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1975CITY OF BANGOR FINANCIAL STATEMENTS DECEMBER 31, 1975 BROOKS & CARTER Caroled Public Accountants " HARLOW STREET BANGOR, MAINE 04401 CITY OF BANGOR AUDIT REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 1975 TABLE OF CONTENTS Auditor's Report Financial Statements Balance Sheet - All Funds Exhibit A General Fund Statement of Estimated and Actual Revenues and Tax Commitment Exhibit B Statement of Appropriations and Expenditures Exhibit C Statement of Changes in Fund Balance Exhibit D Capital Improvement Fund Statement of Changes in Capital Improvement Fund Project Balances Exhibit E Analysis of Capital Improvement Fund Project Appropriations and Other Credits Exhibit F Hospital Fund Statement of Revenue and Expenses Airport Fund Statement of Income and Changes in Retained Earnings Statement of Changes in Financial Position Page 1 2 - 6 12 - 16 17 20 Exhibit G 21 Exhibit H 22 - 23 Exhibit I 24 CITY OF BANGOR AUDIT REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 1975 TABLE OF CONTENTS Sewer Utility Fund Statement of Income and Changes . in Retained Earnings Exhibit J Statement of Changes in Financial Position Exhibit K` Notes to the Financial Statements Supplemental Schedules Schedule of Property Valuation, Assessment and Collection of Taxes Schedule 'I Schedule of Public Debt Schedule 2 Schedule of Trust Funds Schedule 3.,. Schedule of Agency Funds Schedule 4 Schedule of General Fixed Assets Schedule 5 Page 25 26 27 - 31 I 33 - 34 35 - 36 37 38 FRANK M. CARTER. CPA RAYMOND T. ADAMS. JR.. CPA VAUGHN L. MERSEY. JR.. CPA WAYNE C. INGALLS. CPA GEORGE W. CHEBBA. CPA EDWARD R. HOPKINS. CPA C. DEXTER WILSON. JR.. CPA GERALDINE A. BLACK. CPA THOMAS E. CARPENTER. CPA DANA J. SMITH. CPA BROOKS& CARTERs Certified Public Accountants EDWIN M. BULLARD. JR.. CPA 106 ACCESS ROAD 84 HARLOW STREET CARIBOU. MAINE 04736 BANGOR, MAINE 04401 TELEPHONE 947-03111 March 31, 1976 (Except for Note 7'to.the Financial Statements which is dated July 30, 1976) Honorable Members in Council City of Bangor We have examined the financial statements of the various funds of the City of Bangor as of and for the year ended December 31, 1975 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 financial statements referred to above present fairly the financial position of the various. funds of the City of Bangor at December 31, 1975, and the results of operations and changes in fund balances of such funds and the changes in financial position of the Sewer Utility Fund and the Airport Fund for the year then ended, in conformity with generallyaccepted accounting principles applied on a basis consistent with that of the preceding year. Under date of May 15, 1975 we .reported on our examination of the financial state- ments of the various funds of the City of Bangor as of and for the year ended December 31, 1974. Our opinion was subject to the ultimate disposition of certain litigation involving the City in connection with Chapter X Bankruptcy proceedings of the former fixed base operator at Bangor International Airport. As disclosed in Note 7 to the financial statements, the litigation was settled on June 4, 1976 with no effect on.prior.years" operations and we, therefore, remove our qualifica- tion in respect to the 1974 financial statements. CITY OF BANGOR -- BALANCE SHEET Exhibit A DECEMBER 31, 1975 Page 2 (WITH COMPARATIVE FIGURES FOR 1974) ASSETS LIABILITI=ES, RESERVES AND SURPLUS December 31, December 31, December 311 December 31, 1975 1974 1975 1974 :GENERAL FUND GENERAL FUND Cash $ 1,029,673 $ 168,736 Accounts Payable $ 268,446 $ 189,458 Accounts receivable less allowance Encumbrances - current for doubtful accounts of $251.133 year 249,199 272,440 at 12/31/75 and $31,403 at 12/31/74 314,005 4001174 Encumbrances - prior year -0- 26,649 Taxes receivable less allowance for Due to Community future losses of $45,256 at Development 14,668 -0- 12/31/75 and $35,642 at 12/31/74,.- Due to Fixed Base Operations -0- 101,538 Page 32 609,177 575,156 Contracts Payable 26,027 9,891 Receivable from State of Maine - Reserves.for: Personal Property Tax Reimbursement -0- 166,887 Automotive equipment Taxes secured by liens - Page 32 124.,529 116,986 replacement. 98,773 73,338 Inventories of public services -Note 1 4211470 434,255 Bus service - equipment Inventories of food services and office replacement 209,000 114,50 0 supplies - Note 1 63,814 38,228 Balances carried, Prepaid Insurance 7,792 -0- appropriations - Page 10 102,453 132,928 Deferred charges 26,027 9,891 Bass Park Labor Project 174,352 -0- Due from Hospital Fund 89,834 .140,858 Deferred estimated revenue 28,295 28,295 Due from Sewer Fund 19411.00 234,400 Due from Airport Fund 608,600 335,800 Total.Liabilities, Deferred Due from Fixed Base Operations 155,277 -0- Credits and Reserves 11171,213 949,037 Fund Balance - Page 11 2., 4'73 , 085 1,672,334 Total General Fund $ 3,644,298 $ 2,621,371 Total General Fund' $ 3,644,298 $ 2,621,371 CAPITAL IMPROVEMENT FUND CAPITAL IMPROVEMENT FUND Cash $ 3,412,228 $ 2,453,074 Accounts Payable and Accounts receivable 337,678 282,282 Encumbrances $ 562,652 $ .1.74,754 Amounts.to be provided in future Authorized projects periods - Note 3 92.1,721 .566,897 unexpended balances - Due from Trust & Agency Funnd 101,900 -0- Pages 12-16 3,608,876 21407,934 Due from International Arrivals Deferred assessments. -Note 1 182,417 172,404 Building Fund Due 400 000. -0- Reserves for future from Perry Road Sewer.Fund -a- 70,000 construction: -Note 3 Assessments to be levied in. future Bond monies received - periods: -Note 1 General Fund 223,840 162,973 Sewer 160,440 1501427 Bond monies received - Street and road 21,977 21,977 Sewer.Fund 313,246 133,176 Bond monies received - Airport Fund 60,835 38,553 Federal contribution - Sewer Fund 404,078. 454,863 (Interceptor System) Total Capital Improvement Fund. $. 5,355,944 $ 3,544,657 Total Capital Improvement Fund: $ 5,355,944 $ 3,544,657 The accompanying notes are an integraZ.part of these financiaZ.stateme.nts Exhibit A Xont'd) CITY OF .BANGOR Page 3. BALANCE SHEET DECEMBER 31 , . 1975 (WITH COMPARATIVE FIGURES .FOR .'19.74) ASSETS LIABILITIES; RESERVES AND SURPLUS December 31, December 311 December 31, December 31, 1975 1974 1975 1974 TRUST AND AGENCY FUNDS TRUST AND AGENCY FUNDS Cash $ 758,290 $ 455,174 Liabilities $ $ Savings accounts 130,549. 65,548 Accounts Payable 529 =0 - Accounts Receivable 335,570 310,485 Due to Capital Investment in U. S. Government Improvement.Fund 101,900 -0- obligations - Note 1 202,944 202,944 Investments in domestic Total Liabilities. 102,429 -0- corporations - Note 1 60,718 60,718 Assets in custody of Kirstein Fund. 37,868 .35,294 Fund Balances Trust Funds - Pages 35-36 474;948 450,328 Agency Funds - Page'37 948,562 679,835 Total Fund Balances 1,423,510 11130,163 Total Trust and Agency Total Trust and Agency Funds $_ 1,525 939 $ 11130,163 Funds $ 1,525 939 $ 11130;163 MUNICIPAL LONG-TERM DEBT GROUP OF ACCOUNTS MUNICIPAL LONG-TERM DEBT GROUP OF ACCOUNTS. Amount to be provided in future Bonds payable - Page 33 13,123.,000 $ 9,938,000 periods to retire indebtedness: Notes payable -Page 34 '79:,760 2,190,200 G General Fund $ 8,874,113 $ 7,726,423 Due to Sewer Utility Sewer Fund 3,184,294 2,942,689 Fund 165,700 -0- Airport Fund 11410,053 11459,088 Total Municipal Long - Total -Municipal Long -Term Debt $ 13,468,460. $ 12,128,200 Term Debt$ 13,468,460 $1.2,128,200 GES= --`.L FIXED ASSETS GROUP OF ACCOUNTS GENERAL FIXED ASSETS GROUP OF ACCOUNTS Fro:erty, plant and equipment - Investment in fixed =age 38 $,24 460,894 $ 22,284,839 assets $ 27,454,445 $24,946,634 Co,n truction in progress,Pages12-15 2,966,996. 2,637,465 Ci_:v property tax deeds 26,555 24,330 -eta- General Fixed Assets - Total General Fixed $ 27,454 445 $ 24,946,63' Assets $ 27,454,445 $24,946,634 The accompanysng notes are an integraZ part Of these 'finan:ciaZ statements CITY OF BANGOR BALANCE SHEET Exhibit A DECEMBER 31, 1975 ((;ont'•.d) (WITH .COMPARATIVE FIGURES FOR 1974) Page .4 ASSETS LIABILITIES, RESERVES AND SURPLUS December 31, December 31, December 31, December 31, 1975 1974 1975 .1974 AIRPORT FUND AIRPORT FUND Current Assets Current Liabilities and Reserves Cash $ 138,006 $ 251,734. Accounts payable and Accounts receivable less encumbrances $ 38,321 $ .62,638 allowance for doubtful Due to General Fund. 608,600 335,800 accounts of $130,227 at Customer Deposit for 12/31/75 and $128,062 at Construction _0_ 11.01000 12/31/74 641450 68,394 Reserve for general Due from Fixed Base Operations 100,931 -0- obligation bonds - Prepaid Insurance 385 -0- current portion -Note 2 99,641 78,895 Due from Internatonal Arrivals Building Fund 5,000 -0- Total Current Liabilities Total Current Assets 308,772 320,128 and Reserves 746,562 587,333 Permanent Property - Note 1 Reserves Land 17,400,000 17,400,000 Reserve for general Buildings and building obligation bonds and improvements 8,138,930 8,138,9.30 notes - long-term - Less: Accumulated depreciation 819,223 514,228 Note 2 1,310,412 1,380,193 7,319,707 7,624,702 Contributions to Permanent Property Runways, taxiways, ramp, fuel. Federal, State and other contributions systems and streets 92, 254,.201 92,123 980 and grants 113,576,309 114,650,865 Less: Accumulated depreciation 2,807,166. 1,865,232 89,447,035 0,258,748 Machinery and equipment 118,388 102,522 Retained Earnings Less: Accumulated depreciation 34,760 17,698 Page23 73,613 165,483. 83,628 84,824 Total Permanent Property 114,250,370 115,368,274 Other Assets Deposit for construction: With Capital Improvement Fund - Appropriated 30,000 Unappropriated 60,835 38.,553 With International Arrivals Building Fund. 1)056,919 1., 056, 9"19 Total Deposits for Construction 1,147,754 1,095,472 Total Airport Fund $115,706,896. $116,783,874 Total Airport Fund $115,706;896 $116,783,874 The accompanying notes are an integral part of these financiaZ statements - Ul'1'Y OF BANGOR - Exhibit A BALANCE SHEET (Cont rd) DECEMBER 31, 1975 Page 5 (WITH. COMPARATIVE FIGURES FOR 1974) ASSETS LIABILITIES, RESERVES AND SURPLUS December 311 December 311 December 31, December 31,. 