1990 ;
� • ,
+ � ,
CITY OF BANGOR, MAINE
� FINANCIAL STATEMENTS
,
AND OTHER FINANCIAL INFORMATION
- FOR THE YEAR ENDED JUNE 30, 1990 •
, , _
� BY-'OOItS �
.� and
� Carter Certified Public Accountants
�i> � , . , .
CITY OF BANGOR, MAINE
Annual Financial Report ,
June 30, 1990
Table of Contents �
� Exhibit Pa e s
AUDITOR'S REPORT
FINANCIAL STATEMENTS
� Combined Balance Sheet--All Fund Type and Account
Groups 1 1 - 2
Combined Statement of Revenues, Expenditures and •
Changes in Fund Balances--All Governmental Fund •
Types and Expendable Trust Funds 2 3
Statement of Revenues, Expenditures and Changes in
Unreserved/Undesignated Fund Balance--Budget and
Actual--General Fund 3 4
Combined Statement of Revenues, Expenses and Changes
in Retained Earnings/Fund Balances--All Proprietary
Fund Types and Similar Trust Funds 4 5
Combined Statement of Cash Flows--All Proprietary
Fund Types and Similar Trust Funds 5 6 - 7 '
. Notes to Financial Statements 8 - 30
Schedule Pa e s
ADDITIONAL INFORMATION
Governmental Funds :
General Fund:
Balance Sheet A-1 31
Statement of Revenues, Expenditures, and
Changes in Unreserved/Undesigned Fund
Balances--Budget and Actual A-2 32 - 33
Special Revenue Funds:
Balance Sheet , B-1 34
Statement of Revenues, Expenditures
and Changes in Fund Balance B-2 35
Capital Project Funds:
Balance Sheet C-1 36
Statement of Revenues, Expenditures
and Changes in Fund Balances C-2 37
Additional Information (Continued) Schedule Pa e s
Proprietary Funds:
_ � Enterprise Funds:
Combining Balance Sheet D-1 38 - 39
Combining Statement of Revenues, Expenses
and Changes in Retained Earnings D-2 40
Combining Statement of Cash Flows D-3 41 - 42
Fiduciary Funds: .
Trust and Agency Funds: �
Combining Balance Sheet E-1 43
Expendable Trust Funds - Statement of Revenues,
Expenditures, and Changes in Fund Balance E-2 44
Nonexpendable Trust Funds - Combining Statement
of Revenues, Expenses and Changes in Fund
Balances E-3 45
Nonexpendable Trust Funds - Combining Statement
of Cash Flows E-4 46 - 47
Schedule of Assessed Valuation, Commitment and
Collections F 48
STATISTICAL SECTION: Table Pa e s
Property Tax Valuations, Levies and Collections -
Last Ten Fiscal Periods 1 49
Local Assessed Valuations - Last Ten Fiscal Periods 2 . 50
General Fund Expenditures by Function - Last Ten
Fiscal Periods 3 51
General Fund Revenue by Source - Last Ten Fiscal
Periods 4 52
Ratio of Annual Debt Service Expenditures for -
General Bonded Debt to Total General Fund
Expenditures - Last Ten Fiscal Periods 5 53
Debt Service Requirements to Maturity -
, General Obligation Bonds 6 54
Ratio of General Bonded Debt to �,ssessed Value
and General Bonded Debt per Capita - Last Ten
Fiscal Periods 7 55
Br�ooks
and
Car--ter� Certified Public Accountants
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and City Council
City of Bangor, Maine
We have audited the accompanying general purpose financial statements of
the City of Bangor, Maine, as of June 30, 1990, and for the year then
ended, as listed in the table of contents. These general purpose
financial statements are the responsibility of the City of Bangor, Maine's
management. Our responsibility is to express an opinion on these general
purpose financial statements based on our audit.
We conducted our audit� in accordance with generally accepted auditing
standards . Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the general purpose financial
statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the general purpose financial statements . An audit also
includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall general
purpose financial statement presentation. We believe that our audit
provides a reasonable basis for our opinion.
In our opinion, the general purpose financial statements referred to above
present fairly, in all material respects, the financial position of the
City of Bangor, Maine, as of June 30, 1990, and the results of its
operations and the cash flows of its proprietary and sisnilar trust fund
types for the year then ended in conformity with generally accepted
accounting principles .
As discussed in note 19 to the financial statements, the City of Bangor,
Maine has presented a statement of cash flows for the year ended June 30,
1990, rather than a statement of changes in financial position. In
addition, as explained in note 15 to the financial statements, the City
changed its method of accounting for direct financing leases .
P.O. Box 1167, 84 Harlow Street, Bangor, Maine 04401 (207) 947-8568
Our audit was made for the purpose of forming an opinion on the general
purpose financial statements taken as a whole. The combining and
individual fund financial statements, schedules and statistical
information listed in the table of contents are presented for purposes of
additional analysis and are not a required part of the general purpose
financial statements of the City of Bangor, Maine. Such information has
been subjected to the auditing procedures applied in the audit of the
general purpose financial statements and, in our opinion, is fairly
presented in all material respects in relation to the general purpose
financial statements taken as a whole.
Gx�rc�C. �
November 30, 1990 (except for note 12, �
as to which the date is April 8, 1991)
This page left intentionally blank.
Exhibit 1
CITY OF BANGOR, MAINE ---'-'---
� All Fund Types and Account Groups
. Combined Balance Sheet
June 30, 1990
(Nith comparative totals for June 30, 1989)
-------------------------------------------
Proprietary Fiduciary
Governmental Fund Types Fund Type Fund Type Account Groups
----------------------- ------------ ------------ --------------------------
General General Totals
Special Capital Enterprise Trust and Fised Lonq-term (Memorandum Only)
Assets and Other Debits General Revenue Projects tNote 13) Aqency Assets Debt 1990 1989"
------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Cash on hand $ 1,782 S 250 $ - $ 55,290 S - S - S - S 57,322 S 58,278
Equity in pooled cash and
investments - (note 2) 3,548,100 293,481 .7,516,784 7,720,127 670,295 - - 19,748,787 21,591,078
Investments at cost - (note 2) - - - - 589,710 - - 589,710 572,384
Receivables (net, Where ;
applicable of a1loNance , `
for estimated uncollectible
accounts of $17i,042 in 1990 '
and $68,792 ia 1989):
Taxes, includinq interest,
penalties and liens (note 3) 1,546,568 - - - - - - 1,546,568 1,150,968
Accounts 1,258,264 - 21,220 2,573,351 67,342 - - 3,920,177 3,106,807
Loans - 2,053,478 - - 27,360 - - 2,080,838 2,121,123
Deferred special assessmeats - - 150,649 - - - - 150,649 190,623
Due from rater district - - - 29,018 - - - 29,018 -
Due from other qovernments
(note 4) - 416,528 2,162,820 - - - - 2,579,348 955,647
Due from other funds 1,308,946 - 353,439 - - - - 1,662,385 418,923
Advance to other funds - - - - - - - - 87,787
Inventory, at cost 447,167 - - 206,446 - - - 653,613 666,756
Prepaid expenses - 493 - 183,377 - - - 183,870 135,023
Property, plant and equipment
(net of accumulated
depreciation) (note 5) - - - 129,963,231 - 53,348,588 - 183,311,819 173,829,105
Amount to be provided for
retirement of qeneral
lonq-term debt - - - - - - 17,603,902 17,603,902 16,9T6,021
Deposits for construction 4,268,713 6,133,815
with capital projects fund - - - 4,268,713 - 2,373,124 2,680,462
Otner assets 255,935 - - 2,117,189 - - -
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total assets and other debits S 8,366,762 S 2,764,230 S 10,204,912 $147,116,742 $ 1,354,707 $ 53,348,588 S 17,603,902 5240,759,843 S230,674,800
*Restated, note 15 The accompanying notes are an inteqral part of these financial statements.
1
Exhibit 1, Cont.
CITY OF BANGOR, MAINE ---------------
All Fund Types and Account Groups •
Combined Balance Sheet
June 30, 1990
(with comparative totals for June 30, 1989)
-------------------------------------------
Proprietary Fiduciary
Governmental Fund Types Fund Type Fund Type Account Groups
----------------------- ------------ ------------ --------------------------
General General Totals �
Special Capital Enterprise Trust and Fixed Long-term (Memorandum Only) .
Liabilities � General Revenue Projects (Note 13) Agency Assets Debt 2990 1989*
------------------------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Bank overdraft $ - $ - $ - $ 136,371 $ - S - $ - $ 136,371 $ �,486,484
Accounts payable 1,050,668 202,802 1,092,667 525,635 - - - 2,871,772 309,393
Workers' comp. self insurattce 619,800 - - 130,200 - - 1,066,978 1,816,978 1,207,865
Accrued leave - - - 160,664 - - 517,989 678,653 640,171
Accrued payroll 1,380,316 3,136 - 107,559 - - - 1,491,011 1,241,143
Accrued interest - - - 286,267 - - - 286,267 -
Tax collected in advance 12,723 - - - - - - 12,723 7,979
Amounts held by agency funds
for others - - - - 524,884 - - 524,884 236,734
Deferred revenue - (note 6) 1,453,676 2,053,478 - 18,211 - - - 3,525,365 3,083,956
Due to general fund - 93,920 605,035 963,430 - - - 1,662,385 418,923
Advance from other fund - - - - - - - _ g� 787
General obligation bonds - (note 7) - - - 17,796,882 - - 15,898,118 33,695,000 31,040,000
Arbitrage payable - - - 74,009 - - 120,817 194,826 -
Direct financing lease payments
payable - - - 1,162,492 - - - 1,162,492 1,404,039
Unearned income - - - 222,684 - - - 222,b84 342,487
Notes payable - - - - - - - - 853
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total liabilities 4,517,183 2,353,336 1,697,702 21,584,404 524,884 - 17,603,902 48,281,411 41,507,814
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Fund Equity
-------------------------
Contributed capital - (note 8) - - - 106,529,761 - - - 106,529,761 109,105,349
Investment in general fixed
assets - (note 5) - - - - - 53,348,588 - 53,348,588 47,836,291
Retained earnings - - - 19,002,577 - - - 19,002,577 13,012,780
Fund balance:
Reserve for:
' Encumbrances 299,534 - 2,704,378 - - - - 3,003,912 2,720,188
Loans - - - - 93,671 - - 93,671 88,252
Endowments - - - - 532,533 - - 532,533 524,232
Unreserved:
Designated for subsequent years
expenditures - (note 9) 2,861,481 410,894 5,326,590 - 203,619 - - 8,802,584 13,340,473
Undesignated 688,564 - 476,242 - - - - 1,164,806 2,539,421
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total fund equity 3,849,579 410,894 8,507,210 125,532,338 829,823 53,348,588 - 192,478,432 189,166,986
------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
Total liabilities and
fund equity S 8,366,762 $ 2,764,230 $ 10,204,912 $147,116,742 $ 1,354,707 S 53,348,588 $ 17,603,902 5240,759,843 $230,674,800
------------ ------------ ------------ ------------ ------------
--------- ------------ ------------ ____________
*Restated, note 15 The accompanying notes are an integral part of these financial statements.
2
Exhibit 2
CITY OF BANGOR, HAINE "--""'
All Governmental Fund Types and Expendable Trust Funds
Combined Statement of Revenues, Expenditures
and Chanqes in Fund Balances
June 30, 1990
------------------------------------------------------ �
Fiduciary
Governmental Fund Types Fund 'Type
---------------------------------------- ------------ Total
Special Capital Expendable (Memorandum
Revenues General Revenue Projects Trust Only)
-------- ------------ ------------ ------------ ------------ ------------
Taxes - (note 3) S 22,942,798 S - S - S - S 22.942.798
Special assessments - - 13,690 - 13,690
Interqovernmental 11,685,235 1,095,990 1,777,285 - 14,558,510
Licenses and permits Z11,100 - - - 211,100
Charqes for services 4,323,202 - - - 4,323,202
Fines, forfeits and penalties 9,453 - - - 9,453
Revenue from use of money and ,
property 2,126,470 240,557 39,310 44,486 2,450,823
Reimbursements 816,097 - - - 816,097
Miscellaneous - - 11,321 3.000 14,321
------------ ------------ ------------ ------------ ------------
Total revenues 42,114,355 1,336,547 1,841,606 47,486 45,339,994
------------ ------------ ------------ ------------ ------------
Expenditures
General qovernment 3,514,209 - - - 3,514,209
Public safety 7,098,496 � - - - 7,098,496
Health, xelfare and recreation 2,224,262 - - - 2,224,262
Public buildinqs and sernices 3,921,124 - - - 3,921,124
Other aqencies 1,550,520 - - - 1,550,520
Education 22,417,294 - - - 22,417,294
Other appropriations 1,464,311 - 17,713 - 1,482,024
Community Development Block Grants - 1,368,936 - - 1,368,936
Perpetual care fees - - - 18,500 18,SU0
Distribution ta beneficiaries - - - 6,720 6,720
Capital projects - - 12,130,081 - 12,130,081
------------ ------------ ------------ ------------ ------------
Total expenditures 42,190,216 1,368,936 12,147,794 25,220 55,732,166
------------ ------------ ------------ ------------ ------------
Excess (deficiency) of revenues
over expenditures ' (75,861) (32,389) (10,306,188) 22,266 (10,392,I72)
------------ ------------ ------------ ------------ ------------
Other financinq sources (uses)
Operating transfers in 8,000 - 1,663,897 - 1,671,897
Operatinq transfers out (1,015,603) - (107,902) - (1,123,So5)
Proceeds from bonds - - 4,215,000 - 4,215,000
------------ ------------ ------------ ------------ ------------
Total other financinq
sources (uses) (1,007,603) - 5.770,995 - 4,763,392
------------ ------------ ------------ ------------ ------------
Excess (deficiency) of revenues
and other financinq sources over
expenditures and other uses (1,083,464) (32,389) (4,535,193) 22,266 (5,628,780)
-------
Fund balances, at beqinninq of
period, as previously reported 4,933,043 262,802 13,385,350 181,353 18,762,548
Restatement - (note 15) - 180,481 (342,947) - (162,466)
------------ ------------ ------------ ------------ ------------
Fund balances, at beqinninq of
period, as restated 4,933,043 443,283 13,042,403 181,353 18,600,082
Excess (deficiency) of revenues
and other financinq souzces over
expenditures and other uses (1,083,464) (32,389) (4,535,193) 22,266 (5,628,780)
------------ ------------ ------------ ------------ ------------
Fund balances at end of period $ 3,849,579 S 410,899 S 8,507,210 $ 203,619 S 12,971,302
The accompanyinq notes are an integral part of these financial statements.
