1994 CITY OF BANGOR MAI N E
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Financial Statements
and Other Financial Information
for the Fiscal Year Ended
J u ne 30, 1994
CITY OF BA1�'QR, N�INE
Annual Financial Re�rt
For the Fiscal Year �ided Ji.u1e 30, 1994
TASLg C8� Ct'Y.1TIII1f15
r•�n�a�rar. �l� FJd�ibit P-age(s)
Report of Independent Auditors
General Pur�se Financial Stat��ts:
Carnbined Balance Sheet-All Ftmd
Z�s and Account Gr�ups. 1 1 - 2
Ccanbined Statement of Revenues, �en-
ditures, and Changes in Ft�d Balances -
All Governrr�ntal Ftmd T�pes and �ldable
Trust F�uids 2 3 - 4
Stat�n�nt of Revenues, E�zdi tures, and
C7�anges in Unreserved/ilndesiynated Ftmd
Balance - Budget and Actual - General Ftmd 3 5
Cambined Stat�nent of Revenues, �erises,
and �lges in Retained Farn i ngs/Ftmd Balances -
All Firoprietary Ft,md T�pes and Similar Trust
Ftmds 4 6
Ccambine�d Stat�t of Cash Flows - A11
Proprietary Ftuid Types and Similar Trust F�mds 5 7 - 8
Notes to Financial Stat��ts 9 - 34
SG�►,7e
Ccxnbining Individual Ftmd and Account
Group Stat�zts and Schedules:
Gove.rnrnental F�mds:
General Ftmd:
Balance Sheet A - 1 35
Stat�nent of Revenues, F�lditures,
and Q�ariges in Unreserved/Undesic�ated
Ftmd Balance - Budget and Actual A - 2 36 - 39
i
5�1��e�di�7e Page ls)
S�ciaZ Revenue F�.u�ids:
Ccambining Balance Sheet B - 1 40
Ccanbining Stat�rlent of RevPnues,
E�endi.tures and C�i�.nges in F�md
Balances B - 2 41
Capital Firojects Ftmd:
Balance Sheet C - 1 42
Ccgnbinulg Statement of Revenues,
E�gaPndi tures and Changes in Ftmd
Balances C - 2 43
�iterprise Ftmds:
Cc�mbining Balance Shc�t D - 1 44 - 45
Ccambining Statem�nt of Revenues,
�penses, and Changes in Retained
Fanings D - 2 46
Ccxnbiiiing Stat�nent of Cash Flows D - 3 47 - 48
Trust and AgPncy Ftmds:
Ccgnbining Balance Sheet E - 1 49
�endable Tivst Ftrrids - Stat�t
of Revenues, �zdi.tures, and
Q�ariges in Ftmd Balances E - 2 50
NonP�ndable Trust Ftmds - Ccxnbining
Stat�nent of Revenues, E7�enses, and
C�i�nges in F�md Balances E - 3 51
None�enda.ble Trust Ftmds - Ccxnbining
Stat��t of Cash Flows E - 4 52
Schedule of Assessed Ualuation, Ccx�mit-
m�ent, and Collectians F 53
S'1�1TTS'1'1"(�I� S'�'I'IC11T
Tahie Paq�(s)
Property Tax valuations, Levies and
Collections - Last Ten Fiscal Periods 1 54
Loca.I Assessed Ualuations - Last Ten
Fiscal Periods 2 55
General Ftu�id E�nditures by Fimction - Last
Ten FisCa1 Periods 3 56
General Fimd Revenue by Source - Last Ten
Fiscal Periods 4 57
Ratio of Annual Debt Service E�eriditures for
General Bonded Debt to Tota1 General Ftuid
E�ei�di tures - Last Ten Fiscal Periods 5 58
Debt Service Require�nents to Maturity -
General Qbligation Bonds 6 59
General Bonded Debt as a Percentage of Assessed
value and General Bonded �bt per Capita -
Last Ten Fiscal Periods 7 60
Six Year Historical Trend Infornrztion -
Defi.ned Benefit Pension Plan -
Partici�ting Loca1 District Plan 8 61
,
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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,
I994, as listed in the table of contents. These general purpose
financial statements are the responsibili ty of the City of Bangor,
Maine's management. Our responsibility is to express an opinion on
these general purpose financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the
audit to obtain reasonable assurance about whether the general
purpose financial statements are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the general purpose finan cial statements.
An audit also includes assessing the accounting principles used and
significant estimates made by management, as we11 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, 1994,
and the resul ts of its operations and cash flows of its proprietary
and nonexpendabl e trus t funds for the year then ended in conformi ty
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 aT1 material
respects in relation to the general purpose financial statemen ts
taken as a whole.
�.�...,r+:�v..-, d- �}'
January 6, 1995
This �ge Ieft intentionally blank.
CITY OF BA�R, N�l71�TE
A11 Ftmd T�pes and Accbz.mt Grnup5
Ccxnbined Balance Sheet
Ji,me 3 0, 1994
(with c�nparative totals for June 30, 1993)
Goverr�rn�ntal Ftmd Z�pes
Special Capital
GPneral RevPnue Firo�e7 cts .
Assets azad Ottier Dl9hits
Cash on hand $ 2,242 $ 250 ,$ -
Equity in pooled cash and
investrnents (Note 2) 64,096 192,457 193,949 ,
Investrn�nts at ct�st (Note 2) 4,050,475 - -
Receivables:
Taxes, including interest,
p�alties and liens (net of
a11or�,rance for i.mc.rollectible
taxes of $3,851 in 1994 and
in 1993) (Note 3) 2,473,251 - -
AccnLmts (net, where applicable
of allowance for estirnated�
rmcvllectible accbi.u�ts of
$'156,850 in I994 and
$180,100 in 1993) 508,131 - 6,364
I,aans (net of aZlawance for
�cnllecti.ble accuLmts of
$130,131 in 1994) - 2,908,350 -
Deferred special assessr�nts - - 30,130
Due fzr.�n water district - - -
Due fzr�n other fi.uzds I,402,12I - -
Due fi2�n other governrnents (Note 5) 2,625,127 112,143 15,400
Investrnent in direct fin�ncing
lease (Note 8) - - -
Inventory, at cnst 307,4I2 - -
Pre�.id e�er��ses 17,271 3,465 -
Prt�perty, plant & �►�;gn�zt (net
of acci.m�ulated depreciation) (Note 6) - - -
Arrb�t pzrovided for landfill closure
and �stclosure care cnsts (Note 20) - - -
Amoimt to � provided for retir�nt
of genera7 long-term debt - - -
Due fizan bond txustee - - -
L�eposi ts - - -
Other assets (Note 10) - - 1,794,I68
Tota1 assets and other debits $ II,450,126 $ 3,216,665 $ 2,040,011
The acaxrga�nying notes are an integral �rt of these financial stat�lts.
�iibit 1
Proprietazy Fiduciary
F�md 7�pe Ftmd Type ACcn�t Gzroups
Genes'al Genez'al Totals
Trust and Fixed Larig-term (Merbranc�.un C�y)
Ehterprise Agenc� Assets I�ebt 1994 1993 __
$ 3,800 $ - $ - $ - $ 6,292 $ 48,982
1,521,O81 I11,693 - - 2,083,276 8,979,329
10,178,885 4,053, 048 - - 18,282,408 I5,926,050
- - - - 2,473,251 2,829,403
3,416,459 11,213 - - 3,942,167 4,29I,I77
- 69,695 - - 2,978, 045 3, 005, 790
117, 742 - - - 147, 872 147,872
63,75I - - - 63, 751 92,943
- - - - 1,402,121 1,197,483
1,032,748 - - - 3,785,418 4,354,994
1,153,157 - - - 1,153,157 1,245,409
108,103 - - - 4I5,515 480,102
92,303 - - - 113,039 89,418
176,620,193 - 72,634,588 - 249,254,78I 236,042,520
- - - 522,700 522,700 -
- - - 22,837,747 22,837,747 20,976,461
1,072,285 - - - 1,072,285 -
25,718 - - - 25,718 29,602
1,555,662 - - - 3,349,830 2,638,055
$196,961,887 $ 4,245,649 $ 72,634,588 $ 23,360,447 $313,909,373 $302,375,590
, 1
CITY OF BA�, Nl�l.INE
A11 F�md Types and Accrn.mt Groups
Ccxnbined Balance Sheet -
Jtme 30, 1994
(with c�rative totals for JLme 30, 1993)
Governmental Ftmd Types
Special Capi tal
General Revenue Proiects
r.;ahi 7 i tiPP�
Accni.mts �yable $ 732,312 $ 3I,571 $ 64,803
Workers' ccgnpensation (Note 18) 607,890 - -
Accrued leave - - -
Accrued �yrn1l & withholdings 1,647,079 54 -
Accrued interest - - -
Accxuued expenses - - -
Tax cbllected in advance 20,705 - -
Amoimts held for others - 61,857 8,310
D�eferred revenue (Note 11) 2,194,812 2,908,350 -
Due to rehabilitation recipients - 32,082 -
.Due to other ft.mds - - -
Developer �yable - - -
General and l.imited revenue
abligation h�nds (Note 12) - - -
Ueferred am�tmt on refimding - - -
Arbitrage �yable - - -
Qbligatians Lmder capital lease
(Note 9) - - -
Direct fin�ncing Iease �ymer�ts
�yable (Note 8) - - -
Unearned inc�arne - - -
Deferred sewer assessr�ents - - -
Estimated liability for landfill closure
and �stclosure care msts (Note 20) - - -
Other liabilities - - -
Total liabilities 5,202,798 3, 033,914 73,113
Ft�d equitY
Cantri.buted capita.I (Note 13) - - -
Investrnent in general fixed assets
(Note 6) - - -
Retained earnings:
Appropriated - - -
Unappropriated - - -
Ft md b�lances:
Resei.v� for:
Eric�m�brances 294,931 6,825 277,339
I,aaris (l�ote I4) - - - ,
�idawments (Note I4) - - -
Llnreserved: �
Desic�ated for subsequent years
expenditures (Note I7) 2,572,871 I75,926 1,373,957
ihidesic�ated 3,379,526 - 315,602
Total fimd equity 6,247,328 182,751 1,966,898
Total liabilities and fLmd ��;ty $ 11,450,126 $ 3,216,665 $ 2,040,011
The acc�rg�nying notes are an integral �rt of these financial statements.
Sxtiibit 1, lcc�t.I
Proprietary Fiduciary
Fl.a1d T�pe Ft.md T�e Acc�imt Groups
General General Totals
Trust and Fixed L�ong-term (Mer�orand�,m� Ch�ly)
�iterprise Ac�cy Assets L�ebt 1994 1993
$ 1,024,808 $ - $ - $ - $ 1,853,494 $ 3,329,087
380,974 - - 817,763 1,806,627 2,629,4.71
225,787 - - 633,797 859,584 875,852
102,286 - - - I,749,419 1,892,527
713,104 - - - 713,104 764,336
5,285 - - - 5,285 20,676
- - - - 20,705 15,437
- 3,290,I54 - - 3,360,32I 3,206,216
899,120 - - - 6,002,282 6,123,163
- - - - 32,082 42,320
1,402,121 - - - 1,402,121 1,197,483
58,883 - - - 58,883 63,735
47,697,377 - . - 20,261,623 67,959, 000 64, 027, 090
(1, 026,242) - - - (1, 026,242) -
95,376 - - I56,259 251,635 242,936
116,587 - - 93,305 209,892 57,445
689,222 - - - 689,222 7I7,710
463,935 - - - 463,935 527,699
117,743 - - - 117,743 1I7,743
- - - I,397,700 1,397,700 -
27,131 - - - 27,131 -
52 993 497 3 290 154 - 23 360 447 87 953 923 85 850 926
106,470,703 - - - 106,470, 703 104,837,562
- - 72,634,588 - 72,634,588 67,901,839
2,619,353 - - - 2,619,353 3,085,035
34,878,334 - - - 34,878,334 33,035,917
- - - - 579,095 1,723,926
- 120,518 - - 120,5I8 108,529
- 526,258 - - 526,258 519,758
- 308,719 - - 4,431,473 3,072,361
- - - - 3,695,128 2,239,737
143 968 390 955 495 72 634 588 - 225 955 450 216 524 664
$196,961,887 $ 4,245,649 $ 72,634,588 $ 23,360,447 $313,909,373 $302,375,590
2
�diihit a
CTIY QF E�I�Z, 1�II�
All C�veinr�tal. Ftuxi T�s arxl �.ie Trust Ft�ls
CYlr�bined Statar�7t of Reve�.�es, �'it�.�t�s,
and Ch�x�s in F1md �
Yeax' IIx�d �Ttme 30, 1994
Fiduciary
C��errnr�tal Flmd 7�s Ftua� T� Tbta1
` SpeGi.al C�pital E�'able (��3rorarx�hin
C�al Rev�nie Prnjects TYust Chly)
�:
Tax�� - (l�bte 3) $ 31,799,013 $ - $ - $ - ,$ 31,799,013
In ta1 I7,375,553 1,085,626 380,897 - 18,842,076
Liar�ses and�nnits 276,167 - - - 276,167
C7r�rg�s far' sezvic�s 5,228,522 - - - 5,228,522
Fines, forfeits, and�r�alties Il,699 - - - 11,699
R�n� fmn use of mzley arxi�rty 928,054 4,294 76,562 2,496 1,011,406
Proc.��"am inarrz� - 305,539 - - 305,539
Qzitri�utica�s - - - 23,884 23,884
Zbta1 i'�ve�t�s 55,619,008 1,395,459 457,459 26,380 57,498,306
�rlit��s:
Ga�eral g�veznr�t 3,116,856 - - - 3,116,856
Public safety 9,108,384 - - - 9,108,384
He�1th, w�lfare, and r�.�ticn 4,912,875 - - - 4,912,875
Puhlic tuil.r�i ng� and se.rvic�s 5,624,411 - - - 5,624,41I
Other ag�ncies 1,715,417 - - - 1,715,417
F1�iucatia� 27,190,329 - - - 27,190,329
Other a�t�iatirns 1,654,568 - - - 1,654,568
C�mlmity devel��t �Ia� grdrlts - 1,313,147 - - I,313,147
F'�r�rrni c ina�ltive z�'�Ulving lc�r1 - 75,000 - - 75,000
Paylt�ts to h�efiG.iaries - - - 4,104 4,104
C,�pital ac�litica�s - - 4,418,774 - 4,418,774
Landfill clastu� and�stc1�� car�
($1,397,700 total a�r�c.ult deterntir�l far th�
cun�t year tux�er' G7-�SB I8) less $1,397,700
� in GGZII�G Iiability) (l�bte 201 - - - - -
Zbt.al �1dit�s 53,322,840 1,388,147 4,418,774 4,104 59,133,865
F�¢.�ss (deficiency) of rev�rn�s aver
�a'itures 2,296,168 7,312 (3,961,315) 22,276 (I,635,559)
T1� ac��r��ying notes are an intc�ral �rt of these firr�ncial stater�its.
3
� E�iinit a, (c�zit.7 '
� CfiI�.' QF&�tR, 1�INE
All C�ivernr�tal Ftm�d Z�� arx3 F�S�hZe Trust Ftu�ds
Ctzr�bined Statarmt of Reve�ues, E�adiL�,��s,
and �s in �l.md &�laix�s
Year Il'x�l Jtme 30, 1994
Fiduciary
Gbve.�m�It�.1 �1md T�s Ftmal � 7bt.a1
,�.al Capz ta.1 �l.e (1�t�na�i.rrt
C�eral Reve�ue Pro'eLcts_ Zh.�st Q�iIyJ
Qj-�pl- fin�rr-ir��� (US�S):
�ratit�g transfers in (out) (882,872) - 899,316 - 16,444 ,
Ga�l �I.igatian 1xax3�ecis - - 3,275,000 - 3,275,000
Pi�cis of �fi mr1,n�� (I�bte 12) 3,546,771 - - - 3,546,771
Paynrs�lts to �d�xa'x�l esc2�w
a�t (lebte 12) (3,546,771) - - - (3,546,771)
Tbtal other finanr;nor soi.� (uses) (882,872) - 4,174,316 - 3,291,444
F�xss (c�fici�cy) of r�n.�es arx3
otlaer financing sa.�s aver
�di tz�s and ot1�r uses 1,413,296 7,3]2 213,001 22,276 1,655,885
�.md 1x�lanc�.s, 1prn'r�ningr of�ricr.l 4,834,032 175,439 1,753,897 24,826 6,788,194
Fi,uw1 1�lanc�s, e1d of pe�riorl $ 6,247,328 $ 182,751 $ 1,966,898 $ 47,102 $ 8,444,079
The aa�r�nying r.ntes arn an integral p�rt of tl�ese fi.nancial. stater�ts.
4
�dii.bit 3
CITY OF BA1�K'�QR, N�TE
General Ftmd
Stat�lt of Revenues, �cpenditures, and C'hanges in
Unreserved/Undesignated Ftmd Balance - Budget and Actual
Year E�ided Ji,me 3 0, 1994
variance -
Favorable
, Revaua�s: Budqet Actual (Unfavorable)
Taxes (Note 3) $ 30,839,382 $ 31,799,013 $ 959,631
Intez��tal 17,104,284 16,837,617 (266,667)
Li censes and penni ts 245,174 276,167 3 0,993
Charr�es for services 4,806,028 5,203,023 396,995
Fines, forfeits and penalties 17,800 11,699 (6,101)
Revenue fi�am use of m�ney �
and prvperty 559,405 530,633 (28,772J.
