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1979.224af 1979 CITY OF BANGOR, MAINE A�R�a}c`t Financial Statements and Other Financial Information For The Year Ended December 31,1979 THEODORE C. JELLISON Finance Director CITY OF BANGOR, MAINE Annual Financial Report December 31, 1979 Table of Contents Accountants' Report General Purpose Financial Statements: Exhibit Combined Balance Sheet—All Fund Types and Account Groups AA Combined Statement of Revenues, Expenditures and Changes in Fund Balances—All Governmental Fund Types BB Combined Statement of Revenues. Expenditures and Changes in Fund Balance—Budget and Actual --General Fund CC Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balances --All Proprietary Fund Types and Similar Trust Funds DD Combined Statement of Changes in Financial position --All Proprietary Fund Types and Similar Trust Funds EE Statement of Long -Term Debt Payable FF Notes to Financial Statements Supplementary Data: Schedule Governmental Funds: General Fund: Balance Sheet A-1 Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual A-2 Special Revenue Fund - Community Development Block Grant: Balance Sheet B-1 - Statement of Revenues, Expenditures and Changes in Fund Balance - Authorization and Actual B-2 Capital Projects Funds: Combined Balance Sheet C-1 Combining Statement of Revenues, Expenditures, Encumbrances and Changes in Appropriated Fund Balances C-2 Combining Statement of Changes in Unappropriated Fund Balances C-3 Proprietary Funds: Enterprise Funds: Combining Balance Sheet D-1 Combining Statement of Revenues, Expenses, and Changes in Retained Earnings D-2 Combining Statement of Changes in Financial Position D-3 CITY OF BANGOR, MAINE Table of Contents, continued Fiduciary Funds: Trust and Agency Funds: Combining Balance Sheet E-1 Trust Funds - Combined Statement of Revenues, Expenses and Changes in Fund Balance E-2 Agency Funds - Combined Statement of Changes In Assets and Liabilities E-3 Schedule of Trust Fund Investments F Schedule of Assessed Valuation, Commitment and Collections G Schedule of Cash Receipts, Disbursements and Bank Balances - All Funds E Statistical Section: Table Property Tax Valuations, Levies and Collections - Last Ten Calendar Years 1 Local Assessed Valuations - Last Ten Calendar Years 2 General Fund Expenditures by Function - Last Ten Calendar Years 3 General Fund Revenues by Source - Last Ten Calendar Years 4 Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures - Last Ten Calendar Years S Debt Service Requirements to Maturity - General Obligation Bonds 6 Ratio of General Bonded Debt to Assessed Value and General Bonded Debt per Capita - Last Ten Calendar Years 7 �K PPeat�,Marwick,MitcheU&Ca The Honorable Mayor, City Council and City Manager City of Bangor, Maine Certified Public Accountants P.O. Box 507 Two Canal Plaza Portland, Maine 04112 We have examined the financial statements of the City of Bangor, Maine as of and for the year ended December 31, 1979 as listed in the table of contents. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the aforementioned financial statements present fairly the financial position of the City of Bangor, Maine at December 31, 1979 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. The examination referred to above was directed primarily toward formulating an opinion on the aforementioned financial statements of the City of Bangor, �- Maine, taken as a whole. The supplementary data included in schedules A-1 through H and statistical tables 1 through 7 are presented for supplementary analysis purposes and are not necessary for a fair presentation of the finan- cial position and results of operations of the City of Bangor, Maine. The supplementary data have been subjected to the auditing procedures applied in the examination of the basic financial statements and, in our opinion, are stated fairly in all material respects only when considered in conjunction with the financial statements taken as a whole. February 8, 1980 General Purpose Financial Statements Assets and Other Debits Cash Investments Receivables (net, where applicable, of allowances for estimated uncollectible accounts): Accounts receivable Taxes, including interest, penalties and liens (Note 2) Special assessments Notes Due from other funds Inventories Prepaid expenses Advances to other funds Property, plant and equipment (net of accumulated depreciation) (Note 5) Amount to be provided for retirement of bonds and notes (Note 4) Deposits Other assets Exhibit AA 522,070 CITY OF BANGOR, MAINE 772,121 18,327 1,815,797 2,065,928 930,490 Combined Balance Sheet - A11 Fund Types and Account Croups 930,490 676,794 December 31, 1979 804,021 804,021 349,942 with comparative totals for December 31, 1978 50,272 Proprietary Fiduciary 113,000 113,000 Governmental Fund Types Fund Tyj1e Fund Types Account Groups 622,317 6,480 6,480 General General 200,000 Special Capital Trust and Fixed Long-term Totals 129,140,894 General Revenue 'Pro ects Enterprise Agency Assets Debt 1979 1978 $ 1,370,477 ( 21,906) 4,769,313 1,022,393 407,955 1,310,304 7,548,232 5,888,396 20,878 66 371,225 1,198,159 371,225 414,025 522,070 28,934 474,345 772,121 18,327 1,815,797 2,065,928 930,490 930,490 676,794 804,021 804,021 349,942 50,272 113,000 113,000 113,000 693,511 68,759 762,270 622,317 6,480 6,480 17,839 200,000 200,000 300,000 129,140,894 34,27.9,613 163,420,507 161,945,591 11,352,291 11,352,291 9,219,822 1,310,304 1,310,304 1,006,732 20,878 66 1,131,117 46,098 1,198,159 1,180,525 $ 3,650,426 7,094 6,247,679 133,452,068 843,605 3279,613 11,352,291 189,832,776 183,851,183 Exhibit AA Con't_ Advances from other agencies 41,402 Accrued expenses 176,371 General obligation bonds and notes payable (Note 4) Total liabilities 470,674 7,094 Fund Equity Reserves for: Advances to other funds Encumbrances Investment in general fixed assets Contributions - property, plant and equipment: Other governments City of Bangor Customers Retained earnings Fund balances: Designated 1,165,873 Undesignated 2,013,879 Total retained earnings/ Fund Balances 3,179,752. Total Fund Equity 3,179,752 $ 3,650,426 7,094 See accompanying notes to financial statements 3,672,709 3,981 4,399,037 200,000 470,311 117,224,391 6,281,410 303,838 5,243,392 41,402 52,924 176,371 11,352,291 15,025,000 13,238,712 306,722 11,352,291 16,539,799 14,649,328 34,279,613 200,000 300,000 470,311 592,299 34,279,613 32,969,928 117,224,391 117,255,774 6,281,410 CITY OF BANGOR, MUNE 303,838 244,614 5,243,392 4,028,365 Combined Balance Sheet - All Fund Types and Account Groups, Continued 11,420,271 6,243,698 129,053,031 536,883 34,279,613 173,292,977 169,201,855 Proprietary Fiduciary 843,605 