3
� �xhibit 3
CITY OF BANGOR, MAINE ---------
General Fund
Statement of Revenues, Expenditures, and '
Changes in Unreserved/Undesignated Fund Balance - Budqet and Actual
Year Ended June 30, 1990
-------------------------------------------------------------------
Variance -
Favorable
Revenues Budget Actual (Unfavorable)
-------- ------------ ------------ -------------
Taxes (note 3) $ 23,494,141 $ 22,942,798 S (551,343)
Interqovernmental 11,488,767 11,685,235 196,468
Licenses and permits 197,065 211,100 14,035
Charges for services 4,123,197 4,323,202 200,005 .
Fines, forfeits and penalties 9,000 9,453 453 �
Revenue from use of maney and
property 1,159,671 1,932,699 773,028
Reimbursements 722,249 816,097 93,848
------------ ------------ -------------
Total revenues 41,194,090 41,920,584 726,494
------------ ------------ -------------
Expenditures
General government 3,065,793 3,461,626 (395,833)
Public safety 7,475,568 7,175,788 299,780
Health, welfare and recreation 2,122,158 2,235,520 (113,362)
Public buildinqs and services 3,933,614 3,847,293 86,321
Other aqencies 1,523,380 1,550,520 (27,140)
Education 22,157,222 21,368,095 789,127
Other appropriations 1,504,651 1,485,825 18,826
------------ ------------ -------------
Total expenditures 41,782,386 41,124�667 657,719
------------ ------------ -------------
Excess (deficiency) of revenues
over expenditures (588,296) 795,917 1,384,213
Other financinq sources (uses)
Transfer from reserved
fund balance - 53,000 53,000
Operatinq transfers in 8,000 8,000 -
Operating transfers out (1,076,151) (1,015,603) 60,548
Appropriation from fund balance 1,656,447 588,747 (1,067,700)
Excess of revenues and other
financinq sources over
expenditures and other uses $ - $ 430,061 $ 430,061
Fund balance undesiqnated/
unreserved, beginninq of year 1,776,483
Balances carried to succeeding year (929,233)
Appropriation from fund balance (588,747)
Fund balance undesignated/
unreserved, end of year $ 688,564
The accompanying notes are an integral part of these financial statements.
4
CITY OF BANGOR, MAINE Exhibit 4
All Proprietary Fund Types and Similar Trust Funds ---------
Combined Statement of Revenues, Expenses, and Chanqes in
Retained Earnings/Fund Balances
Year Ended June 30, 1990
--------------------------------------------------------
Proprietary Fiduciary
Fund Type Fund Type
-------------- -------------- Total
Enterprise Nonexpend- (Memorandum
Operating revenues (Note 13) able Trust Only)
------------------ -------------- -------------- --------------
Charges for services $ 20,133,945 $ - $ 20,133,945
Interest - 6,670 6,670
Lot sales - 7,050 7,050
-------------- -------------- --------------
Total operatinq revenues 20,133,945 13,720 20,147,665
-------------- -------------- -------------- •
� Operating expenses •
------------------
Operatinq expenses other than
�� depreciation and amortization 13,967,258 - 13,967,258
Depreciation and amortization:
•. On assets acquired with oWn funds 497,386 - 497,386
On assets acquired with
contributions 3,341,647 - 3,341,647
-------------- -------------- --------------
Total operatinq expenses 17,806,291 - 17,806,291
-------------- -------------- --------------
Operating income (loss) 2,327,654 13,720 2,341,374
-------------- -------------- --------------
Non operating revenues (expenses)
- ---------------------------------
Interest income 1,066,352 - 1,066,352
Interest expense (1,384,005) - (1,384,005)
Misceilaneous income 91,000 - 91,000
-------------- -------------- --------------
Income before operatinq
transfers 2,101,001 13,720 2,114,721
Operating transfers in 547,149 - 547,149
Operating transfers out - - _
' -------------- -------------- --------------
Net income 2,648,150 13,720 2,661,870
Add depreciation and amorti2ation
on assets acquired with
contributions 3,341,647 - 3,341,647
-------------- -------------- --------------
Increase in retained earnings/
fund balances 5,989,797 13,720 6,003,517
--------------
______________ ______________
Retained earninqs/fund balances,
at beginninq of period, as ' �
previously reported 12,669,833 612,484 13,282,317
_ Restatement - (note 15) 342,947 � - 342,947
-------------- -------------- --------------
Retained earninqs/fund balances,
at beginninq of period, as
restated 13,012,780 612,484 13,625,264
Increase in retained earninqs/
fund balances 5,989,797 • 13,720 6,003,517
-------------- -------------- --------------
Retained earnings/fund balances
at end of period $ 19,002,577 S 626,204 $ 19,628,781
The accompanyinq notes are an inteqral part of these financial statements.
5
Exhibit 5
�` CITY OF BANGOR, MAINE ---------
All Proprietary Funds and Similar Trust Funds �
Combined Statement of Cash Flows
� Year Ended June 30, 1990
---------------------------------------------
- Proprietary Fiduciary •
Fund Type Fund Type
-------------- -------------- Total
Enterprise Nonexpendable (Memorandum
(Note 13) Trust Only)
-------------- -------------- --------------
Cash flows from operating activities:
Cash received from customers $ 19,727,571 $ 7,050 $ 19,734,621
Cash received on investments - 6,670 6,6�70
, Cash payments to suppliers for �
goods and sernices (10,317,441) - � (10,317,441)
Cash payments to employees for services (3,188,875) - (3,188,875)
-------------- -------------- --------------
Net cash provided by operating activities 6,221,255 13,720 6,234,975
-------------- -------------- --------------
Cash flows from noncapital financing activities:
Operatinq subsidies and advances received 738,217 - 738,217
Student loan payments - 5,120 5,120
Student loans disbursed - (4,500) (4,500)
Interest paid on operating advances (65,059) - (65,059)
-------------- -------------- --------------
Net cash provided by noncapital
financinq activities 673,158 620 673,778
-------------- -------------- --------------
Cash flows from capital and related
financing activities:
Proceeds from bond issue 7,915,000 - 7,915,000
Acquisition and construction of capital
assets (4,215,003) - (4,215,003)
Principal paid on bond maturities (5,573,806) - (5,573,806)
Interest paid on bonds (734,498) - (734,498)
Principal paid on loans (698,148) - (698,148)
Interest paid on loans (148,717) - (148,717)
Proceeds from sale of equipment � 47,500 - 47,500
-------------- -------------- --------------
Net cash (used in) capital and related
financing activities (3,407,672) - (3,407,672)
-------------- -------------- --------------
Cash flows from investinq activities:
Interest on investments � 1,020,558 - 1,020,558
Net purchases of investments - (17,325) (17,325)
-------------- -------------- --------------
Net cash provided by (used in) investinq
activities 1,020,558 (17,325) 1,003,233
-------------- -------------- --------------
Net increase (decrease) in cash 4,507,299 {2,985) 4,504,314
Cash at beqinning of year 3,268,118 12,120 3,280,238
-------------- -------------- --------------
Cash at end of year $ 7,775,417 $ 9,135 $ 7,784,552
-------------- -------------- --------------
-------------- -------------- --------------
The accompanyinQ notes are an inteqral part of these financial statements.
6
�
Exhibit 5, Cont.
CITY OF BANGOR, MAINE ----------------
All Proprietary Funds and Similar Trust Funds
Combined Statement of Cash FloKs
- Year Ended June 30, 1990
---------------------------------------------
Proprietary Fiduciary
Fund Type Fund Type
-------------- -------------- Total
Enterprise Nonexpendable (Memorandum
(Note 13) Trust Only)
-------------- -------------- ----------=---
Reconciliation of operatinq income to net cash � .
provided by operating activities:
� Operatinq income $ 2,327,654 $ 13,720 $ 2,341,374
-------------- -------------- --------------
Adjustments to reconcile operating
income to net cash provided by
operating activities:
Depreciation and amortization 3,839,033 - 3,839,033
Provision for uncollectible accounts 49,020 - 49,020
Chanqe in assets and liabilities:
(Increase) decrease in accounts receinable (373,155) - (373,15�)
(Increase) decrease in due from Water district (29,018) - (29,018;
(Increase) decrease in inventory � (107,967) - (107,967)
(Increase) decrease in prepaid expenses (50,671) - (5o,671i
(Increase) decrease in other assets 39,030 - 39,030
Increase (decrease) in bank overdraft 136,371 - 136,37i
Increase (decrease? in accounts payable 311,06a - 311,064
Inc:ease (decrease) in accrued expenses 112,702 - 112,702
Increase (decrease) in deferred revenue (32,808) - (32,80oi
-------------- -------------- --------------
Total adjustments 3,893,601 - 3,893,6d1
-------------- -------------- --------------
Net cash provided by operatinq activities $ 6,221,255 $ �3,720 $ 6,234,975
The accompanying notes are an integral part of these financial statements.
. 7
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 1 - Summary of SiQnificant Accounting Policies
The City of Bangor, Maine was incorporated February 12, 1834, under the
laws of the State of Maine. The City operates under a Council-Manager
form of government and provides the following services as authorized by
its charter: public safety, 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
following is a summary of the more significant policies:
FINANCIAL REPORTING ENTITY
For financial reporting purposes, the City of Bangor should include all
funds, account groups, boards, commissions and authorities that are
controlled by or dependent on the City Council or other City executives .
An analysis of the criteria presented in National Council on Governmental
Accounting (NCGA) Statement 3, "Defining the Governmental Reporting �
Entity, " was made to determine if other governmental units should be
included in this report.
, The criteria evaluated were:
* Manifestations of oversight
* Accountability for fiscal matters
* Scope of public service
* Special financing relationships
Based on the criteria of NCGA Statement 3, it was determined that no other
� governmental units should be included in this report.
(Al Basis of Presentation - Fund Accounting
The accounts of the City are organized on the basis of funds and account
groups, each of which is considered a separate accounting entity. The
operations of each fund are accounted for with a separate set of
self-balancing accounts that comprise its assets, liabilities, fund
balance/retained earnings, revenues, and expenditures/expenses . The
various funds are summarized by type in the financial statements. The
following fund types and account groups are used by the City:
GOVERNMENTAL FUND TYPES
Governmental Funds are those through which most governmental functions of
the City are financed. The acquisition, use, and balances of the City's
expendable financial resources and the related liabilities (except those
accounted for in proprietary funds) are accounted for through governmental
funds . The measurement focus is upon determination of changes in
financial position, rather than upon net income determination. The
following are the City's governmental fund types :
8
�
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 1 - Continued
General Fund - The General Fund is the general operating fund of the
City. It is used to account for all financial �esources except those
required to be accounted for in another fund.
Special Revenue Fun�3s - Special Revenue Funds are used to account for the
proceeds of specific revenue sources (other than expendable trusts or
major capital projects) that are legally restricted to expenditures for .•
specified purposes .
Capital Projects Funds - Capital Projects Funds are used to account for
financial resources to be used for the acquisition or construction of
major capital facilities .
PROPRIETARY FUND TYPES
Proprietary Funds are used to account for the City's ongoing organizations
and activities which are similar to those often found in the .private
sector. The measurement focus is upon determination of net income.
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 of the governing body is that the costs
(expenses, including depreciation) of providing good� or services to the
general public on a continuing basis be financed 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 for capital maintenance, public policy, management
control, accountability, or other purposes . The following are the City's
enterprise funds:
Sewer Utility Fund - This fund accounts for the cost of operating the
Primary Treatment Plant, the city sewer system, sewer separation and the
construction of the upgrade at the plant for Secondary Treatment. This
fund is self-supported through sewer user fees, which are being raised 10�
each six months for the future debt service requirements of the
construction project.