Total revenues 53,572,073 54,658,152 1, 086,079 _
�e�din��s:
General g�vernment 3,337,964 3,275,299✓ 62,665
Public safety 9,188,641 9,126,524 `� 62,117
Health, welfare, and recreatian 4,811,674 4,450,890✓ 360,784
Public buildings and services 5,783,664 5,659,277✓ 124,387
Other agencies 1,715,417 1, 715,417�/ -
Fducation 26,403,722 26,429,703✓ (25,981)
Other appmpriations 1,677,601 1,654,568 23,033
Total ex�enditures 52,918,683 52,311,678 607,005
�
Excess of revenues over
expenditures 653,390 2,346,474 1,693,084
Ot1�er f�*�*�c� sa�r�s (�ses) :
Appzt�priatian fizxn desic�ated
fimd 1x�lances 26,328 26,328 -
Operating transfers in 370,900 370,900 -
Operating transfers out (1,050,618) (1, 050,618) -
Total other financing
sources (uses) (653,390) (653,390) -
F�cess of revenues and other
financing sources over
expPnditures and other uses $ - 1,693,084 $ 1,693,084
F�md �lance Lmdesignated/�reserved,
at beg� �ng of y�ar I,797,207
Balances carried to succeeding year (110, 765)
F�md 1x�lance �designated/i.u�reserved,
at end of year $ 3,379,526
The acc�xrgx�nying notes are an integral �rt of these fir�ancial stat�lts.
5
�dii.l�it 4
CITY OF BA14�'OR, NI�l,IIVE
All Pz�prietary Ftmd Z�pes and Similar Z�-ust Ftmds
Cc�mbined Stat��t of Revenues, E7�erises and ��ges in
Retained Farn�gs/Ftmd Balances
Year �ided Ji.me 3 0, 1994
Pr�prietary Fiduciary
F�md Type Ftmd 7� Total
Nonex�endable (Mer�orand�ur►
Gperating r�vaw�s: �iterprise TYust Ch�ily)
Charges for services $ 23, 044,543 $ - $ 23,044,543
Interest - 62,358 62,358
. 2,776 2,776
Lot sales - 6,500 6,500
Total operating revenues 23,044,543 71,634 23,I16,177
q�Z'ating �s�s=
Operating e�tises other �
than depreciatian and
atrbrtization 17,849,918 39,358 I7,889,276
Depreciation and amr�rtization:
C�i assets acquired wi th awn
ftmds 2,794,635 - 2,794,635
Qri assets ac�.ured wi th
c�ontributions 3,657,779 - 3,657, 779
Tota1 operating ex�nses 24,302,332 39,358 24,341,690
Operating inct�rle (loss) (1,257,789) 32,276 (1,225,513)
lu� op�er-ati� r�van�s (exp�s):
Interest inct�xrle 665,718 - 665,718
Interest e�ense (2,492,025) - (2,492,025)
Miscellancous inc�cxne 15,Z55 - 15,155
O�erating transfer fi�n
Genesal Ftmd 787,897 - 787,897
Total nan operating expenses (1,023,255) - (I,023,255)
Net inc�xne (loss) (2,28I, 044) 32,276 (2,248, 768)
Add depreciation and airbrtization
an assets acquired with
cantributiaris 3,657,779 - 3,657,779
Incxease (decrease) in retained
earnings/f�d 1x�lances 1,376,735 32,276 1,409,011
Retained earnings/fimd b�lances,
at beg� �ng Of period 36,120,952 876,I17 36,997,069
Retained earnings/f�d }�.lances,
at end of period $ 37,497,687 $ 908,393 $ 38,406,080
The acc�.nying notes are an integral �rt of these financiaZ stater�ents.
6
�iit�it 5
QTY QF�, l�Lil�
All Pro�rietazy Flmd Z�s and Similar Tnist Ftu�x9s
Chnbined 5'tatarent of C�sh F1ows
Year' IIxi�d Jtme 30, 1994
� Pn�z�etazy Fic�c.i.ary
F1.u�d T,� Fl�al 7� 7bta1
' I�x��le ��di.un
Cash flows fictn qoer'atirx�activitias: Ehtezprise Trt�st �il.y)
Cash r�iv�l ftzm custarers $ 23,306,611 $ 9,276 .$ 23,315,887
Cash i�ivc�3 cn invt�strr�nts - 51,842 51,842
C�sh r�ivaal fi2�n inter�st rn la��s - - -
C�st�p�nr�ts to s�g�aliers far' g� arad setvic�s (11,769,724) (706) (11,770,430)
C�sh�yn�slt5 to etployc�es fcrr' SE�rviG�s (6,514,540) - (6,514,540)
CaSh�id to 1x�iefi��ies - (38,652) (38,652)
l�t c�sti �vvi.ded by (t�sed in) o�r'atarx� activities 5,022,347 21,760 5,044,107
C�sh IIows frutt r�.ital f;r�a�r-irrl activities:
Interftmd 1a�s (z�r�nts) 220,640 - 220,640
�rating svbsidies r�.iv�x3 (g�idJ 770,943 - 770,943
Sttrl�'it la��s rr�c� - (2,500) (2,500)
Sti.r�rit la�n �yrrr�ts r�ived - 4,912 4,912
l�t cash provicl�l by (t,�seci in) r�ital fix�ancirxJ
activities 991,583 2,412 993,995
C�sh flot+�s f�n �gif�l �d z�l�ted f;r�rr=im activitiPs:
Pl.'tac�ec.�Is frcm �1 and limita� reveAie d27ic�ati.Cn hn� 8,274,498 - 8,274,498
Acr�uisiticn and a�stn.icticn of c�pital assets (15,259,036) - (15,259,036)
Princi�l �id ca1 �ads (7,002,718I - (7,002,718)
Inter�st �i.d cn lxnds (2,483,802) - (2,483,802)
Prac�ec3s fmn sale of equipr�t I09,550 - 109,550
Pnxneds fmn sale of land 4,200 - 4,200
GY�rit m�zies r�.iv�3 far c�pital assets 5,797,960 - 5,797,960
Ct�tri�.utirns z�.ived far' c�pital assets 11,100 - 11,100
I�strr��t capital prt�jecGs (200) - (200)
Ti�strr�rlt lxnd & 1z�n�ecLs (968,364) - (968,364)
l�t Cash (t�l in) c�a.ital and r�lated fi�nr-inor aCtiviti.es (I1,5I6,SI2) - (Il,516,812)
C�.sh fl�a,,s fitm irn�tirx�asctivities:
Inter�st ca�i iriv�stir�its 669,036 - 669,036
l�t sales (p��ses) of inv�strt�t5 (817,326) (22,855) (840,18I)
l�t ca.sh prrxric3sd by (t�i in) il2vesting aCtivities (148,290) (22,855) (171,145)
I�t incr�ase (�ase) in cash (5,651,172) 1,317 (5,649,855)
C�sh at h�;�;� of�riai 7,176,053 1,978 7,178,031
C�sh at e�d of�ria�l $ 1,524,881 $ 3,295 $ 1,528,176
The aa��rlying mt.as ar� an int o e s ter�i .
7
Efdiihit 5, (Gtzit_J
, Q'1'Y C�'fi�1�.�Z, 1�II�'
All Prc�r'ietary Ftu�d Z�s anr3 Sirrular Tnast Ftmds
Car�ira�i Statar�nt of C�sh F7aas
Ye�.r' Fha�l �7.u� 30, 1994
Prr�ar�efiazy Fic�c.iary
blmd T,� bl�ad T� 1bta1
. 1�.��ble (N�r.�r�nch.an
. Il�ter�u�se Trust Ch7y)
Raxnciliatical of cg�r-ating inazre to net c�sh
Atz�'�-d�d bY c�xatirx� activities:
�at.i.ng inccme (Ioss) S (1,257,789) $ 32,276 S (1,225,513J
Adjustrns�ts to r�ciZe q.�ratir�g' inccrre to net c�sh
PL�vi.d� bY �rati��9' activities:
�ciatiCn arx�l arr�rtizatical 6,452,414 - 6,452,414
Provisicn far tmcollect.ih7e ac�vtmts 45,626 - 45,626
�s in assets and liabilities:
(Incs�se) decr�ase in c�its 3,884 . - 3,884
(Incr�ase) decr�ase in aaxx.mts r�xiVable 170,757 - I70,757
(�e) d�ase in aa�ued inter�st cn 1a�ns r�iv�le - (10,516) (10,516)
(Inc3�se) �.se in du� fizm state gave.rrnt�lt 46,195 - 46,195
(Inc�ase) decr�ase in cl�.ae frrrn tister district 29,I92 - 29,192
(Incz�.se) c��se in .inveztozy 57,164 - 57,164
(In�,se) �rease in p�.�id ��ses (24,106) - (24,106)
Inc�.se (o�sel in acrxx.u7ts �yahle (292,2631 - (292,263)
Incz�.se (�se) in aarized ��ses (251,784) - (251,784)
Inc��se (a�5e) in d�fet22� r��nze 15,924 - 15,924
Inc�se (�se) in other liabilities 27,133 - 27,133
7btal adjvstrr�lts 6,280,136 (10,516) 6,269,620
I�t c�sh�C�vic3�by o�eratirig' activities $ 5,022,347 $ 21,760 $ 5,044,107
Zhe ac��ing rx�tes are an integral �rt of trnse f�nancial stater�ts.
8
CITY OF BAN�'UR, N�INE
Notes to Financial Staternents
J�e 30, 1994
Nt7l� I - S�mrary of Si�i fic�nt A�mt;*� Fblicies
The City of Banqc�r, Maine, was incr�rporated Febru�zry 12, 1834, Lmder the
laws of the State of Maine. The City operates Lmder a Coi.mcil-Manager form
of goverru�nt and provides the following services as authorized by its
char-ter: public safety, public cvr�rks, recreation, and education.
The accoimting policies of the City of Bangor, Maine cnnform to generally
accepted accounting principles as applicable to gov�rnmental units. The
following is a simrt�a.ry of the more significant �licies:
FIl�INCIAL REIX?RTIl� F�1'ITY
For finaricial re�rting puiPoses, the City of Bangor should include as
c�nent imits a1I legally sepa.rate entities that satisfy at least ane of
the following c.riteria:
* Elected officials of a prilr�ary gove,rnment are financially
accroi.mtable for the entity.
* The nature and siyriificance of the relationship b�tween the
entity and a prilr�.zy governrr�nt are such that to exclude the
entity fzr�n the financial re�rting entity w�uld render the
financial stat�zts misleading or inc�nplete.
Based upon the application of this criteria, it was determ.ined that no
other goverrunental �its should be included in thi.s report.
(A) Basis of Presentation - Ftmd Accot.mting
The accbimts of the City are organized on the t.x�sis of ftmds and acct�imt
grnups, earh of which is cnnsidered a se�rate accotmting entity. The
operations of each fund are accnt.mted for with a se�rate set of
self-1x�lancing acct�i.mts that c�rg�rise its assets, liabilities, frmd
lxzlance/retained earnings, revenues, and e�g�lditures/expenses. The
various fi.mds are sturm�rized by type in the fi.nancial stat�rrents. The
follawing fi_md types and accni.mt groups are used by the City:
FU1�ID TYPF�S
Governrr�ental Ftmds are those tt�mugh which rrbst goverrnn�ntal fLmctions of
the Ci ty are financed. The ac-rn�;si tian, use, and 1x-�lances of the Ci ty's
e��dable finai�ciaZ resources and the related liabilities (except those
accrounted for in prnprietary f�ds) are acootmted for through governrnenta7
funds. The measur�lt focus is u�n determirlation of changes in fin�ncial
position, rather than upon net incrxne determu�atian. The follawing are the
City's g�overnmerital fund types:
General Fimd - The General Ftmd is the general operating ftmd of the City.
It is used to acco�t for a11 financial resources except those required to
be accbi.mted for in another fi.uzd.
9
CITY OF BAI�'�C1R, NIAIiVE
Notes to Financial Statements
June 30, 1994
1VC71'E 1 - Coi1t,rn�ar7
Special Revenue Ftulds - Special Revenue Ftmds are used to accbi.mt for the
pzviceeds of specific revenue sources (other than expendable trusts or
major capital pmjects) that are Zegally restricted to e.�enditures for
specified pu�.poses.
Capital Projects Ftu�id - Capital Pirojects Ftmd is used to accoimt for
financial resources to be used for the acr�.iisition or cnnstruction of
major capital facilities (other than those financed by Firoprietary F�ids) .
PROPRIETARY FUI�ID TYPES
The focus of Proprietaiy Ft.uid measurer�nt is upon deternunation of net
inc�rae, financial position, and cash flows. The generally accepted
accni.urting principles applicable are those similar to businesses in the
private sector.
Ehterprise Ftmds - Enterprise Ftmds are used to acc�o�t for operations
(a) that are financed and operated in a rr�anner similar to pri�rate business
enterprises - where the intent of the governing L�ody is that the c�osts
(e�nses, including depreciation) of providing gooc�s or services to the
general public on a cnntinuing lxzsis be financed or recnvered primarily
t.hrough user charrjes; or (b) where the govPrning �y �,S deCiclled that
perio�di.c deternu:nation of revenues earned, e�ei�ses incurred, and/or net
incrxne is appropriate for capital maintenance, public policy, manag�nent
crontxnl, acmtmtability, or other purposes. The following are the City's
enterprise fz,mds:
Sewer Utility Fund - This fLmd accotmts for the cbst of construction and
operations of the Se�,rage Treatrr�nt Plant, the city sewer syst�n, and sewer
se�ration, and is self-sup�rted thrc�ugh se�wer user fees.
Airport F�md - This fLmd accn�ts for the operation of Bangor
International Airport. The principal sources of revenues are landing fees
and the sales of aviation fuel. Other revenue sources include lease of
tP�ina1 s�.ce and lease of non-aviation industrial buildings.
City Nursing Facility - This fi.md accbi,mts for the o�ration of a city
� owned nursing hcgne. This is a 61 bed facility, and princi�l revenue
sources are Medicaid and rental incr,�rr� fi�n excess s�.ce. The evrrent
facility was the 1x�se hospital at the former Lbw Air Force Base, which
closed in 1969. �
_ Parking Ftmd - This fi.�d accntmts for the operatian of the city owned
�rking lots and the Pickering Sc��re Parking Garage. Revenue sources
include monthly lease of �a.rking s�ces, hourly/daily�rking fees, and
fines and waiver fees for �rking violators. Certain of these facilities
are operated tmder a priva.te manager�r�t cnntract.
Bass Park Ftmd - This ftmd aca��ts for the operation of the Bangor
AuditoriLun, Banqor Civic Center, Bangor State Fair, and Banqor Harness
10
CITY OF BAI�K'�QR, NIA.INE
Notes to Financia.l Stat�lts
Jtme 30, 1994
11�8 1 - C�ti.at�d
Racing. Princi�l sources of revenues are ac�nissions, cbncession sales,
and rPntals. The ftmd is i�arned after the Bass family which bequeathed the
• property to the City for recreational puz�ses.
Mtm.ici�l Go1f Course - This fi.md accr�imts for the operatic�n of a 27 hole
munici�l golf crourse. Princi�l revenue sources are seasan m�nberships
and daily greens fees.
FIDIICIARY FU1�ID TYPE
Fiduciary Ftmds are used to accn�mt for assets held by the City in a
txustee ca�.city or as an agent for individuals, private or�anizatians,
other qo�tal imits, and/or other funds.
TYust and Agency F�,u�ids - Trust and Agency Fi�ids include e�endable trust,
nonexpendable trust, and agency ftmds. None�ldable fi;mds are accnimted
for and repr�rted similar to proprietary ft.mds since ca.pital maintenance is
critical. E�i�dable trust and agency fimds are accoimted for and re�rted
similar to gc�vernmental fi,mds.
ACCYXINT GROUPS
Accr�unt qroups are� used to establish acmcu�ting cbntrol and accni.mtability
for the City's general fixed assets and general Iang-term debt. The
following are the City's accoLmt gzr�ups:
General Fixed Assets Accn�mt Group - This group of accbimts is established
to accnimt for all fixed assets of the City, other than those acaoi.mted
for in the proprietary fimds.
General Lang-Term Debt Acc�tmt GZroup - This gmup of acootmts is
established to ac�unt for aII long-term debt of the City, except that
which is accu�ted for in the prnprietary ftmds.
(B) Basis of Accntmting
The rrbdified accrual 1x�sis of acco�ting is followr..�d by the goverrn�nental
fimds and e�7dable trust and agency ftmds. ilnder the n�ciified acc�val
k�.sis of acc�o�mting, revenues are recnrded when suscepti.ble to acc�ual,
i.e., h�th m�surable and available. Available means mllectible wirh;n
the current period or soon enough therea.fter to be used to �y liabilities
of the current period. �lditures, other thari interest an long-term
debt, are recnrded when the Iiability is incurred, if ineasurable.
In applying the susceptible to accrual cnncept to intergovernrnental
revenues, the legal and cantractual rc�n�;renents of the n�r�erous
individual prngrams are used as guidance. There are, hawev�s, ess�ntially
three types of these revenues. In one, m�nies must be expended an the -
specific puz�ose or project before any am�Lmts will be �id to the City;
therefore, revenues are reco�ized 1a�.sed �n the e.x�aalditures recnrded.
ZZ
CITY OF BAI�'QR, NIAINE
Notes to Financial Stat�r�nts
Jime 30, 1994
11X71S 1 - Ci�tint,ed
For the seaand type, m�nies are virtuatly imrestricted as to purpose of
e.�enditure and are usually revncable Qn1y for the failure to ccar►ply with
prescxil�d crxrpliance .requir�lts. These resources are reflected as
revenues at the tim�e of receipt or earlier if the susceptible to accrua7
criteria are met. For the third type, monies are received in ad�ance and
recorded as deferred revenues i.uitil the apprnpriate expenditures are made,
at which time the revenues are recnrded.
