Annual Comprehensive Financial Report City of Akron, Ohio

Annual Comprehensive
Financial Report
City of Akron, Ohio
For the Fiscal Year Ended December 31, 2022
Daniel Horrigan, Mayor

-- 1 of 247 --

City of Akron, Ohio
For the Fiscal Year Ended December 31, 2022
Issued by the Department of Finance

-- 2 of 247 --

ELECTED AND APPOINTED OFFICIALS
As of July 2023
Daniel Horrigan, Mayor
COUNCIL MEMBERS
Nancy L. Holland 	1st Ward
Phil Lombardo 	2nd Ward
Margo M. Sommerville, Council 	3rd Ward
Russel C. Neal, Jr. 	4th Ward
Tara Mosley 	5th Ward
Brad McKitrick 	6th Ward
Donnie J. Kammer 	7th Ward
Shammas Malik 	8th Ward
Michael N. Freeman 	9th Ward
Sharon L. Connor 	10th Ward
Jeff Fusco 	Councilman-at-Large
Linda F. R. Omobien 	Councilwoman-at-Large
Ginger Baylor 	Councilwoman-at-Large
CABINET OF THE MAYOR
Stephen F. Fricker 	Director of Finance
Christopher D. Ludle 	Director of Public Service
Eve V. Belfance 	Director of Law
Thomas A. Tatum 	Director of Planning and Urban Development
Yamini Adkins 	Director of Human Resources
Gertrude Wilms 	Chief of Staff and Deputy Mayor for Administration
Sean Vollman 	Director of Integrated Development
Marco S. Sommerville 	Deputy Mayor for Intergovernmental Affairs and Senior Advisor
Samuel D. DeShazior 	Director of Business Retention and Expansion
Clarence I. Tucker 	Deputy Mayor for Public Safety
Frank Williams 	Deputy Mayor for Labor Relations
Michael P. Wheeler 	Deputy Director of Finance
Eufrancia Lash 	Deputy Director of Public Service and Neighborhood Assistance
John C. Reece 	Deputy Director of Law
Randy D. Briggs 	Assistant to the Mayor for Labor Relations
James Aitken 	Deputy Director of Public Service -Operations
1

-- 3 of 247 --

Voters
MAYOR
Daniel Horrigan
POLICE AUDITOR
COUNCIL
13 Members • 3-at-large
10 Wards
CLERK OF COUNCIL
Sara Biviano
HEALTH
COMMISSION
CIVIL SERVICE
COMMISSION
OTHER BOARDS &
COMMISSIONS
DEPARTMENT OF
HUMAN RESOURCES
Yamini Adkins
Director
DEPARTMENT OF
FINANCE
Stephen F. Fricker
Director
DEPARTMENT OF
NEIGHBORHOOD
ASSISTANCE
Eufrancia Lash
Deputy Director
DEPARTMENT OF LAW
Eve V. Belfance
Director
DEPARTMENT OF
PUBLIC SERVICE
Chris Ludle, Director
DEPUTY MAYOR FOR
PUBLIC SAFETY
Clarence I. Tucker
James Aitken
Deputy Director
FIRE DIVISION
Joseph C. Natko, Chief
DEPUTY
MAYORS
ADMINISTRATION
Gertrude Wilms INTEGRATED
DEVELOPMENT
Sean Vollman
DEPARTMENT OF PLANNING
& URBAN DEVELOPMENT
Thomas Tatum, Director
DEVELOPMENT
ENTREPRENEURSHIP
David Messner
STRATEGIC DEVELOPMENT
BUSINESS RETENTION &
EXPANSION
Samuel D. DeShazior
Director
BUSINESS RETENTION &
EXPANSION DIVISION
Brad Beckert
DEVELOPMENT ENGINEERING
DIVISION
Michelle DiFiore
DOWNTOWN OPERATIONS
Christopher Griffith
LONG RANGE PLANNING
DIVISION
Helen Tomic
RECREATION & PARKS
DIVISION
Brittany Schmoekel
ZONING DIVISION
Mike Antenucci
AMATS DIVISION
Curtis Baker
INTERGOVERNMENTAL
AFFAIRS
Marco Sommerville
LABOR RELATIONS
Frank Williams
ASSISTANT TO THE MAYOR
FOR LABOR RELATIONS
Randy D. Briggs
POLICE DIVISION
Stephen Mylett, Chief
SAFETY COMMUNICATIONS
Brian Harding
Deputy Chief
ENGINEERING BUREAU
Travis Capper
PLANS & PERMITS
Chad Kobelt
TRAFFIC ENGINEERING
Mike Lupica
WATER BUREAU
Jeff Bronowski
SEWER BUREAU
Rob Scarlitelli, Acting
PUBLIC WORKS
BUREAU
James Hall
Deputy Manager
• Highway Maintenance
• Parks Maintenance
• Street Cleaning
• Sanitation Services
• Motor Equipment
• Building Maintenance
GOLF COURSE
James Harris
Stacey Doty
Assistant Director
ACCOUNTING DIVISION 311 CALL CENTER
Greg Kalail
John C. Reece
Deputy Director
CIVIL DIVISION
CRIMINAL DIVISION
Craig Morgan
NUISANCE
COMPLIANCE
Greg Kalail
HOUSING DIVISION
Duane Groeger
HOUSING &
COMMUNITY
SERVICES DIVISION
Thomas Tatum
AUDIT & BUDGET
DIVISION
Michael P. Wheeler
BUSINESS SERVICES
Brian Reaman
COMMUINCATIONS
Malcolm Valentine
PURCHASING DIVISION
Luba Cramer
TAXATION DIVISION
TREASURY DIVISION
Sherrill Bryson
INFORMATION
TECHNOLOGY
Bill Fatica
Darren Rozenek
Gal Engelbert
TRAIN ING AND EEO
OFFICER
Ryan Glowczewski
2023
CITY OF AKRON
GOVERNMENT ORGANIZATION
Theresa Johnson
Phillip Young
CITIZENS' POLICE
OVERSIGHT BOARD
Patricia Chittock
2

-- 4 of 247 --

3

-- 5 of 247 --

CITY OF AKRON, OHIO
ANNUAL COMPREHENSIVE FINANCIAL REPORT
TABLE OF CONTENTS
Exhibit Page
INTRODUCTORY SECTION:
List of Officials 1
Organization Chart 2
Table of Contents 4
Finance Director's Letter of Transmittal 8
Certificate of Achievement for Excellence in Financial Reporting 16
FINANCIAL SECTION:
Independent Auditor's Report 18
Management's Discussion and Analysis 22
Basic Financial Statements 40
Government-wide Financial Statements:
Statement of Net Position 1 41
Statement of Activities 2 42
Fund Financial Statements:
Balance Sheet - Governmental Funds 3 43
Reconciliation of the Balance Sheet to the Statement of Net Position - 3a 44
Governmental Funds
Statement of Revenues, Expenditures and Changes in 4 45
Fund Balances - Governmental Funds
Reconciliation of the Statement of Revenues, Expenditures and 4a 46
Changes in Fund Balances to the Statement of Activities - Governmental Funds
Statement of Net Position - Proprietary Funds 5 47
Statement of Revenues, Expenses and Changes in Net Position - Proprietary Funds 6 48
Statement of Cash Flows - Proprietary Funds 7 49
Statement of Fiduciary Net Position - Fiduciary Funds- Custodial 8 50
Statement of Changes in Fiduciary Net Position - Custodial Funds 9 51
Notes to the Financial Statements:
1. Summary of Significant Accounting Policies 52
2. Pooled Cash and Investments 64
3. Receivables 68
4. Due From/To Other Governments 69
5. Due From/To Other Funds 70
6. Deposits 71
7. Capital Assets 72
8. Accrued Vacation and Leave 75
9. Pension and Other Post-Retirement Benefit Plans 77
10. Notes Payable 95
11. Bonds and Loans Payable and Defeased Debt 97
12. Obligations Under Leases, Financed Purchases and Certificates of Participation (COPs) 111
4

-- 6 of 247 --

CITY OF AKRON, OHIO
ANNUAL COMPREHENSIVE FINANCIAL REPORT
TABLE OF CONTENTS
(Continued)
Exhibit Page
Notes to the Financial Statements (Continued):
13. Self-Insurance Funds 116
14. Long-Term Liabilities 118
15. Compliance and Accountability 119
16. Income Taxes 120
17. Property Taxes 120
18. JEDD Revenues 121
19. Pledged Revenues 122
20. Pollution Remediation 127
21. Deferred Inflows/Outflows of Resources 128
22. Transfers and Advances 129
23. Contingencies 130
24. Closure and Post-Closure Care Costs 131
25. Jointly Governed Organizations 131
26. Related Organization 131
27. Joint Ventures 132
28. Fund Balance 134
29. Tax Abatements 135
30. Restatement of Net Position 135
31. Subsequent Events 136
Required Supplementary Information
Schedules of Revenues, Expenditures and Changes
in Fund Balances - Budget and Actual - Non-GAAP Budget Basis
• General Fund A-1 138
• Community Learning Centers Fund A-2 141
• Income Tax Capital Improvement Fund A-3 142
• Special Assessment Fund A-4 143
• Various Purpose Funding Fund A-5 144
Schedule of Net Pension Liability and Related Ratios under OPERS 145
Schedule of Contributions under OPERS to State Pension and OPEB 146
Schedule of Net Pension Liability and Related Ratios under OP&F 147
Schedule of Contributions under OP&F to State Pension and OPEB 148
Schedule of Changes in the Net OPEB Liability and Related Ratios 149
Schedule of Net OPEB Liability and Related Ratios for State OPEB Plans 150
Schedule of Contributions under the City of Akron's OPEB Plan 151
Notes to the Required Supplementary Information
• Budgetary Data 152
• Schedule of City's Proportionate Share of Net Pension Liability 153
• Schedule of the City Contributions to State Pension Funds and OPEB 153
• Schedule of the Net OPEB Liabilty and Related Ratios 153
Supplementary Information
Non-Major Governmental Funds: 154
Combining Balance Sheet - Non-Major Governmental Funds B-1 156
Combining Statement of Revenues, Expenditures and Changes in Fund Balances - B-2 163
Non-Major Governmental Funds
5

-- 7 of 247 --

CITY OF AKRON, OHIO
ANNUAL COMPREHENSIVE FINANCIAL REPORT
TABLE OF CONTENTS
(Continued)
Exhibit Page
Schedules of Revenues, Expenditures and Changes in
Fund Balances - Budget and Actual - Non-GAAP Budget Basis
• Income Tax Collection Fund B-3 170
• Emergency Medical Service Fund B-4 171
• Police Pension Employer's Liabilty Fund B-5 172
• Fire Pension Employer's Liability Fund B-6 173
• Street and Highway Maintenance Fund B-7 174
• Community Development Fund B-8 175
• Community Environment Grants Fund B-9 176
• Akron Metropolitan Area Transportation Study Fund B-10 177
• H.O.M.E. Program Fund B-11 178
• Tax Equivalency Fund B-12 179
• Special Revenue Loans Fund B-13 180
• Joint Economic Development Districts Fund B-14 181
• Akron Municipal Court Information System Fund B-15 182
• Police Grants Fund B-16 183
• Safety Programs Fund B-17 184
• City Facilities Operating Fund B-18 185
• Deposits Fund B-19 186
• Police, Fire, and Road Activity Fund B-20 187
• General Grants Fund B-21 188
• General Bond Payment Fund B-22 189
• Streets Fund B-23 190
• Information Technology and Improvements Fund B-24 191
• Parks and Recreation Fund B-25 192
• Public Facilities and Improvements Fund B-26 193
• Public Parking Fund B-27 194
• Economic Development Fund B-28 195
Non-Major Enterprise Funds: 196
Combining Statement of Net Position - Non-Major Enterprise Funds C-1 197
Combining Statement of Revenues, Expenses and Changes in Fund Net Position - C-2 198
Non-Major Enterprise Funds
Combining Statement of Cash Flows - Non-Major Enterprise Funds C-3 199
Internal Service Funds: 202
Combining Statement of Net Position - Internal Service Funds D-1 203
Combining Statement of Revenues, Expenses and Changes in Fund Net Position - D-2 205
Internal Service Funds
Combining Statement of Cash Flows - Internal Service Funds D-3 207
Fiduciary Funds: 212
Combining Statement of Fiducary Net Position - Custodial Funds E-1 213
Combining Statement of Changes in Fiduciary Net Position - Custodial Funds E-2 215
6

-- 8 of 247 --

CITY OF AKRON, OHIO
ANNUAL COMPREHENSIVE FINANCIAL REPORT
TABLE OF CONTENTS
(Continued)
STATISTICAL SECTION: Schedule Page
Statistical Section: 218
Net Position by Component, Last Ten Fiscal Years 1 220
Changes in Net Position, Last Ten Fiscal Years 2 221
Fund Balances, Governmental Funds, Last Ten Fiscal Years 3 223
Changes in Fund Balances, Governmental Funds, Last Ten Fiscal Years 4 225
Assessed Value and Estimated Actual Value of Taxable Property, Last Ten Fiscal Years 5 227
Direct and Overlapping Property Tax Rates, Last Ten Fiscal Years 6 228
Principal Property Tax Payers 12/31/2022 and 12/31/2013 7 229
Property Tax Levies and Collections, Last Ten Years 8 230
Income Tax Collections by Annual Collection Amount (Withholding and Direct Accounts),
Fiscal Years 2021 and 2022 9 231
Ratios of Outstanding Debt, Leases, and Direct Financing Purchases by Type, Last Ten Fiscal Years 10 232
Legal Debt Margin Information Unvoted Debt Limit (5 1/2%), Last Ten Fiscal Years 11 234
Legal Debt Margin Information Total Debt Limit (10 1/2%), Last Ten Fiscal Years 12 235
Computation of Direct and Overlapping Debt as of December 31, 2022 13 236
Ratios of General Bonded Debt Outstanding, Last Ten Fiscal Years 14 237
Pledged-Revenue Coverage, Last Ten Fiscal Years 15 238
Demographic and Economic Statistics, Last Ten Fiscal Years 16 240
Principal Employers 12/31/2022 and 12/31/2013 17 241
Full-Time Equivalent City Government Employees by Function/Program, Last Ten Fiscal Years 18 242
Operating Indicators by Function/Program, Last Ten Fiscal Years 19 244
Capital Asset Statistics by Function/Program, Last Ten Fiscal Years 20 245
7

-- 9 of 247 --

October 30, 2023
The Honorable Daniel Horrigan
and Members of City Council
The City of Akron, Ohio
Dear Mayor Horrigan and Council Members:
I am pleased to submit the Annual Comprehensive Financial Report (ACFR) of the City of Akron
for the year ended December 31, 2022. This report presents financial and operating information
about the City’s activities during 2022 that should be useful to citizens and taxpayers. The report,
prepared by the Department of Finance, contains a comprehensive analysis of the City’s financial
position and activities for the year.
Responsibility for both the accuracy of the presented data and the completeness and fairness of the
presentation, including all disclosures, rests with the City of Akron. To the best of our knowledge
and belief, the enclosed data is accurate in all material respects; it is presented in a manner designed
to fairly set forth the financial position and results of operations of the City as measured by the
financial activity of our various funds; and all disclosures necessary to enable the reader to gain the
maximum understanding of the City’s financial activities have been included.
Management assumes full responsibility for the completeness and reliability of the information
contained in this report, based upon a comprehensive framework of internal control that has been
established for this purpose. The cost of internal control should not exceed anticipated benefits;
therefore, the objective is to provide reasonable, rather than absolute, assurance that the financial
statements are free of any material misstatements. The Audit and Budget Division prepared all of
the financial statements and assisted the external independent auditors in their performance of the
annual audit. The Treasury Division assisted in drafting the statistical section.
Generally accepted accounting principles (GAAP) require that management provide a narrative
introduction, overview, and analysis to accompany the basic financial statements in the form of
Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to
8

-- 10 of 247 --

complement the MD&A and should be read in conjunction with it. The City of Akron’s MD&A can
be found immediately following the Independent Auditor’s Report.
As background for the reader of this report, the City of Akron is a charter city. The City is the fifth
largest Ohio municipality in terms of population based on the 2020 Census population of 190,469.
The City’s land area is approximately 62.03 square miles and is located in the northeastern region of
the state in the County of Summit.
The City is directed by a mayor and council form of government. Legislative authority is vested in a
13-member Council, three members of which are elected at-large and ten by wards. The Council
determines the compensation of City officials and employees and enacts members' ordinances and
resolutions relating to City services, tax levies, appropriation and borrowing of money, licensing
and regulating businesses and trades, and other municipal purposes.
The Mayor is elected for a four-year term and has the responsibility as the City’s chief executive and
administrative officer. The Mayor may veto any legislation passed by Council. A veto may be
overridden by a two-thirds vote of all members of Council. The Director of Finance is appointed by
the Mayor and serves as the City’s chief financial officer and chief accounting officer. The Director
of Finance has comprehensive responsibility for the City’s fiscal activities, including budget
preparation and control, payroll and general accounting, investment and debt management,
purchasing, local income tax administration, utility revenue collection and financial reporting.
The City provides the full range of municipal services mandated by statute or charter, including
police and fire protection, health, parks, recreation, street maintenance, planning, zoning and other
general government services. The City has management control of the following enterprise
activities: water, sewer, oil and gas development, golf course, airport and off-street parking.
Economic Conditions and Outlook
The COVID-19 pandemic has upended the world and has dramatically impacted the United States.
From unprecedented and tragic loss of life to historic job loss, this worldwide crisis continues to
significantly impact the way people work, play and engage with one another. The City of Akron has
been affected due to the impact on our residents, businesses and the increased need for municipal
services (including, but not limited to, first responder and other critical services).
Major revenue sources for the City continue to be the City’s income tax, property taxes, local fees,
charges for services, and state-shared local government revenue. The City’s cash income tax
collections increased by approximately 3.02% in 2022. On a cash basis for 2022, property taxes in
the general fund increased by 4.16% and the state’s local government revenue to the City increased
by approximately 7.6%. Despite the pandemic, the City of Akron remains in a stable financial
position due to assistance from the federal government. In May 2021, the City received $72,688,813
in federal funds from the American Rescue Plan Act (ARPA) and an additional $72,688,813 in June
of 2022. These funds will be utilized in part as revenue replacement as well as to continue to
respond to the COVID-19 emergency and to bring equitable economic recovery to Akron.
9

-- 11 of 247 --

Long-term Financial Policies
Unassigned fund balance in the general fund is 15.07% of the general fund expenditures. The
general fund of the City does not have a specified unassigned fund balance target. The
recommended level of unassigned fund balance will be determined as needed and as recommended
by officials and approved by Council when necessary.
The City completes a five-year capital budget that is updated annually. In this document, the City
attempts to forecast its capital requirements for the next five years.
Relevant Financial Policies
The City has a charter requirement that the 2% income tax (the City’s largest revenue source) used
specifically for City services, be allocated so that 73% of net revenue is used for operations and the
balance is used for capital needs. The passage of Issue 4 that went into effect January 2018
increased the Akron income tax rate by 0.25%. This tax increase will fund police, fire, emergency
medical services and roads.
Major Initiatives
The major initiatives for the City of Akron can be summarized as follows: complete major
construction projects, expand economic opportunity and entrepreneurship, redevelop
neighborhoods, empower Akron families financially and build a more equitable Akron. The $145
million in federal support from the funds that Akron received will impact Akron's recovery
economically now and in the future. ARPA funds will be spent on six areas of critical need of
investment for the City of Akron. They are housing, public utility support, local economic recovery,
youth violence prevention, parks and public facilities and City Information Technology (IT).
The City’s administration re-affirmed its commitment in 2022 to investing in infrastructure through
City and capital improvements. With the help of the Safety and Streets Income Tax, the City of
Akron completed paving another 73.6 miles of roadways in 2022. This is an addition to the more
than 230 miles of Akron roadway that were repaved over the past six years. Since its passage in
November 2017, the .25% Safety and Streets income tax (“Issue 4”), has brought in over $84
million in new funding to support Akron police, fire, and roads. These additional funds have
supported the construction of two new fire stations, purchased new body cameras, vehicles and
safety equipment, and re-opened the Akron Police Academy.
The City of Akron broke ground in October 2020 on Phase II of the Main Street project. Phase II
improvements include a new roadway with one lane in each direction, plus turn lanes at Market
Street and SR 59, a lane on each side of the street for parallel parking, short term deliveries, or
buses, a continuation of the cycle track connecting to the nearby towpath trail, new sidewalks,
pedestrian and roadway LED lighting, utility upgrades, and aesthetics and amenities, including room
for sidewalk cafes. One mid-block pedestrian crossing near the library will be provided. Main Street
Phase II project was completed int he fall of 2022. These improvements create a unified, accessible,
and beautiful corridor all the way from Cedar Street to Martin Luther King Blvd. (State Route 59).
In 2020, the City of Akron announced a new program to assist businesses and entrepreneurs with
financial aid, technical assistance, and vacant retail properties in the Great Streets Akron districts.
10

-- 12 of 247 --

The program has been designed to achieve two goals at once: boost Akron’s neighborhood retail
zones and remove barriers for new and expanding businesses to thrive locally. These neighborhood
districts include Aster Avenue, East Copley, Ellet, Goodyear Heights, Kenmore Blvd., Maple
Valley, Middlebuy, North Hill, Wallhaven, West Hill, Merriman Valley, Sherbondy Hill and South
Arlington. Approximately $2.6 million have been awarded with the Great Streets Akron program to
over 125 Akron businesses.
Small businesses in Akron are still challenged by the negative impacts related to the COVID-19
pandemic. In August 2022, Akron Mayor Dan Horrigan announced a new program to provide 100
eligible Akron small businesses with a one-time $10,000 grant. This program used $1 million in
ARPA funding and was administered by the Greater Akron Chamber. Of the 100 grant recipeints,
43 were minority-owned businesses and 40 were women-owned businesses. The City of Akron and
the national nonprofit Cities for Financial Empowerment Fund (CFE Fund) announced the launch of
the Small Business Boost in March 2022. This new pilot will connect small business owners and
entrepreneurs to one-on-one Financial Empowerment Center financial counseling. This program
will help entrepreneurs manage their personal finances so they can better access capital and generate
wealth. The Akron Financial Empowerment Center will assist this program. The Akron Financial
Empowerment Center has helped residents reduce debt and build savings. This free counseling
service is helping make a difference even for residents with very low incomes and other complex
financial challenges.
Redeveloping our neighborhoods is a high priority for Akron. In 2022, the City launched a new
program to help residential housing repairs in our neighborhoods. The Akron Home Repair
Program is for residential homes and inspections and repairs will be completed by City-approved,
licensed building contractors. This program is intended to address the housing, health, and safety
needs of income eligible households and provides up to $25,000 in home repairs to qualified
homeowners in Akron. The program utilizes ARPA funding for repairs that include accessibility
modifications, carpentry repairs, siding, drywall and painting, flooring, foundations, gutters and
downspouts, plumbing, roofing, windows and doors along with heating, air conditioning and
electrical work. This program will benefit our neighborhoods directly now and increase value for
residential homes receiving the needed repairs. Over 1,800 applications were received in 2022 and
the City has begun the process of reviewing applications to determine eligibilty and starting repairs.
$25 million in ARPA funds will be used to upgrade and renovate parks and community centers in
Akron. Perkins Woods Pool upgrades include replacement of the pool including the addition of a
15-foot slide, cliimbing wall, a shallow water play space, 25-meter lap lanes and shaded seating
with completion set for August 2023. Ed Davis Community Center, Reservoir Pool, Reservoir Park
Community Center and Patterson Park will also be renovated in the future. Redesign of Lock 3 and
construction of the Ohio and Erie Canal Summit Lake Trail is set to begin in 2023. A splash pad
was installed and completed at Firestone Park in August 2022.
Akron is committed to empowering Akron families financially and building a more equitable
Akron. ARPA funds will help provide direct water/sewer bill relief to Akron households through the
ongoing Akron Cares program. ARPA funds will also help tackle youth and community violence in
Akron. $10 million will be spent to support youth employment programs and training, improving
recreational assests across Akron neighborhoods, and gun violence interventions for those most at
risk of being caught up in the violence either as a perpetrator or a victim. The first round of grant
funding totaling $1.3 million has been awarded to 11 local organizations who work in the violence,
prevention, and intervention arena. Denico Buckley-Knight has been hired to take on the newly
11

-- 13 of 247 --

created role of Youth and Community Opportunity Director. His priorties will focus on services to
help reduce violence in our City. Mayor Horrigan appointed Tammy Tucker as the first Director of
Diversity, Equity, and Inclusion. She will help promote a more diverse, centralized, and inclusive
work environment for all City employees. As more of the ARPA funds are utilized, they will make
a positive future impact on Akron's economy with growth and progress toward equality and
empowerment.
Reporting Standards
The City’s accounts are organized as funds. Each fund is a separate accounting entity with its own
self-balancing set of accounts, assets and deferred outflows of resources, liabilities and deferred
inflows of resources, and fund balance/equity. Following are the titles of these fund types with a
brief description.
Governmental funds:
General Fund – The General Fund is the general operating fund of the City and is appropriated.
It is used to account for all financial resources traditionally associated with government that are
not required to be accounted for in another fund.
Special Revenue Funds – The Special Revenue Funds are used to account for revenues derived
from specific taxes, grants, or other restricted revenue sources. City ordinances or federal or
state statutes specify the uses and limitations of each Special Revenue Fund. During 2022, the
City had 23 Special Revenue Funds.
Debt Service Funds – The Debt Service Funds are used to account for the accumulation of
resources for, and the payment of, general long-term debt principal, interest, and related costs.
During 2022, the City had seven Debt Service Funds.
Capital Projects Funds – The Capital Projects Funds are used to account for financial resources
used for the acquisition or construction of major capital facilities other than those financed by
proprietary funds. During 2022, the City had six Capital Projects Funds.
Permanent Funds – The Permanent Funds are used for the purpose of accounting for resources
that are legally restricted to the extent that earnings, and not principal, may be used for purposes
that support the reporting governments. The City does not have any Permanent Funds.
Proprietary funds:
Enterprise Funds – The Enterprise Funds are used to account for operations that are financed and
operated in a manner similar to private business enterprises, in that the intent of the governing
body is that the costs of providing goods or services to the general public on a continuing basis
be financed or recovered primarily through user charges. The City has six Enterprise Funds.
Internal Service Funds – The Internal Service Funds are used to account for the financing of
goods or services provided by one division or agency to other divisions or agencies of the
government, generally on a cost-reimbursement basis. The City has seven Internal Service
Funds.
12

-- 14 of 247 --

Fiduciary funds:
Custodial Funds – The Custodial Funds are used to account for assets held by the City for
individuals, private organizations, or other governments. During 2022, the City had seven
Custodial Funds.
Other Fiduciary Funds – The Other Fiduciary Funds include pension trust funds and investment
trust funds. The City does not utilize any such Other Fiduciary Funds.
Basis of Accounting:
Except for budgetary purposes, the basis of accounting used by the City conforms to accounting
principles generally accepted in the United States of America (GAAP) as applicable to
governmental units and is consistent with Governmental Accounting Standards Board (GASB) Cod.
Sec. 1600, “Basis of Accounting.” All governmental funds are accounted for using a current
financial resources-current assets and current liabilities measurement focus. The modified accrual
basis of accounting is utilized for governmental funds. Revenues are recognized when they are
susceptible to accrual (both measurable and available). Expenditures are recognized when the
related liability is incurred, except for interest on long-term debt which is recorded when due.
The measurement focus on the City’s proprietary and fiduciary funds is on the flow of total
economic resources (all assets and liabilities). The accrual basis of accounting (revenues are
recognized when earned and expenses when incurred) is utilized by the City in its proprietary funds.
The City’s basis of accounting for budgetary purposes differs from GAAP in that revenues are
recognized when received rather than when susceptible to accrual (measurable and available), and
encumbrances are included as expenditures rather than as an allocation of fund balances.
Accounting policies are further explained in Note 1 to the basic financial statements.
Cash Management
Effective cash management is recognized as essential to good fiscal management. The primary
objectives of the City’s investment activities are the preservation of capital and the protection of
investment principal. The Treasurer’s Office within the Department of Finance invests all cash,
following the City’s own investment ordinance, in various securities which consist of fixed-rate City
bonds and notes, certificates of deposit, fully collateralized repurchase agreements, and U.S.
government obligations. The City’s investment ordinance was modified in late 1986 to take
advantage of State of Ohio investment opportunities. However, the local investment
policy continues to be conservative with the highest priority given to safeguarding assets. For 2022,
investment interest income averaged a yield of 2.799% compared to a yield of .25% in 2021. The
interest earnings are maximized by investing to projected payment dates on a competitive bid basis
and by investing bank balances daily.
13

-- 15 of 247 --

Risk Management
The City has been self-insured for liability coverage for non-auto-related incidents since 1985. This
program was established in response to the dramatic rise in premiums in the mid-1980’s and the
increases in exclusions written into standard insurance policies. Additionally, the City is primarily
self-insured for employee medical benefits, including major medical, dental, and vision care. This
has proven to be the most cost-effective program for this type of coverage. The City also has in
place reserve funds for workers’ compensation and medical benefits. For other types of coverage,
such as property insurance, airport liability, employee life, auto liability, and boiler and machinery
coverage, the City has secured traditional insurance. The City is assisted in its insurance program
by an independent consulting firm that does not underwrite insurance but has expertise in the
insurance industry. The City relies on the advice offered by the consultant in securing any
insurance.
Pension
The City contributes to two state-administered retirement plans covering various groups of City
employees. Uniform police and fire employees participate in the statewide Ohio Police and Fire
Pension Fund. Substantially, all other City employees participate in the statewide Ohio Public
Employees Retirement System (OPERS). The City’s total contributions to these plans were equal to
100% of the required employer contributions for the year. In accordance with GASB Statement No.
68 and GASB Statement No. 75, the City’s statements prepared on an accrual basis of accounting
include an annual pension expense for their proportionate share of each plan’s change in net pension
liability/assets and net OPEB liability/assets not accounted for as deferred inflows/outflows.
Independent Annual Audit
This report is subject to review and acceptance by the Auditor of State’s office, and the
requirements of Ohio Revised Code § 117.25 are not met until the Auditor of State certifies this
report. This process will be completed by the Auditor of State in a reasonable timeframe and reports
are subject to change if the Auditor of State determines that modification of a report is necessary to
comply with required accounting or auditing standards or Uniform Administrative Requirements,
Cost Principles, and Audit Requirements for Federal Awards.
In 2022, Rea & Associaties, Inc., was contracted to perform the audit of the City of Akron for a
period of five years. We appreciate the cooperation of State Auditor Keith Faber and Rea &
Associates, Inc. in completing the City’s audit in a timely and highly professional manner.
Certificate of Achievement for Excellence in Financial Reporting
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Akron, Ohio, for its
Annual Comprehensive Financial Report for the fiscal year ended December 31, 2021. The
Certificate of Achievement is a prestigious national award, recognizing conformance with the
highest standards for preparation of state and local government financial reports.
14

-- 16 of 247 --

15

-- 17 of 247 --

Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Akron
Ohio
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2021
Executive Director/CEO
16

-- 18 of 247 --

17

-- 19 of 247 --

Independent Auditor's Report
To the Honorable Daniel Horrigan, Mayor and
Stephen F. Fricker, Director of Finance
City of Akron, Ohio
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each major
fund, and the aggregate remaining fund information of the City of Akron, Summit County, Ohio, (the City) as
of and for the year ended December 31, 2022, and the related notes to the financial statements, which collectively
comprise the City's basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material respects,
the respective financial position of the governmental activities, the business-type activities, each major fund, and
the aggregate remaining fund information of the City as of December 31, 2022, and the respective changes in its
financial position, and, where applicable, cash flows thereof for the year then ended in accordance with
accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America
(GAAS) and the standards applicable to financial audits contained in Government Auditing Standards, issued by
the Comptroller General of the United States (Government Auditing Standards). Our responsibilities under those
standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section
of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in
accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Emphasis of Matter
As described in Notes 12 and 30, effective January 1, 2022, the City adopted GASB Statement No. 87, Leases.
The implementation of GASB Statement No. 87 resulted in the City recognizing certain assets, liabilities, and
deferred inflows of resources not previously reported. Our opinion is not modified with respect to this matter.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in accordance
with accounting principles generally accepted in the United States of America, and for the design,
implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events,
considered in the aggregate, that raise substantial doubt about the City's ability to continue as a going concern
for twelve months beyond the financial statement date, including any currently known information that may
raise substantial doubt shortly thereafter.
18

-- 20 of 247 --

City of Akron
Independent Auditor’s Report
Page 2
Auditor's Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free
from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our
opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a
guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from
fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control. Misstatements are considered material if there is a
substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a
reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we
 	exercise professional judgment and maintain professional skepticism throughout the audit.
 	identify and assess the risks of material misstatement of the financial statements, whether due to fraud or
error, and design and perform audit procedures responsive to those risks. Such procedures include
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
 	obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of
the City’s internal control. Accordingly, no such opinion is expressed.
 	evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting
estimates made by management, as well as evaluate the overall presentation of the financial statements.
 	conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise
substantial doubt about the City's ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that
we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s
Discussion and Analysis, budgetary schedules, and pension and other post-employment benefit schedules, as
listed in the table of contents, be presented to supplement the basic financial statements. Such information is the
responsibility of management and, although not a part of the basic financial statements, is required by the
Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for
placing the basic financial statements in an appropriate operational, economic, or historical context. We have
applied certain limited procedures to the required supplementary information in accordance with GAAS, which
consisted of inquiries of management about the methods of preparing the information and comparing the
information for consistency with management's responses to our inquiries, the basic financial statements, 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 limited procedures do not provide us with sufficient
evidence to express an opinion or provide any assurance.
19

-- 21 of 247 --

City of Akron
Independent Auditor’s Report
Page 3
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively
comprise the City's basic financial statements. The combining and individual fund financial statements and
schedules are presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates directly to
the underlying accounting and other records used to prepare the basic financial statements. The information has
been subjected to the auditing procedures applied in the audit of the basic financial statements and certain
additional procedures, including comparing and reconciling such information directly to the underlying
accounting and other records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with GAAS. In our opinion, the combining and
individual fund financial statements and schedules are fairly stated, in all material respects, in relation to the
basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual comprehensive financial report. The
other information comprises the introductory and statistical sections but does not include the basic financial
statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other
information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibility is to read the other information
and consider whether a material inconsistency exists between the other information and the basic financial
statements, or the other information otherwise appears to be materially misstated. If, based on the work
performed, we conclude that an uncorrected material misstatement of the other information exists, we are
required to describe it in our report.
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated October 30, 2023, on
our consideration of the City’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that
report is to describe the scope of our testing of internal control over financial reporting and compliance and the
results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over
financial reporting or on compliance. That report is an integral part of an audit performed in accordance with
Government Auditing Standards in considering the City’s internal control over financial reporting and
compliance.
Rea & Associates, Inc.
Medina, Ohio
October 30, 2023
20

-- 22 of 247 --

21

-- 23 of 247 --

CITY OF AKRON, OHIO
MANAGEMENT’S DISCUSSION AND ANALYSIS
Management’s discussion and analysis of the City of Akron, Ohio financial performance
provides an unaudited overview of Akron’s financial activities for the fiscal year ended
December 31, 2022. Please read it in conjunction with the transmittal letter on page 8 and the
City’s financial statements, which begin on page 41.
FINANCIAL OVERVIEW
 The assets and deferred outflows of the City of Akron, Ohio exceeded its liabilities and
deferred inflows at December 31, 2022 by $809,340,219 (net position). Of this amount,
$6,987,709 is restricted for debt service, $15,423,321 is restricted for community
learning centers, $12,161,057 is restricted for capital projects, $43,885,761 is restricted
for program purpose, $1,517,279 is restricted for net pension asset, and $13,392,616 is
restricted for net OPEB (Other Post-Employment Benefit) asset.
 The unrestricted net position is primarily the result of the City's implementation of
Governmental Accounting Standards Board Statement No. 68, Accounting and Financial
Reporting for Pensions - an Amendment of GASB Statement 27 (GASB 68) in 2015 and
in 2018. 75 (GASB 75), Accounting and Financial Reporting for Postemployment
Benefits Other Than Pensions in 2018. As of December 31, 2022, the City reports a net
pension liability of $199,028,180 and $8,470,867 and net pension assets of $1,178,922
and $338,357 for governmental and business-type, respectively. Additionally, a net
OPEB liability of $95,441,816 and $9,427,624 and net OPEB assets of $10,407,449 and
$2,985,167 are reported for the governmental and business-type, respectively.
 The City’s total net position increased by $58,559,380 during the current year.
Governmental activities total net position increased by $41,543,344 and the business-type
activities total net position increased by $17,016,036. This reflects an improvement in
the overall financial position of the City.
 As of the close of the current fiscal year, the City of Akron’s governmental funds reported
combined ending fund balances of $111,070,994, an increase from the prior year which is
attributed to the increase in grants and subsidies and shared revenues. A portion of these
revenues are being used to fund the payment of expenditures as reflected in public service
and community environment expenditures for project specific costs.
 At the end of the current fiscal year, unassigned fund balance for the General Fund was
$25,628,120 or 15.07% of total General Fund expenditures.
 The City of Akron’s total debt outstanding decreased by $9,865,856 (0.80%) during the
current year. During 2022, the City issued $3,172,247 in Special Assessment - Direct
Placements for resurfacing improvements. Additionally, there were OWDA loans issued
for the cost of improving the Water System totaling $14,556,894 and the Sewer System
totaling $38,373,637.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City of Akron’s basic
financial statements. The City of Akron’s basic financial statements are comprised of the
following: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to
22

-- 24 of 247 --

the financial statements. This report also contains required and other supplementary information
in addition to the basic financial statements themselves.
Government-Wide Financial Statements. The government-wide financial statements are
designed to provide readers with a broad overview of the City of Akron’s finances in a manner
similar to a private sector business.
The statement of net position presents information on all of the City of Akron’s assets and
deferred outflows of resources and liabilities and deferred inflows of resources, with the
difference reported as net position. Over time, increases or decreases in net position may serve
as a useful indicator of the financial position of the City of Akron.
The statement of activities presents information showing how the City’s net position changed
during the most recent fiscal year. All changes in net position are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash flows.
Thus, revenues and expenses are reported in this statement for some items that will only result in
cash flows in future fiscal periods (e.g., uncollected taxes and earned but unused vacation leave).
Both of the government-wide financial statements distinguish functions of the City of Akron that
are principally supported by taxes and intergovernmental revenues (governmental activities) from
other functions that are intended to recover all or a significant portion of their costs through user
fees and charges (business-type activities). The governmental activities of the City of Akron
include general government, public service, public safety, community environment, public
health, and recreation and parks. The business-type activities of the City of Akron include water,
sewer, oil and gas, golf course, airport, and off-street parking operations.
The government-wide financial statements can be found on pages 41–42 of this report.
Fund Financial Statements. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities or objectives. The City of
Akron, like other state and local governments, uses fund accounting to ensure and demonstrate
compliance with finance-related legal requirements. All of the funds of the City of Akron can be
divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental Funds. Governmental funds are used to account for essentially the same
functions reported as governmental activities in the government-wide financial statements.
However, unlike the government-wide financial statements, governmental fund financial
statements focus on near-term inflows and outflows of spendable resources, as well as on
balances of spendable resources available at the end of the fiscal year. Such information may be
useful in evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial
statements, it is useful to compare the information presented for governmental funds with similar
information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government’s near-term
financing decisions. Both the governmental fund balance sheet and the governmental fund
23

-- 25 of 247 --

statement of revenues, expenditures, and changes in fund balances provide a reconciliation to
facilitate this comparison between governmental funds and governmental activities.
The City of Akron maintains 37 individual governmental funds. Information is presented
separately in the governmental fund balance sheet and in the governmental fund statement of
revenues, expenditures, and changes in fund balances for the General Fund, the Community
Learning Centers (CLC) Fund, the Income Tax Capital Improvement Fund, the Special
Assessment Fund, and the Various Purpose Funding Fund, all of which are considered to be
major funds. Data from the other governmental funds are combined into a single, aggregated
presentation. Individual fund data for each of these nonmajor governmental funds is provided in
the form of combining statements elsewhere in this report.
The City of Akron adopts an annual appropriated budget for its General Fund, special revenue
funds, some debt service, enterprise and internal service funds. The General Fund, Community
Learning Centers Fund, Income Tax Capital Improvement Fund, the Special Assessment Fund,
and the Various Purpose Funding Fund budgetary schedules (non-GAAP budgetary basis) have
been provided as Required Supplementary Information (RSI) to demonstrate compliance with
this budget.
The basic governmental fund financial statements can be found on pages 43-46 of this report.
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
The focus of the City’s governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the City’s
financing requirements. In particular, unassigned fund balance may serve as a useful measure of
a government’s net resources available for spending at the end of the fiscal year. The City
implemented GASB 63 – Financial Reporting of Deferred Outflows of Resources, Deferred
Inflows of Resources, and Net Position and also GASB 65 Items Previously Reported as Assets
and Liabilities. The standard establishes a basis to reclassify certain items that were previously
reported as assets and liabilities and instead classify them as Deferred Inflows of Resources,
Deferred Outflows of Resources, or as outflows of resources.
Fund balances are the differences between assets and deferred outflows and liabilities and
deferred inflows in governmental funds. 1) Nonspendable fund balance includes amounts that
are not in spendable form, or amounts that are required to be maintained intact. 2) Restricted
fund balance includes amounts that can be spent only for the specific purposes stipulated by
external providers, such as grantors or bondholders, as well as amounts that are restricted through
enabling legislation. 3) Committed fund balance includes amounts that can be used only for the
specific purposes that are determined by a formal action of the City’s highest level of decision
making authority. 4) Assigned fund balance applies to amounts that are intended for specific
purposes as expressed by the governing body or authorized official and applies to remaining
resources in any governmental funds other than the General Fund. 5) Unassigned fund balances
include all amounts not contained in other classifications for the General Fund and deficit fund
balances in any other governmental funds.
24

-- 26 of 247 --

As of the end of the current fiscal year, the City’s total governmental funds reported an ending
fund balance of $111,070,994, an increase of $12,056,113 in comparison with the prior year. As
a measure of the General Fund’s liquidity, it may be useful to compare both unassigned fund
balance and total fund balance to total fund expenditures. Unassigned fund balance represents
15.07% of total General Fund expenditures, while total fund balance represents 16.30% of that
same amount.
Proprietary Funds. The City of Akron maintains two different types of proprietary funds:
enterprise and internal service funds. Enterprise funds are used to report the same functions
presented as business-type activities in the government-wide financial statements. The City of
Akron uses enterprise funds to account for its water, sewer, oil and gas, golf, airport, and
off-street parking operations. Internal service funds are an accounting device used to accumulate
and allocate costs internally among the City of Akron’s various functions. The City of Akron
uses internal service funds to account for its motor equipment, medical self-insurance, workers’
compensation self-insurance, other self-insurance costs, information technology (responsible for
all data processing and computer operations of the City), telephone system (with outside cable
plant consisting of underground and aerial wires and telephone cables), and engineering bureau
(responsible for design and construction for City streets, sidewalks, sewer and water utilities,
bridges, and City facilities). Because most of the internal services predominantly benefit
governmental rather than business-type functions, they have been included within the
governmental activities in the government-wide financial statements.
Proprietary funds provide the same type of information as the government-wide financial
statements, only in more detail. The proprietary fund financial statements provide separate
information for the Water, Sewer, and Off-Street Parking funds, which are considered to be
major funds of the City of Akron. Conversely, the internal service funds are combined into a
single aggregated presentation in the proprietary fund financial statements. Individual fund data
for the nonmajor enterprise and the internal service funds is provided in the form of combining
statements elsewhere in this report.
The basic proprietary fund financial statements can be found on pages 47–49 of this report.
Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of
parties outside the government. Fiduciary funds are not reflected in the government-wide
financial statements because the resources of those funds are not available to support the City of
Akron’s own programs. The accounting used for fiduciary funds is much like that used for
proprietary funds.
The basic fiduciary fund financial statements can be found on pages 50–51 of this report.
Notes to the Financial Statements. The notes provide additional information that is essential to
a full understanding of the data provided in the government-wide and fund financial statements.
The notes to the financial statements can be found on pages 52-136 of this report.
Other Information. In addition to the basic financial statements and accompanying notes, this
report also presents certain Required Supplementary Information (RSI) concerning the City of
Akron’s General Fund, Community Learning Centers Fund, Income Tax Capital Improvement
25

-- 27 of 247 --

Fund, Special Assessment Fund, and Various Purpose Funding Fund budgetary comparison.
Also included are three required schedules related to the City's participation in two state pension
and OPEB funds. The Schedule of City's Proportionate Share of Net Pension Liability includes a
history of the City's proportionate share of the collective net pension liability for each state
pension fund. The Schedule of City Contributions to State Pension and OPEB Funds includes a
history of contractually required contributions compared to contributions made. The Schedule of
the City's Proportionate Share of Net OPEB Liability includes a history of the City's
proportionate share of the collective net OPEB liability/asset for each state pension fund.
Additionally, the Schedule of Contributions to the City of Akron's OPEB Plan includes a history
of contributions made. Required Supplementary Information (RSI) can be found on pages
138-153 of this report.
The combining statements referred to earlier in connection with nonmajor governmental funds,
enterprise funds and internal service funds are presented immediately following the RSI and can
be found on pages 154-216 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve over time as a useful indicator of a government’s
financial position. In the case of the City of Akron, assets and deferred outflows of resources
exceeded liabilities and deferred inflows of resources by $809,340,219 at the close of the most
recent fiscal year.
By far the largest portion of the City of Akron’s net position reflects its net investment in capital
assets (e.g., land, buildings, machinery, and equipment); less any related debt used to acquire
those assets that is still outstanding. The City of Akron uses these capital assets to provide
services to the citizens; consequently, these assets are not available for future spending.
Although the City of Akron’s investment in its capital assets is reported net of related debt, it
should be noted that the resources needed to repay this debt must be provided from other
resources, since the capital assets themselves cannot be used to liquidate these liabilities.
The City’s overall net position increased by $58,559,380 during the current year; the net position
of the governmental activities increased by $41,543,344 and the business-type activities, total net
position increased by $17,016,036. In addition, 1% of the City of Akron’s net position is
restricted for the payment of debt service, 1.91% is restricted for community learning center
activity and 8.77% is restricted for other purposes.
26

-- 28 of 247 --

Summary Statement of Net Position
as of December 31, 2021 and 2022
(in thousands)
Governmental Activities Business-type Activities Total
2021 2022 2021 2022 2021 2022
Assets:
Current and other assets $ 369,508 $ 422,645 $ 132,483 $ 133,254 $ 501,991 $ 555,898
Capital assets 1,118,878 1,127,993 1,246,009 1,268,386 2,364,887 2,396,379
Total assets $ 1,488,386 $ 1,550,637 $ 1,378,492 $ 1,401,640 $ 2,866,878 $ 2,952,277
Deferred outflows 64,641 90,732 3,911 4,592 68,552 95,324
Total assets and deferred outflows $ 1,553,027 $ 1,641,370 $ 1,382,403 $ 1,406,232 $ 2,935,430 $ 3,047,602
Liabilities:
Long-term liabilities 909,638 829,699 776,321 783,144 1,685,959 1,612,843
Other liabilities 186,462 220,987 64,969 58,750 251,431 279,736
Total liabilities $ 1,096,100 $ 1,050,685 $ 841,290 $ 841,894 $ 1,937,390 $ 1,892,579
Deferred inflows 229,638 322,490 16,897 23,192 246,535 345,682
Total liabilities and deferred inflows $ 1,325,738 $ 1,373,175 $ 858,187 $ 865,086 $ 2,183,925 $ 2,238,262
Net position:
Net investment in capital assets 581,070 601,393 473,064 468,805 1,054,134 1,070,198
Restricted 82,475 86,841 3,172 6,526 85,647 93,367
Unrestricted (deficit) (436,256) (420,041) 47,980 65,815 (388,276) (354,226)
Total net position $ 227,289 $ 268,194 $ 524,216 $ 541,146 $ 751,505 $ 809,340
For fiscal year 2018, the City adopted GASB Statement 75, Accounting and Financial Reporting
for Postemployment Benefits Other Than Pensions, which significantly revises accounting for
costs and liabilities related to other postemployment benefits (OPEB). For reasons discussed
below, many end users of this financial statement will gain a clearer understanding of the City's
actual financial condition by adding deferred inflows related to pension and OPEB, the net
pension liability, and the net OPEB liability to the reported net position and subtracting deferred
outflows related to pension and OPEB.
Governmental Accounting Standards Board (GASB) standards are national and apply to all
government financial reports prepared in accordance with generally accepted accounting
principles. Prior accounting for pensions (GASB 27) and postemployment benefits (GASB 45)
focused on a funding approach. This approach limited pension and OPEB costs to contributions
annually required by law, which may or may not be sufficient to fully fund each plan's net
pension liability or net OPEB liability. GASB 68 and GASB 75 take an earnings approach to
pension and OPEB accounting; however, the nature of Ohio's statewide pension/OPEB plans and
state law governing those systems requires additional explanation in order to properly understand
the information presented in these statements. GASB 68 and GASB 75 require the net pension
liability and the net OPEB liability to equal the City's proportionate share of each plan's
collective:
1. Present value of estimated future pension/OPEB benefits attributable to active and
inactive employee's past service;
2. Minus plan assets available to pay these benefits
27

-- 29 of 247 --

GASB notes that pension and OPEB obligations, whether funded or unfunded, are part of the
employment exchange - that is, the employee is trading his or her labor in exchange for wages,
benefits, and the promise of a future pension and other postemployment benefits. GASB noted
that the unfunded portion of this promise is a present obligation of the government, part of a
bargained-for benefit to the employee, and should accordingly be reported by the government as
a liability since they received the benefit of the exchange. However, the City is not responsible
for certain key factors affecting the balance of these liabilities. In Ohio, the employee shares the
obligation of funding pension benefits with the employer. Both employer and employee
contribution rates are capped by State statute. A change in these caps requires action of both
Houses of the General Assembly and approval of the Governor. Benefit provisions are also
determined by State statute. The Ohio Revised Code permits, but does not require the retirement
systems to provide healthcare to eligible benefit recipients. The retirement systems may allocate
a portion of the employer contributions to provide for these OPEB benefits.
The employee enters the employment exchange with the knowledge that the employer's promise
is limited not by contract, but by law. The employer enters the exchange also knowing that there
is a specific, legal limit to its contribution to the retirement system. In Ohio, there is no legal
means to enforce the unfunded liability of the pension/OPEB plan against the public employer to
the employee, because all parties enter the employment exchange with notice as to the law. The
retirement system is responsible for the administration of the pension and OPEB plans.
Most long-term liabilities have set repayment schedules or, in the case of compensated absences
(i.e. sick and vacation leave), are satisfied through paid time-off or termination payments. There
is no repayment schedule for the net pension liability or the net OPEB liability. Changes in
benefits, contribution rates, and return on investments affect the balance of these liabilities, but
are outside the control of the local government. In the event that contributions, investments
returns, and other changes are insufficient to keep up with the required nature of how the net
pension liability and the net OPEB liability are satisfied, these liabilities are separately identified
within the long-term liability section of the statement of net position.
In accordance with GASB 68 and GASB 75, the City's statements prepared on an accrual basis of
accounting include an annual pension expense and an annual OPEB expense for their
proportionate share of each plans change in net pension liability and net OPEB liability,
respectively, not accounted for as deferred inflows/outflows.
Governmental Activities. Changes in net position before transfers was an increase in the
amount of $44,161 (in thousands).
For the governmental activities, the unrestricted deficit results from having insufficient assets set
aside for long-term obligations such as pension liability, compensated absences, and OPEB
liability. The City finances such obligations on a year-to-year basis as they come due and also
has ongoing capital projects that are debt-financed.
The following table (in thousands) shows total revenues for 2022 were $439,851 which reflects
an increase from the prior year. Charges for services reflect a decrease of $843 which stems
from the continued effects of the COVID-19 pandemic. During 2021 and 2022 the City received
28

-- 30 of 247 --

American Rescue Plan Act (ARPA) funding totaling more than $144 million, which has been
recorded as unearned revenues and is recognized when earned, is reflected in the increase in
operating grants and contributions as progress for the City's various ARPA projects moves
forward. Investment earnings also increased by $3,111 relating to interest earned on ARPA cash
proceeds. Income taxes showed a slight decrease of $3,077 as certain receivables are recorded
where the related revenue is unavailable and reported as deferred inflows of resources; therefore,
reducing recognized revenue. Unrestricted shared revenues decreased by $3,055 which is
directly attributed to the Community Learning Centers (CLC) activity. Miscellaneous revenues
increased by $4,931 due to a large refund related to the refinancing of the several Community
Learning Center debt instruments.
Expenses for 2022 were higher than 2021 by approximately $55,152. General government
reflected an increase of $24,364 due to a significant increase of income tax refunds and a
construction fee relating to the Ocasek lease agreement. The increase in Public service of
$19,732 and decrease in Public Safety for $7,553 relates to 2022 changes in the Ohio Public
Employees Retirement System (OPERS) Net Other Post-Employment Benefit (OPEB) Liability.
Interest expenses on debt also increased by $7,935 relating to deferred gains on refinancing.
Key events contributing to the changes are as follows:
 Income taxes on the accrual basis reflects a slight decrease due to the availability of funds
and recording additional amounts as deferred inflows of resources.
 The City received two tranches of the American Rescue Plan Act funding totaling in
excess of $144 million during 2021 and 2022, which has not been fully earned as of
December 31, 2022.
 Community Learning Centers (CLC) fund accounts for both the decrease in unrestricted
shared revenues.
 CLC bonds refinanced during 2022 resulted in the closeout of several trust account
balances relating to the previous investment balances held in the Trust accounts and
producing a refund to the City in excess of $2.5 million.
 CLC bonds refinanced during 2022 resulted in a gain on refinancing of $23,849,931
which is deferred and amortized on the statements. The deferral of this gain resulted in an
increase to interest on debt during 2022.
 Income tax refunds on a cash basis increased from $2,430,243 during 2021 to
$10,941,695 during 2022, reflected in the increase to general government expenses.
 The City deposited a construction fee in the amount of $13 million relating to the Ocasek
lease agreement, reflected in the increase to general government expenses.
 The City has focused efforts on maintaining transfers to Enterprise funds. During 2022,
the transfers of the Off-Street Parking and Airport funds were maintained due to the
lasting effects of COVID-19.
29

-- 31 of 247 --

Changes in Net Position
For Fiscal Year Ended December 31, 2021 and 2022
(in thousands)
Governmental Activities Business-type Activities Total
2021 2022 2021 2022 2021 2022
Revenues:
Program revenues:
Charges for services $ 41,589 $ 40,746 $ 125,584 $ 125,869 $ 167,173 $ 166,615
Operating grants and contributions 19,069 50,418 44 96 19,113 50,514
Capital grants and contributions 30,555 37,158 30,858 6,576 61,413 43,734
General revenues:
Income taxes 189,795 186,718 - - 189,795 186,718
Property taxes 30,876 30,560 - - 30,876 30,560
JEDD revenues 18,712 18,324 - - 18,712 18,324
Investment earnings 969 4,080 4 122 973 4,202
Unrestricted shared revenues 56,869 53,814 - - 56,869 53,814
Miscellaneous 13,060 17,991 6,560 6,373 19,620 24,364
Gain on sale of capital assets 40 42 - - 40 42
Total revenues $ 401,534 $ 439,851 $ 163,050 $ 139,036 $ 564,584 $ 578,887
Expenses:
General government $ 34,597 $ 58,961 $ - $ - $ 34,597 $ 58,961
Public service 57,386 77,118 - - 57,386 77,118
Public safety 139,429 131,876 - - 139,429 131,876
Community environment 62,392 66,346 - - 62,392 66,346
Public health 3,869 4,558 - - 3,869 4,558
Recreation and parks 7,349 13,044 - - 7,349 13,044
Interest on debt 16,917 24,852 - - 16,917 24,852
Unallocated depreciation 18,599 18,935 - - 18,599 18,935
Water - - 35,104 45,947 35,104 45,947
Sewer - - 102,089 70,836 102,089 70,836
Oil & gas - - 19 43 19 43
Golf course - - 1,294 1,851 1,294 1,851
Airport - - 1,590 558 1,590 558
Off-street parking - - 7,565 5,403 7,565 5,403
Total expenses $ 340,538 $ 395,690 $ 147,661 $ 124,638 $ 488,199 $ 520,328
Changes in net position before
transfers 60,996 44,161 15,389 14,398 76,385 58,559
Transfers (2,988) (2,618) 2,988 2,618 - -
Changes in net position $ 58,008 $ 41,543 $ 18,377 $ 17,016 $ 76,385 $ 58,559
Net position - beginning, as restated 169,280 226,651 505,839 524,130 675,119 750,781
Net position - ending $ 227,288 $ 268,194 $ 524,216 $ 541,146 $ 751,504 $ 809,340
30

-- 32 of 247 --

The above chart shows the revenue generated by the various programs of the City of Akron and
the expenses relating to each program. As shown below, the primary source of revenue that
funds these programs is reported in the financial statements as income taxes.
31

