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1995 CITY OF BANGOR MAI N E � �:_�_;� � J � __ , _ _ _. -� 1� �p F -B A �y` -�� __- �- /,�.� ; �o� � ��, � ;�;; �� -�`� ' , I ,,A�i �I/r„ , . �ij`�;''� �; '11� i --�� t'� � er IZ ��= - -� M ��O - ... ��__�, -- �—.. , } ,� _�,_ titi �I � 5->�RqlED� F��. % �_� \ ) � , � � � / � � Financial Statements and Other Financial Information for the Fiscal Year Ended J u n e 30, 1995 CITYOF 4`��F�'�NQo� , o � � � .,� , � MAINE e*� �� 73 HARLOW STREET ❑ ��"�0 fE� BANGOR,MAINE 04401 EXECUTIVE DEPARTMENT TEL.207/945-4400 Edward A. Barrett, Manager ° Apri19, 1996 Honorable Chairman and Members of the Bangor City Council and the Citizens of Bangar: Enclosed herewith are the City of Bangor's audited financial statements for the fiscal year ended June 30, 1995. In an effort to aid in their interpretation, give the statements more depth, and to identify the issues inherent in the City's financial operations,Finance Department staff has constructed this first- ever narrative of the City's financial position. What follows focuses first, on the General Fund,particularly its reserves,revenues and expenditures; second,enterprise fund revenues and expenditures; and third,the City's debt position at fiscal year end. - THE GENERAL FUND The General Fund is the City's principal operating fund, providing for general government functions. Operations financed through the General Fund include Assessing,the City Council,the City Clerk's office,Legal, Executive, Human Resources, Finance, Planning,Economic Development,Public Safety, Health and Welfare, Recreation,Public Buildings and Services, and Education. The General Fund also provides funding for other agencies and governments, such as the Bangor Public Library,the Convention and Visitor's Bureau,Penobscot County and various private schools within the City's borders. The General Fund accounts for well over two thirds of the City's total revenues and expenditures, and substantially all its non-enterprise fund revenues and expenditures. Assets The General Fund balance sheet is most useful in showing the City's general cash position because it excludes most long term assets and liabilities. Instead, it focuses on those assets the City is likely to convert to cash within the next fiscal year. Therefore,most, but not all of the $13.3 million shown as assets in the General Fund is available to meet the expenses of the coming year. Exceptions are the $2.2 million in"Due from other funds",which includes amounts previously provided to several of the City's enterprise funds to meet their operating needs. Much, if not a11 of these amounts are properly considered longer term in nature. Additionally,a substantial,but indeterminate portion of"Taxes receivable"will probably remain uncollected and be carried over to subsequent years as these accounts "age". Thus,an indeterminate portion of these amounts is also more properly considered long term in nature. Eliminating these�uncertain amounts, cash available to the City in fiscal 1996 minimally approximates $8.6 million. This represents a 13.2% increase from the previous year,when$7.6 million was available. . .: :� Liabilities General Fund liabilities largely reflect amounts the City owes and is obligated to pay during the subsequent fiscal year. (Because of accounting requirements,the $2.2 million in"Deferred revenue" represents amounts not owed by the City,but rather owed to it. As a result,these are not liabilities that must be funded.) Taken together, General Fund assets minus liabilities indicate the amount of working cash available to the City in the coming fiscal year. At fiscal year end this amount approximated$5.0 million, up from fiscal 1994's $4.6 million. Fund Equitv General Fund Equity represents the difference between assets and liabilities, and derives from the cumulative effects of operating surpluses in the General Fund over the years. General Fund Equity is divided into three principal components: Reserved balances are those amounts that have been contractually encumbered for expenditures in subsequent years. These amounts are not available to the City for general purposes. Designated balances are amounts designated by the Council for non-contractually incurred expenditures in subsequent years. These amounts may, at the discretion of the Council, be made available for other purposes. Unreserved/LTndesignated balances are those amounts neither reserved nor designated for subsequent expenditure. These amounts are available for appropriation by the Council. Fiscal 1995 saw an increase in Fund Equity of$1.2 million, increasing the Unreserved and Undesignated balance by$702 thousand. Accordingly,the City has available to it$4.1 million in unencumbered reserves. The City Charter stipulates that such reserves be maintained at between 5% and 10% of General Fund expenditures, net of debt service. The$4.1 million represents 7.8%of such expenditures; up from 6.6%at the end of the previous year. Revenues The General Fund is primarily supported by taxes, intergovernmental revenues and charges for services. Fiscal 1995 General Fund revenues were$55.6 million; an increase of$485 thousand, or.9% over fiscal 1994. Between fiscal 1994 and 1995,the proportion of General Fund revenues derived from local sources increased to 73.9% from 68.6%, offsetting both a reclassification of revenues from the General Fund and proportional and absolute decreases in intergovernmental revenues; a trend that is anticipated to continue. Tax revenues (59.2%and 57.7%of fiscal 1995 and 1994 revenues respectively�consist primarily of real,personal property and excise taxes. In fiscal 1995, $30.0 million,or 91.1%was derived from property taxes. This represents an increase of$1.8 million over fiscal 1994, and is due almost exclusively to an increase in the tax rate and natural growth in the tax base. Enhanced collection efforts are being implemented to increase the yield of the property tax. Intergovernmental revenue(26.1%and 31.4%of revenues� is primarily composed of state revenue sharing, state school subsidies and other sources, both state and federal. Taken together, fiscal 1995 intergovernmental revenue was$14.5 million, including a carryover of almost$1 million from previous years. While intergovernmental revenues appear to have declined by approximately$3.3 million, $23 million of this has been reclassified as grant funding and recorded in the Special Revenue fund. Nevertheless,while state revenue sharing sources to both the City and schools remained fairly stable, other sources generally declined. Charges for services (12.5% and 9.4% of revenues�accounted for$6.9 million,up from $5.2 million in fiscal 1994. This increase was caused by a change in accounting practice which reclassified credits to expenditures for interfund charges for services. Expenditures Fiscal 1995 expenditures were $54.5 million; an increase of$1.3 million, or 2.5%over 19941evels. The largest General Fund expenditure category was Education,with $28.1 million. This represents an increase of$1.2 million, or 4.6%from 1994.. The City's portion of 1995 General Fund expenditures was$26.4 million,the major portion of which provided public safety;public services; health,welfare and recreation; and general government services. Public safety�35.0%and 34.6%of fiscal 1995 and 1994 non-education General Fund expenditures, respectivelvl accounted for$9.2 million in fiscal 1995. This increased by just over $100 thousand, or 1.2% from 1994 levels due to the accounting change described under Charges for Services, above. Public services(25.4% and 21.1% of expenditures�cost$6.7 million in fiscal 1995, up 21.1% from 1994 levels, due also to the accounting change described under Charges for Services, above. Health,welfare and recreation (13.0%and 18.6%of exRenditures,�cost$3.4 million in fiscal 1995, down $1.5 million, or 30.3% from 1994 levels due largely to a reclassification of intergovernmental funding sources, as noted above. General government(123% and 12.4% of expenditures�cost$3.2 million in fiscal 1995,down from $3.3 million in 1994. This was largely attributable to the reclassification of revenues and expenditures associated with The Bus, as noted under Intergovernmental Revenues and Charges for Services, above. ENTERPRISE FUNDS The City operates seven enterprises designed to function essentially as business entities. These include Bangor International Airport,the Wastewater Treatment Plant,the City Nursing Facility,the Parking fund, Bass Park,Bangor Municipal Golf Course and the Park Woods housing complex. Together, these enterprises generated$22.2 million in revenues and $4.7 million in operating cash flow in fiscal 1995. This was down from $23.0 million and$5.0 million,respectively, in fiscal 1994. Almost all of this decline is amibutable to results at the airport. Ban�or International Airport The airport generated $113 million in operating revenues in fiscal 1995, and$1.5 million in operating cash flow on generally decreased traffic due to economic conditions in Europe. Operating revenues were down 8.2% from 1994,and operating expenses were down .1%. Operating cash flow declined by about$1.0 million. Wastewater Treatment Plant Operating revenues increased 13.8%,to $5.6 million, largely due to sewer rate increases imposed during the course of the year. Operating expenses increased 73%,to$2.7 million, and operating cash flow was $2.8 million, much of which was used to fund capital projects,the permanent financing of which was recently accomplished. While the utility operates with a net surplus,the General Fund advanced it$683 thousand for capital-based cash flow purposes. These amounts will be repaid in the coming fiscal year. Citv Nursing FacilitX Operating revenue was essentially flat at$2.7 million due to relatively low occupancy rates. Operating expenses, on the other hand, increased 4.2%,to $2.6 million. The facility continues to operate with the benefit of General Fund subsidies which last year totaled $68 thousand, an increase from 1994's subsidy of$17 thousand. Beyond this,the nursing facility has received cumulative cash flow support from the General Fund in the amount of$396 thousand. Opportunities to reduce and/or eliminate this support are being explored. Parkin�fund The parking fund continues to operate at a loss as well, after factoring in debt service payments. Operating revenues were down slightly,to $614 thousand. Operating expenses decreased 6.3%,to $396 thousand. As planned,the General Fund's contribution of$439 thousand to meet debt service in fiscal 1995 was $55 thousand less than in the previous year. This subsidy is anticipated to continue declining through the end of the decade. Bass Park Bass Park generated $1.3 million in revenue in fiscal 1995, a budgeted decrease of 32.8%from 1994 levels. Operating expenses also declined by 30.9%,to $1.5 million, as retrenchment there continues. On an operating basis,the complex lost$140 thousand, and overall showed a loss of$141 thousand after giving effect to a General Fund subsidy in the amount of$250 thousand. The complex has received $1.1 million from the General Fund in operating assistance over the past several years, exclusive of specifically-appropriated General Fund subsidies. Efforts are underway to improve the complex's performance. MuniciRal Golf Course The golf course operates at a net surplus, requiring no support from the General Fund. Park Woods Complex This is a new enterprise fund, created to reflect the operations of the City's recently-acquired low- income housing complex. In fiscal 1995 both its operating and net losses were $21 thousand, reflecting its startup nature. Over time, it is anticipated that net revenues will become positive. LONG TERM DEBT At fiscal year end,the City had long term debt totaling$63.1 million; $57.4 million of which carries the City's full faith and credit obligation. Of this, 793%,or$45.5 million is self-supporting. That is, the funds to which bond proceeds were applied generate su�cient cash flow to service their respective debt service without General Fund support. These funds are the Schools,the Wastewater Treatment Plant,Bangor International Airport and the Municipal Golf Course. The balance of the City's general obligation debt is currently paid from the General Fund. Of this, $5.6 million is exclusively General Fund debt. The balance is attributable to those funds which are unable to meet their debt service payments from their respective operating cash flows. These include the Parking,Bass Park and City Nursing funds. , At fiscal year end, general obligation debt service payments due over the coming year aggregated to $7.5 million, $2.7 million of which represents interest. General Fund revenues in the amount of$2.2 million will be required for principal and interest payments. Of this, $1.4 million applies solely to General Fund activities. We hope that this narrative summary of the City's financial performance has been useful. Please feel free to contact me with any questions about its contents and/or