1975 1974 1975 1974 SEWER UTILITY FUND SEWER UTILITY FUND Current Assets Current Liabilities Cash $ 240,408 $ 172,254 and Reserves Accounts receivable less Accounts payable allowance for doubtful accounts and encumbrances $ 8,471 $ 3,964 of $5,005 at 12/31/75 and Due to General Fund 194,100 234,400 $5,288 at 12/31/74 149,959 103,017 Reserve for general Inventory of materials and obligation bonds - supplies - Note 1 27,650 215138 current portion -Note 2 231,883 168,271 Prepaid Insurance 342 -0- Total Current Total Current Assets .418,359 296,409 Liabilities and Reserves 434,454 406,635 Utility Plant in Service - Note 1 Land 58,426 58,426 Buildings, plant and equipment 5,144,163 5,144,163 Reserves Less: Accumulated depreciation 1,275,828 1,070,063 Reserve for general 3,868,335 4,074,100 obligation bonds and notes - long-term - Note 2 2,952,411 2,774,418 Pipelines and mains 10,373,695 7,954,451 Less: Accumulated depreciation 570,754 466,961 Customers Advances for 9,802,941 7,487,490 Construction - Note 4 33,440 -0- Construction in progress -0- 12,147 Contributions - Utility Plant Federal and State grants in aid of construction 4,530,821 2,608,174 City of Bangor 6,.930,55.7 7,070,657 Sewer Utility Users 113,516 93,694 Total Utility Plant 13,729,702 11,632,163 Total Contributions 11,574,894 9,772,525 Other Assets Deposits for construction of Sewer Utility Plant assets: With Capital Improvement Fund= Appropriated 1,401, 994 , 2 19 1 43, 7 Retained Earnings - g 1 4 37,880 1,125,752. Unappropriated 717,324 588,039 Page 25 With Perry Road Sewer Fund -0- 130,000 Total Deposits 2,119,318 2,150,758 Due from Municipal.Debt Fund 165,700- -0- Total Other Assets 2,285,0'18 2,150,758 Total Sewer Utility Fund $ 16,433,079 $ 14,079,330 Total Sewer Utility_ Fund $ 16,433,079 $ 14,079,330 The accompanying notes are an integraZ.part _- ... of these financial, statements CITY OF BANGOR BALANCE SHEET DECEMBER 31, 1975 (WITH COMPARATIVE FIGURES FOR 1974) ASSETS December 31, 1975 NTERNATIONAL ARRIVALS BUILDING FUND Cash $ 75,126 Accounts receivable 355,132 Materials on hand ._O_ Construction costs incurred 2,377,225 Total International Arrivals Building Fund - Note 5 ERRY ROAD SEWER FUND Cash Construction costs incurred Total Perry Road Sewer Fund - Note 5 TOSPITAL FUND $2,80.7,483 -0- 4 -n- Cash $.' 10,346 Accounts receivable less allowance. for doubtful accounts of $12,363 at 12/31/75 and $53,933 .at 12/31/74 841955 Inventory 851 Prepaid Insurance 163 December 31; 1974. $ 233,264 198,528 168,283 870,508 $1_,470,583 $ 3,497 196,503 $ 200,000 LIABILITIES,.RESERVES AND SURPLUS December 31, 1975 INTERNATIONAL ARRIVALS BUILDING FUND Accounts payable and encumbrances $ 112,575 Due to Capital Improvement Fund 400,000 Due to Airport Fund 51.000. Contributions and deposits in aid of construction: Cash advances from Airport Fund 11056,919 Federal and State grants 1,026,166 Cash grants - other. 200,000 Interest income from temporary investments... 6,823 Total International Arrivals Building Fund - Note 5 $ 2,807,483 PERRY ROAD SEWER FUND Due to Capital Improvement Fund $ -0- Deposits in aid of construction:. Cash advances. from - Sewer Fund -0= Total .Perry Road: Sewer Fund - Note 5 -0- HOSPITAL.FUND $ 6,405 Accounts payable and encumbrances Due to General Fund 140,01 852 -0- Total Hospital Fund $ 96,315 $ 147,268 The accompanying notes are an integraZ part of these financiaZ statements Total Hospital 147,268 Fund Exhibit A (Cont W) Page 6 December 31, . 1974 $ 159,013 -0- -0- 1,056,91.9 98; 528 50,000 6,123 $ 1,470,583 $ 70,000 130,000 $ 200,000 $ 6,481. $ 6,410 89,834 .'140, 858 $ 96,315 $, 147,268 Exhibit B Page 7 CITY OF BANGOR - GENERAL FUND STATEMENT OF ESTIMATED AND ACTUAL REVENUES AND TAX COMMITMENT FOR THE YEAR ENDED DECEMBER 31, 1975 Revenue Classifications Other Local Taxes and Penalties Penalties and interest on delinquent taxes Auto excise tax .Sub -total Licenses and Permits For street use Non -business licenses and permits Police and protection Business, professional and other Sub -total Fines, Forfeits and Penalties Use of Money and Property Municipal au Municipal go Interest on Bus fares and Miscellaneous and conces Estimated Revenue $ 45,000 650,000 695,000 90,000 18,039 4,710 8,375 121,124 Actual Revenue $ 71,157 94 824 865 98 118,260 15,703 4,894 10,142 148,999 Excess or (Deficiency) $ 26,157 144 824 170, 8 28,260 (2,336) 184 1,767 27,8.75 87,800 65,586 (22,214) ditorium 113,000 106,004 (6,996) if course 72,200 78,921 6,721 Investments 75,000 93,352 18,352 revenue 155,993 181,992 25,999 rents, admissions cions Sub -total From Other Agencies State revenue sharing State grants-in-aid Federal revenue sharing Federal grants-in-aid Payments in lieu of taxes Miscellaneous Sub -total Charges for Current Services General government Safety Highway Sanitation Health Schools Cemeteries Public buildings Recreation - miscellaneous Sub -total 11,600 9,605 (1,995) 4271793 469,874 42,081 439,045 3,083,927 1,260,000 204,149 40,000 130,842 5,157,963 23 ,170 1,000 8,200 689,171 16,500 5,000 19,500 422,325 3,072,643 954,000 216,781 36,692 403,246 .5,105,687 25,490 29,372 152 1,237 9,627 577,671 20,133 4,370 17,251 685,303 The accompanying notes are an integrat part of these financial statements (16, 720) . (11 , 284 ) (306,000) 12,632 (3,308) 22404 52 2 6) (5,856) 6,202 152 237 1,427 (111,500) 3,633 (630) (2,249) (108.,584) cions Sub -total From Other Agencies State revenue sharing State grants-in-aid Federal revenue sharing Federal grants-in-aid Payments in lieu of taxes Miscellaneous Sub -total Charges for Current Services General government Safety Highway Sanitation Health Schools Cemeteries Public buildings Recreation - miscellaneous Sub -total 11,600 9,605 (1,995) 4271793 469,874 42,081 439,045 3,083,927 1,260,000 204,149 40,000 130,842 5,157,963 23 ,170 1,000 8,200 689,171 16,500 5,000 19,500 422,325 3,072,643 954,000 216,781 36,692 403,246 .5,105,687 25,490 29,372 152 1,237 9,627 577,671 20,133 4,370 17,251 685,303 The accompanying notes are an integrat part of these financial statements (16, 720) . (11 , 284 ) (306,000) 12,632 (3,308) 22404 52 2 6) (5,856) 6,202 152 237 1,427 (111,500) 3,633 (630) (2,249) (108.,584) General government - miscellaneous Bangor Urban Renewal Authority - Planning Parking and modernization Welfare Sub -total Total Revenues Current Year's Tax Levy Real property Personal property Total Current Taxes GRAND TOTALS 5,620 58,302 17,500 110,477 191,899 7,480,466 1,429 50,076 9,554 98,001 159,06 7,518,302 (4,191) (8,226) � z' 946 j 32,839 37,836.. 7,794,318 7,804,512 10,194 1,987,092 1,989,440 2,348 9,781,410 9,793,952 12,542 $17,261,876 $ 17,312,254 $ 50,378 .The accompanying notes are an integraZ part of these financiaZ statements Exhibit B (Cont Fd) CITY OF BANGOR - GENERAL FUND Page 8 STATEMENT OF ESTIMATED AND ACTUAL REVENUES AND TAX COMMITMENTS FOR THE YEAR ENDED DECEMBER 31, 1975 Estimated Actual Excess or Revenue Classifications Revenue Revenue (Deficiency) Transfer from Other Funds Trust fund - Bass Park $ 2,000 $ 2,149 $ 149 Group insurance dividend 3,000 15,663 12,663 Sub -total 5,000 17,812 12,812 Reimbursements General government - miscellaneous Bangor Urban Renewal Authority - Planning Parking and modernization Welfare Sub -total Total Revenues Current Year's Tax Levy Real property Personal property Total Current Taxes GRAND TOTALS 5,620 58,302 17,500 110,477 191,899 7,480,466 1,429 50,076 9,554 98,001 159,06 7,518,302 (4,191) (8,226) � z' 946 j 32,839 37,836.. 7,794,318 7,804,512 10,194 1,987,092 1,989,440 2,348 9,781,410 9,793,952 12,542 $17,261,876 $ 17,312,254 $ 50,378 .The accompanying notes are an integraZ part of these financiaZ statements CITY OF BANGOR - GENERAL FUND. Exhibit G STATEMENT OF APPROPRIATIONS AND EXPENDITURES Page 9 FOR THE YEAR ENDED DECEMBER 31, 1975 Balances -Balances Forward Total Disburse_ 12/31/75 Operating Appropriations. 1 1 Appropriations Transfers Available ments Encumbrances .Lapsed Carried General Government Council $ � 15,568 $ 15,568.$ X9,236 . (3,668) Executive 157,514 2,088 159,602. 161,759 .' 1,008 (3 1W City Clerk 86,869 2,300 891169 •8,288 40 1,841' Finance 3,000 288,917- (46,600) .245,317 276,366 (31,049) Registration of Voters 22,858 22,858 23,567 (709) Assessment 79,971 79.1971 77,131- 2,840 Treasury 89,750 89,750 86,012 551. 3,187 Purchasing _ 44;131 44,131 43,617514 Legal 37.,240 37,240 33,115 _ 4.. -k25 Personnel 35,483 35,483 36,649 75 (1.1241) Economic Development. Research and Planning Sub -total 1,100 0 1 001: 1,0 3,302 800 4 01 1 01 4 0989,224'1,6 144,484 24 8 04 2;750 8 19 282) 2;750 Public Safety Police '1.;350 1,004,301 (34,000) 971,651 956,386 9,079 4.1668 1,518 Fire 25.,000. 1;116,415 (26,500) 1,114,915. 1,002,729 80,625 31;561 Code Enforcement 134,257 (28,000) 106,257 93,180 279 121798 Civil Defense 9,5389 ,538 8,961 577 Sub -total 26,350 2,264,511 88 00 •2,202,361 2,061,256 89,983 49.6041,518 . Health, Welfare and Recreation Hospital deficit, Page.21 219,500 (16,500) 203,000 145,332. 57,668 Health (11,227) 298,767 287;540 492,854 .1,478 (273,747) 66;955 Welfare 298;252 298',252 269,423 28,829 Parks and Recreation 584,652 1,100 585,752. 579,068 4,998 1.686 Fine Arts '900 900 720 180 Sub -total 11 22 ). 1,402,071 't 400 1,375,44-+ 1,487,397 6,47 185,384) 66,955 Public Buildings and 4blic Services Public buildings 5,788 : 74,434 80,222 67,933 314 11,975 Public services 1,971,.586 1,971,'586 1,8 2,796 119,112 (6,223) Motor Pool Sub -total 256'847 2 0 10`I 000 iC�. 