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1987��.!` 352 � ��. . I-� .0741 ; � ` .B224af' t►. , � , ��•f,_ 19 87 � �f l . . � T '�' \ � c . i '`� j ` \\ �. '. . ; - I �_ . CITY OF J �.� -�� F� BA N G O R M A I N E �,, ��. . , , . f� - .,� ; . �_ � - , � .. �. .. � � ��.� - � o . �� .� �- r � �. '- Financial Stafiem�ents + and Other Financial Information � , For The Year Ended Jur�e 30, 1987 �- �- , � � y OF BA�y � ; 4�� Co� i� � . ,� � J • �� T ; Z ' � __ O��j � �� W ?� ~ � A �_: ti \ ' � ti . `,o�qTED, �E'�. i . � - i� � � . � �' � THEODORE C: JELLISON � Finance Direc tor i ,- . , �--- - -- .-- -- .- -- -- -- ; (�� , CITY OF BANGOR, MAINE �~ Annual Financial Report June 30 , 1987 � Table o£ Contents l� AUDITORS' REPORT Exhibit Paqe ( s ) - FINANCIAL STATEMENTS Combined Balance Sheet--All Fund Types and Account Groups 1 1 - 2 � Combined Statement o� Revenues , Expenditures and Chanqes in Fund Balances--All Governmental Fund Tvpes and Expendable Trust Funds 2 3 ;�.; Statement of Revenues, Expenditures and Changes in � Unreserved/Undesiqnated Fund Balance--Budget and Actual--General Fund 3 4 " Combined Statement of Revenues , Expenses and Changes in Retained Earninqs/Fund Balances--All Proprietary Fund Tvpes and Similiar Trust Funds 4 5 Combined Statement o� Chanqes in Financial Position-- All Proprietary Fund Tvpes and Similiar Trust Funds 5 6 Notes to Financial Statements � - Z1 ADDI`('IONAL INFORMATION Schedule Governmental Funds : General Fund: Balance Sheet A-1 22 Statement of Revenues , Expenditures , and Chanqes in Unreserved/Undesi.qnated Fund Balances--Budqet and Actual A-2 23 - 24 Special Revenue Funds : -' Balance Sheet B-1 25 Statement oF Revenues , Expenditures __ and Chanqes in Fund Balance B-2 26 Capital Proiect Funds: � — Balance Sheet C-1 27 � Statement oF Revenues , Expenditures � , and Chanqes in Fund Balances �-2 2g i � (- CITY OF BANGOR, MAINE Annual Financial Report June 30 , 1987 Table of Contents Additional In�ormation (Continued) Schedule Paqe ( sl Proprietary Funds : , Enterprise Funds : - Combininq Balance Sheet D-1 29 Combininq Statement oE Revenues , Expenses and Chanqes in Retained Earninqs D-2 30 Combininq Statement oF Chanqes in Financial Position D-3 31 Fiduciary Funds : 7'rust and Aqencv Funds : Combininq Balance Sheet E-1 32 Expendable Trust Funds - Statement of Revenues , Expenditures , and Changes in Fund Balance E-2 33 Nonexpendable Trust Funds - Combininq Statement oP Revenues , Expenses and Chanqes in Fund Balances E-3 34 Schedule o� Assessed Valuation, Commitment and Collections F 35 STATISTICAL SECTION : Table Propertv Tax Valuations , Levies and Collections - Last Ten Fiscal Periods 1 36 Local ,Assessed Valuations - Last Ten Fiscal Periods 2 � 37 General Fund Expenditures by Function - Last Ten Fiscal Periods 3 38 General Fund Revenue by Source - Last Ten Fiscal Periods 4 39 Ratio o� Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures - Last Ten Fiscal Periods 5 40 Debt Service Requirements to Maturity - General Obliqation Bonds 6 41 ' Ratio of General Bonded Debt to Assessed Value and General Bonded Debt per Capita - Last Ten Fiscal Periods 7 42 _ ,f � i �-�- ! ; L,AFGER, BROOKS, CARTER, ADE � HERSEY � t, CERTiFIED PUBLIC ACCOUN7'ANTS P.O. BOX 1167 22 MERCHANTS PLAZA IIANGOR,htA1NE 04401 (207)9i7-3315 I S00 432-1681 ��+s.�.cr.� Vau¢hn L fie.xy Jr.,CP.� RKAard C A.ie.CP.�1 - RicAard A.'ro��ler.CI'A - Lr�+,E Sa.i�.CPA ' Riclurd�1.Rm,CPA AUDITORS' REPORT The Honorable Mayor, City Council and City Manager -' City of Bangor, Maine We have examined the general purpose financial statements of the City of Bangor, Maine as of and for the year ended June 30, 1987, as listed in the table of con tents. Our examina tion was made in accordance wi th 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. Zn our opinion, the general purpose financial statements referred to above present fairly the financial position of the City of Bangor , Maine, at June 30, 1987 , and the results of its operations and the changes in financial position of the proprietary fund types for the year then ended, in conformity with generally accepted accounting principles applied on the basis consistent wi th tha t of the preceding year. Our examination was made for the purpose of forming an opinion on the general purpose financial statements of the various funds and account groups of the Ci ty of Bangor, Maine , taken a s a whole . The addi tional informa tion included in Schedules A-1 through F and statistical Tables 1 through 7 are presented for supplementary analysis purposes and are not a required part of the general purpose financial statements of the City of Bangor , Maine . The addi- tional information has been subjected to the auditing procedures applied in the examination of the basic general purpose financial statements and, in our api- nion, is stated fairly in all material respects when considered in relation to the general purpose financial statements taken as a w�ole. � �L j �� J �� {� August 26, 1987 v OFFICES IN: BANGOR MILLINOCKET PORTLAND �_ -._. .. I . . . � . 1 . �I �e I „ ___-1 - 9 �� r.xntnic i CITY OF BANGOR, HAINE Combined Balance Sheet - All Fund Types and Acco�nt Groups June 30, 1987 i__^ laith_comparative totals for June 30, 1986) �Proprietary Fiduciary Governmentai Fund Tynes fund Tvve Fund TVPe Account Grou s Special Capita] En�erprise enera enera Totals IN�,tes 9 Trust and Fixed Lonq-tern (Memorandum Onlyl Assets and Other Debits General Reven�e Projects and 131 Aqencv Assets Debt 1987 1986 Cash on hand $ 1,930 $ 250 $ - _ _ Equitv in pooled cash and S 1,248 $ S S - $ 3,428 $ 3,327 investments - Inote 21 6,354,A03 127,55Fi 3,3"L4,433 557,"l75 859,304 - - 11,223,370 10,902,931 Investments at cost - (note 21 - - - - 523,315 - - 523,315 518,369 Receivables (net, r+here applicable oE allowance Eor estinated un- collectible accaunl:s oE $94,A42 in 1987 and 5730,191 in 1986: Taxcs, including interest, penall;ies and liens Inote 31 998,304 998,304 y91,190 � Accounts 342,%52 8J4 GG,0:�7. 90A,534 10.830 - - 1,325,062 1,381,483 � Loans - 2,382,6Q] - - 31,645 - - 2,414,246 2,531,790 � DeEerred special assessments - - 306,865 _ _ _ - 306,865 J93,935 Due Ecoo other qovernments (note 4) - "L8,379 8�1,967 ! _ _ _ - 880,346 625,ti70 Advance to enterprise Eunds (note 9) Z00,000 - 175,501 375,501 500,000 Inventory, a1. cost 472,545 - - tiA,6?.2 - - - 531,167 532,362 Prep�id ex��cnse:J - - - �� <�� _ _ - 115,917 66,031 Property, plant and equipment (net oE accumulated depreciation) Inote 51 - - - 116.40G.A52 - 46,542,282 - 162,948,734 162,581,775 Anount to be provided f:or retirement of general long Lerm debt - - - _ _ - 10,746,985 10,'746,985 10,180,763 Ueposits for construcl:ion xith capital proiects Eunds - - ']34,093 - - - 734,093 1,055,187 Other assets 21,897 - --___:_- 777.643 - - - ___ 799_,540_ ^ 844_102 $_H_39'1.�7.J!_ $l__539_F�Y') $4,7%4�fSJfi_ ;IIJ:��S.'/fs4 Sl_4"l5 094 $46.542.282 $10 746,985 5143.9�6 873 $192,9U8.915. � 7'hc accompdnyinq notes are on integral part of [hc�.c linanci.i! st..ifcmenLs. I i --. -- � � - - , i Exhlbit I Cont'd. CITY pp BANGOR NAINE Combined Balance Sheet - All Fund �'ypes and Account Groups, Continued Proprietary Fiduciary Governmental Fund Types Fund Type fund Type Acco�nt__Groups n eE�ror�se e�neral �enera Totals Special Capital lNotes 9 Trust and Fixed Lonq-tern emoran un n y Liabilities General Revenue Projects � and 13) Aqency Assets _. Debt 1987 1986 Accounts Pavable $ 331,040 $ 3,353 $ 133,492 S 213,877 S - S - S - S 681,762 $ 487,892 Accrued leave - - - 120.832 - - 461,398 582,230 557,426 Accrued payroll 756,507 - - - - 756,507 629,811 Tax collected in advance 17,130 - - - - - - 17,130 10,039 Amounts held by aqency Eunds Eor others - - - - 679,729 - - 679,729 624,729 DeEerred reven�es Inote 6) 953,592 2,382,601 - 7.490 - - - 3,343,683 3,628,946 Advance Eron other Eunds(note 91 - - - 375,501 - - - 375,501 500,000 General obliqation bonds and notes payable lnote 71 - - - 2.454,413 - - 10,Z85,587 12,740,000 12,235,000 2,058,269 2,385,954 133,492 3,172,113 679,729 10,746,985 19,176,542 18,673,843 Fund Equity � C'ontributed capital lnote 81 - - - 109,228.573 - - - 109,228,573 111,130,964 � Investment in qeneral E'ixed �v assets lnote 51 - _ _ _ _ i Retained earninqs _ _ _ 46.542.282 - 46,542,282 44,985,321 Fund balance: i 7,155,098 - - - 7,155,098 6,150,771 Reserve for: Encunbrance 154,158 3,938 770,249 , - - - - 928,345 617,590 Advance to enterprise Eunds (note 91 200,000 - 175,501 - _ Loans _ _ _ , 375,501 500,000 Endowments _ _ _ - 67.252 - - 67,252 65,388 Unreserved: - 511,417 - - 511,417 493,285 Designated Eor subsequent years expenditures lnote 101 2,567,113 149,787 3,032,577 - 166,696 - - 5,916,173 5,991,436 Undesiqnated 3,412,691 - 612,999 ; _ _ _ - 4,025,690 4,300,317 Total Eund equitv 6,333,962 153,725 4,591,326 116,383,671 745,365 46,542,282 - 174,750,331 17�,235.072 S 8.392.231 S2,539,679 $4.724.818 :$119.555.784 S.