suggestions as to how it can be improved. Re ectfully submitted, �< Edward A. Barrett � City Manager , Ronald I. Heller Finance Director CITY OF BANC�R, 1►g1II� Annual Financial Report Fbr the Fiscal Year Ended June 30, 1995 TAHIE � Gt�1�15 F�1�11�IAL SL�GTI(�1T Es�iibit Page(s) Report of Irxiependent Auditors General Purpose Financial Statements: Car�bined Balance Sheet A11 F�r�d 2�pes ar2d Account Groups 1 1 - 2 Ca�r�bined StatPlnent of Revenues, E�en- ditures, and Changes in Fund Balances - All Gav�rnmental F1ind Types arld Exper�dable Trust Ft�r�ds 2 3 - 4 State�nent of Revenues, E�enditures, and Changes in Unreserved/Uzidesignated Ft�raci Balance - Budget and Actual - General Ftirxi 3 5 Canbined Staten�ait of Revenues, E�enses, and Changes in Retained Earnings/F11nd BaZances - A11 Proprietary F'und Ty�es and Similar Trust Ftuads 4 6 Carnbined Statement of Cash Flaas - A11 Proprietary Ftind Z�pes and Similar Trust Ft�nds 5 7 - 8 Notes to Financial Stat�nents 9 - 35 Sahec�Ie Cambining Individual Fund and Account Graup Stat�nents and Schedules: Gaverr�nental Fi.ux�s: General Fund: Balance Sheet A - 1 36 Stat�r�ent of Revenues, E�er�ditures, and Changes in Unreserved/Undesignated Ft2nd Balance - Budget arid Actual A - 2 37 - 40 �le Paq�(s) Special Revenue Flinds: Camb.in.iuig Balance Sheet B - 1 41 Car�bining Stat�r�ent of Revenues, Ex�er�alitures arad Changes in F1�rx1 Balances B - 2 42 Capita.I Projects Fund: Balance Sheet C - 1 43 Cambin.ing Stat�nt of Revenues, Eaqoeraditures ar�d Changes in F'und Balances C - 2 44 Enterprise Ftuxls: Combining Balance Sheet D - 1 45 - 46 Cambining Statement of Rev�nues, E�g�erzses, arad Changes in Retained E�rlings D - 2 47 Car�bining Stat�nent of Cash Fla,rs D - 3 48 - 49 Trt�st ar�d Agency F't�nds: Car�bining Balance Sheet E - 1 50 Expendable Tzvst F�u�ds - Stat�r�ent of Revenues, Expenditures, and Changes in Flusd Balances E - 2 51 Nanex�eradable Trust Ftuzds - Cambining Stat�lt of Revenues, Ex�enses,' arad Changes in F�u�d Balances E - 3 52 None�endabZe Trust Funds - Carnbining State�nent of Cash Flows E - 4 53 Schedule of Assessed Valuation, Ccrnnit- ment, az�d Collections F 54 STATIS'lZC�lL SEL"!'1�1T Table Page(s) Property Tax valuations, Levies ar�d Collections - Last Ten Fiscal Periods 1 55 Local Assessed Valuations - Last Ten Fiscal Periods 2 56 General Ftind Experxlitures by Fi.uictian - Last �en Fiscal Periods 3 57 General F'und Revenue by Sonz ce - Last Zien Fiscal Periods 4 58 Ratio of Annual Debt Sezvice Expenditures for General Borlded Debt to 2btal General Ftu�d Exper�ditures - Last �en Fiscal Periods 5 59 Debt Service Requir�nents to Maturity - General �Zigation Bonds 6 60 General Borided D�ebt as a Percentage of Assessed value arxi General Bonded Deht per Capita - Last Ten Fiscal Periods 7 61 Seven Year Historical Trend Infozmation - Defined Benefit Pension Plan - Participatinq Loca1 District Plan S 62 i ' � ' C • � � i � • � 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, 1995, as listed in the table of contents. These general purpose financial statements are the responsibility of the City of Bangor, Maine's management. Our responsibility is to eJrpress 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 dis.closures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to in the first paragraph present fairly, in a11 material respects, the financial position of the City of Bangor, Maine, as of June 30, 1995, and the results of its operations and cash flows of its proprietary and nonexpendable trust funds for the year then ended in conformity with generally accepted accounting principles. Our audit was made for the purpose of forrr�ing 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 Iisted in the table of contents are presented for purposes of additional analysis and are not a required part of the qeneral purpose financial statements of the City of Bangor, Maine. Such inforrriation 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 a11 material respects in relation to the general purpose financial statements taken as a whole. f3 � <} , March 22, 1996 CITY OF BAN�JR, 1�iZI111E AIl Furad Types and ACcount Groups Ccrr�bined Balance Sheet June 30, 1995 (with carrp�arative totals for June 30, 1994) Goverrunental F'ur2d Types Special Capital General Revenue Projects As.9ets ar�d Other D�h.its Cash on Iz�rid $ 2,462 $ 250 $ - E ,;ty in pooled cash ar2d investments (Note 2) 41,365 (225,779) (45,072j Im�stments at cost (Note 2) 6,065,946 - - Receivables: Taxes, including interest, penalties arad Iiens (net of allow-ance for uncollectible taxes of $3,766 in 1995 and $3,851 in I994) (Note 3) 2,525,311 - - Accaants (net, where applicable of allavance for estimated uncollectible accounts of $488,931 in 1995 arad $433,071 in 1994) 426,I21 - - Lo�ans (net of allowance for uncollectible accounts of $130,131 in 1995 and 1994) - 3,283,652 - Deferred special assessnents - - 30,130 Due fran water district - - - Due firom other furxLs 2,198,755 - - Due fran other g�crv�rnments (Note 5) 1,662,237 343,765 93,448 Irzvestrr�e.nt in direct financing lease (Note S) - - - Im�entory, at cost 338,788 - - Prep�aid ex�enses 26,104 - - Property, plant & equiprnent (net of accimulated depreciation) (Note 6) - - - Amount pravided for Iandfill closure arad postclosure care costs (Note 21) - - - Amount to be pravided for retir�nent of general lang-term debt - - - Dtie fran bor�d trustee - - - Diepasits - - - Other assets (Note 10) _ 14,940 - 832,789 4total assets and other debits � 13,302,029 $ 3,40I,888 $ 911,295 The a ' �g nates are an integral part of these financial stat�nents. Eshibit 1 Proprietary Fiduciary Ftu2d Type Ftu�d Type A�ccount crcxips General General �btals Trust and Fixed Long-tez�n (M�noranchmm On1Y) Enterprise Aqencv Assets Deht I995 1994 $ 5,009 $ - $ - $ - $ 7,721 $. 6,292 71,274 87,240 - - (70,972) 2,083,276 11,441,944 5,131,752 - - 22,639,642 18,282,408 - - - - 2,525,311 2,473,251 3,753,508 375 - - 4,180,004 3,942,167 - 65,395 - - 3,349,047 2,978,045 117,743 - - - 147,873 147,872 78,556 - - - 78,556 63,751 - - - 2,198,755 1,402,121 869,681 - - - 2,969,131 3,785,418 1,060,904 - - - 1,060,904 I,153,157 106,055 - - - 444,843 415,515 99,701 - - - 125,805 113,039 186,659,774 - 75,427,780 - 262,087,554 249,254,781 - - - 480,I66 480,I66 522,700 - - 19,333,209 19,333,209 22,837,747 497,669 - - - 497,669 1,072,285 19,602 - - - 19,602 25,718 1,362,053 - - - 2 209,782 3 349,830 $206,143,473 $ 5,284,762 $ 75,427,780 $ I9,813,375 $324,284,602 $313,909,373 1 CITY OF BANC�R, 1�IIVE AIl Ftuad Zppes ar�d Account Grcxg�.s Combined Balance Sheet June 30, 1995 (with ccsrQarative totals for June 30, 1994) r�av�rrunental Fund 2�pes S�ecial Ca�ital General Revenue Projects 7.iahi 7 i��g Accounts payable $ 751,352 $ 69,738 $ 148,476 Workers' carQerLsatian (Note 19) 607,890 - - Accrued leave - - - Acc'rued payroll & withholdings 2,I29,527 - - Accrued interest - - - Accrued expenses - - - Tax collected in advance 22,496 - - Amounts held for others - - 7,280 Dieferred revenue (Note 11) 2,221,058 3,283,652 - Due to rehahilitatian recipients - 100,903 - I�e to other fum�s - - - Developer payable - - - General abligation bands (Note 12) - - - r,;m;ted revenue Qbligation bonds (Note 12) - - - Deferred amount on refunding - - - Arbitrage payable - - - C�bligations under capital lease (Note 9) - - - Direct financing lease payments payable (Note 8) - - - Unearned incame - - - D�ferred sewer assessznents - - - Est.imated liability for laridfill closure arad postclosure care costs (Note 21) - - - Other liabilities - - - ?btal Ziabilities 5,732,323 3,454,293 155,756 Ftmd equitv Cc�ntributed capital (Note I4) - - - Irlvestsnent in general fi�red assets (Note 6) - - - Retained earnings: Appropriated - - - Unappropriated - - - �r�d b�a.Iances: Reserv+e for: Enczm�rances 318,351 35,863 267,661 Loans (Note 16) - - - Er�do�nents (Note 16) - - - Urzresezved: Designated for szlb.sequent years exper�ditures (Note IS) 3,169,419 (88,268) 432,458 Uradesignated 4,08I,936 - 55,420 2bta1 fur�d equity 7,569,706 (52,405) 755,539 Ztotal Iiabilities ar2d fund equity ,S 13,302,029 $ 3,401,888 $ 9I1,295 � The acc.�nying notes are an integral part of these financial stat�nents. F.g�iibit I, (Carit.l Prc�rietary Fiduciary Filnd Ty,pe Fiuxl Zp,Pe Account Groups General General Zbtals Tzu.st arid Fixed LQng-te2m (Memnorarx3�.un OnIYI Entezprise Agency Assets D�ebt 1995 1994 $ 1,848,911 $ 24,314 $ - $ - $ 2,842,791 $ 1,853,494 293,2I3 - - - 90I,I03 1,806,627 202,105 - - 573,518 775,623 859,584 118,784 - - - 2,248,311 1,749,419 635,252 - - - 635,252 713,104 16,340 - - - 16,340 5,285 - - - - 22,496 20,705 - 4,261,292 - - 4,268,572 3,360,321 1,087,916 - - - 6,592,626 6,002,282 - - - - 100,903 32,082 2,198,755 - - - 2,198,755 1,402,121 58,883 - - - 58,883 58,883 39,491,785 - - 17,902,978 57,394,763 62,209,000 5,750,000 - - - 5,750,000 5,750,000 (929,328) - - - (929,328) (1,026,242) 98,260 - - 159,304 257,564 251,635 89,805 - - 251,010 340,815 209,892 658,046 - - - 658,046 689,222 402,858 - - - 402,858 463,935 117,743 - - - 117,743 117,743 - - - 926,565 926,565 1,397,700 41,303 - - - 41,303 27 131 52,180,631 4,285,606 - 19 813 375 85 732,379 87 953,923 115,910,658 - - - 115,910,658 106,470,703 - - 75,427,780 - 75,427,780 72,634,588 2,272,044 - - - 2,272,044 2,619,353 35,780,140 - - - 35,780,140 34,878,334 - 621,875 579,095 � - 123,436 - - 123,436 120,518 - 529,708 - - 529,708 526,258 - 346,012 - - 3,859,621 4,431,473 - - - - 4 137 356 3 695 I28 153,962,842 999,156 75,427,780 - 238,662 618 225 955 450 $206,143,473 $ 5,284,762 $ 75,427,780 $ 19,813,375 $324,284,602 $313,909,373 2 � s�cr��s I�.r�cre�n� asa� � a.z�d Iez6a�ur ue az� sa�ou �L OLi� �£'L 09 90� fi 60£ 80I Z �L �'6I � IIO 8Z� �S �TP�� I�4L S9S 9Z6 - 59S 9Z6 - - (TZ �) (�.TI?�:�T �� uT � S�I'Il fi� �T 8T 85ifJ .�� n ar{�} .z� pecrnura�aP �zuru� T�� ODL'L6£'I$) az� a��snd P� ��I� TiT�I �L'T8T'T - �f�L'T8T'I - - �?�T� �?� 90f�'� 90�'i� - - - sauPrar�acraq o� s�uau�d STI'SOS'Z - - SII'SOS'Z - P�' �� 98S'L - - 985'L - �� T�P �Wl Q00'99T - - 000'99T - �I �I� �?��F �?�� £�0'ST5'T - - E�0'S'IS'T - �� li? ��I�P �?�v� OZ5'I6L'T - - - OZS'I6L'I �?�ET� -�� SiT'OiOT'8Z - - - STT'QOI'8Z �?��'� 085'666'I - - - 085'666'T �?'� -�-K� T88'L09'9 - - - I88'L09'9 �.T� P� �1TPI?T�?�TI�d 8I�'LZfi''E - - - 8T�'LZ�'� �?��z P� '�3I� '�I�H �I'60Z'6 - - - �YT'60Z'6 �.� �?T�d £S£'Z6Z'£ - - - ESE'Z6Z'E �� I�� :saur}?P�� OI IZI T9 600 5Z 8L£ SLS 88S 8S6 £ 8ZT Z95 9S �� I�iL �T� IZ �I£ IZ - - - �.T�'-�� 9L'9T - - �9L'9I - �'-K� 869'S8Z - £'L£'8 SZE'LLZ - �r ��Ta 8I Z'96I'T S69'E 6ZZ'SS - fi�6Z'�£'T'I ��1� ��3� � �3 � Z�T'�5' - - - ZEI'�S �?�I��P� '�?a�}' '�?'3 IIO'IS�'L - - SS9'69Z 95£'T8I'L �T�"� �� 7 ZS�''89Z - - - ZS�''89Z �?u�P� �?'I 8LI'�I6'8i - 9LL'80S �8'�6£'£ 8SS'OIO'SI I��u�I 9£fi'�I6'Z£ $ - $ - $ - $ 9£�''�T6'Z£ $ (£ �TJ - s�s :s�[z�l ��I� �L b�a.cud arur� Ie.z�s`J ��i) aI� i�?� I�T�S � I�L P�i� P�1� �r�tQr,� S66i '0� �1' P�� I �'I�P�43 � s�� P� '�+�?P� '��o ��.S P�?'4� � �L aIr� F� �L P�l� T�� II� �IIhW '2i�VF��LI..L� Z �?�� i , �rhihit 2, (Q�nt.) Q'IY C?F H�11�TR, 1�1� All Ftmd Z�s ar� Experri�tale TnLst Ftmds ' C�rr�ined 5`tat,ar�rrt af Rev�x�2es, F.�qo�nlittu�s. ' and �ragp.s in Ftmd Balar�c+es � Year F.rni�l .haae 30, 1995 � . P�.�c.i.ary Gbvernn�rrtal Ftur� Ty�s Fl� ?,�pe �btal �ec'ia1 Cap.ital F�endable (�rar�anchm Ger�eral Revp.nue Projects Tn�st QiIy1 E�ac+ess (deficie,ncy) of r�venues ovpx e�enditures 2,134,117 (235,1561 (1,532,931,� 20,603 386,633 �ier fir�ncing axar�s (usps): C�o�eratinq transfers in (urt) (938,941) - 321,572 - (617,369) Sa1e af as�sets 127,202 - - 127,202 �btal otlaer f;�i•� salzr�s (�;) LI1,739) - 321,572 - (490,167) F�ac�ess (defici.erx:y) of revera�s arnl ather finanrang snuraes c�ver e�ditures and c�ther us�s 1,322,378 (235,I56) (1,21I,359) 20,603 (103,534) Flmd tx�lar�s, begirming of period 6,247,328 182,751 1,966,898 47,102 8,444,079 Flu�d t�larr�s, e�d af period $ 7,569,706 $ (52,405) ,S 755,539 $ 67,705 $ 8,340,545 � �F�7Y�9' r�otes are an irrtey-ral �zt af t:he.s+� finar�cial statarents. 4 Eshibit 3 CITY OF BANC�R, �Il1iE General Fiir�d Staten�ent of Revenues, E�er�ditures, ar2d Changes in Unresezv�d/Ur�designated F�nd Ba.Zance - Budget ar�d A�.-tuaZ Year Er2ded June 30, 1995 T�ariance - Favorable Rever�es: Budget Actual jUnfavnrable) Taxes (Note 3) $ 32,802,728 $ 32,913,436 $ 110,708 Inte�ental 13,175,152 13,538,945 363,793 Licenses arad pezmits 300,371 268,352 (32,019) Ghaz�es for services 6,483,363 6,917,702 434,339 Fines, forfeits arid penalties 46,800 54,132 7,332 Revenue fznrn use of m�ney and property 752,357 911,491 159,134 Zbtal revenues 53,560,771 54,604,058 1,043,287 E�nditimes: General gnrt�rnrnent 3,287,367 3,200,038 87,329 Piablic safety 9,361,951 9,227,634 134,317 Health, welfare, and recreation 2,446,453 2,483,807 (37,354) Public build.ings and services 6,717,520 6,720,880 (3,360) Other agencies 2,004,320 1,999,580 4,740 Education 27,619,495 28,208,618 (589,123) Other appropriations 1,840,603 1,791,520 49,083 Total expenditures � 53,277,709 53,632,077 (354,368) Excess of revenues aver expenditures 283,062 97I,981 688,919 Otl�er f.inancir�gr so�oes (�ses): Appropriation fram designated fund balances 582,400 582,400 - Sa1e of assets - 28,770 28,770 Operating transfers in 251,185 251,I85 - Operating transf'ers out (1,116,6471 (1,116,647) - qtotal other financing sources (uses) (283,062) (254,292) 28,770 Excess of rev�nues arld other financing sources over e�oenditures arid other uses $ - 717,689 $ 7I7,689 F't�rad balance undesignated/unreserved, at �qinninq of yeaz' 3�379,526 Balances carried to succeeding year (I5,279) Ftu�d b�alance wxiesignated/unreserved, at erad of y+ear $ 4,081,936 The accaqaanying notes are an integral part of these financial stat�nents. 