1986CITY OF BANGOR, MAINE
ChT=9 1981
Financial Statements
and Other Financial Information
For The Year Ended June 30,1986
THEODORE C. JELLISON
Finance Director
CITY OF BANGOR, MAINE
Annual Financial Report
June 30-, 1986
Table of Contents
AUDITORS' REPORT Exhibit Page(s)
FINANCIAL STATEMENTS
Combined Balance Sheet --All Fund Types and Account
Groups 1 1 - 2
Combined Statement of Revenues, Expenditures and
Changes in Fund Balances --All Governmental Fund
Types and Expendable Trust Funds 2 3
Statement of..Revenues, Expenditures and Changes in.
Unreserved/Undesignated Fund Balance --Budget and
Actual --General Fund 3 4
Combined Statement of Revenues, Expenses and Changes
in Retained Earnings/Fund Balances --All Proprietary
Fund Types and Similiar Trust Funds 4 5
Combined Statement of Changes in Financial Position --
All Proprietary Fund Types and Similiar Trust Funds 5 6
Notes to Financial Statements 7 - 21
ADDITIONAL INFORMATION Schedule
Governmental Funds:
General Fund:
Balance Sheet A-1 22
Statement of Revenues, Expenditures, and
Changes in Unreserved/Undesignated Fund
Balances --Budget and Actual A-2 23 - 24
Special Revenue Funds:
Balance Sheet B-1 25
Combining Statement of Revenues, Expend-
itures and Changes in Fund Balance B-2 26
Capital Project Funds:
Combined Balance Sheet C-1 27
Combining Statement of Revenues, Expend-
itures and Changes in Fund Balances C-2 28
CITY OF BANGOR MAINE
Annual Financiai Report
June 30, 1986
Table of Contents
Additional Information (Continued) Schedule Page(s)
Proprietary Funds:
Enterprise Funds:
Combining Balance Sheet D-1 29
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings D-2 30
Combining Statement of Changes in Financial
Position D-3 31
Fiduciary Funds:
Trust and Agency Funds:
Combining Balance Sheet. E-1 32
Expendable Trust Funds - Combined Statement
of Revenues, Expenditures, and Changes in
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
rooks
Car --ter 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, 1986, 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, 1986, 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 after giving retroactive
effect to the change with which we concur in the method of accounting for
accrued teachers payroll and related subsidy receivable as described in
Note 16 to the financial statements.
The examination referred to above was directed primarily toward for-
mulating 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.
September 10, 1986
P. O. Box 1167, Merrill Center, Bangor, Maine 04401 - - (207) 947 - 8341
Exhibit 1
CITY OF BA NGOR, MAINE
Combined Balance Sheet - Al 1 Fund Types and Account Groups
June 3 0, 1986
(with comparative t otals for June 30, 1985)
Proprietary Fiduciary
*Restated - Note 16
Governmental Fund Types
Fund T ee
Fund Type
Account Groups
n eE t rprise
General General
Totals
Special
Capital
(Notes 9
Trust and
Fixed Long-term
(Memorandum Only)
Assets and Other Debits General
Revenue
Proiects
and 13)
Agency
Assets Debt
1986
1985
Cash on hand $
1,920
$ 250
$ -
$ 1,157
$ -
$ - $ -
$ 3,327
$ 3,307
Equity in pooled cash and
investments - (note 2) 7,389,839
29,068
2,607,867
100,137
776,020
- -
10,902,931
10,372,539
Investments at cost - (note 2)
-
-
- _
-
518,369
- -
518,369
513,771
Receivables (net, where applicable
of allowance for estimated un-
collectible accounts of $730,191
in 1986 and $154,709 in 1985:
Taxes, including interest, penalties
and liens (note 3)
991,190
-
-
-
-
- -
991,190
979,239
Accounts (note 14)
410,441
-
145,442
809,105
16,495
- -
1,381,483
2,124,364*
Loans
-
2,498,910
-
-
32,880
- -
2,531,790
34,420
Deferred special assessments
-
-
193,935
-
-
- -
193,935
394,117
Due from other governments (note 4)
-
121,992
503,678
-
-
- -
625,670
822,201
Due from enterprise fund
-
-
-
-
-
- -
-
100,000
Advance to enterprise
funds (note 9)
500,000
-
-
-
-
- -
500,000
500,000
Inventory, at cost
441,753
-
-
90,609
-
- -
532,362
576,119
Prepaid expenses
-
-
-
66,031
-
- -
66,031
53,562
Property, plant and equipment
(net of accumulated depreciation)
(note 5)
-
-
-
117,596,454
-
44,985,321 -
162,581,775
162,417,243
Amount to be provided for retirement
of general long-term debt
-
-
-
-
-
- 10,180,763
10,180,763
10,178,164*
Deposits for construction with
capital projects funds
-
-
-
1,055,187
-
- -
1,055,187
1,717,556
Other assets
19,330
-
-
824,772
-
- -
844,102
876,374
$ 9,754,473
$2,650,220
$3,450,922
$120,543,452
$1,343,764
$44,985,321 X10,180.763
$_192.-908.915
$191,662,976
The accompanying
notes are an integral
part
of these
financial statements.
*Restated - Note 16
Fxhibit 1 Cont'd
CITY OF BANGOR, MAINE
The accompanying notes are an integral part
*Restated - Note 16 of these financial statements.
Combined Balance Sheet -
All Fund Types and
Account Groups, Continued
Proprietary
Fiduciary
Governmental
Fund Types
Fund Type
Fund Type
Account Group
Enterprise
General General
Totals
Special
Capital
(Notes 9
Trust and
Fixed Long-term
(Memorandums Only)
Liabilities
General
Revenue
Projects
and 13)
Agency
Assets Debt
1986
1985
Accounts Payable
$ 258,658
$ 5,933
$ 83,537
$ 139,764
$ -
$ - $ -
$ 487,892
$ 682,705
Accrued leave
-
-
107,442
-
- 449,984
557,426
552,526
Accrued payroll
629,811
-
-
-
-
- -
629,811
600,114
Tax collected in advance
10,039
-
-
-
-
- -
10,039
7,238
Amounts held by agency funds
for others
-
-
624,729
- -
624,729
489,049
Deferred revenues (note 6)
1,119,746
2,498,910
-
10,290
-
- -
3,628,946
879,684
Due to capital projects funds
-
-
-
-
-
- -
100,000
Advance from general fund (note
9) -
-
-
500,000
-
- -
500,000
500,000
General obligation bonds and
notes payable (note 7)
-
-
-
2,504,221
-
9,730,779
12.235,000
12.510.000
2,018,254
2,504,843
83.537
3,261,717
624,729
- 10,180,763
18,673,843
16,321,316
N Fund Equity
Contributed capital (note 8)
-
-
-
111,130,964
-
- -
111,130,964
113,350,246
Investment in general fixed
assets (note 5)
-
-
-
-
-
44,985,321 -
44,985,321
43,327,570
Retained earnings
-
-
-
6,150,771
-
- -
6,150,771
5,535,220
Fund balance:
Reserve for:
Encumbrance
99,691
19,041
498,858
-
-
- -
617,590
801,559
Advance to enterprise
funds (note 9)
500,000
-
-
-
-
- -
500,000
500,000
Noncurrent receivables (note
14) -
-
-
-
-
- -
-
663,607
Loans
-
-
-
-
65,388
- -
65,388
61,802
Endowments
-
-
-
-
493,285
- -
493,285
487,460
Unreserved:
Designated for subsequent
years expenditures (note 10)
3,651,485
126,336
2,053,253
-
160,362
- -
5,991,436
5,122,049*
Undesignated
3,485,043
-
815,274
-
-
- -
4,300,317
5,492,147
Total fund equity
7,736,219
145,377
3,367,385
117,281,735
719,035
44.985.321 -
174,235,072
175.341.660*
$ 9,754,473
$2,650,220
$3,450,922
$120,543,452
$1,343,764
S44.985.321 $10,180,763
$192.908,915
$191.662.976
The accompanying notes are an integral part
*Restated - Note 16 of these financial statements.
