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1988CITY OF BANGOR, MAINE CFR f988 Financial Statements and Other Financial Information For The Year Ended June 30,1988 THEODORE C. JELLISON Finance Director Brooks EE31'tP,1' Certified Public Accountants AUDITORS' REPORT The Honorable Mayor, City Council and City Manager City of Bangor, Maine We have examined the general purpose financial statements of the City of Bangor, Maine as of and for the year ended June 30, 1988, as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary.in the circumstances. In our opinion, the general purpose financial statements referred to above present fairly the financial position of the City of Bangor, Maine, at June 30, 1988, and the results of its operations and the. changes in financial position of the proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements of the various funds and account groups of the City of Bangor, Maine, taken as a whole. The additional information included in Schedules A-1 through F and statistical Tables 1 through 7 are presented for supplementary analysis purposes and are not a required part of the general purpose financial statements of the City of Bangor, Maine. The additional information has been subjected to the auditing procedures applied in the examination of the basic general purpose financial statements and, in our opinion, is stated fairly in all material respects when considered in relation to the general purpose financial statements taken as a whole. 15,—'e,4_ September 21, P. O: Box 1167, •:: 84 Harlow Street, Bangor, Maine 04401 (207) 947-8341 CITY OF BANGOR, MAINE Annual Financial Report June 30, 1988 Table of Contents AUDITORS' REPORT Exhibit FINANCIAL STATEMENTS Combined Balance Sheet --All Fund Types and Account Groups 1 Combined Statement of Revenues, Expenditures and Changes in Fund Balances --All Governmental Fund Types and Expendable Trust Funds 2 Statement of Revenues, Expenditures and Changes in Unreserved/Undesignated Fund Balance --Budget and Actual --General Fund 3 Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balances --All Proprietary Fund Types and Similiar Trust Funds 4 Combined Statement of Changes in Financial Position -- All Proprietary Fund Types and Similiar Trust Funds 5 Notes to Financial Statements ADDITIONAL INFORMATION Governmental Funds: General Fund: Balance Sheet Statement of Revenues, Expenditures, and Changes in Unreserved/Undesignated. Fund Balances --Budget and Actual Special Revenue Funds: Balance Sheet Statement of Revenues, Expenditures and Changes in Fund Balance Capital Project Funds: Balance Sheet Statement of Revenues, Expenditures and Changes in Fund Balances Pages) 1 - 2 �3 4 5 6 7 - 21 Schedule A-1 22 A-2 23 - 24 B-1 25 B-2 C-1 C-2 26 27 28 CITY OF BANGOR MAINE Annual Financial Report Table � June 30, 1988 Table of Contents 1 36 Additional Information (Continued) Schedule Page(s) Proprietary Funds: Enterprise Funds: 3 38 Combining Balance Sheet D-1 29 Combining Statement of Revenues, Expenses 4 39 and Changes in Retained Earnings D-2 30 Combining Statement of Changes in Financial Position D-3 31 Fiduciary Funds: Trust and Agency Funds: 6 41 Combining Balance Sheet E-1 32 Expendable Trust Funds - Statement of Revenues, Expenditures, and Changes in 7 42 J Fund Balance E-2 33 Nonexpendable Trust Funds - Combining Statement of Revenues, Expenses and Changes in Fund Balances E-3 34 Schedule of Assessed Valuation, Commitment and Collections F 35 STATISTICAL SECTION: Table Property Tax Valuations, Levies and Collections - Last Ten Fiscal Periods 1 36 Local Assessed Valuations - Last Ten Fiscal Periods 2 37 General Fund Expenditures by Function - Last Ten Fiscal Periods 3 38 General Fund Revenue by Source - Last Ten Fiscal Periods 4 39 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures - Last Ten Fiscal Periods 5 40 Debt Service Requirements to Maturity - General Obligation Bonds 6 41 Ratio of General Bonded Debt to Assessed Value and General Bonded Debt per Capita - Last Ten Fiscal Periods 7 42 The accompanying notes are an integral part of these financial statements. Exhibit I CITY OF BANGOR, MAINE Combined Balance Sheet - All Fund Types and Account Groups June 30, 1988 (with comparative totals for June 30, 19871 Proprietary Fiduciary Governmental Fund Types Fund Type Fund Type Account Groups Enterprise General General Totals Special Capital (Notes'9 Trust and Fixed Long-term (Memorandum Only) Assets and Other Debits General Revenue Projects and 13) Agency Assets Debt 1988 1987 Cash on hand $ 1,930 $ 250 $ - $ 54,903 $ - $ - $ - $ 57,083 $ 3,428 Equity in pooled cash and investments - (note 2) 5,783,799 12,964 3,498,584 991,847 967,330 - - 11,254,524 11,223,370 Investments at cost - '(note 2) - - - - 526,623 - - 526,623 523,315 Receivables (net, where applicable of allowance for estimated un- collectible accounts of $94,842 in 1988 and $94,842 in 1987: Taxes, including interest, penalties and liens (note 3) 923,954 - - - - - - 923,954 998,304 Accounts 747,239 - 43,024 1,215,358 34,994 - - 2,040,615 1,325,062 ! Loans - 1,892,405 - - 30,170 - - 1,922,575 2,414,246 Deferred special assessments - - 328,966 - - - - 328,966 306,865 Due from other governments (note 4) - 211,905 1,058,875 - - - - 1,270,780 880,346 Advance to enterprise funds (note 9) - - 87,787 - - - - 87,787 375,501 Inventory, at cost 506,602 - - 94,962 - - - 601,564 531,167 Prepaid expenses - - - 144,095 - - - 144,095 115,917 Property, plant and equipment (net of accumulated depreciation) (note 5) - - - 119,144,047 - 45,162,740 - 164,306,787 162,948,734 Amount to be provided for retirement of general long-term debt - - - - - - 11,129,185 11,129,185 10,746,985 Deposits for construction with. capital projects funds - - - 2,654,375 - - - 2,654,375 734,093 Other assets 25,165 - - 730,512 - - - 755,677 799,540 $ 7,988,689 $2�, TM $5,017,236 $125,030,099 $1,559,117 $45,162,740 $1129,185 $198,004,590 $193,926,873 The accompanying notes are an integral part of these financial statements. CITY OF BANGOR, MAINE Combined Balance Sheet - All Fund Types and Account Groups, Continued June 30, 1988 (with comparative totals for June 30, 1987) Exhibit 1 Cont'd. The accompanying notes are an integral part of these financial statements. Proprietary Fiduciary Governmental Fund Types Fund Type Fund 'type Account Groups Enterprise eneral (.;enerai Totals Special Capital (Notes 9 Trust and Fixed Long-term (Memorandum Only) Liabilities General Revenue Projects and 13L Agency Assets Debt 1988 1987 Accounts Payable $ 389,143 $ 20,089 $ 360,013 $ 449,398 $ - $ - $ - $ 1,218,643 $ 681,762 Workers' Comp. Self Insurance (note 15) 170,000 - - 170,647 - - 798,937 1,139,584 1,164,664 Accrued leave - - - 135,496 - - 472,971 608,467 582,230 Accrued payroll 919,222 - - 57,044 - - - 976,266 756,50.1 Tax collected in advance 10,909 - - - - - - 10,909 17,130 Amounts held by agency funds for others - - - - 788,519 - - 788,519 679,729 Deferred revenues (note 6) 739,800 1,892,405 - 35,166 - - - 2,667,371 3,343,683 Advance from other fund (note 9) - - - 87,787 - - - 87,787 375,501 General obligation bonds and notes payable (note 7) - - - 4,732,723 - - 9,857,277 14,590,000 12,740,000 Notes Payable - - - 4.116 - - - ,4,116 - 2,229,074 1,912,494 360,013 5.672.377 788,519 - 11,129,185 22,091,662 20,341,206 N Fund Equity Contributed capital -(note 8) - - - 110,648,089 - - - 110,648,089 109,228,573 Investment in general fixed assets (note 5) - - - - - 45,162,740 - 45,162,740 46,542,282 Retained earnings - - - 8,709,633 - - - 8,709,633 7,155,098 Fund balance: Reserve for: Encumbrance 281,486 7,018 3,168,468 - - - - 3,456,972 928,345 Advance to enterprise funds (note 9). - - - - - - - - 375,501 Loans - - - - 81,997 - - 81,997 67,252 Endowments - - - - 512,600 - - 512,600 511,417 Unreserved: Designated for subsequent years expenditures (note 10) 2,693,323 198,012 417,404 - 176,001 - - 3,484,740 5,916,173 Undesignated 2,784,806 - 1,071,351 - - - - 3,856,157 2,861,026 Total fund equity 5,759,615 205,030 4,657,223 119,357,722 770,598 45,162,740 - 175,912,928 173,585,667 $ 7,988,689 $2,117,524 $5,017,236 $125,030,099 $1,559,117 $45,162,740 $11,129,185 $198,004,590 $193,926,873 The accompanying notes are an integral part of these financial statements. A Revenues: Taxes (note 3) Special assessments Intergovernmental Licenses and permits Charges for services Fines, forfeits, and penalties Revenues from use of money and property Reimbursements Miscellaneous Total revenues Expenditures: General government Public safety Health, welfare, and recreation Public buildings and services Other agencies Education Other appropriations Community Development Block Grant Perpetual care fees Distribution