$5,935,000*general obligation refunding bonds, series …
TRANSCRIPT
In the opinion of Quarles & Brady LLP, Bond Counsel, assuming continued compliance with the requirements of the Internal Revenue Code of 1986, as amended, under existinglaw interest on the Bonds is excludable from gross income and is not an item of tax preference for federal income tax purposes. See "TAX EXEMPTION" herein for a more detaileddiscussion of some of the federal income tax consequences of owning the Bonds. The interest on the Bonds is not exempt from present Wisconsin income or franchise taxes.
The Bonds will be "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Internal Revenue Code of 1986, as amended, relating to the ability of financialinstitutions to deduct from income for federal income tax purposes, interest expense that is allocable to carrying and acquiring tax-exempt obligations.
New Issue Rating Application Made: Moody's Investors Service
PRELIMINARY OFFICIAL STATEMENT DATED MARCH 28, 2016
CITY OF FRANKLIN, WISCONSIN(Milwaukee County)
$5,935,000*GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016A
BID OPENING: April 4, 2016, 10:00 AM, C.T. CONSIDERATION: April 4, 2016, 6:30 PM, C.T.
PURPOSE/AUTHORITY/SECURITY: The $5,935,000* General Obligation Refunding Bonds, Series 2016A (the "Bonds")are authorized pursuant to Chapter 67, Wisconsin Statutes, by the City of Franklin, Wisconsin (the "City"), for the purpose ofcurrent refunding certain outstanding obligations of the City as more fully described herein. The Bonds will be general obligationsof the City for which its full faith, credit and taxing powers are pledged. Delivery is subject to receipt of an approving legalopinion of Quarles & Brady LLP, Milwaukee, Wisconsin.
DATE OF BONDS: April 20, 2016MATURITY: March 1 as follows:
Year Amount* Year Amount* Year Amount*2017 $1,265,000 2019 $1,205,000 2021 $1,130,0002018 1,220,000 2020 1,115,000
*MATURITY ADJUSTMENTS:
The City reserves the right to increase or decrease the principal amount of the Bonds on theday of sale, in increments of $5,000 each. Increases or decreases may be made in anymaturity. If any principal amounts are adjusted, the purchase price proposed will be adjustedto maintain the same gross spread per $1,000.
TERM BONDS: See "Term Bond Option" herein.INTEREST: September 1, 2016 and semiannually thereafter.OPTIONAL REDEMPTION: The Bonds are being offered without option of prior optional redemption.MINIMUM BID: $5,905,325.MAXIMUM BID: $6,231,750.GOOD FAITH DEPOSIT: A cashier's check in the amount of $118,700 may be submitted contemporaneously with the
bid or, alternatively, a good faith deposit shall be made by the winning bidder by wire transferof funds.
PAYING AGENT: To be named by the City.BOOK-ENTRY-ONLY: See "Book-Entry-Only System" herein (unless otherwise specified by the purchaser).
This Preliminary Official Statement will be further supplemented by an addendum specifying the offering prices, interest rates,aggregate principal amount, principal amount per maturity, anticipated delivery date, and Syndicate Manager and SyndicateMembers, together with any other information required by law, and, as supplemented, shall constitute a "Final Official Statement"of the City with respect to the Bonds, as defined in S.E.C. Rule 15c2-12.
REPRESENTATIONS
No dealer, broker, salesperson or other person has been authorized by the City to give any information or to make any representation other thanthose contained in this Preliminary Official Statement and, if given or made, such other information or representations must not be relied uponas having been authorized by the City. This Preliminary Official Statement does not constitute an offer to sell or a solicitation of an offerto buy any of the Bonds in any jurisdiction to any person to whom it is unlawful to make such an offer or solicitation in such jurisdiction.
This Preliminary Official Statement is not to be construed as a contract with the Syndicate Manager or Syndicate Members. Statementscontained herein which involve estimates or matters of opinion are intended solely as such and are not to be construed as representations offact. Ehlers & Associates, Inc. prepared this Preliminary Official Statement and any addenda thereto relying on information of the City andother sources for which there is reasonable basis for believing the information is accurate and complete. Quarles & Brady LLP will serve asDisclosure Counsel to the City. Compensation of Ehlers & Associates, Inc., payable entirely by the City, is contingent upon the sale of theissue.
COMPLIANCE WITH S.E.C. RULE 15c2-12
Certain municipal obligations (issued in an aggregate amount over $1,000,000) are subject to Rule 15c2-12 promulgated by the Securities andExchange Commission pursuant to the Securities Exchange Act of 1934, as amended (the "Rule").
Preliminary Official Statement: This Preliminary Official Statement was prepared for the City for dissemination to potential investors. Its primary purpose is to disclose information regarding the Bonds to prospective underwriters in the interest of receiving competitive proposalsin accordance with the sale notice contained herein. Unless an addendum is posted prior to the sale, this Preliminary Official Statement shallbe deemed nearly final for purposes of the Rule subject to completion, revision and amendment in a Final Official Statement as defined below.
Review Period: This Preliminary Official Statement has been distributed to prospective bidders for review. Comments or requests for thecorrection of omissions or inaccuracies must be submitted to Ehlers & Associates, Inc. at least two business days prior to the sale. Requestsfor additional information or corrections in the Preliminary Official Statement received on or before this date will not be considered aqualification of a proposal received from an underwriter. If there are any changes, corrections or additions to the Preliminary OfficialStatement, interested bidders will be informed by an addendum prior to the sale.
Final Official Statement: Upon award of sale of the Bonds, the Preliminary Official Statement together with any previous addendum ofcorrections or additions will be further supplemented by an addendum specifying the offering prices, interest rates, aggregate principal amount,principal amount per maturity, anticipated delivery date, and Syndicate Manager and Syndicate Members, together with any other informationrequired by law, and, as supplemented, shall constitute a "Final Official Statement" of the City with respect to the Bonds, as defined in the Rule. Copies of the Final Official Statement will be delivered to the underwriter (Syndicate Manager) within seven business days following theproposal acceptance.
Continuing Disclosure: Subject to certain exemptions, issues in an aggregate amount over $1,000,000 may be required to comply withprovisions of the Rule which require that underwriters obtain from the issuers of municipal securities (or other obligated party) an agreementfor the benefit of the owners of the securities to provide continuing disclosure with respect to those securities. This Preliminary OfficialStatement describes the conditions under which the Bonds are required to comply with the Rule.
CLOSING CERTIFICATES
Upon delivery of the Bonds, the underwriter (Syndicate Manager) will be furnished with the following items: (1) a certificate of the appropriateofficials to the effect that at the time of the sale of the Bonds and all times subsequent thereto up to and including the time of the delivery ofthe Bond, this Preliminary Official Statement did not and does not contain any untrue statement of a material fact or omit to state a materialfact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; (2) a receipt signedby the appropriate officer evidencing payment for the Bonds; (3) a certificate evidencing the due execution of the Bonds, including statementsthat (a) no litigation of any nature is pending, or to the knowledge of signers, threatened, restraining or enjoining the issuance and delivery ofthe Bonds, (b) neither the corporate existence or boundaries of the City nor the title of the signers to their respective offices is being contested,and (c) no authority or proceedings for the issuance of the Bonds have been repealed, revoked or rescinded; and (4) a certificate setting forthfacts and expectations of the City which indicates that the City does not expect to use the proceeds of the Bonds in a manner that would causethem to be arbitrage bonds within the meaning of Section 148 of the Internal Revenue Code of 1986, as amended, or within the meaning ofthe application Treasury Regulations.
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TABLE OF CONTENTS
INTRODUCTORY STATEMENT . . . . . . . . . . . . 1
THE BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1GENERAL . . . . . . . . . . . . . . . . . . . . . . . . . . . 1OPTIONAL REDEMPTION . . . . . . . . . . . . . 1AUTHORITY; PURPOSE . . . . . . . . . . . . . . . 2ESTIMATED SOURCES AND USES . . . . . . 2SECURITY . . . . . . . . . . . . . . . . . . . . . . . . . . . 2RATING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2CONTINUING DISCLOSURE . . . . . . . . . . . 3LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . 3TAX EXEMPTION . . . . . . . . . . . . . . . . . . . . . 4QUALIFIED TAX-EXEMPT OBLIGATIONS . . . . . . . . . . . . . . . . . . . . . . . 4MUNICIPAL ADVISOR . . . . . . . . . . . . . . . . 5MUNICIPAL ADVISOR AFFILIATEDCOMPANIES . . . . . . . . . . . . . . . . . . . . . . . . . 5INDEPENDENT AUDITORS . . . . . . . . . . . . 5RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . 5
VALUATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . 7WISCONSIN PROPERTY VALUATIONS;PROPERTY TAXES . . . . . . . . . . . . . . . . . . . . 7CURRENT PROPERTY VALUATIONS . . . 82015 EQUALIZED VALUE BY CLASSIFICATION . . . . . . . . . . . . . . . . . . . . . 8TREND OF VALUATIONS . . . . . . . . . . . . . . 8LARGER TAXPAYERS . . . . . . . . . . . . . . . . . 9
DEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10DIRECT DEBT . . . . . . . . . . . . . . . . . . . . . . . 10SCHEDULE OF GENERAL OBLIGATIONDEBT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11DEBT LIMIT . . . . . . . . . . . . . . . . . . . . . . . . . 12OVERLAPPING DEBT . . . . . . . . . . . . . . . . 12DEBT RATIOS . . . . . . . . . . . . . . . . . . . . . . . 13DEBT PAYMENT HISTORY . . . . . . . . . . . 13FUTURE FINANCING . . . . . . . . . . . . . . . . . 13
TAX LEVIES AND COLLECTIONS . . . . . . . . . 14TAX LEVIES AND COLLECTIONS . . . . . 14PROPERTY TAX RATES . . . . . . . . . . . . . . 15LEVY LIMITS . . . . . . . . . . . . . . . . . . . . . . . 15
THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17CITY GOVERNMENT . . . . . . . . . . . . . . . . . 17EMPLOYEES; PENSIONS . . . . . . . . . . . . . 17OTHER POST EMPLOYMENT BENEFITS . . . . . . . . . . . . . . . . . . . . . . . . . . 19LITIGATION . . . . . . . . . . . . . . . . . . . . . . . . 19MUNICIPAL BANKRUPTCY . . . . . . . . . . . 20FUNDS ON HAND . . . . . . . . . . . . . . . . . . . . 20ENTERPRISE FUNDS . . . . . . . . . . . . . . . . . 21SUMMARY GENERAL FUNDINFORMATION . . . . . . . . . . . . . . . . . . . . . . 22
GENERAL INFORMATION . . . . . . . . . . . . . . . 23LOCATION . . . . . . . . . . . . . . . . . . . . . . . . . . 23LARGER EMPLOYERS . . . . . . . . . . . . . . . 23BUILDING PERMITS . . . . . . . . . . . . . . . . . 24U.S. CENSUS DATA . . . . . . . . . . . . . . . . . . 25EMPLOYMENT/UNEMPLOYMENT DATA . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
FINANCIAL STATEMENTS . . . . . . . . . . . . . . A-1
FORM OF LEGAL OPINION . . . . . . . . . . . . . . B-1
BOOK-ENTRY-ONLY SYSTEM . . . . . . . . . . . C-1
FORM OF CONTINUING DISCLOSURE
CERTIFICATE . . . . . . . . . . . . . . . . . . . . . . . . . D-1
NOTICE OF SALE . . . . . . . . . . . . . . . . . . . . . . E-1
BID FORM
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COMMON COUNCIL
Term Expires
Stephen R. Olson Mayor April 2017
Kristen Wilhelm Common Council President April 2017
Mark A. Dandrea Alderperson April 2016
Daniel Mayer Alderperson April 2016
Steve F. Taylor Alderperson April 2017
Doug Schmidt Alderperson April 2016
Susanne Mayer Alderperson April 2017
ADMINISTRATION
Mark Luberda, Director of Administration
Paul Rotzenberg, Director of Finance & Treasurer
Sandra L. Wesolowski, Director of Clerk Services/City Clerk
PROFESSIONAL SERVICES
Jesse Wesolowski, City Attorney, Franklin, Wisconsin
Quarles & Brady LLP, Bond Counsel and Disclosure Counsel, Milwaukee, Wisconsin
Ehlers & Associates, Inc., Municipal Advisors, Pewaukee, Wisconsin(Other offices located in Roseville, Minnesota, Chicago, Illinois and Denver, Colorado)
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INTRODUCTORY STATEMENT
This Preliminary Official Statement contains certain information regarding the City of Franklin, Wisconsin (the"City") and the issuance of its $5,935,000* General Obligation Refunding Bonds, Series 2016A (the "Bonds"). Anydescriptions or summaries of the Bonds, statutes, or documents included herein are not intended to be complete andare qualified in their entirety by reference to such statutes and documents and the form of the Bonds to be includedin the resolution awarding the sale of the Bonds (the "Award Resolution") to be adopted by the Common Council onApril 4, 2016.
Inquiries may be directed to Ehlers & Associates, Inc. ("Ehlers" or the "Municipal Advisor"), Pewaukee, Wisconsin,(262) 785-1520, the City's Municipal Advisor. A copy of this Preliminary Official Statement may be downloadedfrom Ehlers’ web site at www.ehlers-inc.com by connecting to the link to the Bond Sales and following the directionsat the top of the site.
THE BONDS
GENERAL
The Bonds will be issued in fully registered form as to both principal and interest in denominations of $5,000 eachor any integral multiple thereof, and will be dated, as originally issued, as of April 20, 2016. The Bonds will matureon March 1 in the years and amounts set forth on the cover of this Preliminary Official Statement. Interest will bepayable on March 1 and September 1 of each year, commencing September 1, 2016, to the registered owners of theBonds appearing of record in the bond register as of the close of business on the 15th day (whether or not a businessday) of the immediately preceding month. Interest will be computed upon the basis of a 360-day year of twelve 30-day months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board ("MSRB"). Therate for any maturity may not be more than 1.00% less than the rate for any preceding maturity. (Forexample, if a rate of 4.50% is proposed for the 2017 maturity, then the lowest rate that may be proposed forany later maturity is 3.50%.) All Bonds of the same maturity must bear interest from date of issue until paid at asingle, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%.
Unless otherwise specified by the purchaser, the Bonds will be registered in the name of Cede & Co., as nominee forThe Depository Trust Company, New York, New York ("DTC"). (See "Book-Entry-Only System" herein.) As longas the Bonds are held under the book-entry system, beneficial ownership interests in the Bonds may be acquired inbook-entry form only, and all payments of principal of, premium, if any, and interest on the Bonds shall be madethrough the facilities of DTC and its participants. If the book-entry system is terminated, principal of, premium, ifany, and interest on the Bonds shall be payable as provided in the Award Resolution.
The City will select a bank or trust company or an officer of the City to act as paying agent (the "Paying Agent"). If the City selects a bank or trust company, the City will pay the charges for Paying Agent services. The City reservesthe right to remove the Paying Agent and appoint a successor.
OPTIONAL REDEMPTION
The Bonds are being offered without option of prior optional redemption.
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AUTHORITY; PURPOSE
The Bonds are authorized pursuant to Chapter 67, Wisconsin Statutes, for the purpose of current refunding the City’soutstanding General Obligation Refunding Bonds, dated January 3, 2007 (the "2007 Bonds"), as follows:
Issue Being Refunded
Date ofRefunded
IssueCallDate
CallPrice
MaturitiesBeing
Refunded
Principal to be
Refunded
2007 Bonds 01/03/07 05/12/16 Par 2017 $1,190,0002018 1,180,0002019 1,200,0002020 1,140,0002021 1,185,000
Total 2007 Bonds Being Refunded $5,895,000
ESTIMATED SOURCES AND USES*
Sources
Par Amount of Bonds $5,935,000
Transfers from 2007 Bonds Debt Service Funds 90,084.33
Total Sources $6,025,084.33
Uses
Refunding Costs $5,939,180
Contingency 1,766
Discount Allowance 29,675
Finance Related Expenses 54,464
Total Uses $6,025,084.33
*Preliminary, subject to change
SECURITY
For the prompt payment of the Bonds with interest thereon and for the levy of taxes sufficient for this purpose, thefull faith, credit and resources of the City will be irrevocably pledged. The City will levy a direct, annual, irrepealabletax on all taxable property in the City sufficient to pay the interest on the Bonds when it becomes due and also to payand discharge the principal on the Bonds at maturity, in compliance with Article XI, Section 3 of the WisconsinConstitution. Such tax may, under current law, be levied without limitation as to rate or amount.
RATING
General obligation debt of the City is currently rated "Aa1" by Moody’s Investor Service.
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The City has requested a rating on this issue from Moody's Investors Service, and bidders will be notified as to theassigned rating prior to the sale. Such rating reflects only the views of such organization and explanations of thesignificance of such rating may be obtained from Moody's Investors Service. Generally, a rating agency bases itsrating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance that such rating will continue for any given period of time or that it will not be reviseddownward or withdrawn entirely by such rating agency, if in the judgement of such rating agency circumstances sowarrant. Any such downward revision or withdrawal of such rating may have an adverse effect on the market priceof the Bonds.
Such rating is not to be construed as a recommendation of the rating agency to buy, sell or hold the Bonds, and therating assigned by the rating agency should be evaluated independently. Except as may be required by the DisclosureUndertaking described under the heading "CONTINUING DISCLOSURE" neither the City nor the Underwriterundertake responsibility to bring to the attention of the owner of the Bonds any proposed changes in or withdrawalof such rating or to oppose any such revision or withdrawal.
CONTINUING DISCLOSURE
In order to assist the Underwriters in complying with Rule 15c2-12 promulgated by the Securities and ExchangeCommission, pursuant to the Securities Exchange Act of 1934, as amended (the "Rule"), the City shall covenant totake certain actions pursuant to the Award Resolution adopted by the Common Council by entering into a ContinuingDisclosure Certificate (the "Disclosure Undertaking") for the benefit of holders, including beneficial holders. TheDisclosure Undertaking requires the City to provide electronically or in the manner otherwise prescribed certainfinancial information annually and to provide notices of the occurrence of certain events enumerated in the Rule. Thedetails and terms of the Disclosure Undertaking for this issue are set forth in Appendix D to be executed and deliveredby the City at the time of delivery of the Bonds. Such Disclosure Undertaking will be in substantially the formattached hereto.
The current general fund budget summaries due on September 27, 2011 and September 27, 2012 were not filed untilMay 17, 2012 and May 30, 2013, respectively. Except to the extent the preceding is deemed to be material, in the pastfive years the City believes it has not failed to comply in all material respects with its prior undertakings under theRule.
A failure by the City to comply with any Disclosure Undertaking will not constitute an event of default on this issueor any issue outstanding. However, such a failure may adversely affect the transferability and liquidity of the Bondsand their market price. Ehlers is currently engaged as disclosure dissemination agent for the City.
The City will file its continuing disclosure information using the Electronic Municipal Market Access ("EMMA")system or any system that may be prescribed in the future. Investors will be able to access continuing disclosureinformation filed with the MSRB at www.emma.msrb.org.
LEGAL MATTERS
An opinion as to the validity of the Bonds and the exemption from federal taxation of the interest thereon will befurnished by Quarles & Brady LLP, Bond Counsel to the City, and will be available at the time of delivery of theBonds. The legal opinion will be issued on the basis of existing law and will state that the Bonds are valid andbinding general obligations of the City; provided that the rights of the owners of the Bonds and the enforceability ofthe Bonds may be limited by bankruptcy, insolvency, reorganization, moratorium, and other similar laws affectingcreditors' rights and by equitable principles (which may be applied in either a legal or equitable proceeding) (See"FORM OF LEGAL OPINION" found in the Appendix B).
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Quarles & Brady LLP has also been retained by the City to serve as Disclosure Counsel to the City with respect tothe Bonds. Although, as Disclosure Counsel to the City, Quarles & Brady LLP has assisted the City with certaindisclosure matters, Quarles & Brady LLP has not undertaken to independently verify the accuracy, completeness orsufficiency of this Official Statement or other offering material relating to the Bonds and assumes no responsibilitywhatsoever nor shall have any liability to any other party for the statements or information contained or incorporatedby reference in this Official Statement. Further, Quarles & Brady LLP makes no representation as to the suitabilityof the Bonds for any investor.
TAX EXEMPTION
Quarles & Brady LLP, Milwaukee, Wisconsin, Bond Counsel, will deliver a legal opinion with respect to the federalincome tax exemption applicable to the interest on the Bonds under existing law substantially in the following form:
"The interest on the Bonds is excludable for federal income tax purposes from the gross income of the ownersof the Bonds. The interest on the Bonds is not an item of tax preference for purposes of the federal alternativeminimum tax imposed by Section 55 of the Internal Revenue Code of 1986, as amended (the "Code") oncorporations (as that term is defined for federal income tax purposes) and individuals. However, for purposesof computing the alternative minimum tax imposed on corporations, the interest on the Bonds is included inadjusted current earnings. The Code contains requirements that must be satisfied subsequent to the issuanceof the Bonds in order for interest on the Bonds to be or continue to be excludable from gross income forfederal income tax purposes. Failure to comply with certain of those requirements could cause the intereston the Bonds to be included in gross income retroactively to the date of issuance of the Bonds. The City hasagreed to comply with all of those requirements. The opinion set forth in the first sentence of this paragraphis subject to the condition that the City comply with those requirements. We express no opinion regardingother federal tax consequences arising with respect to the Bonds."
The interest on the Bonds is not exempt from present Wisconsin income or franchise taxes.
Prospective purchasers of the Bonds should be aware that ownership of the Bonds may result in collateral federalincome tax consequences to certain taxpayers. Bond Counsel will not express any opinion as to such collateral taxconsequences. Prospective purchasers of the Bonds should consult their tax advisors as to collateral federal incometax consequences.
From time to time legislation is proposed, and there are or may be legislative proposals pending in the Congress ofthe United States that, if enacted, could alter or amend the federal tax matters referred to above or adversely affectthe market value of the Bonds. It cannot be predicted whether, or in what form, any proposal that could alter one ormore of the federal tax matters referred to above or adversely affect the market value of the Bonds may beenacted. Prospective purchasers of the Bonds should consult their own tax advisors regarding any pending or proposedfederal tax legislation. Bond Counsel expresses no opinion regarding any pending or proposed federal tax legislation.
QUALIFIED TAX-EXEMPT OBLIGATIONS
The Bonds will be "qualified tax-exempt obligations" for purposes of Section 265(b)(3) of the Code relating to theability of financial institutions to deduct from income for federal income tax purposes, interest expense that isallocable to carrying and acquiring tax-exempt obligations.
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MUNICIPAL ADVISOR
Ehlers has served as municipal advisor to the City in connection with the issuance of the Bonds. The MunicipalAdvisor can not participate in the underwriting of the Bonds. The financial information included in this OfficialStatement has been compiled by the Municipal Advisor. Such information does not purport to be a review, audit orcertified forecast of future events and may not conform with accounting principles applicable to compilations offinancial information. Ehlers is not a firm of certified public accountants. Ehlers is registered with the Securities andExchange Commission and the MSRB as a Municipal Advisor.
MUNICIPAL ADVISOR AFFILIATED COMPANIES
Bond Trust Services Corporation ("BTSC") and Ehlers Investment Partners, LLC ("EIP") are affiliate companies ofEhlers. BTSC is chartered by the State of Minnesota and authorized in Minnesota, Wisconsin and Illinois to transactthe business of a limited purpose Trust Company. BTSC provides paying agent services to debt issuers. EIP is aRegistered Investment Advisor with the Securities and Exchange Commission. EIP assists issuers with the investmentof bond proceeds or investing other issuer funds. This includes escrow bidding agent services. Issuers, such as theCity, have or may retain BTSC and/or EIP to provide these services. If hired, BTSC and/or EIP would be retainedby the City under an agreement separate from Ehlers.
INDEPENDENT AUDITORS
The basic financial statements of the City for the fiscal year ended December 31, 2014 have been audited byCliftonLarsonAllen, LLP, Milwaukee, Wisconsin, independent auditors (the "Auditor"). The report of the Auditor,together with the basic financial statements, component units financial statements, and notes to the financialstatements are attached hereto as "APPENDIX A – FINANCIAL STATEMENTS". The Auditor has not beenengaged to perform and has not performed, since the date of its report included herein, any procedures on the financialstatements addressed in that report. The Auditor also has not performed any procedures relating to the OfficialStatement.
RISK FACTORS
Following is a description of possible risks to holders of the Bonds without weighting as to probability. Thisdescription of risks is not intended to be all-inclusive, and there may be other risks not now perceived or listed here.
Taxes: The Bonds are general obligations of the City, the ultimate payment of which rests in the City's ability to levyand collect sufficient taxes to pay debt service. In the event of delayed billing, collection or distribution of propertytaxes, sufficient funds may not be available to the City in time to pay debt service when due.
State Actions: Many elements of local government finance, including the issuance of debt and the levy of propertytaxes, are controlled by State government. Future actions of the State may affect the overall financial condition ofthe City, the taxable value of property within the City, and the ability of the City to levy and collect property taxes.
Future Changes in Law: Various State and federal laws, regulations and constitutional provisions apply to the Cityand to the Bonds. The City can give no assurance that there will not be a change in or interpretation of any suchapplicable laws, regulations and provisions which would have a material effect on the City or the taxing authority ofthe City.
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Ratings; Interest Rates: In the future, the City's credit rating may be reduced or withdrawn, or interest rates for thistype of obligation may rise generally, either possibility resulting in a reduction in the value of the Bonds for resaleprior to maturity.
Tax Exemption: If the federal government taxes all or a portion of the interest on municipal bonds or notes or if theState government increases its tax on interest on bonds and notes, directly or indirectly, or if there is a change infederal or state tax policy, then the value of the Bonds may fall for purposes of resale. Noncompliance by the Citywith the covenants in the Award Resolution relating to certain continuing requirements of the Code may result ininclusion of interest to be paid on the Bonds in gross income of the recipient for United States income tax purposes,retroactive to the date of issuance.
Continuing Disclosure: A failure by the City to comply with the Disclosure Undertaking for continuing disclosure(see "CONTINUING DISCLOSURE") will not constitute an event of default on the Bonds. Any such failure mustbe reported in accordance with the Rule and must be considered by any broker, dealer, or municipal securities dealerbefore recommending the purchase or sale of the Bonds in the secondary market. Such a failure may adversely affectthe transferability and liquidity of the Bonds and their market price.
Book-Entry-Only System: The timely credit of payments for principal and interest on the Bonds to the accounts ofthe Beneficial Owners of the Bonds may be delayed due to the customary practices, standing instructions or for otherunknown reasons by DTC participants or indirect participants. Since the notice of redemption or other notices toholders of these obligations will be delivered by the City to DTC only, there may be a delay or failure by DTC, DTCparticipants or indirect participants to notify the Beneficial Owners of the Bonds.
Depository Risk: Wisconsin Statutes direct the local treasurer to immediately deposit upon receipt thereof, the fundsof the municipality in a public depository designated by the governing body. A public depository means a federalor state credit union, federal or state savings and loan association, state bank, savings and trust company, mutualsavings bank or national bank in Wisconsin or the local government pooled investment fund operated by the StateInvestment Board. It is not uncommon for a municipality to have deposits exceeding limits of federal and stateinsurance programs. Failure of a depository could result in loss of public funds or a delay in obtaining them. Sucha loss or delay could interrupt a timely payment of municipal debt.
Economy: A combination of economic, climatic, political or civil disruptions or terrorist actions outside of thecontrol of the City, including loss of major taxpayers or major employers, could affect the local economy and resultin reduced tax collections and/or increased demands upon local government. Real or perceived threats to the financialstability of the City may have an adverse affect on the value of the Bonds in the secondary market.
Secondary Market for the Bonds: No assurance can be given that a secondary market will develop for the purchaseand sale of the Bonds or, if a secondary market exists, that such Bonds can be sold for any particular price. Theunderwriters are not obligated to engage in secondary market trading or to repurchase any of the Bonds at the requestof the owners thereof. Prices of the Bonds as traded in the secondary market are subject to adjustment upward anddownward in response to changes in the credit markets and other prevailing circumstances. No guarantee exists asto the future market value of the Bonds. Such market value could be substantially different from the original purchaseprice.
Bankruptcy: The rights and remedies of the holders may be limited by and are subject to the provisions of federalbankruptcy laws, to other laws, or equitable principles that may affect the enforcement of creditors’ rights, to theexercise of judicial discretion in appropriate cases and to limitations on legal remedies against local governments. The opinion of Bond Counsel to be delivered with respect to the Bonds will be similarly qualified. See "MUNICIPALBANKRUPTCY" herein.
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VALUATIONS
WISCONSIN PROPERTY VALUATIONS; PROPERTY TAXES
Equalized Value
Section 70.57, Wisconsin Statutes, requires the Department of Revenue to annually determine the equalized value(also referred to as full equalized value or aggregate full value) of all taxable property in each county and taxationdistrict. The equalized value is an independent estimate of value used to equate individual local assessment policiesso that property taxes are uniform throughout the various subdivisions in the State. Equalized value is calculatedbased on the history of comparable sales and information about value changes or taxing status provided by the localassessor. A comparison of the State-determined equalized value and the local assessed value, expressed as apercentage, is known as the assessment ratio or level of assessment. The Department of Revenue notifies each countyand taxing jurisdiction of its equalized value on August 15; school districts are notified on October 1. The equalizedvalue of each county is the sum of the valuations of all cities, villages, and towns within its boundaries. Taxingjurisdictions lying in more than one municipality, such as counties, school districts, or special taxing districts, use theequalized value of the underlying units in calculating and levying their respective levies. Equalized values are alsoused to apportion state aids and calculate municipal general obligation debt limits.