CITY OF BANGOR, MAINE
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental
Fund Types and Expendable Trust Funds
Year ended June 30, 1986
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 expenditures
and other uses ( 975,649) l 22,666)
Fund balances at beginning of period 8,711,868* 168,043
Fund balances at end of period 7,736,219 145,377
*Restated - Note 16
( 168,284)
( 3,420)
(1,170,019)
Fiduciary
163,782
Governmental
Fund
Types
Fund Type
Special
Capital
Expendable
General
Revenue
Proiects
Trust
Total
$18,380,032
$ -
$ -
-
$18,380,032
-
-
17,924
-
17,924
7,625,529
1,583,172
745,624
-
9,954,325
243,345
-
-
-
243,345
638,603
-
-
-
638,603
63,378
-
-
-
63,378
1,568,448
183,432
143,507
32,305
1,927,692
259,065
-
-
-
259,065
-
-
14,950
200
15,150
28,778,400
1,766,604
922,005
32,505
31,499,514
1,763,424
-
-
-
1,763,424
5,570,225
-
-
-
5,570,225
1,511,824
-
-
-
1,511,824
3,614,199
-
-
-
3,614,199
764,786
-
-
-
764,786
13,293,663
-
-
-
13,293,663
2,111,261
-
22,384
-
2,111,261
-
1,632,136
-
-
1,632,136
-
-
-
15,000
15,000
-
-
-
6,075
6,075
-
-
3,165,923
3-165 923
28,629,382
1,632,136
3,188,307
21,075
33,470,900
149,018
134,468
(2,266,302)
11,430
(1,971,386)
-
-
1,233,018
-
1,233,018
(1,124,667)
( 157,134)
-
( 14,850)
(1,296,651)
-
-
865,000
-
865,000
(1,124,667)
( 157,134)
2,098,018
( 14,850)
801,367
Excess (deficiency) of revenues and
other sources over expenditures
and other uses ( 975,649) l 22,666)
Fund balances at beginning of period 8,711,868* 168,043
Fund balances at end of period 7,736,219 145,377
*Restated - Note 16
( 168,284)
( 3,420)
(1,170,019)
3,535,669
163,782
12,579,362
3,367,385
160,362
11,409,343
The accompanying notes are an integral part
of these financial statements.
Exhibit
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, 1986
Variance
Favorable
Budget Actual (Unfavorable)
Revenues:
Taxes (note 3)
$18,093,665
$18,380,032
$ 286,367
Intergovernmental
7,481,649
7,625,529
143,880
Licenses and permits
205,690
243,345
37,655
Charges for services
536,751
638,603
101,852
Fines, forfeits, and
penalties
61,200
63,378
2,178
Revenue from use of money
and property
1,313,196
1,568,448
255,252
Reimbursements
355,710
259,065
( 96,645)
Total revenues
28,047,861
28,778,400
730,539
Expenditures:
General government
1,887,148
1,770,793
116,355
Public safety
5,600,868
5,508,678
92,190
Health, welfare, and
recreation
1,624,054
1,530,559
93,495
Public buildings and
services
3,725,882
3,584,628
141,254
Other agencies
764,786
764,786
-
Education
13,256,249
12,750,041
506,208
Other appropriations
1,495,229
1,387,673
107,556
Total expenditures
28,354,216
27,297,158
1,057,058
Excess of revenues
over expenditures
( 306,355)
1,481,242
1,787,597
Other financing sources (uses-)
Operating transfers out
(1,023,649)
( 922,150)
101,499
Appropriation from surplus
1,972,000
2,522,896
550,896
Appropriation to credit
reserve
( 641,996)
( 641,996)
-
Excess (deficiency) of
revenues over expendi-
tures and other uses
$ -0-
2,439,992
$2,439,992
Fund balance undesignated/
unreserved beginning
of year
4,161,931
Balances carried to
succeeding year
( 593,984)
Appropriation from surplus
(2,522,896)
Fund balance undesignated/
unreserved, end of year
$ 3,485,043
The accompanying
notes are
an integral part
of these
financial
statements.
-4-
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, 1986
Operating revenues:
Charges for services
Interest
Lot sales
Total operating
revenues
Operating expenses:
Operating expenses other
than depreciation
Depreciation and
amortization:
On assets acquired
with own funds
On assets acquired
with contributions
Total operating,
expenses
Operating income
(loss)
Non operating revenues
(expenses):
Interest income
Interest expense
Proprietary
Fund TVpe
Enterprise
(Notes 9
and 13)
$ 6,563,362
6,563,362
5,691,158
296,302
3,011,985
8,999,445
(2,436,083)
128,938
( 186,515)
( 57,577)
Income (loss) before operat-
ing transfers (2,493,660)
Operating transfers in 97,226
Operating transfers out -
Net income (loss) (2,396,434)
Retained earnings/fund balances
at beginning of period 5,535,220
Depreciation and amortization
on assets acquired with
contributions 3,011,985
Retained earnings/fund balance
at end of period $ 6,150,771
Fiduciary
Fund Tvve
Non -
expendable
Trust
3,585
5,825
9,410
9,410
9,410
9,410
549,262
S558.672
The accompanying notes are an integral part
of these financial statements.
-5
Total
$ 6,563,362
3,585
5,825
6,572,772
5,691,158
296,302
3,011,985
8,999,445
(2,426,673)
128,938
( 186,515)
( 57,577)
(2,484,250)
97,226
(2,387,024)
6,084,482
3,011,985
$ 6,709,443
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,
1986
Proprietary
Fiduciary
Fund Type
Fund Type
Enterprise
Non -
(Notes 9
expendable
and 13)
Trust
Total
Sources of working capital:
Operations:
Net income (loss)
$(2,396,434)
$ 9,410
$(2,387,024)
Items not requiring work-
ing capital -depreciation
and amortization
3,308,287
-
3,308,287
Working capital provided
by operations
911,853
9,410
921,263
Contributions:
City
75,000
-
75,000
Customers
108,102
-
108,102
Federal, state, and other
609,600
-
609,600
Proceeds of bond issue
40,000
-
40,000
Deposits for Construction
662,370
-
662,370
2,406,925
9,410
2,416,335
Uses of working capital:
Deposits for capital projects -
Acquisition ofproperty, plant,
and equipment 1,767,937
Current installment - general
obligation bonds 350,518
Increase in working capital 288,470
Elements of new increase
in working capital:
Cash
Receivables (net)
Investments
Inventory
Prepaid expenses
Accounts payable
Prepaid revenue and
accrued expenses
Current installments
of long -terns debt
and notes payable
2,406,925
(decrease)
9,410
9,410
191,681 6,352
( 104,771) ( 1,540)
- 4,598
5,807 -
12,469 -
226,352 -
( 10,290) -
1,767,937
350,518
297,880
2,416,335
198,033
t 106,311)
4,598
5,807
12,469
226,352
( 10,290)
( 32,778) - ( 32,778)
Net increase in work-
ing capital $ 288,470 $ 9,410
The accompanying notes are an integral part
of these financial statements.
$ 297,880
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
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.
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 (other than those financed by other funds).
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.
-7-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
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.
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
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
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.
(D) Budgetary Accounting
The City utilizes a formal budgetary accounting system
revenues and expenditures accounted for in the general
budgets are established in accordance with the various
the City's operations.
to control
fund. These
laws which govern
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
1986.
