1989CITY OF BANGOR, MAINE
GAFRI`ISR
Financial Statements
and Other Financial Information
For The Year Ended June 30,1989
CITY OF BANGOR, MAINE
Annual Financial Report
June 30, 1989
Table of Contents
AUDITOR'S REPORT
Exhibit
Page(s)
FINANCIAL STATEMENTS
Governmental Funds:
Combined Dalance Sheet --All Fund Types and Account
General Fund:
Groups
1
1 - 2
Combined Statement of Revenues, Expenditures and
A-1
Changes in Fund Balances --All Governmental Fund
Statement of Revenues,
Expenditures, and
Types and Expendable Trust Funds- --- -
2
3
Statement of Revenues, Expenditures and Changes in
Balances --Budget and Actual
Unreserved/Undesignated Fund Balance --Budget and
25 - 26
Special Revenue Funds:
Actual --General Fund
3
4
Combined Statement of Revenues, Expenses and Changes
B-1
in Retained Earnings/Fund Balances --All Proprietary
Statement of Revenues,
Expenditures
Fund Types and Similiar Trust Funds
4
5
Combined Statement of Changes in Financial Position --
B-2
28
All Proprietary Fund Types and Similiar Trust Funds
5
6
Notes to Financial Statements
Balance Sheet
7 _ 23
ADDITIONAL INFORMATION
Schedule
Governmental Funds:
General Fund:
Balance Sheet
A-1
24
Statement of Revenues,
Expenditures, and
Changes in Unreserved/Undesignated Fund
Balances --Budget and Actual
A-2
25 - 26
Special Revenue Funds:
Balance Sheet
B-1
.27
Statement of Revenues,
Expenditures
and Changes in Fund
Balance
B-2
28
Capital Project Funds:
Balance Sheet
C-1
29
Statement of Revenues,
Expenditures
and Changes in Fund
Balances
C-2
30
CITY OF BANGOR, MAINE
Annual Financial Report
June 30, 1989
Table of Contents
Additional Information (Continued)
Schedule
Page(s)
Proprietary Funds:
_ Enterprise Funds:
Combining Balance Sheet
D-1
31
- Combining Statement of Revenues, Expenses
and Changes in Retained Earnings
D-2
32
- Combining Statement of Changes in Financial
Position - -
D-3
33
_ Fiduciary Funds:.
_ Trust and Agency Funds:
Combining Balance Sheet
E-1
.34
- Expendable Trust Funds - Statement
of Revenues, Expenditures, and Changes in
Fund Balance
E-2
35
Nonexpendable Trust Funds - Combining Statement
of Revenues, Expenses and Changes in Fund
Balances
E-3
36
- Schedule of Assessed Valuation, Commitment and
Collections
F
37
STATISTICAL SECTION:
Table.
Property Tax Valuations, Levies and Collections -
Last Ten Fiscal Periods
1
38
Local Assessed Valuations - Last Ten Fiscal Periods
2
39
General Fund Expenditures by Function - Last Ten
- Fiscal Periods
3
40
General Fund Revenue by Source - Last Ten Fiscal
_ Periods
4
41
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Fund
- Expenditures - Last Ten Fiscal Periods
5
42
Debt Service Requirements to Maturity -
- General Obligation Bonds
6
43
Ratio o£ General Bonded Debt to Assessed
Value and General Bonded Debt per Capita -
Last Ten Fiscal Periods
7
44
Brooks
Carter Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
To the Honorable Mayor, City Council
and City Manager
City of Bangor, Maine
We have audited the accompanying general purpose financial statements of
the City of Bangor, Maine, as of June 30, 1989, and for the year then
ended, as listed in the table of contents. These general purpose
financial statements are the responsibility of the City of Bangor,
Maine's, management. Our responsibility is to express an opinion on these
general purpose financial statements based on our audit.
_. We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit
to obtain reasonable assurance about whether the general purpose
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the general purpose financial statements. An audit also
includes assessing the accounting principles used and significant
` estimates made by management, as well as evaluating the overall general
purpose financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above
present fairly, in all material respects, the financial position of the
City of Bangor, Maine, as of June 30, 1989, and the results of its
operations and changes in financial position of its proprietary and
similar trust fund types for the year then ended in conformity with
generally accepted accounting principles.
Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining and
individual fund and account group financial statements and schedules
listed in the table of contents are presented for purposes of additional
analysis and are not a required part of the general purpose financial
statements of the City of Bangor, Maine. Such information has been
subjected to the auditing procedures applied in the audit of the general
purpose financial statements and, in our opinion, is fairly presented in
all material respects in relation to the general purpose financial
statements taken as a whole.
&'e-v"L ""--i &-ff�
November 21, 1989
P.O. Box 1167, 84 Harlow Street, Bangor, Maine 04401 (207) 947-8568
Brooks
e wand
Carter Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT ON INTERNAL CONTROL
STRUCTURE RELATED MATTERS NOTED IN A FINANCIAL
STATEMENT AUDIT CONDUCTED IN ACCORDANCE WITH
GOVERNMENT AUDITING STANDARDS
To the Honorable Mayor, City Council
And City Manager
City of Bangor, Maine
We have audited the general purpose financial statements of the City of
Bangor, Maine, as of and for the year ended June 30, 1989, and have issued
our report thereon dated November 21, 1989.
We conducted our audit in accordance with generally accepted auditing
standards and Government Auditing Standards, issued by the Comptroller
General of the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement.
In planning and performing our audit of the general purpose financial
statements of the City of Bangor, Maine, for the year ended June 30, 1989,
we considered its internal control structure in order to determine our
auditing procedures for the purpose of expressing our opinion on the
general purpose financial statements and not to provide assurance on the
internal control structure.
The management of the City of Bangor, Maine, is responsible for
establishing and maintaining an internal control structure. In fulfilling
this responsibility, estimates and judgments by management are required to
assess the expected benefits and related costs of internal control
structure policies and procedures. The objectives of an internal control
structure are to provide management with reasonable,. but not absolute,
assurance that assets are safeguarded against loss from unauthorized use
or disposition, and that transactions are executed in accordance with
management's authorization and recorded properly to permit the preparation
of general purpose financial statements in accordance with generally
accepted accounting principles. Because of inherent _limitations in any
internal control structure, errors or irregularities may nevertheless
occur and not be detected. Also, projection of any evaluation of the
structure to future periods is subject to the risk that procedures may
become inadequate because of changes in conditions or that the
effectiveness of the design and operation of policies and procedures may
deteriorate.
P.O. Box 1167, 84 Harlow Street,
Bangor, Maine 04401
(207) 947-8568
For the purpose of this report, we have classified the significant
internal. control structure policies and procedures in the following
categories:
* Separation of duties
* Custody of assets
* Authorization of transactions
* Recording of transactions
* Competence of personnel
Solely to assist us in planning and performing our audit, we made a. study
and evaluation of the internal control structure of the City of Bangor,
Maine. That study and evaluation was limited to a preliminary review of
the structure to obtain an understanding of the control environment and
the flow of transactions through the accounting system. Our study and
evaluation did not extend beyond this preliminary review phase.
We noted no matters involving the internal control structure and its
-- operation that we consider to be reportable conditions under standards
established by the American Institute of certified Public Accountants.
Reportable conditions involve matters coming to our attention relating to
"+ significant deficiencies in the design or operation of the internal
control structure that, in our judgment, could adversely affect the
entity's ability to record, process, summarize, and report financial data
consistent with the assertions of management in the general purpose
financial statements.
A material weakness is a reportable condition in which the design or
operation of one or more of the specific internal control structure
elements does not reduce to a relatively low level the risk that errors
or irregularities in amounts that would be material in relation to the
financial statements being audited may occur and not be detected within
a timely period by employees in the normal course of performing their
assigned functions.
Our consideration of the internal control structure would not
necessarily disclose all matters in the internal control structure that
might be reportable conditions and, accordingly, would not necessarily
- disclose all reportable conditions that are also considered to be
material weaknesses as defined above.
This report is intended for the information of the audit committee,
management, the U.S. Department of Education, Transportation, Human
Services, Housing and Urban Development, and the Federal Aviation
Administration. This restriction is not intended to limit the
distribution of this report, which is a matter of public record.
November 21, 1989
I
Exhibit 1
i
CITY OF BANGOR, MAINE
Combined Balance Sheet - All Fund Types and Account Groups
June 30, 1989
(with comparative totals for June 30, 1988)
Governmental Fund Types
Proprietary
Fund Type
Fiduciary,
Fund Type
Account Groups
Assets and Other Debits
General
Special
Revenue
Capital
Enterprise
(Notes 9
Trust and
General General
Fixed Long-term
Totals
(Memorandum Only)
Projects
and 13)
Agency
Assets Debt
1989
1988
Cash on hand $
Equity in pooled cash and
1,780
$ 250
$ -
$ 56,248
$ -
S - $ -
$ 58,278
$ 57,083
investments - (note 2)
5,884,957
154,015
12,135,871
2,868,922
547,313
- -
21,591,078
11,254,524
Investments at cost - (note 2)
-
-
-
-
572,384
- -
572,384
526,623
Receivables (net, where applicable
of allowance for estimated un-
collectible accounts of $68,792
in 1989 and $94,842 in 1988:
Taxes, including interest, penalties
and liens (note .3)
1,150,968
Accounts
Loans,
772,476
-
21,740
2,249,216
63,375
1,150,968
3,106,807
923,954
2,040,615
Deferred special assessments
-
-
2,040,863
-
-
190,623
27,980
2,068,843
1,922,575190,623
Due from other.governments (note 4)
-
106,220
849,427
-
328,966
Due from other funds
418,923
955,647
1,270,780
Advance to enterprise
418,923
-
funds (note 9)
Inventory, at cost
-
568,277
-
-
87,787
87,787
87,787
Prepaid expenses
2,317
-
98,479
132,706
_
666,756
601,564
Property,-
plant and equipment
- -
135,023
144,095
(net of accumulated depreciation)
(note 5)
Amount to be provided for retirement
-
-
-
814
125,992,291
-
47,836, -
173,829,105
164,306,787
of general long-term debt
-
-
Deposits for construction with
-
-
-. 16,976,021
16,976,021
11,129,185
capital projects funds
Other assets
97,392
-
99,902
6,133,815
736,642
-
-
6,133,815
2,654,375
-
- -
933,936
755,677
Total assets and other debits $
8,894,773
$2,303,665
$13,385,350 $138,268,842
$1,211,052
$47,836,291 $16,976,021
$228,875,994
$198,004,590
The
accompanying notes are an integral
part of these financial'statements.
