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1973CITY OF BANGOR AC L STATEMENTS EMBER 31, 1973 x BROOKS & CARTER Certified Public Accountants 84 HARLOW STREET BANGOR, MAINE 04401 CITY OF BANGOR AUDIT.REPORT AND FINANCIAL STATEMENTS . DECEMBER 31, 1973 TABLE OF CONTENTS Page Auditor's Report 1 Financial Statements Balance Sheet - All Funds 2 _ 7 Gcner,il Fund Statement of Estimated and Actual Revenues and Tax Commitment 8 - 9 Statement of Appropriations and Expenditures 10 - 11 Statement of Unappropriated Surplus (Deficit) 12 - 13 Capital Improvement Analysis of Changes in Capital Improvement Fund Project Balances 14 - 16 Statement of Capital Improvement Fund Projects' Appropriations and Other Credits 17 - 19 Hospital Fund Statement of Revenue and Expenses 20 Airport Fund Statement of Income .21 - 22 Statement of Unappropriated Surplus 23 Statement of Changes in Financial Position 24 Sewer Utility Fund Statement of Income 25 Statement of Unappropriated Surplus 26 Statement of Changes in Financial Position 27 Notes to Financial Statements 28A- 28F CITY OF BANGOR AUDIT REPORT AND FINANCIAL STATEMENTS DECEMBER 31, 1973 TABLE OF CONTENTS Supplemental Schedules Schedule of Property Valuation, Assessment and Collection of Taxes Schedule of Public Debt Schedule of Trust Funds Schedule of Agency Funds Schedule of General Fixed Assets Page 29 30 - 31 32 33 34 PRANK M.CARTER.CPA RAYMOND T. ADAMS JR.. CPA VAUGHN L. HERBEY. CPA GEORGE W. CHEBBA. CPA KENNETH. N. POSTER. CPA WAYNE C. INGALLS. CPA BROOKS & CARTER Certified Public Accountants 64 HARLOW STREET BANGOR, MAINE 04401 TELEPHONE 847-036t May 3, 1974 Honorable Members In Council, City of Bangor: EDWIN M. BULLARD JR.. CPA 106 ACCESS ROAD CARIBOU. MAINE 04756 We have examined the financial statements of the various funds of the City of Bangor for the year ended December 31, 1973, listed in the foregoing 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 various funds of the City of Bangor at December 31, 1973, and the results of operations and changes in surplus 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 generally accepted accounting principles applied on a basis consistent with that of the preceding year after giving retroactive effect to changes, with which we concur, in certain accounting principles as more fully explained in Note 6 to the financial statements. C ---- Certified, Public Accountants CITY OF BANGOR BALANCE SHEET DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972 ASSETS GENERAL FUND Cash $ Accounts receivable less allowance for doubtful accounts of $41,055.94 at 12/31/73 and $24,158.83 at 12/31/72 Taxes receivable less allowance for future losses of $48,904.13 at. 12/31/73 and $98,641.63 at 12/31/72 - Page 29 Taxes secured by liens - Page 29 Assessments to be levied in future periods - Note 1 Inventories of public services - Note 1 Inventories of food services and office supplies - Note 1 Deferred charges - Note 1 Due from Hospital Fund Due from Terminal Building Fund Total General Fund CAPITAL IMPROVEMENT FUND Cash . Accounts receivable Amounts to be provided in future periods - Note 3 Due from General Fund Due from Airport Fund Due from Sewer Utility Fund Due from Perry Road Sewer Fund Total Capital Improvement Fund December 31, 1973 12,278.80 $ 291,860.14 496,745.97 138,351.09 19,244.09 400,810.33 19,394.66 22,900.79 68,612.00 21,430.99 December 31, 1972 (Restated - Note 6) 2,569.28 306,233.36 565,666.51 204,703.85 169,993.76 348,819.30 15,941.16 30,203.36 200,000.00 $ 1,491,628.86 $ 1,844,130.58 $ 2,325,984.65 $ 1,127.99 140,196.08 105,524.44 1,189,873.11- 400,000.00 ,189,873.11400,000.00 114,000.00 114,600.00 51,111.86 $ 4,335,765.70 1,790,350.97 1,402,411.00 75,337.00 89,600.00 1,111.86 $ 3,465,463.26 Th,, accompanying notes and supplementary scheduZes are an,integraZ part of these financiaZ statements. 2 LIABILITIES, RESERVES AND SURPLUS December 31, 1972 December 31, (Restated - 1973 Note 6) GENERAL FUND Accounts payable $ 173,870.71 $ - Encumbrances 413,138.61 185,429.22 Due to Capital Improvement Fund 400,000.00 1,402,411.00 Due to Trust and Agency Fund - 493,000.00 Deferred premium on 1973 bond issue 22,629.36 - Deferred assessments 19,244.09 169,993.76 Contracts payable 22,077.79 .30,203.36 Reserves for: Automotive equipment replacement 37,526.78 - .Bus service - equipment replacement .3.5.,000..00 - Balance carried - appropriations 35,633..86 41,648.38 Off street parking - 5,418.97 Total Liabilities, Deferred Credits and Reserves- 1,159,121.20 2,328,104.69 Unappropriated Surplus (Deficit) - Pages 12-13 332,507.66 (483,974.11) Total General Fund $ 1,491,628.86 $ 1,844,130.58 CAPITAL IMPROVEMENT FUND Accounts payable and encumbrances $ 160,051.80 $ 1.475,340.04 Authorized projects - unexpended balance - Pages 14 16 2,665,937.01 1,461,108.41 Due to Municipal Debt Fund 700,000.00 - Reserves for future construction Note 3 Bond monies received - General Fund 574,356.89 293,594.81 Bond monies received - Sewer Fund 235,420.00 235,420.00 Total Capital Improvement Fund $ 4,335,765.70 $ 3,465,463.26 CITY OF BANGOR BALANCE SHEET DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972). ASSETS MUNICIPAL DEBT FUND Amount to be provided in future periods to retire indebtedness: General Fund Sewer Fund Airport Fund Total to be Provided Due from Capital Improvement Fund Total Municipal Debt Fund TRUST AND AGENCY FUNDS Cash Savings accounts Accounts receivable Investment in U. S. Government obligations - Note 1 Investments in domestic corporations - Note 1 Assets in custody of Kirstein Fund Due from -Airport Fund Due from General Fund Due from Sewer Utility Fund Due from Fixed Base Fund Due from Hospital Fund Total Trust and Agency Funds December 31, 1973 $ 7,814,547.50 2,264,112.50 1,15 7,9 80. 00 11,236,640.00 700,000.00 $ 11,936;640.00 $ 491,096.56 65,548.66 316,302.58 202,944.00 60,718.33 33,558.92 $ 1,170,169.05 a December 31, 1972 (Restated - Note 6) $ 6,643,221.50 2,311,633.50 866,225.00 9,821,080.00 $ 9,821,080.00 $ 5,870.02 49,781.19 202,944.00 90,242.33 31,422.20 321,000.00 493,000.00 23,000.00 76,000.00 54,000.00 $ 1,347,259.74 GENERAL FIXED ASSET FUND Property, plant and equipment - Page 34 Note 1 $'21,134,702.42 $ 20,931,890.15 City property tax deeds 24,224.18 19,008.70 Total General Fixed Asset Fund $ 21,158,926.60 $ 20,950,898.85 The accompanying notes and supplementary schedules are an integral part of these:financiaZ statements. LIABILITIES, RESERVES AND SURPLUS MUNICIPAL DEBT FUND, Bonds payable - Pages 31-32 Notes payable - Page 32 Total Municipal Debt Fund TRUST AND AGENCY FUNDS Trust Funds - Page 32 Agency Funds - Page 33 December 31, 1973 $ 10,836,000.00 1,100,640.00 3 December 31, 1972 (Restated - Note 6) $ 9,634,000.00 187,080.00 $ 11,936,640.00 $ 9,821,080.00 $ 439,000.09 $ 428,810.98 731,168.96 918,448.76 Total Trust and Agency Funds $ 1,170,169.05 $ 1,347,259.74 GENERAL FIXED ASSET FUND Investment in fixed assets $ 21,158,926.60 $ 20,950,898.85 Total General Fixed Asset Fund $ 21,158,926.60 $ 20,950,898.85 CITY OF BANGOR BALANCE SHEET DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972) ASSETS Accounts,payable and encumbrances $ 27,678.09 $ Due to Trust and Agency Funds December 31, Due to Capital Improvement Fund 114,000.00 1972 December 31, (Restated - 110,000.00 1973 Note 6) HOSPITAL FUND 78,895.00 Total Current Liabilities Cash $ 1,462.30 $ 701.47 Accounts receivable less allowance Reserve for general obligation bonds for doubtful accounts of $68,548.11 long-term - Note 2 1,079,085.00 at 12/31/73 and $29,597.39 at 12/31/72 80,189.27 57,130.68 Total Hospital Fund $ 81,651.57 $ 57,832.15 AIRPORT FUND Page 23 100,761.89 Current Assets Cash $ 1,089.05 $ 806.12 Accounts receivable less allowance for doubtful accounts of $125,533.46 at 12/31/73 and $125,216.10 at 12/31/72 85,653.99 65,602.47 Total Current Assets 86,743.04, 66,408..59 Permanent Property - Note 1 Land 17,400,000.00 - Buildings and building improvements; 5,758,240.00 61,093.68 Less: Accumulated depreciation 209,608.00 - 5,548,632.00 61,093.68 Runways, taxiways, ramps'and fuel systems 91,880,200.00 - Less: Accumulated depreciation 926,454.00 _ - 90,953,746.00 - Machinery and equipment 56,026.67 45,579.17 Less: Accumulated depreciation 7,805.00 - 48,221.67 45,579.17 Total Permanent Property 113,950,599.67 106,672.85 The accompanying notes and supplementary schedules are an integral part of these financial statements. LIABILITIES, RESERVES AND SURPLUS December 31, 1972 December 31, (Restated - 1973 Note 6) HOSPITAL FUND 4 Accounts payable and encumbrances $ 12,911.57 $ 3,832.15 Due to Trust and Agency Fund - 54,000.00 Due to General Fund 68,612.00 - Prepaid estimated revenue 128.00 - Total Hospital Fund $, 81,651.57 $ 57,832.15 AIRPORT FUND Current Liabilities and Reserves Accounts,payable and encumbrances $ 27,678.09 $ Due to Trust and Agency Funds - Due to Capital Improvement Fund 114,000.00 Customer Deposit for Construction - Note 4 110,000.00 Reserve for general obligation bonds - current portion - Note 2 78,895.00 Total Current Liabilities and Reserves 330,573.09 Reserves Reserve for general obligation bonds - long-term - Note 2 1,079,085.00 Contributions to Permanent Property Federal and State contributions and grants 113,721,959.15 Unappropriated Surplus (Deficit) Page 23 100,761.89 5,045.63 321,000.00 75,337.00 61,245.00 