Assessed Value
The "assessed value" of taxable property in a municipality is determined by the local assessor, except formanufacturing properties which are valued by the State. Each city, village or town retains its own local assessor, whomust be certified by the State Department of Revenue. Assessed value is used by these municipalities to determinetax levy mill rates and to apportion levies among individual property owners. Each taxing district must assessproperty at full value at least once in every five-year period. The State requires that the assessed values must bewithin 10% of State equalized values at least once every four years. The local assessor values property as of January1 each year and submits those values to each municipality by the first Monday in May. The assessor also reports anyvalue changes taking place since the previous year, to the Department of Revenue, by the second Monday in May.
7
CURRENT PROPERTY VALUATIONS
2015 Equalized Value $3,649,185,900
2015 Equalized Value Reduced by Tax Increment Valuation $3,522,081,700
2015 Assessed Value with Tax Increment Valuation $3,396,543,100
2015 EQUALIZED VALUE BY CLASSIFICATION
2015 Equalized Value
Percent of TotalEqualized Value
Residential $ 2,628,835,800 72.039%
Commercial 759,864,000 20.823%
Manufacturing 145,556,400 3.989%
Agricultural 806,800 0.022%
Undeveloped 5,643,000 0.155%
Ag Forest 205,200 0.006%
Forest 486,000 0.013%
Other 16,690,000 0.457%
Personal Property 91,098,700 2.496%
Total $ 3,649,185,900 100.000%
TREND OF VALUATIONS
YearAssessed
ValueEqualized
Value1
PercentIncrease/Decreasein Equalized Value
2011 $ 3,645,710,088 $ 3,676,379,700 0.16%
2012 3,653,210,788 3,524,105,900 -4.14%
2013 3,359,728,100 3,414,276,600 -3.12%
2014 3,364,592,800 3,589,694,100 5.14%
2015 3,396,543,100 3,649,185,900 1.66%
Source: Wisconsin Department of Revenue, Bureau of Equalization.
1 Includes tax increment valuation ("TID IN")
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LARGER TAXPAYERS
Taxpayer Type of Business/Property
2015Estimated
Equalized Value1
Percent of City'sTotal Equalized
Value
Northwestern Mutual Insurance services $ 129,495,312 3.55%
Wal-Mart Retailer 29,880,531 0.82%
Wheaton Health Care Systems Medical facilities 28,532,931 0.78%
VTLC Development Packaging manufacturer 28,516,542 0.78%
Whitnall Pointe Apartments Apartments 21,807,547 0.60%
Manchester Oaks Apartments 20,878,094 0.57%
Baptista Bakery, Inc. Manufacturing 15,832,088 0.43%
Menard Inc. Retailer 14,489,556 0.40%
HTA - Wisconsin Mob 2 LLC Medical facilities 13,888,215 0.38%
Franklin Wyndham, LLC Land held for development 13,801,631 0.38%
Total $ 317,122,447 8.69%
City's Total 2015 Equalized Value (TID IN) $3,649,185,900
Source: City of Franklin, Wisconsin
1 Estimated by dividing the 2015 Assessed Values by the ratio of 2015 Assessed Value to 2015 EqualizedValue for the City.
9
DEBT
DIRECT DEBT1 (includes the Bonds)
General Obligation Debt (see schedules following)
Total General Obligation Debt* $ 33,947,276
*Preliminary, subject to change
1 Outstanding debt is as of the dated date of the Bonds and refunding of the 2007 Bonds.
10
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11
DEBT LIMIT
The constitutional and statutory general obligation debt limit for Wisconsin municipalities, including towns, cities,villages, and counties (Article XI, Section 3 of the Wisconsin Constitution and Section 67.03, Wisconsin Statutes)is 5% of the current equalized value.
Equalized Value $ 3,649,185,900
Multiply by 5% 0.05
Statutory Debt Limit $ 182,459,295
Less: General Obligation Debt* (33,947,276)
Unused Debt Limit* $ 148,512,019
*Preliminary, subject to change
OVERLAPPING DEBT1
Taxing District
2015Equalized
Value% In City
TotalG.O. Debt2
City'sProportionate Share
Milwaukee County $ 58,553,179,100 6.23% $662,419,246 $ 41,268,719
Milwaukee Area Technical College District 72,680,645,252 5.02% 113,325,000 5,688,915
Franklin Public School District 2,695,113,010 100.00% 31,360,000 31,360,000
Oak Creek/Franklin Joint School District 3,735,734,597 19.59% 95,215,000 18,652,619
Whitnall School District 1,614,569,712 13.77% 225,000 30,983
Milwaukee Metro Sewer District 57,445,674,300 6.35% 954,550,006 60,613,925
City's Share of Total Overlapping Debt $ 157,615,161
1 Overlapping debt is as of the dated date of the Bonds. Only those taxing jurisdictions with generalobligation debt outstanding are included in this section.
2 Outstanding debt based on information obtained on EMMA and the Municipal Advisor’s records.
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DEBT RATIOS*
G.O. Debt
Debt/EqualizedValue
$3,649,185,900
Debt/ PerCapita35,6551
Total General Obligation Debt* $ 33,947,276 0.93% $ 952.10
City's Share of Total Overlapping Debt* 157,615,161 4.32% 4,420.56
Total* $191,562,437 5.25% $ 5,372.67
*Preliminary, subject to change
DEBT PAYMENT HISTORY
The City has no record of default in the payment of principal and interest on its debt.
FUTURE FINANCING
In the next 12 months, the City plans to enter into an additional financing for approximately $1,000,000 to finance2016 budgeted capital projects and the City may enter into an additional financing to finance an economicdevelopment project.
1 Estimated 2015 population.
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TAX LEVIES AND COLLECTIONS
TAX LEVIES AND COLLECTIONS
Tax YearLevy for City
Purposes Only1 % Collected
Levy/Equalized Value Reduced by Tax
Increment Valuation in Dollars per $1,000
2011/12 $20,467,000 99.98% $5.74
2012/13 20,509,000 99.80% 5.99
2013/14 20,509,000 99.91% 6.19
2014/15 20,509,000 99.92% 5.90
2015/16 20,509,000 In Process 5.82
Property tax statements are distributed to taxpayers by the town, village, and city clerks in December of the levy year. Current state law requires counties to pay 100% of the real property taxes levied to cities, villages, towns, schooldistricts and other taxing entities on or about August 20 of the collection year.
Personal property taxes, special assessments, special charges and special taxes must be paid to the town, city or villagetreasurer in full by January 31, unless the municipality, by ordinance, permits special assessments to be paid ininstallments. Real property taxes must be paid in full by January 31 or in two equal installments by January 31 andJuly 31. Alternatively, municipalities may adopt a payment plan which permits real property taxes to be paid in threeor more equal installments, provided that the first installment is paid by January 31, one-half of the taxes are paid byApril 30 and the remainder is paid by July 31. The City has adopted a payment plan which provides that real propertytaxes are to be paid in full on January 31 or in installments with one-half of the taxes due on January 31, twenty-fivepercent due on March 31 and the remainder due on May 31. Amounts paid on or before January 31 are paid to thetown, city or village treasurer. Amounts paid after January 31, are paid to the county treasurer unless the municipalityhas authorized payment in three or more installments in which case payment is made to the town, city or villagetreasurer. On or before January 15 and February 20 the town, city or village treasurer settles with other taxingjurisdictions for all collections through December and January, respectively. In municipalities which have authorizedthe payment of real property taxes in three or more installments, the town, city or village treasurer settles with theother taxing jurisdictions on January 15, February 20 and on the fifteenth day of each month following the month inwhich an installment payment is required. On or before August 20, the county treasurer must settle in full with theunderlying taxing districts for all real property taxes and special taxes. Any county board may authorize its countytreasurer to also settle in full with the underlying taxing districts for all special assessments and special charges. Thecounty may then recover any tax delinquencies by enforcing the lien on the property and retain any penalties orinterest on the delinquencies for which it has settled. Uncollected personal property taxes owed by an entity that has
1 Amounts shown are net of offsets in the City's levies for its General Obligation Sewerage System Promissory Notes,Series 2012, dated January 25, 2012 (the "2012 Notes") and General Obligation Water System Bonds, Series 2014B,dated December 18, 2014 (the "2014B Notes"). The City uses revenues under an intergovernmental agreement andrevenues from the City's water utility offset the debt service for the 2012 Notes and 2014B Notes, respectively. Theactual amount of these offsetting revenues is not guaranteed. Under State law, the City is required to levy an amountsufficient to meet the debt service on its outstanding general obligation debt, but such levy may be abated by theuse of such offsetting revenues, if and to the extent available. If such revenues are not available in the future, theCity would be required to levy for the full amount of such debt service, but such levies would be outside of the City'slevy limits as general obligation debt. See "LEVY LIMITS" herein.
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ceased operations or filed a petition for bankruptcy, or are due on personal property that has been removed from thenext assessment roll are collected from each taxing entity in the year following the levy year.
PROPERTY TAX RATES
Full value rates for property taxes expressed in dollars per $1,000 of equalized value (excluding tax incrementalvaluation) that have been collected in recent years have been as follows:
Year Levied/Year Collected Schools1 County Local Other2
Total Full ValueEffective Rate3
2011/12 $12.87 $4.72 $5.74 $1.64 $23.94
2012/13 13.67 5.05 5.99 1.80 25.39
2013/14 14.27 5.13 6.19 1.88 26.35
2014/15 12.97 5.10 5.90 1.89 24.82
2015/16 13.06 5.13 5.82 1.92 24.73
Source: Property Tax Rates were extracted from Final Statement of Taxes prepared by the Wisconsin Departmentof Revenue, Division of State and Local Finance.
LEVY LIMITS
Section 66.0602 of the Wisconsin Statutes, imposes a limit on property tax levies by cities, villages, towns andcounties. No city, village, town or county is permitted to increase its tax levy by a percentage that exceeds itsvaluation factor (which is defined as a percentage equal to the greater of either the percentage change in the politicalsubdivision's January 1 equalized value due to new construction less improvements removed between the previousyear and the current or zero percent). The base amount in any year to which the levy limit applies is the actual levyfor the immediately preceding year. This levy limitation is an overall limit, applying to levies for operations as wellas for other purposes.
A political subdivision that did not levy its full allowable levy in the prior year can carry forward the differencebetween the allowable levy and the actual levy, up to a maximum of 1.5% of the prior year's actual levy. The use ofthe carry forward levy adjustment needs to be approved by a majority vote of the political subdivision's governingbody (except in the case of towns) if the amount of carry forward levy adjustment is less than or equal to 0.5% andby a super majority vote of the political subdivision's governing body (three-quarters vote if the governing body iscomprised of five or more members, two-thirds vote if the governing body is comprised of fewer than five members)(except in the case of towns) if the amount of the carry forward levy adjustment is greater than 0.5% up to the
1 The Schools tax rate reflects the composite rate of all local school districts and the technical collegedistrict.
2 Includes the state reforestation tax which is apportioned to each county on the basis of its full value. Counties, in turn, apportion the tax to the tax districts within their borders on the basis of full value. Italso includes taxes levied for special purpose districts such as metropolitan sewerage districts, sanitarydistricts, and public inland lake protection districts. Tax increment values are not included.
3 Property tax less state property tax credit (not including lottery credit).
15
maximum increase of 1.5%. For towns, the use of the carry forward levy adjustment needs to be approved by amajority vote of the annual town meeting or special town meeting after the town board has adopted a resolution infavor of the adjustment by a majority vote if the amount of carry forward levy adjustment is less than or equal to 0.5%or by two-thirds vote or more if the amount of carry forward levy adjustment is greater than 0.5% up to the maximumof 1.5%.
Beginning with levies imposed in 2015, if a political subdivision does not make an adjustment in its levy as describedin the above paragraph in the current year, the political subdivision may increase its levy by the aggregate amountof the differences between the political subdivision’s valuation factor in the previous year and the actual percentincrease in a political subdivision’s levy attributable to the political subdivision’s valuation factor in the previous year,for the five years before the current year, less any amount of such aggregate amount already claimed as an adjustmentin any of the previous five years. The calculation of the aggregate amount available for such adjustment may notinclude any year before 2014, and the maximum adjustment allowed may not exceed 5%. The use of the adjustmentdescribed in this paragraph requires approval by a two-thirds vote of the political subdivision’s governing body, andthe adjustment may only be used if the political subdivision’s level of outstanding general obligation debt in thecurrent year is less than or equal to the political subdivision’s level of outstanding general obligation debt in theprevious year.
Special provisions are made with respect to property taxes levied to pay general obligation debt service. Those aredescribed below. In addition, the statute provides for certain other exclusions from and adjustments to the tax levylimit. Among the items excluded from the limit are amounts levied for any revenue shortfall for debt service on arevenue bond issued under Section 66.0621. Among the adjustments permitted is an adjustment applicable when atax increment district terminates, which allows an amount equal to the prior year's allowable levy multiplied by 50%of the political subdivision's percentage growth due to the district's termination.
With respect to general obligation debt service, the following provisions are made:
(a) If a political subdivision's levy for the payment of general obligation debt service, including debt service on debtissued or reissued to fund or refund outstanding obligations of the political subdivision and interest on outstandingobligations of the political subdivision, on debt originally issued before July 1, 2005, is less in the current year thanin the previous year, the political subdivision is required to reduce its levy limit in the current year by the amount ofthe difference between the previous year's levy and the current year's levy.
(b) For obligations authorized before July 1, 2005, if the amount of debt service in the preceding year is less than theamount of debt service needed in the current year, the levy limit is increased by the difference between the twoamounts. This adjustment is based on scheduled debt service rather than the amount actually levied for debt service(after taking into account offsetting revenues such as sales tax revenues, special assessments, utility revenues, taxincrement revenues or surplus funds). Therefore, the levy limit could negatively impact political subdivisions thatexperience a reduction in offsetting revenues.
(c) The levy limits do not apply to property taxes levied to pay debt service on general obligation debt authorizedon or after July 1, 2005.
The Bonds were authorized after July 1, 2005 and therefore the levy limits do not apply to taxes levied to pay debtservice on the Bonds.
16
THE ISSUER
CITY GOVERNMENT
The City was incorporated in 1956 and is governed by a Mayor and a 6-member Common Council. The Mayor doesnot vote except in the case of a tie. All Council Members are elected to three-year terms. The appointed City Clerkis responsible for administrative details and financial records.
EMPLOYEES; PENSIONS
The City has 199 full-time and 43 part-time employees. The City maintains three pension plans covering threeseparate groups of employees. Public safety employees are covered by the Wisconsin Retirement System, publicworks & utility employees are covered by a separate defined benefit plan and all other general government employeesby a defined contribution plan.
All eligible public safety City employees participate in the Wisconsin Retirement System ("WRS"), a cost-sharing,multiple-employer, defined benefit, public employee retirement system. All Public Safety employees, initiallyemployed by a participating WRS employer prior to July 1, 2011, expected to work at least 600 hours a year andexpected to be employed for at least one year from employee’s date of hire are eligible to participate in the WRS. All Public Safety employees, initially employed by a participating WRS employer on or after July 1, 2011, andexpected to work at least 1,200 hours a year and expected to be employed for at least one year from employee’s dateof hire are eligible to participate in the WRS.
Prior to June 29, 2011, covered employees in the Protective Occupation were required by statute to contribute 5.8%of their salary, 5.8% for Protective Occupations with Social Security. Employers could make these contributions tothe plan on behalf of employees. Employers were required to contribute an actuarially determined amount necessaryto fund the remaining projected cost of future benefits.
Effective the first day of the first pay period on or after June 29, 2011, the employee required contribution waschanged to one-half of the actuarially determined contribution rate for General category employees, and Executivesand Elected Officials. Required contributions for protective employees are the same as general employees. Employersare required to contribute the remainder of the actuarially determined contribution rate. The employer may not paythe employee required contribution unless provided for by an existing collective bargaining agreement. Employersmay not make these contributions to the plan on behalf of the protective occupation employees unless provided forby an existing collective bargaining agreement. Employers are required to contribute an actuarially determined amountnecessary to fund the remaining projected cost of future benefits.
Contribution rates for 2016 are as follows:
2016
Employee Employer
Protective with Social Security 6.60% 10.01%
The payroll for City employees covered by WRS for the year ended December 31, 2015 was $8,459,850; the City’stotal payroll was $15,083,189. The total required contribution for the year ended December 31, 2015 was $1,516,851,or 17.93% of covered payroll. $575,270 was paid by employees while $941,581 was paid by the City.
17
Recognized and Certified Bargaining Units
All eligible City personnel are covered by the Municipal Employment Relations Act ("MERA") of the WisconsinStatutes. Pursuant to that law, employees have rights to organize and collectively bargain with municipal employers. MERA was amended by 2011 Wisconsin Act 10 (the "Act") and by 2011 Wisconsin Act 32, which altered thecollective bargaining rights of public employees in Wisconsin.
As a result of the amendments to MERA, the City is prohibited from bargaining collectively with municipalemployees, other than public safety and transit employees, with respect to any factor or condition of employmentexcept total base wages. Even then, the City is limited to increasing the base wages only by any increase in theprevious year's consumer price index (unless the City were to seek approval for a higher increase through areferendum). Ultimately, the City can unilaterally implement the wages for a collective bargaining unit.
Under the changes to MERA, impasse resolution procedures were removed from the law for municipal employeesof the type employed by the City, including binding interest arbitration. Strikes by any municipal employee or labororganization are expressly prohibited. As a practical matter, it is anticipated that strikes will be rare. Furthermore,if strikes do occur, they may be enjoyed by the courts. Additionally, because the only legal subject of bargaining isthe base wage rates, all bargaining over items such as just cause, benefits, and terms of conditions of employment areprohibited and cannot be included in a collective bargaining agreement. Impasse resolution for public safetyemployees and transit employees is subject to final and binding arbitration procedures, which do not include a rightto strike. Interest arbitration is available for transit employees if certain conditions are met.
The following bargaining units represent employees of the City:
Bargaining UnitExpiration Date of Current Contract
Police December 31, 2015*
Fire December 31, 2015**In negotiation
Other Pension Benefits
The City provides other pension benefits to public works employees who have terminated their employment with the City and have satisfied specified eligibility standards through a single-employer defined benefit plan. Theamount of such benefits are based on years of service and average compensation. Membership of the plan consistedof 17 retirees receiving benefits, 5 terminated vested retirees and 32 active plan members as of January 1, 2015, thedate of the latest actuarial valuation.
Pension benefit calculations are required to be updated every two years and prepared in accordance withGovernmental Accounting Standards Board Statement No. 68 ("GASB 68"). An actuarial study for the plan was mostrecently completed by The Principal Financial Group with an actuarial valuation date of January 1, 2015 (the"Pension Actuarial Report").
Prior to the implementation of GASB 68, the City was required to expense the estimated yearly cost of providing post-retirement benefits and such annual accrual expense is referred to as the "annual required contribution" ("ARC"). Asshown in the City's audited financial statements for the year ended December 31, 2014 ("Fiscal Year 2014"), the City'sARC for Fiscal Year 2014 was $293,632. For Fiscal Year 2014, contributions to the plan totaled $293,632, whichwas 100% of the ARC. Under GASB 68, an actuarially determined contribution ("ADC") is calculated in lieu of anARC as a target or recommended contribution to the plan for the reporting period, determined in conformity withactuarial standards based on the most recent measurement available. As shown in the Pension Actuarial Report, the
18
City's ADC for the year ended December 31, 2015 has been calculated as $339,927. The City's current fundingpractice has been to fully fund ARC, and the City's expects to fully fund the ADC going forward.
As shown in the Pension Actuarial Report, as of January 1, 2015, the actuarial accrued liability for benefits was$8,013,087 and the actuarial value of assets was $6,868,528, resulting in an unfunded actuarial accrued liability("UAAL") of $1,144,559 and a funded ratio of actuarial value of assets to actuarial accrued liability (the "FundedRatio") of 85.7%.
For more information, see Note 4(A) in "Appendix A —Financial Statements." The Pension Actuarial Report isavailable upon request.
The City also provides a defined contribution pension plan benefit to eligible non-protective employees (other thanpublic works employees). Eligibility begins after six months of employment with the City. Employees are requiredto make contributions of 5% of wages. For Fiscal Year 2015, the City contributed $198,434 and employeescontributed $198,434 to the plan. For more information, see Note 4(B) in "Appendix A —Financial Statements."
OTHER POST EMPLOYMENT BENEFITS
The City provides "other post-employment benefits" ("OPEB") (i.e., post-employment benefits, other than pensionbenefits, owed to its employees and former employees) to former employees and their dependents through a single-employer defined benefit plan. Membership of the plan consisted of 24 retirees receiving benefits and 178 active planmembers as of December 15, 2015. Eligible retirees may continue to participate in the City's group health plan. TheCity contributes a fixed portion of the premiums determined at retirement based on the employment category ofretiree, and the retiree is responsible for paying the balance of the premiums.
OPEB calculations are required to be updated every two years and prepared in accordance with Statement No. 45 ofthe Governmental Accounting Standards Board ("GASB 45") regarding retiree health and life insurance benefits, andrelated standards. An actuarial study was last completed for the plan by Actuarial & Health Care Solutions, LLC inDecember 2015 with an actuarial valuation date of January 1, 2016 (the "OPEB Actuarial Report").
As shown in the City's audited financial statements for Fiscal Year 2014, the City's ARC for Fiscal Year 2014 was$551,716. For the year ended December 31, 2014, contributions to the plan totaled $551,716, which was 100% of theARC. The City's current funding practice is to fully fund the ARC.
The plan Funded Ratio as of the most recent actuarial valuation date, January 1, 2016, was 78.0%. As of January 1,2016, the actuarial accrued liability was $5,815,218 and the actuarial value of assets was $4,537,189, resulting in anUAAL of $1,278,029.
For more information, see Note 4(C) in "Appendix A —Financial Statements." The OPEB Actuarial Report isavailable upon request.
LITIGATION
There is no litigation threatened or pending questioning the organization or boundaries of the City or the right of anyof its officers to their respective offices or in any manner questioning their rights and power to execute and deliverthe Bonds or otherwise questioning the validity of the Bonds.
19
MUNICIPAL BANKRUPTCY
Municipalities are prohibited from filing for bankruptcy under Chapter 11 (reorganization) or Chapter 7 (liquidation)of the U.S. Bankruptcy Code (11 U.S.C. §§ 101-1532) (the "Bankruptcy Code"). Instead, the Bankruptcy Codepermits municipalities to file a petition under Chapter 9 of the Bankruptcy Code, but only if certain requirements aremet. These requirements include that the municipality must be "specifically authorized" under State law to file forrelief under Chapter 9. For these purposes, "State law" may include, without limitation, statutes of generalapplicability enacted by the State legislature, special legislation applicable to a particular municipality, and/orexecutive orders issued by an appropriate officer of the State’s executive branch.
As of the date hereof, Wisconsin law contains no express authority for municipalities to file for bankruptcy reliefunder Chapter 9 of the Bankruptcy Code.
Nevertheless, there can be no assurance (a) that State law will not change in the future, while the Bonds areoutstanding, in a way that would allow the City to file for bankruptcy relief under Chapter 9 of the Bankruptcy Code;or (b) even absent such a change in State law, that an executive order or other executive action could not effectivelyauthorize the City to file for relief under Chapter 9. If, in the future, the City were to file a bankruptcy case underChapter 9, the relevant bankruptcy court would need to consider whether the City could properly do so, which wouldinvolve questions regarding State law authority as well as other questions such as whether the City is a municipalityfor bankruptcy purposes. If the relevant bankruptcy court concluded that the City could properly file a bankruptcycase, and that determination was not reversed, vacated, or otherwise substantially altered on appeal, then the rightsof holders of the Bonds could be modified in bankruptcy proceedings. Such modifications could be adverse to holdersof the Bonds, and there could ultimately be no assurance that holders of the Bonds would be paid in full or in part onthe Bonds. Further, under such circumstances, there could be no assurance that the Bonds would not be treated asgeneral, unsecured debt by a bankruptcy court, meaning that claims of holders of the Bonds could be viewed as havingno priority (a) over claims of other creditors of the City; (b) to any particular assets of the City, or (c) to revenuesotherwise designated for payment to holders of the Bonds.
Moreover, if the City were determined not to be a "municipality" for the purposes of the Bankruptcy Code, norepresentations can be made regarding whether it would still be eligible for voluntary or involuntary relief underChapters of the Bankruptcy Code other than Chapter 9 or under similar federal or state law or equitable proceedingregarding insolvency or providing for protection from creditors. In any such case, there can be no assurance that theconsequences described above for the holders of the Bonds would not occur.
FUNDS ON HAND (as of January 31, 2016)
FundTotal Cash
and Investments
General $ 10,964,030
Special Revenue 3,274,899
Debt Service 2,009,629
Capital Projects 16,921,316
Enterprise Funds 2,631,890
Internal Service Funds 2,577,073
Fiduciary Funds 4,403,926
Total Funds on Hand $ 42,782,763
20
ENTERPRISE FUNDS
Revenues available for debt service for the City’s enterprise fund have been as follows as of December 31 each year:
2012 2013 2014
Water
Total Operating Revenues $ 5,361,646 $ 5,403,994 $ 5,421,719
Less: Operating Expenses (5,064,149) (5,046,704) (5,055,935)
Operating Income $ 297,497 $ 357,290 $ 365,784
Plus: Depreciation 1,061,625 1,097,315 1,097,571
Interest Income/(Loss) (1,808) (5,289) (4,504)
Revenues Available for Debt Service $ 1,357,314 $ 1,449,316 $ 1,458,851
Sanitary Sewer
Total Operating Revenues $3,142,062 $ 3,243,737 $ 3,266,897
Less: Operating Expenses (3,343,149) (3,550,443) (3,593,796)
Operating Income $ (201,087) $ (306,706) $ (326,899)
Plus: Depreciation 642,839 650,060 661,745
Interest Income 320,477 574,733 646,731
Revenues Available for Debt Service $ 762,229 $ 918,087 $ 981,577
21
SUMMARY GENERAL FUND INFORMATION
Following are summaries of the revenues and expenditures and fund balances for the City's General Fund for the fiscal years shown below. These summaries are not purported to be the complete audited financial statements of the City, and potential purchasers should read the includedfinancial statements in their entirety for more complete information concerning the City. Copies of the complete audited financial statementsare available upon request. See Appendix A for the City's 2014 audited financial statements.
FISCAL YEAR ENDING DECEMBER 31COMBINED STATEMENT 2012 Audited 2013 Audited 2014 Audited 2015
Unaudited12016 Adopted
Budget2
RevenuesTaxes $ 16,913,739 $ 17,078,994 $16,926,045 $ 16,994,208 $ 17,033,800Intergovernmental revenue 2,802,048 2,571,374 2,536,187 2,775,350 2,321,200Licenses and permits 755,027 912,357 808,302 669,366 843,550
Fines, forfeitures and penalties 457,499 411,795 421,976 483,346 440,000Public charges for services 1,414,592 1,473,039 1,367,737 1,541,244 1,544,975
Intergovernmental charges for services 103,615 162,308 136,372 192,189 203,200 Investment earnings 213,200 (11,514) 290,132 242,208 205,200
Miscellaneous revenues 167,413 156,414 143,014 155,758 163,900Total Revenues $ 22,827,133 $ 22,754,767 $ 22,629,765 $ 23,053,669 $ 22,755,825
ExpendituresCurrent:
General government $ 2,631,412 $ 2,709,182 $ 2,786,740 $ 2,720,510 $ 3,166,6303
Public safety 16,384,500 15,447,159 15,367,022 15,982,508 16,128,832Public works 3,354,749 3,386,737 3,560,384 3,046,335 3,612,003Health and human services 633,018 635,959 633,964 620,906 684,191Culture, recreation and education 160,840 150,887 163,000 190,279 191,911Conservation and development 377,644 360,649 355,354 568,380 579,858
Total Expenditures $ 23,542,163 $ 22,690,573 $ 22,866,464 $ 23,128,918 $ 24,363,425
Excess of revenues over (under) expenditures $ (715,031) $ 64,194 $ (236,699) $ (75,249) $ (1,607,600)Other Financing Sources (Uses)
Operating transfers in 1,340,293 1,325,220 1,112,244 1,044,460 1,100,000Operating transfers out (244,000) (109,982) (24,000) (574,000) (1,200,000)
Total Other Financing Sources (Uses) $ 1,096,293 $ 1,215,238 $ 1,088,244 $ 470,460 $ (100,000)
Excess of revenues and other financing sources over(under) expenditures and other financing uses
$ 381,262 $ 1,279,432 $ 851,545 $ 395,211 $ (1,707,600)
General Fund Balance January 1 6,120,873 6,502,135 7,781,567 8,633,112 9,028,323
General Fund Balance December 31 $ 6,502,135 $ 7,781,567 $ 8,633,112 $ 9,028,323 $ 7,320,723
DETAILS OF DECEMBER 31 FUND BALANCEReserved $ 0 $ 0 $ 0 $ 0 $ 0Unreserved:
Designated 0 0 0 0 0Undesignated 0 0 0 0 0
Nonspendable 62,936 550,906 2,277,071 2,214,168 2,214,168Restricted 0 0 0 0 0Committed 0 0 0 0 0Assigned 0 0 207,270 146,036 0Unassigned 6,439,199 7,230,661 6,148,771 6,668,119 5,106,555Total $ 6,502,135 $ 7,781,567 $ 8,633,112 $ 9,028,323 $ 7,320,723
1 Unaudited data is as of December 31, 2015.
2 The 2016 budget was adopted on November 17, 2016.
3 2016 Budget includes $375,000 restricted contingency.22
GENERAL INFORMATION
LOCATION
The City of Franklin, with a 2010 U.S. Census population of 35,451, and a current estimated population of 35,655,comprises an area of 34.5 square miles and is located in the southwest corner of Milwaukee County.
LARGER EMPLOYERS
Larger employers in the City include the following:
Firm Type of Business/ProductEstimated No.of Employees
Northwestern Mutual Insurance/investment services 3,230
Wheaton Franciscan Healthcare Medical and surgical hospital 798
Franklin Public Schools K-12 education 550
Krones, Inc. High speed labeling/filler machines 509
Milwaukee County Corrections South Government 361
Baptista’s Bakery Commercial bakery 388
General Automotive Mfg Off-road engine components manufacturing 323
Wal-Mart Retailer 272
Conway Trucking Animal processing 256
Carlisle Interconnect Technologies Wire harnesses 255
Source: ReferenceUSA, written and telephone survey (February 2016), Franklin 2014 CAFR.
