1969CITY OF BANGOR
FINANCIAL STATEMENTS
as at
DECEMBER 31, 1969
CA F (2s44.4 (I k I
BROOKS & CARTER
Certified Public Accountants
84 HARLOW STREET
BANGOR, MAINE 04401
v
AUDIT REPORT AND FINANCIAL STATEMENTS
CITY OF BANGOR, MAINE
AS AT DECEMBER 31, 1969
Table of Contents
Auditors' Letter and Comments
Comparative Balance Sheet - All Funds
Statement of Estimated and Actual Revenues
and Tax Commitment - General Fund
Statement of Appropriations and Expenditures - General Fund
Analysis of Unappropriated Surplus - General Fund
Statement of Capital Improvement Fund
Statement of Revenue and Expenditures - Airport Fund
Statement of Income and Expense - Sewer Utility Fund
Statement of Property Valuation, Assessment and
Collection of Taxes
Statement of Public Debt
Statement of Trust Funds
Statement of Agency Funds
Statement of Property Fund
Page
2-3
4-6
7-8
9-10
11
12
13
14
15
16
17-18
19
20
BROOKS & CARTER
Certified Public Accountants
84 HARLOW STREET
BANGOR, MAINE 04401
FRANK M. CARTER, CPA
RAYMOND T. ADAMS JR., CPA
TELEPHONE 847-0351
GEORGE W. CHEBBA, CPA
March 27, 1970
Members in Council
Bangor, Maine 04401
Gentlemen:
We have examined the following financial statements of the City of Bangor for the
year ended December 31, 1969, appearing on pages 4 through 14.
Comparative Balance Sheet
Statement of Estimated and Actual Revenues
and Tax Commitment - General Fund
Statement of Appropriations and Expenditures -
General Fund
Analysis of Unappropriated Surplus - General Fund
Statement of Capital Improvement Fund
Statement of Income and Retained Earnings - Airport Fund
Statement of Income and Retained Earnings - Sewer Utility Fund
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 foregoing statements present fairly the financial position of
the various funds of the City of Bangor at December 31, 1969, and the results of
operations of the General, Capital Improvement, Airport and Sewer Utility Funds for
the year then ended, in conformity with generally accepted governmental accounting
principles applied on a basis consistent with that of the preceding year.
We have also examined the financial data appearing on pages 15 to 20 of this report.
While in our opinion this data is fairly presented in all material aspects in
relation to the financial statements taken as a whole, it is not necessary for a
fair presentation of the financial position and results of operations of the City
of Bangor and is furnished solely as supplementary financial information.
Respectfully submitted,
V— d;2��
Certified Public Accountants
CITY OF.BAN.GOR
COMPARATIVE BALANCE SHEET
AS AT DECEMBER 31. 1969
ASSETS
General Fund
Cash
Accounts receivable less allowance
for doubtful accounts
Taxes received less allowance for
future losses of $21,828.01 at December 31,
1969 and $18,146.48 at December 31, 1968
Taxes secured by liens and deeds
Taxes secured by sewer liens
Town road.improvement fund due from State
Street and sewer assessments deferred
Inventories of public works materials, etc.
