HomeMy WebLinkAbout2007CAFRCity of Oshkosh
Annual Financial Report
Including Auditor's Report
For the fiscal year ending December 31, 2007
ON THE WATER
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
December 31, 2007
Table of Contents
INTRODUCTORY SECTION Page No.
Letter of Transmittal 1 - 3
Council Members and Principal Officers 4
The City 5 - 8
Oshkosh Unified School District 9
FINANCIAL SECTION
Independent Auditors' Report
10 - 11
Management's Discussion and Analysis
12-20
Basic Financial Statements
Government -wide Financial Statements
Statement of Net Assets
21
Statement of Activities
22
Fund Financial Statements
Balance Sheet - Governmental Funds
23
Reconciliation of the Balance Sheet of Governmental Funds to the
Statement of Net Assets 24
Statement of Revenues, Expenditures and Changes in Fund Balances -
Governmental Funds 25
Reconciliation of Statements of Revenues, Expenditures and Changes
in Fund Balances of Governmental Funds to the Statement of Activities
26
Statement of Revenues, Expenditures and Changes in Fund Balance -
Budget and Actual - General Fund
27
Statement of Net Assets - Proprietary Funds
28
Statement of Revenues, Expenses and Changes in Net Assets -Proprietary Funds
29
Statement of Cash Flows -Proprietary Funds
30
Statement of Net Assets -Fiduciary Funds
31
Statement of Changes in Net Assets -Fiduciary Funds
32
Notes to Basic Financial Statements
33 - 57
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
December 31, 2007
Table of Contents
Other Supplemental Information Page No.
Combining Balance Sheet - Non -major Governmental Funds 58
Combining Statement of Revenues and Expenditures and Changes
in Fund Balances - Non -major Governmental Funds 59
Combining Statement of Net Assets-Nonmajor Other Proprietary Funds 60
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets -
Nonmajor Other Proprietary Funds 61
Combining Statement of Cash Flows-Norunajor Other Proprietary Funds 62
Combining Statement of Net Assets - Internal Service Funds 63
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets
Internal Service Funds 64
Combining Statement of Cash Flows - Internal Service Funds 65
Combining Balance Sheet - Nonmajor Special Revenue Funds 66
Combining Statement of Revenues, Expenditures and Changes in Fund Balances -
Nonmajor Special Revenue Funds 67
Combining Balance Sheet - Nonmajor Capital Project Funds 68
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Capital Projects Funds 69
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
December 31, 2007
Table of Contents
STATISTICAL SECTION
This part of the City of Oshkosh, Wisconsin's comprehensive annual financial
report 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.
Contents
Financial Trends
Exhibit No.
A-1 through A-5
These reports and schedules contain trend information to help the reader understand how
the city's financial performance and well-being have changed over time.
Revenue Capacity
A-6 through A-10
These schedules contain information to help the reader assess the city's most
significant local revenue source, the property tax.
Debt Capacity
A-11 through A-15
These schedules present information to help the reader assess the affordability
of the city's current levels of outstanding debt and the city's ability to issue
additional debt in the future.
Economic and Demographic Information A-16 through A-26
These schedules present information to help the reader understand the environment
within which the city's financial activities take place.
Operating Information A-27 through A-29
These schedules contain information to help the reader understand how the city's
financial report relates to the services the city provides and the activities it performs.
Page No.
70-76
77-81
82- 106
107-120
121 - 128
INTRODUCTORY SECTION
April 4, 2008
Honorable Mayor and Council Members,
City of Oshkosh:
The Annual Financial Report of the City of Oshkosh, Wisconsin, for the fiscal year ended
December 31, 2007, is submitted herewith. This report was prepared by the City's Department
of Finance. Responsibility for both the accuracy of the presented data and the completeness and
fairness of the presentation, including all disclosures, rest with the City. We believe the data as
presented is accurate in all material respects; that it is presented in a manner designed to fairly
set forth the financial activities of the City and its various funds and account groups; and that all
the disclosures necessary to enable the reader to gain the maximum understanding of the City's
financial activities have been included.
ACCOUNTING SYSTEM AND BUDGETARY CONTROL
The City's accounting records for general government operations are maintained on a
modified accrual basis, with the revenues being recorded when available and measurable and
expenditures being recorded when the services or goods are received and the liabilities are
incurred. Accounting records for the City's utilities and other enterprise funds are maintained on
the accrual basis.
In developing and altering the City's accounting system, consideration is given to the
adequacy of internal accounting controls. Internal accounting controls are designed to provide
reasonable, but not absolute, assurance regarding:
1) the safeguarding of assets against loss from unauthorized use or disposition and
2) the reliability of financial records for preparing financial statements and maintaining
accountability for assets.
The concept of reasonable assurance recognizes that:
1) the cost of a control should not exceed the benefits likely to be derived and
2) the evaluation of costs and benefits requires estimates and judgment by management.
Budgetary control is maintained at the sub -function level by the encumbrance of
estimated purchase amounts prior to the release of purchase orders to vendors. Purchase
orders which result in an overrun of sub -function balances are not released until
additional appropriations are made available. Open encumbrances are reported as
reservations of fund balance as of December 31, 2007.
THE REPORTING ENTITY AND ITS SERVICES
The City provides a full range of municipal services contemplated by Statute or character.
This includes police, fire, streets and sanitation, health and social services, parks, public
improvements, library and museum, mass transit, planning and zoning and general administrative
services.
The accompanying financial statements include all significant operations of the City.
A summary of this year's revenues and expenses are included in the new Management's
Discussion and Analysis section which is in the financial section of this audit report.
DEBT ADMINISTRATION
The rates of net bonded debt to assessed valuation and the amount of bonded debt per
capita are useful indicators of the City's debt position to municipal management, citizens, and
investors. These data for the City of Oshkosh at the end of 2007 were as follows:
RATIO OF DEBT TO
ASSESSED VALUE DEBT
AMOUNT (95.94 OF PRESENT MARKET) PER CAPITA
Direct Bonded Debt $119,580,048 3.21% $1,807.05
Outstanding general obligation bonds at December 31, 2007 totaled $119,580,048 of
which $385,087 were issued for Parking Utility, $15,636,257 for Sewer Utility, $12,745,774 for
Water Utility, $1,232,359 for Industrial Park Fund, $441,627 for Transit System, $32,122,650
for Tax Incremental Finance District, $1,140,000 for the Golf Course, $354,016 for Cable TV,
and $4,398,655 for Storm Water Utility.
On February 14, 2007, $7,950,000 of Corporate Purpose Bonds, and $3,375,000 of
Promissory Notes, were sold at true interest rate of 4.2761, and 3.9494 respectively.
Assessed valuation of $3,571,509,200 represented an increase of 2.45% from the
preceding year.
The City's bonds have an Aa3 rating from Moody's Investors Service, Inc.
2
CAPITAL PROJECTS FUNDS
The proceeds of general obligation bond issues are accounted for in Capital Projects
Funds until improvement projects are completed. At the end of the fiscal year, completed
projects are accumulated in the capital asset category for Governmental Activity Funds.
INDEPENDENT AUDIT
The City is required to have an annual audit of its financial statements by independent
certified public accountants selected by the City Council. This requirement has been complied
with and the auditors' reports are included in the report.
ACKNOWLEDGMENTS
The preparation of this report on a timely basis could not be accomplished without the
efficient and dedicated services of the entire staff of the Department of Finance. I should like to
express my appreciation to all members of the Department who assisted and contributed to its
preparation. I should also like to thank the members of the City Council for their interest and
support in planning and conducting the financial operations of the City of Oshkosh in a
responsible and progressive manner.
Respectfully submitted,
CITY OF OSHKOSH
JOHN M. FITZPATRICK, Acting City Manager
Vet,02 O
PEGGY STEENO, Director of Finance
JMF:PAS:Iab
3
CITY OF OSHKOSH
COUNCIL MEMBERS AND PRINCIPAL OFFICERS
COUNCIL MEMBERS
Frank Tower, Mayor
Bryan L. Bain, Deputy Mayor
Burk Tower
Paul J. Esslinger
Jessica J. King
Dennis McHugh
Tony Palmeri
PRINCIPAL OFFICERS
John M. Fitzpatrick, Acting City. Manager
Peggy A. Steeno, Director of Finance
Lynn Marquardt, Assistant Director of Finance
ORGANIZATION CHART
City Council
Mayor
City
Manager
Director of
Finance
Assistant Director
of Finance
4
THE CITY
The City is a political subdivision of the State incorporated in 1853, is the County seat of
Winnebago County, and is located on the western shore of Lake Winnebago in the Fox River Valley 173
miles north of the City of Chicago, Illinois, and 275 miles east of the cities of Minneapolis and St. Paul,
Minnesota. The corporate limits of the City encompass approximately 24.24 square miles and the
population is currently 65,810.
THE CITY COUNCIL
The City Council is the legislative and policy making body of the City and is composed of seven
Council Members, who are elected at large for two-year terms. The Mayor presides over Council meetings.
The Deputy Mayor presides at Council meetings in the Mayor's absence. The responsibilities of the City
Council include: (i) enacting ordinances, resolutions and orders necessary for the proper governing of the
City's affairs; (ii) reviewing and adopting the annual budget; (iii) reviewing and deciding on
recommendations from various boards and commissions; (iv) establishing policies and measures to
promote the general welfare of the City and safety and health of its citizens; and (v) representing the City at
official functions with other governmental agencies and organizations. The present members of the City
Council and the expiration of their respective terms of office are as follows:
Expiration
Name Title of Term
Frank Tower
Mayor
2009
Bryan L. Bain
Deputy Mayor
2009
Burk Tower
Council Member
2010
Paul J. Esslinger
Council Member
2010
Jessica J. King
Council Member
2009
Dennis McHugh
Council Member
2010
Tony Palmeri
Council Member
2009
CITY ADMINISTRATION
Council Member Frank Tower was generally elected Mayor for the City of Oshkosh in April,
2007. He previously served on the Common Council being elected in April, 2002 and re-elected in April,
2004. He also served a one-year appointment in 2005 on the Winnebago County Board for District 22. He
is the Council representative on the City's Redevelopment Authority and previously served as a citizen
member of the Traffic Review Advisory Board and, as a Council representative, served on the Cable
Commission, Housing Authority, Parks, and Convention and Visitors Bureau Boards.
Frank grew up in Oconomowoc, Wisconsin and attended both the University of Wisconsin -Milwaukee and
University of Wisconsin -Oshkosh where he studied economics and computer science. He is the Operations
Manager at YoderCom, a local wireless data communications company.
Frank serves as a board member of the Oshkosh Area United Way, Oshkosh Symphony Orchestra,
Oshkosh Arts, Oshkosh Community Players, OAEDC, Chamco, and the Wisconsin State
Telecommunications Association. He is a member of the Downtown Rotary, Oshkosh Jaycees, Oshkosh
Pilots Association and Propel. He is also a graduate of Leadership Oshkosh (class of 1999) and the
Oshkosh Police Citizens Academy (Top Gun recipient) and volunteers with Junior Achievement. He is an
avid motorcyclist, pilot and proud Jeep Wrangler owner.
Frank and his wife Kristen have lived in the Oshkosh community for fourteen years and reside on South
Park Avenue at 1369 W South Park.
The Acting City Manager, John M. Fitzpatrick, is the Chief Executive Officer of the City and is
responsible for planning, organizing, and directing the activities of the municipality by interpreting the City
Council determined policy, coordinating departmental efforts, handling citizen inquiry and complaints,
screening and preparing agenda materials and recommending legislation and policy matters.
The Director of Finance/Treasurer, Peggy A. Steeno, is responsible for the following divisions:
Assessor, Collections and Accounting, Parking, and Water and Sewer Utilities. She assists the City
Manager in preparing the City Budget and is responsible for the administration of the budgeted funds.
Prior to her appointment as Director of Finance in April 2008, Ms. Steeno was the Business and
Administrative Services Manager for the Waukesha Water Utility in Waukesha, Wisconsin. Prior to 1999,
Peggy was the Finance Supervisor for the City of West Allis, Wisconsin. In 1992, Peggy began her public
sector career in Madison, Wisconsin at the Wisconsin Department of Agriculture Trade and Consumer
Protection as an Agricultural Auditor. Peggy received a MBA with double emphasis in Human Resources
and Training and Technology from the University of Wisconsin-Whitewater. She has also earned a BA
with a double major in Managerial Accounting and German from the University of Wisconsin -Stevens
Point. In addition, Peggy is a Certified Public Accountant.
The Assistant Director of Finance, Lynn K. Marquardt, is responsible for supervising and
participating in all general, utility, and special accounting activities of the City. Prior to her appointment as
Assistant Director of Finance in 2003, Ms. Marquardt worked in the City's Collections, Accounting, and
Utility divisions for over twenty-five years in various capacities ranging from cashier to officer supervisor.
Ms. Marquardt has a B. B. A. Degree with a major in Finance from the University of Wisconsin -Oshkosh
and an Associate Degree in Computer Information Systems -Microcomputer Specialist from Fox Valley
Technical College.
PRINCIPAL GOVERNMENTAL SERVICES PERFORMED BY THE CITY
Among the services it provides, the city maintains and oversees the capital budget operations of
police and fire departments, water and sewerage utilities, parking utility, a public library, a museum, mass
transit, planning and zoning, parks and recreation and public works departments. Brief descriptions of
these services are set forth below.
POLICE DEPARTMENT — The Police Department, which is governed by a five member Police
and Fire Commission comprised of citizens appointed to five-year terms by the Mayor, includes 99 sworn
officers and 30 full and part-time civilian employees, 7 community service officers, and 21 school crossing
guards. The full-time mission of the Oshkosh Police Department is to promote public safety and to
enhance the quality of life in our community through innovative policing and community partnerships.
FIRE DEPARTMENT — The Fire Department provides fire protection to residents within the City
and paramedic ambulance service to the City and surrounding communities. The Fire Department, which is
governed by a five member Police and Fire Commission comprised of citizens appointed to five-year terms
by the Mayor, maintains six fire stations, which house the department's 22 pieces of fire, safety and rescue
equipment. The department has 108 full-time employees.
PUBLIC LIBRARY — The Oshkosh Public Library serves approximately 38,000 cardholders from
Oshkosh and surrounding towns through the main library, library website, and deposit collections. Over
370,000 items in the collections are checked out over 1,110,000 times in a year and over 400,000 visits are
made to the website of the library. Pursuant to ch 43.54 of the Wis State Statutes, a Library Board of
Trustees governs the Library.
MUSEUM — The Museum serves the community with permanent and temporary exhibits, as well
as educational services, programs, publications and research facilities. Approximately 50,000 people visit
the Museum each year. The Museum is entrusted with the preservation and care of 250,000 objects,
photographs, and documents. A seven -member board, plus two alternates, governs the Museum.
DEPARTMENT OF PARKS — The Department of Parks develops and maintains the City's
440.28 acres of park and public areas including recreational facilities, zoo, and municipal golf course.
MASS TRANSIT — The Transit System consists of 17 buses serving nine routes. The buses travel
over 475,000 miles annually and provide mobility for 1,196,000 passengers. The system also provides a
variety of specialized transportation services for the community. A seven -member Transit Advisory Board
governs activities of the Transit System.
PARKING UTILITY — The Parking Utility operates a 195 stall Park Plaza ramp, twelve metered
and eight unmetered off-street parking lots, containing 1,613 parking stalls. Spaces are ]eased on a monthly
basis in eleven of the City lots consisting of 240 stalls. In 1987, a Business Improvement District was
formed in the downtown area. The BID assists in financing one of the downtown lots.
PUBLIC WORKS DEPARTMENT — The Public Works Department consists of seven separate
divisions as follows:
The Engineering Division is responsible for the design and preparation of drawings and
specifications for street construction and maintenance, sidewalks, sanitary sewers, water mains, storm
sewers, as well as construction management for these projects.
The Street Division provides for maintenance of public roadways/alleys/parking lots, and
storm/sanitary sewers within those streets. Maintenance of storm sewer facilities includes ditching and
drainage work.
The Central Garage Division is responsible for repair, maintenance, and service of City vehicles in
twelve departments.
The Sanitation Division provides for collection of solid waste material for residential and smaller
commercial/industrial firms. Disposal of this solid waste is governed by agreements with the Winnebago
County Solid Waste Management Board. The Sanitation Division is also responsible for the City's
recycling program.
The Water Utility operates a twenty million gallon per day water filtration plant put into operation
in 1999, operating 24 hours a day, to provide production and distribution for general public use, industrial
and fire fighting purposes. The source of water supply is Lake Winnebago. Three underground reservoirs
provide 2,500,000 gallons of water storage. Elevated storage consists of two 750,000 -gallon tanks, a
1,250,000 -gallon tank and a 1,500,000 -gallon tank. The average daily pumpage is 7.38 mgd in 2006. The
Water Distribution Division is in charge of daily and emergency maintenance of all water mains, hydrants,
services, and meters.
The Sewerage Utility, collection and treatment services, consists of a system which is designed to
process 20,000,000 gallons per day, dry weather flow treatment plant. The average daily flow for 2006 was
10.14 mgd.
DEPARTMENT OF TRANSPORTATION — The Department of Transportation maintains and
installs all signs, lighting systems and traffic signals for public streets, parks and city buildings.
HEALTH DEPARTMENT —The Health Department is organized into four divisions:
Administration and Vital Statistics, Public Health Nursing, Environmental Health, and Laboratory.
CITY EMPLOYEES
The City presently has approximately 580 full and part-time employees, of which 12 are officials
or administrators, 39 are supervisors/managers, 198 are involved in protective services, 33 are
professionals, 65 are paraprofessionals, 150 are public works, and 83 are office, clerical or helpers. Certain
groups of employees of the City, including Fire, Police, Public Works, office and clerical employees, as
well as Professionals, are organized into labor unions for purposes of conducting collective bargaining with
the City. Contracts for 2008 are in the process of being negotiated. Substantially, all City employees
participate in the Wisconsin Retirement Fund. Pursuant to State Law, annual contribution rates to the fund
are based on assumptions concerning mortality, disability and interest rates, salary increases of member
employees, and the number of employees withdrawing from the fund prior to age 55. Currently, the City
pays the entire cost of the program of general City workers, police officers, and firefighters. The City's
total contribution to the Retirement Fund was $4,181,818.58 (unaudited) for the year ended December 31,
2007, which includes prior service costs.
In addition to the above referenced retirement fund, the State administers a plan for 28 retired
employees of the Police and Fire Departments. These individuals had been covered by a private pension
plan prior to the City joining the present plan. The City funds retirement contributions to meet current
benefit payments to retired employees. The total cost for the year ended December 31, 2007 was $137,130
(unaudited).
OSHKOSH UNIFIED SCHOOL DISTRICT
In 1982, new legislation in the State provided for the separation of school districts, as a separate legal
entity, from the City. As a result, the former Area School District is now known as the Oshkosh Unified School
District. The District includes the City of Oshkosh and the surrounding territory and encompasses an area of
approximately 111 square miles. With respect to equalized values for the year 2007, 73.74% of the equalized
valuation of the property in the Unified School District is situated within the corporate limits of the City. This law
further provided that the assets of the school district (land, buildings, and equipment) formerly held in the name
of the City, be sold to the school district and that the school district issue their promissory note in an amount
equal to the outstanding debt (principal and interest) of the City incurred for school purposes.
The administration of the District is exercised by a school board consisting of seven members who are
elected at large for staggered three-year terms of office. The District owns and operates two senior high schools,
six charter school, five middle schools and sixteen elementary schools.
The District has approximately 1,372 employees, both certified and non -certified.
The current enrollment has decreased by approximately 1.57% since the 1997/98 school term. The
enrollment for the Unified School District for the past eleven years is as follows:
Year
Enrollment
2007/08
10,374
2006/07
10,299
2005/06
10,256
2004/05
10,304
2003/04
10,406
2002/03
10,547
2001/02
10,658
2000/01
10,602
1999/00
10,618
1998/99
10,569
1997/98
10,540
In addition to Unified School District operated schools, there are seven private and parochial schools
(kindergarten through grade 12). There are approximately 1,216 students enrolled in these private schools.
Fox Valley Technical College provides the vocational and technical education for City residents and the
Fox Valley area. Operations are funded through property tax levies of the various municipalities of the District,
including the City. The Technical College currently has 745 full-time equivalent students. The actual head count
of students served is 5,280.
9
FINANCIAL SECTION
INDEPENDENT AUDITOR'S REPORT
INDEPENDENT AUDITORS' REPORT
To the Mayor and Common Council
City of Oshkosh
Winnebago County, Wisconsin
We have audited the accompanying financial statements of the governmental activities, the business -type
activities, the aggregate discretely presented component units, each major fund, and the aggregate
remaining fund information of the City of Oshkosh. ("the City") as of and for the year ended December 31,
2007, which collectively comprise the City's basic financial statements as listed in the table of contents.
These financial statements are the responsibility of the City's management. Our responsibility is to
express opinions on these financial statements based on our audit. We did not audit the financial
statements of the Housing Authority of the City of Oshkosh, a component unit discretely presented as
described in Note A(1) to the basic financial statements. Those financial statements were audited by
other auditors whose report has been furnished to us, and our opinion on the basic financial statements,
insofar as it relates to the amounts included for the Housing Authority, is based 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 of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis for our opinions.
In our opinion, the financial statements referred to above present fairly, in all material respects, the
respective financial position of the governmental activities, the business -type activities, the aggregate
discretely presented component units, each major fund, and the aggregate remaining fund information of
the City as of December 31, 2007, and the respective changes in financial position and cash flows, where
applicable, thereof and the respective budgetary comparison of the general fund, for the year then ended
in conformity with accounting principles generally accepted in the United States of America.
In accordance with Government Auditing Standards, we have also issued our report dated June 26, 2008,
on our consideration of the City's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts and grant agreements, and other
matters. The purpose of that report is 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 internal
control over financial report or on compliance. That report is an integral part of an audit performed in
accordance with Government Auditing Standards and important for assessing the results of our audit.
10
The management's discussion and analysis is not a required part the basic financial statements but is
supplemental information required by accounting principles generally accepted in the United States of
America. We have applied certain limited procedures, which consisted principally of inquiries of
management regarding the methods of measurement and presentation of the supplemental information.
However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The financial information listed in the table of contents as
other supplemental information are presented for purposes of additional analysis and are not a required
part of the basic financial statements. Such information has been subjected to the auditing procedures
applied in the audit of the basic financial statements and, in our opinion, is fairly stated, in all material
respects, in relation to the basic financial statements taken as a whole.
The "Letter of Transmittal" and "Statistical Section" listed in the accompanying table of contents are
presented for purposes of additional analysis and are not a required part of the basic financial statements
of the City. The information has not been subjected to the auditing procedures applied in the audit of the
basic financial statements and, accordingly, we express no opinion on such information.
Certified Public Accountants
Fond du Lac, Wisconsin
June 26, 2008
I
MANAGEMENT'S DISCUSSION AND ANALYSIS
Management's Discussion and Analysis
December 31, 2007
As management of the City of Oshkosh, we offer readers of the City's basic financial statements this
narrative overview and analysis of the financial activities of the City for the fiscal year ended
December 31, 2007. The analysis focuses on the City's financial performance as a whole.
Financial Highlights
• The assets of the governmental activities of the City exceeded its liabilities as of December 31, 2007
and 2006 by $61,741,844 and $61,011,826 (net assets), respectively. Of this amount, $716, 389 and
$(67,571) (unrestricted net assets), respectively, may be used to meet the City's ongoing obligations
to citizens and creditors.
• The City's governmental activities net assets increased by $730,018 and $10,357,383, respectively.
Several factors contributed to the overall increase as follows:
• The property tax rate rose 2.8% and decreased 28% per $1,000 of property value for the years ended
December 31, 2007 and 2006, respectively.
• As of December 31, 2007 and 2006, the City's governmental funds reported combined ending fund
balances of $27,752,581 and $26,173,307, an increase of $1,579,274 for 2007 and an increase of
$355,764 for 2006. Approximately 35% and 33% of this total amount, $9,707,717 and $8,514,932 is
available for spending at the City's discretion (unreserved fund balance), respectively.
• As of December 31, 2007 and 2006, unreserved fund balance for the general fund was $7,116,709
and $6,148,721, or approximately 19% and 16% of total general fund expenditures, respectively.
• The City's total general -obligation debt decreased by $270,445 (.4%) during 2007. The key factor in
this decrease was the issuance of $5,200,172 of general obligation debt and $5,470,617 of principal
payments of general obligation debt.
• The City's total general -obligation debt increased by $3,220,439 (5%) during 2006. The key factor in
this increase was the issuance of $11,260,000 of general obligation corporate purpose bonds and
$2,500,000 of general promissory notes to finance capital improvement projects. Also, the City
issued $11,865,000 of general obligation refunding bonds.
Overview of the Basic Financial Statements
This discussion and analysis is intended to serve as an introduction to the City's basic financial
statements. The City's basic financial statements are comprised of three components: 1) government -
wide financial statements, 2) fund financial statements, and 3) notes to the basic financial statements.
This report also contains other supplementary information in addition to the basic financial statements
themselves.
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 assets presents information on all of the City's assets and liabilities, with the
difference between the two reported as net assets. Over time, increases or decreases in net assets may
serve as a useful indicator of whether the financial position of the City is improving or deteriorating.
The statement of activities presents information showing how the City's net assets changed during the
most recent year. All changes in net assets 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 in this statement for some items that will only result in cash flows in future fiscal periods. (e.g.,
earned but unused vacation leave.)
12
Management's Discussion and Analysis
December 31, 2007
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 governmental activities of the City include: general government, public safety, public
works, health and welfare, parks and recreation, transportation and community development. The
business -type activities of the City include transit, water utility, sewer utility, Grand Opera House, parking
utility, redevelopment project, industrial park, golf course, storm sewer utility and TIF districts.
The government -wide financial statements include not only the City itself (known as the primary
government), but also a legally separate Housing Authority and Redevelopment Authority for which the
City is financially accountable. Financial information for the component unit is reported separately from
the financial information presented for the primary government itself.
