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for the fiscal year ended June 30, 2020

COMPREHENSIVE ANNUAL FINANCIAL REPORT

2020 CINCINNATI, OHIO

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2020 CINCINNATI, OHIO

Director of Finance:

Karen Alder

Assistant Director of Finance:

Monica Morton

Finance Manager:

Mark Ashworth

for the fiscal year ended June 30, 2020

COMPREHENSIVE ANNUAL FINANCIAL REPORT

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INTRODUCTORY SECTION

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CITY OF CINCINNATI, OHIO COMPREHENSIVE ANNUAL FINANCIAL REPORT For the fiscal year ended June 30, 2020 TABLE OF CONTENTS

INTRODUCTORY SECTION Page

Letter of Transmittal ........................................................................................................................................ 5 Certificate of Achievement .............................................................................................................................. 13 Principal City Officials ................................................................................................................................... 15 Organization Chart ......................................................................................................................................... 17

FINANCIAL SECTION Page

Report of Independent Auditors ...................................................................................................................... 19 Management’s Discussion and Analysis ........................................................................................................ 23 BASIC FINANCIAL STATEMENTS: Basic Financial Statements: Government-wide Financial Statements: Statement of Net Position ................................................................................................................ 39 Statement of Activities .................................................................................................................... 41 Fund Financial Statements: Balance Sheet – Governmental Funds ............................................................................................ 42 Reconciliation of the Balance Sheet to the Statement of Net Position – Governmental Funds ....... 43 Statement of Revenues, Expenditures and Changes in Fund Balances – Governmental Funds ..... 44 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances to the Statement of Activities – Governmental Funds ........................................................................ 45 Statement of Net Position – Proprietary Funds .............................................................................. 47 Statement of Revenues, Expenses, and Changes in Fund Net Position – Proprietary Funds .......... 49 Statement of Cash Flows – Proprietary Funds ................................................................................ 50 Statement of Fiduciary Net Position – Fiduciary Funds .................................................................. 52 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ............................................... 53 Notes to Financial Statements ................................................................................................................ 55 Required Supplementary Information: Ohio Police and Fire Pension Fund – Net Pension Liability Schedules ................................................. 157 Ohio Public Employees Retirement System – Traditional Pension Plan – Net Pension Liability Schedules ............................................................................................................................. 158 Schedule of City’s Changes in Net Pension Liability and Related Ratios – Cincinnati Retirement System ............................................................................................................ 159 Schedule of City’s Pension Contributions – Cincinnati Retirement System .......................................... 160 Notes to the Required Pension Information ............................................................................................ 161 Ohio Police and Fire Pension Fund – Net OPEB Liability Schedules.................................................... 164

TABLE OF CONTENTS (Continued)

FINANCIAL SECTION (Continued) Page

Ohio Public Employees Retirement System – Net OPEB Liability Schedules ...................................... 165 Schedule of City’s Changes in Net OPEB Liability and Related Ratios – Cincinnati Retirement System ............................................................................................................ 166 Schedule of City’s OPEB Contributions – Cincinnati Retirement System ............................................ 167 Notes to the Required OPEB Information .............................................................................................. 168 Cincinnati Retirement System – Schedule of Changes in Net Pension Liability and Related Ratios .... 172 Cincinnati Retirement System – Schedule of Employer Contributions .................................................. 173 Cincinnati Retirement System – Notes to the Required Pension Information ........................................ 174 Cincinnati Retirement System - Schedule of Changes in Total OPEB Liability and Related Ratios ..... 175 Cincinnati Retirement System – Schedule of Employer Contributions - OPEB .................................... 176 Cincinnati Retirement System – Notes to the Required OPEB Information .......................................... 177 Budgetary Comparison Schedule – General Fund .................................................................................. 179 Budgetary Comparison Schedule – Health District Fund ....................................................................... 180 Note to the Required Supplementary Information – Budgetary Data ..................................................... 181 Supplementary Information Major Governmental Funds: .................................................................................................................. 185 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (Non-GAAP Budgetary Basis) – and Actual – General Fund .................................................. 187 Schedule of Revenues, Expenditures, and Changes in Fund Balance – General Fund ................... 194 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (Non-GAAP Budgetary Basis) – and Actual – Health District Fund ....................................... 199 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (Non-GAAP Budgetary Basis) – and Actual – Capital Projects Fund ..................................... 201 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (Non-GAAP Budgetary Basis) – and Actual – Debt Service Fund .......................................... 203 Schedule of Revenues, Expenditures and Changes in Fund Balance – Budget (Non-GAAP Budgetary Basis) – and Actual – Tax Increment Financing Funds ..................... 204

Nonmajor Governmental Funds ................................................................................................................ 205 Combining Balance Sheet – Nonmajor Governmental Funds ............................................................ 207 Combining Statement of Revenues, Expenditures and Changes in Fund Balances – Nonmajor Governmental Funds................................................................... 210 Schedules of Revenues, Expenditures and Changes in Fund Balance – Budget (Non-GAAP Budgetary Basis) and Actual Street Construction, Maintenance and Repair Fund ............................................................ 213 Income Tax Infrastructure Fund .......................................................................................... 214 Income Tax Transit Fund .................................................................................................... 217 Motor Vehicle License Fund ................................................................................................ 218 Special Recreation Fund ..................................................................................................... 219 Special Parks Fund ............................................................................................................... 221 Streetcar Operations Fund .................................................................................................... 222 Recreation Grants Fund ....................................................................................................... 224 Parks Fund .......................................................................................................................... 226 Safety Fund ......................................................................................................................... 227 Cincinnati Blue Ash Airport Fund ...................................................................................... 229 Community Development Fund .......................................................................................... 230 Other Grants Fund ............................................................................................................... 232 Bettman Nature Center ........................................................................................................ 235

TABLE OF CONTENTS (Continued)

FINANCIAL SECTION (Continued) Page

Groesbeck Endowment Fund .............................................................................................. 236 Schmidlapp Park Music Fund ............................................................................................. 237 The W.M. AMPT Music Endowment Fund ........................................................................ 238 Crosley Field Trust .............................................................................................................. 239 Kroger Trust ........................................................................................................................ 240 Yeatman’s Cove Park Trust ................................................................................................ 241 Park Board Fund ................................................................................................................. 242 Nonmajor Enterprise Funds .............................................................................................................................. 243 Combining Statement of Net Position .............................................................................................. 245 Combining Statement of Revenues, Expenses and Changes in Net Position ................................... 246 Combining Statement of Cash Flows ........................................................................................... 247 Internal Service Funds ...................................................................................................................................... 249 Combining Statement of Net Position .............................................................................................. 251 Combining Statement of Revenues, Expenses and Changes in Fund Net Position .......................... 253 Combining Statement of Cash Flows ............................................................................................... 254 Fiduciary Funds – Agency Funds ..................................................................................................................... 257 Combining Statement of Fiduciary Assets and Liabilities – Agency Funds .................................... 259 Combining Statement of Changes in Assets and Liabilities – Agency Funds ................................. 260 Capital Assets Used in the Operation of Governmental Funds ......................................................................... 263 Schedule by Source .......................................................................................................................... 265 Schedule by Function and Activity................................................................................................... 266 Schedule of Changes by Function and Activity ................................................................................ 267 Schedules: Schedule of Outstanding Bonds and Notes, GAAP .................................................................................... 271 Schedule of Annual Debt Service – General Obligation and Revenue Bonds, Non-GAAP ........................ 272 Schedule of Receipts and Expenditures of Federal Awards ....................................................................... 273 Infrastructure Income Tax .......................................................................................................................... 279

STATISTICAL SECTION Page

Financial Trends Net Position by Category ............................................................................................................................ 283 Changes in Net Position .............................................................................................................................. 284 Fund Balances, Governmental Funds .......................................................................................................... 286 Changes in Fund Balances, Governmental Funds ....................................................................................... 287 Program Revenues by Function ................................................................................................................... 288 Total Revenue by Source, Governmental Funds ......................................................................................... 289 Tax Revenue by Source, Governmental Funds ............................................................................................ 289 Revenue Capacity Income Tax Revenue Base and Collections (Cash Basis) ........................................................................... 290 Income Tax Revenues.................................................................................................................................. 291 Assessed Valuations and Estimated True Values ....................................................................................... 292 Real Property Assessed Valuation by Type of Property .............................................................................. 292

TABLE OF CONTENTS (Continued)

STATISTICAL SECTION (Continued) Page

Property Tax Rates - Direct and Overlapping Governments ....................................................................... 293 Principal Property Taxpayers…................................................................................................................... 293 Property Tax Levy and Collections ............................................................................................................ 294 Water Works – Top Ten Retail Customer Data ........................................................................................... 295 Water Works – Historical and Projected Water System Pumpage .............................................................. 296 Water Works – Accounts Receivable .......................................................................................................... 296 Debt Capacity Ratios of Outstanding Debt by Type ........................................................................................................... 297 Ratio of Net General Bonded Debt ............................................................................................................. 298 Computation of Direct and Overlapping Debt ............................................................................................. 298 Legal Debt Margin ....................................................................................................................................... 299 Revenue Bonds Debt Service Coverage ...................................................................................................... 300 Bond Retirement Fund Balance, Southern Railway Revenue and Capital Improvement Program ............. 302 Water Works – Historical Financial Operations .......................................................................................... 303 Water Works – Projected Operating Results ............................................................................................... 304 Water Works – Senior Bonds and Senior Subordinated Debt Service Requirements ................................. 305 Water Works Revenue Bonds Debt Service Coverage ................................................................................ 306 Demographic and Economic Information Population Statistics ................................................................................................................................... 307 Ten Largest Employers ............................................................................................................................... 308 Construction and Property Values .............................................................................................................. 309 Salaries of Principal Officials ..................................................................................................................... 310 Surety Bond Coverage ................................................................................................................................ 310 Annual Employment Average by Industry ................................................................................................. 311 Higher Education ........................................................................................................................................ 312 Operating Information Full-Time Equivalent Positions by Function/Program ............................................................................... 313 Operating Indicators by Function/Program ................................................................................................. 314 Capital Asset and Infrastructure Statistics by Function/Program ............................................................... 315 Unions and Labor Contracts ....................................................................................................................... 316

March 8, 2021 The Honorable Mayor, Members of City Council, and the Citizens of the City of Cincinnati, Ohio We are pleased to submit the City of Cincinnati’s Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2020. State law requires that the City of Cincinnati annually publish a complete set of financial statements for the results of its fiscal operations, presented in conformity with generally accepted accounting principles (GAAP). This report is prepared by the Department of Finance, which is responsible for the accuracy of the data and the completeness and fairness of its presentation, including disclosures. We believe the information presented is accurate in all material respects and reported in a manner designed to show the financial position and operating results of the City. GAAP require that management provides a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A) located on page 23. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The Administration believes the City's internal control structure provides reasonable assurance that assets are safeguarded, transactions are recorded and reported appropriately, and policies are followed. The concept of reasonable assurance recognizes that the cost of a control procedure should not exceed the expected benefit. An important element of the City's control structure is the ongoing program to promote control consciousness throughout the organization. The Administration's commitment to this program is emphasized through written policies and procedures and a well-qualified financial staff. The Auditor of the State of Ohio has audited the accompanying financial statements for fiscal year 2020. Their report is included herein. A single audit is an organization-wide financial and compliance audit that is conducted in lieu of the traditional grant-by-grant multiple audits performed in the past. Federal law requires the City to have this single audit of all City federal grant activities. The City has remained in compliance with this requirement since its inception in 1985. The Auditor of the State of Ohio conducted the single audit for the 2020 fiscal year. Profile of the Government Cincinnati was founded in 1788, chartered as a village in 1802, and incorporated as a City in 1819. It is located on the Ohio River in Southwestern Ohio near the junction of Ohio, Indiana, and Kentucky. Voters approved major revisions to the City Charter in 1926 to provide for home rule and the council-manager form of government. The City’s form of government was modified in 2001 based on a charter amendment approved by the voters in 1999 to implement a stronger Mayor form of government. The Mayor is chosen through a direct election and the nine members of City Council are chosen in a separate at-large election.

The Mayor is elected to a four-year term and term limits enacted in November 1993 limit the Mayor to two consecutive four-year terms. In November 2012 voters approved a change in the City Council terms to two consecutive four-year terms beginning with the 2013 election. However, in November 2018 voters changed the terms back to the four consecutive two-year terms. The Mayor appoints the City Manager subject to prior approval of the City Council. The reporting entity includes the City and Health District, a blended component unit. In determining what constitutes the City reporting entity, the criteria established by the Governmental Accounting Standards Board were used. The City is not financially accountable for any other potential component units. Hamilton County and the Cincinnati City School District are separate governmental jurisdictions that overlap the City's boundaries. These entities are not included in the City's financial reports. An annual operating budget is adopted each fiscal period for the General Fund and several Special Revenue Funds which operate on an annual budget. Budgetary data is presented for these funds as well as the Capital Projects Funds, Debt Service Fund, Tax Increment Financing Funds, Health District Funds, Permanent Funds, and other Special Revenue Funds which are mostly grants. For each budgeted expenditure classification, the level of appropriation control, which may not be exceeded, is personal service, non-personal service, capital outlay, and debt service. Any revisions that alter the appropriation control classification of any division within a City department must be approved by the City Council. Encumbrances do not lapse and are included as expenditures in the current period budget (Non-GAAP Budgetary Basis). The City provides the full range of municipal services including police and fire protection, parks, recreation, public services (highways, streets, and waste collection), health and human services, culture, public improvements, planning and zoning, general administrative, and water and sewer services. Information Useful in Assessing the Government’s Economic Condition Local Economy The City's diverse economic base has been, and continues to be, a source of financial stability for the City. Among its prominent manufacturing groups are transportation equipment, which includes aircraft engines and auto parts; food and kindred products; metal working and general industrial machinery; chemicals; fabricated metal products; and printing and publishing. Several Fortune 500 corporations are headquartered in the City's region, and over 400 Fortune 500 firms have operations in the Metropolitan Area. According to a report released by the Ohio Department of Job and Family Services in July 2020, Ohio’s June 2020 unemployment rate was 10.9%. This was a decrease from the revised May 2020 rate of 13.9% but was an increase of 4.1% compared to June 2019. Cincinnati’s June 2020 unemployment rate was 12.7% compared to 4.7% in June 2019, which was an increase of 8.0%. Over the month of June, employment in Ohio’s goods- producing industries, the private service-providing sector, and government increased. Compared to June 2019, the local average home price in June 2020 increased by 3.3%, and the median home price increased by 7.5%. Per the U.S. 2010 Census, the City of Cincinnati’s population was 296,943. The 2019 population estimates made by the Census Bureau has the Cincinnati population increasing to 303,940. The March 2020 outbreak of a novel strain of the coronavirus, referred to as COVID-19, has caused significant changes in economic activity in the City of Cincinnati. The local economy has experienced reduced consumer spending and increased unemployment as well as government mandated and voluntary school and business closures, event cancellations, and reduced travel as a result of the pandemic.

The City, Administration with the support of the Mayor and City Council, has proactively managed the effect of the reduction in revenue on the fiscal year 2020 budget due to the pandemic by reducing department budgets, freezing raises for non-represented employees, shifting Human Services funding to Community Development Block Grant CARES Act stimulus funding, offering an Early Retirement Incentive Program, and placing nonessential employees on Temporary Emergency Leave. In addition, the City secured a short-term note, which was authorized under Ohio Revised Code Section 133.12, in the amount of $50 million to fund costs related to preventing the spread of the coronavirus. To date, the City has not had to draw on this note to cover expenditures. These innovative efforts allowed the City to meet the needs of its citizens while also producing a surplus in the General Fund for fiscal year 2020 which enabled reserve funding to be increased by $6 million and additional one-time budget expenditures to be approved. Long Term Financial Planning The City adheres to a Mayor and City Council approved Stabilization Policy which ensures that the City maintains a strong financial position and protects its general obligation bond rating during periods of fiscal stress. The policy calls for the achievement of a minimum reserve level for emergency needs of a catastrophic nature of two months, or 16.7%, of general operating revenues. The four components of the policy are the General Fund Carryover Balance, the General Fund Contingency Account, the Economic Downturn Reserve, and the Working Capital Reserve. The policy also includes a waterfall funding mechanism which defines the use of excess carryover for the purpose of replenishing any draws on reserves from the prior year, maintaining stabilization fund goal levels, and adding funds to the City’s reserve balance each year in order to achieve the recommended fund balance over time. At June 30, 2020, reserves were 13.9% of fiscal year 2020 revenue. Fiscal year 2020 is the third consecutive year the City increased its reserve balance. Actual Non-GAAP General Fund expenditures/encumbrances for fiscal year 2020 were $400.1 million which were lower than the budgeted amount of $408.1 million by approximately $8.0 million. Actual Non-GAAP revenue for fiscal year 2020 of $424.0 million was higher than budgeted fiscal year 2020 revenues of $415.0 million. Moody’s rates the City’s general obligation bonds “Aa2”, the third highest rating. The City’s bond rating by Standard and Poor is “AA”, the second highest rating. The ratings reflect the City's good budget management, broad revenue base, and the City’s very strong budgetary flexibility and liquidity. Relevant Financial Policies Cash temporarily idle during the year was invested in Certificates of Deposit, obligations of the U.S. Treasury, obligations of a federal government agency or instrumentality, the State Treasury Asset Reserve (STAR) of Ohio (the State Treasurer’s investment pool), STAR Plus (the State Treasurer’s deposit option), Ohio Municipal securities, and City of Cincinnati notes/bonds. The City has an investment committee that meets regularly to review investment policies and procedures. Beginning in March 2003, separate portfolios were created for general and bond investments in order to track specific interest earned on bond proceeds. The City’s Investment Policy, which was approved by the Mayor and City Council, is to minimize credit and market risks while maintaining a competitive yield on its portfolio. Accordingly, deposits are either insured by federal depository insurance or collateralized. The investments held by the City at June 30, 2020 were either backed by the full faith and credit of the U.S. Government or were investments with a credit rating of A and above.

The City utilizes the services of a professional investment management firm, Nuveen Asset Management, to manage a portion of the City’s investment portfolio. The portfolio managed by this firm must follow the same laws and investment policies that guide the City’s internally managed portfolio. As of June 30, 2020, the par value of City assets managed by this firm was $266.5 million. The par value of the assets managed internally by the City’s Treasury Division was $1.09 billion. The assets managed internally include the assets invested from the sale of bond proceeds as well as the assets needed to satisfy the cash requirements of the City. As of June 30, 2020, the investment allocation of the aggregate portfolio was as follows:

U.S. Treasury Notes 14.33% U.S. Agency Securities 47.31% STAR Ohio 23.51% STAR Plus 0.01% Ohio Municipal Debt 0.13% City of Cincinnati Notes 0.16% Overnight Funds/Cash 4.84% Commercial Paper 9.71%

The City maintains a comprehensive all-risk property insurance program through a commercial carrier, covering approximately $1.67 billion in property values. The program contains a $100 thousand deductible for most occurrences, provides coverage in the amount of $500 million per occurrence, and has a maximum limit of $50 million for earthquake damage and $50 million for flood damage. The City of Cincinnati Retirement System’s net plan assets were $2.03 billion as of June 30, 2020 compared to $2.20 billion as of June 30, 2019. The net investment return for the fiscal year ending June 30, 2020 was -1.09%. The Cincinnati Retirement System’s actuary reported the December 31, 2019 pension funded ratio of 71.2% and the health care funded ratio of 129.6%. This compares to the December 31, 2018 pension funded ratio of 72.6% and the health care funded ratio of 97.3%. In 2011, City Council approved changes to pension benefits for active employees. Multiple suits against the City in response to the pension changes were filed by active employees, the unions, and the retirees as a result. The City and the adverse parties in the pension litigation agreed to a collaborative mediation in Federal District Court to attempt to reach an agreed resolution of the City’s pension issues. A settlement agreement with a term of 30 years was approved by the United States District Court for the Southern District of Ohio, Western Division on October 5, 2015 and was generally effective January 1, 2016. This settlement includes an employer contribution rate of 16.25%, a change in the COLA from a 3% compound to a fixed 3% simple COLA, a three-year suspension of COLA payments for current retirees and future retirees upon their retirement date, and approval to terminate the 401(h) retiree health care account and replace it with a standalone 115 Trust, thereby facilitating the City’s capture of $238 million in excess retiree health care funds to be contributed to the Pension Trust. Major Initiatives In 2020, a great deal of organizational restructuring has occurred to better serve the City in a changing development climate so the Department of Community and Economic Development (DCED) can continue to meet the City’s needs in the provision of economic development, housing and community development, human services, and parking. DCED continues to facilitate the creation of private sector jobs and investment throughout the City by serving as a liaison between the City administration and companies and developers, acquiring and repositioning underutilized property, investing in public improvements that catalyze private investment, and providing tax and financial assistance to select projects and companies. Major initiatives and positive momentum were made in the following areas and are especially noteworthy.

Fourth & Race Apartments & Retail. A new apartment building with street-level retail space at a total estimated cost of $72 million and a public parking garage estimated to cost of $44 million are under construction at the NW corner of Fourth and Race Streets. The project will result in an 8-story, 264-unit apartment building on top of a 574-space public parking garage with 23,000 square feet of street-level retail space. The City is providing approximately $9.5 million of assistance to leverage approximately $30 million in revenue bonds issued by the Port of Greater Cincinnati Development Authority, and other private investment estimated at $76.5 million. The project is estimated to be completed in late 2020.

PNC Tower. A renovation with an estimated cost of $103.5 million is planned to convert the PNC Tower, located at the SW corner of Fourth and Vine Streets, from office to residential and commercial space. The renovation of the nearly 110-year old structure will result in 250 residential units, 30,000 square feet of retail and commercial space, and 50 parking spaces. The City will provide a $2.5 million forgivable loan to assist the developer with acquisition costs and has created a Project TIF to exempt improvements to the property from real estate taxation for 30 years.

US Bank Expansion. US Bank is in the process of renovating their existing downtown office space at 425 Walnut Street, as part of a job expansion project. The total renovation project is estimated to cost $30 million. The renovations will retain approximately 2,210 jobs and $160.6 million in annual payroll and will add 400 new jobs with an annual payroll of $19.2 million. The City supported the project with a job creation tax credit valued at approximately $1.5 million for new jobs created.

Artistry Cincinnati. A new mixed-use development is under construction on a former surface parking lot several blocks east of Great American Ballpark. Artistry Cincinnati is being developed by Milhaus Development at a total estimated cost of $77 million and will provide 344 residential units, a 400-car parking garage, and 7,750 square feet of commercial space. The City supported this development with a 30-year Project TIF incentive valued at $19.7 million. The property is expected to open in 2021.

The Provident (formerly 632 Vine Street). Pearl Capital Management converted the vacant office building into The Provident, featuring 160 market-rate residential apartments and all new commercial space on the ground floor. The total project cost is estimated at $37.6 million and is supported by a 15-year property tax abatement valued at $1.6 million.

The Blonde (formerly Eighth & Main). A new apartment building was recently completed at the corner of Eighth and Main Streets. The project was developed by a partnership between North American Properties and NorthPointe Group at a total estimated cost of $28 million. The new 13-story residential tower features 125 apartments and approximately 1,000 square feet of first floor commercial space.

Uptown Innovation Corridor. The Uptown Innovation Corridor (UIC) is a 65-acre innovation and technology hub, integrated into the region’s innovation ecosystem. Anchored by the University of Cincinnati’s 1819 Innovation Hub, the Corridor offers a unique platform for companies of all stages to connect to talent and build partnerships to accelerate innovations. More than 1.1 million square feet of new space totaling more than $1 billion of investment has been completed or is currently underway. The region’s leading companies have already made the Corridor their innovation address by locating research and development operations at UC’s 1819 Innovation Hub in the UIC. They include Procter & Gamble, The Kroger Co., Cincinnati Insurance Companies, Cincinnati Bell, and Cincy Tech as well as a host of local companies and organizations. When fully implemented, the Corridor master plan anticipates $2.5 billion of project investment, more than 3.5 million square feet of mixed-use development, and 7,500 jobs.

Cincinnati Children’s Critical Care Building. A new medical facility is under construction on the hospital’s Burnet Avenue Main Campus in the Avondale neighborhood. The approximately 650,000 square- foot expansion with an estimated cost of $650 million will create approximately 600 new jobs. The City supported the project with the sale of right of way at fair market value and approval of the realignment of right of way to facilitate the project. Construction is expected to be completed at the end of 2021.

Mercy Health / Bon Secours Expansion. The expansion of Mercy Health is underway in the Bond Hill

neighborhood. The company has committed to create 500 FTE jobs, representing $50 million in annual payroll and at-risk positions have been secured, representing approximately $37 million in annual payroll. The City supported this expansion by renegotiating the remaining term of an existing payroll tax incentive, which effectively increased the value of the total incentive by approximately $7.5 million. The total incentive is valued at just under $27 million. The expansion project also includes the construction of a $10 million garage to be completed by 2021.

Madison Square. RBM Development is constructing the second phase of the Madison Square Project in the Madisonville neighborhood. When complete, the project will contain a 7-story, 249,000 square-foot office building, and a 925-space parking garage at a total estimated cost of $115 million. Medpace has approximately 900 employees in Cincinnati at this time and expects to expand to approximately 1,800 employees. The current phase is scheduled for completion in late 2020.

Paramount Square. Paramount Square is the redevelopment of 8 historic structures by the Model Group, at an overall investment of $21.8 million, in the Walnut Hills neighborhood. The project will result in 54 market and workforce rate rental units and 50,000 square feet of commercial space. Anchor tenants Esoteric Brewing, a local craft brewery, and Taste of Belgium, a local restaurant and bakery chain have signed leases to operate in two of the commercial storefronts.

College Hill Station. A mixed-use development on 7.5 acres at a total estimated cost of $30 million is under construction in the College Hill neighborhood. The project includes four buildings, about 141 market- rate apartments, and 11,500 square feet of street-level commercial space. In addition, a local home developer is planning to bring 33 single-family townhomes to the market. The City has supported the project with the sale of City property below market value, a 30-year, net 75% TIF property tax exemption, and a $2.75 million grant. The first phase of the project is scheduled for completion 2021.

Redevelopment of Former Anthem Site. Fortus Group and Buckingham Cos. will redevelop 4.4 acres of the former 7-acre Anthem site in the East Walnut Hills neighborhood at a total estimated cost of $55 million. The project includes 322 apartments, 10,000 square feet of street-level commercial space, and a 324-space parking garage, with an additional parking lot of 110 spaces. The City provided a 30-year Project TIF incentive and a commitment to continue to convert more existing one-way streets to two-way.

Poste (formerly Firehouse Row). A new multifamily project including 124 new market and workforce rate rental units and 4,000 square feet of retail storefront space was recently completed in the City’s Walnut Hills neighborhood. The project was developed by Milhaus Development at a total investment of approximately $17 million. The City supported the project with an $800,000 grant, property donations valued at approximately $300,000, and a 30-year Project TIF incentive.

821 Flats. A new permanent supportive housing project was recently completed in the City’s West End neighborhood. The project was developed by Tender Mercies Inc., a Cincinnati nonprofit that provides permanent housing and services to homeless adults with severe mental illness, at an estimated cost of $10 million. The project offers 57 units and will increase Tender Mercies’ capacity by 27 percent, allowing the agency to help 210 men and women at any one time.

KAO USA Research & Manufacturing Expansion. The expansion of KAO USA’s research and manufacturing facility is planned in the Camp Washington neighborhood. The company will expand onto a neighboring 3.3-acre site, while the current occupant of the site, Powell Valves, will use the proceeds from the property sale to relocate to a new facility on a 4-acre site about 1 mile north. KAO USA is expected to retain approximately 521 jobs and an estimated $51 million in annual payroll while creating 45 new jobs. Among other public resources, the City supported the project with a TIF incentive for public infrastructure improvements that are estimated to cost $9.5 million. This work will facilitate the construction of the new facility at an estimated cost of $82 million to be funded by the company.

Consolidated Metal Products Expansion. Consolidated Metal Products, Inc. is expanding its manufacturing facility in the Lower Price Hill neighborhood at an estimated cost of $3.6 million. The company acquired 1.4 acres adjacent to its existing facility for the new 35,000 square-t building. The company expects to retain 160 jobs and create 10 new jobs for a total estimated annual payroll of $9.7 million. The City supported the project with a 12-year, net 60% property tax abatement. The project is anticipated to be completed by December 2022.

Awards and Acknowledgements Certificate of Achievement and Budget Award During fiscal year 2020, the Government Finance Officers Association of the United States and Canada (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting to the City of Cincinnati for its comprehensive annual financial report for the fiscal year ended June 30, 2019. In order to be awarded a Certificate of Achievement, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. The City has received this award for forty consecutive fiscal periods. In 1979, for our 1978 annual financial report, we were the first governmental unit in Ohio to receive the Certificate. As of December 31, 2018, 131 municipal reporting entities in Ohio and only 2,117 units nationwide are holders of the Certificate. We believe that our current comprehensive annual report continues to meet the Certificate of Achievement Program’s requirements, and we are submitting it to the GFOA to determine its eligibility for another certificate. We are equally proud of the GFOA's Award for Distinguished Budget Presentation earned by the City for its 2020/2021 biennial budget. This was the 33rd consecutive year the City has received this award. For fiscal years beginning in 2019, only 21 municipalities in Ohio received the award. The preparation of this Comprehensive Annual Financial Report was accomplished by the efficient and dedicated services provided by the entire staff of the Department of Finance. Each member of the department has our sincere appreciation for the contribution made in the preparation of this report. Appreciation is also expressed to those in other City departments for their cooperation and assistance in matters pertaining to the financial affairs of the City. We hereby acknowledge and thank all who contributed their time and effort. Respectfully, Karen Alder Director of Finance

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Government Finance Officers Association

Certificate of Achievement for Excellence

in Financial Reporting

Presented to

City of Cincinnati Ohio

For its Comprehensive Annual Financial Report

For the Fiscal Year Ended

June 30, 2019

Executive Director/CEO

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CITY OF CINCINNATI, OHIO Principal City Officials

As of June 30, 2020

CITY COUNCIL

MAYOR John Cranley, Second Term

VICE MAYOR PRESIDENT PRO TEM Christopher Smitherman, Second Term Chris Seelbach, Second Term

COUNCILMEMBERS

David Mann, Second Term P.G. Sittenfeld, Second Term Wendell Young, Second Term Greg Landsman, First Term Jeff Pastor, First Term Betsy Sundermann, Appointed Jan-Michele Lemon Kearney, Appointed

CITY MANAGER Patrick Duhaney

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FINANCIAL SECTION

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Efficient  Effective  Transparent 19

INDEPENDENT AUDITOR’S REPORT

City of Cincinnati Hamilton County 801 Plum Street Cincinnati, Ohio 45202

To the Honorable Mayor and Members of the City Council:

Report on the Financial Statements

We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Cincinnati, Hamilton County, Ohio (the City), as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements

Management is responsible for preparing and fairly presenting these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes designing, implementing, and maintaining internal control relevant to preparing and fairly presenting financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to opine on these financial statements based on our audit. We audited in accordance with auditing standards generally accepted in the United States of America and the financial audit standards in the Comptroller General of the United States’ Government Auditing Standards. Those standards require us to plan and perform the audit to reasonably assure the financial statements are free from material misstatement.

An audit requires obtaining evidence about financial statement amounts and disclosures. The procedures selected depend on our judgment, including assessing the risks of material financial statement misstatement, whether due to fraud or error. In assessing those risks, we consider internal control relevant to the City’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not to the extent needed to opine on the effectiveness of the City’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of management’s accounting policies and the reasonableness of their significant accounting estimates, as well as our evaluation of the overall financial statement presentation.

We believe the audit evidence we obtained is sufficient and appropriate to support our audit opinions.

Opinion

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2020, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with the accounting principles generally accepted in the United States of America.

City of Cincinnati Hamilton County Independent Auditor’s Report Page 2

Emphasis of Matter

As discussed in Note 23 to the financial statements, the financial impact of COVID-19 and the continuing emergency measures may impact subsequent periods of the City. We did not modify our opinion regarding this matter.

Other Matters

Required Supplementary Information

Accounting principles generally accepted in the United States of America require this presentation to include management’s discussion and analysis, required budgetary comparison schedules and schedules of net pension and other post-employment benefit liabilities and pension and other post-employment benefit contributions listed in the table of contents, to supplement the basic financial statements. Although this information is not part of the basic financial statements, the Governmental Accounting Standards Board considers it essential for placing the basic financial statements in an appropriate operational, economic, or historical context. We applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, consisting of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, to the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not opine or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to opine or provide any other assurance.

Supplementary and Other Information

Our audit was conducted to opine on the City’s basic financial statements taken as a whole.

The introductory section, the financial section’s combining statements, individual fund statements and schedules and the statistical section information present additional analysis and are not a required part of the basic financial statements.

The statements and schedules are management’s responsibility, and derive from and relate directly to the underlying accounting and other records used to prepare the basic financial statements. We subjected this information to the auditing procedures we applied to the basic financial statements. We also applied certain additional procedures, including comparing and reconciling this information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves in accordance with auditing standards generally accepted in the United States of America. In our opinion, this information is fairly stated in all material respects in relation to the basic financial statements taken as a whole.

We did not subject the introductory section and statistical section information to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we express no opinion or any other assurance on them.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated March 8, 2021, on our consideration of the City’s internal control over financial reporting and our tests of its compliance with certain provisions of laws, regulations, contracts and grant agreements and other matters. That report describes the scope of our internal control testing over financial reporting and compliance, and the results of that testing, and does not opine on internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

City of Cincinnati Hamilton County Independent Auditor’s Report Page 3

March 8, 2021

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City of Cincinnati Management’s Discussion and Analysis

As management of the City of Cincinnati (the City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2020. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal, which can be found on pages 5 - 11 of this report. The government-wide financial statements are presented on a GAAP basis; that is, they reflect accrual basis of accounting. The GAAP fund financial statements will differ from those presented on a budgetary basis. Financial Highlights

 The assets and deferred outflows of the City, including all Governmental and Business-type activities, exceeded its liabilities and deferred inflows at the close of the most recent fiscal year by $965.1 million (net position). Of this amount, negative $1.5 billion is considered unrestricted. The unrestricted net position of the City’s governmental activities has a balance of negative $1.5 billion. The unrestricted net position of the City’s business-type activities is a negative $34.1 million. The unrestricted portion of net position does not include assets with externally imposed restrictions or restrictions imposed by law.

 The City’s total net position was $965.1 million in 2020. Net position of the governmental activities decreased by $306.2 million, which represents a 104.5% change from the 2019 balance. Net position of business-type activities decreased $25.1 million or 2.5% decrease from 2019. Governmental activities net investment in capital assets decreased $136.9 million. Governmental activities restricted net position increased $58.0 million. Business-type activities net investment in capital assets increased $37.3 million. Business-type activities restricted net position decreased by $85.1 million.

 As of the close of the current fiscal year, the City’s governmental funds reported combined ending fund balance of $569.3 million, in comparison to $512.2 million at June 30, 2019. On a combined basis, approximately $5.5 million is considered nonspendable, $441.3 million is restricted for specific purposes, $23.5 million has been committed by City Council and $8.6 million has been assigned to specific purposes by management.

 At the end of the current fiscal year, the unassigned fund balance of the general fund was $90.4 million, 22.5% of total 2020 general fund expenditures. The total fund balance was $107.8 million, 26.9% of total 2020 general fund expenditures. $2.8 million is considered nonspendable, $6.0 million committed, and $8.6 million assigned. There was a $22.8 million increase in general fund balance for the fiscal year ended June 30, 2020.

 The City’s total general obligation and revenue debt for governmental activities increased by $54.0 million or 8.2% during the current fiscal year.

 The unrestricted net position of the City’s governmental activities has a balance of negative $1.4 billion due primarily to noncurrent liabilities related to net pension and other postemployment benefit (OPEB) liabilities and net position being restricted for debt service and capital projects.

Overview of the Financial Statements The discussion and analysis are intended to serve as an introduction to the City’s basic financial statements. The City’s basic financial statements comprise three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to the financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.

Government-wide Financial Statements. The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner similar to a private-sector business. The government-wide financial statements can be found on pages 39 to 41 of this report. The statement of net position presents information on all of the City’s assets and deferred outflows and liabilities and deferred inflows with the difference reported as net position. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. The statement of activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of the related cash flows. Thus, revenue and expenses are reported in this statement for some items that will only result in cash flows in future fiscal periods (e.g., uncollected taxes, and earned but unused vacation leave). The government-wide financial statements (statement of net position and statement of activities) distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include general government, community development, parks and recreation, public safety, transportation and engineering, transit system, public services, and public health. The business-type activities of the City include the Water Works, Parking Facilities, Convention Center, General Aviation, Municipal Golf, and Stormwater Management Funds. Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. All of the funds of the City can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds. Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government- wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements. The basic governmental fund financial statements can be found on pages 42 to 46 of this report. Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the City’s near-term financing decisions. Both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities. The City maintains 25 individual governmental funds. Information is presented separately in the governmental funds balance sheet and in the governmental funds statement of revenues, expenditures, and changes in fund balances for the general fund, the health district fund, the capital projects fund, the debt service fund and the tax increment financing fund, all of which are considered to be major funds. Data from the other 20 funds are combined into a single aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements found elsewhere in this report.

The City adopts an annual appropriated budget for its General Fund. A budgetary comparison schedule has been provided for the General Fund to demonstrate compliance with this budget. Proprietary Funds. The City maintains two different types of proprietary funds - enterprise and internal service. Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The City uses enterprise funds to account for its water works, parking facilities, convention center, municipal airport, municipal golf courses and stormwater management system. Internal service funds are an accounting device to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds for its printing services and general stores operation, fleet services, property management function, self-insurance risk management fund, self- insurance workers’ compensation fund and enterprise technology services. Because all of these services predominantly benefit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements. The basic proprietary fund financial statements can be found on pages 47 to 51 of this report. Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for the Water Works Fund which is considered to be a major fund of the City. The other enterprise funds are combined into a single, aggregated presentation in the proprietary fund financial statements. All internal service funds are also combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the other enterprise funds and internal service funds are provided in the form of combining statements found elsewhere in this report. Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. The City uses fiduciary funds to account for pension trust, investment trust and agency funds. Fiduciary funds are not reflected in the government-wide financial statements because the resources of those funds are not available to support the City’s own programs. The accounting used for fiduciary funds is much like that used for proprietary funds. The basic fiduciary fund financial statements can be found on pages 52 and 53 of this report. Notes to Financial Statements. The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to financial statements can be found on pages 55 to 154 of this report. Other Information. In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information concerning the City’s pension and OPEB information from an employer’s perspective, as well as the Cincinnati Retirement System’s pension and OPEB information from the Plan’s perspective, and the budgetary comparison of the City’s General Fund and Health District Fund. Required supplementary information can be found on pages 157 to 181 of this report. The combining statements referred to earlier in connection with nonmajor governmental funds, nonmajor enterprise funds and internal service funds are presented immediately following the required supplementary information. Supplementary information can be found on pages 185 to 255 of this report.

June 30 June 30 June 30 June 30 June 30 June 30 2020 2019 2020 2019 2020 2019

Current and other assets $ 999,113 $ 859,461 $ 396,808 $ 411,332 $ 1,395,921 $ 1,270,793 Capital assets 1,365,198 1,490,497 1,392,996 1,357,999 2,758,194 2,848,496 Total Assets 2,364,311 2,349,958 1,789,804 1,769,331 4,154,115 4,119,289

Deferred Outflows 392,402 279,061 106,171 32,444 498,573 311,505

Long-term liabilities outstanding 2,233,143 1,913,034 825,920 632,843 3,059,063 2,545,877 Other liabilities 260,231 193,972 70,488 134,749 330,719 328,721 Total liabilities 2,493,374 2,107,006 896,408 767,592 3,389,782 2,874,598

Deferred Inflows 276,393 228,863 21,408 30,876 297,801 259,739

Net Position:

Net Investment in Capital Assets 760,665 897,570 900,115 862,847 1,660,780 1,760,417 Restricted 699,618 641,611 112,152 197,236 811,770 838,847 Unrestricted (1,473,337) (1,246,031) (34,108) (56,776) (1,507,445) (1,302,807) Total net position $ (13,054) $ 293,150 $ 978,159 $ 1,003,307 $ 965,105 $ 1,296,457

City of Cincinnati's Ne t Position (AMOUNTS IN THOUSANDS)

Gove rnme ntal Activitie s Bus ine s s -type Activitie s Total

Government-wide Financial Analysis The net pension liability (NPL) is one of the largest liabilities reported by the City at June 30, 2020, and is reported pursuant to GASB Statement No. 68, Accounting and Financial Reporting for Pension—an Amendment of GASB Statement No. 27. Another significant liability for the City is the net other postemployment benefits (OPEB) liability reported pursuant to GASB Statement No. 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pension, which significantly revises accounting for costs and liabilities related to OPEB. Governmental Accounting Standards Board (GASB) standards are national and apply to all government financial reports prepared in accordance with generally accepted accounting principles. Prior accounting for pensions (GASB Statement No. 27) and postemployment benefits (GASB Statement No. 45) focused on a funding approach. This approach limited pension and OPEB costs to contributions annually required by law or actuarially determined, which may or may not be sufficient to fully fund each plan’s net pension liability or net OPEB liability. GASB Statements No. 68 and No. 75 take an earnings approach to pension and OPEB accounting and require the net pension liability and the net OPEB liability to equal the City’s share of each plan’s:

1. Present value of estimated future pension/OPEB benefits attributable to active and inactive employees’ past service

2. Minus plan assets available to pay these benefits. GASB notes that pension and OPEB obligations, whether funded or unfunded, are part of the “employment exchange” – that is, the employee is trading his or her labor in exchange for wages, benefits and the promise of future pension and other postemployment benefits. GASB noted that the unfunded portion of this promise is a present obligation of the government, part of a bargained-for benefit to the employee and should accordingly be reported by the government as a liability since they received the benefit of the exchange.

Employees of the City participate in one of three plans that offer both pension and OPEB benefits; the Cincinnati Retirement System, a single employer defined benefit plan, the Ohio Public Employees Retirement System, a state-wide cost-sharing, multiple-employer defined benefit plan, or the Ohio Police and Fire Pension Fund, also a state-wide cost-sharing, multiple-employer defined benefit plan. As noted earlier, net position may serve over time as a useful indicator of a government’s financial position. In the case of the City, assets and deferred outflows exceeded liabilities and deferred inflows by $965.1 million at the close of the most recent fiscal period. The largest portion of the City’s net position $1.7 billion (172.1%) reflects its investment in capital assets (e.g. land, construction in progress, buildings, machinery, equipment, and infrastructure); less any related debt used to acquire those assets that is still outstanding. The City uses these capital assets to provide services to its citizens; consequently, these assets are not available for spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, because the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of the City’s net position $811.8 million (84.1%) represents resources that are subject to external restrictions on how they may be used. The remaining balance, a negative $1.5 billion, represents unrestricted net position. The pension and OPEB plans experienced better than projected investment performance during their measurement periods contributing to the increase in deferred outflows, the decrease in long-term liabilities outstanding and decrease in the unrestricted net position deficit during the fiscal year.

June 30 June 30 June 30 June 30 June 30 June 30 Revenues: 2020 2019 2020 2019 2020 2019

Program Revenues: Charges for Services $ 152,763 $ 145,450 $ 212,929 $ 205,778 $ 365,692 $ 351,228 Operating Grants and Contributions 62,924 44,026 51 0 62,975 44,026 Capital Grants and Contributions 20,721 14,645 10,657 5,350 31,378 19,995 General Revenues: Property Taxes 66,133 61,436 66,133 61,436 Income Taxes 417,086 392,004 417,086 392,004 Admission Taxes 4,845 6,002 4,845 6,002 Shared Revenues 43,230 41,858 43,230 41,858 Occupancy Taxes 3,824 4,106 1,714 2,511 5,538 6,617 Unrestricted Investment 22,814 17,779 11,063 9,303 33,877 27,082 Miscellaneous 65,062 57,837 5,463 1,192 70,525 59,029 Total Revenues 859,402 785,143 241,877 224,134 1,101,279 1,009,277

Expenses: General Government 226,537 130,144 226,537 130,144 Community Development 100,587 46,894 100,587 46,894 Parks and Recreation 92,204 54,139 92,204 54,139 Public Safety 353,365 8,318 353,365 8,318 Transportation and Engineering 129,244 55,399 129,244 55,399 Transit System 55,099 55,773 55,099 55,773 Public Services 81,578 52,192 81,578 52,192 Public Health 105,431 50,716 105,431 50,716 Interest on long-term debt 22,050 21,043 22,050 21,043 Water Works 201,625 135,569 201,625 135,569 Parking Facilities 9,796 14,078 9,796 14,078 Convention Center 13,190 13,515 13,190 13,515 General Aviation 3,725 2,392 3,725 2,392 Municipal Golf 6,014 5,983 6,014 5,983 Stormwater Management 32,186 28,424 32,186 28,424 Total Expenses 1,166,095 474,618 266,536 199,961 1,432,631 674,579

Change in net position before transfers (306,693) 310,525 (24,659) 24,173 (331,352) 334,698 Transfers 489 2,897 (489) (2,897) 0 0

Change in net position (306,204) 313,422 (25,148) 21,276 (331,352) 334,698

Net position – Beginning 293,150 (20,272) 1,003,307 982,031 1,296,457 961,759 Net position – Ending $ (13,054) $ 293,150 $ 978,159 $1,003,307 $ 965,105 $ 1,296,457

Total

CITY OF CINCINNATI Change s in Ne t Pos ition

(AMOUNTS IN THOUSANDS) Gove rnme ntal Busine s s-type

Governmental Activities. Governmental activities decreased net position in the fiscal year 2020 by $306.2 million. Key elements of the change in net position include: Revenues The City realized an increase of governmental activities revenues of $74.3 million for 2020. Highlights include:

 Charges for services increased by $7.3 million. This includes the following changes by program:

See the Financial Trends information in the Statistical section beginning on page 283.

 Operating grants and contributions increased by $18.9 million. General government increased by $15.4 million primarily due to increased funding from the CARES Act program for COVID-19. Public health increased by $2.3 million primarily due to funding for the health centers through the Health Resources and Services Administration (HRSA) program. Parks and recreation increased by $2.4 million due to increased park endowment investments restricted for park and recreation programs.

 Capital grants and contributions increased by $6.1 million due to increases in Ohio Department of Transportation funding for roadway projects.

 Income tax increased by $25.1 million due to strength in the local economy.  Property tax increased by $4.7 million due to an increase in real property values.  Investment earnings increased significantly by $5.0 million due to a fair market value change from

the prior year to the current year end.  Miscellaneous revenues increased $7.2 million, due to increased property values and new

exemptions.

Expenses Expenses for governmental activities for the fiscal year ended June 30, 2020 were $1.2 billion. The City shows an increase of $691.5 million in governmental expenses for fiscal year 2020 when compared to 2019. Approximately $326.3 million of this increase is related to changes in OPEB expenses for the Ohio Police and Fire Retirement System, recognizing $320.5 million in negative OPEB expenses in 2019 compared to $5.8 million in OPEB expenses in 2020 (see Note 21 for more information on net OPEB liabilities). An additional $231.0 million of the increase is associated with the changes in pension expenses for the Cincinnati Retirement System (CRS), recognizing $1.5 million in negative pension expenses in 2019 compared to $229.5 million in pension expenses in 2020 (see Note 20 for more information on net pension liabilities.)

Gove rnme ntal Program Change in Millions

General Government $ 8.6 Community Development 7.5 Parks and Recreation (1.2) Public Safety (7.5) Transportation and Engineering 2.8 Public Services (1.0) Public Health (1.9)

The net costs of operations covered by charges for service, grants and contributions are as follows:

Business-type Activities. Business-type activities decreased the City’s net position in fiscal year 2020 by $25.1 million. Key elements of the change were:

 Water Works revenue increased by $16.2 million mainly due to a 3.75% increase in water rates and increases in customers and water usage.

 Capital grants and contributions revenue increased by $5.3 million due to an increase in developer donated water infrastructure.

 Water Works expenses increased by approximately $66.1 million. Variations in pension and OPEB expenses accounted for $59.4 million ($62.5 million in pension and OPEB expense in 2020 compared to $3.1 in pension and OPEB expenses in 2019).

Total Program Pe rce nt

Expe nse s Re ve nue Cove re d

Governmental Activities: Public Safety 353,365$ 26,314$ (327,051)$ 7.45% General Government 226,537 105,561 (120,976) 46.60% Public Services 81,578 1,277 (80,301) 1.57% Public Health 105,431 35,934 (69,497) 34.08% Parks and Recreation 92,204 15,445 (76,759) 16.75% Community Development 100,587 29,600 (70,987) 29.43% Transit System 55,099 - (55,099) 0.00% Transportation and Engineering 129,244 22,277 (106,967) 17.24% Interest on Long Term Debt 22,050 - (22,050) 0.00%

Total governmental activities 1,166,095$ 236,408$ (929,687)$

Pe r Activity

Ne t Re ve nue (Expe nse )

City of Cincinnati, Ohio State me nt of Activitie s

For the fis cal ye ar e nde d June 30, 2020 (Amounts in Thous ands)

The net costs of the business-type operations are as follows:

Net Revenue Percent (Amounts in Thousands) Program (Expense) Covered

Expense Revenue Per Activity Activity Business-type activities: Water Works 201,625$ 179,903$ (21,722)$ 89.23% Parking Facilities 9,796 5,870 (3,926) 59.92% Convention Center 13,190 5,979 (7,211) 45.33% General Aviation 3,725 2,208 (1,517) 59.28% Municipal Golf 6,014 5,856 (158) 97.37% Stormwater Management 32,186 23,821 (8,365) 74.01%

Total Business-type activities 266,536$ 223,637$ (42,899)$

Financial Analysis of the Government’s Funds As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. Governmental Funds. The focus of the City’s governmental funds (Note 1) is to provide information on near-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. Nonspendable fund balances are amounts that cannot be spent, such as inventory, advances or nonexpendable trust balances. Restricted fund balances are amounts that are restricted legally for a specific purpose, such as a grant or by debt decree. Committed fund balances are amounts committed by the governing body through council legislation, such as budgetary commitments. Assigned fund balances are internal commitments by the governments’ management for a specific purpose.

As of the end of the current fiscal year, the City’s governmental funds reported combined ending fund balances of $569.3 million, an increase of $57.0 million in comparison with the prior year. Approximately 77.5% or $441.3 million of this total amount constitutes restricted fund balance, which is available for spending for a specific purpose. The committed fund balance, $23.5 million or 4.1%, has been committed by council legislation at the end of the year. The general fund is the primary operating fund of the City. During 2009, the decision was made to include the working capital reserve fund with the general fund as a stabilization fund and is included in the unassigned fund balance. At year end, the balance in the working capital reserve fund was $33.5 million. The total unassigned fund balance of the general fund (including the working capital reserve) was $90.4 million, which is 20.3% of 2020 general fund revenues. The fund balance of the City’s general fund increased by $22.8 million during the current fiscal year compared to the fund balance as of June 30, 2019. The increases in income and property tax revenues were discussed previously. Additionally, the City enacted several strategies as a response to the COVID-19 pandemic, including the implementation of a temporary emergency leave program, a hiring freeze for all non-essential positions and pay reductions for all Division 5 non-represented employees. The revenues and expenditures are provided below as an analysis of the effect on fund balance for the fiscal year ended June 30, 2020:

(Amounts in Thousands) 6/30/20 6/30/19

REVENUES Taxes 341,405$ 321,241$ Licenses and Permits 22,889 20,366 Use of Money and Property 20,811 18,432 Intergovernmental Revenue 22,005 23,759 Charges for Current Services 35,784 27,780 Miscellaneous 2,996 3,808 Total Revenues 445,890$ 415,386$

EXPENDITURES Current: General Government 66,992$ 63,902$ Community Development 8,591 8,057 Parks and Recreation 24,663 25,698 Public Safety 280,284 271,618 Transportation and Engineering 6,207 2,779 Public Services 14,484 16,089 Public Health 0 17,033 Interest 318 0 Total Expenditures 401,539$ 405,176$

General Fund

Prior to 2020, the City accounted for the health district activities in the general fund and two separate special revenue funds. During 2020, it was determined that the health district is a legally separate entity under GASB Statement No. 61. The City combined all of the health district’s activity into a single fund that is reported as a blended component unit special revenue fund. The capital projects fund has a total fund balance of $196.9 million which is an increase of just $0.5 million from the June 30, 2019. The change in fund balance relates to a decrease in transfers in from other funds to capital projects. The total fund balance of the debt service fund was $130.9 million which is restricted for the payment of debt service. The increase in fund balance was $12.5 million. Debt service principal payments in fiscal year 2020 were $107.2 million, which includes $61.3 million in refinancing notes with bonds. The total fund balance in the tax increment financing fund was $35.0 million which is an increase of $5.2 million from the prior year. This fund receives service payments in lieu of taxes that are restricted to financing public infrastructure improvements. Proprietary Funds. The City’s proprietary funds provide the same type of information found in the government–wide financial statements, but in more detail. Unrestricted net position of the enterprise funds is negative $38.4 million, primarily driven by the net pension and OPEB liabilities. The total change in net position was a decrease of $3.9 million for the Water Works fund and a decrease of $18.3 million for the other enterprise funds. If the components of recording the net pension and OPEB liabilities were removed from the statement of net position, the enterprise funds’ unrestricted net position would be a positive $162.6 million.

Other factors concerning the finances of these funds have been addressed in the discussion of the City’s business-type activities.

General Fund Budgetary Highlights Revenue estimates for fiscal year 2020 were consistent throughout the year, with a budget of $415.2 million. The original appropriations were $395.5 million, while the final appropriations were $408.1 million. Appropriation increases were made for 2020 general fund departments. Detailed information by department can be found on pages 187 to 193 in the General Fund Budgetary statement. Major increases were made in the following departments:

 Department of Police increased by $6.5 million due primarily to the need for unanticipated lump sum payments and increased overtime expenditures.

 Department of Fire increased by $1.1 million due primarily to the need for additional overtime and unanticipated lump sum payments.

 Department of City Manager increased by $5.9 million due primarily to the need for personal protective equipment, cleaning supplies, and other items needed to respond to the COVID-19 pandemic.

 State unemployment compensation increased by $2.2 million due to placing employees on temporary emergency leave during the COVID-19 pandemic.

Capital Asset and Debt Administration Capital Assets. The City’s investment in capital assets for its governmental and business-type activities as of June 30, 2020 is $2.8 billion (net of accumulated depreciation). This investment in capital assets includes land, construction in progress, buildings, systems, improvements, machinery and equipment, park facilities, streets, and bridges.

June 30 June 30 June 30 June 30 June 30 June 30 2020 2019 2020 2019 2020 2019

Land $ 164,681 $ 199,755 $ 44,070 $ 44,070 $ 208,751 $ 243,825 Buildings 121,810 121,916 154,052 150,301 275,862 272,217 Improvements 196,075 210,310 947,707 955,771 1,143,782 1,166,081 Machinery and Equipment 45,546 44,865 94,210 94,968 139,756 139,833 Infrastructure 681,287 682,879 681,287 682,879 Construction in Progress 135,994 209,083 152,957 112,889 288,951 321,972 Property Acquired under Capital Leases 19,805 21,689 19,805 21,689

Total $ 1,365,198 $ 1,490,497 $ 1,392,996 $ 1,357,999 $ 2,758,194 $ 2,848,496

Total

City of Cincinnati’s Capital As se ts (net of depreciation)

(AMOUNTS IN THOUSANDS) Gove rnme ntal Bus ine s s -type

Total capital assets, net of accumulated depreciation, decreased by only $90.3 million. The governmental activities’ capital assets decreased by $125.3 million in fiscal year ended June 30, 2020, net of depreciation. During 2020, the construction in progress decreased by $73.1 million as several projects were removed from construction in progress and added to buildings, machinery and equipment, and infrastructure. Buildings of $6.9 million were added with the completion of the Keystone garage. Also, construction in progress related to the acquisition of machinery and equipment from the replacement of several fleet vehicles took place during 2020. Also, $45.0 million of infrastructure was placed in service in 2020 from a variety of street rehabilitation projects. The business activities capital assets increased by $35.0 million, due to several water main replacements, system upgrades and the Bolton streambank stabilization project.

Additional information on the City’s capital assets can be found in Note 14 on pages 93 to 95 of this report.

Long-term Debt. At the end of the current fiscal year, the City had $1.2 billion long-term bonds and notes outstanding. Of this amount, $630.7 million comprises debt backed by the full faith and credit of the government. The remainder of the City’s debt represents bonds secured solely by specified revenue sources (i.e., revenue bonds).

June 30 June 30 June 30 June 30 June 30 June 30 2020 2019 2020 2019 2020 2019

Ge ne ral Obligation Bonds

$594,197 $533,704 $ 36,546 $ 29,873 $ 630,743 $ 563,577

Re ve nue Bonds 119,627 126,099 482,733 521,878 602,360 647,977

Total $713,824 $659,803 $519,279 $551,751 $ 1,233,103 $ 1,211,554

City of Cincinnati’s Outs tanding De bt Ge ne ral Obligation and Re ve nue Bonds

(AMOUNTS IN THOUS ANDS )

Gove rnme ntal Activitie s

Bus ine ss -type Activitie s

Total

During the current fiscal year, the City’s total debt increased by $21.5 million (1.8%). The City issued $178.9 million in general obligation bonds and $107.3 million in revenue bonds to finance new projects and refund $176.5 million in bonds and notes. The City’s general obligation bond rating by Standard and Poor’s Corporation and Moody’s Investor Services, Inc. is “AA” and “Aa2”, respectively.

The City is within all of its legal debt limitations. The Ohio Revised Code provides that the net debt (as defined in the Ohio Revised Code) of a municipal corporation, whether or not approved by the electors, shall not exceed 10.5% of the total value of all property in the municipal corporation as listed and assessed for taxation. In addition, the unvoted net debt of municipal corporations cannot exceed 5.5% of the total taxation value of property. The statutory limitations on debt are measured by the ratio of net debt to tax valuation and expressed in terms of a percentage. The City had a legal debt margin for total debt of $333.2 million and a legal debt margin for unvoted debt of $41.0 million. Additional information about the City’s long-term debt can be found in Note 9 on pages 81 to 88 of this report.

Economic Factors and Next Year’s Budgets and Rates

 The unemployment rate for the Cincinnati MSA was 9.0% compared to 3.9% a year prior, as the impacts of the COVID-19 pandemic permeated into the economy locally and nationally. This rate is lower than the State’s average unemployment rate of 11.0% and lower than the national average rate of 11.1%.

 The vacancy rate of the central business office space was 10.5% at the end of fiscal year 2020, up from 7.9% at the end of fiscal year 2019.

 The City is experiencing increasing costs for employee health care, retirement and contractually obligated labor costs.

All of these factors were considered in preparing the City’s budget update for the fiscal year 2021: General Fund expenditures for the fiscal year 2020 were $8.0 million less than the estimate resulting in an increase in unappropriated fund balance at June 30, 2020. The General Fund balance is $29.8 million, on a budgetary basis. At the end of the fiscal year 2020, the reserve balance was $59.1 million (composed of $33.5 million working capital reserve, $2.8 million contingency reserve, $3.2 million economic downturn reserve and the estimated $20.3 million in carryover fund balance), which was 13.93% of 2020 General Fund revenues.

The 2021 fiscal year General Fund budget estimated current revenues of $370.4 million, plus $45.8 million in one-time sources, the majority of which comes from Coronavirus Aid, Relief, and Economic Security (CARES) Act funding, and estimated expenditures of $393.7 million, with $17.4 million transfers out to the Cincinnati Health District Fund, $3.8 million for debt service, $1.0 million for youth employment, and $260 thousand for the Cincinnati Bell Connector streetcar. Continuing budget priorities for 2021 include safety, thriving neighborhoods, growing economic opportunities, efficient service delivery, and fiscal sustainability. The onset of COVID-19 dramatically affected City revenue requiring the need to close a significant budget deficit. The City of Cincinnati had to make sacrifices to some elements of its budget to ensure primary services for residents were maintained. The primary mission of the 2021 fiscal year General Fund budget is supporting the continuation of essential services such as Police and Fire, Health, Public Services, Parks, and Recreation. No facilities were closed for budgetary reasons, although some facilities have not been open due to operational issues related to COVID-19. The 2021 budget also continues to place an emphasis on public safety, police community relations, and on our minority, small, and women businesses. The budget includes funding for the refresh of the Disparity Study and fully funds the Citizen Complaint Authority. Additional funds were set aside for youth employment. Requests for Information

The financial report is designed to provide a general overview of the City’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Director of Finance, City Hall, Room 250, 801 Plum Street, Cincinnati, Ohio, 45202.

BASIC FINANCIAL STATEMENTS

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Governmental Business-Type

Activities Activities Total

ASSETS

Current Assets

Cash and Cash Equivalents $ 129,506 $ 7,856 $ 137,362 Equity in City Treasury 241,440 58,711 300,151 Advances and Petty Cash 174 174 Investments 27,333 27,333 Receivables:

Taxes 105,688 78 105,766 Accounts, Net 85,483 23,146 108,629 Special Assessments 40,702 1,853 42,555 Accrued Interest 925 218 1,143

Due from Fiduciary Activities 101 - 101 Due from Other Governments 2,621 13,659 16,280 Prepaid Items and Other Assets 3,125 1,716 4,841 Inventory 3,467 5,820 9,287

Restricted Assets: Cash and Cash Equivalents 41,301 41,301 Equity in City Treasury 28,256 28,256 Investments 55,090 55,090

Internal Balances (27,550) 27,550 -

Total Current Assets 613,015 265,254 878,269

Noncurrent Assets Equity in City Treasury 361,647 87,336 448,983 Restricted Equity in City Treasury Cash 42,035 42,035 Accounts Receivable, Net 24,451 24,451 Regulatory Asset 2,183 2,183 Land 164,681 44,070 208,751 Buildings, net of Accumulated Depreciation 121,810 154,052 275,862 Improvements, net of Accumulated Depreciation 196,075 947,707 1,143,782 Machinery and Equipment, net of Accumulated Depreciation 45,546 94,210 139,756 Construction in Progress 135,994 152,957 288,951 Property Acquired under Capital Leases, net of Accumulated Amortization 19,805 - 19,805 Infrastructure Assets, net of Accumulated Depreciation 681,287 681,287

Total Noncurrent Assets 1,751,296 1,524,550 3,275,846

Total Assets 2,364,311 1,789,804 4,154,115

DEFERRED OUTFLOWS OF RESOURCES Pension Systems Related 277,039 68,179 345,218 Other Postemployment Benefit Systems Related 98,234 16,685 114,919 Asset Retirement Obligations 0 3,140 3,140 Loss on Defeasance 17,129 18,167 35,296

392,402 106,171 498,573 (Continued)

The accompanying notes to financial statements are an integral part of this statement.