5 r ' E�h i.b.it 4 CITY OF BANG�R, 1►glll� A11 Proprietary Ft1nd Types and Similar Trust Ftinc�s Combined Stat�nt of Revenues, Expenses arad Changes in Retained Earnings/Ftuid Balances , Year Ended June 30, 1995 Proprietary Fiduciary F1ind �ppe Ftir2d Zppe �btal Nonexpendable (M�mrandinn Gperatirlg reve�es: Entezprise Trust On1y) Charges for services $ 22,201,595 $ - $ 22,201,595 Interest - 59,791 59,791 ��' 3,088 3,088 Lot sales - 3,250 3,250 Zbtal operating revenues 22,201,595 66,129 22,267,724 qoeratin9' ea�se�: qoerating expenses other than depreciation and armrtization 17,439,008 43,071 17,482,079 Diepreciatian and amortization: On assets ac�uired with own fur2ds 3,179,352 - 3,179,352 On assets aaquired with contributions 3,809,656 - 3,809,656 Zbtal operating expeiLses 24,428,016 43,071 24,471,087 Operating incorr�e (loss) (2,226,421) 23,058 (2,203,363) 1V�ori c�exating z�everu�s (e�ens�I= Interest incame 701,132 - 701,132 Interest experLse (2,443,559) - (2,443,559) Miscellanebus e.�ense (42,960) - (42,960) Operating transfer t'ran General Ftind 756,649 - 756,649 Zbta1 non operating e��enses (1,028,738) - (1,028,738) Net incame (Ioss) (3,255,159) 23,058 (3,232,101) ArJd depreciatiQn and amortization an assets aaquired with cantributions 3,809,656 - 3,809,656 Increase (decrease) in retained earnings/fcuad balances 554,497 23,058 577,555 Retained earn�gs/fur�d balances, at beg'�nn�ng p�p�Z-iod 37,497,687 908,393 38,406,080 Retained earnings/furld b�alances, at er� of period $ 38,052,184 $ 931,451 $ 38,983,635 The accarrQanying notes are an integral part of these financial statanents. 6 Sxtuhit 5 CI'IY QF B�R, 1�9II� All Pt'qrar'ietary F1�d ��s ar�d Similar Tn�st Ftmis CY�rbined 5'tatgr�nt af C�ssh F'Iaas Y�ar F�rJed �Tiu�e 30, 1995 Pr�pzietaxy F'iduciazy rlmd �e Ftmd Type �bta1 . �aqo�d�le (Mar�rrand�m Casoh f1,a�s .f.zom�ting activities: �iter�ris� Tnyst onlyl C�sh rnc�ived frrin custar�rs $ 22,Q63,657 $ 6,338 $ 22,QB9,995 C�sh rnaeived an �ts - 59,791 59,79I Ca.sh rnc�ived �rin interest cn la�ns - - - (��h pay�its to s�Ziess far c�o�cls arrl s�exvicz�.s (9,412,454) (1,510) (9,4I3,964) C�sh F� to e�play�es far servic�s (8,017,425) - (8,017,425) Cash pa.id to ber�fi.ciaries - (41,5611 f41,561) � N�et cash pn�v.icjed by (us�e�d in) qoerating activities 4,653,778 23,058 4,676,836 Ca�h fl,o�s .frr�m mrr�ital fir��ciur� acti.vitias: Intertimd loans (re��nts) 632,034 - 632,034 Gperatinq sutsidies r�ived (�xzi�d) 756,649 - 756,649 St�x�ent loans �rode - (2.5Qp) �2.500) Stcrlerit loan pa}m�ts r�ived - 6,855 6,855 Net cash prr�'.i,ded bY (t�d in) r�nc�pital f;nanr�;m activit.ies 1,388,683 4,355 I,393,038 Caedi fl,o�4 .ficam c�pital arri related fir�ing activiti�s: Prn�aeer3s frnm ger�x`a1 abliqatian barx3s hri.dge loan 183,263 - 183,263 Aa�uisitiai and �x�structian of c�pital ass�ts (14,629,927) - (14,629,927) Pr'�� p�id rn baris (2,541,941) - (2,541,941) Interp.st paid cn bcrxis (2,441,810) - (2,441,810) Prac�eeais fzrm sale af equi�t 151,578 - I51,578 (�rit mxii.es r�aeived far capital assets 11,645,586 - 11,645,586 Cbntributirns r�iv�d for c�ital assets 895 - 895 Itzvesbrerrt band & �n prtx,7ee�ds 679,037 - 679,037 N�t cash (used in) c�zital ar�d relateal fina»c.ir�g activities (6,953,319) - f6,953,319,� (�h fl�o�e ftvm.investing acti.viti,as: Intez�st rn irn�strr�nts 704,OI5 - 704,015 �t sales (purd�a..s�s) af irnv��strr�nts (1,241,7551 (30,7QBZ L,272,4631 Net cash provirleai by (us�d in) irn�esting� activities (537,7401 (30,7QB) (568,448) IJet irr�a�e (dec,�se) in c�sh (1,448,598) (3,295) (1,45I,893) Cash at hegiruiir� af peria� 1,524,881 3,295 1,528,176 Cash at end of per'ia1 $ 76,283 $ - $ 76,283 The a�ny.iraq nates are an irrteqral �t of t��e financi.al sfiater�nts. 7 �iihit 5, ((Xrit.� C.Z'lY C�F'B�, 1�1II� A11 Prg�-ietazy Fturl Z�s arr� Similar Tiv.st Ftmds �ined Statarent af Ca.sh �lcws Year ��ded .Time 30, 1995 Pr�prietar3' Fi�iarY Fturi �ae Ft�ni Type Zbta1 _ NE�ea�pendat�le (M�r►arand�n F�iterpris� Tnzst A�lY� Reaanciliati.an af qoerat.ing ir�arre to rae�t cash P��bY �a�9' act.ivities: Gper'ating incarr� (Ic�s) � (2,226,421) S 23,058 �(2,203,363) Adjustrr�ts to r�ax�cile cperatirag ir�rr� to r�et cash ��nvic�d bY qo�x'atin9' act.ivities: ��'�� a�� 6,989,01�8 - 6,989,Ot�8 Prncrision far L�x,rollectible acr�mts 70,555 - 70,555 C.�arx,�es in as�ets and liat�ilities: (I�se) decn a.se in dc�ansits 6,116 - 6,116 (Incrt�se) deci�ase in a�rrts r�ivable (259,498) - (259,498) (Ir�r�-se) de�a-9e .in chae frnm state g�overrrrerit 102,591 - 102,591 (Incr�ase) decrea..�e in dc�e fmn i,at.Px district (14,805) - (14,805) (In�se) decr��se in ir�tary 2,048 - 2,048 (I�) ai�'rea-s}e in �i�d eag�sp-s (7,398) - (7,398) Irx�ase (decr�s�) in aax�nts�yable 38,613 - 38,613 Irx�.a-s�e (�e) in aa,'nled e.�s (86,520) - (86,520) Ira�r�-�e (a�s�e) in deferr�d reverale 42,191 - 42,191 Ir�s�e (dec�se) in atlaPx liaa.ilities (2,702) - (2,702) Zbtal adju�ts 6,880,199 - 6,880,199 Net cash pmv.idai by qoeratinq activities $ 4,653,778 $ 23,058 $ 4,676,836 Sbhedile Qf m�oh irmesting. c�ital and fin��cing activiti,�s: 1) Ltiring the ye►�r, errterprise fi�s aoquir�d $27,OG�O of fi�d as�ts that kere finarx�d by the v+�z�. Of the total P��Pz'ic� $ 9,QOiO rties p3id ar�d the b�iarx� will b��aid anrn.�a11Y�9��9' � fi� Y�r 2) LZuing the yea.r, entezpr.ise fianis re�ived 60 �its af v�7us housi� �nrn the .fealPxal gov�rnr�t p�iant to the 1►�Jcinney Harreless Assistar�c+e Act. Zhe units are valued at $ I,762,952. '!he accrr[panyinq t�es are an integr'al part af t1�s� finaTr_ia1 statetpnt-s. 8 CITY OF BAAK�R, 1�lII1TE' Notes to Financial Stat�ents June 30, I995 11D'lE 1 - S�mary of Sigaificarrt Palicies The City of Bangor, Maine, was incorporated February 12, 1834, under the Zaws of the State of Maine. The City c�erates under a Council Manager fornt of gr�v�riur�ent ar�d provides the follawing services as authorized by its charter: public safety, public works, recreation, and education. The accounting policies of the City of Bangor, Maine confozm to generally accepted acca.urting principles as applicable to gn�rnmental units. The fol.Iaving is a siunmazy of the more significant policies: FII1F12V�IAL REFbRTI1V G EINTTTY Fbr financial reporting purposes, the City of Bangor shou.Id include as carQcanent units aI1 legally separate entities that satisfy at Zeast one of the follaving criteria: * Elected officials of a primary gwernrr�ent are financially accountable for the entity. * The nature and significance of the relationship between the entity arad a prirr�azy gavernment are such that to exclude the entity from the financial reporting entity would render the financial statements misleadinq or inccsrQlete. Based upon the application of this criteria, it was dete2mined that no other governmental units should be included in this report. (A) Basis of Presentation - Fi2rid Accounting The accounts of the City are organized on the basis of fur:ds ar�d account groups, each of which is considered a separate accounting entity. The operations of each fund are acc�nted for with a separate set of self-balancing accounts that cc�rise its assets, liabilities, fi.uzd balance/retained earnings, revenues, ar�d e�erxiitures/eag�enses. The various funds are siurmarized by type in the financial stat�nents. The following fund types and accovnt groups are used by the City: F[Il1ID TYPES Goverrrmental F'�nds are those through which most g�c�verrur�ental functions of the City are financed. The acaquisition, use, ar�d b�alances of the City's experx3able financial resources ar2d the related liabilities (except those accainted for in proprieta2y funds) are accozuited for through gnvernmental furx�s. The t focus is upon dete*'►ninat�on of changes in financial pasition, rather than L�an net inc�acne detPr►r►Tnation. The folla,ririg are the City's gr�vernmental fcuad types: General F'und - The General Ftind is the general o�erating fvrxi of the City. It is used to acc�ount for a11 financial ze�sources except those required to be ac:counted for in anather .fuiad. 9 CITY OF BAhY1�R, 1►�i1VE' Notes to Financial Stat�nents June 30, 1995 11p'IE 1 - Cantirnzed Special Revenue Ftinds - Special Revenue �s are used to account for the proceerl.s of specific rervenue sources (other than experxlable trusts or major capital projects) that are legally restxicted to e�eraditures for specified purposes. Capital Projects Ftind - Capital Projects Ftu�d is used to account for financial resources to be used for the ac�uisition or cQnstruction of major capital facilities (other than those financed by Prc�rietary Ft,u�ds). PIdOPRIETARY �tlrID Z'YPES The focus of Proprietary Furld measuresnent is upQn detenni3zatian of net .irzcc�er�e, financial pasitic�n, ar�d cash flows. The generally accepted , acc�ounting principles applicable are those simi.lar to businesses in the private sector. Enterprise Ftuxls - Enterprise Furx�s are used to account for operatians (a) that are financed and operated in a manner simi.lar to private business enterprises - where the intent of the gaverning body is that the costs (expenses, including depreciation) of providing goa�s or services to the qeneral public on a continuing basis be financed or recovered primarily through user charqes; or (b) where the gaverning �o�dy has decided that periodic detezmination of revenues earned, e�enses incurred, and/or net inc�r�e is appropriate for capital maintenance, public p�licy, rnarlag�it cantrol, accountability, or other purposes. The following are the City's enterprise funds: � Sewer Utility Ftind - �his fiuxl accounts for the cost of construction and operations of the Sewage Treatrnent Plant, the city sewer syst�n, and sewer segaration, ar�d is self-supported through sewer user fees. Airport F1ind - This fund accounts for the operation of Bangor International Aizport. The principal sources of revenues are lariding fees arad the sales of aviation fue1. Other rev�nue sources include Iease of te.izninal space and lease of non-aviation industrial buildings. City Nursing Facility - This fund accounts for the operation of a city owned nursing ho�r�e. This is a 61 bed facility, ar�d principal revenue sources are Medicaid and rental incane fmn e�ess sp�ace. The current facility Was the base hospital at the fonrnx Dow Air Fbrce Base, which closed in 1969. Parking Fur�d - This fivad accounts for the operatian of the city owned parking lots and the Pickering Square Parking Garage. Revenue sources include rmnthly lease of parking spaces, hourly/dai.2y garking fees, ar�d fines azad waiver fees for parking violators. Certain of these facilities are operated under a private manag�r�nt contract. Bass Park F'und - This fur2d accounts for the operation of the Bangor Auditoritun, Bangor Civic Center ar2d Bangor State Fair. 10 CITY OF BAI�R, � Notes to Financial Statements June 30, 1995 AD'lE 1 - Qantin�e�d Principal sources of revenues are achnissions, concession sales, and renta.Zs. The fur�d is named after the Bass fainily which bequeathed the prnpex-ty to the City for recreational purpases. MLn�cipal Golf Course - This fund accounts for the operation of a 27 hole �nicip�al golf course. Princip�al revenue sources are seascan marnberch;r� and daily green.s fees. Park Wooc�s - This furad accounts for the rental of 60 units of surplus hoz�sing receiv�d fmn the federal gavern�ment ��*-�lant to the 1�Kinzley Hameless Assistance Act. FIDiJ�CIARY F'Ul�ID TYPE Fiduciary FYu2ds are used to account for assets held by the City in a tzvstee capacity or as an agent for individuals, private organizations, other gavernmental units, ar2d/or other furxLs. Tivst and Agency Funds - Trust and Agency Ftirads include ea�endable tzvst, nonexperidable trust, ar2d agency funds. Nonexpendable funds are accounted for. and reported simi.lar to proprietary fur�ds since capital maintenance is critical. Expendable trust and agency funds are accounted for and reported simi.lar to gov�rrnnental funds. AGiC�LIIVT QaOUPS Account groups are used to establish accounting control and accountability for the City's general fixed assets arid general Zong-tezm debt. The following are the City's account groups: General Fixed Assets Account Group - This group of accounts is established to account for aIl fixed assets of the City, other than those accounted far in the proprietary furxLs. General Long-Tenn D�ebt Account Grcx� - This group of accounts is established to account for a11 long-tezm debt of the City, e�ccept that whi.ch is accounted for in the proprietary funds. (B) Basis of Accozuiting The modified accrual basis of accounting is follow�d by the g�crt�rnrnental fur2ds ar2d expendable trust ar�d agency fuzids. Ur2der the modified accrual basis of accounting, revenues are recorr3ed when susceptible to accrual, i.e., both measurable and ava.ilable. AYai.lable �ans collectible within the current period or soon enough thereafter to be used to pay Iiabilities of the cuzrent period. E�eraditures, other than interest an long-tenrt debt, are recorded when the Iiability is incurred, if ineasurable. In applying the susceptible to accrual concept to intergovernmental revenues, the legal arid cantractual *�77r�*+ts of the rnnnerars 11 CITY OF BAN�R, 1►g1II1iE Notes to Financial Stat�rnnts June 30, 1995 1VD'lE 1 - Ccxitir�ued ;�ividual programs are used as guidance. There are, however, essentially three types of these revenues. In one, imnies nv.st be e�oeraded on the specific purpose or project before any amounts will be paid to the City; therefore, revenues are recogrn.ized based upon the e�erxiitures recozrled. Fbr the second type, mariies are virtually unrestxicted as to puz�.