Catasauqua, PA, Borough of

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1 Catasauqua, PA, Borough of 1 Borough of Catasauqua, Lehigh County, Pennsylvania, General Obligation Bonds, Series of 2016, 11,210,000, Dated: July 28, Borough of Catasauqua, Lehigh County, Pennsylvania, General Obligation Bonds, Series of 2011, 5,405,000, Dated: October 18, 2011 refunded 2016 new amounts show DEBT SERVICE SCHEDULE combined Net FY DebtService Date Principal Mandatory Sinking Fund Interest Rate Interest Total Principal and Interest Capitalized Interest Fund (Year Ending 12/ , % 157, , , % 153, , , ,000 2% / 0.72% 429, , , , % /1% 403, , , ,000 3% / 1% 398, , , ,000 3% / 1.5% 388, , , ,000 3% / 2% 376, , , ,000 3% / 1.35% 363, , , ,000 3% / 2% 351, , , ,000 3% / 1.65% 338, , , ,000 2% / 1.8% 324, , , ,000 2% / 2% 313, , , , % / 2% 301, , , DEMOGRAPHIC AND ECONOMIC INFORMATION Population 2015 Catasauqua Borough 6,477 North Catasauqua Borough (Northampton Co) 2,844 Hanover Township (Lehigh County) 1,701 Hanover Township (Northampton County) 11,121 Lehigh County 354,537 Northampton County 299,225 Commonwealth of Pennsylvania 12,758,729 Age Composition Total Population Medium Age Under 5 years 18 years and over 65 years and over Catasauqua Borough 6, , North Catasauqua Borough (Northampton Co) 2, , Hanover Township (Lehigh County) 1, , Hanover Township (Northampton County) 11, ,740 2,457 Lehigh County 354, , ,623 54,306 Northampton County 299, , ,796 49,255 Commonwealth of Pennsylvania 12,758, ,941 10,018,509 2,041,558 Housing Over Median Value Owner Total Housing units Occupied Housing Units Occupied Housing Units Occupied Homes Catasauqua Borough 2,847 2,545 1, ,800 North Catasauqua Borough (Northampton Co) 1,216 1, ,500 Hanover Township (Lehigh County) ,000 Hanover Township (Northampton County) 4,291 4,156 3, ,700 Lehigh County 143, ,684 89, ,900 Northampton County 120, ,790 81, ,900 Commonwealth of Pennsylvania 5,578,393 4,937,736 3,446, ,900

2 Social and Economic Characteristics Average Houshold Size Average Family Size Median Household Income Median Family Income Per Capita Income Catasauqua Borough ,458 60,436 23,187 North Catasauqua Borough (Northampton Co) ,772 61,953 27,975 Hanover Township (Lehigh County) ,000 58,098 25,696 Hanover Township (Northampton County) ,742 95,984 38,047 Lehigh County ,681 68,247 28,139 Northampton County ,041 73,823 30,116 Commonwealth of Pennsylvania ,115 67,250 28,912 Recent Trends in Labor Force, Employment and Unemployment Rates data in thousands 2015 Lehigh County Civilian Labor Force Employment Unemployment 7.9 Unemployment Rate 4.4% Northampton County Civilian Labor Force Employment Unemployment 6.6 Unemployment Rate 4.3% Pennsylvania Civilian Labor Force Employment Unemployment Unemployment Rate 4.4% Employment Borough s Ten Largest Employers Company or Institution Product or Service Employment Catasauqua Area School District Public Education 330 Borough of Catasauqua Government 116 S2 HR Solutions ID LLC HR Services 83 YMCA of Nazareth Recreation/Social Club 72 Hartzell's Pharmacy Reaail and Medical Supplies 52 Phoenix Forging Company Industrial Manufacturing 50 Medical Academy Charter School Public Education 46 TA Silfies Masonry LLC Construction 40 JRT Services, Inc Landscaping and Lawn Care 39 Northeast Educational Assoc Inc Eductional Counseling 32 Major Employers within Lehigh County Company or Institution Lehigh Valley Hospital Center St. Lukes Hospital Air Products & Chemicals Inc Amazon.com DEDC LLC Lehigh Valley Physicians Group Lehigh Countty Allentown School District Mack Trucks Magnum Management Corp Lehigh Valley Hospital Center Product or Service Health Care Health Care Gas and Chemical Products Mfg Distribution Health Care Government Public Education Manufacturing Distribution Healthcare