462,627.63 804,980.00 (132,496.86) CITY OF BANGOR BALANCE SHEET DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972) ASSETS December 31, 1972 December 31, (Restated - 1973 Note 6) AIRPORT FUND (Continued) Other Assets Deposits for construction: With Capital Improvement Fund - appropriated $ 437,117.56 $ 561,029.33 With Terminal Building Fund 401,000.00 401,000.00 With International Building Fund 356,918.86 - Total Deposits for Construction 1,195,036.42 962,029.33 Total Airport Fund $115,232,379.13 $ 1,135,110.77 TERMINAL BUILDING FUND Cash $ 4,362.15 $ 24,656.87 Development expenses incurred 2,385,427.73 2,383,214.61 Total Terminal Building Fund - Note 5 INTERNATIONAL ARRIVALS BUILDING FUND Cash Development expenses incurred Total International Arrivals $ 2,389,789.88 $ 2,407,871.48 $ 293,652.81 $ 65,012.63 Building Fund - Note 5 $ 358,665.44 $ The accompanying notes and supplementary scheduZes are an integraZ part of these financiaZ statements. LIABILITIES, RESERVES. AND SURPLUS December 31, 1972 December 31, (Restated - 1973 Note 6) AIRPORT FUND (Continued) Total Airport Fund $115,232,379.13 TERMINAL BUILDING FUND Due to General Fund $ 21,430.99 Reserves for: Cash grants in aid from Airport Fund 401,000.00 Federal and State grants in aid of construction 1,965,887.41 Interest income from temporary investments and other 1,471.48 Total Terminal Building Fund - $ 2,389,789.88 Note 5 INTERNATIONAL ARRIVALS BUILDING FUND Reserves for: Cash grants in aid from Airport Fund $ 356,918.86 Interest income from temporary investments and other 1,746.58 Total International Arrivals Building Fund - Note 5 $ 358,665.44 5 $ 1,135,110.77 $ 200,000.00 401,000.00 1,799,800.00 7,071.48 $ 2,407,871.48 CITY OF BANGOR BALANCE SHEET DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972) ASSETS PERRY ROAD SEWER FUND Cash Development expenses incurred Total Perry Road Sewer Fund Note 5 SEWER UTILITY FUND Current Assets Cash Accounts receivable less allowance for doubtful accounts of $11,828.46 at 12/31/73 and $7,315.11 at 12/31/72 Inventory of materials and supplies - Note 1 Total Current Assets Utility Plant in Service- Note 1 Land Buildings, plant and equipment Less: Accumulated depreciation Pipelines and mains Less: Accumulated depreciation Construction in progress Total Utility Plant December 31, 1973 $ 7,274.19 173,837.67 December 31, 1972 (Restated - Note 6) $ 127,492.85 3,619.01 $ 181,111.86 $ 131,111.86 $ 4,367.5,3 $ 105,884.63 13,638.96 123.891.12 58,425.67 5,144,162.50 864,297:81 4,279,864.69 7,880,627.76 38%,479.46 7,493,148.30 12,375.60 11,843,814.26 581.35 141,148.73 8,623.92 150,354.00 58,425.67 5,144,162.50 658,531.31 4,485,631.19 7,879;016.00 308,673.96 7,570,342.04 7,419.67 1,2121,818 .57 The accompanying notes and supplementary schedules are an integral part of these financial statements. LIABILITIES, RESERVES AND SURPLUS December 31, 1973 PERRY ROAD SEWER FUND Due to Capital Improvement Fund $ 51,111.86 Reserves for: Cash grants in aid from Sewer Fund', 130,000.00 Total Perry Road Sewer Fund _ $ 181,111.86 Note 5 SEWER UTILITY FUND Current Liabilities and Reserves Accounts payable and encumbrances $ 17,801.06 Due to Capital Improvement Fund 114,600.00 Due to Trust and Agency Fund - Reserve for general obligation bonds - current - Note 2 168,271.00 Total Current Liabilities and Reserves 300,672.06 Deferred Assessments 148,241.82 Reserves Reserve for general obligation bonds - long-term - Note 2 2,095,8►41.50 Contributions - Utility Plant Federal and State grants in aid of construction 2,266,427.00 City of Bangor 7,210,767.87 Sewer utility users 91,193.88 Total Contributions 9,568,388.75 X December 31, 1972 (Restated - Note 6) $ 1;111.86 130,000.00 $ 131,111.86 $ 1,356.00 89,600.00 23,000.00 162,521.00 276,477.00 2,149,112.50 2,342,310.00 7,350,882.87 77,173.35 9,770,366.22 CITY OF BANGOR BALANCE SHEET DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972 ASSETS SEWER UTILITY FUND (Continued) Other Assets Deposits for construction of Sewer Utility Plant assets: With Capital Improvement Fund: Appropriated Unappropriated With Perry Road Sewer Fund Total Deposits for Construction Sewer assessments to be levied in future periods - Note 1 Total Other Assets Tonal Sewer Utility Fund TOTAL ASSETS - ALL FUNDS December 31, 19.7 3 December 31, 1972 (Restated - Note 6) $ 573,266.55 $ 365,000.00 235,420.00 235,420.00 130,000.00 130,000.00 938,686.55 730,420.00 148,241.82 - 1,086,928.37 730,420.00 $ 13,054,633.75 $ 13,002,592.57 $171,391,361.84 $ 54,163,351.26 The accompanying notes and supplementarry scheduZes are an integral part of these financiaZ statements. LIABILITIES, REARVES AND SURPLUS December 31, 1972 December 31, (Restated - 1973 Note 6) SEWER UTILITY FUND (Continued) Unappropriated Surplus (Deficit) Page 26 Total Sewer Utility Fund TOTAL LIABILITIES, RESERVES AND SURPLUS - ALL FUNDS 7 $ 941,489.62 $ 806,636.85 1$171,391,361.84 $ 54,163,351.26 CITY OF BANGOR STATEMENT OF ESTIMATED AND ACTUAL REVENUES AND TAX COMMITMENT - GENERAL FUND FOR THE YEAR ENDED DECEMBER 31, 1973 Revenue Classifications Taxes 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 auditorium Municipal golf course Interest on investments Bus fares Miscellaneous rents, admissions and concessions Sub -total From Other Agencies State shared taxes State grants-in-aid Federal shared taxes Federal grants-in-aid Payments in lieu of taxes Sub -total Charges for Current Services General government Safety Highway Sanitation Health Schools Cemeteries Public buildings Recreation - miscellaneous Sub -total Transfer from Other Funds Off-street parking fund Trust: fund - Bass Park Group insurance dividend Capital Improvement Fund - interest Sub -total Estimated Actual Revenue Revenue $ 40,000.00 560,000.00 600,000.00 70,100.00 7,645..00 4,770.00 16,600.00 99,115.00 33,246.00 78,000.00 64,500.00 35,000.00 25,000.00 $ 56,545.10 683,894.74 740,439.84 79,405.70 8,405.00 4,769.50 19,616.66 112,196.86 35,300.55 89,909.21 65,240.75 73,198.18 25,619.41 13,000.00 10,248.05 215,500.00 264,215.60 339,131.00 1,600 809. 00 1,780,000.00 386,325.00 55,000.00 4,161,265.00 30,413.00 24,708.00 18,500.00 1,000.00 7,500.00 449,359.00 11,100.00 55,034.00 7,000.00 604,614.00 20,000.00 2,000.00 5,000.00 25,000.00 52,000.00 345,127.26 1,334,918.27 1,6 32 290. 14 326,255.99 54,000.00 3,692,591.66 32,055.34 17,662.99 12,518.79 720.77 8,869.25 433,240.14 17,082.76 70,149.26 9,779.62 602,078.92 2,000.00 19,000.00 21,000.00 The accompanying notes and supplementary schedules are an integral part of these financial statements. n Excess or (Deficiency) _ $ 16,545.10 123,894.74 140,439.84 9,305.70 760.00 (.50) 3,016.66 13,081.86 2,054.55 11,909.21 740.75 38,198.18 619.41 (2,751.95) 48,715.60 5,996.26 (265,890.73) (147,709.86) (60,069.01) (1,000.00) (468,673.34) 1,642.34 (7,045.01) (5,981.21) (279.23) 1,369.25 (16,118.86) 5,982.76 15,115.26 2,779.62 (2,535.08) (20,000.00) (5,000.00) (6,000..00) (31,000.00) r CITY OF BANGOR STATEMENT OF ESTIMATED AND ACTUAL REVENUES AND TAX COMMITMENT - GENERAL FUND FOR THE YEAR ENDED DECEMBER 31, 1973 The accompanying notes and supplementary schedules are an integral part of these financial statements. Estimated Actual Excess or Revenue Classifications Revenue Revenue (Deficiency) Reimbursements General government - miscellaneous $ 14,837.00 $ 21,512.09 $ 6,675.09 Bangor Urban Renewal Authority 65,937.00 78,469.92 12,532.92 Parkin; and modernization 17,500.00 18,750.00 1,250.00 Welfare 167,000.00 205,551.93, 38,551.93 Public Services 150,000.00 - (150,000.00) Sub-tota1 415,274.00 324,283.94 (90,990.06) Total Revenues 6,181,014.00 5,792,107.37 (388,906.63) Current Year's Tax Commitment Real property 6,425,918.15 6,441,253.94 15,335.79 Personal property 1,755,795.31 1,745,086.06 (10,709.25) Total Tax Commitment 8,181,713.46 8,186,340.00 4,626.54 GRAND TOTALS $14,362,727.46 $13,978,447.37 $(384,280.09) The accompanying notes and supplementary schedules are an integral part of these financial statements. CITY OF BANGOR The accompanying notes and supplementary schedules are an integral part of these financial statements. STATEMENT OF APPROPRIATIONS AND EXPENDITURES - GENERAL FUND FOR THE YEAR ENDED DECEMBER 31, 1973 Balances Expenditures Balances Forward Appropriations Total Disburse - Operating Appropriations 1/1/73 Available ments Encumbrances Lapsed Carried General Government Council $ - $ 12,400.00 $ 12,400.00 $ 14,030:39 $ - $ (1,630.39) $ - Executive - 58,419.00 58,419.00 51,916.62 2,461.50 4,040.88 - City Clerk - 77,500.00 77,500.00 83,282.19 542.17 (6,324.36) - Finance 1,829.00 310,638.00 312,467.00 2599420.93 273.12 51,393.95 1,379.00 Registration of voters - 19,055.00 19,055.00 18,355.59 28.08 671.33 - Assessment - 66,847.00 66,847.00 64,474.80 478.30 1,893.90 - Treasury - 70,669.00 70,669.00 70,011.71 - 657.29 - Purchasing - 36,631.00 36,631.00 35,757.20 36.52 837.28 - City Solicitor - 38,193.00 38,193.00 51,777.17 - (13,584.17) - Personnel - 34,008.00 342008.00 26,555.05 54.00 52421.95 1,977.00 Economic Development, Research 6 Planning 2,100.00 146,444.00 148,544.00 133,246.49 12.00 14,240.51 1,045.00 Sub -total 3,929.00 870,804.00 8742733.00 808,828.14 3,885.69 57,618.17 4,401.00 Public Safety Police 2,361.00 7692445.00 771,8b6.00 700,581.28 62631.58 62,025.14 2,568.00 Fire - 902,461.00 902,461.00 863,054.41 4,313.57 34,088.02 1,005.00 