Licenses and pennits, fines and forfeits, and miscellaneous revenues are
recnrz�ed as revenues when received in cash because they are generally not
measurable tmtil actually received. Investrnent earnings and charr�es for
services are recorded as revenues when earned, since they are measurable
and available.
The accrual 1x-�.sis of accbunting is used by proprietary fimds and
nonexpe�ldable trust fi.mds.
(C) F 1cim�brances
Ehc�.mmbrance accn�ting, �der which purchase orders, cnntracts, and other
ccgnni trr�zts for the e��di ture of fi,mds are recnrded in order to reserve
that portic�n of the applicable appropriation, is �nployed in the
governmental flmds. Open enci.m�brances are reported as reser�ratians of ft.md
�.lances since the c�rmit�nts will be honored in subse�quent years.
EYictnnbrances dv not constitute e��ditures or liabilities.
(D) Budgetary Acc�Lmting
The City utilizes a forn�►aZ budgetaLy acco�ting systen to control revenues
and e�lditures accoimted for in the general fi.md. These budgets are �
established in acct�rdance with the Yarious laws whirh govern the City's
operations.
The first Nlariday in April, the City Achni.riistrator suZrruts to the City
Coi.mcil a pro�sed operating budget for the fiscal y�ar c�rrr�encing the
following July 1. The operating budget includes prt�posed e��ditures and
the means of fin�ncing them. The budget is legally enacted thzrough the
�ssage of an appropriation resolve. The City Ac�ninistrator is authorized
to transfer budgeted airbi,mts within de�rtrnents, excluding the school
de�rtrnent. However, any revisions that alter the total expe�lditures or
transfers between de�z-trr�its must be approved by the Ci ty Coi.mcil. No
siynificant addztional. appz�priations were rc-�uired in 1993.
With certain exceptions, �enc�nbered and �exp��ded appropriations lapse
at year end. D�rtrn�ntal e�zditures may not exceed appropriations.
Budget data, as presented for these ft,mds, utilize the rr�dified accrval
h�sis of acc�oi.mting. .
Budgetary cbntrols are mainta ined on the other governrnPntal ftmds through
forn�al authorizations by the City Coi.mcil and qrant agre�rients.
� 12
CITY OF BAAR"�QR, NAIIVE
Notes to Financial Stat�nents
J�e 3 0, 1994
11p'1� 2 - C�atint�ed
General Ftmd revenues and e�gaenditures reported in the Stat�n�nt of
Rev�nues, E�eriditures and C.T�riges in Tlnreserved/Ilndesignated Ft�d Balance
- Budget and Actual (Budget Basis) (E�chibit 3) are presented on the b�sis
budgeted by the City. The City follaws certain accnunting principles for
budgetary reporting purposes that differ frrxn generally accepted
accn�ting principles. Such differences and their effects on the General
Ftmd's re�rted operations are s�nm�rized in the following re�nciliation:
Other Financing
Revenues �lditures Sources (Uses)
Stat�n�nt of Revenues, E�i1di tures,
and Changes in Unreserved/
Undesic�ated Ftmd Balance -
Budget and Actual
(�rhibit 3) $ 54,658,152 $ 52,3I1,678 $ (653,390)
Activity in designated
fi.md h�.lance 506,665 (302,486) (229,482)
I994 enc�.mrbrances - (259,137) -
1993 enclm�brances �.id - 670,I34 -
1993 lkalances carried 454,191 902,651
Ccanbined Stat��t of Revenues,
E'�g�endi tures, and Q�anges in Ftu1d
Balances-Go�ta1 Ftu�id
T�p�s-General Ft.u�d
(Exhibit 2) $ 55,619,008 $ 53,322,840 $ (882,872)
(E) Fboled Cash and Investrnents and Investrnents
Fboled cash and investments and investrnents are descxilaed in Note 2
Investsnents are stated at cnst.
(F) Inventory
General Ftmd inventory is c�rg�rised of various e�ldable supplies
cnnsi.m�d by operations and is stated prirn�rily at m�ving average mst
which approximates rnarket. EYiterprise F�md inventories are ccarrprised
primarily of cnns�nable supplies. These inventories are also stated at
m�ving average mst which approxirnates market. The cost of c�2stunptiQn or
sale is recnrded as an expe��diture in the General Fund and as an operating
e.�ense in the F,riterprise Ftmds.
(G) Genera7 Fixed Assets
General fixed assets have been act�ui.red for general gc�vernmental pur�ses.
Assets purchased are recnrded as e�g�zditures in the qoverrunental ftmds
and capitalized at c�ost in the general fixed asset account group.
Contributed fixed assets are recorded in the General Fixed Asset Accn�t
Group at estim�ted fair rr�arket value at the time received.
13
CITY OF BAI�K''�QR, NglIlVE
Notes to Fi.r��cial Stat�nents
J�.me 3 0, 1994
NO'l'E I - CYntiuiaed
Public dcxnain ("infrastxucture") general fixed assets cnnsisting of rnads,
bridges, curbs, gutters, streets and side�a7ks, drainage syst�ns, and
lighting syst�rls are capitalized along with other general fixed assets.
No depreciatian has been provided on general fixed assets, nor has
interest been capita.Iized.
(H) Property, Plant, and Equignent - �terprise Ftmds
Prnperty, plant, and ��;gnent awned by the various enterprise funds is
stated at cost except for certain assets ce�ntri.buted by others whirh are
stated at fair market value as of the date of contri.butian. Interest ce�st
incurred during ct�nstructian of major prz�jects is capitalized and
amortized over the life of the related asset. Depreciation has beeri
prr�vided over the estimated useful Iives using the straight line metliod.
Depreciatian an all assets has bre�z recrorded as an e�ense of the current
period. The arrbi.mts applicable to assets acr�w:red fi�am cantri.butians has
then been transferred to the related cbntribution account rather than to
retained earnings. The range of the estimated useful lives of the various
classes of entezprise depreciable assets is as follaws:
Range of
Estimated
UsefuZ Life
Asset Class
Bui.Idings 25 - 40 y�ars
Equi.gnent 5 - 20 years
Pipelines and mains 100 years
Aircraft operatic�nal assets:
R1m�rays 4 0 y�.ars
Buildings 20 years
Machuiery and equign�ent 5 - 10 years
(I) Uacation and Sick Leave
Under terms of Lmian cnntxacts and personnel �licies, pezTr►anPnt full time
City �loy�es are granted vacation and sick leave in varying airbimts. In
the event of tenrunation an �loyee is reimbursed for acccmrulated
Yacatian days up to the equivalent of thirty days vacation. IIrg�loyees are
reimbursed for 33 percent of acci.nrnalated sick leave, up to 40 days, anly
u�n retiren�nt with 25 years of service.
For Goverrnnental F�md Types (General and Special Revenue), the City
appropriates ftmds for accrued vacation in the y�ar the vacation is taken.
Accnrdingly, acclIlnulated vacation time earned and not taken at the end of
the fiscal year will be raised in subse�qu�nt years' budgets. The related
abligatian, therefore, is recnrded in the general lang-term debt group of
accbt,mts of the Ci ty.
Acc�mrulated sick leave is not recnrded since it is not detenninable.
14
CITY OF BA1�K''�QR, N�IlVE
Notes to Financial Statene�zts
Jtme 3 0, 1994
11�7'I� 1 - CY�nti.II[aed
(J) Capital Projects Ftmd - Ilndesic�ated F�md Balances
Undesiqnated f�d 1x�lances in the Capital Projects Ftmd represent, on a
cimn�lative L�sis, the excess of specific prr�ject resources over the
related project c�osts for ccarrpleted projects. These amotmts are currently
tmappr�priated and as such are ava.ilable for use within the Capital
Pzrojects Ft�d for future capital c�anstruction.
(K) Ccxrgx�.rative Total Data
Total colLm�ms of the Ccanbined Stat�n�nts are captioned "m�r►�randt,un only"
to indicate that they are presented anly to facilitate financial
analysis. Data in these coltaru�is do not present financial position,
resul ts of operations, or ch�lges in fin�lcial �si tion in c�nformi ty wi th
generally accepted acmunting principles. Neither is such data crxr�rable
to a consolidation. Interfi.md el�minatians have not been made in the
aggregatian of this data.
NOTE 2 - Equity in Fboled Cash and Investrr��ts and Investments
The City mzintains a cash and investrnent �01 that is available for use by
all fLmds. Earh f�d type's portion of this pool is displayed on the
�.xnbined h�lance sheet as "�uity in pooled cash and investrrrents° and is
�lassified as short term. Cash is invested in various interest bearing
securi ties, whi ch can be redee�r�ed as needed wi thou t penal ty. In addi ti on,
cash and investrnents are se�rately held by scxne of the City's fz.md
types.
Dep�si ts: At ye�r-end, the carzying amoLmt of the Ci ty's deposi ts was
$1,91I, 090 and the �anlc 1a�.7ance c�as $1,204,994. Of the X�nk �lance
$15I,800 Was fu11y insured and or cnllateralized and $1, 053,194 r�ras
imin���1 and 1mc.rollatesalized.
Investr��ents: Statutes authorize the City to invest in obligatic�ns of the
U.S. 2�Yeasury, agencies and inst..n.unentalities, repurchase agre�r�ents,
cbrporate securities, financial institutian stocks, and other stock
investrr�ents. The City's inv�strnents are categorized below to give an
indicatian of the level of risk ass�nr�d by the entity at year-end.
Cateqory 1 includes investsnents that are insured or collateralized with
securities held by the City or its agent in the City's narr�e. Category 2
includes tminsured investrn�erits for which the securities are held by the
t.x�nks' trust de�rtrnent in the City's narn�e. Categozy 3 includes uninsured
invest�r�nts for which the securities are held by the �nks' trust
de�rtment or its agent but not in the City's narne.
15
CITY OF BA1�OR, N�.INE
Notes to Financial State�nts
J�e 30, I994
11�7TE 2 - CX�ati.nueaT
Catecrory Carrying Market
� 1 2 3 Arrai,mt Ua1ue
U.S. Government
and agencies $ - $I2,836,068 $ - $12,836,068 $12,765,344
Certificate of
deposi t 50,000 - - 50,000 50,000
Repurchase
agreenents - 3,813,680 - 3,813,680 3,813,680
Other - 534,324 2,241,139 2,775,463 2,793,993
IQ►� tru.st(457) - - 3,170,543 3,I70,543 3,170,543
Mutual ftmds - - - 853,395 853,395
$ 50,000 $17,184,072 $ 5,411,682 $23,499,I49 $23,446,955
Mutual fimd investments are not r�quired to be classified in any of the
three aY�ve categories because they are not evidenced by securities that
exist in gYiysical or l.x�ok entry form.
1VC71'E 3 - Prt�per�ty Tax
The City's property tax c�ras levied July 1, 1993, on the assessed �ra.lue '
listed as of the prior April 1, for a11 real and personal prnperty located
in the City. The assessed value for the list of April 1, 1993, u�n which
the 1993 levy was L�sed, �ras $1,292,838,100. The estimated market value
c�as $1,292,838,100 n�aking the assessed value 100 percent of the estim�ted
market value.
Taxes are billed on a s�n.iannual k�.sis. Taxes were due Septemt�r 1 and
March I with interest due fi�am that date if im�id. C'��rrent tax
collections for the y�ar ended Jtme 30, 1994, were 93.2 percent of the tax
levy.
Property taxes levied for the year ended JLme 30, 1994, are rect�rded as
receivables. The recei�rables collected during the y�ar and the first 60
days of the subs�quent ye�zr are reco�ized as revenues for the year Pnded
Ji.u1e 30, 1994. Receilrables estimated to be cr�Ilected subsequent to the 60
da.y perioal are c�onsidered to be deferred revenues. Prior y�ar tax levies
w�se recnrded using this same principle.
16
CITY OF BA1�K�Q2, NI�LIIVE
Notes to Fii�ancial Statements
J�e 3 0, I994
1�'7lE 4 - Due to/D�ae frrm Other Ft�ds
Individual ftmd interftmd receivable and �yable .�iances at �7Lme 30, 1994
were as follaws:
Recei�rable Payable
Genesal ftmd $ 1,402,121 $ -
�-iterprise F�uids
M�mici�.l Go1f Course - 29,879
Ci ty Nursing Facili ty - 376,251
Bass Park Ft,uid - 995,991
$ 1,402,121 $ 1,402,121
Nt7.l� 5 - Due Firnt Ot�'�er' Gbvex�t�lts
Due fz2�n other gove�nts is crarrprised of the follawing arroi,mts at Ji.me
30, 1994.
State of Ferleral
Other Maine GoverrunPnt Tota1
Genera.l F�uid $ 83,937 $ 2,277,623 $ 263,567 $ 2,625,127
Special Revenue Ftulds $ - $ - $ 112,143 $ 112,143
Capital Prnjects Ftu1d $ - $ I5,400 $ - $ 15,400
�iterprise Ftmds $ - $ 206,834 $ 825,914 $ 3, 032,748
Of the Genera7 F�uld's $2,277,623 due fzrxn State of Maine, $1,569,521
represents sct2ool subsidies and state agency billings and $140,784
represents general assist.ance claims not yet received.
l�bte - 6 Fixi�d Assets
Arr�t.mts ccxrmitted for future e.x�aenditures an capital projects appr�xirr�.ted
$1,431,782 at Jtu�e 30, 1994. Such airb�ts wi11 be ftmded by h�nd
proceecls, appr�ved federal and state grant m�nies and m�nies appz�priated
wi thin the various fi.mds.
17
C:I'IY CF E�Z, 1�II�
l�bte.s to F�i�arx;�7 5'tatet�nts
Jtme 30, 1994 ,
1�IIE 6 - Qntirwed
Ct�nstructica� in �ss is arr�sa�3 of t1� follaving: A�per�v�i
Projcct F�ises to R�lan�.s Ftztt�
Autlr�r'izaticx� Jtme 30, 1994 C�mnitt�rl Fir�aricirx�
Sr1zb1 $ 430,573 $ - $ 430,573 $ -
S�2�ets - 1,340,318 7;026 1,333,292 -
Orher prt�je�cts . 1,001,548 806,954 194,594 -
$ 2,772,439 $ 813,980 $ 1,958,459 $ -
A sunrazy of �s in genera_7 fi� assets follaNs: C,�pita.l
Baianc� ZYansfers & Pr�ject &�.lanc�
�Time 30, 1993 Ac3�itirns L�ietirns Qasa�uts JLme 30, I994
I.�d, .�bt�ilding5, and
ct�s�tactia� _in pr�ss:
r�a $ 3,iso,s� s - � - $ - .� 3,iso,s�
City far�lase�pr�'ty 78,611 - - - 78,611
F��i 7dit�gs 18,068,183 5,461 (48,191) 1,772,860 19,798,313 �
Sctx.x�l builditx�s 8,456,386 - - 6,402,576 14,858,962 �
Ree�.�ticn fac_ilities 2,713,391 - - 118,188 2,831,579
Q�a.structicn in pt�s 8,364,780 4,395,409 - (Il,946,209) 813,980
1bta1 ]�iad� buildux�s.
arx3 ar�struCtiCa1 in �ss 40,862,193 4,400,870 (48,191) (3,652,585) 41,562,287
Public c�rrain:
St.reets 15,051,104 - - 3,262,094 18,313,198
Si�nalks 1,569,011 - - - 1,569,011
ffiic�s 1,136,815 - - - 1,136,815
Parkina structt,�s " I4,000 - - - 14,000
IIectric�l 744,067 - - - 744,067
S(-,cmn 5e�rs - water' lines 343,521 - - - 343,521
Other�z�talic c�rt�in 645,297 18,357 - 36,471 700,125
?btal �lic arrrain 19,503,815 18,357 - 3,298,565 22,820,737
�uiPrmt:
VehiCles 5,162,530 281,937 (355,911) 268,622 5,357,178
C�rp�.iter 484,619 52,487 - 23,829 560,935
Or1�r 1,449,499 41,085 - 61,569 I,552,153
Schzal ot1�r 439,183 342,I15 - - 781,298
1btal e�uipr�nt 7,535,831 717,624 (355,911) 354,020 8,251,564
Tbtal fi.�d assets $ 67,901,839 $ 5,136,851 $ (404,102) $ - $ 72,634,588
18
CITY OF BA1�,�',QR, N�.INE
Notes to Financial Statenents
Ji.me 30, 1994
1�71� 6 - Claatinueal
A s�rmary of pr�prieta�.y fi,md type pmperty, plant, and �l;pr►�nt at �Time
30, 1994, follaws:
I,and $ 938,2Z5
Buildings, plant and ��;pment 40,781,444
Pipelines and mains 29,015,810
Airport op�eratianal assets 157,802,545
Parking structures 6,455,571
Construction in process 12,414,053
247,407,638
Less: acc�,urrulated depreciation 70,787,445
,$ 176,620,193
In 1994, total proprietary ftimd type interest incurred was $2,492,025 a11 of
which c�as ct�arged to operations.
