📊 Interactive charts: City Audits — Interactive Metrics — filterable debt, spend, and population dashboard.
Entity: City of Pine Bluff only (Mayor–Council).
Source types mixed in this file
Not in the Legislative Audit books: Pine Bluff School District, UAPB, Waste Water Utility Commission, Civic Auditorium Complex Commission, Advertising and Tourist Promotion Commission, Aviation Commission.
How to read this file
Last updated: 2026-09-04 — official borrowed-principal series filled 2001–2024 from Legislative Audit Note 12 / CAFR GLTO.
Comparability rule used in the table below: borrowed principal only (bonds + notes + financed purchases / capital leases). Compensated absences and operating leases are excluded so 2001–2024 is apples-to-apples. Starting 2015 the auditor bundled absences into the headline “long-term liabilities” number; those headlines are not the figures in this table.
Not city debt in this table: Wastewater Utility revenue bonds, school district debt, conduit industrial-development bonds, operating leases (golf carts, fleet, sweepers). Library bonds are city debt (dedicated 3-mill levy).
| Year-end | Borrowed principal | What landed / moved | Source |
|---|---|---|---|
| 1999 | $0 | City government debt-free. WWU sewer bonds $12.45M (component, not city GO) | CAFR LOM107699 |
| 2000 | $0 | Same. WWU sewer bonds $11.46M | CAFR LOM107600 |
| 2001 | $1.83M | Civic Center HVAC franchise-fee lease-purchase | CAFR LOM107601 |
| 2002 | $1.79M | HVAC amortizing | CAFR LOM107602 |
| 2003 | ~$3.1M | + Convention Center HVAC / equipment | Leg. Audit LOM107603 |
| 2004 | ~$3.2M | Vehicles / equipment notes | Leg. Audit LOM107604 |
| 2005 | $3,075,015 | Civic/Convention HVAC + vehicle notes | Leg. Audit LOM107605 |
| 2006 | $3,071,635 | Paydown + roof/vehicle adds | Leg. Audit LOM107606 |
| 2007 | $3,369,374 | Police tech note added | Leg. Audit LOM107607 |
| 2008 | $3,376,128 | Fire-truck note | Leg. Audit LOM107608 |
| 2009 | $7,064,172 | $6.0M Franchise Fee Revenue Bonds (refunded HVAC) | Leg. Audit LOM107609 |
| 2010 | $6,617,316 | First principal on 2009 bonds | Leg. Audit LOM107610 |
| 2011 | $15,753,729 | $9.64M Sales & Use Tax Improvement Bonds, Series 2011 | Leg. Audit LOM107611 |
| 2012 | $20,182,557 | $5.355M Sales & Use Tax Improvement Bonds, Series 2012 | Leg. Audit LOM107612 |
| 2013 | $19,185,574 | Amortizing | Leg. Audit LOM107613 |
| 2014 | $19,230,262 | 2009 franchise refunded into $6.015M Series 2014 | Leg. Audit LOM107614 |
| 2015 | $18,726,730 | Amortizing. Headline LTD $22.18M includes $3.45M absences | Leg. Audit LOM107615 |
| 2016 | $27,537,572 | $3.08M Franchise 2016 + $6.805M Sales-tax 2016. Headline $31.65M incl. $4.11M absences | Leg. Audit LOM107616 |
| 2017 | $39,972,060 | $13.355M Library Property Tax Bonds; 2011/2012 refunded into 2017A/B. Headline $44.43M incl. $4.46M absences | Leg. Audit LOM107617 |
| 2018 | $42,441,725 | Peak. $4.081M aquatic-center note + $0.545M radios. Headline $46.68M incl. $4.24M absences | Leg. Audit LOM107618 |
| 2019 | $40,471,989 | $3.829M Franchise Refunding/Improvement 2019. Bonds $35.48M + direct $4.99M | Leg. Audit LOM107619 |
| 2020 | $39,406,375 | Fire equipment $0.629M + 14 police vehicles $0.470M. Bonds $33.64M + direct $5.77M | Leg. Audit LOM107620 |
| 2021 | $35,635,593 | $3.585M Franchise Refunding 2021 (retired leftover 2014B/2016 franchise). First big aquatic-center principal | Leg. Audit LOM107621 |
| 2022 | $31,997,039 | Amortizing. Separate golf-cart operating lease $0.48M not in this total | Leg. Audit LOM107622 |
| 2023 | $27,799,945 | Aquatic-center note paid off. Bonds $27.51M + notes $0.29M. Separate vehicle leases $2.06M | Leg. Audit LOM107623 |
| 2024 | $30,324,531 | Hotel FF&E note $3.000M + fire truck $1.728M + CAT backhoe $0.142M + excavator $0.304M. Bonds $25.15M + direct $5.17M. Separate leases $3.17M | Leg. Audit LOM107624 |
From the 2018 peak to 2023 the city paid down $14.6 million. 2024 added $5.2 million of hotel/fire/street equipment notes, so the book ticked back up to $30.3M instead of gliding into the mid-$20s.
| Issue | Outstanding |
|---|---|
| Sales & Use Tax Improvement Bonds, Series 2016 | $5,510,000 |
| Library Property Tax Construction Bonds, Series 2017 | $7,645,000 |
| Sales & Use Tax Refunding Bonds, Series 2017 | $3,310,000 |
| Sales & Use Tax Refunding Bonds, Series 2017B | $3,095,000 |
| Franchise Fee Revenue Refunding and Improvement Bonds, Series 2019 | $2,294,121 |
| Franchise Fee Revenue Refunding and Improvement Bonds, Series 2021 | $3,300,000 |
| Total bonds | $25,154,121 |
| Farmers State Bank hotel FF&E note (12/20/2024) | $3,000,000 |
| US Bancorp fire truck (3/15/2024) | $1,728,147 |
| Caterpillar backhoe | $138,474 |
| Caterpillar wheeled excavator | $303,789 |
| Total direct borrowings | $5,170,410 |
| Total borrowed principal | $30,324,531 |
Pledged streams (typical late-2010s / early-2020s): franchise fees ~$2.6–3.2M; 5/8¢ sales tax ~$4.3–4.5M; 3-mill library tax ~$1.19M (library tax can only pay library bonds).
Purpose of this section. Identify where the city’s books diverged from the tax base and the population that has to carry them. Metrics are built so a council, mayor, or citizen can see when the structure broke, not just that debt exists.
Population series used (Census / Population Estimates Program, city only — not the MSA):
| Year | Population | YoY | Year | Population | YoY |
|---|---|---|---|---|---|
| 2000 | 55,130 | — | 2013 | 45,844 | −2.2% |
| 2001 | 54,410 | −1.3% | 2014 | 45,233 | −1.3% |
| 2002 | 54,007 | −0.7% | 2015 | 44,841 | −0.9% |
| 2003 | 53,592 | −0.8% | 2016 | 43,937 | −2.0% |
| 2004 | 53,078 | −1.0% | 2017 | 43,165 | −1.8% |
| 2005 | 52,467 | −1.2% | 2018 | 42,422 | −1.7% |
| 2006 | 52,001 | −0.9% | 2019 | 41,619 | −1.9% |
| 2007 | 51,310 | −1.3% | 2020 | 40,978 | −1.5% |
| 2008 | 51,010 | −0.6% | 2021 | 40,335 | −1.6% |
| 2009 | 50,709 | −0.6% | 2022 | 39,569 | −1.9% |
| 2010 | 48,952 | −3.5% | 2023 | 39,123 | −1.1% |
| 2011 | 48,046 | −1.9% | 2024 | 38,785 | −0.9% |
| 2012 | 46,855 | −2.5% |
Census checkpoints: 2000 = 55,085–55,224; 2010 = 49,083; 2020 = 41,253; Census QuickFacts July 1, 2024 = 38,785. City is ~30% smaller than 2000 and ~32% smaller than 1990.