City of Cincinnati, Ohio Statement of Net Position

June 30, 2020 (Amounts in Thousands)

(Continued) Governmental Business-Type LIABILITIES: Activities Activities Total Current Accounts Payable $ 39,019 $ 7,053 $ 46,072 Withholdings and Other Deposits 6,715 6,715 Due to Fiduciary Activities 752 252 1,004 Due to Other Governmental Agencies 6,964 6,964 Accrued Payroll 11,326 1,596 12,922 Accrued Liabilities 7,317 647 7,964 Accrued Interest 2,599 1,244 3,843 Deposits Payable 22,075 21 22,096 Unearned Revenue 2,064 2,064 Asset Retirement Obligations 3,140 3,140 Obligations Under Capital Leases 5,957 - 5,957 Compensated Absences Payable 40,792 4,832 45,624 Unpaid Claims 13,975 1,767 15,742 Ohio Public Works Commission Loan 288 218 506 Ohio Water Development Authority Loan 3,278 3,278 Matured Bonds and Interest Payable 515 515 Notes Payable 1,008 1,008 Bond Anticipation Notes Payable 50,000 50,000 State Infrastructure Bond and Loan Payable 168 168 General Obligation Bonds 50,659 2,243 52,902 Revenue Bonds 6,510 22,650 29,160 Other 432 432 Advances from Other Governments 124 124 Payable from Restricted Assets:

Construction Contracts 7,958 7,958 Deposits Payable 4,561 4,561

Total Current Liabilities 260,231 70,488 330,719

Noncurrent Obligations Under Capital Leases 17,794 - 17,794 Notes Payable 9,543 9,543 State Infrastructure Bond and Loan Payable 4,891 4,891 General Obligation Bonds 543,538 34,303 577,841 Revenue Bonds 113,117 460,083 573,200 Compensated Absences Payable 90,767 6,219 96,986 Pollution Remediation 2,350 2,350 Other Liabilities 1,756 1,756 Ohio Public Works Commission Loan 2,707 1,419 4,126 Ohio Water Development Authority Loan 48,394 48,394 Unpaid Claims Payable 11,622 11,622 Net Pension Liabilities 1,256,596 242,260 1,498,856 Net Other Postemployment Benefit Liabilities 178,462 33,242 211,704

Total Noncurrent Liabilities 2,233,143 825,920 3,059,063 Total Liabilities 2,493,374 896,408 3,389,782

DEFERRED INFLOWS OF RESOURCES Revenues Levied for the next year 160,645 160,645 Pension Systems Related 63,572 2,307 65,879 Other Postemployment Benefit 51,250 8,022 59,272 Service Concession Arrangements 11,021 11,021 Gain on Defeasance 926 58 984

Total Deferred Inflows of Resources 276,393 21,408 297,801

Net Position Net Investment in Capital Assets 760,665 900,115 1,660,780 Restricted Net Position for: Tax Increment Financing 91,584 91,584 Debt Service 193,186 112,152 305,338 Capital Projects 295,326 295,326

Public Transit 16,050 16,050 Public Safety 4,910 4,910 Parks and Recreation 10,491 10,491 Street Improvement 4,597 4,597 Infrastructure 9,444 9,444 Public Health 489 489 Community Development 13,402 13,402

Other Purposes 47,488 47,488 Fleet Services 989 989 Permanent Funds - Expendable 9,411 9,411 Permanent Funds - Nonexpendable 2,251 2,251 Unrestricted Net Position (1,473,337) (34,108) (1,507,445)

Total Net Position (13,054)$ 978,159$ 965,105$ The accompanying notes to financial statements are an integral part of this statement.

City of Cincinnati, Ohio Statement of Net Position

June 30, 2020 (Amounts in Thousands)

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Total Assets $ 236,301 $ 5,305 $ 264,036 $ 186,766 $ 116,380 $ 157,381 $ 966,169

LIABILITIES, DEFERRED INFLOWS AND FUND BALANCES

Liabilities: Accounts Payable $ 5,431 $ 389 $ 16,650 $ 5 $ 8,761 $ 3,796 $ 35,032 Withholdings and Other Deposits 6,715 - 6,715 Due to Other Funds 1,257 41 25 - 2,489 2,933 6,745 Due to Fiduciary Funds 394 164 2 147 707 Accrued Payroll 9,084 1,133 12 798 11,027 Accrued Liabilities 129 22 0 8,047 572 8,770 Accrued Interest 318 318 Deposits Payable 8,738 805 4,249 617 3,755 18,164 Bond Anticipation Notes Payable 50,000 0 0 - - 50,000 Estimated Liability for Unpaid Claims 3,174 927 - 699 4,800 Advances from Other Funds 992 0 33,472 900 35,364 Advances from Other Governments 103 0 - 1 104 Matured Bonds and Interest Payable 515 515

Total Liabilities 86,335 3,481 54,396 1,151 19,297 13,601 178,261

Deferred Inflow of Resources: Revenues Levied for the next year and Unavailable Revenue 42,132 4 12,789 54,724 62,069 46,928 218,646

Fund Balances: Nonspendable 2,753 400 5 2,294 5,452 Restricted 489 196,846 130,891 35,014 78,024 441,264 Committed 6,047 931 16,534 23,512 Assigned 8,636 - - 8,636 Unassigned 90,398 - - 90,398

Total Fund Balances 107,834 1,820 196,851 130,891 35,014 96,852 569,262

Total Liabilities, Deferred Inflows and Fund Balances $ 236,301 $ 5,305 $ 264,036 $ 186,766 $ 116,380 $ 157,381 $ 966,169

The accompanying notes to financial statements are an integral part of this statement.

Increment Financing

City of Cincinnati, Ohio Balance Sheet

Governmental Funds June 30, 2020

General Capital Projects

Debt

(Amounts in Thousands)

FundsService Governmental

District Health

OtherTax Total

Funds Governmental

Total fund balances - governmental funds $ 569,262

Amounts reported for governmental activities in the statement of net position are different because:

Capital assets (net of accumulated depreciation) used in governmental activities are not financial

resources and therefore are not reported as assets in governmental funds. 1,350,473

Certain receivables will be collected next year, but are not available soon enough to pay for

the current period's expenditures, and therefore are deferred in the funds. 58,001

Some amounts reported for governmental-type activities in the statement of net position are different

because certain internal service fund assets and liabilities are included with business-type

activities. 25,054

Deferred gains and losses on refundings are recorded in the fund level financial statements

but are accrued and amortized over the life of the bonds in the government-wide

financial statements. This is the unamortized portion of gains and losses on defeasance. 16,203

Deferred Inflows and Outflows related to Net Pension and Other Postemployment Benefit Liabilities are

not reported in the funds. The unamortized portion of these deferred inflows and outflows is: 245,101

Long-term liabilities, including bonds payable, are not due and payable in the current period and

therefore are not reported as liabilities in the funds. Long-term liabilities at year-end consist of:

G.O. Bonds and Notes payable (537,664)

Revenue bonds payable (116,430)

Long Term Notes Payable (10,551)

Unamortized bond premium and discounts (57,685)

State Infrastructure Bank Bond and Loan Payable (5,059)

Compensated absences (129,608)

Net Pension Liability (1,210,322)

Net Other Post Employment Benefit Liability (172,344)

Ohio Public Works Commission Loans (2,995)

Unpaid claims payable (2,477)

Accrued interest on bonds (2,274)

Other Accrued Liabilities (3,638)

Pollution Remediation (2,350)

Capital leases payable (23,751)

Total net position - - governmental activities (page 40) $ (13,054)

The accompanying notes to financial statements are an integral part of this statement.

(Amounts in Thousands)

City of Cincinnati, Ohio Reconciliation of the Balance Sheet to the

Statement of Net Position

June 30, 2020 Governmental Funds

Tax Increment Governmental Financing

REVENUES Taxes $ 341,405 $ - $ 29,897 $ 38,441 $ 83,550 $ 493,293 Licenses and Permits 22,889 1,343 69 24,301 Use of Money and Property 20,811 1 1,638 27,556 $ 181 6,272 56,459 Special Assessments 235 71 6,144 6,450 Intergovernmental Revenue 22,005 1,406 2,273 4,882 769 36,433 67,768 Federal Grants 1,066 10,585 22,270 33,921 State Grants and Other Subsidies 11,263 7,863 2,753 21,879 Charges for Current Services 35,784 20,859 103 7,219 63,965 Miscellaneous 2,996 - 5,327 8,435 56,537 5,937 79,232

Total Revenues 445,890 35,938 57,921 79,385 57,487 170,647 847,268

EXPENDITURES Current: General Government 66,992 1,554 749 3,228 31,004 22,824 126,351 Community Development 8,591 - 4 1,050 14,435 24,080 Parks and Recreation 24,663 0 162 0 19,077 43,902 Public Safety 280,284 0 0 0 7,424 287,708 Transportation and Engineering 6,207 - 235 10,952 17,394 Transit System 55,099 55,099 Public Services 14,484 - 20,815 35,299 Public Health - 54,261 260 54,521 Capital Outlay 102,482 312 - 102,794 Debt Service: Principal Retirement 8,916 107,179 3,909 - 120,004 Interest 318 4,501 17,673 3,652 - 26,144 Bond Issuance Cost 1,871 - 1,871

Total Expenditures 401,539 55,815 117,045 129,955 39,927 150,886 895,167

Excess (Deficiency) of Revenues over (under) Expenditures 44,351 (19,877) (59,124) (50,570) 17,560 19,761 (47,899)

OTHER FINANCING SOURCES(USES) General Obligation Bonds and Notes Issued 33,118 59,062 92,180 Refunding Bonds Issued 75,060 - 75,060 Payments to Refunded Bonds Escrow Agent (74,745) - (74,745) Premium on Bonds Issued 15,893 - 15,893 Transfers In 246 17,515 39,354 17,281 1,269 3,036 78,701 Transfers (Out) (21,755) (84) (12,829) (29,527) (13,615) (4,335) (82,145)

Total Other Financing Sources(Uses) (21,509) 17,431 59,643 63,024 (12,346) (1,299) 104,944

Net change in fund balances 22,842 (2,446) 519 12,454 5,214 18,462 57,045

Fund Balances at July 1 84,992 4,266 196,332 118,437 29,800 78,390 512,217

Fund Balances at June 30 $ 107,834 $ 1,820 $ 196,851 $ 130,891 $ 35,014 $ 96,852 $ 569,262

The accompanying notes to financial statements are an integral part of this statement.

TotalOther Governmental

City of Cincinnati, Ohio Statement of Revenues, Expenditures and Changes in Fund Balances

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

Governmental Funds

Health FundsGeneral

Capital Projects

Debt

Service FundsDistrict

Net change in fund balances - total governmental funds $ 57,045

Amounts reported for governmental activities in the statement of activities are

different because:

Governmental funds report capital outlays as expenditures. However, in the

statement of activities the cost of those assets is allocated over their estimated

useful lives and reported as depreciation expense. This is the amount by which

depreciation ($81,520) exceeded capitalizable outlay ($19,388) in the current period. (62,132)

tGovernmental funds report cash received for assets disposed of as revenue.

However, in the statement of activities, that cash offsets the difference between the book

value ($105,460) and accumulated depreciation of the disposed asset ($42,026). (63,434)

Deferred inflows of resources for revenues levied for next year and unavailable revenue

includes revenue not recorded in the fund level, but reported in the statement of activities.

This is the current year change in the deferred inflow of resources reported as revenue

in the statement of activities. (755)

The long-term liability for compensated absences is not recorded in the fund level, but is

reported in the statement of activities. This is the current year change in the liability,

reported as an expense in the statement of activities. (3,088)

The long-term liability for unpaid claims is not recorded in the fund level, but is reported in the

statement of activities. This is the current year change in the liability, reported as an expense

in the statement of activities. 444

The long-term liability for Net Pension Liability is not recorded in the fund level, but is reported

in the statement of activities. A portion of the current year change is recorded as

deferred inflows and deferred outflows. This year the deferred amounts are amortized and

the current year net pension expense was recorded as a reduction of an expense in the (244,708)

statement of activities.

The long-term liability for Net Other Postemployment Benefit Liability is not recorded in the fund

level, but is reported in the statement of activities. A portion of the current year change

is recorded as deferred inflows and deferred outflows. This year the deferred amounts are (8,836)

amortized and the current year net other postemployment expense was recorded as an expense

in the statement of activities.

(Continued)

(Amounts in Thousands)

City of Cincinnati, Ohio Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances

Governmental Funds For the fiscal year ended June 30, 2020

to the Statement of Activities

(Amounts in Thousands)

City of Cincinnati, Ohio Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances

Governmental Funds For the fiscal year ended June 30, 2020

to the Statement of Activities

(Continued)

Bond and loan proceeds provide current financial resources to governmental funds, but issuing

debt increases long-term liabilities in the statement of net position. Repayment of bond and

loan principal is an expenditure in the governmental funds, but the repayment reduces

long-term liabilities in the statement of net position. This is the amount by which repayments

exceeded proceeds. 9,953$

Some expenses and credits to expenses reported in the statement of activities do not require

the use of current financial resources and therefore are not reported as expenditures in

governmental funds. (1,071)

Bond premiums are included in revenue at the fund level, but capitalized and amortized over

the life of the bonds in the government-wide financial statements. This is the amount by which

premiums on new debt exceeded the amortization of premiums. (1,491)

Net Gains on Defeasance are included in revenues at the fund level, but are deferred and

amortized over the life of the bonds in the government-wide financial statements. This is the

current amortization. (439)

Bond discounts are included in expenditures at the fund level, but are deferred and amortized

over the life of the bonds in the government-wide financial statements. This is the current

amortization. (15)

Net Losses on Defeasance are included in expenditures at the fund level, but are deferred and

amortized over the life of the bonds in the government-wide financial statements. This is the

amount by which the loss on defeasance on new debt exceeds the current amortization. 2,631

Capital lease financing provides current financial resources to governmental funds, but the capital

lease obligation increases the long-term liabilities in the statement of net position. Payment of

capital lease is an expenditure in the governmental funds, but the payment reduces long-term

liabilities in the statement of net position. This is the amount by which repayments exceeded

proceeds. 5,196

Internal service funds are used by management to charge the costs of certain activities, such as

insurance and telecommunications, to individual funds. The net revenue(expense) of certain

internal service funds is reported with governmental activities. 4,496

Change in net position of governmental activities (page 41) (306,204)$

The accompanying notes to financial statements are an integral part of this statement.

ASSETS

Current: Cash and Cash Equivalents $ 7,594 $ 262 $ 7,856 $ 132 Equity in City Treasury Cash 47,123 11,588 58,711 25,677 Receivables: Taxes 78 78 Accounts, Net 19,926 3,220 23,146 728 Special Assessments 1,853 1,853 Accrued Interest 184 34 218 49 Due from Other Funds 345 213 558 1,904 Due from Fiduciary Funds 101 Due from Other Governments 13,659 - 13,659 23 Prepaid Items 1,632 84 1,716 1,575 Inventory 5,820 5,820 266 Advances to Other Funds 50 24,682 24,732 9,261 Restricted Assets: Cash and Cash Equivalents 41,301 41,301 Equity in City Treasury Cash 28,256 28,256 Investments, at Fair Value 55,090 55,090

Total Current Assets 222,833 40,161 262,994 39,716

Noncurrent: Equity in City Treasury Cash 70,099 17,237 87,336 38,191 Restricted Equity in City Treasury Cash 42,035 42,035 Land 2,727 41,343 44,070 283 Buildings, net of Accumulated Depreciation 139,718 14,334 154,052 Improvements, net of Accumulated Depreciation 812,874 134,833 947,707 2,466 Machinery and Equipment, net of Accumulated Depreciation 89,094 5,116 94,210 4,313 Construction in Progress 124,294 28,663 152,957 7,663 Other Assets 2,183 2,183 1,550

Total Noncurrent Assets 1,283,024 241,526 1,524,550 54,466

Total Assets 1,505,857 281,687 1,787,544 94,182

DEFERRED OUTFLOWS OF RESOURCES

Asset Retirement Obligations 3,140 - 3,140 Loss on Defeasance 16,975 1,192 18,167 Pension Systems Related 57,976 10,203 68,179 13,565 Other Postemployment Benefit Systems Related 14,166 2,519 16,685 3,276

Total Deferred Outflows of Resources 92,257 13,914 106,171 16,841

(Continued)

The accompanying notes to financial statements are an integral part of this statement.

(Amounts in Thousands)

Governmental

City of Cincinnati, Ohio Statement of Net Position

Proprietary Funds June 30, 2020

Business-Type Activities - Enterprise Funds Activities Internal Service

Other Water

Total Enterprise

Funds Enterprise

FundsWorks Funds

(Continued) LIABILITIES Current: Accounts Payable $ 5,932 $ 1,121 $ 7,053 $ 3,988 Due to Other Funds 331 1,683 2,014 6 Due to Fiduciary Funds 220 32 252 45 Due to Other Governments 6,964 6,964 Accrued Payroll 1,363 233 1,596 299 Accrued Liabilities 647 647 613 Accrued Interest 1,142 102 1,244 7 Deposits Payable 21 21 468 Unearned Revenue 2,064 2,064

Asset Retirement Obligations 3,140 - 3,140 - Compensated Absences Payable 4,255 577 4,832 1,000 Unpaid Claims Payable 1,693 74 1,767 9,619 Ohio Public Works Commission Loan 218 218 Ohio Water Development Authority Loan 3,278 3,278 General Obligation Bonds and Notes Payable 157 2,086 2,243 67 Revenue Bonds Payable 22,650 22,650

Payable from Restricted Assets: Construction Contracts 7,958 7,958 Deposits Payable 4,561 4,561

Total Current Liabilities 63,862 8,640 72,502 16,112

Noncurrent:

Compensated Absences Payable 5,325 894 6,219 951 Ohio Public Works Commission Loan 1,419 1,419

Ohio Water Development Authority Loan 48,394 48,394

Estimated liability for Unpaid Claims 8,701

Advances from Other Funds 50

Advances from Other Governments 20

Revenue Bonds Payable 460,083 460,083

General Obligation Bonds and Notes Payable 4,639 29,664 34,303 1,978

Net Pension Liabilities 206,055 36,205 242,260 46,274

Net Other Postemployment Benefit Liabilities 28,455 4,787 33,242 6,118

Total Noncurrent Liabilities 754,370 71,550 825,920 64,092

Total Liabilities 818,232 80,190 898,422 80,204

DEFERRED INFLOWS Gain on Defeasance 58 58 Service Concession Arrangement 11,021 11,021 Pension Systems Related 1,342 965 2,307 81 Other Postemployment Benefit Systems Related 6,424 1,598 8,022 1,410 7,766 13,642 21,408 1,491 NET POSITION Net Investment in Capital Assets 691,651 208,464 900,115 14,725 Restricted Net Position Water Works 112,152 112,152 Fleet Services 1,550 Unrestricted Net Position (31,687) (6,695) (38,382) 13,053

Total Net Position $ 772,116 $ 201,769 973,885 $ 29,328

Some amounts reported for business-type activities in the statement of net position are different because certain internal service fund assets and liabilities are included with business-type activities. 4,274

Net position of business-type activities $ 978,159

The accompanying notes to financial statements are an integral part of this statement.

Enterprise Enterprise Service

(Amounts in Thousands)

Governmental

Internal

Funds Funds Funds Water

Statement of Net Position Proprietary Funds

June 30, 2020

Works

Other Total

CITY OF CINCINNATI, OHIO

ActivitiesBusiness-Type Activities - Enterprise Funds

OPERATING REVENUES Charges for Current Services $ 169,882 $ 43,047 $ 212,929 $ 123,962 Miscellaneous 4,904 511 5,415 2,588 Total Operating Revenues 174,786 43,558 218,344 126,550

OPERATING EXPENSES Personal Services 51,473 13,439 64,912 13,558 Contractual Services 14,789 17,647 32,436 3,705 Maintenance and Repairs 5,211 5,583 10,794 991 Materials and Supplies 8,663 897 9,560 11,559 Utilities 8,790 1,016 9,806 2,160 Insurance 352 440 792 82,550 Taxes 1 1,467 1,468 - Depreciation and Amortization 26,780 11,651 38,431 1,840 Rent 2,377 221 2,598 2,176 Pension Expense 62,769 11,250 74,019 12,464 Other Postemployment Benefit Expense (239) 65 (174) (305) Other Expense 578 111 689 39

Total Operating Expenses 181,544 63,787 245,331 130,737

Operating Loss (6,758) (20,229) (26,987) (4,187)

NONOPERATING REVENUES(EXPENSES) Interest Revenue 9,156 1,107 10,263 1,868

Build America Bond Subsidy 800 800 Occupancy Tax Receipts 1,714 1,714 Interest Expense (17,118) (1,124) (18,242) (81) Operating Grants 0 51 51 - Gain on Disposal of Assets 48 - 48 - .

Nonoperating Revenues(Expenses) (7,114) 1,748 (5,366) 1,787

Loss before Contributions and Transfers (13,872) (18,481) (32,353) (2,400)

Transfers In 1 1,056 1,057 5,171 Transfers (Out) (32) (1,514) (1,546) (1,238) Capital contributions 10,021 636 10,657 -

Change in Net Position (3,882) (18,303) (22,185) 1,533

Net Position at July 1 775,998 220,072 27,795

Net Position at June 30 $ 772,116 $ 201,769 $ 29,328

Some amounts reported for business-type activities in the statement of net position are different because the net revenue of certain internal service funds is reported with business type activities. (2,963)

Change in net position of business-type activities $ (25,148)

The accompanying notes to financial statements are an integral part of this statement.

Service FundsWorks

Other Enterprise

Funds Water Enterprise

Funds

InternalTotal Business-Type Activities - Enterprise Funds

Governmental Activities

City of Cincinnati, Ohio Statement of Revenues, Expenses, and Changes in Fund Net Position

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

Proprietary Funds

Cash Flows from Operating Activities:

Receipts from Customers $ 161,513 $ 43,428 $ 204,941 $ 14,411 Receipts from Other Funds 7,965 695 8,660 111,082 Receipts from Retirement System 176 Payments to Suppliers (29,109) (20,678) (49,787) (97,599) Payments to Other Funds (22,477) (5,468) (27,945) (3,146) Payments to Employees (34,756) (13,722) (48,478) (13,342) Payments for Property Taxes (1) (1,336) (1,337)

Net Cash Provided by Operating Activities 83,135 2,919 86,054 11,582

Cash Flows from Noncapital Financing Activities: Repayment of Advances Made To Other Funds 4,551 4,551 0

Amount Due from Other Funds for City Notes (271) (41) (312) (94) Interest paid on Bond and Notes (189) (105) (294) (81) Principal paid on Bond and Notes (153) (85) (238) (66) Advances To Other Funds (6,810) (6,810) (2,314) Operating Grants 51 51 Occupancy Tax Receipts 2,303 2,303 Transfers to Other Funds (32) (1,514) (1,546) (1,238) Transfers from Other Funds 1 1,056 1,057 5,171

Net Cash Provided(Used) by Noncapital Financing (644) (594) (1,238) 1,378

Cash Flows from Capital and Related Financing Activities:

Capital Contributed by Other Sources 139 636 775 0 Proceeds from the Sale of Capital Assets 71 71 0 Proceeds from Ohio Water Development Authority Loan 9,027 9,027 Proceeds from Sale of Bonds and Notes 107,285 11,665 118,950 Acquisition of Property, Plant and Equipment (5,665) (1,443) (7,108) (24) Interest Paid on Bonds and Notes (33,095) (1,711) (34,806) (180) Principal Paid on Bonds and Notes (148,655) (4,742) (153,397) Principal Paid on Ohio Public Works Loans (111) (111) Principal Paid on Ohio Water Development Authority Loan (3,004) (3,004) Payments on Long Term Capital Lease Obligations 0 0 0 (1,771) Additions to Construction in Progress (35,980) (7,375) (43,355) 0

Net Cash (Used) by Capital and Related Financing Activities (109,988) (2,970) (112,958) (1,975)

Cash Flow from Investing Activities: Investment (Purchases)Sales 78,313 78,313 0 Interest on Investments 10,252 1,161 11,413 1,931

Net Cash Provided by Investing Activities 88,565 1,161 89,726 1,931

Net Increase in Cash and Cash Equivalents 61,068 516 61,584 12,916

Cash and Cash Equivalents at Beginning of Period 175,340 28,571 203,911 51,084

Cash and Cash Equivalents at End of Period $ 236,408 $ 29,087 $ 265,495 $ 64,000

The accompanying notes to financial statements are an integral part of this statement.

Governmental Business-Type Activities - Enterprise Funds

Internal Service Funds

Activities

Water Other

Enterprise Funds

Total Enterprise

Works

City of Cincinnati, Ohio Statement of Cash Flows

Proprietary Funds For the fiscal year ended June 30, 2020

(Amounts in Thousands)

Funds

Reconciliation of Operating Loss to Net Cash Provided by Operating Activities: Operating Loss $ (6,758) $ (20,229) $ (26,987) $ (4,187) Depreciation and Amortization 26,780 11,651 38,431 1,840

Changes in Assets, Deferred Inflows/Outflows and Liabilities: (Increase) Decrease in: Receivables (2,817) 487 (2,330) 493 Due from Other Funds (16) (39) (55) (86) Due from Fiduciary Funds (52) Due from Other Governments (2,475) 0 (2,475) 136 Inventory (69) (69) 119 Prepaid Items 368 403 771 348 Other Assets 1,001 Deferred Outflows Cincinnati Retirement System (52,241) (9,322) (61,563) (11,775) Deferred Outflows Ohio Public Employees Retirement System 504 0 504 (233) Increase (Decrease) in: Accounts Payable 3,919 (281) 3,638 2,058 Deposits Payable 8 8 (1,534) Due to Other Funds (157) (350) (507) 1 Due to Fiduciary Funds 9 (8) 1 (2) Due to Other Governmental Agencies 1,249 1,249 Accrued Payroll 13 (73) (60) 4 Accrued Liabilities 96 96 (56) Unearned Revenue 451 451 Liability for Compensated Absences 545 (234) 311 212 Deferred Inflows Service Concession Arrangements (342) (342) Deferred Inflows Cincinnati Retirement System (7,386) (2,333) (9,719) (1,882) Deferred Inflows Ohio Public Employees Retirement System 600 0 600 (243) Estimated Liability for Unpaid Claims 14 64 78 (872) Net Pension Liability Cincinnati Retirement System 107,934 20,271 128,205 23,190 Net Pension Liability Ohio Public Employees Retirement System (1,080) 0 (1,080) 0 Net Other Postemployment Benefit Liability Cincinnati Retirement System 14,228 2,699 16,927 3,102 Net Other Postemployment Benefit Liability Ohio Public Employees Retirement System (29) (29)

Net Cash Provided by Operating Activities $ 83,135 $ 2,919 $ 86,054 $ 11,582

Schedule of Noncash Investing, Capital and Financing Activities: Change in Fair Value of Investments $ 3,883 $ 584 $ 4,467 $ 1,015 Capital Contributions 9,882 1,713 11,595 0

Total Noncash Investing, Capital and Financing Activities $ 13,765 $ 2,297 $ 16,062 $ 1,015

The accompanying notes to financial statements are an integral part of this statement.

Water Enterprise Service Works Funds Funds Funds

Enterprise

Governmental Business-Type Activities - Enterprise Funds Activities

Other

City of Cincinnati, Ohio Statement of Cash Flows

Proprietary Funds For the fiscal year ended June 30, 2020

(Amounts in Thousands)

InternalTotal

ASSETS Cash and Cash Equivalents $ 49,765 $ 3 Equity in City Treasury Cash $ 226,899 6,009

Investments: U.S. Treasury Bills and Notes 322,147 International Bonds 5,717 U.S. Government Bonds 26,680 Corporate Fixed Income 36,559 State and Local Obligations 403 U.S. Agencies 20,335 Equities - Common Stock 1,011,450 Mutual Funds 140,567 Private Equity 249,905 Real Estate 216,466 Private Placements 30,127 Other Assets (Alternatives) 285,988

Total Investments, at Fair Value 2,024,197 322,147

Collateral on Loaned Securities 23,841

Receivables: Accounts, Net 247 34,458 Accounts Receivable for Securities Sold 19,011 Accrued Interest and Dividends 2,079 234 Due from Primary Government 1,004 Loans Receivable 14 Machinery and Equipment 121 Accumulated Depreciation (108) Total Assets 2,120,171 226,899 362,851

LIABILITIES Accounts Payable 2,691 30,953 Accounts Payable for Securities Purchased 16,507 Due to Primary Government 101 Due to Other Governmental Agencies 315,290 Obligations Under Securities Lending 23,841 Accrued Payroll 39 60 Accrued Liabilities 44,636 35 Bonds Payable 260 Deposits Payable 6,024 Estimated Liability for Compensated Absences 242 10,489 Total Liabilities 88,317 $ 362,851

NET POSITION Restricted for External Pool Participant 226,899 Restricted for Employees' Pension Benefits 1,576,205 Restricted for Employees' Postemployment Healthcare Benefits 455,649 Total Net Position $ 2,031,854 $ 226,899

The accompanying notes to financial statements are an integral part of this statement.

City of Cincinnati, Ohio Statement of Fiduciary Net Position

Fiduciary Funds June 30, 2020

(Amounts in Thousands)

Trust Pension

Agency

Investment Trust Fund

ADDITIONS Contributions: Plan members $ 19,892 Employer 34,410 Participant Deposits $ 541,564 Total Contributions 54,302 541,564

Investment earnings: Interest and Dividends 31,974 4,220 Net Appreciation in the Fair Value of Investments (50,482) 4,955 Total Investment Earnings (18,508) 9,175 Less Investment Management Expenses 8,392

Net Income From Investing Activities (26,900) 9,175

From Security Lending Activities: Securities Lending Income 58 Securities Lending Expense: Borrower Rebates (97) Management Fees 10

Total Securities Lending Expenses (87)

Net Income from Securities Lending Activities (29)

Total Additions 27,373 550,739

DEDUCTIONS Benefit Payments: Pension and Annuities 174,219 Distributions to Participants 584,738 Hospital and Medical Care 26,889 Death Benefits, Active and Retired 615 Transfers - Retirement to other systems 87

Total Benefits Payments 201,810 584,738

Refunds of Contributions 584

Administrative expenses: Personal Services 1,451 Contractual Services 841 Materials and Supplies 107 Depreciation 4

Total Administrative Expenses 2,403

Total Deductions 204,797 584,738

Change in Net Position (177,424) (33,999)

Net Position at July 1 2,209,278 260,898

Net Position at June 30 $ 2,031,854 $ 226,899

The accompanying notes to financial statements are an integral part of this statement.

City of Cincinnati, Ohio Statement of Changes in Fiduciary Net Position

Fiduciary Funds For the fiscal year ended June 30, 2020

(Amounts in Thousands)

FundTrust Pension

Investment Trust

(This page intentionally left blank.)

Footnote Table of Contents

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES .................................................. 57

2. DEPOSITS WITH FINANCIAL INSTITUTIONS AND INVESTMENTS ............................. 65

3. MIXED INVESTMENT POOL .................................................................................................... 71

4. COMMITMENTS .......................................................................................................................... 73

5. INTER-FUND ASSETS/LIABILITIES ....................................................................................... 75

6. INTER-FUND TRANSFERS ........................................................................................................ 76

7. NET POSITION / FUND BALANCE .......................................................................................... 77

8. LEASES .......................................................................................................................................... 78

9. LONG-TERM DEBT ..................................................................................................................... 81

10. DEBT LIMITATION ..................................................................................................................... 89

11. TAXES AND TAX ABATEMENTS............................................................................................. 89

12. SHORT-TERM DEBT – BOND ANTICIPATION NOTES ...................................................... 92

13. RESTRICTED ASSETS ................................................................................................................ 92

14. CAPITAL ASSETS ........................................................................................................................ 93

15. RECEIVABLES ............................................................................................................................. 95

16. CONTINGENT LIABILITIES ..................................................................................................... 97

17. RISK MANAGEMENT ................................................................................................................. 98

18. SERVICE CONCESSION ARRANGEMENTS ....................................................................... 100

19. SUBSEQUENT EVENTS ............................................................................................................ 101

20. DEFINED BENEFIT PENSION PLANS .................................................................................. 101

21. DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFIT (OPEB) PLANS ........... 116

22. CINCINNATI RETIREMENT SYSTEM .................................................................................. 131

23. COVID-19 ..................................................................................................................................... 154

(This page intentionally left blank.)

CITY OF CINCINNATI, OHIO

NOTES TO FINANCIAL STATEMENTS

For the fiscal year ended June 30, 2020

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The City of Cincinnati is a political subdivision of the State of Ohio. It is governed with the powers of home rule by a directly elected mayor with a four-year term and a council of nine members who are elected at large for four-year terms. In 2001, Cincinnati converted from a city manager-council form of government, through which it had operated since 1926, to a stronger mayor-council form of government. A. Reporting Entity The City as a reporting entity consists of the City and its blended component unit, for which the City is considered to be financially accountable. Blended component units are, in substance, part of the primary government’s operations, even though they are legally separate entities. Thus, blended component units are appropriately presented as funds of the primary government. Beginning in fiscal year 2020, it was determined that the Health District was a legally separate entity under Governmental Accounting Standards Board (GASB) Statement No. 61, The Financial Reporting Entity, updated for GASB Statement No. 80, Blending Requirements for Certain Component Units. Previously, there were two separate special revenue funds maintained by the City to account for the Health District activities. The Health District provides public health services and is a body politic and corporate. The Mayor appoints the nine-member Board of Health, with the City Council’s consent. The City provides operating support and approves the Health District’s budget. Since the Health District provides services entirely to the City, it is reported as a blended component unit. It is included as a major fund in the governmental fund financial statements due to its significance to the City. The following organizations are included in the combined financial statements of the City because, under Ohio law, they have limited corporate powers and are therefore not legally separate organizations:

Cincinnati Park Board Cincinnati Recreation Commission City Planning Commission Civil Service Commission

Cincinnati owns a railway line, the Cincinnati Southern Railway, that was completed in 1881 and extends from Cincinnati, Ohio to Chattanooga, Tennessee, a distance of 335 miles. The Ferguson Act was made law May 4, 1869 and permitted the City to own and lease the railway stating that “it be of essential interest to such city.” Improvements have been made at various intervals; the most recent, a major line revision to eliminate tunnel clearance restrictions, grades, and curves, was completed in 1964. Improvements other than buildings in Governmental Activities include $83,224,000 attributable to the City's cost to construct and improve this railway system. The railway is leased to the Cincinnati, New Orleans and Texas Pacific Railway Company until December 31, 2026, with an option to extend the lease for an additional 25 years. The lessee is part of the Norfolk Southern Railway System and is its second largest operating unit. Total rental income from the railway lease was $22,932,000 and $22,383,000 for the fiscal years ending June 30, 2020 and June 30, 2019, respectively.

B. Government-wide and Fund Financial Statements The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the City. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business- type activities, which rely to a significant extent on fees and charges for support. The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues. Inter-fund receivables and payables between governmental and business-type activities have been eliminated in the government-wide statement of net position. These eliminations minimize the duplicating effect on assets and liabilities within the governmental and business-type activities total column. As a general rule, the effect of inter-fund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are charges between the City’s business-type activities and various other functions of the government. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned. Fund financial statements consist of a series of statements focusing on information about the City’s major governmental and proprietary funds. Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements. C. Measurement Focus, Basis of Accounting and Financial Statement Presentation The financial statements of the City of Cincinnati for the fiscal year ended June 30, 2020 are prepared in accordance with standards promulgated by the GASB. The first level of authority are the accounting principles established by GASB statements. The second level of authority are the GASB technical bulletins and implementation guides and it also includes literature of the American Institute of Certified Public Accountants (AICPA) which have been cleared by GASB. The City reports the following major governmental funds:

General Fund – This fund is the accounting entity in which all governmental activity, except that which is required to be accounted for in other funds, is accounted for. Its revenues consist primarily of taxes, intergovernmental shared revenues, charges for services, and investment income. General Fund expenditures represent costs of general government, community development, public safety, public services, public health, parks and recreation, transportation and engineering, and other. Health District Fund – This fund is used to account for the financial resources that are restricted or committed for the activities of the Health District. These include primary care health and dental centers; communicable and infectious disease investigations; health inspections, monitoring, and tracking; public health nursing; disease prevention; health education and promotion; issuance of environmental and health-related licenses and permits; and issuance of birth and death certificates.

Capital Projects Fund – This fund is used primarily to account for resources restricted to construct or acquire governmental fund capital assets. Such resources are derived principally from proceeds of general obligation debt, federal and state grants and City income tax (see Note 11). It is the City's policy to use the proceeds derived from the sale of bonds only for the capital improvement purpose detailed in the bond-authorizing ordinance and in accordance with state statutes. Any premium and accrued interest received from the sale of bonds are deposited into the Debt Service Fund.

Debt Service Fund – This fund accounts for the resources accumulated and payments made for principal and interest on general obligation debt and capital lease payments of the governmental funds. Tax Increment Financing (TIF) Fund – This fund is used to account for service payments in lieu of property taxes, capital and debt service expenditures from Tax Increment Financing Districts and Projects.

The City reports the following major proprietary fund:

Water Works Fund – This fund accounts for all activities of the City’s Water Works Department. The City collects, purifies, and sells water to Greater Cincinnati Area residents. Revenues consist primarily of user charges.

The City reports the following fund types:

Internal Service Funds – These funds are used to account for: reproduction, printing and stores; automotive repairs and maintenance; land sales and leasing; City’s property and employee medical insurance; workers’ compensation; and enterprise technology services to other departments or agencies of the City, or to other governments. Internal service funds are used to account for the financing of goods or services provided by one department or agency to another department or agencies of the government, generally on a cost-reimbursement basis.

Pension Trust Fund – This fund is used to account for the revenues and expenses of the City’s Retirement System, which is accounted for as a single-employer defined benefit pension plan. This fund accounts for both the pension benefits and the post-employment healthcare benefits. Note 22 contains the disclosures for the pension trust fund and the financial statements.

Investment Trust Fund – This fund is used to account for the Metropolitan Sewer District Fund portion of the City’s pool of cash and investments.

Agency Funds – These funds are used to account for assets held by the City in a fiduciary capacity. Agency funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. The assets held by the City include towing and storing charges for impounded vehicles; entertainment facilities deposits; transportation and engineering specific purpose monies; Metropolitan Sewer District monies; and the Convention Facility Authority monies.

Measurement Focus Except for budgetary purposes, the basis of accounting used by the City conforms to generally accepted accounting principles (GAAP) in the United States of America as applicable to governmental units. The accounting and financial reporting treatment applied to a fund is determined by its measurement focus.

The government-wide and proprietary funds financial statements are reported using the economic resources measurement focus and the accrual basis of accounting. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Non-exchange transactions, in which the City gives (or receives) value without directly receiving (or giving) equal value in exchange, include income taxes, property taxes, grants, shared revenues, and donations. On an accrual basis, revenue from income taxes is recognized in the period in which the taxpayer’s liability occurs and revenue from property taxes is recognized in the fiscal year for which the taxes are levied. On an accrual basis, revenue in the form of shared revenue is recognized when the provider government recognizes its liability to the City. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied. Governmental funds are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under this method, revenues are recognized in the accounting period in which they become both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the City considers revenues to be available if they are collected within sixty days of the end of the current fiscal period. Expenditures generally are recorded when the related liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences and claims and judgments, are recorded only when payment is due. Inventories of materials and supplies may be considered expenditures either when purchased or when used; and prepaid expense items may be considered expenditures either when paid for or when consumed. Proceeds of general long-term debt are reported as other financing sources. Income taxes, delinquent property taxes, liquor permits, fines, local government fund, gasoline tax, and motor vehicle license fees for the current and prior periods are determined to be susceptible to accrual and recognized as revenue in the current accounting period. All other major revenues of governmental funds are determined not to meet the criteria of either being measurable or available. The proprietary fund type statements are prepared utilizing the flow of economic resources measurement focus and the accrual basis of accounting for revenues, which are recognized when they are earned, and for expenses, which are recognized when they are incurred. Unbilled service receivables are recognized by proprietary funds when the services are provided. The fiduciary fund types recognize revenue and expenses on a basis consistent with the fund's accounting measurement objective. The pension trust fund and the mixed investment pool statements are prepared utilizing the flow of economic resources measurement focus and the accrual basis of accounting. The pension trust fund accounts for both the pension benefits and the employees’ post-employment benefits. Agency funds do not have a measurement focus. Their financial statements are prepared utilizing the accrual basis of accounting. Other Accounting Policies A. Investments – The investments of the City (excluding the City of Cincinnati's Retirement System,

which are disclosed in Note 22) are comprised primarily of time deposits and other securities guaranteed by the United States Government or its agencies and are stated at fair value in accordance with GASB Statement No. 72.

B. Inventories – Inventories are valued at cost using either the moving weighted average or the first-in,

first-out method. Inventories in the governmental funds and the proprietary funds are recorded using the consumption method whereby inventories are recorded as expenditures or expenses when they are used.

C. Insurance – The City maintains a comprehensive all-risk property insurance program through a commercial carrier that provides insurance coverage for approximately $1,673,377,000 in property values. The program contains a $100,000 deductible, provides coverage in the amount of $500 million per occurrence, and has a maximum limit of $50 million for earthquake damage and $50 million for flood damage. The City’s available legal debt margin of $41,026,000 at June 30, 2020, is available for catastrophic loss.

D. Inter-Fund Transactions – During the course of normal operations, the City has numerous transactions

between funds including expenditures/expenses, advances and transfers of resources to provide services, construct assets and service debt. The governmental and proprietary fund type financial statements generally reflect such transactions as transfers or advances. The internal service funds record charges for services to City departments as operating revenue. All City funds record these payments to the internal service funds as operating expenditures/expenses. The proprietary funds record operating subsidies as other income whereas the fund paying the subsidy records it as either an expenditure/expense or transfer. Transfers are intended to reallocate money permanently from one fund to another. Advances represent the long-term portion of loans between funds. Inter-fund services provided and used are accounted for as revenues, expenditures, or expenses in the funds involved. The General Fund provides administrative services to enterprise funds. Based on an internal cost allocation plan certain costs initially borne by the General Fund are then billed as indirect charges to other funds of the City. The amounts charged for those services are treated as revenue to the General Fund and as operating expenses in the enterprise funds and as program expenses for individual functions and activities.

E. Capital Assets – Capital assets which include property, plant and equipment, and infrastructure (i.e.

roads, streets, bridges and retaining walls) are reported in the applicable governmental or business- type activity columns in the government-wide financial statements. The City defines capital assets as assets with an individual cost of $5,000 or more ($100,000 for governmental infrastructure assets) and an estimated useful life in excess of one year. Such assets are capitalized at historical cost, or estimated values that approximate historical cost if purchased or constructed. Pursuant to the implementation of GASB Statement No. 34, the historical cost of infrastructure assets (retroactive to January 1, 1980) is included as part of the governmental capital assets reported in the government-wide statement. Thus, the depreciated value of construction cost for streets, bridges and retaining walls is reported. Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are recorded at acquisition value rather than fair value.

Capital assets include intangible assets as defined by GASB Statement No. 51. An intangible asset is an asset that lacks physical substance and has a useful life of more than one year. Some examples are computer software, trademarks, water rights and land easements. The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized. Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest incurred during the construction phase of capital assets of business-type activities is included as part of the capitalized value of the assets constructed.

Property, plant, and equipment of the City are depreciated using the straight-line method over the following estimated useful lives:

Water Mains 100 years

Buildings and Improvements 25-70 years Infrastructure 15-25 years Machinery and Equipment 5-40 years Automotive Equipment 3-20 years

F. Deferred Outflows – Deferred outflows of resources represent a consumption of net position that applies to a future period and will not be recognized as an outflow of resources (expense) until then. The City reports deferred outflows on its fund level balance sheet and entity wide statement of net position. A loss on defeasance is a deferred charge on refunding which results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. The deferred outflows of resources related to asset retirement obligations are explained in Note 1.R. The deferred outflows of resources related to pension and other post employments benefits (OPEB) are explained in Notes 20 and 21.

G. Deferred Inflows – The City reports deferred inflows of resources on its fund level balance sheet and entity wide statement of net position. Deferred inflows of resources represent an acquisition of net position that applies to a future period and will not be recognized until that time. The City recognizes gains on defeasance of debt and certain transactions under service concession arrangements as deferred inflows of resources. Deferred inflows from unavailable revenue arise when potential revenue does not meet the "available" criteria for recognition in the current period. Certain intergovernmental receivables, uncollected assessments, miscellaneous receivables, property taxes and income taxes not meeting the availability criteria have been deferred and will be realized in a subsequent period in the governmental funds. The deferred inflows of resources related to pension and OPEB are explained in Notes 20 and 21.

H. Grants and Other Intergovernmental Revenues – The proprietary fund types recognize federal

reimbursement type capital grants as intergovernmental receivables and capital contributions as the related expenses are incurred. All other federal reimbursement type grants are recorded as intergovernmental receivables and revenues when the related expenses/expenditures are incurred. On an accrual basis, revenue in the form of shared revenue is recognized when the provider government recognizes its liability to the City.

I. Operating Revenues and Expenses – The City, in its proprietary funds, distinguishes operating

revenues and expenses from non-operating items. Operating revenues and expenses generally result from providing services and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the City’s enterprise funds and internal service funds are charges to customers for sales and services. Operating expenses for enterprise funds and internal service funds include the cost of sales and services, administrative expenses, and depreciation of capital assets. All revenues and expenses not meeting this definition are reported as non-operating revenues and expenses.

J. Statement of Cash Flows – For purposes of the statement of cash flows, the proprietary funds consider

all highly liquid investments held by trustees, with a maturity of three months or less when purchased, to be cash equivalents. In addition, all cash and temporary investments with the City Treasurer are also considered to be cash equivalents since they are available to the proprietary funds on demand. The temporary investments primarily consist of certificates of deposit, federal agencies or instrumentalities, Ohio Municipals, STAR Ohio Investment Pool, and U.S. Treasury securities that have maturities of up to five years.

K. Bond Issuance Costs, Premiums and Discounts – Premiums and discounts are capitalized and amortized over the term of the bond. Debt is reported net of unamortized premiums and discounts. Bond issuance costs are recognized as outflows as incurred except for prepaid bond insurance, which is reported as a deferred outflow of resources and amortized over the term of the bonds. Bond issuance costs for the Water Works proprietary fund are recorded as a regulatory asset and amortized over the term of the bond since these costs are recovered from water users over the term of the bond.

L. Fund Balance – Restricted Fund balances are used to meet current expenditures incurred for which

restricted and unrestricted funds are available. Other expenditures are from committed, assigned and unassigned fund balances respectively.

M. Pronouncements Effective for the 2020 Financial Statements – GASB Statement Number 92, Omnibus

2020, was issued in January 2020 and addresses several topics. The requirements in paragraphs 4, 5, 11 and 13 became effective immediately, while the remaining paragraphs are effective at later dates and are addressed in Note 1.N. below.

Paragraphs 4 and 5 address the effective dates of Statement No. 87 and related guidance for interim financial reporting. These paragraphs had no effect on the City’s financial statements. Paragraph 11 addresses accounting for certain expenses when applying paragraph 37 of Statement No. 10, Accounting and Financial Reporting for Risk Financing and Related Insurance Issues, related to public entity risk pools. This paragraph had no effect on the City’s financial statements. Paragraph 13 replaced the terms derivative or derivatives with derivative instrument or derivative instruments. The requirements of this paragraph have been incorporated into the City’s financial statements.

GASB Statement No. 95, Postponement of the Effective Dates of Certain Authoritative Guidance, was issued in May 2020 and became effective immediately. This Statement provides temporary relief to governments and other stakeholders during the COVID-19 pandemic and delayed the effective dates of several statements and implementation guidance by one year. The revised effective dates of the affected statements were updated in Note 1.N. below.

N. Pronouncements Issued But Not Yet Effective – GASB Statement No. 84, Fiduciary Activities, was

issued in January 2017. The requirements of this Statement are effective for reporting periods beginning after December 15, 2019. Earlier application is encouraged. The objective of this Statement is to improve guidance regarding the identification of fiduciary activities for accounting and financial reporting purposes and how those activities should be reported. This Statement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary component units and postemployment benefit arrangements that are fiduciary activities.

GASB Statement No. 87, Leases, was issued in June 2017. The requirements of this Statement are

effective for reporting periods beginning after June 15, 2021. Earlier application is encouraged. The objective of this Statement is to better meet the information needs of financial statement users by improving accounting and financial reporting for leases by governments. This Statement increases the usefulness of governments’ financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract.

It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governments’ leasing.

Governmental Accounting Standards Board (GASB) Statement No. 90, Majority Equity Interest—an

amendment of GASB Statement No. 14 and No. 61, was issued in August 2018. The requirements of this Statement are effective for reporting periods beginning after December 15, 2019. The primary objectives of this Statement are to improve the consistency and comparability of reporting a government’s majority equity interest in a legally separate organization and to improve the relevance of financial statement information for certain component units.

GASB Statement No. 91, Conduit Debt Obligations, was issued in May 2019. The requirements of this

Statement are effective for the reporting periods beginning after December 15, 2021. The primary objectives of this Statement are to provide a single method of reporting conduit debt obligations by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures. This Statement achieves those objectives by clarifying the existing definition of a conduit debt obligation; establishing that a conduit debt obligation is not a liability of the issuer; establishing standards for accounting and financial reporting of additional commitments and voluntary commitments extended by issuers and arrangements associated with conduit debt obligations; and improving required note disclosures.

GASB Statement No. 92, Omnibus 2020, was issued in January 2020 and addresses several topics. The

requirements of paragraphs 6, 7, 8, 9, 10 and 12 are effective for the reporting periods beginning after June 15, 2021. Topics addressed by these paragraphs include addressing conflicts in guidance on the transfer of capital and financial assets between a government employer and a defined benefit pension or OPEB plan; guidance on accounting for non-trusted defined benefit pension or OPEB plans; conflicts in guidance in Statement No. 73, No. 74 and No. 84; guidance on assets and liabilities related to AROs acquired through a government acquisition; and a technical correction to Statement No. 72.

GASB Statement No. 93, Replacement of Interbank Offered Rates, was issued in March 2020. The

requirements of this Statement, other than paragraphs 11b, 13, and 14 are effective for reporting periods beginning after June 15, 2020. The requirement in paragraph 11b is effective for reporting periods beginning after December 3, 2021. The requirements in paragraphs 13 and 14 are effective for fiscal years beginning after June 15, 2021. The primary objectives of this Statement are to provide accounting and financial reporting guidance for those agreements which are dependent on the London Interbank Offered Rate (LIBOR), which is expected to cease to exist in its current form at the end of 2021.

GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment

Arrangements, was issued in March 2020 and becomes effective for fiscal years beginning after June 15, 2022. This Statement establishes the definitions of public-private and public-public partnerships (PPPs) and available payment arrangements (APAs) and uniform accounting and financial reporting guidance for arrangements and transactions that meet those definitions.

GASB Statement No. 96, Subscription-Based Information Technology Arrangements, was issued in

May 2020 and is effective for fiscal years beginning after June 30, 2022. This Statement establishes the definition for subscription-based information technology arrangements and the uniform accounting and financial reporting guidance for arrangements and transactions that meet those definitions.

GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—an Amendment of GASB Statements No. 14 and No. 84, and a Supersession of GASB Statement No. 32, was issued in June 2020 and have phased-in effective dates. This Statement excludes defined contribution pension, defined contribution OPEB, or certain other employee benefit plans from the financial accountability consideration for a potential component unit and requires the financial burden criteria in Statement No. 84, Fiduciary Activities, to be applicable to only trusted defined benefit pension and OPEB plans. This Statement requires Section 457 plans be classified as either a pension or OPEB plan on whether the plans meet the definition of a pension plan and subject to considerations under Statement No. 84.

O. Stabilization Policy – At the beginning of fiscal year 2016, and again at the end of fiscal year 2019, City Council updated the stabilization policy which was originally established in 1984 to ensure a strong financial position and to protect Cincinnati’s general obligation bond rating during periods of fiscal stress. The policy calls for achievement of a minimum reserve level, for emergency needs of a catastrophic nature, of two months, or 16.7%, of general operating revenues. The City is committed to increasing reserves each fiscal year until the goal is achieved. At June 30, 2020 reserves were 13.9% of fiscal year 2020 revenue, the third consecutive year the City increased reserves. The previous stabilization policy called for a minimum reserve level of no less than 5% or more than 8% of general operating revenues. The targeted year-end reserve level was achieved by fiscal year end for each period 1985 through fiscal year 2015.

P. Restricted Resources – Bond funds and other similar restricted resources are assumed to be expended

before non-restricted resources in paying for capital projects of both the governmental funds and the proprietary funds.

Q. Liability for Compensated Absences – City employees are awarded sick, vacation and compensatory

time as determined by union contractual agreements and personnel policies. Compensatory time and vacation time are paid out in full upon termination and are expensed in the year earned. Sick leave is paid out at various levels upon termination. The liability for sick leave is computed with the Termination Payment Method using a historical average of total years worked and total amount paid. The current portion of the liability is an average of the annual expenditures.

R. Asset Retirement Obligations – The City’s Bolton Treatment Plant mono-fill lime disposal site has

reached capacity and is in the process of being decommissioned. As required by the Ohio Environmental Protection Agency, the site needs to be capped and sloped for drainage. In accordance with GASB Statement No. 83, an asset retirement obligation liability in the amount of $3,140,000 was recorded in the Water Works fund based on construction estimates, and was offset with a deferred outflow of resources. The project is expected to be completed during fiscal year 2021.

2. DEPOSITS WITH FINANCIAL INSTITUTIONS AND INVESTMENTS

The City of Cincinnati combines the cash balances in individual funds to form a pool of cash and investments. Each fund reports its respective equity in City Treasury cash as an element of its resources. In addition, several funds separately hold cash, cash equivalents and investments, which are appropriately identified in the government-wide Statement of Net Position of the City. Earnings from the pooled cash and investments are allocated on a quarterly basis to eligible funds based on month-end equity balances. The data presented in the accompanying financial statements is for the City as a whole. Cash and investments for the Cincinnati Retirement System (CRS) pension trust fund are presented in Note 22. The following is a reconciliation of deposits and investments reported in this note to the cash and investments reported in the financial statements as June 30, 2020 (Amounts in Thousands):

Deposits At fiscal year end, the carrying amount of the City's deposits, including certificates of deposit with various financial institutions was $153,455,000 and the bank balance was $165,049,000. The entire bank balance is held in the name of the City and is collateralized either by federal depository insurance or securities pledged as collateral and segregated by the Federal Reserve Bank in a pledge account. The collateral is held by the City's agent in the City's name; it cannot be released by the Federal Reserve Bank without the City's approval. Beginning in 2018, the Ohio Pooled Collateral System (OPCS) allowed for participating financial institutions to pool collateral for Ohio public unit deposits. The Treasurer of State is the sole administrator and monitors the OPCS. Fifth Third Bank, U.S. Bank and PNC Bank participated in the OPCS during fiscal year 2020. Statutes specify that the City Treasurer require institutions designated as a public depository to pledge and to deposit with the Treasurer's office, as security for the payment of all public monies to be deposited in the public depository during the period of designation, eligible securities of an aggregate market value equal to the excess of the amount of public monies that are at the time so deposited over and above such portion or amount of such money as is at such time insured by the FDIC, or by any other agency or instrumentality of the federal government. As an alternative, the City Treasurer may require such institution to deposit with him surety company bonds which, when executed, shall be for an amount equal to such excess amount.

Deposits and Investments per Footnote: Carrying Value of Deposits 153,455$ Investments 1,482,114

Total Deposits and Investments 1,635,569$

Cash and Investments per Financial Statements: Governmental Activities:

Cash and Cash Equivalents 129,506$ Equity in City Treasury 603,087 Investments 27,333

Business-Type Activities: Cash and Cash Equivalents 7,856 Equity in City Treasury 146,047 Restricted Cash and Cash Equivalents 41,301 Restricted Equity in City Treasury 70,291 Restricted Investments 55,090

Fiduciary Investment Trust Fund: Equity in City Treasury 226,899

Fiduciary Agency Funds: Cash and Cash Equivalents 3 Equity in City Treasury 6,009 Investments 322,147

Total Cash and Investments 1,635,569$

Investments and Fair Value Hierarchy The fair value of investments for the City at June 30, 2020 was:

The City is legally authorized to invest in obligations of the U.S. Treasury, federal agencies or instrumentalities, obligations of the State of Ohio and its political subdivisions and repurchase agreements. STAR Ohio is an investment pool managed and administered by the State Treasurer’s Office. Participation is offered to subdivisions of the State of Ohio as defined in Section 135.45(F)(2)(a), Ohio Revised Code, by the State Treasurer for the investment of interim monies of the state and to the state’s various custodial accounts. The investment objectives of STAR Ohio are preserving capital, maintaining liquidity, and providing current income. STAR Ohio is an investment alternative defined in section 135.45(E)(2) of the Ohio Revised Code and created for eligible political subdivisions. The STAR Ohio investments, other than money market funds, are valued according to the amortized cost method (which approximates fair value) which is the cost adjusted for the amortization of any premiums or accretion of any discounts over the period until maturity. Investments in money market funds are valued at quoted market values. The STAR Ohio fund invests in U.S. government and agency securities, collateralized repurchase agreements with eligible Ohio financial institutions, and eligible banker’s acceptances and commercial paper. The STAR Ohio fund had an average 41.5 days to maturity at June 30, 2020 and is rated AAAm by Standard and Poor’s. There are no limitations or restrictions on participant withdrawals due to redemption notice periods, liquidity fees, or redemption gates. However, notice of withdrawal must be given to PFA, STAR Ohio’s co-administrator, 24 hours in advance of all transactions greater than $25 million. STAR Ohio reserves the right to limit the transactions to $100 million per day. All accounts of the participant will be combined for these purposes. All investments of the City of Cincinnati are insured or registered, or are securities held by the City or its agent in the City's name. The City Treasurer may enter into a repurchase agreement of U.S. Treasury obligations or other obligations for which the full faith and credit of the United States is pledged for the payment of principal and interest, or obligations or securities issued by any federal government agency. The City has not used reverse repurchase agreements or derivative instruments as investment instruments.

(Amounts in Thousands) City Permanent Park Board

Treasury Funds Funds Total

Money Market Funds 69,165$ 69,165$ U.S. Treasury Obligations 479,062 479,062 U.S. Agencies 545,613 545,613 Bond Mutual Funds 349$ 2,230$ 2,579 Corporate Fixed Income 414 414 Tax Exempt Ohio Municipals 16,305 16,305 Commercial Paper 105,000 105,000 STAR Ohio Investment Pool 254,374 254,374 Real Estate 22 22 Equity Securities 1,230 8,350 9,580

Total Investments 1,469,519$ 1,601$ 10,994$ 1,482,114$

The City categorizes its fair value measurements within the fair value hierarchy established by GAAP. The hierarchy is based on the valuation inputs used to measure fair value of the assets. Level 1 inputs are quoted prices in an active market for identical assets; Level 2 inputs are significant other observable inputs; and Level 3 inputs are significant unobservable inputs. The following is a summary of the fair value hierarchy of the fair value of investments of the City (excluding STAR Ohio Investment Pool) as of June 30, 2020:

Excluded from the City’s investments discussed above are assets held in trust by the Park Board, which includes the Special Revenue Parks, Special Revenue Bettman Nature Center, and Permanent Park Board Funds. The fair value of investments for these funds at June 30, 2020 was $10,994,000. In those cases where resources are maintained in trust, the authority for investment of the property rests with either the trust agreement or local ordinance. Investments of the Park Board are uninsured. These securities are held by the counterparty or by its trust department or agent but not in the City’s name. The following is a summary of the fair value hierarchy of the assets held in trust by the Park Board as of June 30, 2020:

(Amounts in Thousands)

Investment Type Fair Value Level 1 Level 2 U.S. Treasury Obligations $ 479,062 $ 479,062 U.S. Agencies 545,613 $ 545,613 Tax Exempt Ohio Municipals 16,305 16,305 Money Market Funds 69,165 69,165 Commerical Paper 105,000 105,000 Equity Securities 1,230 1,230 Bond Mutual Funds 349 349 Real Estate 22 22

Total $ 1,216,746 $ 480,292 $ 736,454

Fair Value Measurements Using

Quoted Prices in Active Markets

for Identical Assets

Significant Other

Observable Inputs

(Amounts in Thousands)

Investment Type Fair Value Level 1 Level 2

Equity Securities $ 8,350 $ 8,350 Corporate Fixed Income 414 414 Bond Mutual Funds 2,230 $ 2,230

$ 10,994 $ 8,764 $ 2,230

Quoted Prices in Active Markets

for Identical Assets

Significant Other

Observable Inputs

Fair Value Measurements Using

Investments classified in Level 1 of the fair value hierarchy are valued using quoted prices in an actively traded market. Investments classified in Level 2 of the fair value hierarchy are valued using valuation techniques that incorporate market data for similar types of investments, broker quotes and inactive transaction prices. These prices are obtained by our custodian banks from various pricing sources. Investment Policy and Risk The investment policy and risk will be discussed in three categories: 1) the City investment policy, which includes the General Fund, Debt Service Fund, Capital Project Fund, Water Works Fund (an Enterprise Fund), and the Metropolitan Sewer District (an Agency Fund); 2) the Permanent Funds except for the Park Board Fund; and 3) the Park Board, which includes the Special Revenue Parks, Special Revenue Bettman Nature Center and Permanent Park Board Funds. A. City Investment Policy The City’s foremost objective of the investment policy for the funds that are pooled and deposited in the General Bank Depository Account and other accounts authorized by the City Treasurer is safety of principal. The investment policy minimizes credit risk by limiting investments to the safest types of securities, pre-qualifying the financial institutions with which the City will do business, and diversifying investments to minimize potential losses. Interest rate risk is the risk that changes in interest rates will adversely affect the fair value of an investment. Interest rate risk is reduced by structuring the portfolio to mature to meet cash requirements for ongoing operations in order to avoid the need to sell securities prior to maturity and by investing operating funds in shorter-term securities. At June 30, 2020, the City had the following investments held by the City Treasurer which were exposed to interest rate risk (Amounts in Thousands):

Currently, the investment policy limits the investments to: 1) obligations issued by the U.S. Treasury, 2) obligations issued by a federal government agency or instrumentality, 3) certificates of deposits, 4) no-load money market mutual funds which invest in 1), 2), or 3) above, 5) the Ohio subdivision’s fund (STAR Ohio), 6) State of Ohio endorsed cash management programs including but not limited to STAR Plus, 7) repurchase agreements, 8) obligations of the State of Ohio or of a political subdivision of the state with at least a AA rating, or 9) commercial paper of certain entities that have assets exceeding $500 million. These investments do not expose the City to foreign currency risk. Therefore, the City does not have a foreign currency risk policy. Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations. Credit ratings indicate the degree of credit risk for an investment. At June 30, 2020 the City held the following investments (Amounts in Thousands):

U.S. Treasury Obligations $ 479,062 $ 94,737 $ 379,424 $ 4,901 U.S. Agencies 545,613 48,039 495,844 1,730 Tax Exempt Ohio Municipalities 16,305 2,087 14,218 Total $ 1,040,980 $ 144,863 $ 889,486 $ 6,631

1 to 5 6 to 10 Investment Maturities (in years)

Investment Type Fair Value Less Than 1

Custodial credit risk is the risk that in the event of a failure of a depository financial institution or counterparty to a transaction, the City would be unable to recover the value of an investment or collateral securities. The custodial credit risk policy is discussed in the Deposits section above. The City requires the certificates of deposit to be backed by collateral or surety bond with an aggregate market value of one hundred two percent of the City’s deposits and investments including accrued interest. Repurchase agreements require collateral. The release of collateral requires the approval of the City Treasurer. Concentration of credit risk is the risk of loss attributed to the magnitude of the City’s investment in a single issuer. At June 30, 2020, the City’s investment holdings representing more than five percent of total investments include: Federal National Mortgage Association securities (13%), Federal Home Loan Bank securities (8%), Federal Home Loan Mortgage Corporation securities (9%), and Federal Farm Credit Bureau securities (6%). B. Permanent Funds The Permanent Funds (excluding the Park Board Fund) do not have a written investment policy for interest rate risk, credit risk, custodial credit risk, concentration of credit risk, or foreign currency risk. Each fund has a separate trust agreement, which limits the activity of the fund. At June 30, 2020, total investments were $1,601,000. At June 30, 2020, the Permanent Funds’ investment holdings representing more than five percent of total investments include: Chevron common stock (16%) and Procter & Gamble common stock (12%). Credit ratings and maturity information were not available for the investments in fixed income funds. C. Park Board The Park Board investment goals are to generate capital growth for long-term usage and provide operating income to the respective projects and operations. The fund has established asset allocation ranges. The equities range is seventy to ninety percent, the bond range is ten to thirty percent, and the cash range is zero to three percent. Each bond investment must have a minimum credit rating of B by Standard and Poor’s and Moody’s. Other than these limitations on investments, the Park Board Fund does not have an established policy for interest rate risk, credit risk, concentration of credit risk, custodial credit risk, or foreign currency risk. At June 30, 2020, the Park Board investment portfolio did not have more than five percent of total investments with a single issuer. At June 30, 2020 the Park Board had total investments with a fair value of $10,994,000, which includes equity securities with a fair value of $8,350,000, and fixed income with a fair value of $2,230,000. The remaining $414,000 in investments is identified in the following chart.