-- 33 of 247 --

FINANCIAL ANALYSIS OF THE GOVERNMENTAL FUNDS
As noted earlier, the City of Akron uses fund accounting to ensure and demonstrate compliance
with finance-related legal requirements.
Governmental Funds. The focus of the City of Akron’s governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such
information is useful in assessing the City of Akron’s financing requirements. In particular,
unassigned fund balance may serve as a useful measure of a government’s net resources available
for spending at the end of the fiscal year.
As of the end of the current fiscal year, the City of Akron’s governmental funds reported a
combined ending fund balance of $111,070,994 , an increase in comparison to the prior year.
The unassigned fund balance at the end of the current year is $9,200,417. The remainder of fund
balance is distributed to indicate that it is not available for new spending because it has already
been dedicated. The City’s major governmental funds are the General Fund, the Community
Learning Centers (CLC) Fund, the Income Tax Capital Improvement Fund, the Special
Assessment Fund, and the Various Purpose Funding Fund.
The General Fund is the chief operating fund of the City of Akron. At the end of the current
fiscal year, unassigned fund balance of the General Fund was $25,628,120, while the total fund
balance is $27,715,379. As a measure of the General Fund’s liquidity, it may be useful to
compare both unassigned fund balance and total fund balance to total fund expenditures.
Unassigned fund balance represents 15.1% of total General Fund expenditures, while total fund
balance represents 16.3% of that same amount.
The fund balance of the City of Akron’s General Fund decreased by $3,847,098 during the
current fiscal year. Key factors in this change are as follows:
 The City of Akron experienced significant supply chain inflation across all divisions and
departments of the City, in excess of 10% year over year.
 Significant overtime increases in the Police and Fire departments, in addition to 3.25%
cost of living increases for all City of Akron employees.
 Income taxes collected in 2022 decreased by $3.9 million while cash basis income tax
refunds increased by $7 million.
 In addition to the subsidy for EMS and the local match for grants, the practice of
transferring monies from the General Fund, to subsidize various operations is a method
used annually by the City to provide resources to other funds.
 The City’s commitment to monitor revenues and approve expenditures in conformity with
available resources.
The Community Learning Centers Fund has a total fund balance of $15,423,321. The net
decrease in fund balance of the Community Learning Centers Fund from the prior year of
$7,406,286 is attributed to the spending of previously issued Income Tax Revenue Bonds. The
proceeds are being used to fund the payment of expenditures as reflected in the community
environment expenditures for project specific costs.
32

-- 34 of 247 --

The Income Tax Capital Improvement Fund has a total fund balance of $9,600,762. Revenues
exceeded expenditures by $2,267,058 in 2022 due to the City's budgeted capital project activity
being shifted to other capital projects funds. Coupled with the issuance of bonds and refunding
bonds yields an increase in the fund balance of $3,467,057. The Fund is responsible for debt
service payments and relies heavily on the collection of income taxes.
The Special Assessment Fund has a total fund balance deficit of $8,963,227. The Fund is
utilized for the accumulation of resources for, and the payment of, special assessment note issued
for street lighting and street cleaning along with equipment lease costs and related assessment
costs. The 2022 decrease in Fund balance relates to the inception of the Ocasek lease agreement,
a portion of which is to be paid using pledged special assessment revenues.
The Various Purpose Funding Fund has a total fund balance of $1,632,632. The Fund is used to
account for the accumulation of resources for, and payment of various projects and funds with a
finite life span. The majority of the fund balance changes in this fund relate to the receipt of
ARPA funds and the spending down of the ARPA project balances year-over-year.
Other Governmental Funds have a combined fund balance of $65,662,127. The increase in the
combined fund balance was $33,327,477. The majority of the change is attributed to the
issuance of bonds.
GENERAL FUND BUDGETARY OVERVIEW
During the year, actual revenues and other sources were greater than original budgetary estimates
by $2,642,902 (1.5%). Taxes, Assessments and JEDD revenue, the major revenue sources, were
greater than the budgeted amount by $6,080,443 and miscellaneous revenues . Increases in
revenues during 2022 included intergovernmental revenues by $1,195,195, license and fees by
$3,200,450. Miscellaneous revenues and charges for services decreased by $3,591,137 and
$4,440,454, respectively.
As a result of expenses exceeding revenues, the General Fund balance reported a decrease of
$2,065,825. The actual expenditures were under the final budget by $16,541,441.
Key events contributing to the changes in the General Fund budget amounts are as follows:
 The Public Service Department’s budget was increased by $2,893,053 and the Finance
Department’s budget was increased by $2,018,115 to allow for year-end encumbrances
along with transfers and advances.
 The Fire Department's budget was increased by $5,174,155, and the Police Department by
$2,330,738 to cover higher-than-anticipated overtime wages relating to increased service
needs and staffing shortages caused by the ongoing impact of the COVID-19 pandemic.
33

-- 35 of 247 --

The above chart shows the revenue generated by the various business-type activities of the City of Akron
and the expenses relating to each activity. As shown below, the majority of the revenue that funds these
activities is reported in the financial statements as charges for services.
34

-- 36 of 247 --

FINANCIAL ANALYSIS OF THE PROPRIETARY FUNDS
Business-Type Activities. Business-type activities increased the City of Akron’s net position by
$17,016,036 compared to an increase of $18,376,879 in the prior year. Total program revenues
decreased by $23,945,021 combined with a decrease in expenses of $23,022,403 contributed to
the overall increase in net position.
Proprietary Funds. The City of Akron’s proprietary funds provide the same type of information
found in the government-wide financial statements, but in more detail. The City’s major
enterprise funds are the Water Fund, Sewer Fund, and Off-Street Parking Fund.
Unrestricted net deficit of the Water Fund at the end of the year was $7,716,730, for the Sewer
Fund unrestricted net position was $77,974,972, and for the Off-Street Parking Fund was a
deficit of $193,628. The decreases reported in net position for the Water Fund was $2,865,504
and the increase reported for the Sewer Funds was $21,412,568. The decrease reported in net
position for Off-Street Parking was $2,456,362.
The expenses in the Sewer Fund decreased significantly, as there was a reduction in project
planning costs and utility related payables within the Sewer Fund. Additionally, the timing
differences between loan draws and capitalization of project expenses year over year has further
decreased expenses as assets are capitalized in the Sewer Fund.
The Water Bureau services the City and 13 surrounding communities which account for 83,800
customer accounts and 1,182 miles of water lines. All bonds of the Water Fund are paid from
water enterprise revenues. A ten-year comparison of certain water enterprise data is shown in
Schedule 15 of the Statistical Section. Water rates remained stable and results of operations
yielded an increase in net position due to cost containment. The Sewer Bureau services the City
and 12 surrounding communities which account for 76,300 customer accounts and 1,347 miles of
sewer lines. All bonds of the Sewer Fund are paid from sewer enterprise revenues. A ten-year
comparison of certain sewer enterprise data is shown in Schedule 15 of the Statistical Section.
Sewer rates remained virtually unchanged with only slight increases to a small population of
non-resident customers and results of operations yielded an increase in net position due again to
cost containment.
The Off-Street Parking Fund experienced a decrease in both the operating revenues and operating
expenses. The decrease in net position directly relates to expenses exceeding operating revenues.
35

-- 37 of 247 --

CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets. The City of Akron’s investment in capital assets for its governmental and
business-type activities as of December 31, 2022, amounts to $2,396,379,270 (net of
accumulated depreciation). This investment in capital assets includes land, construction in
progress, buildings, improvements (other than buildings), equipment, and infrastructure. The
total increase in the City of Akron’s investment in capital assets for the current fiscal year was
$31,492,243 (a 0.8% increase for governmental activities and a 1.8% increase for business-type
activities).
Capital Assets
(net of accumulated depreciation)
(in thousands)
Governmental Activities Business-type Activities Total
2021 2022 2021 2022 2021 2022
Land $ 154,663 $ 154,663 $ 38,403 $ 38,403 $ 193,066 $ 193,066
Construction in progress 152,408 96,042 464,879 424,813 617,287 520,855
Buildings 341,695 357,057 96,193 92,115 437,888 449,172
Improvements 102,015 102,497 122,344 106,976 224,359 209,473
Equipment 31,655 30,441 38,711 37,039 70,366 67,480
Right to Use Assets - 33,111 - 817 - 33,928
Infrastructure 336,441 354,181 485,479 568,224 821,920 922,405
$ 1,118,877 $ 1,127,992 $ 1,246,009 $ 1,268,387 $ 2,364,886 $ 2,396,379
The City of Akron displays additional information relating to the capital assets of the City that
can be found in Note 1. G. and Note 7.
Major capital assets placed into service during the current fiscal year included the following:
 WRF Headworks Improvements - $18,907,773
 Northside Interceptor Tunnel - $8,934,242
 Fixed Network Advanced Metering Infrastructure with MDM and CIS Integrated
Platform Project - $7,765,625
 Main Street Corridor Phase 2 - $4,409,723
 Waterloo Road Brewster Creek Box Culvert Replacement - $2,232,826
 Fire Station 12 Site Work - $1,665,826
36

-- 38 of 247 --

Long-Term Debt. At the end of the current fiscal year, the City of Akron had total debt
outstanding of $1,230,857,792. All general obligation bonds are backed by the full faith and
credit of the City. Special assessment bonds and notes are covered by special assessment
collections and are backed by the full faith and credit of the City. The remainder of the City of
Akron’s debt represents bonds secured solely by specified revenue sources.
City of Akron
Outstanding Debt
(in thousands)
Governmental Business-type
Activities Activities Total
2021 2022 2021 2022 2021 2022
General Obligation Bonds $ 86,610 $ 71,240 $ - $ - $ 86,610 $ 71,240
General Obligation Notes 32,900 50,245 - - 32,900 50,245
OPWC Loan 5,238 4,666 207 988 5,445 5,654
Ohio Development
Services Agency 3,305 2,970 - - 3,305 2,970
Non-Tax Revenue Bonds 24,115 25,844 - - 24,115 25,844
Income Tax Revenue
Income Tax Revenue
Bonds and Notes 323,575 288,398 - - 323,575 288,398
Special Revenue Bonds 1,870 - - - 1,870 -
Special Assessment
Bonds and Notes 19,978 21,645 - - 19,978 21,645
Mortgage Revenue Bonds - - 4,395 3,565 4,395 3,565
OWDA Loan - - 738,531 761,297 738,531 761,297
$ 497,591 $ 465,008 $ 743,133 $ 765,850 $ 1,240,724 $ 1,230,858
The City of Akron’s total debt outstanding decreased by $9,865,856 (2.1%) during the current
fiscal year.
During 2022, the City issued $3,172,247 in Special Assessment - Direct Placement Bonds for
resurfacing. Additionally, there were OWDA loans issued for the cost of improving the Sewer
System totaling $38,373,637 and the Water System totaling $14,556,894.
The Ohio Revised Code provides that the outstanding general obligation bonds less
self-supporting debt (e.g., income tax-backed projects) of the municipal corporation, whether or
not approved by the electors, shall not exceed 10.5% of the assessed value of all property in the
municipal corporation as listed and assessed for taxation. In addition, the unvoted net debt of
municipal corporations cannot exceed 5.5% of total assessed value of property. The City of
Akron’s total debt limit (10.5%) is $324,014,346 and the total unvoted net debt limit (5.5%) is
$169,721,800.
37

-- 39 of 247 --

The City’s general obligation bonds are rated “A+” by Standard & Poor’s Ratings Services, “A+”
by Fitch Ratings.
Additional information on the City of Akron’s long-term debt can be found in Notes 10-12.
Economic Factors and Next Year’s Budgets and Rates
 The City will utilize $63 million in ARPA funding in 2023, including $11 million of
revenue replacement within the General Fund.
 The City of Akron budgeted income tax collections to increase by 2.0%, Local
Government to remain stable, and Property Taxes to remain stable.
 The City of Akron budgeted a 4% cost-of-living wage increase in 2023 for all City
employees, in addition to hiring classes of both Police officers and Firefighters in 2023.
Request for Information
This financial report is designed to provide a general overview of the City of Akron’s finances
for all those with an interest in the government’s finances. Questions concerning any of the
information provided in this report or request for additional information should be addressed to
the Director of Finance, Municipal Building, 166 South High Street, Room 205, Akron, Ohio
44308.
38

-- 40 of 247 --

(This page intentionally left blank)
39

-- 41 of 247 --

BASIC FINANCIAL
STATEMENTS
40

-- 42 of 247 --

Exhibit 1
City of Akron, Ohio
Statement of Net Position
December 31, 2022
Governmental
Activities
Business-Type
Activities Total
Assets
Current assets:
Pooled cash and investments $ 155,800,108 $ 105,897,312 $ 261,697,420
Receivables, net 145,696,723 16,241,355 161,938,078
Loans receivable 4,646,664 - 4,646,664
Due from other governments 1,317,197 669,070 1,986,267
Due from others 494,326 - 494,326
Internal balances 3,679,516 (3,679,516) -
Inventories, at cost 871,463 3,043,483 3,914,946
Total current assets 312,505,997 122,171,704 434,677,701
Noncurrent assets:
Receivables, net 79,002,026 4,555,730 83,557,756
Restricted cash and investments 2,186,213 3,202,617 5,388,830
Loans receivable 8,899,405 - 8,899,405
Assets held for resale 8,464,523 - 8,464,523
Net pension asset 1,178,922 338,357 1,517,279
Net OPEB asset 10,407,449 2,985,167 13,392,616
Capital assets:
Land and construction in progress 250,705,168 463,215,601 713,920,769
Other capital assets, net 877,287,608 805,170,893 1,682,458,501
Total noncurrent assets 1,238,131,314 1,279,468,365 2,517,599,679
Total assets 1,550,637,311 1,401,640,069 2,952,277,380
Deferred Outflows of Resources 90,732,223 4,592,175 95,324,398
Total assets and deferred outflows of resources 1,641,369,534 1,406,232,244 3,047,601,778
Liabilities
Current liabilities:
Accounts payable and other accrued liabilities 141,766,929 8,365,981 150,132,910
Deposits 3,510,433 751,797 4,262,230
Due to other governments 1,406,907 3,799,822 5,206,729
Accrued interest payable 2,136,608 7,488,669 9,625,277
Accrued wages 6,516,558 715,454 7,232,012
Accrued vacation and leave 11,338,410 1,467,651 12,806,061
COPs, leases, and direct financing 4,315,485 2,282,155 6,597,640
Liability for unpaid claims 6,396,593 - 6,396,593
Bonds, notes and loans payable 43,598,610 33,878,278 77,476,888
Total current liabilities 220,986,533 58,749,807 279,736,340
Noncurrent liabilities:
Noncurrent COPs, leases, and direct financing 75,024,394 26,153,406 101,177,800
Liabilities due in more than one year 83,561,818 7,120,359 90,682,177
Bonds, notes and loans payable 376,642,720 731,971,785 1,108,614,505
Net pension liability 199,028,180 8,470,867 207,499,047
Net OPEB liability 95,441,816 9,427,624 104,869,440
Total noncurrent liabilities 829,698,928 783,144,041 1,612,842,969
Total liabilities 1,050,685,461 841,893,848 1,892,579,309
Deferred Inflows of Resources 322,489,948 23,192,302 345,682,250
Total liabilities and deferred inflows of resources 1,373,175,409 865,086,150 2,238,261,559
Net position
Net investment in capital assets 601,393,040 468,805,249 1,070,198,289
Restricted for debt service 3,785,093 3,202,616 6,987,709
Restricted for community learning centers 15,423,321 - 15,423,321
Restricted for capital projects 12,161,057 - 12,161,057
Restricted for program purpose 43,885,761 - 43,885,761
Restricted for net pension asset 1,178,922 338,357 1,517,279
Restricted for net OPEB asset 10,407,449 2,985,167 13,392,616
Unrestricted (deficit) (420,040,518) 65,814,705 (354,225,813)
Total net position $ 268,194,125 $ 541,146,094 $ 809,340,219
The notes to the financial statements are an integral part of this statement.
41

-- 43 of 247 --

Exhibit 2
City of Akron, Ohio
Statement of Activities
For the Year Ended December 31, 2022
Program Revenues
Net (Expense) Revenue and
Changes in Net Position
Functions/Programs Expenses
Charges for
Services
Operating
Grants and
Contributions
Capital Grants
and
Contributions
Governmental
Activities
Business-type
Activities Total
Governmental Activities:
General government $ 58,961,573 $ 19,515,823 $ 209,287 $ 3,100,590 $ (36,135,873) $ - $ (36,135,873)
Public service 77,118,211 18,417,119 - 28,538,851 (30,162,241) - (30,162,241)
Public safety 131,875,742 970,509 4,449,556 777 (126,454,900) - (126,454,900)
Community environment 66,345,703 52,083 45,758,791 4,653,846 (15,880,983) - (15,880,983)
Public health 4,557,880 821,250 - - (3,736,630) - (3,736,630)
Recreation and parks 13,043,898 969,328 - 864,431 (11,210,139) - (11,210,139)
Interest 24,852,120 - - - (24,852,120) - (24,852,120)
Unallocated depreciation* 18,935,385 - - - (18,935,385) - (18,935,385)
Total governmental activities 395,690,512 40,746,112 50,417,634 37,158,495 (267,368,271) - (267,368,271)
Business-type Activities:
Water 45,947,108 34,360,695 36,967 3,092,555 - (8,456,891) (8,456,891)
Sewer 70,835,872 89,569,914 - 2,474,468 - 21,208,510 21,208,510
Oil and gas 42,651 4,810 - - - (37,841) (37,841)
Golf course 1,851,442 1,087,514 - - - (763,928) (763,928)
Airport 558,471 84,315 59,000 1,009,091 - 593,935 593,935
Parking facilities 5,402,767 762,193 - - - (4,640,574) (4,640,574)
Total business-type activities 124,638,311 125,869,441 95,967 6,576,114 - 7,903,211 7,903,211
Total Government $ 520,328,823 $ 166,615,553 $ 50,513,601 $ 43,734,609 $ (267,368,271) $ 7,903,211 $ (259,465,060)
General revenues:
Taxes:
Income taxes $ 186,718,101 $ - $ 186,718,101
Property taxes 30,560,442 - 30,560,442
JEDD Revenues 18,323,843 - 18,323,843
Investment earnings 4,080,098 122,413 4,202,511
Unrestricted shared revenues 53,813,529 - 53,813,529
Miscellaneous 17,991,220 6,372,690 24,363,910
Gain on sale of capital assets 42,104 - 42,104
Transfers (2,617,722) 2,617,722 -
Total general revenues and transfers 308,911,615 9,112,825 318,024,440
Change in net position 41,543,344 17,016,036 58,559,380
Net position - beginning, as restated 226,650,781 524,130,058 750,780,839
Net position - ending $ 268,194,125 $ 541,146,094 $ 809,340,219
*Excludes depreciation included in program expenses.
The notes to the financial statements are an integral part of this statement.
42

-- 44 of 247 --

Exhibit 3
City of Akron, Ohio
Balance Sheet - Governmental Funds
December 31, 2022
General
Community
Learning
Centers
Income
Tax
Capital
Improvement
Special
Assessment
Fund
Various
Purpose
Funding
Other
Governmental
Funds
Total
Governmental
Funds
Assets
Pooled cash and investments $ 22,579,857 $ 16,411,805 $ 4,021,405 $ 4,693,725 $ 121,845,398 $ 56,898,421 $ 226,450,611
Restricted cash and investments - 49,243 - - - 2,136,970 2,186,213
Receivables, net of allowances for
uncollectibles 61,053,031 36,073,238 7,090,616 41,721,331 39,581 74,497,403 220,475,200
Loans receivable - - - - - 13,546,069 13,546,069
Due from other governments - - - - 49,213 6,631,697 6,680,910
Due from other funds 5,222,518 - 16 85 112,953 439,853 5,775,425
Due from others - - - - - 254,308 254,308
Advances to other funds 1,170,000 - 1,785,000 - - - 2,955,000
Assets held for resale - - - - - 8,464,523 8,464,523
Total assets $ 90,025,406 $ 52,534,286 $ 12,897,037 $ 46,415,141 $ 122,047,145 $ 162,869,244 $ 486,788,259
Liabilities
Accounts payable $ 3,545,919 $ 64,182 $ 155,534 $ 178,905 $ 1,402,901 $ 8,397,319 $ 13,744,760
Deposits 12,280 2,518,477 - - - 979,676 3,510,433
Advances from other funds - - - - 60,000 1,415,000 1,475,000
Due to other governments - - - - - 5,306,907 5,306,907
Due to other funds 516,626 176,079 797 239,773 - 2,935,847 3,869,122
Due to others 881,462 - - - - 2,090,535 2,971,997
Accrued liabilities 2,402,226 - 5,128 71,975 - 1,221,115 3,700,444
Accrued wages 4,867,481 - 15,242 171,384 - 1,240,036 6,294,143
Accrued vacation and leave 42,141 - - - - - 42,141
Unearned revenue 6,369,113 - - - 118,951,612 - 125,320,725
Special assessment notes - - - 13,000,000 - - 13,000,000
Total liabilities 18,637,248 2,758,738 176,701 13,662,037 120,414,513 23,586,435 179,235,672
Deferred Inflows of Resources 43,672,779 34,352,227 3,119,574 41,716,331 - 73,620,682 196,481,593
Fund balances
Restricted - 15,423,321 9,600,762 - 1,516,345 53,138,482 79,678,910
Committed 425,279 - - - 116,287 19,988,121 20,529,687
Assigned 1,661,980 - - - - - 1,661,980
Unassigned 25,628,120 - - (8,963,227) - (7,464,476) 9,200,417
Total fund balances (deficit) 27,715,379 15,423,321 9,600,762 (8,963,227) 1,632,632 65,662,127 111,070,994
Total liabilities, deferred inflows
and fund balances $ 90,025,406 $ 52,534,286 $ 12,897,037 $ 46,415,141 $ 122,047,145 $ 162,869,244 $ 486,788,259
The notes to the financial statements are an integral part of this statement.
43

-- 45 of 247 --

Exhibit 3a
City of Akron, Ohio
Reconciliation of the Balance Sheet to the Statement of Net Position - Governmental Funds
December 31, 2022
Total fund balances for governmental funds (Exhibit 3) $ 111,070,994
Total net position reported for governmental activities in the statement of net position
is different because:
Capital assets used in governmental activities (excluding internal service fund capital
assets) are not financial resources and therefore are not reported in the funds. 1,126,480,326
The net pension asset (excluding internal service fund net pension asset) is not an
available resource and, therefore, is not reported in the funds. 1,073,345
Other long-term assets are not available to pay for current period expenditures and,
therefore, are deferred inflows in the funds.
Income taxes 14,257,386
Property taxes 8,497,627
Special assessments 18,496,275
Shared revenues 15,922,696
57,173,984
Long-term accounts receivables are not available to pay for current period expenditures. 978,337
The assets and liabilities of the internal service funds are included in the governmental
activities in the statement of net position. (10,141,827)
Long-term liabilities (excluding internal service fund liabilities) including bonds payable
and accrued interest payable are not due and payable in the current period and therefore
are not reported in the funds.
Accounts payable and other accrued liabilities (13,211,375)
Accrued interest payable (2,136,608)
Accrued vacation and leave (73,944,753)
Bonds, notes and loans payable (452,007,729)
Net OPEB deferred inflows/outflows (27,946,887)
Net OPEB liabilities (92,545,341)
Net Pension deferred inflows/outflows (18,184,846)
Net Pension liabilities (186,878,254)
Obligations under leases and COPs (79,339,879)
Unamortized bond premium, discount, deferred loss, gain (72,245,362)
(1,018,441,034)
Total net position of governmental activities (Exhibit 1) $ 268,194,125
The notes to the financial statements are an integral part of this statement.
44

-- 46 of 247 --

Exhibit 4
City of Akron, Ohio
Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds
For the Year Ended December 31, 2022
General
Community
Learning
Centers
Income
Tax
Capital
Improvement
Special
Assessment
Fund
Various
Purpose
Funding
Other
Governmental
Funds
Total
Governmental
Funds
Revenues
Income taxes $ 101,068,321 $ 17,941,186 $ 37,753,330 $ - $ - $ 31,408,549 $ 188,171,386
Property taxes 21,937,239 - - - - 10,629,185 32,566,424
JEDD revenues 6,300,000 - 3,000,000 - - 9,505,535 18,805,535
Special assessments 137,786 - - 17,995,297 - 2,172,558 20,305,641
Grants and subsidies - - - - 26,204,458 38,753,140 64,957,598
Investment earnings 46,953 174,033 50,277 - 1,600,195 1,747,589 3,619,047
Shared revenues 14,047,927 7,014,148 243,822 - - 27,752,095 49,057,992
Licenses, fees and fines 14,264,190 - - 47,743 679,993 6,536,786 21,528,712
Charges for services 15,388,999 - 16 85 - 3,517,220 18,906,320
Miscellaneous 3,465,667 2,490,737 1,527,473 31,389 158,406 7,826,616 15,500,288
176,657,082 27,620,104 42,574,918 18,074,514 28,643,052 139,849,273 433,418,943
Expenditures
Current:
General government 27,567,673 242,230 - 11,199,203 13,528,860 21,657,769 74,195,735
Public service 26,823,682 - 22,055 14,280,753 690,499 44,115,638 85,932,627
Public safety 104,321,402 - 1,410,590 1,674 - 36,494,851 142,228,517
Community environment 2,514,127 13,313,623 1,306,241 - 24,572,834 41,057,793 82,764,618
Public health 4,307,739 - - - - 265 4,308,004
Recreation and parks 4,152,925 - - - 943,746 8,020,329 13,117,000
Debt service:
Principal retirement 143,606 14,465,000 27,649,825 1,505,688 - 36,479,883 80,244,002
Interest 193,757 10,077,798 9,919,149 140,047 533,218 831,803 21,695,772
Bond issuance expenditures - 344,965 - 10,000 - 20,000 374,965
170,024,911 38,443,616 40,307,860 27,137,365 40,269,157 188,678,331 504,861,240
Excess (deficiency) of revenues
over (under) expenditures 6,632,171 (10,823,512) 2,267,058 (9,062,851) (11,626,105) (48,829,058) (71,442,297)
Other financing sources (uses)
Capital contributions - - - - - 545,100 545,100
Issuance of bonds - - 1,199,999 - 200 57,914,063 59,114,262
Premium on debt - 16,742,874 - - - - 16,742,874
Original bond issue discount - (490,648) - - - - (490,648)
Issuance of refunding obligations - 114,970,000 - - - - 114,970,000
Issuance of leases - - - 8,169,846 - 14,869,698 23,039,544
Payment to refunding agent - (127,805,000) - - - - (127,805,000)
Transfers-in 156,152 - - - - 9,077,674 9,233,826
Transfers-out (10,635,421) - - - (966,127) (250,000) (11,851,548)
(10,479,269) 3,417,226 1,199,999 8,169,846 (965,927) 82,156,535 83,498,410
Net change in fund balance (3,847,098) (7,406,286) 3,467,057 (893,005) (12,592,032) 33,327,477 12,056,113
Fund balances (deficit),
January 1, 2022 31,562,477 22,829,607 6,133,705 (8,070,222) 14,224,664 32,334,650 99,014,881
Fund balances (deficit),
December 31, 2022 $ 27,715,379 $ 15,423,321 $ 9,600,762 $ (8,963,227) $ 1,632,632 $ 65,662,127 $ 111,070,994
The notes to the financial statements are an integral part of this statement.
45

-- 47 of 247 --

Exhibit 4a
City of Akron, Ohio
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances
to the Statement of Activities - Governmental Funds
For the Year Ended December 31, 2022
Net changes in fund balances - total governmental funds (Exhibit 4) $ 12,056,113
Amounts reported for governmental activities in the statement of activities are
different because:
Governmental funds report capital outlays as expenditures. However, in the statement
of activities the cost of those assets, which meet capitalization requirements, is
allocated over their estimated useful lives and reported as depreciation expense. This
is the amount by which capital outlays ($50,877,805) exceeded depreciation
($42,741,846) in the current period. 8,135,959
The net effect of selling capital assets increased net position. 42,104
Revenues in the statement of activities that do not provide current financial resources
are not reported as revenues in the funds. The amount is the net effect of the reversal of
prior year items against current year accruals. (54,690,992)
The issuance of long-term debt provides current financial resources to governmental
funds, while the repayment of principal of long-term debt consumes the current
financial resources of governmental funds. Neither transaction, however, has any
effect on net position. Also, governmental funds report the effect of premiums and
deferred amount on refundings when debt is first issued, whereas these amounts are
deferred and amortized in the statement of activities. The amount is the net effect of
these differences in the treatment of long-term debt and related items.
Issuance of debt (173,419,187)
Issuance of leases (23,039,544)
Payment of debt 80,244,002
Payment to refunding agent 127,805,000
Premium on debt (16,742,874)
Discount on debt 490,648
Bond issuance expenditures 374,965
(4,286,990)
Some of the expenses reported in the statement of activities do not require the use of
current financial resources and, therefore, are not reported as expenditures in
governmental funds. 78,777,373
The change in net position of the internal service funds are included in the
governmental activities in the statement of activities. 1,509,777
Change in net position of governmental activities (Exhibit 2) $ 41,543,344
The notes to financial statements are an integral part of this statement.
46

-- 48 of 247 --

Exhibit 5
City of Akron, Ohio
Statement of Net Position - Proprietary Funds
December 31, 2022
Water Sewer
Off-Street
Parking
Other
Enterprise
Funds Total
Governmental
Activities-
Internal
Service Funds
Assets
Current assets:
Pooled cash and investments $ 11,237,782 $ 94,208,957 $ 38,580 $ 411,993 $ 105,897,312 $ 8,122,817
Receivables, net of allowance for
uncollectibles 2,845,334 13,274,496 2,488,246 2,189,009 20,797,085 1,002,238
Due from other governments 5,655 - - 663,415 669,070 -
Due from other funds 898,917 299,873 246 168 1,199,204 3,813,724
Inventories, at cost 2,129,603 873,080 - 40,800 3,043,483 871,463
Total current assets 17,117,291 108,656,406 2,527,072 3,305,385 131,606,154 13,810,242
Noncurrent assets:
Restricted cash and investments 806,631 2,395,986 - - 3,202,617 -
Net pension asset 212,500 112,357 - 13,500 338,357 105,577
Net OPEB asset 1,876,931 988,586 - 119,650 2,985,167 922,051
Property, plant and equipment,
net of accumulated depreciation 161,276,434 1,037,402,189 57,728,765 11,979,106 1,268,386,494 1,512,450
Total noncurrent assets 164,172,496 1,040,899,118 57,728,765 12,112,256 1,274,912,635 2,540,078
Total assets 181,289,787 1,149,555,524 60,255,837 15,417,641 1,406,518,789 16,350,320
Deferred Outflows of Resources 2,861,390 1,567,909 - 162,876 4,592,175 1,453,521
Total assets and deferred outflows 184,151,177 1,151,123,433 60,255,837 15,580,517 1,411,110,964 17,803,841
Liabilities
Current liabilities:
Accounts payable 902,315 5,752,236 158,697 140,630 6,953,878 908,308
Deposits 751,797 - - - 751,797 -
Due to other governments 69,408 3,730,414 - - 3,799,822 -
Advances from other funds - - - 910,000 910,000 570,000
Due to other funds 482,803 3,363,268 91,392 11,127 3,948,590 2,970,641
Accrued interest payable 388,219 7,096,381 - 4,069 7,488,669 -
Accrued liabilities 138,661 1,198,840 - 74,602 1,412,103 2,031,230
Accrued wages 457,603 246,192 - 11,659 715,454 222,415
Accrued vacation and leave 908,733 532,856 - 26,062 1,467,651 614,521
Obligation under leases 80,292 2,174,014 - 27,849 2,282,155 -
Liability for unpaid claims - - - - - 5,809,093
Debt:
Mortgage revenue bonds 855,000 - - - 855,000 -
OWDA loans 2,782,734 30,158,344 - - 32,941,078 -
OPWC loans 44,750 37,450 - - 82,200 -
Total current liabilities 7,862,315 54,289,995 250,089 1,205,998 63,608,397 13,126,208
Noncurrent liabilities:
Obligations under leases 163,321 25,930,440 - 59,645 26,153,406 -
Due in more than one year 4,175,680 2,559,200 - 385,479 7,120,359 3,756,003
Bonds, notes, and loans payable 56,849,447 675,122,338 - - 731,971,785 -
Net pension liability 5,339,534 2,791,679 - 339,654 8,470,867 2,664,528
Net OPEB liability 5,560,900 3,866,724 - - 9,427,624 2,896,475
Total noncurrent liabilities 72,088,882 710,270,381 - 784,778 783,144,041 9,317,006
Total liabilities 79,951,197 764,560,376 250,089 1,990,776 846,752,438 22,443,214
Deferred Inflows of Resources 11,125,068 6,856,317 2,470,611 2,740,306 23,192,302 5,522,584
Net Position
Net investment in capital assets 99,985,012 299,335,782 57,728,765 11,755,690 468,805,249 1,512,450
Restricted for debt service 806,630 2,395,986 - - 3,202,616 -
Unrestricted (deficit) (7,716,730) 77,974,972 (193,628) (906,255) 69,158,359 (11,674,407)
Total net position 93,074,912 379,706,740 57,535,137 10,849,435 541,166,224 (10,161,957)
Total liabilities, deferred inflows and net
position $ 184,151,177 $ 1,151,123,433 $ 60,255,837 $ 15,580,517 $ 17,803,841
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds: (20,130)
Net position of business-type activities $ 541,146,094
The notes to the financial statements are an integral part of this statement.
47

-- 49 of 247 --

Exhibit 6
City of Akron, Ohio
Statement of Revenues, Expenses and Changes in Fund Net Position - Proprietary Funds
For the Year Ended December 31, 2022
Water Sewer
Off-Street
Parking
Other
Enterprise
Funds Total
Governmental
Activities-
Internal
Service Funds
Operating revenues
Charges for services $ 34,510,897 $ 89,697,264 $ 758,527 $ 1,176,639 $ 126,143,327 $ 54,884,181
Other 5,315,849 111,190 273,779 723,803 6,424,621 7,686,518
39,826,746 89,808,454 1,032,306 1,900,442 132,567,948 62,570,699
Operating expenses
Personal services 9,860,301 4,963,580 - 682,352 15,506,233 4,894,369
Direct expenses 24,362,543 26,354,540 786,725 1,236,380 52,740,188 16,404,504
Claims 13,117 1,505 675 658 15,955 38,538,560
Rentals and lease 65,199 50,189 - 42,334 157,722 364,703
Utilities 1,595,733 525,436 519,764 79,008 2,719,941 196,040
Insurance 210,712 494,358 117,892 33,096 856,058 42,148
Depreciation, depletion and amortization 9,014,941 24,466,652 2,915,313 349,725 36,746,631 202,040
Other 101,596 155,836 1,054,070 28,816 1,340,318 5,979
45,224,142 57,012,096 5,394,439 2,452,369 110,083,046 60,648,343
Operating income (loss) (5,397,396) 32,796,358 (4,362,133) (551,927) 22,484,902 1,922,356
Nonoperating revenues (expenses)
Interest income 5,140 17,539 73,350 4,560 100,589 61
Interest expense (810,645) (14,435,644) (17,579) (4,069) (15,267,937) (3,961)
Other revenues (expenses) 36,967 - - 59,000 95,967 -
(768,538) (14,418,105) 55,771 59,491 (15,071,381) (3,900)
Gain (loss) before transfers and contributions (6,165,934) 18,378,253 (4,306,362) (492,436) 7,413,521 1,918,456
Transfers-in 207,875 559,847 1,850,000 - 2,617,722 -
Capital contributions 3,092,555 2,474,468 - 1,009,091 6,576,114 -
3,300,430 3,034,315 1,850,000 1,009,091 9,193,836 -
Changes in net position (2,865,504) 21,412,568 (2,456,362) 516,655 16,607,357 1,918,456
Net position, January 1, 2022, as restated 95,940,416 358,294,172 59,991,499 10,332,780 (12,080,413)
Net position, December 31, 2022 $ 93,074,912 $ 379,706,740 $ 57,535,137 $ 10,849,435 $ (10,161,957)
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. 408,679
Change in net position of business-type activities $ 17,016,036
The notes to the financial statements are an integral part of this statement.
48

-- 50 of 247 --

Exhibit 7
City of Akron, Ohio
Statement of Cash Flows - Proprietary Funds
For the Year Ended December 31, 2022
Governmental
Other Activities
Off-Street Enterprise Internal
Water Sewer Parking Funds Total Service Funds
Operating activities
Cash received from customers $ 34,387,969 $ 90,085,665 $ 765,376 $ 1,583,407 $ 126,822,417 $ 53,610,541
Cash payments to suppliers for goods and services (28,467,639) (28,012,165) (1,857,206) (1,922,839) (60,259,849) (15,672,735)
Cash paid for salaries and employee benefits (15,538,369) (9,560,481) (675) (815,058) (25,914,583) (48,335,275)
Other revenues 5,315,849 111,190 273,779 723,803 6,424,621 7,686,518
Other expenses (101,596) (155,836) (1,054,070) (28,816) (1,340,318) (5,979)
Net cash provided by (used for) operating activities (4,403,786) 52,468,373 (1,872,796) (459,503) 45,732,288 (2,716,930)
Non-capital financing activities
Transfers from other funds 207,875 559,847 1,850,000 - 2,617,722 -
Transfers/advances in for negative cash balances - - - 545,000 545,000 1,609,623
Net cash provided by (used for) non-capital
financing activities 207,875 559,847 1,850,000 545,000 3,162,722 1,609,623
Capital and related financing activities
Proceeds from the sale of bonds 14,556,894 39,223,146 - - 53,780,040 -
Principal paid on bonds and loans (3,989,309) (27,073,544) - - (31,062,853) -
Interest paid on bonds and loans (790,804) (13,928,256) (17,579) - (14,736,639) (3,961)
Acquisition and construction of capital assets (9,801,086) (56,652,469) - (1,141,070) (67,594,625)
Capital contributions 3,092,555 2,474,468 - 1,009,091 6,576,114 -
Net cash provided by (used for) capital and related
financing activities 3,068,250 (55,956,655) (17,579) (131,979) (53,037,963) (3,961)
Investing activities
Purchase of investment securities (1,085,753) (2,189,246) - - (3,274,999) -
Proceeds from sales and maturities of investment securities 1,085,753 2,189,246 - - 3,274,999 -
Interest on investments 5,140 17,539 73,350 4,560 100,589 61
Net cash provided by investing activities 5,140 17,539 73,350 4,560 100,589 61
Net increase (decrease) in cash and cash equivalents (1,122,521) (2,910,896) 32,975 (41,922) (4,042,364) (1,111,207)
Cash and cash equivalents, January 1, 2022 13,166,934 99,515,839 5,605 453,915 113,142,293 9,234,024
Cash and cash equivalents, December 31, 2022 $ 12,044,413 $ 96,604,943 $ 38,580 $ 411,993 $ 109,099,929 $ 8,122,817
Operating income (loss) (5,397,396) 32,796,358 (4,362,133) (551,927) 22,484,902 1,922,356
Adjustments to reconcile operating
income (loss) to net cash provided
by (used for) operating activities:
Depreciation, depletion and amortization 9,014,941 24,466,652 2,915,313 349,725 36,746,631 202,040
(Increase) decrease in operating assets:
Receivables (72,962) 954,487 11,151 339,718 1,232,394 (881,159)
Due from other funds (22,769) (90,013) (246) 67,050 (45,978) (392,481)
Inventories (302,453) 8,925 - 48,229 (245,299) (232,771)
Increase (decrease) in operating liabilities:
Accounts payable 8,211,527 (4,318,032) (293,839) (590,125) 3,009,531 (1,449,510)
Due to other funds (50,676) 298,816 37,125 9,884 295,149 24,203
Due to other governments (10,091,850) 3,422,649 (176,111) (9) (6,845,321) -
Accrued liabilities (5,181,707) (4,889,192) (4,056) (137,010) (10,211,965) (3,543,020)
Accrued wages 81,940 (59,707) - 3,529 25,762 34,916
Accrued vacation and leave (592,381) (122,570) - 1,433 (713,518) 331,677
Estimated liability for unpaid claims - - - - - 1,266,819
Net cash provided by (used for) operating activities (4,403,786) 52,468,373 (1,872,796) (459,503) 45,732,288 (2,716,930)
The notes to the financial statements are an integral part of this statement.
49

-- 51 of 247 --

Exhibit 8
City of Akron, Ohio
Statement of Fiduciary Net Position
Fiduciary Funds - Custodial
December 31, 2022
Custodial
Funds
Assets
Cash $ 1,841,892
Receivables 4,933,562
Total assets 6,775,454
Liabilities
Due to other governments 655,498
Due to others 85,993
Total liabilities 741,491
Deferred Inflows of Resources 2,722,461
Restricted for individuals, organizations, and governments 3,311,502
Net Position $ 3,311,502
The notes to the financial statements are an integral part of this statement.
50

-- 52 of 247 --

City of Akron, Ohio Exhibit 9
Statement of Changes in Fiduciary Net Position - Custodial Funds
For the Year Ended December 31, 2022
Custodial
Funds
Additions
Contributions $ 200
Confiscated evidence 427,252
JEDD income tax 7,240,827
Miscellaneous 11,577
7,679,856
Deductions
Distribution to participants 515,443
Education and awareness 8,274
JEDD district expenses 5,011,089
Refunds 511,638
6,046,444
Net Increase in Fiduciary Net Position 1,633,412
Net position, January 1, 2022 1,678,090
Net position, December 31, 2022 $ 3,311,502
The notes to the financial statements are an integral part of this statement.
51

-- 53 of 247 --

City of Akron, Ohio
Notes to the Financial Statements
Year Ended December 31, 2022
1. Summary of Significant Accounting Policies
The City of Akron (the City) was incorporated in 1836 and is a home rule municipal corporation
under the laws of the State of Ohio. The City operates under a Council-Mayor form of government
and provides the following services as authorized by its Charter: public safety, public service, public
health, recreation and development. The accompanying financial statements comply with the
provisions of the Governmental Accounting Standards Board (GASB) Statement No. 14, The
Financial Reporting Entity, Statement No. 39, Determining Whether Certain Organizations Are
Component Units, and Statement No. 61, The Financial Reporting Entity: Omnibus, Statement No.
80, Blending Requirements for Certain Component Units, and Statement No. 90, Majority Equity
Interests, in that the financial statements include those activities and functions for which the City is
accountable. The City has no component units as defined by GASB 14, 39, 61, 80, and 90. The City
is associated with certain organizations which are defined as jointly governed organizations, joint
ventures and related organizations. These organizations are presented in Notes 25, 26 and 27 to the
basic financial statements. These organizations are the Akron/Summit Convention and Visitors’
Bureau, the Copley-Akron Joint Economic Development District (“JEDD”), the Coventry-Akron
JEDD, the Springfield-Akron JEDD, the Bath-Akron-Fairlawn JEDD, and the Summit Medina
Business Alliance (SMBA). The accounting policies and financial reporting practices of the City
conform to accounting principles generally accepted in the United States of America (GAAP) as
applicable to governmental units.
The following is a summary of the more significant policies followed during the preparation of the
accompanying financial statements.
A. Government-wide and fund financial statements
GASB Statement No. 34, Basic Financial Statements – and Management’s Discussion and
Analysis – for State and Local Governments establishes requirements and a reporting model
for the annual financial reports of state and local governments. The Statement was
developed to make annual reports easier to understand and more useful to the people who use
governmental financial information to make decisions. Financial information of the City is
presented in the following format:
Basic Financial Statements:
1. Government-wide financial statements consist of a statement of net position and a
statement of activities.
These statements report all of the assets and deferred outflows of resources,
liabilities and deferred inflows of resources, revenues, expenses, and gains and
losses of the City. Governmental activities are reported separately from
business-type activities. Governmental activities are normally supported by
taxes and intergovernmental revenues, whereas business-type activities are
normally supported by fees and charges for services and are usually intended by
management to be financially self-sustaining. Fiduciary funds of the City are not
included in these government-wide financial statements.
Interfund receivables and payables, and bonds and notes issued by the City and
held by the City as investments, within governmental and business-type activities
have been eliminated in the government-wide statement of net position. Related
52

-- 54 of 247 --

1. Summary of Significant Accounting Policies (Continued)
interest amounts are eliminated in the government-wide statement of activities.
These eliminations minimize the duplicating effect on assets and liabilities
within the governmental and business-type activities total column. Interfund
services provided and used are not eliminated in the process of consolidation.
Internal service net position, whether positive or negative, have been eliminated
against the expenses and program revenues shown in the governmental activities
statement of activities.
The statement of activities presents a comparison between direct expenses and
program revenues for the different business-type activities of the City and for
each function of the City’s governmental activities.
Direct expenses are those that are specifically associated with a program or
function and, therefore, are clearly identifiable to a particular function. Program
revenue includes (a) charges paid by the recipients of goods or services offered
by the programs and (b) grants and contributions that are restricted to meeting
the operational or capital requirements of a particular program. Revenues that
are not classified as program revenues, including all taxes, are presented as
general revenues.
2. Fund financial statements consist of a series of statements focusing on information
about the City’s major governmental and enterprise funds. Separate statements are
presented for the governmental, proprietary, and fiduciary funds.
The City’s major governmental funds are the General Fund, the Community
Learning Centers (CLC) Fund, Income Tax Capital Improvement Fund, Special
Assessment Fund, and the Various Purpose Funding Fund. Water, Sewer, and
Off-Street Parking Funds are considered major funds of the City's business-type
activities.
The General Fund is the primary operating fund of the City. It is used to account
for all financial resources except those required to be accounted for in other
funds. Its revenues consist primarily of income and property taxes, JEDD
revenues, shared revenues, charges for services, and licenses, fees, and fines.
General Fund expenditures represent costs of general government, public service
(including sanitation and recycling collection), public safety (including police
and fire), community environment, public health, and recreation and parks.
General Fund resources are also transferred annually to support other services
which are accounted for in other separate funds.
The Community Learning Centers (CLC) Fund is used to account for the daily
activity relating to the CLC project. The cooperative agreement with the Board
of Education of the Akron Public Schools District (District) provides a
mechanism to fund the renovation and/or rebuilding of all CLC's in Akron. This
major rebuilding program is funded primarily through City income tax, shared
revenue and bond proceeds.
The Income Tax Capital Improvement Fund, a special revenue fund, is used to
account for the accumulation of income tax revenue and the payments of costs
for items specifically designated as project costs and payment of debt service.
The primary revenue source is income tax revenue and some debt proceeds.53

-- 55 of 247 --

1. Summary of Significant Accounting Policies (Continued)
The Special Assessment Fund is used to account for the accumulation of
resources for, and the payment of, assessment related activities including Street
Lighting, Street Cleaning, and related costs. Revenues consist primarily of
special assessment collections.
The Various Purpose Funding Fund is used to account for the accumulation of
resources for, and payment of grant specific costs. Revenue consists primarily of
grants and subsides related to COVID funding and the American Rescue Plan
Award (ARPA).
The Water Enterprise Fund accounts for financial activity related to operating
the City’s water supply, treatment and distribution system. The Water Enterprise
Fund serves six other municipalities and parts of six adjacent townships.
Revenues consist primarily of charges for services.
The Sewer Enterprise Fund accounts for the financial activity related to
operating the City’s wastewater collection and treatment system that serves the
City and twelve other subdivisions. Revenues consist primarily of charges for
services.
The Off-Street Parking Fund accounts for the financial activity related to
operating the City’s parking facilities located throughout the downtown area.
Revenues consist almost exclusively of charges for services.
While not considered major funds, the City maintains Internal Service Funds
used to account for the financing of goods or services provided by one
department or division to another department or division of the City, generally
on a cost-reimbursement basis. The three largest of these funds account for the
motor equipment, engineering, and information technology services. In addition,
the City also maintains Internal Service Funds to account for the financial
activity relating to self-insurance. The financial activity relating to the self
insurance funds are for workers’ compensation, medical, and judgment and
claims.
3. Notes to the financial statements provide information that is essential to a user’s
understanding of the basic financial statements.
Required Supplementary Information:
Required supplementary information such as Management’s Discussion and Analysis and
budgetary comparison schedules are also required by GASB Statement No. 34. GASB
Statement No. 68 requires the Schedule of City's Proportionate Share of Net Pension
Liability and the Schedule of the City Contributions to State Pension Funds. GASB
Statement No. 75 requires the Schedule of Net OPEB Liability and the Schedule of
Contributions for the OPEB Plan.
B. Financial reporting presentation
The accounts of the City are organized on the basis of funds, each of which is considered a
separate accounting entity. The operations of each fund are accounted for with a separate set
of self-balancing accounts that comprise its assets, liabilities, deferred outflows/inflows of
resources, fund balance (equity), revenues, and expenditures (expenses). The fund types and
classifications that the City reports are as follows:
54

-- 56 of 247 --

1. Summary of Significant Accounting Policies (Continued)
GOVERNMENTAL FUNDS
1.1. General Fund – The General Fund is the general operating fund of the City and is
appropriated. It is used to account for all financial resources except those required to
be accounted for in another fund.
2. Special Revenue Funds – Special Revenue Funds are used to account for revenues
derived from specific taxes, grants, or other restricted revenue sources. The uses and
limitations of each Special Revenue Fund are specified by City ordinances or federal
or state statutes.
3. Debt Service Funds – Debt Service Funds are used to account for the accumulation
of resources for, and the payment of, general long-term debt principal, interest, and
related costs.
4. Capital Projects Funds - The Capital Projects Funds are used to account for
financial resources used for the acquisition or construction of major capital projects
(other than those financed by proprietary funds).
5. Permanent Funds – Permanent Funds are for the purpose of accounting for
resources that are legally restricted to the extent that earnings, and not principal, may
be used for purposes that support the reporting government’s programs. The City,
however, does not utilize Permanent Funds at this time.
PROPRIETARY FUNDS
1. Enterprise Funds - The Enterprise Funds are used to account for the operations that
are financed and operated in a manner similar to private business enterprises, where
the intent of the governing body is that costs of providing goods or services to the
general public on a continuing basis be financed or recovered primarily through user
charges.
2. Internal Service Funds - The Internal Service Funds are used to account for the
financing of goods or services provided by one department to other departments or to
other governments on a cost-reimbursement basis.
FIDUCIARY FUNDS
1. Custodial Funds – Custodial Funds are used to account for assets held by the City
for individuals, private organizations, or other governments. The City reports on
eight Custodial Funds, the first one is the Claire Merrix which is to fund tennis
related activities. Followed by the Police/Fire Beneficiary Fund which provides
scholarships for dependents of those serving in the Police and Fire Departments. The
Police Property Monetary Evidence Fund and is used to account for funds held by
the Police Department that will be returned to other agencies. The remaining funds
relate to specific Joint Economic Development Districts (JEDD) and include:
Copley-Akron JEDD, Coventry-Akron JEDD, Springfield-Akron JEDD, and
Bath-Akron-Fairlawn JEDD. The JEDD funds are used to account for the specific
JEDD District activities and disbursements.
55

-- 57 of 247 --

1. Summary of Significant Accounting Policies (Continued)
C. Measurement focus and basis of accounting
Except for budgetary purposes, the basis of accounting used by the City conforms to
accounting principles generally accepted in the United States of America (GAAP) as
applicable to governmental units. The accounting and financial reporting treatment applied
to a fund is determined by its measurement focus.
The government-wide, proprietary, and custodial fund financial statements are reported using
the economic resources measurement focus and the full accrual basis of accounting, except
Custodial Funds because they are custodial in nature. Revenues are recorded when earned
and expenses are recorded at the time liabilities are incurred, regardless of when the related
cash flows take place. Nonexchange transactions, in which the City gives (or receives) value
without directly receiving (or giving) equal value in exchange, include income taxes,
property taxes, shared revenue, grants, and donations. On a full accrual basis, revenue from
income taxes is recognized in the period in which the taxpayer’s liability occurs and revenue
from property taxes is recognized in the fiscal year for which the taxes are levied. On a full
accrual basis, revenue in the form of shared revenue is recognized when the provider
government recognizes its liability to the City. Revenue from grants and donations are
recognized in the fiscal year in which all eligibility requirements have been satisfied.
Governmental fund financial statements are reported using the current financial resources
measurement focus and the modified accrual basis of accounting. Under this method,
revenues are recognized when both measurable and available. Revenues are considered to be
available when they are collected within the current period or soon enough thereafter to pay
liabilities of the current period. The City generally considers all revenues reported in the
governmental funds to be available if the revenues are collected within sixty days after
year-end. Expenditures are generally recorded when the related fund liability is incurred,
except for principal and interest on general long-term debt, claims and judgments, and
compensated absences, which are recognized as expenditures only when payment is due.
General capital asset acquisitions are reported as expenditures in governmental funds.
Proceeds of general long-term debt are reported as other financing sources.
In applying the susceptible-to-accrual concept under the modified accrual basis, the
following revenue sources are deemed both measurable and available (i.e., collectible within
the current year or within sixty days after year-end and available to pay obligations of the
current period). These include income taxes, JEDD revenues, investment earnings, shared
revenues, and a portion of special assessments. Entitlements are recorded as revenues when
all eligibility requirements are met, including any time requirements, and the amount is
received during the period or within the availability period for this revenue source (within 60
days of year end). Expenditure-driven grants are recognized as revenue when the qualifying
expenditures have been incurred and all other eligibility requirements have been met, and the
amount is received during the period or within the availability period for this revenue source
(within 60 days of year end). Property taxes and the balance of special assessments
receivables, though measurable, are not available soon enough in the subsequent year to
finance current period obligations.
56

-- 58 of 247 --

1. Summary of Significant Accounting Policies (Continued)
Therefore, property tax and the balance of special assessment receivables are recorded as
deferred inflows until they become available. Other revenues, including licenses, fees and
fines, and charges for services are recorded as revenue when received in cash because they
are generally not measurable until actually received. The City applies restricted resources
first when an expenditure is incurred for purposes for which both restricted and unrestricted
net position are available.
Proprietary Fund operating revenues, such as charges for services, result from exchange
transactions associated with the principal activity of the fund. Exchange transactions are
those in which each party receives and gives up essentially equal values. Non-operating
revenues, such as rental revenue and connection fees, result from ancillary activities.
Operating expenses are necessary costs incurred to provide the good or service that is the
primary activity of the fund.
D. Budgetary Procedures
The City Council follows these procedures in establishing the budgetary data.
(1) The Mayor submits to the City Council a proposed operating budget for the fiscal
year commencing January 1. The operating budget includes proposed expenditures
and the means of financing them.
(2) Public hearings are conducted to obtain taxpayer comments.
(3) According to state law, the budget must be enacted through passage of an ordinance
by April 1.
(4) The City Finance Director is authorized by City Council to transfer funds already
appropriated within departments within any fund or category of expenditures;
however, any revisions that alter the total appropriation of said department must be
individually approved by the City Council. During 2022, supplemental
appropriations were passed by City Council.
(5) Encumbrance accounting is employed in governmental funds. Encumbrances (e.g.,
purchase orders, contracts) outstanding at year-end are recorded as the equivalent of
expenditures. Unencumbered appropriations lapse at year-end.
(6) The majority of all funds have a legally adopted annual budget. Those funds include:
General Fund City Facilities Operating Golf Course
Income Tax Collection Various Purpose Funding Airport
Emergency Medical Service Deposits Off-Street Parking
Special Assessment Community Learning Centers Motor Equipment
Income Tax Capital Improvement Police, Fire, and Road Activity Medical Self-Insurance
Street and Highway Maintenance General Grants Workers' Compensation Reserve
Community Development General Bond Payment Fund Self-Insurance Settlement
Community Environment Grants Streets Telephone System
Akron Metro. Area Transportation Study Information Technology and Improvements Engineering Bureau
H.O.M.E. Program Parks and Recreation Information Technology
Tax Equivalency Public Facilities and Improvements Claire Merrix
E.D.A. Revolving Loans Public Parking Police/Fire Beneficiary
Joint Economic Development Districts Economic Development Police Property Monetary Evidence
Akron Muni. Court Information System Water
Police Grants Sewer
Safety Programs Oil and Gas
57