23
BUILDING PERMITS
2012 2013 2014 2015
New Single Family Homes
No. of building permits 52 56 33 27
Valuation $12,472,659 $16,718,795 $10,688,902 $10,899,139
New Multiple Family Buildings
No. of building permits 1 8 9 7
Valuation $1,500,000 $2,774,000 $4,092,000 $2,555,000
New Commercial/Industrial
No. of building permits 3 13 51 32
Valuation $3,223,983 $2,236,192 $14,382,700 $3,862,100
All Building Permits(including additions and remodelings)
No. of building permits 2,617 2,775 2,905 2,930
Valuation $63,450,286 $87,274,798 $41,246,443 $46,611,505
Source: the City
24
U.S. CENSUS DATA
Population Trend: City of Franklin
2000 U.S. Census 29,494
2010 U.S. Census 35,451
2015 Estimated Population 35,655
Percent of Change 2000 - 2010 + 20.20%
Income and Age Statistics
City ofFranklin
MilwaukeeCounty
State ofWisconsin
UnitedStates
2014 per capita income $34,377 $24,622 $27,907 $28,555
2014 median household income $73,122 $43,385 $52,738 $53,482
2014 median family income $91,721 $55,213 $67,232 $65,443
2014 median gross rent $948 $802 $772 $9202014 median value owner occupied units $226,500 $154,400 $165,900 $175,700
2014 median age 40.8 yrs. 34.0 yrs. 38.8 yrs. 37.4 yrs.
State of Wisconsin United States
City % of 2014 per capita income 123.18% 120.39%City % of 2014 median family income 136.42% 140.15%
Housing Statistics
City of Franklin
2010 2014 Percent of Change
All Housing Units 13,000 13,794 6.11%
Source: 2000 and 2010 Census of Population and Housing, and 2014 American Community Survey (Based on afive-year estimate), U.S. Census Bureau (www.factfinder2.census.gov).
EMPLOYMENT/UNEMPLOYMENT DATA
Average Employment Average Unemployment
Year City Milwaukee County City Milwaukee County State of Wisconsin
2011 16,823 433,336 6.9% 9.3% 7.8%
2012 16,917 435,440 6.3% 8.6% 7.0%
2013 17,243 439,536 6.2% 8.4% 6.8%
2014 14,547 447,273 5.0% 7.0% 5.5%
2015, 17,707 451,371 4.0% 5.2% 4.2%
Source: Wisconsin Department of Workforce Development.
25
APPENDIX A
FINANCIAL STATEMENTS
Potential purchasers should read the included financial statements in their entirety for more complete informationconcerning the City’s financial position. Such financial statements have been audited by the auditor, to the extent andfor the periods indicated thereon. The City has not requested the auditor to perform any additional examination,assessments or evaluation with respect to such financial statements since the date thereof, nor has the City requestedthat the auditor consent to the use of such financial statements in this Official Statement. Although the inclusion ofthe financial statements in this Official Statement is not intended to demonstrate the fiscal condition of the City sincethe date of the financial statements, in connection with the issuance of the Bonds, the City represents that there havebeen no material adverse change in the financial position or results of operations of the City, nor has the City incurredany material liabilities, which would make such financial statements misleading.
Copies of the complete audited financial statements for the past three years and the current budget are available uponrequest from Ehlers.
A-1
GITY OF FRANKLIN, WISGONSIN
COMPREHENSIVE ANNUAL FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31 ,20'14
C ity of Fra n klin
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PREPARED BY THE
DEPARTMENT OF FINANCE
DIRECTOR OF FINANGE & TREASURER
PAUL A ROTZENBERG, CPA
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A-5
l¡lal
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dffn
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or¡d
lårld
C¡t
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May
5,
2015
City
Pro
filo
The
City
of
Fra
nktin
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corp
o in
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ê, is
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ted
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outh
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ount
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he C
rty
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nile
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6 E
nd h
as a
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702.
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st t
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nc¡e
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civ
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mun
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nd i
ndus
trhl
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ther
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ting
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The
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idin
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brum
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nce
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ê de
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Libr
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ed t
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parã
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oad
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ats
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8 pr
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te V
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tility
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ns l
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lnan
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lty d
so b
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anci
ally
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Com
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€v€l
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Aul
horit
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utho
rity|
. T
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utho
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s ac
tivitþ
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e rt
ed w
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's f
inE
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nel
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n b€
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n N
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rves
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ttspe
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ly *
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ust th
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ttal
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ê th
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nþrm
atim
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mit
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hed
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ly N
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ared
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ty),
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). T
rgrg
fers
of Ð
prop
riatio
ns n
fund
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unct
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or
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ppto
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of
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unci
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n th
b rÊ
port
fur
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or,
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ndl
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gng
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budg
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und
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nd6
whe
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ic 6
ondl
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ook
The
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nom
ic a
ctfu
lty I
n F
lank
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bot
h th
e re
slde
ntid
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eble
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errú
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ss
r in
2O
14 o
ompa
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rmh
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d in
dßtr
isl
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elop
men
t ar
e an
tbip
at€d
to
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n s
Þer
to
2014
, w
ilh g
h
dêpe
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nt u
pon
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lopr
ìent
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sub
dlvb
ions
an
d bu
slne
ss p
erks
.
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imat
€d e
ctud
pro
p€rt
y va
luee
hav
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o*n
d an
al/B
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änn
ud ¡
alê
of 2
.1 %
sin
oe 2
005.
The
new
g
h ne
t cf
TIF
Dbl
riìts
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.8 m
illlo
n in
201
4, $
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mlll
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in 2
013,
and
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llllo
n in
201
2. T
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rorlh
in 2
015
b ex
to
be
in t
he $
15 t
o $¿
0 m
illbn
ddl
ar
mai
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n a
r€ld
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y lo
rv m
unic
ipal
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rat
e w
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cr€a
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cæt
of s
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ir€d
as â
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ult
of t
he C
ity's
grq
vth.
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¡dan
tiâl cr
owth
r th
€ på
st t
en y
€€rs
, re
side
miE
l val
uelio
n ha
s gr
wrn
d a
n ev
erâg
e en
nua
l Ê
le o
Í 1.
8o/o
.
at å
borr
t th
€ sa
m€
lêvÊ
l aa
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14.
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enge
, th
e C
ity h
as t
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able
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inth
e C
ourt
y an
d É
mal
ns a
tÞct
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uiE
ers
and
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l re
side
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mer
clal
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ustr
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wth
annu
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te o
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ln 2
006,
tw
o T
IF D
btri:
ts (
#3 &
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4) u
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alue
tax
inc
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of
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ild S
44 m
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y.
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nslo
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ercþ
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( ba
ee b
a g
æl o
f th
e C
lty w
lth
to t
heov
sr8l
l Þ
( r8
te.
Cur
èntly
73.
8% o
f th
e C
ity's
pro
pert
y \.a
lue
is Ë
sile
nti8
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r€d
to75
.7%
len
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utur
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Org
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ml
6nd
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2014
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tly s
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bm
. T
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re n
oted
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rås
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gs w
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rqn
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m
arke
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ues
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CliftonLarsonAllen LLP
CLAconnect.com
CliftonLarsonAllen
INDEPENDENT AUDITORS' REPORT
Common CouncilCity of Franklin, WisconsinFranklin, Wisconsin
Report on the Financial StatementsWe have audited the accompanying financial tements of the governmental activities, thebusiness-type activities, each major fund, and the aggregate remaining fund information of theCity of Franklin, Wisconsin, as of and for the year ended Decemþer 31,2014, and the budgetarycomparison for the General Fund for the year then ended, and the related notes to the financialstatements, which collectively comprise the entity's basic financial ments as listed in thetable of contents.
Management is responsible for the preparation and fair presentation of these financialstatements in accordance with accounting principles generally accepted in the United States ofAmerica; this includes the design, implementation, and maintenance of internal control relevant
mi tement, whether due to fraud or error.
Our responsibility is to express opinions on these financial ments based on our audit. Wecondu d our audit in accordance with auditing standards generally accepted in the UnitedStates of America and the standards applicable to financial audits contained )n Government
financial statements are free from material misstatement.
An audit involves performing procedures to o in audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditors'judgment, including the assessment of the risks of material misstatement of the financialstatements, whether due to fraud or error. ln making those risk assessments, the auditorconsiders internal control relevant to the entity's preparation and fair presentation of thefinancial statements in order to design audit procedures that are appropriate in thecircum nces, but not for the pupose of expressing an opinion on the effectiveness of theentity's internal control. Accordingly, we express no such opinion. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness ofsignificant accounting estimates made by management, as ll as evaluating the overallpresen ion of the financial statements.
We believe that the audit evidence have obtained is sufficient and appropriate to provide abasis for our audit opinions.
q
I N TER N,{T IO N ÀL
tuindepgü dlbiahsrsliüdA-11
Opinionsln 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, eachmajor fund, and the aggregate remaining fund information of the City of Franklin, Wisconsin asof December 31, 2014, and the respective changes in financial position and, where applicable,cash flows thereof and the budgetary comparison for the General Fund for the year then endedin accordance with accounting principles generally accepted in the United States of America.
Report on Summarized Comparatíve lnformationWe have previously audited the City of Franklin, Wisconsin's 2013 financial statements andexpressed an unmodified audit opinion on those financial statements in our report dated May 5,2014. ln our opinion, the summarized comparative information presented for the Water Ut¡lityand Sanitary Sewer Utility Enterprise Funds presented herein as of and for the year endedDecember 31,2013 is consistent, in all material respects, with the audited financial statements
m which it was derived.
Other Matters
management's discussion and analysis and schedules of funding progress on pages 12-25 and75 be presented to supplement the basic financial statements. Such information, although not apart of the basic financial statements, is required by the Governmental counting StandardsBoard who considers it to be an essential part of financial reporting for placing the basicfinancial statements in an appropriate operational, economic, or historical cont . We haveapplied certain limited procedures to the required supplementary information in accordance with
inquiries of management about the methods of preparing the information and comparing theinformation for consistency with management's responses to our inquiries, the basic financialstatements, and other knowledge we obtained during our audit of the basic financial statements.We do not express an opinion or provide any assurance on the information because the limitedprocedures do not provide us with sufficient evidence to express an opinion or provide anyassurance.
Other lnfo ationOur audit was conducted for the purpose of forming opinions on the financial s ements thatcollectively comprise the City of Franklin, Wisconsin's basic financial statements. The combiningand individual fund financial statements and schedules, listed in the table of contents arepresented for purposes of additional analysis and are not a required part of the basic financialstatements. The combining and individual fund financial statements and schedules are theresponsibility of management and were derived m and relate directly to the underlyingaccounting and other records used to prepare the basic financial statements. Such informationhas been subje d to the auditing procedures applied in the audit of the basic financialstatements and certain additional procedures, including comparing and reconciling suchinformation directly to the underlying accounting and other records used to prepare the basicfinancial statements or to the basic financÍal statements themselves, and other additionalprocedures in accordance with auditing standards generally accepted in the United States ofAmerica. In our opinion, the combining and individual fund financial statements and schedulesare fairly stated, in all material respe , in relation to the basic financial statements as a whole.
The introductory section and the statistical tables have not been subje d to the auditingprocedures applied in the audit of the basic financial statements, and accordingly, do notexpress an opinion or provÍde any assurance on them.
A-12
Report on Other Legal and Regulatory Requirements
5,2015, on our cons¡deration of the City of Franklin, Wisconsin's internal control over financial
contra , and grant agreements and other matters. The purpose of that report is to describe thescope of our testing of internal control over financial reporting and compliance and the result ofthat testing, and not to provide an opinion on intemal control r financial reporting or oncompliance. That report is an integral part of an audit performed in accordance with
financial reporting and compliancÆ.
ZZPMitwaukee, WisconsinMay 5, 2015
A-13
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ity o
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and
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ity f
or t
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end
ed
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r 31
, 20
14. ì/h
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ourâ
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ê ¡n
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e ha
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umis
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, w
hich
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foun
d on
pag
es 1
-5 o
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b re
port
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ancl
al H
þhllg
hts
. T
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sets
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a de
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und
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ity.
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ided
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d ba
lanc
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n to
tel
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rees
e of
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ierin
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or t
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und
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nditu
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. T
he C
ity's
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mm
enta
l itþ
s de
bt d
ecre
ased
by
S4,
9,15
,000
. R
epay
men
ts
tota
led
$10,
æ5,
000,
whi
þ a
neur
issu
e ad
ded
$5,æ
0,00
0 ¡n
out
ster
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men
tal
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bt t
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o b€
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ail b
y th
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n€ra
l ta
lpay
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rter
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'G e
qual
val
uatio
n. S
ee t
abþ
ll br
cÆm
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ta¡b
.o
The
City
's B
usirc
se-ly
pe â
divi
ties
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ored
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stru
dion
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an
expa
nded
Wel
er &
sold
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blig
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r B
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ce a
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'æ b
the
op€r
ât¡n
g oç
€rE
€s f
urw
ater
and
æw
er a
divi
ties.
(Þcl
¡ñ
æ i
ú tlm
. !¡
¡Jræ
rÍr
rc¡¡
¡ð
F¡n
ancb
l Ane
lysb
of
the
Gov
emm
ent's
Fun
ds
As
mle
d ea
dier
, th
e C
ity u
ses
fund
ecc
omtir
E b
ens
.rre
arì
d de
mon
stra
b co
mpl
hnce
with
f ina
nce+
ehte
d le
gal
requ
ire
men
F.
Gor
€rnm
enta
l F
undg
Tlæ
fuc
us d
the
City
's g
ovor
nm€n
tal
lund
s is
to
pro/
ile i
nbrm
atio
n on
nea
r-te
m ¡
nflo
ws,
ouúo
uæ,
and
belä
noê9
of sp
6néb
l6 r
sol¡r
æ$
Suc
h hf
ur¡m
tion
is u
sefu
l in
âss
êssh
g th
€C
ity'e
fin
arþi
ng r
cgui
rem
enb.
ln
par
ticr.
dar,
unæ
eþrr
d fu
nd b
alan
ce m
ay s
êrve
æ a
use
fdm
easu
rc o
f a
gove
ffxne
nts
ne{
leso
urce
s a!
/a¡Þ
He
br s
pend
ing
attlE
end
of
the
fsca
l yea
r.
A9
of t
lE ê
nd c
f th
e cu
r€nt
fisc
al y
ea,
the
CiV
's g
o/er
rmql
tal
fund
s re
porÞ
d co
mb¡
ì€d
endi
rq f
und
babn
ces
of S
18,0
30,6
57,
a de
creæ
e ú
8749
,On
from
the
prio
r ye
ar.
At
year
end
the
unas
s¡!¡
red
fund
baþ
rrce
was
$3,
952,
388.
O
f th
¡s b
tal
$6,1
48,7
7'l
wæ
b g
ener
alfu
nd a
ctiv
it¡es
. T
his
anot
nt w
as c
fftet
by
ddci
ts i
n th
e D
ebt
Ser
viæ
, T
IF D
istic
ts a
ndN
onm
eþr
Gov
êrnm
€rìtd
Fun
ds.
Th6
Det
É S
€rvi
cê f
rfid
hes
Ð in
terf
und
loan
w¡t
h fa
rore
bþfin
anci
rE a
nd t
lE d
dc¡t
w¡[
d¡m
hish
æ r
Eve
rìrË
íe
ræiv
ed f
rom
fut
ure
year
pro
psty
b(e
gto
rep
ay t
fæ fn
arch
g. T
he T
IF D
istr
icts
æfc
¡t a
bo h
de in
terf
uncl
loa
ns w
ith ñ
aror
abþ
finan
cirB
and
wil
dim
inis
h es
rev
erue
¡s
reæ
ived
and
use
d to
æpe
y th
e fin
arpi
rp.
The
City
hæ
ass
igne
d tu
nd b
danc
es f
ur a
c{iv
ities
cf
tfr
e C
âpiÞ
l P
riecb
of
$4,6
99,4
59.
lnad
dit¡
on,
t2O
7 ,2
7O o
f G
ener
al F
t¡fld
Bal
ance
has
bee
n as
sþne
d fo
r en
orm
banc
es ¡
nb æ
15.
Out
siJe
per
ty r
€sfr
ictio
ns
have
res
Ldte
d in
res
tri:b
d fu
nd b
danc
es:
r) b
pay
deb
tser
vioe
- $
546,
238,
2) t
u uf
lity
¡mpr
ovem
ents
- $É
,72.
43'1
,3)
flr
de/e
lopm
ent
purp
oses
- $
4,17
0,3t
9,4)
fcr
TlF
Dts
tric
tsof
$34
7,97
8,Ð
br
libø
ry s
ervi
ces
$596
,277
and
6i fu
r do
natio
ns,
grân
t fu
ndq
sofid
wss
te â
nd r
ecre
€tio
nâl
ectiv
itþô
- to
talin
gs5
60,3
06.
Tlc
City
aho
has
non
spen
daU
e fu
nd b
abnæ
s to
incl
¡cat
e th
at ¡
t is
not
aei
labþ
br
new
spen
ding
b€c
euse
it
lns
dræ
dy b
een
cdnm
itbd
fo p
repa
iJ e
xpen
s€s
and
¡nve
ntor
Ês
($79
,355
) an
d fo
r ad
rânc
es þ
otlp
r fu
nds
(t2,
198,
61q.
The
adì
/anc
esâr
e sc
ttôdr
.d€d
for
repa
ymen
t in
201
7.
The
Geæ
ral F
und
ie t
he c
lief
oper
athg
fun
d of
tle
City
. A
s of
Dec
embe
r 31
,n14
, th
e U
alfu
nd b
dano
e of
tle
çner
al f
und
was
$8,
63Í1
,112
d w
h¡dt
$6,
'1,1
8,77
'l w
æ m
æsþ
rÞd.
ïis
unas
dgne
d fu
nd b
alan
ce r
epre
senb
app
rodm
atdy
25ï
o ú
2o15
gen
eral
ñnd
bu<
tgeû
e<!
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nditú
es
TÌÞ
lþta
l fu
nd b
abno
e d
the
Gen
eral
Fm
d irr
crea
sed
by $
851,
545
dr¡h
g fie
l y@
¡ 20
14-
Act
uel
r€ve
rrue
wæ
mor
e th
an b
udg€
d re
venu
e by
$73
,279
or
0.3
peræ
nt.
Gha
ryes
in
emdr
yee
bene
fits
red¡
oed
PuH
ic S
aÞty
cos
b si
gnifi
;arü
y. E
mdo
yees
are
pay
ing
a la
ger
shar
e of
hed
th b
erË
fit p
rem
ium
s an
d rc
tirem
€nt
cGts
- A
ls,
an a
chJa
r¡al
as
sum
Bio
n cÌ
ElrE
er€
duce
d tlÞ
rêt
¡ße
h€dt
h cæ
t
The
tþb
t S
eryl
oe F
und
has
a to
tal d
efic
it ñ.
üìd
b6hn
oe o
1142
4,72
1,
$546
,æ8
is r
eslfi
ded
fd th
e pa
ymen
t of
deb
t se
rvþe
end
a d
efiit
of
S97
0,95
9 ¡s
rel
ated
to
adva
rÞes
mde
fro
m
' III
l¡úab
r an
d S
ewer
exp
ersæ
can
exc
eed
rerr
eru€
dun
to
the
cúre
nt p
o¡q
cf ir
lcfJ
dfìg
onl
ydg
ræbt
ion
from
City
spe
ndin
g on
cap
ital
æse
ts i
n th
e ra
te f
orm
ub.
The
hrg
e sn
ount
of
new
infiæ
ûllc
t¡e
tlnt
hæ b
een
inst
dled
in
rænt
yea
rs i
s th
e re
ason
br
thb
pdi:y
. l¡*
ìen
mdn
t€na
nce
and
r€da
cfli€
nt o
6t$
irìcr
æs€
, th
b pl
icy
may
nee
d to
b€
rê€v
ahia
têd.
Ae
sùow
n on
the
fuI
owirg
ôar
t, th
e B
usire
sety
pe r
even
ræ ird
udes
cap
ital
gran
tr a
ndø
rbib
utbn
s, h
væûn
ent
eârn
¡ngF
ild
mis
ceila
næus
hc
ome
in a
dclil
þn b
cña
rges
fuf
seffi
res
(ope
råti
m r
even
ue).
Rev
enue
by
Sou
rce
- B
usin
oss-
lyp€
A
ctlv
ltþe
C.¡
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.b t
qtÈ
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&G
lnbr
dtO
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C.p
l¡l g
Eb
AC
û'l!c
bræ
lË-
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bfsD
t¡
mùi
hIin
-lr
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*
ctao
æ ñ
. 6ñ
óæG
-
Sæ
,fi!6
A-18
the
lnt€
rnål
S€r
vþes
fu
nd.
The
fun
d ba
lanc
e in
crea
se o
f 91
,068
,046
re
laþd
to
tlre
repå
ymon
tof
int
erfu
nd a
dvan
ces.
The
TIF
O¡s
tric
ts F
und
hæ t
otal
def
icit
fund
bel
4ìc€
of
$865
,æ4
End
a r
estr
fu
nd o
f$3
47,9
76 a
nd a
def
icit
fund
bâh
nce
of f
i,213
,872
r€l
sted
to
inte
ú,¡n
d ad
vanc
æ .
The
Non
maj
or
Gov
ernm
enta
l Fu
hâvc
a t
otal
frm
d bâ
þrrê
of
$f 0
,68S
,160
. T
hê f
und
Clty
's l
nv€s
tmen
t ln
Câp
ltel A
ss€t
s
$1 n
llnd
t 24
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gË d
nd
lnU
o¡sn
erl¡
2¡1,
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8$ln
pDË
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ddrt
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17,5
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t
lo p
rocæ
s
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loet
slås
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161,
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ill#
d ¿
icr
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7
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û
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20
13
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s 52
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5
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1
361,
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117,
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t 52
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109,
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2,79
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110,
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s 25
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8
8,37
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|
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.6æ
Unr
estr
icte
dan
ncf
ea¡e
trem
fe¡f
iom
Unr
ætr
id€d
$2,5
50,S
07,
op€r
d¡on
s.
The
ent
arpr
is€
fund
s fin
anci
al s
tate
men
te c
€n b
e fo
und
on E
xhiU
b G
, H
and
I of
thb
repo
rt.
Gen
eral
Fun
d E
utlg
etar
y H
¡ghl
¡ght
g
Gap
ltal a
t
TtE
totâ
l de
crca
se i
n th
e C
ity's
net
¡nv
estm
ent
¡n c
a¡rit
al å
sseb
net
of
depr
ecia
lion
br th
ecu
nênt
fE
c€l
yeer
was
$'1
12,7
51
or 0
.05%
.
For
furll
pr d
etai
b on
cap
ital
ass6
l acl
ivity
. re
br t
o N
ote
1(D
)5 a
nd N
ote
4(D
) of
thê
Not
6 to
Fin
anci
al S
tele
men
t8 a
nd S
chod
ulê6
12 -
12.
d€bt
LoD
g-br
m
debt
ats
sue
bln
tlþ
læl
1y€
ars
lho
hae
TlÞ
C¡t
y's
pres
ent
rat¡
ng f
rom
Moo
dys
for
its g
ener
al o
blig
etio
n de
bt i
s "
new
wal
er G
ervb
e fr
om ë
tren
t re
€erv
es a
nd f
rom
City
col
l d
impa
ct È
ea.
ofth
ê
A-19
. T
hê t
¡¡x
þvy
ryâs
un+
hang
ed t
hê p
ast
trvo
)pa
rs â
nd ¡
ncre
æed
$42
,0ff1
tw
o ye
ars
aæ
R€q
¡Jæ
ts f
or l
núor
mât
¡on
Thi
s fin
ânci
âl rc
port
b d
æþn
od t
o pr
ovid
e a
gene
rEil
over
vþw
of
the
Cit/
s ffn
encæ
for
thæ
ew
ith å
n ¡n
tere
st ¡
n th
e æ
v€m
men
t'e f
inan
cæ.
Ouæ
tions
con
cem
irg
any
of t
he ¡
nfom
at¡o
npr
ovid
ed i
n th
is r
epod
or
requ
eets
fur
add
ition
al f
inan
cial
inf
orrn
atio
n sh
ould
be
addr
esse
d to
tho
D¡r
êdor
of
Fin
encc
& T
rcas
urer
, C
lty o
f F
rank
lin 9
2æ W
es{
Loom
b R
oed,
Fra
nldi
n, W
5313
2.
Gcn
sal
¡nfo
nnåt
lon
or n
rrru
det
ellê
d fin
anci
al e
nd b
udgþ
t in
form
atio
n re
btirp
to
the
City
of
F¡a
nklin
can
be
foun
d at
ttr
City
l w
€bsi
t€,
ww
w.fr
anld
inw
i.gor
-
Fín
arce
Dap
artm
ênt
tab.
Gen
eral
odig
atlm
g
l{dB T
obl
City
of
Fra
nkf
ínb
Out
etsn
ding
O
€bt
(All
purp
o3ۉ
l
Ácl
ivili
æ
lies
Tda
l
2013
2U
4 29
13
2t14
20
13
$ 7,
615,
0(D
$ t,
rBs,
oo î
24,
776,
5?2.
- $
245S
423
$ 32
p9r,
522
5 32
,7fi,
423
$ 42
¡Æ,4
23
Adc
litirn
al
hbrm
atio
n of
the
City
's þ
ngF
t€m
deò
t c€
n be
tuu
nd i
n m
te 4
(F),
Sch
eduþ
5 a
ndT
ablæ
I 1
- l3
h th
ê st
etþt
lcâl
scc
lion
ofth
ê rê
port
.
Oth
3r C
hâng
ps o
f S
lgnl
llcan
c€
Pos
t E
mpl
oym
ent
Heâ
lth C
are
Ben
eflts
The
City
of
Fra
nklin
pro
vil€
s re
tlræ
hee
lth c
ere
bene
frb
to c
orta
in r
ctir€
e gr
olps
fro
m l
heda
te o
f re
tirem
ent
mtil
æe
ffi.
Prio
r to
æffi
the
City
's p
ort¡
on o
f he
dth
care
cos
t w
asre
cogn
ized
æ
an
g(F
nd'it
ur€
in th
e pe
ñod
prem
ium
s w
€re
pa¡d
. F
undn
g fo
rtt¡
oaa
cosl
s w
aspr
ovH
ed o
ut o
f lh
e cu
rren
t op
oret
¡ng
budg
Þt
of th
e C
ity.
Thb
was
ed
to
Es
flnån
clrì
g on
a pa
y æ
you
go
basb
.
City
of
Fra
nklín
on
Janu
ary
1, 2
008
that
sai
l th
at t
tìe e
)çen
se o
f th
eee
bene
fits
has
to b
er€
cogn
ized
ov
er t
he w
o*ín
g liw
e sf
the
em
ploy
eæ.
The
Com
mon
Cou
¡tci
l co
nclu
cled
lha
tth
e C
ity o
f F
raril
dn s
houl
d no
t on
ly r
ecog
ntse
the
erp
cnse
on
lts f
rnfic
lel
stat
emen
ts b
ulsh
ould
fur
id t
hæe
amou
nts
out
of i
ts ç
ræra
l re
venu
e st
art¡
ng i
n Ð
08 w
ith t
he e
s{ab
lisùm
ent
of a
e€c
lion
115
trus
t. T
lÞ a
ctua
rial
com
pute
d an
nml
rcqu
ired
cont
ribt¡
tion
urtd
er B
H5
lot
201
4 w
æ $
55 I
, 71
6 a
nd f
or 2
0 I 3
was
$52
3 ,3
42 .
Mor
e de
taile
d ¡n
form
at¡o
n c€
n be
fou
nd in
fuo
tnot
€ 5C
.
Eco
nom
lc
Fac
{ors
, T
ax R
ates
and
Nex
t Y
eaf's
B
etg
. T
ñe u
nem
ploy
rnen
t ra
te a
e of
Dec
embe
¡ 31
, â1
4 fo
r th
e C
ity w
æ 4
.2%
, [/l
ihra
ukee
Cou
ng w
hich
¡nc
lude
s he
Cþ,
wæ
6.0
%.
Thb
con
pare
s w
ith a
n m
empl
øym
ont
râtê
of
5.29
6 fo
r th
c S
tåt€
of
Wbc
ons¡
n.e
The
loc
d ta
x ra
te d
écr€
æ€d
0.2
% f
ur o
pera
trcr
E
for
th€
cune
nt a
nd i
n th
e pr
ior
trvo
yea
rach
ange
d (0
.30)
%,
and
(7.0
4)%
, re
epec
tiwly
.