U.S. Treasury Obligations $ 479,062 $ 298,531 $ 160,375 $ 20,156 U.S. Agencies 545,613 8,956 507,982 $ 28,675 Tax Exempt Ohio Municipalities 16,305 4,032 11,759 $ 514 Total $ 1,040,980 $ 311,519 $ 680,116 $ 514 $ 28,675 $ 20,156

Investment Type Fair Value Aaa/AAA AA/Aa A Rated Credit

Full Not Faith &

The following investments were exposed to interest rate risk (Amounts in Thousands):

The following chart provides information utilized in determining credit rate risk (Amounts in Thousands):

3. MIXED INVESTMENT POOL On April 10, 1968, the Board of County Commissioners of Hamilton County and the City of Cincinnati consolidated all County and City sanitary sewer facilities, under the direction and control of the Board of County Commissioners and the management and operation of the City. The cash balance in the fund established for this purpose, the Metropolitan Sewer District fund (MSD), is combined with the City’s pool of cash and investments. For the purposes of financial reporting, the MSD portion of the City’s pool of cash and investments is reported as an Investment Trust Fund. Assets in the pool are reported at fair value based on quoted market prices. The pool is not subject to regulatory oversight. Fair value amounts are determined at the end of the fiscal period. The City has not provided or obtained any legally binding guarantees to support the value of the Mixed Investment Pool. MSD is required by Chapter 301 of the Cincinnati Municipal Code to participate in the Mixed Investment Pool. The method used to determine participants’ shares sold and redeemed is a proration based upon the equity held in City Treasury cash. These amounts increase and decrease based upon the change in the equity balance. This same method is used to report the investments. Disclosures required by GASB Statement No. 3 are discussed in Note 2.

Summary by major investment classification (Amounts in Thousands):

Investment Type Fair Value Less Than 1 1 to 5 More than 10 U.S. Agency Bonds $ 414 $ 61 $ 55 $ 298

Investment Maturities (in years)

Not Investment Type AAA AA A BBB Baa BB Rated

Corporate Bonds $ 414 $ 63 $ 263 $ 88 Fixed Income 2,230 $ 2,230

Total $ 2,644 $ 0 $ 0 $ 63 $ 263 $ 0 $ 88 $ 2,230

Value Fair Total

Fair Maturity Description Cost Value Interest Rates Dates

Money Market Fund 6,613$ 6,613$ Commercial Paper 64,802 65,000 8/3/20 to 9/25/20

U. S. Treasury Notes 304,731 317,849 .375% to 2.5% 11/30/20 to 4/30/25

FHLB/FNMA/FHLMC Securities 374,555 384,038 .30% to 2.87% 10/13/20 to 8/25/39 Ohio Municipal 15,861 16,305 0.02 7/1/2020 Star Ohio Investment Pool 191,000 191,000 Cash 71,525 71,525

Total 1,029,087$ 1,052,330$

The Mixed Investment Pool does not issue a separate report. The Mixed Investment Pool’s financial statements follow (Amounts in Thousands):

Assets Equity in City Treasury 1,052,330$

Net Position Held in Trust for Internal Pool Participants 825,431$ Held in Trust for External Pool Participants 226,899

Total Net Position 1,052,330$

State me nt of Ne t Pos ition As of June 30, 2020

Mixe d Inve s tme nt Pool

Internal Participants

External Participants Total

Additions: Contributions:

Participant Deposits 1,656,900$ 541,564$ 2,198,464$

Investment earnings: Interest and dividends 16,287 4,220 20,507 Net appreciation in the fair value of investments 15,890 4,955 20,845 Total investment earnings 32,177 9,175 41,352 Total additions 1,689,077 550,739 2,239,816

Deductions: Distributions to Participants 1,586,928 584,738 2,171,666

Change in Net Position 102,149 (33,999) 68,150 Net Position - beginning 723,282 260,898 984,180

Net Position - ending 825,431$ 226,899$ 1,052,330$

Mixe d Inve stme nt Pool State me nt of Change s in Ne t Pos ition

For the fiscal ye ar e nde d June 30, 2020

4. COMMITMENTS

Convention Facilities Authority (CFA) - The CFA is an up to 11-member body, corporate and politic, organized and existing under Chapter 351 of the Ohio Revised Code, as amended. The CFA issued bonds netting proceeds of $111,176,644 dated March 2, 2004 for the purpose of expanding and renovating the Convention Center in Cincinnati. On December 4, 2014 the original debt was refunded with $65,135,000 of first lien debt. Additional first lien debt of $4,755,000 was issued for new projects. Pursuant to a Memorandum of Understanding between the City of Cincinnati (City) and Hamilton County (County), a Cooperative Agreement was reached between the City and the County and a Project Service Agreement between the City and the CFA. The City will: (i) own the Convention Center, (ii) be responsible for the operation and maintenance of the Convention Center and (iii) manage the design and construction of the expansion and renovation project. Construction began in May 2004 and was completed in June 2006. In the financial plan for the Convention Center expansion and renovation, the dedicated Transient Occupancy Tax (City) and Lodging Excise Tax (County) is expected to cover the outstanding debt service for senior debt of $59,135,000. Pursuant to the Memorandum of Understanding between the City, County and the CFA, the City has agreed to guarantee, subject to annual appropriation, the principal and interest on subordinate debt. Currently, there is no subordinate debt outstanding for the Convention Center. The 8th Supplement to the Cooperative agreement executed June 26, 2019 eliminated the requirement that the City pay $250,000 (City Annual Contribution) to the Trustee of the CFA. This contribution was previously pledged as an additional revenue source for the payment of the bonds. Greater Cincinnati Redevelopment Authority (Formerly the Port of Greater Cincinnati Development Authority) – Executed on October 9, 2018, effective February 1, 2018, and expiring on December 31, 2021, the City has entered into a Funding Agreement for Day-to-Day Operations (the “Operations Agreement”) with the Greater Cincinnati Redevelopment Authority (GCRA). The Operations Agreement replaces the City of Cincinnati / Port of Greater Cincinnati Development Authority Economic Development Services Agreement dated July 11, 2011, as amended by an Amendment dated December 22, 2017 (as amended, the "2011 Services Agreement"), pursuant to which (i) the Port committed to undertake various economic development-related activities for the City, and (ii) the City committed to provide funding to the Port for its day-to-day operations (subject to annual appropriations by Cincinnati City Council). The 2011 Services Agreement expired on January 31, 2018. Though no specific funding amounts are identified for the full term of the Agreement, the Operations Agreement commits the City to potential funding in two categories: operational and project based. (1) First, the Operations Agreement provides for potential funding in the form of an annual grant to the GCRA, subject to annual appropriations by the Cincinnati City Council, to further the organization’s efforts in delivering programmatic and technical services in the areas of community and economic development. The Operations Agreement provides operational funding in the amount of $700,000 for fiscal year 2020 and $688,310 for fiscal year 2021. No other operational funding has been committed by the City at this time. The parties anticipate that Hamilton County will provide an equal amount of operational funding to the GCRA during the term of the Operations Agreement, pursuant to a separate agreement between the GCRA and Hamilton County.

(2) Second, the Operations Agreement provides guidance for future GCRA funding requests made to the City for specific economic and/or community development related projects (the “Additional Project-Based Funding”). If provided, the terms and conditions of each Additional Project-Based Funding will be memorialized in one or more written amendments to the Operations Agreement or in one or more separate agreements executed by both parties. The City committed Additional Project-Based Funding to the GCRA in its fiscal year 2019 in the amount of $2,500,000 for the Industrial Site Redevelopment Program. Funding was authorized in the fiscal year 2019 Capital Budget. The source of funds are bond proceeds from the sale of Economic Development Revenue Bonds Series 2018B to be repaid from municipal income taxes. In addition, the City sold $1,000,000 in Economic Development Revenue Bonds (Series 2018C) to fund the Port Authority’s Former Hudepohl Brewery Remediation project in fiscal year 2019. The bonds were authorized prior to fiscal year 2019 by ordinance 67-2017 approved on March 29, 2017. The Board of Education of the City School District of the City of Cincinnati (the Board) – On July 21, 1999 the Board and the City of Cincinnati entered into agreement (the “1999 Agreement”) whereby the City would compensate the Board for taxes that would have been received if not for certain property exemptions enacted by the City. Compensation is made in two ways: 1) a proportion (either 25% or 27%) of service payments received by the City on property exempted under various delineated section of the Ohio Revised Code paid semi-annually and 2) an annual payment of $5 million, to be paid semi-annually, beginning fiscal year 2000 and continuing for 19 years thereafter. The 1999 Agreement expired on December 31, 2019, and on October 9, 2019, the City made the final installment of the $5 million annual payment. On May 12, 2020, the Board and the City entered into a new agreement (the “2020 Agreement”) whereby the City will compensate the Board for taxes that would have been received if not for certain property exemptions enacted by the City during the term of the 2020 Agreement. Compensation is equal to 33% of service payments received by the City on property exempted under various delineated sections of the Ohio Revised code and is to be paid semi-annually. Encumbrances - Encumbrances are commitments to unfilled purchase orders or unfilled contracts. Funds have been committed to a specific order, but the goods or services have not been billed or received. The City’s outstanding encumbrances at June 30, 2020 are as follows:

General Capital Debt Tax Increment Health Non Major (Amounts in Thousands) Fund Projects Service Financing District Governmental Total

General Government 6,014$ 212$ 2,509$ 7$ 1,814$ 10,556$ Community Development 732 67 7,317 8,116 Parks 57 671 728 Recreation 165 40 205 Police 605 999 1,604 Fire 422 133 555 Transportation & Engineering 308 730 1,038 Public Services 235 1,087 1,322 Public Health 3,008 3,008 Capital Outlay 86,099$ 86,099

Total 8,538$ 86,099$ 212$ 2,576$ 3,015$ 12,791$ 113,231$

5. INTER-FUND ASSETS/LIABILITIES

The composition of inter-fund balances as of June 30, 2020, is as follows:

At year end, the City held $1,713,000 in notes outstanding, with accrued interest of $11,000. The notes provide capital financing for the purchase of golf carts. A portion of these notes are held by the agency funds ($381,000), and Municipal Golf Fund ($2,000), and are not included above. The amounts included in inter-fund receivables and payables are as follows (Amounts in Thousands):

The outstanding balances between funds result mainly from the time lag between the dates: (1) inter-fund goods and services are provided or reimbursable expenditures occur, (2) transactions are recorded in the accounting system, and (3) payments between funds are made.

Health Capital Debt Tax Increment Non-Major Internal Water Works Non-Major General District Projects Service Financing Governmental Service Enterprise Enterprise Fiduciary

Fund Fund Fund Fund Fund Funds Funds Fund Funds Fund TOTAL Due To General Fund -$ 0 -$ 1,168$ 1$ 88$ 394$ 1,651$ Health District Fund 41 164 205 Capital Projects Fund -$ -$ -$ 25$ - -$ - - 25 Debt Service Fund - - - - - - 2 2 Tax Increment Financing Fund 2,489$ 2,489 Non-Major Governmental Funds 2,583$ 84$ - 30 236 - - 147 3,080 Internal Service Funds - - - 5 - 1 45 51 Water Works Enterprise Fund 7 - - 253 71 220 551 Non-Major Enterprise Funds 183 5 290$ 384 81$ 142 201 344 53 32 1,715 Fiduciary Funds 101 101

TOTAL 2,773$ 89$ 290$ 2,873$ 81$ 197$ 2,005$ 345$ 213$ 1,004$ 9,870$

Due From

Fund or Fund Type Due From Due To General Fund 183$ Health District 5 Capital Projects 290 Debt Service 199 Tax Increment Financing 81 Nonmajor Governmental funds 124 Internal Service funds 104 Water Works fund 310 Nonmajor Enterprise Funds 45 1,341$

1,341$ 1,341$

The major portion of the advances is to provide financing for the construction in progress on capital projects. The remaining portion of the amounts payable relates to working capital loans made to funds upon their creation and none of this balance is scheduled to be collected in the subsequent year. 6. INTER-FUND TRANSFERS

Inter-fund transfers for the fiscal year ended June 30, 2020, consisted of the following:

Transfers are used to: (1) move revenues from the fund that statute or budget requires to collect them to the fund that statute or budget requires to expend them, (2) move receipts restricted to debt service from the funds collecting the receipts to the debt service fund as debt service payments become due, and (3) use unrestricted revenues collected in the general fund to finance various programs accounted for in other funds in accordance with budgetary authorizations.

ADVANCES TO/FROM OTHER FUNDS (Amounts in Thousands)

Capital Non-Major Internal General Projects Governmental Service

Fund Fund Funds Funds TOTAL Advance to Other Funds General Fund 900$ 900$ Non-Major Governmental Funds 521$ 521 Water Works Enterprise Fund 50$ 50 Non-Major Enterprise Funds 24,682$ 24,682 Internal Service Funds 471 8,790 9,261

TOTAL 992$ 33,472$ 900$ 50$ 35,414$

Advance From Other Funds

TRANSFERS IN/OUT (Amounts in Thousands)

Health Capital Debt Tax Increment Non-Major Internal Water Works Non-Major General District Projects Service Financing Governmental Service Enterprise Enterprise

Fund Fund Fund Fund Fund Funds Funds Fund Funds Total Transfers In General Fund 0 84$ 121$ 0 -$ -$ 41$ 0 -$ 246$ Health District Fund 17,515$ 17,515 Capital Projects Fund 17 0 29,248$ 7,181$ 2,120$ 494 32 262 39,354 Debt Service Fund 2,271 7,367 0 6,434 1,209 0 0 0 17,281 Tax Increment Financing Fund 17 1,252 1,269 Non-Major Governmental Funds 1,952 37 - 872 175 0 0 3,036 Internal Service Funds 0 5,037 0 134 0 0 0 5,171 Water Works Enterprise Fund 0 0 0 0 1 0 0 1 Non-Major Enterprise Funds 0 250 279 0 527 0 0 1,056

Total 21,755$ 84$ 12,829$ 29,527$ 13,615$ 4,335$ 1,238$ 32$ 1,514$ 84,929$

Transfers Out

7. NET POSITION / FUND BALANCE

Fund Balance Classifications

Fund balance is classified in five categories: (1) Non-spendable, (2) Restricted, (3) Committed, (4) Assigned, and (5) Unassigned. Non-spendable fund balances include amounts that are not in spendable form or are legally required to remain intact. Restricted fund balances include amounts that have external restrictions by either: grantors, debt covenants, laws or other governments. The City Council is the highest level of decision-making authority and can commit or rescind a portion of the fund balance to a specific purpose by passing an ordinance. The authority to assign fund balance is inferred by state and municipal law to the fiscal officer or his designated official. Unassigned fund balance includes amounts that have not been assigned to any purpose. Restricted funds are spent first as expenditures are incurred to the extent of the restricted fund revenue. Then committed, assigned and unassigned funds are used. The following chart displays the fund balance classifications for the governmental funds at June 30, 2020 (Amounts in Thousands):

General Health Capital Debt Tax Increment Non Major Total Fund Balances Fund District Projects Service Financing Governmental Governmental

Nonspendable Inventory 2,753$ 400$ 5$ 43$ 3,201$ In accordance with Trusts 2,251 2,251

Nonspendable Total 2,753 400 5 - - 2,294 5,452 Restricted Debt Service 118,931$ 29,515$ 148,446 Capital Projects 196,846 11,960 5,499 214,305 Income Tax Transit 15,195 15,195 Public Safety Operations 4,623 4,623 Fleet Services 978 978 Recreation Operations 2,896 2,896 Parks Operations 17,003 17,003 Public Health Services 489 - 489 Street Contruction, Maintenance and Repair 4,597 4,597 Income Tax Infrastructure 9,110 9,110 Community Development 1,409 1,409 Other 22,213 22,213

Restricted Total - 489 196,846 130,891 35,014 78,024 441,264 Committed Emergency Reserve 3,240 3,240 Reserve for Weather Events, Other Emergencies, and One-time Events 2,807 2,807 Public Health 931 - 931 Recreation 3,807 3,807 Parks 9,119 9,119 Public Safety Operations 155 155 Other 3,453 3,453

Committed Total 6,047 931 - - - 16,534 23,512 Assigned General Government Encumbrances 6,014 6,014 Community Development Encumbrances 732 732 Parks Encumbrances 57 57 Recreation Encumbrances 165 165 Police Encumbrances 605 605 Fire Encumbrances 422 422 Transportation and Engineering Encumbrances 308 308 Public Services Encumbrances 235 235 Internal Service Funds 98 98

Assigned Total 8,636 - - - - - 8,636 Unassigned Working Capital Reserve Fund 33,452 33,452 Other 56,946 56,946

Unassigned Total 90,398 - - - - - 90,398

Total Fund Balance 107,834$ 1,820$ 196,851$ 130,891$ 35,014$ 96,852$ 569,262$

Included in the financial statements are two internal service funds and the Governmental Activities in the Entity Wide statement with a net position deficit as of June 30, 2020. The net position deficit in the internal service funds are: Purchasing Reproduction and Printing ($537,000), and Fleet Services ($11,335,000), and are to be covered by future user charges. These internal service funds are billed to user funds based on current costs. Stabilization Funds Policy

In June 2015, and again in June 2019, City Council updated the stabilization policy, which was originally established in 1984, to ensure a strong financial position and to protect the City’s general obligation bond rating during periods of fiscal stress. The updated policy calls for achievement of a minimum reserve level, for emergency needs of a catastrophic nature, of two months, or 16.7% of general operating revenues and contains four components: the General Fund Carryover Balance, General Fund Contingency Account, Economic Downturn Reserve, and the Working Capital Reserve. The policy also includes a waterfall funding mechanism to add the necessary funds to the City’s reserve balance each year in order to achieve the recommended fund balance over time. The waterfall mechanism prioritizes the use of the annual year- end surplus in the following order:

1. Replenish any reserve draw(s) from prior year; 2. Fund the General Fund Carryover Balance at 1.5% of revenue; 3. Fund General Fund Contingency Account at 2% of revenue; 4. With remaining surplus fund 34% to Economic Downturn Reserve, 33% to Working Capital

Reserve, and 33% to one-time expenditures. At June 30, 2020, reserves were 13.9% of fiscal year 2020 revenue. 8. LEASES

CITY AS LESSEE

Operating Leases

The City has entered into various leases for property, equipment and office space. These leases are considered for accounting purposes to be operating leases. The total cost for such leases were $1,455,000 for the fiscal year ended June 30, 2020. Future minimum lease payments are as follows:

Capital Leases

The City has capitalized leases for the following property and equipment. These lease agreements qualify as capital leases for accounting purposes and, therefore, have been recorded at the present value of their future minimum lease payments as of the inception date.

(Amounts in Thousands) Fiscal Year Amounts

2021 1,291$ 2022 1,425 2023 1,168 2024 963 2025 1,067

Remaining Years 10,261 Total Future Minimum Rents 16,175$

The assets acquired through capital leases are as follows:

The following is a schedule of future minimum capital leases and the present value of the net minimum lease payments at June 30, 2020:

CITY AS LESSOR

The City has entered into various contractual agreements for the rental of properties to various commercial enterprises, which are reported as operating leases for accounting purposes.

Amounts related to the operating lease as of June 30, 2020 are included in the financial statements of the following:

Future minimum rentals of the railway line, recorded in Debt Service Fund, are assumed to equal the payments calculated for the current period. These minimum rentals are included in the Governmental Activities column.

(Amounts in Thousands) Governmental Activities

Leased Property/Equipment 32,918$ Less: Accumulated Depreciation 13,113

Total 19,805$

(Amounts in Thousands) Governmental Fiscal Year Activities

2021 6,408 2022 6,390 2023 5,035 2024 3,259 2025 2,271

2026-2029 1,639

Total Minimum lease payments 25,002

Less: Amounts representing interest 1,251 Present value of net minimum

lease payments 23,751$

(Amounts in Thousands) Governmental Business-Type Activities Activities

Land 3,728$ 3,539$ Buildings 18,887 7,561 Accumulated Depreciation 9,176 5,568 Improvements 87,214 4,357 Accumulated Depreciation 87,197 1,743 Depreciation Expense 596 407

Enterprise Funds

The General Aviation rentals (included in business-type activities) do not include contingent rentals, which may be received on the basis of hours or usage in excess of stipulated minimums. Terms of the leases are normally on a five-year basis with renewal options not to exceed fourteen years. The Parking Facilities has leased the Fountain Square North Parking Garage for a one-time payment of $7.5 million for a period of 40 years beginning in 2005. The Fountain Square South Parking Garage has also been leased for 30 years for the value of improvements. Both agreements have been presented as a service concession arrangement in Note 18. Governmental Capital Assets The City-owned railway line, the Cincinnati Southern Railway, is leased to the Cincinnati, New Orleans, and Texas Pacific Railway Company until December 31, 2026, with a renewal option of twenty-five years. Pursuant to the Ohio Revised Code, the use of the rental income from the railway line is restricted to debt service. On March 12, 2008 Ordinance 78-2008 was passed authorizing the issuance of bonds for the construction of a new administrative building for the Metropolitan Sewer District (MSD). The bonds were issued on July 22, 2009 for a term of 20 years. MSD will lease the building and the rentals will be equivalent to the annual debt service payment. The total rent payments in fiscal year ending June 30, 2020 were $771,000. The outstanding principal is $7,210,000. The Price Hill Improvement District Incorporated II LLC has a ground lease with the City for the Price Hill recreation center site which was approved by Ordinance 182-2014. The City leases the land to the improvement district for development as a recreation center and the City subleases the recreation center from the improvement district. The City’s sublease is included above in the section called the City as lessee. The Westwood Education Center LLC has a ground lease with the City for the Westwood Town Hall site which was approved by Ordinance 342-2017. The City leases the land to the education center for development of the exterior grounds and community areas, and the City subleases the exterior grounds and community areas from the education center. The City’s sublease is included above in the section called the City as lessee.

(Amounts in Thousands) Governmental Business-Type Fiscal Year Activities Activities

2021 23,527$ 1,840$ 2022 23,151 1,752 2023 23,088 1,380 2024 23,083 1,174 2025 22,909 951

Remaining years 123,016 6,278 Total Future Minimum Rental Payments 238,774$ 13,375$

Total Rentals for Fiscal Year 2020: 25,643$ 2,146$

9. LONG-TERM DEBT Refundings In November 2019, the City issued water system revenue and refunding bonds totaling $56,455,000, with a premium of $7,621,000. A portion of this debt, $6,455,000, refunded water system revenue bonds of $6,095,000. The net present value of the saving which resulted from the refunding is $473,000. The aggregate difference in debt service between the refunded debt and the refunding debt is $408,000. In March 2020, the City issued general obligation refunding bonds totaling $79,000,000, with a premium of $518,000. This issuance refunded general obligation debt of $65,585,000. The net present value of the savings which resulted from the refunding is $5,922,000. The aggregate difference in debt service between the refunded debt and the refunding debt is $6,942,000. In June 2020, the City issued water system refunding bonds totaling $50,830,000. This issuance refunded water system revenue bonds of $43,545,000. The net present value of the saving which resulted from the refunding is $6,609,000. The aggregate difference in debt service between the refunded debt and the refunding debt is $4,238,000. General Obligation Bonds The City issues general obligation bonds to provide funds for the acquisition and construction of major capital facilities. General obligation bonds have been issued for both governmental and business-type activities. General obligation bonds are direct obligations and pledge the full faith and credit of the City. General obligation bonds currently outstanding are as follows:

Annual debt service requirements to maturity for the general obligation bonds are as follows:

(Amounts in Thousands) Purpose Interest Rates Amount Governmental Activities 0.77% - 5% $ 539,709 Business-Type Activities 0.77% - 5% 36,501

$ 576,210

Year Ending June 30 Principal Interest Principal Interest Principal Interest

2021 $ 50,659 $ 19,768 $ 2,243 $ 1,317 $ 52,901 $ 21,085 2022 44,681 17,767 2,260 1,230 46,941 18,997 2023 42,645 15,871 2,031 1,145 44,676 17,016 2024 40,077 14,057 2,034 1,065 42,111 15,122 2025 38,357 12,336 2,154 980 40,510 13,316

2026-2030 159,575 40,551 10,263 3,650 169,837 44,201 2031-2035 109,970 16,708 8,650 1,966 118,621 18,673 2036-2040 49,183 3,617 6,347 586 55,530 4,202 2041-2042 4,563 106 519 11 5,082 117

$ 539,709 $ 140,780 $ 36,501 $ 11,950 $ 576,210 $ 152,730

(Amounts in Thousands) Governmental Activities Business-Type Activities All Activities

Revenue Bonds The City also issues bonds where the City pledges revenues to pay debt service. The net revenues of the Water Works are pledged to pay Water Works revenue bonds debt service. The City has pledged non-tax revenues including all such taxes and revenues, other than ad valorem property taxes for the Governmental Activities revenue bonds. The original amount of revenue bonds authorized, both new money and refunding, in prior years was $1,451,880,000, of which $807,205,000 was issued. Revenue bonds outstanding at end of the fiscal period are as follows:

The annual debt service requirements to maturity for the revenue bonds are as follows:

Build America Bond Subsidy In 2009, the Cincinnati Water Works issued Series 2009B (Federally Taxable–Build America Bonds) under the provisions of the American Recovery and Reinvestment Act of 2009. Under this agreement, the Water Works is to receive 35% of the Bond interest as the Build America Bond Subsidy. The amount received in fiscal year 2020 was $800,000, which was subject to 5.9% sequestration. On December 1, 2019, the Series 2009B bonds were called with proceeds of the Water System Refunding Revenue Bonds, Series 2016C (crossover refunding occurred on December 1, 2019), issued on November 16, 2016. Therefore, no additional Build America Bonds subsidy is anticipated.

(Amounts in Thousands) Purpose Interest Rates Amount Governmental Activities 1.5% - 6% $ 116,430 Business-Type Activities 1.257% - 6.303% 444,600

$ 561,030

Year Ending June 30 Principal Interest Principal Interest Principal Interest

2021 $ 6,510 $ 4,223 $ 22,650 $ 16,592 $ 29,160 $ 20,815 2022 6,850 4,001 23,330 16,008 30,180 20,009 2023 7,065 3,763 24,095 15,252 31,160 19,015 2024 7,285 3,510 25,090 14,253 32,375 17,763 2025 5,165 3,291 26,330 13,013 31,495 16,304

2026-2030 28,920 13,464 118,930 47,739 147,850 61,202 2031-2035 28,720 7,452 100,550 24,476 129,270 31,928 2036-2040 19,645 2,857 48,055 12,915 67,700 15,773 2041-2045 4,830 570 33,970 6,738 38,800 7,309 2046-2050 1,440 26 21,600 1,307 23,040 1,333

$ 116,430 $ 43,158 $ 444,600 $ 168,293 $ 561,030 $ 211,451

(Amounts in Thousands) Governmental Activities Business-Type Activities All Activities

Long-Term State Loans (Direct Borrowing) The Ohio Public Works Commission extends loans to the City. Loans in the amount of $2,995,000 accounted for as Governmental type and $1,637,000 as Business-type represent the amounts due on the loans from the Ohio Public Works Commission (OPWC) for infrastructure improvements. These notes are non-interest bearing. On June 7, 2017, City Council authorized the acceptance of a loan from the OPWC for Madisonville rehabilitation in the amount of $2,125,000 for a term of 20 years. The loan is still being disbursed, with no payments currently due. Estimated debt service requirements on this loan are not included in the annual debt service requirements below. The City will commence payment on this loan upon completion of the project. Annual debt service requirements to maturity for the OPWC notes are as follows. In April 2020, the OPWC notified borrowers that all July 2020 loan payments will be deferred, with no payment due until the January 2021 billing cycle. The revised loan amortization schedules are reflected herein:

(Amounts in Thousands) Governmental Business-Type

Year Ending Activities Activities June 30 Principal Principal

2021 288$ 218$ 2022 288 219 2023 288 219 2024 274 219 2025 265 194

2026-2030 942 505 2030-2035 650 63

Total 2,995$ 1,637$

The Ohio Water Development Authority (OWDA) extends loans to the City. Notes outstanding as of June 30, 2020 of $51,672,000 accounted for as Business-type Activities represent the amounts due on several loans for water works improvements. These notes bear interest at from 0.68% to 3.25% per year. Only that portion of the loan commitment actually paid to the City is recognized as a liability by the City. The City has been authorized for a total of $63,894,000 in loans, with $12,222,000 remaining for disbursement as of June 30, 2020. Annual debt service requirement to maturity for the OWDA notes are as follows:

Notes Payable and State Infrastructure Bank Debt (Direct Borrowing) On December 17, 2008, City Council authorized the City Manager to enter into a $6.2 million 15-year installment sales agreement to build a garage with Uptown Consortium. The City will maintain the title to the garage for the duration of the agreement and pay the installment payments with net service payments collected from the real property, net service payments collected from the real properties of the project and net revenue from the operation of the project. On March 31, 2010, the City entered into an installment sales agreement with Vernon Manor Offices Leverage Lender, LLC for the construction of a 440-space parking garage for $7.1 million. The City will maintain the title to the garage for the duration of the agreement and pay the installment payments with net service payments collected from the real property, net service payments collected from the real properties of the project and net revenue from the operation of the project. On April 4, 2012, the City entered into several agreements with 21c CINCINNATI LLC to effectuate the redevelopment of the site at 609 Walnut Street into an approximately 156-room hotel, including an art museum, restaurant and other amenities. In order to facilitate the estimated $51,000,000 project, a grant agreement provided a $2,500,000 grant and a development and loan agreement provided a loan of $3,800,000 from the City for eligible construction costs. The City’s only pledge towards the private placement revenue note is for the statutory service payments. Through a service agreement 21c CINCINNATI LLC has agreed to make statutory service payments in semi-annual installments at an amount equal to the amount of real property taxes that would have been paid on the improvements, were they not tax exempt.

(Amounts in Thousands) Year Ending

June 30 Principal Interest 2021 3,278$ 932$ 2022 3,343 869 2023 3,409 805 2024 3,477 740 2025 3,545 673

2026-2030 17,513 2,369 2031-2035 13,125 835 2036-2040 3,982 137

Total 51,672$ 7,360$

Business-type Activities

On October 24, 2014, the City amended a prior agreement with Neyer Properties for the Keystone II development project. The project includes a garage with approximately 1,600 parking spaces and office space of approximately 400,000 square feet A bond for $2,940,000 and a loan for $2,500,000 from the State Infrastructure Bank (SIB) were utilized by the City to finance the public improvements. The combined repayment schedule for the notes, SIB bond, and SIB loan payable follows (includes Vernon Manor, Uptown Consortium, 21c CINCINNATI LLC, and Keystone II).

(Amounts in Thousands) Principal Interest Total

2021 1,176$ 654$ 1,829$ 2022 1,220 607 1,827 2023 1,278 557 1,835 2024 1,327 505 1,832 2025 718 449 1,167

2026-2030 3,691 1,752 5,443 2031-2035 4,329 847 5,176 2036-2040 1,285 202 1,487 2041-2045 586 45 631

Total 15,610$ 5,618$ 21,227$

The following are the total outstanding bonds and notes at June 30, 2020 and the debt service requirement for fiscal year 2021. Internal notes of $1,713,000 are included in the chart.

Amount Amount

Originally Due Outstanding

Descrip tion Interest Rates Issue Dates M aturity Dates Issued 2021 6/30/2020

Bonds:

General Prop erty Tax

Various Rate Issues 2% to 5% 2012-2019 2020-2041 $ 317,833 $ 22,770 $ 177,935

Refunding 0.77% to 5% 2012-2020 2020-2040 150,400 9,694 125,336

Urban Redevelop ment

Various Rate Issues 2% to 5% 2016 2036 4,450 145 4,050

Refunding 2% to 5% 2014-2015 2020-2021 1,830 425 590

M unicip al Income Tax 2% to 5% 2011-2019 2020-2037 90,375 3,675 52,620

Refunding 0.77% to 5% 2012-2020 2020-2040 68,402 4,770 53,945

Recreational Facilities

Refunding 2.065% to 2.738% 2015 2021 1,450 480 835

Urban Renewal/Economic Dev. 2% to 5% 2012-2016 2023-2035 50,700 2,500 14,025

Refunding 0.77% to 5% 2012-2020 2021-2036 53,990 2,400 45,510

Urban Develop ment Taxable 0 0 0

Refunding 3% to 3.1% 2016 2028 3,555 335 3,175 0 0 0

Judgement 2.137% to 5% 2012-2015 2020-2040 28,451 1,010 24,093

M SD Administration Bldg 3% to 4% 2016 2029 7,920 720 7,210

Police & Fire Pension 0 0 0

Refunding 0.77% to 5% 2014-2020 2021-2035 52,595 1,735 30,385

Total Governmental Activities Bond Obligations 831,950 50,659 539,709

Convention Center 0.77% to 5% 2014-2020 2025-2040 4,919 176 3,322

General Aviation 3% to 5% 2012-2017 2021-2035 447 41 260

M unicip al Golf 5.000% 2012-2017 2021-2026 315 30 198

Parking Facilities 0.77% to 5% 2015-2020 2026-2040 13,375 691 9,202

Stormwater 2% to 5% 2015-2019 2021-2040 20,349 1,148 18,723

Water Works 2.137% to 4.39% 2015 2040 5,393 157 4,796

Total Prop rietary Fund Obligations 44,798 2,243 36,501

Total General Obligation Bonds Pay able 876,748 52,902 576,210

Notes:

Emergency Health & Welfare 2.550% 2020 2021 50,000 50,000 50,000

Equip ment 1.510% 2020 2021 1,713 1,713 1,713

Total General Obligation Notes Pay able (see Note 12) 51,713 51,713 51,713

Total General Obligation Bonds and Notes Pay able $ 928,462 $ 104,615 $ 627,923

Revenue Bonds and Notes 1.257% to 6.303% 2007-2020 2022-2049 $ 807,205 29,160 561,030

Total Outstanding Debt $ 1,735,667 $ 133,775 $ 1,188,953

Bonds and Notes Outstanding As of June 30, 2020

(AM OUNTS IN THOUSANDS)

Changes in Long-term Liabilities Long-term liability activity for the fiscal year ended June 30, 2020, was as follows:

(Amounts in Thousands) Beginning Ending Due Within Balance Additions Reductions Balance One Year

Gove rnme ntal Activitie s : Bonds Payable: General Obligation Bonds 480,875$ 167,240$ (108,406)$ 539,709$ 50,659$ Unamortized premiums 52,829 7,184 (5,525) 54,488

533,704 174,424 (113,931) 594,197 50,659

Revenue Bonds 122,749 - (6,319) 116,430 6,510 Unamortized premiums 3,598 - (168) 3,430 Unamortized discounts (248) 15 (233)

126,099 - (6,472) 119,627 6,510

Total Bonds Payable 659,803 174,424 (120,403) 713,824 57,169

Direct Borrowing: Notes Payable 11,516 (965) 10,551 1,008 State Infrastructure Bank Bond and Loan Payable 5,225 (166) 5,059 168 State Loans 3,139 (144) 2,995 288 Compensated Absences 128,259 47,347 (44,047) 131,559 40,792 Claims and Judgments (Note 17) 22,409 89,521 (86,333) 25,597 13,975 Capital Leases (Note 8) 28,947 - (5,196) 23,751 5,957 Net Pension Liabilities (Note 20) 981,280 275,316 - 1,256,596 Net OPEB Liabilities (Note 21) 119,628 58,834 - 178,462 Pollution Remediation (Note 16) 1,665 1,485 (800) 2,350 Other 1,864 324 - 2,188 432 Governmental Activities Long-term Liabilities 1,963,735$ 647,251$ (258,054)$ 2,352,932$ 119,789$

Bus ine s s -type Activitie s : Bonds Payable: General Obligation Bonds 29,816$ 11,665$ (4,980)$ 36,501$ 2,243$ Unamortized premiums 57 (12) 45

29,873 11,665 (4,992) 36,546 2,243

Revenue Bonds 485,970 107,285 (148,655) 444,600 22,650 Unamortized premiums 35,908 7,621 (5,396) 38,133

521,878 114,906 (154,051) 482,733 22,650

Total Bonds Payable 551,751 126,571 (159,043) 519,279 24,893

Compensated Absences 10,740 4,860 (4,549) 11,051 4,832 Claims and Judgments (Note 17) 1,689 193 (115) 1,767 1,767 Net Pension Liabilities (Note 20) 115,135 127,125 - 242,260 Net OPEB Liabilities (Note 21) 16,344 16,898 - 33,242 Direct Borrowing: State Loans 47,397 9,027 (3,115) 53,309 3,496 Business-Type Activities Long-term Liabilities 743,056$ 284,674$ (166,822)$ 860,908$ 34,988$

For the governmental activities, claims and judgments are generally liquidated by the general fund. The net pension liabilities, net OPEB liabilities, and compensated absences annual payments are made from the same funds which pay the employees’ salaries. Internal service funds predominantly serve the governmental funds. Accordingly, their long-term liabilities are included as part of the above totals for governmental activities. At fiscal year-end, $1,951,000 of compensated absences, $18,320,000 of unpaid claims, $46,274,000 of net pension liability, and $6,118,000 of net other postemployment benefit liability for the internal service funds are included in the above amounts. In the event of a default or termination of one of the City’s debt agreements, the borrower and/or investors shall utilize any rights available to them under law. The City’s debt agreements contain no specific finance- related consequences related to events of default or termination, nor do these agreements contain any subjective acceleration clauses. UDefeased Bonds The City has defeased bonds by placing the proceeds of new bonds in an irrevocable trust to provide for all future debt service payments on the old bonds. Accordingly, the trust account assets and the liability for the defeased bonds are not included in the City’s financial statements. The chart below depicts the defeased bonds at June 30, 2020:

(Amounts in Thousands) Par Refunded Refunded

Bond Type Call Date Amount Date Series Tax Exempt GO Bonds 12/1/2020 23,750$ 2/4/2016 2012A Tax Exempt Water System Refunding 12/1/2020 1,980 12/6/2016 2011A Tax Exempt Water System Refunding 12/1/2021 13,195 12/6/2016 2011A Tax Exempt Water System Refunding 12/1/2020 1,370 12/6/2016 2011A Tax Exempt Water System Refunding 12/1/2021 3,600 12/6/2016 2011A Tax Exempt Water System Refunding 12/1/2021 32,010 6/22/2017 2011A Tax Exempt Water System Refunding 12/1/2021 37,480 6/22/2017 2012A Tax Exempt Water System Refunding 12/1/2021 750 11/13/2019 2011A Tax Exempt Water System Refunding 12/1/2021 5,345 11/13/2019 2012A Tax Exempt GO Bonds 6/1/2022 52,940 12/27/2017 2014A Tax Exempt GO Bonds 12/1/2022 6,720 12/27/2017 2012D Tax Exempt GO Bonds 12/1/2020 3,515 3/19/2020 2012B Tax Exempt GO Bonds 12/1/2022 10,080 3/19/2020 2012D Tax Exempt GO Bonds 6/1/2022 695 3/19/2020 2014B Tax Exempt GO Bonds 6/1/2025 51,295 3/19/2020 2015A Tax Exempt Water System Refunding 12/1/2025 20,900 6/17/2020 2015A Tax Exempt Water System Refunding 12/1/2026 22,645 6/17/2020 2016A

Total 288,270$

10. DEBT LIMITATION The City is unique in the State of Ohio because it has the right to levy property taxes without limitation and without a vote of the electorate to support its lawfully issued general obligation bonds and notes. The City's "indirect" (ten mill) debt limit was removed by decision of the Ohio courts. In September 1977, the Supreme Court of Ohio dismissed an appeal from the decision of the Court of Appeals, First Appellate District, Hamilton County, Ohio, involving the City's debt limitations. In summary, the City instituted a test case against the Director of Finance for the purpose of obtaining a definitive construction of certain sections of the City Charter bearing on the right of the City to levy taxes in excess of the ten mill limitation of Section 5705.02 of the Ohio Revised Code (ORC). As a result of the Court decision, the City has the right to levy property taxes without limitation to support its lawfully issued bonds and notes, and the City's ability to incur debt will be limited only by the arithmetical (percentage) limitations set forth under Sections 133.04 and 133.05 of the ORC.

Sections 133.04 and 133.05 provide that the principal amount of both voted and un-voted debt of the City may not exceed 10.5% of the City's assessed valuation, and the principal amount of the City's un-voted debt may not exceed 5.5% of the City's assessed valuation. The ORC also provides several exemptions of debt from the 5.5% and 10.5% limitations. 11. TAXES AND TAX ABATEMENTS City Income Tax This locally levied tax applies to gross salaries, wages and other personal service compensation earned by residents both in and out of the City and to earnings of nonresidents (except certain transients) earned in the City. It also applies to net income of business organizations for business conducted in the City. The tax is the largest single source of General Fund revenue. The City's income tax of 2.1% is subdivided into four components. The first component is 0.1%, which is to be spent only for the maintenance of the City's infrastructure. The second component is the 0.3%, which can be used only for public transit purposes, including both capital and current operating expense. The third component is 0.15%, which can be used only for permanent improvement purposes. The remaining 1.55% is used to meet operating expenses in the General Fund. The following table identifies the 1.55% income tax collections to the General Fund for the fiscal periods 2016 through 2020: (Amounts in Thousands)

General Fund Collections

Year of 1.55% 2016 $ 277,673 2017 274,312 2018 277,477 2019 288,826 2020 297,701

Property Taxes The assessed valuation of property within the City subject to the levy of ad valorem taxes includes real property, public utilities property, and tangible personal property. The assessed value upon which the collection years 2019 and 2020 were based was $5,261,461,000 and $472,306,000 for 2019 and $5,339,520,000 and $504,135,600 for 2020. These were for real property and public utility property respectively (per Hamilton County Auditor). The City's property taxes are collected by the Hamilton County Auditor and are remitted to the City on a periodic basis. Real property taxes collected in any calendar year are generally levied on assessed values as of January 1 of the preceding year according to the following calendar: PPProperty Tax Calendar - 2020 Lien date January 1, 2019 Levy date October 31, 2019 First installment payment due January 31, 2020 Second installment payment due June 20, 2020 Assessed values are established by the County Auditor, or at no more than 35% of appraised market value. The laws of the State of Ohio presently require that all property be revalued no less than every six years, at any time the County Auditor finds that true or taxable value thereof has changed, and in the third calendar year following the year in which a sexennial reappraisal is completed if ordered by the State Commissioner of Tax Equalization. Real property experienced a statutory sexennial reappraisal in 2017 resulting in a 5.9% increase in assessed values. Property tax due in second six months of calendar 2019 and the first six months of calendar 2020 has been included in revenues for the fiscal year 2020. The second installment of 2020 is not recorded as revenue for fiscal year 2020. The ORC requires the second installment of property tax be recorded as a deferred inflow of resources. Tax Increment Financing (TIF) Districts The City, pursuant to the ORC and City ordinances, established 21 TIF districts between 2002 and 2005. In 2019, the City established 15 additional TIF districts. A TIF district represents a geographic area not greater than 300 acres, wherein 100% of the property value increases created after the commencement date of the TIF districts are exempt, in whole or in part, from property taxes. Owners of such property, however, must pay amounts equal to the property taxes, known as statutory service payments, as though the TIF district had not been established. These statutory service payments are then dedicated to the payments for various public improvements within or adjacent to the TIF district. Property values existing before the commencement of the TIF district continue to be subjected to property taxes. In 2020, the City received statutory service payments totaling $25.4 million from the 21 TIF districts established between 2002 and 2005. The City will not receive statutory service payments for the 15 TIF districts established in 2019 until the first half of calendar year 2021. This amount is net of the county auditor fees and the payments to the Cincinnati School Board. In accordance with the agreement with the Cincinnati School district as amended December 18, 2002, 27% of the statutory service payments received from the TIF districts is paid to the Cincinnati School Board. This payment in lieu of taxes revenue is accounted for in the TIF Funds along with the debt service payments. Corresponding capital assets are accounted for in the City’s infrastructure accounts and property accounts. TIF Districts have longevity of 30 years. The property tax exemption then ceases; statutory service payments cease, and property taxes then apply to the increased property values.

Casino Revenue In 2009, voters approved an amendment to the Ohio Constitution which became HB 519 authorizing one casino in Cincinnati, Cleveland, Columbus and Toledo. A gross revenue tax of 33% was imposed on licensed casino operators. A portion (5%) would be given to the host city. The casino in the City of Cincinnati opened in 2012. Revenues from the casino tax were: (Amounts in Thousands) Fiscal Year General Fund Revenue 2016 $ 8,059 2017 7,907 2018 8,093 2019 8,289 2020 8,300 Tax Abatements Pursuant to GASB Statement No. 77, Tax Abatement Disclosures, the City of Cincinnati (the “City”) is required to disclose certain information about tax abatements as defined in the Statement. For purposes of GASB Statement No. 77, a tax abatement is a reduction in tax revenues that results from an agreement between one or more governments and an individual or entity in which (a) one or more governments promise to forgo tax revenues to which they are otherwise entitled and (b) the individual or entity promises to take a specific action after the agreement has been entered into that contributes to economic development or otherwise benefits the City or the citizens of the City. The City has entered into such agreements. A description of each of the City’s abatement programs where the City has promised to forgo taxes follows: Community Reinvestment Area (CRA) Program The Ohio CRA program is an economic development tool administered by municipal and county governments that provides real property tax exemptions for property owners who renovate existing or construct new buildings. CRA are areas of land in which property owners can receive tax incentives for investing in real property improvements. In order to use the CRA program, a city, village, or county petitions to the Ohio Development Services Agency (ODSA) for confirmation of a geographical area in which investment in housing has traditionally been discouraged. Once the area is confirmed by the Director of ODSA, communities may offer real property tax exemptions to taxpayers that invest in that area. The City determines the type of development to support by specifying the eligibility of residential, commercial and/or industrial projects. The City negotiates property tax exemptions on new property tax from investment for up to 100% for up to fifteen years based on the amount of investments made to renovate or construct buildings within a CRA. Taxes are abated on the increase in taxable value resulting from the investment is not included (or included at a lesser amount) in the taxable value used for property tax computation for the taxpayer. For commercial projects, job retention and/or creation is also required. Agreements must be in place before the project begins. Provisions for recapturing property tax exemptions, which can be used at the discretion of the City, are pursuant to ORC Section 9.66(C)(1) and 9.66(C)(2). During 2020, the amount of property tax revenue forgone under the CRA program was $3,704,000.

Job Creation Tax Credit (JCTC) Program Pursuant to ORC 718.15, the City, by ordinance, may grant a refundable or nonrefundable credit against its tax on income to taxpayers to foster job creation in the city. Tax credits granted under this section of the ORC are measured as a percentage of the new income tax revenue the City derives from new employees of the taxpayer and are for a term not to exceed fifteen years. Tax credits are applied against the taxpayer’s annual income tax filing. It is required that the City and the taxpayer enter into an agreement specifying all the conditions of the credit prior to passage of the ordinance granting the credit. The City currently has JCTC agreements with 55 Cincinnati businesses (taxpayers). The tax credit percentage and term of the specific agreements is based upon the amount of new investment and the number of jobs created as a result of an identified project. JCTC agreements include specific language for refund of the credits should the terms of the agreement not be met by the taxpayer. During 2020, the amount of income tax revenue forgone under the JCTC program was $5,262,000. 12. SHORT-TERM DEBT The City issues bond anticipation notes in advance of issuance of bonds, depositing the proceeds in its capital projects fund. These notes are necessary to provide adequate funds at the time needed to support contracts for the improvements prior to issuance of the related bonds. The General Obligation Bond Anticipation Notes issued during the period and outstanding at fiscal year- end include $1,713,000 in City issued notes that were purchased by the City. For an explanation of the presentation of these notes in the financial statements, refer to Note 5 on Inter-fund Assets and Liabilities. An emergency financing, self-supported general obligation note of $50,000,000 was issued externally in April 2020. This short-term note, which was authorized by ORC Section 133.12, was issued to fund costs related to preventing the spread of the coronavirus. To date, the City has not drawn on this note to cover expenditures.

13. RESTRICTED ASSETS The balance of the restricted asset accounts in the enterprise funds are as follows:

(Amounts in Thousands) Beginning Ending Balance Issued Redeemed Balance

Governmental Activities General Obligation Bond Anticipation Notes 61,259$ 54,982$ (66,241)$ 50,000$

Business Activities General Obligation Bond Anticipation Notes 205$ 3,346$ (1,838)$ 1,713$

(Amounts in Thousands) Revenue bond Construction Account - Water Works 42,574$ Revenue bond Reserve Account - Water Works 55,090 Customer Deposits - Water Works 11,526 Construction Account - Other - Water Works 57,478

166,668$

14. CAPITAL ASSETS Capital asset activity for the fiscal year ended June 30, 2020 was as follows:

(Amounts in Thousands) Beginning Ending Gove rnme ntal Activitie s: Balance Increases Decreases Balance Capital assets, not being depreciated: Land 199,755$ -$ (35,074)$ 164,681$ Construction in Progress 209,083 18,733 (91,822) 135,994 Total capital assets, not being depreciated 408,838 18,733 (126,896) 300,675

Capital assets, being depreciated: Buildings 306,881 6,920 (38,817) 274,984 Improvements other than buildings 520,625 1,633 (618) 521,640 Machinery and Equipment 190,206 11,117 (3,011) 198,312 Property acquired under capital leases 30,641 2,317 (40) 32,918 Infrastructure 1,337,209 45,012 (315) 1,381,906 Total capital assets, being depreciated 2,385,562 66,999 (42,801) 2,409,760

Less accumulated depreciation for: Buildings (184,965) (6,779) 38,570 (153,174) Improvements other than buildings (310,315) (15,633) 383 (325,565) Machinery and Equipment (145,341) (10,372) 2,947 (152,766) Property acquired under capital leases (8,952) (4,197) 36 (13,113) Infrastructure (654,330) (46,379) 90 (700,619) Total accumulated depreciation (1,303,903) (83,360) 42,026 (1,345,237)

Total capital assets, being depreciated, net 1,081,659 (16,361) (775) 1,064,523

Governmental-type Activities capital assets, net 1,490,497$ 2,372$ (127,671)$ 1,365,198$

(Amounts in Thousands) Beginning Ending Busine ss -type Activitie s : Balance Increases Decreases Balance Capital assets, not being depreciated: Land 44,070$ 44,070$ Construction in Progress 112,889 62,159$ (22,091)$ 152,957 Total capital assets, not being depreciated 156,959 62,159 (22,091) 197,027

Capital assets, being depreciated: Buildings 374,219 9,646 383,865 Improvements other than buildings 1,294,822 11,546 - 1,306,368 Machinery and Equipment 325,535 10,859 (898) 335,496 Property acquired under capital leases 2,158 (1,870) 288 Total capital assets, being depreciated 1,996,734 32,051 (2,768) 2,026,017

Less accumulated depreciation for: Buildings (223,918) (5,895) (229,813) Improvements other than buildings (339,051) (19,610) - (358,661) Machinery and Equipment (230,567) (11,594) 875 (241,286) Property acquired under capital leases (2,158) - 1,870 (288) Total capital assets, being depreciated (795,694) (37,099) 2,745 (830,048)

Total capital assets, being depreciated, net 1,201,040 (5,048) (23) 1,195,969

Business-type Activities capital assets, net 1,357,999$ 57,111$ (22,114)$ 1,392,996$

$27,585,000 of construction in progress deletions were not capitalized.

Required future financing represents Federal, State and City commitments in support of City projects.

Depreciation expense was charged to functions/programs of the City as follows: (Amounts in Thousands) Governmental activities:

General Government 3,256$ Community Development 5,114 Recreation 5,744 Police 5,333 Transportation and Engineering 41,987 Public Services 11,420 Public Health 567 Parks 5,972 Fire 2,127

Capital assets held by the City's internal service funds are charged to the various functions based on their usage of the assets 1,840 Total depreciation expense - governmental activities: 83,360$

Business-type activities: Water Works 25,448$ Parking Facilities 2,295 Convention Center 4,376 General Aviation 639 Municipal Golf 750 Stormwater Management 3,591 Total depreciation expense - business-type activities: 37,099$

Authorizations 6/30/2020 Committed Financing Transportation and Engineering 155,412$ 72,817$ 82,595$ 27,730$ Community Development 54,914 35,095 19,819 1,915 Recreation 8,640 5,018 3,622 105 Police 2,841 2,756 85 - Fire 1,312 809 503 26 Parks 13,399 5,833 7,566 353 Public Services 30,671 10,987 19,684 4,441 Other 7,057 2,679 4,378 -

Total 274,246$ 135,994$ 138,252$ 34,570$

Business Activities Construction in Progress at June 30, 2020 is comprised of the following:

15. RECEIVABLES Accounts Receivable are presented in the financial statements net of the allowance for uncollectible accounts. The uncollectible accounts related to the General Fund at June 30, 2020, are as follows: Taxes Receivable ($1,266,000) and other accounts receivable ($78,122,000). The uncollectible accounts related to the Debt Service Fund at June 30, 2020 are Taxes Receivable ($1,771,000). The balance for the allowance for uncollectible accounts in the Capital Projects Fund at June 30, 2020 is ($336,000). The balance of the allowance accounts for Special Revenue Funds is ($2,581,000) as of June 30, 2020. The balances of the allowance accounts of the proprietary funds as of June 30, 2020 are as follows: Water Works ($6,569,000), Municipal Golf ($13,000), General Aviation ($48,000), Parking Facilities ($50,000) and Stormwater Management ($2,092,000). Loans receivable of the special revenue funds are made from revolving type loan accounts financed by allocations from the City's Community Development Block Grant. These loans are secured by liens on the property. Federal regulations provide that the grantor maintains the ownership of the City's Community Development Block Grant funded revolving loan portfolio; accordingly, revolving loan fund transactions do not affect the operating statement. A portion of the special revenue loans, with a value of $25,821,000, were made from Housing and Urban Development Section 108 funds and do not involve a revolving type loan account. The loans are repaid to the federal government. If the borrower fails to repay the loan, the City's Community Development Block Grant funds may be used to repay the federal government. The total amount receivable for the special revenue loans is offset by an allowance for uncollectible loans receivable. Special revenue loans receivable at June 30, 2020 total $55,482,000. In addition, the special revenue funds have a loan receivable from Cincinnati Landmark Productions. In 2014, the City of Cincinnati entered into a loan agreement with Cincinnati Landmark Productions for $4,200,000. The loan is to be repaid over a 23-year period at 1.02% interest.

(Amounts in Thousands) Project Expended Required Enterprise Fund Authorization to 6/30/20 Committed Future Financing

Water Works 305,055$ 124,294$ 180,761$ -$ Parking Facilities 5,925 5,454 471 - Convention Center 9,030 7,224 1,806 541$ General Aviation 7,233 6,038 1,195 564 Municipal Golf 4,607 791 3,816 1,287 Stormwater Management 24,201 9,156 15,045 - Total 356,051$ 152,957$ 203,094$ 2,392$

Below is the repayment schedule. Interest payments of $32,000 were received in fiscal year 2020.

(Amounts in Thousands) Fiscal Year Principal Interest Total

2021 -$ 43$ 43$ 2022 199$ 42 241 2023 245 40 285 2024 248 37 285 2025 250 35 285

2026-2030 1,289 135 1,424 2031-2035 1,356 68 1,424 2036-2038 613 8 621

Total 4,200$ 408$ 4,608$

The special revenue funds also have a loan receivable from Westwood Town Hall. In 2017, the City entered into a loan agreement with Westwood Town Hall for $4,000,000. The loan is to be repaid over a 22-year period at 1% interest. Below is the repayment schedule. Interest payments of $30,000 were received in fiscal year 2020.

Loans receivable of the capital project funds receive similar treatment to the special revenue funds' loans receivable, in that the total amount receivable is offset by an allowance for uncollectible loans receivable. The allowance for uncollectible loans at June 30, 2020 is $18,110,000. This amount is related to forgivable housing loans and downtown development loans. Also recorded in the capital project funds is a loan receivable with the City of Blue Ash. The City of Cincinnati sold 130 acres of the Blue Ash Airport property to the City of Blue Ash for $37,250,000. The original sales agreement was amended in 2012 per Ordinance 302-2012. There was an initial payment of $6,000,000 and in fiscal years 2015 to 2017 a payment of $1,000,000 was received each year. The payments for the remaining 18 fiscal years will be as follow from August 31, 2019 to August 1, 2036: fiscal years 2020-2027 - $1,250,000 annually and fiscal years 2028-2037 - $1,500,000 annually. The City of Cincinnati has completed remedial action work at the Blue Ash Airport at a total cost of $1,856,000.

(Amounts in Thousands) Fiscal Year Principal Interest Total

2021 40$ 40$ 2022 40 40 2023 40 40 2024 40 40 2025 248$ 39 287

2026-2030 1,280 157 1,437 2031-2035 1,346 92 1,438 2036-2039 1,126 24 1,150

Total 4,000$ 472$ 4,472$

Within the debt service fund the City has recorded a loan with Graeter’s. In 2009, the City entered into a loan agreement with Graeter’s for $10,000,000. The loan is to be repaid over a 20-year period at 2% interest in year 1 and 2 and 4% interest in the remaining years. Below is the repayment schedule. Principal and interest payments of $785,000 were received in fiscal year 2020.

In 2020, the City of Cincinnati entered into a loan agreement with Bethany House Services for $500,000. The loan is recorded in the General Fund and has a variable term, zero percent (0%) interest forgivable loan to defray the borrower’s cost associated with the acquisition of property for the purposes of constructing and operating a homeless shelter. The loan is forgiven by 10% each full year of operation after the shelter’s construction is complete. 16. CONTINGENT LIABILITIES

Federal and State Grants The City has received Federal and State grants of approximately $71 million for specific purposes that are subject to review and audit by the grantor agencies or their designee. Such audits could lead to a request for reimbursement to the grantor agency for expenditures disallowed under terms of the grant. Such disallowances have been immaterial in prior years. Litigation Various claims and lawsuits are pending against the City as of June 30, 2020. A liability of $27 million was recorded for those claims and judgments as of June 30, 2020. Over the past decade, the City has averaged annual payments of $880,000 for claim and lawsuit settlements. Adequate funds have been provided to meet the claims paid from the General Fund, restricted funds and the sale of debt. The City Administration believes there is no foreseen problem in having adequate resources to settle presently known cases.

Fiscal Year Principal Interest Total 2021 846$ 404$ 1,250$ 2022 806 444 1,250 2023 767 483 1,250 2024 731 519 1,250 2025 696 554 1,250

2026-2030 3,357 3,643 7,000 2031-2035 2,834 4,666 7,500 2036-2037 953 2,047 3,000

Total 10,990$ 12,760$ 23,750$

(Amounts In Thousands)

(Amounts in Thousands) Fiscal Year Principal Interest Total

2021 544$ 241$ 785$ 2022 566 219 785 2023 589 196 785 2024 613 172 785 2025 637 147 784

2026-2030 3,202 328 3,530 Total 6,151$ 1,303$ 7,454$

Pollution Remediation Liability Currently pollution remediation is occurring at the Providence North, Canal Ridge Road, Center Hill, Lunken Airport, Fire Training Facility, Auburn Avenue and Delta Avenue sites. Center Hill and Canal Ridge Road involve landfill remediation while the other sites are for contaminated property. The West Fork incinerator has been identified as a future asbestos remediation project. In the entity wide statement, governmental activities have recognized $2,350,000 for pollution remediation liability in the accrued liabilities account. 17. RISK MANAGEMENT

The City is exposed to various risks of loss related to torts; theft of, damage to, or destruction of assets; errors and omissions; injuries to employees; employee health claims; unemployment compensation claims; property tax appeals and environmental damage. The City purchases commercial insurance to cover losses due to: theft of, damage to, or destruction of assets and purchases general liability insurance for specific operations and professional liability insurance for certain operations. All other risks of loss are self-insured by the City. There has been no reduction in insurance coverage in fiscal year 2020. Insurance settlements for claims resulting from the risks covered by commercial insurance have not exceeded the insurance coverage in any of the past three years. The property insurance is accounted for in the internal service fund, titled “Self Insurance – Risk Management.” The City of Cincinnati provides a health insurance plan for its employees. The plan is self-insured and accounted for as an internal service fund. This internal service fund, titled "Self Insurance – Risk Management" has been in existence since 1980. Operating funds are charged a monthly rate per employee, by type of coverage. In 1990, the City began to account for and finance its risk of loss due to workers' compensation claims and established an internal service fund titled "Self Insurance - Workers' Compensation." The City pays workers’ compensation claims on a per claim basis except for a small portion that is paid through the State of Ohio Bureau of Workers’ Compensation. All funds of the City participate in the program and make payments to the internal service fund based on the experience premium that would normally be charged by the Bureau of Workers' Compensation. Policy years 1989 through 2000 were financed through the retrospective rating program. Policy years 2001 and 2002 were financed through the fully insured program with the State Fund workers’ compensation program. Beginning with policy year 2003, the City elected to be fully self-insured for workers’ compensation. All of the City’s workers’ compensation liabilities are funded within the “Self-Insurance –Workers’ Compensation” fund.

Changes in the balances of claims liabilities and claims adjustment expenses during fiscal years 2019 and 2020 are as follows:

(Amounts in Thousands) Claims and

Beginning Changes in Claims Ending Balance Estimates Payments Balance

General Fund 96$ 1,658$ (1,494)$ 260$ Health District 1 0 1

Special Revenue Funds 30 22 (17) 35 Water Works Fund 230 1,528 (79) 1,679

Parking Facilities Fund 6 (4) 2 Municipal Golf Fund 7 0 (7) 0

Stormwater Fund 8 8

Self Insurance Risk Management Fund 7,929 75,922 (75,890) 7,961 Workers' Compensation Fund 15,903 (3,259) (302) 12,342

Governmental Activities Obligations 3,279 2,921 (3,279) 2,921 Entity Wide Totals 27,480$ 78,801$ (81,072)$ 25,209$

2019

(Amounts in Thousands) Claims and

Beginning Changes in Claims Ending Balance Estimates Payments Balance

General Fund 260$ 4,432$ (1,518)$ 3,174$ Health District 1 1,083 (157)$ 927

Special Revenue Funds 35 788 (124) 699 Water Works Fund 1,679 103 (89) 1,693

Parking Facilities Fund 2 6 (2) 6 General Aviation Fund 0 28 (5) 23

Municipal Golf Fund 0 10 (1) 9 Stormwater Fund 8 46 (18) 36

Self Insurance Risk Management Fund 7,961 78,299 (77,929) 8,331 Workers' Compensation Fund 12,342 3,790 (3,684) 12,448

Governmental Activities Obligations 2,921 2,477 (2,921) 2,477 Entity Wide Totals 25,209$ 91,062$ (86,448)$ 29,823$

2020

The claims liabilities at June 30, 2020 for the Internal Service Funds above (Self-Insurance Risk Management and Workers Compensation) are included in the following liabilities in the balance sheet:

18. SERVICE CONCESSION ARRANGEMENTS The City has two service concession arrangements to promote residential and economic development around the Fountain Square area. The Fountain Square North Parking Garage was leased to Fountain Square, LLC in “as is” condition for an upfront payment of $7.5 million and annual rent payments of $100 for a period of 40 years beginning in 2005. The upfront payment is reported as deferred inflow. The current period revenue recognition is $187,500 and the balance in deferred inflows of resources at June 30, 2020 is $4.5 million. In addition, Fountain Square LLC made $7.9 million in improvements to the parking garages. These improvements are included in the capital assets of the Parking Facilities Fund. The Net book value at June 30, 2020 was $5.2 million. The current period revenue recognition is $198,000. During fiscal year 2015, the Fountain Square South Garage was leased to the Port Authority “as is” for 30 years. Improvements of $1.5 million were made by the Port Authority to the garage and these improvements are included in improvements of the Parking Facilities Fund. The current period revenue recognition is $50,000. The book value at June 30, 2020 was $1.3 million.