0 84 0 255,901 7792 23* 8.740 .The accompanying notes are an integral part. of these financial atatementa.:, . The accompanying notes are an integral part. of these financial statements CITY OF BANGOR - GENERAL FUND Exhibit C STATEMENT OF APPROPRIATIONS AND EXPENDITURES' (Cont 'd). FOR THE YEAR ENDED DECEMBER 31, 1975 Page 10 Balances Balances Forward Total Disburse- 12/31/?� Operating Appropriations 1/1/75 Appropriations Transfers. Available ments Encumbrances Lapsed ar a 1':isce11aneous ~a _rb o r -77`F7 wharves # 3,325 $ 3,325 $.861 $ $ 2,464 $ and other fringe benefits 660,400 55,000 715,400 775,440 (60,040) crasion ntingent 74,468 (9,088) 65,380 48,443 16,937 Lebt service 811,117 811,117 767,729 43,388 C =unity Development (2,008) (2,008) (2,008) ding Authority -protection maintenance ( 2 2) ( 2) Sub -total 2 060 1,549,310 45,912 ,51 93,162 C-_ r Agencies -ezes paid to county 270,000 270;000 270,000 -atlic library 199,771 199,771 199,771 uucation 109,977 7,568,199 7,678,176 7,429,023 110,617 101,083 _37,453 Sub -total 109,977 8,037,970 8,147,947 7,898,794 110,617 101,083 37,453 2c-=1 Operating Appropriations 132,928 16,570,031 16,702,959 16,186,710 249,199 164,597 102,453 C-'-sT' Appropriations _7erlay - reserve for uncollected taxes 111,643 111,643 46,643 65,000 Recreation district tax 57.,202 57,202 57,202 =_-�ropriation to surplus 523,000 523,000 .523,000 Sub -total 691,845 691,845 626,845 65,000 ------ TOTAL $132,928 $ 17,261,876 $ -0- $17,394,804$16,813,555 $ 249,199 $_229,597 $1.02;453 The accompanying notes are an integral part. of these financial statements CITY OF BANGOR - GENERAL FUND STATEMENT OF CHANGES IN FUND BALANCE FOR THE YEAR ENDED DECEMBER 31, 1975 (WITH COMPARATIVE FIGURES FOR 1974) Fund Balance, January 1 Additions Excess of actual revenues over estimated revenue Pages 7-8 Excess of appropriations over expenditures - Pages 9-10 Operating appropriation to surplus Appropriation from Capital Improvement Reserve Deductions Tax liens transferred.to City -owned property Fund Balance, December 31' Exhibit D Page 11 1975 1974. $1,672,334 $ 336,906 $ 50,378 $ 89,236 229,597 .468,111 5235.000 491,900 -0- 286,181 802,975 (2,224) $2,473,085 The accompanying notes are an integral -part of these financial statements 1,335,428 -0- $1,672,334 0- $1,672,334 CITY OF BANGOR Exhibit E STATEMENT OF CHANGES IN CAPITAL IMPROVEMENT FUND PROJECT. BALANCES Page 12.. FOR THE YEAR ENDED.DECEMBER 31, 1975 Balance, January 1, 1975 1975 Activity Balance December 31.1975 Cumulative Cumulative Appropriationsumulative Cumulative Appropriations Disbursements Balance and Other Disbursements.Appropriat.ions Disbursements Balance 1.975 and Other and Continuing Credits and and Other and Continuing Projects Credits Encumbrances Projects Pages 17-20 Encumbrances Credits Encumbrances Projects Closed General Fund Projects 5,696 41;644 Buildings 7,225 750.,000 14;.314 Abraham Lincoln 53,105 100,000 '15,255 School $ 978,000 984,934 $ (6,934) $ Auditorium 26,600 15,255 - 84,745 Additiui-L Study auditorium Impr.- Planning :_uditorium Roof. 80,000 59,186 20,814 City Hall - Permanent Impr. 70,400 11,599 58,801 Dog Pound Construction 35,000 35,,000 Motor Pool Garage 300,000 249,252 50,748 . New Fire Station Speculative Indust. Building - Planning Municipal Auditorium Improvements Land Abraham Lincoln School 247,000 .226;319 20,681' High School Land Acquisition 55,.000 55,000 New Fire Station Site 350,000 3,167 346,833 Streets =irport Industrial Park 100,000 43,145 56,855.. =irport Industrial Park Eangor Water Distri^t 50,000 21,462 28,533 Bellevue Avenue 7,000. 7,000 Broad Street Park East 13,000., 1,245 11,755 Brookside Drive Construction Coffey Street Extension 6,000. 11,748 (5,748). Dodge Street Construction Essex Street Construction 78,000 52,656 25,344 xchange Street - State Aid 80;:000 54,924 25,076` The accompanying notes are an integral part of these financial statements 22,0-51 $ 15.,117 $ 6;500 13,.300 (6,500) (20,681) (55,000) 8,800 156,723 4,489 191 65,000 2,251 (3,497) 25,000 (25,076) 6,50C.- -13,300 ,500.13,300 73,500 70,400 35,000 750,000 26,600 100,000 350,000 100.000 8,8C10 50,000 7,000 13,000 65,000 25,000 78,000 $ 5,696 41;644 (43,522) 7,225 750.,000 14;.314 26,600 53,105 100,000 '15,255 (20,681) (55,000) 8,800 156,723 4,489 191 65,000 2,251 (3,497) 25,000 (25,076) 6,50C.- -13,300 ,500.13,300 73,500 70,400 35,000 750,000 26,600 100,000 350,000 100.000 8,8C10 50,000 7,000 13,000 65,000 25,000 78,000 $ 226,319 159,890 1901*110 47,634 $ 51-000,051 6,50.0 21,653 13,300 59,186 14;.314 17,295 53,105 41.,644 (6,644) 256,477 750,000 52,656 26,600 15,255 - 84,745 226,319 159,890 1901*110 47,634 52,3E5 8;800 21,653 28,347 7,000 1,245 11,755 65,.000 8.j 251 . 25,000 52,656 25,344 54,924 CITY OF BANGOR Exhibit E STATEMENT OF CHANGES IN CAPITAL IMPROVEMENT FUND PROJECT BALANCES (Cont 1d) FOR THE YEAR ENDED DECEMBER 31, 1975 Page 13 Balance, January 1, 1975 1975 Activity Balance December 31 1975 . emulative CumulativeppA ropriations Cumulative Cumulative _ Appropriations Disbursements Balance, and Other Disbursements Appropriations Disbursements. Balance 1975 and Other and Continuing " Credits and and Other . and Continuing Projects Credits Encumbrances Projects Pages 17-20 Encumbrances Credits Encumbrances Projects Closed General Fund Projects (Cont'd) Streets (Cont'd) Garland Street Paving $ 40,000 $ $ 40.,000 $ $ 40,000 $ $ 40,000 $ . Godsoe Road Construction 84,000 55,555 28,445 6,867 84,000 62,422 21,578 `ammond Street Industrial Park 150,000 14,633 135,36'7 (119,484) 15,883 30,516 ==mmond Street Ind. Park Roads 210;000 240,545 210,000 240,545 (30,545) iiilford Street Ext. 35,850 37,977_ (2,127) 2,127 37,977 :udson Heights Subdivision 383,000 3.37,500 383';000 337,500 4 5,500 .erry Road Construction 10,000 4,023 5,977 (5,977) 4,023 =erry. Road Overlay 50,000 50,000 50,000 50,000 :Sot Street Construction 12,300 13,909 (1,609). 2,405 12,300 16,314 (4,014) Reconstruction of Streets 300,000 276,802 300,000 276,802 23,198 School Street Construction 98,000 98,000 117,000 1,852 2151000 1,852 213,148 State Aid Construction Fund - Undesignated 124,871 124;871 95,034 219,905 219,905 S"il.lwater Avenue Re- construction - Planning .40 40 40 Union Street Paving - State Aid 71,500 71,683. 71,500. 71,683 (183) „ashington Street - State Aid 21,000 21,408 (408) 408 21,408 ,'ioodlawn Subdivision 55,000. 63,180 55,000 63,180 (8,180) Sidewalks _arlow Street Sidewalk 15,000 12,070 2,930 15,000.. 12,070 2,930 Sidewalk Improvements .85,000 102,482 (.17.,482) 100,000 66,825 185,000 169,307 15.,693 Electrical Forest Avenue Lights. 2,000 512 1,488 2,000 512 1 488 iarlow Street Lights 60,000 19,826 40,174 (40,174) 19,826 Plain and Union Traffic Signal 8,000 6,394 1.,606 445 8,000 6,839. 1,.161 The accompanying notes are an integral part of these financial stateinenta The accompanying notes are an integral part of these financial statements CITY OF BANGOR Exhibit E STATEMENT OF CHANGES IN CAPITAL IMPROVEMENT FUND PROJECT BALANCES (Cont. 'd) FOR THE YEAR ENDED DECEMBER 31, 1975 Page 14 Balance„ January 11 1975. 1975 Activity Balance, December 31, 1975 Cumulative Cumulative Appropriations Cumulative . Cumulative Appropriations Disbursements Balance and Other Disbursements Appropriations Disbursements Balance 1975 and Other and Continuing Credits and -and Other and Continuing Projects Credits -7ncumbrances Projects Pages -17-20 Encumbrances Credits ..Encumbrances Projects Closed General Fund Projects (Cont'd) Electrical (Cont ' -T State Street Lighting $ 25,000 S 5,161 $ _19,839 $ t 8,239 . 25,000 $ 13,400 $ 11,600 $ Traffic Control System 68,129. 555 67;574 1,284 .68,129 1,839 66,290 Parking Structures and Facilities - Exchange -Hancock Parking Lot 82,847 87,880 (5,033) 5,033 '87,880 Park Deck - Old City Hall 270,000 263-,168 6,832 (7,219) (387) 262;781 Temporary Parking . Facility Parcel B - 11' 91000 .9,370 (370). 424 54 9,424 Other Projects Broadway Correction Storm Water 60,000 700 60,000 700 59,300 Cascade Fountain Repairs 25,000 25,000 25,000 East Side Improvements - Phase III 277,500 103,322 174,178 54,770 277;500 1581092 119,408 Essex Street Recreation Area 39,37^ 61,062 (21,691) 21,691. 61,062 Exchange Street Area - Urban Renewal 34,909 34,794 115 (115) 34,794 Fairmount Terrace Park 59,860 60,616 .(756) 442 (314) 60,302 Garland Street Tennis Court. 9,079 91079 9,079 9,079 Kenduskeag Stream Park 5,000 3,111 1,889 1,754: 5,000 4,865 135 Pedestrian Walkway - Preliminary Design 10,000 10,000 10,778 10,000 10;778 (778) Solid Waste Incinerator 300,000 300,000 300,000 Union Street Recreation .Area 120,000 11.9,061 120,000 119,061 939 York -Hancock - NDP 155,595 :+04,374 155,595 104,374 51,221 The accompanying notes are an integral part of these financial statements CITY OF BANGOR Exhibit E STATEMENT OF CHANGES IN CAPITAL IMPROVEMENT FUND PROJECT BALANCES (Cont'd) FOR THE YEAR ENDED DECEMBER 31, 1975 Page 15 Balance, January 1, 1975 .1975 Activity Balance, December 31, 1975. Cumulative Cumulative Appropriations Cumulative Cumulative Appropriations Disbursements Balance and Other Disbursements Appropriations Disbursements. Balance 1975 and Other. and Continuing Credits and and Other and Continuing Projects Credits Encumbrances Projects Pages 17-20 Encumbrances Credits Encumbrances Projects Closed General Fund Projects (Cont'd) Bass Park Bass Park - Existing Area $. $ $ $ 656,596 $ 619,293 $ 656,596 $ 619,293 $ 37,303 $ Bass Park Expansion 468,004 225,173 468,004 225,173 242,831 Parking and Traffic Improvements 340,000 340,000 340,000 Engineering and. Administration 50,000. 24,858 50,000 24;858 25,142 TOTAL GENERAL FUND PROJECTS 4,127,037 2,637,465 1,489,572 4,241,727 2,505,586 6,192,708 2,966,996. 