1992 CITY OF BANGOR MAINE
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Financial Statements
and Other Financial Information
For The Year Ended June 30, I 992
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CITY OF BANGOR, MAINE
Annual Financial Report
June 30, 1992
Table of Contents
Exhibit . Pa e s
INDEPENDENT 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 Governmen.tal
Fund Types and Expendable Trust Funds 2 3 - 4
Statement of Revenues, Expenditures, and Changes
in Unreserved/Undesignated Fund Balance--
Budget and Actual--General Fund 3 5
Combined Statement of Revenues, Expenses, and
Changes in Retained Earnings/Fund Balances--
All Proprietary Fund Types and Similar Trust
Funds 4 6
Combined Statement of Cash Flows--All
Proprietary Fund Types and Similar Trust Funds 5 7 - 8
Notes to Financial Statements 9 - 33
' Schedule Pacre s
ADDITIONAL INFORMATION
Governmental Funds: .
General Fund:
Balance Sheet A - 1 34
Statement of Revenues, Expenditures,
and Changes in Unreserved/Undesignated
Fund Balance--Budget and Actual A - 2 35 - 37
Special Revenue Funds :
Combining Balance Sheet B - 1 38
Combining Statement of Revenues,
Expenditures and Changes in Fund
Balances B - 2 39
Capital Projects Funds :
Balance Sheet C - 1 40
Combining Statement of Revenues,
Expenditures and Changes in Fund
Balances C - 2 41
Schedule PaQe(sl
ADDITIONAL INFORMATION (Continued)
Proprietary Funds : -
Enterprise Funds :
Combining Balance Sheet D - 1 42 - 43
Combining Statement of Revenues,
Expenses, and Changes in Retained
Earnings D - 2 44
Combining Statement of Cash Flows D - 3 45 - 46
Fiduciary Funds :
Trust. and Agency Funds:
Combining Balance Sheet E - 1 47
Expendable Trust Funds - Statement
of Revenues, Expenditures, and
Changes in Fund Balances E - 2 48
Nonexpendable Trust Funds - Combining
Statement of Revenues, Expenses, and
Changes in Fund Balances E - 3 49
Nonexpendable Trust Funds - Combining
Statement of Cash Flows E - 4 50
Schedule of Assessed Valuation, Commitment, and
Collections F 51
Table Pa e s
STATISTICAL SECTION
Property Tax Valuations, Levies and Collections -
Last Ten Fiscal Periods 1 52
Local Assessed Valuations - Last Ten Fiscal Periods 2 53
General Fund Expenditures by Function - Last Ten
Fiscal Periods 3 54
General Fund Revenue by Source - Last Ten Fiscal
Periods 4 55
Ratio of Annual Debt Service Expenditures for
General Bonded Debt to Total General Fund
Expenditures - Last Ten Fiscal Periods 5 56
Debt Service Requirements to Maturity -
General Obligation Bonds 6 57
Table Pa e s
STATISTICAL SECTION (Continued)
Ratio of General Bonded Debt to Assessed
Value and General Bonded Debt per Capita -
Last Ten Fiscal Periods 7 58
Four Year Historical Trend Information -
Defined Benefit Pension Plan -
Participating Local District Plan 8 59
BRANTNER THIBODEAU 8L ASSOCIATES
Certified Public Accountants
Key Plaza• 23 Water Street
Post Office Box 864
Bangor, ME 04402-0864
(207) 947-3325
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 and for the year ended June 30,
1992 , 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, 1992, and the
results of its operations and cash flows vf its proprietary and
nonexpendable trust funds 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 statements taken as a whole. The combining
, and individual fund and account group financial statements, schedules
and statistical information listed in the table of contents are
presented for purposes of additional analysis and are not a required
part of the general purpose financial statements of the City of
Bangor, Maine. Such information has been subjected to the auditing
procedures applied in the audit of the general purpose financial
statements and, in our opinion, is fairly presented in all material
respects in relation to the general purpose financial statements
taken as a whole.
L� � -* A
March 2 , 1993 '
This page left intentionally blank.
'(
CITY OF BANGOR, MAINE
All Fund Types and Account Groups
Combined Balance Sheet
June 30, 1g92
(with comparative totals for June 30, 1991)
Governmental Fund Types
Special Capital
General Revenue Projects
Assets and Other Debits
Cash on hand $ 2,132 $ 250 $ -
Equity in pooled cash and
investments (Note 2) 2,383,471 226, 307 378,796
Investments at cost (Note 2) 50,000 - -
Receivables :
Taxes, including interest,
penalties and liens (net of
allowance for uncollectible taxes
of $95, 000 in 1992 and $240,000
in 1991) (Note 3) - 2,831,040 - -
Accounts (net, where applicable
of allowance for estimated
uncollectible accounts of
$409 ,294 in 1992 and
$276,501 in 1991) 338,057 - -
Loans (net of allowance for
uncollectible accounts of
$48 , 616 in 1992 ) - 2 , 743,277 -
� Deferred special assessments - - 30, 130
Interest 17 ,436 734 21
Contribution - - 491,843
Due from water district - - -
Due from other funds - - -
Due from other governments (Note 4) 2 , 177 ,393 150,299 -
Investment in direct financing
lease (Note 16} - - -
Inventory, at cost 357, 900 - -
Prepaid expenses 47,533 - -
Property, plant & equipment (net
of accumulated depreciation) (Note 5) - . - -
Amount to be provided for retirement
of general long-term debt - - -
Due from bond trustee (Note 7) - - -
Other assets (Note 19 ) - - 51, 140
Total assets and other debits $ 8,204 ,962 $ 3, 120,867 $ 951,930
* Restated, Note 13
Certain 1991 amounts have been reclassified to conform with current year
presentation.
The accompanying notes are an integral part of these financial statements .
!
Exhibit 1
Proprietary Fiduciary
Fund Tvpe Fund Tvpe Account Groups
General General Totals
Trust and Fixed Long-term (Memorandum Only)
Enterprise Aqencv Assets Debt 1992 1991*
$ 53,479 $ - $ - $ - $ 55, 861 $ 58,511
15,369 ,210 476, 305 - - 18,834, 089 13,978, 910
- 3, 018,210 - - 3,068,210 2,390, 606
- - - - 2, 831, 040 2,282, 191
3,377,946 509 - - 3,716 ,512 4,518,760
- 55, 642 - - 2,798,919 2,501, 189
119 ,525 - - - 149 , 655 150, 649
20,488 2 , 001 - - 40, 680 -
- - - - 491,843 -
30,986 - - - 30, 986 42, 785
1, 156,498 - - - 1, 156,498 2, 033, 661
2 , 386, 669 10,384 - - 4,724,745 2, 833,430
1,337 , 662 - - - 1, 337, 662 1, 023, 826
163,240 - - - 521, 140 640, 079
54, 694 - - - 102 ,227 72, 050
152,272,010 - 61,523,652 - 213,795, 662 193,875,217
- - - 16, 833,523 16, 833,523 16,273,513
6,241,243 - - - 6,241,243 18,450, 638
2 , 353 ,800 - - - 2 ,404 ,940 1, 146 , 128
$184,937,450 $ 3 ,563,051 $ 61,523,652 $ 16 , 833 ,523 $279 , 135 ,435 $262 ,272 , 143
1
CITY OF BANGOR, MAINE
All Fund Types and Account Groups
Combined Balance Sheet
June 30, 1}92
(with comparative totals for June 30, 1991)
Governmental Fund Types
Special Capital
General Revenue Proiects
Liabilities
Accounts payable $ 768,060 $ 35,838 $ 346 ,075
Workers ' compensation (Note 12) 619 ,800 - -
Accrued leave - - -
Accrued payroll & withholdings 1,528,589 1, 145 -
Accrued interest - - -
Accrued expenses - - -
Tax collected in advance 19 ,700 - -
Amounts held by agency funds
for others - - -
Deferred revenue (Note 6} 2,386 , 697 2,743,277 -
Due to rehabilitation recipients - 70,468 -
Due to other funds - - -
Developer payable - - -
General obligation bonds (Note 7) - - -
Arbitrage payable - - -
Obligations under capital lease
(Note 22) - - -
Direct financing lease payments
payable (Note 16) - - -
Unearned income - - -
Deferred sewer assessments - - -
Total liabilities 5 ,322 , 846 2 , 850 ,728 346 , 075
Fund ectuitv
Contributed capital (Note 8) - - -
Investment in general fixed assets
(Note 5) - - -
Retained earnings :
Appropriated - - -
Unappropriated - - -
Fund balances :
Reserve for:
Encumbrances 415,387 21,394 3,069,507
Loans (Note 14) � - - -
Endowments (Note 14) - - -
Unreserved:
Designated for subsequent years
expenditures (Note 9) 1,642,340 248,745 (2,656,257)
Undesignated 824 ,389 - 192 , 605
Total fund equity 2 ,882 , 116 270 . 139 605 ,855
Total liabilities and fund equity $ 8,204 ,962 $ 3, 120, 867 $ 951,930
* Restated, Note 13
The accompanying notes are an integral part of these financial statements .
Exhibit 1, (Cont. l
Proprietary Fiduciary
Fund Ty��,e Fund Type Account Groups
General General Totals
Trust and Fixed Long-term (Memorandum Only)
Enterprise Aqencv Assets Debt 1992 1991*
$ 2 ,939 ,616 $ - $ - $ - $ 4,089 ,589 $ 2,671,247
860,424 - - 884, 103 2,364,327 2,091,348
200,568 - - 625,022 825,590 785,522
86,885 - - - 1,616, 619 1,543,016
775,072 - - - 775,072 641,084
22, 112 - - - 22,112 32,432
- - - - 19 ,700 15,829
- 2 , 667, 714 - - 2, 667,714 2,223,598
39,044 - - - 5, 169 ,018 4,444, 191
- - - - 70,468 -
1, 156 ,498 - - - 1, 156,498 2,033,661
73, 118 - - - 73, 118 73, 118
40,761,035 - - 15,098,965 55, 860,000 50,405,000
89 , 639 - - 148,563 238,202 226,421
- - - 76,870 76,870 54, 124
743,744 - - - 743,744 897,630
593,918 - - - 593,918 126, 196
119 ,525 - - - 119 ,525 120,519
48 ,461, 198 2 ,667 ,714 - 16 ,833 ,523 76 ,482 , 084 68 ,384 ,936
103,674 ,985 - - - 103,674,985 105,023,486
- - 61,523,652 - 61,523,652 56,660,617
4,335,014 - - - 4,335,014 1,569, 918
28,466,253 - - - 28,466,253 25,591,937
- - - - 3,506,288 435, 195
- 104, 017 - - 104,017 99,203
- 516,900 - - 516,900 547,443
- 274,420 - - (490,752) 4,613,395
- - - - 1,016 , 994 (653,987)
136 ,476 ,252 895,337 61,523,652 - 202 ,653 ,351 193,887 ,207
$184 ,937 ,450 $ 3,563,051 $ 61,523,652 $ T6,833,523 $279 , 135,435 $262,272, 143
2
E�ibit 2
CITY OF BANC�OR, MAINE
All Govenm�ntal F1ind Types and Expendable Trust �nds
Cambined Stat�nent of Revenues, F.�penditures,
and Changes in Et�nd Balances
Year Ended June 30, 1992 .
Fiduciary
Goverrunental Fund Typ�s Fund 2� Zbtal
Special Capii:al Exp�ndable (M�morandum
General Revenue Projects Trust Only)
Revenues:
Taxes - (Note 3) $ 28,728,622 $ - $ - $ - $ 28,728,622
Intergaverrur�ntal 11,366,929 1,434,326 191,771 - 12,993,026
Licenses and permits 232,584 - - - 232,584
Charges for services 5,937,666 - - - 5,937,666
Fines, forfeits, and penalties 12,486 - - - 12,486
Revenue frcan use of money and property 518,517 8,732 53,059 564 580,872
Reimburseqnents 2,770,739 - - - 2,770,739
Program incc8ne - 254,494 - - 254,494
Contributions - - 1,156,843 13,257 _ 1,170,100
'Ibtal revenues 49,567,543 1,697,552 1,401,673 13,821 52,680,589
Expenditures:
�
General gavernn�ent 3,366,159 - - - 3,366,159
Public safety 8,052,781 - - - 8,052,781
Health, welfare, and recreation 4,527,015 - - - 4,527,015
Public builclings and services 4,048,948 - - - 4,048,948
Other agencies 1,796,519 - - - 1,796,519
Education 25,301,542 - - - 25,301,542
Other appropriations 1,408,984 - - - 1,408,984
Canmunity dev�elo�anent block grants - 1,646,026 - - 1,646,026
Urban development - 33,586 - - 33,586
Payments to beneficiaries - - - 7,087 7,087
Capital additions - - 4,470,933 - 4,470,933
Zbtal expenditures 48,501,948 1,679,612 4,470,933 7,087 54,659,580
Excess (deficiency) of revenues aver �
expenditures 1,065,595 17,940 (3,069,260) 6,734 (1,978,9911
Z'he acccanpanying notes are an integral part of these financial stateqnents.
