1993 CITY OF BANGOR, MAI N E
Financial Statements
and Other Financial Information
For The Year Ended June 30, 1993
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CITY OF BAN�R, MAINE
Annual Financial Report
June 30, 1993
Table of Contents
Exhibit Pa e s
IIIIDEPE[1IDIIVT AUDI�R'S RIIR�RT
FI1IT�NCIAL STATF�111TS
Corribined 9alance Sheet—All Ft�nd Types and
Account Groups 1 1 - 2
Cc�nbined Statement of Rev+enues, Expenditvres,
and Changes in Ftuid Balances-AIl C�,overnmental
Fund Zppes and E�endable Trust F�unds 2 3 - 4
StatPment of Revenues, Ex�oenditures, and Changes
i.n Unresez�v+ed/Undesignated Fiuid Balance--
Budget and Actual--General Fiuid 3 5
Canbined Staternent of Revenues, Expenses, and
Changes in Retained Earnings/Ftuzd Balances--
AI1 Proprietary Fund Types and Similar Trust
Ft�nds , . 4 6
Corrrbined statement of Gash Flays-All
Proprietary Ftuid Types and Similar Trust Ftands 5 7 - S
Notes to Financial Stat�r�ents 9 - 33
Schedule Pa e s
AI�ITIOI�I, INFURMFlTION
Gav+�rnrnental F'unds:
- General Fund:
Balance Sheet A - 1 34
Statement of Revenues, Expenditures,
' and Changes in Unreserved/Undesignated
Ft�nd Balance-Budget and Actual A - 2 35 - 37
� Special Revenue Ftuzds:
Cctnbi.ninq Balance Sheet B - 1 38
Cambining Statement of Rev+enues,
E�enditures and Changes in Fund
Balances B - 2 39
Capital Projects F'�m�s:
Balance Sheet C - 1 40
Carnbininq Statem�t of Revenues,
Expenditures and Changes in F'�nd
Balances C - 2 41
Schedule Pa s
ALaDITIOI�IL INFt�RMATION (Continued)
Proprietary Funds: .
Enterprise Funds:
Carnbining Balance Sheet ' D - 1 42 - 43
Ccxnbining Statement of Rev+enues,
Expenses, and Changes in Retained
Earnings � D - 2 44
Corrd�ining Statement of Cash Fluas D - 3 45 - 46
Fiduciary Funds:
Z'rust and Agency F�uids: �
C�nbini.ng Balance Sheet E - 1 47
E�pendable Trust Ftu2ds - Statemerit
of Revenues, Expenditures, and
Changes in Furid Balances E - 2 48
Nonexpendable Trust Funds - Carrd�ininq
Statement of Rev�nues, E�enses, and
Changes in � Balances E - 3 49
� Nonexpendable Trust Ft�nds - G�nbininq
Statement of Cash Flows E - 4 50 �
Schedule of Assessed valuation, Carmitment, and
Collections F � 51
Table Pa e s
STATISTICAL SECI'ION
Property Tax valuations; Levies and Collections -
Last Ten Fiscal Periods 1 52
Local Assessed Ualuations - Last Ten Fiscal Periods 2 53 �
General Ft�nd Expenditures by Function - Last Ten
Fiscal Periods 3 54
General Ftsnd Revenue by Source - Last Ten Fiscal
Periods 4 55
Ratio of Annual D�ebt Sezvice Expenditures for
General Banded Debt to Zb.ta1 General Furid
Expenditures - Last Ten Fiscal Periods 5 56
D�ebt Service Requirements to Maturity -
General Obligation Bonds 6 57
Tab1e Pa e s
STATISTICAL SECTION (Continued)
Ratio of General Bonded Deht to Assessed
Value and General Bonded Debt per Capita -
Last Ten Fiscal Periods 7 58
" Five Year Historical Trend Information -
, Defined Benefit Pension Plan -
, Participatinq Local District Plan 8 5g
�
l
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,
1993, 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
avdit 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
in the first paragraph present fairly, in a11 material respects, the
financial position of the City of Bangor, Maine, . as of June 30, 1993,
and the results of its operations and cash flows of 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 qeneral purpose financial statements
taken as a whole.
� �- A .
,
March 4, 1994
�
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CITY OF BANC�OR, MAII�TE
Al1 �luid Z�pes and Account Groups
Ccenbined Balance Sheet
June 30, 1993 �
(witli cc��arative totals for June 30, 1992)
Governmental Fhnd Ty,pes
Special Capital
General Revenue Proiects
Assets and Other Debits �
Cash on hand $ 2,142 $ 250 $ -
Equity in pooled cash and
investsnents (Note 2) 79,071 178,292 1,091,356
Investments at cost (Note 2) 3,020,456 - -
Receivables:
Taxes, including interest,
penalties and liens (net of
allc�wance for uncollectible taxes
of $3,851 in 1993 and $95,000
in 1992) (Note 3) 2,829,403 - -
Accounts (net, where applicable .
of allawance for estimated
uncollectible accounts of
$180,100 in 1993 and
$409,294 in 1992) 751,287 - - �
Loans (net of allawan�ce for
uncollectible accounts of
$48,616 in 1992) - 2,944,199 -
Deferred special assessments - - 30,130
Interest ' - - -
� Contribution - - -
Due frcan water district - - -
Due frcen other funds 1,138,980 58,503 -
Due frcen other gavernments (Note 5) 2,682,528 98,947 -
Investment in direct fuiancing
lease (Note 8) - - -
Inventory, at cost 314,836 - -
Prepaid expenses 21,221 - -
Property, plant & equi�it (net
of acc�lated depreci.ation) (Note 6) - - -
Atmunt to be pravided for retirement
of general long-term debt - - -
Due frcen bond trustee (Note 12) - - -
Deposits - - -
Other assets (Note 10) - - 910,789
Total assets and other debits $ 10,839,924 $ 3,280,191 $ 2,032,275
* Certain amounts have been reclassified to conform with 1993
presentation.
The acccatipanying notes are ari in�egral part of these finaricial stat�ts.
Exhibit 1
Proprietaty Fiduciary
F�nd Type Ftiuid 'I�pe Account Groups
� General General Totals
Trust and Fixed Long-term (Nl�r�randtun Only)
Enterprise Agency Assets Debt 1993 1992*
$ 46,590 $ - $ - $ - $ 48,982 $ 55,861
7,129,463 501,147 - - 8,979,329 18,834,089
_ 9,361,558 3,544,036 - - 15,926,Q50 3,068,210
- - - - 2,829,403 2,831,040
3,539,505 385 - - 4,291,177 3,716,512
- 61,591 - - 3,005,790 2,798,919
117,742 - - - 147,872 149,655
- - - - - 40,680
- - - - - 491,843
92,943 - - - 92,943 30,986
- - - - 1,197,483 1,156,498
1,573,519 - - - 4,354,994 4,724,745
1,245,409 - - - 1,245,409 1,337,662
165,266 - - - 480,102 521,140
68,197 - - - 89,418 82,625
168,140,681 - 67,901,839 - 236,042,520 213,795,662
- - - 20,976,4b1 20,976,461 16,833,523
- - - - - 6,241,243
29,602 - - - 29,602 19,602
1,727,266 - - - 2,638,055 2,404,940
$193,237,741 $ 4,107,159 $ 67,901,839 $ 20,976,461 $302,375,590 $279,135,435
1
CITY OF BANGOR, MAI1�
All F1and Z�pes and Account Groups .
Ccanbined Balance Sheet .
June 30, 1993
(with cce�arative totals for June 30, 1992)
Gaverrunental Ft�nd Types
Special Capital
General Revenue Projects
Liabilities
Accounts payable $ 1,292,497 $ 56,577 $ 278,378
Workers' canpensation (Note 18) 619,800 - -
Accrued leave - - -
Accrued payroll & withholdings 1,689,050 3,153 -
Accrued interest - - -
Accrued expenses - - -
Tax collected in advance 15,437 - -
Annunts held by agency funds �
for others - - -
Deferred revenue (Note 11) 2,389,108 2,944,199 -
Due to rehabilitation recipients = 42,320 -
Due to other funds - 58,503 -
Developer payable - - -
General and limited revenue
obligation bonds (Note 12) - - -
Arbitrage payable - - -
Obligations under capital lease ,
(Note 9) - - -
Direct financing lease payments
payable (Note 8) - - - �
Unearned inccane - - - '
Deferred sewer assessments - - -
Total liabilities � 6,005,892 3,104,752 278,378
�nd r�n,;ty
Contributed capital (Note 13) - - -
Investment in general fixed assets
(Note 6) - - -
Retained earnings:
Appropriated - - -
Unappropriated - - - -
Fund balances:
Reserve for:
Enciunbrances � �716,289 18,900 988,737
Ipans (Note 14) - - -
Endcxaments (Note 14) - - -
Unreserved:
Designated for subsequent years
expenditures (Note 15) 2,320,536 156,539 322,630
Undesignated 1,797,207 - 442,530
Total fund equity 4,834,032 175;439 1,753,897
Total li.abilities and fund .equity $ 10,839,924 $ 3,280,191 $ 2,032,275
The accce�anying notes are an integral part of these financial state�ents.
Exhibit 1, (Cont.Z
Proprietary Fiduciary
Flu�d Type �nd Type Account Groups
General General Totals
Trust and Fixed Long-texm (M�rorandum Only)
Enterprise P,gency Assets Debt 1993 1992
$ 1,701,635 $ - $ - $ - $ 3,329,087 $ 4,089,589
534,893 - - 1,474,778 2,629,471 2,364,327
210,224 - - 665,628 875,852 825,590
200,324 - - - 1,892,527 1,616,619
764,336 - - - 764,336 775,072
20,676 - - - 20,676 22,112
- - - - 15,437 19,700
- 3,206,216 - - 3,206,216 2,667,714
789,856 - - - 6,123,163 5,169,018
- - - - 42,320 70,468
1,138,980 - - - 1,197,483 1,156,498
63,735 - - - 63,735 73,118
45,399,355 - - 18,627,735 64,027,090 55,860,000
92,061 - - 150,875 242,936 238,202
- - - 57,445 57,445 76,870
717,710 - - - 717,710 743,744
527,699 - - - 527,699 593,918
117,743 - - - 117,743 119,525
521279,227 3,206,216 - 20,976,461 85,850,926 76,482,084
104,837,562 - - - 104,837,562 103,674,985
- � - 67,901,839 - 67,901,839 61,523,652
3,085,035 - - - 3,085,035 4,335,014
33,035,917 - - - 33,035,917 28,466,253
- - - - 1,723,926 3,506,288
- 108,529 - - 108,529 104,017
- 519,758 - - 519,758 516,900
- 272,656 - - 3,072,361 (490,752)
- - - - 2 239 737 1 016 994
140,958,514 900,943 67,901,839 - 216,524,664 202,653,351
$193,237,741 $ 4,107,15.9 $ 67,901,839 $ 20,976,461 $302,375,590 $279,135,435
2
Exhibit 2
CITY OF BANC�R, MAINE
All Goveriunental Fund Types and Expendable Trust �nds .
Ccxnbined Stat�rient of Revenues, Expenditures,
and Chanqes in Fund Balances
Year Ended Jvne 30, 1993
Fiduciary
Governmenta.� Fund Types Fund Ty� Total
Special Capital Expendable (Memorandcm►
General Revenue Projects Trust Only��
Revenues:
Taxes - (Note 3) $ 30,017,399 $ - $ - $ - $ 30,0�7,399
Intez�overtunental 14,094,486 816,707 1,459,6I9 - 16,370,812
Licenses and permits 270,248 - - - 270,248
Cha�es for services 6,586,778 - - � - 6,586,778
Fines, forfeits, and penalties 11,789 - - - 11,789
Revenue fran use of money and property 968,920 5,321 93,819 1,593 1,069,653
Program incc�rrie - 298,768 - - 298,768
Contributions - - 214,644 11,361 226,005
Total revenues 51,949,620 1,120,796 1,768,082 12,954 54,851,452
Expenditures:
General goverlm�ent 3,170,243 - - - 3,170,243
Pub.Zic safety 8,685,958 - - - 8,685,958
Health, ra�lfare, and recreation 4,159,275 - - - 4,159,275
Public buildings and services 4,223,955 - - - 4,223,955
Other agencies 1,67�,710 - - - 1,671,710
Education 25,785,716 - - - 25.,785,716
Other appropriations 1,374,474 - - - 1,374,474
Cc�rrrninity develop�ent block grants - 1,208,889 - - 1,208,889
Econcynic incentive revolving loan - 6,607 - - 6,607
Payments to beneficiaries - - - 4,284 � 4,284
Capital additions - - 6,170,717 - 6,170,717
Total expenditures 49,071,331 1,215,496 6,170,717 4,284 56,462,828
Excess (deficiency) of revenues over
expenditures 2,878,289 (94,700) (4,402,635) 8,670 (1,610,376)
� The accc�rg�anying notes are an integral part of these financial statements.
3
Exhibit 2, jCont.)
CITY OF BAI�R, MAINE
All Governmental Fund 4�pes and Expendable Trust Funds
C�ined Statem�ent of Revenues, Expenditures,
and Changes in Fund Balances
� Year Ended June 30, 1993
Fiduciary
w Goverrur�ental Fund Types Fund Type Tota1
S�cial Capital Expendab.Ie (Memorandlun
General Revenue Projects Trust On1Y)
Other financing sources (uses):
Operating transfers in (out) (926,373) - 480,677 - (445,696)
General abligation bond proceeds - - 5,070,000 - 5,070,000
Total other financing sources (uses) (926,373Z - 5,550,677 - 4,624,304
Excess (deficiency) of revenues and
other financing�sources over
expenditures and other uses 1,951,916 (94,700) 1,148,042 8,670 3,013,928
Fund balances, beginn�ng of per'iod 2,882,116 270,139 605,855 16,156 3,774,266
Ft�nd balances, end of period $ 4,834,032 $ 175,439 $ 1,753,897 $ 24,826 $ 6,788,194
The acccxrg�anying notes are an integral part of these financial statements.