3,225,712 2,176,055 Sewer Fund Projects Airport Lateral Sewer 150,000 2,257 150,000 2,257 147,74.3 Artic Brook Sewer Extension 353000 38,193 (3,193) 437 (467)' 35,437 37,726 (2,289) Broadway Sewer Construction 65,000 65,000 90,000 164,029 155,000 164,029 (9,029) Bakerville Sanitary Sewer 100,000. 67,1.57 100,000 67,157 32,843 Coffey Street Sewer 3,500 31500 146 3,646. 3,646 . Grand View Avenue Sewer 13,000 5,992 13,000 5,992 .7,008 Hammond Street Industrial Park - Sewer Extension .50,000 50,000 15,980 980 65,980 980 6.5,000 Kenduskeag Stream Interceptor Sewer 2,229,986 2,212,1,61 17,825 (36,269) (18,444), 21,923 21,923 1 2,1711794 Kenduskeag Stream Sewer Extension .820,848 55,298 765,550 (165,848) 682,531 655,000 737,829 (82,829) Nason Avenue 13,000.' 58 13,000 58 121942 Ohio Street Sewer 44,000 26,345 17,655 (3,39) .14,336. 40,681 Penobscot East Interceptor - Planning 105,600 6,750 105,600 6,750 .98,850 Root Street Sewer 5,100 6,010 (910) 834 5,100 6,844 (1,744) Sewer Inflow Analysis_ 12,000 7,849 4,151 11,482 12,000 19,331 .. .(7,331) Sewer Rate Study 12,000 15,347 (31347) 3,747 .400 15,747 Strickland Road Collector 90,000 90;000 90,000 The accompanying notes are an integral part . of these.fi,nanciaZ atatements CITY OF BANGOR Exhibit E STATEMENT OF CHANGES IN CAPITAL IMPROVEMENT FUND PROJECT BALANCES (Cont 1d) FOR THE YEAR ENDED DECEMBER 31,"'1975. Page 16 Balance, January 1, 1975 1975 Activity Balance, December 31.; 1975 Cumulative Cumulative Appropriations Cumulative Cumulative Appropriations Disbursements "Balance and Other Disbursements Appropriations Disbursements Balance 1975 and Other and Continuing Credits and and Other and Continuing Projects Credits Encumbrances Projects Pages 17-20 Encumbrances Credits Encumbrances Projects Closed Sewer Fund Projects (Cont'd). Sewage Facility Planning $ $ $ 2,000 $ $ 2,000 $ $ 2,000 $ TOTAL SEWER FUND PROJEUTS 3,277,434 2;361,203 916,231. 378,474 941,541 1;424,040 1,070,876 353,164 2,231,868 Airport Fund Projects Heavy Duty Drainage . Trenches 83,998 83,964. 34 (34) 83,964 Airport Security Fence 49,646 47,549 2,097 (3,390) (1,293) 46,256 Light Duty Ramp 30,000 30,000 30,000 TOTAL AIRPORT FUND PROJECTS 133,644 131,513 2,131 26,576 . (1,293) 30,000 30,000 .130,220 GRAND TOTALS $ 7,538,115 $ 5,130,181 $2,407,934 $ 4,646,777 $ 3,445,834 $ 7,646,748 $ 4,037,872'$3,608,876 $4,538,143 The accompanying notes are an integral part . of these financial statements CITY OF BANGOR Exhibit F ANALYSIS of CAPITAL IMPROVEMENT FUND PROJECTS Page 17 . APPROPRIATIONS ANIS OTHER CREDITS FOR. THE YEAR ENDED DECEMBER 31.1 1975 Cash Transfer Inter- Federal, Returned Net Change - Proceeds Fund From Reserve Appro- State & To Funds Estimated Revenue from Appro- For Future priation And Other And Other Federal, State Bonds priation Construction Transfers Grants Distributions City Other Agencies Total. `'e_eral Fund Projects v .Buildings Abraham Lincoln School . $ $. 22,096 $ $ (7,562) $ $ 7,517. $ 22,051 Auditorium Addition Study 6',500 6,500 uditorium Improve- ments - Planning 13,300 1 3'300 auditorium Roof (6,500) (6,500) Motor Pool Garage (43,522) (43,522) ew Fire Station 750,000 750,000 Sneculative.Industrial Building -Planning_ 26,600 26,600 :unicipal Auditorium - . Improvements 100,000 100,000 Land Abraham Lincoln School. (20,681) (20,681) High School Land Acquisition (55,000) (551000) --Teets _.irport Industrial Park 8,800 ' 8,800 ' Brookside Drive Construction 65,000 65,000 Coffey Street Extension 2,251 2.'25- Dodge Street Construction. 25,000 25,000 Exchange Street -. State Aid 5,518 (30,594) (25,076) Hammond Street Industrial Park (19,484) (100,000) (119,4.84) ammond Street Industrial Park Roads 110,000 100,000 210,000 Milford Street . Extension 2,127 2,127. udson Heights Subdivision 383:000 383,000 Perry Road Construction (5,977) (5,977) Reconstruction of Streets 300,000 300,000 The accompanying.notes are an integral part of these financiaZ statemo"t..Q CITY OF BANGOR Exhibit P ANALYSIS OF CAPITAL IMPROVEMENT FUND PROJECTS (Cont'd) APPROPRIATIONS AND OTHER CREDITS Page 18 FOR THE YEAR ENDED DECEMBER.31, 1975 Cash Transfer Inter- Federal, Returned Net Change - Proceeds Fund From Reserve Appro- State & To Funds Estimated Revenue from Appro-. For Future priation And Other And Other Federal, State Bonds priation Construction Transfers Grants Distributions City Other Agencies Total General Fund Projects (Cont'd). Streets Cont'd School Street Construction $ $ $ $. $ $ 117,000 $ $. $ 117,000 State Aid Construction Fund _ Undesignated (39,080) 34,348 47,898 51,868 95,034 Stillwater Avenue Re - construction - Planning 40 40 Union Street Paving - State Aid 71,500 71,500 Washington Street - State Aid 2,234. (1,826) 408 Woodlawn Subdivision 55,000 55,000 Sidewalks Sidewalk Improvements 100,000 100,000 Electrical Harlow Street Lights (40,174) (40,174) Exchange - Hancock Parking Lot 5,033 5,033 Park Deck - Old City Hall. (7,219) (7,219) Temporary Parking Facility - Parcel B-11 424 424 Other Projects Broadway Correction Storm Water 60,000 60,000 Cascade Fountain Repairs 25,000 25,000 East Side Improvements Phase III 491377. (49,37.7) Essex Street Recreation Area 21,691 21,691 Exchange Street Area - Urban Renewal (115) (115)442 Fairmount Terrace Park 442 Garland Street Tennis Court 91079 91079 The accompanying notes are an integraZ part of these ,financiaZ statements CITY OF BANGOR Exhibit F ANALYSIS OF CAPITAL IMPROVEMENT.FUND.PROJECTS (Cont'd) APPROPRIATIONS AND OTHER CREDITS Page 19 FOR THE YEAR ENDED DECEMBER 31, 1975 Cash Transfer Inter- Federal, Returned Net Change - Proceeds Fund From Reserve Appro- State & To Funds Estimated Revenue 'from Appro- For Future priation And Other And Other. Federal, State & Bonds priation Construction Transfers Grants Distributions City Other Agencies Total General Fund Projects '(Cont'd) Other Projects Cont'd) Solid.Waste Incinerator $ 300,000 $ $ $ $ $ $ $ 300,000 Union Street Recreation Area 55,000 15,000 50,000 120,000 York -Hancock -NDP 104,373 51,222 155,595 Bass Park Bass Park - Existing Area 656,596. 656,596. Bass Park Expansion 468,004 468,004 Parking and Traffic Improvements 340,000 340,000 Engineering and Administration 50,000 50,000 TOTAL GENERAL FUND PROJECTS 1,710,000 91079 44,684 -0- 1,710,136 165,700 -7.898 554,230 4,241,727 Sewer Fund Projects Airport Lateral Sewer 150,000 150,000 Artic Brook Sewer Extension 437 437 Broadway Sewer Construction 90,000 90,000 Bakerville Sanitary Sewer 100,000 100,000 ' Broadway Collector 265,000. (2651000) Carr Brook Sewer. 30,000 (30,000) Coffey Street Sewer 146 146 Grand View Sewer 13,000 13,000 Hammond Street Industrial Park— ark-Sewer SewerExtension 15.1000 980. 15,980 Kenduskeag Stream Interceptor Sewer (14,141) 166,651 .(188,779) (36,269) Kenduskeag Stream Sewer Extension (165,848) (165,848) Nason Avenue 131000 13;000 The accompanying notes are an integral part of these financial statements The accompanying notes are an integral part of these financial statements CITY OF BANGOR Exhibit F ANALYSIS OF CAPITAL IMPROVEMENT FUND PROJECTS (Cont.'d). APPROPRIATIONS AND OTHER CREDITS Page 20 FOR THE YEAR ENDED DECEMBER 31, 19%5 Cash Transfer Inter- Federal Returned Net Change - Proceeds Fund From Reserve Appro- State & To Funds Estimated Revenue from Appro- For Future priation And Other And Other Federal, State. Bonds. priation Construction Transfers Grants Distributions City Other Agencies Total Sewer Fund Projects (Cont'.d) Ohio Street Sewer $ $ $ (3,319) $ $ $ $ $ $ (3,319) Penobscot East Interceptor - Planning 105,600 105,600 Sewer Rate Study .31747 3,747 Strickland Road Collector .90,000 90,000 Sewage Facility Planning 2,.000 2,000 TOTAL SEWER MD PROJEC S 410,000 3,747 (13,145) -0- 166,651 -0- -0- (188,779) 378,474 Airport Fund Projects Heavy Duty Drainage Trenches (34) (34) Airport Security Fence (4,123) 59,258. (58,525) (3,390). Light Duty Ramp 30,000 30,000 TOTAL AIRPORT FUND PROJECTS 30,000 -o- (4,157) -0-. 59,258 -o- -o- (58,525), 26,576 GRAND TOTALS $2,150,000 $ 12826 $ 27,382 $ -0- $1,936,045. $ 165,700 $47,898 $ 306,926 $4,646,777 The accompanying notes are an integral part of these financial statements CITY OF BANGOR - HOSPITAL FUND STATEMENT OF REVENUE AND EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1975 (WITH COMPARATIVE FIGURES FOR 1974) OneratinR Revenue Medicare Medicaid State nursing aid Full pay Welfare Employee meals Employee pharmacy Rental of building Miscellaneous (including CETA.reimbursements) Total Operating Revenue Operating Expenses Personal services Supplies Contractual services Communications Fuel and utilities Rental - automotive equipment Employee benefits Bad debts Capital outlay Total Operating Expenses Net Operating Income (Deficit) Other Non -Operating Income (Expense) Interest Expense Net Income (Deficit) Closed to General Fund Appropriation 1975 $ 43,102 58,396 242,712 126,547 16,800 9,053 -0- 54,586 8,541 422,260 87,446 52,297 1,959 80,298 2,'114 52,185 -0- 577 6991136 (139,399) Exhibit G Page 21 1974 $ 21,724 57,968 231,722 87,512 2'1,718 8,078 8 19,038 32 447,800 . 389,290 89,630 51,047 .1,769 63,185. 