34,279,613 11,352,291 189,832,776 183,851,183 Governmental Fund Types Fund Types Fund Type Account Groups General General Special Capital Trust and Fixed Long-term Totals Liabilities General Revenue Projects Enterprise Agency Assets Debt 1979 1978 Accounts payable $ 252,901 7,094 3,981 413,328 677,304 672,244 Amounts held by agency funds for others 306,722 306,722 272,448 Due to other funds 113,000 113,000 113,000 Advances from other funds 200,000 200 000 300 000 Advances from other agencies 41,402 Accrued expenses 176,371 General obligation bonds and notes payable (Note 4) Total liabilities 470,674 7,094 Fund Equity Reserves for: Advances to other funds Encumbrances Investment in general fixed assets Contributions - property, plant and equipment: Other governments City of Bangor Customers Retained earnings Fund balances: Designated 1,165,873 Undesignated 2,013,879 Total retained earnings/ Fund Balances 3,179,752. Total Fund Equity 3,179,752 $ 3,650,426 7,094 See accompanying notes to financial statements 3,672,709 3,981 4,399,037 200,000 470,311 117,224,391 6,281,410 303,838 5,243,392 41,402 52,924 176,371 11,352,291 15,025,000 13,238,712 306,722 11,352,291 16,539,799 14,649,328 34,279,613 200,000 300,000 470,311 592,299 34,279,613 32,969,928 117,224,391 117,255,774 6,281,410 6,418,969 303,838 244,614 5,243,392 4,028,365 3,213,369 4,379,242 2,562,553 2,360,018 536,883 4,910,780 4,829,353 5,573,387 5,243,392 536,883 14,533,414 11,420,271 6,243,698 129,053,031 536,883 34,279,613 173,292,977 169,201,855 6,247,679 133,452,068 843,605 34,279,613 11,352,291 189,832,776 183,851,183 Exhibit BE See accompanying nates to financial statements CITY OF BANGOR, MAINE Combined Statement of Revenues, Expenditures and Changes in Fund Balances - All Governmental Fund Types Year ended December 31, 1979 with comparative totals for year ending December 31, 1978 Special Capital Totals General Revenues Projects 1979 1978 Revenues: Taxes (Note 2) $ 10,723,266 10,723,266 9,442,267 Intergovernmental 6,749,373. 825,225 1,708,357 9,282,955 9,495,637 Licensee and permits 167,123 167,123 148,985 Fines, forfeits and penalties 8I,261 87,261 70,339 Revenue from use of money and property 709,967 228,989 938,956 748,255 Charges for services 949,370 949,370 969,449 Reimbursements 255,624 255,624 215,842 Special Assessments 671,050 671,050 84,753 Total revenues 19,641,984 825,225 2,608,396 23,075,605 21,175,527 Expenditures: General government 1,048,760 1,048,760 1,059,946 Public safety 3,329,734 3,329,734 3,133,111 Health, welfare and recreation 2,009,184 2,009,184 1,879,352 Public buildings and services 2,950,231 2,950,231 3,319,288 Other agencies 513,736 513,736 473,629 Education 9,283,418 9,283,418 8,835,493 Other appropriations 1,490,841 1,490,841 1,360,568 Community Development Block Grant 825,225 825,225 1,256.916 Capital projects 3,140,935 3.140,935 2,506,819 Total expenditures 20,625,904 825,225 3,140,935 24.592,064 23,825,122 Excess of expenditures over revenues 983,920 532,539 1,516,459 2,649,595 Other financing sources: Proceeds of general obligation notes 3,065,000 3,065,000 :,820,000 Net transfers in 392,727 392,727 208,058 Utilisation of prior year.'s undesignated fund balance 902,437 902,437 1,744,683 Total other financing sources 902,437 3,457,727 4,360,164 3,772,741 Excess (deficiency) of revenues and other financing sources over expenditures ( 81,483) 2,925,188 2,843,705 1,123,146 Fund balances, beginning of year 3,890,071 2,648,199 6,538,270 6,884,576 Utilization of fund balance ( 902,437) ( 902,437) (1,744,683) Net addition to the reserves 273,601 273,601 275;231 Fund balances, end of year S 3,179.752 5,573,387 8,753,139 6,538,270 See accompanying nates to financial statements CITY OF BANGOR, MAINE Combined Statement of Revenues, Expenditures and Changes In Fund Balance - Budget and Actual - General Fund Year ended December 31, 1979 with comparative figures for the year ended December 31, 1978 Revenues: Taxes (Note 2) Intergovernmental Licensee and permits Fines, forfeits, and penalties Revenue from use of money and property Cnarges for services Reimbursements Total revenues Expenditures:' General governmental Public safety Health, welfare, and recreation Public buildings and services Other agencies Education Other appropriations Total expenditures Excess of expenditures over revenues Other financing sources - utilization of prior year's undesignated fund balance Excess (deficiency) of revenues and other financing sources over expenditures Fund balance, beginning of year Utilization of fund balance Net addition to the reserves Fund balance, end of year See accompanying notes to financial statements Exhibit CC 1979 1978 Budget Actual Budget Actual $ 10,694,453 10,723,266 9,276,307 9,442,267 6,771,373 6,749,373 7,294,431 7,224,565 154,535 167,123 160,340 148,985 93,140 87,261 87,200 70,339 613,324 709,967 582,499 587,073 1,002,985 949,370 937,026 957,630 268,660 255,624 264,319 215,842 19,598,470 19;641;984 18,602,122 18,646,701 1,064,487 1,048,760 1,016,083 1,059,946 3,338,528 3,329,734 3,150,181 3,133,111 1,965,316 2,009,184 1,957,120 1,879,352 2,954,643 2,950,231 3,431,093 3,319,288 514,000 513,736 481,131 473,629 9,187,127 9,283,418 8,812,127 8,835,493 1,476,806 1,490,841 1,472,040 1,360,568 20,500,907 20,625,904 20,319,775 20,061,387 902,437 983,920 1,717,653 1,414,686 902,437 902,437 1,717,653 1,744,683 - ( 81,483) - 329,997 3,890,071 3,890,071 5,029,526 5,029,526 ( 902,437) ( 902,437) (1,717,653) (1,744,683) 273,601 275,231 $ 2,987,634 3;579,792 3,311,873 3,890,071 Exhibit DD CITY OF BANGOR, MAINE Combined Statement of Revenues Expenses and Changes in Retained Earnings/Fund Balances All Proprietary Fund Types and Similar Trust Funds Year ended December 31, 1979 _ with comparative totals for year ended December 31, 1978 Proprietary Fiduciary Fund Type Fund Type Totals Non expendable Enterprise Trust 1979 1978 Revenues: Operating $ 6,789,022 6,789,022 6,082,660 Federal revenue sharing entitlements 1,350,546 1,350,546 1,212,220 Interest 241,629 31,330 272,959 160,929 Lot sales 7,591 7,591 9,425, Gifts 4,000 4,000 6,011 Transfer from General Fund 113,789 113,789 50,833 Total revenues 1,144;440 1,393,467 8,537,907 7,522,078 Expenses: Operating 5,440,001 5,440,001 4,668,529 Perpetual care fees 10,000 10,000 7,500 Distribution to beneficiaries 10,869 10,869 8,832 Tranfer to General Fund 1,351,764 1,351,764 1,212,220 Depreciation and Amortization: On assets acquired with own funds 244,728 244,728 218,723 On assets acquired with contributions 1,628,440 1,628,440 1,630,391 Interest 244,684 244,684 253,616 Total expenses 7,557,853 1;372,633 8,930,486 7,999,811 Net income (lose) ( 413,413) 20,834 ( 