Airport Fund - This fund accounts for the operation of Bangor
International Airport. The principal sources of revenues are landing fees
and the sales of aviation fuel. Other revenue sources include lease of
terminal space and non-aviation industrial lease of buildings on site.
City Nursing Facility - This fund accounts for the operation of a city
owned nursing home. This is a 56 bed facility, and principal revenue
sources are Medicaid and rental income from excess space. The facility
has been in existence since Bangor was incorporated in 1834, and the
current facility was the base hospital at the former pow Air Force Base,
closed in 1969 .
9
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 1 - Continued
Parking Fund - This fund accounts for the operation of the city owned
parking lot and the recently constructed Pickering Square Pa=king Garage.
Revenue sources include monthly leases of spaces, hourly/daily parkinq
fees, and fines and waiver fees for parking violators. The parking. garage
is operated under a private management contract.
Bass Park Fund - This fund accounts for the operation of the Bangor •
Auditorium, Bangor Civic Center, Bangor State Fair and Bangor Harness �
Racing. Principal sources of revenues are admissions, concession sales,
and rentals . The fund is named after the Bass family which bequeathed the
property to the City for recreational purposes .
Municipal Golf Course - This fund accounts for the operation of a 27 hole
municipal golf course. Principal revenue sources are season memberships,
and daily greens fees .
FIDUCIARY FUND TYPE
Fiduciary Funds are used to account for assets held by the City in a
trustee capacity or as an agent for individuals, private organizations,
other governmental units, and/or other funds .
Trust and Agency Funds - Trust and Agency Funds include expendable,
none�endable and agency funds . Nonexpendable funds are accounted for and
reported as proprietary funds since capital maintenance is critical.
Expendable trust and agency funds are accounted for and reported as
governmental funds .
ACCOUNT GROUPS
Account groups are used to establish accounting control and accountability
for the City�s general fixed assets and general long-term debt. The
following are the City's account groups:
General Fixed Assets Account Group - This group of accounts is established
to account for all fixed assets of the City, other than those accounted
for in the proprietary funds .
General Long-Term Debt Account Group - This gro�p of accounts is
established to account for all long-term debt of the City except that
accounted for in the proprietary funds .
(B� Basis of Accountincr
The modified accrual basis of accounting is followed by the governmental
funds and expendable trust and agency funds . Under the modified accrual
basis of accounting, revenues are recorded when susceptible to accrual,
Ii.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
I, debt, are recorded when the liability is incurred, if ineasurable.
10
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 , 1990
NOTE 1 - Continued
In applying the susceptible to accrual concept to intergovernmental
revenues, the legal and contractual requirements of 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
specific purpose or project before any amounts w�_11 be paid to the City;
therefore, revenues are recognized based upon the expenditures recorded.
In the other, monies are virtually unrestricted as to purpose of .•
expenditure and are usually revocable only for the failure to comply with
prescribed compliance requirements . These resources are reflected as
revenues at the time of receipt or earlier if the susceptible to accrual
criteria are met.
Licenses and permits, fines and forfeits, and miscellaneous revenues are
recorded as revenues when received in cash because they are generally not
measurable until actually received. Investment earnings and charges for
services are recorded as earned since they are measurable and available.
The accrual basis of accounting is used by proprietary funds and
nonexpendable trust funds .
(C) Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of funds are recorded in order to reserve
that portion of the applicable appropriation, is employed in the
governmental funds . 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 .
(D1 BudQetary Accountinq
The City utilizes a formal budgetary accounting system to control revenues
and expenditures accounted for in the general fund. 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 for the fiscal year commencing the
following July 1. The operating budget includes proposed expenditures and
the means of financing them. Public hearings are conducted to obtain
taxpayer comments . The budget is legally enacted through the passage of
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 1990 .
All unencumbered and unexpended appropriations lapse at year end.
Departmental expenditures may not exceed appropriations. Budget data, as
presented for these funds, utilize the modified accrual basis of
accounting.
11
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 1 - Continued
Budgetary controls are maintained on the other governmental funds through
formal authorizations by the City Council and grant agreements .
General Fund revenues and expenditures reported in the Statement of
Revenues, Expenditure:s and Encumbrances - Budget and Actual (Budget Basis)
are presented on the basis budgeted by the City. The City follows certain
accounting principles for budgetary reporting purposes that differ from.�•
generally accepted accounting principles . Such differences and their
effects on the General Fund's reported operations are summarized in the
following reconciliation:
Revenues Expenditures
Statement of Revenues, Expenditures
and Encumbrances--Budget and Actual
(Exhibit 3) $41,920,584 $41, 124,667
Activity in designated fund balance . 193,771 39,644
1990 encumbrances - (269,047)
1989 encumbrances paid - 323, 151
1989 balances carried - 971,801
Combined Statement of Revenues,
Expenditures and changes in fund
balance--Governmental fund types--
General Fund (Exhibit 2) $42 , 114 ,355 542 , 190 .216
(E� Investments
Investments are stated at cost (See Note 2) .
(F) Inventory
Inventory consists primarily of expendable supplies held for consumption.
(G1 Advances to Other Funds
Long-term interfund advances are recorded as a receivable and as a reserve
of fund balance by the advancing fund.
(Hl General Fixed Assets
General fixed assets have been acquired for general governmental
p1�rnoses. Assets purchased are recorded as expenditures in the
governmental funds and capitalized at cost in the general fixed assets
account group. . Contributed fixed assets are recorded in general fixed
assets at estimated fair market value at the time received.
Public domain ( "infrastructure" ) general fixed assets consisting of roads,
bridges, curbs, gutters, streets and sidewalks, drainage systems, and
lighting systems are capitalized along with other general fixed assets .
No depreciation has been provided on general fixed assets, nor has
interest been capitalized.
12
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30. 1990
NOTE 1 - Continued
(I) Propertv, Plant and Ec�ui�ment - Enterprise Funds
Property, plant and equipment owned by the various enterprise funds is
stated at cost except for certain assets contributed by others which are
stated at fair market value as of the date of contribution. Interest cost
incurred during construction of major projects is capitalized and
amortized over the life of the related asset. Depreciation has been � .
provided over the estimated useful lives using the straight line method.
Depreciation on all assets has been recorded as an expense of the current
period. The amounts applicable to assets acquired from contributions has
then been transferred to the related contribution account . rather than to
retained earnings . The range of the estimated useful lives of the various
classes of enterprise depreciable assets is as follows:
Range of�
Est.unated
Useful Life
Asset Class
Buildings 25 - 40 years
Equipment 5 - 20 years
Pipelines and Main 100 years
Aircraft operational assets:
Runways 40 years
Buildings 20 years
Machinery and equipment 5 - 10 years
!Jl Vacation and Sick Leave
Under terms of union contracts and personnel policies, permanent full time
City employees are granted vacation and sick leave in varying amounts . In
the event of termination an employee is reimbursed for accumulated
vacation days up to the equivalent of thirty days vacation. Employees are
rei.mbursed for 33 percent of accumulated sick leave, up to 40 days, only
upon retirement with 25 years of service.
For Governmental Type Funds (General and Special Revenue) , the City
appropriates funds for accrued vacation in the year the vacation is
taken. Accordingly, accumulated vacation time earned and not taken at the
end of the fiscal year will be raised in subsequent years ' budgets. The
related obligation, therefore, is recorded in the general .long-term debt
group of accounts of the City.
IA�ccumulated sick leave is not recorded since it is not determinable.
f�
�
_ 13
CITY OF BANGOR, MAINE
Notes to Financial Statements �
June 30. 1990 .
NOTE 1 - Continued
(Kl Ca�ital Proiects Funds - Unaporopriated Fund Balances '
Unappropriated fund balances in the Capital Projects Funds represent, on a
cumulative basis, the excess of specific project resources oner the
related project costs for completed projects. These amounts are currently
unappropriated and as such are available for use within the Capital
Projects Funds for future capital construction. .�•
(L� Comnarative Total Data
Total columns of the Combined Statements are captioned "memorandum only"
to indicate that they are presented only to facilitate financial
analysis . Data in these columns do not present financial position,
results of operations, or changes in financial position in conformity with
generally accepted accounting principles . Neither is such data comparable
to a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
�
I
�
�
� 14 .
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 2 - Euuitv in Pooled Cash Investments , and Cash and Investments
The City maintains a cash and investment pool that is available for use by
all funds . Each fund type's portion of this pool is displayed on the
combined balance sheet as "Equity in pooled cash and investments�� . In
addition, cash and investments are separately held by some of the City's
fund types .
Deposits: At year-end, the carrying amount of the City's deposits was •
$147,664 and the bank balance was $152,562 . Of the bank balance, $151,459
was covered by federal depository insurance and $1, 103 was uninsured and
uncollateralized.
Investments: Statutes authorize the City to invest in obligations of the
U.S. Treasury, agencies, and instrumentalities, repurchase agreements,
corporate securities, financial institution stocks and other stock
investments . The City's investments are categorized below to give an
indication of the level of risk assumed by the entity at year-end.
Category 1 includes investments that are insured or collateralized with
securities held by the City or its agent 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 agent but not in the City's name.
1 Cat�gory Carrying Market
3 Amount Value
Short-Term
U.S. Gov't.
Pooled Funds $ - $ - $ 9,756 $ 9, 756 $ 9 ,756
U.S. Treasury
obligations - - 569,953 569,953 567, 393
Repurchase
agreements - 19,593,624 - 21, 196,217 21, 196,217
Corporate Bonds - - 10,000 10, 000 8, 875
Certi€icate of
Deposit 50 .000 - - 50 , 000 50 . 000
S 50 ,000 519 ,593 ,624 S 589 ,709 S21,835 , 926 S21,832 ,241
15
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 , 1990
NOTE 3 - Property Tax
The City's property tax was levied July l, 1989 on the assessed value
listed as of the .prior April 1, for all real and personal property located
in the City. The assessed value for the list of April 1, 1989 upon which
the 1989 levy was based, was $1, 183,632,000 . The esti_mated market value
was $1,183,632,000 making the assessed value 100 percent of the estimated
market value. .
Taxes are billed on a semiannual basis . Taxes were due August 1 and
February 1 with interest due from that date if unpaid. Interest is waived
on taxes paid within 30 days of the due date. Current tax collections for
the year ended June 30, 1990 were 94 . 1 percent of the tax levy.
Property taxes levied for the year ended June 30, 1990 are recorded as
receivables . The receivables collected during the year and during the
first 60 days of the subsequent year are recognized as revenues for the
year ended June 30, 1990. 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.
NOTE 4 - Due From Other Governments - Capital Projects
Due from other governments includes accrued reimbursement on the following
capital projects :
Amounts Amounts
Estimated Expenditures Funded Due From
Total To By Other Other
Costs Date Gov'ts . Gov'ts .
Airport Development
Aid Project S 4 ,548 .436 S 2 ,490 .577 S 764 , 370 52 , 162 , 820
NOTE 5 - Fixed Assets
A summary of changes in general fixed assets is presented on page 17 .
The construction in process is composed of the following:
Required
Project Expenses to Balance Future
Authorization June 30 , 1990 Committed Financina
Buildings $ 381,265 $ 260,282 $ 120, 983 $ -
School 7,531,000 5,217,024 2,313,976 -
Streets 1,337,346 1,049,745 287,601 -
Electrical 67,900 59,955 7,945 -
Other Projects 3 .965 ,069 2 , 100 ,806 1 ,833 ,017 31,246
513 ,282 ,580 S8 ,687 ,812 54 ,563 ,522 S 31,246
16
I , � � 1 I � � � � �
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1990
Note 5 - Fixed Assets, continued -----------------------------
--------------------------------
A summary of changes in general fixed assets follows:
' Balance � Balance
June 30,� June 30,
1989 Additions Deletions Transfers 1990
------------ ------------ ------------ ------------ ------------
Land, buildings, and
construction in process:
Land ' $ 3,059,051 $ - $ - $ - $ 3,059,051
City foreclosed property 78,611 - - - 78,611
Buildings 17,210,587 63,972 - 884,408 18,158,967
Recreation facilities 1,008,402 10,810 - - 1,019,212
Construction in process 5,027,010 4,621,203 - (960,401) 8,687,812
------------ ------------ ------------ ------------ ------------
Total land, buildings, and
construction in process . 26,383,661 4,695,985 - (75,993) 31,003,653
------------ ------------ ------------ ------------ ------------
Public domain: •
Streets 12,786,166 - - 10,388 12,796,554
Sidewalks 1,569,011 - - - 1,569,011
Bridges 1,136,815 - - - 1�136,815
Parking structures 14,000 - - - 14,000
Electrical 602,034 - - 33,733 635,767
Storm sewers -
water lines 343,521 - - - 343,521
Other public domain 397,602 - - 85,503 483,105
------------ ------------ ------------ ------------ ------------
" Total public domain 16,849,149 - - 129,624 16.978,773
------------ ------------ ------------ ------------ ------------
Equipment:
Vehicles 4,403,332 405,892 - - 4,809,224
Computer 200,149 28,910 - - 229,059
Other - 327,879 - - 327,879
-----•------- ------------ ------------ ------------ ------------
Total equipment 4,603,481 762,681 - - 5,366,162
------------ -------=---- ------------ ------------ ------------
Total fixed assets $ 47,836,291 $ 5,458,666 $ - $ 53,631 $ 53,348,588
17
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 5 - Continued
A summary of proprietary fund type property, plant and equipment at June
30, 1990 follows:
Land $ 195,585
Building improvements '.
and equipment . 11,750,665
Pipelines and mains 16,799,710 .
