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1980ir, 352 .0741 .B224af 9P0 CITY OF BANGOR, MAINE C#1kF9111?0 Financial Statements and Other Financial Information For The Year Ended December 31,1980 THEODORE C. JELLISON Finance Director CITY OF BANGOR, MAINE Annual Financial Report December 31, 1980 Table of Contents ACCOUNTANTS' REPORT Exhibit Page(s) COMBINED 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 O Combined Statement of Revenues, Expenses and Changes in I'd Retained Earnings/Fund Balances --All Proprietary Fund Types and Similar Trust Funds 4 5 Combined Statement of Changes in Financial Position --All (7 Proprietary Fund Types and Similar Trust Funds 5 6 1 Notes to Combined Financial Statements 7-18 t-3 Statement/ ADDITIONAL INFORMATION: S-chedule Governmental Funds: i 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 Combining Balance Sheet B-1 22 Combining Statement of Revenues, Expenditures.and Changes B-2 23 in Fund Balance CITY OF BANGOR, MAINE Table of Contents, continued Additional Information, continued: Statement/ Schedule Page(s) Capital Projects Funds: Combined Balance Sheet C-1 24 Combining Statement: -of Revenues, Expenditures and Changes in Fund Balances C-2 25 Proprietary Funds: Enterprise Funds: Combining Balance Sheet D-1 26 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings D-2 27 Combining Statement of Changes in Financial Position D-3 28 Fiduciary Funds: Trust and Agency Funds: Combining Balance Sheet E-1 29 Expendable Trust Funds - Combined Statement of Revenues, Expenditures, and Changes in Fund Balance E-2 30 Nonexpendable Trust Funds - Combining Statement of Revenues, Expenses and'Changes in Fund Balance E-3 31 Agency Funds - Combined Statement of Changes in Assets and Liabilities E-4 32 Schedule of Assessed Valuation, Commitment and Collections F 33 Schedule of Cash Receipts, Disbursements and Bank Balances All Funds G 34 CITY OF BANGOR, MAINE Table of Contents, continued STATISTICAL SECTION: Table Page(s) Property Tax Valuations, Levies and Collections - Last Ten Calendar Years 1 35 Local Assessed Valuations - Last Ten Calendar Years 2 36 General Fund Expenditures by Function - Last Ten Calendar Years 3 37 General Fund Revenues by Source - Last Ten Calendar Years 4 38 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures - Last Ten Calendar Years 5 39 Debt Service Requirements to Maturity - General Obligation Bonds 6 40 Ratio of General Bonded Debt to Assessed Value and General Bonded Debt per Capita - Last Ten Calendar Years 7 41 M P,a 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 combined financial statements of the City of Bangor, Maine, as of and for the year ended December 31, 1980, 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 combined financial statements present fairly the financial position of the City of Bangor, Maine, at December 31, 1980, 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 combined financial statements taken as a whole. The additional information included in Schedules A-1 through G 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 combined financial statements and, in our opinion, is stated fairly in all material respects in relation to the combined financial statements taken as a whole. March 20, 1981 Exhibit 1 CITY OF BANGOR, MAINE Combined Balance Sheet - All Fund Types and Account Groups December 31, 1980 with comparative totals for December 31, 1979 Proprietary Fiduciary Governmental Fund Types Fund Type Fund Type Account Groups General General Special Capital Trust and Fixed Long-term Totals Assets and Other Debits General Revenue Projects Enterprise Agency Assets Debt 1980 1979 Cash $ 1,507,480 15,527 2,369,800 130,307 364,155 - - 4,387,269 7,555,044 Investments, at cost (market value $415,837) - - - - 471,295 - - 471,295 390,18L Receivables (net, where applicable, of allowance for estimated unrolled - able accounts of $110,150) Taxes, Including interest, penalties and liens (note 2) 1,170,046 - - - - - - 1,170,046 930,490 Accounts 59L,078 - 2,083 843,470 15,602 - - 1,452,233 1,179,013 Loans - - - - 23,781 - - 23,781 20,330 Deferred special assessmr_nts - - 677,648 - - - - 677,648 804,021 Due from other governments (note 3) - 107,780 326,324 - - - - 434,104 636,784 Due from enterprise fund. - - 100,000 - - - - 100,000 200,000 Advance to enterprise fund 113,000 - - - - - - 113,000 113,000 Inventory, at cost 499,552 - - 206,292 - - - 705,844 762,270 Prepaid expenses - - - 9,983 - - - 9,983 6,480 Property, plant and equipment (net of - accumulated depreciation) (note 4) - - - 127,432,324 - 36,669,425 - 164,101,749 163,420,507 Amotmt to be provided for retirement of general Long-term debt (note 5) - - - - - - 10,530,352 10,530,352 11,352,291 Deposits for construction with capital projects fund - - - 1,418,316 - - - 1,418,316 1,310,304 Other assets 16,263 195 - 1,087,987 - - - 1,100,445 1,152,061 $_3 1397 419 123,502 3,475,855 131,124,679 874,833 36,669,425 10,530,352 186,696,065 189.832,776 ' (Continued) Exhibit 1 Cont. CITY OF BANGOR, MAINE Combined Balance Sheet - All Fund Types and Account Croups, Continued See accompanying notes to combined financial statements. Proprietary Fiduciary Governmental Fund Types Fund Type Fund Type Account Croups General General Special Capital Trust and Fixed Long-term Totals Liabilities General Revenue Projects Enterprise Agency Assets Debt 1980 1979 Accounts payable $ 273,953 107,900 117,470 214,658 - - - 717,981 677,304 Accrued expenses - - - - - - - - 176,371 Amounts held by agency funds for others _ _ _ - 302,695 - - 302,695 306,722 Due to other governmental agencies 12,899 - - - - - - 12,899 41,402 Due to capital projects funds - - - 100,000 - - - 100,000 200,000 Advance from general fund - - - 113,000 - - - 113,000 113,000 General obligation bonds and notes payable (note 5) 3,329,648 10,530,352 13,860,000 15,025,000 Total liabilites 286,852 107.900 117,470 _3,_757,306 302,695 - 10,530,352 15,102,575 16,539,799 Fund Equity Contributed capital (note 10) - - - 122,075,120 - - - 122,075,120 123,809,639 Investment in general fixed assets - - - - - 36,669,425 - 36,669,425 34,279,613 Retained earnings - - - 5,292,253 - - - 5,292,253 5,243,392 Fund balance: Reserved for: Encumbrances - - 1,014,346 - - - - 1,014,346 470,311 Advance to enterprise funds 113,000 - - - - - - 113,000 113,000 Loans - - - - 49,229 - - 49,229 46,098 Endo-ents - - - - 449,566 - - 449,566 435,068 Unreserved: Designated for subsequent years expenditures (note 7) 1,442,152 15,602 274,125 - 73,343 - - 1,805,222 4,434,959 Undesignated 2,055,415 - 2,069,914 - - - - 4,125,329 4,460,897 Total retained earnings/ fund balances 3,610,567 15,602 3,358,3a5 5,292,253 572,138 - - 12,848,945 15,203,725 Total fund equity 3,610,567 15 6n 3-358,385 127,367,373 572,138 36,669,425 - 171,593,490 C73,292_977 Commitments and contingent liabilities (notes 4, 13, and 14) $ 3,897,419 123,502 31475,855 131,124 619 874,833 36,669,425 10,530,352 186,696,065 189,832,176 See