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1991 CITY OF BANGOR MAI N E � ��-�� J � � _ �� F -BA �� ,�y� � --� c�� ' �0�. rJ�lli,%� , �,�\li � � • i��11�;`�.,,,� ��' ��,lf'\ i ,� 1Ie� �. � Z ,�= -_ -_ _ M � � -- ; , j� , V��- - � �� .� � ) AO +=_� ��, y/I � � ` > RqTED, F� i �--� �� \�� - � . ., , Financial Statements and Other Financial Information For the Year Ended June 30, 1991 I CITY OF BANGOR, HAINS Anaual Financial Report June 30, 1991 � Table of Conteats Exhibit PaQe(s1 AUDITOR'S REPORT FINANCIAL STATEMENTS Combined Balance Sheet--All Fund Types 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 Balances-- 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 - 31 Schedule Paae(s) ADDITIONAL INFORMATION Governmental Funds: General Fund: Balance Sheet A - 1 32 Statement of Revenues, Expenditures, . and Changes in Unreserved/IIndesignated ' Fund Balances--Budget and Actual A - 2 33 - 34 � Special Revenue Funds: � Balance Sheet B - 1 35 � Statement of Revenues, Expenditurea, and Changes in Fund Balances B - 2 36 'Capital Projects Fund: Balance Sheet C - 1 37 : Statement of Revenues, Expenditures, _ and Changes in Fund Balances C - 2 38 I . Schedule Paae(s) ADDITIONAL INFORMATION (Continued) Proprietary Funds: Enterprise Funds: Combining Balance Sheet D - 1 39 - 40 Combining Statement of Revenues, , Expenses, and Changes in Retained Earnings D - 2 41 Combining Statement of Cash Flows D - 3 42 - 43 � Fiduciary Funds: Trust and Agency Funds: Combining Balance Sheet E - 1 44 Expendable Trust Funds - Statement of Revenues, Expenditures, and Changes in Fund Balances E - 2 45 Nonexpendable Trust Funds - Combining Statement of Revenues, Expenses, and Changes in Fund Balances E - 3 46 Nonexpendable Trust Funds - Combining Statement of Cash Flows E - 4 47 - 48 Schedule of Assessed Valuation, Commitment,. and Collections F 49 Table Pac7e(s 1 STATISTICAL SECTION Property Tax Valuation, Levies, and Collections - T�ast Ten Fiscal Periods 1 50 - � Local•Assessed Valuations - Last Ten Fiscal Periods 2 51 General Fund Expenditures by Function - Last Ten Fiacal Periods 3 52 General Fund Revenue by Source - Last Ten Fiscal Periods 4 53 Ratio of Annual Debt Service Expenditures for Gene'ral Bonded Debt to Total General Fund • Expenditures - Last Ten Fiscal Periods 5 54 Debt Service Requirements to Maturity - General Obligation Bonds _ 6 55 � � Table PaQe(s) STATISTICAL SECTION (Continued) Ratio of General Bonded Debt to Assessed Value and General Bonded Debt per Capita - Last Ten Fiscal Periods 7 56 I � i.. � B�'OOkS sa and , Car1ter� 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, 1991, 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, 1991, and the results of its operations and the cash flows of its proprietary and similar trust fund types for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forming an opinion on the general purpose financial atatements 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 purpoae 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. f �� ; �"�,o u December 6, 1991 i � �_ P.O. Box 1167, 84 Harlow Street, Bangor, Maine 04401 (207) 947-8568 .�. . '; I ! I i i � , ---� ".'1 "�.1 -, ! � Exhibit 1 CIT! OF SaHOOR, !leIHB All Pnnd Tppes and �cconnt Groups Cambined Balmce Sheet June 30, 1991 (vith oomparative totals for Jnne 30, 1990) Proprietary Fiducinry _ Governmental Fund Tvnes Fund TVDe Fund Tvpe Account Groups General General Totals Speciel Cnpitel Truet and Fixed Long-term (Memornndum Only) Aseete and Other Debite Generel Revenue Proiecte Enterprise Aqency Aesets Debt 1991 1990* Cneh on hand $ 1,782 $ 250 $ - $ 56,479 $ - $ - $ - $ 58,511' $ 57,322 Equity in pooled caeh and investmente - (Note 2) 1,241,530 261,225 1,708,824 10,091,610 675,721 - - 13,978,910 19,698,787 Inveetmente nt cost - (Note 2) 50,000 - - - 624,585 - - 674,585 639,710 Receivablesc TnxeB, including intereSt� • pennities nnd liene (nat of sllownnce for uncollectible taxes of $240,000 (1991)) (Note 3) 2,282,191 - - - - - - 2,282�191 1,546,568 Accounts (net, where npplicnbla of allowance for estimated uncollectible accounte of $276,501 in 1991 nnd $171,042 in 1990) 938,619 700 - 3,547,069 32,372 - - 4,518,760 3,434,466 I,onns 2,442,937 - - 5B�252 - - 2,501�189 2�080�838 Daferred speainl essesemente - - 30,130 - - - - 30,130 150,649 Due from weter dietrict 42,785 - - - 42,785 29,018 Due from other governmente (Note 4) 1,514,974 101,914 112,877 1,103,665 - - - 2,833,430 3,065,059 Due from other funde 955,229 - - 1,07B,432 - - - 2,033,661 3,509,461 Inveetment in direct financing leese (Note 16) - - - 361,350 - - - 361,350 361,350 inventory, nt coet 415;592 - - 224,487 - - - 640,079 653,613 Prepeid expeneee - - - 72,050 - - - 72,050 163,870 Property, pinnt, nnd equipment (net of accumulated deprecintion) (Note 5) - - - 137,214,600 - 56,660,617 - 193,875,217 183,311,819 Amount to be provided for retiremant of genernl lonq-term debt - - - - - - 16,273,513 16,273,513 17,603,902 Due from bond trustee (Note 7) - - - 18,450,638 - - - 1H,450,638 - Other nssets (Note 20) 8,133 - - 1,920,990 - - - 1,929,123 2,215,081 Totnl neeete and other debite S 7,408,050 � 2.807,026 $ 1,851,B31 5174,164,155 S 1,390.930 S 56,660,617 S 16.273.513 5260,556,122 5238,541.513 *Restnted, Note 13 Tha nccompanying notes are en integral part of these finnnciel etatements. 1 r--- :�. __. rr - r; . -- , Exhibit 1, (Cont.) CITY OF HaHOOR� 118IHS all Fnnd lypes and �coount Groups C�bined Balance Sheet Jnne 30, 1991 (vith eomparative totals for June 30, 1990) Proprietary Fiduciery Governmental Fund TVpes Fund Tvpe Fund Type Account GrouUs General General Totals Specinl Capitnl Truet and Fixed Long-term (Memorandum Only) Linbilitiee General Revenue Proiects Enterprise Aqency Aesete Debt 1991 1990• Bank overdraft $ - $ _ $ _ $ _ g _ S - $ - S - $ 136,371 Accounte pnyeble 1�105�533 6�251 238�719 1�320,744 - - - 2,671�247 2�671�772 Workere' Compensetion (Note 12) 619,800 - - 454,357 - - 1,017,191 2,091,348 1,816,978 Accrued leave - 176,101 - - 609,421 785,522 67B,653 Accrued pnyroll 1,424,747 3,326 - 114,941 - - - 1,543,016 1,491,011 Accrued interest - - - 641,084 - - - 641,084 2B6,267 Accrued expenaes - - - 32,432 • - - - 32,432 - Tnx collected in advnnca 15,@29 - - _ - - - 15,829 12,723 Amounts held by agency funde for othere - 507,577 - - 507,577 524,884 Deferred revenue - (Note 6) 1,949,556 2,442,937 - 51,698 - - - 4,444,191 3,525,365 Due to other funde - 302,311 - 1,931,350 - - - 2,033,661 3,509,461 Developer paynble - - - 73,118 - - - 73,118 - General obligntion bonde - (Nota 7) - - - 35,953,439 - - 14,451,561 50,405,000 33,695,000 Arbitrege payeble - _ - - 85,205 - - 141,216 226,421 194,826 Obligntion under cnpital lease - (Note 23) - - _ _ _ - 54,124 54,124 - Direct finnncing lenee paymente paynble (Note 16) - - - 897,630 - - - 897,630 1,162,492 Unenrned income - - - 126,196 - - - 126,196 222,684 Deferred eewer aseesements - - _ 120,519 120.519 Total liabilitiee 5,115,465 2,554,827 238,719 41,978,814 507,577 - 16,273,513 66,668,915 50,128,487 Fund Equity Contributed onpitnl - (Note 8) - - - 105,023,4B6 - - - 105,023,486 106,529,761 Investment in general fixed asBets - (Note 5) - - _ - - 56,660,617 - 56,660,617 53,348,588 Retnined eerninqei Approprinted - - - 1,569,918 - - - 1,569,918 365�400 Unnppropriatad - - - 25,591,937 - - - 25,591,937 18,637,177 Fund bnlnncec • Resarve fort � Bncumbrences 143,735 149,869 141,591 - - - - 435,195 1,930,844 i Loans (Note 14) - _ _ - 99,203 - - 99,203 . 93,671 ' Endowments (Note 14) - - - - 547,443 - - 547,443 532,533 Unreservedt Designnted for eubeequent yeere � expenditures - (Note 9) 2,911,536 102,330 1,362,822 - 236,707 - - 4,613,395 5,810,246 � Undeeignated f762.686) - 308,699 - - - - (653,987) 1.164,806 � Total fund equity 2,292,585 252,199 1,613,112 132,185,341 883,353 56,660.617 - 193,887,207 188,413,026 � iTotnl linbilities nnd fund equity $ 7.408,050 $ 2,607,026 $ 1,851,831 $174,164,155 S 1,390,930 $ 56,660,617 $ 16,273,513 $260,556,122 $238,541,513 �Restnted, Note 13 The nccompanying notea are nn integral part of theee financinl statemente. y i Exhibit 2 CITY OF BBHGOR, MBItiS ell GovPr*+�*+tal Fund Tppes and �pendable 1��ust Fnnds Combined State�ent of Reveaues, Szpenditures, and Changes in Fund Balances Year $nded June 30, 1991 Fiduciarp Governmental Fund Tpnes Fund Tvoe Total Special Capital Bxpendable (liemorandum Renenues General Revenue Proiects Trust Onlv) Taxea - (Note 3) $ 24,824,160 $ - $ - $ - $ 24,824,160 Special assessments - - 993 - 993 Interqovernmental 12,269,912 955,140 249,007 - 13,474,059 Licenses and permite 199,007 - - - 199,007 Charges for services 5,027,450 - - - 5,027,450 Fines, forfeits, and penalties 15,355 - - - 15,355 Renenue from use of money and propertp 1,970,221 251,713 97,131 55,027 2,374,092 Reimbursements 1,423,846 - - - 1,423,846 Miscellaneoua - - 8,028 5.000 13,028 Total revenues 45,729,951 1,206,853 355,159 60,027 47,351,990 Exnenditurea General government 3,622,981 - - - 3,622,981 Public safety ' 7,651,372 - - - 7,651,372 Health, welfare, and recreation 2,794,825 - - - 2,794,825 Public buildings and servicea 4,158,459 - - - 4,158,459 Other agencies 1,732,847 - - - 1,732,847 Education 25,059,589 - - - 25,059,589 Other appropriations 1,394,326 - - - 1,394,326 Community development block grants - 1,365,548 - - 1,365,548 � Perpetual care fees 18,500 18,500 i - - - Distribution to beneficiaries - - - 8,439 8,439 Capital projecte - - 3,343,130 , - 3,343,130 . Miscellaneous - - 64,983 64,983 Total expenditures 46,414,399 1.365,548 3,408,113 26.939 51,224,999 Excese (deficiency) of revenues over expenditures f684,448) _ (158,695) (3,052,954) 33,088 (3,863,009) Other financinu sources /usesl . Operating transfers in _ - 541,982 - 541�982 Qperating transfers out _ (872,546) - (317,720) - (1.190,266) , Total other financing sources (uses) f872,546) - 224.262 - (648,284) Excess (deficiencp) of revenues and other financing sources oner � expenditurea nnd other uses �1,556,994) _ 1158,695) (2,828,692) 33.088 /4,511,293} Fund balances, at beginning of period, as previously reported 3,849,579 410,694 8,507,210 203,619 12,971,302 Restatement - (Note 13) - - (4,065,406) - 14.065,406) Fund balances, at beqinning of period, ae restated _ 3.849,579 _ 410,894 4.441,804 203.619 B,905,896 Fund balances at end of period .