392,579) ( 477,733) Retained earnings/fund balances, beginning of year 4,028,365 516,049 4,544,414 3,391,756 Depreciation and amortization on assets acquired with contributions 1,628,440 1;628,440 1,630,391 Retained earnings/fund balances, end of year $ 5,243,392 536,883 5,780,275 4,544,414 See accompanying notes to financial statements Exhibit EE CITY OF BANGOR, MAINE Combined Statement of Changes in Financial Position - All Proprietary Fund Types and Similar Trust Funds Year ended December 31, 1979 with comparative totals for year ended December 31, 1978 Proprietary Fiduciary Fund Type Fund Type Totals Sources of working capital: Enterprise Non expendable 1979 1978 Trust ! - Net income (lose) $( 413,413) 20,834 ( 392,579) ( 477,733) Items not requiring working capital - " depreciation and amortization 1,873,168 1,873,168 1,849,114 Total working capital provided by operations 1,459,755 20,834 1,480,589 1,371,381 Contributions: Customers 62,063 62,063 62,082 Federal, state, and other 1,455,740 1,455,740 220,691 Proceeds from general obligation bonds 363,118 Deposita for capital projects 293,797 $ 2,977,558 20,834 2,998,392 2,311,069 Uses of working capital: Deposits for capital projects 303,572 303,572 Additions to fixed assets 1,990,351 1,990,351 1,238,145 Current installment - general obligation bonds 343,061 343,061 346,180 Reduction of City contribution 77,658 Increase in working capital 340,574 20,834 361,408 649,086 $ 2,977,558 20,834 2,998,392 2,311,069 Elements of net increase (decrease) in working capital: Cash 405,101 17,536 422,637 79,876 Accounts receivable 91,879 91,879 178,997 Investments 3,298 3,298 758 Advance to General Fund ( 50,272) ( 50,272) ( 46,570) Inventory 25,966 25,966 ( 15,590) Prepaid expenses 2,944 2,944 ( 2,814) Accounts payable ( 238,163) ( 238,163) ( 91,020) Due to General Fund 455,541 Customer deposits 10,563 Current installments - general obligation bonds 3,119 3,119 ( 2,500) Advance from Capital Projects Fund 100,000 100,000 81,845 Net increase in working capital 340,574 20,834 361,408 649,086 See accompanying notes to financial statements Total general obligation bonds General obligation notes 1979 Bond Anticipation Notes 5.75 6/01/79 6/01/80 Total long-term debt * Note: Amount to be provided for the payment of long-term debt, by fund, is as follows: Fund Amount General $11,752,791 Sever Utility 2,613,722 Airport 1,058,987 See accompanying notes to financial statements Exhibit PP Bonds and Notes CITY OF BANGOR, MAINE and Statement of Long -Term Debt Payable Issued Retired Outstanding December 31, 1979 55,000 435,000 360,000 75,000 Final Annual _ 480,000 1,650,000 Interest Issue maturity aerial 80,000 485,000 rates date date payments 105,000 General obligation bonds 130,000 :80,000 100,000 65,000 35,000 Capital Improvements 3.405 8/01/60 8/01/82 $ 20,000 280,000 690,000 385,000 305,000 1,060,000 ( 15,000 in 1982) Sever 3.375 8/01/61 8/01/83 20,000 410,000 1,060,000 385,000 675,000 2,000,000 ( 15,000 in 1983) High School 3.00 8/01/62 8/01/82 160,000 3,095,000 Renduskeag Stream Improvement 3.00 8/01/62 8/01/82 85,000 3,065,000 $25,925,000 10,900,000 *15,025,000 ( 35,000 in 1982) Permanent Public Improvements 3.00 9/01/63 9/01/83 20,000 Permanent Public Improvements 3.00 3/01/64 3/01/84 25,000 ( 10,000 in 1984) General Public Improvement 3.10 9/01/65 9/01/86 15,000 General Public Improvement 4.00 12/01/86 12/01/87 10,000 Street and Sever 4.00 12/01/66 12/01/86 5,000 Interceptor Sever and Treatment Plant 3.70 7/01/67 7/01/87 70,000 Permanent Public Improvements 4.00 9/01/67 9/01/87 35,000 Permanent Public Improvements 4.10 9/01/68 9/01/88 35,000 ( 25,000 in 1988) Permanent Public Improvements 5.75 8/15/69 8/15/89 55,000 ( 15,000 in 1989) Permanent Public Improvements 6.50 7/01/70 7/01/85 50,000 ( 20,000 in 1985) Permanent Public Improvemtns 4.90 5/01/71 5/01/91 35,000 ( 25,000 in 1991) Permanent Public Improvements 4.60 3/01/72 3/01/92 55,000 ( 15,000 in 1992) Permanent Public Improvements 5.00 7/15/73 7/15/93 100,000 Permanent Public Improvements 6.50 8/01/75 8/01/95 205,000 (155,000 in 1995) Permanent Public Improvements 5.80 7/01/78 7/01/98 165,000 (125,000 in 1998) Total general obligation bonds General obligation notes 1979 Bond Anticipation Notes 5.75 6/01/79 6/01/80 Total long-term debt * Note: Amount to be provided for the payment of long-term debt, by fund, is as follows: Fund Amount General $11,752,791 Sever Utility 2,613,722 Airport 1,058,987 See accompanying notes to financial statements Exhibit PP Bonds and Notes Authorised and Issued Retired Outstanding $ 435,000 380,000 55,000 435,000 360,000 75,000 3,200,000 2,720,000 _ 480,000 1,650,000 1,44 ,000 205,000 400,000 320,000 80,000 485,000 375,000 110,000 315,000 210,000 105,000 210,000 130,000 :80,000 100,000 65,000 35,000 1,400,000 840,000 560,000 700,000 420,000 280,000 690,000 385,000 305,000 1,060,000 550,000 510,000 720,000 450,000 270,000 690,000 280,000 410,000 1,060,000 385,000 675,000 2,000,000 600,000 1,400,000 4,050,000 820,000 3,230,000 3,260,000 165,000 3,095,000 $22,860,000 10,900,000 11,960,000 3,065,000 3,065,000 $25,925,000 10,900,000 *15,025,000 Governmental Funds Schedule A-1 CITY OF BANGOR, MAINE General Fund Balance Sheet December 311 1979 with comparative figures for December 31, 1978 Assets 1979 1978 Cash $ 1,370,477 2,494,826 Accounts receivable (less allowance for uncollectible accounts, 1979 - $27,500; 1978 - $36,905) 5221070 454,910 Taxes receivable including liens (less allowance for estimated uncollectible taxes, 1979 - $56,573; 1978 - $73,681) 930,490 676,794 Inventories 693,511 579,524 Due from Hospital Fund 113,000 113,000 Other assets 20,878 17,386 .$ 3,650,426 4,336,440 Liabilities and Fund Balance Liabilities: Accounts payable 252,901 218,679 Accrued payroll 176,371 174,766 Advances from other governmental agencies 41,402 52,924 Total liabilities 470;674 446,369 Fund balance: Designated 1,165,873 1,133,033 Undesignated 2,013,879 2,757,038 Total fund balance 3,179,752 3,890,071 $.3,650,426 4,336,440 Schedule A-2 Expenditures General government: Council CITY OF BANGOR, MAINE 12,112 17,897 Executive General Fund 247,338 249,460 - Statement of Revenues, Expenditures, and 113,986 104,001 Changes in Fund Balance - Budget and Actual 211,699 193,445 Year ended December 31, 1979 35,959 33,155 with comparative actual figures for year ended December 31, 1978 97,298 96,570 1979 Legal 1978 54,059 Budget Actual AetuaI Revenues 48,300 Economic development, research, 6 planning 132,648 Taxes: 111,502 Insurance 24,000 Property taxes $ 9,769,453 9,733,430 8,496,217 Automobile excise taxes 850,000 912,077 861,819 Interest on deliquent taxes 75,000 77,759 84,231 Total