The government -wide financial statements can be found on pages 21-22 of this report.
Fund financial statements. A fund is a grouping of related accounts that is used to maintain control
over resources that have been segregated for specific activities or objectives. The City, like other state
and local governments, uses fund accounting to ensure and demonstrate compliance with finance -related
legal requirements. All of the funds of the City can be divided into three categories: governmental funds,
proprietary funds and fiduciary funds.
Governmental funds. Governmental funds are used to account for essentially the same functions
reported as governmental activities in the government -wide financial statements. However, unlike the
government -wide financial statements, governmental fund financial statements focus on near -term inflows
and outflows of spendable resources, as well as on balances of spendable resources available at the end
of the fiscal year. Such information may be useful in evaluating the City's near -term financing
requirements.
ft 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 City'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 20 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, and debt service fund, which are considered to be major
funds. Data from the other 18 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 elsewhere in this report.
The City adopts an annual appropriated budget for the general fund, debt service fund and selected
special revenue funds. As part of the basic governmental fund financial statements, budgetary
comparison statements have been provided for the general fund to demonstrate compliance with the
budget.
The basic governmental fund financial statements can be found on pages 23-27 of this report.
Proprietary funds. The City maintains two different types of proprietary funds. Enterprise funds are
used to report the same functions presented as business -type activities in the government -wide financial
statements. The City maintains 28 individual enterprise funds. Internal service funds are an accounting
device used to accumulate and allocate costs internally among the City's various functions. The City
maintains four individual internal service funds. Because these services predominantly benefit
governmental rather than business -type functions, they have been included within governmental activities
in the government -wide financial statements.
13
Management's Discussion and Analysis
December 31, 2007
Proprietary funds provide the same type of information as the government -wide financial statements, only
in more detail. The proprietary fund financial statements provide separate information for the transit,
water utility and sewer utility, all of which are considered to be major funds of the City. Data from the
other 25 enterprise funds are combined into a single, aggregated presentation. Individual fund data for
each of these nonmajor enterprise funds is provided in the form of combining statements elsewhere in
this report. The four internal service funds are combined into a single, aggregated presentation in the
proprietary fund financial statements. Individual fund data for the internal service funds is provided in the
form of combining statements elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 28-30 of this report.
Fiduciary funds. Fiduciary funds are used to account for resources held for the benefit of parties outside
the government. Fiduciary funds are not reflected 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 proprietary funds.
The basic fiduciary fund financial statements can be found on pages 31-32 of this report
Notes to the basic financial statements. The notes provide additional information that is essential to a
full understanding of the data provided in the government -wide and fund financial statements. The notes
to the basic financial statements can be found on pages 33-57 of this report.
Other information. The combining statements referred to earlier in connection with nonmajor
governmental funds, nonmajor enterprise funds and internal service funds are presented immediately
following the footnotes. Combining and statements and schedules can be found on pages 58-69.
Government -wide Financial Analysis
Net assets. As noted earlier, net assets may serve over time as a useful indicator of a government's
financial position. In the case of the City, assets exceeded liabilities by $174,858,896 and $163,896,067
at the close of 2007 and 2006, respectively.
City of Oshkosh's Net Assets
Governmental
Activities
2007
Current and other assets
Capital assets
Total assets
Long-term liabilities outstanding
Other liabilities
Total liabilities
Net assets:
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total net assets
$ 44,173,780
108,109, 042
152,282,822
70,868,293
19,672,685
90, 540, 978
Business -Type
Activities
2007
$ 50,156,120
186,130,400
236,286,520
110,351,912
12,817,556
123,169,468
Total
2007
$ 94,329,900
294,239,442
388,569,342
181,220,205
32,490,241
213,710,446
45,658,953 99,063,739 144,722,692
15,366,502 - 15,366,502
716,389 14,053,313 14,769,702
$ 61,741,844 $ 113,117,052 $ 174,858,896
14
Management's Discussion and Analysis
December 31, 2007
City of Oshkosh`s Net Assets
Governmental
Activities
2006
Current and other assets
Capital assets
Total assets
Long-term liabilities outstanding
Other liabilities
Total liabilities
Net assets:
Invested in capital assets, net of related debt
Restricted
Unrestricted
Total net assets
$ 43,630,171
108,819,918
152,450,089
70,667,369
20, 770, 894
91,438,263
Business -Type
Activities
2006
$ 45,528,491
183,107,867
228,636,358
113,589,584
12,162,533
125, 752,117
Total
2006
$ 89,158,662
275,627,508
381,086,447
184,256,953
32,933,427
217,190,380
46,097,367 93,805,213 139,902,580
14,982,030 - 14,982,030
67,571 9,079,028 9,011,457
$ 61,011,826 $ 102,884,241 $ 163,896,067
By far the largest portion of the City's net assets (83%) and (85%), respectively, reflects its investment in
capital assets (e.g. land, buildings, machinery and equipment, infrastructure, etc.), less any related debt
used to acquire those assets that is still outstanding. The City uses these capital assets to provide
services to citizens; consequently, these assets are not available for future spending. Although, the City's
investment in its capital assets is reported net of related debt, it should be noted that the resources
needed 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 assets (9%) for both years represents resources that are subject to
external restrictions on how they may be used. The remaining balance of unrestricted net assets
($14,769,702) and ($9,011,457), respectively, may be used to meet the City's ongoing obligations to
citizens and creditors.
15
Management's Discussion and Analysis
December 31, 2007
Change in net assets. Governmental activities increased the City's net assets by $730,018 in 2007 and
$10,357,383 in 2006. Business -type activities increased the City's net assets by $10,232,811 in 2007
and by $7,862,236 in 2006. Total net assets of the City increased in 2007 by $10,962,829 and in 2006 by
$18,219,619. Key elements of this change are as follows:
City of Oshkosh's Change in Net Assets
Governmental Business -Type
Activities Activities Total
2007 2007 2007
Revenues:
Program revenues:
Charges for services
Operating grants and contributions
Capital grants and contributions
General revenues
Property taxes
Grants and contributions not restricted to specific
Other
Total revenues
Expenses:
General government
Public safety
Public works
Health and welfare
Park and recreation
Transportation
Community development
Unclassified
Interest of long-term debt
Transit utility
Water utility
Sewer utility
Other
Total expenses
Increase in net assets
Net assets - January 1, 2007
Net assets - December 31, 2007
$ 12,528,317 $ 24,094,213 $ 36,622,530
4,710,329 3,682,269 8,392,598
- 2,301,284 2,301,284
26,035,136
13,924,251
3,214,005
60,412,038
6,218,945
22,066,233
13,897,933
915,465
8,362,968
623,311
4,175,538
416,416
3,005,211
59,682,020
730,018
61,011,826
$ 61,741,844
5,912,175 31,947,311
- 13,924,251
1,940,273 5,154,278
37,930,214 98,342,252
4,654,186
9,759,651
7,854,061
5,429,505
27,697,403
10,232,811
102,884,241
$ 113,117,052
6,218,945
22,066,233
13, 897, 933
915,465
8,362,968
623,311
4,175,538
416,416
3,005,211
4,654,186
9,759,651
7,854,061
5,429,505
87,379,423
10, 962, 829
163, 896,067
$ 174,858,896
16
Management's Discussion and Analysis
December 31, 2007
City of Oshkosh's Change in Net Assets
Governmental Business -Type
Activities Activities Total
2006 2006 2006
Revenues:
Program revenues:
Charges for services $
14,320,644
$ 22,558,179 $
36,878,823
Operating grants and contributions
13,167,579
3,539,218
16,706,797
Capital grants and contributions
-
3,999,620
3,999,620
General revenues
Property taxes
24,753,415
5,293,820
30,047,235
Grants and contributions not restricted to specific
13,809,191
-
13,809,191
Other
3,751,223
74,549
3,676,674
Total revenues
69,802,052
35,316,288
105,118,340
Expenses:
General government
Public safety
Public works
Health and welfare
Park and recreation
Transportation
Community development
Unclassified
Interest of long-term debt
Transit utility
Water utility
Sewer utility
Other
Total expenses
Increase in net assets
Net assets - January 1, 2006
Net assets - December 31, 2006
5,893,337
21,557,204
13,637,723
898,430
7,763,946
589,271
5,373,570
395,766
3,335,422
59,444,669
10,357,383
50,654,443
$ 61,011,826
4,517,297
9,401,303
7,860,915
5,674,537
27,454,052
7,862,236
95,022,005
$ 102,884,241
5,893,337
21,557,204
13,637,723
898,430
7,763,946
589,271
5,373,570
395,766
3,335,422
4,517,297
9,401,303
7,860,915
5,674,537
86,898,721
18,219,619
145,676,448
$ 163,896,067
• Property taxes increased by $1,900,076 (6.3%) in 2007 and $704,848 (2.4%) in 2006. Most of this
increase was directed toward debt service.
Financial Analysis of the City's Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance -
related legal requirements.
Governmental funds. The focus of the City's governmental funds is to provide information on near -term
inflows, outflows, and balances of spendable resources. Such information is useful in assessing the
City's financing requirements. In particular, unreserved fund balance may serve as a useful measure of
the City's net resources available for spending at the end of the fiscal year.
17
Management's Discussion and Analysis
December 31, 2007
As of December 31, 2007 and 2006, the City's governmental funds reported combined ending fund
balances of $27,752,581 and $26,173,307, an increase of $1,579,274 in 2007 and an increase of
$355,764 in 2006. Approximately 35% and 33% of this amount of ($9,707,717) and ($8,514,932)
constitutes unreserved fund balance, which is available for spending at the City's discretion. The
remainder of fund balance is reserved to indicate that it is not available for new spending because it has
already been committed 1) for current year purchases of inventory and prepayments that benefit periods
beyond the end of the current year ($175,800) for both years ended, 2) for debt service ($15,366,502 and
$14,982,030), and 3) for capital project ($2,502,562 and $2,500,545), respectively.
The general fund is the chief operating fund of the City. At the end of 2007 and 2006, unreserved fund
balance of the general fund was $7,116,709 and $6,148,721, respectively, while total fund balance
reached $7,292,509 and $6,324,521, respectively. As a measure of the general fund's liquidity, it may be
useful to compare both unreserved fund balance and total fund balance to total fund expenditures.
Unreserved fund balance represents 19% and 16% of total general fund expenditures, while total fund
balance represents 19% and 17% of that same amount, respectively.
The fund balance of the City's general fund increased by $967,988 in 2007 and increased by $1,242,829
in 2006.
The debt service fund has a total fund balance of $15,366,502 and $14,982,030, respectively. Of this
fund balance, $15,366,502 and $14,982,030 is reserved for restricted purposes, respectively. Reserved
fund balance represents 182% and 178%, respectively, of total debt service fund expenditures.
The fund balance of the debt service fund increased by $992,081 in 2007 and by $607,609 in 2006.
Thirteen million, five hundred thousand ($13,500,000) of the 2005 increased resulted from the cross -over
debt refunding where the funds will not be expended until 2008.
Proprietary funds_ The City's proprietary funds provide the same type of information found in the City's
government -wide financial statements, but in more detail.
Unrestricted net assets of the proprietary funds at the end of the 2007 and 2006 amounted to
$14,053,313 and $9,079,028, respectively. The total change in net assets was an increase of
$10,232,811 in 2007, and an increase of $7,862,236 in 2006.
Other factors concerning the finances of these funds have already been addressed in the discussion of
the City's business -type activities.
General Fund Budaetary Hiahliahts
Generally the original budget is rarely modified.
During 2007 and 2006, actual revenues exceeded budgeted revenues by $689,502 and $709,998,
respectively, primarily in charges for services. Actual expenditures were less than budgeted expenditures
by $87,223 in 2007 and $573,101 in 2006.
Capital Asset and Debt Administration
Capital assets. The City's investment in capital assets for its governmental and business -type activities
as of December 31, 2007 and 2006 amounted to $294,239,442 and $291,927,785 (net of accumulated
depreciation), respectively. This investment in capital assets includes land, land improvements, buildings,
machinery and equipment, vehicles, public domain infrastructure (highways and bridges), and
construction in progress. The City's capital assets increased by $2,311,657or 1% for 2007 and increased
by $16,300,277 or 6% for 2006.
18
Management's Discussion and Analysis
December 31, 2007
Major capital asset acquired or constructed during the years ended 2007 and 2006 include:
• The governmental activities constructed streets in the amount of $4,094,644 and $4,067,187
purchased vehicles in the amount of $769,202 and $1,128,701 and building improvements and
contents in the amount of $1,673,113 and $15,560,003, respectively.
• The business activities purchased additional land and improvements to expand the TIF District in the
amount of $1,976,449 and $1,686,088, and improvements to the water, sewer and storm sewer
utilities in the amount of $7,234,280 and $11,395,002, respectively.
City of Oshkosh's Capital Assets
Governmental Business -Type
Activities Activities
2007 2007
Total
2007
Land
$ 14,724,629 $
34,097,947 $
48,822,576
Construction in progress
-
11,204,485
11,204,485
Buildings and systems
31,282,357
128,384,576
159,666,933
Machinery and equipment
21,028,277
12,443,392
33,471,669
Infrastructure
41,073,779
-
41,073,779
Total
$ 108,109,042 $
186,130,400 $
294,239,442
Land
Construction in progress
Buildings and systems
Machinery and equipment
Infrastructure
Total
City of Oshkosh's Capital Assets
Governmental Business -Type
Activities Activities
2006 2006
$ 14,287,902 $
31,741,260
21, 540,154
41,250,602
$ 108,819,918
32,333,968
9,424,539
127,371,699
13,977,661
$ 183,107,867
Total
2006
$ 46,621,870
9,424,539
159,112,959
35, 517, 815
41,250,602
$ 291,927,785
Long-term debt. At the end of 2007 and 2006, the City had total bonded debt outstanding of
$185,924,179 and $189,328,110, respectively. Of this amount, $133,080,054 and $132,445,768,
respectively, comprises debt backed by the full faith and credit of the government. The remainder of the
City's debt represents bonds secured solely by specified revenue sources (i.e., revenue bonds).
City of Oshkosh's Outstanding Debt
Governmental Business -Type
Activities Activities Total
2007 2007 2007
General obligations debt:
Bonds and notes $ 64,952,651 $ 68,127,403 $ 133,080,054
Total general obligation debt 64,952,651 68,127,403 133,080,054
Land contract - - -
Revenue bonds - 52,844,125 52,844,125
Total $ 64,952,651 $ 120,971,528 $ 185,924,179
19
Management's Discussion and Analysis
December 31, 2007
City of Oshkosh's Outstanding Debt
Governmental Business -Type
Activities Activities Total
2006 2006 2006
General obligations debt:
Bonds and notes $ 65,223,096 $ 67,222,672 $ 132,445,768
Total general obligation debt 65,223,096 67,222,672 132,445,768
Land contract - - -
Revenue bonds - 56,882,342 56,882,342
Total $ 65,223,096 $ 124,105,014 $ 189,328,110
The City's total debt decreased by $3,403,931 (1.8%) in 2007 and by $337,470 (0.2%) in 2006.
During 2006, the City refinanced some of its general obligation bonds to take advantage of favorable
interest rates. The result is expected to be a decrease in future debt service payments of $2,128,072.
The City maintains an Aa3 rating from Moody's Investors Service for its general obligation debt.
State statutes limit the amount of general obligation debt the City may issue to 5% of its total equalized
valuation. The debt limitation for 2007 and 2006 for the City was $173,674,850 and $161,100,870,
respectively, which is significantly in excess of the City's $133,080,054 and $132,445,768 outstanding
general obligation debt.
On February 14, 2008, the City issued $5,105,000 of general obligation bonds and $1,565,000 of general
obligation promissory notes to finance capital improvement projects.
Economic Factors and Next Year's Budgets and Rates
• The economic condition and outlook of the City has remained fairly stable based on a relatively
healthy mix of manufacturing, tourism, service industry and retail activities which support our tax
base.
• Inflationary trends in our region compare favorably to national indices.
All of these factors were considered in preparing the City's budget for the 2008 fiscal year.
Contacting the City's Financial Management
This financial report is designed to provide a general overview of the City's finances for all those with an
interest in the City's finances. Questions concerning any of the information provided in this report or
requests for additional financial information should be addressed to Peggy Steeno, Director of Finance,
City of Oshkosh, P.O. Box 1130, Oshkosh, Wisconsin 54903-1130.
20
BASIC FINANCIAL STATEMENTS
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Net Assets
December 31, 2007
Primary Government
Component Units
Governmental
Business -type
Housing
Redevelopment
Activities
Activities
Total
Authority
Authority
ASSETS
Cash and investments
$ 27,599,464
$ 24,598,501 $
52,197,965
$ 1,070,003
$ 4,924,286
Receivables
Taxes
34,183
-
34,183
-
-
Special assessments
4,143,515
-
4,143,515
-
-
Accounts
3,097,938
7,301,289
10,399,227
382,733
-
Internal balances
5,972,711
(5,972,711)
-
-
-
Due from other governments
277,590
1,671,108
1,948,698
-
-
Inventories and prepaid items
12,146
1,128,855
1,141,001
45,956
-
Notes receivable
3,036,233
-
3,036,233
-
-
Restricted Assets
-
21,072,017
21,072,017
1,203,913
642,174
Capital assets
Land and construction in progress
14,724,629
45,302,432
60,027,061
2,625,881
17,720,778
Other capital assets, net of accumulated
depreciation
93,384,413
140,827,968
234,212,381
7,574,762
-
Notes receivable
-
303,293
303,293
66,761
-
Interest receivable
-
-
-
65,700
-
Deferred charges and deposits
-
53,768
53,768
-
-
TOTAL ASSETS
152,282,822
236,286,520
388,569,342
13,035,709
23,287,238
LIABILITIES
Accounts payable
3,191,288
1,340,195
4,531,483
245,914
-
Accrued expenses
1,852,562
650,000
2,502,562
31,790
-
Accrued interest payable
235,402
667,160
902,562
-
-
Intergovernmental payables
3,036,233
-
3,036,233
71,555
Deferred revenues
4,554,472
123,618
4,678,090
41,131
-
Deposits
1,035,492
6,900
1,042,392
70,299
14,843
Current portion of long-term obligations
5,767,236
10,029,683
15,796,919
98,510
-
Noncurrent portion of long-term obligations
70,868,293
110,351,912
181,220,205
3,519,793
6,142,967
TOTAL LIABILITIES
90,540,978
123,169,468
213,710,446
4,078,992
6,157,810
NET ASSETS
Invested in capital assets, net of related debt
45,658,953
99,063,739
144,722,692
6,648,040
11,577,811
Restricted for
Debt service
15,366,502
-
15,366,502
1,203,913
642,174
Unrestricted
716,389
14,053,313
14,769,702
1,104,764
4,909,443
TOTAL NET ASSETS
$ 61,741,844
$ 113,117,052 $
174,858,896
$ 8,956,717
$ 17,129,428
The notes to the basic financial statements are an integral part of this statement
21
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22
CITY OF OSHKOSH
Oshkosh, Wisconsin
Balance Sheet
Governmental Funds
December 31, 2007
Other
Total
Debt
Governmental
Governmental
General
Service
Funds
Funds
ASSETS
Cash and investments
$ 1,981,061
$ 15,184,267
$ 7,040,253
$ 24,205,581
Receivables
Taxes
34,183
-
-
34,183
Special assessment
-
-
4,143,515
4,143,515
Accounts
1,930,873
-
1,033,602
2,964,475
Due from other funds
6,550,398
182,235
3,783,225
10,515,858
Due from other governments
-
-
277,590
277,590
Inventories and prepaid items
12,146
-
-
12,146
Notes receivable
-
-
3,036,233
3,036,233
TOTAL ASSETS
$ 10,508,661 $ 15 366,502 $ 19,314,418 $ 45 189,581
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$ 1,324,524 $
- $ 1,866,764
$ 3,191,288
Accrued payroll liabilities
1,005,030
- -
1,005,030
Due to other funds
861,818
- 3,752,667
4,614,485
Due to other governments
-
- 3,036,233
3,036,233
Deferred revenues
21,533
- 4,532,939
4,554,472
Deposits
3,247
- 1,032,245
1,035,492
Total Liabilities
3,216,152
- 14,220,848
17,437,000
Fund Balances
Reserved for
Inventories and prepaid items
Retirement of long-term debt
Construction of assets
Unreserved
Undesignated, reported in
General fund
Special revenue funds
Total Fund Balances
TOTAL LIABILITIES AND FUND
BALANCES
175,800
- - 175,800
15,366,502 - 15,366,502
- 2,502,562 2,502,562
7,116,709 - - 7,116,709
- - 2,591,008 2,591,008
7,292,509 15,366,502 5,093,570 27,752,581
$ 10,508,661 $ 15,366,502 $ 19,314,418
The notes to the basic financial statements are an integral part of this statement.
23
CITY OF OSHKOSH
Oshkosh, Wisconsin
Reconciliation of the Balance Sheet of Governmental
Funds to the Statement of Net Assets
December 31, 2007
Total fund balance - total governmental funds
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets of $171,730,854, net of accumulated depreciation of
$63,621,812, are not financial resources and, therefore, are not reported in
the funds. See Note C(4) for additional detail.
Internal service funds are used by management to charge the costs of certain
activities, such as risk management to individual funds. Assets and liabilities
of the internal services funds of $2,751,152 are included in governmental
activities in the statement of net assets.
Long-term liabilities of $76,635,529 are not due and payable in the current
period and are not reported in the funds. See Note C(6) for detail. Other
related amounts include accrued interest payable of $235,402.
Net assets of governmental activities
The notes to the basic financial statements are an integral part of this statement.
$ 27,752,581
108,109,042
2,751,152
(76,870,931)
$ 61,741,844
24
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Revenues, Expenditures and Changes in Fund Balances
Governmental Funds
Year Ended December 31, 2007
Other
Total
Debt
Governmental
Governmental
General
Service
Funds
Funds
Revenues
Taxes
$ 3,866,589
$ 15,705,026
$ 6,339,606
$ 25,911,221
Special assessments
-
-
1,694,690
1,694,690
Intergovernmental
16,959,447
-
1,731,207
18,690,654
Licenses and permits
1,627,303
-
82,099
1,709,402
Fines and forfeits
851,683
-
-
851,683
Public charges for services
2,791,083
-
1,787,440
4,578,523
Intergovernmental charges for services
2,545,173
-
-
2,545,173
Miscellaneous
1,541,635
1,385,213
1,386,659
4,313,507
Total Revenues
30,182,913
17,090,239
13,021,701
60,294,853
Expenditures
Current
General government
5,854,440
-
-
5,854,440
Public safety
20,987,273
-
115,199
21,102,472
Public works
6,554,953
-
2,158,035
8,712,988
Health and welfare
-
-
915,465
915,465
Parks and recreation
1,713,922
-
5,573,880
7,287,802
Transportation
623,311
-
-
623,311
Community development
1,559,577
-
2,511,195
4,070,772
Unclassified
416,416
-
-
416,416
Debt service
Principal
-
5,470,617
-
5,470,617
Interest and fiscal charges
-
2,991,930
-
2,991,930
Capital outlay
-
-
6,469,538
6,469,538
Total Expenditures
37,709,892
8,462,547
17,743,312
63,915,751
Excess of Revenues Over (Under)
Expenditures
(7,526,979)
8,627,692
(4,721,611)
(3,620,898)
Other Financing Sources (Uses)
Long-term debt issued 30,000 154,364 5,015,808 5,200,172
Transfers in 8,464,967 - 100,000 8,564,967
Transfers out - (8,397,584) (167,383) (8,564,967)
Total Other Financing Sources (Uses) 8,494,967 (8,243,220) 4,948,425 5,200,172
Excess of Revenues and Other
Financing Sources Over (Under)
Expenditures and Other Financing
Uses
Fund Balances - January 1
Fund Balances - December 31
967,988 384,472
6,324,521 14,982,030
226,814 1,579,274
4,866,756 26,173,307
$ 7,292,509 $ 15,366,502 $ 5,093,570 $ 27,752,581
The notes to the basic financial statements are an integral part of this statement.
25
CITY OF OSHKOSH
Oshkosh, Wisconsin
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balance
of Governmental Funds to the Statement of Activities
Year Ended December 31, 2007
Net Change in Fund Balances - Total Governmental Funds
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 reported as depreciation expense.
Capital outlay reported in governmental fund statements
Depreciation expense reported in the statement of activities
Amount by which capital outlays are greater than depreciation in
current period
Internal service funds are used by management to charge the costs of certain
activities to individual funds. The net revenue of the internal service funds is
reported with governmental activities.
Certain employee benefits are reported in the governmental funds when
amounts are paid. The statement of activities reports the value of benefits
earned during the year. This year the accrual of these benefits increased by:
Some capital assets acquired during the year were financed with debt. The
amount of the debt is reported in the governmental funds as a source of
financing. In the statement of net assets, however, debt constitute a long-
term liability. The amount of debt reported in the governmental funds
statement is:
Repayment of principal on long-term debt is reported in the governmental
funds as an expenditure, but is reported as a reduction in long-term debt in
the statement of net assets and does not affect the statement of activities.
The amount of long-term debt principal payments in the current year is:
Interest payments on outstanding debt are reported in the governmental
funds as an expenditure when paid, in the statement of activities interest is
reported as it accrues. This year the accrual of interest increased by:
Change in Net Assets of Governmental Activities
The notes to the basic financial statements are an integral part of this statement.
