2022 Annual Comprehensive Financial Report

3. Reconciliation of Claims Liability Changes in the City’s claims liability balance during Fiscal Years 2022 and 2021 are as follows:

Employee

General

Total

Risk

Risk

Total

Retention

2021-22

2020-21

Retention

Balance - July 1

$

8,496,956

$

6,703,374

$

15,200,330

$

18,385,413

Add: Incurred Claims (including)

IBNR's and Changes in Estimates

45,959,730 (44,492,852)

4,720,300 (3,140,175)

50,680,030 (47,633,027)

41,282,963 (44,468,046)

Deduct: Claims Payments

Balance - June 30

$

9,963,834

$

8,283,499

$

18,247,333

$

15,200,330

B. Subsequent Events The City has evaluated subsequent events through October 31, 2022 in connection with the preparation of these financial statements, which is the date the financial statements were available to be issued. On August 16, 2022, City Council declared the results of the 2022 bond referendum. On July 26, 2022 voters approved the following bonds to be issued on the referendum ballot:

Housing Bonds

$

30,000,000 70,000,000 14,000,000 6,000,000 15,000,000 135,000,000

Parks and Recreation Bonds Firefighting Facilities Bonds Law Enforcement Facilities Bonds

Transportation Bonds

$

On September 29, 2022, the City issued up to $175,000,000 in taxable ($25,000,000) and nontaxable ($150,000,000) Combined Enterprise System Revenue Bond Anticipation Notes according to an Advance and Note Purchase Agreement with Truist Bank. The 2022A&B Bond Anticipation Note will bear interest at a variable rate being the lesser of 18$ per annum and the maximum rate permitted by law. The final maturity of the 2022A&B Bond Anticipation Note is not expected to exceed September 29, 2030. C. Commitments and Contingencies 1. Legalities The City is party to a number of civil lawsuits and other legal actions. Most of these lawsuits involve construction contracts, public right of way management, and personnel issues. In the opinion of the City’s Attorney and management, the ultimate outcome of these suits is not expected to have significant impact upon the City’s financial position.

37kk