$ 2,292,585 $ 252,199 $ 1,613,112 S 236,707 $ 4,394,603 The accompanping notes are an integral part of these financial statements. � 3 Exhibit 3 CITY OF BANGOR, H�LiNS General Fund Statemeat of Revenues, Espenditures, and Changes in IInreaerved/IIndesignated Fund Balance - Budget and Actual Year Snded June 30, 1991 Variance- Favorable _ Revenues Budcret Actual (Unfavorable) Taxes (Note 3) $ 25,554,144 $ 24,824,160 $ (729,984) Intergovernmental 12,555,837 T2,269,912 (285,925) ! Licenses and permits 195,485 199,007 3,522 Charges for services 5,090,670 5,154,889 64,219 Fines, forfeits, and penalties 14,700 15,355 655 Revenue from use of money and property 989,068 1,162,157 173,089 Reimbursements 825,867 1,423,846 597.979 Total revenuea � 45,225,771 45,049,326 (176,445) Expenditures General government - 3,075,526 3,617,711 (542,185) Public safety 7,881,792 7,644,841 236,951 Health, welfare, and recreation 2,230,003 2,804,161 (574,158) Public �buildings and services 4,526,931 4,126,514 400,417 Other agencies 1,732,847 1,732,847 - Education 24,158,469 23,909,466 249,003 Other appropriations 1,414,905 _ 1,372,813 42,092 � Total expenditures 45,020,473 45,208,353 (187,880) Excess {deficiency) of revenues over expenditures 205,298 (159,027) (364,325) Other financinci sources (usesl Operating transfers out (955,298) (787,546) 167,752 Appropriation from fund balance 750,000 276,007 (473,993) (Deficiency) of revenues and other financing sources over expenditures and other uaes $ - (670,566) S (670,566) Fund balance undesignated/unreserved, beginning of year 688,564 Balances carried to succeeding year (504,677) I Appropriation from fund balance (276,007) Fund balance undesignated/unreserved, � end of year ' $ (762.686) I The accompanying notes are an integral part of these financial statements. � 4 Exhibit 4 CZTY OF B�C,OR� � ell Praprietarp Fund Tppes and Similar Trust Fnnds Combined State�ent of Revenues, �penses, and Changes ia Betai.ned Bar*+;Tqs/Fnnd Balances - Year Ended June 30, 1991 Proprietarp Fiduciary Fund Tvoe Fund Tvne Total Nonexpendable (Memorandum ' Snterprise Trust Onlv1 Operating revenues: .. Charges for services $ 27,296,496 $ - $ 27,296,496 Interest - 6,142 6,142 Lot sales - 6�700 6�700 Contributions - 7,600 7,600 Total operating revenues 27,296,496 20,442 27,316,938 Operating expenses: Operating expenses other than depreciation and amortization 18,568,975 - 18,568,975 Depreciation and amortizations On assets acquired with own funds 1,009,015 - 1,009,015 On assets acquired with contributions 3,514,181 - 3,514,181 Total operating expenses 23,092,171 - 23,092,171 Operating income _ 4,204,325 20.442 4,224,767 Non operating revenues (expenses): Interest income 1,215,740 - 1,215,740 interest expense (1,160,499) - (1,160,499) Miscellaneoua income 54,994 54,994 Income before operating transfers 4.314,560 20.442 4,335,002 Operatinq tranefere in 387,546 - 387�546 Operating transfers out (57,009) - (57,009) i Net income 4�645,097 20,442 4,665,539 Add depreciation and amortization on assets acquired with contributions 3,514,181 - 3,514,181 Incrense in retained earnings/fund balances 8,159,278 20,442 8,179,720 Retained earnings/fund balances, at beginning of ; period 19,002.577 _ 626.204 19,628,781 Retained earnings/fund balances, at end of period S 27,161,855 S 646,646 $ 27,808,501 I I � The accompanpinq notes are an integral part of these financial statements. - ( 5 I Exhibit 5 CITY OF S�iGOR� MAIHS 811 Praprietary Funds and Similar Trnst Pnnde Combined Stat�eat of Cash Flosis Year Bnded Jnne 30, 1991 Proprietary Fiduciary Fund Type Fund Tvpe Total Nonexpendable (Memorandum Snternrise Trust Onlvl Cash flows from operatinq activities: Cash received from customers $ 26,306,515 $ 6,700 $ 26,313,215 Contributions - 7,600 7,600 Cash received on investments - 6,142 6,142 Cash payments to suppliers for goode and sernices (12,148,391) - (12,148,391) Cash payments to emplopees for services (5,374,625 - ) _ /5,374,625) Net cash provided by operatinq activities 8,783,499 20,442 8,803,941 Cash flows from noncapital financing activities: Interfund loans 242,927 - 242,927 Operating subsidies received 330,537 - 330,537 Student loan paymenta ' - 3,105 3,105 Student loans disbursed - f33,997) (33,997) Net cash provided (used) bp noncapital financing activities 573.464 _ (30,892) 542,572 Cash flowa from capital and related financing activities: Proceeds from bond iseue 767,845 - 767,845 - Bond ieauance coste (415,062) - (415,062) Acquisition nnd construction of capital assets Princi al (11,698,794) - (11,698,794) p paid on bond matnrities (843,443) - (843,443) Interest paid on bonds (1�185,973j - (1,185�973) Proceeds from sale of equipment 64,123 - 64,123 Grant monies received for capital assets 2,696,059 - 2,696,059 - Contributions received for capital aesets 218,239 - 218,239 Transfer from Capital Projecta Fund 2,404,262 - 2,404,262 ._._ Net cash provided (used) bp capital and _ � related financing activities _ (7,992,744) - _ (7,992,744) Caeh flows from investing activities: Interest oa investments 1,008,453 - 1 008 453 _ Net purchases of investments - f34,875) __ ,f34.875) — Net cash provided bp (used in) investing activities _ 1,008,453 (34,875) _ 973.578 Net increase (decrease) in cash 2,372,672 (45,325) 2,327,347 L Cash at beqinning of pear _ 7.775.417 9.134 7.784.551 Cash at end of peat $ 10,148,089 $ (36,191) $ 10.111,898 t— i j The accompanyinq notes are an integral part of these financial statements. 6 f— i � . Exhibit 5, (Cont.) CITY OF HBHGOR� M8� ell Proprietary Funds and Similar 2�vst Funds Combined Stat�ent of Cash Floirs Year Bnded June 30� 1991 Proprietarp Fiduciarp F'und Tvoe Fund Tvoe Total Nonexpendable (Memorandum Entererise Trust Onlv1 Reconciliation of operating income to net cash . . provided by operating activities: Operating income $ 4,204,325 S 20,442 $ 4,224,767 Adjustments to reconcile operating income to ' net cash provided by operating activities: Depreciation and amortization 4,523,196 - 4,523,196 Provision for uncollectible accounte 94,326 - 94,326 Change in assets and liabilities: (Increase) decrease in accounts receivable (1,068,044) - (1,068,044) (Increase) decrease in due�from water district (13,767) - (13,767) (Increase) decrease in inventory 18 041 - l � ) (18,041) (Increase) decrease in prepaid expenses 111,327 - 111,327 Increase (decrease) in bank overdraft (136,371) - (136,371) Increase (decrease) in accounts payable 673,653 - 673,653 Increase (decrease) in accrued expenses 379,408 - 379,408 Increase (decrease) in deferred revenue 33.487 33,487 i Total adjustments _ 4.579,174 - 4.579,174 Net cash provided by operating activities $ 8,783,499 $ 20,442 S 8,803,941 Noncash capital and related financing activitp: On March 1, 1991, $19,000,000 of bonds were issued for the benefit of the Sewer IItility Fund. The bond proceeds are held in a truat bp a third party. The proceeds are received based on requesta for reimbursement of amounts expended on the new sewer treatment facility. As of June 30, 1991, $18,450,638 of principal and related earnings remained in trust (See Note 7). � The accompanping notes are an iate ral g part of these £inancial statements. 7 i I CITY OF BANGOR, HAINS Notes to Financial Statements June 30, 1991 ( NOTE 1 - Summary of Sicrnificant AccountinQ 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 repart. 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 is determined that no other governmental units should be included in this report. 1A) Basis of Presentation - Fund Accountincr 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: General Fund - The General E�nd is the general operating fund of the City. � It is used to account for all financial resources except those required to be accounted for in another fund. 8 I CITY OF BANGOR, MAINS Notes to Financial Statements June 30, 1991 NOTE 1 - Continued Special Revenue Funds - 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 purposea. 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 (other than those financed by Proprietary Funds) . PROPRIETARY FUND TYPES The focus of Proprietary Fund measurement is upon determination of net income, financial position, and cash flows. The generally accepted accounting principles applicable are those similar to businesses in the private sector. Enterprise Funds - Enterprise Funds are used to account for operations (a) that are financeii 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 goods or services to the general public on a continuing basis be financed or recovered primaxily 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 construction and operations of the Sewage Treatment Plant, the city sewer system, and sewer separation, and is self-supported through sewer user fees. 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 lease of non-aviation industrial buildings. 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 apace. The City has operated a hospital eince Bangor was incorporated in 1834. The current facility was the base hospital at the former pow Air Force Base, which closed in 1969. Parking Fund - This fund accounts for the operation of the city owned parking lots and the recently constructed Pickering Sguare Parking Garage. Revenue sources include monthly lease of parking spaces, hourly/daily , parking fees, and fines and wainer fees for parki.ng violators. Certain of these facilities are operated under a private management contract. i 9 � CITY OF BANGOR, HAINE Notes to Financial Statements June 30, 1991 NOTE 1 - Continued 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. FIDIICIARY 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 trust, nonexpendable trust; and agency funds. Nonexpendable funds are accounted for and reported similar to proprietary funds since capital maintenance is critical. Expendable trust and agency funds are accounted for and reported similar to governmental funds. ACCOUNT GROUPS i Account groups are used to establish accounting control and accountability ' fo'r the City's general fi.xed 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 group of accounts is established to account for all long-term debt of the City, except that which is accounted for in the proprietary funds. {B) Basis of Accountinq The modified accrual basis of accounting is followed by the governmental funds and expendable trust and agency funds. IInder the modified accrual basis of accounting, revenues are recorded when susceptible to accrual, i.e. , both measurable and available. Available means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. Expenditures, other than interest on long-tersn debt, are recorded when the liability is incurred, if ineasurable. In applying the suscepti.ble to accrual concept to intergovernmental revenues, �the legal and contractual requirements of the numerous individual programs are used as guidance. There are, however, essentially three typ�� of these revenues. In one, monies must be expended on the specific purpose or project before any amounts will be paid to the City; therefore, revenues are recognized based upon the expenditures recorded. For the second type, 10 CITY OF BANGOR, HAINS Notes to Financial Statements June 30, 1991 NOTE 1 - Continued 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. For the third type, monies are received in advance and recorded as deferred revenues until the appropriate expenditures are made, at which time the revenues are recorded. 