Aircraft operational assets Z33,244,202
Parking structures 532,909
Construction in process 17 ,346 ,074
179,869,145
Less accumulated depreciation (�49 ,905 .914)
5129 ,963 ,231
In 1990, total interest incurred was $1,678,458 of which $294,453 was
capitalized, and $1,384,005 was charged to operations .
NOTE 6 - Deferred Revenues
Deferred revenues consist of the following:
General Special Enterprise
Fund Revenue Fund
Taxes $1,437,709 $ - $ -
Loans - 2,053,478 -
Other � 28 ,690 18 ,211
51 ,466 ,399 $2 ,053 ,478 S 18 ,211
Deferred tax revenues consist of those tax revenues not available to meet
the needs of the current period (See Note 3) .
Deferred revenue of the Special Revenue Fund represents future revenue
equal to loans made pursuant to the Community Development, Urban
Development Action Grants and Economic Incentive Revolving Loan Fund over
the past years. Pursuant to the terms of these grants, loans made are
recognized as an expenditure in the Special Revenue Fund when they occur
with corresponding =ecognition of grant revenues . Further, pursuant to
regulations governing such funds, repayment of loans thus outstanding are
considered program income as received in subsequent years and is
available to the recipient for additional use within the program. The
future revenue associated with loans outstanding is, therefore, reflected
as deferred revenue.
18
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 7 - Long-Term Debt
The following is a summary of long-term debt transactions of the City for
the period ended June 30, 1990:
General
Obligation
. Bonds
Debt payable at June 30, 1989 $31,040,000
New debt issued 1990 series 9,265,000
Debt retired - Serial bonds, Bond
Anticipation Note (6 ,610 .000)
Debt payable at June 30, 1990 533 , 695 .000
The City is subject to the laws of the State of Maine which limit the
amount of long-term debt to a percentage (depending on� how funds will be
used) of its last full state valuation. The following is a summary, by
purpose, of the outstanding debt of the City at June 30, 1990 and related
limitations :
Percent of
� State Assessed
Net Debt Value of Statutory Debt
Outstandincr 51, 119 , 950 .000 Limit Margin
School $ 9 ,504 ,265 10 . 0� $111,995, 000 $102,490, 735
Sewer 10 ,283 , 627 7 .5� 83,996 ,250 73, 712, 623
Airport 737 ,053 3 . 0� 33,598,500 32,861,447
All Other 13 , 170, 055 7 .5$ 83,996 ,250 70, 826, 195
Total 33, 695, 000 15 . 0� 167,992,500 134,297,500
The general obligation debt of all local government units which provide
services within the City's boundaries and which must be borne by
properties in the City (commonly called overlapping debt) , is summarized
below:
� Percentage
Net Debt Applicable Overlapping
Units OutstandinQ to the Citv Debt
City $33,695,000 100 .00� $33,695,000
County 8,335,000 24 . 87� 2,072,915
Bangor Recreation
_ Center 400 ,000 100 . 00� 400 ,000
Total S42 ,430 ,000 536 , 167 ,915
This results in a per capita City debt of $1,019; per ca�ita overlapping
debt of $1,094; ratio of City debt to the City's June 30, 1990 assessed
valuation of 2 .8 percent; and a ratio of overlapping debt to June 30,
1990 assessed valuation of 3 . 1 percent.
19
CITY OF BANGOR, MAINE
Notes to Financial Statements
Note 7 - Lonq-Term Debt _______ June 30, 1990
, continued _________________
-----------------------------------
General obliQation bonda payable at June 30, 1990 are comprised of the tollowinq issues:
Final Annual Authorized
Interest maturity serial and
___rate� date payments issued June 30, 1990
' -------- ------------ ---------------- ------------ -------------
1971 Permanent Public Improvement� 4.9a 5/01/91 S 25,000 S 690,000 $ 25,000
1972 Permanent Public Zmprovements 4.60 3/01/92 ' 55,000 1,060,000 70,000
1973 Permanent Public Improvemeats 5.00 7/15/93 `15�100,0001992� 2,000,000 400,000
1975 Permanent Public Imyrovements 6.50 8/01/95 2a5,000 4,050,000 1,180,000
(155,000 in 1995}
1978 Permaneat Public Improvemeats 5.80 7/01198 165,000 3,260,000 1,445,000
1981 Permanent Public Improvements 10.00 6/01/01 �125155�000 1998� 3,'065,00a 1,670,000
1984 Permanent Public Improvemeats 5.90 to 10/25/94 (1201800000 2001) 1,800,000 900,000
8.75
1985 Pezmanent Public Improvements 5.20 to 10/25/95 160,000 1,575,000 935,000
�•90 (135,000 in 1995)
1986 Permanent Public Improvemeats 4.25 to -IO/25/96 90,000 865,OU0 595,000
6.50 (55,000 in 1996)
1987 Permanent Public Improvements 5.70 to 10/25/97 180,000 1,785,000 I,425,000
6.80 (165,000 in. 1997)
1988 Permanent Public Improvements T.37 to 10/28/07 220,000
$•60 (100,000 in 1999 3,200,000 2,760,000
1989 Permaaent Public Improvements 6.70 to 9/01/09 755,000 Zoo" 13,025,000 I3,025,000
7.00 (750,000 in 1997
to 2000)
(550,000 in 2001
to 2009)
1990 Permaneat Public Improvements 7.00 to 8/O1/10 �5455�o�000 2010) 9 265,000 9,265,000
7.10 (590,000 in 1993)
(490,000 in 1994
to 19951
(485,000 in 1996
to 2000)
(425,000 in 2001
to 2002)
(420,000 in 2003
to 2011)
------------ -------------
S 45,640,000 S 33,695,000
The annual requirements to amortize all bonds outstandinq as of June 30, 1990, includinq interest paymeats of
519,193,483 aze as folloNs; ,
• Year endinq •
June 30
1991 S 4,451,282
1992 4,905,538
1993 4.699,523
1994 4,565,157
- 1995 4,173,637
1996-2011 30,093,346 '
----------------
S 52,898,483
20
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 8 - Contributed Capital
A summary of changes in contributed capital follows:
Contributed capital at June 30, 1989 $109, 105,349
Contributions 1,421,516
Repayment of contribution (655,457)
Depreciation on assets acquired with
contributions (3 ,341,647•�
Contributed capital at June 30, 1990 5106 ,529 ,761
NOTE 9 - General Fund - Designated Fund Balance
. Designated fund balances represent those portions of the General Fund
fund balance specifically designated for the following:
1990 1989
Departmental balances carried forward $ 349 ,779 $ 326,782
School department - Surplus 579,454 645,019
Automotive equipment replacement account 211,500 300,000
Bus service equipment replacement account 105 , 047 92,784
Fire equipment replacement account 329 , 632 240,566
Capital iunprovements 153, 062 153, 062
Reserve for self insurance 763,591 759 ,221
Credit reserve fund 752 , 659 684,075
Cameron Stadium 100, 000 100,000
Rittredge road closeout - 53,000
Arbitrage reserve - General fund 20 , 854 -
School department 99 , 963 -
Subtotal 3,465,541 3,354,509
Accrued Teacher payroll (net of accrued
subsidy receivable) (604 ,�60Z (551 ,586�
Total General Fund Designated
Fund Balance 52 , 861 ,481 �2 ,802 ,923
21
CITY OF HANGpR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 10 - General Fund Cash Surplus
, By City Council definition, as amended effective June 11, 1990, the
General Cash Surplus is the combined balance of the General Fund's cash
balance, equity in. pooled cash and investments, non-deferred taxes, net
accounts receivzble and amounts due from other funds, less current
liabilities and reserves designated for a specific purpose, excluding any
amounts fully bLidgeted for in the succeeding year's appropriation. The
General Fund Cash Surplus as of June 30, 1990 was computed as follows: •
Total General �
Fund Cash
Surplus
Cash on hand $ 1��g2
Equity in pooled cash and investments 3,548,100
Taxes receivable 1,546,568
Accounts receivable * 772,553
Due from other funds 1,308,946
Accounts payable 1 050 668
Workers ' comp. self insurance ( (619,800)
Tax collected in advance ( 12 ,723)
Deferred revenue ( 1,453,676)
Reserve for encumbrances (299,534)
Designed fund balance * ( 3 ,465 .541)
S 276 ,007
*Excludes the effect of accrued teacher's payroll.
�
22
CITY OF BANGOR, MAINE
Notes to Financial Statemen�s �
June 30 . 1990
NOTE 11 - Defined Benefit Pension Plan
The City contributes to the Maine State Retirement System ( "System" ) , an
agent multiple-employer public employee retirement system that acts as a
common investment and administrative agent for cities in the State.
The following information pertains to the June 30, 1990 actuarial
valuation. All full-time permanent City employees are eligible to
participate in� the System. Benefits vest after ten years of service. � •
City employees who retire at or after age 60 are entitled to an annual .
retirement benefit for life, in an amount equal to a fraction of the
average final compensation multiplied by years of inembership service
after the date of establishment. Average final compensation is defined
as the average annual rate of earnable compensation of a member during
the 3-5 years of creditable service, not necessarily consecutive, in
which such average annual rate of earnable compensation is highest. The
system also provides death and disability benefits . These benefit
provisions and all other requirements are established by State Statue and
City Ordinance.
City employees are required to contribute 6 1/2 percent of their annual
salary to the System. The City is required to contribute the remaining
amounts necessary to fund the System, using the actuarial basis specified
by statute. The City's payroll for employees covered by the System for
the year ended June 30, 1990 was $15, 156,868 .
The amount shown below as the "pension benefit obligation" is a
standardized disclosure measure of the present value of pension benefits,
adjusted for the effects of projected salary increases and step-rate
benefits, estimated to be payable in the future as a result of employee
service to date. The measure is intended to help users, assess the
funding status of the System on a going-concern basis, assess progress
made in accumuiating sufficient assets to pay benefits when due, and make
comparisons among employers . The measure is the actuarial present value
of credited projected benefits and is independent of the funding method
used to determine contributions to the System.
The pension benefit obligation was computed as part of an actuarial
valuation performed as of June 30, 1990 . Significant actuarial
assumptions used in the valuation include (a) a rate of return on the
investment of present and future assets of 8 percent a year compounded
annually, (b). additional projected salary increases of 6 percent a year,
attributable to seniority/merit, and (c) no post retirement� benefit
increases . Total unfunded pensions benefit obligation applicable to the
City's employess was $34 .5 million at June 30, 1990 as follows (in
millions) :
23
CITY OF BANGOR, MAINE
Notes to Financial Statements �
June 30 . 1990
In
NOTE 11 - Continued . Millions
Pension benefit obligation:
Retirees and beneficiaries currently receiving � ;
benefits and terminated employees not yet
receiving benefits $ 38 ,9
Current employees-
Accumulated employee contributions including
allocated investment earnings 10 .0 .
Employer-financed vested 20 .3 �
Employer-financed nonvested 3 . 1 �
Total pension benefit obligation 72 .3
Net assets available for benefits, at cost
(52$ of pension benefit obligation)
(market value is $41. 7) 3� . g
Unfunded pension benefit obligation S 34 . 5
(228� of covered payroll)
Required contributions are determined separately for service retirement
benefits, survivor benefits and disability benefits elected on or after
January 1, 1977 .
The System's funding policy provides for actuarially determined periodic
contributions for normal cost and for amortization of any unfunded
actuarial accrued liability so that sufficient assets will be available
to pay benefits when due. For determining plan costs, assets are valued
at "actuarial value. " The actuarial funding method used to compute
actuarially determined contribution requirements is the entry age normal
method, a method under which the actuarial present value of the projected
benefits of each individual included in an actuarial valuation is
allocated on a level basis over the earnings or service of the individual
between entry age and assumed exit age. The portion of this actuarial
present value allocated to a valuation year is called the normal cost.
The portion of this actuarial present value not provided for at a
valuation date by the actuarial present value of future normal costs is
called the actuarial accrued liability.
� The significant actuarial assumptions used to compute the actuarially
determined contribution requirement are the same as those used to compute �
the pension benefit obligation as described above.
24
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1990
NOTE 11 - Continued
The contribution to the System for 1990 approximating $3,910,000 was made
in accordance with actuarially determined requirements computed through
an actuarial valuation performed as of June 30, 1989 . The contribution
consisted of $1,876,800 normal cost ( 12 .38 percent of current covered
payroll) and $2,033,200 amortization of the unfunded actuarial. accrued
liability ( 13.41 percent of current� covered payroll) . The City
contributed $2,845,000 ( 18 .77 percent of covered payroll) ; employees .
contri.buted $1,065,000 (7 .03 percent of current covered payroll) . '
Ten-year trend information calculated in accordance with GASB #5 is not
available.
NOTE I2 - Other Matters
On April 8, 1991, the Bangor City Council accepted a consent decree with
the United States Department of Environmental Protection concerning
improvements to the primary waste water treatment plant, sewer collection
system, and the removal of extraneous water. A civil penalty of $24,000
is being levied along with a time table for upgrading the primary
treatment plant to provide secondary treatment, separation of combined
sewers and reporting requirements .