11U1� 7 - GlDez'ati*� IA-;i�
General Ftmd
The City leases certain recreatior�al. pr�perty to third �rties i,mder an
operating lease expiring in 2026. This lease has a ten y�ar rene�al
optic�n. Minirrnnn future rentals to be received i.mder this lease are:
Year �ided Jt.me 30 Amo�.mt
1995 $ 11,500
1996 11,500
1997 11,500
1998 11,500
1999 11,500
_ 2000 - 2026 57,348
Total Nlinim�n Future R�ta1s $ II4,848
Airport Ftmd
� The airport is the lessor of various buildings and 1and parcels under
operating leases e�iring in various years through 2032. Minirrnun future
rentals to be received on nancancellable leases as of J�e 30, 1994 are:
Year �ided Jt.me 30 Arr�rmt
1995 $ 618,296
1996 ' S60,866
1997 518,642
1998 464,188
I999 203,254
- ' S'ubser�uent to 1999 1,413,934
Tota1 Minim►.m� Ft.�ture Rentals $ 3, 779,180
Minim�un future rentals do not include c�ntingent rentals that may be
received �der certain leases of buildings because of revenue pzroduced or
usage in excess of specified arrb�.mts. Cantingent rentals in 1994 were
$1,319,590. �
' I9
CITY OF BA�, NIA.INE '
Notes to Financial Stater�ents
Jtme 30, 1994
NIDIZ 8 - Di.r�ct F;*�[-;no Ler7Se
Certain facilities owned by the City at the Airport (building #488) were
financed by a third �rty. These facilities are leased by the City to a
ccarq.a�ny imder a direct fir�ancing lease e�iring in 2006. As �rt of the
financing arrangerient betwee�7 the City and the third �rty, a �rtion of the
lease paylr�ents to � received by the City has been assigned to re�y the
Bank d�bt incuzred by the third �.rty to aanstruct the facilities. At Ji.me
30, 1994, financing lease �ymei�ts, net of interest, awcd to the third �rt.y
tmder the arrangement aggregated $689,221.
Minim�un Iease �yments to be received by the City fi�m the user c�rrg�ny as
of J�me 30, 1994 are:
Year ended June 30 Amo�,mt
1995 $ 92,253
1996 92,253
1997 92,253
1998 92,253
1999 92,253
Subsequent to 1999 691,892 �
$ 1,I53,I57 •
The follawing lists the cca*r�nents of the investmerit in the direct financing
lease at J�e 30, 1994:
Net investrnent in direct financing lease $ 689,221
Add tmearned inc�attle 463,936
Tota1 Ir►inirrnun lease �yments to k� received 1,I53,I57
Less: Ct�rent �rtion 92,253
I�ong-tezm $ 1,060,904
1VC7lE 9 - C�pital Le�se -
The City's General Ftmd currently leases heavy machinery and a tele�hane
system �der capital leases; in addition the Sewer F�.uld leases heavy
machinery tmder a capital lease. Following is a schedi.ile, by year of future
mirulrn.un lease �yments i.ulder these leases, together with the present �ralue
of the net mini.mum lease �.yrr�nts as of JLme 30, 1994.
Year Ehding Sewer General
Jtme 30 Ftmd Ftmd
1995 $ 33,392 $ 41,Z64
1996 33,392 28,634
' I997 33,392 17,811
Z998 33,392 16,148
133,568 103,757
Less r Interest S 16,981 S 10,452
Pres�nt value of net minisrnmi lease payments $ 116,587 $ 93,305
20
CITY OF BA1�'OR, NIAINE
Notes to Financial Stat�lts
Ji.me 30, 1994
11�71'E IO - Ot1'�er Assets
Other assets are ccxrprised of the following:
Capital II�iterprise Total
Frojects Ftmd Ftmds F'�mds
Investrn�nt in bolid proceec�s $1,794,168 $ 701,866 $ 2,496,034
Investznent for capital pzrojects - - -
Investrnent in RRG insurance - 53,260 53,260
Operating rights (net of air►�rtization) - 447,733 447,733
Bond issuance cnsts
(net of amortization) - 352,803 352,803
Total other� assets $I, 794,168 $ 1,555,662 $ 3,349,830
1R71� IZ - IJ�fezz�d Rev�t,es
Deferred revenues cQnsist of the follawing:
General Special EYiterprise
Ftmd Revenue Ftmds Ftmds
Taxes $2,132,489 $ - $ -
I�aans - 2,908,350 -
Advance Deposi ts 47,323 - 27,958
Perforrnance Band 15,000 -
Outside ccxrrrn.mity's share
of Waste c�ater treatrnent
facility - - 871,162
$2,194,812 $2,908,350 $ 899,120
Deferred tax revenues consist of those tax revenues not avai.lable to meet
the needs of the current period (See Note 3) .
Deferred revenue of the Special Revenue F[md represents future revenue
equal to loans made pursuant to the Cc�nrnmity Developrrlent, Urkx�n
D�velo�zt Action Grants, and Econanic Incentive Revolving I�oan F�md
over the past y�.ars. Pursuant to the te.zms of these grants, loans made
are recbgnized as an e�enditure in the Special Revenue Ft�d when they
occur wi th ct�rz•esponding recr�gni tion of grant revenues. F'ur'ther, pursuant
to regulatians gvverning such fi,mds, re�yment of loans thus outstanding
are c�nsidered pzngram inccgne as received in subsequent years and is
available to the recipient for additional use withiri the prngram. The
future revenue associated with loans outstanding is, therefore, reflected
as deferred revenue.
21
CITY OF BAI�K',QR, N�.INE
Notes to Financial Statenents
Jtme 3 0, I994
N01�3 12 - Ia�g-Terut Ligbt
The follawing is a s�zy of long-term debt transactions of the City for
the period ended J�e 30, 1994:
D�ebt �yable at June 30, 1993 $64,027,090
New debt issued and
bridge laan 18,576,997
L�ebt retired (14,645,087) �
Debt �yable at Jt,me 30, 1994 $67,959,000
The City is subject to the laws of the State of Maine which limit the arrbi,u�t
of long-term debt to 15 �rcent (depending on haw funds wi11 be used) of its
Iast fu11 state valuation. The statutory limit for Jtme 30, 1994 was for
$197,812,500 with a debt mar�in of $129,853,500. The follawing is a st.um�ary,
by pur�se, of the outstanding debt of the City at Jtme 30, I994, and
related limitatians:
Percent of
State Assessed
Lebt Ualue of Statutory Debt .
Outstandinq SI,318,750, D00 Limit Marrrin e
ScYx�ol $13,387,143 10.0 0 $131,875,000 $118,487,857
Sew�.r 34,654,045 7.5 0 98,906,250 64,252,205
Air�z`t 6,014,905 3.0% 39,562,500 33,547,595
A11 other 13,902,907 7.5a 98,906,250 85,003,343
Total $67,959,000 15.0% $197,812,500 $129,853,500
A11 other debt outstanding is cc�nprised of the follawing:
General Ftmd $ 6,874,480 49.5a
Paz'king Ftimd 5,216,797 3 7.5 0
Golf Course Ftmd 256,691 1.8 0
Bass Park Ftmd I,088,100 7.8%
City Nursing F�md 466,839 3.40
$13,902,907 100.0a
22
,
CITY OF BAI�',QR., N�INE
Notes to Fir�ancial Statenents
Ji,u1e 3 0, 1994
11bte l2 - C�tin[aed
General and limited revenue obligatian h�nds �yable at Ji,me 30, 1994,
consisted of the following issues:
Fina7
Interest Maturity
rates date
1975 Pern�zent Public Irrg�rovemei�ts 6.50 S/Ol/95
1978 Perm�nent Public Improve�n�ents 5.80 7/01/98
1981 Pesm�nent Public Iirprover�nts 10.00 6/Ol/01
1984 Permanent Public Improven�nts 5.90 to IO/25/94
8.75
I985 PP,�r�anent Public Itrg�r�v��ts 5.20 to 10/25/95 .
7.90
Z986 Pennan�nt Public Irrtpzrov�nts 4.25 to IO/25/96
6.50
1987 Pern�nent Public Irrrprt�vert�ents 5.70 to 10/25/97
6.80
1988 Perm��ent Public Iirpzrovements 7.37 to 10/28/07
8.60
1989 Pe.z�r�nent Public Irr�orove�r�ents 6.70 to 9/Ol/09
7.00
1990 Pezmanent Public Improv�nents 7.00 to 8/O1/10
7.10
1991 Pent�anent Public Improv�r�nts 5.00 10/Ol/12
I992 Pennanent Public Improv�nents 5.00 to 11/01/12
5.30
1992 Pern►anent Public Irrprovenents 4.75 to II/01/02
5.40
I992 Terminal E�a.nsian 4.40 to IO/01/I2
6.70
1993 Perma��ent Public Irrg�rov�ts 3.30 to 10/01/00
4.65
1993 SRF Treatirtent Plant 2.46 IO/Ol/13
1993 SRF Cc�nbined SG�s OvPsflow 2.45 10/01/I3
I994 Refimding Bonds 2.35 to 8/OI/10
5.20
Total
' Less current portian
(due fiscal year 1995)
Authorized Genexal EYlterprise Tota1
and issued City Schaol Ftmds Ji,me 30, 1994
4, 050, 000 190,836 - 169,I64 360,000
3,260,000 685,541 - 99,459 785,000
3,065,000 214,200 835,800 - I,050,000 ��
1,800, 000 149,449 - 30,551 180,000
1,575,000 140,994 56,I97 97,809 . 295,000
865,000 192,888 31,231 10,881 235,000 �
1,785,000 161, 727 92,003 451,270 705,000.�j�
3,200,000 - 367,100 1,512,900 1,880,000 5�
13,025,000 402,000 2,392,000 1, 716,000 4,510, 000
9,265,000 612,000 - 2, 793,000 3,405,000
19,000,000 - - 18,050,000 18,050,000
12,550,000 - 6,360, 000 5,560,000 11,920,000
575,000 515,000 - - 515, 000
5,750,000 - - 5,750,000 5,750,000
3,314,000 3,275,000 - 39, 000 3,3I4, 000
1,864,000 - - I,864,000 1,864,000
I,986,000 - - 1,986,000 1,986,000
11,155,000 334,845 3,252,812 7,567,343 11,155, 000
$100,084,000 6,874,480 13,387,143 47,697,377 67,959,000
1,315,793 1,042,844 2,638,863 4,997,500
$ 5,558,687 $12,344,299 $45,058,514 $ 62,961,500
5 23
CITY OF BA1��C?R, NI�l.INE
Notes to Fin�zcial Stat�nents
J�e 3 0, 1994 ,
11bte I2 - C�ati.IIta�d
The City is a rr�rnb�er of Maine Vocational Region Four (M.V.R. No. 4), which
territory is crxrprised of three cities, including Bangor, 11 towns, one
plantation, four S.A.D. 's and one C.S.D. The City is res�nsible for its
prt�portianal share of M.V.R. No. 4's long-term debt as well as the debt
incurred by all local goverrnnent tmi.ts which prnvide services within the
City's 1x�imdaries. .
The City's portian of this debt (c�arrm�nly ca7led overlapping debt), is
s�mm�rized below:
Percentage
Lebt Applicable Overlapping
Units • � Outstandinq to the Citv L�ebt
Ci ty $67,959;000 100.00% $67,959,000
Co�ty 3,315,000 22.94% 760,46I
Bangor Recreation
District 80,000 100.00a 80,000
M.V.R. No. 4 � : 1,569,205 33.59% 527,096
Total � $72,923,205 $69,326,557
.�
This resul ts in a per capi ta Ci ty debt of $2, 056 (Table 7); pex� capi ta
overlapping debt of $2, 097; ratio of City debt to the City's Ji.me 30, 1994,
assessed valvation of 5.3 percent (Table 7); and a ratio of overlapping debt
to JLme 30, 1994, assessed valuation of 5.4 percent.
The following table sets forth the ratio of 1z�nded debt to assessed
valuation, by ft.md type; and per capita debt ratios, by f�d ty�e; for the
fiscal year ended Jtu1e 30, 1994.
Amoi.mt of Debt by Fimd
Genera7 Ftmd �iterprise
Ci ty School F�ds Tota1
$ 6,874,480 $ 13,387,143 $ 47,697,377 $ 67,959,000
Debt as Percent of Assessed Ualuation
General Ftmd Ehterprise
City Schaol �ids Tota1
.5% 1.1% 3.7% 5.3% (Tab1e 7)
Per Capita D�bt by Ftmd
General Ftmd EYiterprise
City Sc.hool Ftmds Total
$ _ 208 $ 405 $ 1,443 $ 2,056 (Tab1e 7)
24
- CITY OF BAI�,�G`OR, NIAINE
Notes to Financial Staterr�ents
� Ji.me 30, 1994
l�bte 72 - C�xit_i.nueal
The annual future princi�l and interest �yrr�ent ra��;rements for a11
debt outstanding as of Jtme 30, 1994, is as follows:
Year �ided Tota1
J�e 30 Principal Interest R��;rer�nt
1995 $ 4,997,500 .$ 3,424,688 $ 8,422,188
1996 4,977,500 3,094,lI3 8,071,613
1997 4,652,500 2,829,184 7,481,684
1998 4,597,500 2,570,706 7,168,206
1999 4,292,500 2,325,724 6,618,224
Subseq�uent 44,441,500 13,969,827 58,4II,327
$ 67,959,000 $ 28,214,242 $ 96,173,242
C�i January 1, 1994, the CiLy issued $11,155,000 of general obligation
�nds with an average interest rate of 4.83o to advance refund $5,495, 000
and $4,210,000 the callable portion of outstanding 1989 and I990 general
obligation lxmds, res�ctively. The net prr�ceecZs of $Il, 028,500 (after
�yment of $153, 730 in tmderwriters and issue discbi.ults and the receipt
of $27,250 in accrued interest) plus an additional $300,000 of cash were '
used to purchase U.S. qovernment securities. These securities were
de�sited in an irrevocable trust with an esc�row agent to pr�vide for all
future debt service �yir�nts on the ref�ded portion of the 1989 and 1990
general obligation bonds. As a result, the callable �rtion of the 1989
and 1990 general obligation k�nds are cbnsidered to be defeased and the
liability for those �.nnds has been rerrbved fizxn the General Long-term
�ht Accbi.mt Group, Sewer Utility Ftmd and Parking Ftu�id.
The Ci�ty ac�nce refunded the callable �rtion of the 1989 and 1990
general abligation Lronds to rEduce debt service �ym�zts by approxunately
$408,000 and $302,OOOin the General Ftmd and �iterprise Ft�ids,
respectively over the next 18 years and to obtain an econcanic gain
(difference be�1 the present values of the debt service paymerits on
the o1d and new debt) of $230,000 in the General Ftuid and $84, 000 in the
EYiterprise Ftuids. As of Ji.me 30, 1994, $3,163,900 and $6,541,100 of
general abligation L�nds outstanding in the General Z�ong-term L�ebt
Accntmt Group and �itezprise Fc.mds, respectively are considered defeased.
The Sewes Utility and Parking enterprise fi,mds have recorded a deferred
- amoi.mt on refi.mding, which is the difference between the reacr�uisition
price (fl.u7ds required to ref�.md o1d debt) and the net cat�ying tralue of
the old debt. The deferred arr��t on reftmding will be air�ortized over
the re�r�aining life of the old debt.
25
l
CITY OF BAl�'OR, NIA.INE
Notes to Financial State�n�ents
Jtme 30, 1994
11X71E 13 - C�tr`i.buted C`apita.Z
A simrnary of crianges in cnntributed capital follaws:
Contributed capital at June 30, 1993 $104,837,562
� Contributions 5,290,920
Depreciation on assets acr�uired with
cbntributions (3,657,779)
Contri.buted capital at Ji.u�e 30, 1994 $106,470, 703
AX7I'S 14 - Related PdtLy TzansaCtic�ns
During the fisca.I year ended June 30, I994, the City purchased various
gooc�s and services for appr�xur�ately $38,167 fiz�m a related party, who
was a rr�nber of the Ci ty Coimcil.