accompanying notes to combined financial statements. See accompanying notes to combined financial statements -3- Exhibit 2 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, 1980 with comparative totals for year ended December 31, 1979 Fiduciary Governmental Fund Tes Fund Type pec a ap a Expendable Totals ( General Revenue Pro ecce Trust 1980 1979 fare Revenues: Taxes (note 2) $ 13,277,505 - - - 13,277,505 10,723,266 - Special assessments - - 17,446 - 17,446 671,050 Intergovernmental 5,619,916 1,806,490 1,401,507 - 8,827,913 9,282,955 Licensee and permits 163,874 - - - 163,874 167,123 - Charges for services 1,051,435 - - - 1,051,435 949,370 Fines, forfeits, and penalties 62,751 - - - 62,751 87,261 Revenue from use of money and i property 764,235 - 216,372 - 980,607 938,956 Reimbursements 310,445 - - - 310,445 255,624 Gifts 4,339 4,339 4,000 Total revenues 21,250,161 1,806,490 1,635,325 4,339 24,696,715 23,079,605 Expenditures: General government 1,166,412 - - - 1,166,412 1,048,760 Public safety 3,655,703 - - - 3,655,703 3,329,734 Health, welfare, and recreation 1,337,476 - - - 1,337,476 2,009,184 Public buildings and services 3,149,476 - - - 3,149,476 2,950,231 Other agencies 532,413 - - - 532,413 513,736 Education 9,548,763 - - - 9,548,763 9,283,418 Other appropriations 1,473,546 - - - 1,473,546 1,490,841 Community Development Block Grant - 1,366,814 - - 1,366,814 825,225 Urban Development Action Grant - 424,074 - - 424,074 - Perpetual care fees - - - 10,070 10,070 10,000 Distribution to beneficiaries - - - 13,545 13,545 10,869 Capital projects - - 4,050,327 - 4,050,327 3,140,935 Total expenditures 20,863,789 1,790,880 4,nin,177 23,615 26,728,619 24,612,933 Excess (deficiency) of revenues over expenditures 386,372 15,602 (2,415,002) ( 19,276) (2,032,304) 1,533,328 other financing sources (uses): Proceeds of general obligation notes - - - - - 3,065,000 Operating transfers in 444 - - 36,902 37,346 470,201 Operating transfers out ( 103,202) - - - ( 103,202) ( 50,272) _. Utilization of prior year's undesignated fund balance - - - - - 902,437 ( 102,758) - 36,902 ( 65,856) 4,387,366 Excess (deficiency) of revenues and other sources over expend- itures and other uses 283,614 15,602 (2,415,002) 17,626 (2,098,160) 2,854,038 Fund balances at beginning of year 3,179,752 - 5,773,387 55,717 9,008,856 6,583,654 Utilization of fund balance - - - - - ( 902,437) Net addition to replacement accounts 147,201 - - - 147,201 273,601 Fund balances at end of year $ 3,610,567 15,602 3,358,385 73,343 7,057,897 8,808,856 See accompanying notes to combined financial statements -3- Exhibit 3 ' See accompanying notes to combined financial statements -4- CITY OF BANGOR, MAINE Statement of Revenues, Expenditures, and Changes in Fund Balances - Budget and _._. Actual - General Fund r Year ended December 31, 1980 Variance - Favorable LV Budget Actual (Unfavorable) -' Revenues: J Taxes (note 2) $ 13,141,603 13,277,505 135,902 Intergovernmental 5,664,177 5,619,916 44,261 Licenses and permits 162,033 163,874 1,841 Charges for services 1,006,873 1,051,435 44,562 Fines, forfeits, and penalties 95,450 62,751 ( 32,699) Revenue from use of money and property 762,202 764,235 2,033 _ Reimbursements 275,715 310,445 34,730 Total revenues 21,108,053 21,250,161 142,108 Expenditures: __. General governmental 1,195,791 1,166,412 29,379 Public safety 3,750,393 3,655,703 94,690 Health, welfare, and recreation 1,348,015 1,337,476 10,539 Public buildings and services 3,108,836 3,149,476 ( 40,640) Other agencies 532,396 532,413 ( 17) iucation 9,646,916 9,548,763 98,153 cher appropriations 1,422,504 13,473,546 ( 51,042) Total expenditures 21,004,851 20,863,789 141,062 Excess of revenues over expenditures 103,202 386,372 283,170 Other financing uses: Operating transfers (net) (_ 103,202 (_ 102,758) 444 Excess of revenues over expenditures and other uses - 283,614 283,614 Fund balance at beginning of year 3,179,752 3,179,752 - Net addition to replacement accounts - 147,201 1472201 Fund balance at end of year $ 3,179,752 3,610,567 4302815 ' See accompanying notes to combined financial statements -4- CITY OF BANGOR, MAINE I. Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances - All Proprietary Fund Types and Similar Trust Funds Year ended December 31, 1980 with comparative totals for year ended December 31, 1979 Fiduciary Fund Type Nonexpendable Trust 41,145 8,060 5,750 54,955 54,955 54,955 (.37 326 17,629 481,166 498,795 See ccompanying notes to combined financial statements. -5- Exhibit 4 Totals 1980 1979 7,914,180 Proprietary 41,145 Fund Type 8,060 Enterprise Operating revenues: - - Charges for services $ 7,914,180 l.� Interest - Lot sales - Gifts - iw. Total operating revenues 7,914,180 Operating expenses: Operating expenses other than depreciation 7,709,920 Depreciation and amortization: On assets acquired with own funds 271,271 On assets acquired with con- tributions 2,998,320 Total operating expenses 10,979,511 Operating income (loss) (3,065,331) Nonoperating revenues (expenses): Interest income 245,893 _ Interest expense ( 233,223) Income (loss) before operating transfers (3,052,661) Operating transfers in 103,202 Operating transfers (out) - Net income (loss) (2,949,459) "-letained earnings/fund balances at z beginning of year 5,243,392 Depreciation and amortization on assets acquired with contributions 2,998,320 _retained earnings/fund balances at end of year $ 5,292,253 Fiduciary Fund Type Nonexpendable Trust 41,145 8,060 5,750 54,955 54,955 54,955 (.37 326 17,629 481,166 498,795 See ccompanying notes to combined financial statements. -5- Exhibit 4 Totals 1980 1979 7,914,180 6,789,022 41,145 31,330 8,060 7,591 5.750 - 7,969,135 - 6,827,943 7,709,920 271,271 2,998,320 10,979,511 (.3,010,376) 245,893 ( 233,223) (2,997,706) 103,202 ( 37,326) (2,931,830) 5,724,558 2,998,320 5 7Q1_nGA 5,441,219 244,728 1,628,440 7,314,387 ( 486,444) 241,629 ( 244,684) ( 489,499) 113,789 ( 27,202) ( 402,912) 4,499,030 1,628,440 5,724,558 CITY OF BANGOR, MAINE Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds Year ended December 31, 1980 with comparative totals for year ended December 31, 1979 Proprietary Fiduciary Fund Type Fund Type Non expendable _ Enterprise Trust 1980 Sources of working capital: Operations: Net income (loss) $(2,949,459) Items not requiring working capital - depreciation and amortization 3,269,591 LJ --kin capitalP rovided by operations 320,132 • g Contributions: Customers 57,615 Federal, state, and other 1,206,187 Deposits for capital projects. 39,359 Decrease in working capital 381,031 $ 2,004;324 17,629 17,629 17,629 Exhibit 5 Totals (2,931,830) 3,269,591 337,761 57,615 1,206,187 39,359 381.031 2,021,953 1979 ( 402,912) 1,873,168 1,470,256 62,063 1,455,740 2,988,059 se if working capital: Deposits for capital projects 147,371 - 147,371 303,572 Acquisition of property, plantand equip. 