3 Classification of Employment Allentown Bethlehem Easton MSA Labor Market (Carbon, Lehigh and Northampton, PA Counties, Warren County, NJ) Industry Employment ESTABLISHMENT DATA XXXX TOTAL NONFARM 354,900 TOTAL PRIVATE 317,500 GOODS PRODUCING 48,800 Mining, Logging and Construction 12,000 Manufacturing 35,900 Durable Goods 21,800 Non Durable Goods 14,100 SERVICE PROVIDING 306,100 PRIVATE SERVICE PROVIDING 268,700 Trade, Transportation & Utilities 78,200 Wholesale Trade 13,900 Retail Trade 41,600 Food and beverage stores 10,100 General merchandise stores 7,500 Department stores 4,700 Transportation,Warehousing & Utilities 22,700 Transportation and Warehousing 21,300 Information 6,200 Financial Activities 14,900 Finance and insurance 12,200 Insurance carriers & related activities 6,500 Professional and Business Services 47,700 Professional & Technical Services 12,800 Mgt. of Companies & Enterprises 10,800 Administrative and waste services 24,100 Employment services 10,900 Education and Health Services 73,200 Educational Services 12,500 Health care and social assistance 60,700 Hospitals 19,200 Leisure and Hospitality 35,200 Accommodation and Food Services 29,100 Food Services & Drinking places 25,100 Other Services 13,300 Government 37,400 Federal Government 2,300 State Government 2,800 Local Government 32,300 Local Gov t educational services 19,500 Local Gov t excluding educational svcs 12,800 Pension Plans Funding Policy Membership of the plans consisted of the following at December 31, 2015 Police Non Uniformed Active Plan Members 8 18 Retirees and beneficiaries receiving benefit 8 2 Terminated employees entitles to benefits but not yet receiving them 0 1 Totals Annual Pension Cost and Net Pension Obligation Police Non Uniformed Year Ended Annual Pension % of APC Net Pension Annual Pension % of APC Net Pension Dec. 31 Cost (APC) Contribution Obligation Cost (APC) Contribution Obligation , % 0 63, % 0

4 Funded Status and Funding Progress The Borough's annual pension cost and net pension obligation for Fiscal Year 2015 are as follows Police Non uniformed Annual required contribution 126,319 63,790 Interest on net pension obligation 0 0 Adjustment to annual required contribution 0 0 Annual Pension Costs 126,319 63,790 Contributions Made 126,319 63,790 Increase (decrease) in net pension obligation 0 0 Net pension obligation beginning of yea 0 0 Net pension obligation end of year 0 0 Other Post Employment Benefits (OPEB's) The Borough provides a medical benefit plan until age 65 for retired police officers which pays a maximum of 300 permonth per retiree and up to a maximum of 900 per month (with a maximum of 10,800 per year) for the entire retired police population. There are additional eligibility requirements. As of 12/31/2015 the Borough is paying 300 per month. TAXING POWERS OF THE BOROUGH Current and Historical Taxes Real Property Real Estate Borough Local Services School Real County Real Year (mills) Transfer Per Capita Earned Income Tax Property (mills) Property (mills) % % Trend in Assessed Valuation Assessed Year Valuation Market Value Ratio ,938, ,958, Largest Taxpayers Name Whittier Apartments Tammi Hause McCartnet New Main OJ Leasing LP Robert E. hartzell T&A Dreisbach a/k/a T&T Estates John and Heide Brubaker Lehigh Valley Community Land Trust Brando Yautz Gary Gotebeski 2015 Assessed Valuation 5,506,400 2,656,500 2,044,000 1,350,000 1,231,000 1,011, , , , ,600 Real Property Tax Collection Record Assessed Current Year % Collected Prior Year's Total % Collected Millage Valuation Tax Levy Collections (Current) Collections Collections (Total) ,958, ,803, ,716, % 42, ,759, %

5 Building Permits Year Number Fees Collected ,274 Borough of Catasauqua General Fund Revenues, Expenditures and Changes in Fund Balance REVENUES Taxes 2,511,566 Licenses and Permits 147,977 Fines and Forfeits 36,062 Interest, Rents and Royalties 9,837 Intergoovernmental Revenues 240,219 Charges for Services 929,454 Miscellaneous 291,497 Total Revenues 4,166,612 EXPENDITRUES General Government 578,957 Public Safety 1,382,123 Public Works 1,363,659 Culture and Recreation 367,065 Community Development 57,496 Insurance, Employee Benefits and miscellaneous 328,950 Debt Service Principal Retirement Debt Service Interest and Fiscal Charges Total Expenditures 4,078,250 EXCESS OF REVENUE OVER (UNDER) EXPENDITURES 88,362 OTHER FINANCING SOURCES (USES) Proceed of istallment notes Operating transfers in 178,579 Operating transfers out (32,664) Total other Financing Sources (Uses) 145,915 NET CHANGE IN FUND BALANCE 234,277 FUND BALANCE JANUARY 1 1,404,466 FUND BALANCE DECEMBER 31 1,638,743 General Fund Budget 2016 Budget AVAILABLE FOR APPROPRIATION 939,970 REVENUES Taxes 254,100 Licenses and Permits 129,650 Fines and Forfeits 32,000 Interest 9,360 Intergovernmental 148,220 Charges for Services 852,925 Miscellaneous Revenues 6,350 Other Financing Sources 10,254,000 TOTAL REVENUES 13,973,605 TOTAL AVAILABLE FOR EXPENDITURES 14,910,575 EXPENDITURES General Government 5,995,200 Public Safety 2,057,290 Planning and Zoning 156,540 Streets 667,570 Recreation 453,535 Non Departmental 466,340 TOTAL EXPENDITURES 9,796,475 CLOSING (Unappropriated Balance) 114,100 RESERVES END OF YEAR 5,461,145 TOTAL ASSETS 5,575,245