3
Exh�bit 2, (Cont.1
CITY OF BANC'�OR, MAINE
All Govei7miental E�nd Types and Expendable Trust �.inds
Combined Statement of Revenues, Expenditures,
and Changes in �nd Balances
Year Ended June 30, 1992
Fiduciary
Governrr�ntal Fund Ty�s �nd Type Zbtal
Special Capital E�ndable (Mc�norandum
C�neral Itevenue Proiects Trust Only)
Other financing sources (uses) :
Operating transfers out (476,064) - (137,997) - (614,061)
Bond anticipation note proceeds - - 2,200,000 - 2,200,000
Zbtal other financing sources (uses) (476,064� - 2,062,003 - 1,585,939
Excess (deficiency) of revenues and
other financing sources aver
expenditures and other uses 589,531 17,940 (1,007,257) 6,734 (393,052)
�.ind balances, beginning of period 2,292,585 252,199 1,613,112 9,422* 4,167,318
Etiind balances, end of period $ 2,882,116 $ 270,139 $ 605,855 $ 16,156 $ 3,774,266
* Restated, Note 13
The accampanying notes are an 'integral part of these financial statc�ments.
4
Exhibit 3
CITY OF BANGOR, MAINE
General Fund
Statement of Revenues, Expenditures, and Changes in
Unreserved/Undesignated Fund Balance - Budget and Actual
Year Ended June 30, 1992
Variance -
Favorable
Revenues: BudQet Actual �Unfavorable�
Taxes (Note 3) $ 28,887,034 $ 28 , 728, 622 $ ( 158,412 )
Intergovernmental 11,598,065 11, 366,929 (231, 136)
Licenses and permits 184,437 232,584 48, 147
Charges for services 5,729 ,875 6,373,587 643, 712
Fines, forfeits and penalties 13,000 12,486 (514)
Revenue from use of money
and property 507 , 364 505, 967 ( 1, 397 )
Reimbursements 2 ,242 ,458 2 . 804 , 902 562 ,444
Total revenues 49 , 162 ,233 50 , 025 , 077 862 , 844
Expenditures :
General government 2,984,460 3, 184,909 (200,449 )
Public safety 8, 169 ,238 8, 054, 011 115,227
Health, welfare, and recreation 4, 023, 612 4,558, 135 (534,523)
Public buildings and services 4,486,030 4, 049 , 770 436 ,260
Other agencies 1,796, 178 1,796,519 ( 341)
Education 26 , 010,256 25, 387, 052 623,204
Other appropriations 1,479 ,325 1 ,408 , 984 70 , 341
Total expenditures 48 , 949 , 099 48 ,439 , 380 509 ,719
Excess of revenues over .
expenditures 213 , 134 1,585 ,697 1, 372 ,563
Other financing sources (uses) :
Appropriation from designated
fund balances 295,355 818,520 523, 165
Operating transfers in 9 ,300 9 ,300 -
Operating transfers out (517 ,7891 �415 ,232� 102 ,557
Total other financing
sources (uses) (213, 1341 (412 ,588� 625 ,722
Excess of revenues and other
financing sources over
expenditures and other uses $ - 1,998,285 $ 1, 998,285
Fund balance undesignated/unreserved,
at beginning of year (762, 686) �
Balances carried to succeeding year (411 .210�
Fund balance undesignated/unreserved,
at end of year $ 824 ,389
The accompanying notes are an integral part of these financial statements .
5
Exhibit 4
CITY OF BANGOR, MAINE
A11 Proprietary Fund Types and Similar Trust Funds
Combined Statement of Revenues, Expenses and Changes in
Retained Earnings/Fund Balances
Year Ended June 30, 1992
Proprietary Fiduciary
Fund Type Fund Type Total
Nonexpendable (Memorandum
� Operating revenues : Enterprise Trust Onlyl
Charges for services $ 25,310,389 $ - $ 25,310,389
Interest - 54, 101 54, 101
Lot sales - 3 ,500 3 ,500
Total operating revenues 25 ,310, 389 57 ,601 25 , 367 , 990
Operating expenses :
Operating expenses other
than depreciation and
amortization 18,411, 658 52,351 18,464,009
Depreciation and amortization:
On assets acquired with own
funds 1, 121,931 - 1, 121, 931
On assets acquired with
contributions 3 , 613 ,542 - 3 , 613 .542
Total operating expenses 23 , 147 , 131 52 , 351 23 , 199 ,482
Operating income 2 , 163 ,258 5 ,250 2 , 168 ,508
Non operating revenues (expenses) :
Interest income 1,282,767 - 1,282 ,767
Interest expense ( 1,872,707) - ( 1, 872,707 )
Miscellaneous income 37,320 - 37,320
Operating transfer from
General Fund 415 ,232 - 415 ,232
Total non operating expenses ( 137 ,388� - ( 137 , 388 L
Net income 2,025,870 5,250 2 , 031, 120
Add depreciation and amortization
on assets acquired with
contributions 3 , 613,542 - 3 , 613 ,542
Increase in retained earnings/
fund balances 5,639,412 5,250 5, 644, 662
Retained earnings/fund balances,
at beginning of period 27 , 161,855 873 , 93I* 28 ,035 ,786
Retained earnings/fund balances,
at end of period $ 32 ,801,267 $ 879 , 181 $ 33,680,448
* Restated, Note 13
The accompanying notes are an integral part of these financial statements .
6
Exhi_bit 5
CITY OF BANOOR, MAINE
All Proprietary Fund Types and Similar Trust Ftiinds
Cambined Statement of Cash Flaws
Year Ended June 30, 1992
Proprietary Fiduciary
I`und Tvt�� ��nd Ty�e 'Potal
NonexpendaUle Nlemorandiun
Cash flc�cas fram operating activii:ies: Enterprise Trust Only)
Cash received fn�n custo�riers $ 25,445,316 $ 3,500 $ 25,448,816
Cash received on invest�nts - 54,101 54,101
Cash payments i:o suppliers for goods and services (12,067,218) - (12,067,218)
Cash paymeni:s to e�tplay�s for sezvices (6,286,038) - (6,286,038)
Cash paid to beneficiaries - (52,351) (52,351�
Net cash pravided by operating activities 7,092,060 5,250 7,097,310
Cash flaws frcen noncapital financing activities:
Interfund loans (repayments) (895,376) - (895,376)
Operating subsidies received (paid) 415,232 - 415,232
Student loan payments received - 2,610 2,610
Net cash provided by (used in) noncapital financing
activities (480,144�, 2,610 (477,534)
Cash flchvs frcan capital and related financing activities:
Proceeds fr�ti bond anticipation notes (ban) 6,010,000 - 6,010,000
Acquisition and construction of capital assets (17,258,263) - (17,258,263)
Principal paid on bonds (1,202,404) - (1,202,404)
Interest paid on bonds (2,155,981) - (2,155,981)
Proceeds frcan sale of equi�xnent 97,976 - 97,976
Grant mpnies received for capital assets 872,038 - 872,038
Contributions received for capital assets 110,000 - 110,000
Investment capital projects (621,163) - (621,163)
Investment bond & ban proceed.s 11,391,313 - 11,391,313
Proceeds fresY► FAA land sale 80,550 - 80,550
Net cash used in capital and related financing activities (2,675,9341 - (2,675,934)
Cash flays fresn inv�esting activities:
Interest on investments 1,338,618 - 1,338,618
Net purchases of investments - (212,1451 (�212,145)
Net cash provided by (used in) investing activities 1,338,618 (212, ^145) 1,126,473
Net increase (decrease) in cash 5,274,600 (204,285) 5,070,315
Cash at beginning of period 10,148,089 191,094* 10,339,183
Cash at end of period $ 15,422,689 $ (13,191) $ 15,409,498
* Restated, Note 13
The acccanpanying notes are an integral part of these financial statc�nents.
7
Exhibit 5, (Cont.)
CITY OF S1INGOR, MAINE
Al1 Proprietary �nd TyPes and Similar Trust �nds
Cornbined Stat�nt of Cash Flaws
Year Ended June 30, 1992
Proprietary Fiduciary
Fund Ty� l�nd Ty� Zbtal
Nonexpendable (Nkm�orandum
Eni:erprise 7`rust Onlvl
Rcconciliation of operating i_ncome i:o net cash
pravided by operating activities:
Operating incame � 2,163,258 $ 5,250 S 2,168,508
Adjus trnents to reconcile operating incam� to net cash
pravided by operating activities:
Depreciation and amortization 4,735,473 - 4,735,473
Provision for uncollecti.ble accounts 33,340 - 33,340
Changes in assets and liabilities:
(Increase) decrease in accounts receivable 135,782 - 135,782
(Increase) decrease in due fn�n water district 11,799 - 11,799
(Increase) decrease in inventory 61,247 - 61,247
(Increase) decrease in prepaid expenses 17,355 - 17,355
Increase (decrease) in accounts payable (445,696) - (445,696)
Increase (decrease) in accrued expenses 392,156 - 392,156
Increase (decrease) in deferred revenue (12,654� - (12,654�
Zbtal adjustments 4,928,802 - 4,928,802
Net cash pravided by operating activities $ 7,092,060 $ 5,250 $ 7,097,310
The accc�mpanying notes are an integral part of these financial stat�nents.
8
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 1 - Summary of Significant Accounting Policies
The City of Bangor, Maine, was incorporated February 12, 1834, under the
laws of the State of Maine. The City operates under a Council-Manager form
of government and provides the following services as authorized by its
charter: public safety, public works, recreation, and education.
The accounting policies of the City of Bangor, Maine conform to generally
accepted accounting principles as applicable to governmental units . The
following is a summary of the more significant policies :
FINANCIAL REPORTING ENTITY
For financial reporting purposes, the City of Bangor should include all
funds, account groups, boards, commissions, and authorities that are
controlled by or dependent on the City Council or other City executives .
An analysis of the criteria set forth in GAAP was made to determine if
other governmental units should be included in this report.
The criteria evaluated were:
* Manifestations of oversight
* Accountability for fiscal matters
* Scope of public service
* Special financing relationships
Based upon the application of this criteria, it was determined that no
other governmental units should be included in this report.
(A) Basis of Presentation - Fund Accounting
The accounts of the City are organized on the basis of funds and account
groups, each of which is considered a separate accounting entity. The
operations of each fund are accounted for with a separate set of
self-balancing accounts that comprise its assets, liabilities, fund
balance/retained earnings, revenues, and expenditures/expenses . The
various funds are summarized by type in the financial statements . The
following fund types and account groups are used by the City:
GOVERNMENTAL FUND TYPES
Governmental Funds are those through which most governmental functions of
the City are financed. The acquisition, use, and balances of the City's
expendable financial resources and the related liabilities (except those
accounted for in proprietary funds) are accounted for through governmental
funds . The measurement focus is upon determination of changes in financial
position, rather than upon net income determination. The following are the
City's governmental fund types:
General Fund - The General Fund 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.
9
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
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 purposes .
Capital Projects Funds - Capital Projects Funds are used to account for
financial resources to be used for the acquisition or construction of
major capital facilities (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 financed and operated in a manner similar to private business
enterprises - where the intent of the governing body is that the costs
(expenses , including depreciation) of providing goods or services to the
general public on a continuing basis be financed or recovered primarily
through user charges; or (b) where the governing body has decided that
periodic determination of revenues earned, expenses incurred, and/or net
income is appropriate for capital maintenance, public policy, management
control, accountability, or other purposes . The following are the City' s
enterprise funds : •
Sewer Utility Fund - This fund accounts for the cost of 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 space. 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 Square Parking Garage.
Revenue sources include monthly lease of parking spaces, hourly/daily
parking fees, and fines and waiver fees for pa�+king violators . Certain of
these facilities are operated under a �private management contract.
10 �
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
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 . Tne fund is named after the Bass family which bequeathed the
property to the City for recreational purposes .
Municipal Golf Course - This fund accounts for the operation of a 27 hole
municipal golf course. Principal revenue sources are season memberships
and daily greens fees .
FIDUCIARY FUND TYPE
Fiduciary Funds are used to account for assets held by the City in a
trustee capacity or as an agent for individuals, private organizations,
other governmental units, and/or other funds .
Trust and Agency Funds - Trust and Agency Funds include expendable trust,
nonexpendable trust, and agency funds . Nonexpendable funds are accounted
for and reoorted 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
Account groups are used to establish accounting control and accountability
for the City's general fixed assets and general long-term debt. The
following are the City's account groups :
General Fixed Assets Account Group - This group of accounts is established
to account for all fixed assets of the City, other than those accounted
for in the proprietary funds .
General Long-Term Debt Account Group - This 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 Accounting
The modified accrual basis of accounting is followed by the governmental
funds and expendable trust and agency funds . Under the modified accrual
basis of accounting, revenues are recorded when susceptible to accrual,
i.e. , both measurable and available. Available means collectible within
the current period or soon enough thereafter to be used to pay liabilities
of the current period. Expenditures, other than interest on long-term
debt, are recorded when the liability is incurred, if ineasurable.