�425,094 S46.542.282 510.746.985 S193.926.873 $192.908.915 , The accompanying no[es are an in[egral part ' , of these financial statements. , _.. ._ , i .. . I � , , - ! rXntt�ic z CITY OF BANGOR, MAINE Combined Statement oE Revenues, Expenditures and Chanqes in Fund Balances - All Governmental Fund Types and Expendable 7'r�st Funds Year ended June 30, 1987 Fiduciary Governmental Fund Tvpes Fund Tvpe pec�a ap� a Expendable General Revenue Proiects Trust Total Revenues: Taxes (note 3) S19,272,375 S - S - - S19,272,375 Special assessments - - 116,729 - 116,729 � Interqovernmental 7,992,324 761 ,066 1,372,322 - 10, 125,712 Licenses and permits 154,283 - - - 154,283 Charqes for services 620,355 - - - 620,355 Fines, EorEeits, and penalties 5,368 - - - 5,368 Revenues Erom use of monev and propertv 1,467,622 429,670 102,507 32,531 2,032,330 Reimbursements 307,099 - - - 307,099 Hiscellaneous - - 3,824 - 3,824 Total revenues 29,819,426 1 , 190,736 1 ,595,382 32,531 32,638,075 Expenditures: General qovernment 1 ,986,650 - - - 1,986,650 Public saEety 5,671,587 - - - 5,671,587 Health, s+el£are, and recreation 1 ,598,509 - - - 1,598,509 � Public buildinqs and services 3,643,334 - - - 3,643,334 Other aqencies 841,391 - - - 841,391 Education 14,290,692 - - - 14,290,692 Other appropriations 1 ,439, 162 - 2,926 - 1,442,088 Community Development Block Grant - 1 , 182,388 - - 1 , 18Z,388 Perpetual care Eees - - - 17,000 17,000 Distribution to beneficiaries - - - 9, 197 9, 197 • Capital proiects - - 3,799,506 - 3,799.506 Total expenditures 29,471 .325 1, 182,388 3,802,432 26, 197 34,482,342 Excess (deEiciency) oE revenues over expenditures 348, 101 8, 348 ("1,207,0501 6,334 (1 ,844,267) Other Einancina sources (uses) : Uperatina transEers in - - 1 ,645,991 - 1,645,991 Operatin� transEers out (note 9) t1 ,750,3581 - - - (1 ,750,358) Proceeds Erom bonds - - 1 ,"785,000 - 1 785,000 t1 ,750,358) - 3,430,991 - 1 ,680,633 Excess fdeEiciencv) oE revenues and other sources over expend- ilures and other uses ( 1 ,4U'1., 257) 8, 348 1 ,"L'1.3,9�1 6,334 l 163,634 ) Fund balances at beginning oE pr..riod 7.73(i, 1.1�) 14�i.37'1 3.:3Ei1,3ft5 160,367. 11 ,4Q9, 34:i Fund balances at ?nd oE period S 6.333.962 S 153,725 S 9 .591 .326 $ 166,696 $11 ,245,709 7'hc ,�ccnmp.�ny.ing not��, :�rc an inr.e��r.�l part nf t:h��s�� fin.�nrin! r:t:it�•nu•nf.s. - Exhibit 3 CITY OF BANGOR, MAINE � Statement o� Revenues , Expenditures, and . Chanqes in Unreserved/Undesiqnated Fund Balance - Budqet and Actual General Fund _ Year ended June 30 , 1987 Variance - Favorable Budqet Actual (UnEavorable ) - Revenues : .. Taxes (note 3 ) $18 , 796, 153 $19, 272, 375 $ 476 , 222 Interqovernmental 7 , 871 , 723 7 , 992, 324 120 , 601 _ Licenses and permits 129, 130 154 , 283 25 , 153 Charqes Eor services 601 , 870 620 , 355 18 , 485 Fines , for�eits, and penalties 6, 200 5, 368 ( 832 ) Revenue £rom use of money and property 1 , 391 , 759 1 , 467, 622 75 , 863 Reimbursements 277 , 100 307 , 099 29 , 999 Total revenues 29 , 073 , 935 29 , 8191426 745 , 491 Expenditures : General qovernment 2 , 119 , 479 1 , 918 , 812 200 , 66"1 Public sa�etv 5 , 837 , 945 5 , 701 , 947 135 , 998 Health, welEare , and recreation 1 , 604 , 760 1 , 628 , 479 ( Z3 , 719 ) Public buildinqs and services 3 , 783, 638 3 , 677 , 531 106, 107 Other aqencies 841 , 391 841 , 391 - Education 14 , 709, 119 13 , 804 , 787 904 , 332 Other appropriations 1 , 52Z, 385 1 , 447 , 941 74 , 444 Total expenditures 30 , 418 , 717 29 , 020 , 888 1 , 397 , 829 Excess o£ revenues over expenditures ( 1 , 344 , 782 ) 798 , 538 2, 143 , 320 Other Financing sources (uses- ) Operatinq transFers out ( 155 , 218 ) i 104 , 367 ) 50 , 851 Appropriation from surplus 1 , 500 , 000 2, 133 , 705 633 , 705 Operating transPers in - 300 , 000 300 , 000 Excess (deFiciency) oE revenues and other sources over expenditures and other uses $ -0- $3 , 127 , 876 $3 , 127 , 876 Fund balance undesiqnated/ unreserved beqinninq oE year 3 , 485 , 043 Balances carried to succeeding year ( 1 , 066 , 5231 Appropriation �rom surplus ( 2, 133 , 705 ) Fund balance undesiqnated/ unreserved, end of year $ 3 , 412, 691 The accompanying notes are an integral part _ of these financial statements. -4- ` CITY OF BANGOR, MAINE Exhibit 4 � Combined Statement oF Revenues , Expenses , and Chanqes in Retained Earninqs/Fund Balances - All Proprietary Fund � `Pypes and Similar Trust Funds � � Year ended June 30 , 1987 _ Proprietary Fiduciary Fund Tvpe Fund Type Enterprise Nonexpend- ( Notes 9 & 13 ) able Trust Total - Operatinq revenues : Charqes For services S 7 , 406 , 206 - $ 7 , 406 , 20G Interest - . 7 , 433 7 , 433 . Lot sales - 12 , 564 12 , 564 Total operatinq revenues 7 , 406 , 206 19 , 997 7 , 426 , 203 Operatinq expenses : Operatinq expenses other than depreciation 6 , 056 , 698 - 6, 056 , 698 . Depreciation and amortization: On assets acquired �ith own �unds 3Z1 , 195 - 321 , 195 On assets acquired with contributions 3 , 021 , 040 - 3 , 021 , 04U Total operatinq expenses 9 , 398 , 933 - 9 , 398 , 933 Operatinq income ( loss ) ( 1 , 992 , 727 ) 19 , 997 ( 1 , 972, 7301 Non operatinq revenues ( expenses ) : Interest income 38 , 266 - 38 , 266 Interest expense ( 166 , 619 ) - ( 166 , 619 > ( 128 , 3531 - ( 128 , 353 ) Income ( loss ) before operat- inq trans�ers ( 2, 121 , 080 ) 19 , 997 ( Z, 101 ,'083 ) Operatinq transfers in 104 , 367 - 104 , 367 Operatinq transEers out - _ _ Net income ( loss) ( 2, 016 , 713 ) 19 , 997 ( 1 , 996 , 7161 Add depreciation and amortization - on assets acquired with with contributions 3 , 021 , 040 - 3 , 021 , U40 Increase in retained earninqs 1 , 004 , 327 19 , 997 1 , 024 , 3"L4 Retained earninqs/fund balance at beqinninq of period 6 , 150 , 771 558 , 672 - 6 , 709 , 443 Retained earninqs/fund balance � at end of period S 7 , 155 , 098 $578 , 669 $ 7 , 733 , 767 The accompanying notes are an integral part - of these financial statements. -5- i— C I TY OF BA(�GOR, MA I NE Exhibit 5 • Combined Statement oE Chanqes in Financial Position - Al:l �roprietary Fund 'I'ypes _ . and Similar Trust Funds ' Year ended June 30 , 198'/ ; Proprietary Fiduciary : Fund Type Fund TypP Enterprise Nonexpend- (Notes 9 & 13 ) able Trust `I'otal Sources of workinq capital : ' Operations : Net income ( lossl $ ( 2, 016 , 713 ) $ 19 , 997 $ ( 1 , 996 , 716 ) Items not requirinq work- _ inq capital-depreciation and amortization 3 , 34"L , 235 - 3 , 342 , 235 Workinq capital provided bv operations 1 , 325 , 522 19 , 997 1 , 345 , 519 Contributions : Citv 56 , 576 - 56 , 5%6 Customers 12, 986 - 12 , 486 Federal , state , and other 1 , 049 , 588 - 1 , 049 , 588 Proceeds oE bond issue 30U , 710 - 300 , 710 Deposits E'or Capital pro�ects 321 , 094 - �, n94 3 , 065 , 976 19 , 997 3 , 085 . 973 Uses oF workinq capital : Acquisition of property, plant , and equipment 2 , 105 , 105 - 2 , 105 , 105 Current installment - general obliqation bonds 370 , 520 - 3'70 , 52U Decrease in advance from other funds 124 , 499 124 , 499 Increase in workinq capital 465 , 852 9 9 � 485 849 L 3 , 065 , 976 19 , 997 3 , 085 , 973 Elements o�' net increase (decrease ) in working capital : Cash 457 , 229 16 , 286 473 , 515 keceivables tnet ) 95 , 429 ( 1 , 235 ) 94 , 194 Investments 4 , 946 4 , 946 Inventory ( 31 , 987 ) - ( 31 , 987 ) _ Prepaid expenses 4g , gg6 _ 49 $$6 Accounts payable and accrued expenses ( 87 , 503 ) - ! 87 , 5031 Prepaid revenue 2, gpp _ 2 $Q� Current installments of lonq-term debt and notes pavable ( 20 , OU2i - ( 2U . 002 ) Net increase in work- , inq capital $ 465 , 852 S 19 , 997 $ _ 485 , 849 The accompanying notes are an integral part of these finaricial statements. -6- CITY OF BANGOR, MAINE : Notes to Financial Statements June 30 , 1987 NOTE 1 - Summary o� SigniFicant Accounting Policies The City oF Bangor , Maine Was incorporated February 12, 1834 , under the laWs o� the State o� Maine . The City operates under a Council-Manager form of government and provides the folloWing services as authorized by its charter : public sa�ety, public works, recreation, and education. The accounting policies of the City of Bangor , Maine conform to generally accepted accounting principles as applicable to governmental units . The �ollowing is a summary oF the more signi�icant policies : (A) Basis o� Presentation - Fund� Accountinq The accounts of the City are organized on the basis oE Eunds and account groups , each of which is considered a separate accounting entity. The operations oP each Eund are accounted for with a separate set of selE-balancing accounts that comprise its assets , liabilities , �und ,balance/retained earnings , revenues, and expenditures/expenses . The various Eunds are summarized by type in the Financial statements . The following £und types and account groups are used by the City: GOVERNMENTAL FUND TYPES Governmental Funds are those through which most governmental �unctions o� the City are �inanced. The acquisition, use, and balances oE the City ' s expendable �inancial resources and the related liabilities ( except those accounted Por in proprietary funds ) are accounted �or � through governmental �unds . The measurement �ocus is upon determination o� changes in financial position, rather than upon net income determination. The following are the City ' s governmental fund types : General Fund - The General Fund is the general operating £und oE the City. It is used to account for all �inancial resources except those required to be accounted £or in another Eund. Special Revenue Funds - Special Revenue Funds are used to account �or the proceeds oE speciFic revenue sources (other than expendable trusts or major capital projects ) that are legally restricted to expenditures �or speci£ied purposes . Capital Projects Funds - Capital Projects Funds are used to account Eor financial resources to be used for the acquisition or construction o� major capital Facilities . PROPRIETARY FUND TYPES Proprietary Funds are used to account �or the City ' s ongoing organization and activities which are similar to those oEten �ound in the private sector . The measurement focus is upon determination oE net income . -�- CITY OF BANGOR, MAINE Notes to Financial Statements June 30 , 1987 ' � NOTE 1 - Continued -- Enterprise Funds - Enterprise Funds are used to account for - operations ( a) that are financed and operated in a manner similar to private business enterprises - where the intent oE the governing body is __ that the costs ( expenses , including depreciation) o� providing goods or services to the general public on a continuing basis be £inanced or ' recovered primarily through user charges; or (b) where the governing body has decided that periodic determination of revenues earned, -" expenses incurred, and/or net income is appropriate �or capital maintenance , public policy, management� control , accountability, or other purposes . . FIDUCIARY FUND TYPE Fiduciary Funds are used to account £or assets held by the City in a trustee capacity or as an agent �or individuals , private organizations , other governmental units , and/or other �unds . Trust and Agency Funds - Trust and Agency Funds include expendable , nonexpendable and agency �unds . Nonexpendable funds are accounted Eor and reported as proprietary Funds since capital maintenance is critical . Expendable trust and agency funds are accounted Eor and reported as governmental funds . ACCOUNT GROUPS Account groups are used to establish accounting control and accountability £or the City' s general Eixed assets and general long-term debt . The �ollowing are the City' s account groups : General Fixed Assets Account Group - This group oF accounts is established to account £or all fixed assets oE the City, other than those accounted for in the proprietary Eunds . General Long-Term Debt Account Group - This group o� accounts is established to account for all long-term debt of the City except that accounted for in the proprietary £unds . (B) Basis o� Accountinq The modi£ied accrual basis o£ accounting is �ollowed by the governmental funds and expendable trust and agency funds . Under the modi�ied accrual basis o� accounting, revenues are recorded when susceptible to accrual , i . e . , both measurable and available . Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures , other than interest on long-term debt , are recorded when the liability is incurred, -- if ineasurable . In applying the susceptible to accrual concept to intergovernmental revenues , the legal and contractual requirements o� the numerous individual programs are used as guidance . There are , however , essentially two types oF these revenues . In one, monies must be expended on the speci�ic purpose or project be£ore any amounts Will be ' -s- � CITY OF BANGOR, MAINE Notes to Financial Statements June 30 , 1987 , NOTE 1 - Continued paid to the City; therefore, revenues are recognized based upon the expenditures recorded. In the other, monies are virtually unrestricted as to purpose o� expenditure and are usually revocable only �or �ailure -- to comply with prescribed compliance requirements . These resources are re�lected as revenues at the time o� receipt or earlier i� the susceptible to accrual criteria are met . Licenses and permits , charges For services , £ines and Eorfeits, and - miscellaneous revenues ( except investment earnings) are recorded as revenues When received in cash because they are generally not measurable until actually received. Investment earnings are recorded as earned since they are measurable and available . The accrual basis of accounting is used by proprietary funds and nonexpendable trust Eunds . (Cl Encumbrances Encumbrance accounting, under which purchase orders , contracts, and other commitments For the expenditure oF �unds are recorded in order to reserve that portion o� the applicable appropriation, is employed in the governmental �unds . Open encumbrances are reported as reservations oF Fund balances since the commitments will be honored in subsequent years . Encumbrances do not constitute expenditures or liabilities . ( D) Budgetary Accounting The City utilizes a �ormal budgetary accounting system to control revenues and expenditures accounted �or in the general �und. These budgets are established in accordance with the various laws which govern the City ' s operations . The third Monday in March, the city administrator submits to the City Council a proposed operating budget Eor the Eiscal year commencing the following July l . The operating budget includes proposed expenditures and the means o£ financing them. Public hearings are conducted to obtain taxpayer comments . The budget is legally enacted through the passage oP an appropriation resolve . The city administrator is authorized to transfer budgeted amounts between departments, however , any revisions that alter the total expenditures must be approved by the City Council . No signiFicant additional appropriations Were required in 1987 . All unencumbered and unexpended appropriations lapse at year end. Departmental expenditures may not exceed appropriations . Budget data as presented �or these funds utilize the modi£ied accrual basis of accounting. Budgetary controls are maintained on the other governmental �unds through formal authorizations by the City Council and grant agreements . ( E ) Investments c Investments are stated at cost . -9- CITY OF BANGOR, MAINE � Notes to Financial Statements June 30 , 1987 � NOTE 1 - Continued � � - (Fl Inventory � Inventor consists � y primarily of expendable supplies held £or consumption. (G) Advances to Other Funds Long-term interFund advances are recorded as a receivable and as a reserve oP �und balance by the advancing �und. tHl General Fixed Assets General fixed assets have been acquired for general governmental purposes . Assets purchased are recorded as expenditures in the governmental £unds and capitalized at cost in the general fixed assets account group. Contributed Pixed assets are recorded in general fixed assets at estimated �air market value at the time received. Public domain ( " infrastructure" l general �ixed assets consisting of roads , bridges , curbs, and gutters, streets and sideWalks , drainage systems , and lighting systems are capitalized along �ith other general fixed assets . No depreciation has been provided on general fixed assets, nor has interest been capitalized. ( I ) Property, Plant and Equipment - Enterprise Funds Property, plant , and equipment owned by the various enterprise fUnds is stated at cost except £or certain assets contributed by others which are stated at Fair market value as of the date oE contribution. Depreciation has been provided over the estimated use�ul lives using the straight line method. Depreciation on all assets has been recorded as an expense o£ the current period. The amount applicable to assets acquired from contributions has then been trans�erred to the related contribution account rather than to retained earnings . The range oE the estimated useful lives o£ the various classes o£ enterprise depreciable assets is as £ollows : Range of Estimated Asset Class Useful Li�e Buildings 25 - 40 years Equipment 5 - 20 years Pipelines and Mains 100 years Aircra�t operational assets : Runways 40 years Buildings 20 years Machinery and equipment 5 - 10 years -lo- CITY OF BANGOR, MAINE Notes to Financial Sta�ements June 30 , 1987 NOTE 1 - Continued (J ) Vacation and Sick Leave __ Under terms of union contracts and personnel policies , permanent �ull time City employees are granted vacation and sick leave in varying _. amounts . In the event o� termination an employee is reimbursed �or accumulated vacation days up to the eqUivalent oF thirty days vacation. - Employees are reimbursed �or 33 percent of accumulated sick leave, up to 40 days , only upon retirement . For Governmental Type Funds (General and Special Revenue ) , the City appropriates �unds �or accrued vacation in the year the vacation is taken. Accordingly, accumulated vacation time earned and not taken at the end oP the �iscal year will �be raised in subsequent years ' budgets . The related obligation, thereEore, is recorded in the general long-term debt group of accounts oE the City in accordance with Statement No . 