Exhibit 1 Cont'd
CITY OF BANGOR, MAINE
Combined Balance Sheet - All Fund Types and Account Groups, Continued
June 30,1989
(with comparative totals for June 30, 1988)
.The accompanying notes are an integral part of these financial statements.
Proprietary
Fiduciary
i,
Governmental Fund Types
Fund TTTeFund
Type
Account Gr ou s
n eE t rprise
nera enera
Totals
Special
Capital
(Notes 9
Trust and
Fixed Long-term
(Memorandum
Only)
Liabilities
General
Revenue
Projects
and 13)
Agency
Assets Debt
1989
1988
Bank Overdraft $
1,486,484
$ -
S -
$ -
$ -
$ - $ -
$ 1,486,484
$
Accounts Payable
94,822
-
-
214,571
-
- -
309,393
1,218,643
Workers' Comp. Self.
Insurance
270,000
-
-
120,500
-
-. 817,365
1,207,865
1,139,584
Accrued leave
-
-
-
130,229
-
-. 509,942
640,171
608,467
Accrued payroll
1,162,651
-
-
78,492
-
- -
1,241,143
976,266
Tax collected in advance--'
7,979
-
-
- -
7,979
10,909
Amounts held by agency funds
for others
417,215
- -
417,215
788,519
Deferred revenues (note 6)
939,794
2,040,863
-
51,019
-
- -
3,031,676
2,667,371
Due to general fund
418,923
418,923
-
Advance from other fund (note 9)
-
-
-
87,787
-
- -
87,787
87,787
General obligation bonds and
notes payable (note 7)
Notes Payable
-
-
-
15,391,286
-
-. 15,648,714
31,040,000
14,590,000
-
-
-
853
-
- -
853
4,116
I Total liabilities
N
3,961,730
2,040,863-
16,493,660
417,215
- 16,976,021
39,889,989
22,091,662
Fund Equity
Contributed capital (note 8)
Investment in general fixed
-
-
-
109,105,349
-
- -
109,105,349
110,648,089
assets (note 5)
Retained
-
47,836,291 -
47,836,291
45,162,740
earnings.
Fund balance:
-
-
-
12,669,833
-
- -
12,669,833
8,709,633
Reserve for:
Encumbrance
353,637
4,110
2,362,441
-
-
- -
2,720,188
3,456,972
Loans
Endowments
-
-
_
-
_
-
-
-
88,252
524,232
- -
- -
88,252
524,232
81,997
512,600
Unreserved:
Designated for subsequent
years expenditures (note 10)
2,802,923
258,692
10,259,971
-
181,353
- -
13,502,939
3,484,740
Undesignated
1,776,483
-
762,938
-
-
- -
2,539,421
3,856,157
Total fund equity
4,933,043
262,802
13,385,350
121,775,182
793,837
47,836,291• -
188,986,505
175,912,928
Total liabilities and
fund equity $
8,894,773
$2,303,665
$13,385,350
$138,268,842.
$1,211,052
$47,836,291 $16,976,021
$228,875,994
$198,004,590
.The accompanying notes are an integral part of these financial statements.
L,.
l _ ..1 (. 1 I I I. -
CITY OF BANGOR, MAINE Exhibit 2
Combined Statement of Revenues, Expenditures
and Changes in Fund Balances - All Governmental
Fund Types and Expendable Trust Funds
Year ended June 30, 1989
Fiduciary
Governmental Fund
Types
Fund T e
Total
General
Special
Revenue
Capital
Projects
xpen a e
Trust
(Memorandum.
Only).
Revenues
Taxes (note 3)
Special assessments
$22,298,943
$ -
$ -
$ -
$22,298,943
Intergovernmental
10,110,512
1,330,684
28,092
1,424,891
-
-
28,092
12,866,087
Licenses and permits
237,847
-
-.
-
237,847
Charges for services
Fines, forfeits, and penalties
3,448,093
11,931
-
-
-
-
3,448,093
Revenues from use of money
-
-
11,931
and property
Reimbursements
1,112,318
737,504
217,944
-
345,411
31,598
1,707,271
Miscellaneous
-
-
-
127,580
-
3,000
737,504
130,580
Total revenues
37,957,148
1.,548,628
1,925,974
34,598
41,466,348
Expenditures
General --government
Public safety
2,272,755
6,850,456
-
-
-
-
2,272,7555
Health, welfare, and recreation
2,009,340
-
-
-.
-
-
6,850,45
2,009,340
Public buildings and services
Other
4,292,994
-
4,292,994
agencies
i Education
1,347,075
20,183,417
-
-
-
-
Other appropriations
1,337,945
-
443,424
-
211,347,075 ,183,417
1,181,369
Community Development Block Grant
Perpetual care fees
-
1,490,856
-
-
1,490,856
Distribution to beneficiaries
-
-
-
-
-
18,000
11,246.
18,000
11,246
Capital projects
-
-_
11;327,292
11,327,292
Total expenditures
38,293,982
1,490,856
11,770,716
29,246
51,584,800
Excess (deficiency) of revenues
over expenditures
( 336,834)
57,772
(9,844,742)
5,352
(10,118,452)
.Other financing sources (uses)
Operating transfers in
Operating transfers out (note 9)
( 489,738)
-
-
879,081
(381,212)
879,081
Proceeds from bonds
-
-
18,075,000
-
-
( 870,950)
18,075,000
Total other finc. sources (uses)
( 489,738)
-
18,572,869
-
18,083,131
.Excess (deficiency) of revenues
and other sources over expend-
itures and other uses
( 826,572)
57,772
8,728,127
5,352
7,964,679
Fund balances at beginning of
period
5,759,615
205,030
4,657,223
176,001
10,797,869
Fund balances at end of period
$ 4,933,043
$ 262,802
$13,385,350$.181_
,353
$18,762,548
The accompanying notes are an
integral part of
these financial statements.
t_r
CITY OF BANGOR, MAINE Exhibit 3
Statement of Revenues, Expenditures, and
Changes in Unreserved/Undesignated Fund Balance - Budget and Actual
General Fund
Year ended June 30, 1989
Expenditures
Budget
Revenues
2,464,865
Taxes (note 3)
$22,292,994
Intergovernmental
9,879,371
Licenses and permits
140,440
Charges for services
3,330,154
Fines, forfeits, and
4,227,234
penalties
9,500
Revenue from use of money
20,165,744
and property
1,149,578
Reimbursements
602,756
Total revenues
37,404,793
Expenditures
$ 5,950
General government
2,464,865
Public safety
6,894,641
Health, Welfare, and
117,939
recreation .
1,836,676
Public buildings and
(37,260)
services
4,227,234
Other agencies
1,347,075
Education
20,165,744
Other appropriations
1,709,203
Total expenditures
38,645,438
Excess of revenues
over expenditures
(1,240,645)
Other financing sources (uses)
Operating transfers out
( 659,355)
Appropriation from surplus
1,900,000
Operating transfers in
-
Excess (deficiency) of
revenues and other sources
over expenditures and
other uses
$ -0-
Fund balance undesignated/
unreserved beginning
of year
Balances carried to
succeeding year
Appropriation from surplus
Fund balance undesignated/
variance -
Favorable
Actual (Unfavorable)
$22,298,944
$ 5,950
10,110,512
231,141
237,847
97,407
3,448,093
117,939
11,931
2,431
1,112,318
(37,260)
737,504
134,748
37,957,149 552,356
2,238,211
6,864,484
1,945,293
4,306,620
1,347,075
19,309,672
1,493,878
37,505,233
226,654
30,157
(108,617)
(79,386)
856,072
215,325
1,140,205
451,916 ' 1,692,561
( 488,438)
1,393,523
170,917
(506,477)
$1,357,001 $1,357,001
2,784,806
( 971,801)
1 9 012 G'1'7 1
unreserved, end of year $ 1,776,483
The accompanying notes are an integral part of these financial statements.
-4-
CITY OF BANGOR, MAINE Exhibit 4
- Combined Statement of Revenues, Expenses, and Changes in
Retained Earnings/Fund Balances - All Proprietary Fund
Types and Similar Trust Funds
_ Year ended June 30, 1989
Proprietary
Fiduciary
Fund Type
Fund Type
Total
-
Enterprise
NonexpenF-
(Memorandum
(Notes
9 & 13)
able Trust
Only)
Operating revenues
Charges for services
$16,212,616
$ -
$16,212,616
- Interest
-
7,462
7,462
Lot sales
-
10,425
10,425
Total operating
_ revenues
16,212,616
17,887
16,230,503
_ Operating expenses
Operating expenses other
than depreciation
11,910,618
-
11,910,618
Depreciation and
- amortization:
On assets acquired
- with own funds
382,120
-
382,120
On assets acquired
with contributions
3,206,945
-
3,206,945
Total operating
expenses
15,499,683
-
15,499,683
Operating income
y (loss)
712,933
17,887
730,820
Non operating revenues
(expenses)
Interest income
357,748
-
357,748
Interest expense
(532,750)
-_
(532,750)
�- Income (loss) before operat-
ing transfers
537,931
17,887
555,818
Operating transfers in
163,438
-
163,438
Operating transfers out
-
-
Net income (loss)
701,369
17,887
719,256.
Add depreciation and amortization
on assets acquired
with contributions
3,206,945
-
3,206,945
_ Increase in retained
earnings
3,908,314
17,887
3,926,201
_ Retained earnings/Fund balance
at beginning period
8,709,633
594,59'1
9,304,230
_ Residual equity transfer
51,886
51,886
Retained earnings/fund balance
_ at end of period $
12,669,833
$612,484
$13,282,317
The accompanying notes are an
integral part of
these financial statements.