Building inspection - 85,358.00 85,358.00 86,288.79 14.00 (944.79) - Civil Defense - 2,700.00 22700.00 1,929.40 765.00 5.60 - Sub -total 2,361.00 1,759,964.00 1,762,325.00 1,651,853.88 1,7 4.15 95,173.97 3,573.00 Health, Welfare and Recreation Hospital - 200,000.00 2002000.00 163,470.47. - 362529.53 - Health 5,3C0.00 1602455.00 165,755.00 131,.231.74 5,630.20 28,893.06 - Welfare 3,900.00 334,992.00 338,892.00 359,622.74 - (27,465.74) 6,735.00 Parks and recreation 490.00 442,789.00 443,279.00 449,674.60 3,143.12 (9,538.72) - Fine arts - 900.00 900.00 820.27 - 79.73 - Sub -total 9� ,� 1,139,13 00 1,148, 6.00 1,1��82 8,`1 2 6, OU Public Buildings and Public Works Public buildings 300.00 58,404.00 58,704.00 54,897.43 759.90 3,046.67 - Public works - 2,075,092.00 2,075,092.00 1,7122110.35 251,252.93 111,728.72 - Sub -total 300.00 2,133,496.00 2,133,796.00 1,767,007.78 2522012.83 1142775.39 - The accompanying notes and supplementary schedules are an integral part of these financial statements. CITY OF BANGOR STATEMENT OF APPROPRIATIONS AND EXPENDITURES - GENERAL FUND FOR THE YEAR ENDED DECEMBER 31, 1973 Balances Expenditures Forward Appropriations Total Disburse - Operating Appropriations- 1/1/73 Availabl.P ments Encumbrances Miscellaneous Balances Lapsed Carried Harbors and wharves $ - $ 4,130.00 $ .4,130.00'$ 3,611.29 $ - $ 518.71 $ - Pension and group insurance - 450,144.00 450,144.00 484,989.10 - (34,845.10) - Contingent - 10,600.00 10,600.00 10,600.00 - - - Debt service - 667,722.00 667.722.00 615,178.78 - 52,543.22 - Sub -total - 1,132,596.00 1,132,596.00 1,114,379.17 - 18,216.83 - Other Agencies Taxes paid to county - 159,818.00 159,818.00 159,818.00 - - - Public library - 150,848.00 150,848.00 150,848.00 - - - Education 25,368.38 6,148,120.00 6,173,488.38 5,989,788.31 136,742.62 26,032.59 20,924.86 Sub -total 25,368.38 6,458,786.00 6,484,154.38 6,300,454.31 136,742.62 26,032.59 20,924.86 Total Operating Appropriations 41,648.38 13,494,782.00 13,536,430.38 12,747,343.10 413,138.61 340,314.81 35,633.86 Other Appropriations Overlay - reserve for uncollected taxes - 108,519.46 108,519.46 108,519.46 - - - Recreation district tax - 59,426.00 59,426.00 59,426.00 - - - Appropriation to surplus - 700,000.00 700,000.00 700,000.00 - - - Sub -total - 867,945.46 867,945.46 867,945.46 - - - GRAND TOTAL $41,648.38 $14,362,727.46 $ 14,404,375.84 $ 13,615,288.56 $ 413,138.61 $340,314.81 $35,633.86 The accompanying notes and sicr;Zenertary schedu?es are ar, integraZ part �= these :lr.nci,aZ statemerts. r- CITY OF BANGOR STATEMENT OF UNAPPROPRIATED SURPLUS (DEFICIT) - GENERAL FUND FOR THE YEAR ENDED DECEMBER 31. 1973 Balance, January 1, 1973 As reported Prior period adjustments: Additions Return of excess appropriation made to Capital Improvement Fund $ 44,029.50 Allocation of prior years' expenditures to Capital Improvement Fund 23,204.18 Allocation of prior years' expenditures i:o Airport fund 9,853.90 Correction of encumbrance reserve balance 22,885.88 Deductions Return of bond monies received for permanent public improvements to: Capital Improvement Fund 254,331.11 Sewer Utility Fund 170,820.00 Balance, January 1, 1973 as restated 1973 Changes in Unappropriated Surplus Additions Excess of appropriations over expenditures, Pages 10-11. 340,314.81 1973 Surplus Appropriation 700,000.00 Transfer from Overlay 100,000.00 Proceeds from sale of City -owned property 29,825.47 Supplemental -levy of taxes 155882.15 Miscellaneous receipts: State of Maine Disaster Relief 13,655.68 Sale of scrap materials 15,745.40 Ambulance vehicle reimbursement 75250.00 Prior years' appropriations for State Aid Construction returned from Capital Improvement Fund 565312.00 Total Additions Sub -Total The accompanying notes and supplementary schedules are an integral part of these financial statements. 12 $ (158,796.46) 99,973.46 425.151.11 (483,974.11) 1,2781>985.51 795,011:40 13 CITY OF BANGOR. STATEMENT OF UNAPPROPRIATED SURPLUS (DEFICIT) - GENERAL FUND FOR THE YEAR ENDED DECEMBER 31. 1973 Sub -Total Brought Forward $ 795,011.40 Deductions ,Excess of estimated over actual revenues, Pages 8,-.9 $384,280.09 Add: Excess of actual over estimated revenues applicable to current year's taxes 4,626.54 . Net Excess Charge to Surplus 388,906.63 Tax liens transferred to City -owned property 7,066.61 Surplus appropriated 1973 for uncollectible accounts 65,000.00 Other 1,530.50 Total Deductions 462,503.74 Balance, December 31, 1973 $ 332,507.66 The accompa?kying notes and supplementary schedules are an integral part of these financial statements. CITY OF BANGOR ANAL'.SiS OF. CHANGES 1N CAPITAL iMPROVEME-UT FUND PROJECT BALANCES FOR THE YEAR E[MEU DECEMBER 31, 1973 Balance, January 1, 1973 1973 Activity Balance, December 31, 1973 Appropriations Appropriations Disbursements Balance_ and Other Disbursements Appropriations Disbursements Balance 1973 ' and Other and Continuing Cre-�its and and Other and Continuing Projects Credits Encumbrances Projects Pares 17-19 Encumbrances Credits Encumbrances Projects Closed General Fund Projects Stillwater Park - Urban Renewal $ 321,472 $ 315,926 S 5,546 $ - $ 13,782 $ 321,472 $. 329,708 S (8,236) S - Auditorium Roof 80,000 59,186 20,814 - - 80,000 59,186 20,814 - Bangor water District - - - 50,000 - 50,000 - 50,000 - Downtown Parking Garage Survey 6,295 6,295 Eaton Place Construction - - - 4,600 3,600 4,600 3,600 1,000 - Exchange Hancock Parking Lot - - - 82,847 44,067 82,847 44,067 38,780 - Exchange Street Parking Garage - - - 20,000 18,400 20,000 18,400 1,600 - Motor Pool Garage - - - 300,000 - 300,000 - 300,000 New Fire Station Site 100,000 - 100,000 - - 100,000 - 100,000_ - Old City Hall Parking Lot 139,000 133,749 5,251 - (613) 139,000 133,136 5,864 - Park Deck - Old City Hall - - - 140,000 6,468 140,000 6,468 133,532. - Pickering Square Parking Lot 105,000 2,153 102,847 (102,847) - - - - 2,153 Broadway Traffic Signal 4,600 4,653 (53) - 73 4,600 4,726 (126) - Emergency Vehicle Traffic Control 5,000 4,014 986 - 1,186 5,000 5,200 (200) - Harlow and Central Traffic Signal 674 674 - - - - - - 674 Main and Hammond Traffic Signal 2,954 21954 - - - - - - 2,954 Main and Union Traffic Signal 8,000 6,394 1,606 - - 8,000 6,394 1,606 - Traffic Control System 68,129 275 67,854 - 280 68,129 555 67,574 - Forest Avenue Lights 2,000 512 1,488 - - 2,000 512 1,488 - Harlow Street Lights 60,000 18,828 41,172 - 998 60,000 19,826 40,174 - State Street Lighting 25,000 4,770 20,230 - - 25,000 4,770 20,230 - Hammond and Central Street Sidewalk 15,000 8,976 6,024 - 448 15,000 9,424 5,576 - Harlow Street Sidewalk 15,000 12,070 2,930 - - 15,000 1.2,070 2,930 - Sidewalk Improvements - 1971 83,100 84,384 (1,284) 1,304 20 - - - 84,404 Sidewalk Improvements - 1973 - - - 85,000 8,010 85,000 8,010 76,990 - Airport Industrial Park - Street Construction - - - 100,000 8,540 100,000 8,540 91,460 - Bellevue Avenue 7,000 - 7,000 - - . 7,000 - 7,000 - Broad Street Park East Construction - - - 13,000 - .13,000 - 13,000 - Broadway Burleigh Road - - - 30,000 26,551 30,000 26,551 3,449 - Center Street Reconstruction 130,000 5,313 124,687 90,000 .206,919 220,000 212,232 7,768 - Essex Street Construction 78,000 14,450 63,550 - 18,781 78,000 33,231 44,769 - Coffey Street Road Extension - - - 6,000 11,326 6,000 112326 (5,326) - Godsoe Road Construction 84,000 3,157 80,843 - 46,109 84,000 49,266 34,734 - Hammond Street Industrial Park - Street Construction - - - 150,000 - 150,000 - 150,000 - Hayford Street_ 6,281 2,478 3,803 (3,764) 39 - - - 2,517 Hempstead Avenue 30,000 46,677 (16,677) 17,994 1,317 - - - 47,994 Kenduskeag Mall - - - 15,000 9,930 15,000 9,930 5,070 - Longrale Park Extension 10,500 2,813 7,687 (2,452) 5,469 8,048 8,282 (234) - Main and State Paving 90,000 86,153 3,847 - - 90,000 86,153 3,847 - Milford Street 20,850 - 20,850 (20,850) - - - - - Milford Street Extension - - - 35,850 35,191 35,850 35,191 659 - North Hildreth Street Road 13,000 27,942 (14,942) 1,893 - 14,893 27,942 (13,049) - ' Perry Road Construction - - - 10,000 - 10,000 - 10,000 - State Aid Construction - 1972 .92,500 - 92,500 (9,071) - 83,429 _ 83,429 _ The accompanying notes and supplementary scheduLes are an integral part of these financial statements. r' F Sewer Fund Projects Artic Brook Sewer Extension - - CITY OF BANGOR 1,052 45,000 1,052 43,948 Broadway Sewer Construction - ANALYSIS OF CHANGES it. CAr.TAL IMFVEL E, FUidD .ROJECT BALANCES 65,000 - 55,000 - 65,000 FOR THE YEA,, -EN D- ECE!"BER 31, 1973 - - 2,600 - Balance, January 1, 1973 1973 Activity Balance, December 31, 1973 - 3,500 - 3,500 Appropriations 3,500 Forest Avenue Sewer Extension - - - Appropriations Disbursements Balance and Other Disbursements Appropriations Disbursements Balance` (3,424) and Other and Continuing Credits and and Other and Continuing - Credits Encumbrances Projects Faxes 17-19 Encumbrances Credits Encumbrances Projects General Fund Projects (Continued) Sewer Construction - - School Street Construction $ 98,000 $ - $ 98,OOC S - - $ - S 98,000 $` - S 98,000 Summit Avenue 4,000 - 4,000 (4,000) - - -. - Abraham Lincoln School Construction - - - 1,020,000 482,139 1,020,000 482,139 537,861 Abraham Lincoln School Land 9,000 9,000 9,000 9,000 - Odlin Road Sewer West - - Acquisition 247,000 43,968 203,032 - 184,051 247,000 228,019 18,981 High School Land Acquisition. 