A-20
A-21
ExhibitAC¡TY OF FRANKLIN, WSCONSIN
Statement of Net PositionDecember 31,2011
Governme I
ivitiesBusiness. e
Activities al
ASSETSCash and invest ntsReceivables
nts receivablelnterest vableT s receivableN receivableS al assessments receivablelntemalbalances
Due ftom other govemmentsP aid itemslnventoriesLong term advancesRestri h and investmentsDue from other govemments - long term
LandBuildings and improvementsMachinery and equipment
Construction in p ress
Total ass
LIABILINESnts payable
Accrued liabilitiesDue to r govemments
rued int
Noncurrent liabilitiesDue within orìe year
Due in re than one year
Total liabilities
NET POS]TIONNet lnvestment in capital assetsRestri for
Debt serviceUtility imp mentsDevelop ntLibraryOtherS equipment replacement
Unre cted
Total net position
164.523,269 119,767,955 2U,æ1,224
163,578
$ 20,251,612 $
701,56458,267
24,672,828
1,382,528(18,687)255,OO2124,936
11,9192,198,616
24,949,63115,613,6026,626,273
67,271,865423,313
4,235,905 $
2,470,942
300,182
18,6874,109
(2,198,616)313,558
26,055,931
521,?252,19/1,7801,061,170
u,438,472351,610
24,487,517
3,172,50658,267
24,973,O10
1,382,528
259,111124,936
11,919
313,55826,055,931
25,470,8æ17,808,3827,687,43
151,710,337774,923
1,140,1ô0973,938115,089102,142141,751
1,308,881
17,563,567
1,650,608237,U4
97,824100
1,245,09623,640,538
2,790,7681,211,282
115,089199,966141,851
2,553,97737,422,1M
26,871,510 44,
24,4 14.291 24,414,291
106,031,877 88,567,257 194,599,134
580,6051,918,4504,170,339
598,752560,306
580,6051,918,4504,170,339
598,752560,306313,558
12,86/,2W
$ 215,605,
313,5588,848,660 4,O
$ 122,708,989 $15,630
A-22
CIT
Y O
F F
K
LIN
, W
ISC
ON
SIN
Sta
tem
ent
of A
ctiv
ities
Yea
r E
nded
Dec
embe
r 31
,20'
14
Pro
gram
Rev
enue
Exh
ib¡t
B
Gha
n in
Net
Pos
ition
Fun
ctio
ns/P
rogr
ams
Gov
ernm
enta
l ac
tiviti
es:
Gen
eral
gor
rern
men
tP
ublic
Pub
lic w
orks
Cul
ture
and
tio
nC
onse
rvat
ion
and
derr
elop
men
tln
te t
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ng t
erm
deb
tT
otal
go n
men
tala
ctiv
ities
Bus
ines
+gp
e ad
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Wat
erS
er¡r
er
Tot
albu
sin
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divi
ties
Tot
alpr
imar
y go
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men
t
Cha
rges
for
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vi
O
aûin
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rant
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br¡t
ions
Cap
ital
Gra
nts
and
Con
trib
utio
nsG
over
nmen
tal
Ac-
tiviti
es
$ (2
,706
,612
) $
(13,
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762)
(3,0
13,7
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(457
,455
)(1
,523
,658
)(4
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(582
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.390
.256
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al
(2,7
06,6
12)
(13,
6s8,
762)
(3,0
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,523
,658
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7,96
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(22.
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520,
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)
t331
.517
t
22.6
81.9
321
$ 2,
919,
940
16,r
94,6
317,
231,
239
673,
332
1,86
5,93
245
9,88
45æ
211
6 21
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8 $
22æ
,334
1,47
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5,6s
011
8,00
951
,917
233,
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9,02
4I1
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217,
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88,6
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176,
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$$
29.9
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8
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7,74
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897
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1.26
2 1.
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$ 39
,185
.758
S 1
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3$
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2 $
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1
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Dis
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ning
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20,0
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9$
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434
A-23
CITY OF FRANKLIN, WISCONSINBalance Shcet
Governmental FundsDecember 31,2014
GeneralDebt
Service Districts
NonmajorGovernmental
Funds
Exhibit C
TotalGovernmental
FundsTIF
ASSETSCash and investmentsReceivables
Accounts reeæivablelnterest receivableTaxes receivableSpecial assessments receivableDue fiom other fundsDue fiom other govemments
Prepaid itemslnventoriesAdvances to other funds
TOTAL ASSETS
LIABILITIES AND FUND BALAT{CESLIABILITIESAccounts pa¡¡able
Accrued liabilitiesDue to other fundsDue to other govemmentsSpecial depositsAdvance from other funds
Total liabilities
DEFERRED INFLO OF RESOURCESUneamed & unavailable revenue
FUND B NCES IDEFICITINonspendable:
lnventories and prepaid ÌtemsAdvances to other funds
Restricted-Debt serviceUtility improvemenbDevelopmentTIF DistrictsDonationsHealth servicesLibrary servicesSol¡d wasteRecreational services
Assigned.Purchases on OrderCapital projects
Unassigned (deficit)
Total fund balances (deficit)
$ 6,924,141 $ 578.269 $ 3,778,805 $
581,538s8,267
16,232,330 1,672.D10136,509
2,690,637
11,55265,50566,53611,919
2.198,616
17,866
7,561,443 $
108,329
4,O77,85'l'1,246,D19
18,842,658
689,86758,267
24,672,8281,382,528
11,552255,O02
67,4361 1 ,91S
5.523.616
171,631s00
3,325,000
$ 26.1il,404 $ 2.386.788 $ 6,487,308 $ 16,451.173
$ 544,615 $455,408
11,230112,703141.75'l
1.075.000 4.588.000
1,265.701 1.075.000 4.662.s6s
$ 74,56s $ M8,103 $15,4271S,0092,386
1,267,283470,835
30,239115,089141,751
5.663.000684,925 7,688,197
16,251,585 1,736,50S 2.690,637 5.118,088 25.796.819
78,4552,198,616
207,270
546,238
347,978
(970.959) (.213.872\
s00
672,4314,170,339
122,550175,220556,277216,38546,151
4,699,459(11.552)
79,3552,198,616
546,238672,431
4,170,339347,978122,550175,220596,277216,38546,15'l
207,2704,699,4593.952.3886, 148,771
633.1 12 ( (86s,894) 10.688.160 18.030.6s7I,
T L LIABILITIES, DEFERRED INFLOWS,AND FUND BALANCES (DEHCTTI
See accompanyirp noles to the ñnancial statements
$ 7BB$6,487.308$16,431.173$51,s15,673
A-24
CITY OF FRANKLIN, WSCONSINReconciliation of the Balance Sheet of Governmental Funds
to the Statement of Net PositionDecember 31,2014
Fund balances - total govemmental funds
Amounts reported for governmental activities in the statementof net position are different because:
Capital assets used ¡n govemmentalfunds are not financial resou sand are therefore are not reported in the funds
Some receivables that are not currently available are reported as
statementsSpeciala ssments
IntemalService Fund net position
Long-term liabilities applicable to üre citt's governmental activities are notdue and payable in the current period, and accordingly, are not reportedas fund liabilities. Interest on long-term debt is not accrued ingovernmental funds, but her is recognized as an expendifure when due
General obligation debtCompensated absencesNet pension obligationUnamortized refu nding costs
crued lnterest
Net change in net position of governmental activities
Exhibit C.1
$ 18,030,657
114,884,684
1.382.528
3,MO,171
(13.187,273)(1,824,3U)
(78,880)163,578
n 02.1421
$ '122.708.989
A-25
CITY OF F KLIN, WSCONSINStatement of Revenue, Expenditures and Changes in Fund Balances
Govemmental FundsYear Ended December 31,2014
DebtService Distri
NonmajorGovernmental
Funds
ibit D
TotalGovernmental
FundsNF
REVENUETaxeslntergovernmental revenueLicenses and permitsFines, forfeitures and altiesPublic charges for servicesSpecial assessrnenbI ntergovernmental charges for servioeslnvestment earningsMi llaneous revenue
Total revenue
ENDITURESCunent
General govemmentPublic saPublic worksHealth and human servioesCulture, recreation and education
CapitaloutlayDebt service
PrincipallnterestDebt issuance costsTotale nditures
ess (deficiency) of revenueover ependitures
Sale of capital assetsTran rs inTransfers outGeneral obligation debt issuedPremium (di unt) on debt issued
Total other financing sources and uses
Net change in fund balances
$ 1,600,000 $ 2, ,926 $- 432,128
68,166
21,966 108,838
General
$16,926,0452,536,187
808,302421,976
1,367,737
136,372290,132143.014
3,856,687439,760
1,2M,074988,922
$ 24,927,6583,408,075
808,30242'1,976
2,631,8111,057,088
136,372739,930411,301
318,994268,287
22,629,765 1,690,132 3,085,892 7,136, t3
2,786,74015,367,0223,560,384
633,964163,000355,354
23,1171,580,266
32,51'l1,412,381
3,637,181
2,786,74015,390,1395,140,650
666,475f ,575,381
4ô1,1813,967,446
10,265,000731,288
73,091
105,827330,265
9,695,000385,
45,751
570,000345,
27,U0915, 10,562,487 6,712,796 41.057,391
(236,699) 774.488 423,928 (6,514,878)
1,112,(24,000)
226,81'l39,894
785,952(1,927,870)1,990,000
39,8942,125,0O7
(1,e51,870)
5,320,000232,82766,747
3,330,000166,080
1,088,244 293,558 3,49ô,080
(3,e80,s15)
887,976 5,765,858
851,545
7,781,567
1,068,046
(1,492,767\
1,311,904
9,376,256
(74s,020)
18,779,677Fund balances (deficit) - beginning 3, 114.621
Fund balances (deficit) - ending ) $ 18,030,657
A-26
CITY OF FRANKLIN, WISCONSINReconciliation of the Statement of enue
Expendituresandt+l'ìt^:=.'ål"HÍ..?l'¡Äüi*gl.o""ernmentarFunds
Year Ended December 31,2011
Exhibit E
$ (749,020)
3,539,449(3,068,623)
(22,e06)
(317,738)
284,994
10,265,000(5,320,000)
(276,16s)
(s0,638)6,000
144,586
(20,248)(40,268)
333,770
$ 4,708,189
Net change in fund balances - total governmentalfunds
Amounts reported for governmental activities in the statementof activities are different because:
Govemmental funds report capital outlays as expenditures.
is allocated over their estimated us I lives and reportedas depreciation expense or losses en disposed of.
CapitaloutlaysDepreciationNet book value of assets disposed
Capital assets contributed from govemmental activities to
Contributed capitalassets are reported as revenues in thestatement of activities.
The issuance of long-term debt ( e.g. notes, leases) provides cu ntfinancial resou s to govemmentalfunds, while the repayment ofthe principal on long-term debt consumes current financialresources of government funds. Neither transaction, h ever, hasany t on net position.
Principal paid on long-term debt
Govemment funds report the effects of premiums,discounts and nding losses when the debt is ñrst issued, whereasthese amounts are defened and amortized in the statement oactivities. This amount is the net effect of the differences in thetreatment of these items.
Some expenses reported in the statement of activities do notrequÍre the use of cunent financial resou s and therefore, arenot reported as expenditures in the government funds
Compensated absencesNet pension obligation
crued interest payable
Revenue in the governmentalfunds that p ides currentfinancial resou s but has been previously reported asrevenue in the statement of activities
Net special assessmentsAccrued interest receivables
lnternal service fund change in net position
Net change in net position of governmental activities
See a mpanying notes to the financial statemenb.
A-27
CITY OF FRANKLIN, W|SCONSINGeneral Fund
Statement of Revenue, Expenditures and Changes in Fund BalancesBudget and Actual (on a Budgetary Basis
Year Ended December 31,2014
Budqeted Amounl
Original Final Actual
Exhibit F
Variance withfinal budget -
Favorable(Unfavorable)
REVENUETaxeslntergovernmental revenueLicenses and permitsFines, forfeitures and penaltiesPublic charges for servicesI ntergovernmental charges for servilnvestment eamings (loss)
Miscellaneous nue
Total revenue
EXPENDITURESCunent
General governmentPublic safetyPublic worksHealth and human servicesCulture and reationConservation and development
Total expenditures
Excess (deficiency) of revenueover (under) expenditures
oTHER FTNANCTNG SOURCES (USES)Tran rs inTran rs out
Net change in fund balance -budgetary basis
Adjustments to generally a ptedaccounting principles basis
2014 encumbrances2013 encumbrances
Net change in fund balance - generallyaccepted accounting principles basis
Fund Balances - beginning
Fund Balances - ending
$ 17,990,900 $ 17,990,900 $2,549,550 2,549,550864,300 864,300444,000 444,000
1,416,400 1,41ô,400125,000 125,000138,500 138,50074,700 74,700
17,972,909 $2,536,187
808,302421,976
1,367,737136,372290,132143,014
(17,991)(13,363)(55,ee8)(22,024)(48,663)11,372
151,63268_314
23,603,350 23,603, 23,676,629 73.279
3,651,46616,113,9223,526,318
657,804172,082
3,399,56616,188,4223,679,218
664,904191,082
2,956,47215,365,0963,585,021
633,964188,345355,354
443,094823,326
94,19730,940
2,737f 16,404471 758 471 758
24,593,350 23.08/.,252 1,s10,698
(990,000) (991,600) 592,377 1,583,977
400,000 400,000 65,380 (334,620)400,000(400,000)
(990,000) (991,600) 657 ,757 1,649,357
207,270(13,482)
207,270(13,482',)
(ee0,000)
7,781,567
$ 6,791,567
(7e7,812)
7,781,567
851,545
7,781,567
1,649,357
See accompanying notes to the financial statements
$ 6,983,755 $ 8,633,112 $ 1,649,3s7
A-28
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
Sta
tem
ent
of N
et P
oslü
onP
ropr
leta
ry F
unde
Dec
embe
r 31
,201
4(w
lth c
ompa
rativ
e ln
form
atlo
n fo
r D
ecem
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31,
2019
)
Bus
lnes
s{yp
e A
ctlv
itþs
- E
nter
prls
e F
unds
Wat
er
Wab
r S
anlta
ry
San
ltary
C
urre
ntU
tll¡t
yC
urre
nt Y
ear
1,28
1,23
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9,87
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,919
3,89
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1
162,
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1,81
2,97
956
,332
,711
1,92
3,63
019
3,55
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5,33
8,87
4)
Utll
ltyP
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r
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6,70
618
1,92
976
,124
162,
885
1,83
3,59
455
,799
,709
2,01
E,6
9330
,742
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Ser
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Prio
¡ Y
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rT
otal
s
2,47
0,94
230
0,18
294
,451
4,10
9
521,
225
3,4U
,412
110,
447,
988
2,69
4,U
135
1,61
0
E)f
i¡bit
G
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ernm
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unds
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r 1,
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57,5
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3,81
6,15
1
AS
SE
TS
Cur
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ccou
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Due
fro
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ther
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ue f
rom
oth
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over
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repa
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pens
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dvan
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o ot
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otal
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ets
Non
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and
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Cap
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uild
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and
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and
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ated
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otal
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epre
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Tot
al n
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sets
$ 2,
403,
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t 5q
,t22
$ t,8
32,1
00 $
t,6
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69 $
4,
235,
905
$
Sew
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urrE
nt Y
ear
1,18
9,71
211
0,30
573
,532
4J09
502
1.61
9,28
3 3.
209.
758
2.77
3.79
37,
105.
589
313,
558
277,
230
313,
559
26,0
55,9
31 2
5,45
1,39
5 26
,055
,931
358,
340
1,62
'1,4
3354
,115
,277
770,
711
169,
059
n3.il
3.44
5\
889,
673
133,
253
54,6
98
358,
340
1,60
5,33
353
,965
,042
780,
214
27,2
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2,92
4,25
2\ (
26,8
82,3
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45.0
76.8
83
45.0
76.8
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5"28
3.30
7
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3,49
0,37
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,811
,877
88,
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257
69,8
59,8
63 6
9,54
0,49
2 1'
t4,9
36,7
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3.81
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1T
otal
ass
ets
48,9
72,7
14 4
6,90
2,59
073
,069
,621
72,
314,
285
122,
042,
335
Con
tinue
d
A-29
CIT
Y O
F F
RA
NK
LIN
, W
ISC
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Sta
tem
ent
of N
et P
ositi
onP
ropr
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unds
Dec
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r 31
,201
4(w
itfi
com
para
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for
Dec
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31
Bue
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s-ty
pe
Act
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Ent
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ise
Fun
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Wat
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nt Y
ear
Wat
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rior
Yea
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Sen
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San
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Sew
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rior
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r
Gur
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otal
s
Gov
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ctiv
ities
-In
tern
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ce F
unds
Efii
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oncl
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)
5,48
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375.
980
375
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3.44
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1
LIA
BIL
ITIE
SC
unen
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Acc
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s pa
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Acc
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Due
to
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r fu
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Spe
cial
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Cur
rent
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of l
ong-
term
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Tot
al c
urre
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s
Non
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ener
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Acc
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Tot
al n
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Long
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Tot
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abili
ties
NE
T P
OS
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NN
et l
nves
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t in
cap
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estr
icte
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equ
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ent
repl
acem
ent
Unr
estic
ted
Tot
al n
et p
ositi
on
$81
0,92
9 $
215,
271
1,45
165
,5S
100
85.4
24
735,
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A-33
CI OF FRANKLIN, WISCONSINStatement of Fiduciary Net Position
Fiduciary FundsDecember 31,2014
Exhibit J
City of FranklinPost Empl ment
Benefits Trustency
Funds
ASSETSCashlnvestments:
Fixed lncome Securities - Corporate BondsDomestic EquitiesI nternational EquitiesTotal Cash & lnvestments
Accounts receivableTaxes receivableDue from Municipality
Total assets
LI ILITIESAccounts payableAccrued liabilitiesDue to other governmentsDue to municipalitySpecialdeposits
Total liabilitiesTotal net position held in trust
for post employment benefits
$ 53,136,094 $ 18,518
1,015,7973,065,498
456 88853,136,094 4,556,701
2,3055,82016,394,592
288
$ 69,536,506 $ 4,559,294
$ 206,292 $57,482
69,319,20783,573
1 1,007
$6e 141,055
$ 4.418.239
acoompanying notes to the financialstatements
A-34
GITY OF FRANKLIN, WISCONSINStatement of Changes in Fiduciary Net Position
Fiduciary FundsYear Ended December 31, 2014
City of FranklinPost Emplo ent
Ben ts Trust
$ 551,716u,492
312,888949 096
2æ,279v7,46613,896
(18,600)
337,O41
612,055
3,806,194
$ 4,418.239
ADDITIONSContributions
City of FranklinRetirees
Net investment eamingsTotaladditions
DEDUCTIONSlncurred claimsPrescription drug claimsClaims feesStop loss premiums less claims received
T I deductions
Change in net position
NET POSITION HELD IN TRUST FORPOST EMPLO ENT BENEFITS:
Beginning of year
End of year
acoompanying notes to the financial statements.
A-35
CIT
Y O
F F
RA
NK
LIN
, W
SC
ON
SIN
NO
TE
S T
O F
INA
NC
IAL
ST
AT
ET
IEN
TS
Dec
cmbe
r 3l
, 2
01 4
NO
TE
1 -
slJ
r^¡û
r oF
F
rcÂ
xr A
coor
firra
c P
orJc
Es
The
æco
mpa
nylr€
$u
mm
ary
of t
he C
ity o
f F
rakl
lrt's
rno
re s
igni
flcán
t âc
coun
tlng
pollc
þ8 b
ßpo
rt T
hæ8
pol¡c
i€s,
Es
nt€d
, sh
ouH
be
rwia
¿ed
Es
En
int€
grd
p8rt
of
th6
aaci
lrpan
ying
fin
arc¡
al m
enb.
The
aoo
ount
ing
polic
i€s
of ü
€ G
ity o
onbr
m t
o æ
ooun
ting
unlts
. A
sum
mar
y ol
the
slgn
lfice
nl a
ooou
ntiru
po
lþþs
fol
:
A. T
TE
PC
ITG
TY
Thb
Epo
rt ln
clud
es al
l of
üe
fund
ô of
the
C¡t
y of
Fra
nklln
. T
he r
epor
tlng
qt¡t
y fo
r th
e C
ltyco
n$ls
b of
(a)
the
prlm
ary
gore
rnm
ent,
(b)
ntsa
tlons
for
whþ
h th
e pr
lm4y
gor
erní
Ent
is
finilc
ielly
Ecc
cr¡n
tabþ
, an
d (c
) ot
hcr
oqan
izat
ions
fur
whi
ch t
h6 n
åtuf
i' ån
d s(
¡niñ
cen€
of
thei
rß
lstb
nshi
p w
ith t
he p
rimùy
goì
rcrn
m€n
t âß
Suc
h th
sû t
hGir
o(cl
usbf
l w
c[ld
cau
sê t
hc r
epor
ting
entit
y's
finån
ciål
sta
tsne
nþ t
o be
mbl
eadi
ng o
r in
com
pþte
. A
þS
dly
ratê
org
ants
atlo
nsh
dJH
be
epor
ted
ae a
com
pon€
nt u
nit
if th
e e
iab
of t
he p
rimsr
y go
¡Êrn
men
t ar
etln
aìcl
ally
acc
ount
abþ
to t
he o
rgan
Eaü
on.
The
prlm
ary
go¡e
rnm
ent
þ tln
ancþ
lly a
coou
ntaü
e lf
will
on
thât
oqe
nÞet
bn o
r (2
1 th
etB
b I
ntiâ
l fu
r th
€ or
geni
zatio
n to
pto
/ide
sp{c
ifcñn
ilc¡a
l b€
nêfit
t to
q b
.jrd6
rl9 o
n th
e pr
imar
y rn
rnen
t. T
he p
dmar
y go
vern
men
t rn
ey b
êfin
Ðch
lly æ
ccr¡
ntab
þ if
sn o
rgån
iz€t
lür
E f
iscd
ty d
+€n
dent
on
th6
prim
ary
govs
nmen
t. A
lega
lly 6
e te
, ta
( ex
empt
org
alÞ
átbn
sho
u¡d
be le
porÈ
d aE
a c
ompo
nent
un
lt of
a r
epor
tlng
ontit
y if
dl o
f he
follo
nrin
g cr
heria
ere
rne
t (1
) th
e cc
onom
ic r
€€ou
rÞ8s
r€c
ôiv€
d or
hcl
d by
the
s6pa
ilåtB
org
åniz
stio
n ar
â en
tir€l
y or
Elm
ost
Ent
irely
br
the
dk€c
t b3
nefit
of
thã
prim
ery
go/e
rnm
ent,
ite o
ompo
nent
uni
l8, r
its o
onst
itu$t
E;
(2)
thê
prim
ary
go/Ê
rnm
srt
b en
title
d to
, or
sepa
rate
org
anÞ
atlo
n; (3
) lh
e @
nom
lc r
e€ou
rces
ved
or
held
by
an in
dlvl
dual
the
ebili
ty t
o oh
erw
bê e
coe€
a, re
si¡n
iñcg
nt t
o th
gt p
rimer
y go
ì/€m
men
t. B
þnde
d co
mpo
nsnt
and
are
re
with
sim
ihr
fund
s of
the
prir
nary
gor
lern
men
t. D
¡scr
etêl
y pr
€s€n
t€d
com
pon€
nt
emph
aeÞ
e th
at l
t b
lega
lly s
eper
aÞ F
om t
he C
¡ty.
Thb
rep
ort
does
not
ln
eny
dl€
cret
ely
pr9s
ont€
d co
mpo
nent
un
¡t3.
Bls
nded
Com
pon6
nt U
nlt
The
Com
mun
ity o
pmen
t A
utho
rlty
(Aut
horlt
y) w
as c
r€tê
d by
the
Clty
ln
1992
to
s€n¡
e as
8 fin
ânc¡
ng v
chic
þ br
cE
rtsi
n T
åx l
rErs
mên
tãl
Dis
fi:ts
(T
lD)
dev€
lopr
nent
w
ithin
thc
City
. T
heA
uthr
ity b
gow
rned
by
a sc
rren
måm
ber
boer
d ep
poin
t€d
by t
he lh
yor
úd o
onfr
m€d
b,y
thG
Com
mon
Cou
ncil.
Alth
ough
it
b lê
gally
B€F
rat€
fro
m t
he C
¡ty,
ttË
Auh
ority
b
re
as i
f il
TlD
dev
rsþp
men
t p
for
he b
en€f
rt o
f th
e C
ity.
The
Aut
horlt
y's
oper
dlcn
s ar
e lræ
lude
d ln
thê
govÊ
mrf
lont
al
ectiv
itiss
of
the
gov
rnm
€rit-
wile
fin
ånci
€l s
tetã
ncnt
s an
d in
e T
ID c
apita
l
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
NO
TE
S T
O F
INA
NC
IAL
ST
AT
EfU
EN
TS
Dec
cmbe
r 31
, 20
14
B.
Goì
rER
tfErt
-toE
ltroF
r¡È
Rì
llcru
tB
{Îs
Gov
arnr
n€nt
-Wde
F
lnån
clål
Ste
tem
ontg
The
eta
tem
€nt
of n
d pæ
ltlon
(E
xhlb
lt A
) an
d st
ater
nenl
of
ætlv
lties
(E
xhlä
t B
) db
pby
lnlb
rmat
þn a
bout
the
lep
orür
u go
vem
men
t æ
a w
hole
. T
lrêy
¡ncl
ude
all fu
n& o
l the
lep
orür
Esn
tity
êxcG
pt b
r fr
ucía
ry f
undg
. T
he s
tat€
men
ts d
istin
gubh
n
govê
rnm
enta
l €n
dbu
¡in
pe a
otiv
itics
. G
ov€r
nmen
tel
€ctiv
iti€s
gsn
srE
lly e
re li
nflo
€d th
Þug
h tÐ
(Es,
intê
rgov
€rnm
êntâ
l re
vsru
e an
d oh
er n
orÈ
€xch
engâ
re
wnu
e. B
usin
pe
âc{
lvitþ
s ar
E
The
ste
Þm
snt
of a
ctiv
itiæ
de
mor
Btr
Et€
s th
e d€
grې
ths
t di
rEt
o<pe
nses
of
a gh
en s
€gm
enl
or
with
å a
pæifc
fur
lctlf
i q
s€gm
Ðt.
The
City
no
t al
loca
te â
ll ¡n
dhec
t ex
pens
€Ê t
o fu
rttiü
t8in
the
men
t of
act
ivitþ
e.
Prc
grãn
rå/
enue
lnc
lud€
s 1)
cha
fgee
to
cr¡s
tom
ers
or a
pplk
Ent
s w
ho p
urch
ase,
use
d d
iÞcl
¡yb€
n€fit
fro
m g
oods
, s€
fv¡o
æ o
r pr
iv¡l€
ges
povk
led
by a
giv
en f
unct
kr o
¡ sê
gm6n
t, ãn
d 2)
grsn
t8 a
nd c
fitrlb
ut¡o
ne t
het s€
rês
tric
t€d
to r
neêt
ing
th€
oper
atio
nslo
r ca
pitâ
l r€
quire
milt
s of
are
fepo
rted
a3
gene
ral
rcve
nue.
lm
erna
lly d
edlc
ated
res
ourÞ
es åÉ
rep
orlg
d as
gen
eral
¡svô
nue
rEth
er t
lEn
Es
prog
ran
revt
nu€.
Fun
d F
lnan
clal
m€n
ts
Fin
ancl
á m
ents
of
the
repo
rtirì
g en
tlty
are
orga
nize
d ln
to f
urìd
s w
tth a
fun
d co
nsE
er€d
b
posi
tionl
fund
oqu
ity,
rcve
nu6
ånd
a<pe
nditu
es/e
xper
Ët€
Ét.
Sep
eret
e lÌn
ancb
l st
atem
ents
are
pro
vHed
for
rnm
enta
l fu
nds,
prÞ
prle
tsry
fu
nds
and
Itduc
lary
fun
ds w
tth t
lìe þ
tter
beln
g e(
clud
ed
from
go\
êmm
ent{
vkþ
tlnal
clal
sta
lem
ents
. M
aþr
indi
vilu
sl g
ot/e
rnrþ
nt f
unds
end
maþ
r in
divi
dual
enÞ
rpris
e fu
nds
te r
Bpo
rt€d
as
sepâ
rde
colu
mns
in
the
fund
fnE
ncis
l st
åbfll
onB
.
fund
sta
terp
nF.
An
emph
asþ
ls p
lace
d on
maþ
r fu
nds
wlth
ln t
he g
orem
men
tål
and
enle
rpfte
c€te
gofiå
s
A-36
CIT
Y O
F F
RA
NK
LIN
, W
SC
ON
SIN
NO
TE
S T
O F
INA
I{C
IAL
ST
AT
ET
EI{
TS
Occ
cmbc
r 3l
, 20
1¿
NO
TE
I .
Sun
aRyo
F F
lcam
Á,c
ooul
lrGP
ouqe
s (c
ontin
u€d)
B.
Oor
EF
{E
rr-w
e lrt
o F
t tD
FH
A¡{
qAL
SIA
rqex
Ig (
con0
nued
)
Fun
d F
in¡n
ci¡l
Ste
tem
enE
(cm
tinu€
d)
expe
nditu
ns
ês o
f th
at i
ndiv
ldus
lgov
€rnm
entd
or
€ntü
prb€
fun
d el
E a
t ¡ê
ast
10
b. T
hese
med
snên
tofh
eind
ivkl
ual
govr
nmen
talfu
ndor
ënlB
rpris
âfun
dhat
mct
lhË
10
ênte
¡pds
ê fu
nde
com
bine
d.
c, h
add
lüd,
any
cth
er g
ovem
men
tal
or e
nter
prE
e li.
¡nd
that
the
Ctty
bel
b
lmpo
rtan
t
tlalo
r G
over
nmen
t¡l F
unô
Gen
eral
Fun
d -
Ecc
ount
s fo
r th
e C
lty's
prt
mar
y o
tlng
âctlv
ltæ,
lt b
uoed
b a
ooou
nt f
or a
llñn
ücbl
lgso
urE
os G
xosp
ttho€
G r
rqui
red
to b
c m
unt'c
d br
in il
othe
rfun
d.
fÞü
Ssr
¡þe
Fun
d -
acco
unb
br r
ecou
rce
åæum
ulat
ion
from
,
sp€c
iat
assÊ
ssm
enÈ
ân
doü
rer
ewnu
e dm
g w
ith p
€ynr
enb
mad
e fo
r pr
inci
pal
and
inte
ræt
on l
ongt
e¡m
deb
t ct
hêr
than
ent
erpr
be f
und
deü.
