inc., Monster.com, Encore Sotheby’s, 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 2020, KAR Global formally opened its $80-million state-of-the-art campus along the Meridian Corridor. The company currently employs 892 employees in the City.
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 newly built Women’s Center, St. Vincent Heart Center, I.U. Health North Hospital and Franciscan Health Carmel, which is in the process of building a new campus with a full-service hospital. IU Health opened a $55-million new cancer center at its North
hospital campus in January 2020. Goodman Campbell Brain and Spine moved into a new
$17.6-million facility in May 2019 along the Meridian Corridor. In May 2019, Medistar Corporation and Post-Acute Medical LLC announced the development of a 60,000-square-foot rehabilitation hospital along the Meridian Corridor. A $47-million national headquarters for Zotec Medical Billing company is nearly completed and is expected to
create 300 additional jobs by 2022. Franciscan Health Carmel is expanding with a new
$120-million development, Franciscan Health Orthopedic Center of Excellence. The 235,000-square-foot facility is expected to be completed in 2022 and is being developed by Meridian Ortho Development.
The Bridges is a 65-acre mixed-use, master planned development located on the west side
of US 31 in the Meridian Corridor. Over 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, two major mixed-use developments have been
constructed and opened within the past couple years: “The Olivia on Main”, a $30-million development that 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.
11
Old Town Companies is developing a project along Smoky Row in the City. The project,
expected to be completed by 2024, is a $135-million mixed-use development which will consist of retail space, office space, single-family homes, apartments, townhomes, and condominiums.
IMPACT OF COVID-19 PANDEMIC
The City received $3,357,991 in reimbursements from the State of Indiana Coronavirus Relief Fund in 2020 for COVID-19 expenditures. The City currently anticipates that it will be eligible to receive $7,522,920 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. The federal government will make the first payment from the Fund to the State of Indiana, the metropolitan cities and the Indiana Counties by May 11, 2021. A second payment will be received not earlier than twelve months after the first payment. All appropriated money remains available through December 31, 2024.
The unemployment rate in Carmel has also been impacted, but not to the extent seen in other communities. Hamilton County has been substantially lower than that of the State of Indiana during the past 10 years. Although the local economy has been affected by COVID-19, many residents employed in professional services industries have continued to work
from home.
In December of 2020, the City unemployment rate was 3.2 percent, which is lower than the national and statewide average. The monthly unemployment rates for 2020 include: January 2.6%; February 2.4%; March 2.8% (mid-March COVID-19 restrictions imposed); April
8.3%; May 6.7%; June 6.8%; July 5.9%; August 4.8%; September 4.2%; October 3.7%; and November 3.4%.
The City’s normally vibrant arts and culture district and activities have been impacted by
COVID-19, much like the rest of the country, but appears to be recovering as the local
economy reopens as outlined by Governor Eric Holcomb’s plan. The Center for Performing Arts (PAC), which includes the Tarkington and Studio Theater and a world class concert hall known as the Palladium, experienced significant financial losses and relied on relief from the federal Paycheck Protection Program. The PAC has applied for and received
$757,000 in Paycheck Protection Program (PPP) funding through the CARES Act, and the
PPP funding was used to maintain employment status for staff members through June 30, 2020. For the PAC’s current fiscal year, July 1, 2020 through June 30, 2021, the PAC has greatly adjusted its budget and plans to utilize reserves and its PPP funding to offset revenue reductions resulting from a reduced number of performances and social distancing
restrictions on seating capacity, which are expected to cause shows to lose money.
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
12
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 our 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 The 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 attracts tens of thousands to its Saturday morning markets. The Carmel
Christkindlmarkt and the Ice at Center Green is a winter wonderland with shops, dining options, skating and entertainment in the fresh crisp air, attracting more than 300,000 visitors in 2019. The 2020 event was canceled due to the global COVID-19 pandemic.
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.
In 2020, despite COVID-19 restrictions, the expanded Monon Greenway and Midtown Plaza
continued to provide outdoor public spaces to give local residents and visitors an opportunity to escape the restrictions of the pandemic and 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 serves residents of the City. 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. The present 116,000-square-foot facility provides state-of-the-art technology, group study
rooms, and two technology centers. A new Community Tech Center on Main Street provides
another location for computer use and training, software, recording room and 3-D printing services for library patrons. The library is currently in the process of completing a $40-million expansion that is anticipated to include additional teen space, additional programming space, functional outdoor space, and a parking garage.
13
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 2020 enrollment for the School Corporation at 16,664 students, and the superintendent’s office reports 2,717 certified and non-certified employees.
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 and monuments designed to create a vibrant urban atmosphere.
The oldest part of this area is known today as the Carmel Arts & Design District, home to more than 100 arts- and design-related businesses, including art galleries, design studios, and the Indiana Design Center, where professional designers maintain offices and showrooms. Located at the intersection of the Monon Greenway and Main Street is a mixed-use
development called Monon & Main. The recently completed $20-million structure features
Anthony’s Chophouse, a three-story, 12,000-square-foot restaurant and 3-UP, 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 new Hotel Carmichael, Carmel City Center, the James, the Nash, the Mezz on the Monon and nearly a dozen 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 rapid growth in 2021for both residential and business sectors. Additional public spaces are planned as well.
Another major mixed-use development, known as the Proscenium, is currently under construction in a redevelopment area south of the City government center. The $60-million project includes apartments, a 100,000 square foot office building, retail space and a one-level underground parking garage. The Proscenium will welcome the arrival of 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.
14
The City’s $30-million plan to expand the Monon Greenway from a 12-foot path to a 140-foot greenway 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, the Monon Greenway expansion 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 replacing 130 intersections with roundabouts. 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 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 in Indianapolis to Ind. 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 middle of Carmel’s central corridor, placing the former 4-lane road with traffic signals on a “Road Diet.” This process eliminated two lanes of traffic, added a bike lane, 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.
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.
15
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 DLGF approval) through the passage of an ordinance no later than October 31, 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 generally authorized to transfer limited budgeted amounts within
departments between line items within any major category; however, any revisions that alter
the total expenditures of any major category must be approved by the City Council. Transfers 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 maintained by the Fiscal 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 the 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 Fiscal Office direction, the City’s system of internal accounting controls continues
to adequately safeguard assets and provide reasonable assurance that financial transactions are properly recorded.
16
Risk Management The City carries traditional insurance for automobile liability and physical damage, general
liability, public officials’ liability, property and casualty, inland marine/boiler coverage, and crime insurance coverage. 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.
CERIFICATE 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 Comprehensive Annual Financial Report for the fiscal year that ended December 31, 2019. This Certificate of Achievement is the highest form of recognition in governmental accounting and financial reporting, and its attainment represents a significant
accomplishment by a government and its management.
A Certificate of Achievement is valid for a period of one year. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate.
ACKNOWLEDGEMENTS
The preparation of this report involved many dedicated people across the organization. In particular, we would like to express appreciation to the staff of the Fiscal Office, whose support and dedication made the report possible. We would like to express our appreciation to BKD, LLP for their professionalism and support. Furthermore, we would like to thank
C.L. Coonrod and Company, CPAs, for consulting on the application of GAAP and other
technical requirements of the report. Finally, we would like to thank the City Council,without whose leadership and support the preparation and results of this report would nothave been possible.
Respectfully submitted,
James Brainard Mayor
Ann Bingman, CPA Controller
17
The Government Finance
Officers Association of the
United States (GFOA)
awarded the City a
Certificate of Achievement
for Excellence in Financial
Reporting for its Annual
Comprehensive Financial
Report (ACFR) for the fiscal
year that ended December
31, 2019. This Certificate of
Achievement is the highest
form of recognition in
governmental accounting
and financial reporting, and
its attainment represents a
significant accomplishment
by a government and its
management.
A Certificate of Achievement is valid for a period of one
year. We believe our current report continues to conform to the Certificate of Achievement program requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate.
18
2020 ORGANIZATIONAL CHARTCity of Carmel, IndianaChief Deputy Clerk of City BusinessFinancial SpecialistPart-timeDeputy Clerk of Court BusinessDeputy DirectorEXECUTIVEBrookshire GC ManagerCourse ManagementGrounds MaintenanceFood/ Beverages OperationsClub House/ Pro Shop OperationsAdministrative AssistantHuman Resources DirectorEmployee Benefits ManagerEmployment/ Training CoordinatorOffice AdministratorADMINISTRATIONInformation Services/ Communications DirectorOffice AdministratorCommunications SupervisorSystems SupervisorGIS CoordinatorNetwork AdministratorCommunications Technician IGIS Technician INetwork Applications/ AnalystDatabase AdministratorProgrammerREDEVELOPMENTDirectorDeputy DirectorFinance ManagerOffice AdministratorCOMMUNITY RELATIONS & ECONOMIC DEVELOPMENTPublic RelationsMedia RelationsSpecial Events CoordinationEconomic DevelopmentTransportation DevelopmentENGINEERINGCity EngineerAsst. City EngineerConstruction ManagerEngineering AdministratorPlan Review CoordinatorConstruction InspectorStorm Water AdministratorRight of Way InspectorPublic Works CoordinatorFIREFire ChiefDeputy ChiefBattalion (Chief) -Division Head (Chief) - Accreditation ManagerExecutive OfficerCaptainLieutenantEngineerFirefighterQuartermasterMechanicAdministrative AssistantChaplainPart-time MembersLAWCorporation CounselAsst. Corporation CounselExecutive/ Legal SecretaryAdministrative Assistant I & IIDeferral Program CoordinatorPOLICEPolice ChiefAsst. ChiefMajorLieutenantSergeantPatrol Officer 1st and 2nd Class, ProbationaryCrime Scene/ Evidence TechnicianMechanic IQuartermaster/ Fleet ManagerUTILITIESDirectorOperations ManagerPlant ManagerManager of Water QualityDistribution/ Collections ManagerElectrical/ Controls EngineerSenior Utilities AccountantAsst. Plant ManagerForemanHazardous Waste CoordinatorCustomer Service ManagerSTREETSStreet CommissionerOperations ManagerSkilled Labor/ Foreman ISkilled Labor/ Foreman IIOffice AdministratorGIS Technician IAdministrative Assistant ISkilled LaborLEGISLATIVECouncil MembersJUDICIALClerk of Court AdministratorAsst. Clerk of Court AdministratorDeputy Clerk I&IIBailiffFISCALAccounts Payable AdministratorPayroll AnalystDirectorCity ClerkChief Deputy Clerkof Court BusinessCity ControllerFinancial AnalystAccounts Payable AdministratorDeputy Clerk of City BusinessMayorJudge19
Mayor City Clerk City Court Judge
James Brainard Sue Wolfgang Brian Poindexter
jbrainard@carmel.in.gov swolfgang@carmel.in.gov bpoindexter@carmel.in.gov
Laura Campbell
North District
lcampbell@carmel.in.gov
Vice-President & Chaplain
Kevin “Woody” Rider
At-Large
krider@carmel.in.gov
President
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, 2020
Elected Officials
Parliamentarian
Jeff Worrell
At-Large
jworrell@carmel.in.gov
20
City of Carmel, Indiana
LIST OF ELECTED AND APPOINTED OFFICIALS
For the Fiscal Reporting Year Ended December 31, 2020
(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
Sue Finkam
Michael Ruggiero
Ted Spearman
Carmel Redevelopment Authority
(Appointed Officials)
Robert Bush, President
Jay Brill, Secretary/Treasurer
Lea Lockhart Sasena
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
22
Independent Auditor’s Report
Audit Committee
City of Carmel, Indiana
Carmel, Indiana
Report on the Financial Statements
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund and the aggregate remaining fund information of the City of Carmel, Indiana
(City) as of and for the year ended December 31, 2020, and the related notes to the financial statements,
which collectively comprise the City’s basic financial statements as listed in the table of contents.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this includes
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.
Auditor’s Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We did not
audit the financial statements of The City of Carmel Local Public Improvement Bond Bank, a blended
component unit, which represent 0.7 percent, 49 percent and 0.2 percent, respectively, of the assets,
liabilities and net position of the total governmental activities. Those statements were audited by other
auditors whose report has been furnished to us, and our opinions, insofar as it relates to the amounts
included for the governmental activities, is based solely on the report of the other auditors. We conducted
our audit in accordance with auditing standards generally accepted in the United States of America and
the standards applicable to financial audits contained in Government Auditing Standards, issued by the
Comptroller General of the United States. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in
the financial statements. The procedures selected depend on the auditor’s judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal control relevant to the City’s preparation
and fair presentation of the financial statements in order to design audit procedures that are appropriate in
the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s
internal control. Accordingly, we express no such opinion. An audit also includes evaluating the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
23
24
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our audit opinions.
Opinions
In our opinion, based on our audit and the report of other auditors, the 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 of Carmel, Indiana, as of December 31, 2020, 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.
Emphasis of Matter
The 2019 financial statements, before they were restated for the matters discussed in Note II.K and II.L,
were audited by other auditors, and their report thereon, dated September 22, 2020, expressed unmodified
opinions. Our opinions are not modified with respect to this matter.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s
discussion and analysis and budgetary comparison, along with pension and other postemployment benefit
information as listed in the table of contents be presented to supplement the basic financial statements.
Such information, 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 auditing
standards generally accepted in the United States of America, which consisted of inquiries of
management about the methods of preparing the information and comparing the information for
consistency with management’s responses to our inquiries, the basic financial statements and other
knowledge we obtained during our audit of the basic financial statements. We do not express an opinion
or provide any assurance on the information because the limited procedures do not provide us with
sufficient evidence to express an opinion or provide any assurance.
Other 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, nonmajor
funds budgetary comparison schedules, and the introductory and statistical sections, as listed in the table
of contents are presented for purposes of additional analysis and are not a required part of the basic
financial statements.
24
25
The combining and individual fund statements and nonmajor funds budgetary comparison schedules are
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. Such 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 auditing standards generally accepted in
the United States of America. In our opinion, the information is fairly stated, in all material respects, in
relation to the basic financial statements as a whole.
The introductory and statistical sections have not been subjected to the auditing procedures applied in the
audit of the basic financial statements, and accordingly, we do not express an opinion or provide any
assurance on it.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we also have issued our report dated October 28,
2021, on our consideration of 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
October 28, 2021
25
Financial Highlights
Overview of the Financial Statements
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.
City of Carmel, Indiana
MANAGEMENT DISCUSSION AND ANALYSIS
For the Fiscal Year Ended December 31, 2020
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, 2020. We encourage readers to consider the information
presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on
page 8 of this report, and the transactions, events, and conditions reflected in the City’s financial statements, beginning on page 37 of
this report.
• The assets and deferred outflows of resources of the City exceeded its liabilities and deferred inflows at the close of the fiscal year by
$435,647,465 (net position).
• The City's total net position increased $8,619,053 from the adjusted prior fiscal year. The 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 $124,114,695, a decrease of
$33,472,565 in comparison with the prior year. Approximately $22,314,019 of this amount (18.0%) 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 $27,573,796, or approximately 31.0% of total General Fund expenditures.
• The City's total outstanding long-term liabilities increased by $5,442,076 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.
26
The government-wide financial statements begin on page 37 of this report.
The basic governmental fund financial statements begin on page 39 of this report.
The basic proprietary fund financial statements begin on page 44 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
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.
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.
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-six 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, 2016 Project Fund, 2017 Project Fund, Redevelopment Authority Debt Service Fund, and Bond
Bank Project Fund, which are considered to be major funds. Data from the other governmental funds are combined into a single
aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining
statements in the combining and individual fund statements and schedules section of this report.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been
segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and
demonstrate compliance with finance-related legal requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.
The government-wide financial statements include not only the City itself (known as the primary government), but also a legally
separate redevelopment authority, three 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.
27
Government-wide Overall Financial Analysis
City of Carmel's Net Position
Current and other assets
Capital 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
15,255,498
479,215,193
109,991,221$
(68,251,242)
23,734,389
(75,921,170)
2,069,280
112,527,089$
23,734,389
435,647,465$
16,694,353
(84,719,580)
811,255,122
15,541,311
276,504,409
7,816,719
33,780,803 1,172,916
175,842,942
1,400,932,825
4,592,813
1,350,754
376,746,545
4,151,380 10,662,685
18,058,156
969,039,908
987,098,064
11,968,099
173,326,097
2,838,709
160,254,582
163,093,291
20,132,289
514,830,242 101,192,811 138,083,697 378,022,382
2,516,845
803,672,537
823,804,826
795,713,811
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 114 of this report.
1,121,639,347
1,240,598,432
32,430,049
Adjusted*
31,381,409
291,170,657
1,192,779,914
32,554,325
22,970,998
137,118,190$
972,643,978
1,109,762,168
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 $435,647,465 at the close of the fiscal year.
941,343,015
1,398,143,756
251,436,899 267,954,454
concerning the City's progress in funding its obligation to provide pension and other post-employment benefits (OPEB) to its
employees. Required supplementary information can be found beginning on page 94 of this report.
2019
Adjusted*
2019
Total
23,216,203$
Business-type Activities
Adjusted*
205,363,842$ 180,296,332$
2020 20202020
160,334,393$
2019
986,898,117
Net investment
in capital assets
Governmental Activities
25,067,510$
14,625,073 -
(27,625,888)
*The effect of 2020 prior period adjustments is included above in 2019. See Note II.L. on page 93 for more information.
323,120,376$ 317,037,191$ 427,028,412$
8,798,410 (95,877,130)
963,927,119
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
60,445,539$
9,264,176
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 $95,877,130.
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.
10,618,349
3,110,611
The City's overall net position increased $8,619,053 from the prior fiscal year. The reasons for this overall increase are discussed in the
following sections for governmental activities and business-type activities.
Notwithstanding the City’s ultimate liability for the ’25 and ’37 plans, the State of Indiana has established a practice of appropriating
funds to cover these benefits. The State of Indiana is not obligated to continue making these payments, but it has done so every year
since 2009. Consequently, the City has incurred no cost from its own resources to service these plans. Also, the retiree healthcare plan
is not a contractual obligation that extends beyond the current budget year. The liability is shown in the statements because it has been
the City’s consistent practice to provide this benefit. However, the City believes it is not legally obligated to do so. The plan was closed
to new entrants as of October 3, 2016.
2,485,745
8,479,462
26,487,196$
The City reported significant negative unrestricted net position of $68,251,242 in governmental activities. This deficit is due in part to
unfunded pension and retiree healthcare liabilities of $60.4 million, as follows:
(200)- 200 400 600
Millions
City of Carmel
Net PositionDecember 31, 2020
Unrestricted Restricted Net investment in capital assets
29
Governmental Activities. During the current fiscal year, net position for governmental activities
The following chart displays Program Revenues and Expenses by function for the City's Governmental Activities.
Program Revenues
The following chart displays the revenue composition for the City's Governmental Activities funds.
increased $6,083,185 from the prior fiscal year for an ending balance of $323,120,376. The increase was
two percent, indicating a healthy and stable net position.
-
10,000,000
20,000,000
30,000,000
40,000,000
50,000,000
60,000,000
General government Public safety Streets, infrastructure Economicdevelopment Culture and recreation Interest on long-termdebt
CITY OF CARMEL
Program Revenues vs. ExpensesFor the Fiscal Year Ended December 31, 2020
Program Expenses Program Revenues
Property taxes 32.74%
Income tax 22.89%
Tax incremental revenue 18.78%
Charges for services 8.15%
Operating grants and contributions 2.37%
Capital grants and contributions 2.23%
Unrestricted investment earnings 0.46%Other 12.39%
City of Carmel
Governmental Activities RevenueFor the Fiscal Year Ended December 31, 2020
30
City of Carmel's Changes in Net Position
REVENUES:
Program revenues:
Charges for services
Operating grants and
contributions
Capital grants and
contributions
General revenues:
Property taxes
Income tax
Other
Total revenues
EXPENSES:
General government
Public safety
Streets, infrastructure
Water distribution
Sewer collection
Economic development
Culture and recreation
Interest on long-term debt
Other
Total expenses
Transfers
NET POSITION - beginning
Restatement*
NET POSITION - ending
The City has not retrospectively restated the prior year balances for restatements made during 2020
20,130,070
-
10,567,339
20,141,103
39,956,058
21,497,105
39,956,058 34,750,667
229,204,588
46,372,722 43,870,342
-
36,555,314
-
Total
2020 2019
Governmental Activities
10,567,339
21,445,822
53,605,541
24,398,945
3,070,276
33,077,230
-
1,120,777
1,245,695
188,027,468
29,340,736
54,710,167 -
56,571,934
-
4,181,014
31,926,796
63,533,389
36,446,525
-
-
223,599 -
666,529
2020
46,190,290$ 28,565,172$ 30,383,687$
2019
20,998,709$
4,596,617
3,958,675
221,104,698
29,340,736
54,710,167
357,188
35,145,488
-
Change in net position
before transfers
(3,938,700)
63,533,389
36,446,525
445,671,715 108,958,057
110,171,422$
427,028,412
20,779,293
441,733,015
1,213,365
-
112,527,089$
(14,524,402)
336,713,658 317,037,191
43,870,342
897,178
24,041,757
194,059,100
31,926,796
4,324,469
53,605,541
46,372,722
-
- 1,320,506
189,888,126
2,535,868
225,043,398
(6,472,571)
-
4,170,974
21,497,105
2,623,251
1,912,211
6,083,185
220,585,535 194,500,039
-
8,619,053
(1,320,506)
(5,152,065)
(1,912,211)
10,479,383
4,448,079
-
462,741,521
323,120,376$
331,561,593 353,783,464 110,171,422
(180,201)
109,991,221
20,063,976 20,063,976
10,479,383 -
- 20,130,070 -
-
(3,938,700) 2,533,871
3,958,675
49,563,881$
4,596,617
-
-
1,245,695
6,915,805
56,571,934
36,555,314
8,505,483
2020 2019
Business-type Activities
(17,069,806) - (14,704,603) (17,069,806)
NET POSITION -
beginning, adjusted
-
108,958,057
-
30,543,359
-
30,697,409
-
-
34,750,667
20,141,103
5,593,677
8,619,053
331,561,593$ 435,647,465$ 441,733,015$
Increase (decrease)
in net position
-
5,593,677
-
2,623,251
Unrestricted
investment earnings
Tax incremental
revenue
44,412,562 44,847,572 - - 44,412,562 44,847,572
3,845,529
15,806,603$
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.
Revenues
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
At December 31, 2020, the City's governmental funds reported combined fund balances of $124,114,695, a decrease of $33,472,565 in
comparison with the prior year. Approximately 18.0% of this amount, $22,314,019, 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 ($90,467,731), it is committed for
particular purposes ($6,073,168), or it is assigned for particular purposes ($5,259,777).
$112,527,089. The total increase in net position for business-type activities (water and sewer) was $2,535,868 or 2.3% from the
prior fiscal year, indicating a relatively stable and healthy net position.
balances of spendable resources. Such information is useful in assessing the City's financing requirements. In particular, unassigned
fund balance may serve as a useful measure of a government's net resources available for discretionary use, as they represent the
portion of fund balance that has not yet been limited to use for a particular purpose by either an external party, the City itself, or a
group of individuals that has been delegated authority to assign resources for use for particular purposes by the City's Council.
30,697,409 35,145,488
-
5,000,000
10,000,000
15,000,000
20,000,000
25,000,000
30,000,000
35,000,000
40,000,000
CITY OF CARMEL
Business-Type Revenues vs. ExpensesFor the Fiscal Year Ended December 31, 2020
Expenses Revenues
Charges for services 87.00%
Capital grants and contributions 11.97%
Other 1.02%City of Carmel
Business-Type Activities IncomeFor the Fiscal Year Ended December 31, 2020
32
General Fund Budgetary Highlights
The most significant differences between estimated revenues and actual revenues were as follows:
Revenue source
Property tax
Income tax
Licenses and permits
Intergovernmental
Charges for services
Fines and forfeits
Miscellaneous
Township joinder agreements
Total
The revenue excesses and shortfalls in the above revenue sources net to less than 2% and were not considered significant.
104,987,337$
The 2016 Project Fund, a major fund, accounts for $160 million of bond proceeds, which are restricted for certain road projects.
(976,814)
(225,464) 475,526
The Redevelopment Authority Debt Service Fund, a major fund, had a $1,866,265 decrease in fund balance during the current fiscal
year, representing normal variations in the amount of debt service due each year. The ending balance was $24,582,395, all of which
was restricted for debt service.
Final General Fund Budget Compared to Actual Results
523,316
1,337,562
the original estimated revenues.
47,713,401
1,752,075
(4,290,172)
1,501,797$
-
2,884,696
43,531,440
Final
Actual
Revenues
45,232,553$
4,181,961
(1,132,621)
Investment earnings, subfund
transactions, and other
-
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 $22,314,019 while the total fund balance was $27,573,796. As a measure of the General Fund's liquidity, it may be useful to
compare both unassigned fund balance and total fund balance to total General Fund expenditures. Unassigned fund balance represents
25.1% of total general fund expenditures while total fund balance represents 31.0% of that amount.
-
43,080,000$
283,422 239,894
2,314,376
The Redevelopment Commission Fund, a major fund, accounts for tax increment revenue, which is restricted for certain economic
development projects. The fund had a $870,137 increase in fund balance during the year, due primarily to certain payments received
from developers, which put the overall fund balance at $12,242,441.
The fund balance of the City's General Fund increased by $2,552,601 during the year, indicating a budget variance within
approximately 1% of revenues and expenditures, which is considered reasonable.
Original budget compared to final budget. During the year, there was no need for any significant amendments to increase
1,508,932
-
250,062
Difference
Final
Estimated
Revenues
Unrestricted net position of the Water Utility at the end of the year was a deficit of $26,764,013; for the Sewer Utility, it was a deficit
of $861,875. Water Utility net position, before capital contributions and transfers, increased $100,074. The Water Utility increase was
an improvement on the performance of recent years. Continued improvement is expected as the Water Utility continues to expand and
achieve both economies of scale and greater utilization of recently installed mains. Sewer Utility net position, before capital
contributions and transfers, increased $166,991, which is considered satisfactory.
The 2017 Project Fund, a major fund, accounts for $70.9 million of bond proceeds, which are restricted for certain redevelopment
projects and road projects.
Proprietary Funds. The City's proprietary funds provide the same type of information found in the government-wide financial
statements, but in more detail.
The Bond Bank Project Fund, a major fund, accounts for debt issued by the Carmel Bond Bank, a component unit which aggregates
multiple City debt issuances to enhance transaction cost efficiency. The Bond Bank Project Fund received transfers from the funds
responsible for servicing the debt and paid out principal and interest of $26,265,233. It also retains some debt service reserves.
2,152,553$
1,508,932
8,171,233
106,489,134$
12,461,405
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
Planning Commission
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
2020
-
Business-type Activities
4,130,981$
212,344,671
203,624,074
165,983,055
21,207,860
312,553,537
203,624,074
20192019
Adjusted*
21,207,860
312,553,537
Total
66,157,060
1,240,598,432$
*The effect of 2020 prior period adjustments is included above in 2019. See Note II.L. beginning on page 93 for more information.
251,436,898$
Adjusted*
195,743,854$
35,989,902
- -
165,983,055
-
4,130,981$
238,560,012
348,729,813
163,977,184
15,165,802
2020, amounts to $1,240,598,432 (net of accumulated depreciation). This investment in capital assets includes land, buildings,
machinery, equipment, vehicles, park facilities, roads, highways, bridges, and the water treatment plant. The total increase in capital
assets for the current fiscal year was 4.01%.
Capital assets. The City's investment in capital assets for its governmental and business-type activities as of December 31,
2019
3,852,695
3,414,982
780,025
1,123,848$
26,604,268
6,864,887
- 1,705,514
106,290,662$
790,552
30,227,453 28,452,240
(1,297,735)
24,444,137
3,560,958
3,728,783
774,310
(3,303,929)
(123,912)
(16,242)
3,460,186
116,727,057$
(2,160,131)
(10,436,395)$
4,757,921
(100,347)
2,630
5,029,044 4,195,409 (833,634)
749,394 649,047
1,347,508 838,625
536,233
2,630 -
(508,883)
Final Actual
Expenditures
604,626
(185,213) 1,512,848
(8,376)
Difference
532,968
(269,607)
(184,178)
Final Estimated
Expenditures
(97,987)$
4,812,493
23,128,405
267,954,454$
348,729,813
874,233
Governmental Activities
66,157,060
1,192,779,913$
63,856,387 -
941,343,015$
1,698,061
2020 2020
202,570,110
191,612,873$ 197,628,106$
163,977,184 -
-
200,587,544
201,759,087$
-
200,587,544
23,128,405
Adjusted*
227,510,473
(247,057)
1,025,861$
4,996,671
1,310,745 (473,158)
17,404,416
1,783,903
3,655,022 3,260,499
17,396,040
758,630
(1,775,214)
(13,545)
63,856,387
- 13,545
(394,523)
(222,397)
3,486,509 71,527
The Communication Center posted the most significant difference between actual expenditures and the final estimated budget. The
change is due to the fact that a large communications service contract with another local government unit could be terminated because
the other unit acquired its own revenue source to cover it.
1,705,514
972,643,978$
-
34
Additional information on the City's capital assets can be found in Note II.C. on pages 59–60 of this report.
Outstanding Long-Term Liabilities
Unamortized premium
Compensated absences
OPEB
Pension-related debt
Capital leases
Total
Additional information on the City's long-term debt can be found in Note II.D. on pages 60–69 of this report.
2019 2019
675,676,201$
Adjusted*
510,525
The City's total debt outstanding increased by $5,442,076 (0.56%) during the current fiscal year.
797,541,453$
1,827,642
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.
Bonds
Long-term Debt. On April 9, 2020, the City's Sewer Utility issued $15,954,000 of its Sewage Revenue Bonds, Series 2020. The bonds
were issued in order to finance infrastructure improvements. To satisfy the principal and interest on the bonds, for the terms of the
bonds, the City has pledged its wastewater revenues. The City expects the pledged revenue will be more than sufficient to satisfy the
obligations described above, as well as the obligations described elsewhere herein for which similar pledges have been made. This
revenue is not pledged to satisfy any other obligations, nor is it committed for operating or other necessary expenditures.
965,935,999$
26,487,196
10,206,016
35,604,034
24,736,720
31,585,824
28,715,080
173,836,622$
8,387,706
971,378,075$
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”.