4
Exhibit 3
CITY OF B�R, MAINE
General Fund
Statement of Revenues, Expenditures, and Changes in
Unreserved/Undesignated F�nd Balance - Budget and Actual
Year Ended June 30, 1993
Variance -
Favorab.Ie
Revenues: Budget Actual jUnfavorable)
Taxes (Note 3) $ 29,228,966 $ 30,017,399 $ 788,433
Intergrovernrrtental 14,339,158 14,094,486 (244,672)
Licenses and permits 226,260 270,248 43,988
Cha�es for sezvices 6,570,466 7,002,878 432,412
Fines, forfeits and penalties 23,000 11,788 (11,212)
Revenue fram use of money
and property 625,025 381,952 (243,073Z
Total revenues 51,012,875 51,778,751 765,876
F,xpenditures:
General government 3,256,346 3,188,999 67,347
Public safety 8,560,128 8,678,863 (118,735)
Health, welfare, and recreation 4,584,560 4,174,523 410,037
Public buildings and services 4,488,563 4,302,728 185,835
Other agencies 1,671,710 1,671,710 -
Educatic�n 25,937,291 25,840,537 96,754
Other appropriations 1,368,755 1,374,474 (5,719)
Tota1 ex�enditures 49,867,353 49,231,834 635,519
Excess of revenues over
expenditures 1,145,522 2,546,917 1,401,395
Other financing sources (uses) :
Appropriation to designated
fund balances (433,112) (433,112) -
Operatinq transfers in 32,000 26,000 (6,000)
Operating transfers out 1744,410) L718,527) 25,883
Tota1 other financing
sources (uses) (1,145,522Z [1,125,639) 19,883
Excess of revenues and other
financing sources over
e,xpenditures and other uses $ - 1,421,278 $ 1,421,278
Fund balance undesignated/unreserved,
at beqinning of year 824,389 -
Balances carried to succeeding year [448,460) Y
Fund balance undesignated/unreserved,
at end of year $ 1,797,207
The acccYrg�anying notes are an integral par-t of these financial statements.
5
Exhibit 4
CITY OF BANC�R, MAINE
All Proprietary Fund Z�pes and Similar Trust Funds
Carrd�ined Statement of Revenues, Expenses and Changes in
Retained Earnings/Fund Balances
Year Ended June 30,. 1993
Proprietary Fiduciary
Fund Z�pe Fund Ty,pe Tota1
Nonex�endable (Memoranahun
Operating revenues: Enterprise Trust On1y)
Char�ges for services $ 24,308,538 $ - $ 24,308,538
Interest - 62,905 62,905
Lot sales - 3,625 3,625
Total operatinq revenues 24,308,538 66,530 24,375,068
Operating expenses:
Operating expenses other
than depreciation and
amortization 18,531,725 69,594 18,601,319
Depreciation a�d aneortizatian:
On assets acquired with own
funds 1,762,796 - 1,762,796
On assets acquired with
contributions 3,684,432 - 3,684,432
Tota1 operating expenses 23,978,953 69,594 24,048,547
Operating income (loss) 329,585 (3,064� 326,521.
Non operating revenues (expenscs):
Interest incatne 659,486 - 659,486
Interest expense (2,046,809) - (2,046,809)
Miscellaneous inccnne 14,478 - 14,478
Operatinq transfer fram
GeneraZ Fund 678,513 - 678,513
Total non operating expenses (694,3321 - (694,332Z
Net incarr�e (loss) (364,747) (3,064) (367,811)
Add depreciation and amortization
on assets acquired with -
cc�ntributions 3,684,432 - 3,684,432
Increase (decrease) in retained
earnings/fund balances 3,319,685 (3,064) 3,316,621
Retained earn;nys/fund halances,
at beg�nniny of per'iod 32,801,267 879,181 33,680,448
Retained earnings/fund balances,
at end of period $ 36,120,952 $ 876,117 $ 36,997,069
The accan�anying notes are an integral pa.rt of these financial statements. ,
6
Exhibit 5
CITY OF BAN(�R, MAINE
All Proprietary Fund Types and Similar Trust Furlds
C�ined State,r�ent of Cash Flows
Year Ended June 30, 1993
Proprietary Fiduciary
Ftuid Type Ftlnd Type Total
Nonexpendable (Memorandcun
Cash flows froen operating activities: Enterprise Trust Only�
Cash received frc�n custc�ers � $ 24,669,751 $ 3,625 $ 24,673,376
Cash received on invest.rr�ents - 60,706 60,706
Cash received frc�r► interest on loans - 2,199 2,199
Cash payrr�ents to suppliers for goads and services (12,384,233) (34) (12,384,267)
Cash payments to errg�loyees for services (6,172,592) - (6,172,592)
Cash paid to beneficiaries - (69,560� (69,560)
Net cash provided by (used in) operating activities 6,112,926 ,(3,064) 6,109,862
Cash flaas fi�n noncapital financing activities:
Interfund loans (repayrnents) 1,133,632 - 1,133,632
Operating subsidies received (paid) 678,513 - 678,513
Student loans made - (7,000) (7,000)
Student loan pa�mtents received - 1,050 1,050
Net cash provided by (used in) noncapital financing
activities � 1,812,145 (5,950) I,806,195
Cash flc�,rs fiz�n capital and related financing activities:
Proceeds frcm general and Iimited revenue abligation bonds 11,847,087 - 11,847,087
Ac�quisition and construction of capital assets (22,182,790) - (22,182,790)
Principal paid on bonds (7,208,767) - (7,208,767)
Interest paid on bonds (2,595,374) - (2,595,374)
Proceeds fran sale of equip�nent 75,949 - 75,949
Grant monies received for capital assets 5,452,724 - 5,452,724
Contributions received for capital assets 356,221 - 356,221
Investment capital projects 621,363 - 621,363
Investsnent bond & ban proceeds 6,125,269 - 6,125,269
Net cash (used in) capital and related financing activities (7,508,318J - (7,508,318Z
Cash flaas fzr�rr► investing activities:
Interest on investrnents 698,170 - 698,170
Net sales (pur�hases) of invest�rients (9,361,559� 24,183 L9,337,376,�
Net cash provided by (used in) investing activities (8,663,3891 24,183 (8,639,206)
Net increase (decrease) in cash (8,246,636) 15,169 (8,231,467)
Cash at beginning of period 15,422,689 (13,1911 15,409-,498
Cash at end of period $ 7,176,053 $ 1,978 $ 7,178,031
The accorrg�anying notes are an integral part of these financial statentents.
7
Exhibit 5, (Cont.�
CITY OF BANCX�R, MAINE
AZ1 Proprietary Fund Ty�es and Similar Trust Funds
Ccgnbined Staterr�ent of Cash F1ows
Year Ended June 30, 1993
Pznprietary Fiduciary
Fund Type Fund TyPe Total
Nonexpendabl e (Merriorandinn
Enterprise Trust Only,)
Reconciliation of operating incc�rr�e to net cash
provided by operating activities:
Operating incame (loss) S 329,585 S (3,064Z $ 326,521
Adjust.rr�ents to reconcile operating inc�e to net cash
provided by operating activities:
D�epreciation and amortization 5,447,228 - 5,447,228
Provision for uncollectible accounts 17,301 - 17,301
Changes in assets and liabilities:
(Increase) decrease in deposits (29,602) - (29,602)
(Increase) decrease in accounts receivable 598,966 - 598,966
(Increase) decrease in due fran state government (148,786) - (148,786)
(Increase) decrease in due frcyn water district (61,957) - (61,957)
(Increase) decrease in inventory E2,027) - (2,027)
(Increase) decrease in prep�aid expenses (13,503) - (13,503)
Increase (decrease) in accounts gayable 206,604 - 206,604
Increase (decrease) in accrued expenses (203,873) - (203,873)
�ncrease (alecrease) in deferred revenue (27,010) - (27,010)
Total adjustments 5,783,341 - 5,783,341
Net cash prr�vided by operating activities ,S 6,112,926 $ (3,064) $ 6,109,862
The accc�rg�anying notes are an integral part of these financial stat�nents.
8
CITY OF BANGI�R, MAINE
Notes to Financial StatEments
June 30, 1993
NO'I�' 1 - S'�ry of Significant Accounting Policies
The City of Bangor, Maine, was incozporated February 12, 1834, under the
Iaws of the State of Maine. The City operates under a Council Manager form
of governrreent and pravides the followinq services as authorized by its
charter: public safety, pr�blic works, recreation, and education.
The accountinq policies of the City of Bangor, Maine conform to generally
� accepted accounti.ng principles as applicable to gavernrraental units. The
follaving is a scmrnary of the more significant policies:
FIl�lNCIAL RER7RTING ENTITY
For financial reporting purposes, the City of Bangor should include all
fvnds, account groups, boards, carrmissions, and authorities that are
controlled by or dependent on the City Council ar other City executiv+es.
An analysis of the criteria set forth in GAAP was made to determine if .
other gwernmental units should be included in this report.
The criteria evaluated were:
* Manifestations of av+ersight
* Accountability for fiscal matters
* Scope of public service
* Special financing relationships
Based upon the application of this criteria, it was determined that no
other qav+enur�ental units should be included in this report.
(A) Basis of Presentation - Fund Accounting
The accounts of the City are organized on the l�asis of funds and account
groups, each of which is considered a separate accounting entity. The
operations of each fund are acconnted for with a separate set of
seZf-balancing accounts that cc�prise its assets, liabilities, fund
balance/retained earnings, revenues, and expenditures/expenses. The
various funds are siu�marized by type i.n the financial statements. The
following fi�nd types and account groups are used by the City:
FZI11ID TYPES
Governmental Funds are those through which most gavernmental 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 throuqh qovernmental
funds. The measurerreent focus is upon detezmination of chanqes in financial
position, rather than upon net incor►ae �determination. The following are the
City's gavernmental fund types:
General Ftirid - The General Fund is the general operating fund of the City.
It is used to account for all financial resources e�rcept those required to
be accounted for in another fund.
9
CITY OF BANC,bR, MAINE
Notes to Financial Statements
June 30, 1993
Nt�'I'E 1 - Continved
Special Revenue F'unds - 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 he used for the ac+qvisition or construction of
major capital facilities (other than those financed by Proprietary F'unds) .
P1�OPRIETARY FUND TYPES ,
The focus of Proprietary F�nd measurement is upon detenr�ination of net
income, financial position, and cash flaas. The generally accepted
accounting principles applicable are those similar to businesses in the
private sector.
Enterprise Funds - Enterprise Funds are used to account for operatiQns
(a) that are financed and operated in a manner s�mi.lar to private business
enterprises - where the intent of the governing body is that the costs
(e.xpenses, includinq depreciation) of providing. goods or services to the
general public c�n a continuing basis be financed or recovered primarily
through user char�es; or (b) where the qoverning body has decided that
periodic detennination of revenues earned, expenses incurred, and/or net
inc�ne is appropriate for capital maintenance, pvblic policy, management
control, accountability, or other puzposes. The following are the City's
enterprise funds:
Sewer Utility Ftuid - This fund accounts for the cost of constructian and
operatians of the Sewage Treatment Plant, the city sewer system, and sewer
separatiQn, and is self-supported through sewer user fees.
Airport Fiuid - This fund accounts for the operation of Bangor
Internatianal Airport. The principal sources of revenues are landing fees
and the sales of aviation fuel. Other revenue sources include lease of
ternei.nal space and Iease of non-aviation industrial buildings.
City Nvrsing Facility - This fund accounts for the operation of a city
owned nursing haerte. This is a 61 bed facility, and principal revenue
sources are Medicaid and rental incame fi�nrn excess s�ace. The current
facility was the base hospital at the fo.t�r�er D�aw A i.r For�e Base, which
closed in 1969.
Parkinq Fund - This fund accounts for the operatic�n of the city awned
parking lots and the Pickering Square Parking Garage. Revenue sovrces
include manthly lease of parkinq spaces, hourly/daily parking fees, and
fines and waiver fees for parkinq violators. Certain of these facilities
are operated urider a private managernent contract.
Bass Park Furld - This fund accounts for the operation of the Bangor
Auditoritun, Bangor Civic Center, Bangor State Fair, and Bangor Harness
1p
CITY OF BAIVC�R, MAINE
Notes to Financial Statements
June 30, 1993
NCr!'E 1 - Continued
Racing. Principal sources of revenues are adrnissions, concession sales,
and rentals. The fund is narned after the Bass family which b�queathed the
property to the City for recreational purposes.
Municipal Go1f Course - This fund accovnts for the operation of a 27 hole
municipal golf course. Principal revenue sou�es are season memberships
and daily greens fees.
FIDiICIARY FZ11�ID TYPE
Fiduciary Funds are used to accovnt for assets held by the City in a
trvstee capacity or as an agent for individuals, private organizatians,
other govezzur�ntal units, and/or other funds:
Trust and Agency Ftinds - Trust and Agency Funds include expendable trust,
nanexpendable trust, and agency funds. Nanexpendable funds are accounted
for and reported similar to proprietary funds since capital maintenance is
critical. Expendable trust and agency funds are accounted for and reported
similar to governmental funds.
AC'(bilNT C�OIIPS
Account groups are used to establish accounting control and accountability
for the City's general fixed assets and general lang-term debt. The
follaaing are the Gity's account grovps:
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 Lonq-Term Deht Account Group - This group of accounts is
established to account for all lang-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 follawed by the goverrunental
funds and expendable trust and agency funds. Under the modified accrual
basis of accounting, revenues are recornied when susceptible to acczual,
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 c�n 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 cantractual requirements of the niunerous
inr)ividual programs are used as guidance. There are, hawever, essentially
three types of these revenues. In one, monies irnist be e,xpended on the
specific purpose or project before any aniounts wi11 be paid to:the City;
therefore, revenues are recognized based upan the expenditures xecornled.