4 oP the National Council on Governmental Accounting. Accumulated sick leave is not recorded since it is neither determinable nor measurable . (Kl Capital Projects Funds - Unappropriated Fund Balances Unappropriated £und balances in the Capital Projects Funds represent , on a cumulative basis , the excess o� speciEic project resources over the related project costs �or completed as well as certain open projects . These amounts are currently unappropriated and as such are available �or use within the Capital Projects Funds �or £uture capital construction. (L) Comparative Total Data Comparative total data �or the prior year have been presented in the accompanying combined financial statements in order to provide an understanding of changes in the City ' s financial position and operations . However , comparative data ( i . e . , presentation o£ prior year totals by fund type ) have not been presented in each o� the statements, since their inclusion �ould make the statements unduly complex and di££icult to read. The total data are the aggregate of the Eund types and account groups . No consolidating or other eliminations were made in arriving at the totals; thus they do not present consolidated in�ormation. NOTE 2 - Equity in Pooled Cash and Investments , and Cash and Investments The City maintains a cash and investment pool that is available �or use by all £unds . Each fund type ' s portion o£ this pool is displayed cn the combined balance sheet as "Equity in pooled cash and investments" . In addition, cash and investments are separately held by some o� the City ' s �und types . � -11- � CITY OF BANGOR, MAINE Notes to Financial Statements ^ June 30 , 1987 NOTE 2 - Continued Deposits : At vear-end, the carrvinq amount o£ the City' s deposits xas 57 , 124 , 659 and the bank balance was $7 , 252, 323 . Of the bank balance , 5590 , 826 Xas covered by �ederal depository insurance and $6 , 661 , 497 was -- uninsured and uncollateralized. � Investments : Statutes authorize -the Citv to invest in obliqations o� the � U. S. Treasurv, aqencies , and instrumentalities, repurchase agreements, corporate securities , Financial institution stocks and other stock investments . The Citv ' s investments are cateqorized below to give an indication of the level of risk assumed by the entity at year-end. - CateQory 1 includes investments that are insured or collaterized with securities held by the City or its aqent in the City ' s name . Category 2 includes uninsured investments for which the securities are held by the banks ' trust department in the City' s name . Category 3 includes uninsured investments for which the securities are held by the banks ' trust department or its aqent but not in the City' s name . -- Cateqory Carrying Market 3 Amount Value Short-Term U. S. Gov ' t . Pooled Funds $ - S - 53 , 388 , 952 S3 , 388 , 952 $3 , 388 , 952 U. S. Treasury obliqations - - 318 , 075 318 , 075 314 , 501 Repurchase agreements - - 900 , 000 900 , 000 900 , 000 Corporate Bonds = 15 , 000 - 15 , 000 12 , 975 S - S15 , 000 54 , 607 , 027 $4 , 622 , 027 $4 , 616 , 428 NOTE 3 - Property Tax - The City' s property tax was levied July 1 , 1986 on the assessed value listed as o� the prior April 1 , Eor all real and personal property located in the City. The assessed value �or the list o� April 1 1986 upon which the 1986 levy was based, was $547 , 229 , 100 . The estimated market value Was S782, 000 , 000 makinq the assessed value 70 percent o� the estimated market value . Taxes are billed on a semi-annual basis . Taxes Were due August 1 and February 1 with a qrace period to the First oF the EolloWing month be�ore interest was charqed. Current tax collections �or the year ended - June 30 , 1987 were 95 . 8 percent of the tax levy. Propertv taxes levied �or the vear ended June 30 , 1987 are recorded as receivables . The receivables collected durinq the year and during the Eirst 60 days of the subsequent year are recoqnized as revenues Eor the year ended June 30 , 1987 . Receivables estimated to be collected subsequent to the 60 day period are considered to be deferred revenues . Prior year tax levies Were recorded using this same principle . i- -12- � � i �.�. CITY OF BANGOR, MAINE —, Notes to Financial Statements June 30 , 1987 __ NOTE 4 - Due From Other Governments - Capital Projects • Due �'rom other governments includes accrued reimbursement on the following capital projects : Amounts Amounts Estimated Expenditures Funded Due From ._. Total To By Other Other Project Costs Date Gov' ts . Gov' ts . Airport Development Aid Project $8 , 278 , 725 $7 , 636 , 806 $7 , 448 , 449 $830 , 270 Sewerage F�cility Planning 201 , 500 175 , 597 144 , 630 1 , 210 Garland Street Field 190 , 000 6 , 051 70 , 000 3 , 025 Water works reuse 26 , 000 16 , 319 20 , 000 11 , 652 Kenduskeag Plaza and Bridge 350 , 000 289 , 310 175 , 000 5y810 $8 , 996 , 225 $8 , 124 , 083 �7 , 858 , 079 $851 , 967 NOTE 5 - Fixed Assets A summary oE changes in general �ixed assets is presented on page 14 . The Construction in process is composed o� the following: Required Project Expenses to Balance Future Authorization JUne 30 , 1987 Committed Financinq Buildings $1 , 653 , 815 $ 424 , 219 $1 , 229 , 596 None School 1 , 317, 100 214 , 918 183 , 082 919 , 100 Streets 1 , 088 , 322 264 , 594 823, 728 None Electrical 58 , 400 12, 700 45 , 700 None Other Projects 2, 792, 402 1 , 402 , 066 1 , 390 , 336 None $6 , 910 , 039 $2, 318 , 497 $3 , 672, 442 919 , 100 � -13- i �.. ; CI'fY OF BANGOf2, MAINE Notes to Financial Statements June 30, 1987 NOTE 5 - Fixed Assets, Continued A summary oE changes in general Eixed assets Eolloas: Balance Balance June 30, „ June 30, 1986 Additions Deletions TransEers 1587 Land $ 3, 116, 126 $ - $ - $ 2,652 $ 3, 118,778 City Eoreclosed property 62, 290 10,093 - - 72,383 " B�ildings 17,93Z,976 - - 864,542 18,797, 018 Recreation Facilities 2, 134,672 - - 212,456 2, 347, 128 Construction in process 1 ,825, 060 1 ,876,524 - ( 1 , 383. 0871 2, 318,497 25,070,624 1 , 886,617 - ( 303.437) 26,653,804 � Public domain: , Streets 11,847,339 - - 286,212 12, 133,551 SideWalks 1 ,505,990 - - - 1 ,505,440 Brid_qes 1 ,053,245 - - - 1 , 053, 245 Parking Structures 532, 184 - - ( 518, 184 ) 14,000 Electrical 602,034 - - - 60'L, 034 Storm ser+ers - uater lines 343,5"ll - - - 343,521 Other public domain 397,602 - - - 397,602 'I'otal publ ic domain 16, 281 ,365 y`� __ - ( 'L31 ,9'I'll 16 049, 3J3 Equipment-vehicles 3,433, 183 352, 166 ( 146,4131 - 3,638,936 Equipment computer 200, 149 - - - 20U, 149 Total equipment 3,633,332 352, 166 ( 146,413) - 3,_839, 085 $44 ,985, 3"L1 $")., '1.J8,`lR:i $( 146,413) S( 535�409) $4Ei_,_541, '1.Fil CITY OF BANGOR, MAINE � Notes to Financial Statements June 30 , 1987 NOTE 5 - Continued A summary o� proprietary �und type property, plant and equipment at June � 30 , 1987 Follows : Land $ 93, 685 � Buildinq improvements and equipment 7 , 624 , 531 Pipelines and mains 15, 704 , 828 Aircraft operational assets 121 , 781 , 823 Parkinq structures 518, 183 Construction in process 8 , 481 , 997 154 , 205 , 047 Less accumulated depreciation 37 , 798 , 595 5116 , 406 , 452 NOTE 6 - De£erred Revenues Deferred revenues consist of the �ollowing: General Special Enterprise Fund Revenue Fund 'I'axes $ 788 , 565 $ - $ _ Federal Revenue Sharinq 152, 167 - Loans - 2, 382, 641 - Other 12 , 860 - 7 . 490 S 953 , 592 $2, 382, 601 $ 7 , 490 Deferred tax revenues consist of those tax revenues not available to meet the needs oE the current period ( See Note 3 ) . Federal Revenue Sharinq de�erred revenues represent the excess o� actual Federal Revenue Sharinq Entitlements received over the amount estimated in the current year ' s budqet process . Since the excess has not met the requirements of the appropriation process in accordance With the regulations governing such Funds , the excess amounts ( includinq accumulated interest thereon ) have been re�lected as a deFerred revenue . Deferred revenue oP the Special Revenue Fund represents future revenue equal to loans made pursuant to the Community Development and Urban Development Action Grants over the past years . Pursuant to the terms o� these qrants , loans made are recoqnized as an expenditure in the Speci�l Revenue Fund when they occur with corresponding recognition oE grant revenues . Further , pursuant to requlations governing such E'unds , repavment o� loans thus outstanding are considered program income as received in subsequent years and is available to the recipient �or additional use within the proqram. The �uture revenue associated with loans outstandinq is , thereEore , reflected as de�erred revenue . -15- � CITY OF BANGOR, MAINE �- Notes to Financial Statements June 30 , 1987 NOTE 7 - Lonq-Term Debt _ � The followinq is a summary oF lonq-term debt transactions of' the City - - �or the period ended June 30 , 1987 : - General Obliqation -- bonds Debt pavable at June 30 , 1986 $12 , 235 , 000 New debt issued 1987 series 1 , 785 , 000 Debt retired - Serial bonds ( 1 , 280 , 000 ) Debt pavable at June 30 , 1987 $12, 740 , 000 In addition to the lonq term debt issued and outstandinq noted above , an additional $920 , 000 of qeneral obligation bonds have been authorized but were unissued as oF June 30 , 1987 . The Citv is sUbiect to the laws of the State o�' Maine which limit the amount o� lonq-term debt to a percentaqe (depending on how �unds will be used) of its last Full state valuation. The �ollowing is a summary, by purpose , oE the outstandinq debt of' the City at June 30 , 1987 and related limitations : Percent oF state assessed Net debt value of Statutory Debt outstandinq S734 , 800 , 000 Limit mar�in School $2 , 574 , 312 10� 573 , 480 , 000 $70 , 905 , 688 Sewer 1 , 189 , 648 7 1/2� 55 , 110 , 000 53 , 920 , 352 Airport 811 , 555 3� 22, 044 , 000 21 , 232, 495 Al1 other 8 , 164 , 485 7 1/2� 55 , 110 , 000 46 , 945 , 515 The qeneral obliqation debt o� all local qovernmental units which provide services within the Citv' s boundaries and which must be borne by properties in the Citv (commonlv called overlapping debt ) , is summarized below: Percentage Net debt applicable Overlappinq Units outstandinq to the Citv Debt Citv S12, 740 , 000 100 . 