Core ratios defined
| Metric | Formula | Why it matters here |
|---|---|---|
| Debt / resident | borrowed principal ÷ population | The number a shrinking city cannot hide |
| Δ debt $ and % | this year − last year | Distinguishes amortization from new waves |
| Spend / resident | current operating expenditures ÷ population | Cost of government after people leave |
| Police+fire share | (law enforcement + public safety) ÷ current spend | Concentration / rigidity of the budget |
| Sales-tax dependence | city + dedicated sales tax ÷ general-fund revenue | Volatility vs. property-tax base |
| Legal-margin illusion | constitutional GO cap vs. actual pledged-revenue debt | Arkansas GO limit does not constrain franchise/sales-tax bonds |
| Off-book residual | absences + operating leases + construction commitments | Regulatory basis hides the real claim on future cash |
Investment fair-value swings are excluded from spend. Debt-service principal is treated as balance-sheet reduction, not a department cost.
| Year | Pop. | Borrowed principal | Δ debt $ | Δ debt % | Debt / resident | Flag |
|---|---|---|---|---|---|---|
| 1999 | ~55.1k | $0 | — | — | $0 | Clean balance sheet |
| 2000 | 55,130 | $0 | $0 | — | $0 | Still clean |
| 2001 | 54,410 | $1.83M | +$1.83M | new | $34 | First HVAC lease |
| 2002 | 54,007 | $1.79M | −$0.04M | −2% | $33 | Amortizing |
| 2003 | 53,592 | ~$3.10M | +$1.3M | +73% | $58 | Convention HVAC |
| 2004 | 53,078 | ~$3.20M | +$0.1M | +3% | $60 | Equipment |
| 2005 | 52,467 | $3.08M | −$0.13M | −4% | $59 | Stable |
| 2006 | 52,001 | $3.07M | $0 | 0% | $59 | Stable |
| 2007 | 51,310 | $3.37M | +$0.30M | +10% | $66 | Police-tech note |
| 2008 | 51,010 | $3.38M | +$0.01M | 0% | $66 | Fire truck |
| 2009 | 50,709 | $7.06M | +$3.69M | +109% | $139 | Wave 2 starts |
| 2010 | 50,709* | $6.62M | −$0.45M | −6% | $131 | First 2009 principal |
| 2011 | 48,046 | $15.75M | +$9.14M | +138% | $328 | $9.64M sales-tax bonds |
| 2012 | 46,855 | $20.18M | +$4.43M | +28% | $431 | $5.36M sales-tax bonds |
| 2013 | 45,844 | $19.19M | −$1.00M | −5% | $418 | Amortizing |
| 2014 | 45,233 | $19.23M | +$0.04M | 0% | $425 | 2009 refunded, not reduced |
| 2015 | 44,841 | $18.73M | −$0.50M | −3% | $418 | Amortizing |
| 2016 | 43,937 | $27.54M | +$8.81M | +47% | $627 | Wave 3 starts |
| 2017 | 43,165 | $39.97M | +$12.43M | +45% | $926 | Library $13.4M |
| 2018 | 42,422 | $42.44M | +$2.47M | +6% | $1,000 | Peak debt and peak per-capita |
| 2019 | 41,619 | $40.47M | −$1.97M | −5% | $972 | Franchise refunding |
| 2020 | 40,978 | $39.41M | −$1.07M | −3% | $962 | COVID + equipment notes |
| 2021 | 40,335 | $35.64M | −$3.77M | −10% | $883 | Franchise refunding + aquatic paydown |
| 2022 | 39,569 | $32.00M | −$3.64M | −10% | $809 | Amortizing |
| 2023 | 39,123 | $27.80M | −$4.20M | −13% | $711 | Aquatic note retired |
| 2024 | 38,785 | $30.32M | +$2.52M | +9% | $782 | Hotel FF&E + fire truck reverse the glide |
*2010 pop uses PEP 48,952 for per-capita; 2009 pop held for the 2009 row.
Reading the table in one line: from 2000 to 2018 the city lost ~13,000 people and added $42 million of borrowed principal. Debt per remaining resident went from $0 to $1,000. The 2019–2023 paydown cut that to $711. 2024 put $71 back on each remaining resident.
Current operating expenditures = General + Street + Other Funds, excluding debt-service principal/interest and excluding investment fair-value P&L.
| Year | Current spend | Δ spend vs prior available year | Pop. | Spend / resident | Largest function | Police+fire combined |
|---|---|---|---|---|---|---|
| 1999 | $26.6M | — | 55.1k | $482 | Police $9.2M | $13.7M |
| 2017 | $42.2M | +$15.6M over 18 yrs | 43.2k | $977 | Law enf. $13.9M | $21.1M |
| 2022 | $50.2M | +$8.0M / 5 yrs | 39.6k | $1,269 | Gen. gov $12.3M | $20.5M |
| 2023 | $56.1M | +$5.9M / +12% | 39.1k | $1,434 | Gen. gov $14.3M | $20.4M |
| 2024 | $65.1M | +$9.0M / +16% | 38.8k | $1,678 | Gen. gov $16.5M | $22.9M |
1999 → 2024: population −30%, current spend +145%, spend per remaining resident +248% ($482 → $1,678). That is the structural number. The city did not shrink its operating footprint as people left.
All figures are current Exhibit B lines: General + Street + Other Funds. Debt-service principal/interest is excluded. 2018–20 recreation is inflated by library / aquatic-center construction booked as “recreation and culture,” not by parks payroll.
Population used for per-resident columns: 1999 ≈ 55,130; then the PEP series in the table above.
| Function | 1999 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| General government | 2.10 | 9.92 | 8.33 | 8.30 | 8.68 | 14.07 | 17.37 | 12.51 | 12.29 | 14.34 | 16.54 |
| Law enforcement | 9.20 | 16.28 | 14.65 | 13.91 | 11.32 | 10.70 | 11.48 | 11.45 | 11.21 | 11.16 | 11.85 |
| Public safety (fire) | 4.50 | 8.10 | 6.98 | 7.20 | 7.79 | 8.34 | 8.59 | 8.76 | 9.24 | 9.24 | 11.01 |
| Highways & streets | 4.08 | 3.84 | 3.51 | 4.57 | 3.71 | 4.31 | 4.62 | 5.41 | 4.81 | 4.52 | 4.48 |
| Recreation & culture | 1.92 | 2.62 | 2.57 | 3.83 | 10.96 | 14.47 | 9.65 | 4.94 | 6.49 | 6.25 | 6.87 |
| Sanitation | 2.15 | 2.69 | 2.59 | 2.84 | 2.59 | 2.67 | 2.67 | 2.52 | 3.08 | 2.95 | 2.87 |
| Economic development | — | — | — | — | 0.98 | 2.94 | 1.70 | 1.88 | 1.45 | 5.73 | 5.34 |
| Public transit | — | 1.10 | 0.97 | 1.21 | 1.26 | 1.01 | 0.97 | 1.18 | 1.13 | 1.46 | 1.76 |
| Social services | — | 0.35 | 0.38 | 0.20 | 0.20 | 0.22 | 0.21 | 0.23 | 0.27 | 0.26 | 0.30 |
| Airport | — | 0.15 | 0.13 | 0.13 | 0.14 | 0.14 | 0.19 | 0.15 | 0.16 | 0.17 | — |
| Wastewater (on city books) | — | — | — | — | — | — | — | — | — | — | 3.91 |
| Health / other | 2.64 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 | 0.06 | 0.22 |
| Current total | 26.58 | 45.09 | 40.15 | 42.23 | 47.68 | 58.93 | 57.48 | 49.08 | 50.17 | 56.13 | 65.14 |
1999 “health / other” = inspection + supporting public projects + administrative ($0.60 + $0.99 + $1.04). 1999 streets row is public works.