Inventory - School food services
Griffin Road work -in -progress -
reimbursable by State
Total General Fund
Capital Improvement Fund
Cash
Accounts receivable
Amount to be provided in future periods
for second stage of interceptor sewer
Due from General Fund
Due from Airport Fund
Total Capital Improvement Fund
Municipal Debt Fund
Amount to be provided in future periods
to retire indebtedness
Total Municipal Debt Fund
Trust and Agency Funds
4
$
LIABILITIES, RESERVES
AND SURPLUS
December 31,
December 31,
December 31,
December 31,
1969
1968
196.9
1968
General Fund
2,275.59
$ 7,550.56
Accounts payable and encumbrances
$ 283,100.09
$ 354,021.57
Due to Capital Improvement Fund
500,000.00
200,000.00
272,172.09
257,675.15
Due to Sewer Utility Fund
13,016.04
-
Reserves for:
Town road improvement
29,882.36
24,668.12
543,953.24
403,595.52
Automotive equipment replacement
149,756.10
75,604.67
166,155.07
144,102.53
Assessments to be levied in future
411.50
411.50
periods
136,256.34
135,931.27
29,882.36
24,668.12
136,256.34
135,931.27
Total Liabilities and Reserves
1,112,010.93
790,225.63
192,925.75
182,379.45
8,877.31
-
Unappropriated surplus
323,596.70
366,088.47
82,698.38
-
1,435,607.63
1,156,314.10
Total General Fund
1,435,607.63
1,156,314.10
Capital Improvement Fund
193,866.24
115,848.14
Accounts payable and encumbrances
45,994.25
462,529.95
-
391,990.00
Authorized projects - unexpended balance 647,871.99
635,308.19
-
300,000.00
500,000.00
200,000.00
-
90,000.00
693,866.24
1,097,838.14
Total Capital Improvement Fund
693,866.24
1,097,838.14
Municipal Debt Fund
Bonds payable
9,273,000.00
8,816,000.00
9,672,400.00
9,466,000.00
Notes payable
399,400.00
650,000.00
9,672,400.00 9,466,000.00
Cash 16,826.53
Savings accounts 45,548.66
Investments in U.S. Government obligations 272,793.75
Investments in domestic corporations 80,112.08
Fund in custody of Kirstein Fund 28,951.48
Due from Airport Fund 220,000.00
2,372.99
45,548.66
336,567.55
90,014.08
27,941.47
Total Trust and Agency Funds 664,232.50 502,444.75
Total Munici
Trust and Agency Funds
Trust funds
'Agency funds
Debt Fund 9,672,400.00 9,466,000.00
486,380.71 471,922.87
177,851.79 30,521.88
Total Trust and Agency Funds 664,232.50 502,444.75
C-1TY'_:OF.. BANGOR
COMPARATI.VE..BALANCE SHEET
AS AT DECEMBER 31; 1969
ASSETS
Sewer Utility Fund
Current Assets
Cash
Accounts receivable less allowance
for doubtful accounts
Due from General Fund.
Inventory
Total Current Assets
Utility Plant in Service
Land
Buildings
Exterior construction
Machinery and equipment
Less: Accumulated depreciation
Pipelines,and mains
Less: Accumulated depreciation
Construction in progress
Total Utility Plant
Total Sewer Utility Fund
Fixed Asset Fund
Property, plant and equipment
City property tax deeds
Total Fixed Asset Fund
Airport Fund—
Cash
undCash
Accounts receivable less allowance
for doubtful accounts
Total.Airport Fund
December 31,
1969'
$ 15,165.67 $
111,721.92
13,016.04
5,796.73
145,700.36
58,425.67
December 31,
1968
16,763.22''
119,109.89✓
135,873.11
58,425:67
1,165,434.12 1,165,434.12
279,017.57
279,017.57
1,250,370.04
1,250,370.04
2,694,821.73
2,694,821.73
139,494.00
69,719.00✓
2,555,327.73 2,625,102.73
5;484,354.22 5,385,155.52
102,850.00 51,425.00 ✓
5,381,504.22 5,333,730.52
9,921.88 99,198.70
8,005,179.50 8,116,457.62
8,150,879.86 8,252,330.73 .
18,359,576.00 18,293,676.00
8,995.95 7,725.18
18,368,571.95 18,301;401.18
LIABILITIES, RESERVES AND SURPLUS
December 31,
1969
Sewer Utility Fund
Current Liabilities and Reserves
Accounts payable and encumbrances $
Reserve for Federal and State grants
in aid of construction:
Buildings and equipment
Pipelines and mains
Total Liabilities and Reserves
1,020.61 $
1,650,960.00
749,040.00
2,401,020.61
5
December 31,
1968
33,971.66-
1,650,960.00
749.040.00
2,433,971.66
Surplus
City of Bangor's contribution - fixed
assets 5,864,552.92 5,864,552.92
