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1981CITY OF BANGOR, MAINE CAFW-R InqI Financial Statements and Other Financial Information For The Year Ended December 31,1981 THEODORE C. JELLISON Finance Director CITY OF BANGOR, MAINE Annual Financial Report December 31, 1981 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 7-19 ADDITIONAL INFORMATION: Schedule Governmental Funds: General Fund: Balance Sheet A-1 20 Statement of Revenues, Expenditures, and Changes in Fund Balances --Budget and Actual A-2 21-22 Special Revenue Funds Balance Sheet B-1 23 Combining Statement of Revenues, Expenditures and Changes in Fund Balance B-2 24 Capital Projects Funds: Combined Balance Sheet C-1 25 Combining Statement of Revenues, Expenditures and Changes in Fund Balances C-2 26 CITY OF BANGOR, MAINE Table of Contents, continued Additional Information, continued: Schedule Proprietary Funds: Enterprise Funds: Combining Balance Sheet D-1 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings D-2 Combining Statement of Changes in Financial Position D-3 Fiduciary Funds: Trust and Agency Funds: Combining Balance Sheet E-1 Expendable Trust Funds - Combined Statement of Revenues, Expenditures, and Changes in Fund Balance E-2 Nonexpendable Trust Funds - Combining Statement of Revenues, Expenses and Changes in Fund Ballance E-3 Schedule of Assessed Valuation, Commitment and Collections F STATISTICAL SECTION: Table Property Tax Valuations, Levies and Collections - Last Ten Calendar Years 1 Local Assessed Valuations - Last Ten Calendar Years 2 General Fund Expenditures by Function - Last Ten Calendar Years 3 General Fund Revenues by Source - Last Ten Calendar Years 4 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures - Last Ten Calendar Years 5 Debt Service Requirements to Maturity - General Obligation Bonds 6 Ratio of General Bonded Debt to Assessed Value and General Bonded Debt per Capita - Last Ten Calendar Years 7 Page (s) 27 28 29 30 31 32 33 34 35 36 37 38 39 40 RPeat,Marwick, Mitchell &Ca 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 year ended December 31, 1981, 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 December 31, 1981, and the results of its operations and the changes in financial position of the proprietary fund types and similar trust funds for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. 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. March 11, 1982 CITY OF BANGOR, MAINE Combined Balance Sheet - All Fund Types and Account Groups December ;1, 1981 with comparative totals for December 31, 1980 Proprietary Fiduciary Governmental Fund Types Fund Type Fund Type Account Groups General General Special Capital Enterprise Trust and Fixed long-term Assets and Other Debits General Revenue Projects (Dotes 4 E 10) Agency Assets Debt Cash, including time deposits of $3,050,000 in 1981 and $65,000 -in 1980 $ 1,512.996 15,797 987.447 Investments, at cost (market value 1981 - $334.799. 1980 - $415.387) - - - Receivables (net, where applicable, of allowance for estimated uncollectible accounts of $1471403 in 1981 and $110,150 in 1980/: Taxes, including interest, penalties Exhibit 1 Totals 19x1 1980 236,823 413.763 - - 3,166,826 - 396,345 - - 396,345 4,387,269 471,295 and liens (note 2) 1,274,275 - - - - - - 1,274,275 1,170,046 Accounts (note 14) 693,426 - 14,631 510,837 5.759 - - 1,224,653 1,452,233 Loans - - - - 26,664 - - 26,664 23,781 Deferred special assessments - - 605,150 - - - - 605,150 677,648 Due from other governments (note 3) - - 734,925 - - - - 734.925 434,104 Due from enterprise fund - - 100,000 - - - - 100;000 100,000 Advance to enterprise funds (note 9) 813,000 - - - - - - 813,000 113,000 Inventory, at cost 487,287 - - 75,666 - - - 562,953 705.844 Prepaid expenses - - - 26,127 - - - 26,227 9,983 Property, plant and equipment (net of accumulated depreciation) (note 4) - - - 126,222,719 - 37,704,724 - 163,927,443 164,101,749 Amount to be provided for retirement of general long-term debt (note 5) - - - - - - 9.708,414 9,708,414 10,530,352 Deposits for construction with capital projects funds - - - 1,239.995 - - - 1,239.995 1,418,316 Other assets 11 927 - - 1 036 857 - - - 1048 84 1 100 44 .7 5 $ 4,792,911 15,197 2,442,153 129,349,124 842,531 37,704,724 9,708,414 184,855,654 186,696,065 (Continued) Exhibit 1 Cont, CITY OF BANGOR, MAINE Combined Balance Sheet - All Fund Types and Account Groups, Continued Proprietary Fiduciary Governmental Fund Types Fund Type .Fund Type Account Groups General General Special Capital Enterprise Trust and Fixed Long-term Totals Liabilities General Revenue Projects (Notes Q b 10) Agency Assets Debt191 1980 Accounts payable $ 271,939 - 177.395 218,518 - - - 667,852 713.981 Taxes collected in advance 52,761 - - - - - - 52,761 - Amounts held by agency funds for others - - - 236,684 - - 236,684 302,695 .Deferred revenues 35,813 _ _ _ _ _ _ 35.813 12,899 Due to capital projects funds - - - 100,000 - - - 100,000 100,000 Advance from general fund - - - 813,000 - - - 813,000 113,000 General obligation bonds and notes payable (note 5) - - - 2,986,586 - - 9,708,414 12,695.000 13,860,000 Total liabilities 360,513 - 177.395 4,118,104 236,684 - 9,708,414 14,601,110 15,102,575 Fund Equity Contributed capital (note 11) Investment in general fixed assets - Retained earnings - Fund balance: Reserved for: Encumbrances - Advance to enterprise funds (note 9)813,000 Noncurrent receivables (note 14) 456,890 Loans - Endowments - Unreserved: Designated for subsequent years expenditures (note 6) 1,450,572 Undesignated 1,711,936 Total retained earnings/ fund balances 4,432,398 Total fund equity 4,432 ,398 Commitments and contingent liabilities (notes 4 and 15) S 4,792,911 See accompanying notes to financial statements. 120,402,331 - - - 120,402,331 122,075.120 - - 37,704,724 - 37,704,724 36,669,425 - 4,828,689 - - - 4,828,689 5.292,253 - 2,058,258 - - - - 2,058,258 1,014,346 - - - - - 813,000 113,000 - - - - 456,890 - - 53.746 - - 53.746 49,229 - 455,622 - - 455,622 449,566 15,797 (1,018,891) - 1,225,391 15,797 2,264,758 15.797 2,264,758 15,797 2,442,153 96,479 - 4,828,689 605,847 - 125,231,020 605,847 37,704,724 129.349,124 842,531 37,704,724 543,957 1.805,222 2,937,327 4.125,329 12,147,489 12,848,945 170.726,833 171,593,490 9,708,414 184,855,654 186,696,065 CITY OF BANGOR, MAINE Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types and Expendable Trust Funds Year ended December 31, 1981 with comparative totals for year ended December 31, 1980 Fiduciary Governmental Fund Types Fund Type Special Capital Expendable General Revenue Projects Trust 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 Total revenues Expenditures: General government Public safety Health, welfare, and recreation Public buildings and services Other agencies Education Other appropriations Community Development Block Grant Urban Development Action 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 Appropriation to fund balance Excess (deficiency) of revenues and other sources over expend- itures and other uses Fund balances at beginning of year Appropriation to fund balance Net addition to replacement accounts Fund balances at end of year $ 15.310,074 - 356,159 -356,159 - 5,359,129 1,384,585 1,338,299 161,715 - - 1,105,997 - - 66,368 - - 