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.
Budgetary controls are maintained on the other governmental funds
through formal authorizations by the City Council and grant agreements.
(E) Investments
Investments are stated at cost.
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
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:
-i0-
Range of
Estimated
Asset Class
Useful
Life
Buildings
25 - 40
years
Equipment
5 - 20
years
Pipelines and Mains
100
years
Aircraft operational assets:
Runways
years
Buildings
20
years
Machinery and equipment
5 - 10
years
-i0-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
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.
(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 Casty 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, 1986
NOTE 2 - Continued
Deposits: At year-end, the carrying amount of the City's deposits was
$8,795,558 and the bank balance was $9,574,573. Of the bank balance,
$430,222 was covered by federal depository insurance and $9,144,351 was
uninsured and uncollateralized.
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.
NOTE 3 - Property Tax
The City's property tax was levied July 1, 1985 on the assessed value
listed as of the prior April 1, for all real and personal property
located in the City. The last revaluation was completed for the tax
lists of April 1, 1978. The assessed value for the list of April 1 1985
upon which the 1985 levy was based, was $513,223,900. The estimated
market value was $733,000,000 making the assessed value 70 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, 1986 was 96.3 percent of the tax levy.
Property taxes levied for the year ended June 30, 1986 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, 1986. 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-
Category
Carrying
Market
Amount
Value
Short -Term
U.S. Gov't.
Pooled Funds $ -
$ - $1,274,490
$1,274,490
$1,274,490
U.S. Treasury
obligations -
- 331,252
331,252
342,585
Repurchase
agreements -
- 1,000,000
1,000,000
1,000,000
Corporate Bonds -
20,000 -
20,000
17,769
$ -
$20,000 $2,605,742
$2,625,742
$2,634,844
NOTE 3 - Property Tax
The City's property tax was levied July 1, 1985 on the assessed value
listed as of the prior April 1, for all real and personal property
located in the City. The last revaluation was completed for the tax
lists of April 1, 1978. The assessed value for the list of April 1 1985
upon which the 1985 levy was based, was $513,223,900. The estimated
market value was $733,000,000 making the assessed value 70 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, 1986 was 96.3 percent of the tax levy.
Property taxes levied for the year ended June 30, 1986 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, 1986. 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, 1986
NOTE 4 - Due From Other Governments - Capital Projects
Due from other governments includes accrued reimbursement on the
following capital projects:
NOTE 5 - Fixed Assets"
A summary of changes in general fixed assets is presented on page 14.
The Construction in process is composed of the following:
Amounts
Amounts
Estimated
Expenditures
Funded
Due From
Total
To
By Other
Other
Project
Costs
Date
Gov'ts.
Gov'ts.
Airport Development
720,275
529,062
191,213
None
Aid Project
$6,634,253
$6,483,402
$5,892,044
$481,953
Odlin Road Sewer
20,249
10,583
20,249
10,583
Sewerage Facility
1,816,105
1,131,007
685,098
None
Planning
201,500
182,345
144,630
1,210
Westside Pool
160,000
137,058
80,000
4,214
Broadway Park
15,500
11,777
7,750
588
Chapin Park
57,502
58,537
11,850
1,035
Kenduskeag Bridge
100,000
83,570
50,000
4,095
$7,189,004
56,967,272
$6,206,523
$503,678
NOTE 5 - Fixed Assets"
A summary of changes in general fixed assets is presented on page 14.
The Construction in process is composed of the following:
-13-
Required
Project
Expenses to
Future
Authorization
June 30, 1986
Committed
Financing
Buildings
$ 505,000
$ 72,610
$ 432,390
None
School
720,275
529,062
191,213
None
Streets
928,797
85.,986
842,811
None
Electrical
15,000
6,395
8,605
None
Other Projects
1,816,105
1,131,007
685,098
None
$3,985,177
$1,825,060
$2,160,117
-13-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30,
1986
NOTE 5 - Fixed Assets,
Continued
A summary of changes in general fixed assets
follows:
Balance
Balance
June 30,
June 30,
1985
Additions
Deletions
Transfers
1986
Land
$ 2,866,190
$ -
$ -
$ 249,936
$ 3,116,126
City foreclosed
property
62,290
62,290
Buildings
17,772,742
-
-
159,734
17,932,476
Recreation
Facilities
2,134,672
-
-
-
2,134,672
Construction in
process
1,244,750
1,505,706
-
(925,396)
1,825,060
24,080,644
1,505,706
-
( 515,726)
25,070,624
Public domain:
'
Streets
11,385,588
-
-
461,751
11,847,339
Sidewalks
1,477,015
-
-
28,425
1,505,440
Bridges
1,053,245
-
-
-
1,053,245
Parking
Structures
532,184
-
-
-
532,184
Electrical
602,034
-
-
-
602,034
Storm sewers -
water lines
343,521
-
-
-
343,521
Other public domain
397,602
-
-
-
397,602
Total public domain
15,791,189
-
-
490,176
16,281,365
Equipment -vehicles
3,281,138
306,951
154,906
-
3,433,183
Equipment computer
174,599
-
-
25,550
200,149
Total equipment
3,455,737
306,951
154,906
25,550
3,633,332
$43,327,570
$1,812,657
$ 154,906
-
$44,985,321
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
NOTE 5 - Continued
A summary of proprietary fund type property, plant and equipment at June
30, 1986 follows:
Land
Building improvements
and equipment
Pipelines and mains
Aircraft operational assets
Construction in process
Less accumulated depreciation
NOTE 6 - Deferred Revenues
Deferred revenues consist of the following:
Taxes
Federal Revenue Sharing
Loans
Other
93,685
7,259,933
15,499,811
121,693,397
7,228,536
151,775,362
34,178,908
$117,596,454
General Special
Fund Revenue
$ 885,600 $ -
219,333 -
- 2,498,910
14,813
Enterprise
Fund
10,290
1,119,746 $2,498,910 $ 10,290
Deferred tax revenues consist of those tax revenues not available to
meet the needs of the current period (See Note 3). Federal Revenue
Sharing deferred revenues represent the excess of actual Federal Revenue
Sharing Entitlements received over the amount estimated in the current .
year's budget process. 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 thereo)
has 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, 1986
NOTE 7 - Long -Term Debt
The following is a summary of long-term debt transactions of the City
for the period ended June 30, 1986:
General
Obligation
bonds
Debt payable at June 30, 1985 $12,510,000
New debt issued 1986 series 865,000
Debt retired - Serial bonds 1,140,000
Debt payable at June 30, 1986 $12,235,000
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, 1986 and
related limitations:
Percent of
state assessed
Net debt value of Statutory Debt
outstanding $666,750,000 Limit margin
School $2,543,074 10; $66,675,000 $64,131,926
Sewer 1,421,049 7 1/2; 50,006,250 48,585,201
Airport 823,172 30 20,002,500 19,179,328
All other 7,447,705 7 1/2; 50,006,250 42,558,545
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
$12,235,000
900,000
720,000
Percentage
applicable
to the City
100.00;
23.27
100.00
This results in a per capita City debt of $387; per
debt of $41,6; ratio of City debt to the City's June
valuation of 2.4 percent; and a ratio of overlapping
1986 assessed valuation of 2.6 percent.