11
CITY OF BAIV�R, MAINE
Notes to Financial Statements
June 30, 1993 �
Nt7I'E 1 - Continued
For the second type, monies are virtually unrestricted as to purpose of
expenditure and are usually revocable anly for the failure to ccxrg�ly with
prescri2ied cc�liance requirernents. These resources are reflected as
revenues at the time of receipt or earlier if the suscept.�.ble to accn.ial
criteria are met. For the thir� type, monies are received in advance and
recornled as deferred revenues until the appropriate expenditures are made,
at which time the revenues are recozrled.
Licenses and permits, fines and forfeits, and miscellaneous revenues are
recornled as revenues when received in cash because they are generally not
measurable until actually received. Investrnent earnings and chaz�es for
services are reco�ed as revenues when earned, since they are measurable
and available.
The accrual basis of accounting is used by proprietary funds and
nanexpendable trust funds.
(C) Encumbrances
Enctm�brance accountinq, under which purchase orriers, contracts, and other
cc�mtitrnents for the expenditure of funds are recor�led in on9er to reserve
that portion of the applicable appropriation, is errg�loyed in the
goveznmental funds. Open encRm�brances are reported as reservations of fund
balances since the ccrrrnitments wi11 be honored in svbsequent years.
Encimrbrances do not constitute expenditures or liabilities.
(D) Budqetary Accounting
The City utilizes a fozznal budgetary accounting system to control revenues
and expenditures accounted for in the general fvnd. These budgets are
established in accozroiance with the variovs laws which govern the City's
operations.
The first Monday in April, the City Achninistrator submits to the City
Council a proposed operating budge.t for the fiscal year c�ncing the �
follawing Ju1y 1. The operating budget inaZudes pro�osed ex�enditures and
the means of financing them. The budget is legally enacted through the
passage of an appropriation resolve. The City Adrninistrator is authorized
to transfer budgeted amounts within departments, excluding the school �
departrr�nt. However, any revisians that alter the total expenditures or
transfers between depart.ments must be approved by the City Council. No
significant additional appropriations were reqr�ired in 1993.
With certain exceptions, unenc�unbered and unexpended appr�priations lapse
at year end. Departrnental �xpenditures 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 aqreenients.
12
CITY OF BANC�R, MAINE
Notes to Financial Statements
June 30, 1993 �
N�'1'E 1 - ContinUed
General Ftind 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
hi�dgeted by fihe City. The City follows certain accounting�principles for
�iudgetary reporting purposes that differ from generally accepted
accounting principles: Such differences and their effects on the General
Ftuid's reported operations are simmarized in the follawing reconciliation:
Other Financing
Revenves Expenditures . Souxces (Uses�
Statement of Revenues, Expenditures,
and Changes in Unreserved/
Undesignated Ft�nd Balance -
Budget and Actual
(Exhibit 3) $ 51,778,75I $ 49,231,834 $(1,125,639)
Activity in designated
fund halance 586,968 183,533 199,266
1993 encimibrances - (710,648) , - �
1992 enctunbrances pa.id - 371,501 -
1992 balances carried (416,099) (4,889) -
Cc»nbined Statement of Revenues,
Expenditures, and Changes in Fund
Balances-Governmental Fund
2�pes-General Ftuid
(Exhibit 2) $ 51,949,620 $ 49,071,331 $ (926,373)
(E) Pooled Cash and Invest.rnents and Investments
Pooled cash and investsrients and investments are described in Note 2
Invest.rrients are stated at `cost.
(F) Inventory
General Fund inventory is c�rised of various expendable supplies
consturted by operations and is stated primarily at moving average cost
which appraximates market. Enterprise Fund inventories are ccarrg�rised of
resale inventory at Bangor International Airport (70$) and consimlable
supplies (30$) . These inventories are also stated at moving average cost
which appz�ximates market. The cost of cons�tian or sale is recomied as
an e.xpenditvre in the General Fund and as an operatinq expense in the
Enterprise Ftlrids.
(G) General Fixed Assets
General fixed assets have been acquired for general goveznmental puzposes.
Assets purchased are recon�ed as expenditures in the governiriental funds
and capitalized at cost in the general fixed asset account group.
Cantributed fixed assets are recorded in the General Fixed Asset Account
Group at estimated fair market value at the time receiveol.
13
CITY OF BANQ7R, MAINE
Notes to Financial Statements
June 30, 1993
N�TE 1 - Continued
Public dcrnain ("infrastructure") general fixed assets consisting of roads,
bridges, .curbs, gutters, streets and sidewalks, drainage systems, and
lighting systems are capitalized along with other general f.i.uced assets.
No depreciation has been pravided on qeneral fixed assets, nor has �
interest been capitalized.
(H) Property, Plant, and Equipment - Enterprise F'�nds
Property, plant, and equipment avned 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 av+er the life of the related asset. Depreciation has been
provided av+er the estimated useful lives using the straight line method.
Depreciation on a.I.Z assets has been recorded as an expense of the current
period. The am�unts applicable to assets acquired frarn contributions has
then been transferred to the related contribution accoant rather than to
retained earnings. The range of the estimated useful lives of the various
classes of enterprise depreciable assets is as follays:
Range of
Estimated
Useful Life
Asset Class
Buildings 25 - 40 years
Equipment 5 - 20 years
Pipelines and mains 100 y+ears
Aircraft operational assets:
Ruriway's 40 years
Buildinqs 20 years
Machinery and equipment 5 - 10 years
(I) Vacation and Sick Leav�
Under terms of union contracts and personnel policies, pern�ient fu11 time
City errq�loyees are granted vacation and sick leav+e in varying amounts. In
the event of termination an e�loyee is rei�ursed for accumulated
vacation days up to the equivalent of thirty days vacation. �loyees are
reimbursed for 33 percent of acc�unulate�d sick leave, up to 40 days, only
upon retirement with 25 years of service. .
Fbr C�rnn�ental Fund Types (General and Special Revenue), the City
appropriates funds for accrued vacation in the year the vacation is taken.
Accordingly, acciurnilated vacation time earned and not taken at the end of
the fiscal year wi11 be raised in subsequent years' budgets. The related
�ligation, therefore, is recorrled in the general long-term debt group of
accovnts of the City.
Aec�mnllated sick leave is not recorded si.nce it is not determinable.
14
CITY OF BANQ'�R, MAINE
Notes to Financial Statements
June 30, 1993
Ne71'E 1 - Continued
(J) Capita.Z Projects Fund - Undesignated Ftu�d Balances
Undesignated fund balances in the Capital Projects Fund represent, on a
c�rn�lative basis, the earcess of specific project resources over the
related project costs for cc�leted projects. These amounts are currently
unappropriated and as such are available for use within the Capital
Projects Fund for future capital canstruction.
(K) Carrg�arative Tota1 Data
Total colurr¢is of the Combined Statefraents are captioned "memorandlu►� only"
to indicate that they are presented only to facilitate financial
analysis. Data in these coliurms do not present financial position,
results of operatiQns, or changes in financial positic�n in confo.zmity with
generally accepted accounting principles. Neither is such data corrgx�rable
to a consolidatian. Interfund eliminations have not been made in the
aggregatian of this data.
N�O'l'E 2 - Equity in Pooled Cash and Investments and Investments �
The City maintains a cash and investmer�t pool that is available for use by
all funds. Each fund type's portion of this pool is displayed on the
c�nbined balance sheet as "equity in pooled cash and investments" and is
classified as short tezm. Cash is invested in variovs interest bearing
securities, which can be redeemed as needed without penalty. In addition,
cash and investments are separately held by sc�rne of the City's fund
types.
Deposits: At year-end, the carrying amovnt of the City's deposits was
$228,553 and the bank balance was $1,351,920. Of the bank balance $308,009
was fu11y �r►�»"E� and or collateralized and $1,043,911 was uninsured and
uncollateralized.
Investments: Statutes authorize the City to invest in obligatians of the
U.S. Treasury, agencies and instnmientalities, repurchase agreements,
corporate securities, financial institution stocks, and other stock
investanents. The City's investments are categorized belaw to give an
indication of the 1eve1 of risk asslm�ed by the entity at year�end.
Cateqory 1 includes invest.ments 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 depa.rtment in the City's name. Category 3 includes uninsured
invest.tnents for which the securities are held by the b�anks' trust
depaitment or its agent but not in the City's name.
15
CITY OF BANGIOR, MAINE
Notes to Financial Statements
Jvne 30, 1993
Nt7I'E 2 - Cantinued
Category Carrying Market
1 2 3 Amount Ua1ue
U.S. Govertunent
and aqencies $ - $17,315,825 $ - $17,315,825 $17,521,661
Certificate of
deposit 50,000 - - 50,000 50,000
Repurchase
agreements - 220,767 - 220,767 220,767
Other - 534,325 8,084 542,409 598,018
ICMA trust(457) - - 2,706,662 2,706,662 2,706,662
Mutual funds - - - 5,557,538 5,557,538
$ 50,000 $18,070,917 $ 2,714,746 $26,393,201 $26,654,646
Mutual fund investrr►ents are not required to be classified in any of the
three above categories because they are not evidenced by securites that �
exist in physical or book entry fortr►.
NCYI'E 3 - Property Tax
The City's property tax was Ievied July 1, 1992, on the assessed value
listed as of the prior April 1, for all real and personal property located
in the City. The assessed value for the list of April .1, 1992, upon which
the 1992 levy was based, was $1,266,015,200. The estimated tr�arket value
was $1,266,015,200 makinq the assessed value 100 percent of the estimated
maz-ket value.
Taxes are billed on a semiannual basis. Taxes were due September 1 and
March 1 with interest due fznm that date if unpaid. Current tax
collections for the year ended June 30, 1993, were 92.4 percent of the tax ,
levy.
Property taxes levied for the year ended June 30, 1993, are recon�ed 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, 1993. Receivables est.irnated to be collected subsequent to the 60
day period are considered.to be deferred revenues. Prior year tax levies
were recon�ed using this same principle.
16
CITY OF BAN�R, MAINE
Notes to Financial Staterr�ents
June 30, 1993
NCYl'E 4 - Due to/Due fr�n Other Ft�nds �
Individual fund interfund receivable and payable balances at June 30, 1993
ra�re as follaas:
Receivable Payable
General fund $ 1,138,980 $ -
Enterprise Fiuids
Municipal Golf Course -� 2,629
City Nursing Facility - 299,704
Bass Park Fund - 836,647
Special Revenue Fcuids
C�►►.m�n�ty Development �
Block Grant - 58,503
Ecanarrtic Incentive
Revolving Lo�an Ftuid 58,503 -
$ 1,197,483 $ 1,197,483
Nt�'PE 5 - Due Fram Other Govemments
Due fz�arn other goverrnrtents is ca�rised of the following amounts at June
30, 1993.
State of Federal
Other Maine Goverr�ment 4bta1
General Flind $108,404 $ 2,432,411 $ 141,713 $ 2,682,528
Special Revenue Ftuids $ - $ - $ 98,947 $ 98,947
Enterprise Ft�nds $ - $ 272,223 $ 1,301,296 $ 1,573,519
Of the Genera.I Ftind's $2,432,411 due fn�n State of Maine, $1,809,900
represents school sc�bsidies and state agency billings and $354,589
represents general assistance claims not yet receiped. �
Note - 6 Fixed Assets �
Amounts c�orrrrutted for future expenditures on capital projects appraximated
$4,741,489 at June 30, 1993. Such amounts wi11 be funded by band
proceeds, approved federal and state grant monies and manies a�mpriated
within the various funds.
17
CITY OF BAI�R, MAINE
Notes to Financial Statements
June 30, 1993
NC71'E 6 - Continued
Construction in process is carrg�osed of the following: Approved.
� Project Expenses to Balances Future
Authorization June 30, 1993 Corrmitted Financinq
School $ 6,811,211 $ 5,959,332 . $ 851,879 ,S -
Streets - - - -
Buildings 1,207,339 1,056,679 150,660 -
Other projects 1,950,701 1,348,769 601,932 -
$ 9,969,251 $ 8,364,780 $ 1,604,471 $ -
A sinrrnary of changes in general fixed assets follows: Capital
Balance. Transfers & Project � Balance
June 30, 1992 Additions Deletions Closeouts June 30, 1993
Land, buildings, and
construction in process:
Land $ 3,180,842 $ - $ - $ - $ 3,180,842
City foreclosed property 78,611 - - - 78,61I
Buildings 17,906,925 - - 161,258 18,068,183
School buildings 8,415,536 - - 40,850 8,456 386
Recreation facilit.ies 1,427,742 - - 1,285,649 2,713,391
Construction in process 4,357,349 6,166,828 - j2,159,397) 8,364,780
Tota1 land, buildings,
and construction in process 35,367,005 6,166,828 - _(671,6402 40,862,193
Public darnain:
Streets 14,983,772 - - 67,332 15,051,104
Sidewalks 1,569,011 - - - 1,569,011
Bridges 1,136,815 - - - 1,136,815
Parking structures 14,000 - - - 14,000
Ele�trical 744,067 - - - 744,067
Storm sewers - water lines 343,521 - - - 343,521
Other pvblic dornain 483,105 - - 162,192 645,297
Total public da�raain 19,274,291 - - 229,524 19,503,815
Equip�nent:
Vehicles 5,105,588 56,942 - - 5,162,530
Ca�uter 259,782 8,555 - 216,282 484,619
Other , 1,145,165 78,500 - 225,834 1,449,499
School other 371,821 67,362 - - 439,183
Tota1 equip�nent 6,882,356 211,359 - 442,116 7,535,831
Total fixed assets $ 61,523,652 $ 6,378,187 $ - $ - $ 67,901,839
CITY OF BANC�R, MAINE
Notes to Financial Statements
. June 30, 1993
NCYI'E 6 - Continued
A stum�ary of proprietary fund type property, plant, and equiprreent at June
30, 1993, follaws:
Land $ 936,215
Buildinq itrg�rovements and equiprrtent 36,775,149
Pipelines and mains 27,841,939
Airport operational assets 140,577,316
Parking structures 6,455,571
Construction in process 19,944,794
232,530,984
Less: accim►ulated depreciation 64,390,303
$ 168,140,681
In 1993, total proprietary fund type interest incurred was $2,631,101 of
which $584,292 was capitalized, and $2,046,809 was chan�ed to operations.
