The URL can be used to link to this page

1984CITY OF BANGOR, MAINE C#k-F t2 1984 Financial Statements and Other Financial Information For The Year Ended June 30,1984 THEODORE C. JELLISON Finance Director CITY OF BANGOR, MAINE Annual Financial Report June 30, 1984 Table of Contents ACCOUNTANTS' REPORT FINANCIAL STATEMENTS Combined Balance Sheet --All Fund Types and Account Groups Combined Statement of Revenues, Expenditures and Changes in Fund Balances --All Governmental Fund Types and Expend- able Trust Funds Statement of Revenues, Expenditures and Changes in Fund Balance --Budget and Actual --General Fund Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balances --All Proprietary Fund Types and Similar Trust Funds Combined Statement of Changes in Financial Position= -All Proprietary Fund Types and Similar Trust Funds Notes to Financial Statements ADDITIONAL INFORMATION Governmental Funds: General Fund: Balance Sheet Statement of Revenues, Expenditures, and Changes in Fund Balance --Budget and Actual Special Revenue Funds Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balance Capital Projects Funds: Combined Balance Sheet Combining Statement of Revenues, Expenditures and Changes in Fund Balances Exhibit 1 2 K 5 Schedule A-1 A-2 B-1 B-2 C-1 C-2 Page(s) 1-2 3 4 5 6 7-22 23 24-25 26 27 28 29 CITY OF BANGOR, MAINE Annual Financial Report June 30, 1984 Table of Contents Additional information, continued: Schedule Page(s) Proprietary Funds: Enterprise Funds: Combining Balance Sheet D-1 30 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings D-2 31 Combining Statement of Changes in Financial Position D-3 32 Fiduciary Funds: Trust and Agency Funds: Combining Balance Sheet E-1 33 Expendable Trust Funds - Combined Statement of Revenues, Expenditures, and Changes in Fund Balance E-2 34 Nonexpendable Trust Funds - Combining Statement of Revenues, Expenses and Changes in Fund Balances E-3 35 Schedule of Assessed Valuation, Commitment and Collections F 36 STATISTICAL SECTION: Table Property Tax Valuations, Levies -and Collections - Last Ten Fiscal Periods 1 37 Local Assessed Valuations - Lasa Ten Fiscal Periods 2 38 General Fund Expenditures by Function - Lasa Ten Fiscal Periods 3 39 General Fund Revenue by Source - Last Ten Fiscal Periods 4 40 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures - Last Ten Fiscal Periods 5 41 Debt Service Requirements to Maturity - General Obligation Bonds 6 42 Ratio of General Bonded Debt to Assessed Value and General Bonded Debt per Capita - Last Ten Fiscal Periods 7 43 OPEAT MARWICK Accountants' Report The Honorable Mayor, City Council and City Manager City of Bangor, Maine: Peat, Marwick, Mitchell & Co. Certified Public Accountants P.O. Box 507 Three Canal Plaza Portland, Maine 04112 We have examined the financial statements of the City of Bangor, Maine, as of and for the year ended June 30, 1984, 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. As described more fully in note 12 to the financial statements, the City of Bangor has not included certain entities as required by generally accepted accounting principles. In our opinion, except for the effect on the financial statements of the failure to include certain entities as discussed in the preceding paragraph, the aforementioned financial statements present fairly the financial position of the City of Bangor, Maine, at June 30, 1984, and the results of its operations and the changes in financial position of the proprietary fund types and similar trust funds 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 leave and teacher's payroll as described in note 13 to the financial statements. The examination referred to above was directed primarily toward formulating an opinion on the combined 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 necessary for a fair presentation of the financial position and results of operations of the various funds and account groups and changes in finan- cial position of the proprietary fund types similar trust funds of the City of Bangor, Maine. The additional information has been subjected to the auditing procedures applied in the examination of the basic combined finan- cial statements and, in our opinion, except for effects, if any, of the exclusion of certain entities as explained in the second preceding paragraph, is stated fairly in all material respects when considered in conjunction with the combined financial statements taken as a whole. August 31, 1984 �J Exhibit 1 CITY OF BAItGOR, MAINE Combined Balance Sheet - All Fund Types and Account Groups June 30, 1984 with comparative totals for Jame 30, 1983 Proprietary Fiduciary Governmental Fund Types Fund Ty pe Fund Type Account Groups General General Special Capital Enterprise Trust and Fixed Long-term Totals Assets and Other Debits General Revenue Projects (Notes 9 S 10) Agency Assets Debt 1984 1983 Cash, including time deposits of $7,095,676 in 1984 and S4,880,000 $5,483,418 41,968 1,257,304 ( 435,679) 621,937 - - 6,968,948 5,164,436 in 1983 Investments, at cost (market value - - 488,622 - - 488,622 402,593 1984 - $433,224 1983 - S370,035 - - Receivables (net, where applicable of allowance for estimated uncollectible accounts of 534,193 in 1984 and $74,149 in 1983: Taxes, including interest, penalties - - - 1,217,495 1;285,751 and liens (note 2) 1,217,495 - - - Accounts (note 12) 902,830 - 82,518 967,449 46,714 - - 1,999,511 1,690,340 - - 34,500 - - 34,500 32,640 Loans - - Deferred special assessments - - 535,919 - - - - 535,919 583,814 Due from other governments (note 3) - 223,883 479,045 - - - - 702,928 350,836 Due from enterprise fund - - 100,000 - - - - 100,000 100,000 Advance to enterprise funds (note 9) 500,000 - - - - - - 500,000 813,000 Inventory, at cost 484,637 - - 86,196 - - - 570,833 572,715 - - 36,394 - - - 36,394 65,327 Prepaid expenses - Property, plant and ecuipment (net of 4) - - 120,958,536 - 42,160,802 - 163,119,338 161,987,286 accumulated depreciation) (note - Amount to be provided for retirement of - - - 9,324,522 9,324,522 10,046,061 general long-term debt (note 5) - - - Deposits for construction with capital - - 1,079,276 - - - 1,079,276 1,050,070 projects funds - 13,945 218 - 919,032 - - - 933,195 1,089,577 Other assets S8,602,325 266,069 2,454,786 123,611,204 1,191,773 42,160,602 9,324,522 187,611,481 185.234,446 �J Exhibit 1 Cont. City of Bangor, Maine Combined Balance Sheet - All Fund Types and Account Groups, Continued Proprietary Fiduciary Governmental Fund Types Fund Type Fund Type Account Groups General General Special Capital Enterprise Trust and Fixed Long-term Totals Liabilities General Revenue Proiects (Notes 9 S 10) Agency Assets Debt 1984 1983 Accounts Payable $ 335,660 90,568. 