| Function | 1999 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| General government | $38 | $221 | $190 | $192 | $205 | $338 | $424 | $310 | $311 | $367 | $426 |
| Law enforcement | $167 | $363 | $333 | $322 | $267 | $257 | $280 | $284 | $283 | $285 | $306 |
| Public safety (fire) | $82 | $181 | $159 | $167 | $184 | $200 | $210 | $217 | $233 | $236 | $284 |
| Highways & streets | $74 | $86 | $80 | $106 | $88 | $104 | $113 | $134 | $122 | $115 | $115 |
| Recreation & culture | $35 | $58 | $58 | $89 | $258* | $348* | $235* | $122 | $164 | $160 | $177 |
| Sanitation | $39 | $60 | $59 | $66 | $61 | $64 | $65 | $62 | $78 | $75 | $74 |
| Economic development | — | — | — | — | $23 | $71 | $41 | $47 | $37 | $146 | $138 |
| Public transit | — | $24 | $22 | $28 | $30 | $24 | $24 | $29 | $28 | $37 | $45 |
| All current | $482 | $1,006 | $914 | $978 | $1,124 | $1,416 | $1,403 | $1,217 | $1,268 | $1,435 | $1,679 |
| Police + fire only | $249 | $544 | $492 | $489 | $450 | $457 | $490 | $501 | $517 | $521 | $589 |
*Library / aquatic construction inside recreation, not recurring parks cost.
Police per resident rose from $167 (1999) to a peak of $363 (2015), then settled near $280–$306. Fire per resident never came back down ($82 → $284). General government per resident went from $38 to $426. Economic development did not exist as a function in 1999 and cost $138 per resident in 2024.
| Function | 1999 | 2015 | 2017 | 2018 | 2019 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|---|
| General government | 8% | 22% | 20% | 18% | 24% | 25% | 24% | 26% | 25% |
| Law enforcement | 35% | 36% | 33% | 24% | 18% | 23% | 22% | 20% | 18% |
| Public safety (fire) | 17% | 18% | 17% | 16% | 14% | 18% | 18% | 16% | 17% |
| Police + fire | 51% | 54% | 50% | 40% | 32% | 41% | 41% | 36% | 35% |
| Streets | 15% | 9% | 11% | 8% | 7% | 11% | 10% | 8% | 7% |
| Recreation & culture | 7% | 6% | 9% | 23%* | 25%* | 10% | 13% | 11% | 11% |
| Economic development | — | — | — | 2% | 5% | 4% | 3% | 10% | 8% |
| Sanitation | 8% | 6% | 7% | 5% | 5% | 5% | 6% | 5% | 4% |
| Transit + other | 10% | 4% | 4% | 4% | 3% | 4% | 3% | 4% | 10% |
Police’s share fell because the rest of the budget grew under it, not because police was cut. In dollars police is still ~$12M. The share that grew: general government and economic development.
| Function | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 2015→24 |
|---|---|---|---|---|---|---|---|---|---|---|
| General government | −1.59 | −0.03 | +0.38 | +5.39 | +3.30 | −4.86 | −0.22 | +2.05 | +2.20 | +$6.62 |
| Law enforcement | −1.63 | −0.73 | −2.60 | −0.62 | +0.78 | −0.03 | −0.24 | −0.05 | +0.69 | −$4.43 |
| Public safety | −1.12 | +0.22 | +0.59 | +0.55 | +0.25 | +0.17 | +0.48 | 0.00 | +1.77 | +$2.91 |
| Streets | −0.33 | +1.06 | −0.86 | +0.60 | +0.31 | +0.79 | −0.61 | −0.29 | −0.04 | +$0.63 |
| Recreation | −0.05 | +1.26 | +7.13 | +3.51 | −4.82 | −4.71 | +1.55 | −0.23 | +0.62 | +$4.25 |
| Economic development | — | — | +0.98 | +1.96 | −1.25 | +0.19 | −0.43 | +4.28 | −0.40 | +$5.34 |
| Sanitation | −0.10 | +0.25 | −0.24 | +0.08 | 0.00 | −0.15 | +0.56 | −0.14 | −0.08 | +$0.18 |
| Transit | −0.13 | +0.24 | +0.06 | −0.25 | −0.04 | +0.21 | −0.05 | +0.33 | +0.30 | +$0.66 |
| Current total | −4.94 | +2.08 | +5.45 | +11.24 | −1.44 | −8.40 | +1.09 | +5.96 | +9.01 | +$20.05 |
The 2019 spike (+$11.2M) and the 2018 recreation spike are capital (library / aquatic) hitting current lines. Strip those two years and the functions that ratcheted up and stayed up are general government and economic development. Police dollars fell $4.4M from the 2015 peak. Fire dollars rose steadily. 2023–24 is a new operating step-up: +$6.0M then +$9.0M.
| Function | Verdict | Metric to watch next year |
|---|---|---|
| General government | Primary structural flaw. $38/resident (1999) → $426 (2024). Share 8% → 25%. | Hold at or below 2021–22 ($310–$311/resident). |
| Law enforcement | High but stable since 2018. Share fell because other lines grew. 2015 was the real police peak ($363/resident). | Keep $280–$310/resident. |
| Public safety / fire | Quiet climber. $82 → $284/resident. Never reversed. | Apparatus notes (2024 fire truck $1.73M) will keep this rising unless replacement is inside the operating budget. |
| Streets | Flat-to-down share (15% → 7%). Dollars stuck ~$4–5M. | $115/resident is low for a 44-sq-mi city. Under-spend shows up as deferred pavement, not savings. |
| Recreation & culture | 2018–20 is construction noise. 2021–24 run-rate is $160–$177/resident vs $35 in 1999. | Separate library debt service + construction from parks operations. |
| Economic development | New function, now $138/resident and 8–10% of current spend. Hotel FF&E sits on top. | 5-year cash-on-cash schedule for every transfer. Treat hotel/FF&E as a loan to a project. |
| Sanitation | Almost the only line that scales with people. $39 → $74/resident, fee-supported. | Keep fee = cost. No GF subsidy creep. |
| Transit | Persistent deficit activity, $24 → $45/resident. | Close routes or book it as a GF department with a published subsidy cap. |
| Wastewater on Exhibit B (2024) | $3.91M appeared on the city statement. | Confirm pass-through vs. new municipal spend. |
| Year | Police+fire $ | Per resident | Share of current |
|---|---|---|---|
| 1999 | $13.69M | $249 | 51% |
| 2015 | $24.37M | $544 | 54% |
| 2017 | $21.11M | $489 | 50% |
| 2022 | $20.45M | $517 | 41% |
| 2023 | $20.39M | $521 | 36% |
| 2024 | $22.86M | $589 | 35% |
The safety pair is not what blew the 2023–24 budget. Dollars per resident did rise ($249 → $589), but the share fell because general government and economic development grew faster. A correction plan that cuts police first is aimed at the wrong line.
1999–2000 — baseline, no city bonded debt.