ÏD F
und
- e6
untE
ûor
Fes
ouÍo
a ac
cum
ubtio
n tâ
x in
crem
stts
end
oth
s ra
v€ru
c of
thÊ
TlD
elo
ng w
ith p
eym
snÈ
msd
a fo
r cå
fiH o
tthy,
oth
J €x
pand
íturæ
, pr
inci
psl
end
inbr
6st
on lo
ng-t
trm
obl
þato
e of
the
TlD
s. E
Ech
TID
b e
sub
fun
d of
the
TID
Fun
d.
tajo
r E
ntol
pdle
F
unû
am¡n
tabi
lrty
or o
ther
pur
Wât
er U
tllity
Fun
d -
æcû
¡nts
br
iü6
of p
Þvi
ding
vúa
þ¡ s
en lo
æ t
o C
ity le
s¡de
ntB
end
bilþ
for
tho€
e s€
n/b€
s.
CIT
Y O
F F
RA
I{K
LIN
, W
ISC
ON
SIN
NO
TE
S T
O F
INA
NC
IAL
ST
AT
ET
EN
TS
Dcc
rmbê
r 31
, 20
14
B. G
ov'E
ßta
ElÏ{
ræ a
¡o F
uro
Fìå
¡tcn
r S
t rE
*ltÍ3
(con
tnue
d}
ln E
dditi
il th
e C
ity Ë
port
s:
Non
tajo
r G
ovcr
nmon
tål
Fun
rb
Mar
tin's
Fal
r, D
üatþ
n, C
lv¡c
Ceþ
brdl
ons
and
cran
t.
Csp
itel P
F
unds
- e
ccou
nt b
t nß
ouro
æ æ
umul
eled
to
be u
sed
for
the
purc
hâså
of
€qui
pfis
nt,
str€
st r
€plå
cÊm
rnt,
Êcq
ubit¡
on o
f lil
d E
nd t
he o
onsl
ruct
ion
of c
ryita
lim
pro¡
Þm
ênt p
. T
he f
unda
irr
clud
e C
ap¡t
al O
utby
, E
quip
m€n
t R
epla
oÊm
ent,
C+
¡Þl
lmpr
oì/Ê
men
t S
trE
€t l
mpr
o\/e
rtgn
t, U
tility
lm
mên
t an
d D
6/el
opm
ent.
Oth
er F
und
Typ
er
lnts
msl
Ser
v¡oe
fun
ds -
ecco
unt b¡
th€
p€y
men
t by
the
City
for
ac{
i\€ e
mp
heal
th a
nd d
enta
l ch
rgæ
br
sery
lceE
end
sto
p ¡o
€s l
nsur
anoê
cha
rgæ
and
the
depa
rtm
enb
or e
encþ
e of
the
Clty
on
å cæ
þrel
mbu
rsem
ent
båsl
s fo
r he
r€od
v€d.
of g
roup
billi
ng o
fE
êNIC
ES
indi
vidu
ab,
priìr
ate
o€an
izet
loß
ånd
/or
go,v
ernm
ênta
l un
lte.
fhE
Ídu
chry
fun
ds in
clud
e a
prop
êrty
tæ
( lu
nd, il
olhe
¡ ag
encl
tun
d th
al r
æor
ds t
he a
genc
y ity
for
em
erge
ncy
go¡e
mm
ent,
mon
ltofln
g an
d sl
ting
activ
ltþ3
fund
ed b
y ot
hera
, an
eec
rorr
r fu
nd a
nd a
pæ
tem
ploy
rÌE
nt b€
tr
ust
fund
for
r€t
il€c
grou
p he
glh
ooat
s.
c. M
EA
SLn
EIE
{T
FO
CIJ
S,
BA
SE
OF
AC
OO
rìT
rac
¡¡O
Fn^
¡acn
r S
TA
TE
tefr
PR
Et¡
Elfi
no
a
Gov
ernm
nt-W
lde
Fin
ånci
al S
tEt€
rîân
t3
Thc
go\
Ëfn
men
Èw
ile
stE
lqne
nt o
f n€
t po
eitio
n E
nd s
Þtc
men
t d
Ec,
tiviti
es *
e cp
ortc
d ue
ing
lhe
eoon
orni
c lE
sour
cee
mÊ
aaur
dnen
t fu
cuE
and
the
acc
ruål
ba¡
b of
acc
ount
ing.
U
ndêr
lhe
¿¡o
crud
Þå!
¡þ o
f ao
ooun
tlng,
fiÊ
venu
e þ
nize
d w
hen
earn
ed a
nd e
xpen
ses
are
lEoo
rd€d
rêv€
nu€
in t
he y
esr
that
the
y då
bv¡
€d b
r.
thg
pror
Hd
Ere
mct
. S
p€c¡
âl a
sses
smgn
ts a
te l
Êco
fd€d
âs
rev€
nue
whe
n ea
rn€d
. v$
þsar
e re
co
as Þ
ì/€nu
ewhê
n s€
rvbe
s ûe
per
brm
ed.
A-37
CIT
Y O
F F
R.A
I{K
LIN
, W
ISC
ON
SIN
NO
TE
S T
O F
INA
NC
IAL
ST
AT
ET
IEN
TS
Oec
embc
r t1
,2O
14
NO
TE
I -
Sur
aRyo
F
FE
rxlA
coou
rrta
c P
oucr
Es
(cfit
inu€
d)
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
NO
TE
S T
O F
INA
NG
IAL
ST
AT
ET
EN
TS
Dec
embe
r 31
,201
4
(con
tinue
d)c.
tE
AS
üAtq
l FO
Crr
S,
B^g
E O
f A
CO
Orf
tllaO
A
¡O F
ïA¡€
rAr
ST
AT
EIE
TT
P
RE
SË
¡rrA
Tþi
l(c
ontin
r¡€d
)
Gov
€rnm
ent-
Wld
€ F
lnen
cl¡l
St€
tem
ent8
(co
ntin
u€d)
Fun
d F
inen
ci¡l
m€n
tr (
oont
inue
d)
govE
mm
entd
fu
nd l
ïngr
æH
sÞ
tem
entg
un
eam
ed
re\¡
enrE
a ar
lse
wlìe
E
ntia
l re
\ren
ue d
æe
not
mee
t bo
th th
e'm
€sur
add
aú 'e
valls
bþ"
crite
rla fo
r nl
tlon
ln t
lE c
uren
t pe
rlod,
Unc
arn¡
d Ë
\Ënu
c er
isês
whc
n Þ
€ouÍ
css
ge r
codr
rld
n üe
City
hes
a ls
gal
chim
bth
cm,
eg w
hân
grsn
t rþ
nþ,e
årr
f۾
iwd
pdor
to
thc
incu
rr8r
þ. o
f qu
aliff
ing
cxp€
nditu
ræ.
ln
clâi
m t
o th
ê re
sour
D€8
, th
ê lia
blllt
y b
re
f¡om
the
bdÐ
cÊ s
h€€t
ild
r6vs
ru6
bnt
sed.
th€
æno
mic
rg8
ou.c
ea m
€ssu
rEm
ent
fucu
e an
d th
e æ
ruel
bee
b cf
âcc
ounl
irE.
Age
ncy
fund
f¡na
nci€
l st
€Þm
entE
ü€
rted
usi
ng t
h€ æ
rual
bes
b cf
acc
ount
lng
snd
do n
ot h
sve
am
eagu
rem
ent
focu
g.
Pop
r fu
nds
dbtin
gubh
opo
ratin
g pt
renu
c E
nd o
(pen
s6s
fþm
non
op€r
Etin
g ite
rrÊ
.O
perâ
tlng
rE!Ë
nue
ånd
€Dçe
nsês
gen
erdl
y re
eult
f'om
H
ing
serv
iæs
and
delh
eriry
goo
dein
con
n€ct
lon
with
the
pop
rieia
ry f
und'
s pr
irrip
al o
pera
tbrB
. T
he p
drE
¡pal
çer
atin
g lB
wnu
e d
the
MÌh
lauk
æ M
€tro
polit
en r
age
Dbt
rbt
and
lel
oper
8lio
n ân
d m
aint
enÐ
oå e
xp€n
sæ.
The
prin
cipa
l op
erd¡
ng r
evsr
ue o
f th
€ ¡n
tsna
l s€
fv¡o
€ fu
nd b
che
rg€a
io
otlrr
fun
de f
or g
roup
heal
th c
qrer
age.
Ope
r8tin
g êx
Fns
ss f
ur p
ropr
þÞry
fun
ds i
ml¡¡
de t
he c
ost
of s
ålæ
and
scr
vbes
, sd
min
þtrE
tion
and
depr
scbt
bn o
n c+
itål É
s€is
. ue
trd
expe
nsês
not
fie
€tin
g th
b de
fin¡l¡
on E
re¡e
æ
non
oper
atin
g re
r¡en
uE a
nd e
eens
å8.
All
Fln
¡ncl
¡l S
ûtcm
cntt
Thc
p
rãlif
i of
fin
ânci
el s
tsþr
nsnt
s in
con
fom
iv w
ith å
ocou
ntin
g pr
¡nci
pþs
gon€
rally
acce
ptêd
in
ttÞ U
nit€
d S
of
Anr
riæ m
quire
e m
anag
emen
l to
mak
e e€
timet
€s E
ndas
eum
pton
s th
€t s
rE
port
êd a
mcr
¡nt
of a
ss€t
B a
nd l
¡s¡ll
t¡E
e ân
d di
scþe
ur€
ol c
ont¡
ngen
tas
set6
ffd
lhul
ltþ6
at th
e då
þ of
the
ffna
ncþl
en
ts e
nd r
epor
ted
anou
ntg
of E
\ren
ueE
nd e
xpcn
ditu
psn
sی
durin
g lh
t Ë
porli
rE F
sriJ
d. A
/ctu
el r
esul
ts o
ould
var
y fr
om t
hGe
ælim
eìæ
.
Gov
smm
€ntl,
Vld
Ê
F I
n¡ n
clå
I S
tet6
m6n
ts (
cilti
nued
)
finÐ
ciâl
ste
tem
€nt3
. E
xceÉ
idrs
to
thþ
gêrË
rgl
ruþ
â¡s cl
Erg
es
n th
åCity
's ì
ill€t
Er
Util
ityen
d S
Êni
tÉry
S
a*cr
fund
and
ver
ious
oth
er f
unct
bns
of th
e go
våm
mG
nt.
Elim
inãt
iql
of lh
s߀
chag
ee r
roul
d di
gtor
t th
e dl
ræt
and
prog
.am
Év€
nu€
reF
rted
for
the
\¡a
.þue
func
t¡on
8co
ncef
ned. Fun
d F
inån
clal
Stâ
t€m
€nt¡
rÞas
ursn
ent
fucu
s an
d th
e m
odifi
ed a
cc¡u
d ba
eb o
f ac
ooun
ting.
nrþ
b r
ecod
ed w
lpn
ltb
both
m€e
urab
le a
nd a
valb
bþ,
Ala
ilabl
e m
e¿ns
odþ
cnbþ
wlth
in t
he c
urE
nt p
€r¡o
d or
soo
nen
ough
thê
Þ¡r
l!êr
to b
ê ue
êd t
o pa
y lb
billt
iêê
ol t
he c
uÍen
l pe
ñd,
For
thh
pur
, he
Clty
cons
idlrs
grs
rt r
€v8n
t¡3
to b
. ev
eile
blc
if th
cy a
rc c
ol
wih
in 1
60 d
eys
of t
h€ €
nd o
f th
s
lncu
re<
|, ex
cept
for
unm
dure
d ln
tere
ôt o'
r lo
ng{e
rm d
ebt,
clål
ms,
Jud
emen
Ë,
com
pene
ated
pdrl
u,ih
cxp
cnde
bþ E
vEilå
ble
finân
c¡sl
F6r
d¡¡c
€s.
Pro
pårt
y ar
E r
€cod
ed t
he y
6ar
levþ
d ag
GcÊ
h/eb
þ ân
d de
Þr€
d in
ñor
and
are
lnte
rgoì
/snm
€nte
lails
ân
d gr
ânB
e¡c
ni
zed
âs r
avcn
ue i
n th
e ps
riod
lhe
City
b ¡
ntitl
sd t
oth
Ê .
E€o
urcs
s an
d th
€ âm
ount
s er
Ê e
vd¡S
þ. A
mou
nts
lo t
he C
¡V a
re r
ærd
cd a
srE
cÊiv
äble
€.
Am
ount
s no
t a\
.ails
bþ o
r l€
cÊiv
€d p
rior
to t
he g
ltitþ
men
t p€
ri)d
are
ræor
d€d
asrr
ed l
nflo
rí,
Spe
cisl
sss
êssm
€nts
þvi
ed f
ur b
Gn
þ pD
pGrt
y or
únÊ
ß b
r in
stE
llEtio
n of
ssn
itary
sê*
srs,
wE
tr m
eins
, ro
€ds,
End
oth
er im
pþvs
rüen
ts
eft)
rlE
cod€
d ãs
¡Ê
vsnu
e w
hgt th
ey
mË
and
defe
ned
lfìflo
^,s.
and
in
. O
lhcr
gen
eral
rw
cnus
src
h âs
plrm
its,
fncs
and
brf
âitu
rrs,
lit
cnsa
g en
dm
¡sc€
llan€
ous
rew
nuê
arô
nÞêd
whe
n r€
cÊh/
€d or
wh€
n m
۾ur
åbl€
en
d av
a¡ls
blê
unde
rth
ê cr
iteria
mên
tþn€
d ab
o/è
A-38
ctlY
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FR
AN
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NS
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TE
S T
O F
INA
NC
IAL
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AT
E¡I
EN
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4
i{OT
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. sl
JrA
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tlcrf
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coot
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ontin
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D, A
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f3,
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¡O N
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Ítoqm
oil O
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y
l. C
aahe
ndln
v€st
m€n
8
i
a. R
equi
les
a m
¡nlm
um r
ati¡€
at
t¡rn
e of
pur
chas
ê cf
Aâ3
by
eith
gr M
's
or
Sìte
ndar
d &
Poo
r's. llo
wlth
the
e)o
eptio
n of
U.S
. G
oì/e
rnm
ent
Tre
asur
y aì
d A
oenc
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curll
leg
that
ha/e
th€
tull
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guer
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cof
thg
U.S
. G
ovêm
men
t
yers
at
the
date
cf
purc
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to ll
mit h
rde
rbk.
d. L
imits
in
mst
ts h
i¡hly
sån
sith
/e t
o m
8rke
t cì
Eng
6 th
Þug
h ils
duf
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ddi
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it ¡n
terc
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åtc
rbk.
ê. P
rohi
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he in
nt
in b
lEi¡n
ofln
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€cur
itþs"
f. Li
mite
der
iì/ât
ivE
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enb
to t
ho€€
ìvt
th a
fina
l m
atur
ity o
f sa
ven
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rs o
r l€
ss"
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me
dep€
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n an
y cr
edit
unio
n, b
enk,
eav
inga
ban
k, Í
ugt
oom
pany
or
losn
as,
Ëoc
iat¡
on
Aut
hodt
y an
d th
ê W
isoo
nsin
,qso
e A
utho
rity.
r. A
ny s
êcur
ity m
du¡¡
ng i
n sc
rrcn
yæ
rs o
r lc
cs a
nd h
âvin
g th
G h
iJhé
t or
sêo
ond
hi¡h
æt
f. S
€cur
itl€s
of
an o
pene
nded
r¡e
nege
mên
t ¡n
veat
rnen
t co
mpa
y or
inv€
stm
stt
trus
tsu
qed
to v
erlo
€ oo
ndlti
ons
ãld
in
rnen
t op
t¡on
s.g.
Rcp
urch
8så
qr€e
mên
t8 w
ilh p
uHic
dep
ooito
ries,
with
cår
tein
cm
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ns.
ctw
oF
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D. A
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8, I
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UT
:8A
þ N
Er
Ful
lltot
{ O
R
ffv (
cotìf
lnue
d)
l. C
¡¡h
End
lnve
rtre
nÈ
(oon
t¡nu
€d)
I R
€qu¡
rrs
h€ in
\r€s
tm€n
t to
b6
in å
scc
tion
I 15
tru
st f
or ß
tir€e
hê€
lth P
l'tr
b- R
equi
rae
canp
lhno
e w
ith t
tn'p
rude
nt p
Érs
on's
tend
üd.
c. R
€qui
reâ
allæ
tbn
polic
a th
at o
onsk
teß
th
e lia
b¡l¡t
y B
t¡€û
n of
bên
eñt8
, th
e
mar
kcts
and
the
æ
lon
of li
¡tur
eeco
nom
lc c
ondl
ilons
.d.
Prim
ery
inv€
stm
eil
oqæ
tivË
Ere
, di
rieß
iñcâ
lion
and
retu
m
Janu
ary
1, 2
016
equþ
invæ
ùnÊ
nF m
ay b
e up
to 1
0O%
of
tlÞ a
rsat
E.
d its
¡n
ôxcê
ss o
f F
DIC
Ins
ursr
cô li
mits
ere
ma¡
nta¡
n€d
in t
hè S
tate
LG
IP ü
eec
uæd
bånk
bbn
cæ ln
emou
nt8
of a
l 75
% o
f th
ê ye
r en
d ca
sh b
alsr
Þes
.b.
Cro
dit
risk
- s€
curit
i€s
p¡fth
Ësê
d n€
€d t
o hs
w g
l A
A o
r r in
wat
men
t rs
ting
valu
e of
ù¡e
por
tbl¡o
with
the
€)(
tept
ion
of U
S.
beue
d eê
curit
ieg.
ln
men
ls a
nd ll
mits
tlìe
a!
srag
e lil
e of
the
pof
tblþ
to
ooñü
ol r
bk.
lnv3
stm
onts
Eß
sta
tcd
at f
a¡r
valu
€, w
hich
is
th€
årm
unt
at s
rhic
h an
¡n\
r€st
mên
t oo
uH b
€
meñ
(et
prlo
es.
l,l,o
I m
ents
fliE
Þpo
rted
at
atlþ
rtts
ed c
6t.
Adj
ugtm
cntr
no
olrls
€ry
to f
[cor
d in
wst
mgl
b E
û fd
r ve
luG
årË
r€o
o in
the
opet
€tin
g3t
etÊ
rnË
nt
aå in
orcË
rs o
r d€
cfaå
s.a
¡n in
v€st
müt
inÖ
orî6
. ln
Ést
rhên
t in
oom
e on
cdn
min
gl€d
(SlF
), a
nd is
men
EgG
d by
thc
Sta
te o
f W
boor
sin
lñic
sthâ
nt B
o8rd
. T
he S
IF i
s nc
i Þgb
t€r€
dw
ith h
s S
êour
it¡€s
End
Exc
hEng
s C
omffl
issi
on,
but
opêr
âþ3
unde
r th
e st
gtut
ory
euth
orily
of
Wsc
onel
n C
hâpû
er 2
5. T
he S
IF r
e th
€ fa
lr \¡
elue
of
its u
nder
lyin
g as
€€tB
ann
ually
.P
rtic
¡pan
ts I
n ttÞ
LG
IP h
ave
the
¡¡gh
t to
witM
r€w
fun
ds ¡
n tc
tal o
n on
e da
y's
noth
e. A
t
thé
smou
nt r
rpor
lêd
in t
hGse
ste
tem
enF
.
A-39
ctw
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S T
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r 31
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1 4
NO
TE
I -
ST
TIA
RY
OF
tlc
allT
Aco
olllT
llc P
ouqE
s (c
ont¡
nu€d
)
D, A
ssE
ts,
LraE
LtfE
S
A¡5
NE
l Ír
OS
mO
fl O
R
Y(c
ontln
ued)
2. R
ecB
lveb
l€
go¡o
rnm
ant,
ooun
ty g
ovrm
men
t, th
lE€
lel
scho
ol d
istil
s, t
achn
ical
ool
lege
dbt
rkf
ând
m€t
ropd
itm s
ânãr
ågg
dbtr
kt.
fo¡
all ot
lpr
govs
nmgn
tel
units
bill
€d ¡
n th
e cu
rren
t ye
âr
accq
npan
ylng
ñd
ucla
ry t
und6
sts
tem
ent
offr
ducl
ary
nel
po6i
tlon.
Prs
ptrt
y ts
x cd
glda
r -
20'1
4 t¡
x ro
ll:
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
NO
TE
S T
O F
INA
NC
IAL
ST
AT
EH
EN
TS
Doc
ombe
r 31
,201
4
NO
TE
I - g.
rraÂ
yof
Src
afrc
¡¡rT
Aoc
ouar
ïc *
s (c
ontin
r¡ed
)
O.
Ass
ET
s, U
AE
I¡ÎE
8Alo
N
Er
Fþs
lrlol
{ of
i E
iquf
fY (
cütln
ued)
3. ln
vent
orle
€ en
d P
l€på
ld l
bm8
Gov
emm
enta
l fu
nd ln
vent
ory
ltem
e,
fuel
lnv
ents
y,
are
char
ged
lo e
xpen
dltu
res
whe
n
oons
umpt
bn m
qtho
d of
soo
ount
irE. T
he
of s
uch
inve
ntor
þs b
reo
oded
as
nots
bn
t.
PrÞ
prþå
ry l
und
inve
ntor
þs a
re g
ener
ally
us
ed f
or c
onst
rucl
lon
ãrd
for
o tb
n an
dm
E¡n
lrrån
oÊ B
þrk.
Thc
y aF
e no
l 6r
sål
a. M
ator
id a
nd s
updi
€s o
n ha
nd E
t y€
er e
nd E
r6co
nsil6
l€d
iñfn
ücriå
1.
C€r
ta¡n
psy
m€n
t8 t
o ì/e
ndos
ap
di:a
be t
o fu
lur€
æco
untin
g p€
rio(b
ând
arÊ
preF
ld i
tem
s b
reco
rded
æ e
xpen
dltu
xpe
ns€s
whe
n co
nsum
ed r
athe
r th
an w
hen
puro
hase
d.
4. R
c.td
cþd
A.¡
ct¡
MÉ
ndgt
ory
s€gr
Egå
lion
of s
sssB
re
pras
ênte
d E
s r€
st
Ess
eb.
Suc
h s€
gr€g
gtio
n b
¡€qu
h€d
by a
gr€G
m.n
b w
ith e
)dsr
rEl
Þüt
þs.
Cur
€nt llE
bilit
iæ b
l6 f
rom
rãs
lticþ
d æ
s6ts
âre
so c
lass
iñed
. T
hê ä
(oæ
e of
t€st
r as
ېb
over
cur
ent
lhbi
litþs
will
b€
u8êd
firs
t br
poei
tþn.
6. C
sp¡t
¡l A
sseE
Gov
€rn
rnon
t W
d6 S
tåt€
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NO
TE
¡r
- O
ncR
lrfo
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not
(con
tinu€
d!
C.
PO
qf E
rFr-
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lT
HE
Lü
Cån
C B
Ctc
Frt
¡ (c
ontln
ued)
Thê
City
's €
nnue
l ot
hr
empl
oym
ent
bêne
frt
(OP
EB
) ex
pens
e b
csbu
lãÞ
d ba
sad
upon
the
annu
al r
€qu¡
Ed
cont
rlbut
bn (
AR
C)
of t
he C
ity.
An
ætu
årlâ
lcal
cubt
bn b
y en
âct
uary
u¡a
sb
calc
-t¡h
þ th
e A
RC
and
re
lnbr
md¡
on u
sing
the
rne
¡¡su
rern
ent
met
hod
requ
¡l€d
by G
AS
B
þvêl
of
fund
ing
thE
t, if
pɡl
on a
n on
goin
g bæ
is, is
b
co\r
er t
he n
orm
al c
oet
eÊch
y€a
rE
nd E
mor
l¡ze
any
unfu
nded
ect
ugrid
liE
bilit
þs o
\r€r
e c
pe
riod
of 3
xl y
eÊÉ
. T
te f
dloe
ring
tabl
e eh
or¡s
thê
com
pon€
nt8
of h
e C
ity's
ann
uâl
OP
EB
co€
t fo
r th
e ye
er,
the
ûtou
nt æ
tual
vcþ
ntrlh
iled
to t
he t
rust
and
cha
nges
h t
he C
'ty's
net
OB
EB
obl
lgat
lon
for
retlr
ee h
ealth
ben
:
Anf
tr¡d
req
.lr€d
co
nflh
Jlon
$
561,
716
NO
TE
4.
On€
R ll
fora
notr
(cm
tinue
d)
BE
sed
on C
ity o
rdin
gncÊ
s al
l el
þibl
e C
ily o
f F
rÐkl
in n
orÈ
prot
ecth
/e e
mp
(Exc
cpt
publ
¡cur
orks
€m
pþyæ
B)
pert
¡c
ln t
hê C
ity o
f F
rank
lin D
efn€
d C
iltrib
utio
n P
lsr
(hâ
'Phn
'¡. T
h€P
hn
are
dmln
bter
cd b
y th
e P
rlnci
pd L
ib l
nsur
anoe
Com
peny
.
Em
p aÈ
r oo
mpl
etin
g si
x m
onth
s of
sêr
vi:ê
with
t¡€
City
arè
elþ
ibþ
to p
€rt¡
cipÊ
tg
The
Pbn
r€q
uir€
s th
6 C
ity t
o m
eke
p€rb
dic
oont
r¡bu
tions
to
Éch
pâr
ticip
snfs
eæ
unt
eque
l to
1eÁ
of s
uch
part
lclp
ânfs
en
nual
oom
p€ns
alio
n. E
mp
a¡e
r€qu
¡ßd
to m
ak6
øttr
lbut
¡ons
of
5%ol
vúa
ge6.
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aftþ
lpan
fs a
ocru
ed þ
enel
Tt lb
r C
ity c
ontr
lbut
ions
b 1
0O%
an
d no
nIta
ble
upon
dea
th,
nüm
al r
etlfe
men
tr e
rly E
tlrer
nent
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per
man
ent
and
tota
l dl
så¡l¡
ty a
s
emp
S19
2,3€
2.
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CiV
mey
mak
eam
endm
ant8
to
the
Pbn
.
C.
PO
ßT
ET
PI.O
tfilE
IfT
HE
ÁLf
i C
INE
BE
ICF
ÍIS
lhe
City
of
Fra
nklin
dm
lnbt
êrs
I B
lngl
å sn
ploy
€r d
eftn
ed b
e êm
doym
6nt
bênå
fit p
Þn
aocr
ual
basb
ol a
coou
ntin
g an
d pE
sent
ed a
s I
lduc
lry t
und.
SeF
rate
frn
anch
l G
tate
nenb
eË n
ot p
rBpg
r€d
br t
hâ t
rlj3t
. R
diru
c an
d C
iV c
ontr
ibut
bns
ârr
nizê
d in
thâ
pcr
ird in
whi
ch lt
p oo
ntriü
.rt¡
ons
Elg
duÊ
Gity
of
Fra
rklin
eþi
ble
full
time
em
mee
ting
mln
imum
age
and
san
rix r
€qui
rEm
enb
Etlr
emen
t da
te u
nlll
th€r
y rê
æh
age
65.
Thl
s ræ
ulb
ln a
n ct
her
empl
oym
ênt
benê
ft
emio
i ¡n
ths
ble
nd€d
prc
miu
m r
atæ
. T
het
difr
rcnt
bl b
r¡f
cned
to
ss â
n im
plic
it ra
tBB
ub¡d
y.
rnay
bc
eÍË
nd€d
onl
y by
the
gro
uF
blbh
ing
thê
requ
iFem
ônB
. T
hs C
ity's
pcr
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cont
ribut
ion
b dc
t€m
in€d
ân
d at
the
tim
s of
rG
ti¡em
ent.
The
rdi
ÞG
ÞE
ys t
he b
alen
oe o
fth
e p€
rirdi
c bl
ênde
d pr
emiu
m.
The
elþ
ibili
ty b
r th
e be
nefit
bl
:
É
Cltv
Arî
ount
A
o€N
on-r
epE
€ent
€d 3
5 75
% o
f P
lem
ium
at R
etire
mÊ
nt 6
2 20
Pol
icê
55
75%
cf
Pltm
ium
Et R
etire
mÊ
nt 5
3 l5
Dbp
atch
13
75
%of
2005
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miu
m
62
20F
he
¿l{l
75
Þó
cf P
rem
lum
at R
etlre
rnen
t 53
20
DP
I/V
29
75%
cf
Ple
mlu
m a
t R
et¡r
emen
t e0
15
lnbr
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rl nâ
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¡slm
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sffìü
dob
l n
roqd
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n
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tht
nc O
PE
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blig
dtio
n fu
r th
. cu
rnnt
ånd
pr¡
ortv
ro y
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!¡ fu
l :
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m
âde
e ln
rNet
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7
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ar t
r€nd
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rmal
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ated
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ifed
supp
þmen
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lnb
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ontm
med
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ty bl
lonl
ng ù
e n
to t
he f
fnan
clal
8tå
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entE
. T
he p
rdæ
tm o
f fu
ture
ben
efib
lor
an o
ngoi
ng b
€nef
it in
ì/olv
€s €
stim
âtes
for
th6
vãl
ue d
repo
rted
em
o¡nt
s en
d E
ssum
ptio
ns â
bout
th6
prob
ói¡it
y of
ooc
u¡fe
noe
of s
¡ent
s fa
r in
to t
he lu
ture
. E
xam
ples
¡n
clud
e es
sum
pliú
s €b
oúfu
tur€
em
dcym
ent,
rTÞ
rtal
ity å
nd t
he h
ealth
caÞ
co8
t tr
Bnd
, A
mou
nts
dot€
rmin
€d r
€gâd
¡ng
the
fund
¡ng
Bta
tus
of th
€ tr
l,3l
ånd
r€qu
¡red
con
t¡ib
uti¡n
s of
he
empb
yer
are
su
to o
ontin
uâl
revb
ion
åo d
ual r
eôul
b ar
e oo
mÞ
ared
wlth
pa8
t ex
lo
ns a
nd n
er e
stlm
ates
ãe
mad
eab
out
the
fut¡
re.
A-51
CIT
Y O
F F
RA
NK
LIN
, W
SC
ON
SIN
NO
TE
S T
O F
INA
NC
IAL
3 E
TE
NT
SD
oc€m
bor3
1,20
14
NO
TE
¡l -
OT
rcR
lrfo
ilano
fl (c
ontin
u€d)
C.