61,136 189,640 - - - 677,004 279,337 Accrued leave (notes I S 13) 418,000 7,000 - 98,000 - - - 523,000 514,000 Accrued payroll (note 13) 604,000 - - - - - - 604,000 579,000 Taxes collected in advance 4,442 - - - - - - 4,442 2,994 Amounts held by agency funds for others - - - - 507,724 - - 507,724 203,441 Deferred revenues (note 2) 1,049,282 - - - - - - 1,049,282 1,149,231 Due to capital projects funds - - - 100,000 - - - 100,000 100,000 Advance from general fund (note 9) - - - 500,000 - - - 500,000 813,000 General obligation bonds and notes payable (note 5) - - - 2,600,478 - - 9,324.522 11,925,000 12,960,000 � 2,411,384 97,568 61,136 3,488,118 507,724 - 9,324,522 15,890,452 16,601,003 Find Equity ' Contributed capital (note 7) - - - 115,080,196 - - - 115,080,196 117,749,890 Investment in general fixed assets (note 4) - - - - - 42,160,802 - 42,160,802 38,338,105 Retained earnings - - - 5,042,890 - - - 5,042,890 4,777,806 Fund balance: ' Reserve for: ' Encumbrance 106,568 9,631 1,048,778 - - - - 1,164,977 194,228 Advance to enterprise funds (note 9) 500,000 - - - - - - 500,000 813,000 Noncurrent receivables (note 12) 684,324 - - - - - - 684,324 681,770 Loans - - - - 60,043 - - 60,043 58,326 Endownments - - - - 481,861 - - 481,861 474,711 unreserved: (note 13) Designated for subsequent years expenditures (note 6) 2,151,695 158,870 ( 240,242) - 142,145 - - 2,212,468 2,854,086 Undesignated 2,748,354 - 1,585,114 - - - - 4,333,468 2,691,521 Total fund equity 6,190,941 168,501 2,393,650 120,123,086 684,044 42,160,802 - 171,721,029 168,633,443 58,602,325 266,069 2,454,786 123,611,204 1,191,773 42,160,802 9,324,522 187,611,481 185,234,446 Commitments and contingent liabilities (notes 16) See accompanying notes to 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, 1984 HU.VUOaCH: Taxes (1 -Le 2) Special as8.•8s1'K•11t8 Intergovernmental Licenses and permits Charges for services Fines, forfeits, and Penalties Revenues from use of money and property Reimbursements Miscellaneous Total revenues Expenditures: Ceneral 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) Governmental Fund Types Special Capital General Revenue Pro ectH $17,537,645 - - - - 66,050 5,885,432 1,521,643 440,784 210,117 - - 619,741 - - 60,467 - - 1,183,827 81,388 177,033 368,515 - - - - 45,767 25,865,744 1,603,031 729,634 1,621,971 - - 4,819,962 - - 1,507,402 - - 3,550,215 - - 676,117 - - 10,442,128 - - 1,409,080 - 60,695 - 1,456,264 - 1,129,132 24,026,875 1,456,264 1,189,827 1,838,869 146,767 ( 460,193) ( 330,596) ( 330,596) See aecumpnnylng naltrH to flnnnclnl utntvmontH -3- Fiduciary Fund Type Expendable TniBt 15,000 6,283 21,283 ( 21,283) 39,159 39,159 17,876 124,269 124,269 142,145 lix1111)1t 2 17,537,645 66,050 1,847,859 210,117 619,741 60,467 1,442,248 368,515 45.767 28,198,409 1,621,971 4,819,962 1,507,402 3,550,215 676,117 11,442, 12.8 1,469,775 1,456,264 15,000 6,283 1.129.132 26,694,249 1,504,160 39,159 330,596) ( 291,437) 1,212,723 8,327,605 9g5.000 7,332,605 349,909 8, H')5,21 7 EXCCss (deficiency of revcnuvH and other sources over expenditures and other uses 1,50H,273 146,767 ( 460,193) I'und balances at beginning of period as previously reported 5,321,759 27,734 2,853,843 Less restatement to record accrued leave and accrued payroll (note 13) 989,000 6,000 - Fund balance at beginning of year as restated (note 13) 4,332,759 21,734 2,853,843 Net addition to replacement accounts(note 14) 349,909 - - Fund balances at end of period $ 6,1901941 168,501 2,393,650 See aecumpnnylng naltrH to flnnnclnl utntvmontH -3- Fiduciary Fund Type Expendable TniBt 15,000 6,283 21,283 ( 21,283) 39,159 39,159 17,876 124,269 124,269 142,145 lix1111)1t 2 17,537,645 66,050 1,847,859 210,117 619,741 60,467 1,442,248 368,515 45.767 28,198,409 1,621,971 4,819,962 1,507,402 3,550,215 676,117 11,442, 12.8 1,469,775 1,456,264 15,000 6,283 1.129.132 26,694,249 1,504,160 39,159 330,596) ( 291,437) 1,212,723 8,327,605 9g5.000 7,332,605 349,909 8, H')5,21 7 Exhibit 3 CITY OF BANGOR, MAINE Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual - General Fund (Note 14) Year ended June 30, 1984 Less restatement to record accrued leave and accrued payroll (note 13) 989,000 Fund balancebeginning of year as restated (note 13) 4,332,759 Net addition to replacement accounts (note 14) 349,909 Fund balance at end of period 6,190,941 See accompanying notes to financial statements -4- Variance - Favorable Budget Actual (Unfavorable) Revenues: Taxes (note 2) $17,025,524 17,537,645 512,121 Intergovernmental 5,741,078 5,885,432 144,354 Licenses and permits 163,672 210,117 46,445 Charges for services 592,710 619,741 27,031 Fines, forfeits, and penalties 54,200 60,467 6,267 Revenue from use of money and property 925,229 1,183,827 258,598 Reimbursements 286,184 368,515 82,331 Total revenues 24,788,597 25,865,744 1,077,147 Expenditures: General government 1,653,924 1,621,971 31,953 Public safety 4,958,046 4,819,962 138,084 Health, welfare, and recreation 1,417,223 1,507,402 ( 90,179) Public buildings and services 3,650,745 .3,550,215 100,530 Other agencies 676,117 676,117 - Education 10,597,960 10,442,128 155,832 Other appropriations 1,416,779 1,409,080 7,699 Total expenditures 24,370,794 24,026,875 343,919 Excess of revenues over expenditures 417,803 1,838,869 124212066 Other financing uses - Operating transfers out 417,803 330,596 87,207 Excess of revenues over expenditures and other uses - 1,508,273 12508,273 Fund balance at beginning of period as previously reported 5,321,759 Less restatement to record accrued leave and accrued payroll (note 13) 989,000 Fund balancebeginning of year as restated (note 13) 4,332,759 Net addition to replacement accounts (note 14) 349,909 Fund balance at end of period 6,190,941 See accompanying notes to financial statements -4- CITY OF BANGOR, MAINE Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances - All Proprietary Fund Types and Similar Trust Funds Year ended June 30, 1984 Proprietary Fund Type Enterprise (Notes 9 & 10) Operating revenues: Exhibit 4 Fiduciary Fund Type Nonexpendable Trust Total Charges for services $5,904,714 - 5,904,714 Interest - 40,876 40,876 Lot sales - 7,150 7,150 Total operating revenues 5,904,714 48,026 5,952,740 Operating expenses: Operating expenses other than depreciation 5,494,428 - 5,494,428 Depreciation and amortization: On assets acquired with own funds 296,603 - 296,603 On assets acquired with con- tributions 3,001,316 - 3,001,316 Total operating expenses 8,792,347 - 8,792,347 Operating income (loss) (2)887,633) 48,026 (2,839,607) Nonoperating revenues (expenses): Interest income 150,865 - 150,865 Interest expense ( 232,060) - ( 232,060) ( 81,195) - ( 81,195) Income (loss) before operating transfers (2,968,828) 48,026 (2,920,802) Operating transfers in 330,596 - 330,596 Operating transfers out - (39,159) ( 39,159) Net income (loss) (2,638,232) 8,867 (2,629,365) Retained earnings/fund balances at beginning of period as restated (note 13) 4,679,806 533,037 5,212,843 Depreciation and amortization on assets acquired with contributions 3,001,316 - 3,001,316 Retained earnings/fund balance at end of period. $5,042,890 5412904 5,5842794 See accompanying notes to financial statements. -5- Exhibit 5 CITY OF BANGOR, MAINE Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds Year ended June 30, 1984 See accompanying notes to financial statements -6- Proprietary Fiduciary Fund Type Fund Type Enterprise Nonexpendable (Notes 9 & 10) Trust Total Sources of working capital: Operations: Net income (loss) $(2,638,232) 8,867 (2,629,365) Items not requiring working capital - depreciation and amortization 3,297,919 - 3,297,919 Working capital provided by operations 659,687 8,867 668,554 Contributions: city 400 - 400 Customers 83,893 - 83,893 Federal, state, and other 247,329 - 247,329 Proceeds of bond issue 300,000 - 300,000 $ 1,2912309 82867 1,300,176 Uses of working capital: Deposits for capital projects 29,206 - 29,206 Acquisition of property, plant, and equipment 560,144 - 560,144 Current installment - general obligation bonds 298,461 - 298,461 Decrease in due to general fund 313,000 - 313,000 Increase in working capital 90,498 8,867 99,365 1,291,309 8,867 1,300,176 Elements of net increase (decrease) in working capital: Cash ( 338,724) (79,022) ( 417,746) Receivables (net) 184,365 1,860 186,225 Investments - 86,029 86,029 Inventory 3,058 - 3,058 Prepaid expenses ( 28,933) - ( 28,933) Accounts payable ( 44,268) - ( 44,268) Current Installments of long-term debt and notes payable 315,000 - 315,000 Net