(Amounts in Thousands) Se lf-Ins urance Se lf-Ins urance

Risk Manage me nt Worke rs' Compe ns ation

Accounts Payable $ 1,904 $ 214 Accrued Liabilities 341

Estimated Liability For Unpaid Claim 6,427 11,893

Total 8,331$ 12,448$

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19. SUBSEQUENT EVENTS In October 2020, the City issued $34,410,000 of new general obligation bonds and $30,055,000 of refunding bonds. In November 2020, the City issued $21,305,000 of economic development refunding bonds. The City Council approved the following debt ordinances in January, February and June of 2020:

20. DEFINED BENEFIT PENSION PLANS City employees are covered by one of three pension systems: the Ohio Police and Fire Pension Fund (OP&F), the Ohio Public Employees Retirement System (OPERS), and the City of Cincinnati's Retirement System (CRS). OP&F and OPERS are cost-sharing multiple-employer defined benefit pension plans. CRS is accounted for as a single-employer defined benefit pension plan. Net Pension Liability For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the pension plans and additions to/deductions from their fiduciary net position have been determined on the same basis as they are reported by the retirement systems. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. The retirement systems report investments at fair value. The net pension liability reported on the statement of net position represents a liability to employees for pensions. Pensions are a component of exchange transactions, between an employer and its employees, of salaries and benefits for employee services. Pensions are provided to an employee, on a deferred-payment basis, as part of the total compensation package offered by an employer for employee services each financial period. The obligation to sacrifice resources for pensions is a present obligation because it was created as a result of employment exchanges that already have occurred.

(Amounts in Thousands)

Ordinance # Date Debt Type Purpose Amount

Authorized 019-2020 1/23/2020 General Obligation Bonds Equipment 3,000,000$ 057-2020 2/20/2020 Economic Development Bonds Refunding 100,000,000 210-2020 6/24/2020 *Anticipation Notes Parks 2,001,000 211-2020 6/24/2020 *Anticipation Notes Street Improvement 15,263,000 212-2020 6/24/2020 General Obligation Bonds Public Buildings 7,750,000 213-2020 6/24/2020 Anticipation Notes Equipment 650,000 214-2020 6/24/2020 *Anticipation Notes Recreation 2,892,000 215-2020 6/24/2020 *Anticipation Notes Public Buildings 1,864,000 216-2020 6/24/2020 General Obligation Bonds Stormwater 6,620,000 217-2020 6/24/2020 General Obligation Bonds Street Improvement 11,275,000 218-2020 6/24/2020 General Obligation Bonds Equipment 7,475,000 219-2020 6/24/2020 General Obligation Bonds Refunding 220,000,000

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The net pension liability represents the City’s actuarial present value (or with the OP&F and OPERS cost- sharing, multiple-employer plans, proportionate share of each pension plan’s collective actuarial present value) of projected benefit payments attributable to past periods of service, net of each pension plan’s fiduciary net position. The net pension liability calculation is dependent on critical long-term variables, including estimated average life expectancies, earnings on investments, cost of living adjustments and other variables. While these estimates use the best information available, unknowable future events require adjusting this estimate annually. The City’s share of each plan’s unfunded benefits is presented as a long-term net pension liability on the accrual basis of accounting. The net pension liabilities and related deferred outflows and inflows of resources recorded in the accrual basis financial statements as of June 30, 2020 were as follows:

A. Cost-Sharing Multiple-Employer Defined Benefit Pension Plans The ORC limits the City’s obligation for liabilities to OPERS and OP&F to annually required payments. The City cannot control benefit terms or the manner in which pensions from the cost-sharing, multiple- employer plans are financed; however, the City does receive the benefit of employees’ services in exchange for compensation including pension. GASB Statement No. 68 assumes the liability is solely the obligation of the employer, because (1) they benefit from employee services; and (2) State statute requires all funding to come from these employers. All contributions to date have come solely from these employers (which also includes costs paid in the form of withholdings from employees). State statute requires the pension plans to amortize unfunded liabilities within 30 years. If the amortization period exceeds 30 years, each pension plan’s board must propose corrective action to the State legislature. Any resulting legislative change to benefits or funding could significantly affect the net pension liability. Resulting adjustments to net pension liability would be effective when the changes are legally enforceable. Plan Description – Ohio Public Employees Retirement System (OPERS) Certain City employees, other than full-time police and firefighters, participate in the Ohio Public Employees Retirement System (OPERS). OPERS administers three separate pension plans. The Traditional Pension Plan is a cost-sharing, multiple-employer defined benefit pension plan. The Member-Directed Plan is a defined contribution plan and the Combined Plan is a cost-sharing, multiple-employer defined benefit pension plan with defined contribution features. While members (i.e., City employees) may elect the Member-Directed Plan and the Combined Plan, the majority of employee members are in OPERS’ Traditional Pension Plan; therefore, the following disclosures focus on the Traditional Pension Plan.

(Amounts in Thousands) OP&F OPERS CRS Total

Net pension liability 472,634$ 12,545$ 1,013,677$ 1,498,856$ Deferred outflows of resources 54,925 1,296 288,997 345,218 Deferred inflows of resources 60,921 3,135 1,823 65,879 Pension expense 27,515 131 303,545 331,191

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OPERS provides retirement, disability, survivor and death benefits, and annual cost of living adjustments to members of the Traditional Pension Plan. Authority to establish and amend benefits is provided by Chapter 145 of the ORC. OPERS issues a stand-alone financial report that includes financial statements, required supplementary information and detailed information about OPERS’ fiduciary net position that may be obtained by visiting https://www.opers.org/financial/reports.shtml, by writing to Ohio Public Employees Retirement System, 277 East Town Street, Columbus, OH 43215-4642, or by calling 800-222-7377. Senate Bill (SB) 343 was enacted into law with an effective date of January 7, 2013. In the legislation, members were categorized into three groups with varying provisions of the law applicable to each group. The following table provides age and service requirements for retirement and the retirement formula applied to final average salary (FAS) for the three-member groups under the Traditional Pension Plan as per the reduced benefits adopted by SB 343 (see OPERS’ CAFR referenced above for additional information):

Group A Group B Group C Eligible to retire prior to 20 years of service credit prior to Members not in other Groups

January 7, 2013 or five years January 7, 2013 or eligible to retire and members hired on or after after January 7, 2013 ten years after January 7, 2013 January 7, 2013

State and Local State and Local State and Local

Age and Service Requirements: Age and Service Requirements: Age and Service Requirements: Age 60 with 60 months of service Age 60 with 60 months of service credit Age 57 with 25 years of service credit credit or Age 55 with 25 years of or Age 55 with 25 years of service or Age 62 with 5 years of service credit service credit credit Formula: Formula: Formula: 2.2% of FAS multiplied by years of 2.2% of FAS multiplied by years of 2.2% of FAS multiplied by years of Service for the first 30 years and service for the first 30 years and 2.5% service for the first 35 years and 2.5% 2.5% for service years in excess of 30 for service years in excess of 30 for service years in excess of 35

Final average salary (FAS) represents the average of the three highest years of earnings over a member’s career for Groups A and B. Group C is based on the average of the five highest years of earnings over a member’s career. Members who retire before meeting the age and years of service credit requirement for unreduced benefits receive a percentage reduction in the benefit amount. When a benefit recipient has received benefits for 12 months, an annual cost of living adjustment (COLA) is provided. This COLA is calculated on the base retirement benefit at the date of retirement and is not compounded. For those retiring prior to January 7, 2013, the COLA will continue to be a 3% simple annual COLA. For those retiring subsequent to January 7, 2013, beginning in calendar year 2019, the COLA will be based on the average percentage increase in the Consumer Price Index, capped at 3%. Funding Policy—The ORC provides statutory authority for member and employer contributions. For fiscal year 2020, member contribution rates were 10% of salary and employer contribution rates were 14%. Employer contribution rates are actuarially determined and are expressed as a percentage of covered payroll. The City’s contractually required contribution was $1,249,000 for fiscal year 2020.

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Plan Description – Ohio Police & Fire Pension Fund (OP&F) Certain City full-time police and firefighters participate in the OP&F, a cost-sharing, multiple-employer defined benefit pension plan administered by OP&F. OP&F provides retirement and disability pension benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Benefit provisions are established by the Ohio State Legislature and are codified in Chapter 742 of the ORC. OP&F issues a publicly available financial report that includes financial information and required supplementary information and detailed information about OP&F fiduciary net position. The report may be obtained by visiting the OP&F website at www.op-f.org or by writing to the Ohio Police and Fire Pension Fund, 140 East Town Street, Columbus, OH 43215-5164. Upon attaining a qualifying age with sufficient years of service, a member of OP&F may retire and receive a lifetime monthly pension. OP&F offers four types of service retirement: normal, service commuted, age/service commuted and actuarially reduced. Each type has different eligibility guidelines and is calculated using the member’s average annual salary. The following discussion of the pension formula relates to normal service retirement. For members hired after July 1, 2013, the minimum retirement age is 52 for normal service retirement with at least 25 years of service credit. For members hired on or before July 1, 2013, the minimum retirement age is 48 for normal service retirement with at least 25 years of service credit. The annual pension benefit for normal service retirement is equal to a percentage of the allowable average annual salary. The percentage equals 2.5% for each of the first 20 years of service credit, 2.0% for each of the next five years of service credit and 1.5% for each year of service credit in excess of 25 years. The maximum pension of 72% of the allowable average annual salary is paid after 33 years of service credit. Under normal service retirement, retired members who are at least 55 years old and have been receiving OP&F benefits for at least one year may be eligible for a COLA. The age 55 provision for receiving a COLA does not apply to those who are receiving a permanent and total disability benefit and statutory survivors. Members retiring under normal service retirement, with less than 15 years of service credit on July 1, 2013, will receive a COLA equal to either 3% or the percent increase, if any, in the consumer price index (CPI) over the 12-month period ending September 30 of the immediately preceding year, whichever is less. The COLA amount for members with at least 15 years of service credit as of July 1, 2013 is equal to 3% of their base pension or disability benefit. Funding Policy—The ORC provides statutory authority for member and employer contributions as follows:

Police Firefighters 2020 Statutory Maximum Contribution Rates

r 19.50 % 24.00 % Employee 12.25 % 12.25 % 2020 Actual Contribution Rates Employer: Pension 19.00 % 23.50 % Post-employment Health Care Benefits 0.50 % 0.50 % Total Employer 19.50 % 24.00 % Employee 12.25 % 12.25 %

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Employer contribution rates are expressed as a percentage of covered payroll. The City’s contractually required contribution was $35,808,000 for fiscal year 2020. OP&F informed the City that the City’s only unfunded prior service cost is the deficiency existing at the time the OP&F (the Fund) was established in 1967 as determined by actuarial evaluation. On March 1, 2000, the City sold bonds for the refunding of the City’s obligation for the employer’s accrued liability. Pursuant to Section 742.30 of the ORC, the City and OP&F entered into an agreement which permitted the City to make a one-time payment to OP&F for the purpose of extinguishing the City’s obligation to OP&F for the employer’s accrued liability. The payment amount was $41,455,000, which represents 68% of the first $500,000 of the employer’s accrued liability and 80% of the balance, plus accrued interest on the full amount of such accrued liability from March 1, 2000 to date of payment. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to Pensions The net pension liability for OPERS was measured as of December 31, 2019 and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of that date. OP&F’s total pension liability was measured as of December 31, 2019 and was determined by rolling forward the total pension liability as of January 1, 2019, to December 31, 2019. The City’s proportion of the net pension liability was based on the City’s share of contributions to the pension plan relative to the contributions of all participating entities. Following is information related to the proportionate share (Amounts in Thousands):

OPERS OP&F

Proportionate Share of Net Pension Liability 12,545$ 472,634$

Proportion of Net Pension Liability 0.063469% 7.01599%

Change in Proportion -0.002352% -0.24120%

Pension Expense 131$ 27,515$

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At June 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources related to pension from the following sources (Amounts in Thousands):

$18,546,000 reported as deferred outflows of resources related to pension resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability in the fiscal year ending June 30, 2021. Other amounts reported as deferred outflows of resources and deferred inflows of resources related to pension will be recognized in pension expense as follows (Amounts in Thousands):

OPERS OP&F

De fe rre d Outflows of Re s ource s Differences between expected and actual experience -$ 17,891$ Change in assumptions 670 11,602 Change in City's proportionate share and difference in employer contributions - 7,512 City contributions subsequent to the measurement date 626 17,920

Total Deferred Outflows of Resources 1,296$ 54,925$

OPERS OP&F

De fe rre d Inflows of Re source s Net difference between projected and actual earnings on pension plan investments 2,503$ 22,832$ Differences between expected and actual experience 159 24,376 Change in City's proportionate share and difference in employer contributions 473 13,713

Total Deferred Inflows of Resources 3,135$ 60,921$

OPERS OP&F

Fiscal Year Ending June 30: 2021 (660)$ (2,880)$ 2022 (915) (1,400) 2023 103 7,302 2024 (993) (23,659) 2025 - (3,279)

(2,465)$ (23,916)$

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Actuarial Assumptions – OPERS Actuarial valuations of an ongoing plan involve estimates of the values of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality and cost trends. Actuarially determined amounts are subject to continual review or modification as actual results are compared with past expectations and new estimates are made about the future. Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employers and plan members) and include the types of benefits provided at the time of each valuation. The total pension liability in the December 31, 2019 actuarial valuation was determined using the following actuarial assumptions:

Wage inflation 3.25% Future salary increases, Including inflation

3.25% to 10.75%

COLA or Ad Hoc COLA Pre 1/7/2013 retirees: 3%; Post 1/7/2013 retirees: 1.40% simple through 2020, then 2.15% simple

Current measurement period investment rate of return

7.20%

Actuarial cost method Individual entry age Pre-retirement mortality rates are based on the RP-2014 Employees mortality table for males and females, adjusted for mortality improvement back to the observation period base year of 2006. The base year for males and females was then established to be 2015 and 2010, respectively. Post-retirement mortality rates are based on the RP-2014 Health Annuitant mortality table for males and females, adjusted for mortality improvement back to the observation period base year of 2006. The base year for males and females was then established to be 2015 and 2010, respectively. Post-retirement mortality rates for disabled retirees are based on the RP-2014 Disabled mortality table for males and females, adjusted for mortality improvement back to the observation period base year of 2006. The base year for males and females was then established to be 2015 and 2010, respectively. Mortality rates for a particular calendar year are determined by applying the MP-2015 mortality improvement scale to all of the above described tables. The most recent experience study was completed for the five-year period ended December 31, 2015. The long-term rate of return on defined benefit investment assets was determined using a building-block method in which best-estimate ranges of expected future real rates of return are developed for each major asset class. These ranges are combined to produce the long-term expected real rate of return by weighting the expected future real rates of return by the target asset allocation percentage, adjusted for inflation. During 2019, OPERS managed investments in three investment portfolios: the Defined Benefit portfolio, the Health Care portfolio, and the Defined Contribution portfolio. The Defined Benefit portfolio contains the investment assets for the Traditional Pension Plan, the defined benefit component of the Combined Plan and the annuitized accounts of the Member-Directed Plan. Within the Defined Benefit portfolio, contributions into the plans are all recorded at the same time, and benefit payments all occur on the first of the month. Accordingly, the money-weighted rate of return is considered to be the same for all plans within the portfolio. The annual money-weighted rate of return expressing investment performance, net of investment expenses and adjusted for the changing amounts actually invested, for the Defined Benefit portfolio is 17.2% for 2019.

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The allocation of investment assets with the Defined Benefit portfolio is approved by the Board of Trustees as outlined in the annual investment plan. Plan assets are managed on a total return basis with a long-term objective of achieving and maintaining a fully funded status for the benefits provided through the defined benefit pension plans. The table below displays the Board-approved asset allocation policy for 2019 and the long-term expected real rates of return:

Weighted Average Long-Term Expected Target Real Rate of Return

Asset Class Allocation (Arithmetic) Fixed Income 25.00% 1.83% Domestic Equities 19.00% 5.75% Real Estate 10.00% 5.20% Private Equity 12.00% 10.70% International Equities 21.00% 7.66% Other Investments 13.00% 4.98% Total 100.00% 5.61%

Discount Rate. The discount rate used to measure the total pension liability was 7.2%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members and those of the contributing employers are made at the statutorily required rates. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability. Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate. The following table represents the City’s proportionate share of the net pension liability calculated using the current period discount rate assumption of 7.2%, as well as what the City’s proportionate share of the net pension liability would be if it were calculated using a discount rate that is one-percentage point lower (6.2%) and one-percentage point higher (8.2%) than the current rate (Amounts in Thousands):

Actuarial Assumptions – OP&F OP&F’s total pension liability as of December 31, 2019 is based on the results of an actuarial valuation date of January 1, 2019, and rolled-forward using generally accepted actuarial procedures. The total pension liability is determined by OP&F’s actuaries in accordance with GASB Statement No. 67, as part of their annual valuation. Actuarial valuations of an ongoing plan involve estimates of reported amounts and assumptions about probability of occurrence of events far into the future. Examples include assumptions about future employment mortality, salary increases, disabilities, retirements and employment terminations. Actuarially determined amounts are subject to continual review and potential modifications, as actual results are compared with past experiences and new estimates are made about the future.

Current 1% Decrease Discount 1% Increase

(6.2%) Rate of 7.2% (8.2%)

City's proportionate share of the net pension liability 20,691$ 12,545$ 5,222$

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Key methods and assumptions used in calculating the total pension liability in the latest actuarial valuation prepared as of January 1, 2019, are presented below:

Valuation date January 1, 2019 with actuarial liabilities rolled forward to December 31, 2019

Actuarial cost method Entry age normal Investment rate of return 8.00% Projected salary increases 3.75% to 10.50% Payroll growth 2.75% plus productivity increase rate of 0.5% Cost-of-living adjustments 3% simple; 2.2% simple for increases based on the

lesser of the increase in CPI and 3% Mortality for non-disabled participants is based on the RP-2014 Total Employee and Healthy Annuitant Mortality Tables rolled back to 2006, adjusted and projected with the Buck Modified 2016 Improvement Scale. Rates for surviving beneficiaries are adjusted by 120%.

Age Police Fire 67 or less 77% 68%

68-77 105% 87% 78 and up 115% 120%

Mortality for disabled retirees is based on the RP-2014 Disabled Mortality Tables rolled back to 2006, adjusted according to the rates in the following table, and projected with the Buck Modified 2016 Improvement Scale.

Age Police Fire 59 or less 35% 35%

60-69 60% 45% 70-79 75% 70%

80 and up 100% 90% The most recent experience study was completed for the five-year period ended December 31, 2016. The long-term expected rate of return on pension plan investments was determined using a building-block approach and assumes a time horizon, as defined in OP&F’s Statement of Investment Policy. A forecasted rate of inflation serves as the baseline for the return expected. Various real return premiums over the baseline inflation rate have been established for each asset class. The long-term expected nominal rate of return has been determined by calculating a weighted average of expected real return premiums for each asset class, adding the projected inflation rate and adding the expected return from rebalancing uncorrelated asset classes.

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Best estimates of the long-term expected geometric real rates of return for each major asset class included in OP&F’s target asset allocation as of December 31, 2019 are summarized below:

Long-Term Expected Targe Real Rate

Asset Class Allocation of Return Cash and cash equivalents 0.0% 1.00% Domestic equity 16.0% 5.40% Non-U.S. equity 16.0% 5.80% Private markets 8.0% 8.00% Core fixed income* 23.0% 2.70% High yield fixed income 7.0% 4.70% Private credit 5.0% 5.50% U.S. inflation linked bonds* 17.0% 2.50% Master limited partnerships 8.0% 6.60% Real assets 8.0% 7.40% Private real estate 12.0% 6.40% 120.0%

Note: Assumptions are geometric. * Levered 2x

OP&F’s Board of Trustees has incorporated the risk parity concept into OP&F’s asset liability valuation with the goal of reducing equity risk exposure, which reduces overall Total Portfolio risk without sacrificing return and creating a more risk-balanced portfolio based on their relationship between asset classes and economic environments. From the notional portfolio perspective above, the Total Portfolio may be levered up to 1.20 times due to the application of leverage in certain fixed income asset classes. Discount Rate. The total pension liability was calculated using the discount rate of 8.0%. The projection of cash flows used to determine the discount rate assumed the contributions from employers and from the members would be computed based on contribution requirements as stipulated by State statute. Projected inflows from investment earnings were calculated using the longer-term assumed investment rate of return of 8.0%. Based on those assumptions, the plan’s fiduciary net position was projected to be available to make all future benefit payments of current plan members. Therefore, a long-term expected rate of return on pension plan investments was applied to all periods of projected benefits to determine the total pension liability. Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate. Net pension liability is sensitive to changes in the discount rate, and to illustrate the potential impact the following table presents the net pension liability calculated using the discount rate of 8.0%, as well as what the net pension liability would be if it were calculated using a discount rate that is one-percentage point lower (7.0%) or one-percentage point higher (9.0%) than the current rate (Amounts in Thousands):

Current 1% Decrease Discount 1% Increase

(7.0%) Rate of 8.0% (9.0%)

City's proportionate share of the net pension liability 655,055$ 472,634$ 320,058$

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B. Single-Employer Defined Benefit Pension Plan Plan Description – City of Cincinnati Retirement System (CRS) Employees who do not participate in either OPERS or OP&F participate in CRS. CRS is accounted for as a single-employer defined benefit pension plan. CRS provides retirement and disability benefits, annual cost of living adjustments, and death benefits to plan members and beneficiaries. CRS is considered part of the City of Cincinnati's financial reporting entity and is included in the City's financial report as a pension trust fund. No separate financial report is issued. Note 22 provides information on CRS as of June 30, 2020 on the plan as a whole. Article XV of the Administrative Code of the City of Cincinnati provides the statutory authority vesting the general administration and responsibility for the proper operation of the System in the Board of Trustees of the CRS. Information in the remainder of this Note is provided for the City’s portion being reported in governmental activities and proprietary funds with a measurement date of June 30, 2019. Amounts related to the Metropolitan Sewer District (MSD), an agency fund of the City, which also participates in and contributes to CRS, were excluded since MSD reports its portion as an enterprise fund of Hamilton County, Ohio. A major plan revision was approved by the City Council on March 16, 2011 and adopted by the CRS’ Board. The plan allows for a two-and-a-half-year transition period from July 1, 2011 to January 1, 2014. Active members who are eligible or become eligible to retire and elect to retire during this transition period can retire with 30 years of creditable service or at age 60 with at least five years of creditable service and will receive benefits according to the current plan as described below. A Collaborative Settlement Agreement (CSA) was executed on May 7, 2015 and approved by the United States District Court on October 5, 2015. The CSA impacts employees who were retired on or before July 1, 2011 and employees who were in service on July 1, 2011 and who were vested (had 5 years’ service credit) on that date. Employees who are members of the CRS who did not meet those criteria remained subject to the plan provisions adopted in Ordinances No. 84-2011 and 85-2011. The CSA implemented a number of changes to the CRS, including, but not limited to

 Normal retirement eligibility;  Early retirement eligibility;  Retiree healthcare eligibility;  Cost of living adjustments payable to retirees;  Establishment of a Deferred Retirement Option Program (DROP);  Creation of a 115 Trust for retiree healthcare benefits;  Changes to the composition of the Board of Trustees; and  Payoff of the 2007 Early Retirement Incentive Program (ERIP) liability.

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Grou ps C & D Grou p E Grou p F Grou p G

Eligible t o ret ire on or before July 1, 2011; or

December 31, 2013

Eligible t o ret ire on or before December 31, 2013

Hired before January 1, 2010 and not eligible for ot her

groups

Hired on or aft er January 1, 2010

Norm al Re ti re m e n t: Norm al Re ti re m e n t: Norm al Re ti re m e n t: Norm al Re ti re m e n t:

Age 60 wit h 5 years of service, or any age wit h 30 years of service

Age 67 wit h 5 years of service, or age 62 wit h 30 years of service

Earl y Re ti re m e n t: Earl y Re ti re m e n t: Earl y Re ti re m e n t: Earl y Re ti re m e n t:

Age 55 wit h 25 years of service

Age 57 wit h 15 years of service

Be n e fi t Form u l a: Be n e fi t Form u l a: Be n e fi t Form u l a: Be n e fi t Form u l a:

2.5% of FAS t imes years of service

2.5% of FAS t imes years of service up t o great er of 20 years or years of service as of July 1, 2011, and 2.2% t hereaft er

2.2% of FAS t imes years of service

Retirees and beneficiaries (optionees) currently receiving benefits 4,062 Terminated participants and beneficiaries (optionees) entitled to future benefits 212 Deferred retirement option plan (DROP) participants 145 Inactive participants* 8,300 Active Plan Members

Full-time 2,951 Part-time 1,250

Total 16,920

* Participants who are former employees who have an employee account balance

in the plan but are not otherwise vested in an employee provided benefit.

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Funding Policy—Each member contributes at a rate of 9.0% of his pensionable wages for fiscal year 2020. The percent contributed by employees is provided by Chapter 203 Section 73 of the Cincinnati Municipal Code. The City makes employer contributions based on a percentage of the covered payroll of all CRS members. For fiscal year 2020, the employer contribution rate for full-time members was 16.25% and 3.0% for part-time members. The Employer’s contributions to the CRS Pension Fund for the fiscal year ending June 30, 2020 were $27,879,000. Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows of Resources Related to CRS The net pension liability was measured as of June 30, 2019, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of December 31, 2018. The City reported a net pension liability of $1,013,677,000 and a pension expense of $303,545,000. At June 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources (Amounts in Thousands):

City contributions of $27,879,000, subsequent to the measurement date, reported as deferred outflows of resources related to pension will be recognized as a reduction of the net pension liability in the year ended June 30, 2021. Other amounts reported as deferred outflows and inflows of resources related to pension will be recognized in pension expense as follows (Amounts in Thousands):

Deferred Deferred Outflows of Inflows of Resources Resources Net

City contributions subsequent to the measurement date 27,879$ $ 27,879$ Differences between expected and actual experience 20,155 20,155 Net difference between projected and actual investment earnings 18,593 18,593 Change in proportion 2,616 (1,823) 793 Change in assumptions 219,754 219,754

288,997$ (1,823)$ 287,174$

Net Deferred Outflows/

(Inflows) of Year Ended June 30: Resources

2021 253,369$ 2022 (8,523) 2023 6,070 2024 8,379

259,295$

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Actuarial Assumptions: Total pension liability was determined by an actuarial valuation, using the following actuarial assumptions, applied to all periods included in the measurement:

Valuation date December 31,2018 Actuarial assumption experience study date February 28, 2018 Inflation 2.75% Salary increases, including inflation 3.75% to 7.50% Long-term investment rate of return, net of pension plan investment expense, including inflation

7.50%

Municipal bond index rate 3.50% Single equivalent interest rate, net of pension plan investment expense, including inflation

Prior measurement date 7.50% Measurement date 5.56%

Mortality tables RP-2014 Pre-retirement mortality rates were based on the RP-2014 Employees Mortality Table with a generational approach using the MP-2017 projection scale. Post-retirement mortality rates were based on the RP-2014 Mortality Table with a generational approach using the MP-2017 projection scale and set forward two years for both males and females. Post-disability mortality rates were based on the RP-2014 Disabled Retiree Mortality Table with a generational approach using the MP-2017 projection scale. The actuarial assumptions used in the December 31, 2017 valuation were based on the results of the last actuarial experience study, dated February 28, 2018. Long Term Expected Rate of Return. The long-term expected rate of return on pension plan investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major class are summarized in the following table:

Asset Class

Target Allocation

Long-Term Expected Real Rate of Return*

Core Bonds 14.00 % 2.80 % High Yield Bonds 3.00 % 4.90 % Large-Cap Value Equity 7.00 % 7.20 % Large-Cap Growth Equity 5.00 % 7.10 % Mid-Cap Value Equity 4.00 % 7.50 % Mid-Cap Core Equity 4.00 % 7.50 % Small-Cap Value Equity 7.50 % 8.00 % Non-U.S. Developed Large Cap 10.00 % 7.40 % Non-U.S. Small Cap 5.00 % 8.10 % Emerging Markets All-Cap 5.00 % 8.50 % EM Small-Cap 3.00 % 8.50 % Real Estate Core Equity 10.00 % 7.40 % Infrastructure 7.50 % 7.80 % Risk Parity 5.00 % 4.10 % Private Equity 10.00 % 11.10 %

Total 100.00 % * Geometric mean

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Discount Rate. The discount rate used to measure the total pension liability was 5.56% as of June 30, 2019 and 7.50% as of June 30, 2018. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current contribution rate and that employer contributions will be made as set out in the CSA. Based on those assumptions, the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current active and inactive employees through 2046. Therefore, the long-term expected rate of return on pension plan investments was used to present value the projected benefit payments through 2046 and the Bond Buyer G.O. 20-year Municipal Bond Index rate of 3.50% as of June 27, 2019 (i.e., municipal bond rate) was used to present value the projected benefits payments for the remaining years in the projection. The total present value of projected benefit payments from all years was then used to determine the single equivalent interest rate that was used as the discount rate. Sensitivity of the Employer’s Proportionate Share of the Net Pension Liability to Changes in the Discount Rate: The following chart represents the City financial reporting entity’s proportionate share of the net pension liability calculated using the current period discount rate assumption of 5.56%, as well as the sensitivity to a 1% increase and 1% decrease in the current discount rate (Amounts in Thousands):

Change in the Net Pension Liability: Changes in the City financial reporting entity’s net pension liability for the fiscal year ended June 30, 2019 were as follows (Amounts in Thousands):

Current 1% Decrease Discount 1% Increase

(4.56%) Rate (5.56%) (6.56%)

City's Net Pension Liability 1,305,124$ 1,013,677$ 770,543$

Total Pension Plan Fiduciary Net Pension Liability Net Position Liability

Balances at June 30, 2018 1,903,999$ 1,417,989$ 486,010$ Changes for the year:

Service cost 19,261 19,261 Interest 139,900 139,900 Difference between expected and

actual experience 37,327 37,327 Change in assumptions 436,355 436,355 Contributions - employer 27,382 (27,382) Contributions - employee 15,780 (15,780) Net investment income 61,769 (61,769) Benefit payments, including refunds

of employee contributions (137,791) (137,791) Administrative expense (1,194) 1,194 Other changes 1,439 (1,439)

Net changes 495,052 (32,615) 527,667

Balances at June 30, 2019 2,399,051$ 1,385,374$ 1,013,677$

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The total pension liability (TPL) at the end of the measurement year, June 30, 2019, is measured as of the valuation date of December 31, 2018 and projected to June 30, 2019. Valuations will be completed every year. Each valuation will be rolled forward six months to provide the total pension liability in accordance with GASB Statement No. 67. There were assumption changes during the period, which are reflected in these amounts.

21. DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFIT (OPEB) PLANS The three retirement systems City employees participate in provide defined benefit postemployment benefits other than pension. The OPERS and OP&F are cost-sharing multiple-employer defined benefit OPEB plans. The CRS is accounted for as a single-employer defined benefit OPEB plan. Net OPEB Liability For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the OPEB plans and additions to/deductions from their fiduciary net position have been determined on the same basis as they are reported by the retirement systems. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. The retirement systems report investments at fair value. The net OPEB liability reported on the statement of net position represents a liability to employees for OPEB. OPEB is a component of exchange transactions—between an employer and its employees—of salaries and benefits for employee services. OPEB is provided to an employee—on a deferred-payment basis—as part of the total compensation package offered by an employer for employee services each financial period. The obligation to sacrifice resources for OPEB is a present obligation because it was created as a result of employment exchanges that already have occurred. The net OPEB liability represents the City’s actuarial present value (or with the OP&F and OPERS cost- sharing, multiple-employer plans, proportionate share of each OPEB plan’s collective actuarial present value) of projected benefit payments attributable to past periods of service, net of each OPEB plan’s fiduciary net position. The net OPEB liability calculation is dependent on critical long-term variables, including estimated average life expectancies, earnings on investments, cost of living adjustments, cost trends and other variables. While these estimates use the best information available, unknowable future events require adjusting this estimate annually. The City’s share of each plan’s unfunded benefits is presented as a long-term net other postemployment benefit liability on the accrual basis of accounting. The net OPEB liabilities and related deferred outflows and inflows of resources recorded in the accrual basis financial statements as of June 30, 2020 were as follows:

(Amounts in Thousands) OP&F OPERS CRS Total

Net OPEB liability 69,302$ 8,392$ 134,010$ 211,704$ Deferred outflows of resources 42,511 1,334 71,074 114,919 Deferred inflows of resources 29,142 1,569 28,561 59,272 OPEB expense 5,821 497 2,039 8,357

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A. Cost-Sharing Multiple-Employer Defined Benefit OPEB Plans The ORC limits the City’s obligation for liabilities to OPERS and OP&F to annual required payments. The City cannot control benefit terms or the manner in which OPEB from the cost-sharing, multiple-employer plans are financed; however, the City does receive the benefit of employees’ services in exchange for compensation including OPEB. GASB Statement No. 75 assumes the liability is solely the obligation of the employer, because they benefit from employee services. OPEB contributions come from these employers and health care plan enrollees which pay a portion of the health care costs in the form of a monthly premium. The Ohio Revised Code permits but does not require the cost-sharing, multiple-employer retirement systems to provide health care to eligible benefit recipients. Any change to benefits or funding could significantly affect the net OPEB liability. Resulting adjustments to the net OPEB liability would be effective when the changes are legally enforceable. The retirement systems may allocate a portion of the employer contributions to provide for these OPEB benefits. Plan Description—Ohio Public Employees Retirement System (OPERS) OPERS administers three separate pension plans: the traditional pension plan, a cost-sharing, multiple- employer defined benefit pension plan; the member-directed plan, a defined contribution plan; and the combined plan, a cost-sharing, multiple-employer defined benefit pension plan that has elements of both a defined benefit and defined contribution plan. OPERS maintains a cost-sharing, multiple-employer defined benefit post-employment health care trust, which funds multiple health care plans including medical coverage, prescription drug coverage and deposits to a Health Reimbursement Arrangement to qualifying benefit recipients of both the traditional pension and combined plans. This trust is also used to fund health care for member-directed plan participants, in the form of a Retiree Medical Account (RMA). At retirement or refund, member-directed plan participants may be eligible for reimbursement of qualified medical expenses from their vested RMA balance. In order to qualify for postemployment health care coverage, age and service retirees under the traditional pension and combined plans must have twenty or more years of qualifying Ohio service credit. Health care coverage for disability benefit recipients and qualified survivor benefit recipients is available. The health care coverage provided by OPERS meets the definition of an OPEB as described in GASB Statement No. 75. See OPERS’ CAFR referenced below for additional information. The ORC permits, but does not require OPERS to provide health care to its eligible benefit recipients. Authority to establish and amend health care coverage is provided to the Board in Chapter 145 of the ORC. Disclosures for the health care plan are presented separately in the OPERS financial report. Interested parties may obtain a copy by visiting https://www.opers.org/financial/reports.shtml, by writing to OPERS, 277 East Town Street, Columbus, Ohio 43215-4642, or by calling (614) 222-5601 or 800-222-7377. Funding Policy—The ORC provides the statutory authority requiring public employers to fund postemployment health care through their contributions to OPERS. When funding is approved by Systems’ Board of Trustees, a portion of each employer’s contribution to OPERS is set aside to fund OPERS health care plans. Employer contribution rates are expressed as a percentage of the earnable salary of active members. In 2020, local employers contributed at a rate of 14.0% of earnable salary. This is the maximum employer contribution rate permitted by Ohio Revised Code. Active member contributions do not fund health care.

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Each year, the OPERS Board determines the portion of the employer contribution rate that will be set aside to fund health care plans. The portion of Traditional Pension and Combined plans’ employer contributions allocated to health care was zero in 2020. The OPERS Board is also authorized to establish rules for the retiree or their surviving beneficiaries to pay a portion of the health care provided. Payment amounts vary depending on the number of covered dependents and the coverage selected. The employer contribution as a percentage of covered payroll deposited into the RMA for participants in the Member-Directed Plan for 2020 was 4.0%. The City’s contractually required contributions to OPERS was $6,000 for fiscal year 2020. Plan Description—Ohio Police & Fire Pension Fund (OP&F) The City contributes to the OP&F sponsored healthcare program, a cost-sharing, multiple-employer defined postemployment healthcare plan. This program is not guaranteed and is subject to change at any time upon action of the Board of Trustees. On January 1, 2019, OP&F changed the way it supports retiree health care. A stipend-based health care model has replaced the self-insured group health care plan that had been in place. OP&F has contracted with a vendor who can assist eligible retirees in choosing health care plans that are available where they live (both Medicare-eligible and pre-65 populations). A stipend funded by OP&F is available to these members through a health reimbursement arrangement and can be used to reimburse retirees for qualified health care expenses. The Ohio Revised Code allows, but does not mandate, OP&F to provide OPEB. Authority for the OP&F Board of Trustees to provide health care coverage to eligible participants and to establish and amend benefits is codified in Chapter 742 of the Ohio Revised Code. OP&F issues a publicly available financial report that includes financial information and required supplementary information for the plan. The report may be obtained by visiting the OP&F website at www.op-f.org or by writing to Ohio Police and Fire Pension Fund, 140 East Town Street, Columbus, Ohio 43215-5164. Funding Policy—The Ohio Revised Code provides for contribution requirements of the participating employers and of plan members to the OP&F defined benefit pension plan. Participating employers are required to contribute to the pension plan at rates expressed as percentages of the payroll of active pension plan members, currently 19.5% and 24.0% of covered payroll for police and fire employer units, respectively. The Ohio Revised Code states that the employer contribution may not exceed 19.5% of covered payroll for police employer units and 24.0% of covered payroll for fire employer units. Active members do not make contributions to the OPEB plan. OP&F maintains funds for health care in two separate accounts. There is one account for health care benefits and one account for Medicare Part B reimbursements. A separate health care trust accrual account is maintained for health care benefits under IRS Code Section 115 trust. An IRS Code Section 401(h) account is maintained for Medicare Part B reimbursements. The Board of Trustees is authorized to allocate a portion of the total employer contributions made into the pension plan to the Section 115 trust and the Section 401(h) account as the employer contribution for retiree health care benefits. For 2020, the portion of the employer contributions allocated to health care was 0.5% of covered payroll. The amount of employer contributions allocated to the health care plan each year is subject to the Trustees’ primary responsibility to ensure that pension benefits are adequately funded and is limited by the provisions of Section 115 and 401(h).

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The OP&F Board of Trustees is also authorized to establish requirements for contributions to the health care plan by retirees and their eligible dependents or their surviving beneficiaries. Payment amounts vary depending on the number of covered dependents and the coverage selected. The City’s contractually required contribution to OP&F was $855,000 for fiscal year 2020. OPEB Liabilities, OPEB Expense, and Deferred Outflows and Inflows of Resources Related to OPEB— OPERS & OP&F The net OPEB liability and total OPEB liability for OPERS were determined by an actuarial valuation as of December 31, 2018, rolled forward to the measurement date of December 31, 2019, by incorporating the expected value of health care cost accruals, the actual health care payment, and interest accruals during the year. OP&F’s total OPEB liability was measured as of December 31, 2019 and was determined by rolling forward the total OPEB liability as of January 1, 2019 to December 31, 2019. The City’s proportion of the net OPEB liability was based on the City’s share of contributions to the respective retirement systems relative to the contributions of all participating entities. The following is information related to the proportionate share and OPEB expense: (Amounts in Thousands):

At June 30, 2020, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources (Amounts in Thousands):

OPERS OP&F

Proportionate Share of Net OPEB Liability 8,392$ 69,302$

Proportion of Net OPEB Liability 0.060756% 7.015984%

Change in Proportion -0.003044% -0.24123%

OPEB Expense 497$ 5,821$

OPERS OP&F

De fe rre d Outflows of Re s ource s Differences between expected and actual experience 1$ -$ Change in assumptions 1,329 40,517 Change in City's proportionate share and difference in employer contributions - 1,566 City contributions subsequent to the measurement date 4 428

Total Deferred Outflows of Resources 1,334$ 42,511$

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$432,000 reported as deferred outflows of resources related to OPEB resulting from City contributions subsequent to the measurement date will be recognized as a reduction of the net OPEB liability in the fiscal year ending June 30, 2021. Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized in OPEB expense as follows (Amounts in Thousands):

Actuarial Assumptions—OPERS Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality, and cost trends. Actuarially determined amounts are subject to continual review or modification as actual results are compared with past expectations and new estimates are made about the future. Projections of health care costs for financial reporting purposes are based on the substantive plan and include the types of coverages provided at the time of each valuation and the historical pattern of sharing of costs between OPERS and plan members. The total OPEB liability was determined by an actuarial valuation as of December 31, 2018, rolled forward to the measurement date of December 31, 2019.

OPERS OP&F

De fe rre d Inflows of Re source s Net difference between projected and actual earnings on OPEB plan investments 428$ 3,189$ Differences between expected and actual experience 768 7,453 Change in assumptions - 14,769 Change in City's proportionate share and difference in employer contributions 373 3,731

Total Deferred Inflows of Resources 1,569$ 29,142$

OPERS OP&F

Fiscal Year Ending June 30: 2021 (62)$ 2,319$ 2022 5 2,319 2023 1 2,973 2024 (183) 1,941 2025 - 2,273

Thereafter - 1,116

(239)$ 12,941$

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The actuarial valuation used the following actuarial assumptions applied to all prior periods included in the measurement in accordance with the requirements of GASB Statement No. 74: Wage inflation 3.25% Projected salary increases 3.25% to 10.75%, including wage inflation Singe discount rate: Current measurement period 3.16% Prior measurement period 3.96% Investment rate of return 6.00% Municipal bond rate: Current measurement period 2.75% Prior measurement period 3.71% Health care cost trend rate: Current measurement period 10.5% initial, 3.50% ultimate in 2030 Prior measurement period 10.0% initial, 3.25% ultimate in 2029 Actuarial cost method Individual entry age

Pre-retirement mortality rates are based on the RP-2014 Employees mortality table for males and females, adjusted for mortality improvement back to the observation period base year of 2006. The base year for males and females was then established to be 2015 and 2010, respectively. Post-retirement mortality rates are based on the RP-2014 Healthy Annuitant mortality table for males and females, adjusted for improvement back to the observation period base year of 2006. The base year for males and females was then established to be 2015 and 2010, respectively. Post-retirement mortality rates for disabled retirees are based on the RP-2014 Disabled mortality table for males and females, adjusted for mortality improvement back to the observation period base year of 2006. The base year for males and females was then established to be 2015 and 2010, respectively. Mortality rates for a particular calendar year are determined by applying the MP-2015 mortality improvement scale to all of the above tables. The most recent experience study was completed for the five-year period ended December 31, 2015. The long-term expected rate of return on health care investment assets was determined using a building- block method in which best-estimate ranges of expected future real rates of return are developed for each major asset class. These ranges are combined to produce the long-term expected real rate of return by weighting the expected future real rates of return by the target asset allocation percentage, adjusted for inflation. During 2019, OPERS managed investments in three investment portfolios: the Defined Benefit portfolio, the Health Care portfolio and the Defined Contribution portfolio. The Health Care portfolio includes the assets for health care expenses for the Traditional Pension Plan, Combined Plan and Member-Directed Plan eligible members. Within the Health Care portfolio, contributions into the plans are assumed to be received continuously throughout the year based on the actual payroll payable at the time contributions are made, and health care-related payments are assumed to occur mid-year. Accordingly, the money-weighted rate of return is considered to be the same for all plans within the portfolio. The annual money-weighted rate of return expressing investment performance, net of investment expenses and adjusted for the changing amounts actually invested, for the Health Care portfolio was 19.7% for 2019. The allocation of investment assets within the Health Care portfolio is approved by the OPERS Board as outlined in the annual investment plan. Assets are managed on a total return basis with a long-term objective of continuing to offer a sustainable health care program for current and future retirees. OPERS’ primary goal is to achieve and maintain a fully funded status for benefits provided through the defined pension plans. Health care is a discretionary benefit. The table below displays the OPERS Board-approved asset allocation policy for 2019 and the long-term expected real rates of return.

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Weighted Average Long-Term Expected Target Real Rate of Return

Asset Class Allocation (Arithmetic) Fixed Income 36.00% 1.53% Domestic Equities 21.00% 5.75% REITs 6.00% 5.69% International Equities 23.00% 7.66% Other Investments 14.00% 4.90% Total 100.00% 4.55%

Discount Rate. A single discount rate of 3.16% was used to measure the OPEB liability on the measurement date of December 31, 2019. Projected benefit payments are required to be discounted to their actuarial present value using a single discount rate that reflects (1) a long-term expected rate of return on OPEB plan investments (to the extent that the health care fiduciary net position is projected to be sufficient to pay benefits), and (2) tax-exempt municipal bond rate based on an index of 20-year general obligation bonds with an average AA credit rating as of the measurement date (to the extent that the contributions for use with the long-term expected rate are not met). This single discount rate was based on an expected rate of return on the health care investment portfolio of 6.00% and a municipal bond rate of 2.75%. The projection of cash flows used to determine this single discount rate assumed that employer contributions will be made at rates equal to the actuarially determined contribution rate. Based on these assumptions, the health care fiduciary net position and future contributions were sufficient to finance health care costs through 2034. As a result, the long-term expected rate of return on health care investments was applied to projected costs through the year 2034, and the municipal bond rate was applied to all health care costs after that date. Sensitivity of the City’s Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate. The following table presents the City’s proportionate share of the net OPEB liability calculated using the single discount rate of 3.16%, as well as what the City’s proportionate share of the net OPEB liability if it were calculated using a discount rate that is 1.0% point lower (2.16%) or 1.0% point higher (4.16%) than the current rate (Amounts in Thousands):

Sensitivity of the City’s Proportionate Share of the Net OPEB Liability to Changes in the Health Care Cost Trend Rate. Changes in the health care cost trend rate may also have a significant impact on the net OPEB liability. The following table presents the net OPEB liability calculated using the assumed trend rates, and the expected net OPEB liability if it were calculated using a health care cost trend rate that is 1.0% lower or 1.0% higher than the current rate.

Current 1% Decrease Discount 1% Increase

(2.16%) Rate of 3.16% (4.16%)

City's proportionate share of the net OPEB liability 10,982$ 8,392$ 6,318$

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Retiree health care valuations use a health care cost-trend assumption that changes over several years built into the assumption. The near-term rates reflect increases in the current cost of health care; the trend starting in 2020 is 10.50%. If this trend continues for future years, the projection indicates that years from now virtually all expenditures will be for health care. A more reasonable alternative is that in the not-too-distant future, the health plan cost trend will decrease to a level at, or near, wage inflation. On this basis, the actuaries project premium rate increases will continue to exceed wage inflation for approximately the next decade, but by less each year, until leveling off at an ultimate rate, assumed to be 3.50% in the most recent valuation (Amounts in Thousands):

Changes Subsequent to the Measurement Date. On January 15, 2020, the Board approved several changes to the health care plan offered to Medicare and pre-Medicare retirees in efforts to decrease costs and increase the solvency of the health care plan. These changes are effective January 1, 2022 and include changes to base allowances and eligibility for Medicare retirees, as well as replacing OPERS-sponsored medical plans for pre-Medicare retirees with monthly allowances, similar to the program for Medicare retirees. These changes are not reflected in the current measurement period, but are expected to decrease the associated OPEB liability. Actuarial Assumptions—OP&F OP&F’s total OPEB liability as of December 31, 2019 is based on the results of an actuarial valuation date of January 1, 2019 and rolled forward using generally accepted actuarial procedures. The total OPEB liability is determined by OP&F’s actuaries in accordance with GASB Statement No. 74, as part of their annual valuation. Actuarial valuations of an ongoing retirement plan involve estimates of the value of reported amounts and assumptions about probability of occurrence of events far into the future. Examples include assumptions about future employment mortality, salary increases, disabilities, retirements and employment terminations. Actuarially determined amounts are subject to continual review and potential modifications, as actual results are compared with past expectations and new estimates are made about the future. Projections of benefit for financial purposes are based on the substantive plan (the plan as understood by the employers and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employers and plan members to that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the potential effects of legal or contractual funding limitations. Actuarial calculations reflect a long-term perspective. For a newly hired employee, actuarial calculations will take into account the employee’s entire career with the employer and also take into consideration the benefits, if any, paid to the employee after termination of employment until the death of the employee and applicable contingent annuitant. In many cases, actuarial calculations reflect several decades of service with the employer and the payment of benefits after termination.

Current Health Care

1% Decrease Trend Rate 1% Increase

City's proportionate share of the net OPEB liability 8,144$ 8,392$ 8,636$

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Key Methods and assumptions used in calculating the total OPEB liability in the latest actuarial valuation are presented below: Actuarial valuation date January 1, 2019, with actuarial liabilities rolled forward to

December 31, 2019 Actuarial cost method Entry age normal Investment rate of return 8.0% Projected salary increases 3.75% to 10.50% Payroll growth 3.25% Single discount rate: Current measurement date 3.56% Prior measurement date 4.66% Municipal bond rate: Current measurement date 2.75% Prior measurement date 4.13% Cost of living adjustments 3.0% simple; 2.2% simple for increase based on the lesser

of the increases in CPI and 3.0% Mortality for non-disabled participants is based on the RP-2014 Total Employee and Healthy Annuitant Mortality Tables rolled back to 2006, adjusted according to the rates in the following table, projected with the Buck Modified 2016 Improvement Scale. Rates for surviving beneficiaries are adjusted by 120%.

Age Police Fire 67 or less 77% 68%

68-77 105% 87% 78 and up 115% 120%

Age Police Fire 59 or less 35% 35%

60-69 60% 45% 70-79 75% 70%

80 and up 100% 90% The most recent experience study was completed for the five-year period ended December 31, 2016. The long-term expected rate of return on OPEB plan investments was determined using a building-block approach and assumes a time horizon, as defined in OP&F’s Statement of Investment Policy. A forecasted rate of inflation serves as a baseline for the return expected. Various real return premiums over the baseline inflation rate have been established for each asset class. The long-term expected nominal rate of return has been determined by calculating a weighted average of the expected real return premiums for each asset class, adding the projected inflation rate and adding the expected return from rebalancing uncorrelated asset classes.

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Best estimates of the long-term expected real rates of return for each major asset class included in OP&F’s target asset allocation as of December 31, 2019 are summarized below:

Long-Term Expected Target Real Rate

Asset Class Allocation of Return Cash and cash equivalent 0.0% 1.00% Domestic equity 16.0% 5.40% Non-U.S. equity 16.0% 5.80% Private markets 8.0% 8.00% Core fixed income* 23.0% 2.70% High yield fixed income 7.0% 4.70% Private credit 5.0% 5.50% U.S. inflation linked bonds* 17.0% 2.50% Master limited partnerships 8.0% 6.40% Real assets 8.0% 7.40% Private real estate 12.0% 6.40% Total 120.00%

Note: Assumptions are geometric. * Levered 2x OP&F’s Board of Trustees has incorporated the risk parity concept into OP&F’s asset liability valuation with the goal of reducing equity risk exposure, which reduces overall Total Portfolio risk without sacrificing return and creating a more risk-balanced portfolio based on their relationship between asset classes and economic environments. From the notional portfolio perspective above, the Total Portfolio may be levered up to 1.20 times due to the application of leverage in certain fixed income asset classes. Discount Rate. Total OPEB liability was calculated using the discount rate of 3.56%. The projection of cash flows used to determine the discount rate assumed the contributions from employers and from members would be computed based on contribution requirements as stipulated by state statute. Projected inflows from investment earnings were calculated using the longer-term assumed investment rate of return of 8.0%. Based on those assumptions, OP&F’s fiduciary net position was projected to not be able to make all future benefit payment of current plan members. Therefore, a municipal bond rate of 2.75% at December 31, 2019 and 4.13% at December 31, 2018 was blended with the long-term rate of 8.0%, which resulted in a blended discount rate of 3.56% at December 31, 2019 and 4.66% at December 31, 2018. Sensitivity of the City’s Proportionate Share of the Net OPEB Liability to Changes in the Discount Rate. Net OPEB liability is sensitive to changes in the discount rate, and to illustrate the potential impact, the following table presents the net OPEB liability calculated using the discount rate of 3.56%, as well as what the net OPEB liability would be if it were calculated using a discount rate that is 1% point lower (2.56%) and 1% point higher (4.56%) than the current discount rate (Amounts in Thousands):

Current 1% Decrease Discount 1% Increase

(2.56%) Rate of 3.56% (4.56%)

City's proportionate share of the net OPEB liability 85,930$ 69,302$ 55,485$

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B. Single-Employer Defined Benefit OPEB Plan Plan Description – City of Cincinnati Retirement System (CRS) CRS provides health care coverage to eligible retirees, their spouse and dependent children and is accounted for as a single-employer defined benefit OPEB plan. Active members in Group C who have earned fifteen years of membership service at the time of termination are eligible upon retirement. Other active members are eligible for retiree health care upon their retirement after reaching age 60 with 20 years of membership service, or any age with 30 years of service of which 20 years must be earned with CRS. Active members whose most recent membership enrollment date is on or after January 1, 2016 are not eligible for retiree health care benefits upon retirement. CRS offers medical and prescription benefits to retirees before and during Medicare eligibility. Prescription benefits for Medicare eligible participants are provided through a Medicare Part D Employer Group Waiver Plan. CRS administers three health care plans that differ by deductibles, co-pays and out-of-pocket maximums. Two plans are closed groups. The third plan for eligible members who retire on or after January 1, 2016 follows the most advantageous plan offered to active City employees. Membership in CRS as of the December 31, 2018 valuation date was as follows:

CRS is considered part of the City’s financial reporting entity and is included in the City’s financial report as part of the pension trust fund. No separate financial report is issued. Note 22 provides information on CRS as of June 30, 2020 and on the plan as a whole. Funding Policy—Most retirees are subject to premiums that range from 0% to 10%. Other retiree premiums range from 5% to 75% depending on their date of hire, years of service and age at retirement. All members electing to participate in the dental and/or vision plan are required to pay the full cost of coverage. As such, it was assumed that CRS has no liability under GASB Statement No. 74 for these benefits. There were no employer contributions to the plan during the fiscal year ended June 30, 2020.

Retirees and beneficiaries (optionees) currently receiving benefits 4,968 Terminated participants and beneficiaries (optionees) entitled to future benefits 223 Deferred retirement option plan (DROP) participants 145 Active Plan Members

Full-time 2,951 Part-time 1,250

Total 9,537

* Includes 1,366 spouses currently receiving retiree health benefits.

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OPEB Liabilities, OPEB Expense, and Deferred Outflows and Inflows of Resources Related to OPEB— CRS The City’s net OPEB liability was measured as of June 30, 2019, and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of December 31, 2018. The City reported a net OPEB liability of $134,010,000 and OPEB expenses of $2,039,000. At June 30, 2020, the City reported deferred outflows and inflows of resources related to OPEB from the following sources (Amounts in Thousands):

Amounts reported as deferred outflows and inflows of resources will be recognized in OPEB expense as follows (Amounts in Thousands):

Deferred Deferred Outflows of Inflows of Resources Resources Net

Differences between expected and actual experience 8,649$ $ 8,649$ Net difference between projected and actual investment earnings (551) (551) Change in proportion 1,812 (1,517) 295 Change in assumptions 60,613 (26,493) 34,120

71,074$ (28,561)$ 42,513$

Net Deferred Outflows/

(Inflows) of Year Ending June 30: Resources

2021 (1,258)$ 2022 13,963 2023 15,996 2024 13,812

42,513$

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Actuarial Assumptions. The total OPEB liability was determined by an actuarial valuation using the following actuarial assumptions, applied to all periods included in the measurement:

Valuation December 31, 2018 Actuarial assumption experience study date February 28, 2018 Inflation:

CPI 2.75% Medical CPI 3.25%

Salary increases, including wage inflation 3.75% - 7.50% Long-term investment rate of return, net of OPEB plan investment expense, including inflation

7.50%

Municipal bond index rate: Measurement date 3.50% Prior measurement date 3.89% Year of projected depletion: Measurement date 2040 Prior measurement date 2047 Single equivalent interest rate (SEIR), net of OPEB plan investment expense, including price inflation

Measurement date 5.07% Prior measurement date 6.13% Health care cost trends: Medicare supplement claims Pre-Medicare 8.00% for 2018, decreasing to an

ultimate rate of 4.00% by 2033

Medicare 8.72% / 8.86% for Non-Model and Model Plans for 2018

decreasing to an ultimate rate of 4.00% by 2033

Pre-retirement mortality rates were based on the RP-2014 healthy employee dataset mortality table, set forward two years for males and females, with fully generational projected mortality improvements using MP-2017. Post-retirement mortality rates for healthy lives were based on RP-2014 total dataset mortality table, set forward two years for males and females with fully generational projected mortality improvements using MP-2017. For disabled lives, RP-2014 disabled retiree mortality with fully generational projected mortality improvements using MP-2017. The demographic actuarial assumptions used in the December 31, 2018 valuation were based on the results of the most recent actuarial experience study, adopted by the Board on March 1, 2018. Of the CSA employee members eligible for DROP benefits, 60% are assumed to decline participation and 40% are assumed to elect participation. Those electing to participate are assumed to remain in DROP for 3 years. Of the vested members who terminate, it is assumed that 60% will leave their contributions in the plan in order to be eligible for a benefit at their normal retirement date, while the remaining 40% are assumed to elect to withdraw their contributions.

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Long-Term Expected Rate of Return. Several factors were considered in evaluating the long-term rate of return assumption, including CRS’ current asset allocations and a log-normal distribution analysis using the best-estimate ranges of expected future real rates of return (expected return, net of investment expense and inflation) for each major asset class compiled by Horizon Actuarial Services, LLC in its “Survey of Capital Market Assumptions, 2017 Edition.” The long-term expected rate of return was determined by weighting the expected future real rates of return by the target asset allocation percentage and then adding expected inflation. The assumption is not expected to change absent a significant change in the asset allocation, a change in the inflation assumption, or a fundamental change in the market that alters expected returns in future years. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized as follows:

Asset Class

Target Allocation

Long-Term Expected Real Rate of Return*

Core Bonds 14.00 % 2.80 % High Yield Bonds 3.00 % 4.90 % Large-Cap Value Equity 7.00 % 7.20 % Large-Cap Growth Equity 5.00 % 7.10 % Mid-Cap Value Equity 4.00 % 7.50 % Mid-Cap Core Equity 4.00 % 7.50 % Small-Cap Value Equity 7.50 % 8.00 % Non-U.S. Developed Large Cap 10.00 % 7.40 % Non-U.S. Small Cap 5.00 % 8.10 % Emerging Markets All-Cap 5.00 % 8.50 % Emerging Markets Small-Cap 3.00 % 8.50 % Real Estate Core Equity 10.00 % 7.40 % Infrastructure 7.50 % 7.80 % Risk Parity 5.00 % 4.10 % Private Equity 10.00 % 11.10 %

Total 100.00 % * Geometric mean

Discount Rate. The discount rate used to measure the total OPEB liability as of June 30, 2019 was 5.07% and 6.13% as of June 30, 2018. The projection’s basis was an actuarial valuation performed as of December 31, 2018. In addition to the actuarial methods and assumptions of the December 31, 2018 actuarial valuation, no future contributions were assumed to be made by either employees or employers. Based on these assumptions, CRS’ fiduciary net position was projected to be depleted in 2040 and, as a result, the municipal bond index rate was used in the determination of the single equivalent interest rate (SEIR). Here, the long-term expected rate of return of 7.50% on CRS investments was applied to period through 2040, and the municipal bond index rate at the measurement date (3.50%) was applied to periods on and after 2040, resulting in a SEIR at the measurement date (5.07%).

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Sensitivity of the net OPEB liability to changes in the discount rate and healthcare cost trend rates. The following presents the net OPEB liability of the City, as well as what the City’s net OPEB liability would be if it were calculated using a discount rate that is 1% lower or 1% higher than the current discount rate. Similarly, the following also presents what the City’s net OPEB liability would be if it were calculated using a healthcare cost trend rate that is 1% lower or 1% higher than the current rate (Amounts in Thousands):

Change in Net OPEB Liability. Changes in the City’s financial reporting entity’s net OPEB liability for the year ended June 30, 2019 were as follows (Amounts in Thousands):

The total OPEB liability (TOL) at the end of the measurement year, June 30, 2019, is measured as of the valuation date of December 31, 2018 and projected to June 30, 2019. Valuations will be completed every year. Each valuation will be rolled forward six months to provide the total pension liability in accordance with GASB Statement No. 74. There were assumption changes during the period, which are reflected in these amounts.

Current Cost Trend

1 % Decrease Rate 1% Increase

Discount Rate: 1% Increase (6.07%) 81,884$ Current Discount Rate (5.07%) 75,990$ 134,010$ 204,128$ 1% Decrease (4.07%) 191,504$

Health Care Cost Trend Rates

City's Portion of Net OPEB Liability

Total OPEB Plan Fiduciary Net OPEB Liability Net Position Liability

Balances at June 30, 2018 469,326$ 407,760$ 61,566$ Changes for the year:

Service cost 4,955 4,955 Interest 27,807 27,807 Difference between expected and

actual experience 2,041 2,041 Changes in assumptions 55,017 55,017 Net investment income 17,509 (17,509) Benefit payments, including refunds

of employee contributions (25,238) (25,238) - Administrative expense (339) 339 Other changes 206 (206)

Net changes 64,582 (7,862) 72,444

Balances at June 30, 2019 533,908$ 399,898$ 134,010$

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22. CINCINNATI RETIREMENT SYSTEM This footnote presents information on the Cincinnati Retirement System as a whole as of June 30, 2020. Overview The Cincinnati Retirement System (CRS) was established in 1931 as the first Ohio pension plan for general city employees. It pre-dates Social Security and the Ohio Public Employees Retirement System. CRS is a single-employer defined benefit pension plan, established by Chapter 203 of the Cincinnati Municipal Code and is a qualified governmental plan for tax purposes pursuant to 26 USC § 414(d). The Retirement plan is governed by the Cincinnati Municipal Code, Chapter 203. The System has a nine-member Board of Trustees: two members elected by active members; three members elected by retirees; and four members appointed by the Mayor and City Council. CRS provides retirement and disability benefits, death benefits, and retiree health care benefits to plan members and beneficiaries. CRS is considered part of the City of Cincinnati's financial reporting entity. The pension trust and retiree health care trust are included in the City's financial report. No separate financial report is issued. Article XV of the Administrative Code of the City of Cincinnati provides the statutory authority for the Board of Trustees of the Cincinnati Retirement System. A Collaborative Settlement Agreement was executed on May 7, 2015 and approved by the United States District Court on October 5, 2015. The Settlement Agreement impacts members who were retired on or before July 1, 2011 and employees who were in service on July 1, 2011 and who were vested (had 5 years’ service credit) on that date. Members of the Cincinnati Retirement System who did not meet these criteria may have different benefits depending on their classification. The Settlement Agreement implemented a number of changes to the Retirement System including but not limited to:

 Normal retirement eligibility;  Early retirement eligibility;  Retiree healthcare eligibility;  Retirement benefit calculations;  Cost of living adjustments payable to retirees;  Establishment of a Deferred Retirement Option Program (DROP);  Creation of a 115 Trust for retiree healthcare benefits;  Changes to the composition of the Board of Trustees; and  Payoff of the 2007 Early Retirement Incentive Program (ERIP) liability.

Summary of Significant Accounting Policies and Plan Asset Matters Basis of Accounting - The City of Cincinnati Retirement System financial statements are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. Employer contributions to the plan are recognized when due and the employer has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Method Used to Value Investments - The Retirement System investments are reported at fair value. Short- term investments are reported at cost, which approximates fair value. Securities traded on national or international exchanges are valued at the last reported sales price at current exchange rates.

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Rate of Return – For the year ended June 30, 2020, the annual money-weighted rate of return on pension plan investments, net of pension plan investment expense, was -1.09%. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested. Funding of Pension and Other Postemployment Benefit (OPEB) Trusts The Pension Trust is funded by employee and employer contributions, and investment income. Employees contribute 9.0% of pensionable earnings. The percent contributed by employees is provided by Chapter 203 Section 73 of the Cincinnati Municipal Code. If the member terminates employment and chooses to withdraw their employee contributions, the member forfeits all service credit and eligibility for a pension benefit. Employer contributions are not owned by the member and are not eligible for a lump sum withdrawal. Employee pension contributions are pre-tax and deducted from payroll before Federal and State taxes are calculated. However, employee contributions are subject to City of Cincinnati income tax which is calculated before contributions are deducted. Pension benefits or a refund of employee contributions are taxable for Federal and State purposes when paid to the member and are exempt from City of Cincinnati income tax.

The retiree health care provided by CRS is considered an Other Postemployment Benefit (OPEB) as described in GASB 74. It is advance-funded through a 115 OPEB trust. The OPEB trust is funded by interest on investments, and retiree premium contributions. Retiree healthcare is not a vested benefit.