83'1 39,575 (5,000) 2,146 .632,473 (184,673) 614) $(145,332) $(192 28 ) The accompanying notes are an integral part of these financial statements Exhibit H Page 22 CITY OF BANGOR - AIRPORT FUND STATEMENT OF INCOME AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1975 (WITH COMPARATIVE FIGURES FOR 1974) 1975 1974 Operating Revenue Landing fees $ 186,282 $ 143,406 Building rental 57,384 59,675 Gallonage override 160,648 206,118 Reimbursement for -services 51,839 52,781 Port fees 46,912 45,395 Security screening 43,132 41,586 Equipment and area rentals 95,774 74,204 Options and leases 136,632 133,832 Concessions 158,675 136,279 Gross business override 9,438 21,816 Airport excise taxes 3,571 5,106 Emergency Employment Act 8,464 Fixed Base - administrative recoveries 18,408 16,900 Miscellaneous 4,242 9,203 Total Operating Revenue 972,937 954,765 Operating Expenses Personnel services 272,723 261,923 Supplies 44,750 45,900 Contract services 408,129 323,089 Communications 6,077 6,385 Equipment Costs 44,055 37,447 Fuel and utilities 118,877 106,539 Fringe benefits 33,037 25,302 Capital outlay - maintenance 3,442 1,745 Bad debts 9,000 11,931 Total Operating Expenses Before Depreciation 940,090 820,261 Net Operating Income Before Depreciation 32,847 134,504 Less Depreciation - Note 1 On assets acquired with own funds 45,058 37,885 On assets acquired from contributions to permanent property 1,218,933 'I,216,166 Net Operating Income (Deficit) (1,231,144) (1,119,547) Other Non -Operating Income (Expense) Interest expense - debtice (87,784) (65,836) Interest income 8,125 594 Net Income(Deficit) Before Special Credit (1,310,803) (1,184,789) (Continued) The accompanying notes are an integral part of these financial statements Exhibit H (Cont ?d ) CITY OF BANGOR - AIRPORT FUND Page 23 STATEMENT OF INCOME AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1975 (WITH COMPARATIVE FIGURES FOR 1974) Net Income (Deficit) Before Special Credit - Broua:ht Forward Special Credit -Note 'I Credit arising from transfer of depreciation'to contributions to permanent property NET INCOME (Deficit) Retained Earnings (Deficit) January 'I Retained Earnings, December 31 1975 1974 $(1,310,803) $(1,184,789) 1;218,933 1,216,166 (91,870) 31,377 165,483 134,106 $ 73,613 $ 165,483 The accompanying notes are an integral part of these financial statements Exhibit I Page 24 CITY OF BANGOR - AIRPORT FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1975 (WITH COMPARATIVE FIGURES FOR 1974) Cash Balance, January 1 Net Increase (Decrease) in Cash Cash Balance, December 31 $ 251,734 $ 1,089 (113,728) 250,645 $ 138,006 $ 251,734 The accompanying notes are an integgraZ part of these financiaZ statements 1-75 1 C)74 Cash Provided B Net income (deficit) from operations - Page 23 $ (91,870) $ 31,377 Add charges to operations not requiring cash; (deduct) credits to operations not producing cash: Depreciation. 45,058 37,885 Accounts receivable (965987) 50,604 Prepaid insurance (385) -0- Accounts payable and encumbrances (24,317) 34,960 Net Cash Provided From Operations (168,501) 154,826 Proceeds from general obligation bonds 30,000 380,000 Inter -fund borrowings (repayment and loans): International Arrivals Building Fund (5,000) -0- Capital Improvement Fund -0- .(114,000) General Fund 272,800 335,800 Contributions to permanent property: Federal and State grants in aid of construction 134,377 2,145,072 Total Net Cash Provided 263,676 2,901,698 Cash Applied To Permanent property additions 146,087 2,671,725 Deposits for construction - net of costs on completed projects closed to permanent property totaling $-0- in 1975 and $480,158 in 1974 52,282 (99,564) Payment of general obligation bonds 79,035 78,892 Customer deposits for construction transferred to International Arrivals Building Fund 100,000 -0- Total Cash Applied 377,404 2,651,053 Net Increase (Decrease) in Cash $ (113,728) $ 250,645 Cash Balance, January 1 Net Increase (Decrease) in Cash Cash Balance, December 31 $ 251,734 $ 1,089 (113,728) 250,645 $ 138,006 $ 251,734 The accompanying notes are an integgraZ part of these financiaZ statements Exhibit J Page 25 CITY OF BANGOR - SEWER UTILITY FUND STATEMENT OF INCOME AND CHANGES IN RETAINED EARNINGS FOR THE YEAR ENDED DECEMBER 31, 1975 (WITH COMPARATIVE FIGURES FOR 1974) 1975 1974 Total Operating Revenue $ 685,674 $ 545,067 Operating Expenses Personnel services Supplies Contractual services Communications Fuel and utilities Equipment costs Fringe benefits and sundry Capital outlay - maintenance Bad debts Total Operating Expenses Less Charges to Other City Departments Total Operating.Expenses Before Depreciation Net Operating Income Before Depreciation Less Depreciation - Note 'I On assets acquired with own funds On assets acquired from contributions - City of Bangor Federal and State grants Sewer utility users Net Operating Income Other Non -Operating Income (Expense) Interest expense debt service Interest income Net Income (Deficit) Before Special Crbdit Special Credit - Note 1 Credit arising from transfer of depreciation to contributions - Utility Plant NET INCOME Retained Earnings; January 1 Retained Earnings, December 31 171,454 159,799 31,864 35,890 30,484. 25,265 3,354 3,418 54,665 51,316 47,028 38,513 53,211. 43,365 3,938 3,893 (6,000) 395,998 355,459 (110,022) (99,204) 285,976 256,255 399,698 288,812 69,597 68,335 140,100 140,111 98,716 75,883 1,146 917 90,139 3,566 (119,271) (95,926) 101,298 59,711 72,166 239,962 312,128 1,125,752 $ 1,437,880 The accompanying notes are an integral part of these financial statements (32,649) 216,911 184,262. 941,490 $ 1,125, 752 CITY OF BANGOR — SEWER UTILITY FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1975 (WITH COMPARATIVE FIGURES FOR 1974) Cash Provided By Net income from operations - Page 25 Add charges to operations not requiring cash; (deduct) credits to operations not producing cash: Depreciation Inventories Accounts receivable 'Prepaid insurance Accounts payable and encumbrances Net Cash Provided From Operations Exhibit K Page 26 1975 1974 $ 312,128 $ 184,262 69,597 (6,512) (46,942) (342) 4,507 3321436 Proceeds from general obligation bonds 409,877 Inter -fund borrowings (repayment and loans): Municipal Debt Fund (165,700) Capital Improvement Fund General Fund (40,300) Contributions to Utility Plant: Federal and State grants in aid of construction 2,021,363 Sewer utility users 20,967 Proceeds from customers advances for construction 33,440 Total Net Cash Provided Cash Applied To Utility plant additions Deposits for construction - net of costs on completed projects closed to utility plant totaling $554,081 in 1975 and $73,822 in 1974 Payment of general obligation bonds Total Cash Applied Net Increase in Cash Cash Balance, January 1 Net increase in cash Cash Balance, December 31 68,335 (7499) 2,868 (13,837) 234,'129 846,848 (114,600) 234,400 417,630 3,417 -0- 2,612,083 1,621,824 2,407,098 73,595 (31,440) 1,212,071 168,271 168,271 2,543,929 1,453,937 $ 68,154 $ 167,887 $ 172,254 $ 4,367 68,154 167,887 $ 240,408 $. 1.72,254 The accompanying notes are an inteegraZ part of these financiaZ statements CITY OF BANGOR Page 27 NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1975 Note 1 - Summary of Significant Accounting Policies The major accounting policies followed by the City in maintaining the account- ing records and preparing the financial statement of the various funds and groups of accounts are set forth below: Basis of Accounting The modified accrual basis of accounting is followed by the General Fund, the Capital Improvement Funds (including Perry Road Sewer and Interna- tional Arrivals Building Funds), and the Hospital Fund, an operating division of the General Fund. Modifications to the accrual method employed by these funds consist of: the recognition of encumbrances for outstanding purchase commitments; recognition of certain deferred costs as expenses when paid versus establishing prepaid assets; recognition of certain utility expenditures and interest expense on general obligation bonds when paid; and recognition of certain immaterial revenue, not susceptible to accrual, when received in cash. The accrual method of accounting is employed by the Enterprise Funds (Sewer and Airport) with minor exceptions which principally consist of the recognition of encumbrances for outstanding purchase commit- ments and the recognition of insurance and interest expense when charged by the General Fund. The Hospital Fund is not considered an enterprise fund by the City but.rather an operating division of the General Fund since its operating results are budgeted for and absorbed by the General Fund. For this reason, the Hospital plant assets are not considered a part of the Hospital Fund but rather are capitalized in the General Fixed Asset Group of Accounts as further explained in this Summary of Significant Accounting Policies. Inventories Inventories reflected on the Sewer and General Funds are priced at cost principally using the FIFO method and consist primarily of expendable supplies held for consumption by the City. The. City follows the policy of recording inventory as an asset when purchased and subsequently reflecting the expenditure when the inventory is used, except for miscellaneous supplies used by the Airport and Hospital Funds.which are expensed when purchased. Future Assessments Assessments to be levied in future periods and the related deferred credits. reflected on the Capital Improvement Fund represent future street and sewer assessments, which will be recognized when levied in future periods as designated funds reserved for future construction. TnvPgtmPnts Investments reflected on the Trust and Agency Funds are recorded at cost and have a market value of $220,731 and $210,292 at December 31, 1975 and 1974, respectively. Page 28 CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1975 Note 1 - Summary of Significant Accounting Policies (Continued) Property, Plant and Equipment (Basis, Depreciation and Special Credits) The General Fund Group of the General Fixed Assets Group of Accounts as reflected on Page includes municipal property capitalized at fair market values in 1960 as based upon an inventory of municipal property at that time plus municipal property capitalized at cost for acquisitions since 1960. The General Fixed Assets Group of Accounts also includes the Hospital Plant since the Hospital is not considered to be an enterprise fund. The Hospital Fund Group of General Fixed Assets represents the Hospital Plant located at the former Dow Air Force Base given to the City by the United States