increase in working capital $ 90,498 8,867 99,365 See accompanying notes to financial statements -6- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (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 Accountin 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 determi- nation 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 expend- able 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 con- struction 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 organiza- tion and activities which are similar to those often found in the private sector. The measurement focus is upon determination of net income. (Continued) -7- (1), Continued CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 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, includ- ing depreciation) of providing goods or services to the gen- eral 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 organ- izations, other governmental units, and/or other funds. Trust and Agency Funds - Trust and Agency Funds include expend- able, 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 account- ability 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 with- in the current period or soon enough thereafter to be used to pay lia- bilities of the current period. Expenditures, other than interest on long-term debt, are recorded when the liability is incurred, if measur- able. (Continued) CITY OF BANGOR? MAINE Notes to Financial Statements June 30, 1984 (1), Continued In applying the susceptible to accrual concept to intergovernmental reve- nues, 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 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 mis- cellaneous revenues (except investment earnings) are recorded as reve- nues 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 nonexpend- able 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 govern- mental funds. Open encumbrances are reported as reservations of fund balances since the commitments will be honored through subsequent years' budget appropriations. Encumbrances do not constitute expenditures or liabilities. (D) Budgetary Accounting The City utilizes a formal budgetary accounting system to control revenues and expenditures accounted for in the general fund. These budgets are established in accordance with the various laws which govern the City's operations. The first Monday in April, 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 ordinance. 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 1984. All unencumbered and unexpended appropriations lapse at year end. Depart- mental expenditures may not exceed appropriations. Budget data as pre - (Continued) CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (1), Continued sented for these funds utilize the modified accrual basis of account- ing. 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. (F) Inventory Inventory in the general fund consists 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. Con- tributed 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. Depre- ciation 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 depre- ciable assets is as follows: (Continued) -10- (1), Continued CITY OF BANGOR, MAINE Notes to Financial Statments June 30, 1984 Asset Class Building Equipment Pipelines and Mains Aircraft operational assets: Runways Buildings Machinery and equipment (,1) Vacation and Sick Leave Range of Estimated TTccfi„T 1 ; Fo 25 - 40 years 5 - 20 years 100 years 40 years 20 years 5 - 10 years 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 reim- bursed 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 and after at least 25 years of service. At June 30, 1984 accumulated vacation cost in the various funds was as follows: General Fund $418,000 Special Revenue Fund $ 7,000 Enterprise Funds $ 98,000 Accumulated sick leave is considered to be immaterial. (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 revenues over the related project costs for certain completed as well as open pro- jects. 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 oper- ations. 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. -11- (1), Continued The total data groups. No arriving at information. (2) Property Tax (3) CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 are the aggregate of the fund types and account consolidating or other eliminations were made in the totals; thus they do not present consolidated The City's property tax was levied July 1, 1983 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, 1983 upon which the 1983 levy was based, was $470,635,982. The estimated market value was $611,054,182 making the assessed value 77 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, 1984 were 95.4 percent of the tax levy. Property taxes levied for the year ended June 30, 1984 are recorded as receiv- ables. 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, 1984. 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. Due From Other Governments Due from other governments includes accrued reimbursement on the following capital projects: Estimated Total Project Costs Airport Development Aid Project $5,466,784 Penobscot Int. Sewer 2,451,013 Sewerage Facility Planning 168,500 Waterfront Improvements 180,000 Kenduskeag Plaza Park 250,000 $8,516,297 Expenditures To Date Amounts Funded Amounts Due By Other From Other Governments Governments 4,387,066 4,920,350 293,259 2,185,834 2,129,833 18,514 16.5,989 144,630 60,830 168,222 125,000 40,490 131,904 175,000 65,952 7,039,015 7,494,813 479,045 -12- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (4) Fixed Assets A summary of changes in general fixed assets follows: Land City foreclosed property Buildings Recreation Facilities Construction in process Public domain: Balance 10,694,771 June 30, 1,331,492 1983 Additions $ 2,866,190 - 36,521 19,300 17,731,580 11,766 2,119,672 - 486,380 764,011 23,240,343 795,077 Streets 10,694,771 Sidewalks 1,331,492 Bridges 1,053,245 Parking Structures 532,184 Electrical 602,034 Storm sewers - water lines 334,166 Other public domain 549,870 Total public 82,451 Deletions Transfers 9,355 (. 51,830) - (23,324) 34,308 (150,108) (.115,800) 115,800 Balance June 30, 1984 2,866,190 55,821 17,772,742 2,119,672 1,100,283 23,914,708 10,893,022 1,331,492 1,053,245 532,184 602,034 291,691 (.128,944) 397,602 domain 15,097,762 91,806 ( 75,154 ( 13,144 15,101,270 Equipment -vehicles 2,823,416 192,464 - 128,944 3,144,824 41,161,521 1,079,347 (.80,066) 42,160,802 Equipment - vehicles represent all vehicles owned by the City except for those properly accounted for in the enterprise funds. Val- uation is based upon historical cost. The June 30, 1983 total general fixed assets balance has been restated for vehicles purchased to that date. Valuation has not been determined for other City equipment. -13- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (4), Continued Construction in process is composed of the following: Required A summary of proprietary fund type property, plant and equipment at June 30, 1984 follows: Land $ 93,685 Building improvements and equipment 7,136,052 Pipelines and mains 13,090,279 Aircraft operational assets 121,396,715 Construction in process 6,891,477 148,608,208 Less accumulated depreciation 27,649,672 $120,958,536 (5) Long -Term Debt The following is a summary of long-term debt transactions of the City for the period ended June 30, 1984: General Obligation bonds Debt payable at June 30, 1983 $11,160,000 New debt issued: 1984 series 1,800,000 Debt retired: Serial bonds & BAN 1,035,000 Debt payable at June 30, 1984 $11,925,000 -14- General Obligation Notes Totals 1,800,000 