702,528 - 152,676 310,639 - - 23,016,450 1,384,585 1,847,134 1,153,910 - - 3,973,885 - 1,128,013 - - 3,416,166 - - 654,508 - - 10,225,919 - - 1,488,304 - - - 983,464 - 400,926 - 2,965,761 22.,040,705 1,384,390 2,965,761 Exhibit 2 Totals 19T1980 15,310,074 13,277,505 - 356,159 17,446 - 0,082,013 8,827,913 - 161,715 163,874 - 1,105,997 1,051,435 - 66,368 62,751 - 855,204 980,607 - 310,639 310,445 300 300 4,339 300 26,248,469 24,696,315 - 1,153,910 1,166,412 - 3,973,885 3,655,703 - 1,128,013 1,337,476 - 3,416,166 3,149,476 - 654,508 532,413 - 10,225,919 9,548,763 - 1,488,304 1,473,546 - 983,464 1,366,814 - 400,926 424,074 10,021 10,021 10',070 11,301 11,301 13,545 2,965,761 4,050,327 21,322 26,412,178 26,728,619 _ 974,745 195 (1,118,627) (21,022) 163,709 (2,032,304 - - 25,000 44,158 69,158 37,346 ( 125,920) - - - ( 125,920) ( 103,202) ( 300,111) - - - ( 300,111) - s 426,031) - 25,000 44,158 ( 356,873) ( 65,856) 549,714 195 (1,093,627) 23,136 ( 520,582) (2,098,160) 3,610,567 15,602 3,358,385 73,343 7,057,897 9,008,856 300,111 - - - 300,111 - 27 994) - - - 27,994) 147,201 $ 4,432,398 15,797 2,264,758 96,479 6,809,4327,057,897 See accompanying notes to financial statements -3- Exhibit 3 CITY OF BANGOR, MAINE Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and Actual - General Fund Year ended December 31, 1981 Variance - Favorable Budget Actual (Unfavorable) Revenues: Taxes (note 2) $ 15,061,834 15,310,074 2.48,240 Intergovernmental 5,277,397 5,359,129 81,732 Licenses and permits 145,388 161,715 16,327 Charges for services 1,123,617 1,105,997 ( 17,620) Fines, forfeits, and penalties 76,210 66,368 ( 9,842) Revenue from use of money and property 626,120 702,528 76,408 Reimbursements 354,510 310,639 ( 43,8.71) Total revenues 22,665,076 23,0.16,450 353,374 Expenditures: General governmental 1,254,866 1,153,910 100,956 Public safety 4,141,432 3,973,885 167,547 Health, welfare, and recreation 1,190,923 1,128,013 62,910 Public buildings and services 3,205,118 3,416,166 (211,048) Other agencies 664,755 654,508 10,247 Education 10,231,617 10,225,919 5,698 Other appropriations 1,550,334 1,488,304 62,030 Total expenditures 22,239.o45 22,040,705 198,340 Excess of revenues over expenditures 426,031 975,745 549,714 Other financing uses: Appropriation to fund balance ( 300,111) ( 300,111) - Operating transfers out C. 125,920.E ( 125,920) - (_ 42610.31) ( 426;031) - Excess of revenues over expenditures and other uses - 549,714 5119,714 Fund balance at beginning of year 3,610,567 3,610,567 Appropriation to fund balance 300,111 300,111 Net addition to replacement accounts - ( 27,994) Fund balance at end of year $ 3,910,678 4,432,398 See accompanying notes to financial statements -4- Exhibit 4 CITY OF BANGOR, MAINE Combined Statement of Revenues, Expenses, and Ch.anges in Retained Earnings/Fund Balances - All Proprietary Fund Types and Similar Trust Funds Year ended December 31, 1981 with comparative totals for year ended December 31, 1980 Proprietary Fiduciary Fund Type Fund Type See accompanying notes to financial statements -5- Enterprise Nonexpendable Totals (.Notes 9 & 10) Trust 1991 1980 Operating revenues: Charges for services $ 5,834,809 - 5,834,809 7,914,180 Interest - 47,381 47,381 41,145 Lot sales - 7,350 7,350 8,060 Gifts - - - 5,750 Total operating revenues 5,834,809 54,731 5,889,540 7,969,135 Operating expenses: Operating expenses other than depreciation 6,069,842 6,069,842 7,709,920 Depreciation and amortization: On assets acquired with own funds 285,201 - 285,201 271,271 On assets aquired with con- tributions 2,998,329 - 2,998;329 2,998,320 Total operating expenses 9,353,372 - 9,353,372 10,979,511 Operating income (loss) (3,518,563) 54,731 3,463,832 (3,010,376) Nonoperating revenues (expenses): Interest income 195,682 - 195,682 245,893 Interest expense (_ 239,932) ( 239,932) ( 233,223) Income (loss) before operating transfers (_3,562,813) 54,731 (3,508,082) (2,997,706) Operating transfers in 100,920 - 100,920 103,202 Operating transfers out - (. 44,158) ( 44,158) ( 37,326) Net income (Loss) (.3.,461,893) 10,573 (3,451,320) (2,931,830) Retained earnings/fund balances at beginning of year 5,292,253 498,795 5,791,048 5,724,558 Depreciation and amortization on assets acquired'with contributions2,998,329 - 2,998,329 2,998,320 Retained earnings/fund balances at end of year $ 4,828,689 509,368 5,338,057 5,791,048 See accompanying notes to financial statements -5- Exhibit 5 CITY OF BANGOR, MAINE Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds Year ended December 31, 1981 with comparative totals for year ended December 31, 1980 See accompanying notes to financial statements Im Proprietary Fiduciary Fund Type Fund Type Enterprise Nonexpendable Totals (Notes 9 & 10) Trust 1981 1980 Sources of working capital: Operations: Net income (loss) $ (.3,461,893) 10,573 (3,451,320) (2,931,830) Items not requiring working capital - depreciation and amortization _3,283,530 - 3,283,530 3,269,591 Working capital provided by operations ( 178,363) 10,573 (. 167,790) 337,761 Contributions: Customers 53,820 - 53,820 57,615 Federal, state, and other 11271,720 - 1,271,720 1,206,187 Deposits for capital projects 178,32.1' - 178,321 39,359 Advance from general fund 700,000 - 700,000 - Decrease in working capital 342,0.19 - 342,019 381,031 $ 24367,517 10,573 2,378,090 2,021,953 Uses of working capital: Deposits for capital projects - - - 147,371 Acquisition of property, plant and equipment 2,026,796 - 2,026,796 1,513,892 Current installment - general obligation bonds 34o,721 - 340,721 343,061 Increase in working capital - 10,573 10,573 17,629 $ 2,367,517 10,573 2,378,090 2,021,953 Elements of net increase (decrease) in working capital: Cash 10.6,51.6 2,640 109,156 ( 879,022) Receivables (net) ( 332,633) 2,883 ( 329,750) 74,800 Investments - 5,050 5,050 1,114 Inventory ( 130,626) - ( 130,626) 137,533 Prepaid expenses 16,244 - 16,244 3,503 Accounts payable ( 3,860) - ( 3,860) 198,670 Current installments - general obligation bonds 2,340 - 2,340 - Due from Capital Projects Fund - - - 100,000 Net increase (decrease) in working capital $ (_ 342,019) 10,573 ( 331,446) ( 363,402) See accompanying notes to financial statements Im CITY OF BANGOR, MAINE Notes to.Financial Statements December 31, 1981 (1) Summary of Significant Accounting Policies The City of Bangor, Maine was incorporated February 12, 1834, under the laws of the State of Maine. The City operates under a Council -Manager form of government and provides the following services as authorized by its charter: public safety, public works, recreation, and education. The accounting policies of the City of Bangor, Maine conform to generally Accepted accounting principles as applicable to governmental units. The following is a summary of the more significant policies: (A) Basis of Presentation - Fund Accounting The accounts of the City are organized on the basis of funds or account groups, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self - balancing accounts that comprise its assets, liabilities, fund balance/ retained earnings, revenues, and expenditures/expenses. The various funds are summarized by type in the financial statements. The following fund types and account groups are used by the City: GOVERNMENTAL FUND TYPES Governmental