Feb. 11, 2013

The city of Phoenix has released its Financial Condition Report which provides an overview of the city's financial outlook, financial position, assets, debt and summarizes the Comprehensive Annual Financial Report (CAFR) for the fiscal year ending June 30, 2012.

“The Financial Condition Report provides transparency of the city's entire financial operations in a comprehensive, yet easy-to-understand format.  Most importantly, it provides information about how Phoenix tax dollars are spent,” said Mayor Greg Stanton.

While the detailed CAFR uses technical accounting terms and exceeds 250 pages, the Financial Condition Report is only 21 pages and provides graphs and charts to make financial data easier to understand.

“Engaging Phoenix residents in this process is a priority. They want to know how their money is being put to use. We continue to look for ways to make this kind of information understandable and readily available to the public,” said City Manager David Cavazos.

The 2012 Financial Condition Report highlights the following fiscal achievements:

• The city refinanced more than $572 million in bonds, reducing debt service by more than $65 million.
• The city's General Obligation Bonds continue to be rated AAA by Standard & Poor's, the highest rating possible.
• Due to efficiency gains and controlled expenses, the Water, Wastewater and Solid Waste Enterprise Funds increased their net assets without increasing fees. Phoenix continued to maintain its infrastructure by focusing on water and sewer mains and streets in 2012.
• PHX Sky Train, which will open to the public in early 2013, was the city's largest capital project.

Phoenix has maintained stable government wide net assets, which is the difference between the resources and the outstanding obligations of the city, with virtually no change from the 2011 balance.

To download the 2012 Financial Condition Report, visit phoenix.gov/finance.     

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