1,387,219
11,295,262
44,194,624 54,034,964
33,958,343
4,218,078
On August 3, 2020, the City issued $6,700,000 of its Storm Water District Revenue Bonds, Series 2020. The bonds were issued in
order to finance infrastructure improvements. To satisfy the principal and interest on the bonds, for the terms of the bonds, the City has
pledged its storm water revenues. The City expects the pledged revenue will be more than sufficient to satisfy the obligations described
above, as well as the obligations described elsewhere herein for which similar pledges have been made. This revenue is not pledged to
satisfy any other obligations, nor is it committed for operating or other necessary expenditures.
On October 7, 2020, the City issued $62,270,000 of its Taxable Lease Rental Revenue Refunding Bonds, Series 2020B. The bonds
were issued to refund certain obligations that were used to acquire capital assets. The City has pledged a special benefits tax, an ad
valorem property tax levied on all taxable property within the City Redevelopment District, to repay the bonds.
9,479,842
2019
At the end of the current fiscal year, the City had total bonded debt outstanding of $836,493,661. Of this amount, $571,190,287 is debt
backed by an unlimited ad valorem property tax levy, $54,715,000 is debt backed by income tax, $46,640,000 is debt backed by tax
increment, and $163,948,374 is debt backed by utility revenues. The remainder of the City's long-term obligations comprises post-
employment benefit debt, compensated absences, contract purchases, and capital leases.
Governmental Activities Business-type Activities Total
2020
805,192,867$
1,092,136
160,743,132$
3,655,129
836,493,661$
2,338,167 488,548
1,089,246
37,613,472
30,705,274
43,779,354
150,717,271$ 672,545,287$
2020
448,607
2020
163,948,374$
415,270
On October 7, 2020, the City issued $125,195,000 of its Taxable Lease Rental Revenue Refunding Bonds, Series 2020A. The bonds
were issued to refund certain obligations that were used to acquire capital assets. The City has pledged a special benefits tax, an ad
valorem property tax levied on all taxable property within the City Redevelopment District, to repay the bonds.
Contract purchases 8,737,615 9,384,233 - - 8,737,615 9,384,233
3,978,360
4,018,210
Adjusted*
826,393,472$
54,483,571
1,875,767
35
Economic Factors and Next Year's Budgets and Rates
Request for Information
• Recent trends have been favorable with regard to increases in taxable assessed value and increases in taxable income.
• The unemployment rate for the City was 3.1% at the close of the fiscal year, which is significantly below the national rate of 6.7%
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.
The following economic factors currently affect the City and were considered in developing the 2021 fiscal year budget.
36
Governmental
Activities
Business-Type
Activities Total
Cash and investments 120,773,753$ 4,467,693$ 125,241,446$
Receivables (net of allowances for uncollectibles): Accounts 747,546 493,745 1,241,291
Taxes 13,924,916 - 13,924,916
Other - 1,436,855 1,436,855
Internal balances 362,448 (362,448) -
Inventories - 852,286 852,286 Prepaid expenditures 1,309,527 24,999 1,334,526
Cash, restricted for debt service - 16,303,073 16,303,073
Capital assets:
400,198,216 40,120,883 440,319,099 Other capital assets, net of depreciation 572,445,762 227,833,571 800,279,333
Total assets 1,109,762,168 291,170,657 1,400,932,825
DEFERRED OUTFLOWS OF RESOURCES:
Bond refunding 19,125,428 - 19,125,428
Pensions 12,378,552 1,203,278 13,581,830 Other post-employment benefits 926,069 147,476 1,073,545
Total deferred outflows of resources 32,430,049 1,350,754 33,780,803
Accounts payable 2,403,708 917,963 3,321,671
Accrued interest payable 9,185,799 744,978 9,930,777
Claims payable 910,893 - 910,893
Other current payables - 187,027 187,027
Accrued payroll and withholdings payable 1,213,269 113,472 1,326,741 Compensated absences 1,827,642 510,525 2,338,167
Customer deposits - 42,880 42,880
Noncurrent liabilities:
Due within one year:
Bonds payable 37,043,881 5,471,260 42,515,141 Capital leases payable 2,627,517 271,239 2,898,756
Due in more than one year:
Bonds payable 688,018,375 158,892,384 846,910,759
Capital leases payable 7,578,499 818,007 8,396,506
Net pension liability 33,958,343 3,655,129 37,613,472 Total OPEB liability 26,487,196 4,218,078 30,705,274
Total liabilities 811,255,122 175,842,942 987,098,064
DEFERRED INFLOWS OF RESOURCES:
2008 bond call rights waiver - 3,043,173 3,043,173
Pensions 5,962,451 812,915 6,775,366 Other post-employment benefits 1,854,268 295,292 2,149,560
Total deferred inflows of resources 7,816,719 4,151,380 11,968,099
Net investment in capital assets 376,746,545 138,083,697 514,830,242
Restricted:
General government 457,836 - 457,836
Public safety 1,848,900 - 1,848,900 Streets and other infrastructure 4,781,900 2,069,280 6,851,180
Economic development 1,755,116 - 1,755,116
Culture and recreation 5,781,321 - 5,781,321 Unrestricted (68,251,242) (27,625,888) (95,877,130)
Total net position 323,120,376$ 112,527,089$ 435,647,465$
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, 2020
ASSETS:
Not being depreciated: land, improvements, and
construction in progress
37
Expenses
Governmental
Activities
Business-Type
Activities Total
FUNCTIONS/PROGRAMS:
Governmental activities:
General government 31,926,796$ 306,364$ 3,357,992$ -$ (28,262,440)$ -$(28,262,440)$
Public safety 53,605,541 1,926,343 1,238,625 (50,440,573) - (50,440,573)
Streets and other infrastructure 43,870,342 4,016,186 - 4,324,469 (35,529,687) - (35,529,687) Economic development 34,750,667 1,470,526 - (33,280,141) - (33,280,141)
Culture and recreation 20,141,103 8,087,184 - - (12,053,919) - (12,053,919)
Unallocated interest expense 5,593,677 - -- (5,593,677) -(5,593,677)
Total governmental activities 189,888,126 15,806,603 4,596,617 4,324,469 (165,160,437) -(165,160,437)
Business-type activities:
Water 20,130,070 19,764,152 - 3,419,195 - 3,053,277 3,053,277 Sewer 10,567,339 10,619,535 -761,819 -814,015 814,015
Total business-type activities 30,697,409 30,383,687 -4,181,014 -3,867,292 3,867,292
TOTAL PRIMARYGOVERNMENT 220,585,535$ 46,190,290$ 4,596,617$ 8,505,483$ (165,160,437) 3,867,292 (161,293,145)
GENERAL REVENUES AND TRANSFERS:General Revenues:
Property tax 63,533,389 - 63,533,389
Income tax 44,412,562 - 44,412,562
Tax incremental revenue 36,446,525 - 36,446,525
Unrestricted investment earnings 897,178 223,599 1,120,777Other24,041,757 357,188 24,398,945
Transfers 1,912,211 (1,912,211) -
Total general revenues and transfers 171,243,622 (1,331,424) 169,912,198
CHANGE IN NET POSITION 6,083,185 2,535,868 8,619,053
NET POSITION: beginning 331,561,593 110,171,422 441,733,015 Restatement (See Note II.L.)(14,524,402) (180,201) (14,704,603)
NET POSITION: beginning, adjusted 317,037,191 109,991,221 427,028,412
NET POSITION: ending 323,120,376$ 112,527,089$ 435,647,465$
City of Carmel, Indiana
STATEMENT OF ACTIVITIES
For the Fiscal Year Ended December 31, 2020
The notes to the financial statements are an integral part of this statement.
Net (Expense) Revenue and Changes in Net Position
Charges for Services
Operating Grants and Contributions
Capital Grants and Contributions
Program Revenues
38
City of Carmel, IndianaBALANCE SHEETGOVERNMENTAL FUNDS
December 31, 2020
General Fund
Redevelopment Commission Fund 2016 Project Fund 2017Project Fund
Redevelopment Authority Debt Service Fund Bond Bank Project Fund
Total Nonmajor Funds Total
ASSETS:
Cash and investments 22,382,204$ 12,478,536$ 2,420,970$ 16,192,471$ 24,582,395$ 2,793,866$ 39,923,311$ 120,773,753$ Receivables:Accounts 644,545 - - - - - 103,001 747,546 Taxes:Property 1,331,022 - - - - - 530,895 1,861,917 Income 12,062,999 - - - - - - 12,062,999 Due from other governmental funds - - - - - - 58,412 58,412 Due from related utility - - - - - - 362,448 362,448
TOTAL ASSETS 36,420,770 12,478,536 2,420,970 16,192,471 24,582,395 2,793,866 40,978,067 135,867,075
LIABILITIES:
Accounts payable 1,269,343 236,095 - - - 898,270 2,403,708 Claims payable - - - - - - 910,893 910,893 Due to other funds - - - - - - 58,412 58,412 1,024,865 - - - - - 188,404 1,213,269
Total liabilities 2,294,208 236,095 - - - - 2,055,979 4,586,282
DEFERRED INFLOWS OF RESOURCES:
Unavailable revenue 6,552,766 - - - - - 613,332 7,166,098
FUND BALANCES:
Restricted:
General government - - - - - - 457,836 457,836
Public safety - - - - - - 1,848,900 1,848,900
Highways and streets - - 2,420,970 16,127,295 8,564,729 2,793,866 22,226,040 52,132,900
Drainage and other capital assets - - - - - - 166,375 166,375
Economic development - 12,242,441 - 65,176 9,655,453 - 1,755,116 23,718,186
Culture and recreation - - - - 6,362,213 - 5,781,321 12,143,534
Committed:General government - - - - - - 2,790,803 2,790,803 Public safety - - - - - - 1,819,997 1,819,997 Highways and streets - - - - - - 1,269,446 1,269,446 Economic development - - - - - - 192,922 192,922
Assigned:General government 3,050,708 - - - - - - 3,050,708 Public safety 1,969,201 - - - - - - 1,969,201 Economic development 7,050 - - - - - - 7,050 Culture and recreation 232,818 - - - - - - 232,818
Unassigned 22,314,019 - - - - - - 22,314,019
Total fund balances 27,573,796 12,242,441 2,420,970 16,192,471 24,582,395 2,793,866 38,308,756 124,114,695
TOTAL LIABILITIES, DEFERRED
INFLOWS OF RESOURCES
AND FUND BALANCES 36,420,770$ 12,478,536$ 2,420,970$ 16,192,471$ 24,582,395$ 2,793,866$ 40,978,067$ 135,867,075$
Accrued payroll withholdings payable
The notes to the financial statements are an integral part of this statement.
39
Fund Balance - governmental funds 124,114,695$
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.1,309,527
Capital assets used in governmental activities are not financial resources and, therefore, are not
reported in the funds:
Land and construction in progress 400,198,216$
Machinery, equipment, and vehicles 787,761,861
Accumulated depreciation (215,316,099)
972,643,978
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 1,861,917$
Income tax 4,626,378
Ambulance fees 82,437
Supplemental ambulance fees 595,366 7,166,098
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 (33,958,343)$
Other post-employment benefit liability (26,487,196)
(60,445,539)
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 19,125,428$
Pension-related inflows (5,962,451) OPEB-related inflows (1,854,268)
Pension-related outflows 12,378,552 OPEB-related outflows 926,069
24,613,330
Other noncurrent liabilities are not due and payable in the current period and, therefore, are not
reported in the funds:
Compensated absences (1,827,642)$
Accrued interest payable (9,185,799)
Unamortized value of capital leases (10,206,016)
Unamortized premiums on bonds outstanding (43,779,354)
Unamortized principal on bonds outstanding (681,282,902)
(746,281,713)
Net position of governmental activities 323,120,376$
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, 2020
40
City of Carmel, IndianaSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020General FundRedevelopment Commission Fund2016 Project Fund2017Project FundRedevelopment Authority Debt Service FundBond Bank Project FundTotal Nonmajor FundsTotalREVENUES:Property tax45,232,553$ -$ -$ -$ -$ -$ 18,204,577$ 63,437,130$ Income tax47,894,782 - - - - - - 47,894,782 Other local tax1,942,436 33,522,401 - - - 981,688 36,446,525 Charges for services1,342,596 218,323 - - - - 14,245,684 15,806,603 Investment income445,690 3,796 51,380 172,708 30,930 2,991 189,683 897,178 Licenses and permits3,103,548 - - - - - 72,558 3,176,106 Fines and forfeits250,062 - - - - - -250,062 Intergovernmental:Grants- - - - - - 7,748,027 7,748,027 State shared revenue892,440 - - - - 5,804,931 6,697,371 Other2,177,824 - - - - - 2,177,824 Contributions- - - - - - 100,185 100,185 Other1,541,204 4,802,495 3,270,779 137,591 -149,0331,579,026 11,480,128 Total revenues104,823,135 38,547,015 3,322,159 310,299 30,930 152,024 48,926,359 196,111,921 EXPENDITURES:Current:General government 25,935,891 - - - - - 4,045,402 29,981,293 Public safety50,389,030 - - - - - 2,351,173 52,740,203 Streets and other infrastructure708,056 - 3,678 7,838,386 - 16,655 12,377,286 20,944,061 Economic development755,583 2,433,017 - 1,252,952 - -288,696 4,730,248 Culture and recreation5,852,419 - - - - - 8,622,294 14,474,713 Debt service:Principal695,000 1,564,060 - - 9,889,804 12,602,000 3,328,033 28,078,897 Interest63,858 1,084,076 - - 13,872,646 13,663,233 1,506,269 30,190,082 Capital outlay:General government237,309 - - - 1,392,110 - - 1,629,419 Public safety4,189,888 - - - - - - 4,189,888 Streets and other infrastructure- - 16,904,906 - - 27,563,040 44,467,946 Economic development2,734 6,884,730 - - - - 5,262,506 12,149,970 Culture and recreation192,931 - -- --2,697,869 2,890,800 Total expenditures89,022,699 11,965,883 16,908,584 9,091,338 25,154,560 26,281,888 68,042,568 246,467,520 EXCESS (DEFICIENCY) OF REVENUESOVER (UNDER) EXPENDITURES15,800,436 26,581,132 (13,586,425) (8,781,039) (25,123,630) (26,129,864) (19,116,209) (50,355,599) Continued on next page.41
General FundRedevelopment Commission Fund2016 Project Fund2017Project FundRedevelopment Authority Debt Service FundBond Bank Project FundTotal Nonmajor FundsTotalBond issuance - principal- - - - - - 9,200,000 9,200,000 Bond issuance - refunding principal- - - - 187,465,000 - - 187,465,000 Debt issuance - capital leases2,234,712 - - - - - 2,413,707 4,648,419 Payment to refunded bond escrow agent- - - - (186,342,596) - -(186,342,596) Transfers in, governmental funds526,874 259,984 2,850,000 - 43,790,944 26,505,680 5,412,665 79,346,147 Transfer in (out) from (to) enterprise funds1,320,506 - 591,705 - -- - 1,912,211 Transfers (out), governmental funds(17,329,927) (25,970,979) - - (21,655,983) -(14,389,258) (79,346,147) Total other financing sources and uses(13,247,835) (25,710,995) 3,441,705 -23,257,365 26,505,680 2,637,114 16,883,034 NET CHANGES IN FUND BALANCES2,552,601 870,137 (10,144,720) (8,781,039) (1,866,265) 375,816 (16,479,095) (33,472,565) FUND BALANCES: beginning25,021,195 11,372,304 12,565,690 24,973,510 26,448,660 2,418,050 55,951,906 158,751,315 Restatement- -- - - - (1,164,055) (1,164,055) FUND BALANCES: beginning, restated25,021,195 11,372,304 12,565,690 24,973,510 26,448,660 2,418,050 54,787,851 157,587,260 FUND BALANCES: ending27,573,796$ 12,242,441$ 2,420,970$ 16,192,471$ 24,582,395$ 2,793,866$ 38,308,756$ 124,114,695$ The notes to the financial statements are an integral part of this statement.City of Carmel, IndianaSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESGOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020(Continued)OTHER FINANCING SOURCES AND (USES):42
(33,472,565)$
Capital outlays 52,749,457
Depreciation expense (21,448,494)
31,300,963
Payment to escrow agent and bond principal payments 200,442,532
Issuance of private placement bonds (6,700,000)
Issuance of other bonds secured by revenues (189,965,000)
Amortization of certain bond-related prepaid expense and deferred inflows and outflows 2,130,622
Amortization of premium on bonds outstanding 3,869,005
Principal payments on capital leases 2,875,603
Capital lease proceeds (4,648,419)
Compensated absences (440,423)
7,563,920
Revenues in the Statement of Activities that do not provide current financial resources are not
reported as revenues in the funds:
Property tax 96,259
Income tax (3,482,220)
Ambulance fees 23,126
Ambulance fee supplemental 136,955
(3,225,880) Expenses in the Statement of Activities for actuarially-determined pension and other
post-employment benefits are not recognized as expenditures in the funds:
1925 Police Officers' plan 1,026,503
1937 Firefighters' plan 1,066,768
1977 Police Officers' plan 483,573
1977 Firefighters' plan 655,089
Civilian public employee retirement plan 811,181
Other post-employment benefits - retiree health insurance (1,558,218)
2,484,896
1,431,851
Change in net position of governmental activities (Statement of Activities)6,083,185$
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, 2020
Net change in fund balances - total governmental funds, Statement of Revenues, Expenditures, and
Changes in Fund Balances
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.
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 depreciation. Following is the amount by which
capital outlay expenditures exceeded (were less than) depreciation:
The issuance of long-term debt (e.g., bonds, leases) 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:
43
Water Utility Sewer Utility Total Enterprise
ASSETS:
Current assets:
Cash and investments 3,202,669$ 1,265,024$ 4,467,693$
Accounts receivable (net of allowance) 230,837 262,908 493,745
Other receivables 859,399 577,456 1,436,855
Due from associated utility - 859,140 859,140
Inventories 443,627 408,659 852,286
Prepaid items 15,624 9,375 24,999
Total current assets 4,752,156 3,382,562 8,134,718
Noncurrent assets:
Restricted cash, debt service 6,699,002 9,604,071 16,303,073
Due from associated utility 723,287 - 723,287
Capital assets:
Land, improvements to land and
24,351,711 15,769,172 40,120,883
Utility plant in service, net of depreciation 163,977,184 63,856,387 227,833,571
Total noncurrent assets 195,751,184 89,229,630 284,980,814
Total assets 200,503,340 92,612,192 293,115,532
DEFERRED OUTFLOW OF RESOURCES:
Pension-related 659,980 543,298 1,203,278
OPEB-related 80,976 66,500 147,476
Total deferred outflow of resources 740,956 609,798 1,350,754
Continued on next page
City of Carmel, Indiana
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
December 31, 2020
Business-Type Activities - Enterprise Funds
construction in progress
44
Water Utility Sewer Utility Total Enterprise
LIABILITIES:
Current liabilities:
Accounts payable 687,399$ 230,564$ 917,963$
Accrued wages payable 62,586 50,886 113,472
Compensated absences 286,842 223,683 510,525
Due to associated governmental funds 362,448 - 362,448
Due to associated utility 859,140 - 859,140
Hydrant deposits 42,880 - 42,880
Revenue bonds payable, current portion 4,070,000 1,401,260 5,471,260
Capital leases payable, current portion 200,784 70,455 271,239
Accrued interest payable 614,505 130,473 744,978
Other 187,027 -187,027
Total current liabilities 7,373,611 2,107,321 9,480,932
Noncurrent liabilities:
Bonds payable (net of unamortized discount, premium) 129,756,859 29,135,525 158,892,384
Capital leases payable 662,536 155,471 818,007
Due to associated utility - 723,287 723,287
Net pension liability 2,004,785 1,650,344 3,655,129
Total OPEB liability 2,316,066 1,902,012 4,218,078
Total noncurrent liabilities 134,740,246 33,566,639 168,306,885
Total liabilities 142,113,857 35,673,960 177,787,817
DEFERRED INFLOW OF RESOURCES:
Pension-related 445,872 367,043 812,915
OPEB-related 162,139 133,153 295,292
2008 bond call rights waiver 3,043,173 -3,043,173
Total deferred inflow of resources 3,651,184 500,196 4,151,380
NET POSITION:
Net investment in capital assets 81,242,439 56,841,258 138,083,697
Restricted for infrastructure 1,000,829 1,068,451 2,069,280
Unrestricted (26,764,013) (861,875) (27,625,888)
Total net position 55,479,255$ 57,047,834 112,527,089$
The notes to the financial statements are an integral part of this statement.
City of Carmel, Indiana
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
December 31, 2020(Continued)
Business-Type Activities - Enterprise Funds
45
Water Utility Sewer Utility Total Enterprise
OPERATING REVENUES:
Residential sales 14,728,632$ 5,707,698$ 20,436,330$
Commercial and industrial sales 4,477,313 4,818,850 9,296,163
Other operating revenue 558,207 92,987 651,194
Total operating revenues 19,764,152 10,619,535 30,383,687
OPERATING EXPENSES:Source of supply and expense - operation and maintenance 797,402 - 797,402
Water treatment expense - operation and maintenance 4,053,001 - 4,053,001
Transmission and distribution 3,923,226 - 3,923,226
Collection system - operation and maintenance - 1,165,493 1,165,493
Pumping - operation and maintenance - 316,107 316,107
Treatment and disposal expense - operation and maintenance - 3,715,278 3,715,278
Customer accounts 801,735 662,848 1,464,583 Administration and general 150,185 1,219,048 1,369,233 Payroll tax expense 317,587 258,572 576,159 Utility receipts tax expense 278,370 - 278,370
Depreciation expense 4,369,889 2,671,697 7,041,586
Pension expense (credit)(167,000) (199,648) (366,648)
OPEB expense 166,906 40,428 207,334
Total operating expenses 14,691,301 9,849,823 24,541,124
OPERATING INCOME 5,072,851 769,712 5,842,563
NONOPERATING REVENUES (EXPENSES):
Interest and investment revenue 177,098 46,501 223,599
Miscellaneous revenue 279,368 45,930 325,298
Amortization of call rights waiver 583,318 - 583,318 Amortization of debt premium 26,934 7,794 34,728
Interest expense (6,049,021) (725,310) (6,774,331)
Gain from disposition of property 9,526 22,364 31,890
Total nonoperating revenue (expenses)(4,972,777) (602,721) (5,575,498)
100,074 166,991 267,065
CAPITAL CONTRIBUTIONS AND TRANSFERS:
Capital contributions 3,419,195 761,819 4,181,014
Transfers to associated city (1,431,468) (480,743) (1,912,211)
Total capital contributions and transfers 1,987,727 281,076 2,268,803
CHANGE IN NET POSITION 2,087,801 448,067 2,535,868
NET POSITION: beginning 53,488,100 56,683,322 110,171,422
Restatement (See Note II.L.)(96,646) (83,555) (180,201)
NET POSITION: beginning, adjusted 53,391,454 56,599,767 109,991,221
TOTAL NET POSITION: ending 55,479,255$ 57,047,834$ 112,527,089$
The notes to the financial statements are an integral part of this statement.
CHANGE IN NET POSITION BEFORE CONTRIBUTIONS
AND TRANSFERS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2020
Business-Type Activities - Enterprise Funds
City of Carmel, Indiana
46
Water Utility Sewer Utility Total Enterprise
CASH FLOWS FROM OPERATING ACTIVITIES:
Receipts from customers and users 19,164,610$ 10,522,066$ 29,686,676$
Payments for goods and services (4,458,038) (2,679,496) (7,137,534)
Payments to employees (6,206,467) (5,058,808) (11,265,275)
Other receipts 586,359 119,790 706,149
Net cash provided by operating activities 9,086,464 2,903,552 11,990,016
- 15,954,000 15,954,000
2,279,466 506,501 2,785,967 (12,362,250) (9,553,299) (21,915,549)
(3,909,640) (1,389,341) (5,298,981)
(3,732,086) (640,120) (4,372,206)
24,165 12,850 37,015
385,236 104,349 489,585
Proceeds from sale of bonds
Capital contributions
Acquisition and construction of capital assets
Payment of capital debt, including refunded debt
Interest paid on debt
Proceeds from sale of equipment
Other
Net cash provided (used) by capital
and related financing activities (17,315,109) 4,994,940 (12,320,169)
CASH FLOWS FROM INVESTING ACTIVITIES:
Interest received 177,098 46,501 223,599
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:
Transfers from (to) governmental funds (1,431,468) (480,743) (1,912,211)
(9,483,015) 7,464,250 (2,018,765)
CASH AND CASH EQUIVALENTS: beginning 19,384,686 3,404,845 22,789,531
CASH AND CASH EQUIVALENTS: ending 9,901,671$ 10,869,095$ 20,770,766$
Continued on next page
Business-Type Activities - Enterprise Funds
For the Fiscal Year Ended December 31, 2020
NET INCREASE (DECREASE) IN CASH AND
CASH EQUIVALENTS
CASH FLOWS FROM CAPITAL AND RELATED FINANCING
ACTIVITES:
City of Carmel, Indiana
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
47
Water Utility Sewer Utility Total Enterprise
RECONCILIATION OF OPERATING INCOME TO
Operating income 5,072,851 769,712 5,842,563
income (loss) to net cash provided (used)
Depreciation expense 4,369,889 2,671,697 7,041,586
Nonoperating income (expense)279,367 45,930 325,297
(Increase) decrease in assets:
Accounts receivable (43,143) (8,552) (51,695)
Pension-related deferred outflows of resources (102,869) (77,268) (180,137)
OPEB-related deferred outflows of resources 1,303 4,635 5,938
Other (858,410) 210,809 (647,601)
Interfund receivables 30,283 (102,608) (72,325)
Inventories (10,885) (46,685) (57,570)
Increase (decrease) in liabilities:
Accounts payable 194,656 (439,238) (244,582)
Wages payable (105,854) (88,308) (194,162) Compensated absence payable 12,158 9,819 21,977
Net pension liability (161,411) (201,670) (363,081)
Total OPEB liability 182,388 57,330 239,718
Pension-related deferred inflows of resources 104,783 75,425 180,208
OPEB-related deferred inflows of resources (16,785) (21,537) (38,322)
Other current liabilities 138,143 44,061 182,204
Total adjustments 4,013,613 2,133,840 6,147,453
NET CASH PROVIDED BY OPERATING ACTIVITIES 9,086,464$ 2,903,552$ 11,990,016$
NONCASH INVESTING, CAPITAL, AND FINANCING ACTIVITIES:
Initiation of capital leases 253,841$ 58,192$ 312,033$
Contributions of capital assets and aid in construction 736,042$ 122,250$ 858,292$
Amortization of call rights waiver 583,318$ -$ 583,318$
Amortization of bond premium 26,934$ 7,794$34,728$
Amortization of bond discount -$ (1,391)$ (1,391)$
Water utility revenue bonds additions 2,261,161$ -$ 2,261,161$
The notes to the financial statements are an integral part of this statement.
Adjustments to reconcile operating
by operating activities:
City of Carmel, Indiana
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
NET CASH PROVIDED BY OPERATING ACTIVITIES:
Business-Type Activities - Enterprise Funds
48
Pension Trust
Funds Custodial Funds
ASSETS:
Cash and cash equivalents 151,270$ 102,978$
Receivable from State of Indiana 97,330 -
Total assets 248,600 102,978
LIABILITIES:
Payroll withholdings 97,330 -
Total liabilities 97,330 -
NET POSITION: restricted 151,270$ 102,978$
The notes to the financial statements are an integral part of this statement.
City of Carmel, Indiana
STATEMENT OF FIDUCIARY NET POSITION
December 31, 2020
FIDUCIARY FUNDS
49
Pension Trust
Funds Custodial Funds
ADDITIONS:
State of Indiana contributions 1,173,059$ -$
Investment income 584 -
Court costs and fees - 892,038
Total additions 1,173,643 892,038
DEDUCTIONS:
Benefits to plan members and beneficiaries 1,203,909 -
Distributions - 910,506
Total deductions 1,203,909 910,506
NET DECREASE IN NET POSITION (30,266) (18,468)
NET POSITION: beginning 181,536 121,446
NET POSITION: ending 151,270$ 102,978$
The notes to the financial statements are an integral part of this statement.
For the Fiscal Year Ended December 31, 2020
FIDUCIARY FUNDS
City of Carmel, Indiana
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
50
I. Summary of Significant Accounting Policies
A. Accounting Principles
B. Reporting Entity
C. Basis of Presentation – Government-Wide Statements
Carmel Midtown Building Corporation (CMBC) is a legally separate Indiana not-for-profit corporation that facilitates borrowing for certain
City capital projects. Accordingly, it imposes certain financial burdens and provides certain benefits to the City. City officials appoint its
board. It exists exclusively for the benefit of the City.
The Carmel 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.
The Carmel Redevelopment Authority, CMBC, CMCDC, DCCDC, and 4CDC do not issue separate financial 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.
City of Carmel
NOTES TO BASIC FINANCIAL STATEMENTS
For the Fiscal Year Ended December 31, 2020
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, 2020, 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 six blended component units.
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.
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.
51
D. Basis of Presentation – Fund Financial Statements
The government also reports certain other funds:
E. Measurement Focus and Basis of Accounting
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.
The government reports the following major governmental funds:
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 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 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 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 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.
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 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 Debt Service 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.
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.
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
A reconciliation of the difference between changes in fund balances, as reflected on the governmental funds Statement of Revenues,
Expenditures, and Changes in Fund Balances, and change in net position for governmental activities, as shown on the government-wide
Statement of Activities, is presented in an accompanying schedule to the governmental funds Statement of Revenues, Expenditures, and
Changes in Fund Balances. The revenue and expense elements that comprise the reconciliation differences stem from governmental funds
using the current financial resources measurement focus and the modified accrual basis of accounting, while the government-wide financial
statements use the economic resources measurements focus and the accrual basis of accounting.
The 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 capital leases 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.
All capital assets, whether owned by governmental activities or business-type activities, are recorded and depreciated in the government-wide
financial statements. No long-term capital assets or depreciation are shown in the governmental funds financial statements.
The 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.
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.
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.
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.
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, and custodial funds are reported using the economic resources measurement focus and the accrual basis of
accounting.
53
The capitalization threshold below is determined by the asset class.
a) Land is capitalized regardless of the value or cost;
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
A full year of depreciation is taken in the year of acquisition for capital assets employed in governmental activities, and depreciation is
deferred to the year after acquisition for those employed in business-type activities.
b) Buildings, infrastructure, vehicles, machinery, and equipment must be capitalized when the useful life is at least 1 year and the cost is$5,000 or more for assets employed in governmental activities and $750 in business-type activities.
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 position 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 (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.