GF balance $9.8M / $8.2M (~110 days). Police already the largest department. WWU sewer bonds ($12.5M → $11.5M) sit on the utility, not the city. Legal GO margin was the entire 25% cap because there was nothing to subtract. Flaw to watch even then: contingent IDB/hospital guarantees were $66.8M — not city debt, but a political exposure if a private borrower failed.
2001–08 — Wave 1, leases only.
Debt/resident stays in the $34–$66 band. This is the last period where borrowing tracks a single building system (HVAC) plus rolling equipment. Population is already falling ~1%/yr and nobody is cutting the operating base to match. Flaw: starting a habit of financing equipment instead of budgeting replacement.
2009 — first structural break.
Debt doubles in one year (+$3.69M / +109%) to $139 per resident. Franchise-fee bonds refund the HVAC and extend the term into the 2030s. Franchise fees (~$3M/yr) become a pledged stream. Flaw: a revenue the city used to spend on operations is now legally spoken for. Excess franchise fees still flow back to General Fund later — which hides how tight the pledge is in a down year.
2011–12 — second structural break.
Two sales-tax bond issues, +$13.6M in two years. Debt/resident jumps $131 → $431 while population drops through the 2010 census cliff (−3.5% in 2010 alone). Flaw: stacking long 2011–2036 paper on a shrinking 5/8¢ sales-tax base. Coverage looks fine in a good year ($4.3M tax vs. ~$1M DS) and will look fine until the tax dips.
2014 — refunding that did not shrink the book.
2009 franchise bonds rolled into Series 2014. Outstanding stays ~$19.2M. Flaw: refunding is sold as savings; the per-capita burden does not fall.
2016–18 — third structural break and the peak.
+$8.8M in 2016, +$12.4M in 2017 (library), +$2.5M in 2018 (aquatic center). Debt/resident crosses $1,000. Three separate pledges now run in parallel: franchise fees, 5/8¢ sales tax, and a new 3-mill library tax. Flaws:
2019–23 — the only disciplined stretch.
Principal falls $42.4M → $27.8M (−$14.6M). Debt/resident $1,000 → $711. Aquatic note is retired in 2023. This is the template: no new program debt, let the 2011–18 paper amortize, keep franchise/sales-tax coverage. Residual flaws that did not get fixed: vehicle and golf-cart operating leases growing off the principal total ($0.48M in 2022 → $2.06M in 2023); Parks lease-approval findings in the 2022 audit; Transit and other special-revenue deficit balances recurring.
2024 — the glide path breaks.
New financed purchases $5.17M (hotel FF&E $3.0M, fire truck $1.73M, two CAT machines). Debt/resident back up to $782. Current spend jumps +16% in one year to $65.1M ($1,678 per resident). General-government function alone is $16.5M — larger than 1999’s entire police department. A $3.91M “wastewater” current line appears inside Other Funds on the city Exhibit B — confirm whether that is a pass-through or a new claim. Flaws to correct now:
Scored against the 1999–2000 baseline, when the city had $0 bonded debt and ~110 days of GF cash.
| Flaw | Evidence | Severity | Correction |
|---|---|---|---|
| Debt rose while people left | Pop. −30% (2000–24); debt $0 → $42.4M peak → $30.3M | High | Hard cap: no new pledged-revenue issue until debt/resident is back under $500 (~$19M). |
| Operating cost per remaining resident tripled | $482 (1999) → $1,678 (2024) | High | Freeze general-government growth. Publish a 5-year FTE and function budget that shrinks with PEP population. |
| Police+fire are rigid | Combined ~$21–23M every year 2017–24 even as city shrinks | High | That is not optional spend. Any cut has to come from general government, econ-dev transfers, and recreation — which is exactly where 2022–24 grew. |
| General government inflated after 2021 | $8.3M (2017) → $16.5M (2024) | High | Line-item that bucket. Urban renewal, hotel, one-time projects, and admin are being booked as “general government.” |
| Stacked pledged streams | Franchise + 5/8¢ sales tax + 3-mill library, all running at once | High | Library levy is the only new tax. Franchise and sales-tax pledges subtract from money the GF used to keep. Stress-test a 15% sales-tax drop. |
| Legal-margin illusion | 2017 GO cap $73.8M with “$0 property-tax bonds”; actual borrowed principal $40.0M | High | The 20% assessed-value cap only hits GO / property-tax bonds. Franchise and sales-tax bonds sit outside it. Report “true burden” = principal + leases + absences. |
| Refundings that don’t shrink principal | 2014, 2017A/B, 2019, 2021 | Medium | Require a net-present-value and a principal-outstanding test. Savings that extend maturity are not savings for a shrinking city. |
| Balloon / short notes on General Fund | 2018 aquatic $4.08M (3 payments, last one $3.0M); 2024 hotel $3.0M over 5 years | High | Ban balloons. Equipment on a 5–7 year note only if the replacement schedule is in the adopted budget. |
| Off-book claims | 2024: leases $3.17M + absences $4.38M + construction $6.78M | High | Add a single “claims on future cash” schedule to every budget book. Regulatory basis will never put these on the balance sheet. |
| Recurring deficit funds | Transit, Community Development, Emergency Vehicle (2018 and later) | Medium | Stop transferring just enough to limp. Either close the activity or fund it as a GF department. |
| Internal-control findings | 2022 Parks leases without council approval; 2024 LJAC theft / untraced receipts coverage | High | Structural: Parks and Finance cannot originate multi-year leases. One clerk, two signatures, council ordinance before vendor is paid. |
| Revenue mix shifted to volatile sources | Casino tax $4.17M (2022) → $5.29M (2024); sales tax ~$26M | Medium | Casino and sales tax funded the 2023–24 spend jump. A recession or a casino-win slump hits the new cost base first. Keep a 90-day GF cash floor like 1999. |
| Component-unit / WWU blur | 2024 Other Funds shows $3.91M wastewater current spend | Medium | Decide: is this city cash or a pass-through. Don’t let utility costs migrate onto the municipal Exhibit B without a vote. |
| Per-capita debt still 23× the 2001 HVAC era | $34 (2001) vs $782 (2024) | High | The 2019–23 paydown proved the city can amortize. 2024 showed it will not stay on that path without a rule. |
Source PDF: LOM107699
Source: City-prepared CAFR, Finance Director Edward Bogy, transmitted May 11, 2000. GAAP “liftable GPFS” with General Fixed Asset and General Long-Term Obligation account groups. Component units (Wastewater, Aviation, Civic Auditorium / ATP, Arts & Science, Parks, pension trusts) are in this book.
Mayor: Jerry Taylor. Treasurer Greg Gustek. Finance Edward Bogy.
| Item | Amount |
|---|---|
| Primary-government governmental revenues (Gen + Special) | $29,069,186 |
| Same, expenditures | $26,579,023 |
| General Fund balance | $9,754,280 (~110 days of GF spend) |
| Special Revenue fund balance | $1,024,052 |
| City general-obligation / city revenue bonds | $0 |
| General Long-Term Obligation account group | $260,552 (leave $62,519 + net pension $198,033) |
| Wastewater Utility sewer revenue bonds (component) | $12,454,551 |
| Civic Auditorium note (component) | $19,602 |
| City-guaranteed private IDB / hospital bonds (contingent) | $66,750,000 |
| Legal GO debt limit (25% of $317,727,443 assessed) | $79,431,861 |
| Legal margin | $79,431,861 (all of it — no GO debt) |
| General fixed assets account group | $15,954,552 |
| Transit + airport subsidies | $246,525 and $107,800 |
The city government itself was essentially debt-free in 1999. The $12.5 million that looks like “city debt” is sewer revenue bonds paid by sewer rates, on the Wastewater Utility’s books.