Retained earnings (114,693.67) (46,193.85)
Total Surplus 5,749,859.25 5,818,359.07
Total Sewer Utility Fund
Fixed Asset Fund
Investment in fixed assets
Total Fixed Asset Fund
8,150,879.86 8.252,330.73
18,368,571.95 18,301,401.18
18,368,571.95 18,301,401.18
Air t Fun
7,767.06 562.56 Accounts payable and encumbrances 300.00 25,259.05
Due to Trust and Agency Funds 220,000.00 -
50,581.76 11,210.44 Due to Capital Improvement Fund, - 90,000.00
Total Liabilities 220,300.00 115,259.05
Retained earnings (deficit) - Schedule (161,951.18) (103,486.05)
58,348.82 11,773.00 Total.Airport Fund 58,348.82 11,773.00
CITY OF BANGOR
COMPARATIVE BALANCE SHEET
AS AT DECEMBER 31, 1969
ASSETS
December 31, December 31,
1969 1968
Terminal Building Fund
Cash $ 20,465.29 $ 88,819.64
Development expenses incurred 7.7,034.71 8,680.36
Total Terminal Building Fund
TOTAL ASSETS - ALL FUNDS
97,500.00 97,500.00
$39,141,407.00 $38,885,601.90
[t1
LIABILITIES, RESERVES AND SURPLUS
December 31, December 31,
1969 _ 1968
Terminal Building Fund
Cash grants - in aid from City
Advances $ 10,,000.00 $ 10,000.00
Proceeds from bond issue 87,500.00 87,500.00
Total Terminal Building Fund 97,500.00 97,500.00
TOTAL LIABILITIES, RESERVES AND SURPLUS $39,141,407.00 $38,885,601.90
CITY OF BANGOR
STATEMENT OF ESTIMATED AND ACTUAL REVENUES AND TAX COMMITMENT - GENERAL FUND
FOR THE YEAR ENDED DECEMBER 31, 1969
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 licenses and other
Sub=total
Fines, Forfeits and Penalties
Use of Money and Property
Municipal auditorium
Municipal golf course
Interest on investments
Miscellaneous rents, admissions and
concessions
Sub -total
From Other Agencies
State shared taxes
State grants-in-aid
Federal government
Payments in lieu of taxes
Sub -total
Charges for Current Services
General government
Safety
Highway
Sanitation
Health
Hospitals
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
Sub -total
Estimated
Revenue
$ 20,000.00
400,000.00
420,000.00
48,060.00
6,280.00
3,630.00
2,762.00
60,732.00
31,500.00
52,000.00
51,700.00
25,000.00
32,070.00
160,770.00
70,000.00
945,523.00
329,438.00
62,500.00
1,407,461.00
16,875.00
7,700.00
4,100.00
1.,100. 00
4,200.00
435,000.00
324,110.00
9,500.00
18,000.00
600.00
821,185.00
27,000.00
5,000.00
5,000.00
449,142.00
486,142.00
Actual
Revenue
$ 22,484.22
412,900.70
435,384.92
46,048.93
5,500.69
4,140.50
1,967.00
57,657.12
27,882.05
51, 504. 37
47,387.25
38,742.05
36,898.52
174,532.19
129,718.53
1,035,242.82
323,761.60
21,165.28
1,509,888.23
18,787.06
8,009.50
8,848.22
12,975.41
4,267.00
282,277.19
336,102.18
15,224.02
19,013.10
1,619.59
707,123-27
25,700.00
5,000.00
26,335.31
337,284.27
394,319.58
7
Excess or
(Deficiency)
$ 2,484.22
12,900.70•
15,384.92
(2,011.07)
(779.31)
510.50
_ (795.00)
3,074.88)
(3,617.95)
(495.63)
(4,312.75)
13,742.05
4,828.52
13,762.19
59,718.53
89,719.82
(5,676.40)
(41,334.72)
102,427.23 .
1,912.06
309.50
4,748.22
11,875.41
67.00
(152,722.8l)-
11,992.18
5,724.02
1,013.10
1,019.59
(114,061.73)
(1,300.00)
21,335.31
(111,857.73)-
(91,822.42)
CITY OF BANGOR
STATEMENT OF ESTIMATED AND ACTUAL REVENUES AND TAX COMMITMENT - GENERAL FUND
FOR THE YEAR ENDED DECEMBER 31. 1969
Revenue Classifications
Reimbursements
General government - miscellaneous
Bangor Urban Renewal Authority
Parking and modernization
Welfare
Public Services
Sub -total
Total Revenues
Other Sources
Proceeds from notes issued
Current Year's Tax Commitment
Real property
Personal property
Polls
Total Tax Commitment
GRAND TOTALS
Estimated
Revenue
$ 30,875.00
124,180.00
17,500.00
33,000.00
297,371.00
502,926.00
Actual
Revenue
$ 3,267.04
95,202.19
17,500.00
37,881.69
34,367.95
188,218.87
3,890,716.00 3,495,006.23
150,000.00
4,040,716.00
5,107,750.00
1,045,784.00
19,000.00
6,172,534.00
$10,213,250.00
35495,006.23
4,935,525.14
1,230,395.72
17,553.00
6,183,473.86
$9,678,480.09
# -7
x F
s
E:
Excess or
(Deficiency)
$ (27,607.96)-
(28,977.81).