-16-
Overlapping
Debt
$12,235,000
209,430
720,000
$13,164,430
capita overlapping
30, 1986 assessed
debt to June 30,
CITY OF BANGOR, MAINE
Notes to Financial
Statements
June 30, 1986
NOTE
7 - Continued
Bonds
payable at June 30,
1986, are comprised
of the
following
individual issues:
Final
Annual
Authorized
Interest
maturity
serial
and
rates
date
payments
Issued
June 30, 1986
1965
General Public Improvement
3.10%
9/01/86
$ 15,000
$ 315,000
$ 15,000
1966
General Public Improvement
4.00
12/01/87
10,000
210,000
20,000
1966
Street and Sewer
4.00
12/01/86
5,000
100,000
5,000
1967
Interceptor Sewer
and Treatment
Plant
3.70
7/01/87
70,000
1,400,000
140,000
1967
Permanent Public
Improvements
4.00
9/01/87
35,000
700,000
70,000
1968
Permanent Public
Improvements
4.10
9/01/88
35,000
690,000
95,000
( 25,000 in
1988)
1969
Permanent Public
Improvements
5.75
8/15/89
55,000
1,060,000
180,000
( 15,000 in
1989)
1.971
Permanent Public
Improvements
4.90
5/01/91
35,000
690,000
.165,000
( 25,000 in
1991)
1972
Permanent Public
Improvements
4.60
3/01/92
55,000
1,060,000
290,000
( 15,000 in
1992)
1973
Permanent Public
Improvements
5.00"
7/15/93
100,000
2,000,000
800,000
1975
Permanent Public
Improvements
6.50
8/01/95
205,000
4,050,000
2,000,000
(155,000 in
1995)
1978
Permanent Public
Improvements
5.80
7/01/98
165,000
3,260,000
2,105,000
(125,000 in
1998)
1981
Permanent Public
Improvements
10.00
6/01/01
155,000
3,065,000
2,290,000
(120,000 in
2001)
1984
Permanent Public
Improvements
5.90 to
10/25/94
180,000
1,800,000
1,620,000
8.75
1985
Permanent Public
Improvements
5.20 to
10/25/95
160,000
1,575,000
1,575,000
7.90
(135,000 in
1995)
1986
Permanent Public
Improvements
4.25 to
10/25/96
90,000
865,000
865,000
6.5
( 55,000 in
1996)
Total general
obligation bonds
$22,840,000
$12,235,000
The annual requirements to amortize all debt
outstanding
as of June 30, 1986, including
interest payments
of $4,938,557
are
as follows:
Year ending
June 30
1987
$ 2,098,471
1988
2,088,519
1989
1,882,986
1990
1,743,665
1991
1,637,338
1992-1996
6,218,525
1996-2001
1,504,053
$17,173,557
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
NOTE 8 - Contributed Capital
A summary of changes in contributed capital follows:
Contributed capital at June 30, 1985
Contributions
Depreciation on assets acquired with
contributions
Contributed capital at June 30, 1986
NOTE 9 - Liquidity Problems in the Enterprise Fund
$113,350,246
792,703
( 3,011,985)
$111,130,964
The Airport and City Nursing Facility Enterprise Funds have experienced
operating losses in the past few Years resulting in cash Flow problems.
Because of the cash flow problems it was necessary for the General Fund
to advance the Airport Fund $500,000 in past years. In addition,
$97,226 has been transferred to the City Nursing Facility Fund for the
fiscal period ending June 30, 1986 to meet operating needs. It is the
City's intention to continue to advance funds from the General Fund to
the Airport and City Nursing Facility Funds as necessary to enable these
funds to meet current obligations.
The amount advanced to the Airport Fund has been reserved in the General
Fund's fund balance as it does not represent available spending
resources.
NOTE 10 - General Fund - Designated Fund Balance
Designated fund balances represent those portions of the General Fund
fund balance specifically designated for the following:
aVa
1986
1985
Departmental balances carried forward
$ 171,991
$ 285,360
School department - Surplus
421,993
298,609
Automotive equipment replacement account
300,000
440,824
Bus service equipment replacement account
71,810
525,988
Fire equipment replacement account
530,342
632,261
Golf course equipment replacement account
27,991
21,261
Capital improvements
586,327
-0-
Reserve for self insurance
623,180
699,591
Credit reserve fund
1,416,996
775,000
Sub Total
$4,150,630
$3,678,894
Accrued Teacher payroll (net of accrued
subsidy receivable)
( 499,145)
( 460,216)
Total General Fund Designated
Fund Balance
$3,651,485
$3,218,678
aVa
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30. 1986
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, 1986 was computed as
follows:
**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, 1986
approximated $1,732,000.
Unfunded accrued liability as of June 30, 1986 is unavailable. As of
June 30, 1985, the unfunded liability approximated $17,072,124 and is
being amortized over a remaining period of eighteen years. The City's
policy is to fund pension cost accrued. Actuarially determined vested
and nonvested benefits have not been calculated for the plan.
NOTES 13 - Segments of Enterprise Activities
There are three services provided by the City which are financed by user
charges - sewer, airport, and City Nursing Facility. The key financial
data for the period ended June 30, 1986 for those three services are as
follows:
-19-
General Fund
Enterprise Fund
Total
Cash
$ 7,391,759
$ 101,294
$ 7,493,053
Accounts Payable
( 258,658)
( 139,764)
( 398,422)
Taxes Collected in Advance
( 10,039)
-
t 10,039)
Deferred Revenues (net of
deferred property taxes)
( 234,146)
( 10,290)
( 244,436)
Current Portion of Long -
Term Debt
-
( 350,518)
( 350,518)
Reserved for Encumbrances
( 99,691)
( 51,012)*
( 150,703)
Designated for subsequent
years expenditures
(4,150,630)**
( 54,600)
(4,205,230)
2,638,595
( 504,890)
2,133,705
*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, 1986
approximated $1,732,000.
Unfunded accrued liability as of June 30, 1986 is unavailable. As of
June 30, 1985, the unfunded liability approximated $17,072,124 and is
being amortized over a remaining period of eighteen years. The City's
policy is to fund pension cost accrued. Actuarially determined vested
and nonvested benefits have not been calculated for the plan.
NOTES 13 - Segments of Enterprise Activities
There are three services provided by the City which are financed by user
charges - sewer, airport, and City Nursing Facility. The key financial
data for the period ended June 30, 1986 for those three services are as
follows:
-19-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
NOTE 13 - Continued
City
Sewer
Airport
Nursing
Totals
Operating revenue
$
716,200
$ 4,461,471
$1,385,691
$ 6,563,362
Operating expenses:
Depreciation and
amortization
356,639
2,856,104
66,544
3,308,287*
Other
538,593
3,719,486
1,433,079
5,691,158
924,232
6,575,590
1,499,623
8,999,445
Operating income
(loss)
$(
208,032)
$( 2,114,119)
$( 113,932)
$( 2,436,083)
Net Income (loss)
$(
212,510)
$( 2,135,393)
$( 48,531)
$( 2,396,434)
Assets
$17,097,747
$102,533,257
$ 912,448
$120,543,452
Bonds payable
$ 1,421,049
$ 823,172
$ 260,000
$ 2,504,221
Fund equity
$15,661,861
$101,025,214
$ 594,660
$117,281,755
Aquisition of pro-
perty, plant
and equipment
$
345,454
$ 1,234,741
$ 187,742
$ 1,767,937
*Includes depreciation and amortization of $3,011,985
on assets aquired
with contributions.
NOTE 14 - Related Party Transactions
Bass Park Corp. manages the Bangor Civic Center, Bangor Auditorium and
surrounding fairgrounds pursuant to a lease agreement dated July 27, 1981
which runs on a month-to-month basis. The Board of Directors of Bass Park
Corp. is made up of three City Counselors, six private citizens and the
City Manager and City Finance Director as non-voting members.