taxes 10,694,453 10,723,266 9,442,267 Intergovernmental revenue: 1,317,970 Fire 1,759,389 State reimbursement for business inventory tax 529,409 529,409 755,765 Federal revenue sharing 1,325,000 1,351,764 1,212,220 State revenue sharing 625,000 553,643 621,768 School subsidy 3,660,014 3,628,313 3,715,516 State nutrition program 515,000 583,802 565,000 Payments in lieu of taxes 72,000 52,848 70,816 Other 44,950 49,594 283,480 Total intergovenmental revenue 6,771,373 6,749,373 7,224,565 Licenses and permits 154,535 167,123 148,985 Fines, forfeits, and penalties 93,140 87,261 70,339 Revenue from use of money and property 613,324 709,967 587,073 Charges for services 1,002,985 949,370 957,630 Reimbursements 268,660 255,624 215,842 Total revenues 19,598;470 19,641,984 18,646,701 Expenditures General government: Council 13,647 12,112 17,897 Executive 247,442 247,338 249,460 City clerk 114,246 113,986 104,001 Finance 219,462 211,699 193,445 Registration of voters 36,281 35,959 33,155 Assessment 97,298 96,570 100,441 Legal 57,236 54,059 51,689 Personnel 60,227 64,197 48,300 Economic development, research, 6 planning 132,648 131,460 111,502 Insurance 24,000 23,413 84,950 Contributions to other agencies 62;000 57,967 65,106 Total general government 1,064;487 1,048,760 1,059,946 Public safety: Police 1,432,183 1,431,628 1,317,970 Fire 1,759,389 1,755,196 1,680,150 Code enforcement 146,956 142,910 134,991 Total public safety 3,338;528 3,329,734 3,133,111 Health, welfare, and recreation: Hospital deficit 114,000 113,789 50.833- 0,833Health Health 818,509 862,624 783,479 Welfare 309,074 309,059 272,102 Parke and recreation 723,733 723,712 772,938 Total health, welfare, and recreation 1,965,316 2,009,184 1,879,352 _ (continued) Schedule A-2 Cont. CITY OF BANGOR, MAINE Statement of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual, Continued 1979 1978 Budget Actual Actual Expenditures, Continued: Public buildings and services Public buildings $ 78,538 74,436 72,207 Public services 2,273,160 2,294,272 2,526,583 Motor Pool 602,945 581,523 720,498 Total public buildings and services 2,954,643 2,950,231 3,319,288 Other agencies: Taxes paid to county 233,000 232,933 223,380 Public library 281,000 280,803 250,249 Sub total 514,000 513,736 473,629 Education 9,187,127 9,283,418 8,835,493 Total other agencies 9,701,127 9,797,154 9,309,122 Other appropriations: Overlay (allowance for uncollectible taxes) 40,000 24,217 89,027 Bad debt expense 31,345 10,502 Recreation district tax 215,914 215,914 222,066 Pensions and other fringe benefits 88,500 87,930 96,145 Contingency 845 44,694 Debt service 1,131,547 1,131,435 898,134 Total other appropriations 1,476,806 1,470,841 1,360,568 Total expenditures 20,500,907 20,625,904 20,061,387 Excess of expenditures over revenues 902,437 9E,2,920 1,414,686 Other financing sources - utilization of prior year's unappropriated fund balance ( 902,437) ( 902,437) ( 1,744,683) Excess (deficiency) of revenues and other financing sources over expenditures ( 81,483) 329,997 Fund balance beginning of year 3,890,071 3,890,071 5,029,526 Utilization of fund balance ( 903,437) ( 902,437) ( 1,744,683) Net addition to the reserves 273,601 275,231 Fund balance, end of year $ 2,987,634 3,179,752 3,890,071 CITY OF BANGOR, MAINE Special Revenue Fund Community Development Block Grant Balance Sheet December 31, 1979 with comparative figures for December 31, 1978 Assets Cash Account receivable Other assets Liabilities and fund balance Accounts payable Fund balance 1979 $ (21,906) 28,934 S 7.094 Schedule B-1 1978 (83,573) 112,207 28,634 7,094 28;634 $. 7,094 28,634 Schedule B-2 CITY OF BANGOR, MAINE Special Revenue Fund Community Development Block Grant Statement of Revenues, Expenditures, and Changes in Fund Balance - Authorization and Actual Year ended December 31, 1979 with comparative figures for year ended December 31, 1978 1979 1978 Authorization Actual Actual Fund balance, beginning of year Add: Entitlements $ 2,405,663 803,635 1,245,097 Program Income 21,590 11,819 2,405,663 825,225 1,256,916 Deduct: Expenditures: Acquisition of real property 207,091 110,157 451,120 Public works facilities site improvements 812,465 341,011 203,919 Code enforcement 11,831 17,602 26,181 Clearance, demolition, rehabilitation 151,973 50,798 49,617 Rehabilitation loans and grants 143,817 85,491 34,889 Special projects for elderly and handicapped 18,251 12,898 591 Disposition of real property 20,901 6,204 849 Completion of urban renewal, NDP projects 31,960 2,547 76,458 Relocation payments and assistance 334,417 38,977 226,952 Planning and management development 21,758 16,701 43,929 Administration 317,636 129,687 142,411 Contingencies 178,670 255 Rehabilitation and preservation activities 141,364 12,897 Planning 6 Urban Environmental Design 13,529 2,405,663 825,225 1,256,916 Fund balance, end of year S CITY OF BANGOR, MAINE Capital Projects Funds Combined Balance Sheet December 31, 1979 with comparative figures for December 31, 1978 Schedule C-1 Assets 1979 1978 Cash $ 4,769,313 2,497,574 Accounts receivable 28,117 21,031 Accrued reimbursements receivable 446,228 446,951 Deferred special assessments receivable: Sewer construction 424,313 182,830 Street construction 379,708 167,112 Advances to airport fund 200,000 300,000 $ 6,247,679 3,615,498 Liabilities, Reserves, and Fund Balances Accounts payable 3,981 75,000 Reserve for: Encumbrances outstanding 470,311 592,299 Advance to Airport Fund 200,000 300,000 Fund balance: Unappropriated - (Schedule C-3) Future construction - General Fund 457,512 230,988 Future construction - Sewer Utility Fund 871,697 623,137 Future construction - Airport Fund 226,788 14,612 Deferred special assessments 804,021 349,942 Appropriated (Schedule C-2) 3,213,369 1,429,520 $ 6.247.679 3,615,498 Project Authorization Designated fund balances, beginning of year Add: Intergovernmental revenues Other financing sources: Proceeds of general obligation notes Transfers from reserves for future construction Total additions Deduct: Expenditures Less expenditures encumbered in prior years Net expenditures Encumbrances Completed projects, remaining fund balances (deficits) Total deductions Designated fund balances (deficits), end of year (schedule C-1) Schedule C-2 CITY OF BANGOR, MAINE Capital Projects Funds Combining Statement of Revenues, Expenditures, Encumbrances and Ghanges in Designated Fund Balances Year ended December 31, 1979 with comparative totals for year ended December 31, 1978 General Fund Totals Sever Other Utility Airport Buildings Streets Electrical Schools Projects Fund Fund 1979 1978 $ 163,014 1,342,520 101,029 2,563,000 1,137,980 -455,560 2,199,600 7,963,984 11,428,602 