�ose of e�eraditure and are vsually revocable anly for the failure to ccYnply with p.z�escribed corrQliance requir�nents. These resources are retlected as revenues at the time of receipt or earlier if the snsceptible to accrual criteria are met. F'or the third type, manies are received in advance and recorded as deferred revenues nntil the appropriate eag�erx•litures are made, at which time the revenues are recorded. Licenses ar�d pezmits, fines arad forfeits, ar�d miscellaneous revenues are zecQrded as revenues when received in cash because they are generally not measurable until actually received. IrYvestrnent ear7ings arad charr�es for sezvices are recorded as reve.nues when earned, since they are measurable arid available. The accrual basis of acaounting is used by proprietary funds ar�d nonexpendable tnist func�s. (C) E,h�zur�rances Enczm�rance acco�nting, under which purchase orriers, contracts, and other - carrmitrnents for the e�erxliture of furx�s are recorrled in order to resezve that portion of the applicable appropriatian, is �rQlayed in the governmental furac�s. qoen enclur�brances are reported as reservations of fuzad balances since the ccxrmitments will be honored in subsequent years. Enc�ur�brances do not constitute e�nditures or Iiabilities. (D) Budgetary Accounting The City utilizes a fozmal budgetary acc�ounting system to control revenues arid expexxiitures accounted for in the general fund. These budgets are established in accordance with the various laws which qovern the City's operations. The first Monday in Apri1, the C�ty Arhninistr�tor suhc2its to the City Coimcil a propased operating budget for the fiscal year ca�nnencing the following July 1. The c�erating budget includes propased e�eriditures arid the means of financing th�n. The budget is Iegally enacted thzrough the passage of an appr�priation resolv�. The City�Ic�ninistrator is authorized to transfer budgeted amoiants within departsaents, excluding the school dl�artment. However, ariy revisions that alter the total e.�enditures or transfers between departments Aus�t be appzryved by the City Council. No si�ificant additional appropriations were required in 1994. With certain exceptions, unencumbered ar�d une�e.r�ded apProPriations lapse at year ezad. Diepar�nental e�eraditures may not exceed appropriations. 12 CITY OF BAN�R, 1►F�II1T�' Notes to Financial Statements June 30, 1995 11D'lE 1 - �r�tirn2ed Budget data, as presented for these funds, utilize the m�dified accrual basis of acco�uiting. Budgetary controls are maintained on the other governmental fu�s through formal authorizatians by the City Council and grant agreements. General Ft�nd revenues ar�d e�enditures reported in the Stat�nent of Revenues, E"�itures arld Changes in Unreserved/Uradesignated Fund Balance - Budget ar�d Actual (Budqet Basis) (Exhibit 3) are presented on the basis budgeted by the City. The City follaas certain ac�covnting principles for budgetary reporting puzposes that differ fmn qenerally accepted accounting principles. 57ich differences and their effects an the General F�nd's reported operations are s�rized in the following recanciliation: Other Financing Rev�nues Expenditures Sources fUses,� Stat�nent of Revenues, E�r�ditures, arld Changes in Unreserved/ Uridesiqnated F'und Balance - Budget and Actual (Exhibit 3) $ 54,604,058 $ 53,632,077 $ (254,292) Activity in designated fund b�alance 964,525 197,075 (235,047) I995 enczaribrances � - (318,351) - 1994 enc�unbrances paid - 135,300 - 1994 b�alances carried 993,545 781,9I0 (322,400� Combined Statement of Revenues, Experxlitures, arid Changes in F'und Balances�Governmental �nd Types-General F�rad (E�iibit 2) $ 56,562,128 $ 54,428,OI1 $ (811,739) (E) Pooled Cash ar�d IrYt�estments ar2d Izlvestments Pooled cash and irnn�stments and investrnents are described in Note 2 Irzvestrr�ents are stated at cost. (F) Inv�ntory General F'tuid inventory is carQrised of various e.�e�b1e sup�plies cansim�ed by operations and is stated primarily at moving average c�ast which appraximates market. Ehterprise Ftind iav�ntories are c�rised pr�marily of consurrr�ble se�lies. These inventories are also stated at moving average cc��st w�.ich appr�xi�nates market. The cost of c�m�tion or sale is recorried as an eag�eriditure in the General Ft�rx� arid as an aperating e.xpense in the Enterprise Ftuads. (G) Genera2 Fi�d Assets General fixed assets have been acr�ired for general governmental purposes. 13 CITY OF BAN�R, 1►�1.IlNE Notes to Financial Statements June 30, 1995 11D'lE 1 - Cc�ritimied Assets purchased are recorded as e�er�ditures in the governmental func�s ar�d capitalized at cost in the general fixed asset account group. Cantributed fixed assets are recorded in the General Fixed Asset A,ccount Group at estimated fair market value at the time received. Pnblic damai.n ("infrastructure") general fixed assets consisting of raads, bridges, curbs, gutters, stxeets arld sideWalks, drainage syst�, ar�d Iighting syst� are capitalized along with other general fi�d assets. No depreciation has been prr�vided on general fixed assets, nor has interest been capitalized. fH) PropertY. Plant, ar�d E��Y nt - Enterprise F'�rx3s ��Y. Plant, and c��nt owned by the various enterprise funds is stated at cost except for certain assets contrihuted by others which are stated at fair market value as of the date of contributian. Interest cost incurred during construction of major projects is capitalized arad am�rtized aver the life of the related asset. Depreciation has been pravided aver the est.imated useful lives using the straight line method. Diepreciation on all assets has been recorr�ed as an experLse of the current period. The arr�nts applicable to assets ar�,�ired from contributions has then been transferred to the related contribution account rather than to retained earnings. The range of the estimated useful Iives of the various classes of enterprise depreciable assets is as follows: , Ranqe of Est.imated Usefiil. Life Asset Class Buildings 25 - 40 years �iPT�nt 5 - 20 years Pipelines and m3?nG 100 ye3rs Aircraft operational assets: ��YS 40 years Buildings 20 years Machinery and ��ipenent 5 - 10 years (I) TTacation ar�d Sick Leave Under terrrrs of unian contracts am� persannel policies, pez�anent fu11 t.ime City �layees are granted vacatican and sick Ieave in varying amalnts. In the event of tPrmi nati.p� � �p,�o� � reimbursed for acccm�ulated vacation days � to the eqaivalent of thirty days vacation. �loyees are reimbursed for 33,pez�ent of accim�lated sick leave, up to 40 days, only upon retir�nent with 25 years of service. Fbr Gcrv�ernrr�ntal F�nd 4�pes (General ar�d Special Revenue), the City appropriates fuz�ds for accrued vacation in the year the vacatiQn is taken. Acc�oz�riingly, acc�lated vacatian time earned arid not taken at the erxi of the fiscal year wi11 be funded in subsequent years' budgets. The related 14 CITY OF BANQ')R, 1►�iTNE Notes to Financial Stat�nents June 30, 1995 11D'lE 1 - C�arlti.znl�d c�bligation, therefore, is recorried in the general long-tenr► debt group of accounts of the City. Accurrulated sick Ieave is not recorried since it is not deternunable. (J) Capital Projects �r�ai - Ilndesignated F7uad Balances Urxlssignated fur2d balances in the Capital Projects Ftuxi represent, c�n a c�ulative basis, the excess of specific project resources ov�r the z�elated project costs for cargleted projects. These amounts are currently �ropriated arid as such are available for use within the Capital Projects Ftirxl for future capital constructian. (K) ccan}aarativ� 2bta1 Diata . Zbta1 col�ms of the Combined Stat�nents are captioned "m�mrarxlcnn only„ to ir�dicate that they are presented only to facilitate financial analysis. L�ata in these coliunns do not present financial position, results of operations, or changes in financial position in conformi.ty with generally accepted accounting principles. Neither is such data ccrr�az-able to a consolidation. IIIt@rf71IH� 21'►minat2QTLS I1dV� 120t �ri II]3� in the aqgregation of this data. 11�7'lE 2 - FJquity in Pboled Cash and ai�d Irivest��4 The City maintains a cash and inv�stlr�ent pool that is available for use by aI1 funds. Each fund type's portion of this pc�o1 is displayed an the ccnibined balance sheet as "equity in pooled cash ar�d investm�nts" ar:d is classified as short tenn. Cash is im�ested in various interest bearing securities, which can be redeerned as needed without penalty. In addition, cash and irtvestrrents are separately held by same of the City's furad types. Lleposits: At year-end, the carrying armz�nt of the City's deposits was $ 337,675 and the bank balance was $ 470,198. Of the bank halance $ 350,004 was fu11y �n��red and or collateralized and $ 120,194 sras unirisured and uncollateralized. Irivestrrpnts: Statutes authorize the City to iriv�st in c�bligatians of the U.S. Treasuzy, agencies and instrcm�entalities, repurchase agreements, coryorate securities, finailcial institution stocks, arld other stock irlv�stlnents. The City's inv+estments are categorized below to give an �*�;catican of the 1eve1 of risk ass�m�ed by the entity at y+ear-e.rad. Category I includes inv�st.raents that 3Z2 inc��r� Or COII3tP1'dI1Z2fI Wl�l securities held by the City or its agent in the City's r�ame. Category 2 includes nni�sured investrr�.nts for which the securities are held by the b�anks' trust department in the City's namc'.. Categozy 3 includes �minc,�r�l in�v�estments for which the securities are held by the hanks' trust departrr�ent or its agent but not in the City's naa�. 15 CITY OF BAN�R, MAIrTE Notes to Financial State�nents June 30, 1995 11�7'!L 2 - Cantirnied Category Carrying Market 1 2 3 Armunt value U.S. Covernment and agencies $ - $ 7,279,469 $ - $ 7,279,469 $ 7,360,077 Certificate of deposit 50,000 - - 50,000 50,000 RePuz'chase agreements - 8,879,308 - 8,879,308 8,879,308 Other - 534,325 - 534,325 568,039 IC� trvst(457) - - 4,054,142 4,054,142 4,054,I42 Mutual funds - - - 3,152,060 3,152,060 $ 50,000 $I6,693,102 $ 4,054,I42 $23,949,304 $24,063,626 l�tual fund invest.ments are not required to be classifiealin any of the three abave categories because they are not evidenced by securities that eadst in physical or hook entry form. 21D'lE 3 - Property Tas The City's property tax was Ievied July 1, 1994, on the assessed value listed as of the prior April 1, for ai1 real and personal property Zocated in the City. The assessed value for the list of April 1, 1994, upon which the 1994 levy was based, was ,$I,305,791,000. The estimated market value was $1,305,791,000 making the assessed value 100 percent of the estimated market value. Taxes are billed on a s�niannual b�asis. Taxes were due Sept�nber I5 and Mar�ch 15 with interest due from that date if unpa_id. G�rrent tax collections for the year ended June 30, 1995, were 94.2 (Tab1e 1) percent of the tax levy. Property taxes levied for the year ended June 30, 1995, are recorded as receivables. The receivabZes collected during the year and the first 60 days of the subsequent year are recognized as revenues for the year erlded June 30, 1995. Receivables estimated to be collected svbsequent to the 60 day period are considered to be deferred revenues. Prior year tax levies were recorrled using this same principle. 