00a $12, 740 , 000 - Countv 6, 600 , 000 24 . 25 1 , 600 , 500 Banqor Recreation Center 640 , 000 100 . 00 640 , 000 Total $14 , 980 , 500 This results in a per capita Citv debt o� $403; per capita overlapping debt oE S473; ratio of Citv debt to the City ' s June 30 , 1987 assessed valuation oE 2. 3 percent ; and a ratio o� overlapping debt to June 30 , 1987 assessed valuation of 2. 7 percent . -16- i . _._. �_ , : �; , ,1 1 - � ----� CI1'Y QF �3ANGOR, MAINE Notes t�� t�itl�tl�,ial Statements June 30, 1987 NOTE 7 - ContinUed Bonds payable at June 30, 1987, are comprised oF the £olloWing individual issues: Final Annual Authorized Interest maturity serial and rates date payments Issued June 30, 1987 1966 General Public Improvement 4.00 12/O1/87 10,000 210,000 10,000 1967 Interceptor SeHer and Treatment Plant 3.70 7/O1/87 70, 000 1 ,900,000 70,000 1967 Permanent Public Improvements 9.00 9/O1/87 35,000 700,000 35,000 1968 Permanent Public Improvements 9. 10 9/O1/88 35,000 690,000 60,000 ( 25,000 in 19881 1969 Permanent Public Improvements 5.75 8/15/89 55,000 1,060,000 125,000 ( 15,000 in 1989) 1971 Permanent Public Improvements 4.90 5/O1/91 35,000 690,000 130,000 ( 25,000 in 1991 ) 1972 Permanent Pubiic Improvements 4.60 3/O1/92 55,000 1,060,000 235, 000 ( 15,000 in 1992) 1973 Permanent Public Improvements 5.00 7/15/93 100,000 2,000,000 700,000 1975 Permanent Public Improvements 6.50 8/O1/95 205, 000 4,050,000 1 ,795, 000 ( 155,000 in 1995) 1978 Permanent Public Improvements 5.80 7/O1/98 165,000 3,260,000 1,940, 000 ( 125,000 in 1998) 1981 Permanent Public Improvements 10.00 6/O1/O1 155,000 3,065,000 2, 135,000 (120,000 in 2001 ) , 1984 Permanent Public Improvements 5.90 to 10/25/94 180,000 1,800,000 1 ,440, 000 � 8.75 �� 1985 Permanent Public Improvements 5. 20 to 10/25/95 160,000 1,575,000 1 ,915, 000 7.90 (135,000 in 1995) 1986 Permanent Public Improvements 4.25 to 10/25/96 90,000 865,000 865,000 6.5 ( 55,000 in 1996) 1987 Permanent Public Improvements 5.70 to 10/25/97 180,000 1 ,785,000 1 ,785,000 6.80 ( 165,000 in 1997) Total general obligation bonds $24,210,000 $12,740,000 The annual requirements to amortize all debt outstanding as oF June 30, 1987, including interest payments oF $4,784,556 are as Eollows: Year ending June 30 1988 $ 2, 191 ,899 1989 2, 166,996 1990 'L,017,415 1991 1 ,900,82F3 1992 1 ,'147,502. 1993-1997 6, 297,646 199"/-2001 1 LO"1.. "l.'10 --�- --t---- $17,5"L4,556 C I 7'Y OF BANGOR, MA I NE �rt Notes to F ' inancial Statements June 30 , 1987 �� NOTE 8 - Contributed Capital - A summary o� chanqes in contributed capital folloWs : Contributed capital at June 30 , 1986 $111 , 130 , 964 — Contributions 1 , 118 , 649 �._$ Depreciation on assets acquired with contributions ( 3 , 021 , 040 ) r Contributed capital at June 30 , 1987 $109 , 228 , 573 . NOTE 9 - Liquiditv Problems in the Enterprise Fund _ The Airport and Ci�y Nursinq Facility Enterprise Funds have experienced operatinq losses in the past �ew vears resulting in cash flow problems . Because o£ the cash Flo� problems it was necessary for the General Fund to advance the Airport Fund 5500 , 000 in past years. In addition, 5104 , 367 has been trans�erred to the City Nursinq Facility Fund £or the Eiscal period endinq June 30 , 1987 to meet operating needs . It is the City ' s intention to continue to advance funds from the General Fund to the Airport and Citv Nursinq Facility Funds as necessary to enable these funds to meet current obli.qations . Durinq �iscal 1987 the Airport repaid to the General Fund $300 , 000 0� the a�orementioned advance leavin.q a balance o£ $200 , 000 as oE June 30 , 1987 . Amounts advanced to the Airport Fund have been reserved in the General Fund ' s fund balance as they do not represent available spending resources . NOTE 10 - General Fund - Desiqnated Fund Balance Desiqnated Eund balances represent those portions o� the General Fund fund balance speci�ically designated Eor the �'ollowing: 1987 1986 Departmental balances carried forward $ 203 , 346 $ 171 , 991 School department - Surplus 863 , 177 421 , 993 Automotive equipment replacement account 300 , 000 300 , 000 Bus service equipment replacement account 84 , 072 71 , 810 _ Fire equipment replacement account 265, 528 530 , 342 Gol� course equipment replacement account 33, 022 27 , 991 Capital improvements 196 , 327 586 , 327 Reserve �or self insurance 731 , 632 623 , 180 Credit reserve fund 494 , 996 1 , 416 . 996 Sub Total $3 , 172, 100 $4 , 150 , 630 Accrued Teacher payroll (net of accrued � subsidy receivable ) ( 604 , 987 ) ( 499 , 145 ) ��'� Total General Fund Desiqnated � Fund Balance $2, 567 , 113 $3 , 651 , 485 JI -18- - 1 CITY OF BANGOR, MAINE Notes to Financial Statements June 30 , 1987 � NOTE 11 - General Fund Cash Surplus By City Council de£inition, the General Fund cash surplus is the — combined cash balances of the General and Enterprise Funds less the � current liabilities oF each (excluding non-cash related amounts ) , the reserves �or encumbrances of each, and the reserves o� the General Fund designated �or a speciEic purpose . The General Fund Cash Surplus as o£ June 30 , 1987 was computed as FolloWs : General Fund Enterprise Fund Total Cash $ 6, 356 , 733 $ 558, 523 $ 6 , 915 , 256 Accounts Payable ( 331 , 040 ) t 213 , 877 ) ( 544 , 9171 Taxes Collected in Advance ! 17 , 1301 - ( 17 , 130 ) DePerred Revenues (net of deferred property taxesl t 165 , 027 ) ( 7 , 490 ) ( 172, 51'1 ) Current Portion of Long- Term Debt ( 370 , 520 ) ( 370 , 520 ) Reserved �or Encumbrances ! 154 , 1581 ( 22, 099 )* ( 176 , 257 ) Desiqnated �or subsequent . years expenditures ( 3 , 172, 1001** ( 6 , 8001 ( 3 , 178 , 900 ) 2, 517 , 278 ( 62, 263 ) 2 , 455 , 015 � *Enterprise Fund encumbrances are properly excluded �rom the City ' s �inancial statements . **Designated for subsequent years expenditure o� the general Eund excludes the eFFect o� accrued teachers payroll . NOTE 12 - Pension Plan The City participates in the Maine State Retirement System which is a multi-employer defined bene£it pension plan. The system covers all Eull time permanent emplovees , requires both employee and City contributions and provides retirements , disability and death bene�its . Employees are eliqible For normal retirement upon attaining age sixty and early retirement a�ter completinq tWenty-�ive or more years of creditable service . The City ' s contribution �or the year ending June 30 , 1987 — approximated $1 , 747 , 000 . UnFunded accrued liability as o� June 30 , 1987 is unavailable . As of _ June 30 , 1986 , the un�unded liability approximated $12, 321 , 613 . The City ' s policv is to Fund pension cost accrued. Acturially determined vested determined vested and nonvested beneFits have not been calculated Eor the plan . -19- �.__ I i--- - . : . . � i :, . _ , CITY Qf� BANGOR, �IA�NE Notes to r �nancial Sta ements June 30 , 1987 NOTE 13 - Seqments oE Enterprise Activities There are Eour services provided by the City which are �inanced by user charges - sewer , airport , parkinq E'und, and Citv Nursinq Facility. The key financial data �or the period ended June 30 , 1987 for _those �our services are as follows : City Sewer Airport Nursinq Parkinq Totals Operatinq revenue S 1 , 259 , 101 S 4 , 394 , 362 51 , 440 , 722 $ 31Z, 021 $ 7 , 406 , 206 Operatinq expenses: Depreciation and amortization 388 , 033 2, 859 , 115 79 , 963 20 , 129 3 , 342, 235* Other 610 , 096 3 , 802, 519 1 , 502, 423 141 , 660 6, 056 , 698 998 , 129 6, 661 , 634 1 , 577 , 386 161 , 784 9, 398 , 933 Operatinq income � � ( loss ) S 260 , 972 S ( � . 267 , 2721 $ ( 136 , 664 ) $ 150 , 237 $ ( 1 , 997, 727 ) Np II Net Income ( loss ) S 212, 317 S ! 2, 308 , 7191 S � 62, 017 ) $ 141 , 706 $( 2, 016 , 713 ) Assets S1"1 , 140 , 588 $101 , 163, 826 $ 830 , 034 $ 421 , 336 $ 119 , 555 , 784 Bonds payable $ 1 , 189 , 648 $ 811 , 555 $ 233 , 000 $ 220 , 210 $ 2, 454 , 413 Fund equitv 515 , 886 , 663 S 99, 766, 083 $ 532, 643 $ 198, 282 $ 116, 383, 671 Acquisition oE' pro- perty, plant and equipment S 651 , 252 S 1 , 201 , 397 $ 58 , 855 $ 193 , 601 $ 2, 105, 105 *Includes depreciation and amortization of_ $3 , 021 , U40 on assets aquired with contributions . CITY OF BANGOR, MAINE Notes to Financial Statenents June 30 , 1987 NOTE 14 - Other Matters The City oF Banqor receives state subsidies £or its educational programs based in part on the level o£ expenditures o£ previous years . In accordance With qenerallv accepted accountinq principles, school subsidies are recoqnized in the year received �hen they are both _ measurable and available . 