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1983CITY OF BANGOR, MAINE C�FRMT3 Financial Statements and Other Financial Information For The Year Ended June 30,1983 THEODORE C. JELLISON Finance Director CITY OF BANGOR, MAINE Annual Financial Report June 30, 1983 Table of Contents ACCOUNTANTS' 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 Expend- able Trust Funds 2 3 Statement of Revenues, Expenditures and Changes in 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 Similar Trust Funds 4 5 Combined Statement.of Changes in Financial Position --All Proprietary Fund Types and Similar Trust Funds 5 6 Notes to Financial Statements 7-1.8 ADDITIONAL INFORMATION: Schedule Governmental Funds: General Fund: Balance Sheet A-1 19 Statement of Revenues, Expenditures, and Changes in Fund Balance --Budget and Actual A-2 20-21 Special Revenue Funds Balance Sheet B-1 22 Combining Statement of Revenues, Expenditures and. Changes in Fund Balance B-2 23 Capital Projects Funds: Combined Balance Sheet C-1 24 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 25 CITY OF BANGOR, MAINE Annual Financial Report June 30, 1983 Table of Contents Additional information, continued: Schedule Page(s) Proprietary Funds: Enterprise Funds: Combining Balance Sheet D-1 26 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings D-2 27 Combining Statement of Changes in Financial Position D-3 28 Fiduciary Funds: Trust and Agency Funds: Combining Balance Sheet E-1 29 Expendable Trust Funds - Combined Statement of Revenues, Expenditures, and Changes in Fund Balance E-2 30 Nonexpendable Trust Funds - Combining Statement of Revenues, Expenses and Changes in Fund Balances E-3 31 Schedule of Assessed Valuation, Commitment and Collections F 32 STATISTICAL SECTION: Table Property Tax Valuations, Levies and Collections - Last Ten Fiscal Periods 1 33 Local Assessed Valuations - Last Ten Fiscal Periods 2 34 General Fund Expenditures by Function - Last Ten Fiscal Periods 3 35 General Fund Revenue by Source - Last Ten Fiscal Periods 4 36 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures - Last Ten Fiscal Periods 5 37 Debt Service Requirements to Maturity - General Obligation Bonds 6 38 Ratio of General Bonded Debt to Assessed Value and General Bonded Debt per Capita - Last Ten Fiscal Periods 7 39 Accountants' Report The Honorable Mayor, City Council and City Manager City of Bangor, Maine: We have examined the financial statements of the City of Bangor, Maine, as of and for the year ended June 30, 1983, 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 aforementioned financial statements present fairly the financial position of the City of Bangor, Maine, at June 30, 1983, 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 property tax revenues as described in note 2 to the financial statements. Our examination was made for the purpose of forming an opinion on the financial statements 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 City of Bangor, Maine. The information has been subjected to the auditing procedures applied in the examination of the financial statements and, in our opinion, is stated fairly in all material respects in relation to the financial statements taken as a whole. August 26, 1983 Assets and Other Debits Cash, including time deposits of $4,880,000 in 1983 and $1,060,000 in 1982. Investments, at cost (market value 1983 - $370,035 1982 - $337,295 Receivables (net, where applicable, of allowance for estimated uncollectible accounts of $74,149 in 1983 and _ $121,257 in 1982): Taxes, including interest, penalties and liens (note 2) i Accounts (note 12) i Loans Deferred special assessments Due from other governments (note 3) Due from enterprise fund Advance to enterprise funds (note 9) Inventory, at cost' Prepaid expenses Property, plant and equipment (net of accumulated depreciation) (note 4) Amount to be provided for retirement of general long-term debt (note 5) Deposits for construction with capital projects funds Other assets CITY OF BANGOR, MAINE Combined Balance Sheet - All Fund Types and Account Groups June 30, 1983 with comparative totals for June 30, 1982 Proprietary Fiduciary Governmental Fund Types Fund Type Fund Type Special Capital Enterprise Trust and General Revenue Projects (Notes 9 6 10) Agency $ 3,024,921 24,324 1,800,639 ( 96,955) 411,507 - - - - 402,593 Exhibit 1 Account Groups General General Fixed Long-term Totals Assets Debt 1983 1982 5,164,436 3,704,967 402,593 396,131 1,285,751 - - - - - - 1,285,751 1,766,724 874,695 - 18,554 783,084 14,007 - - 1,690,340 1,796,116 - - 32,640 - - 32,640 26,730 _ - 583,814 - - - - 583,814 598,941 _ - 350,836 - - - - 350,836 361,582 - - 100,000 - - - - 100,000 100,000 813,000 - - - - - - 813,000 813,000 489,577 - - 83,138 - - - 572,715 553,473 - - - 65,327 - - - 65,327 74,451 - - - 123,649,181 - 38,338,105 - 161,987,286 163,640,957 - - - 10,046,061 10,046,061 10,670,399 - - - 1,050,070 - - - 1,050,070 772,504 120,005 3,410 - 966,162 - - - 1,089,577 1,146,080 $ 6,607,949 27,734 2,853,843 126,500,007 860,747 38,338,105 10,046,061 .185,234,446 186,422,055 Exhibit 1 Con't. CITY OF BANGOR, MAINE Combined Balance Sheet - All Fund Types and Account Groups, Continued Fund Equity Contributed capital (note 7) _ Invest. in general fixed assets (note 4) - `� Retained earnings - Fund balance: Reserved for: Encumbrances - Advance to enterprise funds (note 9) 813,000 Noncurrent receivables (note 12) 681,770 Loans - Endovments - Unreserved: Designated for subsequent years - 117,749,890 - 4,777,806 372 193,856 - expenditures (note 6) 2,202,422 27,362 1,160,418 - Undesignated 1,624,567 - 1,499,569 - Total fund equity 5,3213759 27,734 2,853,843 122,527,696 $6,607,949 27,734 2,853,843 126,500,007 Commitments and contingent liabilities (notes 4 and 13) See accompanying notes to financial statements. 117,749,890 119,891,944 38,338,105 - 38,338,105 37,729,760 - - 4,777,806 4,640,582 194,228 817,172 - - 813,000 813,000 - - 681,770 622,249 58,326 - - 58,326 54,838 474,711 - - 474,711 461,736 124,269 - - 3,463,086 2,564,306 - _ - 3,175,521 2.024.852 657,306 38,338,105 - 169,726,443 169,620,439 860,747 38,338,105 10,046,061 185,234,446 186,422,055 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 Projects (Notes 9 6 10) Agency Assets Debt 1983 1982 Accounts payable $ 133,965 - - 145,372 - - - 279,337 505,619 Taxes collected in advance 2,994 - - - - - - 2,994 4,014 Amounts held by agency funds for others - - - - 203,441 - - 203,441 238,279 Deferred revenues (note 2) 1,149,231 - - - - - - 1,149,231 1,515.704 Due to capital projects funds - - - 100,000 - - - 100,000 100,000 Advance from general fund (note 9), - - - 813,000 - - - 813,000 813,000 General obligation bonds and notes payable (note 5) - - - 2,913,939 - - 10,046,061 12,960,000 13,625,000 Total liabilities 1,286,190 3,972,311 203,441 10,046,061 15,508,003 16,801,616 Fund Equity Contributed capital (note 7) _ Invest. in general fixed assets (note 4) - `� Retained earnings - Fund balance: Reserved for: Encumbrances - Advance to enterprise funds (note 9) 813,000 Noncurrent receivables (note 12) 681,770 Loans - Endovments - Unreserved: Designated for subsequent years - 117,749,890 - 4,777,806 372 193,856 - expenditures (note 6) 2,202,422 27,362 1,160,418 - Undesignated 1,624,567 - 1,499,569 - Total fund equity 5,3213759 27,734 2,853,843 122,527,696 $6,607,949 27,734 2,853,843 126,500,007 Commitments and contingent liabilities (notes 4 and 13) See accompanying notes to financial statements. 117,749,890 119,891,944 38,338,105 - 38,338,105 37,729,760 - - 4,777,806 4,640,582 194,228 817,172 - - 813,000 813,000 - - 681,770 622,249 58,326 - - 58,326 54,838 474,711 - - 474,711 461,736 124,269 - - 3,463,086 2,564,306 - _ - 3,175,521 2.024.852 657,306 38,338,105 - 169,726,443 169,620,439 860,747 38,338,105 10,046,061 185,234,446 186,422,055 Exhibit 2 See accompanying notes to financial statements -3- CITY OF BANGOR, MAINE Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds Year ended lune 30, 1983 Fiduciary Governmental Fund Types Fund Type Special Capital Expendable General Revenue Projects Trust Total Revenues: Taxes (note 2) $16,400,309 - 16,400,309 Special assessments - 62,717 - 62,717 Intergovernmental 5,608,420 699,028 654,010 - 6,961,458 Licenses and permits 145,881 - 145,881 Charges for services 1,120,140 - 1,120,140 Fines, forfeits, and penalties 62,615 - 62,615 Revenue from use of money and property 1,058,435 69,719 100,378 - 1,228,532 Reimbursements 292,549 - 292,549 Miscellaneous - 43,068 43,068 Total revenues 24,688,349 768,747 860,173 26,317,269 Expenditures: General government 1,421,132 1,421,132 Public safety 4,262,987 4,262,987 Health, welfare, and recreation 1,384,122 - 1,384,122 Public buildings and services 3,391,773 - - 3,391,773 Other agencies 689,817 - - 689,817 Education 10,414,896 - - 10,414,896 Other appropriations 1,448,780 85,307 1,534,087 Community Development Block Grant - 810,.325 810,325 Perpetual care fees - - 10,000 10,000 Distribution to beneficiaries - 5,388 5,388 Capital projects - 1,654,778 - 1,654,778 Total expenditures, 23,013,507 810,325 1,740,085 15,388 25,579,305 Excess (deficiency) of revenues over expenditures 1,674,842 ( 41,578) 879,912) ( 15,388) 737,964 Other financing sources (uses): Operating transfers in - - - 36,105 36,105 Operating transfers out (note 9) ( 162,595) - - - ( 162,595) Proceeds from bond anticipation notes - - 600,000 - 600,000 ( 162,595) 600,000 36,105 473,510 Excess (deficiency) of revenues and other sources over expend- itures and other uses 1,512,247 ( 41,578) ( 279,912) 20,717 1,211,474 Fund balances at beginning of period as previously reported 5,024,961 69,312 3,133,755 103,552 8,331,580 Less adjustment to record deferred property tax revenue (note 2) 1,490,000 - - - 1,490,000 Fund balance at beginning of year as adjusted 3,534,961 69,312 3,133,755 103,552 6,841,580 Net addition to replacement accounts 274,551 - - - 274,551 Fund balances at end of period $ 5,321,759 27,734 2,853,843 124,269 8,327,605 See accompanying notes to financial statements -3- Exhibit 3 CITY OF BANGOR, MAINE Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund Year ended June 30, 1983 Expenditures: General governmental 1,482,575 1,421,132 Variance - Public safety 4,318,139 4,262,987 Favorabl_e Health, welfare, and recreation Budget Actual (Unfavorable) Public buildings and services Revenues: 3,391,773 99,348 Other agencies Taxes (note 2) $15,816,340 16,400,309 583,969 Intergovernmental 5,269,568 5,608,420 338,852 Licenses and permits 160,475 145,881 ( 14,594) Charges for services 1,036,417 1,120,140 83,723 Fines, forfeits, and penalties 73,700 62,615 ( 11,085) Revenue from use of money and property 672,776 1,058,435 3.85,659 Reimbursements 325,730 292,549 ( 33,181) Total revenues 23,355,006 24,688,349 1,333,343 Expenditures: General governmental 1,482,575 1,421,132 61,443 Public safety 4,318,139 4,262,987 55,152 Health, welfare, and recreation 1,197,909 1,384,122 ( 186,213) Public buildings and services 3,491,121 3,391,773 99,348 Other agencies 689,817 689,817 - Education 10,593,453 10,414,896 178,557 Other appropriations _1,353,155 1,448,780 ( 95,625) Total expenditures 23,126,169 23,013,507 112,662 Excess of revenues over expenditures 228,837 1,674,842 1,446,005 Other financing uses - Operating transfers out 228,837 162,595 66,242 228,837 162,595 66,242 Excess of revenues over expenditures and other uses - 1,512,247 1,512,247 Fund balance at beginning of period as previously reported 5,024,961 Less adjustment to record deferred property tax revenue (note 2) 1,490,000 Fund balance beginning.of year as adjusted 3,534,961 Net addition to replacement accounts 274,551 Fund balance at end of period 5,321,759 See accompanying notes to financial statements -4- Exhibit 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, 1983 See accompanying notes to financial statements -5- Proprietary Fiduciary Fund Type Fund Type Enterprise Nonexpendable (Notes 9 & 10) Trust Total Operating revenues: Charges for services $ 5,490,953 - 5,490,953 Interest - 40,783 40,783 Lot sales - 6,125 6,125 Gain on sale of investments - 5,660 5,660 Total operating revenues 5,490,953 52,568 5,543,521 Operating expenses: Operating expenses other than depreciation 5,085,134 - 5,085,134 Depreciation and amortization: On assets acquired with own funds 275,968 - 275,968 On assets acquired with con- tributions 3,012,052 - 3,012,052 Total operating expenses 8,373,154 - 8,373,154 Operating income (loss) ( 2,882,201) 52,568 ( 2,829,633) Nonoperating revenues (expenses): Interest income 96,999 - 96,999 Interest expense ( 252,221) - ( 252,221) ( 155,222) - ( 155,222) Income (loss) before operating transfers ( 3,037,423) 52,568 ( 2,984,855) Operating transfers in 162,595 - 162,595 Operating transfers out - ( 36,105) ( 36,105) Net income (loss) ( 2,874,828) 16,463 ( 2,858,365) Retained earnings/fund balances at beginning of period 4,640,582 516,574 5,157,156 Depreciation and amortization on assets acquired with contributions 3,012,052 - 3,012,052. Retained earnings/fund balance at end of period $ 4,777,806 533,037 5,310,843 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, 1983 Proprietary Fiduciary Fund Type Fund Type Enterprise Nonexpendable (Notes 9 & 10) Trust Total Sources of working capital: Operations: Net income (loss) $(2,874,828) 16,463 (2,858,365) Items not requiring working capital - depreciation and amortization 3,288,020 - 3,288,020 Working capital provided by operations 413,192 16,463 429,655 Contributions: City 69,523 - 69,523 Customers 36,929 - 36,929 Federal, state, and other 763,608 - 763,608 Decrease in working capital 302,249 - 302,249 $ 1,585,501 16,463 1,601,964 Uses of working capital: Deposits for capital projects 277,566 - 277,566 Acquisition of property, plant, and equipment 978,935 - 978,935 Current installment - general obligation bonds 329,000 - 329,000 Increase in working capital - 16,463 16,463 1,585,501 16,463 1,601_1964- ,601=964Elements Elementsof net increase (decrease) in working capital: Cash ( 237,663) 4,091 ( 233,572) Receivables (net) 178,105 5,910 184,015 Investments - 6,462 6,462 Inventory 14,272 - 14,272 Prepaid expenses ( 8,785) - ( 8,785) Accounts payable 40,159 - 40,159 Current Installments of long-term debt and notes payable ( 288,337) - ( 288,337) Net increase (decrease) in working capital $( 302,249) 16,463 ( 285,786) See accompanying notes to financial statements -6- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1983 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 or 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 .lune 30, 1983 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, nonexpendabl.e 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 government 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 folio funds and expendable trust and agency funds. U basis of accounting, revenues are recorded when i.e., both measurable and available. Available in the current period or soon enough thereafter bilities of the current period. Expenditures, long-term debt, are recorded when the liability able. wed by the governmental nder the modified accrual susceptible to. accrual , means collectible with - to be used to pay lia- other than interest on is incurred, if measur- (Continued) CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 19.$3 (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 pur.chase..or-der.s, 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) Investments Investments are stated at cost. (E) Inventory Inventory in the general fund consists of expendable supplies held for ,consumption. (F) Advances to Other Funds Long-term interfund advances are recorded as a receivable and as a reserve of fund balance by the advancing fund. (G) General Fixed Assets General fixed assets have been acquired for general governmental purposes. -9- (Continued) CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1983 (1), Continued 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. (H) 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: (1) 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 (Continued) -10- Range of Estimated Asset Class Useful life Building 25 - 40 years Equipment 5 - 20 years Pipelines and Mains 100 years Aircraft operational assets: Runways 40 years Buildings 20 years Machinery and equipment 5 - 10 years (1) 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 (Continued) -10- CITY OF BANGOR, MAINE -Notes to Financial Statements June 30, 1983 (1), Continued are reimbursed for 33 percent of accumulated sick leave, up to 40 days, only upon retirement and after at least 25 years of service. Neither is recorded. Accumulated vacation and sick leave are immaterial. (J) 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. (K) 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. 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. (2) Property Tax The City's property tax was levied July 1, 1982 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, 1982 upon which the 1983 levy was based, was $462,895,320. The estimated market value was $601,160,000 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, 1983 were 95.2 percent of the tax levy. The National Council on Governmental Accounting Interpretation #3 requires that property tax revenue be recognized to the extent it will be collected within sixty days.following year end. To comply with this change in account- ing prindiple,beginning of the year fund balance has been restated to reflect deferred property tax revenue as of June 30, 1982. The impact in the current year of applying the new accounting principle is to increase property tax revenue by $360,000. Included in deferred revenues are $1,130,000 and $1,490,000 of deferred property tax revenues related to 1983 and 1982, respectively. -11- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1983 (3) Due From Other Governments Due from other governments includes accrued reimbursement on the following capital projects: (4) Fixed Assets A summary of changes in general fixed assets follows: Amounts Due From Other 290,103 14,138 45,270 1,325 $350,836 Estimated Expenditures Amounts Funded Sidewalks Total To By Other Project Costs Date Governments Airport Development 36,521 - - 36,521 Aid Project $4,229,600 4,137,743 3,751,274 Penobscot Int. Sewer 2,451,013 2,139,880 2,129,833 Sewerage Facility 699,052 220,549 (433,221) 486,380 Planning 157,700 151,487 133,830 Other projects 9,920 7,039 7,039 15,097,762 $6284-8,233 6,436,149 6,021,976 (4) Fixed Assets A summary of changes in general fixed assets follows: Amounts Due From Other 290,103 14,138 45,270 1,325 $350,836 Public domain: Streets Balance 295,218 - Balance Sidewalks June 30, 1982 Additions Transfers June 30, 1983 Land $ 2,866,190 - - 2,866,190 City foreclosed property 36,521 - - 36,521 Buildings 17,73.1,580 - - 17,731,580 Recreation Facilities 1,792,623 327,049 - 2,119,672 Construction in process 699,052 220,549 (433,221) 486,380 Other public domain 23,125,966 547,598 (433,221) 23,240;343 Public domain: Streets 10,399,553 295,218 - 10,694,771 Sidewalks 1,285,010 46,482 - 1,331,492 Bridges 1,053,245 - - 1,053,245 Parking Structures 532,184 - - 532,184 Electrical 602,034 - - 602,034 Storm sewers - water lines 334,166 - - 334,166 Other public domain 397,602 152,268 - 5491870 Total public domain 14,603,794 493,968 - 15,097,762 $37,729,760 1,041,566 (433,221) 38,338,105 -12- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1983 (4), Continued Construction in process is composed of the following: Required A summary of proprietary fund type property, plant and equipment at June 30, 1983 follows: Land 93,685 Building improvements and equipment 6,864,591 Pipelines and mains 12,816,122 Aircraft operational assets 121,363,814 Construction in process 6,909,849 148,048,061 Less accumulated depreciation (24,398,878) 123,649,183 (5) Long -Term Debt The following is a summary of long-term debt transactions of the City for the period ended June 30, 1983: General Project Expenses to Obligation Future Notes Totals Authorization June 30, 1983 Committed Financing Buildings 185,000 9,321 175,679 None School 200,000 78,389 121,611 None Streets 792,629 157,715 634,914 None Electrical 15,000 6,395 8,605 None Other Projects 595,433 234,560 360,873 None 1,788,062 486,380 1,301,682 A summary of proprietary fund type property, plant and equipment at June 30, 1983 follows: Land 93,685 Building improvements and equipment 6,864,591 Pipelines and mains 12,816,122 Aircraft operational assets 121,363,814 Construction in process 6,909,849 148,048,061 Less accumulated depreciation (24,398,878) 123,649,183 (5) Long -Term Debt The following is a summary of long-term debt transactions of the City for the period ended June 30, 1983: General General Obligation Obligation bonds Notes Totals Debt payable at June 30, 1982 $12,425,000 1,200,000 13,625,000 New debt issued: 1983 BAN - 1,800,000 .1,800,000 Debt retired: Serial bonds & BAN 1,265,000 1,200,000 2,465,000 Debt payable at June 30, 1983 $11,160,000 1,800,000 12,960,000 Bonds authorized for capital projects but unissued amounted to $1,800,000 at June 30, 1983 -13- The annual requirements to amortize all debt outstanding as of June 30, 1983, including interest payments of $5,573;618 and excluding principle on the Bond Anticipation Note are as follows: Year ending June 30 1984 $ 1,870,065 1985 1,654,942 1986 1,565,374 1987 1,487,432 1988 1,410,472 1989-1993 5,194,369 '1994-1998 2,922,714 Subsequent 628,250 $16,733,618 -14- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1983 (5), Continued Bonds and notes payable at June 30, 1983, are comprised of the following individual issues: Final Annual Authorized Interest maturity serial and Balance General obligation bonds rates date payments Issued June 30, 1983 1961 Sewer 3.375% 8/01/83 $ 20,000 $ 435,000 $ 15,000 ( 15,000 in 1983) 1963 Permanent Public Improvements 3.00 9/01/83 20,000 400,000 20,000 1964 Permanent Public Improvements 3.00 3/01/84 25,000 485,000 10,000 ( 10,000 in 1984) 1965 General Public Improvement 3.10 9/01/86 15,000 315,000 60,000 1966 General Public Improvement 4.00 12/01/87 10,000 210,000 50,000 , 1966 Street and Sewer 4.00 12/01/86 5,000 100,000 20,000 1967 Interceptor Sewer and Treatment Plant 3.70 7/01/87 70,000 1,400,000 350,000 1967 Permanent Public Improvements 4.00 9/01/87 35,000 700,000 175,000 1968 Permanent Public Improvements 4.10 9/01/88 35,000 690,000 200,000 ( 25,000 in 1988) 1969 Permanent Public Improvements 5.75 8/15/89 55.000 1,060,000 345,000 ( 15,000 in 1989) 1970 Permanent Public Improvements 6.50 7/01/85 50,000 720,000 120,000 ( 20,000 in 1985) 1971 Permanent Public Improvements 4.90 5/01/91 35,000 690,000 270,000 ( 25,000 in 1991) 1972 Permanent Public Improvements 4.60 3/01/92 55,000 1,060,000 455,000 15,000 in 1992) 1973 Permanent Public Improvements 5.00 7/15/93 100,000 2,000,000 1,100,000 1975 Permanent Public Improvements 6.50 8/01/95 205,000 4,050,000 2,615,000 (155,000 in 1995) 1978 Permanent Public Improvements 5.80 7/01/98 165,000 3,260,000 2,600,000 (125.000 In 1998) 1981 Permanent Public Improvements 10.00 6/01/01 155,000 3,065,000 2,755,000 (120,000 in 2000 1982 Bond Anticipation Note 6.03 6/15/84 1,800,000 1.800,000 Total general obligation bonds and notes $22,440,000 $1960,000 The annual requirements to amortize all debt outstanding as of June 30, 1983, including interest payments of $5,573;618 and excluding principle on the Bond Anticipation Note are as follows: Year ending June 30 1984 $ 1,870,065 1985 1,654,942 1986 1,565,374 1987 1,487,432 1988 1,410,472 1989-1993 5,194,369 '1994-1998 2,922,714 Subsequent 628,250 $16,733,618 -14- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1983 (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, 1983 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: Net debt value of Statutory Debt Net debt outstanding 591,600,000 Limit margin School $ 2,652,355 10% 59,160,000 56,597,645 Sewer 2,075,130 72% 44,370,000 42,294,870 Airport 738,809 3% 17,748,000 17,009,191 All other 7,493,706 72% 44,370,000 36,876,294 $12,960,000 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: This results in a per capita City debt of $410 per capita overlapping debt of $448, ratio. of City debt to the City's June 30, 1983 assessed valuation of 2.8 percent; and a ratio of overlapping debt to June 30, 1983 assess- ment valuation of 3.1 percent. -15- Percentage Net debt applicable Overlapping Units outstanding to the City Debt City $12,960,000 100.00% $12,960,000 County 1,000,000 22.91 229,100 Bangor Recreation Center 990,000 100.00 990,000 Total $14,950,000 $14,1792100 This results in a per capita City debt of $410 per capita overlapping debt of $448, ratio. of City debt to the City's June 30, 1983 assessed valuation of 2.8 percent; and a ratio of overlapping debt to June 30, 1983 assess- ment valuation of 3.1 percent. -15- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1983 (6) General Fund - Designated Fund Balance Designated fund balances represent those portions of the General Fund fund balance specifically designated for the following: 1983 1982 Departmental balances carried forward 206,877 126,290 Automotive equipment replacement account 862,780 788,530 Bus service equipment replacement account 512,263 534,218 Fire equipment replacement account 169,142 135,030 Reserve for self insurance 399,975 211,832 School department _ 51,385 ( 64,280) Total General Fund Designated Fund Balance 2,202,422 1,731,620 (7) Contributed Capital A summary of changes in contributed capital follows: Contributed capital at June 30, 1982 119,891,944 Contributions 859,998 Depreciation on assets acquired with contributions ( 3,012,052) 117,739,890 (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 contributions and provides retirements, disability and death benefits. Employees are eligible for normal retirement upon attaining age sixty and early retire- ment after completing twenty-five or more years of creditable service. The City's contribution for the year ending June 30, 1983 approximated $1,566,000. As of June 30, 1983, the unfunded accrued 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. (9) Liquidity Problems in the Enterprise Funds 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, $162,595 has been transferred to the Hospital Fund for the fiscal period ending June 30, 1983 to meet operating needs. It is the City's -16- CITY OF BANGOR, MAINE Notes to Financial Statements June 30, 1983 (9), Continued 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 amounts advanced to these funds have been reserved in the General Fund's fund balance as they do not represent available spending resources. (10) Segments of Enterprise Activities 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, 1983 for those three services are as follows: (11) Revenue Obligation Sewer Airport Hospital Totals Operating revenues 673,490 3,710,140 1,107,323 5,490,953 Operating expenses: Interest Company Issued Amount Depreciation and amortization 345,765 2,879,785 62,470 3,288,020 Other 324,396 3,529,145 1,231,593 5,085,134 670,161 6,408,930 1,294,063 8,373,154 Operating income (loss) 31329 (2,698,790) (_186_L740) ( 2,882,201) Net loss ( 14,951) (2,800,484) ( 59,393) ( 2,874,828) Assets 17,897,052 107,693,340 909,615 126,500,007 Bonds payable 2,075,130 738,809 100,000 2,913,939 Fund equity 15,821,558 1061218,431 487,707 122,527,696 Aquisition of property, plant;and equipment 678,279 129,155 171,501 978,935 (11) Revenue Obligation Securities The City has issued the following Industrial Revenue Bonds: Date Interest Company Issued Amount Rate Winter Distribution Co. June, 1978 $ 425,000 6% Adams - Russell Co. May, 1981 $ 340,000 9-13% -17- Term 15 years (principal & interest) 15 years (principal & interest) CITY OF BANGOR, MAINE Notes to Financial Statements . June 30, 1983 (11), Continued Date Interest Company Issued Amount Rate Term 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 preperties 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) Related Party Transactions At June 30, 1983 the City was owed $681,770 from Bass Park Corp. Bass Park Corp. manages the Bangor Civic Center, Bangor Auditorium, and sur-- rounding ur=rounding fairgrounds and is responsible for the debt owed on the auditorium and improvements to the fairground. 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 Director as non-voting members. The City bills Bass Park an amount equal to the debt service obligations on the Civic Center and for other services performed. Of the $681,770 receiv- able, $571,715 was for 1983 and prior debt service obligations. Because of the uncertainty that Bass Park will be able to repay the debt service obligation within the subsequent year such amount has been set up in reserve for noncurrent receivables in the General Fund. (13) 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, 1983, 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 expenditures which may be dis- allowed by the granting agencies cannot be determined at this time although the City expects such amounts, if any, to be immaterial. Schedule A-1 CITY OF BANGOR, MAINE General Fund Balance sheet June 30, 1983 with comparative figures for June 30, 1982 Assets 1983 1982 Cash $3,024,921 1,190,965 Receivables Taxes, including interest and liens 1,285,751 1,766,724 Accounts 874,695 872,155 Advance to Enterprise Funds 813,000 813,000 Inventory, at cost 489,577 484,607 Other assets 120,0052 132,788 Total assets $6,607,949 5,260,239 Liabilities and Fund Balances Liabilities Accounts payable 133,965 205,560 Taxes collected in advance 2,994 4,014 Deferred revenues 1,149,231 25,704 Total liabilities 1_,286,190 235,278 Fund balances: Reserved for advance to Enterprise Funds 813,000 813,000 Reserved for noncurrent receivables 681,770 622,249 Unreserved: Designated for subsequent year's expenditures 2,202,422 1,731,620 Undesignated 1,624,567. 1,858,092 Total fund balances 5,321,759 5,024,961 Total liabilities and fund balances $6,607,949 5,260,239 -19- CITY OF BANGOR, MAINE Schedule A-2 General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year ended June 30, 1983 -20- Variance - Favorable Budget Actual. (Unflavorable) Revenues: `faxes: Property Taxes $14,616,340 15,026,000 409,660 Automobile excise taxes 1,000,000 1,132,536 132,536 Interest on delinquent taxes 200,000 241,773 41,773 Total taxes 15,816,340 16,400,309 583,969 Intergovernmental revenues: Peder.al. revenue sharing 1,100,000 1,132,962 32,962 State revenue sharing 650,000 820,189 170,189 School. subsidy 3,167,455 3,292,737 125,282 Payment in lieu of. Mixes 42,000 46,000 4,000 Other 310,113 316,532 6,419 Total intergovernmental revenue 5,269,568 5,608,420 338,852 Lh-L uses and permits 160,475 145,881 ( 14,594) charges for services 1,036,417 1,120,140 83,723 Fines, forfeits, and penalties 73,700 62,615 ( 11,085) 1:,�venue from use of money and property 672,776 1,058,435 385,659 Reimbursements 325,730 292,549 ( 33,181) Total revenues 23,355,006 24,688,349 1,333,343 I.xpenditures : General government: 9,054 9,682 ( 628) Council Executive 219,289 201,927 17,362 City Clerk 172,958 171,177 1,781 Finance 296,863 278,204 18,659 Registration of voters 12,889 14,138 ( 1,249) Assessment 90,446 98,000 ( 7,554) 1.0gal 82,340 81,884 456 Personnel. 65,856 63,722 2,134 I.conomic development & research 62,101 61,014 1,087 Insurance 384,691 366,693 17,998 Contributions to other -agencies .19,925 9,925. 10,000 Planning 66,163 64,766 1,397 Total general government 1,482,575 1,421,132 61,443 Public safety: 1,843,874 1,794,730 49,144 Police 2,350,066 2,348,363 1,703 Fire Code enforcement 124,199 119,894 4,305 Total public safety 4,318,139 4,262,987 55,152 -20- Schedule A-2 Con't. CITY OF BANGOR, MAINE General Fund Statement of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual, Continued -21- Variance - Favorable Budget Actual (Unfavorable) Expenditures, Continued: Health, welfare, and recreation: Health 223,035 205,594 17,441 Welfare 423,790 604,796 ( 181,006) Parks and recreation 551,084 573,732 ( 22,648) Total health, welfare, and recreation 1,197,909 1,384,122 ( 186,213) - Public buildings and services Public buildings 97,940 97,023 917 Public services 2,496,619 2,353,471 143,148 Motor Pool 747,762 806,445 ( 58,683) Private school services 148,800 134,834 13,966 Total public buildings and services 3,491,121 3,391,773 99,348 Other agencies: Taxes paid to county 389,817 389,817 - Public Library 300,000 300,000 - Total other agencies 689,817 689,817 - Education 10,593,453 10,414,896 178,557 Other appropriations: Overlay (allowance for uncollectible taxes) - 58,184 ( 58,184)- Bad debt expense - 15,303 ( 15,303) Recreation district tax 178,730 191,510 ( 12,780) Pensions and other fringe benefits 114,343 109,860 4;483 Contingency 6,848 21,412 ( 14,564) Debt service 1,053,234 1,052,511 723 Total other appropriations _1,353,155 1,448,780 (. 95,625) Total expenditures 23,126,169 23,013,507 112,662 Excess of revenues over expenditures 228,837 _1,674,842 1,446,005 Other financing uses - Operating transfers out 228,837 162,595 66,242 Excess of revenues over expenditures and'other uses - 1,512,247 1,512,247 Fund balance at beginning of period as previously reported 5,024,961 Less adjustment to:record deferred property tax revenue 1,490,000 Fund balance beginning of year as adjusted 3,534,961 Net addition to replacement accounts 274,551 Fund balance at end of period 5,321,759 -21- Schedule B-1 CITY OF BANGOR, MAINE Special Revenue Funds Balance.Sheet June 30, 1983 with comparative totals for June 30, 1982 Assets 1983 1982 Cash $ 24,324 $ 68,973 Other assets 3,410 339 27,734 69,312 Fund Equity Reserve for encumbrances 372 141 Designated fund balance 27,362 69,171 $ 27,734 $ 69,312 -22- Schedule B-2 CITY OF BANGOR, MAINE Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance, Year ended June 30, 1983 Community Development Block Grant Unexpended Authorization Actual Balances Revenues: Intergovernmental $1,571,568 699,028 872,540 Program Income - 69,719 ( 69,719) 1,571,568 768,747 8021821 Expenditures: Acquistion of real property 111.2,096 11,974 130,122 Public works facilities site improvements 216,138 155,611 60,527 Code enforcement 29,224 17,882 11,342 Clearance, demolition, rehabilitation 25,111 7,454 17,657 Disposition of real property 11,997 4,491 7,506 Completion of urban renewal, NDP projects 7,442 119,809 (112,367) Relocation payments and assistance 155,124 23,933 131,191 Planning and management development 28,375 3,643 24,732 Administration 91,093 128,649 ( 37,556) Contingencies 204,541 48,686 155,855 Rehabilitation and preservation activities 274,087 285,181 ( 11,466) . Planning & Urban Environmental Design ( 11,310) 218 ( 11,528) Loss of rental income 1,300 - 1,300 Economic Development 180,000 - 180,000 Facade Improvements 185,000 - 185,000 Public Housing Modernization 5,000 2,794 2,206 $1,545,218 810,323 734,521 Excess of revenues over expenditures 26,350 ( 41,578) 68,300 Fund balances at beginning of period 69,312 Fund balances at end of period 27?734 -23- CITY OF BANGOR, MAINE Capital Projects Funds Combined Balance Sheet,, June 30, 1983 with comparative figures for June 30, 1982 Assets Cash Securities Receivables: Accounts Deferred special assessments: Sewer construction Street construction Due from other governments Due from enterprise fund Liabilities and Fund Balances Liabilities - accounts payable Fund Balances: Reserved for encumbrances Unreserved: Designated for capital project expenditures Undesignated: Future construction - General Fund Future construction - Sewer.Utility Fund Future construction - Airport Fund Future construction - Downtown Development Deferred special assessments Total fund balances -24- Schedule C-1 1983 1982 $ 200,639 972,162 1,600,000 900,000 18,554 315,597 338,028 345,356 245,786 253,585 350,836 361,582 100,000 100,000 $2,853,843 3,248,282 114,528 193,856 817,031 1,160,418 659,963 314,924 429,712 538,140 515,592 52,263 47,165 10,428 65,350 583.814 598,941 2,853,843 3,133,754 $2,853,843 3,248,282 Schedule C-2 CITY OF BANGOR, MAINE Capital Projects Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year ended June 30, 1983 Other financing sources: Operating transfers in (out) Proceeds from bonds anticipation notes - 400,000 - 400,000 Excess (deficency) of revenues and other sources over expend- itures and other uses ( 9,321) 100,672 Fund balances at beginning of period 185,000 458,855 Transfers from (to) reserves for future construction - ( 33,539) Completed projects, remaining fund balances closed out - 372 Fund balances at end of period $175,679 526,360 (170,000) 170,000 ' - Sever Reserves for - - 600,000 - - (170,000) 170,000 Other Hospital Utility Airport future 477 ( 62,537) Buildings Streets Electrical Schools Projects Fund Fund Fund Construction Total Revenues: - - - - - - - 100,378 100,378 Interest income - - - - 398,554 (35,755) 1,499,569 2,853,843 62,717 62,717 Special assessments Intergovernmental - - - 25,268 - - 7,303 - 505,695 115,744 - 654,010 Miscellaneous 2,092 - - 7,582 _ _ _ 33,394 43,068 Total revenues 27,360 - - 14,885 - 505,695 1.15,744 196,489 860,173 Expenditures: Capital additions 9,321 326,688 - 771276 193,947 169,523 763,639 114,384 - 1,654,778 Miscellaneous - - - - - _ 4,593 - 80,714 85,307 Total expenditures 9,321 326,688 - 77,276 193,947 169,523 768,232 114,384 80,714 1,740,085 Excess (deficiency) N of revenues over expenditures ( 9,321) (299,328) - ( 77,276) (179,062) (169,523) (262,537) 1,360 115,775 - ( 679,912) Other financing sources: Operating transfers in (out) Proceeds from bonds anticipation notes - 400,000 - 400,000 Excess (deficency) of revenues and other sources over expend- itures and other uses ( 9,321) 100,672 Fund balances at beginning of period 185,000 458,855 Transfers from (to) reserves for future construction - ( 33,539) Completed projects, remaining fund balances closed out - 372 Fund balances at end of period $175,679 526,360 (170,000) 170,000 - 200,000 - - 600,000 - - (170,000) 170,000 200,000 - - 600,000. - (. 77,276) (349,062) 477 ( 62,537) 1,360 115,775 ( 279,912) 8,605 - 472,819 - 389,183 (37,467) 1,656,760 3,133,755 - 169,500 60,000 - 78,503 - ( 274,464) - _ 4,373 - ( 6,595) 352 1,498 - 8,605 92,224 188,130 477 398,554 (35,755) 1,499,569 2,853,843 Assets Current assets: Cash (cash overdraft) Accounts receivable Less allowance for estimated uncollectible accounts Net accounts receivable Inventory, at cost Prepaid expenses Total current assets 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 $333,838 in 1983 and $286,708 in 1982 Liabilities and Fund Equity Current liabilities: Accounts payable Due to Capital Projects Funds Current installments - general obliga- tion bonds Bond 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 Contributed capital: City Federal, state, and other contributions Customers Total contributed capital Retained earnings (deficit) Total fund equity Schedule D-1 CITY OF BANGOR, WNE 185,531 100,000 ` Enterprise Funds 340,721 300,000 Combining Balance Sheet 626,252 813,000 813,000 " June 30, 1983 2,613,880 3,097,881 3.426,880 with comparative totals for June 30, 1982 Sewer Utility Airport Hospital Totals _ Fund Fund Fund 1983 1982 $ 362,525 ( 396,346) ( 63,134) ( 96,955) 140,708 i 137,183 518,299 201,751 857,233 671,946 508 57,139 .16,502 74,149 66,967 136,675 461,160 185,249 783,084 604,979 - 83,138 - 83,138 68,866 4,889 56,005 4,433 65,327 74,112 504,089 203,957 126,548 834,594 888,665 ` 58,425 5,268,234 12,816,122 2,578 178 20,720,959 4,361.275 16,359,684 1,033,279 $17,897,052 364 226,828 200,000 427,192 1,648,302 1,648,302 2,075,494 5,802,204 6,100,044 477.075 12,379,323 3,442,235 15,821,558 $17,897,052 35,260 1,596,357 121,363,814 - 4,162,146 169,523 125,525,960 1,801,140 19,019,530 1,018,073 106,506,430 783,067 16,791 - 93,685 93,686 6,864,591 6,855,873 12,816,122 12,743,409 121,363,814 121,318,691 6.909.847 6,057,463 148,048,059 147,069,122 24.398.878 21,157,925 123,649,181 125,911,197 1,050,070 772,504 966,162 966,162 1,013;292 107,693,340 909,615 126,500,007 128,585,658 136,100 8,908 100,000 - 102,230 - 100,000 338,330 108.908 500,000 313,000 636,579 - 1,136,579 313,000 1,474,909 421,908 - 75,251 104,702,615 592,701 104,702,615 667,952 1,515,816 ( 180,245) 106,218,431 487,707 107,693,340 909,615 -26- 145,372 185,531 100,000 100,000 329,058 340,721 300,000 874,430 626,252 813,000 813,000 " 2,284,881 2,613,880 3,097,881 3.426,880 3,972,311 4,053,132 5,877,455 5,944,848 111,395,360 113,501,146 477,075 4451950 117.749,890 119,891,944 4,777,806 4,640,582 122,527,696 124,532,526 126,500007 128,585,658 CITY OF BANGOR, MAINE Schedule D-2 Enterprise Funds Combining Statement of Revenues, Expenses ' and Changes in Retained Earnings Year ended June 30, 1983 Sewer Utility Airport Hospital Fund Fund Fund Total )Ijerating revenues - charges for services $ 673,490 3,710,140 1,107,323 5,490,953 )Iwrating expenses: operating expenses other than depreciation 324,396 3,529;145 1,231,593 5,085,134 U,-preciation and Amortization: On assets acquired with own funds 77,844 195,047 3,077 275,968 On assets acquired with contributions 267,921 2,684,738 59,393 3,012,052 Total operating expense 670,161 6,408,930 1.,294,063 8,373,154 Operating income (loss) 3$29 (2,698,790) ( 186,740) (2,882,201) Nun -operating Revenue (Expense): Interest income 90,886 6,113 - 96,999 Interest expense ( 109,166) ( 107,807) ( 35,248) ( 252,221) Operating transfer from General Fund - - 162,595 162,595 .Net non-operating revenue (expense) ( 18,820) ( 101,694) _127,347 7,373 Net loss ( 14,951) (2,800,484) ( 59,393) (2,874,828) Its-Ldined earnings (deficit) at 3,189,265 1,631,562 ( 180,245) 4,640,582 beginning of. period U,-pruciation and amortization on assets acquired with contributions 267,921 2,684,738 59,393 3,012,052 ReLained earnings (deficit) at end of S 3,442,235 1,515,816 ( 1.80,245) 4,777,806 period -27- Schedule D-3 CITY OF BANGOR, MAINE -28- Enterprise Funds Combining Statement of Changes in Financial Position ' Year ended June 30, 1983 Sewer Utility Airport Hospital Fund Fund Fund Total Sources of working capital: Operations: Net loss $( 14,951) (2,800,484) ( 59,393) (2,874,828) Items not requiring working capital - depreciation and amortization 345,765 2,879,785 62,470 3,288,020 Working capital provided by operations 330,814 79,301 3,077 413,192 Contributions: City - - 69,523 69,523 Customers 36,929 - - 36,929 Federal, state, and other 647,864 115,744 - 763,608 Deposits for capital projects - - - - Decrease in working capital 160,197 43,151 98,901 302,249 $ 1,175,804 238,196 171,501 1,585,501 Uses of working capital: Deposits for capital projects 270,756 6,810 - 277,566 Acquisition of property, plant and equipment 678,279 129,155 171,501 978,935 Current installment general obligation bonds 226,769 102,231 329,000 $ 1,175,804 238,196 171,501 1,585,501 Elements of net increase (decrease) in working capital: Cash ( 7,661) ( 148,152) ( 81,850) ( 37,663) Accounts receivable 30,795 67,584 79,726 178,105 Inventory - 14,272 - 14,272 Prepaid expenses ( 6,619) ( 2,147) ( 19) ( 8,785) Accounts payable 11,536 25,381 3,242 40,159 Current installments of long-term ( 188,248) ( 89) (100,000) ( 288,337) debt and notes payable ' Net decrease in working capital $ ( 160,197) ( 43,151) ( 98,901) ( __302,249) -28- Cash, including time deposits of $80,000 in 1983 and $110,000 in 1982 Investments, at cost (Market Value, 1983 - $370,035 1982 - $337,295) Receivables: Accounts Loans from students i N i Liabilities and Fund Balances Liabilities - Amounts held by agency fund for others Fund balances: Reserved for loans Reserved for endowments Unreserved - designated for subsequent expenditures Total fund balances Schedule E-1 203,441 203,441 238,279 - 58,326 - - 58,326 54,838 474,711 - - - 474,711 461,736 - - 124,269 - 124,269 103,552 $ 474,711 58026 124,269 - 657,306 620,126 $ 474,71158,326 124,269 203,441 860,747 858,405 CITY OF BANGOR, MAINE Fiduciary Funds Combining Balance Sheet June 30, 1983 with comparative totals for June 30, 1982 Nonexpendable Trust Funds Expendable Revolving Trust Funds Endowment Loan Endowment Agency Totals Principal Principal Revenues Fund 1983 1982 $ 96,606 1,198 124,269 189,434 411,507 432,159 378,105 24,488 - - 402,593 396,131 - - - 14,007 14,007 3,385 - 32,640 - - 32,640 26,730 $ 474,311 58,326 124,269 203,441 860,747 858,405 203,441 203,441 238,279 - 58,326 - - 58,326 54,838 474,711 - - - 474,711 461,736 - - 124,269 - 124,269 103,552 $ 474,711 58026 124,269 - 657,306 620,126 $ 474,71158,326 124,269 203,441 860,747 858,405 Schedule E-2 CITY OF BANGOR, MAINE Expendable Trust Funds Combined Statement of Revenues, Expenditures and Changes in Fund Balance Year ended June 30, 1983 Total Revenues $ -0- Expenditures: Perpetual care fees 105000 Distribution of earnings to Home for Aged Woman 2,529 Other payment to beneficiaries 2,859 Total expenditures 15,388 Excess of expenditures over revenues 15,388 Other financing sources - operating transfers in 36,105 Excess of revenues and other financing sources over expenditures 20,717 Fund balances at beginning of period 103,552 Fund balances at end of period $124,269 -30- Schedule E-3 CITY OF BANGOR, MAINE Nonexpendable Trust Funds Combining Statement of Revenues, Expenses, and Changes in Fund Balances Year ended June 30, 1983 -31- Revolving Endowment Loan Principal Principal Total Operating revenues: Interest $ 37,295 3,488 40,783 Lot sales 6,125 - 6,125 Gain on sale of investments 5,660 - 5,660 Income before oper- ating transfers , 49,080 3,488 52,568 Transfer to expendable trust 36,105 - 36,105 Net income 12,975 3,488 16,463 Fund balances at beginning of period 461,736 54,838 516,574 Fund balances at end of period $ 474,711 58,326 5332037 -31- CITY OF BANGOR, MAINE Assessed Valuation, Commitment and Collections Year ended June 30, 1983 Valuation: Land and Buildings $420,325,190 Personal property 42,570,130 Total valuation 462,895,320 Commitment: Real estate and personal property $462,895,320 Tax rate .3168 Total commitment Add: Supplemental taxes committed Less: Collections - 1983 Abatements 1.983 Taxes receivable at June 30, 1983 -32- 14,664,524 1,476 14,666,000 13,957,974 44,919 $ 663,107 Table 1 CITY OF BANGOR, MAINE Property Tax Valuations, Levies and Collections Last Ten Fiscal Periods Calendar Assessed Property Property Collections In %-age of Year Valuation Tax Rate Tax Levy Year of Levy Collections 1974 $217,917,260 42.00 8,927,713 8,535,848 95.6 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 6,975,7.7.7 90.3 1983 462,895,320 31.68 14,664,524 13,957,974 95.2 * Six month period ending June 30, 1982 -33- Calendar Year 1974 1975 1976 1977' 1978 1979 1980 1981 1982* 1983 Tax Rate $42.00 45.00 45.30 44.20 21.00 22.15 27:00 30.90 16.95 31.68 CITY OF BANGOR, MAINE Local Assessed Valuations Last Ten Fiscal Periods Total Assessed Valuation 217,917,260 227,784,640 235,479,850 207,516,620 402,443,210 439,217,620 452,386,680 456,484,410- 455,736,970 56,484,410455,736,970 462,895,320 * Six month period ending June 30, 1982 -34- Real Propert 167,115,310 173,207,070 179,132,420 184,802,520 369,321,000 401,043,500 411,926,970 416,146,390 415,706,430 420,325,190 Table 2 Personal Propert 50,801,950 54,577,570 56,347,430 22,714,1.00 33,122,210 38,174,120 40,459,710 40,338,020 40,030,540 42,570,130 Table 3 CITY OF BANGOR, MAINE General Fund Expenditures by Function Last Ten Fiscal Periods Public Calendar General Public Recreation Health and Taxes Paid Buildings 6 Public 'Services Education Debt Service Designated Fund Balance Other Total Year Gov't. Safety Welfare to County $ 835,392 1,804,724 1,242,632 157,869 1,793,088 6,802,833 1,463,141 506,900 866,427 15;473,006 1974 1,493,873 270,000 2,200,051 7,539,640 767,729 523,000 19126,300 17,062,754 1975 990,922 2,151,239 1976 1,015,975 2,295,425 1,587,810 246,240 2,400,524 7,988,330 923,476 62,000 1,589,670 18,109,450 1977 955,180 2,537,640 1,509,980 206,811 2,898,632 8,154,208 972,573 - 1,521,205 18,756,229 1978 1,059,946 3,133,111 1,8799352 223,380 3,319,288 8,835,493 898,134 - 712,683 20,061,387 1979 1,048,760 3,329,734 2,009,184 232,933 2,950,231 9,283,418 1,131,435 - 640,209 20,625,904 1980 1,166,412 3,6559703 1,337,476 261,554 3,149,476 9,548,763 1,114,296 - 630,109 20,863,789 ie 1981 1,153,910 3,973,885 1,128,013 364,753 3, 416,166 10,225,919 1,121,820 - 656,239 229040,705 1982* 735,625 2,056,660 598,959 - 1,863,254 5,7649457 302,585 - 353,975 .11,675,515 1,421,132 4,262,987 1,384,122 389,817 3,391,773 10,414,896 1,052,511 - 696,269 23,013,507 1983 * Six month period ending June 30, 1982 Table 4 CITY OF BANGOR, MAINE General Fund Revenue by Source Last Ten Fiscal Periods * Six month period ending June 30, 1982 Licenses Fines Charges Calendar Property Other and and Use of Money Intergovernmental For Totals Year Taxes Taxes Permits Forfeits and Property Revenue Services Reimbursements Revenues 1974 $ 8,927,829 623,593 111,580 34,187 381,412 4,503,017 589,206 956,823 16,127,647 1975 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 639541 6199050 69073,955 787,657 246,539 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 i 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 * 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 Calendar Year Principal Interest 1974 $1,456,814 480,252 1975 747,754 472,680 1976 792,474 499,448 1977 792,476 534,787 1978 759,360 461,101 1979 932,532 478,775 1980 821,939 575,120 1981 821,939 683,121 1982* 237,796 336,395 1983 568,767 483,744 * Six month period ending June 30, 1982 Table 5 Total Total Ratio of Debt General Bonded General Fund Service to Total Debt Service Expenditures General Expenditures 1,937,066 15,473,006 12.519 1,220,434 17,062,754 7.153 1,291,922 18,109,450 7.134 1,327,263 18,756,230 7.076 1,220,461 20,061,387 6.084 1,411,307 20,625,904 6.842 1,397,059 20,863,789 6.670 1,505,060 22,040,705 6.829 574,191 11,675,515 4.918 13052,511 23,013,507 4.573 Table 6 CITY OF BANGOR, MAINE Debt Service Requirements to Maturity General Obligation Bonds, Im Total Year Principal Interest Requirement 1984 $1,035,000 835,065 1,870,065 1985 990,000 664,942 1,654,942 1986 960,000 605,374 1,565,374 1987 940,000 547,432 1,487,432 1988 920,000 490,472 1,410,472 1989 795,000 436,244 1,231,244 1990 730,000 386,079 1,116,079 1991 705,000 '338,437 1,043,437 1992 640,000 291,836 931,836 1993 625,000 246,773 871,773 Subsequent 2,820,000 730,964 3,550,964 Im CITY OF BANGOR, MAINE Ratio of General Bonded Debt to Assessed Value and General Bonded Debt Per Capita Last Ten Fiscal Periods Calendar Year Bonded Debt Valuation 1974 $12;128,200 217,917,260 1975 13,302,760 227,784,640 1976 13,614,320 235,479,850 1977 12,485,880 207,516,620 1978 13,188,440 402,443,210 1979 15,025,000 439,217,620 1980 13,860,000 452,386,680 1981 12,695,000 456,484,410 1982* 13,625,000 455,736,970 1983 12,960,000 462,895,320 Ratio of General Bonded Debt .to Assessed Value 5.6 5.8 5.8 6.0 3.3 3.4 3.1 2.8 3.0 2.8 Table 7 General Bonded** Debt Per Capita* $362.82 397.95 407.27 373.52 394,53 449.47 438.02 401.20 430.58 409.57 Six month period ending June 30, 1982 ** Based on 1970 population of 33,428 through 1979 and 1980 population of 31,643 thereafte'r -39-