The City makes employer contributions to the Pension Trust based on a percentage of covered payroll of all CRS members. For fiscal year 2020, the contribution rate was 16.25% on covered payroll. The total covered payroll for CRS members was $218,451,000. The Actuarially Determined Contribution (ADC) rate for fiscal year 2020 based on the December 31, 2018 actuarial report, was 30.20% on covered payroll for the Pension Trust. The City of Cincinnati’s approved budget for fiscal year 2020 incorporated a contribution rate of 16.25%. The employer contributions to the City of Cincinnati Retirement System’s Pension Trust for the fiscal year ending June 30, 2020 were $34,410,000. For the year ended June 30, 2019 the contributions were $33,763,000. The contributions for these periods were less than the ADC. Administrative costs are financed from the system assets. For fiscal year 2020, there were no contributions to the OPEB trust. The covered employee payroll for CRS OPEB members was $168,208,000. It is less than the covered payroll for the pension trust since members of the pension trust hired after December 31, 2015 are not members of the OPEB trust. The ADC rate was 3.36% as a percentage of covered employee payroll for the OPEB trust for fiscal year 2020 based upon the December 31, 2018 actuarial report.

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Retirement Benefits

Average Highest Compensation (AHC) represents the average of the highest three consecutive years of earnings for Groups C and D. Group E will have a AHC with two separate components based upon the average of the highest three consecutive years of earnings for service through December 31, 2013 and the highest five consecutive years of earnings for service after January 1, 2014. Group F will have a AHC with two components based upon the average of the highest three consecutive years of earnings for service through June 30, 2011 and the highest five consecutive years of earnings for service after July 1, 2011. The AHC for Group G is based on the average of the highest five consecutive years of earnings. Upon retirement, members will not receive a cost-of-living-adjustment (COLA) for the first three retirement anniversary dates. Thereafter, a 3% simple COLA benefit will be provided. A COLA poverty exception is available for members who meet certain financial requirements. Deferred Retirement Option Plan (DROP) Members of the Active Employee Class, under the Collaborative Settlement Agreement, who have a minimum of 30 years’ service credit are eligible to participate in the DROP. Upon entry into DROP, the member’s monthly pension benefit is calculated as if they retired on that date. DROP participants continue to work as a City employee and if eligible, may continue to be enrolled in a City sponsored employee healthcare plan. Maximum participation in the DROP is five (5) years. Members who participate in DROP continue to contribute 9% of their pensionable earnings to CRS. The participant’s monthly pension benefit amount (calculated as described above), as well as 75% of the participant’s required CRS employee contributions, and interest earnings on their DROP account balance, accumulate tax–deferred in an account held in trust by the CRS. Participants do not have access to the funds in their DROP account while employed and participating in the DROP. Interest is paid on DROP account balances quarterly at a rate equal to the 10-year U.S. Treasury Note Business Day Series, as published by the United States Federal Reserve, with a cap of 5%. The variable interest rate is determined quarterly. The rate for the last business day of each calendar quarter is applied to the following quarter.

Grou ps C & D Grou p E Grou p F Grou p G

C is eligible t o ret ire on or aft er July 1, 2011; D by

December 31, 2013

Eligible t o ret ire on or aft er December 31, 2013

Hired before January 1, 2010 and not eligible for ot her

groups

Hired on or aft er January 1, 2010

Norm al Re ti re m e n t: Norm al Re ti re m e n t: Norm al Re ti re m e n t: Norm al Re ti re m e n t:

Age 60 wit h 5 years of service, or any age wit h 30 years of service

Age 67 wit h 5 years of service, or age 62 wit h 30 years of service

Earl y Re ti re m e n t: Earl y Re ti re m e n t: Earl y Re ti re m e n t: Earl y Re ti re m e n t:

Age 55 wit h 25 years of service

Age 57 wit h 15 years of service

Be n e fi t Form u l a: Be n e fi t Form u l a: Be n e fi t Form u l a: Be n e fi t Form u l a:

2.5% of AHC t imes years of service

2.5% of AHC t imes years of service up t o great er of 20 years or years of service as of July 1, 2011, and 2.2% t hereaft er

2.2% of AHC t imes years of service up t o 30 years; 2.0% over 30 years

* Less t han 65 act ive members are subject t o a 2.22% mult iplier and a average highest compensat ion (AHC) definit ion t hat includes compensat ion for overt ime.

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The balance of the participant’s DROP account is paid out in a lump sum or to another tax-qualified account (such as an IRA or 457 Deferred Compensation Plan) selected by the participant within 120 days of their Retirement Effective Date. Other Postemployment Benefit (OPEB) Information The System provides health care coverage to eligible retirees, their spouse and dependent children. Active members in Group C who have earned fifteen years of membership service at the time of termination are eligible upon retirement. Other active members are eligible for retiree health care upon their retirement after reaching age 60 with 20 years of membership service, or any age with 30 years of service of which 20 years must be earned with CRS. Active members whose most recent membership enrollment date is on or after January 1, 2016 are not eligible for retiree health care benefits upon retirement. The actuarial valuations for OPEB plans are estimates of the value of reported amounts and assumptions about the probability of events far into the future. Amounts determined are subject to continual revision as results are compared to past expectations and new estimates are made about the future. Calculations are based on the OPEB benefits provided under the terms of the plans in effect at the time of each valuation and on the pattern of cost sharing between the employer and the plan members at that point. The actuarial calculations of the OPEB plan reflect a long-term perspective. Medical Benefits: The Cincinnati Retirement System offers medical and

prescription benefits to retirees before and during Medicare eligibility. Prescription benefits for Medicare eligible participants are provided through a Medicare Part D Employer Group Waiver Plan. CRS administers three health care plans that differ by deductibles, co-pays and out-of- pocket maximums. Two plans are closed groups. The third plan for eligible members who retire on or after January 1, 2016 follows the most advantageous plan offered to active City employees.

Most retirees are subject to premiums that range from 0% to

10%. Other retiree premiums range from 10% to 75% depending on their date of hire, years of service and age at retirement.

Dental & Vision Benefits: All members electing to participate in the dental and/or vision plan are required to pay the full cost of coverage. As such, it is assumed that CRS has no liability under GASB 74 for these benefits.

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Membership The following summarizes the membership of the Cincinnati Retirement System as of December 31, 2019:

Pension Plan

Net Pension Liability – The net pension liability is equal to the total pension liability minus the Fiduciary net position. The net pension liability as of June 30, 2020 is presented below (Amounts in Thousands):

Actuarial Assumptions - Total pension liability was determined by an actuarial valuation as of December 31, 2019 using the following actuarial assumptions, applied to all periods included in the measurement and rolled forward to the measurement date of June 30, 2020.

Pension OPEB Retirees and Beneficiaries (Optionees) receiving benefits* 4,054 4,926

Terminated plan members and Beneficiaries (Optionees) entitled to future benefits 225 247

Deferred Retirement Option Plan (DROP) participants 222 217

Active Plan Members Full time 2,903 2,151 Part time 1,143 330 Total 8,547 7,871

Inactive Participants** 8,913 Not applicable

* The OPEB members includes 1,361 spouses currently receiving retiree health benefits. ** Participants who are former employees who have an employee account balance in the plan but are not otherwise vested in an employee provided benefit.

Total Pension Liability 3,819,397$ Fiduciary Net Position 1,576,205

Net Pension Liability 2,243,192$

Ratio of Fiduciary Net Position to Total Pension Liability 41.27%

Inflation 2.75%

Salary increases, including inflation 3.75 to 7.50%

Investment Rate of Return 7.5%, net of pension plan investment expenses

Year FNP is projected to be depleted 2041

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The actuarial assumptions used in the December 31, 2019 valuation were based on the results of the last actuarial experience study adopted by the CRS Board on March 1, 2018.

Discount Rate – The discount rate used to measure the total pension liability was 3.56% as of June 30, 2020 and 5.56% as of June 30, 2019.

Projected cash flows - The projection of cash flows used to determine the discount rate assumed that plan member contributions of 9% and employer contributions of 16.25% will be made as set out in City Council ordinance.

Long-term rate of return - The long-term expected rate of return on pension plan investments was determined using log-normal distribution analysis in which best estimate ranges of expected future real rates of return (expected returns, net of pension plan investment expenses and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation.

Municipal bond rate - The municipal bond rate of 2.21% as of June 30, 2020 was utilized since the fiduciary net position was projected to be depleted in 2041. The municipal bond rate was based on the Bond Buyer GO 20-year Municipal Bond Index as of June 25, 2020. Consequently, the single equivalent rate used to determine the Total Pension Liability as of June 30, 2020 is 3.56%.

Periods of projected benefit payments - Based on these assumptions, the System’s fiduciary net position was projected to be available to make projected future benefit payments for current members through 2041.

Assumed asset allocation - The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Mortality Active Members: RP-2014 Mortality Table with a generational mortality improvement projections using scale MP-2017.

Healthy Inactive Members: RP-2014 Mortality Table with generational mortality improvement projections using scale MP- 2017, set forward two years for both males and females.

Disabled Inactive Members: RP-2014 Disabled Retiree Mortality Table with generational mortality improvement projections using scale MP-2017.

Target Long Term Expected CRS Asset Class Allocation Real Rate of Return * Core Bonds 14.0% 2.8% High Yield 3.0% 4.9% Lg Cap Value Equity 7.0% 7.2% Lg Cap Growth Equity 5.0% 7.1% Mid-Cap Value Equity 4.0% 7.5% Mid-Cap Core 4.0% 7.5% Small Cap Value Equity 7.5% 8.0% Non US Developed Lg Cap 10.0% 7.4% Non US Small Cap 5.0% 8.1% Emerging Markets All Cap 5.0% 8.5% Emerging Markets-Small Cap 3.0% 8.5% Real Estate Core Equity 10.0% 7.4% Infrastructure 7.5% 7.8% Risk Parity 5.0% 4.1% Private Equity-FOF 10.0% 11.1%

Total 100.0%

* Geometric Mean

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Sensitivity of the net pension liability to changes in the discount rate – The following table presents the net pension liability of the System, calculated using the discount rate of 3.56%, as well as what the System’s net pension liability calculated using a discount rate that is 1 percentage point lower (2.56%) or 1 percentage point higher (4.56%) than the current rate.

Total pension liability - The Total Pension Liability (TPL) at the end of the measurement year, June 30, 2020, is measured as of the valuation date of December 31, 2019 and projected to June 30, 2020. Valuations will be completed every year. Each valuation will be rolled forward six months to provide the GASB liability. There were assumption changes during the period, which are reflected in these numbers. The table below shows the projection of the TPL at the discount rate used for disclosure and plus and minus one percent from the rate used for disclosure. TPL and Service Cost have been determined using the entry age actuarial cost method as mandated in GASB Statement 67. (Amounts in Thousands)

The TPL as of June 30, 2020 was determined using standard projection (roll forward) techniques. The roll forward calculation shown above adds the service cost (also called the normal cost), reflecting the experience and assumption changes, for the first half of 2020, subtracts the expected benefit payments for the period, and then adjusts for interest based on the single equivalent interest rate used to measure TPL as of the Valuation Date. The roll forward calculation for the expected change is determined using a similar procedure, except that the TPL and service cost are based on GASB 67/68 results as of the prior Measurement Date, therefore a one-year projection is used, and actual benefit payments are subtracted. The difference between the expected TPL and the projected experience TPL as of June 30, 2020, before reflecting any assumption changes, is the experience (gain) or loss for the period. Finally, there is an assumption loss from reducing the discount rate from 5.56% to 3.56%. The following table depicts the roll forward calculation:

(Amounts in Thousands) 1% Decrease Current Discount 1% Increase Rate(2.56%) Rate(3.56%) Rate(4.56%)

System's Net Pension Liability 2,776,301$ 2,243,192$ 1,806,334$

Discount Rate 2.56% 3.56% 4.56% Valuation Total Pension Liability, 12/31/2019

Actives 1,242,226$ 1,040,742$ 879,223$ Deferred Vested 71,633 59,453 50,221 Retirees 3,029,345 2,708,221 2,441,010

Total 4,343,204$ 3,808,416$ 3,370,454$

Service Cost 41,837 31,747 24,284 Benefit Payments (87,753) (87,753) (87,753) Interest 55,218 66,987 75,554

Total Pension Liability 6/30/2020 4,352,506$ 3,819,397$ 3,382,539$

Proje ction of Total Pe ns ion Liability from Valuation to Me as ure me nt Date

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Change in the Net Pension Liability: Changes in the net pension liability for the year ended June 30, 2020 were as follows (Amounts in Thousands):

OPEB Trust Net OPEB Liability - The net OPEB liability is equal to the total OPEB liability minus the fiduciary net position. The net OPEB liability as of June 30, 2020, the measurement date, is presented below (Amounts in Thousands):

(Amounts in thousands) Expected Experience Assumption Measurement Date 6/30/2019 12/31/2019 12/31/2019 Projection Period 1 year 1/2 year 1/2 year

Discount Rate 5.56% 5.56% 3.56%

Total as of Measurement Date 2,970,107$ 3,008,385$ 3,808,416$ Service Cost 37,451 18,733 31,747 Benefit Payments (175,505) (87,753) (87,753) Interest 162,407 81,821 66,987

Net Changes 24,353 12,801 10,981 Balance at 6/30/2019 2,994,460$ 3,021,186$ 3,819,397$

Experience (Gain)Loss [Experience-Expected] 26,726$ Assumption (Gain)Loss [Assumption-Experience] 798,211$

Proje ction of Total Pe nsion Liability

Total Plan Net Pension Fiduciary Pension Liability Net Pension Liability

Balances at June 30, 2019 2,970,107$ 1,720,206$ 1,249,901$ Changes for the year:

Service cost 37,451 - 37,451 Interest 162,407 - 162,407 Difference between expected and actual experience 26,726 - 26,726 Changes of assumptions 798,211 - 798,211 Contributions - employer 34,410 (34,410) Contributions - employee - 19,892 (19,892) Net investment income - (20,930) 20,930 Benefit payments, including refunds of employee contributions (175,505) (175,505) - Adminstrative expense - (1,868) 1,868

Net changes 849,290 (144,001) 993,291

Balances at June 30, 2020 3,819,397$ 1,576,205$ 2,243,192$

Total OPEB Liability $ 378,200 Fiduciary Net Position 455,649 Net OPEB Liability $ (77,449)

Ratio of Fiduciary Net Position to Total OPEB Liability 120.48%

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Actuarial Assumptions - The total OPEB liability was determined by an actuarial valuation as of December 31, 2019 using the following key actuarial assumptions and other inputs:

The demographic actuarial assumptions used in the December 31, 2019 valuation were based on the results of the most recent actuarial experience study, adopted by the Board on March 1, 2018. Pre-retirement mortality rates were based on the RP-2014 healthy dataset mortality table set forward two years for males and females with fully generational projected mortality improvements using MP-2017. Post-retirement mortality rates were based on RP-2014 total dataset mortality table set forward two years for males and females with fully generational projected mortality improvements using MP-2017. Disability mortality rates were based on the RP-2014 disabled mortality table with fully generational projected mortality improvements using MP-2017 Of the CSA employee members eligible for DROP benefits, 60% are assumed to decline participation and 40% are assumed to elect participation. Those electing to participate are assumed to remain in DROP for 3 years. Of the vested members who terminate, it is assumed that 60% will leave their contributions in the plan in order to be eligible for a benefit at their normal retirement date while the remaining 40% elect to withdraw their contributions.

Inflation CPI: 2.75% Medical CPI: 3.25%

Salary increases 3.75% to 7.5% decreasing as years of service increase

Expected Return on Assets 7.50% per year, net plan investment expense

Municipal Bond Index Rate: Measurement Date 2.21% Prior Measurement Date 3.50%

Year PFNP is projected to be depleted: Measurement Date Projected future net position (PFNP) will not

be depleted Prior Measurement Date 2040

Single Equivalent Interest Rate, net of OPEB plan investment expense, including price inflation on the: Measurement Date 7.50% Prior Measurement Date 5.07%

Health Care Cost Trend Rates: Pre-Medicare 8.00% for 2019 decreasing to an ultimate rate

of 4.00% by 2034 Medicare 4.87%/4.79% for Non-Model and Model Plans,

respectively, for 2019 decreasing to an ultimate rate of 4.00% by 2034

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Long-term expected return – The long-term expected return on plan assets is reviewed as part of the GASB 74 valuation process. Several factors are considered in evaluating the long-term rate of return assumption, including the Plan’s current asset allocations and a log-normal distribution analysis using the best-estimate ranges of expected future real rates of return (expected return, net of investment expense and inflation) for each major asset class compiled by Horizon Actuarial Services, LLC in its “Survey of Capital Market Assumptions, 2017 Edition.” The long-term expected rate of return was determined by weighting the expected future real rates of return by the target asset allocation percentage and then adding expected inflation. The assumption is not expected to change absent a significant change in the asset allocation, a change in the inflation assumption, or a fundamental change in the market that alters expected returns in future years. Target asset allocation – The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Determination of Discount rate (SEIR) – This plan uses the Bond Buyer GO 20-Bond Municipal Bond Index to satisfy the requirements under paragraph 48 of GASB statement 74. As this index is issued weekly, the value closest to but not after the reporting date is used in determining the appropriate rate. Based on this practice, the municipal bond rate at June 27, 2019 was 3.50% and the municipal bond rate at June 25, 2020 was 2.21%. The discount rate used to measure the total OPEB liability (TOL) as of the Measurement Date was 7.50%. The projection of cash flows used to determine the discount rate was performed in accordance with GASB statement 74. The projection’s basis was an actuarial valuation performed as of December 31, 2019. In addition to the actuarial methods and assumptions of the December 31, 2019 actuarial valuation, the following actuarial methods and assumptions were used to project cash flows:

 No future employee contributions were assumed to be made.  No future employer contributions were assumed to be made.

Target Long Term Expected CRS Asset Class Allocation Real Rate of Return Core Bonds 14.0% 2.8% High Yield 3.0% 4.9% Lg Cap Value Equity 7.0% 7.2% Lg Cap Growth Equity 5.0% 7.1% Mid-Cap Value Equity 4.0% 7.5% Mid-Cap Core 4.0% 7.5% Small Cap Value Equity 7.5% 8.0% Non US Developed Lg Cap 10.0% 7.4% Non US Small Cap 5.0% 8.1% Emerging Markets All Cap 5.0% 8.5% Emerging Markets-Small Cap 3.0% 8.5% Real Estate Core Equity 10.0% 7.4% Infrastructure 7.5% 7.8% Risk Parity 5.0% 7.8% Private Equity-FOF 10.0% 11.1%

Total 100.0%

140

Based on these assumptions, the Plan’s projected future net position (PFNP) was projected to never be depleted, as a result, the long-term expected rate of return was used in the determination of the single equivalent interest rate (SEIR). Here, the long-term expected rate of return of 7.50% on Plan investments was applied to all periods, resulting in an SEIR at the Measurement Date of 7.50%. The PFNP projections are based upon the Plan’s financial status on the valuation date, the indicated set of methods and assumptions, and the requirements described in GASB statement 74. As such, the PFNP projections are not reflective of the cash flows and asset accumulations that would occur on an ongoing plan basis, reflecting the impact of future members. Therefore, the results of this test do not necessarily indicate whether or not the fund will actually run out of money, the financial condition of the Plan, or the Plan’s ability to make benefit payments in future years. Sensitivity of the Net OPEB Liability – The following exhibit presents the NOL of the plan, calculated using current health care cost trend rates, as well as what the Plan’s NOL would be if it were calculated using health care cost trend rates that are 1 percentage point lower and 1 percentage point higher than current rates. Similarly, the exhibit presents the net OPEB liability of the plan, calculated using the current discount rate of 7.50%, as well as what the Plans net OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower and 1 percentage point higher than the current rate (Amounts in Thousands):

Please keep in mind that the estimates provided in the prior table were prepared using streamlined calculation techniques and are intended to provide an “order of magnitude” indication of the net OPEB liability’s sensitivity to changes in these assumptions. Results based on more refined calculations may yield findings and conclusions different than those suggested by the methodology required under GASB 74, as shown above. For example, one possible refinement would consider the impact of similar changes in bonds yields on Plan assets, including (but not limited to) the valuations of certain fixed income investments held by the Plan. However, as required by GASB rules, we have not made any attempt to adjust the Plan’s PFNP to reflect a potentially related change in fixed income asset pricing. Total OPEB liability – The total OPEB liability (TOL) at the end of the measurement year, June 30, 2020, is measured as of a valuation date of December 31, 2019 and projected to June 30, 2020. Valuations will be completed every year. Each valuation will be rolled forward six months to provide the GASB liability. There were assumption changes during the period, which are reflected in these numbers. The table below shows the projection of the TOL at discount rates equal to the rate used for disclosure and plus and minus one percent from the rate for disclosure. TOL and service cost have been determined using the entry age actuarial cost method as described in paragraph 54 of GASB Statement No. 74.

Discount Rate 1% Decrease Current 1% Increase 1% Increase (8.50%) (112,662)$

Current (7.50%) (116,798)$ (77,449)$ (30,879)$

1% Decrease (6.50%) (35,943)$

Health Care Cost Trends

141

The following table projects the TOL from the valuation date to the end of the fiscal year. The discount rate plus and minus 1% discount rate liabilities are also shown in the following chart (Amounts in Thousands):

The following table projects the TOL from the valuation date to the end of the fiscal year. The medical trend baseline plus and minus 1% are shown in the following chart (Amounts in Thousands):

The TOL as of June 30, 2020 is based on the Plan’s actuarial valuation results as of December 31, 2019. The TOL as of June 30, 2020 was determined using standard projection (roll forward) techniques. The roll forward calculation adds the normal cost (also called the service cost) for the projection period – for experience and assumption changes, for the first half of 2020 subtracts the expected net benefit payments for the period, and then applies the SEIR used to measure the total OPEB liability as of the valuation date. The roll forward calculation for the expected change is determined using a similar procedure, except that the total OPEB liability and service cost are based on GASB statement 75 results as of the prior measurement date, a one-year project period is used, and actual net benefit payments are subtracted. These procedures are shown in the next table. The difference between this expected total OPEB liability and the projected total OPEB liability as of June 30, 2020 before reflecting any changes of assumptions or other inputs is the experience (gain) or loss for the period. The impact of measuring the liabilities after reflecting these changes including but not limited to (a) using a discount rate of 7.50% as opposed to the 5.07% used at the beginning of period, (b) updating health care costs and trend rates-relative to the experience change TOL-is shown as an assumption (gain) or loss for the period. The benefit changes shown below are a reflection of the move to the fully insured Medicare Advantage Plan.

Discount Rate 6.50% 7.50% 8.50% Valuation Total OPEB Liability, 12/31/2019

Actives 135,630$ 118,501$ 104,220$ Retirees 282,471 258,060 237,132

Total 418,101$ 376,561$ 341,352$

Service Cost 1,830 1,411 1,099 Benefit Payments (13,445) (13,445) (13,445) Interest 13,220 13,673 13,981

Total OPEB Liability 6/30/2020 419,706$ 378,200$ 342,987$

Total OPEB Liability Se ns itivity-Discount Rate

Healthcare Costs Trends -1.00% Baseline 1.00% Valuation Total OPEB Liability, 12/31/2019

Actives 102,113$ 118,501$ 138,617$ Retirees 236,743 258,060 282,530

Total 338,856$ 376,561$ 421,147$

Service Cost 1,165 1,411 1,741 Benefit Payments (13,445) (13,445) (13,445) Interest 12,275 13,673 15,327

Total OPEB Liability 6/30/2020 338,851$ 378,200$ 424,770$

Total OPEB Liability Se ns itivity-He althcare Cos ts tre nd

142

Change in net OPEB liability – Changes in the net OPEB liability for the year ended June 30, 2020 were as follows (Amounts in Thousands):

Subsequent Events As part of the fiscal year 2021 budget, City Council approved an Early Retirement Incentive Program (ERIP) in order to generate general fund savings. Employees eligible for the ERIP had until August 31, 2020 to apply for the ERIP and will retire between September 1, 2020 and July, 1 2021. This footnote does not reflect the impact of the ERIP on the Pension and OPEB plans.

Exp ected chg. Exp erience chg Assump tion Change Assump tion Change

Measurement Date 7/1/2019 12/31/2019 12/31/2019 12/31/2019

Projection Period 1 Year 1/2 Year 1/2 Year 1/2 Year

Discount Rate (SEIR) 5.07% 5.07% 5.07% 7.50% TOL as of Measurement Date 654,311$ 605,380$ 437,313$ 376,561$

Service Cost 7,276 2,937 2,337 1,411 Interest 32,500 15,063 10,840 13,673 Benefit Payments (26,889) (13,445) (13,445) (13,445) Net Changes 12,887 4,555 (268) 1,639

Balances at 6/30/2019 667,198$ 609,935$ 437,045$ 378,200$

Experience (Gain)/Loss: [Experience-Expected] (57,263)$ Benefit Changes (Gain)/Loss: [Benefit-Experience] (172,890)$ Assumption (Gain)/Loss: [Assumption-Experience] (58,845)$

Total OPEB Liability Roll Forward

(Amounts in thousands)

Total Plan Net OPEB Fiduciary OPEB Liability Net Position Liability

Balances at June 30, 2019 654,311$ 489,072$ 165,239$ Changes for the year:

Service cost 7,276 - 7,276 Interest 32,500 - 32,500 Changes in benefits (172,890) (172,890) Difference between expected and actual experience (57,263) - (57,263) Changes of assumptions (58,845) - (58,845) Net investment income - (5,999) 5,999 Benefit payments, including refunds of employee contributions (26,889) (26,889) - Adminstrative expense - (535) 535

Net changes (276,111) (33,423) (242,688)

Balances at June 30, 2020 378,200$ 455,649$ (77,449)$

143

Bonds Payable General obligation bonds are direct obligations and pledge the full faith and credit of the City. General obligation bonds currently outstanding are as follows (Amounts in Thousands):

Cash Held with Financial and Investment Banks as of June 30, 2020 Deposits held by the City’s Retirement System for which the fiscal year ended June 30, 2020 book balance was $49,765,000. The June 30, 2020 bank balance was $21,233,000 and the book balance was $21,811,000. The cash balance was held by the City Treasurer. The cash equivalents of $27,954,000 were held in money managers’ custodial accounts at the Bank of New York at year-end and are not subject to the same insurance and collateralization requirements as the City’s deposits and are uncollateralized.

City’s Retirement System’s fair value of investments for these funds at June 30, 2020 was $2,024,197,000. These investments include $26,680,000 in U.S. Government Bonds, $20,335,000 in U.S. Government Agencies, $36,559,000 in Corporate Fixed Income, $403,000 in State and Local Government Obligations, $249,905,000 in Private Equity, $1,011,450,000 in Equity Securities, $285,988,000 in Other Investments, $216,466,000 in Real Estate Investments, $30,127,000 in Private Placements, $140,567,000 in mutual funds, and $5,717,000 in international bonds.

In those cases where resources are maintained in trust, the authority for investment of the property rests with either the trust agreement or local ordinance. Investments of the City of Cincinnati Retirement System are, by ordinance, subject to certain terms and limitations. These limitations do not apply to investments in securities of the City and federal government or their agencies. Investments of the Cincinnati Retirement System are uninsured. These securities are held by the counterparty or by its trust department or agent but not in the City’s name. The City of Cincinnati Retirement System’s Pension Trust Fund primary investment return objectives are to preserve the safety of principal, earn the highest possible total return consistent with prudent levels of risk, and create a stream of investment returns to ensure the systematic and adequate funding of actuarially determined benefits through contributions and professional management of the System assets. The System has established asset allocation goals with acceptable variances specific to the investment manager category. The total fixed income target allocation is 17% with a variance of 4%. The fixed income investment managers are divided between core bond managers (target allocation of 14% with a variance of 2%) and high yield bond managers (target allocation of 3% with a variance of 2%). The remaining investment manager asset target allocations are as follows: domestic equity 27.5% with a variance of 5%, non-U.S. equity 23% with a variance of 5%, real estate equity 10% with a variance of 3%, infrastructure 7.5% with a variance of 3%, risk parity 5% with a variance of 2.5%, and private equity 10% with a range of 0.0% to 14%.

Fiscal Year Principal Interest Total 2021 9$ 10$ 19$ 2022 9 10 19 2023 9 10 19 2024 9 9 18 2025 9 9 18

2026-2030 41 33 74 2031-2035 62 31 93 2036-2040 76 16 92

2041 36 2 38 Total 260$ 130$ 390$

144

Quoted prices in Significant Significant Active Markets Other observable Unobservable

For Identical Assets Inputs Inputs Investments by Fair Value Level (Level 1) (Level 2) (Level 3) Debt Securities: Corporate Bonds $ 36,559 0 $ 36,559 0 Bond Mutual Fund 140,567 $ 140,567 - 0 International Bonds 5,717 0 5,717 0 US Government Bonds 26,680 26,680 0 0 Municipal Bonds 403 - 403 0 Private placements 30,127 - 30,127 - US Agencies 20,335 0 20,335 0 Total Debt Securities 260,388 167,247 93,141 -

Equity Securities Domestic Equities 79,505 79,505 Emerging Market Equities Mutual Funds 152,358 152,358 Global Equity Mutual Funds 88,692 88,692

Total Equity Securities 320,555 320,555

Private Equity Venture Capital and LBO Funds 180,208 $ 180,208 High Yield Bond Fund 69,697 0 69,697

Total Private Equity 249,905 - 249,905

Other Assets Global Risk Parity 70,149 4,552 65,597 0 Hedge Funds 31,922 0 0 31,922 Infrastructure 163,935 30,895 0 133,040

Total other Assets 266,006 35,447 65,597 164,962

Total Investments by Fair Value Level 1,096,854 $ 523,249 $ 158,738 $ 414,867

Investments Measured at the Net Asset Value Equity reconciled to Financial Statements

Real Estate Funds 1

216,466 Northern Trust Domestic Valued at NAV 476,620$

Northern Trust Domestic Equity Index Funds 2

476,620 Northern Trust International Valued at NAV 214,275

Northern Trust International Equity Index Funds 2

214,275 Equity Securities listed in Fair Value Level 320,555

Risk Parity measured at Net Asset Value (NAV) 3

19,982 Financial Statements 1,011,450$

Total Investments at the Net Asset Value (NAV) 927,343 Other Assets reconciled to Financial Statements

Total Investments measured at Fair Value $ 2,024,197 Hedge Funds 31,922

Risk Parity at NAV and FM V 90,131

Infrastructure 163,935

Financial Statements 285,988$

Fair Value Measurements Using

145

Investments Measured at the Net Asset Value

(Amounts in Thousands)

Net Asset Value

Unfunded Commitments

Redemption Frequency

Redemption Notice Period

Real Estate Funds (1) $216,466 $0 Quarterly 45 - 90 days

Commingled Index Funds (2) $690,895 $0 Daily 1 day

Risk Parity (3) $19,982 $0 Monthly 15 days

(1) The City of Cincinnati Retirement System’s real estate investments consist of two core open-end real estate funds and two value-added open-end real estate funds that primarily invest in U.S. commercial real estate. The fair values of these investments have been determined using the NAV per share of the System’s ownership interest in partners’ capital. These investments are eligible for redemption on a quarterly basis with notice periods ranging from 45 – 90 days.

(2) The City of Cincinnati Retirement System’s commingled index fund investments consist of four open-

end U.S. equity funds that invest in publicly traded U.S. equities and one global equity fund. The fair values of these investments have been determined using the NAV per share of the investments. These investments are eligible for redemption on a daily basis with a notice period of one day.

(3) The City of Cincinnati Retirement System’s risk parity investment consists of one global risk fund

which invests in a liquid diversified portfolio. The fair value of this investment has been determined using the NAV per share of investments. These investments are eligible for redemption on a monthly basis with a notice period of 15 days.

146

City of Cincinnati Re tire me nt Sys te m Inve s tme nt Summary June 30, 2020 (Amounts in Thousands) Percent of

Fair Total Stock: Value Investments US Common Stock

Communication Services $ 4,055 0.2% Consumer Discretionary 8,825 0.4% Consumer Staples 4,452 0.2% Energy 1,590 0.1% Financial Services 14,232 0.7% Health Care 5,883 0.3% Materials 8,666 0.4% Industrials 6,202 0.3% Technology 8,507 0.4% Real Estate 4,452 0.2% Utilities 12,641 0.6%

Total US Common Stock 79,505 3.8%

Other International Stock 214,275 10.6% Northern Trust Domestic Index Funds 476,620 23.5% Emerging Market Equity Funds 152,358 7.5% International Mutual Funds 88,692 4.4%

Total Other 931,945 46.0% Total Stock Equities 1,011,450 49.8%

Debt: Corporate Bonds

Finance 11,550 0.6% Health Care 2,254 0.1% Industrial 9,374 0.5% Transportation 4,767 0.2% Utilities 3,400 0.2% Telecom 5,214 0.3%

36,559 1.9% Government Bonds

US Government Bonds 26,680 1.3% US Government Agencies 20,335 1.0% Municipal Bonds 403 0.0%

47,418 2.3%

Private placements 30,127 1.5%

International Bonds 5,717 0.3%

Bond Mutual Fund 140,567 6.9%

Total Debt 260,388 12.9%

Other Investments: Other (Hedge, Risk Parity and Infrastructure) 285,988 14.2% Private Equity (High Yield fund included with Debt) 249,905 12.4% Real Estate 216,466 10.7%

Total Other Investments 752,359 37.3%

Total Investments $ 2,024,197 100.0%

147

Interest Rate Risk The interest rate risk is addressed by guidelines that require the weighted duration of the investments to be within a range of the duration of a benchmark index. For bonds, the average effective duration may not vary more than 25%. At June 30, 2020, the System had the following investments subject to interest rate risk (Amounts in Thousands):

Concentration of Credit Risk The concentration of credit risk is minimized by the diversification policy, which requires the assets to be allocated across major asset classes and be diversified broadly within each asset class. The investment firm is required to notify the System when, in aggregate as a firm, the organization owns more than 10% of the outstanding shares in a single stock. Also, within the fixed investment asset class each of the investment managers may not allow a single issuer to comprise more than 5% of the portfolio’s market value. For the U.S. equity and the non-U.S. equity, no single security shall comprise more than 10% of the portfolio’s market value for each investment manager. To further limit the concentration of credit risk, the U.S. equity investment managers are not permitted for the aggregate positions within each equity manager’s portfolio to exceed 5% of the fair market value of the outstanding stock in any company. The limit for non-U.S. equity investment managers is 1.5%.

Credit Risk In order to reduce credit risk, the core bond managers are required to maintain 80% of their portfolios in investment grade securities. The remaining 20% may be invested in below investment grade securities, defined as investments with a middle rating below BBB- (S&P), Baa3 (Moody’s), or BBB- (Fitch). The high yield bonds overall portfolio average quality rating should be not less than B based upon the rating of at least two of the three rating agencies (S&P, Moody’s, and Fitch). The following chart provides the investments held by the System summarized by credit rating at June 30, 2020 (Amounts in Thousands):

Investment Type Cash Equivalents $ 18,359 $ 18,359 Fixed Investments Corporate Bonds 36,559 1,458 $ 9,313 $ 9,524 $ 16,264 International Bonds 5,717 985 1,947 1,565 1,220 Private Placements 30,127 1,669 11,533 5,970 10,955 Tax Exempt US Municipals 403 403 US Agencies 20,335 7,372 1,080 2,318 9,565 US Governments 26,680 - 5,067 12,319 9,294 Derivatives Future Contracts 422 422

Total $ 138,602 $ 30,265 $ 28,940 $ 31,696 $ 47,701

More than 10 Investment Maturities (in years)

Market Value Less Than 1 1 to 5 6 to 10

148

Foreign Currency Risk Foreign currency risk is the risk that changes in exchange rates will adversely affect the fair value of an investment or a deposit. The System’s target allocation for non-U.S. equities is 23% of the total investment assets with 10% in developed large cap, 5% in small cap, 5% in emerging markets all-cap, and 3% in emerging markets small cap. The non-U.S. equity managers may hold up to 5% of its portfolio in a money market or cash. Currency hedging which includes forward currency contracts and cross currency hedging, are permitted for defensive purposes. The System’s exposure to foreign currency risk at June 30, 2020 is as follows (Amounts in Thousands):

Custodial Credit Risk As for custodial credit risk, the fund only requires collateral for their securities lending program as discussed in the Securities Lending section of this footnote. Securities Lending City statutes and board of trustee policies permit the City of Cincinnati Retirement System to use investments of the plan to enter into securities lending transactions – loans of securities to broker-dealers and other entities for collateral with a simultaneous agreement to return the collateral for the same security in the future. Securities are loaned in exchange for collateral that may include cash, U.S. government securities and irrevocable letters of credit. U.S. securities are loaned in exchange for collateral valued at 102% of the market value of the securities plus any accrued interest. Non-U.S. securities are loaned in exchange for collateral valued at 105% of the market value of the securities plus any accrued interest. Collateral cannot be pledged or sold unless the borrower defaults.

Investment Type Cash Equivalents $ 18,359 $ 580 $ 17,779 Fixed Investments Corporate Bonds 36,559 13,064 $ 18,524 $ 4,971 International Bonds 5,717 2,433 2,862 422 Private Placements 30,127 7,622 11,635 5,172 $ 5,698 Tax Exempt US Municipals 403 403 US Agencies 20,335 12,744 271 7,320 US Governments 26,680 26,680 Derivatives Future Contracts 422 422

Total $ 138,602 $ 63,526 $ 33,292 $ 10,565 $ 5,698 $ 25,521

Total Market Value

AAA Not Rated

CCCBBBBB

Currency Danish Krone $ 44 $ 44 Euro Currency 508 508 Japanese Yen 327 327 Mexican New Peso 2,388 $ 2,388 Swedish Krona 83 83 Swiss Franc 532 532 United Kingdom Pound Sterling 46 46 Uruguayan Peso 394 394

Total $ 4,322 $ 2,782 $ 1,540

CashFair Value Fixed Income

149

The borrower is required to pay to the Lender the equivalent of all interest and dividends that are paid by the issuer during the term of the loan. All security loans can be terminated on demand by either the lender or the borrower, although the average term of the System’s overall loans was 1 day for the year ended June 30, 2020. Cash collateral is invested in a short-term investment pool, which had an average weighted maturity of 7 days as of June 30, 2020. Cash collateral may also be invested separately in “term loans”, in which the maturity of the term loan is matched to either the maturity of the cash collateral invested or the interest rate reset of the cash collateral invested. These loans have rights of substitution and securities can be recalled on demand. As of June 30, 2020, there were no violations of legal or contractual provisions, no borrower or lending agent default and no losses known to the securities lending agent. There are no dividends or coupon payments owed on the securities lent. Securities lending expenses may exceed earnings when the investable asset base is small. The following represents the balances relating to the securities lending transactions at the financial statement date (Amounts in Thousands):

The following maturity chart for securities lending collateral provides information pertinent to interest rate risk (Amounts in Thousands):

In order to determine credit rate risk for the securities lending collateral, the following chart is useful (Amounts in Thousands):

Derivative Instruments Derivative instruments are generally defined as a financial instrument whose characteristics and value depend on, or derive from, the value and characteristics of an underlying asset which is typically a commodity, bond, equity or currency.

Fair Value of Cash Collateral Securities Lent Underlying Received/Securities

Securities Collateral Value Lent for Cash Collateral: U.S. Government $ 1,996 $ 2,040 U.S. Corporate Fixed Income 8,248 8,439

Total $ 10,244 $ 10,479

Non-Cash Collateral: $ 12,777 $ 13,362

Asset class Less Than 1 More than 15 Total

Asset Backed Security $ 1,546 $ 1,546 Repurchase Agreements $ 1,756 1,756

Total $ 1,756 $ 1,546 $ 3,302

Investment Maturities (in years)

Investment Type Asset Backed Security $ 1,546 $ 162 $ 1,384 Repurchase Agreements 1,756 $ 1,756

Total $ 3,302 $ 162 $ 1,384 $ 1,756

Fair

Value

Not

Rated

Default

150

A derivative instrument for financial statement purposes contains three traits: settlement factor, leverage, and net settlement. The retirement system enters into certain derivative financial instruments, primarily to enhance the performance and/or reduce the volatility of the portfolio. The retirement system’s investment-grade bond managers, non-U.S. equity managers, and cash equitization manager are authorized to invest in derivative instruments. The derivative instruments permitted are: forwards, options, swaps, and futures. The derivative instruments held at the end of the fiscal period were for investment purposes only. The non-U.S. equity manager is authorized to utilize currency hedging for defensive purposes, although the manager did not partake in hedging at year end. As of June 30, 2020, CRS held investment derivative instruments consisting of futures, but had no swaps, forward contracts, or options. Gains and losses are included in the net appreciation/(depreciation) in the fair value of investments total in the Statement of Changes in Fiduciary Net Position. A forward contract (forward) is an obligation to buy (sell) an asset at a fixed price on a predetermined date. Forwards are over-the-counter instruments, which means they are not traded on an organized exchange. The price specified for the foreign currency, government securities, or other asset may be higher or lower than the actual market price at the time of delivery. A swap is a transaction which exchanges one currency, obligation or financial instrument for another. Swaps are over-the-counter instruments. Usually a set of future cash flows are exchanged between two counterparties. Interest rate swaps involve the exchange of one stream of future interest payments for another based on a specified principal amount. Usually fixed and floating interest rates are exchanged. A credit default swap allows the transfer of third-party credit risk from one party to the other. One party in a credit default swap is a lender who faces credit risk from a third party. The counterparty to the swap agrees to insure this risk in exchange for regular periodic payments. Options convey the right, but not the obligation, to engage in a future investment transaction. A call is an option contract that gives the buyer the right, but not the obligation, to exercise the option and buy an asset at the strike price on or at any time up to the expiration date. A put is an option contract that gives the buyer the right, but not the obligation, to sell an asset at the strike price on or at any time up to the expiration date. Futures are exchange-traded contracts that require an asset to be bought (sold) at a specified price on a specified future date. Unlike options, futures convey an obligation to buy (sell) an investment. The contracts contain standardize terms, trade on a formal exchange, are regulated by overseeing agencies, and are guaranteed by clearinghouses. As of June 30, 2020, CRS had the following exposure via futures contracts (Notional and Fair Value in thousands):

Long/ Fair Futures Contract Expiration Short Quantity Value

US LONG BOND FUTURE (CBT) 9/21/20 Long 17 3,034$ 1$ US 10YR NOTE FUTURE (CBT) 9/21/20 Long 15 2,086 2 US 5YR NOTE FUTURE (CBT) 9/30/20 Long 30 3,768 4 S&P500 EMINI FUTURE (CME) 9/18/20 Long 91 13,720 340 MSCI EAFE FUTURE (NYF) 9/18/20 Long 55 4,833 58 MSCI EMGMKT FUTURE (NYF) 9/18/20 Long 48 2,349 17

Total 29,790$ 422$

* Notional value is the nominal or face amount that is used to calculate payments made on

derivative instruments (futures, forwards, swaps, etc.). The notional amount represents the economic

equivalent to an investment in the physical securities represented by the derivative contract.

Value* Notional

151

Pension Healthcare

Trust 115 Trust Total

Assets

Cash and Cash Equivalents $ 38,604 $ 11,161 $ 49,765

Investments, at fair value: International Bonds 4,435 1,282 5,717 US Government Bonds 20,697 5,983 26,680 Corporate Fixed Income 28,361 8,198 36,559

State and Local Obligations 313 90 403 US Agencies 15,775 4,560 20,335 Equities- Common Stock 784,629 226,821 1,011,450 Mutual Funds 109,044 31,523 140,567 Private Equity 193,863 56,042 249,905 Real Estate 167,923 48,543 216,466 Private Placements 23,371 6,756 30,127 Other Assets (Alternatives) 221,854 64,134 285,988

1,570,265 453,932 2,024,197

Collateral on Loaned Securities 18,495 5,346 23,841

Receivables: Accounts Receivable - Other 192 55 247 Accounts Receivable for Securities 14,748 4,263 19,011 Accrued Interest and Dividends 1,613 466 2,079 Due from Primary Government 779 225 1,004 Loans Receivable 11 3 14 Machinery and Equipment 94 27 121 Accumulated Depreciation (84) (24) (108)

Total Assets $ 1,644,717 $ 475,454 2,120,171

Liabilities Accounts Payable - Other 2,088 603 2,691 Accounts Payable for Securities Purchased 12,805 3,702 16,507 Due to Primary Government 78 23 101 Obligations Under Securities Lending 18,495 5,346 23,841 Accrued Payroll 30 9 39 Accrued Liabilities 34,626 10,010 44,636 Bonds Payable 202 58 260 Estimated Liability for Compensated Absences 188 54 242

Total Liabilities 68,512 $ 19,805 88,317

Net position Restricted for Employees' Pension Benefits 1,576,205 $ 1,576,205 Restricted for Employees' Postemployment Healthcare Benefits 455,649 455,649

Combined Net Position $ 1,576,205 $ 455,649 $ 2,031,854

CITY OF CINCINNATI, OHIO State me nt of Plan Ne t Pos ition

June 30, 2020 (Amounts in Thousands)

Pe nsion Trust

152

For the fis cal ye ar e nding June 30, 2020

Pension Healthcare Trust 115 Trust Total

ADDITIONS: Contributions:

Members $ 19,892 # 0 $ 19,892

Employers 34,410 0 34,410

Total Contributions: 54,302 0 54,302

Transfers From Other Retirement Systems 0 0 0

Investment Income

From Investing Activities:

Interest & Dividends 24,852 $ 7,122 31,974

Net Appreciation (Depreciation) in Fair Value of Investments (39,237) (11,245) (50,482)

Investment Income (14,385) (4,123) (18,508)

Less Investment Management Expenses: 6,523 1,869 8,392

Net Income From Investing Activities (20,908) (5,992) (26,900)

From Security Lending Activities:

Securities Lending Income: 45 13 58

Securities Lending Expense: Borrower Rebates (75) (22) (97)

Management Fees 8 2 10

Total Securities Lending Activities Expenses (67) (20) (87)

Net Income from Securities Lending Activities (22) (7) (29)

Total Additions: 33,372 (5,999) 27,373

DEDUCTIONS:

Benefits Payments:

Pensions and Annuities 174,219 0 174,219

Hospital and Medical Care 26,889 26,889

Death Benefits, Active and Retired 615 0 615

Transfers - Retirement to other Systems 87 0 87

Total Benefits: 174,921 26,889 201,810

Refunds of Contributions 584 0 584

Administration Expenses;

Personal Services 1,128 323 1,451

Contractual Services 654 187 841

Material & Supplies 83 24 107

Depreciation 3 1 4

Total Administrative Expenses: 1,868 535 2,403

Total Deductions: 177,373 27,424 204,797

Net Increase ( Decrease ) (144,001) (33,423) (177,424)

Net Position restricted for Benefits

Beginning of Year 1,720,206 489,072 2,209,278

End of Year $ 1,576,205 $ $ 455,649 $ 2,031,854

CITY OF CINCINNATI, OHIO

Combining State me nt of Change s in Plan Ne t Pos ition

Pe ns ion Trust

(Amounts in Thousands)

153

23. COVID-19 The United States and the State of Ohio declared a state of emergency in March 2020 due to the COVID‐ 19 pandemic. The financial impact of COVID‐19 and the ensuing emergency measures could impact subsequent periods of the City. The City’s investment portfolio could incur a significant decline in fair value. However, because the values of individual investments fluctuate with market conditions, and due to market volatility, the amount of losses that will be recognized in subsequent periods, if any, cannot be determined. In addition, the impact on the City’s future operating costs, revenues, the impact of the investments of the pension and other employee benefit plan in which the City participates and any recovery from emergency funding, either federal or state, cannot be estimated.

154

REQUIRED SUPPLEMENTARY INFORMATION

155

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156

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159

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160

Ohio Police and Fire Pension Fund

Actuarial Assumptions:

Actuarial assumptions and methods used to determine contribution rates are described below based on the actuarial valuation as of January 1, 2019, with actuarial liabilities rolled forward to December 31, 2019:

Valuation method Entry age normal

Amortization method Level percent of payroll, open

Amortization period 30 years

Asset valuation method 4-year adjusted fair value with a corridor of 20% of the fair value

Investment return 8.00%

Projected salary increases 3.75% to 10.50%

Payroll increases 3.25%

Inflation assumptions 2.75%

Cost-of-living adjustments 3% simple; 2.2% simple for increase based on the lesser of the increase in CPI and 3%

Changes in Actuarial Assumptions and Methods:

Effective on the January 1, 2017, actuarial valuation, changes in assumptions were made based upon an updated experience study that was completed for the five-year period ended December 31, 2016. Significant changes included a reduction of the investment rate from 8.25% to 8.00%, a reduction in the COLA from 2.6% to 2.2%, a reduction in projected salary increases and inflation assumptions by 0.5%, and updates in mortality and turnover assumptions.

City of Cincinnati, Ohio Required Supplementary Information 5

Notes to the Required Pension Information

161

Ohio Public Employees Retirement System

Actuarial Assumptions:

Actuarial assumptions and methods used to determine contribution rates are described below based on the actuarial valuation as of December 31, 2019:

Valuation method Individual entry age

Amortization method Level percent of payroll

Amortization period 19 years from December 31, 2018, closed

Asset valuation method Fair value

Investment return 7.20%

Wage inflation 3.25%

Salary scale 3.25% to 10.75%, including inflation

Cost-of-living adjustments Pre-January 7, 2013 retirees: 3.0% simple Post-January 7, 2013 retirees: 3.0% simple through 2018, then 2.15% simple

Changes in Actuarial Assumptions and Methods:

In 2017, changes in assumptions were made based upon an updated experience study that was completed for the five-year period ended December 31, 2015. Significant changes included a reduction of the discount rate from 8.0% to 7.5%, a reduction in the wage inflation rate from 3.75% to 3.25%, and transition from the RP-2000 mortality tables to the RP-2014 mortality tables.

In 2019, a change in assumptions included a reduction of the discount rate from 7.5% to 7.2%.

Notes to the Required Pension Information (continued)

City of Cincinnati, Ohio Required Supplementary Information 5

162

Actuarial Assumptions:

Actuarially determined contribution rates are calculated as of June 30, one year prior to the end of the fiscal year in which contributions are reported.

Actuarial cost method Entry age

Amortization method Level dollar

Amortization period 30 years, open

Asset valuation method Five-year smoothed market value

Inflation 2.75%

Salary increases, including wage inflation 3.75% to 7.50%

Long-term investment rate of return, net of pension plan investment expense, including price inflation 7.50%

Municipal bond index rate: Measurement date 3.50% Prior measurement date 3.89%

Year of projected depletion: Measurement date 2046 Prior measurement date n/a

Single equivalent interest rate, net of OPEB plan investment expense, including price inflation:

Measurement date 5.56% Prior measurement date 7.50%

Changes of Benefit Terms:

In 2016, there were several changes in benefit provisions as a result of the Collaborative Settlement Agreement (CSA) between the City and various plaintiff groups representing certain active and retired members of CRS as approved by the Court on October 5, 2015 and generally effective January 1, 2016.

In 2017, the Plan changes included in Ordinance 336-2016 were adopted by the City Council on October 26, 2016. In addition to incorporating many of the changes mandated by the CSA, the Ordinance also:

• Established benefit and eligibility provisions for Group E and F members not covered under the CSA similar to employees who are covered under the CSA. • Established a universal cost-of-living adjustment (COLA) suspension period for all members. • Established a universal 3% simple COLA rate for all members.

Changes in Actuarial Assumptions and Methods:

In 2018, several changes in actuarial assumptions were made as a result of an updated experience study dated February 28, 2018. Changes included:

• Decrease in price inflation from 3.00% to 2.75%. • Update of the retirement, withdrawal and disability rates. • Update of the mortality rates for all members to a generational approach using the RP-2014 mortality tables. • Assumed administrative expense as a percentage of payroll added to the total normal cost was increased from 0.75% to 0.80%. • Update of assumed proportion of deferred vested members electing to withdraw their contributions or electing a deferred benefit. • Update of assumed percentage of members who are married for pre-retirement survivor benefit considerations.

Cincinnati Retirement System

City of Cincinnati, Ohio Required Supplementary Information 5

Notes to the Required Pension Information (continued)

163

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164

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165

2020 2019 2018 2015 Total OPEB liability Service cost 4,955$ 4,131$ 6,266$ 22,439$ Interest 27,807 25,518 22,425 120,372 Difference between expected and actual experience 2,041 13,242 (11,326) Changes of assumptions 55,017 31,333 (89,736) 125,942 Benefit payments (25,238) (21,678) (25,446) (130,350) Net change in Total OPEB liability 64,582 52,546 (86,491) 127,077$

Total OPEB liability - beginning 469,326 416,780 503,271 #REF! Total OPEB liability - ending (a) 533,908$ 469,326$ 416,780$ #REF!

Plan net position Net investment income 17,509$ 32,129$ 47,714$ 39,683 Benefit payments (25,238) (21,678) (25,446) (128,548) Administrative expense (339) (339) (360) (1,268) Other 206 78 - Net change in plan net position (7,862) 10,190 21,908 (55,375)$

Plan net position - beginning 407,760 397,570 375,662 #REF! Plan net position - ending (b) 399,898 407,760 397,570 #REF! Net OPEB liability - ending (a) - (b) 134,010$ 61,566$ 19,210$ #REF!

Ratio of plan net position to total OPEB liability 74.90% 86.88% 95.39% 51.92%

Covered-employee payroll 136,282$ 141,891$ 144,555$ 146,605$

Net OPEB liability as a percentage of covered-employee payroll 98.33% 43.39% 13.29% #REF!

(1) This schedule does not include MSD. (2) The amounts presented for each fiscal year were determined as of the City's measurement date, which is the prior fiscal year-end. (3) Information prior to 2018 was not available. The City will continue to present information for years available until a full ten-year trend is available.

See Notes to the Required Supplementary OPEB Information.

(Amounts in thousands)

City of Cincinnati, Ohio Required Supplementary Information 8

Schedule of City's Changes in Net OPEB Liability and Related Ratios (1)

Cincinnati Retirement System Three Fiscal Years (2)(3)

Net OPEB Liability Employer Schedule

166

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167

Actuarial Assumptions:

Valuation method Individual entry age

Amortization method Level percent of payroll

Amortization period 30 years, open

Asset valuation method Fair value

Investment return 8.00%

Wage inflation 3.25%

Salary scale 3.25% to 10.50%, including inflation

Inflation assumptions 2.75%

Cost-of-living adjustments 3% simple; 2.2% simple for increases based on the lessor of the increase in CPI and 3%

Changes in Actuarial Assumptions and Methods:

In 2019, changes in assumptions included an increase in the municipal bond rate from 3.16% to 4.13%, resulting in an increase in the single discount rate from 3.24% to 4.66%.

In 2020, changes in assumptions included a decrease in the municipal bond rate from 4.13% to 2.75%, resulting in a decrease in the single discount rate from 4.66% to 3.56%.

Change in Benefit Terms:

Beginning January 1, 2019, OP&F changed its retiree health care model to a stipend-based health care model, depositing stipends into individual health reimbursement accounts that retirees will use to be reimbursed for health care expenses.

City of Cincinnati, Ohio Required Supplementary Information 10 Notes to the Required OPEB Information

Ohio Police and Fire Pension Fund

168

Actuarial Assumptions:

Actuarial assumptions and methods used to determine contribution rates are described below based on the health care actuarial valuation as of January 1, 2019, rolled forward to December 31, 2019:

Valuation method Individual entry age

Amortization method Level percent of payroll

Amortization period 30 years, open

Asset valuation method Fair value

Single discount rate 3.16%

Investment return 6.00%

Municipal bond rate 2.75%

Wage inflation 3.25%

Salary scale 3.25% to 10.75%, including inflation

Health care cost trend rate 10.5% initial, 3.50% ultimate in 2030

Changes in Actuarial Assumptions and Methods:

In 2019, changes in assumptions included a reduction of the investment rate of return from 6.50% to 6.00%, an increase in the municipal bond rate from 3.31% to 3.71%, resulting in an increase in the single discount rate from 3.85% to 3.96%. Another change includes adjusting the health care cost trend rate from 7.5% initial, 3.25% ultimate in 2028 to 10.0% initial, 3.25% ultimate in 2029.

In 2020, changes in assumptions included a decrease in the municipal bond rate from 3.71% to 2.75%, resulting in a decrease in the single discount rate from 3.96% to 3.16%. Another change includes adjusting the health care cost trend rate from 10.0% initial, 3.25% ultimate in 2029 to 10.5% initial, 3.50% ultimate in 2030.

Notes to the Required OPEB Information (continued)

Ohio Public Employees Retirement System

City of Cincinnati, Ohio Required Supplementary Information 10

169

Actuarial Assumptions:

Actuarially determined contribution rates are calculated as of June 30, one year prior to the end of the fiscal year in which contributions are reported.

Actuarial cost method Entry age

Amortization method Level dollar

Amortization period 30 years, open

Asset valuation method Five-year smoothed market value

Price inflation CPI: 2.75% / Medical CPI: 3.25%

Salary increases, including wage inflation 3.75% to 7.50%

Long-term investment rate of return, net of OPEB plan investment expense, including price inflation 7.50%

Municipal bond index rate: Measurement date 3.50% Prior measurement date 3.89%

Year of projected depletion: Measurement date 2040 Prior measurement date 2047

Single equivalent interest rate, net of OPEB plan investment expense, including price inflation on the:

Measurement date 5.07% Prior measurement date 6.13%

Health care cost trend rates: Pre-Medicare 8.00% for 2018 decreasing to an ultimate rate

of 4.00% by 2034

Medicare 8.72% / 8.86% for Non-Model and Model Plans for 2018 decreasing to an ultimate rate of 4.00% by 2034

Changes of Benefit Terms:

• Excluded members hired after December 31, 2015 from eligibility to receive retiree health benefits; • Established benefit and eligibility provisions for Group E and F members not covered under the CSA similar to employees who are covered under the CSA. • Specified eligibility and postemployment contribution requirements for the retiree health benefits payable to members and beneficiaries entitled to deferred benefits. • Modified eligibility and postemployment contribution requirements to retiree health benefits paid as the result of an in-service death.

Required Supplementary Information 10 Notes to the Required OPEB Information (continued)

Cincinnati Retirement System

City of Cincinnati, Ohio

170

Changes in Actuarial Assumptions and Methods:

In 2017, future contribution rates for retiree health benefit recipients are now based upon the projected retiree health care costs associated with each projection year's closed group of participants.

In 2018, several changes in actuarial assumptions were made as a result of an updated experience study dated February 28, 2018. Changes included:

• Increase in the Municipal Bond Index Rate from 3.56% as of June 30, 2017 to 3.89% as of June 30, 2018. • Decrease in the discount rate from 6.31% as of June 30, 2017 to 6.13% as of June 30, 2018. • Decrease in price inflation from 3.00% to 2.75%. • Update of the retirement, withdrawal and disability rates. • Update of the mortality rates for all members to a generational approach using the RP-2014 mortality tables. • Update of the merit salary scale. • Update of assumed rates of health care inflation. • Update of assumed rates of health benefit plan participation. • Update of the Select Plan and the Model Plan contribution rates. • Update of the Drop participation rates • Inclusion of part-time employees in the Plan's population as of December 31, 2017.

Notes to the Required OPEB Information (continued)

Cincinnati Retirement System (continued)

City of Cincinnati, Ohio Required Supplementary Information 10

171

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The notes below summarize the key methods and assumptions used to determine the actuarially determined contribution (ADC) for the fiscal year ending June 30, 2020.

Method and assumptions used in calculation of actuarially determined contributions:

The ADC rates in the schedule of employer contributions are calculated as of December 31, eighteen months prior to the end of the fiscal year in which contributions are reported (as of December 31, 2018 for the fiscal year 2020 contributions). The following actuarial methods and assumptions were used to determine actuarial contribution rates reported in that schedule:

Actuarial cost method Entry Age Normal Cost Amortization method Level dollar, open Amortization period 30 years Asset valuation method 5-year smoothed market Inflation 2.75% Salary increases, including wage inflation 3.75% to 7.50%, including inflation

7.50%, net of pension plan investment expense, and including inflation Mortality Active Members

Active Members: RP-2014 Employees Mortality Table with generational mortality improvement projections using scale MP-2017

Healthy Inactive Members: RP-2014 Employees Mortality Table with generational mortality improvement projections using scale MP-2017, set forward 2 years for both males and females

Disabled Inactive Members: RP-2014 Disabled Retiree Mortality Table with generational mortality improvement projections using scale MP-2017

Changes of Benefit Terms:

Changes in Actuarial Assumptions and Methods:

In 2020, there were no changes in actuarial assumptions and methods.

Investment rate of return

Cincinnati Retirement System REQUIRED SUPPLEMENTARY INFORMATION 13

Notes to the Required Pension Information

174

2020 2019 2018 2017 Total OPEB Liability

Service Cost 7,276$ 6,110$ 5,076$ 7,669$ Interest 32,500 34,288 31,360 27,446 Benefit changes (172,890) - - Difference between expected and actual experience (57,263) 2,516 16,272 - Changes of assumptions (58,845) 67,838 38,505 (109,830) Benefit payments (26,889) (31,119) (26,640) (31,144) Total Change in OPEB Liability (276,111)$ 79,633$ 64,573$ (105,859)$

Total OPEB Liability - Beginning 654,311$ 574,678$ 510,105$ 615,964$ Total OPEB Liability - Ending (a) 378,200$ 654,311$ 574,678$ 510,105$

Plan fiduciary net position Net investment income (5,999)$ 21,589$ 39,483$ 58,398$ Benefit payments (26,889) (31,119) (26,640) (31,144) Administrative expense (535) (418) (417) (440) Net change in plan net position (33,423)$ (9,948)$ 12,426$ 26,814$

Plan net position – beginning 489,072$ 499,020$ 486,594$ 459,780$ Plan net position - ending (b) 455,649$ 489,072$ 499,020$ 486,594$

Net OPEB liability - ending (a) - (b) (77,449)$ 165,239$ 75,658$ 23,511$

-1.09% 4.15% 7.83% 12.11%

Plan Fiduciary Net Position as a percent of the Total OPEB Liability 120.48% 74.75% 86.83% 95.39%

Covered-employee Payroll 168,208$ 174,957$ 177,713$ 179,887$

Net OPEB Liability as a percent of covered payroll -46.04% 94.45% 42.57% 13.07%

* For fiscal year 2020 only four years of data is available. The chart will eventually present ten years.

Cincinnati Retirement System REQUIRED SUPPLEMENTARY INFORMATION 14

Schedule of Changes in Total OPEB Liability and Related Ratios (Amounts In Thousands)

Money -Weighted Rate of Return on Pension Plan Investments

175

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Changes in Benefit Terms: In 2020, the City moved all Medicare Part A and Part B eligible, and Medicare Part B only eligible plan participants to a fully insured Medicare Advantage Plan offered by Anthem

Changes in assumptions and other inputs since prior report: There were no changes.

Method and assumptions used in calculation of actuarially determined contributions:

The Actuarially Determined Contribution rates, as a percentage of payroll, used to determine the the Actuarially Determined Contribution amounts in the Schedule of Employer Contributions are calculated each year with the annual valuation. The following actuarial methods and assumptions(from the December 31, 2018 actuarial valuation) were used to determine contribution amounts reported in that schedule for the fiscal year ending on June 30, 2020:

Actuarial cost method Entry age

Amortization method Level dollar, open

Amortization period Open 30 year period

Asset valuation method 5-year smoothed market

Inflation CPI: 2.75% per year Medical CPI: 3.25% per year

7.50%, net of pension plan investment expense, and including wage inflation

Salary increases, including wage inflation 3.75% to 7.50%

Initial health care cost trend rates: Pre Medicare 8.00% Medicare-Non-Model 4.87% Medicare-Model 4.78% Ultimate health care cost trend rates: Pre Medicare 4.00% Medicare-Non-Model 4.00% Medicare-Model 4.00% Year ultimate health care trend rates reached: Pre Medicare 2034 Medicare-Non-Model 2034 Medicare-Model 2034

Please refer to the December 31, 2018 Retiree Health Benefits Plan actuarial valuation report for details about the data, assumptions, methods, and plan provisions used in the determination of the plan's actuarially determined contribution rates for the fiscal year ending on June 30, 2020.