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 aervices are recorded as revenues when earned, since they are measurable and available. The accrual basis of accounting is used by proprietary funds and nonexpendable trust funds. �C1 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 eince the commitments will be honored in subsequent years. Encumbrances do not constitute expenditures or liabilities. . (D) Budqetary AccountinQ The City utilizes a formal budgetary accounting system to control revenues and expenditures accounted for in the general fund. These budgets are esta.blished in accordance with the various laws which govern the City's operations. -- The first Monday in April, 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. The budget is legally enacted through the passage of an appropriation resolve. The City Administrator is authorized to transfer budgeted amounts within departments, excluding the school department. However, any revisions that alter the total expenditures or - -- transfers between departments must be approved by the City Council. No significant additional appropriations were required in 1991. . ,_. With certain exceptions, 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. Budgetary controls are maintained on the other governmental funds throu�h formal authorizations by the City Council and grant agreements. I 11 1 CITY OF B�iNGOR, MAINS Notes to Financial Statements June 30, 1991 NOTE 1 - Continued General Fund revenues and expenditures reported in the Statement of Revenues, Expenditures and Changes in Unreserved/Undesignated Fund Balance - Budget and -- Actual (Budget Basis) (Exhibit 3) 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: Operating Revenues Expenditures Transfers Out Statement of Revenues, Expenditures, and Changes in Unreserved/ _ Undesignated Fund Balance - Budget and Actual (Exhibit 3) $ 45,049,326 $ 45,208,353 $ 787,546 Activity in designated fund balance 680,625 121,013 85,000 1991 encumbrances - (103,754) _ 1990 encumbrances paid - 259,554 _ 1990 balances carried - 929.233 Combined Statement of Revenues, Expenditures, and Changes in Fund Balances--Governmental Fund Types-- General Fund (Exhibit 2) $ 45,729,951 $ 46,414,399 $ 872,546 i (E) Investments � Investments are stated at cost (See Note 2j . �F1 Inventory General Fund inventory is comprised of various expendable supplies consumed by operations and is stated primaxily at moving average cost which approximates market. Enterpriae Fund inventories are comprised of resale inventory at Bangor International Airport (70�) and consumable supplies (30$) . These inventories are also stated at moving average cost which approximates market. The cost of consumption or sale is recorded as an expenditure in the General Fund and as an operating expense in the Enterprise Funds. - {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. (H1 General Fixed Aseets General fixed assets.have been acquired for general governmental purposes. Assets purchased are recorded as expenditures in the governmental funds and capitalized at cost in the general fixed asset account group. Contri.buted fixed assets are recorded in the General Fixed Asset Account Group at estimated fair market value at the ti.me received. 12 CITY OF HANGOR, MAINS Notes to Financial Statements June 30, 1991 NOTE 1 - Continued Public domain ("infrastructure") general fixed assets consisting of roada, 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. (I) Propertv, Plant and Ewipment - Enternrise 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 expenae of the current period. The amounts applicable to aesets 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 Estimated IIseful Life Asset Class Buildings 25 - 40 years Equipment 5 - 20 years Pipelines and mains 100 years Aircraft operational assets: Runways 40 years Buildings 20 years Machinery and equipment 5 - 10 years {J1 Vacation and Sick Leave IInder terms of union contracts and personnel policies, permanent full tiune City employees are granted vacation and sick leave in varying amounta. 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 E'und Types (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. Accumulated sick leave is not recorded since it is not determinable. 13 CITY OF BANGOR� MAINS Notes to Financial State�ents June 30, 1991 NOTE 1 - Continued {R) Capital Proiects Fund - Undesianated E'und Balances -- Undesignated fund balances in the Capital Projects Fund represent, on a cumulative basis, the excess of specific project resources over the related project costs for completed projects. These amounts are currently unappropriated and as such are available for use within the Capital Projects Fund for future capital construction. �L) Comparative Total Data Total columns of the Combined Statements are captioned "memorandum only" to indicate that they are presented only to facilitate financial analyais. Data in these columns do not present financial position, results of operations, or changes in financial position in conformity with generally accepted accbunting principles. Neither is such data comparable to a consolidation. Interfund eliminations have not been made in the aggregation of this data. NOTE 2 - Equitv 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 gool is displayed on the combined balance aheet 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 $14,060,516 and the bank balance was $16,368,163. Federal depository insurance covered $237,285 of the bank balance, and $16,130,878 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 asaumed by the entity at year-end. Category 1 includes investments that are insured or collateralized with aecurities held by the City or its agent in the City's name. Category 2 includes uninsured inveatments 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. ' Cateaory carrying Market 1 2 3 Amount value II.S. Government , and Agencies $ - $ - $ 619,585 $ 619,585 $ 620,849 Corporate bonds - - 5,000 5,000 4,534 Certificate of deposit _ 50,000 - - 50,000 50,000 � $ 50,000 $ - $ 624,585 $ 674,585 S 675,383 14 I CITY OF BANGOR, HAINE , Notes to Fi.nancial Statements .June 30, 1991 � NOTE 3 - Propertv Tax The City•s property tax was levied July 1, 1990, on the assessed value listed as of the prior April l, for all real and personal property located in the City. The assessed value for the list of April 1, 1990, upon which the 1990 levy was based, was $1,220,826,100. The estimated market value was $1,220,826,100 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, 1991, were 92.27 percent of the tax levy. Property taxes levied for the year ended June 30, 1991, are recorded as receivables. The receivables collected during the year and the first 60 days of the sulisequent year are recognized as revenues for the year ended June 30, 1991. Receivables estimated to be collected aubsequent 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 Due from other governments is comprised of the following amounts at June 30, 1991. State of Federal Maine Government Total General Fund � General School Subsidy .. $ 824,238 $ - $ 824,238 General School Subsidy - Teacher's Salaries 467,819 - 467,819 School Food Subsidy 58,89�1 - 58,891 NIDOT Bus Subsidy 65,669 - 65,669 2�HS Subsidy 98,357 - 98,357 51,514,974 - 1,514,974 Special Revenue Fund � S - S 101,914 S 101,914 Canital Proiects Fund *Maine Waste Management Grant $ 112,877 � - $ 112,877 Enternrise Funds - Airport ' *Airport Development Aid Project: Federal Aviation Administration $ - $1,077,615 $1,077,615 ME Department of Transportation 26.050 - 26.050 $ 26,050 $1,077,615 $1,103,665 *Total grants authorized and expenditures as of June 30, 1991, for these Capital projects were: Authorized Exnended Maine Waste Management Grant $ 151,575 $ 150,460 Airport Development Aid Project 4,268,436 4,228,172 15 (. CITY OF BBNGOR� lgIHS . Hotes to Fi.nancial Stat�ents Jnne 30, 1991 NOTE 5 - Fixed Aesets Construction in process is composed of the following: Required - Project Expenses to Balance Future Authorization June 30, 1991 Committed Financina Buildinge $ 381,265 $ 260,315 $ 120,950 $ - School 6,666,059 6,574,B97 91,162 - Streets 1,763,845 1,552,302 211,543 - Electrical 67,900 65,869 2,031 - Other projects 2,537,652 1,21B,218 1,266,968 52.466 S 11,416.721 S 9,671,601 S 1,692,654 $ 52,466 A summary of chanqes in general fixed assets follows: Balance Capital Transfers Capital Balance June 30, Outlap and Project June 30, � 1990 Additions Deletions Closeouts 1991 Land, buildings, and . construction in process: Land $ 3,059�051 $ - $ - $ - $ 3,059,051 City foreclosed property 78,611 - - - 78,611 Buildings 18,158,967 - (884,408) 265,381 17,539,940 School buildings - - - 1�768�015 1,768,U15 Recreation facilities 1,019,212 56,959 - 344,224 1,420,395 Construction in procese 8,687,812 3,752,849 - (2,769,060) 9.671,601 Total land, buildings, ' and construction in process 31,003,653 3.809,808 _ t884,408) (391,440) 33,537,613 Public domain: Streeta 12,796,554 - - 79�541 12,876,095 Sidewalks 1,569,011 - - - 1,569,011 Bridges 1,136,815 - - - 1,136,815 Parking structures 14,000 - - - 14,000 Electrical 635,767 - - - 635,767 Storm sewers - water lines 343,521 - - - 343,521 Other public domain 483.105 - - - 483.105 Tota1 public domain 16,978,773 - - 79,541 17.058,314 , . Equipment: Vehicles 4�809,224 320,166 (97,901) - 5 031 489 � � Computer 229,059 8,795 - - 237,854 Other 327,879 76,586 (208,968) 311,899 507,396 ' School other - 78,983 208,968 287,951 Total equipment 5,366,162 _ 484.530 (97,901) 311.899 6,064.690 Total fised assets $ 53,348,588 $ 4,294,338 � (982,309) $ - $ 56,660,617 � � 16 CITY OF B�NGOR, IYlAINE Notes to Financial Statements June 30, 1991 NOTE 5 - Continued A summary of proprietary fund type property, plant, and equipment at June 30, 1991, followa: _ Land $ 195,405 Building improvements and equipment 13,013,609 Pipelines and mains 17,125,907 Airport operational assets 135,044,435 Parking structures 6,433,855 Construction in process 19,771,647 191,584,858 Less: accumulated depreciation 54,370,258 $137,214,600 In 1991, total interest incurred was $1,540,790 of which $380,291 was capitalized, and $1,160,499 was charged to operations. NOTE 6 - Deferred Revenues Deferred revenues consist of the following: • General Special Enterprise Fund Revenue Fund Taxea $1,947,120 $ _ $ _ Loans - 2,442,937 _ Advance Deposits 2,436 - 51,698 51,949,556 $2,442,937 � 51,698 i Deferred tax revenues consist of those tax revenues not available to meet the needs of the current period (See Note 3) . Deferred tax revenues at June 30, 1991, were greater than those reported at June 30, 1990, by $510,000, after $240,000 was reclassified as an allowance for uncollectible taxes. 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 recognition of grant revenues. Further, pursuant to regulationa 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. NOTE 7 - Lona-Term Debt The following is a aummary of long-term debt transactions of the City for the period ended June 30, 1991: General , Obligation Bonds Debt payable at June 30, 1990 $33,695,000 New debt issued 1991 series 19,000,000 Debt retired (2,290,000) Debt payable at June 30, 1991 $50,405,000 - 17 CITY OF BANGOR, HAINE Notes to Financial Statements June 30, 1991 NOTE 7 - Continued The City is subject to the laws of the State of Maine which limit the amount of long-term debt to 15 percent (depending on how funds will be _. used) of its last full state valuation. The statutory liunit for June 30, 1991 was for $201,217,500 with a debt margin of $150,812,500. The following is a summary, by purpose, of the outstanding debt of the City at June 30, 1991, and related limitations: Percent of State Assessed Debt Value of Statutory Debt OutstandinQ $1,341,450,000 Li.mit MarQin School $ 8,793,190 10.0� $134,145,000 $125,351,810 Sewer 28,799,169 7.0� 93,901,500 65,102,331 Airport 610,072 3.0$ 40,243,500 39,633,428 All other 12,202,569 7.5� 100,608,750 88.406,181 Total $50,405,000 All other debt outstanding is comprised of the following: General Fund $ 5,658,371 46.4$ Parking Fund 5,713,041 46.8$ Golf Course Fund 454,462 3.7� Bass Park Fund 253,040 2,1� , City Nursing Fund 123,655 1.0� �12,202,569 100.0� 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 Debt Applicable Overlapping Units OutstandinQ to the Citv Debt City $50,405,000 100.00� $50,405,000 County 7,080,000 24.87� 1,760,796 Bangor Recreation District 320,000 100.00� 320,000 Total $57,805,000 552,485,796 This results in a per capita City debt of $1,525 (Table 7); per capita overlapping debt of $1,587; ratio of City debt to the City's June 30, 1991, assesaed valuation of 4.1 percent (Table 7); and a ratio of overlapping debt to Juhe 30, 1991, assessed valuation of 4.3 percent. !