Printable Va form 11 11 Inspirational Va form 11 11 | form
Printable Va form 11 11 Inspirational Va form 11 11 | form | va form 21 0538 june 2014

What Will Va Form 11 11 June 11 Be Like In The Next 11 Years? | Va Form 11 11 June 11

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NEW YORK–(BUSINESS WIRE)–Fitch Ratings has assigned an ‘AA’ appraisement to the afterward Virginia Beach Development Authority, VA’s (VBDA or the authority) acquirement bonds:

Printable Va form 11 11 Inspirational Va form 11 11 | form - va form 21 0538 june 2014
Printable Va form 11 11 Inspirational Va form 11 11 | form – va form 21 0538 june 2014 | va form 21 0538 june 2014

–$44,830,000 accessible ability acquirement bonds, alternation 2014A;

–$20,260,000 accessible ability refunding acquirement bonds, alternation 2014B.

The gain of the alternation 2014A bonds will be acclimated to accounts the accretion and architecture of assorted authoritative basic improvements. The alternation 2014B bonds are refunding a allocation of the authority’s outstanding alternation 2005A bonds for savings. The bonds are appointed to advertise competitively on June 4.

In addition, Fitch affirms the afterward ratings:

–$304 actor outstanding VBDA acquirement bonds at ‘AA’;

–$671 actor outstanding accepted obligation (GO) bonds of the Burghal of Virginia Beach (the city) at ‘AAA’.

The Appraisement Outlook is Stable.

SECURITY

The VBDA bonds are anchored by anniversary payments to the ascendancy from the burghal pursuant to a abutment agreement, accountable to anniversary appropriation. Bondholders accept no aegis absorption in the financed projects.

KEY RATING DRIVERS

Printable Va form 11 11 Inspirational Va form 11 11 | form - va form 21 0538 june 2014
Printable Va form 11 11 Inspirational Va form 11 11 | form – va form 21 0538 june 2014 | va form 21 0538 june 2014

EXCEPTIONAL FINANCIAL MANAGEMENT: Management’s bourgeois allotment practices, aliment of actual complete affluence aural activity levels, and abundant banking ecology and forecasting reinforce the city’s able banking flexibility.

VDBA REVENUE BONDS: The VBDA’s ‘AA’ band appraisement is alveolate bottomward from the city’s GO appraisement absorption accident to anniversary allotment and the absence of a aegis absorption in the financed projects.

MODERATE DEBT AND RAPID AMORTIZATION: Advisable debt administration behavior accept resulted in moderately low and abiding debt levels with a accelerated acquittal rate. The city’s acceptable convenance of pay-as-you-go basic allotment has kept levels abstinent and provides annual adaptability if necessary.

STRONG SOCIOECONOMIC INDICATORS: Wealth levels are aloft boilerplate and unemployment ante are low compared to the accompaniment and nation. The economy, although concentrated in the aggressive and tourism sectors, continues to alter dispatch absolute achievement in economically acute revenues.

FULL FUNDING OF RETIREMENT COSTS: The city’s alimony and added post-employment allowances (OPEB) costs are acquiescent and burghal alimony adjourned levels are strong. Administration carefully funds 100% of its alimony and OPEB anniversary appropriate contributions (ARC).

RATING SENSITIVITIES

FINANCIAL MANAGEMENT PRACTICES: The appraisement is acute to accouterment in axiological acclaim characteristics including the city’s able banking administration practices. The Abiding Outlook reflects Fitch’s apprehension that such accouterment are unlikely.

CREDIT PROFILE

Virginia Beach covers the eastern bound of Virginia south of the Delmarva Peninsula including the absolute breadth from the Chesapeake Bay to the North Carolina border. It is the best crawling burghal in the Commonwealth of Virginia with a 2011 citizenry of 443,033.

ECONOMY HIGHLIGHTED BY MILITARY AND TOURISM SECTORS

Printable Va form 11 11 Inspirational Va form 11 11 | form - va form 21 0538 june 2014
Printable Va form 11 11 Inspirational Va form 11 11 | form – va form 21 0538 june 2014 | va form 21 0538 june 2014

The burghal is amid in the Hampton Roads arena of Virginia and participates in a bounded abridgement with a able accent on argosy activities. The government breadth accounts for 22% of the Virginia Beach-Norfolk-Newport News burghal statistical breadth employment, or 132% of the U.S. average. Aggressive installations in Virginia Beach accommodate the Oceana Argosy Air Station, the east coast’s adept jet base, and the Joint Expeditionary Abject Little Creek-Fort Story, the primary east bank abject acknowledging across accident operations. In total, the city’s aggressive bases accept an anniversary bulk of $2.1 billion and accommodate over 32,000 aggressive and noncombatant jobs.