$ 6,536,959
(7,247,835)
1,579,274
(710,876)
(32,556)
(362,988)
(5,200,172)
5,470,617
(13,281)
$ 730,018
26
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Revenues, Expenditures and Changes in Fund Balance
Budget and Actual
General Fund
Year Ended December 31, 2007
Budgeted Amounts
Original Final
Variance with
Final Budget -
Actual Favorable
Amounts (Unfavorable)
Revenues
Taxes
$ 3,860,572
$ 3,860,572
$ 3,866,589 $
6,017
Intergovernmental
16,894,489
16,894,489
16,959,447
64,958
Licenses and permits
1,459,100
1,459,100
1,627,303
168,203
Fines and forfeits
908,000
908,000
851,683
(56,317)
Public charges for services
2,450,050
2,450,050
2,791,083
341,033
Intergovernmental charges for services
2,629,200
2,629,200
2,545,173
(84,027)
Miscellaneous
1,292,000
1,292,000
1,541,635
249,635
Total Revenues
29,493,411
29,493,411
30,182,913
689,502
Expenditures
Current
General government
5,472,450
5,892,008
5,854,440
37,568
Public safety
20,755,885
20,989,189
20,987,273
1,916
Public works
6,702,541
6,584,232
6,554,953
29,279
Parks and recreation
1,608,404
1,729,198
1,713,922
15,276
Transportation
611,464
623,311
623,311
-
Communitydevelopment
1,535,896
1,559,577
1,559,577
-
Unclassified
1,110,475
419,600
416,416
3,184
Total Expenditures
37,797,115
37,797,115
37,709,892
87,223
Excess of Revenues Over Expenditures
(8,303,704) (8,303,704) (7,526,979) 776,725
Other Financing Sources:
Long-term debt issued 30,000 30,000 30,000 -
Transfers in 8,273,704 8,273,704 8,464,967 191,263
Transfers out - - - -
Total Other Financing Sources 8,303,704 8,303,704 8,494,967 191,263
Net Change in Fund Balance
Fund Balance - Beginning of Year
- - 967,988 967,988
5,081,692 6,324,521 6,324,521 -
Fund Balance - End of Year $ 5,081,692 $ 6,324,521 $ 7,292,509 $ 967,988
The notes to the basic financial statements are an integral part of this statement.
27
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Net Assets
Proprietary Funds
December 31, 2007
Enterprise Funds
Other
Internal
Transit
Water
Sewer
Proprietary
Service
Utility
Utility Utility
Funds
Total
Funds
ASSETS
Current Assets
Cash and investments
$ -
$ 2,462,766 $
5,578,996
$ 16,556,739
$ 24,598.501
$ 3,393.883
Accounts receivable
82.888
3,427,356
2,835,141
955,904
7.301.289
133,463
Due from other funds
-
1,598.561
193,943
229,519
2,022,023
71,338
Due from other governments
1,671,108
-
-
-
1,671,108
-
Inventories and prepayments
124,540
983,439
19,672
1,204
1,128,855
Total Current Assets
1,878,536
8,472,122
8,627,752
17,743,366
36,721,776
3,598,684
Noncurrent Assets
Restricted assets
8,529,402
9,501,513
3,041,102
21,072,017
-
Capital Assets
Land and construction in progress
367,811
2,540,984
3,994,471
38,399,166
45,302,432
-
Other capital assets, net of accumulated
depreciation
2,359,063
71,262,064
56,695,326
10,511,515
140,827,968
-
Total Capital Assets, Net
2,726,874
73,803,048
60,689,797
48,910,681
186,130,400
-
Notes receivable
-
-
-
303,293
303,293
-
Interest receivable
-
-
-
-
-
Deferred charges and deposits
-
14.908
20
38,840
53,768
-
Total Noncurrent Assets
-
14,908
20
342,133
357,061
TOTAL ASSETS
4,605,410
90,819.480
78,819,082
70,037,282
244,281,254
3,598,684
LIABILITIES
Current Liabilities
Accounts payable
221,640
541,891
366,546
210,118
1,340,195
-
Accrued Expenses
1,376
787,444
128,908
399,432
1,317,160
847,532
Deposits
900
-
-
6.000
6,900
-
Duetootherfunds
1,292,866
1,507,762
2,785,968
2,408,138
7,994,734
-
Deferred revenues
97,618
-
-
26,000
123,618
-
Current portion of long-term obligations
291,061
3,281,717
3,175,060
3,281,845
10,029,683
-
Total Current Liabilities
1,905,461
6,118,814
6,456,482
6,331,533
20,812,290
847,532
Noncurrent Liabilities
Noncurrent portion of long-term obligations
349,123
42,004,765
27,017,951
40,980,073
110,351,912
Total Noncurrent Liabilities
349,123
42,004,765
27,017,951
40,980,073
110,351,912
-
TOTAL LIABILITIES
2,254,584
48,123,579
33,474,433
47,311,606
131,164,202
847,532
NET ASSETS
Invested in capital assets, net of related debt
2,377,751
37,301,157
40,246,396
19,138,435
99,063,739
-
Unrestricted
(26,925)
5,394,744
5,098,253
3,587,241
14,053,313
2,751,152
TOTAL NETASSETS
$ 2,350 826
$ 42,y95 901901 $
45,344.649
$ 22,725,676
$ 113.117.052
$ 2.751.152
The notes to the basic financial statements are an integral part of this statement
28
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Revenues, Expenses and Changes in Fund Net Assets
Proprietary Funds
Year Ended December 31, 2007
rise Funds
Other Internal
Transit Water Sewer Proprietary Service
Utility Utility Utility Funds Total Funds
Operating Revenues
Licenses and permits
Fines, forfeitures and penalties
Intergovernmental charges for services
Public charges for services
Other revenues
Total Operating Revenues
Operating Expenses
Operating and maintenance
Depreciation and amortization
Claims and administration
Total Operating Expenses
Operating Income (Loss)
Nonoperating Revenues (Expenses)
Taxes
Intergovernmental revenues
Interest on investments
Debt discount amortization
Gain (loss) on disposal of fixed assets
Contributed capital income
Interest expense
Total Nonoperating Revenues (Expenses)
Change in Net Assets
Net Assets - Beginning of Year
$ -
$ -
$ -
$ -
$ -
$ 75
87,294
87,294
75,491
-
-
6,343,626
567,693
11,085,840
8,418,753
3,689.917
23,762,203
-
35,066
-
-
209,650
244,716
2,079,099
602,759
11,085,840
8,418,753
3,986,861
24,094,213
8,498,291
4,181,925
4,921,900
4,584,753
2,781,491
16,470,069
-
452,994
3,042,865
2,049,992
296,059
5,841,910
-
-
-
-
-
-
8,572,466
4,634,919
7,964,765
6,634,745
3,077,550
22,311,979
8,572,466
(4,032,160)
3,121,075
1,784,008
909,311
1,782,234
(74,175)
108,741
-
-
5,803,434
5,912,175
41,619
3,465,650
-
-
216,619
3,682,269
-
-
520,028
708,108
391,311
1,619,447
-
(11,764)
(11,764)
-
-
-
-
320,826
320,826
-
85,821
460,564
296,035
1,458,864
2,301,284
-
(19,267)
(1,794,886)
1,219,316)
(2,340,191)
(5,373,660)
-
3,640,945
814,294)
(215,173)
5,839,099
8,450,577
41,619
(391,215)
2,306,781
1,568,835
6,748,410
10,232,811
(32,556)
2,742,041
40,389,120
43,775,814
15,977,266
102,884,241
2,783,708
Net Assets - End of Year $ 2,350,826 $A2.695,901 $ 45,344,649 $ 22,725,676 _$ 113,117,052 $ 2,751,152
The notes to the basic financial statements are an integral part of this statement.
29
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Cash Flows
Proprietary Funds
Year Ended December 31, 2007
Enterprise Funds
Other
Internal
Transit Water Sewer
Proprietary
Service
Utility Utility Utility
Funds
Total
Funds
Cash Flows from Operating Activities
Cash received from customers
$ 600,630 $ 9,878,710 $ 8,030,602
$ 3,781,991
$ 22,291,933
$ 8,316,876
Cash payments to suppliers and employees
(4,150,595) 4,033,917 (3,788,181)
(3,607,707)
(15,580,400)
(6,647,895)
Net Cash Provided (Used) by Operating
Activities
(3,549,965) 5,844,793 4,242,421
174,284
6,711,533
(31,019)
Cash Flows from Non -Capital Financing Activities
Property taxes received
108,741
-
-
5,803,434
5,912,175
41,619
Operating grants received
3,465,650
214.070
3,679,720
Net Cash Provided by Non -Capital Financing
Activities
3,574,391
-
-
6,017,504
9,591,895
41,619
Cash Flows from Capital and Related Financing
Activities
Acquisition of fixed assets
-
(2,434,968)
(2,167,421)
(2,384.982)
(6,987,371)
-
Principal payments on long-term debt
(89,223)
(3,136,400)
(2,942,242)
(3,090,449)
(9,258,314)
-
Interest payments on long-term debt
(21,024)
(1.816,687)
(1,215,308)
(2,261,982)
(5,315,001)
-
Long-term debt issued
-
2,414,477
3,655,491
54,860
6,124.828
-
Proceeds from sale of assets
-
-
-
532.996
532,996
-
Capital grants received
85,821
-
-
85,821
-
Net Cash Provided (Used) by Capital and Related
Financing Activities
(24,426)
(4,973,578)
(2,669,480)
(7,149,557)
(14,817,041)
-
Cash Flows from Investing Activities
Proceeds from note receivable
-
-
-
-
Investment income received
-
520,028
708,108
391,311
1,619,447
-
Net Cash Provided by Investing Activities
-
520,028
708,108
391,311
1,619,447
-
Net Increase (Decrease) in Cash and Cash Equivalents
-
1,391,243
2,281,049
(566,458)
3,105,834
(289,400)
Cash and Cash Equivalents - Beginning of Year
-
9,600,925
12,799,460
20,164,299
42,564,684
3,683,283
Cash and Cash Equivalents - End of Year
$ -
$ 10.992.168
$ 15,080,509
$ 19,597,841
$ 45,670.518
$ 3,393,883
Reconciliation of Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities:
Operating income (loss)
$ (4,032,160)
$ 3,121,075
$ 1,784,008
$ 909,311
$ 1,782,234
$ (74,175)
Adjustments to reconcile operating income to
net cash provided (used) by operating activities:
Depreciation
452,994
3,042,865
2,049,992
296,059
5,841,910
-
Changes in assets and liabilities
Accounts receivable
45,924
(545,814)
(468,343)
(126,815)
(1,095,048)
(181,415)
Due from other funds
(25,664)
(661,316)
76,251
(26,065)
(636,794)
-
Inventories and deferred charges
(22,389)
83,507
3,941
(1,990)
63,069
-
Accounts payable and accrued expenses
76,157
804,476
(264,812)
(177,242)
438,579
(75,429)
Due to other funds
(45,257)
-
1,061,384
(648,974)
367,153
-
Deferred revenues and deposits
430
-
(50,000)
(49,570)
-
Net Cash Provided (Used) by Operating Activities
$ (3.549,965)
$ 5,844,793
$ 4,242.421
$ 174,284
$ 6,711,533
$ (331,019)
The notes to the basic financial statements are an integral part of this statement.
30
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Net Assets
Fiduciary Funds
December 31, 2007
Agency Funds
Private Property Hospital
Trusts Taxes Bioterrorism
ASSETS
Cash and cash equivalents
Taxes receivable
Accounts receivable
Restricted assets
Total assets
LIABILITIES
Accounts payable
Due to other governments
Other liabilities
Total liabilities
NET ASSETS
Reserved for trust agreements
Total net assets
$ - $ 26,495,301 $ 43,479
- 56,692,611 -
5,689 - 3,484,026 - -
3,489,715 $ 83,187,912 $ 43,479
39,831 $ - $ -
- 51,056,043 43,479
- 32,131, 869 -
39,831 $ 83,187,912 $ 43,479
3,449,884
$ 3,449,884
The notes to the basic financial statements are an integral part of this statement.
31
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Changes in Net Assets
Fiduciary Funds
Year Ended December 31, 2007
Private
Trusts
ADDITIONS
Interest
$ 156,588
Miscellaneous
233,968
Total Additions
390,556
DEDUCTIONS
Operating expenses 85,783
Change in Net Assets 304,773
Net Assets -January 1 3,145,111
Net Assets - December 31 $ 3,449,884
The notes to the basic financial statements are an integral part of this statement.
32
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
NOTE A - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The basic financial statements of the City of Oshkosh ('the City"), Wisconsin, have been prepared in
conformity with accounting principles generally accepted in the United States of America (GAAP) as applied
to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard -
setting body for establishing governmental accounting and financial reporting principles. The significant
accounting principles and policies utilized by the City are described below:
1. Reporting Entity
The City of Oshkosh is a municipal corporation governed by an elected seven member council.
In accordance with GAAP, the basic financial statements are required to include the City (the primary
government) and any separate component units that have a significant operational or financial
relationship with the City. The City has identified the following component units that are required to be
included in the basic financial statements in accordance with standards established by GASB Statement
No. 14.
Discretely presented component units:
The component unit columns in the basic financial statements include the financial data of the City's
component units, the Housing Authority and the Redevelopment Authority of the City of Oshkosh. They
are reported in separate columns to emphasize that they are legally separate from the City. The Housing
Authority's fiscal year end is June 30, and the Redevelopment Authority's fiscal year end is December 31.
Complete financial statements for the Housing Authority may be obtained at the entities administrative
offices:
The Housing Authority of the City of Oshkosh
600 Merrit Avenue, P.O. Box 397
Oshkosh, WI 54902-0397
Other entities:
The City has included in its primary government financial statements the following entities, which although
they have other advisory boards and committees, are not considered separate entities with corporate
powers:
Oshkosh Public Library
Transit Commission
Business Improvement District
Water Utility
Certain other significant governmental entities, which provide service within the City, are governed by
separate boards or commissions and are not accountable to the City. Consequently, financial information
for the following entities is not included within the scope of the City's reporting entity and is not included in
the City's financial statements.
School District of Oshkosh Area
Fox Valley VTAE District
2. Government -Wide and Fund Financial Statements
The government -wide financial statements (i.e., the statement of net assets and the statement of
activities) report information on all of the nonfiduciary activities of the City. For the most part, the effect of
interfund activity has been removed from these statements. Governmental activities, which normally are
supported by taxes and intergovernmental revenues, are reported separately from business -type
activities, which rely to a significant extent on fees and charges for support.
33
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
The statement of activities demonstrates the degree to which the direct expenses of a given function are
offset by program revenues. Direct expenses are those that are clearly identifiable with a specific
function or segment. 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. Taxes and other items not properly included among program revenues are reported
instead as general revenues.
Separate fund financial statements are provided for governmental funds, proprietary funds, and fiduciary
funds, even though the latter are excluded from the government -wide financial statements.
Governmental funds include general, special revenue, debt service and capital projects funds.
Proprietary funds include enterprise funds and internal service funds. Major individual governmental
funds and major individual enterprise funds are reported as separate columns in the fund financial
statements. All remaining governmental and enterprise funds are aggregated and reported as nonmajor
funds.
The City reports the following major governmental funds:
GENERAL FUND
This is the City's primary operating fund. It accounts for all financial resources of the general
government, except those required to be accounted for in another fund.
DEBT SERVICE FUND
This fund accounts for the resources accumulated and payments made for principal and interest on
long-term general obligation debt of governmental funds.
The City reports the following major enterprise funds:
TRANSIT FUND
This fund accounts for the operations of a bus transit system for the City of Oshkosh. Financing is
provided through user fees, federal and state grants, and general property taxes.
WATER UTILITY FUND
This fund accounts for the construction, operation and maintenance of the City owned water facilities.
SEWER UTILITY FUND
This fund accounts for the construction, operation and maintenance of the city owned sewerage
facilities.
The City also reports the following fund types:
INTERNAL SERVICE FUND
This fund accounts for the financing of goods and services provide by one department to other City
departments or to other governments on a cost reimbursement basis.
PRIVATE TRUST FUNDS
This fund accounts for the accumulation of resources for the various funds for which the City serves
as trustee.
34
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
AGENCY FUND
This fund accounts for the current year tax levy collectible in the subsequent year for the City and in a
custodial capacity as an agent on behalf of others.
3. Measurement Focus, Basis of Accounting, and Financial Statement Presentation
The government -wide financial statements are reported using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial
statements. 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 as revenues 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.
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 are considered to be available when they are collectible within the
current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City
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 and
claims and judgments, are recorded only when payment is due.
Private -sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both the government -wide and proprietary fund financial statements to the extent
that those standards do not conflict with or contradict guidance of the Governmental Accounting
Standards Board. Governments also have the option of following subsequent private -sector guidance for
their business -type activities, and enterprise funds subject to this same limitation. The City has elected
not to follow subsequent private -sector guidance.
As a general rule the effect of interfund activity has been eliminated from the government -wide financial
statements.
Amounts reported as program revenues include 1) charges to customers or applicants for goods,
services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and
contributions. Internally dedicated resources are reported as general revenues rather than as program
revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from non -operating 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
City's enterprise funds are charges to customers for services. Operating expenses for enterprise funds
include the cost of services, administrative expenses, and depreciation on capital assets. All revenues
and expenses not meeting this definition are reported as non -operating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the City's policy to use
restricted resources first, then unrestricted resources, as they are needed.
4. Assets, Liabilities and Net Assets or Equity
A. Cash and Investments
Cash and investments are combined on the balance sheet. Cash deposits consist of demand and
time deposits with financial institutions and are carried at cost. Investments are stated at fair value.
Fair value is the amount at which a financial instrument could be exchanged in a current transaction
between willing parties, other than in a forced or liquidation sale. For purposes of the statement of
cash flows, all cash deposits and highly liquid investments (including restricted assets) with a maturity
of three months or less from date of acquisition are considered to be cash equivalents. 35
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
B. Accounts Receivable
Accounts receivable are recorded at gross amount with uncollectible amounts recognized under the
direct write-off method. No allowance for uncollectible accounts has been provided since it is
believed that the amount of such allowance would not be material to the basic financial statements.
C. Interfund Receivables and Payables
During the course of operations, numerous transactions occur between individual funds for goods
provided or services rendered. These receivables and payables are classified as "due from other
funds" and "due to other funds" on the balance sheet. Noncurrent portions of the interfund
receivables for the governmental funds are offset by a deferred revenue account or shown as a
reservation of fund balance since they do not constitute expendable available financial resources and
therefore are not available for appropriation.
The amount reported on the statement of net assets for internal balances represents the residual
balance outstanding between the governmental activities, business type activities and fiduciary funds.
D. Inventories
Inventories are recorded at cost, which approximates market, using the first -in, first -out method.
Inventories consist of expendable supplies held for consumption. The cost is recorded as an
expenditure at the time individual inventory items are consumed rather than when purchased.
Inventories of governmental fund types in the fund financial statements are offset by fund balance
reserve accounts to indicate that they do not represent spendable available financial resources.
E. Prepaid Items
Payments made to vendors that will benefit periods beyond the end of the current fiscal year are
recorded as prepaid items.
Prepaid items of governmental fund types in the fund financial statements are offset by fund balance
reserve accounts to indicate that they do not represent spendable available financial resources.
F. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets, are reported in the
applicable governmental or business -type activities columns in the government -wide financial
statements. Capital assets are defined by the City as assets with an initial, individual cost of $500 or
higher and an estimated useful life in excess of one year. Such assets are recorded at historical cost
or estimated historical cost if purchased or constructed. Donated capital assets are recorded at
estimated fair market value at the date of donation.
The costs of normal maintenance and repairs that do not add to the value of the asset or materially
extend asset lives are not capitalized.
Depreciable capital assets of the City are depreciated using the straight-line method over the
following estimated useful lives:
Governmental Activities
Years
Assets
Buildings and improvements
Machinery and equipment
Infrastructure
30-80 25-88
1-25 10-25
20-35 40-150
36
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
G. Compensated Absences
The City's policy allows employees to earn one day of sick pay per month of service, accumulating to
varying maximum amounts. The City's employees also are granted vacation in varying amounts
based on length of service. All vacation and sick leave is accrued when incurred in the government -
wide and proprietary fund financial statements. A liability for these amounts is reported in the
governmental funds in the fund financial statements only if they have matured, for example, as a
result of employee resignations and retirements.
H. Deferred Revenue
Governmental funds report deferred revenue in connection with receivables for revenues that are not
considered to be available to liquidate liabilities of the current period or for resources that have been
received, but not yet earned.
Long-term Obligations
In the government -wide financial statements, and proprietary fund types in the fund financial
statements, long-term debt and other long-term obligations are reported as liabilities in the applicable
governmental activities, business -type activities, or proprietary fund type statement of net assets.
Bond premiums and discounts, as well as issuance costs, are deferred and amortized over the life of
the bonds. Bonds payable are reported net of the applicable bond premium or discount. Bond
issuance costs are reported as deferred charges and amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond premiums and discounts,
as well as bond issuance costs, during the current period. The face amount of debt issued is
reported as other financing sources. Premiums received on debt issuances are reported as other
financing sources while discounts on debt issuances are reported as other financing uses. Issuance
costs, whether or not withheld from the actual debt proceeds received, are reported as debt service
expenditures.
J. Net Assets and Fund Equity
Net assets
Net assets represent the difference between assets and liabilities. Net assets invested in capital
assets, net of related debt consists of capital assets, net of accumulated depreciation, reduced by the
outstanding balances of any borrowings used for the acquisition, construction or improvement for
those assets. Net assets are reported as restricted when there are limitations imposed on their use
through external restrictions imposed by creditors, grantors or laws or regulations of other
governments.
The City applies restricted resources when an expense is incurred for purposes for which both
restricted and unrestricted net assets are available.
In the fund financial statements, governmental funds report reservations of fund balance for amounts
that are not available for appropriation or are legally restricted by outside parties for use for a specific
purpose. Designations of fund balance represent tentative management plans that are subject to
change.
K. Estimates
The preparation of the financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the amounts reported
in the financial statements and accompanying notes. Actual results may differ from those estimates.
37
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
NOTE B - STEWARDSHIP AND COMPLIANCE
Budgets and Budgetary Accounting
The City adopted annual Governmental Fund budgets for the General Fund, certain Special Revenue
Funds and certain Debt Service Funds. These budgets are adopted in accordance with State Statutes
and are prepared on a basis consistent with generally accepted accounting principles. The budgetary
data presented on the Statement of Revenues, Expenditures and Changes in Fund Balances — Budget
and Actual reflects the original approved budgets of the above funds and subsequent revision authorized
by the City's Common Council. Flexible, annual budgets are approved for Proprietary Funds to provide
for financial management. Long-term budgets are adopted for Capital Projects Funds.
The following procedures are used in establishing the budgetary data reflected in the financial
statements:
• In early October, the Finance Director and City Manager submit to the Common Council a
proposed operating budget for the fiscal year commencing the following January 1. The
operating budget includes proposed expenditures and the means of financing them.
• A public hearing is conducted in the Council Chambers to obtain taxpayer comments.
• At the second council meeting in November, the budget is legally enacted through passage of a
resolution.
• The Finance Director is authorized to transfer budget amounts within departments upon City
Manager approval; however, any revisions that alter the total expenditures of any fund must be
approved by the Common Council.
• Formal budgetary integration is employed as a management control device during the year for the
General Fund, six Special Revenue Funds (Library, Museum, Cemetery, Committee on Aging,
Recycling Funds and Street Lighting Funds) and the Debt Service Fund exclusive of the Cross
Over Refunding and Current Refunding Debt Service Funds.
• Budgetary expenditure control is exercised at the department level.
• Budgeted amounts are as authorized in the original budget resolution and subsequent revisions
authorized by the Common Council.
• All appropriations lapse at year end.
The City did not have any violation of legal or contractual provisions for the fiscal year ended
December 31, 2007.
38
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
2. Excess of Expenditures Over Budget Appropriations
The following expenditure accounts had actual expenditures in excess of budget appropriations for the
year ended December 31, 2007 as follows:
The above excess expenditures were funded using favorable revenue variances and available fund
balances.
Fund
Function
Excess
Expenditures
Special Revenue
Aging services
Community Development
$ 37,482
Aging services
Capital Outlay
4,074
Museum
Parks and Recreation
138,243
Museum
Capital Outlay
4,266
Library
Capital Outlay
17,779
Library
Parks and Recreation
57,808
Cemetery
Parks and Recreation
2,601
NOTE C - DETAILED NOTES ON ALL FUNDS
1. Cash and Investments
The City maintains various cash and investment accounts, including pooled funds that are available for
use by all funds. Each fund's portion of these accounts is displayed in the financial statements as "Cash
and investments."
Invested cash consists of deposits and investments that are restricted by Wisconsin Statutes to the
following:
Time deposits; repurchase agreements; securities issued by federal, state and local governmental
entities; statutorily authorized commercial paper and corporate securities; and the Wisconsin local
government investment pool.
The carrying amount of the City's cash and investments totaled $103,292,788 on December 31, 2007 as
summarized below:
Petty Cash funds
Deposits with financial institutions
Investments
Federal agencies
Money markets
Mutual funds
Repurchase agreements
U.S. Treasury
Wisconsin local government pool
$ 7,850
39,907,756
635,553
728,719
188,306
29,923,566
31,868,861
32,177
$ 103,292,788
39
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Reconciliation to the basic financial statements:
Basic financial statements
Cash and investments
Restricted cash and investments
Fiduciary funds
Private -purpose trust fund
Agency fund
$ 52,197,965
21,072,017
3,484, 026
26,538,780
$ 103,292,788
Deposits and investments of the City are subject to various risks. Presented below is a discussion of the
specific risks and the City's policy related to the risk.
Custodial Credit Risk
Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial
institution, a government will not be able to recover its deposits or will not be able to recover collateral
securities that are in the possession of an outside party. The custodial credit risk for investments is the
risk that, in the event of the failure of the counterparty (e.g., broker -dealer) to a transaction, a government
will not be able to recover the value of its investment or collateral securities that are in the possession of
another party. Wisconsin statutes require repurchase agreements to be fully collateralized by bonds or
securities issued or guaranteed by the federal government or its instrumentalities. The City does not have
an additional custodial credit policy.
Deposits with financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) in the
amount of $100,000 for interest bearing accounts and $100,000 for non -interest bearing accounts. In
addition, the State of Wisconsin has a State Guarantee Fund which provides a maximum of $400,000 per
public depository above the amount provided by an agency of the U.S. Government. However, due to the
relatively small size of the State Guarantee Fund in relation to the Fund's total coverage, total recovery of
insured losses may not be available.
As of December 31, 2007, $28,242,797 of the City's deposits with financial institutions was in excess of
federal depository insurance limits and uncollateralized.
