HomeMy WebLinkAboutPopular Annual Financial Report (PAFR) - 6/30/2016inside
Overview 1
Oro Valley Fast Facts 2
Message from
the Town Manager 2
Accomplishments &
Accolades 3
GFOA Award 3
Net Position 4
Activities 5
Revenues 6
Expenses 7
Debt & Financial Ratings 9
Employee Salaries &
Benefits 10
Employment Statistics &
Economic Statistics 11Town of Town of ORO VAllEy, ARizONA
Fiscal Year ending June 30, 2016
PoPular annual Financial rePort
left to right:
Bill Garner*
Councilmember
Mike zinkin* Councilmember
Brendan Burns*
Councilmember
Dr. Satish i. Hiremath Mayor
lou Waters Vice Mayor
Mary Snider
Councilmember
Joe Hornat Councilmember
overview
We are proud to present the fifth annual Popular Annual Financial Report (PAFR) for the Town of Oro Valley. The
purpose of the PAFR is to provide a user-friendly summary of the financial position of the Town of Oro Valley
and other interesting information for citizens who want a better understanding of the Town’s finances. The
financial information in the PAFR is taken from the Town’s Comprehensive Annual Financial Report (CAFR). The
CAFR outlines the Town’s financial position and operating activities each fiscal year presented in conformity with
generally accepted accounting principles (GAAP), and includes financial statements audited by Heinfeld Meech
& Co., P.C., Certified Public Accountants. The Town received an unmodified (clean) audit opinion, which is the best
audit opinion that the financial statements could receive.
While the numbers in the PAFR come from an audited source, they are presented in a summarized, unaudited
non-GAAP format that is more accessible to the public. Additionally, some of the information in the PAFR is
from the Town’s Annual Budget. Citizens who wish to review the audited, GAAP-based, full disclosure financial
statements can refer to the Town’s CAFR available on the Town’s website at www.orovalleyaz.gov, or contact the
Finance Department by phone at 520-229-4700 or in person at 11000 N. La Cañada Drive, Oro Valley, AZ 85737.
oro valleY council
Connect with us! Visit www.orovalleyaz.gov or download the OV App on iTunes or Google Play.
1
Connect with us! Visit www.orovalleyaz.gov or download the OV App on iTunes or Google Play.
The above photo represents the Council that was in office as of June 30, 2016. Councilmembers marked with an asterisk
were subsequently replaced by Rhonda Piña, Bill Rodman and Steve Solomon in the November 8, 2016 election.
Incorporated 1974
ServIceS Police, Parks and Recreation, Water
Utility, Stormwater Utility, Public Transit,
Development and Infrastructure Services
Form oF Council/Manager
GovernInG Body Mayor elected at large to four-year term;
6 councilmembers elected at large to
four-year terms
populatIon
(2015 census estimate)
43,565
# oF HouSeHoldS
(2014 census data)
17,364
BacHelor’S deGree
or HIGHer (AGe25+)
50.8%
medIan Income
(2014 census data)
$74,480
# oF parkS 8
park acreS
maIntaIned 448
traIlS and patHS 79 miles of bike facilities
including bike lanes and shared paths &
55 miles of trails
parkS proGramS Held annually 52
2016 BudGet $119.7 million
oro valleY Fast Facts
PHOENIX
TUCSONORO VALLEY
Message from the town Manager
We are pleased to present the
Town of Oro Valley Popular
Annual Financial Report (PAFR)
for fiscal year 2015/16.
The PAFR provides an easy-
to-understand, summarized
overview of various financial
aspects of the Town, including
sources of revenues and
expenditures, financial trends,
assets and liabilities and debt
obligations. The publication of
this document represents the Town’s ongoing commitment to
transparency, accountability and communicating the financial
position of the Town.
The Town performed well financially during fiscal year 2015/16.
We are pleased to report that in the General Fund, our main
operating fund, revenues exceeded expenditures by over $1.4
million. We also achieved great progress toward enhancing the
community amenities and services that we offer.
During FY 2014/15, the Town purchased the former El
Conquistador Country Club for $1 million, which was converted
into the Oro Valley Community Center. Significant investment in
this facility was made during FY 2015/16 in the form of new golf
carts and fitness equipment, resurfaced tennis courts, fitness
lobby renovations and a renovated and rebranded restaurant,
The Overlook. This has resulted in a successful first year of
operation offering a perfect location for expanded special
events drawing the community together.