The consent decree will be submitted for 30 days of public comment before
being accepted by the court. The City of Bangor has already begun work
on upgrading the primary treatment plant, at an estimated cost of $21
million, of which $19 million in general obligation bonds were issued in
March 1991; and continues its sewer rehabilitation and combined sewer
separation program. �
25
• ' CITY OF BANGOR, MAINf
Notes to Financial Statements
June 30, 1990
-----------------------------
Note 13 - Segments of Enterprise Activities
There are six services provided by the City which are financed by user charges - Sewer, Airport, Parkinq,
City Nursing Facility, Bass Park and Municipal Golf Course. The key financial data for the period ended
June 30, 1990, for those services are as follows:
City Bass Municipal
Sewer Airport Nursing Parkinq Park Golf Course Total
------------
------------ ------------ ------------ -----
Operating revenue $ 2,520,004 $ 12,675,711 $ 1,614,106 $ 418,112 $ 2,635,966 $____270,046 $ 20,133,945
------------ ------------ ------------ ------------ ---
Operatinq expenses:
Depreciation and
amortization* 421,127 3,142,685 87,328 21,596 163,802 2,495 3,839,033
Other 1,281,461 7,572,157 1,888,227 282,738 2,764,090 178,585 13,967,258
------------ ------------ ------------ -----
1,702,588 10,714,842 1,975,555 304,334 2,927,892 181,080 1T,806,291
------------ ------------ ------------ ------------ ------------ --
Operating income
(loss) 817,416 1,960,869 (361,949) 113,778 (291,926) 88,966 2,327,654
------------ ------------ ------------ --------- ------------ -----
------------ ------------ ------------
t�et income (loss) 755,625 2,284,119 ___(151,091) 52,296 (333,680) _40,881_ 2,648,150
----------- ------------ --------
------------ ------------ ------------ ------------
Assets 28,938,456 107,460,092 802,109 6,959,166 2,688,259 ____768,660_ 147,116,742
------------ ------------ ------------ ------------ ------------ --
Bonds payable 10,343,627 737,053 152,000 5,752,898 291,304 520,000 17,796,882
____________ ------------ ------------ ------------
Fund equity 18,200,711 104,395,052 179,183 605,162 1,974�651 177,579 125,532,338
Acquisition of property,
plant and equipment $ 3,069,077 $ 686,844 $ 20,078 $ 396,555 $ 27,237 $ 15,212 $ 4,215,003
�Includes depreciation and amortization of $3,341,647 on assets acquired with contributions.
26
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30. 1990
NOTE 14 - Contingent Loss
The City is self-insured for workers ' compensation liability. The City
engaged an actuary to determine appropriate reserve amounts for claims
made as of June 30, 1990 . Based on the results of the above analysis,
the City has recorded a liability of $1,8T6,978 . The portion of workers '
compensation claims estimated to be paid during the next fiscal year is
shown as a liability in the respective general and proprietary funds .
The portion estimated to be paid subsequent to the next fiscal year has
been recorded in the general long-term debt account group. In addition,'
the actuary determined that due to the City's lack of necessary data, a �
reasonable estimate of claims incurred but not reported, as of June 30,
1990, could not be made.
NOTE 15 - Restatement of Prior Year's Fund Balances
The Capital Projects Fund and Sewer Utility Fund, fund balances at June
30, 1989, have been adjusted to correct an error in recording 1989
capital project expenditures pertaining to the Sewer Utility Fund. The
effect of the restatement was to decrease fund �balance in the Capital
Projects Fund and increase retained earnings in the Sewer Utility Fund by
$342,947 .
The Trust and Agency Fund and the Special Revenue Fund at June 30, 1989,
have been restated to remove certain activities from the Agency Fund and
establish two additional Special Revenue Funds . The effect is an
increase of $180,481 in the fund balance of the Special Revenue Fund and
a decrease of $180,481 in the liabilities of the Agency Fund.
For the year ended June 30, 1990, it was determined that a certain lease
at the Airport should be accounted for as . a direct financing lease, not
as an operating lease as reported in prior years . The effect of this
change on the June 30 , 1989, statements was to increase assets and
liabilities by $1, 746,526; there was no effect on net income.
NOTE 16 - Nonexpendable and Expendable Trust Funds Fund Balance
Nonexpendable and Expendable Trust Funds fund balances were comprised of
the following at June 30, 1990:
Endowment Nonexpendable Expendable
Cemetery: �
Perpetual Care S 355 ,889 S 107 ,971
Parks:
Bass Park - 9, 151
Arthur Chapin Fund 15 , 661 10 ,355
15,661 19 ,506
, 27
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 16 - Continued
City Missionary: ,
Hiram Fogg 1,013 2,562
Louis & Sophia Rirstein 1,013 1,490
Hiram Oliver 2,027 6,742
Penobscot Association for the Blind 11 -
Lorenzo Sabine 1,013 1,220
St�tson 12 , 162 9 , 641 •
17 ,239 21,655 '
Education: •
Bangor High School 203 839
French Medal 30,045 -
Houlton Public School 2, 027 4,976
Louis & Sophia Rirstein 5,067 1,586
E.E. Webber 2 ,027 598
39 ,369 7 .999
Aid for Aged Women:
Charles Adams 10, 135 441
Thomas Upham Coe 3, 040 132
Home for Aged Women 25, 334 1, 102
Anna H. Pieree 4, 054 176
Annie Stetson 5 ,067 220
George Stodder 11, 149 485
Wakefield 10 . 135 441
68 , 914 2 ,997
Other Funds:
Dorothea Miller 507 253
Bangor Firemen's Relief 7, 639 3,066
Bangor Fuel Society 4, 561 198
Kirstein City I3ospital 507 918
Arthur Morey 1,013 2 ,551
Melvin Murch 5, 810 14,631
O'Connell Trust 1, 013 3,896
Twitchell Trust 777 1,956
Flora Seavey 1, 013 683
Charlotte Hall 5, 984 9 ,067
Plaff Trust 811 861
Porter - Pulsifer 5,067 4,396
Jewish War Veterans 75g 22
- Elizabeth Means - 993 �
35 ,460 43 ,491
S 532 ,532 � 203 ,619
Revolving Loan
Sophia Rirstein Student Loan S 93 .671 S -
28
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30 . 1990
NOTE 17 - Operatinq Leases �
The airport is the lessor of various building and land parcels under
operating leases expiring in various years through 2012 .
Minimum future rentals to be received on noncancelable leases as of June
30, 1990 for each of the next 5 years and in the aggregate are:
Year Ended June 30 Amount .
1991 • $ 974,902 •
1992 712,650 �
1993 700,435
1994 606,535
1995 176,308
Subsequent to 1995 1,024 ,671
Total Mi.nimum Future Rentals 54 , 195 ,501
Minimum future rentals do not include contingent rentals that may be
received under certain leases of building, because of revenue produced or
use in excess of specified amounts . Contingent rentals in 1990 were
$413,079 .
NOTE 18 - Direct Financinq Lease
The airport leases building #488 under a direct financing lease expiring
in 1994 .
Minimum lease payments to be received as of June 30, 1990, for each of
the next 5 years are:
Year ended June 30 Amount
1991 $ 361,350
1992 361,350
1993 361,350
1994 301, 125
1995
� 51,385 , 176
The following lists the components of the net investment in the direct
financing lease at June 30, 1990:
Total minimum lease payments
to be received $1,385,176
Less unearned income �222 ,684j�
Net investment in direct financing
lease 1, 162,492
Amount to be received in fiscal 1991 (361, 350�,
Amount to be received after fiscal
1991 $ 801, 142
29
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30. 1990 .
NOTE 19 - ACCOUNTING CHANGE � - . �
For the year ended June 30, 1990, the City's proprietary and si.milar
trust funds adopted the requirements of the Governmental Accountinq
Standards Board to include a statement of cash flows as part of its
general purpose financial statements. The� statement of cash flows
replaces the statement of changes in financial position, which was
previously required under generally accepted accounting �rinciples.
30
CITY OF BANGOR, MAINE Schedule A-1
General Fund
Balance Sheet
June 30, 1990
(with comparative totals for June 30, 1989)
Assets 1990 1989
Cash • $3,549,882 $5,886,737
Receivables
Taxes, including interest and liens 1,546,568 1, 150,968
Accounts 1,258,264 772,476
Due from other funds 1,308,946 418,923
Inventory, at cost 447, 167 568,277
Other assets 255,935 97 ,392
Total assets 58,366 ,762 58.894 ,773
Liabilities
Bank overdraft $ - $1,486,484
Accounts payable 1,050,668 94,822
Workers' comp. self insurance 619,800 270,000
Taxes collected in advance 12,723 7,979
Deferred revenues 1,453,676 939,794
Accrued payroll 1, 380, 316 1, 162 ,651
Total liabilities 4,517 , 183 3 , 961,730
Fund balances
Reserved for encumbrances 299,534 353,637
Unreserved:
Designated for subsequent year's
expenditures 2,861,481 2,802,923
Undesignated 688 ,564 1 , 776 ,483
Total fund balances 3 . 849 ,579 4 , 933 ,043
Total liabilities. and fund
balances 58,366 ,762 58 ,894 ,773
31
CITT OF HA1�G�R, MAINE
Gener�l Fund Schedule A-2
Statement oC Revenues, Ezpenditures. and ------------
Changes in Onreserved/Ondesignated Fund Balance - Budget and Actual
Year E�ded June 30, 7990
-------------------------------------------------------------------
variance
Balanees Favorable (Unfavorable)
Carried - Lapsed to
7/1/B9 Budqet Actual Surplus Carried
Revenues ------------ ------------ ------------ ------------ ------------
Tazes: -
Aeal and personal property $ - S 20, 950,641 S 20,759, 679 S (190, 962)$ -
Change in deferred property taz
� revenues - - (498, 473) (498, 473) -
Automobile and boat eacise taxes - 2, 418, 500 2, 538, 950 120, 450 -
Interest on delinquent taxes - 125, 000 142, 642 17, 642 -
------------ ------------ ------------ ------------ ------------
Total tazes - 23, 494, 141 22, 942,798 (551, 343) - �
------------ ------------ ------------ ------------ ------------
Intergovernmental revenues:
State revenue sharing - 2, 100, 000 2,205, 160 105, 160 -
School subsidy - 8,928,011 8, 934. 423 - 6, 412
Payment in lieu oC tazes - 95, 000 99, 744 4,744 -
Other - 365, 756 445, 908 37, 91 2 42,240
------------ ------------ ------------ ------------ ------------
Total interqovernmental revenue - 11. 488, 767 11, 665, 235 147, 616 48, 652
------------ ------------ ------------ ------------ ------------
Other revenue:
Licenses and permits - 197,065 211, 100 14, 035 -
Charaes for services - 4, 723, 197 4, 323, 202 135, 600 64, 405
Fines, for£eits, and penalties - 9, 000 9, 453 453 - •
Revenue From use of money and property - 1, 159, 677 1, 932, 699 736,702 36, 326
Reimbursements - 722. 249 816,097 93, 648 -
------------ ------------ ------------ ------------ ------------
, Total other revenue - 6, 211, 182 7, 292, 551 980, 636 100.731
------------ ------------ ------------ ------------ ------------
Total revenue - 41, 194. 090 41, 920, 584 577, 111 149, 383
------------ ------------ ------------ ------------ ------------
Ezpenditures
General aovernment:
Council - 248. 334 238, 953 9. 381 -
Ezecutive 24, 157 1, 138. 982 1, 242, 538 (79. 399) -
City Clerk � 326. 119 17, 470 8. 649 -
Finance 10. 062 327,767 327. 058 16.791 -
Assessment - 212,023 169. 409 42, 614 -
Leaal 2, 500 1 35. 409 1 40. 017 ( 2, 108) -
Personnel - 95, 501 107, 71B (6, 217) -
Economic development 8 research 6, 760 128. 305 102, 934 = 32;1-31 -
Insurance 11,000 310, 181 753. 530 ( 432, 349� -
- Planning - 143, 152 128. 478 14.6 47 -
• ------------ ------------ - - ---==�y.- ------ ------------
-�---
Total general government 54, 479 3, 065,'793 3, 516, 105 (395. 833) -
------------ ------------ ------------ ------------ ------------
Public Safety:
Police - 3,295, 144 3, 1 65,91 7 129, 227 -
Fire 8, 549 4, 180, 424 4, 018, 420 170, 553 -
------------ ------------ ------------ ------------ ------------
Total public safety B, 549 7, 475, 568 7, t Bd. 337 299, 780 -
------------ ------------ ------------ ------------ ------------
32
� CITY OF BANCOR, MAINE Schedole A-2, Cont.