On December 31, 2007, the City held repurchase agreement investments of $29,923,566 of which the
underlying securities are held by the investment counterparty, not in the name of the City.
40
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Credit Risk
Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of
the investment. This is measured by the assignment of a rating by a nationally recognized statistical
rating organization. Wisconsin statutes limit investments in securities to the top two ratings assigned by
nationally recognized statistical rating organizations. Presented below is the actual rating as of year end
for each investment type.
Investment Type
Amount
Exempt
From
Disclosure
Ratings as of Year End
AAA
Aa
Not
Rated
U.S. Treasury notes
6,388
- 6,388
- -
U.S. Treasury bonds
31,862,473
- 31,862,473
- -
Federal agencies
635,553
- -
- 635,553
Money market
728,719
- -
- 728,719
Mutual funds
188,306
- -
- 188,306
Repurchase agreements
29,923,566
- 29,923,566
- -
Wisconsin local governement
investment pool
32,177
32,177 -
- -
Totals
63,377,182
32,177 61,792,427
- 1,552,578
Concentration of Credit Risk
The investment policy of the City contains no limitations on the amount that can be invested in any one
issuer. Investments in any one issuer (other than U.S. Treasury securities, mutual funds, and external
investment pools) that represent 5% or more of total City investments are as follows:
Reported
Issuer Investment Type Amount
Goldman Sachs Repurchase agreements $ 29,923,566
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an
investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value
to changes in market interest rates. One of the ways that the City manages its exposure to interest rate
risk is by purchasing a combination of shorter term and longer term investments and by timing cash flows
from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time
as necessary to provide the cash flow and liquidity needed for operations.
Information about the sensitivity of the fair values of the City's investments to market interest rate
fluctuations is provided by the following table that shows the distribution of the City's investments by
maturity:
Investment Type
Amount
Remaining Maturity (in Months)
12 months
or Less
13 to 24
Months
25 to 60
Months
More Than
60 Months
u.s. treasury notes
U.S. Treasury bonds
Federal agencies
Money market
Mutual funds
Repurchase agreements
Wisconsin local governement
investment pool
Totals
6,388 6,388 - - -
31,862,473 31,079,751 782,722 -
635,553 635,553 - - -
728,719 728,719 - - -
188,306 188,306 - - -
29,923,566 29,923,566 - - -
32,177 32,177 - -
63,377,182 62,594,460 782,722 -
41
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Investments with Fair Values Highly Sensitive to Interest Rate Fluctuations
The City's investments do not include investments that are highly sensitive to interest rate fluctuations.
Investment in Wisconsin Local Government Investment Pool
The City has investments in the Wisconsin local government investment pool of $32,177 at year-end.
The Wisconsin local government investment pool (LGIP) is part of the State Investment Fund (SIF), and is
managed by the State of Wisconsin Investment Board. The SIF is not registered with the Securities and
Exchange Commission, but operates under the statutory authority of Wisconsin Chapter 25. The SIF
reports the fair value of its underlying assets annually. Participants in the LGIP have the right to withdraw
their funds in total on one day's notice. At December 31, 2007, the fair value of the City's share of the
LGIP's assets was substantially equal to the carrying value.
Investments in the Wisconsin Local Government Investment Pool are covered under a surety bond issued
by Financial Security Assurance, Inc. The bond insures against losses arising from principal defaults on
substantially all types of securities acquired by the pool. The bond provides unlimited coverage on
principal losses, reduced by any FDIC, State of Wisconsin Guarantee Fund insurance, and income on the
investment during the calendar quarter a loss occurs.
The Housing Authority, as a component unit of the City of Oshkosh, also maintains separate cash and
investment accounts as detailed below:
Demand deposits
At June 30, 2007, the carrying amount of the Authority's demand deposits was $800,000 and the
bank balance was $800,000. Of the bank balance, $200,000 was covered by Federal depository
insurance, $600,000 was covered by the Sate of Wisconsin Public Deposit Guarantee Fund and $0
was uninsured and uncollateralized.
Investments
At June 30, 2007, the carrying amount of the Authority's deposits was $1,437,916 and the bank
balance was $1,437,916. None of this balance was covered by federal depository insurance of the
State of Wisconsin Public Deposit Guarantee Fund.
Restricted cash and investments
At June 30, 2007, $53,249 of cash and cash equivalents are held in escrow by WHEDA and
recognized as restricted cash and investments in the accompanying basic financial statements.
The Redevelopment Authority, as a component unit of the City of Oshkosh, also maintains separate cash
accounts. At December 31, 2007, the carrying amount of the Authority's deposits was $2,909,083 and
the bank balance was $2,909,083. Of the bank balance, $100,000 was covered by federal depository
insurance, $400,000 was covered by the State of Wisconsin Public Deposit Guarantee Fund, and
$2,509,083 was uninsured and uncollateralized.
On December 31, 2007, the Authority held U. S. Treasury Obligations of $2,657,378. These obligations
carry a credit rating of AAA and wil! mature within 12 months.
2. Restricted Assets
Restricted assets on December 31, 2007 totaled $21,072,017 and consisted entirely of cash and
investments.
42
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
3. Property Taxes
Property taxes are recorded in the year levied as receivables and deferred revenues in the Agency
Funds. They are recognized in the appropriate funds as revenues in the succeeding year when services
financed by the levy are provided. In addition to property taxes for the municipality, taxes are collected for
and remitted to the State and County governments as well as the local and vocational school districts.
Taxes for all State and local governmental units billed in the current year for the succeeding year are
reflected as due to other governments on the accompanying balance sheet. Taxes are levied in
December on the assessed value as of the prior January 1.
Property tax calendar — 2007 tax roll:
Lien date and levy date
Tax bills mailed
Payment in full, or:
First installment due
Second installment due
Third installment due
Fourth installment due
Personal property taxes in full
Tax settlements:
Initial settlement
Second, third and fourth settlement
Final settlement
Tax deed by County --
2007 delinquent real estate taxes
December 1, 2007
December 1, 2007
January 31, 2008
March 31, 2008
May 31, 2008
July 31, 2008
January 31, 2008
January 15, 2008
20 days after the collection date
August 20, 2008
October 1, 2011
Property Tax Levy Limit
Wisconsin Act 25, effective July 27, 2005, imposes a limit on the property tax levies for all Wisconsin
cities, villages, towns and counties for a two-year period. Wisconsin State Budget bill SB40 continues the
limit on property tax levies through 2009. The budget bill limits the increase in the maximum allowable
tax levy to the greater of the percentage change in the City's January 1 equalized value as a result of net
new construction or 3.86% in the 2008 budget and 2.0% in the 2009 budget. The actual limit for the City
for the 2008 budget was 2.572%. The levy limit is applied to both operations and debt service. However,
the Act allows the limit to be increased for debt service authorized prior to July 1, 2005 and in certain
other situations.
43
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
4. Capital Assets
Capital asset activity for the year ended December 31, 2007 was as follows:
Primary Government
Beginning
Ending
Balance
Increases
Decreases
Balance
Governmental activities:
Capital assets not being depreciated
Land
$ 14,287,902
$ 436,727
$ -
$ 14,724,629
Construction in progress
-
-
-
-
Total capital assets not being depreciated
14,287,902
436,727
-
14,724,629
Capital assets being depreciated
Buildings and systems
38,839,042
306,884
-
39,145,926
Infrastructures
75,668,579
4,094,644
3,456,084
76,307,139
Machinery and equipment
40,534,419
1,698,704
679,963
41,553,160
Total assets being depreciated
155,042,040
6,100,232
4,136,047
157,006,225
Less accumulated depreciation for:
Buildings and systems
7,097,782
765,787
-
7,863,569
Infrastructures
34,417,977
4,271,467
3,456,084
35,233,360
Machinery and equipment
18,994,265
2,210,581
679,963
20,524,883
Total accumulated depreciation
60,510,024
7,247,835
4,136,047
63,621,812
Total capital assets being depreciated, net
94,532,016
(1,147,603)
-
93,384,413
Governmental activities capital assets, net
$108,819,918
$ (710,876)
$ -
$108,109,042
Depreciation expense was charged to functions of the primary government as follows:
Governmental activities:
General government
$ 302,978
Public safety
770,889
Public works
5,110,000
Parks and recreation
1,025,857
Community development
38,111
Total depreciation expense - governmental activities $ 7,247,835
44
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Primary Government
Beginning
Ending
Balance
Increases
Decreases
Balance
Business -type activities:
Capital assets not being depreciated
Land
$ 32,333,968
$ 1,976,449
$ 212,470
$ 34,097,947
Construction in progress
9,424,539
1,779,946
-
11,204,485
Total capital assets not being depreciated
41,758,507
3,756,395
212,470
45,302,432
Capital assets being depreciated
Buildings and systems
165,582,665
5,205,304
637,308
170,150,661
Machinery and equipment
35,804,511
249,031
-
36,053,542
Total assets being depreciated
201,387,176
5,454,334
637,308
206,204,202
Less accumulated depreciation for:
Buildings and systems
38,210,966
4,192,426
637,308
41,766,084
Machinery and equipment
21,826,850
1,783,300
-
23,610,150
Total accumulated depreciation
60,037,816
5,975,727
637,308
65,376,235
Total capital assets being depreciated, net
141,349,360
(521,392)
-
140,827,968
Business -type activities capital assets, net
$ 183,107,867
$ 3,235,003
$ 212,470
$ 186,130,400
Depreciation expense was charged to functions of the primary government as follows
Business -type activities:
Transit utility $ 452,994
Water utility 3,042,865
Sewer utility 2,049,992
Other 296,059
Total depreciation expense - business -type activities $ 5,841,910
45
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
5. Notes receivable
Notes receivable of $3,036,233 in the Capital Projects Fund represents noninterest bearing loans made
to City residents as part of the City's participation in the Community Block Grant Program for residential
rehabilitation. These notes are payable to the City at the time the property is sold or at the time the
property is no longer occupied by the owner and is due to the funding agency upon termination of the
program.
6. Long-term Debt
The following is a summary of changes in long-term obligations of the City for the year ended
December 31, 2007:
Beginning
Ending
Due Within
Balance
Additions
Reductions
Balance
One Year
Governmental activities:
General obligation bonds and notes
$
65,223,096
$ 5,200.172
$
5,470,617
$
64,952.651
$ 5,364,236
Total bonds and notes payable
65,223,096
5,200,172
5,470,617
64,952,651
5.364,236
Other liabilities
Unused vacation and sick leave credits
2,548,532
112,895
-
2,661,427
-
Unfunded pension liability
8,771,358
652,824
402,731
9,021,451
403,000
Total other liabilities
11,319,890
765,719
402,731
11,682,878
403,000
Governmental activities long-term liabilities
$
76,542,986
$ 5,965,891
$
5,873,348
$
76,635,529
$ 5,767,236
Business -type activities:
Bonds payable
General obligation debt
$
67,222,672
$ 6,124,628
$
5,220,097
$
68,127,403
$ 5,438,538
Revenue bond
56,882,342
-
4,038,217
52,844,125
4,100,210
124,105,014
6.124,828
9,258,314
120,971,528
9,538,748
Less deferred amount on refundings
(1,509,872)
(195,969)
(1,313,903)
Total bonds and notes payable
122,595,142
6,124,828
9,062,345
119,657,625
9,538,748
Other liabilities
Unused vacation and sick leave credits
730,396
495,037
501,463
723,970
490.935
Business -type activities long-term liabilities
$
123,325,538
$ 6,619,865
$
9,563,808
$
120.381,595
$ 10,029,683
Total interest paid during the year on long-term debt totaled $7,161,062.
46
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
General Obligation Debt
General obligation debt currently outstanding is detailed as follows
Balance
outstanding
Principal
Interest
Original
December 31,
Type
Date of Issue
Interest rate
payable
payable
amount
2007
Refunding bonds:
12/1/1997
6.25-6.50
11/1/98 -06
511 - 11/1
955.000
$ 100,000
7/15/2003
2.00-5.00
3/15104 - 23 6/15 -12115
8,615,000
6,175,000
7/15/2003
2-00-5.00
3/15/04 -21 6/15 - 12115
1,050,000
690,000
9/1/2005
3.75-4.125
12/1/06-20
611 - 12/1
18.335.000
16,825,000
12/28/2006
4.00
12/1/07 -14
611 - 1211
11.865,000
9,360,000
Corporate purpose bonds:
3/1/1998
4.55- 5.10
12/1/99-17
611 - 12/1
3.975,000
2,940,000
3/1/1999
4.00-4.80
12/1/99 - 16
6/1 - 1211
4,540,000
2,620,000
3/1/1999
4.10-5.00
12/1/00-18
611 - 1211
3,580,000
2,190,000
3/1/2000
5.78
12/1/02-19
6/1 - 12/1
8,305,000
6,390,000
3/1/2001
4.20-5.10
12/1/03-20
6/1 - 1211
6,390,000
5,140,000
3/1/2002
4.70-5.05
12/1/03-21
611 - 12/1
11,225,000
9,540,000
3/1/2002
4.00- 6.80
12/1/03-21
611 - 12/1
7,580,000
6,525,000
2/1/2003
2.50-5.00
12/1/05.22
6/1 - 12/1
11,675,000
10,260,000
2/112003
3.25- 6.00
1211/05-22
6/1 -12/1
1,420,000
1.260,000
3/1/2004
3.00- 5.75
12/1/05-23
6/1 - 12/1
6,480,000
5,890,000
2/8/2005
3.25-4.50
12/1/06-24
611 - 12/1
7,395,000
6,840,000
3/1/2006
4.0-4.5
1211107-25
611 - 12/1
9,265,000
8,940,000
3/1/2006
5.15-5.40
1211/07-25
611 - 12/1
1,995,000
1,930.000
3/1/2007
4.0-5.0
12/1/08-26
611 - 12/1
7,950,000
7,950,000
Promissory notes:
3/1/1999
3.80-4.75
12/01/00-08
611 - 1211
2,820,000
460,000
3/1/2000
5.34
12/01101 - 09
6/1 - 1211
2.210,000
605,000
1011/20004.84
12/01/01 - 09
6/1 - 1211
1,500,000
1,140,000
3/1/2001
4.00-5.00
12/01/02-10
6/1 -1211
2,110,000
830,000
3/1/2002
4.78
12/1/03-11
6/1 - 1211
2,260,000
1,155,000
5115120025.00
3/15/03-22
3115
1,012,000
836,360
211/2003
2.13-3.80
12/1/04-12
6/1 - 1211
2,615,000
1,590,000
3119120035.00
3115104-23
3/15
375,000
326,134
7/2/2003
5.00
3115/04-23
3115
1,365,720
1,170,866
9/15/2003
2.00- 3.63
12/1/04-10
611 - 12/1
4,380,000
1,120,000
9/24/20035.00
3/15/05-23
3/15
226,000
207,231
3/1/2004
2.00-4.001211/2005-13
6/1 - 12/1
1,565,000
1,115,000
11/23/2004
5.00
3/15/06-24
3115
1,200,000
1,135,751
1217/20045.00
3/15106-24
3115
99,000
93,531
9/15120045.00
3/15/06-24
3/15
100.000
95,487
2/8/2005
3.00-3,50
12/1/06-14
611 -12/1
2,540,000
2,035,000
5/31/20055.00
3/15/07-25
3115
200,000
185,707
12/20/2005
4.50
3/15107-25
3/15
1,163,000
1,134,220
12/20/2005
4.50
3/15/07-25
3115
656,000
639,767
3/1/2006
3.65-4.0
12/1/07-15
611 -1211
2,500,000
2,265,000
3/1/2007
4.00
12/1/08-16
611 -12/1
3,375,000
3,375,000
133,080,054
68,127,403
Less amounts related to Enterprise Fund
$ 64,952,651
47
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Enterprise Fund — Revenue Bonds
The city has issued Revenue Bonds as detailed below. These bonds are considered special obligations
of the City payable solely from net revenues of the respective Utility's Systems and do not constitute debt
which the faith and credit or taxing powers of the City are pledged. In accordance with the resolutions
which authorized the issuance of the debt issues, the City covenanted with the bondholders to, among
other things, faithfully and punctually perform all duties with reference to the respective Utilities required
by the Constitution and Statutes of the State of Wisconsin, including the making and collecting of
reasonable and sufficient rates lawfully established for services rendered by the respective Utilities, and
to segregate the revenues of the respective Utilities and apply them to the respective funds described in
the authorizing Resolution. In addition, the borrowing resolution included restrictive investment provisions
requiring fully insured or collateralized investments.
Balance
Year
outstanding
of
Interest
Principal
Interest
Original
December 31,
Type
Issue
Rate
payable
payable
amount
2007
Sewerage System Revenue
Bonds
1993 & 1994
3.84
5101194 - 12
5/1 & 11/1
2,881,401
$ 972.878
Sewerage System Revenue
Bonds
1995 to 1997
3.21
5/01/96 -15
511 & 1111
17,631,411
8,436,438
Water Safe Drinking
Revenue Bond
1998
2.64
5101/99 -19
5/1 & 1111
11,913,672
7,603,446
Sewerage System Revenue
Clean Water
1999
2.64
5/01/00-19
511 & 11/1
3,025,930
2,108,017
Water Safe Drinking Revenue
Bond
2000
2.97
5101101 - 19
511 & 11/1
13.636.364
9,468,086
Water Safe Drinking
Revenue Bond
2001
2.75
5101/02 -21
5/1 & 11/1
3,483,913
2,629,081
Water Utility Revenue
Refunding Bonds
2003
2.50- 3.90
1/01105 -12
1/1 & 7/1
2,065,000
895,000
Water Utility Revenue Bond
2004
2.396
5/01105 -24
511 & 1111
1,989,231
2,996,179
Oshkosh Utility Revenue
Bond
2004
2.40-5.20
01/01/05 - 11
111 & 711
2,065,000
930,000
Storm Water Revenue
Bond
2005
3.50 - 4.625
5101/06 - 25
5/1 & 11/1
4,820,000
4,475,000
Water Utility Revenue Bond
2006
4.0-4.5
1/01/07-26
1/1 & 7/1
12,705,000
12,330,000
$ 52,844,125
48
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
A summary of the type and individual Enterprise Funds debt is presented below:
Balance
Balance
December 31,
December 31,
2006
Additions
Payments
2007
General obligation debt $ 67,222,672
$ 6,124,828
$ 5,220,097
$ 68,127,403
Revenue bond 56,882,342
-
4,0.38,217
52,844,125
Total $ 124,105,014
$ 6,124,828
$ 9,258,314
$ 120,971,528
Balance
Balance
December 31,
December 31,
2006
Additions
Payments
2007
Enterprises Funds:
Sewer Utility
$ 29,436,520 $
3,655,491 $
2,942,242
$ 30,149,769
Water Utility
46,393,306
2,414,477
3,136,400
45,671,383
Transit Utility
530,850
-
89,223
441,627
Parking Utility
430,087
-
45,000
385,087
Industrial Park
1,459,259
-
226,899
1,232,360
TIF Districts
34,176,599
-
2,053,953
32,122,646
Golf course
1,205,000
25,000
65,000
1,165,000
Oshkosh Redevelopment
1,215,000
-
285,000
930,000
Storm Water
9,258,393
29,860
414,597
8,873,656
Total
124,105,014 $
6,124,828 $
9,258,314
120,971,528
Less:
Current portion
(9,258,315)
(9,538,748)
Unamortized expense
(1,509,872)
(1,313,903)
Long-term debt, net
$ 113,336,827
$ 110,118,877
49
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Annual principal and interest maturities of the outstanding debt on December 31, 2007 are detailed
below:
Total
Outstanding
Principal Interest Total December 31,
$ 185,924,179
2008
$ 28,539,275
$ 7,061,114
$ 35,600,389
157,384,904
2009
15,781,040
6,317,108
22,098,148
141,603,864
2010
14,305,338
5,725,008
20,030,346
127,298,526
2011
13,238,011
5,188,624
18,426,635
114, 060,515
2012
12,613,535
4,678,821
17,292,356
101,446,980
2013-2017
52,381,488
16,688,079
69,069,567
49,065,492
2018-2022
38,091,848
6,937,499
45,029,347
10,973,644
2023-2026
10,973,644
934,367
11,908,011
-
$ 185,924,179 $ 53,530,620 $ 239,454,799
For the governmental activities, the other long-term liabilities are generally liquidated by the general fund.
Legal Margin for New Debt
The City's legal margin for creation of additional general obligation debt on December 31, 2007 is as
follows:
Equalized valuation $ 3,473,497,000
Margin of indebtedness:
5% of equalized valuation $ 173,674,850
Less outstanding general obligation debt $ 133,080,054
Deduct Debt Service Funds available for debt retirement 15,366,502 117,713,552
Margin of indebtedness $ 55,961,298
The City has approved the issuance of industrial revenue bonds (IRB) for the benefit of private business
enterprises. IRBs are secured by mortgages or revenue agreements on the associated projects and do
not constitute indebtedness of the City. Accordingly, the bonds are not reported as liabilities in the
accompanying financial statements. The amount of IRBs outstanding at the end of the year is maintained
by the individual private business enterprises and the lending institutions.
50
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Component Unit Long-term Debt
Information relating to the outstanding long-term debt is as follows:
Housino Authorit
Balance
Date of
Interest
Maturity
Original
Outstanding
Type issue
rate
date
amount
June 30, 2007
First mortgage notes payable:
12/1/2006
Variable
1/1/2026
$ 3,285,000
$ 3,285,000
12/1/1978
6.97%
1/1/2019
133,926
6.71%
87,205
5.84%
53,262
Wisconsin Housing Partnership Loan
7/15/1988
0.00%
1/1/2018
14,710
14,710
8/1/1990
0.00%
9/1/2010
15,000
15,000
WHEDA WRAP Loan
10/1/1995 0.00% 10/1/2015 29,200 29,200
$ 3,618,303
Annual principal maturities of the outstanding debt on June 30, 2007 are detailed below:
Year ending June 30,
2008
2009
2010
2011
2012
Thereafter
$ 98,510
143,243
113,027
103,976
109,912
3,049,635
$ 3,618,303
51
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Redevelopment Authority
Type
Taxable redevelopment
lease revenue bonds
Blance
Original outstanding
Date of Issue Interest rate Maturity date amount 12/31/07
6/20/2006 6.25% 6/20/2031 $ 6,360,000
Less deferred charges
Annual principal maturities of the outstanding debt on December 31, 2007 are detailed below:
Year endinl December 30,
2008-2024
Thereafter
7. Interfund Balances and Activity
Interfund receivables and payables at December 31, 2007 were as follows:
$ 6,360,000
(217,033)
$ 6.142.967
$
6,360,000
-._.__
S 6.360,000
Net Due to Other
Due From
Due To
Funds on Statement
Other Funds
Other Funds
of Activities
General fund
$ 6,550,398
$ 861,818
$ 5,688,580
Capital projects fund
3,556,173
3,718,040
(161,867)
Debt service fund
182,235
-
182,235
Special revenue fund
227,052
34,627
192,425
Internal service fund
71,338
-
71,338
Total governmental activities
10,587,196
4,614,485
5,972,711
Parking utility fund
43,242
164,669
(121,427)
Water utility fund
1,598,561
1,507,762
90,799
Sewer utility fund
193,943
2,785,968
(2,592,025)
Storm water utility
186,277
787,567
(601,290)
Transit utility fund
-
1,292,866
(1,292,866)
Other enterprise funds
-
1,455,902
(1,455,902)
Total business -type activities
2,022,023
7,994,734
(5,972,711)
Totals $ 12,609,219 $ 12,609,219 $ -
Transfers within the reporting entity are substantially for the purposes of subsidizing operating functions,
funding capital acquisitions or maintaining debt service on a routine basis. Resources are accumulated in
a fund to support and simplify the administration of various projects. 52
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
The government -wide statement of activities eliminates as reported within the segregated governmental
and business -type activities columns. Only transfers between the two columns appear in this statement.
The following schedule reports transfers within the reporting entity:
Transfer to
Transfers from Governmental Activities Business -type
General Debt Service Other Activities Total
Governmental activities:
General fund $ - $ - $ - $ - $
Debt service fund 8,397,584 - - - 8,397,584
Other funds 67,383 - 100,000 - 167,383
Business -type activities: - - - - -
Total transfers to: $ 8,464,967 $ - $ 100,000 $ - $ 8,564,967
8. Fund Equity
Government Statements
Equity is classified as net assets and displayed in three components:
a. Invested in capital assets, net of related debt - Amount of capital assets, net of accumulated
depreciation, less outstanding balances of any bonds, mortgages, notes, or other borrowings that are
attributable to the acquisition, construction, or improvement of those assets.
b. Restricted net assets - Amount of net assets that are subject to restrictions that are imposed by
1) external groups, such as creditors, grantors, contributors or laws or regulations of other
governments or 2) law through constitutional provisions or enabling legislation.
c. Unrestricted net assets - Net assets that are neither classified as restricted nor as invested in capital
assets, net of related debt.
Net assets of the governmental activities reported on the government -wide statement of net assets at
December 31, 2007 include the following:
Invested in capital assets, net of related debt
Capital assets, net $ 108,109,042
Less: related long-term debt outstanding 64,952,651
Plus: Unused borrowed funds 2,502,562
Total Invested in Capital Assets, Net of Related Debt 45,658,953
Restricted
Debt service 15,366,502
Unrestricted 716,389
Total Governmental Activities Net Assets $ 61,741,844
53
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Fund Statements
In the fund financial statements, portions of governmental fund balances are reserved and not available
for appropriation or are legally restricted for use for a specific purpose. At December 31, 2007, fund
balance was reserved as follows:
General Funds
Reserved for inventories and prepaids $ 175,800
Debt Service Fund
Reserved for debt retirement $ 15,366,502
Other Governmental Funds
Reserved for capital projects $ 2,502,562
NOTE D - OTHER INFORMATION
Retirement Commitments
All eligible City employees participate in the Wisconsin Retirement System (WRS), a cost -sharing
multiple -employer defined benefit, public employee retirement system. All permanent employees
expected to work at least 600 hours a year (440 hours for teachers) are eligible to participate in the WRS.