1,513,892 - 1,513,892 1,990,351 Current installment - general obligation bonds 343,061 - 343,061 343,061 Increase in working capital - 17,629 17,629 351,075 $ 2,00.4,324 172629 210212953 2,988,059 Elements of net increase (decrease) in working capital: Cash ( 892,086) 13,064 ( 879,022) 412,304 Receivables (net) 719349 3,451 74,800 91,879 Investments - 1,114 1,114 3,298 Advance to General Fund - - - ( 50,272) Inventory 137,533 - 137,533 25,966 Prepaid expenses 3,503 - 3,503 2,944 Accounts payable 198,670 - 198,670 ( 238,163) Current installments - general obligation bonds - - - 3,119 Due from Capital Projects Funds 100,000 - 100,000 100,000 Net increase (decrease) in working capital $ ( 381,031) 17,629 (_ 363,402) 351,075 see companying notes to combined financial statements Eris ( CITY OF BANGOR, MAINE I� Notes to Combined Financial Statements December 31, 1980 (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. I (Continued) -7- (" CITY OF BANGOR, MAINE Notes to Combined Financial Statements (1), Continued _ 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 Combined 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- 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 (see note 2 for property tax accrual policy). 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) Wom ff CITY OF BANGOR, MAINE Notes to Combined 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 cer- tain improvements other than buildings, including 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 depreciable assets is as follows: Asset Class Building Equipment Pipelines and Mains Aircraft operational assets: Runways Buildings Machinery and equipment Range of Estimated Useful life 25 - 40 years 5 - 20 years 100 years 40 years 20 years 5 - 10 years The estimated useful life of aircraft runways was revised in 1980 from a depreciable life of 100 years to 40 years. (I) 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 Combined Financial Statements December 31, 1980 (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 are recorded. Accumulated vacation and sick leave are indeterminable. (J) Capital Projects Funds - Unappropriated Fund Balances Capital Projects Funds unappropriated fund balances for the various funds indicated represent, on a cumulative basis, the excess of specific pro- ject revenues over the related project costs for certain completed as well as open projects. These amounts are currently unappropriated and as such are avilable 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 under- standing of changes in the City's financial position and operations. However, comparative data (i.e., presentation of prior year totals by fund type) have not been presented in each of the statements, since their inclusion would make the statements unduly complex and difficult to read. The total data are the aggregate of the fund types and account groups. No consolidating or other eliminations were made in arriving at the totals; thus they do not present consolidated information. (2) Property Tax The City's property tax was levied July 2 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, 1980, upon which the 1980 levy was based, was $452,386,680. The estimated market value was $565,483,350, making the assessed value 80 percent of the estimated market value. Taxes were due September 1 with an 18 day grace period before interest was charged. Current tax collections for the year ended December 31, 1980 were 93.1 percent of the tax levy. Property taxes levied for 1980 are recorded as receivables, net of estimated uncollectibles. The net receivables collected during 1980 and expected to be collected in 1981 are recognized as revenues in 1980. Net receivables estimated to be collectible subsequent to 1981 have been recognized as revenue in 1980 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) -11- CITY OF BANGOR, MAINE Notes to Combined Financial Statements December 31, 1980 (3) Due From Other Governmentsi Due from other governments includes accrued reimbursement on the following capital projects: Estimated Expenditures Total To Project Costs Date Airport Development Aid Project $4,200,000 2,834,790 Kenduskeag Stream Park 375,000 318,378 Penobscot River Int. 115,000 96,108 Sewerage Facility Planning 93,200 96,856 $4,783,200 3,346,132 (4) Fixed Assets Amounts Funded Amounts Due By Other From Other Governments Governments A summary of changes in general fixed assets follows: Balance Jan. 1, 1980 Additions Land $ 2,866,190 - City foreclosed property 34,753 96 Buildings 15,058,246 198 Recreation Facilities 1,757,656 12,439 Construction in process 1,830,275 2,275,956 Public domain: 2,437,819 208,775 27,360 2,673,954 Transfers 211,303 10,661 (849,098) 175,185 13,604 86,497 51.038 326,324 Balance 12/31/80 2,866,190 34,849 15,269,747 1,780,756 3,257,133 Street 8,797,384 100,747 592,430 9,490,561 Sidewalks 1,144,505 375 34,704 1,179,584 Bridges 1,053,245 - - 1,053,245 Parking Structures 518,184 - - 518,184 Electrical 487,408 - - 487,408 Storm sewers - water lines 334,166 - - 334,166 Other public domain 397,602 - - 397,602 Total public domain 12,732,494 101,122 627,134 13,460,750 $34,279,614 2,389,811 - 36,669,425 -12- (Continued) CITY OF BANGOR, MAINE Notes to Combined Financial Statements December 31, 1980 (4), Continued Construction in Process is composed of the following: Required 143,729,765 Less accumulated depreciation 16,297,441 $127,432,324 (5) Long -Term Debt The following is a summary of long-term debt transactions of the City for the year ended December 31, 1980: General General Obligation Obligation bonds Notes Total Debt payable at December 31, 1979 $ 11,960,000 3,065,000 15,025,000 New debt issued: 1980 BAN 3,065,000 3,065,000 Debt retired: Serial bonds ( 1,165,000) (1,165,000) 1979 BAIT. (3,065,000) (3,065,000) Debt payable at December 31, 1980 $ 10,795,000 3,065,000 13,860,000 (Continued) -13- Project Expenses to Future Authorization Dec. 312 1980 Committed Financing Buildings 163,014 152,699 10,315 None Streets 1,013,829 712,412 301,417 None Electrical 129,029 118,832 10,197 None Schools 2,563,.000 1,854,134 708,866 None Other Projects 687,405 419,056 268,349 None 4,556,277 3,2571133 1,299,144 None A summary of proprietary fund type property, plant and equipment at December 31, 1980, follows: Land $ 93,686 Buildings improvements and equipment 6,807,126 Pipelines and mains 12,515,027 Aircraft operational assets 121,188,394 Construction in process 3,125,532 143,729,765 Less accumulated depreciation 16,297,441 $127,432,324 (5) Long -Term Debt The following is a summary of long-term debt transactions of the City for the year ended December 31, 1980: General General Obligation Obligation bonds Notes Total Debt payable at December 31, 1979 $ 11,960,000 3,065,000 15,025,000 New debt issued: 1980 BAN 3,065,000 3,065,000 Debt retired: Serial bonds ( 1,165,000) (1,165,000) 1979 BAIT. (3,065,000) (3,065,000) Debt payable at December 31, 1980 $ 10,795,000 3,065,000 13,860,000 (Continued) -13- CITY OF BANGOR, MAINE Notes to Combined Financial Statements December 31, 1980 (5), Continued Bonds and