-5-
CITY OF BANGOR, MAINE
Combined Statement of Changes in
Financial Position - All Proprietary Fund Types
and Similar Trust Funds
Year ended June 30, 1989
Sources of working capital
Operations:
Net income (loss)
Items not requiring work-
ing capital -depreciation
and amortization
Working capital provided
by operations
Contributions:
City
Federal, state, and other
Residual equity transfer
Proceeds of bond issue
Deposits for Capital projects
Total sources of working
capital
Proprietary Fiduciary
Fund Type Fund Ty2e
Enterprise onexpen -
(Notes 9 & 13) able Trust
$ 701,369 $ 17,887
Exhibit 5
Total
(Memorandum
Only)
$ 719,256
3,589,065 -
3,589,065
4,290,434 17,887
4,308,321
613,576 -
613,576
1,050,630 -
1,050,630
51,886 -
51,886
11,184,100 -
11,184,100
(3,479,440) -
(3,479,440)
13,711,186 17,887
13,729,073
Uses of working capital
Acquisition of property,
- plant and equipment
10,390,704
-
10,390,704
Current installment - general
obligation bonds
536,304
-
536,304
Increase in other assets
53,260
-
53,260
- Increase in working capital
2,730,918
17,887
2,748,805
Total uses of working
capital
13,711,186
17,887
13,729,073
Elements of net increase (decrease)
in working capital
Cash
1,878,420
(25,684)
1,852,736
— Receivables (net)
1,033,858
( 2,190)
1,031,668
Investments
-
45,761
45,761
Inventory
3,517
-
3,51.7
Prepaid expenses
(11,388)
-
(11,388)
- Accounts payable and
accrued expenses
268,793
-
268,793
Due to general fund
(418,923)
(418,923)
_ Prepaid revenue
(15,853)
-
(15,853)
Current installments
of long-term debt
and notes payable
(7,506)
-
(7,506)
Net increase in work-
ing capital
$ 2,730,918
$ 17,887
$ 2,748,805
The accompanying notes are an
integral part of
these financial
statements.
-6-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 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 and 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
S through governmental funds. The measurement focus is upon determination
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 expendable 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 construction of
major capital facilities.
- PROPRIETARY FUND TYPES
Proprietary Funds are used to account for the City's ongoing
organization and activities which are similar to those often found in
the private sector. The measurement focus is upon determination of net
income.
-7-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 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, including depreciation) of providing goods or
services to the general 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 organizations,
other governmental units, and/or other funds.
Trust and Agency Funds - Trust and Agency Funds include expendable,
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
accountability 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 - Thisgroup 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 within the current period or soon enough thereafter to be
used to pay liabilities of the current period. Expenditures, other than
interest on long-term debt, are recorded when the liability is incurred,
if measurable.
In applying the susceptible to accrual concept to intergovernmental
revenues, the legal and contractual requirements of the numerous
individual programs are used as guidance. There are, however,
essentially two types of these revenues. In one, monies must be
- expended on the specific purpose or project before any amounts will be
we
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 1 - Continued
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 compl 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
miscellaneous revenues (except investment earnings) are recorded as
revenues when received in cash because they are generally not measurable
until actually received. Investment earnings are recorded as earned -
since they are measurable and available. .
The accrual basis of accounting is used by proprietary funds and
nonexpendable 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
governmental funds. Open encumbrances arereported as reservations of
fund balances since the commitments will be honored in subsequent years.
Encumbrances do not constitute expenditures or liabilities.
(D) Budgetary Accounting
The City utilizes a formal budgetary accounting system to control
revenues and expenditures accounted for in the general fund. These
budgets are established in accordance with the various laws which govern
-- the City's operations.
The third Monday in March, the city administrator submits to the City
Council a proposed operating budget for the fiscal year commencing the
following July 1. The operating budget includes proposed expenditures
and the means of financing them. Public hearings are conducted to
obtain taxpayer comments. The budget is legally enacted through the
passage of an appropriation resolve. The city administrator is
authorized to transfer budgeted amounts between departments, however,
any revisions that alter the total expendi.tures must be approved by the
City Council. No significant additional appropriations were required in
1989.
All unencumbered and unexpended appropriations lapse at year end.
Departmental expenditures may not exceed appropriations. Budget data as
- presented for these funds utilize the modified accrual basis of
accounting.
Budgetary controls are maintained on the other governmental funds
through formal authorizations by the City Council and grant agreements.
(E) Investments
Investments are stated at cost.
CITY OF BANGOR, MAINE
Notes to Financial. Statements
June 30, 1989
NOTE 1 - Continued
(F) Inventory
Inventory consists primarily of expendable supplies held for
consumption.
(G) Advances to Other Funds
Long-term interfund advances are recorded as a receivable and as a
reserve of fund balance by the advancing fund.
(H) General Fixed Assets
General fixed assets have been acquired for general governmental
- purposes. Assets purchased are recorded as expenditures in the
governmental funds and capitalized at cost in the general fixed assets
account group. Contributed 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
z fixed assets.
No depreciation has been provided on general fixed assets, nor has
interest been capitalized.
(I) 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.
Depreciation 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:
Range of
Estimated
Asset Class Useful Life
Buildings 25 - 40 years
Equipment 5 - 20 years
Pipelines and Mains 100 years
Aircraft operational assets:
_ Runways 40 years
Buildings Z0 years
Machinery and equipment 5 - 10 years
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 1 - Continued
(J) Vacation and Sick Leave
Under terms of union contracts and personnel policies, permanent full
time City employees are granted vacation and sick leave in varying
amounts. In the event of termination an employee is reimbursed for
accumulated vacation days up to the equivalent of thirty days vacation.
Employees are reimbursed for 33 percent of accumulated sick leave, up to
40 days, only upon retirement.
For Governmental Type Funds (General and Special Revenue), the City
appropriates funds for accrued vacation in the year the vacation is
taken. Accordingly, accumulated vacation time earned and not taken at
the end of the fiscal year will be raised in subsequent years' budgets.
The related obligation, therefore, is recorded in the general long-term
debt group of accounts of the City in accordance with Statement No. 4 of
the National Council on Governmental Accounting.
Accumulated sick leave is not recorded since it is neither determinable
nor measurable.
(K) Capital Projects Funds - Unappropriated Fund Balances
Unappropriated fund balances in the Capital Projects Funds represent, on
a cumulative basis, the excess of specific project resources over the
-. related project costs for completed as well as certain open projects.
These amounts are currently unappropriated and as such are available for
use within the Capital Projects Funds for future capital construction.
-- (L) Comparative Total Data
Comparative total data for the prior year have been presented in the
accompanying combined financial statements in order to provide an
understanding of changes in the City's financial position and
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..
NOTE 2 - Equity in Pooled Cash and Investments, and Cash and Investments
— The City maintains a cash and investment pool that is available for use
by all funds. Each fund type's portion of this pool is displayed on the
combined balance sheet as "Equity in pooled cash and investments". In
_ addition, cash and investments are separately held by some of the City's
fund types.
-11-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 2 - Continued
Deposits: At year-end, the carrying amount of the City's deposits was
$20,291,078 and the bank balance was $19,744,551. Of the bank balance,
$511,594 was covered by federal depository insurance and $19,232,957 was
uninsured and uncollateralized.
Investments: Statutes authorize the City to invest in obligations of the
U.S. Treasury, agencies, and instrumentalities, repurchase agreements,
corporate securities, financial institution stocks and other stock
investments. The City's investments are categorized below to give an
indication of the level of risk assumed by the entity at year-end.
Category 1 includes inestments that are insured or collaterized with
securities held by -the -City or its agent in the City's name. Category 2
includes uninsured investments for which the securities are held by the
banks' trust department in the City's name. Category 3 includes
uninsured investments for which the securities are held by the banks'
trust department or its agent but not in the City's name.
Short -Term
U.S. Gov't.
- Pooled Funds
U.S. Treasury
obligations
Repurchase
agreements
Corporate Bonds
Category
1 2 3
45,000
$ 100,017
427,367
1,300,000
Carrying
Amount
$ 100,017
427,367
1,300,000
45,000
Market
Value
$ 100,017
429,279
1,300,000
45,000
$ - $452000 $1,827,384 $1,872,384 $1,874,296
NOTE 3 - Property Tax
The City's property tax was levied July 1, 1988 on the assessed value
listed as of the prior April 1, for all real and personal property
located in the City. The assessed value for the list of April 1 1988
upon which the 1988 levy was based, was $1,022,201,700. The estimated
market value was $1,022,201,700 making the assessed value 100 percent of
- the estimated market value.
Taxes are billed on a semi-annual basis. 'Faxes were due August 1 and
February 1 with a grace period to the first of the following month
before interest was charged. Current tax collections for the year ended
June 30, 1989 were 96.0 percent of the tax levy.
Property taxes levied for the year ended June 30, 1989 are recorded as
receivables. The receivables collected during the year and during the
first 60 days of the subsequent year are recognized as revenues for the
- year ended June 30, 1989. Receivables estimated to be collected
subsequent to the 60 day period are considered to be deferred revenues.
Prior year tax levies were recorded using this same principle.
-12-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 4 - Due From Other Governments - Capital Projects
Due from other governments includes accrued reimbursement on the
following capital projects:
NOTE 5. - Fixed Assets
A summary of changes in general
fixed assets is
presented'on
Amounts
Amounts
in process is
Estimated
Expenditures
Funded
Due From
Total
To
By Other
Other
Project
Costs
Date
Gov'ts.
Gov'ts.
Airport Development
June 30, 1989
Committed.
Financing
Aid Project
$10,935,437 _
$10,525,199
$9,675,772
$ 849,427
School
7,531,000
NOTE 5. - Fixed Assets
A summary of changes in general
fixed assets is
presented'on
page 14..
The Construction
in process is
composed of the
following:
Required
Project
Expenses to
Balance
Future
Authorization
June 30, 1989
Committed.
Financing
Buildings
$ 1,26'1,612
$1,133,708
$ 131,965
$ 1,939
School
7,531,000
2,063,840
5,467,160
.
-
Streets
686,742.
419,610
267,.132
-
Electrical
92,133
83,888
8,245
Other Projects
2,353,796
1,325,964
1,019,784
8,048
$11,931,283
$5,027,010 $6,894,286 $ 9,987
-13-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989 .
