HomeMy WebLinkAboutPopular Annual Financial Report (PAFR) - 6/30/2017INSIDE
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 &
Economic Statistics 11Town of Town of ORO VALLEY, ARIZONA
Fiscal Year ending June 30, 2017
POPULAR ANNUAL FINANCIAL REPORT
Left to right:
Rhonda Piña
Councilmember
Bill Rodman Councilmember
Joe Hornat
Councilmember
Dr. Satish I. Hiremath Mayor
Mary Snider Councilmember
Lou Waters
Vice Mayor
Steve Solomon Councilmember
OVERVIEW
The Town of Oro Valley is proud to present its sixth annual Popular Annual Financial Report (PAFR). 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 (or 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
1
Connect with us! Visit www.orovalleyaz.gov.
INCORPORATED 1974
SERVICES Police, Parks and Recreation, Water
Utility, Stormwater Utility, Public
Transit, Community Development
and Public Works
FORM OF Council/Manager
GOVERNING BODY Mayor elected at large to four-year
term; 6 councilmembers elected at
large to four-year terms
POPULATION
(2016 census estimate)
43,781
# OF HOUSEHOLDS
(2016 census data)
17,997
BACHELOR’S DEGREE
OR HIGHER (AGE25+)
50.6%
MEDIAN INCOME
(2016 census data)
$75,966
# 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
55
2017 BUDGET $125.9 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 2016/17.
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 demonstrated continued strong financial performance
during fiscal year 2016/17. We are happy to report that in the General
Fund, our main operating fund, revenues exceeded expenditures
by over $5 million. A portion of these surplus funds are designated
for needed capital projects that benefit the community, such as the
construction of two additional multi-use fields at Naranja Park and
the design and construction of a police substation/evidence facility.
During FY 2016/17, the Town updated its Strategic Plan to guide
priorities and decision-making over the next two years. The plan
is organized around a number of focus areas, including economic
development, parks and recreation, public safety, water resources
and transportation. Through our planning efforts, we continue to
achieve great progress toward enhancing the community amenities
and services that we offer.
Commercial and residential development continues to thrive in our
community, which contributed significantly to the Town’s strong
local economy during the year. We saw a 19 percent increase in the
issuance of building permits of all types over the prior year, and this
level of activity is expected to be sustained over the next several
years.
In the coming year, we look forward to aligning our resources
to support the priorities in the adopted Strategic Plan, making
investments in our facilities that provide maximum benefit to our
community and managing your taxpayer dollars in the most efficient
and effective manner to ensure long-term financial sustainability in
our operations.
We hope that our 2017 Popular Annual Financial Report fulfills its
purpose as an understandable, informative publication, and thank
you for your interest in the Town of Oro Valley government functions
and finances.
Respectfully,
Mary Jacobs, 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 1,200 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
Mary Jacobs
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, 2016. 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
2017 for the seventh consecutive year
• Oro Valley Mayor was honored with
the 2017 National Award for Local Arts
Leadership by the Americans for the Arts
and United States Conference of Mayors
• Honored with the United States
Department of Transportation Educate
and Enforce Award as part of the 2016
Mayors’ Challenge for Safer People, Safer
Streets
• Certificate of Achievement for Financial
Reporting Excellence for FY 2015/16
from the Government Finance Officers
Association (GFOA) for the 23rd
consecutive year
• Popular Annual Financial Report (PAFR)
award for FY 2015/16 from the GFOA for
the fifth consecutive year
• Distinguished Budget Presentation
Award from the GFOA for the ninth
consecutive year
• Achievement of Excellence in
Procurement Award from the National
Procurement Institute for the ninth
consecutive year
FY 16/17 ACCOMPLISHMENTS
3
Conducted the August 30, 2016 primary
election at which all three Council seats
were filled with voter turnout of 45%
Conducted the November 8, 2016
general election at which the Your Voice,
Our Future General Plan update was
approved with voter turnout of 77%
Adopted a new hands-free driving
ordinance to increase public safety in
Oro Valley
Adopted the 2017 Strategic Plan, which
focuses Town resources on community
needs and desires
Adopted a balanced budget for FY
2017/18 in the amount of $128.6
million, reflecting our community’s
values and priorities
Ended FY 2016/17 with a nearly $2.9
million increase in the General Fund
ending fund balance
Issued a total of 2,371 building permits
of all types – a 19% increase over the
previous fiscal year
Collected over $2 million in plan review
and permit fees representing more than
$170 million in work valuation for new
private construction
Completed design of the La Cholla
roadway widening project
In Transit Services, provided
51,131 passenger trips, an
increase of 11.5% over the prior
fiscal year
Began the Lambert Lane phase II
widening project
Secured regional funds for
installation of a traffic signal on La
Cañada at the Community Center
Successfully issued $14.3 million
in excise tax revenue refunding
obligations, resulting in overall
net interest savings of nearly $1.1
million
Successfully issued $2 million in
excise tax revenue obligations
to fund energy efficiency
improvements at the Community
Center, with debt service fully paid
for by resulting energy savings
Began construction on two new lit
multi-sport fields at Naranja Park
Delivered a combined total of 3.03
billion gallons of water to water
utility customers
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.