In applying the susceptible to accrual concept to intergovernmental
revenues, the legal and contractual requirements of the numerous
individual programs are used as guidance. There are, however, essentially
three types 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.
11
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 1 - Continued
For the second type, 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
services 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 .
(C) Encumbrances
Encumbrance accounting, under which purchase orders, contracts, and other
commitments for the expenditure of funds are recorded in order to reserve
that portion of the applicable appropriation, is employed in the
governmental funds . Open encumbrances are reported as reservations of fund
balances since the commitments will be honored in subsequent years .
Encumbrances do not constitute expenditures or liabilities .
(D) Budgetary Accounting
The City utilizes a formal budgetary accounting system to control revenues
and expenditures accounted for in the general fund. These budgets are
established in accordance with the various laws which govern the City's
operations .
The 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 1992 .
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 through
formal authorizations by the City Council and grant agreements .
12
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
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:
Other Financing
Revenues Expenditures Sources (Uses)
Statement of Revenues, Expenditures ,
and Changes in Unreserved/
Undesignated Fund Balance -
Budget and Actual
(Exhibit 3) $ 50, 025,077 $ 48,439 , 380 $ 412,588
Activity in designated
fund balance 12 ,550 299, 627 (888,652)
1992 encumbrances - (415,387) -
1991 encumbrances paid (34, 163) 109 ,572 -
1991 balances carried (435 ,921�} 68 ,756 -
Combined Statement of Revenues,
Expenditures, and Changes in Fund .
Balances-Governmental Fund
Types-General Fund
(Exhibit 2) $ 49 ,567 ,543 $ 48,501, 948 $ (476 ,064)
(E) Investments
Investments are stated at cost (See Note 2) .
(F) Inventory
General Fund inventory is comprised of various expendable supplies
consumed by operations and is stated primarily at moving average cost
which approximates market. Enterprise 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 .
(G) General Fixed Assets
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.
Contributed fixed assets are recorded �in the General Fixed Asset Account
Group at esti.mated fair market value at the time received.
13
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 1 - Continued
Public domain ( "infrastructure" } general fixed assets consisting of roads,
bridges , curbs, gutters, streets and sidewalks, drainage systems, and
lighting systems are capitalized along with other general fixed assets .
No depreciation has been provided on general fixed assets, nor has
interest been capitalized. .
(H) Property, Plant, and Equipment - Enterprise Funds
Property, plant, and equipment owned by the various enterprise funds is
stated at cost except for certain assets contributed by others which are
stated at fair market value as of the date of contribution. Interest cost
incurred during construction of major projects is capitalized and
amortized over the life of the related asset. Depreciation has been
provided over the estimated useful lives using the straight line method.
Depreciation on all assets has been recorded as an expense of the current
period. The amounts applicable to assets acquired from contributions has
then been transferred to the related contribution account rather than to
retained earnings . The range of the estimated useful lives of the various
classes of enterprise depreciable assets is as follows :
Range of
Estimated
Useful Life
As'set 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
(I) Vacation and Sick Leave
Under terms of union contracts and personnel policies, permanent full time
City employees are granted vacation and sick leave in varying amounts . In
the event of termination an employee is reimbursed for accumulated
vacation days up to the equivalent of thirty days vacation. Employees are
reimbursed for 33 percent of accumulated sick leave, up to 40 days, only
upon retirement with 25 years of service.
For Governmental Fund 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.
14
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 1 - Continued
(J) Capital Projects Fund - Undesignated Fund 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.
(K) Comparative Total Data
Total columns of the Combined Statements are captioned "memorandum only"
to indicate that they are presented only to facilitate financial
analysis . Data in these columns do not present financial position,
results of operations, or changes in financial position in conformity with
generally accepted accounting principles . Neither is such data comparable
to a consolidation. Interfund eliminations have not been made in the
aggregation of this data.
NOTE 2 - Equity in Pooled Cash and Investments and Investments
The City maintains a cash and investment pool that is available for use by
all funds . Each fund type's portion of this pool is displayed on the
combined baiance sheet as "equity in pooled cash and investments" . In
addition, cash and investments are separately held by some of the City's
fund types . Cash is invested in various interest bearing securities,
which can be redeemed as needed without penalty.
Deposits : At year-end, the carrying amount of the City's deposits was
$18, 834,089 and the bank balance was $20,515, 673 . Of the bank balance
$2 ,796,910 was fully insured and or collateralized, $17,294, 075 was
collateralized with securities held by the banks ' trust department in the
City's name and $424,688 was uninsured and uncollateralized.
Investments : Statutes authorize the City to invest in obligations of the
U.S . Treasury, agencies and instrumentalities, repurchase agreements,
corporate securities, financial institution stocks, and other stock
investments . The City's investments are categorized below to give an
indication of the level of risk assumed by the entity at year-end.
Category 1 includes investments that are insured or collateralized with
securities held by the City or its agent in the City's name. Category 2
includes uninsured investments for which the securities are held by the
banks ' trust department in the City's name. Category 3 includes uninsured
investments for which the securities are held by the banks ' trust
department or its agent but not in the City's name.
15
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992 .
NOTE 2 - Continued
Category Carrying Market
1 2 3 Amount Value
U.S . Government
and agencies $ - $ 1,826,544 $ - $ 1, 826,544 $ 1, 866,461
Certificate of
deposit 50, 000 - - 50,000 50,000
Repurchase
agreements 426 ,200 - - 426,200 426,200
Other - - 15,522 15,522 15,522
ICI+�.A trust(457) � - - 2 , 165 , 324 2 , 165 ,324 2 , 165 , 324
$ 476 ,200 $ 1, 826,544 $ 2 , 180, 846 $ 4,483 ,590 $ 4,523,507
NOTE 3 - Property Tax
The City's property tax was levied July 1, 1991, on the assessed value
listed as of the prior April 1, for all real and personal property located
in the City. The assessed value for the list of April l, 1991, upon which
the 1991 levy was based, was $1,241,555, 000 . The estimated market value
was $1,241,555, 000 making the assessed value 100 percent of the estimated
market value.
Taxes are billed on a semiannual basis . Taxes were due September 1 and
IMarch 1 with interest due from that date if unpaid. Current tax
collections for the year ended June 30, 1992 , were 92 percent of the tax
levy.
Property taxes levied for the year ended June 30, 1992, are recorded as
receivables . The receivables collected during the year and the first 60
days of the subsequent year are recognized as revenues for the year ended
June 30, 1992 . Receivables estimated to be collected subsequent to the 60
day period are considered to be deferred revenues . Prior year tax levies
were recorded using this same principle.
NOTE 4 - Due From Other Governments
Due from other governments is comprised of the following �mounts at June
30, 1992 .
� State of Federal
Other Maine Government Total
General Fund $ 25,275 $ 2,009,214 $ 142,904 $ 2, 177,393
Special Revenue Funds $ - $ - $ 150,299 $ 150,299
Enterprise Funds $ - $ 528,599 $ 1,858, 070 $ 2,386,669
Trust and Agency Funds $ - $ 4,820 $ 5,564 $ 10,384
16
CITY OF BANGOR, MAINE
Notes to Financial Stat�nents
June 30, 1992
NC7i'E 5 - Fixed Assets
Construction in process is camp�sed of the follawing: Approved
Project Expenses to Balances Future
Author_ization June 30, 1992 Coiruni�i:ed Fi.nancinq
School $ 6,765,526 $ 2,525,160 $ - $ 4,495,000
Streets � 52,134 - 52,134 -
Other projects 1,865,445 1,832,189 33,256 -
$ 8,683,105 $ 4,357,349 $ 85,390 $ 4,495,000
A sumnary of changes in general fixed assets follcxas: Capital
Balance Transfers & Project Balance
June 30, 1991 Additions Deleti_ons Closeouts June 30, 1.992
Tand, buildings, and
construction in process:
I,and $ 3,059,051 $ - $ - $ 121,791 $ 3,180,842
City foreclosed property 78,611 - - - 78,611
Buildings 17,539,940 - - 366,985. 17,906,925
School buildings 1,768,015 - - 6,647,521 8,415 536
Recreation facilities 1,420,395 7,344 - 3 1,427,742
Construction in process 9,671,601 4,659,174 - ,j9,973,4261 4,357,349
Zbtal land, buildings,
and construction in process 33,537,613 4,666,518 - (2,837,1261 35,367,005
Public dcanain:
Streets 12,876,095 - - 2,107,677 14,983,772
Sidewalks 1,569,011 - - - 1,569,011
Br'idges 1�136�815 - - - 1�136�815
Parking structures 14,000 - - - 14,000
Electrical 635,767 - - 108,300 744,067 �
Stonn sew�rs - water lines 343,521 - - - 343 521
Other public dc�nain 483,105 - - - 483,105
Zbtal public dcanain 17,058,314 - - 2,215,977 19,274,291
Equipment:
Vehicles 5,031,489 145,452 (161,466) 90,113 5,105,588
Ccanputer 237,854 21,928 - - 259,782
Other 507,396 106,733 - 531,036 1,145,165
School other 287,951 83,870 - - 371,821
Zbtal equigrent 6,064,690 357,983 (161,466� 621,149 6,882,356
Zbtal fixed assets $ 56,660,617 $ 5,024,501 $ (161,466) $ - $ 61,523,652
17
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 5 - Continued
A summary of proprietary fund type property, plant, and equipment at June
30, 1992 , follows :
Land $ 195,585
3uilding improvements and equipment 13, 188, 112
Pipelines and mains 18,747 , 600
Airport operational assets 139,992 ,482
Parking structures 6,446 , 376
Construction in process 32 ,723 , 663
211,293, 818
� Less : accumulated depreciation 59 ,021, 808
$ 152 ,272 ,010
In 1992 , total proprietary fund type interest incurred was $2,339 , 033 of
which $466 , 326 was capitalized, and $1,872,707 was charged to operations .
NOTE 6 - Deferred Revenues
Deferred revenues consist of the following:
General Special Enterprise
Fund Revenue Fund
Taxes $2 ,374, 179 $ - $ -
Loans - 2 , 743,277 -
Advance Deposits 12 ,518 - 39 , 044
$2, 386 , 697 $2 ,743 ,277 $ 39 ,044
Deferred tax revenues consist of those tax revenues not available to meet
the needs of the current period (See Note 3) .
Deferred revenue of the Special Revenue Fund represents future revenue
equal to loans made pursuant to the Community Development, Urban
Development Action Grants, and Economic Incentive Revolving Loan Fund
over the past years . Pursuant to the terms of these grants, loans made
are recogn�zed as an expenditure in the Special Revenue Fund when they
occur with corresponding recognition of grant revenues . Further, pursuant
to regulations governing such funds, repayment of loans thus outstanding
are considered program income as received in subsequent years and is
available to the recipient for additional use within the program. The
future revenue associated with loans outstanding is, therefore, reflected
as deferred revenue.
NOTE 7 - Long-Term Debt .
The following is a summary of long-term debt transactions of the City for
the period ended June 30, 1992 :
Debt payable at June 30, 1991 $50,405,000
' New debt issued - bond
anticipation notes 8,210,000
Debt retired �2 ,755 ,000�
Debt payable at June 30, 1992 $55, 860,000
18
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
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 limit for June 30,
1992 was for $204,757 ,500 with a debt margin of $148, 897,500 . The
following is a summary, by purpose, of the outstanding debt of the City
at June 30, 1992, and related limitations:
Percent of
State Assessed
Debt Value of Statutory . Debt
Outstandinct 51,365 , 050 , 000 Limit Margin
School $10,282,116 10 . 0� $136,505,000 $126,222,884
Sewer 31, 152,000 7 . 0% 95,553,500 64,401,500
Airport 3,243, 318 3 . 0% 40, 951,500 37 , 708, 182
All other 11, 182 ,566 7 .5� 102,378,750 91, 196, 184
Total $55 ,860, 000
All other debt outstanding is comprised of the following:
General Fund $ 4, 816,849 43 . 1�
Parking Fund 5,405,683 48 . 3%
Golf Course Fund 388,924 3 . 5�
Bass Park Fund 319 ,727 2 .9%
City Nursing Fund 251 ,383 2 . 2�
$11, 182 ,566 100 . 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 $55,860,000 100 . 00� $55,860,000
County 6 ,825,000 24 . 37� 1,663,253
Bangor Recreation
District 240 ,000 100 . 00� 240 ,000
Total $62,925,000 $57 ,763,253
This results in a per capita City debt of $1,690 (Table 7) ; per capita
overlapping debt of $1,747; ratio of City debt to the City's June 30,
1992, assessed valuation of 4 :5 percent (Table 7) ; and a ratio of
overlapping debt to June 30, 1992, assessed valuation of 4 . 7 percent.
19
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
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, 1992 .