4,881.69
(263,003.05).
314,707.13)
(395,709.77)
(150,000.00)-
(545,709.77)
(172,224.86)
----184,611.72
(1,447.00)
10,939.86 •
$(534,769.91)
CITY OF BANGOR
GTATEMENT OF APPROPRIATIONS -AND. -EXPENDITURES - GENERAL FUND
FOR THE'YEAR ENDED'DECEMBER 31, 1969
Operating Appropriations
General Government
Council
Executive
City Clerk
Finance
Registration of voters
Assessment
Treasury
Purchasing
Planning
City Solicitor
Personnel
Civil Service Commission
Economic Development
Sub -total
Public Safety
Police
Fire
Sealer of weights and measures
Building inspection
Civil Defense
Sub -total
Health, Welfare and Recreation
Hospital
Health
Welfare
Parks and recreation
Fine arts
Sub -total
Public Buildings and Public works
Public buildings
Public works
Sub -total
Miscellaneous
Harbors and wharves
Pensions and group insurance
Contingent
Debt service
Sub -total
Appropriation
$ 6513,55.00
35,919.00
55,971.00
131,387.00
14,387.00
83,774.00
46,774.00
31,140.00
149,750.00
28$00.00
16,081.00
1,350.00
32,443.00
633,831.00
512,983.00
685,164.00
50.00
34,761.00
6,390.00
1,239$48.00
354,824.00
105,799.00
159,804.00
346,358.00
1,500.00
968,285.00
38,394.00
1$67,017.00
151605,411.00
4,900.00
321,200.00
144,390.00
482,267.00
952,757.00
Expenditures
and
Encumbrances
$ 6,527.74
38,146.50
65,031.68
104,223.49
13,636.44
87,308.22
41,998.07
30,883.74
115,442.62
14,649.61
17,034.77
22,594.22
557,477.10
481,616.40
677,236.97
35,041.54
707.41
111194,602.32
400,780.49
93,348.69
167,973.68
300,958.56
819.48
963,880.90
48,973.64
1,298,301.34
1,34711274.98
1,718.96
294,705.57
2,945.00
534,583.40
833,952.93
9
Appropriation
Over (Under)
Expenditures
$ (172.74)
(2,227.50)
(9,060.68)
27,163.51
750.56
(3,534.22)
4,775.93
256.26
34,307.38
13,850.39
(953.77)
1,350.00
9,848.78
76,353.90
31,366.60
7,927.03
50.00
(280.54)
5,682.59
':44,745.68
(45,956.49)
12,450•.31
(8,169.68)
45,399.44
680.52
4,404.10
(10,579.64)
268,715.66
258,136.02
3,181.04
26,494.43
141,445.00
(52,316.40)
118,804.07
CITY OF BANGOR
STATEMENT OF APPROPRIATIONS AND EXPENDITURES - GENERAL FUND
FOR THE YEAR ENDED DECEMBER 31. 1969
Operating Appropriations
Other Agencies
Taxes paid to county
Public library
Education
Sub -total
Total Operating Appropriations
Other Appropriations
Overlay - reserve for uncollected
taxes
Recreation district tax
Sub -total
10
19,317.00
63,874.00
83,191.00
19,317.00
63,874.00
83,191.00
GRAND TOTAL $10,21311250.00 $9,685,423.54 $527,826.46
Expenditures
Appropriation
and
Over (Under)
Appropriation
Encumbrances
Expenditures
$ 145,000.00
$ 105,138.00
$ 39,862.00
1195038.00
1195038.00
-
4,466,389.00
4,480,868.31
(14,479.31)
45730,427.00
45705,044.31
25,382.69
105130,059.00
9,602,232.54
527,826.46
19,317.00
63,874.00
83,191.00
19,317.00
63,874.00
83,191.00
GRAND TOTAL $10,21311250.00 $9,685,423.54 $527,826.46
CITY OF BANGOR
ANALYSIS OF UNAPPROPRIATED SURPLUS - GENERAL FUND
FOR THE YEAR ENDED DECEMBER 31, 1969
Balance, January 1, 1969
Additions
Excess of appropriations over expenditures,
page 10
Proceeds from sale of City -owned property
Proceeds from workman's compensation
settlement with insurance company
Miscellaneous receipts from urban renewal
Supplemental levy on taxes
Excess earnings from Hersey Fund
Total Additions
Sub -Total
Excess of estimated over actual revenues,
page '8
Add: Excess of actual over estimated
revenues applicable to
current year's taxes
Net excess charge to surplus
Surplus appropriated in 1969:
For Sibley Court construction
For uncollectible accounts
Prior year's adjustments
Cash shortage 1969
Total Deductions
Balance, December 31, 1969
$534,769.91
10,939.86
2,000.00
20,000.00
$527,826.46
11,459.50
4,150.00
520.11
1,193.00
759.18
545,709.77
22,000.00
20,561.50
11
a
t
$366,088.47
545,908.25
911,996.72
588,400.02
$323,596.70
.CITY OF BANGOR -
STATEMENT OF CAPITAL IMPROVEMENT FUND
FOR THE YEAR ENDED DECEMBER 31, 1969
Kenduskeag Stream interceptor sewer
Stillwater Park - Urban Renewal
Grandview Avenue - West
Sylvania Access road
Fourteenth Street - Extension and storm sewer
Harlow Street Lights
School Improvements
Atler Harlow - Traffic circle.