to beneficiaries Capital projects Total expenditures Excess (deficiency) of revenues over expenditures . Other financing sources (uses): Operating transfers in Operating transfers out (note 9) Proceeds from bonds Excess (deficiency) of revenues and other sources over expend- itures and other uses Fund balances at beginning of period Fund balances at end of period CITY OF BANGOR, MAINE Exhibit 2 Combined,Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds Year ended June 30, 1988 Fiduciary Governmental Fund Types Fund Type Special Capital Expendable General Revenue Projects Trust Total $20,501,081 $ - $ - $ - $20,501,081 - 129,556 - 129,556 8,749,115 665,397 1,652,167 - 11,066,679 192,845 - - - 192,845 2,972,056 - - - 2,972,056 10,203 - - - 10,203 1,426,272 278,479 240,868 29,169 1,974,788 282,274 - - - 282,274 - 49,321 6,486 55,807 34,133,846 943,876 2,071,912 35,655 37,185,289 2,478,084 - - - 2,478,084 6,046,174 - - - 6,046,174 1,537,123 - - - 1,537,123 3,766,936 - - - 3,766,936 1,144,039 - - - 1,144,039 17,702,325 - - - 17,702,325 1,491,886 - 5,213 - 1,497,099 - 892,571 - - 892,571 - - - 17,800 17,800 - - - 8,550 8,550 - - 6,265,102 - 6.265.102 34,166,567 892,571 6,270,315 26,350 41,355.803 ( 32,721) 51,305 (4,198,403) 9,305 (4,170,514) 22,000 - 1,064,300 - 1,086,300 ( 393,626) - - - t 393,626) - - 3,200,000 - 3 200.000 ( 371,626) - 4,264,300 3,892,674 ( 404,347) 51,305 65,897 9,305 f 277,840) 6,163,962 153,725 4,591,326 166,696 11.075,709 L5,759,615 $205,030 $4,657,223 $176,001 $10,797,869 The accompanying notes are an integral part of these financial statements. I 9 Exhibit 3 CITY OF BANGOR, MAINE Statement of Revenues, Expenditures, and , Changes in Unreserved/Undesignated Fund Balance - Budget and Actual General Fund Year ended June 30, 1988 Variance - Favorable Budget Actual (Unfavorable) 'j J Revenues:. Taxes (note 3) Intergovernmental Licenses and permits Charges for services Fines, forfeits, and penalties Revenue from use of money and property Reimbursements Total revenues Expenditures: General government Public safety Health, Welfare, and recreation Public buildings and services Other agencies Education Other appropriations Total expenditures Excess of revenues over expenditures $19,984,540 8,625,442 133,500 2,767,411 9,450 1,273,001 332,910 33,126,254 2,296,335 6,379,467 1,644,031 3,902,192 1,144,039 18,036,698 1,551,662 34,954,424 (1,828,170) Other financing sources (uses-) Operating transfers out ( 193,830) Appropriation from surplus 2,000,000 Operating transfers in 22,000 Excess (deficiency) of revenues and other sources over expenditures and other uses S -0- Fund balance undesignated/ unreserved beginning of year Balances carried to succeeding year Appropriation from surplus Fund balance undesignated/ unreserved, end of year $20,501,081 8,749,115 192,845 2,972,056 10,203 $ 516,541 123,673 59,345 204,645 753 1,426,272 153,271 282,274 ( 50,636) 34,133,846 1,007,592 2,284,967 6,110,149 1,576,694 3,809,424 1,144,039 17,165,325 1,444,161 33,534,759 599,087 ( 169,994) 2,455,015 222,000 $3,106,108 3,242,.691 (1,108,978) (2,455,015) $ 2,784,806 The accompanying notes are in integral part of these financial statements. -4- 11,368 269,318 67,337 92,768 871,373 107,501 1,419,665 2,427,257 23,836 455,015 200,000 $3,106,108 CITY OF BANGOR, MAINE Exhibit 4 Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances - All Proprietary Fund Types and Similar Trust Funds Year ended June 30, 1988 Proprietary Fiduciary Fund Type Fund Type Enterprise Nonexpend- (Notes 9 & 13) able Trust Total — Operating revenues: Charges for services $11,954,375 - $11,954,375 Interest - 6,290 6,290 Lot sales - 11,800 11,800 _ Contributions - 10,000 10,000 Total operating revenues 11,954,375 28,090 11,982,465 Operating expenses: Operating expenses other _. than depreciation 9,963,220 - 9,963,220 Depreciation and amortization: On assets acquired _ with own funds 364,490 - 364,490 On assets acquired with contributions 3,189,024 - 3,189,024 Total operating ` expenses 13,516,734 - 13,516,734 Operating income (loss) (1,562,359) 28,090 (1,534,269) Non operating revenues a (expenses): Interest income 197,549 - 197,549 Interest expense ( 269,026) - ( 269,026) L ( 71,477) - ( 71,477) Income (loss) before operat- ing transfers (1,633,836) 28,090 (1,605,746) Operating transfers in 169,994 - 169,994 Operating transfers out - ( 12,162) t 12,162) Net income (loss) (1,463,842) 15,928 (1,447,914) - Add depreciation and amortization on assets acquired with contributions 3,189,024 - 3,189,024 Increase in retained • earnings 1,725,182 15,928 1,741,110 L Retained earnings/fund balance at beginning period 6,984,451 578,669 7,563,120 Retained earnings/fund balance _ at end of period $ 8,709,633 $594,597 $ 9,304,230 The accorpanying notes are an integral part of these financial statements. -5- CITY OF BANGOR, MAINE Exhibit 5 Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds Year ended June 30, 1988 Proprietary Fiduciary Fund Type Fund Type Enterprise Nonexpend- - (Notes 9 & 13) able Trust Total Sources of working capital: — Operations: Net income (loss) $(1,463,842) $ 15,927 $(1,447,915) Items not requiring work- ing capital -depreciation and amortization 3,553,514 - 3,553,514 Working capital provided by operations 2,089,672 15,927 2,105,599 Contributions: City 1,858,018 - 1,858,018 J Customers 68,050 68,050 Federal, state, and other 2,682,472 _ 2,682,472 Proceeds of bond issue 2,280,900 - 2,280,900 "k Deposits for Capital projects (3,012,297) - (3,012,297) 5,966,815 15,927 5,982,742 Uses of working capital: Acquisition of property, plant, and equipment 6,306,665 - 6,306,665 •) Current installment - general obligation bonds 469,334 - 469,334 Decrease in advance from J other funds 287,714 - 287,714 Increase in working capital (1,096,898) 15,927 (1,080,971) 5,966,815 15,927 5,982,742 _j Elements of net increase (decrease) JJ in working capital: Cash (1,038,521) 14,094 (1,024,427) Receivables (net) 310,824 ( 1,475) 309,349 Investments - 3,308 3,308 Inventory 36,340 - 36,340 Prepaid expenses 28,178 - 28,178 Accounts payable and =� accrued expenses ( 307,229) - ( 307,229) Prepaid revenue ( 27,676) - ( 27,676) Current installments of long-term debt and notes payable t 98.814) - ( 98,814) Net increase in work- ing capital $(1,096,898) $ 15,927 $(1,080,971) • The accompanying of notes are an integral part these financial statements. -6- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 1 - Summary of Significant Accounting Policies The City of Bangor, Maine was incorporated February 12, 1834, under the laws of the State of Maine. The City operates under a Council -Manager form of government and provides the following services as authorized by its charter: public safety, public works, recreation, and education. The accounting policies of the City of Bangor, Maine conform to generally accepted accounting principles as applicable to governmental units. The following is a summary of the more significant policies: (A) Basis of Presentation - Fund Accounting The accounts of the City are organized on the basis of funds and account groups, 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, fund balance/retained earnings, revenues, and expenditures/expenses. The various funds are summarized by type in the financial statements. The following fund types and account groups are used by the City: GOVERNMENTAL FUND TYPES Governmental Funds are those through which most governmental functions of the City are financed. The acquisition, use, and balances of the City's expendable financial resources and the related liabilities (except those accounted for in proprietary funds) are accounted for through governmental funds. The measurement focus is upon determination of changes in financial position, rather than upon net income determination. The following are the City's governmental fund types: General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. L Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expendable trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Capital Projects Funds - Capital Projects Funds are used to account for financial resources to be used for the acquisition or construction of major capital facilities. PROPRIETARY FUND TYPES Proprietary Funds are used to account for the City's ongoing organization and activities which are similar to those often found in the private sector. The measurement focus is upon determination of net income. It, -7- a CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 1 - Continued Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, including depreciation) of providing goods or services to the general public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. FIDUCIARY FUND TYPE Fiduciary Funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals, private organizations, other governmental units, and/or other funds. Trust and Agency Funds - Trust and Agency Funds include expendable, nonexpendable and agency funds. Nonexpendable funds are accounted for and reported as proprietary funds since capital maintenance is critical. -- Expendable trust and agency funds are accounted for and reported as governmental funds. P' ACCOUNT GROUPS Account groups are used to establish accounting control and accountability for the City's general fixed assets and general long-term debt. The following are the City's account groups: - General Fixed Assets Account Group - This group of accounts is _ established to account for all fixed assets of the City, other than those accounted for in the proprietary funds. General Long -Term Debt Account Group - This group of accounts is established to account for all long-term debt of the City except that accounted for in the proprietary funds. (B) Basis of Accounting The modified accrual basis of accounting is followed by the governmental funds and expendable trust and agency funds. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual,i.e., both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures, other than interest on long-term debt, are recorded when the liability is incurred, if measurable. In applying the susceptible to accrual concept to intergovernmental revenues, the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially two types of these revenues. In one, monies must be expended on the specific purpose or project before any amounts will be -8- ~ CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 �NOTE 1 - Continued paid to the City; therefore, revenues are recognized based upon the expenditures recorded. In the other, monies are virtually unrestricted as to purpose of expenditure and are usually revocable only for failure to comply with prescribed compliance requirements. These resources are reflected as revenues at the time of receipt or earlier if the susceptible to accrual criteria are met. Licenses and permits, charges for services, fines and forfeits, and miscellaneous revenues (except investment earnings) are recorded as revenues when received in cash because they are generally not measurable until actually received. Investment earnings are recorded as earned since they are measurable and available. The accrual basis of accounting is used by proprietary funds and nonexpendable trust funds. (C) Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of funds are recorded in order to ,.� reserve that portion of the applicable appropriation, is employed in the governmental funds. Open encumbrances are reported as reservations of Fund balances since the commitments will be honored in subsequent years.. Encumbrances do not constitute expenditures or liabilities. t (D) Budgetary Accounting The City utilizes a formal budgetary accounting system to control revenues and expenditures accounted for in the general fund. These budgets are established in accordance with the various laws which govern the City's operations. The third Monday in March, the city administrator submits to the City Council a proposed operating budget for the fiscal year commencing the following July 1. The operating budget includes proposed expenditures and the means of financing them. Public hearings are conducted to obtain taxpayer comments. The budget is legally enacted through the passage of an appropriation resolve. The city administrator is authorized to transfer budgeted amounts between departments, however, any revisions that alter the total expenditures must be approved by the City Council. No significant additional appropriations were required in 1988. All unencumbered and unexpended appropriations lapse at year end. Departmental expenditures may not exceed appropriations. Budget data as presented for these funds utilize the modified accrual basis of accounting. l Budgetary controls are maintained on the other governmental funds LA through formal authorizations by the City Council and grant agreements. (E) Investments Investments are stated at cost. i -9- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 1 - Continued (F) Inventory Inventory consists primarily of expendable supplies held for consumption. (G) Advances to Other Funds Long-term interfund advances are recorded as a receivable and as a reserve of fund balance by the advancing fund. (H) General Fixed Assets General fixed assets have been acquired for general governmental purposes. Assets purchased are recorded as expenditures in the governmental funds and capitalized at cost in the general fixed assets account group. Contributed fixed assets are recorded in general fixed assets at estimated fair market value at the time received. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs, and gutters, streets and sidewalks, drainage systems, and lighting systems are capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets, nor has interest been capitalized. (I) Property, Plant and Equipment - Enterprise Funds Property, plant, and equipment owned by the various enterprise funds is stated at cost except for certain assets contributed by others which are stated at fair market value as of the date of contribution. Depreciation has been provided over the estimated useful lives using the straight line method. Depreciation on all assets has been recorded as an expense of the current period. The amount applicable to assets acquired from contributions has then been transferred to the related contribution account rather than to retained earnings. The range of the estimated useful lives of the various classes of enterprise depreciable assets is as follows: Asset Class Buildings Equipment Pipelines and Mains Aircraft operational assets: Runways Buildings Machinery and equipment -i0- Range of Estimated Useful Life 25 - 40 years 5 - 20 years 100 years 40 years 20 years 5 - 10 years CITY OF BANGOR, -MAINE Notes to Financial Statements June 30, 1988 NOTE 1 - Continued (J) Vacation and Sick Leave Under terms of union contracts and personnel policies, permanent full time City employees are granted vacation and sick leave in varying amounts. In the event of termination an employee is reimbursed for accumulated vacation days up to the equivalent of thirty days vacation. Employees are reimbursed for 33 percent of accumulated sick leave, up to 40 days, only upon retirement. For Governmental Type Funds (General and Special Revenue), the City appropriates funds for accrued vacation in the year the vacation is taken. Accordingly, accumulated vacation time earned and not taken at the end of the fiscal year will be raised in subsequent years' budgets. The related obligation, therefore, is recorded in the general long-term debt group of accounts of the City in accordance with Statement No. 4 of the National Council on Governmental Accounting. Accumulated sick leave is not recorded since it is neither determinable nor measurable. (K) Capital Projects Funds - Unappropriated Fund Balances -- Unappropriated fund balances in the Capital Projects Funds represent, on a cumulative basis, the excess of specific project resources over the related project costs for completed as well as certain open projects. These amounts are currently unappropriated and as such are available for use within the Capital Projects Funds for future capital construction. 