5chool subsidies �or £iscal 1987 amounted to $5 , 174 , 271 �hich amount was based in part on the level o£ expenditures of £iscal year 1985. Pro�ected subsidies for fiscal year 1988 are - approximately 55, 816, 000 �hich is based in part on expenditures of " fiscal year 1986 and 1987 . The City oF Banqor has entered into an aqreement With the State oE Maine and Board o£ Environmental Protection to construct and operate additional xasteWater treatment Eacilities in order to correct violations of the State ' s water quality laws . The City has further aqreed that substantial rehabilitation of the seWer system �ill be required and to that end has pledqed to expend the sum o£ at least S2, 500 , 000 durinq the calendar years o£ 1987 and 1988 . Expenditures beyond 1988 will be based on a schedule to be developed and completed no later than December 1 , 1988 . Note 15 - Bass Park Subsequent Event On July 1 , 1987 , the City took control o£ the operations and assets of the Banqor Raceway, Banqor State Fair , Banqor Auditorium, and the Banqor Civic Center , otherwise knoWn as Bass Park. Previously, these operations and assets had been manaqed and controlled by Bass Park Corporation. As part of the trans�er of assets to the City, all of the existinq debt obliqation owed the City by Bass Park was eE�ectively Forqiven. Followinq is a condensed balance sheet of the Bass Park operations at June 30 , 1987 : Current assets $242, 160 Equipment and buildinq improvements 89, 407 Liabilities, excludinq amounts owed City oF Banqor ( 83 �650 ) Net Equity, Bass Park operations � trans�erred to City of Banqor $247 , 917 Liabilities o�ed the City on June 30 , 1987 , and �orqiven as part o� the asset trans�er to the City totaled S1 , 447 , 247 , all o� Which had been absorbed by the qeneral Fund in 1987 and prior years. ' -21- r - j . � ' _ Schedule A-1 �� CITY OF BANGOR, MAINE � General Fund Balance sheet f�; June 30 , 1987 (with comparative £iqures £or June 30 , 19861 � Assets. 1987 1986 Cash S 6 , 356 , 733 $ 7 , 391 , 759 --Receivables Taxes , includinq interest and liens 998 , 304 991 , 190 Accounts �42, 75G 41c_� , 441 �_ Advance to Enterprise Funds � 200 , 000 500 , 000 `��Inventory, at cost 472, 545 441 , 753 Other assets 21 , 897 19 , 330 Total assets S 8 392, 231 $ 9 , 754 , 473 Liabilities and Fund Balances Liabilities: Accounts pavable S 331 , 040 $ 258 , 658 Taxes collected in advance 17 , 130 10 , 039 Deferred revenues . 953 , 592 1 , 119 , 746 Accrued teachers payroll 756 , 507 629 , 811 Total liabilities 2, 058 , 269 2, 018 , 254 Fund balances : Reserved �or advance to Enterprise Funds 200 , 000 500 , 000 Reserved �or encumbrances 154 , 158 99 , 691 Unreserved: Desiqnated For subsequent year ' s expenditures 2, 567 , 113 3, 651 , 485 Undesiqnated 3 , 412, 691 3, 485 , 043 Total £und balances 6 , 333 , 962 7 , 736 , 219 Total liabilities and Pund balances $ 8 , 392, 231 $ 9 , 754 , 473 i i -22- 1 . i -- (_ _ ( i C � , � �� l � ! - . �_ __1 C['I'Y UF' EiANGOR, MA I NE (iNf1PC8l Fund Snc��dulc i\-2 Statement oE Revenues, �xpenditures, and Changes in Unreserved/Undesiynated Fund Balance - Budget and Actual Year ended June 30, 1987 Variance Balances Favorable (Unfavorable) Carried Lapsed to 7/1/86 Budget Actual Surplus Carried Revenues: Taxes: Property Taxes $ - $17, 032,553 $17, 111,568 $ 79,015 $ - Automobile and boat excise taxes - 1 ,563,60Q 1,990,637 927, 037 - Interest on delinquent taxes - 200, 000 170. 170 ( 29.830) - Total taxes - 18,'796, 153 19. 272.375 476, 222 - Intergovernmental revenues: Federal revenue sharing - 475,425 475,925 - - State revenue sharing - 1 ,850, 000 1 ,889,221 39, 221 - School subsidy - 5, 107, 260 5, 174,271 - 67, 011 Payment in lieu oE taxes - 60,000 75,432 15,432 - Other - 379,038 377,975 14, 102 ( 15, 165) Total intergovernmental revenue - 7,871 ,723 7,992, 324 68,755 51 ,846 Uther Revenue: Licenses and permits - 1"19, 130 154, 283 25, 153 - Charges Eor services - 601 ,870 620,355 32,642 ( 19, 157) Fines, EorEeits, and penalties - 6, 200 5,368 ( 8321 - Revenue Erom use of money and property - 1 , 391 ,759 1,967,622 71 ,077 4,786 � Reimbursements - _277, 1nn 307.099 29 999 - N - W � 'I'otal other revenue - "L,406, 059 2,554.72% 158,039 ( 9, 3'71 ) 'Potal revenue - 29, 073,935 29,819,426 703,016 42, 4"15 Expenditures: General government: Council � - 88,790 27,456 1 ,734 59,6U0 Executive 7, t"L6 375,510 364,351 10,581 7,704 City Clerk - 248,762 257,061 ( 8,2991 - Finance - 389,300 358,008 31 ,292 - Assessment - 226,586 223, 048 3,538 - Legal - 102,871 96,374 6,497 - Personnel - 73,691 "/2, 153 1 ,538 - Economic development & research 1"l,"L"I2 127,434 136,355 3, 351 - Insurance - 393,969 313,837 80, 132 - Planning ._____ 9`L,566 89,567 2,999 - 'I'otal qeneral government 19, 398 _"L, 119,479 1 ,938, 210 133, 363 _6"l�04 Pubtir_ safety: k'olice 5"L"L "1., 360,4"L9 "L, "L86,8y0 79 ,061 - F'ire 13, 117 3,4"/7,516 3,4"L8,696 41 .697 _j,Q,�g� '1'otal public saEety 13,639 5, 83"/,945 5, 715,586 115_L_75fS_ __2Q_,__7..�I.ii_ i - . ; , • � �.t ��Y Or t��NGOtt, riAlNr.. ' Sr,l�cdulr n-�' Cont'cl. General Fund �--- 5tatement oE Revenues, Expenditures and Changes in Unreserved/Undesignated Fund Balance - Budget and Actual , Continued Year ended June 30, 1987 V�riance Balances � Favorable (UnEavorablel Carried Lapsed to 7/1/86 Budget Actual Surplus Carried Expenditures, Continued: Health, welE'are, and recreation: Health and rrelEare 3,304 868, 293 898,515 ( 9 ,665) ! 22, 253) Parks and recreation 2,000 736,467 735,268 2,%99 400 Total health, welEare, & recreation 5,304 1 ,604,760 1 ,633,783 ( 1 , 866) ( 21 ,853) Public buildings and services Public services 3,840 2,704,088 2,519, 306 184 , 122 9,500 Motor Pool - 909,577 1 ,041 , 164 ( 131 ,5871 - Private school services - 169,973 120,901 49, 072 - Total public buildings and services 3,840 3,783,638 _ 3,681 , 371 101 ,607 4,500 Other agencies: 1'axes paid to county - 457,391 957,391 - - Public Library - 384,000 389,000 - - 1'otal other agencies - 841 ,391 841 ,391 - - Education 546,881 14,709, 119 19,351 ,668 - 904,332 N Other appropriations: � Bad debt expense - - 32, 201 ( 32, 2U1 ) - Recreation district tax 125,360 125,360 - - Pensions and other Eringe bene£its 4,922 182,614 138,813 ( 8021 49,525 Contingency - 37,899 6,000 31 ,899 - Debt service - 1 , 176,512 1 , 150,489 26, 023 - Total other appropriations 4,922 1 ,522,385 1 ,452,863 24,919 49,525 1'otal expenditures 593,984 30,41II,71/ 29,614 ,872 373,`1f31 1 , U'L4, U48 Excess (deE'iciency) oE revenues over expenditures (593,984 ) (1 ,349 ,782) 204,554 1 ,076,797 J 066,523 Other Einancing sources (uses) - Appropriation E'rom Eund balance - 1 ,500,000 2, 133,705 633,705 - Operating transEers out - ( 155, 2181 ( 104 ,3671 50,851 - Operatinq transE'ers in _____- _____ ____ _,_ _ 300, 000 300,_000 _i=_ E:xcess of. revenues over expenriitures and other uses $(5J3,J84 ) S - $2,533,892 7., 061 , 353 �1 ,U66,523 Unreserved/undesiqnated Eund balances, bec7inning oC- year 3,985, 043 Appropriation Erom Eund balance ('L, 133_�705) Unreserved/undesic�nated Eund balance, end oE� year $ 3,41"1.,69 l i. . , _ Schedule B-1 i-- i � CITY OF BANGOR, MAINE Special Revenue Funds Balance Sheet " June 30 , 1987 (with comparative totals �or June 30 , 1986 ) Assets 1987 1986 Cash $ 1Z7 , 805 $ 29, 318 Due from other governments 28 , 379 121 , 992 Loans receivable 2, 382, 601 2, 498 , 910 Accounts receivable ggq _ $2, 539 , 679 $2, 650 , 220 Liabilities and Fund Balance Accounts payable $ 3, 353 $ 5 , 933 Deferred revenue Z, 382, 601 2, 498 , 910 $2, 385, 954 $2, 504 , 843 Reserve for encumbrances 3, 938 19 , 041 Designated fund balance 149, 787 126 , 336 153 , 725 145 , 377 $2, 539, 679 $2, 650 , 220 �- ' - -25- �. i Schedule B-2 - CITY OF BANGOR, MAINE Special Revenue Funds Statement oE Revenues, Expenditures and Chanqes in Fund Balance Year ended June 30 , 1987 ' Unexpended Authorization Actual Balances -- Revenues: Interqovernmental S 1 ,919,503 S 761 ,066 $1 , 158,437 Proqram Income ( 183, 3291 429,670 ( 612,9991 1 ,736, 174 1 , 190,736 545,438 Expenditures: Acquistion oE' real propertv 514 , 232 448,246 65,986 Public Works £acilities site improvements 57, 144 314,606 t 257,4621 Code enEorcement 57, 276 7, 142 50, 139 Clearance, demolition, rehabilitation 26,720 - 26,7Z� Disposition oE real vropertv 19, 290 162 19, 128 Relocation pavment and assistance 75, 002 - 75, 002 Administration 168,887 163,671 5, 216 Continqencies 57,247 - 57, 247 Rehabilitation and preservation activities 501 , 831 184,024 317,8U7 Planninq . 