| Assets | Liabilities | Equity / fund balance | |
|---|---|---|---|
| General Fund | $14,174,239 | $4,419,959 | $9,754,280 |
| Special Revenue | $1,601,686 | $577,634 | $1,024,052 |
| Internal Service | $442,738 | $329,018 | $113,720 RE |
| Enterprise (Transit, city side) | $1,593,538 | $324,896 | $1,268,642 (contrib. cap $9.7M, RE deficit $8.4M) |
| Trust & Agency | $61,877,454 | $585,283 | $61,292,171 (mostly pension investments $58.8M) |
| Primary government (memo) | $95,904,759 | $6,497,342 | $89,407,417 |
| Component units (memo) | $54,496,894 | $14,194,039 | $40,302,855 |
General Fund cash $10,677,531. Unreserved GF $8,177,619; encumbered $1,576,661.
| Source | General | Special Revenue | Primary gov |
|---|---|---|---|
| Property taxes | $1,529,270 | $457,839 | $1,987,109 |
| Utility franchise taxes | $2,431,328 | — | $2,431,328 |
| Occupation licenses | $568,702 | — | $568,702 |
| Intergovernmental | $1,761,634 | $2,557,326 | $4,318,960 |
| Fines and forfeits | $1,475,475 | — | $1,475,475 |
| Sanitation fees | $2,140,724 | — | $2,140,724 |
| Programs / supplies / services | $229,441 | $192,165 | $421,606 |
| Grants and entitlements | $795,674 | $2,199,269 | $2,994,943 |
| City sales tax and tourism tax | $6,668,254 | — | $6,668,254 |
| County sales tax | $5,501,677 | — | $5,501,677 |
| Mixed drink tax | $88,211 | — | $88,211 |
| Interest | $393,322 | $34,760 | $428,082 |
| Miscellaneous | $21,563 | $22,552 | $44,115 |
| Total | $23,605,275 | $5,463,911 | $29,069,186 |
City + county sales tax together: $12.17 million — already the dominant revenue, smaller than the 2017 $17.9 million citywide sales-tax take.
These CAFRs print named departments, unlike the 2017 regulatory audit.
| Function | General | Special Revenue | Primary gov |
|---|---|---|---|
| General government | $2,098,341 | — | $2,098,341 |
| Police department | $9,198,972 | — | $9,198,972 |
| Fire department | $4,495,188 | — | $4,495,188 |
| Protective inspection | $602,473 | — | $602,473 |
| Public works | $98,748 | $3,982,284 | $4,081,032 |
| Sanitation | $2,149,972 | — | $2,149,972 |
| Supporting public projects | $994,246 | — | $994,246 |
| Administrative and general | $1,041,611 | — | $1,041,611 |
| Culture – recreation | $590,635 | $1,326,553 | $1,917,188 |
| Total expenditures | $21,270,186 | $5,308,837 | $26,579,023 |
Police + fire = $13.69 million (51% of primary-gov governmental spend). Special Revenue public works is mostly Street Fund + CDBG.
GF operating surplus before transfers: +$2,335,089. Transfers out $1,616,854 (including $1,370,329 to component units). Net GF increase $718,235. Beginning GF $9,036,045 → ending $9,754,280.
Nothing bonded. GLTO account group = compensated absences $62,519 + net pension obligation $198,033 = $260,552.
| Issue | Rate | Maturity | Principal 12/31/1999 |
|---|---|---|---|
| 1991 Sewer Revenue | 3% + 1% fee | Apr 15, 2013 | $2,119,477 |
| 1994 Sewer Revenue | 3.90–6.00% | Sep 1, 2009 | $4,170,000 |
| 1996A Sewer Revenue (refunds 1987) | 3.75–5.00% | Mar 1, 2007 | $4,525,000 |
| 1996B Sewer Revenue | 2.50% + 1% fee | Apr 15, 2013 | $1,640,074 |
| Total WWU | $12,454,551 |
Paid only from sewer net revenues. Civic Auditorium / ATP: $19,602 bank note at 9% (P+I remaining $22,433 through 2002).
1999 principal retired on the WWU stack: $116,429 (1991) + $310,000 (1994) + $460,000 (1996A) + $59,926 (1996B) = $946,355.
| Issue | Remaining principal | Remaining interest (+ fee) | Gross P+I |
|---|---|---|---|
| 1991 | $2,119,477 | $644,138 | $2,763,615 |
| 1994 | $4,170,000 | $1,433,503 | $5,603,503 |
| 1996A | $4,525,000 | $920,736 | $5,445,736 |
| 1996B | $1,640,074 | $619,114 | $2,259,188 |
| WWU total | $12,454,551 | $3,617,491 | $16,072,042 |
Near-term combined WWU P+I: 2000 ≈ $1.57 million; 2001 ≈ $1.56 million.
City guarantee of industrial-development and health-care facility bonds issued for private companies / hospitals / nonprofits: $66,750,000 (Note 8). Not city debt unless a default. January 2000 Council also authorized up to $3 million of pollution-control refunding bonds for a local industry — same guarantee structure, not a direct obligation.
Legal margin computation (statistical p. 64): assessed value $317,727,443 × 25% (Act 10 of 1959) = $79,431,861. Applicable bonded debt $0. Margin = entire limit.
| Amount | |
|---|---|
| Charges for services | $6,386,887 |
| Operating expenses (ex-dep) | $3,088,596 |
| Depreciation / amortization | $1,455,353 |
| Operating income | $1,842,938 |
| Interest income | $128,770 |
| Interest expense on revenue bonds | $(607,603) |
| Net income | $1,364,105 |
| Retained earnings, end of year | $10,590,832 |
| Restricted cash (bond funds) | $2,016,206 |
| Plant in service (cost, component proprietary) | $48,338,856 |
| Accumulated depreciation | $15,220,170 |
| Construction in progress | $286,476 |
Coverage (statistical p. 70): 1999 gross revenue $6,515,657; net available $3,427,061; DS $1,568,801; coverage 2.18×. Coverage stayed between 1.96× and 2.58× for the whole 1990–1999 decade.
WWU total assets $38,838,534; total liabilities $13,262,059 (of which revenue bonds $11,463,114 current+long + $991,437 current). Equity $25,576,475.
Aviation Commission required a $107,800 General Fund subsidy; Transit (city enterprise) $246,525.
| Class | Primary gov | Component units (GFAAG only) |
|---|---|---|
| Land and improvements | $1,430,438 | $331,672 |
| Buildings and improvements | $4,979,921 | $8,752,318 |
| Automobiles / transportation | $6,741,558 | $36,961 |
| Equipment | $2,802,635 | $3,063,433 |
| Total GFAAG | $15,954,552 | $12,184,384 |
Largest primary-gov concentrations: Civic Center $5,452,455; Street Dept $3,984,823; Fire $2,799,779; Police $2,627,390.
Proprietary books (depreciated): city Transit plant/buses book value $1,082,765; component (mostly WWU) plant book value $35,418,080.
Uninsured/uncollateralized bank balance at year-end: $656,782.
The city government itself carried zero general-obligation or city revenue bonds. The only bonded debt in the reporting entity was $12.45 million of Wastewater Utility sewer revenue bonds, paid from sewer rates at 2.18× coverage, plus a $20k Civic Auditorium equipment note. General Fund closed at $9.75 million (110 days of spend) after a $718k surplus. Police + fire consumed $13.7 million of the $26.6 million primary-gov governmental spend. $66.75 million of private IDB/hospital bonds sat as a contingent guarantee only.