16 CITY OF BAN�R, 1�lIl1TE Notes to FinanCial State.mP_nts June 30, 1995 11D'lE 4 - Dtie to/Dtie firm Other Ptmds Iradi.vidual fund interfund receivable arid payable b�a_Zances at June 30, 1995 were as follows: Receivable Payable General fund $ 2,198,755 $ - Eriterprise Ft�nds Sewer Utility Fund - 683,246 City Nursing Facility - 396,397 Bass Park F�u2d - 1,091,869 Park Woods - 27,243 $ 2,198,755 $ 2,I98,755 �7'lE 5 - Dtie Fram Other GlovernmPrits Due fran other g�c�vezrnnents is cacrQrised of the fo1lu+�ing arr�unts at June 30, 1995. State of Federal Other Maine Gaverrnr�ent Total General Fund $ 71,398 $ 1,590,839 $ - $ 1,662,237 Special Revenue Funds $ - $ 2,000 $ 341,765 $ 343,765 Capital Projects Ftind $ - $ 93,448 $ - $ 93,448 Enterprise F'unds $ - $ 43,070 $ 826,611 $ 869,681 Of the General Ftind's $1,662,237 due fran State of Maine, $ 685,752 represents school sub.sidies and State agency billings and $ I29,004 represents general assistance claims not yet received. Note - 6 Fi�ed Assets Amounts cormiitted for future e�nditures an capital projects a�praximated $1,377,444 at June 30, 1995. Such amoants wi11 be fur�ded by bor2d proceeds, approved federal arx� state grant mQnies arad manies appropriated within the various funds. 17 C,I'lY C�F'H�, l�lII1� NF�t�s to Finar�cial S`tateruits �hme 30, 1995 11U.IL 6 - Gtr�ti.n�ed Cbnstn2cticn in �ss is arrpc�ni of the follcw.ing: �uvvad Project E�s to Balanaes FLiizu� Auth�rizatian Jcme 30, 1995 Gi�rmitted Financ.irxr 5'txroets - $ 2,207,982 $ 970,449 $ 1,237,533 $ - Other'projects 1,821,664 1,342,584 479,Q60 - $ 4,029,646 $ 2,313,033 $ 1,716,613 $ - A �zy of d�ang�s in g�aeral fi.�d as�et-.s follays: Caga.ital 9alarac� Transfers & Plvject Balar� ' Jime 30, 1994 Ad�itians L�letians C1c�e�outs �Tc�e 30, 1995 I�anol. luild.irx�:s. ar�d canst.ztac�ticm in pma�ss: Iarr� $ 3,180,842 $ - $ - $ - $ 3,180,842 City far�cla�d�erty 78,611 - - - 78,611 ��ildings 19,798,313 I,628 - 454 19,800,395 S�hoal buildirx�s 14,858,962 - - 7,016 14,865,978 Re�r�tirn facilities 2,8.31,579 - - - 2,831,579 (bnstructicn in prnaess 813,980 2,102,802 - (603,749) 2,313,033 4bta1 1arr1. lxuldi�s. ar�d anstructicn in prn� 41,562,287 2,104,430 - (596,279,� 43,070,438 Put�Iic dorr�in: Streets 18,313,198 - - - 18,313,198 SideHalks 1,569,011 - - - 1,569,011 ffiiAk�s 1,136,815 - - - 1,136,8I5 Parkinq structur�s 14,Q�0 - - - 14,000 Flectrical 744,0�67 - - - 744,067 Starnt s�,ei�s - water 1ira�s 343,521 - - - 343,521 Other�x�t�Iic dat�in 700,125 - - - 7Q0,125 �bta1 puL�Iic darr�in 22,820,737 - - - 22,820,737 �iPrr�nt r Vehicles 5,357,178 182,312 (156,764) 562,645 5,945,371 �ter 560,935 20,143 - - 581,078 Other 1,552,153 165,6Q6 - 33,634 I,751,395 Schoal ather 781,298 477,463 - - 1,258,761 Zbt.al equiFr�t 8,251,564 845,526 j156,764) 596,279 9,536,605 Zbta1 fi�d as�i-s $ 72,634,588 $ 2,949,956 $ (156,764) $ - $ 75,427,780 18 CITY OF BANC�R, 1�I111IE Notes to Financial Statem�nts June 30, I995 11U'lE 6 - G'aritiruied A siunnary of proprietary fiuzd type property, p1ant, and eq��rn�r►t at �Tune 30, 1995, follaws: Lar�d $ 938,215 Buildings, plant arid equipment 42,526,899 Pipelines and mai»S 29,048,018 A.irport operational assets 176,483,204 Parking structures 6,457,508 Constructian in process 8,901,119 264,354,963 Less: acccnra�lated depreciatian 77,695,189 $ 186,659,774 In 1995, total proprietary fur�d type interest incurred was $2,443,559 aII of which was charged to operations. 21DTE 7 - operati�g r.ea.ses General Fund The City Ieases certain recreational property to third parties under an operating lease expiring in 2026. This Iease has a ten year renewal option. �nT�m► future rentals to be received umier this lease are: Year E'rzded June 30 Amount 1996 $ II,500 1997 11,500 1998 11,500 � 1999 11,500 2000 11,500 2001 - 2026 45,848 TOtal MT*�� Ft�ture Re1ltals $ 103�348 Airport FYuid The airport is the lessor of various buildings ar�d land parcels under operating leases expiring in various years through 2032. Minimm� {�ture rentals to be received an noncancellable Zeases as of June 30, I995 are: Year Ended June 30 Amoi.int I996 $ I,142,624 1997 955,583 1998 581,663 1999 337,567 2000 256,511 Suhseqaent to 2000 1,424,605 Qlotal M�n�►�� Future Rentals $ 4,698,553 1�n;�� future rentals do nat include contingent rentals that may be received ur�der certain leases of buildings because of revenue produced or usage in excess of specified armr�ts. Cantingent rentals in 1995 were $1,261,569. 19 CITY OF BA11�R, 1�Il1�' Notes to Financial Stat�nents June 30, 1995 11D'IE S - Diz�ect Fit�a_*Y'?ng Lea.se Certain facilities owned by the City at the Aizport (building #488) were finaizced by a third pazty. These facilities are leased by the City to a ccn�oany under a direct financing lease eag�iring in 2006. As part of the financing arrange�rent betw�en the City ar2d the thirni party, a portic�n of the lease payrr�nts to be receiv+ed by the City has been assigned to repay the B�nk debt incurred by the third party to constxuct the facilities. At June 30, 1995, financing Iease payments, net of interest, ow��d to the thizri party urader the arrang�r�ent aggregated $658,046. 1►�n»� Iease payments to be received by the City fram the user carQany as of June 30, 1995 are: Year ended June 30 �t 1996 $ 92,253 I997 92,253 1998 92,253 1999 92,253 2� 92,253 S�,bsequent to 2000 599,639 $ 1,060,904 � - The follawing .Zists the carrQonents of the investrr�ent in the direct financinq Iease at June 30, 1995: Net i.mrestment in direct financing lease $ 658,046 Add unearned incane 402,858 Zbtal min��m� lease payments to be received 1,060,904 Less: Current portion • 92,253 Long-term $ 968,651 11�7IE 9 - Capital Lease The City's General F'und currently leases heavy machinery, a telephone syst�n ar�d copiers under capital leases; in ac3dition the Sewer Ftirld leases heavy machinery under a capital lease. Fbllaving is a schediile, by year of future m;n;�m► Iease payrrn.nts urx�er these leases, together with the present value of the net minimm� lease paym�nts as of June 30, I995. Year E'nding Sewer General June 30 � � 1996 $ 33,392 $ 84,219 1997 33,392 73,396 1998 33,392 71,733 1999 55,585 100,176 284,933 Less: Interest � 10,371 $ 33,923 Present value of net miri►►��►r► lease payments $ 89,805 $ 251,OI0 20 CITY OF BANQ�R, 1�II111IE Notes to Financial Stat�nents June 30, 1995 1VD'lE 10 - Ott�er Assets Other assets are carg�rised of the following: General Capital Enterprise �ta1 Fund Projects Ftind Ft�nds Ftirads Irivestsnent of band proceec�s $ - $ 832,789 $ 597,445 $ 1,430,234 Tax mortgaqes 14,940 - - 14,940 Im�estment in RRG insurance - - 31,956 3I,956 O�rating rights (net of amortization) - - 400,602 400,602 Barx3 i.ssuance c�osts (net of arrqrtization) - - 332,050 332,050 4bta1 other assets $ 14,940 $ 832,789 $ 1,362,053 $ 2,209,782 11�'IE Il - D�ferred Rev�nra�s Deferred revenues consist of the following: General Special Enterprise FYind Revenue F1u1ds Fcu2ds Tax�s $2,136,757 $ - $ - Loans - 3,283,652 - Advance Deposits 69,301 - 112,214 Perfo.rn�ance Bond 15,000 - Outside carrr¢�nity's share of waste water treatment facility - - 9 75,702 $2,221,058 �S 3,283,652 $1,087,916 L�eferred tax revenues consist of those tax revenues not available to meet the n�eds of the current perial (See Note 3). � D�eferred revenue of the Special Revenue F�nd represents future rev�nue equal to loans made pursuant to the Camnunity DeveloFsnent, Urban D�eveloprnent Action Grants, and Econanic Incentive Revr�lving Z.o�an Fi�nd aver the past years. Pursuant to the tez� of these grants, Ioans made are recognized as an experiditure in the Special Revenue F'und when they oc�cur with corresponding recognition of grant revenues. F�rther, ��aT►t to regulations governing such funds, repaymerzt of loans thus outstanding are considered prograrri incarie as received in subsequent years ar�d are available to the recipient for additional use within the program. The future revenue associated with Ioans outstanding is, therefore, reflected as deferred revenue. 21 CITY OF BAIW�R, MAII1iE Notes to Fi.nancial Stat�nents June 30, 1995 I1D'lE 12 - Larx,�Z1e� Dpbt The follaving is a s�ry of lonq-tenn debt transactions of the City for the period ended June 30, 1995: r•;m;ted General Revenue Cabligation C�bligation Bonds Bonds Tota1 Debt payable at June 30, 1994 $62,209,000 $ 5,750,000 $67,959,000 New debt issued ar�d bridge loan 183,263 - 183,263 Die,bt retired (4,997,500) - f4,997,500Z Debt gayable at �Tune 30, 1995 �57,394,763 $ 5,750,000 $63,144,763 The City is subject to the laws of the State of Maine which limit the amount of long-tenn debt to 15 pPxcent (deperx3ing an how furxis will be used) of its last fu11 state valuatian. The statutory limit for June 30, 1995 was for $195,712,500 with a general abligation debt mar�gin of $138,317,737. The fo.Ilowing is a s�mrr�ary, by purpose, of the outstanding debt of the City at �7une 30, I995, arad related limitations: Max A1lasable Percent of State Assessed Debt TTalue of Statutory Debt OutstandinQ �1,304,750,000 Limit Margin School $12,344,299 10.0� $130,475,000 $118,130,70I Sewer 32,836,991 7.5$ 97,856,250 65,019,259 Airport 168,349 3.0� 39,142,500 38,974,151 A11 other I2,045,124 7.5� 97,856,250 85,811,126 �bta1 $57,394,763 15.0� $195,712,500 $138,317,737 A11 other debt outstarxiing is corrg�rised of the folloFring: General Ftind $ 5,558,679 46.2� Parking F'und 4,880,929 40.5$ Go1f Course Ft�zid 191,153 1.6� Bass Park F'ur2d 999,788 8.3$ City Nursing F�mi 414,575 3.4� �12,045,I24 100.0$ The Bangor International Airport has $ 5,750,000 of Zimited revenue c�bligation bor2ds outstar�ding at June 30, 1995. The proceeds of which were used to finance the tPr►►„n�7 �ySion, The irrterest rate varies fmn 4.40� to 6.70� with a fina.Z maturity date of Uc�taber 2012. 22 CITY OF BANQ?R, 1►�iI11TE Notes to Financial Statelnents June 30, 1995 Note I2 - Cc�tirn2ed General and limited rev�.nue obligation bc�nds payable at June 30, 1995, consisted of the follawinq issues: Final Interest Maturity rates date 1975 Penrtanent Public Tirprav�nents 6.50 8/Ol/95 1978 Peananent Public Impravements 5.80 7/01/98 198I Pezmanent Public Imprav�r�ents 10.00 6/01/01 1985 Pe�ient Public Irrprav�nents 5.20 to 10/25/95 7.90 I986 Pezmanent Pc�blic Irqprav�nents 4.25 to 10/25/96 6.50 I987 Penr�anent Public I�prav�ments 5.70 to 10/25/97 6.80 1988 Pennanent Public IrrQrov�nents 7.37 to 10/28/07 8.60 1989 Penr�anent Public .Irrprav�c�ents 6.70 to 9/Ol/09 7.00 1990 Pern�anent Public IirQrav�nents 7.00 to 8/O1/10 7.10 1991 Permanent Public IrrQrav�r�ents 5.00 10/O1/12 1992 Pennanent Public IrrQrovements 5.00 to 11/01/12 5.30 1992 Pern�nent Public IrrQmv�rnents 4.75 to 11/Ol/02 5.40 1993 Pennanent Pc�blic Irqprovernents 3.30 to 10/Ol/00 4.65 1993 SRF Treatlnent P1ant 2.46 10/01/13 1993 SRF Carnbined Sewer Overflow 2.45 10/01/13 1994 Re.fur�ding Bor�ds 2.35 to 8/01/10 5.20 1995 SRF Bridge Loan 3.00 2/27/96 Tbta1 Less current portian (due fiscal year I996) Authorized General Enterprise ZbtaZ and issued City School F�nds June 30, 1995 4,050,000 82,165 - 72,835 155,000 3,260,000 540,894 - 79,106 620,000 3,065,000 182,580 712,420 - 895,000 1,575,000 64,818 25,717 44,465 135,000 865,000 119,016 19,270 6,714 145,000 1,785,000 120,435 68,5I3 336,052 525,000 3,200,000 - 275,100 1,384,900 1,660,000 13,025,000 335,000 1,992,000 1,428,000 3,755,000 9,265,000 521,000 - 2,394,000 2,915,OOQ 19,000,000 - - 17,100,000 17,100,000 12,550,000 - 6,025,000 5,265,000 1I,290,000 575,000 455,000 - - 455,000 3,314,000 2,805,590 - 33,410 2,839,000 1,864,000 - - 1,770,800 1,770,800 1,986,000 - - I,886,700 1,886,700 11,155,000 332,181 3,226,279 7,506,540 11,065,000 183,263 - - 183,263 183,263 � 90,717,263 5,558,679 12,344,299 39,491,785 57,394,763 1,128,724 1,051,348 2,607,428 4,787,500 $ 4,429,955 $11,292,951 $36,884,357 $ 52,607,263 23 CITY OF BANrC�R, MAIIITE Notes to Financial Stat�rn.nts Jvne 30, 1995 j�jp��G ]Z - C'r�tt-i rn�rl The City is a m�nber of Maine Vocational Regian Four (M.V.R. No. 4), which tezritory is c�arr��rised of three cities, including Banqor, 11 towns, one plantation, four S.A.D. 