Amount of Debt by Fund
General Fund Enterprise
City School Funds Total
$ 4, 816 , 849 $ 10,282, 116 $ 40,761,035 $ 55, 860,000
Debt as Percent of Assessed Valuation
General Fund Enterprise
City School Funds Total
. 38� . 83� 3 .29� 4 .5� (Table 7)
Per Capita Debt by Fund
General Fund Enterprise
City School Funds Total
$ 146 $ 311 $ 1,233 $ 1, 690 (Table 7)
The annual future principal and interest payment requirements for all
debt outstanding as of June 30, 1992 , is as follows :
Year Ended Total
June 30 Principal Interest Requirement
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
Subsequent 31,355, 000 12,427,024 43,782,024
Bond Anticipation
� Notes permanently
financed in fiscal
year 1993 8 ,210,000 363, 136 8 ,573 , 136
� $ 55,860, 000 $ 24,671, 176 $ 80 ,531, 176
Bond anticipation notes have been classified as long-term
liabilities, see Note 10 - Subsequent Events for a description of the
permanent financing.
20
CITY OF BANGOR,MAINE
Notes to Financial Statements
June 30, 1992
NOTE 7 - Continued
General obligation bonds and bond anticipation notes payable at
June 30, 1992, are comprised of the following issues:
Final
Interest Maturity Annual serial
rates date payments
1973 Permanent Public Improvements 5 . 00 7/15/93 $ 100,000
1975 Permanent Public Improvements 6 .50 8/O1/95 205,000 .
( 155,000 in 1996 )
1978 Permanent Public Improvements 5 . 80 7/O1/98 165, 000
( 125, 000 in 1999 )
I981 Permanent Public Improvements 10 . 00 6/O1/Ol 155,000
( 120,000 in 2001)
1984 Permanent Public Improvements 5 . 90 to 10/25/94 180, 000
8 . 75
1985 Permanent Public Improvements 5 .20 to 10/25/95 160, 000
7 . 90 ( 135,000 in 1996)
1986 Permanent Public Improvements 4 .25 to 10/25196 90,000
6 .50 ( 55,000 in 1997)
1987 Permanent Public Improvements 5 . 70 to 10/25/97 180, 000
6 . 80 ( 165, 000 in 1998)
1988 Permanent Public Improvements 7 . 37 to 10/28/07 220, 000
8 . 60 ( 100,000 in 1999
to 2008)
1989 Permanent Public Improvements 6 . 70 to 9/Ol/09 755, 000
7 . 00 (750,000 in 1997
to 2000)
(550, 000 in 2001
to 2009)
(545,000 in 2010)
1990 Permanent Public Improvements 7 . 00 to 8/O1/10 530,000
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 Improvements 5 .00 to 10/O1/12 950,000
1992 Bond Anticipation Notes 4 .46 to 10/30/92 5,460,000
4 . 65
1992 Bond Anticipation Notes 4 .85 10/O1/92 2,750,000
Total
Less current portion
(due fiscal year 1993)
Authorized General Enterprise Total
and issued Cit�r School Funds June 30 , 1992
$ 2, 000, 000 $ 76,200 $ 63, 000 $ 60,800 $ 200,000
4, 050,000 408, 177 - 361,823 770, 000
3,260,000 973,730 - 141,270 1, 115, 000
3, 065, 000 277,440 1,082,560 - 1,360,000
1, 800, 000 449,982 - 90,018 540,000
1,575,000 292, 802 117, 158 205, 040 615,000
865,000 340, 632 55, 153 19 ,215 415, 000
1,785, 000 239,984 138,983 686,033 1, 065,000
3,200,000 - 551, 100 1, 768, 900 2,320,000
13,025, 000 538, 902 6,074, 162 4,901, 936 11,515, 000
9 ,265,000 1,219 ,000 - 7,516,000 8,735,000
19 ,000, 000 - - 19,000,000 19,000,000
5,460, 000 - 2,200,000 3,26�,000 5,460,000
2 ,750 ,000 - - 2 ,750 ,000 2 ,750,000
$71, 100,000 4,816,849 10,282,116 40,761' ,035 55,860,000
829 ,882 711,073 1, 199 , 045 2 ,740 ,000
$ 3,986 ,967 $ 9 ,571,043 $39 ,561,990 $ 53, 120, 000
21
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
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, 1992 , unused loan proceeds of $6,241,243
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, 1991 $105,023,486
Contributions 2,265, 041
Depreciation on assets acquired with
contributions ( 3 ,613 ,542 )
Contribu�ed capital at June 30, 1992 $103 , 674, 985
NOTE 9 - Designated Fund Balance
General Fund
Designated fund balances represent those portions of the General Fund
balance specifically designated for the following:
1992 1991
Departmental balances carried forward $ ( 18,844) $ 68,756
School department - surplus 430,054 435,921
Automotive equipment replacement account 169,315 211,500
Bus service equipment replacement account 57,516 115,957
Fire equipment replacement account 239 ,518 244,632
Capital improvements 387,411 387 ,411
Reserve for self insurance 438,371 638,734
Credit reserve fund 521, 118 1,292, 092
Cameron stadium 105,203 100,000
Arbitrage rebate - city 23,067 21,926
- school department 125 ,496 119 ,290
Subtotal 2 ,478 ,225 3 ,636 ,219
Accrued teacher payroll ( 1,370,078) ( 1, I92,502)
Accrued teacher subsidy receivable 534, 193 467 ,819
Net accrued teacher payroll �835 ,8851 �724 , 6831
Total general fund designated
fund balance $ 1,642 ,340 $ 2 ,911,536
22
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 9 - Continued
Capital Projects Funds
At June 30, 1992 , the Capital Projects Funds - Designated for Subsequent
Years Expenditures fund balance reflected a deficit of $2, 656,257 . The
deficit was primarily caused by the reservation of fund balance at June
30, 1992 for encumbrances related to the Garland Street School project in
the amount of $2 ,787,590 . Bond financing for the project was authorized
in the amount of $6 , 695, 000 of which $4,495,000 had not been issued as of
June 30, 1992 . Permanent financing for the entire project was obtained
through the August 13, 1992 general obligation bond issue, which is
discussed in Note 10 .
NOTE 10 - Subsequent Events
On August 13, 1992 , the City issued $12,550, 000 of general obligation
bonds . The bonds carry interest rates from 5 . 00� to 5 . 30� and mature on
dates from November 1, 1993 to 2012 . On September 17, 1992, the City
issued $575, 000 of general obligation bonds . The bonds carry interest
rates from 4 . 75� to 5 .40� and mature on dates from November 1, 1993 to
2002 . On October 1, 1992, the City's airport issued $5, 750, 000 of
revenue obligation bonds . The bonds carry interest rates from 4 .40� to
6 . 70� and mature on dates from October 1, 1995 to 2012 . The bonds were
issued to refund certain bond anticipation notes and to finance the
construction and acquisition of certain public properties .
NOTE 11 - Pension Plans
Introduction
The City of Bangor provides retirement pensions for its employees through
a number of vehicles, including Defined Benefit Pension Plan, Defined
Contribution Pension Plan and Social Security. Included in the Defined
Benefit Pension Plan are the Public Teachers ' Plan and Participating
Local District Plan at Maine State Retirement. The Defined Contribution
Pension Plans are section 401(a} and 457 Deferred Compensation Plans
administered by ICIKA/RC. Finally, those employees not eligible for
coverage under either the Defined Benefit or Defined Contribution Plans
are provided full Social Security coverage.
A. Defined Benefit Pension Plans
The City of Bangor's teachers and teacher-defined school department
personnel are covered for retirement benefits under the State of Maine's
Public Teacher's Plan in the Maine State Retirement System (MSRS) . Other
non-teacher personnel and municipal employees (i.e. City employees) are
covered under the City of Bangor's Participating Zocal 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 than 720
annual hours are exempted from MSRS coverage.
23
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 11 - Continued
1 . Participating 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 in the June 30, 1991 financial statements . Therefore, this
note contains actuarial data for both June 30, 1991 and 1992 .
Al1 full-time permanent City employees are required to participate
in the System unless the employee is covered by an individual
fixed term contract. Benefits vest after ten years of service.
City employees who retire at or after age 60 are entitled to an
annual retirement benefit for life, in an amount equal to a
fraction of the average final compensation multiplied by years of
membership service after the date of establishment. Average final
compensation is defined as the average annual rate of earnable
compensation of a member during the 3-5 years of creditable
service, not necessarily consecutive, in which such average annual
rate of earnable compensation is highest. The system also provides
death and disability benefits . These benefit provisions and all
other requirements are established by State Statute and the adopted
City plan.
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 years ended June 30, 1992 and 1991
was $ 16,223, 381 and $ 15,731,400, respectively.
The amount shown below as the "pension benefit obligation" is a
standardized disclosure measure of the present value of pension
benefits, adjusted for the effects of projected salary increases
and step-rate benefits, estimated to be payable in the future as a
result of employee service to date. The measure is intended to help
users assess the funding status of the System on a going-concern
basis, assess progress made in 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, 1992 and 1991. Significant
actuarial assumptions used in the valuations include (a) a rate of
return on the investment of present and future assets of 8 percent
a year compounded annually, (b) additional projected salary
increases of 6� a year, attributable to seniority/merit, and (c) 4�
cost of living retirement benefit �increases . Total unfunded pension
benefit obligation applicable to the City's employees was $38 . 9 and
$37 . 1 million at June 30, 1992 and 1991, respectively, as follows
(in millions) :
24
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 11 - Continued
1992 1991
Pension benefit obligation: (in millions)
Retirees and beneficiaries currently receiving
benefits and terminated employees not yet
receiving benefits $ 47 .2 $ 43 .3
Current employees-
Accumulated employee contributions including
allocated investment earnings 11. 1 10 . 6
Employer financed vested 22 .4 21.4
Employer financed nonvested 3 . 5 3 .4
Total pension benefit obligation 84 .2 78 . 7
Net assets available for benefits, at cost (market
value is $53 . 0 and $46 .5 at June 30, 1992 and
1991, respectively) 45 . 3 41 . 6
Unfunded pension benefit obligation $ 38 . 9 $ 37 . 1
Unfunded pension benefit obligation:
As a percent of total pension benefit
obligation 46 .2� 47 . 2�
As a percent of covered payroll 240 . 1� 236 . 3�
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 nozznal 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 presen� 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 1992 was $4,516, 137 and was
made in accordance with actuarially determined requirements
computed through an actuarial valuation performed as of June 30,
1990 . The contribution consisted of $1,735,902 normal cost ( 10 .70�
of current covered payroll) and $1,719,675 amortization of the
25
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 11 - Continued
unfunded actuarial accrued liability ( 10 . 60� of current covered
payroll) . The City contributed $3,455,577 (21.30� of current
covered payroll) ; employees contributed $1,060,560 (6 .5� of current
covered payroll) .
As of August 1, 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 assets 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 is
� included in the MSRS actuarial study for June 30, 1992 . The effect
was negligible.
2 . Public Teachers Plan
The covered teacher's payroll for fiscal year 1992 was $13,752,591.
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 1992,
$141,897 in employer's share was charged to various school grants
for $665, 175 in covered payroll.
3 . Historical Trend Information
Ten-year trend information calculated in accordance with GASB #5 is
not available.
Four year historical trend information is contained in Table 8 .
B. 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 DCF;
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 8 .5� - 16 .2� of annual
earnings . The covered payroll in fiscal year 1992 was approximately
$418,575 and City contributions totaled approximately $47,400 .
All amounts of compensation deferred under the 457 plan, all property and
rights purchased with those amounts and all income attributable to those
amounts, property or rights are (until paid or made available to the
employee or other beneficiary) solely the property and rights of the City
(without being restricted to the provisions of benefits under the plan) ,
subject only to the claims of the City's general creditors . Participants
rights under the plan are equal to those of general creditors of the City
in an amount equal to the fair value of the deferred account for each
participant.
26
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 11 - Continued
The City has no liability for losses under the plan but does have the
duty of care that would be required of an ordinary prudent investor. The
City believes it is unlikely that it will use the assets to satisfy the
claims of general creditors in the future.
C. Social Security
The City of Bangor does not have a section 218 agreement to provide full
social security coverage to its ' employees . The Omnibus Budget
Reconciliation Act of 1990 provided for full social security coverage for
state and local employees not enrolled in a public retirement system.
This Act also provided for 100% vesting and other rights for part-time,
seasonal and temporary employees .
The City of Bangor elected not to include part-ti.me, seasonal and
temporary employees under its ' Participating Local District Plan through
Maine State Retirement System and provides full social security coverage
as required under the Act, and IRS regulations; which became effective
July 1, 1991 .
NOTE 12 - Contingent Loss and Litigation
Contingent Loss
The City is self-insured for workers ' compensation liability and engaged
an actuary to determine appropriate liability as of December 31, 1992 .
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 claims
estimated to be paid during the next fiscal year and in the general
long-term debt account group to the extent of clai.ms esti.mated to be paid
subsequent to the next fiscal year.
Litigation
The general contractor for the Sewer Fund's secondary treatment facility
has submitted a contract claim in the amount of $2 ,570,340 for additional
costs alleged to have been incurred by itself and its major
subcontractors . The claim arose due to a delay in relocating an active
pipeline that crosses the construction site. At this ti.me, an estimate
of the possible loss cannot be made.