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 position 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 and pension
and OPEB-related credits arising from changes in actuarial assumptions and timing differences. The former 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.
Bond premiums and discounts are amortized in the government-wide and proprietary statements on a straight-line basis over the life of the
issues.
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.
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.
54
10. Fund Balance/Net Position
a) Non-spendable fund balance (inherently non-spendable) include 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) include 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
• Total fund balance in the General Fund is the excess over non-spendable, restricted, committed, and assigned fund
balance.
All net position reported as restricted in the accompanying Statement of Net Position is restricted due to legally enforceable contractual obligations or Indiana law.
The preparation of the basic financial statements in conformity with GAAP requires the City's management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the basic
financial statements and/or the reported amounts of revenues and expenditures/expenses during the reporting period. Actual results could
differ from those estimates, but the City believes that the differences will be insignificant. Among the items subject to estimates are pension
liabilities, OPEB liabilities, deferred inflows and outflows of resources related to pensions and OPEB, and certain receivables.
• Negative unassigned fund balance is the excess over non-spendable, restricted, and committed fund balance over
total fund balance.
• 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 ofmost departments.
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, 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.
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.
55
2 . Property Taxes
3 . Income Taxes
4. Proprietary Funds Operating and Nonoperation Revenues and Expenses
II. Detailed Notes on Certain Activities and Funds
A. Cash and Investments
1. Deposits
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.
The Council is empowered to adopt property tax levies and rates, subject to certain statutory limitations. Taxable property becomes subject to
lien on January 1 of the year prior to the budget/levy year. Levy ordinances must be adopted before the following
November 1. Property taxes are due in two installments the following May 10 and November 10. The county government collects the taxes
and distributes them, generally, in two installments, June 30 and December 31 of the budget/levy year. The county may make advances as
taxes are collected.
Taxable property is assessed at its value on January 1 of the year prior to the budget/levy year, 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.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result
from providing services and producing and delivering goods in connection with a proprietary fund's principal ongoing operations. The
principal operating revenues of the water and sewer utility funds are charges to customers for sales and services. The Water Fund also
recognizes as operating revenue the portion of tap fees intended to recover the cost of connecting new customers to the system. Operating
expenses for enterprise funds include the cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.
56
2. Investments
These investments are required by statute to have a stated final maturity of not more than five years.
Below is a segmented time distribution for the City's debt investments at December 31, 2020:
Investment Type
Municipal Bonds
Federal Home Loan Mortgage Corporation
Federal Home Loan Bank Board
U.S. Government-backed Securities
Total
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.
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.
Fair Value Less than 1
1,571,589$
Investment Maturities (in Years)
-
2,344,518$
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.
25,680,584 -
1,571,589$ 30,607,997$
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.
-$
1 to 5
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.
-$
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.
772,929$
The City has no deposits or investments denominated in foreign currencies and does not foresee having any foreign currency risk in the future.
29,036,408$
More than 5
The City's total cash deposits at December 31, 2020, were $110,936,522, of which $16,303,073 is restricted and $94,633,449 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.
1,727,676
855,219
1,727,676
855,219
-
-
-
-
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.
25,680,584
57
B. Receivables and Transfers
1. Receivables
Revenue Source
Property taxesIncome taxes
Other
Due from other funds
Due from utility
Total
Revenue Source
Accounts and other
Total
The Sewer Utility recognizes a long-term liability due to the Water Utility for its share of the Water Utility's 2020 revenue bond.
Description
Property taxes
Income taxes
Ambulance fees
Supplemental Medicaid
Total unavailable revenue
2. Transfers
a) Transfers among Governmental Funds
Transfers Out
GeneralRedevelopment
Commission
RDA Debt
Service
Nonmajor
Total
The General Fund transferred $187,000 to a nonmajor fund for certain recreation projects.
638,548 25,970,979
- - - - 21,655,983 - 21,655,983
3,856,640
26,505,680$
14,389,258 2,850,000
2,850,000$
3,360,517
43,790,944$
Total
993,057
259,984
259,984$
2016 Project
Fund
-$
526,874
4,626,378
82,437
7,166,098$
Unavailable
Revenue
1,861,917$
-
The General Fund, Redevelopment Commission, and nonmajor funds made lease payments to the Redevelopment Authority in the amounts of
$16,617,927, $23,812,500, and $3,360,517, respectively, in order to satisfy debt service payments.
362,448
1,054,756$ 15,093,322$
Utility
Nonmajor
712,000$
58,412 58,412
79,346,147$
Transfers In
General
-$
-
595,366
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:
The General Fund transferred $525,000 of proceeds from a sale of property to a nonmajor fund to pay for park projects.
859,140
3,513,027$
General
747,546
Water
103,001
362,448
Sewer
Receivables at December 31, 2020, for governmental activities of the City's individual major governmental funds and nonmajor governmental
funds, in the aggregate, consisted of the following:
Total
530,895$ -
Nonmajor
840,364$
12,062,999
Bond Bank
Project Fund
-$
RDA Debt
Service
16,617,927$
644,545
-
-
14,038,566$
1,699,504$
-
-
1,813,523$
1,930,600$
17,329,927$
Total
723,287
Due from associated
utility - noncurrent
Due from associated
utility - current
Receivables at December 31, 2020, for business-type activities of the City's individual major enterprise funds consisted of the following:
1,861,917$
526,874$
4,062,117
- 23,812,500
Redevelopment
Commission
-$
Utility
1,090,236$
723,287
5,412,665$
1,331,022$ 12,062,999
859,140
58
The Redevelopment Commission Fund transferred $526,874 to the General Fund.
The Redevelopment Commission Fund transferred $608,000 to a nonmajor fund.
A nonmajor fund granted $259,984 to the Redevelopment Commission Fund in accordance with a grant agreement.
b) Transfers between Governmental and Enterprise Funds
Transfers Out
C. Capital Assets
Governmental Activities:
Capital assets, not being depreciated
LandConstruction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated
Buildings and improvements
Machinery, equipment, and vehiclesInfrastructure
Total capital assets, being depreciated
Less accumulated depreciation, for
Buildings and improvements
Machinery, equipment, and vehiclesInfrastructure
Total accumulated depreciation
Total capital assets, being depreciated, net
Governmental activities capital assets, net
Balance
(restated)
212,344,671
(1,453,432)
941,343,015$ 84,286,295$
-
The Water Fund transferred $839,763 of available excess cash to the General Fund.
1,912,211$
Total
(1,654,508) 491,920,531
Transfers In
6,015,233$
-
Dec 31, 2020
Additions/ Deletions/
49,024,928
General
Transfers Out
839,763$
(1,453,432)
972,643,978$ (52,985,332)$
45,765,085
537,385,471 35,261,367
-
130,937,158
56,709,861
246,352,629
3,774,371
48,429,836
195,321,037 21,448,494
12,253,560
443,490,695 -
24,039,357
Capital asset activity for Governmental Activities for the year ended December 31, 2020, was as follows:
Total
A nonmajor fund transferred $2,850,000 to the 2016 Projects Fund for public improvement reimbursement.
403,957,544
Jan 1, 2020
480,743
A nonmajor fund transferred $1,000,000 of grant revenue to another nonmajor fund for street projects.
A nonmajor fund transferred $762,117 to another nonmajor fund in compliance with a City ordinance.
The Redevelopment Authority Debt Service Fund transferred debt service of $21,655,983 to the Bond Bank Project Fund to satisfy debt
service payments.
The Water Fund transferred $591,705 of reimbursements to the 2016 Project Fund.
The Sewer Fund transferred $480,743 of available excess cash to the General Fund.
Sewer Fund
Water Fund 591,705$
732,706,508
40,344,522 5,420,563
Balance
202,570,110
-
787,761,861
591,705$
1,431,468$
A nonmajor fund granted $2,300,000 to another nonmajor fund for economic development projects.
Transfers In
45,247,217 5,895,992
The Redevelopment Commission Fund and nonmajor funds transferred $993,057 and $3,856,640, respectively, to the Bond Bank Project Fund
to satisfy debt service payments.
400,198,216
191,612,873$
49,488,701
480,743
1,320,506$
43,009,695
(52,784,256)
(52,784,256) -$ 197,628,106$
(1,654,508)
2016 Project
243,968,596 2,384,033
215,316,099
26,360,296 143,190,718
(201,076) 572,445,762
The Redevelopment Commission transferred $30,548 of excess tax incremental revenue to another nonmajor fund in accordance with a trust
indenture.
59
Business-Type Activities:
Capital assets, not being depreciatedLand & land rights
Construction in progress
Total capital assets, not being depreciated
Capital assets, being depreciated
Utility plant & equipment in service
Total capital assets, being depreciated
Less accumulated depreciation for
Utility plant & equipment in service
Total capital assets, being depreciated, net
Business-type activities capital assets, net
Governmental Activities:
General Government
Economic Development
Culture & RecreationPublic Safety
Streets and other infrastructure
Total governmental depreciation
Business-Type Activities:Utility plant & equipment in service
Total business-type depreciation
Total depreciation
D. Noncurrent Liabilities
1. Changes in Long-Term Debt Obligations and Other Liabilities
The following is a summary of changes in long-term obligations for the year ended December 31, 2020:
Governmental Activities:
Private placement bonds
Other bonds secured by revenues
Contract purchase obligations
Unamortized bond premium
Capital leases
Compensated absences
Total OPEB liability
Portion of above due within one year
Portion of capital leases payable due in more than one yearNet pension liability and total OPEB liability
Bonds payable due in more than one year
60,445,539
9,384,233
623,369
739,095,398
6,700,000$
7,041,586
217,317,248$
267,954,454$ 18,168,396$
13,146,246
92,960,689 99,769,212
4,130,981$
325,100,804 2,853,479
Depreciation expense was charged as follows for the year ended December 31, 2020:
Jan 1, 2020
Balance
77,065,000$
(210,698,142)
Due Within
8,387,706
(224,831,986)$
327,602,783
43,779,354
25,449,439
(233,063)
(1,532,403)
516,925$
7,041,586
251,436,898$
Transfers Out
15,165,802
-$ 4,130,981$
2,853,479
7,041,586
28,490,080$
325,100,804
37,043,881
(182,946) 1,827,642
2,627,517
-
31,403,654 12,638,542 (10,083,853) 33,958,343 -
40,120,883 22,356,503 19,296,783
(351,500)
(195,405,914)
(118,437)
(1,650,840)$
(4,188,107)
(351,500)
Balance
Additions
(646,618)
One Year
232,140,115
Dec 31, 2020
Balance
22,356,503
595,480,287
(4,390,000)$
327,602,783
35,989,902
21,448,494
(1,532,403)
149,387
-$
Additions/
Jan 1, 2020 Transfers In
74,755,000$
196,665,000
189,965,000
-
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. 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.
10,910,000$
1,827,642
797,541,453
Subtotal, bonds, premiums, and
discounts
54,034,964
41,499,040$
24,736,720 2,741,918
Total governmental activities
688,018,375$
600,921,201
7,578,499
Deletions/ Balance
Capital asset activity for Business-Type Activities for the year ended December 31, 2020, was as follows:
6,107,450
805,010,697$
Less,
227,833,571
(10,255,610)
8,737,615 684,442
Dec 31, 2020
1,528,486
Reductions
(2,875,603) 10,206,016 4,648,419
725,062,256
1,387,219
(991,442) 26,487,196 - Net pension liability
41,499,040
60
Business-Type Activities:Sewer utility revenue bonds
Water utility revenue bonds
Total business-type bonds
Sewer utility bond premium
Sewer utility bond discount
Water utility bond premium
Utility capital leases
Compensated absences
Total OPEB liability
Portion of above due within one yearPortion of capital leases payable due in more than one year
Net pension liability and total OPEB liability
Bonds payable due in more than one year
Governmental Activities Long-Term Debt:
7,873,207
2.000%-
5.000%
2016
Amount
3.940%
Year of
Maturity
18,830,000
24,000,000
2.000%-
5.000%
2017
928,000 1,089,000
Total business-type activities
818,007
164,363,644
620,000
6,253,024$
1,089,246
20,064,916$
Redevelopment Authority Tax-Exempt
Lease Rental Bonds, Series 2017B-1
Redevelopment Authority Tax-Exempt
Lease Rental Bonds, Series 2017B-2
10,525,000
2035
Issue
312,033
160,746,699$
125,195,000$
3.200% -
3.200%23,550,000
106,842
Redevelopment Authority Taxable
Lease Rental Bonds, Series 2017C-1
8,170,000
2027
1.576%-
3.762%2016 18,445,000
7,530,000
3.000% -
5.000%2017
3.990% -
4.850%
2027
2036 1,214,000
2036
Outstanding
62,270,000 Taxable Lease Rental Revenue
Refunding Bonds, Series 2020B
One Year
(6,974,993)$
(26,934)
5,471,260
Additions
(12,284)
18,215,161
488,548
150,717,271
2016 1,036,000
2041
8,835,000
2033
Storm Water District Revenue Bonds,
Series 2020 2.110% 2020 2033
Taxable Lease Rental Revenue
Refunding Bonds, Series 2020A
0.839%-
2.628%2020 2038
62,270,000
173,836,622
158,892,384$
439,920
General Obligation Bonds, Series
2016B
Taxable Lease Rental Bonds, Series
2019A-1
Taxable Lease Rental Bonds, Series
2019A-2
Year of
1,391
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:
5,471,260
(3,625,000) 134,777,712 4,070,000
Reductions
(13,675)
6,253,024
- 412,986
(84,865) 510,525 510,525
-
Balance
151,165,878
22,362
1,092,136
Balance
(4,984,058)
30,534,501$
-
Jan 1, 2020
15,954,000$
The City administration believes it is in compliance with Federal arbitrage regulations, which apply to bonded debt, and that the City's
liability, if any, under these regulations, is not material.
Less,
(5,018,786) Subtotal, bonds, premiums, and
discounts
Original
15,939,559$ (1,359,058)$
(7,794)
133,413,873
163,948,374
14,568
2,261,161
18,216,552
Due Within
Dec 31, 2020
1,401,260$
271,239
0.337%-
2.074%2020
2019
815,000
2037
2.006% -
3.200%
Amount
2037 32,495,000
2019
General Obligation Bonds, Series
2016A
31,985,000
2017
Taxable Special Program Bonds, Series
2016
6,700,000 6,700,000
Interest Rate
125,195,000$
(314,923)
4,021,777 1,053,998 (1,420,646) 3,655,129 - 3,978,360 375,491 (135,773) 4,218,078 - Net pension liability
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, 2020, the total of payments on the bonds listed above was 0.512% of taxable assessed value.
1,171,000
2.000%-
5.000%
General Obligation Bonds, Series
2016M
1,426,000
2.000%-
5.000%2016 2036
Redevelopment Authority Lease Rental
Bonds, Series 2016C (Energy Center
Project)
133,548,000
Redevelopment District Bonds of 2013 6,535,000
8,890,000
1,217,000
2005
General Obligation Bonds, Series
2016L
1,577,000
2016
2016
2026
Lease Rental Revenue Multipurpose
Bonds, Series 2012B
Lease Rental Revenue Refunding
Bonds of 2011 (West Clay road)
General Obligation Bonds, Series
2016D
General Obligation Bonds, Series
2016E
2036
General Obligation Bonds, Series
2016F
2011
General Obligation Bonds, Series
2016K
2036
1.576%-
3.762%
1.190%-
3.000%
2024
2.000%-
5.000%
2016
1,394,000
30,720,000
2041
General Obligation Bonds, Series
2016G
2036
2.000%-
4.000%
1,393,000
2036
1,189,000
1,181,000
Redevelopment Authority Lease Rental
Bonds, Series 2016A (Public
Infrastructure Projects)
2.000%-
5.000%
2.000%- 5.000%
Lease Rental Revenue Bonds of 2005
(unrefunded portion)
General Obligation Bonds, Series 2016J
2036
1,383,000
2016
30,964,287
2016
2016
2.000%-
5.000%
2012 2025
1,291,000
2016 Storm Water Bond(Authorized: $44,500,000)
Redevelopment Authority Taxable
Lease Rental Bonds, Series 2016D
(Midtown Phase 1A)
2.000%-
5.000%
2036 1,599,000
2036
69,245,000 33,190,000
2.000%- 5.000%
2.000%-
5.000%
2.000%-
5.000%
1,633,000
2016
2016
1,373,000
1,513,000
2.000%-
5.000%
2016
1,211,000
2013 2035
10,337,000
2016
19,649,150*
1,347,000
2016
2029
2016
10,890,000
2036
139,872,000**
2035
5,530,000
5.000%
Redevelopment Authority Lease Rental
Bonds, Series 2016B (Economic
Development Projects)
General Obligation Bonds, Series
2016C
1,171,000
1,373,000
15,164,000
25,190,000
1,577,000
5.800%-
8.450%
2036
1,364,000
2016
2036
13,053,000
General Obligation Bonds, Series 2016I
10,345,000
2016
2.000%-
5.000%
2.000%-
5.000%
2.000%-
5.000%
2036
25,611,000
1,347,000
2016
2036
General Obligation Bonds, Series
2016H
9,261,000
2.000%-
5.000%
1,033,000
62
Loft A Private Placement 2011
Restated Secondary Village #1
Total bond principal and contract purchases
Capital Leases
Compensated Absences
Total bond principal, contract purchases, capital leases, and compensated absences.
Bond premium
693,316,560
Redevelopment Authority LIT Lease
Rental Revenue Refunding Bonds,
Series 2017
Original
43,779,354
2019
10,206,016
N/A
Year of
2011
Contract purchases of capital assets:
2030
N/A
737,095,914$
2034
N/A
Outstanding
16,600,000
N/A
In the year ended December 31, 2020, the total of payments on the bonds listed immediately above was 28.8% of annual incremental
tax revenue.
LIBOR
N/A
12,600,000
2004
2042
6.650%
1.973% -
3.864%7,405,000
Redevelopment Authority Taxable
Lease Rental Bonds, Series 2017A
(Midtown South)
Amount
Issue
2.500% -
5.000%
1,827,642
2033
Total governmental activities bonds, contract purchases,
capital leases, and compensated absences.
1,897,615
OutstandingAmount
12,645,000
2013
Bonds issued in order to acquire capital assets, for which the City has pledged its
county option income tax (COIT) revenue up to the amount needed to satisfy the
principal and interest on the bonds as they become due:
Year of
Maturity
LIBOR
2043
4,500,000
Original
2014 46,795,000
2,810,000
2021 6,000,000
2018
6,000,000
Interest Rate
5.150%
2020 Carmel Midtown Community Development Corporation Mortgage
Note
LIBO +215
basis points
2017
15,345,000
6,840,000
2017 2025
Interest Rate
2022
2010-2020
Taxable Tax Increment Revenue Bonds,
Series 2004A
Outstanding
2.320%
2020 2021 2,500,000 2,500,000
In the year ended December 31, 2020, the total of payments on the bonds listed immediately above was 18.2% of annual county
option income tax revenue.
Amount
7,180,000
Maturity
Year of Amount
3.400%-
7.650%
681,282,902
Interest Rate
2.100% -
3.750%
Issue
20,125,000
33,075,000
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:
2.360% -
2.360%
Year of
Year of
Amount
2019 City Center Community
Development Loan
Issue Maturity
2017
2024
Year of Original
2011
9,500,000
2027
23,180,000
COIT Lease Rental Revenue Refunding
Bond, Series 2014B (Northwest Clay
Road)
3.000%-
5.000%
2030
COIT Refunding Bonds of 2011 1,515,000
Amount
Taxable Lease Rental Bonds, Series
2017C-2
7,385,000
9,630,000
Taxable Economic Development Lease
Rental Revenue Bonds, Series 2018A
(Midtown West Project)
63
Business-type activities long-term debt:
Bond Premium/ Discount
Total bonded debt, including amount due in one year
Total business-type activities bonds, capital leases, and compensated absences.
Total City bonds, capital leases, and compensated absences.
Streets and infrastructure
Economic development
Total
Junior Waterworks Revenue Refunding
Bonds of 2017
Waterworks Revenue Bond
Anticipation Notes of 2019
3.000%-
5.000%
2012
2039 15,954,000 15,954,000
Issue Maturity Amount
N/A
Outstanding
Amount
4.320%-
4.610%
15,580,000
2025
7,695,000
17,745,000
5,894,000
2032
2005
164,363,644
Water Utility Junior Waterwork
Revenue Bond of 2012
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:
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
expenditures.
47,405,000
2008
17,745,000 2023
2029
21,625,000
165,963,415
2013
N/A
Sewer Utility Revenue Bonds of 2020 2.250%
The City has pledged up to $1,115,000 of county option income tax revenue, payable in the event an overlapping unit of government
is unable to service certain debt. The City does not expect to be called upon to make these payments.
1.800%-
3.700%
1,198,932
510,525
2019
1,089,246
2.320%
2016
N/AN/ACapital Leases
Compensated Absences
In the year ended December 31, 2020, revenue, net of reasonable expenses for operation, repair, and maintenance, was 150.6% of
debt service requirement for the Water utility and 263.7% of debt service requirement for the Sewer utility.
0.420%
11,000,000$
Year of Year of
2026
2009
2020
415,270
13,000,000
Water Utility 2008 Capital Appreciation
Bonds
2012
Interest Rate
2030
2.000%-
3.250%
3,958,000$
4.130%-
5.790%
11,437,000
Sewer Utility 2012 Revenue Bonds
Waterworks Special Program Bonds,
Series 2016 53,735,000
2017 2037
2.000%-
4.000%
41,246,873
Original
2036
2,927,501
20,644,479
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:
9,684,628$
903,059,329$
8,912,150
2028
11,040,000
Sewer Utility 2005 Revenue Bonds
Refinance
Sewer Utility 2009 SRF
18,596,778$
64
2. Debt Service Requirements to Maturity
Total Requirements
Total Requirements
Total Requirements
Total Requirements
1,044,856
214,621,147 70,415,819
1,224,765$
1,241,274
35,305,245 25,283,366
Notes and Loan and Contract Purchase
838,602
-
3,765,000
Notes and Loan Payable -
Direct Borrowings
37,043,881$
-
6,490,109
2036 - 2040
Direct PlacementDecember 31
2021
2022
Principal Interest
5,070,000
2036 - 2040
595,480,287$
Contract Purchase
25,503,363$
2036 - 2040
8,737,615$
51,097,186
48,440,750
95,122,991$
Total
48,063,064$
Principal Interest Total
2021
Accretion on CABs
175,421
2041 - 2045
4,405,000
7,200,000
-
820,000
77,065,000$
2024
-
Obligations Payable
12,138,928$
Year Ended
2021
49,995,885
3,940,421
2031 - 2035 31,001,998 42,454,134 73,456,132$
62,547,244$
71,397,175
23,400,000
63,889,975
465,083
2025 1,219,762
5,171,343 4,126,487
777,970,230$
196,120,000
2041 - 2045
574,100,825
-
33,326,990
Interest Total
22,710,529
2023
29,517,702
Accretion on CABs
Year Ended
December 31
49,251,568
5,678,972
20,993
Notes and Loan Payable -
19,077,930
55,608,572
24,434,679
2022
250,786,651
8,891,116 2,846,192 11,737,308$
2026 - 2030
16,510,000
27,898,488 22,097,397
10,910,000$
209,528,067
33,424,417
425,167 794,612
Governmental Activities:
Total
3,401,313$
58,807,074
Principal
December 31
2024
2025
3,765,000
Principal
34,378,106 24,428,968
4,770,000
885,232,149$
21,379,462
Year Ended
-
540,323$ 2,349,415$
1,221,012
2031 - 2035
2023
2041 - 2045
2025
7,119,106
5,948,060
1,872,199
684,442$
1,543,060
67,037,000
21,379,462
1,690,109
Total
13,259,415$
Interest
203,869,405$
5,471,260$
4,800,000
29,078,972
755,929
Principal
22,313,692
32,965,042
1,219,779
-
285,036,966
229,446,990
63,691,991
38,208,644 17,399,928
18,057,991$
60,588,611
28,783,494
178,790,000 30,738,067
225,328,709$
175,421
Obligations Payable - Total
Interest
28,065,759$
840,993 2,567,930
307,200
15,475,708
187,094,660
7,507,200
-
25,449,439$ 22,613,625$
381,160
717,543
52,228,231
424,331 10,659,331$
Business-Type Activities:
24,342,678 3,723,081
2026 - 2030
523,731 2,049,106
6,642,199
681,282,902$
659,903,440
4,052,975
9,847,455$
2022 6,011,466 4,169,572 10,181,038$
2023
-
10,235,000
4,360,175
4,376,195$
23,565,348 72,816,916$
2024 8,140,894 3,214,433 11,355,327$
3,940,421
57,859,096
59,837,000
2026 - 2030
2031 - 2035
163,948,374$
143,345,980 84,773,286$ 228,119,266$
20,602,394
65
3. Capital Leases
4. Operating Leases
5. Other Commitments
Total assigned from the General Fund balance:
Construction commitments for the Water and Sewer Enterprise Funds were less than $100,000.
6. Contingent Grants
2023
337,133 2025
1,089,246$
67,299
2,373,436 166,477 2,539,913
Business-type Activities:
58,049
317,406
10,372
2026 - 2030
231,569$
1,222,353
76,770
2,627,517$
1,735,914
60,211
20212022
Various claims and lawsuits are pending against the City. At December 31, 2020, 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.
1,210,014$
901,695 47,976
The City owns a certain office and theater building and is lessor to certain private tenants. The cost of the office and theater building is
$20,500,000. Rent revenue of $992,229 was recognized under this arrangement during 2020. Depreciation expense for the year ended
December 31, 2020, was $410,000 and book value for the year ended December 31,2020, was $17,220,000.
170,423
705,877$
Total
The City has entered into various capital leases for equipment for various departments, including Police, Fire, Streets, and for a golf course.
As of December 31, 2020, the City had assets with an original cost of $16,844,051 and accumulated depreciation of $5,741,794 financed
through capital leases.
10,911,893$
2022
120,768$
19,727
10,206,016$
1,489,170
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.
Total
Equipment Capital Leases
2025
The Carmel Redevelopment Commission, an integral part of the City, is contingently liable for the issuance of up to $25.5 million of
grants, via a community development corporation which is a component unit of the City. The purpose of the contingent grants is to
encourage private investment in the area served by the community development corporation. The grants are contingent upon the need to
cover payments on loans used to finance the private investment. As of December 31, 2020, no grant payments had been made by the Cityin connection with these loans. The Administration believes no such payments will be needed in the future.
99,034
1,155,054
242,089
InterestPrincipalDecember 31
Year Ended
157,171
2024
949,671
2,859,086$
38,823
December
Principal Interest Total
The Water and Sewer Utilities entered into various capital leases for certain equipment. As of December 31, 2020, the Utilities had assets with
an original cost of $1,392,745 and accumulated depreciation of $562,327 financed through capital leases.
13,252
225,170
2023
2026 - 2030
292,914$
Year Ended
2024
271,239$ 2021
68,421
Governmental Activities:
1,412,400
21,675$
Capital Leases:
5,259,777$
16,919
Total
115,786 1,851,700
66
7. Limited Recourse Obligations Payable Solely from Property Taxes Generated from a Specific Project Site
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 Installment Purchase Contract (Monon & Main)2017 Economic Development Revenue Bonds (Edward Rose Development Carmel, LLC, Project2015 Economic Development Revenue Bonds (KG Main, LLC, Project)2011A Senior Economic Development Revenue Bonds (Arts District Lofts & Shoppes)
2011 Taxable Economic Development Revenue Bonds (Meridian and Main)2011 Taxable Economic Development Revenue Bonds (116th Street Centre Project)
2011 B Subordinate Economic Development Revenue Bonds (Arts District Shops and Lofts)2006 B Taxable Economic Development Revenue Bonds (Buckingham-Gramercy Project)
8. Economic Gain on Advance Refunding
30,662,100
$ 153,886,024
5,521,609
49,457,800 47,125,318
(3,037,240)
57,679,597
Refunding
Bonds
2031 - 2035
Savings
29,497,125
2026 - 2030 60,014,338
2,489,619
2031 - 2033
$ 69,927,274 $ 72,916,416
Refunding
Bonds
2021
2026 - 2030
366,091
46,972,728 13,508,125
Year
1,769,151
$ 13,979,529
2,484,369
717,193 2023
2,390,065
2024
4,392,581
Totals
10,160,991 9,691,904
$ 167,865,553
1,164,975
Savings
719,081
2,486,344
2,487,325 1,768,244
Refunded Bonds
$ 2,989,142
2,332,482
Refunded
Obligations
$ 4,392,581
The change in cash flows resulting from the refunding is as follows:
$ 2,440,695
4,392,581 3,160,065
The change in cash flows resulting from the advance refunding is as follows:
1,232,517
Proceeds of City bonds issued during the year ended December 31, 2020, known as the Taxable Lease Rental Revenue Refunding Bonds,
Series 2020A, were used to refund certain other obligations then outstanding, at an economic gain of $13,979,529.
2023
2024
Proceeds of City bonds issued during the year ended December 31, 2020, known as the Taxable Lease Rental Revenue Refunding Bonds, Series 2020B, were used to advance refund certain other obligations then outstanding, at an economic gain of $2,989,142.
Year
1,228,247 2,025,498
2021 $ 2,487,906 $ 1,517,634 $ 970,272
2036 - 2038
2025 2,334,740
469,087
2022
2,390,065 2,002,517
11,482,627 45,744,481
Totals
2022 4,392,581 2,002,517
The City has entered into certain transactions with private firms to redevelop designated real property meeting certain criteria. In these
instances, bonds are issued to finance improvements on property designated by the City but owned by the private firm and its affiliates. The
bonds are purchased by the same private firm and affiliates. The private firm may supplement these improvements with additional
improvements financed from its own resources. As improvements are completed, incremental property tax revenue is generated, and a pre-determined portion of that revenue is applied to the payment of the bonds. This pre-determined share of tax paid by the private firm is the sole
source of repayment. There is no recourse to the City if this revenue is inadequate to pay principal and interest on the bonds. The private firm
and its affiliates are, in substance, the property owner, the owner of the bonds, and the taxpayer. Accordingly, the bonds are not reported as
liabilities of the City in the accompanying financial statements. Following are the currently active transactions of this kind.