Pursuant to terms of the lease agreement, Bass Park Corp.'s rental pay-
ments consists of such amounts as are necessary on an annual basis to meet
the financial obligation of the City of Bangor for payments of interest
and/or principal on certain outstanding bonds issued by the Bangor Recre-
ation Center, a quasi municipal corporation for the construction of the
Bangor Auditorium and for other improvements at Bass Park. The Bangor
Recreation Center annually levies a tax on the City of Bangor in an amount
equal to this debt service. Prior to June 30, 1983, the City billed Bass
Park Corp. for annual rental charges equaling the debt service obligations
or Recreation Tax of the City. The City currently bills only for other
services performed. As of June 30, 1985, the City was owed $663,607 from
Bass Park Corp. of which $571,715 was 1983 and prior rental charges. Due
to the uncertainty that Bass Park would be able to pay its obligations
within the subsequent year, such amount was set up in a reserve Eor
noncurrent receivables in the General Fund as of June 30, 1985. During
1986 the City determined that the receivable was not collectible and
accordingly the allowance for doubtful accounts has been increased by
$663,607 at June 30, 1986 and the reservation of fund balance in the same
amount has been removed. The City currently does not include in its
estimated revenues rental charges to Bass Park Corp.
-20-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1986
NOTE 15 - 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 1986 amounted to
$4,756,325 which amount was based in part on the level of expenditures
of fiscal year 1984. Projected subsidies For fiscal year 1987 are
approximately $4,987,000 which is based in part on expenditures of
fiscal year 1985 and 1986.
The City of Bangor also receives Federal Revenue Sharing Entitlements on
a quarterly basis. Under Federal Revenue Sharing regulations, Federal
Revenue Sharing money is not available to the General Fund of the City
until the use of the funds is appropriated. The City follows the policy
of incorporating the appropriation for the use of those funds into its
normal budget process and giving recognition to the corresponding
anticipated revenues based upon the projected date of receipt of such
funds. Accordingly, the Federal Revenue Sharing Entitlement for the
quarter ending June 30, 1986 amounting to $226,464 and received on July
9, 1986 was not appropriated for fiscal 1986 and is not, therefore,
reflected in the attached financial statements. Consistent with prior
years, these funds will be budgeted in fiscal 1987 both as an item
expenditure and as an item of estimated revenue.
NOTE 16 - Restatement, Prior Years Financial Statements
Accrued teacher's payroll for services rendered prior to fiscal year end
but which is disbursed during the two months following year-end was
previously accounted for as a long term debt in the General Long Term
Debt account group. Beginning with 1986 the City elected to account for
this accrual as a current expense and current liability of the general
fund in accordance with recently prescribed governmental accounting
standards. Accordingly the prior years financial statements have been
restated. Since the accrued teachers payroll is funded, in part,
through state educational subsidies, the financial statements have also
been restated to recognize as a receivable the portion of subsidies
receivable attributable to these salaries.
The effect on general fund and total fund equity is as follows:
Total Fund General
Equity Fund
Fund Equity as previously
reported 1 $175,801,876 $9,172,084
June 30, 1985 value of
accrued teachers
payroll (600,114) (600,114)
Subsidy Receivable 139,898 139,898
Fund Equity at June 30, 1985
as restated $175,3411660 $ 8_,711,868
-21-
CITY OF BANGOR, MAINE
General Fund
Balance sheet
June 30, 1986
(With comparative figures for June 30, 1985)
Assets
Cash
Receivables
Taxes, including interest and liens
Accounts
Advance to Enterprise Funds
Inventory, at cost
Other assets
Total assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Taxes collected in advance
Deferred revenues
Accrued teachers payroll
Total liabilities
Fund balances:
Reserved for advance to Enterprise Funds
Reserved for noncurrent receivables
Reserved for encumbrances
Unreserved:
Designated for subsequent year's
expenditures
Undesignated
Total fund balances
Total liabilities and fund balances
*Restated
-22-
1986
$ 7,391,759
991,190
410,441
500,000
441,753
19,330
$ 9,754,473
1985*
$ 7,529,052
979,239
1,073,976
500,000
491,317
4,471
$10,578,055
$ 258,658 $ 379,151
10,039 7,238
1,119,746 879,684
629,811 600,114
2,018,254 1,866,187
500,000 500,000
- 663,607
99,691 167,652
3,651,485
3,218,678
3,485,043
4,161,931
7,736,219
8,711,868
$ 9,754,473
$10,578,055
CITY OF BANGOR, MAINE
_
General
Fund
Schedule A-2
Statement of Revenues,
Expenditures,
and
Changes in
Unreserved/Undesignated
Fund Balance -
Budget and Actual
Year ended June 30, 1986
Variance
Balances
Favorable
(Unfavorable)
Carried
Lapsed to
7/1/85
Budget
Actual
Surplus
Carried
Revenues:
Taxes:
Property Taxes
$ -
$16,430,665
$16,430,725
$ 60
$ -
Automobile and boat
excise taxes
-
1,413,000
1,769,954
356,954
-
Interest on delinquent taxes
-
250,000
179,353
( 70,647)
-
Total taxes
-
18,093,665
18,380,032
286,367
-
Intergovernmental revenues:
Federal revenue sharing
-
866,177
866,177
-
-
State revenue sharing
-
1,500,000
1,621,140
121,140
-
School subsidy
-
4,720,976
4,756,325
-
35,349
Payment in lieu of taxes
-
60,000
74,877
14,877
-
Other
-
334,496
307,010
17,539
(45,025)
Total intergovernmental revenue -
7,481,649
7,625,529
153,556
( 9,676)
Other Revenue:
Licenses and permits
-
205,690
243,345
37,655
Charges for services
-
536,751
638,603
7,611
94,241
Fines, forfeits, and penalties
-
61,200
63,378
2,178
-
Revenue from use of money and property -
1,313,196
1,568,448
257,617
( 2,365)
Reimbursements
-
355,710
259,065
( 96,645)
-
N
W Total other revenue
-
2,472,547
2,772,839
208,416
91,876
Total revenue
-
28,047,861
28,778,400
648,339
82,200
Expenditures:
General government:
Council
-
24,615
23,440
1,175
-
Executive
-
361,116
349,779
4,211
7,126
City Clerk
-
229,000
246,423
( 17,423)
-
Finance
-
364,565
347,597
16,968
-
Assessment
-
137,508
137,069
439
-
Legal
419
93,232
91,827
1,824
-
Personnel
-
76,106
75,416
690
-
Economic development & research
-
130,839
118,567
-
12,272
Insurance
-
388,468
.300,128
88,340
-
Planning
-
81,699
80,966
733
-
Total general government
419
1,887,148
1,771,212
96,957
19,398
Public safety:
Police
-
2,340,308
2,298,595
41,191
522
Fire
116,296
3,260,560
3,326,379
37,360
13,117
Total public safety
116,296
5,600,868
5,624,974
78,551
13,639
CIII vr' BAnuva, Mninc
General Fund- Budget Basis Schedule A-2 Cont'd.
Statement of Revenues, Expenditures and
Changes in Unreserved/Undesignated Fund Balance - Budget and Actual, Continued
Year ended June 30, 1986
Expenditures, Continued:
Health, welfare, and recreation:
Health and welfare
Parks and recreation
Total health, welfare, & recreation
Public buildings and services
Public services
Motor Pool
Private school services
Total public buildings and services
Other agencies:
Taxes paid to county
Public Library
Total other agencies
Education
Other appropriations:
Bad debt expense
Recreation district tax
Pensions and other fringe benefits
Contingency
Debt service
Credit reserve fund
Total other appropriations
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources (uses) -
Appropriation from fund balance
Operating transfers out
Excess of revenues over expenditures -
and other uses
Unreserved/undesignated fund balances,
beginning of year
Appropriation from fund balance
Unreserved/undesignated fund balance,
end of year
4,161,931
(2,522,896)
$ 3,485,043
Variance
Balances•
Favorable
(Unfavorable)
Carried
Lapsed to
7/1/85
Budget
Actual
Surplus
Carried
9,612
934,383
838,195
102,496
3,304
-
689,671.