Funds are those through which most governmental functions of the City are financed. The acquisition, use, and balances of the City's expendable financial resources and the related liabilities (except those accounted for in proprietary funds) are accounted for through governmental funds. The measurement focus is upon determi- nation of changes in financial position, rather than upon net income determination. The following are the City's governmental fund types. General Fund - The General Fund is the general operating fund of the City. It is used to account for all financial resources except those required to be accounted for in another fund. Special Revenue Funds - Special Revenue Funds are used to account for the proceeds of specific revenue sources (other than expend- able trusts or major capital projects) that are legally restricted to expenditures for specified purposes. Capital Projects Funds - Capital Projects Funds are used to account for financial resources to be used for the acquisition or con- struction of major capital facilities (other than those financed by other funds). PROPRIETARY FUND TYPES Proprietary Funds are. used to account for the City's ongoing organiza- tion and activities which are similar to those often found in the private sector. The measurement focus is upon determination of net income. (Continued) -7- (1), Continued CITY OF BANGOR, MAINE Notes to Financial Statements Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financed and operated in a manner similar to private business enterprises - where the intent of the governing body is that the costs (expenses, includ- ing depreciation) of providing goods or services to the gen- eral public on a continuing basis be financed or recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, expenses incurred, and/or net income is appropriate for capital maintenance, public policy, management control, accountability, or other purposes. FIDUCIARY FUND TYPE Fiduciary Funds are used to account for assets held by the City in a trustee capacity or as an agent for individuals, private organ- izations, other governmental units, and/or other funds. Trust and Agency Funds - Trust and Agency Funds include expend- able, nonexpendable and agency funds. Nonexpendable funds are accounted for and reported as proprietary funds since capital maintenance is critical. Expendable trust and agency funds are accounted for and reported as governmental funds. ACCOUNT GROUPS Account groups are used to establish accounting control and account- ability for the City's general fixed assets and general long-term debt. The following are the City's account groups: General Fixed Assets Account Group - This group of accounts is established to account for all fixed assets of the City, other than those accounted for in the proprietary funds. General Long -Term Debt Account Group - This group of accounts is established to account for all long-term debt of the City except that accounted for in the proprietary funds. (B) Basis of Accounting The modified accrual basis of accounting is followed by the governmental funds and expendable trust and agency funds. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e., both measurable and available. Available means collectible with- in the current period or soon enough thereafter to be used to pay lia- bilities of the current period. Expenditures, other than interest on long-term debt, are recorded when the liability is incurred, if measur- able. (Continued) 10 CITY OF BANGOR, MAINE Notes to Financial Statements (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 pur- pose 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- Eelldnpous revenues (except investment earnings) are recorded as reve- nues when received in cash becaus@ tai@y dr'@ g@R@rally not 1fi@d@Urdb1@ until actually received. Investment earnings are recorded as earned since they are measurable and available. The accrual basis of accounting is used by proprietary funds and nonexpend- able trust funds, (C) Encumbrances Encumbrance accounting, under which purchase orders, contracts, and other commitments for the expenditure of funds are recorded in order to reserve that portion of the applicable appropriation�is employed in the govern- mental funds. Open encumbrances are reported as reservations of fund balances since the commitments will be honored through subsequent years' budget appropriations. Encumbrances do not constitute expenditures or liabilities. (D) 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. (Continued) -g- CITY OF BANGOR, MAINE Notes to Financial Statements (1), Continued Assets purchased are recorded as expenditures in the governmental funds and capitalized at cost in the general fixed assets account group. Con- tributed fixed assets are recorded in general fixed assets at estimated fair market value at the time received. Public domain ("infrastructure") general fixed assets consisting of roads, bridges, curbs and gutters, streets and sidewalks, drainage systems, and lighting systems are capitalized along with other general fixed assets. No depreciation has been provided on general fixed assets, nor has interest been capitalized. (H) Property, Plant and Equipment —Enterprise Funds Property, plant, and equipment owned by the various enterprise funds is stated at cost except for certain assets contributed by others which are stated at fair market value as of the date of contribution. Depre- ciation has been provided over the estimated useful lives using the straight line method. Depreciation on all assets has been recorded as an expense of the current period. The amount applicable to assets acquired from contributions has then been transferred to the related contribution account rather than to retained earnings. The range of the estimated useful lives of the various classes of enterprise depre- ciable assets is as follows: (1) Vacation and Sick Leave Under terms of union contracts and personnel policies, permanent full time City employees are granted vacation and sick leave in varying amounts. In the event of termination an employee is reimbursed for accumulated vaca- tion days up to the equivalent of thirty days vacation. Employees . (Continued) -10- Range of Estimated Asset Class Useful life Building 25 - 40 years Equipment 5 - 20 years Pipelines and Mains 100 years Aircraft operational assets: Runways 40 years Buildings 20 years Machinery.and equipment 5 - 10 years (1) Vacation and Sick Leave Under terms of union contracts and personnel policies, permanent full time City employees are granted vacation and sick leave in varying amounts. In the event of termination an employee is reimbursed for accumulated vaca- tion days up to the equivalent of thirty days vacation. Employees . (Continued) -10- CITY OF BANGOR, MAINE Notes to Financial Statements December 31, 1981 (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 been presented in the accompanying combined financial statements in order to provide an unders.tanding of changes in the City's financial position and oper- ations. However, comparative data (i.e., presentation of prior year totals by fund type) have not been presented in each of the statements, since their inclusion would make the statements unduly complex and difficult to read. The