-- 59 of 247 --

1. Summary of Significant Accounting Policies (Continued)
(7) The City appropriates an annual budget for the Police Pension Employer's Liability
Fund and the Fire Pension Employer's Liability Fund, which are required due to their
funding source. On a GAAP basis, the two funds are combined with the General
Fund.
(8) The City appropriates an annual budget for the Unclaimed Monies Fund which on a
GAAP basis, is combined with the General Fund.
E. Cash, Cash Equivalents, and Investments
Cash balances of the individual funds are combined to form a pool of cash held by the City
Treasurer and invested in authorized investments (see Note 2). Earnings from these
investments are credited to the General Fund in accordance with the City Charter except
where the terms of a grant or regulation specify otherwise. Certain cash balances are held on
behalf of the City by outside agents (see Note 2). Earnings from these investments are
credited to the General Fund and certain other funds pursuant to the City Charter and federal
and state requirements.
Investments are stated at fair value. Changes in fair value are recorded as a component of
investment earnings.
For purposes of the Statement of Cash Flows, equity in pooled cash and investments, as well
as segregated investments with original maturities of three months or less at the time they are
purchased by the City, are considered to be cash equivalents. Investments with maturities of
more than three months are not considered to be cash equivalents.
F. Inventories – Inventories are valued at cost (first-in, first-out) and adjusted to annual
physical counts which are then maintained on a perpetual basis until the end of the year.
G. Capital Assets and Leased Assets – Capital assets, which include property, plant, equipment,
and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items), and leased
assets, which include intangible right-to-use assets, are reported in the applicable
governmental or business-type activities columns in the government-wide financial
statements to the extent the City’s capitalization threshold is met. The City defines capital
assets as assets with an estimated useful life in excess of three years and an individual cost of
more than $5,000 for land; $10,000 for equipment and vehicles; $50,000 for intangibles –
easements; $500,000 for intangibles – computer software; $25,000 for land improvements,
buildings, and improvements other than buildings; and $100,000 for infrastructure. Assets
are recorded at historical cost or estimated historical cost if historical cost is not available.
Contributed capital assets are recorded at their acquisition value at the date contributed.
Donated capital assets, donated works of art and similar items, and capital assets received in
a service concession arrangement are recorded at acquisition value. Acquisition value is the
price that would be paid to acquire an asset with equivalent service potential in an orderly
market transaction at the acquisition date. Infrastructure acquired prior to December 31,
1980, is also reported as a component of the above-mentioned capital assets. The city values
leased assets at the net present value of all future lease payments and capitalizes the leased
assets using the same thresholds as capital assets, based on the type of property being leased.
Capital assets in the proprietary funds are capitalized in the fund in which they are utilized.
The valuation basis for proprietary fund capital assets are the same as those used for the
governmental capital assets. Interest accrued during the construction of capital assets
58

-- 60 of 247 --

1. Summary of Significant Accounting Policies (Continued)
utilized by the proprietary funds has been capitalized through December 31, 2017. As a
result of the 2018 implementation of GASB statement No. 89, Accounting for Interest Cost
Incurred before the end of a construction period, interest accrued during construction is no
longer capitalized in Proprietary funds. Costs for maintenance and repairs are expensed when
incurred. However, costs for repairs and upgrading that materially add to the value or life of
an asset and meet the above criteria are capitalized.
The City depreciates capital assets on a straight-line basis half-year convention, using the
following estimated useful lives:
Asset Years
Buildings, bridges, and storm sewers 50
Improvements, skywalks, and paving 40
Sewer and water mains 40
Sidewalks, curbs, electrical, and lighting 30
Traffic control system and bridge repairs 25
Land improvements 20
Equipment and Intangibles 3-20
CLC Building Equity Interest 50
CLC improvements other than buildings 40
The City amortizes leased assets on a straight-line basis half-year convention, using the
lesser of the useful life or the lease term.
H. Compensated Absences – Vacation, paid leave, and compensatory time benefits are accrued
for as liabilities as the benefits are earned if the employees’ rights to receive compensation
are attributable to services already rendered and it is probable that the City will compensate
the employees for the benefits through paid time off or some other means. The City records
a liability for accumulated unused vacation, paid leave, and compensatory time when earned
for all employees.
Sick leave benefits are accrued as a liability using the vesting method. An accrual for sick
leave is made to the extent that it is probable that benefits will result in payments. The
liability is an estimate based on the City’s past experience at making payments.
I. Fund Balances – Fund balance is divided into five classifications based primarily on the
extent to which the City is bound to observe constraints imposed upon the use of the
resources in the governmental funds. The classifications are as follows:
(1) Nonspendable – Amounts that cannot be spent because they are not in spendable form,
or legally or contractually required to be maintained intact. The “not in spendable form”
criterion includes items that are not expected to be converted to cash. It also includes the
long-term amount of interfund loans.
(2) Restricted – Amounts constrained to specific purposes by their providers (such as
grantors, bondholders, and higher levels of government), through constitutional provisions,
or by enabling legislation.
(3) Committed – Amounts constrained to specific purposes imposed by a formal action
(ordinance) of City Council, its highest level of decision making authority; to be reported as
committed, amounts cannot be used for any other purposes unless the same highest level of
action is taken to remove or change the constraints.
59

-- 61 of 247 --

1. Summary of Significant Accounting Policies (Continued)
(4) Assigned – Amounts the City intends to use for a specified purpose; intent can be
expressed by the governing body or by the Director of Finance which has been designated
this authority. The City’s intent is typically expressed through a directive issued by the
Director of Finance.
(5) Unassigned – Amounts that are available for any new purpose: positive amounts are
reported only in the general fund. In other governmental funds, the unassigned classification
is used only to report a deficit fund balance.
Council establishes fund balance commitments by passage of an ordinance. Assigned fund
balance is established by City administration including the Director of Finance through the
issuance of requisitions, purchase orders, contracts, and directives.
The City applies restricted resources first when expenditures are incurred for purposes for
which either restricted or unrestricted (committed, assigned, and unassigned) amounts are
available. Similarly, within unrestricted fund balance, committed amounts are reduced first
followed by assigned, and then unassigned amounts when expenditures are incurred for
purposes for which amounts in any of the unrestricted fund balance classifications could be
used.
Governmental funds of the City do not have specified fund balance targets. Recommended
levels of committed and/or assigned fund balance will be determined on a case by case basis,
based on the needs of each fund and as recommended by officials and approved by Council
where necessary.
Encumbrance accounting, under which purchase orders, contracts, and other commitments
for the expenditure of monies are recorded in order to restrict that portion of the
appropriation, is employed as an extension of formal budgetary integration in the
governmental funds. Significant encumbrances as of December 31, 2022, total $1,661,980 in
the General fund, $1,128,938 in the Income Tax Capital Improvement fund, $1,971,226 in
the Special Assessment fund, $1,516,345 in the Various Purpose fund, and $9,706,901 in all
other Governmental funds.
J. Interfund Transactions – During the course of normal operations, the City records numerous
transactions between funds including expenditures and transfers of resources to provide
services, subsidize operations, and service debt. The City has the following types of
transactions among funds:
(1) Reciprocal interfund services provided and used – Purchases and sales of goods and
services between funds for a price approximating their external exchange value.
(2) Nonreciprocal interfund transfers – Flows of assets between funds without
equivalent flows of assets in return and without a requirement for repayment. This
includes transfers to subsidize various funds.
(3) Nonreciprocal interfund reimbursements – Repayments from the funds responsible
for particular expenditures or expenses to the funds that initially paid for them.
The City’s interfund receivables and payables are presented in Note 5. These are eliminated
entity-wide and shown as Internal Balances on the Statement of Net Position. Interfund
transfers are presented in Note 22.
60

-- 62 of 247 --

1. Summary of Significant Accounting Policies (Continued)
K. Pension and Other Post-Retirement Benefits – For purposes of measuring the net pension
liability, OPEB liability, deferred inflows of resources related to pensions and OPEB,
deferred outflows of resources related to pensions and OPEB, and pension and OPEB
expense, information about the fiduciary net position of the pension and OPEB plans and
additions to/deductions from their fiduciary net position have been determined on the same
basis as they are reported by the pension systems. For this purpose, benefit payments
(including refunds of employee contributions) are recognized when due and payable in
accordance with the benefit terms. The pension systems report investments at fair value.
In addition to the post-retirement benefits provided by the Ohio Police and Fire Pension Fund
and the Ohio Public Employees Retirement System of Ohio, the City provides
post-retirement health care and life insurance benefits, in accordance with union agreements
and City Council ordinances, for retired employees (see note 9).
L. Debt Issuance Costs, Premiums, Discounts, and Losses on Refundings – Debt issuance
costs, except prepaid insurance costs, are reported as expenses in the period incurred. Bond
premiums and discounts, as well as prepaid insurance costs, are deferred and amortized over
the life of the bonds. Losses on advance refundings are deferred and amortized over the life
of the new debt, or the life of the advance refunded debt, whichever is shorter.
M. Employment Related Liabilities – The City records a liability for employment related
liabilities relating to former employees of the Health Department (see note 14).
In the best interest of the public health, safety and welfare and to improve governmental
efficiency and economy, effective January 1, 2011, the City’s Health Department
consolidated with the Summit County Health District.
The former Health Department employees while employed by Summit County must retire
under Ohio Public Employees Retirement System to be entitled to receive payment of the
accumulated sick leave at the hourly rate the employee was receiving at the time of
resignation from the City, along with the retirement differential. The City has recorded a
long-term liability of $736,621. Additionally, the former Health Department employees are
entitled to staggered payouts for their accumulated vacation, paid leave, and compensatory
time at the hourly rate the employee was receiving at the time of resignation from the City.
The liability is the actual amount due to employees.
N. Net Position – Net Position is the residual amount when comparing assets and deferred
outflows of resources to liabilities and deferred inflows of resources. The net investment in
capital assets component of net position consists of capital assets, net of accumulated
depreciation, reduced by the outstanding balances of any borrowing used for the acquisition,
construction or improvement of those assets. The restricted component of net position is
reported when there are limitations imposed by creditors, grantors, or laws or regulations of
other governments. Net position restricted for Capital Projects are mainly attributed to
economic development, public parking, and street projects. The City applies restricted
resources first when an expense is incurred for purposes for which both restricted and
unrestricted net assets are available.
61

-- 63 of 247 --

1. Summary of Significant Accounting Policies (Continued)
O. Accounting Standards – The City applies all applicable and effective pronouncements issued
by the Governmental Accounting Standards Board (GASB).
In June 2017, GASB issued statement No. 87, Leases. The object of this Statement is to
improve accounting and financial reporting for leases by governments. For the City, this
statement is effective for periods beginning after June 15, 2021. The City's financial
statements have been prepared in conformance with this Statement.
In May 2019, the GASB issued statement No. 91, Conduit Debt Obligations. The objective
of this Statement is to provide a single method of reporting conduit debt obligations by
issuers and eliminate diversity in practice. For the City, this statement is effective for
reporting periods beginning after December 15, 2021. The City's financial statements have
been prepared in conformance with this Statement.
In January 2020, the GASB issued statement No. 92, Omnibus 2020. The objective of this
Statement is to enhance comparability in accounting and finanical reporting and to improve
the consistency of authoritative literature. For the City, this statement is effective for
reporting periods beginning after June 15, 2021. The City's financial statements have been
prepared in conformance with this Statement.
In March 2020, the GASB issued statement No 93, Placement of Interbank Offered Rates.
The objective of this Statement requires governments to terminate hedge accounting when it
renegotiates or amends a critical term of hedging derivative instrument. For the City, this
statement is effective for reporting periods beginning after June 15, 2021, except paragraph
11b effective for reporting periods ending after December 31, 2022.
In March 2020, the GASB issued statement No. 94, Public-Private and Public-Public
Partnerships and Availability Payment Arrangements. The objective of this Statement is to
improve financial reporting by addressing issues related to public-private and public-public
partnership arrangements (PPPs). This statement is effective for reporting periods beginning
after June 15, 2022. The City's financial statements have been prepared in conformance with
this Statement.
In May 2020, the GASB issued statement No. 95, Postponement of the Effective Dates of
Certain Authoritative Guidance. The objective of this Statement is to provide temporary
relief to governments and other stakeholders in light of the COVID-19 pandemic by
postponing the effective dates of certain provisions in Statements and Implementation
Guides. The City's financial statements have been prepared in conformance with this
statement.
In May 2020, the GASB issued statement No. 96, Subscription-Based Information
Technology Arrangements. The objective of this Statement is to better meet the information
needs of financial statement users by (a) establishing uniform accounting and financial
statements reporting requirements for Subscription-Based Information Technology
Agreements (SBITA); (b) improving the comparability of financial statements among
governments that have entered into SBITAs; and (c) enhancing the understandability,
reliability, relevance, and consistency of information about SBITAs. For the City, this
statement is effective for reporting periods beginning after June 15, 2022.
62

-- 64 of 247 --

1. Summary of Significant Accounting Policies (Continued)
In June 2020, the GASB issued statement No. 97, Certain Component Unit Criteria, and
Accounting and Financial Reporting for IRS Section 457 Deferred Compensation Plans (an
amendment of GASB Statement No. 14 and No. 84, and a supersession of GASB Statement
No. 32). The primary objectives of this Statement are to (1) increase consistency and
comparability related to the reporting of fiduciary component units in circumstances in which
a potential component unit does not have a governing board and the primary government
performs the duties that a governing board typically would perform; (2) mitigate costs
associated with the reporting of certain defined contribution pension plans, defined
contribution other postemployment benefit (OPEB) plans, and employee benefit plans other
than pension plans or OPEB plans (other employee benefit plans) as fiduciary component
units in fiduciary fund financial statements; and (3) enhance the relevance, consistency, and
comparability of the accounting and financial reporting for Internal Revenue Code (IRC)
Section 457 deferred compensation plans (Section 457 plans) that meet the definition of a
pension plan and for benefits provided through those plans.
In October 2021, the GASB issued statement No. 98, The Annual Comprehensive Financial
Report. The primary objectives of this Statement establishes the term annual comprehensive
financial report and its acronym ACFR. The new term and acronym replace instances of
annual comprehensive financial report and it acronym in generally accepted accounting
principles for state and local governments. For the City, this statement is effective for
reporting period ending after December 15, 2021. The City's financial statements have been
prepared in conformance with this Statement.
In April 2022, the GASB issued statement No. 99, Omnibus 2022.The primary
objectives of this Statement are to enhance comparability in accounting and financial
reporting and to improve the consistency of authoritative literature by addressing (1) practice
issues that have been identified during implementation and application of certain GASB
Statements and (2) accounting and financial reporting for financial guarantees. The
requirements clarifying Statement No. 34, No. 53, and No. 63 are effective upon issuance.
Requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning
after June 15, 2022, and all reporting periods thereafter. The requirements related to
financial guarantees and the classification and reporting of derivative instruments within the
scope of Statement No. 53 are effective for fiscal years beginning after June 15, 2023.
In June 2022, the GASB issued Statement No. 100, Accounting Changes and Error
Corrections—an amendment of GASB Statement No. 62. The primary objective of this
Statement is to enhance accounting and financial reporting requirements for accounting
changes and error corrections to provide more understandable, reliable, relevant, consistent,
and comparable information for making decisions or assessing accountability. For the City,
this statement is effective for fiscal years beginning after June 15, 2023.
In June 2022, the GASB issued Statement No. 101, Compensated Absences. The objective of
this statement is to better meet the ifnromation needs of financial statement users by
updating the recognition and measurement guidance for compensated absences. That
objective is achieved by aligning the recognition and measurement guidance under a unified
model and by amending certain previously required disclosures. For the City, this statement
is effective for fiscal years beginning after December 15, 2023.
63

-- 65 of 247 --

2. Pooled Cash and Investments
City ordinances require that all cash, with the exception of certain debt service cash and cash held by
fiscal agents, be deposited with the City Treasurer. Each fund’s portion of these funds is displayed on
the statements of net position or balance sheets as “pooled cash and investments.” Earnings on these
investments are allocated to the various funds based on City and state statutes, grant agreements, and
various bond agreement requirements. Investments are also held separately by the Special Revenue,
Debt Service, Enterprise, and Internal Service Funds. City ordinances further authorize and direct the
permitted types of deposits and investments.
Deposits:
City ordinances require that all deposits be secured by collateral securities pledged at market value in
an amount equal to at least 100% of the deposit, less any amount covered by federal deposit
insurance. Custodial credit risk is the risk that, in the event of a bank failure, the City will not be able
to recover deposits or collateral securities that are in the possession of an outside party. All deposits
are collateralized with eligible securities in amounts equal to at least 105% of the carrying value of
the deposits. Such collateral, as permitted by Ohio Revised Code, is held in collateral pools at
Federal Reserve Banks, or at member banks of the Federal Reserve System, in the name of the
depository bank and pledged as a pool of collateral against all public deposits held by the depository.
The City has no deposit policy for custodial credit risk beyond the requirements of State statute.
Although the securities were held by the pledging institutions’ trust department and all statutory
requirements for the deposit of money have been followed, noncompliance with federal requirements
could potentially subject the City to a successful claim by the FDIC.
At December 31, 2022, the carrying amount of the City’s deposits was $160,516,718 and the bank
balance was $164,136,243. The difference in the carrying amount and bank balance was composed of
outstanding checks and other normal reconciling items. Of the bank balance, $2,704,054 was covered
by federal depository insurance, and $161,432,189 was uninsured but collateralized with unregistered
securities held by the pledging financial institution’s trust department in the City’s name.
The money market funds, amounting to $164,790 while held by bond trustees as the City’s agents and
in the City’s name, are also considered uncollateralized and uninsured. The City holds money market
funds amounting to $2,388,156, while held by the City these funds are also considered
uncollateralized and uninsured. However, their disposition and availability are governed by bond
ordinances and indentures.
Investments in City of Akron notes amounting to $78,773,320 are eliminated in the government-wide
statement of net position at December 31, 2022.
64

-- 66 of 247 --

2. Pooled Cash and Investments (Continued)
Investments:
The City categorizes its fair value measurements within the fair value hierarchy established by
generally accepted accounting principles. The hierarchy is based on the valuation inputs used to
measure the fair value of the asset. Level 1 inputs are quoted prices in active markets for identical
assets; Level 2 inputs are significant other observable inputs; Level 3 inputs are significant
unobservable inputs. Investments that are measured at fair value using the net asset value per share
(or its equivalent) as a practical expedient are not classified in the fair value hierarchy below.
Investments in U.S. Treasury securities of $80,578,670 were classified in Level 1 of fair value
hierarchy and valued using quoted market prices.
The City does not have any Investments in Federal Government Agency securities as of December 31,
2022 classified in Level 2 of fair value hierarchy and valued using pricing sources as provided by the
investment managers. Investments in the City of Akron notes and Akron Public Schools (APS) bonds
amounting to a fair value of $85,083,319 were classified as Level 3. Securities classified as Level 3
have limited trade information, these securities are priced using the last trade price or estimated using
recent trade prices. At December 31, 2022, total fair value was $1,412,246 below the City’s net cost
for its investments.
Interest Rate Risk. The City does not have a formal investment policy that limits investment
maturities as a means of managing its exposure to fair value losses arising from increasing interest
rate risk.
Credit Risk. City ordinances authorize the treasurer to invest in obligations of the United States
Treasury, agencies, and instrumentalities, and direct obligations of the State of Ohio, including any
subdivisions of the state. As of December 31, 2022, the investments held by the bond trustees and
STAROhio were rated AAAm by Standard & Poor’s. All municipal bonds and notes are rated A2 or
better by Moody’s or A or better by Standard & Poor’s.
65

-- 67 of 247 --

2. Pooled Cash and Investments (Continued)
The City has invested funds in the State Treasury Asset Reserve of Ohio (STAR Ohio). STAR Ohio is
an investment pool managed by the State Treasurer’s office, which allows governments within the
State to pool their funds for investment purposes. STAR Ohio is not registered with the SEC as an
investment company, but has adopted Governmental Accounting Standards Board (GASB) Statement
No. 79, Accounting and Financial Reporting for Certain External Investment Pools and Pool
Participants, which establishes accounting and financial reporting standards for qualifying external
investment pools that elect to measure for financial reporting purposes all of their investments at
amortized cost. Investments in STAR Ohio are valued at STAR Ohio’s share price, which is the price
at which the investment could be sold on December 31, 2022.
As of December 31, 2022 the City had the following investments and maturities:
Investment Maturities (In Years)
Investment Types Fair Value Less Than 1 1-5 6-10 More than 10
U.S. Treasuries or Agencies:
Treasury Notes $ 26,214,980 $ 18,506,840 $ 7,708,140 $ - $ -
Treasury Bills 4,943,550 4,943,550 - - -
FFCB Bond 12,873,660 4,990,250 7,883,410 - -
FHLB Bond 36,546,480 9,732,975 26,813,505 - -
City of Akron and Akron Public
Schools (APS):
Municipal Notes 70,128,712 68,296,712 171,000 263,000 1,398,000
Assessment Debt 8,644,607 1,794,888 5,274,716 1,575,003 -
School Facility Bonds 6,310,000 985,000 4,205,000 1,120,000 -
Investments held by bond trustees:
U.S. Treasuries or Agencies 1,787,823 1,787,823 - - -
Cash Reserve 171,688 171,688 - - -
Total Investment Maturities $ 111,209,726 $ 52,055,771 $ 2,958,003 $ 1,398,000
Total Fair Value $ 167,621,500
Not included in the fair value totals above is STAR Ohio, an external investment pool which was
recorded at amortized cost of $19,563,244 at December 31, 2022. The investments in STAR Ohio are
measured at amortized cost; therefore, they are not included in the tables above. There are no
limitations or restrictions on any STAR Ohio participant withdrawals due to redemption notice
periods, liquidity fees, or redemption gates. However, notice must be given to STAR Ohio 24 hours in
advance of all deposits and withdrawals exceeding $25 million. STAR Ohio reserves the right to limit
the transaction to $50 million, requiring the excess amount to be transacted the following business
day(s), but only to the $50 million limit. All accounts of the STAR Ohio investors will be combined
for these purposes.
66

-- 68 of 247 --

2. Pooled Cash and Investments (Continued)
Bond trustees and Community Learning Center trustees holding the investments are not registered
with the SEC as an investment company but do operate in a manner consistent with rule 2a7 of the
Investment Company Act of 1940.
Investments held by bond trustees, Community Learning Centers, and STAROhio are not exposed to
custodial credit risk because their existence is not evidenced by securities that exist in physical or
book entry form.
At December 31, 2022, $5,388,830 of cash and investments was restricted for the following purposes:
$167,590 was restricted for lease costs for Canal Park Stadium; $1,043,950 was restricted for Akron
District Energy COPs; and $4,128,047 was restricted solely for retirement of City obligations; and the
balance of $49,243 was held by the trustee for payment of debt service on the Community Learning
Centers' Income Tax Revenue Bonds.
The following is a reconciliation of cash and investments to the Statement of Net Position as of
December 31, 2022:
Fair Value
Investments (Summarized in prior table) $ 167,621,500
STAR Ohio 19,563,244
Carrying amount of the City's Deposits 160,516,718
$ 347,701,462
Governmental Activities:
Governmental Funds
Cash and investments with treasurer $ 226,450,611
Restricted Cash and investments with fiscal and escrow agents
and others
2,186,213
Internal Service Funds
Cash and investments with treasurer 8,122,817
Total Cash and Investments - Governmental Activities $ 236,759,641
Business-Type Activities:
Enterprise Funds
Cash and investments with treasurer $ 105,897,312
Restricted cash and cash equivalents with treasurer and others 3,202,617
Total Cash and Investments - Business-Type Activities $ 109,099,929
Fiduciary Funds
Cash and investments with City $ 1,841,892
Total $ 347,701,462
67

-- 69 of 247 --

3. Receivables
Receivables, net of allowances for uncollectible reported in the Statement of Net Position, consist of
the following at December 31, 2022:
Customer
Charges,
Special Allowance
Assessments, Lease Gross for
Taxes and Others Receivables Receivables Uncollectibles Net
Governmental Activities
Governmental Funds:
General Fund $ 44,428,819 $ 13,011,382 $ 4,974,024 $ 62,414,225 $ (1,361,194) $ 61,053,031
Community Learning Centers 3,073,238 33,000,000 - 36,073,238 - 36,073,238
Income Tax Capital
Improvement 7,089,929 687 - 7,090,616 - 7,090,616
Special Assessment Fund - 104,859,229 - 104,859,229 (63,137,898) 41,721,331
Various Purpose Funding - 39,581 - 39,581 - 39,581
Other Governmental Funds 32,735,506 35,313,491 22,066,802 90,115,799 (12,397,085) 77,718,714
Total Governmental Funds 87,327,492 186,224,370 27,040,826 300,592,688 (76,896,177) 223,696,511
Internal Service Funds - 995,998 6,240 1,002,238 - 1,002,238
Total Governmental Activities 87,327,492 187,220,368 27,047,066 301,594,926 (76,896,177) 224,698,749
Business-type Activities
Enterprise Funds:
Water - 3,870,378 - 3,870,378 (1,025,044) 2,845,334
Sewer - 15,696,912 - 15,696,912 (2,422,416) 13,274,496
Off-Street Parking - 34,946 2,466,443 2,501,389 (13,143) 2,488,246
Other Enterprise Funds - 4,810 2,184,199 2,189,009 - 2,189,009
Total Business-type Activities - 19,607,046 4,650,642 24,257,688 (3,460,603) 20,797,085
Total Receivables $ 87,327,492 $ 206,827,414 $ 31,697,708 $ 325,852,614 $ (80,356,780) $ 245,495,834
Included in the amounts above are water and sewer unbilled charges for services of approximately
$1,082,254 and $4,288,278 respectively.
Delinquent special assessment receivables amounted to $63,137,898 at December 31, 2022 and were
fully reserved for in the allowance for uncollectibles in the General, Special Assessment, Water, and
Sewer funds.
68

-- 70 of 247 --

4. Due From/To Other Governments
Amounts due from other governments at December 31, 2022 consist of the following:
Federal State Total
Governmental Funds:
Various Purpose Funding $ 49,213 $ - $ 49,213
Other Governmental Funds 6,546,559 85,138 6,631,697
Total Governmental Funds $ 6,595,772 $ 85,138 $ 6,680,910
Enterprise Funds:
Water $ - $ 5,655 $ 5,655
Airport 435,119 228,296 663,415
Total Enterprise Funds $ 435,119 $ 233,951 $ 669,070
Amounts due to other governments at December 31, 2022 consist of the following:
Federal State Total
Governmental Funds:
Other Governmental Funds $ 4,115,000 $ 1,191,907 $ 5,306,907
Total Governmental Funds $ 4,115,000 $ 1,191,907 $ 5,306,907
The $5,306,907 due to other governments includes $3,900,000 that is reported as long-term liabilities
in the government-wide statement of net position as liabilities due in more than one year.
State Total
Enterprise Funds:
Water $ 69,408 $ 69,408
Sewer 3,730,414 3,730,414
Total Enterprise Funds $ 3,799,822 $ 3,799,822
The federal amount listed in due to other governments is comprised of three section 108 loans from
the U.S. Department of Housing and Urban Development (HUD) and payroll taxes.
The state amount listed in due to other governments is comprised of accounts payable transactions for
capital assets and engineering estimates for projects for work completed
The state amount recorded in Business type Activities relates to accounts payable transactions for
engineering estimates for water and sewer projects for work completed.
69

-- 71 of 247 --

5. Due From/To Other Funds
Interfund receivable and payable balances at December 31, 2022, due within one year, consist of the
following individual fund receivables and payables:
Receivable Payable
Governmental Funds:
General $ 5,222,518 $ 516,626
Income Tax Collection 430,498 1,277
Emergency Medical Service - 10,518
Special Assessment 85 239,773
Income Tax Capital Improvement 16 797
Street and Highway Maintenance 162 199,786
Community Development 218 315,328
Akron Metro. Area Transportation Study 114 219
Joint Economic Development Districts - 255,249
Akron Muni. Court Information System 7,354 -
Police Grants - 171,138
Safety Programs 1,467 -
Various Purpose Funding 112,953 -
Deposits - 127,750
Community Learning Centers - 176,079
General Bond Payment 40 2,411
Streets - 1,395,947
Parks and Recreation - 190,964
Public Facilities and Improvements - 189,842
Public Parking - 17,184
Economic Development - 58,234
$ 5,775,425 $ 3,869,122
Proprietary Funds:
Enterprise:
Water $ 898,917 $ 482,803
Sewer 299,873 3,363,268
Oil and Gas - 426
Golf Course 168 7,310
Airport - 3,391
Off-Street Parking 246 91,392
$ 1,199,204 $ 3,948,590
Internal Service Funds:
Motor Equipment 833,178 27,099
Liability Self-Insurance - 15,732
Workers' Compensation Reserve - 46
Telephone System 85,826 14,350
Engineering Bureau 2,894,579 2,889,544
Information Technology 141 23,870
3,813,724 2,970,641
Total $ 10,788,353 $ 10,788,353
70

-- 72 of 247 --

5. Due From/To Other Funds (Continued)
Transactions between funds are reported as revenues in the receiving funds, and expenditures/expense
in purchaser funds. The transactions result from numerous transactions between funds including
expenditure and transfers of resources to provide services, subsidize operations, administration
charges, and rental fee.
The General Fund makes advances to other funds primarily to grant funds waiting on reimbursement
and the repayment is shown above. Additionally, the General Fund charges an administration fee and
storeroom services to various funds. The Income Tax Collection Fund receives tax revenue during
December that is posted in the subsequent month to the Community Learning Centers Fund. The
proprietary funds provide goods and services through the end of the year causing a time lag between
the dates the goods or services were provided and when the transactions are recorded. The
Engineering Bureau Fund charges for services experienced an unusual delay during 2022 resulting in
receivable from numerous capital projects and an associated advance from the General Fund.
6. Deposits
On December 15, 2003, the City of Akron entered into a cooperative agreement for Community
Learning Centers (CLC) with the Board of Education of the Akron City School District (District). The
cooperative agreement is the foundation for all the activity associated with the City’s .25% income tax
and the ownership relating to the CLCs. As of December 31, 2022, the District had $(2,518,477) of
overspent City funds that are recorded as Deposits on the City’s Statement of Net Position and are
recorded on the District’s financial statements as “Due to City of Akron”.
71

-- 73 of 247 --

7. Capital Assets
Capital asset activity for the year ended December 31, 2022 was as follows:
Balance Balance
January 1, December 31,
2022, Additions Deletions 2022,
Governmental Activities: as restated
Capital assets, not being depreciated:
Land $ 153,288,364 $ - $ - $ 153,288,364
Construction in progress 103,338,195 11,810,392 42,738,132 72,410,455
CLC Land 1,374,959 - - 1,374,959
CLC Construction in progress 49,070,413 7,262,451 32,701,474 23,631,390
Total capital assets, not being depreciated 307,071,931 19,072,843 75,439,606 250,705,168
Capital assets, being depreciated:
Buildings 215,167,811 1,767,268 - 216,935,079
CLC Building Equity Interest 285,443,269 32,701,474 - 318,144,743
Improvements other than buildings 205,904,927 7,074,539 - 212,979,466
CLC Improvements other than buildings 253,244 - - 253,244
Equipment & Intangibles 155,845,111 6,086,375 1,517,624 160,413,862
Infrastructure 785,430,467 36,272,457 - 821,702,924
Right-to-Use Lease Assets 11,153,084 23,039,544 - 34,192,628
Total capital assets, being depreciated 1,659,197,913 106,941,657 1,517,624 1,764,621,946
Less accumulated depreciation for:
Buildings 120,596,647 4,475,334 - 125,071,981
CLC Building Equity Interest 47,233,389 5,717,794 - 52,951,183
Improvements other than buildings 104,074,469 6,585,067 - 110,659,536
CLC Improvements other than buildings 68,257 7,671 - 75,928
Equipment & Intangibles 125,143,403 6,341,498 1,512,731 129,972,170
Infrastructure 448,989,058 18,533,087 - 467,522,145
Right-to-Use Lease Assets - 1,081,395 - 1,081,395
Total accumulated depreciation 846,105,223 42,741,846 1,512,731 887,334,338
Total capital assets, being depreciated, net 813,092,690 64,199,811 4,893 877,287,608
Governmental activities capital assets, net $ 1,120,164,621 $ 83,272,654 $ 75,444,499 $ 1,127,992,776
72

-- 74 of 247 --

7. Capital Assets (Continued)
Balance Balance
January 1, December 31,
2022, Additions Deletions 2022
Business-type Activities: as restated
Capital assets, not being depreciated:
Land $ 38,402,937 $ - $ - $ 38,402,937
Construction in progress 464,879,166 768,127 40,834,629 424,812,664
Total capital assets, not being depreciated 503,282,103 768,127 40,834,629 463,215,601
Capital assets, being depreciated:
Buildings 207,772,360 42,670 - 207,815,030
Improvements other than buildings 470,485,748 10,847 - 470,496,595
Equipment and Intangibles 81,119,740 283,637 349,732 81,053,645
Infrastructure 576,512,861 98,226,276 - 674,739,137
Right-to-Use Lease Assets 1,020,334 - - 1,020,334
Total capital assets, being depreciated 1,336,911,043 98,563,430 349,732 1,435,124,741
Less accumulated depreciation for:
Buildings 111,579,832 4,120,516 - 115,700,348
Improvements other than buildings 348,142,025 15,378,305 - 363,520,330
Equipment and Intangibles 42,801,161 1,563,192 349,732 44,014,621
Infrastructure 91,033,931 15,480,945 - 106,514,876
Right-to-Use Lease Assets - 203,673 - 203,673
Total accumulated depreciation 593,556,949 36,746,631 349,732 629,953,848
Total capital assets, being depreciated, net 743,354,094 61,816,799 - 805,170,893
Business-type activities capital assets, net $ 1,246,636,197 $ 62,584,926 $ 40,834,629 $ 1,268,386,494
The City adopted GASB Statement No. 83, Certain Asset Retirement Obligations, in fiscal year 2019. This
statement requires governmental entities to record a liability and a corresponding deferred outflow at the time
there is an external obligating event such as a federal or state regulation, a legally binding contract or court
judgment, and when there is an internal obligating event which is at the time an asset is acquired or if
constructed placed in service. In accordance with GASB 83, the City recorded a current liability of $62,570
and long-term liability of $312,850 associated with the retirement of inactive oil wells as there is an
enforceable legal obligation. After extensive legal and procedural research, the City has determined that it is
impractical that City's sewer and water treatment facilities will ever be closed, and ongoing projects preserve
the overall condition of the operations of the facilities. Thus, no associated retirement liability was recorded
for the sewer and water treatment facilities. While the FAA-administered financing requires reimbursement if
closure of the airport occurs, the City intends to keep the facility operational as new projects are ongoing to
preserve the conditions and overall operations at the facility, and therefore no retirement liability was
recorded. The liabilities for Hardy Road Landfill and City-owned gas tanks fall under GASB 18 and GASB
49, respectively, and are reflected in the statements. Other assets are maintained and/or disposed of by the
City in accordance with best practice standards. Due to the implementation of GASB 87 some of the
beginning balances have been adjusted.
73

-- 75 of 247 --

7. Capital Assets (Continued)
Depreciation expense was charged during 2022 to functions of the government as follows:
Governmental Activities:
General government $ 2,916,103
Public service 9,855,259
Public safety 2,594,788
Community environment 7,988,361
Public health 249,910
Unallocated depreciation 18,935,385
Capital assets held by the government's internal service funds are
charged to the various functions based on their usage of the assets 202,040
Total depreciation expense charged to governmental activities $ 42,741,846
Business-type Activities:
Water $ 9,014,941
Sewer 24,466,652
Off-Street Parking 2,915,313
Other Business-type activities 349,725
Total depreciation, depletion, and amortization expense
charged to business-type activities $ 36,746,631
Construction in progress and remaining capital commitments (including capitalized interest of
$5,390,276 through December 31, 2017 before the implementation of GASB statement No. 89,
Accounting for Interest Cost Incurred before the End of a Construction Period) are comprised of the
following:
Expended to
Project December 31,
Authorization 2022 Committed
Governmental Activities:
Governmental $ 86,373,868 $ 68,828,763 $ 17,545,105
Business-type Activities:
Water 40,725,191 25,230,627 15,494,564
Sewer 395,952,543 385,733,028 10,219,515
Airport 4,053,647 3,548,330 505,317
$ 527,105,249 $ 483,340,748 $ 43,764,501
74

-- 76 of 247 --

8. Accrued Vacation and Leave
GASB Statement No. 16, Accounting for Compensated Absences, requires a liability to be
established for all compensated absences as earned by the employees. At the time of the
employee’s separation, such compensated absences are paid to the employee from the fund to
which the employee’s payroll is charged.
Vacation, paid leave, sick leave, and compensatory time accumulated by employees whose wages
are charged to governmental fund types have been recorded as liabilities in the governmental
funds only if they have matured. The balance has been recorded on the statement of net position.
Vacation, paid leave, sick leave, and compensatory time accumulated by employees whose wages
are charged to proprietary fund types are expensed when earned and recorded as liabilities in the
government-wide statement of net position and in the proprietary fund statement of net position.
Sick leave is earned by substantially all employees. Unused sick leave is accumulated up to 960
hours for uniformed firefighters and 1,000 hours for all other eligible employees. Unused sick
leave vests upon reaching certain age and service requirements. The vested portion of
accumulated sick leave and amounts earned through December 31, 2022 and expected to vest in
the future has been accrued for in the Government-wide Statement of Net Position for all City
employees. Amounts related to the City’s proprietary fund operations are also accrued for in the
proprietary fund statement of net position due to the nature of these funds.
The following governmental funds have typically been used in prior years to reduce or liquidate
the liability for compensated absences:
General Fund Street and Highway Maintenance
Income Tax Collection Community Development
Emergency Medical Service Police Grants
Special Assessment Fund Safety Programs
Income Tax Capital Improvement
75

-- 77 of 247 --

8. Accrued Vacation and Leave (Continued)
As of December 31, 2022, the accrued vacation, paid leave, sick leave, and compensatory time is
recorded as a current liability (due within one year) in the Statement of Net Position as follows:
Balance Balance
January 1, December 31,
2022 Additions Deletions 2022
Governmental Activities:
Governmental Funds:
General Fund $ 10,097,098 $ 8,489,733 $ (10,097,098) $ 8,489,733
Income Tax Capital Improvement 68,790 17,584 (68,790) $ 17,584
Special Assessment Fund 912,457 206,544 (912,457) 206,544
Other Governmental Funds 924,834 2,010,028 (924,834) 2,010,028
Total Governmental Funds 12,003,179 10,723,889 (12,003,179) 10,723,889
Internal Service Funds 593,920 614,521 (593,920) 614,521
Total Governmental Activities 12,597,099 11,338,410 (12,597,099) 11,338,410
Business-type Activities:
Enterprise Funds:
Water 1,074,679 908,733 (1,074,679) 908,733
Sewer 565,414 532,856 (565,414) 532,856
Other Enterprise Funds 31,533 26,062 (31,533) 26,062
Total Enterprise Funds/
Business-type Activities 1,671,626 1,467,651 (1,671,626) 1,467,651
$ 14,268,725 $ 12,806,061 $ (14,268,725) $ 12,806,061
The following amounts are also included as long-term obligations in the government-wide statement of net
position (Note 14):
Governmental Activities:
Governmental Funds:
General Fund $ 49,605,999 $ 14,402,235 $ (13,077,522) $ 50,930,712
Income Tax Capital Improvement 270,202 17,005 $ (110,195) 177,012
Special Assessment Fund 1,100,289 387,989 $ (434,315) 1,053,963
Other Governmental Funds 11,716,295 3,441,786 $ (4,056,763) 11,101,318
Total Governmental Funds 62,692,785 18,249,015 (17,678,795) 63,263,005
Internal Service Funds 3,189,783 1,082,420 (771,344) 3,500,859
Total Governmental Activities 65,882,568 19,331,435 (18,450,139) 66,763,864
Business-type Activities:
Water 4,602,115 1,554,336 (1,980,771) 4,175,680
Sewer 2,649,212 693,301 (783,313) 2,559,200
Other Business-type Activities 65,725 39,525 (32,621) 72,629
Total Business-type Activities 7,317,052 2,287,162 (2,796,705) 6,807,509
$ 73,199,620 $ 21,618,597 $ (21,246,844) $ 73,571,373
76

-- 78 of 247 --

9. Pension and Other Post-Retirement Benefit Plans
Police officers and firefighters participate in the statewide Ohio Police and Fire Pension Fund (Police
and Fire), a cost-sharing, multi-employer defined-benefit public employee retirement system. Police
and Fire offers three types of service retirement: normal, service commuted, and age/service commuted.
In a normal retirement, a member is eligible at age 48 with 25 years of service with a monthly pension
equal to 60% of the average of the three highest years of allowable earnings. The maximum pension of
72% of the average allowable earnings for the three highest years is paid after 33 years of service.
Under the service commuted retirement, a member is eligible if they have at least 15 years of service,
they have reached the age of 48 and 25 years has elapsed from the date of their full-time hire. Under
the age/service commuted retirement, a member is eligible if they have 15 years of service and they
have reached the age of 62. In the event of death, eligible survivors may qualify for a monthly benefit
and a one-time $1,000 lump sum benefit payment. Benefits are established by the Ohio Revised Code.
The City also participates in a cost-sharing multi-employer post-retirement health benefits plan,
administered by Police and Fire, for these city employees. Substantially all other City employees
participate in the statewide Ohio Public Employees Retirement System (OPERS). OPERS administers
three separate pension plans. The traditional plan is a cost-sharing, multi-employer defined-benefit
pension plan. The member-directed plan is a defined-contribution plan in which the member invests
both member and employer contributions (employer contributions vest over five years at 20% per year).
Under the member-directed plan, members accumulate retirement assets equal to the value of the
member and vested employer contributions plus any investment earnings. The combined plan is a
cost-sharing, multiple-employer defined-benefit pension plan that has elements of both a
defined-benefit and a defined-contribution plan. Under the combined plan, employer contributions are
invested by the retirement system to provide a formula retirement benefit similar to the traditional plan
benefit. Member contributions, whose investment is self-directed by the member, accumulate
retirement assets in a manner similar to the member-directed plan. The City also participates in a
cost-sharing multi-employer post-retirement health benefits plan, administered by OPERS, for these
City employees.
In addition to participating in the plans described above, the City provides its own post-retirement
health and life insurance benefits plan which is administered as a single-employer benefit plan.
Typically, the following funds have been used to liquidate the net pension obligation or net other
post-retirement benefit obligation:
General Fund General Bond Payment
Income Tax Collection Water
Emergency Medical Service Sewer
Special Assessment Oil & Gas
Income Tax Capital Improvement Golf Course
Street and Highway Maintenance Airport
Community Development Motor Equipment
Akron Metropolitan Area Transportation Study Engineering
Joint Economic Development Districts Information Technology
Safety Programs
77

-- 79 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
Net Pension Liability
The net pension liability reported on the statement of net position represents a liability to employees for
pensions. Pensions are a component of exchange transactions-–between an employer and its
employees—of salaries and benefits for employee services. Pensions are provided to an employee—on
a deferred-payment basis—as part of the total compensation package offered by an employer for
employee services each financial period. The obligation to sacrifice resources for pensions is a present
obligation because it was created as a result of employment exchanges that already have occurred.
The net pension liability represents the City’s proportionate share of each pension plan’s collective
actuarial present value of projected benefit payments attributable to past periods of service, net of each
pension plan’s fiduciary net position. The net pension liability calculation is dependent on critical
long-term variables, including estimated average life expectancies, earnings on investments, cost of
living adjustments and others. While these estimates use the best information available, unknowable
future events require adjusting this estimate annually.
Ohio Revised Code limits the City’s obligation for this liability to annually required payments. The
City cannot control benefit terms or the manner in which pensions are financed; however, the City does
receive the benefit of employees’ services in exchange for compensation including pension.
GASB 68 assumes the liability is solely the obligation of the employer, because (1) they benefit from
employee services; and (2) State statute requires all funding to come from these employers. All
contributions to date have come solely from these employers (which also includes costs paid in the
form of withholdings from employees). State statute requires the pension plans to amortize unfunded
liabilities within 30 years. If the amortization period exceeds 30 years, each pension plan’s board must
propose corrective action to the State legislature. Any resulting legislative change to benefits or
funding could significantly affect the net pension liability. Resulting adjustments to the net pension
liability would be effective when the changes are legally enforceable.
The proportionate share of each plan’s unfunded benefits is presented as a long-term net pension
liability on the accrual basis of accounting. Any liability for the contractually-required pension
contribution outstanding at the end of the year is included in due to other governments on both the
accrual and modified accrual bases of accounting.
Plan Description – Ohio Public Employees Retirement System (OPERS)
Plan Description - City employees, other than full-time police and firefighters, participate in the Ohio
Public Employees Retirement System (OPERS). OPERS administers three separate pension plans. The
traditional pension plan is a cost-sharing, multiple-employer defined benefit pension plan, the
member-directed plan is a defined contribution plan, and the combined plan is a cost-sharing,
multiple-employer defined benefit pension plan with defined contribution features. Additionally, when
member-directed plan members choose to annuitize their defined contribution benefit, the annuitized
portion of the benefit is reclassified to a defined benefit. While members (e.g. City employees) may
elect the member-directed plan and the combined plan, the vast majority of the City’s employees
participate in the traditional plan. Therefore, the following plan description focus on the traditional
pension plan.
OPERS provides retirement, disability, survivor and death benefits, and annual cost of living
adjustments to members of the traditional plan. Authority to establish and amend benefits is provided
by Chapter 145 of the Ohio Revised Code. OPERS issues a stand-alone financial report that includes
financial statements, required supplementary information and detailed information about OPERS’
fiduciary net position that may be obtained by visiting https://www.opers.org/financial/reports.shtml, by
writing to the Ohio Public Employees Retirement System, 277 East Town Street, Columbus, Ohio
78

-- 80 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
43215-4642, or by calling 800-222-7377.
Senate Bill (SB) 343 was enacted into law with an effective date of January 7, 2013. In the legislation,
members were categorized into three groups with varying provisions of the law applicable to each
group. The following table provides age and service requirements for retirement and the retirement
formula applied to final average salary (FAS) for the three member groups under the traditional plan as
per the reduced benefits adopted by SB 343 (see OPERS ACFR referenced above for additional
information):
Group A Group B Group C
Eligible to retire prior to 20 years of service credit prior to Members not in other Groups
January 7, 2013 or five years January 7, 2013 or eligible to retire and members hired on or after
after January 7, 2013 ten years after January 7, 2013 January 7, 2013
State and Local State and Local State and Local
Age and Service Requirements: Age and Service Requirements: Age and Service Requirements:
Age 60 with 60 months of service credit Age 60 with 60 months of service credit Age 57 with 25 years of service credit
or Age 55 with 25 years of service credit or Age 55 with 25 years of service credit or Age 62 with 5 years of service credit
Formula: Formula: Formula:
2.2% of FAS multiplied by years of 2.2% of FAS multiplied by years of 2.2% of FAS multiplied by years of
service for the first 30 years and 2.5% service for the first 30 years and 2.5% service for the first 35 years and 2.5%
for service years in excess of 30 for service years in excess of 30 for service years in excess of 35
Public Safety Public Safety Public Safety
Age and Service Requirements: Age and Service Requirements: Age and Service Requirements:
Age 48 with 25 years of service credit Age 48 with 25 years of service credit Age 52 with 25 years of service credit
or Age 52 with 15 years of service credit or Age 52 with 15 years of service credit or Age 56 with 15 years of service credit
Law Enforcement Law Enforcement Law Enforcement
Age and Service Requirements: Age and Service Requirements: Age and Service Requirements:
Age 52 with 15 years of service credit Age 48 with 25 years of service credit Age 48 with 25 years of service credit
or Age 52 with 15 years of service credit or Age 56 with 15 years of service credit
Public Safety and Law Enforcement Public Safety and Law Enforcement Public Safety and Law Enforcement
Formula: Formula: Formula:
2.5% of FAS multiplied by years of 2.5% of FAS multiplied by years of 2.5% of FAS multiplied by years of
service for the first 25 years and 2.1% service for the first 25 years and 2.1% service for the first 25 years and 2.1%
for service years in excess of 25 for service years in excess of 25 for service years in excess of 25
Final Average Salary (FAS) represents the average of the three highest years of earnings over a
member’s career for Groups A and B. Group C is based on the average of the five highest years of
earnings over a member’s career.
Members who retire before meeting the age and years of service credit requirement for unreduced
benefits receive a percentage reduction in the benefit amount.
When a benefit recipient has received benefits for 12 months, an annual cost of living adjustment
(COLA) is provided. This COLA is calculated on the base retirement benefit at the date of retirement
and is not compounded. For those retiring prior to January 7, 2013, the COLA will continue to be a 3
percent simple annual COLA. For those retiring subsequent to January 7, 2013, beginning in calendar
year 2019, the COLA will be based on the average percentage increase in the Consumer Price Index,
capped at 3 percent.
79

-- 81 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
Funding Policy - The Ohio Revised Code (ORC) provides statutory authority for member and employer
contributions as follows:
State
and Local
2021 Statutory Maximum Contribution Rates
Employer 14.0 %
Employee 10.0
2021 Actual Contribution Rates
Employer:
Pension 14.0
Post-employment Health Care Benefits 0.0
Total Employer 14.0 %
Employee 10.0 %
Employer contribution rates are actuarially determined and are expressed as a percentage of covered
payroll.
The City’s contractually required contribution was $10,006,006 for 2022. Of this amount, $977,691 is
reported as a due to other governments. Both amounts reflected contributions for employees
participating in the OPERS traditional plan, combined plan, and member directed plan.
Plan Description – Ohio Police & Fire Pension Fund (OP&F)
Plan Description - City full-time police and firefighters participate in Ohio Police and Fire Pension
Fund (OP&F), a cost-sharing, multiple-employer defined benefit pension plan administered by OP&F.
OP&F provides retirement and disability pension benefits, annual cost-of-living adjustments, and death
benefits to plan members and beneficiaries. Benefit provisions are established by the Ohio State
Legislature and are codified in Chapter 742 of the Ohio Revised Code. OP&F issues a publicly
available financial report that includes financial information and required supplementary information
and detailed information about OP&F fiduciary net position. The report that may be obtained by
visiting the OP&F website at www.op-f.org or by writing to the Ohio Police and Fire Pension Fund,
140 East Town Street, Columbus, Ohio 43215-5164.
Upon attaining a qualifying age with sufficient years of service, a member of OP&F may retire and
receive a lifetime monthly pension. OP&F offers four types of service retirement: normal, service
commuted, age/service commuted and actuarially reduced. Each type has different eligibility guidelines
and is calculated using the member’s average annual salary. The following discussion of the pension
formula relates to normal service retirement.
80

-- 82 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
For members hired after July 1, 2013, the minimum retirement age is 52 for normal service retirement
with at least 25 years of service credit. For members hired on or before July 1, 2013, the minimum
retirement age is 48 for normal service retirement with at least 25 years of service credit.
The annual pension benefit for normal service retirement is equal to a percentage of the allowable
average annual salary. The percentage equals 2.5 percent for each of the first 20 years of service credit,
2.0 percent for each of the next five years of service credit and 1.5 percent for each year of service
credit in excess of 25 years. The maximum pension of 72 percent of the allowable average annual
salary is paid after 33 years of service credit.
Under normal service retirement, retired members who are at least 55 years old and have been receiving
OP&F benefits for at least one year may be eligible for a cost-of-living allowance adjustment. The age
55 provision for receiving a COLA does not apply to those who are receiving a permanent and total
disability benefit and statutory survivors.
Members retiring under normal service retirement, with less than 15 years of service credit on July 1,
2013, will receive a COLA equal to either three percent or the percent increase, if any, in the consumer
price index (CPI) over the 12-month period ending on September 30 of the immediately preceding year,
whichever is less. The COLA amount for members with at least 15 years of service credit as of July 1,
2013 is equal to three percent of their base pension or disability benefit.
Funding Policy - The Ohio Revised Code (ORC) provides statutory authority for member and employer
contributions as follows:
Police Firefighters
2022 Statutory Maximum Contribution Rates
Employer 19.50 % 24.00 %
Employee: 12.25 12.25
2022 Actual Contribution Rates
Employer:
Pension 19.00 23.50
Post-employment Health Care Benefits 0.50 0.50
Total Employer 19.50 % 24.00 %
Employer contribution rates are expressed as a percentage of covered payroll. The City’s contractually
required contribution, excluding the amount related to post-retirement health care benefits, to OP&F
was $16,137,063 for 2022. Of this amount $1,536,304 is reported as a due to other governments. Both
amounts reflected contributions for police and firefighters participating in OP&F.
81

-- 83 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to Pensions
The net pension liability for OPERS was measured as of December 31, 2021, and the total pension
liability used to calculate the net pension liability was determined by an actuarial valuation as of that
date. OP&F’s total pension liability was measured as of December 31, 2021, and was determined by
rolling forward the total pension liability as of January 1, 2021, to December 31, 2021. The City's
proportion of the net pension liability was based on the City's share of contributions to the pension plan
relative to the contributions of all participating entities. Following is information related to the
proportionate share and pension expense:
OPERS
Traditional Combined Member
Plan Plan Directed OP&F Total
Proportionate Share of the Net
Pension Liability/(Asset) $ 38,122,390 $ (1,477,405) $ (39,874) $ 169,376,657 $ 205,981,768
Proportion of the Net Pension
Liability/(Asset) as of 12/31/2022 0.43817% 0.37497% 0.21962% 2.71111%
Proportion of the Net Pension
Liability/(Asset) as of 12/31/2021 0.42634% 0.34861% 0.20177% 2.66596%
Increase (Decrease) in Proportion 0.01183% 0.02636% 0.01785% 0.04516%
Pension Expense $ (6,392,088) $ (54,776) $ (6,787) $ 11,158,255 $ 4,704,604
At December 31, 2022, the City reported deferred outflows of resources and deferred inflows of
resources related to pensions from the following sources:
OPERS
Traditional Combined Member
Plan Plan Directed OP&F
Deferred Outflows of Resources
Net difference between projected and
actual earnings on pension plan investments $ - $ - $ - $ -
Differences between expected and actual
experience 1,943,423 9,165 28,145 4,883,829
Changes in proportion and differences
between City contributions and proportionate
share of contributions 1,463,735 7,203 5,613 7,009,730
Changes in assumptions 4,767,165 74,243 946 30,954,779
City contributions subsequent to the
measurement date 9,522,247 263,756 - 16,137,063
Total Deferred Outflows of Resources $ 17,696,570 $ 354,367 $ 34,704 $ 58,985,401
Deferred Inflows of Resources
Net Difference between projected and
actual earnings on pension plan investments $ (45,345,196) $ (316,732) $ (4,001) $ (44,407,944)
Differences between expected and actual
experience (836,118) (165,244) (3,378) (8,805,260)
Changes in proportion and differences
between City contributions and proportionate
share of contributions (255,480) (87,341) (5,257) (3,497,497)
Changes in assumptions - - - -
Total Deferred Inflows of Resources $ (46,436,794) $ (569,317) $ (12,636) $ (56,710,701)
82

-- 84 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
At December 31, 2022, $25,923,066 is reported as deferred outflows of resources related to pension
resulting from City contributions subsequent to the measurement date will be recognized as a reduction
of the net pension liability in the subsequent fiscal period rather than the current fiscal period. Other
amounts reported as deferred outflows of resources and deferred (inflows) of resources related to
pension will be recognized in pension expense as follows:
OPERS
Traditional Combined Member
Plan Plan Directed OP&F
Year Ending December 31:
2023 $ (5,209,047) $ (109,427) $ 3,583 $ 117,540
2024 (15,177,567) (146,493) 4,245 (11,517,369)
2025 (10,662,489) (100,090) 1,940 (3,639,798)
2026 (7,213,368) (76,040) 2,061 (2,540,352)
2027 - (19,831) 3,051 3,717,616
Thereafter - (26,826) 7,188 -
Total $ (38,262,471) $ (478,707) $ 22,068 $ (13,862,363)
Actuarial Assumptions - OPERS
Actuarial valuations of an ongoing plan involve estimates of the values of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and cost trends. Actuarially determined amounts are
subject to continual review or modification as actual results are compared with past expectations and
new estimates are made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employers and plan members) and include the types of benefits provided at the time
of each valuation. The total pension liability in the December 31, 2021, actuarial valuation was
determined using the following actuarial assumptions, applied to all periods included in the
measurement:
Measurement and Valuation Date December 31, 2021
Experience Study 5-Year Period Ended December 31, 2015
Acturial Cost Method Individual Entry Age
Investment Rate of Return 6.9%
Wage Inflation 2.75%
Projected Salary Increases 2.75%-10.75 % (includes wage inflation at 2.75%)
Cost-of-living Adjustments Pre-1/7/2013 Retirees: 3.00% Simple
Post-1/7/2013 Retirees: 3.00% Simple
Through 2022, then 2.05% Simple
Pre-retirement mortality rares are based on 130% of the Pub-2010 General Employee Mortality tables
(males and females) for State and Local Government divisions and 170% of the Pub-2010 Safety
Employee mortality tables (males and females) for Public Safety and Law Enforcement divisions.
Post-Retirement mortality rates are based on 115% of the PubG-2010 Retiree Mortality Tables (males
and females) for all divisions. Post-retirement mortality rates for disabled retirees are based on the
PubNS-2010 Disabled Retiree Mortality Tables (males and females) for all divisions. For all of the
previously described tables, the base year is 2010 and mortality rates for a particular calendar year are
determined by applying the MP-2020 mortality improvement scales (males and females) to all of these
tables.83