$ 1,951,886
2,123,527
2025
67
9. Schedule of Outstanding Principal on Advance Refunded Debt
Outstanding AmountOutstanding Bonds
Taxable Lease Rental Revenue Refunding Bonds, Series 2020ATaxable Lease Rental Revenue Refunding Bonds, Series 2020B
Local Income Tax Lease Rental Revenue Refunding Bonds, Series 2017
Lease Rental Revenue Multipurpose Bonds, Series 2012A
Taxable Lease Rental Revenue Multipurpose Bonds, Series 2012BCarmel Bond Bank Lease Rental Refunding Bonds, Series 2016CCarmel Bond Bank Special Program Bonds, Series 2016
E. Risk Management; Claims
Changes in the balance of claim liabilities are as follows:
Unpaid claims, beginning of fiscal year
Incurred claims and changes in estimates
Claim payments
Unpaid claims, end of fiscal year
F. Pension Plans
1. Single Employer Defined Pension Plan
Plan Description:
Outstanding
Through
1/1/2031
1/15/2035
6/1/2026
Bonds Refunded
2014 LR Refunding Bonds
2012A LR Multi Bonds
2010 COIT LR Bonds
2010A COPS
2010B COPS
2010C COPs
2008B Jr. Water
646,713$
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:
910,893$
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.
1/1/2031
1/15/2035
1/15/2035
7/15/2035
33,265,000
2,245,000
22,325,000
11,368,866
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;
11,805,111
55,065,000
2020 2019
$ 296,335,000
11,104,686
Refunded Bonds
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.
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 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 $175,000 per year. The City removed its aggregate stop loss coverage in
2020.
115,900,000$
As established by Indiana law, the boards for the police officers' and firefighters' plans consist of eight and five members, respectively. On
each board, the mayor of the City and the chief of each department serve ex officio. On the police board, the Controller of the City also serves
ex officio. The remaining members are elected by the active members, police and firefighters, respectively. At least one member of each board
must be a retired beneficiary of the respective plan.
54,095,000
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.
13,440,000
646,713$
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.
510,271$
11,668,670
68
Contributions:
Net Pension Liability and Pension Expense:
Assumptions and Other Inputs
14
The plans also provide a death benefit for a surviving spouse to receive the greater of
1. 30% of the monthly pay of a first-class patrol officer, or
Current active employees
Total Plan Members
-
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.
14
The plans are closed to new entrants.
-
Membership in the Plans as of the most recent actuarial valuation was comprised of the following:
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.
Measurement Date
-
Valuation Date
Police
Retirees and beneficiaries currently receiving benefits
Membership:
2. 55% of the benefit the retiree was receiving.
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.
December 31, 2020–Police Officers' member census data as of January 1, 2021, and
Firefighters' member census data as of January 1, 2021, was used in the valuation.
14
December 31, 2020
The City's net pension liability of $8,479,462 for the '25 Police Officers' Plan and $9,264,176 for the '37 Firefighters' Plan was measured as of
December 31, 2020, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of
December 31, 2020. For the year ended December 31, 2020, the City recognized pension expense of -$418,121 for the '25 Police Plan and -
$501,554 for the '37 Firefighters Plan.
Fire
14
-
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, 2020, the State of Indiana contributed $607,355 to the '25 Police
Officers' Plan and $565,704 to the '37 Firefighters' Plan on behalf of the City during the fiscal year.
Terminated employees entitled to but not yet receiving benefits
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.
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
- -
At December 31, 2020, the City reported a net pension liability of $8,479,462 for the '25 Police Officers' Plan.
-
Plan Fiduciary
Net Position
607,355
(148,471)
-
-
2.50%
'25 Police Officers' Plan
Increase (Decrease)
-
For the year ended December 31, 2020, the City recognized pension expense of -$418,121, which included net amortization of deferred
amounts from liability experience, assumption changes and investment gains and/or losses. At December 31, 2020, the City reported
deferred outflows of resources and deferred inflows of resources related to the '25 Police Officers' Plan from the following sources:
136,916$
(616,260) 616,260
505
-
8,616,378$
1.59%
(148,471)
1977 Plan Converted
Cost of Living Increase:
-
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.
9,505,178$ 9,650,494$ Balances as of December 31, 2019
1925 or 1937 Plan
-
Net Pension
Liability
Mortality and Mortality Improvement
3.48% Police Officers; 3.48% Firefighters for 2020Discount Rate
SOA published mortality improvement scale: MP-2020 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.
-
- -
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
-
(616,260)
-
(607,355)
-
(599,196)
329,811
-
(616,260)
-
329,811
Changes in assumptions - -
-
Balances as of December 31, 2020
-
-
-
(505)
Total 6,579$ -$
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences between expected and actual experience -$
3.54% Police Officers; 3.58% Firefighters for 2019
2.50%
Total Pension Liability
- -
145,316$
-
(599,196)
8,479,462$
-$
Net difference between projected and actual earnings on
pension plan investments 6,579 -
-
70
Fiscal Year End
Thereafter
Changes in the Net Pension Liability:
Changes for the year:
Service Cost
Interest
Changes in Plan Provisions
Difference between Expected and Actual ExperienceChanges in Assumptions
Benefit Payments
Employer contributions
Employee contributions
Net transfers into (out of) trustNet investment income
Benefit payments
Administrative expenses
Other
Fiduciary net position as a percentage of total pension liability
'37 Firefighters' Plan
Plan Fiduciary
Net Position
355,711
(156,836)
(565,704)
2025 -
(699,325)
For the year ended December 31, 2020, the City recognized pension expense of -$501,554, which included net amortization of deferred amounts from liability experience, assumption changes and investment gains and/or losses. At December 31, 2020, the City reported
deferred outflows of resources and deferred inflows of resources related to the '37 Firefighters' Plan from the following sources:
(587,649)
-
-
1,033
Net Pension
Liability
Balances as of December 31, 2019 10,366,629$
-
-
-
-
-
- -
-
-
-
-
Total 1,395$ 392$
At December 31, 2020, the City reported a net pension liability of $9,264,176 for the '37 Firefighters' Plan.
587,649
Balances as of December 31, 2020 9,278,530$
-
-
79
-
9,264,176$
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions:
2023
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:
6,579$
14,354$
0.15%
-
- - -
(587,649)
(156,836)
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Differences between expected and actual experience -$
- -
(699,325)
-$
Net difference between projected and actual earnings on
pension plan investments 1,395 392
Changes in assumptions
-
2024
2021
2022
- 355,711
10,330,409$
-
(587,649)
Increase (Decrease)
565,704
-
- (79)
-
36,220$
2,758$
Total Pension
Liability
'37 Firefighters' Plan
927
1,861
71
Fiscal Year End
Thereafter
Sensitivity of Net Pension Liability to Changes in the Discount Rate:
Participation by State of Indiana
ASSETS:
Cash and cash equivalentsReceivable from State of Indiana
Total assets
LIABILITIES: payroll withholdings
NET POSITION: restricted for pensions
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION - PENSION FUNDS
ADDITIONS:
State of Indiana 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
2025
'37 Fire Pension
Trust Fund
$ 565,704 $ 607,355
505 -
616,260
1% Increase
-
616,260
415$
$ 9,343,082
1,003$
$ 9,264,176
1% Decrease
587,649
36,220
December 31, 2020
$ 136,916
$ 14,354
$ 136,916
$ 14,354
'25 Police Officers' Plan $ 7,737,738 $ 8,479,462
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:
607,860
'37 Firefighters' Plan
-
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, 2020. The amounts were $607,355 and $565,704, respectively. The State of
Indiana is not obligated to make such payments in the future, and the City remains liable for future pension expenditures.
2024
-
STATEMENT OF FIDUCIARY NET POSITION - PENSION FUNDS
(21,866)
48,863
$ 14,354
$ 136,916
For the Fiscal Year Ended December 31, 2020
Current Discount
Rate
2021
-
565,783
(8,400)
145,316
2023
$ 8,436,126
239
111
79
'37 Fire Pension Trust Fund
238
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:
587,649
48,863
63,217
2022
'25 Police Pension Trust
$ 10,234,742
48,467
185,383
48,467
-
'25 Police
Pension Trust
72
2. Cost-Sharing Multiple-Employer Defined Benefit Pension Plan
Public Employees' Retirement Fund
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
Contribution Rates:
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 made about the future. Key methods and
assumptions used in calculating the total pension liability in the latest actuarial valuations are presented below.
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 My Choice: Retirement Savings Plan for Public Employees (PERF MC DC). Refer to the Description of
Defined Contribution Funds for discussion of both the PERF DC and PERF MC DC accounts. 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).
The City plan is allocated between governmental and and business-type activities based on the percentage of total civilian (non-uniformed)
PERF expenditures during the City's fiscal year ended December 31.
The employer defined-benefit contribution rate is based on an actuarial valuation and is adopted. and may be amended, by the INPRS
Board. For 2020, 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.
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).
While in active service, a spouse or dependent beneficiary of a member with a minimum of 15 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. While receiving a benefit, a spouse or dependent 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.
Employees who are compensated through the Parks Department of the General Fund and through certain other funds committed or restricted for parks (Parks).
There are two components to the PERF Hybrid Plan defined benefit structure: PERF DB, the monthly employer-funded defined benefit
component, along with the Public Employees' Hybrid Members Defined Contribution Account (PERF DC), a member-funded account.
City of Carmel participants are viewed by INPRS to be classified into two groups, solely for purposes of actuarial evaluation:
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 tiers to the PERF Plan. The first is the Public Employees' Defined Benefit Plan
(PERF Hybrid Plan), and the second is the Public Employees' Defined Contribution Plan (PERF My Choice Retirement Savings Plan).
73
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, 2020
Valuation DateAssets:June 30, 2020
Liabilities:
Inflation 2.25% per year
Future Salary Increases 2.50% - 8.75% based on service
Wage Inflation
Cost-of-Living Increases As of June 30, 2020:
As of June 30, 2019:
Mortality Assumption
1
2
12
0.4% beginning on January 1, 2022
0.5% beginning on January 1, 2034
0.6% beginning on January 1, 2039
2.75%
0.50%
4.50%
3.00%
2.75%
11
2.75%
Salary Increase
4.25%7
9 2.75% 1.00% 3.75%
10 2.75% 0.75% 3.50%
2.50% 5.25%
5
5.00%
2.75% 3.00%
1.25%
0.25%
3
13+
5.75%
In lieu of a COLA on January 1, 2020, and January 1, 2021, members in pay status were provided a 13th
check on October 1, 2019 and October 1, 2020. Thereafter, the following COLAs, compounded
annually, were assumed:
4.00%
4
8 2.75%
The City's contribution to the plan for the year ending December 31, 2020, was $3,497,604 for City participants and $344,090 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.
Healthy Employees – General Employee table with a 3 year set forward for males and a 1 year set forward for
females.
2.75%
2.75% 4.00% 6.75%
June 30, 2019 – The TPL as of June 30, 2020 was determined based on an actuarial valuation prepared as of
June 30, 2019 rolled forward one year to June 30, 2020, using the following key actuarial assumptions and
other inputs, such as benefit accruals and actual benefit payments during that time period.
Service Merit
At December 31, 2020, the City reported a liability of $12,392,074 for its proportionate share of the City net pension liability and
$1,881,404 for its proportionate share of the Park net pension liability. The City's proportionate share of the net pension liability was
based on the City's wages as a proportion of total wages for the PERF Hybrid Plan. The proportionate share used at the June 30, 2020
measurement date was 0.0041028 for the City plan and 0.0006229 for the Park plan.
In lieu of a COLA on January 1, 2021, members in pay status were provided a 13th check on October 1,
2020. Thereafter, the following COLAs, compounded annually, were assumed:
0.4% beginning on January 1, 2022
0.5% beginning on January 1, 2034
0.6% beginning on January 1, 2039
0
3.25%
2.75%
1.50%
7.75%
8.75%6.00%
2.75%
Proportionate Share of the Net Pension Liability:
Retirees – General Retiree table with a 3 year set forward for males and a 1 year set forward for females.
Beneficiaries – Contingent Survivor table with no set forward for males and a 2 year set forward for females.
2.75%
2.75%2.75%
0.00%
2.75%1.50%
2.00% 4.75%
6
74
Experience Study
Discount Rate 6.75%, net of investment expenses
Discount Rate Sensitivity
Classes of Plan Members Covered
Money-Weighted Rate of Return
Summary of Plan Provisions:
Definitions
Fiscal year
Participation
Average monthly earnings
5.75%
20,203,295$
888,096$
12,392,074$
Twelve month period ending June 30.
5,849,541$
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 6.75 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 (5.75%) or one percentage point higher (7.75%) than
the current rate:
Disableds – General Disabled table with a 140% load.
7.75%6.75%
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 20 to 30 years. In the past, deterministic projections have shown the actuarially
determined contribution rate to reach a peak of 10.9% which is slightly below the current rate. 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 June 30, 2020 valuation was performed using census data provided by INPRS as of June 30, 2019.
Standard actuarial techniques were used to roll forward the total pension liability computed as of June 30, 2019 to the June 30, 2020 Measurement Date using actual benefit payments during that period of time.
1,881,404$
1% Increase
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, 2020 actuarial valuation assumes a long-term rate of
return on assets of 6.75%, 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.
2020 City
All full time employees of the State of Indiana and all full time employees of Political Subdivisions which
have adopted the plan become members of PERF upon date of hire.
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 updated as appropriate based on the results of the study for this June 30, 2020 actuarial
valuation.
The discount rate is equal to the expected long-term rate of return on plan investments, net of investment
expense and including price inflation. There was no change in the discount rate from the prior measurement
date.
Current Rate
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, 2020, the
moneyweighted return on the plan assets is 2.6%.
The monthly average of earnings during 20 quarters (in groups of 4 consecutive contribution quarters)
preceding retirement that produce the highest such average. Earnings include basic salary, the member's 3%
mandatory contribution paid by the employer, the member's salary reduction agreement under Section 125,
430(b), or 457 of the Internal Revenue Code, and up to $2,000 of additional compensation received from the
employer in anticipation of the member's termination or retirement.
1% Decrease
3,067,328$ 2020 Park
75
Member contributions
Minimum pension benefit
Eligibility for Benefits
Deferred vested
Disability retirement
Early retirement
Normal retirement
Pre-retirement death
Monthly Benefits Payable
Normal retirement
Early retirement
Deferred retirement
Diability
Pre-retirement death
Cost-of-Living-Adjustments
Forms of payment
The minimum pension benefit paid to a member with 10 or more years of creditable service receiving any
pension benefit is $180 per month.
The spouse or dependent beneficiary is entitled to receive the monthly life benefit payable immediately under
the assumption that the member retired on the later of age 50 or the date before the date of death and elected
the joint and full survivor option. The minimum monthly benefit is $180 if the member has at least 10 years of
creditable service.
Member will receive a monthly benefit for the rest of their life. If the member dies before receiving benefits
for 5 years, the beneficiary will receive that monthly benefit for the remainder of those 5 years or a lump sum
distribution equal to the present value of those payments. After 5 years, there are no payments available to the
beneficiary.
Legislation passed in the 2018 legislative session creates a funding mechanism to provide for future benefit
increases or 13th checks. The INPRS Board has the authority to have employers contribute up to 1% of member pay into the fund. Increases or payments are made upon passed legislation subject to the availability
of funds to provide the benefit.
Each member is required to contribute to an Annuity Savings Account at the rate of 3% of pay (unless the
employer has opted to make the contribution for the employee). These contributions are kept on deposit and
credited with interest based on the investment elections of each member until such time as they are withdrawn
or annuitized by the member.
The disability retirement benefit is the accrued retirement benefit determined as of the disability date and
payable commencing the month following disability date without reduction for early commencement. The
minimum monthly benefit is $180.
A "13th check" was paid to each member in pay status during fiscal year 2018, 2019, 2020 and 2021. The
amount of the 13th check varied based on the years of creditable service the member had earned prior to retirement.
10 or more years of vesting service and no longer active.
5 or more years of vesting service and qualified for Social Security disability benefits or federal Civil Service
disability benefits.
Earliest of:
Age 65 with 10 or more years of vesting service
Age 60 with 15 or more years of vesting service
Age 55 with sum of age and vesting service equal to 85 or more.
Age 50 with 15 or more years of vesting service.
The normal retirement benefit is a pension payable for life with 60 months guaranteed and is equal to 1.1% of average monthly earnings multiplied by years of creditable service earned. The minimum monthly benefit is
$180 if the member has at least 10 years of creditable service.
The employer-funded monthly pension benefits for members in pay status are increased periodically to
preserve purchasing power that is diminished due to inflation. Such increases are not guaranteed by Statute
and will only be provided by legislative action.
The early retirement benefit is the accrued retirement benefit determined as of the early retirement date and
payable commencing at the normal retirement date. A member may elect to have the benefit commence prior
to normal retirement provided the benefit is reduced by 1/10% for each of the first 60 months and by 5/12%
for each of the next 120 months that the benefit commencement date precedes the normal retirement date. The
minimum monthly benefit is $180 if the member has at least 10 years of creditable service.
a. 5-Year Guaranteed
Beneficiary Benefit
10 or more years of vesting service.
The termination benefit is the accrued retirement benefit determined as of the termination date and payable commencing at age 65. If the member has 15 or more years of creditable service, then the member may elect
to receive a reduced early retirement benefit prior to age 65. The minimum monthly benefit is $180 if the
member has at least 10 years of creditable service.
The Annuity Savings Account benefit is in addition to the annuity benefits provided by employer contributions. During FYE 2018, the Annuity Savings Accounts were completely separated from the defined
benefit plan, and so are no longer relevant to the valuation process.
76
Actuarial Methods:
Actuarial Cost Method
COLA Surcharge
Asset Valuation Method
Anticipated Payroll
Other Assumptions:
Form of payment
Marital status
Percent married
Spouse's age
Decrement timing
The Anticipated Payroll for the fiscal year beginning July 1, 2020 is equal to the actual payroll during the year
ending June 30, 2020, increased with one year of salary scale.
e. Joint with One-Half
Survivor Benefits
Decrements are assumed to occur at the beginning of the year.
For active members, the Average Annual Compensation was increased by $200 for additional wages received
upon termination, such as severance or unused sick leave.
Miscellaneous
adjustments
100% of members are assumed to elect the normal form of benefit payment, a single life annuity with a five-
year certain period.
80% of male members and 65% of female members are assumed to be married and or to have a dependent beneficiary.
Male members are assumed to be three years older than their spouses and female members are assumed to be
two years younger than their spouses.
The actuarial cost method is Entry Age Normal - Level Percent of Payroll.
The COLA Surcharge is developed by determining the assets needed at the start of the next biennium to fund
the post-retirement benefit increases anticipated to be granted in that biennium. This amount is divided by the
present value of expected payroll over which the accumulations will occur.
Actuarial Value of Assets is equal to a five-year smoothing of gains and losses on the Market Value of Assets
subject to a 20% corridor.
Employer Contribution
Rates
Based on the assumptions and methods previously described, an actuarially determined contribution rate is
computed. The Board considers this information and has ultimate authority in setting the employer
contribution rates.
Before age 62, the member’s benefits will equal the sum of the member’s Social Security estimate, multiplied
by actuarial factors, and the member’s early retirement benefit. This will result in the member receiving a
larger monthly benefit payment before age 62. After age 62, the member’s benefit will equal the difference
between the member’s Social Security estimate, multiplied by actuarial factors, and the member’s pre-62
monthly pension benefit. Depending upon the member’s estimated Social Security disbursement, benefit
payments may be greatly reduced or terminated at age 62.
In order to select this option, the member must choose to combine at least a portion of their Annuity Savings
Account (ASA) with their lifetime monthly pension benefit. If selected, the member will receive a monthly
benefit for the rest of their life. If the member dies before receiving payments for 5 years, the beneficiary will
receive the pension portion of their monthly benefit for the remainder of those 5 years or a lump sum equal to
the present value of those remaining payments. Also, upon death (whether death occurs before or after
receiving 5 years of benefits), the beneficiary may receive any remaining balance of the ASA.
c. Joint with Full Survivor
Benefits
d. Joint with Two-Thirds
Survivor Benefits
f. Integration with
Social Security
A member who retires between ages 50 and 62 may integrate the PERF monthly pension benefit with the
member’s estimated Social Security benefits. This does not affect the amount of the benefit received from the
Social Security Administration.
Member will be paid a monthly benefit for life. After death, one-half (1/2) of the benefit will be paid to the
beneficiary for their lifetime.
b. Benefit with No
Guarantee
Member will receive a monthly benefit for life, but there are no monthly payments to anyone after death.
However, the balance of the Annuity Savings Account will be distributed to the beneficiary or estate if it is larger than the payments previously made to the member.
Member will be paid a monthly benefit for life. After death, the same monthly benefit will be paid to the
beneficiary for their lifetime.
g. 5-Year Guaranteed
Beneficiary Benefit with
ASA Cash Refund
Member will be paid a monthly benefit for life. After death, two-thirds (2/3) of the benefit will be paid to the
beneficiary for their lifetime.
77
Data Assumptions:
•
•
•
•
•
City
Parks
7,676
For the year ended December 31, 2020, the City recognized pension expense of $1,585,184 for the City plan and $164,926 for the Park
plan. Pension expense included net amortization of deferred amounts described below. At December 31, 2020, the City reported deferred
outflows of resources and deferred inflows of resources related to the PERF Hybrid Plan from the following sources:
As a result of the 2014-2019 Experience Study, there were changes to many assumptions. Please see that Study for
complete details (available on the INPRS web site at www.in.gov/inprs/actuarialvaluation.htm).
-
798,841
443,490
219,552$
25,260$
392,006
2,756,046
Total that will be recognized in pension expense (income) based on
the table below
Changes in assumptions
204,156
Deferred Inflows of
Resources
2,581,990
Total
33,333$
Changes in plan provisions:
4,079,502$
2,078,954
There were no changes in plan provisions since the prior year.
2,756,046$
Deferred Outflows of
Resources
2,000,548
Contributions subsequent to the June 30, 2020, 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.
166,380$
Deferred Outflows of
Resources
Differences between expected and actual experience
Pension contributions subsequent to measurement date
Changes in proportion and differences between City contributions
and proportionate share of contributions 41,443
There were no changes in actuarial methods since the prior year.
Changes in actuarial methods:
235,794
Changes in proportion and differences between City contributions
and proportionate share of contributions
161,018 -
Changes in actuarial assumptions:
Differences between expected and actual experience
-
Total that will be recognized in pension expense (income) based on
the table below
Total
439,950$ 443,490$
Pension contributions subsequent to measurement date
26,224
Changes in assumptions -
Net difference between projected and actual earnings on pension plan investments
Deferred Inflows of
Resources
Pension Expense and Deferred Items Summary:
-
The most significant change in the economic assumptions is the increase of the wage inflation assumption from
2.50% + Merit (age-based) to 2.75% + Merit (service-based).
The major demographic assumptions include mortality, retirement, disability, terminations, and salary merit increases.
Mortality is typically the most significant demographic assumption. The mortality tables used in calculating the valuations
have been updated from RP-2014 projected from 2006 with Social Security Administration's 2014 Trustee report
(generational) to Pub-2010 General Amount-Weighted Mortality projected with MP-2019 (generational). Male ages set
forward three years, females set forward one year.
Net difference between projected and actual earnings on pension
plan investments 1,060,561 -
78
Pension Plan Report and Fiduciary Net Position:
Plan Description:
Benefits Provided:
Contributions and Funding Policy:
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 made about the future. Key methods and assumptions used in calculating
the total pension liability in the latest actuarial valuations are presented below.
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 2020, 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.
The City's contribution to the plan for the year ending December 31, 2020, was $2,117,739 for police participants and $2,695,458 for fire participants, which was equal to the required contributions for the year.
(677,092)$
At December 31, 2020, the City reported a liability of $2,485,745 for police and a liability of $3,110,611 for fire for its proportionate share of
the net pension liability. The City's proportionate share of the net pension liability was based on the City's wages as a proportion of total wages
for the plan. The proportionate share used at the June 30, 2020, measurement date was 0.0102375 for police and 0.012811 for fire.
Detailed information about the pension plan's fiduciary net position is available in a stand-alone financial report of INPRS that includes
financial statements and required supplementary information for the plan as a whole. This report may be obtained by writing the Indiana
Public Retirement System, One North Capitol, Suite 001, Indianapolis, Indiana 46204, by calling (844) GO-INPRS, by emailing
questions@inprs.in.gov, or by visiting www.in.gov/inprs.
The 1977 Police Officers' and Firefighters' Pension and Disability Fund is a cost-sharing, multiple-employer defined benefit pension plan
administered by the Indiana Public Retirement System (INPRS) for all police officers and firefighters hired (or rehired) after
April 30, 1977.
-
(207,696)$
Amount
Parks
20222021
2025
Proportionate Share of the Net Pension Liability:
Total
Year Ending December 31,
450,501
(131,904)
Thereafter
2024
-
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:
Amount
68,396
(37,281)
-
City
(172,534)$ (683,494)$
-
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 other Indiana pension law.
(312,195) (66,277)
2023
1977 Police Officers' and Firefighters' Pension and Disability Fund
79
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, 2020
Valuation Date
Assets:June 30, 2020
Liabilities:
Inflation
Future Salary Increases
Cost-of-Living Increases As of June 30, 2020:
As of June 30, 2019:
Mortality Assumption
Experience Study
Discount Rate 6.75%, net of investment expenses
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.
The INPRS Board of Trustees has established a funding policy of setting the employer contribution rate equal
to the greater of 17.5% (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, 2020 actuarial valuation assumes a long-term rate of
return on assets of 6.75%, 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, 2020), and a 5-year smoothing method
for recognizing investment gains and losses in the actuarial value of assets.
2.0% compounded annually, beginning July 1, 2020. Actual COLA increases at July 1, 2018 (2.2%) and July
1, 2019 (1.6%) are reflected in the valuation.
The most recent comprehensive experience study, based on member experience between June 30, 2014 and
June 30, 2019, was completed in February 2020. The demographic assumptions were approved by the Board
in June 2020 and were updated as appropriate based on the results of the study for this June 30, 2020 actuarial valuation.
2.1% compounded annually, beginning July 1, 2020. Actual COLA increases at July 1, 2019 (1.6%) and July
1, 2020 (2.1%) 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.
Pub-2010 Public Retirement Plans Mortality Tables (Amount-Weighted) with a fully generational projection
of mortality improvements using SOA Scale MP-2019.
Healthy Employees – Safety Employee table with a 3-year set forward for males and no set forward for
females.
2.25%
2.75%
Beneficiaries – Contingent Survivor table with no set forward for males and a 2-year set forward for females.
Disableds – General Disabled table.
June 30, 2019 – The TPL as of June 30, 2020 was determined based on an actuarial valuation prepared as of
June 30, 2019 rolled forward one year to June 30, 2020, using the following key actuarial assumptions and
other inputs, such as benefit accruals and actual benefit payments during that time period.
80
Discount Rate Sensitivity
2020 Police
2020 Fire
Classes of Plan Members Covered
Money-Weighted Rate of Return
Summary of Plan Provisions:
Definitions
Fiscal year
Participation
Member contributions
Eligibility for Benefits
Deferred vested
Disability retirement
Early retirement
Normal retirement
Pre-retirement death
Monthly Benefits Payable
Normal retirement
Early retirement
Deferred retirement
(7,791,672)$
Current Rate
All full-time, fully-paid police officers and firefighters who work for employers participating in the 1977
Fund and who are hired or rehired after April 30, 1977.
Members are assumed to contribute at the rate of 6% of salary until they have completed 32 years of service.
20 or more years of creditable service and no longer active.
1% Increase
(6,226,465)$ 2,485,745$
The retirement benefit valued is 52% of the base salary (first-class salary) of a First Class Police Officer and
Firefighter with 20 years of service, plus an additional 1% for each completed 6 months of service over 20
years up to a maximum of 76% with 32 years of service.
Early retirement benefits are reduced by 7% per year for commencement between ages 50 and 52.
5.75% 6.75%
The June 30, 2020 valuation was performed using census data provided by INPRS as of June 30, 2019. Standard actuarial techniques were used to roll forward the total pension liability computed as of June 30,
2019 to the June 30, 2020 Measurement Date using actual benefit payments during that period of time.
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, 2020, the moneyweighted return on the plan assets is 2.6%.
Immediate.
13,238,798$
16,566,764$
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 6.75 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 (5.75%) or one percentage point higher (7.75%) than
the current rate:
If a member ends employment other than by death or disability before completing 20 years of active service,
the member shall be entitled to the member's contributions plus accumulated interest. This benefit is not
available to converted members.
Age 52 with 20 or more years of creditable service.
1% Decrease
If termination is after earning 20 years of service, the termination benefit is the accrued retirement benefit
determined as of the termination date and payable commencing of the normal retirement date. The member may elect to receive a reduced early retirement benefit.
Twelve month period ending June 30.
3,110,611$
7.75%
As determined by a disability medical panel.
Age 50 with 20 or more years of creditable service.
81
Diability
Hired before 1990
2017 House Enrolled Act No. 1617 Enhanced Disability:
Hired after 1989
Class 1 Impairment:
Class 2 Impairment:
Class 3 Impairment:
2017 House Enrolled Act No. 1617 Enhanced Disability:
Pre-retirement deathSurviving spouse
Children
In either case, if the member does not have 20 years of service or is not at least age 52 on the date of death,
the benefit is computed as if the member does have 20 years of service and is age 52 on the date of death.
If a member dies in the line of duty, the spouse's benefit is equal to the monthly benefit the member was receiving or was entitled to receive on the date of death.
If a member dies other than in the line of duty, the spouse's benefit is equal to 70% of the monthly benefit the
member was receiving or was entitled to receive on the date of death.
This disability benefit is for members hired after 1989, or hired prior to January 1, 1990, who have chosen to
be covered by this disability benefit. The following describes the three different classes of impairments and
the amount of base benefit for each class:
A proven duty-related disease. The disability benefit is equal to a base benefit of 22% of base salary, plus an
additional 0.5% of this salary for each year of service up to a maximum of 30 years of service, plus an additional amount between 10% and 45% of this salary based on degree of impairment. If the member's total
benefit is less than 30% of this salary and the member has fewer than 4 years of service, then the benefit is
payable for a period equal to the years of service of the member. Otherwise, the benefit is payable for life.
For catastrophic physical personal injuries that result in a degree of impairment of at least 67% and permanently prevents the member from performing any gainful work, the member will receive a disability
benefit equal to 100% of base salary. Additionally, the benefit is increased by the increase in the base salary.
A personal injury that occurs while on duty, while responding to an emergency, or due to an occupational disease. The disability benefit is equal to a base benefit of 45% of base salary, plus an additional amount
between 10% and 45% of this salary based on degree of impairment. The benefit is payable for life, at which
time the member is entitled to a retirement benefit based on the salary and service the member would have
earned had the member remained in active service.