-- 18 CITY OF BANGOR, HAINS Notes to Financial Statements June 30, 1991 NOTE 7 - Continued The following table sets forth the ratio of bonded debt to assessed valuation, by fund type; and per capita debt ratios, by fund type; for the ^ fiscal year ended June 30, 1991. Amount of Debt bv Fund General Fund Enterprise Citv School Funds Total $ 5,658,371 $ 8,793,190 $ 35,953,439 $ 50,405,000 Debt as Percent of State Asaessed Valuation -� General Fund Enterprise Citv School Funds Total .463� .720� 2.95� 4.1� (Table 7) Per Capita Debt bv Fund , General Fund Enterprise Citv School Funds Total $ 171 $ 267 $ 1,087 $ 1,525 (Table 7) � � 19 � _�_- --- _. .. ., _ _ . ; CTTY OF HBHODR� lla�ifB Hotes to Finencial Statements NOTS 7 - Continued Jnne 30, 1991 General obligntion bonde pnyable at June 30, 1991, are comprised of the following issues: Finnl Annuel serisl Authorized General Enterprise Total Interest rates maturitv date paVmente nnd issued CitV School Funde June 30, 1991 1972 Permnnent Public Improvements 4.60 3/O1/92 $ 55,000 $ 1,060,000 $ 7,896 $ - $ 7,104 $ 15,000 (15,000 in 1992) 1973 Permanent Public Improvemente 5.00 7/15/93 100,000 2,000,000 114,300 94,500 91,200 300,000 1975 Permanent Public Improvements 6.50 8/O1/95 205,000 4,050,000 516,648 - 458,152 975,000 (155,000 in 1996) 1978 Permenent Public Improvemente • 5.80 7/O1/98 165,000 3,260,000 1,117,824 - 162,176 1,260,000 (125,000 in 1999) 1981 Permnnent Public Improvemente 10.00 6/O1/O1 155,000 3,065,000- 309,060 1,205,940 - 1,515,000 (120,000 in 2001) 1964 Permnnent Public Improvements 5.90 to 10/25/94 180,000 1,800,000 599,976 - 120,024 720,000 8.75 1985 Permanent Publia lmprovements 5.20 to 10/25/95 160,000 1,575,000 368,976 147,638 258,386 775,000 �•90 (135,000 in 1996) � 1986 Permanent Public Improvemente 4.25 to 10/25/96 90,000 865,000 414,504 67,114 23,382 SO5,000 6.50 (55,000 in 1997) 1987 Permanent Public Improvemente 5.70 to 10/25/97 180,000 1�785�000 2B5,603 162,473 796,924 1�245�000 6.80 (165,000 in 1998) 1988 Permnnent Public Improvemente 7.37 to 10/28/07 220,000 8.60 (100,000 in 1999 3,200,000 - 643,100 1,896,900 2,540,000 to 200B) 1989 Permnnent Publio Improvemente 6.70 to 9/O1/09 755,000 13,025;000 573,384 6,472,425 5,224,191 12,270,000 7.00 (750,000 in 1997 to 2000) (550,000 in 2001 to 2009) (545,000 in 2010) 1990 Permanent Public Improvementa 7.00 to 8/O1/10 530,000 9,265,000 1,350,000 - 7,915,000 9,265,000 7.10 (590,000 in 1994) (490,000 in 1995 to 1996) (485,000 in 1997 to 2001) (425,000 in 2002 to 2003) (420,000 in 2004 to 2011) 1991 Permanent Public Improvemente 5.00 10/O1/12 (950,000 in 1994 to 2013) _ 19,000,000 - - 19,000,000 19,000,000 Total $ 63,950,000 $ 5,658,371 $ 8.793,190 $ 35,953,439 $ 50,405,000 I.ess Current Portion (due fiecal year 1992) B41,521 711,073 1,202,406 2,755,000 $ 4,816,B50 $ 8,082,117 $ 34,751,033 $ 47,650,000 The nnnual requiremente to amortize nll bonds outetanding ae of June 30, 1991, including interest payments of $27,410,736 are as followss June 30 1992 $ S,B57,696 1993 5�556,469 1994 6�350�670 1995 5�916,312 1996 5,442,537 1997-2013 48,692,052 $ 77,815,736 20 CITY OF BANGOR, HAINB Notes to Financial Statements June 30, 1991 NOTE 7 - Continued In connection with a loan agreement between the City and the Maine Municipal Bond Bank, the City, in March 1991, issued $19,000,000 of general __ obligation bonds which were purchased by the Maine Municipal Bond Bank in return for a bond loan in the amount of $12,339,000 and an equity loan totaling $6,661,000. The purpose of the bond issue is to fund the construction of a new secondary wastewater treatment plant. In accordance with the terms of the loan agreement, proceeds of the bond loan aggregating $12,339,000 were deposited by the Maine Municipal Bond Bank into a project construction account for the use of the City of Bangor and controlled by a trustee; proceeds of the equity loan totaling $6,661,000 were retained on deposit with the Maine Municipal Bond Bank. Disbursement of proceeds from � these accounts occurs as requisitioned by the City subject to the approval of the trustee in accordance with the terms of the loan agreement. At June 30, 1991, unuaed loan proceeds of $18,450,638 held by the trustee and Maine Municipal Bond Bank were reported separately on the Combined Balance Sheet (Enterprise Funds) as Due from bond trustee. NOTE 8 - Contributed� Capital A summary of changes in contributed capital follows: Contributed capital at June 30, 1990 $106,529;761 Contributions 2,007,906 Depreciation on assets acquired with � contributions (3,514,181) Contributed capital at June 30, 1991 5105,023,486 NOTE 9 - General Fund - DesiQnated Fund Balance Designated fund balances represent those portions of the General Fund balance apecifically designated for the following: � 1991 1990 Departmental balances carried forward $ 68,756 $ 349,779 School department - surplus 435,921 579,454 Automotive equipment replacement account 211,500 211,500 Bus service equipment replacement account 115,957 105,047 Fire equipment replacement account • 244,632 329,632 Capital improvements 387,411 153,062 Reserve for self insurance 638,734 763,591 Credit reserve fund 1,292,092 752,659 Cameron stadium 100,000 100,000 Arbitrage rebate - City 21,926 20,854 � - school department 119.290 99,963 Subtotal 3,636,219 3,465,541 Accrued teacher payroll (1,192,502) (1,089,771) . Accrued t�acher subsidy receivable 467.819 485,711 Net accrued teacher payroll (724,683) (604,060) i Total general fund designated fund balance $2,911,536 $2,861,481 � 21 i�� CITY OF BANGOR,. HAINS ,_ Notes to Financial Statements June 30, 1991 NOTE 10 - General Fund Cash Surplus By City Council definition, General Fund Cash Surplus is the combined balance of the General Fund's cash and equity in �ooled cash and :_-_ investments, non-deferred taxes receivable, net accounts receivable, and amounts due from other governments and funds, less current liabilities and reserves designated for a specific purpose, excluding any amounts fully budgeted for in the succeeding year•s appropriation. The General Fund Cash Surplus as of June 30, 1991, was computed as follows: Cash on hand $ 1��82 _ Equity in pooled cash and investments 1,291,530 ' Taxes receivable 2,282,191 Accounts receivable 938,619 Due.from other governments* 1,047,155 Due from other funds 955,229 Accounts payable (1,105,533) Taxes collected in advance (15,829) Deferred revenue (1,949,556) Reserve for encumhrances (143,735) Designated fund balance* (3,636,219) Cash Deficit � (334,366) � *Excludes the effect of accrued teacher�s payroll and related aubsidy. In November 1991, a City Charter amendment was adopted to remove the general fund cash surplus calculation from the Charter. NOTE 11 - Pension Plans Defined Benefit Pension Plans The City of Bangor's teachers and teacher-defined school department peraonnel are covered for retirement benefits under the State of Maine's Public Teacher's Plan in the Maine State Retirement Syatem (MSRS) . Other ' non-teacher personnel and municipal employees (i.e. City employees) are covered under the City of Bangor's Participating Local District (PLD) plan in the MSRS, which is a self funded retirement plan administered by MSRS on behalf of the City. The Maine State Retirement System ("System"), is an agent multiple-employer public employee retirement system that acts as a - common investment and administrative agent for cities in the State. Fixed-term contract employees and•part-timers that work less then 720 annual hours are exempted from MSRS coverage. Participatinq Local District Plan - The City of Bangor had not received the necessary actuarial data to disclose its June 30, 1991, pension plan activity for the PLD plan, therefore, the following information pertains to the June 30, 1990, actuarial valuation. All full-tiune permanent City employees are required to participate in the System unless the employee is covered by an individual fixed term contracto Benefits vest after ten years of sernice. City employees who retire at o� � after age 60 are entitled to an annual retirement benefit for life, in an amount equal to a fracticn of the average final compensation multiplied by years of inembership service after the date of esta.blishment. Average final ! 22 CITY OF BANGOR, MAIN$ Notes to Financial Statements June 30, 1991 NOTE 11 - Continued 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 Statute 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 $15,156,900. 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 ealary increases and atep-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 accumulating 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 (latest available valuation date) . 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, (bj additional projected salary increases of 6 percent a year, attributable to seniority/merit, and (c) no post retirement benefit increases. Total unfunded pension benefit obligation applicable to the City•s employees was $34.5 million at June 30, 1990, as follows (in millions) : In Millions Pension benefit obligation: _ Retirees and beneficiaries currently receiving benefits and terminated employees not yet receiving benefits $ 38.9 • Current employees- ' Accumulated employee contri.butions including allocated investment earnings 10.0 Employer-financed vested 20.3 �- Employer-financed nonvested 3.1 Total pension benefit obligation 72,g Net asset§ available for benefits, at cost (52$ of pension benefit obligationj (market value is $41.7 million) 37.8 -- IInfunded pension benefit obligation (228� of covered payroll) - S 34.5 . � 23 CITY OF BANGOR, HAINS Notes to Financial Statements June 30, 1991 NOTE 11 - Continued Required contributions are determined separately for service retirement benefits, survivor benefits, and disability benefits elected on or after _ January l, 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. The contribution to the System for 1991 was $4,445,029 and was made in accordance with actuarially determined requirements computed through an � actuarial valuation performed as of June 30, 1989. The contribution consisted of $2,694,129 normal cost (17.02 percent of current covered payroll) and $1,750,900 amortization of the unfunded actuarial accrued liability (11.13 percent of current covered payroll) . The City contributed $3,405,839 (21.65 percent of current covered payroll) ; employees contributed $1,039,190 (6.6 percent of current covered payroll) . As of August l, 1991, the Bangor Housing Authority separated its employees from the City of Bangor retirement plan. The City Council authorized the transfer of $250,000 of asaets on the books of MSRS from the City retirement plan to the benefit of the Bangor Housing Authority's new retirement plan. The net effect of this change will not be reported by MSRS until its actuarial study for June 30, 1992 is completed in the Spring of 1993. The effect is expected to be negligible. ' Public Teachers Plan . The covered teacher's payroll for fiscal year 1991 was $13,383,500. The State of Maine paid the employers share for its Public Teacher•s Plan. In _ the case of federally funded positions, the funding grant pays the employers share. During fiscal year 1991, $93,554 in employer's share was charged to various school grants for $451,000 in covered payroll. Ten-year trend i.nformation calculated in accordance with GASB �5 is not available. ! 