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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