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:
• An increase of $3.9 million of governmental activities current assets
primarily due to an increase in cash and investments as a result of higher
than anticipated sales tax collections and license and permit revenues from
construction and residential building permit activity.
• The addition of $4.6 million in business-type activities capital assets through
improvements to the existing water system.
• The addition of $9.0 million in governmental activities capital assets, mostly
consisting of road improvements, pavement preservation upgrades and
energy efficiency improvements.
• The decrease of $4.1 million in business-type activities long-term liabilities
was primarily due to the issuance of $13.2 million in refunding bonds and
annual debt service payments of $3.7 million.
• The increase of $9.0 million in governmental activities long-term liabilities
was primarily due to an increase in net pension liabilities and the issuance of
$2.0 million in revenue bonds for energy efficiency improvements.
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.
Deferred Inflows are inflows 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.
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 Net Position for the year ended June 30, 2017
2017 2016
Assets
Current assets and other assets $ 56,329,387 $ 52,459,795
Capital assets, net 248,212,756 246,642,663
Total assets 304,542,143 299,102,458
Deferred outflows 13,861,078 9,377,491
Liabilities
Current and other liabilities 10,378,158 9,047,392
Long-term liabilities 95,343,446 90,332,151
Total liabilities 105,721,604 99,379,543
Deferred inflows 3,181,413 2,143,862
Net Position $ 209,500,204 $ 206,956,544
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, 2017. 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.
The Statement of Activities shows that the Town’s total net position
has improved over the beginning net position. The increase of $6.3
million in total revenues was largely due to increased funding for
road improvements and an increase in sales tax collections. Total
expenses increased $7.9 million, or 12 percent, primarily due to an
increase in the net pension liability for public safety.
5
Statement of Activities for the year ended
June 30, 2017
Note: The totals below reflect both the governmental and business-type
activities of the Town.
2017 2016
Revenues $ 74,461,144 $ 68,147,990
Expenses 71,917,484 64,048,865
Change in net
position 2,543,660 4,099,125
Net position,
beginning of year 206,956,544 202,857,419
Net position, end
of year $ 209,500,204 $ 206,956,544
Revenues by Source
Includes Governmental & Business-Type Activities
This chart illustrates the sources and percentages of the Town’s revenues totaling $74.5
million for FY 2016/17. The Town’s primary revenue sources during 2017 include charges for
services, sales taxes and state-shared revenues. Together these three categories represented
83% of all revenue collections in FY 2016/17.
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
30,276,546
41%
Operating Grants & Contributions
4,664,197
6%
Investment Earnings
80,430
0%
Unrestricted State Shared Revenues
11,177,729
15%
Franchise Taxes
647,830
1%
Sales Taxes
19,767,720
27%
Capital Grants & Contributions
7,846,692
10%MILLIONSIntergove
r
n
m
e
n
t
al
Charges f
o
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
$24
$20
$16
$12
$8
$4
$-
2016 2017
EXPENSES
Where the money goes
This chart illustrates the uses and percentages of the Town’s
expenses across all funds totaling $71.9 million for FY 2016/17.
The majority of expenses relate to public safety (police),
general government operations and Water Utility operations.
More than two-thirds of the Town’s total expenses (68%) are
from these three areas.
Expenses by Category
Includes Governmental & Business-Type Activities
General Government
12,130,905
17%
Stormwater Drainage
1,115,494
2%Water
14,753,418
20%Interest on
Long-term debt
511,502
1%
Culture &
Recreation
10,204,276
14%Transit
1,533,258
2%
Highways & Streets
9,417,459
13%
Public Safety
22,251,172
31%
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
$-
Expenditures
Revenues
39.74
38.14
47.14
54.02
49.54
43.20
37.59MILLIONS$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
As displayed in the Five-Year Historical Comparison chart above, the Town’s revenue and expenditure growth remained steady from FY
2012/13 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, ensuring structural balance was achieved between the Town’s revenues and expenditures. The revenue
and expenditure increase shown for FY 2015/16 mainly represents full-year operations of the Oro Valley Community Center. Revenue
growth through FY 2016/17 reflects continued economic recovery with increased sales tax collections and state-shared revenues.
8
The charts on this page reflect
information for the Town’s
governmental funds only.
These funds account for most
of the Town’s basic services,
such as general government,
public safety, highways
and streets, and culture
and recreation. Sales taxes,
state-shared revenues and
charges for services finance
most of these activities.