Source PDF: LOM107600
Source: City CAFR, Edward Bogy, May 10, 2001. Same GAAP / account-group format as 1999. Alderman Levert Blunt replaced on the roster by Bill Freeman.
| Item | Amount |
|---|---|
| Primary-gov governmental revenues | $29,894,953 |
| Same, expenditures | $29,588,125 |
| General Fund balance | $8,197,689 (down $1,556,591) |
| Special Revenue fund balance | $1,276,856 |
| City GO / city revenue bonds | $0 |
| GLTO account group | $218,194 (leave $29,953 + NPO $188,241) |
| Wastewater Utility sewer revenue bonds | $11,461,378 |
| City-guaranteed private IDB / hospital bonds | $62,705,000 |
| Legal GO limit (25% of $321,638,522) | $80,409,631 |
| Legal margin | $80,409,631 |
| General fixed assets account group | $17,147,033 |
| Transit + airport subsidies | $288,068 and $109,000 |
| Expected city share of Dec 2000 ice-storm cleanup | ~$2 million (FEMA fight ongoing) |
Still no city bonded debt. WWU paid the sewer stack down by about $993k.
| Assets | Liabilities | Equity / fund balance | |
|---|---|---|---|
| General Fund | $13,087,140 | $4,889,451 | $8,197,689 |
| Special Revenue | $1,638,203 | $361,347 | $1,276,856 |
| Internal Service | $400,466 | $733,313 | $(332,847) RE |
| Enterprise (city) | $1,516,538 | $336,758 | $1,179,780 |
| Trust & Agency | $63,661,644 | $642,586 | $63,019,058 |
| Primary government (memo) | $97,669,218 | $7,181,649 | $90,487,569 |
| Component units (memo) | $54,696,531 | $13,335,354 | $41,361,177 |
GF cash $10,649,796. Unreserved GF $7,010,845. Internal Service flipped to a $332,847 retained-earnings deficit (claims payable $518,091).
| Source | General | Special Revenue | Primary gov |
|---|---|---|---|
| Property taxes | $1,543,704 | $461,266 | $2,004,970 |
| Utility franchise taxes | $2,377,640 | — | $2,377,640 |
| Occupation licenses | $631,712 | — | $631,712 |
| Intergovernmental | $1,682,520 | $2,837,728 | $4,520,248 |
| Fines and forfeits | $1,209,234 | — | $1,209,234 |
| Sanitation fees | $2,094,101 | — | $2,094,101 |
| Programs / supplies / services | $287,298 | $163,799 | $451,097 |
| Grants and entitlements | $967,865 | $2,246,779 | $3,214,644 |
| City sales tax and tourism tax | $7,004,053 | — | $7,004,053 |
| County sales tax | $5,699,286 | — | $5,699,286 |
| Mixed drink tax | $82,150 | — | $82,150 |
| Interest | $499,198 | $53,287 | $552,485 |
| Miscellaneous | $13,226 | $40,107 | $53,333 |
| Total | $24,091,987 | $5,802,966 | $29,894,953 |
| Function | General | Special Revenue | Primary gov |
|---|---|---|---|
| General government | $2,025,348 | — | $2,025,348 |
| Police department | $9,284,479 | — | $9,284,479 |
| Fire department | $4,585,938 | — | $4,585,938 |
| Protective inspection | $812,959 | — | $812,959 |
| Public works | $43,363 | $4,098,041 | $4,141,404 |
| Sanitation | $2,093,973 | — | $2,093,973 |
| Supporting public projects | $2,773,278 | — | $2,773,278 |
| Administrative and general | $1,098,842 | — | $1,098,842 |
| Culture – recreation / capital outlays | $1,262,456 | $1,509,448 | $2,771,904 |
| Total expenditures | $23,980,636 | $5,607,489 | $29,588,125 |
Supporting public projects jumped $1.78 million vs 1999 — the December 13 and 25 ice storms and the contractor cleanup that FEMA later trimmed. Inspection also up ($250k demolitions / lot cutting). Police over budget by $225,712; fire over by $217,783; supporting-projects over by $735,258.
GF surplus before transfers only $111,351. Transfers out $1,667,942. Net GF −$1,556,591.
CDBG finished West 13th Street drainage (Taft to Franklin) at >$2 million.
Still $0 bonded. GLTO $218,194.
| Issue | Principal 12/31/2000 | Retired in 2000 |
|---|---|---|
| 1991 Sewer Revenue | $1,998,345 | $121,132 |
| 1994 Sewer Revenue | $3,845,000 | $325,000 |
| 1996A Sewer Revenue | $4,040,000 | $485,000 |
| 1996B Sewer Revenue | $1,578,033 | $62,041 |
| Total WWU | $11,461,378 | $993,173 |
Payable solely from sewer net revenues. All covenants in compliance.
| Issue | Remaining principal | Remaining interest (+ fee) | Gross P+I |
|---|---|---|---|
| 1991 | $1,998,345 | $560,557 | $2,558,902 |
| 1994 | $3,845,000 | $1,199,545 | $5,044,545 |
| 1996A | $4,040,000 | $719,510 | $4,759,510 |
| 1996B | $1,578,033 | $562,250 | $2,140,283 |
| WWU total | $11,461,378 | $3,041,862 | $14,503,240 |
Guaranteed private IDB / hospital / nonprofit bonds down to $62,705,000 (Note 8). Still not city debt unless a default.
Legal margin (statistical p. 64): assessed value $321,638,522 × 25% = $80,409,631. Applicable bonded debt $0.
| Amount | |
|---|---|
| Charges for services | $6,288,127 |
| Operating expenses (ex-dep) | $3,265,428 |
| Depreciation / amortization | $1,608,111 |
| Operating income | $1,414,588 |
| Interest income | $169,407 |
| Interest expense on revenue bonds | $(569,264) |
| Net income | $1,014,731 |
| Retained earnings, end of year | $11,605,563 |
| Restricted cash (bond funds) | $2,193,855 |
| WWU total assets | $39,049,085 |
| WWU total liabilities | $12,420,688 |
| WWU equity | $26,628,397 |
Coverage (statistical p. 70): 2000 gross $6,457,534; net available $3,192,106; DS $1,561,245; coverage 2.04×.
Aviation subsidy $109,000; Transit subsidy $288,068.
| Class | Primary gov | Component units (GFAAG only) |
|---|---|---|
| Land and improvements | $1,430,438 | $331,672 |
| Buildings and improvements | $5,494,462 | $8,754,129 |
| Transportation equipment | $7,419,498 | $36,961 |
| Other equipment | $2,802,635 | $3,086,268 |
| Total GFAAG | $17,147,033 | $12,209,030 |
Year-over-year primary-gov GFAAG +$1,192,481 — fire-station / fire-truck additions and a large police-vehicle replacement (transmittal: “massive purchase of replacement autos”). Fire GFAAG jumped to $3,446,801; Police to $2,976,627; Street to $4,210,188.
Proprietary book values: city Transit $989,843; component plant $35,491,972.
Uninsured/uncollateralized bank balance at year-end: $922,701.
Transmittal explanation of the $1.78 million jump in “supporting public projects”: $400,000 Port Road + $1,123,417 voluntary forgiveness of debt owed the City by various sewer improvement districts, plus the December ice-storm contractor.
Still no city bonded debt. WWU paid the sewer stack down $993k to $11.46 million (coverage 2.04×). General Fund dropped $1.56 million to $8.20 million (94 days) after ice-storm cleanup, a $1.12 million forgiveness of sewer-improvement-district notes, Port Road, a fire truck, and a large police-vehicle buy. Police + fire $13.87 million. Contingent IDB/hospital guarantees $62.71 million. Internal-service health fund flipped to a $333k deficit.