's ar�d one C.S.D. The City is responsible for its pioportianal share of M.V.R. No. 4's Zong-terni debt as well as the debt incurred by a11 local government units which pravide services within the City's boundaries. The City's portic�n of this debt (commc�nly called av+erlapping debt), is sium�arized below: Percentage D�ebt A�plicable Over.Iapping Units Outstandinq to the Citv D�ebt City $57,394,763 100.00� $57,394,763 County 3,062,000 22.76� 696,911 M.V.R. No. 4 1,100,000 33.59$ 369,490 Ztotal $61,556,763 $58,461,164 This results in a per capita City debt of $1,736 (Tab1e 7); per capita overlapping debt of $1,768; ratio of City debt to the City's June 30, 1995, assessed valuation of 4.4 (Table 7) pPxcent; and a ratio of av�rlapping debt to June 30, 1995, assessed valuation of 4.5 percent. The following table sets forth the ratio of general obligation bonded debt to assessed valuation, by fund type; arad per capita debt ratios, by fund type; for the fiscal year er2ded June 30, I995. Armunt of Diebt bv Furid General F�nd Enterprise City School Flinds �total $ 5,558,679 $ 12,344,299 $ 39,491,785 $ 57,394,763 Debt as Percent of Assessed Daluation General F�nd Enterprise Citv School Flirx•Ls Zbta1 .4� .9� 3.1� 4.4� Pex Capita Diebt by Fur�d General Ftuid Enterprise City School Flinds 11otal $ 168 $ 373 $ 1,195 $ I,736 24 CITY OF BANC�R, 1►g1II1lE Notes to Financial Statements June 30, 1995 N�ote 12 - Cantinr�ed The annual future principal and interest payment requir�nents for a11 deht outstarading as of June 30, 1995, is as follays: � General Limited Rev�nue Obligation Barids Cabligatian Barids Year E�ded 2bta1 June 30 PrinciUa.Z Interest Principal Interest Rewir�nent 1996 $ 4,787,500 $ 2,746,042 $ 190,000 $ 348,071 $ 8,071,613 1997 4,457,500 2,489,874 I95,000 339,310 7,481,684 1998 4,392,500 2,24I,103 245,000 329,603 7,168,206 1999 4,072,500 2,006,967 220,000 318,757 6,618,224 2000 3,952,500 1,785,472 230,000 306,770 6,274,742 S�bsequent 35,732,263 9,601,409 4,710,000 2,276,176 52 3I9,848 �57,394,763 $20,870,867 $ 5,750,000 $ 3,918,687 $87,934,317 The City advance refur�ded the callable portion of the I989 azid 1990 qeneral c�ligation bonds to reduce debt service payments by ap,prox.irnately $408,000 and $302,000 in the General Ftind arid F�terprise Funds, respectively ov�r the next 17 years arad to cabtain an ecananic ga i n (difference betw�en the present values of the debt service payn�nts on the o1d and new debt) of $230,000 in the General Fund ar�d $84,000 in the Entezprise Ftinds. As of June 30, 1995, $3,163,900 ar2d $6,541,100 of general obligation bonds outstandinq in the General Long-tenn Debt Account GYoup and Entezprise Flincls, respectively are considered ecanom.i.cally defeased. The Sewer Utility and Parking enterprise funds have recorr�ed a deferred arnount on refunding, wh.ich is the difference betweP.n the reacx�uisition price (furxLs r�lired to refurld o1d debt) and the net carrying value of the o1d debt. The deferred armunt on refunding wi11 be amortized aver the ze�naininq Iife of the o1d debt. Nate 13 - Tax Incram�rt Fina*r.i.r�g District The City has established a tax incrc-�nent financing district urx�er the terms of applicable state laws. The District has been established to f.inance a certain develc�prr�nt program Iocated in the City. The e�er�dituzes fmn this development pzngram wi11 be recouped in future years via an incr�nental tax levied u�an the District's so-called "captured assessed value". 25 CITY OF BAN�R, 1►�Il1IE Notes to Financial Stat�r�ents June 30, 1995 11�7'!E I4 - Cc�tr.ibated Capital A sumnary of changes in contributed capital follows:, - Contributed capital at June 30, 1994 $106,470,703 Cantributions 13,249,611 Depreciation an assets aa�uired with contributions (3,809,656) Cantributed capital at June 30, I995 $I15,910,658 11�71E 15 - Related Party Tran.sacticar�s During the fiscal year ended June 30, 1995, the City made no si�ificant puzchases of goods or services fram a related party, who was a meznber of the City Council. NDTE I6 - 11ToriQ.�•+�h7e ar�d F.spendable Tn�st I�nds Balanoe Nonexperxlable ar�d Expendable Trust fiuxis b�alances were carrQrised of the follawing at June 30, 1995: IJne.�g�eraded Principa.I Incane Nonexpendable 2'rusts Cemetery: Perpetual Care S 376,502 S 125,599 Pax'ks: Bass Park - 20,428 Arthur Chapin F'und 14,538 15,289 14,538 35,717 City Missionary: Hiram Foqg 1,000 2,253 Louis & Sophia Kirstein 500 I,694 Hiram O.Ziver 2,000 4,962 Penabscot Association for the Bl.i.r�d 11 2 Lorenzo Sabine 1,000 1,267 Stetson 12,000 11,526 16,511 ZI,704 26 CITY OF BAN�R, 1�II1TE Notes to Financial Stat�nents June 30, 1995 Nate I6 - Gbntimied . Unexper�ded ° Principal Incbrr�e Education: Bangor High School 200 1,199 French Medal 35,738 8,157 Xolton Public School 2,000 7,501 Louis & Sophia Kirstein 5,000 3,573 A.E. Wetaber, Jr 1,200 760 44,138 21,190 Aid for Aged Wamen: Charles Adams 10,000 3,266 Thamas Upham Coe 3,000 979 Anna H. Pierce 4,000 1,306 . Annie Stetson 5,067 1,565 George Stodder 11,000 3,592 Wakefield 10,000 6,463 43,067 17,171 . Other F�v2�s: Derothea Miller 507 406 Bangor Fir�r�en's Relief 7,639 7,004 Bangor F'uel Society 4,500 321 Kirstein City Hospital 507 1,441 Arthur Morey 1,013 3,820 Melvin Murch 5,733 12,871 O'Connell Trust 1,000 5,601 �tvitchell Trust - 122 Flora Seavey 1,500 808 Charlotte Ha11 5,984 14,674 Pfaff Trust 811 1,505 Porter - Pu.Zsifer 5,000 8,180 Jewish War Veterans 758 173 _ 34,952 56,926 Revolving Laan Sophia Kirstein Student Laan 123,436 - Zbtal nc�nexpendable trusts 653 144 $ 278,307 E�er�dable Trusts Dental Clinic $ 39,132 $ 6,996 Preservatian of Records 10 36 C� WheeZchair Yan 289 - �dopt A Park 20,010 1,232 �bta1 e�eradable trusts 59 44I $ 8,264 27 C�'IY QF'B�I�R� M9I111E 1lbtes to Finar�ial Statern.rrts .Time 30, 1995 11D1S 17 - Sbgrner�ts c��ise Activiti,es �t�re are � services�.i,cled by the City whiah are fir�arac�d by trs�r d�at�es - Se�r, Air�art. Park h�ocls. City NLu,sir�g F�ility Parkinq, Bass Park and 1►�.mici�l Gblf Gbur�e. Zhe laey financial data far the period err�d �hu�e 30, 1995; far t�aase s�rviaes are as follaas: Park City Ba.�s lyimicipal. Se�er A.ixpart h��orls 1V�ingr Paz�cirx� Pa.rk (�Zf Cbur�e Zbtal Gja�zatinq r�ve�rnae S 5,649,150 S 11,301,042 S 26,246 S 2,690,431 $ 614,479 S 1,321,873 $ 598,374 S 22,201,595 qoPx'ating' ex��s�es: D�iatiai arr� armrtizatirn* 1,592,852 4,665,395 37,345 78,143 310,685 251,541 53,047 6,989,00�8 OthPx 2,720,227 9,86I,003 46,745 2,643,010 395,531 1,462,057 310,435 17,439,OOiB 4 3I3 079 14 526 398 84 090 2 721 I53 706 216 1 713 598 363 482 24 428 016 G�ratir� incnr� (lc�s) 1,336,071 (3,225,356) (57,844) (30,722) (91,737) (391,725) 234,892 (2,226,421) 1Vrarx�x'atir�9' r�vet�.ie (experlse) (1,534,678) 270,691 - (43,239) (309,7Q�) (152,496) (15,965) (1,785,387) qoexating' transfers fr�n C�ne,ral Flmd - - - 67,747 438,902 250,Q00 - 756,649 N�et ir�rre (lass) $ (198,607) $ (2,954,665) $ (57,844) $ (6,214) $ 37,465 $ (294,221) $ 218,927 $ (3,255,159) Ad3itia�s to �ted c�pital $ (33) $ 11,561,545 $ I,762,952 $ 10,147 $ - $ - $ (85,OOb) $ 13,249,611 ,Aoqui�itian af�rty p�larit and ec�uip�rerrt �' 1,462,668 $ 12,912,959 $ 2,499 $ 47,324 $ 1,937 $ 169,969 $ 32,571 $ 14,629,927 4btal assets $54,223,181 $I40,890,770 $ 1,738,054 $ I,070,422 $ 4,660,254 $ 2,769,788 $ 791,004 $206,143,473 Net wnrking c�p.ital $(2,1I0,555) $ 5,770,438 $ (22,998) $ (418,220) $ (292,383) $(1,134,790) $ (29,469) $ 1,762,023 Bar3s przyable �32,836,991 $ 5,918,349 $ - $ 414,575 $ 4,880,929 $ 999,788 $ 19I,I53 $ 45,241,785 F1a�d equity $I9,141,779 $I32,050,436 $ 1,705,108 $ (I33,309) $ 52,673 $ 584,301 $ 561,854 $153,962,842 ' * Ir�clvdes c�pz�c.iatirn arrl �tizaticn af $ 3,809,656 rn assets acz�iired with cantributirns. 28 CITY OF BANC�R, 1►�II� Notes to Financial Stat�its June 30, 1995 rD'lE IS - Designated I�d Balan�e General F1ir2d D�signated fund balances represent those portions of the General F'ur�d b�alance specifically designated for the follaving: 1995 1994 Drepartmental balances carried forward $ 159 798 $ (2,237) School dep�aztment - regular 258,357 279,778 adult education 38,704 39,186 special revenue (167,899) (37,820) school lunch 48,813 108,754 txust & agency (105,497) (16,738) enczm�rances (216,999) (260,158) . Autom�tive equipment replacerr�ent account 527,657 378,620 Bus service eqilT�nt replace�rpnt account 33,719 34,33I Fire ��t replacesnent account 40,962 12,300 Capital improvements 582,727 436,562 Reserve for self insurance 1,123,467 758,228 Credit reserve fund 576,419 826,4I9 Cameran staditun 12,578 111,904 Advances to enterprise furx9s 600,000 600,000 Landfill alosure 416,501 - Cascade gark maintenance 6,703 - Arbitraqe rebate - city 24,641 24,262 - school dep�artm�nt 134,663 131,997 S�btotal 4,095,314 3,425,388 Accrued teacher payroll (1,418,127) (1,315,206) Accrued teacher subsidy receivable 492,232 462,689 Net accrued teacher payroll (925,895) (852,517) Zbta1 general fund designated fur�d halance $ 3,169,419 $ 2,572,871 11D'lE 19 - UorYtirx�nt La�s, Litigaticn ar�d Other 1►tatters Contingent Loss The City is self-�n�►�red for w�rkers' ccrrfler2sation liability arld engaged an actuary to detennine appropriate Iiability as of Dec�r 31, 1994. The portian of the liability assariated with enterprise funds is recorded in the proprietary fund. The portian associated with general City operations is recozrled in the genexal furad to the extent of the claims est.imated to be paid during the next fiscal year. Litigation A subcontractor for the Sewer F�rxi's Secandary treatroent facility has suhnitted a contz�act claim in the amount of $ 497,394 for additi� costs alleged to have bep.n incurred in cQnstructing the facility, due to changed site canditions. There has been little activity on thzs claim during the past year. Urider the tenns of the parties arbitration agre�nent the City's cast to resolve the claim will range fram $ 40,000 - $ 215,000. 29 CITY OF BANC�R, 1�II1�' Notes to Financial Stat�nents - June 30, 1995 Nate 19 - G�ar�tirnled � In Decen�er 1994, the City aa�uired tax title to a large vacant _ building. In Dec�nber 1995, the City extinguished claims of the former owners by an eminent darnain action. Both of the actions a�ove are the subject of a pending Iegal cha.Ilenge by the building's fonner awners. If the fonner cx,�ners are success.ful, the City wi11 be liable for damages. It is estimate�d that the City's cast in that event co¢�1d range fran _ $ 130,000 - $ 790,000. The City has asserted clainLs aoa;n�a- the architect of the Aizport's term;na� building e�aansian project for design erz ors ar�d negligent cantract administration appzz�imating $2,500,000. In turn, the architect claims $165,745 is c�ue fran the City far additional sezvices. A pasitive recavery to the Airport .F1�nd is anticipated u�n resolutic�n of these claims. In Sept�r 1992, the City received a "Notice of Potential Responsibility" under Maine's Uncontrolled Hazardous S�bstance Sites 1aw. The notice irnrolves the planned cleanup of several hazaxrlous waste disposal sites. The City may be liable because the sites were foxmerly operated by the corr�aany the City used for the disposal of waste oil . during the 1960s - 1980s. The Maine DepartmP.nt of Environmental Protection's preliminary estimate of cleanup costs at the pr.im�ry site exceec�s $10,000,000. The City is listed as a "de mininais" contributor in the DF.P's various notices. As such it is estimated that the City's cost will range fz•an $80,000 - $I00,000. There are various other clairns arad suits pending against the City w}�ich - arise in the no.nrsal couz-se of the City's activities. In the opinion of City managernent the ultimate disposition of these various clair� and suits will have no material effect on the financial positic�n of the City. . 11D'IE 20 - Per�sicn Plans Introduction The City of Bangor provides retireup.nt perzsians for its �nplayees through a rnar�ber of vehicles, including Diefined Benefit Pensian Plan, Defined Contribution Pension Plan and Social Security. Included in the L�efined Benefit Pension Plan are the Public Zieachers' Plan ar�d Participating _ Local Distxict Plan at Maine State Retir�ent. The Diefined Cantribution Pension Plans are section 40I(a) ar�d 457 L�eferred Corr�oensation Plans ac�ninistered by IQ►g!/RC. FinaZly, thase �loyees not eligible for caveraqe under either the D�efined Benefit or Defined Contribution Plans are provided fu11 Social Security caverage. � A. Defined Benefit Pensian Plans The City of Bangor's teachers ar2d teacher�efined schooZ depart�nent personnel are c�avered for retir�ent benefits under the State of Maine's Public �eacher's Plan in the Maine State Retirement system (1�tSR.S) . Other 30 CITY OF BAN(�R, 1►glIl1iE Notes to Financial 5`tatements June 30, 1995 Nate 20 - Ccntirnied nan-teacher personnel and rrauiicipa.I �loyees (i.e. City �Ioyees) are cavered urader the City of Bangar's Partic�pating Loca1 District (PLD) , plan in the �S, which is a self fundc.�cl retirement plan ac�ninistered by MSRS on behalf of the City. The Maine State Retirement 5`yst�c�► ("S�st�„), is an aqent miltiple-enQloyer public �Iayee retiremP.nt systesn that acts as a camn�n irivestrnent arid ac�ni.nistrative agent for cities in the State. � Fix�d-term contract �layees and part-timPxs that work less than 720 annual hours are exenpted fran MSRS coverage. 