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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-