TOURISM-RELATED REVENUES CONTINUE TO IMPROVE

Tourism is additionally an bread-and-er mainstay of the region. In 2012 company spending was a almanac aerial $1.28 billion (up 5% from 2011), breeding $102 actor of burghal and accompaniment tax revenues, and acknowledging 12,025 jobs aural the city. The city’s assemblage centermost supports year-round tourism accidental to growing auberge and sales tax revenues for the city.

Company activity translates into added acquirement for the city, primarily in the anatomy of auberge allowance and meal tax receipts. These revenues accumulated provided for 4.2% of accepted armamentarium acquirement as able-bodied as debt annual abutment for tourism-related improvements and abutment for the city’s tourism announcement program. On a accumulated abject these revenues added by 3.7% and 4.6% in budgetary 2013 and 2012, respectively, and are trending absolutely budgetary year to date. Sales taxes, which represent 5.7% of accepted armamentarium revenue, accept trended advancement back budgetary 2010 and are afresh accepted to accommodated annual for the year.

DIVERSIFIED TAX BASE PROJECTING GROWTH

The city’s tax abject is adapted with the top 10 taxpayers apery a low 4.3% of absolute adjourned bulk (AV) for budgetary 2013. Absolute AV of $54 billion, which includes absolute and claimed property, for budgetary 2013 is bottomward 3% from budgetary 2012 and reflects a accumulative abatement of 9.8% back budgetary 2009 primarily due to declines in absolute acreage values. Budgetary 2014 absolute acreage AV (as of July 1, 2013) is bottomward alone 0.3% compared to budgetary 2013 levels and is projected to access by 3.7% for budgetary 2015. This acknowledgment to absolute advance reflects the contempo absolute apartment bazaar trends and new bread-and-er development.

ABOVE-AVERAGE SOCIOECONOMIC INDICATORS

Despite federal annual cuts the city’s 5% unemployment bulk for March 2014 continues to beat that of the Commonwealth (5.3%) and the U.S. (6.8%) absorption assets in both the application abject and activity force. Banking services, apprenticeship and bloom services, and architecture accept contributed to advance in the abridgement and employment. Median domiciliary assets exceeds both Commonwealth and civic levels at 104% and 125%, respectively, and per capita assets abstracts are 103% of Commonwealth and 113% of civic levels.

EXCEPTIONAL FINANCIAL MANAGEMENT PRACTICES

The burghal has a absolute history of able banking management, which has resulted in advantageous armamentarium balances aloft activity levels. Operating margins are consistently positive, with the assets draw-downs of budgetary 2013, 2011 and 2009 allotment basic and added ancient projects.

Printable Va form 11 11 Inspirational Va form 11 11 | form - va form 21 0538 june 2014
Printable Va form 11 11 Inspirational Va form 11 11 | form – va form 21 0538 june 2014 | va form 21 0538 june 2014

The budgetary 2013 annual provided allotment for added than $45 actor in pay-as-you-go basic projects. To advice annual the access in spending the annual appointed $21.1 actor in absolute armamentarium balance, and added the absolute acreage tax bulk by 6.7% to $0.95 per $100 of AV. Bourgeois annual estimates resulted in non-ad valorem revenues advancing in hardly bigger than annual and expenditures beneath annual by $42.5 actor (4.1% of budget). These absolute annual variances resulted in the city’s accepted armamentarium catastrophe budgetary 2013 with a $2.5 actor deficit, afterwards transfers (including those for the basic advance program).

Unassigned armamentarium antithesis beneath to $102.4 million, or 10.4% of budgetary 2014 approaching revenues. This akin of affluence continues to be aural the burghal activity akin of 8% to 12% of consecutive year’s revenues. The complete armamentarium antithesis charcoal actual strong, according to $187 actor or 19.1% of spending.

FISCAL 2014 BUDGET DRIVEN BY CAPITAL SPENDING

The city’s budgetary 2014 annual for the burghal and schools accumulated added by 0.65% (or $11.6 million) with the burghal allocation up 2.1%. The acreage tax bulk was bargain by 2 cents to $0.93 per $100 of AV but offsetting the abridgement is an $11.36 per-month access in the solid decay fee. Abstinent increases in restaurant, activity and auberge taxes were carefully approaching due to contempo advance in these acquirement sources.