New City Hall - Renovation,
Marina landing - Acquisition
Fairmount Terrace - Land acquisition
Traffic control system
Sylvania Road extension
Main Street sidewalk - Urban Renewal
Washington Street construction - Urban Renewal
Broad - Independent Streets construction -
Urban Renewal
Pickering Square parking lot
Curve Street - Land acquisition
High school - Land acquisition
Abraham Lincoln School - Land acquisition
Totals
1969 Appropriations
Fairmount Terrace - Land acquisition
Main Street sidewalks - Urban Renewal
Washington Street construction - Urban Renewal
Broad -Independent Streets construction - Urban
Renewal
Pickering Square parking lot
Sylvania Road extension
Curve Street - Land acquisition
High school - Land acquisition
Abraham Lincoln School - Land acquisition
105,000.00
105,000.00
40,000.00
55,000.00
247,442.76
$6,758,306.69
$ 25,000.00
95,000.00
65,000.00
105,000.00
105,000.00
23,000.00
40,000.00
55,000.00
247,000.00
$5,358,313.70
14,925.07
14,925.07
$414,836.73 $5,773,150.43
90,074.93
105,000.00
40,000.00
55.000.00
247,442.76
$337,284.27 $647,871.99
12
Balances
Appropriations
Disbursements and Encumbrances
Transferred to
Balances
and
Estimated
Continuing
Other Credits
Prior Years
1969
Total
Revenue
Projects
$4,565,028.76
$4,303,005.77
$249,818.61
$4,552,824.38
$ -
$ 12,204.38
271,472.21
224,779.49
859.40
225,638.89
30,000.00---"
15,833.32
30,000.00
20,523.65
-
20,523.65
9,476.35''°
-
87,315.14
87,570.37
-
87,570.37
-
(255.23)
358,000.00
316,333.80
2,260.94
318,594.74
39,405.26-
.80,000.00
24;431.76
99.14
24,530.90
20,000.00--
35,469.10
25,000.00
24,113.47
-
24,113.47
-
886.53
15,000.00
10,349.12
7,965.50
18,314.62
-
(3,314.62)
406,047.82
311,956.27
61,307.51
373,263.78
30,000.00^
2,784.04
35,000.00
35,250.00
-
35,250.00
-
(250.00)
50,000.00
-
22,399.00
22,399.00
-
27,601.00
100.000.00
-
-
-
-
100,000.00
23,000.00
-
13,529.29
13,529.29
-
9,470.71
95,000.00
-
11,202.70
11,202.70
83,797.30"
-
65,000.00
-
30,469.57
30,469.57
34,530.43
105,000.00
105,000.00
40,000.00
55,000.00
247,442.76
$6,758,306.69
$ 25,000.00
95,000.00
65,000.00
105,000.00
105,000.00
23,000.00
40,000.00
55,000.00
247,000.00
$5,358,313.70
14,925.07
14,925.07
$414,836.73 $5,773,150.43
90,074.93
105,000.00
40,000.00
55.000.00
247,442.76
$337,284.27 $647,871.99
12
CITY OF BANGOR
AIRPORT FUND
INCOME AND RETAINED EARNINGS STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1969
Revenue
13
Landing fees
$145,859.67
Building rental
14,510.63
Gallonage override
145 790.42
Reimbursement for services
49,690.38
Equipment and area rentals
9,438.91
Options and leases
103,196.25
Concessions
12,139.75
Gross business override
1,179.08
Miscellaneous
1,715.15
Total Revenue $ 483,520.24
Expenditures
Administration 177,714.23
Landing area 187,101.69
Aircraft service area 22,656.59
Terminal services area 44,939.56
Revenue producing industrial area 108,573.30
Bad debts 1,000.00
Total Expenditures 541,985.37