We also initiated the design process for several major roadway
widening projects to ease traffic flow within our community
utilizing funds received through our regional partnerships
with the Pima Association of Governments and the Regional
Transportation Authority. Finally, the Town continues to follow
sound budget practices and approved a balanced budget for FY
2016/17, with a projected General Fund surplus of $35,000.
In the coming year, we look forward to aligning the Town’s
adopted Strategic Plan and annual budget to the goals and
objectives outlined in the new, voter-approved Your Voice, Our
Future General Plan. Improvements will continue at Naranja
Park with the planned addition of two new multi-use fields, and
work will continue on the Police Evidence and Substation facility
purchased during FY 2015/16.
We hope that our 2016 Popular Annual Financial Report
fulfills its purpose as an understandable, informative means of
providing assurance that every effort is made to manage the
community’s resources wisely for the benefit of all.
Respectfully,
Daniel G. Sharp, Interim Town Manager
HistorY
After World War ii, the Tucson area experienced dramatic
population growth. in the early 1950s, the Oro Valley Country
Club opened at the base of Pusch Ridge, and land owners
began building residential homes. As the community
continued to grow, area residents increasingly desired local
control of the land in the area. in the late 1960s, a petition to
incorporate began to circulate in Oro Valley, and Oro Valley
was successfully incorporated in 1974. What began as a Town
with only 2.4 square miles and 1200 residents has grown
into a vibrant community and tourist destination featuring
world-class amenities and outdoor
attractions, excellent schools,
and a diverse business
environment.
2
daniel g. sharp
interim Town Manager
The Government Finance Officers Association of the United
States and Canada (GFOA) has given an Award for Outstanding
Achievement in Popular Annual Financial Reporting to the Town of
Oro Valley for its Popular Annual Financial Report for the fiscal year
ended June 30, 2015. The Award for Outstanding Achievement
in Popular Annual Financial Reporting is a prestigious national
award recognizing conformance with the highest standards for
preparation of state and local government popular reports.
In order to receive this award, a government unit must publish
a Popular Annual Financial Report, whose contents conform to
program standards of creativity, presentation, understandability
and reader appeal.
The award is valid for a period of one year only. We believe our
current report continues to conform to program requirements, and
we are submitting it to GFOA to determine eligibility for another
award.
accolades
• Oro Valley was named Playful City USA 2016
for the sixth consecutive year
• 2016 Silver Circle Award from the City-County
Communications and Marketing Association
(3CMA) for excellence in communication
and marketing for the 2015 Aquatic Center
summer marketing campaign
• 2016 Silver Circle Award from 3CMA for
excellence in communication and marketing
for the 2015 BizTucson Report
• Certificate of Achievement for Financial
Reporting Excellence for Fy14/15 from the
Government Finance Officers Association
(GFOA) for the 22nd consecutive year
• Popular Annual Financial Report (PAFR)
award for Fy2014/15 from the GFOA for the
fourth consecutive year
• Distinguished Budget Presentation Award
from the GFOA for the eighth consecutive
year
• Achievement of Excellence in Procurement
Award from the National Procurement
institute (NPi) for the eighth consecutive year
• OVPD High Visibility Enforcement (HiVE)
program received the Mayor’s Challenge
“Educate and Enforce” award for traffic
safety from the US department of
Transportation
FY 15/16 accoMPlisHMents
3
Completed refunding of Series 2005
Excise Tax Revenue Obligations
resulting in overall net interest savings
of nearly $340,000
Reduced transit cost per mile by
improving efficiency by nearly 10%
and reduced the cost per hour by 9%,
from $45.67 to $41.46
Completed the Your Voice, Our Future
General Plan update in preparation for
the successful public ballot initiative in
November 2016
Continued the online budget
questionnaire, “5 Questions in 5
Minutes,” to solicit public input during
preparation of the FY 2016-17 Town
Budget, resulting in 254 responses
Developed the 2015 BizTucson Oro
Valley Special Report to market at
local, regional, state, national and
international trade shows
Hosted 35 swim competitions, two
national tennis meets and two national
golf competitions, and brought two
major league soccer teams to practice
at Naranja Park
Facilitated the first annual I Heart Radio
Oro Valley Music Festival featuring local
and national musical talent
Partnered with the Southern
Arizona Arts and Cultural Alliance
to host 37 public concerts
Spearheaded the grassroots
community music group, “Oh, for
the Love of Music”
Increased the number of
recreation programs from 38 to
52, with the addition of the Oro
Valley Community Center
Hosted more than 1,300 summer
camp participants through 67
camp and 99 swim activities
Acquired property for a new
police substation and much-
needed evidence facility
Delivered record transit service
ridership of 45,202, a 16%
increase over the prior fiscal year
Citizen Volunteer Assistants
Program (CVAP) members
contributed 14,933 volunteer
hours for police programs such
as the residential Dark House
program
Water Utility completed
the advanced metering
infrastructure project
stateMent oF net Position
This Statement of Net Position is presented in much more detail in the Town’s
Comprehensive Annual Financial Report. This is a very high-level summary
that captures total assets and liabilities and compares them to prior years. This
Statement of Net Position may serve as a useful overall indicator of the Town’s
financial position and trends over the last two years.