-- 85 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
The most recent experience study was completed for the five year period endeding December 31, 2020.
The long-term rate of return on defined benefit investment assets was determined using a building-
block method in which best-estimate ranges of expected future real rates of return are developed for
each major asset class. These ranges are combined to produce the long-term expected real rate of return
by weighting the expected future real rates of return by the target asset allocation percentage, adjusted
for inflation. The discount rate used to measure the total pension liability was 6.9 percent.
OPERS manages investments in three investment portfolios: the Defined Benefits portfolio, the Health
Care portfolio, and the Defined Contribution portfolio. The Defined Benefit portfolio includes the
investment assets of the Traditional Pension Plan, the defined benefit component of the Combined
Plan, the annuitized accounts of the Member-Directed Plan and the VEBA Trust. Within the Defined
Benefit portfolio, contributions into the plans are all recorded at the same time, and benefit payments
all occur on the first of the month. Accordingly, the money-weighted rate of return is considered to be
the same for all plans within the portfolio. The money weighted rate of return, net of investments
expense, for the Defined Benefit portfolio was 15.3%.
The allocation of investment assets with the Defined Benefit portfolio is approved by the Board of
Trustees as outlined in the annual investment plan. Plan assets are managed on a total return basis with
a long-term objective of achieving and maintaining a fully funded status for the benefits provided
through the defined benefit pension plans. The table below displays the Board-approved asset
allocation policy for 2019 and the long-term expected real rates of return:
Long Term Expected
Weighted Average
Taget Long-Term Expected
Allocation Real Rate of Return
Asset Class for 2021 (Geometric)
Fixed Income 24.00 % 1.03 %
Domestic Equities 21.00 3.78
Real Estate 11.00 3.66
Private Equity 12.00 7.43
International Equities 23.00 4.88
Risk Parity 5.00 2.92
Other investments 4.00 2.85
Total 100.00 % 4.21 %
Discount Rate The discount rate used to measure the total pension liability was 6.9 percent. The
projection of cash flows used to determine the discount rate assumed that contributions from plan
members and those of the contributing employers are made at the statutorily required rates. Based on
those assumptions, the pension plan’s fiduciary net position was projected to be available to make all
projected future benefits payments of current plan members. Therefore, the long-term expected rate of
return on pension plan investments was applied to all periods of projected benefit payments to
determine the total pension liability.
84

-- 86 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
Sensitivity of the City’s Proportionate Share of the Net Pension Liability to Changes in the
Discount Rate The following table presents the City’s proportionate share of the net pension liability
calculated using the current period discount rate assumption of 6.9 percent, as well as what the City’s
proportionate share of the net pension liability would be if it were calculated using a discount rate that
is one-percentage-point lower (5.9 percent) or one-percentage-point higher (7.9 percent) than the
current rate:
City's proportionate share of the net pension liability/(asset)
(in '000s)
Current
1% Decrease Discount Rate 1% Increase
5.90% 6.90% 7.90%
Traditional Plan $ 100,511 $ 38,122 $ (13,793)
Combined Plan (1,102) (1,477) (1,769)
Member Directed Plan (35) (39) (43)
Actuarial Assumptions – OP&F
OP&F’s total pension liability as of December 31, 2021, is based on the results of an actuarial valuation
date of January 1, 2021, and rolled-forward using generally accepted actuarial procedures. The total
pension liability is determined by OP&F’s actuaries in accordance with GASB Statement No. 67, as
part of their annual valuation. Actuarial valuations of an ongoing plan involve estimates of reported
amounts and assumptions about the probability of the ccurrence of events far into the future. Examples
include assumptions about future employment mortality, salary increases, disabilities, retirements, and
employment terminations. Actuarially determined amounts are subject to continual review and
potential modifications, as actual results are compared with past expectations and new estimates are
made about the future.
Key methods and assumptions used in calculating the total pension liability in the latest actuarial
valuation, prepared as of January 1, 2021, are presented below:
Valuation Date January 1, 2021, with actuarial liabilities
rolled forward to December 31, 2021
Actuarial Cost Method Entry Age Normal (Level Percent of Payroll)
Actuarial Assumption Experience Study Date 5 year period ended December 31, 2016
Investment Rate of Return '7.50%
Cost of Living Increases (COLA) 2.2% per year simple
Salary Increases 3.75 to 10.50%
Payroll Growth 3.25 percent per annum, compunded annually,
consisting of inflation rate of 2.75 percent
plus productivity increase rate of 0.5 percent
Healthy Mortality
Mortality rates for non-disabled participants are based on the RP-2014 Total Employee and Healthy
Annuitant Mortality Tables rolled back to 2006, adjusted according to the rates in the following table,
and projected with the Buck Modified 2016 Improvement Scale. Rates for surviving beneficiaries are
adjusted by 120%.
85

-- 87 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
Age Police Fire
67 or less 77 % 68 %
68-77 105 87
78 and up 115 120
Disabled Mortality
Mortality for disabled retirees is based on the RP-2014 Disabled Mortality Tables rolled back to 2006,
adjusted to according to the rates in the following table, and projected with the Buck Modified 2016
Improvement Scale.
Age Police Fire
59 or less 35 % 35 %
60-69 60 45
70-79 75 70
80 and up 100 90
The long-term expected rate of return on pension plan investments was determined using a
building-block approach and assumes a time horizon, as defined in the Statement of Investment Policy.
A forecasted rate of inflation serves as the baseline for the return expectation. Various real return
premiums over the baseline inflation rate have been established for each asset class. The long-term
expected nominal rate of return has been determined by calculating a weighted averaged of the
expected real return premiums for each asset class, adding the projected inflation rate and adding the
expected return from rebalancing uncorrelated asset classes. Best estimates of the long-term expected
geometric real rates of return for each major asset class included in OP&F’s target asset allocation as of
December 31, 2021 are summarized below:
Target Long Term Expected
Asset Class Allocation Real Rate of Return
Cash and Cash Equivalents 0.00 % 0.00 %
Domestic Equity 21.00 3.60
Non-US Equity 14.00 4.40
Private Markets 8.00 6.80
Core Fixed Income* 23.00 1.10
High Yield Fixed Income 7.00 3.00
Private Credit 5.00 4.50
U.S. Inflation Linked Bonds* 17.00 0.80
Midstream Energy Infrastructure 5.00 5.00
Real Assets 8.00 5.90
Gold 5.00 2.40
Private Real Estate 12.00 4.80
Total 125.00 %
The Board of Trustees of OP&F has incorcorated the "risk parity" concept into OP&F's asset-liability
valuation in order ot reduce equity risk exposure, which lowers overall Total Portfolio risk, without
sacrificing return. This creates a more risk-balanced portfolio based on their relationship between asset
classes and economic environments.
86

-- 88 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
Total Portfolio may be leveraged up to 1.2 times due to the application of leverage in certain fixed
income asset classes.
Discount Rate The total pension liability was calculated using a discount rate of 7.50 percent. The
projection of cash flows used to determine the discount rate assumed the contributions from employers
and from the members would be computed based on contribution requirements as stipulated by State
statute. Projected inflows from investment earning were calculated using the long-term assumed
investment rate of return 7.50 percent. Based on those assumptions, the plan’s fiduciary net position
was projected to be available to make all future benefit payments of current plan members. Therefore,
a long-term expected rate of return on pension plan investments was applied to all periods of projected
benefits to determine the total pension liability.
Sensitivity of the City's Proportionate Share of the Net Pension Liability to Changes in the
Discount Rate Net pension liability is sensitive to changes in the discount rate, and to illustrate the
potential impact the following table presents the net pension liability calculated using the discount rate
of 7.50 percent, as well as what the net pension liability would be if it were calculated using a discount
rate that is one percentage point lower (6.50 percent), or one percentage point higher (8.50 percent)
than the current rate.
City's proportionate share of the net pension liability
(in '000s)
Current
1% Decrease Discount Rate 1% Increase
6.50% 7.50% 8.50%
OP&F $ 251,183 $ 169,377 $ 78,855
Other Post-retirement Benefits (OPEB)
In addition to the post-retirement benefits provided by the Ohio Police and Fire Pension Fund and the
Ohio Public Employees Retirement System of Ohio, the City provides post-retirement health care and
life insurance benefits, in accordance with union agreements and City Council ordinances, for retired
employees. The post-retirement healthcare coverage is a single self-insured plan, administered through
Medical Mutual, which provides medical, prescription drugs, dental, and vision benefits. The major
medical portion of the coverage, which includes prescription drugs, ends at age 65. All other benefits
continue for the lifetime of the participant. The life insurance amounts are dependent on age at
retirement and the retiree’s collective bargaining unit. All life insurance amounts are reduced by 50%
after the first year of retirement. Dependents are not eligible for life insurance during retirement. The
life insurance is fully insured. Substantially all of the City’s employees may become eligible for those
benefits if they reach normal retirement age while working for the City. The City pays 100% of the
cost of health care and life insurance benefits. Effective January 1, 2022, monthly contributions for
supplemental medical coverage is $60 single / $120 family for Non-Bargaining and AFSCME
participants, and $30.00 / $60 per family for all other participants. Supplemental dental, vision, and life
insurance are non-contributory. These benefits are financed on a pay-as-you go basis; as such, the cost
of retiree health care and life insurance benefits is recognized as an expenditure/expense as claims are
incurred. Eligibility for OPEB benefits is receiving a pension benefit from OPERS, Police and Fire, or
disability retirement. Former employees who are term-vested for pension benefits are not eligible.
87

-- 89 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
The net OPEB liability was measured as of December 31, 2021, and the net OPEB liability was
determined by an actuarial valuation as of December 31, 2020, and rolled-forward to the measurement
date. For OPERS and OP&F, the City's proportion of the net OPEB liability was based on the City's
share of contributions relative to the contributions of all participating entities. The following
information related to the proportionate share and OPEB expense (in '000s):
OPERS OP&F
Proportion of the Net OPEB Liability
as of December 31, 2021 0.4276% 2.71115%
Proportion of the Net OPEB Liability
as of December 31, 2020 0.4152% 2.66596%
Increase (Decrease) in Proportion 0.0124% 0.0452%
Proportionate share of the Net
OPEB Liability (Asset) $ (13,392) $ 29,716
OPEB Expense (11,468) 2,933
The Net OPEB Liability for the City's OPEB plan was measured as of December 31, 2021 and the net
OPEB liability was determined by an actuarial valuation as of December 31, 2020, and rolled-forward
to the measurement date. The following information is related to the changes in the net OPEB liability
for the City's plan (in '000s):
Net OPEB Liability - December 31, 2020 $ 92,398
Total service cost 2,025
Interest cost 1,800
Experience (gains)/losses (702)
Changes in assumptions (18,108)
Benefit payments (2,260)
Net OPEB Liability - December 31, 2021 $ 75,153
At December 31, 2022 the City reported deferred (outflows) of resources and deferred inflows of
resources related to OPEB from the following sources:
City of Akron OPERS OP&F
Deferred Outflows of Resources
Net difference between projected and actual earnings
on OPEB plan investments $ - $ - $ 605,791
Differences between expected
and actual experience 162,396 - 1,351,834
Changes in proportion and differences between City
and proportionate share of contributions - 208,039 1,968,704
Changes in assumptions 1,925,245 - 9,647,546
City's contributions subsequent
to the measurement date 2,002,382 - 381,419
Total Deferred Outflows of Resources $ 4,090,023 $ 208,039 $ 13,955,294
Deferred Inflows of Resources
Net difference between projected and actual earnings
on OPEB plan investments $ (2,936,336) $ (6,384,657) $ -
Differences between expected
and actual experience - (2,031,455) (2,308,797)
Changes in proportion and differences between City
and proportionate share of contributions - (182,961) (513,949)
Changes in assumptions (28,453,978) (5,421,179) (6,516,892)
Total Deferred Inflowsof Resources $ (31,390,314) $ (14,020,252) $ (9,339,638)
88

-- 90 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
At December 31, 2022, $2,605,607 was reported as deferred outflows of resources related to OPEB
resulting from City contributions subsequent to the measurement date will be recognized as a reduction
of the net OPEB liability in the subsequent fiscal period. Other amounts reported as deferred (inflows)
outflows of resources related to OPEB will be recognized in the OPEB expense as follows:
City of Akron OPERS OP&F
Fiscal Year Ending December 31:
2023 $ (10,303,399) $ (8,604,114) $ 2,110,716
2024 (9,856,026) (2,896,150) 1,712,193
2025 (5,610,676) (1,395,014) 215,186
2026 (3,457,632) (916,936) (749,711)
2027 (74,940) - 147,753
Thereafter - - 798,100
Total $ (29,302,673) $(13,812,214) $ 4,234,237
Actuarial Assumptions - City of Akron OPEB Plan
The total OPEB liability is based on the results of an actuarial measurement date and valuation date of
December 31, 2021, using generally accepted actuarial procedures. The total OPEB liability was
calculated by using the following assumptions:
Actuarial Cost Method Entry age normal, level percent of projected payroll
Discount Rate 2.25%
Projected Payroll Growth Rate 2.00%
Health Care Cost Trend Rate for
Medical and Prescription Drugs 7.0% in fiscal 2022, decreasing to an ultimate rate of
5.0% in fiscal year 2030 and after.
Health Care Cost Trend Rate for
Dental and Vision 3.0%
Pursuant to paragraph 36 of GASB 75, since the City's plan is an unfunded plan, the discount rate
should reflect a yield or index rate for 20-year, tax-exempt general obligation municipal bonds with an
average rating of AA/Aa or higher. The discount rate selected by the City reflects the S&P Municipal
Bond 20-High Grade as of December 31, 2021. The discount rate used to measure the total OPEB
liability was 2.25 percent, which is an increase from 1.93 percent used for the measurement date of
December 31, 2020.
For OP&F active members, non-disabled retirees and beneficiaries, and disabled retirees, mortality
rates are based on the RPH-2014 Mortality Table adjusted to 2006 and projected with the Buck
Modified 2019 Improvement Scale. Rates are also adjusted for experience. For OPERS active members,
non-disabled retirees and beneficiaries, and disabled retirees, mortality rates are based on the
PubH-2010 General and Disabled Moratility Tables projected with the Buck Modified 2016
Improvement Scale.
The Net OPEB Liability is sensitive to changes in the discount rate and the health care trend rate. The
following table presents what the Net OPEB Liability would be if it were calculated using a discount
rate that is one (1) percentage point lower (1.25%) and higher (3.25%) than the current discount rate
(2.25%). Additionally shown is what the City's net OPEB liability would be based on current health
care trend rates that are one (1) percentage point lower (6.0%) and higher (8.0%) than the current rate
(7.0%).
89

-- 91 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
1% Decrease Current Discount Rate 1% Increase
1.25% 2.25% 3.25%
Net OPEB Liability $ 87,556,006 $ 75,152,958 $ 65,224,100
1% Decrease Current Trend Rate 1% Increase
Net OPEB Liability $ 71,952,210 $ 75,152,958 $ 79,112,786
The below table covers the classes of plan members covered:
Retirees and surviving spouses receiving benefits: 2,316
Active plan members 1,845
Total membership 4,161
Actuarial Assumptions - OPERS
The total OPEB liability is based on the results of an actuarial valuation dated December 31, 2020 and
rolled-forward to December 31, 2021 using generally accepted actuarial procedures. The total OPEB
liability was calculated using the following assumptions:
Actuarial Valuation Date December 31, 2019
Rolled-Forward Measurement Date December 31, 2021
Experience Study 5-Year Period Ended
December 31, 2020
Actuarial Cost Method Individual Entry Age Normal
Actuarial Assumptions
Single Discount Rate 6.00%
Investment Rate of Return 6.00%
Municipal Bond Rate 1.84%
Wage Inflation 2.75%
Projected Salary Increases 2.75%-10.75%
(Includes Wage Inflation at 2.75%)
Health Care Cost Trend Rate 5.0% Initial, 3.5% ultimate in 2034
Pre-retirement mortality rates are based on 130% of the Pub-2010 General Employee Mortality tables
(males and females) for State and Local Government divisions and 170% of the Pub-2010 Safety
Employee Mortality tables (males and females) for the Public Safety and Law Enforcement divisions.
Post-retirement mortality rates are based on 115% of the PubG-2010 Retiree Mortality Tables (males
and females) for all divisions. Post-retirement mortality rates for disabled retirees are based on the
PubNS-2010 Disabled Retiree Mortality Tables (males and females) for all divisions. For all of the
previously described tables, the base year is 2010 and mortality rates for a particular calndar year are
determined by applying the MP-2020 mortality improvement scales (males and females) to all of these
tables.
90

-- 92 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
A single discount rate of 6.00% was used to measure the OPEB liability on the measurement date of
December 31, 2020. Projected benefit payments are required to be discounted to their actuarial present
value using a single discount rate that reflects (1) a long-term expected rate of return on the OPEB plan
investments (to the extent that the health care fiduciary net position is projected to be sufficient to pay
benefits), and (2) tax-exempt municipal bond rate based on an index of 20-year general obligation
bonds with an average AA credit rating as of the measurement date (to the extent that the contributions
for use with the long-term expected rate are not met). This single discount rate was based on an
expected rate of return on the health care investment portfolio of 6.00% and a municipal bond rate of
1.84%. The projection of cash flows used to determine this single discount rate assumed that the
employer contributions will be made at rates equal to the actuarially determined contribution rate.
Based on these assumptions, the health care fiduciary net position and future contributions were
sufficient to finance health care costs through 2121. As a result, the long-term expected rate of return
on health care investments were applied to projected costs through the year 2121, and the municipal
bond rate was applied to all health care costs after that date.
The following table presents the OPEB liability calculated using the single discount rate of 6.00%, and
the expected Net OPEB Asset if it were calculated using a discount rate that is one percentage point
lower (5.00%) or one percentage point higher (7.00%) than the current rate (in '000s):
1% Decrease Current Discount Rate 1% Increase
5.00% 6.00% 7.00%
City's proportionate share
of the Net OPEB (Asset) $ (7,876) $ (13,392) $ (17,971)
Retiree health care valuations use a health care cost-trend assumption that changes over several years
built into the assumption. The near-term rates reflect increases in the current cost of health care; the
trend starting in 2022 is 5.50%. If this trend continues for future years, the projection indicates that
years from now virtually all expenditures will be for health care. A more reasonable alternative is that
in the not-to-distant future, the health plan cost will decrease to a level at, or near, wage inflation. On
this basis, the actuaries project premium rate increases will continue to exceed wage inflation for
approximately the next decade, but by less each year, until leveling off at an ultimate rate, assumed to
be 3.50% in the most recent valuation. The following table presents the OPEB liability calculated using
the health care cost trend rate and the expected Net OPEB Liability if it were calculated using a rate
that is one percentage point lower or one percentage point higher than the current rate (in '000s):
Current Health Care
Cost Trend Rate
1% Decrease Assumption 1% Increase
City's Proportionate Share
of the Net OPEB Liability $ (13,537) $ (13,392) $ (13,221)
The allocation of investment assets within the Health Care portfolio is approved by the Board as
outlined in the annual investment plan. Assets are managed on a total return basis with a long-term
objective of continuing to offer a sustainable health care program for current and future retirees. The
system's primary goal is to achieve and maintain a fully funded status for benefits provided through the
defined pension plans. Health care is a discretionary benefit. The table below displays the
Board-approved asset allocation policy for 2021 and the long-term expected real rates of return.
91

-- 93 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
Weighted Average Long-Term
Target Expected Real Rate of Return
Asset Class Allocation (Geometric)
Fixed Income 34.00 % 0.91 %
Domestic Equities 25.00 3.78
REITs 7.00 3.71
International Equities 25.00 4.88
Risk Parity 2.00 2.92
Other investments 7.00 1.93
Total 100.00 % 3.45 %
Actuarial Assumptions - OP&F
The total OPEB liability is determined by OP&F's actuaries in accordance with GASB Statement No.
74, as part of their annual valuation. Actuarial valuations of an ongiong retirement plan involve
estimates of the value of reported amounts and assumptions about the probability of thr occurrence of
events far into the future. This can include assumptions about service credit, salaries and salary
increases, disabilities, and retirements. Actuarially determined amounts are subject to continual review
and potential modification, as actual results are compared with past expectations and new estimates are
made about the future.
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by employers and plan members) and include the types of benefits provided at the time of
each valuation and the historical pattern of sharing benefit costs between the employers and members to
that point. The projection of benefits for financial reporting purposes does not explicitly incorporate the
potential effects of legal or contractual funding limitations.
Actuarial calculations reflect a long-term perspective. For a newly hired employee, actuarial
calculations will take into account the employee's entire career with the employer and also take into
consideration the benefits, if any, paid to the employee after termination of employment until the death
of the employee and any applicable contingent annuitant. In many cases, actuarial calculations reflect
several decades of service with the employer and the payment of benefits after termination.
The following key methods and assumptions were used in calculating the total OPEB liability as of
December 31, 2021:
Valuation Date January 1, 2021
Rolled Forward Valuation Date December 31, 2021
Actuarial Cost Method Entry Age Normal
(Level Percent of Payroll)
Actuarial Assumption Experience
Study Date 5-Year Period Ended December 31, 2016
Investment Rate of Return OP&F OPEB Long Term Rate is 7.5%
Cost of Living Increases (COLA) 2.2% simple per year
Salary Increases 3.75% to 10.50%
Payroll Growth 3.25%
Projected Depletion Year of
OPEB Assets 2037
92

-- 94 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
Mortality Rates - OP&F
Mortality for non-disabled participants is based on the RP-2014 Total Employee and Healthy Annuitant
Mortality Tables rolled back to 2006, adjusted according to the rates in the following table, and
projected with the Buck Modified 2016 Improvement Scale. Rates for surviving beneficiaries are
adjusted by 120%.
Age Police Fire
67 or less 77 % 68 %
68-77 105 87
78 and up 115 120
Mortality for disabled retirees is based on the RP-2014 Disabled Mortality Tables rolled back to 2006,
adjusted according to the rates in the following table, and projected with the Buck Modified 2016
Improvement Scale.
Age Police Fire
59 or less 35 % 35 %
60-69 60 45
70-79 75 70
80 and up 100 90
The long-term expected rate of return on pension plan investments was determined using a
building-block approach and assumes a time horizon, as defined in the Statement of Investment Policy.
A forecasted rate of inflation serves as the baseline for the return expectation. Various real return
premiums over the baseline inflation rate have been established for each asset class. The long-term
expected nominal rate of return has been determined by calculating a weighted averaged of the
expected real return premiums for each asset class, adding the projected inflation rate and adding the
expected return from rebalancing uncorrelated asset classes. Best estimates of the long-term expected
real rates of return for each major asset class included in OP&F’s target asset allocation as of December
31, 2021 are summarized below:
Long-Term
Expected
Target Real Rate
Asset Class Allocation of Return
Cash and Cash Equivalents 0.00 % 0.00 %
Domestic Equity 21.00 3.60
Non - U.S. Equity 14.00 4.40
Private Markets 8.00 6.80
Core Fixed Income* 23.00 1.10
High Yield Fixed Income 7.00 3.00
Private Credit 5.00 4.50
U.S. Inflation Linked Bonds* 17.00 0.80
Midstream Energy Infrastructure 5.00 5.00
Real Assets 8.00 5.90
Gold 5.00 2.40
Private Real Estate 12.00 4.80
Total 125.00 %
93

-- 95 of 247 --

9. Pension and Other Post-Retirement Benefit Plans (Continued)
OP&F’s Board of Trustees has incorporated the “risk parity” concept into OP&F’s asset liability
valuation with the goal of reducing equity risk exposure, which reduces overall Total Portfolio risk
without sacrificing return, and creating a more risk-balanced portfolio based on their relationship
between asset classes and economic environments. From the national portfolio perspective above, the
Total Portfolio may be leveraged up to 1.25 times due to the application of leverage in certain fixed
income asset classes.
Discount Rate The total OPEB liability was calculated using the discount rate of 2.84 percent, which is
a decrease from 2.96 percent used for the measurement date of December 31, 2020. The projection of
cash flows used to determine the discount rate assumed that contributions from employers and from
members would be computed based on contribution requirements as stipulated by State statute.
Projected inflows from investment earnings were calculated using the longer-term assumed investment
rate of return of 7.50 percent. Based on those assumptions, the plan’s fiduciary net position was
projected to not be available to make all future benefit payments to current plan members. Therefore, an
S&P Municipal Bond 20 Year High Grade Rate Index of 2.05 percent at December 31, 2021, and 2.12
percent at December 31, 2020 was blended with the long-term rate of 7.50 percent, which resulted in a
blended discount rate of 2.84 percent.
The Net OPEB Liability is sensitive to changes in the discount rate. The following tables present the
Net OPEB Liability of OP&F and what OP&F's Net OPEB Liability would be if it were calculated
using a rate that is 1% point lower and 1% point higher than what the current discount cost trend rates
are (in '000s).
1% Decrease Current Discount
Rate
1% Increase
1.84% 2.84% 3.84%
City's proportionate share
of the Net OPEB Liability $ 37,358 $ 29,716 $ 23,438
94

-- 96 of 247 --

10. Notes Payable
The following is a summary of note transactions for the year ended December 31, 2022, reflected in
governmental activities in the government-wide financial statements:
Governmental Governmental Governmental
Activities Activities Activities
Special Capital
Assessment Projects Total
Notes Payable at January 1, 2022 $ 13,000,000 $ 32,900,000 $ 45,900,000
New notes issued 13,000,000 55,258,712 68,258,712
Notes retired (13,000,000) (32,900,000) (45,900,000)
Notes Payable at December 31, 2022 $ 13,000,000 $ 55,258,712 $ 68,258,712
The following is a summary of the City’s future debt service requirements for notes payable as of
December 31, 2022:
Governmental Activities
Fiscal Year Ending Special Assessment Notes General Obligation Notes
December 31 Principal Interest Principal Interest Total
2022 $ 13,000,000 $ 486,146 $ 55,258,712 $ 1,902,859 $ 70,647,717
The following notes are backed by the full faith and credit of the City and generally mature within one
to five years. The notes generally are issued in anticipation of long-term bond financing and are
refinanced, if necessary, until such bonds are issued.
Notes and Bonds issued by the City of Akron and held by the City as investments at December 31,
2022, amounting to $78,773,320 (Note 2) are eliminated in the government-wide statement of net
position.
95

-- 97 of 247 --

10. Notes Payable (Continued)
Special assessment notes are issued to finance the property owners’ share of improvements. Upon
completion of a project, owners may pay the assessments in full. Bonds are issued in the amount of any
unpaid assessments and are repaid largely from levies on the property owners for principal and interest
collected by the County Fiscal Officer on behalf of the City.
The weighted average interest rates on special assessment notes and general obligation notes at
December 31, 2022 were 3.75% and 3.50% respectively.
Notes payable as of December 31, 2022, are comprised of the following individual issues:
Issued Rate % Issue Final Maturity Amount
Special Assessment Notes:
Governmental Activities:
Street Cleaning/Lighting Note:
November 22, 2022 3.75 11-22 November 21, 2023 $ 13,000,000
General Obligation Notes:
Governmental Activities:
Various Purpose Improvements Note:
December 13, 2022 3.50 12-13 December 7, 2023 48,645,000
Taxable GO Note:
December 13, 2022 5.00 12-13 December 7, 2023 1,600,000
Non-Tax Revenue Note:
September 27, 2022 5.00 9-27 September 26, 2023 5,013,712
$ 68,258,712
96

-- 98 of 247 --

11. Bonds and Loans Payable and Defeased Debt
The following is a summary of bonds and loans payable for the year ended December 31, 2022:
Governmental Activities
General OPWC - ODSA - Non-Tax
Obligation Direct Borrowings Direct Borrowings Revenue
Bonds and loans payable
at January 1, 2022 $ 86,610,000 $ 5,238,163 $ 3,305,000 $ 24,115,000
New Issues:
Community Learning Centers - - - -
Street Improvements - - - -
Resurfacing - - - -
Water System - - - -
Sewer System - - - -
Retirements (15,370,000) (571,797) (335,000) (3,285,000)
Bonds and loans payable
at December 31, 2022 $ 71,240,000 $ 4,666,366 $ 2,970,000 $ 20,830,000
Governmental Activities
Income Tax Special Special
Income Tax Revenue - Revenue Assessment -
Revenue Direct Borrowings (JEDD) Direct Placements
Bonds and loans payable
at January 1, 2022 $ 315,325,000 $ 8,249,560 $ 1,870,000 $ 6,978,049
New Issues:
Community Learning Centers 114,970,000 - - -
Street Improvements - - - 2,442,123
Resurfacing - - - 730,124
Water System - - - -
Sewer System - - - -
Retirements (149,515,000) (631,517) (1,870,000) (1,505,688)
Bonds and loans payable
at December 31, 2022 $ 280,780,000 $ 7,618,043 $ - $ 8,644,608
Business-type Activities
Mortgage OPWC - OWDA -
Revenue - Direct Direct
Direct Placements Borrowings Borrowings Total
Bonds and loans payable
at January 1, 2022 $ 4,395,000 $ 206,857 $ 738,531,019 $ 1,194,823,648
New Issues:
Community Learning Centers - - - 114,970,000
Street Improvements - - - 2,442,123
Resurfacing - - - 730,124
Water System - - 14,556,894 14,556,894
Sewer System - 849,509 38,373,637 39,223,146
Retirements (830,000) (68,041) (30,164,812) (204,146,855)
Bonds and loans payable
at December 31, 2022 $ 3,565,000 $ 988,325 $ 761,296,738 $ 1,162,599,080
97

-- 99 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
Bonds and loans payable at December 31, 2022 is comprised of the following individual issues:
Issued Rate % Issue Final Maturity Amount
Governmental Activities:
General Obligation Bonds:
Various Purpose Improvement Bonds:
November 29, 2012 2.0 to 4.0 Series 2012 December 1, 2024 $ 5,135,000
March 20, 2014 1.25 to 4.0 Series 2014A December 1, 2026 5,385,000
March 20, 2014 .45 to 4.125 Series 2014B December 1, 2026 5,800,000
December 2, 2014 2.0 to 5.0 Series 2014C December 1, 2031 13,595,000
March 10, 2015 1.50 to 5.0 Series 2015 December 1, 2028 12,605,000
May 26, 2016 1.00 to 4.00 Series 2016 Judgement December 1, 2036 3,895,000
December 6, 2016 1.75 to 4.00 Series 2016A December 1, 2031 6,210,000
December 6, 2016 1.45 to 3.05 Series 2016B December 1, 2028 5,645,000
December 20, 2017 1.75 to 4.00 Series 2017A December 1, 2031 6,335,000
December 20, 2017 1.85 to 3.70 Series 2017B December 1, 2031 3,725,000
November 12, 2020 2.0 Series 2020 December 1, 2023 2,910,000
Total General Obligation Bonds: $ 71,240,000
Ohio Public Works Commission Loans - Direct Borrowings:
July 1, 1998 - Tallmadge Ave. July 1, 2022 $ 66,690
July 1, 1999 - Lakeshore Blvd. July 1, 2022 -
July 1, 1999 - Bye Street July 1, 2022 -
July 1, 1999 - Wooster/East Ave. July 1, 2022 -
July 1, 2000 - Bishop Street July 1, 2022 3,050
July 1, 2000 - NW Storm Outlets July 1, 2022 32,437
July 1, 2000 - N. Arlington Bridge July 1, 2022 8,288
July 1, 2001 - Darrow Road July 1, 2023 82,378
July 1, 2003 - US 244 Phase II July 1, 2025 173,340
July 1, 2005 - Manchester Rd Ph I July 1, 2027 18,900
July 1, 2005 - Arlington St Signalization July 1, 2027 226,250
July 1, 2005 - E. Market St Widening July 1, 2027 469,500
July 1, 2006 - W. Market Street July 1, 2028 370,500
July 1, 2006 - Tallmadge Ave Singalization July 1, 2027 50,710
July 1, 2006 - Brown and Power St. July 1, 2027 312,750
November 28, 2008 - Barbara Ave. January 1, 2040 120,987
November 28, 2008 - Newton Street Bridge January 1, 2040 399,954
July 1, 2008 - Mill St. Bridge July 1, 2039 608,137
March 13, 2009 - Dover Ave. January 1, 2030 243,957
August 4, 2010 - Smith/Riverview Round December 1, 2031 98,003
October 11, 2011 - Carroll Street July 1, 2041 447,201
July 1, 2020 - Firestone Industrial Park July 1, 2050 933,334
Total Ohio Public Works Commission Loans - Direct Borrowings: $ 4,666,366
98

-- 100 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
Issued Rate % Issue Final Maturity Amount
Governmental Activities (Continued):
Ohio Development Services Agency Loans - Direct Borrowings:
March 31, 2011 2.0 Goodyear 166 Loan December 1, 2030 $ 2,970,000
Total Ohio Development Services Agency Loans - Direct Borrowings: $ 2,970,000
Non-Tax Revenue Bonds:
November 25, 2014 .85 to 4.75 2014 December 1, 2034 $ 14,605,000
November 12, 2015 1.40 to 3.625 2015 December 1, 2026 6,225,000
Total Non-tax Revenue Bonds: $ 20,830,000
Income Tax Revenue Bonds:
November 25, 2014 2.0 to 5.0 2014 December 1, 2034 $ 22,240,000
November 12, 2015 1.0 to 5.0 2015 December 1, 2028 9,415,000
December 6, 2016 1.50 to 5.0 2016 December 1, 2028 9,200,000
December 6, 2019 4.0 2019 December 1, 2041 49,655,000
November 24, 2020 3.15 2020 December 1, 2032 10,150,000
Total Income Tax Revenue Bonds: $ 100,660,000
Income Tax Revenue Bonds - CLC:
July 28, 2010 5.87 2010C December 1, 2026 $ 10,040,000
December 8, 2016 3.5 to 5.0 2016 December 1, 2033 19,615,000
December 20, 2017 1.75 to 5.0 2017 December 1, 2033 33,560,000
August 4, 2019 3.0 to 5.0 2019 December 1, 2033 10,160,000
Mardch 3, 2022 4.0 2022 December 1, 2033 106,745,000
Total CLC Income Tax Revenue Bonds: $ 180,120,000
Income Tax Revenue Bonds - Direct Borrowings:
August 8, 2013 4.20 2013 December 1, 2028 $ 2,013,390
June 24, 2015 2.42 2015 June 1, 2035 3,734,653
November 14, 2018 4.7 2018 December 1, 2048 1,870,000
Total Income Tax Revenue Bonds - Direct Borrowings: $ 7,618,043
99

-- 101 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
Issued Rate % Issue Final Maturity Amount
Governmental Activities (Continued):
Special Assessment Obligations - Direct
Placements:
Street Improvement Bonds - Direct Placements:
December 15, 2017 2.3 2017 December 1, 2027 $ 1,662,345
December 15, 2017 2.3 2017 December 1, 2027 28,738
November 11, 2018 1.95 2018 December 1, 2023 103,736
December 11, 2018 2.35 2018 December 1, 2028 37,316
December 11, 2018 2.35 2018 December 1, 2028 1,164,490
December 13, 2019 1.45 2019 December 1, 2024 633,310
December 1, 2020 0.95 2020 December 1, 2025 905,991
December 1, 2020 1.35 2020 December 1, 2030 114,559
October 1, 2021 0.45 2021 October 1, 2026 821,876
October 1, 2022 3.25 2022 October 1, 2032 2,442,123
October 1, 2022 3.00 2022 October 1, 2027 730,124
Total Special Assessment Obligations - Direct Placements: $ 8,644,608
Business-type Activities:
Mortgage Revenue Bonds - Direct Placements:
Waterworks System Bonds:
December 18, 2015 2.59 2015 March 1, 2026 $ 3,565,000
Total Mortgage Revenue Bonds - Direct Placements: $ 3,565,000
Ohio Public Works Commission Loans - Direct Borrowings:
July 1, 2000 - Water July 1, 2024 $ 111,875
July 1, 2005 - Sewer July 1, 2025 41,099
July 1, 2022 - Sewer January 1, 2052 835,351
Total Ohio Public Works Commission Loans - Direct Borrowings: $ 988,325
100

-- 102 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
Issued Rate % Issue Final Maturity Amount
Business-type Activities (Continued):
Ohio Water Development Authority Loans - Direct Borrowings:
January 14, 2010 3.25 Sewer January 1, 2030 $ 447,168
November 19, 2009 3.25 Sewer July 1, 2030 76,729
December 10, 2009 3.25 Sewer January 1, 2030 39,203
March 31, 2011 4.72 Sewer January 1, 2032 472,278
February 24, 2011 4.14 Sewer January 1, 2032 1,261,987
February 24, 2011 4.14 Sewer January 1, 2032 237,932
December 8, 2011 2.80 Sewer July 1, 2032 1,566,982
December 8, 2011 2.80 Water January 1, 2033 1,162,479
December 8, 2011 2.80 Sewer January 1, 2033 1,162,479
December 8, 2011 2.80 Sewer January 1, 2032 491,523
December 8, 2011 3.55 Water July 1, 2032 276,301
October 27, 2011 2.78 Sewer July 1, 2033 13,911,894
October 27, 2011 2.85 Sewer January 1, 2033 739,416
October 27, 2011 2.85 Sewer July 1, 2032 558,810
June 28, 2012 2.00 Water July 1, 2033 651,219
March 28, 2013 3.15 Sewer July 1, 2034 3,265,394
May 30,2013 2.67 Sewer July 1, 2033 1,370,481
June 27, 2013 2.00 Water July 1, 2034 1,884,749
June 27, 2013 2.00 Water July 1, 2034 467,445
August 29, 2013 3.05 Sewer January 1, 2035 4,283,472
September 26, 2013 4.24 Water July 1, 2023 26,842
December 12, 2013 3.62 Water January 1, 2035 541,041
January 30, 2014 3.66 Sewer July 1, 2034 976,665
January 30, 2014 3.66 Water July 1, 2024 147,165
February 27, 2014 3.65 Water January 1, 2035 1,607,243
February 27, 2014 4.15 Water July 1, 2035 7,361,043
April 24, 2014 3.95 Sewer January 1, 2036 2,607,727
April 24, 2014 3.45 Sewer July 1, 2034 1,005,176
June 26, 2014 3.09 Sewer January 1, 2036 7,162,823
June 26, 2014 3.01 Sewer July 1, 2036 10,811,633
August 28, 2014 3.34 Sewer July 1, 2035 4,509,532
February 26, 2015 1.89 Sewer January 1, 2036 3,009,835
February 26, 2015 1.89 Sewer January 1, 2038 14,287,834
May 28, 2015 2.26 Sewer January 1, 2036 677,100
May 28, 2015 2.26 Sewer January 1, 2036 4,745,114
September 24, 2015 2.45 Sewer January 1, 2036 3,221,862
February 25, 2016 2.04 Sewer January 1, 2036 801,314
May 28, 2015 1.96 Sewer January 1, 2038 22,790,450
June 25, 2015 1.57 Water January 1, 2037 641,170
July 30, 2015 2.29 Sewer January 1, 2036 3,980,689
August 27, 2015 2.32 Sewer January 1, 2037 4,495,616
September 24, 2015 1.74 Water July 1, 2036 1,157,714
October 29, 2015 2.18 Sewer January 1, 2037 2,215,390
October 29, 2015 2.35 Sewer July 1, 2049 233,444,901
October 29, 2015 1.68 Water July 1, 2037 301,867
December 10, 2015 2.14 Sewer January 1, 2037 2,594,049
December 10, 2015 2.14 Sewer January 1, 2037 3,213,592
December 10, 2015 2.14 Sewer July 1, 2036 1,021,534
January 28, 2016 2.21 Sewer January 1, 2026 352,667
February 25, 2016 2.05 Sewer January 1, 2047 4,143,571
March 31, 2016 1.95 Sewer January 1, 2048 17,802,554
June 30, 2016 1.75 Sewer January 1, 2047 946,293
June 30, 2016 1.75 Sewer July 1, 2048 19,215,473
June 30, 2016 1.66 Sewer July 1, 2048 12,939,637
August 25, 2016 1.56 Sewer July 1, 2037 1,462,439
August 25, 2016 1.40 Sewer July 1, 2047 1,255,484
August 25, 2016 0.45 Sewer July 1, 2049 37,624,333
August 25, 2016 1.40 Sewer July 1, 2048 6,236,867
September 29, 2016 1.33 Sewer January 1, 2048 3,727,758
101

-- 103 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
Issued Rate % Issue Final Maturity Amount
Business-type Activities (Continued):
Ohio Water Development Authority Loans - Direct Borrowings (Continued):
April 27, 2017 2.33 Sewer July 1, 2024 $ 5,034,138
April 27, 2017 2.33 Sewer July 1, 2023 6,614,758
April 27, 2017 1.83 Water July 1, 2038 518,037
May 25, 2017 0.93 Sewer July 1, 2063 18,950,415
June 27, 2017 2.13 Sewer January 1, 2025 1,122,858
June 29, 2017 2.13 Sewer January 1, 2025 403,179
June 29, 2017 2.51 Sewer January 1, 2048 2,057,301
February 22, 2018 - Sewer July 1, 2023 62,550
April 26, 2018 2.89 Water January 1, 2029 352,477
June 28, 2018 1.65 Water January 1, 2039 177,432
July 26, 2018 - Water January 1, 2039 227,716
September 27, 2018 1.63 Water July 1, 2039 2,318,730
September 27, 2018 2.23 Sewer July 1, 2065 6,107,852
December 6, 2018 2.54 Sewer July 1, 2064 3,951,572
December 6, 2018 2.62 Sewer July 1, 2065 1,755,860
January 31, 2019 2.40 Sewer July 1, 2066 33,055,443
January 31, 2019 2.62 Sewer January 1, 2066 1,369,025
January 31, 2019 2.52 Sewer July 1, 2065 9,074,497
February 28, 2019 - Water January 1, 2050 278,944
March 28, 2019 - Water January 1, 2025 288,871
May 30, 2019 1.87 Sewer January 1, 2037 1,307,751
May 30, 2019 - Water July 1, 2024 123,872
May 30, 2019 0.66 Sewer January 1, 2067 73,358,280
June 27, 2019 - Water July 1, 2040 266,980
July 25, 2019 1.77 Sewer July 1, 2066 893,715
October 31, 2019 - Water July 1, 2040 6,116,982
December 12, 2019 1.23 Sewer January 1, 2051 836,876
December 12, 2019 1.30 Sewer July 1, 2066 7,667,902
December 12, 2019 1.29 Sewer January 1, 2067 46,612,157
December 12, 2019 1.23 Sewer January 1, 2051 803,140
January 30, 2020 - Water July 1, 2041 307,424
February 27, 2020 1.39 Sewer July 1, 2066 1,040,377
March 26, 2020 1.13 Sewer July 1, 2051 1,224,792
June 25, 2020 - Water January 1, 2051 210,414
August 27, 2020 0.88 Sewer July 1, 2066 4,682,563
August 27, 2020 - Sewer January 1, 2027 6,772,588
October 29, 2020 1 Sewer January 1, 2052 805,714
October 29, 2020 - Water January 1, 2027 222,832
October 29, 2020 - Water January 1, 2052 59,800
December 10, 2020 0.52 Water July 1, 2038 17,600,888
December 10, 2020 1.01 Sewer July 1, 2067 649,879
May 27, 2021 0.90 Water July 1, 2047 1,693,173
May 27, 2021 0.90 Water January 1, 2048 372,583
June 24, 2021 - Water January 1, 2028 2,833
July 29, 2021 0.61 Sewer January 1, 2053 1,023,192
November 18, 2021 1.12 Water January 1, 2034 6,389,470
August 26, 2021 - Water January 1, 2032 2,901
August 26, 2021 0.46 Water July 1, 2042 971,838
October 28, 2021 0.64 Water January 1, 2048 903,474
March 31, 2022 0.99 Water January 1, 2053 989,503
June 30, 2022 - Sewer July 1, 2029 3,654,037
June 30, 2022 2.47 Sewer July 1, 2068 383,611
September 29, 2022 2.26 Water July 1, 2038 144,679
September 29, 2022 2.26 Water January 1, 2043 40,368
October 27, 2022 2.41 Water July 1, 2044 46,557
Total Ohio Water Development Authority Loans - Direct Borrowings: $ 761,296,738
102

-- 104 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
The following is a summary of the City’s future debt service requirements as of December 31, 2022
(in thousands):
Governmental Activities
Fiscal General OPWC - ODSA -
Year Obligation Direct Borrowings Direct Borrowings
Ending
December 31 Principal Interest Principal Interest Principal Interest
2023 $ 14,340 $ 2,451 $ 511 $ - $ 340 $ 65
2024 12,240 2,026 489 - 350 57
2025 8,500 1,585 403 - 360 49
2026 10,340 1,258 403 - 365 41
2027 6,720 871 360 - 375 33
2028-2032 17,780 1,689 903 - 1,180 47
2033-2037 1,320 135 628 - - -
2038-2042 - - 600 - - -
2043-2047 - - 269 - - -
2048-2052 - - 134 - - -
2053-2057 - - - - - -
2058-2062 - - - - - -
2063-2067 - - - - - -
$ 71,240 $ 10,015 $ 4,700 $ - $ 2,970 $ 292
Fiscal Non-Tax Income Tax Income Tax Revenue -
Year Revenue Revenue Direct Borrowings
Ending
December 31 Principal Interest Principal Interest Principal Interest
2023 $ 3,395 $ 808 $ 20,945 $ 11,651 $ 628 $ 265
2024 3,515 692 20,980 10,761 638 243
2025 3,635 568 21,520 9,803 649 220
2026 3,775 430 22,450 8,835 658 197
2027 2,225 285 22,675 7,846 670 174
2028-2032 3,570 480 122,875 24,687 2,138 598
2033-2037 715 51 37,805 4,749 1,170 335
2038-2042 - - 11,530 1,116 418 216
2043-2047 - - - - 528 107
2048-2052 - - - - 121 7
2053-2057 - - - - - -
2058-2062 - - - - - -
2063-2067 - - - - - -
$ 20,830 $ 3,314 $ 280,780 $ 79,448 $ 7,618 $ 2,362
Fiscal Special Assessment -
Year Direct Placements
Ending
December 31 Principal Interest
2023 $ 1,795 $ 192
2024 1,723 158
2025 1,431 126
2026 1,151 98
2027 970 72
2028-2032 1,575 137
2033-2037 - -
2038-2042 - -
2043-2047 - -
2048-2052 - -
2053-2057 - -
2058-2062 - -
2063-2067 - -
$ 8,645 $ 783
103

-- 105 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
Business-type Activities
Fiscal Mortgage Revenue - OPWC - OWDA -
Year Direct Placements Direct Borrowings Direct Borrowings
Ending
December 31 Principal Interest Principal Interest Principal Interest
2023 855 81 82 - 32,941 14,773
2024 880 59 82 - 36,395 14,583
2025 905 36 60 - 35,953 13,993
2026 925 12 37 - 33,055 13,296
2027 - - 33 - 32,009 12,719
2028-2032 - - 142 - 150,895 53,770
2033-2037 - - 142 - 135,678 38,424
2038-2042 - - 142 - 103,668 27,150
2043-2047 - - 141 - 107,005 17,354
2048-2052 - - 127 - 44,297 8,507
2053-2057 - - - - 25,492 4,731
2058-2062 - - - - 20,377 2,137
2063-2067 - - - - 3,532 284
$ 3,565 $ 188 $ 988 $ - $ 761,297 $ 221,721
Governmental Business-type
Fiscal Activities Activities Grand
Year Total Total Total
Ending
December 31 Principal Interest Principal Interest Principal Interest
2023 $ 41,954 $ 15,432 $ 33,878 $ 14,854 $ 75,832 $ 30,286
2024 39,935 13,937 37,357 14,642 77,292 28,579
2025 36,498 12,351 36,918 14,029 73,416 26,380
2026 39,142 10,859 34,017 13,308 73,159 24,167
2027 33,995 9,281 32,042 12,719 66,037 22,000
2028-2032 150,021 27,638 151,073 53,770 301,094 81,408
2033-2037 41,638 5,270 135,820 38,424 177,458 43,694
2038-2042 12,548 1,332 103,810 27,150 116,358 28,482
2043-2047 797 107 107,146 17,354 107,943 17,461
2048-2052 255 7 44,424 8,507 44,679 8,514
2053-2057 - - 25,492 4,731 25,492 4,731
2058-2062 - - 20,377 2,137 20,377 2,137
2063-2067 - - 3,462 284 3,462 284
$ 396,783 $ 96,214 $ 765,816 $ 221,909 $ 1,162,599 $ 318,123
104

-- 106 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
All bonds and notes are backed by the full faith and credit of the City except revenue bonds. Water
Mortgage Revenue Bonds are collateralized by the capital assets of the Water System that had net
carrying values of approximately $161,276,434 at December 31, 2022. In the event of default the Series
2015 Water Mortgage Revenue Bonds are subject to a default rate of 10% at minimum. It is the City’s
policy to pay debt service of the Enterprise and Internal Service Funds from the receipts of those funds.
Accordingly, such debt is reported in those funds. Any deficiency is paid from the City’s General
Fund. Revenue bonds and OWDA loans are retired entirely from the excess of operating revenues over
operating expenses of the applicable enterprise activity. Therefore, the City is under no obligation to
repay these long-term obligations from the City’s General Fund.
The oustanding Income Tax Revenue bond agreements contain provisions that in an event of default,
the trustee may accelerate the bonds to be immediately due and payable, may sue to enforce the terms
of the agreement, or may enforce available remedies including marshall all money available in the
funds. The Non-Tax Revenue bond agreements are secured by a pledge of non-tax revenues and under
the agreement any amounts in default will bear a minimum interest rate of 10%.
The outstanding OPWC Direct Borrowing loan agreements contain provisions that in an event of
default, the lender may terminate its obligations and elect to accelerate the amount outstanding to
become immediately due and payable. Under the agreement terms any amounts in default will bear an
interest rate of 8%.
The outstanding OWDA Direct Borrowing loan agreements contain provisions that in an event of
default, the amount of such default will bear an interest rate at 3% above the agreed contract interest
rate. If the City fails to perform terms of the project agreement and fails to provide a remedy, the State
may increase the rate of the contract to recover remedy costs and eliminate the discount rate for the
remainder of the contract period. In the event of termination, the loan principal will be made due and
payable in full no later than 30 days after the termination or upon terms mutually agreed upon between
the State and the City.
The Ohio Revised Code provides that the net debt of a municipal corporation, whether or not approved
by the electors, shall not exceed 10.5% of the assessed value of all property in the municipal
corporation as listed and assessed for taxation. In addition, the unvoted net debt of municipal
corporations cannot exceed 5.5% of the total assessed value of property. At December 31, 2022, the
City’s total net debt amounted to 1.89% of the total assessed value of all property within the City and
unvoted net debt amounted to 1.89% of the total assessed value of all property within the City.
105

-- 107 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
On September 1, 2021, the City entered a Forward Delivery Bond Purchase Agreement to issue $102,535,000 in
Community Learning Centers Income Tax Revenue Refunding Bonds, Series 2022 (Forward Delivery),
maturing December 1, 2033 with an interest rate of 4%. to advance refund Series 2012A CLC bonds in the
amount of $102,535,000 and Series 2014 CLC bonds in the amount of $12,435,000. The Series 2022 Bonds
were issued on March 3, 2022. Net proceeds of $130,877,261, including a premium of $16,742,874 and an
underwriter's discount of $490,648 were used to provide cash for the debt service payments on the Series
2012A and 2014 CLC bonds.
As a result, the Series 2012A and Series 2014 CLC bonds are considered defeased and the liability for these
bonds has been removed from the financial statements. The City advanced refunded these bonds to reduce its
total debt service payments by $25,831,693 and incurred an economic gain (difference between the present
values of the debt service payments on the old and new debt) of 23,849,931.
106

-- 108 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
The City has defeased certain debt issues by placing investments in U.S. Government obligations in
irrevocable escrow accounts. Such accounts will be used, together with interest earned thereon, to
provide for the payment of all principal and interest on the defeased bonds on their scheduled due
dates. Accordingly, the escrow accounts and the defeased bonds summarized below are not included in
the accompanying financial statements at December 31, 2022:
Original Amount
Defeasance Outstanding
Issue Date Defeased Escrowed at 12/31/22
Various Purpose Improvement Bonds, Series 2002 2011 $ 19,390,000 $ 20,342,508 $ 2,105,000
Income Tax Revenue Bonds, Series 1999 2011 6,290,000 6,330,767 675,000
CLC Income Tax Revenue Bonds, Series 2004A 2012 165,000,000 177,376,931 111,170,000
Various Purpose Improvement Bonds, Series 2003 2012 8,755,000 9,301,891 5,100,000
Various Purpose Improvement Bonds, Series 2005 2014 36,750,000 40,380,525 11,575,000
Various Purpose Improvement Bonds, Series 2010C 2014 25,930,000 26,063,093 14,060,000
62,680,000 66,443,618 25,635,000
Various Purpose Improvement Bonds, Series 2006 2015 12,990,000 14,021,482 6,120,000
Various Purpose Improvement Bonds, Series 2007 2015 11,095,000 12,333,842 6,190,000
24,085,000 26,355,324 12,310,000
Waterworks Revenue Bonds, Series 2006 2015 8,065,000 8,242,290 3,660,000
Various Purpose Improvement Bonds, Series 2009 2016 10,200,000 10,609,118 5,360,000
Various Purpose Improvement Bonds, Series 2010D 2016 7,275,000 7,321,742 6,070,000
Income Tax Revenue Bonds, Series 2012 2016 15,955,000 16,473,042 9,545,000
Various Purpose Improvement Bonds, Series 2010B 2017 11,950,000 12,610,415 9,950,000
CLC Income Tax Revenue Bonds, Series 2010A 2017 15,000,000 15,929,577 15,000,000
CLC Income Tax Revenue Bonds, Series 2014 2017 20,625,000 23,306,790 18,335,000
35,625,000 39,236,367 33,335,000
CLC Income Tax Revenue Bonds, Series 2010B 2019 12,060,000 12,825,548 11,060,000
Various Purpose Improvement Bonds, Series 2010A 2020 1,360,000 470,000
Various Purpose Improvement Bonds, Series 2010B 2020 1,195,000 370,000
Various Purpose Improvement Bonds, Series 2011 2020 14,245,000 2,140,000
16,800,000 17,085,332 2,980,000
Income Tax Revenue Bonds, Series 2011 2020 1,980,000 2,015,863 680,000
Income Tax Revenue Bonds, Series 2012 2020 7,550,000 7,683,162 7,550,000
9,530,000 9,699,025 8,230,000
Waterworks Revenue Bonds, Series 2009 2021 6,895,000 6,991,487 6,490,000
CLC Income Tax Revenue Bonds, Series 2010A 2022 113,700,000 116,542,501 106,565,000
CLC Income Tax Revenue Bonds, Series 2014 2022 14,105,000 14,334,760 14,105,000
127,805,000 130,877,261 120,670,000
$ 374,345,000
107

-- 109 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
As of December 31, 2022, the City’s bond ratings are as follows:
Moody's Investors Standard Fitch
Service and Poor's Ratings
Bond Description Current Current Current
Rating Rating Rating
2010C Income Tax Revenue Bonds (CLC) N/A AA- N/A
2012 Various Purpose Refunding Bonds N/A A+ N/A
2013-B Certificates of Participation N/A A N/A
2014 Various Purpose Refunding Bonds, Series A N/A A+ N/A
2014 Various Purpose Refunding Bonds, Series B N/A A+ N/A
2014 Various Purpose Income Tax Refunding Bonds N/A AA- N/A
2014 Nontax Revenue Economic Development Bonds N/A A+ N/A
2014 Various Purpose Refunding Bonds, Series C N/A A+ N/A
2015 Various Purpose Refunding Bonds N/A A+ N/A
2015 Income Tax Revenue Bonds N/A N/A N/A
2015 Income Tax Revenue Refunding Bonds N/A N/A N/A
2015 Nontax Revenue Economic Development Bonds N/A A+ N/A
2015 Waterworks System Mortgage Revenue Refunding Bonds N/A N/A N/A
2016 General Obligation Judgement Bonds N/A A+ N/A
2016 Steam Utility Certificates of Participation N/A A N/A
2016 Various Purpose Refunding Bonds, Series A N/A A+ N/A
2016 Various Purpose Refunding Bonds, Series B N/A A+ N/A
2016 Income Tax Revenue Refunding Bonds N/A AA- N/A
2016 Income Tax Revenue Bonds (CLC) N/A AA- N/A
2017 Street Improvement Special Assessment Bonds, Series A N/A N/A N/A
2017 Street Improvement Special Assessment Bonds, Series B N/A N/A N/A
2017 Income Tax Revenue Bonds (CLC) N/A AA- N/A
2017 Various Purpose Refunding Bonds, Series A N/A A+ A+
2017 Various Purpose Refunding Bonds, Series B N/A A+ A+
2018 Steam Utility Certificates of Participation N/A A N/A
2018 Resurfacing Special Assessment Bonds, Series A N/A N/A N/A
2018 Income Tax Revenue Bonds N/A N/A N/A
2018 Street Improvement Special Assessment Bonds, Series A N/A N/A N/A
2018 Street Improvement Special Assessment Bonds, Series B N/A N/A N/A
2019 Income Tax Revenue Refunding Bonds (CLC) N/A AA- N/A
2019 Steam Utility Certificates of Participation N/A A N/A
2019 Resurfacing Special Assessment Bonds, Series A N/A N/A N/A
2019 Income Tax Revenue Refunding Bonds N/A AA- N/A
2020 Various Purpose Refunding Bonds N/A A+ N/A
2020 Income Tax Revenue Refunding Bonds N/A AA- N/A
2020 Resurfacing Special Assessment Bonds, Series A N/A N/A N/A
2020 Street Improvement Special Assessment Bonds, Series A N/A N/A N/A
2021 Resurfacing Special Assessment Bonds, Series A N/A N/A N/A
2022 Income Tax Revenue Bonds (CLC) N/A AA- N/A
2022 Resurfacing Special Assessment Bonds, Series A N/A N/A N/A
2022 Street Improvement Special Assessment Bonds, Series A N/A N/A N/A
108