Source PDF: LOM107617
Auditor: Arkansas Legislative Audit (Roger A. Norman / Marti Steel). Opinion date July 12, 2018. Unmodified on the regulatory basis; adverse on GAAP (expected).
Officials named in the report: Mayor Shirley Washington; Finance Director Steve Miller; City Clerk Loretta Whitfield; City Collector Sharon Johnson.
| Item | Amount |
|---|---|
| Combined revenues (all reported funds) | $45,220,153 |
| Combined expenditures | $44,228,528 |
| Bond principal outstanding | $38,885,000 |
| Note / installment principal outstanding | $1,087,060 |
| Borrowed principal | $39,972,060 |
| Compensated absences (leave, not borrowed) | $4,460,271 |
| Note 12 “long-term liabilities” (borrowed + leave) | $44,432,331 |
| Remaining P+I on bonds and notes | $57,525,568 |
| Legal bonded-debt cap (20% assessed value) | $73,832,477 |
| Short-term financing used / cap | $1,087,060 / $20,219,431 |
| Capital assets (unaudited cost, no depreciation shown) | $82,139,031 |
| LOPFI transfer (closed Policemen’s Pension & Relief) | $14,626,389 |
2017 is a new-money + refinance year: $13.355 million library bonds, plus $10.93 million sales-tax refunding of the 2011 and 2012 issues.
| General | Street | Other funds | Combined (add) | |
|---|---|---|---|---|
| Cash and cash equivalents | $7,269,925 | $1,471,377 | $29,322,543 | $38,063,845 |
| Investments | — | — | $27,194,153 | $27,194,153 |
| Accounts receivable | $1,941,623 | $53,430 | $801,729 | $2,796,782 |
| Interfund receivables | $519,207 | — | $1,891 | $521,098 |
| Total assets | $9,730,755 | $1,524,807 | $57,320,316 | $68,575,878 |
| Accounts payable | $821,746 | $56,936 | $288,772 | $1,167,454 |
| Interfund payables | — | $8,110 | $512,988 | $521,098 |
| Settlements pending | — | — | $250,219 | $250,219 |
| Total liabilities | $821,746 | $65,046 | $1,051,979 | $1,938,771 |
| Nonspendable | — | — | $497,678 | $497,678 |
| Restricted | $171,848 | $1,181,061 | $52,751,376 | $54,104,285 |
| Committed | — | — | $2,676,256 | $2,676,256 |
| Assigned | $852,303 | $278,700 | $368,148 | $1,499,151 |
| Unassigned | $7,884,858 | — | $(25,121) | $7,859,737 |
| Total fund balances | $8,909,009 | $1,459,761 | $56,268,337 | $66,637,107 |
Restricted “Other” is mostly pension trust investments (~$30.3 million) plus unspent bond construction cash (library $12.7 million, 2016 sales-tax projects $5.8 million). That is not spendable general-fund money.
Transit Fund is the only reported deficit: $(25,121).
| Source | General | Street | Other | Combined |
|---|---|---|---|---|
| State aid | $1,977,336 | $3,376,486 | $495,645 | $5,849,467 |
| Federal aid | $25,929 | — | $1,704,190 | $1,730,119 |
| Property taxes | $3,059,330 | $588,968 | $1,387,696 | $5,035,994 |
| Franchise fees | $392,821 | — | $2,714,364 | $3,107,185 |
| Sales taxes | $13,558,051 | — | $4,309,808 | $17,867,859 |
| Fines, forfeitures, and costs | $729,044 | — | $297,755 | $1,026,799 |
| Interest | $51,073 | $3,996 | $1,105,305 | $1,160,374 |
| Local permits and fees | $1,252,437 | — | $171,156 | $1,423,593 |
| Sanitation fees | $2,728,890 | — | — | $2,728,890 |
| Transit fees | — | — | $50,620 | $50,620 |
| Parks and recreation fees | $178,272 | — | — | $178,272 |
| Donations | — | — | $157,802 | $157,802 |
| Employer / employee pension contrib. | — | — | $649,530 | $649,530 |
| Fair-value change on investments | — | — | $3,205,960 | $3,205,960 |
| Other | $337,951 | $136,526 | $513,212 | $987,689 |
| Total revenues | $24,291,134 | $4,105,976 | $16,823,043 | $45,220,153 |
Sales tax is the city’s engine: $17.9 million citywide. General Fund also lives on sanitation fees and property tax.
This is the closest thing to “department” spend in the audit.
| Function | General | Street | Other | Combined |
|---|---|---|---|---|
| General government | $4,659,803 | — | $3,641,990 | $8,301,793 |
| Law enforcement | $11,425,814 | — | $2,487,707 | $13,913,521 |
| Highways and streets | $381 | $3,857,057 | $712,133 | $4,569,571 |
| Public safety | $7,198,188 | — | — | $7,198,188 |
| Sanitation | $2,651,587 | — | $183,712 | $2,835,299 |
| Health | $50,134 | — | — | $50,134 |
| Recreation and culture | $1,829,645 | — | $1,997,733 | $3,827,378 |
| Social services | $194,701 | — | $4,945 | $199,646 |
| Transit | — | — | $1,208,474 | $1,208,474 |
| Airport | $129,353 | — | — | $129,353 |
| Total current | $28,139,606 | $3,857,057 | $10,236,694 | $42,233,357 |
| Bond principal | — | — | $850,000 | $850,000 |
| Bond interest and other charges | — | — | $940,508 | $940,508 |
| Note principal | $57,372 | $43,581 | $93,000 | $193,953 |
| Note interest | $4,057 | $3,014 | $3,639 | $10,710 |
| Total expenditures | $28,201,035 | $3,903,652 | $12,123,841 | $44,228,528 |
Read of the functions
| General | Street | Other | |
|---|---|---|---|
| Revenues over (under) expenditures | $(3,909,901) | $202,324 | $4,699,202 |
| Transfers in | $4,865,545 | — | $410,952 |
| Transfers out | $(165,438) | $(245,514) | $(4,865,545) |
| Transfer to LOPFI | — | — | $(14,626,389) |
| Bond proceeds | — | — | $24,285,000 |
| Payment to refunding escrow | — | — | $(11,585,000) |
| Loan proceeds | $778,440 | — | — |
| Civic auditorium contribution | $109,295 | — | — |
| Net other financing | $5,587,842 | $(245,514) | $(6,380,982) |
| Change in fund balance | $1,677,941 | $(43,190) | $(1,681,780) |
| Fund balance Jan 1 | $7,231,068 | $1,502,951 | $57,950,117 |
| Fund balance Dec 31 | $8,909,009 | $1,459,761 | $56,268,337 |
General Fund ran a $3.9 million operating hole and was plugged by $4.87 million of excess pledged tax swept from debt-service funds ($2,912,619 leftover sales tax + $1,952,926 leftover franchise fees). That is normal for this structure: the tax is collected in the debt-service fund, debt is paid, surplus is transferred to General.