12,960,000 1,800,000 1,800,000 2,835,000 - 11,925,000 Project Expenses to Future Authorization June 30, 1984 Committed Financing Buildings 185,000 22,458 162,542 None School 218,225 155,770 62,455 None Streets 637,906 447,462 190,444 None Electrical 15,000 6,395 8,605 None Other Projects 861,059 468,198 392,861 None 1,917,190 1,100,283 8162907 A summary of proprietary fund type property, plant and equipment at June 30, 1984 follows: Land $ 93,685 Building improvements and equipment 7,136,052 Pipelines and mains 13,090,279 Aircraft operational assets 121,396,715 Construction in process 6,891,477 148,608,208 Less accumulated depreciation 27,649,672 $120,958,536 (5) Long -Term Debt The following is a summary of long-term debt transactions of the City for the period ended June 30, 1984: General Obligation bonds Debt payable at June 30, 1983 $11,160,000 New debt issued: 1984 series 1,800,000 Debt retired: Serial bonds & BAN 1,035,000 Debt payable at June 30, 1984 $11,925,000 -14- General Obligation Notes Totals 1,800,000 12,960,000 1,800,000 1,800,000 2,835,000 - 11,925,000 CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (5), Continued 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, 1984 and related limitations: Percent of state assessed The general obligation debt of all local governmental units which provide ser- vices within the City's boundaries and which must be borne by properties in the City (commonly called overlapping debt), is summarized below: Percentage Net debt applicable Overlapping Units outstanding to the City Debt City $11,925,000 100.00% 11,925,000 County 910,000 22.45% 204,295 Bangor Recreation Center 880,000 100.00'0 880,000 Total $13,715,000 13,009,295 This results in a per capita City debt of $377 per capita overlapping debt of $411, ratio of City debt to the City's June 30, 1984 assessed valuation of 2.5 percent; and a ratio of overlapping debt to June 30, 1984 assess - went valuation of 2.8 percent. -15- Net debt value of Statutory Debt outstanding $598,900,000 Limit margin School $ 2,472,290 10% 59,890,000 57,417,710 Sewer 1,849,277 72% 44,918,000 43,068,723 Airport 636,697 3% 17,967,000 17,330,303 All other 6,966,736 72% 44,918,000 37,951,264 $11,925,000 The general obligation debt of all local governmental units which provide ser- vices within the City's boundaries and which must be borne by properties in the City (commonly called overlapping debt), is summarized below: Percentage Net debt applicable Overlapping Units outstanding to the City Debt City $11,925,000 100.00% 11,925,000 County 910,000 22.45% 204,295 Bangor Recreation Center 880,000 100.00'0 880,000 Total $13,715,000 13,009,295 This results in a per capita City debt of $377 per capita overlapping debt of $411, ratio of City debt to the City's June 30, 1984 assessed valuation of 2.5 percent; and a ratio of overlapping debt to June 30, 1984 assess - went valuation of 2.8 percent. -15- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (5), Cont hued Bonds and notes payable at June 30, 1984, are comprised of the following Individual Issues: Final Annual Authorized Interest maturity serial and Bal:m cc General obligation bonds rates date payments Issued June 30, 1984 lv(,5 G. -neral Public Improvcmvnt 3.107. 9/01/86 $ 15,000 $ 315,000 $ 45,0(10 1966 General Public Improvement 4.00 12/01/87 10,000 210,000 40,000 1966 Street and Sewer 4.00 12/01/86 5,000 100,000 15,000 1967 Interceptor Sewer and Treatment Plant 3.70 7/01/87 70,000 1,400,000 280,000 1967 Permanent Public Improvements 4.00 9/01/87 35,000 700,000 140,000 1968 Permanent Public Improvements 4.10 9/01/88 35,000 690,000 165,000 ( 25,000 in 1988) 1969 Permanent Public Improvements 5.75 8/15/89 55,000 1,060,000 290,000 ( 15,000 in 1989) 1970 Permanent Public Improvements 6.50 7/01/85 50,000 720,000 70,1100 ( 20,000 in 1985) 1971 Permanent Public Improvements 4.90 5/01/91 35,000 690,000 235,000 ( 25,000 in 1991) 1972 Permanent Public Improvements 4.60 3/01/92 55,000 1,060,000 400,000 ( 15,000 in 1992) 1973 Permanent Public Improvements 5.00 7/15/93 100,000 2,000,000 1,000,000 1975 Permanent Public Improvements 6.50 8/01/95 205,000 4,050,000 2,410,000 (155,000 in 1995) 1978 Permanent Public Improvements 5.80 7/01/98 165,000 3,260,000 2,435,000 (125,000 in 1998) 1981 Permanent Public Improvements 10.00 6/01/01 155,000 3,065,000 2,600,000 (120,000 in 2000) 1984 Permanent Public improvements 5.90 to 10/25/94 180,000 1,800,00(1 1,8()0,O On 8.75 (starting in 1985) Total general obligation bonds $21,120,000 11,925,000 The annual requirements to amortize all debt ourstandlug ns of June 30, 1984, including lui.•rest payments of $5,594,977 are as follows: Year ending .lune 30 1985 $ 1,789,926 1986 1,875,424 1987 1,786,412 1988 1,697,482 1989 1,505,519 1990-1994 5,954,753 1995-1999 2,608,836 2000 and subsequent 301,625 $17,519,977 _16_ CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (6) General Fund - Designated Fund Balance (See Note 13) Designated fund balances represent those portions of the General Fund fund balance specifically designated for the following: (7) Contributed Capital A summary of changes in contributed capital follows: Contributed capital at June 30, 1983 117,749,890 Contributions 331,622 Depreciation on assets acquired with contributions ( 3,001,316) 115,080,196 (8) 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 employees and the City contribu- tions 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 ser- vice. The City's contribution for the year ending June 30, 1984 approx- imated $1,372,000. Unfunded accrued liability as of June 30, 1984 is unavailable. As of June 30, 1983, the unfunded liability approximated $14,305,000 and is being amortized over a remaining period of twenty two years. The City's policy is to fund pension cost accrued. Actuarially determined vested and nonvested benefits have not.been calculated for the plan. -17-- 1984 1983 Departmental balances carried forward 241,633 206,877 Automotive equipment replacement account 958,975 862,780 Bus service equipment replacement account 521,297 512,263 Fire equipment replacement account 198,509 169,142 Reserve for self insurance 615,290 399,975 School department - Surplus 2531991 51,385 Sub -Total General Fund Designated Fund Balance 2,789,695 2,202,422 Accumulated unused school department vacation leave ( 34,000) ( 30,000) Accrued teacher payroll ( 604,000) ( 579,000) Total General Fund Designated Fund Balance $2,151,695 $1,593,422 (7) Contributed Capital A summary of changes in contributed capital follows: Contributed capital at June 30, 1983 117,749,890 Contributions 331,622 Depreciation on assets acquired with contributions ( 3,001,316) 115,080,196 (8) 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 employees and the City contribu- tions 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 ser- vice. The City's contribution for the year ending June 30, 1984 approx- imated $1,372,000. Unfunded accrued liability as of June 30, 1984 is unavailable. As of June 30, 1983, the unfunded liability approximated $14,305,000 and is being amortized over a remaining period of twenty two years. The City's policy is to fund pension cost accrued. Actuarially determined vested and nonvested benefits have not.been calculated for the plan. -17-- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (9) Liquidity Problems in the Enterprise Fund The Airport and Hospital 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 Hospital Fund $313,000 and the Airport Fund $500,000 in past years. In addition, $17,596 has been transferred to the Hospital Fund for the fiscal period ending June 30, 1984 to meet operating needs. It is the City's intention to continue to advance funds from the General Fund to the Airport and Hospital 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. During fiscal year ending June 30, 1984, the advance to the Hospital Fund was written off. The Hospital's financial position has improved primarily because of an increase in rates charged. (10) Segments of Enterprise Activites There are three services provided by the City which are financed by user charges - sewer, airport, and hospital. The key financial data for the period ended June 30, 1984 for .those three services are as follows: Sewer Airport Hospital Totals Operating revenues 673,868 3,953,929 1,276,917 5,904,714 Operating expenses: Depreciation and amortization 366,395 2,864,059 67,465 3,297,919 Other 4415,837 3,711,097 1,341,494 5,494,428 808,232 6,575,156 1,408,959 8,792,347 Operating income (.loss) ( 1342364) ( 21621,227) ( 132,042) ( 2,887,633) Net income (loss) ( 91,075) ( 22714,890) 167,733 ( 2,638,232) Assets 17,70.8,871 105,130,758 771,575 1232_611,204 Bonds payable 1,863,810 636,668 100,000 2,600,478 Fund equity 15,828,312 1032662,934 631,840 120,123,086 Aquisition of property, plant and equipment 289,649 257,814 12,681 560,144 -18- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (11) Revenue Obligation Securities The City has issued the following Industrial Revenue Bonds: Date Interest Company Issued Amount Rate Terms Winter Distribution Co. June, 1978 $ 425,000 6% 15 years (principal & interest) Adams - Russell Co. May, 1981 340,000 9-13% 15 years (principal & interest) G.H. Bass & Co. August, 1981 1,000,000 11 3/4% 20 years (interest only principal due 2001) Under the terms of the lease agreements between the City and the individual companies, rent consists of the amount necessary to make the principal and interest payments on the bonds and any other fees, costs, or expenses. All companies have the option to purchase their respective properties for one dollar upon repayment of the bond issues. The City has no liability for repayment of these bonds. The rental payments and property are security for the bondholders. (12) Reporting Entity This report includes financial statements of the funds and account groups required to account for those financial activities which are related to the City and are controlled by or dependent upon the City's legislative body, the City Council. Control or dependence upon the City was deter- mined on the basis of budget adoption, taxing authority, outstanding debt secured by revenues or general obligations of the City or the City's legal responsibility to fund any deficits that may occur. On this basis, the following entities are part of the City of Bangor, but are excluded from. the accompanying financial statements: Bass Park Corp. - Bass Park Corp. manages the Bangor Civic Center, Bangor Auditorium, and surrounding fairgrounds. The Board of Directors for Bass Park Corp. is made up of three City Councilors, six private citizens, and the City Manager and City Finance Direc- tor as non-voting members. Bass Park Corp. is responsible for the debt owed on the auditorium and improvements to the fairground. Prior to June 30, 1983 the City billed Bass Park an amount equal to the debt service obligations on the Civic Center and currently bills only for other services performed. At June 30, 1984 the City was owed $684,324 from Bass Park Corp. of which $571,715 was -19- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (12), Continued for 1983 and prior debt service obligations. The City currently appropriates for the debt service obligations for the Civic Cen- ter. Due to the uncertainty that Bass Park will be able to re- pay the obligation within the subsequent year such amount .has been set up in reserve for noncurrent receivables in the General Funds. Bangor Public Library - The City subsidized the Bangor Public Library with approximately $300,000 in both 1984 and 1983 and has the obligation to fund any deficits that may occur. The impact on the financial statements of excluding these entities has not been determined. (13) Accounting Changes During the year ended June 30, 1984, the City changed its method of accounting for accumulated unused vacation leave to comply with National Council on Governmental Accounting (NCGA) Statement 4 which requires employers to accrue a liability for future vacation and sick leave benefits that meet the following conditions: A. The employer's obligation—is attributable to employee's ser- vices already rendered. B. The obligation relates to rights that vest or accumulate. C. Payment of the compensation is probable. D. The amount can be reasonably estimated. The City also accrued payroll liability to be paid to teachers during the two months subsequent to year end for work performed during the school year prior to year end. Fund equity and retained earnings as of June 30, 1983 have been restated in the applicable funds as follows: Fund equity/retained earnings as previously reported June 30, 1983, value of accumulated vacation leave June 30, 1983, value of accrued teachers payroll Fund equity/retained earnings at June 30, 1983 as restated General Special Revenue Proprietary Fund Fund Fund $5,321,759 $27,734 $ 4,777,806 ( 410,000) ( 6,000) ( 98,000) ( 579,000) - - $4,332,759 212734 4,679,806 The amount of accumulated unused sick leave is considered immaterial. -20- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (14) Budget Basis of Accounting The City accounts for certain transactions on a basis other than generally accepted accounting principles (GAAP basis). The actual results of opera- tions are presented in the combined statement of revenues, expenditures, and changes in fund balances - budget and actual - general fund in accordance with the City's approved budget (budget basis) to provide a meaningful comparison of actual results with the budget. The major difference between the budget and GAAP basis is the recording of transactions directly to reserve accounts for charging of estimated equip- ment costs, equipment purchases and estimated future insurance costs to various departments. The adjustment necessary to convert the results of operations and fund balances at the end of the year on the GAAP basis to the budget basis is as follows: Excess of Revenues over Expenditures and Other Uses GAAP Basis $1,858,182 Decrease due to transactions involving reserve accounts 349,909 Budget Basis $1,508,273 The above would not change the general fund fund balance as a transfer would be made to the reserve accounts in the amount of $349,909. (15) 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 (including encumbrances and current portion of Enterprise Funds long- term debt) and the reserves of the Genreal Fund designated for a specific purpose excluding non-cash related amounts. The General Fund Cash Surplus as of June 30, 1984 was computed as follows: General Fund Enterprise Fund Total Cash $ 5,483,418 $(435,679) $ 5,047,739 Accounts Payable ( 335,660) (189,640) ( 525,300) Taxes Collected in Advance ( 4,442) ( 4,442) Deferred Revenues (net of deferred property taxes) ( 19,282) ( 19,282) Current Portion of Long -Term Debt (314,058) ( 314,058) Reserved for Encumbrances ( 106,568) ( 46,394) ( 152,962) Designated for subsequent years ex- penditures (less accrued vacation leave and teacher payroll (2,789,695) (2,789,695) $ 2,2272771 $(9852771) $ 1,242,000 Enterprise Fund encumbrances are properly excluded from the City's financial statements. -21- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1984 (16) Contingent