The Town’s activities are presented in two categories. Governmental activities
include most of the Town’s core services, such as public safety, parks and
recreation, and street maintenance. Sales taxes, state-shared revenues and
grants finance most of these activities. Business-type activities are the Water and
Stormwater utilities, which are primarily financed through user fees and charges.
Statement of Net Position for the year ended June 30, 2016
2016 2015
assets
Current assets and other assets $ 52,459,795 $ 53,162,840
Capital assets, net 246,642,663 244,900,365
total assets 299,102,458 298,063,205
deferred outflows 9,377,491 8,192,594
liabilities
Current and other liabilities 9,047,392 9,521,516
long-term liabilities 90,332,151 89,136,979
total liabilities 99,379,543 98,658,495
deferred inflows 2,143,862 4,739,885
net Position $ 206,956,544 $ 202,857,419
The largest portion of the Town’s net position reflects its investment in capital
assets such as land, buildings and improvements, vehicles, machinery and
equipment, and construction, less any outstanding debt used to acquire those
assets. The Town uses these capital assets to provide services to its citizens;
consequently, these assets are not available for future spending.
The following are significant transactions that impacted the Statement of Net
Position:
• The addition of $5.7 million in business-type activities capital assets through
improvements to the existing water system.
• The addition of $8.5 million in governmental activities capital assets, mostly
consisting of multiple road improvements and pavement preservation
upgrades.
• The decrease of $2.4 million in business-type activities long-term debt was
primarily due to the issuance of $1.2 million of refunding bonds, the issuance
of $1.3 million of loans, and annual debt service payments of $5.0 million.
• The increase of $97,622 in governmental activities long-term debt was
primarily due to the addition of $1.0 million of capital lease obligations, and
net refunding of $500,000.
wHat it Meansi
Current Assets and Other Assets are
assets that one can reasonably expect
to convert to cash, sell, or consume
within one year.
Capital Assets, Net are the Town’s land,
buildings, equipment, improvements,
infrastructure, and construction
in progress, net of accumulated
depreciation.
Deferred Outflows are outflows of
resources that have already occurred
but are applicable to future periods.
Liabilities are payments due to
vendors and employees, lease
payments due, and other long term
debt of the Town.
Deferred Inflows are inflows of
resources that have already occurred
but are applicable to future periods.
Net Position is the difference between
assets plus deferred outflows and
liabilities plus deferred inflows, of
which may or may not be available for
future spending.
4
Statement of Activities for the year ended
June 30, 2016
Note: The totals below reflect both the governmental and business-
type activities of the Town.
2016 2015
revenues $ 68,147,990 $ 59,058,255
expenses 64,048,865 58,400,614
change in net
position 4,099,125 657,641
net position,
beginning of
year (restated)
202,857,419 202,199,778
net position,
end of year $ 206,956,544 $ 202,857,419
The Statement of Activities shows that the Town’s total net
position has improved over the beginning net position. Recent
revenue trends reflect an increase of $9.1 million in total
revenues, due primarily to increased capital contributions from
developers and a $4.9 million increase in community center
charges for services due to a full year of operations. Business-
type activities, capital grants and contributions increased by $1.4
million due to the execution of several line extension agreements
with developers for several new home construction projects. Total
expenses increased $5.6 million, or 10 percent, primarily due to
the Town’s community center being in operation for a full year.
stateMent oF activities
The Statement of Activities, often referred to as the Town’s
income statement, reflects all of the financial activity
for the Town during the fiscal year ended June 30, 2016.