NDIB 15 - 1��dahZe and �pe�alahle �Yvst � �i���
None�ndable and E�pPndable T`rust fimds lx�tances w�re ccgrprised of the
following at Ji.me 30, 1994:
ilrie�lded
Princi�I Incexne
None�ndable Trusts
Cernetery:
Pezpetual Care $ 373,252 S 129,448
Parks:
Bass Park - 16,288
Arthur C�iapin F�.u�id 14,538 15,207
I4,538 31,495
City Missiorlazy:
Hiram Fogg 1,000 2,040
Louis & So�Yii.a Kirstein 500 1,550
Hiram Oliver 2,000 4,507
Penobscot Association for the Blind 11 I
Lorenzo Sabine 1,000 1,ZZ8
° Stetson 12,000 9,986
16,511 19,202
26
" CITY OF BAI�'QR, NIA.INE
Notes to Financial Statem�nts
J�e 3 0, 1994
. 11bte I5 - C�xitinued
I7rie�zdec�
Princi�.l Inct�ne
Education:
Bangor High School 200 1,108 ,
FYench Meda1 35,738 5,284
� HoltQn Public School 2,000 6,879
Louis & So�ahia Kirstein 5,000 3,012
A.E. Weh�r, Jr 1,000 645
43,938 16,928
Aid for Aged Wat�en:
Charles Adams 10,000 2,397
Thc�nas Cl��rn Coe 3,000 719
Anna H. Pier�e 4,000 959
Annie Stetsan 5,067 1,131
Geoz�e Stodcler 11, 000 2,637
Wakefield 10, 000 5,386
43, 067 13,229
Other Ft.uids:
Lbrothea Miller 507 384
Bangor Fir�r�n's Relief 7,639 6,046 �
� Bangor Ftiel Society 4,500 303
. Kirstein City Hospital 507 1,313
Ax`thur Morey 1, OI3 3,504
Melvin Murch 5,733 I1,653
O'Cannell Thtst 1,000 5,169
TtvitChell Trust - 114
Flora Seavey 1,500 683
C�arlotte Ha11 5,984 13,323
.-. Pfaff Trust 811 1,354
Fbrter - Pulsifer 5, 000 7,318
Jewish War Veterans 758 151
34,952 51,315
Revolving L,a��
, Sophia Kirstein Stucierit L�n 120,518 -
Total ncme�ldable tru.sts $ 646,776 $ 261,617
E�aendable Trusts
. Dental Cliruc $ 31,726 $ 4,115
. Preservation of Rect�rds 10 33
- Adopt A Park 10,795 423
Total expendable trusts $ 42,531 $ 4,571
27
G7'IY (�'&�, 1�Il�
I�bt.es' tA F�nan�ial $�tg��
Jtme 30, 1994
11�T1E 16 - Segt�rrL,S af 1�,t-��r,:�Activitias
T7�re are s� servic�s prc�ric�xi by the City whirh ar� fir�anc�by user �z�s - Sec�r, Air�rt, City N�n�ir�g Fa�ility
parkirig, $-�ss Par�c and iv�,u�lici�.1 Q�1f C�x.a^se. 2he key finanrial �� far' t1��r'iai e�c�xl J�n�e 30, 1994, far' t1'r�.5e
servicps ar� as fallows:
City Rass N�,m_icip�
Sewer' Air�,rort N��sinr� Par�ii7g P�.rk Gb1f Ca�se Tbtal
�ratirx� r�ve�i.ae $ 4,962,387 S 12,304,221 S 2,700,865 S 623,392 $ 1,967,335 S 486,343 S 23,044,543
�Zat.�x� �e�s�sr
L�prt�i.atic�i and
�rnrt.izati.cn* 1,614,959 4,089,139 127,155 320,554 254,633 45,974 6,452,414
Ot�h�' 2 535 292 9 873 956 2 537 406 422 321 2 114 877 366 066 17 849 918
4 150 251 13 963 095 2 664 56I 742 875 2 369 510 412 040 24 302 332
�ratirx�' �nart�
(loss) 812,136 (1,658,874) 36,304 (119,483) (402,175) 74,303 (1,257,789)
I�at.ulg r�vern�e
(�se) (1,539,791) 227,823 (43,952) (337,097) (100,102) (18,033) (1,8I1,152)
C�r'atira3 transfers
fmn C�.ral Ftmd - - 16,954 493,621 277,322 - 787,897
Net inc�t� (lass) $ (727,655) $ (1,431,O51) $ 9,306 $ 37,041 $ (224,955) $ 56,270 $ (2,281,044)
Ad3itic�s to a�triY�,it.ed
c�pital $ - $ 5,279,819 $ - S - $ - $ 11,100 $ 5,290,919
A�.quisiticn of�rt,y
Xz7ant and eq�uipr�lt $_3,387,109 $ 11,744,010 $ 12,966 $ - $ 76,967 $ 37,984 $ 15,259,036
TbtaZ assets $55,344,238 $131,807,412 $ 1,053,108 ,$ 4,945,295 $ 3,073,620 $ 738,214 $I96,96I,887
Net � capital $ (854,007) $ 7,333,517 $ (349,974) $ (336,868) $(1,072,041) $ (Z18,334) $ 4,602,293
Ba�ds �yable • $34,654,045 $ 6,014,906 $ 466,839 $ 5,216,797 $ 1,088,101 $ 256,691 $ 47,697,379
Ftmd �n�i ty $19,340,419 $123,443,556 $ (137,242) $ 15,208 $ 878,522 $ 427,927 $143,968,390
* Incluc�s �:aticn ara�l arrortizaticn of $ 3,657,779 ca� assets aa�zi�d with anis�ibutic�s.
28
CITY OF BA1�'�C?R, N�.INE
Notes to Financial Statene�lts
�Ti.u1e 3 0, 1994
11�7I� 17 - Dl�si�]ated Ftmd �i7anrr�
General Flmd
Designated fcmd �a-zZances represent those portions of the General Ftiuid
k�lance sgeclficaZly designated for the following:
1994 1993
De�r�trnental t.x�lances carried forward $ (2,237) $ 6,195
Sc.tiool de�rtrnent - regizlar 25,893 220,648
adult education 37,572 47,044
special revenue (38,135) 157,356
school Itmrh 106,554 97,713
trust & agency (18,882) (S0,496)
Aut�tive er�ui�xr�nt replac�zt acc�o�t 378,620 169,3Z5
Bus service equi�nent replac�nent accbLmt 34,331 65,735
Fire equip�nent replace�nent acc�oimt 12,300 -
Capital i.mprov�nents 436,562 394,628
Reserve for self insurance 758,228 303,662
Credit reserve ftmd 826,419 1,026,419
Carnernn staditun 111,904 I08, 046
Ad�nces to enterprise fi.mds 600,000 500, 000
Arbitrage reb�te - city 24,262 23,426
- school de�.r't�t�ent 131,997 127,449
Subtotal 3,425,388 3,167,140
Accrued teacher �yzroll (1,315,206) (1,310,330)
Accrued teacher subsid� receivable 462,689 463, 726
_ Net acc�rued teacher �.yro11 (852,517) (846,604)
Total general fi.md designated
fi,md }aalance $ 2,572,871 $ 2,320,536
111C71B 18 - C�inti.t2c�at ZOss, Litigdticea and Otr�'Matter5
Contingent Loss
The City is self-insured for wc�rkers' cr�r�nsation liability and enyaged
an actuary to detennine appropriate liability as of L�cem�r 31, 1993.
The portion of the liability associated with enterprise ftulds is recnrded
in the proprietazy ftmd. The �rtian associated with general City
opPxations is reaorded in the general fimd to the extent of the claims
estimated to be �id durinq the next fiscal year and in the general
Iong-term debt accni.mt grnup to the e�ent of clairns estimated to be �%d
subsequent to the next fiscal y�.ar.
Li tigatian �
A subcnntractor for the Sewer Ftmd's secnndary treatrr�zt facility has
suxinitted a c�ntract claim in the amoi.mt of $497,394 for additional c�osts
29
CITY OF BA�, NIAINE
Notes to Financial Statements
Ji.u7e 30, 1994
11bte 18 - CY�ti.ntaed
alleged to have been incurred by itself. It is estimated that the City's
ct�st to resolve the claim could range fizxn $40,000 - $215,000.
In an att�t to rec�over the City's cnsts in responding to and settling
c�ntractor, subcnntractor and surety claims arising out of the late
r�va1 of an active pipeline that crossed the secondary treatrr�rit plant
project site, the City has asserted a claim a�inct the pipeline's
owner.
The City has asserted clairns against the architect and gPneral cantractor
of the Airp�rt's termunal building ex�nsion project apprt�xirnating
$2,589,000. In turn, the archi tect claims $165,745 and a cnntractor
clairr�s $1,372,000 is due fizam the City for additiona2 services. Also,
there are various mechanics liens claimed by subccu�tractors of the
general cnntractor, which are covered by the g�neral c�antractor's �yment
band.
In Sept�nber 1992, the City received a "Notice of R�t�ntial.
Respansi.bility" Lmder Maine's Uncbntrolled Hazardous Substance Sites
law. The notice involves the planned cleanup of several hazardous waste
disposal sites. The City may be Iiable because the sites were forn�rly
operated by the cacarr�ny the City used for the disposal of c�aste oil
during the 3960s - 1980s. The Maine De�rtinent of �ivirt�nmental
Pzrotection's preliminary estimate of cleanup aosts at the pri.m-�ry site
exceer.�s $10,000,000. It is estimated that the City's cost cnuld range
fi�m $80,000 - $100, 000.
There are `rarious other claims and suits pending against the City which
arise in the norm-�1 course of the City's activities. In the opinion of
- City manage�nent the ultimate dis�sitian of these various claims and
suits wi11 have no material effect on the financial �sition of the City.
NUTE I9 - R�.sioa Plans
Introduction
The City of Bangor pr�vides retir�r�ent pensions for its erploy�es through
a nim�ber of v�hicles, including Defined Benefit Pension Plan, Defined
Cantri.bution Pension Plan and Social Security. Included in the L�fined
_ Benefit Pension Plan are the Public Teachers' Plan and Partici�ting
Loca1 District Plan at Maine State Retir�r�ent. The L�fined Contribution
Pensian Plans are section 401 (a) and 457 Deferred Ccargaerisation P1ans
adrninistered by IQ�!/RC. Finally, those erployees not eligi.ble for
cnverage Lmder �ither the Defined Benefit or Defined Contributian Plans
are pr�vided fu11 Social Security cnverage.
- A. Defined Benefit Pension Plans
The City of Bangor's teachers and teacher-defined sct��oo1 de�rtrr�ent
persannel are c�overed for retirenaent benefits i.mder the State of Maine's
Public Teacher's Plan in the Maine State Retir�r�nt S�st�n (D�SRS) . Other
� 30
CITY OF BA�, N�.INE
Notes to Financial Staterr�nts
Ji.u�e 30, 1994
11bte 19 - C�ntirnled
non-teacher personnel and m�uzici�.l �loy�es (i.e. City �loyees) are
covered i.u�der the City of Bangor's Partici�ting Loca1 District (PLD)
plan in the MSRS, which is a self f�ded retir�7t plan ac�rninistered by
N�SRS an be.t�7f of the City. The Maine State Retirenent System ("Syst�n"),
is an agent multiple-�loyer public �loyee retirelr�ent system that acts
as a ct�mrr�n investrnent and ac�ninistrative agent for cities in the State.
Fixed-term cantract �loyees and �rt-timers that work less than 720
annual hours are exempted frrxn NlSR�S cnverage.
1. Participating Loca1 District Plan
AIl full-time pennanent City erg�loy�es are required to participate in
the S�st�n tmless the �loy�e is cnvered by an individual fixed term
�ntract. Benefits vest after ten y�ars of service. City �r►ploy�es who
retire at or after age 60 are entitled to an annual retiren�nt benefit
for life, in an arrbimt equal to a fraction of the average final
ce�ensation muZtiplied by y�ars of rr�n�rship service after the date of
establishment. Average final c�ensation is defined as the average
annual rate of earna.ble ccgrg�nsation of a m�r during the 3-5 years of
creditable service, not necessarily c�nsecutive, in which such average
annual rate of earnable c�r�ensation is highest. The system also provides
. death and disability bPnefits. These benefit provisions and all other
reql.urements are established by State Statute and the adopted City plan.
City �loyees are required to contribute 6 1/2 percent of their annual
salary to the 5�sten. The City is required to contribute the r�n;ng
arr�t,mts necessary to fLmd the S�stem, using the actuarial }�sis specified
by statute. The City's �yrz�11 for �loyees ct�vered by the Syst�n for
the ye�.r ended Jtme 3 0, 1994 c�as $ 17,578,929.
The arrbt.mt shown helow as the "gension benefit abligation�� is a
standardized disclosure measure of the present value of p��sion benefits,
adjusted for the effects of projected salary increases and step-rate
benefits, estunated to be �yable in the future as a result of employ�e
service to date. The measure is int�nded to help users assess the fimding
status of the Syst�n on a going-cancern .�sis, assess prngress made in
accimrulating sufficient assets to �y 1�eriefits when due, and rr�ake
c�risons amang �nployers. The measure is the actuarial present value
of credited projected benefits and is independent of the fimding metY�od
used to determu�e cantributions to the S�St�n.
The pension benefit abligatian r�ras ccgrg�uted as �.rt of an actuarial
valuation performed as of Jtme 30, 1994. Si�ificant actuarial
ass�tions used in the valva.tions include (a) a rate of return on the
investrr�it of present and future assets of 8 percent a year ccxrg�otmded
annually, (b) additional projected salary increases of 6 percent a year,
attri.butable to seniority/merit, and (c) 4 percent aost of living
retirement benefit increases. Total tmf�ded pen.sian 1�xiefit abligatian
_ applicable to the City's enployees was $41.3 million at Ji_me 30, 1994, as
follows (in millions) :
31
CITY OF EiAl�'QR, NIA.INE
Notes to Firlancial Statenents
Jl.me 30, 1994
11pTE I9 - C�7atimaed
1994
Pensian benefit obliga.tion: (in millions)
Retirees and �eneficiaries currently receiving
bpnefits and ternunated �loy�es not yet
receiving benefits $ 52.2
C'i.zrrent �loyees-
Acc�m�rulated erploy�e �ntributions including
alloca.ted investment earnings 13.3
IInployer financed vested 24.1
�loyer fir��ced nanvested 5.2
Tota1 pensian benefit obligation 94.8
Net assets available for benefits, at mst
(market value is $65.3 at Jt.uie 30, 1994) 53.5
UnfLmded pensian benefit abliga.tion 41.3
Unfi.mded pension Lenefit abligatian:
As a percent of total pensian benefit
obligatian 43.60
As a percent of cr�vered �yn�ll 234.7 0
R�quired cbntributians are detennined se�-ately for service retir�r�nt
benefits, survivr�r b�iefits, and disability k�riefits elected on or after
Jarluary 1, I977.
The Systen's fi.mding policy provides for actuarially detennined periodic
cantri.butions for no.rn�al cbst and for arrortization of any Luzf�ded
actuarial accrued liability so that sufficient assets wi11 be available
to �y benefits when due. For determ�n�ng plan costs, assets are valued
at "actuarial value. " The actuarial ft.mding method used to cr�npute
actuarially detPrmined contxi.bution requirer��ts is the entry age normaZ
met.t2od, a m�ethod i.mder which the actuarial present tra.lue of the projected
benefits of ea.ch individual included in an actuarial valuatic�n is
allocated on a Ievel �sis over the earnings or service of the individual
between entsy age and asstmied exit age. The portion of this actuarial
present value allocated to a `raluation year is called the normzl ct�st.
The portion of this actvarial present value not provided for at a
valuation date by the actuarial present value of future nozmal ct�sts is
called the actuarial accrued liability.
The significant actuarial assi.m�ptions used to ct�rg�ute the actuarially
detennined cnntribution requirement are the same as those used to c�ute
the pensian bPnefit obligation as descr�bed ah�ve.
The cnntributian to the S�st�n for 1994 Was $5,04I,I80 and was made in
accnrdance with •actuarially determined r��;r�its ccxnputed through an
actuarial vaZuation perfonraed as of Ji,me 30, 1992. The contribution
car�sisted of $1,795,690 nonnal cost (10.220 of clrrrent crovered payiroll)
and $2,101,413 arrbrtization of the unf�ded actua�ial acc�ued liability
(11.%% of current cbvered �yrt�ll) . The City cantributed $3,897,103
(22.18% of current crovered �.yzroll); �loyees c�antributed $1,144,077
(6.50 of current c�vered �.yrr�ll) .
32
CITY OF BAI�QR, N�.INE
Notes to Financial Statements
Ji.me 3 0, 1994
11�7TB 19 - Cc�tin�ed
2. Public Teachers Plan
The crovered teacher's �yroll for fiscal yea.r 1994 was $14,664,788. The
State of Maine �id the erployers share for its Public Teacher's Plan. In
the case of federally fi.ulded �sitions, the fimding grant �ys the
erployers share. During fiscal year 1994, $116,230 in �loyer's share
Was ch�rr3ed to various school grants for $705,093 in cnvered �yrt�ll.
3. Historical Trend Information
Ten-y�ar trend information calculated in acctirdance with GASB #5 is not
available.
Six year historical trend inforn�a.tion is cantained in Tab1e 8.
B. Defined Cantributian Pension Plan
The City of Bangor provides pension benefits for cert.ain of its full-time
�loyees through both 401 (a) and 457 L�ferred Ccxtpensation Plans
(defined contributian plan (DCP)) administered by IQ�!/RC. In a DCP,
benefits depend solely on amoi.mts c�ntributed to the plan plus investrnent
earnings. Partici�tion for fixed-term cx�ntract e�loyees is pzrovided in
lieu of the defined benefit plan through the Maine State Retirc3nent
S�st�n. Covered employ�es are eligible to �rtici�te and are fu11y
vested fizan the date of employment.
The City cantributes at various rates depending upan �Ioyment
contracts. The cr�ntribution rates rrazy fizam 10.00 - 33.Oo of annual
earnings. The cnvered �yroll in fiscal y��r 1994 was apprraxirnately
$469,600 and City cnntributions totaled approximately $58,600.
AII airbt.mts of c�pensation deferred �der the 457 p1an, all property and
rights purchased with �those am�i,mts and alI incrrxne attributable to tt�ose
arrbunts, property or rights are (i,mtil �id or made available to the
�1oy�e or other beneficiary) solely the pr�perty and rights of the City
(without Il�ing restricted to the provisiculs of benefits i,u�der the plan), �
subject ar�ly to the claims of the City's general creditors. Participants
rights i.mder the plan are �,a7 to those of general creditors of the City
in an arrptmt equal to the fair value of the deferred accn�t for each
�rtici�nt.
� The City has no liability for losses �der the plan but does have the
duty of care that wnuld be required of an ordinazy prudent investor. The
City believes it is tml.ikely that it wi11 use the assets to satisfy the
claims of general cxeditors in the future.
C. Social Security
. The City of Bangor does not have a section 218 agreelru�t to provide fvll
social security cnverage to its' e�loy�es. The City prnvides fu11
social security coverage to �.rt-time, seasonal and tengz�rary e�nploy�es
i.mder the C2�mibus Budget Recnnciliation Act of 1990, and IRS regvlations;
which became effective July 1, 1991.