12,810 18, 112 t 5, 3021 Loss oE rental income 1 , 100 - 1 , 100 Economic Development 235,698 38, 376 197, 272 Facade Improvements 152, 158 8,049 144 , 109 Public Housinq Modernization 2, 206 - 2, 206 1 ,881 ,551 1 , 182,388 699, 163 Excess (deE'iciency) oF revenues over expenditures S( 145,377) 8, 348 S� 153, 725) Fund balances at beqinninq of period 145, 377 Fund balances at end of period $ 153,725 -2� r— Schedule C-1 CITY OF BANGOR, MAINE Capital Proiects Funds : Balance Sheet June 30 , 1987 (with comparative '�iqures Eor June 30 , 19861 Assets 1987 1986 .. Cash $ 120 , 433 $1 , 442, 86'7 Securities 3 , 204 , 000 1 , 165 , 000 Receivables : Accounts 66 , 052 145 , 44`L DeEerred special assessments : Sewer construction 221 , 360 149 , 799 Street construction 85 , 505 44 , 136 Advance To Enterprise Fund 175 , 501 Due From other qovernments 851 , 967 503 , 678 $4 , 724 , 818' $3 , 450 , 922 Liabilities and Fund Balances Liabilities - accounts payable $ 133 , 492 $ 83 , 537 Fund Balances : Reserved �or encumbrances 770 , 249 498 , 858 Reserved For Advance To Enterprise Fund 175 , 501 - Unreserved: Desiqnated For capital project expenditures 3 , 032, 577 2, 053 , 253 Undesiqnated: Future construction - General Fund 66 , 742 88 , 15� F'uture construction - Sewer Utilitv Fund 21 , 060 314 , 519 Future construction - Airport Fund 215 , 099 211 , 218 Future construction - Citv Nursinq Facilitv 3 , 233 7 , 444 DeEerred special assessments 306 , 865 193 , 935 Total Eund balances 4 , 591 , 326 3 , 367�385 S4 , 724 , 818 $3 , 450 , 922 -27- ;--- --- � i c 't ' � ! � ' -_� � 1 �ITY 0� RpNGOR MAINE ap�ta Proiects Funds Statement oE Revennues, Expenditures schea�le c-z and Chanves in Fund Balances Year ended Jun�O. 1987 Citv Sever Reserves Eor Other Nursinq Utility Airport Parking future Buildinqs Streets Electrical Schools Proiects Facilitv Fund Fund fund �nstty�ion Totel Revenues: Interest incone S - S - S - S - S - S - S - S - S - S 102,507 $ 102,507 Special essessnents - - _ _ _ - - - - 116,729 116,729 lnterqovcrnmental 3,815 120.692 - - 13,060 - 9,667 1.225,088 - - 1,372,322 Miscellaneous - - - - 3.824 3.824 Total revenues 3,815 120,692 13,060 =_ 9.667 1,225,088 223,060 1.595,382 Exaenditures: Capitel additions 673.608 577,828 6,305 241,131 524,921 47,902 591,886 1,135,925 - - 3,799,506 Miscelleneous - - - - - - 2,926 2.926 Total expenditures 673,608 577,828 6,305 241,131 524,921 47,902 591,886 1.135,925 2,926 3,802,432 Excess ldeEiciency) of revenues over expenditures (669.793) (457.1361 l 6,3051 (241,1311 �511,8611 � 47.902) 1582.2191 ( 89,163) - 220,134 f2,207,050) � N Other Einancinq sources: � Operatinq transEers � in 1out1 1.122.000 55.000 - - 456,216 - - - 12,775 - 1,645,991 Proceeds Eron bonds 345,000 362,500 27,000 233,000 650,000 - - 80,500 8'/,000 - 1,785,000 Excess IdeEiciencyl oE revenues and othe� sources over expend- tures and other uses 797,207 1 39,636) 20,695 1 8,131) 594,355 1 47,902) (582.2191 1169,6631 99.775 220,134 1,223,941 Fund balances at beqinninq oE period 432.390 802,540 8,605 191,213 599,950 60.748 672,476 f215,8111 - 815,274 3,367,385 TransEers Erom Itol reserves for Euture construction - 20,553 16,400 - 57,009 12,000 343,904 - - (449,866) - Completed projects, remaining fund balances closed out - - - - � 2,6371 l 6,2091 ( 18,2741 l 3371 27,457 Fund balances at end oE period S1.229.597 7$ 83.4� �q5.700 51$�.52$2 5 �248.677 $ 18.637 S 415.887 S1_44...9fl5.) S _49�2Z� 5 612.999 54.591•32�_ i-- I . Schedule D-L CITY OF BANGOR, MAINE Enterprise Funds Conbininq Balance Sheet '` June 30, 1987 tvith conparative totals Eor June 30, 1986) � - Sever City Nursinq Utilitv Airvort Facilitv Parkinq Totals - Assets Fund Fund Fnn� Fund 1987 1986 Current assets: Cash lcash overdraEt) S 199,428 S 321,903 Sf 110,1161 $147,308 $ 558,523 $ 101,294 Accounts receivable 189,280 623,503 139,417 776 952,976 839,243 Less allovance Eor estimated -- uncollectible accounts - 1 44.019) 4,4251 - ( 48.4421 ( "�0 1'�S) Net accounts receivable 189,180 579,486 134.992 776 904.534 809.105 Inventory, at cost - 58,622 - - 58,622 90,609 -- Prepaid expenses - 115.917 - - 115,917 66.031 Total current assets 388,708 1,075,928 24,876 148.084 1.637.596 1.067.0'�q Property, plant, and equipment: _ Land 58,425 - 35,260 - 93,685 93,685 Buildinqs, plant, and equipnent 5,585,500 - 2,039,031 - 7,624,531 7,259,933 Pipelines and nains 15.704,828 - - 15,704,828 15,499,811 Aircraft operational assets - 121,781,823 - 121,781,823 121,693,397 Parkinq Structures 518,183 518,183 Construction in process 851,333 7,629,919 745 - 8.481.947 7 R 536 22.200,086 129,411,742 2,075,036 518,183 154,205,047 151,775,362 Less accumulated depreciation 5,885.153 30,276,988 1,291,748 344,706 37.798.595 34. 178.908 Net property, plant, and equipment 16,314,933 99,134,754 78�288 173.477 116.406.452 117,596,454 Other assets: Deposits Eor construction vith Capital Proiect Funds 436,94? 175,501 21,870 99,775 734,093 L,055, 187 Operatino riqhts net oE accunulated amortization oE $522,357 in 1987 and 5475.227 in 1986 - 777.643 - - 777.643 824.772 S17,140,588 $l01.163,826 S 830.034 S9�1.336 $119.555.784 5120.543.452 .. . __... _ .. Liabilities and Fund Eauitv - Current liabilities: Accounts pavable S 55.820 S 125.497 S 31.217 � 8.457 84.876 25.998 S 1.343 , 213,877 $ 139.764 Acc�ued leave 1,501 120,832 107,442 DeEerred revenue - 314 7,176 7,490 10,290 Current installments - qeneral obliga- - tion bonds 230,651 96;279 Z7,000 16,590 370,520 __ 350,518 Total current liabilities _ 294.928 _ 306.966 91.391 19,434 712,719 608,014 Lonq-term liabilities: Advance from Other Funds - 375,501 - 375,501 500,U00 General obliqation bonds - INet oE current portionl 958,997 _ 715 276 206,000 203,620 2 083,893 2, 153,703 Total lonC-term liabilities �4T _ l,p9pj 7�7 206.000 203.620 ,�`q�q �� Total liabilities 1.253.925 _ 1.397.7q3 297,391 223,054 3,172,113 3,261,717 • Contributed capital: Citv 5,255,770 - 135,317 49,920 . 5,441,007 5,533,373 Federai, state, and other �' contributions 5.670.991 96,981.697 383,234 103.035,922 104,841,580 - Customers 751.644 - - - _ 751.644 756.011 Total contributed capital 11,678,405 96,981.697 518,551 49,920 109.228,573 111,130,964 Retained earninqs 4,208.258 2,�84.386 14,092 148,362 7,155,098 6,150,771 __ Total Eund equitv 15.886.663 99.766,083 532.643 198.282 116.383,671 117,281,735 517.140,588 5101,163,826 S 830,034 $4ZL,336 $119,555.784 $120,543,452 f ._.� -29- � , , I : �y ; , „', I y ; � '-� Schedule U-2 CITY OF BANGOR, MAINE Enterprise Fund Combining Statement of Revenues, Expenses and Changes in Retained Earnings Year ended June 30, 1987 Sexer City Nursing Utility Airport Facility Parking Fund Fund Fund Fund Total Operating revenues - charges Eor services $1 ,259, 101 $4, 394,362 �1,440,722 $ 312,021 $7,406,206 Operating expenses: Operating expenses other than depreciation 610,096 3,802,519 1,502,423 191 ,660 6,056,698 Depreciation and Amortization: On assets acquired with or+n Funds 112,468 174,406 20,853 13,468 321 , 195 On assets acquired Nith contribu- tions 275,565 2,684,709 54, 110 6,656 3,021 ,040 Total operating expense 998, 129 6,661 ,634 1,577,386 161 ,784 9,398,933 Uperating income ( loss) 260,972 (2,"167, 2721 ( 136,664 ) 150,237� (1,992,727) Non-operating Revenue (Expense) : � Interest income 30,109 6,570 1 ,587 - 38,266 o Interest expense ( 78,764 ) ( 48, 017) ( 31 ,307) ( 8,531 ) ( 166,619) Operating transE'er From General Fund - - 104,367 - 104,367 Net non-operating revenue (expensel ( 48,655) ( 41 ,447) 74,697 ( 8,531 ) ( 23,986) Net income ( loss) 212,317 (2,308,719) ( 62,017) 141,706 (2,016,713) Add depreciation and amortization on assets acquired r+ith contributions 275,565 2 684,709 54 . 110 6,656 3,0'L1 , 040 Increase (decreasel in Retained Earnings 987,882 375,990 ( 7,907) 148,362 1 ,009 ,327 Retained earnings at beginning oE period 3,720,376 2,408,396 21,999 - 6. 150,771 Retained earnings at end oE period $4 ,208,258 $2,784,386 $ 14,092 $148,362 $7, 155, 098 ------ -- , � � ; � - .- � _. � -----� sci��d�� u-3 CI`I'Y OF f3ANGOR, MAINE Enterprise F'unds Combininq Statement of Chan�aes in F'inancial Position Year P(l(�?Cj June 30, 1987 sl'NP_C Cltv Nursing Utility Airport Facility Parking Fund F'und Fund Fund Total Sources oE Workinq capital : Operations: Net income ( lossl $( 217..3171 S12,308,'719) $ ( 62,017) $( 141 ,7061 $(2,016,7131 Items not requirinq workinq capital - depreciation and amortization 388, 033 2,859, 115 74,963 20, 129 3, 342, 235 Workinq capital provided by operations 600, 35U 550,356 12,946 161,830 1 ,325,522 Contributions: Citv - - - 56,576 56,5'76 Customers 12,48E - - - 12,486 F'ederal , state, and other - 1 ,049,588 - - 1 ,049,588 Proceeds oE bond issue - 80,504 - 220,210 300,710 Deposits Eor capital proiects 550,U4£i ( 175,5011 46,322 ( 99,775) 321 .094 1, 16"1,884 1�504 ,983 59, 268 338L891 3,065,976 - � Uses oE workinq capital : ' Acquisition of property, plant and equipment t;51 , "252 l , "L01 , 39'1 58,855 193,601 G, 1U5, 105 Current installment qeneral obliqation bonds 'L30,651 96, 2'19 27,000 16,590 370,520 llecrease in advance Erom other Eunds - 129 ,499 - - 124 ,999 lncrease (decrease) in Workinq capital 'L8U,981 82,£308 f 26,587) 128,650 465,852 S 1, 162,889 1L504 ,983 S 59, 268 S 338,841 $ 3.065.976 Elements of net increase (decrease) in r+orkinq capital : Cash S 269,899 S 33, 056 $ 6,966 $ 147, 308 $ 457, 229 Accounts receivable lnet) 59,"7'72 61 , 191 ( 26,31U) 776 95,929 Inventory - ( 31 ,987i - - ( 31 ,987) Prepaid expenses - 50,526 ( 6901 - 99,886 Accounts pavable and accrued expenses ( 99,440) ( 35,792) 573 ( 2,849 ) ( 87,503) Prepaid revenue - 9,976 ( 7, 1761 - 2,800 C�rrent installments oE' lonq-term debt and notes pavable "_'/50. t____q , 1621 - ( 16,5901 l 20,002) Net increase (decreasel in workinq capital S 280,981 S 82,808 $( 26,587) $ 128,650 $ 465,852 !