NOTE 5 - Fixed Assets,
Continued
A summary of changes in general fixed assets
follows:
Balance
Balance
June 30,
June 30,
1988
Additions
Deletions
Transfers
1989
Land
$ 3,059,051
$ -
$ -
$ -
$ 3,059,051
City foreclosed
property
78,611
-
-
-
78,611
Buildings
17,137,832
72,755
-
-
17,210,587
Recreation
Facilities
934,372
74,030
-
1,008,402
Construction in
process
3,232,676
2,342,917
-
(548,583)
5,027,010
i
24,442,542
2,489,702
-
(548,583)
26,383,661
r
Public domain:
Streets
12,657,166
129,000
-
-
12,786,166
Sidewalks
1,569,011
-
- !
-
1,569,011
Bridges
1,136,815
-
-
-
1,136,815
Parking
Structures
14,000
-
-
14,000
Electrical
602,034
-
-
-
602,034
Storm sewers -
water lines
343,521
-
-
-
343,521
Other public domain
397,602
-
-
-
397,602
Total public domain
16,720,149
129,000
-
-
16,849,149
Equipment vehicles
3,799,900
880,032
276,600
-
4,403,332
Equipment computer
200,149
-
-
-
200,149
Total equipment
4,000,049
880,032
276,600
-
4,603,481
$45,162,740
$3,498,734
$ 276,600
$ (548,583)
$47,836,291
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 5 - Continued
A summary of proprietary fund type property, plant and equipment at June
30, 1989 follows:
Land $ 195,585
Building improvements
and equipment 11,687,702
Pipelines and mains 16,159,376
Aircraft operational assets 123,047,195
Parking structures 532,909
Construction in process 20,516,485
172,139,252
Less accumulated depreciation (46,146,438).
NOTE 6 - Deferred Revenues
Deferred revenues consist of the following:
General
Fund
Taxes $ 939,235
Loans -
Other 559
$ 939 , '794
.$125,992,814
Special Enterprise
Revenue Fund
2,040,863 -
1 ()1 q
$2,040,863 S 51,019
Deferred tax revenues consist of those taxrevenues not available to
meet the needs of the current period (See Note 3).
Deferred revenue of the Special Revenue Fund represents future revenue
equal to loans made pursuant to the Community Development and Urban
Development Action Grants over the past years. Pursuant to the terms of
these grants, loans made are recognized as an expenditure in the Special
Revenue Fund when they occur with corresponding recognition of grant
revenues. Further, pursuant to regulations governing such funds,
repayment of loans thus outstanding are considered program income as
received in subsequent years and is available to the recipient for
additional use within the program. The future revenue associated with
loans outstanding is, therefore, reflected as deferred revenue.
-15-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 7 - Long -Term Debt
The following is a summary of long-term debt transactions of the City
for the period ended June 30, 1989:
General
Obligation
bonds
Debt payable at June 30, 1988 $14,590,000
New debt issued 1989.series 13,025,000
Bond anticipation note . 5,050,000
Debt retired -'Serial bonds (1,625,000)
Debt payable at June 30, 1989 $31,040,000
General obligation bonds in the amount of. $5,050,000 have been
authorized but were unissued as of June 30, 1989. A bond anticipation
-- note (BAN) for $5,050,000 was issued during the year. The BAN is due
June 1,1990. The City plans to retire the BAN with the proceeds of the
the authorized and unissued general obligation bonds when issued.
Accordingly, the BAN is properly grouped with long-term debt.
The City is subject to the laws of the State of Maine which limit the
amount of long-term debt to a percentage (depending on how funds will be
used) of its last full state valuation. The following is a summary, by
purpose, of the outstanding debt of the City at June 30, 1989 and
related limitations:
Percent of
state assessed
Net debt value of Statutory Debt
outstanding $904,800,000 Limit margin
School $9,822,618 10.0; $90,480,000 $80,657,382
Sewer 7,948,843 7.5°, 67,860,000 59,911,15'1
Airport 865,029 3.00 27,144,000 26,278,971
All other 12,403,510 7.5°, 67,860,000 55,456,490
The general obligation debt of all local governmental units which
provide services within the City's boundaries and which must be borne by
properties in the City (commonly called overlapping debt), is summari.zed
below:
Units
Net debt
outstanding
Percentage
applicable Overlapping
to the City Debt
City $31,040,000 100.000 $31,040,000
County 7,490,000 24.210,, 1,813,329
Bangor Recreation
Center 480,000 100.000 480,000
Total $39,010,000 $33,333,329
This results in a per capita City debt of $981; per capita overlapping
debt of $894; ratio of City debt to the City's June 30, 1989 assessed
valuation of 3.0 percent; and a ratio of overlapping debt to June 30,
1989 assessed valuation of 2.8 percent.
-16-
Ci, , OF l,,h.JR, ',.AE
,
Notes to Financial
Statements
June 30, 1989
NOTE
7 - Continued
Bonds
payable at June 30,
1989, are comprised
of the
following
individual issues:
Final
Annual
Authorized
Interest
maturity
serial
and
rates
date
payments
Issued
June 30, 1989
1969
Permanent
Public
Improvements
5.75
8/15/89
55,000
$ 1,060,000
$ 15,000
( 15,000 in
1990)
1971
Permanent
Public
Improvements
4.90
5/01/91
35,000
690,000
60,000
( 25,000 in
1991)55,000
1972
Permanent
Public
Improvements
4.60
3/01/92
1,060,000
125,000
( 15,000 in
1992)
1973
Permanent
Public
Improvements
5.00
7/15/93
100,000
2,000,000
500,000
1975
Permanent
Public
Improvements
6.50
8/01/95
205,000
4,050,000
1,385,000
(155,000 in
1995)
1978
Permanent
Public
Improvements
5.80
7/01/98
1658000
3,260,000
1,610,000
(125,000 in
1998)
1981
Permanent
Public
Improvements
10.00
6/01/01
155,000
3,065,000
1,825,000
(120,000 in
2001)
1984
Permanent
Public
Improvements
5.90 to
10/25/94
180,000
1,800,000
1,080,000
8.75
1985
Permanent
Public
Improvements
5.20 to
10/25/95
160,000
1,575,000
1,095,000
7.90
(135,000 in
1995)
1986
Permanent
Public
Improvements
4.25 to
10/25/96
90,000
865,000
685,000
i
6.50
( 55,000 in
1996)
1987
Permanent
Public
Improvements
5.70 to
10/25/97
180,000
1,785,000
1,605,000
i
6.80
(165,000 in
1997)
1988
Permanent
Public
Improvements
7.37 to
10/28/07
220,000
3,200,000
2,980,000
8.60
(100,000 in
1999
to
2007)
1989
Permanent
Public
Improvements
6.70 to
9/01/09
755,000
13,250,000
13,025,000
7.00
(750,000 in
1997
to
2000)
(550,000 in
2001
to
2009)
(545,000 in
2010),
1989
Bond Anticipation
Note
7.00 to
6/01/90
5,050,000
5,050,000
5,050,000
7.25
Total.general
obligation bonds
and BAN
$42,710,000
$31,040,000
The annual requirements
to amortize all debt
outstanding as of June 30, 1989, including interest payments
of $14,461,581
are
as follows:
Year ending
June 30
1990
$ 3,136,934
1991
3,960,257
1992
3,739,388
1993
3,570,473
1994
3,415,302
1995-2010
27,634,227
$45,456,581
CITYOF BANQOj, 4A�NE
Notes to inancia a ements
June 30, 1989
NOTE 8 - Contributed Capital
A summary of changes in contributed capital follows:
_ Contributed capital at June 30, 1988
$110,648,089
Contributions
1,664,205
Depreciation on assets acquired with
contributions
(3,206,945)
Contributed capital at June 30, 1989
$109,105,349
NOTE 9 - General Fund Advances
The City Nursing Facility.has also experienced
operating losses in prior
years as well as fiscal 1989 and continues to receive cash
advances from
the General Fund. For the fiscal period ended
June 30, 1989 the General
J Fund transferred $163,438 to meet operating needs.
NOTE 10 - General Fund - Designated Fund Balance
Designated fund balances represent those portions of the General Fund
fund balance specifically designated for the following:
3
1989
1988
Departmental balances carried forward
$ 326,782
$ 277,839
_ School department - Surplus
645,019
831,140
Automotive equipment replacement account
300,000
300,000
_ Bus service equipment replacement account
92,784
78,822
Fire equipment replacement account
240,566
156,764
Golf course equipment replacement account
-
51,886
Capital improvements
153,062
153,062
Reserve for self insurance
759,221
.805,010
_ Credit reserve fund
684,075
512,142
Cameron Stadium
100,000
-
Kittredge road closeout
53,000
-
Sub Total
$3.,354,509
$3,166,665
Accrued Teacher payroll (net of accrued
subsidy receivable)
(551,586)
(473,342)
Total General Fund Designated
Fund Balance
$2,802,923
$2,693,323
-18-
CITY OF' BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 11 - General Fund Cash Surplus
By City Council definition, as amended effective July 6, 1989, the
General Fund Cash Surplus is the combined cash balances of the General
and Enterprise Funds less the current liabilities of each (excluding
non-cash related amounts, and excluding any amounts due between funds or
those amounts fully budgeted in the succeeding year's appropriation),
the reserves for encumbrances of each, the reserves of the General Fund
designated for a specific purpose and excludes any cash surplus
resulting from the Enterprise Funds.
_ The General Fund Cash Surplus as of June 30, 1989 was computed as
follows:
Notal General
Fund Cash
General Fund Enterprise Fund Surplus***
Cash $ 5,886,737 $ 2,868,922 $ 5,886,737
Bank Overdraft (1,486,484) - (1,486,484)
Accounts Payable (94,822) (214,571) (94,822)
Taxes Collected in Advance (7,979) - (7,979)
`- Deferred Revenues (net of
deferred property taxes) (559) (51,019) (559)
Current Portion of Long -
Term Debt - (476,840) -
Reserved for Encumbrances (353,637) - (353,637)
Designated for subsequent
L_ years expenditures (3,354,509)** - (3,354,509)
$ ,588,747 $ 2,126,492 $ 588,747
**Designated for subsequent years expenditure of the general fund
excludes the effect of accrued teacher's payroll.