6 (L) Comparative Total Data Comparative total data for the prior year have been presented in the accompanying combined financial statements in order to provide an understanding of changes in the City's financial position and operations. However, comparative data (i.e., presentation of prior year totals by fund type) have not been presented in each of the statements, since their inclusion would make the statements unduly complex and difficult to read. The total data are the aggregate of the fund types and account groups. No consolidating or other eliminations were made in arriving at the totals; thus they do not present consolidated information. NOTE 2 - Equity in Pooled Cash and Investments, and Cash and Investments The City maintains a cash and investment pool that is available for use by all funds. Each fund type's portion of this pool is displayed on the combined balance sheet as "Equity in pooled cash and investments". In addition, cash and investments are separately held by some of the City's fund types. -11- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 2 - Continued Deposits: At year-end, the carrying amount of the City's deposits was $6,610,241 and the bank balance was 636 924. Of the bank b _ $ glance, $493,447 was covered b federal depository insurance and $143,477 was uninsured and uncollateralized. p y $ Investments: Statutes authorize the City to invest in obligations of the U.S. Treasury, agencies, and instrumentalities, repurchase agreements, corporate securities, financial institution stocks and other stock investments. The City's investments are categorized below to give an indication of the level of risk assumed by the entity at year-end. Category 1 includes investments that are insured or collaterized with securities held by the City or its agent in the City's name. Category 2 includes uninsured investments for which the securities are held by the banks' trust department in the City's name. Category 3 includes uninsured investments for which the securities are held by the banks' trust department or its agent but not in the City's name. Short -Term U.S. Gov't. Pooled Funds U.S. Treasury obligations Repurchase agreements Corporate Bonds Category 1 2 3 $ - $ - $3,768,333 - - 3871,573 - 1,000,000 15,000 - $15,000 $5,155,906 NOTE 3 - Property Tax Carrying Amount $3,768,333 387,573 1,000,000 15,000 $5,170,906 Market Value $3,768,333 382,717 1,000,000 13,338 $5.164,388 The City's property tax was levied July 1, 1987 on the assessed value listed as of the prior April 1, for all real and personal property located in the City. The assessed value for the list of April 1 1987 upon which the 1987 levy was based, was $891,459,000. The estimated market value was $891,549,000 making the assessed value 100 percent of the estimated market value. Taxes are billed on a semi-annual basis. Taxes were due August 1 and February 1 with a grace period to the first of the following month before interest was charged. Current tax collections for the year ended June 30, 1988 were 96.3 percent of the tax levy. Property taxes levied for the year ended June 30, 1988 are recorded as receivables. The receivables collected during the year and during the first 60 days of the subsequent year are recognized as revenues for the year ended June 30, 1988. Receivables estimated to be collected subsequent to the 60 day period are considered to be deferred revenues. Prior year tax levies were recorded using this same principle. - -12- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 4 - Due From Other Governments - Capital Projects Due from other governments includes accrued reimbursement on the following capital projects: Project Airport Development Aid Project Sewerage Facility Planning Garland Street Field Penobscot River Park Estimated Expenditures Total To Costs Date $ 9,686,585 201,500 140,000 70,180 $10,098,265 I_ NOTE 5 - Fixed Assets $9,275,102 175,597 131,511 52,268 LRIMIREWI 11:1 Amounts Amounts Funded Due From By Other Other Gov'ts. Gov'ts. $8,791,759 $1,024,755 146,837 9,710 70,000 16,729 30,000 7,681 $9,038,596 $1,058,875 A summary of changes in general fixed assets is presented on page 14. The Construction in process is composed of the following: Buildings School Streets Electrical Other Projects Project Authorization $1,296,867 1,807,100 851,451 58,400 3,303,688 $7,317,506 Expenses to June 30, 1988 $1,083,563 1,178,668 89,872 12,700 867,873 $3,232,676 -13- Balance $ 103,304 138,432 436,579 45,700 1,210,815 $1,934,830 Required Future Financing $ 110,000 490,000 325,000 1,225,000 c? iRn nnn s .. r I, f i ( E I I i _1 `a I I I I i i I i I 9 T I 1 CITY OF BANGOR Notes to Financial MAINE Statements June 30, 1988 NOTE 5 - Fixed Assets, Continued A summary of changes in general fixed assets follows: Balance Balance June 30, June 30, 1987 Additions Deletions Transfers 1988 Land $ 3,118,778 $ 42,173 $ - $( 101,900) $ 3,059,051 City foreclosed property 72,383 6,228 - - 78,611 Buildings 18,797,018 211,168 - (1,870,354) 17,137,832 Recreation Facilities 2,347,128 205,740 - (1,618,496) 934,372 Construction in process 2,318,497 2,761,654 - (1,847,475) 3,232,676 26,653,804 3,226,963 - (5,438,225) 24,442,542 Public domain: Streets 12,133,551 523,615 - - 12,657,166 Sidewalks 1,505,440 63,571 - - 1,569,011 Bridges 1,053,245 83,570 - - 1,136,815 Parking Structures 14,000 - - - 14,000 Electrical 602,034 1,600 ( 1,600) - 602,034 Storm sewers - water lines 343,521 - - - 343,521 Other public domain 397,602 - - - 397,602 Total public domain 16,049,393 672,356 ( 1,600) - 16,720,149 Equipment -vehicles 3,638,936 278,438 ( 117,474) - 3,799,900 Equipment computer 200,149 - - - 200,149 Total equipment 3,839,085 278,438 ( 117,474) - 4,000,049 $46,542,282 $4,177,757 $( 119,074) $(5,438,225) $45,162,740 CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 5 - Continued A summary of proprietary fund type property, plant and equipment at June 30, 1988 follows: Land $ 195,585 Building improvements and equipment 11,477,238 Pipelines and mains 15,925,441 Aircraft operational assets 122,560,563 Parking structures 532,808 Construction in process 11,056,893 161,748,528 Less accumulated depreciation ( 42,604,481) $119,144,047 NOTE 6 - Deferred Revenues Deferred revenues consist of the following: General Special Enterprise Fund Revenue Fund Taxes $ 727,914 $ - $ - Loans - 2,323,620 - Other 11,886 - 35,166 $ 739,800 $2,323,620 $ 35,166 Deferred tax revenues consist of those tax revenues not available to meet the needs of the current period (See Note 3). Since the excess has not met the requirements of the appropriation process in accordance with the regulations governing such funds, the excess amounts (including accumulated interest thereon) have been reflected as a deferred revenue. Deferred revenue of the Special Revenue Fund represents future revenue equal to loans made pursuant to the Community Development and Urban Development Action Grants over the past years. Pursuant to the terms of these grants, loans made are recognized as an expenditure in the Special Revenue Fund when they occur with corresponding recognition of grant revenues. Further, pursuant to regulations governing such funds, repayment of loans thus outstanding are considered program income as received in subsequent years and is available to the recipient for additional use within the program. The future revenue associated with loans outstanding is, therefore, reflected as deferred revenue. -15- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 7 - Long -Term Debt The following is a summary of long-term debt transactions of the City for the period ended June 30, 1988: General Obligation bonds The general obligation debt of all local governmental units which provide services within the City's boundaries and which must be borne by properties in the City (commonly called overlapping debt), is summarized below: Units City County Bangor Recreation Center Total Net debt outstanding $14,590,000 6,345,000 Percentage applicable to the City 100.00; 24.38 100.00 Overlapping Debt $14,590,000 1,546,911 560,000 $16,696,911 This results in a per capita City debt of $461; per capita overlapping debt of $528; ratio of City debt to the City's June 30, 1988 assessed valuation of 1.6 percent; and a ratio of overlapping debt to June 30, 1988 assessed valuation of 1.9 percent. -16- Debt payable at June 30, 1987 $12,740,000 New debt issued 1988 series 3,200,000 Debt retired - Serial bonds (1,350,000) Debt payable at June 30, 1988 $14,590,000 In addition to the long term debt issued and outstanding noted above, an additional $6,510,000 of general obligation bonds have been authorized but were unissued as of June 30, 1988. The City is subject to the laws of the.State of Maine which limit the amount of long-term debt to a percentage (depending on how funds will be used) of its last full state valuation. The following is a summary, by purpose, of the outstanding debt of the City at June 30, 1988 and related limitations: Percent of state assessed Net debt value of Statutory Debt outstanding $795,800,000 Limit margin School $3,279,685 10; $79,580,000 $76,300,315 Sewer 2,958,997 7 1/20 59,685,000 56,726,003 Airport 996,176 30 23,874,000 22,877,824 All other 7,355,142 7 1/20 59,685,000 52,329,858 The general obligation debt of all local governmental units which provide services within the City's boundaries and which must be borne by properties in the City (commonly called overlapping debt), is summarized below: Units City County Bangor Recreation Center Total Net debt outstanding $14,590,000 6,345,000 Percentage applicable to the City 100.00; 24.38 100.00 Overlapping Debt $14,590,000 1,546,911 560,000 $16,696,911 This results in a per capita City debt of $461; per capita overlapping debt of $528; ratio of City debt to the City's June 30, 1988 assessed valuation of 1.6 percent; and a ratio of overlapping debt to June 30, 1988 assessed valuation of 1.9 percent. -16- d CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 