701,976
l 14,305)
2,000
9,612
1,624,054
1,540,171
88,191
5,304
-
2,632,516
2,539,166
89,510
3,840
-
933,151
898,336
34,815
-
-
160,215
147,126
13,089
-
-
3,725,882
3,584,628
137,414
3,840
-
403,473
403,473
-
-
-
361,313
361,313
-
-
-
764,786
764,786
-
-
451,642
13,256,249
13,201,683
41,527
464,681
-
25,191
( 25,191)
-
130,400
130,400
-
-
6,000
131,062
140,594
( 8,454)
4,922
-
125,952
-
125,952
-
-
1,107,815
1,097,488
10,327
-
641,996
641,996
-
-
6,000
2,137,225
2,035,669
102,634
4.9U
583,969
28,996,212
28,523,123
545,274
511,784
(583,969)
( 948,351)
255,277
1,193,613
593,984
-
1,972,000
2,522,896
550,896
-
-
(1,023,649)
( 922,150)
101,499
-
$(583,969)
$ -
$1,856,023
1,846,008
$593,984
4,161,931
(2,522,896)
$ 3,485,043
Schedule B-1
CITY OF BANGOR, MAINE
Special Revenue Funds
Balance Sheet
June 30, 1986
(with comparative totals for June 30, 1985)
Assets
1986
1985
Cash
$ 29,318
$ 90,253
Due from other governments
121,992
107,928
Loans receivable
2,498,910
(Note 6)
$2,650,220
$198,181
Liabilities and Fund Balance
Accounts payable
$ 5,933
$ 30,138
Deferred revenue
2,498,910
(Note 6)
$2,504,843
$ 30,138
Reserve for encumbrances
19,041
-
Designated fund balance
126,336
168,043
145,377
168,043
$2,650,220
$198,181
-25-
Q -t' ,A"I - n_9
CITY OF BANGOR, MAINE
Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1986
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
$( 168,043) l 22,666) $(145,377)
168,043
$ 145,377
-26-
Unexpended
Authorization
Actual
Balances
$ 2,523,675
$ 1,583,172
$ 940,503
( 260,167)
183,432
(443,599)
2,263,508
1,766,604
496,904
241,410
192,178
49,232
706,402
794,528
( 88,126)
55,647
24,371
31,276
11,720
-
11,720
14,290
-
14,290
55,002
-
55,002
175,748
182,861
( 7,113)
57,247
-
57,247
503,495
341,664
161,831
21,191
25,381
( 4,-190)
1,100
-
1,100
234,151
28,503
205,648
351,942
199,784
152,158
2;206
-
2,206
2,431,551
1,789,270
642,281
$( 168,043) l 22,666) $(145,377)
168,043
$ 145,377
-26-
Schedule C-1
CITY OF BANGOR, MAINE
Capital Projects Funds
Combined Balance Sheet
June 30, 1986
(with comparative figures for June 30, 1985)
Assets
1986
1985
Cash
$1,442,867
$ 367,941
Securities
1,165,000
.1,841,253
Receivables:
Accounts
145,442
120,344
Deferred special assessments:
Sewer construction
149,799
239,976
Street construction
44,136
154,141
Due from other governments
503,678
714,273
Due form enterprise fund
-
100,000
$3,450,922
$3,537,928
Liabilities and Fund Balances
Liabilities - accounts payable
$ 83,537
$ 2,259
Fund Balances:
Reserved for encumbrances
498,858
633,907
Unreserved:
Designated for capital project
expenditures
2,053,253
1,571,546
Undesignated:
Future construction - General Fund
88,158
138,423
Future construction - Sewer Utility Fund
314,519
602,742
Future construction - Airport Fund
211,218
186,060
Future construction - Downtown Development
-
8,874
Future construction - City Nursing Facility
7,444
-
Deferred special assessments
193,935
394,117
Total fund balances
3,367,385
3,535,669
$3,450,922
$3,537,928
-27-
Schedule C
CITY OF
BANGOR, MAINE
Capital
Projects Funds
Combining Statement
of Revenues, Expenditures
and Changes
in Fund Balances
Year ended
June 30, 1986
City
Sewer
Reserves for
Other
Nursing
Utility
Airport
future
Buildings
Streets
Electrical Schools
Projects
Facility
Fund
Fund
Construction
Total
Revenues:
Interest income $ -
$ -
$ - $ _
$ -
$ -
$ -
$ -
$ 143,507
$ 143,507
Special assessments -
-
- -
-
-
-
-
17,924
17,924
Intergovernmental -
28,302
- -
107,722
-
-
609,600
-
745,624
Miscellaneous -
-
- -
-
-
-
-
14,950
14,950
Total revenues -
28,302
- -
107,722
-
-
609,600
176,381
922,005
Expenditures:
Capital additions 56,232
386,146
- 326,705
736,622
175,624
309,384
1,175,210
-
3,165,923
Miscellaneous -
-
- -
-
-
-
-
22,384
22,384
Total expenditures 56,232
386,146
- 326,705
736,622
175,624
309,384
1,175,210
22,384
3,188,307
Excess (deficiency)
of revenues over
expenditures (56,232)
(357,844)
- (326,705)
( 628,900)
(175,624)
(309,384)
( 565,610)
153,997
(2,266,302)
N Other financing sources:
Operating transfers
in (out)
96,050
1,029,875
75,000
-
39,593
( 7,500)
1,233,018
Proceeds from bonds 300,000
410,000
- 115,000
-
-
-
40,000
-
865,000
Excess (deficiency) of
revenues and other
sources over expend -
tures and other
uses 243,768
52,156
- (115,655)
400,975
(100,624)
(309,384)
( 486,017)
146,497
( 168,284)
Fund balances at beginning
of period 188,622
490,743
8,605 306,868
282,035
168,514
510,860
249,206
1,330,216
3,535,669
Transfers from (to) reserves
for future construction -
303,000
- -
77,314
20,000
471,000
21,000
(892,314)
-
Completed projects, remaining
fund balances closed out -
( 43,359)
- -
(160,374)
( 27,142)
-
230,875
Fund balances at end
of period $ 432,390
5802.540
$ 8,605 sit a
599,950
60,748
672,476
( 215,811)
815,274
3,367,385
CITOF BANGOR MAINE
Lnterprise tunas Schedule U-1
Combining Balance Sheet
June 30, 1986
twith comparative totals Eor June 30, 1985)
Contributed capital:
City
Federal, state, and other contributions
Sewer
98,616,818
City Nursing
5,533,373
104,841,580
5,598,784
107,096,878
Customers
Utility
Airport
Facility
Totals
756.011
Assets
Fund
Fund
Fund
198b
1985
Current assets:
113.350,246
Retained earnings
3,720,376
2,408,396
Cash (cash overdraft)
$f 70,471)
$ 288,847
$l 117,082)
$ 101,294
$l 90,387)
Accounts receivable
129,508
543,322
166,413
839,243
950,956
Less allowance for estimated
$ _ 912,44820,543,45Z_
$122 640.985
uncollectible accounts
-
25,027
5,111
30,138
37,080
Net accounts receivable
129,508
518,295
161,302
809,105
913,876
Inventory, at cost
-
90,609
-
90,609
84,802
Prepaid expenses
-
65,391
640
66,031
53,562
Total current assets
59,037
963,142
44,860
1,067,039
961,853
Property, plant, and equipment:
Land
58,425
-
35,260
93,685
93,685
Buildings, plant, and equipment
5,453,264
-
1,806,669
7,259,933
7,208,886
Pipelines and mains
15,499,811
-
-
15,499,811
15,499,811
Aircraft operational assets
-
121,693,397
-
121,693,397
121,414,677
Construction in process
537,335
6,516,949
174,252
7,228,536
5,790,365
21,548,835
128,210,346
2,016,181
151,775,362
150,007,424