***By City Council definition, General Fund Cash Surplus excludes any .
cash surplus resulting from the Enterprise Funds.
-19-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 12 - Defined Benefit Pension Plan
The City contributes to the Maine State Retirement System ("System"), an
agent multiple -employer public employee retirement system that acts as a
common investment and administrative agent for cities in the State. The
City's contribution for the year ending June 30, 1989 approximated
$2,579,000.
The following information pertains to.the June 30, 1988 actuarial valua
tion. The June 30, 1989 valuation was not available. All full-time
ermanent City_emp-loyees are eligible to participate in the System.
Benefits vest after ten years of service. City employees who retire at
or after age 60 are entitled to an annual retirement benefit for life,
in an amount equal to a fraction of the average final compensation
multipled by years of membership service after the date of
establishment. Average final compensation is defined as the average
annual rate of earnable compensation of a member during the 3-5 years of
creditable service, not necessarily consecutive, in which such average
annual rate of earnable compensation is highest. The system also
provides death and disability benefits. These benefit provisions and
all other requirements are established by State Statue and City
Ordinance.
City employees are required to contribute 6 1/2 percent of their annual
salary to the System. The City is required to contriubute the remaining
amounts necessary to fund the System, using the actuarial basis
specified by statute. The City's payroll for employees covered by the
System for the year ended June 30, 1988 was $13,251,763.
The amount shown below as the "pension benefit obligation" is a
- standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases and
step -rate benefits, estimated to be payable in the future as a result of
employee service to date. The measure is intended to help users, assess
the funding status of the System on a going -concern basis, assess
progress made in accumulating sufficient assets to pay benefits when
due, and make comparisons among employers. The measure is the actuarial
present value of credited projected benefits and is independent of the
funding method used to determine contributions to the System.
The pension benefit obligation was computed as part of an actuarial
valuation performed as of June 30, 1988. Significant actuarial
�- assumptions used in the valuation include (a) a rate of return on the
investment of present and future assets of 8 percent a year compounded
annually, (b) additional projected salary increases of 6 percent a year,
attributable to seniority/merit, and (c) no postretirement benefit
increases. Total unfunded pension benefit obligation applicable to the
City's employees was $29.7 million at June 30, 1988 as follows (in
millions):
-20-
I CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30. 1989
NOTE 12 - Continued
In
Millions
Pension benefit obligation:
Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits
$30.3
Current employees -
Accumulated employee contributions including
allocated investment earnings
8.6
Employer -financed vested
17.7
Employer -financed nonvested
3.0.
Total pension benefit obligation
5g,6
-- Net assets available for benefits, at cost
_ (market value is $32.0)
29.9
- Unfunded pension benefit obligation
$29.7
- Required contributions are determined separately for
benefits, survivor benefits disability
service retirement
and benefits
January 1, 1977.
elected on or after
-21-
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1989
NOTE 13 - Segments of Enterprise Activities
There are six services provided by the City which are financed by user charges - sewer,
airport, parking fund, City Nursing Facility, Bass Park and Municipal Golf Course. The key
financial data for the period ended June 30, 1989, for those services are as follows:
City Bass Municipal**
Sewer Airport Nursing Parking Park Golf Course Totals
Operating revenue $ 2,074,134 $ 9,324,455 $1,527,714 $ 386,535 $2,701,803 $ 197,975 $ 16,212,616
Operating expenses:
Depreciation and
amortization
Other
N Operating income
i' (loss)
Net Income (loss)
415,498
2,894,280
88,671
21,591
168,158
867
816,209
6,638,804
1,557,249
167,354
2,576,602
154,400
1,231,707
9,533,084
1,645,920
188,945
2,744,760
155,267
Acquisition of pro-
842,427
(208,629)
(118,206)
197,590
(42,957)
42,708
783,818
(97,097)
11,630
58,433
(55,227)
(188)
$ 17,050
$4,926,082
$ 137,961 $
Assets 25,125,515
102,530,079
837,915
6,147,538
2,874,450 ;
753,345
Bonds payable 7,948,842
865,028
179,000
5,478,264
335,152
585,000
Fund equity 17,096,597
101,250,416
330,274
652,866
2,308,331
136,698
Acquisition of pro-
perty, plant
and equipment $ 2,896,292 $
1,768,892
$ 17,050
$4,926,082
$ 137,961 $
644,427
*Includes depreciation and amortization
of $3,206,945 on assets
aquired with contributions.
**The Municipal Golf Course became
an operating
component of
the City on
July 1989. Accordingly its
operations, assets and liabilities
are reported
as an enterprise
fund in
the Proprietary
Fund Group. Prior years operations
and financial position is
not available at June 30,
1988 for disclosure.
3,589,065*
11,910,618
15,499,683
712,933
701,369
138,268,842
15,391,286
121,775,182
$ 1_0,390,704
CITY OF BANGOR, MAINE
Notes to Financial Statements
.June 30, 1989
NOTE 14 - Other Matters
The City of Bangor receives state subsidies for its educational programs
based in part on the level of expenditures of previous years. In
accordance with generally accepted accounting principles, school
subsidies are recognized in the year received when they are both
_ measurable and available. School subsidies for fiscal 1989 amounted to
$7,434,707 which amount was based in part on the level of expenditures
of fiscal year 1987. Projected subsidies for fiscal year 1990 are
approximately $8,928,000 which is based in part on expenditures of
fiscal year 1988 and 1989.
The City of Bangor has entered into an agreement with the State of
- Maine's Board of Environmental Protection to construct a secondary
treatment facility for the City's wastewater.system and to complete
- other improvements to the sewer collection system to remove extraneous
water. The City is in full compliance with this agreement. The
collection system improvements have been made and the secondary
treatment plant is in final design and on schedule. The City is
currently also in negotiations with the United States Department of
Environmental Protection for a consent decree which, as proposed, would
cover similar issues. The City's five year capital plan outlines
$24,290,000 in sewer projects to address construction of a secondary
treatment facility and additional sewer collection system improvements.
-23-
CITY OF BANGOR, MAINE Schedule A-1
General Fund
Balance sheet
June 30, 1989
(With comparative figures for June 30, 1988)
Assets 1989 - - ---1988
Cash $ 5,886,737 $ 5,785,729
Receivables
Taxes, including interest and liens 1,150,968 :923,954
Accounts 772,476 747,239
Advance to other funds 418,923 -
Inventory, at cost 568,277 506,602
Other assets 97,392 25,165
Total assets
Bank Overdraft
Accounts payable
Workers' Comp. Self Insurance
Taxes collected in advance
Deferred revenues
Accrued payroll
Total liabilities
Fund balances
Reserved for encumbrances
Unreserved:
Designated for subsequent year's
expenditures
- Undesignated
Total fund balances
Total liabilities and
fund balances
-24-
$ 8,894,773
$ 1,486,484
94,822
270,000
7,979
939,794
1,162,651
353,637
2,802,923
4,933,043
$ 8,894,773
$ /,ytftf,bSS
389,143
170,000
10,909
739,800
919,222
2,229,074
281,486
2,693,323
2,784,806
5,759,615
$ 7,988,689
r -
I
CITY OF BANGOR, MAI NE
_ General Fund Schedule A-2
Statement of Revenues, Expenditures, and
Changes in Unreserved/Undesignated Fund Balance - Budget and Actual
Year ended June 30, 1 989
-25-
Variance
Balances
Favorable
(Unfavorable)
-
Carried
Lapsed to
7/1/88
Budget
Actual
Surplus
Carried
Revenues
Taxes:
Property Taxes
$ - $
19,903,894 $
19,710,247 $
(193,647) $
-
Automobile and boat
-- excise taxes
-
2,214,100
2,444,835
230,735
-
Interest on delinquent taxes
-
175,000
143,861
(31,139)
-
Total taxes
-
22,292,994
22,298,943
5,949
-
Intergovernmental revenues:
State revenue sharing
-
2,000,000
2,246,926
246,926
-
School subsidy
-
7,446,421
7,434,707
-
(11,714)
Payment in lieu of taxes
-
75,000
72,778
(2,222)
-
Other
-
357,950
356,101
(3,568)
1,719
Total intergovernmental revenue
-
9,879,371
10,110,512
241,136
(9,995)
Other Revenue:
Licenses and permits
-
140,440
237,847
97,407
-
"= Charges for services
-
3,330,154
3,448,093
41,152
76,787
Fines, forfeits, and penalties
-
9,500
11,931
2,431
-
Revenue from use of money and property
-
1,149,578
1,112,318
(59,046)
21,786
Reimbursements
-
602,756
737,504
134,748
-
Total other revenue
-
5,232,428
5,547,693
216,692
98,573
- Total revenue
-
37,404,793
37,957,148
463,777
88,578
Expenditures
General government:
Council
26,162
201,316
235,220
(7,742)
-
Executive
-
441,747
423,850
(6,260)
24,157
City Clerk
5,000
313,654
311,131
7,523
-
Finance
3,198
409,887
385,822
17,201
10,062
Assessment
-
177,793
173,797
3,996
-
Legal
-
126,246
121,881
1,865
2,500
Personnel
-
135,174
109,053
26,121
-
Economic Development & Research
8,350
146,909
129,347
19,152
6,760
_ Insurance
-
393,857
270,904
111,953
11,000
Planning
-
118,282
119,916
(1,634)
-
Total general government
42,710
2,464,865
2,280,921
172,175
54,479
Public Safety:
Police
-
2,961,394
3,029,894
(68,500)
-
- Fire
14,595
3,933,247
3,849,185
90,108
8,549
Total public safety
14,595
6,894,641
6,879,079
21,608
8,549
-25-
CITY OF BANGOR, MAI NE
General Fund Schedule A-2 Cont'd.