24 CITY OF BANGOR, HAINS Notes to Financial Statements June 30, 1991 NOTE 11 - Continued Three year historical trend information follows. 1989 1990 1991 Covered payroll 513,536,500 $15,156,900 515,731,400 Normal retirement costs 11.04� 9.51� 10.40� IInfunded liability 10.72� 9.92$ 11.13$ Survivors benefits .15$ .14� .12� Total Employer Contributions 21.91� 19.57$ 21.65� Normal retirement costs $ 1,494,426 $ 1,441,418 $ 1,636,061 Unfunded liability 1,451,109 1,503,561 1,750,900 Survivors benefits 20,304 21,220 18,878 Total Employer Costs � 2,965,839 $ 2,966,199 $ 3,405,839 Employee Contribution Rate 6.50� 6.50� 6.50� Employee Contribution Costs $ 879,870 S 985,196 � 1,039,190 Total Contri.bution S 3,845,709 S 3,951,395 S 4,445,029 y Defined Contribution Pension Plan ' The City of Bangor provides pension benefits for certain of its full-time employees through both 401(a) and 457 Deferred Compensation Plans (defined contribution plan (DCP) ) administered by ICMA/RC. In a DCP, benefits depend solely on amounts contributed to the plan plus investment earnings. Participation for fixed-term contract employees is provided in lieu of the defined benefit plan through the Maine State Retirement System. Covered employees are eligible to participate and are fully vested from the date of employment. The City contributes at various rates depending upon employment contracts. _ The contribution rates vary from 10$ - 13.5� of annual earnings. The covered payroll in fiscal year 1991 was approximately $271,000 and City contributions totaled approximately $29,500. NOTE 12 - Contincrent Loss and Liti4ation ContinQent Loss The City is self-insured for workers� compensation liability and engaged a claims specialist to determine appropriate reserve amounts for clai.ms made as of June 30, 1991. Based on the results of the above analysis, the City has recorded a liability of $2,091,348. The portion of the liability associated with enterprise funds is recorded in the Proprietary Fund. The portion associated with general City operations is recorded in the general fund to the extent of the claiuns estimated to be paid during the next fiscal year and in the general long-term debt account group to the extent of claims estimated to be paid subsequent to the next fiscal year. A reasonable estimate of claims incurred but not reported, as of 25 CITY OF BANGOR, MAINS Notes to Financial Statements June 30, 1991 NOTE 12 - Continued June 30, 1991, could not be made. An actuarial study of the City's workers compensation claims will be performed for the license year December 31, — 1991, as a condition of approval for the city's self funded workers compensation program. Liticration There are various claims and suits pending against the City which arise in the normal course of the City's activities. In the opinion of counsel and City management, the ultimate disposition of these various claims and suits will have no material effect on the financial position of the City. NOTE 13 - Restatement of Prior Year's Fund Balances The fund balance of the Capital Projects Fund at June 30, 1990, was restated to remove Enterprise Fund Capital Project balances totaling $4,065,406. In prior years these projects were reported in the Capital Projects Fund as well as assets in the Enterprise Funds. This change had no effect on the opetating results of the Enterprise Funds. NOTE 14 - Nonexpendable and Expendable Trust Funds Balance Nonexpendable and Expendable Trust funds balances were comprised of the following at June 30, 1991: Nonexpendable Expendable Endowment Cemetery: Perpetual Care $ 359,627 S 125,527 Parks: Bass Park - 9,151 Arthur Chapin Fund 15,661 12.285 15,661 21,436 City Missionary: Hiram Fogg 1,013 2,699 Louis & Sophia Rirstein 1,013 1,621 Hiram Oliver 2,027 7,026 Penobscot Association for the Blind 12 1 Lorenzo Sabine 1,013 1,348 Stetson ' 12,162 11,149 17,240 23,844 Education: Bangor High School 203 869 French Medal 33,617 _ Houlton Public School 2,027 5,249 Louis & Sophia Kirstein 5,067 1,948 E.E. Webber _ 2,027 444 . 42,941 8,510 I . 26 CITY OF BANGOR, HAINS Notes to Financial Statements � June 30, 1991 Aid f.or Aged Women: Charles Adams 10,135 1,139 Thomas Upham Coe 3,040 338 Home for Aged Women 25,334 2,846 -- Anna H. Pierce 4,054 455 Annie Stetson 5,067 569 George Stodder 11,149 1,253 Wakefield 10.135 2,474 68,914 9,074 Other Funds: Dorothea Miller 507 275 Bangor Firemen's Relief 7,639 3,794 Bangor Fuel Society 4,561 512 Rirstein City Hospital 507 985 Arthur Morey 1,013 2,688 Melvin Murch 5,810 15,418 o�Connell Trust 1,013 4,042 _ Twitchell Trust 777 2,060 Flora Seavey 1,013 808 Charlotte Hall • 5,984 9,837 Plaff Trust 811 963 Porter - Pulsifer 5,067 5,027 Jewish War Veterans 758 85 � Elizabeth Means - 1,795 35,460 48,289 Dental Clinic: Children's Dental Trust 7,600 2� 7,600 Z'7 Total Endowments S 547,443 $ 236,707 E, Revolving Loan Sophia Rirstein Student Lo�n $ 99,203 $ NOTE 15 - Operatina Leases General Fund The City leases certain recreational property to third parties under an operating lease expiring in 2026. This lease has a �ten year renewal option. Minimum future rentals to be received under this lease are: Year Ended June 30 Amount 1992 $ 51,200 1993 48,400 1994 104,550 1995 1 1996 1 1997 - 2026 30 Total Mi.nimum Future Rentals S 204,182 � 27 CITY OF BANGOR, MAINE �-- Notes to Financial Statements June 30, 1991 NOTE 15 - Continued Airport Fund The airport is the lessor of various buildings and land parcels under - operating leases expiring in various years through 2012. Minimum future rentals to be received on noncancellable leases as of June 30, 1991 are: Year Ended June 30 Amount 1992 $ 950,105 ' - 1993 734,244 1994 635,515 1995 185,668 . 1996 177,698 Subaequent to 1996 1,028,929 Total Minimum Future Rentals 53,712.159 Minimum future rentals do not include contingent rentals that may be received under certain leases of buildings because of revenue produced or usage in excess of specified amounts. Contingent rentals in 1991 were $1,329,687. � NOTE 16 - Direct Financinqr Lease i� Certain facilities owned by the City at the Airpor•t (building #488) were . financed by a third party. These facilities are leased by the City to a company under a direct financing lease expiring in 1994. As part of the financing arrangement between the City and the third party, all lease payments to be received by the City have been assigned to repay the Bank debt incurred by the third party to construct the facilities. At June 30, 1991, financing lease payments, net of interest, owed to the third party under the arrangement aggregated $897,630. Minimum lease paymenta to be received by the City from the user company as of June 30, 1991 are: � Year ended June 30 Amount 1992 $ 361,350 1993 361,35a '-- 1994 301,126 $1,023,826 . �_ The following lists the components of the investment in the direct fi:nancing lease at June 30, 1991: Net investment in direct financing lease $ 897 630 '- Add unearned income 126,196 Total minimum lease payments to be received 1,023,826 Less: Current portion (361,350) I_ Long-term (Note 20) $ 662,476 L Zs CITY OF BANGOR, MAINS ' Notes to Fi.nancial Statements , June 30, 1991 NOTE 17 - Contracts and Other Commitments - Amounts committed for future expenditures on capital projects approximated $17,500,000 at June 30, 1991. Such amounts will be funded by bond - — proceeds, approved federal and state grants and monies appropriated within the various funds. Note 18 - Other Matters On April 8, 1991, the Bangor City Council accepted a consent decree with the United States Department of Environmental Protection concerning improvementa to the primary waste water treatment plant, sewer collection system, and the removal of extraneous water. As finally approved, the consent decree requires Bangor to upgrade its primary treatment plant to provide secondary treatment of wastewater and to begin full physical operation of the plant by December 31, 1992; to be in full compliance with all final effluent limitations specified in the Decree and in Bangor's federal wastewater discharge (NPDES) permit by June 30, 1993; and to develop and implement an extensive combined sewer overflow compliance program. The final Consent Decree also required Bangor to pay a civil penalty of $20,000 to the United States which was paid on October 22, 1991, and provides for additional monetary penalties in the event the City fails to comply with any of the consent decrees' various requirements. The City has begun work on upgrading the primary treatment plant at an esti.mated 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. I : 29 � -� --3 - . • 1 1 _ ; CITY OF S&AOOB� 118IHS Hotes to Financial Stat�ents Jnne 30, 1991 NOTE 19 - Seamente of Enterprise Activities There nre eix services provided by the City which are financed by user charges - Sewer, Airport, Parking, City Nursing Facility, Base Park and Municipal Golf Course. The key financiel data for the period ended June 30, 1991, for those services are ae follows: City Baes Municipal � Sewer Airport Nursina Parkinq Park Golf Course Total Opernting revenue � 2,893,93B $ 19,240,725 $ 1,869,111 $ 473,181 $ 2,461,741 $ 357,800 $ 27,296,496 , Opernting expensess Deprecintion nnd emortization* 497,800 3,410,432 " 95,312 312,974 169,112 37,566 4,523,196 Other 1,310,970 11,744,247 2,304,598 342,634 2,650,059 216,467 1B.568,975 1,808,770 15,154,679 2,399,910 655.608 2,819,171 254,033 23,092,171 • Opernting income - (lose) 1,085,168 4,086,046 (530,799) (182,427) (357,430) 103,767 4,204,325 Non-operating revenue (expense) (87,699) 641,830 (4,564) (3B1,017) (28,825) (29,490) � 110,235 Operating transfer (to) from General Fund - - 216,035 171,511 - (57,009) 330,537 Net income (loss) $ 997,469 S 4,727,876 $ (319,328) $ (391,933) $ (386,255) $ 17,268 � 4,645,097 Additions to contributed capi�.nl � 126,704 $ 1,789,667 $ - $ - S 91,535 $ - S 2,007,906 Acquisition of property, plant, and�equipment S 7,132,451 S 4,296,399 $ 2,443 $ 167,705 S B0,735 $ 19,061 $ 11,698,794. Totel nssete $50,B24.368 $113,121,906 S 763,696 $ 6,122,912 � 2,631,954 $ 699.319 $174,164,155 Net working capital S(1,210,491) $ 12,752,190 � (558,6B6) ¢ (72,091) $ (525,3B8) $ (94,070) $ 10,291,464 Bonde paynble $28,799,169 S 610,072 $ 123,655 $ 5.713,041 $ 253,040 $ 454,462 S 35,953,439 Fund equity $19,324,BB4 $110,912,595 $ (140,145) $ 213,229 � 1,679,931 $ 194,847 �132,185,341 •Includes deprecintion and emortization of $3,514,181 on nssets acquired with contributions. 