F: 33
CITY OF BAl�R, NF�IlVE
Notes to Financial Stat�r�ents
Jt.me 3 0, I994
1VD7� 20 - LandfilZ Qas� ar�d R�stclos�� C�r� Casts
Federal regulatians (Subtitle 'D') stipulate that landfills which have
not accepted MS'�J (Munici�.I So1id Waste) in recPnt years are exempt fi�n
specific postclosure care and manitoring requir�r�ents, prnvided that such
landfills are closed prior to G�tober 8, 1994, and in acce�rc�nce with
� applicable State regulations, subject to certain cnnstructian
requir�nents. In Ji.u1e 1994, the State of Maine legislature approved new
state landfill closure regulations drafted by the Maine DepartrnPnt of
E�ivironmental Pirotection. These regulations included a "Reduced Closure
Option" pr�vision which allowt.�cl qualifying law risk Iandfills to be
closed prior to Octaber 8, I994 if federal constxuction standards were
m�t with no further requir��ts for specific postclosure m�nitoring and
maintenance pr�grams.
The City of Bangr�r's Kittredge Road Landfill qualified for the "Reduced
Closure Option" and is in full campliance with its pz�visians.
The estimated liability for Zandfill closure and �stclosure care cnsts
is $1,397, 700 as of Ji,me 30, 1994, which is 1x�sed on IOOo usage of the
landfill. The estimated total current cost of the landfill closure and
�stclosure care is �sed on the arr►�unt t1�at wnuld be �id if services
ra��;red to close, rrbnitor and maintain the landfill were acquired as of
Jime 30, 1994. The actual cost of closure and postclosure should not
ch�nge si�ificantly fizxn the arrr�i.ult estimated.
At June 30, 1994, $522,700 of the closure and postclosure care c�osts had
been ft.mded by the issuance of general abligations �nnds and the interest
earnings therer�n. It is antici�ted that $392,000 will be provided by
the State of Maine and the remain�g cnst of $482,300 wi11 be prnvided Y�y
the issuance of general obligation h�nds in the future. '
34
Sr1�er.�e A-1
CITY OF BAl�'OR, NIAINE
General Ftmd
Balance Sheet
Jtme 30, 1994
(with c�r�rative totals for Jtu1e 30, 1993)
1994 I993
Assets
Cash $ 66,338 $ 81,213
Invest�nerits 4, 050,475 3,020,456
Receivables:
Taxes, including interest and liens 2,473,251 2,829,403
Accb�ts 508,131 75I,287 .
Due fi�m other governments 2,625,127 2,682,528
Due fiz�n other fi.mds 1,402,121 1,138,980
Inventory, at cost 307,412 314,836
Other assets 17,27I 21,221
Total assets $ 11,450,126 $ I0,839,924
7.i�,�i 7 i�p�
Accnunts �.yable $ 732,312 $ 1,292,497
workers' c�rg�. self insurance 607,890 619,800
Taxes collected in advance 20,705 I5,437
L�eferred revenues 2,194,812 2,389,108
Accrued �yzro11 & withholdings 1,647, 079 1,689,O50
Total liabilities 5,202,798 6,005,892
Ftmd �c�s
Reserved for encim�brances 294,931 716,289
Unreserved:
Desic�ated for subsequent years'
exg�7di.tures 2,572,871 2,320,536
T7ndesic�ated 3,379,526 1,797,207
Total fi.md �.lances 6,247,328 4,834,032
Tota1 liabilities and it.uid
.�lances $ 11,450,126 $ 10,839,924
35 �
�ri�7a A-2
QTY C�'�, 1�LIlVE
CFr1ez`a1 Fl.ux1
Stater�t of Re�es, �iti�, and
� in Lh��s�f[�ic�si�at.ed F1.md �lan� - ��t and A�.�al
Ya�r IIac�i Jtme 30, 1994
varian�
- � Favorable (ihif�e)
C�ri�eci Ia�ed t.o
7/1/93 Buda�t Actual ,��7 us Carria�l
�.�:
Ta�s:
Re�1 and� g�rty $ - $ 27,956,651 $ 28,180,OI3 $ 223,362 $ -
Ct�rige in deferz��c-t.y tax
r�velues - - 226,937 226,937 -
Payrrmt ca� lieu of ta�s - 92,731 92,731 - -
Autcnnbile and h�t e�ise t.a�s - 2,395,000 2,922,952 527,952 -
Inter�st a� delinqtitelt taxes - 395,000 376,380 (18,620) -
Tbt.ai t�s ' - 30,839,382 31,799,013 959,631 -
Int.ergovenmmtal r�v�nta�:
,State r�vezue str�ring - 2,105,682 2,240,576 134,894 -
Sc1�1 subsidy - 8,486,225 8,502,360 - 16,135
Ot-her - N�mici�l 454,191 3,666,929 3,762,818 (1,789,012) 1,430,710
Sctxz�l - 2,845,448 2,786,054 - (59,394)
Tbtal in ta1. z�ve�ue 454,191 17,104,284 17,291,808 (1,654,118) 1,387,451
Oth�' �1ue:
Lic�es and�zmits - 245,174 276,167 30,993 -
Ctraz�es far' servic�s - N�.uziCi�.l. - 3,210,876 3,450,682 228,517 Il,289
- Sc1�roI - 1,595,152 1,752,341 - 157,189
Fines, forfeits, and�lties - 17,800 Il,699 (6,101) -
Revt�ue fmn use of mriey - Nh,�iici�I - 541,905 488,O80 (53,825) -
and prc�rty - S�I�1 - 17,500 42,553 - 25,053
Tbtal ot1�r r�velue - 5,628,407 6,021,522 199,584 193,531
Zbtal r�veli,�5 454,191 53,572,073 55,112,343 (494,903) 1,580,982
36
: : . ,
Sdr�d�l_P A 2, (Qnt.)
C:i'IY C�'E�2, M�.Il�
C�al Ftmd
Statar�t of Rev�.res, �adit��s, and
Q�s in L�iz�s��ia�sir.�at�3 F1md E�lanc� - �t and Acti�a.I
Ye�r FY� Ji.me 30, 1994
varl.anc�
B�lanc�s Fawrah7e ll�avc�rable)
. C�rz'ied I�ased to
7/1/93 Bi,�t Act�l .�m�7u5 C�rr'i�-1
��1iti�:
cgaeral. g�c�crlr�t:
�ci7 - 70,941 65,980 4,961 -
�t.�tive - 1,461,913 1,443,083 32,860 (14,030)
City c7erk - 312,577 305,969 6,608 -
Financ� - 612,675 589,459 23,216 - ,
Assessnelt - 228,204 224,207 3,997 -
Ins�1c� - 68,228 68,226 2 -
P7arn�i r�r - 176,616 179,151 (2,535) -
Le3a1 - 164,946 159,566 5,380 -
R�^�ame.Z - 108,003 108,259 (256) -
Ecrxrsnic c�veZopr�rit and r�se,�rr1�1 - 133,861 131,399 2,462 -
Tbtal ge�r`al gr�verrtr�t - 3,337,964 3,275,299 76,695 (14,030) `.
Pu�lic S�fety:
Fblic� - 3,835,273 3,834,033 4,703 (3,463)
Fir� - 5,353,368 5,292,49I 60,877 -
Tbtal ��h7 i c safety - 9,188,641 9,126,524 65,580 (3,463)
He�lth, welfar�, and r��tia�:
He�lth and welfar� 460,386 3,987,425 4,016,937 1,857,617 (1,426,743)
Pat�s arxi' z��atical - 824,249 894,339 (70,090) -
Tbt.al 1�lth, w�lfare & r�'�atical 460,386 4,811,674 4,9I1,276 1,787,527 (1,426,743)
Putal.ic 1z�iidux�s and servict�s:
R�h1ic servict�s - 5,651,067 5,551,263 99,804 -
Nbtar�ro1 - 20,000 - 20,000 -
PriVate s�1xx�1 setvic�s - 1I2,597 108,014 4,583 -
Zbtal p�ablic Zxzildirx�s and sezvic�s - 5,783,664 5,659,277 124,387 -
. 37 .
.Sd�r3�7P A 2, lLtzit.)
C�'I�.' �'�, 1�Il�
Ge�erdl F1md
Stat.er�it of Reverttzes, �x•lit��s, and
�qes in I�erv�d/Uho�sic�ated Ft.a�d�.Iar� - Bi.x�et arxi Acti.ra.I
Ye�r Fhc�l Jtme 30, 1994
Uarsan�
• �lanc�s F�rable (L�ifav�ble)
C��r'i�i Ia�ased tA
7/I/93 �.x�et Actual .�t m�1 us C�.rried
Ot-her' a,g��ies: .
T�1�s �i.d to Cc�.mty - 1,I12,052 1,112,052 - -
Puhlic 1i�y - 603,365 603,365 - -
Tbtal ot1� agarlc.ies - 1,715,417 1,715,417 - -
F�alucatiai: _
R��ular' 220,648 22,782,446 22,977,916' 25,I78
A�1i�7 t echicaticn 47,044 795,596 574,337 - 268,303
S�Gia1 z�velt� 157,356 1,109,692 1,190,423 - 76,625
Sc'h�l 1tmCh 97,713 840,636 807,548 - 130,801
Trust & age�cy (80,496J 875,352 321 744 - (526,888)
ZbtaZ ec�caticn 442,265 26,403,722 26,871,968 - (25,981)
Oth�r a�rc�r'iaticns:
Rec�atica� district tax - 90,O80 90,080 - - J � � �
Fh�isirns and ot�rr frirx� �iefits - 100,782 100,780 2 -
Ckrltux�lt - 30,317 9,576 20,741 -
L�bt servic� - 1,456,422 1,454,132 2,290 -
Tbta1 ot1a� a�zg�riatirns - 1,677,601 1,654,568 23,033 -
Tbtal �diti�s 902,651 52,918,683 53,214,329 2,077,222 (1,470,217)
F�ss (c�ficiency) of revern.res
aver �x3itt�s (448,460) 653,390 1,898,OI4 1,582,319 110,765
' 38
.Sc��ri�7p A 2, (Ct7rit.1
CITY OF'&�, 1��IIVE
C�aeral Ft�ad
Stater�nt of Revei�s, E�iclit�,�s, arx3
Ch�s in I�ireserv�i/[h�a�sic�t�3 Ftux�l�alance - Bi.ick�t and Actual
Year �x�d Jtme 30, 1994
varianc�
� B�.lana�s 1�`awrahZe (�ifav�ble)
C�rieci I.apsed to
7/1/93 Bix�t Actual Sl.uplus Carried
pt-�r- f;n-ar�;r Q su�r�'S (�)_
�.pzz�priatirn fmn c�:sic�at�i fimd h�l�s - 26,328 26,328 - -
G�ratirxJ trar�.sfers - 108,179 I08,179 - -
City N�,�sirlg Fac.ility suhsidy - (16,954) (16,954) - -
Parkirlg Ftmd sti�sidy - (493,621) (493,621) - -
�.ss Park sl�sidy - (277,322) (277,322) - - .
Tbta1 ot1�r financirx� sa.�s (uses) - (653,390) (653,390) - -
,
F�s (defic.ie�cy) of r�n.�s av�r '
�dit�s and ot1�r �s
(use5) $ (448,460) $ - $ 1,244,624 1,582,319 $ 110,765
L�ir�served/tmc�sic�nated itmd h�.lat�,
be3irmilx� of�riaai 1,797,207
Ihireserv�/tmc�sic�nat_ed itmd�,
e�d of�r.ia�l $3,379,526
39
SF�r3�7P B-1
Q'I�' QF�R, 1�IlVE
S�ial Rec�rn.te Ftu�ds
�r�tzirurx��lanc� St�t
Jtme 30, 1994
(with arr�r-ative totals for J�u�e 30, 1993)
F�nic
• Qxrmmity Lh�n Ir�c�tive
L�vela�nslt L�velc�Zr�it Revolvirx� Tbtals
B1c�k C��nts Actial GYants Lcx�n Ftux� 1994 1993
A�
C�sh $ 22,954 $ 7,634 $ 162,119 $ 192,707 $ 178,542
Interast r�ivable - - - - -
Ir.�n.s r�.itrable 1,840,216 I,115,131 83,134 3,038,481 2,944;199
Alla�an� far� �Ilectible - (130,L31) - (130,131) -
Due fran ot1�r .f�s - - - - 58,503
A� fizm other govezrnt�ts 112,143 - - 112,143 98,947
Pr�id �2ses 3,465 - - 3,465 -
Tbta7 assets $ 1,978,778 $ 992,634 $ 245,253 $ 3,2I6,665 $ 3,280,191
I�abilities
Aaxx.ults�yahle $ 31,571 $ - $ - $ 31,571 $ 56,577
Aaxued�yro11 & witl�nldings 54 - - 54 3,153
Airrn.mts held far ot�rs 61,857 - - 61,857 -
Due to mlr�hilitaticn r�ipi�ts 32,082 - - 32,082 42,320
I�fe.r�al r�n�e 1,840,216 985,000 83,134 2,908,350 2,944,199
' Due to other fi�s - - - - 58,503
Tbtal liabilities 1,965,780 985,000 83,134 3,033,914 3,104,752
Ftr��1�'r�s
R,�serve far' e�c[.rr�lc�s 6,825 - - 6,825 I8,900
L2�ic.�at.a�1 fimd lx�lan� 6,173 7,634 162,119 175,926 156,539
Tbtal ftmd 1�latx�s 12,998 7,634 162,119 182,751 175,439
Tbtal IiaL�.ilities and
ftmd b�lanc�s $ 1,978,778 $ 992,634 $ 245,253 $ 3,216,665 $ 3,280,191
40
�. . , . ..
��i7P B 2
Q�'i' C?F'&�l�Z, 1�IIVE
S�:roCa.a1 Revern�e F1.ux�s
C�nbiriirig Statar�t of R�s, E�it��, and
C�x�s in Fl.md B�.Iaric�
Year' Ilx�ed Jtme 30, 1994
�1'11C
' Q�17I1.II71� �1 IT1C�'1t1.V�
�(/�IOj�?T31t �1�7C�1t RE�DIV111C�
�V�S: BIGr.k �"IIc 1tS ACt1C%1 �Ic 1tS I�C�i1 FLII7C� Zb�S
Interg�tal $ 1,085,626 $ - $ - $ 1,085,626
Prrx�-�n inarre 298,736 - 6,803 305,539
Reva1� fmn use of rrrriey arad pc�rty 3,389 4I 864 4,294
Tbtal rev��s 1,387,751 41 7,667 1,395,459
�qo�nht►�s: '
Aa�uisitirn of real �rty 8,748 - - 8,748
Put�lic rnarks facilities site irr�r�nts 6I3,374 - - 613,374
Clearanc� 11,056 - - 11,056
C�le e'1far�r�rlt 249 - - 249
Dis�siticn of r�al �.y 4,I49 - - 4,149
Ar)ni n i 5��� 204,372 - - 204,372
Retr�bilitatical and Fr�servaticn activities 432,850 - - 432,850
Plar�iing 27,985 - - 27,985
F�nnic c�velopr�t 10,364 - - 10,364
F�nrtic incr�tive Ia�2s - - 75,000 75,000
Tbtal e�di.t��s 1,313,147 - 75,000 1,388,147
F�cr..�ss (deficiezcy) of r�vewes
aver' �aditl,a�s 74,604 41 (67,333) 7,312
Ftmd 1�lanc�.s, at be3irmux� of�riai (6I,606) 7,593 229,452 175,439
Ftmd�nc�s, at ex3 of�ricn $ 12,998 $ 7,634 $ 162,119 $ ]82,751
41
ScheduZe C-1
CITY OF BAI�'-rOR, NIAINE
Capi ta7 Pzroj ects F�md
Balance Sheet
Ji.me 3 0, 1994
(with cc�rrgx�rative totals for J�.me 30, 1993)
I994 1993
Assets
Cash $ I93,949 $ 1,091,356
Investrr�rit in laond proceeds 1,794,I68 910,789
Accbtmts receivable 6,364 -
Deferred street assessrnents 30,130 30,130
Due fzzam State 15,400 -
Tota1 assets $ 2,040,011 $ 2,032,275
T.ia '7i�e,
Accoi.mts payable $ 64,803 $ 278,378
Arrbi.u�ts held for others 8,310 -
Total liabilities 73,I13 278,378
� ���:�
Reserved for enciunbrances 277,339 988,737
Unreserved:
Iaesigr�ated for capital prnject
e�gaenditures 1,373,957 322,630
ilndesignated:
Deferred street assessnents 30,130 30,130
Ft,iture can.struction - General 263,597 390,525
Ft,iture canstructian - Sctiool 21,875 21,875
Total f�d �lances 1,966,898 I,753,897
Tota1 liabilities and
fimd k�lances $ 2,040,011 $ 2,032,275
42
�d�Ie C-2
C�'IY �'B�, 1�II�
C,�pital Pr�jec�s Ftua�
Q�nbinirx� Statar�t of Reve��s. �dit�,�s,
arx3 Ch�r�g�s in Fiva� Balanc�s
Ya�r' II�d �Ti.me 30, 1994
Rasezves
Otr�r for Ftzt�
- Bui.Z�li� Streets Sc1xx�ls Prc�je�ts Ccnstructi� Tbta1
l��es:
Inter�t incur� $ - $ 19,901 $ 21,938 $' 21,552 $ 711 $ 64,102
Intergaverrnrmtal 23,199 181,836 - 175,862 - 380,897
Other 12,460 - - - - ]2,460
Tbt.al r�ve�ues 35,659 201,737 21,938 197,414 711 457,459
E�i.t[�:
C.�pitai ac�Yiitic�s 181,380 2,303,917 443,244 1,490,233 - 4,418,774 .