Government in 1971 and is recorded at the original cost incurred by the Federal Government. The City does not capitalize motor pool equipment nor furniture and fixtures and does not record depre- ciation on the general fixed assets -which are capitalized. The plant assets of the Sewer Fund are recorded at cost and include that portion of total cost funded by contributions in aid of construction (in- cluding the City's contribution of the sewer system made to the Sewer Fund in 1968). Depreciation is charged to the Sewer Fund operations evenly over the lives of the respective plant assets which range from 25 years for buildings, plant and equipment to 100 years for pipelines and mains and in- cludes depreciation of plant cost which has been funded by contributions in aid of construction. That portion of the depreciation charges related to the amortization of contributed cost is taken back into operations as extraordinary income (special credit) with a corresponding reduction of contributions in aid of construction. Permanent property of the Airport costing $117,911,519 principally represents Airport property given to the City by the United States Government and is recorded at estimated fair market values as determined by the City assessors during 1973 and at cost for all subsequent contributions. Included in this amount is $772,415 of equipment, streets and minor additions to buildings and runways which is recorded at cost and has been funded by the Airport operation. Depreciation, including contributed value, is charged to Airport operations evenly over the lives of the respective fixed assets which range from 25 years for buildings to 100 years for runways and fuel systems, ex- cept certain runway/taxiway improvements and streets which are being depre- ciated evenly over a 20 -year life. Machinery and equipment is being depre- ciated evenly over lives of 5 and 10 years. That portion of the depreciation charges related to the amortization of contributed value is taken back into operations as extraordinary income (special credit) with a corresponding reduction of contributions in aid of construction. The City follows the policy of accounting for its capital improvements pro- jects in the Capital Improvement Fund or special EDA Funds and subsequently closing the projects upon completion to the General Fixed Assets Group of Accounts or appropriate Enterprise Fund, as required. At year end, construc- tion costs on uncompleted capital projects designated for the general operation of the City are also capitalized and reported in' the General Fixed Assets Group of Accounts as construction in progress. Repairs to City owned property are expensed when incurred. Page 29 CITY OF BANGOR .NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1975 Note 1 -.Summary of Significant Accounting Policies (Continued) Pension Plan The City is a member of the Maine State Retirement System which covers sub- stantially all City employees. The total pension expense for the years ended December 31, 1975 and 1974 was $606,081 and $375,541, respectively. The City's policy is to fund the pension costs as accrued, which accrual is based upon charges submitted by the Maine State Retirement System. The actuarially computed value of vested benefits under the .Maine Retirement System as of December 31, 1975, and the excess, if any, of such value over the total amount of the pension fund and net balance sheet accruals was not available. Note 2 - Reserve for General Obligation Bonds The Reserve for General Obligation Bonds and Notes reflected on the Airport and Sewer Fund financial statements represent obligations of these funds for retirmenet of certain municipal debt, (also included within the total debt of the Municipal Long -Term Debt Group of Accounts) issued for the purpose of financing Sewer and Airport fixed asset additions. Note 3 - Capital Improvement Fund (Estimated Revenues and Bond Reserves and Federal Grant Reserves) Reserves for Future Construction reflect bond monies obtained by public issues (or Federal grants) which are in excess of (or are reimbursements of) completed project costs of certain closed projects and bond monies which are in excess of estimated total costs of certain open projects. Accordingly, these amounts represent funds available, within the Capital Improvement Fund, for future capital construction. Estimated revenue to be provided in future years represents commitments made by Federal and State governmental units, outside sources, and the City to fund future construction costs of open projects. The City's commitment at December 31, 1975 totaled $47,898. Note 4 - Customer.Advances for Construction (Sewer Fund) In conjunction with the construction of the Artic Brook Sewer Exetnsion, 'the City levied certain assessments upon the developer of the benefited property. This assessment is to be repaid to the developer at a rate of eight times the annual sewer user fees generated from the installation until the full reimburse- ment to the developer is made. Note 5 - EDA Funds The City has established the International Arrivals Building Fund and the Perry Road Sewer Fund to maintain separate accountability for the costs of these projects in accordance with the Federal funding requirements of the Page 30 CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1975 Note 5 - EDA Funds (Continued) Economic Development Administration. Upon completion of these projects, their respective capital costs will be transferred to the appropriate enterprise fund and these funds will be closed. At December 31, 1975, there were no out- standing monies due these funds on commitments made by the City for these projects. Note 6 - Compliance With Charter The City Charter requires that the succeeding year's budget shall include the current year's estimated year-end cash deficit or surplus which the City inter- prets to be the excess or deficiency of cash over current liabilities. The fund balance of the General Fund as reported on the City's financial statements reflects the equity of the General Fund as determined by the modified accrual basis of accounting in accordance with generally accepted accounting principles. Legally, however, because of the aforementioned Charter requirement, the fund balance as reported consists of two elements: (1) that portion of the fund balance which is available/required to be included in the succeeding year's operating budget and (2) that portion of the fund balance which is not avail- able for appropriation to the succeeding year's budget. That portion of the fund balance which is required to be shown as revenue, or conversely which is required to be appropriated for in the succeeding year's budget, is, as inter- preted by the City, the excess or deficiency of cash over current liabilities. The fund balance of the General Fund as reported for the year end 1975 included a cash deficit of $111,550 as opposed to a cash deficit of $770,195 at year end 1974. The 1974 year-end cash deficit was included in the 1975 budget to the extent of $523,000 and it is anticipated that the 1975 year-end cash deficit will be included in the 1976 budget to the extent of $62,000. Note 7 - Litigation (Dated July 30, 1976) The continuing litigation in process in connection with the Chapter X Bankruptcy proceedings of Trans -East Air, Inc. in which the City was party along with Depositors Trust Company and the Court appointed trustee of Trans -East was concluded on June 4, 1976. Bankruptcy proceedings against Trans -East Air, Inc., the former fixed base operator at Bangor International Airport, commenced September 29, 1972. At issue in the litigation which followed were certain lease and other contract rights pertaining to the utilization of certain facilities located at the airport to provide fixed base operation services to aircraft. These facilities had been leased to Trans -East by the City during 1968. Trans - East subsequently assigned the lease to Depositors as collateral to secure certain of its outstanding indebtedness. During the course of the litiga- tion both Depositors and the trustee for Trans -East claimed title to the lease and contract rights; the City denied their respective claims. Further- more at issue was the interpretation of a certain agreement dated August 11, 1972 in which the City agreed with Depositors to conduct the fixed base operation at the airport. Although the legal status of that operation and the relationship of the City to Depositors and the trustee remained unclear, the City deemed itself to be conducting the fixed base operation as an agent of Depositors and accordingly the operation was never considered a component Page 32 CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1975 Note 7 - Litigation (Dated July 30, 1976) (Continued) of the City and therefore has not been included within the City's 1976 or prior years' financial statements. In addition, the City and Depositors disagreed as to the manner in which revenues, as outlined by the August 11, 1972 agreement, generated from the fixed base operation were to be applied. Accordingly, within the context of the Bankruptcy Court proceedings, Depositors filed, in May 1975, a complaint for declaratory judgement action and for an accounting as to the conduct of.the fixed base operation. Depositors claimed money damages against the City in the approximate amount of $650,000 and.the City filed counter claims against Depositors for approximately $252,000. The trustee also filed cross-claims against the City and counterclaims against Depositors in indeterminate amounts. The City denied any liability. On June 4, 1976 a court -approved 'Compromise among all the parties to the litigation was consummated and accordingly all issues in the Trans -East Air, Inc., proceedings were resolved. The