In September 1992, the City received a "Notice of Potential
Responsibility" under Maine's Uncontrolled Hazardous Substance Sites
law. The notice involves the planned cleanup of several hazardous waste
disposal sites . The City may be liable because the sites were formerly
operated by the company the City used for the disposal of waste oil
during the 1960s - 1980s . The Maine Department of Environmental
Protection's preliminary estimate of cleanup costs at the primary site
exceeds $10, 000,000 . It is estimated �that the City's cost could range
from $80,000 - $100,000.
27
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 12 - Continued
There are various other claims and suits pending against the City which
arise in the normal course of the City's activities . In the opinion of
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 balances of the Trust and Agency Fund at June 30, 1991 were
restated to reclassify nonexpendable trusts as follows :
� Nonexpendable Expendable Total
Trusts Trusts Fund Balances
As previously stated $ 646, 646 $ 236,707 $ 883,353
Reclassification of non- -
expendable trusts 227 ,285 �227 ,285� -
As restated $ 873,931 $ 9 ,422 $ 883, 353
The fund balances of the Trust and Agency Fund at June 30, 1991 were also
restated for the effect of including the ICMA deferred compensation (457)
plan investment and related liability in the amount of $ 1, 716, 021.
NOTE 14 - Nonexpendable and Expendable Trust Funds Balance
Nonexpendable and Expendable Trust funds balances were comprised of the
following at June 30, 1992 :
Unexpended
Principal Income
Nonexpendable Trusts
� Cemetery:
Perpetual Care � 363 , 127 S 139 ,505
Parks:
Bass Park - 9,728
Arthur Chapin Fund 14 ,538 15 , 171
14 ,538 24 ,899
City Missionary:
Hiram Fogg 1,000 2 ,947
Louis & Sophia Kirstein 500 2,300
Hiram Oliver 2, 000 7,647
Penobscot Association for the Blind 11 ( 1)
Lorenzo Sabine 1, 000 1,511
Stetson 12 , 000 12 ,782
16 ,511 27 , 186
28
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 14 - Continued
Education:
Bangor High School 200 939
French Medal 35,738 -
Holton Public School 2,000 5, 735
Louis & Sophia Kirstein 5,000 2,204
A.E . Webber, Jr 1,000 1,210
43 ,938 _ 10 ,088
Aid for Aged Women:
Charles Adams 10,000 801
Thomas Upham Coe 3,000 240
Anna H. Pierce 4,000 320
Annie Stetson 5, 067 333
George Stodder 11, 000 881
Wakefield I0 , 000 3 ,404
43 , 067 5 , 979
Other Funds :
Dorothea Miller 507 � 323
Bangor Firemen's Relief 7,639 4,283
Bangor Fuel Society 4,500 360
Kirstein City Hospital 507 1, 079
Arthur Morey 1, 013 2 , 922
Melvin Murch 5,733 16 , 835
0'Connell Trust 1,000 4, 374
Twitchell Trust 767 2,249
Flora Seavey 1,500 438
� Charlotte Hall 5,984 10, 836
Pfaff Trust � 811 1, 075
Porter - Pulsifer 5, 000 5,731
Jewish War Veterans 758 • 102
35 ,719 50 , 607
Revolving Loan
Sophia Kirstein Student Loan 104 ,017 -
Total nonexpendable trusts S 620,917 $ 258,264
Expendable Trusts
Elizabeth Means $ - $ ( 157)
Dental Clinic 15 ,837 476
Total expendable trusts $ 15,837 $ 319
NOTE 15 - Operating 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.
29
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 15 - Continued
Minimum future rentals to be received under this lease are:
Year Ended June 30 Amount
1993 $ 48,400
1994 104,550
1995 1
1996 1
1997 1
1998 - 2026 29
Total Minimum Future Rentals $ 152 ,982
Airport Fund
The airport is the lessor of various buildings and land parcels under
operating leases expiring in various years through 2012 .
Mini.mum future rentals to be received on noncancellable leases as of June
30, 1992 are: .
Year Ended June 30 Amount
1993 $ 571,575
1994 446,927
1995 312 ,610
1996 299 ,046
1997 275,682
Subsequent to 1997 1,766 .976
Total Minimum Future Rentals $ 3 , 672 ,816
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 1992 were
$751, 901.
NOTE 16 - Direct Financing Lease
Certain facilities owned by the City at the Airport (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 2006 . 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,
1992, financing lease payments, net of interest, owed to the third party
under the arrangement aggregated $743,744 .
30
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 16 - Continued
Minimum lease payments to be received by the City from the user company as
of June 30 , 1992 are:
Year ended June 30 Amount
1993 $ 92,253
1994 92 ,253
1995 92,253
1996 92,253
1997 92,253
Subsequent to 1997 876 ,397
$ 1,337 , 662
, The following lists the components of the investment in the direct
financing lease at June 30, 1992 :
Net investment in direct financing lease $ 743,743
Add unearned income 593 ,919
Total minimum lease payments to be received 1, 337 ,662
Less : Current portion 92 , 253
Long-term , $ 1,245 ,409
NOTE 17 - Contracts and Other Commitments
Amounts committed for future expenditures on capital projects approximated
$18,075,000, at June 30, 1992 . Such amounts will be funded by bond
proceeds, approved federal and state grant monies 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
improvements to the primary waste water treatment plant, sewer collection
system, and the removal of extraneous water. The new secondary treatment
facility came on line and began operations in December of 1992 and all
other requirements and deadlines are expected to be met. The Consent
Decree provides for monetary penalties in the event the City fails to
comply with any of its requirements .
NOTE 19 - Other Assets
Other assets are comprised of the following:
Capital Enterprise Total
Pro-iects Funds Funds
Investment in ban proceeds $ 51, 140 $ 743, 075 $ 794,215
Investment for capital projects - 621, 163 621, 163
Investment in RRG insurance - 53,260 53,260
Operating rights (net of amortization) - 541, 993 541, 993
Bond issuance costs
(net of amortization) - 394 ,309 394,309
Total other assets $ 51, 140 $2 ,353,800 $2 ,404 ,940
31
CITY OF BANGOR, MAINE
Notes to Financial Statements
June 30, 1992
NOTE 20 - Related Party Transactions
During the fiscal year ended June 30, 1992, the City purchased various
goods and services for approximately $181,892 and had pass through
reimbursements for tipping fees of $444,554 from various related parties,
who were members of the City Council.
NOTE 21 - Due to/Due from Other Funds
Individual fund interfund receivable and payable balances at June 30, 1992
were as follows :
Receivable Payable
Enterprise Funds
Airport Fund $ 1, 156,498 $ -
City Nursing Facility - 222, 065
Bass Park Fund - - 934 ,433
$ 1, 156 ,498 $ 1, 156 ,498 '
On February 22, 1993, the City Council adopted council order 93-168, which
funded a reserve for due to/due from other funds in the general fund in
the amount of $500,000. On March 22 , 1993, the City Council approved a
policy statement concerning due to/due from other funds, which requires
the general fund to assume ultimate responsibility if a receiving fund is
unable to repay its due to other fund.
NOTE 22 - Capital Lease
The City leases heavy machinery and a telephone system under capital
leases . Following is a schedule, by year of future minimum lease payments
under these leases, together with the present value of the net minimum
lease payments as of June 30, 1992 .
Year Ending
June 30
1993 $ 25, 016
1994 25, 016
1995 25,016
1996 12,485
1997 1 , 663
89, 196
Less : Interest 12 ,326
Present value of net minimum lease payments $ 76 ,870
32
CITY OF IIANC�OR, NIAINE
Notes to Financial Stat�nts
June 30, 1992
NOTE 23 - S�nents of Enterprise Activities
There are six services provided by the City which are financed by user charges - Scw�er, Airport, Parking, City Nursing
Facility, Bass Park and Munici.pal Golf Course. The key financial data for th� period ended June 30, 1992, for i�hose
services are as follaws:
City Bass Municipal
Sc-�wer A�sport Nursing Parkinq Park Golf Course 'Ibtal
Operating revenue � 3,489,438 S 16,013,532 $ 2,274,753 $ 592,453 $ 2,527,353 S 412,860 S 25,310,389
Operating expenses:
Depreciation and
amortization* 531,162 3,571,632 94,054 310,659 189,555 38,411 4,735,473
Other 1 641 026 11 020 147 2 352 229 353 043 2 795 358 249 855 18 411 658
2,172,188 14,591,779 2,446,283 663,702 2,984,913 288,266 23,147,131
Operating incc�ne
(loss) 1,317,250 1,421,753 (171,530) (71,249) (457,560) 124,594 2,163,258
Nonoperating revenue
(expense)� (644,803) 530,328 (9,781) (376,858) (26,761) (24,745) (552,620)
Operating transfers
frcan General F�.nd - - 90,713 226,951 97,568 - 415,232
Net inccane (loss) $ 672,447 $ 1,952,081 $ (90,598) $ (221,156) $ (386,753) $ 99,849 $ 2,025,870_
Additions to cantributed
capital $ 344,843 $ 1,810,199 $ - $ - $ 110,000 $ - $ 2,265,042 _
Acquisition of property
plant and equi�anent $12,849,858 $ 3,873,302 $ 118,554 $ 12,521 $ 404,022 $ 6 $ 17,258,263_
Zbtal assets $53,640,015 $121,109,518 $ 990,917 $ 5,590,842 $ 2,902,654 $ 703,504 $184,937,450
Net working capital $ 657,804 $ 17,109,394 $ (386,936) $ (302,264) $(1,055,279) $ (21,354) $ 16,001,365
Bonds gayable $31,152,000 $ 3,243,318 $ 251,383 $ 5,405,683 $ 319,727 $ 388,924 $ 40,761,035 _
Fund ��ity $20,342,175 $114,674,875 $ (230,744) $ (7,927) $ 1,403,177 $ 294,696 $136,476,252
* Includes depreciation and amprtization of $ 3,613,542 on assets acquired with contribut-ions.
33
Schedule A-1
CITY OF BANGOR, MAINE
General Fund
Balance Sheet
June 30, 1992
(with comparative totals for June 30, 1991)
1992 1991
Assets
Cash $ 2,385, 603 $ 1,243, 312
Investments 50,000 50, 000
Receivables :
Taxes , including interest and liens 2,831,040 2 ,282 , 191
Accounts 338,057 938, 619
Interest 17,436 -
Due from other governments 2, 177 , 393 1,514, 974
Due from other funds - 955,229
Inventory, at cost 357,900 415,592
Other assets 47 ,533 8 , 133
Total assets $ 8 ,204, 962 $ 7 ,408 , 050
Liabilities
Accounts payable $ 768, 060 $ 1, 105,533
Workers ' comp. self insurance 619 ,800 619 ,800
Taxes collected in advance 19 ,700 15, 829
Deferred revenues 2 ,386 , 697 1,949 ,556
Accrued payroll & withholdings 1,528 ,589 1,424 ,747
Total liabilities 5 ,322 ,846 5 , 115 ,465
Fund balances �
Reserved for encumbrances 415, 387 143,735
Unreserved:
Designated for subsequent years '
expenditures 1, 642,340 2,911,536
Undesignated 824 ,389 �762 , 6861
Total fund balances 2 ,882 , 116 2 ,292 ,585
Total liabilities and fund
balances $ 8,204,962 $ 7 ,408,050
34
Schedule A-2
CITY OF BANGOR, MAINE
General �nd
Stat�nent of Revenues, Expenditures, and
Changes in Unreserved/Undesignated F�nd Balance - Budget and Actual
Year Endcd June 30, 1992
Variance
Balances Favorable (Unfavorable)
Carricd Lapsed to
7/1/91 IIudget AcLual Surplus Carried
Revenues:
Taxes:
Real and personal property $ - $ 26,515,034 $ 26,330,795 $ (184,239) $ -
Change in deferrEd property tax
revenues (301,758) (301,758) -
Aut�bile and boat excise taxes - 2,222,000 2,307,113 85,113 -
Interest on delinquent taxes - 150,000 392,472 242,472 -
'Potal taxes - 28,887,034 28,728,622 (158, r4121 -
Intergaverrvmental revenue:
State revenue sharing - 1,625,000 1,646,895 21,895 -
School subsidy � - 8,833,117 8,501,621 - (331,496)
Payment' in lieu of taxes - 20,000 30,418 10,418 -
Other - 1,119,948 1,187,995 68,726 (679�,
'Ibtal intergavernmental revenue - 11,598,065 11,366,929 101,039 (332,1751
Other revenue:
Licenses and permits - 184,437 232,584 48,147 -
Charges for services (435,921) 5,729,875 5,937,666 540,039 103,673
Fines, forfeits, and penalties - 13,000 12,486 (514) -
Revenue fran use of money and property - 507,364 505,967 (10,086) 8,689
Reimburs�nents - 2,242,458 2,804,902 535,781 26,663
Zbtal other revenue (435,921�, 8,677,134 9,493,605 1,113,367 139,025
Zbtal revenues (435,921� 49,162,233 49,589,156 1,055,994 (193,1501
35
' Schedule A-2, (Cont.