PO
qT E
IPLO
'rtE
xr H
EÁ
Lnt
E E
€IC
Fff8
(o
ontln
ued)
The
sch
eduþ
of
fund
ing
pfo{
¡ræ
s, p
ræ€n
t€d
¡m
rate
ty b
llolâ
ring
he f
uotn
otæ
, pr
€€6n
tgm
ultÈ
year
tr
end
info
met
bn th
el s
ho.Ís
whe
ther
the
act
uaria
l m
lue
of tr
ust
b ¡n
creã
slng
or d
ecre
asln
g oì
/er
tlme
tela
th€
to t
he a
c{ua
rld æ
crue
d lla
ulltþ
s ftÍ
be
oont
ribut
ed t
o th
o tr
ust
by t
hs C
ity in
com
perb
on t
o th
s A
RC
, en
åm
ount
ætu
srbl
ly d
ctcm
in€d
arno
rtts
e an
y un
fund
ed ac
{uar
hl l
hblll
tþG
(or
fun
ding
exc
eæ)
orer
a c
l pe
rþd
of th
lrty
ycts
.
and
plan
mem
bêr8
to
that
pdn
t. T
he m
€tho
ds a
nd æ
sum
ptlo
ns u
sed
lncl
ude
tæhn
hues
tha
tel
r dc
sþn€
d to
Gdu
os s
hort
têr
m v
ohtil
ity i
n ac
{¡¡a
rìal
aocr
u€d
liabi
liti€
s E
nd t
h€ æ
tuer
blve
luc
The
tru
Bts
lT
nanc
ial
staG
men
tB a
re p
repa
r€d
u8iru
the
aocr
ual
bâsb
of
aæou
ntln
g. R
eüre
e an
dC
ity c
omrib
ut¡o
rE E
rs
hcd
in h
c p€
rbd
thet
oon
Ìibut
ions
ârc
duc
. T
hc C
þ ha
s m
ado
a
in(þ
pend
glt cu
bn
of
the
ass€
b.
The
lollo
rin
g sþ
nlÍc
ant
assu
mdi
ons
yrer
e m
ade:
Th€
sct
urbl
vâl
uatio
n us
es t
hc p
un
it cr
€dit
ectu
arid
co€
t m
€tho
d.
yEts
.
tlE ln
m
ent
polic
y ad
opie
d br
the
Tru
st,
adþc
ount
ra
te o
f 7%
was
us€
d.
The
ect
uerie
l va
lue
of h
c tr
ust
åssê
ts b
det
erm
in€d
us
ing
t€ch
nhue
s th
eû s
prÊ
sd t
hc im
p€ct
of
shqt
t€r
m v
olet
ility
ove
r e
ñ/e
year
pcr
ird.
Gou
p he
alth
dre
rgee
for
ect
i\r€s
and
r€t
ir€ea
urÊ
rB u
s€d
as t
hê b
âsb
for
calc
uhtio
n of
th€
The
ex
h€lth
cEþ
ttend
rgt
e of
¡no
rsgs
Ð in
grc
up h
eatth
châ
rgæ
s/ts
s bE
s€d
upon
the
lEoâ
nt ê
xp€r
þrce
of
the
City
of
Fra
nklin
eal
f fu
nded
hee
lth c
are
prog
¡am
. T
he t¡
gld
rate
aseu
mpt
ion
of 8
.5%
for
yæ
rs o
ne a
nd t
wq
8.0%
fur
yêar
8 th
€e a
nd fu
ur, rc
d to
an
CIIY
OF
FR
AN
KLI
N,
WIS
CO
NS
INN
OT
ES
T
O F
INA
NC
IAL
ST
AT
ET
EN
TS
Dec
êmbG
r 31
,201
4
NO
TE
4 .
OnC
R l
llFO
RI
nOfl
(con
tin¡r
ed)
C.
PO
qT E
¡lFt
OY
lElT
HC
å!fi
CA
ñc B
€rC
FÍs
(c
ontln
r.re
d)
infla
tion
rate
for
the
Clty
.
Råt
†o
f r€
t¡rG
rnen
t, m
ortâ
lity
end
term
inE
tlon
for
fgas
ons
othe
r th
en r
eti't
men
t úd
dea
th e
le
Mad
bl s
tatu
s at
let
lrem
ent
ws6
as6
umed
to
be 7
5% u
rlth
e 6p
ou6e
or
(þpe
nden
ts.
D.
TIß
ÉIG
ES
AIo
C(n
ftIE
Ira
The
Gity
at
timæ
b p
arty
to
cldr
m a
nd le
gal p
lngs
. A
lhou
gh t
he o
utco
me
cf s
uch
ma
ln n
oì p
re3e
ntly
det
erm
lnab
le,
lt þ
theo
plnl
on o
f C
fty r
ilana
gern
enl
and
the
Clty
atto
rney
that
the
llke
llhoo
d b
lem
ob t
hat ãl
y su
ch c
bim
s or
p
inge
s¡ll
ha\
re a
mat
erla
l ad
\êrs
es
on t
he C
itys
f nå
ncbl
pos
ition
.
and
a{.¡
dlt
by t
he g
rato
r ag
encl
eê.
Suc
h âu
dlts
cou
ld l
êd to
req
for
Éim
buß
enen
ts
to t
he
such
dis
al
nc€s
, if
any,
Ìyo
uld
be i
mm
aùer
ial.
The
City
haa
$2,
'122
,647
ln
oub
Þnd
ing
oont
rãct
ual
oom
mltm
enÈ
reb
tlng
lo r
.erio
ue P
ubllc
$207
,270
at
year
end
due
to
vdld
cor
itact
s or
pur
c or
deß
in p
hoe
ild th
e re
bted
ser
vioe
coo
mm
itÞd
ând
not
yet
r€oe
ivE
d.
Fun
ding
ûo
r th
e o
ng h
.¡dg
et o
f th
e C
ity o
omee
fro
m n
leny
sou
rcss
, in
clud
ing
pope
rty
taxe
s, g
rJlts
and
dde
liom
oth
er m
lts o
f go
rern
men
t, us
er
, ûn
es a
nd p
emlß
ard
oth
erm
¡soe
lbne
ous
reve
nue.
The
Sta
Þ o
f W
bcon
sln
prov
idæ
a \
¡afu
ty o
l ald
and
gE
¡nt
rÍm
ath
€t b
€n€f
it th
å C
ity.
ThG
ê E
il sn
d gr
ent
prog
renË
l re
dêp
€nde
nt
on c
ont¡
nu€d
Epp
rovd
úd
fund
ing
by t
he W
isco
nsin
gov
€rno
r en
d þg
þhtu
r€,
thro
ugh
thei
r bu
dgE
t pr
oo6€
s. A
ny c
hâng
ssm
sde
by t
hê S
tåto
to
fund
¡ng
or e
lilib
¡lity
of
loca
l ai
l pro
gram
s co
uld
haw
a s
ilnifi
cant
im
pÊct
on f
tJtu
re o
påra
t¡ng
rêe
ult8
cf
the
City
.
carr
les
com
mer
cial
in
sura
nce.
No
sþnl
fican
t re
ducl
þns
ln in
3ura
rce
ooìê
rage
oæ
ur€d
tor
any
rþk
d þ€
s in
the
p€s
t yc
er,
€nd
satll
€d c
laim
s hâ
vå n
ot
ed o
omm
crci
al
co,lr
ersg
e in
sny
of t
hcp€
st lh
lr€
I ye
ae.
A-52
CIIY
OF
FR
AN
KLI
N,
W6C
ON
SIN
NO
TE
S T
O F
INA
NC
IAL
ST
AT
E¡I
EN
Tg
Dcc
ômbê
r t1
,201
4
I{O
TE
4.
Onc
R ll
fodA
îtofl
(cql
tinu€
d)
E,
FU
IK tA
¡{A
eEllt
(oo
ntin
ued)
Hi
CIIY
OF
FR
AN
KLI
N,
WIS
CO
NS
INR
EO
UIR
ED
SU
FP
LEfS
EN
TA
RY
IN
FO
RT
AT
ION
(Unr
udlto
d¡O
€c€m
b€r
31,
2014
srct
cd¡f
of F
tHila
o et
3
Thr
ee Y
ea¡
T¡c
¡td
I nf
u rm
atio
n(B
)A
clur
hl(A
)
Act
uarb
lV
ah.¡
atio
nD
aÞ
1t1t
2014
111t
2013
1ßno
12
Ac{
uårb
l
Val
ue
ued
Unf
unde
d F
unda
dLb
biriv
(A
AL)
AA
L (U
)-A
dorÊ
oete
ff B
t-{A
ll
$ 6,
17s,
311
17,0
61,s
1S t
886,
206
5,3f
r1,8
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A-69
Statistical Section
This part of the City of Franklin's Comprehensive Annual Financial Report presentsdetailed information as a context for understanding what the information in the basicfinancial statements, note disclosures and required supplementary information saysabout the City's overall financial health.
Financial Trends Table I
These tables contain trend information to help the reader understand how theCity's financial performance and well being have changed over time.
Revenue Capacity Table 5
These tables contaín trend information to help the reader assess the City's mostsignificant local revenue source, the property tax.
Debt Capacity Table 11
These tables present information to help the reader assess the a rdability of theCity's current level of outstanding debt and the City's ability to issue additional debt inthe future.
Demographic and Economic lnformation Table 14
These tables o r demographic and economic indicators to help the readerunderstand the environment within which the City's financial activities take place.
Operating lnformation Table 17
These tables contain service and infrastructure data to help the readerunderstand how the information in the City's financial report relates to the services theCity provides and the activities it performs.
Sources: Unless otherwise noted, the information in these tables is derived from theComprehensive Annual Financial Report for the relevant year. The City implementedGASB Statement 34 in 2003; schedules presenting government-wide information includeinformation beginning in that year.
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ernr
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Fin
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res
and
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lties
Pub
lic c
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r s€
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l ass
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men
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sab
tyP
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Fle
alth
and
hum
an s
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ces
Cuf
t¡re
, re
cree
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an
d ed
ucat
ion
Con
serv
atio
n a
nd d
evel
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e nt
Cap
ital o
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Deb
t se
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Deb
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s
of æ
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r (u
nder
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s
Oth
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rces
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paym
ent
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ing
Sal
e of
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ital
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Þrs
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out
Ì,let
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nge
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nd b
alan
ces
Deb
t se
rvic
e as
a p
êroe
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cap
lhl
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r
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$ 24
,927
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3,
,075
808,
302
421,
576
2,æ
1,81
11,
(F7,
088
1æ,3
7273
9,93
04'
t1,3
01
2,78
6.74
015
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10,6
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I,575
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461,
181
3,96
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232,
827
s 24
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3,43
8,04
r91
2,35
74'
t1,7
552,
637,
æ7
1,48
3,35
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2,30
822
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288,
ß5
$ 24
,E61
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3,75
7,61
875
5,02
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g
1,2æ
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103,
6't
566
1,97
687
4,
2,63
1,41
914
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84E
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19,4
71,
539,
2.91
5,15
9
i 27
,277
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4,3E
0,E
5070
2.67
4,1
062,
589,
786
1,30
5,57
824
5,m
9æ,2
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5,12
9
2,
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116
, ,3
934,
817,
68r,
984
1,57
5,62
5,6
r03,
343,
196
5E,E
712,
415,
91ø
$ 28
,580
,956
3,
,159
729,
432
422,
2,21
1,1'
tg1:
t19,
2fi
237,
319
878,
S78
5S7,
811
2,69
r'.,3
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,208
,317
4,52
1,99
182
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r,50
5,u¡
352
4,70
51,
953, u,07
01,
389,
654
$ 2s
,633
,3,
299,
,27E
æ5,
427
1,
,313
8'17
,736
291,
æ4
't,27
6,63
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4
2,78
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3,62
64,
,6
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1,82
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427,
603,
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s 24
,692
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3,
,635
723,
225
362,
928
1,
,473
I,114
,498
206,
156
1,79
r,73
872
3,72
4
s 22
,071
,047
4,26
9,96
997
8,94
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2,45
11.
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69€
1 ,5
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962
428.
2,51
3,70
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4,14
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$ 20
,83S
,92ô
3,08
8,81
41,
386,
588
332,
2jffi
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3,68
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4,83
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7
$ 20
,186
,S07
2,91
7,51
31,
¡$e,
9$6
3€1,
656
2,08
7,8'
,t03,
620,
814
591,
8Íì4
1,12
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380
6,10
5
2413
2,71
0,15
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17
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1,51
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6
75,5
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220
05
10,
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204,
ffii1
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I,033
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1,3
34,9
58 1
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I,9
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62 2
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,882
2,6
43,1
54 2
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2,8
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51 2
,123
,73
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_
65,6
50
l30,
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) 46
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57.3
91
41.6
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83 3
8,99
3,84
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(75
s,67
6) 4
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70
(9,8
40,5
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(8,7
52,3
52')
f 2,
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015,
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3
2,82
5,83
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5,23
ô,4,
832,
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1,
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7,82
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5
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4,11
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1,
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6,58
7,03
510
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9,92
s,m
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(10,
040,
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2,
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4,03
9,43
857
2,91
8I,5
68,5
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2,83
7
2,31
4,86
212
,877
,7ÍtE
3,7ß
,7i/3
,4f1
6'1
,270
,440
654,
926
3,73
5,40
E
32,1
292,
398,
f1 3
37.4
16t
í!4'4
.214
1
176,
524
(9,7
70,
)
5,78
6,1E
1 6,
237,
805
3,95
7,65
3,
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61)
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100.
¡(ì0
) (3
,180
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)14
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\
$-J2
f9.9
39 L
r.9g
gg,
gJ9É
99.1
39 t-
ry-
$-9ø
!É99
$-læ
!lÆ)
gllg
g3LL
gJ3
J.3æ
l gJ.
ggLg
gÐ 9
JJ,1
J3þ3
.
28.2
%
15.1
%
30.9
%
24.6
%
22.2
%
33.4
%
24.O
Vo
19.7
0/0
21.0
%
22.6
0/0
A-75
Val
ueA
s of
111
2A14
2013
#20
12
2011
*
2010
2009
2008
2007
2006
*
2005
Rea
loro
oert
vT
otal
Ass
esse
dV
alue
$ 3,
364,
592,
800
3,35
9,72
8,10
0
3,65
3,2'
10,7
88
3,æ
5,71
0,08
8
3,64
4,74
3,98
8
3,76
2,18
5,14
0
3,69
7,02
9,54
0
3,58
1,28
7,14
0
3,46
0,34
0,94
0
2,68
1,99
2,66
0
Tot
alD
irect
Tax
Rat
e
$ 6.
28
6.29
5.78
5.79
6.22
5.93
5.78
5.79
5,58
6,83
Tot
alE
stim
ated
Act
ualV
alue
$ 3,
5E9,
694,
100
3,41
4,27
6,60
0
3,52
4,10
5,90
0
3,67
6,37
9,70
0
3,67
0,50
8,70
0
3,91
2,64
2,60
0
3,89
8,38
7,30
0
3,68
9,05
4,40
0
3,48
1,75
9,70
0
3,03
0,81
5,90
0
Tab
le 5
Rat
io o
fA
sses
sed
toE
stim
ated
Val
ue
93.7
3Yo
98.4
0%
103.
66%
99.1
7o/o
99.3
0%
96.1
5%
94.8
3o/o
97.0
8%
99.3
8%
88.4
9o/o
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
Ass
esse
d V
alue
and
Est
imat
ed A
ctua
lVal
ue o
f T
axab
le P
rope
rty
Last
Ten
Yea
rs
Per
sona
l or
ooer
tvA
sses
sed
Val
ue
$ 3,
279,
586,
200
3,26
5,70
4,20
0
3,55
7,80
6,08
8
3,55
5,06
5,38
8
3,55
0,82
2,48
8
3,67
1 ,3
23,5
40
3,62
1,22
4,94
0
3,51
0,26
0,14
0
3,38
4,76
3,64
0
2,61
7,34
1,90
0
Est
imat
edA
ctua
lVal
ue
$ 3,
498,
464,
700
3,31
4,65
3,80
0
3,43
6,68
1,80
0
3,58
7,53
5,80
0
3,57
3,23
3,30
0
3,82
0,40
0,50
0
3,82
1,06
3,80
0
3,61
4,74
4,30
0
3,40
6,25
2,80
0
2,95
5,30
4,50
0
Ass
esse
dV
alue
$ 85
,006
,600
94,0
23,9
00
95,4
04,7
00
90,6
44,7
00
93,9
21,5
00
90,8
61,6
00
75,8
04,6
00
71,O
27,0
00
75,5
77,3
00
64,6
50,7
60
Est
imat
edA
ctua
lVal
ue
$ 91
,229
,400
99,6
22,8
00
87¡2
4j00
88,8
43,9
00
97,2
75,4
00
92,2
42,1
00
77,3
23,5
00
74,3
10,1
00
75,5
06,9
00
75,5
11,4
00
* R
eass
essm
ent
year
# R
eval
uatio
n ye
arA
sses
sed
Val
uatio
n by
Sch
ool
Dis
tric
t -2
014
Oak
Cre
ek/
Fra
nklin
F
rank
lin
Whi
tnal
lS
choo
l S
choo
l S
choo
lD
istr
ict
Dis
tric
t D
istr
ict
Tot
alA
sses
sed
Val
ue
Tot
als
2,48
0,75
5,50
0 $
678,
158,
500
$ 20
5,67
8,80
0$
3,36
4,59
2,80
0
Ass
esse
d va
lues
are
det
erm
ined
by
the
City
and
the
Wis
cons
in D
epar
tmen
t of
Rev
enue
. E
stim
ated
act
ualv
alue
s w
ere
obta
ined
fro
m t
he W
scon
sin
Dep
artm
ent
of R
even
ue a
nd i
nclu
de W
isco
nsin
Sec
tion
70.5
7 ad
just
men
ts.
Tax
es c
olle
cted
are
use
d in
the
fol
low
ing
year
's C
ity o
pera
tions
,
Not
e
A-76
CIT
Y O
F F
RA
NK
LIN
, W
ISG
ON
SIN
Est
imat
ed A
ctua
l P
rope
rty
Val
ue a
nd C
onst
ruct
ion
Dat
aLa
st T
en Y
ears
rl t
valu
eA
gric
ultu
ral,
Sw
àmp
and
Oth
er
al
(2\
Res
iden
tial
Con
stru
ctio
n
Val
ue
QI
Non
resi
dent
ial
Con
stru
ctio
nTab
le 6
Val
ue
nta
2,90
2,69
2
27,9
91 ,
474
17,7
94,0
34
22,5
33,4
9i'.
14,1
93,5
22
28,3
23,6
741
39,9
20,2
10
116,
376,
447'
,
49,0
75,4
3'l
Fis
cal
Yea
r
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
o/o
olT
otal
and
#of
Uni
ts
nla
65 55 30 27 25 52 oo 308
458
#of
Per
mits
nla
17 44 4'l
40 35 61 49 91 49
Res
iden
tial
$ 2,
580,
859,
500
2,41
8,99
1,40
0
2,49
8,51
4,10
0
2,61
9,1
25,6
00
2,63
7,51
4,10
0
2,77
4,34
3,20
0
2,86
2,28
7,90
0
2,75
1,32
4,40
0
2,61
1 ,1
11,6
00
2,23
6,07
6,00
0
Man
ufac
turin
o
$ 89
4,25
6,90
0
871
,715
,000
914,
654,
100
948,
708,
000
917,
720,
700
1,02
6,95
2,40
0
939,
436,
600
844,
563,
900
769,
933,
200
696,
096,
000
$ 23
,349
,300
23,9
47,4
00
23,5
13,6
00
19,7
02,2
0O
17,9
98,5
00
19,2
04,9
00
19,3
39,4
00
18,8
56,1
00
25,2
08,0
00
23,1
32,5
00
Tot
al
$ 3,
498,
464,
700
3,31
4,65
3,90
0
3,43
6,69
1,90
0
3,58
7,53
5,90
0
3,57
3,23
3,30
0
3,82
0,40
0,50
0
3,92
1,06
3,90
0
3,61
4,74
4,3O
0
3,40
6,25
2,8O
O
2,95
5,30
4,50
0
nla
19,9
42,7
95
19,3
22,6
59
9,99
5,82
0
6,55
9,69
6
6,70
9,65
3
11,0
30,9
33
20,0
17,9
54
55,6
90,1
87
86,0
85,1
65
73.8
o/o
73.Ù
o/a
72.7
o/o
73"O
o/o
73.8
0/o
72,6
0/o
74.9
0/o
76,1
0/o
76.7
o/o
75.7
o/o
(1)
Est
imat
ed a
ctua
l va
lues
fro
m t
he w
isco
nsin
Dep
artm
ent
of R
even
ue
(21
Sou
rce:
City
's B
uild
ing
lnsp
ectio
n D
epar
tmen
t.
A-77
Citv
of
Fra
nklin
Dire
c't
Rsb
ßD
ebt
Cap
ital
Equ
iprn
ent
Str
e€t
Gen
eral
Lib
rary
Ser
vioe
Out
lay
Rep
lace
men
t lm
prov
emen
t
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
Dire
ct a
nd O
verla
ppin
g P
rope
rty
Tax
Rat
esLa
st T
en Y
ears
(rat
e pe
r $1
,000
of
asse
ssed
val
ue)
Sch
ool D
istr
ic{s
Tct
elO
akF
rank
lin C
reek
Whi
tnal
l
Ove
daoo
ino
Rat
esM
ilwau
kee
Milw
aukæ
Are
a M
drop
olita
nS
choo
l Tæ
hnic
al M
ilwau
kee
Sew
erag
eC
r€di
tsC
olle
ge C
ount
y D
istr
ict
S:ta
te R
ate
Tab
le 7
(*)
Tot
alB
udge
tY
ear
2015
2014
2013
2012
20't'
l
2010
2009
2008
2AO
7
2æ6
$
# t I
4.S
4.98
4.60
4.59
5"04
4.61
4.46
4.34
4.10
5.00
$ 0.
38
0.38
0.35
0.35
0.35
0.33
0.33
0.34
0.34
0.42
$ 0.
49
0.49
0.47
0.49
0.56
0.54
0.55
0.59
0.et
0.86
0.21
0.21
0.17
0.17
0.12
0.23
0.23
0.28
0.28
0.30
$ 6.
28
6.æ
5.78
5.79
6.2
5.93
5.78
5.79
5.58
6.83
$ 13
.21
't3.æ
11.7
2
11.6
2
12.2
.
1 1.
33
10.s
10.9
8
10.0
5
12.0
1
$ 9.
76
9.r0
9.09
8.83
8.69
8.86
7.80
7.85
6.95
8.90
$11.
1I
r0.6
7
9.72
9.56
10.4
0
10.1
1
9.65
9.40
9.15
10.3
2
$ (1
.88)
(1.8
6)
(1.6
e)
(1.7
0)
(1.7
2)
(1.6
7)
(1.6
8)
(1.5
2)
(1.3
8)
(r.4
0)
$ 1.
36
2.16
2.04
r.96
1.93
1.98
1.93
1.82
1.78
2.13
$ 1.
83
1.73
1.57
1.52
1.45
1.38
1.36
1.æ
.
1.31
1.60
$0.1
8
o.17
0.16
0.17
0.r7
0.18
0.18
0-18
o_17
0.21
g 26
-42
26.9
7
24.4
5
24.1
2
24.7
6
23_4
4
22.7
0
22.5
8
21.4
6
26.1
9
$ 0.
13 $
0.13
0.11
0.11
0.11
0.14
0.13
0,14
0.13
0.10
0.10
$0.
10
0.08
0.08
0.04
0.08
0.08
0.10
0.09
0.15
$ 5.
44
5.2'
l
4.87
4.76
4.49
4.31
4.17
4.01
3.95
4.81
Not
e: *
Rea
sses
smen
t im
pact
# R
eval
uatio
n ye
ar*T
he C
ity h
as t
hree
tax
rat
es d
epen
dant
upo
n a
prop
erty
's s
ewer
sta
tus
and
the
scho
oldi
$ric
t th
e po
pert
y is
loca
ted.
The
tot
al i
s sh
own
for
only
the
larg
est
scho
ol d
¡Srid
(F
rank
lin).
See
Tab
le 5
for
æse
ssed
val
ues
by S
choo
l an
d S
ewer
age
Dis
tric
{"
The
Bud
get
year
is t
he y
ear
follo
win
g th
e fis
cal
year
in
whi
ch t
he t
axes
are
levi
ed.
Sou
rce:
City
of
Fra
nklin
bud
get
docr
¡men
ts
A-78
Nor
th s
tem
Mut
ual
l-Mar
tW
heat
on H
ealth
Car
e S
yste
mW
hitn
all
Poi
nte
Apa
rtm
ents
Man
ches
ter
Oak
sV
TLC
Dev
elop
men
tB
aptis
ta's
Bak
ery,
lnc
Men
ard
lnc
H
- W
isco
nsin
Mob
2 L
LCF
rank
lin V
lffnd
ham
, LL
CA
llGla
ss A
quar
ium
ste
Man
agem
ent
Har
ley
Dav
idso
nM
issi
on H
ills
Apt
s
lnsu
ranc
e S
ervi
ces
Ret
aile
rM
edic
al f
acili
ties
Apa
rtm
ents
Apa
rtm
ents
Pac
kagi
ng m
anuf
actu
ring
Man
ufac
turin
gR
etai
l - H
ome
lmpr
ovem
ent
Med
ical
fac
ilitie
sLa
nd h
eld
for
Dev
elop
men
tA
quar
ium
s an
d flu
ores
cent
lig
hts
Land
fill
and
refu
se c
olle
c{io
nM
otor
cycl
e m
anuf
actu
ring
Apa
rtm
ents
CIT
Y O
F F
RA
NK
LIN
, W
|SC
ON
SIN
Prin
cip
al P
rope
rty
Tax
paye
rsC
urre
nt Y
ear
and
Nin
e Y
ears
Ago
2014
Tax
able
Ass
esse
dV
alue
Ran
k
$ 11
9,47
7,00
0 1
29,5
73,9
00 2
26,7
05,9
00 3
20,2
33,9
00 4
19,3
54,1
00 5
16,4
77,3
00 6
15,3
96,5
00 7
13,6
90,4
00 E
12,9
90,3
00 g
12,8
00,0
00 1
0
Tax
able
Ass
esse
dV
alue
3.55
0/o
0.85
%0.
79%
0.60
%0,
58%
0.49
a/o
O.4
60/o
0.41
o/o
0.38
%0.
38ol
o
11 ,1
60,6
0015
,747
,740
13,7
08,1
0013
,606
,620
8.49
o/o
$ 20
3,69
0,72
0
2005 Ran
k
$ 72
,734
,560
116
,455
,000
410
,264
,400
10
18,9
27,6
40 2
18,6
28,0
30 3
12,4
58,0
30 E
Per
cent
of T
otal
Tax
able
Ass
esse
dV
alua
tion
Iebl
e-g
Per
cent
of T
otal
Tax
able
Ass
esse
dV
alua
tion
2.86
0,1o
0,65
%O
.4Q
ø/o
0.74
o/o
0.73
o/o
4.44
9/o
o.62
9/0
0.54
960.
5496
7.52
o/o
I 5 6 7
$ 28
5,58
9,20
0
Sou
rce:
City
of
Fra
nklin
Ass
esso
/s O
fftce
A-79
CITY OF FRANKLIN, WISCONSINProperty Tax Levies and Collections
Last Ten Years
City Tax lew
Totalcollections
% of levycollected
99.92% $
99.91%
99.80o/o
99.98o/o
99.88%
99.98o/o
99.91o/o
100.060/o
99.97olo
99.93o/o
Table 9
OutstandingcombineddelinquentPP taxes
52,069
52,481
75JU
53,589
39,718
36,945
45,243
27,424
42,150
52,998
FiscalYear
2014
2013
2012
2011
20'lo
2009
2008
2047
2006
2005
Taxincrementfinancing Local Total
$2,526,924
2,363,758
2,560,324
6,737,305
7,457,956
4,829,216
4,685,811
3,127,116
2,860,368
2,925,386
$ 20,509,000
20,509,000
20,467,000
20,965,000
20,426,000
20,142,OOO
19,555,000
18,501,000
17,566,000
16,899,300
$ 23,035,924
22,872,758
23.027,324
27,702,305
27,883,956
24,97',1,216
24,240,811
21,628,116
20,426,368
19,824,686
$ 23,016,525
22,851,675
22,981,469
27,695,587
27,851,459
24,966,369
24,219,148
21,æ1,373
20,420,758
19,811,739
Source: City of Franklin
annually purchases all of the City's outstanding delinquent real estate taxes.Payment for the real estate taxes are received by the City every August pursuantto the CounÇ's settlement procedures. Outstanding delinquent taxes representpersonal property taxes which the City attempts further collection until March of thefoll ing year. At that time the balances are charged back to each of the taxingjurisdictions in proportion to the amounts levied. Subsequent collections areinsignificant and nded to alltaxing jurisdictions in relation to the amountsoriginally levied.
Total collections may be greater than or less than the total levy in any year dueto changes in outstanding delinquent taxes, collection of prior year omitted taxesand Wisconsin Section 70.43 corrections.