total data are the aggregate of the fund types and account groups. No consolidating or other eliminations were made in arriving at the totals; thus they do not present consolidated information. (2) Property Tax The City's property tax was.levied June 29 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 1981 levy was based, was $456,484,410. The estimated market value was $592,836,896, making the assessed value 77 percent of the estimated market value. Taxes were due September 1 with a 17 day grace period before interest was charged. Current tax collections for the year ended December 31, 1981 were 94.1 percent of the tax levy. Property taxes levied for 1981 are recorded as receivables, net of estimated uncollectibles. The net receivables collected during 1981 and expected to be collected in 1982 are recognized as revenues in 1981. Net receivables estimated to be collectible subsequent to 1982 have been recognized as revenue in 1981 and not reflected as deferred revenue. The effect of recog- nizing 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. (Continued) CITY OF BANGOR, MAINE Notes. to Financial Statements December 31, 1981 (3) Due From Other Governments Due from other governments includes accrued reimbursement on the following capital projects: $ 7,360,820 (4) Fixed Assets Expenditures Estimated Amounts Due Total Project Costs Airport Development Governments Aid Project $ 4,200,000 Kenduskeag Stream 32q1232 Park 375,000 Penobscot River Int. 115,000 Penobscot Int. Sewer 2,446,701 Sewerage Facility - Planning 148,700 Other projects 75,419 $ 7,360,820 (4) Fixed Assets Expenditures Amounts Funded Amounts Due To By Other From Other Date Governments Governments 4,oio,645 3,249,703 32q1232 327,049 208,775 13,.604 114,277 82,320 19,085 304,795 - 274,316 151,376 88,560 45,270 63,132 9,713 53,418 4,971,274 31639,071 734,925 A summary of changes in general fixed assets follows: Land City foreclosed property Buildings Recreation Facilities Const.ruction in process Public domain: Stream Sidewalks Bridges Parking Structures Electrical Storm sewers - water lines Other public domain Total public domain Balance Balance Jan. 1, 1981 Additions Transfers Dec. 31, 1981 $ 2,866,190 - - 2,866,190 34,849 668 - 35,517 15,269,747 31,295 223,516 15,524,558 1,780,756 - - 1,780,756 3,257,133 729,300 (1,014,692) 2,971,741 9,490,561 194,050 637,707 10,322,318 1,179,584 65,986 39,440 1,285,010 1,053,245 - - 1,053,245 518,184 14,000 - 532,184 487,408 - 114,029 601,437 334,166 - - 334,166 397,602 - - 397,602 13,460,750 274,036 791,176 14,525,982 $ 36,669,425 1,035,299 - 37,704,724 -12- CITY OF BANGOR, MAINE Notes to. Financial Statements December 31, 1981 (4), Continued Construction in Process is composed of the following: Land $ 93,686 Building improvements and equipment 6,838,351 Pipelines and mains 12,743,409 Aircraft operational assets 121.,315,823 Construction in process 4,765,286 145,756,555 Less accumulated depreciation 19,533,836 $ 126,222,719 (5) Long -Term Debt The following is a summary of long-term debt transactions of the City for the year ended December 31, 1981: General General Required Obligation Project Expenses to Future Notes Authorization Dec. 31, 1981 Committed Financing December 31, 1980 Streets 582,631 156,560 426,071 365,000 Electrical 15,000 6,395 8,605 None Schools 2,393,000 2,219,402 173,598 None Other Projects 1,016,377 589,384 426,993 210,000 - $ 4,007,008 2,971,741 1,035,267 A summary of proprietary fund type property, plant and equipment at December 31, 1981 follows: Land $ 93,686 Building improvements and equipment 6,838,351 Pipelines and mains 12,743,409 Aircraft operational assets 121.,315,823 Construction in process 4,765,286 145,756,555 Less accumulated depreciation 19,533,836 $ 126,222,719 (5) Long -Term Debt The following is a summary of long-term debt transactions of the City for the year ended December 31, 1981: Debt payable at December 31, 1981 $ 12,695,000 - 12,695,000 Bonds authorized for capital projects but unissued amounted to $775,000 at December 31, 1981 -13- General General Obligation Obligation bonds Notes Totals Debt payable at December 31, 1980 $ 10,795,000 3,065,000 13,860,000 New debt issued: 1981 Perm. Public Imp. 3,065,000 -. 3,065,000 .Debt retired: Serial bonds 1,165,000 - 1,165,000 1980 BAN - 3,065,000 - Debt payable at December 31, 1981 $ 12,695,000 - 12,695,000 Bonds authorized for capital projects but unissued amounted to $775,000 at December 31, 1981 -13- CITY OF BANGOR, MAINE Notes to Financial Statements December 31, 1981 (5), Continued Bonds and notes payable at December 31, 1981, are comprised of the following Individual Issues: Final Annual Authorized Balance Interest maturity serial and December 31, General obligation bonds rates date payments Issued 1981 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 60,000 ( 10,000 In 1984) 1965 General Public Improvement 3.10 9/01/86 15,000 315,000 75,000 1966 General Public Improvement 4.00 12/01/87 10,000 210,000 60,000 1966 Street and Sewer 4.00 12/01/86 5,000 100,000 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 35,000 690,000 340,000 ( 25,000 in 1991) 1972 Permanent Public Improvements 4.60 3/01/92 55,000 1,060,000 565,000 ( 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 3,065,000 (120,000 In 2000) Total general obligation bonds $25,925,000 $12,695,000 The annual requirements to amortize all debt outstanding as of December 31, 1981, including Interest payments of $6,687,058 are as follows: Year ending December 31 1982 $ 2,091,466 1983 1,807,537 1984 1,695,363 1985 1,594,670 1986 1,516,078 1987 - 1991 5,932,534 1992 - 1996 3,512,340 Subsequent 1,232,070 $19,382,058 -14- CITY OF BANGOR, MAINE Notes to Financial Statements December 31, 1981 (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 December 31, 1981 and related limitations: Percent of state assessed Net debt value of Statutory Debt outstanding 512,150,000 Limit margin Units School $ 3,151,010 10% 51,215,000 48,063,990 Sewer 2,131,882 71% 38,411,250 36,279,368 Airport 854,704 3% 15,364,500 14,509,796 All other 6,557,404 71% 38,411,250 31,853,846 $12.695.000 100.00 1,190,000 Total 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 $401; per capita overlapping debt of $439; ratio of City debt to December 31, 1981 assessed valuation of 2,8 per- cent; and a ratio of overlapping debt to December 31, 1981 assessment valua- tion of 3.0 percent. 15- Percentage Net Debt Applicable Overlapping Units Outstanding to the City Debt City 12,695,000 100.00 12,695,000 County 80,000 23.47 18,776 Bangor Recreation Center 1,190,000 100.00 1,190,000 Total $13,965,000 13,903,776 This results in a per capita City debt of $401; per capita overlapping debt of $439; ratio of City debt to December 31, 1981 assessed valuation of 2,8 per- cent; and a ratio of overlapping debt to December 31, 1981 assessment valua- tion of 3.0 percent. 