Landfill clast,a� and�st-
c1as�� c�r� ($1,397,700
(total airoi,mt c�te.nnin�3
far t1� y�ar' i,u�x�r C�SB IS)
less $1,397,700 �x� in
GG71.1�G liahility) - - - - - -
L�ficie�cy of r�values
ove.r' �xiitl.u2�s (145,721) (2,102,180) (421,306) (1,292,819) 711 (3,961,315)
Q(-1�C- firtarr-im�CPS (L�S)
G�ratirx� transfers in (out) 90,000 319,820 - 593,891 (104,395) 899,316
GFner'�1 ca�zligatical
1.x�acl�s - 2,101,25Q - 1,173,750 - 3,275,000
Tbtal ot�r financ_irlg
socu22�s(t�.ses) 90,000 2,421,070 - 1,767,641 (104,395) 4,174,316
Fa�ss (c�ficielcy) of
x�v�rn,aes and ot.�r
so�z�s aver �litl.�s
arx3 other uses (55,721) 318,890 (42I,306) 474,822 (103,684) 213,001
Ftmd ��, at
1-pm'rming of�riai 34,660 (42,117) 851,879 466,945 442,530 ' .l,753,897
TrarLsfers fmn (to)
r�serves far futlu�
a�a.structirn 14,631 5,746 - 2,867 (23,244) -
Residual equity transfer 6,430 29,773 - (36,203) - -
Flmd h�l.an�s, at
e1d of peria�3 $ - $ 312,292 $ 430,573 $ 908,431 $ 315,602 $ I,966,898
CITY OF RAI�'QR, NIAINE
Eriterprise Ftmds
Ccanbining Balance Sheet
Ji.u�e 30, 1994
(with c�xrg�.rative totals for Jt.u1e 30, 1993)
Sewer
Utility Airport
Ftmd Ft,md
Assets
Ctirrent assets:
Cash $ 735,342 $ 613,544
InvestinPnts - 5,658, 016
� Due fi�xrt inrater district 63,751 -
Due fizxn other govezTunents - 930,157
Interest receivahle - -
Accnt.mts receivable 1,854,416 1,56I,346
Less: allawance for estimated
i.mcnllectible accnLmts 22,553 236,095
Net accntmts receivable 1,831,863 1,325,251
Investrn�nt in direct financing lease - 92,253
Inventory, at cbst 24,476 50,163
Pre�id e�enses 4,879 48,736
Total current assets 2,660,311 8,718,120
Property, pZant & ec��;prnent:
Z�and 683,865 -
Buildings, plant & equignent 32,086,302 -
Pipelines & mains 29,015,810 -
Aircraft operational assets - 157,802,545
Parking structures - -
Constructian in process 46,703 12,326,650
61,832,680 170,129,195
Less: acc�nulated depreciation 10,69Z,583 53,626,292
Net prt�perty, plant & e�.ii�nent 51,14I,097 116,502,903
Other assets:
Investrnents - 4,520,869
Investrnent in bond proceeds - 497,507
Investrr�erit in 1x�n pr�ceeds - -
Investrnerit for capital projects - -
Investrnent in direct financing lease - 1,060,904
Investm�lt in RRG insurance - 53,260
Due fi�n h�nd trustee 1,072,285 -
I�eferred sewer assess�nents 117,742 -
Operating rights (net of accLunulated
amortization of $852,267 in 1994 and
$805,137 in 1993) - 447,733
Band issuance'cnsts (net of acc�urn�lated
arrbrtization of $62,259 in 1994 and
. $41,506 in 1993) 352,803 -
� To�ta�lsassets $55,344,238 $131,807,412
.Sct�e�di�7 e D-1
Ci ty Mtuuci�I
Nursing Parking Bass Park Golf Totals
Facili ty Fimd Ftmd Course 1994 1993
$ 150 $ Z72,929 $ 2,416 $ 500 $ 1,524,881 ,5 7,176,053
- - - - 5,658, 016 3,288,834
- - - - 63, 751 92,943
102,591 - - - 1, 032,748 1,573,519
205, 021 4;909 66,688 300 3,692,680 3,770,100
9 502 4 909 3 162 - 276 221 230 595
195 519 - 63 526 300 3 416 459 3 539 505
- - - - 92,253 92,253
18,555 - 14,909 - 108,103 165,266
4 095 - 34 593 - 92 303 68 197
320�910 172,929 115,444 800 11,988,514 15,996,570
39,575 - 214,775 - 938,215 936,215
2,671,392 - 5,121,138 902,612 40,781,444 36,775,149
- - - - 29,015,810 27,841,939
- - - - 157,802,545 140,577,316
- 6,455,571 - - 6,455,571 6,455,571
- - 40,700 - 12,414,053 19,944,794
2,7I0,967 6,455,571 5,376,613 902,612 247,407,638 232,530,984
1 978 769 1 702 807 2 622 796 165 198 70 787 445 64 390 303
732 I98 4 75a 764 2 753 817 737 414 176 620 193 168 140 681
- - - - 4,520,869 6,072,724
- - 204,359 - 70I,866 805,787
- - - - - (200)
- - - - 1, 060,904 1,153,156
- - - - 53,260 53,260
- - - - 1,072,285 -
- - - - 117,742 117,742
- - - - 447,733 494,863
- - - - 352,803 373,556
19,602 - - 25,718 29,602 ��
_ $ 1,053,108 $4,945,295 $ 3,073,620 $ 738,214 $196,961,887 $193,237,741
44
CITY OF BAI�'QR, NI�I.IlVE
Enterprise Ftmds
Ccgnbining Balance Sheet
Ji.me 30, 1994
(wi th ccam�rative totals for Jt.me 30, 1993)
, Sew�r
Utility Airport
Ftmd Ftmd
I�iabiliti�s a�d Ft�al �uity
Current liabilities:
Accn�ts �yable $ 100,198 $ 789,104
Ac�rued �,yzro11 and withholdings 13,213 51,732
Direct financing lease �yrr�lts �yable - 31,176
Unearned inC+c�rte - 61, 077
Due to other fi,mds - -
I�orkers' cnmp self insurance 37,372 104,327
Accrued leave 32,753 134,047
Accrued interest 459,117 92,805
Accrued ex�nses - 5,285
• Deferred revenue 871,162 I,500
Other cvrrent liabilities 188 16,993
Current installrr�its - general and
� 1imi.ted revenue obligation �nds 2, 000,315 96,557
Tota1 current liabilities 3,514,318 1,384,603
Long-te.nn liabilities:
Direct financing lease �yments �yable - 658,046
Unean7ed incc�rrte - 402,858
Deferred sewer assess�nents 117,743 -
Deve.Ioper �yable 58,883 -
General and limited revenue obligation
bonds (net of current portion) 32,653,729 5,918,349
D�eferred arrbtmt on refi.ulding (558,397) -
Capital lease obligations I16,587 . -
Constructian retainage 9,950 -
Arbitrage �.yable 91,006 -
Workers' ccxrrp self insurance - -
Tota1 long-term liabilities 32,489,501 6,979,253
Tota1 liabilities 36,003,819 8,363,856
Contributed capital:
City 4,305,O50 -
� Federal, state and other 5,107,365 94,213,978
Cust�rs 882,408 -
Tota1 cvntributed capital 10,294,823 94,213,978
Retained easn�ngs:
Appropriated ' S09,155 1,979,911
Unapprt�priated 8,536,441 27,249,667
Total retained earnings 9,045,596 29,229,578
Total ftmd c-�uity 19,340,4I9 123,443,556
Total liabilities and itmd equity $55,344,238 $ 131,807,412
Sch�aTi�7e D-1, (C�t.)
Ci ty Nh.aii ci�l
Nursing Parking Bass Park Golf Totals
Facility Ftmd F�md Course 1994 1993
$ 59,991 $ 15,604 $ 46,107 $ 13,804 $ Z, 024,808 $ 1,701,635
23,724 1,833 7,726 4,058 IO2,286 200,324
- - - - 31,176 28,489
- - - - 61, 077 63,764
376,251 - 995,991 29,879 1,402,121 1,138,980
99,376 7,163 I7,175 - 265,413 247,127
34,826 5,086 15,999 3,076 225, 787 210,224
4,246 144,243 9,914 2, 779 713,104 764,336
- - - - 5,285 20,676
20,198 - 6,260 - 899,120 789,856 �
- - - - 17,181 -
_52,272 335,868 88,313 65,538 2,638,863 2,616,064
670 884 509 797 1 187 485 119 134 7 386 22I 7 781 475
- - - - 658,046 689,221
- - - - 402,858 463,935
- - - - 117,743 117,743
- - - - 58,883 63,735
414,567 4,880,928 999, 788 191,I53 45,058,514 42,783,291
- (467,845) - - (1,026,242) -
- - �- - - II6,587 -
- - - - 9,950 -
- 4,370 - - 95,376 92,061
104 899 2 837 7 825 - 115 56I 287 766
519 466 4 420 290 I 007 613 191 153 45 607 276 44 497 752
1 190 350 4 930 087 2 195 098 310 287 52 993 497 52 279 227
83,989 3,324 766,746 85,000 5,244,109 5,478,6I6
20,748 116,000 875,272 10,823 100,344,186 98,466,564
- - - - 882.408 892,382
104,737 119,324 I,642,OI8 95,823 106,470,703 104,837,562
- 14,876 ' - 48,438 66,973 2,619,353 3,085,035
(256,855J (104,116) (811,934) 265,131 34,878,334 33,035,917
(241,979) (104,116) (763,496) 332,I04 37,497,687 36,120,952
- (137,242) 15,208 878,522 427,927 I43,968,390 140,958,514
$ 1,053,108 $4,945,295 $ 3,073,620 $ 738,214 $196,961,887 $ 193,237,741
45
CITY OF BAl�'�QR, NIA.INE
Ehterprise Ftmds
Ccambining Stat�nt of Revenues, Ex��.ses and
G7�anges in Retained F�rnings
Year Ehded June 30, 1994
Sewer
Utility
F1md
Op�r'atztxJ z�v�aas:
C�r�es for services S 4,962,387
olaer'ati�3 �=
Operating e�enses other thai� depreciation
and arr►�rtizaticm 2,535,292
Depreciation and amortization
C�i assets acr�uired with awn ftmds 1,335,558
C�i assets ac�uired with contributions 279,40Z
Total operating e�g�enses 4,150,25I
Operating inaxne (loss) 812,I36
N[gi op�rating r�v�ae (�-se1 =
Interest inc�ne 53,944
Interest e�ense (1,604,690).
Miscellaner�us inccune 10,955
Operating transfer fi�n General Ftmd - �
Net non operating revenue (e�ense) (1,539, 791)
Net inccxne (loss) (727,655)
Add depreciation and amortization on assets
ace�vired with ct�ntri.butions 279,40I
Increase (decrease) in retained earnings (448,254)
Retained earnings, at beg�nn i nq of per'iod 9,493,85�
Retained earnings, at end of period $ 9, 045,596
Schea�?e D-2
q( 21t,.� 17 t.-S ----� .342.� z�°
�C� I'�•�e
�1 Z S o•� �26.�j Q?.(�
��a - +���.� ���. i
�� 17.0 ��t3.Ct 2??.?9 �
ci ty (r?•� �I3�. Z�.� �J Mi.mi ci�1
Air�rt Nursing Parlun� Bass Park Golf
Ftmd' Facility Ftmd Ft,md Course Total
$ 12,304,221 S 2,700,865 S 623,392 S 1,967,335 .� 486,343 S 23,044,543
9,873,956 2,537,406 422,321 2,114,877 366, 066 17,849,918
936,674 67,517 306,648 102,541 45,697 2,794,635 �
3,152,465 59,638 13,906 152,092 277 3,657,779
13 963 095. 2 664 561 742 875 2 369 510 412 040 24 302 332
(1,658,874) 36,304 (119,483) (402,175) 74,303 (1,257,789)
. �
�` %/'`�.
604,707 392 ` 4,870 � � 1,805 - 665,718
(381,084) (44,344) (341,967) �(101,907� (18,033) (2,492, 025)
4,200 - - - - 15,155
- 16 954 493 621 277 322 - 787 897
227 823 26 998� 156 52 I77 2Q� IS 033 1 023 255
(1,431,05I) ` 9,3 1 24,9 ) 56,270 (2,281,044)
1
3 152 465 59 638 13 906 152 092 277 3 657 779
1,721,414 68,944 50,947 (72,863) 56,547 1,376,735
27,508,164 (310,923) (155,063) (690,633J 275,557 36,120,952
$ 29,229,578 $ (241,979) $(104,I16) $ (763,496) $ 332,I04 ,5 37,497,687
� � Zi4.a t��.�' l v87��
L� �z��= �`-� ��° I
�'2 �o-Z 4•�
�i 3 .�-- �3.� 2tS . � �7$. S'
�t� ��.� ��t3. (� �7?,3 787 1
• �1 S� r?- `T �-t�3�,� 7_s�� � 7SL � �
g � r�s.c.� 3�z,� 2s� 1 ��• �
.� � ,
46
CITY OF BAI�CIR, N�lINE
F�iterprise F�mds ,
.. o . , Ccgrtbining Stat�nerit of Cash 'F16ws � ' • �
Year EYided J�e 30, 1994
, � . .
Sewe.r'
° � � ° Utility
' ` ° Ftmd
Cash flo�vs frcm q�c'ating activiti�s:
Cash received fizxn custcaners � � $ 5, 049,241
Cash �.yments to suppliers for gc�oc�s
and services (I,918,181)
Cash �yn�ents to �loyees for services 1649,649)
Net cash pmvided by (used in) op�xating
activities 2,48I,4II
C'ash�flow5 fzrin n�i.tal finan�-;nQ activiti�S:
Interfi.md loans (repaymeizts) -
Operating subsidies received (�i.d) -
Net cash provided by (used in) noncapital
fin�ncing activities -
Cash fluv5 fnzn c�api tal aud z�.Zated f;nan�-;nQ
activities:
Pzroceec�s fi�xn general and limited revenue
obligatian bonds 8,2'74,498
Acr�u.isition and construction of capital assets (3,387,109)
Princi�l �.id on h�nds (6,331,850)
Interest �.i.d on bonds (1,650,535)
Prrroceec�s fi�m sale of equip�nent 109,550
Proceecls fz�m sale of land -
Grant manies received for capital assets -
Cantri.butians received for capital assets -
Investrn�nt capital projects -
Investrn�erit 1z�nd & �n prnceec.�s (I,072,285)
Net cash provided by (used in) capital and
related fir�ancing activities (4,057, 731)
C.�.sh flows f_znrn iilv�sting aCtivities:
Pvrchase of investrn�ts , � -
Interest on investrnents � � `�57,107
Net cash pzt�vided by (used in)
investing activities • - ' � � 57 107
* .. .
Net increase (decrease) •in cash � • � (1,519,213)
Cash, at beginn?ng of period � 2,254,555
Cash, at end of period � . ' � � , $ . 735,342
Sche�ahi7e of naac�sh ; ;nQ, capital and `
f;nanC;nQ ar-r;vities= . .
�, .
1) During the y�ar, the Sew�r Utility Ftmd acx�uired $149,979 of fixed
assets that were fir�nced through the vendor by means of a capital _
lease. Of the total purchase price $33,392 �as �id c9awn and the
1�alance due wi11 be �id in annual insta7lments starting in the next
fiscal year.
S�e D-3
Ci ty Mtmi ci�l
_ Air�rt Nursing Parking Bass Park Golf
Ftmd Facility Ftmd Ftmd Course Total _
$ 12,467,245 $ 2, 754,831 $ 621,462 $ 1,927,789 $ 486,043 $ 23,306,611
(6,670,757) (I,028,219) (309,739) (1,626,762) (216,066) (11,769,724)
(3,262,885) (1,710,346) (123,208) (583,507) (184,945) (6,514,540)
2,533,603 16,266 188,515 (282,480) 85,032 5,022,347
- 75,752 - 117,510 27,378 220,640
- - 493 62I 277 322 - 770 943
- 75,752 493,621 394,832 27,378 991,583
- - - - - 8,274,498
(11,744, O10) (12,966) - (76,967) (37,984) (15,259,036)
(114,206) (52,280) (349,374) (88,313) (66,695) (7,002,7Z8)
(382,867) (27,164) (343,425) (60,980) (18,831) (2,483,802)
- - - - - 109,550
4,200 - - - - 4,200
5,797,960 - - - - 5,797,960
- - - - 11,100 11,100
(200) - - - - (200)
36,820 - - 67,101 - (968,364)
(6,402,303) (92,410) (692, 799I (159,159) (I12,410) (II,516,8I2)
(817,326) - - , - - (817,326)
604 710 392 5 022 1 805 - 669 036
1212,616) 392 , 5, 022p 1,805 - (148,290)
_ (4,081,316) - (5,64I) (45,002) - (5,651,172)
4 694 860 150 178 570 47 418 500 7 176 053
$ 613,544 $ 150 $ 172,929 $ 2,416 $ 500 $ 1,524,881
2) During the year, the Sewer Utility and Parking Ftmds issued general obligation
�nds to advance refi.uzd a �rtion of outstanding 1989 and 1990 general obligation
_ 1x�nds. See Note 12 for further description of the effects of the transactian..