A-80
clw
oF
F i
tKLt
N,
wsc
oNst
NP
rope
rty
ies
by T
ax J
uris
dict
ion
Lest
Ten
rs
Sof
ì/V n
sin
Milw
auC
ount
v
$ 17
,713
,835
16,9
86,6
70
17,2
87,1
11
'16,
812,
497
15,1
12,
830
1¿1,
65¿
f,1 I
3
11,
,992
13,5
22,4
07
13,0
93,0
1,f
12,3
V0,
112
Sch
oolD
istr
ic{s
Fra
nklin
ì/V
hitn
all
Oak
C
k-F
rank
lin
i 5,5
57,4
71
5,2i
l,726
5,55
3,40
1
5,2æ
,377
4,81
6,33
3
4,10
3,92
0
4,2æ
,165
4,19
2,12
3
3,70
3,35
S
3,76
5,S
02
tì/t\{
SD
Citv
of
Fra
nklin
lncr
emen
t C
haro
esr
MA
TC
II
2414
2013
2012
2011
2010
2009
2008
2407
2 2005
$ 60
9,19
3
579,
123
598,
062
623,
622,
907
68¡[
,
661,
580
626,
055
€1 1
,¿t3
5
568,
521
$ 32
,782
,9E
8
32,7
U,
31,7
87,M
2
31.4
35,7
1E
31,5
35,7
55
30,8
32,2
23
29,1
76,9
74
28,5
ã4,
25,5
71,8
10
23,''
,tø,8
7',!
$ 2,
285,
650
2,17
1,W
1
2,23
7,4U
2,20
8,50
3
2,10
/.,63
7
2,12
4íA
î
2,3'
t2,2
02
2,21
9,17
5
2,'l7
g,1g
o
1,98
6,3S
6
$ 4,
411,
951
7,M
3,18
7
7,2æ
,OO
1
6,93
4,55
9
6,51
2,55
1
8,U
2,07
7
6,74
2,0'
,19
6,16
1,57
0
5,90
5,58
6
5,47
1,7f
fi
$ 5,
955,
818
5,63
8,26
9
5,58
2,
5,18
8,88
6
4,71
8,48
1
4,57
4,05
7
4,57
5,71
0
1,29
9,'t7
8
4,17
5,
3,97
4,37
3
$ 20
,509
,
20,
,000
20,5
09,0
(X)
20,ß
7,
20,9
65,
20,1
26,
20,1
42,
1S,5
55,
18,5
01,
$ 2,
690,
638
2.52
6.92
4
2,36
3,75
8
2,æ
0,32
4
6,73
7,30
5
7,45
7,95
8
4,82
9,21
6
¡1,6
85,8
11
3,12
7,11
8
2,86
0,36
8
$'1,
767,
143
1,7W
,214
1,79
9,51
0
1,
,389
758,
894
818,
455
738,
020
669,
010
680,
126
636,
1 13
s 94
,283
,685
95,2
94,3
10
94,9
76,2
55
93,4
00,1
57
94,1
84,6
93
88,2
æ,7
78
u,5'
14,7
71
n,55
4,il5
72,7
19,5
:22
A-81
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
S¡I
Nc
of N
et G
ener
el B
orìd
ed D
ebt
Ont
stan
ding
Lest
Ten
rÉ
r
@ne
¡al
Bon
ded
Deb
tG
ovem
men
tal
Bus
inea
+ty
peS
ev¡e
r t
Gen
eral
Obl
igat
ion
Bon
ds
Gen
eral
Obl
ig€û
¡on
Not
es
Lêæ
eR
even
ueB
onds
2,37
5,00
0
5,19
5,00
0
17,7
15,0
00
Ger
p¡al
Obl
igat
ion
Not
cs
Gen
eral
OÞ
l¡¡at
ion
Bon
ds
Tot
alG
ener
alB
onêd
D€b
t
837,
711,
52.
42,4
15,4
23
43,7
34,8
33
3¿,4
95,0
00
æ,8
90,0
00
,15,
1&5,
000
58,0
80,0
(x)
5¿,0
æ,0
00
,18,
7S5,
000
50,6
15,0
00
Les8
tÞbt
Ser
vice
Fun
dB
alan
c¡s
LeG
s A
mou
nt8
dtæ
fio
m T
axlrr
crem
erfa
lF
¡nar
ìcin
gD
btric
ts
lêse
Arþ
unt8
Les
B lm
pact
Fee
duef
rom
Am
ount
r du
eO
ther
Tåx
ing
from
Fut
ure
DH
rids
loom
ânt
(1)
Per
cen{
of
Eet
imat
ed (2
)A
ctua
l Per
cent
of
(2)
Pro
pert
y P
ereo
nal
Pet
Val
ue lr
icom
6 C
aoita
FI
Yea
r
$ 7,
615,
000
8,18
5,00
0
8,80
5,0æ
9,52
5,00
0
9,73
0,00
0
9,88
0,00
0
10,0
30,0
00
10,1
80,0
00
9,77
5,00
0
9,82
5,00
0
5,32
0,æ
0 S
I,e95
,000
r2,æ
5,00
0
2,97
0,W
30,1
00,0
00
35,2
85,æ
0
¡ttì,
050,
00(l
39,5
25,0
00
31,8
25,m
æ,0
75,0
00
8 42
4,72
1
1,49
r,38
5
2,55
3,N
7
(4.W
.7æ
',t
(3,s
21,n
8)
(2,0
78,9
00)
(8,3
39,2
¡10)
(12.
2Æ.7
85)
f 0,
3es,
507)
(8.7
19,s
2)
(3,3
30,0
00)
(9,6
95,0
00)
(12,
865,
000)
(1s,
s¿0,
000)
er,e
80,0
00)
ee,2
8s,0
00)
(2S
,¡t0
0,00
0)
(22,
375,
000)
(1s,
19s,
000)
(17,
71s,
æ0)
(23,
M,5
2) i
(24,
ffi,4
23',,
,o,*
,*:_
, :
(4,2
81,9
30)
(4,3
5s,1
30)
(4,5
88,r
30)
(4,7
09,ô
00)
(4,9
æ,r
50)
(s,1
12,6
er)
(4,7
7s,0
00)
(4,2
%,7
æ)
(4,4
97,0
00)
(4,7
s4,0
00)
Net
Ger
¡era
lB
onèd
Dsb
l
7,O
37,7
51
5,æ
1,25
5
4,77
2,13
7
8,17
0,e4
5
10,0
88,5
72
't1,ô
6E,4
14
13,5
65,7
00
13,1
69,5
1 5
16,7
07,4
93
'19"
426,
458
2s14
2013
2012
20't1
2010
2009
2ûE
2æ7
2006
2005
8 23
,4æ
,5n
$ 1,
æ0,
000
24.5
æ,4
23
2,0u
,833
$$
$0.
æ%
0.16
%
0.æ
%
o.23
%
o.28
%
0.31
%
0.36
%
0.36
%
0.49
%
0.6Ê
%
N/A
o.44
16
0.56
%
o.74
%,
0.93
%
1.12
:%
1.zC
f/.
't.1f
fi1.
53%
2.04
%
197
't49
l9l
2æ 285
347
4U 395
506
557
(1)
Est
imat
ed A
ctua
l P
rt
y va
lues
are
bun
d in
Teb
le 6
(2)
Pop
uhtio
n an
d pe
reon
al i
ncom
e ca
n be
fou
nd i
n T
abþ
13
N
: D
ebt
Ser
ui:e
Fun
d ba
hrrc
ee r
epre
eent
am
ount
r re
ceiv
ed t
hst
are
rætr
ict€
d to
fut
ure
Fay
men
þ of
out
rtan
ding
deb
t.un
tr d
l'¡e
from
lax
incr
emen
tal
finan
cirE
dbt
r¡ct
s re
pres
ent
futu
re r
ecei
pt o
f no
n re
peal
sble
pro
pert
y tå
x le
vys
¡ect
¡icte
d to
the
pây
rÞnt
of
debt
Eer
viæ
.un
ts d
ue f
rom
fr¡
ture
dev
elop
fftrf
rep
reee
nt ñ
¡tur
s im
pact
ËeB
col
lect
ed u
rÅe¡
az0
p,2o
'din
arce
fio
m le
cide
nF a
nd r
estr
icte
d fo
r th
e pu
rpos
e of
ret
idng
deb
ton
a p
ortio
n of
the
pol
i:e c
tatio
n, f
ire s
tatio
n, l
ibra
ry a
nd a
elþ
ible
roa
d pr
oþct
.
ln æ
14 t
he C
ity ¡
ss¡r
ed t
5,3¿
0,00
0.
Pro
ceed
wer
e us
ed t
o pr
oric
le f
undi
rE f
or T
ID p
tB
and
Cap
itål
lmpr
ovem
ent
proþ
cþln
æ12
the
City
¡ss
ued
$27,
562,
754.
Pro
oeed
8 w
ere
used
to
proy
iè f
undi
rB fo
r R
yan C
reek
r
exte
DB
¡on
with
rep
aym
ent
eche
dule
d to
be
com
plet
ed i
n 20
31ln
ãnE
the
Cily
¡ss
ued
$10,
000,
000.
Pro
ce€d
8 w
ere
rJ3e
d to
pro
virb
fun
dirg
fu
TIF
Dbt
rictr
with
reF
aym
ent
sdle
duþd
to
Þ c
ompl
in 2
014.
ln 2
007
the
City
is€u
ed $
9,92
5,0æ
. P
roce
ede
s/er
e us
ed t
o re
finan
ce a
dstil
tg ç
netd
obl
þtio
n bo
nd¡
ieeu
€d i
n 20
01.
ln 2
007
the
City
iss
ued
$10,
000,
000.
Pro
ceed
e ur
ere
used
for
TIF
Dis
trile
nee
ds n
ith
reps
yrF
nt s
cfpd
uled
to
be c
ompþ
t€d
in 2
014.
ln 2
006
the
City
iss
ued
$10,
000,
000.
Pro
ceed
s w
êre
used
to
refin
aric
e ex
bt¡r
ìg le
æ r
even
ue b
ond8
with
rep
âym
ent
com
pþte
d in
201
1,
A-82
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
Sch
edul
e of
Dire
ct a
nd O
verla
ppin
g D
ebt
- G
over
nmen
talA
ctiv
ities
Dec
embe
r 31
,201
4
100.
0000
%
MC
Ove
rlapp
ing
Deb
t T
otal
Tab
le 1
2
Tot
al
$ 16
1 ,5
63,1
tis17
1,26
9,63
515
0,74
1dei
s16
2,17
8,0(
r416
5,66
6,97
31æ
,420
,ffi1
156,
799,
139
14,2
M,8
7'.1
135,
22',1
,821
9
127,
720,
97',6
City
of
Fra
nklin
$ 12
,935
,000
17,E
Eo,
000
21,6
70,0
0032
,495
,000
39,8
90,0
0045
,165
,000
56,0
90,0
0049
,705
,000
41,6
00,0
0032
,900
,000
Juris
dict
ion
Milw
auke
e C
ount
y 1
Whi
tnal
l S
choo
l D
isfic
tO
ak C
reek
- F
rank
lin S
choo
l Dis
fict
Fra
nklin
Sch
ool
Dis
tric
tM
ilwau
kee
Are
a T
ech
nica
l C
olle
geM
ilwau
kee
Met
ropo
litan
Sew
erag
e D
istr
ict
Tot
al O
verla
ppin
g D
ebt
City
of
Fra
nklin
Tot
al Milw
auke
eC
ount
v
s68
5,01
2,91
028
0,00
043
,550
,000
33,9
40,0
0010
9,92
0,00
092
3.72
8.41
7
1,79
6,43
1,32
712
.93s
"000
ß
r R
oq a
AA
1r7
Sch
ool D
istr
icts
Fra
nklin
Whi
tnal
l Oak
C
UF
rank
lin
Net
gen
eral
oblig
atio
n bo
nded
debt
out
stan
dino
7,61
4,27
47,
6E0,
950
8,44
É.,5
938,
483,
031
8,80
4,31
99,
860,
000
8,82
5,30
99,
317,
100
5,65
2,02
45,
s72,
164
Per
c,en
tage
appl
icab
leto
Citv
Am
ount
appl
icab
leto
Citv
ç 42
,750
,442
39,0
117,
614,
274
33,9
40,0
005,
531,
5E0
58.7
52.U
8'1
48,6
29,1
55
12.9
35.0
00
s 16
1 56
3 15
5
MM
SD
$
6,24
084/
o13
.932
50/o
17.4
M0T
o10
0.00
00%
5.03
24o/
o
6.36
ù40/
o
His
tory
2014
2013
2012
201'
l20
1020
0920
0820
0720
0620
05
ç 42
,750
,442
43,7
57,8
2046
,023
,745
49,6
86,0
4849
,485
,672
48,6
85,1
5824
,814
,695
24,4
17,7
462s
,056
,911
24,8
89,8
12
s 33
,940
,000
36,2
75,0
005,
105,
000
6,E
85,0
008,
590,
000
9,86
0,00
013
,335
,000
16,6
1s,0
0019
,545
,000
22,1
00,A
OO
$ 3e
,011
$46
,013
56,1
421,
175,
097
366,
516
398,
980
498,
112
584,
345
997,
479
1,19
0,18
7
$ 5,
531,
580
5,65
9,03
95,
929,
102
5,26
6,62
14,
624,
047
2,93
A,8
222,
930,
922
2,69
3,18
82,
894,
E65
3,25
3,83
7
58,7
52,U
859
,969
,813
63,5
13,0
E3
58,',
187,
207
53,9
06,4
1949
,520
,701
50,3
15,2
0140
,872
,492
39,4
75,5
5037
,814
,976
148,
628,
155
153,
388,
635
129,
071,
665
129,
683,
004
125,
776,
973
121,
255,
661
100,
719,
139
94,4
99,8
7193
,621
,829
94,8
20,9
76
s
Sou
rce:
Not
e
Deb
t in
form
atio
n su
pplie
d by
eac
h ta
juris
dict
ion
and
appl
icab
le p
erce
ntag
es f
rom
the
Sta
te D
epar
tmen
t of
Rev
enue
.
Deb
t ou
tsta
ndin
g pr
ovirl
ed b
y ea
ch g
over
nmen
tal u
nit
and
perc
entia
ge d
eter
min
ed b
y th
e D
epar
tmen
t of
Rev
enue
. O
verla
ppin
g go
vern
men
tsar
e th
ose
that
coi
ncid
e, a
t le
ast
in p
art,
with
the
geo
grap
hic
boun
darie
s of
the
City
. T
his
proc
ess
reco
gniz
es t
hat,
whe
n co
nsiO
eliñ
g th
e C
ity's
abili
ty t
o is
sue
and
repa
y lo
ng-t
erm
deb
t, th
e en
tire
debt
bur
den
born
e by
the
resk
lent
and
bus
ines
seJ
shou
ld b
e ta
ken
into
acc
ouft.
How
e-ve
r,
A-83
Tab
le 1
3
CIT
Y O
F F
RA
NK
LIN
, W
SG
ON
SIN
Com
puta
tion
of L
egal
Deb
t M
argi
nLa
st T
en Y
ears
Fis
cal
Yea
r
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
(1)
Equ
aliz
edV
alua
tion
$ 3,
589,
694,
100
3,41
4,27
6,60
0
3,52
4,10
5,90
0
3,67
6,37
9,70
0
3,67
0,50
8,70
0
3,91
2,64
2,60
0
3,89
8,38
7,30
0
3,68
9,05
4,40
0
3,48
1,75
9,70
0
3,03
0,81
5,90
0
5% o
fE
qual
ized
Val
ue
$ 17
9,48
4,70
5
170,
713,
830
176,
205,
295
183,
818,
985
183,
525,
435
195,
632,
130
194,
919,
365
184,
452,
720
174,
087,
985
151,
540,
795
Tot
alD
ebt
App
licab
leto
Lim
it
$37,
711,
522
42,4
45,4
23
43,7
34,8
33
32,4
95,0
00
39,8
90,0
00
45,1
65,0
00
56,0
80,0
00
49,7
05,0
00
41,6
00,0
00
32,9
00,0
00
Lega
lD
ebt
Mar
oin
$ t¿
t ,7
73,1
83
128,
268,
407
132,
474,
462
151
,323
,985
143,
635,
435
150,
467J
30
138,
839,
365
134,
747,
720
132,
487,
985
118,
640,
795
2o/o
of
Equ
aliz
edV
alue
971,
793,
982
68,2
85,5
32
70,4
82,1
18
73,5
27,5
94
73,4
10,1
74
78,2
52,8
52
77,9
67,7
46
City
Pol
icv*
*
Deb
tM
aroi
n
$34,
082,
360
25,8
40,1
09
26,7
47,2
95
41,0
32,5
94
33,5
20,1
74
33,0
87,8
52
21,8
87,7
46
Per
cent
Use
dP
erce
ntU
sed
52.5
3o/o
62"1
60/o
62.0
5o/o
44.1
9%
54.3
40/o
57.7
2o/o
71.9
30/o
21.0
1o/o
24,8
60/o
24.8
2o/o
17.6
80/0
21.7
4o/o
23.0
9o/o
28.7
7o/o
26.9
5%
23.9
0o/o
21.7
1o/o
** ** **
(1)
Fro
m T
able
5
Not
e: U
nder
sta
te s
tatu
tes
the
City
's o
utst
andi
ng g
ener
al o
blig
atio
n de
bt m
ay n
ot e
xcee
dfiv
e pe
rcen
t of
tota
l equ
aliz
ed p
rope
rty
valu
e.**
The
City
Deb
t P
olic
y lim
its d
ebt
to 4
Oo/
o of
Leg
al L
imit
- ad
opte
d by
Res
olut
ion
2008
6481
A-84
Tab
þ 14
Fis
cal
Yea
r
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
(1)
Pop
ulat
ion
35,7
02
35,8
10
35,5
20
35,5
04
35,4
51
33,7
00
33,5
50
33,3
80
33,0
00
32,5
48
(2)
Per
sona
lln
com
e
N/A
$1,1
99,6
23,7
50
1,21
8,59
4,06
0
1,09
8,25
7,16
0
1,08
5,59
5,50
6
1,03
9,53
3,49
7
1 ,1
03,8
07,3
65
1,11
7,58
7,48
0
1 ,0
91,7
61 ,
1 53
951,
934,
636
City
of
Fra
nklin
Milw
auke
eC
ount
v N/A
22,4
11
21,4
33
20,6
81
20,4
86
20,1
95
21,2
33
21,6
03
20,7
82
19,3
72
Sta
te o
fW
isco
nsin
City
of
Fra
nklin
4.2o
/o
4.8%
5.60
/o
5.4o
/o
6.20
/o
7.20
/o
4.54
/o
3.5o
/o
3"0o
/o
3.4o
/o
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
Dem
ogra
phic
and
Eco
nom
ic S
tatis
tics
Last
Ten
Yea
rs
(2)
Per
cap
ita a
djus
ted
gros
s in
com
e(3
)U
nem
ploy
men
t ra
tes
6.0%
7.2o
/o
8.O
olo
8,0o
/o
8.1o
/o
9.7o
/o
6,5o
/o
5.0o
/o
5.O
o/o
5.2o
lo
Milw
auke
e S
tate
of
Cou
nty
Wis
cons
in
N/A
33,5
00
34,3
07
30,9
33
30,6
22
30,8
47
32,9
00
33,4
81
33,0
84
29,2
47
N/A
26,9
63
26,2
71
24,9
42
24,2
18
23,2
11
24,3
29
24,3
74
23,8
45
22,2
14
5.2%
6.3o
/o
6.9o
/o
7.0o
/o
7.8o
/o
9.1o
/o
6.54
/o
4.5%
4.8%
4.8o
/o
(1)
(2)
(3)
N/A
Bur
eau
of C
ensu
s, S
tate
of
Wis
cons
inW
isco
nsin
Dep
artm
ent
of R
even
ue,
Div
isio
n of
Res
earc
h an
d A
naly
sis
US
Bur
eau
of L
abor
Sta
tistic
sN
ot A
vaila
ble
A-85
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
Prin
cipa
l E
mpl
oyer
sC
unen
t Y
ear
and
Nin
e Y
ears
o
Em
plov
ees
2014
Per
cent
of T
otal
City
2005
Em
plov
ees
Ran
k
Tab
le 1
5
Per
cent
of T
otal
City
Em
ploy
men
tT
axoa
ver
Nor
thw
este
m M
utua
lW
heat
on F
ranc
isca
n H
ealth
care
Fra
nklin
Pub
lic S
choo
lsK
rone
s, ln
corp
orat
edM
ilwau
kee
Cou
nty
Cou
nty
Cor
rect
ions
Sou
thB
aptis
ta's
Bak
ery
Gen
eral
Aut
omot
ive
Mfg
LLC
Wal
-Mar
tC
on y
Tru
ckin
gC
arlis
le I
nter
conn
ect
Tec
hnol
og ie
sW
aste
Man
agem
ent
Cen
tral
Aqu
atic
sC
ity o
f F
rank
linB
D M
edic
al S
yste
ms
I ns
ura
nce/
ln v
estm
ent
Ser
vice
sM
edic
al &
sur
gica
l hos
pita
lK
-12
Edu
catio
nH
igh
spee
d la
belin
g/fil
ler
mac
hine
s
Gov
emm
ent
Gom
mer
cial
Bak
ery
Off-
road
eng
ine
com
pone
nts
mfg
Ret
aile
rT
ruck
ing
Wire
har
ness
esLa
ndfil
l an
d re
fuse
col
lect
ion
Aqu
ariu
ms
and
fluor
esce
nt li
ghts
Gov
emm
ent
Med
ical
dev
ices
/syr
inge
s
3230
179
8 2
550
350
9 4
361
538
8 6
323
727
2 I
256
925
5 10
17.6
80/o
4.37
olo
3.01
0/o
2.79
o/o
1.98
%2.
12o/
o
1.77
o/o
1.49
o/o
1.40
o/o
1.40
o/o
800
1
541
400
2 T4
4.61
0/o
3.12
o/o
2.30
o/o
2.59
o/o
2.30
o/o
1.61
0/o
1,96
%1
.610
/o
1 .4
9o/o
1.27
o/o
22,8
7Yo
450
3
400
14 7 Þ I I 10
280
340
280
259
220
6,94
238
.00%
3,97
0
Sou
rce:
Pas
t D
ebt
offe
ring
Offi
cial
Sta
tem
ents
and
em
ploy
er B
urve
ys
A-86
Tab
le 1
6C
ITY
OF
FR
AN
KLI
N,
WIS
CO
NS
INF
ull-t
ime
Equ
ival
ent
City
Gov
emm
ent
Em
ploy
ees
by F
unct
ion
Last
Ten
Yea
rs
2014
20
13
2012
20
11
2010
20
09
2008
20
07
2006
20
05D
eoar
tmen
tG
ener
al g
over
nmen
tC
omm
on c
ounc
ilM
unic
ipal
bui
ldin
gsC
lerk
lnfo
rmat
ion
serv
ices
Adm
inis
trat
ion
Fin
ance
Ass
esso
rM
unic
ipal
bui
ldin
gsT
otal
gen
eral
gov
emm
ent
2.54
4.14
4.00
6.60
1.00
2.78
2.50
4.14
3,00
7.10
1.00
3.74
2.50
4.14
3.00
7.10
1.00
2.00
4.00
3,60
7.03
1.00
2.00
4.00
2.00
4.00
0.48
2.00
3.53
3.80
7.10
1.00
4.83
0.48
2.00
3.53
3.80
7.30
1.00
0.48
2,00
3.50
3.80
7.30
1.00
0.50
3.50
3.75
7.45
1.00
4.68
3.60
7.10
1.00
4.74
3.60
7.10
1.00
4.74
21.0
2 21
.48
I21
.55
22.4
4 22
.44
224
22.9
8 20
.88
Pub
lic s
afet
yP
olic
eF
ireB
uild
ing
insp
ectb
nT
otal
publ
ic s
afeg
75.7
546
.50
7.00
75.7
546
,50
76.7
546
.45
77.2
546
.48
8.00
77.2
546
.45
8.00
77.2
546
.45
77.2
546
.45
77.2
545
.45
r 0.
00
77.2
544
.00
10,0
0
78.7
544
.00
12,0
012
9.25
8.25
22.4
82.
00
8.25
22.O
O
00
8.25
22.0
O8.
2522
.0O
8.80
22.0
02.
00
8.80
22.0
02.
OO
9.80
22.O
O2.
27
9.80
22.O
O9.
8022
.00
1.25
9.80
22.O
01.
25
131.
73 1
31.7
013
2.70
131
.25
134.
75
Pub
lic w
orks
Eng
inee
ring
Hig
hway
Par
ksT
otal
pub
lic w
orks
232
.73
32.
6
,00
32.2
5 32
.80
s2.8
03.
59
33,0
5 33
.05
Pub
lic h
ealth
Pla
nnin
gE
cono
mic
Dev
elop
men
tT
otal
gen
eral
fun
d
Pub
lic h
ealth
- g
rant
Libr
ary
Sew
er &
wat
er
Tot
al
6.25
44.
60
17.1
9 17
.70
16.8
210
.80
11 .5
5 1
1 .5
3
75 00
.0,5
8 -
- -
- -
- -
- -
194.
33 1
93.1
3 19
4.78
197
.38
198,
69 1
98.6
9 20
4.61
203
.46
200.
38 2
0L78
6.15
4,00
6,25
5.60
17.1
21
1.53
6.15
5.60
17.1
112
.55
6.15
5.60
6.50
7.60
6.63
7.60
17.2
212
.85
6.50
6.60
16.9
212
.85
50 606 6
17.1
112
.55
17.2
012
.85
0.25
16.1
011
.10
Sou
rce:
City
of
Fra
nklin
Bud
get
Doo
¡men
t
222.
32 2
22.3
8 22
3.13
226.
03 2
28.3
5 22
8.35
234
.66
233.
53 2
30j5
22
9,23
A-87
CIT
Y O
F F
RA
NK
LIN
, W
ISC
ON
SIN
Ope
atin
g ln
di:a
tors
by
Fur
rctio
rVP
rogr
amLa
st T
en Y
ears
2012
20
11
2010
2ûg
2008
I¡þE
-12
2007
2006
2û5
Pol
ice
Par
t 1
Maj
or c
rimæ
Ane
sts
Tra
ffic
& p
arki
ng c
itatio
nsC
alls
for
ser
vice
Num
ber
of s
¡vom
offi
cers
Fire F
irc r
espo
nses
EM
S r
espo
rses
File
insp
ectio
nsN
umbe
r of
ful
l-tim
e fir
efig
hter
sB
asic
Life
Sup
port
Tra
nspo
rts
Par
amed
ic
Tra
nspo
rts
Hig
hway
Mile
s of
c¡æ
k se
alin
gT
rees
pru
ned
Veh
ides
mai
ntai
ned
Sol
id w
aste
Non
+ec
ycla
ble
refu
se
colle
ded
(ton
s)R
ecyc
labl
es o
olle
cted
(to
ns)
Yar
d w
aste
(to
ns)
Hea
lthH
ome
visi
tslm
mun
izat
ion
clin
ic v
isits
San
itaña
n in
spec
tions
Ani
mal
con
tml
Ani
mal
con
ûol
pick
upo
Libr
ary
Circ
ulat
ion
Col
lect
ion
size
lnbr
ræt
use
San
itary
sew
erN
umbe
r of
cus
tom
ers
Fee
t of
sar
er c
þane
d
Wat
erN
umbe
r of
cr¡
stom
ers
-ave
rage
Ave
rage
dai
ly c
onsu
mpt
ion
Pea
k da
if co
nsum
ptio
n
2014
894
1,45
59,
742
10,6
27 59
6EE
2,83
62,
ÆO 45
1,19
01,
004 38
1,00
016
7
3,00
031
0
1,30
02,
N0
400
110
494,
000
140,
000
31,2
00
10,0
9025
5,00
0
8,00
02,
800,
000
4,59
,000
2013
873
1,01
27,
431
38,6
92 5E 675
2754
2136 45
1 15
597
5
7600
3000 31
0
104
477,
59',1
140,
000
?3,5
07
10,0
6025
0,00
0
7,93
02,
4æ,0
006,
770,
000
852
1,79
99,
445
39,3
æ 5E
5S4
2,88
82,
485
451,
137
910 32
1,05
316
7
8,20
52,
737
335
689
r,55
411
,093
n,71
4 5E 540
2,60
52,
765
451,
099
8ô3
629
1,60
69,
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A-89
APPENDIX B
FORM OF LEGAL OPINION
Quarles & Brady LLP411 East Wisconsin Avenue
Milwaukee, WI 53202
April 20, 2016
Re: City of Franklin, Wisconsin ("Issuer")$5,935,000 General Obligation Refunding Bonds, Series 2016A,dated April 20, 2016 ("Bonds")
We have acted as bond counsel to the Issuer in connection with the issuance of the Bonds. In such capacity,we have examined such law and such certified proceedings, certifications, and other documents as we have deemednecessary to render this opinion.
Regarding questions of fact material to our opinion, we have relied on the certified proceedings and othercertifications of public officials and others furnished to us without undertaking to verify the same by independentinvestigation.
The Bonds are numbered from R-1 and upward; bear interest at the rates set forth below; and mature onMarch 1 of each year, in the years and principal amounts as follows:
Year Principal Amount Interest Rate2017 $1,265,000 ____%2018 1,220,000 ____ 2019 1,205,000 ____ 2020 1,115,000 ____ 2021 1,130,000 ____
Interest is payable semi-annually on March 1 and September 1 of each year commencing on September 1, 2016.
The Bonds are not subject to optional redemption.
[The Bonds maturing in the years ______, ______ and ______ are subject to mandatory redemption by lotas provided in the resolution awarding the sale of the Bonds at the redemption price of par plus accrued interest tothe date of redemption and without premium.]
We further certify that we have examined a sample of the Bonds and find the same to be in proper form.
Based upon and subject to the foregoing, it is our opinion under existing law that:
1. The Bonds have been duly authorized and executed by the Issuer and are valid and binding generalobligations of the Issuer.
B-1
2. All the taxable property in the territory of the Issuer is subject to the levy of ad valorem taxes to payprincipal of, and interest on, the Bonds, without limitation as to rate or amount. The Issuer is required by law toinclude in its annual tax levy the principal and interest coming due on the Bonds except to the extent that necessaryfunds have been irrevocably deposited into the debt service fund account established for the payment of the principalof and interest on the Bonds.