A payment shall be made to each child of a deceased member equal to 20% of the member's benefit until the
later of (a) the date the child becomes age 18, or (b) the date the child becomes age 23 if enrolled in a
qualified school. If a child is at least 18 and is mentally or physically incapacitated, the child is entitled to an
amount equal to the greater of 30% of the base salary, or 55% of the member's benefit payable for the
duration of the incapacity. If the member does not have 20 years of service or is not at least age 52 on the date
of death, the benefit is computed as if the member does have 20 years of service and is age 52 on the date of
death.
For catastrophic physical personal injuries that result in a degree of impairment of at least 67% and
permanently prevents the member from performing any gainful work, the member will receive a disability
benefit equal to 100% of base salary. Additionally, the benefit is increased by the increase in the base salary.
This disability benefit is only available to members hired prior to January 1, 1990 and who do not choose to
be covered by the disability benefit for members hired after 1989. The disability benefit is equal to the benefit
the member would have received if the member had retired. If the member does not have 20 years of service
or is not at least age 52 on the date of disability, the benefit is computed as if the member does have 20 years
of service and is age 52 on the date of disability.
All other impairments that are not Class 1 or Class 2. The disability benefit is equal to a base benefit of 1% of
base salary for each year of service up to a maximum of 30 years of service, plus an additional amount
between 10% and 45% of this salary based on degree of impairment. If the member's total benefit is less than
30% of this salary and the member has fewer than 4 years of service, then the benefit is payable for a period
equal to the years of service of the member. Otherwise, the benefit is payable until age 52, at which time the
member is entitled to a retirement benefit based on 20 years of service.
82
Dependent parents
No spouse or dependent
Additional death benefits
Cost-of-Living-Adjustments
Forms of payment
a. Single life annuity
Actuarial Methods:
Asset Valuation Method
Employer Contribution Rate
Other Assumptions:
If a deceased member leaves no surviving spouse and no qualified child but does leave a dependent parent or
parents, an amount equal to 50% of the member's benefit shall be paid to the parent or parents jointly during
their lifetime. If the member does not have 20 years of service or is not at least age 52 on the date of death,
the benefit is computed as if the member does have 20 years of service and is age 52 on the date of death.
If a deceased member leaves no surviving spouse, no qualified dependent child, nor a dependent parent, a
refund of the member's contributions plus accumulated interest will be made to the member's estate.
Members are assumed to elect either a single life annuity or a 70% joint survivor
benefit based on the marriage assumptions below.
If the member elected to participate in the DROP, the member may, upon retirement, elect to forego DROP
benefits, and instead receive monthly retirement benefits calculated as if the member never elected to participate in the DROP. These benefits would be based on accrued service and base salary as of the date the
member retires.
Benefits for retired members are increased annually based on increases in the CPI-U index. The increase is
subject to a 3% maximum and 0% minimum.
When a member enters the DROP, a “DROP frozen benefit” will be calculated. This is equal to the member's
monthly retirement benefit based on accrued service and base salary as of the date member enters the DROP.
Upon DROP retirement, the member is eligible to receive a lump sum equal to the amount of the DROP
frozen benefit multiplied by the number of months in the DROP. You may elect to receive this amount in
three annual installments instead of in a single lump sum. In addition, the member will receive a monthly
retirement benefit equal to the DROP frozen benefit. The member will not continue to accrue service credit
for the years in the DROP. Cost of living adjustments will not apply to the frozen monthly benefit while in the
DROP. The cost of living adjustments will begin to be applied to the frozen monthly benefit, however, in the
year after the year in which the member retires.
Based on the assumptions and methods previously described, an actuarially determined
contribution rate is computed. The Board considers this information and has ultimate
authority in setting the employer contribution rate.
Anticipated Payroll The anticipated payroll for the fiscal year following the valuation date is equal to the
actual payroll during the year ending on the valuation date, increased with one year of
salary scale.
b. Joint with 70%
survivor benefits
The DROP is an optional form of benefit, which allows members who are eligible for an unreduced
retirement benefit to continue to work and earn a salary while accumulating a DROP benefit payable in a
lump sum or three annual installments. A member who elects to enter the DROP shall execute an irrevocable
election to retire on the DROP retirement date. The member shall select a DROP retirement date not less than
12 months and not more than 36 months after the member’s DROP entry date. While in the DROP, the
member shall continue to make applicable fund contributions.
Member will be paid a monthly benefit for life. After death, 70% of the benefit will be paid to the spouse or
parent for their lifetime or the dependent until age 18.
Member will receive a monthly benefit for life, but there are no monthly payments to anyone after death.
A funeral death benefit is paid to the heirs or estate upon the member's death from any cause and is equal to at
least $12,000. An additional death benefit of $150,000 is paid from the Pension Relief Fund to a surviving
spouse, children, or parent(s) if death occurs in the line of duty.
Deferred retirement option
plan (“DROP”)
Actuarial Cost Method The actuarial cost method is Entry Age Normal - Level Percent of Payroll.
Form of payment
The Actuarial Value of Assets smoothes the recognition of gains and losses on the
Market Value of Assets over five years, subject to a 20% corridor.
83
Marital status
Percent married
Spouse's age
Data Assumptions:
Changes in actuarial assumptions:
•
•
•
Changes in actuarial methods:
•
Changes in plan provisions:
• There were no changes in plan provisions since the prior year.
Active member death
80% of male members and 60% of female members are assumed to be married and or
to have a dependent beneficiary.
Male members are assumed to be three years older than their spouses and female
members are assumed to be two years younger than their spouses.
Members who are participating in the DROP are assumed to receive an annuity benefit
commencing at the end of their DROP period, as well as a lump sum payment equal to
the number of years they were in the DROP times their annual annuity benefit.
20% are assumed to be in the line of duty and 80% are other than in the line of duty.
Active member disability retirement For members hired before 1989 who become disabled:
Members in DROP
As a result of the 2014-2019 Experience Study, there were changes to many assumptions. Please see that Study for
complete details (available on the INPRS web site at www.in.gov/inprs/actuarialvaluation.htm).
The most significant changes in the economic assumptions are the increase of the wage inflation assumption from 2.50% +
Merit (age-based) to 2.75% + Merit (service-based) and the increase in the COLA assumption from 2.00% (2.50% catastrophic disability) to 2.10% (2.75% catastrophic disability).
The major demographic assumptions include mortality, retirement, disability, terminations, and salary merit increases.
Mortality is typically the most significant demographic assumption. The mortality tables used in calculating the valuations
have been updated from RP-2014 Blue Collar projected from 2006 with Social Security Administration's 2014 Trustee
report (generational) to Pub-2010 Safety Amount-Weighted Mortality projected with MP-2019 (generational). Male ages set forward 3 years, females not adjusted.
99% are assumed to be a non-catastrophic disability, and 1% are assumed to be a
catastrophic disability (HEA 1617).
Decrement timing Decrements are assumed to occur at the beginning of the year.
Active member disability retirement
59% are assumed to be Class 1,
10% are assumed to be Class 2,
30% are assumed to be Class 3, and
1% are assumed to be a catastrophic disability (HEA 1617).
The additional monthly amount determined under IC 36-8-8-13.5(f) based on the
degree of impairment is assumed to be 17%.
For members hired after 1989 who become disabled:
There were no changes in actuarial methods since the prior year.
84
Police
Firefighters
1,626,529$
391,887
1,575,030
77,343
1,999,333
1,329,330$
2021
317,384
20,447
5,041,397$
254,019$
Contributions subsequent to the June 30, 2020, measurement date of the net pension liability, but before the end of the employer's reporting period, are recognized as a reduction of the net pension liability in the subsequent fiscal period rather than in the current fiscal period.
1,941,859$
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:
Changes in proportion and differences between City contributions
and proportionate share of contributions
Police Amount Fire Amount
-
846,288
2025
677,919
Pension Expense and Deferred Items Summary:
Deferred Inflows of
Resources
69,750
Differences between expected and actual experience
Total that will be recognized in pension expense (income) based on
the table below
63,451
Total that will be recognized in pension expense (income) based on
the table below
Total
Changes in proportion and differences between City contributions
and proportionate share of contributions
1,581,073 -
263,868 211,490
2022 25,987 19,683
1,258,635
Year Ending December 31,
1,263,463
20242023
106,429
-
Changes in assumptions
Thereafter 198,071 244,681
For the year ended December 31, 2020, the City recognized pension expense of $1,626,880 for police and $2,023,006 for fire, which
included net amortization of deferred amounts described below. At December 31, 2020, the City reported deferred outflows of resources and
deferred inflows of resources related to the 1977 Plan from the following sources:
Pension contributions subsequent to measurement date
2,905,435 1,576,105
3,625,862
(101,521)$ (139,878)$
25,587
1,107,572
1,415,535
Net difference between projected and actual earnings on pension plan investments
Changes in assumptions
1,551,775$
317,874$
Pension contributions subsequent to measurement date
Total
Deferred Outflows of
Resources
1,576,105$
Deferred Outflows of
Resources
Deferred Inflows of
Resources
Net difference between projected and actual earnings on
pension plan investments
Differences between expected and actual experience
-
4,013,007$
1,999,333$
85
Pension Plan Report and Fiduciary Net Position:
G. Other Post-Employment Benefits
Single-Employer Defined Benefit Healthcare Plan
Plan Description
Cost sharing features are as follows:
Non-prescription Coverage
Deductible (2x Family)
Physician Office Copay
Coinsurance Percentage
Out-of-Pocket Maximum(excluding Deductible)
Lifetime Maximum
Plan A participants receive $600 for single coverage and $800 for retiree-spouse coverage in lieu of HSA contribution.
Prescription Coverage
Copayment
Retail Generic
Formulary Brand
Non-Formulary Brand
Mail Order
Dental Coverage
Deductible (2x Family) Waived for preventative and orthodontia
Copayment Percentage
Preventative
Basic
Major/Orthodontia
Annual Maximum $2,500 lifetime max for orthodontia
3,000$
The pension plan's fiduciary net position has been determined on the same basis of accounting used by the pension plan. Detailed
information about the pension plan's fiduciary net position is available in the separately-issued INPRS financial report, which is available
online at http://www.inprs.in.gov or may be obtained by contacting:
750$ 1,500$
Plan B
Plan A
20%
N/A
$10
0%0%
50%
Eligible retirees are those who retire from the City of Carmel with at least 20 years of creditable employment with a public employer. If any of
the years of creditable employment includes employment with other public employers besides the City of Carmel, then the retiree must also be at least age 55 in order to be eligible.
40%
1,500$
$100
$50
$60
2,000$
N/A
$2,500
N/A
100%
Plan B
Plan A
80%
4,000$
4,000$
Network
The Plan is allocated between governmental and and business-type activities based on the percentage of total personal services expenditures
during the City's fiscal year ended December 31.
Indiana Public Retirement System
One North Capitol Avenue, Suite 001
Ph. (844) GO-INPRS
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).
2,000$
50$
365 days/visits inpatient/outpatient
hospice combined
365 days/visits inpatient/outpatient hospice
combined
2x Above
Indianapolis, Indiana 46204
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.
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.
Non-NetworkNon-NetworkNetwork
Subject to medical deductible and
coinsurance
86
Monthly Premiums:
Medical and Vision
Retiree
Spouse
Dental
RetireeSpouse
Employees Covered By Benefit Terms
At December 31, 2020, the following members were projected to be covered by the terms of the plan:
Inactive plan members currently receiving benefit paymentsInactive plan members entitled to but not yet receiving benefit payments
Active plan members: fully eligible
Active plan members: not fully eligible
Total
Net OPEB Liability
The committed fund balance of the Health Self Insurance Fund includes $456,406 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.
Under this method, as used in the December 31, 2020, 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.
687
503
Dental Plan
Plan A
$876.00
-
146
Plan A
$786.00$1,030.00
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.
38
$852.00
Plan B
$48.00
For the year ended December 31, 2020, the City contributed $906,212 to the Plan for current premiums.
Coverage ends for the retiree at the retiree's Medicare eligibility date.
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.
2017/2018 2019/2020
The Entry Age Normal Actuarial Cost Method used in the current OPEB actuarial valuation is unchanged from the
prior OPEB actuarial valuation.
$668.00 $724.00
$61.00
The excess, if any, of the Total OPEB Liability over the Plan Fiduciary Net Position is the Net OPEB Liability. Under this method, actuarial
gains (losses), as they occur, reduce (increase) the Net OPEB Liability and are explicitly identified and amortized in the annual expense.
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.
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.
Plan B
$949.00 $1,115.00
$52.00
$56.00
Plan B
87
Changes in the Net OPEB Liability:
Balances at December 31, 2019
Changes for the Year
Service Cost
Interest
Changes in Plan Provisions
Difference between Expected and Actual Experience
Changes in Assumptions
Total OPEB Expense/ Net Changes
Balances at December 31, 2020
Sensitivity of the Net OPEB Obligation to Changes in the Discount Rate
Total OPEB Liability
Plan Fiduciary Net Position
Net OPEB Liability
Sensitivity of the Net OPEB Obligation to Changes in the Healthcare Cost Trend Rate
Total OPEB LiabilityPlan Fiduciary Net PositionNet OPEB Liability
1,990,194
30,705,274$ -$ 30,705,274$
Benefit Payments:
Plan FiduciaryNet Position
70,667 -
994,250
28,715,080$
The following presents the net OPEB liability of the Employer, as well as what the Employer's net 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:
30,705,274$
The following presents the net OPEB liability of the Employer, as well as what the Employer's net 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:
-
(906,212) -
- - 28,007,964$
Total OPEB
-
994,250 -
1,831,489
33,890,750$ -
1,831,489
(906,212)
-
28,715,080$
Liability
-$
Liability
70,667
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.
-
1% Decrease Current Rate
30,705,274$ 33,890,750$
-
- -
Net OPEB
1% Increase
28,007,964$
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.
1% Decrease Current Rate 1% Increase
33,468,403$ 30,705,274$ 28,132,521$
- - -
33,468,403$ 30,705,274$ 28,132,521$
1,990,194 -
88
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
Liability Experience Losses / (Gains)
Changes in Assumptions
Investment Losses / (Gains)
Measurement Date December 31, 2020
Valuation Date December 31, 2020
COST METHOD Entry Age Normal (Level % of Pay)
ECONOMIC ASSUMPTIONS:
Discount rate
Discount rate basis
Coverage rate
Spouses
Disability
Mortality:
Civilian employees
Police and fire employees
-
(153,978)
2024
Retired participants: Age and marital status based on actual census data.
3.69% per annum as of December 31, 2018
At December 31, the deferred outflows / (inflows) of resources based on obligations for the Plan are as follows:
Year Ending December 31,
Deferred Outflows of
Resources
Deferred Inflows of
Resources
1,009,144 1,200,785
20222023
Amount
2021
3.30% per annum as of December 31, 2019
None assumed.
(1,076,014)$
3.30% per annum as of December 31, 2020
(153,978)
Thereafter
Actuarial Methods and Assumptions
(153,978) 2025
64,402$
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 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.
Active participants: 35% are assumed to cover a spouse, with male spouses two years older
than female spouses.
(306,124)
S&P Municipal Bond 20-Year High Grade Rate Index*
1,073,546$
-
For the year ended December 31, 2020, the City recognized OPEB expense of $2,671,761. OPEB expense represents the change in the net
OPEB liability during the measurement period, adjusted for actual contributions and the deferred recognition of changes in investment
gain/loss, and actuarial assumptions or method. At December 31, 2020, the City reported deferred outflows of resources and deferred inflows
of resources related to OPEB from the following sources:
948,775$
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.
(153,978)
Total
(153,978)$
2,149,560$
89
Mortality improvement
Turnover According to Sarason Table T-1.
Retirement Rates:
Civilian employees:
Police and fire employees:
Plan mix:
Plan A
Plan B
Per capita claims cost:
Age Age
55-59 All Ages
60-64
Age Age
55-59 All Ages
60-64
Inflation; health care cost trend rate:
Year Medical Dental Medical Dental
0
1 to 23 to 5
6 to 8
9 to 10
11+
19%
30%
5.0%
12,261$
68
69
Age
5.0%
5.0%
40%
25%22%
Female
17%
2019/2020
22.5%
19%
55
10.0%
2%
61
2%
7%
50-53
54
2019/2020 Medical & Vision
4%
Female
2019/2020 Dental
2017/2018 Dental
25%
2019
Male
Age
52-54
9.0%
8.0%
15,353$
59
100%
9.0%
5%
Male
7.0%
5.0%
Female
6.0%
67
647$
5.0%
5%
6.0%
30%
19%
15,726$
4%
16%
65
647$
2017/2018 Medical & Vision
12,129$
14,210$
6.0% 5.0%
5.0%5.0%
Age
63
64
4%
3%
2%
5.0%
Male Female
Varies by age and status; representative rates follow:
13,247$ 13,104$ 704$ 704$
16,991$
2017/2018
Male
17%
Male
SOA published mortality improvement scale: MP-2019 (MP-2018 at December 31, 2018)
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.
20%
Male
65+
35%
24%
100.0%
75%
45-51
70-74
4%
75+
12%
14% 100%
Female
5%
3% 66
8%
14%32%
Female
60
Rate
2.5%
7.5%
26%
21%
62
58 5%
20%
5.0%
7.0%
5657
61-64
55-60
5.0%
5.0%
8.0%
30.0%
5.0%
8.5%
90
H. Schedule of Aggregate Amounts – Single-employer and Cost Sharing Multiple-employer Defined Benefit Pension Plans
Pension liability
Pension assets
Net pension liability (asset)
Deferred outflows of resources
Deferred inflows of resources
Pension expense (income)
Pension liability
Pension assets
Net pension liability (asset)
Deferred outflows of resources
Deferred inflows of resources
Pension expense (income)
I. Deferred Compensation Plan
445,872$ 367,043$ 1,943,131$
167,000$ 199,648$ 1,218,536$
3,199,536$
1,750,110$
443,490$
164,926$
Public Employees'
Retirement
Total
10,141,905$
1,881,404$
439,950$
Water Utility Sewer Utility City- All OtherParks
8,260,501
*Additional detail provided below.
The Public Employees' Retirement Fund is first classified by INPRS by (1) Parks employees (Parks) and (2) all other Civilian empoyees of the
City (City). The City plan is then allocated between governmental and 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 Plan
10,807,005$ 8,896,353$
8,802,220 7,246,009 38,360,476
2,004,785$ 1,650,344$ 8,736,945$
659,980$ 543,298$
76,942,684$
62,669,206
14,273,478$
4,519,452$ 2,876,224$
47,097,421$
The City offers its employees certain deferred compensation plans established in accordance with Internal Revenue Code Sections 401(a)
and 457(b). The plans are available to all City employees and permits them to defer a portion of their salary until future years. The deferred
compensation is not available to employees until termination, retirement, death or unforeseeable emergency. All assets of the plans are, until
paid or made available to the employee or other beneficiary, held in trust and are not subject to claims of the City's general creditors.
Therefore, the assets of the plans are not reported.
The City's liability to each participant is equal to the participant's deferred compensation, adjusted by an amount equal to the investment
performance in the related asset account. The City has no liability for losses under the plans but does have the duty of due care that would be
required of an ordinary prudent investor. Investments are managed by a trustee and investment decisions are made by individual employees.
9,264,176$
13,581,830$
6,775,366$
6,579$ 1,395$
392$
(501,554)$
3,199,536$
150,801,730
5,596,356$
9,054,404$
-$
62,669,206
14,273,478$
4,519,452$
Retirement*
156,398,086$ 251,235,678$
1937 Firefighters'
Pension
1925 Police
Officer's Pension
1977 Police Officers'
and Firefighters'
Pension and Disability
4,480,321$
37,613,472$
8,616,378$
1,750,110$
3,575,438$
3,649,886$
136,916
8,479,462$
(418,121)$
Total
9,278,530$
Public Employees'
213,622,206
76,942,684$
14,354
91
J. Interfund Receivables and Payables
The composition of the interfund balances as of December 31, 2020 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 and Fund-level Prior Period Adjustments
A fund treated as nonmajor in the prior year were reclassified as major for the year ended December 31, 2020:
Total fund balances of nonmajor funds as previously reported
Reclassification from nonmajor to major funds:
Bond Bank Project Fund
Restatement:
Elimination of an escrow account not belonging to the City
Removal of intergovernmental accounts receivable
Total restatement
859,140
Water Utility invoices include charges for Sewer and Storm Water, and these charges are remitted as collected, one month in arrears.
Total
(351,999)
Total restated fund balances as of January 1, 2020
58,369,956$
(2,418,050)
(812,056)
(1,164,055)
54,787,851$
2,418,050 -
Major Nonmajor Governmental
100,381,359$ 158,751,315$
-
-
(812,056)
(351,999)
(1,164,055)
157,587,260$ 102,799,409$
-
The Motor Vehicle Highway Fund is due $58,412 from the Storm Water Fund to comply with an ordinance requiring certain transfers.
58,412$
723,287$
1,582,427$
362,448$
362,448$
58,412$
Amount
92
L. Government-wide Prior Period Adjustments
The City made four prior period adjustments for the presentation of the year ended December 31, 2019.
Beginning net position
Restatement:
Restatement of the carrying value of capital assets
Elimination of an escrow account not belonging to the City
Total restatement
Total restated beginning net position
M. Subsequent Events
Activities Activities
110,171,422$
-
-
(180,201) -
(180,201)
109,991,221$
Governmental Business-Type
441,733,015$
(13,540,548)
(812,056)
- (351,999)
(14,704,603)
427,028,412$
(14,524,402)
317,037,191$
(351,999) 180,201 Reallocate OPEB deferred outflows (inflows) of resources
Eliminate outdated intergovernmental accounts receivable
Total
The City elected to remove an outdated intergovernmental accounts receivable in the amount of $351,999 from its books as
of December 31, 2019, resulting in a reduction in both assets and net position.
The City corrected the allocation of OPEB deferred outflows (inflows) of resources between Governmental and Business-type
Activities for the year ended December 31, 2019, correcting an understatement of net position in Governmental Activities of
$180,201, including a reduction in deferred outflows of resources of $153,414 and a reduction in deferred inflows of resources
$333,615 and an overstatement of net position in Business-type activities of $180,201, including an increase in deferred
outflows of resources of $153,414 and an increase in deferred inflows of resources $333,615.
During the current year, the City discovered several errors in capital assets as reported at December 31, 2019, totaling $13,540,548.
This misstatement had the effect of overstating assets and net position on the 2019 financial statements.
The City eliminated an escrow account with a December 31, 2019 balance of $812,056, that was determined not to belong
to the City.
(812,056)
The effect of these prior period adjustments is that Governmental Activities beginning net position was adjusted downward $14,524,402 and Business-type Activities beginning net position was adjusted downward $180,201 as shown below:
On September 14, 2021, the City issued, through its local public improvement bond bank, $32,380,000 of its Local Income Tax Lease Rental
Bonds, Series 2021. The bonds were issued to finance the acquisition of property, construction, renovation, installation, and equipping of
buildings and other related improvements comprising an expansion to the police headquarters and relocating the related information
technology facility into a new facility and funding the renovation, installation and equipping of that facility. The bonds are payable from the
City's future distributions of local income tax and backed by an ad valorem property tax.
On September 14, 2021, the City issued, through its local public improvement bond bank, $24,215,000 of its Taxable Redevelopment District
Bonds, Series 2021. The bonds were issued to finance the cost of certain public improvement projects, including land acquisition, site
preparation, other on-site improvements, road and utility infrastructure improvements, utility relocation, parking facilities and other local
public improvements. The City has pledged a special benefits tax, an ad valorem property tax levied on all taxable property within the City
Redevelopment District, to repay the bonds. The Commission has reserved the right and reasonably expects, but is not required, to pay the
debt service from Tax Increment revenues from several allocation areas in the District or other legally available revenues of the Commission.
The bonds are further secured by a debt service reserve.
On September 14, 2021, the City issued, through its local public improvement bond bank, $10,550,000 of its Taxable Local Income Tax
General Obligation Bonds, Series 2021. The bonds were issued to provide funds for the acquisition, design, construction and/or equipping of a
new police station parking garage to be located at the southeast corner of Monon Green Boulevard and Veterans Way in the City. The bonds
are payable from the City's future distributions of local income tax and backed by an ad valorem property tax.
331,561,593$
(13,540,548)
On September 14, 2021, the City issued, through its local public improvement bond bank, $54,225,000 of its Ad Valorem Property Tax Lease
Rental Bonds, Series 2021. The bonds were issued to finance the cost of the acquisition, design, construction, reconstruction, resurfacing,
improvement and/or equipping of road and street projects. The City has pledged a special benefits tax, an ad valorem property tax levied on
all taxable property within the City Redevelopment District, to repay the bonds.
93
2020 2019 2018 2017
Total OPEB Liability
Service Cost 1,831,489$ 1,420,618$ 1,519,286$ 1,330,012$
Interest Cost 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 70,667 (107,011) (787,315) (418,473)
Changes in Assumptions - 1,205,476 (676,338) (1,046,528)
(906,212) (884,567) (539,334) (413,786) Net Changes in Total OPEB Liability 1,990,194 2,637,402 377,327 481,204
Total OPEB Liability - Beginning 28,715,080 26,077,678 25,700,351 25,219,147
Total OPEB Liability - Ending 30,705,274 28,715,080 26,077,678 25,700,351
Plan Fiduciary Net Position - Beginning - - - -
Plan Fiduciary Net Position - Ending - - - -
Net OPEB Liability 30,705,274$ 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, 2020
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS
94
2020 2019 2018 2017
Total OPEB Liability - Ending 30,705,274$ 28,715,080$ 26,077,678$ 25,700,351$
Plan Fiduciary Net Position - Ending - - - -
Net OPEB Liability 30,705,274 28,715,080 26,077,678 25,700,351
Plan Fiduciary Net Position as a Percentage of Total OPEB Liability 0.00%0.00%0.00%0.00%
Covered-Employee Payroll 45,468,975$ 44,359,976$ 38,986,588$ 38,047,090$
Net OPEB Liability as a Percentage of Covered-Employee Payroll 67.53%64.73%66.89%67.55%
The most recent actuarial valuation date is December 31, 2020.
Additional information on the City's OPEB can be found in Note II.G. on pages 86–90 of this report.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
SCHEDULE OF NET OPEB LIABILITY
For the Fiscal Year Ended December 31, 2020
Note: 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.
95
SUMMARY OF MAIN PLAN PROVISIONS
METHOD AND ASSUMPTIONS
Entry Age Normal (Level % of Pay)
ASSUMPTIONS:
Discount Rate 3.30% per annum as of December 31, 2020
3.30% per annum as of December 31, 2019
3.69% per annum as of December 31, 2018
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 Retirees: Age and marital status based on actual census data
Actives: 35% of retirees 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
Plan Mix Plan A: 75%; Plan B: 25%
Healthcare Cost Trend
Rates
City of Carmel, Indiana
NOTES TO THE REQUIRED SUPPLEMENTARY INFORMATION
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.
(December 31, 2018: RP-2014 Total Dataset adjusted to 2006 base mortality year)
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
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$10,800 per year). Retiree contributions for a married couple that works for the city are based on service of the individual employed for the longer period of time (not to exceed 75% of the total premium). The city contributes 100%of the premium for medical and dental coverage for those who
are killed in the line of duty with no maximum contribution. The city pays 50% for work-related disabilities. All other retirees pay 100% of the premium
rate.
SOA published mortality table: Pub-2010 Safety Employees amount-weighted mortality table. Separate tables for males and
female participants. Separate tables for active employees, healthy annuitants, contingent survivors, and disabled participants.
(December 31, 2018: RP-2014 Blue Collar adjusted to 2006 base mortality year)
SOA published mortality improvement scale: MP-2019 (MP-2018 at December 31, 2018) generational, which projects
mortality improvement indefinitely beyond the base mortality year beginning with high initial improvement based on recent
experience and tapering to a lower level of improvement for long-term mortality projections.
Medical costs were trended at 9.0% in the first year, graded down to 6.0% over 10 years; dental costs were trended at a flat
5.0% per year.