55,000 - 55,000: - - 55,000 - 55,000 West Side Improvements - 1971 65,000 48,779 16 221 (16,221) - - - - West Side Project - Phase II - - - 172,891 143,977 172,891 1u3,977 28,914 Essex Street Recreation Area 31,683 42,493 (10,810) 2,454 7,683 34,137 50,176 (16,039) Fairmount Terrace Acquisition 49,750 42,527 7,223 - 6,132 49,750 48,659 1,091 Fairmount Terrace Park 52,064 44,130 7,934 6,312 13,007 58,376 57,137 1,239 Broad Street Park West - Urban Renewal 7,510 7,238 272 5,826 6,098 - - - East Side Improvement - Phase II - - - 28,593 28,593 28,593 28,593 Exchange Street Area - Urban Renewal 34,909 29,908 5,001 - 4,794 34,909 34,702 207 Total General Fund Projects 2,248,271 1,1133839 1,134,432 2,230,359 1,343,365 4,269,524 2,248,098 2,021,426 Sewer Fund Projects Artic Brook Sewer Extension - - - 45,000 1,052 45,000 1,052 43,948 Broadway Sewer Construction - - - 65,000 - 55,000 - 65,000 Carmen Avenue Sewer - - - 2,600 - 2,600 - 2,600 Coffey Street Sewer - - - 3,500 - 3,500 - 3,500 Forest Avenue Sewer Extension - - - 1,491 1,491_ - - - Grand View Avenue Sewer - 3,424 (3,424) - - - 3,424 (3,424) Hammond Street Sewer Extension -, - - 3,349 3,349 3,349 3,349 - Hammond Street Industrial Park - Sewer Construction - - - 50,000 - 50,000 - 50,000 Hildreth Street West Sewer - - - 4,000 4,672 4,000 4,672 (672) Kenduskeag Stream Interceptor Sewer 2,023,000 2,029,019 (6,019) 206,986 89,524 2,229,986 2,118,543 111,443 Kenduskeag Stream Sewer Extension - - - 9,000 9,000 9,000 9,000 - Odlin Road Sewer West - - - 3,000 2,832 3,000 2,832 168 Perry Road Sewer - - - - - - - - Pier Street Sewer 35,000 30,415 49585 - 19381 35,000 31,796 3,204 Sewer Inflow Analysis - - - 12,600 - 12,000 - 12,000 Sewer Rate Study . 12,000 - 12,000 - 8,493 12,000 8,493 3,507 Union Street Sewer - - - 4,068 4,084 4,068 49084 (16) Total Sewer Fund Projects 2,070,000 2,062,858 7,142 409,994 125,878 2,478,503 29187,245 291,258 The accompanying notes and supplementary schedules are an integral part of these financial statements. 1973 Projects Closed 43,779 13,336 232,811 1;491 1,491 r u, 0 :ne accoTman,.ine rotes and suppiementar- schedules are an intearat part of mese financial statements. Y 15 CITY OF BA14GOR ANALYSIS OF CHANGES IN CAPITAL IMPROVEMENT FUND PROJECT BALANCES FOR THE YEAR ENDED DECEMBER 31, 1973 Balance, January 1, 1973 1973 Activity Balance, December_ 31, 1973 Appropriations Appropriations Disbursements Balance and Other Disbursements Appropriations Disbursements Balance 1973 and Other and Continuing Credits and and Other and Continuing Projects Credits Encumbrances Projects Pages 17-19 Encumbrances Credits Encumbrances Projects Closed Airport,Fund Projects Airport Security Fence- $ - S - $ - $ 33,000 $ - $ 33,000 $ - $ 33,000 $. - Illinois.Avenue Relocation 83,363 83,743 (380) 754 121 84,117 83,864 253 - International Arrivals Building 356,919 39,760 317,159 320,000 317,159 320,000 - 320,000 356,919 Parallel Taxiway Repairs 192,040 19.2,040 - - - - - - 192,040 Terminal Maintenance Area 10,000 7,245 2,755 (756) 1,999 - - - 9,244 Hold Room - Arrivals Building 74,410 74,410 - - - - - - 74,410 Total Airport Fund Projects. 716,732 397,198 319,534 352,998 319,279 437,117 83,864. _ 353,253 632,613 GRAND TOTALS $5,035,003 $3,573,895 $1,461,108 $2,993,351 $1,788,522 $7,185,144 $4,519,207, $2,665,937 $8362915 0 :ne accoTman,.ine rotes and suppiementar- schedules are an intearat part of mese financial statements. Y 15 CITY OF BANGOR STATEMENT OF CAPITAL IMPROVEMENT FUND PROJECTS APPROPRIATIONS AND OTHER CREDITS FOR THE YEAR ENDED DECEMBER 31, 1973 The accompanying notes and sunZementcry scnecuZes are an integral part of these fires-nciaZ statements. Proceeds Fund Federal & Cash Estimated Revenue from Appro- State Intrafund Returned Federal & State General Fund Projects. Bonds priation Grants transfers to Funds City Agencies Total Bangor Water District $ 50,000 $ - $ - $ - $ - $ - $ _ $ 50,000 Eaton Place Construction 4,600 - - - - _ 4,600 Exchange Hancock Park- ing Lot - - - 82,847 - - _ 82,847 Exchange Street Parking Garage - - - 20,000 _ - _ 20,000 Motor Pool Garage 300,000 - - - - - - 300,000 Park Deck - Old City Hall 140,000 - - - - - - 140,000. Pickering Square Parking Lot - - - (102,847) - - _ (102,847) Sidewalk Improvements - 1971 - - - 1,304 - - - 1,304 Sidewalk Improvements - 1973 100,000 - - (15,000) - - - 85,000 Airport Industrial Park - Street Construction 100,000 - - - - - - 100,000 Broad Street Park East Construction 13,000 - - - - - - 13,000 Broadway Burleigh Road - - - 30,000 (20,400) - 20,400 30,000 Center Street Reconstruc- tion 120,000 - 140,584 - (186,989) - 16,405 90,000 Coffey Street - Road Extension' - 6,000 - - - - - 6,000 Hammond Street Industrial Park - Street Construc- tion .150,000 - - - -. - - 150,000 Hayford. Street - - - (3,764) - - - (3,764) Hempstead Avenue - - - 17,994 - - - 17,994 Kenduskeag Mall - - - 15,000 - - - 15,000 Longrale Park Extension - - - (2,452) - - - (2,452) Milford Street - - - (20,85C) - - - (20,850) Milford Street Extension 15,000 - - 20,850 - - - 35,850 North F.ildreth Street Road - - - 19893 - - - 1,893. The accompanying notes and sunZementcry scnecuZes are an integral part of these fires-nciaZ statements. CITY OF BANGOR STATEMENT OF.CAPITAL IMPROVEMENT FUND PROJECTS APPROPRIATIONS AND OTHER CREDITS FOR THE YEAR ENDED.DECEMBER 31, 1973 Proceeds Fund Federal & Cash Estimated Revenue from Appro- State Intrafund Returned Federal 6 State General Fund Projects Bonds priation Grants transfers to Funds City Agencies Total Perry Road Construc- tion $ 10,000 $ - $ - $ - $ _ $ - $ - $ 10,000 State Aid Construction 1972 - - - (30,000) (35,912) - 56,841 (.9,071) Summit Avenue - - - (4,000) - - - (4,000) Abraham Lincoln School Construction 630,000 - 282,838 - - - 107,162 1,020,000 West Side Improvements 1971 - - - (16,221) - - - (16,221) West Side Project - Phase II 15.0,000 - 81,114 - (70,353) - 12,130 172,891 Essex Street Recrea- tion Area - - 2,454 - - - - 2,454 Fairmount Terrace Park - - 6,312 - - - - 6,312 Broad Street Park West - Urban Renewal - - - 5,826 - - - 5,826 East Side Improvement - Phase II 24,000 - 28,593 - (24,000) - - 28,593 .Exchange Street Area - Urban Renewal - - 34,909 - - - (34,909) Total General. Fund Projects $1,802,000 $10,600 $ 576,804 S 580. $ (337,654) $ - $ 178,029 $2,230,359 Sewer Fund Projects Artic Brook Sewer Extension S - $45,000 c - S - $ - $ - $, - $ 45,000 Carmen Avenue Sewer - 2,600 - - - - - 2600 Coffey Street Sewer and ?.oad Extension - 3,500 - - _ _ _ 3,500 Broadway Sewer Con- struction 65,000 - - - - - - 65,000 Forest Avenue Sewer Extension - 1,500 - - (9) - - 1,491 The acco,^;caoyir_ rc. es and su_--1ementa2y schedules are an .Ytegral past of these ;" nan cia% statements. N m CITY OF BANGOR STATEMENT OF CAPITAL IMPROVEMENT FUND PROJECTS APPROPRIATIONS AND OTHER CREDITS FOR THE YEAR ENDED DECEMBER 31, 1973 Proceeds Fund. Federal & Cash Estimated Revenue from Appro- State Intrafund Returned Federal & State Sewer Fund Projects Bonds priation Grants transfers to Funds City. Agencies Total Hammond Street Sewer Extension $ - $ 4,500 $ - $ (868) $ (283) $ _ $' - $ 3,349 Hammond Street Industri- al Park - Sewer Construction 50,000 - - - - _ - 50,000 Hildreth Street West Sewer - 4,000 - - _ - - 4,000 Kenduskeag Stream Inter- ceptor Sewer - 6,750 916,300. - - 53,072 (769,136) 206,986 Kenduskeag Stream Sewer 'Extension - 9,000 - - - - - 9,000 Odlin Road Sewer West - 3,000 - - - - - 3,000 Sewer Inflow Analysis - 12,000 - - - - - 12,000 Union Street Sewer Extension - 3,200 - 868 - - - 4,068 Total Sewer Fund Projects 115,000 95,050 916,300 - .(292) 53,072 (769,136) 409,994 Airport Fund Projects Airport Security Fence 33,000 _ _ - - - - 33,000 Illinois Avenue Relocation _ _ _ 754 - - - 754 International Arrivals Building 320,000 _ - - - - - 320,000 Parallel Taxiway Repairs _ _ 62,442 - - - (62,442) - Terminal Maintenance Area (754) (2) - (756) Total Airport Projects 353,000 62,442 - (2) - (62,442) 352,998 GRAND TOTALS $2,270,000 $105,650: $1,555,546 $ 580 $(337,948) $53,072 $(65� $2,993,351 The accompanying notes and supplementary schedules are an integral part of these financial statements. �E CITY OF BANGOR HOSPITAL FUND STATEMENT OF REVENUE AND EXPENSES FOR THE YEAR ENDED DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972) December 31, 1973 20 December 31, 1972 (Restated - Note 6). Operating Revenue 373,833.77 347,737.86 Medicare $ 16,948.10 $ 5,686.20 Medicaid 68,458.52 73,501.58 State nursing aid 176,708.40 132,720.93 Full pay 94,798.14 102,640.04 Welfare 14,336.99 18,885.37 Employee meals 6,020.80 6,625.19 Employee pharmacy 433.90 792.50 Medical, suppl:i.e:; - 3,856.06 Rental of building 11,677.86 12,684.00 Miscellanoues 838.74 368.40 Total Operating Revenue 390,221.45 357,760.27 Operating Expenses Personal. services 373,833.77 347,737.86 Supplies 71,516.19 76,306.22 Contractual services 35,879.63 53,838.25 Communications 1,685.57 1,566.55 Fuel and utilities 35,781.10 33,989.15 Rental - automotive equipment 28.87 244.70 Employee benefits 32,721.05 14,342.14 Bad debts 40,000.00 - Capital outlay - 1,035.29 Tot al.Operating Expenses 591,446.18 529,060.16 Net Operating Income (Deficit) (201,224.73) (171,299.89) Other Non -Operating Income (Expense) Revision of prior years'estimate of reimbursable costs from: Medicare and Medicaid 27,565.00 2,169.00 State Nursing 15,660.00 20,353.00 Interest expense (5,470.74) (3,076.52) Net Income (Deficit) Closed to General Fund Appropriation $(163,470.47) $(151,854.41) The accompanying notes and supplementary schedules are an integral part of these financial statements. CITY OF BANGOR AIRPORT FUND STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972) 21 December 31,. 