General Fand --------------------
Statement of Revenues, Expenditures, and
Chanqes in Unreserved/Undesiqnated Fund Balance - Budqet and Actual
Year Ended June 30, 1990
-------------------------------------------------------------------
Variance
Balances Favorable (Unfavorable)
Carried Lapsed to
7/1/89 Budqet Actual Surplus Carried
Expendi[ures. Continued ------------ ------------ ------------ ------------ -------------
-----------------------
Health, welfare, and recreation:
Health and Welfare (12,870) 1,336,308 1,484,309 (121,183) (39,688)
Parks and recreation - 785,850 738,341 17,099 30,410
------------ ------------ ------------ ------------ -------------
Total health, Nelfare & recreation (12,870) 2,122,158 2,222,650 (104,0$4) l9,278)
------------ ------------ ------------ ------------ -------------
Public buildinqs and services:
Public services - 3,796,035 3,687,196 108,839 -
Hotor pool - 18,579 16,106 2,473 -
Private school services - 119,000 143,991 (29,991) -
------------ ------------ ------------ ------------ -------------
Total public buildinqs and services - 3,933,614 3,847,293 86,321 - •
------------ ------------ ------------ ------------ ------------- �
Other aqencies:
Taxes paid to county - 1,013,380 1,040,520 (27,140) -
Public library - 510,000 510,000 - -
------------ ------------ ------------ ------------ -------------
Total other aqencies - 1,523,380 1,550,520 (27,140) -
------------ ------------ ------------ ------------ -------------
Education 921,643 22,157,222 22,289,738 (l) 789,128
------------ ------------ --------=--- ------------ -------------
Other appropriations: /
Bad debt expense - - 65,249 V (65,249) -
Recreation district tax - 110,240 110,240 � - -
Pensions and ather fringe benefits - 108,243 288,515✓ (180,272) -
Continqency - 140,000 - ,/ 140,000 -
Debt service - 1,146.168 1,021,821 ✓ 124,397 -
------------ ------------ ------------ ------------ -------------
Total other appropriations - 1,504,651 1,485,825 18,826 -
------------ ------------ ------------ ------------ -------------
Total expenditures 971,801 41,782,386 42,096,�68� (122,131) 779,850
------------ ------------ ------------ ------------ -------------
Excess (deficiency) of revenues
over expenditures (971,801) (588,296) (175,884) 454,980 929,233
Other financinq sou:ces (uses)
Appropriation from fund balance - 1,656,447 588,747! (1,067,700) -
Transfer fzom reserved fund balance - - 53,000.� 53,000 -
Operatinq transfers in - 8,000 8,000' ' - -
Operatinq transfers out - (1,076,151) (1,015,603)' 60,548 -
------------ ------------ ------------ ------------ -------------
Excess (deficiency) of revenues over
expenditures and other sources (uses) S (971,801) S - S (541,740)S (499,172)S 929,233
------------ ------------ ------------ -------------
------------ ------------ ------------ -------------
Unreserved/undesiqnated fund balances,
beqinninq of year 1,776,983
Appropriation from fund balance (588.747)
Unreserved/undesiqaated fuad balance, ------------
end of year S 688,564
3]
CITY OF BANGOR, MAINE Schedule B-1
All Special Revenue Funds -------
Combining Balance Sheet
June 30, 1990
(with comparative totals for June 30, 1989)
-------------------------------------------
Economic
Community Urban Incentive Totals
Development Aevelopment Revolving -------"'----"-"---�*----
Block Grants Action Grants Loan Fund 1990 1989
-----------=- ------------- ------------- ------------- ---------
Assets
Cash S 98,959 $ 61,323 $ 183,449 $ 293,?31 $ 334,746
Loans receivable 966,442 1,052,368 34,668 2,053,978 2,093,143
Due from a�her governments 416,528 - - 416,528 106,220
Prepaid expenses � 493 - - 493 ' 2,317
------------- ------------- ------------- ------------- -------
Total assets $ 1,432,422 $ 1,113,691 $ 218,117 $ 2,764,230 $ 2,536,426
Liabilities
Accounts payable $ 202,802 $ - S - S 202,802 _
Accrued payroll 3,136 - 3,136
Deferred revenue 966,992 1,052,368 34,668 2,053,978 2,093_143
Due to general fund 93,920 - - 93,920
------------- ------------- ------------- ------------- ------
Total liabilities 1,266,300 1,052,368 34,668 2,353,336 2,093,143
Fund Balances •
------------- 4,110
Reserve for encumbrances
Designated fund balance 166,122 61,323 183,449 910,894 439,173
------------- ------------- ------------- ------------- ----
Total fund balance 166,122 61,323 183,449 410,894 443,283
------------- ------------- ------------- ------------- ----
Total liabilities and
fund balance $ 1,432,422 $ 1,113,691 $ 218,11� S 2,769,230 $ 2,536,426
�Restated, note 15 34 �
Schedule B-2
' CITY OE BANGOR, MAINE ------------
All Special Revenue Funds
Combininq Statement of Revenues, Expenditures, and
Changes in Fund Oalance
Year Ended June 30, 1990
--------------------------------------------------
Economic
Community Urban Incentive
Development Development Revolvinq
Revenues Block Grants Action Grants Loan Fund Totals
-------- ------------- ------------- ------------ ------------
Intergovernmental $ 1,095,990 $ - S - S 1,095,990
Proqram income 176,266 4,585 20,232 201,083
Revenue from use of money and
property - 9,944 29,530 39,479
------------- ------------- �----------- ------------
Total revenues 1,272,256 14,529 49,762 1,336,547
------------- ------------- ------------ ------------
Expenditures
Acquisition of real property 199,627 - - 199,627
Public Norks facilities site
improvements 438,099 - - 438,099
Code enforcement 8,750 - - 8,750
Clearance, demolition, rehabilitation 63,037 - - 63,037
Disposition of real property 12,384 - - 12,384
Relocation payment and assistance 1,428 - - 1,428
Administration 183,945 - - 183,945
Continqencies _ _ _ _
Rehabilitation and preservation activities 267,275 - - 267,275
Planninq 51,865 - - 51,865
Loss of rental income. _ _ _ _
Economic denelopment 51,993 - - 51,943
Facade improvemeats 90,583 - - 90,583
Public housinq modernization - _ _ _
------------- ------------- ------------ ' ------------
Total expenditures 1,368,936 - - 1,368,936
------------- ------------- ------------ ------------
Excess (deficiency) of revenues
oner expenditures (96,680) 14,529 49,762 (32,389)
------------- _____________ ------------ ____________
------------- ------------
Fund balances, at beginninq of period,
as previously reported 262,802 - - 262,802
Restatement - (note 15) - 46,794 133,687 180,481
------------- ------------- ------------ ------------
Fund balances, at beqinning of period,
as restated 262,802 46,794 133,687 443,283
Excess (deficiency) of revenues over
expenditures (96,680) 14,529 49,762 (32,389)
------------- ------------- ------------ ------------
Fund balances at end of period $ 166,122 $ 61,323 $ 183,449 $ 410,894
35
CITY OF BANGOR, MAINE Schedule C-1
Capital Projects Fund
Balance Sheet
June 30, 1990
�with comparative totals for June 30, 19891
Assets 1990 1989*
Cash $ - $ -
Securities 7,516,784 11,792,924
Receivables:
Accounts 2]'�,220 21,740
Deferred special assessments:
Sewer construction 120,519 144,112
Street construction 30, 130 46,511
Due from other funds 353,439 - •
Advance to enterprise fund - 87,787
Due from other governments 2,162,820 849,427
Other assets - 99 •902
Total assets 510,204 ,912 513,042 ,403
Liabilities
Accounts payable $ 1,092,667 $ -
Due to general fund 605,035 -
Total liabilities 1,697 ,702 -
Fund Balances
Reserved for encumbrances 2,704,378 2,362,441
Unreserved:
Designated for capital project expenditures 5,326,590 9 ,917 ,024
Undesignated:
Future construction - General Fund 12�,734 396,553
Future construction - Sewer Utility Fund 36,628 115, 116
Future construction - Airport Fund 161,659 56,042
Future construction - City Nursing Facility 5,572 4,603
Deferred special assessments 150,649 190, 624
_ Total fund balances 8 .507 ,210 13 . 042 ,403
. Total liabilities and
fund balances 510,204,912 513 .042 ,403
*Restated, note 15
36
CITY OF BANGOR, NAINE
Capital Projects Fund
Statement of Revenues, Expendit�res, 3chedule C-2
and Changes in Fund Balances ------------
Year Ended June 30, 1990
------------------------------------
City SeNer Bass Municipal Reserves for
Other Nursinq Utility Airport Parkinq Park Golf future
Buildinqs Streets Electrical Schools Projects Facility Fund Fund Fund Fund Course Constructioa • Total
--------- ------- ---------- ------------ ------------ --------- ----------- ----------- ----------- --------- --------- ------------ ------------
Revenues
Incerest income S - S - S - S - S - S - S - S - S - S - S - S 39,310 S 39,310
Special assessments - - - - - - - - - - - 13,690 13,690
Intergovernmental - 114,808 - - 11,000 - - 1,506,477 145,000 - - - 1,777,285
Miscellaneous - - - - 7.497 - - - - - - 3,824 11,321
--------- --------- --------- ------------ ------------ --------- ----------- ----------- ----------- --------- --------- ---------- ------------
Total reveaues - 11C,808 - - 18,497 - - 1,506,477 145,000 - - 56,824 1,8C1,606
--------- --------- --------- ------------ ------------ --------- ----------- ----------- ----------- --------- --------- ---------- ------------
Expeaditures
Capital additious 10,983 640,523 9,800 3,527,257 1,030,598 9,554 4,516,123 1,663,893 547,658 133,623 40,069 - 12,130,081
Niscellaneous - - - - - - - - - - - 17,713 17,713
--------- --------- --------- ------------ ------------ --------- ----------- ----------- ----------- --------- --------- ---------- -----------
Total expenditures 10,983 640,523 9,800 3,527,257 1,030,598 9,554 4,516,123 1,663,893 547,658 133,62] 40,069 17,713 12,147,794
--------- --------- --------- ------------ ------------ --------- ----------- ----------- ----------- --------- --------- ---------- ------------
Excess (deficiency)
of revenues over
expenditures (10,983) (525,715) (9,800) (3,527,257) (1,012,101) (9,554) (4,516,123) (157,416) (402,658) (133,623) (40,069) 39,111 (10,306,188)
Other financing source9 (uses)
------------------------------
Operatinq transters
in (outl - 540,454 9,500 - 24,602 - 619,645 341,678 96,555 31,463 - (107,902) 1,555,995
Proceeds from bonds - - - - 1,350,000 - 2,565,000 - 300,000 - � - - 4,215,000
--------- --------- --------- ------------ ------------ --------- ----------- ----------- ----------- --------- --------- ---------- ------------
Excess ldeficiency)
of tevenues and _
other sources over
expenditures and
other uses (10,983) 14,739 (300) (3,527,257) 362,501 , (9,554) (1,331,478) 184,262 (6,103) (302,160) (40,0691 (68,791) (4,535,193)
--------- --------- --------- ------------ ------------ --------- ----------- ----------- ----------- ��--_ ---------- ------------
--------- ---- ---------- ------------
Fund balances, at beqinniag
of period, as previously
reported 131,965 267,1J2 8,245 5,467,160 1,019,784 12,000 5,049,701 73,361 379,019 111,134 107,913 762,936 13,385,350
Restatement - (note 15) - - - - - - (342,947) - - - - - (342,947)
--------- --------- --------- ------------ ------------ --------- ----------- ----------- ----------- --------- --------- ---------- ------------
Fund balances, at beginninq
of period, as restated 131,965 267,132 8,245 5,467,160 1,019,784 12,000 4,706,754 73,361 3T4,019 111,131 107,913 762,936, 13,042,403
Excess (deficiency) of
revenues and otder
sources over expenditures �
and otAer uses (10,983) 14,739 (300) (3,527,257) 362,501 (9,554) (1,331,478) 184,262 (6,303) (102,160) (40,069) (68,791) (4,535,193)
Transfers from (to) reserves
for future constructioa - 5,730 - - 290,978 - 74,573 (102,878) - - - (217,903) -
Residual equity transfer - - - - (13,632) - 13,632 - - - - _ _
--------- --------- --------- ------------ ------------ --------- ----------- ----------- ----------- --------- --------- ---------- ------------
Fund balances at end
of period S 120,982 $ 267,601 S 7,945 S 1,939,903 S 1,609,131 S 2,446 S 3,463,481 S 154,745 S 367,916 S 8,974 S 67,844 S 476,242 S 8,507,210
37 � •
This page left intentionally blank.
' ' c��ry oe nnur,ok, uniue.