Cincinnati Retirement System REQUIRED SUPPLEMENTARY INFORMATION 16

Notes to the Required OPEB Information

Expected Return on Assets

177

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178

Variance with

Original Final Actual Amounts Budget - Positive

(Negative) General Fund Revenues Taxes 322,747$ 322,747$ 330,165$ 7,418$ Licenses and Permits 22,077 22,077 23,388 1,311 Use of Money and Property 11,284 12,084 12,579 495 Intergovernmental Revenue 24,460 23,660 23,400 (260) Charges for Services 31,581 31,581 31,437 (144) Miscellaneous 2,884 2,884 3,036 152

Total Revenues 415,033 415,033 424,005 8,972

EXPENDITURES Current

General Government 66,174 71,109 66,705 4,404 Community Development 9,392 7,752 7,656 96 Parks and Recreation 25,056 24,200 23,648 552 Public Safety 273,162 280,671 278,543 2,128 Transportation and Engineering 2,401 2,318 2,234 84 Public Services 14,627 14,547 13,990 557 Nondepartmental Employee Benefits 4,705 7,506 7,343 163

Capital Outlay 25 25 25 -

Total Expenditures 395,542 408,128 400,144 7,984

Excess of Revenue over Expenditures 19,491 6,905 23,861 16,956

Other Financing Sources (Uses) Transfers In 121 205 205 - Transfers (Out) (19,819) (23,849) (23,849) -

Total Other Financing Sources (Uses) (19,698) (23,644) (23,644) -

Change in Fund Balance (207) (16,739) 217 16,956

Cancellation of Prior Years Encumbrances - - 1,759 1,759

Fund balances - beginning 27,785 27,785 27,785 Fund balances - ending 27,578$ 11,046$ 29,761$ 18,715$

Adjustments necessary to convert the results of operations at end of year on the budget basis to the modified accrual basis (GAAP) are as follows:

Excess (Deficiency) of revenues and other financing sources over (under) expenditures and other uses per the Budgetary Comparison Schedule 217$

(Increases) decreases from revenues: Received in cash during year but already accrued as receivables (GAAP) at June 30, 2019 (20,221) Accrued as receivables at June 30, 2020 but not recognized in budget 41,380 (Increases) decreases from encumbrances: Expenditures of amounts encumbered during prior years (8,243) Recognized as expenditures in the budget 11,962 (Increases) decreases from expenditures: Accrued as liabilities at June 30, 2019 recognized as expenditures (GAAP) but not in budget 10,931 Accrued as liabilities at June 30, 2020 (13,184)

Net Change in fund balance per the Statement of Revenues, Expenditures, and Changes in Fund Balance (Page 44) 22,842$

See notes to required supplementary information.

Budgeted Amounts

General Fund

For the fiscal year ended June 30, 2020

City of Cincinnati, Ohio Budgetary Comparison Schedule

Non GAAP

(Amounts in thousands)

179

Variance with

Original Final Actual Amounts Budget - Positive

(Negative) Health District Revenues Charges for Services 25,811$ 25,811$ 21,216$ (4,595)$ Federal Grants 8,710 8,710 11,265 2,555 State Grants 181 181 254 73 Grants and Subsidies 360 360 810 450 Intergovernmental Revenue 1,707 1,707 1,406 (301) Licenses and Permits 1,282 1,282 1,343 61 Special Assessments - - 1 1 Miscellaneous - - 85 85

Total Revenues 38,051 38,051 36,380 (1,671)

EXPENDITURES Current

General Government 433 433 433 - Public Health 57,321 58,043 55,941 2,102

Total Expenditures 57,754 58,476 56,374 2,102

Excess (Deficiency) of Revenue under Expenditures (19,703) (20,425) (19,994) 431

Other Financing Sources (Uses) Transfers In 17,515 17,515 17,515 - Transfers (Out) (84) (84) (84) -

Total Other Financing Sources (Uses) 17,431 17,431 17,431 -

Change in Fund Balance (2,272) (2,994) (2,563) 431

Cancellation of Prior Years Encumbrances - - 660 660

Fund balances - beginning 2,584 2,584 2,584 Fund balances - ending 312$ (410)$ 681$ 1,091$

Adjustments necessary to convert the results of operations at end of year on the budget basis to the modified accrual basis (GAAP) are as follows:

Excess (Deficiency) of revenues and other financing sources over (under) expenditures and other uses per the Budgetary Comparison Schedule (2,563)$

(Increases) decreases from revenues: Received in cash during year but already accrued as receivables (GAAP) at June 30, 2019 (1,453) Accrued as receivables at June 30, 2020 but not recognized in budget 1,096 (Increases) decreases from encumbrances: Expenditures of amounts encumbered during prior years (479) Recognized as expenditures in the budget 876 (Increases) decreases from expenditures: Accrued as liabilities at June 30, 2019 recognized as expenditures (GAAP) but not in budget 1,090 Accrued as liabilities at June 30, 2020 (1,013)

Net Change in fund balance per the Statement of Revenues, Expenditures, and Changes in Fund Balance (Page 44) (2,446)$

See notes to required supplementary information.

Budgeted Amounts

Health District Fund

For the fiscal year ended June 30, 2020

City of Cincinnati, Ohio Budgetary Comparison Schedule

Non GAAP

(Amounts in thousands)

180

City Of Cincinnati, Ohio Note to the Required Supplementary Information

June 30, 2020 Note A- Budgetary Data An annual operating budget is legally adopted each fiscal year for the General Fund, Health District Fund, Debt Service Fund, Capital Projects Fund and the following Special Revenue Funds: Street Construction Maintenance and Repair, Income Tax Infrastructure, Income Tax Transit, Motor Vehicle License, Special Recreation, Special Parks, and Streetcar Operations. The budgetary data reports included within this report are prepared on a cash basis of accounting, with the exception of certain accrued personal service and employee benefit costs. Encumbrances, which do not lapse at year-end, are included as expenditures in the current year budget (Non-GAAP). The budgetary process begins at least six months prior to the fiscal year for which the budget is to be adopted, with the City certifying the proposed budget to the County Auditor by January 20. By July 1, City Council may adopt annual or temporary appropriation measures using, in part, the official certificate of estimated resources approved by the County Budget Commission and tax rates certified by the County Auditor. By October 1, City Council must adopt annual appropriation ordinances. Only unencumbered appropriations lapse at end of the fiscal period. There are several other special revenue and permanent appropriated funds whose revenues are mostly grants which are appropriated monthly as revenues are receipted. The other special revenue funds include: Tax Increment Financing Funds, Recreation, Parks, Safety, Cincinnati Blue Ash Airport, Community Development, Department of Labor Grants, and Other. The permanent funds include: Groesbeck Endowment, Schmidlapp Park Music, W. M. Ampt Music Endowment, Crosley Field Trust, Kroger Trust, Yeatman’s Cove Park Trust, and Park Board Fund. The budgets for these funds in the reports included herein are equivalent to the funds’ expenditures at year end. Outstanding encumbrances are re-appropriated in the next period’s budget. The budgeted revenue is the amount of resources available for expenditures within the period. The levels of appropriation control for each budgeted expenditure classification that may not be exceeded are: personal services, non-personal services, capital outlay, and debt service. Any revisions that alter the budgeted expenditure classification of any division within a City department must be approved by City Council. During the period, several supplementary appropriations were necessary.

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182

SUPPLEMENTARY INFORMATION

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184

MAJOR GOVERNMENTAL FUNDS

General Fund - is the general operating fund for the City. It is used to account for resources, traditionally associated with governments, which are not required to be accounted for in another fund. Health District Fund – is used to account for the resources restricted or committed for programs and services administered by the Health District. Capital Projects Fund - is used primarily to account for resources restricted to construct or acquire governmental fund capital assets. Such resources are derived principally from proceeds of general obligation debt, federal and state grants and City income tax. Debt Service Fund – is used for the resources accumulated and payments made for principal and interest on general obligation debt and capital lease payments of the governmental funds. Tax Increment Financing Fund – is used to account for service payments in lieu of property taxes, capital and debt service expenditures from Tax Increment Financing Districts and Projects.

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186

Original Budget

Final Budget Actual

Variance with Final Budget Positive

(Negative) General Fund

Revenues Taxes Real Property 26,628$ 26,628$ 27,265$ 637$ City Income Tax 289,500 289,500 297,701 8,201 Short Term Rental Excise Tax 611 611 354 (257) Admissions and Other 6,008 6,008 4,845 (1,163) Total Taxes 322,747 322,747 330,165 7,418

Licenses and Permits Street Use 5,335 5,335 5,305 (30) Police and Protective 190 190 197 7 Beer and Liquor 650 650 661 11 Business and Merchandising 4,249 4,249 4,949 700 Amusements 64 64 28 (36) Professional and Occupational 196 196 188 (8) Buildings, Structures and Equipment 11,393 11,393 12,060 667 Total Licenses and Permits 22,077 22,077 23,388 1,311

Use of Money and Property Fines, Forfeits and Penalties 6,599 6,599 5,007 (1,592) Income from Treasury Investments 4,200 5,000 7,515 2,515 Rents 485 485 56 (429) General Concessions and Commissions - - 1 1 Total Use of Money and Property 11,284 12,084 12,579 495

Intergovernmental Revenue Proportionately Shared State Taxes Local Government Fund - Sales, Franchise, State Income Tax 14,100 13,300 12,670 (630) Casino Tax-County Share 5,000 5,000 4,912 (88) Casino Tax-Host City 3,000 3,000 3,388 388 Estate Tax - - 2 2 State Income Tax - Real Property Tax Reduction 2,360 2,360 2,428 68 Total Intergovernmental Revenue 24,460 23,660 23,400 (260)

Charges for Services General Government 10,515 10,515 11,159 644 Public Recreation 1 1 - (1) City Planning Other Inspection Certificates 3,434 3,434 4,000 566 Elevator Certificates 791 791 989 198 Public Safety Police and Communication Charges 393 393 322 (71) Motor Vehicle Response 600 600 568 (32) Impounded Vehicle Fees 500 500 575 75 Protective Inspection Fees 230 230 149 (81) Protective Service - Burglary Alarm 700 700 615 (85) Emergency Transportation Service 8,635 8,635 9,164 529 Other Public Safety Charges 872 872 636 (236) Parking Facilities 4,031 4,031 2,567 (1,464) Public Services Recycling Incentive Fee 325 325 321 (4) Other Public Services Charges 554 554 372 (182) Total Charges for Current Services 31,581 31,581 31,437 (144)

Miscellaneous 2,884 2,884 3,036 152 Total Revenues 415,033 415,033 424,005 8,972

(Continued)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Amounts in Thousands)

187

Original Budget

Final Budget Actual

Variance with Final Budget Positive

(Negative) General Fund (Continued)

Expenditures City Council

Personal Services 2,090$ 2,010$ 2,010$ -$ Non Personal Services 45 14 12 2

Total City Council 2,135 2,024 2,022 2

Office of the Mayor Personal Services 867 865 746 119 Non Personal Services 16 16 12 4

Total Office of the Mayor 883 881 758 123

Office of the Clerk of Council Personal Services 504 512 512 - Non Personal Services 123 135 83 52

Total Office of the Clerk of Council 627 647 595 52

Department of Enterprise Technology Solutions Personal Services 5,625 5,595 5,595 - Non Personal Services 588 598 571 27

Total Department of Enterprise Technology Services 6,213 6,193 6,166 27

Department of the City Manager Office of the City Manager

Personal Services 2,126 2,136 2,136 - Non Personal Services 906 6,683 5,343 1,340

Total Office of the City Manager 3,032 8,819 7,479 1,340

Division of Budget and Evaluation Personal Services 861 774 774 - Non Personal Services 68 56 46 10

Total Division of Budget and Evaluation 929 830 820 10

Division of Emergency Communications Personal Services 10,736 10,736 9,822 914 Non Personal Services 145 145 134 11

Total Division of Emergency Communications 10,881 10,881 9,956 925

Office of Environment and Sustainability Personal Services 422 561 561 - Non Personal Services 1,841 1,896 1,891 5 Capital Outlay - 4 - 4

Total Office of Environment and Sustainability 2,263 2,461 2,452 9

Division of Performance and Data Analytics Personal Services 651 685 685 - Non Personal Services 58 58 36 22

Total Division of Performance and Data Analytics 709 743 721 22

Internal Audit Personal Services 430 383 374 9 Non Personal Services 14 10 7 3

Total Internal Audit 444 393 381 12 Total Department of the City Manager 18,258 24,127 21,809 2,318

Citizen's Complaint Authority Personal Services 663 562 547 15 Non Personal Services 28 63 57 6

Total Citizen's Complaint Authority 691 625 604 21

Department of Economic Inclusion Personal Services 738 770 770 - Non Personal Services 89 81 81 -

Total Department of Economic Inclusion 827 851 851 -

(Continued)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the year ended June 30, 2020

(Amounts in Thousands)

188

Original Budget

Final Budget Actual

Variance with Final Budget Positive

(Negative) General Fund (Continued)

Expenditures Department of Law Civil Division

Personal Services 3,839$ 3,906$ 3,898$ 8$ Non Personal Services 552 827 752 75

Total Civil Division 4,391 4,733 4,650 83

Office of Administrative Hearings and Prosecution Personal Services 2,823 2,586 2,579 7 Non Personal Services 157 177 137 40

Total Office of Administrative Hearings and Prosecution 2,980 2,763 2,716 47 Total Department of Law 7,371 7,496 7,366 130

Department of Human Resources Personal Services 1,642 1,591 1,428 163 Non Personal Services 456 365 345 20

Total Department of Human Resources 2,098 1,956 1,773 183

Department of Finance Office of the Director

Personal Services 332 330 327 3 Non Personal Services 72 73 42 31

Total Office of the Director 404 403 369 34

Division of Accounts and Audits Personal Services 1,449 1,335 1,315 20 Non Personal Services 48 48 42 6

Total Division of Accounts and Audits 1,497 1,383 1,357 26

Division of Treasury Personal Services 786 514 312 202 Non Personal Services 154 174 98 76

Total Division of Treasury 940 688 410 278

Division of Risk Management Personal Services - 296 - 296 Non Personal Services 154 211 211 -

Total Division of Risk Management 154 507 211 296

Division of Income Tax Personal Services 2,912 2,718 2,543 175 Non Personal Services 387 387 254 133

Total Division of Income Tax 3,299 3,105 2,797 308

Division of Purchasing Personal Services 874 739 639 100 Non Personal Services 150 150 144 6

Total Division of Purchasing 1,024 889 783 106 Total Department of Finance 7,318 6,975 5,927 1,048

Department of Community and Economic Development Director's Office and Administration

Personal Services 524 482 482 - Non Personal Services 5,355 4,538 4,531 7

Total Director's Office and Administration 5,879 5,020 5,013 7

Housing Division Personal Services 151 153 116 37 Non Personal Services 1,126 733 723 10

Total Housing Division 1,277 886 839 47

(Continued)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the year ended June 30, 2020

(Amounts in Thousands)

189

Original Budget

Final Budget Actual

Variance with Final Budget Positive

(Negative) General Fund (Continued)

Expenditures Department of Community and Economic Development (Continued) Economic Development and Major/Special Projects Divisions

Personal Services 620$ 443$ 409$ 34$ Non Personal Services 1,616 1,403 1,395 8

Total Economic Development and Major/Special Projects Divisions 2,236 1,846 1,804 42 Total Department of Community and Economic Development 9,392 7,752 7,656 96

Department of City Planning Personal Services 475 463 462 1 Non Personal Services 47 58 55 3

Total Department of City Planning 522 521 517 4

Department of Public Recreation West Region Division

Personal Services 2,644 2,435 2,433 2 Non Personal Services 461 481 464 17

Total West Region Division 3,105 2,916 2,897 19

East Region Division Personal Services 1,791 1,791 1,785 6 Non Personal Services 383 394 364 30

Total East Region Division 2,174 2,185 2,149 36

Central Region Division Personal Services 1,807 1,806 1,806 - Non Personal Services 383 393 376 17

Total Central Region Division 2,190 2,199 2,182 17

Maintenance Division Personal Services 2,048 1,875 1,807 68 Non Personal Services 995 1,076 1,052 24

Total Maintenance Division 3,043 2,951 2,859 92

Division of Athletics Personal Services 2,601 2,598 2,547 51 Non Personal Services 380 400 369 31

Total Division of Athletics 2,981 2,998 2,916 82

Division of Support Services Personal Services 2,322 1,942 1,936 6 Non Personal Services 171 198 182 16 Capital Outlay 25 25 25 -

Total Division of Support Services 2,518 2,165 2,143 22 Total Department of Public Recreation 16,011 15,414 15,146 268

Department of Parks Office of the Director

Personal Services 295 291 278 13 Non Personal Services 1 1 1 -

Total Office of the Director 296 292 279 13

Division of Operations and Facility Management Personal Services 3,302 3,220 3,219 1 Non Personal Services 2,439 2,426 2,326 100

Total Division of Operations and Facility Management 5,741 5,646 5,545 101

Division of Administration and Program Services Personal Services 2,286 2,126 2,049 77 Non Personal Services 747 747 654 93

Total Division of Administration and Program Services 3,033 2,873 2,703 170 Total Department of Parks 9,070 8,811 8,527 284

(Continued)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the year ended June 30, 2020

(Amounts in Thousands)

190

Original Budget

Final Budget Actual

Variance with Final Budget Positive

(Negative) General Fund (Continued)

Expenditures Department of Building and Inspections Building Division

Personal Services 6,815$ 6,804$ 6,772$ 32$ Non Personal Services 487 549 536 13

Total Building Division 7,302 7,353 7,308 45

Division of Building Inspections, Licenses and Permits Personal Services 2,024 2,159 2,143 16 Non Personal Services 247 138 128 10

Total Division of Building Inspections, Licenses and Permits 2,271 2,297 2,271 26 Total Department of Buildings and Inspections 9,573 9,650 9,579 71

Department of Police Patrol Bureau

Personal Services 94,778 102,008 101,949 59 Non Personal Services 6,608 6,896 6,890 6

Total Patrol Bureau 101,386 108,904 108,839 65

Investigations Bureau Personal Services 18,753 19,305 19,305 - Non Personal Services 1,681 1,421 1,401 20

Total Investigations Bureau 20,434 20,726 20,706 20

Support Bureau Personal Services 11,828 11,382 11,382 - Non Personal Services 2,773 3,544 3,529 15

Total Support Bureau 14,601 14,926 14,911 15

Administration Bureau Personal Services 12,807 11,558 11,528 30 Non Personal Services 2,729 2,301 2,277 24

Total Administration Bureau 15,536 13,859 13,805 54 Total Department of Police 151,957 158,415 158,261 154

Department of Fire Division of Response

Personal Services 102,337 103,398 101,906 1,492 Non Personal Services 7,336 7,718 7,484 234

Total Division of Response 109,673 111,116 109,390 1,726

Division of Support Services Personal Services 9,855 9,818 9,650 168 Non Personal Services 1,677 1,322 1,242 80

Total Division of Support Services 11,532 11,140 10,892 248 Total Department of Fire 121,205 122,256 120,282 1,974

Department of Transportation and Engineering Office of the Director

Personal Services 82 44 40 4 Non Personal Services 50 51 50 1

Total Office of the Director 132 95 90 5

Division of Transportation Planning Personal Services 220 243 241 2 Non Personal Services 3 3 2 1

Total Division of Transportation Planning 223 246 243 3

Division of Engineering Personal Services 1 1 - 1 Non Personal Services 48 48 42 6

Total Division of Engineering 49 49 42 7

(Continued)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the year ended June 30, 2020

(Amounts in Thousands)

191

Original Budget

Final Budget Actual

Variance with Final Budget Positive

(Negative) General Fund (Continued)

Expenditures Department of Transportation and Engineering (Continued) Division of Traffic Engineering

Personal Services 167$ 99$ 40$ 59$ Non Personal Services 1,830 1,829 1,819 10$

Total Division of Traffic Engineering 1,997 1,928 1,859 69 Total Department of Transportation and Engineering 2,401 2,318 2,234 84

Department of Public Services Office of the Director

Personal Services 1,132 1,045 1,009 36 Non Personal Services 105 107 106 1

Total Office of the Director 1,237 1,152 1,115 37

Neighborhood Operations Division Personal Services 5,603 5,820 5,511 309 Non Personal Services 4,740 4,278 4,077 201

Total Neighborhood Operations Division 10,343 10,098 9,588 510

Division of City Facility Management Personal Services 108 108 100 8 Non Personal Services 2,771 3,019 3,018 1

Total City Facility Management 2,879 3,127 3,118 9

Division of Fleet Services Personal Services 167 169 168 1 Non Personal Services 1 1 1 -

Total Fleet Services 168 170 169 1 Total Department of Public Services 14,627 14,547 13,990 557

Nondepartmental Accounts Employee Benefits

Public Employee Assistance 315 318 315 3 Workers' Compensation Insurance 3,234 3,794 3,794 - Police Officers and Firefighters' Insurance 300 325 315 10 State Unemployment Compensation 150 2,363 2,213 150 Lump Sum Payments 706 706 706 - Professional Services and Legal Fees Judgments Against the City 900 900 867 33 Audit and Examiners' Fees 400 452 452 - Hamilton County Fees and Estate Tax Adjustment 525 525 423 102 County Clerk Fees 350 204 204 - Election Expense 250 250 145 105 Miscellaneous Accounts Enterprise Software and Licenses 6,039 5,639 5,638 1 Memberships and Lobbyists 257 257 143 114 Manager's Office Obligations 174 173 148 25 Downtown Special Improvement District 45 45 0 45 Greater Cincinnati Redevelopment Authority 700 700 700 - Property Investment Reimbursement Agreements 18 18 18 -

Total Nondepartmental Accounts 14,363 16,669 16,081 588

(Continued)

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (Non-GAAP Budgetary Basis) and Actual

For the year ended June 30, 2020 (Amounts in Thousands)

City of Cincinnati, Ohio

192

Original Budget

Final Budget Actual

Variance with Final Budget Positive

(Negative) General Fund (Continued)

Total Expenditures 395,542 408,128 400,144 7,984

Excess of revenues over expenditures 19,491 6,905 23,861 16,956

Other Financing Sources (Uses) Transfers In 121 205 205 - Transfers (Out) (19,819) (23,849) (23,849) -

Total Other Financing Sources (Uses) (19,698) (23,644) (23,644) -

Net Change in Fund Balance (207) (16,739) 217 16,956

Cancellation of Prior Years Encumbrances 0 0 1,759 1,759

Fund balances - beginning 27,785 27,785 27,785

Fund balances - ending 27,578$ 11,046$ 29,761$ 18,715$

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (Non-GAAP Budgetary Basis) and Actual

For the year ended June 30, 2020 (Amounts in Thousands)

City of Cincinnati, Ohio

193

GENERAL FUND Revenues Taxes Property Taxes $ 27,275 City Income Tax 308,931 Other Taxes 5,199 Total Taxes 341,405

Licenses and Permits Street Use 5,305 Police and Protective 197 Beer and Liquor 169 Business and Merchandising 4,948 Amusements 28 Professional and Occupational 111 Buildings, Structures and Equipment 12,131 Total Licenses and Permits 22,889

Use of Money and Property Fines, Forfeits and Penalties 4,777 Income from Treasury Investments 15,985 Rents 49 Total Use of Money and Property 20,811

Intergovernmental Revenue Proportionately shared State Taxes Local Government Fund - Sales, Franchise, State Income Tax 12,540 State Income Tax - Real Property Tax Reduction 2,428 Estate Tax 2 Casino Tax - County Share 3,729 Casino Tax - Host City Share 2,561 Payments from Other Governmental Units 737 Revenues from Private Sources 8 Total Intergovernmental Revenue 22,005

(Continued)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

194

GENERAL FUND (Continued)

Charges for Services General Government $ 10,825 Planning and Buildings Other Inspection Certificates 4,001 Elevator Certificates 991

Public Safety Police and Communication Charges 324 Impounded Vehicle Fees 1,143 Protective Inspection Fees 148 Protective Service - Burglary Alarm 133 Emergency Transportation Service 9,244 Other Public Safety Charges 631

Public Services 710

Parking Facilities 7,621

Public Health Vital Statistics 13 Total Charges for Current Services 35,784

Miscellaneous 2,996 Total Revenues 445,890

Expenditures City Council 2,067

Office of the Clerk of Council 604

Office of the Mayor 787

Department of the City Manager Office of the City Manager 6,130 Division of Budget and Evaluation 829 Office of Environment and Sustainability 2,588 Retirement 6 Division of Performance and Data Analytics 739 Division of Internal Audit 396

Total Department of City Manager 10,688

Citizen's Complaint and Internal Audit 633

(Continued)

(Amounts in Thousands)

City of Cincinnati, Ohio Statement of Revenues, Expenditures and Changes in Fund Balance

For the fiscal year ended June 30, 2020

195

GENERAL FUND (Continued) Expenditures

Department of Economic Inclusion $ 881

Department of Law 7,904

Department of Human Resources 1,854

Department of Finance Office of the Director 370 Division of Accounts and Audits 1,475 Division of Treasury 452 Division of Risk Management 262 Division of Income Tax 2,902 Division of Purchasing 1,004

Total Department of Finance 6,465

Department of City Planning and Buildings Office of the Director 535

Total Department of City Planning and Buildings 535

Department of Community Development Office of the Director 4,942 Division of Housing Development 1,537 Division of Community Development 2,112

Total Department of Community Development 8,591

Department of Public Recreation Division of Community Activities - West Region Division 3,192 Division of Community Activities - East Region Division 2,190 Division of Community Activities - Central Region Division 2,246 Division of Community Activities - Maintenance Division 2,892 Division of Athletics 3,121 Division of Administration 2,108

Total Department of Public Recreation 15,749

Department of Parks Administration and Program Services Office of the Director 284 Division of Operations and Facility Management 5,754 Division of Planning, Design and Development 2,876

Total Department of Parks Administration and Program Services 8,914

(Continued)

City of Cincinnati, Ohio Statement of Revenues, Expenditures and Changes in Fund Balance

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

196

GENERAL FUND (Continued) Expenditures

Department of Buildings and Inspections Division of Buildings $ 7,521 Division of Building Inspections, Licenses and Permits 2,560

Total Department of Buildings and Inspections 10,081

Department of Police Division of Police 160,250 Emergency Communications Center 10,147

Total Department of Police 170,397

Department of Fire 119,978

Department of Transportation and Engineering Office of the Director 107 Division of Engineering 53 Division of Transportation Planning 245 Division of Traffic Engineering 1,724

Total Department of Transportation and Engineering 2,129

Department of Parking 4,078

Department of Public Services Office of the Director 1,118 Division of Traffic and Road Operations 509 Division of Neighborhood Operations 9,586 Division of City Facility Management 3,093 Division of Fleet Services 178

Total Department of Public Services 14,484

Department of Enterprise Technology Solutions 6,356

(Continued)

City of Cincinnati, Ohio Statement of Revenues, Expenditures and Changes in Fund Balance

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

197

GENERAL FUND (Continued) Expenditures

Nondepartmental Accounts Judgments Against the City $ 990 Enterprise Software Licenses 4,834 County Fees 665 Election Expense 145 Mayor's Office Obligations 5 Cincinnati Manager's Office Obligations 129 Professional Memberships and Publications 145 Audit Fees 415 Port Authority of Greater Cincinnati 700 Property Investment Reimbursement Agreements 18 Interest and Fiscal Charges 318

Total Nondepartmental Accounts 8,364

Total Expenditures 401,539

Excess of revenues over expenditures 44,351

Other Financing Sources(Uses) Transfers In 246 Transfers (Out) (21,755)

Total Other Financing Sources (Uses) (21,509)

Net Change in Fund Balance 22,842

Fund balances, July 1 84,992

Fund balances, June 30 107,834$

City of Cincinnati, Ohio Statement of Revenues, Expenditures and Changes in Fund Balance

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

198

Original Budget Final Budget Actual

Variance with Budget - Positive

(Negative) Health District Fund

REVENUES Charges for Current Services 25,811$ 25,811$ 21,216$ (4,595)$ Licenses and Permits 1,282 1,282 1,343 61 Special Assessments 0 0 1 1 Intergovernmental Revenue 1,707 1,707 1,406 (301) Federal Grants 8,710 8,710 11,265 2,555 State Grants 181 181 254 73 Grants and Subsidies 360 360 810 450 Miscellaneous - - 85 85

Total Revenues 38,051 38,051 - 36,380 (1,671)

EXPENDITURES Department of Finance

Division of Risk Management Personal Services 382 382 382 - Non-Personal Services 51 51 51 -

Total for Division of Risk Management 433 433 433 -

Department of Public Health Office of the Commissioner

Personal Services 2,021 2,017 2,017 - Non-Personal Services 223 304 293 11 Capital Outlay 3 3 0 3

Total Office of the Commissioner 2,247 2,324 2,310 14

Division of Health Techinical Resources Personal Services 1,959 1,959 1,918 41 Non-Personal Services 415 518 518 -

Total Division of Health Techinical Resources 2,374 2,477 2,436 41

Division of Community Health Personal Services 4,974 5,624 5,624 - Non-Personal Services 759 786 784 2

Total Division of Commuity Health 5,733 6,410 6,408 2

Division of Primary Health Care - Programs Personal Services 6,688 6,517 6,390 127 Non-Personal Services 1,150 1,151 1,150 1

Total Division of Primary Health Care - Programs 7,838 7,668 7,540 128

Division of Primary Health Care - Centers Personal Services 18,270 17,396 16,555 841 Non-Personal Services 7,305 8,049 8,005 44

Total Division of Primary Health Care - Centers 25,575 25,445 24,560 885

(Continued)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

199

Original Budget Final Budget Actual

Variance with Budget - Positive

(Negative) Health District Fund

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

EXPENDITURES (Continued) Department of Public Health (Continued)

Division of School & Adolescent Health Personal Services 11,005 10,587 9,659 928 Non-Personal Services 1,147 1,730 1,695 35

Total Division of School & Adolescent Health 12,152 12,317 11,354 963

Total Department of Public Health 55,919 56,641 54,608 2,033

Nondepartmental Accounts Public Employee Assistance 21 21 21 - Workers' Compensation Insurance 196 196 196 - General Fund Overhead Charge 1,185 1,185 1,116 69

Total Nondepartmental Accounts 1,402 1,402 1,333 69

Total Expenditures 57,754 58,476 56,374 2,102

Excess (Deficiency) of Revenues over

(under) Expenditures (19,703) (20,425) (19,994) 431

OTHER FINANCING SOURCES (USES)

Transfers In 17,515 17,515 17,515 -

Transfers Out (84) (84) (84)

Total Other Financing Sources (Uses) 17,431 17,431 17,431 -

Net Change in Fund Balance (2,272) (2,994) (2,563) 431

Cancellation of Prior Year Encumbrances - - 660 660

Fund Balance - July 1 2,584 2,584 2,584 -

Fund Balance - June 30 312$ (410)$ 681$ 1,091$

200

Budget Actual

Variance with Final Budget Positive

(Negative)

Capital Project Funds

Revenues Taxes $ 28,810 $ 28,810 $ Use of Money and Property 1,596 1,596 Special Assessments 317 317 Intergovernmental Revenue 2,952 2,952 Federal Grants 15,892 15,892 State Grants 5,971 5,971 Grants and Subsidies 1,892 1,892 Miscellaneous 6,054 6,054

Total Revenues 63,484 63,484

Capital Outlay Expenditures Enterprise Technology Services 2,049 2,049

Department of the City Manager Office of the City Manager 211 211 Division of Emergency Communications 97 97 Office of Environment and Sustainability 225 225 Division of Economic Development 310 310 Division of Performance and Data Analytics 48 48

Total Department of the City Manager 891 891

Department Community and Economic Development Office of the Directo 3 3 Housing Division 6,652 6,652 Economic Development and Major/Special Projects Divisions 16,640 16,640

Total Department of Community and Economic Development 23,295 23,295

Department of City Planning 77 77

Department of Public Recreation Division of Golf 1,920 1,920

Division of Support Services 3,702 3,702

Total Department of Public Recreation 5,622 5,622

Department of Parks Division of Administration and Program Services 2,158 2,158

Total Department of Parks 2,158 2,158

Department of Police Division of Police 670 670

Total Department of Police 670 670

Department of Fire 3,056 3,056

Department of Building and Inspections Division of Building Inspections, Licenses and Permits 630 630

Total Department of Building and Inspections 630 630

Department of Transportation and Engineering Office of the Director 74 74 Division of Transportation Planning 3,598 Division of Engineering 44,623 44,623 Division of Aviation 968 968 Division of Traffic Engineering 3,804 3,804

Total Department of Transportation and Engineering 53,067 53,067

(Continued)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Amounts in Thousands)

201

Budget Actual

Variance with Final Budget Positive

(Negative) Capital Project Funds (Continued)

Capital Outlay Expenditures Department of Enterprise Services

Division of Convention Center $ 1,164 $ 1,164 $ Division of Parking Facilities 2,571 2,571

Total Department of Enterprise Services 3,735 3,735

Department of Public Services Division of Traffic and Road Operations 8 8 Neighborhood Operations Division 76 76 Division of City Facility Management 6,131 6,131

Total Department of Public Services 6,215 6,215

Department of Stormwater Management Office of the Director 2,330 2,330

Total Department of Stormwater Management 2,330 2,330

Motorized Equipment 6,331 6,331

Total Capital Outlay Expenditures 110,126 110,126

Other Expenditures Department of Finance Division of Accounts and Audits Non Personal Services 716 716 Debt Service 19,005 19,005

Total Department of Finance 19,721 19,721

Department of Transportation and Engineering Division of Engineering Non Personal Services 235 235

Total Department of Transportation and Engineering 235 235

Department of Enterprise Services Division of Fleet Services Non Personal Services 3 3

Total Department of Enterprise Services 3 3

Total Other Expenditures 19,959 19,959

Total Expenditures 130,085 130,085

Deficiency of expenditures over revenues (66,601) (66,601)

Other Financing Sources (Uses) Bond and Note Proceeds 63,666 63,666 Transfers In 95,157 102,755 7,598 Transfers (Out) (86,692) (86,692)

Total Other Financing Sources (Uses) 158,823 79,729 (79,094)

Net Change in Fund Balance 92,222 13,128 (79,094)

Fund balances - beginning 231,443 231,443

Fund balances - ending $ 323,665 $ 244,571 $ (79,094)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

(Amounts in Thousands) For the fiscal year ended June 30, 2020

202

Debt Service Fund Budget Actual

Variance with Final Budget Positive

(Negative)

Revenues Taxes 37,144$ 38,242$ 1,098$ Use of Money and Property 24,818 24,906 88 Intergovernmental Revenue 4,615 4,788 173 Special Assessments 0 71 71 Miscellaneous Revenue 7,787 10,058 2,271

Total Revenues 74,364 78,065 3,701

Expenditures Department of Finance

Office of the Director Personal Services 102 102 -

Total Office of the Director 102 102 -

Division of Accounts and Audits Personal Services 205 205 - Non Personal Services 512 512 - Debt Service 234 234 -

Total Division of Accounts and Audits 951 951 -

Division of Treasury Personal Services 291 291 - Non Personal Services 1,854 1,854 - Debt Service 76,708 76,708 -

Total Division of Treasury 78,853 78,853 -

Total Department of Finance 79,906 79,906 -

Department Community and Economic Development Economic Development and Major/Special Projects Divisions

Non Personal Services 4 4 - Debt Service 774 774 -

Total Economic Development and Major/Special Projects Divisions 778 778 -

Total Department Community and Economic Development 778 778 -

Non Departmental Accounts Workers' Compensation Insurance 6 6 -

Total Non-Departmental Accounts 6 6 -

Non Departmental - Debt Service Payments Debt Service 3,803 3,803 -

Total Non-Departmental - Debt Service Payments 3,803 3,803 -

Total Expenditures 84,493 84,493 -

Excess (deficiency) of revenues over (under) expenditures (10,129) (6,428) 3,701

Other Financing Sources (Uses) General Obligation Bond Proceeds 46,875 7,615 (39,260) Bond Premiums 2,344 7,424 5,080 Build America Bonds Subsidy - 53 53 Transfers In 39,327 39,327 - Transfers (Out) (34,768) (34,768) -

Total Other Financing Sources (Uses) 53,778 19,651 (34,127)

Net Change in Fund Balance 43,649 13,223 (30,426)

Fund balances - beginning 113,458 113,458 -

Fund balances - ending 157,107$ 126,681$ (30,426)$

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Amounts in Thousands)

203

Budget Actual

Variance with Final Budget

Positive (Negative)

Tax Increment Financing Funds Revenues

Intergovernmental Revenue 769$ 769$ $ -$ Use of Money and Property 181 181 - Miscellaneous Revenue 56,537 56,537 -

Total Revenues 57,487 57,487 -

Expenditures Department of the City Manager

Office of the City Manager Debt Service 13 13

Total Office of the City Manager 13 13 -

Office of Economic Development Capital Outlay 1,100 1,100 -

Total Office of Economic Development 1,100 1,100 -

Total Department of the City Manager 1,113 1,113 -

Department of Finance Division of Accounts and Audits

Non Personal Services 28,671 28,671 - Capital Outlay 962 962 - Debt Service 12,747 12,747 -

Total Department of Finance 42,380 42,380 -

Department of Community and Economic Development Economic Development and Major/Special Projects Divisions

Debt Service 321 321 - Total Department Community and Economic Development 321 321 -

Total Expenditures 43,814 43,814 -

Excess of revenues over expenditures 13,673 13,673 -

Other Financing Sources (Uses) Transfers In 0 5,538 (5,538) Transfers (Out) - (12,702) 12,702

Total Other Financing Sources (Uses) - (7,164) 7,164

Net Change in Fund Balance 13,673 6,509 7,164

Fund balances - July 1 47,803 47,803

Fund balances - June 30 61,476$ 54,312$ $ 7,164$

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Amounts in Thousands)

204

CITY OF CINCINNATI, OHIO

NONMAJOR GOVERNMENTAL FUNDS ___

SPECIAL REVENUE FUNDS

Street Construction, Maintenance and Repair Fund - Used to account for street maintenance, repair and cleaning, and the operation and maintenance of traffic signals. Financing is provided by the City's share of State-levied Motor Vehicle License Tax, Gasoline Tax, and reimbursements of expenses.

Income Tax Infrastructure Fund - Used to account for the proceeds of a .1% levy on earned income for infrastructure purposes.

Income Tax Transit Fund - Used to account for the proceeds of a .3% levy on earned income for transit purposes.

Motor Vehicle License Fund - Used to account for resources provided by the locally levied Municipal Motor Vehicle License Tax.

Special Recreation Fund - Used to account for monies received for special recreation activities such as, enrichment exercise programs or caretaker services.

Special Parks Fund – Used to account for monies received for special parks, such as, Sawyer Point Park.

Streetcar Operations Fund – Used to account for monies received for streetcar operations, maintenance, contingency (construction and operation), and capital expenses.

Recreation - Used to account for Federal funds, private contributions, and user fees, and for expenditures made for special recreation activities.

Parks - Used to account for State funds, private contributions, and user fees, and for expenditures made for special parks activities.

Safety - Used to account for Federal and State funds and private contributions, and for expenditures made for public safety purposes.

Cincinnati Blue Ash Airport - Used to account for the revenue and the expenditures for the operation and maintenance of a municipal airport.

Community Development - Used to account for Federal funds received for city-wide development operations.

Other - Used to account for Federal and State funds, private contributions and user fees, and for expenditures for specific purposes not otherwise designated. Bettman Nature Center - Used to account for the investment and expenditure of bequests made for the Bettman Nature Center.

205

CITY OF CINCINNATI, OHIO

NONMAJOR GOVERNMENTAL FUNDS ___

PERMANENT FUNDS

Groesbeck Endowment - Used to account for the investment and expenditure of bequests made for the cost of music concerts in Burnet Woods.

Schmidlapp Park Music - Used to account for the investment and expenditure of bequests made for the cost of music concerts in Eden Park. W. M. Ampt Music Endowment - Used to account for the investment and expenditure of bequests made for the cost of concerts in various City parks. Crosley Field Trust - Used to account for the investment and expenditure of bequests made for the maintenance of the Crosley Field Sports Complex. Kroger Trust - Used to account for the investment and expenditure of a bequest made for the maintenance of the Hartwell Recreation Center. Yeatman's Cove Park Trust - Used to account for the investment and expenditure of a bequest made for the maintenance of the Yeatman's Cove Park. Park Board Fund - Used to account for the investment and expenditure of bequests related to the maintenance and improvement of Fleischmann Gardens, the Geier Esplanade, and various citywide parks.

206

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212

Budget Actual

Variance with Budget - Positive

(Negative) STREET CONSTRUCTION, MAINTENANCE AND REPAIR FUND

REVENUES Intergovernmental Revenue

Motor Vehicle License 1,960$ 1,666$ (294)$ Gasoline 13,320 11,829 (1,491)

Miscellaneous 141 452 311

Total Revenues 15,421 13,947 (1,474)

EXPENDITURES Department of Parks

Operations and Facility Management Personal Services 273 169 104 Non-Personal Services 119 115 4

Total Department of Parks 392 284 108

Department of Transportation and Engineering Division of Traffic Engineering

Personal Services 293 91 202 Non-Personal Services 1,573 1,536 37 Capital Outlay 125 103 22

Total Department of Transportation and Engineering 1,991 1,730 261

Department of Public Services Traffic and Road Operations Division

Personal Services 5,113 4,989 124 Non-Personal Services 3,261 2,504 757 Capital Outlay 19 10 9

Total Traffic and Road Operations Division 8,393 7,503 890

Neighborhood Operations Division Personal Services 3,270 2,925 345 Non-Personal Services 1,676 1,318 358

Total Neighborhood Operations Division 4,946 4,243 703 Total Department of Public Services 13,339 11,746 1,593

Nondepartmental Accounts Public Employee Assistance 8 8 - Workers' Compensation Insurance 113 89 24

Total Nondepartmental Accounts 121 97 24

Total Expenditures 15,843 13,857 1,986

Excess of Revenues over Expenditures (422) 90 512

OTHER FINANCING SOURCES (USES) Transfers In - 37 37 Transfers Out 0 (113) (113)

Total Other Financing Sources (Uses) - (76) (76)

Net Change in Fund Balance (422) 14 436

Cancellation of Prior Year Encumbrances - 246 246

Fund Balance - July 1 2,749 2,749

Fund Balance - June 30 2,327$ 3,009$ 682$

(Amounts in Thousands)

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (Non-GAAP Budgetary Basis) and Actual

For the fiscal year ended June 30, 2020

City of Cincinnati, Ohio

213

Budget Actual

Variance with Budget - Positive

(Negative) INCOME TAX INFRASTRUCTURE FUND

REVENUES Taxes

City Income Tax 18,677$ 19,207$ 530$ Charges for Current Services - 6 6 Miscellaneous - 376 376

Total Revenues 18,677 19,589 912

EXPENDITURES Department of Enterprise Technology SolutionsPersonal Services - -

Non-Personal Services 882 882 - Total Department of Enterprise Technology Solutions 882 882 -

Department of the City Manager Office of the Budget and Evaluation

Personal Services 190 156 34 Non-Personal Services 6 - 6

Total Department of the City Manager 196 156 40

Department of Law Civil Division

Personal Services 193 187 6 Non-Personal Services 3 1 2 Total Civil Division 196 188 8

Real Estate Division Personal Services 50 41 9 Non-Personal Services 3 - 3 Total Real Estate Division 53 41 12

Total Department of Law 249 229 20

Department of Human Resources Personal Services 453 443 10

Total Department of Human Resources 453 443 10

Department of Finance Division of Accounts and Audits

Personal Services 212 212 - Non-Personal Services 4 1 3

Total Division of Accounts and Audits 216 213 3

Division of Purchasing Personal Services 176 172 4

Total Division of Purchasing 176 172 4 Total Department of Finance 392 385 7

Department of Public Recreation Division of Maintenance

Personal Services 806 785 21 Non-Personal Services 179 178 1

Total Department of Public Recreation 985 963 22

(Continued)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

For the fiscal year ended June 30, 2020

214

Budget Actual

Variance with Budget - Positive

(Negative) INCOME TAX INFRASTRUCTURE FUND

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

For the fiscal year ended June 30, 2020

(Continued) EXPENDITURES (Continued)

Department of Parks Division of Operations and Facility Management

Personal Services 1,743$ 1,711$ 32$ Non-Personal Services 12 - 12

Total Division of Operations and Facility Management 1,755 1,711 44

Division of Administration and Program Services Personal Services 65 51 14

Total Division of Administration and Program Services 65 51 14 Total Department of Parks 1,820 1,762 58

Department of Buildings & Inspections Building Division

Personal Services 63 44 19 Total Department of Buildings & Inspections 63 44 19

Department of Transportation and Engineering Office of the Director

Personal Services 1,490 1,432 58 Non-Personal Services 39 22 17

Total Office of the Director 1,529 1,454 75

Division of Transportation Planning Personal Services 1,765 1,685 80 Non-Personal Services 14 4 10

Total Division of Transportation Planning 1,779 1,689 90

Division of Engineering Personal Services 968 898 70 Non-Personal Services 774 763 11

Total Division of Engineering 1,742 1,661 81

Division of Traffic Engineering Personal Services 3,486 3,398 88 Non-Personal Services 328 301 27

Total Division of Traffic Engineering 3,814 3,699 115 Total Department of Transportation and Engineering 8,864 8,503 361

Department of Public Services Office of the Director

Personal Services 132 123 9 Non-Personal Services 51 34 17

Total Office of the Director 183 157 26

Division of Traffic and Road Operations Personal Services 728 699 29 Non-Personal Services 335 321 14 Capital Outlay 12 - 12

Total Division of Traffic and Road Operations 1,075 1,020 55

(Continued)

215

Budget Actual

Variance with Budget - Positive

(Negative) INCOME TAX INFRASTRUCTURE FUND

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

For the fiscal year ended June 30, 2020

(Continued) EXPENDITURES (Continued)

Department of Public Services (Continued) Division of City Facility Management

Personal Services 2,205$ 2,178$ 27$ Non-Personal Services 1,251 1,241 10

Total City Facility Management 3,456 3,419 37 Total Department of Public Services 4,714 4,596 118

Department of Economic Inclusion Personal Services 302 284 18

Total Department of Economic Inclusion 302 284 18

Nondepartmental Accounts Public Employee Assistance 14 14 - Workers' Compensation Insurance 199 158 41 Lump Sum Payments 400 400 - General Fund Overhead 1,059 990 69

Total Nondepartmental Accounts 1,672 1,562 110

Total Expenditures 20,592 19,809 783

Excess (Deficiency) of Revenues over (under) Expenditures (1,915) (220) 1,695

OTHER FINANCING USES Transfers Out - (880) (880)

Net Change in Fund Balance (1,915) (1,100) 815

Cancellation of Prior Years Encumbrances - 210 210

Fund Balance - July 1 8,027 8,027 -

Fund Balance - June 30 6,112$ 7,137$ 1,025$

216

Budget Actual

Variance with Budget - Positive

(Negative) INCOME TAX TRANSIT FUND

REVENUES Taxes

City Income Tax 56,032$ 57,619$ 1,587$ Use of Money and Property 125 160 35 Miscellaneous - 1 1

Total Revenues 56,157 57,780 1,623

EXPENDITURES SORTA

Operations 55,096 55,096 - Total SORTA 55,096 55,096 -

Department of Law Civil Division

Personal Services 107 83 24 Total Department of Law 107 83 24

Department of Parks Division of Parks Operations and Facility Management

Non Personal Services 31 25 6 Total Department of Parks 31 25 6

Department of Transportation and Engineering Office of the Director

Personal Services 71 67 4 Non Personal Services 6 4 2

Total Office of the Director 77 71 6

Division of Transportation Planning Personal Services 126 97 29 Non-Personal Services 50 41 9

Total Division of Transportation Planning 176 138 38 Total Department of Transportation and Engineering 253 209 44

Nondepartmental Accounts Workers' Compensation Insurance 2 2 - General Fund Overhead 500 432 68

Total Nondepartmental Accounts 502 434 68

Total Expenditures 55,989 55,847 142

Excess of Revenues over Expenditures 168 1,933 1,765

OTHER FINANCING SOURCES (USES) Transfers In - 70 70 Transfers Out - (170) (170)

Total Other Financing Sources (Uses) - (100) (100)

Net Change in Fund Balance 168 1,833 1,665

Cancellation of Prior Years Encumbrances - 3 3

Fund Balance - July 1 8,401 8,401

Fund Balance - June 30 8,569$ 10,237$ 1,668$

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

City of Cincinnati, Ohio

Schedule of Revenues, Expenditures and Changes in Fund Balance Budget (Non-GAAP Budgetary Basis) and Actual

217

Budget Actual

Variance with Budget - Positive

(Negative) MOTOR VEHICLE LICENSE FUND

REVENUES Intergovernmental Revenue 3,200$ 2,516$ (684)$ Miscellaneous - 123 123

Total Revenues 3,200 2,639 (561)

EXPENDITURES Department of Transportation and Engineering

Division of Traffic Engineering Personal Services 123 121 2 Non-Personal Services 19 1 18

Total Department of Transportation and Engineering 142 122 20

Department of Public Services Traffic and Road Operations Division

Personal Services 2,036 1,842 194 Non-Personal Services 1,381 997 384

Total Department of Public Services 3,417 2,839 578

Nondepartmental Accounts Public Employees Assistance Program 2 2 - Workers' Compensation Insurance 29 22 7 General Fund Overhead 132 132 -

Total Nondepartmental Accounts 163 156 7

Total Expenditures 3,722 3,117 605

Excess (Deficiency) of Revenues over (under) Expenditures (522) (478) 44

OTHER FINANCING USES Transfers Out - (40) (40)

Net Change in Fund Balance (522) (518) 4

Cancellation of Prior Years Encumbrances - 24 24

Fund Balance - July 1 1,189 1,189 -

Fund Balance - June 30 667$ 695$ 28$

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

218

Budget Actual

Variance with Budget - Positive

(Negative)

SPECIAL RECREATION FUND

REVENUES

Use of Money and Property 328$ 326$ (2)$

Charges for Services 4,067 3,316 (751)

Federal Grants 500 1,453 953

Miscellaneous Revenue 5 65 60

Total Revenues 4,900 5,160 260

EXPENDITURES Department of Recreation

West Region Personal Services 804 600 204 Non-Personal Services 206 106 100

Total West Region 1,010 706 304

East Region

Personal Services 1,382 938 444

Non-Personal Services 277 135 142

Total East Region 1,659 1,073 586

Central Region

Personal Services 1,683 1,367 316

Non-Personal Services 280 199 81

Total Central Region 1,963 1,566 397

Division of Athletics

Personal Services 410 338 72

Non-Personal Services 533 376 157

Total Division of Athletics 943 714 229

Division of Support Services

Personal Services 93 91 2

Non-Personal Services 110 95 15

Capital Outlay 63 63 -

Total Division of Support Services 266 249 17

Total Department of Recreation 5,841 4,308 1,533

(Continued)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

219

Budget Actual

Variance with Budget - Positive

(Negative)

SPECIAL RECREATION FUND

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Continued)

EXPENDITURES (Continued) Nondepartmental Accounts

Public Employee Assistance 5$ 3$ 2$ Workers' Compensation Insurance 59 48 11 General Fund Overhead 308 299 9

Total Nondepartmental Accounts 372 350 22

Total Expenditures 6,213 4,658 1,555

Net Change in Fund Balance (1,313) 502 1,815

Cancellation of Prior Year Encumbrances - 61 61

Fund Balance - July 1 2,700 2,700

Fund Balance - June 30 1,387$ 3,263$ 1,876$

220

Budget Actual

Variance with Budget - Positive

(Negative)

SPECIAL PARKS FUND

REVENUES Use of Money and Property 355$ 115$ (240)$ Charges for Services 513 703 190 Miscellaneous Revenue 0 19 19

Total Revenues 868 837 (31)

EXPENDITURES Department of Parks

Division of Operations and Facility Management Personal Services 759 722 37 Non-Personal Services 751 315 436

Total Department of Parks 1,510 1,037 473

Nondepartmental Accounts Workers' Compensation Insurance 5 5 - General Fund Overhead 62 39 23

Total Nondepartmental Accounts 67 44 23

Total Expenditures 1,577 1,081 496

Excess (Deficiency) of Revenues over (under) Expenditures (709) (244) 465

OTHER FINANCING USES Transfers Out 0 (773) (773)

Net Change in Fund Balance (709) (1,017) (308)

Cancellation of Prior Year Encumbrances 109 109

Fund Balance - July 1 2,220 2,220

Fund Balance - June 30 1,511$ 1,312$ (199)$

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Amounts in Thousands)

221

Budget Actual

Variance with Budget - Positive

(Negative) STREETCAR OPERATIONS FUND

REVENUES Use of Money and Property 600$ 406$ (194)$ Grants and Subsidies 900 900 -$ Charges for Current Services 1,500 1,774 274 Miscellaneous - 6 6

Total Revenues 3,000 3,086 86

EXPENDITURES SORTA

Operations Non-Personal Services 3,009 2,754 255

Total SORTA 3,009 2,754 255

Department of Law Civil Division

Personal Services 35 22 13 Non-Personal Services 230 230 - Total Department of Law 265 252 13

Department of Transportation and Engineering Office of the Director

Personal Services 388 304 84 Non-Personal Services 183 148 35

Total Office of the Director 571 452 119

Division of Traffic Engineering Personal Services 98 95 3 Non-Personal Services 30 1 29

Total Division of Traffic Engineering 128 96 32

Total Department of Transportation and Engineering 699 548 151

Department of Public Services Traffic and Road Operations Division

Personal Services 44 38 6 Total Department of Public Services 44 38 6

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Amounts in Thousands)

222

Budget Actual

Variance with Budget - Positive

(Negative) STREETCAR OPERATIONS FUND

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Amounts in Thousands)

Nondepartmental Accounts Workers' Compensation Insurance 0 0 0

General Fund Overhead 20$ 20$ -

Total Nondepartmental Accounts 20 20 -

Total Expenditures 4,037 3,612 412$

Excess (Deficiency) of Revenues over (under) Expenditures (1,037) (526) 511

OTHER FINANCING SOURCES Transfers In - 502 502

Net Change in Fund Balance (1,037) (24) 1,013

Cancellation of Prior Year Encumbrances 85 85

Fund Balance - July 1 (78) (78) -

Fund Balance - June 30 (1,115)$ (17)$ 1,098$

223

Budget Actual

Variance with Budget - Positive

(Negative)

RECREATION GRANTS FUND

REVENUES Use of Money and Property 31$ 45$ 14$ Federal Grants 170 343 173 Grants and Subsidies 200 37 (163) Charges for Current Services 8 5 (3) Miscellaneous - 25 25

Total Revenues 409 455 46

EXPENDITURES Department of Recreation

West Region Non-Personal Services 8 8 -

Total West Region 8 8 -

East Region Personal Services - - Non-Personal Services 31 31 -

Total East Region 31 31 -

Central Region Non-Personal Services 95 95 -

Total Central Region 95 95 -

Division of Golf Non-Personal Services 1 1 -

Total Division of Golf 1 1 -

Division of Athletics Personal Services 55 55 - Non-Personal Services 112 112 -

Total Division of Athletics 167 167 -

Division of Support Services Personal Services - - - Non-Personal Services 27 27 -

Total Division of Support Services 27 27 - Total Department of Recreation 329 329 -

(Continued)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

224

Budget Actual

Variance with Budget - Positive

(Negative)

RECREATION GRANTS FUND

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Continued) EXPENDITURES (Continued)

Nondepartmental Accounts Workers' Compensation Insurance 1$ 1$ - General Fund Overhead 2 2 -

Total Nondepartmental Accounts 3 3 -

Total Expenditures 332 332 -

Excess of Revenues over Expenditures 77 123 46$

OTHER FINANCING SOURCES Transfers In 0 25 25

Net Change in Fund Balance 77 148 71

Fund Balance - July 1 2,412 2,412

Fund Balance - June 30 2,489$ 2,560$ 71$

225

Budget Actual

Variance with Budget - Positive

(Negative) PARKS FUND

REVENUES Use of Money and Property 1,127$ 1,576$ 449$ Charges for Current Services 1,837 997 (840) Grants and Subsidies 1,352 1,336 (16) Miscellaneous 143 212 69

Total Revenues 4,459 4,121 (338)

EXPENDITURES Department of Parks

Division of Operations and Facility Management Personal Services 1,597 1,597 - Non-Personal Services 1,497 1,497 -

Total Division of Operations and Facility Management 3,094 3,094 -

Division of Administration and Program Services Personal Services 210 210 - Non-Personal Services 234 234 -

Total Division of Administration and Program Services 444 444 - Total Department of Parks 3,538 3,538 -

Nondepartmental Accounts Public Employee Assistance Program 1 1 - Workers' Compensation Insurance 12 12 - General Fund Overhead 73 73 -

Total Nondepartmental Accounts 86 86 -

Total Expenditures 3,624 3,624 -

Excess (Deficiency) of Revenues over (under) Expenditures 835 497 (338)

OTHER FINANCING SOURCES (USES) Transfers In - 24 24 Transfers Out (1,084) (1,084) -

Total Financing Sources (Uses) (1,084) (1,060) 24

Net Change in Fund Balance (249) (563) (314)

Fund Balance - July 1 8,897 8,897

Fund Balance - June 30 8,648$ 8,334$ (314)$

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

226

Budget Actual

Variance with Budget - Positive

(Negative) SAFETY FUND

REVENUES Licenses and Permits 49$ 69$ 20$ Use of Money and Property 39 38 (1) Intergovernmental Revenue 5,776 4,153 (1,623) Federal Grants 296 5,949 5,653 State Grants 0 99 99 Grants and Subsidies 5 5 - Charges for Current Services 1,300 1,107 (193) Miscellaneous 13 13 -

Total Revenues 7,478 11,433 3,955

EXPENDITURES Enterprise Technology Solutions Division of Administration

Non-Personal Services 561 561 - Total Division of Administration 561 561 -

Division of County Law Enforcement Applied Regionally (CLEAR) Personal Services 1,358 1,358 - Non-Personal Services 2,011 2,011 -

Total Division of CLEAR 3,369 3,369 - Total Enterprise Technology Services 3,930 3,930 -

Office of the City Manager Division of Emergency Communications

Personal Services 718 718 - Non-Personal Services 242 242 -

Total Office of the City Manager 960 960 -

Department of Law Non-Personal Services 8 8 -

Total Department of Law 8 8 -

Department of Police Patrol Bureau

Personal Services 1,430 1,430 - Non-Personal Services 611 611 -

Total Patrol Bureau 2,041 2,041 -

Investigations Bureau Personal Services 243 243 - Non-Personal Services 664 664 -

Total Investigations Bureau 907 907 -

(Continued)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

227

Budget Actual

Variance with Budget - Positive

(Negative) SAFETY FUND

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Continued) EXPENDITURES (Continued)

Department of Police (Continued) Support Bureau

Non-Personal Services 98$ 98$ - Total Support Bureau 98 98 -

Administration Bureau Non-Personal Services 425 425 -

Total Administration Bureau 425 425 - Total Department of Police 3,471 3,471 -

Department of Fire Division of Response

Personal Services 2,214 2,214 - Non-Personal Services 217 217 -

Total Department of Fire 2,431 2,431 -

Nondepartmental Accounts General Fund Overhead 100 100 - Workers' Compensation Program 16 16 -

Total Nondepartmental Accounts 116 116 -

Total Expenditures 10,916 10,916 -

Excess (Deficiency) of Revenues over (under) Expenditures (3,438) 517 3,955$

OTHER FINANCING SOURCES (USES) Transfers In 0 62 62 Transfers Out - (206) (206)

Total Other Financing Sources (Uses) - (144) (206)

Net Change in Fund Balance (3,438) 373 3,811

Fund Balance - July 1 5,809 5,809

Fund Balance - June 30 2,371$ 6,182$ 3,811$

228

Budget Actual

Variance with Budget - Positive

(Negative)

CINCINNATI BLUE ASH AIRPORT FUND

REVENUES

Use of Money and Property $ -$ $ -$ $ -$

Total Revenues - - -

EXPENDITURES

Total Expenditures - - -

Net Change in Fund Balance - - -

Fund Balance - July 1 121 121

Fund Balance - June 30 121$ 121$ $ -$

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

229

Budget Actual

Variance with Budget - Positive

(Negative) COMMUNITY DEVELOPMENT FUND

REVENUES Use of Money and Property 1,395$ 1,395$ $ -$ Federal Grants 12,375 12,375 - Charges for Current Services 343 343 - Miscellaneous 11 11 -

Total Revenues 14,124 14,124 -

EXPENDITURES Department of the City Manager

Office of Economic Development Capital Outlay 97 97 -

Total Department of the City Manager 97 97 -

Department of Community and Economic Development Director's Office and Administration

Personal Services 644 644 - Non-Personal Services 323 323 - Capital Outlay 156 156 - Debt Service 36 36 -

Total Director's Office and Administration 1,159 1,159 -

Division of Housing Personal Services 343 343 - Non-Personal Services 34 34 - Capital Outlay 6,711 6,711 -

Total Division of Housing 7,088 7,088 -

Division of Economic Development and Major/Special Projects Personal 115 115 - Non-Personal Services 18 18 - Capital Outlay 1,564 1,564 -

Total Division of Economic Development and Major/Special Projects 1,697 1,697 -

Division of New Construction and Existing Building Standards Capital Outlay 7 7 -

Total Division of New Construction and Existing Building Standards 7 7 - Total Department of Community and Economic Development 9,951 9,951 -

Department of City Planning Personal Services 374 374 - Non-Personal Services 2 2 -

Total Department of City Planning 376 376 -

Department of Recreation Division of Support Services

Capital Outlay 1,011 1,011 - Total Department of Recreation 1,011 1,011

(Continued)

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

230

Budget Actual

Variance with Budget - Positive

(Negative) COMMUNITY DEVELOPMENT FUND

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

(Continued) EXPENDITURES (Continued)

Department of Building and Inspections Division of Building Inspections, Licenses and Permits

Capital Outlay 1,593$ 1,593$ $ -$ Total Department of Buildings and Inspections 1,593 1,593 -

Department of Health Division of Community Health Services

Capital Outlay 175 175 - Total Department of Health 175 175 -

Nondepartmental Accounts Special Investigations and Studies 1,245 1,245 -

Total Nondepartmental Accounts 1,245 1,245 -

Total Expenditures 14,448 14,448 -

Net Change in Fund Balance (324) (324)

Fund Balance - July 1 3,203 3,203 -

Fund Balance - June 30 2,879$ 2,879$ $ -$

231

Budget Actual

Variance with Budget - Positive

(Negative) OTHER GRANTS FUND

REVENUES Taxes 3,000$ 3,813$ 813$ Use of Money and Property 2,275 2,320 45 Special Assessments 6,018 6,138 120 Federal Grants 17,649 17,649 - State Grants 70 70 - Grants and Subsidies 306 306 - Charges for Current Services 918 592 (326) Miscellaneous 28 62 34

Total Revenues 30,264 30,950 686

EXPENDITURES Office of the Clerk of Council

Non-Personal Services 2 2 - Total Office of the Clerk of Council 2 2 -

Department of the City Manager Office of the City Manager Non-Personal Services 26 26 -

Total Office of the City Manager 26 26 -

Office of Environment and Sustainability Non-Personal Services 37 37 -

Total Office of Environment and Sustainability 37 37 - Total Department of the City Manager 63 63 -

Department of Human Resources Non Personal Services 2 2 -

Total Department of the City Manager 2 2 -

Department of Finance Division of Accounts and Audits

Non-Personal Services 248 248 - Total Division of Accounts and Audits 248 248 -

Division of Treasury Non-Personal Services 7,050 7,050 -

Total Division of Treasury 7,050 7,050 - Total Department of Finance 7,298 7,298 -

(Continued)

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

232

Budget Actual

Variance with Budget - Positive

(Negative) OTHER GRANTS FUND

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

(Continued) EXPENDITURES (Continued)

Department of Community and Economic Development Housing Division

Personal Services 85$ 85$ $ Non-Personal Services 110 110 - Capital Outlay 1,874 1,874 -

Total Housing Division 2,069 2,069 -

Economic Development and Major/Special Projects Divisions Non Personal Services 347 347 -

Total Economic Development and Major/Special Projects Divisions 347 347 - Total Department of Community and Economic Development 2,416 2,416 -

Department of Recreation Division of Support Services

Non-Personal Services 8 8 -$ Total Department of Recreation 8 8 -

Department of Parks Division of Operations and Facility Management

Personal Services 739 739 - Non-Personal Services 1,028 1,028 -

Total Department of Parks 1,767 1,767 -

Department of Buildings and Inspections Division of Building Inspections, Licenses and Permits

Personal Services 170 170 - Non-Personal Services 184 184 -

Total Department of Buildings and Inspections 354 354 -

Department of Police Personal Services 133 133 -

Total Department of Police 133 133 -

Department of Transportation and Engineering Division of Traffic Engineering

Personal Services 124 124 - Non-Personal Services 305 305 -

Total Department of Transportation and Engineering 429 429 -

Department of Public Services Division of Traffic and Road Operations

Personal Services 30 30 - Non-Personal Services 19 19 -

Total Division of Traffic and Road Operations 49 49 -

(Continued)

233

Budget Actual

Variance with Budget - Positive

(Negative) OTHER GRANTS FUND

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual

(Continued) EXPENDITURES (Continued)

Department of Public Services (Continued) Division of Neighborhood Operations

Non-Personal Services 48$ 48$ $ -$ Total Division of Neighborhood Operations 48 48 -

Division of City Facility Management Non-Personal Services 1,680 1,680 -

Total Division of City Facility Management 1,680 1,680 - Total Department of Public Services 1,777 1,777 -

Department of Water Works Non-Personal Services 3 3 -

Total Department of Water Works 3 3 -

Department of Fire Division of Response

Personal Services 65 65 - Total Division of Response 65 65 0

Division of Support Services Personal Services 32 32 -

Total Division of Support Services 32 32 0 Total Department of Fire 97 97 -

Nondepartmental Accounts

Total Nondepartmental Accounts 79 79 -

Total Expenditures 14,428 14,428 -

Excess of Revenues over Expenditures 15,836 16,522 686

OTHER FINANCING SOURCES (USES) Transfers In 0 200 200 Transfers Out - (231) (231)

Total Other Financing Sources (Uses) - (31) (31)

Net Change in Fund Balance 15,836 16,491 655

Fund Balance - July 1 10,085 10,085

Fund Balance - June 30 25,921$ 26,576$ 655$

234

Budget Actual

Variance with Budget - Positive

(Negative) BETTMAN NATURE CENTER

REVENUES

Use of Money and Property 73$ 73$ $ -$

Total Revenues 73 73 -

EXPENDITURES

Department of Parks

Division of Operations and Facility Management

Non-Personal Services 14 14 - Total Department of Parks 14 14 -

Total Expenditures 14 14 -

Excess of Revenues over Expenditures 59 59 -

OTHER FINANCING USES Transfers Out (61) (61) -

Net Change in Fund Balance (2) (2) -

Fund Balance - July 1 2,105 2,105

Fund Balance - June 30 2,103$ 2,103$ $ -$

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

(Amounts in Thousands)

235

Budget Actual

Variance with Budget - Positive

(Negative)

GROESBECK ENDOWMENT FUND

REVENUES

Use of Money and Property 16$ 16$ $ -$

Total Revenues 16 16 -

Excess of Revenues over Expenditures 16 16 -

OTHER FINANCING USES

Transfers Out (15) (15) -

Net Change in Fund Balance 1 1 -

Fund Balance - July 1 56 56

Fund Balance - June 30 57$ 57$ $ -$

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

236

Budget Actual

Variance with Budget - Positive

(Negative)

SCHMIDLAPP PARK MUSIC FUND

REVENUES

Use of Money and Property 1$ 1$ $ -$

Total Revenues 1 1 -

Excess of Revenues over Expenditures 1 1 -

OTHER FINANCING USES

Transfers Out (1) (1) -

Net Change in Fund Balance - - -

Fund Balance - July 1 51 51

Fund Balance - June 30 51$ 51$ $ -$

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

237

Budget Actual

THE W. M. AMPT MUSIC ENDOWMENT FUND

REVENUES

Use of Money and Property 10$ 10$ $ -$

Total Revenues 10 10 -

Excess of Revenues over Expenditures 10 10 -

OTHER FINANCING USES

Transfers Out (9) (9) -

Net Change in Fund Balance 1 1 -

Fund Balance - July 1 137 137

Fund Balance - June 30 138$ 138$ $ -$

Variance with Budget - Positive (Negative)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

238

Budget Actual

CROSLEY FIELD TRUST

REVENUES

Use of Money and Property 49$ 49$ $ -$

Total Revenues 49 49 -

EXPENDITURES

Department of Recreation

Division of Athletics

Non-Personal Services 6 6 -

Total Department of Recreation 6 6 -

Total Expenditures 6 6 -

Excess of Revenues over Expenditures 43 43 -

OTHER FINANCING USES

Transfers Out (25) (25) -

Net Change in Fund Balance 18 18 -

Fund Balance - July 1 975 975

Fund Balance - June 30 993$ 993$ $ -$

Variance with Budget - Positive

(Negative)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

239

Budget Actual

KROGER TRUST

REVENUES

Use of Money and Property 2$ 2$ $ -$

Total Revenues 2 2 -

EXPENDITURES

Department of Recreation

Division of West Region

Non-Personal Services 3 3 -

Total Department of Recreation 3 3 -

Total Expenditures 3 3 -

Net Change in Fund Balance (1) (1) -

Fund Balance - July 1 81 81

Fund Balance - June 30 80$ 80$ $ -$

Variance with Budget - Positive

(Negative)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

240

Budget Actual

YEATMAN'S COVE PARK TRUST

REVENUES

Use of Money and Property 14$ 14$ $ -$

Total Revenues 14 14 -

Net Change in Fund Balance 14 14 -

Fund Balance - July 1 687 687

Fund Balance - June 30 701$ 701$ $ -$

Variance with Budget - Positive (Negative)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

241

Budget Actual

PARK BOARD FUND

REVENUES

Use of Money and Property 1,333$ 1,333$ $ -$

Total Revenues 1,333 1,333 -

EXPENDITURES

Department of Parks

Division of Administration and Program Services

Non-Personal Services 36 36 -

Total Department of Parks 36 36 -

Total Expenditures 36 36 -

Excess of Revenues over Expenditures 1,297 1,297 -

OTHER FINANCING USES Transfers Out (762) (762) -

Total Other Financing Uses (762) (762) -

Net Change in Fund Balance 535 535 -

Fund Balance - July 1 7,323 7,323

Fund Balance - June 30 7,858$ 7,858$ $ -$

Variance with Budget - Positive

(Negative)

(Amounts in Thousands)

City of Cincinnati, Ohio Schedule of Revenues, Expenditures and Changes in Fund Balance

Budget (Non-GAAP Budgetary Basis) and Actual For the fiscal year ended June 30, 2020

242

CITY OF CINCINNATI, OHIO

NONMAJOR ENTERPRISE FUNDS

Convention Center – Used to account for the expenses from the operation of the Duke Energy

Convention Center, financed primarily through user fees.