-- 110 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
During 2010, the City entered into an agreement with various parties to unconditionally guarantee the
principal and interest payments on behalf of the International Soap Box Derby, Inc. for the loan issued
by FirstMerit Bank. As of December 31, 2022, the principal amount outstanding was $83,042. The
City believes that the International Soap Box Derby Inc. is current on all required debt service
payments and will continue to pay all debt service when due throughout the remaining term of the loan;
therefore, no provision for such guarantee has been recorded in the financial statements as of December
31, 2022.
During 2012, the City entered into an amendment and restatement of cooperative agreement among
various parties to unconditionally guarantee the principal and interest payments of the Development
Finance Authority of Summit County Revenue Bonds (Akron Civic Theatre Project), issued by the
Development Finance Authority of Summit County. As of December 31, 2022, the principal amount
outstanding was $10,830,000. The City believes that the Development Finance Authority of Summit
County is current on all required debt service payments and will continue to pay all debt service when
due throughout the remaining term of the bonds; therefore, no provision for such guarantee has been
recorded in the financial statements as of December 31, 2022.
On May 8, 2013, the Development Finance Authority (DFA) of Summit County issued Taxable
Development Revenue Bonds, Series 2013A, in the amount of $6,645,000 for the University Edge
project by developer Lawrence B. Levey & University Square Investors II, LLC. These bonds mature
on November 15, 2027. The City has received approval from the State of Ohio for Tax Increment
Financing (TIF) on improvements to the land to be used for the project. The TIF Service Payments will
be used to pay the debt service on the bonds issued by the DFA. In the event TIF Service Payments are
not sufficient in any particular year to cover the annual debt service on the bonds, the developer will be
required to pay the deficiency.
On March 1, 2019, the Development Finance Authority (DFA) of Summit County issued Development
Revenue Refunding Bonds, Series 2019, in the amount of $2,750,000 to refinance previous bond
obligations which the City had guaranteed on behalf of the Akron Community Service Center and
Urban League to pay the costs of the Akron Urban League's community service center and operations.
During 2019 the City entered into an agreement with the County of Summit and Development Finance
Authority to guarantee one half of the loan payments on behalf of the Akron Community Service Center
and Urban League. As of December 31, 2021, the principal outstanding on the loan is $2,503,936. The
City believes the Akron Urban League is current on all required debt service payments and will
continue to pay all debt service when due throughout the remaining term of the bond; therefore, no
provision for such guarantee has been recorded in the financial statements as of December 31, 2022.
109

-- 111 of 247 --

11. Bonds and Loans Payable and Defeased Debt (Continued)
During 2012, the City entered into a cooperative agreement with the Development Finance Authority of
Summit County (DFA), Akron Baseball, LLC, and The Bank of New York Mellon Trust Company,
N.A. to facilitate financing. The Development Finance Authority of Summit Development Revenue
Bonds, Series 2012 were issued for $3.6 million. During 2020 the DFA issued Development Finance
Authority of Summit County Development Revenue Refunding Bonds, Series 2020 for $3 million to
refund the Series 2012 bonds and refinance the coopoerative agreement. The obligation of the City is
subject to the annual appropriations made by City Council. The City has recorded a short-term liability
of $122,088 and a long-term liability of $4,068,750 for the principal and interest payments scheduled to
be paid during 2022 through 2042 in the accompanying financial statements. The principal balance
outstanding as of December 31, 2022 is $2,975,000.
The obligations of the City under this agreement, including its obligation to make payments during any
fiscal year of the City in which this agreement is in effect, shall not constitute a general obligation or
indebtedness of the City within the meaning of the constitution and laws of the State of Ohio. The
agreement does not pledge any taxes or other moneys to the amounts payable by the City. Nothing
constitutes a pledge by the City or an obligation by the City, of any taxes or other moneys to the
payment of any amount payable by the City under this agreement.
As of December 31, 2022 the City has not issued any conduit debt obligations.
110

-- 112 of 247 --

12. Obligations Under Leases, Financed Purchases and Certificates of Participation (COPs)
On October 25, 2016, the City issued $11,965,000 Series 2016 Convertible Certificates of
Participation (COPs) for the Akron Energy Systems Project (AES). During 2018, the City issued
additional COPs totaling $24,445,000 for the Akron Energy Systems Project. During 2019, the City
issued additional AES COPS totaling $9,360,000. Total future payments as of December 31, 2022 are
as follows:
Series 2016 Series 2018 Series 2019
Year Principal Interest Principal Interest Principal Interest
2023 365,000 349,969 670,000 875,175 830,000 195,961
2024 385,000 331,719 700,000 841,675 855,000 176,041
2025 405,000 312,469 735,000 806,675 875,000 154,666
2026 425,000 292,219 775,000 769,925 895,000 131,916
2027 445,000 270,969 815,000 731,175 920,000 107,751
2028-2032 2,450,000 1,145,594 4,625,000 3,096,725 2,790,000 163,766
2033-2037 2,855,000 734,694 5,580,000 2,141,913 - -
2038-2042 2,645,000 226,800 6,670,000 1,046,388
2043-2047 - - 1,490,000 55,875 - -
$ 9,975,000 $ 3,664,433 $ 22,060,000 $ 10,365,526 $ 7,165,000 $ 930,101
In November 1996, $28.9 million Series 1996 Convertible Capital Appreciation Certificates of
Participation (COPS) were issued by a bank to finance the costs of the construction of a professional
baseball stadium (meeting class “AA” standards) within the City. This issue was refunded by the
issuance of Series 2005 COPS. The 2005 issue was refunded by the issuance of Series 2013 COPS. In
connection with the issuance of these COPS, and as amended, the City entered into a capital lease
agreement (as lessee) for the baseball stadium. The City will make lease payments during successive
annual renewal periods through November 25, 2023, providing City Council appropriates funds each
year for that purpose. If the lease is paid through November 25, 2023, the City will acquire title to the
baseball stadium. The lease agreement also includes a purchase option during the years 2014 through
2023.
The trust agreement for the issuance of the 2013 COPS requires the City to deposit $20,000 annually
into a Capital Renewal Fund. The City can utilize these funds for capital improvements such as
repairs, renovations, additional equipment, other facilities, or other improvements to the baseball
stadium.
Improvements to the stadium totaling a net book value of $10,400,767 as of December 31, 2022 are
included in the City's capital assets in the Statement of Net Position - Governmental Activities.
Total future payments as of December 31, 2022 are as follows:
Stadium COPS
Year Principal Interest Total
2023 270,000 12,150 282,150
$ 270,000 $ 12,150 $ 282,150
111

-- 113 of 247 --

12. Obligations Under Leases, Financed Purchases and Certificates of Participation (COPs)
(Cont'd)
The City also has two direct financed purchases. The first is a 2016 15-year direct finance agreement
with Summit County to upgrade the radio system. The City's share of equipment totals $10,635,000,
consisting of City owned equipment in the amount of $5,710,490 and the City's share of jointly owned
equipment in the amount of $4,924,510. The City's share of equipment automatically transfers to the
City at the end of the direct finance term and is included in the City's capital assets in the Statement of
Net Position - Governmental Activities.
The second agreement is a 2017, 20-year operating agreement in exchange for improvements to the
Compost Facility Anaerobic Digestion System 2(ADS2) totaling $39,490,889. Under GASB 94 this
agreement is considered an availability payment arrangement (APA) and the financed improvements
are included in the City's capital assets in the Statement of Net Position - Business-Type Activities.
The following is a summary of the direct financed purchase transactions for the year ended
December 31, 2022:
Governmental Activities Business-type Activities
Radio System Compost Facility (ADS2) Total
Financed purchase at January 1, 2022 $ 7,630,000 $ 29,618,167 37,248,167.00
Additions - - -
Retirements (650,000) (1,974,544) (2,624,544.00)
Financed purchase at December 31, 2022 $ 6,980,000 $ 27,643,623 $ 34,623,623
Future direct finance payments are as follows as of December 31, 2022:
Governmental Activities Business-type Activities
Year Radio System Compost Facility (ADS2) Total
2023 921,525 2,583,496 3,505,021
2024 919,725 2,583,496 3,503,221
2025 921,925 2,583,496 3,505,421
2026 920,175 2,583,496 3,503,671
2027-2031 4,602,700 12,917,480 17,520,180
2032-2036 - 12,917,480 12,917,480
Total direct finance payments 8,286,050 36,168,944 44,454,994
Less amount representing interest 1,306,050 8,525,321 9,831,371
Present value of direct finance payments $ 6,980,000 $ 27,643,623 $ 34,623,623
Net book value of direct financed assets $ 3,722,250 $ 34,113,547 $ 37,835,797
*Amount represents the entire net book value of the capital lease recorded in the statement of net position.
112

-- 114 of 247 --

12. Obligations Under Leases, Financed Purchases and Certificates of Participation (COPs)
(Cont'd)
GASB Statement No. 87, Leases, states that a lease is defined as a contract that conveys control of the
right to use another entity's non-financial asset (the underlying asset) as specified in the contract for a
period of time in an exchange or exchange-like transaction. Examples of non-financial assets include
buildings, land, vehicles and equipment.
Lessee
The City of Akron is involved in a total of 14 contracts as Lessee. The City initially measures the
lease liability at the present value of payments expected to be made during the lease term. Thereafter,
the lease liability is reduced by the principal portion of the lease payments made. The right-to-use
lease asset is initially measured at the initial amount of the lease liability. Furthermore, the right to use
lease asset is amortized into depreciation expense on a straight-line half-year basis over the term of
the lease. As of December 31, 2022 the City recorded $1,285,069 of accumulated amortization and
$1,261,367 of interest expense, and an outstanding lease liability balance of $33,681,822.
Through the Ocasek building lease, the City of Akron had a deposit of $240,018 which is recorded on
the Government-wide statement as of December 31, 2022. This is an advanced payment to secure
future Special Assessment collections which are pledged revenues towards future lease payments and
will be refunded to the City at the end of the lease term.
The Principal and Interest amounts for lease payables as of December 31, 2022 are as follows:
Year Governmental Activities Business-type Activities
Principal Interest Total Principal Interest Total
2023 1,516,771 1,242,862 2,759,633 307,614 21,967 329,581
2024 1,642,761 1,189,083 2,831,844 169,276 11,181 180,457
2025 1,529,597 1,134,657 2,664,254 167,653 6,247 173,900
2026 1,596,773 1,083,351 2,680,124 147,398 2,602 150,000
2027 1,293,269 1,030,974 2,324,243 - - -
2028-2032 6,371,255 4,431,390 10,802,645 - - -
2033-2037 7,731,731 3,066,602 10,798,333 - - -
2038-2042 6,446,789 1,584,768 8,031,557 - - -
2043-2047 4,760,935 370,324 5,131,259 - - -
Outstanding: $ 32,889,881 $ 15,134,011 $ 48,023,892 $ 791,941 $ 41,997 $ 833,938
As of December 31, 2022, the City's right-to-use assets consist of the following underlying assets:
Right-To-Use Accumulated Net Value
Governmental Activity Leased Asset Amortization as of 12/31/22
Buildings 31,053,209 (561,469) 30,491,740
Equipment 3,090,154 (495,294) 2,594,860
Improvements 49,265 (24,632) 24,633
34,192,628 (1,081,395) 33,111,233
Business-Type Activity
Buildings 321,604 (20,100) 301,504
Equipment 698,730 (183,573) 515,157
1,020,334 (203,673) 816,661
113

-- 115 of 247 --

12. Obligations Under Leases, Financed Purchases and Certificates of Participation (COPs)
(Cont'd)
Lessor
The City of Akron is involved in a total of 31 contracts as lessor. The City recognizes lease contracts
that hold a minimum term of at least 12 months in addition to meeting designated thresholds based on
the underlying asset for buildings and equipment, and a threshold of $10,000 for ground leases which
make up the majority of the City's lessor agreements. At lease commencement, the City initially
measures the lease receivable at the present value of payments expected to be received during the
lease term. Thereafter, the lease receivable is reduced by the principal portion of the lease payments
received. The deferred inflow of resources is measured at the value of the lease receivable plus any
payments received at or before the commencement of the lease term that relate to future periods, for
fiscal year 2022 the City recorded $31,937,654 of deferred inflows. The City recognizes lease revenue
from the deferred inflows of resources, and interest income on the lease receivable in a systematic
method over the term of the lease. During the 2022 fiscal year the City has recognized $796,369 in
lease revenue and $761,211 in interest revenue. Additionally, the City of Akron recorded $1,063,881
of lease receivables, this total was broken out into $968,969 of governmental fund activity and the
remaining $94,912 of proprietary fund activity. Through the various Lessor contracts in fiscal year
2022, the City has an outstanding lessor balance of $31,697,706.
The following is a summary of the Principal and interest amounts for lease receivables as of
December 31, 2022:
Year Governmental Activities Business-type Activities
Principal Interest Total Principal Interest Total
2023 968,969 796,198 1,765,167 94,912 65,169 160,081
2024 977,598 772,388 1,749,986 57,030 76,952 133,982
2025 942,157 748,470 1,690,627 46,276 76,606 122,882
2026 928,683 724,965 1,653,648 46,630 76,251 122,881
2027 971,751 700,622 1,672,373 46,994 75,887 122,881
2028-2032 5,690,158 3,070,425 8,760,583 240,771 373,636 614,407
2033-2037 6,866,762 2,154,430 9,021,192 251,412 362,995 614,407
2038-2042 8,258,446 920,769 9,179,215 256,753 350,862 607,615
2043-2047 940,181 10,648 950,829 260,419 337,008 597,427
2048-2052 103,305 - 103,305 276,262 321,165 597,427
2053-2057 103,305 - 103,305 294,405 303,022 597,427
2058-2062 103,305 - 103,305 306,686 282,219 588,905
2063-2067 56,305 - 56,305 315,848 258,339 574,187
2068-2072 32,805 - 32,805 285,256 232,191 517,447
2073-2077 32,805 - 32,805 308,444 203,846 512,290
2078-2082 32,805 - 32,805 341,392 170,897 512,289
2083-2087 32,805 - 32,805 379,708 132,581 512,289
2088-2092 4,921 - 4,921 387,406 88,023 475,429
2093-2097 - - - 413,884 36,205 450,089
2098-2102 - - - 40,152 457 40,609
Outstanding: $ 27,047,066 $ 9,898,915 $ 36,945,981 $ 4,650,640 $ 3,824,311 $ 8,474,951
114

-- 116 of 247 --

12. Obligations Under Leases, Financed Purchases and Certificates of Participation (COPs)
(Cont'd)
During 2017, the City entered into an agreement with EIP Communications I, LLC (EIP), under which
the City relinquishes to EIP its future interest in the Assigned Agreements to EIP for the next 50
years. The City received from EIP a lump-sum payment of $11,104,987. The estimated present value
of the cell tower rent payments sold assuming a 2.2% interest rate and 4% rent escalation at the time
of the sale $4,028,194.
The City reports $6,369,113 on the Balance Sheet - Governmental Funds as unearned revenue that
will be recognized over 50 years. The City also reports $1,656,159 on the Statement of Net Position
as liabilities due in more than one year as December 31,2022. The following is a summary of the
City's future debt service requirements as of December 31,2022:
Fiscal year
Ending
December 31 Principal
2023 474,407
2024 474,407
2025 474,407
2026 232,938
Total $ 1,656,159
Sublease
The City of Akron is lessor on a lease of eight (8) acres of industrial zoned property at the corner of
Triplett Avenue and Glaser Parkway, this includes an approximate 100,000 square foot building. The
Sublease has an initial five (5) year term commencing from 2017 to 2024. Furthermore, the Sublessee
shall have the option to renew this Sublease agreement for a renewal term of five (5) years
commencing at the end of the sublease term. The Sublessee shall also have the option to renew the
lease for one additional renewal term of five (5) years, commencing at the end of the first renewal
term. For the life of the lease the Sublessee shall pay minimum rent of $405,903 annually subject to
annual increases of 1.0% beginning May 31, 2018.
The City of Akron is lessor on seven (7) subleases with various State of Ohio agencies located within
the Ocasek building at 161 S High Street. These subleases combine for approximately 107,344 square
feet of office space and 32 parking spaces in the attached garage. The subleases each have an initial
term commencing on March 3, 2022 and ending on June 30,2033. Additionally, the subleases have the
option to renew for up to five (5) successive and continuous terms of two (2) years each. Commencing
during 2022 and continuing until 2025 the total annual rent is $1,263,617, from 2025 until the end of
the base term the rent payments will increase every 2 years.
115

-- 117 of 247 --

13. Self-Insurance Funds
The City is exposed to various risks of loss including employee health-care costs and accidents, torts
and legal judgments, and damage or destruction of assets. The City purchases fire and extended
coverage insurance on all buildings and contents up to $300,000,000 per occurrence, with a variety of
deductibles beginning at $250,000. Coverage is purchased on 981 vehicles for total auto liability
including auto liability umbrella of $21,000,000. There has been no significant reduction in coverage
from the prior year, and settled claims have not exceeded the City’s insurance coverage in any of the
past three years.
The City has a Medical Self-Insurance Fund. The purpose of this fund is to pay medical claims for
City employees and their covered dependents and minimize the total cost of medical benefits of the
City. The plan is internally managed and accounted for as an Internal Service Fund. This Internal
Service Fund has been in existence since 1987.
The City has an Internal Service Fund entitled “Workers’ Compensation Reserve Fund” to account for
self-insured workers’ compensation claims. Workers’ compensation is administered by the State of
Ohio under a retrospective rating plan. The City reimburses the Ohio Bureau of Workers’
Compensation for injured workers’ claims subject to a maximum annual claim limit of $300,000 for
each worker’s compensation claim. All funds of the City participate in the program and make
payments to the Internal Service Fund based on the experience premium that would normally be
charged by the Ohio Bureau of Workers’ Compensation. Future claims liabilities are actually
determined.
The City has a Self-Insurance Settlement Fund. The purpose of this fund is to pay judgments and
claims. Claims are accrued based upon estimates, past experience, and current claims outstanding.
Actual claims experience may differ from the estimate.
The claims liabilities of $5,116,357, $420,802, and $527,078 reported in the Medical, Workers’
Compensation, and Self-Insurance Settlement funds, respectively, at December 31, 2022, are in
accordance with the requirements of GASB Statement No. 10, Accounting and Financial Reporting
for Risk Financing and Related Insurance Issues, and GASB Statement No. 30, Accounting and
Financial Reporting for Risk Financing and Related Insurance Issues. These GASB statements
require that a liability for claims be reported if information prior to the issuance of the financial
statements indicates that it is probable that a liability has been incurred at the date of the financial
statements and the amount of the loss can be reasonably estimated. The liabilities recorded include
the estimated incremental expenses to be incurred to settle the claims, including legal fees. Claims
liabilities are based on evaluations of individual claims and a review of experience with respect to the
probable number and nature of claims arising from losses that have been incurred but have not yet
been reported. The claims liabilities represent the estimated ultimate cost of settling the claims,
including the effects of inflation and other societal and economic factors. Estimated future recoveries
on settled and unsettled claims, such as subrogations, if any, are evaluated in terms of their estimated
realizable value and deducted from the liability for unpaid claims. Any adjustments resulting from
the actual settlement of the claims are reflected in the financial statements at the time the adjustments
are determined.
116

-- 118 of 247 --

13. Self-Insurance Funds (Continued)
Changes in the funds’ claims liabilities (both current and long-term) amounts in fiscal 2021 and 2022 were:
Beginning Current Balance
of Year Claim Period Claim at End
Liability Adjustments Claims Payments of Year
Medical Self-
Insurance Fund
2021 4,154,587 - 35,796,268 (36,045,224) 3,905,631
2022 3,905,631 - 39,328,484 (38,117,758) 5,116,357
Workers' Compensation
Reserve Fund
2021 880,973 (33,335) - (263,525) 584,113
2022 584,113 - - (146,036) 438,077
Self-Insurance
Settlement Fund
2021 603,545 (546,122) 600,200 - 657,623
2022 657,623 (776,020) 645,475 - 527,078
117

-- 119 of 247 --

14. Long-term Liabilities
The City reports the following amounts, on the Statement of Net Position, relating to the
government’s long-term liabilities for the year ended December 31, 2022:
January 1, December 31,
2022 Additions Deletions 2022
Governmental Activities:
Governmental Funds:
Accrued vacation and leave (Note 8) $ 62,692,785 $ 18,249,015 $ (17,678,795) $ 63,263,005
Bonds, notes and loans payable 432,159,748 68,258,712 (123,775,740) 376,642,720
COPs and obligations under leases (Note 12) 55,087,435 24,951,981 (5,015,022) 75,024,394
Due to other governments (Note 4) 4,265,000 - (365,000) 3,900,000
Employment Related Liabilities (Note 1) 736,621 - - 736,621
Guarantees and other obligations 6,008,997 - (771,924) 5,237,073
Net pension liability (Note 9) 224,932,786 - (28,569,134) 196,363,652
OPEB liability (Note 9) 104,034,476 11,244,679 (22,733,814) 92,545,341
Liability for unpaid claims 600,003 - (300,000) 300,003
Unearned revenue 6,510,649 - (141,536) 6,369,113
Total Governmental Funds 897,028,500 122,704,387 (199,350,965) 820,381,922
Internal Service Funds:
Accrued vacation and leave (Note 8) 3,189,783 1,082,420 (771,344) 3,500,859
Net pension liability (Note 9) 5,013,644 - (2,349,116) 2,664,528
OPEB liability (Note 9) 3,967,833 - (1,071,358) 2,896,475
Liability for unpaid claims 438,077 - (182,933) 255,144
Total Internal Service Funds 12,609,337 1,082,420 (4,374,751) 9,317,006
Total Governmental Activities 909,637,837 123,786,807 (203,725,716) 829,698,928
Business-type Activities:
Enterprise Funds:
Water
Accrued vacation and leave (Note 8) 4,602,115 1,554,336 (1,980,771) 4,175,680
Bonds, notes and loans payable (Notes
10,11) 47,095,591 9,753,856 - 56,849,447
COPs and obligations under leases (Note 12) - 163,321 - 163,321
Net pension liability (Note 9) 8,827,761 - (3,488,227) 5,339,534
OPEB liability (Note 9) 7,532,543 - (1,971,643) 5,560,900
Sewer
Accrued vacation and leave (Note 8) 2,649,212 693,301 (783,313) 2,559,200
Bonds, notes and loans payable (Notes
10,11) 666,153,271 8,969,067 - 675,122,338
COPs and obligations under leases (Note 12) 27,787,590 - (1,857,150) 25,930,440
Net pension liability (Note 9) 5,562,099 - (2,770,420) 2,791,679
OPEB liability (Note 9) 5,068,745 - (1,202,021) 3,866,724
Other Business-type Activities
Accrued vacation and leave (Note 8) 65,725 39,525 (32,621) 72,629
COPs and obligations under leases (Note 12) 87,495 - (27,850) 59,645
Net pension liability (Note 9) 535,983 - (196,329) 339,654
OPEB liability (Note 9) 312,850 - (312,850) -
Guarantees and other obligations 40,375 272,475 - 312,850
Total Business-type Activities 776,321,355 21,445,881 (14,623,195) 783,144,041
Total $ 1,685,959,192 $ 145,232,688 $ (218,348,911) $ 1,612,842,969
118

-- 120 of 247 --

15. Compliance and Accountability
The following funds have fund balance deficits or net position deficits at December 31, 2022:
Special Revenue Funds:
Special Assessment 8,963,227
General Grants 60,025
Capital Projects Funds:
Streets 7,393,886
Information Technology & Improvements 10,565
Enterprise Funds:
Golf Course 222,148
Internal Service Funds:
Motor Equipment 1,474,607
Medical Self-Insurance 426,854
Self-Insurance Settlement 509,136
Engineering Bureau 5,865,088
Information Technology 3,019,569
The Special Revenue Funds that have deficit fund balances at year-end have incurred expenditures
that have not yet received the revenue under federal or state grant agreements or as a reimbursement
including some from other funds. The Special Assessment Fund is awaiting receipt of assessments
from property owners to retire the special assessment notes issued to cover the property owners
assessments including street cleaning and street lighting. General Grants funds incurred expenditures
related to grants and have not yet been reimbursed. The City will review the charges for services in
the City Facilities Operating Fund and adjust rates if necessary.
The Capital Projects Funds that have deficit fund balances have incurred expenditures that have not
yet been reimbursed. The City will review the Streets Fund and Information Technology and
Improvements Fund throughout the year to decrease deficits.
The Enterprise Funds that have a deficit fund balance have incurred expenditures above charges for
services. The City will review the charges for services in the Golf Course Fund and adjust rates if
necessary.
In 2018 GASB Statement No. 75, Accounting and Financial Reporting for Post-employment Benefits
other than Pension was implemented This implementation for OPEB (other post-employmment
benefits) liabilities attributes to the deficits in Motor Equipment, Medical Self-Insurance,
Self-Insurance Settlement, Engineering Bureau and Information Technology. Internal Service Funds
that have deficit net position balances at year-end have incurred expenses above charges for services.
User charges will be assessed to eliminate the deficits. The City is reviewing the charges for services
in the Motor Equipment Fund and Information Technology and will adjust rates if necessary. The
Medical Self-Insurance Fund debt will continue to be repaid through user charges. The City’s policy
is to transfer funds from the pertinent division’s operating budget for actual claim settlements to
reimburse the Self-Insurance Settlement Fund. The Engineering Bureau Division will continue to
review applied overhead rates charged for projects to decrease deficits going forward.
119

-- 121 of 247 --

16. Income Taxes
The City levies a tax at the rate of 2.50% on substantially all income earned within the City. In
addition, residents of the City are required to pay City income tax on income earned outside the City.
However, a credit is allowed for income taxes paid to other municipalities. Employers within the City
are required to withhold income tax on employee compensation and remit this tax to the City at least
quarterly. Corporations and other individual taxpayers are required to file a declaration annually and
pay their estimated tax quarterly.
On May 6, 2003, Akron voters increased the City’s income tax rate from 2% to 2.25% which took
effect January 1, 2004. However, the additional .25% increase is restricted exclusively for funding
the Akron Public Schools’ local share in obtaining State of Ohio grants for the construction and
renovation of community learning centers in Akron. Therefore, the additional .25% will not be
distributed according to City Charter into both operation and capital improvement funds, as described
below.
On November 7, 2017, Akron voters increased the City’s income tax rate from 2.25% to 2.50% which
took effect January 1, 2018. However, the additional .25% increase is designated exclusively for
funding public safety protection, including the capital and operating expenses of the Akron Police and
Fire Departments, and public service improvements, including roadway improvements and related
capital and operating expenses of the City of Akron. Therefore, the additional .25% will not be
distributed according to the City Charter into both operation and capital improvement funds, as
described below.
The proceeds of income taxes, after payment of the expenditures incurred from collection thereof, are
allocated by the City Charter as follows: 27% to capital expenditures and 73% to the General Fund.
The portion allocated to capital expenditures may be utilized for payment of debt service or capital
expenditures of any City fund.
17. Property Taxes
Property taxes include amounts levied against all real and public utility property located in the City.
The Property taxes collected are allocated to the various funds based upon voter authorization.
Real property taxes are levied each October on the assessed value listed as of the prior January 1.
Assessed values are established by the County Fiscal Officer at 35% of appraised market value. By
law, revaluation of all property based on current individual appraisals is required to be completed no
less than every six years. The last revaluation was completed in tax year 2017 for collection in 2018.
The next sexennial revaluation will be completed in 2023 for collection in 2024. In addition, the
County Fiscal Officer is required to adjust (but without individual appraisal of properties except in the
sexennial reappraisal) taxable real property values triennially to reflect true values.
Real estate and public utility taxes attach an enforceable lien on property as of December 31 in the
year levied. Payments are scheduled in two installments in mid-February and mid-July of the
succeeding year and are considered delinquent if unpaid as of December 31 of that year.
The assessed value upon which the 2022 property tax collections was based aggregated
$3,131,183,170. The assessed value for 2023 (upon which the 2022 property tax collections will be
based) is approximately $3,129,989,030. Under the current allocation method, the City’s share was
1.05% (10.5 mills) of assessed value in 2022 for collection in 2023. The City's Charter limits the
120

-- 122 of 247 --

17. Property Taxes (Continued)
maximum total tax rate that could be levied without a vote of the electors to 1.05% (10.5 mills).
The Fiscal Officer collects property taxes on behalf of all taxing districts in the County including the
City of Akron and periodically remits to the City its portion of the taxes collected. Current real
property tax collections for the year ended December 31, 2022, including delinquencies from prior
years, were 92.47% of the current year tax levy. On a full accrual basis, collectible delinquent
property taxes have been recorded as revenue, while the remainder of the tax receivable is deferred.
18. JEDD Revenues
In an effort to promote regional growth and economic development, the City has entered into
contracts with four surrounding townships and a bordering municipality to create Joint Economic
Development Districts (JEDDs). The City entered into separate contracts with Copley, Coventry, and
Springfield Townships to create JEDDs in 1994. Voters in each township approved the respective
JEDD contracts in the November 1994 election, which became effective January 1, 1995. In
accordance with state law, each of the Districts’ Board of Trustees levied a 2% income tax effective
January 1, 1995. In accordance with the City of Akron’s income tax increases, as of January 1, 2005,
Copley, Coventry and Springfield’s income tax rate increased to 2.25% and as of January 1, 2018
increased to 2.5%. The proceeds of that tax are allocated, in accordance with the contract, primarily
to the City. The City has utilized these JEDD revenues, in part, to construct water and sewer lines so
that the JEDDs have access to the City’s water and sewer system and to encourage and promote
economic development.
In 1998 the City entered into a JEDD contract with Bath Township (Bath) and the City of Fairlawn
(Fairlawn). This contract was approved by voters in November 1998 and became effective on
January 1, 1999. As in the other JEDDs, a 2% income tax has been levied by the District. In
accordance with the City of Akron’s income tax increases, as of January 1, 2006, Bath’s income tax
rate increased to 2.25% and as of January 1, 2018 increased to 2.5%. As stated in the contract, the net
JEDD revenues are allocated to the City and Fairlawn, with the City providing water and sewer
services.
121

-- 123 of 247 --

19. Pledged Revenues
Pursuant to GASB No. 48, Accounting and Financial Reporting for Sales and Pledges of Receivables
and Intra-Entity Transfers of Assets and Future Revenues, the City holds different types of pledged
revenue. Pledged revenues of the City are broken down into water system revenues, sewer system
revenues, JEDD revenues, non-tax revenues, income tax revenues, and CLC income tax revenues.
Water System Revenues
The City has pledged future water customer revenues, net of specified operating expenses, to repay
$128.9 million in water system revenue bonds and Ohio Water Development Authority loans issued at
various dates ranging from December 8, 2011 through October 27, 2021. Proceeds from the bonds
and loans provided financing for various water projects. The bonds and loans are payable solely from
water customer net revenues and have varying final maturity dates ranging from July 7, 2024 through
January 1, 2052. The total principal and interest remaining to be paid on the bonds and loans as of
December 31, 2022 is $67,496,865. Principal and interest paid for 2022 and total customer net
revenues were $3,747,219 and $3,617,545 respectively.
Amount Final Future
Issued of Issue Purpose of Issue Maturity Debt Service Debt Service
12/18/15 $ 8,300,000 Various Water Projects 03/01/26 $ 933,082 $ 3,752,710
06/28/12 1,092,305 Water Main Replacement 07/01/33 66,245 728,713
12/08/11 2,375,202 Water Wall 01/01/33 94,018 1,349,778.19
12/08/11 470,615 Stow Road Bolt Replcmnt 07/01/32 33,064 330,658
06/27/13 2,913,053 High Service Pumps Install 07/01/34 177,437 2,129,312
06/27/13 761,969 Chlorine Dioxide Feed Syst. 07/01/34 44,008 528,099
09/26/13 306,056 Spillway Improvements 07/01/23 27,574 27,698
12/12/13 783,568 Johnston St. Pump Station 01/01/35 54,194 677,446
01/30/14 699,377 Standby Generator Imprvmts 07/01/24 76,961 153,957
02/27/14 2,648,531 Water Main Reloctn & Repr 01/01/35 161,277 2,016,033
02/27/14 10,161,593 Water Distribution Yard 07/01/35 726,809 9,598,566
06/25/15 850,896 N. Generator & Substation 01/01/37 50,249 720,420
09/24/15 1,596,553 Backwash Water Supply 07/01/36 93,529 1,309,443
10/29/15 441,878 Sedimentation Basin 1 & 2 01/01/37 23,544 341,387
04/27/17 759,321 Stow Rd Emerg. Connection 07/01/38 45,675 615,735
04/26/18 573,613 Spillway Improvements 01/01/29 59,865 389,150
06/28/18 209,269 Eastwood Pump Station Impr. 01/01/39 9,285 203,406
07/26/18 288,468 Lead Service Line Replacement 01/01/39 12,244 227,716
09/27/18 2,665,509 Middleton Road Water Main 07/01/39 156,583 2,661,969
02/28/19 309,895 Druid Drive Wtr Main Extension 01/01/50 10,330 278,943
03/28/19 577,695 Brittain Road Reservoir Design 01/01/25 115,540 288,871
05/30/19 309,811 Asset Management Plan 07/01/24 61,962 123,872
06/27/19 333,663 Lead Service Line Replacement 07/01/40 16,684 266,979
10/31/19 6,898,614 Enhanced Raw Wtr Pre-Trtmt Fac. 07/01/40 344,980 6,116,982
01/30/20 350,993 Lead Service Line Replacement 07/01/41 17,550 307,424
06/25/20 316,271 Akron PWS Regionalization 01/01/51 10,542 210,415
10/29/20 248,434 Risk and Resilience Assessment 01/01/27 24,843 222,832
10/29/20 90,000 Lead Service Line Replacement 01/01/52 1,500 59,800
12/10/20 59,574,866 Advanced Metering Infrastructure 07/01/38 - 18,924,568
05/27/21 1,713,567 Hudson Water Main Replacement 07/01/47 - 1,897,596
05/27/21 1,045,880 Water Main Replacement - 2019 01/01/48 - 453,232
06/24/21 212,716 Watershed Master Plan Update 01/01/28 - 2,833
11/18/21 6,640,080 Refinance 2009 Revenue Bonds 01/01/34 296,845 6,827,038
08/26/21 15,999 Lead Service Line Replacement 01/01/32 800 2,901
122

-- 124 of 247 --

19. Pledged Revenues (Continued)
Water System Revenues (Continued)
Amount Final Future
Issued of Issue Purpose of Issue Maturity Debt Service Debt Service
08/26/21 1,545,591 West High Pumping Station 07/01/42 $ - $ 1,036,186
10/28/21 1,355,118 Water Main Replacement - 2021 01/01/48 - 1,005,858
03/31/22 2,480,285 West Side Main Lining 01/01/53 - 1,256,492
09/29/22 2,128,189 Caustic Soda Feed System Repl. 07/01/38 - 236,762
09/29/22 1,353,388 NSSM Booster Station Repl. 01/01/43 - 85,328
10/27/22 3,486,580 Waterline Replacement - 2022 07/01/44 - 129,757
$ 128,885,441 $ 3,747,219 $ 67,496,865
Sewer System Revenues
The City has pledged future sewer customer revenues, net of specified operating expenses to repay
$902.3 million in Ohio Water Development Authority loans issued at various dates ranging from
January 1, 2010 through June 30, 2022. Proceeds from the loans provided financing for various sewer
projects. The loans are payable solely from sewer customer net revenues and have varying maturity
dates ranging from July 1, 2023 through July 1, 2068. The total principal and interest remaining to be
paid on the bonds as of December 31, 2022 is $919,273,660. Principal and interest paid for 2022 and
total customer net revenues were $39,559,161 and $57,263,010 respectively.
Amount Final Future
Issued of Issue Purpose of Issue Maturity Debt Service Debt Service
01/14/10 $ 989,338 Sand Run Sewer Recon 01/01/30 $ 65,472 $ 507,481
11/19/09 160,393 Mill Street Sewer Repair 07/01/30 10,596 87,754
12/10/09 86,741 WWTP Roof Replcmnt 01/01/30 5,740 44,491
03/31/11 846,270 Lake Woods Pump Station 01/01/32 58,650 591,502
02/24/11 2,189,031 Massillon Road Sewer 01/01/32 160,136 1,539,216
02/24/11 414,210 2nd Street Pump Station 01/01/32 30,192 290,200
12/08/11 2,987,144 CSO Rack 8 Sewer Sep 07/01/32 177,402 1,807,445
12/08/11 2,375,202 Water Wall 01/01/33 158,140 1,349,778
12/08/11 903,132 Sanitary Sewer Recon 2011 01/01/32 58,232 563,200
10/27/11 23,943,236 WPC Step Feed Ph1 07/01/33 1,447,146 16,242,891
10/27/11 1,243,132 CSO Rack 25 Separation 01/01/33 80,408 860,772
10/27/11 979,845 Northside Interceptor Rehab 07/01/32 63,424 646,159
03/28/13 4,861,683 Little Cuyahoga Int Rplcmnt 07/01/34 328,876 3,946,660
05/30/13 2,593,857 Main Outfall Sewer Rehab 07/01/33 141,697 1,590,627
08/29/13 6,174,836 Mud Run Trunk Swr Lining 01/01/35 403,470 5,183,922
01/30/14 1,881,680 Main Outfall Sewer 07/01/34 101,292 1,215,548
04/24/14 3,419,313 Retention Tank #2 Rehab. 01/01/36 251,068 3,389,553
04/24/14 1,500,016 Kingswood-Rocky Hollow Swr 07/01/34 103,002 1,236,077
06/26/14 11,029,390 Rack 15 Storage Basin 01/01/36 631,231 8,814,720
06/26/14 17,900,171 Mud Run Pump Station Impr. 07/01/36 928,376 13,329,047
08/28/14 6,827,976 OCIT Lining Protection of LCI 07/01/35 430,455 5,596,104
02/26/15 5,070,277 Mud Run Dist. Cap. Impr. 01/01/36 247,330 3,424,237
02/26/15 18,319,051 Rack 14 CSO Storage Basin 01/01/38 1,037,934 16,549,550
05/28/15 1,155,041 OCIT Otto St Pump Station 01/01/36 58,474 789,422
05/28/15 6,564,391 Sanitary Sewer Reconstruction 01/01/36 509,515 5,532,262
09/24/15 4,433,515 Sanitary Sewer Reconstruction 01/01/36 199,133 3,803,493
02/25/16 1,431,749 Sanitary Sewer Reconstruction 01/01/36 51,074 920,764
05/28/15 31,617,614 Rack 12 CSO Storage Basin 01/01/38 1,899,250 27,009,555
123

-- 125 of 247 --

19. Pledged Revenues (Continued)
Sewer System Revenues (Continued)
Amount Final Future
Issued of Issue Purpose of Issue Maturity Debt Service Debt Service
07/30/15 $ 5,502,246 Sanitary Sewer Rec 2014 Ph 2 01/01/36 $ 336,115 $ 4,650,204
08/27/15 5,844,021 Sanitary Sewer Rec 2014 Ph 1-A 01/01/37 380,314 5,319,852
10/29/15 3,273,284 Dan Sewer Separation 01/01/37 174,398 2,595,891
10/29/15 254,744,002 Ohio Canal Interceptor Tunnel 07/01/49 11,796,323 3.21E+08
12/10/15 5,653,479 Mud Run District I-I Rehab 01/01/37 203,615 3,031,028
12/10/15 4,500,378 Mud Run District Repairs 01/01/37 252,246 3,754,935
12/10/15 1,374,691 Shullo & Weathervane Pump 07/01/36 82,715 1,187,650
01/28/16 1,299,344 Seiberling Street Sewer 01/01/26 171,074 368,425
02/25/16 4,823,288 Sewer Maintenance Relocation 01/01/47 207,500 5,291,605
03/31/16 26,047,415 Main Outfall Relief Sewer 01/01/48 852,948 22,678,839
06/30/16 1,238,790 White Pond Dr Pump Station 01/01/47 45,721 1,167,675
06/30/16 22,158,491 Middlebury Separation 07/01/48 912,992 23,807,291
06/30/16 14,692,039 Merriman Separation - Rack 36 07/01/48 605,164 16,072,160
08/25/16 2,147,990 Carpenter Sewer Separation 07/01/37 109,567 1,645,877
08/25/16 1,458,160 Tallmadge Ave Sanitary Sewer 07/01/47 57,119 1,492,325
08/25/16 47,518,521 WRF Step Feed Phase 2 07/01/49 1,616,279 40,317,050
08/25/16 7,409,403 Old Main Sewer Separation 07/01/48 290,672 7,532,516
09/29/16 5,147,458 Sanitary Sewer Recon 2016 01/01/48 296,865 4,529,581
05/30/19 5,791,638 Sanitary Sewer Recon 2016 01/01/48 158,916 6,523,348
04/27/17 18,071,206 CSO Program Management 07/01/24 3,905,728 6,838,254
05/25/17 21,922,129 Howard Storage Basin 07/01/63 518,500 22,835,823
06/27/17 2,203,764 Gorge Sewer Separation CSO Rack 01/01/25 464,063 1,159,249
06/29/17 1,343,546 Northside Interceptor Conveyance 01/01/25 282,920 423,867
06/29/17 2,919,239 Aqueduct St Green Impr. 01/01/48 139,081 2,972,528
02/22/18 312,685 Hawkins, Hackberry, Grand Park Study 07/01/23 62,538 62,549
09/27/18 4,173,574 Sanitary Sewer Recon. 2017 07/01/65 220,178 9,076,197
12/06/18 5,253,792 Sevilla Trunk Sewer Reconstruction 07/01/64 186,365 7,057,848
12/06/18 2,378,678 Kelly Conveyance Rack 3 07/01/65 85,628 3,274,337
01/31/19 36,235,266 Hazel Storage Basin CSO 07/01/66 1,280,627 55,895,242
01/31/19 1,537,468 Chittenden Green Project 01/01/66 56,423 2,413,059
01/31/19 9,460,635 Uhler Conveyance 07/01/65 335,072 15,030,504
05/30/19 2,000,000 Sanitary Sewer Rec 2014 Ph 1-B 01/01/37 77,837 1,499,114
05/30/19 86,851,394 WRF BioCEPT 01/01/67 1,036,797 86,594,007
07/25/19 1,150,527 Hampton Ridge Sanitary Sewer 07/01/66 35,608 1,389,993
12/12/19 961,581 Sourek Road Pump Station 01/01/51 36,543 1,009,897
12/12/19 8,596,490 Duane Green (CSO Rack 3) 07/01/66 236,740 10,335,518
12/12/19 73,305,117 WRF Headworks Improvements 01/01/67 1,006,302 67,633,186
12/12/19 917,745 Mayfield Ave Sewer Impr. Study 01/01/51 34,877 968,274
02/27/20 1,680,494 Sanitary Sewer Recon. 2018 Small 07/01/66 47,172 1,546,864
03/26/20 2,584,389 Cuyahoga St. Storage Facility Impr. 07/01/51 96,728 1,570,105
08/27/20 5,468,825 Sanitary Sewer Recon. 2018 Large 07/01/66 136,709 5,790,396
08/27/20 10,683,059 Sewer Separation and Conveyance 01/01/27 1,068,306 6,772,588
10/29/20 1,156,019 Quaker Ridge Pump Station 01/01/52 20,161 915,528
12/10/20 1,538,408 Sanitary Sewer Recon. 2019 Small 07/01/67 - 923,209
07/29/21 3,082,106 Sanitary Sewer Recon. 2019 Large 01/01/53 - 1,202,422
06/30/22 12,352,378 Northside Interceptor Tunnel 07/01/29 - 3,654,037
06/30/22 1,617,177 Memorial Conveyance (Rack 26) 07/01/68 - 953,815
$ 902,280,566 $ 39,559,161 $ 919,273,660
124

-- 126 of 247 --

19. Pledged Revenues (Continued)
JEDD Revenues
As of December 31, 2022 the city does not have any outstanding future JEDD debt service commitments, and
therefore no pledged JEDD revenues.
Non-Tax Revenues
The City has pledged future non-tax revenues, to repay $46.5 million in non-tax revenue bonds issued
November 25, 2014 through September 27, 2022. The series 2014 bonds refunded the issue from 2008. The
2015 issue refunded the issue from 2006. Proceeds from the bonds provided financing for various economic
development and renovation projects. The bonds are payable from non-tax revenue including shared revenue,
charges for services, licenses, fees, and fines, and miscellaneous revenue. The maturity dates range from
September 30, 2022 through December 1, 2034. The total principal and interest remaining to be paid on the
bonds as of December 31, 2022 is $29,307,896. Principal and interest paid for 2022 and total non-tax
revenues were $4,199,961 and $104,993,312 respectively.
Amount Final Future
Issued of Issue Purpose of Issue Maturity Debt Service Debt Service
11/25/14 $ 28,230,000 Various Econ Dev. Proj. 12/01/34 $ 2,506,625 $ 17,367,925
11/12/15 13,250,000 Various Econ. Dev. Proj. 12/01/26 1,693,336 6,776,265
09/27/22 5,013,712 Various Econ. Dev. Proj. 09/26/23 - 5,163,706
$ 46,493,712 $ 4,199,961 $ 29,307,896
Income Tax Revenues
The City has pledged future income tax revenues to repay $146 million in income tax revenue bonds and bond
anticipation notes issued at various dates ranging from August 8, 2013 through November 24, 2020. The
2016 issue partially refunded the 2012 issue. The 2020 issue refunded issues from 2011 and 2012. Proceeds
from the bonds provided financing for various liabilities, equipment, facilities, and improvements. The bonds
are payable solely from income tax revenues and have varying maturity dates ranging from December 1, 2028
through December 1, 2048. The total principal and interest remaining to be paid on the bonds as of December
31, 2022 is $142,557,940. Principal and interest paid for 2022 and total income tax revenues were
$12,613,919 and $170,230,200 respectively.
Amount Final Future
Issued of Issue Purpose of Issue Maturity Debt Service Debt Service
08/08/13 2,355,914 OAQDA Series B 12/01/28 $ 442,472 $ 2,310,753
11/25/14 32,340,000 Var Purp IT Rev Bonds 12/01/34 2,423,500 29,038,250
06/24/15 5,500,000 Var Purp IT Rev Bonds 06/01/35 350,581 4,367,715
11/12/15 25,370,000 Var Purp IT Rev Bonds 12/01/28 1,974,000 10,804,250
12/06/16 14,655,000 Var Purp IT Rev Bonds 12/01/28 1,800,750 10,797,750
11/14/18 2,000,000 Var Purp IT Rev Bonds 12/01/48 126,916 3,301,572
12/09/19 51,780,000 Var Purp IT Rev Bonds 12/01/41 4,167,850 69,616,250
11/24/20 12,030,000 Var Purp IT Rev Bonds 12/01/32 1,327,850 12,321,400
$ 146,030,914 $ 12,613,919 $ 142,557,940
125

-- 127 of 247 --

19. Pledged Revenues (Continued)
CLC Income Tax Revenues
The City’s income tax rate includes .25% Community Learning Center (CLC) income tax revenue.
This is designated exclusively for funding the Akron Public Schools’ local share in obtaining State of
Ohio grants for the construction and renovation of community learning centers (CLC) in Akron. The
City has issued bonds totaling $295 million with final maturities in 2026 and 2033. The Akron Public
Schools’ annual contribution towards this debt is $3,000,000. The City has committed each year,
from the supplemental income tax revenue, amounts sufficient to cover the City’s portion of the
principal and interest requirements. Total principal and interest remaining on bonds are
$227,650,024. For 2022 total principal and interest paid by the City was $21,470,538 and total
income tax revenues were $17,941,186.
Amount of Final Future Debt
Issued Issue Purpose of Issue Maturity Debt Service* Service
07/28/10 $ 15,060,000 Community Learning Centers 12/01/26 3,247,187 11,514,374
12/08/16 27,000,000 Community Learning Centers 12/01/33 2,304,250 25,326,250
12/20/17 36,615,000 Community Learning Centers 12/01/33 3,842,350 43,696,600
08/04/19 11,045,000 Community Learning Centers 12/01/33 428,200 13,697,600
03/03/22 114,970,000 Community Learning Centers 12/01/33 11,648,551 133,415,200
$ 204,690,000 $ 21,470,538 $ 227,650,024
*Net of $3,000,000 annual contribution from Akron City School District.
126

-- 128 of 247 --

20. Pollution Remediation
GASB Statement No. 49, Accounting and Financial Reporting for Pollution Remediation Cost
addresses reporting standards for pollution remediation obligations. The City is aware of four sites
that meet the requirements for disclosure. The first site is a vacant, undeveloped piece of land known
as the Middlebury Property, which includes Middlebury East. The City of Akron legally obligated
itself by voluntarily commencing cleanup activities and obtained a $750,000 grant to assist in the
remediation clean-up. The projected cost to remediate Middlebury East was estimated at
approximately $1,200,000. A No Further Action (NFA) letter was submitted to the Ohio
Environmental Protection Agency (OEPA) in 2014. Ohio EPA issued a Covenant Not To Sue on July
14, 2015. However, the cost of the abandonment of all the wells, piping, and vaults associated with
the remediation will be completed in 2025,with an estimated cost of $350,000. There are no expenses
expected for 2023. This amount is included in the Statement of Net Position as of December 31, 2022.
The second site is known as the Cuyahoga Street Landfill - Rule 13 project where the City of Akron is
performing a stream and bank restoration project on the Little Cuyahoga River. This site is in the
vicinity of the Cuyahoga Street Storage Basin. In order to implement this project, the City will be
conducting construction activities within and through a solid waste landfill. Ohio Administrative
Code ("O.A.C.") 3745-27-13 requires authorization from Ohio EPA before engaging in filling,
grading, excavating, building, drilling, or mining on land where a solid waste facility operated. This
rule is referred to as Rule 13. The City completed the physical work under the Rule 13 in 2022. The
City still needs to submit the final certification report to Ohio EPA. The amount estimated for the
final report is $10,000 for 2023 and no cost beyond. This amount is recorded as a liability in the
Proprietary Net Position, Sewer Fund, as of December 31, 2022.
The third site for remediation work is known as the former Bridgestone property located at the
southeast corner of Firestone Parkway and South Main Street. The City took ownership of the
property in 2013 and with it transferred an Environmental Agreement regarding obligations for past
completed remediation work. The City is obligated to operate and maintain the engineering control
that is located in the basement floor in Plant N. 1. The Ohio EPA issued a Covenant Not to Sue on
June 12, 2020. The City will continue to maintain financial assurance in the amount of $10,000 for
operation and maintenance activities in 2023. The City is also planning to demolish the building with
an estimated cost of $3.5 million for asbestos removal in the future after 2023. These amounts are
included in the Statement of Net Position as of December 31, 2022.
The fourth site is known as the Rack 27/29 Combined Sewer Overflows (CSO) and Rack 28 Project
-Rule 13. A federal Consent Decree between the City, the United States, and Ohio requires the City to
implement specific control measures addressing CSO's. One set of measures includes upsizing the
underflow drains to the interceptor sewer at CSO Rack 27 and CSO Rack 29 locations. In order to
implement this project, the City needed to perform construction activities within and through a former
solid waste landfill. Per Ohio's Rule 13, the City needed authorization from the Ohio EPA. Rule 13
authorization was issued by the Ohio EPA on October, 18, 2018. This authorization imposed
obligations on the City with regard to the construction activities within the former landfill area. The
City completed the work within the landfill area in 2022. The City still needs to submit the final
certification report with an estimated cost of $10,000 for 2023 and no cost beyond. This amount is
included as a liability in the Proprietary Net Position, Sewer Fund, as of December 31, 2022.
127

-- 129 of 247 --

21. Deferred Inflows/Outflows of Resources
In addition to assets, the Statement of Net Position will sometimes report a separate section for
deferred outflows of resources. This separate financial statement element, deferred outflows of
resources, represents a consumption of net assets that applies to future period(s) and so will not be
recognized as an outflow of resources (expense/expenditure) until then. The City has deferred
charges on the issuance of bonds reported in the Government-wide and Proprietary Fund Statements
of Net Position. A deferred charge results from the difference in the carrying value of the debt and its
par amount. This amount is deferred and amortized over the life of the debt. Deferred outflows related
to pensions and OPEB result from changes in net pension liability and the net OPEB liability not
recognized as a component of current year pension and OPEB expense. This amount is deferred and
amortized over various periods as instructed by the pension plan administrators.
In addition to liabilities, the Statement of Net Position will sometimes report a separate section for
deferred inflows of resources. This separate financial statement element, deferred inflows of
resources, represents an acquisition of net assets that applies to future period(s) and so will not be
recognized as an inflow of resources (revenue) until that time. The City has nonexchange revenue
transactions and loans where a receivable has been recorded (such as when property taxes were
levied), but the resources cannot be used until a future period. When the City refinances certain debt
obligations, the portion of the gain that is not recognized in the current period has been deferred.
These items have been reported as deferred inflows on the Government-wide Statement of Net
Position. In addition, deferred inflows related to pensions and OPEB are reported in the
Government-wide and Proprietary Fund Statements of Net Position. Deferred inflows related to
pensions and OPEB result from changes in net pension liability and net OPEB liability not recognized
as a component of current year pension and OPEB expense. This amount is deferred and amortized
over various periods as instructed by the pension plan administrators.
On the Statement of Net Position Proprietary Funds, the City has recorded certain deferred items that
will not be expensed in the current period. Internal service fund deferred outflows from pension and
OPEB expense at December 31, 2022 were $1,453,521 are included in governmental activities:
Business Type Activities
Other Total
Governmental Enterprise Enterprise
Activities Water Sewer Funds Funds
OPEB $ 17,696,124 $ 328,183 $ 227,052 $ 1,997 $ 557,232
Pension 73,036,099 2,533,207 1,340,857 160,879 4,034,943
$ 90,732,223 $ 2,861,390 $ 1,567,909 $ 162,876 $ 4,592,175
A summary of the deferred inflows of resources reported in the Government-wide and Proprietary
Fund Statement of Position follows. Internal service fund deferred inflows related to pensions and
OPEB at December 31, 2022 were $5,513,584 and are included in governmental activities.
Business Type Activities
Off Other Total
Governmental Street Enterprise Enterprise
Activities Water Sewer Parking Funds Funds
Deferred Gain $ 38,238,441 $ - $ - $ - $ - $ -
Nonexchange revenues 100,601,632 235,902 732,533 8,277 - 976,712
OPEB 47,682,081 4,305,826 2,637,464 - 124,833 7,068,123
Pension 93,241,938 6,583,340 3,486,320 - 417,850 10,487,510
Pollution 6,891,600 - - - - -
Leases 27,250,726 - - 2,462,334 2,197,623 4,659,957
Loans 8,583,530 - - - - -
$ 322,489,948 $ 11,125,068 $ 6,856,317 $ 2,470,611 $ 2,740,306 $ 23,192,302
128

-- 130 of 247 --

21. Deferred Inflows/Outflows of Resources (Continued)
On the modified accrual basis of accounting, the City has recorded certain receivables where the
related revenue is unavailable. Unavailable revenues have been reported as deferred inflows of
resources on the Governmental Fund Balance Sheet for the following:
Governmental Funds
Community Income Tax Special Various Other Total
General Learning Capital Assessment Purpose Governmental Governmental
Fund Centers Improvement Fund Funding Funds Funds
Grants $ - $ - $ - $ 1,952,577 $ - $ 2,134,568 $ 4,087,145
Income Taxes 8,434,405 1,352,227 3,119,574 - - 1,351,180 14,257,386
Leases 5,108,183 - - - - 22,133,543 27,241,726
Loans - - - - - 8,583,530 8,583,530
Property Taxes 25,259,749 - - 39,763,754 - 29,664,648 94,688,151
Shared Revenue 4,870,442 33,000,000 - - - 9,753,213 47,623,655
$ 43,672,779 $ 34,352,227 $ 3,119,574 $ 41,716,331 $ - $ 73,620,682 $ 196,481,593
Deferred inflows described in the table above also include shared revenues of $15,438,667 and
property taxes of $48,379,347 where the resources cannot be used until a future period.
22. Transfers and Advances
For the year ended December 31, 2022 transfers and advances presented in conformity with generally
accepted accounting principles (GAAP) are listed in the following tables. Resources are transferred
annually to support other services which are accounted for in other funds, or to fulfill grant match
requirements.
Transfers In
Other
Transfers General Governmental Water Sewer
Out Funds
Governmental Funds:
General Fund $ 10,635,421 $ - $ 8,785,421 $ - $ -
Various Purpose Funding 966,127 156,152 42,253 207,875 559,847
Other Governmental Funds 250,000 - 250,000 - -
$ 11,851,548 $ 156,152 $ 9,077,674 $ 207,875 $ 559,847
Transfers In (Continued)
Off- Street Other Internal
Parking Enterprise Service
Funds Funds Total
Governmental Funds:
General Fund $ 1,850,000 $ - $ - $ 10,635,421
Various Purpose Funding - - - 966,127
Other Governmental Funds - - - 250,000
$ 1,850,000 $ - $ - $ 11,851,548
The table below presents the amounts the City has advanced to various funds during 2022.
Advanced To
Various Other Other Internal
Advanced Purpose Governmental Enterprise Service
From Funding Funds Funds Funds Total
Governmental Funds:
General Fund $ 1,170,000 $ 40,000 $ 560,000 $ 570,000 $ 1,170,000
Income Tax Capital Improvement $ 1,785,000 $ 60,000 $ 1,375,000 $ 350,000 $ 1,785,000
$ 2,955,000 $ 60,000 $ 1,415,000 $ 910,000 $ 570,000 $ 2,955,000
129