Liabilities The City participates in a number of Federally assisted grant programs. These programs are subject to financial and compliance audits by the grantors or their representatives. The audits of these programs for or including the year ended June 30, 1984, have not yet been conducted. Accordingly, the City's compliance with applicable grant requirements will be established at some future date. The amount, if any, of expend- itures which may be disallowed by the granting agencies cannot be deter- mined at this time although the City expects such amounts, if any, to be immaterial. -22- Schedule A-1 CITY OF BANGOR, MAINE General Fund Balance sheet June 30, 1984 with comparative figures for June 30, 1984 Assets 1984 1983 Cash $5,483,418 3,024,921 Receivables Taxes, including interest and liens 1,217,495 1,285,751 Accounts 902,830 874,695 Advance to Enterprise Funds 500,000 813,000 Inventory, at cost 484,637 489,577 Other assets 13,945 120,005 Total assets $84602,325 6,6072949 Liabilities and Fund Balances Liabilities: Accounts payable 335,660 133,965 Accrued leave :.418,000 410,000 Accrued payroll 604,000 579,000 Taxes collected in advance 4,442 2,994 Deferred revenues 1,049,282 1,149,231 Total liabilities 2,411,384 2,275,190 Fund balances: Reserved for advance to Enterprise Funds 500,000 813,000 Reserved for noncurrent receivables 684,324 681,770 Reserved for encumbrances 106,568 - Unreserved: Designated for subsequent year's expenditures 2,151,695 1,593,422 Undesignated 2,748,354 1,244,567 Total fund balances 6,190,941 4,332,759 Total liabilities and fund balances $8,602,325 6,607,949 -23- Schedule A-2 CITY OF BANGOR, MAINE General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year ended June 30, 1984 Intergovernmental revenues: Federal revenue sharing 1,200,000 1,158,932 Variance - State revenue sharing 900,000 1,062,673 Favorable School subsidy Budget Actual (Unflavorable) Revenues: 50,000 60,967 10,967 Taxes: 206,565 162,981 ( 43,584) Property Taxes $15,725,524 15,945,826 220,302 Automobile excise taxes 1,100,000 1,329,738 229,738 Interest on delinquent taxes 200,000 2621,081 62,081 Total taxes 17,025,524 17,537,645 512,121 Intergovernmental revenues: Federal revenue sharing 1,200,000 1,158,932 ( 41,068) State revenue sharing 900,000 1,062,673 162,673 School subsidy 3,384,513 3,439,879 55,366 Payment in lieu of taxes 50,000 60,967 10,967 Other 206,565 162,981 ( 43,584) Total intergovernmental revenue; 5,741,078 5,885,432 144,354 Licenses and permits 163,672 210,117 46,445 Charges for services 592,710 619,741 27,031 Fines, forfeits, and penalties 54,200 60,467 6,267 Revenue from use of money and property 925,229 1,183,827 258,598 Reimbursements 286,184 368,515 82,331 Total revenues 24,788,597 25,865,744 1,077,147 Expenditures: General government: Council 18,546 15,046 3,500 Executive 233,891 220,194 13,697 City Clerk 206,139 209,366 ( 3,227) Finance 333,950 326,636 7,314 Assessment 107,043 101,998 5,045 Legal 93,350 93,634 ( 284) Personnel 73,041 70,054 2,987 Economic development & research 67,249 66,843 406 Insurance 397,792 392,394 5,398 Contributions to other agencies 47,000 57,000 ( 10,000) Planning 75,923 68,806 7,117 Total general government 1,653,924 1,621,971 31,953 Public safety: Police 2,127,055 2,035,662 91,393 Fire 2,673,151 2,639,623 33,528 Code enforcement 157,840 144,677 13,163 Total public safety 4,958,046 4,819,962 138,084 -24- -25- Schedule A-2 Con't. CITY OF BANGOR, MAINE General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual, Continued Variance - Favorable Budget Actual (Unfavorable) Expenditures, Continued: Health, welfare, and recreation: Health $ 232,848 231,091 1,757 Welfare 595,572 691,389 ( 95,817) Parks and recreation 5885,803 584,922 3,881 Total health, welfare, & recreation .1,417,223 1,507,402 ( 90,179) Public buildings and services Public buildings 109,108 103,415 5,693 Public services 2,557,914 2,460,526 97,388 Motor Pool 840,428 832,813 7,615 Private school services 143,295 153,461 ( 10,166) Total public buildings and services 3,650,745 3,550,215 100,530 Other agencies: Taxes paid to county 372,117 372,117 - Public Library 304,000 304,000 - Total other agencies 676,117 676,117 - Education 10,597,960 10,442,128 155,832 Other appropriations: Overlay (allowance for uncollectable taxes) - 105,288 ( 105,288) Accrued leave - 8,000 ( 8,000) Bad debt expense - 23,105 ( 23,105) Recreation district tax 171,170 170,825 345 Pensions and other fringe benefits 122,282 91,501 30,781 Contingency 104,304 12,135 92,169 Debt service 1,019,023 998,226 20,797 Total other appropriations 1,416,779 1,409,080 7,699 Total expenditures 24,370,794 24,026,875 343,919 Excess of revenues over expenditures 417,803 1,838,869 1,4217066 Other financing uses - Operating transfers out 417,803 330,596 87,207 Excess of revenues over expenditures - 1,508,273 1,508,273 and other uses Fund balance at beginning of period as previously reported 5,321,759 Less restatement to record accrued leave .and 989,000 accrued payroll Fund balance beginning of year as restated 4,332,759 Net addition to replacement accounts 349,909 Fund balance at end of period 6,190,941 -25- Schedule B-1 CITY OF BANGOR, MAINE Special Revenue Funds Balance Sheet June 30, 1984 with comparative totals for June 30,.1983 Assets 1984 1983 Cash $ 41,968 24,324 Due from other governments 223,883 - Other assets 218 3,410 $266,069 27,734 Liabilities and Fund Balance Accounts payable $ 90,568 - Accrued leave 7,000 6,000 97,568 6,000 Reserve for encumbrances 9,631 372 Designated fund balance 158,870 21,362 168,501 21,734 $266,069 27,734 -26- CITY OF BANGOR, MAINE Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1984 Authorization Actual Schedule B-2 Unexpended Balances Revenues: Intergovernmental $ 2,847,821 1,521,643 1,326,178 Program Income - 81,388 ( 81,388) 2,847,821 1,603,031 1,244,790 Expenditures: Acquistion of real property 602,857 356,836 246,021 Public works facilities site improvements 640,033 331,534 308,499 Code enforcement 54,873 20,366 34,507 Clearance, demolition, rehabilitation 116,144 95,594 20,550 Disposition of real property 22,695 4,845 17,850 Completion of urban renewal, NDP projects (_112,367) 91,807 ( 204,174) Relocation payment and assistance 171,506 10,849 160,657 Planning and management development 24,732 - 24,732 Administration 121,927 158,278 ( 36,351) Contingencies 160,855 13,725 147,130 Rehabilitation and preservation activities 418,663 214,863 203,800 Planning & Urban Environmental Design 3,472 6,332 ( 2,860) Loss of rental income 1,925 - 1,925 Economic Development 180,000 151,235 28,765 Facade Improvements 370,000 - 370,000 Public Housing Modernization 2,206 - 2,206 22779,521 1,456,264 1,323,257 Excess of revenues over expenditures $ 68,300 146,767 (, 78,467) Fund balances at beginning of period - restated Fund balances at end of period -27- 21,734 168,501 Schedule C-1 CITY OF BANGOR, MAINE Capital Projects Funds Combined Balance Sheet June 30, 1984 with comparative.figures for June 30, 1983 Assets 1984 1983 Cash $ 111,628 200,639 Securities 1,145,676 1,600,000 Receivables: Accounts 82,518 18,554 Deferred special assessments: Sewer construction 319,847 338,028 Street construction 216,072 245,786 Due from other governments 479,045 350,836 Due from enterprise fund 100,000 100,000 $ 2,454,786 2,853,843 Liabilities and Fund Balances Liabilities - accounts payable 61,136 Fund Balances: Reserved for encumbrances 1,048,778 193,856 Unreserved: Designated for capital project expenditures ( 240,242) 1,160,418 Undesignated: Future construction - General Fund 318,756 314,924 Future construction - Sewer Utility Fund 676,791 538,140 Future construction - Airport Fund 51,082 52,263 Future construction - Downtown Development 2,566 10,428 Deferred special assessments 535,919 583,814 Total fund balances 2,393,650 2,853,843 $ 2,454,786 23,853,843 -28- Schedule C-2 CITY OF BANGOR, MAINE Capital Projects Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year ended June 30, 1984 Sewer Reserves for Other Hospital Utility Airport future Buildings Streets Electrical Schools Projects Fund Fund Fund Construction Total Revenues: Interest income - - - - - - - 177,033 177,033 Special assessments - - - - - - - 66,050 66,050 Intergovernmental - - - - 193,448 - 19,936 227,400 440,784 ?liscellaneous 1,074 44,693 45,767 Total revenues 194,522 19,936 227,400 287,776 729,634 Expenditures: Capital additions 13,137 457,259 - 78,496 206,360 400 148,560 224,920 - 1,129,132 Miscellaneous 60,695 60,695 Total expenditures 13,137 457,259 78,496 206,360 400 148,560 224,920 60,695 1,189,827 Excess (deficiency) of revenues over expenditures N ( 13,137) (457,259) - ( 78,496) ( 11,838) ( 400 ) (128,624) 2,480 227,081 ( 460,193) b Other financing sources: Operating transfers in (out) ( 54,793) 54,793 - ( 54,793) - - - - 54,793 - - Excess (deficiency) of revenues and other sources over expend- itures and other uses ( 13,137) (512,052) - ( 78,496) ( 11,838) ( 400 ) ( 73,831) 2,480 227,081 ( 460,193) Fund balances at beginning of period 175,679 526,360 8,605 92,224 188,130 477 398,554 ( 35,755) 1,499,569 2,853,843 Transfers from (to) reserves for future construction - 41,400 - 48,725 7,000 - 79,800 - ( 176,925) - Completed projects, remaining fund balances closed out (14,090) ( 1,203) ( 77 ) ( 20,020) - 35,390 - Fund balances at end of period S 162,542 41,618 8,605 522453 182,089 384,503 ( 33,275) 1,585,115 2,393,650 Assets Curr, -11L ai:ivts: Cash (cash overdraft) Accounts receivable Less allowance for estimated uncollectible accounts Net accounts receivable Inventory, at cost Prepaid expenses Total current assets Schedule 0-1 CITY OF BANGOR, MAINE Enterprise Funds Combining Balance Sheet June 30, 1984 with comparative totals for June 30, 1983 Sewer Utility Airport Huuplt'al Totals Fund Fund Fund 1984 1983 Property, plant, and equipment: Land Buildings, plant, and equipment Pipelines and mains Aircraft operational assets Construction in process Less accumulated depreciation Net property, plant, and equipment other assets: Deposits for construction with Capital Projects Funds Operating rights net of accumulated amortization of $380,968 in 1984 and $333,838 in 1983 Liabilities and Fund Equity Current liabilities: Accounts payable Accrued Leave Due to Capital Projects Funds Current installments - general obligation bonds Bonds anticipation notes payable Total current liabilities Long-term liabilities: Advance from General Fund General obligation bonds (Net of current portion) Total long-term liabilities Total liabilities Cautributod capital: City Federal, state, and other com rlhutiuus Customers Total contributed capital Retained earnings (deficit) Total fund equity $ 240,421 ( 511,983) ( 164,117) 124,326 666,173 211,143 967,449 30,000 4,193 124,326 636,173 206,950 - 86,196 - - 35,935 459 364,747 246,321 43,292 58,425 - 35,260 5,357,491 - 1,778,561 13,090,279 - - - 121,396,715 - 2,504,411 4,387,066 - 21,010,606 125,783,781 1,813,821 4,727,668 21,836,466 1,085,538 16,282,938 103,947,315 728,283 1,061,186 18,090 - ( 4'15,679) ( 1)6,9','0 1,001,642 851,233 34,193 74,149 967,449 783,084 86,196 83,138 36,394 65,327 654,360 834,594 93,685 93,685 7,136,052 6,864,591 13,090,279 12,816,122 121,396,715 121,363,814 6,891,477 6,909,847 148,608,208 148,048,059 27,649,672 24.398.878 120,958,536 123,649,181 1,079,27(, 1,1150,070 -30- 919,032 919,032 _ 966,162 $11,708,871 105,130,758 771,515 123,611,204 126,500,007 10,749 163,156 15,735 189,640 145,372 6,000 68,000 24,000 98,000 98,000 - 100,000 - 100,000 100,000 211,828 102,230 - 314,058 329,058 _ - _ 300,000 228,577 433,386 39,735 701,698 972,430 - 500,000 - 500,000 813,000 1,651,982 534,438 100,000 2,286,420 2,284,881 1,651,982 1,034,438 100,000 2,786,420 3,097,881 1,880,559 1,467,824 139,735 3,488,118 4,070,311 5,665,596 - 7'1,598 5,7')9,11)4 5,877,455 6,007,290 102,245,270 533,426 108,785,986 111,395,360 555,016 - 5551016 417L075 12,227,902 102,245,270 607,024 11 m) 117,749,890 3,600,410 1,417,664 24,H16 5,042,IWO 4 I, ,7!),806 15,828,312 103,662,934 631,840 120,123,086 122,429,696 $17,708,871 105,130,758 771,575 123,611,204 126,500.007 -30- CITY OF BANGOR, MAINE Enterprise Funds Combining Statement of Revenues, Expenses and Changes in Retained Earnings Year ended June 30, 1984 Sewer Utility Fund Operating revenues - charges for services $ 673,8.68 Operating expenses: Operating expenses other than depreciation 441,837 Depreciation and Amortization: On assets acquired with own funds 111,145 On assets acquired with contributions 255,250 Total operating expense 808,232 Operating income (loss) ( 134,364) Non-operating Revenue (Expense): Interest income 141,039 Interest expense ( 97,750) Operating transfer from General Fund - Net non-operating revenue (expense) 43,289 Net income (loss) ( 91,075) Retained earnings (deficit) at beginning of period - restated 3,436,235 Depreciation and amortization on assets acquired with contributions 255,250 Retained earnings (deficit) at end of period 3,600,410 -31- Airport Fund 3,953,929 3,711,097 Schedule D-2 Hospital Fund Total 1,276,917 5,904,714 1,341,494 5,494,428 179,321 6,137 296,603 2,684,738 61,328 3,001,316 6,575,156 1,408,959 8,792,347 (2,621,227) ( 132,042) (2,887,633) 9,826 - 150,865 ( 103,489) ( 30,821) ( 232,060) - 330,596 330,596 ( 93,663) 299,775 249,401 (2,714,890) 167,733 (2,638,232) 1,447,816 ( 204,245) 4,679,806 2,684,738 61,328 3,001,316 1,417,664 24,816 5,042,890 -32- Schedule D-3 CITY OF BANGOR, MAINE Enterprise Funds Combining Statement of Changes in Financial Position Year ended June 30, 1984 Sewer Utility Airport Hospital Fund Fund Fund Total Sources of working capital: Operations: Net income (loss) ( 91,075) (2,714,890) 167,733 (2,638,232) Items not requiring working capital - depreciation and amortization 366,395 2,864,059 67,465 3,297,919 Working capital provided by operations 275,320 149,169 235,198 659,687 Contributions: city - - 400 400 Customers 83,893 - - 83,893 Federal, state, and other 19,936 227,393 - 247,329 Proceeds of bond issue 200,000 - 1003,000 300,000 5792149 376,562 335,598 1,291,309 Uses of working capital: Deposits for capital projects 27,907 1,299 - 29,206 Acquisition of property, plant and equipment 289,649 257,814 12,681 560,144 Current installment general obligation bonds 196,320 102,•141 - 298,461 Decrease in due to general fund - - 313,000 313,000 Increase in working capital 651273 15,308 9,917 90,498 579,149 376,562 335,598 1,291,309 Elements of net increase (decrease) in working capital: Cash ( 122,104) ( 115,637) (100,983) ( 338,724) Accounts receivable ( 12,349) 175,013 21,701 184,365 Inventory - 3,058 - 3,058 Prepaid expenses ( 4,889) ( 20,070) ( 3,974) ( 28,933) Accounts payable ( 10,385) ( 27,056) ( 6,827) ( 44,268) Current installments of long-term debt and notes payable 215,000 - 100,000 315,000 Net increase (decrease) in working capital 6.5,273 15,308 9,917 90,498 -32- Schedule E-1 CITY OF BANGOR, MAINE Fiduciary Funds Combining Balance Sheet June 30, 1984 with comparative totals for June 30, 1983 Nonexpendable Trust Funds Expendable Revolving Trust Funds Endowment Loan Endowment Agency Totals Principal Principal Revenues Fund 1984 1983 Cash, including time deposits of $ -0- in 1984 and $80,000 in 1983 $ 16,156 2,626 