City of Oakwood, Ohio
Management’s Discussion and Analysis
For The Year Ended December 31, 2024
(Unaudited)
Explanations for larger fluctuations between years are as follows:
- Investment earnings increased $28,437 over the prior; it is the intention of the City to hold assets to maturity so as not realize any losses.
- Expenses decreased in 2024 because of the impact of GASB Statements No. 68 and 75. The annual pension expense and an annual OPEB expense for the proportionate share of each plan’s change in net pension liability and net OPEB liability resulted in an increase of expense of $0.4 million in 2024. The impact of GASB Statements No. 68 and 75 was a increase of $1.0 million in 2023, primarily in the Ohio Police and Fire Pension Plan.
- Income tax revenues increased 1,555,466 over the prior year.
The following table presents condensed information on Changes in Net Position for the year:
Table 2
Changes in Net Position
Scroll right to view full table →
| Governmental Activities | Business-Type Activities | Total | ||||
|---|---|---|---|---|---|---|
| 2024 | 2023 - Restated | 2024 | 2023 - Restated | 2024 | 2023 - Restated | |
| Program Revenues: | ||||||
| Charges for Services | $2,578,283 | $2,854,603 | $4,580,504 | $3,476,971 | $7,158,787 | $6,331,574 |
| Operating Grants and Contributions | 1,177,567 | 718,505 | 0 | 0 | 1,177,567 | 718,505 |
| Capital Grants and Contributions | 40,000 | 40,000 | 0 | 0 | 40,000 | 40,000 |
| Total Program Revenues | 3,795,850 | 3,613,108 | 4,580,504 | 3,476,971 | 8,376,354 | 7,090,079 |
| General Revenues: | ||||||
| Income Taxes | 12,014,596 | 10,459,130 | 0 | 0 | 12,014,596 | 10,459,130 |
| Property Taxes | 2,106,240 | 2,710,227 | 0 | 0 | 2,106,240 | 2,710,227 |
| Grants and Entitlements | 1,627,229 | 1,068,830 | 0 | 0 | 1,627,229 | 1,068,830 |
| Revenues in Lieu of Taxes | 0 | 0 | 0 | 0 | 0 | 0 |
| Investment Earnings | 762,874 | 731,873 | 158,788 | 161,352 | 921,662 | 893,225 |
| Other Revenues | 215,274 | 99,387 | 13,768 | 25,663 | 229,042 | 125,050 |
| Total General Revenues | 16,726,213 | 15,069,447 | 172,556 | 187,015 | 16,898,769 | 15,256,462 |
| Total Revenues | 20,522,063 | 18,682,555 | 4,753,060 | 3,663,986 | 25,275,123 | 22,346,541 |
| Program Expenses: | ||||||
| General Government | 3,928,744 | 3,327,513 | 0 | 0 | 3,928,744 | 3,327,513 |
| Public Safety | 7,487,977 | 8,005,204 | 0 | 0 | 7,487,977 | 8,005,204 |
| Community Development | 1,296,116 | 2,549,935 | 0 | 0 | 1,296,116 | 2,549,935 |
| Leisure Time | 1,850,569 | 1,404,086 | 0 | 0 | 1,850,569 | 1,404,086 |
| Transportation and Street Repair | 2,695,206 | 1,957,614 | 0 | 0 | 2,695,206 | 1,957,614 |
| Public Works | 0 | 595,590 | 0 | 0 | 0 | 595,590 |
| Public Health and Welfare | 201,344 | 176,512 | 0 | 0 | 201,344 | 176,512 |
| Water | 0 | 0 | 1,412,515 | 1,556,430 | 1,412,515 | 1,556,430 |
| Sewer | 0 | 0 | 2,195,682 | 2,071,454 | 2,195,682 | 2,071,454 |
| Stormwater | 0 | 0 | 305,428 | 263,891 | 305,428 | 263,891 |
| Total Program Expenses | 17,459,956 | 18,016,454 | 3,913,625 | 3,891,775 | 21,373,581 | 21,908,229 |
| Increase (Decrease) in Net Position | ||||||
| before Transfers | 3,062,107 | 666,101 | 839,435 | (227,789) | 3,901,542 | 438,312 |
| Transfers - Internal Activities | 0 | (985,000) | 0 | 985,000 | 0 | 0 |
| Change in Net Position | 3,062,107 | (318,899) | 839,435 | 757,211 | 3,901,542 | 438,312 |
| Net Position - Beginning of Year, as Restated | 42,524,872 | 42,843,771 | 7,624,896 | 6,867,685 | 50,149,768 | 49,711,456 |
| Net Position - End of Year | $45,586,979 | $42,524,872 | $8,464,331 | $7,624,896 | $54,051,310 | $50,149,768 |
8