-- 131 of 247 --

23. Contingencies
(1) Litigation
The City is a defendant in a number of lawsuits pertaining to matters that are incidental to
performing routine governmental functions. During 2019, an agreement was reached in an
ongoing case, the plaintiff and City agreed to a settlement in the amount of $1,150,000 to be
paid over a three year period. As of December 31, 2021 the City has paid $575,000 in 2019,
$287,500 in 2020, and recorded the remaining balance of $287,500 as an accrued liability.
The City's management is of the opinion that ultimate settlement of all outstanding litigation
and claims will not result in a material adverse effect on the City’s financial position.
Additionally, the City is a party to a labor arbitration proceeding with the Civil Service
Personnel Association (CSPA), Inc., a labor union representing a group of employees
regarding grievances over the City's implementation of Temporary Emergency Leave during
the COVID-19 pandemic. The parties are awaiting the decision of the arbitrator. The
likelihood of an unfavorable outcome cannot be determined at this time.
(2) Federal and State Grants
The City has received federal and state grants for specific purposes that are subject to review
and audit by the grantor agencies or their designees. Such audits could lead to a request for
reimbursement to the grantor agencies for expenditures disallowed under the terms of the
grants. The City believes that such disallowances, if any, would not have a material adverse
effect on the City’s financial position.
(3) Water Agreement
The City of Akron acquired a water system, located in Hudson, from the County of Summit in
December of 2006 for $6,454,845. In exchange for the water system, the County received the
benefit of a future credit to be applied towards the purchase of Akron owned sewer
infrastructure. As of December 31, 2022, the County has not purchased any sewer
infrastructure and the full balance of the credit is remaining.
130

-- 132 of 247 --

24. Closure and Post-Closure Care Costs
On November 9, 1998, the City entered into an agreement to transfer control and operating
responsibility of its Hardy Road Landfill (Landfill) to Akron Regional Landfill, Inc. (ARLI), a
subsidiary of Waste Management of Ohio, Inc. Under the twenty-five year agreement, ARLI assumed
the full responsibility for all future costs for operation, permitting, groundwater monitoring, closure,
and post-closure costs of the Landfill, which are currently expected to approximate $6,400,000
through 2034. There are estimated costs after agreement with ARLI terminates; therefore, the City
has recorded a liability for $3,041,600 for future estimated post-closure care costs.
Pursuant to a ruling by the Ohio EPA, the Landfill officially closed on June 30, 2002. The City has
begun diverting its waste to Waste Management’s American Landfill located in Stark County. As
part of a 1998 agreement, the City agreed to use landfill facilities controlled by Akron Regional
Landfill, Inc., (a subsidiary of Waste Management) for disposal of ninety percent of the refuse
collected by the City’s sanitation division.
On October 4, 2004, the City entered into an Agreement with the Summit/Akron Solid Waste
Management Authority (Authority) implementing a $1.20 per ton increase in the waste management
generation fee by the Authority to help fund the closure and post-closure operations of the Landfill.
25. Jointly Governed Organizations
The Akron/Summit Convention and Visitors’ Bureau (Convention Center) was constructed by the
City of Akron along with the County of Summit and the University of Akron, with the City paying
approximately 26% of the construction costs. The Convention Center contains meeting rooms, an
exhibit hall, and a large ballroom-banquet facility to accommodate a wide range of seminars, trade
shows, and major community events.
26. Related Organization
The City of Akron, in conjunction with Summit County, University of Akron, Medina County, and
Greater Akron Chamber of Commerce, agreed to form the Summit Medina Business Alliance
(SMBA). SMBA is a not-for-profit corporation which supports economic development of the region.
The organization entered into an agreement with the Kent Regional Business Alliance to carry out
activities in cooperation with the Ohio Development Services Agency and the Small Business
Administration. The Mayor of the City of Akron appoints three of the five voting members of the
board of trustees of the Summit Medina Business Alliance. The SMBA does not pose a financial
burden on the City of Akron since it receives revenues from the City and other governments in the
area. During 2022, the City paid SMBA $100,000 for operating expenses.
131

-- 133 of 247 --

27. Joint Ventures
The Copley-Akron Joint Economic Development District (“Copley-Akron JEDD”) was created by
contract between the City and Copley Township under the provisions of Ohio Revised Code sections
715.70 and 715.71. The Copley-Akron JEDD is governed by a six member Board of Directors of
which three members are from the City (Mayor and two members of Council appointed by the Mayor
and approved by Council) and three members are from the Coply Township (all three Copley
Township Trustees). The Copley-Akron JEDD Boards, pursuant to the contract, levies an income tax
at the same rate as the City of Akron’s income tax. The proceeds of that tax are allocated, in
accordance with the contract, primarily to the City. Because it is legally separate from the City the
Coply-Akron JEDD is not reported as part of the primary government. A summary of the financial
information is as follows:
Statement of Receipts, Disbursements and Change in Fund Balance
(Cash Basis)
Income Tax Receipts $ 7,812,107
Contractual Disbursements (959,500)
6,852,607
Disbursements to Akron (6,852,607)
Change in Fund Cash Balance -
Fund Cash Balance, January 1, 2022 -
Fund Cash Balance, December 31, 2022 $ -
The Coventry-Akron Joint Economic Development District (“Coventry-Akron JEDD”) was created by
contract between the City and Coventry Township under the provisions of Ohio Revised Code
sections 715.70 and 715.71. The Coventry-Akron JEDD is governed by a six member Board of
Directors of which three members are from the City (Mayor and two members of Council appointed
by the Mayor and approved by Council) and three members are from the Coventry Township (all
three Coventry Township Trustees). The Coventry-Akron JEDD Board, pursuant to the contract,
levies an income tax at the same rate as the City of Akron’s income tax. The proceeds of that tax are
allocated, in accordance with the contract, primarily to the City. Because it is legally separate from
the City the Coventry-Akron JEDD is not reported as part of the primary government. A summary of
the financial information is as follows:
Statement of Receipts, Disbursements and Change in Fund Balance
(Cash Basis)
Income Tax Receipts $ 4,140,738
Contractual Disbursements (492,776)
3,647,962
Disbursements to Akron (3,647,962)
Change in Fund Cash Balance -
Fund Cash Balance, January 1, 2022 -
Fund Cash Balance, December 31, 2022 $ -
132

-- 134 of 247 --

27. Joint Ventures (Continued)
The Springfield-Akron Joint Economic Development District (“Springfield-Akron JEDD”) was
created by contract between the City and Springfield Township under the provisions of Ohio Revised
Code sections 715.70 and 715.71. The Springfield-Akron JEDD is governed by a six member Board
of Directors of which three members are from the City (Mayor and two members of Council
appointed by the Mayor and approved by Council) and three members are from the Springfield
Township (all three Springfield Township Trustees). The Springfield-Akron JEDD Board, pursuant
to the contract, levies an income tax at the same rate as the City of Akron’s income tax. The proceeds
of that tax are allocated, in accordance with the contract, primarily to the City. Because it is legally
separate from the City the Springfield-Akron JEDD is not reported as part of the primary government.
A summary of the financial information is as follows:
Statement of Receipts, Disbursements and Change in Fund Balance
(Cash Basis)
Income Tax Receipts $ 4,893,212
Contractual Disbursements (241,845)
4,651,367
Disbursements to Akron (4,651,367)
Change in Fund Cash Balance -
Fund Cash Balance, January 1, 2022 -
Fund Cash Balance, December 31, 2022 $ -
The Bath-Akron-Fairlawn Joint Economic Development District (“Bath-Akron-Fairlawn JEDD”) was
created by contract between the City of Akron (City), City of Fairlawn and Bath Township under the
provisions of Ohio Revised Code sections 715.70 and 715.71. The Bath-Akron-Fairlawn JEDD is
governed by a nine member Board of Directors of which three members are from the City (Mayor and
two members of Council appointed by the Mayor and approved by Council), three members are from
the City of Fairlawn (Mayor and approved by Council) and three members are from the Bath
Township (all three Bath Township Trustees). The Bath-Akron-Fairlawn JEDD Boards, pursuant to
the contract, levies an income tax at the same rate as the City of Akron’s income tax. The proceeds of
that tax are allocated, in accordance with the contract, primarily to the City. Because it is legally
separate from the City the Bath-Akron-Fairlawn JEDD is not reported as part of the primary
government. A summary of the financial information is as follows:
Statement of Receipts, Disbursements and Change in Fund Balance
(Cash Basis)
Income Tax Receipts $ 8,584,733
Contractual Disbursements (5,412,840)
3,171,893
Disbursements to Akron (3,171,893)
Change in Fund Cash Balance -
Fund Cash Balance, January 1, 2022 -
Fund Cash Balance, December 31, 2022 $ -
133

-- 135 of 247 --

28. Fund Balance
Fund balance is classified as nonspendable, restricted, committed, assigned and/or unassigned based
primarily on the extent to which the City is bound to observe constraints imposed upon the use of the
resources in the government funds. The constraints placed on fund balance for the major
governmental funds and all other governmental funds are presented below:
Income
Community Tax Special Various Other Total
General Learning Capital Assessment Purpose Governmental Governmental
Fund Centers Improvement Fund Fund Funds Funds
Fund balances:
Restricted:
Asset Management $ - $ - $ - $ - $ - $ 1,389,143 1,389,143
Building, housing and - - - - - - -
economic incentive - - - - - 4,664,554 4,664,554
Construction and rennovation of -
CLCs - 15,423,321 - - - 15,423,321
Community betterment and outreach - - 9,355,964 - 1,516,345 17,949,055 28,821,364
Debt service reserves - - - - - 1,107,409 1,107,409
General governance - - 34,078 34,078
Information technology - - - . . 234,350 234,350
Life enrichment - - 40,164 - - - 40,164
Other Purposes 167,590 167,590
Police and fire equipment - - - - - - -
Protection and enforcement - - 170,556 - - 21,979,899 22,150,455
Transportation/mobility - - - - - 5,646,482 5,646,482
Total restricted - 15,423,321 9,600,762 - 1,516,345 53,138,482 79,678,910
Committed:
Building, housing and
economic incentive - - - - - 10,524,246 10,524,246
Community betterment and outreach - - - - 116,287 1,285,333 1,401,620
Information technology - - - - - -
Life enrichment 313,348 313,348
Non-financial assets held for resale - - - - - 7,788,695 7,788,695
Protection and enforcement 425,279 - - - - - 425,279
Transportation/mobility - - - - - 76,499 76,499
Total committed 425,279 - - - 116,287 19,988,121 20,529,687
Assigned:
Asset management 174,529 - - - - - 174,529
Building, housing and
economic incentive 117,289 - - - - - 117,289
Community betterment and outreach 43,854 - - - - - 43,854
General governance 305,304 - - - - - 305,304
Life enrichment 155,729 - - - - - 155,729
Municipal justice 26,905 - - - - - 26,905
Protection and enforcement 805,515 - - - - - 805,515
Transportation/mobility - - - - - - -
Waste management 16,199 - - - - - 16,199
Wellness and prevention 16,656 - - - - - 16,656
Total assigned 1,661,980 - - - - - 1,661,980
Unassigned 25,628,120 - - (8,963,227) - (7,464,476) 9,200,417
Total fund balances $ 27,715,379 $ 15,423,321 $ 9,600,762 $ (8,963,227) $ 1,632,632 $ 65,662,127 $ 111,070,994
134

-- 136 of 247 --

29. Tax Abatements
Community Reinvestment Areas (CRAs) were established under Ohio Revised Code Section 3735.66
and administered through ORC Sections 3735.66 to 3735.70. The ORC Sections prescribe that in
return for building or remodeling properties within the CRA boundaries, applicants can apply for an
exemption of real property taxes at 100% of the increased market value of the property.
The City established a CRA in 2010 relating to Envision Apartments. During 2021, the City
established a CRA relating to the Development Finance Authority of Summit County. During 2022,
the City established a CRA relating to Riverwood Development Group LLC. For the fiscal
year ended December 31, 2022, the City had only 3 active CRAs for which it abated property taxes
totaling $68,415.
During 2017, the City of Akron launched the residential tax abatement program, which designates the
entire City as a CRA. Through the program residential applicants can apply for an exemption of real
property taxes at 100% of the added property value on any new construction or improvements for a
period of 15 years. For the fiscal year ended December 31, 2022, there were 97 active residential
agreements with residential taxes abated of $225,507.
30. Restatement of Net Position
Effective January 1, 2022, the City recorded adjustments to beginning balances for the change in
accounting treatment of the existing leased assets and accumulated depreciation that were previously
reported as capital leases. As a result of the revaluation of the accompanying liability, there was
minimal impact to net position. The implementation of GASB Statement No. 87 - Leases had the
following effect on Net position:
Balance as of December 31,2021
December 31,2021 Restatement as restated
Proprietary Funds - Sewer
Net Position $ 368,765,584 $ (58,250) $ 368,707,334
Proprietary Funds - Golf Course
Net Position $ 272,172 $ (27,050) $ 245,122
Entity-wide Activities
Net Position $ 227,289,890 $ (639,109) $ 226,650,781
135

-- 137 of 247 --

31. Subsequent Events
The impact of remote work remains a threat to the City's future tax collections. The State passed
legislation in June of 2021 to allow for refunds of 2021 municipal income tax paid on behalf of remote
workers to the municipality where the business was located rather than where the employee was
physically working. These refunds will be requested in 2022 with the filing of the 2021 tax returns.
As of January 1, 2022, the rules for taxing remote work returns back to withholding taxes where an
employee is physically doing the work. The City is anticipating large impacts to income tax
collections in the next fiscal year(s) given the quantity and frequency of remote work. Predicting and
tracking the long-term effect of remote work and withholdings will be difficult. Not all employers
have the functionality in place to track remote work and withhold correctly. The City anticipates
substantial revenue losses due to remote work in 2023 and beyond.
On April 10, 2023, City Council passed ordinance 93-2023 amending ordinance 302-2018 authorizing
the issuance of bonds in the maximum principal amount of $14,000,0000 relating to the Water
Pollution Control Loan Fund (WPCLF) to finance costs of improvements to the City's wastewater
system for the Uhler Conveyance (CSO Rack 27 and 29) Project.
On May 15, 2023, City Council passed ordinance 128-2023 authorizing the issuance of bonds in the
maximum principal amount of $295,000,000 relating to the Water Pollution Control Loan Fund
(WPCLF) to finance costs of the Northside Interceptor Tunnel Project.
On July 24, 2023, City Council passed ordinance 203-2023 authorizing the issuance of bonds in the
maximum principal amount of $5,000,000 to finance costs for the renovation of the Oliver Ocasek
Building for the use as office facilities for the City and State and for use as the new Akron Municipal
Court administrative facilities.
On July 24, 2023, City Council passed ordinance 204-2023 authorizing the issuance of bonds in the
maximum principal amount of $12,000,000 relating to the Water Pollution Control Loan Fund
(WPCLF) to finance costs of the Sanitary Sewer Reconstruction 2023 Lining Project.
On July 24, 2023, City Council passed ordinance 205-2023 authorizing the issuance of bonds in the
maximum principal amount of $3,500,000 relating to the Water Pollution Control Loan Fund
(WPCLF) to finance costs of the Springfield Lake Trunk Sewer Lining Project.
On September 20, 2023, City Council passed ordinance 258-2023 authorizing the issuance of notes in
the maximum principal amount of $5,200,000 to retire the City's $5,013,712 Taxable Economic
Development Revenue Note, Series 2022, to finance costs of the Akron Energy System (AES)
Improvements.
On August 1, 2023, the Development Finance Authority of Summit County (DFA) acquired the title to
1 Cascade Plaza and assumed the ground lease as lessee. The City has recorded a ground lease as
lessor for the Cascade Plaza parking deck in the amount of $2,148,143 with Akron Redevelopment
Corporation which is reflected in the Off-Street Parking Fund as of December 31,2022. The DFA
intends to sell the building and transfer the lease and the City has agreed to defer the payments of the
lease and it is expected that the future operator and owner will resume payments in the full amount of
the existing lease and lease terms.
*******
136

-- 138 of 247 --

(This page intentionally left blank)
137

-- 139 of 247 --

A-1
City of Akron, Ohio
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
General Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Taxes, Assessments and JEDD $ 122,911,893 $ 123,095,891 $ 129,176,334
Intergovernmental Revenues 10,527,264 11,601,043 12,796,238
Charges for Services 34,293,786 35,364,860 30,924,406
License and Fees 2,968,570 3,061,276 6,261,726
Miscellaneous Revenues 6,463,630 6,665,500 3,074,363
Total revenues 177,165,143 179,788,570 182,233,067
Other sources:
Other transfer in - - 198,405
Previous year's encumbrances 2,442,681 2,442,681 2,442,681
Total other sources 2,442,681 2,442,681 2,641,086
Total revenues and other sources 179,607,824 182,231,251 184,874,153
Expenditures and other uses
Expenditures:
Civil Service:
Wages/benefits 1,225,686 1,335,686 1,230,498
Other 193,465 292,488 282,192
1,419,151 1,628,174 1,512,690
Finance:
Wages/benefits 2,754,880 3,054,880 2,869,519
Other 5,323,529 7,041,644 6,996,947
8,078,409 10,096,524 9,866,466
Law:
Wages/benefits 3,317,538 3,317,538 3,189,079
Other 1,602,160 2,210,379 2,092,910
4,919,698 5,527,917 5,281,989
Legislative:
Wages/benefits 1,300,982 1,300,982 1,234,846
Other 275,410 331,914 248,958
1,576,392 1,632,896 1,483,804
Municipal Court - Clerk:
Wages/benefits 3,898,121 3,898,121 3,791,380
Other 392,325 414,994 329,243
4,290,446 4,313,115 4,120,623
138

-- 140 of 247 --

A-1
City of Akron, Ohio
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
General Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
(continued)
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Municipal Court - Judges:
Wages/benefits $ 5,277,020 $ 5,207,020 $ 5,086,209
Other 443,064 622,375 616,570
5,720,084 5,829,395 5,702,779
Office of the Mayor:
Wages/benefits 2,018,071 2,118,071 2,072,713
Other 224,270 260,657 236,280
2,242,341 2,378,728 2,308,993
Planning:
Wages/benefits 42,422 67,422 56,383
Other 2,035 17,035 11,783
44,457 84,457 68,166
Public Health:
Wages/benefits - 110,000 89,124
Other 4,141,942 4,289,934 4,248,165
4,141,942 4,399,934 4,337,289
Public Safety:
Wages/benefits 7,787,601 7,787,601 7,512,313
Other 6,986,163 7,813,432 7,764,834
14,773,764 15,601,033 15,277,147
Public Service:
Wages/benefits 11,918,473 11,918,473 11,445,442
Other 12,287,931 15,180,984 15,175,898
24,206,404 27,099,457 26,621,340
Fire:
Wages/benefits 28,816,738 32,566,738 28,699,212
Other 14,418,850 15,843,005 11,937,373
43,235,588 48,409,743 40,636,585
Police:
Wages/benefits 58,070,664 60,070,662 54,245,476
Other 4,685,440 5,016,180 4,643,511
62,756,104 65,086,842 58,888,987
139

-- 141 of 247 --

A-1
City of Akron, Ohio
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
General Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
(continued)
Budgeted Amount (Unaudited)
Original Final Actual Amounts
Neighborhood Assistance:
Wages/benefits $ 2,855,061 $ 2,705,061 $ 2,548,787
Other 688,581 755,231 603,889
3,543,642 3,460,292 3,152,676
Integrated Development
Wages 6,154,877 5,674,877 5,459,493
Other 1,582,539 2,258,035 2,220,951
7,737,416 7,932,912 7,680,444
Total expenditures 188,685,838 203,481,419 186,939,978
Excess (deficiency) of revenues and
other sources over expenditures (9,078,014) (21,250,168) (2,065,825)
Fund balance, January 1, 2022 25,613,918 25,613,918 25,613,918
Fund balance, December 31, 2022 $ 16,535,904 $ 4,363,750 $ 23,548,093
Note: Included in Other expenditures above are transfers out and advances of the following:
Finance $ 300,000
Fire $ 9,035,421
Police $ 40,000
Integrated Development $ 830,000
Public Service $ 1,600,000
140

-- 142 of 247 --

A-2
City of Akron, Ohio
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Community Learning Centers Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues
Revenues:
Taxes, Assessments and JEDD $ 17,029,655 $ 17,029,655 $ 18,988,806
Intergovernmental Revenues - - 318,944
Intra Fund Transfers 3,605,000 3,605,000 -
Miscellaneous Revenues 854,010 854,010 2,586,112
Total revenues 21,488,665 21,488,665 21,893,862
Expenditures
Department Wide:
Other 20,700,040 21,183,640 21,155,297
Total expenditures 20,700,040 21,183,640 21,155,297
Excess (deficiency) of revenues
over expenditures 788,625 305,025 738,565
Fund balance, January 1, 2022 15,673,241 15,673,241 15,673,241
Fund balance, December 31, 2022 $ 16,461,866 $ 15,978,266 $ 16,411,806
141

-- 143 of 247 --

A-3
City of Akron, Ohio
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Income Tax Capital Improvement Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Taxes, Assessments and JEDD $ 40,504,430 $ 40,504,430 $ 41,501,708
Intergovernmental Revenues 6 - -
Miscellaneous revenues 1,329,090 1,329,090 3,590,021
Total revenues 41,833,526 41,833,520 45,091,729
Other sources:
Note/bond proceeds 2,703,750 2,703,750 -
Previous year's encumbrances 731,610 731,610 731,610
Total other sources 3,435,360 3,435,360 731,610
Total revenues and other sources 45,268,886 45,268,880 45,823,339
Expenditures
Department Wide:
Wages/benefits 572,878 672,878 601,493
Other 42,747,384 43,478,994 42,517,229
Total expenditures 43,320,262 44,151,872 43,118,722
Excess of revenues and
other sources over expenditures 1,948,624 1,117,008 2,704,617
Fund balance, January 1, 2022 184,840 184,840 184,840
Fund balance, December 31, 2022 $ 2,133,464 $ 1,301,848 $ 2,889,457
Note: Included in Other expenditures above are advances from of $1,785,000.
142

-- 144 of 247 --

A-4
City of Akron, Ohio
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Special Assessment Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Special assessments $ 17,138,360 $ 17,138,360 $ 17,677,459
Service revenues 61,550 61,550 48,724
Miscellaneous revenues 309,670 309,670 33,782
Total revenues 17,509,580 17,509,580 17,759,965
Other sources:
Note/Bond proceeds 13,390,000 13,390,000 13,000,000
Previous year's encumbrances 1,573,841 1,573,841 1,573,841
Total other sources 14,963,841 14,963,841 14,573,841
Total revenues and other sources 32,473,421 32,473,421 32,333,806
Expenditures
Finance:
Wages/benefits 273,766 273,766 210,909
Other 3,369,105 3,370,995 3,266,646
3,642,871 3,644,761 3,477,555
Public Service:
Wages/benefits 5,030,053 6,312,653 6,145,425
Other 22,843,996 24,218,160 23,339,006
27,874,049 30,530,813 29,484,431
Neighborhood Assistance:
Wages/benefits 298,908 313,908 278,467
Other 1,712,746 1,910,533 1,216,609
2,011,654 2,224,441 1,495,076
Total expenditures 33,528,574 36,400,015 34,457,062
Excess (deficiency) of revenues and
other sources over expenditures (1,055,153) (3,926,594) (2,123,256)
Fund balance, January 1, 2022 4,797,635 4,797,635 4,797,635
Fund balance, December 31, 2022 $ 3,742,482 $ 871,041 $ 2,674,379
143

-- 145 of 247 --

A-5
City of Akron, Ohio
Required Supplementary Information
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Various Purpose Funding Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Intergovernmental Revenues $ 10,424,690 $ 10,450,620 $ 72,692,811
Service Revenues 60,510,340 60,660,890 646,520
Miscellaneous revenues 9,451,640 9,475,160 1,721,432
Total revenues 80,386,670 80,586,670 75,060,763
Other sources:
Previous year's encumbrances 124,557 124,557 124,557
Total other sources 124,557 124,557 124,557
Total revenues and other sources 80,511,227 80,711,227 75,185,320
Expenditures
Department Wide:
Wages/benefits 5,470,000 20,470,000 14,788,657
Other 74,933,478 60,283,035 26,709,521
Total expenditures 80,403,478 80,753,035 41,498,178
Excess (deficiency) of revenues and other
sources over expenditures 107,749 (41,808) 33,687,142
Fund balance, January 1, 2022 86,631,911 86,631,911 86,631,911
Fund balance, December 31, 2022 $ 86,739,660 $ 86,590,103 $ 120,319,053
Note: Included in Other expenditures above are transfers of $966,127 and advances in miscellaneous revenues of $60,000.
144

-- 146 of 247 --

City of Akron, Ohio
Required Supplementary Information
Schedule of Net Pension Liability and Related Ratios under OPERS
For the Year Ended December 31, 2022
Traditional Plan
Proportionate
Proportion of Share of Net Pension
Collective Collective Liability/(Asset) Fiduciary Net Position
Measurement Net Pension Net Pension Covered as a Percentage of as a Percentage of
Date Liability/(Asset) Liability/(Asset) Payroll** Covered Payroll Total Pension Liability
12/31/2021 0.43817 % $ 38,122,390 $ 63,582,913 60.0 % 92.3 %
12/31/2020 0.42634 63,131,523 62,792,506 100.5 86.9
12/31/2019 0.43836 85,358,175 60,759,457 140.5 82.2
12/31/2018 0.43836 120,056,821 59,205,414 202.8 74.7
12/31/2017 0.43977 68,990,774 58,131,654 118.7 84.7
12/31/2016 0.44509 101,073,278 57,520,375 175.7 77.3
12/31/2015 0.43764 75,805,111 54,382,817 139.4 81.1
12/31/2014 0.44358 53,500,585 52,357,017 102.2 86.5
12/31/2013 0.44358 52,292,185 53,972,510 96.9 86.4
OPERS Combined Plan
Proportionate
Proportion of Share of Net Pension
Collective Collective Liability/(Asset) Fiduciary Net Position
Measurement Net Pension Net Pension Covered as a Percentage of as a Percentage of
Date Liability/(Asset) Liability/(Asset) Payroll** Covered Payroll Total Pension Liability
12/31/2021 0.37497 % $ (1,477,405) $ 1,709,471 86.4 % 169.9 %
12/31/2020 0.34861 (1,006,318) 1,536,636 65.5 157.7
12/31/2019 0.43185 (710,799) 1,517,579 46.8 145.3
12/31/2018 0.31576 (353,085) 1,349,550 26.2 126.6
12/31/2017 0.32691 (444,922) 1,329,738 33.5 137.3
12/31/2016 0.33706 (187,599) 1,312,142 14.3 116.6
12/31/2015 0.31566 (153,607) 1,117,900 13.7 116.9
12/31/2014 0.30583 (117,750) 1,123,475 10.5 114.8
12/31/2013 0.30586 (32,090) 1,123,400 2.9 114.8
OPERS Member Directed Plan
Proportionate
Proportion of Share of Net Pension
Collective Collective Liability/(Asset) Fiduciary Net Position
Measurement Net Pension Net Pension Covered as a Percentage of as a Percentage of
Date Liability/(Asset) Liability/(Asset) Payroll** Covered Payroll Total Pension Liability
12/31/2021 0.21961 % $ (39,874) $ 1,384,650 2.88 % 171.9 %
12/31/2020 0.20177 (36,782) 1,222,221 3.01 188.2
12/31/2019 0.19367 (7,359) 1,151,207 0.64 118.1
12/31/2018 0.19508 (4,445) 1,349,550 0.33 113.4
12/31/2017 0.19522 (11,441) 1,066,892 1.07 124.5
12/31/2016 0.16885 (703) 890,550 0.08 103.4
12/31/2015 0.18979 (725) 905,960 0.08 103.9
** Covered Payroll has been estimated by the City of Akron.
145

-- 147 of 247 --

City of Akron, Ohio
Required Supplementary Information
Schedule of Contributions Under OPERS to State Pension and OPEB
For the Year Ended December 31, 2022
Traditional Plan
Statutorily
Fiscal Measurement Required Actual Contribution Contractually Required
Year Year Employer Employer Excess Covered Contribution Rates:
Ending Ending Contribution Contributions (Deficiency) Payroll* Pension OPEB Toal
12/31/2022 12/31/2021 $ 9,522,246 $ 9,522,246 $ - $ 68,016,042 14.00 % 0.00 % 14.00 %
12/31/2021 12/31/2020 8,901,608 8,901,608 - 63,582,913 14.00 0.00 14.00
12/31/2020 12/31/2019 8,790,951 8,790,951 - 62,792,506 14.00 0.00 14.00
12/31/2019 12/31/2018 8,506,324 8,506,324 - 60,759,457 14.00 0.00 14.00
12/31/2018 12/31/2017 8,288,758 8,288,758 - 59,205,414 14.00 0.00 14.00
12/31/2017 12/31/2016 8,138,432 8,138,432 - 58,131,654 13.00 1.00 14.00
12/31/2016 12/31/2015 8,052,852 8,052,852 - 57,520,375 12.00 2.00 14.00
12/31/2015 12/31/2014 6,525,938 6,525,938 - 54,382,817 12.00 0.00 12.00
12/31/2014 12/31/2013 7,329,982 7,329,982 - 52,357,017 12.00 2.00 14.00
12/31/2013 N/A 7,556,151 7,556,151 - 53,972,510 10.00 4.00 14.00
Combined Plan
Statutorily
Fiscal Measurement Required Actual Contribution Contractually Required
Year Year Employer Employer Excess Covered Contribution Rates:
Ending Ending Contribution Contributions (Deficiency) Payroll* Pension OPEB Total
12/31/2022 12/31/2021 $ 263,755 $ 263,755 - $ 1,883,964 14.00 % 0.00 % 14.00 %
12/31/2021 12/31/2020 239,326 239,326 - 1,709,471 14.00 0.00 14.00
12/31/2020 12/31/2019 215,087 215,087 - 1,536,336 14.00 0.00 14.00
12/31/2019 12/31/2018 212,461 212,461 - 1,517,579 14.00 0.00 14.00
12/31/2018 12/31/2017 188,937 188,937 - 1,349,550 14.00 0.00 14.00
12/31/2017 12/31/2016 186,163 186,163 - 1,329,738 13.00 1.00 14.00
12/31/2016 12/31/2015 183,700 183,700 - 1,312,142 12.00 2.00 14.00
12/31/2015 12/31/2014 156,506 156,506 - 1,117,900 12.00 2.00 14.00
12/31/2014 12/31/2013 157,285 157,285 - 1,123,475 12.00 2.00 14.00
Member Directed Plan
Statutorily
Fiscal Measurement Required Actual Contribution Contractually Required
Year Year Employer Employer Excess Covered Contribution Rates:
Ending Ending Contribution Contributions (Deficiency) Payroll* Pension OPEB Total
12/31/2022 12/31/2021 $ 221,643 $ 221,643 $ 1,583,164 14.00 % 0.00 % 14.00 %
12/31/2021 12/31/2020 193,851 193,851 - 1,384,650 14.00 0.00 14.00
12/31/2020 12/31/2019 171,111 171,111 - 1,222,221 14.00 0.00 14.00
12/31/2019 12/31/2018 169,169 169,169 - 1,151,207 14.00 0.00 14.00
12/31/2018 12/31/2017 188,937 188,937 - 1,349,550 14.00 0.00 14.00
12/31/2017 12/31/2016 149,365 149,365 - 1,066,892 13.00 1.00 14.00
12/31/2016 12/31/2015 124,677 124,677 - 890,550 12.00 2.00 14.00
*Covered payroll has been estimated by the City of Akron.
146

-- 148 of 247 --

City of Akron, Ohio
Required Supplementary Information
Schedule of Net Pension Liability and Related Ratios under OP&F
For the Year Ended December 31, 2022
Fire
Proportionate
Proportion of Share of Net Pension
Collective Collective Liability/(Asset) Fiduciary Net Position
Measurement Net Pension Net Pension Covered as a Percentage of as a Percentage of
Date Liability/(Asset) Liability/(Asset) Payroll** Covered Payroll Total Pension Liability
12/31/2021 1.4031386 % $ 87,659,983 $ 29,796,658 294.2 % 75.0 %
12/31/2020 1.3730553 93,602,412 30,337,250 308.5 70.7
12/31/2019 1.3122261 88,398,559 28,140,217 314.1 69.9
12/31/2018 1.3535830 110,488,140 27,458,083 402.4 63.1
12/31/2017 1.3615340 80,801,637 25,926,353 311.7 70.9
12/31/2016 1.3274720 84,080,723 25,713,251 327.0 68.4
12/31/2015 1.3199200 84,911,384 23,457,047 362.0 66.8
12/31/2014 1.3172024 68,236,576 20,458,336 333.5 72.2
12/31/2013 1.3172024 64,151,888 18,706,713 342.9 72.2
Police
Proportionate
Proportion of Share of Net Pension
Collective Collective Liability/(Asset) Fiduciary Net Position
Measurement Net Pension Net Pension Covered as a Percentage of as a Percentage of
Date Liability/(Asset) Liability/(Asset) Payroll** Covered Payroll Total Pension Liability
12/31/2021 1.3080000 % $ 81,716,674 $ 36,725,846 222.5 % 75.0 %
12/31/2020 1.2929027 88,138,339 35,177,569 250.6 70.7
12/31/2019 1.2757506 85,941,375 33,447,297 256.9 69.9
12/31/2018 1.3062930 106,628,025 32,520,558 327.9 63.1
12/31/2017 1.3006560 79,827,131 31,566,974 252.9 70.9
12/31/2016 1.3613200 86,224,625 32,224,089 267.6 68.4
12/31/2015 1.3057420 83,998,130 29,950,321 280.5 66.8
12/31/2014 1.3597730 70,441,912 34,172,517 206.1 72.2
12/31/2013 1.3597730 66,225,111 35,596,596 186.0 72.2
** Covered Payroll has been estimated by the City of Akron.
147

-- 149 of 247 --

City of Akron, Ohio
Required Supplementary Information
Schedule of Contributions Under OP&F to State Pension and OPEB
For the Year Ended December 31, 2022
Fire
Statutorily
Fiscal Measurement Required Actual Contribution Contractually Required
Year Year Employer Employer Excess Covered Contribution Rates:
Ending Ending Contributions Contributions (Deficiency) Payroll** Pension OPEB Total
12/31/2022 12/31/2021 $ 8,763,507 $ 8,763,507 $ - $ 36,514,613 23.50 % 0.50 % 24.00 %
12/31/2021 12/31/2020 7,151,198 7,151,198 - 29,796,658 23.50 0.50 24.00
12/31/2020 12/31/2019 7,280,940 7,280,940 - 30,337,250 23.50 0.50 24.00
12/31/2019 12/31/2018 6,753,652 6,753,652 - 28,140,217 23.50 0.50 24.00
12/31/2018 12/31/2017 6,589,940 6,589,940 - 25,926,353 23.50 0.50 24.00
12/31/2017 12/31/2016 6,092,693 6,092,693 - 25,926,353 23.50 0.50 24.00
12/31/2016 12/31/2015 6,042,614 6,042,614 - 25,713,251 23.50 0.50 24.00
12/31/2015 12/31/2014 5,512,406 5,512,406 - 23,457,047 23.50 0.50 24.00
12/31/2014 12/31/2013 4,807,709 4,807,709 - 20,458,336 23.50 0.50 24.00
12/31/2013 N/A 3,784,368 3,784,368 - 18,706,713 20.38 3.62 24.00
Police
Statutorily
Fiscal Measurement Required Actual Contribution Contractually Required
Year Year Employer Employer Excess Covered Contribution Rates:
Ending Ending Contributions Contributions (Deficiency) Payroll** Pension OPEB Total
12/31/2022 12/31/2020 $ 7,754,974 $ 7,754,974 $ - $ 39,769,097 19.00 % 0.50 % 19.50 %
12/31/2021 12/31/2020 7,161,540 7,161,540 - 36,725,846 19.00 0.50 19.50
12/31/2020 12/31/2019 6,859,626 6,859,626 - 35,177,569 19.00 0.50 19.50
12/31/2019 12/31/2018 6,522,223 6,522,223 - 33,447,297 19.00 0.50 19.50
12/31/2018 12/31/2017 6,341,509 6,341,509 - 32,520,558 19.00 0.50 19.50
12/31/2017 12/31/2016 6,155,560 6,155,560 - 31,566,974 19.00 0.50 19.50
12/31/2016 12/31/2015 6,283,697 6,283,697 - 32,224,089 19.00 0.50 19.50
12/31/2015 12/31/2014 5,840,313 5,840,313 - 29,950,321 19.00 0.50 19.50
12/31/2014 12/31/2013 6,663,641 6,663,641 - 34,172,517 15.73 3.77 19.50
12/31/2013 N/A 6,941,336 6,941,336 - 35,596,596 12.75 6.75 19.50
**Covered Payroll has been estimated by the City of Akron.
148

-- 150 of 247 --

City of Akron, Ohio
Required Supplementary Information
Schedule of Changes in the Net OPEB Liability and Related Ratios
For City's OPEB Plan
For the Year Ended December 31, 2022
City of Akron OPEB Plan
Total OPEB Liability 2021 2020 2019 2018
Total OPEB Liability - Beginning of year $ 92,397,710 $ 87,500,861 $ 101,158,647 $ 124,741,033
Total service cost 2,025,073 1,512,775 1,982,204 1,862,320
Interest cost 1,797,571 2,864,522 3,702,807 3,977,909
Experience (gain)/losses (378,524) 253,372 (962,312) (6,049,438)
Assumption changes (18,107,712) 2,574,394 (15,524,189) (20,325,562)
Plan amendments - - - -
Benefits payments (2,581,160) (2,308,214) (2,856,296) (3,047,615)
Total OPEB Liability - End of year $ 75,152,958 $ 92,397,710 $ 87,500,861 $ 101,158,647
Plan Fiduciary Net Position $ - $ - $ - $ -
Net OPEB Liability $ 75,152,958 $ 92,397,710 $ 87,500,861 $ 101,158,647
Covered Payroll $ 133,199,538 $ 128,309,627 $ 125,015,757 $ 119,397,841
Employer's Net OPEB Liability as
Percentage of Covered Payroll: 56.42% 72.01% 69.99% 84.72%
149

-- 151 of 247 --

City of Akron, Ohio
Required Supplementary Information
Schedule of Net OPEB Liability and Related Ratios
For State OPEB Plans
For the Year Ended December 31, 2022
OPERS OPEB Plan
City's
City's Proportionate City's
Proportion of Share of City's Net OPEB
Collective Collective Covered Liability Fiduciary Net
Position
Measurement Net OPEB Net OPEB Employee as a Percentage of as a Percentage of
Date Liability / (Asset) Liability / (Asset) Payroll Covered Payroll Total OPEB Liability
12.31/2021 0.43 % $ (13,392,616) $ 66,677,034 0.00 % 94.79 %
12/31/2020 0.42 (7,397,476) 65,551,363 0.00 115.60
12/31/2019 0.42 57,992,341 63,428,243 91.43 47.80
12/31/2018 0.43 55,435,783 61,904,514 89.55 46.30
12/31/2017 0.43 46,401,790 60,528,284 76.66 54.10
12/31/2016 0.43 43,158,581 59,723,067 72.26 62.10
OP&F OPEB Plan
City's
City's Proportionate City's
Proportion of Share of City's Net OPEB
Collective Collective Covered Liability Fiduciary Net
Position
Measurement Net OPEB Net OPEB Employee as a Percentage of as a Percentage of
Date Liability / (Asset) Liability / (Asset) Payroll Covered Payroll Total OPEB Liability
12/31/2021 2.711145 % $ 26,208,709 $ 66,522,504 39.40 % 46.90 %
12/31/2020 2.665958 28,246,262 65,514,819 43.11 45.40
12/31/2018 2.587977 25,564,678 61,587,514 41.51 47.10
12/31/2018 2.659876 24,222,250 59,978,641 40.38 46.60
12/31/2017 2.61719 148,286,319 57,937,340 255.94 14.10
12/31/2016 2.61719 124,232,123 53,407,368 232.61 16.00
** City's Covered Employee Payroll has been estimated by the City of Akron.
150

-- 152 of 247 --

City of Akron, Ohio
Required Supplementary Information
Schedule of Contributions under the City of Akron's OPEB Plan
For the Year Ended December 31, 2022
Fiscal Measurement Actual
Year Year Employer Covered
Ending Ending Constributions Payroll*
12/31/2022 12/31/2021 $ 2,260,494 $ 133,398,052
12/31/2021 12/31/2020 2,308,214 135,701,400
12/31/2020 12/31/2019 2,856,926 128,309,627
12/31/2019 12/31/2018 2,591,971 125,015,757
12/31/2018 12/31/2017 3,015,640 119,397,841
12/31/2017 N/A 4,462,299 118,465,624
12/31/2016 N/A 4,867,000 113,130,435
12/31/2015 N/A 5,048,000 108,908,085
12/31/2014 N/A 4,908,000 107,105,770
12/31/2013 N/A 4,725,000 108,275,819
12/31/2012 N/A 4,772,000 83,935,000
12/31/2011 N/A 4,335,000 88,115,000
12/31/2010 N/A 9,825,000 114,340,000
*Covered Payroll has been estimated by the City of Akron
151

-- 153 of 247 --

City of Akron, Ohio
Notes to the Required Supplementary Information
For the Year Ended December 31, 2022
Budgetary Data
The City’s budgetary process is based upon accounting for certain transactions on a basis
other than on generally accepted accounting principles (GAAP). The actual results of
operations are presented in the Budgetary Comparison Schedule in accordance with the City’s
budgetary process (budget basis) to provide a meaningful comparison of actual results with the
budget. The legal level of budgetary control is by category for each department within each fund.
The categories are wages/benefits, other, and capital outlay.
The major differences between budget basis and GAAP basis in the General Fund, the Community
Learning Centers Fund, the Income Tax Capital Improvement Fund, the Special Assessment Fund and
Various Purpose Funding Fund are:
1. Revenues are recorded when received in cash (budget) as opposed to susceptible to accrual
(GAAP).
2. Expenditures are recorded when paid in cash (budget) as opposed to when the liability is
incurred (GAAP).
3. Encumbrances are recorded as the equivalent of expenditures (budget) as opposed to
restricted, committed or assigned fund balance (GAAP).
Recognition of certain revenues may be reclassified between funds to facilitate matching with the
related expenditures.
Community Income Tax
Learning Capital Special Various
General Centers Improvement Assessment Purpose
Excess (Deficiency) of revenues and other
financing sources over expenditures and
other financing uses (budgetary basis) $ (2,065,825) $ 738,565 $ 2,704,617 $ (2,123,256) $ 33,687,142
Adjustments:
To adjust revenues for accruals (8,060,919) 9,143,468 (2,048,422) (6,089,446) (46,542,068)
To adjust expenditures for accruals 4,617,666 (17,288,319) 1,681,924 5,348,471 (1,253,451)
To adjust for encumbrances 1,661,980 - 1,128,938 1,971,226 1,516,345
Net change in fund balance (GAAP basis) $ (3,847,098) $ (7,406,286) $ 3,467,057 $ (893,005) $ (12,592,032)
******
152

-- 154 of 247 --

City of Akron, Ohio
Notes to the Required Supplementary Information
For the Year Ended December 31, 2022
Schedule of City's Proportionate Share of Net Pension Liability
Information regarding the City's proportionate share of the net pension liability (asset) for fiscal years
ending 2014 to 2022 has been provided by the Ohio Public Employees Retirement System (OPERS)
and the Ohio Police and Fire Pension Fund (OP&F). The net pension liability (asset) presented in the
City's financial statement as of December 31, 2021 is based on the measurement date of December 31,
2021. Information presented in this exhibit is not available for years prior to 2013.
Schedule of the City Contributions to State Pension Funds and OPEB
The Board of Trustees for both OPERS and OP&F determine the allocation between pension and
OPEB plans annually and this allocation may change for year to year. The city pays all contractually
required employer rates for OPERS and OP&F employees.
OPERS maintains three separate pension plans. The employer contribution rate is the same for all
three plans. The City does not know which plan each of its employees participates in and; therfore;
the information presented in the contribution schedule combines all plans from fiscal year ending
December 31, 2007 through fiscal year ending December 31, 2013.
Schedule of the Net OPEB Liability and Related Ratios
Information regarding the City's proportionate share of the net OPEB liability for the fiscal year
ending 2022 has been provided by OPERS and OP&F. The net OPEB liability presented in the City's
financial statement as of December 31, 2022 is based on the measurement date of December 31, 2021.
Information presented in this exhibit is not available prior to 2016.
The City also maintains its own plan that is funded on a "Pay-as-you-go" basis. The net OPEB
liability for presented in the City's fiancial statements as of December 31, 2022 is based on the
measurement date of December 31, 2021. There are no assets accumulated in a trust that meets the
criteria of GASB codification P22.101 or P52.101 to pay related benefits for the OPEB plan.
153

-- 155 of 247 --

NON-MAJOR GOVERNMENTAL FUNDS
Special Revenue Funds - are used to account for types of resources for which specific uses are
mandated by City ordinances or federal and state statutes. The title of the fund is descriptive of the
activities accounted for therein. The non-major Special Revenue Funds are:
To Account for Special Purposes:
Income Tax Collection Canal Park Stadium COPs
Emergency Medical Service Downtown District Heating COPs
Street and Highway Maintenance Safety Programs
Tax Equivalency City Facilities Operating
E.D.A. Revolving Loans Deposits
Joint Economic Development Districts Police, Fire, and Road Activity
Akron Muni. Court Information System
Federal and/or State Statutes
to Account for Grants and Subsidies:
Community Development H.O.M.E. Program
Community Environment Grants Police Grants
Akron Metro. Area Transportation Study General Grants
154

-- 156 of 247 --

NON-MAJOR GOVERNMENTAL FUNDS (Continued)
Debt Service Funds - are used to account for the accumulation of financial resources for, and the
payment of, general long-term debt principal, interest and related costs. The non-major Debt Service
Funds are as follows:
General Bond Payment JEDD Bond Payment
Debt Service Bond Payment Income Tax Bond Payment
Special Assessment Bond Payment Taxable Revenue Bond Payment
Non-Tax Revenue Bond Payment
Capital Project Funds – are used to account for financial resources to be used for the acquisition or
construction of major capital facilities (other than those financed by Proprietary Funds). The non-major
Capital Projects Funds are as follows:
To Account for Grant Revenue and Other Funding Sources:
Information Technology and Improvements Public Parking
Parks and Recreation Economic Development
Public Facilities and Improvements Streets
155

-- 157 of 247 --

City of Akron, Ohio B-1
Combining Balance Sheet - Non-Major Governmental Funds
December 31, 2022
Special Revenue Funds
Income
Tax
Collection
Emergency
Medical
Service
Street and
Highway
Maintenance
Community
Development
Community
Environment
Grants
Assets
Pooled cash and investments $ 4,993,731 $ 265,704 $ 2,363,183 $ 2,358,927 $ 532,340
Restricted cash and investments - - - - -
Receivables, net of allowances for uncollectibles - 11,283,550 14,039,833 17,306 -
Loans receivable - - - 5,477,509 241,876
Due from other governments - - - 1,600,860 189,587
Due from other funds 430,498 - 162 218 -
Due from others 254,308 - - - -
Assets held for resale - - - - -
Total assets $ 5,678,537 $ 11,549,254 $ 16,403,178 $ 9,454,820 $ 963,803
Liabilities
Accounts payable $ 4,220,768 $ 22,354 $ 95,828 $ 110,689 $ 9,600
Deposits - - - - -
Advances from other funds - - - - -
Due to other governments - - - 1,850,000 -
Due to other funds 1,277 10,518 199,786 315,328 -
Due to others - - - - -
Accrued liabilities 13,833 335,823 67,162 22,275 199
Accrued wages 53,516 700,354 214,575 74,102 519
Total liabilities 4,289,394 1,069,049 577,351 2,372,394 10,318
Deferred Inflows of Resources - 9,989,731 9,753,213 2,868,540 150,000
Fund balances
Restricted 1,389,143 490,474 6,072,614 4,213,886 803,485
Committed - - - - -
Unassigned - - - - -
Total fund balances (deficits) 1,389,143 490,474 6,072,614 4,213,886 803,485
Total liabilities, deferred inflows and fund balances $ 5,678,537 $ 11,549,254 $ 16,403,178 $ 9,454,820 $ 963,803
156

-- 158 of 247 --

City of Akron, Ohio B-1
Combining Balance Sheet - Non-Major Governmental Funds
December 31, 2022
Special Revenue Funds
Akron
Metro. Area
Transportation
Study
H.O.M.E.
Program
Tax
Equivalency
E.D.A.
Revolving
Loans
Joint
Economic
Development
Districts
Assets
Pooled cash and investments $ 147,065 $ 1,220,517 $ 10,705,691 $ 12,018 $ 2,982,160
Restricted cash and investments - - - - -
Receivables, net of allowances for uncollectibles - - 18,107,656 - 1,464,635
Loans receivable - 3,282,933 - - 2,000,000
Due from other governments 211,443 1,154,793 - - -
Due from other funds 114 - - - -
Due from others - - - - -
Assets held for resale - - - - -
Total assets $ 358,622 $ 5,658,243 $ 28,813,347 $ 12,018 $ 6,446,795
Liabilities
Accounts payable $ 1,135 $ 6,196 $ 40,549 $ - $ 128,377
Deposits - - - - -
Advances from other funds - - - - -
Due to other governments - - - - -
Due to other funds 219 - - - 255,249
Due to others - - 234,021 - 342,614
Accrued liabilities 14,254 65 - 12 11,893
Accrued wages 44,911 299 - 83 34,232
Total liabilities 60,519 6,560 274,570 95 772,365
Deferred Inflows of Resources - 2,972,933 18,014,531 4,484 1,874,203
Fund balances
Restricted 298,103 2,678,750 - 7,439 3,800,227
Committed - - 10,524,246 - -
Unassigned - - - - -
Total fund balances (deficits) 298,103 2,678,750 10,524,246 7,439 3,800,227
Total liabilities, deferred inflows and fund balances $ 358,622 $ 5,658,243 $ 28,813,347 $ 12,018 $ 6,446,795
157

-- 159 of 247 --

City of Akron, Ohio B-1
Combining Balance Sheet - Non-Major Governmental Funds
December 31, 2022
Special Revenue Funds
Akron
Muni. Court
Information
System
Canal
Park
Stadium
COPs
Downtown
District
Heating
COPs
Police
Grants
Safety
Programs
Assets
Pooled cash and investments $ 290,481 $ - $ - $ 9,427 $ 2,037,300
Restricted cash and investments - 167,590 1,043,950 - -
Receivables, net of allowances for uncollectibles 15,407 - - - 335,322
Loans receivable - - - - -
Due from other governments - - - 541,040 2,516,423
Due from other funds 7,354 - - - 1,467
Due from others - - - - -
Assets held for resale - - - - -
Total assets $ 313,242 $ 167,590 $ 1,043,950 $ 550,467 $ 4,890,512
Liabilities
Accounts payable $ 78,892 $ - $ - $ 99,484 $ 5,167
Deposits - - - - -
Advances from other funds - - - - 40,000
Due to other governments - - - - -
Due to other funds - - - 171,138 -
Due to others - - - - -
Accrued liabilities - - - 16,714 4,495
Accrued wages - - - 55,657 12,144
Total liabilities 78,892 - - 342,993 61,806
Deferred Inflows of Resources - - - 179,740 1,537,277
Fund balances
Restricted 234,350 167,590 1,043,950 27,734 3,291,429
Committed - - - - -
Unassigned - - - - -
Total fund balances (deficits) 234,350 167,590 1,043,950 27,734 3,291,429
Total liabilities, deferred inflows and fund balances $ 313,242 $ 167,590 $ 1,043,950 $ 550,467 $ 4,890,512
158

-- 160 of 247 --

City of Akron, Ohio B-1
Combining Balance Sheet - Non-Major Governmental Funds
December 31, 2022
Special Revenue Funds
City
Facilities
Operating Deposits
Police, Fire,
and Road
Activity General Grants
Assets
Pooled cash and investments $ 88,855 $ 2,396,652 $ 21,857,475 $ 2,055
Restricted cash and investments - - - -
Receivables, net of allowances for uncollectibles 20,203,068 3,505,921 3,070,858 -
Loans receivable - - - -
Due from other governments - - - -
Due from other funds - - - -
Due from others - - - -
Assets held for resale - - - -
Total assets $ 20,291,923 $ 5,902,573 $ 24,928,333 $ 2,055
Liabilities
Accounts payable $ 7,035 $ - $ 58,512 $ 624
Deposits - 979,676 - -
Advances from other funds - - - 55,000
Due to other governments - - - -
Due to other funds - 127,750 - -
Due to others 135,197 1,183,855 - -
Accrued liabilities - - - 1,674
Accrued wages - - - 4,782
Total liabilities 142,232 2,291,281 58,512 62,080
Deferred Inflows of Resources 20,135,895 - 1,351,180 -
Fund balances
Restricted 13,796 3,611,292 23,518,641 -
Committed - - - -
Unassigned - - - (60,025)
Total fund balances (deficits) 13,796 3,611,292 23,518,641 (60,025)
Total liabilities, deferred inflows and fund balances $ 20,291,923 $ 5,902,573 $ 24,928,333 $ 2,055
159

-- 161 of 247 --

City of Akron, Ohio B-1
Combining Balance Sheet - Non-Major Governmental Funds
December 31, 2022
Debt Service Funds
General
Bond
Payment
Debt
Service
Bond
Payment
Special
Assessment
Bond Payment
Assets
Pooled cash and investments $ 433,306 $ - $ -
Restricted cash and investments - 368,170 39,473
Receivables, net of allowances for uncollectibles 2,417,231 - -
Loans receivable - - -
Due from other governments - - -
Due from other funds 40 - -
Due from others - - -
Assets held for resale - - -
Total assets $ 2,850,577 $ 368,170 $ 39,473
Liabilities
Accounts payable $ 3,921 $ - $ -
Deposits - - -
Advances from other funds - - -
Due to other governments - - -
Due to other funds 2,411 - -
Due to others - - 2,000
Accrued liabilities 5,326 - -
Accrued wages 15,366 - -
Total liabilities 27,024 - 2,000
Deferred Inflows of Resources 2,271,404 - -
Fund balances
Restricted 552,149 368,170 37,473
Committed - - -
Unassigned - - -
Total fund balances (deficits) 552,149 368,170 37,473
Total liabilities, deferred inflows and fund balances $ 2,850,577 $ 368,170 $ 39,473
160

-- 162 of 247 --

City of Akron, Ohio B-1
Combining Balance Sheet - Non-Major Governmental Funds
December 31, 2022
Debt Service Funds Capital Project Funds
Non-Tax
Revenue
Bond
Payment
JEDD Bond
Payment
Income Tax
Bond
Payment
Taxable
Revenue
Bond
Payment Streets
Information
Technology
and
Improvements
Assets
Pooled cash and investments $ - $ - $ - $ - $ 59,801 $ 9,939
Restricted cash and investments 274,272 8,295 198,850 36,370 - -
Receivables, net of allowances for uncollectibles - - - - 36,616 -
Loans receivable - - - - - -
Due from other governments - - - - - -
Due from other funds - - - - - -
Due from others - - - - - -
Assets held for resale - - - - - -
Total assets $ 274,272 $ 8,295 $ 198,850 $ 36,370 $ 96,417 $ 9,939
Liabilities
Accounts payable $ - $ - $ - $ - $ 2,943,084 $ 504
Deposits - - - - - -
Advances from other funds - - - - 1,300,000 20,000
Due to other governments - - - - 1,191,907 -
Due to other funds - - - - 1,395,947 -
Due to others - - - - - -
Accrued liabilities - - - - 635,635 -
Accrued wages - - - - 23,730 -
Total liabilities - - - - 7,490,303 20,504
Deferred Inflows of Resources - - - - - -
Fund balances
Restricted 274,272 8,295 198,850 36,370 - -
Committed - - - - - -
Unassigned - - - - (7,393,886) (10,565)
Total fund balances (deficits) 274,272 8,295 198,850 36,370 (7,393,886) (10,565)
Total liabilities, deferred inflows and fund balances $ 274,272 $ 8,295 $ 198,850 $ 36,370 $ 96,417 $ 9,939
161