All F.uY.erprise Fw�ds
� Combining Balance Sheet
June l0, 1990 ScAedule D-1
(r+ith comparative totals for June 30, 1989) --------"'-
-------------------------------------------
Ser+er City Bass Hunicipal
� Utility Airpoct Nursing Parkinq Park Golf Totals
Fund Fund Facility Fund Fund Course 1990 1989"
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
llssets
Current assets:
Cash S 1,916,231 $ 6,089,581 S 150 S 215,555 S 53,700 S 200 S 7,775,417 S 3,268,117
Due Erom aater district 29,016 - - - - - 29,018 -
pccounts receivable 322,530 2,064,151 178,297 17,409 73,767 2,825 2,658,979 2,285,824
Less allowance for estimated
uncollectible accounta - (61,884) (23,799) - - - (85,628) (36,608)
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Net accounta receivable 322,530 2,002,261 154,553 17,909 73,767 2,825 2,573,351 2,249,216
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Net investment in direct financiny �
lease - 361,350 - - - - 361,350 361,350
Inventory, at cost 74,161 109,676 10,932 - 12,177 - 206,446 98,479
Prepaid expensea 7,396 101,444 21,162 20,712 31,218 1,445 183,377 132,706
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Total current assets 1,849,336 8,669,318 186,297 253,676 170,862 9,470 11,128,959 6,109,tl68
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Property, plant and equipment:
Land 58,425 - 35,260 - 101,900 - 195,585 195,585
euildinqs, plant and equipment 5,919,632 - 2,114,338 - 3,683,943 32,552 11,750,665 11,687,702
Pipelines and mains 16,799,710 - - - - - 16,799,130 16,159,376
Aircraft operational asaets - 133,244,202 - - - - 133,244,202 123,047,195
Parking structures - - - 532,909 - - 532,909 532,909
Construction in process 7,933,578 2,490,577 9,559 5,731,007 514,202 667,156 17,346,07� 20.516,485
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
30,711,545 135,734,779 2,159,152 6,263,916 4,300,045 699,708 179,869,145 172,139,252
Less accumulated depreciation (7,122,365) (39,011,232) (1,551,359) (425,974) (1,791,622) (3,362) (49,905,914) (46,146,438)
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Net property, plant and
equipment 23,589,180 96,723,547 607,793 5,837,942 2,508,423 696,346 129,963,231 125,992,814
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Othet assets:
Net inveatment in direct financinq
lease - 1,023,826 - - - - 1,023,826 1,385,176
Investment in PPC insucance - 53,260 - - - - 53,260 53,260
Deposits for construction eith '
Capital Project Funds 3,499,990 316,388 8,019 367,548 8,974 67,844 4,268,713 6,133,815 �
Operating rights (net of
accumulat•ed amortization of
$683,Z53 in 1990 and S616,618
in 1989) - 636,257 - - - - 636,253 683,382
Proceeds from FAA land sale - 42,500 - - - - 42,500 -
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Total asseta $ 28,938,156 S107,460,093 S 802,109 S6,459,166 S 2,666,259 S 768,660 S147,116,742 S140,358,315
cc�c===v==_� e====o===e== e==v===o=ov �________a �ae==c=��=eo a=��____- �nao=acoasas
"Restated, note 15
38 �•
�
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Balance Sheet
June 30, 1990 Schedule D-1, Cont.
(Nith comparative totals for June 30, 1989) '-'--"""--'-'-"'
------------------------------------------
Sexer City Bass Nunicipal
Utility Airport Nursing Parking Park Golf Totals
Fund Fund Facility Fund Fund Course 1990 1989•
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Liabilities and Fund Equity
---------------------------
Current liabilities:
8ank overdraft S - S - S - S - S 136,371 $ - S 136,371 S -
Accounts payable 12,869 401,690 12,939 11,413 83,466 3,258 525,635 21C,571
Accrued payroll 7,509 54,425 24,506 1,278 16,230 3,611 107,559 78,492
Direct financing lease paymenta
payable - 269,862 - - - - 264,862 241,547
Unearned income - 96,488 - - - - 35,488 119,803
Due to other funda 74,160 341,678 336,332 11,761 L143,810 ; 55,689 963,430 418,923
Horkers comp. self insurance 19,000 27,000 75, 00 - 9,000 - 130,200 120,500
Accrued leave 17,955 100,881 20,006 1,981 16,674 3,167 160,664 130,229
Accrued interest 191,853 12,137 1,943 71,436 3,542 5,356 286,267 -
Deferred revenue - 5,000 - - 13,211 - 18,211 51,019
Current installments - general
obligation bonds 532,396 126,696 2T,272 39,858 38,313 65,538 830,073 475,987
Current installments - notes ' .
payable - - - - - - - 853
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Total current liabilities 855,742 1,430,857 498,198 137.727 460,617 136,619 3,519,760 1,851,924
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Long-term liabilities:
pdvance from otAer funds - - - - - - - 87,787
Rent payments payaDle - 897,630 - - - - 897,630 1,162,492
Unearned income - 126,196 - - - - 126,196 222,684
General obligation bonds (net of _
current portion) 9,811,231 610,357 124,728 5,713,090 252,991 454,462 16,966,809 14,915,299
1lrbitraqe payable 70,772 - - 3,237 - - 74,009 - a
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Total long-term liabilities 9,882,003 1,639,183 129,728 5,716,277 252,991 454,462 18,064,644 16,388,262
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Total liabilities 10,737,745 3,065,090 622,926 5,859,004 713,608 591,061 21,584,404 18,240,186
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Contributed capital:
City 4,851,987 - 112,969 179,948 908,730 85,000 6,133,139 7,401,135
Federal, state, and other
contributions 5,275,678 92,955,890 230,321 - 1,139,745 , - 99,601,639 100,900,881
Customers T94,993 - - - - - 794,993 803,333
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Total contributed capital 10,922,158 92,955,890 393,290 174,998 2,098,975 85,000 106,529,761 109,105,399
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Retained earnings 7,278,553 11,439,162 (164,107) 930,214 (73,824) 92,579 19,002,577 13,012,780
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Total fund equity 18,200,711 109,395,052 179,163 605,162 1,974,651 177,5T9 125,532,338 122,118,129
------------ ------------ ----------- ---------- ------------ --------- ------------ ------------
Total liabilities and fund
equity S 28,938,456 S107,960,092 $ 802,109 S6,459,166 S 2,688,259 S 768,660 S147,116,742 S140,358,315
"Restated note 15 ' '
l9
CITY OF BANGOR, MAINE
All Enterprise Funds
� Combininq Statement of Revenues, Expenses, and Schedule_D_2
Chanqes in Retained Earninqs
Year Ended June 30, 1990
----------------------------------------------
Sewer City Bass Municipal
Utility Airport Nursinq Parking Park Golf
Fund Fund Facility Fund Fund Course Total
------------ ------------ ----------- --------- ------------ ----
Operating revenues
------------------
Charqes for services S 2,520,004 S 12,675,711 S 1,614,106 $ 418,112 S 2,635,966 $ 270,046 $ 20,133,9___
------------ ------------ ----------- --------- ------------ ------
Operatinq expenses
------------------
Operating expenses other
than depreciation and amortization 1,281,461 7,572,157 1,888,227 282,738 2,764,090 178,585 13,967,258
Depreciation and amortization:
On assets acquired With oKn funds 144,407 295,395 27,690 14,936 12,463 2,495 497",386
On assets acquired xith contributions 276,720 2,847,290 59,638 6,660 151,339 - 3,341,647
� ------ --------- ------------ ----
------------ ------------ -----
Total operatinq expenses 1,702,588 10,714,842 1,975,555 304,334 2,927,892 181,080 17,806,291
------------ ------------ --
--------- --------- ------------ ---
Operating income (loss) 817,416 1,960,869 (361,449) 113,778 f291,926) 88,966 2,327,654
Non-operatinq revenue (expense)
-------------------------------
Interest income 362,530 640,630 970 60,668 1,554 - 1,066,352
Interest expense (424,321) (408,380) (53,2771 (406,634) (43,308) (48,085) (1,384,005)
Miscellaneous income - 91,000 - - - - 91,000
Operatinq transfer from General Fund - - 262,665 284,484 - - 547,149
------------ ------------ ----------- --------- ------------ --------- ------------
Net non-operatinq revenue (espense) (61,791) 323,250 210,358 (61,482) (41,754) (48,085) 320,496
------------ ------------ ----------- --------- ------------ --------- ------------
Net income (loss) 755,625 2,284,119 (151,091) 52,296 (333,680) 40,881 2,648,150
Add depreciation and amortization on '
assets acquired Nith contributions 276,720 2,847,290 59,638 6,660 151,339 - 3,341,647
------------ ------------ ----------- --------- ------------ --------- ------------
Increase (decrease) in retained
earninqs 1,032,345 5,131,409 (91,453) 58,956 (182,341) 40,881 5,989,797
Retained earnings, at beqinninq of period,
as previously reported 5,903,261 6,307,753 (72,654) 371,258 108,517 51,698 12,669,833
Restatement - (note 15) 342,947 - - - - - 342,947
------------ ------------ ----------- ----�---- ------------ --------- ------------
Retained earnings, at beginninq of period,
as restated 6,246,208 6,307,753 (72,654) 371,258 108,517 51,698 13,012,780
Increase (decrease) in retained
earninqs 1,032,345 5,131,409 (91,453) 58,956 (182,34i1 40,881 5,989,797.
------------ ------------ ----------- --------- ------------ --------- ------------
Retained earninqs at end of period $ 7,278.553 S 11,439,162 S (164,107)S 430,214 S (73,824)S 92,579 $ 19,002,577
40
i
CITY OF BANGOR, MAINE Schedule D-3
All Enterprise Funds --'---------
Combining Statement of Cash Flows
Year Ended June 30, 1990
---------------------------------
SeHer City Bass Municipal
Utility Airport Nursing Parkinq Park Golf
Fund Fund Facility Fund Fund Course Total
------------ ------------ ------------ ------------ ------------ ------------ ------------
Cash f1oNs from operating activities:
Cash received from customers S 2,516,180 S 12,290,821 $ 1,567,848 $ 397,093 $ 2,687,010 $ 268,619 S 19,727,571 .
Cash payments to suppliers for
qoods and services (971,825) (6,396,5881 (654,997) (210,306) (2,014,552) (69,173) (10,317,491)
Cash payments to employees for services (369,455) (903,952) (1,178,161) (81,172) (550,857) (105,778) (3,188,875)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net cash provided by (used in) operating
activities 1,174,900 4,990,781 (265,310? 105,615 121,601 93,668 6,221,255
------------ ------------ ------------ ------------ ------------ ------------ ------------
Cash floas from noncapital financing activities:
Operatinq subsidies received (paid) 74,160 - 362,751 284,484 (12,451) 29,273 738,217
Interest paid on operating subsidies - - (38,730) - (17,734) (8,5951 (65,059)
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net cash provided by (used in) noncapital
financinq activities 74,160 - 324,021 284,984 (30,185) 20,678 673,158
------------ ------------ ------------ ------------ ------------ ------------ ------------
Cash floWs from capital and related
financinq activities:
Proceeds from bond issue 2,565,000 - - 5,350,000 - - 7,915,000
Acquisition and construction of capital
assets � (3,069,077) (686,894) (20,078) (396,555) (27,237) (15,212) (4,215,003)
Principal paid on bond maturities (234,617) (127,975) (27,000) (5,075,366) (43,848) (65,000) (5,573,806)
Interest paid on bonds (232,968) (109,923) (12,603) (323,437) (21,933) (34,134) (734,498)
Principal paid on loans - (697,295) - - (853) - (698,148)
Interest paid on loans - (198,618) - - (99) - (148,T17)
Proceeds from sale of equipment - 47,500 - - - - 47,500
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net cash provided by (used in) capital and
related financiaq activities (971,162) (1,723,155) (59,681) (445,358) (93,970) 1114,346) (3,407,672)
------------ ------=----- ------------ ------------ ------------ ------------ ------------
Cash flows from investing activities:
Interest on investments 433,302 520,827 970 63,905 1,554 - 1,020,558
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net cash provided by investing activities 433,302 520,827 � 970 63,905 1,554 - 1,020,558
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net increase (decrease) in cash 711,200 3,788,453 - 8,646 (1,000) - 4,507,299
Cash at beginning of year 705,031 2,301,128 150 206,909 54,700 200 3;268,118
------------ ------------ ------------ ------------ ------------ ------------ ------------
Cash at end of year S 1,416,231 $ 6,089,581 $ 150 $ 215,555 $ 53,700 $ 200 S 7.175,417
41 '
Schedule D-3, Cont.