1. PartiC�pating LoCa1 Distr'iCt Plan A11 fu1l-time pe.z�z�anent City �Zoyees are required to participate in the Syste�r► uniess the e�lay�e is cavered by an iridividual fixed tezm contract. Bersefits vest after ten y�ars of service. City enQloyees who retire at or after age 60 are entitled to an annual retiresnent benefit for 1ife, in an armunt equal to a fraction of the av�rage fina7 compensation rrultip.Iied by years of �ership service after the date of . establishment. Average final crn�pensatian is defined as the average annual rate of earnable carr�en.sation of a m�nber during the 3-5 years of creditable service, not necessarily consecutive, in which such average annual rate of earnable carQensation is highest. The syst�n also pravides death and disability benefits. These benefit pravisions arid all other rP�r►�i r�aits are established hy State Statute arad the adopted City p1an. City �loyees are r�►lired to contribute 6 1/2 percent of their annual salary to the System. The City is required to contribute the r'��ninq amaunts necessary to fund the S�st�, using the actuarial basi.s specified by statute. The City's payroll for �nployees cavered by the System for the year ez2ded June 30, 1995 was $ 17,944,029. The armunt shown below as the "perzsion benefit c�bligation" is a star�L_��zed disclosure measure of the present value of pension benefits, adjusted for the effects of projected salary increases and ste�rate benefits, est.imated to be payable in the future as a result of emplayee service to date. The measure is interx�ed to help users assess the furading status of the Syste�n on a going-concern basis, assess progress made in accc�ra�lating sufficient assets to pay benefits when due, ar2d make carQarisans amang e,rrg�loyers. The measure is the actuarial present value of credited projected benefits arad is indeper�dent of the funding metha•i used to deternune contributians to the S�st�►. , The pensian benefit c�bligation was carr�-uted as part of an actuarial valuation perfonne�d as of June 30, 1995. Significant actuarial _ assim�tions used in the valuations include (a) a rate of return an the invest�nent of present ar�d future assets of 8 percent a year ccmpocu�ded � annually, (b) adclitional projected salary increases of 6 percent a year, attributable to seniority/merit, and (c) 4 per�cent cast of living ret�r�nt benefit increases. Ztotal unfi�i� pen.si� benefit c�bligatiQn applicable to the City's �ployees was $41.6 mi11i� at June 30, 1995, as follows (in millions): 31 i CITY OF BAN�R, � Notes to Financial Stat�nents June 30, 1995 11�7'lE 20 - Ccntiznied 1995 Pension benefit obligation:(in millians) Retirees ar2d beneficiaries currently receiving benefits arad tezminated �loyees not yet receiving benefits $ 56.2 G�rent �nployees- A�ccimailated �rQloy�e cantributians including allocated im�estsnent earnings I3.2 �loyer f.i.rL�ed v�sted 24.3 F�nployer financed nonvested 5.9 �+atal pension benefit obligatian 99.6 Net assets availab.Ie for benefits, at cast (market value is $65.3 at Jvne 30, 2995) 58.0 Unfuraded pension benefit abligatian 41.6 Unfur�ded per�sion benefit c�bligatian: As a percent of total pension benefit Qbligation 4I.8� As a per�cent of cavered payroll 232.4� R�►7 i red contributions are detP*�T ned separately for service retirement benefits, survivor benefits, ar�d disability benefits elected on or after January 1, 1977. The System's funding policy prwides for actuarially determined periodic contributions for nozmal cost and for amortization of any unfuz�ded actuarial accrued liability so that sufficient assets wi11 be availahle to pay benefits when due. For detezmining p1an costs, assets are valued at "actuarial value. " The actuariaZ furxiing method used to car�ute actuarially detP,�►�;ned contributian reqvir�nents is the entry age normal method, a method under which the actuarial present value of the projected benefits of each individual included in an actuarial valuation is allocated on a level basis aver the 2arnin� or sezvice of the ir2dividual between entry age and ass��d exit age. The portion of this actuarial present value allocated to a valuation year is called the norn�al cost. The portiQn of this actuarial present value not provided for at a valuation date by the actuarial present value of future nozmal costs is called the actuarial accrued liability. The significant actuarial ass�tiQns used to corr�ute the actuarially detezmined contribution require�nent are the sarne as thase used to canpute the pension benefit abligation as described above. The contribz�tion to the S�t�r► for 1995 was $5,010,484 and was made in accozrlance with actuarially determined z�equir�nts car�outed through an actuarial valuation perfonned as of June 30, 1993. The oontribution consisted of $1,814,936 nonaal cost (IO.I2� of current c�overed payrolZ) arid $2,028,353 amortizatian of the unfiu�ded actuarial a��crued Iiability (11.31� of current covered payroll) . The City contributed $3,843,289 (21.43� of current covered payroll); eAQlayees contributed $1,167,195 (6.5$ of current covpxed payroll). 32 CITY OF BANC�R, �IIVE Notes to Financial Stat�ents June 30, 1995 1�7'!E ZO - GYaritirn2ed 2. P�blic Teachers Plan The cavered teacher's payroll for fiscal year 1995 was $14,565,014. The State of Maine pa.id the �Iayers share for its Public Teacher's Plan. In the case of federally func�ed pasitians, the fi.uiding grant pays the �nployers share. During fiscal year I995, $110,247 in err�loyer's share was charged to various school grants for $662,293 in cavered payroll. 3. Historical Trend Infonnation Ten y�ar trerad infonnation calculated in accordance with �SB #5 is not availahle. Seven year historical trerrd infozmatian is contained in Table S. B. Diefined Cc�ntribution Pensian Plan . The City of Bangor provides pension benefits for certain of its fu11-time �rQlayees through both 401(a) and 457 D�eferred Carrpensatian Plans (defined contribution plan (L�P)) ac�nin.istered by IC9�1/RC. In a DCP, benefits depend solely on amounts contributed to the plan plus invest.ment earnings. Pazticipation for fixed-tenn contract �Iayees is pravided in Iieu of the defined benefit plan through the Maine State Retirement S�rstem. Cavered �1ay�es are eligible to garticipate and are fv11y --- vested fi�om the date of elrnployment. The City contributes at various rates depending upoiz �playment contracts. The contribution rates vary fz-an 10.0� - 23.0$ of annual earnings. The covered payroll in fiscal year 1995 was appraxin�ately $552,862 ar2d City contributions totaled approximately $66,010. A11 amounts of carrQensation deferred under the 457 plan, a1Z propezty aad rights purchased with those armunts ar�d a11 income attributable to thase arr�ounts, pzr�perty or rights are (until paid or made available to the �loyee or other beneficiary) solely the property ar�d rights of the City (without being restricted to the pravisians of benefits unaer the plan), subject only to the claims of the City's general creditors. Participants rights under the plan are er�ual to those of general creditors of the City in an amount equal to the fair value of the deferred account for each participant. The City has no Iiability for losses under the plan but does have the duty of care that wvuld be required of an ordinary prudent i.nvestor. The City believes it is uniikely that it will use the assets to satisfy the claims of general creditors in the future. c. social security The City of Bangor does not have a section 218 agreement to provide fu11 sociaZ security coverage to its' �Iayees. The City provides fu11 social security coverage to part-time, seasanal arad t�rporaz�, �loyees under the arm�tn�� Budget Reconciliatian A�ct of 1990, arxl IRS regu2ations; which became effective Ju1y 1, 1991. 33 QTY C?F BA1V�R� 1►g1IIVE Notes to Financial Stat�ents June 30, 1995 11D'lE 2I - Landfill Clas�� arri Pb�stclasi�e Care Casts Federal regulations (5'�btitle 'D') stipuiate that 1ar�dfills which have w not accepted MSW (�icipa.l So1id Waste) in recent years are ex�t fz�m specific postclosure care ar�d m�nitoring requirc�nents, pravided that such laridfills are closed prior to O�taber 8, 1994, arid in accordance with applicable State regulations, subject to certain construction require�nents. In June 1994, the State of Maine legislature approvec� new state larldfill clasure regulations drafted by the Maine Department of E'nvironrnental Protection. These regulations included a "Reduced Closure Option" provision which alluattd quali.fying Iow risk landfills to be closed prior to G�t�ber 8, 1994 if federal canstruction stam�� were met with no further requir�nents for specific pastclosure monitoring a� maintenance pzngrrams. The City of Bany+or's Kittredge Road Landfill qualified for the "Reduced Closure Option" arad is in fu11 c�Iiance with its provisians. , The estimated Iiability for 1ar�dfill clasure arid postclosure care costs is $926,565 as of Jnne 30, 1995, which is based on 100� usage of the landfill. The estirnated total current cast of the Zandfill closure and postclosure care is based on the amount that would be paid if services requi.red to close, imnitor and maintain the landfill were ac�quired as of June 30, 1995. The actual cost of closure arid postclosure should not change significantly from the amount estimated. At June 30, 1995, $480,166 of the closure and postclosure care costs had been funded $63,665 by the issuance of general abligations bor�ds and $416,50I fran the State of Maine arxi the interest earnings thereon. It is anticipated that $446,399 will be provided by the issuance of general abligatian bonds in the future. Nate 22 - �e+qaent Et�rits In Septe�nber 1995, the City issued $I,500,000 in 4.10� general abligatian bond anticip�atictn notes due Sept�r 26, 1996 to be used to provide interim financing for renovatians, maintenance ar�d i�ravur�ents to the City's public schools arad $1,030,000 in yeneral abligation borads to finance the cost of capital for the following projects; Bangor Public Library, vrxlez�znurad fuel tank r�nova3, iaprov�nents to Diaki.n Poo1 ar�d Sawyer Arena arad landfill closure. The general obligation bor�ds interest rates vary fran 5.05� - 5.85� ar�d maturity dates range fran I996 to 2015. In an att�t to recover the City's costs in respor�ding to ar�d settling contractor, suixantractor arid surety claims arising out of the late r�naval of an activ+e pipeline that crossed the sec�dary treatment plant project site, the City received $450,047 fram the pipeline owner. 34 CITY OF BAN�R, M�1i1NE. Notes to Financial Statetnents June 30, 1995 . ND'IE 22 - Cc�tirn2ed In February 1996, an outside caa�nity agreed to pay the City approximately $2,500,000 for it's prc�ortionate share of the cost of canstructian of the new secondary treai�ent facility. Of that armunt, $1,000,000 was received in February 1996 and the r�;»�ng amount is due within six months. 11�7'IE 23 - Restate�errt of I�md Balan�es Ceztaii2 Capital Pr'ojects F�nd Ftind Balances� at beg�nn i ng of pez'iod� were restated to confonn to current y�ar presentatian. 35 Thi.s page Ieft intentionally blank. i - � Scla�e A-1 -� CITY OF BAN�R, 1�II11E' General F1irx1 Balance Sheet June 30, 1995 � (with carrQarative totals for June 30, 1994) 1995 1994 - Assets � Cash $ 43,827 $ 66,338 . Irn�estments 6,065,946 4,050,475 Receivables: . Taxes, including interest and Iiens 2,525,311 2,473,251 A�ccounts 426,121 508,131 , Due fram other governments 1,662,237 2,625,127 Due fzrnt other furids 2,198,755 1,402,121 Inventory, at cast 338,788 307,412 Other assets 41,044 17,271 . �bta1 assets $ 13,302,029 $ 11,450,126 I�iabi 1iti�s A,ccounts payable $ 751,352 $ 732,312 . Workers' cacrp. self insurance 607,890 607,890 Taxes collected in advance 22,496 20,705 Deferred revenues 2,221,058 2,194,812 Accrued payroll & withholdings 2,129,527 1,647,079 Zbtal Iiabilities 5,732,323 5,202,798 Ptmd br2Zataces Reserved for enccur�brances 318,351 294,931 Unresezved: Designated for subsequent years' expenditures 3,169,419 2,572,871 Undesignated 4,081,936 3,379,526 Tota1 furxl balances 7,569,706 6,247,328 Zbta1 liabilities arid fund ' balances $ 13,302,029 $ 11,450,126 36 � gi�ri�iP A-2 C�'lY(�F'87�, 1�F1IlNE Ge�aer'aI Ftu�d S`tatrerpnt of Revein�s, Experz3it�u�s, and C?�arages in Lfir.�sezved/Lfic�sig2�ated Fimd Balanae - �t arrl Actual Year��dcd June 30, 1995 variar�ae . D��n�� I�dVQL�l@ (�h1f3VCICc'1b.1.@� J cazried Ia�sed to 7/1/94 &ad�t Ac41a1 �rplus Carried ��s: Taaa�s: Re►�1 ar�d persanal pzqoeity $ - $ 29,760,286 $ 29,974,622 $ 214,336 $ - C7�ar� in c�t'err�al�erty tax r�er�s - - (8,2U7) (8,207) - Tax i�r�nt f�*�►��*� distxict (NF�te 13) - (230,558) (230,558) - - Payrrent an ]ieu of ta�s - 96,U00 96,00�0 - - Autarnbile aml boat e�acise taa�s - 2,760,A00 2,763,619 3,619 - Irrt.e�.�st an delirx��t ta��s - 417,000 317,960 (99,040) - �btal ta�s - 32,802,728 32,913,436 110,708 - I r�v�n�e: State r�nae sharir�g - 2,200,O�OD 2,416,516 216,516 - Sahool svt�sidy - 8,414,680 8,457,789 - 43,109 Other - 1►�iai�I 974,579 840,395 I,663,154 (15I,820) - Sahool - 1,720,077 1,976,065 - 255,988 4bta1 ' �3I r�v�n.ae 974,579 13,175,152 14,513,524 64,696 299,097 Othez' z�vern�e: ,I,ic+enses and p�nruts - 300,371 268,352 (32,019) - C7�an�s far s�ezvic�s - Mmicipal 18,966 3,944,185 4,333,989 370,838 - - Sr,lrxzl - 2,539,I78 2,602,679 - 63,50I F.iraes, .fi�rfeits, and penalties - 46,800 54,132 7,332 - ' Rev�rn,ae fx�t use c�f n►�ney - 1�icipal - 647,357 724,485 77,I28 - arni prq.�zty - Sd�I - 105,OOiO 187,006 - 82,006 �bta1 other r�e 18,966 7,582,891 8,170,643 423,279 145,507 Zbtal r�venaes 993,545 53,560,771 55,597,603 598,683 444,604 37 . 1 � � . ' i . . . �. . . .5 . � �. .. .... . . ��i `�� 6n11 l \..Q' lYYUl7t..Ql� �1�LLYI� 1.7C:iL'.LG1 � State�rent of Re�rYies, E�ditures, and C�ar�ges in Ih�,served/Lfidesignated F1md 9alarx� - �t ar�d Actval Ya3r F1�rbd .Time 30, 1995 variariae Balarr.�s Favar�ahIe (fhifavarable) .. Carried I,�ase�d to 7/1/94 �.