-- 163 of 247 --

City of Akron, Ohio B-1
Combining Balance Sheet - Non-Major Governmental Funds
December 31, 2022
Capital Project Funds
Parks
and
Recreation
Public
Facilities
and
Improvements
Public
Parking
Economic
Development Total
Assets
Pooled cash and investments $ 749,493 $ 1,888,888 $ 94,576 $ 1,398,837 $ 56,898,421
Restricted cash and investments - - - - 2,136,970
Receivables, net of allowances for uncollectibles - - - - 74,497,403
Loans receivable - - - 2,543,751 13,546,069
Due from other governments 51,932 365,619 - - 6,631,697
Due from other funds - - - - 439,853
Due from others - - - - 254,308
Assets held for resale - - - 8,464,523 8,464,523
Total assets $ 801,425 $ 2,254,507 $ 94,576 $ 12,407,111 $ 162,869,244
Liabilities
Accounts payable $ 239,504 $ 323,120 $ 806 $ 1,170 $ 8,397,319
Deposits - - - - 979,676
Advances from other funds - - - - 1,415,000
Due to other governments - - - 2,265,000 5,306,907
Due to other funds 190,964 189,842 17,184 58,234 2,935,847
Due to others - - - 192,848 2,090,535
Accrued liabilities 1,556 89,805 19 375 1,221,115
Accrued wages 4,121 788 68 789 1,240,036
Total liabilities 436,145 603,555 18,077 2,518,416 23,586,435
Deferred Inflows of Resources 51,932 365,619 - 2,100,000 73,620,682
Fund balances
Restricted - - - - 53,138,482
Committed 313,348 1,285,333 76,499 7,788,695 19,988,121
Unassigned - - - - (7,464,476)
Total fund balances (deficits) 313,348 1,285,333 76,499 7,788,695 65,662,127
Total liabilities, deferred inflows and fund balances $ 801,425 $ 2,254,507 $ 94,576 $ 12,407,111 $ 162,869,244
162

-- 164 of 247 --

City of Akron, Ohio B-2
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-Major Governmental Funds
For the Year Ended December 31, 2022
Special Revenue Funds
Income
Tax
Collection
Emergency
Medical
Service
Street and
Highway
Maintenance
Community
Development
Community
Environment
Grants
Revenues
Income taxes $ 13,897,561 $ - $ - $ - $ -
Property taxes - 8,668,338 - - -
JEDD revenues - - - - -
Special assessments - - - 33,383 -
Grants and subsidies - 2,633 - 14,956,933 4,133,196
Investment earnings 7,657 234 10,974 38,790 819
Shared revenues 212,883 - 10,045,370 - -
Licenses, fees and fines 254,309 - 99,073 3,250 649
Charges for services 145 2,100,738 162 368 -
Miscellaneous 1,085 273,378 632,910 942,814 60,827
14,373,640 11,045,321 10,788,489 15,975,538 4,195,491
Expenditures
Current:
General government 6,245,331 - 32,695 2,856,113 150,000
Public service - - 6,829,614 38,188 -
Public safety - 20,208,193 2,665 529 -
Community environment - - - 5,235,608 2,861,359
Public health - - - - -
Recreation and parks - - - - -
Debt service:
Principal retirement - 261 - - -
Interest - 44 - - -
Bond issuance expenditures - - - - -
6,245,331 20,208,498 6,864,974 8,130,438 3,011,359
Excess (deficiency) of revenues over (under)
expenditures 8,128,309 (9,163,177) 3,923,515 7,845,100 1,184,132
Other financing sources (uses)
Capital contributions - - - - -
Issuance of bonds - - - 1,541 -
Issuance of leases - - - - -
Transfers-in - 9,035,421 - - -
Transfers-out - - - - -
- 9,035,421 - 1,541 -
Net change in fund balances 8,128,309 (127,756) 3,923,515 7,846,641 1,184,132
Fund balances (deficit), January 1, 2022 (6,739,166) 618,230 2,149,099 (3,632,755) (380,647)
Fund balances (deficit), December 31, 2022 $ 1,389,143 $ 490,474 $ 6,072,614 $ 4,213,886 $ 803,485
163

-- 165 of 247 --

City of Akron, Ohio B-2
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-Major Governmental Funds
For the Year Ended December 31, 2022
Special Revenue Funds
Akron
Metro. Area
Transportation
Study
H.O.M.E.
Program
Tax
Equivalency
E.D.A.
Revolving
Loans
Joint
Economic
Development
Districts
Revenues
Income taxes $ - $ - $ - $ - $ -
Property taxes - - 42,788 - -
JEDD revenues - - - - 9,023,843
Special assessments - - - - -
Grants and subsidies 1,422,052 3,868,033 - - -
Investment earnings - 4,777 - 63 44,770
Shared revenues - - 16,376,202 - -
Licenses, fees and fines 10,160 - - - 70
Charges for services 114 - - - 665,228
Miscellaneous 146,404 12,500 62,464 - 847,310
1,578,730 3,885,310 16,481,454 63 10,581,221
Expenditures
Current:
General government - 2,500 - 4,484 2,495,584
Public service - - - - -
Public safety 109 - - - 23,386
Community environment 1,695,619 1,077,395 12,154,542 95 1,358,473
Public health - - - - -
Recreation and parks - - - - 3,434,503
Debt service:
Principal retirement - - 299,425 - 2,337,232
Interest - - 47,679 - 129,667
Bond issuance expenditures - - - - -
1,695,728 1,079,895 12,501,646 4,579 9,778,845
Excess (deficiency) of revenues over (under)
expenditures (116,998) 2,805,415 3,979,808 (4,516) 802,376
Other financing sources (uses)
Capital contributions - - - - -
Issuance of bonds - - 670 - 1,602,515
Issuance of leases - - - - -
Transfers-in 42,253 - - - -
Transfers-out - - - - (250,000)
42,253 - 670 - 1,352,515
Net change in fund balances (74,745) 2,805,415 3,980,478 (4,516) 2,154,891
Fund balances (deficit), January 1, 2022 372,848 (126,665) 6,543,768 11,955 1,645,336
Fund balances (deficit), December 31, 2022 $ 298,103 $ 2,678,750 $ 10,524,246 $ 7,439 $ 3,800,227
164

-- 166 of 247 --

City of Akron, Ohio B-2
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-Major Governmental Funds
For the Year Ended December 31, 2022
Special Revenue Funds
Akron
Muni. Court
Information
System
Canal
Park
Stadium
COPs
Downtown
District
Heating
COPs
Police
Grants
Safety
Programs
Revenues
Income taxes $ - $ - $ - $ - $ 85,000
Property taxes - - - - -
JEDD revenues - - - - -
Special assessments - - - - -
Grants and subsidies - - - 3,171,847 1,275,140
Investment earnings - - 17,668 - 22,057
Shared revenues - - - - 971,813
Licenses, fees and fines 191,806 - - - 19,010
Charges for services - - - - 750,275
Miscellaneous 120,000 22,800 - 64,872 579,658
311,806 22,800 17,668 3,236,719 3,702,953
Expenditures
Current:
General government 693,412 - 6 - -
Public service - - - - -
Public safety - - - 3,193,254 3,715,607
Community environment - - 537,448 - -
Public health - - - - -
Recreation and parks - - - - -
Debt service:
Principal retirement - - - - -
Interest - 553 229 - -
Bond issuance expenditures - - - - -
693,412 553 537,683 3,193,254 3,715,607
Excess (deficiency) of revenues over (under)
expenditures (381,606) 22,247 (520,015) 43,465 (12,654)
Other financing sources (uses)
Capital contributions - - - - -
Issuance of bonds - - - - -
Issuance of leases - - - - -
Transfers-in - - - - -
Transfers-out - - - - -
- - - - -
Net change in fund balances (381,606) 22,247 (520,015) 43,465 (12,654)
Fund balances (deficit), January 1, 2022 615,956 145,343 1,563,965 (15,731) 3,304,083
Fund balances (deficit), December 31, 2022 $ 234,350 $ 167,590 $ 1,043,950 $ 27,734 $ 3,291,429
165

-- 167 of 247 --

City of Akron, Ohio B-2
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-Major Governmental Funds
For the Year Ended December 31, 2022
Special Revenue Funds
City
Facilities
Operating Deposits
Police, Fire,
and Road
Activity General Grants
Revenues
Income taxes $ - $ - $ 16,958,714 $ -
Property taxes - - - -
JEDD revenues 481,692 - - -
Special assessments - - - -
Grants and subsidies - - - 209,223
Investment earnings 35 1,551,595 - 23
Shared revenues - - - -
Licenses, fees and fines 557,094 5,401,365 - -
Charges for services - 150 - -
Miscellaneous 755,985 832,353 - -
1,794,806 7,785,463 16,958,714 209,246
Expenditures
Current:
General government - 6,740,415 14,170 209,313
Public service 582,466 - 2,895,761 -
Public safety - - 9,351,108 -
Community environment 15,946,914 - - 141,334
Public health - - - -
Recreation and parks - - - -
Debt service:
Principal retirement 25,009 - - -
Interest 41,213 17 323,776 -
Bond issuance expenditures - - - -
16,595,602 6,740,432 12,584,815 350,647
Excess (deficiency) of revenues over (under)
expenditures (14,800,796) 1,045,031 4,373,899 (141,401)
Other financing sources (uses)
Capital contributions - - - -
Issuance of bonds 679,294 - - -
Issuance of leases 14,869,698 - - -
Transfers-in - - - -
Transfers-out - - - -
15,548,992 - - -
Net change in fund balances 748,196 1,045,031 4,373,899 (141,401)
Fund balances (deficit), January 1, 2022 (734,400) 2,566,261 19,144,742 81,376
Fund balances (deficit), December 31, 2022 $ 13,796 $ 3,611,292 $ 23,518,641 $ (60,025)
166

-- 168 of 247 --

City of Akron, Ohio B-2
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-Major Governmental Funds
For the Year Ended December 31, 2022
Debt Service Funds
General
Bond
Payment
Debt
Service
Bond
Payment
Special
Assessment
Bond Payment
Non-Tax
Revenue
Bond
Payment
JEDD Bond
Payment
Revenues
Income taxes $ - $ - $ - $ - $ -
Property taxes 1,918,059 - - - -
JEDD revenues - - - - -
Special assessments - - - - -
Grants and subsidies - - - - -
Investment earnings - 45 267 184 2,441
Shared revenues 145,827 - - - -
Licenses, fees and fines - - - - -
Charges for services 40 - - - -
Miscellaneous 16,190 - 122 - -
2,080,116 45 389 184 2,441
Expenditures
Current:
General government 656,604 83,089 - - -
Public service - - - - -
Public safety - - - - -
Community environment - - - - -
Public health 265 - - - -
Recreation and parks - - - - -
Debt service:
Principal retirement 915,331 27,900,002 - - -
Interest 188,238 41,734 - - 9
Bond issuance expenditures - - - - -
1,760,438 28,024,825 - - 9
Excess (deficiency) of revenues over (under)
expenditures 319,678 (28,024,780) 389 184 2,432
Other financing sources (uses)
Capital contributions - - - - -
Issuance of bonds - 27,945,000 - - -
Issuance of leases - - - - -
Transfers-in - - - - -
Transfers-out - - - - -
- 27,945,000 - - -
Net change in fund balances 319,678 (79,780) 389 184 2,432
Fund balances (deficit), January 1, 2022 232,471 447,950 37,084 274,088 5,863
Fund balances (deficit), December 31, 2022 $ 552,149 $ 368,170 $ 37,473 $ 274,272 $ 8,295
167

-- 169 of 247 --

City of Akron, Ohio B-2
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-Major Governmental Funds
For the Year Ended December 31, 2022
Debt Service Funds Capital Projects Funds
Income Tax
Bond
Payment
Taxable
Revenue
Bond
Payment Streets
Information
Technology
and
Improvements
Revenues
Income taxes $ - $ - $ 436,440 $ -
Property taxes - - - -
JEDD revenues - - - -
Special assessments - - 1,762,783 -
Grants and subsidies - - 8,648,486 -
Investment earnings - 36,370 - -
Shared revenues - - - -
Licenses, fees and fines - - - -
Charges for services - - - -
Miscellaneous - - 1,474,128 -
- 36,370 12,321,837 -
Expenditures
Current:
General government - - 1,245,114 96,945
Public service - - 27,768,799 -
Public safety - - - -
Community environment 4,990 - - -
Public health - - - -
Recreation and parks - - - -
Debt service:
Principal retirement - - - -
Interest - 153 - -
Bond issuance expenditures - - 10,000 -
4,990 153 29,023,913 96,945
Excess (deficiency) of revenues over (under)
expenditures (4,990) 36,217 (16,702,076) (96,945)
Other financing sources (uses)
Capital contributions - - - -
Issuance of bonds - - 14,172,248 -
Issuance of leases - - - -
Transfers-in - - - -
Transfers-out - - - -
- - 14,172,248 -
Net change in fund balances (4,990) 36,217 (2,529,828) (96,945)
Fund balances (deficit), January 1, 2022 203,840 153 (4,864,058) 86,380
Fund balances (deficit), December 31, 2022 $ 198,850 $ 36,370 $ (7,393,886) $ (10,565)
168

-- 170 of 247 --

City of Akron, Ohio B-2
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances - Non-Major Governmental Funds
For the Year Ended December 31, 2022
Capital Projects Funds
Parks
and
Recreation
Public
Facilities
and
Improvements
Public
Parking
Economic
Development Total
Revenues
Income taxes $ - $ 30,834 $ - $ - $ 31,408,549
Property taxes - - - - 10,629,185
JEDD revenues - - - - 9,505,535
Special assessments - - - 376,392 2,172,558
Grants and subsidies 864,431 201,166 - - 38,753,140
Investment earnings - - - 8,820 1,747,589
Shared revenues - - - - 27,752,095
Licenses, fees and fines - - - - 6,536,786
Charges for services - - - - 3,517,220
Miscellaneous 188 3,649 - 976,979 7,826,616
864,619 235,649 - 1,362,191 139,849,273
Expenditures
Current:
General government 85,320 46,674 - - 21,657,769
Public service 104,137 5,787,341 108,891 441 44,115,638
Public safety - - - - 36,494,851
Community environment - - - 44,016 41,057,793
Public health - - - - 265
Recreation and parks 4,528,049 57,777 - - 8,020,329
Debt service:
Principal retirement - 5,000,000 - 2,623 36,479,883
Interest - 13,712 - 44,779 831,803
Bond issuance expenditures - 10,000 - - 20,000
4,717,506 10,915,504 108,891 91,859 188,678,331
Excess (deficiency) of revenues over (under)
expenditures (3,852,887) (10,679,855) (108,891) 1,270,332 (48,829,058)
Other financing sources (uses)
Capital contributions - - - 545,100 545,100
Issuance of bonds 5,999,083 6,403,712 1,110,000 - 57,914,063
Issuance of leases - - - - 14,869,698
Transfers-in - - - - 9,077,674
Transfers-out - - - - (250,000)
5,999,083 6,403,712 1,110,000 545,100 82,156,535
Net change in fund balances 2,146,196 (4,276,143) 1,001,109 1,815,432 33,327,477
Fund balances (deficit), January 1, 2022 (1,832,848) 5,561,476 (924,610) 5,973,263 32,334,650
Fund balances (deficit), December 31, 2022 $ 313,348 $ 1,285,333 $ 76,499 $ 7,788,695 $ 65,662,127
169

-- 171 of 247 --

B-3
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Income Tax Collection Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Income taxes $ 5,397,253 $ 11,076,543 $ 10,708,571
Miscellaneous revenues 304,790 625,500 641,232
Total revenues 5,702,043 11,702,043 11,349,803
Other sources:
Previous year's encumbrances 91,074 91,074 91,074
Total other sources 91,074 91,074 91,074
Total revenues and other sources 5,793,117 11,793,117 11,440,877
Expenditures
Finance:
Wages/benefits 1,815,004 1,815,004 1,614,641
Other 6,079,762 15,516,836 10,794,598
Total expenditures 7,894,766 17,331,840 12,409,239
Excess (deficiency) of revenues and other ..
sources over expenditures (2,101,649) (5,538,723) (968,362)
Fund balance, January 1, 2022 5,827,231 5,827,231 5,827,231
Fund balance, December 31, 2022 $ 3,725,582 $ 288,508 $ 4,858,869
170

-- 172 of 247 --

B-4
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Emergency Medical Services Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Property taxes $ 8,640,383 $ 8,664,018 $ 8,675,742
Transport billing 3,392,120 4,264,530 1,951,154
Other revenue 884,890 1,112,480 266,436
Total revenues 12,917,393 14,041,028 10,893,332
Other sources:
General fund subsidy 9,410,467 9,410,467 9,035,421
Previous year's encumbrances 96,705 96,705 96,705
Total other sources 9,507,172 9,507,172 9,132,126
Total revenues and other sources 22,424,565 23,548,200 20,025,458
Expenditures
Fire:
Wages/benefits 20,728,201 21,709,801 18,429,826
Other 1,428,600 1,840,305 1,558,540
Total expenditures 22,156,801 23,550,106 19,988,366
Excess (deficiency) of revenues and other
sources over expenditures 267,764 (1,906) 37,092
Fund balance, January 1, 2022 33,289 33,289 33,289
Fund balance, December 31, 2022 $ 301,053 $ 31,383 $ 70,381
Note: Included in the General fund subsidy above is transfers in of $8,785,421.
171

-- 173 of 247 --

B-5
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Police Pension Employer's Liability Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues
Property taxes $ 925,756 $ 928,288 $ 928,272
Total revenues 925,756 928,288 928,272
Expenditures
Police:
Wages/benefits 520,000 820,000 820,000
Other 368,566 128,566 119,206
Total expenditures 888,566 948,566 939,206
Excess (deficiency) of revenues over
expenditures
37,190 (20,278) (10,934)
Fund balance, January 1, 2022 20,114 20,114 20,114
Fund balance (deficit), December 31, 2022 $ 57,304 $ (164) $ 9,180
172

-- 174 of 247 --

B-6
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Fire Pension Employer's Liability Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues
Property taxes $ 925,756 $ 928,288 $ 928,272
Total revenues 925,756 928,288 928,272
Expenditures
Fire:
Wages/benefits 520,000 820,000 820,000
Other 368,566 128,566 119,206
Total expenditures 888,566 948,566 939,206
Excess (deficiency) of revenues over
expenditures
37,190 (20,278) (10,934)
Fund balance, January 1, 2022 20,114 20,114 20,114
Fund balance (deficit), December 31, 2022 $ 57,304 $ (164) $ 9,180
173

-- 175 of 247 --

B-7
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Street and Highway Maintenance Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Gasoline tax $ 8,570,620 $ 8,570,620 $ 7,182,966
Motor vehicle license tax 2,603,610 2,603,610 2,318,490
Service revenues 1,752,870 1,752,870 1,214,455
Miscellaneous revenues 659,900 659,900 667,894
Total revenues 13,587,000 13,587,000 11,383,805
Other sources:
Previous year's encumbrances 361,826 361,826 361,826
Total other sources 361,826 361,826 361,826
Total revenues and other sources 13,948,826 13,948,826 11,745,631
Expenditures
Public Service:
Wages/benefits 7,717,212 7,717,212 6,163,744
Other 5,243,021 5,654,847 5,138,823
Total expenditures 12,960,233 13,372,059 11,302,567
Excess of revenues and other
sources over expenditures 988,593 576,767 443,064
Fund balance, January 1, 2022 1,462,609 1,462,609 1,462,609
Fund balance, December 31, 2022 $ 2,451,203 $ 2,039,377 $ 1,905,673
174

-- 176 of 247 --

B-8
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Community Development Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Governmental revenues $ 13,944,380 $ 21,680,660 $ 14,325,270
Service revenues 29,740 46,250 28,158
Miscellaneous revenues 445,610 692,830 196,628
Total revenues 14,419,730 22,419,740 14,550,056
Other sources:
Previous year's encumbrances 297,270 297,270 297,270
Total other sources 297,270 297,270 297,270
Total revenues and other sources 14,717,000 22,717,010 14,847,326
Expenditures
Department Wide:
Wages/benefits 2,218,060 2,518,060 2,326,063
Other 9,458,291 15,455,561 9,896,436
Total expenditures 11,676,351 17,973,621 12,222,499
Excess (deficiency) of revenues and other
sources over expenditures 3,040,649 4,743,389 2,624,827
Fund balance, January 1, 2022 (2,020,519) (2,020,519) (2,020,519)
Fund balance, December 31, 2022 $ 1,020,130 $ 2,722,870 $ 604,308
175

-- 177 of 247 --

B-9
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Community Environment Grants Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Governmental revenues $ 4,445,737 $ 5,081,427 $ 3,943,608
Miscellaneous revenues 23,200 26,510 62,295
Total revenues 4,468,937 5,107,937 4,005,903
Other sources:
Previous year's encumbrances 391,179 391,179 391,179
Total other sources 391,179 391,179 391,179
Total revenues and other sources 4,860,116 5,499,116 4,397,082
Expenditures
Department Wide:
Wages/benefits 40,000 40,000 27,534
Other 3,280,250 4,486,429 3,566,968
Total expenditures 3,320,250 4,526,429 3,594,502
Excess (deficiency) of revenues and other
sources over expenditures 1,539,866 972,687 802,580
Fund balance, January 1, 2022 (672,706) (672,706) (672,706)
Fund balance, December 31, 2022 $ 867,160 $ 299,981 $ 129,874
176

-- 178 of 247 --

B-10
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Akron Metropolitan Area Transportation Study Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Federal/State grants $ 1,917,090 $ 2,016,165 $ 1,624,622
Service revenues 530 560 -
Miscellaneous revenues 17,320 17,320 36,125
Total revenues 1,934,940 2,034,045 1,660,747
Other sources:
Previous year's encumbrances 4,888 4,888 4,888
Total other sources 4,888 4,888 4,888
Total revenues and other sources 1,939,828 2,038,933 1,665,635
Expenditures
Planning:
Wages/benefits 1,442,512 1,517,512 1,366,612
Other 668,140 673,028 352,952
Total expenditures 2,110,652 2,190,540 1,719,564
Excess (deficiency) of revenues and other
sources over expenditures (170,824) (151,607) (53,929)
Fund balance, January 1, 2022 181,738 181,738 181,738
Fund balance, December 31, 2022 $ 10,914 $ 30,131 $ 127,809
Note: Included in Miscellaneous revenues above is transfer in of $42,253.
177

-- 179 of 247 --

B-11
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
H.O.M.E. Program Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Governmental revenues $ 2,659,372 $ 2,659,372 $ 2,043,549
Miscellaneous revenues 151,350 151,350 686,967
Total revenues 2,810,722 2,810,722 2,730,516
Other sources:
Previous year's encumbrances 183,235 183,235 183,235
Total Other sources 183,235 183,235 183,235
Total revenues and other sources 2,993,957 2,993,957 2,913,751
Expenditures
Department Wide:
Wages/Benefits 26,550 26,550 10,954
Other 2,987,000 3,170,235 2,464,918
Total expenditures 3,013,550 3,196,785 2,475,872
Excess (deficiency) of revenues and other
sources over expenditures (19,593) (202,828) 437,879
Fund balance, January 1, 2022 360,292 360,292 360,292
Fund balance, December 31, 2022 $ 340,699 $ 157,464 $ 798,171
178

-- 180 of 247 --

B-12
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Tax Equivalency Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Taxes and assessments $ 18,147,235 $ 18,147,235 $ 16,418,496
Miscellaneous revenues 19,520 19,520 13,293
Total revenues 18,166,755 18,166,755 16,431,789
Expenditures
Department Wide:
Other 15,798,113 15,798,113 15,747,718
Total expenditures 15,798,113 15,798,113 15,747,718
Excess (deficiency) of revenues and other
sources over expenditures 2,368,642 2,368,642 684,071
Fund balance, January 1, 2022 8,455,019 8,455,019 8,455,019
Fund balance, December 31, 2022 $ 10,823,661 $ 10,823,661 $ 9,139,090
179

-- 181 of 247 --

B-13
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Special Revenue Loans Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues
Miscellaneous revenues $ 6,560 $ 6,560 $ 63
Total revenues 6,560 6,560 63
Expenditures
Office of the Mayor:
Other 10,008 10,008 -
Total expenditures 10,008 10,008 -
Excess (deficiency) of revenues
over expenditures (3,448) (3,448) 63
Fund balance, January 1, 2022 11,956 11,956 11,956
Fund balance, December 31, 2022 $ 8,508 $ 8,508 $ 12,019
180

-- 182 of 247 --

B-14
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Joint Economic Development Districts Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
JEDD revenues $ 16,198,490 18,661,890 16,771,062
Service revenues 182,580 210,340 1,692,241
Miscellaneous revenues 1,083,910 1,248,750 849,971
Total revenues 17,464,980 20,120,980 19,313,274
Other sources:
Previous year's encumbrances 722,325 722,325 722,325
Total other sources 722,325 722,325 722,325
Total revenues and other sources 18,187,305 20,843,305 20,035,599
Expenditures
Department Wide:
Wages/benefits 741,678 791,678 764,205
Other 18,241,541 21,408,866 19,391,824
Total expenditures 18,983,219 22,200,544 20,156,029
Excess of revenues and other
sources over expenditures (795,914) (1,357,239) (120,430)
Fund balance, January 1, 2022 2,356,393 2,356,393 2,356,393
Fund balance, December 31, 2022 $ 1,560,479 $ 999,154 $ 2,235,963
Note: Included in Other expenditures above is transfers of $250,000.
181

-- 183 of 247 --

B-15
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Akron Municipal Court Information System Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Service revenues $ 663,840 $ 663,840 $ 301,018
Total revenues 663,840 663,840 301,018
Other sources:
Previous year's encumbrances 307,716 307,716 307,716
Total other sources 307,716 307,716 307,716
Total revenues and other sources 971,556 971,556 608,734
Expenditures
Court Clerk:
Wages and Benefits 71,984 71,984 52,547
Other 300,595 435,358 375,471
372,579 507,342 428,018
Judges:
Wages and Benefits 71,984 71,984 52,546
Other 328,295 501,248 429,215
400,279 573,232 481,761
Total expenditures 772,858 1,080,574 909,779
Excess of revenues and other
sources over expenditures 198,698 (109,018) (301,045)
Fund balance, January 1, 2022 551,716 551,716 551,716
Fund balance, December 31, 2022 $ 750,414 $ 442,698 $ 250,671
182

-- 184 of 247 --

B-16
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Police Grants Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Governmental revenues $ 3,984,970 $ 4,284,230 $ 3,190,090
Service revenues - - 128,917
Miscellaneous revenues 9,940 10,690 -
Total revenues 3,994,910 4,294,920 3,319,007
Other sources:
Previous year's encumbrances 333,953 333,953 333,953
Total other sources 333,953 333,953 333,953
Total revenues and other sources 4,328,863 4,628,873 3,652,960
Expenditures
Police:
Wages/benefits 1,780,052 1,780,052 1,757,139
Other 1,707,215 2,341,168 1,791,184
Total expenditures 3,487,267 4,121,220 3,548,323
Excess (deficiency) of revenues and other
sources over expenditures 841,596 507,653 104,637
Fund (deficit), January 1, 2022 (362,161) (362,161) (362,161)
Fund balance (deficit), December 31, 2022 $ 479,435 $ 145,492 $ (257,524)
183

-- 185 of 247 --

B-17
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Safety Programs Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Governmental revenues $ 1,986,345 $ 2,030,465 $ 1,572,469
Income Taxes 5,093,410 5,206,550 85,000
Service revenues 1,711,400 1,749,410 563,329
Miscellaneous revenues 213,190 217,930 82,422
Total revenues 9,004,345 9,204,355 2,303,220
Other sources:
Previous year's encumbrances 244,388 244,388 244,388
Total other sources 244,388 244,388 244,388
Total revenues and other sources 9,248,733 9,448,743 2,547,608
Expenditures
Public Safety:
Wages/benefits 468,448 468,448 320,000
Other 384,804 410,804 390,388
853,252 879,252 710,388
Fire
Wages/Benefits 2,555,403 2,555,404 1,707,946
Other 817,680 1,275,494 605,676
3,373,083 3,830,898 2,313,622
Police:
Wages/benefits 1,130,678 1,130,678 515,901
Other 1,553,941 1,565,514 1,133,526
2,684,619 2,696,192 1,649,427
Total expenditures 6,910,954 7,406,342 4,673,437
Excess (deficiency) of revenues and other
sources over expenditures 2,337,779 2,042,401 (2,125,829)
Fund balance, January 1, 2022 3,734,807 3,734,807 3,734,807
Fund balance, December 31, 2022 $ 6,072,586 $ 5,777,208 $ 1,608,978
Note: Included in Miscellaneous revenues above is advances of $40,000.
184

-- 186 of 247 --

B-18
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
City Facilities Operating Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Service revenues $ 561,840 $ 683,930 $ 582,256
Miscellaneous revenues 2,567,480 3,125,390 1,824,677
Total revenues 3,129,320 3,809,320 2,406,933
Other Sources
Previous year's encumbrances 27,254 27,254 27,254
Total other sources 27,254 27,254 27,254
Total revenues and other sources 3,156,574 3,836,574 2,434,187
Expenditures
Department Wide:
Other 2,569,962 3,219,216 2,318,353
Total expenditures 2,569,962 3,219,216 2,318,353
Excess (deficiency) of revenues and other
sources over expenditures 586,612 617,358 115,834
Fund deficit, January 1, 2022 (26,980) (26,980) (26,980)
Fund balance, December 31, 2022 $ 559,632 $ 590,378 $ 88,854
185

-- 187 of 247 --

B-19
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Deposits Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues
Miscellaneous revenues $ 418,580 $ 418,580 $ 874,992
Total revenues 418,580 418,580 874,992
Expenditures
Finance:
Other 1,649,040 1,649,040 (160,271)
Total expenditures 1,649,040 1,649,040 (160,271)
Excess (deficiency) of revenues
over expenditures (1,230,460) (1,230,460) 1,035,263
Fund balance, January 1, 2022 2,301,780 2,301,780 2,301,780
Fund balance, December 31, 2022 $ 1,071,320 $ 1,071,320 $ 3,337,043
186

-- 188 of 247 --

B-20
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Police, Fire, and Road Activity Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Income Taxes $ 17,129,415 $ 17,129,415 $ 17,986,127
Total revenues 17,129,415 17,129,415 17,986,127
Other Sources
Previous year's encumbrances 2,984,055 2,984,055 2,984,055
Total other sources 2,984,055 2,984,055 2,984,055
Total revenues and other sources 20,113,470 20,113,470 20,970,182
Expenditures
Department Wide:
Wages/benefits - - 522
Other 27,495,000 30,479,055 13,785,610
Total expenditures 27,495,000 30,479,055 13,786,132
Excess of revenues and other sources
over expenditures (7,381,530) (10,365,585) 7,184,050
Fund balance, January 1, 2022 13,584,991 13,584,991 13,584,991
Fund balance December 31, 2022 $ 6,203,461 $ 3,219,406 $ 20,769,041
187

-- 189 of 247 --

B-21
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
General Grants Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Miscellaneous $ 1,287,500 $ 1,287,500 $ 264,255
Total revenues 1,287,500 1,287,500 264,255
Other Sources
Previous year's encumberances 21,178 21,178 21,178
Total other sources 21,178 21,178 21,178
Total revenues and other Sources 1,308,678 1,308,678 285,433
Expenditures
Department Wide:
Wages - 150,000 140,214
Other 230,327 251,505 209,269
Total expenditures 230,327 401,505 349,483
Excess of revenues
over expenditures 1,078,351 907,173 (64,050)
Fund balance, January 1, 2022 65,101 65,101 65,101
Fund balance December 31, 2022 $ 1,143,452 $ 972,274 $ 1,051	5
Note: Included in Miscellaneous revenues above is advances of $55,000.
188

-- 190 of 247 --

B-22
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
General Bond Payment Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Property taxes $ 1,913,228 $ 1,915,410 $ 1,934,249
Miscellaneous revenues 6,690 6,690 -
Total revenues 1,919,918 1,922,100 1,934,249
Other sources:
Previous year's encumbrances 2,110 2,110 2,110
Total other sources 2,110 2,110 2,110
Total revenues and other sources 1,922,028 1,924,210 1,936,359
Expenditures
Finance:
Wages/benefits 450,211 576,211 541,307
Other 1,481,650 1,483,760 1,211,800
Total expenditures 1,931,861 2,059,971 1,753,107
Excess (deficiency) of revenues and other
sources over expenditures (9,833) (135,761) 183,252
Fund balance, January 1, 2022 246,810 246,810 246,810
Fund balance, December 31, 2022 $ 236,977 $ 111,049 $ 430,062
189

-- 191 of 247 --

B-23
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Streets Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Taxes, Assesments and JEDD $ 2,019,175 $ 2,901,155 $ 2,199,223
Intergovernmental revenues 8,383,990 12,046,130 609,878
Service revenues - - 190,408
Miscellaneous revenues 5,407,290 7,769,190 2,920,281
Total revenues 15,810,455 22,716,475 5,919,790
Other sources:
Note/Bond proceeds 7,083,300 10,177,290 14,172,247
Previous year's encumbrances 2,886,925 2,886,925 2,886,925
Total other sources 9,970,225 13,064,215 17,059,172
Total revenues and other sources 25,780,680 35,780,690 22,978,962
Expenditures
Department Wide:
Wages/benefits 779,993 1,147,493 1,033,989
Other 18,786,757 29,363,682 20,094,220
19,566,750 30,511,175 21,128,209
Total expenditures 19,566,750 30,511,175 21,128,209
Excess (deficiency) of revenues and other
sources over expenditures 6,213,930 5,269,515 1,850,753
Fund deficit, January 1, 2022 (3,268,674) (3,268,674) (3,268,674)
Fund balance (deficit), December 31, 2022 $ 2,945,256 $ 2,000,841 $ (1,417,921)
Note: Included in Miscellaneous revenues above is advances of $1,300,000.
190

-- 192 of 247 --

B-24
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Information Technology and Improvements Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues
Miscellaneous Revenues $ - $ - $ 20,000
Total revenues - - 20,000
Other Sources:
Note Bond Proceeds 2,272,500 2,272,500 -
Previous year's encumbrances 57,523 57,523 57,523
Total other sources 2,330,023 2,330,023 57,523
Total revenues and other sources 2,330,023 2,330,023 77,523
Expenditures
Department Wide:
Other 500,000 657,523 165,953
Total expenditures 500,000 657,523 165,953
Excess (deficiency) of revenues and other
sources over expenditures 1,830,023 1,672,500 (88,430)
Fund balance, January 1, 2022 98,369 98,369 98,369
Fund balance, December 31, 2022 $ 1,928,392 $ 1,770,869 $ 9,939
Note: Included in Miscellaneous revenues above is advances of $20,000.
191

-- 193 of 247 --

B-25
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Parks and Recreation Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Miscellaneous revenues $ 4,273,290 $ 5,374,410 $ 951,554
Total revenues 4,273,290 5,374,410 951,554
Other sources:
Note/Bond proceeds 3,488,400 4,387,280 5,999,083
Previous years encumbrances 147,827 147,827 147,827
Total other sources 3,636,227 4,535,107 6,146,910
Total revenues and other sources 7,909,517 9,909,517 7,098,464
Expenditures
Department Wide:
Wages/Benefits 284 100,284 76,495
Other 1,989,032 8,693,859 6,579,646
Total expenditures 1,989,316 8,794,143 6,656,141
Excess (deficiency) of revenues and other
sources over expenditures 5,920,201 1,115,374 442,323
Fund (deficit), January 1, 2022 (287,320) (287,320) (287,320)
Fund balance, December 31, 2022 $ 5,632,881 $ 828,054 $ 155,003
192

-- 194 of 247 --

B-26
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Public Facilities and Improvements Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Taxes, Assessments, and JEDD $ - $ - $ 30,835
Intergov. revenues 7,794,205 7,794,205 205,575
Total revenues 7,794,205 7,794,205 236,410
Other sources:
Note/Bond Proceeds - - 6,403,712
Previous year's encumbrances 262,260 262,260 262,260
Total other sources 262,260 262,260 6,665,972
Total revenues and other sources 8,056,465 8,056,465 6,902,382
Expenditures
Department Wide:
Wages - 114,000 89,103
Other 3,121,701 11,023,961 11,005,054
Total expenditures 3,121,701 11,137,961 11,094,157
Excess (deficiency) of revenues and other
sources over expenditures 4,934,764 (3,081,496) (4,191,775)
Fund balance, January 1, 2022 5,277,949 5,277,949 5,277,949
Fund balance, December 31, 2022 $ 10,212,713 $ 2,196,453 $ 1,086,174
193

-- 195 of 247 --

B-27
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Public Parking Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Miscellaneous revenues $ 3,235,550 $ 3,235,550 $ 1,110,000
Total revenues 3,235,550 3,235,550 1,110,000
Other sources:
Previous year's encumbrances 72,274 72,274 72,274
Toal other sources 72,274 72,274 72,274
Total revenues and other sources 3,307,824 3,307,824 1,182,274
Expenditures
Department Wide:
Wages/benefits 356 50,356 8,469
Other 1,463,096 1,535,370 287,455
Total expenditures 1,463,452 1,585,726 295,924
Deficiency of revenues and other
sources over expenditures 1,844,372 1,722,098 886,350
Fund (deficit), January 1, 2022 (810,589) (810,589) (810,589)
Fund balance, December 31, 2022 $ 1,033,783 $ 911,509 $ 75,761
Note: Included in Miscellaneous revenues above is transfers of $1,850,000.
194

-- 196 of 247 --

B-28
City of Akron, Ohio
Schedule of Revenues, Expenditures and
Changes in Fund Balance - Budget and Actual -
Economic Development Fund, Non-GAAP Budget Basis
For the Year Ended December 31, 2022
Budgeted Amounts (Unaudited)
Original Final Actual Amounts
Revenues and other sources
Revenues:
Taxes and Assessments
Intergovernmental Revenues $ 641,955 $ 1,007,205 $ 585,785
Miscellaneous revenues 70,000 109,830 845,225
Total revenues 711,955 1,117,035 1,431,010
Other sources:
Note/Bond proceeds 1,045,610 1,640,540 -
Previous year's encumbrances 49,703 49,703 49,703
Total other sources 1,095,313 1,690,243 49,703
Total revenues and other sources 1,807,268 2,807,278 1,480,713
Expenditures
Department Wide:
Wages/benefits - 50,000 10,812
Other 1,118,541 2,768,244 332,712
Total expenditures 1,118,541 2,818,244 343,524
Deficiency of revenues and other
sources over expenditures 688,727 (10,966) 1,137,189
Fund balance, January 1, 2022 257,967 257,967 257,967
Fund balance, December 31, 2022 $ 946,694 $ 247,001 $ 1,395,156
195

-- 197 of 247 --

NON-MAJOR ENTERPRISE FUNDS
Enterprise Funds – are used to account for operations that are financed and operated in a manner similar
to private business enterprises, where the intent of the governing body is that the costs of providing goods
or services to the general public on a continuing basis be financed or recovered primarily through user
charges. The non-major Enterprise Funds are as follows:
Oil and Gas
Golf Course
Airport
196

-- 198 of 247 --

City of Akron, Ohio C-1
Combining Statement of Net Position - Non-Major Enterprise Funds
December 31, 2022
Oil
and Gas
Golf
Course Airport Total
Assets
Current assets:
Pooled cash and investments $ 389,545 $ 19,854 $ 2,594 $ 411,993
Receivables, net of allowances
for uncollectibles 4,810 - 2,184,199 2,189,009
Due from other governments - - 663,415 663,415
Due from other funds - 168 - 168
Inventories, at cost - 40,800 - 40,800
Total current assets 394,355 60,822 2,850,208 3,305,385
Noncurrent assets:
Net pension asset - 13,500 - 13,500
Net OPEB asset - 119,650 - 119,650
Total noncurrent assets - 133,150 - 133,150
Property, plant and equipment,
net of accumulated depreciation 395,487 1,049,921 10,533,698 11,979,106
Total assets 789,842 1,243,893 13,383,906 15,417,641
Deferred Outflows of Resources - 162,876 - 162,876
Total assets and deferred outflows 789,842 1,406,769 13,383,906 15,580,517
Liabilities
Current liabilities:
Accounts payable 12,000 3,125 125,505 140,630
Advances from other funds - 530,000 380,000 910,000
Due to other funds 426 7,310 3,391 11,127
Accrued interest payable - 4,069 - 4,069
Accrued liabilities 62,570 4,334 7,698 74,602
Accrued wages - 11,557 102 11,659
Accrued vacation and leave - 26,062 - 26,062
Obligation under leases - 27,849 - 27,849
Total current liabilities 74,996 614,306 516,696 1,205,998
Noncurrent liabilities:
Obligations under leases - 59,645 - 59,645
Due in more than one year 312,850 72,629 - 385,479
Net pension liability - 339,654 - 339,654
Total noncurrent liabilities 312,850 471,928 - 784,778
Total liabilities 387,846 1,086,234 516,696 1,990,776
Deferred Inflows of Resources - 542,683 2,197,623 2,740,306
Total liabilities and deferred inflows 387,846 1,628,917 2,714,319 4,731,082
Net Position
Net investment in capital assets 395,487 962,427 10,397,776 11,755,690
Unrestricted (deficit) 6,509 (1,184,575) 271,811 (906,255)
Total net position $ 401,996 $ (222,148) $ 10,669,587 $ 10,849,435
197

-- 199 of 247 --

City of Akron, Ohio C-2
Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Nonmajor Enterprise Funds
For the Year Ended December 31, 2022
Oil
and Gas
Golf
Course Airport Total
Operating revenues
Charges for services $ 4,810 $ 1,087,514 $ 84,315 $ 1,176,639
Other 140,250 260,133 323,420 723,803
145,060 1,347,647 407,735 1,900,442
Operating expenses
Personal services - 680,542 1,810 682,352
Direct expenses 25,654 946,823 263,903 1,236,380
Claims - 658 - 658
Rentals and lease - 42,334 - 42,334
Utilities 531 62,932 15,545 79,008
Insurance 16,756 7,864 8,476 33,096
Depreciation, depletion and amortization - 80,718 269,007 349,725
Other 9 28,807 - 28,816
42,950 1,850,678 558,741 2,452,369
Operating income (loss) 102,110 (503,031) (151,006) (551,927)
Interest income - - 4,560 4,560
Interest expense - (4,069) - (4,069)
Other revenues (expenses) - - 59,000 59,000
- (4,069) 63,560 59,491
Income (loss) before transfers 102,110 (507,100) (87,446) (492,436)
Capital contributions - - 1,009,091 1,009,091
- - 1,009,091 1,009,091
Change in net position 102,110 (507,100) 921,645 516,655
Net position, January 1, 2022, as restated 299,886 284,952 9,747,942 10,332,780
Net position, December 31, 2022 $ 401,996 $ (222,148) $ 10,669,587 $ 10,849,435
198

-- 200 of 247 --

C-3
City of Akron, Ohio
Combining Statement of Cash Flows - Non-Major Enterprise Funds
For the Year Ended December 31, 2022
Total
Non-Major
Oil Enterprise
and Gas Golf Airport Funds
Operating activities
Cash received from customers $ 860 $ 1,087,346 $ 495,201 $ 1,583,407
Cash payments to suppliers for goods and services (30,650) (1,087,393) (804,796) (1,922,839)
Cash paid for salaries and employee benefits - (813,364) (1,694) (815,058)
Other revenues 140,250 260,133 323,420 723,803
Other expenses (9) (28,807) - (28,816)
Net cash provided by (used for) operating activities 110,451 (582,085) 12,131 (459,503)
Non-capital financing activities
Transfers from other funds - - - -
Transfers/advances in for negative cash balances - 530,000 15,000 545,000
Net cash provided by non-capital
financing activities - 530,000 15,000 545,000
Capital and related financing activities
Interest paid on bonds and loans - - - -
Acquisition and construction of capital assets - (31,918) (1,109,152) (1,141,070)
Capital Contributions - - 1,009,091 1,009,091
Net cash provided by (used for) capital and related
financing activities - (31,918) (100,061) (131,979)
Investment activities
Purchase of investments securities - - - -
Interest on investments - - 4,560 4,560
Net cash provided by (used for) investing activities - - 4,560 4,560
Net increase (decrease) in cash and cash equivalents 110,451 (84,003) (68,370) (41,922)
Cash and cash equivalents, January 1, 2022 279,094 103,857 70,964 453,915
Cash and cash equivalents, December 31, 2022 $ 389,545 $ 19,854 $ 2,594 $ 411,993
199

-- 201 of 247 --

C-3
Total
Non-Major
Oil Enterprise
and Gas Golf Airport Funds
Operating income (loss) $ 102,110 $ (503,031) $ (151,006) $ (551,927)
Adjustments to reconcile operating income
(loss) to net cash provided by (used for)
operating activities:
Depreciation, depletion and amortization - 80,718 269,007 349,725
(Increase) decrease in operating assets:
Receivables (3,950) - 343,668 339,718
Due from other funds - (168) 67,218 67,050
Inventories - 48,229 - 48,229
Increase (decrease) in operating liabilities:
Accounts payable 12,000 (82,689) (519,436) (590,125)
Due to other funds 300 7,020 2,564 9,884
Due to other governments (9) - - (9)
Accrued liabilities - (137,024) 14 (137,010)
Accrued wages - 3,427 102 3,529
Accrued vacation and leave - 1,433 - 1,433
Net cash provided by (used for) operating activities $ 110,451 $ (582,085) $ 12,131 $ (459,503)
200

-- 202 of 247 --

(This page intentionally left blank)
201

-- 203 of 247 --

INTERNAL SERVICE FUNDS
Internal Service Funds – are used to account for the financing of goods or services provided by one
department or agency to other departments or agencies of the City, or to other governmental units, on a
cost-reimbursement basis. The title of the funds indicate the type of service provided. The Internal
Service Funds are:
Motor Equipment
Medical Self-Insurance
Workers’ Compensation Reserve
Self-Insurance Settlement
Telephone System
Engineering Bureau
Information Technology
202

-- 204 of 247 --

City of Akron, Ohio D-1
Combining Statement of Net Position - Internal Service Funds
December 31, 2022
Motor
Equipment
Medical
Self-
Insurance
Workers'
Compensation
Reserve
Assets
Current assets:
Pooled cash and investments $ 23,378 $ 4,256,775 $ 3,204,070
Receivables, net of allowances
from uncollectibles 97,368 898,630 -
Due from other funds 833,178 - -
Inventories, at cost 871,463 - -
Total current assets 1,825,387 5,155,405 3,204,070
Noncurrent assets:
Net pension asset 38,333 7,922 -
Net OPEB asset 337,505 69,388 -
Property, plant and equipment,
net of accumulated depreciation 1,244,944 - -
Total noncurrent assets 1,620,782 77,310 -
Total assets 3,446,169 5,232,715 3,204,070
Deferred Outflows of Resources 503,003 97,298 -
Total assets and deferred outflows 3,949,172 5,330,013 3,204,070
Liabilities
Current liabilities:
Accounts payable 275,357 138 484,651
Advances from other funds 570,000 - -
Due to other funds 27,099 15,732 46
Accrued liabilities 25,373 6,346 1,958,835
Accrued wages 71,438 18,115 -
Accrued vacation and leave 134,472 23,570 -
Liability for unpaid claims - 5,116,357 165,658
Debt:
Total current liabilities 1,103,739 5,180,258 2,609,190
Noncurrent liabilities:
Due in more than one year 624,277 37,042 255,144
Net pension liability 964,233 197,903 -
Net OPEB liability 820,991 10,908 -
Total noncurrent liabilities 2,409,501 245,853 255,144
Total liabilities 3,513,240 5,426,111 2,864,334
Deferred Inflows of Resources 1,910,539 330,756 -
Total liabilities and deferred inflows 5,423,779 5,756,867 2,864,334
Net Position
Net investment in capital assets 1,244,944 - -
Unrestricted (deficit) (2,719,551) (426,854) 339,736
Total net position $ (1,474,607) $ (426,854) $ 339,736
203

-- 205 of 247 --

Self-
Insurance
Settlement
Telephone
System
Engineering
Bureau
Information
Technology
Total Internal
Service Funds
$ 17,942 $ 593,233 $ 13,698 $ 13,721 $ 8,122,817
- 6,240 - - 1,002,238
- 85,826 2,894,579 141 3,813,724
- - - - 871,463
17,942 685,299 2,908,277 13,862 13,810,242
- - 34,614 24,708 105,577
- - 293,562 221,596 922,051
- 135,695 68,890 62,921 1,512,450
- 135,695 397,066 309,225 2,540,078
17,942 820,994 3,305,343 323,087 16,350,320
- - 515,167 338,053 1,453,521
17,942 820,994 3,820,510 661,140 17,803,841
- 2,213 2,451 143,498 908,308
- - - - 570,000
- 14,350 2,889,544 23,870 2,970,641
- 466 24,012 16,198 2,031,230
- 1,404 84,988 46,470 222,415
- - 333,440 123,039 614,521
527,078 - - - 5,809,093
527,078 18,433 3,334,435 353,075 13,126,208
- - 2,217,070 622,470 3,756,003
- - 890,715 611,677 2,664,528
- - 1,260,432 804,144 2,896,475
- - 4,368,217 2,038,291 9,317,006
527,078 18,433 7,702,652 2,391,366 22,443,214
- 9,000 1,982,946 1,289,343 5,522,584
527,078 27,433 9,685,598 3,680,709 27,965,798
- 135,695 68,890 62,921 1,512,450
(509,136) 657,866 (5,933,978) (3,082,490) (11,674,407)
$ (509,136) $ 793,561 $ (5,865,088) $ (3,019,569) $ (10,161,957)
204

-- 206 of 247 --

City of Akron, Ohio D-2
Combining Statement of Revenues, Expenses and Changes in Fund Net Position - Internal Service Funds
For the Year Ended December 31, 2022
Motor
Equipment
Medical Self-
Insurance
Workers'
Compensation
Reserve
Operating revenues
Charges for services $ 9,977,469 $ 35,701,645 $ 1,404,460
Other 139,456 7,173,161 233,644
10,116,925 42,874,806 1,638,104
Operating expenses
Personal services 1,834,480 374,378 -
Direct expenses 7,312,948 3,279,781 2,144,542
Claims - 38,117,758 420,802
Rentals and lease - 30,476 -
Utilities 89,277 2,404 -
Insurance 15,471 - -
Depreciation, depletion and amortization 52,261 - -
Other 5,554 - -
9,309,991 41,804,797 2,565,344
Operating income (loss) 806,934 1,070,009 (927,240)
Nonoperating revenues (expenses)
Interest income - - 61
Interest expense (3,961) - -
(3,961) - 61
Changes in net position 802,973 1,070,009 (927,179)
Net position (deficit), January 1, 2022 (2,277,580) (1,496,863) 1,266,915
Net position (deficit), December 31, 2022 $ (1,474,607) $ (426,854) $ 339,736
205

-- 207 of 247 --

Self-
Insurance
Settlement
Telephone
System
Engineering
Bureau
Information
Technology
Total
Internal
Service Funds
$ - $ 722,185 $ 2,894,581 $ 4,183,841 $ 54,884,181
130,545 5,750 3,412 550 7,686,518
130,545 727,935 2,897,993 4,184,391 62,570,699
- 131,101 1,378,957 1,175,453 4,894,369
- 332,418 399,760 2,935,055 16,404,504
- - - - 38,538,560
- - 239,599 94,628 364,703
- 78,580 20,976 4,803 196,040
- 9,373 15,862 1,442 42,148
- 17,883 4,964 126,932 202,040
- 425 - - 5,979
- 569,780 2,060,118 4,338,313 60,648,343
130,545 158,155 837,875 (153,922) 1,922,356
- - - - 61
- - - - (3,961)
- - - - (3,900)
130,545 158,155 837,875 (153,922) 1,918,456
(639,681) 635,406 (6,702,963) (2,865,647) (12,080,413)
$ (509,136) $ 793,561 $ (5,865,088) $ (3,019,569) $ (10,161,957)
206

-- 208 of 247 --

D-3
City of Akron, Ohio
Combining Statement of Cash Flows - Internal Service Funds
For the Year Ended December 31, 2022
Medical Self -
Motor Self - Workers' Insurance
Equipment Insurance Compensation Settlement
Operating activities
Cash received from customers 9,889,709 34,842,147 1,404,460 -
Cash payments to suppliers for goods and services (7,845,704) (3,509,006) (187,923) -
Cash paid for salaries and employee benefits (2,686,750) (38,736,601) (2,016,176) (130,545)
Other revenues 139,456 7,173,161 233,644 130,545
Other expense (5,554) - - -
Net cash provided by (used for) operating activities (508,843) (230,299) (565,995) -
Non-capital financing activities
Transfers from other funds - - - -
Transfers/advances in for negative cash balances 520,000 - - -
Principal paid on bonds, loans and notes - - - -
Interest paid on bonds, loans and notes - - - -
Net cash provided by (used for) non-capital
financing activities 520,000 - - -
Capital and related financing activities
Interest paid on bonds and loans (3,961) - - -
Acquisition and construction of capital assets - - - -
Net cash used for capital
financing activities (3,961) - - -
Investing activities
Interest on investments - - 61 -
Net cash provided by investing activities - - 61 -
Net increase (decrease) in cash and cash equivalents 7,196 (230,299) (565,934) -
Cash and cash equivalents, January 1, 2022 16,182 4,487,074 3,770,004 17,942
Cash and cash equivalents, December 31, 2022 23,378 4,256,775 3,204,070 17,942
207

-- 209 of 247 --

Telephone Engineering Information
System Bureau Technology Total
736,773 2,553,752 4,183,700 53,610,541
(435,003) (656,620) (3,038,479) (15,672,735)
(130,116) (2,990,711) (1,644,376) (48,335,275)
5,750 3,412 550 7,686,518
(425) - - (5,979)
176,979 (1,090,167) (498,605) (2,716,930)
- - - -
- 1,089,623 - 1,609,623
- - - -
- - - -
- 1,089,623 - 1,609,623
- - - (3,961)
- - - -
- - - (3,961)
- - - 61
- - - 61
176,979 (544) (498,605) (1,111,207)
416,254 14,242 512,326 9,234,024
593,233 13,698 13,721 8,122,817
208

-- 210 of 247 --

D-3
City of Akron, Ohio
Combining Statement of Cash Flows - Internal Service Funds
For the Year Ended December 31, 2022
(continued)
Medical Self -
Motor Self - Workers' Insurance
Equipment Insurance Compensation Settlement
Operating income (loss) 806,934 1,070,009 (927,240) 130,545
Adjustments to reconcile operating
income (loss) to net cash provided
by (used for) operating activities:
Depreciation, depletion and amortization 52,261 - - -
(Increase) decrease in operating assets:
Receivables (24,421) (859,498) - -
Due from other funds (63,339) - - -
Inventories (232,771) - - -
Increase (decrease) in operating liabilities:
Accounts payable (127,933) (1,416,888) 174,593 -
Due to other funds (67,304) 9,817 14 -
Due to other governments - - - -
Accrued liabilities (853,436) (255,804) - -
Accrued wages 5,875 10,417 - -
Accrued vacation and leave (4,709) 922 - -
Estimated liability for unpaid claims - 1,210,726 186,638 (130,545)
Net cash provided by (used for) operating activities (508,843) (230,299) (565,995) -
209

-- 211 of 247 --

Telephone Engineering Information
System Bureau Technology Total
158,155 837,875 (153,922) 1,922,356
17,883 4,964 126,932 202,040
2,760 - - (881,159)
11,828 (340,829) (141) (392,481)
- - - (232,771)
(23,996) (29,200) (26,086) (1,449,510)
9,364 48,777 23,535 24,203
- - - -
261 (1,952,078) (481,963) (3,543,020)
724 11,316 6,584 34,916
- 329,008 6,456 331,677
- - - 1,266,819
176,979 (1,090,167) (498,605) (2,716,930)
210

-- 212 of 247 --

(This page intentionally left blank)
211

-- 213 of 247 --

FIDUCIARY FUNDS
Custodial Funds – are used to account for assets held by the City for individuals, private organizations, or
other governments. The City reports on the following eight custodial funds:
Claire Merrix Fund – is used to account for assets held by the City for tennis related expenditures
to individuals, private organizations, and other governments.
Unclaimed Monies Fund - is used to account for assets held by the City for unclaimed funds
related expenditures to individuals, private organizations, and other governments.
Police/Fire Beneficiary Fund - is used to account for assets held by the City to provide
scholoarships to beneficiaries of deceased Police and Fire uniformed staff.
Police Property Monetary Evidence Fund – is used to account for funds held by the Police
Department that will be returned to the other agencies.
Copley-Akron JEDD Fund – is used to account for JEDD income taxes levied by the JEDD
Board and disbursements pursuant to the contract.
Coventry-Akron JEDD Fund – is used to account for JEDD income taxes levied by the JEDD
Board and disbursements pursuant to the contract.
Springfield-Akron JEDD Fund – is used to account for JEDD income taxes levied by the JEDD
Board and disbursements pursuant to the contract.
Bath-Akron-Fairlawn JEDD Fund – is used to account for JEDD income taxes levied by the
JEDD Board and disbursements pursuant to the contract.
212

-- 214 of 247 --

E-1
City of Akron, Ohio
Combining Statement of Fiduciary Net Position - Custodial Funds
December 31, 2022
Claire Merrix
Police/Fire
Beneficiary
Police
Property
Monetary
Evidence
Assets
Cash $ 1,060 $ 8,365 $ 1,832,467
Receivables - - -
Total assets 1,060 8,365 1,832,467
Liabilities
Due to other governments - - -
Due to others - - 85,993
Total liabilities - - 85,993
Deferred Inflows of Resources - - -
Restricted for individuals,
organizations, and governments 1,060 8,365 1,746,474
Net Position $ 1,060 $ 8,365 $ 1,746,474
213