7 - Continued Bonds payable at June 30, 1988, are comprised of the following individual issues: Final Annual Authorized Interest maturity serial and rates date payments Issued June 30, 1987 1968 Permanent Public Improvements 4.10 9/01/88 35,000 690,000 25,000 ( 25,000 in 1988) 1969 Permanent Public Improvements 5.75 8/15/89 55,000 1,060,000 70,000 ( 15,000 in 1989) 1971 Permanent Public Improvements 4.90 5/01/91 35,000 690,000 95,000 ( 25,000 in 1991) 1972 Permanent Public Improvements 4.60 3/01/92 55,000 1,060,000 180,000 ( 15,000 in 1992) 1973 Permanent Public Improvements 5.00 7/15/93 100,000 2,000,000 600,000 1975 Permanent Public Improvements 6.50 8/01/95 205,000 4,050,000 1,590,000 (155,000 in 1995) 1978 Permanent Public Improvements 5.80 7/01/98 165,000 3,260,000 1,775,000 (125,000 in 1998) 1981 Permanent Public Improvements 10.00 6/01/01 155,000 3,065,000 1,980,000 (120,000 in 2001) 1984 Permanent Public Improvements 5.90 to 10/25/94 180,000 1,800,000 1,260,000 8.75 1985 Permanent Public Improvements 5.20 to 10/25/95 160,000 1,575,000 1,255,000 7.90 (135,000 in 1995) 1986 Permanent Public Improvements 4.25 to 10/25/96 90,000 865,000 775,000 6.5 ( 55,000 in 1996) 1987 Permanent Public Improvements 5.70 to 10/25/97 180,000 1,785,000 1,785,000 6.80 (165,000 in 1997) 1988 Permanent Public Improvements 7.37 to 10/28/07 220,000 3,200,000 3,200,000 8.60 (100,000 in 1999 to 2007) Total general obligation bonds $251100,000 $14,590,000 The annual requirements to amortize all debt outstanding as of June 30, 1988, including interest payments of $5,992,109 are as follows: Year ending June 30 1989 $ 2,623,459 1990 2,457,652 1991 2,324,840 1992 2,155,290 1993 2,038,491 1994-1998 6,925,502 1999-2001 2,056,875 $20,582,109 CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 r NOTE 8 - Contributed Capital A summary of changes in contributed capital follows: Contributed capital at June 30, 1987 Contributions Depreciation on assets acquired with contributions Contributed capital at June 30, 1988 NOTE 9 - General Fund Advances $109,228,573 4,608,540 ( 3,189,024) $110,648,089 As a result of operating losses which arose in prior years the General Fund advanced in those years cash to the Airport Fund to subsidize its operations. During fiscal 1987 and 1988 the Airport Fund repaid those advances. The City Nursing Facility has also experienced operating losses in prior years as well as fiscal 1988 and continues to receive cash advances from the General Fund. For the fiscal period ended June 30, 1988 the General Fund transferred $169,994 to meet operating needs. NOTE 10 - General Fund - Designated Fund Balance Designated fund balances represent those portions of the General Fund fund balance specifically designated for the following: -18- 1988 1987 Departmental balances carried forward $ 277,839 $ 203,346 School department - Surplus 831,140 863,177 Automotive equipment replacement account 300,000 300,000 Bus service equipment replacement account 78,822 84,072 Fire equipment replacement account 156,764 265,528 Golf course equipment replacement account 51,886 33,022 Capital improvements 153,062 196,327 Reserve for self insurance 805,010 731,632 Credit reserve fund 512,142 494,996 Sub Total $3,166,665 $3,172,100 Accrued Teacher payroll (net of accrued subsidy receivable) ( 473,342) ( 604,987) Total General Fund Designated Fund Balance $2,693,323 $2,567,113 -18- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 r NOTE 11 - General Fund Cash Surplus By City Council definition, the General Fund cash surplus is the combined cash balances of the General and Enterprise Funds less the current liabilities of each (excluding non-cash related amounts), the reserves for encumbrances of each, and the reserves of the General Fund designated for a specific purpose. The General Fund Cash Surplus as of June 30, 1988 was computed as follows: General Fund Enterprise Fund Total Cash $ 5,785,729 $ 991,847 $ 6,777,576 Accounts Payable ( 389,143) ( 449,398) ( 838,541) Accrued Payroll ( 129,660) ( 57,044) ( 186,704) - Workers' Comp. Self Insurance ( 170,000) ( 170,647) ( 340,647) Taxes Collected in Advance ( 10,909) - ( 10,909) Deferred Revenues (net of deferred property taxes) ( 11,886) ( 35,166) ( 47,052) Current Portion of Long - Term Debt - ( 469,334) ( 469,334) Reserved for Encumbrances ( 281,486) ( 14,115)* ( 295,601) Designated for subsequent years expenditures (3,166,665)** ( 28,600) (3,195,265) - 1,625,980 ( 232,457) 1,393,523 *Enterprise Fund encumbrances are properly excluded from the City's financial statements. **Designated for subsequent years expenditure of the general fund excludes the effect of accrued teachers payroll. NOTE 12 - Pension Plan The City participates in the Maine State Retirement System which is a multi-employer defined benefit pension plan. The system covers all full time permanent employees, requires both employee and City contributions and provides retirements, disability and death benefits. Employees are eligible for normal retirement upon attaining age'sixty and early retirement after completing twenty-five or more years of creditable service. The City's contribution for the year ending June 30, 1988 approximated $1,747,000. Unfunded accrued liability as of June 30, 1988 is unavailable. As of June 30, 1987, the unfunded liability approximated $19,938,753. The City's policy is to fund pension cost accrued. Acturially determined vested and nonvested benefits have not been calculated for the plan. -19- r t I 1 t n .1 i • I CITY OF BANGOR; MAINE Notes to Financial Statements June 30,1988 NOTE 13 - Segments of Enterprise Activities There are five services provided by the City which are financed by user charges - sewer, airport, parking fund, City Nursing Facility, and Bass Park. The key financial data for the period ended June 30, 1988 for those services are as follows: City Bass** Sewer Airport Nursing Parking Park Totals Operating revenue $ 1,688,194 $ 6,265,512 $1,394,760 $ 361,020 $ 2,244,889 $11,954,375 Operating expenses: Depreciation and amortization 397,610 2,878,300 83,610 20,855 173,139 3,553,514* Other 891,239 5,114,335 1,558,074 191,531 2,208,041 9,963,220 1,288,849 7,992,635 1,641,684 212,386 2,381,180 13,516,734 Operating income (loss) $ 399,345 $(_l 727 123) $( 246,924) $ 148,634 $( 136,291) $(1,562,359) Net Income (loss) $ 358,066 $t 1,726,596) $( 107,529) $ 151,151, $( 138,934) $!1,463,8421 Assets $19,318,330 $101,553,741 $ 696,645 $ 556,051 $ 2,905,332 $125,030,099 Bonds payable $ 2,958,997 $ 996,176 $ 206,000 $ 203,620 $ 367,930 $ 4,732,723 Fund equity $16,312,779 $100,013,307 $ 318,645 $ 349,433 $ 2,363,558 $119,357,722 Acquisition of pro- perty, plant and equipment $ 782,054 $ 2,423,928 $ 37,433 $ 689,132 $ 2,374,118 $ 6,306,665 *Includes depreciation and amortization of $3,189,024 on assets aquired with contributions. **The Bass Park Complex became an operating component of the City on July 1, 1987. Accordingly its operations, assets and liabilities are reported as an enterprise fund in the Proprietory Fund Group. Prior years operations and financial position is not available at June 30, 1987 for disclosure. R7. CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1988 NOTE 14 - Other Matters The City of Bangor receives state subsidies for its educational programs based in part on the level of expenditures of previous years. In accordance with generally accepted accounting principles, school subsidies are recognized in the year received when they are both measurable and available. School subsidies for fiscal 1988 amounted to $6,123,649 which amount was based in part on the level of expenditures of fiscal year 1986. Projected subsidies for fiscal year 1989 are approximately $7,446,000 which is based in part on expenditures of fiscal year 1987 and 1988. The City of Bangor has entered into an agreement with the State of Maine and Board of Environmental Protection to construct and operate additional wastewater treatment facilities in order to correct violations of the State's water quality laws. The City has further agreed that substantial rehabilitation of the sewer system will be required and to that end has pledged to expend the sum of at least $2,500,000 during the calendar years of 1987 and 1988. Expenditures beyond 1988 will be based on a schedule to be developed and completed no later than December 1, 1988. NOTE 15 - Restatement, Prior Years Financial Statements Prior years financial statements have been retroactively adjusted to give effect to self insured workers compensation liabilities. This adjustment had the effect of reducing undesignated fund balance of the General Fund by $170,000 and retained earnings of the Proprietory Fund by $170,647 as of July 1, 1986. -21- CITY OF BANGOR, MAINE General Fund Balance sheet June 30, 1988 (with comparative figures for June 30, 1987) Assets Cash Receivables Taxes, including interest and liens Accounts Advance to Enterprise Funds Inventory, at cost Other assets Total assets Schedule A-1 1988 1987 $ 5,785,729 $ 6,356,733 923,954 998,304 747,239 342,752 - 200,000 506,602 472,545 25,165 21,897 $ 7,988,689 $ 8,392,231 Liabilities and Fund Balances Liabilities: Accounts payable Workers' Comp. Self Insurance Taxes collected in advance Deferred revenues Accrued teachers payroll Total liabilities Fund balances: Reserved Eor advance to Enterprise Funds Reserved for encumbrances Unreserved: Designated for subsequent year's expenditures Undesignated Total fund balances Total liabilities and fund balances -22- $ 389,143 $ 331,040 170,000 170,000 10,909 17,130 739,800 953,592 919,222 756,507 2,229,074 2,228,269 - 200,000 281,486 154,158 2,693,323 2,567,113 2,784,806 3,242,691 5,759,615 6,163,962 $ 7,988,689 $ 8,392,231 V- -' ,F1 ; c___ 1 CITY OF BANGOR, MAINE General Fund Statement of Revenues, Expenditures, and Changes in Unreserved/Undesignated Fund Balance - Budget and Actual Year ended June 30, 1988 Balances Carried 7/1/87 Budget Actual Revenues: Taxes: Property Taxes Automobile and boat excise taxes Interest on delinquent taxes Total taxes Intergovernmental revenues: Federal revenue sharing State revenue sharing School subsidy Payment in lieu of taxes Other Total intergovernmental revenue Other Revenue: Licenses and permits Charges for services Fines, forfeits, and penalties Revenue from use of money and property Reimbursements Total other revenue 'total revenue Expenditures: General government: Council Executive City Clerk Finance Assessment Legal Personnel Economic development & research Insurance Planning Total general government Public safety: Police Fire Total public safety Schedule A-2 Variance Favorable (Unfavorable) Lapsed to Surplus Carried $ - $17,995,440 $18,058,106 $ 62,666 $ - - 1,814,100 2,318,476 504,376 - - 175,000 124.499 1 50.5011 - 19,984,540 20,501,081 516.541 - 152,167 152,167 - - - 2,000,000 2,053,503 53,503 - - 6,067,778 6,123,649 - 55,871 - 65,000 95,283 30,283 - - 340,497 324,513 6,468 l 22,452) - 8,625,442 8,749,115 90,254 33.419 - 133,500 192,845 59,345 - - 2,767,411 2,972,056 91,194 113,451 - 9,450 10,203 753 - - 1,273,001 1,426,272 140,264 13,007 - 332,910 282,274 l 50,636) - 4,516,272 4,883,650 240,920 126,458 - 33,126,254 34,133,846 847.715 159,877 59,600 157,570 197,590 f 6,582) 26,162 7,704 379,041 407,198 ( 20,453) - - 355,376 352,021 ( 1,645) 5,000 - 422,670 412,545 6,927 3,198 - 158,075 159,747 1 1,672) - - 111,009 112,261 ( 1,252) - - 77,302 75,499 1,803 - - 133,360 118,964 6,046 8,350 - 399,142 414,477 ( 15,335) - - 102,790 101,969 821 67,304 2,296,335 2,352,271 f 31,342) 42.710 2,678,895 2,479,427 199,468 - 20,240 3,700,572 3,650.962 55,255 14,595 20,240 6,379,467 6,130,389 254,723 14,595 CITY OF BANGOR, MAINE General Fund Schedule n-2 Conc'd. Statement of Revenues, Expenditures and Changes in Unreserved/Undesignated Fund Balance - Budget and Actual, Continued Year ended June 30, 1988 Variance Balances Favorable (Unfavorable) Carried apse to 7/1/87 Budget Actual Surplus Carried Expenditures, Continued: 857,180 Health, welfare, and recreation: 6,933 Health and welfare ( 22,253) Parks and recreation 400 Total health, welfare, b recreation ( 21,853) Public buildings and services 6.933 Public services. 4,500 Motor Pool _ Private school services 1,014,729 Total public buildings and services 4,500 Other agencies: 122,631 Taxes paid to county _ Public Library _ Total other agencies - Education 946,807 Other appropriations: _ ' Had debt expense _ Recreation district tax Pensions and other fringe benefits 49,525 Contingency - Debt service - Total other appropriations 49,525 Total expenditures* 1,066,523 Excess (deficiency) of revenues - over expenditures (1,066,523) Other financing sources (uses) - Appropriat•ion from fund balance - Operating transfers out - Operating transfers in - Excess of revenues over expenditures - and other uses $(1,066,523) Unreserved/undesignated fund balances, beginning of year 1,493,686 Appropriation from fund balance 16,000- Unreserved/undesignated fund balance, 34,601,282 end of year 949,101- 907,168 857,180 20,802 6,933 736,863 697,661 39.602 1,644,031 1,554,841 60.404 6.933 2,945,845 2,676,564 273,781 - 836,314 1,014,729 ( 178,415) - 120.033 122,631 ( 2,598) _ 3,902,192 •3,813,924 92,768 728,922 728,922 - _ ' 415,117 415,117 1,144,039 1,144,039 18,036,698 18,112,132 2.510 868,863 22,410 f 22,410) - 120,320 120,320 128,822 125,264 37,083 16,000 18,018 - 18,018 - 1,284,502 1,225,692 58,810 1,551,662 1,493,686 91.501 16,000- 34,954,424 34,601,282 470.564 949,101- (1,828,170) ( 467,436) 1,318.279 1,108,978 2,000,000 2,455,015 455,015 - 1 193,830) ( 169,994) 23,836 - 22,000 222,000 200,000 $ - $ 2,039,585 $1,997,130 $1.108.978 3,412,691 (2,455,015) $2,954,806 Schddule B-1 CITY OF BANGOR, MAINE Special Revenue Funds Balance Sheet June 30, 1988 (with comparative totals for June 30, 1987) Assets 1988 1987 Cash $ 13,214 $ 127,805 Due from other governments 211,905 28,379 Loans receivable 1,892,405 2,382,601 Accounts receivable _ 894 $2,117,524 $2,539,679 Liabilities and Fund Balance Accounts payable $ 20,089 $ 3,353 Deferred revenue 1,892,405 2,382,601 $1,912,494 $2,385,954 Reserve for encumbrances 7,018 3,938 Designated fund balance 198,012 149,787 205,030 153,725 $2,117,524 $2,539,679 -25- E - ---: t . i r., - ' 1 CITY OF BANGOR, MAINE Special Revenue Funds Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1988 Revenues: Intergovernmental Program Income Expenditures: Acquistion of real property Public works facilities site improvements Code enforcement Clearance, demolition, rehabilitation Disposition of real property Relocation payment and assistance Administration Contingencies Rehabilitation and preservation activities Planning Loss of rental income Economic Development Facade Improvements Public Housing Modernization Excess (deficiency) of revenues over expenditures Fund balances at beginning of period Fund balances at end of period Authorization $ 2,141,436 76,783 2,218,219 472,882 75,634 66,720 25,128 75,002 178,636 57,247 467,298 54,259 1,100 333,466 181,981 2,206 2,371,944 $( .153,725) Actual $ 665,397 278,479 943,876 105,609 312,976 12,668 61,145 367 169,982 152,965 36,674 38,067 2,118 892,571 51,305 153,725 $ 205,030 Schedule B-2 Unexpended Balances $ 1,476,039 ( 201,696) 1,274,343 274,776 159,906 62,966 5,575 24,761 75,002 8,654 57,247 314,333 17,585 1,100 295,399 179,863 2.206 1,479,373 c( SOF 0101 Schedule C-1 CITY OF BANGOR, MAINE Capital Projects Funds Balance Sheet June 30, 1988 (with comparative figures for June 30, 1987) Assets Cash Securities Receivables: Accounts Deferred special assessments: Sewer construction Street construction Advance To Enterprise Fund Due from other governments Liabilities and Fund Balances Liabilities - accounts payable Fund Balances: Reserved for encumbrances Reserved For Advance To Enterprise Fund Unreserved: Designated for capital project expenditures Undesignated: Future construction - General Fund Future construction - Sewer Utility Fund Future construction - Airport Fund Future construction - City Nursing Facility Deferred special assessments Total fund balances —27— 1988 $ 233,317 3,265,267 43,024 229,093 99,873 87,787 1,058,875 $5,017,236 1987 $ 120,433 3,204,000 66,052 221,360 85,505 175,501 851.967 $4,724,818 $ 360,013 $ 133,492 3,168,468 417,404 221,686 285,995 230,842 3,862 328,966 4,657,223 $5,017,236 770,249 175,501 3,032,577 66,742 21,060 215,099 3,233 306,865 4,591,326 $4,724,818 T I F- r , F a r '1V "-a 'n r- ' . , , a Other financing sources: Operating transfers CITY OF BANGOR, MAINE in (out) l 303,735) 19,200 - - ( 174,109) - 513,000 Proceeds from bonds - Capital Projects Fund 2,000,000 Excess (deficiency) of revenues and Statement of Revenues, Expenditures other sources over expenditures and and Changes in Fund Balances other uses (1,164,467) (363,553) - ( 44,650) ( 635,082) l 6,637) 1,579,245 Fund balances at beginning Year ended June 30, 1988 of period 1,229,597 783,457 45,700 183,082 1,248,677 .18,637 415,887 Transfers from (to) reserves City Sewer for future construction - 32,500 Bass - 37,800 Completed projects, remain- Other Nursing Utility Airport Parking Park Buildings Streets Electrical Schools Projects Facility Fund Fund Fund Fund Revenues: Interest income S - $ - $ - S - $ - $ - $ - $ $ - Special assessments - - - - - - - _ _ _ Intergovernmental 16,338 - - - 77,107 - 2,207 1,556,515 - - Miscellaneous - - - - - _ _ - _ 39,205 Total revenues 16,338 - - - 77,107 - 2,207 1,556,515 - 39,205 Expenditures: Capital additions 877,070 382,753 - 963,750 538,080 6,637 935,962 1,638,302 674,508 248,040 Miscellaneous - - - - - _ _ _ Total expenditures 877,070 382,753 - 963,750 538,080 6,637 935,962 1,638,302 674,508 248,040 Excess (deficiency) of revenues over N expenditures l 860,732) (382,753) - (963,750) ! 