103,415 794,245 35,139 327,739 163,607 5,375 1,429,520 717,841 68,077 72,812 3,991 1,563,477 1,708,357 1,025,975 502,000 2,563,000 3,065,000 1,820,000 25,000 102,994 14,544 130,400 140,000 412,938 535,180 25,000 673,071 2,563,000 87,356 134,391 1,703,477 5,186,295 3,381,155 71,910 1,035,763 39,687 107,770 506,671 290,127 1,371,520 3,423,448 3,253,689 52,438 130,422 379,726 171,100 24,213 757,899 1,341,901 19,472 905,341 39,687 107,770 126,945 119,027 1,347,300 2,665,549 1,911,788 43,553 35,435 22,970 9,806 358,547 470,311 592,298 50,045 151,664 1,383 ( 6,919) 65,048 5,365 266,586 165,390 113,070 11092,440 41,070 130,740 129,832 184,075 1,711,219 3,402,446 2,669,476 $ 15,345 374,876 ( 5,931) 2,432,260 285,263 113,923 ( 2,367) 3,213,369 1,429,520 Schedule C-3 Totals 535,180 CITY OF BANGOR, MAINE 1978 1,218,679 1,137,209 46,570 Capital Projects Funds 161,182 Combining Statement of Changes in Undesignated Fund Balances 100,000 Year ended December 31, 1979 154,628 with comparative totals for year ended December 31, 1978 Future Construction Sewer Deferred General Airport Utility Special Fund Fund Fund Assessments Fund balances, beginning of year $230,988 14,612 623,137 349,942 Add: Interest income 71,328 3,945 153,716 Special assessment revenue 154,907 62,064 543,362 Funds returned on closed or completed projects 196,173 5,365 65,048 Payment on capital fund advance 100,000 Revenue transferred in from related fund 342,999 422,408 352,309 380,828 543,362 Deduct: Funds designated for new projects 142,538 140,000 130,400 Deferred special assessments collected 89,283 Debt service - interfund note 50,272 Nonbudgetary expenses 3,074 133 1,868 195,884 140,133 132,268 89,283 Fund balances, end of year (Schedule C -1)4S 5%612 226,788 871,697 804,021 Schedule C-3 Totals 535,180 1979 1978 1,218,679 1,137,209 46,570 228,989 161,182 760,333 146,098 266,586 165,390 100,000 100,000 342,999 154,628 1,698,907 727,298 412,938 535,180 89,283 61,345 50,272 46,570 5,075 2,733 557,568 645,828 2,360,018 1,218,679 Proprietary Funds I 58,426 35,260 Schedule D-1 93,686 CITY OF BANGOR, MAINE 5,198,587 1,575,376 6,773,963 Enterprise Funds Pipelines and mains 12,390,885 - Combining Balance Sheet 11,980,689 Aircraft operational assets 120,924,136 December 31, 1979 120,924,136 120,654,855 17,647,898 with comparative totals for December 31, 1978 140,182,670 139,486,283 _ Sewer 9,130,641 798,081 13,074,980 11,250,173 Utility Airport Hospital Totals 812,555 Assets Fund Fund Fund 1979 1978 Current assets: 2,033,204 739,553 Net property, plant, and equipment 14,738,768 Cash $ 327,029 691,937 3,427 .1,022,393 618,097 Accounts receivable 116,548 547,736 150,395 814,679 716,805 Lees allowance for estimated uncollectible accounts 526 29,532 12,500 42,558 36,563 Net accounts receivable 116,022 518,204 137,895 772,121 680,242 Notes receivable (General Fund) 1 168,983 Undesignated 50,272 Inventories 67,530 1,229 68,759 42,793 Prepaid expenses 1,324 4,677 479 6,480 2,731 - Total current assets 444,375 1,282,348 143,030 1,869,753 1,394,135 Property, plant, and equipment: Land 58,426 35,260 93,686 93,686 Buildings, plant, and equipment 5,198,587 1,575,376 6,773,963 6,757,053 Pipelines and mains 12,390,885 12,390,885 11,980,689 Aircraft operational assets 120,924,136 120,924,136 120,654,855 17,647,898 120,924,136 1,610,636 140,182,670 139,486,283 Lees accumulated depreciation 3,146,258 9,130,641 798,081 13,074,980 11,250,173 14,501,640 111,793,495 812,555 127,107,690 128,236,110 Construction work in progress 237,128 1,796,076 2,033,204 739,553 Net property, plant, and equipment 14,738,768 113,589,571 812,555 129,140,894 128,975,663 Other assets: Deposits for constructions with Capital Project Fund: Designated 113,922 ( 2,367) 111,555 168,983 Undesignated 971,697 227,052 1,198,749 837,749 Total deposits 1,085,619 224,685 1,310,304 1,006,732 Operating rights net of accumulated amortization of $168,883 in 1979 1,131,117 1.131,117 1.179,247 and 121,753 in 1978 - $ 16,268,762 116,227,721 955,585 133,452,068 132,554,777 Liabilities, Contributions, and Retained Earnings - Current liabilities: Accounts payable 7,061 403,600 2,667 413,328 175,165 Due to General Fund 113,000 113,000 113,000 Advance from Capital Projects Fund 200,000 200,000 300,000 Current installments - general obligations bonds 240,920 102,141 343,061 346,180 Total current liabilities 247,981 705,741 115,667 1,069,389 934,345 General obligation bonds 2,372,802 956,846 3,329,648 3,672,710 Contributions - property, plant, equipment: City of Bangor 6,280,320 1,090 6,281,410 6,418,969 Federal, state, and other contributions 4,456,649 111,967,648 . 800,094 117,224,391 117,255,774 ' Customers 303,838 303,838 244,614 Total contributions 11,040,807 111,967,648 801,184 123,809,639 127,592,067 Retained earnings 2,607,172 2,597,486 38,734 5,243,392 4,028,365 $ 16,268,762 116,227,721 955,585 133,452,068 132,554,777 Schedule D-2 CITY OF BANGOR, MAINE Enterprise Funds Combining Statement of Revenues, Expenses and Changes in Retained Earnings Year ended December 31, 1979 with comparative totals for year ended December 31, 1978 Sewer Utility Airport Hospital Totals Fund Fund Fund 1979 1978 Operating revenues $ 672,020 5,308,145 808,857 6,789,022 6,082,660 Operating expenses other than depreciation 333,657 4,196,730 '909,614 5,440,001 4,668,529 .., Operating income (lose) before depreciation 338,363 1,111,415 ( 100,757) 1,349,021 1,414,131 Depreciation and Amortization: On assets acquired with own funds 83,986 . 158,643 2,099 244,728 218,723 On assets acquired with contributions 251,891 1,315,987 60,562 1,628,440 1,630,391 Operating income (lose) 2,486 ( 363,215) ( 163,418) ( 524,147) ( 434,983) Non-operating Revenue (Expense): Interest earned 183,500 58,129 241,629 132,513 Interest expense ( 150,208) ( 86,028) ( 8,448) ( 244,684) ( 253,616) Transfer from General Fund 113,789 113,789 50,833 Net non-operating Revenue (Expense) 33,292 ( 27,899) 105,341 110,734 ( 70,270) Net income (loss) 35,778 ( 391,114) ( 58,077) ( 413,413) ( 505,253) Retained earnings beginning of year 2,319,503 1,672,613 36,249 4,028,365 2,903,227 Depreciation and amortization on assets squired with contribution I 251,891 1,315,987 60,562 1,628,440 1,630,391 ' Retained earnings end of year $ 2,607;172 2,597,486 38,734 5,243,392 4,028,365 CITY OF BANGOR, HAINE Enterprise Funds Combining Statement of Changes in Financial Position Year ended December 31, 1979 with comparative totals for year ended December 31, 1978 Sewer Utility Fund Sources of working Capitals $ 469,717 Net income (lose) $ 35,778 Items not requiring working capital - ( 13,871) depreciation and amortization 335,877 Total funds provided by operations 