-.. �- , , - :- ,a--7 -- , ---- ---; schedulc G-1 CITY OF BANGOR, MAINE Fiduciary Funds Combininq Balance Sheet June 30, 1987 (with comparative totals £or June 30, 19861 Nonexpendable Trust Funds Expendable Revo vinq Trust Funds EndoWment Loan Endowment Aqencv Totals Assets Principal Principal Revenues Fund 1987 1986 Cash S 14 ,714 S 8.995 S166,696 S668,899 S 859,304 $ 776,020 Investments, at cost (Market Value, 1987- $517,715 1986 - S527,4721 496,703 ?.6,612 - • - 523, 315 518,369 , Receivables: Accounts - - - 10,830 10,830 16,495 Loans E'rom students - _ 31 ,645 - - 31 ,645 32,880 $ 511 ,417 $ 67,252 $166,696 $679,729 $1,425,094 $1 , 343,764 ; , W N � f.iabilities and h'und Balances Liabilities - Amounts held by aqency E�nd E'or others S - S - $ - $679,729 $ 679,729 $ 624 ,729 Fund balances: Reserve for loans - 67, 252 - - 67,252 65,388 Reserve For endowments 511 ,417 - - - 511,417 493, 285 Unreserved - designated Eor subsequent expenditures - - 166,696 - 166,696 160,362 '['otal Eund balances 511 ,417 67, 252 166,696 - 745, 365 719,035 S 511 ,417 S 67, 25'l S166,696 S679,729 $1 ,425,094 $1 , 343,764 � i Schedule E-2 CITY OF BANGOR, MAINE Expendable Trust Funds Statement oE' Revenues , Expenditures and Changes in Fund Balance Year ended June 30 , 1987 Total Revenues : Interest $ 32 , 531 Miscellaneous - Total revenues 32 , 531 Expenditures : Perpetual care �ees 17 , 000 Distribution of earnings to Home for Aged Women 4 , 367 Other payment to beneficiaries 4 , 830 Total expenditures 26 , 197 Excess oE revenues over expenditures 6 , 334 Fund balances at beginning of period 160 , 362 Fund balances at end of period $166 , 696 : -33- �_ i- Schedule E-3 CITY. OF BANGOR, MAINE Nonexpendable Trust Funds Combining Statement of Revenues, Expenses , and Changes in Fund Balances Year ended June 30 , 1987 Revolving Endowment Loan Principal Principal Total Operating revenues : Interest $ 5, 568 $ 1 , 865 $ 7 , 433 Lot sales 12, 564 - 12, 564 Net income 18, 132 1 , 865 19 , 997 Fund balances at beginning of period 493 , 285 65 , 387 558 , 672 Fund balances at end o� period $511 , 417 $67 , 252 $578 , 669 -34- �._ F:�^ � _ �_ � ' Schedule F i �--�: CITY OF BANGOR, MAINE � Assessed Valuation, Commitment and Collections ��' Year ended June 30 L 1987 , Valuation: Land and Buildings $486, 352, 000 ' Personal Property 60 , 877 , 100 Total valuation $547 , 229, 100 Commitment : � Real estate and personal property $547 , 229 , 100 Tax rate . 0313 Total commitment 17 , 128 , 271 Add: Supplemental taxes committed 14 , 649 17 , 142, 920 Less : Collections - 1987 16, 416 , 426 Abatements 94 , 873 1987 Taxes receivable at June 30 , 1987 $ 631 , 621 �_ -35- - � Table 1 CITY OF BANGOR, MAINE . Property Tax Valuations, Levies and Collections Last Ten Fiscal Periods � Collections Fiscal Assessed Property Property In Year ;-age of Year Valuation Tax Rate Tax Levy o� Levy Collections - 1978 402, 443 , 210 21 . 00 8 , 951 , 307 7 , 909, 538 93 . 6 1979 439 , 217 , 620 22. 15 9 , 728 , 670 9 , 000 , 459 92 . 5 1980 452, 386 , 680 27 . 00 12, 214 , 440 11 , 367 , 550 93 . 1 1981 456 , 484 , 410 30 . 90 14 , 105 , 368 13 , 270 , 358 94 . 1 1982* 455 , 736 , 970 16 . 95 7 , 724 , 742 6 , 975 , 777 90 . 3 1983 462, 895 , 320 31 . 68 14 , 664 , 524 13 , 957 , 974 95 . 2 1984 470 , 635, 982 33 . 63 15 , 827 , 488 15 , 100 , 933 95 . 4 1985 484 , 384 , 300 32. 00 15 , 500 , 298 15 , 112, 575 97 . 5 1986 513, 223 , 900 32. 00 16 , 423 , 165 15 , 812, 838 96 . 3 1987 547 , 229 , 100 31 . 30 17 , 128 , 271 16 , 416 , 426 95 . 8 *Six month period during June 30 , 1982 1 -36- � f I• . Table 2 � .� CITY OF BANGOR, MAINE �, Local Assessed Valuations � _ Last Ten Fiscal Periods Fiscal Total Assessed Personal Year Tax Rate Valuation Real Property Property 1978 21 . 00 402, 443, 210 369 , 321 , 000 33 , 122, 210 1979 22. 15 439 , 217 , 620 401 , 043, 500 38, 174 , 120 1980 27 . 00 452, 386, 680 411 , 926 , 970 40 , 459 , 710 � 1981 30 . 90 456 , 484 , 410 416, 146, 390 40 , 338 , 020 1982* 16 . 95 455 , 736 , 970 415, 706 , 430 40 , 030 , 540 1983 31 . 68 462, 895 , 320 420 , 325, 190 42, 570 , 130 1984 33 . 63 470 , 635, 982 424 , 900 , 452 45 , 735 , 530 1985 32 . 00 984 , 384 , 300 438, 259 , 600 46 , 124 , 700 1986 32 . 00 513 , 223 , 900 455, 361 , 100 57 , 862, 800 1987 31 . 30 547 , 229, 100 486 , 352, 000 60 , 877 , 100 * Six month period during June 30 , 1982 -37- i � r , , .. ., �, - - -, -- - -- .-� Table 3 CITY OF BANGOR, HAINE General Fund Expenditures by Function** Last Ten Fiscal Periods . Public Recreation Taxes Buildings Designated Fiscal General Public Health and Paid To S Public Debt / Fund Year Gov't. Safety WelEare County Services Education Service Balance Other Total 1978 1,059,946 3, 133, 111 1,879,352 223,380 3,319,288 8,835,493 898, 139 - 712,683 20,061,387 1979 1,048,760 3,329,734 2,009, 184 232,933 2,950,231 9,283,418 1, 131,435 - 640,209 20,625,909 1980 1 , 166,412 3,655,703 1 ,337,976 261 ,554 3, 149,476 9,548,763 1, 114,296 - 630, 109 20,863,789 1981 1 , 153,910 3,973,885 1 , 128,013 364,753 3,416, 166 10,225,919 1, 121,820 - 656,239 22,040,705 1982* 735,625 2,056,660 598,959 - 1,863,254 5,764,457 302,585 - 353,975 11 ,675,515 , 1983 1 ,421 , 132 4 , 'L62,987 1 ,384, 1'L2 389,817 3,391 ,'773 10,414,896 1 ,052,511 - 696, 269 23,013,507 w � ' 1989 1 ,621 ,971 4,819,962 1 ,507,402 372, 117 3,550,215 10,992, 128 998,226 - 714,854 24,026,875 � 1985 1,664,091 4,956,714 1 ,416,060 363,532 3,433,451 11 ,461, 231 937,055 775,000 854,508 25,861,642 1986 1,771 ,212 5,6Z4,979 1 ,540, 171 403,473 3,584,628 13, 201,683 1 ,097,488 691,996 657,498 28,523, 123 1987 1 ,938,"L10 5,715,586 1 ,633,783 957,391 3,681,371 14, 351,668 1, 150,489 - 686,374 29,614,872 /Does not include Education - related debt. *Six month period ending June 30, 19B"L **f�udget lias i s 1'_� .. ,� �I r � . � e •.�i . �i � 1 , ' Table 4 CITY OF BANGOR, MAINE Generai Fund Revenue By Source Last Ten Fiscal Periods Licenses Fines Use of Inter- Charges Fiscal Property Other and and Money and Governmental For Reim- Totals Year Taxes Taxes Permits ForEeits Property Revenue Services bursements Revenues 1978 8,496,217 946,050 148,985 70,339 587,073 7,224,565 957,630 215,842 18,646,701 1979 9,733,430 989,836 167, 123 87,261 709,967 6,799,373 949,370 255,624 19,641 ,984 1980 12,220,516 1,056,989 163,879 62,751 764,235 5,619,916 1,051,435 310,445 21 ,250, 161 1981 14, 109, 169 1,200,905 161,715 66,368 702,528 5,359, 129 1, 105,997 310,639 23,016,450 1982* 7,724,792 744,898 93, 115 29,324 523,702 2,271 ,553 519, 113 240,270 12, 146,717 1983 15,026,000 1,374,309 145,881 62,615 1,058,435 5,608,420 1, 120, 140 292,549 24,688,349 w 1984 15,945,826 1,591,819 210,117 60,967 1 , 183,827 5,885,932 619,741 368,515 25,865,744 �O ' 1985 15,967,934 1,727,442 234,607 60,879 1,733,772 6,601 ,075 533,474 259,294 27, 118,977 1986 16,430,725 1 ,949,307 243,345 63,378 1,568,448 7,625,529 638,603 259,065 28,778,400 19�7 17, 111,568 2, 160,807 154,283 5,368 1,467,622 7,992,329 620,355 307,099 29,819,426 *Six month period ending June 30, 1982 i � �_ �� , ; �- Table S CITY OF BANGOR, MAINE Ratio of Annual Debt Service Expenditures for General Bonded Debt to Total General Fund Expenditures - Last Ten Fiscal Periods Percentage Total o£ Debt Service General Total to Total Fiscal Bonded Debt General Fund General Year Principal Interest Service Expenditures** Expenditures 1978 759 , 360 461 , 101 1 , 220 , 461 20 , 061 , 387 6 . 084 1979 932, 532 478 , 775 1 , 411 , 307 20 , 625 , 904 6 . 842 1980 821 , 939 575 , 120 1 , 397 , 059 20 , 863 , 789 6 . 670 1981 821 , 939 683 , 121 1 , 505 , 060 22, 040 , 705 6 . 829 1982* 237 , 796 336 , 395 574 , 191 11 , 675 , 515 4 . 918 1983 924 , 999 744 , 336 1 , 669, 335 23 , 013 , 507 7 . 254 1984 706 , 655 714 , 974 1 , 421 , 629 24 , 026, 875 5 . 917 1985 676, 481 658, 671 1 , 335 , 152 25 , 861 , 642 5 . 163 1986 823 , 010 678 , 892 1 , 501 , 902 28, 523, 123 5 . 266 1987 912, 892 661 , 378 1 , 574 , 270 29 , 614 , 872 5 . 316 *Six month period ending June 30 , 1982 **Budget Basis �_. -4�J- � ( �'._ i Table 6 � CITY OF BANGOR, MAINE Debt Service Requirements to Maturity �� General Obligation Bonds Fiscal Total Year Principal Interest Requirement - 1.988 1 , 350 , 000 841 , 899 2, 191 , 899 1989 1 , 405 , 000 761 , 996 2, 166 , 996 1990 1 , 340 , 000 677, 415 2, 017 , 415 1991 1 , 315 , 000 585 , 828 1 , 900 , 828 1992 1 , 250 , 000 497, 502 1 , 747 , 502 1993 1 , 235 , 000 411 , 928 1 , 646 , 928 1994 1 , 235 , 000 325 , 077 1 , 560 , 077 1995 1 , 135 , 000 239 , 683 1 , 374 , 683 1996 880 , 000 166 , 405 1 , 046 , 405 1997 555 , 000 114 , 553 669 , 553 Subsequent 1 , 040 , 000 162, 270 1 , 202, 270 $12, 740 , 000 $4 , 784 , 556 $17, 5Z4 , 556 i -41- �_ I �.� Table 7 I� � CITY OF BANGOR, MAINE I� Ratio o� General Bonded Debt To Assessed � Value and General Bonded Debt Per Capita -- Last Ten Fiscal Periods i� Ratio o£ i General Bonded General Bonded µ Fiscal Debt to Debt Per Year Bonded Debt Valuation Assessed Value Ca�ita** _ 1978 13 , 188 , 440 402, 443 , 210 3 . 3 394 . 53 "' 1979 15 , 025 , 000 439 , 217 , 620 3 .4 449 . 47 1980 13 , 860 , 000 452, 386 , 680 3 . 1 438 . 02 1981 12, 695 , 000 456 , 984 , 410 2. 8 401 , 20 1982* 13 , 625 , 000 455 , 736, 970 3 . 0 430 . 58 1983 12, 960 , 000 462, 895, 320 2. 8 409 . 57 1984 11 , 925 „ 000 470 , 635 , 982 2. 5 376 . 86 1985 12, 510 , 000 484 , 384 , 300 2. 6 395 . 35 � 1986 12, 235 , 000 513 , 223 , 900 2. 4 386 . 65 1987 12, 740 , 000 547 , 229 , 100 2. 3 402. 62 *Six month period ending June 30 , 1982 .-. **Based on 1970 population of 33 , 428 through 1979 and 1980 population o� 31 , 643 therea£ter � � -42-