OTHER POST-EMPLOYMENT BENEFIT PLAN
December 31, 2020
96
1925 Police Officers' Pension Plan:202020192018201720162015Actuarially determined contribution607,355$ 564,928$ 564,928$ 557,208$ 546,748$ 534,143$ 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 applicable1937 Firefighters' Pension Plan: 202020192018201720162015Actuarially determined contribution565,704$ 584,282$ 584,282$ 577,369$ 553,519$ 562,264$ 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 applicableSee notes to schedules, 1925 Police Officers' and 1937 Firefighters' Pension Plans.Contributions in relation to the actuarially determined contributionContributions in relation to the actuarially determined contributionCity of Carmel, IndianaREQUIRED SUPPLEMENTARY INFORMATIONSCHEDULE OF EMPLOYER CONTRIBUTIONSDecember 31, 202097
1925 Police Officers' Pension Plan:202020192018201720162015Total pension liability8,616,378$ 9,650,494$ 9,893,565$ 10,119,548$ 10,119,548$ 10,179,012$ Less, fiduciary net position136,916 145,316 131,361 147,471 148,470 147,785 Net pension liability 8,479,462$ 9,505,178$ 9,762,204$ 9,972,077$ 9,971,078$ 10,031,227$ 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 applicable1937 Firefighters' Pension Plan:202020192018201720162015Total pension liability9,278,530$ 10,366,629$ 10,601,151$ 10,883,369$ 10,883,369$ 10,997,707$ Less, fiduciary net position14,354 36,220 5,405 26,027 30,375 39,365 Net pension liability 9,264,176$ 10,330,409$ 10,595,746$ 10,857,342$ 10,852,994$ 10,958,342$ 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 applicableSee notes to schedules, 1925 Police Officers' and 1937 Firefighters' Pension Plans.SCHEDULE OF NET PENSION LIABILITY AND RELATED RATIOSDecember 31, 2020Fiduciary net position as a percentage of the total pension liabilityFiduciary net position as a percentage of the total pension liabilityREQUIRED SUPPLEMENTARY INFORMATIONCity of Carmel, Indiana98
1925 Police Officers' Pension Plan:202020192018201720162015Total pension liability - beginning9,650,494$ 9,893,565$ 10,119,548$ 10,119,548$ 10,179,012$ 10,220,740$ Interest on total pension liability329,811 339,070 354,913 355,402 363,703 367,444 Effect of economic/demographic gains and losses (599,196) - 338,525 201,812 122,896 125,844 Effect of assumptions changes or inputs(148,471) - (337,280) - - - Benefit payments(616,260) (582,141) (582,141) (557,214) (546,063) (535,016) Total pension liability - ending8,616,378 9,650,494 9,893,565 10,119,548 10,119,548 10,179,012 Fiduciary net position - beginning145,316 131,361 147,471 148,470 147,785 148,615 Employer contributions607,355 564,928 564,928 557,208 546,748 534,143 Net investment income505 4,121 1,203 882 - 143 Benefit payments(616,260) (582,141) (582,141) (557,214) (546,063) (535,016) Administrative expenses- - (100) (1,875) - (100) Other- 27,047 - - - -Fiduciary net position - ending136,916 145,316 131,361 147,471 148,470 147,785 Net pension liability - ending $ 8,479,462 $ 9,505,178 $ 9,762,204 $ 9,972,077 $ 9,971,078 $ 10,031,227 1937 Firefighters' Pension Plan: 202020192018201720162015Total pension liability - beginning10,366,629$ 10,601,151$ 10,883,369$ 10,883,369$ 10,997,707$ 11,028,789$ Interest on total pension liability355,711 367,840 385,277 385,817 393,503 396,965 Effect of economic/demographic gains and losses (699,325) - 289,272 192,103 54,668 125,812 Effect of assumptions changes or inputs(156,836) - (351,553) - - - Benefit payments(587,649) (602,362) (605,214) (577,920) (562,509) (553,859) Total pension liability - ending9,278,530 10,366,629 10,601,151 10,883,369 10,883,369 10,997,707 Fiduciary net position - beginning36,220 5,405 26,027 30,375 39,365 30,909 Employer contributions565,704 584,282 584,282 577,369 553,519 562,264 Net investment income79 847 310 224 - 51 Benefit payments(587,649) (602,362) (605,214) (577,920) (562,509) (553,859) Administrative expenses- - - (4,021) - - Other- 48,048 - - - - Fiduciary net position - ending14,354 36,220 5,405 26,027 30,375 39,365 Net pension liability - ending $ 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 PlansDecember 31, 2020SCHEDULE OF CHANGES IN NET PENSION LIABILITYREQUIRED SUPPLEMENTARY INFORMATIONCity of Carmel, Indiana99
Assumption changes:Discount Rate:3.48% Police Officers; 3.48% Firefighters for 20203.54% Police Officers; 3.58% Firefighters for 2019Valuation date:Methods and assumptions used to determine most current contribution rate:Actuarial cost methodN/AAmortization method N/ARemaining amortization period N/ARetirement age N/AMortality N/AOther information N/AREQUIRED SUPPLEMENTARY INFORMATIONNote: The City is presenting its sixth 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 January 1 of the fiscal year in which contributions are reported.Effective with the December 31, 2020 measurement date, the future mortality improvement assumption was updated from MP-2018 to MP-2020, which is the latest scale published by the Society of Actuaries.City of Carmel, IndianaNOTES TO SCHEDULES1925 POLICE OFFICERS' AND 1937 FIREFIGHTERS' PENSION PLANSDecember 31, 2020100
Public Employees' Retirement Fund:
Year Ended
City's
Proportion of
the Net Pension
Liability
(Asset)
City's Proportionate
Share of the Net
Pension Liability
(Asset)
City's Covered
Payroll
Net Pension
Liability (Asset)
as a Percentage
of Covered
Payroll
Plan Fiduciary Net
Position as a
Percentage of
Total Pension
Liability (Asset)
City:
June 30, 2020 0.0041028 12,392,074$ 22,149,413$ 55.9%81.4%
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%76.6%
June 30, 2016 0.0035353 16,044,763$ 16,943,306$ 94.7%75.3%
June 30, 2015 0.0034106 13,891,040$ 16,335,991$ 85.0%77.3%
Parks:
June 30, 2020 0.0006229 1,881,404$ 3,362,676$ 55.9%81.4%
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%76.6%
June 30, 2016 0.0006398 2,903,697$ 3,066,437$ 94.7%75.3%
June 30, 2015 0.0006001 2,444,149$ 2,874,230$ 85.0%77.3%
Continued on next page.
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
December 31, 2020
101
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 (Asset)
as a Percentage
of Covered
Payroll
Plan Fiduciary Net
Position as a
Percentage of
Total Pension
Liability (Asset)
Police:
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, 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%
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, 2020
(Continued)
Note: The City is presenting its sixth 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.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
DEFINED BENEFIT PENSION PLANS - MULTIPLE EMPLOYER PLANS
SCHEDULE OF THE CITY'S PROPORTIONATE SHARE
OF THE NET PENSION LIABILITY
102
Public Employees' Retirement Fund:
Year Ended
Contractually
Required
Contributions
City Contributions
related to the
Contractually
Required
Contributions
Contribution
Deficiency
(Excess)
City's Covered
Payroll
Contributions as
a Percentage of
Covered Payroll
City:
December 31, 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, 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$-$ 2,936,304$ 10.1%
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, 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, 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, 2020
103
Changes in actuarial assumptions:
Public Employees' Retirement Fund:
1977 Police Officers' and Firefighters' Pension and Disability Fund:
Public Employees' Retirement Fund:
1977 Police Officers' and Firefighters' Pension and Disability Fund:
Changes in actuarial methods:
Changes in plan provisions:
There were no changes in plan provisions since the prior year.
The most significant changes in the economic assumptions are the increase of the wage inflation assumption from 2.50% +
Merit (age-based) to 2.75% + Merit (service-based) and the increase in the COLA assumption from 2.00% (2.50%
catastrophic disability) to 2.10% (2.75% catastrophic disability).
The major demographic assumptions include mortality, retirement, disability, terminations, and salary merit increases.
Mortality is typically the most significant demographic assumption. The mortality tables used in calculating the valuations
have been updated from RP-2014 Blue Collar projected from 2006 with Social Security Administration's 2014 Trustee report
(generational) to Pub-2010 Safety Amount-Weighted Mortality projected with MP-2019 (generational). Male ages set forward
3 years, females not adjusted.
Note: Covered payroll for the purposes of this schedule was determined as of the City's fiscal year
ended December 31.
December 31, 2020
Note: The City is presenting its sixth 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.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
NOTES TO SCHEDULESPUBLIC EMPLOYEES' RETIREMENT AND 1977 POLICE OFFICERS' AND
FIREFIGHTERS' PENSION AND DISABILITY FUNDS
The most significant change in the economic assumptions is the increase of the wage inflation assumption from
2.50% + Merit (age-based) to 2.75% + Merit (service-based).
The major demographic assumptions include mortality, retirement, disability, terminations, and salary merit increases.
Mortality is typically the most significant demographic assumption. The mortality tables used in calculating the valuations
have been updated from RP-2014 projected from 2006 with Social Security Administration's 2014 Trustee report
(generational) to Pub-2010 General Amount-Weighted Mortality projected with MP-2019 (generational). Male ages set
forward three years, females set forward one year.
As a result of the 2014-2019 Experience Study, there were changes to many assumptions. Please see that Study for complete
details (available on the INPRS web site at www.in.gov/inprs/actuarialvaluation.htm).
There were no changes in actuarial methods since the prior year.
104
Variance
Actual With Final
Budgetary BudgetBasisPositive
Original Final Amounts (Negative)REVENUES:
Property tax 43,080,000$ 43,080,000$ 45,232,553$ 2,152,553$
Income tax 43,459,526 43,531,440 47,713,401 4,181,961
Licenses and permits 2,884,696 2,884,696 1,752,075 (1,132,621) Intergovernmental 239,894 239,894 523,316 283,422
Charges for services 2,314,376 2,314,376 1,337,562 (976,814)
Fines and forfeits 475,526 475,526 250,062 (225,464)
Miscellaneous - - 1,508,932 1,508,932 Township and joinder agreements - - - -
Other 13,301,603 12,461,405 8,171,233 (4,290,172) Total revenues: budgetary basis 105,755,621 104,987,337 106,489,134 1,501,797$
Increase in available income tax receivable 181,381
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 (526,874)
Total revenues reported on the
Statement of Revenues and Expenditures 104,823,135$
EXPENDITURES:
Current:
General government:
City Controller:
Personal services 927,748$ 927,748$ 833,829$ (93,919)$
Supplies 8,900 8,900 7,368 (1,532)
Other services and charges 182,800 182,800 180,121 (2,679)
Capital outlay 4,400 4,400 4,542 142
City Clerk:
Personal services 692,670$ 692,670$ 563,105 (129,565)$
Supplies 10,000 10,000 5,150 (4,850)
Other services and charges 125,902 125,902 19,926 (105,976)
Capital outlay 45,661 45,661 16,446 (29,215)
Mayor's Office:-
Personal services 500,055 500,055 469,302 (30,753)
Supplies 4,300 4,300 3,849 (451)
Other services and charges 4,272,316 4,452,316 4,329,516 (122,800)
Capital outlay 40,000 40,000 9,825 (30,175)
City Council:
Personal services 401,018 401,018 372,217 (28,801) Supplies 4,000 4,000 1,506 (2,494)
Other services and charges 367,417 367,417 157,351 (210,066)
Capital outlay 7,590 7,590 1,894 (5,696)
Budgeted Amounts
Continued on next page.
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATIONBUDGETARY COMPARISON SCHEDULESGENERAL FUND
General Fund
For the Fiscal Year Ended December 31, 2020
105
Variance
Actual With Final
Budgetary BudgetBasisPositive
Original Final Amounts (Negative)
Expenditures (continued):
Current (continued):
General government (continued):
Board of Public Works:
Personal services 21,872 21,872 15,655 (6,217)
Debt service 17,382,544 17,382,544 17,380,386 (2,159)
Administration:
Personal services 436,575 436,575 448,076 11,501
Supplies 69,280 69,280 30,323 (38,957) Other services and charges 2,166,862 2,383,464 2,097,680 (285,784)
Capital outlay 765,703 765,703 684,421 (81,282)
Brookshire Golf Course:
Personal services 856,539 856,539 734,229 (122,310)
Supplies 76,000 76,000 28,800 (47,200)
Other services and charges 454,839 488,864 428,967 (59,897)
Capital outlay 362,500 362,500 118,749 (243,751)
Building Operations:
Supplies 8,000 8,000 887 (7,113)
Other services and charges 3,406,982 3,406,982 3,485,622 78,640
Capital outlay - - - -
City Court:
Personal services 743,630 743,630 511,027 (232,603)
Supplies - - - -
Other services and charges - - 24,306 24,306
Capital outlay 15,000 15,000 900 (14,100) Law Department:
Personal services 1,137,724 1,137,724 1,032,977 (104,747)
Supplies 3,736 3,736 2,903 (833)
Other services and charges 472,854 516,854 461,830 (55,024) Capital outlay 39,747 39,747 15,137 (24,610)
Planning Commission:
Personal services - - 2,630 2,630
Community Services:Personal services 2,886,480 2,886,480 2,769,271 (117,209)
Supplies 54,588 54,588 39,350 (15,238)
Other services and charges 1,512,219 1,519,987 911,882 (608,105)
Capital outlay 567,989 567,989 474,906 (93,083)
Personnel/ Human Resources:-
Personal services 616,305 616,305 567,863 (48,442)
Supplies 1,000 1,000 479 (521)
Other services and charges 128,589 128,589 79,897 (48,692)
Capital outlay 3,500 3,500 808 (2,692)
For the Fiscal Year Ended December 31, 2020(Continued)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATIONBUDGETARY COMPARISON SCHEDULES
GENERAL FUND
Continued on next page.
Budgeted Amounts
106
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 13,479 13,479 - (13,479)
Capital outlay 66 66 - (66)
City Property Maintenance:
Supplies 160,198 160,198 33,746 (126,452)
Other services and charges 1,187,310 1,187,310 804,879 (382,431)
Public Affairs/ Community Relations:
Personal services 1,131,660 1,131,660 1,022,015 (109,645)
Supplies 3,379 3,379 3,265 (114)
Other services and charges 3,591,688 3,591,688 2,403,338 (1,188,350)
Capital outlay 31,194 31,194 31,568 374
Street Department - Special Projects
Other services and charges - - - -
Total general government 47,904,807 48,387,201 43,624,719 (4,762,482)
Public Safety:
Fire Department:
Personal services 27,322,628 27,338,111 25,937,108 (1,401,003)
Supplies 328,577 328,577 277,644 (50,933)
Other services and charges 2,560,765 2,560,765 2,237,487 (323,278)
Police Department:
Personal services 22,007,900 22,511,579 21,035,365 (1,476,214)
Supplies 669,306 679,426 413,505 (265,921)
Other services and charges 1,599,230 1,626,522 1,204,260 (422,262)
Capital outlay 1,695,641 1,786,741 1,791,007 4,266
Communication Center:
Personal services 2,228,614 2,228,614 2,049,619 (178,995)
Supplies 42,575 42,575 42,564 (12)
Other services and charges 3,744,488 3,769,227 918,575 (2,850,652)
Capital outlay 784,189 824,471 550,200 (274,270)
Total public safety 62,983,913 63,696,609 56,457,335 (7,239,273)
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
For the Fiscal Year Ended December 31, 2020
City of Carmel, Indiana
(Continued)
Continued on next page.
Budgeted Amounts
107
Variance
Actual With Final
Budgetary Budget
Basis Positive
Original Final Amounts (Negative)
Expenditures (continued):
Current (continued):
Culture and recreation:
Parks Department:
Personal services 2,603,708 2,603,708 2,527,658 (76,050)
Supplies 134,193 134,193 113,746 (20,447)
Other services and charges 1,099,794 1,099,794 1,076,316 (23,478)
Capital outlay 15,000 15,000 11,063 (3,937)
Total culture and recreation 3,852,695 3,852,695 3,728,783 (123,912)
Economic Development:
Redevelopment Department:
Personal services 692,315 692,315 641,612 (50,703)
Supplies 4,962 4,962 7,844 2,882
Other services and charges 92,275 92,275 120,871 28,596
Capital outlay 1,000 1,000 3,984 2,984
Total economic development 790,552 790,552 774,310 (16,242)
Transfers to nonmajor funds - -1,591,582 1,591,582
Other Expenditure - -113,932 113,932
Total expenditures, budgetary basis 115,531,967$ 116,727,057$ 106,290,662 (10,436,395)$
Increase in accrued liabilities:
Accounts payable (208,283)
Accrued payroll and withholdings payable (1,964,465)
Capital leases 2,234,712
Transfers to other funds (17,329,927)
Total expenditures reported on the
Statement of Revenues and Expenditures 89,022,699$
treated as expenditures on a
budgetary basis
Budgeted Amounts
For the Fiscal Year Ended December 31, 2020
(Continued)
City of Carmel, Indiana
REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
GENERAL FUND
108
City of Carmel, Indiana
NOTES TO REQUIRED SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
December 31, 2020
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, Deferral Fund, 2016 Property Tax Bond Fund, Storm
Water Fund, User Fee Fund, Court Records Perpetuation Fund, Parks Program Fund, Drug Task Force
Fund, Ambulance Capital Fund, Judicial Salary Fund, Parks Monon Fund, Parks Facilities Fund, and
Public Defender 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.
109
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 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.
The Health Self Insurance Fund accounts for the City's employee healthcare self-insurance program.
Continued on next page.
110
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
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
activities.
The Sidewalk Non-Reverting Fund accounts for monies received and expended for City sidewalk improvements.
The Urban Forestry Fund accounts for amounts accumulated for street tree maintenance, storm event or natural
disaster cleanup, the replacement of street trees, and special training.
The Clerk’s Record Perpetuation Fund accounts for document storage fees and facsimile transmission fees collected
by the Carmel City Court. Disbursements are for the purpose of developing a record retention program.
The Court Interpreter Fund accounts for monies received from the Indiana Supreme Court to be spent on foreign
language interpreters for court cases.
The Public Defender Fund accounts for the costs of public defender representation ordered by the court. Financing
is provided by charges assessed to individuals represented by public defenders.
The Judicial Salary Fees Fund accounts for certain court fees restricted by law to the payment of certain court
administration expenditures.
The Historic Preservation Fund accounts for amounts accumulated to protect and to promote the educational,
cultural and general welfare of the citizens of the City and to ensure the harmonious and orderly growth and
development of the City.
The Fire Gift Fund accounts for donations received for fire department expenditures.
The Police Gift Fund accounts for donations received for police department expenditures.
The Parks Gift Fund accounts for donations received for park expenditures.
Continued on next page.
111
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
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 CARES Fund accounts for relief monies received for navigating the impact of the COVID-19
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.
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 Park 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.
112
City of Carmel, Indiana
NONMAJOR GOVERNMENTAL FUNDS
(Continued)
The Cumulative Capital Development Fund accounts for a property tax levy established and imposed for the sole
purpose of funding certain types of capital acquisitions and the payment of debt service for such acquisitions.
The Illinois Street Construction Fund accounts for certain payments in lieu of taxes required by contract with the
payor to be used for certain capital projects.
The Old Town/126th Street Construction Fund accounts for the accumulation of resources for certain community
improvement projects.
The 2016 Property Tax Bond Construction Funds 1 - 13 account for the proceeds of thirteen separate street projects
financed by property tax, issued for the purpose of street improvement and construction.
The 2017 A Bond Construction Fund is a capital projects fund that accounts for the proceeds of a bond expected to
be paid from tax increment revenue.
The 2018 CMBC Bond Construction Fund is a capital projects fund that accounts for the proceeds of a bond
expected to be paid from tax increment revenue.
The 2019 Project 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.
113
Park Impact Fee Hazardous Material Parks Program Parks Monon Parks Facility Local Road & Street Deferral User Fee Barrett Law Barrett Law Surplus Storm Water 4CDC Operating Fund CMCDC Operating Fund ASSETS:Cash and cash equivalents 1,109,244$ $ 29,780 $ 1,483,031 2,638,160$ 151,784$ 2,457,519$ 230,446$ 108,302$ 6$ $ 166,369 $ 10,329,480 $ 1,209,439 $ 200,000 Property tax receivable- - - - - - - - - - - - - Due from other governmental funds- - - - - - - - - - - - - Due from related utility- - - - - - - - - - 362,448 - - Intergovernmental receivables- - - - - - - - - - - - - Accounts receivable- - - - - -- -- - - 4,076 - Total assets1,109,244 29,780 1,483,031 2,638,160 151,784 2,457,519 230,446 108,302 6 166,369 10,691,928 1,213,515 200,000 LIABILITIES:Accounts payable 12,797 - 15,402 87,951 7,339 82,087 103 4,432 - - 1,675 169,612 - Claims payable- - - - - - - - - - - - - Due to other funds- - - - - - - - - - 58,412 - - Accrued payroll- - 29,139 28,503 - -388 - - - - - - Total liabilities12,797 -44,541116,454 7,339 82,087 491 4,432 - -60,087 169,612 - DEFERRED INFLOW OF RESOURCES: Unavailable revenue- -- -- -- -- -- -- FUND BALANCE:Restricted:General government - - - - - - - - - - - - - Public safety- 29,780 - - - - 229,955 103,870 - - - - - Highways and streets- - - - - 2,375,432 - - - - 10,631,841 - - Drainage and other capital assets- - - - - - - - 6 166,369 - - - Economic development- - - - - - - - - - - 1,043,903 200,000 Culture and recreation1,096,447 - 1,438,490 2,521,706 144,445 - - - - - - - - Committed:General government- - - - - - - - - - - - - Public safety- - - - - - - - - - - - - Highways and streets- - - - - - - - - - - - - Drainage and other capital assets- - - - - - - - - - - - - Economic development- - - - - - - - - - - - - Unassigned- -- -- -- -- -- -- TOTAL FUND BALANCES1,096,447 29,780 1,438,490 2,521,706 144,445 2,375,432 229,955 103,870 6 166,369 10,631,841 1,043,903 200,000 TOTAL LIABILITIES, DEFERRED OUTFLOWS OF RESOURCES, ANDFUND BALANCES1,109,244$ 29,780$ 1,483,031$ 2,638,160$ 151,784$ 2,457,519 230,446$ 108,302$ 6$ 166,369$ 10,691,928$ 1,213,515$ 200,000$ Continued on next page.Special Revenue FundsCity of Carmel, IndianaBALANCE SHEETNONMAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020114
ASSETS:Cash and cash equivalentsProperty tax receivableDue from other governmental fundsDue from related utilityIntergovernmental receivablesAccounts receivable Total assetsLIABILITIES:Accounts payableClaims payableDue to other fundsAccrued payroll Total liabilitiesDEFERRED INFLOW OF RESOURCES: Unavailable revenueFUND BALANCE:Restricted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentCulture and recreationCommitted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentUnassigned TOTAL FUND BALANCES TOTAL LIABILITIES, DEFERRED OUTFLOWS OF RESOURCES, ANDFUND BALANCES Motor Vehicle Highway Fund MIHP Health Self Insurance Workers Comp Support for the Arts Keystone Non-Reverting Bicycle Facilities Non-Reverting Center Green Ice Non-Reverting Events & Festival Non-Reverting Code Enforcement Non-Reverting Sidewalk Non-Reverting Urban Forestry Clerk's Record Perpetuation 2,593,392$ 9,421$ 3,106,220$ 727,278$ 19,134$ 137,845$ 22,255$ 620,578$ 31,036$ 30,884$ 50,000$ 71,191$ 290,998$ 299,722 - - - - - - - - - - - - 58,412 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- -- - - -- -- 2,951,526 9,421 3,106,220 727,278 19,134 137,845 22,255 620,578 31,036 30,884 50,000 71,191 290,998 281,337 - 131,802 - - - - 124 - - - - - - - 910,893 - - - - - - - - - - - - - - - - - - - - - - - 130,374 - -- -- -- -- -- -411,711 -1,042,695 - -- -124 - -- -- 299,722 - -- -- -- -- -- -- - - - - - - - - - - - 290,998 - 9,421 - - - - - - - - - - - 2,240,093 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 71,191 - - - 2,063,525 727,278 - - - - - - - - - - - -- - - - - - - - - - - - - - - 137,845 22,255 620,454 31,036 30,884 50,000 - - - - - - - -- - - - - - - - - - - 19,134 - - - - - - - - - -- -- -- - - -- -- 2,240,093 9,421 2,063,525 727,278 19,134 137,845 22,255 620,454 31,036 30,884 50,000 71,191 290,998 2,951,526$ 9,421$ 3,106,220$ 727,278$ 19,134$ 137,845$ 22,255$ 620,578$ 31,036$ 30,884$ 50,000$ 71,191$ 290,998$ Continued on next page.City of Carmel, IndianaBALANCE SHEETNONMAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020(Continued)Special Revenue Funds115
ASSETS:Cash and cash equivalentsProperty tax receivableDue from other governmental fundsDue from related utilityIntergovernmental receivablesAccounts receivable Total assetsLIABILITIES:Accounts payableClaims payableDue to other fundsAccrued payroll Total liabilitiesDEFERRED INFLOW OF RESOURCES: Unavailable revenueFUND BALANCE:Restricted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentCulture and recreationCommitted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentUnassigned TOTAL FUND BALANCES TOTAL LIABILITIES, DEFERRED OUTFLOWS OF RESOURCES, ANDFUND BALANCES Court Interpreter Public Defender Judicial Salary Fees Historic Preservation Fund Fire Gift Police Gift Parks Gift Community Relations Gift Redevelopment Commission Gift Economic Development Housing Authority Drug Task Force 64$ 11,823$ 116,574$ 190,921$ 26,740$ 61,561$ 37,586$ 126,914$ 39,924$ 23,565$ 58,865$ 550,622$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- -- -- -- -64 11,823 116,574 190,921 26,740 61,561 37,586 126,914 39,924 23,565 58,865 550,622 - - 2,781 17,133 - 1,519 - - - - - 7,481 - - - - - -- - - - - -- - - - - - - - - - - - - -- -- -- -- -- -- -2,781 17,133 -1,519- -- --7,481 - -- -- -- -- -- -- - - - - - - 126,914 39,924 - - - 64 11,823 113,793 - 26,740 60,042 - - - - - 543,141 - - - - - - - - - - - -- - - - - - - - - - - -- - - - - - - - - 23,565 58,865 - - - - - - - 37,586 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 173,788 - - - - - - - - - -- -- -- -- -- -64 11,823 113,793 173,788 26,740 60,042 37,586 126,914 39,924 23,565 58,865 543,141 64$ 11,823$ 116,574$ 190,921$ 26,740$ 61,561$ 37,586$ 126,914$ 39,924$ 23,565$ 58,865$ 550,622$ Continued on next page.City of Carmel, IndianaBALANCE SHEETNONMAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020(Continued)Special Revenue Funds116
ASSETS:Cash and cash equivalentsProperty tax receivableDue from other governmental fundsDue from related utilityIntergovernmental receivablesAccounts receivable Total assetsLIABILITIES:Accounts payableClaims payableDue to other fundsAccrued payroll Total liabilitiesDEFERRED INFLOW OF RESOURCES: Unavailable revenueFUND BALANCE:Restricted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentCulture and recreationCommitted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentUnassigned TOTAL FUND BALANCES TOTAL LIABILITIES, DEFERRED OUTFLOWS OF RESOURCES, ANDFUND BALANCES Thoroughfare COVID CARES Grant Total Special Revenue Funds Redevelopment Authority Capital Projects Fund Ambulance Park Capital Cumulative Capital Improvement Cumulative Capital Sewer Cumulative Capital Development Illinois Street Construction 1,394,868$ -$ 720,271$ 31,184,090$ 811,469$ 1,857,739$ 481,436$ 377,272$ $ 278,758 $ 444,866 $ 204,059 - - - 299,722 - - - - - 118,187 - - - - 58,412 - - - - - - - - - - 362,448 - - - - - - - - - - - - - - - - - - - --4,076 -98,925- -- - - 1,394,868 -720,271 31,908,748 811,469 1,956,664 481,436 377,272 278,758 563,053 204,059 - - - 823,575 - 54,230 9,980 300 - 10,185- - - - 910,893 - -- - - - - - - - 58,412 - - - - - - - -- - 188,404 - -- -- - - -- - 1,981,284 -54,2309,980 300-10,185- -- - 299,722 -82,437- -- 118,187 - - - - 457,836 - - - - - - - - - 720,271 1,848,900 - - - - - - 1,394,868 - - 16,642,234 811,469 - - - 278,758 434,681 204,059 - - - 166,375 - - - - - - - - - - 1,326,333 - - - - - - - - - 5,309,865 - - 471,456 - - - - - - - 2,790,803 - - - - - - - - - - - - 1,819,997 - - - - - - - - 892,474 - - - 376,972 - - - - - - - - - - - - - - - - - 192,922 - - - - - - - -- -- -- -- -- -1,394,868 -720,271 29,627,742 811,469 1,819,997 471,456 376,972 278,758 434,681 204,059 1,394,868$ -$ 720,271$ 31,908,748$ 811,469$ 1,956,664$ 481,436$ 377,272$ 278,758$ 563,053$ 204,059$ Continued on next page.Special Revenue FundsFor the Fiscal Year Ended December 31, 2020NONMAJOR GOVERNMENTAL FUNDSBALANCE SHEETCity of Carmel, Indiana(Continued)Capital Projects Funds117