371,655 Contributionet 505,253) Customers 62,063 Federal, state, and other 3,991 Proceeds from general obligation bonds 4,584 Decrease in working capital 32,008 Deposits for capital projects $ 469,717 Uses of working capital: Deposits for capital projects 98,875 Additions to fixed assets 129,922 Current installment general obligation bonds 240,920 Reduction of City contribution Increase in working capital Schedule D-3 Airport $ 469,717 Elements of net increase (decrease) in working capital: Cash ( 13,871) Accounts receivable 10,573 Advance to General Fund ( 50,272) Inventory 505,253) Prepaid expenses 34 Accounts payable 18,477 Due to General Fund 4,584 Customer deposits 1,343,861 Current installments - general obligation bonds 3,119 Advance from capital projects fund Net increase (decrease) in $( 32,008) working capital Schedule D-3 Airport Hospital Totals Fund Fund 1979 1978 ( 391,114) ( 58,077) ( 413,413) ( 505,253) 1,474,630 62,661 1,873,168 1,849,114 1,083,516 4,584 1,459,755 1,343,861 62,063 62,082 1,451,749 1,455,740 220,691 363,118 1,425 33,433 293,797 2,535,265 6,009 3,010,991 2,283,549 204,697 1 303,572 1,854,420 6,009 1,990,351 1,238,145 102,141 343,061 346,180 77,658 374,007 374,007 611,566 2,535,265 6,009 3,010,991 2,283,549 417,660 1,312 405,101 53,114 88,695 ( 7,389) 91,879 178,997 ( 50,272) ( 46,570) 25,888 78 25,966 ( 15,690) 2,591 387 2,944 ( 2,814) ( 260,827) 4,187 ( 238,163) ( 91,020) 455,541 10,563 3,119 ( 2,500) 100,000 100,000 81,845 374,007 ( 1,425) 340,574 621,566 Fiduciary Funds CITY OF BANGOR, MAINE Trust and Agency Funds Combining Balance Sheet December 31, 1979 with comparative totals for December 31, 1978 Trust Assets Funds Cash $ 119,560 Accounts receivable Investments in U.S. governemnt obligations, at cost 346,785 Investments in domestic corporations, at coat 24,440 Assets held in Kirstein student loan fund 46,098 Total assets $ 536,883 Liabilities and Fund Balances Liabilities: Amounts held by agency funds for others Fund balances: Principal 481,166 Unexpended income 55,717 Total fund balances 536,883 $ 536,883 Agency Funds 288,395 18,327 306,722 Schedule E-1 Totals 1979 1978 407,955 361,472 18,327 13,000 346,785 346,785 24,440 24,440 46,098 42,800 843,605 788,497 306,722 306,722 272,448 481,166 470,665 55,717 45,384 536,883 516,049 306,722 843,605 788,497 Schedule E-2 CITY OF BANGOR, MAINE >� Trust Funds Combined Statement of Revenues, Expenses, and Changes in Fund Balances Year ended December 31, 1979 with comparative figures year ended December 31, 1978 1979 1978 Fund balances, beginning of year $ 516,049 488,529 Add: Federal Revenue Sharing entitlements 1,350,546 1,212,220 Interest earnings 31,330 28,416 Lot sales 7,591 9,425 Gifts 4,000 6,011 Total Additions 1,393,467 1,256,072 Deduct: Perpetual care fees 10,000 7,500 Distribution of earnings to Home for Aged Woman 3,704 3,680 Distribution for special education 4,653 2,423 Other payments to beneficiaries 2,512 2,729 Tranfers to General Fund 1,351,764 1,212,220 Total deductions 1 171 6911 1 779 SS? Fund balances, end of year $ 536,883 516,049 Schedule E-3 CITY OF BANGOR, MAINE Agency Funds Combined Statement of Changes in Assets and liabilities Year ended December 31, 1979 Balance Balance Assets January 1, 1979 Additions Deductions December 31, 1979 Cash $ 259,448 5,090,364 5,067,417 288,395 Accounts receivable 13,000 209,374 204,047 18,327 $ 272,448 5,305,738 5,271,464 306,722 Liabilities Amounts held by Agency Funds for others $ 272,448 5,305,738 5,271,464 306,722 Schedule F. CITY OF BANGOR, MAINE Trust Fund Investments December 31, 1979 Interest Maturity Par Market Description rates dates value Cost value Trust Funds: American Telephone 6 Telegraph 4 3/8: 4/01/85 $ 5,000 4,903 3,850 Cleveland Electric Illumination Co. 4 3/8; 4/01/94 5,000 4,906 2,750 New York Telephone Co. 4 1/2: 5/15/91 5,000 4,888 2,925 Pacific Tel & Tel Co. 4 3/8: 8/15/88 5,000 4,818 3,150 Philadelphia Electric Co. 4 3/8w 12/01/86 5,000 4,925 3,244 U.S. Treasury Bonds 3 1/4: 6/15/83 50,000 44,250 40,703 U.S. Treasury Bonds 4 2/15/80 50,000 49,000 49,375 U.S. Treasury Bonds 7 5/15/98 100,000 93,765 77,531 U.S. Treasury Notes 7 5/8'_ 6/30/80 75,000 74,770 73,289 U.S. Treasury Notes 7 7/8: 5/15/86 85,000 85,000 75,066 $ 385,000 371,225 331,883 Supplementary Data CITY OF BANGOR, MAINE Assessed Valuation, Commitment and Collections Year ended December 31, 1979 Valuation: Land and Buildings $ 401,043,500 Personal property 38,174,120 Total valuation 439,2171,620 Commitment: Real estate and personal property Tax rate Total commitment Add: Supplemental taxes committed Sewer, street, and demolition assessments Less: Collections - 1979 Abatements 1979 Taxes receivable at December 31, 1979 Schedule G $ 439,217,620 .02215 9,728,670 4,719 23,042 9,756,431 9,000,454 23,697 $ 732,280 (` Schedule H CITY OF BANGOR, MAINE Cash Receipts, Y Disbursements, and Bank Balances - All Funds Year ended December 31, 1979 Balance at - beginning Balance at of year Receipts Disbursements end of year General Fund $ 2,494,826 40,662,818 41,787,167 13,370,477 Special Revenue Funds ( 83,721) 985,340 923,525 ( 21,906) Capital Projects Fund 2,497,574 16,955,479 14,683,740 4,769,313 Enterprise Funds 618,097 6,824,133 6,419,837 1,022,393 Trust and Agency Funds 3611,472 6,486,533 6,440,050 407,955 Total all funds $ 5,888,248 71•,914,303 70,254,319 7,548,232 Bank Balances: Balance per banks $ 7,874,403 Less: Outstanding checks 849,907 Plus: Deposits in transit 520,578 Petty cash 3,158 Total all funds $ 7,548,232 CITY OF BANGOR, MAINE Notes to Financial Statements ' December 31, 1979 (1) Summary of Significant Accounting Policies: 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 of such policies: .