3. The interest on the Bonds is excludable for federal income tax purposes from the gross income of theowners of the Bonds. The interest on the Bonds is not an item of tax preference for purposes of the federal alternativeminimum tax imposed by Section 55 of the Internal Revenue Code of 1986, as amended (the "Code") on corporations(as that term is defined for federal income tax purposes) and individuals. However, for purposes of computing thealternative minimum tax imposed on corporations, the interest on the Bonds is included in adjusted current earnings. The Code contains requirements that must be satisfied subsequent to the issuance of the Bonds in order for intereston the Bonds to be or continue to be excludable from gross income for federal income tax purposes. Failure to complywith certain of those requirements could cause the interest on the Bonds to be included in gross income retroactivelyto the date of issuance of the Bonds. The Issuer has agreed to comply with all of those requirements. The opinionset forth in the first sentence of this paragraph is subject to the condition that the Issuer comply with thoserequirements. We express no opinion regarding other federal tax consequences arising with respect to the Bonds.
We express no opinion regarding the accuracy, adequacy, or completeness of the Official Statement or anyother offering material relating to the Bonds. Further, we express no opinion regarding tax consequences arising withrespect to the Bonds other than as expressly set forth herein.
The rights of the owners of the Bonds and the enforceability thereof may be subject to bankruptcy,insolvency, reorganization, moratorium and similar laws affecting creditors' rights and may be subject to the exerciseof judicial discretion in accordance with general principles of equity, whether considered at law or in equity.
This opinion is given as of the date hereof, and we assume no obligation to revise or supplement this opinionto reflect any facts or circumstances that may hereafter come to our attention, or any changes in law that may hereafteroccur.
QUARLES & BRADY LLP
B-2
APPENDIX C
BOOK-ENTRY-ONLY SYSTEM
1. The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the securities(the "Securities"). The Securities will be issued as fully-registered securities registered in the name of Cede & Co.(DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregateprincipal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of[any] issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principalamount, and an additional certificate will be issued with respect to any remaining principal amount of such issue.]
2. DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New YorkBanking Law, a "banking organization" within the meaning of the New York Banking Law, a member of theFederal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code,and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues,corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC'sparticipants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among DirectParticipants of sales and other securities transactions in deposited securities, through electronic computerizedbook-entry transfers and pledges between Direct Participants' accounts. This eliminates the need for physicalmovement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers anddealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-ownedsubsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC,National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registeredclearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is alsoavailable to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, andclearing corporations that clear through or maintain a custodial relationship with a Direct Participant, eitherdirectly or indirectly ("Indirect Participants"). DTC has a Standard & Poor's rating of AA+. The DTC Rulesapplicable to its Participants are on file with the Securities and Exchange Commission. More information aboutDTC can be found at www.dtcc.com.
3. Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receivea credit for the Securities on DTC's records. The ownership interest of each actual purchaser of each Security("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Ownerswill not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected toreceive written confirmations providing details of the transaction, as well as periodic statements of their holdings,from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfersof ownership interests in the Securities are to be accomplished by entries made on the books of Direct and IndirectParticipants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representingtheir ownership interests in Securities, except in the event that use of the book-entry system for the Securities isdiscontinued.
4. To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in thename of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorizedrepresentative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. orsuch other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actualBeneficial Owners of the Securities; DTC's records reflect only the identity of the Direct Participants to whoseaccounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and IndirectParticipants will remain responsible for keeping account of their holdings on behalf of their customers.
C-1
5. Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to IndirectParticipants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed byarrangements among them, subject to any statutory or regulatory requirements as may be in effect from time totime. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them ofnotices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposedamendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain thatthe nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and requestthat copies of notices be provided directly to them.]
6. Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed,DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to beredeemed.
7. Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unlessauthorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTCmails an Omnibus Proxy to City as soon as possible after the record date. The Omnibus Proxy assigns Cede &Co.'s consenting or voting rights to those Direct Participants to whose accounts Securities are credited on therecord date (identified in a listing attached to the Omnibus Proxy).
8. Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or suchother nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit DirectParticipants' accounts upon DTC's receipt of funds and corresponding detail information from the City or Agent,on payable date in accordance with their respective holdings shown on DTC's records. Payments by Participantsto Beneficial Owners will be governed by standing instructions and customary practices, as is the case withsecurities held for the accounts of customers in bearer form or registered in "street name," and will be theresponsibility of such Participant and not of DTC, Agent, or the City, subject to any statutory or regulatoryrequirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividendpayments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) isthe responsibility of the City or Agent, disbursement of such payments to Direct Participants will be theresponsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility ofDirect and Indirect Participants.
9. A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant,to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant totransfer the Participant's interest in the Securities, on DTC's records, to [Tender/Remarketing] Agent. Therequirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase willbe deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC'srecords and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent's DTC account.
10. DTC may discontinue providing its services as depository with respect to the Securities at any time by givingreasonable notice to the City or Agent. Under such circumstances, in the event that a successor depository is notobtained, Security certificates are required to be printed and delivered.
11. The City may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successorsecurities depository). In that event, Security certificates will be printed and delivered to DTC.
12. The information in this section concerning DTC and DTC's book-entry system has been obtained from sourcesthat the City believes to be reliable, but the City takes no responsibility for the accuracy thereof.
C-2
APPENDIX D
FORM OF CONTINUING DISCLOSURE CERTIFICATE
CONTINUING DISCLOSURE CERTIFICATE
This Continuing Disclosure Certificate (the "Disclosure Certificate") is executed and delivered by the Cityof Franklin, Milwaukee County, Wisconsin (the "Issuer") in connection with the issuance of $5,935,000 GeneralObligation Refunding Bonds, Series 2016A, dated April 20, 2016 (the "Securities"). The Securities are being issuedpursuant to Resolutions adopted by the Governing Body of the Issuer on March 1, 2016 and April 4, 2016(collectively, the "Resolution") and delivered to __________ (the "Purchaser") on the date hereof. Pursuant to theResolution, the Issuer has covenanted and agreed to provide continuing disclosure of certain financial informationand operating data and timely notices of the occurrence of certain events. In addition, the Issuer hereby specificallycovenants and agrees as follows:
Section 1(a). Purpose of the Disclosure Certificate. This Disclosure Certificate is being executed anddelivered by the Issuer for the benefit of the holders of the Securities in order to assist the Participating Underwriterswithin the meaning of the Rule (defined herein) in complying with SEC Rule 15c2-12(b)(5). References in thisDisclosure Certificate to holders of the Securities shall include the beneficial owners of the Securities. ThisDisclosure Certificate constitutes the written Undertaking required by the Rule.
Section 1(b). Filing Requirements. Any filing under this Disclosure Certificate must be made solely bytransmitting such filing to the MSRB (defined herein) through the Electronic Municipal Market Access ("EMMA")System at www.emma.msrb.org in the format prescribed by the MSRB. All documents provided to the MSRB shallbe accompanied by the identifying information prescribed by the MSRB.
Section 2. Definitions. In addition to the defined terms set forth in the Resolution, which apply to anycapitalized term used in this Disclosure Certificate unless otherwise defined in this Section, the following capitalizedterms shall have the following meanings:
"Annual Report" means any annual report provided by the Issuer pursuant to, and as described in, Sections 3and 4 of this Disclosure Certificate.
"Audited Financial Statements" means the Issuer's annual financial statements, which are currently preparedin accordance with generally accepted accounting principles (GAAP) for governmental units as prescribed by theGovernmental Accounting Standards Board (GASB) and which the Issuer intends to continue to prepare insubstantially the same form.
"Final Official Statement" means the Preliminary Official Statement dated March 28, 2016 (as supplementedby an Addendum dated April 5, 2016) delivered in connection with the Securities, which is available from the MSRB.
"Fiscal Year" means the fiscal year of the Issuer.
"Governing Body" means the Common Council of the Issuer or such other body as may hereafter be thechief legislative body of the Issuer.
"Issuer" means the City of Franklin, Wisconsin which is the obligated person with respect to theSecurities.
"Issuer Contact" means the City Clerk of the Issuer who can be contacted at 9229 West Loomis Road,Franklin, Wisconsin 53132, phone (414) 425-7500, fax (414) 427-7627.
D-1
"Listed Event" means any of the events listed in Section 5(a) of this Disclosure Certificate.
"MSRB" means the Municipal Securities Rulemaking Board.
"Participating Underwriter" means any of the original underwriter(s) of the Securities (including thePurchaser) required to comply with the Rule in connection with the offering of the Securities.
"Rule" means SEC Rule 15c2-12(b)(5) promulgated by the SEC under the Securities Exchange Act of 1934,as the same may be amended from time to time, and official interpretations thereof.
"SEC" means the Securities and Exchange Commission.
Section 3. Provision of Annual Report and Audited Financial Statements.
(a) The Issuer shall, not later than 365 days after the end of the Fiscal Year, commencing with the yearthat ended December 31, 2015, provide the MSRB with an Annual Report filed in accordance with Section 1(b) ofthis Disclosure Certificate and which is consistent with the requirements of Section 4 of this Disclosure Certificate. The Annual Report may be submitted as a single document or as separate documents comprising a package, and maycross-reference other information as provided in Section 4 of this Disclosure Certificate; provided that the AuditedFinancial Statements of the Issuer may be submitted separately from the balance of the Annual Report and that, ifAudited Financial Statements are not available within 365 days after the end of the Fiscal Year, unaudited financialinformation will be provided, and Audited Financial Statements will be submitted to the MSRB when and if available.
(b) If the Issuer is unable or fails to provide to the MSRB an Annual Report by the date required insubsection (a), the Issuer shall send in a timely manner a notice of that fact to the MSRB in the format prescribed bythe MSRB, as described in Section 1(b) of this Disclosure Certificate.
Section 4. Content of Annual Report. The Issuer's Annual Report shall contain or incorporate by referencethe Audited Financial Statements and updates of the following sections of the Final Official Statement to the extentsuch financial information and operating data are not included in the Audited Financial Statements:
1. DEBT - Direct Debt2. DEBT - Debt Limit3. VALUATIONS - Current Property Valuations4. TAX LEVIES AND COLLECTIONS - Tax Levies and Collections
Any or all of the items listed above may be incorporated by reference from other documents, including officialstatements of debt issues of the Issuer or related public entities, which are available to the public on the MSRB’sInternet website or filed with the SEC. The Issuer shall clearly identify each such other document so incorporatedby reference.
Section 5. Reporting of Listed Events.
(a) This Section 5 shall govern the giving of notices of the occurrence of any of the following events withrespect to the Securities:
1. Principal and interest payment delinquencies;
2. Non-payment related defaults, if material;
3. Unscheduled draws on debt service reserves reflecting financial difficulties;
4. Unscheduled draws on credit enhancements reflecting financial difficulties;D-2
5. Substitution of credit or liquidity providers, or their failure to perform;
6. Adverse tax opinions, the issuance by the Internal Revenue Service of proposed or finaldeterminations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices ordeterminations with respect to the tax status of the Securities, or other material events affecting the tax status of theSecurities;
7. Modification to rights of holders of the Securities, if material;
8. Securities calls, if material, and tender offers;
9. Defeasances;
10. Release, substitution or sale of property securing repayment of the Securities, if material;
11. Rating changes;
12. Bankruptcy, insolvency, receivership or similar event of the Issuer;
13. The consummation of a merger, consolidation, or acquisition involving the Issuer or the sale of allor substantially all of the assets of the Issuer, other than in the ordinary course of business, the entry into a definitiveagreement to undertake such an action or the termination of a definitive agreement relating to any such actions, otherthan pursuant to its terms, if material; and
14. Appointment of a successor or additional trustee or the change of name of a trustee, if material.
For the purposes of the event identified in subsection (a)12. above, the event is considered to occur when anyof the following occur: the appointment of a receiver, fiscal agent or similar officer for the Issuer in a proceedingunder the U.S. Bankruptcy Code or in any other proceeding under state or federal law in which a court orgovernmental authority has assumed jurisdiction over substantially all of the assets or business of the Issuer, or if suchjurisdiction has been assumed by leaving the existing governing body and officials or officers in possession butsubject to the supervision and orders of a court or governmental authority, or the entry of an order confirming a planof reorganization, arrangement or liquidation by a court or governmental authority having supervision or jurisdictionover substantially all of the assets or business of the Issuer.
(b) When a Listed Event occurs, the Issuer shall, in a timely manner not in excess of ten business daysafter the occurrence of the Listed Event, file a notice of such occurrence with the MSRB. Notwithstanding theforegoing, notice of Listed Events described in subsections (a) (8) and (9) need not be given under this subsection anyearlier than the notice (if any) of the underlying event is given to holders of affected Securities pursuant to theResolution.
(c) Unless otherwise required by law, the Issuer shall submit the information in the format prescribedby the MSRB, as described in Section 1(b) of this Disclosure Certificate.
Section 6. Termination of Reporting Obligation. The Issuer's obligations under the Resolution and thisDisclosure Certificate shall terminate upon the legal defeasance, prior redemption or payment in full of all theSecurities.
Section 7. Issuer Contact; Agent. Information may be obtained from the Issuer Contact. Additionally, theIssuer may, from time to time, appoint or engage a dissemination agent to assist it in carrying out its obligations underthe Resolution and this Disclosure Certificate, and may discharge any such agent, with or without appointing asuccessor dissemination agent.
D-3
Section 8. Amendment; Waiver. Notwithstanding any other provision of the Resolution or this DisclosureCertificate, the Issuer may amend this Disclosure Certificate, and any provision of this Disclosure Certificate may bewaived, if the following conditions are met:
(a) (i) The amendment or waiver is made in connection with a change in circumstances that arises from achange in legal requirements, change in law, or change in the identity, nature, or status of the Issuer, or the type ofbusiness conducted; or
(ii) This Disclosure Certificate, as amended or waived, would have complied with the requirements ofthe Rule at the time of the primary offering, after taking into account any amendments or interpretations of the Rule,as well as any change in circumstances; and
(b) The amendment or waiver does not materially impair the interests of beneficial owners of the Securities,as determined and certified to the Issuer by an underwriter, financial advisor, bond counsel or trustee.
In the event this Disclosure Certificate is amended for any reason other than to cure any ambiguities,inconsistencies, or typographical errors that may be contained herein, the Issuer agrees the next Annual Report itsubmits after such amendment shall include an explanation of the reasons for the amendment and the impact of thechange, if any, on the type of financial statements or operating data being provided.
If the amendment concerns the accounting principles to be followed in preparing financial statements, thenthe Issuer agrees that it will give an event notice and that the next Annual Report it submits after such amendmentwill include a comparison between financial statements or information prepared on the basis of the new accountingprinciples and those prepared on the basis of the former accounting principles.
Section 9. Additional Information. Nothing in this Disclosure Certificate shall be deemed to prevent theIssuer from disseminating any other information, using the means of dissemination set forth in this DisclosureCertificate or any other means of communication, or including any other information in any Annual Report or noticeof occurrence of a Listed Event, in addition to that which is required by this Disclosure Certificate. If the Issuerchooses to include any information in any Annual Report or notice of occurrence of a Listed Event in addition to thatwhich is specifically required by this Disclosure Certificate, the Issuer shall have no obligation under this DisclosureCertificate to update such information or include it in any future Annual Report or notice of occurrence of a ListedEvent.
Section 10. Default. (a) Except as described in the Final Official Statement, in the previous five years, theIssuer has not failed to comply in all material respects with any previous undertakings under the Rule to provideannual reports or notices of events.
(b) In the event of a failure of the Issuer to comply with any provision of this Disclosure Certificate anyholder of the Securities may take such actions as may be necessary and appropriate, including seeking mandate orspecific performance by court order, to cause the Issuer to comply with its obligations under the Resolution and thisDisclosure Certificate. A default under this Disclosure Certificate shall not be deemed an event of default with respectto the Securities and the sole remedy under this Disclosure Certificate in the event of any failure of the Issuer tocomply with this Disclosure Certificate shall be an action to compel performance.
Section 11. Beneficiaries. This Disclosure Certificate shall inure solely to the benefit of the Issuer, theParticipating Underwriters and holders from time to time of the Securities, and shall create no rights in any otherperson or entity.
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IN WITNESS WHEREOF, we have executed this Certificate in our official capacities effective the 20th dayof April, 2016.
_____________________________Stephen R. OlsonMayor
(SEAL)
_____________________________Sandra L. WesolowskiCity Clerk
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APPENDIX E
NOTICE OF SALE
$5,935,000* GENERAL OBLIGATION REFUNDING BONDS, SERIES 2016ACITY OF FRANKLIN, WISCONSIN
Bids for the purchase of $5,935,000* General Obligation Refunding Bonds, Series 2016A (the "Bonds") of the Cityof Franklin, Wisconsin (the "City") will be received at the offices of Ehlers & Associates, Inc. ("Ehlers"), 3060 CentrePointe Drive, Roseville, Minnesota 55113-1105, Municipal Advisors to the City, until 10:00 AM, Central Time, andELECTRONIC PROPOSALS will be received via PARITY, in the manner described below, until 10:00 AMCentral Time, on April 4, 2016, at which time they will be opened, read and tabulated. The bids will be presentedto the Common Council for consideration for award by resolution at a meeting to be held at 6:30 PM, Central Time,on the same date. The bid offering to purchase the Bonds upon the terms specified herein and most favorable to theCity will be accepted unless all bids are rejected.
PURPOSE
The Bonds are authorized pursuant to Chapter 67, Wisconsin Statutes, by the City of Franklin, Wisconsin (the "City"),for the purpose of financing a current refunding of certain outstanding general obligations of the City as more fullydescribed herein. The Bonds will be general obligations of the City for which its full faith, credit and taxing powersare pledged.
DATES AND MATURITIES
The Bonds will be dated April 20, 2016, will be issued as fully registered Bonds in the denomination of $5,000 each,or any integral multiple thereof, and will mature on March 1 as follows:
Year Amount* Year Amount* Year Amount*
2017 $1,265,000 2019 $1,205,000 2021 $1,130,000
2018 1,220,000 2020 1,115,000
ADJUSTMENT OPTION
* The City reserves the right to increase or decrease the principal amount of the Bonds on the day of sale, inincrements of $5,000 each. Increases or decreases may be made in any maturity. If any principal amounts areadjusted, the purchase price proposed will be adjusted to maintain the same gross spread per $1,000.
TERM BOND OPTION
Bids for the Bonds may contain a maturity schedule providing for any combination of serial bonds and term bonds,subject to mandatory redemption, so long as the amount of principal maturing or subject to mandatory redemptionin each year conforms to the maturity schedule set forth above. All dates are inclusive.
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INTEREST PAYMENT DATES AND RATES
Interest will be payable on March 1 and September 1 of each year, commencing September 1, 2016, to the registeredowners of the Bonds appearing of record in the bond register as of the close of business on the 15th day (whether ornot a business day) of the immediately preceding month. Interest will be computed upon the basis of a 360-day yearof twelve 30-day months and will be rounded pursuant to rules of the Municipal Securities Rulemaking Board. Therate for any maturity may not be more than 1.00% less than the rate for any preceding maturity. (Forexample, if a rate of 4.50% is proposed for the 2017 maturity, then the lowest rate that may be proposed forany later maturity is 3.50%.) All Bonds of the same maturity must bear interest from date of issue until paid at asingle, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%.
BOOK-ENTRY-ONLY FORMAT
Unless otherwise specified by the purchaser, the Bonds will be designated in the name of Cede & Co., as nomineefor The Depository Trust Company, New York, New York ("DTC"). DTC will act as securities depository for theBonds, and will be responsible for maintaining a book-entry system for recording the interests of its participants andthe transfers of interests between its participants. The participants will be responsible for maintaining recordsregarding the beneficial interests of the individual purchasers of the Bonds. So long as Cede & Co. is the registeredowner of the Bonds, all payments of principal and interest will be made to the depository which, in turn, will beobligated to remit such payments to its participants for subsequent disbursement to the beneficial owners of the Bonds.
PAYING AGENT
The City will select a bank or trust company or an officer of the City to act as paying agent (the "Paying Agent"). If the City selects a bank or trust company, the City will pay the charges for Paying Agent services. The City reservesthe right to remove the Paying Agent and appoint a successor.
OPTIONAL REDEMPTION
The Bonds are being offered without option of prior optional redemption.
DELIVERY
On or about April 20, 2016, the Bonds will be delivered without cost to the winning bidder at DTC. On the day ofclosing, the City will furnish to the winning bidder the opinion of bond counsel hereinafter described, an arbitragecertification, and certificates verifying that no litigation in any manner questioning the validity of the Bonds is thenpending or, to the best knowledge of officers of the City, threatened. Payment for the Bonds must be received by theCity at its designated depository on the date of closing in immediately available funds.
LEGAL OPINION
An opinion as to the validity of the Bonds and the exemption from federal taxation of the interest thereon will befurnished by Quarles & Brady LLP, Bond Counsel to the City, and will be available at the time of delivery of theBonds. The legal opinion will be issued on the basis of existing law and will state that the Bonds are valid andbinding general obligations of the City; provided that the rights of the owners of the Bonds and the enforceability of
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the Bonds may be limited by bankruptcy, insolvency, reorganization, moratorium, and other similar laws affectingcreditors' rights and by equitable principles (which may be applied in either a legal or equitable proceeding).
SUBMISSION OF BIDS
Bids must not be for less than $5,905,325 nor more than $6,231,750 plus accrued interest on the principal sum of$5,935,000 from date of original issue of the Bonds to date of delivery. A signed bid form must be submitted toEhlers prior to the time established above for the opening of bids as follows:
1) In a sealed envelope as described herein; or
2) A facsimile submission to Ehlers, Facsimile Number (651) 697-8555; or
3) Electronically via PARITY in accordance with this Notice of Sale until 10:00 AM Central Time, but no bidwill be received after the time for receiving bids specified above. To the extent any instructions or directionsset forth in PARITY conflict with this Notice of Sale, the terms of this Notice of Sale shall control. Forfurther information about PARITY, potential bidders may contact Ehlers or i-Deal LLC at 1359 Broadway,2nd Floor, New York, New York 10018, Telephone (212) 849-5021.
Bids must be submitted to Ehlers via one of the methods described above and must be received prior to the timeestablished above for the opening of bids. Each bid must be unconditional except as to legality. Neither the City norEhlers shall be responsible for any failure to receive a facsimile submission.
A cashier’s check in the amount of $118,700 may be submitted contemporaneously with the bid or, alternatively, agood faith deposit in the amount of $118,700 shall be made by the winning bidder by wire transfer of funds toKleinBank, 1550 Audubon Road, Chaska, Minnesota, ABA No. 091915654 for credit: Ehlers & AssociatesGood Faith Account No. 3208138. Such good faith deposit ("Deposit") shall be received by Ehlers no later than twohours after the bid opening time. The City reserves the right to award the Bonds to a winning bidder whose wiretransfer is initiated but not received by such time provided that such winning bidder’s federal wire reference numberhas been received by such time. In the event the Deposit is not received as provided above, the City may award theBonds to the bidder submitting the next best bid provided such bidder agrees to such award. The Deposit will beretained by the City as liquidated damages if the bid is accepted and the Purchaser fails to comply therewith. TheDeposit will be returned to the Purchaser at the closing for the Bonds.
The City and the winning bidder who chooses to so wire the Deposit hereby agree irrevocably that Ehlers shall bethe escrow holder of the Deposit wired to such account subject only to these conditions and duties: 1) All incomeearned thereon shall be retained by the escrow holder as payment for its expenses; 2) If the bid is not accepted, Ehlersshall, at its expense, promptly return the Deposit amount to the winning bidder; 3) If the bid is accepted, the Depositshall be returned to the winning bidder at the closing; 4) Ehlers shall bear all costs of maintaining the escrow accountand returning the funds to the winning bidder; 5) Ehlers shall not be an insurer of the Deposit amount and shall haveno liability hereunder except if it willfully fails to perform or recklessly disregards, its duties specified herein; and6) FDIC insurance on deposits within the escrow account shall be limited to $250,000 per bidder.
No bid can be withdrawn after the time set for receiving bids unless the meeting of the City scheduled for award ofthe Bonds is adjourned, recessed, or continued to another date without award of the Bonds having been made.
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AWARD
The Bonds will be awarded to the bidder offering the lowest interest rate to be determined on a True Interest Cost(TIC) basis. The City’s computation of the interest rate of each bid, in accordance with customary practice, will becontrolling. In the event of a tie, the sale of the Bonds will be awarded by lot. The City reserves the right to rejectany and all bids and to waive any informality in any bid.
BOND INSURANCE
If the Bonds are qualified for any bond insurance policy, the purchase of such policy shall be at the sole option andexpense of the winning bidder. Any cost for such insurance policy is to be paid by the winning bidder, except that,if the City requested and received a rating on the Bonds from a rating agency, the City will pay that rating fee. Anyrating agency fees not requested by the City are the responsibility of the winning bidder.
Failure of the municipal bond insurer to issue the policy after the Bonds are awarded to the winning bidder shall notconstitute cause for failure or refusal by the winning bidder to accept delivery of the Bonds.
CUSIP NUMBERS
The City will assume no obligation for the assignment or printing of CUSIP numbers on the Bonds or for thecorrectness of any numbers printed thereon, but will permit such numbers to be printed at the expense of the winningbidder, if the winning bidder waives any delay in delivery occasioned thereby.
QUALIFIED TAX-EXEMPT OBLIGATIONS
The Bonds will be qualified tax-exempt obligations for purposes of Section 265(b)(3) of the Internal Revenue Codeof 1986, as amended.
CONTINUING DISCLOSURE
In order to assist the Underwriters in complying with the provisions of Rule 15c2-12 promulgated by the Securitiesand Exchange Commission under the Securities Exchange Act of 1934, as amended, the City will enter into anundertaking for the benefit of the holders of the Bonds. A description of the details and terms of the undertaking isset forth in Appendix D of the Preliminary Official Statement.
INFORMATION FROM WINNING BIDDER
The winning bidder will be required to provide, in a timely manner, certain information relating to the initial offeringprices of the Bonds necessary to compute the yield on the Bonds pursuant to the provisions of the Internal RevenueCode of 1986, as amended.
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PRELIMINARY OFFICIAL STATEMENT
Bidders may obtain a copy of the Preliminary Official Statement relating to the Bonds prior to the bid opening byrequest from Ehlers at www.ehlers-inc.com by connecting to the link to the Bond Sales. The Syndicate Manager willbe provided with an electronic copy and up to 10 printed copies upon request of the Final Official Statement withinseven business days of the bid acceptance. Additional copies of the Final Official Statement will be available at a costof $10.00 per copy.
Information for bidders and bid forms may be obtained from Ehlers at 3060 Centre Pointe Drive, Roseville, Minnesota55113-1105, Telephone (651) 697-8500.
By Order of the Common Council
Paul Rotzenberg, Director of Finance & TreasurerCity of Franklin, Wisconsin
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BID FORM
The Common Council April 4, 2016City of Franklin, Wisconsin
RE: $5,935,000*General Obligation Refunding Bonds, Series 2016ADATED: April 20, 2016
For all or none of the above Bonds, in accordance with the Notice of Sale and terms of the Global Book-Entry System (unless otherwise specified bythe Purchaser) as stated in this Preliminary Official Statement, we will pay you $__________________ (not less than $5,905,325 nor more than$6,231,750) plus accrued interest to date of delivery for fully registered Bonds bearing interest rates and maturing in the stated years as follows:
% due 2017 % due 2019 % due 2021
% due 2018 % due 2020
* The City reserves the right to increase or decrease the principal amount of the Bonds on the day of sale, in increments of $5,000 each. Increases ordecreases may be made in any maturity. If any principal amounts are adjusted, the purchase price proposed will be adjusted to maintain the same grossspread per $1,000.
The rate for any maturity may not be more than 1.00% less than the rate for any preceding maturity. (For example, if a rate of 4.50% isproposed for the 2017 maturity, then the lowest rate that may be proposed for any later maturity is 3.50%.) All Bonds of the same maturity mustbear interest from date of issue until paid at a single, uniform rate. Each rate must be expressed in an integral multiple of 5/100 or 1/8 of 1%.
We enclose our good faith deposit in the amount of $118,700, to be held by you pending delivery and payment. Alternatively, if we are the winningbidder, we will wire our good faith deposit to KleinBank, 1550 Audubon Road, Chaska, Minnesota, ABA No. 091915654 for credit: Ehlers &Associates Good Faith Account No. 3208138. Such good faith deposit shall be received by Ehlers & Associates no later than two hours after the bidopening time. The City reserves the right to award the Bonds to a winning bidder whose wire transfer is initiated but not received by such time providedthat such winning bidder’s federal wire reference number has been received. In the event the Deposit is not received as provided above, the City mayaward the Bonds to the bidder submitting the next best bid provided such bidder agrees to such award. If our bid is not accepted, said deposit shall bepromptly returned to us. If the good faith deposit is wired to such escrow account, we agree to the conditions and duties of Ehlers & Associates, Inc.,as escrow holder of the good faith deposit, pursuant to the Notice of Sale. This bid is for prompt acceptance and is conditional upon delivery of saidBonds to The Depository Trust Company, New York, New York, in accordance with the Notice of Sale. Delivery is anticipated to be on or about April20, 2016.
This bid is subject to the City’s agreement to enter into a written undertaking to provide continuing disclosure under Rule 15c2-12 promulgated by theSecurities and Exchange Commission under the Securities Exchange Act of 1934 as described in the Preliminary Official Statement for this Issue.
We have received and reviewed the Preliminary Official Statement and have submitted our requests for additional information or corrections to the FinalOfficial Statement. As Syndicate Manager, we agree to provide the City with the reoffering price of the Bonds within 24 hours of the bid acceptance.
Account Manager: By:
Account Members:
Award will be on a true interest cost basis. According to our computations (the correct computation being controlling in the award), the totaldollar interest cost (including any discount or less any premium) computed from April 20, 2016 of the above bid is $_______________and the trueinterest cost (TIC) is __________%.
The foregoing offer is hereby accepted by and on behalf of the Common Council of the City of Franklin, Wisconsin, on April 4, 2016.
By: By:
Title: Title: