1982CITY OF BANGOR, MAINE
CAF9 1992w
Financial Statements
and Other Financial Information
For The Period Ended June 30,1982
THEODORE C. JELLISON
Finance Director
CITY OF BANGOR, MAINE
Annual Financial Report
June 30, 1982
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
7-18
ADDITIONAL INFORMATION: Schedule
Governmental Funds:
General Fund:
Balance Sheet A-1 19
Statement of Revenues, Expenditures, and Changes in
Fund Balances-- 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
J
CITY OF BANGOR, MAINE
Table of Contents, continued
Additional Information, continued:
Schedule
Page(s)
Proprietary Funds:
Local Assessed Valuations -
Last Ten Fiscal Periods
Enterprise Funds:
34
General Fund Expenditures by
Combining Balance Sheet
D-1
26
Combining Statement of Revenues, Expenses, and
3
Changes in Retained Earnings
D-2
27
Combining Statement of Changes in Financial Position
D-3
28
Fiduciary Funds
Trust and Agency Funds
Expenditures - Last Ten Fiscal
Combining Balance Sheet
E-1
29
Expendable Trust Funds - Combined Statement of
37
Debt Service Requirements to
Revenues, Expenditures, and Changes in Fund
6
38
Balance
E-2
30
Nonexpendable Trust Funds - Combining Statement of
Debt per' Capita - Last Ten
Fiscal Periods
Revenues, Expenses and Changes in Fund Balance
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 Revenues 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
RPeat.,Marwick, Mitchell &Co
Accountants' Report
The Honorable Mayor, City Council and City Manager
City of Bangor, Maine:
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 six months ended June 30, 1982, 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, 1982, and the
results of its operations and the changes in financial position of the
proprietary fund types and similar trust funds for the six months then ended,
in.conformity with generally accepted accounting principles applied on a basis
consistent with that of the preceding year.
Our examination was made for the purpose of forming an opinion on the
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 27, 1982
Assets and Other Debits
Cash, including time deposits of
$1,060,000 In 1982 and $3,050,000
in 1981.
Investments, at cost (market value
1982 - $337.295 1981 - $334.799)
Receivables (net, where applicable, of
allowance for estimated uncollectible
accounts of $121,257 in 1982 and
$147.408 in 1981):
Taxes, including Interest, penalties
and liens (note 2)
Accounts (note 12)
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, 1982
with comparative totals for December 31, 1981
Proprietary Fiduciary
Governmental Fund Types Fund Type Fund Type Account Groups
General General
Special Capial Enterprise Trust and Fixed Long-term
General Revenue Projects (Notes 9 G 10) Agency Assets Debt
$ 1,190,965 68,973 1,872,162
1,766,724 - -
872,155 - 315,597
598,941
- 1361,582
- - 100,000
813,000 - -
484,607 -
- 339
140,708
604,979
68,866
74,112
125,911,197
- - - 772,504
132,788 - 1,013,292
$ 5,260,239 69,312 3,248,282 128,585,658
Exhibit 1
Totals
1982 1981
432,159 3,704,967 3,166,826
396,131 - - 396,131 396,345
1,766,724 1,274,275
3,385 - 1,796,116 1,224,653
26,730 - - 26,730 26,664
- 598,941 605,150
- - - 361,582 734,925
- 100,000 100,000
- 813,000 813,000
- 553,473 562,953
- 74,451 26,227
- 37,729,760 - 163,640,957 163,927,443
10,670,399 10,670,399 9,708,414
- 772.504 1,239,995
1,146,080 1,048,784
858,405 37,729,760 10,670.399 186,422,055 164,855,654
Liabilities
Accounts.payable
Taxes collected in advance
Amounts held by agency funds
for others
Deferred revenues
Due to capital projects funds
Advance from general fund (note 9)
General obligation bonds and notes
payable (note 5)
Total liabilities
Fund Equity
Contributed capital (note 7)
Investment in general fixed assets (note 4
Retained earnings
Fund balance:
Reserved for:
Encumbrances
Advance to enterprise funds (note 9)
Noncurrent receivables (note 12)
Loans
Endowments
Unreserved:
Designated for subsequent years
expenditures (note 6)
Undesignated
Total retained earnings/
fund balances
Total fund equity
Commitments and contingent liabilities
(notes 4 and 13)
Exhibit 1 Con't.
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
General Revenue Projects (Notes 9 F 10) Agency Assets Debt 1982 1981
S 205,560 - 114,528 185,531 - - - 505,619 667,852
4,014 - - - - - - 4,014 52,761
238,279 - - 238,279 236,684
25,704 - - - - - - 25,704 35,813
- - - 100,000 - - - 100,000 100,000
813,000 - - - 813,000 813,000
- - - 2,954,6o1 - - 10,670,399 13,625,000 12,695,000
235,278 - 114,528 4,053,132 238,279 10,670,399 15,311,616 14,601,110
- - - 119,891,944 - - - 119,891,944 120,402,331
- - - - - 37,729,760 - 37,729,760 37,704.724
- 4,640,582 - - - 4,640,582 4,828,689
- 141 817,031 - - - - 817,172 2,058,258
813,000 - - - - - 813,000 813,000
622,249 - - - - -- 622,249 456,890
- - - - 54,838 - - 54,838 53,746
- - - 461,736 - - 461,736 455,622
1,731,620
69,171
659,963 -
1,858,092
-
1,656,760 -
5,024,961
69,312
3,133,754 4,640,582
5,024,961
69,312
3,133,754 124,532,526
$ 5,260,239
69,312
3,248,282 128,585,658
See accompanying notes to financial statements.
103,552 - - 2,564,306 543,957
- - - 3,514,852 2,937,327
620,126 - - 13,488,735 12,147,489
620,126 37,729,760 - 171,110 439 170,254,544
858,405 37,729,760 10.670.399 186,422,055 184,855,654
CITY OF BANGOR, MAINE
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental
Fund Types and Expendable Trust Funds
Six Months ended June 30, 1982
Revenues:
Taxes (note 2)
Special assessments
Intergovernmental
Licenses and permits
Charges for services
Fines, forfeits, and penalties
Revenue from use of money and
property
Reimbursements
Gifts
Miscellaneous
Total revenues
Expenditures:'
General government
Public safety
Health, welfare, and recreation
Public buildings and services
Other agencies
Education
Other appropriations
Community Development Block Grant
Perpetual care fees
Distribution to beneficiaries
Capital projects
Total expenditures
Excess (deficiency) of revenues
over expenditures
Other financing sources ,(uses):
Operating transfers in
Operating transfers out
Proceeds from bond anticipation notes
Excess of revenues and
other sources over expend-
itures and other uses
Fund balances at beginning of period
Net addition to replacement accounts
Fund balances at end of period
Governmental Fund Types
Special
Capital
General
Revenue
Projects
S 8,469,640
-
-
-
-
53,951
2,271,553
251,946
1,048,128
93,115
-
-
519,113
-
-
29,324
-
-
523.702
-
26,823
240,270
-
-
-
-
42,885
12,146,717
251,946
1,171,787
735.626
-
-
2,056,660
-
-
598.959
-
-
1,863.254
-
-
145,000
-
-
5,764,457
-
-
SI1.559
-
-
-
198,431
-
-
-
1,346,291
11,675,S15
198,431
1,346,291
Fiduciary
Fund Type
Expendable
Trust
300
.300
5,000
9,645
14,645
Exhibit 2
Total
8,469,640
53,951
3,571;627
93,115
519,113
29,324
550,525
240,270
300
42,885
13,570,750
735,626
2,056,660
598,959
1,863,254
145,000
5,764,457
511,559
198,431
5.000
9,645
1,346,291
13,234,882
471,202 53,515 ( 174,504) ( 14,345) 335,868
21,418 21,418
107,507) ( 156,500) - ( 264,007)
- 1,200,000 1,200,000
107,507 - 1,o43,5oo 21,418 957,411
363.695 53,515 868,996 7,073 1;293.279
4;432,398 15,797 2,264,758 96,479 6,809,432
228.868 228,868
5 5,024,961 69,312 3,133,754 103,522 8,331,579
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
Six Months ended June 30, 1982
See accompanying notes to financial statements
-4-
Variance -
Favorable
Budget
Actual
.(Unfavorable)
Revenues:
Taxes (note 2)
$ 8,429,746
8,469,640
39,894
Intergovernmental
2,263,089
2,271,553
8,464
Licenses and permits
90,080
93,115
3,035
Charges for services
628,074
519,113
(108,961)
Fines, forfeits, and penalties
37,700
29,324
( 8,376)
Revenue from use of money and property
346,473
523,702
177,229
Reimbursements .
198,393
240,270
41,877
Total revenues
11,993,555
12,146,717
153,162
Expenditures:
General governmental
753,145
735,626
17,519
Public safety
2,061,316'
2,056,660
4,656
Health, welfare, and recreation
567,091
598,959
( 31,868)
Public buildings and services
1,940,869
1,863,254
77,615
Other agencies
145,000
145,000
-
Education
5,875,000
5,764,457
110,543
Other appropriations
558,030
511,559
46,471
Total expenditures
11,900,451
11,675,515
224,936
Excess of revenues over expenditures
93,104
471,202
378,098
Other financing uses -
Operating transfers out
93,104
107,507
( 14,403)
93,104
107,507'
( 14,403)
Excess of revenues over
expenditures and other uses
-0-
363,695
363,695
Fund balance at beginning of period
4,432,398
4,432,398
Net addition to replacement accounts
-
228,868
Fund balance at.end of period
$ 4,432,398
5,024,961
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
Six Months ended June 30, 1982
Proprietary
Fund Type
Enterprise
(Notes 9 & 10)
Operating revenues:
Exhibit 4
Fiduciary
Fund Type
Nonexpendable
Trust Total
Charges for services $
2,473,877
-
2,473,877
Interest
-
23,192
23,192
Lot sales
-
1,950
1,950
Total operating revenues
2,473,877
25,142
2,499,019
Operating expenses:
Operating expenses other than
depreciation
2,524,949
-
2,524,949
Depreciation and amortization:
On assets acquired with own
funds
148,281
-
148,281
On assets acquired with con-
tributions
1,499,376
-
1,499,376
Total operating expenses
4,172,606
-
4,172,606
Operating income (loss)
(1,698,729)
25,142
(1,673,587)
Nonoperating revenues (expenses):
Interest income
40,099
-
40,099
Interest expense
( 136,361)
-
( 136,361.)
( 96,262)
-
( 96,262)
Income (loss) before
operating transfers
(1,794,991)
25,142
(.1,769,849)
Operating transfers in
107,508
-
107,508
Operating transfers out
-
( 17,936)
( 17,936)
Net income (loss)
(1,687,483)
7,206
(1,680.,277)
Retained earnings/fund balances at
beginning of period
4,828,689
509,368
5,338,057
Depreciation and amortization on
assets acquired with contributions
1,499,376
-
1,499,376
Retained earnings/fund balance at
end of period
$ 4,640,582
516,574
5,157,156
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
Six Months ended June 30, 1982
See accompanying notes to financial statements
Proprietary
Fiduciary
Fund Type
Fund Type
Enterprise
Nonexpendable
(Notes 9 & 10)
Trust
Total
Sources of working capital:
Operations:
Net income (loss)
$ (1,687,483)
7,206
(1,680,277)
Items not requiring working capital -
depreciation and amortization
1,647,657
-
1,647,657
Working capital provided by
operations
( 39,826)
7,206
( 32,620)
Contributions:
City
6,110
-
6,110
Customers
43,720
-
43,720
Federal, state, and other
939,129
-
939,129
Deposits for capital projects
467,491
-
467,491
$ 1,416,624
7,206
1,423,830
Uses of working capital:
Acquisition of property, plant,
and equipment
1,312,540
-
1,312,540
Current installment - general
obligation bonds
31,985
-
31,985
Increase in working capital
72,099
7,206
79,305
$ 1,416,624
7,206
1,423,830
Elements of net increase (decrease) in
working capital:
Cash
( 96,115)
7,354
( 88,761)
Receivables (net)
94,142
66
94,208
Investments
-
( 214)
( 214)
Inventory
( 6,800)
-
( 6,800)
Prepaid expenses
47,885
-
47,885
Accounts payable
32,987
-
32,987
Net increase in working capital
$ 72,099
7,206
79,305
See accompanying notes to financial statements
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1982
(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 i,ts cha rte r:
public safety, public works, recreation, and education.
The accounting policies of the City of Bangor, Maine conform to generally
accepted accounting principles as applicable to governmental units. The
following is a summary of the more significant policies:
(A) Basis of Presentation - Fund Accounting
The accounts of the City are organized on the basis of funds 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/
retai.ned 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, 1982
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 governmentlal 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, 1982
(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 -.order.s,.cont racts, 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, 1982
(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 ('"infras.tructure") 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)
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)
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1982
(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 projects.
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 b,een 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 state-
ments, 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
City Council has approved a change in year-end from a calander to a fiscal
June 30 year end, commencing January 1, 1982, with an interim six-month
fiscal period. Taxes are now billed on a semi-annual basis.
The City's property tax was levied January 4 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, 1981, upon which the 1982 levy was
based, was $455,736,970. The estimated market value was $591,866,195,
making the assessed value 77 percent of the estimated market value.
Taxes were due February 1 with a 28 day grace period before interest was
charged. Current tax collections for the year ended June 30, 1982 were
90.3 percent of the tax levy.
Property taxes levied for 1982 are recorded as receivables, net of estimated
uncollectibles. The net receivables collected during 1982 and expected to
(Continued)
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1982
(2), Continued
be collected in 1983 are recognized as revenues in 1982. Net receivables
estimated to be collectible subsequent to 1983 have been recognized as
revenue in 1982 and not reflected as deferred revenue. The effect of
recognizing these deferred revenues currently does not have a material.
impact on the financial statements. Prior year levies were recorded
using these same principles, and remaining receivables are reevaluated
annually.
(3) Due From Other Governments
Due from other governments includes accrued reimbursement on the fo.11ow.i;ng
capital projects:
Estimated
Expenditures
Amounts Funded
Amounts Due
Total
To
By Other
From Other
Project Costs
Date
Governments
Governments
Airport Development
Aid Project
$ 4,200,000
4,047,962
3,612,292
219,409
Kenduskeag Stream
Additions
Transfers June 30, 1982
Land
$ 2,866,190
Park
375,000
327,049
208,775
-
Penobscot River Int.
115,000
114,295
104,224
-
Penobscot Int. Sewer
2,446,701
1,463,242
1,220,014
96,903
Sewerage Facility
12,082
(2,284,771) 699,052
Public domain:
Planning
148,700
151,487.
88,560
45,270
Other projects
75,419
15,513.
24,426
-
Bridges
$ 7,360,820
6,119,548
52258,291
361,582
(4) Fixed Assets
A summary of changes in general.fixed assets follows:
Balance
Balance
Jan. 1, 1982
Additions
Transfers June 30, 1982
Land
$ 2,866,190
-
- 2,866,190
City foreclosed property
35,517
1,004
- 36,521
Buildings
15,524,558
2,207,022
- 17,731,580
Recreation Facilities
1,780,756
11,867
- 1,792,623
Construction in process
2,971,741
12,082
(2,284,771) 699,052
Public domain:
Streets
10,322,318
77,235
- 10,399,553
Sidewalks
1,285,010
-
- 1,285,010
Bridges
1,053,245
-
- 1,053,245
Parking Structures
532,184
-
- 532,184
Electrical
601,437
597
- 602,034
Storm sewers - water
lines
334,166
-
- 334,166
Other public domain
397,602
-
- 397,602
.Total public domain
14,525,962
77,832
- 14,603,794
$ 37,704,724
2,309,807
(2,284,771) 37,729,760
-12-
0
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1982
(4), Continued
Construction in process is composed of the following:
Land $ 93,686
Building improvements
and equipment 6,855,873
Pipelines and mains 12,743,409
Aircraft operational assets 121,318,691
Construction in process 6,057,463
147,069,122
Less accumulated depreciation 21,157,925
$ 125,911,197
(5) Long -Term Debt
The following is a summary of long-term debt transactions of the City for the
period ended June 30.., 1982:
General
General
Obligation
Required
Project
Expenses to
Future
Authorization
June 30, 1982
Committed
Financing
Streets 344,475
80,629
263,346
None
Electrical 15,000
6,395
8,605
None
Other Projects 962,433
612,028
341,965
None
$ 1,321,908
699,052
613,916.
A summary of proprietary fund type
property, plant
and equipment
at June 30,
1982 follows:
Land $ 93,686
Building improvements
and equipment 6,855,873
Pipelines and mains 12,743,409
Aircraft operational assets 121,318,691
Construction in process 6,057,463
147,069,122
Less accumulated depreciation 21,157,925
$ 125,911,197
(5) Long -Term Debt
The following is a summary of long-term debt transactions of the City for the
period ended June 30.., 1982:
General
General
Obligation
Obligation
bonds
Notes Totals
Debt Payable at
December 31, 1981 $ 12,695,000 - 12,695,000
New debt issued:
1982 BAN - 1,200,000 1,200,000
Debt retired:
Serial bonds 270,000 - 270,000
Debt payable at
June 30, 1982 $ 12;425,000 1,200,000 13,625,000
Bonds authorized for capital projects but unissued amounted to $1,200,000 at
June 30, 1982.
-13-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1982
(5),
Continued
Bonds and notes payable at June 30,
1982, are
comprised of
the following
individual
issues:
Final
Annual
Authorized
Interest
maturity
serial
and
Balance
General obligation
bonds
rates
date
payments
Issued
June 30, 1982
1960
Capital Improvements
3.40$
8/01/82
$ 20,000
$ 435,000
$ 15,000
( 15,000 in
1982)
1961
Sewer
3.375
8/01/83
20,000
435,000
35,000
( 15,000 in
1983)
1962
High School
3.00
8/01/82
160,000
3,200,000
160,000
1962
Kenduskeag Stream
Improvement
3.00
8/01/82
85,000
1,650,000
35,000
( 35,000 in
1982)
1963
Permanent Public
Improvements
3.00
9/01/83
20,000
400,000
40,000
1964
Permanent Public
Improvements
3.00
3/01/84
25,000
485,000
35,000
( 10,000 in
1984)
1965
General Public Improvement
3.10
9/01/86
15,000
315,000
75,000
1966
General Public Improvdment
4.00
12/01/87
10,000
210,000
60,000
1966
Street and Sewer
4.00
12/01/86
51000
100,000
25,000
1967
Interceptor Sewer
and Treatment
Plant
3.70
7/01/87
70,000
1,400,000
420,000
1967
Permanent Public
Improvements
4.00
9/01/87
35,000
700,000
210,000
1968
Permanent Public
Improvements
4.10
9/01/88
35,000
690,000
235,000
( 25,000 in
1988)
1969
Permanent Public
Improvements
5.75
8/15/89
55,000
1,060,000
400,000
( 15,000 in
1989)
1970
Permanent Public
Improvements
6.50
7/01/85
50,000
720,000
170,000
( 20,000 in
1985)
1971
Permanent Public
Improvements
4.90
5/01/91
35,000
690,000
305,000
( 25,000 in
1991)
1972
Permanent Public
Improvements
4.60
3/01/92
55,000
1,060,000
510,000
( 15,000 in
1992).
1973
Permanent Public
Improvements
5.00
7/15/93
100,000
2,000,000
1,200,000
1975
Permanent Public
Improvements
6.50
8/01/95
205,000
4,050,000
2,820,000
(155,000 in
1995)
1978
Permanent Public
improvements
5.80
7/01/98
165,000
3,260,000
2,765,000
(125,000 in
1998)
1981
Permanent Public
Improvements
10.00
6/01/01
155,000
3,065,000
2,910,000
(120,000 in
2000)
1982
Bond Anticipation
Note
8.88
6/15/83
1,200,000
1,200,000
Total general
obligation bonds
and notes
$,125,000
$13,625,000
The annual requirements to.amortize all debt outstanding as of June 30, 1982, including interest payments of
$6,650,390 and excluding principle on the Bond Anticipation Note are as follows:
Year ending
June 30
1983 $ 2,163,562
1984 1.761,450
1985 1.655,017
1986 1,565.374
1987 1,487,432
1988 - 1992 5,832,723
1993 - 1997 3,419,297
Subsequent 1,190,535
$19,075,390
-14-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1982
(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, 1982 and related limitations:
Percent of
state assessed
Net debt
value of
Statutory
Debt
outstanding
574,950,000
Limit
margin
School $ 3,007,745
10%
57,495,000
54,487,255
Sewer 2,114,665
71%
43,121,250
41,006,585
Airport 840,732
3%
17,248,500
16,407,768
All other 7,661,858
71%
43,121,250
35,459,392
$13,625,000
1,040,000
100.00
1,040,000
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 $430; per capita overlapping debt
of $474; ratio of City debt to June 30, 1982 assessed valuation of 3.0 per-
cent; and a ratio of overlapping debt to June 30, 1982 assessment valuation
of 3.3 percent.
-15-
Percentage
Net Debt
Applicable
Overlapping
Units
Outstanding
to the City
Debt
City
13,625,000
100.00
13,625,000
County
1,480,000
23.34
345,432
Bangor Recreation
Center
1,040,000
100.00
1,040,000
Total
$16,145,000
15,010,432
This results in a per capita City debt of $430; per capita overlapping debt
of $474; ratio of City debt to June 30, 1982 assessed valuation of 3.0 per-
cent; and a ratio of overlapping debt to June 30, 1982 assessment valuation
of 3.3 percent.
-15-
(6)
(7)
(8)
(9)
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1982
General Fund - Designated Fund Balance
Designated fund balances represent those portions of the General Fund fund
balance specifically designated for the following:
Departmental balances carried forward
Automotive equipment replacement account
Bus service equipment replacement account
Fire equipment replacement account
Reserve for self insurance
School department appropriated fund
deficit
Total General Fund Designated
Fund Balance
1982 1981
126,290
75,537
788,530
696,46o
534,218
529,551
135,030
121,674
211,832
93,056
( 64,280) ( 65,706)
1,731,620 1,450,572
The school department's deficit will be funded by future appropriations.
Contributed Capital
A summary of changes in contributed capital follows:
Contributed capital at December 31, 1981 $120,402,331
Contributions 988,989
Depreciation on assets acquired with
contributions 1,499,376
$119,891,944
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 six months ending June 30, 1982 approximated
$604,381.
As of June 30, 1981, the unfunded accrued liability approximated $13,762,000
and is being amortized over a remaining period of twenty-four years. The
City's policy is to fund pension cost accrued. Actuarially determined vested
and nonvested benefits have not been calculated for the plan.
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.
-16-
(Continued)
CITY OF BANGOR, MAINE
Notes to Financail Statements
June 30, 1982
(9), Continued
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, $107,507 has been transferred to the Hospital
Fund for the fiscal period ending June 30, 1982 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 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, 1982 for those three services are as follows:
-17-
Sewer
Airport
Hospital
Totals
Operating revenues
311,971
1,667,086
-494,820
2,473,877
Operating expenses:
Depreciation and amortization
177,466
1,438,774
31,417
1,647,657
Other
156,774
1,780,570
587,605
2,524,949
334,240
3,219,344
619,022
4,172,606
Operating loss
22,269
1,552,528
124,202
1,698,729
Net loss
44,641
1,610,196
32,646
1,687,483
Assets
17,277,333
110,505,598
802,727
128,585,658
Bonds payable
2,113,650
840,951
-
22954,601
Fund equity
15,151,780
108,903,166
477,577
124,532,526
Aquisition of property, plant.
and equipment
1,263,875
42,225
6,440
1,312,540
-17-
CITY OF BANGOR, MAINE
Notes to Financial Statement
June 30, 1982
(11) Revenue Obligation Securities
The City has issued the following Industrial Revenue Bonds:
Date Interest
Company Issued Amount Rate Term
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 pay-
ments and property are the only security for the bondholders.
(12) Related Party Transactions
At June 30, 1982 the City was, owed $643,978 from Bass Park Corp. Bass
Park Corp. manages the Bangor Civic Center, Bangor Auditorium, and sur-
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 $643,978
receivable, $571,715 was for 1982 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', 1982, 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
disallowed by the granting agencies cannot be determined at this time
although the City expects such amounts,'if any, to be immaterial.
CITY OF BANGOR, MAINE
General Fund
Balance sheet
June 30, 1982
with comparative figures for December 31, 1981
Assets
Cash
Receivables (net of allowances for
uncollectible amounts, 1982 - $54,290.