Street Fund sent $245,514 to Transit as local match.
| General budget | General actual | Street budget | Street actual | |
|---|---|---|---|---|
| Revenues | $22,449,324 | $24,291,134 | $3,993,232 | $4,105,976 |
| Current + debt expenditures | $30,569,700 | $28,201,035 | $5,723,909 | $3,903,652 |
| Other financing (net) | $6,742,974 | $5,587,842 | $206,732 | $(245,514) |
General underspent the adopted budget by about $2.24 million. Street underspent by about $1.82 million.
| Issue | Rate | Final maturity | Outstanding |
|---|---|---|---|
| Franchise Fee Revenue Refunding & Improvement, Series 2014 | 1.00–4.25% | May 1, 2039 | $5,040,000 |
| Franchise Fee Revenue Improvement, Series 2016 | 2.00–3.50% | May 1, 2046 | $3,020,000 |
| Sales & Use Tax Improvement, Series 2016 | 2.00–3.50% | Oct 1, 2036 | $6,670,000 |
| Library Property Tax Construction, Series 2017 | 2.00–3.625% | Feb 1, 2047 | $13,355,000 |
| Sales & Use Tax Refunding, Series 2017A | 2.00–3.80% | Oct 1, 2036 | $6,320,000 |
| Sales & Use Tax Refunding, Series 2017B | 2.00–3.75% | Oct 1, 2036 | $4,480,000 |
| Total bonds | $38,885,000 |
| Contract | Purpose | Rate | Final | Outstanding |
|---|---|---|---|---|
| 2015 Simmons | 3 Chargers + 7 Explorers | 1.79% | Aug 14, 2018 | $94,702 |
| 2015 Relyance | Street / turf / cars | 2.27% | Mar 7, 2019 | $138,606 |
| 2016 Simmons | 5 Chargers | 2.30% | Jul 28, 2019 | $75,312 |
| 2017 US Bancorp | 19 vehicles | 1.94% | Apr 14, 2020 | $477,080 |
| 2017 US Bancorp | Police camera system | 2.18% | Apr 14, 2022 | $301,360 |
| Total notes | $1,087,060 |
| New issue | Par issued | Refunded | Old par retired |
|---|---|---|---|
| Series 2017A (Jul 27, 2017) | $6,450,000 | 2011 sales-tax bonds | $7,045,000 |
| Series 2017B (Nov 28, 2017) | $4,480,000 | 2012 sales-tax bonds | $4,540,000 |
Net new borrowing from those two deals is small; they replaced higher-coupon 2011/2012 paper. The library $13,355,000 is the real 2017 add.
| Years | Bonds P+I | Notes P+I | Total |
|---|---|---|---|
| 2018 | $2,499,111 | $438,822 | $2,937,933 |
| 2019 | $2,663,859 | $337,927 | $3,001,786 |
| 2020 | $2,655,161 | $229,507 | $2,884,668 |
| 2021 | $2,654,960 | $64,270 | $2,719,230 |
| 2022 | $2,486,819 | $64,271 | $2,551,090 |
| 2023–2027 | $12,288,059 | — | $12,288,059 |
| 2028–2032 | $10,519,259 | — | $10,519,259 |
| 2033–2037 | $8,834,506 | — | $8,834,506 |
| 2038–2042 | $6,204,112 | — | $6,204,112 |
| 2043–2047 | $5,584,925 | — | $5,584,925 |
| Gross | $56,390,771 | $1,134,797 | $57,525,568 |
| Less interest | $17,505,771 | $47,737 | $17,553,508 |
| Principal | $38,885,000 | $1,087,060 | $39,972,060 |
Library bonds are outside the 20% constitutional cap.
| Fund | Type | Fund balance 12/31/2017 |
|---|---|---|
| Community Development | Special revenue | $75,196 |
| Historic District Commission | Special revenue | $1,194 |
| Jail Fee | Special revenue | $29,994 |
| Administration of Justice | Special revenue | $328,444 |
| SEARK Arts & Science Center | Special revenue | $709,244 |
| Vice Intelligence Narcotics | Special revenue | $64,815 |
| Grants | Special revenue | $54,136 |
| Emergency Vehicle | Special revenue | $32,529 |
| HUD Storm Recovery Drainage | Special revenue | $4,074 |
| Transit | Special revenue | $(25,121) |
| S&U Tax Capital Imp. 2012 | Capital projects | $991,946 |
| Capital Improvement 2014 | Capital projects | $22,348 |
| S&U Tax Capital Imp. 2016 | Capital projects | $5,787,158 |
| Capital Improvements 2016 | Capital projects | $2,312,612 |
| Library Construction 2017 | Capital projects | $12,667,195 |
| Sales & Use Tax Bonds DS | Debt service | $853,755 |
| Franchise Fee Bonds DS | Debt service | $562,055 |
| Library Property Tax Bond 2017 DS | Debt service | $1,033,548 |
| Cemetery Trust | Permanent | $497,678 |
| City Retirement (trust) | Pension trust | $30,265,537 |
| Policemen’s Pension and Relief | Pension trust | $0 (closed; $14.6M sent to LOPFI) |
| District Court 1 / 2, Payroll, Health premium | Agency | assets = settlements pending |
Unspent bond proceeds sitting in construction funds at year-end: about $21.8 million (2012 leftover + 2016 S&U + 2016 franchise/capital + library).
| Class | 12/31/2017 |
|---|---|
| Land | $604,627 |
| Buildings | $31,869,037 |
| Infrastructure | $19,503,829 |
| Improvements | $8,684,864 |
| Heavy equipment | $10,917,101 |
| Vehicles | $6,730,461 |
| Equipment | $3,829,112 |
| Total | $82,139,031 |
No accumulated depreciation is printed. Treat as historical cost inventory.
Open construction contracts at year-end: $778,637 (Main Street streetscape $400,788; aquatic center $244,460; plus small drainage / trail / sewer).
Use later-year audits to confirm; these are comparative exhibits only.
General Fund
| 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|
| Fund balance | $8,909,009 | $7,406,614 | $7,680,661 | $7,487,692 | $8,204,584 |
| Revenues | $24,291,134 | $28,839,021 | $28,913,985 | $28,053,602 | $30,084,182 |
| Expenditures | $28,201,035 | $29,292,021 | $28,926,631 | $28,511,861 | $29,092,205 |
General Fund revenue printed for 2017 is lower than 2013–2016 because a slice of sales/franchise tax now hits Other (debt-service) funds first.
Street Fund
| 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|
| Fund balance | $1,459,761 | $1,502,951 | $965,289 | $790,398 | $89,733 |
| Revenues | $4,105,976 | $3,902,782 | $3,877,649 | $4,227,291 | $3,426,927 |
| Expenditures | $3,903,652 | $3,175,779 | $3,702,758 | $3,526,626 | $3,871,433 |
Other funds in the aggregate
| 2017 | 2016 | 2015 | 2014 | 2013 | |
|---|---|---|---|---|---|
| Fund balance | $56,268,337 | $57,950,117 | $43,651,874 | $47,847,501 | $49,192,214 |
| Revenues | $16,823,043 | $9,399,669 | $9,684,055 | $9,478,315 | $6,748,247 |
| Expenditures | $12,123,841 | $9,494,224 | $14,224,068 | $12,324,978 | $14,163,268 |
| Other financing | $(6,380,982) | $10,117,493 | $344,386 | $1,281,322 | $(6,015,669) |
2016 Other-funds financing (+$10.1 million) is the prior year’s bond issues landing; 2017’s (−$6.4 million) is the LOPFI dump net of new library/refunding proceeds.
No material weakness. Police Department issues only:
Federal single audit was still in progress at the date of this report.
Borrowed city principal at year-end was $40.0 million, dominated by the new $13.4 million library bonds and the refinanced sales-tax stack. General Fund operations spent $3.9 million more than they took in and were backfilled by surplus pledged sales and franchise tax. Combined reported funds still held $66.6 million of fund balance, but most of that is pension trust paper and unspent construction bond cash, not free cash. Leave liability of $4.5 million sits in the notes and is not on the balance sheet.
(Append each year below in the same template as the next PDFs arrive.)