1972 December 31, (Restated - 1973 Note 6) Operating Revenue Landing fees $ 185,517.67 $124,053.06 Building rental 57,480.48 42,277.71 Gallonage override 214,792.57 173,361.53 Reimbursement for services 57,001.50 50,532.57 Port fees 58,430.00 36,437.30 Security screening 36,255.41 - Equipment and area rentals 93,524.42 54,368.56 Options and leases 139,377.48 152,654.14 Concessions 149,735.72 109,737.18 Gross business override 10,251.40 155925.69 Airport excise taxes 1,258.32 2,509.34 Emergency Employment Act 9,405.85 7,938.17 Fixed Base - administrative recoveries 15,600.00 4,727.01 Miscellaneous 35733.46 42.96 Total Operating Revenue 1,032,364.28 774,565.22 Operating Expenses Personnel services 251,621.68 235,993.89 Supplies 41,781.88 36,684.96 Contract services 288,147.27 255,273.81 Communications 5,586.44 4,985.37 Equipment costs 27,900.64 19,240.35 Fuel and utilities. 81,763.99 769085.69 Fringe benefits 22,374.70 15,030.27 Capital outlay - maintenance 777.08 9,144.98 Bad debts 5,000.00 11511000.00 Total Operating Expenses Before Depreciation 724,953.68 767,439.32 Net Operating Income Before Depreciation 307,410.60 7,125.90 Less Depreciation - Note 1 On assets acquired with own funds 15,412.00 On assets acquired from contributions to permanent property 1,128,455.00 - Net Operating Income (Deficit) (836,456.40) 7,125.90 Other Non -Operating Expenses Interest - debt service 58,739.85 49,457.70 Net Income (Deficit) Before Special Credit (895,196.25) (421,331.80) The accompanying notes and supplementary.scheduZes are an integral part of these financial statemente.. CITY OF BANGOR AIRPORT FUND STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972) Net Income (Deficit).Before Special Credit -- Brought Forward Special Credit - Note 1 Credit arising from transfer of depreciation to contributions to permanent property Net Income (Deficit) Transferred to Surplus 22 December 31, 1972 December 31, (Restated - 1973 Note 6) $ (895,196.25) $(42,331.80) 1,128,455.00 _ $ 233,258.75 $(42,331.80) The accompanying notes and supplementarrg scheduZes are an integraZ part of these financiaZ statements. CITY OF BANGOR AIRPORT FUND STATEMENT OF UNAPPROPRIATED SURPLUS FOR THE YEAR ENDED DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972). Unappropriated Surplus (Deficit) January 1 - As reported Prior period adjustments: Adjustment of prior years' debt service costs Adjustment of prior years' payables.and other Adjustment for prior years' 1971 steam plant operating gain allocated to Airport Fund from General Fund Adjustment of prior yearsbad debt expense Transfer of prior years' capital outlay to permanent property Return of funds to Capital Improvement Fund given to Airport Fund in error Unappropriated Surplus (Deficit) January 1 -As Restated 23 December 31, 1972 December 31, (Restated - 1973 Note 6) $(151,102.65) $(159,783.85) 103,837.00 51,931.00 6,826.49 10,861.30 (115,000.00) - 55,579.17 (25,810.38) (132,496.86) (90,165.06) Net Operating Income (Deficit) for the year 233,258.75 (42,331.80) Unappropriated Surplus (Deficit) December 31 $.100,761.89 $(132,496.86) Ae accompanying notes and supplementary schedules are an integral part of these financial statements. '24 1 CITY OF BANGOR AIRPORT FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972) 1972 (Restated - 1973 Page 6) Cash Provided By Net income (deficit) from operations - Page 22 $233,258.75 $(42,331.80) Add charges to operations not requiring cash; (deduct) credits to operations not producing cash: Depreciation 15,412.00 Accounts receivable (20,051.52) (7,722.77) Accounts payable and encumbrances 22,632.46 (1,308.86) Net Cash Provided From (Applied to) ODeratiQns 251,251.69 (51,363.43) Proceeds from general obligation bonds 353,000.00 180,000.00, Inter -fund borrowings (repayments): 233,007.09 205,529.33 Trust and Agency Funds (321,000.00) 178,000.00 Capital Improvement Fund 38,663.00 23,337.00 General Fund - (18,750.00) Proceeds from construction deposits 110,000.00 - Prior period adjustments - 17,687.79 Total Net Cash Provided 431,914.69 328,911.36 Cash ADDlied To Permanent property additions 137,379.67 68,672.85 Deposits for construction 233,007.09 205,529.33 Payment of general obligation bonds 615-245.00 56,344.00 Total Cash Applied 431,631.76 330,546.18 Net Increase (Decrease) in Cash $ 282.93 $ (15634.82) Cash Balance, January 1 $ 806.12 $ 2,440.94 Net increase (decrease) in cash 282.93 (1,634.82). Cash Balance, December 31 $ 1,089.05 $ 806.12 The accompanying notes and supplementary schedules are an integral part of these financial statements. CITY OF BANGOR SEWER UTILITY FUND STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 1973- (WITH 973(WITH COMPARATIVE FIGURES FOR 1972) Total Operating Revenue Operating Expenses Administration Station and plant operation and maintenance City system operation and maintenance Bad debts Total Operating Expenses Before Depreciation Net Operating Income Before Depreciation Less Depreciation - Note 1 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 Expenses Interest - debt service Net Income (Deficit) Before Special Credits Special Credit - Note 1 Credit arising from transfer of depreciation to contributions to Utility Plant Net Income Transferred to Surplus 25 December 31, 1972 December 31, (Restated - 1973 Note 6) $550,920.75 $492,385.48 20,022.84 31,248.64 132,209.71 118,167.65 71,436.43 50,262.09 30,000.00 - 253,.668.98 199,678.38 297,251.77 67,787.00 140,115.00 75,883.00 7R7 nn 12;679.77 292,707.10 66,476.98 138,794.00 75,883.00 1 n nn 11,445.12 941,612.00 93,630.23 (81,932.23) (82,185.11) 216,785.00 214,785.00 $134,852.77 $132,599.89 The accompanying notes and supplementary schedules are an integral part of these financial statements. CITY OF BANGOR SEWER UTILITY FUND `STATEMENT OF UNAPPROPRIATED SURPLUS FOR THE YEAR ENDED DECEMBER.31, 1973 WITH COMPARATIVE FIGURES FOR 1972) Unappropriated Surplus (Deficit) January 1 - As reported Prior period adjustments: Adjustment of prior years' debt service costs Adjustment of prior years' accounts receivable and other Adjustment of prior years' income - assessments transferred to contributions utility users Adjustment of prior years' depreciation expense attributable to assets acquired from contributions Adjustment of prior years' depreciation expense Adjustment of prior years' operating expenditures applicable to Sewer Utility Plant Adjustment.of prior years' Federal and State grants in aid of construction Unappropriated Surplus January 1 - As Restated Net Operating Income for the Year Unappropriated Surplus December 31 26 December 31, 1972 December 31, (Restated - 1973 Note 6) $(506,252.73) $(422,594.68) 688,624.50 542,212.50 (987.66) (19,568.69) (10,828.20) 781,020.00 (79,361.98) 7,375.75 (64,600.00) 806,636.85 134,852.77 566,235.00, 674,036.96 132,599.89 $ 941,489.62 $ 806,636.85 The accompanying notes and supplementary schedules are -an integral part of these financial statements. CITY OF BANGOR SEWER UTILITY FUND STATEMENT OF CHANGES IN FINANCIAL POSITION FOR THE YEAR ENDED DECEMBER 31, 1973 (WITH COMPARATIVE FIGURES FOR 1972) 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 Accounts payable and encumbrances Cash Provided From Operations Proceeds from general obligation bonds Inter -fund borrowings (repayments): Trust and Agency Fund Capital Improvement Fund Inter -fund loans receivable collected: General Fund Contributions to Utility Plant: Federal and State grants in aid of construction City of Bangor Sewer Utility users Other items, net Total Net Cash Provided Cash Applied To Utility plant additions Deposits with Capital Improvement Fund Payment of general obligation bonds Total Cash Applied Net Increase (Decrease) in Cash Cash Balance, January 1 Net increase (decrease) in cash Cash Balance, December 31 27 1972 (Restated 1973 Note 6) $134,852.77 $ 132,599.89 67,787.00 (5,015.04) 35,264.10 16,445.06 249,333.89 115,000.00 (23,000.00) 25,000.00 14,807.53 381,141.42 6,567.69 208,266.55 162,521.00 377,355.24 $ 3,786.18 $ 581.35 3,786.18 $ 4,367.53 The accompanying notes and supplementary schedules are an integral part of these financial statements. 