ASSETS:Cash and cash equivalentsProperty tax receivableDue from other governmental fundsDue from related utilityIntergovernmental receivablesAccounts receivable Total assetsLIABILITIES:Accounts payableClaims payableDue to other fundsAccrued payroll Total liabilitiesDEFERRED INFLOW OF RESOURCES: Unavailable revenueFUND BALANCE:Restricted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentCulture and recreationCommitted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentUnassigned TOTAL FUND BALANCES TOTAL LIABILITIES, DEFERRED OUTFLOWS OF RESOURCES, ANDFUND BALANCES Old Town/126th Construction 2016 Property Tax Bond Construction 1 2016 Property Tax Bond Construction2 2016 Property Tax Bond Construction3 2016 Property Tax Bond Construction 4 2016 Property Tax Bond Construction 5 2016 Property Tax Bond Construction6 2016 Property Tax Bond Construction7 2016 Property Tax Bond Construction8 2016 Property Tax Bond Construction9 2016 Property Tax Bond Construction 10 459$ 5,509$ 113,112$ 1,765,218$ 60,629$ 26,052$ 10,639$ -$ -$ 32,785$ 155,801$ - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- -- -- -- 459 5,509 113,112 1,765,218 60,629 26,052 10,639 - -32,785 155,801 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- -- - - - - - - - - - - - - - - - - - - - - - - 5,509 113,112 1,765,218 60,629 26,052 10,639 - - 32,785 155,801 - -- - - - - - - - - 459 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- -- -- -- 459 5,509 113,112 1,765,218 60,629 26,052 10,639 - -32,785 155,801 459$ 5,509$ 113,112$ 1,765,218$ 60,629$ 26,052$ 10,639$ -$ -$ 32,785$ 155,801$ Continued on next page.Capital Projects FundsCity of Carmel, IndianaBALANCE SHEETNONMAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020(Continued)118
ASSETS:Cash and cash equivalentsProperty tax receivableDue from other governmental fundsDue from related utilityIntergovernmental receivablesAccounts receivable Total assetsLIABILITIES:Accounts payableClaims payableDue to other fundsAccrued payroll Total liabilitiesDEFERRED INFLOW OF RESOURCES: Unavailable revenueFUND BALANCE:Restricted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentCulture and recreationCommitted:General governmentPublic safetyHighways and streetsDrainage and other capital assetsEconomic developmentUnassigned TOTAL FUND BALANCES TOTAL LIABILITIES, DEFERRED OUTFLOWS OF RESOURCES, ANDFUND BALANCES 2016 Property Tax Bond Construction 11 2016 Property Tax Bond Construction 12 2016 Property Tax Bond Construction 13 2017 A Bond Construction Fund 2018 CMBC Bond Construction Fund 2019 Project Fund Total Capital Projects Funds Lease Rental 2004 Road Bond 2016 Property Tax Bond Fund Total Debt Service Funds Total Nonmajor Governmental Funds 150,437$ 81,359$ 20,852$ 1,488$ 428,324$ -$ 7,308,263$ 3,853$ 1,258,413$ 168,692$ 1,430,958$ 39,923,311$ - - - - - - 118,187 - 69,730 43,256 112,986 530,895 - - - - - - - - - - - 58,412 - - - - - - - - - - - 362,448 - - - - - - - - - - - - - -- - - -98,925 - -- -103,001 150,437 81,359 20,852 1,488 428,324 -7,525,375 3,853 1,328,143 211,948 1,543,944 40,978,067 - - - - - - 74,695 - - - - 898,270 - - - - - - - - - - - 910,893 - - - - - - - - - - - 58,412 - -- - - -- - - --188,404 - -- - - -74,695 - -- -2,055,979 - -- - - - 200,624 -69,73043,256 112,986 613,332 - - - - - - - - - - - 457,836 - - - - - - - - - - - 1,848,900 150,437 81,359 20,852 1,488 - - 4,152,848 3,853 1,258,413 168,692 1,430,958 22,226,040 - - - - - - - - - - - 166,375 - - - - 428,324 - 428,783 - - - - 1,755,116 - - - - - - 471,456 - - - - 5,781,321 - - - - - - - - - - - 2,790,803 - - - - - - 1,819,997 - - - - 1,819,997 - - - - - - 376,972 - - - - 1,269,446 - - - - - - - - - - - - - 192,922 - -- - - -- - - -- - 150,437 81,359 20,852 1,488 428,324 -7,250,056 3,853 1,258,413 168,692 1,430,958 38,308,756 150,437$ 81,359$ 20,852$ 1,488$ 428,324$ -$ 7,525,375$ 3,853$ 1,328,143$ 211,948$ 1,543,944$ 40,978,067$ (Continued)City of Carmel, IndianaBALANCE SHEETNONMAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020Capital Projects Funds Debt Service Funds119
Park Impact Fee Hazardous Material Parks Program Parks Monon Parks Facility Local Road & Street Deferral User Fee Barrett Law Barrett Law Surplus Storm Water 4CDC Operating Fund CMCDC Operating Fund REVENUES:Charges for services 964,584$ 3,274$ 2,581,073$ 3,386,211$ 119,084$ -$ 11,908$ 25,996$ -$ -$ 3,832,391$ 992,229$ 259,974$ Investment income15,804 182 16,924 22,466 835 - 1,757 - - - 59,688 - - Licenses and permits- - - - - - - 72,558 - - - - - Other- - 2,398 - 1,737 276,382 - 1,326 - - - - - Other taxes- - - - - - - -- - - - - Contributions- - - 708 - - - -- - - - - General property taxes- - - - - - - -- - - - - Intergovernmental:Grants- - - - - - - - - - - - - Shared revenue- -- --2,160,717- -- -- -- Total revenues980,388 3,456 2,600,395 3,409,385 121,656 2,437,099 13,665 99,880 - - 3,892,079 992,229 259,974 EXPENDITURES:Current:General government- - - - - - - - - - - 470,314 - Public safety- - - - - - 78,805 79,860 - - - - - Streets and other infrastructure- - - - - - - - - - - - Economic development- - - - - - - - - - 188,970 - Culture and recreation- - 3,626,947 4,658,942 108,858 - - - - - - - - Debt service:Principal- - - - - - - - - - - - - Interest- - - - - - - - - - - 227,577 - Capital outlay:General government- - - - - - - - - - - - - Public safety- - - - - - - - - - - - - Streets and other infrastructure- - - - - 5,818,005 - - - - 14,447,787 - - Economic development- - - - - - - - - - - - - Culture and recreation2,540,790 - -- -- -- -- -- - Total expenditures2,540,790 -3,626,947 4,658,942 108,858 5,818,005 78,805 79,860 - - 14,447,787 886,861 - Excess (deficiency) of revenues over (under) expenditures(1,560,402) 3,456 (1,026,552) (1,249,557) 12,798 (3,380,906) (65,140) 20,020 - - (10,555,708) 105,368 259,974 Other financing sources (uses):Transfers in, governmental funds- - - - - 1,000,000 - - - - - - - Transfers (out), governmental funds- - - - - (508,508) - - - - (3,134,412) - (2,559,974) Redevelopment bond issuance- - - - - -- - - - - - - Bond issuance - principal- - - - - -- - - - 6,700,000 - 2,500,000 Capital lease proceeds- -- -- -- -- -- -- Total other financing sources- -- --491,492- -- - 3,565,588 -(59,974) NET CHANGE IN FUND BALANCES(1,560,402) 3,456 (1,026,552) (1,249,557) 12,798 (2,889,414) (65,140) 20,020 - - (6,990,120) 105,368 200,000 FUND BALANCES: beginning2,656,849 26,324 2,465,042 3,771,263 131,647 5,264,846 295,095 83,850 6 166,369 17,621,961 938,535 - Restatement- -- -- -- -- -- -- FUND BALANCES: beginning, restated2,656,849 26,324 2,465,042 3,771,263 131,647 5,264,846 295,095 83,850 6 166,369 17,621,961 938,535 - FUND BALANCES: ending1,096,447$ 29,780$ 1,438,490$ 2,521,706$ 144,445$ 2,375,432$ 229,955$ 103,870$ 6$ 166,369$ 10,631,841$ 1,043,903$ 200,000$ Continued on next page.City of Carmel, IndianaSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDSSpecial RevenueFor the Fiscal Year Ended December 31, 2020120
REVENUES:Charges for services Investment income Licenses and permits Other Other taxes Contributions General property taxes Intergovernmental:GrantsShared revenue Total revenuesEXPENDITURES:Current:General governmentPublic safetyStreets and other infrastructureEconomic developmentCulture and recreationDebt service:PrincipalInterestCapital outlay:General governmentPublic safety Streets and other infrastructureEconomic developmentCulture and recreation Total expendituresExcess (deficiency) of revenues over (under) expendituresOther financing sources (uses):Transfers in, governmental fundsTransfers (out), governmental fundsRedevelopment bond issuanceBond issuance - principalCapital lease proceeds Total other financing sourcesNET CHANGE IN FUND BALANCESFUND BALANCES: beginningRestatementFUND BALANCES: beginning, restatedFUND BALANCES: ending Motor Vehicle Highway Fund MIHP Health Self Insurance Workers Comp Support of the Arts Keystone Non-Reverting Bicycle Facilities Non-Reverting Center Green Ice Non-Reverting Events & Festival Non-Reverting Code Enforcement Non-Reverting Sidewalk Non-Reverting Urban Forestry Clerk's Record Perpetuation -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ - 69 - - - 875 141 3,167 202 182 - - - - - - - - - - - - - - - - 274,201 - - 188,865 - - - 318,770 32,281 10,000 50,000 - 21,913 442,035 - - - - - - - - - - - -- 818 - - - - - - 224 - - - -10,188,438 - - - - - - - - - - - -- - - - - - - - - - - - - 3,641,115 - -- -- -- -- -- - 14,545,789 887-188,865-875141 321,937 32,707 10,182 50,000 -21,913 - - 46,549 212,526 - - - - - - - - 5,106 - 2,525 - - - - - - - - - - - 12,198,540 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 177,147 33,817 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5,311,704 - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- -- -- -- - 17,510,244 2,525 46,549 212,526 - -- 177,147 33,817 - --5,106 (2,964,455) (1,638) (46,549) (23,661) - 875 141 144,790 (1,110) 10,182 50,000 - 16,807 762,117 - - - - - - 187,000 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 2,413,707 - -- -- -- -- -- - 3,175,824 - -- -- -187,000 - -- -- 211,369 (1,638) (46,549) (23,661) - 875 141 331,790 (1,110) 10,182 50,000 - 16,807 2,380,723 11,059 2,110,074 750,939 19,134 136,970 22,114 288,664 32,146 20,702 - 71,191 274,191 (351,999) - -- -- -- -- -- - 2,028,724 11,059 2,110,074 750,939 19,134 136,970 22,114 288,664 32,146 20,702 -71,191274,191 2,240,093$ 9,421$ 2,063,525$ 727,278$ 19,134$ 137,845$ 22,255$ 620,454$ 31,036$ 30,884$ 50,000$ 71,191$ 290,998$ Continued on next page.City of Carmel, IndianaNONMAJOR GOVERNMENTAL FUNDSSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESSpecial Revenue(Continued)For the Fiscal Year Ended December 31, 2020121
REVENUES:Charges for services Investment income Licenses and permits Other Other taxes Contributions General property taxes Intergovernmental:GrantsShared revenue Total revenuesEXPENDITURES:Current:General governmentPublic safetyStreets and other infrastructureEconomic developmentCulture and recreationDebt service:PrincipalInterestCapital outlay:General governmentPublic safety Streets and other infrastructureEconomic developmentCulture and recreation Total expendituresExcess (deficiency) of revenues over (under) expendituresOther financing sources (uses):Transfers in, governmental fundsTransfers (out), governmental fundsRedevelopment bond issuanceBond issuance - principalCapital lease proceeds Total other financing sourcesNET CHANGE IN FUND BALANCESFUND BALANCES: beginningRestatementFUND BALANCES: beginning, restatedFUND BALANCES: ending Court Interpreter Public Defender Judicial Salary Fees Historic Preservation Fund Fire Gift Police Gift Parks Gift Community Relations Gift Redevelopment Commission Gift Economic Development Housing Authority Drug Task Force -$ 831$ 20,492$ -$ -$ -$ -$ -$ -$ -$ -$ -$ - - - - 166 375 181 661 23 - - 3,840 - - - - - - - - - - - - - - - 54,111 - - - 1,150 - 20,000 - 14,026 - - - - - - - - - - - - - - - - 15,462 27,002 14,165 36,806 - - - - - - - - - - - - - - - - - - - - - - - - - - - 65,566 - - - - - - - - - - - - - 831 20,492 54,111 15,628 27,377 14,346 38,617 23 20,000 - 83,432 - - - - - - - - - - - - - - 47,236 - 2,918 30,434 - - - - - 173,100 - - - - - - - - - - - - - - - 24,726 - - - - - 75,000 - - - - - - - - 7,173 (9,658) 19,068 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 47,236 24,726 2,918 30,434 7,173 (9,658) 19,068 75,000 - 173,100 - 831 (26,744) 29,385 12,710 (3,057) 7,173 48,275 (19,045) (55,000) - (89,668) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 831 (26,744) 29,385 12,710 (3,057) 7,173 48,275 (19,045) (55,000) - (89,668) 64 10,992 140,537 144,403 14,030 63,099 30,413 78,639 58,969 78,565 58,865 632,809 - - - - - - - - - - - - 64 10,992 140,537 144,403 14,030 63,099 30,413 78,639 58,969 78,565 58,865 632,809 64$ 11,823$ 113,793$ 173,788$ 26,740$ 60,042$ 37,586$ 126,914$ 39,924$ 23,565$ 58,865$ 543,141$ Continued on next page.City of Carmel, IndianaNONMAJOR GOVERNMENTAL FUNDSSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESSpecial Revenue(Continued)For the Fiscal Year Ended December 31, 2020122
REVENUES:Charges for services Investment income Licenses and permits Other Other taxes Contributions General property taxes Intergovernmental:GrantsShared revenue Total revenuesEXPENDITURES:Current:General governmentPublic safetyStreets and other infrastructureEconomic developmentCulture and recreationDebt service:PrincipalInterestCapital outlay:General governmentPublic safety Streets and other infrastructureEconomic developmentCulture and recreation Total expendituresExcess (deficiency) of revenues over (under) expendituresOther financing sources (uses):Transfers in, governmental fundsTransfers (out), governmental fundsRedevelopment bond issuanceBond issuance - principalCapital lease proceeds Total other financing sourcesNET CHANGE IN FUND BALANCESFUND BALANCES: beginningRestatementFUND BALANCES: beginning, restatedFUND BALANCES: ending Thoroughfare COVID CARES Grant Total Special Revenue Funds Redevelopment Authority Capital Projects Fund Ambulance Parks Capital Cumulative Capital Improvement Cumulative Capital Sewer Cumulative Capital Development 183,795$ -$ -$ 12,381,842$ -$ 1,863,842$ -$ -$ -$ -$ 10,392 - - 137,930 5,901 8,714 778 - - - - - - 72,558 - - - - - - - - - 1,267,160 - 30,141 - - - 146,453 - - - 442,035 - -- 198,715 - 174,304 - - 5,000 100,185 - -- - - -- - - 10,188,438 - -- - - 4,018,941 - 3,357,992 4,324,469 7,748,027 - - - - - - - -- 5,801,832 - -- --1,584 194,187 3,357,992 4,329,469 38,140,007 5,901 1,902,697 778 198,715 -4,341,282 - 3,310,907 - 4,045,402 - - - - - - - 47,085 349,469 811,432 - 1,539,741 - - - - - -- 12,198,540 - -- - 7,439 170,004 - -- 288,696 - -- - - - - -- 8,622,294 - -- - - - - - - - - - - - - - 2,769,873 - - - 227,577 - - - - - 1,278,692 - - - - - - - - - - - - - - - - - - - - - - - - 25,577,496 1,093,094 - - 126,221 - 14,685 - - - - - - - - - -- -- 2,540,790 - -157,079 - -- - 3,357,992 349,469 54,312,227 1,093,094 1,539,741 157,079 126,221 7,439 4,233,254 194,187 - 3,980,000 (16,172,220) (1,087,193) 362,956 (156,301) 72,494 (7,439) 108,028 - - - 1,949,117 30,548 - 525,000 - - - - - (3,850,000) (10,052,894) (8,519) - -- - - - - -- - - - - - - - - 9,200,000 - - - - - -- -2,413,707 - -- -- -- - (3,850,000) 3,509,930 22,029 -525,000 - -- 194,187 - 130,000 (12,662,290) (1,065,164) 362,956 368,699 72,494 (7,439) 108,028 1,200,681 - 590,271 42,642,031 1,876,633 1,457,041 102,757 304,478 286,197 326,653 - -- (351,999) - -- -- -1,200,681 -590,271 42,290,032 1,876,633 1,457,041 102,757 304,478 286,197 326,653 1,394,868$ -$ 720,271$ 29,627,742$ 811,469$ 1,819,997$ 471,456$ 376,972$ 278,758$ 434,681$ ContinuCity of Carmel, IndianaSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020Special Revenue(Continued)Capital Projects Funds123
REVENUES:Charges for services Investment income Licenses and permits Other Other taxes Contributions General property taxes Intergovernmental:GrantsShared revenue Total revenuesEXPENDITURES:Current:General governmentPublic safetyStreets and other infrastructureEconomic developmentCulture and recreationDebt service:PrincipalInterestCapital outlay:General governmentPublic safety Streets and other infrastructureEconomic developmentCulture and recreation Total expendituresExcess (deficiency) of revenues over (under) expendituresOther financing sources (uses):Transfers in, governmental fundsTransfers (out), governmental fundsRedevelopment bond issuanceBond issuance - principalCapital lease proceeds Total other financing sourcesNET CHANGE IN FUND BALANCESFUND BALANCES: beginningRestatementFUND BALANCES: beginning, restatedFUND BALANCES: ending Illinois Street Construction Old Town/126th Construction 2016 Property Tax Bond Construction 1 2016 Property Tax Bond Construction2 2016 Property Tax Bond Construction3 2016 Property Tax Bond Construction 4 2016 Property Tax Bond Construction 5 2016 Property Tax Bond Construction6 2016 Property Tax Bond Construction7 2016 Property Tax Bond Construction8 2016 Property Tax Bond Construction9 -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ -$ - - 24 486 27,937 270 191 246 - 137 113 - - - - - - - - - -- 128,758 - - - - - - 6,513 - -- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- -- -- -- - 128,758 -24486 27,937 270191 6,759-137113 - - - - - - - - - - - - - - - - - - - - - - - - - - 522 - - 484 297 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 5,302 - - - 3,703 2,250 18,514 55,584 - 121,235 - - - - - - - - - - - - - -- -- -- -- -- 5,302 - --4,225 2,250 18,514 56,068 297 121,235 - 123,456 - 24 486 23,712 (1,980) (18,323) (49,309) (297) (121,098) 113 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -- -- -- -- -- - - -- -- -- -- -- 123,456 - 24 486 23,712 (1,980) (18,323) (49,309) (297) (121,098) 113 80,603 459 5,485 112,626 1,741,506 62,609 44,375 59,948 297 121,098 32,672 - -- -- -- -- -- 80,603 459 5,485 112,626 1,741,506 62,609 44,375 59,948 297 121,098 32,672 204,059$ 459$ 5,509$ 113,112$ 1,765,218$ 60,629$ 26,052$ 10,639$ -$ -$32,785$ ued on next page.Continued on next page.City of Carmel, IndianaSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020(Continued)Capital Projects Funds124
REVENUES:Charges for services Investment income Licenses and permits Other Other taxes Contributions General property taxes Intergovernmental:GrantsShared revenue Total revenuesEXPENDITURES:Current:General governmentPublic safetyStreets and other infrastructureEconomic developmentCulture and recreationDebt service:PrincipalInterestCapital outlay:General governmentPublic safety Streets and other infrastructureEconomic developmentCulture and recreation Total expendituresExcess (deficiency) of revenues over (under) expendituresOther financing sources (uses):Transfers in, governmental fundsTransfers (out), governmental fundsRedevelopment bond issuanceBond issuance - principalCapital lease proceeds Total other financing sourcesNET CHANGE IN FUND BALANCESFUND BALANCES: beginningRestatementFUND BALANCES: beginning, restatedFUND BALANCES: ending 2016 Property Tax Bond Construction10 2016 Property Tax Bond Construction11 2016 Property Tax Bond Construction12 2016 Property Tax Bond Construction13 2017 A Bond Construction Fund 2018 CMBC Bond Construction Fund 2019 Project Fund Elimination of 2019 escrow account not belonging to the City - see Note II.L. Total Capital Projects Funds Lease Rental 2004 Road Bond 2016 Property Tax Bond Fund Total Debt Service Funds Total Nonmajor Governmental Funds -$ -$ -$ -$ -$ -$ -$ -$ 1,863,842$ -$ -$ -$ -$ 14,245,684$ 1,252 1,130 438 72 5 4,002 57 - 51,753 - - - - 189,683 - - - - - - - - - - - - - 72,558 - - - - - 1 - - 311,866 - - - - 1,579,026 - - - - - - - - 373,019 - 102,839 63,795 166,634 981,688 - - - - - - - - - - - - - 100,185 - - - - - 4,018,941 - 2,468,986 1,528,212 3,997,198 18,204,577 - - - - - - - - - - - - - 7,748,027 - - - - - - - - 1,584 - 935 580 1,515 5,804,931 1,252 1,130 438 72 5 4,003 57 - 6,621,005 - 2,572,760 1,592,587 4,165,347 48,926,359 - - - - - - - - - - - - - 4,045,402 - - - - - - - - 1,539,741 - - - - 2,351,173 - - - - - - - - 178,746 - - - - 12,377,286 - - - - - - - - - - - - - 288,696 - - - - - - - - - - - - - 8,622,294 - - - - - - - - 558,160 - - 3,328,033 - - - - 3,328,033 - - - - - - - - 1,278,692 - - - - 1,506,269 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - 300,122 198,384 46,450 - - - - - 1,985,544 - - - - 27,563,040 - - - - - 918,888 4,343,618 - 5,262,506 - - - - 5,262,506 - - - - - - - - 157,079 - - - - 2,697,869 300,122 198,384 46,450 - - 1,477,048 4,343,618 - 13,730,341 - - - - 68,042,568 (298,870) (197,254) (46,012) 72 5 (1,473,045) (4,343,561) - (7,109,336) - 2,572,760 1,592,587 4,165,347 (19,116,209) - - - - - 608,000 2,300,000 - 3,463,548 - - - - 5,412,665 - - - - - - - - (8,519) - (2,843,500) (1,484,345) (4,327,845) (14,389,258) - - - - - - - - - - - - - - - - - - - 9,200,000 - - - - - - - - - - - - - 2,413,707 - - - - - 608,000 2,300,000 - 3,455,029 - (2,843,500) (1,484,345) (4,327,845) 2,637,114 (298,870) (197,254) (46,012) 72 5 (865,045) (2,043,561) (3,654,307) - (270,740) 108,242 (162,498) (16,479,095) 454,671 347,691 127,371 20,780 1,483 1,293,369 2,043,561 812,056 11,716,419 3,853 1,529,153 60,450 1,593,456 55,951,906 - - - - - - - (812,056) (812,056) - - - - (1,164,055) 454,671 347,691 127,371 20,780 1,483 1,293,369 2,043,561 - 10,904,363 3,853 1,529,153 60,450 1,593,456 54,787,851 155,801$ 150,437$ 81,359$ 20,852$ 1,488$ 428,324$ -$ -$ 7,250,056$ 3,853$ 1,258,413$ 168,692$ 1,430,958$ 38,308,756$ City of Carmel, IndianaSTATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCESNONMAJOR GOVERNMENTAL FUNDSFor the Fiscal Year Ended December 31, 2020(Continued)Debt Service FundsCapital Projects Funds125
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
Motor Vehicle Highway Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property taxes 10,266,909$ 10,266,909$ 10,188,438$ (78,471)$
MVHF distribution 3,442,240 3,442,240 3,637,097 194,857
Miscellaneous 1,708,685 1,552,292 1,478,128 (74,164)
Total Revenues 15,417,834 15,261,441 15,303,663 42,222
EXPENDITURES:
Engineering:
Personal services 1,939,250 1,939,250 1,866,457 (72,793)
Supplies 12,400 12,400 7,229 (5,171)
Other services and charges 616,428 616,428 357,824 (258,604)
Capital outlay 115,248 115,248 40,258 (74,990)
Street Department:
Personal services 6,433,568 6,433,568 6,130,147 (303,421)
Supplies 2,851,194 2,851,194 1,440,124 (1,411,070)
Other services and charges 5,520,488 6,520,488 3,266,757 (3,253,731)
Capital outlay 1,850,352 1,850,352 1,108,442 (741,910)
- - 1,773,172 1,773,172
Total Motor Vehicle Highway Fund 19,338,928$ 20,338,928$ 15,990,410$ (4,348,518)$
Fire Pension Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis PositiveREVENUES:Original Final Amounts (Negative)
Interest 12$ 12$ 79$ 67$
Miscellaneous 24,194 24,194 - (24,194)
State assumption of pension payments 624,358 624,358 564,555 (59,803)
Total Revenues 648,564 648,564 564,634 (83,930)
EXPENDITURES:
Personal services 624,358 624,358 586,071 (38,287)
Supplies 150 150 - (150) Other services and charges 8,000 8,000 429 (7,571)
Total Fire Pension Fund 632,508$ 632,508$ 586,500$ (46,008)$
Continued on next page.
Construction, reconstruction, and
preservation
126
City of Carmel, Indiana
SUPPLEMENTARY INFORMATIONBUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
Police Pension Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Interest 40$ 40$ 505$ 465$
State assumption of pension payments 617,521 617,521 608,731 (8,790)
Total Revenues 617,561 617,561 609,236 (8,325)
EXPENDITURES:
Personal services 617,521 617,521 617,536 15
Supplies 300 300 - (300)
Other services and charges 5,200 5,200 100 (5,100)
Total Police Pension Fund 623,021$ 623,021$ 617,636$ (5,385)$
Local Road & Street Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Local road & street distribution 1,828,255$ 1,828,255$ 2,160,717$ 332,462$
Miscellaneous 603,493 603,493 276,382 (327,111)
Total Revenues 2,431,748 2,431,748 2,437,099 5,351
EXPENDITURES:
Other services and charges 5,202,294 5,202,294 6,267,415 1,065,121
Debt Service 508,509 508,509 -(508,509)
Total Local Road & Street Fund 5,710,803$ 5,710,803$ 6,267,415$ 556,612$
Continued on next page.
127
City of Carmel, Indiana
SUPPLEMENTARY INFORMATIONBUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
Cumulative Capital Improvement Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Cigarette tax distribution 207,161$ 207,161$ 198,715$ (8,446)$
Total Revenues 207,161 207,161 198,715 (8,446)
EXPENDITURES:
Other services and charges 311,598 311,598 92,661 (218,937)
Capital outlay 50,000 50,000 50,000 -
Total Cumulative Capital Improvement Fund 361,598$ 361,598$ 142,661$ (218,937)$
Cumulative Capital Development Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax $4,048,466 $4,048,466 4,018,941$ (29,525)$
Commercial vehicle excise tax 1,534 1,666 1,584 (82)
Other 399,933 323,702 320,757 (2,945)
Total Revenues 4,449,933 4,373,834 4,341,282 (32,552)
EXPENDITURES:
Other services and charges 351,798 351,798 4,218,569 3,866,771
Capital outlay - - 4,500 4,500
Debt service 4,048,565 4,048,565 -(4,048,565)
Total Cumulative Capital Development Fund 4,400,363$ 4,400,363$ 4,223,069$ (177,294)$
Continued on next page.
128
City of Carmel, Indiana
SUPPLEMENTARY INFORMATIONBUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
2004 Road Bond
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 2,388,595$ 2,388,595$ 2,468,986$ 80,391$
Commercial vehicle excise tax 864 983 935 (48)
Other 236,374 190,984 102,839 (88,145)
Total Revenues 2,625,833 2,580,562 2,572,760 (7,802)
EXPENDITURES:
Debt service 2,843,500 2,843,500 2,843,500 -
Total 2004 Road Bond 2,843,500$ 2,843,500$ 2,843,500$ -$
Deferral Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Deferral program fees -$ -$ 11,908$ 11,908$
Interest - -1,757 1,757
Total Revenues - -13,665 13,665
EXPENDITURES:
Personal services 64,542 64,542 47,870 (16,672)
Supplies 12,025 12,025 1,875 (10,150)
Other services and charges 55,600 55,600 12,816 (42,784)
Capital outlay 21,500 21,500 18,854 (2,646)
Total Deferral Fund 153,667$ 153,667$ 81,416$ (72,251)$
Continued on next page.
129
City of Carmel, Indiana
SUPPLEMENTARY INFORMATIONBUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
2016 Property Tax Bond Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Property tax 1,481,738$ 1,481,738$ 1,528,212$ 46,474$
Commercial vehicle excise tax 491 610 580 (30)
Other 126,411 118,475 63,795 (54,680)
Total Revenues 1,608,640 1,600,823 1,592,587 (8,236)
EXPENDITURES:
Debt service 1,484,345 1,484,345 1,484,345 -
Total 2016 Property Tax Bond Fund 1,484,345$ 1,484,345$ 1,484,345$ -$
Storm Water Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Service charges and fees 3,600,407$ 3,600,407$ 3,810,585$ 210,178$
Interest - - 59,688 59,688
Other - - - -
Total Revenues 3,600,407 3,600,407 3,870,273 269,866
EXPENDITURES:
Other services and charges 4,596,897 4,596,897 3,998,165 (598,732)
Transfers - - - -
Total Storm Water Fund 4,596,897$ 4,596,897$ 3,998,165$ (598,732)$
Continued on next page.
130
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
User Fee Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Permits -$ -$ 72,558$ 72,558$
Charges for services - - 25,996 25,996
Other - -1,326 1,326
Total Revenues - -99,880 99,880
EXPENDITURES:
Other services and charges 100,000 100,000 76,130 (23,870)
Other - - - -
Total User Fee Fund 100,000$ 100,000$ 76,130$ (23,870)$
Clerk's Records Perpetuation Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services -$ -$ 21,913$ 21,913$
Interest - - - -
Total Revenues - -21,913 21,913
EXPENDITURES:
Other services and charges 10,000 10,000 1,862 (8,138)
Capital outlay 50,000 50,000 3,244 (46,756)
Total Clerk's Records Perpetuation Fund 60,000$ 60,000$ 5,106$ (54,894)$
Continued on next page.
131
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
Parks Program Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services -$ -$ 2,581,073$ 2,581,073$
Interest - - 16,924 16,924
Other - -2,398 2,398
Total Revenues - -2,600,395 2,600,395
EXPENDITURES:
Personal services 3,081,032 3,081,032 2,450,542 (630,490)
Supplies 313,100 313,100 136,648 (176,452)
Other services and charges 867,052 867,052 1,087,274 220,222
Capital outlay 30,000 30,000 278,970 248,970
Total Parks Program Fund 4,291,184$ 4,291,184$ 3,953,433$ (337,751)$
Drug Task Force Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Intergovernmental -$ -$ 65,566$ 65,566$
Interest - - 3,840 3,840
Other - -14,026 14,026
Total Revenues - -83,432 83,432
EXPENDITURES:
Supplies 7,600 7,600 3,889 (3,711)
Other services and charges 265,700 265,700 171,796 (93,904)
Capital outlay 83,500 83,500 1,110 (82,390)
Total Drug Task Force Fund 356,800$ 356,800$ 176,796$ (180,004)$
Continued on next page.
132
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
Ambulance Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Ambulance fees -$ -$ 1,863,842$ 1,863,842$
Interest - - 8,714 8,714
Other - -30,141 30,141
Total Revenues - - 1,902,697 1,902,697
EXPENDITURES:
Supplies 117,000 117,000 115,704 (1,296)
Capital outlay 1,531,781 1,531,781 1,600,864 69,083
Other - -18,002 18,002
Total Ambulance Fund 1,648,781$ 1,648,781$ 1,734,570$ 85,789$
Judicial Salary Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Fines and forfeitures - judicial salaries fees -$ 37,413$ 20,492$ (16,921)$
Interest - - - -
Total Revenues -37,413 20,492 (16,921)
EXPENDITURES:
Supplies 19,500 19,500 9,101 (10,399)
Other services and charges 84,400 84,400 34,669 (49,731)
Capital outlay 9,000 9,000 2,868 (6,132)
Total Judicial Salary Fund 112,900$ 112,900$ 46,638$ (66,262)$
Continued on next page.
133
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
Parks Monon Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services -$ -$ 3,386,211$ 3,386,211$
Department fees - - - -
Interest - - 22,466 22,466
Other - - 708 708
Total Revenues - - 3,409,385 3,409,385
EXPENDITURES:
Personal services 3,247,480 3,247,480 2,569,374 (678,106)
Supplies 501,300 501,300 257,556 (243,744)
Other services and charges 2,521,391 2,521,391 1,990,446 (530,945)
Capital outlay 45,500 45,500 133,897 88,397
Total Parks Monon Fund 6,315,671$ 6,315,671$ 4,951,273$ (1,364,398)$
Parks Facilities Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Charges for services -$ -$ 119,084$ 119,084$
Department fees - - - -
Interest - - 835 835
Other - - 1,737 1,737
Total Revenues - - 121,656 121,656
EXPENDITURES:
Supplies 15,950 15,950 12,288 (3,662)
Other services and charges 78,870 78,870 94,933 16,063
Total Parks Facilities Fund 94,820$ 94,820$ 107,222$ 12,402$
Continued on next page.