CITY OF BANGOR, MAINE
General Fund
State�rient of Revenues, Expenditures, and
Changes in Unreserved/Undesignated E�nd Balance - Budget and Actual
Year Ended June 30, 1992
Variance
� 33alances I'avorable (Unfavor_able)
Carried Lapsed i:o
7/1/91 13udget Actual Sur_plus Car.ried
Expenditures:
General gaverrm�nt:
Council - 63,357 63,366 (9) -
Executive - 1,222,623 1,250,986 (28,363) -
City clerk - 358,471 326,446 32,025 -
Finance � - 373,820 370,073 3,747 -
Assessment - 195,738 193,076 2,662 -
Insurance - 216,707 458,496 (241,789) -
p1�2ninq - 158�518 157,304 1,214 -
Legal - 127,126 108,682 18,444 -
Personnel - 99,244 95,108 4,116 -
Econcanic develo�anent and research - 168,856 161,372 7,484 -
Zbtal general gaverrm�nt - 2,984,460 3,184,909 (200,449� -
Public Safety:
Police - 3,364,850 3,276,670 88,180 -
F� - 4,804,388 4,777,341 27,047 -
Zbtal public safety - 8,169,238 8,054,011 115,227 -
Health, welfare, and recreation:
Health and welfare (30,264) 3,346,695 3,857,657 (522,382) (18,844)
Parks and recreation - 676,917 670,214 6,703 -
7.bta1 health, welfare & recreation (30,264) 4,023,612 4,527,871 (515,6791 (18,844)
Public buildings and services:
Public services - 4,290,991 4,238,643 52,348 -
NSc�tor pool - 82,341 (298,298) 380,639 -
Private school services - 112,698 109,425 3,273 -
Zbtal public buildings and services - 4,486,030 4,049,770 436,260 -
Other agencies:
Taxes paid to county - 1,247,549 1,247,890 (341) -
Public library - 548,629 548,629 - -
Zbtal other agencies - 1,796,178 1,796,519 �341) -
36
r,
5chedule A-2, (Cont.1
CITY OF BANC-�OR, MAINE
General Fund
Statem�nt of Revenues, E�endii:ures, and
Changes in Unreser.ved/Und�signai�ed �.ind Balance - Budget and Actual
Year Ended June 30, 1992
� Variance
Bal.ances Favorable (Unfavorable)
Carried Lapsed to
7/1/91 Budq�t Aci:ual Surplus Carried
Education 99,020 26,010,256 25,486,072 - 623,204
Other appropriations:
Recreation dis�rict tax - 100,160 100,160 - -
Pensions and other fringe benefii:s - 94,423 98,392 (3,969) -
Contingent - 74,280 12 74,268 -
Debt service - 1,210,462 1,210,420 42 -
Zbtal other appropriations - 1,479,325 1,408,984 70,341 -
Zbtal expenditures 68,756 48,949,099 48,508,136 (94,641) 604,360
Excess (deficiency) of revenues
aver expenditures (504,677� 213,134 1,081,020 961,353 411,210
Other financing sources (uses) :
Appropriation fram designated fund balances - 295,355 818,520 523,165 -
Operating txansfers - 9,300 9,300 - -
City Nursing Facility subsidy - (90,713) (90,713) - -
Parking Fund subsidy - (329,508) (226,951) 102,557 -
Bass Park subsidy - (97,5681 (97,568) - -
Zbtal other financing sources (uses) - (213�134) 412,588 625,722 -
Excess (deficiency) of revenues over
expenditures and other sources
(uses) $ (504,677) $ - $ 1,493,608 1,587,075 $ 411,210
Unreserved/undesignated fund balances,
beginning of period (762�6861
Unreserved/undesignated fund balance, �
end of period $ 824,389
37
Schedule B-1
CITY OF 13ANGOR, MAINE
Special Revenue I�nds
CcgnbSning Balance Sheet
June 30, 1992
(with compar_ative i:otals for June 30, 1991)
Econamic
Camnunity Urban IncenLive
D�velo�xnent Develo�ent Ft�volving 7.btals
Block Grants Action Grants Loan �nd 1992 1991
Assets
Cash $ 259 $ 3,494 $ 222,804 $ 226,557 $ 261,475
Accounts receivable - - - - 700
Interest receivable 734 - - 734 -
Loans receivable 1,601,919 1,124,074 17,284 2,743,277 2,442,937
Due frcan other gaverrnr�nts 150,299 - - 150,299 101,914
'Ibtal assets $ 1�753�211 $ 1�127�568 $ 240�088 $ 3�120�867 $ 2�807�026
Liabilities
Accounts payable $ 35,838 $ - $ - $ 35,838 $ 6,251
Accrued payroll & withholdings 1,145 - - 1,145 3,328
Due to rehabilitation recipients 70,468 - - 70,468 -
Deferred revenue 1,601,919 1,124,074 17,284 2,743,277 2,442,937
Due to other funds - - - - 102,311
Zbtal liabilities 1,709,370 1,124,074 17,284 2,850,728 2,554,827
F�nd Balances
Reserve for encumbrances 21,394 - - 21,394 149,869
Designated fund balance 22,447 3,494 222,804 248,745 102,330
Total fund balances 43,841 3,494 222,804 270,139 252,199
Total liabilities and
fund balances $ 1,753,211 $ 1,127,568 $ 240,088 $ 3,120,867 $ 2,807,026
38
Schedule B-2
CITY OF BANGOR, MAINE
Special Revenue I�uZds
Cambining Statement of Revenues, Expenditures, and
Changes in F�.ind Balances
Year Endcd June 30, 1992
Econc�mic
Cammunity Urban Incentive
Develo�nent Develo�ent Revolving
Revenues: Block Grants Aci:ion Grants Loan F�nd ZtoL-als
Intergovernmental $ 1,434,326 $ - $ - $ 1,434,326
Program incame 227,600 19,171 7,723 254,494
Revenue frc�n use of money and property - 1,915 6,817 8,732
'Ibtal revenues 1,661,926 21,086 14,540 1,697,552
Expenditures:
Acquisition of real property 87,022 - - 87,022
Public works facilities site improv�nts 665,509 - - 665,509
� Code enforc�nent 1,493 - - 1,493
Disposition of real property 5,096 - - 5,096
Administration 192,359 - - 192,359
Rehabilitation and preservation activities 605,855 - - 605,855
Planninq 12,138 - - 12,138
Economi.c develo�anent 10,500 - - 10,500
Facade improve�nents 66,054 - - 66,054
Urban dcvelo�anent expenditures - 33,586 - 33,586
Zbtal expenditures 1,646,026 33,586 - 1,679,612
Excess (deficiency) of revenues
over expenditures 15,900 (12,500) 14,540 17,940
�nd balances, at beginning of period 27,941 15,994 208,264 252,199
Fund balances, at end of period Si 43,841 $ 3,494 $ 222,804 $ 270,139
39
Schedule C-1
CITY OF BANGOR, MAINE
Capital Projects Funds
Balance Sheet
June 30, 1992
(with comparative totals for June 30, 1991)
1992 1991*
Assets
Cash $ 378,796 $ 1,708,824
Interest receivable 21 -
Contribution receivable 491, 843 -
Deferred street assessments 30, 130 30, 130
Due from other governments - 112,877
Investment in BAN proceeds 51, 140 -
Total assets $ 951, 930 $ 1, 851,831
Liabilities
Accounts payable S 346 ,075 S 238 ,719
Fund Balances
Reserved for encumbrances 3, 069 ,507 141,591
Unreserved:
Designated for capital project
expenditures (2, 656,257) 1, 362,822
Undesignated:
Deferred street assessments 30, 130 30, 130
Future construction - General 140, 600 32, 637
Future construction - School 21,875 45 . 932
Total fund balances 605 ,855 1, 613 , 112
Total liabilities and
fund balances $ 951,930' $ 1,851, 831
* Certain amounts have been reclassed to conform with 1992 presentation.
40
Schedule C-2
CITY OF 137�NC�OR, MAINE
Capital Projects Funds
Combining 5tai:ert�nt of Revenues, Expendii:ures,
and Changes in F�nd Balances
Year Ended June 30, 1992
Reserves
� OLher for E�.�i:ure
BuildS_nas Str_eets Elecl:.rical Schools Pr_oi�ci�s ConsL-ruction �bLal
I2evenues:
Interest inccane $ - $ - $ - $ 29,931 $ ?.3,128 $ - $ 53,059
Intergovernn�ntal - - - - 191,771 - 191,771
Contributions - - - - 1,156,£343 - 1,156,843
7.btal revenues - - - 29,931 1,371,742 - 1,401,673
Expenditures:
Capital additions 10,366 74,916 _ 1,776 2,411,738 i,972,137 - 4,470,933
Deficiency of
revenues aver
expenditures (10,366�, �74,916) 1( .7761 _.(2,381,f3071 (600,395� - (3,069,260�
Other financing
sources (uses) :
Operating transfers
out (110,000) - - - (27,997) - (137,997)
Bond anticipation
note procecds - - - 2,200,000 - - 2,200,000
�btal other financing
sources(uses) (110,000� - - 2,200,000 (27,997) - 2,062,003
Deficiency of revenues
and other sources .