notes payable at December 31, 1980, are comprised of the following individual issues: (Continued) -14- General obligation bonds rates date payments Issued 1980 1960 Capital Improvements 3.405 8/01/82 $ 20,000 $ 435,000 35,000 ( 15,000 in 1982) 1961 Sever 3.375 8/01/83 20,000 435,000 55,000 ( 15,000 in 1983) 1962 High School 3.00 8/01/82 160,000 3,200,000 320,000 1962 Kenduskeag Stream Improvement 3.00 8/01/82 85,000 1,650,000 120,000 ( 35,000 in 1982) 1963 Permanent Public Improvements 3.00 9/01/83 20,000 400,000 60,000 1964 Permanent Public Improvements 3.00 3/01/84 25,000 485,000 85,000 ( 10,000 in 1984) 1965 General Public Improvement 3.10 9/01/86 15,000 315,000 90,000 1966 General Public Improvement 4.00 12/01/87 10,000 210,000 70,000 1966 Street and Sever 4.00 12/01/86 5,000 100,000 30,000 1967 Interceptor Sever and Treatment Plant 3.70 7/01/87 70,000 1,400,000 490,000 1967 Permanent Public Improvements 4.00 9/01/87 35,000 700,000 245,000 1968 Permanent Public Improvements 4.10 9/01/88 35,000 690,000 270,000 ( 25,000 in 1988) 1969 Permanent Public Improvements 5.75 8/15/89 55,000 1,060,000 455,000 ( 15,000 in 1989) 1970 Permanent Public Improvements 6.50 7/01/85 50,000 720,000 220,000 ( 20,000 in 1985) 1971 Permanent Public Improvements 4.90 5/01/91 35,000 690,000 375,000 ( 25,000 in 1991) 1972 Permanent Public Improvements 4.60 3/01/92 55,000 1,060,000 620,000 ( 15,000 in 1992) 1973 Permanent Public Improvements 5.00 7/15/93 100,000 2,000,000 1,300,000 1975 Permanent Public Improvements 6.50 8/01/95 205,000 4,050,000 3,025,000 (155,000 in 1995) 1978 Permanent Public Improvements 5.80 7/01/98 165,000 3,260,000 2,930,000 (125,000 in 1998) Total general obligation bonds $22,860,000 10,795,000 General obligation notes 1980 Bond Anticipation Notes 6.93 5/29/81 3,065,000 in 1981 3,065,000 3,065,000 $25,925,000 13,860,000 The annual requirements to amortize all debt outstanding as of December 31, 1980, including interest payments of $4,238,122 are as follows: Year ending December 31 1981 $ 4,812,814 1902 1,637,716 1983 1,369,287 1984 1,272,613 1985 1,187,420 1986 - 1990 4,625,429 1991 - 1994 3,192,843 $18.098.122 (Continued) -14- r. (5), Continued CITY OF BANGOR, MAINE Notes to Combined Financial Statements December 31, 1980 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: Units City County Bangor Recreation Center Total Net Debt Outstanding $13,860,000 115,000 1,310,000 s19_2R5_000 Percentage Applicable to the City 100.00 23.50 100.00 Overlapping 13,860,000 27,025 1,310,000 15.197.025 This results in a per capita City debt of $415; per capita overlapping debt of $455; ratio of City debt to December 31, 1980 assessed valuation of 3.1 per- cent; and a ratio of overlapping debt to December 31, 1980 assessment valua- tion of 3.4 percent. (6) Change in Presentation of Federal Revenue Sharing Federal Revenue Sharing entitlements and transfers in prior years had been accounted for in the Trust.& Agency Funds. In 1980 all activity has been accounted for in the General Fund, in accordance with Governmental Accounting and Financial Reporting Principles. (Continued) -15- 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, 1980 and related limitations: Percent of state assessed Net debt value of Statutory Debt outstanding 574,950,000 Limit margin _ School $ 3,508,008 10% 57,495,000 53,986,992 Sewer 2,372,802 71�% 43,121,250 40,748,448 Airport 956,846 3% 17,248,500 16,291,654 All other 7,022,344 712% 43.121,250 36,098.906 13,860,000 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: Units City County Bangor Recreation Center Total Net Debt Outstanding $13,860,000 115,000 1,310,000 s19_2R5_000 Percentage Applicable to the City 100.00 23.50 100.00 Overlapping 13,860,000 27,025 1,310,000 15.197.025 This results in a per capita City debt of $415; per capita overlapping debt of $455; ratio of City debt to December 31, 1980 assessed valuation of 3.1 per- cent; and a ratio of overlapping debt to December 31, 1980 assessment valua- tion of 3.4 percent. (6) Change in Presentation of Federal Revenue Sharing Federal Revenue Sharing entitlements and transfers in prior years had been accounted for in the Trust.& Agency Funds. In 1980 all activity has been accounted for in the General Fund, in accordance with Governmental Accounting and Financial Reporting Principles. (Continued) -15- (� CITY OF BANGOR, MAINE Notes to Combined Financial Statements r December 31, 1980 l (7) General Fund - Designated Fund Balance Designated fund balances of $1,442,152 and $1,165,873 in 1980 and 1979 respec- tively represent those portions of the General Fund fund balance specifically designated for the following: 1980 1'979 _ Departmental balances carried forward $ 51,774 ( 72,100) j Automotive equipment replacement account 562,108 497,213 Bus service equipment replacement account 520,218 511,187 Fire equipment replacement account 103,889 81,677 Reserve for self insurance 70,706 55,220 1980/1979 Bond Anticipation Note debt retirement reserve 211,814 176,237 School department appropriated fund deficit ( 78,357) ( 83,561) Total General Fund Designated Fund Balance 1,442,152 1,165,873 The deficits for the school department and other departmental balances carried forward are primarily attributable to a timing difference of receipts. All accounts have a fiscal year end (June 30) and are expected to be fully funded by this time. (8) Pension Plan The City participates in the Maine State Retirement System which covers all full time permanent city and school employees. The system requires that both employees and the City contribute 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 1980 is $1,334,306. As of June 30, 1980, the unfunded accrued liability approximated $12,910,000 and is being amortized over a remaining period of twenty-five years. The City's policy is to fund pension cost accrued. (9) 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, 1980 for those three services are as follows: (Continued) -16- f CITY OF BANGOR, MAINE Notes to Combined Financial Statements December 31, 1980 (9), Continued Sewer Airport Hospital Totals F7perating revenues $ 662,503 6,403,994 847,683 7,914,180 Operating expenses: Depreciation and amortization 342,298 2,863,765 63,528 3,269,591 , Other 334,926 6,356,265 1,018,729 7,709,920 I 677,224 9,220,030 1,082,257 10,979,511 �» Operating loss i $ 14,721 2,816,036 234,574 3,0652331 Net income (loss) $ 24,893 ( 2,821,670) ( 1522682) ( 2,949,459) 'Assets $16,260,948 114,054,023 809,708 131,124,679 onds payable $ 2,372,802 9562846 - 3,3292648 rund equity $13,877,802 112,802,335 687,236 127,3671373 Aquisition of property, plant equipment $ 204,938 1,305,989 22965 1,513,892 The Hospital Fund had a $53,635 deficit at December 31, 1980 due to actual expenses exceeding reimbursable charges. The City plans to eliminate the deficit through increased charges and from operating transfers from the General Fund. (10) Contributed Capital A summary of changes in contributed capital