Statement of Revenues, Expenditures, and
Changes in Unreserved:Undesignated Fund Balance - Budget and Actual
Year ended June 30, 1 989
Expenditures, Continued
- Health, welfare, and recreation:
Health and welfare
Parks and recreation
Total health, welfare & recreation
f _ Public buildings and services:
7
- Public services
Motor pool
- Private school services
Total public buildings and services
W Other agencies:
Taxes paid to county
Public Library
Total other agencies
q Education
Other appropriations:
Credit reserve
Bad debt expense
Recreation district tax
Pensions and other fringe benefits
Contingency
Debt service
Total other appropriations
Total expenditures
Excess (deficiency) of revenues
- over expenditures
Other financing sources (uses)
_ Appropriation from fund balance
Operating transfers out
Excess of revenues over expenditures
-- and other sources (uses)
Unreserved/undesignated fund balances,
beginning of year
Appropriation from fund balance
Unreserved/undesignated fund balance,
end of year
-26-
Variance
Balances
Favorable
(Unfavorable)
Carried
Lapsed to
7/1/88
Budget
Actual
Surplus
Carried
6,933
1,246,036
1,317,769
(51,930)
(12,870)
-
590,640
634,457
(43,817)
-
6,933
1,836,676
1,952,226
(95,747)
(12,870)
-
3,389,143
3,505,436
(116,293)
-
-
689,891
679,134
10,757
-
-
148,200
122,050
26,150
-
-
4,227,234
4,306,620
(79,386)
-
-
875,380
875,380
-
-
-
471,695
471,695
-
-
-
1,347,075
1,347,075
-
-
1,028,740
20,165,744
20,338,411
23,008
833,065
-
103,349
103,349
-
-
-
-
17,715
(17,715)
-
-
115,280
115,280
-
-
16,000
135,850
86,566
65,284
-
-
153,638
-
153,638
-
-
1,201,086
1,186,968
14,118
-
16,000
1,709,203
1,509,878
215,325
-
1,108,978
38,645,438
38,614,210
256,983
883,223
(1,108,978)
(1,240,645)
(657,062)
720,760
971,801
-
1,900,000
1,393,523
(506,477)
-
-
(659,355)
(488,438)
170,917
-
$ (1,108,978) $
- $
248,023 $
385,200 $
971,801
2,784,806
(1,393,523)
$
1,776,483
-26-
F
- CITY OF
BANGOR, MAINE
Schedule B-1
Special
Revenue Funds
Balance
Sheet
June 30, 1989
(with comparative
totals for June 30, 1988)
Assets
1989
1988
Cash
$ .154,265
$ 13,214
-- Due from other governments
106,220
211,905
Loans receivable
2,040,863
1,892,405
Prepaid expenses
2,317
-
Total assets
$2,303,665
$2,117,524
Liabilities
Accounts payable
$ -
$ 20,089
Deferred revenue
2,040,863
1,892,405
Total liabilities
2,040,863
1,912,494
Fund Balances
- Reserve for encumbrances
4,110
7,018
-- Designated fund balance
258,692
198,012
Total fund balances
262,802
205,030
Total liabilities and
fund balances
$2,303,665
$2,117,524
-27-
N
00
CITY OF BANGOR, MAINE
Special Revenue Funds
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1989
Revenues
Intergovernmental
Program Income
Total revenues
Expenditures
Acquis ion of real property
Public works facilities site
improvements
Code enforcement
Clearance, demolition, rehabilitation
Disposition of real property
Relocation payment and assistance
Administration
Contingencies
Rehabilitation and preservation activities
Planning
Loss of rental.income
Economic Development
Facade Improvements
Public Housing Modernization
Total expenditures
Excess (deficiency) of revenues over
expenditures
Fund balances at beginning of period
Fund balances at end of period
Authorization Actual
$ 2,413,039 $ 1,330,684
154,155 217,944
2,567,194 1,548,628
408,819
810,706
62,965
25,575
26,288
75,002
185,344
57,247
514,886
69,085
1,100
325,400
207,601
n n A r
n ", It n n I
$ (205,030)
146,537
596,721
18,243
8,507
16,720
1,356
187,211
372,966
35,879
42,070
64,646
Schedule B-2
Unexpended
Balances
$ 1,082,355
(63,789)
1,018,566
262,282
213,985
44,722
17,068
9,568
73,646
(1,867)
57,247
141,920
33,206
1,100
283,330
142,955
2,206
1,490,856 1,281,368
$. 57,772 $ (262,802)
•lAC A�]A
$ 262,802
r
Assets
CITY OF BANGOR, MAINE Schede
Capital Projects Funds
Balance Sheet
June 30, 1989
(Kith comparative figures for June 30, 1988)
Cash
Securities
Receivables:
Accounts
Deferred special assessments:
Sewer construction
Street construction
Advance to enterprise fund
Due from other governments
— Other assets
Total assets
y�
Liabilities
Accounts payable
Due to general fund
Total liabilities
Fund Balances
Reserved for encumbrances
Reserved For Advance To Enterprise Fund
Unreserved:
Designated for capital project
expenditures
Undesignated:
_ Future construction - General Fund
Future construction - Sewer Utility Fund
Future construction - Airport Fund
Future construction - City Nursing Facility
Deferred special assessments
Total fund balances
Total liabilities and
fund balances
-29-
1989 1988
$ - $ 233,317
12,135,871 3,265,267
21,740 43,024
144,112
229,093
46,511
99,873
87,787
87,.787
849,427
1,058,875
99,902
-
$13,385,350
$5,01.7,236
$ - $ 360,013
360,013
2,362,441 3,168,468
10,259,971
417,404
396,553
221,686
115,116
285,995
56,042
230,842
4,603
3,862
190,624
328,966
13,385,350
4,657,223
$13,385,350 $5,017,236
I
w
C)
I
Revenues
Interest income
Special assessments
Intergovernmental
Miscellaneous
Total revenues
Expenditures
Capital additions
Miscellaneous
Total expenditures
Excess (deficiency)
of revenues over
expenditures
Other financing,sources fuses)
Operating transfers
in (out)
Proceeds from bonds
Excess (deficiency)
of revenues and
other sources over
expenditures and
other uses
Fund balances at beginning
of period
Transfers from (to) reserves
for future construction
Completed projects, remaining
fund balances closed out
Fund balances at end
of period
L. I
104,479 (129,177) (56,188) 5,328,728 .381,709
- 2,641,650
(94,267)
374,019 (120,031) 107,913 189,292 8,728,127
CITY OF BANGO R, MAINE
12,000 1,963,404
152,628
- 231,165 - 1,071,351 4,657,223
- - 18,733 - 19,327
- 492,533
15,000
- - - (545,593) -
_ _ -
_ (47,886)
-
Capital Projects Fund
$ 131,965 $ 267,132 $ 8,245 $ 5,467,160 S 1,019,784 $
12,000 $ 5,049,701 $
73,361 $
374,019 $ 111,134 $ 107,913 $ 762,936 $ 13,385,350
Statement of Revenues, Expenditures
Schedule C-2
and Changes in Fund Balances
Year ended June 30, 1989
City Sewer
Bass
Municipal
Reserves for
Other Nursing utility
Airport
Parking
Park
Golf
future
Buildings
Streets
Electrical
Schools
Proiects Facility Fund
Fund
Fund
Fund
Course
Construction
Total
$ - $
- $
_ $
_ $
_ $ _ $ _ $
_ $
_ $
- $
-
$ 345,411 $
345,411
28,092
28,092
73,879
-
-
-
150,932 - -
1,187,992
-
2,375
-
9,713
1,424,891
_
_
_
-
117,817 - -
-
-
9,763
-
-
127,580
73,879
-
-
-
268,749 - -
1,187,992
-
12,138
-
383,216
1,925,974
79,400
458,738
71,188
917,172
816,421 - 2,724,407
1,282,259
4,490,888
132,169
354,650
-
11,327,292
- _ _
-
435,093
-
-
8,331
443,424
79,400
458,738
71,188
917,172
816,421 - 2,724,407
1,282,259
4,925,981
132,169
354,650
8,331
11,770,716
(5,521)
(458,738)
(71,188)
(917,172)
(547,672) - (2,724,407)
(94,267)
(4,925,981)
(120,031)
(354,650)
374,885
(9,844,742)
-
329,561
15,000
-
(195,619) - 71,957
-
-
-
462,563
(185,593)
497,869
110,000
-
-
6,245,900
1,125,000 - 5,294,100
-
5,300,000
-
-
-
18,075,000
104,479 (129,177) (56,188) 5,328,728 .381,709
- 2,641,650
(94,267)
374,019 (120,031) 107,913 189,292 8,728,127
27,486 396,309 45,700 138,432 618,748
12,000 1,963,404
152,628
- 231,165 - 1,071,351 4,657,223
- - 18,733 - 19,327
- 492,533
15,000
- - - (545,593) -
_ _ -
_ (47,886)
-
- - - 47,886 -
$ 131,965 $ 267,132 $ 8,245 $ 5,467,160 S 1,019,784 $
12,000 $ 5,049,701 $
73,361 $
374,019 $ 111,134 $ 107,913 $ 762,936 $ 13,385,350
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
Building:, plant and equipment
Pipelines and mains
Aircraft operational assets
Parking Structures
Construction in process
Less accumulated deprerlation
Net property, plant
and equipment
Other assets:
investment In PPG Insurance
Deposits for construction with
Capital Project Funds
Operating rights net of
accumulated amortization of
$616,618 In 1989 and
$569,487 In 1988
Total assets
Liablities and Fund Equity
Current liabilities:
Accounts payable
Accrued payroll
Due to General Fund
Workers' Comp. Sell Insurance
Accrued leave
Deferred revenue
Current Installments - general