1981 - $79_,136)
Taxes, including interest and liens
Accounts
Advance to Enterprise Funds
Inventory, at cost
Other assets
Total assets
Liabilities and Fund Balances
Liabilities:
Accounts payable
Taxes collected in advance
Deferred revenues
Total liabilities
Fund balances:
Reserved for advance to Enterprise Funds
Reserved for noncurrent receivables
Unreserved:
Designated for subsequent year's
expenditures
Undesignated
Total fund balances
Total liabilities and fund balances
M
1982
$ 1,190,965
1,766,724
872,155
813,000
484,607
132,788
$ 5,260,239
205,560
4,014
25,704
235,278
813,000
622,249
1,731,620
1,858,092
5,024,961
$ 5,260,239
Schedule A-1
1981
1,512,996
1 ,274,275
693,426
813,000
487,287
1 1 ,927
4,792,911
271,939
52,761
35,813
360,513
813,000
456,890
1 ,450,572
1,711,936
4,432,398
4,792,911
Schedule A-2
CITY OF BANGOR, MAINE
General Fund
Statement of Revenues, Expenditures, and
Changes in Fund Balance. Budget and Actual
Six Months ended June 30, 1982
Intergovernmental revenues:
Federal revenue sharing
551,424
551,424
Variance -
State revenue sharing
350,000
361,352
Favorable
School subsidy
Budget
Actual
(Unfavorable)
Revenues:
21,000
21,000
-
Taxes:
48,992
38,373
(. 10,619)
Property Taxes
$ 7,729,746
7,728,234
( 1,512)
Automobile excise taxes
600,000
581,145
( 18,855)
Interest on delinquent taxes
100,000
160,261:
60,261
Total taxes
8,429,746
8,469,640
39,891
Intergovernmental revenues:
Federal revenue sharing
551,424
551,424
-
State revenue sharing
350,000
361,352
11.,352
School subsidy
1,291,673
1,299,404
7,731
Payments in lieu of taxes
21,000
21,000
-
Other
48,992
38,373
(. 10,619)
Total intergovernmental revenue
2,263,039
2,271,553
8,464
Licenses and permits
90,080
93,115
3,035
Charges for services
628,074
519,113
( 108,961)
Fines, forfeits, and penalties
37,700
29,324
( 8,376)
Revenue from use of money and property
346,473
523,702
177,229
Reimbursements
198,393
240,270
41,877
Total revenues
11,993,555
12,146,717
153,162
Expenditures:
General government:
Council
10,650
11,318
( 668)
Executive
123,477
122,629
848
City Clerk
89,520
85,310
4,210
Finance
139,275
129,663
9,612
Registration of voters
9,971
10,989
( 1,018)
Assessment
51+,132
57,599
( 3,467)
Legal
38,232
37,424
808
Personnel
32,040
29,914
2,126
Economic development & research.
34,518
33,536
- 982
Insurance
169,815
166,474
3,341
Contributions to other agencies
9,451
9,451
-
Planning
42,064
41,319
.745
Total general government
753,145
735,626
17,519
Public safety:
Police 912,037 880,438 31,599
Fire 1;092,643 1,115,897 ( 23,254)
Code enforcement 56,636 60,325 ( 3,689)
Total public safety 2,061,316 2,056,660 4,656
-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
Other appropriations:
Overlay (allowance for uncollectible taxes)
-
2,496
Variance -
Bad debt expense
-
11,666
Favorable
Recreation district tax
Budget
Actual
(Unfavorable)
Expenditures, Continued:
57,940
58,987
( 1,047). -
Health, welfare, and recreation:
87,421
21,000
66,421
Health
10 1,848
92,159
9,689
Welfare
223,061
264,841
( 41,780)
Parks and recreation
242,182
241,959
223
Total health, welfare, and recreation
567,091
598,959
( 1 868
Public buildings and services
93,104
471,202
378,098
Public buildings
54,690
50,301
4,389
Public services
1,359,843
1,277,889
81,954
Motor Pool
447,036
450,758
( 3,722)
Private school services
79,300
84,306
( 5,006)
Total public buildings and services
1,940,869
1,863,254
77,615
Other agencies:
Taxes paid to county
-
-
-
Public Library
145,000
145,000
-
Total other agencies
145,000
145,000
-
Education
5,875,000
5,764,457
110,543
Other appropriations:
Overlay (allowance for uncollectible taxes)
-
2,496
( 2,496)
Bad debt expense
-
11,666
( 11,666)
Recreation district tax
114,825
114,825
-
Pensions and other fringe benefits
57,940
58,987
( 1,047). -
Contingency
87,421
21,000
66,421
Debt service
297,844
302,585
( 4,741)
Total other appropriations
558,030
511,559
46,1171
Total expenditures
1.1,900,451.
11,675,515
224,936
Excess of revenues
over expenditures
93,104
471,202
378,098
Other financing uses
Operating transfers out
93.,104
107,507
(..14,403)
93,104
107,507
( 14,403
Excess of revenues over
expenditures ,and other uses
-0-
363,695
363,695
Fund balance at beginning of period
4,432,398
4,432,398
Net addition to replacement accounts
Fund balance at end of period
-21-
$ 4,432,398
5,024,961
Schedule B-1
CITY OF BANGOR, MAINE
Special Revenue Funds
Balance Sheet
June 30, 1982
with comparative totals for December 31, 1981
Assets 1982 1981
Cash $ 68,973 15,797
Other assets 339 -
69,312 15,797
Fund Equity
Reserve for encumbrances 141 -
Fund Balances:
Unreserved - designated 69,171 15,797
$ 69,312 15,797
-22-
Schedule B-2
CITY OF BANGOR, MAINE
,Special Revenue Funds
Combining Statement of Revenues, Expenditures
and Changes in Fund Balances
Six Months ended June 30, 1982
Community Development
Block Grant
Unexpended
Authorization Actual Balances
Revenues:
Intergovernmental $ 672,785 230,217 442,568
Program Income - 21,729 ( 21,729)
672,785 251,946 420,839
Expenditures:
Acquistion of real property
.102,829
17,923
84,906
Public works facilities site
improvements
73,113
18,6.91
54,422
Code enforcement
2,857
-
2,857
Clearance, demolition,
rehabilitation
9,253
-
9,253
Rehabilitation loans and grants
4,401
65,689
( 61,288)
Disposition of real property
4,446
1_,494
2,952
Completion of urban renewal,
NDP projects
20,438
12,996
7,442
Relocation payments and assistance
116,958
8,311
108,647
Planning and management development
17,690
1,315
16,375
Administration
53,726
71,237
( 17,511)
Contingencies
148,069
775 .