142,145 461,010 621,937 411,507 Investments, at cost (Market Value, 1984 - $433,224 1983 - $370,035) 465,705 22,917 - - 488,622 402,593 Receivables: Accounts - - - 46,714 46,714 14,007 Loans from students - 34,500 - - 34,500 32,640 $481,861 60,043 142,145 5072724 1,191,773 860,747 i u' w Liabilities and Fund Balances Liabilities - Amounts held by agency fund for others - - - 507,724 507,724 203,441 Fund balances: Reserved for loans - 60,043 - - 60,043 58,326 Reserved for endowments 481,861 - - - 481,861 474,711 Unreserved - designated for subsequent expenditures - - 142,145 - 142,145 124,269 Total fund balances 481,861 60,043 142,145 - 684,049 657,306 $481,861 60,043 142,145 507,724 1,191,773 860,747 CITY OF BANGOR, MAINE Expendable Trust Funds Combined Statement of Revenues, Expenditures and Changes in Fund Balance Year ended. June 30, 1984 Revenues Expenditures: Perpetual care fees Distribution of earnings to Home for Aged Woman Other -payment to beneficiaries Total expenditures Excess of expenditures over revenues Other financing sources - operating transfers in Excess of revenues and other financing sources over expenditures Fund balances at beginning of period Fund balances at end of period -34- Total $ -0- 15,000 4,252 2,031 21,283 21,283 39,159 17,876 124,269 $ 142,145 Schedule E-2 CITY OF BANGOR, MAINE Nonexpendable Trust Funds Combining Statement of Revenues, Expenses, and Changes in Fund Balances Year ended June 30, 1984 Endowment Principal Operating revenues: Interest $ 39,159 Lot sales 7,150 Income before operating transfers 46,309 Transfer to expendable trust 39,159 Net income 7,150 Fund balances at beginning of period 474,711 Fund balances at end of period $ 481,861 -35- Revolving Loan Principal 1,717 1,717 1,717 58,326 60,043 Schedule E-3 Total 40,876 7,150 48,026 39,159 8,867 533,037 541,904 CITY OF BANGOR, MAINE Assessed Valuation, Commitment and Collections Year ended June 30, 1984 Valuation: Land and Buildings Personal Property Total valuation Commitment: Real estate and personal property Tax rate Total commitment Add: Supplemental taxes committed. Less: Collections - 1984 Abatements $ 424,900,452 45,735,530 $ 470,635,982 1984 Taxes receivable at June 30, 1984 -36- $ 470,635,982 1212c12 15,827,488 22,514 15,850,002 15,100,933 57,520 $ 691,549 Table 1 CITY OF BANGOR, MAINE Property Tax Valuations, Levies and Collections Last Ten Fiscal Periods Fiscal Assessed Property Property Collections In %-age of Year Valuation Tax Rate Tax Levy Year of Levy Collections 1975 $227,784,640 45.00 9,486,451 8,886,740 93.7 1976 235,479,850 45.30 9,917,054 9,344,192 94.2 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 6,9753,777 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 *Six month period during June 30, 1982 -37- CITY OF BANGOR, MAINE Local Assessed Valuations Last Ten Fiscal Periods Fiscal Year Tax Rate Total Assessed Valuation Real Property 1975 $45.00 227,784,640 173,207,070 1976 45.30 235,479,850 179,132,420 1977 44.20 207,516,620 184,802,520 1978 21.00 402,443,210 369,321,000 , 1979 22.15 439,217,620 401,043,500 1980 27.00 452,386,680 411,926,970 1981 30.90 456,484,410 416,146,390 1982* 16.95 455,736,970 415,706,430 1983 31.68 462,895,320 420,325,190 1984 33.63 470,635,982 424,900,452 *Six month period ending June 30, 1982 Em Table 2 Personal Property 54,577,570 56,347,430 22,714,100 33,122,210 38,174,120 40,459,710 40,338,020 40,030,540 42,570,130 45,735,530 *Six month period ending June 30, 1982 Table 3 Debt Designated Service CITY OF BANGOR, MAINE Other Total 767,729 523,000 General Fund Expenditures by Function 923,476 62,000 1,589,670 18,109,450 972,573 Last Ten Fiscal Periods 18,756,229 898,134 - 712,683 20,061,387 Public - 640,209 20,625,904 1,114,296 Recreation 630,109 Buildings 1,121,820 Fiscal General Public Health and Taxes Paid 6 Public 11,675,515 Year Gov't. Safety Welfare to County Services Education 1975 5 990,922 2,151,239 1,493,873 270,000 2,200,051 7,539,640 1976 1,015,975 2,295,425 1,587,810 246,240 2,400,524 7,988,330 1977 955,180 2,537,640 1,509,980 206,811 2,898,632 8,154,208 1978 1,059,946 3,133,111 1,879,352 223,380 3,319,288 8,835,493 1979 1,048,760 3,329,734 2,009,184 232,933 2,950,231 9,283,418 1980 1,166,412 3,655,703 1,337,476 261,554 3,149,476 9,548,763 1981 1,153,910 3,973,885 1,128,013 364,753 3,416,166 10,225,919 1982 735,625 2,056,660 598,959 - 1,863,254 5,764,457 1983 u 1,421,132 4,262,987 1,384,122 389,817 3,391,773 10,414,896 1984 1,621,971 4,819,962 1,507,402 372,117 3,550,215 10,442,128 *Six month period ending June 30, 1982 Table 3 Debt Designated Service Fund Balance Other Total 767,729 523,000 1,126,300 17,062,754 923,476 62,000 1,589,670 18,109,450 972,573 - 1,521,205 18,756,229 898,134 - 712,683 20,061,387 1,131,435 - 640,209 20,625,904 1,114,296 - 630,109 20,863,789 1,121,820 - 656,239 22,040,705 302,585 - 353,975 11,675,515 1,052,511 - 696,269 23,013,507 998,226 - 714,854 24,026,875 Table 4 CITY OF BANGOR, MAINE General Fund Revenue by Source Last Ten Fiscal Periods *Six month period ending June 30, 1982 Other Licenses and Fines and Use of Honey Intergovernmental Charges For Totals Fiscal Property Taxes Taxes Permits Forfeits and Property Revenue Services Reimbursements Revenues Year 1975 S 9,793,952 865,981 148,999 65,586 487,686 5,105,687 685,303 159,060 17,312,254 1976 10,157,116 832,077 144,821 63,541 619,050 6,073,955 787,657 246,539 18,924,756 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 0 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 25,665,744 *Six month period ending June 30, 1982 CITY OF BANGOR, MAINE Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures Last Ten Fiscal Periods Fiscal Year Principal Interest Total General Bonded Debt Service Total General Fund Expenditures Table 5 Percentage of Debt Service-to_Total General Expenditures 1975 747,754 472,680 1,220,434 17,062,754 7.153 1976 792,474 499,448 1,291,922 18,109,450 7.134 1977 792,476 534,787 1,327,263 18,756,230 7.076 1978 759,360 461,101 1,220,461 20,061,387 6.084 1979 932,532 478,775 1,411,307 20,625,904 6.842 1980 821,939 575,120 1,397,059 20,863,789 6.670 1981 821,939 683,121 1,505,060 22,040,705 6.829 1982* 237,796 336,395 574,191 11,675,515 4.918 1983 568,767 483,744 1,052,511 23,013,507 4.573 1984 525,876 472,350 998,226 24,026,875 4,155 *Six month period ending June 30, 1982 Table 6 CITY -OF BANGOR, MAINE Debt Service Requirements to Maturity General Obligation Bonds Fiscal Total Year Principal Interest Requirement 1985 $ 990,000 799,926 1,789,926 1986 1,140,000 735,424 1,875,424 1987 1,120,000 666,412 1,786,412 1988 1,100,000 597,482 1,697,482 1989 975,000 530,519 1,505,519 1990 910,000 467,079 1,377,079 1991 885,000 405,712 1,290,712 1992 820,000 344,936 1,164,936 1993 805,000 285,248 1,090,248 1994 805,000 226,778 1,031,778 Subsequent 2,375,000 535,461 2,910,461 -42- CITY OF BANGOR, MAINE Ratio of General Bonded Debt to Assessed Value and General Bonded Debt Per Capita Last Ten Fiscal Periods Fiscal Year Bonded Debt Valuation Ratio of General Bonded Debt to Assessed Value Table 7 General Bonded** Debt Per Capita* 1975 $13,302,760 227,784,640 5.8 $397.95 1976 13,614,320 235,479,850 5.8 407.27 1977 12,485,880 207,516,620 6.0 373.52 1978 13,188,440 402,443,210 3.3 394,53 1979 15,025,000 439,217,620 3.4 449.47 1980 13,860,000 452,386,680 3.1 438.02 1981 12,695,000 456,484,410 2.8 401.20 1982* 13,625,000 455,736,970 3.0 430.58 1983 12,960,000 462,895,320 2.8 409.57 1984 11,925,000 470,635,982 2.5 376.86 *Six month period ending June 30, 1982 **Based on 1970 population of 33,428 through 1979 and 1980 population of 31,643 thereafter -43-