follows: Contributed capital at January 1, 1980 $123,809,639 Contributions 1,263,801 Depreciation on assets acquired with contributions ( 2,998,320) Contributed capital at December 31, 1980 $122,075,120 (11) Revenue Obligation Securities As provided under state law, the City has issued $425,000 of Revenue Obligation Securities to provide financing for the acquisition and construction of a building and related facilities all of which shall comprise the Winter Dis- tributing Company, Inc. Industrial Commercial Project. Under terms of the L agreement the City constructs the facilities and the Winter Distributing Com- pany makes lease payments which represent the principal and interest on the j debt securities. The property is conveyed to Winter Distributing Co. upon extinction of the debt. The debt securities do not constitute a liability of the City of Bangor. _ (Continued) ! -17- CITY OF BANGOR, MAINE Notes to Combined Financial Statements December 31, 1980 (12) City Charter Requirements — In accordance with the City Charter the succeeding year's "Annual budget shall contain . . . an estimate of the general fund cash surplus or cash deficit at the end of the current fiscal year". The City deems this surplus or deficit to be the General Fund excess or deficiency of cash over current lia- bilities. The cash deficit at December 31, 1979 totalled $349,631 and was not included in the 1980 Budget as required by the Charter. The General Fund's cash deficit in 1980 is $412,880 of which $300,111 was included in the 1981 Budget. The remaining $112,669 was not included in the 1981 Budget as required by the Charter. (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 December 31, 1980, 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. (14) Subsequent Event On December 23, 1980, an application was submitted to the State Department of Environmental Protection for construction grants for waste water treatment works. The total cost of construction will be approximately $3,400,670 which will be funded as follows: $2,550,503 or 75 percent, Federal; $510,100 or 15 percent, State; $340,067 or 10 percent, City. On February 9, 1981 the City Council approved a transfer of $500,000 from undesignated fund balance to designated fund balance in the Capital Projects Funds to cover the City's share and estimated ineligible costs. On February 20, 1981, the construction grant was approved by the State Department of Environmental Protection and was forwarded to the Environmental Protection Agency (EPA) for final approval. The EPA has not yet approved funding. -18- Schedule A-1 CITY OF BANGOR, MAINE General Fund Balance Sheet December 31, 1980 with comparative figures for December 31, 1979 Assets 1980 1979 Cash $ 1,507,480 1,370,477 Receivables (net of allowances for uncollectible amounts, 1980 - $54,050; 1979 - $84,073) Taxes, including interest and liens 1,170,046 930,490 Accounts 591,078 522,070 Advance to Enterprise Fund 113,000 113,000 Inventory, at cost 499,552 693,511 Other assets 16,263 20,878 Total assets $ 3,897,419 3,650,426 Liabilities and Fund Balance Liabilities: Accounts payable 273,953 252,901 Accrued payroll - 176,371 Due to other governmental agencies 12,899 41,402 Total liabilities 286,852 470,674 Fund balance: Reserved for advance to Enterprise Fund 113,000 113,000 Unreserved: Designated for subsequent year's expenditures 1,442,152 1,165,873 Undesignated 2,055,415 1,900,879 Total fund balance 3,610,567 3,179,752 Total liabilities and fund balance $ 3,897,419 3,650,426 -19- I . [ CITY OF BANGOR, MAINE General Fund Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Year ended December 31, 1980 vith comparative actual figures for year ended December 31, 1979 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 State nutrition program Payments in lieu of taxes Other Total intergovernmental revenue Licenses and permits Chargee 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 -20- Variance - Favorable 1979 Budget Actual (Unfavorable) Actual $ 12,206,603 12,220,516 13,913 9,733,430 $50,000 938,156 88,156 912,077 85,000 118,833 33,833 77,759 13,141,603 13,277,505 135,902 10,723,266 423,527 423,527 - 529,409 1,091,000 1,087,413 ( 3,587) 1,351,764 575,000 600,884 25,884 553,643 3,315,455 3,359,601 44,146 3,628,313 - - - 583,802 57,000 44,722 ( 12,278) 52,848 202,195 103,769 98,426) 49,594 5,664,177 5,619,916 44,261)' 6,749,373 162,033 163,874 1,841 167,123 1,006,873 1,051,435 44,562 949,370 95,450 62,751 ( 32,699) 87,261 762,202 764,235 2,033 709,967 275,715 310,445 34,736 255,624 21,108,053 21,250,161 142,108 19,641,984 13,313 12,355 958 12,112 204,642 199,775 4,867 247,338 151,146 168,889 ( 17,743) 113,986 300,088 301,797 ( 1,709) 211,699 37,712 38,977 ( 1,265) 35,959 104,999 104,167 832 96,570 62,841 61,341 1,500 54,059 66,963 63,756 3,207 64,197 58,412 58,096 316 53,966 55,071 17,448 37,623 23,413 49,398 49,398 - 57,967 91,206 90,413 793 77,494 1,195,791 1,166,412 29,379 1,048,760 1,622,563 1,582,113 40,450 1,431,628 2,009,678 1,960,977 48,701 1,755,196 118,152 112,613 5,539 142,910 3,750,393 3,655,703 94,690 3,329,734 -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 1980 Variance - Favorable 1979 Budget Actual (Unfavorable) Actual Expenditures, Continued: Health, welfare, and recreation: Health 227,620 190,329 37,291 862,624 Welfare 362,153 384,693 ( 22,540) 309,059 Parka and recreation 758,242 762,454 ( 4,212) 723,712 Total health, welfare, and recreation 1,348,015 1,337,476 10,539 1,895,395 Public buildings and services Public buildings 84,468 87,673 ( 3,205) 74,436 Public services 2,431,034 2,351,368 79,666 2,294,272 Motor Pool 485,459 628,026 (142,567) 581,523 Private school services 107,875 82,409 25,466 Total public buildings and services 3,108,836 3,149,476 40,640) 2,950,231 Other agencies: Taxes paid to county 261,537 261,554 ( 17) 232,933 Public library 270,859 270,859 - 280,803 Sub total 532,396 532,413 ( 17) 513,736 Education 9,646,916 9,548,763 98,153 9,283,418 Total other agencies 10,179,312 10,081,176 98,136 9,797,154 Other appropriations: Overlay (allowance for uncollectible taxes) 10,000 32,837 ( 22,837) 24,217 Bad debt expense - - - 31,345 Recreation district tax 209,762 209,762 - 215,914 Pensions and other fringe benefits 109,000 116,651 ( 7,651) 87,930 Contingency 7,748 - 7,748 - Debt service 1,085,994 1,114,296 28,302 1,131,435 Total other appropriations 1,422,504 1,473,546 51,042 1,490,841 Total expenditures 21,004,851 20,863,789 141,062 20.512,115 Excess (deficiency) of revenues over expenditures 103,202 386,372 283,170 ( 870,131) Other financing sources (uses): Utilization of prior year's undesignated fund balance - - - 902,437 Operating transfers (net) ( 103,202) ( 102,758) 444 ( 113,789) Total other financing sources (uses) ( 103,202) ( 102,758) 444 788,648 Excess (deficiency) of revenues and other sources over expenditures and other uses - 283,614 283,614 ( 81,483) Fund balance at beginning of year 3,179,752 3,179,752 - 3,890,071 Utilization of