This statement presents information to show how the
Town’s net position changed during the year as a result of
the financial activity (e.g., revenues and expenses). Over
time, increases or decreases in net position may serve as a
useful indicator of whether the Town’s financial position is
improving or deteriorating. Below is a summarized version
of the detailed statement of activities found in the Town’s
Comprehensive Annual Financial Report.
5
Revenues by Source
Includes Governmental & Business-Type Activities
This chart illustrates the sources and percentages of the Town’s revenues totaling $68.1
million for Fy 2015/16. The Town’s primary revenue sources during 2016 include charges
for services, sales taxes and state-shared revenues. Together, these three categories
represented 80% of all revenue collections in Fy 2015/16.
The Town Council and management are focused on efforts to
maintain long-term financial health through diversified revenue
sources while strategically investing in community initiatives.
These decisions range from increasing efficiencies to using
valuable intergovernmental partnerships to enhance and expand
services.
Two-Year Historical Comparison - Revenues
Governmental funds only
revenues
Where the money comes from
Charges for Services
27,060,347
40%
Operating Grants & Contributions
5,538,530
8%
Investment Earnings
442,879
1%
Unrestricted State Shared Revenues
10,549,196
15%
Franchise Taxes
621,546
1%
Sales Taxes
16,998,464
25%
Capital Grants & Contributions
6,937,028
10%MILLIONSIntergove
r
n
m
e
n
t
al
Charge fo
r
S
e
r
v
i
c
e
s
Sales & F
r
a
n
c
hi
s
e
T
a
x
e
s
Investme
n
t
E
a
r
ni
n
g
s
Other Re
v
e
n
u
e
s
Charges for Services are
revenues collected for
services rendered to the
public. Water sales make
up the majority of these
revenues.
Sales Taxes are levied on
retail sales at 2.5%, utilities
and construction activity at
4%, and lodging at 6%.
Franchise Taxes are
negotiated fee revenues from
a local cable provider.
Unrestricted State Shared
Revenues consist of the
Town’s portion of Arizona
state income tax, sales
tax, and vehicle license
tax revenue shared with
incorporated cities, towns,
and counties.
Capital Grants and
Contributions are dedicated
towards specific capital
expenditures and purposes,
such as highways and streets.
Operating Grants and
Contributions are dedicated
towards specific operating
expenditures and purposes,
such as employee salaries
and ongoing maintenance
costs for roadways, public
safety, and culture and
recreation.
Investment Earnings consist
of interest income earned on
the Town’s invested funds.
wHat it Meansi
6
$20
$18
$16
$14
$12
$10
$8
$6
$4
$2
$-
2015 2016
exPenses
Where the money goes
This chart illustrates the uses and percentages of the Town’s
expenses across all funds totaling $64 million for FY 2015/16.
The majority of expenses relate to Water Utility operations,
general government operations and Public Safety (police).
Over half of the Town’s total expenses (66%) are from these
three areas.
Expenses by Category
Includes Governmental & Business-Type Activities
General Government
11,888,794
19%
Stormwater Drainage
917,898
1%Water
14,406,074
23%Interest on
Long-term debt
494,732
1%
Culture &
Recreation
9,695,639
15%Transit
1,432,910
2%
Highways & Streets
9,089,318
14%
Public Safety
16,123,500
25%
General Government expenses are incurred by
the Town’s administrative departments, including
Mayor and Town Council, Town Manager, legal
Services, Finance, Town Clerk, Human Resources,
Magistrate Court, and include other non-
departmental costs.
Highways and Streets expenses are related
to the design, construction, maintenance and
operation of all roadways, sidewalks and related
infrastructure within the Town.
Culture and Recreation expenses are those
incurred by the Town to enrich the quality of life
in Oro Valley through parks, recreational and
cultural activities.
Public Safety expenses are those incurred by the
Town to provide police services to the public.
Water expenses are those incurred by the Town
to provide water to the public.
Transit expenses are those related to the
operation of the Sun Shuttle Dial-A-Ride service
funded through a partnership with the Regional
Transportation Authority (RTA).
Stormwater Drainage expenses are those related
to the design, construction, maintenance and
operation of all stormwater drainageways within
the town.