460,973) ( 6,637) ( 933,7551 ( 81,787) (674,5081 (208,835) a Other financing sources: Operating transfers in (out) l 303,735) 19,200 - - ( 174,109) - 513,000 Proceeds from bonds - 919,100 2,000,000 Excess (deficiency) of revenues and other sources over expenditures and other uses (1,164,467) (363,553) - ( 44,650) ( 635,082) l 6,637) 1,579,245 Fund balances at beginning of period 1,229,597 783,457 45,700 183,082 1,248,677 .18,637 415,887 Transfers from (to) reserves for future construction - 32,500 - - - - 37,800 Completed projects, remain- ing fund balances Schedule C-2 Reserves for future Construction $ 240,868 129,556 10,116 380,540 5,213 5,213 375,327 - 574,733 440,000 t 4,789) 280,900 - - - 199,113 ! 99,775) 231,165 ! 46,4851 99,775 - 370,538 612,999 ( 70,300) Total $ 240,868 129,556 1,652,167 49,321 2,071,912 6,265,102 5,213 (4,,198,403) 1,064,300 3,200,000 65,897 4,591,326 closed out ( 37,644) ( 56,095) - - 5,153 - t 69,528) - - - 158,114 - Fund balances at end of period $ 27,486 $396,309 $ 45,700 $138,432 $1,618,748 $12,000 $1963,404 $- 152,628 $ - $ 231,165 $ 1,071,351 54,657,223 CITY OF BANGOR, MAINE Enterprise Funds Combining Balance Sheet June 30, 1988 (with eomoarative totals for June 30. 19871 Sever City Nursing utility Airport Facility Parking Bass Assets Fund Fund Fund Fund Park Schudulc D-1 Totals 988 1987 Current assets: Cash (cash overdraft) $ 150,461 $ 897,702 $1 202,0411 $ 146,447 $ 54,181 $ 1,046,750 $ 558,523 Accounts receivable 228,803 870,131 149,085 2,583 12,206 1,262,808 952,976 Less allowance for estimated uncollectible accounts - ( 44.078) ( 3,372) - - ( 47.450) ( 48,4421 Net accounts receivable 228,803 826,053 145,713 2,583 12,206 1,215,358 904,534 Inventory, at cost - 79,789 - - 15,173 94,962 58,622 Prepaid expenses - 124 514 - _ 19 Sal 144 nos 115.917 Total current assets 379.264 1.928.058 ( 56.328) 149.030 101,141 2.501.165 1.637.596 Property, plant, and equipment: Land 58,425 - 35,260 - 101,900 195,585 93,685 Buildings, plant, and equipment 5,721,898 - 2,077,209 - 3,678,131 11,477,238 7,624,531 Pipelines and mains 15,925,441 - - - - 15,925,441 15,704,828 Aircraft operational assets - 122,560,563 - - - 122,560,563 121,781,823 Parking Structures - - - 532,808 532,808 518,183 Construction in process 1,276,376 9.275,107 - 257,000 248,410 11.056.893 8.481.997 22,982,140 131,835,670 2,112,469 789,808 4,028,441 161,748,528 154,205,047 Less accumulated depreciation (6,282,7631 (33,108,1581 (1,375,358) ( 382.787) (1.455.415) (42.604.481) (37.798.595) Net property, plant, and equipment 16,699,377 98.727,512 737,111 407.021 2.573.026 119.144.047 116.406.452 Other assets: Deposits for construction with Capital Project Funds 2,239,689 167,659 15,862 - 231,165 2,654,375 734,093 Operating rights net of accumulated amortization of $522,357 in 1988 - and $522,357 in 1987 730.512 - - 730.512 777.643 $19,318,330 $101,553,741 $ 696,645 5 556,051 $2,905,332 $125.030.099 5119,555,784 Liabilities and Fund Equity Current liabilities: Accounts payable $ 29,294 $ 275,814 $ 11,627 $ 83 $ 132,580 $ 449,398 $ 213,877 Accrued payroll 4,445 24,554 14,341 1,481 12,223 57,044 - Workers' Comp. Self insurance - 64,178 106,469 - - 170,647 170,647 Accrued leave 12,815 84,586 27,107 1,434 9,554 135,496 120,832 Deferred revenue - 7,339 12,456 - 15,371 35,166 7,490 Current installments - general Obligation bonds 244,254 131,147 27,000 25,356 38,313 466,070 370,520 Current installments - notes payable - 3,264 3,264 - Total current liabilities 290.808 587-618 199.000 28 354 711 Ins 1,317.085 883-366 Long-term liabilities: Advance from Other Funds General obligation bonds - 87,787 - -87,787 375,501 (Net (Net of current portion) Notes Payable (Net of 2,714,743 865,029 179,000 178,264 329,617 4,266,653 2,083,893 portion) - - 852 a52 Total long-term liabilities 2,714,743 952,816 179.000 178-264 37n 46q 4,355,292 2.459 394 Total liabilities 3,005,551 1,540,434 378,000 206,618 541,774 5,672,377 3,342,760 Contributed capital: City 5,119,161 683,349 127,766 43,264 1,076,724 7,050,264 5,441,007 Federal, state, and other contributions 5,539,222 95,637,700 334,801 - 1,274,429 102,786,152 103,035,922 Customers 811,673 - - - 811,673 751,644 Total contributed capital 11,470,056 96,321,049 462,567 43,264 2,351.153 110.648,089 109.228.573 Retained earnings 4,842.723 3.692.258 ( 143.9221 306.169 12,405 8,709,633 6,984,451 Total fund equity 16,312,779 100,013,307 318,645 349.433 2,363,558 119.357.722 116.213.024 $19,318,330 $101,553,741 $ 696,645 $ 556,051 $2,905,332 $125,030,099 $119,555,784 _29_ CITY OF BANGOR, MAINE Schedule D-2 Enterprise Fund Combining Statement of Revenues, Expenses and Changes in Retained Earnings Year ended June 30, 1988 Sewer City Nursing Bass utility Airport Facility Parking Park Fund Fund Fund Fund Fund Total Operating revenues - charges for services $1,688,194 $6,265,512 $1,394,760 $361,020 $2,244.889 $11.954.375 Operating expenses: Operating expenses other than depreciation 891,239 5,114,335 1,558,074 191,531 2,208,041 9,963,220 Depreciation and Amortization: On assets acquired with own funds 121,211 179,654 27,626 14,199 21,800 364,490 On assets acquired with contribu- tions 276,399 2,698,646 55,984 6,656 151,339 3.189.02 Total operating expense 1,288,849 7,992,635 1,641.684 212,386 2.381,180 13.516.734 Operating income (loss) 0 399,345 (1,727,123) ( 246,924) 148,634 ( 136,291) 1 1,562,359) Non-operating Revenue (Expense): Interest income Interest 103,260 59,211 703 15,148 19,227 197,549 expense Operating transfer from General ( 144,5391 ( 58,684) ( 31,302) ( 12,631) l 21,870) ( 269,026) Fund - - 169,994 - _ 169.994 Net non-operating revenue (expense) ( 41,279) 527 139,395 2,517 ( 2,643) 98.517 Net income (loss) 358,066 (1,726,596) ( 107,529) 151,151 ( 138,934) ( 1,463,842) Add depreciation and amortization on assets acquired with contributions 276,399 2,698,646 55.984 6.656 151,339 3.189,024 Increase (decrease) in Retained Earnings 634,465 972,050 ( 51,5451 157,807 12,405 1,725,182 Retained earnings at beginning of period 4,208,258 2,720,208 ( 92,377) 148,362 6,984.451 Retained earnings at end of period $4,842,723 $3,692,258 $( 143,922) $306,169 $ 12,405 $ 8.709.633 ill- L. 11 .. L_ CITY OF BANGOR, MAINE Enterprise Funds Combining Statement of Changes in Financial Position Year ended June 30, 1988 Sewer City Nursing Utility Airport Facility Parking Fund Fund Fund Fund Schedule D-3 Bass Park Fund Total Sources of working capital: Operations: Net income (loss) $ Items not requiring working capital - 358,066 $(1,726,596) $( 107,529) $ 151,151 $( 138,934) $(1,463,842) depreciation and amortization 397,610 2,878,300 83,610 20.855 173.139 3.553.514 Working capital provided by operations 755,676 1,151,704 ! 23,919) 172,006 34,205 2,089,672 Contributions: Cit Customers - 68,050 69 - 297 - - 1,160,721 1,858,018 Federal, state, and other Proceeds bond issue - 1$40,702 - - 1,341,770 68,050 2,682,472 of 2,000,000 Deposits for capital projects (1.802,742) 280,900 7.842 -2,280,900 61008 99,775 ( 231,165) (1,920,282) 1,020,984 3,478,445 ( 17,911) 271,781 2,305.531 7.058.830 Uses of working capital: Acquisition of property, plant and equipment Current installment general obligation 782,054 2,423,928 37,433 689,132 2,374,118 6,306,665 bonds and notes payable Decrease in advance from other funds 244,254 - 131,147 287,714 27,000 25,356 41,577 469,334 Increase (decrease) in working capital ( 5.324) 635,656 ( 82,3441 (442,707) ( 110,164 287,714 t 4.883) $ 1,020,984 $_3 478 445 $( 17,911) $ 271,781 $ 2.305.531 5 7.058.830 Elements of net increase (decrease) in working capital: Cash $( Accounts receivable (net) 48,967) 39,523 $ 575,799 246,567 $( 91,925) 10,721 $(435,594) 1,807 $ 54,181 12,206 53494 $ 310,824 Inventory - 21,167 - - 15,173 36,340 Prepaid expenses Accounts payable and accrued expenses - 17,723 8,597 I 174,581) 4,140 ! 154) 19,581 ! 154,357) 28,178 ! 307,229) Prepaid revenue Current installments of long-term debt - ! 7,025) f 5,280) - ! 15,371) ! 27,676) and notes payable I 13.6031 1 34.868) - ! 