30 CITY OF BANGOR, HAINS Notes to Financial Statements � June 30, 1991 NOTE 20 - Other Assets Other asseta are comprised of the following: General Enterprise Total — Fund Funds Funds Prepaid expenses $ 8,133 $ - $ 8,133 Investment in direct financing lease - 662,476 662,476 Investment in RRG insurance - 53,260 53,260 Deferred sewer assessments - 120,519 120,519 Operating rights (net of amortization) - 589,123 589,123 Bond issue costs - 415,062 415,062 Proceed from FAA land sale � - 80,550 80.550 Total Other Assets S 8,133 $1,920,990 �1,929,123 NOTE 21 - Related Partv Transactions During the fiscal year ended June 30, 1991, the City purchased various goods and services for approxisaately $201,322 and had pass through reimbursements for tipping fees of $611,620 from various related partiss. • NOTE 22 - Subsequent Events On August 26, 1991, the City authorized the issue and sale of $17,260,000 of bonds and a tax levy for the purchase of equipment and construction of permanent public improvements on the following projects. _ Bond Tvpe Garland Street Middle School Renovation and Addition $ 6,695,000 General Obligation Combined Sewer Overflow Facilities • Plan and Sewer Renovation-Separation � Projecta 3,365,000 General Obligation City Nursing Facility Expanaion 450,000 General Obligation Airport Terminals Expansion 5,750,000 Limited Revenue Obligation Bass Park Complex Renovations and . Improvements 1,000,000 General Obligation TOTAL: 517,260,000 � NOTE 23 - Capital Lease • The City leases heavy machinery under a capital lease. Following is a schedule by years of future minimum lease payments under this capital � lease, together with the present nalue of the net minimum lease paymenta as of June 30, 1991. Year Ending j June 30 - - 1992 $ 16,289 1993 15,036 � 1994 15,036 _ _ 1995 15,036 1996 2,506 63,903 � Less: Interest 9.779 - Present value of net minimuru lease payments S 54,124 j 31 Schedule A-1 . CITY OF BANGpR, HAIN$ General Fund Balance Sheet June 30, 1991 (with comparative totals for June 30, 1990) � 1991 1990 IAssets Cash $1,243,312 $3,499,882 Investments 50,000 50,000 Receivables Taxes, including interest and liens 2,282,191 1,546,568 Accounts 938,619 1,258,264 Due from other governments 1,514,974 - Due from other funds 955,229 1,308,946 Inventory, at coat 415,592 447,167 Other assets 8,133 255,935 Total assets $7,408,050 58,366,762 Liabilities Accounts payable $1,105,533 $1,050,668 Workers' comp. self insurance 619,800 619,800 Taxes� collected in advance 15,829 12,723 Deferred revenues 1,949,556 1,453,676 Accrued payroll 1,424,747 1,380,316 Total liabilities 5,115,465 4.517,183 Fund balances Reserved for encumbrances 143,735 299,534 IInreserved: " Designated for subsequent years• e�cpenditures 2,911,536 2,861,481 IIndesignated (762,686) 688,564 Total fund balances 2,292,585 3,849,579 Total liabilities and fund balances $7,408,050 �8,366,762 i 32 Schedule A-2 - CITY OF SSHGOR, M�� General Fand Stat�ent of Bevenuea, ��*+��tures, and Changes in IInreserved/IIndesignated Pund Balance - Bndget and Bctual Year�, Hnded Jnne 30, 1991 Variance �-� Balances Favorable (IInfavorable) Cazried Lapsed to 7/1/90 Budvet Actual Surplus Carried Revenues Taxes: Real and personal property $ - $23,024,144 $22,973,312 $ (50,832) $ - Change in deferred property tax • - revenues _ - (762�135) (762�135) - Automobile and boat excise taxes - 2,420,000 2,359,556 (60,442) - interest on delinquent taxes - 110,000 253,425 143.425 Total taxes - 25.554,144 24,824,160 (729,984) - Intergovernmental revenue: ,� State revenua sharin _ g 2,300,000 2�098,505 (201,495) I� School subsidy - 9,768,601 9,736,785 - (31,816) Payment in lieu of taxes • ' - 97,000 - (97,000) - ' � Other - 390,236 434.622 30,578 13.808 Total intergovernmental renenue - 12,555,837 12,269,912 (267.917) (18,008) Other revenues Licenses and perm.its - 195,485 199,007 3,522 � Charges for services - .5,090,670 5,154,889 (232,759) 296,978 Fines, forfeits, and penalties - 14,700 15,355 655 - � Revenue from use of monep and property - 989,068 2,162,157 166,121 6,968 Reimbursements - 825,867 1,423,846 597,979 Total other revenue - - 7,115,790 7,955,254 535.518 303,946 � _ Total revenue - 45,225,771 45,049,326 (462,383) 285.938 { •. Expenditures I General government: _ Council 162,856 189,961 (27,305) - Executive - 1�150,945 1,240,321 (89�376) _ City clerk 330,789 341,273 (10,484) IFinance - 353,133 433,067 (79,934) - Assessment - 193,877 185,117 8,760 _ Insurance - 335,528 700,881 (365,353) - Planning - 162,200 131,419 30,781 _ �-- -- Legal - 157,013 169,605 (12,592) - Personnel - 113,613 114,778 (1,165) - Sconomic development and reseazch - 115,572 111.289 4.283 ( ; 2bta1 general government - 3,075,526 3,617,711 (542,185) - Public Safety: Police - 3�342,541 3,339,220 3�321 - � F�e - _ 4,539,251 4,305.621 233.630 Total public safety - 7,881,792 7,644,841 236,951 ( 33 Schedule A-2, (Cont.) _ CITY OF B850pR� !l8IH8 General Fnnd Statrr�eeat of Revenues, �penditures, and Changes in IInreserved/IIndesignated Pnnd Balance - Bndget and ectual Year Ended June 30, 1991 Variance -; . Balancea Favorable (IInfavorable) Carried Lapsed to 7/1/90 Budaet Actual Surolus Carried Bxnenditures. (Cont.1 Health, welfare, and recreation: Health and welfare (39,688) 1,508,984 2,046,254 (546,694) (30,264) Parks and recreation 30,410 721,019 748,629 2,800 Total health, welfare, � recreation (9,278) 2,230,003 2,794,883 (543,894) _ (30,264) Public buildinqs and services: Public services - 4,393,899 3,979,799 414,100 - Motor pool _ _ _ _ _ Private school services - 133,032 _ 146,715 (13,683) - Total public buildinge and services - 4,526,931 4,126,514 400,417 Other agenciess . Taxes paid to county - 1,187,147 1,187,147 - _ Public librarp - 545,700 545,700 Total other agenciea - 1,732,847 1,732,847 Education 938.511 _24,158,469 24,847,977 249,003 Other appropriations: Recreation dietrict tax - 105,000 105,000 _ _ Pensions and other fringe benefits - 111,435 117,777 (6,342) - Debt service - 1.198,470 1,150,036 48,434 Total other appropriations - 1,414,905 1,372,813 42.092 � Total expenditures 929,233 45,020,473 46,137,586 /406.619) 218,739 Excess (deficiencp) of revenues over expenditures (929,233) 205,298 (1,088,260) (869,002) 504,677 Other financing sources (uses): Appropriation from fund balance - - 750,000 276,007 (473,993) - Operating transfers out - (955,298) (787,546) 167,752 Excess (deficiencp) of renenues over . expenditures and other sources (uses) S (929,233) S - $(1,599,799) (1,175,243) S 504.677 IInreserved/undeaignated fund balances, � beginning of pear _ 688,564 Appropriation from fund balance (276,007) IInreserved/undesignated fund balance, � end of pear ' $ (762,686) • 34 Schedule B-1 , CITY OF BBHOOB, MBIIHS � ell S�ecial Reveaue Fnnds Combiaing Balaace Sheet June 30, 1991 (�►ith co�arative totals for June 30, 1990) Economic Communitp Orban Incentive Denelopment Development Revolvinq Totals Slock Grants Action Grants Loan Fund 1991 1990 Assets Cash $ 37,217 $ 15,994 $ 208,264 $ 261,475 $ 293,731 Accounts receivable 700 - - 700 . - Loans receivable � 1�295�020 1�126�075 21�842 2�442�937 2�053�478 Due from other governments 101,914 - - 101,914 416,528 Prepaid expenses _ _ " - 493 Total assets $ 1,434,851 $ 1,142,069 $ 230,106 $ 2,807,026 $ 2.764,230 Liabilities Accounte payable $ 6,251 $ - $ . - $ 6,251 202,802 Accrued payroll 3,328 - - 3,326 3,136 Deferred revenue 1,295,020 1,126,075 21,842 2,442,937 2,053,478 ' Due to other funds _ 102,311 - - 102,311 93,920 Total liabilities 1,406,910 1,126,075 21,842 2,554,827 2.353,336 F'und Halances Reserve for encumbrances 149,869 - - 149,869 _ Designated fund balance _ (121,928) 15.994 208.264 102.330 410,894 Total fund balance 27,941 15,994 208.264 252,199 410.894 Total liabilities and fund balance $ 1,434,851 $ 1,142,069 $ 230,106 S 2,807,026 $ 2,764,230 _ j,� � 35 Schedule B-2 CITY OF BBHGOB, lgINH � - e7.1 S�ecial Reveaue Funds Combining Stat�ent of Revennes, B=penditures, and . Changes in Fund Balance r Year $nded June 30, 1991 Economic Community IIrban Incentive - Development Development Revolving Revenues Block Grants Action Grants Loan Fund Totals Intergovernmental $ 955,140 $ - $ - $ 955,140 Proqram income 187,227 36,831 14,635 238,693 Revenue from use of money and propertp - 2,840 10,180 13,020 Total revenuea ' 1.142,367 39,671 24.815 1,206,853 $xnenditures Acquisition of real propertp g3�7g6 _ _ 83��96 Public worka facilities site improvements 490,748 - - 490,748 Code enforcement 427 - - 427 Cleaxance, demolition, rehabilitation 20,612 - - 20,612 Disposition of real property • 34,088 - - 34,088 Administration . 185,429 - - 185,429 Rehabilitation and preservation activities 355,638 - - 355,638 Planning 66,584 - - 66,584 Economic development 46,512 - - 46,512 Facade impronements (3,286) - - (3,286) Orban development loans - 85,000 - 95,000 Total expenditures 1,280,548 _ 85,000 1,365,548 Excese (deficiencp) of revenues over expenditures (138,181) (45,329) 24,815 (158,695 ) Fund balances, at beginning of period 166.122 61,323 183,449 410,894 Fund balances, at end of period S 27,941 $ 15,994 S 208,264 S 252,199 � I • i � � �-� 36 Schedule C-1 CITY OF BANGOR, MAINE • Capital Projects Fund Balance Sheet June 30, 1991 (with comparative totals for June 30, 1990) - " 1991 1990* Assets • Cash $ 1,708,824 $ - Securities - 7,516,784 Receivables: Accounts - 21,220 Deferred special assessments: Sewer construction - 120,519 Street construction 30,130 30,130 Due from other governments 112,877 Total assets S 1,851,831 S 7,688,653 Liabilities Accounts payable $ 238,719 $ 441,299 Due to general fund - 605,035 Due to enterprise Funds - 2,200,515 Total liabilities 238.719 3,246,849 Fund Balances Reserved for encumbrances 141,591 1,631,310 Unreserved: Designated for capital project expenditures 1,362,822 2,334,252 IIndesignated: Future construction - General Fund 78,569 121,734 Future construction - Sewer IItility Fund - 36,628 Future construction - Airport Fund - 161,659 . Future construction - City Nursing Facility - 5,572 • Deferred special assessments 30,130 150,649 Total fund balances 1,613,112 4,441,804 _ Total liabilities and , fund balances $ 1,851,831 S 7,688,653 *Restated, Note 13 �.: 3 7 u .