134
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
Park Capital Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Interest -$ -$ 778$ 778$
Other - - - -
Total Revenues - -778 778
EXPENDITURES:
Capital outlay 525,000 525,000 147,099 (377,901)
Total Park Capital Fund 525,000$ 525,000$ 147,099$ (377,901)$
Public Defender Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Fines and forfeitures - public defender fees -$ -$ 831$ 831$
Interest - - - -
Total Revenues - -831 831
EXPENDITURES:
Other services and charges 6,000 6,000 - (6,000)
Total Public Defender Fund 6,000$ 6,000$ -$ (6,000)$
Continued on next page.
135
City of Carmel, Indiana
SUPPLEMENTARY INFORMATION
BUDGETARY COMPARISON SCHEDULES
NONMAJOR FUNDS
For the Fiscal Year Ended December 31, 2020
(Continued)
Cumulative Sewer Fund
Actual Variance with
Budgetary Final Budget
Budgeted Amounts Basis Positive
Original Final Amounts (Negative)
REVENUES:
Other -$ -$ -$ -$
Total Revenues - - - -
EXPENDITURES:
Other services and charges 284,139 284,139 7,439 (276,700)
Total Cumulative Sewer Fund 284,139$ 284,139$ 7,439$ (276,700)$
136
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.
137
1925 Police Pension Trust Fund 1937 Fire Pension Trust Fund Total Trust FundsASSETS:Cash and cash equivalents 136,916$ $ 14,354 $ 151,270 Receivable from State of Indiana48,46748,863 97,330 Total assets185,383 63,217248,600 LIABILITIES:Payroll withholdings48,46748,863 97,330 Total liabilities48,46748,863 97,330 NET POSITION: restricted for pensions136,916$ 14,354$ 151,270$ City of Carmel, IndianaCOMBINING STATEMENT OF FIDUCIARY NET POSITION - PENSION FUNDSDecember 31, 2020138
City Court Custodial Fund ASSETS:Cash and cash equivalents 102,978$ Total assets102,978 LIABILITIES:Court escrow - Total liabilities- NET POSITION102,978$ December 31, 2020City of Carmel, IndianaCOMBINING STATEMENT OF FIDUCIARY NET POSITION - CUSTODIAL FUND139
1925 Police Pension Trust 1937 Fire Pension Trust Fund Total Trust FundsADDITIONS:State of Indiana contributions 607,355$ 565,704$ 1,173,059$ Investment income 50579584Miscellaneous revenue- - - Total additions607,860 565,783 1,173,643 DEDUCTIONS:Benefits616,260 587,649 1,203,909 Other services and charges- - - Total deductions616,260 587,649 1,203,909 NET INCREASE (DECREASE) IN NET POSITION(8,400) (21,866) (30,266) NET POSITION: beginning145,316 36,220181,536 NET POSITION: ending136,916$ 14,354$ 151,270$ City of Carmel, IndianaCOMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONPENSION FUNDSFor the Fiscal Year Ended December 31, 2020140
City Court Custodial Fund ADDITIONS:Court costs and fees 892,038$ Miscellaneous revenue - Total additions892,038 DEDUCTIONS:Distributions910,506 Total deductions910,506 NET INCREASE (DECREASE) IN NET POSITION(18,468) NET POSITION: beginning121,446 NET POSITION: ending102,978$ City of Carmel, IndianaCOMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITIONCUSTODIAL FUNDFor the Fiscal Year Ended December 31, 2020141
CONTENTS PAGES
Financial Trends 143 - 148
Revenue Capacity 149 - 152
Debt Capacity 153 - 157
Demographic and Economic Information 158 - 159
Operating Information 160 - 161
Source: Unless otherwise noted, the information in these schedules is derived from the ACFR for the
relevant year.
Note: The City is presenting its sixth 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.
142
2020 2019 2018 2017 2016 2015
Governmental activities:
Net investment
in capital assets 376,746,545$ 378,022,382$ 412,830,075$ 344,721,169$ 299,216,267$ 314,601,738$
Not spendable - - - - - -
Restricted 14,625,073 23,734,389 35,065,020 30,924,357 25,355,156 25,629,325
Unrestricted (68,251,242) (70,195,178) (94,111,631) (83,269,698) (35,777,877) (42,319,616) Total governmental
activities net position 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 138,083,697$ 101,192,811$ 114,861,067$ 118,497,972$ 116,495,474$ 113,210,726$
Not spendable - - - - - -
Restricted 2,069,280 - - - - -
Unrestricted (27,625,888) 8,978,611 (5,903,010) (9,695,164) (4,011,279) (1,147,670) Total business-type
activities net position 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 514,830,242$ 479,215,193$ 527,691,142$ 463,219,141$ 415,711,741$ 427,812,464$
Not spendable - - - - - -
Restricted 16,694,353 23,734,389 35,065,020 30,924,357 25,355,156 25,629,325
Unrestricted (95,877,130) (61,216,567) (100,014,641) (92,964,862) (39,789,156) (43,467,286) Total primary
government net position 435,647,465$ 441,733,015$ 462,741,521$ 401,178,636$ 401,277,741$ 409,974,503$
Note: The City is presenting its sixth 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
143
2020 2019 2018 2017 2016 2015
Expenses:
Governmental activities:
General government 31,926,796$ 29,340,736$ 24,996,549$ 30,372,875$ 30,984,884$ 20,841,943$
Public safety 53,605,541 54,710,167 53,919,299 41,085,416 40,267,560 42,151,467
Streets and other infrastructure 43,870,342 46,372,722 48,637,707 25,476,391 12,340,719 29,584,125
Economic development 34,750,667 39,956,058 15,817,738 16,711,747 54,995,901 10,771,611
Culture and recreation 20,141,103 21,497,105 21,621,998 17,932,242 10,122,290 18,549,674
Unallocated interest expense 5,593,677 2,623,251 2,267,516 18,217,810 5,545,855 4,542,707
Total governmental activities expenses 189,888,126 194,500,039 167,260,807 149,796,481 154,257,209 126,441,527
Business-type activities:
Water 20,130,070 20,063,976 19,277,075 20,824,320 19,439,437 13,542,037
Sewer 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 30,697,409 30,543,359 29,440,411 37,413,146 31,814,317 21,743,745
Total primary government expenses 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 306,364$ 146,498$ 221,467$ 211,995$ 82,803$ 72,056$
Public safety 1,926,343 1,774,066 1,713,002 1,726,580 1,470,638 1,152,600
Streets and other infrastructure 4,016,186 4,181,410 2,869,523 98,090 248,036 480
Economic development 1,470,526 1,913,324 1,482,785 52,093 - -
Culture and recreation 8,087,184 12,983,411 12,403,573 12,818,388 11,585,645 7,345,221
Operating grants and contributions:
General government 3,357,992 - - - - -
Public safety 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 4,324,469 3,070,276 386,624 1,906,397 865,258 3,516,506
Economic development - - - - - -
Culture and recreation - - - - - 50,043
Total governmental activities revenues 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
144
2020 2019 2018 2017 2016 2015
Business-type activities:
Charges for services
Water 19,764,152$ 18,407,840$ 17,735,563$ 16,982,790$ 15,458,695$ 13,500,929$
Sewer 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
Operating grants and contributions
Water - - - - - -
Sewer - - - - - -
Capital grants and contributions
Water 3,419,195 3,458,396 3,279,973 4,995,765 4,620,949 -
Sewer 761,819 387,133 629,483 336,363 552,460 -
Total business-type activities revenues 34,564,701 32,410,701 31,639,677 36,317,481 34,192,478 26,011,545
Total primary government revenues 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 (165,160,437)$ (169,185,359)$ (146,861,114)$ (132,886,044)$ (139,892,178)$ (114,244,003)$
Business-Type Activities 3,867,292 1,867,342 2,199,266 (1,095,665) 2,378,161 4,267,800
(161,293,145) (167,318,017) (144,661,848) (133,981,709) (137,514,017) (109,976,203)
GENERAL REVENUES AND TRANSFERS:
Property tax 63,533,389 56,571,934 54,455,110 52,042,841 52,989,360 44,104,576
Income tax 44,412,562 44,847,572 43,996,077 41,801,838 36,700,613 32,745,504
Tax incremental revenue 36,446,525 36,555,314 33,658,972 30,326,364 28,850,762 26,154,361
Unrestricted investment earnings 1,120,777 4,208,019 4,487,604 2,723,267 574,253 155,461
Other 24,398,945 21,196,478 29,899,818 15,522,157 16,797,331 20,679,190
Transfers - - - - - -
Total general revenues and transfers 169,912,198 163,379,317 166,497,581 142,416,467 135,912,319 123,839,092
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 8,619,053 (3,938,700) 21,835,733 8,434,758 (1,601,698) 14,481,889
NET POSITION: beginning 441,733,015 462,741,521 400,056,203 401,190,880 409,974,503 395,492,614
Restatement (See Note II.L.)(14,704,603) (17,069,806) 40,849,585 (8,447,001) (7,095,064) -
NET POSITION: beginning, adjusted 427,028,412 445,671,715 440,905,788 392,743,879 402,879,439 395,492,614
NET POSITION: ending 435,647,465$ 441,733,015$ 462,741,521$ 401,178,637$ 401,277,741$ 409,974,503$
Note: The City is presenting its sixth 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
145
202020192018201720162015General Fund:Nonspendable -$ -$ -$ -$ -$ -$ Restricted - - - - - - Committed- - - - - - Assigned5,259,777 3,014,336 3,014,336 1,803,672 1,910,880 1,416,155 Unassigned22,314,019 22,006,859 23,328,255 15,034,935 15,066,402 14,008,886 Total General Fund27,573,796$ 25,021,195$ 26,342,591$ 16,838,607$ 16,977,282$ 15,425,041$ All Other Governmental Funds:Nonspendable-$ -$ -$ -$ -$ -$ Restricted90,467,731 128,443,455 178,817,196 256,581,733 257,811,177 43,069,142 Committed6,073,168 5,286,665 6,007,566 5,443,978 3,212,225 1,115,637 Assigned- - -- -- Unassigned- - - - - (249,855) Total all other Governmental Funds 96,540,899$ 133,730,120$ 184,824,762$ 262,025,711$ 261,023,402$ 43,934,924$ Total, Governmental Funds 124,114,695$ 158,751,315$ 211,167,353$ 278,864,318$ 278,000,684$ 59,359,965$ City of Carmel, IndianaFUND BALANCES ‐ GOVERNMENTAL FUNDSLast Ten Fiscal Years(modified accrual basis of accounting)Note: The City is presenting its sixth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.146
2020 2019 2018 2017 2016 2015
Revenues:
Property tax 63,437,130$ 56,633,438$ 54,425,761$ 52,259,944$ 52,647,063$ 44,043,914$
Income tax 47,894,782 45,139,812 44,606,607 37,187,574 46,625,784 28,847,934
Other local tax 36,446,525 36,555,314 33,658,972 30,326,364 28,850,762 26,154,361
Charges for services 15,806,603 20,998,709 18,679,782 14,907,146 12,901,368 8,570,357
Investment income 897,178 3,958,675 4,356,867 2,339,501 442,961 74,597
Licenses and permits 3,176,106 2,572,301 2,909,371 2,490,849 2,441,853 2,159,234
Fines and forfeits 250,062 439,110 457,062 466,731 571,556 788,604
Intergovernmental:
Grants 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 6,697,371 6,986,908 2,993,528 2,736,296 1,198,398 1,116,639
Other 2,177,824 3,289,848 7,426,341 5,995,761 - -
Contributions 100,185 240,302 190,321 262,116 660,714 286,716
Other 11,480,128 7,091,842 12,175,681 4,336,810 5,858,544 10,915,190
Total revenues 196,111,921 187,073,020 186,238,916 155,019,150 160,215,529 130,890,778
Expenditures:
Current:
General government 29,981,293 28,720,273 24,830,230 29,533,750 28,670,916 20,135,899
Public safety 52,740,203 49,435,106 49,683,728 40,261,813 38,547,773 45,026,384
Streets and other infrastructure 20,944,061 31,433,579 30,794,894 13,258,597 13,540,350 13,784,488
Economic development 4,730,248 5,840,957 20,179,724 1,319,474 5,074,808 4,284,583
Culture and recreation 14,474,713 18,102,363 14,359,423 12,938,526 13,397,374 13,432,578
Debt Service:
Principal 28,078,897 24,650,551 21,976,855 18,808,576 17,387,515 15,768,608
Interest 30,190,082 28,998,519 28,361,382 26,688,864 17,763,071 17,223,247
Lease rentals and issuance costs - 328,421 - - - -
Capital outlay:
General government 1,629,419 1,301,526 503,513 707,523 2,931,360 119,885
Public safety 4,189,888 1,016,079 2,440,252 1,327,731 1,925,392 3,710,693
Streets and other infrastructure 44,467,946 52,780,716 84,098,163 60,138,533 25,097,876 4,445,749
Economic development 12,149,970 24,325,592 15,212,738 34,138,220 16,809,771 2,439,830
Culture and recreation 2,890,800 2,261,904 5,061,517 747,324 734,053 422,388
Total expenditures 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 (50,355,599) (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
147
2020 2019 2018 2017 2016 2015
Other financing sources (uses):
Bond issuance - principal 9,200,000 24,695,000 13,791,036 81,358,423 199,265,510 -
Bond issuance - premium - - 243,540 3,334,569 35,087,956 -
Proceeds - refunding 187,465,000 - - 23,180,000 18,170,404 -
Capital lease proceeds 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 79,346,147 79,578,276 60,427,364 126,937,135 278,264,371 30,928,247
Transfer in from associated utility 1,912,211 1,320,506 1,320,506 1,703,277 1,606,319 1,014,100
Transfers out (79,346,147) (79,578,276) (60,427,364) (126,937,135) (278,264,371) (30,928,247)
Total other financing sources (uses)16,883,034 29,545,875 17,910,721 85,713,415 238,514,734 4,181,106
Total change in fund balances (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 30.1% 27.5% 29.5% 28.9% 23.4% 25.0%
Note: The City is presenting its sixth 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
148
Taxes Net ValueNet ValueTotalTotalPayable Real Estate Railroad/ Utility/ BusinessNet Taxable EstimatedDirectYear 2Property Personal Property Assessed ValueActual Value 3Tax Rate20208,005,622,698 509,094,794 8,514,717,492 15,258,648,418 55.8% 0.787720197,442,409,615 458,423,501 7,900,833,116 14,197,500,652 55.6% 0.788620186,666,896,042 467,365,607 7,134,261,649 12,997,560,747 54.9% 0.788720176,474,642,116 436,043,965 6,910,686,081 12,552,181,043 55.1% 0.789520166,220,543,748 420,168,770 6,640,712,518 12,043,692,490 55.1% 0.835620156,006,875,967 409,451,119 6,416,327,086 11,591,806,730 55.4% 0.700720144,829,947,454 398,186,327 5,228,133,781 9,538,010,360 54.8% 0.700720134,762,146,198 373,474,201 5,135,620,399 9,445,479,646 54.4% 0.700720124,863,829,903 398,308,947 5,262,138,850 9,604,804,116 54.8% 0.678820114,891,357,512 426,518,904 5,317,876,416 9,561,032,777 55.6% 0.666420105,088,667,610 388,639,324 5,477,306,934 9,654,531,997 56.7% 0.6664Sources:Hamilton County Auditor's officeIndiana Gateway for Government UnitsNotes: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, IndianaASSESSED VALUE AND ESTIMATED ACTUAL VALUE OF TAXABLE PROPERTYLast Ten Fiscal YearsAssessed Value as a Percentage of Estimated Actual Value149
2020201920182017201620152014201320122011City Direct Rates:Corporation General 0.5631 0.5572 0.5769 0.5741 0.5745 0.5088 0.5381 0.5459 0.5284 0.5266Motor Vehicle Highway 0.1268 0.1188 0.1051 0.1027 0.1701 0.1643 0.1249 0.1268 0.1080 0.0777Debt Service0.0183 0.0184 0.0193 0.0195 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000Redevelopment Bond0.0295 0.0445 0.0374 0.0440 0.0424 0.0000 0.0101 0.0000 0.0160 0.0145Lease Rental Payment0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0144Cumulative Capital Development 0.0500 0.0497 0.0500 0.0492 0.0486 0.0276 0.0276 0.0280 0.0264 0.0332Total Direct Rate0.7877 0.7886 0.7887 0.7895 0.8356 0.7007 0.7007 0.7007 0.6788 0.6664Overlapping Rates:State0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000 0.0000County0.2754 0.2791 0.2814 0.2814 0.2814 0.2926 0.3054 0.3074 0.2901 0.2769Solid Waste0.0030 0.0031 0.0032 0.0032 0.0032 0.0033 0.0033 0.0033 0.0032 0.0030Township - Clay0.0565 0.0640 0.0675 0.0694 0.0673 0.0746 0.0719 0.0781 0.0693 0.0753Library0.0751 0.0755 0.0760 0.0760 0.0778 0.0787 0.0787 0.0765 0.0682 0.0657Carmel Clay School Corp 0.8572 0.8251 0.8118 0.8291 0.8053 0.8106 0.8453 0.8591 0.7911 0.8990Total Direct and Overlapping Rate 2.0549 2.0354 2.0286 2.0486 2.0706 1.9605 2.0053 2.0251 1.9007 1.9863Source: 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, IndianaPROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS(Rate per $100 of assessed value)Last Ten Fiscal Years150
Percentage of
Total City
Taxpayer Assessed Value Assessed Value
Clarion Health North 95,476,500 1.19%
Karmel Property 48,481,700 0.61%
Carmel Lofts 38,357,800 0.48%
Edward Rose Development Carmel 36,084,700 0.45%
Carmel Center Apartments 34,815,500 0.43%
Hunt Sunrise 33,560,600 0.42%
BMF 2 Gramercy 33,498,600 0.42%
Lakeside Apartments of Carmel 32,890,400 0.41%
Parkwood Four & Five 31,555,200 0.39%
Clarian Health Partners 31,383,300 0.39%
416,104,300 5.19%
Percentage of
Total City
Taxpayer Assessed Value Assessed Value
Clarion Health North 105,908,500 2.17%
Duke Weeks Realty 75,768,200 1.55%
Duke Realty Limited Partnership 65,074,800 1.33%
Carmel Indy Properties 56,732,300 1.16%
Clay Terrace Partners 53,376,800 1.09%
Carmel Lofts 40,790,200 0.83%
Washington National 36,482,800 0.75%
HCRI Indiana Properties 30,550,900 0.62%
MRI Spring Mill Miamidian 30,414,000 0.62%
TIC Carmel Center 350 29,334,700 0.60%
524,433,200 10.72%
Source: Hamilton County Auditor's office.
2020
2011
City of Carmel, Indiana
Current Year and Nine Years Ago
PRINCIPAL PROPERTY TAXPAYERS
151
Taxes Total CertifiedCashPercentagePayable Year Tax LevyCredits 1Collections 2Total of Levy202063,779,530 2,425,294 61,908,918 64,334,212 100.87%201959,383,729 2,402,495 55,252,616 57,655,111 97.09%201856,917,333 2,048,991 53,042,657 55,091,648 96.79%201752,180,837 2,642,506 50,907,298 53,549,804 102.62%201655,990,426 2,917,489 52,647,063 55,564,552 99.24%201545,416,367 1,132,485 44,043,913 45,176,398 99.47%201444,020,059 1,105,727 40,554,757 41,660,484 94.64%201343,391,737 1,119,259 38,072,795 39,192,054 90.32%201243,399,780 270,162 37,319,721 37,589,883 86.61%201135,993,200 614,682 34,393,205 35,007,887 97.26%Sources:Indiana Gateway for Government UnitsIndiana Department of Local Government FinanceNote:1.2.Indiana local units are required to credit back to taxpayers a portion of tax bills exceeding a percentage of each property's adjusted 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 2020, total delinquent property tax due to the City for 2020 and all prior years was approximately $4,857,251.City of Carmel, IndianaPROPERTY TAX LEVIES AND COLLECTIONSLast Ten Fiscal YearsTotal Collections152
202020192018201720162015Certified net assessed valuation 8,096,931,541$ 7,530,272,592$ 7,216,601,040$ 6,994,981,173$ 6,700,625,433$ 6,481,570,742$ 2% constitutional debt limit2.0%2.0%2.0%2.0%2.0%2.0%Subtotal161,938,631 150,605,452 144,332,021 139,899,623 134,012,509 129,631,415 divided by three 13.0 3.0 3.0 3.0 3.0 3.0 Debt limit53,979,544 50,201,817 48,110,674 46,633,208 44,670,836 43,210,472 Net debt applicable to debt limit (25,874,016) (24,822,199) (26,977,490) (29,641,000) (33,580,000) (15,417,000) Legal debt margin28,105,528$ 25,379,618$ 21,133,184$ 16,992,208$ 11,090,836$ 27,793,472$ 52.07% 50.56% 43.93% 36.44% 24.83% 64.32%Source: Indiana Department of Local Government FinanceNotes:1.2.The City is presenting its sixth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical sectionpresentations.City of Carmel, IndianaLEGAL DEBT MARGIN INFORMATIONLast Ten Fiscal YearsLegal debt margin as percentage of debt limitDivision by three is required to adjust for a change in the method of determining values since the constitutional standard was established.153
2020 725,062,256 10,206,016 735,268,272 164,363,644 1,089,246 165,452,890 900,721,162 11.48% 9,0292019 739,095,398 8,433,199 747,528,597 151,165,878 1,092,136 152,258,014 899,786,611 11.79% 8,9032018 743,736,654 7,637,383 751,374,037 135,831,887 519,822 136,351,709 887,725,746 12.84% 9,1612017 721,260,757 7,315,666 728,576,423 172,348,990 721,688 173,070,678 901,647,101 14.61% 10,1282016 660,449,791 6,836,403 667,286,194 175,750,411 562,700 176,313,111 843,599,305 14.08% 9,4272015 755,670,563 7,315,666 762,986,229 139,951,647 721,688 140,673,335 903,659,564 12.42% 6,4411 Population and personal income data can be found on the Schedule of Demographics and Economic Statistics.Debt per Capita ˡ Total Business Activities Total Primary Government Business Activities Bonds and Contract Purchases Capital Leases Percentage of Personal IncomeˡCity of Carmel, IndianaRATIOS OF OUTSTANDING DEBT BY TYPELast Ten Fiscal YearsGovernmental Activities Bonds and Contract Purchases Total Governmental Activities Capital Leases Note: The City is presenting its sixth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.154
2020 889,425,90030,013,581859,412,3195.63%8,6152019 890,261,276 30,090,234 860,171,042 6.06% 8,5112018 879,568,541 27,141,500 852,427,041 6.56% 8,7972017 893,609,747 20,790,202 872,819,545 6.95% 9,5852016 836,200,202 21,862,629 814,337,573 6.76% 9,1472015 895,622,210 17,977,793 877,644,417 7.57% 9,893Note: 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 Amount restricted for debt service principal payments.3 Property tax value can be found on the Schedule of Assessed Value and Actual Value of Taxable Property.4 Population data can be found on the Schedule of Demographics and Economic Statistics.Bonds and Contract Purchases 1Less: Amounts Available in Debt Service Fund 2TotalCity of Carmel, IndianaRATIOS OF GENERAL BONDED DEBT OUTSTANDINGLast Ten Fiscal YearsNote: The City is presenting its sixth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.Per Capita 4Percentage of Estimated Actual Value of Taxable Property 3155
Percent Amount
Outstanding Applicable to Applicable to
Governmental Unit Debt Carmel (1)Carmel
Direct Debt:
City of Carmel (see page 154)735,268,272$ 100% 735,268,272$
Overlapping Debt Paid with Property Taxes:
Carmel Clay School Corporation 227,942,504 100.00% 227,942,504
Carmel Clay Public Library 35,260,950 100.00% 35,260,950
Clay Township 128,215,488 100.00% 128,215,488
Hamilton County 95,209,025 34.40% 32,751,905
Hamilton County Tax Increment Bonds 50,866,567 0.00%-
Sub-Total Overlapping Debt 537,494,534$ 424,170,847
Total Direct and Overlapping Debt 1,159,439,119$
Population - 2020 (2)99,757
Estimated direct and overlapping debt per capita 11,623$
Note:
(2)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.
(1) 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, 2020
156
Net RevenueOperating Operating Available forRevenueExpenses 1Debt ServicePrincipalInterestCoverage 2Water Utility2020 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 Utility2020 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.1 Operating expenses do not include depreciation and amortization.2 Coverage = Net Available Revenue/Debt Service Requirements.Debt Service RequirementsCity of Carmel, IndianaPLEDGED‐REVENUE COVERAGEat December 31, 2020Note: The City is presenting its sixth ACFR since 2007. Accordingly, a 10-year history is not presented for certain statistical section presentations.157
Public Year-endFiscal Median Per Capita PersonalHigh School School UnemploymentYearPopulation 1Age 1, 2Income 3IncomeGraduation 4Enrollment 4Rate 5202099,757 39.4 78,626 7,843,495,393 95.2% 16,664 3.2%2019101,068 39.5 77,263 7,808,816,884 97.6% 16,352 2.0%201896,900 39.2 75,653 7,330,775,700 97.9% 16,147 2.4%201791,065 39.2 72,005 6,557,135,325 97.5% 16,082 2.2%201689,029 39.9 69,337 6,173,003,773 96.5% 15,954 2.6%201588,713 38.5 67,040 5,947,319,520 95.8% 15,971 3.0%201486,682 38.4 64,271 5,571,138,822 96.9% 15,912 3.6%201385,929 38.7 60,857 5,229,381,153 96.3% 15,724 3.8%201283,595 38.4 60,158 5,028,908,010 94.3% 15,750 5.1%201181,633 38.2 57,333 4,680,264,789 93.8% 15,493 4.9%201079,191 38.0 53,886 4,267,286,226 93.0% 15,498 5.0%Sources:1 U.S. Census BureauU.S. Census Bureau, American Community Survey 1-Year Estimates2020 - U.S. Census Bureau, 2020 Census2 U.S. Census Bureau, 5-Year American Community Survey Median Age and City of Carmel Per Capita Income3 Bureau of Economic Analysis Hamilton County Per Capita Income for years 2010-2019. 2020 estimate based on trend.4 Indiana Department of Education Total graduation rate and corporate enrollment, Carmel Clay Schools5 Bureau of Labor StatisticsCity of Carmel, IndianaDEMOGRAPHIC AND ECONOMIC STATISTICSLast Ten Fiscal Years158
Percentage of
Total City
Company Industry Employees Rank Employment
Carmel Clay Schools Public education 2,717 1 5.13%
CNO Financial Group Life insurance holding company 1,600 2 3.02%
GEICO Auto insurance company 1,500 3 2.83%
Liberty Mutual Insurance company 1,450 4 2.74%
Resort Condominium Int’l. (RCI) Vacation exchange network and services 1,125 5 2.12%
Allegion Safety and security systems 1,100 6 2.08%
The Capital Group Financial Services 975 7 1.84%
KAR Global Automotive remarketing services 892 8 1.68%
Whisper Hearing Center Home health services 800 9 1.51%
Midcontinent ISO Electrical transmission operator 700 10 1.32%
Percentage of
Total City
Company Employees Rank Employment
Carmel Clay Schools 2,469 1 6.16%
Conseco Inc (now CNO Financial Group)2,036 2 5.08%
Marsh Supermarkets 1,235 3 3.08%
Clarian North Medical Center (now IU Health North)1,150 4 2.87%
Liberty Mutual/Indiana Insurance 750 5 1.87%
City of Carmel 700 6 1.75%
St. Vincent Carmel Hospital 664 7 1.66%
Independent Transmission System Operator (now Midcontinent ISO) 600 8 1.50%
TCL - Thomson Electronics 550 9 1.37%
St. Vincent Heart Center 500 10 1.25%
Sources: Hamilton County Economic Development Corporation
City and Company Officials
Carmel Clay School Corporation
2020
2011
City of Carmel, Indiana
PRINCIPAL EMPLOYERS
Current Year and Nine Years Ago
159
2020 2019 2018 2017 2016 2015
General Government:
Controller 7
City Clerk 599986
Mayor 333333
City Council 9 7 7777
Board of Public Works 232222
Plan Commission 9 9 9 9 11 11
Administration 443324
City Court 466777
Law Department 677668
Community Services 24 23 23 21 22 22
Community Relations 977654
Public Safety:
Police
Officers 129 118 114 114 109 117
Civilians 24 25 24 23 23 26
Fire
Firefighters and Officers 160 154 146 147 153 166
Civilians 10 10 9889
Culture and Recreation:
Parks Department 53 69 63 65 64 62
Brookshire Golf 544444
Utilities (Water and Sewer)105 105 104 104 103 109
Other Programs:
Human Resources 443333
Street 52 52 50 48 48 52
Engineering 151515151516
Communications 14 14 14 16 15 13
Redevelopment 544231
TOTAL 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 sixth ACFR since 2007. Accordingly, a 10-year history is not presented for certain
statistical section presentations.
160
2020 2019 2018 2017 2016 2015
General Government:
Community Services
Permits issued 1,610 1,628 1,703 1,557 1,351 1,237
Residential construction permits 332 358 478 463 429 359
Total number of dwelling units 592 469 767 759 432 1,663
Building inspections performed 531 512 487 472 431 476
Public Safety:
Police
Incidents 89,250 91,436 83,740 85,500 83,955 83,904
Occurred incidents 3,642 4,548 4,361 4,010 4,270 4,330
Accidents 1,602 2,645 2,575 2,504 2,488 2,442
Total agency arrests 2,500 2,469 2,569 2,459 2,530 2,642
Fire
Emergency medical responses 6,769 6,279 5,517 5,136 4,755 4,402
Fire-related calls for service 4,252 3,848 3,220 2,906 2,592 2,312
Number of fire stations 6 6 6 6 6 6
Culture and recreation:
Number of parks and greenways 19 17 17 17 16 15
Total acres 550 540 530 505 505 505
Total trail miles 26.5 26.5 26.5 16 16 16
Streets:
Number of "center lane" miles streets 524 515 486 485 483 482
Number of roundabouts 138 131 122 115 111 97
Sewer:
Miles of sanitary mains 252 265 248 243 243 243
Miles of sanitary sewer main cleaned/inspected 27.00 25.40 16.00 14.85 14.20 13.65
10.24 10.82 10.78 10.16 10.05 9.92
Water:
Miles of watermains 555 550 565 538 538 538
Peak-day water demand (in millions of gallons) 22.5 24.0 21.5 22.0 21.0 19.0
Number of fire hydrants inspected/serviced 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 sixth 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
161