8,766) ( 41.577) ( 98,814) Net increase (decrease) in working capital $( 5,324) $_ 635.656 $( 82.3441 $(442,707) $L 110,164) $f 4,883) Assets Cash Investments, at cost (Market Value, 1988- $513,638 1987 - $517,715) Receivables: Accounts Loans from students Liabilities N and Fund Balances Liabilities - Amounts held by agency fund for others Fund balances: Reserve for loans Reserve for endowments Unreserved - designated for subsequent expenditures Total fund balances CITY OF BANGOR, MAINE Fiduciary Funds Combining Balance Sheet June 30, 1988 (with comparative totals for June 30, 1987) Nonexpendable Trust Funds Expendable Revolving Trust Funds Endowment Loan Endowment Agency Principal Principal Revenues Fund $ 24,151 $ 13,653 $176,001 $753,525 488,449 38,174 - - - - 34,994 30,170 $_512.600 $_.81.997 $1761001 $788,519 Schedule E-1 Totals 1988 1987 $ 967,330 $ 859,304 526,623 523,315 34,994 10,830 30,170 31,645 $1,559,117 $1,425,094 $788;519 $ 788,519 $ 679,729 - 81,997 - - 81,997 67,252 512,600 - - - 512,600 511,417 - 176,001 176,001 166,696 512,600 81,997 176,001 770,598 745,365 $ 512,600 $ 81,997 $176,001 $788,519 $1,559,117 $1,425,094 CITY OF BANGOR, MAINE Expendable Trust Funds Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1988 Schedule E-2 Total Revenues: Interest $ 29,169 Miscellaneous 6,486 Total revenues 35,655 Expenditures: Perpetual care fees 17,800 Distribution of earnings to Home for Aged Women 3,650 Other payment to beneficiaries 4,900 Total expenditures 26,350 Excess of revenues over expenditures 9,305 Fund balances at beginning of period Fund balances at end of period -33- 166,696 $176,001 r-1 CITY OF BANGOR, MAINE Nonexpendable Trust Funds Combining Statement of Revenues, Expenses, and Changes in Fund Balances Year ended June 30, 1988 Schedule E-3 —34— Revolving Endowment Loan Principal Principal Total Operating revenues: Interest $ 1,545 $ 4,745 $ 6,290 Lot sales 11,800 - 11,800 Contributions - 10,000 10,000 13,345 14,745 28,090 Operating transfers out: Distribution of funds to other agency 12,162 - 12,162 Net income 1,183 14,745 15,928 Fund balances at beginning of period 511,417 67,252 578,669 Fund balances at end of period $512,600 $81,997 $594,597 —34— j CITY OF BANGOR, MAINE Assessed Valuation, Commitment and Collections Year ended June 30, 1988 Valuation: Land and Buildings $804,676,300 Personal Property 86,872,700 Total valuation $891,549,000 Commitment: Real estate and personal property Tax rate Total commitment Add: Supplemental taxes committed Less: Collections - 1987 Abatements 1988 Taxes receivable at June 30, 1988 -35- Schedule F $891,549,000 .0203 18,098,445 27,014 18,125,459 17,436,889 84,325 $ 604,245 *Six month period during June 30, 1982 -36- Table 1 CITY OF BANGOR, MAINE Property Tax Valuations, Levies and Collections — Last Ten Fiscal Periods Collections Fiscal Assessed Property Property In Year ?--age of Year Valuation Tax Rate Tax Levy of Levy Collections 1979 439,217,620 22.15 9,728,670 9,000,454 92.5 1980 452,386,680 27.00 12,214,440 11,367,550 93.1 1981 456,484,410 30.90 14,105,368 13,270,358 94.1 - 1982* 455,736,970 16.95 7,724,742 6,975,777 90.3 ` 1983 462,895,320 31.68 14,664,524 13,957,974 95.2 x- 1984 470,635,982 33.63 15,827,488 .15,100,933 95.4 t 1985 484,384,300 32.00 15,500,298 15,112,575 97.5 1986 513,223,900 32.00 16,423,165 15,812,838 96.3 1987 547,229,100 31.30 17,128,271 16,416,426 95.8 ` 1988 891,549,000 20.30 18,098,445 17,436,509 96.3 *Six month period during June 30, 1982 -36- CITY OF BANGOR, MAINE Local Assessed Valuations Last Ten Fiscal Periods Table 2 Fiscal Real Property Total Assessed 401,043,500 Year Tax Rate Valuation 416,146,390 -- 1979 22.15 439,217,620 42,570,130 1980 27.00 452,386,680 46,124,700 1981 30.90 456,484,410 60,877,100 1982* 16.95 455,736,970 1983 31.68 462,895,320 • 1984 33.63 470,635,982 1985 32.00 484,384,300 1986 32.00 513,223,900 1987 31.30 547,229,100 1988 20.30 891,549,000 r+ L tI * Six month period during June 30, 1982 s� 4 b -37- Table 2 Personal Real Property Property 401,043,500 38,174,120 411,926,970 40,459,710 416,146,390 40,338,020 415,706,430 40,030,540 420,325,190 42,570,130 424,900,452 45,735,530 438,259,600 46,124,700 455,361,100 57,862,800 486,352,000 60,877,100 804,676,300 86,872,700 Table 3 CITY OF BANGOR, MAINE General Fund Expenditures by Function** Last Ten Fiscal Periods Public Health and Taxes Buildings Designated Fiscal General Public WelEare, Paid To S Public Debtl/ Fund Year Gov't. Safety Recreation County Services Education Service Balance Other Total 1979 1,048,760 3,329,734 2,009,184 232,933 2,950,231 9,283,418 1,131,435 - 640,209 20,625,904 1980 1,166,412 3,655,703 1,337,476 261,554 3,149,476 9,548,763 1,114,296 - 630,109 20,863,789 1981 1,153,910 3,973,885 1,128,013 364,753 3,416,166 10,225,919 1,121,820 - 656,239 22,040,705 1982* 735,625 2,056,660 598,959 - 1,863,254 5,764,457 302,585 - 353,975 11,675,515 1983 m 1,421,132 4,262,987 1,384,122 389,817 3,391,773 10,414,896 1,052,511 - 696,269 23,013,507 1984 1,621,971 4,819,962 1,507,402 372,117 3,550,215 10,442,128 998,226 - 714,854 24,026,875 1985 1,664,091 4,956,714 1,416,060 363,532 3,433,451 11,461,231 937,055 775,000 854,508 25,861,642 1986 1,771,212 5,624,974 1,540,171 403,473 3,584,628 13,201,683 1,097,488 641,996 657,498 28,523,123 1987 1,938,210 5,715,586 1,633,783 457,391 3,681,371 14,351,668 1,150,489 - 686,374 29,614,872 1988 2,352,271 6,130,389 1,554,841 728,922 3,813,924 18,112,132 1,225,692 - 683,111 34,601,282 1/Does not include Education - related debt. *Six month period ending June 30, 1982 **Budget Basis Table 4 CITY OF BANGOR, MAINE General Fund Revenue By Source Last Ten Fiscal Periods Fiscal Property Other Licenses and Fines and Use of Money and Inter- Governmental Charges For Reim- Totals Year Taxes Taxes Permits Forfeits Property Revenue Services bursements Revenues 1979 9,733,430 989,836 167,123 87,261 709,967 6,749,373 949,370 255,624 19,641,984 1980 12,220,516 1,056,989 163,874 62,751 764,235 5,619,916 1,051,435 310,445 21,250,161 1981 14,109,169 1,200,905 161,715 66,368 702,528 5,359,129 1,105,997 310,639 23,016,450 1982* 7,724,742 744,898 93,115 29,324 523,702 2,271,553 . 519,113 240,270 12,146,717 1983 15,026,000 1,374,309 145,881 62,615 1,058,435 5,608,420 1,120,140 292,549 24,688,349 1984 15,945,826 1,591,819 210,117 60,467 1,183,827 5,885,432 619,741 368,515 25,865,744 1985 15,967,934 1,727,442 234,607 60,879 1,733,772 6,601,075 533,474 259,294 27,118,477 1986 16,430,725 1,949,307 243,345 63,378 1,568,448 7,625,529 638,603 259,065 28,778,400 u 1987 17,111,568 2,160,807 154,283 5,368 1,467,622 7,992,324 620,355 307,099 29,819,426 1988 18,058,106 2,442,975 192,845 10,203 1,426,272 8,749,115 2,972,056 282,274 34,133,846 *Six month period ending June 30, 1982 CITY OF BANGOR, MAINE Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures Last Ten Fiscal Periods Fiscal Year Principal Interest Total General Bonded Debt Service Total General Fund Expenditures** Table S Percentage of Debt Service to Total General Expenditures — 1979 932,532 478,775 1,411,307 20,625,904 6.842 1980 821,939 575,120 1,397,059 20,863,789 6.670 1981 821,939 683,121 1,505,060 22,040,705 6.829. 1982* 237,796 336,395 574,191 11,675,515 4.918 1983 924,999 744,336 1,669,335 23,013,507 7.254 1984 706,655 714,974 1,421,629 24,026,875 5.917 1985 676,481 658,671 1,335,152 25,861,642 5.163 1986 823,010 678,892 1,501,902 28,523,123 5.266 1987 912,892 661,378 1,574,270 29,614,872 5.316 1988 973,945 712,404 1,686,349 34,471,622 4.890 *Six month period ending June 30, 1982 **Budget Basis -40- Fiscal Year 1989 1990 - 1991 1992 1993 1994 1995 1996 ., 1997- 1998 Subsequent CITY OF BANGOR, MAINE Debt Service Requirements to Maturity General Obligation Bonds Principal Interest $ 11-625,000 $ 998,459 1,560,000 897,652 1,535,000 789,840 1,470,000 685,290 1,455,000 583,491 1,455,000 480,414 1,355,000 378,795 1,100,000 289,265 775,000 221,023 705,000 166,005 1,555,000 501,875 $14,590,000 $5,992,109 -41- Table 6 Total Requirement: $ 2,623,459 2,457,652 2,324,840 2,155,290 2,038,491 1,935,414 1,733,795 1,389,265 996,023 871,005 2,056,875 $20,582,109 Table 7 *Six month period ending June 30, 1982 **Based on 1970 population of 33,428 through 1979 and 1980 population of 31,643 thereafter -42- CITY OF BANGOR, MAINE Ratio of General Bonded Debt To Assessed Value and General Bonded Debt Per Capita Last Ten Fiscal Periods - Ratio of General Bonded General Bonded - Fiscal Debt to Debt Per Year Bonded Debt Valuation Assessed Value Capita** 1979 15,025,000 439,217,620 3.4 449.47 1980 13,860,000 452,386,680 3.1 438.02 1981 12,695,000 456,484,410 2.8 401,20 1982* 13,625,000 455,736,970 3.0 430.58 1983 12,960,000 462,895,320 2.8 409.57 „- 1984 11,925 „ 000 470,635,982 2.5 376.86 e 1985 12,510,000 484,384,300 2.6 395.35 } 1986 12,235,000 513,223,900 2.4 386.65 1987 12,740,000 547,229,100 2.3 402.62 1988 14,590,000 8911549,000 1.6 461.08 *Six month period ending June 30, 1982 **Based on 1970 population of 33,428 through 1979 and 1980 population of 31,643 thereafter -42-