Covered employees in the General/Teacher/Educational Support Personnel category are required by
statute to contribute 6.0% of their salary (3.0% for Executives and Elected Officials, 8.0% for Protective
Occupations with Social Security, and 3.4% for Protective Occupations without Social Security) to the
plan. Employers may make these contributions to the plan on behalf of employees. Employers are
required to contribute an actuarially determined amount necessary to fund the remaining projected cost of
future benefits.
The payroll for City employees covered by the WRS for the year ended December 31, 2007 was $29.1
million; the employer's total payroll was $31.3 million. The total required contribution for the year ended
December 31, 2007 was $4.2 million, which consisted of $2.5 million, or 8.0% of covered payroll from the
employer and $1.7 million or 5.2% of covered payroll from employees. The required contribution for
employees for the year ended December 31, 2007 was financed by the City. Total contributions for the
years ending December 31, 2006 and 2005 were $4.2 million and $4.1 million, respectively, equal to the
required contributions for each year.
Employees who retire at or after age 65 (62 for elected officials and 54 for protective occupation
employees with less than 25 years of service, 53 for protective occupation employees with more than 25
years of service) are entitled to receive a retirement benefit. Employees may retire at age 55 (50 for
protective occupation employees) and receive actuarially reduced benefits. The factors influencing the
benefit are: (1) final average earnings, (2) years of creditable service, and (3) a formula factor. Final
average earnings are the average of the employee's three highest year's earnings. Employees
terminating covered employment and submitting application before becoming eligible for a retirement
benefit may withdraw their contributions and, by doing so, forfeit all rights to any subsequent benefit. For
employees beginning participation on or after January 1, 1990 and no longer actively employed on or
after April 24, 1998, creditable service in each of five years is required for eligibility for a retirement
annuity. Participants employed prior to 1990 or after April 24, 1998 are immediately vested.
The WRS also provides death and disability benefits for employees. Eligibility and the amount of all
benefits are determined under Chapter 40 of Wisconsin Statutes.
The WRS issues an annual financial report, which may be obtained by writing to the Department of
Employee Trust Funds, P.O. Box 7931, y"adison, W1 53707-7931.
54
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
Unfunded Pension Liability
The City's unfunded pension liability of $9.0 million on December 31, 2007 is an actuarially computed
liability by the Wisconsin Retirement System (WRS) resulting from increases in employee pension
benefits that exceeded actual prior years' contributions by the City to the WRS. The liability was originally
calculated by the WRS as of January 1, 1990. Since that time, the City has been making additional
monthly payments to the WRS in order to amortize the liability over a 40 year period. In addition, the City
is charged 7.8% interest per year on the unpaid balance. As a result, the outstanding balance of the
liability may increase annually if payments made by the City to the WRS are less than the interest
charged. The WRS's 40 year amortization schedule from 1990 anticipates that the unfunded pension
liability will not be reduced annually for approximately the first 20 years of the schedule.
3. Other Post Retirement Benefits
The City currently provides contributions to the Wisconsin Retirement Fund for employees formerly
covered under the City sponsored and administered Police — Fire pension fund. In accordance with the
statute terminating the pension funds, the City chose a "pay-as-you-go" basis for pension contributions in
which payments are made to the Wisconsin Retirement Fund as the benefits become due and payable to
the participants of the old plan. The total expense for 2007 was $140,655. The total estimated future
cost to the City of this plan as of December 31, 2007 is not determinable.
The City provides certain health care benefits for retired police supervisory employees. These employees
may become eligible for those benefits if they reach normal retirement age while working for the City. The
cost of retiree health care benefits is financed on a pay-as-you-go basis. This benefit was a recently
negotiated contract provision; consequently, no costs were incurred for this benefit in 2007.
4. Risk Management
The City is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets;
errors and omissions; and natural disasters for which the government carries commercial insurance. The
City completes an annual review of its insurance coverage to ensure adequate coverage.
Contingencies
A. The City participates in a number of federal and state assisted grant programs. These programs are
subject to program compliance audits by the grantors or their representatives. Accordingly, the City's
compliance with applicable grant requirements will be established at some future date. The amount,
if any, of expenditures which may be disallowed by the granting agencies cannot be determined at
this time although the City expects such amounts, if any, to be immaterial.
B. From time to time, the City is party to other various pending claims and legal proceedings. Although
the outcome of such matters cannot be forecast with certainty, it is the opinion of management and
legal counsel that the likelihood is remote that any such claims or proceedings will have a material
adverse effect on the City's financial position or results of operations.
C. On February 14, 2008, the City issued $5,105,000 million of general obligation corporate purpose
bonds and $1,565,000 million of general obligation promissory notes to finance certain improvements
within the City's 2008 capital improvement program. The bonds mature December 1, 2027 and the
notes mature December 1, 2017.
6. Self -insured medical care coverage plan
The City maintains a self -insured medical care coverage plan for its employees. The City has established
the Hospital Insurance Fund (an Internal Service Fund) to account for the financing of its uninsured risked
of loss. Under this program, the Hospital Insurance Fund provides coverage up to a maximum of $75,000
per contract. The City purchases commercial insurance for claims in excess of coverage provided by the
Fund.
55
CITY OF OSHKOSH
OSHKOSH, WISCONSIN
Notes to Basic Financial Statements
December 31, 2007
All funds of the City participate in the program and are charged amounts needed to pay prior — and
current — year claims and to establish a reserve for future insurance costs. That reserve was $1,451,974
at December 31, 2007 and is reported as the retained earnings balance of the Internal Service Fund. The
claims liability of $800,000, reported in the Fund at December 31, 2007, is based on the requirements of
Governmental Accounting Standard Board Statement No. 10, which requires that a liability for claims be
reported if information prior to the issuance of the financial statements indicates that it is probable that a
liability has been incurred at the date of the financial statements and the amount of the loss can be
reasonably estimated. Changes in the Funds' claims liability amount in 2007 were:
Beginning of fiscal
Year liability
$800,000
Current year claims
And changes in
Estimates
$8,057,465
7. Deferred compensation plan
Claim payments
$8,057,465
Balance at fiscal year
End
$800,000
The City of Oshkosh offers its employees a deferred compensation plan created in accordance with
Internal Revenue Code Section 457. The plan, available to all City employees, 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 amounts of compensation deferred under the plan, all property and rights purchased with these
amounts, and all income attributable to those amounts, property, or rights are solely the property and
rights of the participants and beneficiaries. The present market values are $25,735,122 and are not
recognized as an asset or liability of the City.
56
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57
OTHER SUPPLEMENTAL INFORMATION
CITY OF OSHKOSH
Oshkosh, Wisconsin
Combining Balance Sheet
Nonmajor Governmental Funds
December 31, 2007
Total
Special
Capital
Nonmajor
Revenue
Projects
Governmental
Funds
Funds
Funds
ASSETS
Cash and investments
$ 2,662,539
$ 4,377,714
$ 7,040,253
Receivables
Special assessment
-
4,143,515
4,143,515
Accounts
116,110
917,492
1,033,602
Due from other funds
227,052
3,556,173
3,783,225
Due from other governments
-
277,590
277,590
Notes receivable
-
3,036,233
3,036,233
TOTAL ASSETS
$ 3,005,701
$ 16,308,717
$ 19,314,418
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable
$ 370,066
$ 1,496,698
$ 1,866,764
Deferred revenues
-
4,532,939
4,532,939
Deposits
10,000
1,022,245
1,032,245
Due to other funds
34,627
3,718,040
3,752,667
Due to other governments
-
3,036,233
3,036,233
Total Liabilites
414,693
13,806,155
14,220,848
Fund Balances
Reserved for
. Construction of assets - 2,502,562 2,502,562
Unreserved
Undesignated, reported in
Special revenue funds 2,591,008 - 2,591,008
Total Fund Balances 2,591,008 2,502,562 5,093,570
TOTAL LIABILITIES AND
FUND BALANCES $ 3,005,701 $ 16,308,717 $ 19,314,418
W
CITY OF OSHKOSH
Oshkosh, Wisconsin
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
Year Ended December 31, 2007
Total
Special
Capital
Nonmajor
Revenue
Project
Governmental
Funds
Funds
Funds
Revenues
Taxes
$ 6,339,606
$ -
$ 6,339,606
Special assessments
-
1,694,690
1,694,690
Intergovernmental
844,588
886,619
1,731,207
Licenses and permits
82,099
-
82,099
Public charges for services
1,678,943
108,497
1,787,440
Miscellaneous
1,135,182
251,477
1,386,659
Total Revenues
10,080,418
2,941,283
13,021,701
Expenditures
Current
Public safety
115,199
-
115,199
Public works
2,158,035
-
2,158,035
Health and welfare
915,465
-
915,465
Parks and recreation
5,573,880
-
5,573,880
Community development
944,376
1,566,819
2,511,195
Capital outlay
81,283
6,388,255
6,469,538
Total Expenditures
9,788,238
7,955,074
17,743,312
Excess of Revenues Over (Under)
Expenditures
292,180
(5,013,791)
(4,721,611)
Other Financing Sources (Uses)
Long-term debt issued
- 5,015,808 5,015,808
Operating transfers in
100,000 - 100,000
Operating transfers out
(167,383) - (167,383)
Total Other Financing Sources
(Uses)
(67,383) 5,015,808 4,948,425
Excess of Revenues and Other
Financing Sources Over (Under)
Expenditures and Other Financing
Uses 224,797 2,017 226,814
Fund Balances - Beginning of Year
2,366,211
2,500,545
4,866,756
Fund Balances - End of Year
$ 2,591,008
$ 2,502,562
$ 5,093,570
59
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62
CITY OF OSHKOSH
Oshkosh, Wisconsin
Combining Statement of Net Assets
Internal Service Funds
December 31, 2007
Hospital
Police
Fire
Workman's
Insurance
Pension
Pension
Compensation
Total
ASSETS
Current Assets
Cash and investments
$ 2,178,015
$ 774,100
$ 269,898
$ 171,870
$ 3,393,883
Accounts receivable
121,272
-
-
12,191
133,463
Due from other funds
-
-
-
71,338
71,338
TOTAL ASSETS
2,299,287
774,100
269,898
255,399
3,598,684
LIABILITIES
Current Liabilities
Accounts payable
-
-
-
-
-
Accrued Expenses
847,313
-
-
219
847,532
Due to other funds
-
-
-
-
-
TOTAL LIABILITIES
847,313
-
-
219
847,532
NET ASSETS
Unrestricted
1,451,974
774,100
269,898
255,180
2,751,152
TOTAL NET ASSETS
$ 1,451,974
$ 774,100
$ 269,898
$ 255,180
$ 2,751,152
63
CITY OF OSHKOSH
Oshkosh, Wisconsin
Combining Statement of Revenues, Expenses and Changes in Fund Net Assets
Internal Service Funds
Year Ended December 31, 2007
Hospital
Police
Fire
Workman's
Insurance
Pension
Pension
Compensation
Total
Operating Revenues
Licenses and permits
$ -
$ 75
$ -
$ -
$ 75
Fines, forfeitures and penalties
-
75,491
-
-
75,491
Intergovernmental charges for services
6,227,945
-
70,030
45,651
6,343,626
Other revenues
1,494,417
37,018
11,144
536,520
2,079,099
Total Operating Revenues
7,722,362
112,584
81,174
582,171
8,498,291
Operating Expenses
Claims and administration
8,057,464
72,102
68,553
374,347
8,572,466
Total Operating Expenses
8,057,464
72,102
68,553
374,347
8,572,466
Operating Income (Loss)
(335,102)
40,482
12,621
207,824
(74,175)
Nonoperating Revenues (Expenses)
Taxes
-
-
-
41,619
41,619
Change in Net Assets
(335,102)
40,482
12,621
249,443
(32,556)
Net Assets - Beginning of Year
1,787,076
733,618
257,277
5,737
2,783,708
Net Assets - End of Year
$ 1,451,974
$ 774,100
$ 269,898
$ 2,751,-152
$ 255,180
64
CITY OF OSHKOSH
Oshkosh, Wisconsin
Statement of Cash Flows
Internal Service Funds
Year Ended December 31. 2007
Cash Flows from Operating Activities
Cash received from customers
Cash payments to suppliers and employees
Net Cash Provided (Used) by Operating
Activities
Cash Flows from Non -Capital Financing Activities
Property taxes received
Net Cash Provided by Non -Capital Financing
Activities
Net Increase in Cash and Cash Equivalents
Cash and Cash Equivalents - Beginning of Year
Cash and Cash Equivalents - End of Year
Hospital Police Fire Workman's
Insurance Pension Pension Compensation Total
$ 7,601,090 $ 112,584 $ 81.174 $ 522.028 $ 8,316,876
(8,115,463) (72,102) (68,553) (391,777) (8,647.895)
(514,373) 40,482 12,621 130,251 (331,019)
41,619 41,619
41,619 41,619
(514,373) 40,482 12,621 171,870 (289,400)
2,692,388 733,618 257,277 - 3,683,283
$ 2,178,015 $ 774,100 $ 269,898 $ 171,870 $ 3,393 883
Reconciliation of Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities:
Operating income (loss)
$ (335,102) $
40,482 $ 12,621 $ 207,824
$ (74,175)
Adjustments to reconcile operating income to
net cash provided (used) by operating activities:
Changes in assets and liabilities
Accounts receivable
(121.272)
- - (60,143)
(181.415)
Accounts payable and accrued expenses
(57,999)
- - (17,430)
(75,429)
Net Cash Provided (Used) by Operating Activities
$ (514,373) $
40,482 $ 12,621 $ 130,251
$ (331,019)
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69
STATISTICAL SECTION
Exhibit A-1
CITY OF OSHKOSH, WISCONSIN
SUMMARY OF CASH & INVESTMENTS
As of December 31, 2007 (1 OF 2)
OPERATING FUNDS
General Fund
32,010,279.24
19,360,068.59
Treasurer's Working Fund
3,000.00
0.00
Other Petty Cash Funds
4,850.00
0.00
TRUST FUNDS
Police Pension
40.00
774,059.56
Firemen's Pension
0.00
269,898.19
Arps Trust
2,640.76
50,448.50
Behncke Library Trust
117.31
210,500.00
Behncke Museum Trust
512.37
157,926.65
William E. Bray Museum Trust
919.27
11,538.46
Cemetery Perpetual Care
1,638.66
533,378.94
Leander Choate
70.48
25,213.78
Clute
714.45
0.00
Amy Davies Library Fund
3,097.12
86,000.00
Durow Trust
428.74
5,047.00
Fisk -Gallup
4,107.92
0.00
Gould
430.16
3,000.00
Gruenwald Trust
485.88
2,000.00
Gruetzmacher Library Trust
222.08
8,000.00
Abbey Harris Library
58.23
86,794.25
Heyman
262.94
30,800.00
Hicks
2,206.27
175,154.50
Hilton 111
533.20
34,000.00
Hilton Library & Museum
0.00
7,147.96
Hilton Special Library
1,165.83
12,650.00
Hoxtel Library Trust
765.49
7,500.00
Huhn Animal Shelter Trust
6.87
4,350.00
Hume
49.74
1,100.00
James Trust
559.05
4,200.00
John Kelsh Library Memorial Fund
207.91
2,500.00
Genevieve Kenny Library Trust
408.96
8,000.00
Kitz Museum Memorial Trust
1,929.30
24,178.39
Kitz Directors Trust
69,773.28
182,690.00
Marie Lehnigk Library Fund
153.40
6,500.00
Malnar Children's Program Trust
0.00
10,000.00
Maxwell -Crawford
193.53
7,400.00
Museum Endowment
5,575.26
104,701.37
John V. Nichols Digital Library Trust
173.67
51,000.00
Pine
457.44
3,000.00
Pittel
424.82
0.00
Public Library Memorial Fund
18,948.19
280,000.00
Rasmussen Library Fund
675.86
28,786.32
Roberts
168.16
2,200.00
Rojahn, Elizabeth
4,199.55
69,687.00
Rojahn, Frank Mace
5,212.01
69,687.00
Rojahn, Frank and Anna
63.71
5,300.00
Rotary
418.87
2,300.00
Ryan
467.50
90,000.00
Sarau
299.04
4,400.00
Stanhilber- Library & Parks
12,180.39
802,020.76
Stanhilber- Parks Only
10.68
2,100.00
M. Zellmer Library Fund
1,648.34
62,520.25
S. Zellmer Library Fund
1,771.91
61,950.00
70
Exhibit A-1
(2 OF 2)
Cable TV Franchise - Escrow
Flexible Benefits
Museum Membership Fund
Water Utility - Operating
Water Utility - Depreciation
Water Utility - Spec Redemption
Water Utility -'05 Notes
Water Utility -'06 Notes
Water Utility -'07 Notes
Sewerage Utility - Operating
Sewerage Utility - '06 Notes
Sewerage Utility -'07 Notes
Sewerage Utility - Replacement Fund
Sewerage Utility - Debt Service
Storm Water - Operating
Storm Water -'06 Notes
Storm Water -'07 Notes
Storm Water - Debt Service
Centre Utility Spec Redemption
Parking Utility Commission
0.00
10,000.00
61, 548.60
0.00
0.00
113,225.00
4,031,374.89
2,462,766.49
0.00
127,677.49
4,974.64
2,931,316.70
0.00
0.00
0.00
245,703.52
0.00
1,188, 355.02
5,255,132.10
3,820,145.54
0.00
71,033.85
0.00
359,864.03
0.00
3,815,482.91
0.00
1,758,800,04
1,959,548.47
4,615,368.40
0.00
3,550.75
0.00
30,071.82
0.00
648,779.62
0.00
399,151.25
0.00
85,178.95
43,477,102.54
46,428,168.85
71
City of Oshkosh, Wisconsin Exhibit A-2
Net Assets by Component
Last Five Years
(accrual basis of accounting)
2007
2006
2005
2004
2003
Governmental Activities
Invested in Capital Assets, Net of Related Debt
$45,658,953
$46,097,367
$37,457,942
$48,476,960
$44,550,014
Restricted
15,366,502
14,982,030
14,374,421
726,155
$758,499
Unrestricted
716,389
(67,571)
(1,177,920)
(427,857)
1,403,134
Total Governmental Activities Net Assets
61,741,844
61,011,826
50,654,443
48,775,258
46,711,647
Business -Type Activities
Invested in Capital Assets, Net of Related Debt
99,063,739
93,805,213
74,729,006
82,239,212
$77,431,029
Unrestricted
14,053,313
9,079,028
20,292,999
19,141,677
$24,404,857
Total Business -Type Activities Net Assets
113,117,052
102,884,241
95,022,005
101,380,889
101,835,886
Primary government
Invested in Capital Assets, Net of Related Debt
Restricted
Unrestricted
Total Primary Government Net Assets
144,722,692
139,902,580
112,186,948
130,716,172
$121,981,043
15,366,502
14,982,030
14,374,421
726,155
$758,499
14,769,702
9,011,457
19,115,079
18,713,820
$25,807,991
$174,858,896
$163,896,067
$145,676,448
$150,156,147
$148,547,533
72
City of Oshkosh, Wisconsin
Changes in Net Assets
Last Five Years
(accrual basis of accounting)
Exhibit A-3
2007
2006
2005
2004
2003
Program Revenues
Governmental Activities:
Charges for Services:
General Government
$73,298
$70,863
$77,703
$90,458
$559,071
Public Safety
3,886,660
3,924,570
3,698,540
3,689,398
3,188,199
Public Works
3,119,360
4,207,734
3,581,577
3,204,371
4,379,978
Health and welfare
185,436
206,410
114,797
120,668
117,448
Parks and recreation
1,344,431
1,509,167
1,138,021
1,I98,849
1,296,422
Transportation
0
0
0
0
0
Community development
3,919,132
4,401,900
4,463,139
3,550,859
3,478,140
Operating grants and contributions
4,710,329
13,167,579
5,456,071
5,637,290
6,549,414
Unclassified
0
0
0
0
0
Interest on debt
0
0
0
0
0
Total Governmental Activities Program Revenues
17,238,646
27,488,223
18,529,848
17,491,893
19,568,672
Business -Type Activities:
Charges for Services:
Transit utility
602,759
573,399
529,318
508,444
503,363
Water utility
11,085,840
10,365,395
10,204,874
9,579,543
9,796,507
Sewer utility
8,418,753
7,761,982
7,839,060
7,428,260
7,702,332
Operating grants and contributions
3,682,269
3,539,218
3,396,000
3,150,375
3,053,046
Capital grants and contributions
2,301,284
3,999,620
2,193,123
1,143,609
3,664,508
Other
3986,961
3,8574
2,752,896
2,687,840
1,520,106
Total Business -Type Activities Program Revenues
30,077,766
30,097,017
26,915,271
24,498,071
26,239,862
Total Primary Government Program Revenues
47,316,412
57 5240
45,445,119
41,989,964
45,808,534
Expenses
Governmental Activities:
General Government
6,218,945
5,893,337
5,524,239
5,174,616
5,060,642
Public Safety
22,066,233
21,557,204
20,585,030
20,139,823
19,195,511
Public Works
13,897,933
13,637,723
13,585,298
12,009,554
12,576,067
Health and welfare
915,465
898,430
824,191
785,917
762,286
Parks and recreation
8,362,968
7,763,946
5,869,280
4,978,378
6,589,855
Transportation
623,311
589,271
615,915
592,520
606,973
Community development
4,175,538
5,373,570
5,541,333
4,926,854
5,333,571
Unclassified
416,416
395,766
496,198
1,830,058
472,968
Interest on debt
3,005,211
3,335,421
2,824,167
2,551,011
2,553,539
Total Governmental Activities Expenses
59,682,020
59,444,668
55,865,651
52,988,731
53,151,412
Business -Type Activities:
Transit utility
4,654,186
4,517,297
4,412,329
4,089,908
3,908,175
Water utility
9,759,651
9,401,303
9,227,767
9,393,484
9,078,934
Sewer utility
7,854,061
7,860,915
8,057,719
7,342,887
7,258,697
Other
5,429,505
5,674,537
4,910,808
4,634,186
4,022,310
Total Business -Type Activities Expenses
27,697,403
27,454,052
26,608,623
25,460,465
24,268,116
Total Primary Government Expenses
$87,379,423 $86,898,720 $82,474,274 $78,449,196 $77,419,528
(continued)
73
City of Oshkosh, Wisconsin
Changes in Net Assets (continued)
Last Five Years
(accrual basis of accounting)
Exhibit A-3
2007
2006
2005
2004
2003
Net (Expense)/Revenue
Governmental Activities
($42,443,374)
($31,956,445)
($37,335,803)
($35,496,838)
($33,582,740)
Business -Type Activities
2,380,363
2,642,965
306,648
(962,394)
1,971,746
Total Primary Government Net Expense
($40,063,011)
($29,313,480)
($37,029,155)
($36,459,232)
($31,610,994)
General Revenues and Other Changes in Net Assets
Governmental Activities:
Taxes:
Property and Other Local Taxes Levied For:
General Purposes
$10,330,110
$9,697,647
$9,362,882
$7,912,638
$8,498,183
Other Purposes
13,924,251
13,809,191
13,636,562
13,577,329
14,643,299
Debt Service
15,705,026
15,055,768
14,718,268
14,556,064
13,573,197
Investment Earnings
2,582,645
2,624,221
1,124,103
469,696
554,185
Gain (Loss) on Sale of Capital Assets
49,723
581,637
157,395
969,607
(488,406)
861,578
289,221
755,502
23,724
575,330
Miscellaneous
Transfers
Total Governmental Activities
$43,173,392
42,313,829
39,214,987
37,560,450
37,867,918
Business -Type Activities:
General Purposes property taxes levied for
5,912,175
5,293,820
5,261,237
4,884,673
$4,388,943
Investment Earnings
1,619,447
1,531,912
1,028,802
465,604
$435,176
Gain (Loss) on Sale of Capital Assets
320,826
(1,606,461)
(12,955,571)
(4,842,880)
$309,351
Miscellaneous
Transfers
Total Business -Type Activities
7,852,448
5,219,271
(6,665,532)
507,397
5,133,470
Total Primary Government
$51,025,840
47,533,100
32,549,455
38,067,847
43,001,388
Change in Net Assets
Governmental Activities
730,018
10,357,384
1,879,184
2,063,612
4,285,178
Business -Type Activities
10,232,811
7,862,236
(6,358,884)
(454,997)
7,105,216
Total Primary Government Change in Net Assets
10,962,829
$18,219,620
($4,479,700)
$1,608,615
$11,390,394
74
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75
City of Oshkosh, Wisconsin Exhibit A-5
Changes in Fund Balances, Governmental Funds
Last Five Fiscal Years
(accrual basis of accounting)
2007
2006
2005
2004
2003
Revenues
Taxes
$25,911,221
$24,660,520
$24,011,983
$22,413,574
$22,017,937
Special assessments
1,694,690
2,042,869
2,099,207
1,673,706
3,113,198
Intergovernmental
18,690,654
19,649,114
19,839,557
18,869,568
21,161,027
Licenses and permits
1,709,402
1,589,996
1,419,419
1,546,393
1,541,578
Fines and forfeits
851,683
865,368
843,888
860,621
833,600
Public charges for services
4,578,523
5,422,822
4,416,599
3,959,872
3,744,498
Intergovernmental charges for services
2,545,173
2,718,626
2,754,812
3,199,235
2,529,805
Miscellaneous
4,313,507
12,7I4,809
2,745,313
2,369,329
1,937,234
Total Revenues
60,294,853
69,664,124
58,130,778
54,892,298
56,878,877
Expenditures
Current
General government
5,854,440
5,524,037
5,482,933
5,019,688
4,978,527
Public safety
21,102,472
20,896,004
20,560,573
19,236,100
18,482,022
Public works
8,712,988
8,961,586
8,526,759
8,718,091
8,498,611
Health and welfare
915,465
898,430
823,693
784,796
761,165
Parks and recreation
7,287,802
7,274,008
6,747,328
6,280,801
6,246,455
Transportation
623,311
589,271
615,915
592,520
606,973
Community development
4,070,772
5,254,435
5,194,478
5,074,209
6,003,111
Unclassified
416,416
395,766
496,198
1,830,058
472,968
Debt service
Principal
5,470,617
5,057,639
2,045,348
4,745,557
4,192,779
Interest and fiscal charges
2,991,930
3,376,240
2,836,291
2,622,884
2,624,892
Capital outlay
6,469,538
19,359,022
6,683,580
5,470,441
7,660,504
Total Expenditures
63,915,751
77,586,438
60,013,096
60,375,145
60,528,007
Excess of Revenues Over (Under)
Expenditures
(3,620,898)
(7,922,314)
(1,882,318)
(5,482,847)
(3,649,130)
Other Financing Sources (Uses)
Long-term debt issued
5,200,172
16,041,596
14,683,469
4,228,000
5,328,000
Refunding debt issued
16,048,774
Payment to refunding escrow agent
(7,763,518)
0
(26,755)
(16,048,774)
Transfers in
8,564,967
8,056,339
10,438,726
7,617,007
7,077,975
Transfers out
(8,564 967)
(8,056 339)
(10 438,726)
(7,617,007)
(7,077,975)
Total Other Financing Sources (Uses)
5,200,172
8,278,078
14,683,469
4,201,245
5,328,000
Excess of Revenues and Other
Financing Sources Over (Under)
Expenditures and Other Financing Uses
1,579,274
355,764
12,801,151
(1,281,602)
1,678,870
Fund Balances - January 1
26.173,307
25,817,543
13,016,392
14,297,994
12,619,124
Fund Balances - December 31
$27,752,581
$26,173,307
$25,817,543
$13,016,392
$14,297,994
76
Exhibit A-6
City of Oshkosh, Wisconsin
Program Revenues by Function/Program
Last Five Years
2007
2006
2005
2004
2003
REVENUES
Taxes & Special Assess.