-- - - , _. , _ � . � � i � Schedule C-2 I CITY OF H�HGaR� lf�IH6 Capital Projects Fnnd State�ent of Revenues, �penditnres, and Changes in Fund Balences Zear Ended Jnne 30, 1991 Reserves Other for Future Huildinas Streets Electricnl Schoole Proiecte Construction Total Revenues Interest income • $ - $ - $ - $ 7,359 $ 89,772 $ - $ 97,131 Special nssessmente - - - _ - 993 993 Intergovernmental - 102,052 - - 146,955 - 249,007 Miecellnneous - - - - 8,028 8,028 • ' Total revenues - 102,052 - 7,359 244,755 993 355,159 � Expenditures Capital ndditione 32 582,098 5,914 2,158,386 596,700 - 3,343,130 Miecellanaous - - - _ 64.9B3 64,983 Totnl expenditures 32 582,098 5,914 2,158,386 596,700 64,983 3.408,113 ExceBs (deficiency) of revenues ; over expenditures (32) (480,046) (5,914) (2,151,027) (351,945 ) (63,990) (3,052,954) . Other finnncina sources (uses► � Operntinq trnnsfere in (out) - 411,864 - - 73,136 (260,738) 224,262 Sxceee (defioiency) of revenues ; and other sourcas over expendituree cnd other uBee $ (32) $ (68,182) S (5,914) $(2,151,027) $ (278,809) $ (324,728) S(2.828,692) Fund balances� nt baqinning of period $ 120,982 $ 287,601 $ 7,945 $ 1,939,903 $ 1,609,131 $ 476,242 $ 4,441,804" 8xcees (deficiency) of revenues nnd other eources over expenditures and other uees (32) (68,182) (5,914) (2,151,027) (276,809) (324,728) (2,828,692) Tranefers from (to) reserves for future construction - (7,875) - (7,085) 57,776 (42,816) - Residunl equity trnnsfer - - - 121,130 (121,130) - - Fund belnncee at end of period S 120,950 $ 211,544 S 2,031 S {97,079) $ 1,266,968 $ 108,698 �S 1,613,112 *Restcted, Note 13 38 Schedule D-1 . CITY OF SBHOOR� 11�� ell Enterprise Funds Cambi.ning Balance Sheet Jnne 30, 1991 (�►ith camparative totals for Jnne 30, 1990] . Sewer City Base Municipal Utility Airport Nursinq Parking Park Golf Totals Fund Fund Facilitv Fund Fund Course 1991 1990• Aesete Current nesets� - Cnsh $ 1,222,713 $ 8,401,B79 $ 44 030 '. Due from water district 42,785 _ _ $ 400=048 $ 63,813 $ 15,606 $ 30,14B4O69 $ 7,775,417 - 42�785 29�018 Due from other funde - 1,078,432 - - _ - 1,078,432 2,200,515 Due from other governments - 1 103 665 1,103,665 2,162,820 Accounte recelvable 540,970 2,B66,315 202,750 7,746 103,660 5,582 3,727,023 2,658,979 Leset nllowance for eetimated uncollectible accounta � - 1163,000) (16,954) = - - (179.954) (85,628) Net ncconnte receivnble 540,970 2,703,315 185,796 7.746 103,660 5.582 3,547,069 2,573,351 Investment in direct financing lease - 361 350 - _ _ Inventory, nt cost 51,009 145�659 15 642 _ 361,350 361,350 � r 12,177 - 224,487 206�446 Prepaid expenses 4.560 _ 11,407 3.304 20,211 32,258 290 72.050 183,377 Totnl current eseets 1,862,057 13,805,707 248.772 428,005 211,90B 21,478 16,577,927 15,492,294 • Property, plant� and equipments Lnnd 58,245 - 35,260 - 101,900 - 195,405 195,585 Huildinge, pinnt, end equipment 5,962,829 - - 2,126,335 - 4,205,676 71B,769 13,013,609 11,750,665 Pipelines and meine 17,125,907 - - _ _ - 17,125,907 16,799,710 Aircraft operationnl aesete - 135,044,435 - - - 135,044,435 133,244,202 Pnrking etructures - - - 6,433,855 - - 6,433,855 532,909 Conetruation in procese 14,437,481 5,260,962 - - 73,204 - 19,771,647 17,346.074 37�564,462 140,305�397 2�161,595 6�433�855 4,380�780 718,769 191,584�858 179,B69,145 Less� nccumulnted deprecintion 7,608,370 42,374,607 _ 1,646,671 738,948 1.960,'I34 40,928 54,370,25B 49,905,914 Net property, pinnt, and equipment 29,976,092 97,930,790 514.924 5,694,907 _2.420,046 677,841 137.214,600 129,963,231 Other aesets� Investment in direct financing lense - 662,476 - - - - 662,476 1,023,B26 Investment in RRG ineurnnce - 53,260 - _ _ - 53,260 53,260 Depoeite for construction with Cnpitnl Project Funde - - _ _ _ 203,307 Due from bond truetee 18,450,638 - - _ - - 18,450,638 - Deferred eewer nsseesments 120,519 - - - _ - 120,519 - Opernting righte (net of eccumulated emortization of $710,878 in 1991 nnd $683�253 in 1990) - 589,123 - - - - 589,123 636,253 Bond 18suance coste 415,062 - - - _ - 415,062 - Proceede from FAA land enle - 80.550 - - _ - B0,550 A2.500 Totnl neeete $ 50,824,368 $113,121,906 $ 763,696 $ 6,122,912 $ 2,631,954 $ 699,319 $174,164,155 $147,414.671 •Restnted, Note 13 39 I _. __ � T i ; :� 1 :i �. - � Schedule D-1. (Cont.) CITY OF SBHOOR, !!a� Bnt�r+rise Ftinds Cambi.niag Halence Sheet Jane 30, 1991 (vith ca�nrative totals for Jnne 30, 1990) Sewer City Bsas Municipal Utility Airport Nureing Parking Park Golf Totals Fund Fund Facilitv Fund Fund Course 1991 1990* Liebilities and Fund Ecruitv Currant linbilitiese ennk overdrnft $ - $ - $ - $ - $ _ $ _ g . _ $ 136,371 Accounte pnyable 827,128 326,429 23,B21 21,157 115,607 6,602 1,320,744 1,177,003 Accrued pnyroll 8,376 59,715 24,894 2,123 15,632 4,201 114,941 107,559 Direct finnncinq lenee pnyments payable - 290,427 - - - - 290,427 264,862 Unearned income - 70,923 - 70,923 96,488 Due to other funds 1,078,432 - 336,332 - 485,897 30,689 1,931,350 609,991 Workers� comp. self ineurence 35,780 27,000 370,077 � 21,500 - 454,357 130,200 Accrued lenve 19,451 110,138 23,450 4,237 15,062 3,763 176,101 160,664 Accrued intereet 456,210 30,195 1,612 165,221 3,091 4,755 641,084 286,267 Accrued expenses - 32,432 - - - - 32,432 Deferred revenue - 9,504 - - 42,194 - 51,698 18,211 Current instnllments - general obligation bonde 647,171 116,754 27,272 307,358 38,313 65.538 1,202,406 830,073 Total current liabilitiee 3,072,548 1,053,517 807,458 500,096 737.296 115,548 6,2B6,463 3,817,689 Long-term liebilitieei � Direct financing lease paymente payable - 607,203 - - - - 607,203 897,630 Unearned income - 55,273 - - - - 55,273 126,196 Deferred sewer aesessmente 120,519 - - - _ - 120,519 Daveloper payable 73,118 - - - - - 73,118 Genernl obligation bonde (net of current portion) ' 28,151,998 493,318 96,383 5,405,683 214,727 38B,924 34,751,033 16,966,809 Arbitrnge payable 81,301 - - 3,904 - H5,205 74,009 Totnl long-term liabilities 28,426,936 1,155,794 96,383 _ 5,409,SB7 214,727 38B,924 35,692,351 18,064,644 Totnl liabilities 31,499,484 2,209,311 903,841 5,909,6B3 952,023 504,472 41,978,814 21,882,333 Contributed cnpitelc , City 4,714,878 65,088 105,724 23,292 90B�737 B5,000 5�902�719 6,133,134 Federnl, etate� and other contributione 5,142,927 91,663,024 177,928 145,000 1,079,55� - 9B,208,436 99,601,634 Cuetomere 912.331 - - - - _ 912,331 794,993 Total contributed cnpitnl 10,770,136 91.728,112 283,652 16B,292 1,98B,294 85.000 105,023.486 106,529,761 Retained enrnings: Appropriated 653,B41 142,485 7,993 495,592 - 70,007 1,569,91B 365,400 Unnpproprieted 7,700,907 19,041,998 (431,790) _ (450,655) _ (308,363) 39,840 25,591,937 iB,637,177 Totnl retained enrninge _ B,554,748 19,164,4B3 (423,797) 44,937 (30B,363) 109,847 27,161,855 19.002,577 Total fund aquity 19,324,884 130.912,595 (140,145) 213,229 1,679,931 194,847 132,185,341 125,532,338 Totsl liabilities end fund equity $ 50,824,368 $113,121,906 S 763,696 $ 6,122,912 $ 2,631,954 $ 699,319 $174,164,155 $147,414,671 •Restated, Note 13 40 : -- - -- - -- � . � - --. � - - , Schedule D-2 CITY OF HaSODR, !(b� �11 Ente�rise Funds Combining State�eat of Bevennes, �penses, and Chanqes.in Fetaiaed Earninge Year Bnded Jnne 30, 1991 Sewer City Baes Municipal Utility Airport Nursing Parking Park Golf � Fund Fund FacilitV Fund Fund Course Total Opernting revenuest Chnrges for services $ 2,B93,938 $19,240,725 $ 1,869,111 S 473,181 $ 2,461.741 $ 357.800 $27,296,496 Operating expensees • Operating expenses other than , depreciation and nmortization 1,310,970 11,744,247 2,304,598 342,634 2,650,059 216,467 18,568,975 Deprecintion and nmortizationt On assete ncquired with own funds 219,074 392,987 35,674 306,318 17,396 37,566 1,009,015 On aeeete acquired with contributions 278,726 3,017,445 59,638 6,656 151.716 3,514,181 Totnl operatinq expenses _ 1.808,770 _15,154,679 2,399,910 655,608 2,819,171 254,033 23,092,171 Operating income (lose) 1,085,168 4,086,046 (530,799) (1B2,427) (357,430) 103,767 4,204,325 Non-operating revenue (expense)� Interest income . 443,723 742,543 4,697 19,507 4,635 635 1,215,740 Interest expense (544,243) (142,8B6 ) (9,261) (400,524) (33�460) (30,125) (1�160�499) Miecellnneoue income 12,821 42,173 - - - - 54,994 Opernting trnnefer from General Fund - - 216,035 171,511 - (57,009) _ 330,537 Net non-operntinq revenue (expenee)_ (B7,699) _ 641,830 211.471 (209,506) (28,825) _ (86,499) 440,772 Net income (lose) 997,469 4,727,876 (319,328) (391,933) (386,255) 17,268 4,645,097 ' Add deprecintion end amorti,zation on eseete acquired with contributione 27B,726 3,017,445 59,638 6,656 151.716 3,514,181 Incrense (decrense) in retained enrnings 1,276,195 7,745,321 (259,690) (3B5,277) (234,539) 17,268 8,159,278 Retained enrnings, at beqinninq of I period 7,278,553 11,439,162 (164,107) 430,214 (73,824) 92,579 19,002,577 � i i IRetnined enrnings, nt end of period S 8.554,748 $19,184,483 $ (423,797� $ 44,937 $ (308,363) $ 109,847 $27,161,855 I I i 41 � - � . , . - , ' ; . _ .. ' . , � � . , Schedule D-3 CIT7C OF BBHGOB� llslgg �11 Bntxsprise Punds Combining Stat�ent of Cesh Flovs Year Bnded Jane 30, 1991 Sewer City � Bass Municipal Utility Airport Nursing Parking Park Golf F�nd Fund Facility Fund Fund Course Total Cash flowe from operating activities� Cesh received from customere $ 2,661,731 $ 1B,508,198 $ 1�837�868 $ 462,844 $ 2�460�831 $ 355,043 $ 26,306,515 �Cneh pnymente to suppliere for goode and services (41,331) (B,8B3,994) (705,79B) (229,663) (2,197,210) (90,395) (12,148,391) Cneh paymente to employeea for services (410,269) (2,919,954) (1,276,561) (99,625) (547,829) (120.387) (5,374,625) Net cneh provided by (used in) operating , ectivities 2,210,131 6,704,250 (144,491) 153.556 (2B4,208) 144,261 8,763,499 Cash flows from noncapital financing ectivitiest Interfund lonne (repayments) 1,004,272 (1,078,432) - - 342,087 (25,000) 242,927 Operating eubeidiee received (paid) - - 216.035 171,511 - _ (57,009) 330,537 Net caeh provided by (used in) noncnpital , � financinq ectivities 1,004,272 (1,078,432) 216,035 171,511 342,OB7 (82,009) 573,464 Cneh flowe from cepital and releted financing nctivitiest Proceede from bond iseue 767,845 - _ _ _ - 767,845 Bond iesunnce coste (415,062) - _ _ _ - (415,062) Acquieition nnd conetruction of cnpital assete (7,132,451) (4,296,399) (2,443 Prinaipnl pnid on bond maturitiee 544 458 � (167,705) (80,735) (19,061) (11,698,794) ( r ) (126�9B1) (2B�345) (39�857) (38,264) (65,538) (843,443) Interest pnid on bonde (657,576) (144,828) (9,592 ) (309,340) (33,911) (30,726) (1,185,47H) Proceede from enle of equipment 60,000 4,123 - _ _ - 64,123 Grant monies received for cepitnl assets - 2,696,059 - _ - - 2,696,059 Contributione received for aepitnl� aesete 126,704 - - - 91,535 - 218,239 Tranefer from (to) Capitnl Projecte Fund 4,151,308 (2,188,037) @,019 356,154 8,974 67,844 2,404,262 Net cneh provided by (used in) cnpitnl and releted finnncing activities (3,643,690) _ (4,056,063) (32,361) (160,748) (52,401) (47,481) (7,992,744) Cnsh flowe from investing nctivities: Intereet on investments 235,769 742,543 4,697 20,174 4,635 635 1,008.453 Net cneh provided by investing activities 235,769 742,543 4;697 20,174 4,635 635 1,008,453 Net incrense (decreese) in cneh (193,51B) 2,312,298 43,880 164,493 10,113 15,406 2,372,672 Caeh at beginninq of yenr 1,416,231 6,089,581 150 215,555 53,700 200 7.775,417 Cnsh nt end of yenr $ 1.222,713 S 8,401,B79 $ 44,030 $ 400,048 $ 63,813 $ 15,606 $ 10,146,089 42 . - - -� �; - -1 Schedule D-3. (Cont.) CITY OF SaHOOB� H�IHB all Bntex�rise Ft�nds Oombi.ninq State�ent of Cash Flo�s Yenr Ended Jnne 30, 1991 Sewer City Bass Municipal Utility Airport Nuraing Parking Park Golf ( Fund Fund Facility Fund Fund