147,294
Rehabilitation and preservation
activities
71,179
-
71,179
Planning & Urban Environmental
Design
( 11,310)
-
( 11,310)
Loss of rental income
1,000
-
1,000
$ 614,649
198,431
416,218
Excess of revenues over
expenditures
58,136
53,515
4,621
Fund balances at beginning of
period
15,797
15,797
-
Fund balances at end of period
73,933
69,312
4,621
-23-
CITY OF BANGOR, MAINE
Capital Projects Funds
Combined Balance Sheet
June 30, 1982
with comparative figures for December 31, 1981
Assets
1982
1981
Cash $ 972,162 987,447
Securities. 900,000 -
Receivables:
Accounts 315,597 14,631
Deferred special assessments:
Sewer construction 345,356 349,703
Street construction 253,585 255,447
Due from other governments 361,582 734,925
Due from enterprise fund 100,000 100,000
$ 3,248,282 2,442,153
Liabilities and Fund Balances
Liabilities - accounts payable
114,528
Fund Balances:
Reserved for encumbrances
817,031
Unreserved:
Designated for capital project
expenditures
659,963
Undesignated:
Future construction - General Fund
429,712
Future construction - Sewer Utility
Fund 515,592
Future construction - Airport Fund
47,165
Future construction - Downtown Development 65,350
Deferred special assessments
598,941
Total fund balances
3,133,754
$ 3,248,282
-24-
177,395
2,058,258
(1,018,891)
( 81,925)
454,128
191,438
56,600
605,150
2,264,758
2,442,153
Schedule C-1
Revenues:
interest income
Special assessments
Intergovernmental
Miscellaneous
Total revenues
Expenditures:
Capital additions
Miscellaneous
Total expenditures
Excess (deficiency)
of revenues over
expenditures
Other financing sources:
Operating transfers out
Proceeds from bonds anticipation
notes
Excess (delficency)
of revenues and other
sources over expenditures
and other uses
Fund balances at beginning of period
Transfers from (to) reserves for
future construction
Complete projects, remaining
fund balances closed out
Fund balances at end of period
N
N
Schedule C-2
CITY OF
BANGOR, MAINE
Capital
Porjects Funds
Combining Statement
of Revenues, Expenditures
and Changes
in Fund Balance
Six Months ended
June 30, 1982
Capital
Projects
in Process
General Fund
Sewer
Reserves for
Other
Utility
Airport
future
Buildings
Streets
Electrical
Schools
Projects
Fund
Fund
Construction
Total
-
-
-
-
-
-
-
26,823
26,823'
-
-
-
-
-
-
-
53.951
53,951
-
-
-
-
8,460
1,039,668
-
-
1,048,128
_
-
-
-
-
-
-
42,885
42,885
_
-
-
8,460
1,039,668
-
123,659
1,171,787
-
1,304
-
84
22,645
1,252;820
39.357
-
1.316,211
_
-
-
-
-
-
-
30,080
30,080
-
1304
-
84
22,645
1,252,820
39,357
30,080
1,946,291
-
(1,304)
-
( 84)
(14,185)
( 213,152)
(39.357)
93,579
( 174.504)
_
-
-
-
-
-
-
(156,500)
( 156,500)
185,000
447,000
-
-
285,000
10,000
-
273,000
1,200,000
185,000
447,000
-
-
285,000
10,000
-
116,500
1,043.500
185,000
445,696
-
( 84)
270,815
( 203,152)
(39.357)
,210,079
868,996
-
60,935
8,605
173,598
202,004
592,335
1,890
1,225,391
2,264,758
-
(47,776)
-
-
-
-
-
47.776
-
-
-
-
(173,514)
-
-
-
173,514
-
$ 185,000
458,855
8,605
-
472,819
389.183
(37.467)
1,656,760
3,133,754
Schedule 0-1
-26-
CITY OF BANGOR, MAINE
Enterprise
Funds
Combining Balance Sheet
June 30,
1982
with comparative
totals for
December 31,
1981
Sewer
utility
Airport
Hospital
Totals
Assets
Fund
Fund
Fund
1962
1981
Current assets:
Cash(cash overdraft)
$ 370 186
( 246 194)18,716
6
140,708
236,823
Accounts receivable
106.38
51,
11N$
671,946
579,109
Less allowance for estimated
uncollectible accounts
508
58,292
8,167
66,967
68,272
Net accounts receivable
105,880
393,576
105,523
604,979
510,837
Inventory, at cost
-
68,866
-
68,866
75,666
Prepaid expenses.
11,508
58,152
4,452
74,112
26,227
Total current assets
487,574
272,400
128,691
888,665
849,553
Property, plant, and equipment:
Land
58,426
-
35,260
93,686
93,686
Buildings, plant, and equipment
5,261,494
-
1,594,379
6,855,873
6,838,351
Pipelines and mains
12,743,409
-
-.