fund balance - - - ( 902,437) Net addition to replacement accounts - 147,201 147,201 273,601 Fund balance at end of year $ ,.3,179,752 3,610,567 430,815 3,179,752 EfiC CITY OF BANGOR, MAINE Special Revenue Funds -p- Combining Balance Sheet December 31, 1980 with comparative totals for December 31, 1979 Assets Cash Due from other governments Other assets Liabilities and Fund Balances Liabilities: Community Development $ 15,527 195 $ 15,722 Urban Development Action Grant 107,780 107,780 Schedule B-1 Totals 1980 1979 15,527 (21,906) 107,780 28,934 195 66 123,502 7,094 Accounts payable 120 107,780 107,900 7,094 Fund Balances: Unreserved - designated 15,602 - 15.6 - $ 15,722 107,780 123,502 7,094 -22- Schedule B-2 CITY OF BANGOR, MAINE Special Revenue Funds Combining Statement of Revenues, Expenditures and Changes in Fund Balances Year ended December 31, 1980 Community Development Urban Development Block Crant Action Grant Totals Unexpended Unexpended Unexpended Authorization Actual Balances Authorization Actual Balances Authorization Actual Balances Revenues: 424,074 400,926 3,084,174 Intergovernmental $ 2,259,174 1,286,254 972,920 Program Income - 96,162 C 96,162) Expenditures: 2,259,174 1,382,416 876,758 Acquistion of real property 224,286 182,471 41,815 Public works facilities site 224,286 182,471 41,815 improvements 653,161 433,062 220,099 Code enforcement ( 5,771) 1,405 ( 7,176) Clearance, demolition, ( 5.77I) 1,405 ( 7,176) rehabilitation 109,199 94,875 14,324 Rehabilitation loans and 14,324 - - grants 99,622 88,622 11,000 Special projects for elderly - - 5,352 and handicapped 5,352 4,829 523 Disposition of real property 19,130 4,122 15,008 Completion of urban renewal, - - 39,994 NDP projects 39,994 1,916 38,078 Relocation payments and 343,908 134,068 209,840 assistance 343,908 134,068 209,840 Planning and management 6,633 - - development 7,354 126 7,228 Administration 221,761 143,484 78,277 Contingencies 188,145 - 188,145 Rehabilitation and preser- 336,253 267,638 68,615 vation activities 336,253 267,638 68,615 Planning 6 Urban Environ- 3,536 - - mental Design 13,732 10,196 3,536 Lose of rental income 3,048 - 3,048 Residential construction loans 400,926 825,000 424,074 400,926 $ 2.259.174 1,366,814 892,360 Fund balances at beginning of year Fund balances at end of year $ 15,602 ( 15,602) 825,000 424,074 400,926 3,084,174 1,710,328 1,373,846 - - - - 96,16296 162) 825,000 424,074 400,926 3,084,174 1,806,490 1,277,684 - - - 224,286 182,471 41,815 - - - 653,161 433,062 220,099 - - - ( 5.77I) 1,405 ( 7,176) - - - 109,199 94,875 14,324 - - - 99,622 88,622 11,000 - - - 5,352 4,829 523 - - - 19,130 4,122 15,008 - - - 39,994 1,916 38,078 - - - 343,908 134,068 209,840 - - - 6,759 126 6,633 - - - 222,356 143,484 78,872 - - - 188,145 - 188,145 - - - 336,253 267,638 68,615 - - - 13,732 10,196 3,536 - - 3,048 3,048 825 000 424,074 400,926 825,000424,074 400,926 825,000 424,074 400,926 3,084,174 1,790,888 1,293,286 - _ - - - 15,602 L 5 602) Schedule C-1 CITY OF BANGOR, MAINE r Capital Projects Funds ' Combined Balance Sheet December 31, 1980 with comparative figures for December 31, 1979 -- Assets 1980 1979 Cash $ 2,369,800. 4,769,313 Receivables: Accounts 2,083 28,117 Deferred special assessments: Sewer construction 375,610 424,313 Street construction 302,038 379,708 Due from other governments 326,324 446,228 Due from enterprise fund 100,000 200,000 $ 31475,855 6,247,679 Liabilities and Fund Balances Liabilities - accounts payable 117,470 3,981 Fund Balances: Reserved for encumbrances 1,014,346 470,311 Unreserved: Designated for capital project expenditures 274,125 3,213,369 Undesignated: Future construction - General Fund 199,700 557,512 Future construction - Sewer Utility Fund 1,007,508 971,697 Future construction - Airport Fund 185,058 226,788 Deferred special assessments 677,648 804,021 Total fund balances 3,358,385 6,243,698 $ 3,475,855 6,247,679 -24- CITY OF BANGOR, MAINE Capital Projects Funds Combining Statement of Revenues. Expenditures and Changes in Fund Balance Year ended December 31, 1980 with comparative totals for year ended December 31, 1979 Capital Projects in Process General Fund Sewer Reserves for Other utility Airport future Buildings Streets Electrical Schools Projects Fund Fund Construction Revenues: Interest income $ - - - - _ - - 216,372 Special assessments - - - - - - - 17,446 Intergovernmental - 132,177 6,733 81,516 1,181,081 Total revenues - 132,177 - - 6,733 81,516 1,181,081 233,818 Expenditures: obligation notes Capital additions 5,030 810,682 11,872 1,723,394 48,132 88,261 1,181,081 165,799 Miscellaneous 16,076 Total expenditures 5,030 810,682 11,872 1,723,394 48,132 88,261 1,181,081 181,875 Excess (deficiency) of revenue over expenditures ( 5,030) (678,505) (11,872) (1,723,394) ( 41,399) ( 6,745) Other financing sources - proceeds of general obligation notes Excess (deficiency) of revenues and other sources over expenditures ( 5,030) (678,505) (11,872) (1,723,394) ( 41,399) ( 6,745) Fund balances at beginning of year 15,345 374,876 ( 5,931) 2,432,260 285,263 113,923 Transfers from reserves for future construction - 498,293 28,000 - 35,000 167,200 Completed projects, remaining fund balances (deficits) - (153,290) - - ( 7,305) ( 28,218) Funds transferred in from related fund Fund balances at end of year $ 10,315 41,374 101197 708,866 2559 246,160 Schedule C-2 Totals 1980 1979 216,372 228,989 17,446 671,050 1,401,507 1,708,357 1,635,325 2,608,396 4,034,251 2,665,549 16,076 5,075 4,050,327 2,670,624 51,943 (2,415,002) ( 62,228) - 51,943 ( 2,367) 2,560,018 ( 728,493) 2,367 186,446 2,069,914 3,065,000 (2,415,002) 3,002,772 5,773,387 2,948,199 292,727 3,358,385 6,243,698 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: Schedule D-1 CITY OF BANGOR, MAINE Enterprise Funds Combining Balance Sheet December 31, 1980 with comparative totals for December 31, 1979 Sewer Utility Airport Hospital Totals Fund Fund Fund 1980 1979 $ 288,210 137,952 508 137,444 897 426,551 Land 58,426 Buildings, plant, and equipment 5,228,785 Pipelines and mains 12,515,027 Aircraft operational assets - Construction in process 287,725 18,089,963 Less accumulated depreciation 3,488,556 Net property, plant, and equipment 14,601,407 Other assets: Deposits for construction 10,344 with Capital Projects Funds: Designated 225,482 Undesignated 1,007,508 Total deposits 1,232,990 Operating rights net of accumulated amortisation of $216,013 in 1980 ( 12,056) 549,031 45.000 504,031 205,063 8.747 705,785 121,188,394 2.837.807 124,026,201 11.947.276 112,078,925 185.326 185,326 (145,847) 212,587 10.592 201,995 1,229 339 57,716 35,260 1,578,341 1,613,601 861.609 751,992 and 168,883 in 1979 - 1,083,987 - $ 16,260,948 114,054,023 809,708 130,307 899,570 56.100 843,470 206,292 9.983 1,190,052 93,686 6,807,126 12,515,027 121,188,394 3.125.532 143,729,765 16.297.441 127,432,324 1,022,393 814,679 42.558 722,121 68,759 6,480 1,869,753 93,686 6,773,963 12,390,885 120,924,136 2,033,204 142,215,874 13.074.980 