Course Totel Reconciliatio�l of opernting income to net caeh provided by (used in) opernting nctivitiea: Operating income (loes) $ 1,085,168 S 4,086,046 S (530,799) $ (182,427) $ f357,430) $ 103,767 $ 4,204,325 Adjuetmente to reconcile opernting income to , net cnsh provided by operating ectivitiesi Deprecintion end emortizntion 497,800 3,410,432 95,312 312,974 169,112 37,566 4,523,196 Provieion for uncollectible accounts - 101,116 (6,790) - - - 94,326 i Changes in aesete nnd liabilitiesr (Increase) decrense in accounte receivnble (218,440) (802,164) (24,453) 9,663 (29,893) (2,757) (1,068,044) (Increesa) decrense in due from wnter district (13,767) - - _ _ _ (13,767) (Increase) deoreese in inventory 23,152. (35,983) (5,210 � - - - (18�041) (Increase) decrense in prepnid expensee 2,816 90,037 17,85B 501 (1,040) 1,155 111,327 IIncrense (decrense) in bank overdraft - - - - (136,371) - (136,371) � Increase (decrenee) in accounte payable B14,259 (196,717) 10,882 9,744 32,141 3,344 673,653 Increnee (decrense) in eccrued expensee 19,143 46,979 298,709 3,101 10,290 1,186 379,408 Increnee (decrecee) in deferred revenue - 4,504 - - 28.963 33,487 Totnl ndjuetmente 1,124,963 2,618,204 386,308 335,983 73,222 40,494 4,579,174 Net cesh provided by (used in) operating ? activities $ 2.210,131 S 6,704,250 $ (144,491) $ 153,556 $ (284,208) S 144,261 $ 8,783,499 Noncaeh capitel nnd related financinq activity: On Merch 1, 1991, $19,000,000 of bonde ware issued for the benefit of the Sewer Utility Fund. The bond proceede nre held in truet by n third party. The proceeds are received bnsed on requests for reimbursement of amounts expended on the new sewer treatment fecility. As of June 30, 1991, $18,450,638 of principnl and relnted earninqe remnined in truet (See Note 7). 43 Schedule E-1 CITY OF SEHGOR, !!8IlIH ell Fiduciarp Funds Combini.ng Balance Sheet . June 30, 1991 - (With comparative totals for June 30, 1990) � Nonexpendable Trust Funds Bxpendable Revolving Trust Fund Endowment Loan Endowment Agencp Totals Princinal Principal Revenues Fund 1991 1990 Assets Cash $ (28,309) $ (7�882j $ 236�707 $ 475�205 $ 675�721 $ 670,295 Investments, at cost (Market value, 1991 - $625,383 1990 - $586,024) 575�752 48�833 - - 624,585 589�710 Receivables: Accounts - - - 32,372 32,372 67,342 Loans to students - 58,252 - - 58.252 27,360 Total assete • $ 547,443 $ 99,203 $ 236,707 S 507,577 S1,390,930 51,354,707 Liabilities Amounts held bp agency fund for others $ - $ - $ - $ 507,577 � 507,577 $ 524,884 Fund balances Reserve for loans - 99,203 - - 99,203 93,671 Reserne for endowments 547,443 - - - 547,443 532�533 IInreserved - designated for subsequent expenditures - - 236,707 - 236.707 203.619 Total fund balances 547,443 99,203 236,707 - 883,353 829,823 Total liabilities and fund balances S 547,443 $ 99,203 $ 236,707 S 507,577 $1,390,930 $1,354,707 ' � 44 Schedule E-2 - CITY OF SANGOR, HAINS Sxpendable Trust Funds Statement of Revenues, Sxpenditures, and Changes in Fund Balance Year Bnded June 30, 1991 Total Revenues _ Interest $ 55,027 Miscellaneous 5,000 Total revenues 60,027 Expenditures . Perpetual care fees 18,500 Distribution of earnings to Home for Aged Women 2,g5� Other payment to beneficiaries 5.482 — Total expenditures 26,939 Excess of revenues over expenditures 33,088 Fund balances at beginning of period 203,619 Fund balances at end of period 5236,707 .� � �_. , Lr, � 45 Schedule E-3 - . CITY OF BANGOR, MAINE 811 Nonexpendable Trust Funds Combining Statement of Reveaues, Espenses, . and Changes in Fund Balances � Year $nded June 30, 1991 Revolving Endowment Loan Principal Principal Total OperatinQ revenues Contributions $ 7,600 $ - $ 7,600 Interest 610 5,532 6,142 Lot sales 6.700 - 6,700 Net income 14,910 5,532 20,442 � Fund balances at beginning of period • 532,533 93,671 626.204 Fund balances at end of period S 547.443 $ 99,203 S 646,646 ' 46 ,. Schedule E-4 CITY OF BANGOR, HAINS Al1 Nonegpendable Trust Funds Combining Stat�ent of Cash Flows Year Snded June 30, 1991 Revolving Endowment Loan Principal Principal Total Cash flows from operating activities: Contributions $ 7,600 $ - $ 7,600 - Cash received from customers 6,700 - 6,700 Cash received on investments 610 5,532 6,142 Net cash provided by operating activities 14,910 5,532 20,442 Cash flows from noncapital financing activities: � Student loan payments received - 3,105 3,105 Student loans disbursed - (33,997) (33,997) Net cash used in noncapitai financing activities - ` (30,892) (30,892) Cash flows from investing activities: Net sales (purchases) of investments (40,800) 5,925 (34,875) Net cash (uaed in) provided by 'investing activities _ (40,800) _ 5.925 (34,875) . Net (decrease) in cash (25,890) (19,435) (45,325) Cash at beginning of year (2,419) _ 11.553 9,134 Cash at end of year $ (28,309) S (7,882) S (36,191) 47 i � � Schedule E-4, (Cont. ) � CITY OF BANGOR, HAINS Al1 Nonespendable Trust Funds Combining Statement of Cash Flows Year $nded June 30, 1991 - Revolving Endowment Loan Principal Principal Total Reconciliation of operating income to net cash provided by operating activities: Operating income $ 14,910 $ 5,532 $ 20,442 Adjustments to reconcile operating income to net cash provided by operating activities: Total adjustments Net cash provided by operating activities $ 14,910 $ 5,532 $ 20,442 I I . ' � 48 � Schedule F CITY OF BANGOR, HAIN$ Asaessed Valuation, Commitm�ent, and Collections Year Bnded June 30, 1991 Valuation � Land and buildings $1,116,894,300 Personal property 103,931,800 Total valuation $1,220,826,100 Commitment Real estate and personal property $1,220,826,100 Tax rate ' .01890 Total commitment 23,073,613 Add: , - Supplemental taxes committed 24,255 23,097,868 Less: ( Collections - 1991 21,313,338 Abatements 194,635 1991 Taxes receivable at June 30, 1991 � 1,589,895 i . 49 � Table 1 � � CITY OF BANGOR, HAINE Property Tas Valuations, Levies, and Collections I,ast Ten Fiscal Periods Collections Fiscal Assessed Property Property In Year $-age of Year Valuation Tax Rate Tax Lew of Lew Collections 1982* 455,736,970 16.95 7,724,742 6,975,777 90.3 ... 1983 462,895,320 31.68 14,664,524 13,957,974 95.2 1984 470,635,982 33:63 15,827,488 15,100,933 95.4 1985 484,384,300 32.00 15,500,298 15,112,575 97.5 1986 513,223,900 32.00 16,423,165 15,812,838 96.3 � 1987 547,229,100 31.30 17,128,271 16,416,426 95.8 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 1991 1,220,826,100 18.90 23,073,613 21,313,338 92.4 *Six month period ending June 30, 1982 � _ IL . l_ � 50 Table 2 _ . CITY OF B�lP7GOR, HAINE , Local Assessed valuatioas Last Tea Fiscal Periods Fiscal Total Assessed Personal - - Year Tax Rate Valuation Real Propertv Propertv 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 1991 18.90 1,220,826,100 1,116,894,300 103,931,800 * Six month period ending June 30, 1982 I. 51 � , ' . .itGl , � ---�-- � - .. , . { i ;� i . � t � � � � , t Table 3 CITL OF H�B�OUB� llslHB General Fand �penditnres 2ry Function+* Iast i�en Ffecal Periods Public Health, Taxes Buildings Designated Fiecnl Genernl Public Welfnre, & Pnid to and Public Debt / . Fund YanT Government SnfetV Recreation Countv Services Educntion Sarvice Bnlnnce Other Total 1982+ 735�625 2�056�660 598�959 - 1,863,254 5,764�457 302,585 - 353,975 11,675�515 1983 1�421,132 4,262�987 1,364�122 3B9,817 3,391,773 10,414�896 1,052�511 - 696�269 23,013,507 1984 1�621�971 4,619�962 1�507�402. 372,117 3,550�215 10�442,12� 99B,226 - 714�854 24,026�875 19B5 1�664�091 4�956,714 1,416�060. 363�532 3,433�451 11�461�231 937�055 775�000 854,508 25�861�642 1986 1�771�212 5�624,974 1,540�171 403�473 3�584�628 13,201,683 1,097,48B 641,996 657�498 28,523,123 1987 1�938,210 5�715�586 1,633�783 457�391 3,6B1,371 14�351,66B 1�150,489 - 686�374 29,614�872 1986 2,352,271 6�130�389 1,554�841 728,922 3,813,924 18,112,132 1�Z25�692 - 6B3,111 34,601,262 1989 2�280�921 6�879�079 1,952�226 675,380 4�306,620 20�338�411 1�1B6�968 - 794�605 38�614�210 ' 1990 3�516�105 7�184�337 2�222�650 1�040,520 3,847,293 22�289�738 1�021�B21 - 974,004 42�096,468 1991 3�617�711 7�644�841 2�794�B83 1�187,147 4,126�514 24,847,977 1,150�036 - 76B�477 46,137,586 _/ Doee not includa Educntion - related debt • Six month pariod ending June 30, 1982 +* Hndget basie 52 i i . • ! „ . , � , . ' � � � I ' Table 4 CITY OF HSHOOB� lf�� General Fnnd Revenue bp Sonrce•• Lest 11en Fiscal Periods Licensee Fines Use of Inter- Cherges Fiecal ' Property Other and and Money and Governmental for Reim- Total Yeer Tnxee Taxes Permite Forfeits Pronerty Revenue Services bursemente Revenues 1982+ 7�724�742 744�898 93�115 29,324 523�702 2,271�553 519,113 240,270 12,146�717 1983 15�026�000 1�374�309 145�881 62,615 1,058�435 . 5,608�420 1�120,140 292�549 24,688�349 1984 15�945�826 1�591�819 210�117 60�467 1�183�827 5,8B5�432 619��41 368,515 25,865,744 1985 15�967,934 1,727�442 234,607 60�879 1,733,772 6,601,075 533,474 259�294 27�11H,477 19B6 16�430,725 1�949,307 243�345 63�378 1,568�44B 7,625�529 638,603 259�065 2B�778,400 1987 17�111�568 2�160�807 154�2B3 5�368 1�467�622 7�992�324 620�355 307,099 29�819,426 198B 18�058�106 2�442�975 192�845 10�203 1,426,272 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�446,093 737,504 37,957,148 � 1990 20,261�206 2�681,592 211 100 9 453 1 932 699 il 685 235 4 323 202 B16 097 41 920 S64 � . � r i . ► . r r� . � 1991 22�211�177 2�612�983 199,007 15�355 1�162,157 12�269,912 5�154,8B9 1�423�846 45,049�326 • Six month pariod ending June 30, 1982 •• Budget besis 53 Table 5 CITY OF BANGOR, HAINS � - Ratio of Annual Debt Service $xpenditures for General Bonded Debt to Total General Fund Expenditures Last Ten Fiscal Periods Percentage of Debt Service Total General Total to Total Fiscal Bonded Debt General Fund General . Year Principal Interest Service Expenditures** Expenditures 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 5.266 198� 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 1,999,419 42,096,468 4.750 1991 1,460,110 1,087,678 2,547,788 46,137,586 5.520 * Six month period ending June 30, 1982 . **Budget Basis I _ 54 , Table 6 - CITY OF BANGOR, HAINB Debt Service Requirements to Haturity General Obligation Boads Fiscal Total Year Principal Interest Requirement ' 1992 2,755,000 3,102,696 5,857,696 1993 2,740,000 2,816,469 5,556,469 1994 3,750,000 2,600,670 6,350,670 1995 3,550,000 2,366,312 5,916,312 1996 3,295,000 2,147,537 5,442,537 1997 2,960,000 1,950,028 4,910,028 1998 2,890,.000 1,765,467 4,655,467 1999 • 2,565,000 1,593,956 4,158,956 2000 2,440,000 1,437,300 3,877,300 2001 2,205,000 1,291,169 3,496,169 - Subsequent 21,255,000 6.339,132 27,594,132 $ 50,405,000 $ 27,410,736 $ 77,815,736 - L� � _ , + � 55 i Table 7 i�� CITY OF BANGOR, MAINS Ratio of General Bonded Debt to Assessed Value aad General Boaded Debt Per Capita Last Ten Fiscal Periods Ratio of General Bonded General Bonded Fiscal Debt to Debt Per Year Bonded Debt Valuation Assessed Value Cavita � 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 1991 50,405,000 1,220,826,100 4.1 1,524.61 * Six month period ending June 30, 1982 � **Based on 1980 population of 31,643 through 1989 and 1990 population of 33,061 thereafter. 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