$
25,939,725
S 24,618,227 $
24,601,129 $
22,274,716 $
22,476,451
Licenses & Permits
1,322,421
1,214,293
1,032,128
856,609
88,914
Fines & Costs
733,249
784,376
750,571
860,621
833,600
Shared Taxes - State and
16,959,446
17,276,831
16,586,851
16,480,520
17,446,096
Federal Aids
Use of Property and Money
1,173,004
950,556
514,972
443,449
519,627
Charges for Current Serv.
4,049,304
3,776,708
4,159,797
3,231,249
2,707,359
Health & Welfare
0
0
0
0
0
Interdepartmental Rev.
10,091,460
10,026,313
9,417,682
8,949,155
9,463,555
Unclassified
107,660
137,898
110,000
296,642
112,724
$
60,376,269
S 58,785,202 $
57,173,130 $
53,392,961 $
53,648,326
SUMMARY -SHARED TAXES -
STATE & FEDERAL AIDS
Shared State Aids
$
11,073,727
$ 1I,075,468 $
11,076,027 $
11,065,483 $
12,125,047
Highway Aids
2,843,112
2,767,382
2,740,6I5
2,707,989
2,682,437
Housing Authority
0
429,127
0
0
0
Muni. Serv.-State Prop.
1,322,063
1,333,774
I,277,417
1,222,605
1,225,185
County Ambulance Aid
174,934
159,884
146,188
141,930
65,972
Parks/Forestry Aids
5,398
0
0
3,871
1,883
Tax Disparity Aids
1,088,157
1,067,259
977,077
985,860
980,694
Cable TV
6,332
7,914
9,332
5,557
7,036
State Computer Credit
199,152
210,086
190,635
187,440
204,965
Fire
40,000
33,000
0
0
0
Police Training Aids
206,571
192,937
169,560
159,785
152,877
$
16,959,446
$ 17,276,831 $
16,586,851 $
16,480,520 $
17,446,096
77
City of Oshkosh, Wisconsin Exhibit A-7
HISTORICAL VALUATIONS AND TAX RECORDS
ASSESSED
TOTAL STATE VALUE AS A
REAL PERSONAL ASSESSED EQUALIZED PERCENTAGE OF
VF A R ESTATE, PROPERTY VALUE VALUATION EOUALIZED VALUE
1992
1,175,938,400
86,639,100
1,262,577,500
1,527,433,800
82.66
1993
1,205,286,800
89,160,900
1,294,447,700
1,639,978,900
78.93
1994
1,225,515,300
90,718,800
1,316,234,100
1,747,247,000
75.33
1995
1,766,049,300
116,065,600
1,882,114,900
1,827,673,200
102.8
1996
1,821,550, 500
116,108,400
1,937,65 8,900
1,910, 807,000
101.41
1997
1,868,133,900
119,457,600
1,987,591,500
2,044,982,800
97.19
1998
1,922,771,400
123,676,200
2,046,447,600
2,155,070,900
94.87
1999
1,972,360,400
100,470,200
2,072,830,600
2,267,759,900
91.44
2000
2,039,759,700
100,600,400
2,140,360,100
2,432,030,100
88.01
2001
2,095,966,400
107,132,500
2,203,098,900
2,566,679,800
85.84
2002
2,157,579,700
109,268,200
2,266,847,900
2,749,469,500
72.45
2003
2,221,822,400
108,150,100
2,329,972,500
2,924,336,700
79.68
2004
2,260,487,900
107,771,900
2,368,259,800
3,141,524,900
75.39
2005
3,260,277,500
135,885,300
3,396,162,800
3,335,517,300
101.82
2006
3,334,485,900
149,401,700
3,483,887,600
3,558,114,300
97.91
2007
3,441,866,900
129,642,300
3,571,509,200
3,722,810,200
95.94
TAX RATE $100
STATE
STATE
COUNTY
COUNTY
CITY
CITY
TAX
NET
YEAR
TAX
TAX
SCHOOL
SCHOOL*
GENERAL
TOTAL
CREDIT
TAX
1992
0.025
0.621
0.000
2.251
0.995
3.892
0.223
3.669
1993
0.026
0.635
0.000
2.294
1.011
3.966
0.218
3.748
1994
0.027
0.659
0.000
2.276
0.995
3.957
0.213
3.744
1995
0.019
0.460
0.000
1.542
0.699
2.720
0.149
2.571
1996
0.020
0.467
0.000
1.189
0.756
2.432
0.209
2.223
1997
0.021
0.489
0.000
1.148
0.795
2.453
0.195
2.258
1998
0.021
0.521
0.000
1.172
0.811
2.525
0.177
2.348
1999
0.022
0.542
0.000
1.173
0.819
2.556
0.164
2.392
2000
0.023
0.572
0.000
1.211
0.896
2.702
0.154
2.548
2001
0.023
0.627
0.000
1.231
0.977
2.858
0.149
2.709
2002
0.024
0.662
0.000
1.189
1.000
2.875
0.143
2.732
2003
0.025
0.667
0.000
1.199
1.000
2.891
0.136
2.755
2004
0.026
0.715
0.000
1.273
1.057
3.071
0.130
2.941
2005
0.018
0.521
0.000
0.879
0.761
2.179
0.088
2.091
2006
0.018
0.547
0.000
0.916
0.782
2.263
0.108
2.155
2007
0.018
0.567
0.000
0.945
0.798
2.328
0.120
2.208
*City school tax rate includes vocational school rate. In 2007 vocational portion was .174.
78
Exhibit A-8
City of Oshkosh, Wisconsin
RECOMMENDED FULL VALUE ASSESSMENTS
Year Residential
Mercantile
1985
658,296,800
254,139,000
1986
691,246,400
266,936,200
1987
720,465,800
276,034,600
1988
755,944,700
285,004,100
1989
772,577,500
291,199,100
1990
801,000,600
319,665,600
1991
864,003,400
340,686,000
1992
916,608,300
382,824,400
1993
978,535,600
417,121,300
1994
1,073,119,800
424,109,800
1995
1,140,699,100
428,294,700
1996
1,191,779,200
459,385,800
1997
1,271,383,300
500,274,400
1998
1, 336, 019,700
547, 994, 300
1999
1,410,931,800
585,207,400
2000
1,519,317,600
627,013,900
2001
1,588,750,300
676,820,500
2002
1,705,634,900
729,344,900
2003
1,799,507,200
799,262,800
2004
1,929,467,500
887,957,700
2005
2,046,379,000
953,894,600
2006
2,149,400,100
1,058,327,500
2007
2,217,566,200
1,152,257,000
Source: Winnebago County Statistical Report
Manufacturing
Other
Total
100,784,000
0
1,013,219,800
96,754,800
0
1,054,937,400
103,213,500
0
1,099,713,900
110, 549, 900
0
1,151,498, 700
111, 800, 800
0
1,175, 577,400
117,645,200
0
1,238,311,400
122,203,100
0
1,326,892,500
124,178,800
0
1,423,611,500
130, 211,200
0
1,525, 868,100
130,844,400
0
1,628,074,000
139,373,100
0
1,708,366,900
149, 793, 000
0
1, 800, 958, 000
150, 711, 500
0
1, 922, 369,200
147,334,200
0
2,031,348,200
158,695,200
2,271,000
2,157,105,400
171,813,700
205,600
2,318,350,800
177,677,300
921,700
2,444,169,800
184,670,400
569,700
2,620,219,900
192,434,700
728,400
2,791,933,100
187,322,000
682,700
3,005,429,900
198,994,500
774,900
3,200,043,000
197,893,800
1,207,700
3,406,829,100
216,171,100
720,900
3, 586, 715, 200
79
Exhibit A-9
City of Oshkosh, Wisconsin
Principal Taxpayers
12/31/1997 and 12/31/2007
December 31, 2007
Real Property
Percentage of Total
Taxpayer
Assessed Valuation (I)
Assessed Valuation
Midwest Realty
$70,375,800
2.04%
Curwood Inc
35,485,300
1.03
Thomas N. Rusch, etal
47,855,300
1.39
Oshkosh Truck
26,647,100
0.77
Dumke & Assoc.
28,363,400
0.82
Peter Jungbacker, etal
20,017,200
0.58
First Horizon
29,403,900
0.85
Westowne Shoppes, etal
22,827,400
0.66
Dennis Schwab, etal
20,665,900
0.60
Pine Investments
19,720,600
0.57
$321,361,900
9.34%
Total Assessed Valuation $3,441,866,200
December 31, 1997
Real Property
Percentage of Total
Taxpayer
Assessed Valuation (1)
Assessed Valuation
Curwood Inc. (Bemis) & Weldon Inc.
$26,634,700
1.34%
Oshkosh Truck Corp., Candence Co.
17,364,900
0.87
Thomas N. Rusch, etal
15,824,700
0.80
First Horizon Group Ltd, Partnership
12,857,000
0.65
The Fonda Group
10,089,900
0.51
John Mark - Security Investments
13,352,100
0.67
Dennis Schwab, Landmark Ltd Partnership
10,931,200
0.55
Oshkosh B'Gosh
9,915,200
0.50
Park Plaza -Miles Kimball
10,370,700
0.52
Glimcher Properties, Ltd. Partnership
8,784,400
0.44
$136,124,800
6.85%
Total Assessed Valuation
$1,987,591,500
(1) Assessed valuation based on the valuation of property for taxes collected in 2007 and 1997
respectively, and a review of the 10 largest taxpayers for the City.
Source: City of Oshkosh Assessor's Office
80
City of Oshkosh, Wisconsin
Exhibit A-1 0
Property Tax Levies And Collections
Last Ten Years
Percent of
Percent of
Total
Current
Current Tax
Delinquent
Total
Total Tax
Tax
Tax
Collections
Tax
Tax
Collections
Year
Levy
Collections
To Tax Levy
Collections
Collections (1)
To Tax Levy
2006
$81,158,972
$78,653,692
96.91 %
2005
76,396,795
74,165,036
97.08
$2,223,007
$76,388,043
99.99 %
2004
74,331,644
72,467,595
97.49
1,855,411
74,323,006
99.99
2003
69,933,492
67,935,039
97.14
1,925,290
69,860,329
99.90
2002
67,421,077
65,397,614
97.00
1,951,752
67,349,366
99.89
2001
64,794,558
63,274,133
97.65
1,505,502
64,779,635
99.98
2000
59,629,006
57,994,500
97.26
1,612,283
59,606,783
99.96
1999
54,706,079
53,358,355
97.54
1,335,729
54,694,084
99.98
1998
53,516,680
52,433,090
97.98
1,077,376
53,510,466
99.99
1997
50,844,753
49,729,995
97.81
1,108,827
50,838,822
99.99
Sources: Winnebago County Treasurer and City of Oshkosh Department of Finance.
81
Exhibit A-11
STATEMENT OF INDEBTEDNESS
City of Oshkosh, Wisconsin
As of December 31, 2007
GENERAL OBLIGATION DEBT OUTSTANDING
AND LEGAL DEBT MARGIN
Equalized Value..................................
Legal Debt Margin* ............................
Bonds Outstanding ..............................
Legal Debt Margin ..............................
For City
General Purposes
$ 3,722,810,200 $
5%
186,140,510
(1 OF 2)
For School
Purposes
4,710,469,279
10 %
471,046,928
119,580,048 23,398,101
$ 66,560,462 $ 447,648,827
*Pursuant to Section 67.03, Wisconsin Statutes, the total indebtedness of the City for general
purposes may not exceed 5% of the value of the taxable property located therein as equalized
for State purposes. The total indebtedness of the City for school purposes may not exceed 10%
of the value of the taxable property located therein, plus the value of taxable property in the
territory attached to the City for school purposes only.
For City General Purposes.....
Total Direct Debt....................
OVERLAPPING DEBT
Winnebago County..................
For School Purposes...............
Fox Valley Tech. College........
Total Debt................................
2007 Population - 65,810
Ratio of Debt to Equalized Value:
Ratio of Debt Per Capita:
Per Cent of Debt
Applicable to
Outstanding Municipality
$ 119,580,048 100.00%
119,580,048
66,320,000
23,398,101
48,185,000
$ 257,483,149
Investment Rating by Moody's , Feb. '07 - Aa3
31.1%
73.7%
10.8%
Direct Municipal Purposes only.....
Direct Municipal Purposes Only....
Municipality's
Share of Debt
$ 119,580,048
119,580,048
20,625,520
17,244,400
5,203,980
$ 162,653,948
3.21%
$ 1,817.05
82
STATEMENT OF INDEBTEDNESS
City of Oshkosh, Wisconsin
Exhibit A-12
Exhibit A-12
Schedule of Bonds and Notes for City Purposes, Issued,
(2 of 2)
Retired and Outstanding as of December 31, 2007.
Year of
Authorized
Retired as of
Outstanding
BONDS
Issue
and Issued
12-31-07
12-31-07
Clean Water Fund - Improvements to sewer utility.
1993
2,881,402
1,908,525
972,877
Note: Amount authorized up to $2,994,450.
Clean Water Fund - Improvements to sewer utility.
1995
17,631,410
9,194,973
8,436,437
Note: Amount authorized up to $18,388,072
Taxable GO Corporate Purpose Refunding Bonds - Refunding
1997
955,000
855,000
100,000
1989 -A Bonds.
Water Revenue Bond - Safe Drinking Water
1998
11,913,672
4,310,225
7,603,447
G O Corporate Purpose Bonds -Improvements to Streets, Storm
1998
3,975,000
3,690,000
285,000
& Sanitary Sewers, Parks, Property & Water Utility, & Special
Assessments.
GO Corporate Purpose Refunding Bonds -
1999
4,540,000
1,920,000
2,620,000
Clean Water Fund - Improvements to sewer utility.
1999
3,169,210
1,061,194
2,108,016
Corporate Purpose Bond Issue - Improvements to streets,
1999
3,560,000
1,370,000
2,190,000
storm sewers, sanitary sewers, water, parks and property
improvements.
Water Revenue Bonds - Safe Drinking Water
2000
13,636,364
4,168,278
9,468,086
Corporate Purpose Bonds - Improvements to Streets,
2000
8,305,000
7,915,000
390,000
Storm & Sanitary Sewers, Parks, Property & Water
Utility, & Special Assessments.
Corporate Purpose Bond Issue - Improvements to streets,
2001 A
6,390,000
6,095,000
295,000
storm sewers, sanitary sewers, parks and property
improvements.
Safe Drinking Water Bond
2001
3,483,913
854,832
2,629,081
Corporate Purpose Bonds
2002A
11,225,000
1,685,000
9,540,000
Corporate Purpose Taxable Bonds
2002C
7,580,000
1,055,000
6,525,000
Corporate Purpose Bonds 03A, Park Improvements,
2003A
11,675,000
1,415,000
10,260,000
Splash pad, Fire Engine, rep! Transit buses, upgrade
Cable TV, storm, TIF 19, 18, 14,13, 12.
Corporate Purpose Taxable Bonds
2003C
1,420,000
160,000
1,260,000
Corporate Purpose Taxable Ref Bonds, TIF 15, TIF 11,
2003D
8,615,000
2,440,000
6,175,000
TIF I3, TIF 12, TIF 8, TIF 14
Corporate Purpose Refunding Bonds, Gen and Parking
2003E
1,050,000
360,000
690,000
Water Rev Ref Bonds
2003G
2,065,000
1,170,000
895,000
Corporate Purpose Bonds 04A, Sawyer Stand bridge,
2004A
6,480,000
590,000
5,890,000
Witzel and Church Ave, Park Imp, Swr, Wtr, Storm,
Gen, TIF 19 -NW Ind Park, TIF 14 -Mercy Medical
Centre Taxable Rev Ref Bonds
2004
2,065,000
1,135,000
930,000
Rev Bond Clean Water Fund
2004
3,361,441
365,262
2,996,179
Corporate Purpose G O Bonds 2005A, playground,
2005A
7,395,000
555,000
6,840,000
Three basketball courts, TIF 19, TIF 14, TIF 18, Wtr,
Swr, General
Storm Water Revenue Bonds 2005C
2005C
4,820,000
345,000
4,475,000
Corporate Purpose Refunding Bonds 2005D
2005D
18,335,000
1,510,000
16,825,000
Corporate Purpose Bonds 2006A, streets, floating dock
2006A
9,265,000
325,000
8,940,000
along amphitheater, swr, gen, TIF20
Corporate Purpose GO Bonds 2006C, Tif 20
2006C
1,995,000
65,000
1,930,000
G O Refunding Bonds 2006D, ref 1998-C and 1998-D
2006D
11,865,000
2,505,000
9,360,000
Water Rev Ref Bonds
2006G
12,705,000
375,000
12,330,000
Corporate Purpose GO Bonds 2007A, Streets, Swr,
2007A
7,950,000
7,950,000 S3
Park Improvements, Water
TOTAL BONDS
210,307,412
59,398,289
150,909,123
STATEMENT OF INDEBTEDNESS
City of Oshkosh, Wisconsin
Schedule of Bonds and Notes for City Purposes, Issued,
Retired and Outstanding as of December 31, 2007.
NOTES
Promissory Notes - Sidewalks, Traffic Signals, Major Equipment
and property improvements.
Promissory Notes - Improvements to streets, storm sewers,.
sanitary sewers, water, parks and property improvements.
Promissory Notes - Improvements to Streets, Storm and
Storm and Sanitary Sewers, Sidewalks, Traffic lights, Parks,
Fire house & site, Major equipment, TIF and Parking lots.
Promissory Notes - Improvements to Municipal Golf
Course.
Promissory Notes - Improvements to Sidwalks, Traffic
lights, Major Equipment, and Property improvements
Promissory Notes
Promissory Notes - TIF 18 SW Ind Comm of Pub Lands
Promissory Notes
Promissory Notes 03 TIF 14 Mercy Comm of Pub Lands
Promissory Notes 03 TIF 13 Comm of Pub Lands
Promissory Refunding Notes, Swr, Wtr, Gen, Transit,
TIF 8-S Aviation, TIF 7 -SW Ind
Promissory Notes 03 TIF 13 Comm of Pub Lands,
Osh Centre Hotel and Covention Center
Promissory Notes 04 G O, Gen, Wtr, Swr
Promissory Notes State Trust Fund, Riverside Park
Promissory Notes TIF 14 Comm of Pub Lands
Promissory Notes TIF 14 Comm of Pub Lands
Promissory Notes 2005B, Gen, Wtr, Swr, Storm
Promissory Notes 05 Expand Riverside Park
Promissory Notes 05 TIF 13 and TIF 17
Promissory Notes 05 TIF 8 and TIF 13
Promissory Notes 06B, Gen, Water, Sewer, Storm, Trans
Promissory Notes 07B, Gen, Water, Sewer, Storm,
Ohio/WI St Bridge, Swr interceptor Hazel/New York,
Sanitation automated collect, Wtr new meter reading.
TOTAL NOTES
Year of
Authorized
Issue
and Issued
1998
1,510,000
1999
2,820,000
2000
2,210,000
2000
2001B
2002B
2002
2003B
2003
2003
2003F
2003
2004B
2004
2004
2004
2005B
2005
2005
2005
2006B
2007B
1,500,000
2,110,000
2,260,000
1,012,000
2,615,000
375,000
1,365,720
4,380,000
226,000
1,565,000
1,200,000
99,000
100,000
2,540,000
200,000
1,163,000
656,000
2,500,000
3,375,000
Exhibit A-12
Retired as of Outstanding
1 ^f '11 n^l 1'1 7 1 17
1,510,000 0
2,360,000 460,000
1,605,000 605,000
360,000 1,140,000
1,280,000 830,000
1,105,000 1,155,000
175,640
836,360
1,025,000
1,590,000
48,866
326,134
194,854
1,170,866
3,260,000
1,120,000
18,769 207,231
450,000
1,115,000
64,249
1,13 5,751
5,470
93,530
4,515
95,485
505,000
2,035,000
14,293
185,707
28,780
1,134,220
16,233
639,767
235,000
2,265,000
3,375,000
35,781,720 14,266,669 21,515,051
NET INDEBTEDNESS FOR CITY GENERAL PURPOSES
$ 246,089,132 S 73,664,958 $ 172,424,174
84
CITY OF OSHKOSH Exhibit A-13
(1 OF 3)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENT FOR OUTSTANDING
GENERAL OBLIGATION BONDS AND NOTES AND REVENUE BONDS
ISSUED FOR CITY PURPOSES AS OF DECEMBER 31, 2007
Calendar
Year
Bonds
Notes
Revenue Bonds
Total
2008 $
12,140,844 $
4,136,472 $
5,823,073 $
22,100,389
2009
11,561,639
4,632,606
5,903,906
22,098,151
2010
10,883,695
3,219,031
5,927,620
20,030,346
2011
10,318,995
2,525,709
5,581,931
18,426,635
2012
9,747,521
2,204,164
5,340,671
17,292,356
2013
8,636,306
1,858,012
5,113,156
15,607,474
2014
8,544,038
1,642,832
5,113,341
15,300,211
2015
8,296,933
1,313,958
3,754,291
13,365,182
2016
8,021,918
969,630
3,752,745
12,744,293
2017
7,775,583
517,226
3,759,598
I2,052,407
2018
7,441,732
517,227
3,784,514
11,743,473
2019
7,169,568
517,212
2,989,896
10,676,676
2020
6,492,022
517,227
1,853,242
8,862,491
2021
5,740,555
517,221
1,859,722
8,117,498
2022
3,704,413
518,043
1,406,753
5,629,209
2023
2,782,961
436,658
1,406,245
4,625,864
2024
2,095,910
279,361
1,408,599
3,783,870
2025
1,510,877
161,823
1,199,320
2,872,020
2026
626,250
0
626,250
$
133,491,760 $
26,484,412 $
65,978,623 $
225,954,795
SPECIAL ASSESSMENTS AS OF 12-31-07
Total Special Assessments against property in the City of Oshkosh are as follows:
Street Improvements
Sanitary Sewers
Water Mains
Sidewalks
Deferred Assessments
Plumbing
Electrical
Overlay
Engineering
$ 1,892,779
235,276
57,496
352,048
159,928
8,400
0
47,035
0
$ 2,752,962
The City of Oshkosh is not responsible for the payments of the above special assessments and the special
assessments cannot be paid from ad valorem taxes.