N�O'1'E 7 - Operatinq Leases
General Ftuid .
The City Ieases certain recreatianal property to thin� parties under an
operating lease eacpiring in 2026. This lease has a ten year renewal
option. Mirurrnun future rentals to be received under this lease are:
Year Ended June 30 Amount
1994 $ 25,000
1995 11,500
1996 11,500
1997 11,500
1998 11,500
3999 - 2026 68,848
Total Min.irrnun .Ftiture Rentals $ I39,848
Airport F'urid
The airport is the lessor of various buildings and Iand parcels under
operating leases expiring in various years through 2012. Minim�un future
rentals to be received on noncancellable leases as of June 30, 1993 are:
Year Ended June 30 � Amount
1994 $ 633,474
1995 448,633
1996 442,749
1997 406,185
1998 359,426
Subseqc�ent to 1998 1,608,544
Total Minirm,mi Future Rentals $ 3,899,011
Min.urnun future rentals do not include cantingent rentals that may be
received under certain leases of buildings because of revenve produced or
usage in �xcess of specifieai amounts. Gontingent rentals in 1993 were
$I,601,674.
19
CITY OF BANC�R, MAINE
Notes to Financial Statements
� June 30, 1993
Nf�'I'E 8 - 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
ccYrg�any under a direct financing lease expirinq in 2006. As part of the
financinq arranqerraent between the City and the thinal party, a portion of the
Iease payments to be received by the City lias been assiqned to repay the
Bank debt incurred by the thirri party to construct the facilities. At June
30, 1993, financing lease payrr�ents, net of interest, owed to the thizil party
under the arranqement aggregated $717,710.
Minim�ur► lease payments to be received by the City frQm the user c�xrg�any as
of June 30, 1993 are:
Year ended June 30 Amount
1994 $ 92,253
1995 92,253
� 1996 92,253
1997 92,253
1998 92,253
Subsequent to 1998 784,144
$ 1,245,409
The .follawing lists the cc�rg�onents of the investar�ent in the direct financing
lease at June 30, 1993:
Net :inves�tsnent in direct financing lease $ 717 710
Add iuiearned incc�rne 527,699
Ztotal minirrnun lease payments to be received 1,245,409
Less: Current portion 92,253
Long-tenn $ 1,153,156
� Nt71'E 9.- Capital Lease �
The City leases heavy machinery and a telephone system under capital Ieases.
Following is a schedule, by year of future minim�un Iease payments under
these leases, together with the present yalue of the net min.irrumi lease
pa�m�ents.es of June 30, 1993.
Year �Ending
June 30
1994 $ 25,016
1995 25,016
1996 12,485
1997 1,663
64,180
Less: Interest 6,735
Present value of net minimimi lease payments $ 57,445
20
CITY OF BANC�R, MAINE
Notes to Financial Staten�nts
June 30, 1993
Nt7I'E 10 - Other Assets
Other assets are cc�rised of the following:
Capital Enterprise Tota1
Projects Funds Funds
Investment in bond proceeds $910,789 $ 805,787 $ 1,716,576
Investsnent for capital projects - (200) (200)
Investment in RRG insurance - 53,260 53,260
Operatinq rights (net of amortization) - 494,863 494,863
Bond issuance costs
(net of arnortization) - 373,556 373,556
Tota1 other assets $910,789 $ 1,727,266 $ 2,638,055
Ne71'E 11 - D�eferred Revenues
Deferred revenues consist of the following:
General Special Enterprise
�d Revenue �nd
Taxes $2,355,486 $ - $ -
Loans - 2,944,199 -
Advance Deposits 10,000 - 12,032
Outside c�rrrninity's share
of waste water treatment
facility - - 777,824
$2,365,486 $2,944,199 $ 789,856
D�eferred tax revenues consist of those tax revenues not available to meet
the needs of the current period (See Note 3) .
Deferred revenve of the Special Revenue Ftuid represents futvre revenue
equal to lo�ans made pursuant to the C�ity D�eveloprnent, Urban
Developenent Action Grants, and Ecanorrtic Incentive Revolving Lo�an Fund ,
over the past years. Pursuant to the te.z�rrs of these grants, loans made
are recognized as an expenditure in the Special Revenue Ftind when they
occur with corresponding recognitic�n of grant revenues. Ft�rther, pursuant
to regulations governing such funds, repa.yrraent of loans thus outstanding
are considered program incc�me 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.
21
CITY OF BANGbR, MAINE
Notes to Financial Staternents
Jvne 30, 1993
N�'I'E 12 - Long-Term Deht
The following is a s�y of long-term debt transactions of the City for
the period ended June 30, 1993:
Debt payable at June 30, 1992 $55,86b,000
New debt issued and
bridge laan 19,117,090
D�bt retired (10,950,OOOZ
Debt payable at June 30, 1993 $64,027,090
The City is subject to the laws of the State of Maine which limit the amount
of lc�ng-te�n debt to 15 percent (depending c�n how funds will be used) of its
last fu11 state valuation. The statutory limit for.June 30, 1993 was for
$209,557,500 with a debt margin of $145,530,410. The following is a siurmary,
by puzpose, of the outstanding debt of the City at June 30, 1993, and
related limitations:
Percent of
State Assessed �
Diebt Value of Statutory D�ebt
Outstandinq $1,397,050,000 Limit Margin
School $14,066,254 10.0� $139,705,000 $125,638,746
Sewer 32,152,999 7.5$ 104,778,750 72,625,751
A.izport 6,129,112 3.0� 41,911,500 35,782,388
AI1 other 11,678,725 7.5� - 104,778,750 93,100,025
Tota1 $64,027,090 15.0� $209,557,500 $145,530,410
AI1 other debt outstanding is c�rised of the following:
General Ftind $ 4,561,481 39.0$ �
Parking Fund 5,098,325 43.7$
Go1f Course Ftuid 323,386 2.8%
Bass Park Fund I,176,414 10.1$
Ci ty Nursing Ft�nd 519,119 4.4�
$11,678,725 100.0�
The City is a mP.Jr�er of Maine Vocational Region Four (M.V.R. No. 4),
which territory is cc�rised of three cities, including Bangor, 11 towns,
ane plantation, four S.A.D. 's and one C.S.D. The City is respansible for
its prnportional share of M.V.R. No. 4's long-term debt as well as the
debt incurred by a11 local government units which provide sezvices within
the City's boundaries.
� . 22
CITY OF BANC�R, MAINE
Notes to Financial Staterr►ents
June 30, 1993
Note 12 - Continued
General and limited revenue abligation honds and the short term bridge
loan payable at June 30, 1993, consisted of the following issues:
�Final
Interest Maturity
rates date
1973 Permanent Public I�prav�ments 5.00 7/I5/93
1975 Permanent Public Impravements 6.50 � 8/O1/95
1978 Pezmanent Public I�rovements 5.80 7/O1/98
1981 Permanent Public Imprav�ments 10.00 6/01/01
1984 Permanent Public Irrg�zovements 5.90 to 10/25/94
8.75
1985 Permanent Public Impravements 5.20 to 10/25/95
7.90
1986 Permanent Public Irr�ravements 4.25 to 10/25/96
6.50
1987 Permanent Public Lr�pravements 5.70 to 10/25/97
6.SO
1988 Permanent Public Iir�ravements 7.37 to 10/28/07
8.60
1989 Permanent PuhZic Impravements 6.70 to 9/01/09
7.00
I990 Permanent Public Irrg�ravements 7.DO to 8/01/10
7.10
1991 Pezzrianent Public Irrg�raverr�ents 5.00 10/Ol/12
1992 Permanent Public I�provements 5.00 to 11/OI/12 `
5.30
1992 Permanent Public Irrg�rovemP.nts 4.75 to 11/O1/02
5.40
1992 Ternunal Expansion 4.40 to 10/01/12
6.70
1993 Bridge Loan 3.00 11/04/93
To�al
Less current portion
(due fiscal year 1994)
Authorized General Enterprise Total
and issued City School Funds June 30, 1993
$ 2,000,000 $ 38,I00 $ 31,500 $ 30,400 $ 100,000
4,050,000 299,507 - 265,493 565,000
3,260,000 829,635 - 120,365 950,000
3,065,000 245,820 959,180 - 1,205,000
1,800,000 299,988 - 60,012 360,000
1,575,000 216,626 86,678 151,696 455,000 -
865,000 266,760 43,193 15,047 325,000
1,785,000 203,019 115,493 566,488 885,000
3,200,000 - 459,100 1,640,900 2,100,000
13,025,000 499,026 5,676,110 4,584,864 10,760,000
9,265,000 1,088,000 - 7,1I7,000 8,205,000
19,000,000 - - 19,000,000 19,000,000
12,550,000 - 6,695,000 5,855,000 12,550,000
575,000 575,000 - - 575,000
5,750,000 - - 5,750,000 5,750,000
242,090 - - 242,090 242,090
$82,007,090 4,561,481 14,066,254 45,399,355 64,027,090
1,013,278 1,053,023 2,615,789 4,682,090
$ 3,548,203 $13,013,231 $42,783,566 $ 59,345,000
23
CITY OF BANGI�R, MAINE
Notes to Financial Statements
June 30, 1993
Note 12 - Continued
The City's portion of this debt (c�rrrflonly called overlapp,ing debt), is
siurrnarized belaa:
Percentage
Debt Applicable Overlapping
Units Outstandinq to the Citv Debt
City $64,027,090 100.00� $64,027,090
County 6,570,000 24.33�s 1,598,481
Banqor Recreation .
District 160,000 100.00$ 160,000
M.V.R. No. 4 1,540,000 33.59$ 517,286
Total $72,297,090 $66,302,857
This results in a per capita City debt of $1,937 (Table 7); per capita
overlapping debt of $2,006; ratio of City debt to the City's June 30, 1993,
assessed valuation of 5.1 percent (Table 7); and a ratio of overlapping debt
to June 30, 1993, assessed valuation of 5.2 percent.
The following table sets forth the ratio of bonded debt to assessed
valuatian, by fund type; and per capita debt ratios, by fund type; for the
fiscal year ended June 30, 1993.
. Arr�ount of Debt by Fund
General Fund Enterprise
City School Furids Tota1
$ 4,561,481 $ 14,066,254 $ 45,399,355 $ 64,027,090
Debt as Percent of Assessed Ualuation
General Fund Enterprise
City School Funds Total
� .4$ 1.1� 3.6$ 5.1� (Tab1e 7)
Per Capita Debt by Fund
General Fund Enterprise
City School Funds Total
$ 138 $ 426 $ 1,373 $ 1,937 (Table 7)
24
CITY OF BANC�R, MAINE
Notes to Financial Statements
June 30, 1993
Note 12 - Continued
The annual future principal and interest payment requixements for all
debt outstanding as of June 30, 1993, is as follows:
Year Ended Total
June 30 Principal Interest Requirement
1994 $ 4,440,000 $ 3,617,549 $ 8,057,549
1995 4,240,000 3,348,537 7,588,537
1996 4,175,000 3,090,695 7,265,695
1997 3,845,000 2,849,291 6,694,291
1998 3,785,000 2,61g,971 6,404,971
Subsequent 43,300,000 17,294,574 60,594,574 .
Bridge Loan �
pernianently financed
in fiscal year 1994 242,090 240 242,330
$ 64,027,090 $ 32,820,857 $ 96,847,947
The Bridge Loan has been classified as a long-term liability, see Note 19
- Subsequent Events for a description of the perrr�anent financing.
NC71'E 13 - Contributed Capital .
A sutrrnary of changes in cantributed capital follays:
Contributed capital at June 30, 1992 $103,674,985
Contributions 4,847,009
Depreciation on assets aoquired with
contributions (3,684,432)
Contributed capital at June 30, 1993 $104,837,562
N�'l� 14 - Nonexpendable and Expendable Trust Funds Balance
Nonexpendable and Expendable Trust funds balances were carrg�rised of the
following at June 30, 1993:
Une,xpended
Principal Incame
Nonexpendable Trusts
Cemetery:
Perpetual Care $ 366,752 $ 133,142
Par'ks:
Bass Park - 12,593
Arthur Chapin Fund 14,538 15,307
14,538 27,900
25
CITY OF BANC�R, MAINE
Notes to Financial Statements
June 30, 1993
Note 14 - Continued
Unexpended
Principal Incc�rrte
City Missionary:
Hiram F'ogg 1,000 1,852
Louis & Sophia Kirstein 500 1,424
� Hiram Oliv�r 2,000 4,105
Penabscot Association for the Blind I1 -
Lorenzo Sabine 1,000 988
Stetson 12,000 8,631
I6,511 17,000
Education: �
Bangor High School 200 1,027
French Medal 35,738 2,755
Holton Public School 2,000 6,332
Louis & Sophia Kirstein 5,000 2,760
A.E. Wetaber, Jr 1,000 733
43,938 13,607
A.id for Aged Wanen:
Charles Adams 10,000 1,633
Thaenas Upham Coe 3,000 490
Anna H. Pierce 4,000 653
Annie Stetson 5,067 749
George Stodder 11,000 1,796
Wakefield 10,000 4,437
43,067 9,758
Other Funds:
Dorothea Miller 507 357
Bangor Firemen's Relief 7,639 5,202
Bangor Fuel Society 4,500 354
Kirstein City Hospital 507 1,201
Arthur Morey 1,013 3,225
Melvin Murch 5,733 10,581
O'Connell Trust 1,000 4,788
Ztvitchell Trust - 107
Flora Seav�y � 1,500 567
Charlotte Hall 5,984 12,132
Pfaff Trust 81I 1,220
Porter - Pulsifer 5,000 6,559
Jewish War Ueterans 758 130
34,952 46,423
Revolving Loan
Sophia Kirstein Student Loan 108,529 -
Total nonexpendable trusts $ 628,287 $ 247,830
Expendable Trusts
Elizabeth Means $ - $ (169)
Dental Clinic 22,919 2,076
Tbtal expendable trusts �S 22,919 $ 1,907
26
CITY OF BANC�R, MAINE
Notes to Financial State,rr�ents �
June 30, 1993 -
NCYI'E 15 - Designated FY�nd Balance
General Fund
Designated fund balances represent those portions of the General Fund
balance specifically designated for the following:
1993 1992
Depart.mental balances carried fozwazroi $ • 6,195 $ (18,844) _
School depart.ment - regular 220,648 302,768
adult education 47,044 '� 37,331 , :
special revenue 157,356 59,244.
school lunch 97,713 54,,090
trust & agency (7240) (109,178); (41,451)
trust & agency (7400) 28,682 18,072
Automotive equipment replacement account 169,315 169,315
. Bus service equiprnent replacement account 65,735 � 57,516
Fire equiprrient replacement account - 239,518
Capital improvements 394,628 387,411
Reserve for self insurance 303,662 438,371
Credit reserve fvnd 1,026,419 521,118
Cameron stadi�n 108,046 105,203
Advances to enterprise funds 500,000 -
Arbitrage rebate - city . 23,426 23,067
- school department 127,449 125,496
Subtotal 3,167,140 2,478,225
Accrued teacher payroll (1,310,330) (1,370,078)
Accrued teacher svbsidy receivable 463,726 534,193
Net accrued teacher payroll (846,604� (835,885Z
Total general fund desiqnated .
fund balance $ 2,320,536 $ 1,642,340
Capital Projects Fcuids
At June 30, 1992, the Capital Projects Funds - Desiqnated for Subsequent
Years Expenditures fund balance reflected a deficit of $2,656,257. The
deficit was primarily caused by the resenration of fund balance at June
30, 1992 for enctmibrances related to the Garland Street School project in
the amount of $2,787,590. Bond financinq 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. Pern�nent financing for the entire project was c�tained
through the August 13, 1992 general obligation bond issue.