obligation bonds
Current Installments - notes
payable
Total current liabilities
Long-term liabilities:
Advance from Other Funds
General obligation bonds
(Net of current portion)
Notes Payable (Net of
current portion)
Total long-term liabilities
Total liabilities
Contributed capital:
City
Federal, state and other
contributions
Customers
Total contributed capital
Retained Earnings
Total fund equity
Total liabilities and fund equity
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Balance Sheet
June 30, 1989
(with comparative totals for June 30, 19881
Sewer city
Utility Airport Nursing Parking
Fund Fund Facility Fund
Schedule D-1
Bass Municipal
Park Golf To ais
Fund Course 1989 1988
$ 362.083
$ 2,301,128
$ 150 $
206,909 $
54,700 $
200 $
2,925,170 $
1,046,750
347,724
1,650,654
148,870
9,630
127,548
1,398
2,285,824
1,262,808
-
(33,277)
(3,331)
-
156,261
26.416
(36,608)
(47,450)
347,724
1,617,377
145,539
9,630
127,548
1,398
2,249,216
1,215,358
-
87,757
-
-
10,722
-
98.479
94,962
4,481
89.832
10,133
468
27,518
274
132.706
144,095
714,288
4,096,094
155,022
217,007
220.488
1,872
5,405.571
2,501,165
58.425
-
35,260
-
101,900
-
195,585
195,585
5,892,158
-
2,094,260
-
3,683,943
17,341
11,687,702
11,477,238
16,159,376
-
-
-
-
-
16,159,376
15,925,441
-
123,047,195
-
-
-
-
123,047,195
122,560,563
-
14,915,299
-
- 532,909
-
-
532,909
532.808
3,768,473
10,557,366
852
5,182,981
380,579
627,086
20,516,485
11,056,893
25,878,432
133,604,561
2,129,520
5,715,890
4,166,422
644,427
172,139,252
161,748,528
(6,698,262) (35,955,308) (1,464,030) (404,378) (1,623.593) (867) (46,146,438) (42,604,481)
19,180,170 97,649,253 665,490 5,311,512 2,542,829 643,560 125.992,814 119,144,047
- 53,260 - - - - 53,260 -
5,231,057 48,090 16,603 619,019 111,133 107,913 6,133,815 2,654,375
683,382 - - - - 683.382 730,512
S 25,125.515 S 102.530.079 S 837,915 $ 6,147,538 S 2,874,450 S 753,345 $ 138,266,842 E 125,030,099
$ 59,525 E
132,568 S
2,594 $
- $
. 19,884 $
- $
214,571 $
449,398
5,507
36,527
17,115
1,756
14,723
2.864
78,492
57,044
-
-
236,246
-
156,261
26.416
418,923
-
-
70,500
40,000
-
10,000
-
120,500
170.647
15,044
82,253
15.855
1,412
13,298
2,367
130.229
135,496
-
5,000
16,831
13,240
15,948
-
51,019
35,166
230,216
127,976
27,000
25,356
38,313
27,126
475,987
466,070
853
853
3.264
310,292
454,824
355,641
41,764
269,280
58,773
1,490,574
1,317,085
-
87,787
-
-
-
- -
87,787
- 87,787
7,718,626
737,052
152,000
5,452,908
296,839
557,874
14,915,299
4,266.653
852
7,718,626
824,039
152,000
5.452,908
296.839
557,874
15,003,086
4,355,292
8,028,918
1,279.663
507,641
5.494,672
566,119
616,647
16,493,660
5,672.377
4,982.553
939,033
120,214
281.608
992,727
85,000
7,401,135
7,050,264
5,407,450
94,003,630
282,714
-
1,207,087
-
100,900,881
102.786.152
803,333
803,333
811,673
11,193,336
94,942.663
402.928
281,608
2,199,814
85,000
109,105,349
110,648.089
5.903,261
6,307,753
(72.654)
371.258
108,517
51,698
12,669,833
8.709,633
17,096,597
101,250.416
330,274
652,866
2,308,331
136,698
121.775.182
119,357,722
$ 25.125,515 S
102.530.079 $
837,915 S
6,147,538 S
2,874,450 S
753,345 E
138,268,842 S
125,030,099
-31-
CITY OF BANGOR, MAINE
Enterprise Fund
Combining Statement of Revenues, Expenses
Schedule D-2
and Changes in Retained Earnings
Year ended June 30, 1989
Sewer
City
Bass
Municipal
utility
Airport
Nursing
Parking
Park
Golf
Fund
Fund
Facility
Fund
Fund
Course
Total
Operating revenues
Charges for services
$ 2,074,134
$ 9,324,455 $
1,527,714
$ 386,535 $
2,701,803 $
i
197,975 $
16,212,616
Operating expenses
Operating expenses other
than depreciation
816,209
6,638,804
1,557,249
167,354.
2,576,602
154,400
11,910,618
Depreciation and Amortization:
On assets acquired with own funds
138,778
181,688
29,033
14,935
16,819
867
382,120
On assets acquired with contributions
276,720
2,712,592
59,638
6,656.
151,339
-
3,206,945
Total operating expense.
1,231,707
9,533,084
1,645,920
188,945
2,744,760
155,267
15,499,683
Operating income
842,427
(208,629)
(118,206)
197,590
(42,957)
42,708
712,933
Non-operating Revenue (Expense)
Interest income
145,639
174,754
754
22,858
13,743
-
357,748
Interest expense
(204,248)
(63,222)
(34,356)
(162,015)
(26,013)
(42,896)
(532,750)
Operating transfer from General Fund
-
-
163,438
-
-
-
163,438
Net non-operating revenue (expense)
(58,609)
111,532
129,836
(139,15
(12,270)
(42,896)
(11,564)
Net income (loss)
783,818
(97,097)
11,630
58,433
(55,227)
(188)
701,369
Add depreciation and amortization on
assets acquired with contributions
276,720
2,712,592
59,638
6,656
151,339
-
3,206,945
Increase (decrease) in Retained
Earnings
1,060,538
2,615,495
71,268
65,089
96,112
(188)
3,908,314
Retained earnings at beginning of period
4,842,723
3,692,258
(143,922)
306,169.
12,405
-
8,709,633
Residual equity transfer
-
-
-
-
-
51,886
51,886
Retained earnings at end of period
$ 5,903,261
$ 6,307,753 $
(72,654)
$ 371,258 $ '
108,517 $
51,698 $
12,669,833
Sources of working capital
Operations:
Net income (loss)
Items not requiring working capital
depreciation and amortization
Working capital provided by
operations
Contributions:
City
Customers
Federal, state, and other
Residual equity transfer
Proceeds of bond issue
Deposits for capital projects
w Total sources of working capital
w
I
Uses of working capital
Acquisition of property, plant and
equipment
Current Installment general obligation
bonds and notes payable
Increase in other assets
Increase (decrease) in working capital
Total uses of working capital
Elements of net increase (decrease) in
working capital
Cash
Accounts receivable (net)
Inventory
Prepaid expenses
Accounts payable and accrued expenses
Due to general fund
Prepaid revenue
Current Installments of long-term debt
and notes payable
Net increase (decrease) in
working capital
CITY OF BANGOR, MAINE
1,768,892
17,050
4,926,082
137,961
644,427
Enterprise Funds
230,216
127,976
27,000
25,356
33,630
Combining Statement of Changes in Financial Position
536,304
-
Schedule 0-3 i
-
Year ended June 30, 1989
-
-
53,260
315,540
2,300,830
55,510
54,567
Sewer
City
2,730,918
Bass
Municipal
99,560 $
Utility Airport
Nursing
Parking
Park
Golf
-
Fund Fund
Facility
Fund
Fund
Course
Total
$ 783,818 $ (97,097) $
11,630 $
58,433 $
(55,227)
$ (188) $
701,369
415,498 2,894,280
88,671
21,591
168,158
867
3,589,065
(7,506)
$ 315,540 $
2,300,830 $
55,510 $
1,199,316 2,797,183
100,301
80,024
112,931
679
4,290,434
- 283,576
-
245,000
-
85,000
613,576
- 1,050,630
-
-
-
-
1,050,630
- -
-
-
-
51,886
51,886
5,234,100 -
-
5,300,000
-
650,000
11,184,100
(2,991,368) 119,569 (741)
(619,019)
120,032
(107,913)
(3,479,440)
3,442,048 4,250,958
99,560
5,006,005
232,963
679,652
13,711,186
2,896,292
1,768,892
17,050
4,926,082
137,961
644,427
10,390,704
230,216
127,976
27,000
25,356
33,630
92,126
536,304
-
53,260
-
-
-
-
53,260
315,540
2,300,830
55,510
54,567
61,372
(56,901)
2,730,918
$ 3,442,048 $
4,250,958 $
99,560 $
5,006,005 $
232,963 $
679,652 $
13,711,186
$ 211,622 $
1,403,426 $
202,191 $
60,462 $
1 519 $
200 $
1,878,420
118,921
791,324
(174)
7,047
115,342
1,398
1,033,858
-
7,968
-
-
(4,451)
-
3,517
4,481
(34,682)
10,134
468
7,937
274
(11,388)
(33,522)
127,284
83,980
(170)
96,452.
(5,231)
268,793
-
-
(236,246)
-
(156,261)
(26,416)
(418,923)
-
2,339
(4,375)
(13,240)
(577)
-
(15,853)
14,038
3,171
-
-
2,411
(27,126)
(7,506)
$ 315,540 $
2,300,830 $
55,510 $
54,567 $
61,372 $
(56,901) S
2,730,918
Assets
Cash
Investments, at cost
(Market Value, 1989- $574,297
1988 - $513,638)
Receivables:
Accounts
Loans from students
Total assets
Liabilities
Amounts held by agency
fund for others
Fund balances
Reserve for loans
Reserve for endowments
Unreserved - designated Eor
subsequent expenditures
Total fund balances
Total liabilities and
fund balances
CITY OF BANGOR, MAINE
Fiduciary Funds
Combining Balance Sheet
June 30, 1989
(With comparative totals for June 30, 1988)
Schedule E-1
Nonexpendable
Expendable
Trust
Funds
Trust Funds
Totals
Revolving
Trust Funds
Endowment
Loan .