15- CITY OF BANGOR, MAINE Notes to Financial Statements December 31, 1981 (6) 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 1981/1980 Bond Anticipation Note debt retirement reserve School department appropriated fund deficit Total General Fund Designated Fund Balance 1,981 1980 75,537 52,774 696,460 562,108 529,551 520,218 121,674 103,889 93,056 70,706 - 211,814 ( 65,706) ( 78,357) 1,450,572 1,442,152 The deficit for the school department is primarily attributable to a timing difference of receipts. The account has a fiscal year end (June 30) and is expected to be fully funded by that time. (7) Capital Projects Fund - Designated Fund Deficit The Capital Projects fund had a $1,218,891 designated fund deficit at December 31, 1981 due primarily to the encumbran cing of funds prior to the receipt of related intergovernmental revenues. The City plans to eliminate the deficit through intergovernmental funding and issuance of long term debt. (8) Pension Plan The City participates in the Maine State Retirement System which is a multi-employer defined benefit pension plan. The system covers all full time permanent employees, requires that both employees and the City con- tribute and provides retirement, disability and death benefits. Employees are eligible for normal retirement upon attaining age sixty and early retirement after completing twenty-five or more years of creditable service. The City's contribution for 1981 approximated $1,323,000. 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. (9) Liquidity Problems in the Enterprise Funds The Airport and Hospital Enterprise Funds encountered serious liquidity pro- blems in 1981. Operations in the current year did not generate sufficient cash to cover current obligations. In 1981, the Airport Fund and Hospital -16- (Continued) CITY OF BANGOR, MAINE Notes to Financial Statements December 31, 1981 fund's net outflow of working capital was $374,371 and $120,546, respectively. Because of the significant cash flow problems it was necessary for the General Fund to advance the Hospital Fund $200,000 and the Airport Fund $500,000. These amounts, in addition to past advances, have been reserved in the General Fund's fund balance as they do not represent available spending resources. In 1981, the General Fund appropriated $100,920 as an equity transfer to the Hospital Fund. In addition, $79,267 has been appropriated to the Hospital Fund for,the fiscal year ending June 30, 1982. It is the City's intention to continue to advance funds from the General Fund to the Air- port and Hospital Funds as necessary to enable these funds to meet current obligations. (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 year ended December 31, 1981 for those three services are as follows: -17- Sewer Airport Hospital Totals Operating revenues 635,872 4,248,057 950,880 5,834,809 Operating expenses: Depreciation and amortization 349,410 2,871,533 62,577 3,283,530 Other 316,650 4,601,953 1,151,239 6,069,842 666,070 7,47.3,486 1,213,816 9,353,372 Operating loss 30,198 3,225,429 262,936 3,518,563 Net loss 32,866 3,245,904 183,123 3,461,893 Assets 16,380,136 1121133,866 835,122 129,349,124 Bonds payable 2,131,882 854,704 - 2,986,586 Fund equity 14,243,449 110,483,458 504,113 125,231,020 Aquisition of property, plant and equipment 688,813 1,328,385 9,598 2,026,796 -17- CITY OF BANGOR, MAINE Notes to Financial Statement December 31, 1981 (11) Contributed Capital A summary of changes in contributed capital follows: Contributed capital at January 1, 1981 Contributions 'Depreciation on assets acquired with contributions Contributed capital at December 31, 1981 (12) Revenue Obligation Securities $122,075,120 1,325,540 2,998,329 120,402,331 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 3/40 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. (13) Change in Year End and Adoption of Semi -Annual Tax Billing 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. Also commencing in 1982, taxes will be billed on a semi-annual basis. M CITY OF BANGOR, MAINE Notes to Financial Statement December 31, 1981 (14) Related Party Transactions At December 31, 1981 the City was owed $507,424 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 $507,424 receivable, $456,890 was for 1981 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. (15) 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 December 31, 1981, have not yet been conducted. Accordingly, the City's compliance with applicable grant requirements will be established at some future date. The amount, if any, of expenditures which may be dis- allowed by the granting agencies cannot be determined at this time although the City expects such amounts, if any, to be immaterial. Im Schedule A-1 CITY OF BANGOR, MAINE General Fund Balance sheet December 31, 1981 with comparative figures for December 31, 1980 Assets 1981 1980 Cash $ 1,512,996 1,507,480 Receivables (net of allowances for uncollectible amounts, 1981 - $79,136 1980 - $54,0501 Taxes, including interest and liens 1,274,275 1,170,046 Accounts 693,426 591,078 Advance to Enterprise Funds 813,000 113,000 Inventory, at cost 487,287 499,552 Other assets 11,927 16,263 Total assets $ 4,792,911 3,897,419 Liabilities and Fund Balances Liabilities: Accounts payable 271,939 273,953 Taxes collected in advance 52,761 - Deferred revenues 35,813 .12,899 Total liabilities 360,513 286,852 Fund balances; Reserved for advance to Enterprise Funds 813,000 113,000 Reserved for noncurrent receivables 456,890 - Unreserved: Designated for subsequent year's expenditures 1,450,572 1,442,152 Undesignated 1,711,936 2,055,415 Total fund balances. 4,432,398 3,610,567 Total liabilities and fund balances $ 4,792,911 3,897,419 -20- CITY OF BANGOR, MAINE General Fund Statement of Revenues, Expenditures, and Changes In Fund Balance - Budget and Actual Year ended December 31, 1981 with comparative actual figures for year ended December 31, 1980 Variance - Favorable Budget Actual. (Unfavorable) Revenues: Taxes: Property Taxes Automobile excise taxes Interest on delinquent taxes Total taxes Intergovernmental revenues: State reimbursement for business Inventory tax Federal revenue sharing State revenue sharing School subsidy Payments In lieu of taxes Other Total intergovernmental revenue Licenses and permits Charges for services Fines, forfeits, and penalties Revenue from use of money and property Reimbursements Total revenues Expenditures: General government: Council Executive City Clerk Finance Registration of voters Assessment Legal Personnel Economic development 6 research Insurance Contributions to other agencies Planning Total general government Public safety: Police Fire Code enforcement Total public safety Schedule A-2 1980 Actual $ 14,076,834 14,109,169 32,335 12,220,516 900,000 1,006,813 106,813 938,156 85,000 194,092 109,092 118,833 15,061,834 15,310,074 248,240 13,277,505 317,645 317,645 - 423,527 1,026,000 1,022,457 ( 3,543) 1,087,413 640,000 705,345 65,345 600,884 3,052,371 3,095,891 43,520 3,359,601 58,750 40,000 (18,750) 44,722 182,631 177,791 4,84o 103,769 5,217091 5,359,129 81,732 _ 5,619.'916 145,388 161,715 16,327 163,874 1,123,617 1,105,997 (17,620) 1,051,435 76,210 66,368 ( 9,842) 62,751 626,120 702,528 76,408 764,235 _ 354,510 310,639 (43,871 310,445 22,665,076 23,016,450 351,374 21,250,161;". 