Nt7I'E 16 - Related Party Transactions
During the fiscal year ended June 30, 1993, the City purchased various
goods and services for appmximately $100,732 from various related
� parties, who were members of the City Counci.I. �
27
CITY OF BAN(�R, MAI111E
. Notes to Financia.I Stat�nents
June 30, 1993
Nt�'1�' 17 - Seg2r�ents of Enterprise Activities
There are six services provided by the City which are financed by user charyes - Sewer, Airport, Parking, City Nursing
Facility, Bass Park and Municipal Go1f Course. The key financial data for the period ended June 30, 1993, for those
services are as follows:
City Bass Municipal
Sewer Airport Nursing Parking Park Golf Course Tota1
Operating revenue S 4,087,958 $ 14,425,766 $ 2,390,505 $ 596,067 $ 2,339,910 S 468,332 $ 24,308,538
Operating expenses:
D�epreciation and
amortization* 1,037,196 3,708,739 110,889 332,645 217,874 39,885 5,447,228
Other 2,107,342 10,962,918 2,165,626 381,013 2,575,161 339,665 18,531,725
3,144,538 14,671,657 2,276,515 713,658 2,793,035 379,550 23,978,953
Operating incarne
(loss) 943,420 (245,891) 113,990 (117,591) (453,125) 88,782 329,585
Nonoperating revenue
(expense) (1,235,469) 336,743 (29,794) (359,720) (61,684) (22,921) (1,372,845)
Operating transfers
frc�rt General F'urtd - - - 463,405 215,108 - 678,513
Net incaene (loss) $ (292,049) $ 90,852 $ 84,196 $ (13,906) $ (299,701) $ 65,861 $ (364,747)
Additions to contributed
capital $ 17,947 $ 4,829,060 $ - $ - $ 2 $ - $ 4,847,009
Aaquisition of property
plant and equipr�ent $ 7,481,989 $ 13,625,460 $ 417,116 $ 9,195 $ 503,176 $ 145,854 $ 22,182,790
Total assets $54,150,272 $128,551,648 $ 1,217,898 $ 5,274,470 $ 3,297,548 $ 745,905 $193,237,741
"Net wnrking capital $ 611,850 $ 9,375,212 $ (273,253) $ (361,585) $(1,010,129) $ (127,000) $ 8,215,095
Bonds payable $32,152,999 $ 6,129,112 ,S 519,119 $ 5,098,325 $ 1,176,414 $ 323,.�86 $ 45,399,355
Fund equity $20,068,073 $119,594,787 $- (146,548) $ (21,833) $ 1,103,478 $ 360,557 $140,958,514
* Includes depreciation and arr�rtization of $ 3,684,432 c�n assets aaquired with contribvtions. �
28
CITY OF BANC�R, MAINE
Notes to Financial Staternents
June 30, 1993 �
N�TE 18 - Contingent Loss, Litigation and Other Matters .
Contingent Loss
The City is self-insured for wr�rkers' carrg�ensatian liability and engaged
an actuary to detezinine appropriate liability as of D�ecember 31, 1992..
The portian of the liability associated with enterprise funds is recorded
in the proprietary fund. The portian associated with general City
operatians is.recornied in the general fvnd to the extent of the claims
estirrlated to be paid during the next fiscal year and in the qeneral �
Iong-term debt account group to the extent of claims estimated to be paid
subsequent to the next fiscal �rear.
Litigatian
The general contractor for the Sewer F1uid's secondary treat.rr�ent facility
has su,t�n.itted 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 crossed the construction site. At this tim�e, the City has
negotiated and approved a settlement in the amount of $835,000, that wi11
resolve $2,072,946 of the contract claim. It is estirrrated that the
City's cost to resolve the retrraining contract claim could range fra�r►
$40,000 - $215,000.
The City has asserted claims against the architect and general contractor
of the A.irport's terminal building expansian project appraximating
$2,589,000. The architect, in turn, claims $165,745 is due fxan the City
for additianal services. Also, there are various mechanics liens clauned
by subcontractors of the general contractor, which are covered by the
general contractor's payment bond.
In September 1992, the City received a "Notice of Potential
Responsibility" under Maine's Uncontrolled Hazan�ous Substance Sites
law. The notice involves the planned cleanup of several hazaroious waste
disposal sites. The City may be Iiat�le because the sites were formerly
operated by the cang�any the City used for the disposal of waste oil
during the 1960s - 1980s. The Maine Departrr�ent of Environmental
Protection's preliminary est.imate of cleanup costs at the prima�y site
exceeds $10,000,000. It is estimated that the City's cost could range
fr�rn $80,000 - $100,000.
On Apr:i1 8,1991, the Bangor City Council accepted a cansent decree with
the United States Department of Environmental Protectian concerning
.irr�provements to the primary waste water treatment plant, sewer collection
system, and the rernoval of e.xtraneous water. The new secondary treatment
facility came on line and began operations in December of 1992 and a11
other requirements and deadlines are expected to be met. The Consent
Decree pr�vides for monetary penalties in the event the City fails to
ccrrg�ly with any of its requirements.
There are various other cla�ms and suits pending against the City which
arise in the nonnal course of the City's activities. In the opinion of
29
CITY OF BANGbR, MAINE
Notes to Financial Statements
June 30, 1993
Note 18 - Continued
City management the ultimate disposition of these various claims and
suits will have no material effect on the financial position of the City.
NCyI'E 19 - Subsequent E�ents
On July 15, 1993, the City issued $ 3,314,000 of general abligation
bonds. The bonds carry interest rates frrYn 3.30� to 4.65� and mature on
dates fi�rn O�ctc�ber 1, 1994 to 2000. On November 4, 1993, the City issued
$1,986,000 and $1,864,000 of general abligation bands through the State
of Maine's revolvinq loan fund. The bonds carry interest rates of 2.45�
and 2.46�, respectively, and mature on dates fi�m O�ct�er 1, 1994 to
2013. On January 1, 1994, the City issued $11,155,000 of general
abligation refunding bonds. The bonds carry interest rates frorn 2.35� to
5.20$ and mature on dates frarn Augcrst 1, 1994 to 2010. The bonds were
issued to refund certain qeneral abligation bonds issued in 1989 and
.Z990. The 1989 and 1990 bands original issue amounts were $13,025,000
and $9,265,000 and they carried interest rates fram 6.70� to 7.00� and
7.00g to 7.10�, respectively. The 1�onds oriqinal maturity dates were
from June 1, 1989 to September 1, 2009 for the 1989 bQnds and May 1, 1990
to Angust 1, 2010 for the 1990 bonds. As of June 30, 1993 the 1989 bands
carried a principal balance of $10,760,000 and interest of $5,898,652
while the 1990 bonds carried a principal balance of $8,205,000 and
interest of $4,986,105. The proce�ds f.rcxn the new bonds wi11 be used to
pay aI1 principal, interest, and related costs on the 1989 and 1990 bands
up to and including September 1, 1999 and Avgust 1, 2000, respectively.
The 1989 and 1990 bands wi11 be redeemed on the first optional redemption .
date of Septemb�r 1, 1999 and August 1, 2000, respectively. By refunding
the 1989 and 1990 bc�rids the City had an econc�nic gain of approximately
$710,000,
N�TE 20 - Pension Plans
Introduction
The City of Bangor provides retirernent pensions for its e.rrployees through
a nimeber 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 P1an at Maine State Retirement. The Defined Cantribution
Pension Plans are sectic�n 401(a) and 457 Deferred C�ensation Plans
administered by IC�IA/RC. Finally, those e,rrg�loyees not eligible for
coveraqe under either the D�efined Benefit or Defined Contribution Plans
are provided fu11 Social Security coverage.
A. Defined Benefit Pension Plans
The City of Bangor's teachers and teacher�defined school departnient
personnel are covered for retirement benefits under the State of Maine's
Public Teacher's Plan in the Maine State Retirement System (MSRS) . Other
30
CITY OF BANC�R, MAII�
Notes to Financial Statements
- June 30, I993
Note 20 - Continued
non-teacher personnel and municipal e�loyees (i.e. City e�loyees) are
covered under the City of Bangor's Participating Local District (PLD)
plan in the MSRS, which is a self funded retirement plan ac�ninistered by
MSRS on behalf of the City: The Maine State Retirement System. ("System"),
is an agent multiple-e.rrployer public errg�loyee retirement system that acts
as a c�n investrnent and adrrunistrative agent for cities in the State.
Fixed-term contract ercg�loyees and part-timers that w�rk Iess than 720
annual hours are exerrg�ted fran MSRS coverage.
1. Participating Loca1 District Plan
All full-time pezznanent City e.rrg�loyees are required to participate in
the System unless the errg�loyee is covered by an individual fixed tenn
contract. Benefits vest after ten years of service. City errg�loyees who
retire at or after age 60 are entitled to an annual retire.ntent benefit
for life, in an amount equal to a fraction of the'average final
catrqnensa'tion �1tiplied by years of inembership sezvice after the date of
establishment. Average final ccnrqoensation is defined as the average
annua.I rate of earnable c�mpensation of a mP,snber durinq the 3-5 years of
creditable service, not necessarily consecutive, in which such average
annual rate of earnable ca*rg�ensatian is highest. The system also provides
death and disability benefits. These benefit prr�visions and a11 other
requirements are established by State Statute and the adopted City plan.
City errg�loyees are required to contribute 6 1/2 percent of their annual
salary to the System. The City is required to contrihute the rernaining
amounts necessary to fund the System, using the actuarial basis specified
by statute. The City's payroll for errg�loyees covered by the System for
the year ended June 30, 1993 was $ 16,875,589.
The amount shown belaw as the "pension benefit obligation" is a
standazrlized disclosure measure of the present value of pensic�n benefits,
adjusted for the effects of projected salary increases and step-rate
benefits, est.unated to he payable in the future as a result of e,rrg�loyee
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
acc�mnilating sufficient assets to pay benefits wfien due, and make
ccang�arisons amang e,rrployers. The measure is the actuarial present value
of credited projected benefits and ia independent of the fundinq method
used to deterntine contributions to the System.
The pension benefit abligatic�n was ca�uted as part of an actuarial
valuatian perfornted as of June 30, 1993. Siqnificant actuarial
assvrrg�tions used in the valuations include (a) a rate of return c�n the
investment of present and future assets of 8 percent a year cc�rrg�ounded
annually, (b) additional projected salary increases of 6� a year,
attributable to seniority/merit, and (c) 4� cost of living ret.i.z'ement
benefit increases. Total unfunded pensian benefit c�bligation applicable
to the City's e�loyees was $41.9 million at �Tune 30, 1993, as follaws
(in millions) :
31
CITY OF BANf�R, MAINE
Notes to Financial Statetrtents
Jvne 30, 1993
Nn'1'E 20 - Cantinued
1993
Pension benefit ab.ligation:(in millionsJ
Retirees ancl beneficiaries currently r�ceiving
benefits and terminated �loyees not yet
receiving benefits $ 49.5
Current e�loyees-
Acccunulated earg�loyee contributions including
allocated investment earnings 12.3
�loyer financed vested 24.4
FF.�rg�loyer financed nonvested 4.3
Total pension benefit abliqatian 90.5
Net assets available for benefits, at cost
(rrkzrket value is $60.8 at June 30, 1993) 48.6
Unfunded pension benefit c�bligation $ 41.9
Unfunded pensian benefit abligation:
As a percent of total pension benefit
obligation 46.3$
As a percent of covered payroll 247.9$
Required cantributions are determined separately for service retirement
benefits, survivor benefits, and disability benefits elected an or after
January 1, 1977.
The System's funding policy provides for actuarially detexinined periodic
contributions for norn�al cost and for amortization of any unfunded
actuarial accrued liability so that sufficient assets will he available
to pay benefits when due. For dete�zing plan costs, assets are valued
at "actuarial value." The actuarial funding method used to cc�ute
actuarially determined contributian requirements is the entry age norn�►aI
method, a method under which the actuarial present value of the projected
benefits of each individual included in an actuarial valuatic�n is
allocated an a 1eve1 basis over the earr►�ngs or service of the individual
between entry age and assiur�ed e�rit age. The portian of this actuarial
present value allocated to a valuatic�n year is called the normal cost.
