HomeMy WebLinkAbout1991 CITY OF BANGOR MAI N E
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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
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. 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 -
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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
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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
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� 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.
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December 6, 1991
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P.O. Box 1167, 84 Harlow Street, Bangor, Maine 04401 (207) 947-8568
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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.
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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
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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.
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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.
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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)
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Appropriation from fund balance (276,007)
Fund balance undesignated/unreserved,
� end of year ' $ (762.686)
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The accompanying notes are an integral part of these financial statements.
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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
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� The accompanpinq notes are an integral part of these financial statements. -
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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
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j The accompanyinq notes are an integral part of these financial statements.
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. 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
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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.
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I CITY OF BANGOR, HAINS
Notes to Financial Statements
June 30, 1991
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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.
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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
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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
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�
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
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�
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
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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
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' . .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
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' 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
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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
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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 -
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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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