Net Deficit (58,465.13)
Retained earnings at January 1, 1969 (103,486.05)
Retained Earnings at December 31, 1969 $(161,951.18)
14
CITY OF BANGOR
SEWER UTILITY FUND
INCOME AND RETAINED EARNINGS STATEMENT
FOR THE YEAR ENDED DECEMBER 31, 1969
Total Operating Revenue
$ 450,489.13
Operating Expenses
Administration
23,885.78
Station and plant - operation and maintenance
78,864.28
City system - operation and maintenance
60,247.86
Total Operating Expenses
162,997.92
Non-operating Expenses
Debt service
213,862.46
Depreciation
121,200.00
Bad debts
20,000.00
Total Expenses
.518,060.38
Net Deficit
(67,571.25)
Retained earnings at January 1, 1969
$(46,193.8'5)
Deductions
Adjustment of prior years accounts receivable
and other
928.57
(47,122.42)
Retained Earnings at December 31, 1969 $(1145693.67)
15
CITY OF BANGOR
STATEMENT OF PROPERTY VALUATION, ASSESSMENT AND COLLECTION OF TAXES,
FOR THE YEAR ENDED DECEMBER.31, 1969
Assessed Valuation
1969
1968
1967
Real estate.
$121,513;80.0.00
$119,004,400.00
$117,7615,900.00
Personal property
30,411,200.00
28,028,200.00
25,824,100.00
Total Valuation
$1511,925,000.00
$147,0325600.00
$143,586,000.00
Tax Rate per $1,000
$40.60
$36.70
$35.00
Taxes assessed on property
$ 65168,155.00
$ 55396,096.00-
$
5,025,510.00
Poll taxes
17,664.00
20,433.00
19$65.00
Total Tax Commitment
$ 65185,819.00
$ 5,416,529.00
$
5,044,875.00
ANALYSIS OF TAXES RECEIVABLE
FOR 1969
Balance, January 1, 1969
$
4215742.00
Additions
1969 tax commitment
$ 6,185,819.00
Supplemental levy of taxes
1,193.00
Sewer assessment
185188.60
Total Additions,
6,2055200.60
6,626,942.60
Deductions
Collections - net;
5,912,815.31
Abatements
275649.70
1968 real estate taxes transferred to tax liens
1205770.14
Other adjustments - net
(73.80)
Total Deductions.
650615161.35
Balance, December 31, 1969
$
565,781.25
SCHEDULED TAXES
RECEIVABLE AT DECEMBER 31, 1969
Year
Taxes -Receivable
Tax Liens
1969
v
$ 526,514.33
$
-
1968
.215059.70
655024.20
1967
1,.
6,577.94
37,013.46
1966
1965
4;989.44
25660.46
215630.20
11,081.97
1964
\, - 756.87
7,272.58
1963 and prior
` 3,222.51
245132.66
565,781.25
166,155.07
Less allowance for.future losses
21,828.01
-
Balance, December 31, 1960
$ 543,953.24
$
166,155.07
16
. CITY OF BANGOR
STATEMENT OF PUBLIC DEBT
AS OF DECEMBER 31, 1969
Assessed valuation
$151,925,000.00
Debt limit - 73-2% of valuation
$11,394,375.00
City of Bangor outstanding debt
- December 31, 1969
9,672,400.00
Additional borrowing capacity
$ 1,721,975.00
DESCRIPTION OF DEBT
Date of
Amount
Principal
Original
Original
Balance
of
Outstanding
Purpose
Issue
Issue
Rate
Maturities
December 31, 1969
Bonds
Permanent public improvement
10/1/54
$ 660,000.00
1.70
%
$ 33,000.00•
1969-1974
$ 165,000.00
Permanent public improvement
8/1/57
100,000.00
3.60
%
5,000.00-
1969-1977
40,000.00
Sewer
11/1/57
120,000.00
3.30
%
6,000.00•
1969-1977
48,000.00
Permanent public improvement
10/1/59
780,000.00
3.70
%
39,000.00..