Interest on Long-Term Debt reflects the interest
costs for long-term debt, such as bonds and
loans. This does not include any interest costs on
water-related debt.
wHat it Meansi
7
Two-Year Historical Comparison - Expenditures
Governmental funds only
Five-Year Historical Comparison - Revenues & Expenditures
Governmental funds only
MILLIONS$60
$50
$40
$30
$20
$10
$-
2012 2013 2014 2015 2016
Expenditures
Revenues
37.97 39.74 39.82
40.22
47.14
43.20
49.54
37.59 38.1437.77MILLIONS$18
$16
$14
$12
$10
$8
$6
$4
$2
$-
General G
o
v
e
r
n
m
e
n
t
Public Sa
f
e
t
y
Highways
&
S
t
r
e
e
t
s
Transit
Culture &
R
e
c
r
e
ati
o
n
Capital O
u
tl
a
y
Debt Servi
c
e
2015
2016
As displayed in the Five-year Historical Comparison chart above, the Town’s revenue and expenditure growth remained steady from Fy
2011/12 through Fy 2014/15. This is reflective of the Town’s fiscal stability during the years following the Great Recession as economic growth
slowly returned. Each year’s Town budget took a measured approach to carefully plan where every new dollar generated from growth was
allocated to ensure structural balance was achieved between the Town’s revenues and expenditures. The revenue and expenditure increase
shown for Fy 2015/16 mainly represents the full-year operations of the newly-acquired Oro Valley Community Center within the Parks and
Recreation budget. These operations are supported by membership dues, golf, tennis and fitness fees, food and beverage revenues and a
dedicated half cent sales tax adopted by the Town Council in 2015.
8
FITCH AFFIRMS ORO VALLEY, AZ’S WATER
REVS AT AA-, OUTLOOK STABLE
Fitch has reaffirmed Oro Valley’s 2012 Senior
Lien Water Project revenues as AA- based on
factors such as robust liquidity, ample water
supply, a manageable capital plan and strong
economic base.
The Town continues to maintain strong investment grade ratings
on its outstanding excise tax bonds, rated “AA-“ by both Standard &
Poor’s and Fitch Ratings, and on its water revenue bonds, rated “AA”
by Standard & Poor’s. This is largely achieved by the Council’s goal
of continuing to diversify the Town’s revenue base and maintaining
strong fund balance reserves in the General Fund, currently at
$10.5 million, or 32% of FY 2016/17 adopted expenditures of $33.1
million.
Outstanding Debt Obligations as of June 30, 2016
debt & Financial ratings
As of June 30, 2016, the Town had $52 million in long-term debt
outstanding, with $4.7 million due within one year. The majority
of the outstanding debt relates to the Water Utility capital
improvement revenue bonds. The chart below depicts the Town’s
outstanding debt for the fiscal year ended June 30, 2016.MILLIONS$35
$30
$25
$20
$15
$10
$5
$-
Utility
Loans -
WIFA
Governmental
Bonds
Utility
Bonds
Special Asmt.
Bonds, Capital
Leases, Note
Payable
what they’re saying...
WIFA Utility Loans are low-interest loans from
the Water infrastructure Finance Authority of
Arizona (WiFA). They finance the construction
and improvement of drinking water,
wastewater, wastewater reclamation, and other
water quality projects.
Governmental Bonds are used to finance long-
lived capital improvements, including land
acquisition and construction or improvement
of Town facilities. The Town’s excise taxes are
pledged as repayment of the debt.
Utility Bonds are issued to finance long-lived
utility capital improvements for the Town’s
Water Utility. This debt is repaid with Water
Utility revenues.
Special Assessment Bonds are used to
finance specific infrastructure or improvement
projects. A district is formed and the debt
is repaid with assessments on properties
within the district. The Town currently has one
outstanding special assessment bond issue,
which was used for roadway improvements.
wHat it Meansi
9
WIFA Utility Loans are low-interest loans from
the Water infrastructure Finance Authority of
Arizona (WiFA). They finance the construction
and improvement of drinking water,
wastewater, wastewater reclamation, and other
water quality projects.
Governmental Bonds are used to finance long-
lived capital improvements, including land
acquisition and construction or improvement
of Town facilities. The Town’s excise taxes are
pledged as repayment of the debt.
Utility Bonds are issued to finance long-lived
utility capital improvements for the Town’s
Water Utility. This debt is repaid with Water
Utility revenues.