85
CITY OF OSHKOSH Exhibit A-13
(2 OF 3)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL REQUIREMENT FOR OUTSTANDING
GENERAL OBLIGATION BONDS AND NOTES AND REVENUE BONDS
ISSUED FOR CITY PURPOSES AS OF DECEMBER 31, 2007
Calendar
Year
Bonds
Notes
Revenue Bonds
Total
2008 $
7,690,000 $
3,249,065 $
4,100,210 $
15,039,275
2009
7,595,000
3,871,212
4,314,828
15,781,040
2010
7,205,000
2,618,178
4,482,160
14,305,338
2011
6,925,000
2,025,725
4,287,286
13,238,011
2012
6,645,000
1,783,245
4,185,290
12,613,535
2013
5,820,000
1,507,654
4,088,697
11,416,351
2014
5,980,000
1,352,125
4,219,369
11,551,494
2015
5,995,000
1,077,301
2,973,084
10,045,385
2016
5,985,000
777,739
3,065,707
9,828,446
2017
6,010,000
359,884
3,169,928
9,539,812
2018
5,950,000
377,387
3,295,789
9,623,176
2019
5,950,000
395,743
2,597,880
8,943,623
2020
5,550,000
414,714
1,534,168
7,498,882
2021
5,060,000
435,170
1,599,738
7,094,908
2022
3,267,310
457,159
1,206,790
4,931,259
2023
2,497,690
398,027
1,256,625
4,152,342
2024
1,920,000
259,940
1,311,575
3,491,515
2025
1,420,000
154,780
1,155,000
2,729,780
2026
600,000
0
0
600,000
$
98,065,000 $
21,515,048 $
52,844,124 $
172,424,172
86
CITY OF OSHKOSH Exhibit A-13
(3 OF 3)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL INTEREST REQUIREMENT FOR OUTSTANDING
GENERAL OBLIGATION BONDS AND NOTES AND REVENUE BONDS
ISSUED FOR CITY PURPOSES AS OF DECEMBER 31, 2007
Calendar
Year
Bonds
Notes
Revenue Bonds
Total
2008 $
4,450,844 $
887,407 $
1,722,863 $
7,061,114
2009
3,966,639
761,391
1,589,078
6,317,108
2010
3,678,695
600,853
1,445,460
5,725,008
2011
3,3 93,995
499,984
1,294,645
5,188,624
2012
3,102,521
420,919
1,155,381
4,678,821
2013
2,816,306
350,358
1,024,459
4,191,123
2014
2,564,038
290,707
893,972
3,748,717
2015
2,301,933
236,657
781,207
3,319,797
2016
2,036,918
191,891
687,038
2,915,847
2017
1,765,583
157,342
589,670
2,512,595
2018
1,491,732
139,840
488,725
2,120,297
2019
1,219,568
121,469
392,016
1,733,053
2000
942,022
102,513
319,074
1,363,609
2021
680,555
82,051
259,984
1,022,590
2022
437,103
60,884
199,963
697,950
2023
285,271
38,631
149,620
473,522
2024
175,910
19,421
97,024
292,355
2025
90,877
7,043
44,320
142,240
2026
26,250
0
26,250
$
35,426,760 $
4,969,361 $
13,134,499 $
53,530,620
87
Exhibit A-14
CITY OF OSHKOSH
(1 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION BONDS AND NOTES
(Includes Amounts Issued to Other Funds)
December 31, 2007
BONDS
Calendar
Year
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Principal
$ 7,690,000
7,595,000
7,205,000
6,925,000
6,645,000
5,820,000
5,980,000
5,995,000
5,985,000
6,010,000
5,950,000
5,950,000
5,550,000
5,060,000
3,267,310
2,497,690
1,920,000
1,420,000
600,000
Interest
$ 4,450,844
3,966,639
3,678,695
3,393,995
3,102,521
2,816,306
2,564,038
2,301,933
2,036,918
1,765,583
1,491,732
1,219,568
942,022
680,555
437,103
285,271
175,910
90,877
26,250
12,140,844
11,561,639
10,883,695
10,318,995
9,747,521
8,636,306
8,544,038
8,296,933
8,021,918
7,775,583
7,441,732
7,169,568
6,492,022
5,740,555
3,704,413
2,782,961
2,095,910
1,510,877
$ 98,065,000 $ 35,426,760 $ 133,491,760
88
Exhibit A-14
CITY OF OSHKOSH
(1 OF 12 Cont'd)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION BONDS AND NOTES
(Includes Amounts Issued to Other Funds)
December 31, 2007
BANK NOTES
Calendar
Year
Principal
Interest
2008
$ 3,249,065 $
887,407
2009
3,871,212
761,394
2010
2,618,178
600,853
2011
2,025,725
499,984
2012
1,783,245
420,919
2013
1,507,654
350,358
2014
1,352,125
290,707
2015
1,077,301
236,657
2016
777,739
191,891
2017
359,884
157,342
2018
377,387
139,840
2019
395,743
121,469
2020
414,714
102,513
2021
435,170
82,051
2022
457,159
60,884
2023
398,027
38,631
2024
259,940
19,421
2025
154,780
7,043
2026
$ 21,515,048 $
4,969,364
TOTAL G.O. INDEBTNESS
$ 119,580,048 $
40,396,124
4,136,472
4,632,606
3,219,031
2,525,709
2,204,164
1,858,012
1,642,832
1,313,958
969,630
517,226
517,227
517,212
517,227
517,221
518,043
436,658
279,361
161,823
$ 26,484,412
$ 159,976,172
89
Exhibit A-14
CITY OF OSHKOSH
(2 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENT FOR OUTSTANDING
GENERAL OBLIGATION BONDS AND NOTES
ISSUED FOR CITY PURPOSES AS OF DECEMBER 31, 2007
Calendar
Year
Notes Bonds
Total
2008
$ 4,136,476 $ 12,140,840 $
16,277,316
2009
4,632,616 11,561,630
16,194,245
2010
3,219,033 10,883,693
14,102,726
2011
2,525,714 10,318,990
12,844,704
2012
2,204,163 9,747,523
11,951,685
2013
1,858,014 8,636,304
10,494,318
2014
1,642,834 8,544,036
10,186,870
2015
1,313,960 8,296,932
9,610,891
2016
969,626 8,021,923
8,991,548
2017
517,224 7,775,585
8,292,809
2018
517,224 7,441,735
7,958,959
2019
517,224 7,169,556
7,686,780
2020
517,224 6,492,025
7,009,249
2021
517,221 5,740,555
6,257,776
2022
518,039 3,792,105
4,310,144
2023
436,659 2,695,272
3,131,931
2024
279,362 2,095,909
2,375,271
2025
161,822 1,510,878
1,672,700
2026
0 626,250
626,250
$ 26,484,433 $ 133,491,739 $
159,976,172
90
Exhibit A-14
CITY OF OSHKOSH
(3 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR GENERAL CITY PURPOSES
December 31, 2007
Calendar
Year
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Principal
$ 5,302,282 $
4,840,909
4,580,482
4,510,982
4,397,110
3,465,626
3,353,517
3,073,948
2,806,817
2,436,384
2,262,143
2,147,935
1,905,436
1,624,032
1,310,927
1,095,563
1,000,244
751,614
257,676
$ 51,123,627
Debt Service Payments are to be made from future User fees.
Interest
2,201,317 $
1,891,743
1,708,753
I,529,867
1,350,964
1,172,757
1,031,916
894,410
767,902
647,146
542,575
445,159
353,147
269,409
197,057
139,162
89,470
44,865
11,274
$ 15,288,893
Total
7,503,599
6,732,652
6,289,235
6,040,849
5,748,074
4,638,383
4,385,433
3,968,358
3,574,719
3,083,530
2,804,718
2,593,094
2,258,583
1,893,441
1,507,984
1,234,725
1,089,714
796,479
268,950
66,412,520
,11
Exhibit A-14
CITY OF OSHKOSH
(4 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR SEWER UTILITY
➢ecember 31, 2007
Calendar
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Principal
$ 1,469,594 $
1,391,496
1,278,132
1,001,787
901,815
845,589
869,501
837,596
821,280
807,402
843,631
863,554
802,674
697,399
592,672
553,291
467,339
342,351
249,154
$ 15,636,257
Debt Service Payments are made from the Utility User Fees.
Interest
675,807 $
585,618
530,705
483,376
443,490
407,632
374,074
339,090
304,808
269,257
234,046
198,680
162,114
127,521
96,707
71,234
46,236
26,010
10,900
$ 5,387,305
Total
2,145,401
1,977,114
1,808,837
1,485,163
1,345,305
1,253,221
1,243,575
1,176,686
1,126,088
1,076,659
I,077,677
1,062,234
964,788
824,920
689,379
624,525
513,575
368,361
260,054
21,023,562
92
Exhibit A-14
CITY OF OSHKOSH
(5 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR STORM WATER UTILITY
December 31, 2007
Calendar
Year
Principal
Interest
Total
2008
$ 252,899 $
183,808 $
436,707
2009
262,379
176,351
438,730
2010
270,347
167,288
437,635
2011
282,448
157,508
439,956
2012
293,126
145,295
438,421
2013
285,589
132,550
418,139
2014
295,056
121,284
416,340
2015
283,330
109,524
392,854
2016
263,916
97,888
361,804
2017
270,138
86,766
356,904
2018
282,531
75,372
357,903
2019
295,892
63,150
359,042
2020
308,286
50,038
358,324
2021
322,035
36,048
358,083
2022
336,752
21,172
357,924
2023
93,931
5,402
99,333
2024
0
0
0
2025
0
0
0
$ 4,398,655 $
1,629,444 $
6,028,099
Debt Service Payments are made from the Utility User Fees.
93
Exhibit A-14
CITY OF OSHKOSH
(6 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR WATER UTILITY
December 31, 2007
Calendar
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
Principal
$ 1,206,502
1,262,481
1,157,446
977,468
763,037
798,724
772,085
771,398
778,242
658,790
628,255
628,059
574,235
597,748
446,777
317,855
224,990
88,512
93,170
$ 12,745,774
Debt Service Payments are made from the Utility User Fees.
Interest
$ 540,858
476,222
428,622
386,638
348,262
317,399
285,329
254,007
221,967
188,683
159,928
132,562
104,964
79,104
51,872
32,251
17,442
7,948
4,076
$ 4,038,134
Total
$ 1,747,360
1,738,703
1,586,068
1,364,106
1,111,299
1,116,123
1,057,414
1,025,405
1,000,209
847,473
788,183
760,621
679,199
676,852
498,649
350,106
242,432
96,460
97,246
$ 16,783,908
94
Exhibit A-14
CITY OF OSHKOSH
(7 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR PARKING UTILITY
December 31, 2007
Calendar
Year
Principal
Interest
Total
2008
$ 51,143
$ 13,909
$ 65,052
2009
50,889
12,197
63,086
2010
50,500
10,477
60,977
2011
50,000
8,706
58,706
2012
48,667
6,817
55,484
2013
48,666
4,953
53,619
2014
58,000
2,967
60,967
2015
27,222
1,232
28,454
$ 385,087
$ 61,258
$ 446,345
Debt Service Payments are made from User Fees.
95
Exhibit A-14
CITY OF OSHKOSH
(8 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR TRANSIT SYSTEM
December 31, 2007
Calendar
Year
Principal
Interest
Total
2008
$ 92,505
$ 16,506
$ 109,011
2009
95,116
13,206
108,322
2010
99,349
9,688
109,037
2011
104,250
5,966
110,216
2012
46,647
1,916
48,563
2013
1,200
140
1,340
2014
1,240
96
1,336
2015
1,320
50
1,370
$ 441,627
$ 47,568
$ 489,195
Debt Service Payments are made from User Fees.
96
Exhibit A-14
CITY OF OSHKOSH
(9 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR INDUSTRIAL PARK
December 31, 2007
Calendar
Year
Principal
Interest
2008
$ 233,629
$ 51,341
2009
241,675
43,151
2010
42,709
37,853
2011
44,845
35,717
2012
46,995
33,567
2013
49,437
31,125
2014
51,909
28,653
2015
54,504
26,058
2016
57,165
23,397
2017
60,087
20,474
2018
63,092
17,470
2019
66,246
14,316
2020
69,528
11,033
2021
73,035
7,527
2022
77,503
3,875
$ 1,232,359
$ 385,557
Debt Service Payments are made from land sales.
Total
284,970
284,826
80,562
80,562
80,562
80,562
80,562
80,562
80,562
80,561
80,562
80,562
80,561
80,562
81,378
$ 1,617,916
97
Exhibit A-14
CITY OF OSHKOSH
(10 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR TAX INCREMENTAL FINANCING DISTRICTS
December 31, 2007
Calendar
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Principal
$ 2,198,555
2,188,057
2,278,870
1,910,510
1,860,283
1,826,972
1,924,814
2,016,762
2,028,877
2,137,086
2,247,738
2,344,056
2,304,558
2,180,921
963,820
831,098
487,367
392,306
$ 32,122,650
Debt Service Payments are to be made from future User fees.
Interest
$ 1,588,122
1,468,194
1,377,755
1,280,047
1,189,454
1,099,125
1,009,683
913,712
812,587
710,596
602,178
487,171
363,236
242,997
123,322
79,832
42,183
19,094
$ 13,409,288
Total
$ 3,786,677
3,656,251
3,656,625
3,190,557
3,049,737
2,926,097
2,934,497
2,930,474
2,841,464
2,847,682
2,849,916
2,831,227
2,667,794
2,423,918
1,087,142
910,930
529,550
411,400
$ 45,531,938
98
Exhibit A-14
CITY OF OSHKOSH
(I I OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR CABLE TV
➢ecember 31, 2007
Calendar
Year
Principal
Interest
Total
2008
$ 61,954
$ 12,435 $
74,389
2009
63,207
10,530
73,737
2010
65,340
8,410
73,750
2011
68,431
6,158
74,589
2012
70,566
3,674
74,240
2013
5,852
982
6,834
2014
6,000
746
6,746
2015
6,222
506
6,728
2016
6,444
258
6,702
$ 354,0I6
$ 43,699 $
397,715
Debt Service Payments are made from PEG Access Fees.
99
Exhibit A-14
CITY OF OSHKOSH
(12 OF 12)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
GENERAL OBLIGATION DEBT OBTAINED FOR GOLF COURSE
December 31, 2007
Calendar
Year Principal Interest Total
2008 $ 70,000 $ 54,150 $ 124,150
2009 1,070,000 50,824 1,120,824
$ 1,140,000 $ 104,974 $ 1,244,974
Debt Service Payments are made from the Utility User Fees.
100
Exhibit A-15
CITY OF OSHKOSH
(1 OF 6)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS.
REVENUE BONDS
(Includes Amounts Issued to Other Funds)
December 31, 2007
Calendar
Year
Principal
Interest
Total
2008 $
4,100,210 $
1,722,863 $
5,823,073
2009
4,314,828
1,589,078
5,903,906
2010
4,482,160
1,445,460
5,927,620
2011
4,287,286
1,294,645
5,581,931
2012
4,185,290
1,155,381
5,340,671
2013
4,088,697
1,024,459
5,113,156
2014
4,219,369
893,972
5,113,341
2015
2,973,084
781,207
3,754,291
2016
3,065,707
687,038
3,752,745
2017
3,169,928
589,670
3,759,598
2018
3,295,789
488,725
3,784,514
2019
2,597,880
392,016
2,989,896
2020
1,534,168
319,074
1,853,242
2021
1,599,738
259,984
1,859,722
2022
1,206,790
199,963
1,406,753
2023
1,256,625
149,620
1,406,245
2024
1,311,575
97,024
1,408,599
2025
1,155,000
44,320
1,199,320
2026
0
0
0
TOTAL REVENUE DEBT $
52,844,124 S
13,134,499 $
65,978,623
101
Exhibit A-15
CITY OF OSHKOSH
(2 OF 6)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
REVENUE DEBT OBTAINED FOR TAX INCREMENTAL FINANCING DISTRICTS
December 3l, 2007
Calendar
Year Principal
Interest Total
2008
$ 215,000 $
31,253 $
246,253
2009
220,000
24,802
244,802
2010
225,000
17,376
242,376
2011
235,000
9,164
244,164
2012
0
0
0
$ 895,000 $
82,595 $
977,595
102
Exhibit A-15
CITY OF OSHKOSH
(3 OF 6)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
REVENUE DEBT OBTAINED FOR WATER UTILITY
December 31, 2007
Calendar
Year
Principal
Interest
Total
2008
$ 1,839,504
$ 1,051,837 $
2,891,341
2009
1,979,619
994,755
2,974,374
2010
2,070,865
932,528
3,003,393
2011
2,133,273
867,124
3,000,397
2012
2,206,873
799,711
3,006,584
2013
2,261,701
729,852
2,991,553
2014
2,332,793
658,312
2,991,105
2015
2,3 95,182
584,454
2,979,636
2016
2,468,905
508,644
2,977,549
2017
2,554,002
430,445
2,984,447
2018
2,660,508
349,412
3,009,920
2019
1,943,007
273,402
2,216,409
2020
1,061,711
219,404
1,281,115
2021
1,112,671
177,450
1,290,121
2022
700,000
135,450
835,450
2023
735,000
103,950
838,950
2024
770,000
70,876
840,876
2025
805,000
36,226
841,226
2026
0
0
0
$ 32,030,614
$ 8,923,832 $
40,954,446
Debt Service Payments are made from the Utility User Fees.
103
Exhibit A-15
CITY OF OSHKOSH
(4 OF 6)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
REVENUE DEBT OBTAINED FOR OSHKOSH CENTRE
December 31, 2007
Calendar
Year Principal Interest
2008 $ 295,000 $ 45,970
2009 310,000 32,400
2010 325,000 16,900
2011 0
$ 930,000 $ 95,270
Total
$ 340,970
342,400
341,900
0
$ 1,025,270
104
Exhibit A-1 5
CITY OF OSHKOSH
(5 OF 6)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
REVENUE DEBT OBTAINED FOR SEWER UTILITY
December 31, 2007
Calendar
Year
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
Principal
$ 1,570,706
1,620,209
1,671,295
1,724,013
1,778,417
1,616,996
1,666,576
352,902
361,802
370,926
380,281
389,873
192,457
197,067
201,790
206,625
211,575
$ 14,513,510
Interest
$ 410,791
360,497
308,595
255,034
199,760
146,896
96,549
66,542
57,530
48,291
38,818
29,105
21,882
17,216
12,438
7,545
2,535
$ 2,080,024
Total
$ 1,981,497
1,980,706
1,979,890
1,979,047
1,978,177
1,763,892
1,763,125
419,444
419,332
419,217
419,099
418,978
214,339
214,283
214,228
214,170
214,110
$ 16,593,534
105
Exhibit A-15
CITY OF OSHKOSH
(6 OF 6)
WINNEBAGO COUNTY, WISCONSIN
ANNUAL PRINCIPAL AND INTEREST REQUIREMENTS
REVENUE DEBT OBTAINED FOR STORM WATER UTILITY
December 31, 2007
Calendar
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
Principal
$ 180,000
185,000
190,000
195,000
200,000
210,000
220,000
225,000
235,000
245,000
255,000
265,000
280,000
290,000
305,000
315,000
330,000
350,000
$ 4,475,000
Interest
$ 183,012
176,624
170,061
163,323
155,910
147,711
139,111
130,211
120,864
110,934
100,495
89,509
77,788
65,318
52,075
38,125
23,613
8,094
$ 1,952,778
Total
$ 363,012
361,624
360,061
358,323
355,910
357,711
359,111
355,211
355,864
355,934
355,495
354,509
357,788
355,318
357,075
353,125
353,613
358,094
$ 6,427,778
106
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107
Exhibit A-17
CITY OF OSHKOSH, WISCONSIN
(1 of 2)
PRINCIPAL EMPLOYERS
CURRENT YEAR AND TEN YEARS AGO
Percentage
Percentage
of Total
of Total
City
City
Manufacturing
2007
Rank Employment
1997
Rank
Employment
Axel Tech International / Rockwell
250
5
0.78%
450
5
n/a
Arrowhead Conveyor Co., Inc.
110
14
0.34%
197
12
n/a
Baldor Generators
132
10
0.41%
Bemis (includes; Milprint (formerly Banner), Curwood,
and Perfect Seal
1,880
2
5.85%
1,885
1
n/a
Buckstaff Company
88
18
0.27%
210
11
n/a
GE Oil & Gas Operations
415
5
1.29%
General Beverage
189
8
0.59%
Hoffmaster, A Solo Cup Company / Scott
617
4
I.92%
471
4
n/a
Jeld-Wen Premium Wood Doors / Morgan Products Ltd
200
7
0.62%
381
7
n/a
Lapham-Hickey Steel
200
7
0.62%
Leach Company
394
6
n/a
Marvel Manufacturing
106
15
0.33%
*Miles Kimball Company
1,500
3
4.67%
350
8
n/a
* includes 400 FT, 1100 PT and seasonal
Muza Metal Products
150
9
0.47%
100
17
n/a
Nercon Engineering
114
12
0.35%
150
14
n/a
Newark Paperboard Products
112
13
0.35%
O E C Graphics
104
16
0.32%
Oshkosh B'Gosh
530
3
n/a
Oshkosh Coil Spring, Inc.
112
13
0.35%
Oshkosh Door Co.
117
I 1
0.36%
107
16
Oshkosh Truck Corporation
2,712
1
8.44%
1,587
2
n/a
Pluswood, Inc.
102
17
0.32%
188
13
n/a
SNC Manufacturing Company
300
9
n/a
Seven -Up Bottling Co. of Oshkosh, Inc.
140
15
n/a
Square D
260
10
n/a
TOTAL 9,210 28.66% 7,700 0.00%
Non -Manufacturing
4imprint
338
8
1.05%
Affinity Health System
803
1
2.50%
1,200
1
n/a
Aurora Medical Group
1,079
2
3.36%
Clarity Care
500
4
1.56%
220
6
n/a
EAA
225
10
0.70%
274
4
n/a
Eastbay, Inc.
350
6
1.09%
Evergreen Retirement Community
275
9
0.86%
248
5
n/a
Lutheran Homes of Oshkosh
342
7
1.06%
290
3
n/a
Northpoint Med & Rehab
195
11
0.61%
205
7
n/a
Oshkosh Community YMCA
350
6
1.09%
U S Bank
750
3
2.33%
325
2
n/a
Wal-Mart
431
5
1.34%
185
8
n/a
TOTAL 5,638
17.55%
2,947
0.00%
108
Exhibit A-17
(2 of 2)
Government
City of Oshkosh
650
5
2.02%
575
4
n/a
CESA6
289
8
0.90%
Oshkosh Correctional Institution
524
6
1.63%
Oshkosh Public Schools
1,580
2
4.92%
1,254
2
n/a
Oshkosh Post Office
341
7
1.06%
364
5
n/a
University of Wisconsin - Oshkosh
1,632
1
5.08%
1,475
1
n/a
Winnebago County
1,047
3
3.26%
1,100
3
n/a
Winnebago Mental Health Institute
750
4
2.33%
TOTAL 6,813
21.20%
4,768
0.00%
Source: Oshkosh Chamber of Commerce,
source: 2000 Census, Total Employees 32,131
109
Exhibit A -17a
CITY OF OSHKOSH, WI
Winnebago, Outagamie, and Calumet Counties
LABOR
The cities of Oshkosh and Appleton form a standard metropolitan statistical area encompassing
a three county area - Winnebago,Outagamie, and Calumet Counties, having a combined
population of 384,507. Within a 50 mile radius of Oshkosh reside a total of over 1,262,527 persons.
Oshkosh is, therefore, well supplied with a large growing labor pool as well as substantial retail,
wholesale, and industrial markets.
Numerically presented, the employment mix averaged as follows for 2006.
Place of Residence Data
Total Civilian Labor Force 214,426
Unemployment 9,322
Percent of Civilian Labor Force 4.40%
Employment 205,104
Place of Work
Nonfarm Wage and Salary
215,300
Total Private
191,000
Goods Producing
60,600
Nat Res., Mining, & Construction
12,900
Manufacturing
47,700
Service Producing
154,700
Trade
37,900
Wholesale Trade
7,600
Retail Trade
23,100
Transportation, Warehouse, and Utilities
7,200
Information
3,700
Finance Activities
11,600
Professional & Business Services
24,500
Educational & Health Services
24,100
Leisure & Hospitality
17,700
Other Services, except Public Admin
10,900
Government
24,300
Federal
1,000
State
4,700
Local
18,600
Persons Involved in L -M Disputes 0
Source: State of Wisconsin - Department of Administration
110
Exhibit A-18
CITY OF OSHKOSH, WISCONSIN
NUMBERS OF FULL-TIME EMPLOYEES AUTHORIZED
Last Ten Fiscal Years
ACCOUNT
PURPOSE
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
002
Manager
2
2
2
2
2
2
2
2
2
2
003
Attorney
3
3
3
3
3
3
3
3
3
3
004
Personnel
3
3.5
4
4
4
4
4
5
5
5
005
Clerk
3
3
3
3
3
3
3
3
3
3
007
Collection
14
14
14
14
14
14
14
14
14
14
008
Assessor
6
6
6
6
6
6
6
6
6
6
009
Purchasing
3
2.5
3
3
3
3
3
3
2
2
010
Cent.Srvs.
1
1
1
1
1
1
1
1
1
1
011
Computers
6
7
9
9
7
7
7
7
7
7
015
Media Srvcs
2
3
3
3
3
3
3
3
3
3
016
Safety
1
1
1
1
1
1
1
1
1
1
013
Facilities
3
3
3
3
3
3
4
4
4
4
021
Police
114
116
118
118
118
117
118
117
116
116
022
Anml. Contr.
0
0
0
0
0
0
0
0
0
0
023
Fire
104
104
104
103
103
103
109
109
108
108
031
Health
6
6
6
6
6
6
6
6
6
6
032
Laboratory
0
0
0
0
0
0
0
0
0
0
033
Nurses
3
3
3
3
3
3
3
3
3
3
041
Public Wrks.
3
3
3
3
3
3
3
3
3
3
042
Engineers
12
12
12
12
12
12
13
13
12
11
043
Streets
40
40
40
40
37
40
34
33
32
30
045
Garage
7
7
8
8
8
8
8
8
8
8
050
Garbage
13
13
13
13
13
13
13
13
11
11
051
Recycling
9
9
9
9
7
7
7
7
7
7
061
Parks
17
17
17
17
16.5
16.5
16.5
16.5
15.5
15.5
062
Forestry
3
3
3
3
4
4
4
4
4
4
063
Golf
0
0
2
2
2
2
2
2
2
2
065
Cemetery
4
4
4
4
4
4
4
4
4
4
074
Planning
7
7
7
7
7
9
9
9
9.5
9.5
075
Codes
7
9
10
10
10
10
10
10
10.5
10.5
080
Transportation
7
7
7
7
7
7
7
7
7
7
771
Library
37.2
38.88
38.9
37.1
36.4
36.4
36.9
35.9
32.5
31.6
772
Museum
9
9
10
10
10
10
10
10
10
9
728
Transit
26
28
28
28
28
28
28
28
28
28
773
Conv & Tour
0
0
0
0
0
0
0
0
0
0
717
Parking
3
3
3
3
3
3
2
2
2
2
1810
Water
28.5
31.5
32.5
32
33
33
31
31
31
31.33
1910
Sewer
30.5
33.5
33.5
33
36
32.5
34
34
34
32.33
2010
Storm
0
0
0
0
7.5
2
7
7
7
7
076
Senior Services
3
4
5
5
5
5
6
6
6
6
079
Housing
15
15
15
15
17
16
14
14
0
0
1020
Grand
0
0
0
0
0
0
0
0
0
0
1040
Conv. Ctr.
0
0
0
0
0
0
0
0
0
0
255
Parks Rev.