Less accumulated depreciation
5,497,120
27,465,003
1,216,785
34,178,908
30,917,751
Net property, plant,
and equipment
16,051,715
100,745,343
799,396
117,596,454
119,089,673
Other assets:
Deposits for construction with
Capital Project Funds
986,995
-
68,192
1,055,187
1,717,556
Operating rights net of accumulated
amortiaztion of $457,227 in 1986
and $428,097 in 1985
-
824,772
-
824,772
871,903
$17,097,747
$102,533,257
$ 912,448
$120,543,452
$122,640,985
Liabilities and Fund Equity
Current liabilities:
Accounts payable
Accrued leave
$ 7,639
$ 98,206
$ 33,919
$ 139,764
$ 271,157
Deferred revenue
7,198
-
76,375
10,290
'13,869
-
107,442
10,290
102,401
-
Due to Capital Projects Funds
-
-
-
-
100,000
Current installments - general obliga-
tion bonds
231,401
92,117
27,000
350.518
317,740
Total current liabilities
246,238
276,988
84,788
_608_.014
791,298
Long-term liabilities:
Advance from General Fund
General obligation bonds
-
500,000
-
500,000
500,000
(Net.of current portion)
1.189.648
731.055
2133 on
2,153.703
2.464 221
Total long-term liabilities
1,189,648
1,231,055
233,000
2.653.703
2,964.221_
Total liabilities
1,435,886
1,508,043
317,788
3,261,717
3.755 519
Contributed capital:
City
Federal, state, and other contributions
5,392,379
5793,095
,
98,616,818
140,994
431,667
5,533,373
104,841,580
5,598,784
107,096,878
Customers
756,011
-
-
756.011
654.584
Total contributed capital
11,941,485
98,616,818
572,661
111,130,964
113.350,246
Retained earnings
3,720,376
2,408,396
21,999
6.150.771
5.535.220
Total fund equity
15,661,861
101,025,214
594,660
117,281,735
118 885.446
$17,097,747
$102,533,257
$ _ 912,44820,543,45Z_
$122 640.985
0
-29-
0
Schedule D-2
CITY OF
BANGOR, MAINE
Enterprise Fund
Combining Statement of Revenues, Expenses
and Changes in
Retained Earnings
Year ended
June 30, 1986
Sewer
City Nursing
Utility
Airport
Facility
Fund
Fund
Fund
Total
Operating revenues - charges for
services
$ 716,200
$4,461,471
$1,385,691
$6,563,362
Operating expenses:
Operating expenses other than
depreciation
538,593
3,719,486
1,433,079
5,691,158
Depreciation and Amortization:
On assets acquired with own funds
110,586
171,407
14,309
296,302
On assets acquired with contribu-
tions
275,053
2,684,697
52,235
3,011,985
Total operating expense
924,232
6,575,590
1,499,623
8,999,445
Operating income (loss)
( 208,032)
(2,114,119)
( 113,932)
(2,436,083)
Non-operating Revenue (Expense):
Interest income
86,130
42,507
301
128,938
Interest expense
( 90,608)
( 63,781)
( 32,126)
( 186,515)
Operating transfer from General
Fund
-
-
97,226
97,226
Net non-operating revenue
(expense)
( 4,478)
( 21,274)
65,401
39,649
Net income (loss)
( 212,510)
(2,135,393)
! 48,531)
(2,396,434)
Retained earnings at beginning of
period
3,657,833
1,859,092
18,295
5,535,220
Depreciation and amortization on
assets acquired with contributions
275,053
2,684,697
52,235
3,011,985
Retained earnings at end of period
$3,720,376
$2,408,396
$ 21.999
$6,150,771
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Statement of Changes in Financial Position
Year ended June 30, 1986
Schedule D-3
Sewer
City Nursing
Utility
Airport
Facility
Fund
Fund
Fund
Total
Sources of working capital:
Operations:
Net income (loss)
$(
212,510)
$(2,135,393)
$(
48,531)
$(2,396,434)
Items not requiring working capital -
depreciation and amortization
385,639
2,856,104
66,544
3,308,287
Working capital provided by operations
173,129
720,711
18,013
911,853
Contributions:
City
-
-
75,000
75,000
Customers
108,102
-
-
108,102
Federal, state, and other
-
609,600
-
609,600
Proceeds of bond issue
-
40,000
-
40,000
Deposits for capital projects
126,498
435,549
100,323
662,370
407,729
1,805,860
193,336
2,406,925
Uses of working capital:
W Acquisition of property, plant and
equipment
345,454
1,234,741
187,742
1,767,937
Current installment general obligation
bonds
231,401
92,117
27,000
350,518
Increase (decrease) in working capital
(
169,126)
479,002
(
21,406)
288,470
$
407,729
$1,805,860
$
193,336
$2,406,925
Elements of net increase (decrease)
in working capital:
Cash
$(
201,411)
$ 388,129
$
4,963
$ 191,681
Accounts receivable
1,551
( 99,007)
(
7,315)
( 104,771)
Inventory
-
5,807
-
5,807
Prepaid expenses
-
12,211
258
12,469
Accounts payable and accrued expenses
30,734
197,930
(
2,312)
226,352
Prepaid revenue
-
( 10,290)
-
( 10,290)
Current installments of long-term debt
and notes payable
-
( 15,778)
(
17,000)
( 32,778)
Net increase (decrease) in
working capital
$(
169,126)
$ 479,002
$(
21,406)
$ 288,470
Schedule E-1
CITY OF BANGOR, MAINE
Fiduciary Funds
Combining Balance Sheet
June 30, 1986
(With comparative
totals
for June 30,
1985)
Nonexpendable
Trust Funds
Expendable
Revolving
Trust Funds
Endowment
Loan
Endowment
Agency
Totals
Assets
Principal
Principal
Revenues
Fund
1986
1985
Cash
$ 203
$ 7,221
$160,362
$608,234
$ 776,020
$ 637,734
Investments, at cost
(Market Value, 1986- $527,472
1985 - $498,491)
493,082
25,287
-
-
518,369
513,771
Receivables:
Accounts
-
-
-
16,495
16,495
16,168
Loans from students
-
32,880
-
-
32,880
34,420
493,285
65,388
160,362
624,729
$1,343,764
$1,202,093
Liabilities
N and Fund Balances
Liabilities - Amounts held
by agency fund for others
-
-
-
624,729
624,729
489,049
Fund balances:
Reserve for loans
-
65,388
-
-
65,388
61,802
Reserve for ,endowments
493,285
-
-
-
493,285
487,460
Unreserved - designated for
subsequent expenditures
-
-
160,362
-
160,362
163,782
Total fund balances
493,285
65,388
160,362
-
719,035
713,044
493,285
65,388
160,362
624,729
1,343,764
1,202,093
CITY OF BANGOR, MAINE
Expendable Trust Funds
Combined Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1986
Schedule E-2
T n 1- n 1
Revenues:
Interest $ 32,305
Miscellaneous 200
Total revenues 32,505
Expenditures:
Perpetual care fees 15,000
Distribution of earnings to Home for Aged Women 4,759
Other payment to beneficiaries 1,316
Total expenditures 21,075
Excess of expenditures over revenues 11,430
Other financing sources (uses)
Operating transfers out ( 14,850)
Excess (deficiency) of revenues and other financing