12,158 12,641 ( 483) 12,355 218,235 220,017 ( 1,782) 199,775 164,646 163,708 938 168,889 271,820 268,670 3,150 301,797 32,115 30,989 1,786 38,977 115,978 116,511 ( 533) 104,167 72,468 73.150 ( 682) 61,341 61,571 59,552 2,019 63,756 65,028 64,414 614 58,096 118,367 27,415 90,952 17,448 40,174 39,265 909 49,398 81,646 77,578 4,068 90,413 1,254,866 1,153,910 100,956 1,166,412 1,812,784 1,725,018 2,215,064 2,138,362 113,584 110,505 4,141,432 3,973,885 -21- 87,766 1,582,113 76,702 1,960,977 3,0.79 112,613 167.,547 3,655.703 Schedule A-2 Con't CITY OF BANGOR, MAINE General Fund Statement of Revenues, Expenditures, and Changes In Fund Balance - Budget and Actual, Continued 1981 Variance - Favorable 1980 Budget Actual (Unfavorable) Actual Expenditures, Continued: Health, welfare, and recreation: Health 212,946 198,060 14,886 190,329 Welfare 419,468 381,909 37,559 384,693 Parks and recreation 558,509 548,044 10,465 762,454 Total health, welfare, and recreation 1,190,923 1,128,013 62,910 1,337,476 Public buildings and services Public buildings 93,747 88,676 5,071 87,673 Public services 2,513,995 2,338,879 175,116 2,351,368 Motor Pool 490,376 877,338 ( 386,962) 628,026 Private school services 107,000 111,273 ( 4,273) 82,409 Total public buildings and services _203, 5,118 3,416,166 ( 211,048) 3,149,476 Other agencies: Taxes paid to county 375,000 364,753 10,247 261,554 Public library 289,755 289,755 - 270,859 Total other agencies 664,755 654,508 10,247 532,413 Education 10,231,617 10,225,919 5,698 9,548,763 Other appropriations: Overlay (allowance for uncollectible taxes) - 43,534 ( 43,534) 32,8.37 Bad debt expense - 20,000 ( 20,000) - Recreation district tax 195,610 195,610 - 209,762 Pensions and other fringe benefits 115,642 107,340 8,302 116,651 Contingency 80,105 - 80,105 - Debt service 1,158,977 1,121,820 37,157 1,114,296 Total other appropriations 1,550,334 1,488,304 62,030 1,473,546 Total expenditures 22,239,045 22,040,705 198,340 20,863,789 Excess of revenues over expenditures 426,031 975,745 549,714 386,372 Other financing uses: Appropriation to fund balance ( 300,111) ( 300,111) - - Operating transfers out - 125,920 125,920) ( 102,758) Total other financing uses 426,031) 426,031) 102,758) Excess of revenues over expenditures and other uses - 549,714 549,714 283,614 Fund balance at beginning of year 3,610,567 3,610,567 - 3,179,752 Appropriation to fund balance 300,111 300,111 - - Net addition to replacement accounts - ( 27,994) ( 27,994) 147,201 Fund balance at end of year S 3,910,678 4,432,398 521 20 3 6, 10.567 -22- CITY OF BANGOR, MAINE Special Revenue Funds Balance Sheet December 31, 1981 with comparative totals for December 31, 1980 Assets 1981 1980 Cash $ 15,797 15,527 Due from other governments - 107,780 Other assets - 195 $ 15,797 123,502 Liabilities and Fund Balances Liabilities: Accounts payable - 107,900 Fund Balances: Unreserved - designated 15,797 15,602 $ 15,797 123,502 -23- Schedule B-1 Revenues: Intergovernmental Program Income Expenditures: Acquistion of real property Public works facilities site improvements Code enforcement Clearance, demolition, rehabilitation Rehabilitation loans and grants Disposition of real property Completion of urban renewal, NDP projects Relocation payments and assistance Planning and management developmen Administration Contingencies Rehabilitation and preservation activities Planning 6 Urban Environmental Design Loss of rental Income Residentai construction loans Excess of revenues over expenditure% Fund balances at beginning of Year Fund balances at end of year i Schedule B-2 CITY OF BANGOR, NAINE Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes In Fund Balances Year ended December 31, 1981 Community Development Urban Development Block Grant Action Grant Totals Unexpended Unexpended Unexpended Authorization Actual Balances Authorization Actual Balances Authorization Actual Balances $ 1,598,113 925,328 672,785 400,926 400,926 - 1,999,039 1.326,254 672,785 58,331 ( 58,331) - - - - 58,331 ( 58,331)_ 1,598,113 983,659 614,454 400,926 400,926 - 1_999.039 1,384,585 614,454 200,008 128,972 71,036 - - - 200,008 128,972 71,636 415.555 356.129 59,426 - - - 415.555 356,129 59,426 2,857 - 2,857 - - - 2,857 - 2,857 53,136 42,063 11,073 - - - 53,136 42,063 11,073 - 16,773 ( 16,773) - - - - 16,773 ( 16,773) 10,347 11,319 ( 9721 - - - 10,347 11,319 ( 972) 38,078 17,64o 20,438 - - - 38,078 17,640 20,438 248,240 69.357 178,883 - - - 248,240 69.357 178,883 t 19.916 5,611 14,305 - - - 19.916 5,611 14,305 168,611 122,438 46,173 - - - 168,611 122,438 46,173 150.899 ( 16,190) 167,089 - - - 150,899 ( 16,190) 167,089 290,070 218,891 71,179 - - - 290,070 218,891 71,179 ( 849) 10,461 ( 11,310) - - - ( 849) 10,461 ( 11,310) 1,245 - 1,245 - - - 1,245 - 1,245 - - - 400,926 400,926 - 400,926 400,926 - $ 1,598,113 983,464 614,649 400,926 400,926 - 1,999.039 1,384,390 614,649 - 195 195 - - - - 195 195 15,602 - $ - 15.797 - 15.602 - 15.797 - Schedule C-1 CITY OF BANGOR, MAINE Capital Projects Funds Combined Balance Sheet December 31, 1981 with comparative figures for December 31, 1980 Assets 1981 1980 Cash $ 987,447 2,369,800 Receivables: Accounts 1:4,631 2,083 Deferred special assessments: Sewer construction 349,703 375,610 Street construction 255,447 302,038 Due from other governments 734,925 326,324 Due from enterprise fund 100,000 100,000 $ 2,442,153 3,475,855 Liabilities and Fund Balances Liabilities - accounts payable 177,395 117,470 Fund Balances: Reserved for encumbrances 2,058,258 1,014,346 Unreserved: Designated for capital project expenditures (1,018,891) 274,125 Undesignated: Future construction - General Fund (_ 81,925) 199,700 Future construction - Sewer Utility Fund 454,128 1,007,508 Future construction - Airport Fund 191,438 185,058 Future construction - Downtown Development 56,600 Deferred special assessments 605,150 677,648 Total fund balances 2,264,758 3,358,385 $ 2,442,153 3,475,855 -25- Revenues: Interest income Special assessments Intergovernmental Total revenues Expenditures: Capital additions Miscellaneous Total expenditures Excess (deficiency) of revenues over expenditures Other financing sources: Operating transfers in Excess (deficiency) of revenues and other sources over expenditures Fund balances at beginning of year Transfers from reserves for future construction Completed projects, remaining fund balances closed out Fund balances at end of year CITY OF BANGOR, MAINE Capital Projects Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balance Year ended December 31, 1981 with comparative totals for year ended December 31, 1980 Capital Protects in Process General Fund Sewer Reserves for Other Utility Airport future Buildings Streets Electrical Schools Projects Fund Fund Construction $ - 152,676 47,999 - - 9,221 344,655 251,459 104 ,700 924 12 .,398 12.026 - 47,999 - - 9,221 344,655 1,175,857 269,402 10,315 421,427 1,592 431,065 217,720 667,185 1,203,967 3.443 9.047 10,315 421,427 1,592 431,065 217,720 667085 1,203.967 12,490 Schedule C-2 (10,315) (373,428) (1,592) (431,065) (208,499) (322,530) ( 28,110) 256,912 (1,118,627) (2,415,002) (10,315) (373,428) 10,315 41,374 - 87,665 305,324 60,935 (1,592) (431,065) 10,197 708,866 - 18,000 (122,203) 8,605 173,598 25,000 25,000 (208,499) Totals 1981 1980 152,676 216,372 356,159 17,446 1,338,299 1,401,507 1,847,134 1,635,325 2.956,714 4,034,251 9,047 16,076 2,965,761 4,050,327 (10,315) (373,428) (1,592) (431,065) (208,499) (322,530) ( 28,110) 256,912 (1,118,627) (2,415,002) (10,315) (373,428) 10,315 41,374 - 87,665 305,324 60,935 (1,592) (431,065) 10,197 708,866 - 18,000 (122,203) 8,605 173,598 25,000 25,000 (208,499) (322,530) ( 28,110) 281,912 271,559 246,160 - 2,069,914 138,944 711,153 30,000 ( 985,762) - ( 42,448) - ( 140,673) 202,004 592,335 1,890 1,225,391 (1,093,627) (2,415.002) 3.358,385 5,773,387 2,264,758 3,358,385 Assets Current assets: Cash Accounts receivable Less allowance for estimated uncollectible accounts Net accounts receivable Inventory, at cost Prepaid expenses Total current assets Property, plant, and equipment: Land Buildings, plant, and equipment Pipelines and mains Aircraft operational assets Construction in process Schedule D-1 CITY OF BANGOR, MAINE Enterprise Funds Combining Balance Sheet December 31, 1981 with comparative totals for December 31, 1980 Sewer Utility Airport Hospital Totals Fund Fund Fund 19TI 1980 Less accumulated depreciation Net property, plant, and equipment Other assets: Deposits for construction with Capital Projects Funds: Designated Undesignated Total deposits Operating rights net of accumulated amortization of $263,143 in 1981 and $216,013 in 1980 Liabilities and Fund Equity Current liabilities: Accounts payable Due to Capital Projects Funds Current Installments - general obliga- tion bonds Total current liabilities Long-term liabilities: Advance from General Fund General obligation bonds (Net of current portion) Total long-term liabilities Total liabilities Contributed capital: City of Bangor Federal, state, and other contributions Customers Total contributed capital Retained earnings (deficit) Total fund equity $ 260,449 ( 48,371) 24,745 236,823 130,307 122,985 337,214 118,910 579,109 899,570 508 58,648 9,116 68,272 56,100 122,477 278,566 109,794 510,837 843,470 - 74,437 1,229 75,666 206,292 10,026 15,860 341 26,227 9,983 392,952 320,492 136,109 849,553 1,190,052 58,426 - 35,260 93,686 93,686 5,250,412 - 1,587,939 6,838,351 6,807,126 12,743,409 - - 12,743,409 12,515,027 - 121,315,823 - 121,315,823 121,188,394 726,529 4,038,757 - 4,765,286 3,125,532 18,778,776 125,345,580 1,623,199 145,756,555 143,729,765 3,837,976 14,771,674 924,186 19,533,836 16,297,441 14,940,800 110,582,906 699,013 126,222,719 127,432,324 592,256 1,902 - 594,158 225,482 454,128 191,709 - 645,837 _ 1,192,834 1,046,384 193,611 - 1,239,995 1,418,316 1,036,857 - 1,036,857 1,083,987 $ 16,380 13=6 112,133,866 835.122 129,349,124 131,124,679 4,805 195,704 18,009 218,518 214,658 - 100,000 - 100,000 100,000 238,580 102,141 - 340,721 343,061 243,385 397,845 18,009 659,239657,719 - 500,000 313,000 813,000 113,000 1,893,302 752,563 - 2,645,865 2,986,587 1,893,302 1,252,563 313,000 3,458,865 3,099,587 2,136,687 1,650,408 331,009 4,118;104 3,757,306 6,007,116 - - 6,007,116 6,143,852 4,724,613 108,584,070 681,434 113,990,117 115,574,620 405,098 - - 405.098 _ 356,648 11,136,827 108,584,070 681,434 120 40, 2,331 122,075,120 3,106,622 1,899,388 177,321 4,828,689 5,292,253 14,243,449 110,483,458 504,113 125,231,020 127,367,373 $ 16,380,136 112,133,866 835,122 129,349,124 131,124,679 -27- CITY OF BANGOR, MAINE Enterprise Funds Combining Statement of Revenues, Expenses and Changes In Retained Earnings Year ended December 31, 1981 with comparative totals for year ended December 31, 1980 Schedule D-2 Airport Sewer Utility Fund Fund Operating revenues - charges for 1980 services $ 635,872 Operating expenses: 7,914,180 Operating expenses other than 1,151,239 depreciation 316,650 Depreciation and Amortization: 3,140 On assets acquired with own funds 95,266 On assets acquired with contributions 254,154 Total operating expense 666,070 Operating loss ( 30,198) Non-operating Revenue (Expense): 10,979,511 Interest income 124,016 Interest expense ( 126,684) Operating transfer from General Fund - Net non-operating revenue 245,893 (expense) 2,668) Net loss ( 32,866) Retained earnings at beginning of year 2,885,334 Depreciation and amortization on assets 103,202 acquired with contributions 254,154 Retained earnings (deficit) at end of 115,872 year S 3,106,622 Schedule D-2 Airport Hospital Totals Fund Fund 19TI 1980 4,248,057 950,880 5,834,809 7,914,180 4,601,953 1,151,239 6,069,842 7,709,920 186,795 3,140 285,201 271,271 2,684,738 59,437 2,998,329 2,998,320 7,473,486 1,213,816 .9,353,372 10,979,511 (3,225,429) ( 262,936) (3,518,563) (3,065;331) 71,666 - 195,682 245,893 ( 92,141) ( 21,107) ( 239,932) ( 233,223) - 100,920 100,920 103,202 20,475) 79,813 56,670 115,872 (3,245,904) ( 183,123) (3,461,893) (2,949,459) 2,460,554 ( 53,635) 5,292,253 5,243,292 2,684,738 59,437 2,998,329 2,998,320 1,899,388 ( 177,321) 4,828,689 5,292,253 -28- Schedule 0-3 CITY OF BANGOR, MAINE Enterprise Funds Combining Statement of Changes in Financial Position Year ended December 31, 1981 with comparative totals for year ended December 31, 1980 -29- Sewer Utility Alrport Hospital Totals Fund Fund Fund 1961 1980 Sources of working Capital: Operations: Net loss $( 32,866)_ (3,245,904) (183,123) (3,461,893)' (2,949,459) Items not requiring working capital - depreciatlon and amortization43 9,420 2,871,533 62,577 3,283,530 3,269;591 Working capital provided by operations13 6,554 ( 374,371) (120,546) 178,363 320,132 Contributions: Customers 53,820 - - 53.820 57,615 Federal, state, and other 344,693 927,027 - 1,271,720 1,206,187 Deposits for capital projects 186,606 - - 186,606 39,359 Advance from general fund - 500,000 200,000 700,000 - Decrease in working capital 25,720 386,155 - 411,875 381,031 S92 393 1,438,811 79,454 2,445;658 2,004,324 Uses of working capital: Deposits for capital projects - 8,285 - 8,285 147,371 Acquisition of property, plant and equipment 688,813 1,328,385 9,598 2,026,796 1,513,892 Current installment general obligation bonds 238,580 102,141 - 340,721 343,061 Increase in working capital - - 69,856 69,856 - S 927.393 1,438,811 79,454 2,445,658 2,004,324 Elements of net increase (decrease) in working capital: Cash ( 27,761) ( 36,315) 170,592 106,516 ( 892,086) Accounts receivable ( 14.967) ( 225,465) ( 92,201) ( 332,633) 71,349 Inventory - ( 130,626) - ( 130,626) 137,533 Prepaid expenses 9,129 7,1.13 2 16,244 3.503 Accounts payable 5.539 ( 862) ( 8,537) ( 3,860) 198,670 Current Installments - general obligation bonds 2,340 - - 2.340 - Advance from capital projects fund - - - - 100,000 Net Increase (decrease) In working capital $ ( 25,720) (386,155) 69,856 ( 342,019) ( 381,031) -29- CITY OF BANGOR, MAINE Fiduciary Funds Combining Balance Sheet December 31, 1981 with comparative totals for December 31, 1980 Nonexpendable Trust Funds Expendable Revolving Trust Funds Endowment Loan Endowment Assets Principal Principal Revenues Cash, including time deposits of $140,000 in 1981 and $65,QO.Q in 1980 $ 83,176 Investments, at cost (Market Value, 1981 - $334,799, -1980 - $415,387) 372,446 Receivables: Accounts - Loans from students - $ 455,622 Liabilities and Fund Balances Liabilities - Amounts held by agency fund for others Fund balances: Reserved for loans Reserved for endowments Unreserved - designated for subsequent expenditures Total fund balances w 0 Schedule E-1 Agency Totals Funds 1981 1980 3,183 96,479 230,925 413,763 364,155 23,899 - - 396,345 471,295 - - 5,759 5,759 15,602 26,664 - - 26,664 23,781 53,746 96,479 236,684 842,531 874,833 - - - 236,684 236,684 302,695 - 53,746 - - 53,746 49,229 455,622 - - - 455,622 449,566 - - 96,479 - 96,479 73,343 455,622 53,746 96,479 - 605,847 572,138 $ 455,622 53,746 96,479 236,684 842,531 874,833 CITY OF BANGOR, MAINE Expendable Trust Funds Combined Statement of Revenues, Expenditures and Changes in Fund Balances Year ended December 31, 1981 with comparative figures for year ended December 31, 1980 Revenues - gifts Schedule E-2 Totals 1981 1980 $ 300 4,339 Expenditures: Perpetual care fees 10,021 10,070 Distribution of earnings to Home for Aged Woman 4,962 3,743 Distribution for special education 4,023 2,647 Other payments to beneficiaries 2,31.6 7,155 Total expenditures 21,322 23,615 Excess of expenditures over (21,022) (19,276) revenues Other financing sources - operating transfers in Excess of revenues and other financing sources over expenditures Fund balances at beginning of year Fund balances at end of year -31- 44,158 36,902 23,136 17,626 73,343 55,717 $ 96,479 73,343 Schedule E-3 CITY OF BANGOR, MAINE Nonexpendable Trust Funds Combining Statement of Revenues, Expenses, and Changes in Fund Balances Year ended December 31, 1981 with comparative totals for year ended December 31, 1980 -32- Revolving Endowment Loan Totals Principal Principal 19 1 1980 Operating revenues: Interest $ 42,864 4,517 47,381 41,145 Lot sales 7,350 - 7,350 8,060 Gifts - - - 5,750 Income before oper- ating transfers 50,214 4,517 54,731 54,955 Operating transfers out 44,158 - 44,158 37,326 Net income 6,056 4,517 10,573 17,629 Fund balances at beginning of year 449,566 49,229 498,795 481,166 Fund balances at end of year $ 455,622 53,746 509,368 498,795 -32- .CtTY Of BANGOR, MAINE Assessed Valuation, Commitment and Collections Year ended December 31, 1981 Valuation: Land and Buildings Personal property Total valuation Commitment: Real estate and personal property Tax rate Total commitment Add: Supplemental taxes committed Less : Collections 1981 Abatements $ 416,146,390 40,338,020 456,484,410 1981 Taxes receivable at December 31, 1981 -33- Cr4,e.l��1- F $ 456,484,410 .309 14,105,368 3,8ol 14,109,169 13,270,358 21,440 S 817,371 Table 1 CITY OF BANGOR, MAINE Property Tax Valuations, Levies and Collections Last Ten Calendar Years -34- Assessed Property Property Collections in %-age of Year Valuation Tax Rate Tax Levy Year of Levy Collections 1972 $ 194,558,600 40.40 7,860,122 7,258,591 92.5% 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 -34- CITY OF BANGOR, MAINE Local Assessed Valuations Last Ten Calendar Years Year Tax Rate Total Assessed Valuation 1972 $ 40.40 194,558,600 1973 40.40 202,517,660 1974 42.00 217,917,260 1975 45.00 227,784,640 1976 45.30 235,479,850 1977 44.20 207,516,620 1978 21.00 402,443,210 1979 22.15 4391217,620 1980 27.00 452,386,680 1981 30.90 456,484,410 -35- Real Property 153,237,600 159,057,380 167,115,310 173,207,070 179,132,420 184,802,520 369,321,000 401,043,500 411,926,970 416,146,390 Table 2 Personal Property 41,321,000 43,460,280 50,801,950 54,577,570 56,347,430 22,714,100 33,122,210 38,174,120 40,459,710 40,338,020 Table 3 CITY OF BANGOR, MAINE General Fund Expenditures by Function Last Ten Calendar Yeas '. Ir Parks Public General Recreation Buildings Year Gov't. Public Health and Taxes Paid b Public Debt Designated Safety Welfare to County Services Education Service Fund Balance Other Total 1972 $ 687,239 1,478,959 1,062,656 137,275 1,706,790 5,685,324 627,961 - 716,588 12,102,792 1973 812,714 1,663,578 1,113.593 159,818 2,019,021 6,126,531 615,179 700,000 817.994 14,028,428 1974 835.392 1,804,724 1,242,632 157,869 1,793,088 6,802,833 1,463041 506,900 866,427 15,473,006 1975 990,922 2,151,239 1,493,873 270,000 2,200,051 7.539,640 767,729 523,000 1,126,300 17,062,754 1976 1,015.975 2,295.425 1.587,810 246,240 2,400,524 7,988,330 923,476 62,000 1,589,670 18,109,450 1977 955.180 2,537,640 1,509,980 206,811 2,898,632 8,154,208 972,573 - 1,521,205 18,756,229 1978 1,059,946 3.133,111 1,879,352 223.380 3,319,288 8,835.493 898,134 - 712,683 20,061,387 1979 1,048,760 3.329,734 2,009,184 232,933 2.950,231 9.283,418 1,131,435 - 640,209 20,625.904 1980 1,166,412 3,655.703 1,337,476 261,554 3,149.476 9.548,763 1,114,296 - 630,109 20,863.789 1981 1,153.910 3.973,885 1,128,013 364,753 3.416,166 10,225.919 11121,820 - 656,239 22,040,705 '. Ir Year 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 Table 4 CITY OF BANGOR, MAINE General Fund Revenue by Source Last Ten Calendar Years Licenses Fines Charges Property Other and and Use of Money Intergovernmental for Total Taxes Taxes Permits Forfeits and Property Revenue Services Reimbursements Revenues $ 7,910,682 654,695 62,067 39,600 270,408 2,116,756 586,795 459,552 12,100,555 8,186,340 74o,44o 112,197 35,301 285,216 3,692,592 602,079 324,284 13.978,449 8,927,829 623.593 111,58o 34,187 381,412 4,503,017 589,206 956,823 16,127,647 9.793.952 865.981 148,999 65,586 487.686 5.105.687 685.303 159.060 17.312,254 10,157,116 832.077 144,821 63,541 619,050 6,073.955 787.657 246,539 18.924,756 9,172,234 958.930 173,573 $2.309 696,847 7.343.762 841,062 291,216 19.559.933 8,496,217 946,050 148,985 70,339 587,073 7,224,565 957,630 215.842 18,646,701 9,733,430 989,836 167,123 87,261 709,967 6,749.373 949.370 255.624 19,641,984 12,220,516 1,056.989 163,874 62,751 764,235 5,619.916 1,051.435 310.445 21,250,161 14,109.169 1,200,905 161,715 66,368 702,528 5,359;129 1,105.997 310,639 23,016,450 Year Principal CITY OF BANGOR, MAINE Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures Last Ten Calendar Years Total General Bonded Interest Debt Service Total General Fund Expenditures Table 5 Ratio of Debt Service to Total General Expenditures 1972 $ 652,623 374,153 1,026,776 12,102,792 8.4840 1973 678,234 403,741 1,081,975 14,028,428 7.713 1974 1,456,814 480,252 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 18,109,450 7.134 1977 792,476 534,787 1,327,263 18,756,230 7.076 1978 759,360 461,101 1,220,461 20,061,387 6.084 1979 932,532 478,775 1,411,307 20,625,904 6.842 1980 821,939 575;120 1,397,059 20,863,789 6.670 1981 821,939 683,121 1,505,060 22,040,705 6.829 W co Table 6 CITY OF BANGOR, MAINE Debt Service Requirements to Maturity General Obligation Bonds -39- Total Year Principal Interest Requirement 1982 $ 1,265,000 826,466 2,091,466 1983 1,050,000 757,537 1,807,537 1984 1,000,000 695,363 1,695,363 1985 960,000 634,670 1,594,670 1986 940,000 576,078 1,516,078 1987 920,000 518,785 1,438,785 1988 795,000 462,158 1,257,158 1989 730,000 410,330 1,140,330 1990 715,000 361,828 1,076,828 1991 705,000 314,433 1,019,433 Subsequent 3,615,000 I.?129.,4J0 4,744,410 -39- Table 7 CITY OF BANGOR, MAINE Ratio of General Bonded Debt to Assessed Value and General Bonded Debt Per Capita Last Ten Calendar Years Based on 1970 population of 33,428 through 1979 and 1980 population of 31,643 thereafter -40- Ratio of General Bonded General Bonded Debt to Debt Per Year Bonded Debt Valuation Assessed Value Capita 1972 $ 9,821,080 194,558,600 5.0% $ 293.80 1973 11,936,640 202,517,660 5.9 357.09 1974 12,128,200 217,917,260 5.6 362.82 1975 13,302,760 227,784,640 5.8 397.95 1976 13,614,320 235,479,850 5.8 407.27 1977 12,485,880 207,516,620 6.0 373.52 1978 13,188,440 402,443,210 3.3 394.53 1979 15,025,000 439,217,620 3.4 449.47 1980 13,860,000 452,386,680 3.1 438.02 1981 12,695,000 456,484,410 2.8 401.20 Based on 1970 population of 33,428 through 1979 and 1980 population of 31,643 thereafter -40-