compromise resulted in the reacquisi- tion by the City of all leases between Trans -East and the City formerly held by Trans -East, the acquisition of the fixed base operation, including, in addition to substantially all of the operation's net assets, certain supply and other contract rights between Exxon and Trans -East, and the acquisition of equipment from Trans -East having a fair value of approximately $44,000. In return for the assets acquired by the City the trustee of Trans -East received $1,300,000 comprised of two equal lump -sum payments of $650,000, one of which was paid by the City and the second by the Exxon Corporation as consideration for lease rights from the City to certain fuel storage and distribution facilities for a term, with renewals, to the year 2003. The $650,000 cash disbursement by the City was financed by. $500,000 of temporary borrowings from General Fund and Sewer Fund Capital Improvement Fund reserves for future construction, utilization of $50,000 of Airport Fund Capital Improvement Fund reserves for future construction and by $100,000 of the 1976 General Fund budget. In addition to the cash outlay the City relinquished all claims against Trans -East for outstanding fees and rentals which were incurred by Trans -East prior to its entering bankruptcy. These fees totaled $129,335 and have been fully reserved for and recognized as an Airport Fund operating expense in prior years. The following summarizes the financial position . (unaudited) of the fixed base operation at the date of acquisiton by the City: Fixed Base Financial Position at Mav 31, 1976 - Effective Date of Acquisition: Net Current Assets $ 107,711 Equipment 45,152 Advances Payable to the City of Bangor - General Fund Fund Balance Composed of: Contributions from the City of Bangor - General.Fund (316,515) $(16.3,652) $ 111,740 Surplus - (Deficit) (275,392) $(163,652) Schedule 1 CITY OF BANGOR Page 32 SCHEDULE OF PROPERTY VALUATION, ASSESSMENT AND COLLECTION OF TAXES FOR THE YEAR ENDED DECEMBER 31, 1975 1975 1_974 1_973 Assessed Valuation Real estate $173,20.7,070 $167,115,310 $159,057,380 Personal property 20,628,320 20,226,440 43,460,280 Total Valuation 193,835,390 187,341,750 202,517,660 Tax Rate per $1,000 - City Rate 45.00 42.00 40.00 Taxes assessed at City rate 8,722,592 7,868,'355, 8,181,713 Assessed Valuation Personal property - business inventories 33,949,250 30,575,510 -0- { Tax Rate per $1,000 - State Rate. 22.50 21. -0- Taxes assessed at'State.rate 763,858 665,018 -0- Total Taxes Assessed on Property 9,486,450 .8;533,373 8,181,713 IStreet and demolition assessment -0- x,727 -0- Total Tax Commitment $ 9,486,450 $ 8,535,100 $ 8,181,173 r ANALYSIS OF TAXES RECEIVABLE FOR 1975 Balance,.January 1, 1974 $ 777,685 i Additions: 175 tax commitment $ .9,486,450 . ._Supplemental levy of taxes 12,542 Sewer assessment 33,453 State personal property tax reimbursement 294,9.60 R l Total Additions 9,827,405 - Deductions oo M ctions - net 91719,679 Abatements 37,030 1974 real estate taxes transferred to tax liens 193,948 1 Total Deductions 9,950,657 Balance, December 31, 1975 $ 654,433 SCHEDULE OF TAXES RECEIVABLE AT DECEMBER 31, 1975' Year Taxes Receivable Tax Liens 1975. $ 599,7.10 $ 1974 26,770 106;184 1973 6,742 6,279 1972 11,449 4,869 ! 1971 6,517 2,211 . 1970 1;152 2;488 1969 572 1,274 1968 777455 22750 1967 654,433 �, 5�9 Less allowance for future losses 45,2.56 - { Balance; December 31, 1975 $ 609,177 $ 124,529 tThe accompanying notes are an integral part 1' of these financial statements ! 1 The accompanying notes are an integraZ part of these financial statements CITY OF BANGOR ScheduZe 2 SCHEDULE OF PUBLIC DEBT Fage 33 DECEMBER 31, 1975 State Assessed Valuation at 100%, April 1, 1975 _ $216,000,000 Debt Limit _ 12'0 of Valuation $25,920,000 City of Bangor Outstanding Debt - December 31, 1975 13,302,760 Additional Borrowing Capacity $12,617,240 Date of Amount Balance of Maturities Principal Original Original. Outstanding DESCRIPTION OF DEBT Issue Issue ..Rate Amount • Due Dates December 31, 1975 Bc- =ermanent public improvement 08/01/57 $ 100;000 3.60%. $ 51-000 1976-1977 $ 10,000 Sewer 11/01/57 120,000 3..300% 6,000 1976-1977 12,000 Permanent public improvement 10/01/59 ]80,000 .3.70% 39,000 1976-19.79 156,000 Capital improvement 08/01/60 435,000 3.40% 20,000 1976-1981 15,000 1.982 .135,000 Sewer 08/01/61 435,000 3.3/8% 20,000 1976-1982 15,000 1983 155,000 urban Renewal 03/01/62 340,000 3.00% 20,000 1976-1979 80,000 =igu School 08/01/62 3,200,000 3.00.0 160,000 1976=1982 1,120,000 >enduskeag Stream Improvement 08/01/62 1,650,000 3.00"'/0 85,000 1976-1.981 35,000 1982 545,000 ermanent public impro.vement 09/01/63 400,000 3.000% 20,000 1976-1983 160.,000 Permanent public improvement 03/01/64 485,000 3 boolo 25,000 1976-1983 10,000 1984 210,000 2,ablic improvement and funding 09/01/65 315,000 3.10.0 15,000 1976-1986 165,000 Pablic improvement 12/01/66 210,000 4.00% 10,000 1976-1987 120,000- 20,000Street Streetand sewer 12/01/66 100,000 4.00'% 5,000 1976-1986 55,000 Sewer and treatment plant 07/01/67 1,400,000 3.70310 70,000 1976-1987 .840,000 Permanent public improvement 09/01/67 700,000 4.00%. 35,000 1976-1987 420,000' Permanent public improvement 09/01/68 690,000 4.10.0 35,000 1976-1987 25,000 1988 '445,000 rermanent public improvement 08/15/69 1,060,000 5* -75% 55,000 '1976-1988 '15,000 1989 730,000 ermanent public improvement 07/01/70 720,000 6.50% 50,000 .1976-1984 20,000 1985 470,000 Permanent public improvement 05/01/71. 690,000 4.90% '35,000 1976-1990 25,000 .1991 550,000 Permanent public improvement 03/01/72 1,060,000 4.60% 55,000 1976-1991 15,000 1992 895,000 The accompanying notes are an integraZ part of these financial statements DF,SCRIPTION OF DEBT Bonds (Cont'd) Permanent public improvement Permanent public improvement Total Bonds... Notes Payable Total Notes Payable TOTAL OUTSTANDING DEBT CITY OF BANGOR ScheduZe 2 SCHEDULE OF PUBLIC DEBT (COnt'd) _ DECEMBER 3-1, 1975 Page 34 Date of Amount Balance of Maturities Principal Original Original Oatstaiiding Issue Issue Rate Amount Due Dates December 31, 1975 07/15/73 $2,000,000 5.00/ $100,000 1976-1993 $ 1,800,000 08/01/75 4,050,000 6.50/ 205;000 1976-1994 155,000 1995 42050,000- 13,123,000. 10/30/69 44;400 5.75% 41440 1976-1979 17,760 12/15/73 270,000 5.00/ 54,000 '197.6-1978 162,000 1.79,760 $13,302,760 The accompanying notes are an integral part of these financial statements CITY OF BANGOR Schedule 3 SCHEDULE OF TRUST FUNDS Page 35 DECEMBER 31, 1975 Balances, January 1, 1975 Additions Withdrawals. Balances, December 31, 1975 Unexpended From 7rom Unexpended Principal Income Total Principal Income Principal Income Prinicpal Income Total Cemetery Perpetual Care $223,008 $ $223,008$ 11,334 $ 9,823 $ $ 9,000.$234,.342 $ 823 $235,165 Parks Bass Park Trust 3,478 3,478 2,160 5,638 5;638 Arthur Chapin Fund 14,538 9,061 23,599 624 `. 14,538 9,685 24,223 City Missionary. Hiram H. Fogg Fund. 1,000 859 1,859 43 1,000 902 1,902' Louis & Sophia Kirstein Fund 1,000 79 11079 43 1,.000 122 1,122 Hiram P. Oliver Fund 2,000 1,740 3,740 86 2,000 1,826 3,826 Penobscot Association for the Blind Fund 10 10 10 10 Lorenzo E. Sabine Fund 1,000 1,121 2,121 43 1,000 1,164 2,164 Stetson Fund 12,000 654 12,654 570 492 12,000 732 12,732 Education Bangor High School Loan Fund 200 247 447 9 200 256 456 French Medal Fund 12,400 63 12,463 550 532 550 12,950 45 12,995 Holton Public School Fund 2,000 965 2,965 86 2,000 1,051 3,051 Louis & Sophia Kirstein Scholarship Fund 5,000 (76) 4,924.. 214 110 5,000 28 5,028 Louis & Sophia Kirstein Student Loan Fund 35,294 35,294 2,57.4 37;868 37,868 Elizabeth W. Means Fund 7,000 1,998 5;002 5i002 Alburney E. Webber, Jr, Scholarship Fund 2,000 185 2,185 86 75 2,.000 196 2,196 Aid for Aged Women Charles E. Adams Fund 10,000 379 10,379 429. 379 10,000` 429 10,429 Thomas Upham Coe Fund 3,000 114 3,114 1�9 114 3,000 129. 3,129 Home for Aged Women 25,000. 948 25,948 1,072 948 25,000 .x,072 26,072 Anna Hayford Pierce Fund 4,000 152 4,152 172 152 4,000 172 4,172 Stetson Fund 5,000 189 5,189 .214 189 5,000 214 5,.214 George T. Stodder Fund 11,000 417 11,417 472 .417 .11,000 472 11,472 Wakefield Fund 10,000 379 10,379 429 379 10.,000 429 10,429 Other Funds orrot-H-ea A. Miller Fund 500 10 510 21 10 500 21 521 Bangor Fireman's Relief Fund 8,534 955 9,.489 366 165 8,534 1,156 9,690 Bangor Fuel Society Fund 4,500 355 4,855 193 355 4,500 193, 4,693 Bangor Mechanics Association Fund 12,000 (145).' 11,855 515 370. 12.,000 12,000 The accompanying notes are an integral part of these financial statements CITY OF BANGOR ScheduZe 3 SCHEDULE OF . TRUST FUNDS (Cont'.d) DECEMBER 31, 1975 Page 36 Balances, January 1, 1975 Additions Withdrawals Balances,.December 31, 1975 Unexpended From From Unexpended Principal Income Total Principal Income Principal Income .Principal Income Total Other Funds (Cont'd) Kirstein City Hospital & Home Fund $ 500 $ 230 $ 730 $ $ 21 $ $ $ 500 $ 2.51 $ 751 trthu.r J. Morey Trust.Fund 1,000 510 1,510 43 1,000 553 1,553 =ielvin M. Murch Fund 5,733 2,928 8,661 246 5,733 3,174 8,907 O'Connell Trust Fund 1,000 1,099 2,099 43 1,000 1,142 2,142 Twitchell Trust Fund 767 391 11158 33 767 424 1,191 _-lora I. Seavey Fund 1,000 154 1,154 43 81 1,000 116 1,116 Charlotte R. .Hall Fund 51906 1,123 7,029 2.53 66 5,906 1,310 7,216 -faff Trust Fund 800 74 8.74 34 35 800. 