26BUDGET(FULL-LINKED) - Flipbook - Page 265
CITY OF PLYMOUTH
Schedule of City OPEB Contributions:
2024
2023
2022
2021
2020
Actuarially determined contribution
Contributions in relation to the actuarially
determined contribution
$839,343
$1,096,864
$479,259
$580,389
$491,214
378,093
1,096,864
479,259
580,389
491,214
Contribution Excess (Excess)
$461,250
$0
$0
$0
$0
Covered Employee Payroll
$2,487,649
$2,400,541
$2,822,190
$3,294,820
$3,294,820
Contributions as a Percentage of
Covered Employee Payroll
15.2%
45.7%
17.0%
17.6%
14.9%
Source: Audited Financial Statements
DEBT STATEMENT:
As of December 12, 2024
Bonds
DIRECT DEBT
Dated
General Obligation Bonds:
Street Improvement, UT
04/01/2020
Street Improvement, UT
04/03/2024
TOTAL DIRECT DEBT
OVERLAPPING DEBT
Municipality
Percent
9.53%
Plymouth Canton S/D
1.37%
Wayne County
1.34%
Wayne I/S/D
4.04%
Schoolcraft Community College
25.13%
Plymouth District Library
NET OVERLAPPING DEBT
NET DIRECT AND OVERLAPPING DEBT
Source: Municipal Advisory Council of Michigan
Final
Maturity
Amount
Outstanding
04/01/2030
04/01/2034
$3,955,000
5,030,000
Amount
Outstanding
$279,310,000
64,344,855
0
45,305,000
0
City's
Share
$26,618,243
881,525
0
1,830,322
0
$8,985,000
$29,330,090
$38,315,090
LEGAL DEBT MARGIN:
State Equalized Valuation - 2024
Debt Limit - 10% of State Equalized Valuation
$1,009,758,000
$100,975,800
Amount of Direct Debt Outstanding
Less: Special Assessment Bonds
Amount of Direct Subject to Limitation
LEGAL DEBT MARGIN
$8,985,000
0
8,985,000
$91,990,800
OTHER DEBT OBLIGATIONS:
Dated
09/22/2015
12/15/2019
05/18/2020
01/10/2022
03/17/2022
03/24/2023
Description
Aerial Platform Fire Truck - Act 99 Loan*
2020 Rosenbauer Pumper
2020 Swaploader
2022 Fire Truck
2022 Tahoes (3)
2023 Ford Trucks (4)
Maturity
Date
10/01/2025
02/15/2026
05/18/2025
03/01/2029
01/15/2025
08/01/2025
Amount
Outstanding
$60,770*
315,824
44,082
459,352
34,276
153,162
$1,006,696
*Total Act 99 Loan issued at $462,596 by City of Northville subject to a shared payment interlocal governmental agreement for fire services between
the City of Plymouth and City of Northville based on relative number of fire runs annually--current estimated share is 59% for City of Plymouth and
41% for City of Northville. Amount outstanding above reflects estimated City of Plymouth share based on anticipated share of 59%.
Source: City of Plymouth
City of Plymouth Annual Disclosure
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