The portion of this actuarial present value not provided for at a
valuation date by the actuarial present value of futvre nozmal costs is
called the actuarial accrued liability.
The siqnificant actuarial ass�tians used to carrg�ute the actuarially
detennined contributian requirement are the sarrie as those used to cacrg�vte
the pension benefit abliqation as described above.
The contri.bution to the System for 1993 was $4,657,440 and was made in
acco�ance with actuarially deternuned requirements carrg�uted through an
actuarial valuation performed as of June 30, 1991. The contribution
consisted of $1,705,679 normal cost (10.12$ of current covered payroll)
and $1,852,940 amortization of the iuifunded actuarial accrued liability
(I0.98� of current covered payroll) . The City contributed $3,558,619
(21.10$ of current covered payroll); �loyees contributed $I,098,821
(6.5� of current covered payroll).
32
CITY OF B�11K�R, MAINE
Notes to Financial Statc-�nents
J'une 30, 1993
NCy1'E 20 - Continued
2. Public Teachers Plan
The covered teacher's payroll for fiscal year 1993 was $14,012,790. The
State of Maine paid the e�loyers share for its Public Teacher's Plan. In
the case of federally funded positions, the funding grant pays the
e,rrployers share. During fiscal year 1993, $139,017 in etrg�loyer's share
was chaz�ged to various school grants for $649,005 in covered payroll.
3. Historical Trend Information
Ten year trend infonnation calculated in accorriance with GASB #5 is not
available.
Five year historical trend infonnatian is contained in Tab1e 8.
B. Defined Contribution Pension Plan
The City of Bangor provides pension benefits for certain of its full-time
employees through both 401(a) and 457 D�eferred Carrg�ensation Plans
(defined contributian plan (DCP)) ac�ninistered by IC�!/RC. In a DCP,
benefits depend solely c�n amounts contribvted to the plan plus investment
earnings. Participation for fixed-tenn contract e,rrployees is provided in
lieu of the defined benefit plan thr�uqh the Maine State Retirement
System. Covered �loyees are eligible to participate and are fu11y
vested fi�n the date of ertg�loytnent.
The City contributes at various rates depending upon e.rrg�loyrr�ent
contracts. The contribution rates vary fizyn 9.0$ - 16.2$ of annual
earnings. The covered gayroll in fiscal year 1993 was appraximately
$417,500 and City cantributions totaled appraximately $47,200.
All amounts of corrg�ensatic�n deferred under the 457 p1an, a11 property and
rights purchased with those arr►ounts and a11 incn*r�e attributable to those
amounts, property or rights are (until paid or made available to the
erqployee 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. �
The City has no liability for losses under the plan hut does have the
duty of care that cv�uld be required of an on�inary prudent investor. The
City believes it is unlikely that it will use the assets to satisfy the
claims of gen�ral creditors in the future.
C. Social Security
The City of Banqor does not have a sectian 218 agreement to provide fu11
social security coverage to its' en�ployees. The City provides full
social secvrity coverage to part-tune, seasonal and te�orary e.rr�oloyees
under the Qrmibus Budqet Reconciliatian Act of 1990, and IRS regulations;
which became effective July 1, 1991.
� 33
Sch��dule A-1
CITY OF BANC�R, MAINE
General Ft�nd
Balance Sheet
June 30, 1993
(with carrqoarative totals for June 30, 1992).
1993 1992
Assets
Cash $ 81,213 $ 2,385,603
Investments 3,020,456 50,000
Receivables:
Taxes, including interest and liens 2,829,403 2,831,040
Accounts 751,287 338,057
Interest - 17,436
Due fr�n other governments 2,682,528 2,177,393
Due fr�rn other funds 1,138,980 -
Inventory, at cost 314,836 357,900
Other assets 21,221 47,533
Total assets $ 10,839,924 $ 8,204,962
Liabilities
Accounts payable $ 1,292,497 $ 768,060
Workers' c�. self insurance 619,800 619,800
Taxes collected in advance 15,437 19,700
Deferred revenues 2,389,108 2,386,697
Accrued payroll & withholdings 1,689,050 1,528,589
Total Iiabilities 6,005,892 5,322,846
Fund balances
Reserved for enclmibrances 716,289 415,387
Unreserved:
Designated for subsequent years'
expenditures 2,320,536 1,642,340
Undesignated 1,797,207 824,389
Total fund balances 4,834,032 2,882,116
Tota1 liabilities and fund
balances $ 10,839,924 $ 8,204,962
34
Schedule A-2
CITY OF BANC�R, MAINE
General Fund
Statement of Revenues, Expenditures, and
Changes in Unreserved/Undesignated Ft�rid Balance - Budget and Actual
Year Ended June 30, 1993
Uariance
Balances Favorable (Unfavorable)
Carried Lapsed to
7/1/92 Bvdqet Actual Surplus Carried
Revenues:
Taxes:
Rea1 and personal property $ - $ 26,688,966 $ 27,022,616 $ 333,650 $ -
Change in deferred pzz�perty tax
revenues - - 38,392 38,392 -
Autamobile and boat excise taxes - 2,320,000 2,548,060 � 228,060 -
Interest on delinquent taxes - 220,000 408,331 I88,331 -
Tota1 taxes - 29,228,966 30,017,399 788,433 -
Intergovernmental revenue:
State revenue sharing - 2,000,000 2,131,691 131,691 -
School subsidy - 8,614,568 8,607,929 - (6,639)
Payment in lieu of taxes - 25,000 30,652 5,652 -
Other - 3,699,590 3,324,214 42,592 (417,968Z
Total intergovezzun�ental revenue - 14,339,158 14,094,486 179,935 (424,607)
Other revenue: .
Licenses and pezmits - 226,260 270,248 43,988 -
Charges for services (416,099) 6,570,466 6,586,779 128,032 304,380
Fines, forfeits, and penalties - 23,000 11,788 (11,212) -
Revenue fnxn use of money and property - 625,025 381,952 (254,620� 11,547
Tota1 other revenue (416,099) 7,444,751 7,250,767 (93,812Z 315,927
Tota1 revenues (416,099} 5I,012,875 5I,362,652 874,556 (108,680)
35
� Schedule A-2, (Cont.Z
CITY OF BAI�R, MAINE
General Fund
Stat�rient of Revenues, Expenditures, and
Changes in Unreserved/Undesignated Fund Balance - Budget and Actual
Year Ended Jvne 30, 1993
Variance
Balances Favorable (Unfavorable)
Carried Lapse�d to
7/1/92 BudQet Actual Surplus Carried
Expenditures:
General governrnent:
Council - 64,999 53,622 11,377 -
Executive - 1,294,645 1,290,901 3,744 -
City clerk , - 297,209 278,4I0 18,799 -
Finance - 553,562 535,579 17,983 -
Assessment - 218,764 209,396 9,368 -
Insurance - 286,716 295,818 (9,102) -
Planning - " 162,714 169,272 (6,558) -
Legal - 151,110 148,059 3,051 -
Personnel - 97,907 89,045 8,862 -
Econornic develc�srtent and research - 128,720 118,897 9,823 -
2bta1 general government - 3,256,346 3,188,999 67,347 -
P�,b1ic Safety:
Police - 3,519,946 3,550,708 (30,762) -
Fire - 5,040,182 5,128,155 (87,973� -
Tota1 public safety - 8,560,128 8,678,863 (118,7351 -
Health, welfare, and recreatic�n:
Health and welfare (18,844) 3,853,463 3,434,463 (60,230) _ 460,386
Parks and recreatian - 731,097 721,216 9,881 -
Total health, welfare & recreation (18,8441 4,584,560 4,155,679 (50,349� 460,386
Public buildings and services:
Public services - 4,374,321 4,358,012 16,309 -
Motor pool - - (154,994) 154,994 -
Private school sezvices - 1I4,242 99,710 14,532 -
Total pvblic buildings and services - 4,488,563 4,302,728 185,835 -
Other agencies:
Taxes paid to county - 1,119,341 1,119,341 - -
Public library - 552,369 552,369 - -
Total other aqencies - 1,671,710 1,671,710 - -
36
Sched�le A-2, (Cont.)
CITY OF BANLl�R, MAINE
� General Ftrnd
Staternent of Revenues, Exyenditures, and
Changes in Unreserved/Undesignated Ft�nd Balance - Budget and Actual
Year Ended June 30, 1993'
Uariance
Balances Favorable (Unfavorable)
Carricd Lapsed to
7/1/92 Budget Actual Surplus Carried
Education 13,955 25,937,291 25,854,492 - 96,754
Other appmpriations:
Recreation district tax - 95,i20 95,120 - -
Pensions and other fringe benefits - 104,676 118,371 (13,695) -
Contingent - 18,400 - 18,400 -
D�ebt service - 1,150,559 1,160,983 L10,424) -
Total other appropriations - 1,368,755 1,374,474 (5,719) -
Tota1 ex�enditures j4,889) 49,867,353 49,226,9�5 78,379 557,140
Excess (deficiency) of revenues
over expenditures (411,210� 1,145,522 2,135,707 952,935 448,460 . .
Other financing sour•ces (uses):
Appropriation from designated fund balances - (433,112) (433,112) - -
Operat.ing transfers - (8,000) (14,000) (6,000) -
Parking Fund subsidy - (489,302) (463,419) 25,883 -
Bass Park subsidy - (215,108) (215,108) - -
Total other financing souz�es (uses) - (1,145,522Z (1,125,639) 19,883 -
F�rcess (deficiency) of revenues over �
expenditures and other sources
(uses) $ (411,210) $ - $ 1,010,068 972,818 $ 448,460
Unreserved/undesignated fund balance,
�qi nn i ng of pez-iod 824,389
Unreserved/undesignated fund balance,
end of period $1,797,207 �
37 -��
Schedule B-1
CITY OF BA1V(�R, MAINE
Special Revenue Funds
C�ining Balance Sheet
June 30, 1993
(with carrg�az-ative totals for June 30, 1992)
Econarnic
Ccxrnrunity Urban Incentive
Develo�rrent Develo�r�ent Revolving Totals
B1ock Grants Action Grants Loan Fund 1993 1992
Assets
Cash $ - $ 7,593 $ 170,949 $ 178,542 $ 226,557
Interest receivable - - - - 734
Loans receivable 1,814,850 1,115,131 14,218 2,944,199. 2,743,277
Due fi�n other funds - - 58,503 58,503 -
Due fr�n other governments 98,947 - - 98,947 150,299
Total assets $ 1,913,797 $ 1,122,724 $ 243,670 $ 3,280,191 $ 3,120,867
Liabilities
Accovnts payable $ 56,577 $ - $ - $ 56,577 $' � 35,838
Accrued payroll & withholdings 3,153 - - 3,153 1,145
Due to rehabilitation recipients 42,320 - - 42,320 70,468
Deferred revenue 1,814,850 1,115,131 14,218 2,944,199 2,743,277
Due to other funds 58,503 - - 58,503 -
Total liabilities 1,975,403 1,115,131 14,218 3,104,752 . 2,850,728
Fund Balances
Reserve for enccunbrances 18,900 - - 18,900 21,394
D�esignated fund balance (80,506) 7,593 229,452 156,539 248,745
Tota1 fi�nd balances (61,606) 7,593 229,452 175,439 270,139
Total Iiabilities and
fund balances $ 1,913,797 $ 1,122,724 $ 243,670 $ 3,280,191 $ 3,120,867
38
Schedule B-2
CITY OF BANCl7R, MAIl�
Special Revenue Funds
C�ining Statement of Revenues, Expenditures, and
_ Changes in Fcuid Balances
Year Ended June 30, 1993
Econamic
Ccamrninity Urban Incentive
D�evelopenent D�evelopment Revolving
Revenues: B�ock Grants Action Grants I,oan Fund Totals
Intergoven�mental $ 816,707 $ - ,S - $ 816,707
Program incaene 285,066 4,012 9,690 298,768
Revenue frarn use of money and property 1,669 87 3,565 5,321
Total revenues 1,103,442 4,099 13,255 1,120,796 .