129,140,894 225,482 111,555 1,192,M 1,198,749 1,418,316 1,310,304 1,083,987 1,131,117 131,124,679 133,452,068 Liabilities and Fund Equity Current liabilities: Accounts payable 10,344 194,842 9,472 214,658 413,328 Due to Capital Projects Funds - 100,000 - 100,000 200,000 Current installments - general obliga- tion bonds 240,920 102,141 - 343,061 343,061 Total current liabilities 251,264 396,983 9,472 657,719 956,389 Long-term lfabiliti.es: Advance from General Fund - - 113,000 113,000 113,000 General obligation bonds (Net of current portion) 2,131,882 854,705 - 2,986,587 3,329,648 Total long-term liabilities 2,131,882 854,705 113,000 3,099,587 3,442,648 Total liabilities 2,383,146 1,251,688 122,472 3,757,306 4,339,037 Contributed capital: City of Bangor 6,143,712 - 140 6,143,852 6,281,410 Federal, state, and other contributions 4,492,108 110,341,781 740,731 115,574,620 117,224,391 Customers 356,648 - - 356,648 303,838 Total contributed capital 10,992,468 110,341,781 740,871 122,075,120 123,809,639 Retained earnings (deficit) 2,885,334 2,460,554 53,635) 5,292,253 5,243,392 Total fund equity 13,877,802 112,802,335 687,236 127,367,373 129,053,031 $ 16,260,948 114,054,023 809,708 131,124,679 133,452,068 -26- Schedule D-2 -P7- CITY OF BANGOR, MAINE Enterprise Funds Combining Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 1980 with comparative totals for year ended December 31, 1979 Sewer Utility Airport Hospital Totals Fund Fund Fund 1980 1979 Operating revenues - chargee for services $ 661,503 6,403,994 847,683 7,914,180 6,789,022 Operating expenses: Operating expenses other than depreciation 334,926 6,356,265 1,018,729 7,709,920 5,440,001 Depreciation and Amortization: On assets acquired with own funds 89,029 179,027 3,215 271,271 244,728 On assets acquired with contributions 253,269 2,684,738 60,313 2,998,320 1,628,440 Total operating expense 677,224 9,220,030 1,082,257 10,979,511 7,313,169 Operating income (loss) ( 14,721) (2,816,036) ( 234,574) (3,065,331) ( 524,147) Non-operating Revenue (Expense): Interest income 178,002 67,891 - 245,893 241,629 Interest expense ( 138,388) ( 73,525) ( 21,310) ( 233,223) ( 244,684) Operating transfer from General Fund - - 103,202 103,202 113,789 Net non-operating revenue (expense) 39,614 ( 5,634) 81,892 115,872 110,734 Net income (loss) 24,893 (2,821,670) ( 152,682) (2,949,459) ( 413,413) Retained earnings at beginning of year 2,607,172 2,597,486 38,734 5,243,392 4,028,365 Depreciation and amortization on assets acquired with contributions 253,269 2,684,738 60,313 2,998,320 1,628,440 Retained earnings (deficit) at end of year $ 2,885,334 2,460,554 ( 53,635) 5,292,253 5,243,392 -P7- Schedule D-3 -28- CITY OF BANGOR, MAINE Enterprise Funds ' Combining Statement of Changes in Financial Position Year ended December 31, 1980 with comparative totals for year ended December 31, 1979 Sewer Utility Airport Hospital Totals Fund Fund Fund 1980 1979 ,._ Sources of working Capital: Operations: _ Net Income (loss) $ 24,893 (2,821,670) (152,682) (2,949,459) ( 413,413) Items not requiring working capital - depreciation and amortization 342,298 2,863,765 63,528 3,269,591 1,873,168 Working capital provided by operations 367,191 42,095 ( 89,154) 320,132 1,459,755 Contributions: Customers 57,615 - - 57,615 62,063 Federal, state, and other 147,316 1,058,871 - 1,206,187 1,455,740 Deposit9 for capital projects - 39,359 - 39,359 - Decrease in working capital 21,107 267,805 92,119 381,031 33,433 $ 593,229 1,408,130 2,965 2,004,324 3,010,991 Uses of working capital: Deposits for capital projects 147,371 - - 147,371 303,572 Acquisition of property, plant and equipment 204,938 1,305,989 2,965 1,513,892 1,990,351 Current installment general obligation bonds 240,920 102,141 - 343,061 343,061 Increase in working capital - - - - 374,007 $ 593,229 1,408,130 2,965 2,004,324 3,010,991 Elements of net increase (decrease) in working capital: Cash ( 38,819) ( 703,993) (149,274) ( 892,086) 405,101 Accounts receivable 21,422 ( 14,173) 64,100 71,349 91,879 Advance to General Fund - - - - ( 50,272) Inventory - 137,533 - 137,533 25,966 Prepaid expenses ( 427) 4,070 ( 140) 3,503 2,944 Accounts payable ( 3,283) 208,758 ( 6,805) 198,670 ( 238,163) Current installments - general obligation bonds - - - - 3,119 Advance from capital projects fund - 100,000 - 100,000 100,000 Net increase (decrease) in working capital $( 21,107) 267,805) 92,119) 381,031) 340,574 -28- i - . -7 Schedule E-1 CITY OF BANGOR, MAINE Fiduciary Funds Combining Balance Sheets December 31, 1980 with comparative totals for December 31, 1980 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 302,695 302,695 306,722 49,229 - - 49,229 46,098 449,566 - - - 449,566 435,068 - - 731,343 - 73,343 55,717 449,566 49,229 73,343 � 572,138 536,883 $ 449,566 49,229 73,343 302,695 874,833 843,605 Nonexpendable Trust Funds Expendable Revolving Trust Funds Endowment Loan Endowment Agency Total Assets Principal Principal Revenues Funds 1980 1979 Cash $ 77,121 6,598 73,343 207,093 364,155 414,767 Investments, at cost (Market Value, 1980 - $415,387, 1979 - $350,839) 372,445 18,850 - 80,000 471,295 390,181 Receivables: Accounts - - - 15,602 15,602 18,327 Loans from students - 23,781 - - 23,781 20,330 $ 449,566 49,229 73,343 302,695 874,833 843,605 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 302,695 302,695 306,722 49,229 - - 49,229 46,098 449,566 - - - 449,566 435,068 - - 731,343 - 73,343 55,717 449,566 49,229 73,343 � 572,138 536,883 $ 449,566 49,229 73,343 302,695 874,833 843,605 CITY OF BANGOR, MAINE Expendable Trust Funds Combined Statement of Revenues, Expenditures and Changes in Fund Balances Year ended December 31, 1980 with comparative figures for year ended December 31, 1979 Revenues - gifts Expenditures: Perpetual care fees Distribution of earnings to Home for Aged Woman Distribution for special education Other payments 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 year Fund balances at end of year -30- $chedule'E-2 Totals 1980 1979 $ 4,339 4,000 10,070 10,000 3,743 3,704 2,647 4,653 7,155 2,512 23,615 20,869 (19,276) (16,869) 36,902 27,202 17,626 10,333 55,717 45,384 $ 73,343 55,717 �.