__ A. Basis of Presentation - Fund Accounting The accounts of the City are organized on the basis of funds or groups of accounts,each of which is considered to be a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self -balancing accounts which com- prise its assets, liabilities, reserves, fund balances, revenues, and expenditures. The various funds are summarized by type in the financial statements. The following fund types and account groups are used by the City: GOVERNMENTAL FUNDS 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 special assessments or major capital projects) that are legally restricted to expenditures for specified purposes. Capital Project Funds - Capital Project Funds are used to account for financial resources to be used for the acquisition or con- struction of major capital facilities. PROPRIETARY FUNDS Enterprise Funds - Enterprise Funds are used to account for operations 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. FIDUCIARY FUNDS Trust and Agency Funds - Trust and Agency 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. ACCOUNT GROUPS General Fixed Assets Account Group - This group of accounts is estab- lished to account for all fixed assets of the City, other than those accounted for in the proprietary funds. (continued) CITY OF BANGOR, MAINE Notes to Financial Statements, Continued General Long -Term Debt Account Group - This group of accounts is established to account for all long-term debt of the City except w- that accounted for in the proprietary funds. B. Basis of Accounting The modified accrual basis of accounting, under which expend- itures, other than interest on long-term debt, are recorded when the liability is incurred and revenues are recorded when received in cash unless susceptible to accrual, i.e. measurable and avail- able to finance the City's operations, or of a material amount and not received at the normal time of receipt, is followed by the governmental funds. Revenue sources which are being accrued include property taxes, charges for current services and intergovernmental reimbursements. Major revenue sources not being accrued are auto- mobile excise taxes, licenses, and permits. The accrual basis of accounting is utilized by all other funds. C. Encumbrances Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of funds are recorded in order to recognize as expended that portion of the applicable appropriation, is employed in the Capital Projects Fund. D. Inventories Inventories are priced at cost (first in, first out). Inventory in the general fund consists of expendable supplies held for con- sumption. E. Property, Plant, and Equipment - Enterprise Funds Property, plant, and egi.ipment 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 various valuation dates. 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 trans- ferred 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 CingS Buildings 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 100 years 20 years 5 - 10 years (continued) F CITY OF BANGOR, MAINE Notes to Financial Statements, Continued F. General Fixed Assets General fixed assets have been acquired for general governmental purposes. Assets purchased are recorded as expenditures in the General Fund or Capital Projects Fund and capitalized at cost in the General Fixed Asset Group of Accounts. In the case of con- tributions or property acquired prior to 1961, such assets are recorded at fair market value as of time of receipt or 1960 respectively. No depreciation has been provided on general fixed assets. G. Capital Projects Fund - Unappropriated Fund Balances Capital Projects Fund unappropriated fund balances for the various funds indicated represent, on a cumulative basis, the excess of specific project revenues over the related project costs for cer- tain completed as well as open projects. These amounts are currently unappropriated and as such are available for use within the Capital Projects Fund for future capital construction. H. Comparative Data Comparative data for the prior year has been presented in certain of the accompanying financial statements in order to provide an understanding of the changes in the City's financial position and operations. However, complete comparative data have not been pre- sented in those instances where its inclusion would not provide meaningful comparisons. (2) Property Tax Property taxes for the current year were levied July 13, 1979 on the assessed value listed as of the prior April 1, for all real and personal property located in the City. Taxes were due August 15, 1979 with a 36 day grace period before interest was charged. The City was re-evaluated in 1978. The assessed value for the list of April 1, 1979, upon which the 1979 levy was based, was at approximately 85% of the estimated market value. (3) General Fund - Appropriated Fund Balance Appropriated fund balances of $1,165,873 and 1,133,033 in 1979 and 1978 respec- tively represent those portions of the General Fund fund balance specifically appropriated for the following: (continued) CITY OF BANGOR, MAINE Notes to Financial Statements, Continued Departmental balances carried forward Automotive equipment replacement account Bus service equipment replacement account Fire equipment replacement account Reserve for Self insurance 1979 Bond Anticipation Note debt retirement reserve School department appropriated fund balance (deficit) Total General Fund Appropriated Fund Balance 1979 1978 $( 72,100) 72,112 497,213 458,927 511,187 499,416 "81,677 55,508 55,220 343,083 176,237 ( 83,561) 12,987 $1,165,873 1,1331033 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. (4) Long-term debt The following is a summary of debt transactions of the City for the year ended December 31, 1979: Debt payable at January 1, 1979 New debt issued: Debt retired Debt payable at December 31, 1979 General Enterprise Obligation Funds" Total $ 9,219,823 4,018,889 13,238,712 3,065,000 3,065,000 932.532 346.180 1;278.712 $11,352,291 311672,709 15,025,000 The City is subject to state law which limits debt outstanding 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, 1979 and related limitations: Statutory Debt limit margin 42,010,000 38,268,598 31,507,500 28,893,778 12,603,000 11,544,013 31.507.500 23.896.611 (continued) Percent of state assessed Net debt value of outstanding 420,100,000 School $ 3,741,402 101"; Sewer 2,613,722 72;0 Airport 1,058,987 3;0 All other 7,610,889 72;0 $15,025;000 Statutory Debt limit margin 42,010,000 38,268,598 31,507,500 28,893,778 12,603,000 11,544,013 31.507.500 23.896.611 (continued) CITY OF BANGOR, MAINE Notes to Financial Statements, Continued Overlapping debt The City of Bangor is situated in Penobscot County and is, therefore, subject to annual assessment of its proportional share of county expense. The 1979 assessment amounted to $232,733. The Bangor Recreation Center has outstanding bonds in the principal amount of $1,438,000. To pay both principal and interest on said bonds the Center has the effective right of taxation on all taxable property within the City. (5) Fixed Assets A summary of property, plant, and equipment follows: Less accumulated depreciation 111250,173 13,074,980 $161,945,591 163,420,507 (6) 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 1979 is $1,091,194. As of June 30, 1979, the unfunded accrued liability approximated $12,324,000 and is being amortized over a remaining period.of twenty six years. The City's policy is to fund pension cost accrued. (7) 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 Distributing Company, Inc. Industrial Commercial Project. Under terms of the agreement the City