Ex�enditures:
Acquisition of real property (6,719) - - (6,719)
Public wr�rks facilities site i�rovements 512,770 - - 512,770
Code enforcement 1,323 - - 1,323
Disposition of real property 13,847 - - 13,847
AdministratYon 195,362 - - 195,362
Rehabilitation and presenration activities 472,436 - - 472,436
planninq 9�456 - - 9�456
Econarnic developenent 10,414 - - 10,414
Econcpnic incentive expenditures - - 6,607 6,607
Tota1 expenditures 1,208,889 - 6,607 1,215,496
E�rcess (deficiency) of revenues
over expenditures (105,447) 4,099 6,648 (94,700)
Fund balances, at beg�nning of period 43,841 3,494 222,804 270,139
Ft�nd balances, at end of period $ (61,606) $ 7,593 $ 229,452 $ 175,439
39
Schedule C-1
CITY OF BANQOR, MAINE
Capital Projects Funds
Balance Sheet
June 30, 1993
(with carrg�arative totals for June 30, 1992)
1993 1992
Assets
Cash $ 1,091,356 $ 378,796
Interest receivable - 21
Contribution receivable - 491,843
D�eferrerl street assessments 30,130 30,130
Investment in bond proceeds 910,789 51,140
Total assets $ 2,032,275 $ 951,930
Liabilities •
Accounts payable S 278,378 S 346,075
Ft�nd Balances
Reserved for encurrd�rances 988,737 3,069,507
Unreserved:
Designated for capital project
e�enditures 322,630 (2,656,257)
Undesignated:
Deferred street assessct�ents 30,130 30,130
Future construction - General 390,525 140,600
Future construction - School 21,875 21,875
Total fund balances 1,753,897 605,855
Total liabilities and
fund b�alances $ 2,032,275 �' 951,930
40
Schedule C-2
CITY OF BAN�R, MAINE
Capital Projects Ft�nds
Ccr�ining Staterr�ent of Revenues, E�q�enditures,
and Changes in Ftind Balances
Year Ended June 30, 1993
Reserves
Ot1�er for Fliture
BuildinQs Streets E3ectrical Schools Proiects Construction Total
Revenues:
Interest incc�e $ 3,942 $ - $ - $ 86,535 $ 3,342 $ - $ 93,819
Inte�overnmental 677,397 65,000 - - 7�7,222 - 1,459,619
Contributions - - - - 214,644 - 214,644
Tota1 revenues 681,339 65,OD0 - � 86,��5 93�,�08 - 1,768,082
Expenditures:
Capital additions 1,056,6Z9 67,332 - 3,475,022 1,571,684 - 6,170,717
Deficiency of
revenues over
expenditures (375,340� (2,332) - (.3,388,487) (636,4761 - �4,402,635�
Other financing
sources (uses) :
Operating transfers
in {out) - - - - 480,677 - 480,677
, General obligation
bond proceeds 410,000 - - 4,4�5,000 . 165,000 - 5,0�0,000
-- Ziotal other financing
souz•ces(uses) 410,000 - - 4,495,000 645,677 - 5,550,677
Excess (deficiency) of
revenues and other
sources over expenditures
and other uses 34,660 (2,332) - 1,106,513 9,201 - 1,148,042
Fund balances, at
�q,�n i nq of pe.z-iod - 52�540 60 (254,634) 615�285 192�604 605�855
Transfers fr�n (to)
reserves for future
construction - (73,888) (60) - (1 75,978) 249,926 -
Residual equity
transfer - (18,437� - - 18,437 - -
FS�rid b�al.ances, at
end of period $ 34,,660 $ (42,117) $ - $ 851,879 $ 466,945 $ 442,530 $ 1,753,897
41
CITY OF BAN(�R, MAINE
Enterprise Ftuids
Combining Balance Sheet
June 30, I993
(with ccprg�arative totals for June 30, 1992)
Sewer �
Utility Airport
Fund Fund
Assets '
Cvrrent assets:
Cash $ 2,254,555 $ 4,694,860
Investments - 3,288,834
Due fram water district 92,943 -
Due fram other funds - -
Due fram other governments - 1,424,733
Interest receivable - -
Accounts receivable 1,818,740 1,723,703 �
Less: allawance for estimated
uncollectible accounts 25,359 192,982
Net accounts receivable 1,793,381 1,530,721
Invest.rnent in direct financing lease - 92,253
Inventory, at cost 34,996 98,432
Prepaid ex�enses 7,283 34,179.
Tota1 current assets 4,183,158 11,164,012
Property, plant & equiprnent:
Land 683,865 -
Buildings, plant & equiprnent 28,475,461 -
Pipelines & mai.ns 27,841,939 -
Aircraft operaticanal assets - 140,577,316
Parkinq structures - -
Constructic�n in process . 1,582,882 18,052,908
58,584,147 ' 158,630,224
Less: acccmiulated depreciation 9,108,331 49,560,718
Net property, plant & equiprr�ent 49,475,816 109,069,506
Other assets:
Investr�ents - 6,072,724
Investment in bond proceeds - 534,327
Invest,ment in ban pnxeeds - -
Investment for capital projects . - (200)
Investment in direct financing lease - 1,153,156
Investment in RRG insurance - 53,260
Due from hond trustee - -
D�eferred sewer assessments 117,742 -
Operating riqhts (net of acciumilated
amortization of $805,137 in 1993 and
$758,007 in 1992) - 494,863
Bond issuance costs (net of acclmnilated
amortization of $41,506 in 1993 and
$20,753 in 1992) 373,556 - .
Dieposits - 10,000
Tota1 assets $54,150,272 $128,55I,648
* Certain amovnts have been reclassed to conform with 1993 presentation.
Schedule D-1
City Municipa.I
Nursing Parking Bass Park Golf Totals
Facility Ftuid F'und Course 1993 1992*
$ 150 $ 178,570 $ 47,418 $ 500 $ 7,176,053 $ 15,422,689
- - - - 3,288,834 -
- - - - 92,943 30,986
- - - - - 1,156,498
148,786 - - - 1,573,519 2,386,669
- - - - - 20,488
201,794 2,979 22,884 - 3,770,100 3,591,240
8,469 - 3,785 - 230,595 213,294
193 325 2 979 19 099 - 3 539 505 3 377 946
- - - - 92,253 92,253
25,928 - 5,910 - 165,266 163,240
3 322 - 23 413 - 68 197 35 092
371,511 181,549 95,840 500 15,996,570 22,685,861
37,575 - 214,775 - 936,215 195,585
2,660,427 - 4,890,955 748,306 36,775,149 13,188,112
- - - - 27,841,939 18,747,600
- - - - 140,577,316 139,992,482
- 6,455,57I - - 6,455,571 6,446,376
- - 192,681 116,323 I9,944,794 32,723,663
2,698,002 6,455,571 5,298,411 864,629 232,530,984 211,293,818
1,851,615 1,382,252 2,368,163 119 224 64 390 303 59 021 808
846 387 5 073 319 2 930 248 745 405 168 140 681 152 272 010
- - - - 6,072,724 -
- - 271,460 - 805,787 - .
• - - - - - 743,075
- - - - (200) 621,163
- - - - 1,153,156 1,245,409
- - - - 53,260 53,260
- - - - - 6,241,243
- - - - 117,742 119,525
- = - - 494,863 54I,993
- - - - 373,556 394,309
- 19,602 - - 29,602 19,602
$ 1,217,898 $5,274,470 $ 3,297,548 $ 745,905 $193,237,741 $184,937,450
42
CITY OF �R, MATAIE
Enterprise F'unds
Cc�ining Balance Sheet
June 30, 1993
(with carrg�arative totals for Jnne 30, 1992)
Sew�z
� Utility Airport
Fund Ft�nd �
Liabilities and Fund Equity
Current liabilities:
Accounts payable $ 254,599 $ 1,178,697
Accrved payroll and withholdings 20,890 102,111
Direct financing lease payments payable - 28,489
Unearned incc�rne - 63,764
Due to other funds , -
Workers' c� self insurance 38,509 68,401
Accrued leave 28;171 117,037
Accrued interest . 504,963 . 94,588
Accrued expenses - 20,676
D�efezred revenue 777,824 830
Eurrent installments - general and
limited revenue obligation bands 1,946,352 114,207
Total current liabilities 3,571,308 1,788,800
LQng-te.zm liabilities:
Direct financing lease payments payable - 689,221
Unearned inc�e - 463,935
Defezred sewer assessments 117,743 -
, Developer payable 63,735 -
General and limited revenne abligation
bQnds (net of current portian) 30,206,647 6,014,905
Arbitrage payable 87,843 -
Workers' cc�p self insurance 34,923 -
Total long-tenn liabilities 30,510,891 7,168,061
Tota1 liabilities 34,082,199 8,956,861 ,
Contributed capital:
City 4,441,659 -
Feaieral, state and other 5,240,182 � 92,086,623
Custarners 892,382 -
Total contribUted capital 10,574,223 � 92,086,623
Retained earnings:
Appropriated 450,282 2,436,662
Unapp.ropriated 9,043,568 25,071,502
Total retained earnings 9,493,850 27,508,164
Total fund equity 20,068,073 119,594,787
Tota1 liabilities and fvnd equity $54,150,272 $ 128,551,648
Schedule I}1, (Cant.)
City Municipal
Nursing Parking Bass Park Go1f Totals
Facility Fund Fund Course 1993 1992
$ 99,722 $ 34,432 $ 113,009 $ 21,176 $ 1,701,635 $ 2,939,616
42,018 3,373 24,113 7,819 200,324 86,885
- - - - 28,489 26,034
- - - - 63,764 66,219
299,704 - 836,647 2,629 1,138,980 1,156,498
100,528 5,500 10,479 23,710 247,127 193,005
36,497 4,755 20,587 3,177 210,224 200,568
4,815 145,700 10,819 3,451 764,336 775,072
- - - - 20,676 22,112
9,200 - 2,002 - 789,856 39,044
52,280 349,374 88,313 65,538 2,616,064 1,199,045
644 764 543,134 1,105,969 127,500 7,781,475 6,704,098
- - - - 689,221 717,710
- - - - 463,935 527,699
- - - - 117,743 119,525
- - - - 63,735 73,118
466,839 4,748,951 1,088,101 257,848 42,783,291 39,561,990
- 4,218 - - 92,061 89,639
252,843 - - - 287,766 667,419
719 682 4,753 169 1,088,101 257,848 44,497,752 41,757,100
1,364 446 5,296,303 2,194,070 385,348 52,279,227 48,461,198
91,234 9,980 850,743 85,000 5,478,616 5,775,556
73,141 123,250 943,368 - 98,466,564 96,997,072
- - - - 892,382 902,357
164 375 133 230 1,794,111 85,000 104,837,562 103,674,985
14,876 125,592 9,761 47,862 3,085,035 4,335,014
(325,799 L_(280,655) (700,394) 227,695 33,035,917 28,466,253
(310,923L_(155,063 L_(690,6331 275,557 36,120,952 32,801,267
(146,548) (21,833) 1,103,478 360,557 140,958,514 136,476,252__
$ 1,217,898 $5,274,470 $ 3,297,548 $ 745,905 $193,237,741 $ 184,937,450
43
CITY OF BAI�R, MAINE
Enterprise F'unds
Carnbining Statement of Revenues, Fxpenses and
Changes in Retained Earnings
Year Ended June 30, 1993
Sewer
Utility
Fttnd
Operating revenues:
Charyes for services $ 4,087,958
Operating e3g�enses:
Operating expenses other than depreciation
and amortization 2,107,342
Depreciatian and amortization
On assets acquired with avn funds 757,828
On assets ac�quired with contributions 279,368
Total operating expenses 3,144,538
Operating inc�ne (loss) 943,420
Nan operating revenue (expense):
Interest inc�rne 157,952 .