73 873 Total Trust Funds $421,690 $28,638 $450,328 $14,458$26,047 $ -0-$151885 $4.36,148 $ 38,800 $474,948 Phe adcompanying notes are an integral part.. Of these financial statements ScheduZe 4 Page 37 CITY OF BANGOR SCHEDULE OF AGENCY FUNDS DECEMBER 31, 1975 Amounts Due the State of Maine .penS31on an,d group life insurance contribution $ 36,982 Hunting, fishing and plumbing license fees 4,367 State income tax withheld 21,615 Sales taxes 1,014 Total $ 63,978 Amounts Held in Escrow Trans East 3,666 Other Workman's compensation insurance (14,389) Savings bonds 1,656 Miscellaneous deductions and deposits 34,679 United Community Services of Penobscot Valley, Inc. 232 Associated Hospital Service of Maine, Inc. - Federal income tax withheld 200,123 Federal grants - Police 4,246 Convention Center Study Grant 19 Bangor Target Area Development Corp. 44,255 Federal Fuel Excise Tax 366 Senior Citizens Federal Grant 11478 Bicentennial Committee 5,679 Total 278,344 Federal Revenue Sharing 602,574 TOTAL AGENCY FUNDS$948,562 The accompanying notes are an integraZ part Of these financial statements CITY OF BANGOR SCHEDULE OF GENERAL FIXED ASSETS DECEMBER 31, 1975 & 1974 General Fund Group Buildings Land Streets Sidewalks Bridges Retaining Walls Statues Electrical Street signs Storm sewers Parking structures Total-- General Fund Group Hospital Fund Group Buildings Land and land improvements Equipment Total - Hospital Fund Group TOTAL GENERAL FIXED ASSETS ScheduZe 5 Page 38 —975 . 1974 $11,471,387, $10,214,859 2,518,450 2,170,767 5,958,461 5,766,528 723,005 7235005 749,350 749,350 164,020 164,020 210,000 210,000 416,691 396,865 8,964 8,964 139,363 139;363 511 , 606 151,521 22,871,297. 20,695,242 776,342 35,260 777,995 776,342 35,260 777,995 $24,460,894 $22,284,839 The accompanying notes are an integral part of these fingnc gZ statements CITY OF BANGOR, MAINE, REVENUE SHARING FUNDS FINANCIAL STATEMENTS DECEMBER 31, 1975 BROOKS & CARTER Certified Public Accountants 84 HARLOW STREET BANGOR, MAINE 04401 FRANK M. CARTER. CPA RAYMOND T. ADAMS JR.. CPA VAUGHN L. HERSEY, JR.; CPA, WAYNE C. INGALLS. CPA GEORGE W. CHEBBA. CPA EDWARD R. HOPKINS. CPA C. DEXTER WILSON. JR., CPA GERALDINE A. BLACK, CPA THOMAS E. CARPENTER, CPA DANA J. SMITH, CPA STEPHEN W. MERRILL. CPA - BROOKS & CARTER Certified Public Accountants 84 HARLOW STREET BANGOR, MAINE 04401 Honorable Members in Council City of Bangor, Maine TELEPHONE 847.0351 EDWIN M. BULLARD. JR., CPA 106 ACCESS ROAD CARIBOU, MAINE 04736 We have examined the Revenue Sharing Fund Statement of Changes in Available Funds and Statement of Obligations Incurred and have compared the financial data included on Bureau of Census Form 'RS -9 with audited records of the City of Bangor, Maine for the year ended December 31, 1975. Our examination was made in accordance with generally accepted auditing standards and the "Audit Guide'and Standards for Revenue Sharing Recipients" issued by the Office of Revenue Sharing, U.S. Department of the Treasury, 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 Statement of Changes in Available Funds and Statement of Obligations Incurred present fairly the revenue, expenditures, obligations incurred and status of revenue sharing funds,of the City of Bangor, Maine for the year ended December 31, 1975, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Further, except for the adjustments as shown in Exhibit C, the financial data shown in the Bureau of Census Form RS -9 for the year ended December 31, 1975, is in agreement with audited records of the City of Bangor, Maine. April 23, 1977 Bangor, Maine Gxhihit A CITY OF BANGOR, MAINE REVENUE SHARING FUNDS STATEMENT OF CHANGES IN AVAILABLE FUNDS FOR THE YEAR ENDED DECEMBER 31, 1975 Per Books (Note A) Available funds, beginning of year: Unappropriated $ 310,398 Unencumbered appropriations - Total 310,398 Add revenue: Entitlement payments 1;243,550 Interest 2,627 Total 1,556,575 Less unappropriated, end of year 602,575 Available for Obligation During Year 954,000 Less: Expenditures 954,000 Encumbrances - Total Obligations Incurred 954,000 Unencumbered balance, end of year - Unappropriated, end of year 602,575 Available Funds, End of•Year $ 602,575 The accompanying notes are an integraZ part of these financiaZ statements. CITY OF BANGOR, MAINE REVENUE SHARING FUNDS STATEMENT OF OBLIGATIONS INCURRED FOR THE YEAR ENDED DECEMBER 31, 1975 Total (Note A) Operation/maintenance expenditures: Public safety $1,169,346 Public.transportation 1,128,812 Health 337,367 Recreation 584,066 Social services for the aged and poor 171,422 .Financial administration 767,229. Total Operation/Maintenance. Expenditures. 4,158,242 Capital expenditures, - Total Obligations Incurred $4,158,242 1 Represents amounts as reported to ORS on the Actual Use Reports (as con- verted and reconciled to a calendar year basis).. 2 The Actual Use Reports for the periods ended June 30, 1976 and June 30, 1975 had several errors. These errors arose from the mathematical calculations used in converting information from a calendar year to a June 30 fiscal year. The accompanying notes are an integral part of these financial statements Applicable Revenue to Other sharing Funds Funds 1 $1,034,913 $134,433 747,083 381,729 204,506 132,861 454,356 129,710 128,591 42,831 634,793 132,436 3,204,242 .954,000 $3,204,242 $954,000 Adjustment Adjusted $ 65,567 2 $200,000 (81.229) 2 300,500 27,139 2 160,000 20,290 2 150,000 7,169 2 50,000 (38,936) 93,500 954,000 $ - $954,000 Exhibit B Questioned Costs CITY OF BANGOR, MAINE SUMMARY OF DATA SUBMITTED TO THE BUREAU OF THE CENSUS YEAR ENDED DECEMBER 3), 1975 Report to Census PART 1. Property taxes $10,694,509 2. Sales taxes - 3. Licenses, permits and other taxes: 44,686 7 (a) -(c) - 8 (d) Other 119,911 4. Taxes for education 4,483,984 PART II - From the State: 23,439 1. General support: 368,000 12' (a) Property tax relief 36,692 13 14 (b) All other 429,820 2. Streets and highways 4,203 3. Education 3,048,467 4. Public welfare 96,147 5. Health or hospitals 313,565 6. All other 16,247 From other local governments 51,035 From Federal government (directly) 1,485,532 Exhibit C Audit Adjusted Adjustments (Note A) $ 184,180 1 $10;171,427 (707,262)2 (57,202)3 (890,113)4 The accompanying notes are an integraZ part of these financial statements 62,709 3,593,871 (20,000)5 478,539 461,847 6 - 429,820 44,686 7 48,889 275,430 8 106,794 9 3,680,239 249,548 10 - 96,147. 23,439 11 705,Oo4 368,000 12' 200 13 14 463,550 447,103 - 51,035 6,225 15 (50,076)16 43,102 17 18 2,215,624 13,882 703,798 19 13,161 20 E'xhibi t C (Cont 1d) CITY OF BANGOR, MAINE SUMMARY.OF DATA SUBMITTED TO THE BUREAU 0'F THE CENSUS YEAR ENDED DECEMBER 31,-1975 EXPLANATION OF AUDIT ADJUSTMENTS 1 Represents omission of receipts.on prior year's tax levies which had been transferred to tax liens. 2 Represents net effect of converting tax collections from the accrual basis to the cash basis for consistency with prior reports to ORS. 3 Represents Recreation District tax added to this category in error. 4 Represents educational revenue accounts omitted in error. 5 Represents payment in lieu of taxes previously reported as State revenue; however, amount was not received directly from the State. 6 Represents omission .of State of Maine personal property tax reimbursement for 1975.. 7 Represents omission of State of Maine highway construction grants received. 8 Represents omission of State of Maine school lunch subsidies received. 9 Represents omission of State of Maine school construction subsidy received. 10 Represents omission of State of Maine special education grants and subsidies received. 11 Represents audit adjustment to Medicaid receipts. 12 Represents omission of State of Maine nutritional grant received. 13 Represents omission of 1975 highway.stipen.d received from the State of Maine. 14 Represents omission of State of Maine construction grants received. 15 Represents understatement of amount reported for Federal General Revenue Sharing Program.. 16 Represents reversal of amount reported as Housing and Urban Renewal. Amount not received directly from Federal government by the City of Bangor. 17 Represents omission of Medicare receipts in the City Hospita"1 operations. A'xhibit C (Cont 1d) CITY OF BANGOR, MAINE SUMMARY OF DATA SUBMITTED TO THE BUREAU OF THE CENSUS YEAR ENDED DECEMBER 31, 1975 EXPLANATION OF AUDIT ADJUSTMENTS (Cont'd) 18 Represents omission of Federal EEA grant received. 19 Represents omission of various Federal construction grants received. 20 Represents omission of various Federal educational grants received. CITY OF BANGOR, MAINE REVENUE SHARING FUNDS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1975 Note A - Summary of Major Accounting Policies Basis of Accounting The modified accrual basis of accounting is followed by the General Fund, the Capital Improvement Funds (including Perry Road Sewer and Interna- tional Arrivals Building Funds), and the Hospital Fund, an operating division of the General Fund. Modifications to the accrual method employed by these funds consist of: the recognition of encumbrances for outstanding purchase commitments; recognition of certain deferred costs as expenses when paid versus establishing prepaid assets; recognition of certain utility expenditures and interest expense on general obligation bonds when paid; and recognition of certain immaterial revenue, not susceptible to accrual, when received in cash. The accrual method of accounting is employed .by the Enterprise Funds (Sewer and Airport) with minor exceptions which principally consist of the recognition of encumbrances for outstanding purchase commit- ments and the recognition of insurance and interest expense when charged by the General Fund. The data in Exhibits A and B are, accordingly, presented under the aforementioned methods of accounting. The information- as presented in Exhibit C, Summary of Census Data, has been presented and adjusted according to the guidelines set forth in a memorandum entitled ''Supplemental Instructions for Maine Cities and Towns, I -RS -9 (6/75). Under these guidelines certain line items are specified to be presented on the'cash basis. Accordingly, where appropriate, these items have been converted to the cash basis.