CITY OF BANGOR, MAINE -"--'-----"-�-'--
All Enterprise Funds
Combining Statement of Cash F1oHs
Year Ended June 30, 1990
-----------------------------=---
Sewer City Bass Muuicipal
Utility Airport Nursinq Parkinq Park Golf
Fund Fund Facility Fund Fund Course Total
------------ ------------ ------------ ------------ ------------ ------------ ------------
Reconciliation of operatinq income to net cash .
provided by (used in) operating activities:
Operatinq income (loss) S 817,416 $ 1,960,869 S (361,449) $ 113,778 S (291,926) S 88,966 $ 2,327,654
------------ ------------ ------------ ------------ ------------ ------------ ------------
Adjustments to reconcile operating
income to net cash provided by
operatinq activities:
Depreciation and amortization 421,127 3,142,685 87,328 21,596 . 163,802 2,495 3,839,033
Provision for uncollectible accounts - 28,607 20,413 - - - 49,020
Change in assets and liabilities:
(Increase) decrease in accounts receivable 25,194 (413,497) (29,427) (7,779) 53,781 (1,427) (373,155)
(Increase) decrease in due from water district (29,018) - - - - - (29,018)
(Increase) decrease in inventory (79,161) (21,919) (10,432) - (1,4�5) - (107,967)
(Increase) decrease in prepaid expenses (2,915) (11,612) (11,029) (20,244) (3,700) (1,171) (50,671)
(Increase) decrease in other assets 40,000 - (970) - - - 39,030
Increase (decrease) in bank overdraft - - - - 136,371 - 136,371
Increase (decrease) in accounts payable (46,656) 269,122 10,345 11,413 63,582 3,258 311,064
Increase (decrease) in accrued expenses 23,913 36,526 46,742 91 3,883 1,547 112,702
Increase (decrease) in deferred revenue - - (16,831I (13,240) (2,737) - (32,808)
------------ ------------ ------------ ------------ ------------ =--=-------- ------------
Total adjustments 357,484 3,029,912 96,139 (8,163) 413,527 4,702 3,893,601
------------ ------------ ------------ ------------ ------------ ------------ ------------
Net cash provided by (used in) operating
activities S 1,174,900 $ 4,990,781 $ (265,310) $ 105,615 $ 121,601 $ 93,668 $ 6,221,255
42
• Schedule E-1
CITY OF BANGOR, MAINE -"""'-'--
All Fiduciary Funds
Combining Balance Sheet
June 30, 1990
(xith comparative totals for June 30, 1989)
------------------------------------------- '
Nonexpendable Expendable '
Trust Funds Trust Funds Totals
-------------------------- ------------ ------
Revolvinq Trust Funds
Endoxment Loan Endoement Aqency
Assets Principal Principal Revenues ____Fund____ ____1990____ 1989*
------------ ------------ ------------ ---------
Cash S (2,919) S 11,553 S 203,619 $ 457,542 S 670,295 S 366,832
Investments, at cost
� (Market value, 1990 - $586,024 589,710 572,384
1989 - 5574,297) 534,952 59,758 - '
Receivables: _ _ 67,342 67,342 63,375
Accounts - 27,360 27,980
Loans to students - 27,360 - '
------------ ------------ ------------ ------------ ------------ ------
Total assets $ 532,533 S 93,671 $ 203,619 $ 529,884 S 1,359,707 S 1,030,571
Liabilities
Amounts held by agency
fund for others $ - S - S - S 524,884 $ 524,889 $ 236,739
------------ ------------ ------------ ------------ ------------ ----
Fund balances
Reserve for loans - 93,671 _ ' 93�6�1 $$'252
Reserve for endoxments 532,533 - - - 532,533 524,232
Unreserved - designated for 203,619 181,353
subsequent expenditures - - . 203,619 -
------------ ------------ ------------ ------------ ------------ -----
Total fund balances 532,533 93,671 203,619 - 829,823 793,837
------------ ------------ ------------ ------------ ------------ -------
Total liabilities and
fund balances $ 532,533 $ 93,671 S 203,619 $ 524,884 $ 1,354,707 S 1,030,571
*Restated, note 15
93 • •
CITY OF BANGOR, MAINE Schedule E-2
Expendable Trust Funds
Statement of Revenues, Expenditures
and Changes in Fund Balance
Year Ended June 30 . 1990
Total
Revenues .
Interest $ 44,486
Miscellaneous 3.000
Total revenues . 47 ,486
E�menditures .
Perpetual care fees 18,500
Distribution of earnings to Home for Aged Women 3,014
Other payment to beneficiaries 3 .706
Total expenditures 25 .220
Excess of revenues over expenditures 22,266
Fund balances at beginning of period 181,353
Fund balances at end of period 5203 ,619
44
CITY OF BANGOR, MAINE Schedule E-3
All Nonexpendable Trust Funds
Combining Statement of Revenues, Expenses
and Changes in Fund Balances
Year Ended June 30 . 1990
Revolving
Endowment Loan
Princi�al Principal Total
OperatinQ revenues .
Interest $ 1,251 $ 5,419 $ 6,670
Lot sales 7 ,050 7 ,050
Net income 8,301 5,419 13,720
_ Fund balances at beginning
of period 524 .232 88 .252 612 ,484
Fund balances at end
of period S 532 .533 S 93 , 671 S 626 ,204
45
Schedule E-4
CITY OF BANGOR, MAINE ------------
All Nonexpendable Trust Funds
Combininq Statement of Cash Flows .
Year Ended June 30, 1990
Revolvinq
Endovrment Loan
Priacipal Principal Total �
------------ ------------ ---------=--
Cash flo�+s from operatinq activities:
Cash received from customers $ 7,050 $ - $ 7,Q50
Cash received ca investments 1,251 � 5,419 6,670
------------ ------------ -------
Net cash pronided by operatinq activities 8,301 5,419 13,720
------------ ------------ ------------
Cash flovrs from aoncapital finaacing activities:
Studeat loan payments received - S,I20 5,120
Student Ioans disbursed - (4,500) (4,500}
------------ ------------ ------------
Net cash provided by noncapital
financinq activities - 620 62Q
------------ ------------ ------
Cash flows from investing actinities: -
Net purchases of investments (13,620) (3,706) (17,326}
,
------------ ------------ --------- �
Net cash (used in) investinq activities (13,620) (3,706) (17 326
------------ -------�---- -----(2,986i
Net increase (decrease? in cash (5,319) 2 333
Cash at beginning of year
2,900 9,220 12,1?0
------------ ------------ ------------
Cash at end of year S (2,419) 5 11,553 S 9,134
46
9etledule E-4, Cont.
CITY OF BANGOR, MAINF. -------------------
All Nonezpendable Trust F�tnds
Combining Statement of Cash Floxs
Year Ended June 30, 1990
--------------------------------=
Revolving
Endoament Loan
Principal Principal -__Total
Reconciliation of operating ineome to net cash ----------- ----------- . ___
provided by operating activities: �
Operating Income $ 8, 301 $ 5, 41 9 $ 1 3, 720•
----------- ----------- -----------
Adjustments to reconcile operating income to
net cash provided by operatinq activities:
Total adjustments _ _ _
----------- ----------- -----------
Net cash provided by operatinq activities S 8, 301 S 5, 419 S 13, 720
47
CITY OF BANGOR, MAINE Schedule F
Assessed Valuation, Commitment and Collections
Year Ended June 30 1990
Valuation
Land and Buildings $1,082, 126,000 •
Personal Property 101,506 .000 �
Total valuation S1,183 .632 .000
Commitment
Real Estate and Personal Property $1, 183,632,000
Tax Rate . 01775
Total commitment 21,009,468
Add:
Supplemental taxes committed 62 ,445
21,071,913
Less :
Collections - 1989 19 ,765, 915
Abatements 442 ,825
1990 Taxes receivable at June 30, 1990 S 863 , 173
48
_ CITY OF BANGOR, MAINE Table 1
Property Tax Valuations, Levies and Collections
Last Ten Fiscal Periods
Collections
Fiscal Assessed Property Property In Year $-age of
Year Valuation Tax Rate Tax Lew of Lew Collections
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 I4,664,524 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, I00 31.30 17, 128,271 16,416,426 95 . 8
1988 891,549,000 20 .30 18,098,445 17,436,509 96 . 3
1989 1,022,201, 700 19 .50 19 ,932,933 19, 124,842 96 . 0
1990 1, 183,632 , 000 17 .75 21,009,468 19 ,765,915 94 . 1
*Six month period during June 30, 1982
49
CITY OF BANGOR, MAINE Table 2
Local Assessed Valuations
Last Ten Fiscal Periods
Fiscal Total Assessed Personal
Year Tax Rate Valuation Real Propertv Propertv
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 . 00 484,384,300 438,259,600 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
1988 20 .30 891,549,000 804,676,300 86,872,700
1989 19 .50 1,022,201,700 927,665,500 94,536,200
1990 17 . 75 1, 183, 632, 000 1, 082, 126,000 101,506 , 000
* Six month period during June 30, 1982
50
Table 7
CITY OF BAHCON, MAINE -------
Ceneral Fund E:penditures Dy Funetion"*
Last Ten Fiscal Periods
---------------------------------------
• Publie
Nealth and Tares Buildings Designatad
Fiacal Qeneral Public pelfare, Paid to 8 Public Debt_/ Fund
__Te�r _-_Oov�t____ SaCety Aecreetion ___County __Services-_ _Educetion -_Service Balence Othac Tot�l
--- ---- --- ---- ------------ -------,---- ---'--------
198f 1,153,910 3,973,885 1,128,013 361,753 3,416,166 10,225,919 1,121,820 - 656 239 24 0�0,705
1982 • 735,625 Y,056,660 598,959 - 1,963,254 5,764,t57 302,585 - 353,975 11,675,515
1983 t,/21,132 /,262,987 t,38�,122 389,B17 3,391,773 f 0,If 1,996 1,052,511 - 696,269 23,Of 3,507
1981 t,621,971 /,819,962 1,507,102 372,t 17 3,550,215 f 0,�/2,128 998,226 - �11,85/ 21,026,875
1985 1,66/,091 1,956,71� 1,116,060 363,532 3,133,151 11,161,231 937,055 775,000 854,508 25,861,6�2
1986 1,771,212 5,621,974 1,510,171 403,d73 3,581,62B 13,201,683 1,097,�88 611,996 657,198 28.523.f2]
1987 1,938,210 5,7f5,5B6 1,633,783 C57,391 3,681,371 14,351,668 1,150,189 - 686,37� 29,61�,877
f986 �,352,271 6,130,389 1,55�,811 728,922 3,813,921 18,112,132 1,225.692 - 683,11f 3�,601,282
1989 2,280,921 6,879,079 1,952,226 875,380 4,306,620 20,338,411 1,1 B6,968 - 79�,605 78,61 t�210
1990 3,516,105 7,181,337 2,222,650 1,0/0,520 3,847,293 22,289,738 1,021,821 - 974,004 �2,096,468
_/ Ooes not iholude Education - related debt
• Si: wonth period ending June 30, 1982
�• Budget bsaie
51
Table 4
CITY OF BANG6R, HAINE -------
Genecal Fund Revenue by Source '
Last Ten fiscal Petiods
------------------------------
Gicenses Fines Use of Inter- Charqes
Yiscal Property Other and and Noney and Governmental for Reim- ?otal
Year Taxes Taxes Permits Focfeits Property Revenue Services bursements Revenuee
--------- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
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+ 7,734,742 749,898 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
1984 15,945,826 1,591,819 210,117 60,467 1,183,827 5,885,432 619,791 368,515 25,865,744
1985 15,967,934 1,727,492 234,607 60,879 1,733,772 6,601,075 533,474 259,294 27,118,477
1986 16,430,725 1,999,307 243,345 63,378 1,568,498 7,625,529 638,603 259,065 28,778,400
1987 17,111,568 2,160,807 154,283 5,368 1,467,622 7,992,324 620,355 307,099 29,819,426
1988 18,058,1U6 2,942,975 192,895 10,203 1,926,2T2 8,749,115 ' 2,972,056 282,274 34,133,846
1989 19,710,247 2,588,696 237,847 11,931 1,112,318 10,110,512 3,498,093 737,504 37,957,148
1990 Z0,261,206 2,681,592 211,100 9,953 1,932,699 11,685,235 4,323,202 816,097 41,920,584
• Six month period ending June 30, 1982
;
'
57,
CITY OF BANGOR, MAINE Table 5
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Fund Expenditures
Last Ten Fiscal Periods
Percentage
of Debt
'rotal Service
Fiscal General Total to Total
Bonded Debt General Fund General
Year Principal Interest Service E�enditures** Expenditure�
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
1988 973,945 712,404 1, 686,349 34, 601,282 4 . 873
1989 1, 102,988 692,541 1,795,529 38, 614,210 4 . 650
1990 1,039,852 959,567 1,999 ,410 42 ,096,468 4 . 750
*Six month period ending June 30, 1982
**Budget Basis
53
Table 6
CITY OF BANGOR, MAINE -------
Debt Service Requiremeats to Maturity
Geaeral Obligation Bonds
-------------------------------------
� Fiscal , Total
Year Principal Interest Requirement
--------- ------------ ------------ ------------
1991 $ 2,290,000 $ 2,261.,282 $ 4,451,282
1992 2,755,000 2,150,538 4,905,538 .
1993 2,740,000 1,959,523 4,699,523
1994 2,800,000 1,765,I57 4,56�,157
1995 2,600,000 1,573,637 4,173,637
1996 2,345,000 1,397,713 3,742,713
�1997 2,010,000 1,243,048 3 ,253,048
I998 1,940,000 1,101,337 3 ,041,337
1999 1,615,000 972,673 2,587,673
2000 1,490,Q00 858,862 2,348,862
Subsequent 11,11a,000 4,OQ9,713 15,119,713
------------ ------------ ------------
$ 33 ,695,000 $ 19,193,483 $ 52,888,483
------------ ------------
54
CITY OF BANGOR, MAINE Table 7
Ratio of General Bonded Debt To Assessed
Value and General Bonded Debt Per Capita
Last Ten Fiscal Periods
Ratio of
General Bonded General Bonded
Fiscal Debt to Debt Per
Year Bonded Debt Valuation Assessed Value Capita**
1981 $12,695,000 $456,484,410 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
1988 14,590 ,000 891,549,000 1. 6 461. 08
1989 31,040 , 000 1,022,201,700 3 . 0 980 .94
1990 33, 695, 000 1, 183,632, 000 2 . 8 1,019 . 18
. *Six month period ending June 30, 1982
**Based on 1980 population of 31,643 through 1989 and 1990 population of
33,051 thereafter.
/
55