Endowment
Agency
Principal
Principal
Revenues
Fund
1989
1988
$ 2,900
$ 9,220
$181,353
$353,840
$ 547,313
$ 967,330
521,332
51,052
-
-
572,384
526,623
-
-
631375
63,375
34,994
-
27,980
-
-
27,980
30,170
$ 524,232
$ 88,252
$181,353
$417,215
$1,211,052
$1,559,117
$417,215
$ 417,215
$ 788,519
88,252
-
-
88,252
81,997
524,232
-
-
-
524,232
512,600
-
-
181,353
-
181,353
176,001
524,232
88,252
181,353
-
793,837
770,598
$ 524,232
$ 88,252
$181,353
417,215
$1,211,052
$1,559,117
CITY OF BANGOR, MAINE
Expendable Trust Funds
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year ended June 30, 1989
Revenues
Interest
Miscellaneous
Total revenues
EEx enditures- --" - --
-perpetual care fees
Distribution of earnings to Home for Aged Women
Other payment to beneficiaries
Total expenditures
Excess of revenues over expenditures
Fund balances at beginning of period
Fund balances at end of period
-35-
Schedule E-2
Total
$ 31,598
3,000
34,598
18,000
4,087
7,159
29,246
5,352
176,001
$181,353
CITY OF BANGOR, MAINE
Nonexpendable Trust Funds
Combining Statement of Revenues, Expenses,
and Changes in Fund Balances
Year ended June 30, 1989
Schedule E-3
-36-
Revolving
Endowment
Loan
Principal
Principal
Total
Operating revenues
Interest
$ 1,207
$ 6,255
$ 7,462
Lot sales
10,425
-
10,425
Contributions
-
Net income
11,632
6,255
1.7,887
Fund balances at beginning
of period
512,600
81,997
594,597
Fund balances at end of
period
$524,232
$88,252
$612,484
-36-
Schedule F
CITY OF BANGOR, MAINE
Assessed Valuation, Commitment and Collections
Year ended June 30. 1989
Valuation
Land and Buildings
_ Personal Property
Total valuation
Commitment
$ 927,665,500
94,536,200
$1,022,201,700
Real estate and personal
property
Tax rate
Total commitment
Add:
Supplemental taxes committed
Less:
Collections - 1988
Abatements
1989 Taxes receivable at June 30, 1989
-37-
$1,022,201,700
.0195
19,932,933
280,208
20,213,141
19,124,842
348,683
$ 739,616
Fiscal
Year
Table 1
CITY OF BANGOR, MAINE
Property Tax Valuations, Levies and Collections
Last Ten Fiscal Periods
Collections
Assessed Property Property In Year ;-age of
Valuation Tax Rate Tax Levy of Levy Collections
1980
452,386,680
27.00
12,214,440
11,367,550
93.1
1981
456,484,410
30.90
14,105,368
13,270,358
94.1
1982*
455,736,970
16.95
7,724,'742
6,975,777
90.3
1983
462,895,320
31.68
14,664,524
13,957,974
95.2
1984
470,635,982
33.63
15,827,488
15,100,933
95.4
1985
484,384,300
32.00
15,500,298
15,112,575
97.5
1986
513,223,900
32.00
16,423,165
15,812,838
96.3
1987
547,229,100
31.30
17,128,271
16,416,426
95.8
1988
891,549,000
20.30
18,098,445
17,436,509
96.3
1989
1,022,201,700
19.50
19,932,933
19,124,842
96.0
*Six month period during June 30, 1982
-38-
Fiscal
Year Tax Rate
1980
1981
1982*
= 1983
1984
1985
1986
1987
1988
1989
27.00
30.90
16.95
31.68
33.63
32.00
32.00
31.30
20.30
19.50
cITy OF BANGOR, MAINE
Local Assessed Valuations
Last Ten Fiscal Periods
Table 2
Total Assessed
Personal
Valuation
Real Property
Property
452,386,680
411,926,970
40,459,710
456,484,410
416,146,390
40,338,020
455,736,970
415,706,430
40,030,540
462,895,320
420,325,190
42,570,130
470,635,982
424,900,452
45,735,530
484,384,300
438,259,600
46,124,700
513,223,900
455,361,100
57,862,800
547,229,100
486,352,000
60,8'77,100
891,549,000
804,676,300
86,872,700
1,022,201,700
927,665,500
94,536,200
I* Six month period during June 30, 1982
-39-
CITY OF BANGOR, MAINE Table 3
General Fund Expenditures by Function**
Last Ten Fiscal Periods
Public
Health and Taxes Buildings Designated
Fiscal General Public Welfare, Paid To & Public Debt / Fund
Year Gov't. Safety Recreation County Services Education Service Balance Other
1980
1,166,412
3,655,703
1,337,476
261,554
3,149,476
9,548,763
1,114,296 -
1981
1,153,910
3,973,885
1,128,013
364,753
3,416,166
10,225,919
1,121,820 -
1982*
735,625
2,056,660
598,959
-
1,863,254
5,764,457
302,585 -
1983
1,421,132
4,262,987
1,384,122
389,817
3,391,773-
10,414,896
1,052,511 -
1984
1,621,971
4,819,962
1,507,402
372,117
3,550,215
10,442,128
998,226 -
0
1985
1,664,091
4,956,714
1,416,060
363,532
3,433,451
11,461,231
937,055 775,000
1986
1,771,212
5,624,974
1,540,171
403,473
3,584,628
13,201,683.
1,097,488 641,996
1987
1,938,210
5,715,586
1,633,783
457,391
3,681,371
14,351,668
1,150,489 -
1988
2,352,271
6,130,389
1,554,841
728,922
3,813,924
18,112,132
1,225,692 -
1989
2,280,921
6,879,079
1,952,226
875,380
4,306,620
20,338,411
1,186,968 -
/Does not include Education - related debt.
*Six month period ending June 30, 1982
**Budget Basis
Total
630,109
20,863,789
656,239
22,040,705
353,975
11,675,515
696,269
23,013,507
714,854
24,026,875
854,508
25,861,642
657,498
28,523,123
686,374
29,614,872
683,111
34,601,282
794,605
38,614,210
*Six month period ending June 30, 1982
Table 4
Charges
For
CITY
OF BANGOR,
MAINE
bursements
Revenues
1,051,435
General
Fund Revenue By Source
1,105,997
310,639
23,016,450
519,113
Last
Ten Fiscal
Periods
1
24,688,349
619,741
368,515
Licenses
Fines
Use of
Inter -
Fiscal
Property
Other
and
and
Money and
Governmental
Year
Taxes
Taxes
Permits
Forfeits
Property
Revenue
1980
12,220,516
1,056,989
163,874
62,751
764,235
5,619,916
1981
14,109,169
1,200,905
161,715
66,368
702,528
5,359,129
1982*
7,724,742
744,898
93,115
29,324
523,702
2,271,553
1983
15,026,000
1,374,309
145,881
62,615
1,058,435
5,608,420
1984
15,945,826
1,591,819
210,117
60,467
1,183,827
5,885,432
1985
15,967,934
1,727,442
234,607
60,879
1,733,772
6,601,075
1986
16,430,725
1,949,307
243,345
63,378
1,568,448
7,625,529
1987
17,111,568
2,160,807
154,283
5,368
1,467,622
7,992,324
1988
18,058,106
2,442,975
192,845
10,203
1,426,272
8,749,115
1989
19,710,247
2,588,696
237,847
11,931
1,112,318
10,110,512
*Six month period ending June 30, 1982
Table 4
Charges
For
Reim-
Totals
Services
bursements
Revenues
1,051,435
310,445
21,250,161
1,105,997
310,639
23,016,450
519,113
240,270
12,146,717
1,120,140
292,549
24,688,349
619,741
368,515
25,865,744
533,474
259,294
27,118,477
638,603
259,065
28,778,400
620,355
307,099
29,819,426
2,972,056
282,274
34,133,846
3,448,093
737,504
37,957,148
CITY OF BANGOR, MAINE Table S
Ratio of Annual Debt Service Expenditures Eor
General Bonded Debt to Total General Fund Expenditures
Last Ten Fiscal Periods
Fiscal
Year Principal
1980
821,939
1981
821,939
1982*
237,796
1983
924,999
1984
706,655
1985
676,481
1986
823,010
1987
912,892
1988
973,945
1989
1,102,988
*Six month period ending June 30, 1982
**Budget Basis
-42-
Percentage
of Debt
Total
Service
General
Total.
to Total
Bonded Debt
General Fund
General
Interest
Service
Expenditures**
Expenditures
575,120
1,397,059
20,863,789
6.670
683,121
1,505,060
22,040,705
6.829
336,395
574,191
11,675,515
4.918
744,336
1,669,335
.23,013,507
7.254
714,974
1,421,629
24,026,875
5.917
658,671
1,335,152
25,861,642
5.163
678,892
1,501,902
28,523,123
5.266
661,378
1,574,270
29,614,872
5.316
712,404
1,686,349
34,601,282
4.873
692,541
1,795,529
38,645,438
4.646
*Six month period ending June 30, 1982
**Budget Basis
-42-
Fiscal
Year
c I'PY OF BANGOR, MAINE
Debt Service Requirements to Maturity
General Obligation Bonds
Principal
Table 6
,rotal
Requirement
1990
1,560,000
1,576,934
3,136,934
1991
2,290,000
1,670,257
3,960,257
1992
2,225,000
1,514,388
3,739,388
1993
2,210,000
1,360,473
3,570,473
1994
2,210,000
1,205,302
3,415,302
1995
2,110,000
.1,051,587
3,161,587
1996
1,855,000
909,962
2,764,962
199'1
1,525,000
789,423
2,314,423
1998
1,455,000
681,905
2,136,905
1999
1,130,000
587,675
1,717,675
Subsequent
12,470,000
3,068,675
15,538,675
$31,040,000 $14,416,581
-43-
CAC ACZC C47
Fiscal
Year
1980
1981
1982*
1983
1984
1985
1986
1987
r
1988
1989
CITY OF BANGOR, MAINE
Ratio of General Bonded Debt To Assessed
Value and General Bonded Debt Per Capita
Last 'Pen Fiscal Periods
Ratio of
General Bonded
Debt to
Bonded Debt Valuation Assessed Value
$13,860,000
$452,386,680
12,695,000
456,484,410
13,625,000
455,736,970
12,960,000
462,895,320
11,925;000
470,635,982
12,510,000
484,384,300
12,235,000
513,223,900
12,740,000
547,229,100
14,590,000
891,549,000
31,040,000
1,022,201,700
3.1
2.8
3.0
2.8
2.5
2.6
2.4
2.3
1.6
3.0
Table 7
General Bonded
Debt Per
Capita**
$438.02
401.20
430.58.
409.57
376.86
395.35
.386.65
402.62
461.08
980.94
*Six month period ending June 30, 1982
**Based on 1970 population of 33,428 through 1979 and 1980 population of
31,643 thereafter
-44-