Parking Facilities - Used to account for the revenue and expenses of the parking meters, garages,

and lots of the City.

General Aviation - Used to account for the expenses of Lunken Airport, financed primarily through

user fees.

Municipal Golf - Used to account for the revenue received from all golf activities and for the

expenses of operating the golf courses of the City.

Stormwater Management - Used to account for the operation, maintenance and improvement of a

stormwater management system. Financing is provided by the users of the system in proportion to

their use of the system.

243

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244

Parking General Municipal Stormwater Facilities Aviation Golf Management

ASSETS Current Assets:

Cash and Cash Equivalents $ 6 $ 256 $ 262 Equity in City Treasury Cash $ 2,887 4,374 $ 972 517 $ 2,838 11,588 Receivables: Taxes 78 78 Accounts, Net 222 8 130 0 2,860 3,220 Accrued Interest 18 4 1 11 34 Due from Other Funds 12 18 4 - 179 213 Prepaid Items 47 34 3 84 Advances to Other Funds 2,451 733 1,428 95 19,975 24,682 Total Current Assets 5,697 5,191 2,541 869 25,863 40,161

Noncurrent Assets: Equity in City Treasury Cash 4,294 6,506 1,447 769 4,221 17,237 Land 11,555 8,161 13,229 1,324 7,074 41,343 Buildings, net of Accumulated Depreciation 28 13,731 389 186 14,334 Improvements, net of Accumulated Depreciation 67,838 15,218 5,097 5,375 41,305 134,833 Machinery and Equipment, net of Accumulated Depreciation 72 1,234 609 1,961 1,240 5,116 Construction in Progress 7,224 5,454 6,038 791 9,156 28,663 Total Noncurrent Assets 91,011 50,304 26,809 10,406 62,996 241,526

Total Assets 96,708 55,495 29,350 11,275 88,859 281,687

DEFERRED OUTFLOWS OF RESOURCES Loss on Defeasance 118 1,066 4 4 1,192 Pension Systems Related 0 2,949 1,101 137 6,016 10,203 Other Postemployment Benefit Systems Related 794 264 32 1,429 2,519 Total Deferred Outflows of Resources 118 4,809 1,369 173 7,445 13,914

LIABILITIES Current Liabilities:

Accounts Payable 118 269 34 421 279 1,121 Due to Other Funds 182 4 24 1,392 81 1,683 Due to Fiduciary Funds 2 4 - 26 32 Accrued Payroll 23 27 3 180 233 Accrued Liabilities 554 90 3 647 Accrued Interest 11 22 1 4 64 102 Deposits Payable 17 4 21 Unearned Revenue 2,021 8 35 2,064 Compensated Absences Payable 136 108 - 333 577 Unpaid Claims Payable 6 23 9 36 74 General Obligation Bonds Payable 176 691 41 30 1,148 2,086 Total Current Liabilities 2,525 1,715 391 1,859 2,150 8,640

Noncurrent Liabilities: Compensated Absences Payable - 128 - 766 894 General Obligation Bonds Payable 3,146 8,532 231 180 17,575 29,664 Net Pension Liabilities - 10,995 3,850 444 20,916 36,205 Net Other Postemployment Benefit Liabilities - 1,454 509 59 2,765 4,787 Total Noncurrent Liabilities 3,146 20,981 4,718 683 42,022 71,550

Total Liabilities 5,671 22,696 5,109 2,542 44,172 80,190

DEFERRED INFLOWS OF RESOURCES Gain on Defeasance 29 18 11 58 Service Concession Arrangements 11,021 11,021 Pension Systems Related 0 13 3 1 948 965 Other Postemployment Benefit Systems Related 292 132 15 1,159 1,598 Total Deferred Inflows of Resources 29 11,326 153 27 2,107 13,642

NET POSITION Net Investment in Capital Assets 85,514 36,143 25,076 9,420 52,311 208,464 Unrestricted Net Position 5,612 (9,861) 381 (541) (2,286) (6,695)

Total Net Position $ 91,126 $ 26,282 $ 25,457 $ 8,879 $ 50,025 $ 201,769

Business-Type Activities - Enterprise Funds

Convention Center

City of Cincinnati, Ohio

Funds

Combining Statement of Net Position

June 30, 2020 (Amounts in Thousands)

Nonmajor Enterprise Funds

Nonmajor Enterprise

Total

245

For the fiscal year ended June 30, 2020 (Amounts in Thousands)

Parking General Municipal Stormwater Facilities Aviation Golf Management

OPERATING REVENUES Charges for Services $ 5,343 $ 5,870 $ 2,157 $ 5,856 $ 23,821 $ 43,047 Miscellaneous Income 1 436 26 23 25 511

Total Operating Revenues 5,344 6,306 2,183 5,879 23,846 43,558

OPERATING EXPENSES Personal Services 161 470 1,006 195 11,607 13,439 Contractual Services 8,457 1,745 251 4,255 2,939 17,647 Maintenance and Repairs 80 117 1 5,385 5,583 Materials and Supplies 2 107 120 668 897 Utilities 149 216 546 105 1,016 Insurance 64 49 8 6 313 440 Taxes - 1,186 246 35 1,467 Depreciation and Amortization 4,376 2,295 639 750 3,591 11,651 Rent 89 14 - 118 221 Pension Expense - 3,221 1,163 94 6,772 11,250 Other Postemployment Benefit Expense 0 98 (61) (7) 35 65 Other Expense 100 7 - 4 111

Total Operating Expenses 13,058 9,484 3,713 5,995 31,537 63,787

Operating Loss (7,714) (3,178) (1,530) (116) (7,691) (20,229)

NONOPERATING REVENUES (EXPENSES) Interest Revenue 493 141 42 431 1,107 Occupancy Tax 1,714 1,714 Interest Expense (132) (312) (12) (19) (649) (1,124) Operating Grants 51 51

Total Non-Operating Revenues (Expenses) 1,582 181 180 23 (218) 1,748

Loss before Contributions and Transfers (6,132) (2,997) (1,350) (93) (7,909) (18,481)

Transfers In - 777 279 1,056 Transfers (Out) (250) (1,256) (2) (2) (4) (1,514) Capital Contributions 636 - - 0 636

Change in Net Position (5,746) (3,476) (1,352) (95) (7,634) (18,303)

Beginning Net Position 96,872 29,758 26,809 8,974 57,659 220,072

Ending Net Position $ 91,126 $ 26,282 $ 25,457 $ 8,879 $ 50,025 $ 201,769

Business-Type Activities - Enterprise Funds

Convention

City of Cincinnati, Ohio Combining Statement of Revenues, Expenses and Changes in Net Position

Nonmajor Enterprise Funds

Total Nonmajor Enterprise

FundsCenter

246

Parking General Municipal Stormwater Facilities Aviation Golf Management

Cash Flows from Operating Activities: Receipts from Customers $ 6,419 $ 6,088 $ 2,088 $ 5,884 $ 22,949 $ 43,428 Receipts from Other Funds 695 - 695 Payments to Suppliers (8,138) (3,201) (746) (5,031) (3,562) (20,678) Payments to Other Funds (68) 450 (5,850) (5,468) Payments to Employees (161) (669) (1,025) (225) (11,642) (13,722) Payments for Property Taxes - (1,155) (181) (1,336)

Net Cash Provided (Used) by Operating Activities (1,253) 1,513 136 628 1,895 2,919

Cash Flows from Noncapital Financing Activities:

Repayment of Advances Made To Other Funds 1,014 2,070 1,262 205 - 4,551 Amounts Due From Other Funds for City Notes (11) (16) (4) - (10) (41) Interest paid on Debt (80) (20) (5) (105) Principal paid on Debt (65) (16) (4) (85) Advances to Other Funds - - - - (6,810) (6,810) Operating Grants 51 51 Occupancy Tax 2,303 2,303 Transfers to Other Funds (250) (1,256) (2) (2) (4) (1,514) Transfers from Other Funds - 777 279 1,056

Net Cash Provided (Used) by Noncapital Financing Activities 2,911 1,539 1,307 203 (6,554) (594)

Cash Flows from Capital and Related Financing Activities: Capital Contributed by Other Sources 636 - - 636 Proceeds from the Sale of Bonds 620 3,320 7,725 11,665 Acquisition of Property, Plant and Equipment - (880) (101) (462) (1,443) Interest Paid on Bonds and Notes (183) (890) (15) (19) (604) (1,711) Principal Paid on Bonds and Notes (597) (3,320) (40) (30) (755) (4,742) Additions to Construction in Progress (1,630) (2,419) (886) (205) (2,235) (7,375)

Net Cash Provided (Used) by Capital and Related Financing Activities (1,154) (4,189) (1,042) (254) 3,669 (2,970)

Cash Flow from Investing Activities:

Interest and Dividends on Investments 511 145 43 462 1,161

Net Cash Provided by Investing Activities 511 145 43 462 1,161

Net Increase (Decrease) in Cash and Cash Equivalents 504 (626) 546 620 (528) 516

Cash and Cash Equivalents, July 1 6,677 11,512 1,873 922 7,587 28,571

Cash and Cash Equivalents, June 30 $ 7,181 $ 10,886 $ 2,419 $ 1,542 $ 7,059 $ 29,087

(Continued)

Convention Center Funds

Enterprise

Nonmajor Enterprise Funds

(Amounts in Thousands)

Nonmajor Total

Business-Type Activities - Enterprise Funds

For the fiscal year ended June 30, 2020

City of Cincinnati, Ohio Combining Statement of Cash Flows

247

Parking General Municipal Stormwater Facilities Aviation Golf Management

(Continued) Reconciliation of Operating Loss to Net Cash

Provided (Used) by Operating Activities: Operating Loss $ (7,714) $ (3,178) $ (1,530) $ (116) $ (7,691) $ (20,229) Depreciation and Amortization 4,376 2,295 639 750 3,591 11,651

Changes in Assets, Deferred Inflows/Outflows and Liabilities: (Increase) Decrease in: Receivables 1,308 127 (95) 5 (858) 487 Due from Other Funds - (39) (39) Prepaid Items 356 43 4 403 Deferred Outflows Cincinnati Retirement System (2,648) (963) (121) (5,590) (9,322) Increase (Decrease) in: Accounts Payable (37) (576) (29) 282 79 (281) Deposits Payable 8 - 8 Due to Other Funds (4) (8) (1) (350) 13 (350) Due to Fiduciary Funds (9) - - 1 (8) Accrued Payroll (55) (2) - (16) (73) Accrued Liabilities 31 65 - - 96 Unearned Revenue 454 (3) 451 Compensated Absences Payable (135) (40) (39) (20) (234) Deferred Inflows Service Concession Arrangements (342) (342) Deferred Inflows Cincinnati Retirement System (436) (190) (25) (1,682) (2,333) Unpaid Claims Payable 4 23 9 28 64 Net Pension Liability Cincinnati Retirement System 5,568 2,016 206 12,481 20,271 Net Other Postemployment Benefit Liability- Cincinnati Retirement System 835 239 27 1,598 2,699

Net Cash Provided (Used) by Operating Activities $ (1,253) $ 1,513 $ 136 $ 628 $ 1,895 $ 2,919

Schedule of Noncash Investing, Capital and Financing Activities: Change in Fair Value of Investments $ $ 256 $ 82 $ 17 $ 229 $ 584 Contributed by Other Funds - 1,713 1,713

Total Noncash Investing, Capital and Financing Activities $ - $ 256 $ 82 $ 1,730 $ 229 $ 2,297

Business Type-Activities - Enterprise Funds

Convention

City of Cincinnati, Ohio Combining Statement of Cash Flows

Nonmajor Enterprise Funds For the fiscal year ended June 30, 2020

Funds

(Amounts in Thousands)

Nonmajor Enterprise

Total

Center

248

CITY OF CINCINNATI, OHIO

INTERNAL SERVICE FUNDS Purchasing, Reproduction, and Printing - Used to account for revenue from City departments and for the expenses of operations and maintenance of the Division of Reproduction and Printing. Also, used to account for the revenue and expenses related to the distribution and sale of materials and supplies. Fleet Services - Used to account for revenue from City departments for the expenses related to vehicle repairs, maintenance, and fuel. Property Management - Used to account for proceeds of City leases and land sales and to account for costs of administering the capital assets of the City. Self Insurance-Risk Management- Used to account for monies appropriated from the General or other funds or received from contract agencies, employees, members of council and others, including interest earned, and to make expenditures for insurance costs for employees’ health care and for City property, liability, and other risk coverage. Self Insurance-Workers' Compensation - Used to receive, from all City funds, workers' compensation premium charges, and to pay workers' compensation premium payments, claim costs and reserve settlements. Enterprise Technology Services - Used to account for revenue and expenses related to the delivery of data processing services to the City, Hamilton County, and others.

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250

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251

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T o

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252

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9 ,3

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ri n ti

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P o

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C it

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F u

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253

S el

f In

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lo w

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an ci

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fr o m

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$ 6 8 6

$ 5 ,6

1 0

$ 2 ,5

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R is

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254

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256

CITY OF CINCINNATI, OHIO

FIDUCIARY FUNDS ___ AGENCY FUNDS

Towing Charges and Private Operations - Used to account for monies received as charges for towing and storage of impounded vehicles. Convention Facility Authority – Used to account for monies collected by the City of Cincinnati from Transient Occupancy Tax Revenues. Admission Tax Bond - Used to account for deposits related to entertainment facilities in the City. Engineering Deposits - Used to account for Transportation & Engineering monies reserved for specific purposes. Metropolitan Sewer District - Used to account for the monies of the Metropolitan Sewer District.

257

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258

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City of Cincinnati, Ohio Combining Statement of Changes in Assets and Liabilities

Agency Funds

(Amounts in Thousands)

Balance Balance July 1, June 30, 2019 Additions Deductions 2020

TOWING CHARGES - PRIVATE OPERATORS ASSETS Equity in City Treasury Cash $ 81 $ 780 $ 736 $ 125

Total Assets $ 81 $ 780 $ 736 $ 125

LIABILITIES Accounts Payable $ 66 $ 678 $ 709 $ 35 Deposits Payable 15 2,012 1,937 90

Total Liabilities $ 81 $ 2,690 $ 2,646 $ 125

CONVENTION FACILITY AUTHORITY ASSETS Equity in City Treasury Cash $ 1,778 $ 3,553 $ 3,187 $ 2,144 Accounts Receivable 0 3 0 3

Total Assets $ 1,778 $ 3,556 $ 3,187 $ 2,147

LIABILITIES Accounts Payable 0 $ 1,735 $ 1,735 0 Due to Other Governments $ 338 0 205 $ 133 Deposits Payable 1,440 2,024 1,450 2,014

Total Liabilities $ 1,778 $ 3,759 $ 3,390 $ 2,147

ADMISSION TAX BONDS ASSETS Equity in City Treasury Cash $ 39 $ 2 $ 0 $ 41

Total Assets $ 39 $ 2 $ 0 $ 41

LIABILITIES Deposits Payable $ 39 $ 2 $ 0 $ 41

Total Liabilities $ 39 $ 2 $ 0 $ 41

ENGINEERING DEPOSITS ASSETS Cash and Cash Equivalents $ 16 $ 664 $ 677 $ 3 Equity in City Treasury Cash 3,159 3,176 2,635 3,699 Accounts Receivable 48 573 434 188

Total Assets $ 3,223 $ 4,413 $ 3,746 $ 3,890

LIABILITIES Accounts Payable $ 17 $ 139 $ 139 $ 17 Deposits Payable 3,206 1,659 992 3,873

$ 3,223 $ 1,798 $ 1,131 $ 3,890

For the fiscal year ended June 30, 2020

260

City of Cincinnati, Ohio Combining Statement of Changes in Assets and Liabilities

Agency Funds

(Amounts in Thousands)

Balance Balance July 1, June 30, 2019 Additions Deductions 2020

METROPOLITAN SEWER DISTRICT ASSETS Cash with Fiscal Agent $ 0 $ 12,784 $ 7,215 $ 0 Investments 311,118 950,015 948,507 322,147 Accounts Receivable 32,096 43,105 40,763 34,267 Accrued Interest Receivable 776 238 780 234

Total Assets $ 343,990 $ 1,006,142 $ 997,265 $ 356,648

LIABILITIES Accounts Payable $ 18,758 $ 443,738 $ 431,595 $ 30,901 Due to Other Governments 314,904 290,155 293,683 315,157 Accrued Payroll 115 1,589 1,644 60 Accrued Liabilities 38 35 38 35 Deposits Payable 1 73 68 6 Estimated Liability for Compensated Absences 10,174 315 - 10,489

Total Liabilities $ 343,990 $ 735,905 $ 727,028 $ 356,648

TOTAL AGENCY FUNDS ASSETS Cash and Cash Equivalents $ 16 $ 664 $ 677 $ 3 Equity in City Treasury Cash 5,057 7,511 6,558 6,009 Cash with Fiscal Agent 0 12,784 7,215 0 Investments 311,118 950,015 948,507 322,147 Receivables: Accounts, Net 32,144 43,681 41,197 34,458 Accrued Interest Receivable 776 238 780 234

Total Assets $ 349,111 $ 1,014,893 $ 1,004,934 $ 362,851

LIABILITIES Accounts Payable $ 18,841 $ 446,290 $ 434,178 $ 30,953 Due to Other Governments 315,242 290,155 293,888 315,290 Accrued Payroll 115 1,589 1,644 60 Accrued Liabilities 38 35 38 35 Deposits Payable 4,701 5,770 4,447 6,024 Estimated Liability for Compensated Absences 10,174 315 0 10,489

Total Liabilities $ 349,111 $ 744,154 $ 734,195 $ 362,851

For the fiscal year ended June 30, 2020

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262

CAPITAL ASSETS USED IN THE OPERATION OF GOVERNMENTAL FUNDS

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264

City of Cincinnati, Ohio

(Amounts In Thousands)

2020 2019 Governmental Activities Capital Assets

Land $ 164,681 $ 199,755 Buildings 274,984 319,907 Improvements 521,640 520,625 Machinery and Equipment 198,312 190,206 Infrastructure 1,381,906 1,337,209 Construction in Progress 135,994 196,057 Property acquired under capital leases 32,918 30,641

Total Governmental Capital Assets $ 2,710,435 $ 2,794,400

Investment in Governmental Capital Assets by Source:

General Obligation Bonds $ 1,887,027 $ 1,911,139 Federal Grants 213,008 216,589 State Grants 192,138 199,267 County Grants 17,886 18,286 Private 13,973 14,848 General Fund Revenues 108,498 98,803 Special Revenue Funds 87,086 80,275 Gifts 2,529 2,529 Other and Undifferentiated 188,290 252,664

Total from All Sources $ 2,710,435 $ 2,794,400

Schedule by Source Comparative Schedule of Capital Assets Used in the Operation of Governmental Activities

June 30June 30

For the Last Two Fiscal Years

265

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City of Cincinnati, Ohio

Schedule of Changes by Function and Activity

For the fiscal year ended June 30, 2020

(Amounts in Thousands)

General General Capital Assets Capital Assets

Additions

Mayor and Council $ 6 0 $ 6

City Manager 5,205 $ 5,067 $ 13 10,259

Economic Inclusion 24 0 24

Law 53 0 0 53

Human Resources 6,819 6,819

Enterprise Technology Services 14,737 0 0 14,737

Finance 1,560 43 16 1,587

Community and Economic Development 243,538 11,719 74,825 180,432

City Planning and Buildings 59 59

Citizen's Complaint and Internal Audit 23 0 23

Recreation 155,197 1,241 149 156,289

Parks 176,059 154 59 176,154 0 0

Buildings and Inspections 1,533 1,533

Public Safety 98,361 5,618 1,635 102,344

Transportation and Engineering 1,255,038 33,319 0 1,288,357

Enterprise Services 1,030 163 1,193

Public Services 228,832 7,436 1,178 235,090

Public Health 17,973 70 0 18,043

Pooled, Unassigned Equipment 546 62 0 608

Southern Railway Improvement 83,224 83,224

General Government Land 54,959 0 54,959 Buildings 113,634 113,634 Improvements 50,532 0 50,532 Construction in Progress 209,083 18,733 91,822 135,994

Internal Service Funds: Purchasing, Printing and Stores 1,358 24 0 1,382 Fleet Services 7,729 0 7,729 Self Insurance Risk Management 12 12 Self Insurance Workers' Compensation 82 82 Property Management 37 37 Enterprise Technology Services 67,157 2,083 0 69,240

Total Governmental Capital Assets $ 2,794,400 $ 85,732 $ 169,697 $ 2,710,435

Note: The additions and deletions include department reclassifications and transfers.

July 1, 2019

Schedule of Capital Assets Used in the Operation of Governmental Funds

Deletions June 30, 2020

267

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268

SCHEDULES

269

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270

(b) Sec. 133.05 (a) Sec.133.04 (c) Sec.133.04 (c) Sec 133.04 (a) General (B)(7) (B)(1) (B)(3) (B)(4) (a) Sec.133.04 Obligation Municipal Special Emergency Urban (B)(5)

Fiscal Bonds Income Tax Assessment Financing Renewal Judgment Year and Notes Bonds and Notes Bonds Notes Bonds Bonds

2014 251,690,000$ 97,395,000$ - - 15,630,000$ 1,905,000$ 2015 243,044,080 98,095,000 - - 14,510,000 1,615,000 2016 270,615,000 111,435,000 - - 13,785,000 36,552,212 2017 265,226,000 110,627,000 1,000,000$ 12,465,000 35,330,145 2018 258,836,000 108,133,000 965,000 11,145,000 34,078,165 2019 263,166,000 108,918,000 930,000 9,710,000 32,816,318 2020 280,375,000 106,565,000 890,000 50,000,000$ 8,630,000 31,539,646

(c) Sec. 133.04 (c) Sec 133.05 (c) Sec 133.05 (c) Sec 133.05 (c) Sec 133.05 (c) Sec. 133.05 (B)(8) (B)(1)(a) (B)(1)(b) (B)(1)(f) (B)(1)(i) (B)(1)(j)

TIF Sewer Parking Urban Public Fiscal Bonds Water Stormwater Facilities Redevelopment Attraction Year and Notes Bonds Bonds Bonds Bonds Bonds

2014 105,240,000$ 1,800,000$ 14,085,000$ 4,450,000$ 4,215,000$ 16,225,000$ 2015 94,435,000 - 12,810,000 4,200,000 3,360,000 14,995,000 2016 54,505,000 - 11,400,000 9,950,000 2,550,000 24,160,000 2017 50,295,000 - 15,160,000 9,940,000 6,330,000 35,017,124 2018 55,025,000 - 17,850,000 9,320,000 5,775,000 32,490,000 2019 51,890,000 - 21,065,000 8,700,000 5,205,000 30,490,000 2020 37,455,000 - 27,340,000 8,700,000 4,640,000 28,700,000

(c) Sec. 133.05 (d) Sec 133.05 (d) Sec.133.05 (d)(f) Sec.133.05 (B)(10) (B)(12) (B)(5) (B)(5) Gross Gross Police & Energy Non-Tax Water System General Self- Gross

Fiscal Fire Pension Conservation Revenue Pledge Revenue Pledge Obligation Supported Total Year Bonds Bonds Bonds Bonds Debt Debt Debt

2014 37,230,000$ 7,060,000$ 110,880,000$ 471,585,000$ 251,690,000$ 887,700,000$ 1,139,390,000$ 2015 35,920,000 6,720,000 119,985,000 450,965,000 243,044,080 857,610,000 1,100,654,080 2016 31,600,000 13,890,000 127,040,000 473,480,000 270,615,000 910,347,212 1,180,962,212 2017 30,325,000 13,055,000 128,871,620 524,960,000 265,226,000 973,375,889 1,238,601,889 2018 29,035,000 12,135,000 118,269,000 505,685,000 258,836,000 939,905,165 1,198,741,165 2019 27,725,000 11,335,000 122,749,000 485,970,000 263,166,000 917,503,318 1,180,669,318 2020 30,385,000 10,990,000 116,430,000 444,600,000 280,375,000 906,864,646 1,187,239,646

(a) Supported by general tax levy or special assessment levy (b) Supported by Municipal Income Tax, but have property tax support if necessary (c) Supported by current revenue, but has property tax support if necessary (d) Supported by current revenue, no tax support pledged (e) Supported by current revenue, but has property tax support if necessary-taxable (f) Includes crossover refunding of $77,935,000 in fiscal years 2017, 2018, and 2019. (g) The City changed reporting periods from a calendar year to a June 30th fiscal year, with the first full fiscal year

ended June 30, 2014. This schedule will continue to build out prospectively until ten full fiscal years are available. (h) Excludes City internal notes; In accordinance with GAAP, the table above excludes the following:

Category FY 2020 Amount Description

City of Cincinnati, Ohio Schedule of Outstanding Bonds and Notes, GAAP (h)

Last Seven Fiscal Years (g)

Sec. 133.04(B)(5) Judgment Bonds

260,354.00

Represents the outstanding portion to be repaid by the Cincinnati Retirement System (CRS) of the remaining outstanding principal amount of the City’s Unlimited Tax General Obligation Judgment Bonds, Series 2015D (Federally Taxable), issued on December 22, 2015 in the original principal amount of $43,995,000

Sec. 133.05(B)(5) Non- Tax Revenue Pledge Bonds

5,059,153.00

Represents the remaining outstanding principal amount of the City’s Economic Development Revenue Bonds, Series 2014A (State Infrastructure Bank – Keystone Parke Project) (the “2014A Bonds”), issued on November 13, 2014 in the original principal amount of $5,440,000.00

Sec. 133.05(B)(5) Non- Tax Revenue Pledge Bonds

5,250,000.00

Represents the remaining outstanding principal amount of the City’s loan from the U.S. Department of Housing and Urban Development, entered into for the purpose of providing partial financing for the relocation of an existing drop inn center to a newly-renovated men’s shelter†; entered into on May 28, 2015 in the original principal amount of $7,000,000 (the “2015 Loan”). The 2015 Loan is secured with a subordinate pledge of and lien on the City’s non-tax revenues.

271

GO - PROPERTY TAX-SUPPORTED GO - SELF-SUPPORTED

Debt Outstanding Debt Outstanding

Fiscal Interest Service Debt Interest Service Debt Fiscal

Year Maturing Cost Requirement End of Year Maturing Cost Requirement End of Year Year

2020 - - - $ 280,375,000 0 0 0 $ 239,530,000 2020

2021 $ 31,300,000 $ 10,603,826 $ 41,903,826 249,075,000 $ 63,165,000 $ 7,687,586 $ 70,852,586 176,365,000 2021

2022 26,210,000 9,338,390 35,548,390 222,865,000 12,715,000 5,945,698 18,660,698 163,650,000 2022

2023 24,310,000 8,180,514 32,490,514 198,555,000 11,930,000 5,488,988 17,418,988 151,720,000 2023

2024 22,020,000 7,105,276 29,125,276 176,535,000 11,990,000 5,036,845 17,026,845 139,730,000 2024

2025 20,095,000 6,131,540 26,226,540 156,440,000 12,330,000 4,566,675 16,896,675 127,400,000 2025

2026 16,090,000 5,298,034 21,388,034 140,350,000 12,090,000 4,091,056 16,181,056 115,310,000 2026

2027 15,845,000 4,562,034 20,407,034 124,505,000 11,785,000 3,621,759 15,406,759 103,525,000 2027

2028 14,855,000 3,894,624 18,749,624 109,650,000 11,860,000 3,207,347 15,067,347 91,665,000 2028

2029 14,130,000 3,340,724 17,470,724 95,520,000 11,735,000 2,857,342 14,592,342 79,930,000 2029

2030 13,070,000 2,844,552 15,914,552 82,450,000 10,920,000 2,505,215 13,425,215 69,010,000 2030

2031 11,945,000 2,397,524 14,342,524 70,505,000 9,735,000 2,170,923 11,905,923 59,275,000 2031

2032 11,205,000 1,984,249 13,189,249 59,300,000 9,850,000 1,854,237 11,704,237 49,425,000 2032

2033 10,570,000 1,594,789 12,164,789 48,730,000 9,515,000 1,550,152 11,065,152 39,910,000 2033

2034 10,035,000 1,260,986 11,295,986 38,695,000 7,665,000 1,294,274 8,959,274 32,245,000 2034

2035 9,890,000 969,225 10,859,225 28,805,000 7,800,000 1,065,471 8,865,471 24,445,000 2035

2036 7,670,000 718,244 8,388,244 21,135,000 9,885,000 764,843 10,649,843 14,560,000 2036

2037 6,960,000 515,430 7,475,430 14,175,000 4,595,000 497,428 5,092,428 9,965,000 2037

2038 5,110,000 342,661 5,452,661 9,065,000 2,710,000 359,425 3,069,425 7,255,000 2038

2039 3,725,000 210,359 3,935,359 5,340,000 2,550,000 252,021 2,802,021 4,705,000 2039

2040 2,725,000 115,510 2,840,510 2,615,000 2,500,000 148,282 2,648,282 2,205,000 2040

2041 1,760,000 52,232 1,812,232 855,000 2,205,000 48,400 2,253,400 0 2041

2042 855,000 13,359 868,359 - 0 0 0 0 20420 - - 0 0 GO - MUNICIPAL INCOME TAX SUPPORTED

Debt Outstanding

Interest Service Debt

Year Maturing Cost Requirement End of Year

2020 0 - - $ 106,565,000

2021 $ 8,445,000 $ 4,075,133 $ 12,520,133 98,120,000

2022 8,025,000 3,722,396 11,747,396 90,095,000

2023 8,445,000 3,356,315 11,801,315 81,650,000

2024 8,110,000 2,989,203 11,099,203 73,540,000

2025 8,095,000 2,626,546 10,721,546 65,445,000

2026 8,195,000 2,264,106 10,459,106 57,250,000

2027 8,320,000 1,891,094 10,211,094 48,930,000

2028 7,985,000 1,554,087 9,539,087 40,945,000

2029 7,115,000 1,277,437 8,392,437 33,830,000

2030 5,895,000 1,031,961 6,926,961 27,935,000

2031 4,515,000 827,786 5,342,786 23,420,000

2032 4,285,000 652,459 4,937,459 19,135,000

2033 4,095,000 482,765 4,577,765 15,040,000

2034 3,805,000 349,431 4,154,431 11,235,000

2035 3,775,000 247,728 4,022,728 7,460,000

2036 3,180,000 155,166 3,335,166 4,280,000

2037 2,910,000 75,905 2,985,905 1,370,000

2038 505,000 30,135 535,135 865,000

2039 295,000 18,788 313,788 570,000

2040 290,000 11,330 301,330 280,000

2041 280,000 3,780 283,780 0

2042 0 - - 0

NON-TAX AND WATER REVENUE TOTAL

Debt Outstanding Debt Outstanding

Interest Service Debt Interest Service Debt

Year Maturing Cost Requirement End of Year Maturing Cost Requirement End of Year Year

2020 0 0 0 $ 571,339,153 0 0 0 $ 1,197,809,153 2020

2021 $ 29,678,073 $ 21,144,516 $ 50,822,589 541,661,080 $ 132,588,073 $ 43,511,060 $ 176,099,133 1,065,221,080 2021

2022 30,700,130 0 20,327,390 0 51,027,521 0 510,960,950 77,650,130 39,333,874 116,984,004 987,570,950 2022

2023 31,692,250 0 19,320,259 0 51,012,509 0 479,268,700 76,377,250 36,346,076 112,723,326 911,193,700 2023

2024 32,909,434 0 18,053,709 0 50,963,142 0 446,359,266 75,029,434 33,185,034 108,214,467 836,164,266 2024

2025 32,031,683 0 16,578,623 0 48,610,306 0 414,327,583 72,551,683 29,903,383 102,455,066 763,612,583 2025

2026 33,519,001 0 15,070,826 0 48,589,827 0 380,808,582 69,894,001 26,724,022 96,618,023 693,718,582 2026

2027 27,356,389 0 13,684,786 0 41,041,175 0 353,452,193 63,306,389 23,759,672 87,066,061 630,412,193 2027

2028 28,693,849 0 12,463,161 0 41,157,010 0 324,758,344 63,393,849 21,119,219 84,513,068 567,018,344 2028

2029 29,951,383 0 11,199,176 0 41,150,559 0 294,806,961 62,931,383 18,674,679 81,606,062 504,086,961 2029

2030 31,133,994 0 9,889,112 0 41,023,107 0 263,672,967 61,018,994 16,270,840 77,289,834 443,067,967 2030

2031 31,716,684 0 8,651,076 0 40,367,760 0 231,956,283 57,911,684 14,047,309 71,958,993 385,156,283 2031

2032 32,919,455 0 7,452,026 0 40,371,481 0 199,036,828 58,259,455 11,942,971 70,202,427 326,896,828 2032

2033 29,197,310 0 6,282,907 0 35,480,217 0 169,839,518 53,377,310 9,910,613 63,287,923 273,519,518 2033

2034 20,220,251 0 5,391,507 0 25,611,759 0 149,619,267 41,725,251 8,296,198 50,021,449 231,794,267 2034

2035 18,208,281 0 4,760,930 0 22,969,211 0 131,410,985 39,673,281 7,043,354 46,716,635 192,120,985 2035

2036 17,366,403 0 4,198,563 0 21,564,966 0 114,044,582 38,101,403 5,836,816 43,938,219 154,019,582 2036

2037 17,519,619 0 3,634,889 0 21,154,508 0 96,524,963 31,984,619 4,723,652 36,708,271 122,034,963 2037

2038 13,652,932 0 3,113,660 0 16,766,592 0 82,872,031 21,977,932 3,845,880 25,823,812 100,057,031 2038

2039 12,306,346 0 2,684,166 0 14,990,511 0 70,565,686 18,876,346 3,165,334 22,041,679 81,180,686 2039

2040 8,139,862 0 2,345,598 0 10,485,460 0 62,425,823 13,654,862 2,620,719 16,275,581 67,525,823 2040

2041 8,423,485 0 2,064,597 0 10,488,082 0 54,002,338 12,668,485 2,169,008 14,837,493 54,857,338 2041

2042 7,752,217 0 1,767,778 0 9,519,995 0 46,250,121 8,607,217 1,781,137 10,388,355 46,250,121 2042

2043 7,461,062 0 1,474,346 0 8,935,408 0 38,789,059 7,461,062 1,474,346 8,935,408 38,789,059 2043

2044 7,755,024 0 1,177,978 0 8,933,002 0 31,034,035 7,755,024 1,177,978 8,933,002 31,034,035 2044

2045 7,994,035 0 868,713 0 8,862,747 0 23,040,000 7,994,035 868,713 8,862,747 23,040,000 2045

2046 9,035,000 0 563,527 0 9,598,527 0 14,005,000 9,035,000 563,527 9,598,527 14,005,000 2046

2047 4,730,000 0 346,707 0 5,076,707 0 9,275,000 4,730,000 346,707 5,076,707 9,275,000 2047

2048 3,000,000 0 233,250 0 3,233,250 0 6,275,000 3,000,000 233,250 3,233,250 6,275,000 2048

2049 3,090,000 0 141,900 0 3,231,900 0 3,185,000 3,090,000 141,900 3,231,900 3,185,000 2049

2050 3,185,000 0 47,775 0 3,232,775 0 0 3,185,000 47,775 3,232,775 0 2050

CITY OF CINCINNATI

SCHEDULE OF ANNUAL DEBT SERVICE

General Obligation and Revenue Bonds, Non-GAAP June 30, 2020

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CITY OF CINCINNATI, OHIO INFRASTRUCTURE INCOME TAX In accordance with the provisions of Chapter 311 of the Cincinnati Municipal Code, an additional earnings tax of .1% shall be levied for costs related to constructing, equipping, maintaining and repair of the City's infrastructure. Such tax shall remain in effect as long as the City appropriates at least the base amount required and subsequently expends funds at a level (ninety percent of the annual base amount within three years) specified in Chapter 311, CMC. The following data summarizes the results of the City's compliance with the infrastructure income tax requirements for fiscal years 2019 and 2020. (AMOUNTS IN THOUSANDS)

FY2019 FY2020

Required Base Amount $61,887 $63,410

Actual Appropriated Amount $92,389 $89,979

Infrastructure Expenditures - As of June 30, 2020 $51,744 $51,953

Percentage of Expenditures to Base Amount 83.6104% 81.9318%

I hereby certify that the City of Cincinnati appropriated for fiscal year 2020 an amount sufficient to meet the requirements for continuation of the Infrastructure Income Tax.

Karen Alder Director of Finance

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STATISTICAL SECTION

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CITY OF CINCINNATI, OHIO

-------

STATISTICAL SECTION

This section of the City of Cincinnati’s comprehensive annual financial report provides detailed historical and economic information for users of the financial statements, notes to the financial statements, and required supplementary information for the purpose of assessing and evaluating the City’s economic condition. Financial Trends – This section provides information on the City’s net position, changes to net position and fund balance for assessing the changes in financial position over time. Revenue Capacity – This section provides information on the City’s ability to generate revenue, specifically income tax (the major source of revenue for governmental activities) and property tax revenue. Debt Capacity Information – This section provides information on the City’s outstanding debt, debt limitations and the ability to leverage and pay future debt. Demographic and Economic Information – This section provides information about the environment in which the City operates. Operating Information – This section provides operating information related to the City’s infrastructure, assets and services provided by function. Sources: Unless otherwise noted, the information in these statistical schedules is from the comprehensive annual financial reports for the relevant years.

Note: The City changed it’s fiscal year in 2013 from a January 1 through December 31 to July 1 through June 30. The 2013 Fiscal year represents the six month conversion period from January 1 to June 30.

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282

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3 7 )

S u b

to ta

l g o v e rn

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l a ct

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n e t p

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8 5 5 ,9

4 0

8 8 6 ,5

7 0

8 7 7 ,0

0 8

9 8 2 ,1

6 1

1 1 2 ,3

4 7

(6 7 ,2

4 2 )

2 4 3 ,4

7 2

(2 0 ,2

7 2 )

2 9 3 ,1

5 0

(1 3 ,0

5 4 )

B u si

n e ss

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N e t In

v e st

m e n t in

C a p

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ss e ts

7 4 5 ,7

2 2

7 4 8 ,4

8 7

7 4 3 ,8

9 2

7 4 1 ,6

1 9

7 7 9 ,7

9 0

7 9 2 ,4

6 6

7 4 1 ,8

4 4

8 2 8 ,6

2 8

8 6 2 ,8

4 7

9 0 0 ,1

1 5

R e st

ri ct

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2 3 ,0

1 0

5 2 ,3

3 0

7 7 ,2

7 3

9 0 ,6

5 1

7 9 ,6

2 3

6 7 ,9

8 8

1 4 6 ,9

5 3

2 2 1 ,4

7 2

1 9 7 ,2

3 6

1 1 2 ,1

5 2

U n re

st ri

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9 8 ,3

4 1

7 9 ,5

1 8

6 5 ,2

0 0

7 5 ,0

7 3

(1 0 6 ,9

8 0 )

(8 6 ,6

0 2 )

3 1 ,3

5 1

(6 8 ,0

6 9 )

(5 6 ,7

7 6 )

(3 4 ,1

0 8 )

S u b

to ta

l b u si

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iti e s

n e t p

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8 6 7 ,0

7 3

8 8 0 ,3

3 5

8 8 6 ,3

6 5

9 0 7 ,3

4 3

7 5 2 ,4

3 3

7 7 3 ,8

5 2

9 2 0 ,1

4 8

9 8 2 ,0

3 1

1 ,0

0 3 ,3

0 7

9 7 8 ,1

5 9

P ri

m a ry

G o v e rn

m e n t

N e t In

v e st

m e n t in

C a p

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ss e ts

1 ,4

8 6 ,9

8 8

1 ,5

2 5 ,7

2 3

1 ,5

4 1 ,3

3 6

1 ,6

0 8 ,4

5 0

1 ,7

0 8 ,6

8 3

1 ,6

6 0 ,4

7 6

1 ,6

4 4 ,5

1 2

1 ,7

6 7 ,1

6 9

1 ,7

6 0 ,4

1 7

1 ,6

6 0 ,7

8 0

R e st

ri ct

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2 2 6 ,7

0 8

2 7 6 ,1

5 6

3 1 0 ,3

2 7

2 9 6 ,4

6 3

2 9 2 ,6

1 2

3 8 4 ,8

6 9

5 2 7 ,5

5 1

8 2 2 ,6

3 2

8 3 8 ,8

4 7

8 1 1 ,7

7 0

U n re

st ri

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9 ,3

1 7

(3 4 ,9

7 4 )

(8 8 ,2

9 0 )

(1 5 ,4

0 9 )

(1 ,1

3 6 ,5

1 5 )

(1 ,3

3 8 ,7

3 5 )

(1 ,0

0 8 ,4

4 3 )

(1 ,6

2 8 ,0

4 2 )

(1 ,3

0 2 ,8

0 7 )

(1 ,5

0 7 ,4

4 5 )

T o ta

l p ri

m a ry

g o v e rn

m e n t n e t p

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tio n

1 ,7

2 3 ,0

1 3

1 ,7

6 6 ,9

0 5

1 ,7

6 3 ,3

7 3

1 ,8

8 9 ,5

0 4

8 6 4 ,7

8 0

7 0 6 ,6

1 0

1 ,1

6 3 ,6

2 0

9 6 1 ,7

5 9

1 ,2

9 6 ,4

5 7

9 6 5 ,1

0 5

N o te

: T

h e C

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f C

in ci

n n a ti C

h a n g

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l Y e a r

in 2

0 1 3 . T

h e in

fo rm

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is ca

l Y e a r

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s ix

m o n th

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in fo

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g J

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0 , 2 0 1 3 .

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P o

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m o

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T h

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( 5

0 0

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5 0 0

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1 ,0

0 0

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1 ,5

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2 ,0

0 0

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2 0

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2 0

1 2

2 0

1 3

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1 4

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1 5

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1 6

2 0 1

7 2

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8 2

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G o

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m e n ta

l N e t P

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B u

si n

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T yp

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- 2

0 0 ,0

0 0

4 0

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0 0

6 0

0 ,0

0 0

8 0

0 ,0

0 0

1 ,0

0 0

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0 1

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0 ,0

0 0

1 ,4

0 0

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0 ,0

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1 ,8

0 0

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0 2

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0 ,0

0 0

2 0 1 1

2 0 1

2 2

0 1 3

2 0 1

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0 1 5

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1 6

2 0 1

7 2 0

1 8

2 0

1 9

2 0 2

R e st

ri c te

d N

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ti o n

T o ta

l N

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tio n

283

2 0 1 1

2 0 1 2

2 0 1 3

2 0 1 4

2 0 1 5

2 0 1 6

2 0 1 7

2 0 1 8

2 0 1 9

2 0 2 0

P ro

g ra

m R

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G o v e rn

m e n ta

l A c tiv

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C h a rg

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fo r

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G e n e ra

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m e n t

7 8 ,6

8 2

5 2 ,7

3 7

1 8 ,1

9 8

5 9 ,2

3 1

6 2 ,7

9 5

5 9 ,1

2 9

6 4 ,1

0 4

6 5 ,8

6 0

7 8 ,4

7 6

8 7 ,0

3 8

C o m

m u n ity

D e v e lo

p m

e n t

3 7

1 3 ,3

4 6

6 ,7

7 9

3 1 ,7

2 6

3 2 ,1

4 7

1 0 ,7

9 9

1 3 ,4

7 1

9 ,6

2 7

6 ,8

9 2

1 4 ,4

0 6

P a rk

s a

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a tio

n 7 ,0

5 9

7 ,4

0 4

4 ,8

0 9

1 0 ,7

7 5

8 ,8

3 3

9 ,2

1 5

8 ,3

3 2

1 1 ,6

9 4

8 ,8

3 3

7 ,6

1 1

P u b lic

S a fe

ty 1 9 ,3

3 1

1 8 ,0

5 9

8 ,7

5 2

2 2 ,0

3 2

2 5 ,2

0 5

2 2 ,1

7 2

1 5 ,9

5 2

2 6 ,0

3 2

2 2 ,9

5 3

1 5 ,4

9 5

T ra

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a tio

n a

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n g in

e e ri n g

1 ,3

6 0

1 ,5

8 1

9 3 7

3 ,2

3 3

3 ,8

6 5

5 5 0

1 ,9

9 3

1 ,4

9 6

1 ,9

4 7

4 ,7

3 7

P u b lic

S e rv

ic e s

3 6

2 ,3

0 1

1 ,0

5 6

2 ,7

8 9

2 ,9

7 1

4 ,5

7 8

3 ,7

2 1

5 ,3

4 6

2 ,2

6 1

1 ,2

7 7

P u b lic

H e a lth

1 0 ,3

1 4

1 2 ,3

4 0

6 ,9

4 1

1 4 ,1

8 8

1 8 ,6

6 6

2 2 ,6

2 6

2 1 ,1

0 8

2 9 ,6

1 1

2 4 ,0

8 8

2 2 ,1

9 9

O p e ra

tin g G

ra n ts

a n d C

o n tr

ib u tio

n s

6 6 ,0

2 4

7 8 ,8

9 7

2 1 ,9

6 7

5 8 ,4

2 5

6 6 ,8

0 8

4 8 ,5

3 7

3 9 ,1

7 3

3 6 ,6

3 2

4 4 ,0

2 6

6 2 ,9

2 4

C a p ita

l G ra

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a n d C

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ib u tio

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2 7 ,0

1 2

3 1 ,2

3 2

2 1 ,4

1 6

3 6 ,4

5 6

3 5 ,0

5 4

2 0 ,5

6 3

1 2 ,7

8 6

1 4 ,2

8 7

1 4 ,6

4 5

2 0 ,7

2 1

T o ta

l g o v e rn

m e n ta

l a c tiv

iti e s p

ro g ra

m r

e v e n u e

2 0 9 ,8

5 5

2 1 7 ,8

9 7

9 0 ,8

5 5

2 3 8 ,8

5 5

2 5 6 ,3

4 4

1 9 8 ,1

6 9

1 8 0 ,6

4 0

2 0 0 ,5

8 5

2 0 4 ,1

2 1

2 3 6 ,4

0 8

B u s in

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yp e a

c tiv

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C h a rg

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fo r

S e rv

ic e s

W a te

r W

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s 1 1 9 ,4

3 4

1 3 2 ,4

8 6

6 4 ,8

4 0

1 3 9 ,6

3 5

1 4 0 ,1

2 4

1 4 6 ,3

9 5

1 5 5 ,2

8 2

1 6 0 ,8

1 1

1 5 8 ,3

9 9

1 6 9 ,8

8 2

P a rk

in g F

a c ili

tie s

1 0 ,3

8 5

1 0 ,4

0 2

5 ,7

0 9

1 3 ,4

6 8

1 2 ,1

1 9

1 3 ,0

9 5

1 2 ,9

0 3

1 4 ,4

4 3

1 6 ,1

2 1

5 ,8

7 0

C o n v e n tio

n C

e n te

r 7 ,5

1 3

6 ,7

8 8

4 ,2

2 1

6 ,6

9 3

6 ,9

7 8

8 ,2

1 1

7 ,4

0 7

8 ,7

6 4

7 ,5

4 2

5 ,3

4 3

G e n e ra

l A v ia

tio n

2 ,0

4 4

2 ,0

8 3

1 ,4

4 4

1 ,8

4 8

1 ,9

8 5

2 ,0

8 6

2 ,1

3 3

2 ,1

4 1

2 ,1

1 2

2 ,1

5 7

M u n ic

ip a l G

o lf

5 ,2

7 0

5 ,9

9 0

2 ,7

6 0

5 ,3

9 2

5 ,5

0 9

5 ,7

5 9

5 ,8

5 5

5 ,7

5 4

5 ,0

0 1

5 ,8

5 6

S to

rm w

a te

r M

a n a g e m

e n t

8 ,4

1 2

9 ,6

8 6

5 ,6

9 1

1 1 ,3

0 5

1 1 ,4

5 5

1 1 ,2

0 0

1 1 ,1

8 7

1 0 ,6

1 3

1 6 ,6

0 3

2 3 ,8

2 1

O p e ra

tin g G

ra n ts

a n d C

o n tr

ib u tio

n s

5 1

C a p ita

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a n d C

o n tr

ib u tio

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3 ,5

4 3

3 ,4

1 4

3 5 9

2 ,1

9 7

4 ,6

8 4

9 ,9

6 4

1 ,5

7 6

6 ,6

1 0

5 ,3

5 0

1 0 ,6

5 7

T o ta

l b u s in

e s s -t

yp e a

c tiv

iti e s p

ro g ra

m r

e v e n u e s

1 5 6 ,6

0 1

1 7 0 ,8

4 9

8 5 ,0

2 4

1 8 0 ,5

3 8

1 8 2 ,8

5 4

1 9 6 ,7

1 0

1 9 6 ,3

4 3

2 0 9 ,1

3 6

2 1 1 ,1

2 8

2 2 3 ,6

3 7

T o ta

l p ri

m a ry

g o v e rn

m e n t p ro

g ra

m r

e v e n u e s

3 6 6 ,4

5 6

3 8 8 ,7

4 6

1 7 5 ,8

7 9

4 1 9 ,3

9 3

4 3 9 ,1

9 8

3 9 4 ,8

7 9

3 7 6 ,9

8 3

4 0 9 ,7

2 1

4 1 5 ,2

4 9

4 6 0 ,0

4 5

E x p

e n

s e s

G o v e rn

m e n ta

l A c tiv

iti e s:

G e n e ra

l G o

v e rn

m e n t

1 1 7 ,0

6 4

1 1 1 ,7

1 3

3 3 ,4

0 4

1 2 2 ,5

2 3

9 3 ,7

9 3

1 4 5 ,7

5 8

3 ,8

9 5

7 4 ,7

3 1

1 3 0 ,1

4 4

2 2 6 ,5

3 7

C o m

m u n ity

D e v e lo

p m

e n t

4 5 ,2

7 4

4 9 ,7

4 4

2 5 ,0

7 6

1 0 ,1

2 2

5 5 ,1

5 5

6 7 ,7

6 0

2 7 ,1

8 9

3 5 ,4

7 7

4 6 ,8

9 4

1 0 0 ,5

8 7

P a rk

s a

n d R

e c re

a tio

n 4 2 ,4

1 9

4 4 ,6

1 5

2 5 ,3

9 9

5 0 ,7

7 7

4 6 ,3

1 0

5 9 ,2

8 6

7 ,2

2 9

3 0 ,3

3 2

5 4 ,1

3 9

9 2 ,2

0 4

P u b lic

S a fe

ty 2 4 2 ,1

5 9

2 4 8 ,3

4 7

1 2 8 ,1

3 8

2 3 1 ,2

6 6

2 5 5 ,4

1 2

2 7 6 ,8

5 8

2 7 9 ,2

9 6

3 2 6 ,1

1 4

8 ,3

1 8

3 5 3 ,3

6 5

T ra

n s p o rt

a tio

n a

n d E

n g in

e e ri n g

3 4 ,1

2 1

5 8 ,4

8 3

1 1 ,6

7 1

5 9 ,1

0 4

4 4 ,3

6 6

5 2 ,0

6 3

1 4 ,8

8 1

4 1 ,2

8 4

5 5 ,3

9 9

1 2 9 ,2

4 4

T ra

n s it

S ys

te m

s 4 1 ,7

4 6

4 5 ,0

4 7

2 3 ,9

7 6

4 8 ,8

7 7

4 9 ,8

0 0

5 0 ,8

1 1

5 2 ,5

6 1

5 8 ,0

8 8

5 5 ,7

7 3

5 5 ,0

9 9

P u b lic

S e rv

ic e s

5 7 ,4

1 5

4 6 ,2

8 7

2 8 ,6

1 1

6 0 ,8

5 5

5 0 ,8

7 8

5 8 ,2

8 6

8 ,0

0 6

2 6 ,7

2 2

5 2 ,1

9 2

8 1 ,5

7 8

P u b lic

H e a lth

4 7 ,8

6 2

4 3 ,1

9 7

2 6 ,2

7 9

5 0 ,0

6 3

4 4 ,3

6 2

6 5 ,3

6 1

(1 6 ,3

9 7 )

1 4 ,9

0 2

5 0 ,7

1 6

1 0 5 ,4

3 1

In te

re st

o n lo

n g -t

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d e b t

2 3 ,0

0 4

2 3 ,8

0 6

1 1 ,9

5 7

2 0 ,6

2 3

2 2 ,0

4 5

2 3 ,6

2 1

2 5 ,0

9 3

1 9 ,8

3 4

2 1 ,0

4 3

2 2 ,0

5 0

T o ta

l g o v e rn

m e n ta

l a c tiv

iti e s e

xp e n s e s

6 5 1 ,0

6 4

6 7 1 ,2

3 9

3 1 4 ,5

1 1

6 5 4 ,2

1 0

6 6 2 ,1

2 1

7 9 9 ,8

0 4

4 0 1 ,7

5 3

6 2 7 ,4

8 4

4 7 4 ,6

1 8

1 ,1

6 6 ,0

9 5

B u s in

e s s -t

yp e a

c tiv

iti e s

W a te

r W

o rk

s 1 1 9 ,4

2 3

1 1 6 ,6

5 2

6 4 ,1

3 0

1 2 3 ,5

9 8

1 0 9 ,6

7 6

1 3 1 ,1

2 1

2 1 ,5

9 8

7 5 ,9

8 0

1 3 5 ,5

6 9

2 0 1 ,6

2 5

P a rk

in g F

a c ili

tie s

8 ,8

0 7

1 1 ,7

6 5

4 ,2

9 6

1 2 ,1

7 4

9 ,5

8 7

1 2 ,4

4 4

4 ,5

2 0

8 ,7

9 5

1 4 ,0

7 8

9 ,7

9 6

C o n v e n tio

n C

e n te

r 1 5 ,4

8 4

1 4 ,6

1 7

6 ,9

6 4

1 2 ,6

2 5

1 1 ,9

9 8

1 4 ,6

7 0

1 3 ,1

5 8

1 3 ,7

2 6

1 3 ,5

1 5

1 3 ,1

9 0

G e n e ra

l A v ia

tio n

2 ,7

2 9

2 ,1

1 0

1 ,1

2 0

2 ,5

0 3

2 ,2

8 9

2 ,4

3 1

(5 1 3 )

1 ,5

4 9

2 ,3

9 2

3 ,7

2 5

M u n ic

ip a l G

o lf

7 ,3

1 3

6 ,2

9 1

3 ,3

1 8

6 ,1

7 9

5 ,5

9 7

6 ,1

0 3

5 ,8

6 6

6 ,2

3 3

5 ,9

8 3

6 ,0

1 4

S to

rm w

a te

r M

a n a g e m

e n t

1 1 ,1

5 7

1 1 ,4

5 8

4 ,6

2 1

1 0 ,4

8 1

1 1 ,6

2 3

1 2 ,3

1 8

9 ,9

8 5

1 5 ,9

2 0

2 8 ,4

2 4

3 2 ,1

8 6

T o ta

l b u s in

e s s -t

yp e a

c tiv

iti e s e

x p e n s e s

1 6 4 ,9

1 3

1 6 2 ,8

9 3

8 4 ,4

4 9

1 6 7 ,5

6 0

1 5 0 ,7

7 0

1 7 9 ,0

8 7

5 4 ,6

1 4

1 2 2 ,2

0 3

1 9 9 ,9

6 1

2 6 6 ,5

3 6

T o ta

l p ri

m a ry

g o v e rn

m e n t e x p e n s e s

8 1 5 ,9

7 7

8 3 4 ,1

3 2

3 9 8 ,9

6 0

8 2 1 ,7

7 0

8 1 2 ,8

9 1

9 7 8 ,8

9 1

4 5 6 ,3

6 7

7 4 9 ,6

8 7

6 7 4 ,5

7 9

1 ,4

3 2 ,6

3 1

N e t

(E x p

e n

s e )/

R e v e n

u e

G o v e rn

m e n ta

l a c tiv

iti e s

(4 4 1 ,2

0 9 )

(4 5 3 ,3

4 2 )

(2 2 3 ,6

5 6 )

(4 1 5 ,3

5 5 )

(4 0 5 ,7

7 7 )

(6 0 1 ,6

3 5 )

(2 2 1 ,1

1 3 )

(4 2 6 ,8

9 9 )

(2 7 0 ,4

9 7 )

(9 2 9 ,6

8 7 )

B u s in

e s s -t

yp e a

c tiv

iti e s

(8 ,3

1 2 )

7 ,9

5 6

5 7 5

1 2 ,9

7 8

3 2 ,0

8 4

1 7 ,6

2 3

1 4 1 ,7

2 9

8 6 ,9

3 3

1 1 ,1

6 7

(4 2 ,8

9 9 )

T o ta

l P ri

m a ry

G o

v e rn

m e n t N

e t

E x p e n s e

(4 4 9 ,5

2 1 )

(4 4 5 ,3

8 6 )

(2 2 3 ,0

8 1 )

(4 0 2 ,3

7 7 )

(3 7 3 ,6

9 3 )

(5 8 4 ,0

1 2 )

(7 9 ,3

8 4 )

(3 3 9 ,9

6 6 )

(2 5 9 ,3

3 0 )

(9 7 2 ,5

8 6 )

C o n tin

u e d

C it

y o

f C

in c in

n a

ti ,

O h

io F

in a n

c ia

l T

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a ti

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S c h

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2 C

h a n

g e s i n

N e t

P o

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io n

( A

c c ru

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a s is

) L

a s t

T e n

F is

c a l P

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s (A

m o

u n

ts i n

T h

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d s )

F is

c a l

P e ri

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284

(C o n tin

u e d )

2 0 1 1

2 0 1 2

2 0 1 3

2 0 1 4

2 0 1 5

2 0 1 6

2 0 1 7

2 0 1 8

2 0 1 9

2 0 2 0

G e n

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O th

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C h

a n

g e s i n

N e t

P o

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G o v e rn

m e n ta

l a c tiv

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T a x

P ro

p e rt

y ta

x e s

5 3 ,3

3 5

5 0 ,3

1 0

2 3 ,7

3 0

5 8 ,7

1 4

5 8 ,6

6 8

5 9 ,4

2 6

6 0 ,2

5 3

6 2 ,6

5 9

6 1 ,4

3 6

6 6 ,1

3 3

In c o m

e t a x e s

3 2 5 ,0

8 9

3 1 9 ,3

1 7

1 5 9 ,2

7 5

3 5 1 ,2

6 2

3 6 2 ,1

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5 0

3 6 9 ,9

7 8

3 7 4 ,6

6 4

3 9 2 ,0

0 4

4 1 7 ,0

8 6

A d m

is s io

n t a x e s

4 ,4

5 0

4 ,6

1 6

1 ,7

2 0

5 ,2

7 8

5 ,4

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6 ,5

8 6

5 ,8

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5 ,7

9 6

6 ,0

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4 5

O c cu

p a n c y

T a x

2 ,2

7 0

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3 ,6

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4 ,1

0 6

3 ,8

2 4

S h a re

d R

e v e n u e s

6 2 ,0

1 2

5 7 ,4

3 8

1 4 ,8

1 7

5 0 ,0

0 4

4 6 ,8

3 9

4 8 ,7

6 7

4 1 ,9

7 9

4 1 ,7

9 1

4 1 ,8

5 8

4 3 ,2

3 0

U n re

s tr

ic te

d I n v e s tm

e n t e a rn

in g s

9 ,4

0 7

5 ,9

3 1

(2 ,9

6 3 )

1 0 ,3

5 7

7 ,1

0 8

8 ,9

7 2

3 ,4

1 3

2 ,4

0 7

1 7 ,7

7 9

2 2 ,8

1 4

M is

c e lla

n e o u s

3 1 ,8

4 4

3 1 ,3

7 0

1 7 ,4

7 4

4 1 ,0

4 8

4 2 ,5

8 5

4 5 ,0

6 7

4 4 ,4

2 6

5 1 ,5

8 7

5 7 ,8

3 7

6 5 ,0

6 2

S p e ci

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- G

a in

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a le

o f P

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0 0

T ra

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l a n d b

u s in

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(5 7 1 )

1 0 0

(1 ,0

5 1 )

1 ,1

4 0

1 ,1

1 9

4 ,7

8 8

2 ,3

4 1

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3 4

2 ,8

9 7

4 8 9

T o ta

l g o v e rn

m e n ta

l a c tiv

iti e s

5 0 1 ,8

3 6

4 7 1 ,4

1 2

2 1 4 ,0

9 4

5 2 0 ,5

0 8

5 2 6 ,7

7 9

5 4 8 ,6

2 5

5 3 1 ,8

2 7

5 4 5 ,5

2 8

5 8 3 ,9

1 9

6 2 3 ,4

8 3

B u s in

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c tiv

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T a x

O c cu

p a n c y

ta x e s

1 ,3

9 4

1 ,4

1 9

8 3 6

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1 ,7

1 4

U n re

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d I n v e s tm

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4 ,5

1 5

3 ,9

7 6

(4 4 9 )

4 ,4

4 3

3 ,5

2 4

4 ,6

2 5

2 ,2

2 4

3 ,7

6 0

9 ,3

0 3

1 1 ,0

6 3

M is

c e lla

n e o u s

1 ,4

8 6

3 ,2

9 4

4 ,3

0 1

3 ,0

5 7

5 ,2

4 3

1 ,7

8 0

2 ,5

1 8

1 ,6

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5 ,4

6 3

S p e ci

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T ra

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u s in

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T o ta

l b u s in

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8 1

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1 7 ,7

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T o ta

l P ri

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5 0 5 ,0

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5 2 8 ,5

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5 3 6 ,0

8 9

5 5 2 ,4

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5 9 4 ,0

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C h

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6 0 ,6

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1 2 1 ,0

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B u s in

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3 1 )

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4 1 ,3

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7 6

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T o ta

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9 6

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4 8 )

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1 6 2 ,3

9 6

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9 1 )

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6 6

3 3 4 ,6

9 8

(3 3 1 ,3

5 2 )

N o te

: I n 2

0 1 1 , R

e tir

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a yi

n g t h e p

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f C

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in 2

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is c a l Y

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s ix

m o n th

s o

f in

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l A c ti v iti

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285

2 0 1 1

2 0 1 2

2 0 1 3

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2 0 1 8

2 0 1 9

2 0 2 0

G e n e ra

l F u n d

N o n s p e n d a b le

4 ,0

6 3

6 ,4

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4 ,0

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2 ,3

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3 ,6

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3 ,7

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3 ,8

5 2

3 ,4

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2 ,7

5 3

U n re

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d :

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m itt

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5 ,2

8 7

6 ,8

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7 ,1

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7 ,7

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6 ,3

6 6

6 ,4

7 5

6 ,6

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5 ,9

5 6

6 ,0

4 7

A s s ig

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2 4 ,9

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6 5 ,4

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tr ic

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C a p ita

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d 1 2 5 ,6

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1 6 0 ,7

9 8

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1 9 5 ,6

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1 9 6 ,8

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T o ta

l C a p ita

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1 2 6 ,5

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7 6

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1 9 6 ,8

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D e b t

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d 8 1 ,0

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4 6

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7 5

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0 7

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4 9

1 1 8 ,4

3 7

1 3 0 ,8

9 1

T o ta

l D e b t

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8 1 ,0

9 0

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7 5

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T a x

In c re

m e n t

F in

a n c in

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u n d

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8 7

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1 4

T o ta

l T a x

In c re

m e n t

F in

a n ci

n g

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8 7

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9 2

3 5 ,4

5 6

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3 5 ,0

1 4

A ll

O th

e r

G o v e rn

m e n ta

l F u n d s

N o n s p e n d a b le

2 ,6

4 5

2 ,6

5 5

2 ,6

5 8

2 ,7

1 3

2 ,6

2 8

2 ,4

2 8

2 ,3

9 5

2 ,2

8 7

2 ,6

1 7

2 ,2

9 4

R e s tr

ic te

d 5 6 ,3

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5 6 ,7

4 2

5 8 ,1

9 0

5 9 ,6

2 1

7 2 ,8

3 3

6 6 ,9

1 7

7 1 ,5

8 0

6 5 ,5

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5 9 ,3

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2 4

n re

s tr

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d :

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7 1

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o ta

l O th

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l F u n d s

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6 6

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9 1 ,3

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8 2 ,6

5 6

9 6 ,8

5 2

T o ta

l F u n d B

a la

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m e n ta

l F u n d s

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9 8

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E s tim

a te

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ty f

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p e n sa

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b s e n c e s

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N o te

s :

T h e C

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f C

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n n a ti

c h a n g

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is c a l Y

e a rs

in 2

0 1 3 .