66,476.98 3,334.59 (5,168.50) 1,iq _ ns 197,382.01 322,000.00 (119,000.00) 89,600.00 .66,576.00 170,82.0.00 132,071.00 66,559.15 (987.66) 925,020.50 329,449.31 451,076.76 145,812.00 926,338.07 $ (1,317.57) $ 1,898.92 (1,317.57) $ 581.35 28 A CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1973 Note 1 - Summary of Significant Accounting Policies The major accounting policies employed by the.City in maintaining its accounting records and preparing its financial statements are set forth below: Basis of Accounting The accrual basis of accounting (with minor exceptions) is followed by all funds except the General Fund which utilizes the modified accrual basis of accounting. Major modifications to the accrual method employed by the General Fund consist of the recognition of encumbrances for cash 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 revenue when received in cash, except for revenues susceptible to accrual and material revenues earned but not received which are recorded on the accrual basis. The minor exceptions to the accrual method employed by all other funds principally consist of the recognition of encumbrances for cash commitments and the recognition of 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 Fund, as further explained in this Summary of Major Accounting Policies. Tnventories 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. Deferred Charges Deferred charges reflected on the General Fund primarily represent expenditures incurred for the purchase of City parking meters and will be charged to operations over the remaining lives of the respective thirty six month installment contracts. Assessments to be levied in future periods and the related deferred credits reflected on the General Fund and Sewer Fund represent future street and sewer assessments, respectively, which will be recognized in future periods as designated funds reserved for future construction. Investments Investments reflected on the Trust and Agency Funds are recorded at cost and have a market value of $221,093 at December 31, 1973. MAE CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1973 Note 1 - Summary of Significant Accounting Policies (Continued) Property, Plant and Equipment (Basis, Depreciation and Special Credits) The General Fixed Asset Fund includes the Hospital Plant as the Hospital is not considered to be an enterprise fund. The General Fund Group of general fixed assets as reflected on Page 34 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 Hospital Fund Group of general fixed assets as reflected on Page 34 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 depreciation 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. 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 includes depreciation of plant cost which has been funded by contributions in aid of construction. That portion of the depreciation charges related to the amoritzation 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 amounting to $115,094,467 primarily 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. Included in this amount is $244,052 of machinery and equipment 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 Fund 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, except parallel taxiway resurfacing which is being depreciated over a 20 year life. Machinery and equipment is being depreciated 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 improvement projects in the Capital Improvement Fund and subsequently closing the projects upon completion to the General Fixed Asset Fund or appropriate Enterprise Fund, as required. Repairs to City owned property are expensed when incurred. CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1973 Note 2 - Reserve for General Obligation Bonds The Reserve for General Obligation Bonds reflected on the Airport and Sewer Fund financial statements represent obligations of these funds for retirement of certain municipal debt, (also included within the total debt of the Municipal Debt Fund) issued for the purpose of financing Sewer and Airport fixed asset additions. Note 3 - Capital Improvement Fund (Bond Reserves and Estimated Revenues) Reserves for Future Construction on the Capital Improvement Fund reflect bond monk-, obtained by public issues which are in excess of completed project costs of cer,Lain closed projects and/or estimated total costs of certain open projects and accordingly represent the funds available, within the Capital Improvement Fund, for future capital construction. Estimated revenue to be provided in future years represents commitments made by Federal, State, outside sources, and the City to fund future construction costs of open projects. The City's commitment at December 31, 1973 totaled $60,522. Note 4 - Airport Fund (Customer Deposits) The City has received certain monies from a future user of Airport facilities which will be used to fund a portion of the costs of the International Arrivals Building. Accordingly, this advance will be transferred to the International Arrivals Building Fund as construction progresses. Note 5 - EDA Funds The City has established the Terminal Building Fund, the International Arrivals Building Fund and the Perry Road Sewer Fund to maintain separate accountability for these projects in accordance with the Federal funding requirements of the 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, 1973 the City was committed to provide funding of these projects in the following amounts: International Arrivals Building $313,081% Terminal Building - Perry Road Sewer - Bond proceeds of $320,000 were available and reflected in the Capital Improvement Fund at December 31, 1973. These proceeds will be transferred to the International Arrivals Building Fund as construction progresses. 28 D CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1973 Note 6 - Restatement The prior year's financial statements have been restated to correct certain errors reflected therein and certain changes in accounting principles as mord: fully explained in the Statements of Unappropriated Surplus for the General Fund, Sewer Fund and Airport Fund appearing on pages 12-13, 26, and 23 respectively. In addition thereto the prior year's financial statements have been restated for certain account classifications to make them comparable to 1973. The major changes in accounting principles made by the City in 1973 consist of: identifying and reporting, within the enterprise funds, reserves for general obligation bonds, versus including them in the respective enterprise fund balances; and identifying and reporting, within the enterprise funds, contributions to plant and related depreciation thereon, versus :including them in the respective enterprise fund balances. In addition to the preceding, the 1972 financial statements of the General Fixed Asset Fund, the Sewer Fund, and the Airport Fund have been restated by $2,021,892, $333,151 and $106,673, respectively, to reflect .1972 fixed asset acquisitions and completed projects not previously recorded and/or closed from the Capital Improvement Fund. The major portion of the restatement in the General Fixed Asset Fund represents the cost of the Hospital Plant which amounted to $1,589,597. Note 7 - Litigation and Contingency (Fixed Base Management Agreement) The City of Bangor is presently involved in litigation in process in the Chapter X proceedings in Bankruptcy Court of the United States District Court for the District of Maine, Northern Division, concerning Trans -East Air, Inc. Trans -East Air, Inc. leased from the City certain facilities located at Bangor International Airport principally for the purpose of conducting fixed base operation services to aircraft. This lease subsequently was assigned by Trans -East Air, Inc. to Depositors Trust Company to secure certain indebtedness, to which assignment the City consented on certain conditions. On August 11, 1972, Depositors Trust Company exercised certain of its rights vis-a-vis Trans -East Air, Inc. and took possession of the leased premises . and certain equipment and other assets, thereby incurring certain obligations to the City to continue the operations formerly conducted by Trans -East Air, Tnc. Following such taking by Depositors Trust Company, the Bank entered into an agreement with the City (known as the "Management Agreement") dated August 11, 1972, whereby the City was designated as the agent of the Bank to take possession of the leased premises and conduct the services formerly performed by Trans -East Air, Inc. Following the execution of this agreement, certain creditors of Trans -East Air, Inc. filed a petition instituting the Chapter X proceedings referred to above. To this date, the City has continued to operate under the terms of the Management Agreement as the agent of Depositors Trust Company. 28 E CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31. 1973 Note7 - Litigation and Contingency (Fixed Base Management Agreement) (Continued) In accordance with the terms of the Management Agreement, the City is responsible for servicing general aviation, servicing domestic and international aircraft and their passengers, billing and recording fees for services rendered, collection of fees billed, and payment and recording of operating expenditures. The agreement in effect provides that revenues remaining after expenses of the fixed base operation during the tenure of the Management Agreement shall be distributed to Depositors and the City, including, but not limited to, monthly payments to Depositors determined from the amount of fuel pumped and payment of past due rental due the City by the former fixed base operator. Such payments are to be made from fees collected by the City from the fixed base operation. The fixed base operation is not reflected on the City's financial statements, as Depositors is presently deemed to be the fixed base operator. A tentative compromise of all competing claims of the court-appointed Receiver of Trans -East Air, Inc., Depositors Trust_Company, the City and Exxon Corporation (which corporation has certain rights at Bangor International Airport) has been presented to the Bankruptcy Court for its approval. The terms of such compromise (which would supplant much of the provisions of the Management Agreement) are the subject of an agreement between the City and Depositors Trust Company, dated January 15, 1974. Court approval and the implementation.of the compromise would include the following consequences to the City: 1. The City would be required to pay Depositors Trust Company the approximate sums of: (a) $268,000 at implementation of the compromise, and (b) $326,000 bearing interest at the rate of 4 1/2o per annum to be amortized in monthly installments based upon the amount of all turbo fuels pumped at Bangor International Airport. 