6 BOROUGH BORROWING CAPACITY Calculation of Borough Borrowing Base Fiscal Year Ended December 31, 2015 Total Revenue received from all sources 7,260,479 Less: (1) State and Federal subsidies and 0 reimbursements related to a particular project financed by debt (2) Revenues, receipts, assessments pledged for self liquidating debt 335,731 (3) Interest earnings on sinking funds 0 (4) Grants and gifts in aid 65,000 (5) Nonrecurring receipts 864,881 1,265,612 SUBTOTAL 5,994,867 Total Net Revenues for the three years Ended December 31 17,753,708 Borrowing Base Total Net Revenues Divided by 3 5,917,903 Nonelectoral Nonelectoral and Debt Lease Rental Debt Growing Borrowing Capacity 14,794,757 20,712,659 Principle Amount of Debt Before Issuance of the Bonds as of August 1, 2016 GO Bonds, Series of ,730,000 4,730,000 GO Bonds, Series of ,210,000 11,210,000 Water Note Series of , ,500 Net Debt Before Issuance of the Bonds 16,076,500 16,076,500 Principle Amount of Debt after Issuance of the Bonds GO Bonds, Series of ,210,000 11,210,000 GO Bonds, Series A of ,960,000 4,960,000 Water Note, Series of , ,500 Total Outstanding Debt 16,306,500 16,306,500 Less Self liquidating Subsidized Debt 4,960, ,960, Total Self liquidating Subsidized Debt 4,960, ,960, Net Debt After Issuance of the Bonds 11,346, ,346, Remaining Borrowing Capacity After Issuance of the Bonds 3,448, ,366,159.00

7 SUMMARY OF FINANCIAL FACTORS Market Value of Taxable Real Estate ,958,200 Assessed Valuation of Taxable Real Estate ,958,200 Ratio of Assessed Valuation to Market Value % Population 2000 U.S Census 6, U.S Census 6,536 Direct Debt General Obligation Bonds 16,170,000 Water Note 136,500 Total Direct Debt 16,306,500 Net Direct Debt Less: Self Liquidating Debt 4,960,000 Total Net Direct Debt 11,346,500 Ratio of Net Direct Debt to: Market Value of Real Estate (2014) 3.45% Assess Valuation of Real Estate 2014) 3.45% Population 1,763 Overlapping Debt School District General Obligation 13,733,468 County General Obligation and Lease Rental Deb 1,369,667 Total Overlapping Debt 15,103,135 Total Net Direct and Overlapping Debt (Total Debt 26,449,635 Ratio of Total Debt to: Market Value of Real Estate (2014) 8.04% Assess Valuation of Real Estate 2014) 8.04% Population 4,110 Ratio of Population (2010) to: Market Value of Real Estate (2014) 51,133 Assess Valuation of Real Estate 2014) 51,133 The Sewer System Capacity and Customers Number of Sewer System Billed Customers Year Residential Industrial Commercial Public Other Total Revenue Ten Largest Borough Customers Customers Annual Payment Whittier Place (all facilities) 11, Catasauqua School District (all facilities) 8, Catasauqua High Rise Apartments 7, Rock Hill Concrete (all facilities) 6, Binder Apartments 4, Dery Silk Apartments 4, Da Silva Apartments 4, Sunnyside Laundromat 4, Catasauqua Elderly Housing 4, Phoenix Forging (all facilities) 4, Total 59, Sewer System Rates and Charges First 5,000 gallons (minimum charge) All consumption thereafter 6.25 per 1,000 gal. Usage percentage (based on 2015 breakdown) Residential 82% Commercial and other nonresidentia 18%

8 Historic Sewer System Treatment Revenue by User Class Borough of Catsauqua North Hanover Township Year Residential Industrial Commercial Public Other Catasaugua (Lehigh County) Northampton County Total ,636 15,920 31,204 50,945 19, , ,293 37,612 1,100,101 Sewer Fund and Wastewater Collection Fund Statement of Revenues and Expenses Operating Revenue Sewer Fund Wastewater Collection Total Charges for Service 1,106, ,939 Total Operating Revenue 1,106, ,939 Operating Expenses Personal Services 479, ,937 Contractual Services 286, ,626 Supplies 63,822 8,251 Materials 3,167 Utilities 120, Depreciation 272,951 Total Operating Expenses 1,222, ,881 Operating Income (Loss) (116,350) 80,058 Nonoperating Rev (Exp) Intergovernmental Rev Interest Income Interest Expense 157,411 Total NonOP Rev (Exp) 156, Net Income (Loss) Before 272,802 80,560 Operating Transfers Operating Transfers (5,631) Change in Net Assets (272,802) 74,929 Net Assets Jan 1 1,934, ,513 Net Assets Dec 31 1,662, ,442