47
CITY OF BAI�K''�C?R, NIA.INE
�iterprise Ft�ds
Ccaribinulg Stat�7t of Cash Flows
Year Ehded J�e 3 0, 1994
Sewer
Utili ty
Ft,md
Recnnciliation of operating inc�ne to net cash
provided by (used in) operating activities:
Operating inct�ne (loss) $ 812,I36
Adjustrnents to recbncile operating inc�r� (Ioss)
to net cash prnvided by (used in) operating
activi ties:
Depreciation and arrbrtizatian 1,6I4,959
Provision for i.u1cn11ecti.ble accnimts (2,806)
C�ianges in assets and liabilities:
(Increase) decrease in de�si ts -
(Increase) decrease in accoLmts receisrable 57,662
(Increase) decrease in due fizxn state govez�lt -
(Increase) decrease �n due fiz�n r�ater di.strict 29,192
(Increase) decxease in inventory 10,520
(Increase) decrease in pre�id ex��ses 2,404
Increase (decrease) in accnt.mts �yable (13,640)
Increase (decrease) in accrued e.�enses (39,155)
Increase (decrease) in deferred revenue -
Increase (derxease) in other liabilities 10,139
Total adj ustrnents 1,669,275
Net cash prnvid�d by (used in) operating
activities $ 2,481,411
a � �
r
� _
�
Sr-t��7e D-3, (C�t.J
. C1�/ MLII11C].�
Airport Nursing Parking Bass Park Golf
Ftmd Facility Ftmd Ftmd Course Tota1
S(1,658,874) S 36,304 S(119,483) S (402,175) S 74,303 $ (1,257,789)
4,089,139 127,155 320,554 254,633 45,974 6,452,4I4
43,112 1, 033 4,909 (622) - 45,626
3,884 - - - - 3,884
162,356 (3,227) (1,930) (43,804) (300) I70,757
- 46,195 - - - 46,195
- - - - - 29,192
48,270 7,373 - (8,999) - 57,164
(14,557) (773) - (11,180) - (24,106)
(144,555) (39, 731) (18,828) (68,137) (7,372) (292,263)
(12,834) (169, 061) 3,293 (6,454) (27,573) (251,784)
668 10,998 - 4,258 - 15,924
16,994 - - - - 27,133
4,192,477 (20, 038) 307,998 119,695 I0,729 6,280,136
$_2�533,603 $ I6,266 $ 188,515 $ (282,480) $ 85,032 $ 5,022,347
48
�P �1
CTIY C�'H�2, 1�I1�
Tivst and A�1Gy Fl�s
Q�r�binirxJ&�lanc� Staeet
Jtme 30, 1994
(with art�zative totals far Jtme 30,1993)
- I�a��hle TYust Ftux�s Tbtals
Ott�er' Rec�lvi�'ig' �ble Agr�1cY
F1mds Zc�n Ft�s Zbtal TYust Ft.ux�ls Flmd 1994 1993
Ass�ts
C�1 $ 3,295 $ - $ 3,295 $ - $ 108,398 ,$ 111,693 $ 501,147
Investrr�ts , at mst
(�r3�et �rdltae, 1994 $4,058,721
1993 $3,611,9I1) 784,580 50,823 835,403 47,102 3,170,543 4,053,048 3,544,036
Rec�.ivablPs:
Aaxxmts - - - - Il,213 Il,213 385
rr�n� to stiz�its - 69,695 69,695 - - 69,695 61,59I
Tbtal assets $ 787,875 $ 120,518 $ 908,393 $ 47,102 $ 3,290,154 $4,245,649 $4,107,159
T•ia i7iti,�
Arrncurts held by ag�ncy fimd
far othet.�s �= S - �= S - S 3,290,124 S3,290,154 S3,206,216
�1zY31�'.��
R�serv� far' 1cz�rLs - ]20,518 120,518 - - 120,518 108,529
Reserv� fC�r' etac�Z,armts 526,258 - 526,258 - - 526,258 519,758
Ihir�s� - a�si�ated far'
subseq�ue�t �x�it�u'�s 261,617 - 261,617 47,102 - 308,719 272,656
Tbtal ftmd�nc.�s 787,875 120,518 908,393 47,102 - 955,495 900,943
Zbtal Iiahilities and
fiuld�larx�s $ 787,875 $ T20,518 $ 908,393 $ 47,102 $ 3,290,154 $4,245,649 54,107,159
49
��e S-2
CITY OF L3A1�'UR, N�.INE
�zdable Trust Fi.mds
Stat�n�nt of Revenues, E�enditures, and
C�iariges in Ftmd Balances .
Year �ided Ji.me 30, 1994
Ret��s:
Interest $ 2,496
Cantributions 23,884
Total revenues 26,380
��=
Payn�ents to beneficiaries 4,104
Tota1 e�enditures 4,104
E�ccess of revenues over e�lditures 22,276
Fc.a'ld �1anCe5, at beg�nn�ng of per'iod 24,826
� Ftmd k�.lances, at end of period $ 47,102
50
, . . .. „
.Sr3�i�7P U3
Q'IY QF&�11�2, Ng1IlVE
l�arl�c�'1aL�hle Tn.ast Ft,ux�s
Q�nbiivlx,f Stater�t of h'e�v�naes, F�ses, arx�
C�r�r�qes in Fluxi Balanc�s
Ya�r' II�id� Jt�e 30, 1994
. Orher Revolving
�a.tirx�revea�s: F1.mc3s Ia�n Fl.n�cl 7bta.1
Inter�st $ 49,663 $ 12,695 $ 62,358
Or1'aer' 2,776 - 2,776
Lc�t sales 6,500 - 6,500
Tbtal r�v�sitaes 58,939 ]2,695 71,634
�'atux3��:
F�r�tual cat� fe�s 35,56I - 35,561
Dists.it�utic� to Parks & Rec�,aticxl 2,000 - 2,000
O[-her�.yrr�nts to h�ieficiaries 1,091 - I,091
Misc�llaneot.Ls - 706 706
Zbta1 expe�s 38,652 706 39,358
l�t inarre 20,287 11,989 32,276
Ftmd�lana�, at 1�girming of�ricx�l 767,588 108,529 876,117
Ft,u�id�Ianc�, at end of�ria3 $ 787,875 120 518 $ 908,393
51
sa�P �
c� c��, r��
1���peld�hLe Tnast Ftmds
Ctrr�bining Statar�t of C�sh F7ays �
Ye�r' �ic�l Jt.� 30, 1994
Ot1�r Rewlving
Fl,mds Ir�n Ftmd TbtaZ
(�.sh fI.ays fzan q�r-atirxJ activiti.es:
C�sh z�ived frtam custat�rs $ 9,276 $ - $ 9,276
C�Sh z2�ived c� invastrr�ts 49,663 2,179 51,842
C�sh�id to �ficiaries (38,652) - (38,652)
C.�sh�.id fc,�' o�zatirx� �s - (706) (706)
l�t c�sh pr�viciyd by qx�.'atirx� activities 20,287 1,473 21,760
Cctstl f10�+s f2�an D�2i.1�tl finarr-irrr�i.Viti.eS:
Stiaah�it Ia�ns rr�a� - (2,500) (2,500) ,
Stua�it la�n �ym3lts r�ived - 4,912 4,912
Net cash prc�vided by r�pital financiux� activities - 2,412 2,412
Ca.sh flac.+s fzan .ir�stirx�activities:
l�et sales (�rases) of investrr�nts (14,566) (8,289) (22,855)
Net c�sh pn7vicl9d by (tas�I in) investing activities (14,566) (8,289) (22,855) "
l�t ulc�ase (c�c�ase) in cash 5,721 (4,404) 1,317
C�sh, at �irming of peri.ad (2,426) 4,404 1,978
C�sh, at e1d of�ria3 3,295 � $ 3 295
Recrnc.iLiatica� of o�ratirx� inarre to net cash prc�vided by
o�atirx�' activities:
G�ratuxJ irlcz�r� $ 20,287 $ 11,989 $ 32,276
Adjustrnsits to r�i1e cg�r`ating inccrre to net c�sh
Pz�vid�d bY c�s'dti��9' activities:
(Inc�.se) in aarued inter�st cn la�r�s n�i�l.e - (10,516) (I0,516)
Tbtal adjvstrt�ts - (10,516) (10,516)
l�t cash provic3�d by q�r'ating activities $ 20,287 $ 1,473 $ 21,760
52
��>>e F
CTTY OF BAI�'�OR, NIA.IIVE
Assessed Ualuation, Ccamnitrr�nt and Collections
Year F,rided Jime 3 0, 1994
Ualuatian:
Tand and buildings $ 1,180,513,300
PerSonal prt�pert.y 112,324,800 ,
Total Yaluation $ I,292,838,100
Ccx�tnitrnent:
Real estate and personal prop�erty $1,292,838,100
Tax rate .0220
Total catmu trr�ent 28,442,438
Add:
Supplenerltal taxes c�rrrttitted 106,570
28,549, 008
Less:
Collectians - 1994 26,499,976
Atx�.tements 380,322
1994 Taxes receivable at Jvne 30, 1994 $ 1,668,710
53
' Tahle 1
CITY OF BA�, N�INE
ProperLy Tax UaluatiQns, Levies and Collections
La5t Ten Fiscal Periods
Col�ections
Fiscal Assessed Pr�perty Property in Year %-age of
Year Ualuation Tax Rate Tax L�vy of Levy Collections
1985 484,384,300 32.00 15,500,298 15,112,575 97.5
1986 513,223,900 32.00 16,423,165 15,812,838 96.3
I987 547,229,100 31.30 17,128,271 I6,416,426 95.8
1988 891,549,000 20.30 18,098,445 I7,436,509 96.3
' 1989 1,022,201,700 19.50 19,932,933 19,124,842 96.0
1990 1,183,632,000 17.75 2I,009,468 I9, 765,915 94.1
I991 I,220,826,100 18.90 23,073,613 21,313,338 92.4
1992 1,241,555,000 21.30 26,445,122 24,316,637 92.0
1993 1,266, 015,200 21.40 27,092,725 25,020,672 92.4
-� I994 1,292,838,100 22.DO 28,442,438 26,499,976 93.2
54
Tah7e 2
CITY OF BAI�R, NIA.INE
Loca1 Assessed Ualuations
Last Ten Fiscal Periods
Fiscal Tota1 Assessed Personal
Year Tax Rate Ualuation Real Pr�pert Piroperty
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 I,022,201,700 927,665,500 94,536,200
1990 17.75 1,183,632,000 1,082,126,000 101,506,000
Z991 18.90 1,220,826,100 1,116,894,300 103,931,800
1992 21.30 1,241,555,000 I,137,729,400 103,825,600
1993 21.40 1,266, 015,200 1,156,474, 000 109,541,200
1994 22.00 1,292,838,100 1,180,513,300 II2,324,800
55
, This �ge left intentianally blank.
CITY OF BAPK'�UR, NI�.INE
General Ft.md �eriditures by F�.mction**
Last Ten Fiscal Periods
Public
Health, Taxes Buildings
Fiscal General Public Welfare & Paid to and Public
Year Governrrient Safety Recreation Coimty Services
1985 1,664,091 4,956,714 1,416,060 363,532 3,433,451
1986 1,771,212 5,624,974 1,540,I7I 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,I30,389 1,554,841 728,922 3,813,924
I989 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
1994 3,275,299 9,126,524 4,911,276 1,112,052 5,659,277 '
* Lbes not include Fducation - related debt
** Budget �sis - Schedule A-2
Table 3
Desic�ated
. L�bt* Ftmd
Education Service Balance Other Total
11,461,231 937,055 775,000 854,508 25,861,642
13,201,683 1,097,488 641,996 657,498 28,523,123
14,35I,668 1,150,489 - 686,374 29,614,872
18,112,132 Z,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 1,2Z0,420 - 747,193 48,508,136
25,854,492 Z,I60 983 - 765,860 49,226,945
26,871,968 1,454,132 - 803,801 53,214,329
56 -
CITY OF BAl�'�QR, NIAINE
General Ftmd Revenue by Source*
ra�t Ten Fiscal Periods
Fiscal Fiz�perty Other Licenses & Fines &
Year Taxes Taxes Pennits Forfeits
1985 I5,967,934 1,727,442 234,607 60,879
1986 16,430, 725 1,949,307 243,345 63,378
1987 17,111,568 2,160,807 154,283 5,368
1988 I8,058,106 2,442,975 192,845 10,203
1989 I9, 710,247 2,588,696 237,847 Il,931
1990 20,261,206 2,681,592 2I1,100 9,453
1991 22,211,177 2,612,983 199,007 15,355
1992 26,029,037 2,699,585 232,584 12,486
1993 27,061,008 2,956,39I 270,248 11,788
1994 28,406,950 3,392, 063 276,167 11,699
� * Budget k�sis - Schedule A-2
Tahle 4
Use of Inter- Char�es
Money & Goverrunental for Reim- Total
' Propert: Revenue Services burse�nents Revenues
1,733,772 6,601,075 533,474 259,294 27,118,477
I,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,I10,512 3,448, 093 737,504 37,957,148
1,932,699 Il,685,235 4,323,202 816, 097 41,920,584
1,162,157 12,269,912 5,154,889 1,423,846 45, 049,326
505,967 lI,366,929 5,937,666 2,804,902 49,589,156
381,952 14,094,486 6,586,779 - 51,362,652
, 530,633 17,291,808 5,203,023 - 55,112,343
a
57
Table 5
CITY OF BAI�'QR, MAIlVE
Ratio of Annual D�ebt Service F�eriditures for
G�neral Bonded I�t to Total C�eneral Ftmd E�endi tures -
I�ast Ten Fiscal Periods
Percentage of
Debt Service
, Total General Total to Total
Fiscal Banded Debt General Ftu�id General
Year Princi,�7 Interest Service E��ditures* Expenditures
1985 676,481 658,671 1,335,152 25,861,642 5.163
1986 823,010 678,892 1,50I,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 I,999,419 42,096,468 4.750
1991 1,460,II0 1,087,678 2,547,788 46,137,586 5.520
I992 1,552,596 1,005,862 2,558,458 48,508,136 5.274
I993 I,54I,233 1,177,919 2,719,152 49,226,945 5.524
1994 2,209,846 1,235,184 3,445,030 53,214,329 6.474
* Budget 1x�sis - Schedule A-2
58
� Tahle 6
CITY OF BAl�'QR, N�IlVE
Debt Service Rc�uir�nts to Maturity
General Qbligatian Bands
Fiscal Total
Year Princi�l Interest R�17r�n�nt
1995 4,997,500 3,424,688 8,422,1 SS
1996 4,977,500 3,094,113 8,071,613
1997 4,652,500 2,829,184 � 7,481,684 -
1998 4,597,500 2,570,706 7,168,206
1999 4,292,500 2,325,724 6,618,224
2000 4,182,500 2, 092,242 6,274,742
2001 3,946,500 1,874,577 5,821, 077
2002 3,302,500 1,694,431 4,996,931
2003 3,272,500 1,539, 021 4,811,521
2004 3,227,500 I,369,120 4,596,620
Subsc�uent 26,5I0,000 5,400,436 31,910,436
$ 67,959,000 $ 28,214,242 $ 96,173,242
59
- TahZe 7
CITY OF RAl�'QR, Nl�l.INE
, General Banded Debt as a Percentage of Assessed
Ualue and General Bonded Debt Per Capita
Zast Ten Fiscal Periods
w
�' 21P.r'c� BQI1� �iP11er'd.�
L�ebt as a Bonded
Fiscal Percentage of Debt per
Year Bonded Debt Ualuation Assessed Ua1ue Capita
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,I00 2.3 402.62
1988 14,590,000 891,549,000 1.6 461.08
1989 31,040,000 I,022,201,700 3.0 980.94
. 1990 33,695,000 1,183,632,000 2.8 1, OI9.18
1991 50,405,000 1,220,826,100 4.1 1,524.61
1992 55,860,000 Z,241,555, 000 4.5 I,689.60
1993 64,027,090 1,266,015,200 5.1 1,936.64
1994 67,959,000 1,292,838,100 5.3 2,055.56
Based an 1980 population of 31,643 thzrough 1989 and 1990 �pulatian
of 33,061 thereafter.
60
Table 8
QTY C�'�, 1►�Il�
Six Ya�r Hi5tar'ical TY�-x3 Infarrrstirn
L�fir� F�'i.sica� Beaefit Plan -
Partici�tirx� Itral District Plan
Fisc�l Ya�r' 1989 1990 1991 I992 1993 1994
��yr�ll S 13,536,500 S 15,156,900 S I5,731,400 $ 16,223,381 S 16,875,589 $ I7,578,929
I�nral r�tis�m.nt azsts 11.04 0 9.510 10.400 10.56% 9.990 10.ZOa
Lhifi,mcbd liabili ty 10.72 0 9.92 0 11.13 0 10.60% 10.98 o I1.960 ,
51�viwrs �iefits .150 .14% .120 .140 .13% .120
Tbtal e►�alay�' a�tri�utirns 21.91% 19.57% 21.650 21.30% 21.10% 22.180
1�rtzZ r�tiret�lt crsts $ 1,494,426 $ 1,441,418 $ 1,636,06I $ 1,713,189 $ I,685,871 1,774,606
L�iftmcl�d liability 1,451,109 1,503,561 1,750,900 1,719,675 1,852,940 2,101,413
51�vi�rs b�e.fits 20,304 21,220 18,878 22,713 19,808 21,084
Tbtal ar�Czlayer cnsts S 2,965,839 S 2,966,199 S 3,405,839 S 3,455,577 .S 3,558,619 S 3,897,103
IIt�zloyc� a�nLzil.xiticn rate 6.500 6.50% 6.SOo 6.500 6.50% 6.50%
IIrplayse cc�tr'ibuticn aasts � 879,870 S 985,196 S 1,039,190 S 1,060,560 S 1,098,821 S 1,144,077
Zbtal c�ntri�uticn $ 3,845,709 $ 3,951,395 $ 4,445,029 $ 4,516,137 $ 4,657,440 $ 5,041,180
61