T h e in

fo rm

a tio

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0 1 3 f

is c a l y

e a r

re p re

s e n ts

s ix

m o n th

s o

f in

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2 0 1 3 .

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tr ic

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s (

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A c c ru

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s (A

m o

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286

2 0

1 1

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T o ta

l R e

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7 4

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6 8

E x

p e

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C u rr

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6 4

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m m

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D e

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8 6

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o n d I ss

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T o ta

l E x p e

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E x ce

ss (D

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f R

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n u e s

o v e

r( u n d e

r) E

x p e n d

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s (3

3 ,9

8 7

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7 ,5

8 7

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9 ,5

8 0

) (8

4 ,0

0 4

) (6

6 ,4

3 4

) (6

2 ,2

1 4

) (7

3 ,6

4 9

) (6

9 ,0

4 6

) (3

9 ,6

3 6

) (4

7 ,8

9 9

)

O th

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F in

a n

c in

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s )

G e n e

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a n d

N o

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4 9

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2 1

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p ita

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P a

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R e

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3 )

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1 ,4

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6 7

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) 0

(7 4

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5 )

D is

co u n t o

n B

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(1 8

0 )

(1 2

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(6 )

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re m

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s I ss

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d 3

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3 R

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s 3 ,7

7 3

Ju d g e

m e n t P

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s Is

su e d

(2 4

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l O th

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4 ,0

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N e

t ch

a n g e in

f u n d

b a

la n ce

s 5

1 ,6

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(3 8

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C a

p ita

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ts 1

1 2

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7 $

1 4

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8 8

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8 $

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1 9

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8 $

D e

b t se

rv ic

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a s

a P

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N o n ca

p ita

l E x p e

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s 1

1 .7

0 %

1 2

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% 4

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% 1 3

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% 1 2

.3 1

% 1

1 .9

0 %

1 2

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% 1 2

.4 5

% 1

1 .4

8 %

1 6

.6 9

N o

te : C

a p ita

liz e

d A

ss e

t a m

o u n t is

f ro

m t h e

r e co

n ci

lia tio

n b

e tw

e e

n t h e

g o v e

rn m

e n t-

w id

e s

ta te

m e n t o f

a ct

iv iti

e s

a n d

t h e s

ta te

m e n t o f

re v e

n u e s,

e xp

e n d

itu re

s, a

n d

c h a

n g e s

in f

u n d

b a

la n ce

N o

te : T

h e

C ity

o f

C in

ci n n a ti

C h a n g e

d F

is ca

l Y e

a r

in 2

0 1

3 . T

h e

in fo

rm a

tio n f

o r

th e

2 0

1 3

F is

ca l Y

e a r

re p re

se n ts

s ix

m o

n th

s o f

in fo

rm a

tio n f

o r

th e

p e ri o

d e

n d

in g J

u n e

3 0

, 2

0 1

3 .

N o

te : B

e g in

n in

g in

f is

ca l y

e a

r 2

0 1

4 E

m p lo

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B e

n e

fit s

a re

e xp

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d a

t th

e p

ro g ra

m le

v e

L a

s t

T e

n F

is c

a l P

e ri

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s (A

m o

u n

ts i n

T h

o u

s a

n d

s )

C it

y o

f C

in c

in n

a ti

F in

a n

c ia

l T

re n

d s

I n

fo rm

a ti

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S c

h e

d u

le 4

C h

a n

g e

s i n

F u

n d

B a la

n c e

s , G

o v

e rn

m e n

ta l F

u n

d s

( M

o d

if ie

d A

c c

ru a

l B

a s

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287

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1 1

2 0

1 2

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F u

n c

ti o

n /P

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G o

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c ti v it ie

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T ra

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1 9

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9 ,6

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3 ,6

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5 ,9

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S u

b to

ta l g

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c ti v iti

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ra m

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v e

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e 2

0 9

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B u

s in

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-t yp

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c ti v it ie

s W

a te

r W

o rk

s 1

2 2

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8 1

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5 ,1

4 2

1 4

1 ,6

3 7

1 4

4 ,3

2 3

1 5

4 ,3

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6 ,7

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1 6

1 ,2

9 9

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9 ,9

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P a

rk in

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a c ili

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s 1

0 ,5

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1 0

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4 ,4

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1 6

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0 C

o n

v e

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7 ,5

1 3

6 ,7

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1 1

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6 7

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9 G

e n

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l A

v ia

ti o

n 2

,1 3

3 2

,1 1

2 1

,4 4

4 2

,0 4

3 2

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7 2

,8 7

1 2

,1 8

3 5

,6 9

1 2

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2 2

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8 M

u n

ic ip

a l G

o lf

5 ,2

7 0

5 ,9

9 0

2 ,7

6 0

5 ,3

9 2

5 ,5

0 9

5 ,7

5 9

5 ,8

6 4

5 ,7

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5 ,0

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5 ,8

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S to

rm w

a te

r M

a n

a g

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t 8

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2 9

,6 8

6 5

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1 1

1 ,3

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2 1

S u

b to

ta l b

u s in

e s s -t

yp e

a c ti v it ie

s p

ro g

ra m

r e

v e

n u

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1 5

6 ,6

0 1

1 7

0 ,8

4 9

8 5

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1 8

0 ,5

3 8

1 8

2 ,8

5 4

1 9

6 ,7

1 0

1 9

6 ,3

4 3

2 0

9 ,1

3 6

2 1

1 ,1

2 8

2 2

3 ,6

3 7

T o

ta l p

ri m

a ry

g o

ve rn

m e

n t

p ro

g ra

m r

e v e

n u

e s

3 6

6 ,4

5 6

3 8

8 ,7

4 6

1 7

5 ,8

7 9

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9 ,3

9 3

4 3

9 ,1

9 8

3 9

4 ,8

7 9

3 7

6 ,9

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9 ,7

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5 ,2

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4 6

0 ,0

4 5

N o

te :

T h

e C

ity o

f C

in c in

n a

ti C

h a

n g

e d

f is

c a

l ye

a rs

i n

2 0

1 3

. T

h e

i n

fo rm

a ti o

n f

o r

th e

2 0

1 3

f is

ca l y

e a

r re

p re

s e

n ts

s ix

m o

n th

s o

f in

fo rm

a ti o

n f

o r

th e

p e

ri o

d e

n d

in g

J u

n e

3 0

, 2

0 1

3 .

P ro

g ra

m R

e v e

n u

L a

s t

T e

n F

is c

a l

P e

ri o

d s

(A m

o u

n ts

i n

T h

o u

s a

n d

s )

C it

y o

f C

in c

in n

a ti

F in

a n

c ia

l T

re n

d s

I n

fo rm

a ti

o n

S c

h e

d u

le 5

P ro

g ra

m R

e v e

n u

e s

b y F

u n

c ti

o n

( A

c c

ru a

l B

a s

is )

- 5

0 ,0

0 0

1 0

0 ,0

0 0

1 5

0 ,0

0 0

2 0

0 ,0

0 0

2 5

0 ,0

0 0

3 0

0 ,0

0 0

3 5

0 ,0

0 0

4 0

0 ,0

0 0

4 5

0 ,0

0 0

5 0

0 ,0

0 0

2 0

1 1

2 0

1 2

2 0

1 3

2 0

1 4

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1 5

2 0

1 6

2 0

1 7

2 0

1 8

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1 9

2 0

R e

ve n u

e f

ro m

G o v t

A ct

iv iti

e s

R e

ve n u

e f

ro m

B u

si n e

s s

A ct

iv iti

e s

288

L ic

e n

s e

s U

s e o

f In

te r-

G ra

n ts

C h

a rg

e s

is c a l

a n

d M

o n

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n d

S p

e c

ia l

G o

v e rn

m e

n ta

l a n

d fo

r C

u rr

e n

Y e a

r T

a x e s

P e rm

it s

P ro

p e rt

y A

s s e s s m

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ts R

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S u

b s id

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S e rv

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M is

c T

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3 7 7 ,5

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3 8 ,0

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6 7

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9 9

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5 5

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1 8 ,7

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1 4 ,0

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Tax % % % Gross Net Year Individual Total Business Total Withholding Total Receipts Refunds Receipts

2011 17,855$ 5.4% 42,898$ 13.0% 268,318$ 81.5% 329,071$ 12,721$ 316,350$ 2012 17,705 5.3% 38,315 11.4% 278,910 83.3% 334,930 12,194 322,736 2013 12,819 6.9% 27,582 14.9% 144,553 78.2% 184,954 11,707 173,247 2014 22,225 6.3% 48,234 13.6% 284,804 80.2% 355,263 14,273 340,990 2015 21,429 5.8% 54,334 14.7% 294,043 79.5% 369,806 12,826 356,980 2016 20,818 5.3% 52,746 13.6% 315,677 81.1% 389,241 12,589 376,652 2017 21,349 5.5% 49,442 12.7% 317,513 81.8% 388,304 15,106 373,198 2018 20,422 5.2% 47,783 12.1% 326,447 82.7% 394,652 22,424 372,228 2019 21,160 5.1% 53,983 13.0% 340,774 81.9% 415,917 21,720 394,197 2020 15,282 3.7% 51,104 12.4% 347,028 83.9% 413,414 12,126 401,288

Note: 1. The income tax rate is 2.1%. 2. Minor differences between net receipts and Non-GAAP receipts are due to processing of City employee withholdings.

3. The City of Cincinnati changed Fiscal Years in 2013. The information for the 2013 Fiscal Year represents six months of information for the period ending June 30, 2013.

Source: Cincinnati Income Tax Division

City of Cincinnati Revenue Capacity

Schedule 1 Income Tax Revenue Base and Collections (Cash Basis)

Last Ten Fiscal Periods (Amounts in Thousands)

20%

40%

60%

80%

100%

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Withholdings Business Individual

290

Capital % General Transit Infrastructure Projects Inc(Dec)

Year Fund Fund Fund Fund Total Prior Year

2011 233,752$ 45,242$ 15,081$ 22,621$ 316,696$ 5.06% 2012 238,210 46,105 15,368 23,053 322,736 1.91% 2013 127,873 24,749 8,250 12,375 173,247 -46.32% 2014 251,683 48,713 16,238 24,356 340,990 96.82% 2015 261,848 50,680 16,893 25,340 354,761 4.04% 2016 277,673 53,743 17,914 26,872 376,202 6.04% 2017 274,312 53,093 17,698 26,546 371,649 -1.21% 2018 277,477 53,705 17,902 26,853 375,937 1.15% 2019 288,826 55,902 18,634 27,951 391,313 4.09% 2020 297,701 57,619 19,207 28,810 403,337 3.07%

Capital % General Transit Infrastructure Projects Inc(Dec)

Year Fund Fund Fund Fund Total Prior Year

2011 234,311$ 45,350$ 15,117$ 22,675$ 317,453$ 5.01% 2012 238,054 46,075 15,359 23,038 322,526 1.60% 2013 122,624 23,734 7,912 11,867 166,137 -48.49% 2014 254,413 49,241 16,414 24,620 344,688 107.47% 2015 262,180 50,744 16,914 25,438 355,276 3.07% 2016 274,154 53,062 17,687 26,532 371,435 4.55% 2017 273,194 52,877 17,626 26,437 370,134 -0.35% 2018 276,537 53,523 17,841 26,762 374,663 1.22% 2019 288,736 55,884 18,628 27,943 391,191 4.41% 2020 308,931 59,794 19,932 29,897 418,554 6.99%

Note: The City of Cincinnati changed Fiscal Years in 2013. The information for the 2013 Fiscal Year represents six months of information for the period ending June 30, 2013.

Modified Accrual Basis

(Amounts in Thousands)

City of Cincinnati

Income Tax Revenues Last Ten Fiscal Periods

Non GAAP Budgetary Basis

Revenue Capacity Schedule 2

$- $50,000

$100,000 $150,000 $200,000 $250,000 $300,000 $350,000 $400,000 $450,000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Tax Revenue Collection by Fiscal Period GAAP Basis

291

Tangible Direct Collection Personal Tax Year Property Total Rate

2011 5,548,127,850$ 279,408,310$ 15,462,590$ 5,842,998,750$ 10.07 2012 5,047,722,430 295,612,690 - 5,343,335,120 10.50 2013 4,960,616,820 313,437,020 - 5,274,053,840 10.85 2014 4,896,185,150 351,462,760 - 5,247,647,910 12.20 2015 4,946,475,290 385,238,120 - 5,331,713,410 12.10 2016 4,987,699,590 397,886,050 - 5,385,585,640 12.10 2017 5,010,624,630 439,985,370 - 5,450,610,000 12.04 2018 5,313,434,440 457,626,470 - 5,771,060,910 12.04 2019 5,261,461,220 472,306,030 - 5,733,767,250 12.42 2020 5,339,520,000 504,135,600 - 5,843,655,600 12.45

Collection Year Year

2011 $ 16,694,282,143 2016 $ 2012 15,266,671,771 2017 2013 15,068,725,257 2018 2014 14,993,279,743 2019 2015 15,233,466,886 2020

Collection Year Agricultural Commercial Industrial Residential Utilities

2013 1,056,000$ 1,635,350,450$ 261,206,740$ 3,055,938,780$ 7,064,850$ 2014 1,056,000 1,590,304,540 254,396,760 3,042,910,120 7,517,730 2015 1,135,000 1,594,763,700 242,587,690 3,100,151,250 7,837,650 2016 1,066,920 1,627,705,720 240,396,160 3,111,013,670 7,517,120 2017 1,114,980 1,638,859,570 238,335,820 3,122,082,870 10,231,390 2018 1,228,660 1,705,982,070 236,461,380 3,359,714,230 10,048,100 2019 1,065,470 1,642,319,980 233,670,980 3,374,628,630 9,776,160 2020 1,075,570 1,688,513,070 236,840,990 3,403,205,710 9,884,660

Note: Rates are expressed as dollars of tax per thousand dollars of taxable valuation.

Source: Hamilton County Auditor's Office

Last Eight Collection Years

have been assessed over the years at different percentages.

City of Cincinnati

equipment, and inventory - various.

last ten years because the tangible personal property components (machinery and equipment, and business inventory)

16,488,745,457

The current assessed valuation for collection year 2020 is computed at approximately the following percentages of

Real Property Assessed Valuation By Type of Property

City of Cincinnati

Assessed Valuations and Estimated True Values Last Ten Fiscal Periods

Assessed Valuations

Revenue Capacity Schedule 3

Estimated

For public utility property and tangible personal property, the City is not able to calculate estimated true values for the

15,387,387,543

16,696,158,857 16,382,192,143

True Values

estimated true value: real property - 35%; public utilities, tangible personal property machinery and

For real property, the estimated true values for the last ten years are computed as follows:

Public Utility Property

True Values

Schedule 4 Revenue Capacity

Real Property

Estimated

15,573,171,429

292

City Levy Residential Commercial Assessed Collection General Debt School County Total Effective Effective

Year Year Fund Service Levy Levy Levy Millage Millage

2010 for 2011 4.60 5.47 68.54 21.48 100.09 67.82 79.88 2011 for 2012 4.60 5.90 70.76 21.06 102.32 73.67 84.72 2012 for 2013 4.60 6.25 71.34 21.06 103.25 74.81 86.34 2013 for 2014 5.70 6.50 71.49 21.06 104.75 76.51 88.19 2014 for 2015 5.60 6.50 70.65 20.88 103.63 75.20 87.94 2015 for 2016 5.60 6.50 70.15 20.88 103.13 74.80 87.64 2016 for 2017 5.54 6.50 77.91 20.88 110.83 82.72 95.40 2017 for 2018 5.54 6.50 77.23 21.19 110.46 80.63 93.48 2018 for 2019 5.16 7.26 76.61 24.17 113.20 83.44 96.52 2019 for 2020 5.19 7.26 76.50 24.17 113.12 83.39 96.47

Note: Rates are expressed as dollars of tax per thousand dollars of taxable valuation.

Source: Hamilton County Auditor's Office

Percentage Percentage Taxable of Total Taxable of Total

Assessed Assessed Assessed Assessed Taxpayer Value Rank Value Value Rank Value

Duke Energy 511,895,810$ 1 8.76% 280,748,650$ 1 4.80% City of Cincinnati 94,370,080 2 1.61% 143,668,840 2 2.46% The Procter and Gamble Co 53,204,580 3 0.91% 59,192,580 3 1.01% Fifth Third Bank 31,596,750 4 0.54% 22,179,560 7 0.38% Acabay Atrium Two L P 26,425,000 5 0.45% Childrens Hospital 19,881,840 6 0.34% 16,820,550 9 0.29% Regency Centers LP 19,590,580 7 0.34% 19,619,800 8 0.34% Hertz Center 16,625,000 8 0.28% 14,875,010 10 0.25% Acabay Atrium One LP 16,197,550 9 0.28% PNC Center Associates LLC 15,447,310 10 0.26% OTR 24,150,000 6 0.41% Columbia Development 24,239,670 5 0.41% Emery Realty 29,263,860 4 0.50%

Total 805,234,500$ 13.77% 634,758,520$ 10.86%

Total Assessed Value 5,843,655,600$ 5,842,998,750$

Source: Hamilton County Auditors' Office

Note: 1. Assessed Valuation is based on both the personal and real property valuation of the largest property holder in the city. 2. The total assessed valuation figure is the 2018 valuation for 2019 real property tax collections.

Revenue Capacity Schedule 6

Principal Property Taxpayers Prior Calendar Year and Nine Years Ago

2019

City of Cincinnati Revenue Capacity

Schedule 5 Property Tax Rates - Direct and Overlapping Governments

2010

Last Ten Fiscal Periods

City of Cincinnati

293

Percentage Percentage of Current of Total

Collection Net Current Collections Prior Year Total Collections Year Tax Levy Collections to Net Levy Collections Collections to Net Levy

2011 59,552 54,285 91.16% 3,389 57,674 96.85% 2012 55,746 51,524 92.43% 3,128 54,652 98.04% 2013 57,407 53,678 93.50% 2,499 56,177 97.86% 2014 59,073 55,525 94.00% 2,548 58,073 98.31% 2015 58,911 56,245 95.47% 2,476 58,721 99.68% 2016 59,415 56,877 95.73% 2,387 59,264 99.75% 2017 59,798 57,220 95.69% 1,986 59,206 99.01% 2018 63,338 60,313 95.62% 2,249 62,957 99.40%

2019 64,662 62,174 96.15% 2,482 64,662 100.00%

2020 66,186 63,822 96.43% 2,764 66,186 100.00%

Note 1: Collections (2010 - 2019) have been reduced for State reimbursements of personal property tax that had been included in prior year amounts. These amounts are included in intergovernmental revenues. Note 2: The information presented in this chart is based on collection years from January 1 through December 31.

City of Cincinnati

Property Tax Levy and Collections Last Ten Fiscal Periods (Amounts in thousands)

Revenue Capacity Schedule 7

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System's Maximum Rated Pumpage Daily Pumpage

Total Average Day Maximum Day Capacity as % of Year Pumpage (MG's) MGD MGD MGD Capacity

2011 44,396.749 121.6 206.3 260 79.36% 2012 45,233.283 123.6 230.3 260 88.56% 2013 20,559.715 113.6 168.6 260 64.85% 2014 43,838.631 120.1 157.4 260 60.54% 2015 43,024.976 117.9 164.0 260 63.08% 2016 42,794.941 116.9 159.0 260 61.15% 2017 43,859.083 120.2 174.9 260 67.27% 2018 44,184.229 121.1 157.2 260 60.48% 2019 43,165.940 118.3 183.4 260 70.54% 2020 43,544.608 119.0 182.0 260 70.00%

MG - Million Gallons

MGD - Million Gallons per Day

Percentage of Sales Collected

Year Net Water Sales

2011 107,523,801 107,944,056 100.39% 2012 120,698,632 119,918,322 99.35% 2013 54,935,164 53,572,641 97.52% 2014 121,681,377 120,831,281 99.30% 2015 122,528,705 123,427,760 100.73% 2016 123,267,753 126,500,526 102.62% 2017 137,388,118 136,007,720 99.00% 2018 148,070,537 147,519,014 99.63% 2019 145,276,539 145,313,037 100.03% 2020 154,447,190 152,821,066 98.95%

1,235,817,816$ 1,233,855,423$ 99.84%

Note: The City of Cincinnati Changed fiscal years in 2013. The information for the 2013 fiscal year represents six months of information for the period ending June 30, 2013.

City of Cincinnati Revenue Capacity

Schedule 9 Water Works

Historical and Projected Water System Pumpage

Year's Sales

Cash Collected During

City of Cincinnati Revenue Capacity

Schedule 10 Water Works

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General Less: Amounts Net Obligation Available for Net Bonded

Fiscal Bonds Debt Service Bonded Assessed Debt per Year (Note 1) (Note 2) Debt Value Capita

2011 428,445,000$ 81,090,000$ 347,355,000$ 5,827,536,160$ 1,443$ 2012 495,020,000 76,846,000 418,174,000 5,343,335,120 1,671 2013 494,663,000 90,078,000 404,585,000 5,274,053,840 1,668 2014 543,804,000 108,575,000 435,229,000 5,247,647,910 1,834 2015 494,178,000 99,091,000 395,087,000 5,331,713,410 1,661 2016 600,474,000 116,003,000 484,471,000 5,385,585,640 2,011 2017 605,587,000 102,507,000 503,080,000 5,450,610,000 2,027 2018 577,306,000 107,049,000 470,257,000 5,771,060,910 1,916 2019 563,577,000 118,437,000 445,140,000 5,733,767,250 1,862 2020 630,743,000 130,891,000 499,852,000 5,843,655,600 2,075

Note 1 - This is general bonded debt of both governmental activities and business-type activities, net of premiums and discounts. Note 2 - This is the amount restricted for debt service principal payments.

100 %

(b) 89.34% (a) 29.68%

City of Cincinnati Debt Capacity Information

Schedule 2 Ratio of Net General Bonded Debt

To Assessed Value and Net Bonded Debt Per Capita Last Ten Years

Ratio of Net Bonded Debt To Assessed

Population Value

296,550 124.95% 297,517 125.08% 298,550 123.94%

296,943 123.34% 296,223 118.38% 296,550 122.26%

City of Cincinnati Debt Capacity Information

Schedule 3 Computation of Direct and Overlapping Debt

June 30, 2020

298,800 120.38% 301,301 122.76% 302,605 126.61% 303,940 126.19%

(a) Debt Overlapping Overall Debt Direct:

Assessed Total Net Tax Valuation Direct Percent Supported

Board of Education - Cincinnati City School District 6,540,907,480 264,105,000 235,951,765

City of Cincinnati 5,843,655,600$ 806,180,000$ 806,180,000$

Overlapping:

Total 1,215,443,031$ 1,085,214,168$

(a) Source: Hamilton County Auditor's Office; December 31, 2019 data (b) Source: Cincinnati City School District; December 31, 2019 data

Hamilton County 19,689,095,340 145,158,031 43,082,403 Subtotal 409,263,031 279,034,168

100000000

200000000

300000000

400000000

500000000

600000000

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Total Net Bonded Debt Outstanding at Year End

298

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299

Maximum Annual Dedicated Economic Special Funds 3

Maximum Annual Fiscal Debt Service (incl. Development Fund + Debt Service (incl.

Year Special Funds 3 Suboridnated Debt)4 Coverage (DEDF) DEDF Suboridnated Debt)

4 Coverage

2014 17,090,510$ 8,270,572$ 2.07 2,000,000$ 19,090,510$ 8,270,572$ 2.31 2015 19,378,983 8,741,704 2.22 2,000,000 21,378,983 8,741,704 2.45 2016 19,995,515 10,197,363 1.96 2,000,000 21,995,515 10,197,363 2.16 2017 22,800,941 10,786,342 2.11 2,000,000 24,800,941 10,786,342 2.30 2018 23,671,463 10,786,342 2.19 2,000,000 25,671,463 10,786,342 2.38 2019 27,197,986 11,689,396 2.33 2,000,000 29,197,986 11,689,396 2.50 2020 28,313,092 11,689,396 2.42 2,000,000 30,313,092 11,689,396 2.59

________

4Refers only to all Bonds Outstanding as of the end of the applicable Fiscal Year.

Includes: Urban Renewal Revenue Bonds, Series 1990A - One Gateway Project Economic Development Revenue Bonds, Series 1996 - Cincinnati Development Group LLC - Fountain Square West Project Economic Development Revenue Bonds, Series 1998 - Convention Place Mall Project - RSJJ Investments Limited Economic Development Revenue Bonds, Series 2002 - Saks Fifth Avenue Inc. & Race Street Development LTD Economic Development Revenue Bonds, Series 2003 - Convergys Corporation Project Economic Development Revenue Bonds, Series 2007 - Convergys Corporation Project Economic Development Revenue Bonds, Series 2008A - The Keystone Project Economic Development Revenue Bonds, Series 2008B - Baldwin 300 Project Economic Development Revenue Bonds, Series 2008C - Madison Circle Project Recovery Zone Facilities Bonds, Series 2009A - Graeter's Manufacturing Facility Economic Development Revenue Bonds, Series 2009B - Columbia Square Economic Development Revenue Bonds, Series 2011A - USquare Project Economic Development Revenue Bonds, Series 2012A - Convergys Corporation Project Non-Tax Revenue Pledge- State Infrastructure Bank Revenue Bonds, Series 2014A - Keystone Park Phase 2 Non-Tax Revenue Pledge- State Infrastructure Bank Loan, Series 2014L - Keystone Park Phase 2 Economic Development Revenue Bonds, Series 2015A - Jordan Crossing Redevelopment Project Economic Development Revenue Bonds, Series 2015B - The Mercer Commons Phase 2 Project Economic Development Revenue Bonds, Series 2015C - Seymour Plaza Redevelopment Project Economic Development Revenue Bonds, Series 2015D - McMillian Redevelopment Project Economic Development Revenue Bonds, Series 2015E - Incline District Parking Garage Project Economic Development Revenue Bonds, Series 2015F - Avondale Blight Removal Phase 1 Project (Federally Taxable) Economic Development Revenue Bonds, Series 2015G - Evanston Commercial Redevelopment Project (Federally Taxable) Economic Development Revenue Bonds, Series 2015H - Walnut Hills Development Project (Federally Taxable) Economic Development Revenue Bonds, Series 2016A - Vernon Manor II Project Economic Development Revenue Bonds, Series 2016B - Keystone Park Phase III Project Economic Development Revenue Bonds Refunding, Series 2016C - The Keystone Project Economic Development Revenue Bonds Refunding, Series 2016D - Baldwin 300 Project Economic Development Revenue Bonds Refunding, Series 2016E - Madison Circle Project Economic Development Revenue Bonds, Series 2016F - OTR Arts Improvements Project Economic Development Revenue Bonds Refunding, Series 2016G - Columbia Square Project Economic Development Revenue Bonds, Series 2018A - OTR Arts Improvements Project Economic Development Revenue Bonds, Series 2018B - Industrial Site Redevelopment Project (Federally Taxable) Economic Development Revenue Bonds, Series 2018C - Hudepohl Brewery Remediation Project (Federally Taxable) Economic Development Revenue Bonds, Series 2018D - East Price Hill Revitalization Project Subordinated Debt: Non-Tax Revenue Pledge- HUD 108 Loan, 2015 - Men's Shelter

Debt Service Coverage for Economic Development Revenue Bonds, including Subordinated Debt2

City of Cincinnati Debt Capacity Information

Schedule 5

Revenue Bonds Debt Service Coverage - Last Seven Fiscal Periods1

1The City changed reporting periods from a calendar year to a June 30th fiscal year, with the first full fiscal year ended June 30, 2014. This schedule will continue to build out prospectively until ten full fiscal years are available.

2The City’s Economic Development Revenue Bonds (EDRBs) are issued pursuant to the Trust Agreement, dated as of May 1, 1996, as amended and supplemented (the “EDRB Trust Agreement”), between the City and The Bank of New York Mellon Trust Company, N.A. (as successor trustee to Fifth Third Bank), as trustee. In accordance with certain continuing disclosure undertakings related to its EDRBs, the City is required to provide updates on the historical debt service coverage provided by the Special Funds, which appears in the Official Statements related to such EDRBs. Beginning in Fiscal Year 2019, the City has updated Schedule 5 to comply with the debt service coverage requirements of the EDRB Trust Agreement.

3"Special Funds" means all revenues received by the City under the revenue items designated as Fines, Forfeitures & Penalties and License & Permit Fees in the annual City appropriation ordinance; Pledged Revenues with respect to the 2009A Bonds not included.

300

Maximum Annual Dedicated Economic Special Funds 3

Maximum Annual Fiscal Debt Service (excl. Development Fund + Debt Service (excl. Year Special Funds

3 Suboridnated Debt)4 Coverage (DEDF) DEDF Suboridnated Debt) 4

Coverage 2014 17,090,510$ 8,270,572$ 2.07 2,000,000$ 19,090,510$ 8,270,572$ 2.31 2015 19,378,983 8,270,572 2.34 2,000,000 21,378,983 8,270,572 2.58 2016 19,995,515 9,696,601 2.06 2,000,000 21,995,515 9,696,601 2.27 2017 22,800,941 10,285,579 2.22 2,000,000 24,800,941 10,285,579 2.41 2018 23,671,463 10,285,579 2.30 2,000,000 25,671,463 10,285,579 2.50 2019 27,197,986 11,188,633 2.43 2,000,000 29,197,986 11,188,633 2.61 2020 28,313,092 11,188,633 2.53 2,000,000 30,313,092 11,188,633 2.71

________

4Refers only to all Bonds Outstanding as of the end of the applicable Fiscal Year.

City of Cincinnati Debt Capacity Information

Schedule 5 (continued) Revenue Bonds Debt Service Coverage - Last Seven Fiscal Periods1

Debt Service Coverage for Economic Development Revenue Bonds, excluding Subordinated Debt2

301

Bond Retirement Southern Railway 2013* 51,179,093$ 10,094,803$ 2014 66,531,901 20,734,726 2015 63,225,579 21,017,620 2016 79,737,239 21,360,330 2017 70,079,362 21,623,023 2018 70,831,277 21,967,020 2019 67,773,961 22,382,999 2020 74,250,804 22,932,177

Uses of Funds 2021 2022 2023 2024 2025 Total Infrastructure-Smale Commission $40,142 $44,061 $43,926 $46,988 $36,632 $211,749 Equipment 9,827 9,462 9,485 9,941 10,075 48,790 Debt Service Payments 580 1,933 1,933 1,933 1,933 8,312 Economic Development 2,811 2,600 2,600 2,600 2,600 13,211 Housing-Nghd. Development 1,493 1,058 921 1,589 1,027 6,088 New Infrastructure 700 129 124 137 140 1,230 Environment 130 130 130 132 135 657 IT. Infrastructure 133 140 138 149 149 709 Software and Hardware (IT) 1,521 1,479 1,458 1,471 1,477 7,406 Subtotal General CIP 57,337 60,992 60,715 64,940 54,168 298,152 Additional Uses Stormwater Improvements $6,620 $0 $0 $0 $0 $6,620 Subtotal Additional Uses 6,620 0 0 0 0 6,620

Total Uses $63,957 $60,992 $60,715 $64,940 $54,168 $304,772

Sources of Funds 2021 2022 2023 2024 2025 Total Income Tax Capital Revenue $6,815 $8,950 $8,950 $8,950 $8,950 $42,615 Southern Railroad Note Proceeds 22,020 22,292 22,515 22,740 22,968 112,535 Prop. Tax Spprtd. Bonds & Notes 27,150 26,500 26,500 31,000 20,000 131,150 Income Tax Supported Bonds 0 0 0 0 0 0 Income Tax Supported Lease 0 3,000 2,500 2,000 2,000 9,500 Blue Ash Proceeds / Misc. 250 250 250 250 250 1,250 Reprogramming 1,100 0 0 0 0 1,100 Subtotal General CIP 57,337 60,992 60,715 64,940 54,168 298,152 Additional Sources Stormwater Rev. Spprtd. Bonds $6,620 $0 $0 $0 $0 $6,620 Subtotal Additional Sources 6,620 0 0 0 0 6,620

Total Sources $63,955 $60,992 $60,715 $64,940 $54,168 $304,770

Ratio of Property Tax Supported Debt to General Capital Improvement Program Budget 2021 2022 2023 2024 2025 Total

CIP Budget $57,337 $60,992 $60,715 $64,940 $54,168 $298,152 Property Tax Supported Debt 27,150 26,500 26,500 31,000 20,000 131,150 % Property Tax Supported Debt 47.35% 43.45% 43.65% 47.74% 36.92% 43.99% ________

City of Cincinnati

1In compliance with Securities and Exchange Commission Rule 15c2 12 (as amended from time to time), this Schedule is provided pursuant to certain continuing disclosure undertakings delivered in connection with the execution and delivery of the City’s outstanding (i) economic development revenue bonds (the “Economic Development Revenue Bonds”), (ii) general obligation bonds (the “GO Bonds”), and (iii) water system revenue bonds (the “Water Revenue Bonds”). 2Ordinance 0019-2020, approved by City Council on January 23, 2020, authorizes the issuance of $3.0m in self-supporting general obligation debt for equipment improvements related to City-owned golf courses. This debt was approved outside of the FY 2021 CIP process and is not included in the reported figures.

(Amounts in Thousands)

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Debt Capacity Information

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(Amounts in Thousands) Description 2021 2022 2023 2024 2025 2026

Metered Water Sales Revenue Under Existing Rates 152,088$ 155,281$ 155,281$ 155,281$ 155,281$ 155,281$ Indicated Revenue Increases (a)(b)

Month - Year Revenue Increase January 2021 3.75% 2,912 5,823 5,823 5,823 5,823 5,823 January 2022 4.00% 3,193 6,387 6,387 6,387 6,387 January 2023 4.00% 3,350 6,700 6,700 6,700 January 2024 4.00% 3,484 6,968 6,968 January 2025 4.00% 3,623 7,246 January 2025 4.00% 3,653 3,768

Water Sales Increase - CPI (437) (1,749) (1,819) (1,819) Interest From Treasury Investments 1,250 1,050 1,050 1,050 1,050 1,050 Other Revenue (c) 12,695 12,695 12,695 12,695 12,695 12,695 Private Lead Service Line Reimbursements 696 954 1,133 1,328 1,328 1,500

________________________________________________________________________

Total Revenue 169,641 178,996 185,282 190,999 201,689 205,599

Operating & Maintenance Expense (d) 94,458 96,340 98,260 100,219 102,216 104,300 Private Lead Service Line Replacement 3,300 3,960 3,960 3,960 3,960 4,000

________________________________________________________________________ Net Revenue Available for Debt Service 71,883 78,696 83,062 86,820 95,513 97,299

Total Senior Lien Revenue Bond Debt Service 39,242 39,338 39,347 39,343 39,343 39,339 Future Senior Lien Revenue Bond Debt Service (e) 1,350 2,700 2,700 5,625 5,625________________________________________________________________________ Total Senior Lien Revenue Bond Debt Service 39,242 40,688 42,047 42,043 44,968 44,964

State of Ohio Issue 2 Money ($4.38M/20Yrs/0%) 219 219 219 219 219 169 Ohio EPA Water Supply Revolving Loan (1.31%-3.25%) 4,210 4,212 4,214 4,217 4,218 4,222 Ohio EPA Water Supply Revolving Loan Future Years 598 1,078 1,078 1,078 1,078 1,078

________________________________________________________________________ Other Financing Requirements 5,027 5,509 5,511 5,514 5,515 5,469________________________________________________________________________ Total Debt Payments 44,269 46,197 47,558 47,557 50,483 50,433

Surplus (Deficit) 27,614 32,499 35,504 39,263 45,030 46,866 Total Bond Proceeds 55,000 60,000 65,000 LESS: Transfer to Other Funds (4,100) (4,100) (4,100) (4,100) (4,100) (4,100) LESS: Capital Expenditures (67,000) (67,000) (67,000) (67,000) (67,000) (67,000) ADD: Cash Inflows 10,990 7,975 0 0 0 ADD: Adjustment Fund 312 (f) 2,604 3,006 2,827 2,632 2,632 2,632

________________________________________________________________________

Ending Balance Available for Transfer 117,139 144,519 111,750 142,545 88,312 185,943

Debt Service Coverage Senior Bond Debt Service Coverage 183% 193% 198% 207% 212% 216% Total Bond Debt Service Coverage 162% 170% 175% 183% 189% 193%

Days Cash on Hand 437 526 399 499 304 627

Footnotes: (a) Reflects the effect of timing of mid-year rate increases on the level of revenues received in the first year of each revenue adjustment. (b) Rate increases of 3.75% for FY2021 was approved on October 10, 2016. Increases for FY2022 through FY2026 are projected. (c) Other Revenues includes revenues other than water sales revenue such as meter application fees, meter repair and testing fees, expansion fees and sales of construction material. (d) Operating and Maintenance Expenses exclude Accrued Pension and OPEB Liabilities. (e) The assumptions for the proposed debt service with respect to future issues of Senior Bonds (30-year maturity) are as follows (in dollars, 000’s omitted):

Fiscal Year Proceeds Reserv & Issuance CostsTotal Issue Interest 2022 55,000 5,000 60,000 4.00% 2024 60,000 5,000 65,000 4.00% 2026 65,000 5,000 70,000 4.00%

(f) Shown in the Pro Forma as a revenu and an expense. Actual revenues and expenses related to the Private Lead Service Line Replacement Program are funded via transfer from Operating Fund 101 to Fund 312.

Greater Cincinnati Water Works Projected Operating Results

Debt Capacity Schedule 8

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2011 120,682,000$ 11,840,000$ 20,624,000$ 32,464,000$ 1.51 2012 139,066,000 17,700,000 22,837,000 40,537,000 1.61

2013# 68,947,000 - 12,005,000 12,005,000 2.49 2014 146,312,000 19,580,000 20,738,000 40,318,000 1.77 2015 145,217,000 20,620,000 24,345,000 44,965,000 1.64 2016 151,816,000 24,685,000 19,625,000 44,310,000 1.81 2017 159,008,000 26,310,000 20,222,000 46,532,000 1.64 2018 165,626,000 19,275,000 19,327,000 38,602,000 2.19 2019 165,292,000 19,837,000 18,524,000 38,361,000 2.03 2020 183,706,000 21,080,000 18,092,000 39,172,000 2.33

***

Excludes the principal amount of the Crossover Refunded Series 2009B Bonds and cash defeasance of 2009A and 2011A Bonds

Excludes interest payable on the Series 2016C Bonds to the Crossover Date (December 1, 2019)

The City of Cincinnati changed fiscal years in 2013. The information for the 2013 fiscal year represents six months of information for the period ending June 30, 2013.

City of Cincinnati Debt Service Capacity

Schedule 10 Water Works Revenue Bonds Debt Service Coverage

Last Ten Fiscal Years

Excludes Non-Cash Expenses for Depreciation and Net Pension Liability and NOPEB Liability

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Number Percentage Number Percentage of of Total of of Total

Employer Employees Employment Employees Employment

Cincinnati Children's Hospital Medical Center 15,796 1 0.71% 15,374 2 1.51% The Kroger Co. 14,987 2 0.67% 19,000 1 1.87% Cincinnati/Northern Kentucky International Airport 14,602 3 0.66% 12,500 3 1.23% TriHealth Inc. 12,332 4 0.56% 10,197 5 1.00% UC Health 11,000 5 0.50% 12,332 4 1.21% Mercy Health 10,500 6 0.47% 7,400 8 0.73% University of Cincinnati 10,159 7 0.46% Procter & Gamble 10,000 8 0.45% General Electric 9,700 9 0.44% St. Elizabeth Healthcare 8,885 10 0.40% 8,817 6 0.87% City of Cincinnati 7,500 7 0.74% Wal-Mart Stores 7,300 9 0.72% St. Elizabeth Medical Center 7,063 10 0.69%

Total 117,961 5.31% 107,483 10.56%

Total Metropolitan Statistical Area 2,221,208 1,017,900

Sources: Cincinnatiusa.com Cincinnati Business Courier Book of Lists : Largest Tri-State Employers Data ranked by local employees as of July 2020- per Book of Lists Data: City population USA metro Cincinnati, OH in KY

https://www.bizjournals.com/cincinnati/subscriber-only/2020/07/03/largest-tri-state-employers.html

City of Cincinnati Demographic and Economic Information

Schedule 2 Ten Largest Employers

In Cincinnati Primary Metropolitan Statistical Area

2011

Current Fiscal Year and Nine Years Ago

2020

308

Number Estimated Number Estimated Number Estimated Fiscal of Cost of Cost of Cost Year Permits (in thousands) Permits (in thousands) Permits (in thousands)

2011 90 28,403$ 43 126,318$ 9,290 536,041$ 2012 83 34,675 43 66,630 9,050 401,558 2013 59 12,374 21 53,526 4,691 220,351 2014 90 21,427 38 197,818 9,433 672,855 2015 123 31,292 73 273,559 9,464 732,557 2016 136 39,519 55 183,075 10,457 664,628 2017 183 54,518 51 154,892 11,090 843,278 2018 133 42,388 76 282,897 10,877 752,270 2019 110 37,972 65 256,023 10,790 843,660 2020 140 43,650 77 430,922 10,517 1,071,642

Fiscal Year

2011 9,937,060$ 5,914,734$ 2012 8,789,921 4,118,106 2013 8,734,271 5,441,937 2014 8,696,913 5,292,777 2015 8,860,818 5,275,211 2016 8,888,610 5,361,960 2017 8,920,237 5,395,834 2018 9,599,184 5,582,058 2019 9,641,796 5,390,950 2020 9,723,445 5,504,085

Note: The City of Cincinnati changed fiscal year in 2013. The information for 2013 fiscal year represents six months of information for the period ending June 30, 2013. Source: (1) The City's Department of Buildings and Inspections' records

(2) Values obtained from the Hamilton County Auditor's Office

(in thousands) (in thousands) Residential

Property Value (2) Non-Residential

All Total Construction (1)

City of Cincinnati, Ohio Demographic and Economic Information

Schedule 3 Construction and Property Values

New Residential Construction (1)

New Non-Residential Construction (1)

309

City of Cincinnati, Ohio Demographic and Economic Information

Schedule 4 Salaries of Principal Officials

Position Salary Mayor $121,291 Councilmember $60,646 City Manager $247,555 - $314,668 Commissioner of Health $127,069 - $196,487 Assistant City Manager $127,069 - $196,487 City Solicitor $127,069 - $196,487 Various Department Directors $108,754 - $207,265 MAYOR and CITY COUNCIL The mayor is elected for a four-year term by the voters of Cincinnati. The legislature of the City is a nine-member council elected at large on a partisan basis for two-year terms. The vice-mayor is chosen by the mayor from the council members. A list of the council incumbents and the term each is presently serving appears on page (xiii). The mayor selects the city manager, but the mayor’s nominee must be approved by a majority of the council. The city manager appoints the deputy city manager and the department directors.

City of Cincinnati, Ohio Demographic and Economic Information

Schedule 5 Surety Bond Coverage

A faithful performance blanket bond coverage of $5,000,000 is maintained for all City employees.

310

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

149.7 151.8 143.8 150.8 158.1 158.9 165.4 167.8 172.9 162.2 Mining, Logging, and Construction 36.9 36.8 37.0 41.5 43.7 44.6 48.9 50.6 51.1 48.4

Construction of Buildings 7.6 7.6 8.6 9.2 9.5 9.4 10.9 10.6 10.0 11.3 Specialty Trade Contractors 22.6 24.0 23.3 27.5 28.8 28.7 31.5 32.6 33.6 32.8

Manufacturing 112.8 115.0 106.8 109.3 114.4 114.3 116.5 117.2 121.8 113.8 Durable Goods 69.6 70.5 64.0 65.6 64.7 68.1 69.7 68.7 71.4 65.8

Primary Metals 7.0 7.0 6.0 5.8 5.8 5.3 5.6 5.4 N/A N/A Transportation Equipment 17.5 18.0 19.2 19.8 20.1 21.2 23.3 23.4 24.8 21.5 Motor Vehicle Parts 6.7 6.8 8.0 8.5 8.8 9.5 10.6 10.2 10.4 8.8 Aerospace Products and Parts 9.5 9.7 10.0 N/A N/A N/A N/A N/A N/A N/A

Nondurable Goods 43.2 44.5 42.8 43.7 49.7 46.2 46.8 48.5 50.4 48.0 Chemical Manufacturing 11.0 10.9 10.7 10.7 10.8 11.2 11.6 11.8 12.6 12.6

853.0 871.8 754.5 777.0 796.2 803.8 824.7 823.3 843.7 754.0 Trade, Transportation, and Utilities 202.4 207.9 201.8 205.6 214.8 213.3 218.3 221.9 221.0 207.9

Wholesale Trade 57.6 58.2 59.2 61.3 60.1 60.5 62.8 63.2 60.2 54.9 Merchant Wholesalers, Durable Goods 26.0 27.7 27.4 28.2 29.4 30.6 30.7 31.3 33.8 31.5 Merchant Wholesalers, Non-Durable Goods 22.0 21.0 19.7 20.9 19.4 18.7 19.1 19.4 21.7 20.9

Retail Trade 103.8 107.6 101.7 103.9 109.7 110.3 110.8 109.0 108.1 101.4 Food and Beverage Stores 20.3 20.8 20.5 19.1 20.4 20.6 19.8 20.6 20.6 19.7

Grocery Stores 17.8 18.5 18.4 16.9 17.7 18.1 17.5 17.3 18.5 17.3 Health and Personal Care Stores 6.6 7.1 6.5 6.6 6.1 6.6 6.3 6.2 6.0 5.7 Clothing and Clothing Accessories Stores 9.4 11.5 7.8 7.6 7.8 7.6 8.1 7.8 7.9 6.4 General Merchandise Stores 21.6 22.1 19.9 19.7 20.0 20.5 20.9 21.0 20.0 19.4

Transportation, Warehousing and Utilities 41.0 42.1 40.9 40.4 45.0 42.5 44.7 49.7 52.7 51.6 Transportation and Warehousing 37.9 39.0 38.3 37.8 42.3 40.1 42.0 47.0 48.7 48.6

Air Transportation 4.5 3.9 3.9 2.8 2.7 2.8 3.0 3.0 3.2 2.3 Information 13.9 13.8 13.6 13.9 13.5 13.9 14.3 13.5 13.9 12.2

Telecommunications N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A Financial Activities 58.5 62.0 64.1 66.6 68.2 73.3 76.8 78.7 78.8 71.3

Finance and Insurance 50.0 52.4 52.6 54.0 56.2 59.3 61.4 61.3 61.2 59.4 Credit Intermediation and Related Activities 20.4 21.8 22.2 21.8 21.6 21.9 25.2 26.3 26.2 26.6 Insurance Carriers and Related Activities 23.7 25.2 24.5 25.6 27.4 28.0 28.2 27.1 26.7 26.6

Professional and Business Services 153.5 163.6 165.6 166.9 174.7 166.3 174.5 168.6 179.3 159.3 Professional and Technical Services 57.3 61.2 57.4 58.2 61.9 60.6 67.0 61.0 69.8 60.9 Management of Companies and Enterprises 40.0 42.9 42.1 42.3 42.4 40.4 39.6 38.4 39.1 37.2 Administrative, Support, and Waste Services 56.2 59.5 66.1 66.4 70.4 65.3 67.9 69.2 70.4 61.2

Employment Services 24.9 27.3 29.0 31.8 30.4 28.1 29.4 28.8 29.3 22.6 Services to Buildings and Dwellings 12.5 13.9 15.5 15.7 16.1 17.7 16.9 17.5 16.2 17.8

Educational and Health Services 153.2 152.2 153.6 158.8 156.9 161.8 163.8 165.2 170.4 160.8 Educational Services 16.7 18.5 17.2 18.1 17.9 18.1 16.8 17.5 16.8 12.4 Health Care and Social Assistance 136.5 133.7 136.4 140.7 139.0 143.7 147.0 147.7 153.6 148.4

Hospitals 46.0 46.4 47.6 48.5 47.6 50.3 50.7 51.4 52.5 51.7 Leisure and Hospitality 98.8 104.6 116.8 123.4 127.2 135.0 134.6 132.5 137.9 109.0

Arts, Entertainment and Recreation 14.4 14.4 27.1 29.9 29.7 33.0 31.4 31.5 31.6 19.1 Accommodation and Food Services 84.4 90.2 89.7 93.5 97.5 102.0 103.2 101.0 106.3 89.9

Other Services 42.2 40.3 39.0 41.8 40.9 40.2 42.4 42.9 42.4 33.5 Government 130.5 127.4 121.7 123.2 121.5 123.3 124.4 124.3 124.1 115.7

Federal Government 16.5 15.6 15.9 15.7 15.2 15.4 14.8 14.9 14.6 14.3 State Government 28.4 28.0 23.3 23.7 23.8 24.2 29.1 24.8 24.9 23.4

State Government Education 24.7 23.7 17.4 18.9 18.7 18.4 23.8 18.8 18.5 18.0 Local Government 85.6 83.8 82.5 83.8 82.5 83.7 80.5 84.6 84.6 78.0

Local Government Education 50.0 49.4 43.9 44.8 44.2 43.7 41.8 46.0 46.5 42.7

Total 1002.7 1023.6 898.3 927.8 954.3 962.7 990.1 991.1 1016.6 916.2

Unemployment Rate 7.8 7.8 7.4 5.6 4.6 4.4 4.6 4.4 3.9 9.0

Note: The Cincinnati-Middletown area includes Brown, Butler, Clermont, Hamilton and Warren Counties in Ohio; Dearborn, Franklin and Ohio Counties in Indiana; Boone, Bracken, Campbell, Gallatin, Grant, Kenton , and Pendleton Counties in Kentucky.

Source: Ohio Department of Job and Family Services, Bureau of Labor Market Information Ohiolmi.com - LMR2018

Service-Providing Industries

Goods-Producing Industries

Cincinnati-Middletown MSA Demographic and Economic Information

Schedule 6 Annual Employment Average by Industry

(Amounts in Thousands)

311

City of Cincinnati

Demographic and Economic Information Schedule 7

Higher Education

The table below provides a listing of the area's largest colleges and universities by enrollment as of fall term 2019.

Higher Education Institutions Total

Enrollment University of Cincinnati 46,798 Miami University 22,917 Northern Kentucky University 15,687 Cincinnati State Technical & Community College 8,216 Xavier University 6,946 Gateway Community and Technical College 5,491 Thomas More College 2,922 Ivy Tech Community College Southeast-Lawrenceburg 2,242 Mount St. Joseph University 1,516 Sinclair Community College/Courseview 1,400

_______ Source: Business Courier 2019-20 Book of Lists

The region's largest college or university, the University of Cincinnati, has significant research and contract activity. During the 2017, 2018, and 2019 fiscal years, the University of Cincinnati and its affiliates received $193 million, $201 million, and $391 million respectively, in federal, state, city/county, and non-government agency grants, contracts, and awards.

Source: https://research.uc.edu/facts-figures

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314

2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Public Safety Police

Stations 5 5 5 5 5 5 5 5 5 5

Fire Fire Stations 26 26 26 26 26 26 26 26 26 26 Paramedic Units 12 12 12 12 12 42 42 42 52 52 Life Support Ambulances 0 0 0 0 0 12 12 12 12 12 Aircraft Rescue 1 1 1 1 1 1 1 1 1 1

Transportation and Engineering Streets (lane miles) 3,000 3,050 3,050 3,065 3,060 2,891 2,936 2,936 2,910 2,910 Sidewalks (miles) 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700 Street Signs 150,000 150,000 150,000 150,000 150,000 150,000 150,000 150,000 276,648 276,648 Bridges 65 64 64 65 64 65 65 65 67 71 Bridges - Wasson Way**** 0 0 0 0 0 0 8 8 8 8 Retaining Walls (miles) 50 50 50 50 50 50 50 50 50 51

Public Recreation Parks

Acreage 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Regional Parks 5 5 5 5 5 5 5 5 5 5 Neighborhood parks 70 71 71 71 71 71 71 71 71 71 Preserves and Nature areas 34 34 34 34 34 34 34 34 34 34 Nature Education Centers 5 5 5 5 5 5 5 5 5 6 Playgrounds 52 52 52 52 52 54 54 54 54 54 Hiking Trails (miles) 65 65 65 65 65 65 65 65 65 65 Plant Species - Krohn Conservatory 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 1,000 Park Facilities & Structures 121 121 121 121 121 121 121 121 121 121 Street Trees 80,000 80,000 80,000 80,000 80,000 85,000 85,000 85,000 85,000 85,000

Recreation Acreage 2,600 2,600 2,600 2,600 1,978 1,978 1,981 1,978 1,959 1,959 Recreation and Senior Centers 32 30 27 27 24 23 23 23 23 23 Play Areas 108 96 100 100 98 98 99 96 96 96 Swimming Pools/Aquatics Facilities 33 32 34 34 31 30 29 29 29 29 Tennis Courts 103 103 97 97 97 90 90 87 85 85

Public Services Traffic Engineering

Traffic Signs 765 758 758 758 770 780 780 780 780 790 Street Lights 12,200 8,515 8,515 10,000 10,000 10,000 10,000 10,000 10,000 10,000

Public Health Health Centers 6 6 6 6 6 7 9 9 9 9

Water Works Total Assets (in thousands) 1,144,127 1,229,795 1,248,476 1,265,321 1,354,789 1,349,288 1,462,460 1,457,131 1,481,417 1,506,295 Water Customer Accounts 241,714 241,707 241,809 241,987 242,227 242,335 240,313 240,336 240,747 241,379 Miles of Water Main in the System 3,316 3,145 3,146 3,148 3,149 3,161 3,168 3,176 3,176 3,182

Municipal Golf Golf Courses 7 6 6 6 6 6 6 6 6 6

General Aviation Acreage 1,353 1,353 1,353 1,353 1,353 1,353 1,353 1,353 1,353 1,353

Convention Center Meeting Rooms 36 36 36 36 36 36 36 36 36 36 Exhibit Space (Square Feet) 195,000 195,000 195,000 195,000 195,000 195,000 195,000 195,000 195,000 195,000 Meeting/Ballroom Space (Square Feet) 102,000 102,000 102,000 102,000 102,000 102,000 102,000 102,000 102,000 102,000

Parking Facilities Parking Lots/Garages 14* 14* 14* 13** 15 14*** 14*** 14*** 14*** 15 Parking Meters 5,400 4,979 4,979 4,979 4,994 4,506 4,506 4,506 4,506 3,989

Stormwater Management Miles of Storm Sewers 350 350 350 350 350 350 350 350 350 350

*The Gateway Garage was sold on 10/1/11 leaving Parking Facilities with 13 Parking Lots and Garages. **The 5th & Race Lot ceased operations at the end of FY2013 and was transferred to 3CDC. ***The Pogue's Garage ceased operations on 7/25/16 and ownership was transferred to 4th & Race Redevelopment, LLC. ****Wasson Way was purchased FY2017 and the 8 bridges are not part of the City's Bridge Program. Note: The City of Cincinnati changed fiscal years in 2013. The information for 2013 fiscal year represents six months of information for the period ending June 30, 2013.

Function/Program

City of Cincinnati

Operating Information Schedule 3

Capital Asset and Infrastructure Statistics by Function/Program Last Ten Fiscal Years

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City of Cincinnati Operating Information

Schedule 4 Unions and Labor Contracts

There are six (6) unions representing City employees: The American Federation of State, County, and Municipal Employees (AFSCME); the Cincinnati Organized and Dedicated Employees (CODE); the Fraternal Order of Police (FOP); the International Association of Fire Fighters (IAFF); the Cincinnati Building Trades Council; and the Teamsters.

A summary of the six (6) bargaining units’ representation of City employees and the status of the City contracts with each are summarized in the table below.

Summary of City Labor Contracts

Bargaining Unit

Approximate No. of

Employees Represented

Contract Effective Date

Contract Termination

Date Contract Wage

Increase AFSCME 1,716 08/11/2019 08/06/2022 2.0% CODE 908 03/24/2019 03/19/2022 2.0% FOP (Non-Supervisors) 778 05/12/2019 05/01/2021 2.0% FOP(Supervisors) 220 05/12/2019 05/01/2021 2.0% IAFF 796 01/01/2019 12/12/2020 2.0%1

IAFF Asst. Chiefs 5 01/01/2019 12/12/2020 2.0%2

Building Trades 38 08/25/2019 08/20/2022 2.0% Teamsters 15 10/18/2020 10/15/2022 2.0% AFSCME – MW’s 68 08/11/2019 08/06/2022 Increase to

$15.30/hour TOTAL 4,544

1 Parties are currently in the contract negotiation period. 2 Parties are currently in the contract negotiation period.

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PREPARED BY: Accounts and Audits

Judy Aull, Kathleen Colley, Simone Denson, Dawn Eckler, Jeff Harmon, Austin Lubbers CPA, Missy McCarthy CPA, Chanel Neely,

Valerie Sefert, Tara Songer, Angel Strayhorn, Cheryl Watson CPA, Linda Weigand, Terra Williams CPA

Clark Schaefer Hackett

SPECIAL ACKNOWLEDGEMENT FOR CONTRIBUTIONS FROM:

Water Works Matt Brinck and LaShaon Wilson

Retirement Bev Nussman, CPA

Treasury Nicole Lee and Sam Stephens

Design and Printing by: the City of Cincinnati Printing Services

for the fiscal year ended June 30, 2020

COMPREHENSIVE ANNUAL FINANCIAL REPORT

2020 CINCINNATI, OHIO