2. The City would pay to the Receiver of Trans -East Air, Inc. the sum of $124,000, of which $40,559 will be contributed by Depositors Trust Company. 3. The City would acquire all rights in equipment and other assets formerly utilized by Trans -East Air, Inc. which Depositors Trust Company seized on August 11, 1972, subject only to possible claims of other parties against which the City may have.to defend. The only such claims of which the City is presently aware are those of First National City Bank to equipment having an estimated value of $44,000. 4. The City would be entitled to retain all earnings of the fixed base operation and be required to assume all liabilities resulting from. operations under the Management Agreement. N.*Wlk CITY OF BANGOR NOTES TO FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 1973 Note.8 - Charter Requirements The City Charter requires that the annual budget shall contain an estimate of the General Fund cash.surplus or deficit at the end of the current year., In recent years, however, the annual budget has not considered the estimted cash deficit, but rather the City has appropriated to unappropriated surplus that amount which it felt was necessary to meet the financial requirements of the current year. The City Charter, furthermore, prohibits the operating funds from borrowing for the purpose of providing working capital. At year end the General Fund and Enterprise Funds had effectively borrowed from the Debt Fund $540,978. Management has indicated that the budget for 1974 will provide sufficient appropriations to General Fund surplus to pay back these loans and provide sufficient working capital .for .19711. CITY 01" BANGOR SCHEDULE OF PROPERTY VALUATION, ASSESSMENT AND COLLECTION OF TAXES FOR THE YEAR ENDED DECEMBER 31, 1973 Assessed Valuation Real estate Personal property Total Valuation Tax Rate per $1,000 Taxes assessed on property Street and demolition assessment Poll taxes Total Tax Commitment 1973 $159,057,380.00 43,460,280.00 $202,517,660.00 $40.40 $ 8,18.1,713.46 $ 8,181,713.46 1972 $153,237.220.00 41,321,380.00 $194,558,600.00 $40.40 $ 7,860,121.87 10,894.00 22,116.00 $ 7,893,131.87 ANALYSIS OF TAXES RECEIVABLE FOR 1973 Balance, January 1, 1972 Addition; 1973 tax commitment Supplemental levy of taxes Sewer assessment Total Additions Deductions Collections - net Abatements 1972 real estate taxes transferred to tax liens Total Deductions Balance, December 31, 1973 Year 1973 1972 1971 1970 1969 ].968 1967 1966 1965 and Prior $ 8,181,713.46 15,882.05 27,783.16 8,141,225.18 57,112.71 145,698.82 SCHEDULE OF TAXES RECEIVABLE AT DECEMBER 31. 1973 Less allowance for future losses Balance, December..31, 1973 Taxes Receivable $ 456,498.46 58,849.86 14,749.53 7,608.37 3,764.52 3,389.36 790.00 545,650.10 48,904.13 $ 496,745.97. 2(3 1971 $147,241,810.00 40,612,570.00 $187,854,380.00 $39.50 $ 7,420,225.11 12,664.33 20,952.00 $ 7,453,841.44 $ 664,308.14 8,225,378.67 8,344,036.71 $ 545,650.10 Tax Liens 83,714.05 10,771.94 24,932.08 6,961.52 3,872.16 2,602.66 1,698.66 3,798.02 138,351.09 $ 138,351.09 CITY OF BANGOR SCHEDULE OF PUBLIC DEBT DECEMBER 31, 1973 Assessed Valuation $202,517,660.00 Debt Limit - 7 1/2% of Valuation $15,188,824.50 City of Bangor Outstanding Debt - December 31, 1973 11,936,640.00 Additional Borrowing Capacity $ 3,252,184.50 Date of Amount Balance of Maturities Principal Original Original Outstanding DESCRIPTION OF DEBT Issue Issue Rate Amount Due Dates December 31, 1973 Bonds Permanent public improvement 10/01/54 $ 660,000.00 1.70% $ 33,000.00 1974 $ 33,000.00 Permanent public improvement 08/01/57 100,000.00 3.60% 5,00.0.00 1974-1977 20,000.00 Sewer 11/01/57 120,000.00 3.30% 6,000.00 1974-1977 24,000.00 Permanent public improvement 10/01/59 780,000.00 3.70% 39,000.00 1974-1979 234,000.00 Capital improvement 08/01/60 435,000.00 3.40% 20,000.00 1974-1981 15,000.00 1982 175,000.00 Sewer 08/01/61 435,000.00 3 3/8% 20,000.00 1974-1982 15,000.00 1983 195,000.00 Urban Renewal 03/01/62 340,000.00 3.00% 20,000.00 1974-1979 120,000.00 High School 08/01/62 3,200,000.00 3.00% 160,000.00 1974-1982 1,440,000.00 Kenduskeag Stream Improvement 08/01/62 1,650,000.00 3.00% 85,000.00 1974-1981 35,000.00 1982 715,000.00 Permanent public improvement 09/01/63 400,000.00 3.00% 20,000.00 1974-1983 200,000.00 Permanent public improvement 03/01/64 485,000.00 3.00% 25,000.00 1974-1983 10,000.00 1984 260,000.00 Public improvement and funding 09/01/65 315,000.00 3.10% 15,000.00 1974-1986 195,000.00 Public improvement 12/01/66 210,000.00 4.00% 10,000.00 1974-1987 140,000.00 Street and sewer 12/01/66 100,000.00 4.00% 5,000.00 1974-1986 65,000.00 Sewer and treatment plant 07/01/67 1,400,000.00 3.70% 70,000.00 1974-1987 980,000.00 Permanent public improvement 09/01/67 700,000.00 4.00% 35,000.00 1974-1987 490,000.00 Permanent public improvement 09/01/68 690,000.00 4.10% 35,000.00 1974-1987 25,000.00 1988 515,000.00 . Permanent public improvement 08/15/69 1,060,000.00 5.75% 55,000.00 1974-1988 15,000.00 1989 840,000.00 w 0 CITY OF BANGOR SCHEDULE OF PUBLIC DEBT DECEMBER 31, 1973 co N Date of Amount Balance of: Maturities Principal Original Original Outstanding DESCRIPTION OF DEBT Issue _ Issue Rate Amount Due Dates December 31, 1973 Bonds (Continued) Permanent public improvement 07/01/70 $ 720,000.00 6.50% $ 50,000.00: 1974-1984 $ 20,000.00. 1985 570,000.00 Permanent public improvement 05/0.1/71 690,000.00 4.900 .35,000.00 1974-1990 25,000.00 1991 620,000.00 Permanent public improvement 03/01/72 1,0.60,000.00 4.600 55,000.00. 1974-1991. 15,000.00 1992 1,005,000.00 Permanent public improvement. 07/15/73 2,000,000.00 5.00% 100,000.00 1974-1993 2,000,000.00 Total Bonds $10,836,000.00 Notes Payable 10/30/69 44„400.00 5.75% 4,440.00 1974-1979 26,640.00 11/01/70 260,000.00 4.25% 52,000.00 1974-1975 104,000.00 12/11/73 700,000.00 5.00% 700,000.00 03/11/74 700,000.00 12/15/73 270,000.00 5.00. 54,000.00 1974-1978 270,000.00 Total Notes Payable $ 1,100,640.00 TOTAL OUTSTANDING DEBT $11,936,640.00 co N CITY OF BANGOR SCHEDULE OF TRUST FUNDS DECEMBER 31, 1973 Balances, January 1, 1973 Additions Withdrawals Balances, December 31, 1973 Unexpended From From Unexpended Principal Income Principal Income Principal Income Principal Income Total Cemetery Perpetual Care $208,223.39 $ - $ 6,988.00 $ 9,506.13 $ - $ 9,506.13 $215,211.39 $ - $215,211.39 Parks Bass Park Trust - 2,838.50 - 2,358.96 - 2,000.00 - 3,197.46 3,197.46 Arthur Chapin Fund 14,537.85 7,913.42 - 596.89 - - 14,5,37.85 8,510.31 23,048.16 City Missionary Hiram H. Fogg Fund 1,000.00 779.56 - 41.06 - - 1,000.00 820.62 1,820.62 Louis & Sophia Kirstein Fund.' 1,000.00 59.10 - 41.06 - 59.10 1,000.00 41.06 1,041.06 Hiram P. Oliver Fund 2,000.00 1,581.45 - 82.12 - - 2,000.00 1,663.57 3,663.57 Penobscot Association for the Blind Fund 10.13 - - - - - 10.13 - 10.13 Lorenzo E. Sabine Fund 1,000.00 1,042.44 - 41.06 - - 1,000.00 1,083.50 2,083.50 Stetson Fund 12,000.00 633.53 - 492:69 - 611.18 12,000.00 515.04 12,515.04 Education Bangor high School Loan Fund 200.00 230.85 - 8.21 - - 200.00 239.06 439.06 French Medal Fund 11,500.00 55.09 - 472.16 - - 11,500.00 527.25 12,027.25 Holton Public School Fund 2,000.00 807.29 - 82.12 - - 2,000:00 889.41 2,889.41 Louis & Sophia Kirstein Scholarship Fund 5,000.00 (45.36) - 205.28 - 250.00 5,000.00 (90.08) 4,909.92 Louis & Sophia Kirstein Student Loan Fund 31,422.20 126.64 2,136.72 - - 126.64 33,558.92 - 33,558.92 Alburney E. Webber, Jr. Scholarship Fund 2,000.00 176.94 - 82.12 - 75.00 2,000.00 184.06 2,184.06 Aid for Aged Women Charles E. Adams Fund 10,000.00 400.54 - 410.57 - 400.54 10,000.00 410.57 10,410.57 Thomas L'Dham Coe Fund 3,000.00 120.15 - 123.17 - 120.15 3,000.00 123.17 3,123.17 Home for Aged Women 25,000.00 1,001.35 - 15026.44 - 1,001.35 25,000.00 1,026.44 26,026.44 Anna rayford Pierce Fund 4,000.00 160.20 - 164.23' - 160.20 4,000.00 164.23 4,164.23 Stetson Fund 55000.00 200.27 - 205.28 - 200.27 5,000.00 205.28 5,205.28 George T. Stodder Fund 11,000.00 440.60 - 451.63 - 440.60 11,000.00 451.63 11,451.63 Wakefield Fund 10,000.00 400.54 - 410457 - 400.54 10,000.00 410.57 102410.57- 0,410.57Other OtherFunds Dorothea A. Miller Fund 500.00 24.25 - 20.53 - 24.00 500.00 20.78 520.78 Bangor Fireman's Relief Fund 9,533.95 864.26 - 1,350.38 1,000.00 1,117.50 6,533.95 1,117.14 9,651.09 Bangor Fuel Society Fund 4,500.00 413.17 - 184.76 - 413.17 4,500.00 184.76 4,684.76 Bangor Mechanics' Association m d 12,000.00 - - 492.69 - 492.69 12,000.00 - 12,000.00 Kirstein City Hospital and -ome Fund 500.00 189.46 - 20.53 - - 500.00 209.99 709.99 Arthur J. Morey Trust Fund 1,000.00 431.25 - 41.06 - - 1,000.00 472.31 1,472.31 Keivin M. Murch Fund 5,732.84, 2,475.25 - 235.38 - - 5,732.84 2,710.63 8,443.47 O'Connell Trust F;md 1,000.00 1,020..38 - 41.05 - - 1,000.00 1,061:44 2,061.44 T":_tchell Trust Fund 766.83 330.74 - 31.45 - - 766.83 362.19 1,129.02 Flora I. Seavey.Fund 1,000.00 169.90 - 41.06 - 42.50 1,000.00 168.46 1,168.46 Charlotte R. Hall Fund 5,905.84 740.30 - 242.45 - - 5,905.84 982.75 6,888.59 Pfaff Trust Fund 800.00 75.89 - 32.85 - 30.00 800.00 78.74 878.74 Total Trust Funds $403,133.03 $ 25,677.95 S 9,124.72 $19,535.95. 