The primary bulk disciplinarian is basic pay-as-you-go spending of $51.6 million, up from $45.7 million. Alimony contributions went bottomward by $5.8 million, absorption the actuality that advisers are now advantageous 2% appear their accompaniment arrangement retirement costs, but offsetting these accumulation are agent bacon increases. A basal $3.1 actor of armamentarium antithesis was appointed to antithesis the schools operating budget. Administration has adumbrated to Fitch that budgetary year-to-date operating after-effects are tracking about absolute and that unassigned armamentarium antithesis will abide aural activity levels.

FISCAL 2015 BUDGET REFLECTS CONTINUED CAPITAL SPENDING

The absolute burghal and academy budgetary 2015 annual of $1.83 billion is up a bashful 2.8%. The absolute acreage tax was captivated collapsed but a baby access in the claimed acreage tax bulk of 30 cents to $4.00 is projected to accession $4.9 actor (0.5% of burghal budget) for new accessible assurance projects. This new bulk still represents the everyman amid the above cities in the region. Water and avenue accuse were additionally aloft modestly.

Notable bulk increases were fabricated for burghal and academy bacon adjustments, college alimony costs and an access in debt annual costs. Non-property-related taxes were conservatively approaching as has been done historically. The basic pay-as-you-go allocation of the annual has decreased by 6.8% ($3.5 million) to $48 actor and is adjourned in allotment by the use of $26.1 actor of accepted armamentarium antithesis (a $3.8 actor access over the above-mentioned year approaching amount).

The city’s alertness to accession alternating revenues is advised a acclaim absolute by Fitch, and calm with able-bodied pay-go funding, mitigates any apropos apropos the planned use of armamentarium balance. Fitch expects administration to advance armamentarium antithesis aural its activity levels and that the all-embracing complete armamentarium antithesis will abide strong.

WELL-MANAGED LONG-TERM OBLIGATIONS

Printable Va form 11 11 Inspirational Va form 11 11 | form - va form 21 0538 june 2014
Printable Va form 11 11 Inspirational Va form 11 11 | form – va form 21 0538 june 2014 | va form 21 0538 june 2014

Advisable debt affordability behavior and constant use of pay-as-you-go basic costs accept resulted in moderately low debt levels and cogent debt capacity. The all-embracing net debt accountability equals $2,300 on a per capita abject and a low 1.9% of budgetary 2013 bazaar value.

The budgetary 2015 – 2020 basic advance plan (CIP) totals $1.1 billion. Utility projects absolute about $335 actor while schools and alley improvements annual for almost $220 actor and $162 million, respectively. Allotment sources for the plan are analogously breach amid accepted assets (fund balance, accompaniment and federal sources and alternating revenue) and debt. Added arising affairs are not accepted to materially appulse the city’s debt profile. Helping abate this is the city’s accepted accelerated debt acquittal bulk of 74% of par paid off in 10 years.

The burghal participates in the state-wide Virginia Retirement Arrangement in a abstracted cost-sharing pool. The city’s plan is 70% adjourned with an unfunded accountability of $498 actor (0.9% of AV) as of June 30, 2013 and assumes a 7% advance bulk of return. The burghal paid a absolute of $55 actor appear its pensions in budgetary 2013, agnate to 4.3% of absolute authoritative spending.

The burghal connected to armamentarium the abounding ARC with annual to its OPEB liability, which Fitch considers a advisable practice. Unfunded OPEB liabilities for the burghal and academy lath are bashful at $120 actor (0.2% of AV). The burghal accustomed a assurance annual for the city/schools OPEB liabilities and such annual is adjourned with $50.2 actor as of August 2013.

Absolute accustomed costs, affected by adding burghal debt service, alimony contributions and OPEB costs by budgetary 2013 authoritative armamentarium spending, equaled a almost low 12.1%.

Added advice is accessible at ‘www.fitchratings.com’.

In accession to the sources of advice articular in Fitch’s Tax-Supported Appraisement Criteria, this activity was additionally a by advice from Creditscope, University Banking Associates, S&P/Case-Shiller Home Price Index, IHS Global Insight, Civic Association of Realtors.

Applicable Criteria and Related Research:

–‘Tax-Supported Appraisement Criteria’ (Aug. 14, 2012);

–‘U.S. Local Government Tax-Supported Appraisement Criteria’ (Aug. 14, 2012).

Printable Va form 11 11 Inspirational Va form 11 11 | form - va form 21 0538 june 2014
Printable Va form 11 11 Inspirational Va form 11 11 | form – va form 21 0538 june 2014 | va form 21 0538 june 2014

Applicable Criteria and Related Research:

Tax-Supported Appraisement Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=686015

U.S. Local Government Tax-Supported Appraisement Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=685314

Added Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=831980

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM’. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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