Special Assessment Bonds are used to
finance specific infrastructure or improvement
projects. A district is formed and the debt
is repaid with assessments on properties
within the district. The Town currently has one
outstanding special assessment bond issue,
which was used for roadway improvements.
wHat it Means
Number of Full-Time Equivalent Employees
by Function
eMPloYee salaries & beneFits
Personnel services comprised 46% of the total operating budget
for Fy 2015/16. The Fy 2015/16 budget included funding for
employee merit and step increases and benefits costs increases.
Revenues will be re-analyzed each year to determine the
affordable and feasible level of continued pay increases.
The Town participates in three pension plans as part of its
employee benefits package. Pension benefits are considered
deferred compensation because they are not paid out until the
employee’s tenure with the Town has concluded; nevertheless,
the Town has a present obligation to pay these benefits in the
future. Therefore, the Town’s Fy 2015/16 Comprehensive Annual
Financial report shows $34.6 million in net pension liability. Town
management is actively managing its pension liability by looking
for opportunities to reduce the outstanding balance and save on
interest. For example, the Town prepaid its budgeted Fy 2015/16
Public Safety Retirement contributions as a lump sum early in Fy
2016 instead of making bi-weekly contributions.
Parks and Recreation increased by 13 full-time equivalents (FTEs)
in Fy15/16 to staff the Oro Valley Community Center in its first
full year of operations. With the addition of the Community
Center, the Parks and Recreation Department was able to grow
its program offerings from 38 to 52, and expand summer camp
capacity to more than 1,300 children. MILLIONSOUTSTANDING DEBT$70
$60
$50
$40
$30
$20
$10
$-
$1,800
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$-
2012
Water Utility
Police
Parks & Rec.
2012 2013 2014 2015 2016
2013 2014 2015 2016
Total
Outstanding
Debt
Debt Per
Capita
Five Year Historical Comparison
Total Outstanding Debt & Debt Per Capita
400
350
300
250
200
150
100
50
0
Development &
Infra. Services
General Govt
10
econoMic develoPMent
The Town Council and management are focused on
attracting and retaining globally competitive, high-
tech and bioscience employers while maximizing
destination opportunities for visitors. Fy 2015/16
highlights include Oro Valley’s partnership with the
Children’s Museum, which attracted more than 33,000
visitors in its first year. Also notable was the icagen, inc.
purchase of Sanofi’s drug research center on innovation
Drive. The purchase will allow the research center
to grow and operate at full capacity, serving Sanofi
and other bio-tech firms. Other highlights include
numerous cultural events throughout the year such
as the Halloween Spooktacular, Holiday Tree lighting
Celebration and the Harvest Heritage Festival at Steam
Pump Ranch, as well as a number of regional and state
sporting events hosted at the Oro Valley Aquatic Center.
Additionally, Oro Valley provided a wide range of
construction assistance for residential and commercial
projects, including: a 45,000-square-foot expansion
at Splendido, Stone Canyon Clubhouse, MOD Pizza,
Smashburger, Kneader’s Restaurant, Gaslight Music
Hall, a large modular expansion at Ventana Medical
Systems, and projects currently under construction,
which include Pima Federal Credit Union and the
apartments at El Corredor.
Town Demographic & Economic Statistics
Town Employment Statistics
Principal Employers in Oro Valley
Employees % of Total Town
Employment
Roche Group's Ventana
Medical Systems 1400 8.00%
Oro Valley Hospital 602 3.44%
Amphitheater Public
Schools 549 3.14%
Town of Oro Valley 529 3.02%
Hilton El Conquistador
Golf & Tennis Resort 345 1.97%
Fry's Food & Drug Store 235 1.34%
Walmart Supercenter 229 1.31%
Splendido at Rancho
Vistoso 188 1.07%
Securaplane 167 0.95%
Target 150 0.86%
Note: Demographic statistics reflect estimates provided by the Pima Association
of Governments (PAG). Population figures for 2013 have been revised by PAG to
41,539. The chart reflects the original estimate to maintain consistency with the 2013
Comprehensive Annual Financial Report.MILLIONS44,000
43,500
43,000
42,500
42,000
41,500
41,000
40,500
40,000
$1,850
$1,800
$1,750
$1,700
$1,675
$1,600
$1,550
Population Personal Income
11