-- 215 of 247 --

Copley -
Akron JEDD
Coventry -
Akron JEDD
Springfield -
Akron JEDD
Bath - Akron -
Fairlawn
JEDD Total
$ - $ - $ - $ - $ 1,841,892
1,440,742 1,653,201 820,817 1,018,802 4,933,562
1,440,742 1,653,201 820,817 1,018,802 6,775,454
188,161 102,354 129,132 235,851 655,498
- - - - 85,993
188,161 102,354 129,132 235,851 741,491
889,500 975,121 433,144 424,696 2,722,461
363,081 575,726 258,541 358,255 3,311,502
$ 363,081 $ 575,726 $ 258,541 $ 358,255 $ 3,311,502
214

-- 216 of 247 --

E-2
City of Akron, Ohio
Combining Statement of Changes in Fiduciary Net Position - Custodial Funds
For the Year Ended December 31, 2022
Claire
Merrix
Police/Fire
Beneficiary
Police
Property
Monetary
Evidence
Additions
Contributions $ - $ 200 $ -
Confiscated evidence - - 427,252
JEDD income tax - - -
Miscellaneous - - 11,577
- 200 438,829
Deductions
Distribution to participants - - 515,443
Education and awareness - - 8,274
JEDD district expenses - - -
Refunds - - -
- - 523,717
Net Increase (Decrease) in Fiduciary Net Position - 200 (84,888)
Net position, January 1, 2022 1,060 8,165 1,831,362
Net position, December 31, 2022 $ 1,060 $ 8,365 $ 1,746,474
215

-- 217 of 247 --

Copley -
Akron JEDD
Coventry -
Akron JEDD
Springfield -
Akron JEDD
Bath - Akron -
Fairlawn
JEDD Total
$ - $ - $ - $ - $ 200
- - - - 427,252
810,019 506,392 261,152 5,663,264 7,240,827
- - - - 11,577
810,019 506,392 261,152 5,663,264 7,679,856
- - - - 515,443
- - - - 8,274
711,077 417,398 152,906 3,729,708 5,011,089
121,035 31,252 14,300 345,051 511,638
832,112 448,650 167,206 4,074,759 6,046,444
(22,093) 57,742 93,946 1,588,505 1,633,412
385,174 517,984 164,595 (1,230,250) 1,678,090
$ 363,081 $ 575,726 $ 258,541 $ 358,255 $ 3,311,502
216

-- 218 of 247 --

217

-- 219 of 247 --

Statistical Section
This part of the City of Akron's (City) annual comprehensive financial report presents
detailed historical information as a context for understanding what the information in the
financial statements, note disclosures and required supplementary information says
about the City's overall financial health.
Contents Page
Financial Trends 220
These schedules contain trend information to help the reader understand
how the City's financial performance and well-being have changed over time.
Revenue Capacity 227
These schedules contain information to help the reader assess the City's
most significant local revenue sources which are income tax and property tax.
Debt Capacity 232
These schedules present information to help the reader assess the affordability
of the City's current levels of outstanding debt and the City's ability to issue
additional debt in the future.
Demographic and Economic Information 240
These schedules offer demographic and economic indicators to help the
reader understand the environment within the City.
Operating Information 242
These schedules contain service and infrastructure data to help the reader
understand how the information in the City's financial report relates to the
services the City provides and the activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the
annual comprehensive financial reports for the relevant year.
218

-- 220 of 247 --

(This page intentionally left blank)
219

-- 221 of 247 --

City of Akron, Ohio
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Schedule 1
2013 2014 2015 * 2016 * 2017 *
Governmental Activities
Net Investment in Capital Assets $ 353,686,041 $ 352,411,914 $ 373,605,736 $ 361,614,290 $ 371,386,210
Restricted 46,822,028 43,314,132 36,462,300 26,685,480 128,290,211
Unrestricted (39,096,078) (39,096,078) (39,096,078) (169,438,185) (316,858,123)
Total Governmental Activities Net Position 361,411,991 356,629,968 370,971,958 218,861,585 182,818,298
Business-Type Activities
Net Investment in Capital Assets 385,492,533 400,523,178 396,984,561 389,215,183 374,890,468
Restricted 9,789,966 9,854,895 9,498,992 9,389,310 5,849,447
Unrestricted 19,221,970 16,815,329 29,988,650 47,446,909 81,463,305
Total Business-Type Activities Net Position 414,504,469 427,193,402 436,472,203 446,051,402 462,203,220
Primary Government
Net Investment in Capital Assets 739,178,574 752,935,092 770,590,297 750,829,473 746,276,678
Restricted 56,611,994 53,169,027 45,961,292 36,074,790 134,139,658
Unrestricted (19,874,108) (22,280,749) (9,107,428) (121,991,276) (235,394,818)
Total Primary Government Net Position $ 775,916,460 $ 783,823,370 $ 807,444,161 $ 664,912,987 $ 645,021,518
2018 * 2019* 2020* 2021 2022
Governmental Activities
Net Investment in Capital Assets $ 380,255,982 $ 402,657,024 $ 1,050,184,244 $ 581,070,389 $ 601,393,040
Restricted 141,116,295 96,912,454 167,289,538 82,475,248 86,841,603
Unrestricted (525,895,655) (388,771,009) (848,988,859) (436,255,747) (420,040,518)
Total Governmental Activities Net Position (4,523,378) 110,798,469 368,484,923 227,289,890 268,194,125
Business-Type Activities
Net Investment in Capital Assets 390,472,592 368,625,151 931,190,360 473,064,230 468,805,249
Restricted 3,488,611 3,518,634 7,072,010 3,171,585 6,526,140
Unrestricted 56,572,126 53,082,959 104,817,819 47,979,543 65,814,705
Total Business-Type Activities Net Position 450,533,329 425,226,744 1,043,080,189 524,215,358 541,146,094
Primary Government
Net Investment in Capital Assets 770,728,574 771,282,175 1,981,374,604 1,054,134,619 1,070,198,289
Restricted 144,604,906 100,431,088 174,361,548 85,646,833 93,367,743
Unrestricted (469,323,529) (335,688,050) (744,171,040) (388,276,204) (354,225,813)
Total Primary Government Net Position $ 446,009,951 $ 536,025,213 $ 1,411,565,112 $ 751,505,248 $ 809,340,219
Source: City of Akron, Ohio Finance Department
* Schedule 1 has been prepared in conformity of GASB Statement #68, Accounting and Financial Reporting for Pensions beginning with 2015.
220

-- 222 of 247 --

City of Akron, Ohio
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Schedule 2
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Program Revenues
Governmental Activities
Charges for Services:
General Government $ 14,473,321 $ 9,553,457 $ 7,505,352 $ 15,271,721 $ 21,698,159 $ 20,571,001 $ 27,549,825 $ 14,949,935 $ 17,793,124 $ 19,515,823
Public Service 16,524,746 18,489,527 19,949,672 18,353,558 18,382,609 16,188,076 18,393,670 19,329,986 18,069,414 18,417,119
Public Safety 862,405 4,717,778 4,349,617 4,176,521 4,181,992 4,103,197 3,898,022 2,794,954 3,913,251 970,509
Community Environment 164,000 2,230,381 228,261 3,467,416 5,371,735 4,225,621 10,125,087 1,162,149 565,085 52,083
Public Health 2,257 - - - - - - - 436,549 821,250
Recreation and Parks 230,420 730,079 721,422 1,053,610 701,426 631,324 642,457 320,905 811,210 969,328
Operating Grants and Contributions 20,409,809 19,326,836 12,724,856 13,345,362 10,412,337 12,012,934 15,542,987 34,624,705 19,068,622 50,417,634
Capital Grants and Contributions 46,774,660 41,095,526 44,349,143 46,353,664 34,742,428 37,671,943 40,581,958 33,942,817 30,554,804 37,158,495
Total Governmental Activities Program Revenues 99,441,618 96,143,584 89,828,323 102,021,852 95,490,686 95,404,096 116,734,006 107,125,451 91,212,059 128,322,241
Business-Type Activities
Charges for Services:
Water 34,969,933 33,986,195 35,391,626 34,910,383 33,677,422 31,044,651 32,787,975 36,041,511 34,963,360 34,360,695
Sewer 63,097,046 70,951,430 89,170,077 89,740,016 93,781,115 85,405,280 88,194,394 82,903,797 86,778,048 89,569,914
Oil & Gas 300,119 241,905 130,030 61 112,969 96,571 - 7,988 - 4,810
Parking Facilities 4,773,882 4,570,975 4,275,513 4,507,555 2,268,832 3,347,593 4,170,306 2,227,090 2,508,596 762,193
Golf Course 893,815 826,503 917,712 931,126 912,616 860,100 952,419 1,028,762 1,183,016 1,087,514
Airport 154,692 156,983 182,663 169,577 163,568 472,756 150,826 172,607 150,836 84,315
Operating Grants and Contributions - - - - - - 191,814 636,436 45,044 95,967
Capital Grants and Contributions 4,045,528 4,871,914 4,916,124 5,481,149 4,741,494 1,502,429 7,531,338 8,107,380 30,857,643 6,576,114
Total Business-Type Activities Program Revenues 108,235,015 115,605,905 134,983,745 135,739,867 135,658,016 122,729,380 133,979,072 131,125,571 156,486,543 132,541,522
Total Primary Government Program Revenues $ 207,676,633 $ 211,749,489 $ 224,812,068 $ 237,761,719 $ 231,148,702 $ 218,133,476 $ 250,713,078 $ 238,251,022 $ 247,698,602 $ 260,863,763
Expenses
Governmental Activities
General Government $ 35,134,302 $ 38,547,406 $ 31,954,663 $ 42,940,494 $ 40,785,375 $ 36,394,068 $ 55,913,497 $ 75,185,888 $ 34,596,136 $ 58,961,573
Public Service 65,740,981 67,516,145 74,133,731 71,811,167 72,033,027 74,255,760 69,325,498 54,341,168 57,385,904 77,118,211
Public Safety 112,374,172 120,176,274 124,943,875 140,165,348 129,124,366 115,754,910 49,458,260 114,497,815 139,428,813 131,875,742
Community Environment 88,673,453 42,970,628 44,393,603 98,362,358 60,901,084 25,299,743 47,822,419 79,810,910 62,392,356 66,345,703
Public Health 3,921,672 4,832,375 4,452,937 4,354,820 4,424,817 4,491,876 4,450,531 5,807,771 3,868,615 4,557,880
Recreation and Parks 7,690,836 6,811,470 5,567,353 5,717,798 4,449,281 4,129,340 5,720,103 5,331,824 7,348,914 13,043,898
Interest 26,324,712 27,940,204 30,189,381 23,923,218 24,834,592 21,389,588 23,887,099 19,813,627 16,916,709 24,852,120
Unallocated Depreciation 15,468,193 16,091,850 17,065,802 18,830,770 17,913,455 18,312,112 18,000,420 17,527,935 18,598,761 18,935,385
Total Governmental Activities Expenses 355,328,321 324,886,352 332,701,345 406,105,973 354,465,997 300,027,397 274,577,827 372,316,938 340,536,208 395,690,512
Business-Type Activities
Water 31,075,633 32,522,741 37,964,538 34,913,805 33,952,382 38,510,047 46,575,277 29,519,413 35,104,122 45,947,108
Sewer 54,959,359 71,709,972 70,908,326 83,933,150 83,743,770 63,822,180 103,946,790 86,925,639 102,089,333 70,835,872
Oil & Gas 202,341 350,060 321,767 49,571 39,589 42,528 371,965 137,109 18,505 42,651
Parking Facilities 6,929,930 7,189,194 7,063,162 7,269,596 5,375,745 6,502,595 7,277,980 6,940,659 7,565,409 5,402,767
Golf Course 1,243,395 1,106,275 1,275,762 1,408,269 1,283,427 1,689,944 2,057,143 1,323,277 1,293,622 1,851,442
Airport 683,251 720,934 920,765 741,052 760,807 1,353,358 1,449,933 1,004,480 1,589,723 558,471
Total Business-Type Activities Expenses 95,093,909 113,599,176 118,454,320 128,315,443 125,155,720 111,920,652 161,679,088 125,850,577 147,660,714 124,638,311
Total Primary Government Expenses $ 450,422,230 $ 438,485,528 $ 451,155,665 $ 534,421,416 $ 479,621,717 $ 411,948,049 $ 436,256,915 $ 498,167,515 $ 488,196,922 $ 520,328,823
221

-- 223 of 247 --

City of Akron, Ohio
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
(continued)
Schedule 2
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Net (Expense)/Revenue
Governmental Activities $ (255,886,703) $ (228,742,768) $ (242,873,022) $ (304,084,121) $ (258,975,311) $ (204,623,301) $ (157,843,821) $ (265,191,487) $ (249,324,149) $ (267,368,271)
Business-Type Activities 13,141,106 2,006,729 16529425 7,424,425 9,274,126 10,808,728 (27,700,016) 5,274,994 8,825,829 7,903,211
Total Primary Government Net Expense $ (242,745,597) $ (226,736,039) $ (226,343,597) $ (296,659,696) $ (249,701,185) $ (193,814,573) $ (185,543,837) $ (259,916,493) $ (240,498,320) $ (259,465,060)
General Revenue and
Other Changes in Net Position
Governmental Activities:
Taxes:
Income Taxes $ 141,289,710 $ 141,389,904 $ 143,231,380 $ 152,856,443 $ 139,183,876 $ 171,426,317 $ 170,036,813 $ 165,377,490 $ 189,794,686 $ 186,718,101
Property Taxes 19,627,342 23,342,160 23,681,267 23,341,356 24,831,344 26,166,396 24,048,160 29,148,725 30,876,448 30,560,442
JEDD Revenues 18,485,942 17,758,520 19,271,731 12,341,811 14,800,350 14,905,073 16,083,393 15,785,527 18,712,404 18,323,843
Investment Earnings 553,699 300,784 848,901 1,170,199 1,221,577 3,409,213 5,909,657 2,392,019 969,340 4,080,098
Unrestricted Shared Revenues 92,823,194 46,752,194 46,387,254 98,487,030 42,726,783 40,613,726 45,058,850 74,663,063 56,869,246 53,813,529
Miscellaneous 10,657,380 10,155,196 7,853,357 11,211,091 10,221,319 14,364,534 11,591,233 37,981,073 13,060,214 17,991,220
Gain (loss) on Sale of Capital Assets 31,307 14,239 2,738 33,590 101,878 53,360 12,423 24,764 39,815 42,104
Transfers (338,360) (466,000) (887,300) (611,000) (941,000) (791,000) (730,000) (1,700,000) (2,987,757) (2,617,722)
Total Governmental Activities $ 283,130,214 $ 239,246,997 $ 240,389,328 $ 298,830,520 $ 232,146,127 $ 270,147,619 $ 272,010,529 $ 323,672,661 $ 307,334,396 $ 308,911,615
Business-Type Activities:
Investment Earnings $ 854 $ 727 $ 107,676 $ 107,655 $ 137,758 $ 31,820 $ 35,927 $ 8,671 $ 3,553 $ 122,413
Miscellaneous 1,087,065 3,760,632 2,166,460 1,355,459 4,570,764 1,298,135 2,661,110 1,596,874 6,559,740 6,372,690
Unrestricted shared revenues - - - - - - 321 - - -
Transfers 338,360 466,000 887,300 611,000 941,000 791,000 730,000 1,700,000 2,987,757 2,617,722
Total Business-Type Activities $ 1,426,279 $ 4,227,359 $ 3,161,436 $ 2,074,114 $ 5,649,522 $ 2,120,955 $ 3,427,358 $ 3,305,545 $ 9,551,050 $ 9,112,825
Total Primary Government $ 284,556,493 $ 243,474,356 $ 243,550,764 $ 300,904,634 $ 237,795,649 $ 272,268,574 $ 275,437,887 $ 326,978,206 $ 316,885,446 $ 318,024,440
Change in Net Position
Governmental Activities $ 27,243,511 $ 10,504,229 $ (2,483,694) $ (5,253,601) $ (26,829,184) $ 65,524,318 $ 114,166,708 $ 58,481,174 $ 58,010,247 $ 41,543,344
Business-Type Activities 14,567,385 6,234,088 19,690,861 9,498,539 16,151,818 12,929,683 (24,272,658) 8,580,539 18,376,879 17,016,036
Total Primary Government Change in Net Position $ 41,810,896 $ 16,738,317 $ 17,207,167 $ 4,244,938 $ (10,677,366) $ 78,454,001 $ 89,894,050 $ 67,061,713 $ 76,387,126 $ 58,559,380
Source: City of Akron, Ohio Finance Department
222

-- 224 of 247 --

City of Akron, Ohio
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Schedule 3
2013 2014 2015 2015 2017 2018 2019 2020 2021 2022
General Fund
Committed $ 290,658 $ 329,961 $ 377,840 $ 397,517 $ 443,599 $ 471,456 $ 486,244 $ 507,535 $ 521,033 $ 425,279
Assigned 1,809,776 1,593,954 4,174,015 1,904,060 1,576,347 1,579,205 1,469,146 2,839,740 2,442,681 1,661,980
Unassigned 9,132,562 10,911,360 8,382,029 15,022,169 7,485,924 10,299,737 11,525,081 28,220,027 28,598,763 25,628,120
Total General Fund 11,232,996 12,835,275 12,933,884 17,323,746 9,505,870 12,350,398 13,480,471 31,567,302 31,562,477 27,715,379
All Other Governmental Funds
Nonspendable 3,325,815 4,786,232 4,786,232 - - - - - - -
Restricted 109,458,792 144,630,245 117,100,123 138,007,616 112,431,220 111,823,898 87,737,364 85,464,213 76,187,891 79,678,910
Committed 7,490,896 13,829,487 10,510,914 14,811,603 8,988,056 8,544,024 9,461,573 12,965,388 18,585,615 20,104,408
Assigned - - - - - - - - - -
Unassigned (25,968,790) (9,415,521) (12,285,255) (12,182,727) (14,682,443) (17,911,698) (14,947,576) (21,024,369) (27,321,102) (16,427,703)
Total All Other Governmental Funds 94,306,713 153,830,443 120,112,014 140,636,492 106,736,833 102,456,224 82,251,361 77,405,232 67,452,404 83,355,615
Total Governmental Funds $ 105,539,709 $ 166,665,718 $ 133,045,898 $ 157,960,238 $ 116,242,703 $ 114,806,622 $ 95,731,832 $ 108,972,534 $ 99,014,881 $ 111,070,994
Source: City of Akron, Ohio Finance Department
*Schedule 3 has been prepared in conformity of GASB Statement #54, Fund Balance Reporting and Governmental Fund Type Definitions beginning with 2011.
223

-- 225 of 247 --

City of Akron, Ohio
Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Schedule 3
224

-- 226 of 247 --

City of Akron, Ohio
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modifed accrual basis of accounting)
Schedule 4
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Revenues
Income Taxes * $ 139,960,898 $ 140,311,367 $ 143,288,651 $ 151,256,789 $ 143,176,743 $ 163,595,720 $ 167,479,460 $ 168,873,806 $ 185,608,165 $ 188,171,386
Property Taxes 20,471,016 23,518,118 23,414,232 23,423,002 24,465,922 24,860,892 24,931,135 27,841,496 28,416,104 32,566,424
JEDD Revenues 18,090,127 17,395,933 18,723,573 14,389,449 14,800,350 14,905,073 16,083,393 15,785,527 18,712,404 18,805,535
Special Assessments 28,524,445 31,952,817 30,670,330 31,179,498 15,421,762 17,492,848 19,320,283 50,636,634 19,651,870 20,305,641
Grants and Subsidies:
Community Development - - - - - - - - - -
Other 34,746,020 30,266,381 24,490,969 25,972,981 28,054,783 29,462,796 36,906,384 18,737,104 32,201,192 64,957,598
Investment Earnings 584,383 338,698 850,214 1,199,289 1,211,665 3,450,900 5,944,564 2,416,775 996,265 3,619,047
Shared Revenues 94,579,755 47,351,951 45,807,596 100,326,020 45,555,266 45,895,097 49,582,291 75,522,159 53,482,152 49,057,992
Licenses, Fees and Fines 8,627,454 10,192,771 9,460,174 17,512,114 17,610,982 18,651,618 30,553,448 26,131,914 20,782,091 21,528,712
Charges for Services 24,247,409 23,500,665 20,636,462 20,749,779 23,965,100 25,023,360 18,991,270 19,094,686 20,165,556 18,906,320
Miscellaneous 10,228,894 12,805,149 9,444,997 12,629,211 16,658,409 16,415,882 14,777,822 31,126,403 15,222,778 15,500,288
Total Revenues $ 380,060,401 $ 337,633,850 $ 326,787,198 $ 398,638,132 $ 330,920,982 $ 359,754,186 $ 384,570,050 $ 436,166,504 $ 395,238,577 $ 433,418,943
Expenditures
Current:
General Government $ 33,176,262 $ 37,323,779 $ 28,762,899 $ 39,813,138 $ 38,586,495 $ 39,659,633 $ 48,324,235 $ 45,085,163 $ 58,962,479 $ 74,195,735
Public Service 78,804,139 85,268,655 84,760,878 81,121,929 74,211,608 87,997,887 84,923,153 109,242,179 86,002,085 85,932,627
Public Safety 109,458,512 122,016,445 118,700,986 131,547,744 128,736,104 146,412,046 141,016,489 131,295,531 134,168,660 142,228,517
Community Environment 103,125,618 53,399,049 61,897,061 111,756,653 61,472,588 53,299,612 65,396,130 76,968,702 50,802,103 82,764,618
Public Health 3,900,892 4,600,444 4,186,224 4,253,940 4,239,096 4,337,323 4,242,002 4,401,390 4,122,895 4,308,004
Recreation and Parks 7,792,669 6,747,832 5,320,130 5,411,445 3,942,488 4,751,840 4,731,236 5,636,004 10,568,938 13,117,000
Capital Outlay - - - - - - - - - -
Debt service:
Principal Retirement 43,956,837 59,819,902 39,655,124 51,066,536 66,716,806 79,131,809 87,310,632 44,703,194 68,014,973 80,244,002
Interest 30,353,162 28,714,831 29,406,901 27,428,807 27,171,776 26,140,929 26,725,225 24,499,504 22,741,389 21,695,772
Bond Issuance Expenditures 679,072 1,811,645 934,296 1,197,595 763,315 299,669 766,692 422,304 - 374,965
Total Expenditures $ 411,247,163 $ 399,702,582 $ 373,624,499 $ 453,597,787 $ 405,840,276 $ 442,030,748 $ 463,435,794 $ 442,253,971 $ 435,383,522 $ 504,861,240
Excess of Revenues Under Expenditures $ (31,186,762) $ (62,068,732) $ (46,837,301) $ (54,959,655) $ (74,919,294) $ (82,276,562) $ (78,865,744) $ (6,087,467) $ (40,144,945) $ (71,442,297)
225

-- 227 of 247 --

City of Akron, Ohio
Changes in Fund Balances, Governmental Funds
Last Ten Fiscal Years
(modifed accrual basis of accounting)
(continued)
Schedule 4
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Other Financing Sources (Uses)
Issuance of General Obligation Bond $ 4,849,484 $ 88,288,000 $ 15,500,000 $ 52,000,000 $ 33,575,419 $ 45,709,593 $ 53,325,611 $ 19,037,194 $ 33,925,049 $ 59,114,262
Capital Contributions - - - 2,933,930 - - - - - 545,100
Issuance of Loans 1,000,000 3,373,515 9,248 - - - - - - -
Issuance of COP's 2,365,000 - - 11,965,000 - 24,445,000 - - - -
Issuance of Refunding Obligations 14,910,000 88,085,000 63,945,000 32,545,000 48,960,000 - 20,405,000 28,835,000 - 114,970,000
Proceeds of Refunding Bonds Premium - - - - - - - - - -
Premium on G.O. Debt 179,540 9,761,734 4,873,665 6,159,498 4,067,813 927,200 7,525,204 1,817,190 - 16,742,874
Proceeds of Refund Obligations - - - - - - - - - -
Proceeds of collateralized borrowings - - - - 4,028,194 - - - - -
Payment for Refunding Obligations - - - - - - - - - -
Original Bond Issue Discount ** - (431,029) (148,132) (115,961) (153,408) (239,461) - - - (490,648)
Issuance of Capital Lease 1,357,829 159,284 731,754 10,635,000 1,039,985 10,789,149 - 793,785 - 23,039,544
Payment to Refunding Agent - (62,680,000) (70,075,000) (34,403,902) (51,846,782) - (21,890,000) (27,605,000) - (127,805,000)
Lease - Financed Capital Assets (1,357,829) - (731,754) - - - - - - -
Transfers-in 8,100,091 2,727,000 8,090,322 3,216,961 12,894,168 11,186,061 10,720,922 7,865,755 12,983,087 9,233,826
Transfers-out (8,588,451) (3,193,000) (8,977,622) (3,827,961) (13,835,168) (11,977,061) (11,450,922) (11,415,755) (16,720,844) (11,851,548)
Total Other Financing Sources (Uses) 22,815,664 126,090,504 13,217,481 81,107,565 38,730,221 80,840,481 58,635,815 19,328,169 30,187,292 83,498,410
Net Change in Fund Balance $ (8,371,098) $ 64,021,772 $ (33,619,820) $ 26,147,910 $ (36,189,073) $ (1,436,081) $ (20,229,929) $ 13,240,702 $ 9,957,663 $ 12,056,113
Debt Service as a Percentage of
Noncapital Expenditures 20.56% 24.57% 20.64% 19.57% 25.77% 28.60% 28.18% 18.78% 22.73% 22.45%
Source: City of Akron, Ohio Finance Department
* Since 2018, the Income Tax rate was 2.5%.
** Prior to 2014, Original Bond Issue Discount was included in Bond Issuance Expenditures.
226

-- 228 of 247 --

City of Akron, Ohio
Assessed Value and Estimated Actual Value of Taxable Property
Last Ten Fiscal Years
(in thousands of dollars)
Schedule 5
Real Property Public Utilities Total Percent of Total
Tax Estimated Estimated Estimated Total Assessed Value
Collection Assessed Actual Assessed Actual Assessed Actual Direct to Total Estimated
Year Value Value Value Value Value Value Rate Actual Value
2014 $ 2,493,126 $ 7,123,217 $ 126,778 $ 362,223 $ 2,619,904 $ 7,485,440 10.30 35.00 %
2015 2,437,486 6,964,246 145,400 415,429 2,582,886 7,379,675 10.30 35.00
2016 2,409,852 6,885,291 165,213 472,037 2,575,065 7,357,328 10.30 35.00
2017 2,427,755 6,936,443 208,226 594,931 2,635,981 7,531,374 10.50 35.00
2018 2,473,755 7,067,871 222,043 634,409 2,695,798 7,702,280 10.50 35.00
2019 2,498,129 7,137,511 210,667 634,409 2,708,796 7,771,920 10.50 35.00
2020 2,627,796 7,507,989 218,864 624,201 2,846,660 8,132,190 10.50 35.00
2021 2,944,327 8,412,363 224,563 255,184 3,168,890 8,667,547 10.50 35.00
2022 2,898,181 8,280,517 233,002 264,776 3,131,183 8,946,237 10.50 35.00
2023 2,889,998 8,257,137 239,991 272,716 3,129,989 8,529,853 10.50 35.00
Source: City of Akron, Ohio Finance Department
Note: For real property, the estimated actual value is derived by dividing the assessed value by 35%.
227

-- 229 of 247 --

City of Akron, Ohio
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(rate per $1,000 of assessed value)
Schedule 6
City Direct Rates Overlapping Rates
Tax
Collection Police Fire Debt Total Direct Akron City Summit Akron Metro
Year Operating Pension Pension Retirement Rate School District County Parks
2014 9.28 0.30 0.30 0.42 10.30 79.56 14.81 1.46
2015 9.28 0.30 0.30 0.42 10.30 79.56 14.80 1.46
2016 9.28 0.30 0.30 0.42 10.30 79.56 15.32 1.46
2017 9.28 0.30 0.30 0.62 10.50 79.56 15.30 1.46
2018 9.28 0.30 0.30 0.62 10.50 79.56 15.26 1.46
2019 9.28 0.30 0.30 0.62 10.50 79.56 15.26 1.46
2020 9.28 0.30 0.30 0.62 10.50 79.56 16.22 1.46
2021 9.28 0.30 0.30 0.62 10.50 79.56 15.60 1.46
2022 9.28 0.30 0.30 0.62 10.50 79.56 16.00 2.00
2023 9.28 0.30 0.30 0.62 10.50 79.56 16.00 2.00
Source: City of Akron, Ohio Finance Department
228

-- 230 of 247 --

City of Akron, Ohio
Principal Property Tax Payers
12/31/2022 and 12/31/2013
(in thousadns of dollars)
Schedule 7
12/31/2022 12/31/2013
Percentage Percentage
Taxable of Taxable Taxable of Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Value Taxpayer Value Value
American Transmission $ 98,838 3.22 % Ohio Edison $ 76,101 2.90 %
Ohio Edison 98,564 3.22 American Transmission 23,537 0.90
Akron Romig Road LLC 65,947 2.15 Albrecht Incorporated 12,205 0.47
Childrens Hospital Medical Center 49,791 1.62 East Ohio Gas 11,660 0.45
East Ohio Gas 33,878 1.11 CHM Akron LLC 10,233 0.39
Albrecht Incorporated 17,812 0.58 Ohio Edison Tower Limited Liability 8,154 0.31
Akron General Hospital 14,421 0.47 Bernard B. Busson 7,501 0.29
Timber Top Apartment Holding 13,726 0.45 Hampton Knoll Apartments LLC 7,455 0.28
Chapel Hill Associate, Inc. 11,983 0.39 Plaza Chapel Hill Ltd. 6,592 0.25
Akron Management Corporation 7,356 0.24 Akron Management Corporation 6,328 0.24
$ 412,316 13.45 % $ 169,766 6.48 %
Source: City of Akron, Ohio Finance Department
229

-- 231 of 247 --

City of Akron, Ohio
Property Tax Levies and Collections
Last Ten Fiscal Years
Schedule 8
Collected within the
Fiscal Year Tax Levied Fiscal Year of the Levy Delinquent Total Collections to Date
Ending For The Percentage Tax Percentage
12/31 Fiscal Year Amount of Levy Collections Amount of Levy
2013 $ 27,419,596 $ 25,174,172 91.8 % $ 1,828,647 $ 27,002,819 98.5 %
2014 26,984,750 25,022,030 92.7 1,697,650 26,719,680 99.0
2015 26,604,375 24,737,683 93.0 1,577,892 26,315,575 98.9
2016 26,523,326 24,987,814 94.2 1,535,512 26,470,741 99.8
2017 27,619,239 25,985,068 94.1 1,634,171 28,982,301 104.9
2018 28,305,710 26,421,069 93.3 1,884,641 28,005,409 98.9
2019 28,442,279 26,368,089 92.7 2,074,190 28,035,771 98.6
2020 29,892,321 26,143,074 87.5 3,749,246 27,937,820 93.5
2021 33,273,000 29,177,042 87.7 4,095,958 31,233,070 93.9
2022 32,877,570 30,400,285 92.5 2,477,285 32,534,238 99.0
Source: City of Akron, Ohio Finance Department
230

-- 232 of 247 --

City of Akron, Ohio
Income Tax Collections by Annual Collection Amount (Withholding and Direct Accounts)
Fiscal Years 2021 and 2022
Schedule 9
Fiscal Year 2021
Collection Level
Number of
Accounts
Percentage of
Total
Total Income Tax
Collections
Percentage of
Total
$1,000 and under 26,822 76.51 % $ 5,157,143 2.81 %
$1,001 - $2,500 3,809 10.86 6,019,927 3.28
$2,501 - $5,000 1,699 4.85 6,003,351 3.27
$5,001 - $10,000 1,071 3.03 7,546,871 4.12
$10,001 - $50,000 1,264 3.61 26,700,533 14.56
$50,001- $100,000 188 0.54 13,034,607 7.11
$100,001 - $250,000 128 0.37 18,501,928 10.09
$250,001 - $1,000,000 58 0.17 23,055,531 12.57
Over $1,000,001 20 0.06 77,361,283 42.19
35,059 100.00 % $ 183,381,174 100.00 %
Fiscal Year 2022
Collection Level
Number of
Accounts
Percentage of
Total
Total Income Tax
Collections
Percentage of
Total
$1,000 and under 26,846 74.80 % $ 6,050,918 3.20 %
$1,001 - $2,500 4,139 11.53 6,530,113 3.46
$2,501 - $5,000 1,959 5.46 6,890,936 3.65
$5,001 - $10,000 1,211 3.38 8,580,007 4.54
$10,001 - $50,000 1,305 3.64 27,159,807 14.38
$50,001- $100,000 220 0.61 15,117,079 8.00
$100,001 - $250,000 137 0.38 21,037,441 11.14
$250,001 - $1,000,000 53 0.15 23,988,977 12.70
Over $1,000,001 19 0.05 73,570,879 38.93
.
35,889 100.00 % $ 188,926,157 100.00 %
Source: City of Akron, Ohio Finance Department
Note: Due to confidentiality issues, the names of the ten largest revenue payers are not available. The categories
presented are intended to provide alternative information regarding the sources of the City’s revenue.
231

-- 233 of 247 --

City of Akron, Ohio
Ratios of Outstanding Debt, Leases, and Direct Financing Purchases by Type
Last Ten Fiscal Years
Schedule 10
Governmental Activities
Ohio
Development Income Tax Leases and
Fiscal General OPWC Services Non-Tax Income Tax Revenue Direct Special Special
Direct
Financing
Year Obligation Loan Agency Loan Revenue Revenue Borrowings Revenue Assessment Purchases SIB Loans
2013 $ 215,139,753 $ 9,241,963 $ 5,482,636 $ 48,475,000 $ 244,487,135 - $ 27,165,000 $ 6,220,758 $ 75,510,213 $ 1,742,279
2014 201,378,834 9,084,164 5,378,553 53,565,000 318,681,087 - 25,245,000 4,079,527 67,106,099 313,205
2015 186,840,707 7,640,794 5,270,229 48,035,000 339,110,565 - 22,030,000 2,860,321 30,735,417 -
2016 174,601,391 7,006,306 5,156,492 43,745,000 353,714,654 - 18,705,000 1,897,997 47,643,975 -
2017 156,929,261 6,371,819 4,610,162 39,170,000 339,080,250 - 15,220,000 5,013,087 43,441,695 -
2018 138,368,631 5,737,340 4,265,000 33,435,000 324,617,059 - 11,555,000 6,722,319 64,162,866 -
2019 121,000,958 5,140,863 3,955,000 30,410,000 348,945,000 9,684,297 7,720,000 7,271,537 59,312,753 -
2020 105,085,000 5,842,624 3,635,000 27,305,000 335,125,000 8,974,788 3,680,000 7,598,284 64,106,974 -
2021 86,610,000 5,238,163 3,305,000 24,115,000 315,325,000 8,249,560 1,870,000 6,978,049 58,506,958 -
2022 71,240,000 4,666,366 2,970,000 20,830,000 280,780,000 7,618,043 - 8,644,608 119,812,718 -
Governmental Activities
Internal Service Special Capital Internal Service
Fiscal Income Tax Assessment Projects General Health
Year Revenue Notes Payable Notes Payable Notes Payable
2013 $ 1,615,000 $ 13,000,000 $ 24,730,000 $ 9,000,000
2014 1,230,000 13,000,000 - 6,500,000
2015 830,000 13,000,000 10,000,000 4,500,000
2016 420,000 13,000,000 20,000,000 3,500,000
2017 - 13,000,000 30,000,000 3,500,000
2018 - 13,000,000 41,300,000 2,500,000
2019 - 13,000,000 - 1,500,000
2020 - 13,000,000 17,400,000 -
2021 - 13,000,000 32,900,000 -
2022 - 13,000,000 55,258,712 -
232

-- 234 of 247 --

City of Akron, Ohio
Ratios of Outstanding Debt, Leases, and Direct Financing Purchases by Type
Last Ten Fiscal Years
(continued)
Schedule 10
Business-Type Activities
Mortgage Leases and Percentage
Fiscal General Mortgage Revenue Direct Direct Financing Total Personal
Year Obligation Revenue Placements Revenue OWDA OPWC Purchases Government Per Capita a Income a
2013 $ 631,556 $ 33,835,000 $ - $ 15,385,000 $ 73,495,595 $ 1,542,762 $ 321,250 $ 807,020,900 $ 4,053 20.61 %
2014 616,599 30,360,000 - 11,075,000 95,300,583 1,341,248 240,130 820,743,297 4,122 20.96
2015 544,229 26,970,000 - 6,550,000 161,974,294 1,139,734 157,320 868,188,610 4,360 22.17
2016 468,481 23,100,000 - 1,800,000 293,170,614 938,220 72,820 1,008,940,950 5,067 25.77
2017 389,355 19,040,000 - - 438,423,233 736,707 - 1,114,925,569 5,600 28.48
2018 306,369 14,785,000 - - 521,794,733 535,193 35,871,347 1,218,955,857 6,122 31.13
2019 219,042 7,660,000 5,995,000 - 572,807,222 354,989 33,853,224 1,228,829,885 6,172 31.39
2020 - 7,285,000 5,205,000 - 663,817,587 290,491 31,833,275 1,300,184,023 6,826 26.19
2021 - - 4,395,000 - 738,531,019 206,857 29,811,423 1,329,042,029 6,978 26.77
2022 - - 3,565,000 - 761,296,738 988,325 28,477,561 1,379,148,071 7,241 27.78
Source: City of Akron, Ohio Finance Department
aSee Schedule 16 for population and personal income data
233

-- 235 of 247 --

City of Akron, Ohio
Legal Debt Margin Information
Unvoted Debt Limit (5 1/2%)
Last Ten Fiscal Years
Schedule 11
2013 2014 2015 2016 2017
Debt limit $ 144,094,717 $ 142,058,748 $ 141,628,588 $ 144,978,947 $ 144,341,287
Total net debt applicable to limit 115,903,682 137,009,121 131,654,324 118,799,745 105,721,985
Legal debt margin $ 28,191,035 $ 5,049,627 $ 9,974,264 $ 26,179,202 $ 38,619,302
Total net debt applicable to limit
as a percentage of debt limit 80.44% 96.45% 92.96% 81.94% 73.24%
Total unvoted net debt as a percentage
of total assessed value of all property 4.42% 5.30% 5.11% 4.51% 3.92%
2018 2019 2020 2021 2022
Debt limit $ 148,268,842 $ 141,628,588 $ 152,641,662 $ 164,460,227 $ 169,721,800
Total net debt applicable to limit 93,148,655 105,721,985 81,294,060 58,350,000 95,675,000
Legal debt margin $ 55,120,187 $ 35,906,603 $ 71,347,602 $ 106,110,227 $ 74,046,800
Total net debt applicable to limit
as a percentage of debt limit 62.82% 74.65% 53.26% 35.48% 56.37%
Total unvoted net debt as a percentage
of total assessed value of all property 3.46% 3.92% 2.57% 1.89% 3.10%
Source: City of Akron, Ohio Finance Department
234

-- 236 of 247 --

City of Akron, Ohio
Legal Debt Margin Information
Total Debt Limit (10 1/2%)
Last Ten Fiscal Years
Schedule 12
2013 2014 2015 2016 2017
Debt limit $ 275,089,915 $ 271,203,065 $ 270,381,850 $ 276,777,990 $ 275,560,639
Total net debt applicable to limit 115,903,682 137,009,121 131,654,324 118,799,745 105,721,985
Legal debt margin $ 159,186,233 $ 134,193,944 $ 138,727,526 $ 157,978,245 $ 169,838,654
Total net debt applicable to limit
as a percentage of debt limit 42.13% 50.52% 48.69% 42.92% 38.37%
Total net debt as a percentage of total
assessed value of all property 4.42% 5.30% 5.11% 4.51% 3.92%
2018 2019 2020 2021 2022
Debt limit $ 283,058,699 $ 270,381,850 $ 291,406,810 $ 313,969,524 $ 324,014,346
Total net debt applicable to limit 93,148,655 105,721,985 81,294,060 58,350,000 95,675,000
Legal debt margin $ 189,910,044 $ 164,659,865 $ 210,112,750 $ 255,619,524 $ 228,339,346
Total net debt applicable to limit
as a percentage of debt limit 32.91% 39.10% 27.90% 18.58% 29.53%
Total net debt as a percentage of total
assessed value of all property 3.46% 3.92% 2.57% 1.89% 3.10%
Source: City of Akron, Ohio Finance Department
235

-- 237 of 247 --

City of Akron, Ohio
Computation of Direct and Overlapping Debt
As of December 31, 2022
Schedule 13
Percent
Amount of Applicable
Political Subdivision Debt to City City's Share
Direct
City of Akron $ 511,457,729 100.00 % $ 511,457,729
Total direct debt $ 511,457,729 $ 511,457,729
Overlapping
Summit County $ 75,670,000 21.31 % $ 16,125,277
Coventry Local School District 26,668,742 9.57 2,552,199
Revere Local School District 57,956,522 2.90 1,680,739
Springfield Local School District 25,245,000 7.69 1,941,341
Woodridge Local School District 29,460,062 28.38 8,360,766
Total overlapping debt $ 215,000,326 $ 30,660,321
Total direct and overlapping debt $ 726,458,055 $ 542,118,050
Sources: Debt outstanding for overlapping governments, taken from Ohio Municipal Advisory Council (OMAC) as of 1/1/2023
and City of Akron, Ohio Finance Department
Note: Percentages determined by dividing the amount of assessed valuation of the political subdivision located within
the boundaries of the City by the total assessed valuation of the subdivisions.
236

-- 238 of 247 --

City of Akron, Ohio
Ratios of General Bonded Debt Outstanding
Last Ten Fiscal Years
(in thousands of dollars, except per capita amount)
Schedule 14
Percentage of
General Less: Amounts Estimated
Fiscal Obligation Available in Debt Actual Taxable Per
Year Bonds Service Fund Total Value of Property1 Capita 2
2013 $ 221,992 $ 955 $ 221,037 2.95 % $ 1,110
2014 206,075 951 205,124 2.78 1,030
2015 195,245 554 194,691 2.64 978
2016 176,968 852 176,116 2.39 885
2017 175,548 514 175,034 2.39 879
2018 145,397 526 144,871 1.86 728
2019 105,721 504 105,217 1.30 528
2020 81,294 511 80,783 0.93 406
2021 93,588 446 93,142 0.92 489
2022 79,885 367 79,518 0.93 417
Source: City of Akron, Ohio Finance Department
Notes: Details regarding the City's outstanding debt can be found in the notes to the financial statements.
1 See Schedule 5, Assessed Value and Estimated Actual Value of Taxable Property, for property value data.
2 See Schedule 16, Demographics and Economic Statistics, for population data.
237

-- 239 of 247 --

City of Akron, Ohio
Pledged-Revenue Coverage
Last Ten Fiscal Years
(in thousdands of dollars)
Schedule 15
Sewer Revenue Bonds and OWDA Loans JEDD Bonds
Sewer Less: Net JEDD
Fiscal Gross Operating Available Debt Service Gross Debt Service2
Year Revenue Expenses1 Revenue Principal Interest Coverage Revenue Principal Interest Coverage
2013 $ 63,288 $ 44,947
$
18,341 $ 11,352 $ 2,133 1.36 % $ 18,090 $ - $ 1,149 15.74 %
2014 73,527 61,118 12,409 18,201 2,773 0.59 17,396 1,920 1,149 5.67
2015 89,800 62,139 27,661 37,080 3,356 0.68 18,724 3,215 1,072 4.37
2016 89,839 72,182 17,657 12,677 2,849 1.14 14,389 3,325 944 3.37
2017 94,716 71,787 22,929 16,483 4,359 1.10 14,800 3,485 778 3.47
2018 85,575 47,231 38,344 14,352 5,210 1.96 14,905 3,665 603 3.49
2019 88,649 85,088 3,561 17,612 6,190 0.15 16,083 3,835 420 3.78
2020 83,797 54,858 28,939 26,874 11,609 0.75 15,786 4,040 228 3.70
2021 87,944 68,073 19,871 27,874 11,402 0.51 18,712 1,810 117 9.71
2022 89,808 32,545 57,263 26,996 12,563 1.45 18,806 1,870 36 9.87
Water Revenue Bonds and OWDA Loans Non-Tax Revenue Bonds
Water Less: Net
Fiscal Gross Operating Available Debt Service3 Non-Tax Debt Service
Year Revenue Expenses1 Revenue Principal Interest Coverage Collections Principal Interest Coverage
2013 $ 35,633 $ 25,323 $ 10,310 $ 4,369 $ 1,924 1.64 % $ 137,684 $ 1,605 $ 2,648 32.37 %
2014 35,076 25,598 9,478 4,491 1,808 1.50 93,851 23,140 1,857 3.75
2015 36,839 30,720 6,119 13,122 2,009 0.40 85,349 18,780 1,547 4.20
2016 37,817 28,016 9,801 5,365 1,612 1.40 151,217 4,290 1,473 26.24
2017 34,579 27,762 6,817 5,729 1,663 0.92 103,790 4,575 1,380 17.43
2018 32,246 28,608 3,638 5,970 1,473 0.49 105,986 5,735 1,296 15.07
2019 34,637 36,450 (1,813) 3,028 1,250 (0.42) 113,905 3,025 1,173 27.13
2020 36,499 29,642 6,857 3,358 1,215 1.50 154,994 3,105 1,098 36.88
2021 39,238 25,399 13,839 3,059 1,144 3.29 115,695 3,190 1,013 27.53
2022 39,827 36,209 3,618 2,251 659 1.24 104,993 3,285 915 25.00
238

-- 240 of 247 --

City of Akron, Ohio
Pledged-Revenue Coverage
Last Ten Fiscal Years
(in thousands of dollars)
(continued)
Schedule 15
CLC Bonds Income Tax Revenue Bonds
Fiscal CLC Debt Service Income Tax Debt Service
Year Collections Principal Interest Coverage Collections Principal Interest Coverage
2013 $ 14,880 $ 5,570 $ 10,568 0.92 % $ 125,081 $ 1,407 $ 1,274 46.65 %
2014 12,937 7,455 11,390 0.69 127,375 1,914 1,296 39.68
2015 17,254 7,545 12,042 0.88 126,035 3,296 2,815 20.62
2016 15,935 7,870 11,797 0.81 135,322 19,591 3,999 5.74
2017 15,231 44,980 39,263 0.18 122,418 6,689 3,752 11.72
2018 16,917 10,130 12,000 0.76 146,679 6,333 3,483 14.94
2019 16,454 10,650 11,374 0.75 151,025 6,108 3,314 16.03
2020 15,977 10,940 10,831 0.73 152,897 4,815 2,686 20.38
2021 17,975 12,995 10,349 0.77 167,633 7,530 5,079 13.29
2022 17,941 14,465 7,006 0.84 170,230 7,877 5,026 13.19
Source: City of Akron, Ohio Finance Department
1 Net of Depreciation
2The 2022 amounts for debt service include the final principal payments totaling $1,870,000 and interest payments of $58,437 for JEDD bonds that were retired
during the year and not reflected on Note 19.
3The 2022 amounts for debt service include the final principal payment of $53,901 and interest payment of $41,776 for OWDA loans that were retired during the
year and not reflected on Note 19.
239

-- 241 of 247 --

City of Akron, Ohio
Demographic and Economic Statistics
Last Ten Fiscal Years
Schedule 16
Per Capita Median Education -
Personal Personal Household Median Bachelor's Degree School Unemployment
Year Population1 Income1 Income1 Income1 Age1 or Higher1 Enrollment1 Rate2
2022 190,469 $ 4,964,384,016 $ 26,064 $ 42,129 39.5 22 % 39,140 4.7 %
2021 190,469 4,964,384,016 26,064 42,129 39.5 22 39,140 6.7
2020 190,469 4,964,384,016 26,064 42,129 39.5 22 39,140 10.1
2019 199,110 3,915,299,040 19,664 34,359 35.5 20 56,760 4.9
2018 199,110 3,915,299,040 19,664 34,359 35.5 20 56,760 5.3
2017 199,110 3,915,299,040 19,664 34,359 35.5 20 56,760 5.8
2016 199,110 3,915,299,040 19,664 34,359 35.5 20 56,760 5.8
2015 199,110 3,915,299,040 19,664 34,359 35.5 20 56,760 5.7
2014 199,110 3,915,299,040 19,664 34,359 35.5 20 56,760 6.6
2013 199,110 3,915,299,040 19,664 34,359 35.5 20 56,760 7.6
Source: 1 U.S. Census Bureau, due to COVID and timing 2020 data still not available.
2 Ohio Department of Job and Family Services
240

-- 242 of 247 --

City of Akron, Ohio
Principal Employers
12/31/2022 and 12/31/2013
Schedule 17
12/31/2022 12/31/2013
Percentage Percentage
of Total City Full-Time of Total City
Employer Employees Rank Employment Employer Employees Rank Employment
Amazon Fullfillment Center 14,605 1 16.69 % Summa Health System 11,000 1 11.96 %
Summa Health System 7,841 2 8.96 FirstMerit Corporation 4,894 2 5.32
Akron Children's Hospital 6,489 3 7.42 Akron General Health Systems 3,843 3 4.18
University of Akron 5,257 4 6.01 Akron Children's Hospital 3,220 4 3.50
Akron Public Schools 4,877 5 5.57 Goodyear Tire & Rubber Company 3,000 5 3.26
Akron General/Cleveland Clinic 4,528 6 5.17 County of Summit 2,969 6 3.23
Summit County Government 3,460 7 3.95 Akron Public Schools 2,827 7 3.07
Goodyear Tire 3,124 8 3.57 The University of Akron 2,622 8 2.84
City of Akron 2,559 9 2.92 First Energy Corporation 2,500 9 2.72
FirstEnergy Corp. 2,071 10 2.37 Sterling Jewelers Inc. 2,300 10 2.50
54,811 62.63 % 39,175 42.58 %
Source: City of Akron, Ohio Finance Department
Employment numbers include all tax filing(s) with the City of Akron.
241

-- 243 of 247 --

Source: City of Akron, Ohio Finance Department
City of Akron, Ohio
Full-Time Equivalent City Government Employees by Function/Program
Last Ten Fiscal Years
Schedule 18
Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Government:
City Council 3 3 3 3 3 3 3 3 2 3
Courts 90 92 89 93 99 96 95 98 85 83
Elected and Appointed Officials 44 45 44 51 53 52 50 53 63 68
Economic Development 4 3 4 5 5 6 6 - - -
Finance Department 100 99 98 92 77 76 77 73 72 68
Information Technology - - - - 6 9 9 20 17 18
Lock 3 - - - - 3 3 3 - - -
Civil/Criminal 8 7 8 8 8 7 8 7 5 9
Personnel Department 9 8 10 - - - - - - -
Human Resources Department - - - 14 16 15 17 16 14 17
Office of the Mayor - - - - - - - - - 1
Public Safety:
Elected and Appointed Officials 1 1 2 1 - - 1 1 1 1
Communications 16 16 14 15 - - - - - -
Information Tech Communications - - - - 15 13 13 14 - -
Safety Communications 57 55 59 55 58 63 58 64 81 79
Fire Department 381 368 372 350 374 375 380 371 366 388
Police Department 453 493 485 489 470 473 500 483 483 479
Traffic Engineering 21 19 - - - - - - - -
242

-- 244 of 247 --

Source: City of Akron, Ohio Finance Department
City of Akron, Ohio
Full-Time Equivalent City Government Employees by Function/Program
Last Ten Years
(continued)
Schedule 18
Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Public Service:
Elected and Appointed Officials 4 3 4 3 3 3 3 2 3 2
Public Service Administration 3 5 4 4 1 2 2 2 1 -
Customer Service 12 11 11 12 - - - - - -
Housing 12 12 11 11 - - - - - -
Information Technology - - - - 7 5 5 - - -
Plans and Permits Center 2 2 2 2 3 2 2 2 5 5
Customer Service Response 8 8 8 8 - - - - - -
Engineering Bureau 55 39 44 49 47 44 44 41 37 38
Building Maintenance 26 25 24 27 27 25 27 27 27 22
Motor Equipment 28 29 29 30 31 30 28 28 30 29
Golf Course 3 4 4 4 5 5 5 5 3 4
Sewer Bureau 61 59 56 52 51 50 50 47 95 92
Water Bureau 154 167 162 156 164 163 160 169 126 134
Public Works Administration 7 7 7 5 6 7 6 7 7 5
Highway Maintenance 56 60 59 61 61 57 58 61 54 56
Sanitation Services 42 41 41 38 40 40 37 43 49 55
Street Cleaning 37 41 41 37 41 41 39 40 38 41
Parks Maintenance 33 32 32 31 32 31 31 27 35 32
Traffice Engineering - - 19 18 19 19 22 20 20 17
Community Environment:
Elected and Appointed Officials 1 2 2 2 2 2 5 5 7 7
Neighborhood Assistance Administration - - - - - - - - - 1
3-1-1 Call Center - - - - 7 8 8 8 6 8
Housing Compliance - - - - 11 12 12 11 12 13
Housing & Community Services - - - - 9 9 9 9 7 12
Nuisance Compliance - - - - 12 12 12 12 11 12
Planning Department 52 49 48 44 34 32 32 15 13 13
Office of Integrated Development (OID) - - - - - - - 26 30 24
Recreation & Downtown Operations - - - - - - - 22 20 24
Recreation Bureau 19 19 22 21 21 21 19 - - -
Totals: 1,802 1,824 1,818 1,791 1,821 1,811 1,836 1,832 1,825 1,860
243

-- 245 of 247 --

City of Akron, Ohio
Operating Indicators by Function/Program
Last Ten Fiscal Years
Schedule 19
Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
General Government
Total Number of Permits Issued 1,156 1,237 1,294 1,447 1,171 1,183 1,458 1,388 1,199 1,149
City Council Ordinances Passed 385 382 418 415 342 388 321 307 251 301
Fire
Emergency Responses 34,059 35,789 37,806 40,013 40,387 41,597 43,549 42,298 44,214 45,216
Fire/Rescue 7,236 7,833 8,428 9,546 9,786 9,088 9,809 9,795 11,163 12,151
Police
Calls for Service* 201,475 205,276 213,020 220,479 210,278 199,961 182,260 149,805 148,644 140,902
Civil Division Cases Filed 10,229 10,145 9,372 9,698 10,347 10,775 11,081 6,640 7,847 8,138
Criminal/Traffic Division Cases Filed 33,417 34,823 35,103 33,187 33,614 33,913 32,145 24,797 24,966 22,549
Parking Division Cases Filed 24,199 24,140 25,087 25,231 21,009 21,873 20,385 11,347 8,933 11,704
Parks and Recreation
Good Park Golf Course Attendance 37,324 31,231 37,511 38,912 37,244 32,515 30,685 32,081 39,228 35,817
Mud Run Golf Course Attendance 12,884 10,660 15,262 14,986 13,726 14,297 18,292 18,692 19,528 19,079
Business Services
Curb Service Accounts 61,039 60,931 61,099 61,498 62,024 62,267 62,294 62,543 62,841 62,989
Sewer
Sewer Accounts 77,012 76,706 76,570 75,507 75,557 75,690 75,634 75,966 75,600 76,300
Sewer Amounts Billed (in thousands) $ 55,538 $ 75,485 $ 91,575 $ 92,116 $ 75,830 $ 75,287 $ 73,290 $ 70,648 $ 70,312 $ 71,361
Water
Water Accounts 83,643 82,621 80,684 80,806 80,834 80,926 81,055 83,482 83,500 83,800
Water Amounts Billed (in thousands) $ 31,951 $ 31,312 $ 30,056 $ 29,615 $ 30,485 $ 30,362 $ 29,677 $ 29,564 $ 29,998 $ 29,849
*Prior to 2020 the Police Calls for Service represents all calls less station calls, meal breaks and out of service calls. The new CAD system does not include some calls that were previously reported.
Source: City of Akron, Ohio Finance Department
244

-- 246 of 247 --

City of Akron, Ohio
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
Schedule 20
Function/Program 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Police
Number of Uniformed Police Officers 412 450 445 453 435 441 468 453 452 449
Number of Districts 12 12 12 12 12 12 12 12 12 12
Fire
Number of Firefighters and Officers 360 349 349 328 353 352 357 349 343 366
Number of Stations 13 13 13 13 13 13 * 13 13 13 13
Parks and Recreation
City Park System (in acres) 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100 2,100
City Owned/Operated Golf Courses 2 2 2 2 2 2 2 2 2 2
Water
Miles of Pipe 1,226 1,226 1,228 1,230 1,231 1,237 1,230 1,239 1,182 1,182
Average Daily Pumpage
(in millions of gallons) 34 34 34 34 34 34 33 31 30 30
Distribution-Storage Reservoirs 15 15 15 15 15 15 15 14 14 14
Sewer
Sanitary Sewers (miles) 685 672 678 678 686 683 682 683 683 683
Storm Sewers (miles) 382 374 361 361 369 365 364 370 370 370
Storm and Combined Sewer Inlets (miles) 309 303 309 309 298 295 294 293 293 294
Pump Stations 33 33 33 33 37 37 37 36 36 36
Other Public Works
Oil Wells 13 13 13 13 13 13 12 12 12 12
Parking Decks 10 10 10 10 10 10 10 10 10 10
Source: City of Akron, Ohio Finance Department
*During 2018, one fire station was razed and new construction began. The count includes this station.
245

-- 247 of 247 --