5 1,000.00 $17,471.55 $411,257.75 S 27,742.34 $439,000.09 r" CITY OF BANGOR SCHEDULE OF AGENCY FUNDS . DECEMBER 31, 1973 Amounts Due the State of Maine Pension and group life insurance contribution Hunting, fishing and plumbing license fees State income tax withheld Sales taxes. Total Amounts Held in Escrow Trans East Other Workmen'; compensation insurance Savings bonds Miscellaneous deductions and deposits United Community Services of Penobscot Valley, Inc. Associated Hospital Service of Maine, Inc. Federal income tax withheld Federal grants - Police. Convention Center Study Grant Bangor Target Area Development Corp. Federal Fuel Excise Tax Safe Streets Act Grant Senior Citizens Federal Grant Total Federal Revenue Sharing TOTAL AGENCY FUNDS $ 28,700.11 2,372.41 9,610.37 693.87 (18,006.65) 2,761.73 14,295.85 793.15 168.98 110,927.14 8,118.68 18.87 18,949.63 6,576.85 25,000.00 2,700.00 33 $ 41,376.76 3,665.59 .172,304.23 513,822.38 $731,168.96 CITY OF BANGOR SCHEDULE OF GENERAL FIXED ASSETS DECEMBER 31, 1973 General Fund Group Buildings Land Streets Sidewalks Bridges Retaining walls Statues Electrical Street signs Storm sewers Total - General Fund Group Hospital Fund Group Buildings Land and land improvements Equipment Total - Hospital Fund Group TOTAL MUNICIPAL PROPERTY FUND 34 $10,214,858.69 2,069,714.53 5,150,710.07 613,041.56 749,350.00 164,020.00 210,000.00 349,184.61 8,964.00 15,261.96 $19,545,105.42 $ 776,342.00 35,260.00 777,995.00 $ 1,589,597.00 $21,134.702.42 CITY OF BANGOR, MAINE REVENUE SHARING FUNDS FINANCIAL STATEMENTS DECEMBER 31, 1973 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 947.0851 EDWIN M. BULLARD, JR., CPA 109 ACCESS ROAD CARIBOU, MAINE 04789 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, 1973• 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, subject to the final resolution of questioned costs shown in Exhibit B, 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, 1973, 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 RS79 for the year ended December 31, 1973, is in agreement with audited records of the City of Bangor, Maine. i September 30, 1976 Bangor, Maine CITY OF BANGOR, MAINE REVENUE SHARING FUNDS STATEMENT OF CHANGES IN AVAILABLE FUNDS FOR THE YEAR ENDED DECEMBER 31, 1973 Available funds, beginning of year: Unappropriated Unencumbered appropriations Total Add. revenue: Entitlement payments Interest Total Less unappropriated, end of year Available for Obligation During Year Less: Expenditures Encumbrances Total Obligations Incurred Unencumbered balance, end of year Unappropriated, end of year Available Funds, End of Year The accompanying notes are an integral part of these financial statements Gxh Per Books (Note A) $ 435,361 485,361 1,642,759 17,993 2,146,113 513,823 1,632,290 1,429,347 202,943 1,632,290 513,823 $ 513,823 CITY OF BANGOR, MAINE REVENUE SHARING FUNDS STATEMENT OF OBLIGATIONS,INCURRED FOR THE YEAR ENDED DECEMBER 31, 1973 Total Capital Expenditures _ Total Obligations Incurred. $3,383,798 1 Represents amounts asre orted p p to ORS on the Actual Use Reports (as converted and reconciled to a calendar year basis). 2 Represents capital expenditures made by the Motor Pool Department. 3 Represents purchases of buses for education and public transport purposes. 4 Represents Welfare Department expenditures reported to ORS as Health. 5 The total expenditures for ambulance service were $60,682. The City of Bangor appropriated $31,000 of Federal Revenue Sharing Monies to defray these expenditures. The City received,.however, in the form of billings to users of the service $49,997. The net cost to the City, therefore, was $10,685. The difference between the appropriation of $31,000 and the net expenditures of $10,685 is $20,315. The eligibility of this amount as a priority expenditure is therefore questioned. The accompanying notes are an integraZ part of these financiaZ statements Total (Note A) Operation/maintenance expenditures: Public safety, $1,122,492 Public transportation 1,293,403 Health 361,014 Recreation 452,818 Social services for the aged and poor 154,071 Financial administration _ Total Operation/Maintenance Expenditures. 3,383,798 Capital expenditures: Public safety _ Public transportation _ Multipurpose and general government _ Environmental protection. _ Total Capital Expenditures _ Total Obligations Incurred. $3,383,798 1 Represents amounts asre orted p p to ORS on the Actual Use Reports (as converted and reconciled to a calendar year basis). 2 Represents capital expenditures made by the Motor Pool Department. 3 Represents purchases of buses for education and public transport purposes. 4 Represents Welfare Department expenditures reported to ORS as Health. 5 The total expenditures for ambulance service were $60,682. The City of Bangor appropriated $31,000 of Federal Revenue Sharing Monies to defray these expenditures. The City received,.however, in the form of billings to users of the service $49,997. The net cost to the City, therefore, was $10,685. The difference between the appropriation of $31,000 and the net expenditures of $10,685 is $20,315. The eligibility of this amount as a priority expenditure is therefore questioned. The accompanying notes are an integraZ part of these financiaZ statements Applicable to Other Funds $ 774,053 516,777 (56,211)4 362,818 154,071. 1,751,508 Revenue Sharing Funds 1 $ 348,439 776,626 417,225 90,000 1,632,290 Adjustment Adjusted $( 88,439)2 (551,626)3 (119,250)4 119,250 4 (640,065) +57 .2 )66 .2 362 2 i26 3 )54 2 )65 $ 260,000 225,000 297,975 90,000 119,250 992,225 10.,457 48,066 562,488 19;054 640,065 $1,632,290 Questioned Costs 20,3155 20,315 $20,315 CITY OF BANGOR, MAINE SUMMARY OF DATA SUBMITTED TO THE BUREAU OF THE CENSUS YEAR ENDED DECEMBER 31, 1973 PART 1. Property taxes 2. Sales taxes 3. Licenses, permits and other taxes: (a) - (c) . (d) Other 4. Taxes for education PART II From the State: 1. General support: (a) Property tax relief (b) All other 2. Streets and highways 3. Education - 4. Public we] -fare 5. Health or hospitals 6. All other A From other local governments From Federal.government (directly) The accompanying notes are an integraZ part of these-financiaZ statements Reported to Census RS -9 $8,826,830 54,216 4,077,810 54,000 258,348 lo8,400 1,599,299 128,106 176,708 12,826 102,321 1,687,120 Report to Census Audit Adjustments 1 As Adjusted Adjustments $(119,900) $8,706,930 $ 206,836 2. 129,452 183,668 (112,348)11 22,246 4,100,056 - (54,000) - 29,000 3 - 258,34.8 93,892 4 (104,197) 4,203 104,197 5 282,837 6 (282,837) 1,316,462 212,879 7 229,546 8. - 128,1.06 - - 176,708 68,458 14 13 800 882,220 9 (5,755) 7,071 23,747 10 37,518 15 - 102,321 - 269,500 9 (97,420.) 12 (19,649). 1,667,471 19,421 8 14 (49,269) 128,569 15. 465,233 16 Axhibit c Adjusted (Note A) $8,913,766 71,320 4;100,056 29,000 .352,240 108,400 2,041,724 128,106 245,966 950,556 102,321 2,403,505 Txhibit C (Cont 'd) CITY OF BANGOR, MAINE SUMMARY OF DATA SUBMITTED TO THE BUREAU OF THE CENSUS YEAR ENDED DECEMBER 31, 1973 EXPLANATION OF AUDIT ADJUSTMENTS 1 Represents subsequent adjustments submitted to the Department of the Treasury, Office of Revenue Sharing in a letter dated March 12, 1975. 2 Represents receipts on prior years' tax levies which had been transferred to tax liens. 3 Represents payments in lieu of taxes. 4 Represents State bank stock tax reimbursement previously omitted. 5 Represents State highway construction grants received. 6 Represents State construction grant receipts. 7. Represents State subsidies received for school lunches. 8 Represents other education grants received. 9 Represents sewage construction grants received. 10 Represents State parks and recreation construction grants received. 11 Represents service fee.income previously reported as other taxes net of filing fees not previously considered. 12 Represents adjustment to urban renewal construction grants which were not received directly from the Federal government. 13 Represents State of Maine subsidy for health officer. 14 Represents Medicaid receipts by the Bangor City Hospital reclassified to State grants. 15 Represents construction grant received for Bangor International Airport building. 16 Federal revenue sharing payment previously omitted. CITY OF BANGOR, MAINE REVENUE SHARING FUNDS NOTES TO THE FINANCIAL STATEMENTS DECEMBER 31, 1973 Note A - Summary of Major Accountinq 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 International 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 expen- ditures 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 princi- pally consist of the recognition of encumbrances.for outstanding purchase commitments 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 memoran- dum entitled ''Supplemental Instructions for Maine Cities and Towns,'' I -RS -9 (6/75). Under these guidelines certain line items are speficied to be presented on the cash basis. Accordingly., where appropriate, these items have been converted to the cash basis.