12,743,409
12,743,409
Aircraft operational assets
-
121,318,691
-
121,318,691
121,315,823
Construction in process
1,979,349
4,078,114
-
6,057,463
4,765,286
20,042,678
125,396,805
1,629,639
147,069,122
145,756,555
Less accumulated depreciation
4,015,442
16,186,880
955,603
21,157,925
19,533,836
Net property, plant and equipment
16,027,236
109,209,925
674,036
125,911,197
126,222,719
Other assets:
Deposits for construction
with Capital Projects Funds
762,523
- 9,981
Operating rights net of accumulated
amortization of $286,708 in 1982
and $263,143 In 1981
-
1,013,292
-
1,013,292
1,036,857
$ 17,277.333
110,505,598
802,727
128,585,658
129,349,124
Liabilities and Fund Equity
Current liabilities:
Accounts payable
11,900
161,481
12,150
185,531
218,518
Due to Capital Projects Funds
-
100,000
-
100,000
100,000
Current installments - general obliga-
-
340,721
340,721
tion bonds
238,580
102,141
Total current liabilities
250,480
363,622
12,150
626,252
659,239
Long-term liabilities:
Advance from General Fund
-
500,000
313.000
813,000
813,000
General obligation bonds
(Net of current portion)
1,675,070
138,810
-
2,613,880
2,645,865
Total long-term liabilities
1,875,070
1,238,810
313,000
3,426,880
3,458,865
Total liabilities
2,125,550
1,602,432
325,150
4,053,132
4,118,104
Contributed capital:
City
5,938,615
-
6,033
5,944,848
6,007,li6
Federal, state, and other contributions
5,577,753
107,271,604
651,789
113,501,146
113,990,117
Customers
445,950
-
-
445,950
405,098
Total contributed capital
11,962,518
107,271,604
657,822
119,891,944
120,402,331
Retained earnings (deficit)
j3,18g,265
1,631,562
( 180,245)
4,640,582
4,828,689
Total fund equity
15,151,783
108,903,166
477,577
124,532,526
125,231,020
S 17,277,333
110,505,598
802,727
128,565,658
129,349,124
-26-
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings
Six Months ended June 30., 1982
Sewer
utility Airport Hospital
Fund Fund Fund
Operating revenues - charges for
services $
311,971
Operating expenses:
96,404
Operating expenses other than
148,281
depreciation
156,774
Depreciation and Amortization:
3,219,344
On assets acquired with own funds
50,182
On assets acquired with contributions
127,284
Total operating expense
334,240
Operating loss
(. 22,269)
Non-operating Revenue (.Expense):
( 15,952)
Interest income
35,117
Interest expense
(. 57,489)
Operating transfer from General Fund
-
Net non-operating revenue
(1,610,196)
(expense)
(. 22,372)
Net loss
(. 44,641)
Retained earnings at beginning of period
3,106,622
Depreciation and amortization on assets
1,499,376
acquired with contributions
_ 127,284
Retained earnings (.deficit) at end of
period $
3,189,265
-27-
Schedule D-2
Total
1,667,086 494,820 2,1173,877
1,780,570
587,605
2,524,949
96,404
1,695
148,281
1,342,370
29,722
1,499,376
3,219,344
.619,022
4,172,606
(1,552,258)
(124,202)
(1,698,729)
4,982
-
40,099
( 62,920)
( 15,952)
( 136,361)
-
107,508
107,508
( 57,938)
91,556
11,246
(1,610,196)
(. 32,646)
(1,687,483)
1,899,388
(1.77,321)
4,828,689
1,342,370
29,722
1,499,376
1,631,562
(180,245)
4,640,582
Schedule 0-3
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Statement of Changes in Financial Position
Six Months ended June 30, 1982
-28-
Sewer
Utility
Airport
Hospital
Fund
Fund
Fund
Total
Sources of working capital:
Operations:
Net loss
5( 44,641)
(1,610,i%)
( 32,646)
(1,687,483)
Items not requiring working capital -
depreciation and amortization
177,466
1,438,774
31,417
1,647,657
Working capital provided by .
operations
132,825
( 171,422)
( 1,229)
( 39,826)
Contributions:
City
-
-
6,110
6,110
Customers
43,720
-
-
43,720
Federal, state, and other
909,228
29,901
-
939.129
Deposits for capital projects
283,861
183,630
-
467,491
Decrease In working capital
-
13.869
1,559
15,428
$ 1,369,634
55.978
6,440
1,432,052
Uses of working capital:
Acquisition of property, plant
and equipment
1,263,875 _
42,225
6,440
1,312,540
Current Installment general obligation
bonds
18,232
13,753
-
31,985
Increase In working capital
87,527
-
-
87,527
$ 1.369,634
55,978
X440
1,432,052
Elements of net increase (decrease) in working
capital:
Cash
109,737
( 199,823)
( 6,029)
( 96.115)
Accounts receivable
( 16,597)
115,010
( 4,271)
94,142
Inventory
-
( 5,571)
( 1,229)
( 6,800)
Prepaid expenses
1,482
42,292
4,111
47,885
Accounts payable
( 7,095)
34,223
5,859
32,987
Net increase (decrease) in
working capital
$ 87,527
( 13.869)
( 1.559)
72,099
-28-
Schedule E-1
CITY OF BANGOR, MAINE
Fiduciary Funds
Combining Balance Sheet
June 30, 1982
with comparative totals for December
31, 1981
Nonexpendable
Trust Funds
Expendable
Revolving
Trust Funds
Endowment Loan
Endowment
Agency
Totals
Principal Principal
Revenues
Funds
1982
1981
Cash, including time deposits of
$110,000 in 1982 and $140,000
in 1981
$ 89,291 4,422
103,552
234,894
432,159
413,763
Investments, at cost
(Market Value, 1982 - $337,295
1981 - $334,799)
372,445 23,686
-
-
396,131
396,345
Receivables:
Accounts
- -,
-
3,385
3,385
5,759
Loans from students
- 26,730
-
-
26,730
26,664
$ 461,736 54,838
103,552
238,279
858,405
842,531
Liabilities
and Fund Balances
Liabilities - Amounts
held by agency
fund for others
- -
-
238,279
238,279
236,684
Fund balances:
Reserved for loans
- 54,838
-
-
54,838
53;746
Reserved for endowments
461,736 -
-
-
461,736
455,622
Unreserved - designated
for subsequent
expenditures
- -
103,552
-
103,552
96,479
Total fund balances
461,736 54,838
103,552
-
620,126
605,847
i
$ 461,736 54,838
103,552
238,279
858,405
842,531
CITY OF BANGOR, MAINE
Expendable Trust Funds
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances
Six Months ended June 30, 1982
Revenues - gifts
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
-30-
Total
$ 300
5,000
5,588
4,057
14,645
14,345
21,418
7,073
96,479
$ 103,552
Schedule E-2
CITY OF BANGOR, MAINE
Nonexpendable Trust Funds
Combining Statement of Revenues, Expenses,
and Changes in Fund Balances
Six Months ended June 30, 1982
Operating revenues:
Interest
Lot sales
Gifts
Income before oper-
ating transfers
Operating transfers out
Net income
Fund balances at
beginning of period
Fund balances at end
of period
Schedule E-3
Revolving
Endowment Loan
Principal Principal Total'.
$ 22,100 1,092 23,192
1,950 - 1,950
24,050 1,092 25,142
17,936 - 17,936.