Interest e,xpense (1,404,729)
Miscellaneous incarne 11,308
Operating transfer fi-ryn General Ftuid -
Net nan operating revenue (expense) (1,235,469)
Net inc�ne (loss) (292,049)
Add depreciation and amortization c�n assets
aaquired with cantributic�ns 279,368
Increase (decrease) in retained earnings (12,681)
Retained e�n�ngs, at .beginning of period 9,506,531
Retained e�nings, at end of period $ 9,493,850
Schedule I}2
City Municipal
Aizport Nursing Parking Bass Park , Go1f
____ __ Fund Facility Fund Fund Course Total
� 14,425,766 S 2,390,505 S 596,067 S 2,339,910 $ 468,332 S 24,308,538
10,962,918 2,165,626 381,013 2,575,161 339,665 18,531,725
529,311 51,251 318,739 65,782 39,885 1,762,796
3,179,428 59,638 13,906 152,092 - 3,684,432
14,671,657 2,276,515 713,658 2,793,035 379,550 23,978,953
(245,891) 113,990 (117,591) (453,125) 88,782 � 329,585
470,810 3,899 1,241 24,485 1,099 659,486
(134,067) (36,766) (361,058) (86,169) (24,020) (2,046,809)
- 3,073 97 - - 14,478
- - 463,405 215,108 - 678,513
336,743 (29,794) 103,685 153,424 j22,921) j694,332�
90,852 84,196 (13,906) (299,701) 65,861 (364,747)
3,179,428 59,638 13,906 152,092 - 3,684,432
3,270,280 143,834 - (147,609) 65,861 3,319,685
24,237,884 (454,757�(155,063�(543,024) 209,696 32,801,267
$ 27,508,164 $ (310,923) $(155,063) $ (690,633) $ 275,557 $ 36,120,952
44
CITY OF BANC�R, MAINE
Enterprise F7uids
Cc�nbining Statement of Cash Flays
Year Ended June 30, 1993
Sewer
Utility
Fund
Cash flaws fr�r► operating activities:
Cash received fram custamers $ 3,650,663
Cash payments to suppliers for goods
and services (1,678,498)
Cash payments to e,r►g�loyees for sezvices (534,1261
Net cash provided by (used in) operat.�ng
activities 1,438,039
Cash flaws fr4m noncapital financing activities:
Interfund loans (repa.yrnents) -
Operating subsidies received (paid) -
Net cash provided by (used in) noncapital
financing activities -
Cash flaws fram capital and related financing
activities:
Proceeds frorn qeneral and limited revenue
abligatian bonds 4,647,087
Acquisitian and constxuction of capital assets (7,481,989)
Principal paid on bonds (3,646,088)
Interest paid an bonds (1,802,609)
Proceeds frarn sale of equiptr�ent 75,949
Grant monies received for capital assets -
Contributions received for capital assets 356,221
Investrnent capital projects -
Investanent bond & ban proceeds 6,549,307
Net cash provided by (used in) capita.l and
related financing activities (1,302,122�
Cash f1a,�s fram investing activities:
Purchase of investments -
Interest on investr�ents 213,982
Net cash provided by (used in)
investing activities 213,982
Net increase (decrease) in cash 349,899
Cash� at beginn�ng of pez'iod 1,904,656
Cash, at end of period $ 2,254,555
S�
ESO 9LT L $ 005 $ 8T� L� � OLS 8LI $ OSi $ 098 �69 � $
689 ZZ� ST L98 E9 68L TS OLS 69T OSI LS9 Z�Z �T
(9£9'9�Z'8) (L9£''E9) (TL£'�) 000'6 - (L6L'L£'S'8)
68£' E99 8 00£ I 98� �Z ZSE � �S6 L Z9fi� �T6 8
OLT 869 00� T 98� fiZ ZS'£' £ �56 L L60 Li��
(6SS'I9�'6I - - - - (65S'T9£''6)
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E-Q alnPa��S
CITY OF BANC�R, MAINE
Enterprise Funds
C�ining Statem�ent of Cash Flows
Year Ended June 30, 1993
Sewer
Utility
Fund
Recanciliation of operating incame to net cash
provided by (used in) operating activities:
Operating income (Ioss) $ 943,420
Adjustntents to reconcile operating incane (loss)
to net cash provided by (used in) operating
activities:
Depreciatian and amortizatian 1,037,196
Provision for uncollectible accounts 5,409
Changes in assets and liabilities:
(Increase) decrease in deposits -
(Increase) decrease in accounts receivable (375,338)
(Increase) decrease in due fiz�n state government -
(Increase) decrease in due from water district (61,957)
(Increase) decrease in inventory 7,196
(Increase) decrease in prepaid expenses (5,397)
Increase (decrease) in accounts payable 16,903
Increase (decrease) in accrued expenses (129,393)
Increase (decrease) in deferred revenue -
Tota1 adjustments 494,619
Net cash provided by (used in) operating
activities $ 1,438,039
Schedule D-3, jCont.1
City Municipal
Airport Nursing Parking Bass Park Golf
Fund Facility Fund Fyarid Course Tota1
� (245,891) S I13,990 $(117,591�(453,125) $ 88,782 $ 329 585
3,708,739 110,889 332,645 2I7,874 39,885 5,447,228
11,254 5,469 - (4,831) - 17,301
(10,000) - (19,602) - - (29,602)
977,683 (44,804) 19 41,406 - 598,966
- (148,786) - - - (148,786)
(61,957)
(4,007) (6,275) - 1,059 - (2,027)
(25,953) 55 19,602 (1,810) - (13,503)
102,155 53,344 6,406 16,961 10,835 206,604
47,305 (141,518) 8,142 (17,674) 29,265 (203,873)
f8,6721 6,879 - (25 217) - - (27,010)
4,798,504 (164,747) 347 212 227 768 79 985 5 783,341
$ 4,552,613 $ (50,757) $ 229,62I $ (225,357) ,S 168,767 $ 6,112,926
46
Schedule E-1
CITY OF BANC�R, MAINE
Trust & Agency F7unds �
CcYnbining Balance Sheet
' June 30, 1993
(with carrgaarative totals for June 30,1992)
Nonexpendable Trust Ft�nds Totals
Other Revolving Expendable Agency �
Ft�nds Laan Funds Tota1• Trvst Funds Ft�nd 1993 1992
Assets
Cash $ (2,426) $ 4,404 $ 1,978 $ - $ 499,169 $ 501,147 $ 476,305
Investrnents , at cost
(Market value, 1993 $3,611,91I
1992 $3,058,003) 770,014 42,534 812,548 24,826 2,706,662 3,544,036 3,018,210
Receivables:
Accounts - - - - 385 385 509
Loans to students - 61,591 61,591 - - 61,591 55,642
Interest - - - - - - 2,001
Due frarn other governments - - - - - - 10,384
Tota1 assets $ 767,588 $ 108,529 $ 876,117 $ 24,826 $ 3,206,216 $4,107,159 $3,563,051
Liabilities
Amounts held by agency fund
for others $ - $ - $ - $ - $ 3,206,216 $3,206,216 $2,667,714
Fund Balances
Reserve for loans - 108,529 108,529 - - 108,529 104,017
Reserve �for endawrr►ents 519,758 � - 519,758 - - 519,758 516,900
Unresenred - designated for
subsequent ex�nditures 247,830 - 247,830 24,826 - 272,656 274,420
Ztotal fund ha.iances 767,588 108,529 876,117 24,826 - 900,943 895,337
Total liabilities and
fund Iaalances $ 767,588 $ 108,529 $ 876,117 $ 24,826 $ 3,206,216 $4,107,159 $3,563,051
47
Schedule E-2
CITY OF BANG�R, MAINE
Expendable Trust Ftuids
StatPment of Revenues, Expenditures, and
Chanqes in Ft�nd Balances
Year Ended June 30, 1993
Revenues:
Interest $ 1,593
Contributions 11,361
Total rev�nues 12,954
Expenditures:
Payments to beneficiaries 4,284
Z+otal expenditures 4,284
Excess of revenues over expenditures 8,670
Fund balances, at begirLn�ng of period 16,155
Fund balances, at end of period� $ 24,826
48
Schedule E-3
CITY OF BAN(�R, MAINE
Nonexpendable Trust Funds
Caenbining Statement of Revenues, Expenses, and
Changes in Fund Balances
Year Ended June 30, 1993
. Other Revolving
Operating revenues: Funds Loan Fund Total
Interest $ 58,359 $ 4,546 $ 62,905
Lot sales 3,625 - 3,625
3'otal revenues 61,984 4,546 66,530
Operating expenses:
Per�etual care fees 42,327 - 42,327
Distribution to Cit� Nursing Facility 3,074 - 3,074
Uther payments to beneficiaries 24,159 - 24,159
Miscellaneous - 34 34
Total expenses 69,560 34 69,594 .
Net inca�rae (7,576) 4,512 (3,064)
Fund balances, at beg�nn�ng of pez'iod 775,164 104,017 879,181
Fund balances, at end of period $ 767,588 ,5 108,529 $ 876,117
49
Schedule E-4
CITY OF B�R, MAINE
Nc�ne..�g�endable Trust �nds
Cc�ining State,r�ent of Cash F1aas
. Year Endeoi Jvne 30, 1993
Other Revolving
Ftuids Loan F'und Tota1
Cash flows fizxn operating activities:
Cash received fram custc�ners $ 3,625 $ - $ 3,625
Cash received an invest.ments 58,359 2,347 60,706
Cash received frarn interest �on loans - 2,199 2,199
Cash paid to beneficiaries (69,560) - (69,560)
Cash paid for operating expenses - (34) {34Z
Net cash provided by operating activities (7,576) 4,512 (3,0641
Cash flaws frcgn noncapital financing activities:
Student loans made - (7,000) (7,000)
Student loan payments received - 1,050 1,050
Net cash provided by noncapital financing activities - (5,950) (5,950)
Cash flays fi�rxn investing activities:
Net sales (purchases) of investrr�ents 21,649 2,534 24,183
Net cash provided by (used in) investing activities 21,649 2,534 24,183
Net increase (decrease) in cash 14,073 1,096 15,169
Cash, at begirLn�ng of period (16,499Z 3,308 (13,191t
Cash, at end of period $ (2,426) $ 4,404 $ 1,978
Reconciliation of operating incarne to net cash provided by
operating activities:
Operating incarne $ (7,576) $ . 4,512 $ (3,064)
Ad j ustments to reconcile c�eratinq incc�ne to net cash
provided by operating activities:
Tota1 adjvst.ments - - -
Net cash provided hy operating activities $ (7,576) $ 4,512 $ (3,064)
50
Schedule F
CITY OF BANC,bR, MAINE ' .
Assessed Valuation, Catrmitment and Collectians
Year Ended June 30, 1993 .
Valuation:
T,and and buildings $ 1,156,474,000
Personal property 109,541,200
Tota1 valuation $ 1,266,015,200
C�rtnitlr�ent:
Real estate and personal property $1,266,015,200
Tax rate .0214
Total corrm.itment 27,092,725
Add:
Supplemental taxes canmitted 25,899
27,118,624
Less: �
Collections - 1993 25,020,672
Abatements 105,234
1993 Taxes receivable at June 30, 1993 $ I,992,718
51
Table 1
CITY OF BANC�R, MAINE
Property Tax Daluations, Levies and Collections
Last Ten Fiscal Periods
Collections
Fiscal Assessed Property Property in Year �-age of
Year Ualuation Tax Rate Tax Levy of Levy Collections
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 5I3,223,900 32.00 16,423,165 15,812,838 96.3
1987 547,229,100 31.30 17,128,271 16,416,426 95.8
1988 891,549,000 20.30 '18,098,445 17,436,509 96.3
1989 1,022,201,700 19.50 19,932,933 19,124,842 96.0
1990 1,183,632,000 17.75 21,009,468 19,765,915 94.1
1991 1,220,826,100 18.90 23,073,613 21,3I3,338 92.4
1992 1,241,555,000 21.30 26,445,122 24,316,637 92.0
1993 1,266,015,200 21.40 27,092,725 25,020,672 92.4
52
Tab1e 2
CITY OF BANQ7R, MAINE
Loca1 Assessed Ualuatians
Last Ten Fiscal Periods
Fiscal Total Assessed Personal
Year Tax Rate ., Ualuation Real Property Property
1984 33.63 470,635,982 424,900,452 45,735,530
1985 .32.00 484,384,300 438,259,600 46,124,700
1986 32.00 513,223,900 455,361,100 57,862,800
1987 31.30 547,229,100 486,352,000 60,877,100
1988 20.30 891,549,000 804,676,300 86,872,700
1989 19.50 1,022,201,700 927,665,500 94,536,200
1990 17.75 1,183,632,000 1,082,126,000 101,506,000
T991 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
1993 21.40 1,266,015,200 1,156,474,000 109,541,200
53
This page left intentionally blank. �
CITY OF B�R, MAINE
General Fund Expenditures by Function**
Last Ten Fiscal Periods
Public �
Health, Taxes Buildings
Fiscal General Pu,blic Welfare & Paid to and Public
Year Gavernrr�nt Safety Recreation County Services
1984 1,621,971 4,819,962 1,507,402 372,II7 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
1993 3,188,999 8,678,863 4,155,679 1,119,341 4,302,728
. * D�oes not include Education - related debt
** Budget basis - Schedule A-2
4 Table 3
D�esiqnated � .
Deht* Fund ..
Education Service Balance Other Tota1
10,442,128 . 998,226 - 714,854 24,026,875
I1,461,23I 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 1,2I0,420 - 747,I93. 48,508,136
25,854,492 1,160,983 - 765,860 49,226,945
54
CITY OF BANQ')R, MAINE
General Fund Revenue by Source*
Last Ten Fiscal Periods
Fiscal Property Other Licenses & Fines &
Year Taxes Taxes Permits Forfeits
1984 15,945,826 1,591,819 210,117 60,467
1985 15,967,934 1,727,442 234,607 60,879
I986 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 22,21I,177 2,612,983 199,007 15,355
1992 26,029,037 2,699,585 232,584 12,486
I993 27,061,008 2,956,391 270,248 11,788
* Budget basis - Schedule A-2
Table 4
Use of Inter- Changes
Maney & GovezTunental for Re.i.m- Tota1
Property Revenue Services bursements Revenues
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 12,269,9I2 5,154,889 1,423,846 45,049,326
505,967 11,366,929 5,937,666 2,804,902 49,589,156
381,952 14,094,486 6,586,779 - 51,362,652
� 55
Table 5
CITY OF BANGIOR, MAINE
Ratio of Annual Debt Service Expenditures for
General Bonded D�ebt to Total General Fe.�nd E�Oenditures
Last Ten Fiscal Periods
Percentage of
- D�ebt Sezvice
Zbta1 General Tota1 to Total
Fiscal . Bonded D�ebt General Ftu�td General
Year Princigal Interest Service Expenditures* Expend.itures
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
1993 I,541,233 1,177,919 2,719,152 49,226,945 5.524
* Budget b�asis - Schedule A-2
56
Table 6
CITY OF BANC�R, MAINE
D�ebt Service Requirements to Maturity
General Obligation Bands
Fiscal Tota1
Year Principal Interest Requirement
1994 $ 4,440,000 $ 3,617,549 $ 8,057,549
1995 4,240,000 3,348,537 7,588,537
1996 4,175,000 3,090,695 7,265,695
1997 3,845,000 2,849,291 6,694,291
1998 3,785,000 2,619,971 6,404,97I
1999 3.,475,000 2,402,244 � 5,877,244
2000 3,360,000 2,197,809 5,557,809
2001 3,140,000 2,002,700 5,142,700
2002 2,975,000 1,818,853 4,793,853
2003 2,965,000 1,648,467 4,613,467
Subseqcient 27,385,000 7,224,501 34,609,501
Bridge loan
permanently
financed in
fiscal year 1994 242,090 240 242,330
$ 64,027,090 $ 32,820,857 $ 96,847,947
57
Tahle 7
CITY OF BANQ')R, MAINE
Ratio of Bonded Debt to Assessed
Value and General Bonded D�ebt Per Capita
Last Ten Fiscal Periods
Ratio of General
General Bonded Bonded
Fiscal D�ebt to D�ebt per '
Year Bonded Debt Valuation Assessed Value Ca�ita
1984 1I,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
1993 64,027,090 1,266,015,200 5.1 I,936.64
Based on 1980 population of 31,643 through 1989 and 1990 population
of 33,061 thereafter.
58
Table 8
CITY OF BANL�R, MAINE
Five Year Historical Trend Inforniation
D�efined Pension Benefit PZan -
Participating Loca1 District Plan
Fiscal Year 1989 1990 1991 1992 1993
Covered payroll $ 13,536,500 $ 15,156,900 $ 15,731,400 $ 16,223,381 S 16,875,589
Norn►al retirement costs �1.04$ 9.51g 10.40� .�0.56� 9.99$ .
Unfunded liability 10 J2� 9.92g 11.13� 10.60$ 10.98�
Survivors benefits .15$ .14� .12$ .14$ .13�
Total errg�loyer contributions 21.91$ 19.57$ 21.65� 21.30� 21.10�
Nonrral retirem�ent costs $ 1,494,426 $ 1,441,418 $ 2,636,061 $ 1,713,189 $ 2,685,871
Unfunded liabi2ity 1,451,109 1,503,56� 1,750,900 1,719,675 �,852,940
Survivors benefits 20,304 21,220 18,878 22,713 19,808
Tota1 �loyer costs $ 2,965,839 $ 2,966;199 $ 3,405,839 $ 3,455,577 $ 3,558,619
Errg�loyee contribution rate 6.50� 6.50g 6.50� 6.50� 6.50$
F�loyee contribution costs S 879,870 S 985,196 $ I,039,190 � 1,060,560 $ 1,098,821
Zbta1 contribution $ 3,845,709 $ 3,951,395 $ 4,445,029 $ 4,516,137 $ 4,657,440
59