1969-1979
390,000.00
Capital improvement
8/1/60
435,000.00
3.40
%
20,000.00•
1969-1981
240,000.00
15,000.00
1982
15,000.00
Sewer
8/1/61
435,000.00
3 3/8%
20,000.00•
1969-1982
260,000.00
15,000.00
1983
15,000.00
Urban Renewal
3/1/62
340,000.00
3.00
%
20,000.004
1969-1979
200,000.00
High School
8/1/62
3,200,000.00
3.00
%
160,000.00•
1969-1982
2,080,000.00
Kenduskeag Stream improvement
8/1/62
1,650,000.00
3.00
%
85,000.00
1969-1981
1,020,000.00
35,000.00
1982
35,000.00
Permanent public improvement
9/1/63
400,000.00
3.00
%
205'000.00•
1969-1983
280,000.00
Permanent public improvement
3/1/64
485,000.00
3.00
%
25,000.00'
1969-1983
350,000.00
10,000.00
1984
10,000.00
Public improvement and funding
9/1/65
315,000.00
3.10
%
15,000.00'
1969-1986
255,000.00
Public improvement
12/1/.66
210,000.00
4.00
%
10,000.00.
1969-1987
180,000.00
Street and sewer
12/1/66
100,000.00
4.00
%
5,000.00.
1969-1986
85,000.00
Sewer and treatment plant
7/1/67
1,400,000.00
3.70
%
70,000.00•
1969-1987
1,260,000.00
Permanent public improvement
9/1/67
700,000.00
4.00
%
35,000.00•
1969-1987
630,000.00
Permanent public. improvement
9/1/68
690,000.00
4.10
%
34,500.00•
1969-1988
655,000.00
Permanent public improvement
8/15/69
1,060,000.00
5.75
%
55,000.00
1970-1988
1,045,000.00
' 15,000.00
1989
15,000.00
Total Bonds
9,273,000.00
Notes payable
8/22/68
150,000.00
3.2
%
50,000.00
1969-1971
100,000.00
5/15/69
150,000.00
4.6
%
50,000.00
1970-1972
150,000.00
10/1/69
445400.00
5.75
%
4,440.00
1970-1979
44,400.00 ,
12/1/69
105,000.00
5.90
%
21,000.00
1970-1974
105,000.00
a
Total Outstanding Debt
$9,672,400.00
CITY OF BANGOR
STATEMENT OF TRUST FUNDS
AS AT DECEMBER 31, 1969
Balances, January 1, 1969 Additions
Unexpended
Principal Income Principal
Cemetery
Perpetual Care $167,405.18 $ $12,106.21
Parks
Bass Park Trust
Arthur Chapin 'Fund
City Missionary
Hiram H. Fogg Fund
Louis & Sophia Kirstein Fund
Hiram P. Oliver Fund
Penobscot Association for the Blind Fund
Lorenzo E. Sabine Fund
Stetson Fund
Education
Bangor High School Loan Fund
French Medal Fund
Houlton Public School Fund
Louis & Sophia Kirstein Scholarship Fund
Louis & Sophia Kirstein Student Loan Fund
Alburney E. Webber, Jr. Scholarship Fund
Public Library
Hersey Fund
Aid for Aged Women
Charles E. Adams Fund
Thomas Upham Coe Fund
Home for Aged Women
Anna Hayford Pierce Fund
Stetson Fund
George T. Stodder Fund
Wakefield Fund
Income
$ 9,076.45
17
Withdrawals Balances, December 31, 1969
from
Income Principal Income Total
$ 9,076.45 $179,511.39 $ $179,511.39
2,627.11
2,400.49
5,000.00
27.60
27.60
14,537.85
7,542.20
735.02
14,537.85
8,277.22
22,815.07
1,000.00
596.64
50.56
1,000.00
647.20
1,647.20
1,000.0,0
273.10
50.56
1,000.00
323.66
1,323.66
2,000.00
1,215.60
101.12
2,000.00
1,316.72
3,316.72
137.13
(127.00)
10.13
10.13
1,000.00
859.52
50.56
1,000.00
910.08
1,910.08
12,000.00
1,302.23
616.74
411.96
12,000.00
1,507.01
13,507.01
200.00
194.25
10.11