sources over expenditures ( 3,420)
Fund balances at beginning of period 163,782
Fund balances at end of period 160,362
-33-
NorCiaenndanleGTRrustAFunds
Combining Statement of Revenues, Expenses,
and Changes in Fund Balances
Year ended June 30 1986
Operating revenues:
Interest
Lot sales
Net income
Fund balances at beginning
of period
Fund balances at end of
period
0
Schedule E-3
Revolving
Endowment Loan
Principal Principal Total
$ - $ 3,585
$ 3,585
5,825 - 5,825
5,825 3,585 9,410
-34-
487,460 61,802 549,262
493,285 65,387 558,672
CITY OF BANGOR, MAINE
Assessed Valuation, Commitment and Collections
Year ended June 30, 1986
Valuation:
Land and Buildings $455,361,100
Personal Property 57,862,800
Total valuation 513,223,900
Commitment:
Real estate and personal
property
Tax rate
Add:
$513,223,900
.032
Total commitment 16,423,165
Supplemental taxes committed 31,782
16,454,947
Less:
Collections - 1986 15,812,838
Abatements 79,033
1986 Taxes receivable at June 30, 1986
-35-
563,076
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 Lever Collections
1977
207,516,620
44.20
9,172,235
8,649,300
94.3
1978
402,443,210
21.00
8,451,307
7,909,538
93.6
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
1984
470,635,982
33.63
15,827,488
15,100,933
95.4
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
*Six month period during June 30, 1982
-36-
Fiscal
Year
Tax Rate
1977
44.20
1978
21.00
1979
22.15
1980
27.00
1981
30.90
1982*
16.95
1983
31.68
1984
33.63
1985
32.00
1986
32.00
Table 2
CITY OF BANGOR, MAINE
Local Assessed Valuations
Last Ten Fiscal Periods
Total Assessed
Personal
Valuation
Real Property
Property
207,516,620
184,802,520
22,714,100
402,443,210
369,321,000
33,122,210
439,217,620
401,043,500
38,174,120
452,386,680
411,926,970
40,459,710
456,484,410
416,146,390
.40,338,020
455,736,970
415,706,430
40,030,540
462,895,320
420,325,190
42,570,130
470,635,982
424,900,452
45,735,530
484,384,300
438,259,600
46,124,700
513,223,900
455,361,100
57,862,800
* Six month period during June 30, 1982
-37-
Fiscal
1977
1978
1979
1980
1981
1982*
00
1983
1984
1985
1986
General
Public
Gov't.
Safety
955,180
2,537,640
1,059,946
3,133,111
1,048,760
3,329,734
1,166,412
3,655,703
1.,153,910
3,973,885
735,625
2,056,660
1,421,132
4,262,987
1,621,971
4,819,962
1,664,091
4,956,714
1,771,212
5,624,974
Table 3
CITY OF BANGOR, MAINE
General Fund Expenditures by Function**
Last Ten Fiscal Periods
Recreation Taxes
Health and Paid To
Welfare County
1,509,980 206,811
1,879,352 223,380
2,009,184 232,933
1,337,476 261,554
1,128,013 364,753
598,959 -
1,384,122 389,817
1,507,402 372,117
1,416,060 363,532
1,540,171 403,473
1/Does not include Education - related debt.
*Six month period ending June 30, 1982
**BudCet. Basis
Public
Buildings
Designated
& Public
Debtl/
Fund
Services
Education
Service
Balance
Other
Total
2,898,632
8,154,208
972,573
-
1,521,205
18,756,229
3,319,288
8,835,493
898,134
-
712,683
20,061,387
2,950,231
9,283,418
1,131,435
-
640,209
20,625,904
3,149,476
9,548,763
1,114,296
-
630,109
20,863,789
3,416,166
10,225,919
1,121,820
-
656,239
22,040,705
11863,254
5,764,457
302,585
-
353,975
11,675,515
3,391,773
10,414,896
1,052,511
-
696,269
23,013,507
3,550,215
10,442,128
998,226
-
714,854
24,026,875
3,433,451
11,461,231
937,055
775,000
854,508
25,861,642
3,584,628
13,201,683
1,097,488
641,996
657,498
28,523,123
Table 4
CITY OF BANGOR, MAINE
General Fund Revenue By Source
Last Ten Fiscal Periods
*Six month period ending June 30, 1982
Licenses
Fines
Use of
Inter-
Charges
Fiscal
Property
Other
and
and
Money and
Governmental
For
Reim-
Totals
Year
Taxes
Taxes
Permits
Forfeits
Property
Revenue
Services
bursements
Revenues
1977
9,172,234
958,930
173,573
82,309
696,847
7,343,762
841,062
291,216
19,559,933
1978
8,496,217
946,050
148,985
70,339
587,073
7,224,565
957,630
215,842
18,646,701
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
*Six month period ending June 30, 1982
Fiscal
Year
1977
1978
1979
1980
1981
1982*
1983
1984
1985
1986
Ratio of AnnuaiYDoebtBServviiteOR M�xpenditures for
General Bonded. Debt to Total General Fund Expenditures
Last Ten Fiscal Periods
Principal
792,476
759,360
932,532
821,939
821,939
237,796
924,999
706,655
676,481
823,010
534,787
461,101
478,775
575,120
683,121
336,395
744,336
714,974
658,671
678,892
Total
General
Bonded Debt
Service
1,327,263
1,220,461
1,411,307
1,397,059
1,505,060
574,191
1,669,335
1,421,629
1,335,152
1,501,902
*Six month period ending June 30, 1982
**Budget Basis
-40-
Total
General Fund
Expenditures**
18,756,230
20,061,387
20,625;904
20,863,789
22,040,705
11,675,515
23,013,507
24,026,875
25,861,642
28,523,123
Table 5
Percentage
of Debt
Service
to Total
General
Expenditures
7.076
6.084
6.842
6.670
6.829
4.918
7.254
5.917
5.163
5.266
Table 6
CITY OF BANGOR, MAINE
Debt Service Requirements to Maturity
General Obligation Bonds
Fiscal
Total
Year
Principal
Interest
RP u;rPmPn.
1987
1,280,000
818,471
2,098,471
1988
1,350,000
738,519
2,088,519
1989
1,225,000
657,986
1,882,986
1990
1,160,000
583,665
1,743,665
1991
1,135,000
502,338
1,637,338
1992
1,070,000
424,272
1,494,272
1993
1,055,000
349,228
1,404,228
1994
1,055,000
273,357
1,328,357
1995
955,000
199,213
1,154,213
1996
700,000
137,455
837,455
Subsequent
1,250,000
254,053
1,504,053
$12,235,000
4,938,557
$17,173,557
-41-
Fiscal
Year
1977
1978
1979
1980
1981
1982*
1983
1984
1985
1986
CITY 0 RANCOR, MAIN
Ratio of Genera on ed De t o Assessed
Value and General Bonded Debt Per Capita
Last Ten Fiscal Periods
Bonded Debt
12,485,880
13,188,440
15,025,000
13,860,000
12,695,000
13,625,000
12,960,000
11,925,000
12,510,000
12,235,000
Valuation
207,516,620
402,443,210
439,217,620
452,386,680
456,484,410
455,736,970
462,895,320
470,635,982
484,384,300
513,223,900
Ratio of
General Bonded
Debt to
Assessed Value
6.0
3.3
3.4
3.1
2.8
3.0
2.8
2.5
2.6
2.4
Table 7
General Bonded
Debt Per
Capita**
373.52
394.53
449.47
438.02
401,20
430.58
409.57
376.86
395.35
386.65
*Six month period ending June 30, 1982
**Based on 1970 population of 33,428 through 1979 and 1980 population of
31,643 thereafter
-42-