aver expenditures and
other uses (120,366) (74,916) (1,776) (181,807) (628,392) - (1,007,257)
�nd balances, at
beginning of period 120,950 211,544 2,031 (97,079) 1,266,968 108,69a 1,613,112
Transfers frc�t (to)
rese.rves for fui;ure
construction (584) 5,936 - 24,057 (113,315) 83,906 -
Residual equity
transfer - �90,0241 (1951 195 90,024 - -
F�nd balances, at
end of period $ - $ 52,540 $ 60 $ (254,634) ��2B5 $ 192,604 $ 6051 855
41
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Balance Sheet
June 30, 19.92
(with comparative totals for June 30, 1991)
Sewer
Utility Airport
Fund Fund
Assets
Current assets :
Cash $ 1,904, 656 $ 13,232,657
Due from water district 30, 986 -
Due from other funds - 1, 156,498
Due from other governments 338,272 2,048,397
Interest receivable - 17,402
Accounts receivable 665,578 2,701, 386
Less : allowance for estimated
uncollectible accounts 19 , 950 181,728
Net accounts receivable 645 , 628 2 ,519 , 658
Investment in direct financing lease - 92,253
Inventory, at cost 42 , 192 94,426
Prepaid expenses 1,886 8 ,226
Total current assets 2 , 963 , 620 19 . 169 ,517
Property, plant & equipment:
Land 58,425 -
Buildings, plant & equipment 6,036 ,306 -
Pipelines & mains 18,747, 600 -
Aircraft operational assets - 139 ,992,482
Parking structures - -
Construction in process 26 , 820 , 399 5 , 233 , 987
51, 662 ,730 145,226 ,469
Less : accumulated depreciation 8 , 102 ,738 45 ,899 . 109
Net property, plant & equipment 43 ,559 , 992 99 , 327 ,360
Other assets :
Investment in ban proceeds 361,326 150, 816
Investment for capital projects - 621, 163
Investment in direct financing lease - 1,245,409
Investment in RRG insurance - 53 ,260
Due from bond trustee 6,241,243 -
Deferred sewer assessments 119 ,525 -
Operating rights (net of accumulated
amortization of $758, 007 in 1992 and
$710,877 in 1991) - 541,993
Bond issuance costs (net of accumulated
amortization of $20,753 in 1992) 394,309 -
Proceeds from FAA land sale - -
Total assets $ 53,640 , 015 $121, 109 ,518
Schedule D-1
City Municipal
Nursing Parking Bass Park Golf Totals
Facility Fund Fund Course 1992 1991
$ 150 $ 169 ,570 $ 51,789 $ 63, 867 $ 15,422,689 $ 10, 148,089
_ - - - 30,986 42,785
_ - - - , 1, 156,498 1, 078,432
_ - - - 2,386,669 1, 103, 665
982 1,903 - 201 20,488 -
156, 989 2 , 998 64,289 - 3,591,240 3, 727, 023
3 , 000 - 8 , 616 - 213 ,294 179 , 954
153 , 989 2 , 998 55 , 673 - 3 ,377 , 946 3 ,547 , 069
_ - - - 92 ,253 361, 350
19 , 653 - 6, 969 - 163,240 224,487
3 , 377 19 , 602 21 , 603 - 54 , 694 72 ,050
178 , 151 194 , 073 136 , 034 64 ,068 22 ,705 ,463 16 ,577 . 927
35,260 - 101, 900 - 195,585 195,405
2 , 150, 804 - 4,282,227 718,775 13, 188, 112 13, 013, 609
_ - - - 18, 747,600 17 , 125, 907
_ - - - 139 , 992,482 135, 044,435
- 6 ,446, 376 - - 6 ,446,376 6 ,433,855
214 , 856 - 454 ,421 - 32 ,723 , 663 19 , 771, 647
2,400, 920 6 ,446 , 376 4,838,548 718,775 211,293, 818 191,584, 858
1,740 ,726 1 ,049 , 607 2 , 150 ,289 79 , 339 59 , 021, 808 54 , 370 ,258
660 , 194 5 ,396 , 769 2 , 688 ,259 639 ,436 152 ,272 , 010 137 ,214 ,600
152,572 - 78,361 - 743,075 -
- - - - 621, 163 -
- - - - 1,245,409 _ 662 ,476
- - - - 53,260 53,260
- - - - 6 ,241,243 18,450,638
- - - - 119 ,525 120,519
- - - - 541,993 589 , 123
- - - - 394,309 415, 062
- - - - - 80,550
$ 990,917 $5 ,590, 842 $ 2,902 , 654 $ 703,504 $184 ,937 ,450 $174 , 164,155
42
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Balance Sheet
June 3Q, 1992
(with comparative totals for June 30, 1991)
Sewer
Utility Airport
Fund Fund
Liabilities and Fund Equitv
Current liabilities :
Accounts payable $ 1,098,481 $ 1,496,995
Accrued payroll and withholdings 7, 340 43,209
Direct financing lease payments payable - 26 , 034
Unearned income - 66,219
Due to other funds - -
Workers ' comp self insurance 16,222 71,276
Accrued leave 20, 118 124,323
Accrued interest 517,298 86,244
Accrued expenses - 22 , 112
Deferred revenue - 9 ,504
Current installments - general
obligation bonds 646 , 357 114 ,207
Total current liabilities 2 ,305, 816 2 , 060 , 123
Long-term liabilities:
Direct financing lease payments payable - 717,710
Unearned income - 527, 699
Deferred sewer assessments 119,525 -
Developer payable 73, 118 -
General obligation bonds (net of
current portion} 30,505, 643 3, 129, 111
Arbitrage payable 85,532 -
Workers ' comp self insurance 208 ,206 -
Total long-term liabilities 30 ,992 ,024 4,374,520
Total liabilities 33 297 840 6 434 643
Contributed capital:
City 4,578,269 62 ,432
Federal, state and other 5,355, 018 90, 374,559
Customers 902 , 357 -
Total contributed capital 10 , 835 , 644 90 ,436 ,991
Retained earnings:
Appropriated 1, 192, 327 2,872,526
Unappropriated 8 ,314 ,204 21,365 ,358
Total retained earnings 9 .506 ,531 24 ,237 ,884
Total fund equity 20 342 175 114 674 875
Total liabilities and fund equity $ 53,640,015 $121,109 ,518
Schedule D-1 , (Cont. l
City Municipal
Nursing Parking Bass Park Golf Totals
Facility Fund Fund Course 1992 1991
$ 166,412 $ 28,027 $ 139 ,360 $ 10,341 $ 2 , 939 ,616 $ 1,320,744
18,366 1, 395 14,248 2,327 86,885 114, 941
_ - - - 26,034 290,427
_ - - - 66 ,219 70, 923
222 ,065 - 934,433 - 1, 156,498 1,931, 350
95,257 - 10,250 - 193,005 454, 357
27 , 318 4,090 21, 605 3, 114 200,568 176 , 101
6, 076 155,467 5, 885 4, 102 775, 072 641, 084
_ - - - 22, 112 32,432
2 ,32? - 27,219 - 39, 044 51, 698
27 ,272 307 , 358 38 ,313 65 ,538 1, 199 , 045 1,202 ,406
565 , 087 496 , 337 1, 191 , 313 85 ,422 6 , 704 , 098 6 ,286 ,463
_ - - - 717 ,710 607 ,203
- - - - 527 , 699 55,273
_ - - - 119,525 120,519
- - - - 73, 118 73, 118
224, 111 5,098,325 281,414 323,386 39 ,561, 990 34,751, 033
- 4, 107 - - 89 ,639 85,205
432 ,463 - 26 , 750 - 667 ,419 -
656 ,574 5 , 102 ,432 308 , 164 323 ,386 41,-757 , 100 35 , 692 , 351
1,221 , 661 5 ,598 ,769 1 ,499 ,477 408 ,808 48 ,461, 198 41, 978 , 814
98,479 16, 636 934, 740 85,000 5,775,556 5, 902 ,719
125,534 130,500 1, 011,461 - 96,997, 072 98,208,436
- - - - 902 , 357 912 , 331
224 ,013 147 , 136 1,946 ,201 85, 000 103 , 674 , 985 105 ,023 ,486
14, 876 125,592 9 ,761 119 ,932 4, 335, 014 1,569, 918
(469 , 633) (280 , 655) (552 ,785) 89 ,764 28 ,466 ,253 25 ,591,937
�454 ,757 ) ( 155 ,063) (543, 0241 209 , 696 32 , 801,267 27 , 161,855
(230 ,744� �7 ,927 ) 1,403 , 177 294 ,696 136 ,476 ,252 132 , 185 ,341
$ 990,917 $5 ,590,842 $ 2 ,902, 654 $ 703,504 $184,937 ,450 $174, 164, 155
43
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Statement of Revenues, Expenses and
Changes in Retained Earnings
Year Ended June 30, 1992
Sewer
Utility
Fund
Operating revenues :
Charges for services S 3 ,489 ,438
Operating expenses:
Operating expenses other than depreciation
and amortization 1, 641,026
Depreciation and amortization
On assets acquired with own funds 251,826
On assets acquired with contributions 279 ,336
Total operating expenses 2 , 172 , 188
Operating income (loss) 1,317 ,250
Non operating revenue (expense) :
Interest income 574,991
Interest expense ( 1,239 ,364)
Miscellaneous income 19 ,570
Operating transfer from General Fund -
Net non operating revenue (expense) (644 ,803�
Net income (loss) 672,447
Add depreciation and amortization on assets
acquired with contributions 279 ,336
Increase (decrease) in retained earnings 951,783
Retained earnings, at beginning of period 8 ,554 ,748
Retained earnings, at end of period $ 9 ,506 ,531
Schedule D-2
City Municipal
Airport Nursing Parking Bass Park Golf
Fund Facilitv Fund Fund Course Total
$ 16 , 013 ,532 S 2 ,274 , 753 S 592 ,453 S 2 ,527 ,353 S 412 , 860 S 25 , 310 , 389
11, 020, 147 2 ,352 ,229 353, 043 2,795,358 249, 855 18, 411, 658
470, 312 34,416 289,503 37,463 38,411 1, 121, 931
3 , 101 , 320 59 , 638 21, 156 152 , 092 - 3 , 613 ,542
14 ,591, 779 2 ,446 ,283 663,702 2 ,984 ,913 288 ,266 23 , 147 , 131
1 ,421 ,753 � 171, 530� ( 71,249) (457 ,560) 124 ,594 2 , 163 , 258
658,524 23,404 4, 689 19 , 894 1,265 1,282,767
( 145 ,946 ) ( 33, 185) ( 381,547 ) (46, 655) (26 ,010) ( 1, 872,707 )
17 ,750 - - - - 37 , 320
- 90 ,713 226 , 951 97 ,568 - 415 , 232
530 , 328 80 , 932 ( 149 ,907 ) 70 , 807 �24 ,745) { 137 , 3881
1, 952 , 081 ( 90,598) (221, 156) (386, 753) 99 , 849 2, 025, 870
3 , 101,320 59 , 638 21 , 156 152 ,092 - 3 , 613 ,542
5, 053,401 ( 30, 960) (200, 000) (234, 661) 99, 849 5, 639 ,412
19 , 184 ,483 �423 , 797) 44 , 937 ( 308, 363) 109 , 847 27 , 161, 855
$ 24 ,237 , 884 $ (454 ,757) $ ( 155 ,063) $ (543, 024) $ 209 , 696 $ 32, 801,267
44
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Statement of Cash Flows
Year Ended June 30, 1992
Sewer
Utility
Fund
Cash flows from operating activities :
Cash received from customers $ 3,376,629
Cash payments to suppliers for goods
and services ( 1,532,248)
Cash payments to employees for services (502 ,400�
Net cash provided by (used in) operating
activities 1, 341, 981
Cash flows from noncapital financing activities :
Interfund loans (repayments) (1,078,432)
Operating subsidies received (paid) -
Net cash provided by (used in) noncapital
financing activities ( 1 ,07-8 ,4321
Cash flows from capital and re�ated financing
activities :
Proceeds from bond anticipation notes (ban) 3,000,000
Acquisition and construction of capital assets ( 12, 849 , 858)
Principal paid on bonds (647, 169 )
Interest paid on bonds ( 1,602 , 170)
Proceeds from sale of equipment 80,226
Grant monies received for capital assets 6 ,571
Contributions received for capital assets -
Investment capital projects -
Investment bond & ban proceeds 11,773, 062
Proceeds from FAA land sale -
Net cash provided by (used in) capital and
related financing activities (239 ,338�
Cash flows from investing activities :
Interest on investments 657 ,732
Net cash provided by investing activities 657 ,732
Net increase (decrease) in cash 681,943
Cash, at beginning of period 1,222 ,713
Cash, at end of period $ 1,904 , 656
Schedule D-3
City Municipal
Airport Nursing Parking Bass Park Golf
Fund Facility Fund Fund Course Total
$ 16 , 178,461 $ 2, 322 ,835 $ 597,201 $ 2,551,748 $ 418,442 $ 25,445,316
(7 , 395, 131) ( 680, 035) (230,580) (2, 120, 711) ( 108,513) ( 12 , 067,218}
j3 , 355 , 012�� 1,513 ,429 } ( 115, 859 ) ( 659 ,502)� 139 , 836 ) (6 ,286 , 0381
5 ,428 , 318 129 , 371 250 ,762 (228 ,465) 170 , 093 7 , 092 ,060
� ( 71,460) ( 134, 337) - 419 ,542 (30,689) ( 895, 376)
90 , 713 226 ,951 97 ,568 415 ,232
�71,460) (43 , 624) 226 ,951 517 , 110 ( 30 , 689 ) (480 , 144)
2 , 750, 000 155, 000 - 105,000 - 6 , 010, 000
( 3, 873, 302 ) ( 118,554) ( 12 ,521) (404,022) ( 6) ( 17 ,258,263)
( 116 , 754) (27 , 272 ) ( 307 , 358) (38,313) ( 65,538) ( 1,202, 404)
( 112, 329 ) ( 8, 651) (391,301) ( 14, 867 ) (26 , 663) (2 , 155, 981)
17 , 750 - - - - 97, 976
865,467 - - - - 872, 038
- - - . 110,000 - 110, 000
( 621, 163) - - - - (621, 163)
( 150 , 816 ) ( 152 ,572) - ( 78, 361) - 11, 391, 313
80 ,550 - - - - 80 ,550
( 1, 160 ,597 �_( 152 , 049 L( 711, 180) ( 320 ,563) ( 92 ,207�(2 , 675 ,934j
634 ,517 22 ,422 2 , 989 19 , 894 1, 064 1 , 338 , 618
634 ,517 22 ,422 2 , 989 19 , 894 1 , 064 1, 338 ,618
4, 830, 778 (43, 880) (230,478) ( 12, 024) 48,261 5,274,600
8 ,401, 879 44 , 030 400 ,048 63 , 813 15 . 606 10 , 148 ,089
$ 13,232 , 657 $ 150 $ 169 ,570 $ 51,789 $ 63 ,867 $ 15,422 , 689
45
CITY OF BANGOR, MAINE
Enterprise Funds
Combining Statement of Cash Flows
Year Ended June 30, 1992
Sewer
Utility
- Fund
Reconciliation of operating income to net cash