6,114 1,092 7,206
455,622 53,746 509,368
$ 461,736 54,838 516,574
-31-
CITY OF BANGOR, MAINE
Assessed Valuation, Commitment and Collections
Year ended June 30, 1982
Valuation:
Land and Buildings
Personal property
Total valuation
Commitment:
Real estate and personal
property
Tax rate
Total commitment
Add:
Supplemental taxes committed
Less :
Collections - 1982
Abatements
$415,706,430
40,030,540
455,736,970
1982 Taxes receivable at June 30, 1982
-32-
C -k -A..1 - C
$455,736,970
.1695
7,724,742
3,492
7,728,234
6,975,777
15,446
$ 737,011
Table 1
CITY OF BANGOR, MAINE
Property Tax Valuations, Levies and Collections
Last.Ten Fiscal Periods
Calendar
Assessed
P.roperty
Property.
Collections In
%-age of
Year
Valuation
Tax Rate
Tax Levy
Year of Levy
Collections
1973
$ 202,517,660
40.40
8,181,713
7,729,006
94.4
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
19824
455,736,970
16.95
7,724,742
6,975,777
90.3
Six month. period ending June 30, 19.82
-33-
Table 2
CITY OF BANGOR, MAINE
Local Assessed Valuations
Last Ten Fiscal Periods
Calendar
Year
Tax Rate
Total Assessed Valuation
Real Property
Personal Property
1973
$ 40.40
202,517,66o
159,057,380
43,460,280
1974
42.00
217,917,260
167,115,310
50,801,950
1975
45.00
227,784,640
173,207,070
54,577,570
1976
45.30
235,479,850
179,132,420
56,347,430
1977
44.20
207,516,620
184,802,520
22,714,100
1978
21.00
402,443,210
369,321,000
33,122,210
1979
22.15
439,217,620
401,043,500
38,174,120
1980
27.00
452,386,680
41.1,926,970
40,459,710
1981
30.90
456,484,410
416,146,390
4o,338,020
1982-;
16.95
455,736,970
415,706,430
40,030,540
* Six month period ending June 30, 1982
_34_
CITY OF BANGOR, MAINE
General Fund Expenditures by Function
Last Ten Fiscal Periods
* Six month period ending June 30, 1982
Table 3
Debt
Designated
Public
Service
Fund Balance
Other
Recreation
6,126,531
Buildings
Calendar
General
Public
Health and
Taxes Paid
b Public
Year
Gov't.
Safety
Welfare
to County
Services
1973
$ 812,714
1,663,578
1,113.593
159,818
2,019,021
1974
835.392
1,804,724
1,242,632
157,869
1,793,088
1975
990,922
2,151,239
1,493,873
270,000
2,200,051
1976
1,015,975
2,295,425
1,587,810
246,240
2,400,524
1977
955,180
2,537,640
1,509,980
206,811
2,898,632
1978
1,059,946
3,133,111
1,879,352
223,380
3,319,288
1979
1,o48,760
3,329,734
2,009,184
232,933
2,950,231
1980
1,166,412
3,655.703
1,337.476
261,554
3,149,476
1981
1,153,910
3,973,885
1,128,013
364,753
3,416,166
1982*
735,625
2,o56,66o
598,959
-
1,863,254
* Six month period ending June 30, 1982
Table 3
Debt
Designated
Education
Service
Fund Balance
Other
Total
6,126,531
615,179
700,000
817,994
14,028,428
6,802,833
1,463,141
506,900
866,427
15,473,006
7,539,640
767,729
523,000
1,126,300
17,062,754
7.988,330
923,476
62,000
1,589,670
18,109,450
8,154,208
972,573
-
1,521,205
18,756,229
8,835,493
898,134
-
712,683
20,061,387
9,283,418
1,131,435
-
640,209
20,625,904
9,548,763
1,114,296
-
630,109
20,863,789
10,225,919
1,121,820
-
656,239
22,040,705
5,764,457
302,585
-
353,975
11,675;515
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
Permits
and
Forfeits
Use of honey
and Property
Intergovernmental
Revenue
For
Services
Reimbursements
Total
Revenues
Year
Taxes
Taxes
1973
s 8,186,340
740,440
112,197
35,301
285,216
3,692,592
602,079
324,284
13.978,449
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
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
19,55 9..933
1978
8,496,217
946,050
148,985
70,339
587,073
7,224,565
957,630
215,842
18,646,701
1979
9,733,430
989,836
167,123
87,261
709.967
6,749,373
949,370
255,624
19,641,984
1980
12,220,516
1,056,989
163,874
62,751
764.235
5,619,916
1,051,435
310,445
21,250,161
1981
14,109,169
1,200,905
161,715
66,368
702,528
5,359,129
1,105,997
310,639
23,oi6,450
1982"
7,724,742
744,898
93,115
29,324
523,702
2,271,553
5.19013
240,270
12,146,717
* Six month period ending June 30, 1982
Table 5
a 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
Total
Total
Ratio of Debt
Calendar
General Bonded
General Fund
Service to Total
Year
Principal
Interest
Debt Service
Expenditures
General Expenditures
1973
$ 678,234
403,741
1,081,975
14,028,428
.7.713
1974
1,45.6,814
480,252
1,937,066
15,473,006
12.519
1975
747,754
472,680
1,220,434
17,062,754
7.153
1976
792,474
499,448
1,291,922
1.8,109,450
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,o4o,705
6.829
1982-
237,796
336,395
574,191
11,675,515
4.918
a Six month period ending June 30, 1982
Table 6
CITY OF BANGOR,MAINE
Debt Service Requirements to Maturity
General Obligation Bonds
_38_
Total
Year
Principal
Interest
Requirement
1983
$ 1,265,000
898,562
2,163,562
1984
1,035,000
726,450
1,761,450
1985
990,000
665,017
1,655,017
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
715,000
338,131
1,053,131
1992
705,000
291;797
996,797
Subsequent
3,640,000
994,832
4,634,832
_38_
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
1973
$11,936,649
202,517,660
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
* Six month period ending June 30, 1982
-39-
Ratio of
General Bonded
Debt to
Assessed Value
5.9
5.6
5.8
5.8
6.o
3.3
3.4
3.1
2.8
3.0
Table 7
General Bonded
Debt .Per
Capita -
$357.09
362.82
397.95
407.27
373.52
394.53
449.47
4 3 8', 0.2
401.20
430.58