purchases (continued) Balance Balance December 31, _ January 1, 1979 Additions Deletions 1979 Land $ 2,959,876 2,959,876 Buildings, improve- ments and equipment 29,565,164 6,792,723 776 36,357,111 Pipelines and mains 11,980,689 410,196 12,390,885 Aircraft operational assets 120,654,855 269,281 120,924,136 Construction in progress 8,035,180 3,340,594 79512,295 3,863,479 173,195,764 10,812,794 7,513,071 176,495,487 Less accumulated depreciation 111250,173 13,074,980 $161,945,591 163,420,507 (6) 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 1979 is $1,091,194. As of June 30, 1979, the unfunded accrued liability approximated $12,324,000 and is being amortized over a remaining period.of twenty six years. The City's policy is to fund pension cost accrued. (7) 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 Distributing Company, Inc. Industrial Commercial Project. Under terms of the agreement the City purchases (continued) CITY OF BANGOR, MAINE Note to Financial Statement, Continued and constructs the facilities and the Winter Distributing Company makes lease payments which represent the principal and interest on the debt securities. The property is conveyed to Winter Distributing Co. upon extinction of the debt. The debt securities do not constitute any debt or liability of the City of Bangor. (8) 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 liabilities. The cash surplus at December 31, 1978 totalled $902,437 which was included as a utilization of surplus in the 1978 budget. The General Fund has a cash deficit of $349,631 in 1979, of which $266,070 is relative to City operations and $83,561 relative to school department operations. This deficit was not included in the 1980 Budget as required by the Charter. Statistical Section Table 1 CITY OF BANGOR, MAINE Property Tax Valuations, Levies and Collections Last Ten calendar Years Assessed Property Property Collections in %-age of Year Valuation Tax Rate Tax Levy Year of Levy Collections 1970 $ 160,040,900 42.50 6,801,738 6,261,715 92.0;; 1971 187,854,380 39.50 7,420,225 6,750,472 91.5 1972 194,558,600 40.40 7,860,122 7,258,591 92.5 1973 202,517,660 40.40 8,181,713 7,729,006 94.4 1974 217,917,260 42.00 8,927,713 8,535,848 95.6 1975 227,784,640 45.00 9,486,451 8,886,740 93.7 1976 235,479,850 45.30 9,917,054 9,344,192 94.2 1977 207,516,620 44.20 9,172,235 8,649,300 94.3 1978 402,443,210 21.00 8,451,307 7,909,538 93.6 1979 439,217,620 22.15 9,728,670 9,000,454 92.5 Table 2 CITY OF BANGOR, MAINE Local Assessed Valuations Last Ten Calendar Years Year Tax Rate Total Assessed Valuation Real Property Personal Property 1970 $ 42.50 160,040,900 126,725,200 33,315,700 1971 39.50 187,854,380 147,241,810 40,612,570 1972 40.40 194,558,600 153,237,600 41,321,000 1973 40.40 202,517,660 159,057,380 43,460,280 1974 42.00 217,917,260 167,115,310 50,801,950 1975 45.00 227,784,640 173,207,070 54,577,570 1976 45.30 235,479,850 179,132,420 56,347,430 1977 44.20 207,516,620 184,802,520 22,714,100 1978 21.00 402,443,210 369,321,000 33,122,210 1979 22.15 439,217,620 401,043,500 38,174,120 Table 3 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 Designated Year Gov, t. Safety Welfare to County Seryices Education Service Fund Balance Other Total 1970 $ 653,426 1,276,594 821,262 100,440 1,625,727 5,069,585 642,642 - 563,113 10,752,794 1971 675,766 1,390,274 942,554 121,125 1,307,449 5,447,410 658,797 - 619,835 11,163,210 1972 687,239 1,478,959 1,062,656 137,275 1,706,790 5,685,324 627,961 - 716,588 12,102,792 1973 812,714 1,663,578 1,113,593 159,818 2,019,021 6,126,531 615,179 700,000 817,994 14,028,428 1974 835,392 1,804,724 1,242,632 157,869 1,793,088 6,802,833 1,463,141 506,900 866,427 15,473,006 1975 990,922 2,151,239 1,493,873 270,000 2,200,051 7,539,640 767,729 523,000 1,126,300 17,062,754 1976 1,015,975 2,295,425 1,587,810 246,240 2,400,524 7,988,330 923,476 62,000 1,589,670 18,109,450 1977 955,180 2,537,640 1,509,980 206,811 2,898,632 8,154,208 972,573 - 1,521,205 18,756,229 1978 1,059,946 3,133,111 1,879,352 223,380 3,319,288 8,835,493 898,134 - 712,683 20,061,387 1979 1,048,760 3,329,734 2,009,184 232,933 2,950,231 9,283,418 1,131,435 - 640,209 20,625,904 Table 4 CITY OF BANGOR, HAM General Fund Revenues by Source Last Ten Calendar Years Licenses. Pines Charges Property Other and and Use of Toney Intergovernmental for Total Year Taxes Taxes Permits Forfeits and Property Revenue Services Reimbursements Revenues 1970 $6,829,178 525,262 56,772 19,313 300,246 1,761,395 472,506 616,283 10,580,955 1971 7,453,686 565,547 51,732 24,172 157,364 1,856,418 546,388 408,656 11,063,963 1972 7,910,682 654,695 62,067 39,600 270,408 2,116,756 586,795 459,552 12,100,555 1973 8,186,340 740,440 112,197 35,301 285,216 3,692,592 602,079 324,284 13,978,449 1974 8,927,829 623,593 111,580 34,187 381,412 4,503,017 589,206 956,823 16,127,647 1975 9,793,952 865,981 148,999 65,586 487,686 5,105,687 685,303 159,060 17,312,254 1976 10,157,116 832,077 144,821 63,541 619,050 6,073,955 787,657 246,539 18,924,756 1977 9,172,234 958,930 173,573 82,309 696,847 7,343,762 841,062 291,216 19,559,933 1978 8,496,217 946,050 148,985 70,339 587,073 7,224,565 957,630 215,842 18,646,701 1979 9,733,430 989,836 167,123 87,261 709,967 6,749,373 949,370 255,624 19,641,984 Table 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 1970 $ 580,951 339,625 920,576 10,752,794 8.561% 1971 672,657 393,236 1,065,893 11,163,210 9.548 1972 6523,623 374,153 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 18,10911450 7.134 1977 792,476 534,787 1,327,263 18,756,230 7.076 1978 759,360 461,101 111220,461 20,061,387 6.084 1979 932,532 4782775 1,411,307 20,625,904 6.842 Table 6. CITY OF BANGOR, MAINE Debt, Service Requirements to Maturity - General Obligation Bonds Total Year Principal Interest Requirement 1980 $13-165,000 637,913 1,802,913 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 2973,535 1,062,535 1988 640,000 256,408 896,408 1989 575,000 220,080 795,080 Subsequent 3,2101000 729,921 3,939,921 Year 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 CITY OF BANGOR, MAINE Ratio of General Bonded Debt to Assessed Value and General Bonded Debt Per Capita Last Ten Calendar Years General Assessed Bonded Debt Valuation $ 9,784,960 160,040,900 9,910,520 18731854,380 9,821,080 194,558,600 11,936,640 202,517,660 12,128,200 217,917,260 13,302,760 227,784,640 13,614,320 235,479,850 12,485,880 207,516,620 13,188,440 402,443,210 15,025,000 439,217,620 * Based on 1970 Population of 33,428 Ratio of General Bonded Debt to Assessed Value 6.1;, 5.3. 5.0 5.9 5.6 5.8 5.8 6.0 3.3 3.4 Table 7 General Bonded Debt Per Capita* $ 292.72 296.47 293.80 357.09 362.82 397.95 407.27 373.52 394.53 449.47