provided by (used in) operating activities:
Operating income (loss) S 1, 317 ,250
Adjustments to reconcile operating income (loss) �
to net cash provided by (used in) operating
activities :
Depreciation and amortization 531, 162
Provision for uncollectible accounts 19, 950
Changes in assets and liabilities :
( Increase) decrease in accounts receivable ( 124,608)
( Increase) decrease in due from water district 11,799
(Increase) decrease in inventory 8, 817
(Increase) decrease in prepaid expenses 2, 694
Increase (decrease) in accounts payable ( 613, 362)
Increase (decrease) in accrued expenses 188,279
Increase (decrease) in deferred revenue -
Total adjustments 24 , 731
Net cash provided by (used in) operating
activities $ 1,341,981
Schedule D-3 , (Cont. l
City Municipal
Airport Nursing Parking Bass Park Golf
Fund Facility Fund Fund Course Total
$ 1,421,753 $ �171,530) $ (71,249 ) S (457 ,560) S 124 ,594 S 2 , 163 ,258
3,571, 632 94,054 310, 659 189,555 38,411 4,735,473
18,728 ( 13, 954) - 8,616 - 33,340
164,929 45,761 4,748 39 ,370 5,582 135,782
- - - - - 11,799
51,233 (4,011) - 5,208 - 61,247
3, 180 (73) 609 10, 655 290 17 , 355
165,228 21, 820 6, 870 (29 , 991) 3,739 (445, 696 )
31, 635 154, 983 (875) 20,657 (2 ,523) 392 , 156
- 2 , 321 - ( 14 , 975) - ( 12 , 6541
4, 006 ,565 300 , 901 322 , 011 229 , 095 45 ,499 4 , 928 , 802
$ 5, 428,318 $ 129 , 371 � $ 250, 762 $ (228 ,465) S 170,093 $ 7 ,092 , 060
46
Schedule E-1
CITY OF SANGOR, MAINE
Trust & Ag�ncy F�nds
Cambining Balance Sheet
June 30, 1992
(with camparative totals tor June 30,1991)
Non�xpendable Trust F�nds Zbtals
Oi:her Revolving Expendable Agency
Funds Loan Funds Zbtal Trust F�nds �nd 1992 1991*
Assets
Cash $ (16,499) $ 3,308 $ (13,191) $ - $ 489,496 $ 476,305 $ 675,721
Investsnents , at cost
(Market value, 1992 $3,058,003
1991 $2,341,404) 791,663 45,067 836,730 16,156 2,165,324 3,018,210 2,340,606
Receivables:
Accounts - - - - 509 509 32,372
Loans to students - 55,642 55,642 - - 55,642 58,252
Interest - - - - 2,001 2,001 -
Due fresn other goverrm�nts - - - - 10,384 10,384 -
Zbtal assets $ 775,164 $ 104,017 $ 879,181 $ 16,156 $ 2,667,714 $3,563,051 $3,106,951
Liabilities
Amr�unts held by agency fund
for others $ - S - S - $ - $ 2,667,714 $2,667,714 52,223,598
Fund Balances
Reserve for loans - 104,017 104,017 - - 104,017 99,203
Reserve for endawn�nts 516,900 - 516,900 - - 516,900 539,843
Unreserved - designated for
subsequent expenditures 258,264 - 258,264 16,156 - 274,420 244,307
Zbtal fund balances 775,164 104,017 879,181 16,156 - 895,337 883,353
Zbtal liabilities and
fund balances $ 775,164 $ 104,017 $ 879,181 $ 16,156 $ 2,667,714 $3,563,051 $3,106,951 ,
* Restated, Note 13
47
�
Schedule E-2
CITY OF BANGOR, MAINE
Expendable Trust Funds
Statement of Revenues, Expenditures, and
Changes in Fund Balances
Year Ended June 30, 1992
Revenues :
Interest $ 564
Contributions 13 ,257
Total revenues ' 13 ,821
Expenditures :
Payments to beneficiaries 7 , 087
Total expenditures '1 . �8'1
Excess of revenues over expenditures 6,734
Fund balances, at beginning of period 9 ,422*
Fund balances, at end of period $ 16 , 156
* Restated, Note 13
48
Schedule E-3
CITY OF BANC�OR, MAINE
Nonexpendable Trust F�nds
C�nbining Stat�nent of Revenues, Expenses, and
Changes in Fund Balances
Year Ended June 30, 1992
OL-her Revolving
Operating revenues: F�inds Loan F�nd Zbtal
Interest $ 49,287 $ 4,814 $ 54,101
Lot sales 3,500 - 3,500
Zbtal revenues 52,787 4,814 57,601
Operating expenses:
Perpetual care fees 17,284 - 17,284
Distribution to Hcane for Aged Warr�en 29,798 - 29,798
Other payments to beneficiaries 5,269 - 5,269
Zbtal expenses 52,351 - 52,351
Net inccane 436 4,814 5,250
�nd balances, at beginning of period 774,728 99,203 873,931*
F�nd balances, at end of period $ 775,164 $ 104,017 $ 879,181
* Restated, Note 13
49
Schedule E-4
CITY OF BANGOR, MAINE
Nonexp�ndable Trust �nds
Ccanbining St,at�nent of Cash Flaws
Year Ended June 30, 1992
Other Revolving
I unds Loan Fiznd Zbi:al
Cash flcxvs frcan opera�Ling acti_vii:ies:
Cash received from custamers $ 3,500 $ - $ 3,500
Cash received on invest�nts 49,287 4,814 54,101
Cash paid to beneficiaries ( 52,3511 - �52,351j
Net cash providcd by operai:ing activities 436 4,814 5,250
Cash flaws frcan noncapital financing activities:
Student loan payments received - 2,610 2,610
Net cash pravided by noncapital financing activities - 2,610 2,610
Cash flc�vs frcgn investing activities:
Net sales (purchases) of investr�nts � 215,911� 3,766 (212,1451
Net cash pravided by (used in) investing activities ( 215,911� 3,766 (212� ,145�
Net increase (decrease) in cash ( 215,475) 11,190 (204,285)
Cash� at beg�nn�ng of period 198,976 ( 7,882� 191,094*
Cash, at end of period $( 16,499) $ 3,308 $ (13,191)
Reconciliation of operating inco� to net cash provided by
operati.ng activities:
Operating incc� $ 436 $ 4,814 $ 5,250
Adjustments to reconcile operating incane to net cash �
pravided by operating activities: �
Zbtal adjustrnents - - -
Net cash pravided k�y operatang activities $ 436 $ 4,814 $ 5,250
* Restated, Note 13
50
Schedule F
CITY OF BANGOR, MAINE
Assessed Valuation, CoFnmitment and Collections
Year Ended June 30, 1992
Valuation:
Land and buildings $ 1, 137,729,400
Personal property 103 , 825 , 600
Total valuation S 1,241 ,555 ,000
Commitment:
Real estate and personal property $1,241,555, 000
Tax rate . 0213
Total commitment 26,445, 122
Add:
Supplemental taxes committed 2 ,756
26,447 ,878
Less:
Collections - 1992 24,316 , 637
Abatements 180 , 157
1992 Taxes receivable at June 30, 1992 $ 1,951, 084
51
Table 1
CITY OF BANGOR, MAINE
Property Tax Valuatians, Levies and Collections
Last Ten Fiscal Periods
Collections
Fiscal Assessed Property Property in Year �-age of
Year Valuation Tax Rate Tax Levy of Levy Collection
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, 128,2T1 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
1992 1,241,555,000 21 . 30 26 ,445, 122 24,316, 637 92 . 0
52
Table 2
CITY OF BANGOR, MAINE
Local Assessed Valuations
Last Ten Fiscal Periods
Fiscal Total Assessed Personal
Year Tax Rate Valuation Real Property Property
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 35.30 547,229 ,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
1992 21. 30 1,241,555, 000 1, 137,729,400 103,825, 600
53
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CITY OF BANGOR, MAINE
General Fund Expenditures by Function**
Last Ten Fiscal Periods
Public
Health, Taxes Buildings
Fiscal General Public Welfare & Paid to and Public
Year Government Safety Recreation County Services
1983 1,421, 132 4,262,987 1,384, 122 389,817 3,391,773
1984 1, 621,971 4,819,962 1,507,402 372, 117 3,550,215
1985 1, 664, 091 4,956,714 1,416,060 363,532 3,433,451
1986 1,771,212 5,624,974 1,540, 171 403,473 3,584,628
1987 1,938,210 5,715,586 1,633,783 457,391 3,681, 371
1988 2 , 352,271 6, 130,389 1,554, 841 728,922 3,813,924
1989 2 ,280,921 6,879,079 1,952,226 875,380 4,306,620
1990 3,516 , 105 7, 184,337 2,222,650 1,040,520 3,847,293
1991 3, 617,711 7,644, 841 2,794,883 1, 187, 147 4, 126,514
1992 3, 184,909 8, 054,011 4,527,871 1,247 , 890 4,049,770
* Does not include Education - related debt
** Budget basis - Schedule A-2
Table 3
Designated
Debt* Fund
Education Service Balance Other Total
10,414,896 1,052,511 - 696,269 23,013,507
10,442, 128 998,226 - 714,854 24,026, 875
11,461,231 937,055 775, 000 854,508 25,861,642
13,201,683 1,097 ,488 641,996 657,498 28,523,123
14,351, 668 1, 150,489 - 686,374 29,614, 872
18, 112, 132 1,225, 692 - 683, 111 34,601,282
20, 338,411 1, 186,968 - 794,605 38,614,210
22,289,738 1,021, 821 - 974,004 42, 096,468
24, 847,977 1, 150,036 - 768,477 46 , 137,586
25,486, 072 1,210 ,420 - 747, 193 48,508, 136
54
CITY OF BANGOR, MAINE
General Fund Revenue by Source*
Last Ten Fiscal Periods
Fiscal Property Other Licenses & Fines &
Year Taxes Taxes Permits Forfeits
1983 15,026 ,000 1,374,309 145, 881 62, 615
1984 15,945,826 1,591,819 210, 117 60,467
1985 15, 967,934 1,727 ,442 234,607 60, 879
1986 16,430,725 1,949 ,307 243,345 63,378
1987 17, 111,568 2, 160, 807 154,283 5,368
1988 18,058, 106 2,442,975 192, 845 10,203
1989 19 ,710,247 2,588,696 237,847 11,931
1990 20,261,206 2,681,592 211, 100 9,453
1991 22 ,211, 177 2,612,983 199, 007 15,355
1992 26, 029,037 2,699,585 232,584 12,486
* Budget basis - Schedule A-2
Table 4
Use of Inter- Charges
Money & Governmental for Reim- Total
Property Revenue Services bursements Revenues
. 1,058,435 5, 608,420 1, 120, 140 292,549 24, 688,349
1, 183, 827 5,885,432 619,741 368,515 25,865,744
1,733,772 6 ,601,075 533,474 259,294 27, 118,477
1,568,448 7,625,529 638,603 259 ,065 28,778,400
1,467,622 7, 992,324 620,355 307 , 099 29,819 ,426
1,426,272 8, 749, 115 2,972,056 282,274 34, 133, 846
1, 112 , 318 10, 110,512 3,448,093 737,504 37 ,957,148
1,932, 699 11, 685,235 4,323,202 816,097 41,920,584
1, 162, 157 12 ,269,912 5, 154,889 1,423, 846 45,049 , 326
505, 967 11,366,929 5,937 ,666 2, 804 , 902 49 ,589 , 156
55
Table 5
CITY OF BANGOR, MAINE
Ratio of Annual Deb� Service Expenditures 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
1983 924,999 744,336 1,669,335 23,013,507 7 .254
1984 706,655 714,974 1,421, 629 24,026,875 5 . 917
1985 676,481 658,671 1,335,152 25, 861,642 5 . 163
1986 823, 010 678,892 1,501,902 28,523, 123 5 .266
1987 912,892 661,378 1,574,270 29 ,614, 872 5 . 316
1988 973,945 712 ,404 1,686,349 34,601,282 4 . 873
1989 1, 102, 988 692,541 1,795,529 38, 614,210 4 . 650
1990 1,039 ,852 959,567 1,999,419 42,096,468 4 . 750
1991 1,460, 110 1,087 ,678 2,547,788 46, 137,586 5 .520
1992 1,552 ,596 1,005, 862 2,558,458 48,508, 136 5 .274
* Budget basis - Schedule A-2
56
Table 6
CITY OF BANGOR, MAINE
Debt Service Requirements to Maturity
General Obligation Bonds
Fiscal Total
Year Principal Interest Requirement
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
2002 2,025,000 1, 157 ,565 3, 182,565
Subsequent 19 ,230,000 5, 181,567 24,411,567
Bond Anticipation
Notes permanently
financed in
fiscal year 1993 8 ,210,000 363 , 136 8 ,573 , 136
$ 55, 860, 000 $ 24,671, 176 $ 80 ,531, 176
57
Table 7
CITY OF BANGOR, MAINE
Ratio of Bonded Debt to Assessed
Value and General Bonded Debt Per Capita
Last Ten Fiscal Periods
Ratio of General
General Bonded Bonded
Fiscal Debt to Debt per
Year Bonded Debt Valuation Assessed Value Capita
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
1992 55,860,000 1,241,555,000 4 .5 1, 689 . 60
Based on 1980 population of 31,643 through 1989 and 1990 population
of 33, 061 thereafter.
58
Table 8
CITY OF BANC-,OR, MAINE
Four Year Historical Trend Inforn�ai�ion
Defined Pension B�nefit Plan -
Participating Local District Plan
Fiscal Year 1989 1990 1991 1992
Cavered payroll S 13,536,500 $ 15,156,900 $ 15,731,400 $ 16,223,381
Norn�al retirn�nt costs 11.04� 9.51� 10.40� 10.56�
Unfunded liability 10.72� 9.92� 11.13� 10.60$
Survivors benefits .15� .14� .12� .14�
Zbtal eqnploy�r contributions 21.91� 19.57� 21.65� 21.30�
Nonmal retirerr�nt costs $ 1,494,426 $ 1,441,418 $ 1,636,061 $ 1,713,189
Unfunded liability 1,451,109 1,503,561 1,750,900 1,719,675
Survivors benefits 20,304 21,220 18,878 22,713
Zbtal �nplayer costs $ 2,965,839 S 2,966,199 S 3,405,839 S 3,455,577
Emplaye� contribution rate 6.50� 6.50� 6.50� 6.50�
gnplay�e contribution costs � 879,870 $ 985,196 $ 1,039,190 $ 1,060,560
7.btal contribution $ 3,845,709 $ 3,951,395 $ 4,445,029 $ 4,516,137
59