As such, the business-type
activities related to Water and
Stormwater operations are
excluded.
2013 2014 2015 2016 2017
2016 2017
39.82
40.22
51.43
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
$13.4 million, or 37% of FY 2017/18 adopted expenditures of $36.7
million.
DEBT & FINANCIAL RATINGS
As of June 30, 2017, the Town had $48.9 million in long-term
debt outstanding with $4.5 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, 2017.MILLIONSWhat 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
Outstanding Debt Obligations as of June 30, 2017
$35
$30
$25
$20
$15
$10
$5
$-
Utility
Loans -
WIFA
Governmental
Bonds
Utility
Bonds
Special Asmt.
Bonds, Capital
Leases, Note
Payable
$8.28
$1.75
$29.52
$9.32
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 48% of the total operating
budget for FY 2016/17. The FY 2016/17 budget included
funding for employee merit and step increases and benefit
cost 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 2016/17 Comprehensive
Annual Financial report shows $42.8 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.
As shown in the chart, Community Development and Public
Works increased by roughly 20 full-time equivalents in FY
2016/17 due to the reorganization of parks maintenance staff
from the Parks and Recreation Department, as well as the
addition of temporary staff to complete numerous capital
improvement projects and added staff for Stormwater Utility
planning and infrastructure management. MILLIONSOUTSTANDING DEBTDEBT PER CAPITA$70
$60
$50
$40
$30
$20
$10
$-
$1,600
$1,400
$1,200
$1,000
$800
$600
$400
$200
$-
2013
Water Utility
Police
Parks & Rec.
2013 2014 2015 2016 2017
2014 2015 2016 2017
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
Community
Development &
Public Works
General Govt
10
$-
$200
$400
$600
$800
$1,000
$1,200
$1,400
$1,600
$-
$10
$20
$30
$40
$50
$60
$70
Outstanding DebtMillionsFive Year Historial Comparison
Total Outstanding Debt & Debt Per Capita
Total Outstanding Debt Debt Per Capita
ECONOMIC DEVELOPMENT
The Town Council and management are focused on creating
long-term economic sustainability, fostering a robust local
economy and job market that provide opportunities for quality
employment, and sustaining a strong sector of targeted
industries, including bioscience, aerospace and high-tech, that
provide opportunities for synergy and growth. In FY 2016/17,
the Town completed phase one of the planning process for the
creation of two central “districts” in town, resulting in adoption
of the Main Streets Concept Plan. This project is designed to
promote walkable and unique areas for gathering, dining and
shopping that will serve as a town center and enhance Oro
Valley’s lifestyle and economy. The Town’s continued investment
in the business sector through recruitment, retention and
attraction has paid dividends in creating a vibrant, thriving
community in Oro Valley. Partnerships with Visit Tucson and
the Greater Oro Valley Chamber of Commerce focus heavily on
tourism efforts as an additional economic development tool.
Numerous cultural events are held throughout the year, such
as the Halloween Spooktacular at the Community Center, the
July 4th Celebration at Naranja Park, and the annual Holiday
Tree Lighting Celebration, as well as a number of regional and
state sporting events hosted at the Oro Valley Aquatic Center.
In FY 2016/17, the Town issued a total of 339 single family
residential permits, a 54% increase over the previous fiscal year.
Numerous residential and commercial projects completed or
underway in FY 2016/17 include the Apartments at El Corredor,
the Amphitheater Innovation Academy, Leman Academy, Native
Grill and Wings, Freddy’s Frozen Custard and Steakburgers, Oro
Valley Senior Care and the Tucson Orthopedic Institute.
Town Demographic & Economic Statistics
Town Employment Statistics
Principal Employers in Oro Valley
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.PERSONAL INCOME (MILLIONS)POPULATIONPopulation Personal Income
11
Employees % of Total Town
Employment
Roche Group's Ventana
Medical Systems 1,291 7.53%
Oro Valley Hospital 674 3.93%
Town of Oro Valley 558 3.26%
Amphitheater Public
Schools 435 2.54%
Hilton El Conquistador
Golf & Tennis Resort 254 1.48%
Casa de la Luz Hospice 207 1.21%
Splendido at Rancho
Vistoso 156 0.91%
Securaplane 154 0.90%
Walmart Supercenter 125 0.73%
Target 100 0.58%
2013 2014 2015 2016 2017
$1,550
$1,600
$1,650
$1,700
$1,750
$1,800
$1,850
$1,900
40,500
41,000
41,500
42,000
42,500
43,000
43,500
44,000
Millions44,000
43,500
43,000
42,500
42,000
41,500
41,000
40,500
$1,900
$1,850
$1,800
$1,750
$1,700
$1,675
$1,600
$1,550