0
0
0
0
0.5
0.5
0.5
0.5
0.5
0.5
TOTAL
555.20
571.88
583.90
580.10
586.90
580.90
586.90
584.90
560.50
554.26
Source: City of Oshkosh Finance Department
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113
CITY OF OSHKOSH, WISCONSIN
Exhibit A-21
TAX ROLL COLLECTIONS
COLLECTIONS IN 2007 OF 2006 TAX ROLL
COLLECTION APPLIED
REAL ESTATE
CITY OF OSHKOSH SETTLED WITH RETAINED BY
TURNED OVER
LEVY OTHER UNITS CITY
TO THE COUNTY
GENERAL PROPERTY TAXES
State Taxes
County Taxes
Schools:
Board of Education
Vocational School
Debt Service:
City Debt
Legislative Trust Funds:
Police Pension
Firemen's Pension
Workmen's Comp.
Other Funds:
Library
Museum
Transit
Recycling
Street Lighting
Grand Opera House
Cemetery
Committee on Aging
Health Services
Golf Course
Pollock Community Water Park
Equipment
TID
General City
Special District
Overrun
Special Assessments
R. kZIXM:ICltOI
97.18 %
$ 624,844.01 $ 607,210.61
17,887,004.83 17,382,224.80
29,968,443.12
$ 16,013,767.00 16,013,767.00
$ 0.00
0.00
41,619.00 41,619.00
Source: City of Oshkosh Finance Department
2,395,035.00
747,917.00
516,422.00
845,398.00
1,267,360.00
67,011.00
198,291.00
374,458.00
354,197.00
0.00
15.950.00
S 522,413.43
23,680,460.14
5,442,258.84 845,724.14
6,782,039.00
4,749,546.98 $ 4,615,512.44 134,034.54
2,760,572.00
24,875,609.00
722,388.00
30,387.97
29,530.41
857.56
11,708.37
11,377.95
330.42
$ 78,869,932.28 $
47,112,154.39 $ 29,532,029.80 $
2,225,748.09
2,289,039.34
2,048,537.95
240,501.39
$ 81,158,971.62 $
47,112,154.39 $ 31,580,567.75 S
2,466,249.48
114
Exhibit A-22
CITY OF OSHKOSH, WISCONSIN
RATIO OF DEBT TO ASSESSED VALUATION AND POPULATION
1994-2007
DEBT
RATIO OF DEBT TO PER
ASSESSED VALUATION CAPITA
1994
Valuation - $1,316,234,100
Population - 57,389
1994 Direct Municipal Debt $ 60,364,629 4.59% $ 1,051.85
1995
Valuation - $1,882,114,900
Population - 59,068
I995 Direct Municipal Debt $ 65,308,825 3.47% $ 1,105.65
1996
Valuation - $1,937,658,900
Population - 60,240
1996 Direct Municipal Debt $ 68,571,473 3.54% $ 1,138.30
1997
Valuation - $1,987,591,500
Population - 61,824
1997 Direct Municipal Debt $ 68,577,442 3.45% $ 1,109.24
1998
Valuation - $2,046,447,600
Population - 62,185
1998 Direct Municipal Debt $ 69,932,059 3.42% $ 1,124.58
1999
Valuation - $2,072,830,600
Population - 62,695
1999 Direct Municipal Debt $ 72,463,863 3.50% $ 1,155.82
2000
Valuation - $2,140,360,100
Population - 63,192
2000 Direct Municipal Debt $ 79,645,557 3.72% $ 1,260.37
115
Exhibit A-22
CITY OF OSHKOSH, WISCONSIN
RATIO OF DEBT TO ASSESSED VALUATION AND POPULATION
1994-2007
DEBT
RATIO OF DEBT TO
PER
ASSESSED VALUATION
CAPITA
2001
Valuation - $2,203,128,900
Population - 63,225
2001 Direct Municipal Debt
$
86,605,140 3.93%
$
1,369.79
2002
Valuation - $2,266,847,900
Population - 64,132
2002 Direct Municipal Debt
$
101,116,094 4.46%
$
1,576.69
2003
Valuation - $2,924,336,700
Population - 64,327
2003 Direct Municipal Debt
$
112,645,337 3.85%
$
1,751.14
2004
Valuation - $3,141,524,900
Population - 65,095
2004 Direct Municipal Debt
$
113,006,301 3.60%
$
1,736.02
2005
Valuation - $3,335,517,300
Population - 65,445
2005 Direct Municipal Debt
$
115,334,666 3.46%
$
1,762.31
2006
Valuation - $3,558,114,300
Population - 65,510
2006 Direct Municipal Debt
$
118,945,768 3.34%
$
1.815.69
2007
Valuation - $3,722,810,200
Population - 65,810
2007 Direct Municipal Debt $ 119,580,048
Source: City of Oshkosh Finance Department
3.21% $ 1,817.05
116
Exhibit A-23
CITY OF OSHKOSH, WISCONSIN
COMPUTATION OF LEGAL DEBT MARGIN
COMPUTATION OF OVERLAPPING DEBT
See Exhibit A-11 (1 of 2) for
these computations
117
Exhibit A-24
CITY OF OSHKOSH, WISCONSIN
RATIO OF ANNUAL DEBT SERVICE
FOR GENERAL BONDED DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
1994-2007
GENERAL
ANNUAL DEBT GOVERNMENTAL
YEAR SERVICE EXPENDITURES
RATIO
1994
7,124,453
34,326,283
20.76
1995
7,397,974
35,824,855
20.65
1996
7,506,541
37,518,214
20.01
1997
8,347,938
39,264,566
21.26
1998
9,052,617
41,153,274
22.00
1999
8,929,755
42,675,721
20.92
2000
9,163,772
44,163,129
20.75
2001
10,930,144
49,428, 628
22.11
2002
12,008,866
50,150,122
23.95
2003
13,685,051
52,554,291
26.04
2004
14,836,550
55,933,034
26.53
2005
15,394,793
57,244,818
26.89
2006
15,824,907
57,591,332
27.48
2007
16,330,462
58,138,612
28.09
Source: City of Oshkosh Finance Department (Exhibit A- 19)
118
CITY OF OSHKOSH, WISCONSIN Exhibit A-25
ECONOMICS
Oshkosh's population growth has been steady. U.S. Census Bureau figures of population are as follows:
POPULATION - CITY OF OSHKOSH
1994 Estimate 57,389
1995 Estimate 59,068
1996 Estimate 60,240
1997 Estimate 61,824
1998 Estimate 62,185
1999 Estimate 62,695
2000 Estimate 63,192
2001 Estimate 63,225
2002 Estimate 64,132
2003 Estimate 64,327
2004 Estimate 65,095
2005 Estimate 65,445
2006 Estimate 65,510
2007 Estimate 65,810
Source U S Census Bureau
This growth is further reflected below by building permit statistics and utility connections.
BUILDING PERMITS
New Residential
Total of All Permits
Year
No.
Value
No. Value
1994
241
16,735,517
1,806 46,783,816
1995
189
14,343,940
1,932 66,782,553
1996
319
25,269,402
1,836 66,522,056
1997
195
18,188,520
2,104 59,462,427
1998
182
19,658,460
2,537 84,198,862
1999
190
23,472,737
6,761 110,724,162
2000
132
18,001,065
8,418 98,804,851
2001
156
26,565,183
8,335 92,278,720
2002
198
32,254,156
7,203 162,568,019
2003
202
36,568,505
6,631 108,739,312
2004
152
26,630,612
6,198 94,001,548
2005
87
13,660,642
5,477 74,563,467
2006
77
17,872,562
5,237 98,876,033
2007
69
21,982,261
5,217 121,914,846
Source: City of Oshkosh Inspections Department
UTILITY CUSTOMERS AT YEAR END - CITY OF OSHKOSH
1999 2000 2001 2002 2003 2004 2005 2006 2007
Water 21,525 21,621 22,168 19,246 22,351 22,500 23,200 23,200 23,298
Telephone 48,251 48,305
Electric 37,631 38,546 38,916 39,648 40,595 41,736 44,531 41,659 42,492
Gas 28,956 29,051 29,424 30,075 30,779 31,168 31,611 31,494 32,123
Source: City of Oshkosh Water Distribution
Source: Wisconsin Public Service Corporation
119
Exhibit A-26
City of Oshkosh, Wisconsin
NEW DWELLING UNITS CONSTRUCTED
1991-2007
YEAR
TOTAL UNITS SINGLE FAMILY TWO FAMILY MULTIPLE FAMILY
1991
144
114 9
21
1992
338
138 10
180
1993
500
174 6
320
1994
417
165 19
214
1995
263
144 32
87
1996
532
202 42
288
1997
394
119 22
253
1998
384
144 22
218
1999
383
157 20
206
2000
275
109 20
146
2001
442
121 10
311
2002
364
157 44
163
2003
529
153 36
340
2004
303
112 20
171
2005
134
63 30
41
2006
234
51 12
171
2007
198
58 0
140
5,834
2,181 354
3,270
Source: City of Oshkosh Department o€ Community Development
120
Exhibit A-27
CITY OF OSHKOSH, WISCONSIN
BUDGET FOR 2008 - EXPENDITURES
PrlYR1JL1 .•; 1A:lt31 s; C C3NIRAC-. � `:;:;'- � �'-' � � �...... ............................................. .
::1JT1LTS'•E F.IIiFT'•Al'I1 .....ToTAL
E: ::: : :.:::::::: CHARS SUPPLIES OUTLAY _ ::13 DQ'T
I�•P.iB{7R�:`: °:I.tiBfQi�:::::::$I�R�FICS :..........1.1Q�RS...L1
GENERAL GOVENRNMENT
City Council
City Manager
City Attorney
Personnel
City Clerk
Elections
Finance
Assessor
Purchasing
Central Services
Information Technology Division
Insurance
Facilities Maintenance
Independant Audit
Media Services
Safety
TOTAL GENERAL GOVERNME
PUBLIC SAFETY
Police
Animal Care
Fire & Ambulance
Hydrant Rental
Aux. Police
Crossing Guards
Police & Fire Commission
TOTAL PUBLIC SAFETY
17,400
1,331
23,700
0
0
800
0
43,231
152,147
60,142
9,790
0
0
660
0
222,739
233,829
91,495
55,235
0
0
6,430
0
386,989
281,884
100,777
128,510
0
0
3,550
0
514,721
137,136
56,809
25,650
0
0
3,010
0
222,605
85,949
729
16,455
0
0
4,000
0
107,133
667,289
324,647
3,820
0
0
4,400
0
1,000,156
321,159
152,508
36,876
0
0
3,975
0
514,518
117,142
53,079
3,850
0
0
1,300
0
175,371
28,452
20,458
110,500
0
0
14,700
0
174,110
373,737
177,858
251,504
55,500
0
31,839
133,054
I,023,492
0
0
0
0
618,095
0
0
618,095
164,516
92,014
50,650
163,200
170
33,600
0
504,150
0
0
21,000
0
0
0
0
21,000
169,052
85,284
2,225
500
0
2,140
0
259,201
0
0
0
0
0
0
0
0
2,749,692 1,217,131 739,765 219,200 618,265 110,404 133,054 5,787,511
7,163,291
3,503,154
172,360
36,694
100
153,708
116,200
11,145,507
0
0
72,391
0
0
0
0
72,391
6,883,916
2,880,171
108,855
122,648
0
197,270
23,100
10,215,960
0
0
650,000
0
0
0
0
650,000
0
0
1,325
0
0
310
3,400
5,035
88,632
6,780
300
0
0
1,200
0
96,912
0
0
12,000
0
0
200
0
12,200
14,135,839 6,390,105 1,017,231 159,342 100 352,688 142,700 22,198,005
PUBLIC WORKS I
Public Works - Admin.
231,646
90,203
3,900
0
120
1,400
0
327,269
Engineering
692,887
270,324
18,550
8,000
180
14,550
28,700
1,033,191
Streets - General
1,389,767
730,423
43,050
3,400
450
276,750
19,841
2,463,681
Central Garage
385,823
195,215
145,800
109,969
1,110
930,275
3,420
1,771,612
Garbage Coll. & Disposal
492,260
245,509
418,287
0
1,200
70,570
0
1,227,826
TOTAL PUBLIC WORKS
3,192,383
1,531,674
629,587
121,369
3,060
1,293,545
51,961
6,823,579
PARKS & OTHER FACILITIES
Parks
Forestry
Pollock Pool
793,470 359,428 26,975 147,885 200 80,906 3,000 1,411,864
181,337 80,456 4,700 200 200 5,550 2,000 274,443
0 0 0 0 0 0 0 0
TOTAL PARKS & OTHER FAC. 974,807 439,884 31,675 148,085 400 86,456 5,000 1,686,307
121
Exhibit A-27
COMMUNITY DEVELOPMENT
Planning Services
576,280
255,747
6,937
275
0
5,582
0
844,821
Housing Services
0
0
0
0
0
0
0
0
Inspection Services
557,091
235,477
21,900
2,300
210
10,885
0
827,863
TOTAL COMMUNITY DEV.
1,133,371
491,224
28,837
2,575
210
16,467
0
1,672,684
DEPT. OF TRANSPORTATION
Electric
262,741
125,318
9,000
29,750
0
35,535
0
462,344
Sign
99,929
47,872
3,225
4,660
0
32,547
0
188,233
TOTAL DEPT. OF TRANS.
362,670
173,190
12,225
34,410
0
68,082
0
650,577
UNCLASSIFIED
Unemployment Compensation
25,000
25,000
Direct Deposit Fees
2,175
2,175
Uncollectible Accounts
165,000
165,000
Employee Benefit Fees
14,500
14,500
Patriotic Celebration
8,000
8,000
Adjustment of Salaries
0
Unclassified Expenses
125,000
125,000
Mobile Trailer Tax
37,000
37,000
Safety Building
0
Industrial Development
37,500
37,500
TOTAL UNCLASSIFIED
0
25,000
352,175
0
37,000
0
0
414,175
22,548,762
10,268,208
2,811,495
684,981
659,035
1,927,642
332,715
39,232,838
TOTAL BUDGET
Budget for Recycling
338,061
168,015
758,725
0
100
12,050
208,000
1,484,951
Budget for Street Lighting
0
0
32,000
1,141,771
0
21,000
0
1,194,771
Budget for Senior Services
348,358
169,095
13,909
52,273
7,561
12,798
0
603,994
Budget for Transit Utility
1,186,558
907,496
1,583,704
44,000
126,580
355,250
0
4,203,588
Budget for Library
1,717,712
848,342
445,904
155,887
13,749
449,753
I3,600
3,644,947
Budget for Museum
504,799
285,037
42,160
81,944
9,750
42,648
0
966,338
Budget for Grand Opera House
0
0
59,646
0
6,911
0
0
66,557
Budget for Cemetery
231,534
113,948
8,250
19,900
7,588
9,950
800
391,970
Budget for Health Services
629,203
250,476
27,270
3,750
10,250
36,760
0
957,709
Budget for Pollock Comm Wtr Pk
51,000
3,902
143,638
76,000
3,865
48,200
0
326,605
Budget for Equipment Fund
0
0
0
0
0
0
0
0
TOTAL OPERATING BUDGET
27,555,987
13,014,519
5,926,701
2,260,506
845,389
2,916,051
555,115
53,074,268
122
Exhibit A-28
CITY OF OSHKOSH, WISCONSIN
BUDGET FOR 2008 - REVENUES
TAXES LEVIED BY CITY
General Property Tax
23,554,616
24,322,868
25,597,997
25,597,997
26,605,671
Municipal Owned Utility
650,000
650,000
650,000
650,000
650,000
Snow Removal
8,217
9,952
9,000
9,000
9,000
Sealcoating
28,868
67,962
0
0
0
Weed Cutting
23,700
13,397
12,000
12,000
12,000
Mobile Home Tax
118,045
111,439
110,000
110,000
108,000
Payment in Lieu of Taxes
140,490
135,096
140,000
118,000
118,000
TIF District Closeout
0
0
0
0
3,000
TOTAL TAXES LEVIED
24,523,936
25,310,714
26,518,997
26,496,997
27,505,671
LICENSES & PERMITS
Heating
77,113
89,021
85,000
100,000
90,000
Liquor License
127,391
123,172
125,000
126,000
125,000
Cigarette License
10,800
10,800
11,000
11,000
11,000
Sundry License
36,743
37,223
36,900
37,000
37,000
Electric Permits
91,008
101,777
92,000
110,000
100,000
Building Permits
258,994
346,281
310,000
380,000
360,000
Plumbing Permits
80,045
103,039
90,000
95,000
90,000
Flammable Tank Fees
1,185
160
1,000
680
700
Housing Fees
3,535
3,105
3,300
3,200
3,200
Code Seals & Plan. Fees
2,040
1,898
1,900
1,750
1,800
Engineering Permits
0
0
25,000
0
25,000
Zoning Ordinances
35,638
45,350
38,000
45,000
45,000
TOTAL LICENSES & PERMITS
724,492
861,826
819,100
909,630
888,700
FINES & COSTS
County Court
363,704
287,182
340,000
310,000
310,000
Police Dept.
386,867
497,194
490,000
420,000
420,000
Penalties
93,317
80,992
78,000
115,000
90,000
TOTAL FINES & COSTS
843,888
865,368
908,000
845,000
820,000
STATE & COUNTY AIDS
Town Aid - Cable TV
9,332
7,914
7,000
8,400
8,400
Town Ambulance Aid
146,188
159,884
155,692
174,934
160,362
Aid to Local Streets
2,740,615
2,767,382
2,843,000
2,843,111
3,007,999
Municipal Services
1,277,417
1,333,774
1,315,000
1,322,063
1,275,000
State Shared Aids
11,076,027
11,075,468
11,075,641
11,075,641
11,079,165
State Aids-Parks/Forestry
0
0
0
5,398
0
State Aids - Fire
0
33,000
40,000
40,000
45,000
Aids -Police
169,560
192,937
160,000
160,000
165,000
State Computer Credit
190,635
210,086
210,000
199,152
200,000
Expenditure Restraint
977,077
1,067,259
1,088,156
1,088,156
1,212,832
TOTAL STATE & CO. AIDS 16,586,851 16,847,704 16,894,489 16,916,855 17,153,758
USE OF MONEY & PROPERTY
Interest on Investments
514,892
945,573
1,000,000
1,000,000
950,000
Interest on Spec. Assess.
218,688
214,436
220,000
215,000
220,000
Rent
80
4,983
2,000
2,036
2,000
Sale of Land
0
0
0
0
0
TOTAL USE OF MONEY & PROP. 733,660 1,164,992 1,222,000 1,217,036 1,172,000 123
Exhibit A-28
Police Dept. Fees
137,601
191,796
100,000
100,000
100,000
Fire Dept. Fees
63,243
79,771
80,000
103,000
94,000
Ambulance Fees
1,812,660
1,830,404
1,660,000
1,800,000
1,900,000
Engineering Fees
4,455
177,836
110,000
10,000
50,000
Street Services
336,770
135,099
80,000
75,000
75,000
Electrical Dept.
37,623
30,576
20,000
28,000
25,000
Sign Dept.
2,010
2,476
1,500
1,000
1,500
Park Fees
40,139
48,837
40,000
39,000
40,000
Forestry Fees
6
900
0
0
0
City Clerk Fees
7,141
7,124
7,500
6,100
6,500
Community Dev.
300,496
345,289
339,000
352,000
403,000
Cable Access Fees
2,149
8,978
13,000
12,000
13,000
CAN Revenue
614,408
636,471
640,000
658,000
658,000
Xerox Charges
1,916
2,370
1,500
2,300
2,300
Property Search
36,240
32,240
34,050
28,000
30,000
Hazardous Materials
1,837
0
1,500
0
1,500
Sanitation Recycling
0
399,081
0
0
0
Garbage Fees
22,137
24,736
21,000
22,000
21,000
TOTAL CHGS. FOR CUR. SERV. 3,420,831 3,953,984 3,149,050 3,236,400 3,420,800
INTERDEPARTMENTAL REVENUES I
Service Charge -Streets
149,738
238,786
185,000
244,160
250,870
Serv.& Main. -San Sewer
84,753
177,595
133,000
181,590
186,580
Acct. Services -Utilities
599,516
627,613
658,000
641,730
659,380
Equipment/Labor Rental - Recycling
618,950
633,770
695,000
660,000
680,000
Computer Services - Utilities
120,000
123,600
127,300
127,300
130,800
Public Works -Water Util.
55,480
107,342
100,900
109,360
112,800
Water G.O. Bond Abatement
1,521,444
1,607,238
1,564,729
1,564,730
1,747,360
Sewer G.O. Bond Abatement
1,968,434
1,986,763
2,001,997
2,001,996
2,145,401
Storm G.O. Bond Abatement
374,789
327,014
428,903
428,905
436,707
Parking Utility Notes
62,844
58,168
60,381
60,381
65,052
Ind. Dev. Bonds & Notes
369,885
369,422
285,223
285,223
284,970
TIF Districts
3,193,314
3,213,697
3,742,852
3,742,845
3,786,677
Deltox Notes
84,280
89,930
0
0
0
Senior Center
80,557
0
0
0
0
Golf Course
123,176
125,325
122,238
122,237
124,150
Cable TV
66,003
66,755
67,381
67,383
67,796
Housing Authority
734,509
429,127
0
0
0
Engineering Fees-Const.
991,124
720,059
650,000
720,000
600,000
TOTAL INTER. DEP. REV.
11,198,796
10,902,204
10,822,904
10,957,840
11,278,543
UNCLASSIFIED
Sundry Revenue
75,000
109,607
70,000
100,000
75,000
Bond Proceeds
35,000
30,054
30,000
30,000
30,000
Approp. from Sinking Fund
250,000
255,000
200,000
200,000
375,000
TOTAL UNCLASSIFIED
360,000
394,661
300,000
330,000
480,000
TOTAL REVENUES
I 58,392,454
60,301,453
60,634,540
60,909,758
62,719,472
124
CITY OF OSHKOSH, WISCONSIN
2008 LEVY - 2007 TAX RATE
State
0.77%
City Tax
34.28%
Area Vocatior
7.47%
)unty
.36%
schools
33.12%
EXHIBIT A-29
(1 OF 4)
PER $1,000
2007
2006
INCREASE
OF TAXES
TAX RATE
TAX RATE
(DECREASE)
State
0.77 %
$
0.18
$
0.18
$
0.00
County
24.36
5.67
5.47
0.20
Area Schools
33.12
7.71
7.45
0.26
Area Vocational
7.47
1.74
1.71
0.03
City Tax
34.28
7.98
7.82
0.16
100.00
$
23.28
$
22.63
$
0.65
State Credit
1.20
1.08
0.12
$
22.08
$
21.55
$
0.53
125
CITY OF OSHKOSH, WISCONSIN EXHIBIT A-29
(2 OF 4)
REVENUES WHERE THE MONEY COMES FROM
Surplus Added To Service Charges
Budget 5.5% All Other Revenue
0.0% 2.6%
Shared State Aids
Other State and 17.7%
County Aids
9.7%
Licenses, Permits,
Fines
2.7%
Interdepartmental
Charges
17.9%
Interest on
Investments
1.5%
Property Tax Levy
42.4%
2008
2007
INCREASE
WHERE THE MONEY COMES FROM
AMOUNT
PER CENT
PER CENT
(DECREASE)
Shared State Aids $
11,079,165
17.7 %
18.3 %
(0.6) %
Property Tax Levy
26,605,671
42.4
42.2
0.2
Interest on Investments
950,000
1.5
1.6
(0.1)
Interdepartmental Charges
11,278,543
17.9
17.9
0.0
Licenses, Permits, Fines
1,708,700
2.7
2.8
(0.1)
Other State and County Aids
6,074,593
9.7
9.6
0.1
Surplus Added To Budget
0
0.0
0.0
0.0
Service Charges
3,420,800
5.5
5.2
0.3
All Other Revenue
1,602,000
2.6
2.4
0.2
$
62,719,472
100.0 %
100.0 %
---
126
CITY OF OSHKOSH, WISCONSIN EXHIBIT A-29
(3 OF 4)
EXPENDITURES WHERE THE MONEY GOES
Equipment Fund Library
0.0% 3.9%
Agency Funds
Public Works
0.0%
12.5%
Community
Debt
Services
Development
26.0%
3.3%
General
Government
9.2%
Miscellaneous
Parks & Community
b.
0.7%
Facilities
�
3.1%
Fire and
Ambulance
Transit Utility,.
/o 17.3
4.0%
Police
Museum
Health 18.1%
1.3%
0.6%
2008 2007
INCREASE
WHERE THE MONEY GOES
AMOUNT PER CENT PER CENT
(DECREASE)
Agency Funds
$ 32,723
0.0 %
0.0
% 0.0 %
Debt Services
16,277,535
26.0
26.4
(0.4)
Miscellaneous
414,175
0.7
1.8
(1.1)
Fire and Ambulance
10,872,060
17.3
16.9
0.4
Museum
823,338
1.3
1.2
0.1
Police
11,325,945
18.1
17.3
0.8
Health
392,821
0.6
0.7
(0.1)
Transit Utility
2,444,856
4.0
4.0
0.0
Parks & Community Facilities
1,975,372
3.1
3.1
0.0
General Government
5,787,511
9.2
9.0
0.2
Community Development
2,045,161
3.3
3.2
0.1
Public Works
7,861,530
12.5
12.4
0.1
Equipment Fund
0
0.0
0.0
0.0
Library
2,466,445
3.9
4.0
(0.1)
$ 62,719,472
100.0 %
100.0
%
127
CITY OF OSHKOSH, WISCONSIN EXHIBIT A-29
(4OF4)
2008 BUDGET - HOW THE MONEY GOES
Materials & Supplies Capital Outlay
Contractual Sei
8.54%
Debt Retirement
23.46%
Fixei
Payroll - Indirect
Labor
18.76%
Payroll - Direct Labor
39.71%
icy Funds
).05%
AMOUNT
PER CENT
Payroll - Direct Labor
$ 27,555,987
39.71 %
Agency Funds
32,723
0.05
Payroll - Indirect Labor
13,014,519
18.76
Fixed Charges
845,389
1.22
Debt Retirement
16,277,535
23.46
Contractual Services
5,926,701
8.54
Utilities
2,260,506
3.26
Materials & Supplies
2,916,051
4.20
Capital Outlay
555,115
0.80
$ 69,384,526 100.00 %
128