200.00
204.'36
404.36
9,600.00
78.27
485.39
9,600.0-0
563.66
10,163.66
2,000.00
441.44
101.12
2,000.00
542.56
2,542.56
5,000.00
(23.11)
275.92
250.00
5,000.00
2.81
5,002.81
27,941.47
126.64
1,010.01
28,951.48
126.64
29,078.12
2,000.00
111.09
101.12
75.00
2,000.00
137.21
2,137.21
100,000.00
759.18
5,056.19
4,759.18
100,000.00
1,056.19
101,056.19
10,000.00
453.79
505.62
453.79
10,000.00
505.62
10,505.62
3,000.00
136.13
165.56
150.00
3,000.00
151.69
3,151.69
25,000.00
1,134.49
1,379.56
1,250.00
25,000.00
1,264.05
26,264.05
4,000.00
181.51
220.74
200.00
4,000.00
202.25
4,202.25
5,000.00
226.89
252.81
226.89
5,000.00
252.81
5,252.81
11,000.00
499.17
607.01
550.00
11,000.00
556.18
11,556.18
10,000.00
453.79
551.83
500.00
10,000..00
505.62
10,505.62
CITY OF BANGOR
STATEMENT OF TRUST FUNDS
AS AT DECEMBER 31, 1969.
Balances, January 1,,_1969
Unexpended
Principal Income
Other Funds.
Dorothea A. Miller Fund
Bangor Fireman's Relief Fund,_
Bangor Fuel,Society Fund
Bangor.Mechanics' Association Fund
Kirstein City Hospital and Home Fund
Arthur J. Morey. Trust Fund
Melvin M. Murch Fund
O'Connell Trust Fund
Twitchell.Trust Fund
Flora I: Seavey Fund
Total Trust Funds
$449,855.25
Withdrawals_
9,533.95
78.35
411500.00
(20.80)
121P000.00
(55.45)
500.00
98.00
1,000.00
248.33
5,732x84
1,426.60
1,000.00
837.46
766.83
190.62
1,000.00
74.58-
4.58
$449.,855.25 $22,067.62
18
Additions
Withdrawals_
Balances,
December 31,
1969
from
Principal Income..
Income
Principal
Income
Total
$ 500.00 $ 25.28
$
$_ 500.00
$ 25.28
$ 525.28
454.10.
210.00
9,533.95
322.45
9,856.40
248.33
4,500.00
227.53
4,727.53
662:19
600.00
12,000.00
6.74
12,006.74
25.28
500.00
123.28
623:28
50.,56
1,000.00
298.89
1,1298.89
289.82
5,732.84
1.,716.42
70449.26
50.56
1,000.00
888,02
1.,888.02
38.73
766.°83
229.35
996.18
50.56
8.00
1,000.00
117.14
1.,117.14
$13,489.22 $24,689.89 $23,721.27 $4633*344.47, $23,036.24 $486,380.7.1
19
CITY OF BANGOR
STATEMENT OF AGENCY FUNDS
DECEMBER 31, 1969
Amounts Due the State of.Maine
Pension contribution
$ 25,246.89
Group life insurance
(3,007.50)
Hunting, fishing and plumbing license fees
1,177.73
Survivors benefits
(13.65)
Sales tax
(63:56)
State income tax withheld
8,816.65
Total
$ 32,156.56
Amounts Held in Escrow
Cianchette Bros., Inc.
11,952.99
Other
Workmen's compensation insurance
(30,740.11)
Savings bonds
2,757.69
Miscellaneous deductions and deposits
29,044.96
Maine Teachers Association
3,352.90
United Community Services of Penobscot Valley, Inc.
461.50
Associated Hospital Service of Maine, Inc.
688.70
Federal income tax withheld
128,176.60
Total
133,742.24
Total Agency Funds
$177,851.79
20
CITY OF BANGOR
STATEMENT OF PROPERTY FUND
AS INVENTORIED AND APPRAISED IN 1969
Buildings $10,093,070.00
Land 1,951,520.00
Streets 4,425,452.00
Sidewalks
4115644.00
Bridges
749,350.00
Retaining Walls
164,020.00
Statues
210,000.00
Electrical
345,556.00
Street signs
8,964.00
Total
$18,359,576.00
J