� Schedule E-3 CITY OF BANGOR, MAINE Nonexpendable Trust Funds Combining Statement of Revenues, Expenses, and Changes in Fund Balances Year ended December 31, 1980 with comparative totals for year ended December 31, 1979 Revolving Endowment Loan _ Principal Principal 1980 Operating revenues: ' Interest $ 38,014 3,131 41,145 -- Lot sales 8,060 - 8,060 Gifts 5,750 - 5,750 51,824 33,131 54,955 Operating expenses: Federal Revenue Sharing entitlement (net) Income before oper- ating transfers Operating transfers out Net income Fund balances at beginning of year Fund balances at end of year . Totals 1979 31,330 7,591 38,921 1,218 51,824 3,131 54,955 37,703 37,326 - 37,326 27,202 14,498 3,131 17,629 10,501 435,068 46,098 481,166 470,665 $ 449,566 49,229 498,795 481,166 -31- CITY OF BANGOR, MAINE Agency Funds Combined Statement of Changes in Assets and liabilities Year ended December 31, 1980 Assets Cash Investments Accounts Receivable Liabilities Amounts held by Agency Funds f others Balance January 1; 1980 Additions Deductions $ 288,395 5,410,019 5,491,321 - 80,000 - 18,327 174,776 177,501 306,722 5,664,795 5,668,822 $ 306,722 5,584,795 5,588,822 -32- Schedule E-4 Balance December 31, 1980 207,093 80,000 15,602 302,695 302,695 CITY OF BANGOR MAINE Assessed Valuation, Commitment and Collections Year ended December 31, 1980 Valuation: Land and Buildings $ 411,926,970 Personal property 40,459,710 Total valuation 452,386,680 Commitment: Real estate and personal property Tax rate Total commitment Add: Supplemental taxes committed Sewer, street, and demolition assessments Less: Collections - 1980 Abatements 1980 Taxes receivable at December 31, 1980 -33- $ 452,386,680 .2700 12,214,440 6,067 31,820 12,252,327 11,367,550 31,592 $ 853,185 CITY OF BANGOR, MAINE Cash Receipts, Disbursements, and Bank Balances - All Funds Year ended December 31, 1980 General Fund Special Revenue Funds Capital Projects Funds Enterprise Funds Trust and Agency Funds Total all funds B, Balances: Balance per banks Less: Outstanding checks Plus: Deposits in transit Petty cash Total all funds Balance at beginning of year $ 1,370,477 ( 21,906) 4,769,313 1,022,393 407,955 S 7 SLUR 919 Receipts 41,353,565 1,849,814 21,288,522 8,174,171 6,069,971 78,736,043 -34- $ 4,730,508 995,083 648,937 2,907 $ 4,387,269 Balance at Disbursements end of year 41,216,562 1,507,480 1,812,381 15,527 23,688,035 2,369,800 9,066,257 130,307 6,113,771 364,155 81,897,006 4,387,269 $ 4,730,508 995,083 648,937 2,907 $ 4,387,269 I- -35- Table 1 -age of 91.5% 92.5 94.4 95.6 93.7 94.2 94.3 93.6 92.5 93.1 CITY OF BANGOR, MAINE Property Tax Valuations, Levies and Collections Last Ten Calendar Years Assessed Property Property Collections in Year Valuation Tax Rate Tax Levy Year of Levy 1971 $ 187,854,380 39.50 7,420,225 6,750,472 1972 194,558,600 40.40 7,860,122 7,258,591 1973 202,517,660 40.40 8,181,713 7,729,006 1974 217,917,260 42.00 8,927,713 8,535,848 1975 227,784,640 45.00 9,486,451 8,886,740 1976 235,479,850 45.30 9,917,054 9,344,192 1977 207,516,620 44.20 9,172,235 8,649,300 1978 402,443,210 21.00 8,451,307 7,909,538 1979 439,217,620 22.15 9,728,670 9,000,454 1980 452,386,680 27.00 12,214,440 11,367,550 I- -35- Table 1 -age of 91.5% 92.5 94.4 95.6 93.7 94.2 94.3 93.6 92.5 93.1 Year 1971 1972 1973 1974 1975 1976 1977 X978 1979 1980 Tax Rate $ 39.50 40.40 40.40 42.00 45.00 45.30 44.20 21.00 22.15 27.00 CITY OF BANGOR, MAINE Local Assessed Valuations Last Ten Calendar Years Total Assessed Valuation 187,854,380 194,558,600 202,517,660 217,917,260 227,784,640 235,479,850 207,516,620 402,443,210 439,217,620 452,386,680 -36- Real Property 147,241,810 153,237,600 159,057,380 167,115,310 173,207,070 179,132,420 184,802,520 369,321,000 401,043,500 Table 2 Personal Property 40,612,570 41,321,000 43,460,280 50,801,950 54,577,570 56,347,430 22,714,100 33,122,210 38,174,120 Designated Find Balance 700,000 506,900 523,000 62,000 Other 619,835 716,588 817,994 866,427 1,126,300 1,589,670 1,521,205 712,683 640,209 630,109 Table 3 Total 11,163,210 12,102,792 14,028,428 15,473,006 17,062,754 18,109,450 18,756,229 20,061,387 20,625,904 20,863,789 CITY OF BANGOR, MAINE General Fund Expenditures by Function Last Ten Calendar Years Parks Public Recreation, Buildings General Public Health and Taxes Paid 6 Public Debt Year Gov't. Safety Nelfare to County Services Education Service 1971 S 675,766 1,390,274 942,554 121,125 1,307,449 5,447,410 658,797 1972 687,239 1,478,959 1,062,656 137,275 1,706,790 5,685,324 627,961 L973 812,714 1,663,578 1,113,593 159,818 2,019,021 6,126,531 615,179 1974 835,392 1,804,724 1,242,632 157,869 1,793,088 6,802,833 1,463,141 1975 990,922 2,151,239 L,493,873 270,000 2,200,051 7,539,640 767,729 1976 1,015,975 2,295,425 1,587,810 246,240 2,400,524 7,988,330 923,476 1977 955,180 2,537,640 1,509,980 206,811 2,898,632 8,154,208 972,573 1978 1,059,946 3,133,111 1,879,352 223,380 3,3L9,288 8,835,493 898,134 1979 1,048,760 3,329,734 2,009,184 232,933 2,950,231 9,283,418 1,131,435 1980 1,166,412 3,655,703 1,337,476 261,554 3,149,476 9,548,763 1,114,296 Designated Find Balance 700,000 506,900 523,000 62,000 Other 619,835 716,588 817,994 866,427 1,126,300 1,589,670 1,521,205 712,683 640,209 630,109 Table 3 Total 11,163,210 12,102,792 14,028,428 15,473,006 17,062,754 18,109,450 18,756,229 20,061,387 20,625,904 20,863,789 Table 4 Property Other Year Taxes Taxes 1971 $ 7,453,686 565,547 1972 7,910,682 654,695 L973 8,186,340 740,440 1974 8,927,829 623,593 1975 9,793,952 865,981 1976 10,151,L16 832,077 1977 9,172,234 958,930 1978 8,496,217 946,050 1979 9,733,430 989,836 1980 12,220,516 1,056,989 Table 4 CITY OF BANGOR, MAINE General Fund Revenues by Source Last Ten Calendar Years Licenses Fines Charges and and Use of Money Intergovernmental for Total Permits Forfeits and Property Revenue Services Reimbursements Revenues 51,732 24,172 157,364 1,856,418 546,388 408,656 11,063,963 62,067 39,600 270,408 2,116,756 586,795 459,552 12,100,555 112,197 35,301 285,216 3,692,592 602,079 324,284 13,978,449 111,580 34,187 381,412 4,503,017 589,206 956,823 16,127,647 148,999 65,586 487,686 5,105,687 685,303 159,060 17,312,254 144,821 63,541 619,050 6,073,955 787,657 246,539 18,924,756 173,573 82,309 696,847 7,343,762 841,062 291,216 19,559,933 148,985 70,339 587,073 7,224,565 957,630 215,842 18,646,701 167,123 87,261 709,967 6,749,373 949,370 255,624 19,641,984 163,874 62,751 764,235 5,619,916 1,051,435 310,445 21,250,161 ble 5 CITY OF BANGOR, MAINE Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures Last Ten Calendar Years Total Total Ratio of Debt General Bonded General Fund Service to Total Year Principal Interest Debt Service Expenditures General Expenditures 1971 $ 672,657 393,236 1,065,893 11,163,210 9.548% 1972 652,623 374,153 1,026,776 12,102,792 8.484 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 201863,789 -6.670 Table 6 CITY OF BANGOR, MAINE Debt Service Requirements to Maturity - General Obligation Bonds -40- Total Year Principal Interest Requirement 1981 $ 1,165,000 582,814 1,747,814 1982 1,110,000 527,716 1,637,716 1983 895,000 474,287 1,369,287 1984 845,000 427,613 1,272,613 1985 805,000 382,420 1,187,420 1986 785,000 339,328 1,124,328 1987 765,000 297,535 1,062,535 1988 6401000 256,408 896,408 1989 575,000 220,080 795,080 1990 560,000 187,078 747,078 Subsequent 2,650,000 5421843 3,192,843 -40- * Based on 1970 population of 33,428 -41- �. -m�_ Table 7 - CITY OF BANGOR, MAINE Ratio of General Bonded Debt to Assessed Value and General Bonded Debt Per Capita Last Ten Calendar Years Ratio of General Bonded General Bonded General Assessed Debt to Debt Per Year Bonded Debt Valuation Assessed Value Capita* 1971 $ 9,910,520 187,854,380 5.3% $ 296.47 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 3.1 414.62 * Based on 1970 population of 33,428 -41-