�get Actual ��7us Carried �iditz�sr G�ral g�werrn�t• Cbcmcil � - I9,030 I8,632 398 - E�cearkive 43,367 956,769 994,687 5,449 - City clerk - 32I,878 315,661 6,217 - Finarx� - 613,042 604,614 8,428 - A�Qr�rt - 255,498 248,689 6,809 - Ir�surarac� - 61,105 55,414 5,691 - Plarnurx� - 236,195 223,975 12,220 - Lega1 - 191,Q82 175,936 15,146 - Peccsarn�el - 109,253 I07,679 1,574 - �7aanorruc L�velcp and Cbr�e �farr_�r�rrt - 523,515 498,I18 17,033 8,364 �bta1 gc�xal governr�t 43,367 3,287,367 3,243,405 78,965 8,364 Pub1;c Safety: �zliae 6,361 4,129,213 4,140,531 (21,457) 16,500 Fir� - 5,232,738 5,093,464 19,340 119,934 �btal pczblic safety 6,361 9,361,951 9,233,995 (2,117�, 136,434 Health, w�lfare, anol r�atirn: Health and welfare 941,580 1,574,991 2,455,303 61,268 - Parks arrl r�creatian - 871,462 970,084 (98,622) - ' Zbta1 health, wplfare & r�r.zaatian 941,580 2,446,453 3,425,387 (37,354) - PutzLic buildinqs and se.zvic�s: Pc�lic s�zvia�s - 6,717,520 6,720,880 (18,360) 15,000 Motc�r pool - - - - - �btal pr.lblic bu.i.ldings and spxvic�s - 6,717,520 6,720,880 (18,360) 15,QOi0 38 �he�Ie A�-,2, (Grnt.) C'I'!Y CaF'B�, 1►glII1� Ge�aeral �1md S`taternlrt czf Rever��es, F�enditiu�s, and C.�ar�ges in Ihm�erved/Lfi�desig�ated Ftmd Balarre - Bi.�et arr9 Ac4�a1 Ya3r F�r1ed �hme 30, 1995 var.iarr_� Balar�s Favarat�Ie ([Infavorable) Cazried I�ed t.o 7/1/94 �t Actua.l �plus C�rrried Other ac�naies: Taaaes prz.id to camty - 1,114,344 1,114,344 - - private Sdaoal SerrriaPs - 124,365 119,625 4,740 - D�wni-.own �lqoemt L�isrxict - 43,Q00 43,Q00 - - pt.hPx Ac�r�ci.es - 40,000 40,Ob0 - - Public library - 682,611 682,611 - - �btai other agencies - 2,Oa4,320 1,999,580 4,740 - Etl2catian: I�egular (274,107) 23,919,2I8 23,745,833 - (100,722) Ad.�lt ec�acatian 20,172 615,713 580,125 - 55,760 Special z�vernae (38,135) 1,072,952 1,170,363 - (135,546) S�ariool lur�c�h 101,554 866,596 819,778 - 148,372 TnLst & ag�ncy (18,882) 1,145,016 1,683,121 - (556,987) Zbtal eciicaticn (209,398) 27,619,495 27,999,220 - (589,123) Other a�iatirns: �.p1 cli�tri� �x - 85,040 85,040 - - P�nsirns and c�.her ,fr-inge beraefits - 91,I28 65,434 25,694 - �t 30,455 - 30,455 - D�bt s�nriae - 1,633,980 1,641,046 j7,066) - Zbtal other a�i.aticans - 1,840,603 1,791,520 49,083 - Zbta.l eaqoenditiu�s 781,910 53,277,709 54,413,987 74,957 (429,325) E'�s (deficiency) of revernies av�x e�nditi�s 211,635 283,062 I,I83,616 673,640 15,279 39 Sbhe�ie Ar,2. (Gtrrt.) CP1Y C?F'H�.'R, 1►pllI� G�i�eral Ftuzl 5`tater�rrt af Reve�naes, F:�dit�s, atr� Char�s in Llhr��rved/(hr]esi.g�ated Flmi Balarx� - �t ar�d Actual t, Year F��3eol �Ti�e 30, 1995 variar�ae • Balarx.�s Favarahle ([fifavarable) Carr'ieol Ia�sed to � 7/1/94 Bixbet Actual Stirplvs Carried ; ather finarrin9 aa��s [��s): �iatirn fmn a�sigz�ated fiu�d�.lar�s (322,400) 582,400 260,OC)0 - - - Sale af Assects - - 28,770 28,770 - �rating transfe.rs - (108,815) (108,815) - - City l�rsir�q Faaility sut�idy - (67,747) (67,747) - - Parking Fimd suL�idy - (438,900) (438,900) - - Ba�s Park sut�idy - (250,Ob0) f250,Q�0) - - �.al ot.her finar�ing� stiuz�s (u�s) (322,440) (283,062) f576,692) 28,770 - E�s (deficiency) of rev�aaies over e�enditures and other sr�.u�s (�s) $ (110,765) $ - $ 606,924 702,410 $ 15,279 unz�served/tmolesic�ated fcmd L�Iar�ae, beqirrnir�q af per:iod 3,379,526 Llht�erv�d/�desig�ated itmd�1.anc+e, end of periad $4,081,936 40 St�e�Ie B-I CPIY CaF B�, 1K9II1� Speci.al Revera�e Flm�s Ct�r�inirx�Balanc� 5taeet ,Tiu�e 30, 1995 (with arrp�rative totals far �Tiu�e 30, 1994) _ F�aarrnuc Ct�urwiity U�n Irr�itive I�v�lqar�rit LL�lq�1t Revalviir� GYar7t Zbtals B1ock C�ants Actica� GY�nts I,ca�n Ftuni Fiml 1995 1994 A�s Cash $ (198,786) $ 110 $ 13,421 $ (40,274) $ (225,529) $ 192,707 I,a�ns rec�ivahI.e 2,058,225 1,II5,131 240,427 - 3,413,783 3,038,481 Alla�ar� fcar ur�llectible - (130,131) - - (130,I31) (130,131) Dt�e frrm other g�av��rnrertts 269,330 - - 74,435 343,765 112,143 P�.id eaqoer�es - - - - - 3,465 Zbtai ass�ets $ 2,128,769 $ 985,110 $ 253,848 $ 34,161 $ 3,40I,888 $ 3,216,665 T.iahiT itiBs Aoc�xurts payahle $ 60,281 $ - $ - $ 9,457 $ 69,738 $ 31,571 Accrtied p�ayrall & witt�ho.ldirx�s - - - - - 54 Artrxmts hP1d far others - - - - - 61,857 Dt,�e to zehat�ilitatian r�cipients IGb,903 - - - 100,903 32,082 D�ferr�ai r�v�rnse 2,058,225 985,000 240,427 � 3,283,652 2,9QB,350 4bta1 liat�ilities 2,219,409 985,OOb 240,427 9,457 3,454,293 3,033,914 Ftid Balanoes Raserve far e�nc�mt�rar�s 12,998 - - 22,865 35,863 6,825 D�inated furrl balanc�s (103,638) 110 13,421 1,839 (88,268) 175,926 Zbta.l fimd ba_iar�c�s (90,640) 110 13,421 24,704 (52,405) 182,751 Zbtai liat�ilities and fiu�d tx�lar�s $ 2,128,769 $ 985,l I0 $ 253,848 34 161 $ 3,40I,888 $ 3,216,665 41 _ . . . .. ,. . :,�. .. S�he�l;e B-,2 C�'1'Y C�'&�R, 1�lINE �eci�1 ReR�era2e Ftur�s GY�rhinirr.� 5`tatc�nn_rrt of Idevern.2es, F�erniit��s, and C7�arx�s in Ftmd Balanc,�s Yaar F3r3ed .Time 30, 1995 Fxzarnnic _ �nmity O�n Ir�ntive L�velcFr�rrt �1c�rpnt I�wlvingr G�arit I�i�es: 81ocJc GYants Act.iari GYants Lc�n Ftari F1md Zb�tals Int��rg�errm�ntal $ 1,137,332 $ - $ - $ 2,257,512 $ 3,394,844 Prngran ir�rsre 260,Q60 - 17,245 - 277,325 C�an� faz' �rvic�s - - - 269,655 269,655 Other 13,993 62 57 2,652 16,764 �tal r�n.aes 1,411,405 62 17,302 2,529,819 3,958,588 �tr�s: Acquisitirn of reaZ prqoerty 1,778 - - - 1,778 � Pt�1ic kvrks faailities site i�er�ts 593,614 - - - 593,614 Clearanc� 63,351 - - - 63,351 �sir�es.s c�l�t assistanc� 84,Q0�0 - - - 84,Oi00 , Di�iticn of rr�.l prqoezty 53,4I6 - - - 53,416 �a}rLn;�+'�tirn 198,726 - - - I98,726 R�ilitatian and pz�xvatian activities 470,011 7,586 - - 477,597 Plarm.ing 39,046 - - - 39,046 E�vnnic develcprr�nt 11,101 - - - 11,101 Persr�aael - - - 329,848 329,848 OthPr - - - 1,419,065 1,419,065 Eras c�ratia�s - - - 756,2U2 756,202 FXxmtuc irac�ntive Icti3ns - - 166,OC)0 - 166,Q�D 4btal e�ditures 1,515,043 7,586 166,QOi0 2,505,I15 4,193,744 E'�s (deficiency) af reverales over' e�ndit��s (103,638) (7,524) (148,698) 24,704 (235,156) Flmd tx�arr+�s, at beginnilrf of period 12,998 7,634 162,1I9 - 182,751 Ftmd �Iarxaes, at er�d of pPxiad $ (90,640) $ 110 $ 13,421 $ 24,704 $ (52,405) 42 �-hr�_7e C-1 CITY OF BANC�7R, 1�INE Capital Projects Ftir2d Balance Sheet June 30, 1995 (with cargaz�ative totals for June 30, 1994) 1995 1994 Assets Cash $ (45,072) $ 193,949 Im�es�tsnent in borx3 prc�ceeds 832,789 1,794,168 Accounts receivab.Ie - 6,364 Deferred street assessments 30,130 30,130 Due frcm State 93,448 15,400 2btal assets $ 911,295 $ 2,040,011 T.i ahi 7 i��g Accounts payable $ 148,476 $ 64,803 Amounts held for others 7,280 8,310 Ztotal liabilities 155,756 73,113 I�imd Balar�s Reserved for enc�nbrances 267,661 277,339 Unreserved: Designated for capital project experaditures 432,458 I,373,957 Undesignated: Deferred street assessments 30,130 30,130 Ft�ture construction - General 3,602 263,597 Ftlture constzuction - School 21,688 21,875 Zbta1 fund ba.lances 755,539 I,966,898 Zbta1 liabilities ar2d fund baZances $ 911,295 $ 2,040,011 43 �te G-2 C�'lY C�'B�, M�1i11� Ca�ital Projects Ftnnl Ctrribilling S�at;errerlt caf Re�vernaes. Ex�ri�.tures� and � in �l�rl Ba.l�s Year h�rbd �Time 30, 1995 R�eserves - far' Filtt� I Buiidinas Et�u�srent Ot1�er Cbnst.ructian 4btai �: Irrter�st iracarr� $ 34,697 $ 19,907 $ 3,625 $ - $ - $ 58,229 Int,ergov�x�m�ntal 383,318 - I25,458 - - 5418,776 Ot1�er' 7,796 - 564 - 13 8,373 Zbta1 rev�ues 425,811 19,907 129,647 - 13 575,378 E�rlittn�s: C�pital acHitians 784,578 7,015 374,004 13,990 2,157 I,181,744 L��rlfill c1c�u� and past- cias�u� care ($1,397,7G1� total artrxmt detennir�ed fnr the yaar �r G�.SB 18 less $47I,135 d�ar�ge in GG��lG liability) 926,565 - - - - 926,565 D�fi.cie.ncy nf z�vern�s w�r' ea�rrlitur�s (1,285,332) 12,892 (244,357,� (13,9.901 (2,144� (1,532,931� ot-he�r f.inar�cin9 snc�nes (�s�s) G�oPxating tzan.sfers in (ait) 447,687 - 83,920 - (210,035Z 321,572 4bta.1 at1�x f;nanrrir�r aour�+es(us�s) 447,687 - 83,920 - (210,035) 321,572 �s (deficiency) of r�v�rna�s ar�d other aouz�s over �it-�s arr� athPx' uses (837,645) 12,892 (160,437) (13,990) (212,179) (1,211,359) Fturl Y�lar�c�s, at " haginn.irx,� c�f periad 917,328 430,573 285,363 18,032 315,602 1,966,898 , (as restated 1Vbte 23) Transfers frnrn (to) z�s�rvess far future c�structic�n 3 - 48,OOb - �48,003! - F1md txalarr+esr, at �d af pez'iad $ 79,686 $ 443,465 $ 172,926 $ 4,042 $ 55,420 $ 755,539 44 CITY OF BANC�R, 1�II� Enterprise Ftux�s Combining Balance Sheet June 30, 1995 (with ccxr�arative totals for June 30, 1994) Sewer Utility Airport Park F'und Furx1 Wooc�s Assets G�rrent assets: Cash $ 17,223 $ 9,063 $ 373 Iriv�stsnents 29,459 5,686,866 - Due fram water district 78,556 - - Due fran other gov�rnments - 869,681 - Interest receivable - - - Accounts receivable 2,129,301 1,521,857 - Less: aZlowance for estirnated uncollectible accounts 28,24I 289,535 - Net accounts receivable 2,101,060 1,232,322 Im�estmP.nt in direct financing lease - 92,253 - Im�entory, at cost 23,548 51,617 - Prepaid expenses 2,141 58,3I7 9,575 Ztotal current assets _2,251,987 8,000,119 9,948 Property, plant & equipment: Land 683,865 - - Buildings, plant & equiprnent 32,078,412 - 1,765,451 Pipeline5 & ma�ns 29,048,018 - - Aiz•craft c�rational assets - 176,483,204 - Parking structures - - - Constructic�n in process _1,465,925 7,229,566 - 63,276,220 183,712,770 1,765,451 Less: acccurailated depreciation 12,252,488 58,268,122 37,345 Net property, plant & equipment 51,023,732 I25,444,648 1,728,106 Other assets: Im�estlnents - 5,505,562 - Im�estmP.nt in bond proceeds - 539,232 - Im�estment in ban proceecLs - - - Im�estrr�ent for capital projects - - - Irivestment in direct financing Iease - 968,651 - Im�estment in RRG insurance - 31,956 - Due fran borld trustee 497,669 - - Dieferre+d sewer assessr�ents I17,743 - - Operating rights (net of acccm�lated am�rtizatic�n of $899,397 in 1995 and $852,267 in 1994) - 400,602 - Bar�d issuance c�osts (net of acc�ated amortization of $83,012 in 1995 arid $62,259 in 1994) 332,050 - - Diepasits - - - Zbtal assets $54,223,181 $140,890,770 $ I,738,054 .Sr�}tr-�r�ii1E D-I City �nicipal Nursing Parking Bass Park Golf 2btals . Facilitv F'und Ftlrxi Course 1995 1994 $ 427 $ 13,505 $ 4,422 $ 31,270 $ 76,283 $ 1,524,881 13,078 182,204 - 24,775 5,936,382 5,658,OZ6 - - - - 78,556 63,751 - - - - 869,681 1,032,748 345,245 5,835 98,024 21 4,I00,283 3;692,680 22,000 4,909 2,090 - 346,775 276 22I 323,245 926 95,934 21 3,753,508 3,4I6,459 - - - - 92,253 92,253 18,555 - 12,335 - 106,055 100,103 4,487 - 25,18I - 99 701 92 303 359,792 196,635 137,872 56,066 II,012,419 11 988,514 39,575 - 214,775 - �38,2I5 938,215 2,718,715 - 5,OI1,138 953,183 42,526,899 40,781,444 - - - - 29,048,018 29,015,SI0 - - - - 176,483,204 157,802,545 - 6,457,508 - - 6,457,508 6,455,57I - - 205,628 - 8 901 119 12 414 053 2,758,290 6,457,508 5,431,541 953,I83 264,354,963 247,407,638 _ _ 2,047,660 2,013,491 2,857,838 218,245 77 695,189 70 787 445 ___ 710,630 4,444,017 2,573,703 734,938 186 659,774 176 620 193 - - - - 5,505,562 4,520,869 - - 58,213 - 597,445 701,866 - - - - 968,651 1,060,904 - - - - 31,956 53,260 - - - - 497,669 1,072,285 - - - - 117,743 117,742 - - - - 400,602 447,733 - - - 332,050 352,803 - 19�602 - - 19 602 25 718 $ 1,070,422 $4,660,254 $ 2,769,788 $ 791,004 $206,143,473 $I96,961,887 45 CITY OF BAN�R, 1+�lIlNE Enterprise Ftinds Cambining Balance Sheet June 30, 1995 (with ccn�arative totals for June 30, 1994) Sewez' Utility Airport Park Ftirid Ftind Woods I�iabiliti�s ar�d Ftmd F�quitv G�rrent liabilities: A�ccounts payable $ 229,359 $ 1,462,611 $ 5,703 A,ccrued payroll and withholdings 11,792 61,082 - Direct financing lease payments payable - 34,116 - Unearned incane - 58,137 - Due to other funr�s 683,246 - 27,243 Workers' carQ self insurance 40,000 60,000 - Accrued leave 23,969 128,066 - Accrued interest 415,759 91,380 - , Accrued eag�erzses - 14,108 - Deferred revenue 975,702 43,565 - Other current liabilities - 269 - G�rrent instal.lm�nts - general and limited revenue abligation bonds 1,982,715 276,347 - Zbtal current liabilities 4,362,542 2,229,681 32,946 Long-tezm Iiabilities: Direct financing lease payn�ents payable - 623,930 - Unearned income - 344,721 - Deferred sewer assesszrents 117,743 - - Developer payable 58,883 - - General cabligation barxis 30,854,276 82,002 - T,imited revp.nue cabligation bonds - 5,560,000 - Deferred amount on refunding (504,506) - - Capital Iease abZigations 89,805 - - Construction retainage 9,951 - - Arbitrage payable 92,708 - - Workers' ccirp self insurance - - - �bta1 Iong-tezin liabilities 30,7181860 6,6I0,653 - Zbtal Iiabilities 35,081,402 8,840,334 32,946 Contributed capital: City 4,212,587 - - Federal, state and other 4,962,16I 102,422,185 1,725,857 Custamers 872,434 - �bta.I contributed capital 10,047,182 102,422,185 1,725,857 Retained earning$,: Appropriated 200,298 1,83I,718 - ilnappropriated _ 8,894,299 27,796,533 f20,749) 2bta1 retained earnings _ 9,094,597 29,628,251 _(20,749) 2bta1 furxi eqciity 19,141,779 132,050,436 1,705,108 �btal liabilities ar2d fund equity �'S4,223,I81 $ 140,890,770 $ 1,738,054 : Sc.hp+r�>>e I3-1. (CAnt.l city Municipal , Nursing Parking Bass Park Golf Zbtals Facility Ftlnd Fund Course 1995 1994 $ 89,245 $ 17,207 $ 34,846 $ 9,940 $ 1,848,91I $ I,024�808 33,405 2,096 5,776 4,633 118,784 102,286 - - - - 34,116 31,176 - - - - 58,137 61,077 • 396,397 - 1,091,869 - 2,198,755 1,402,I21 122,502 6,798 10,000 - 239,300 265,413 30,242 3,899 I2,601 3,328 202,105 . 225,787 _ 3,877 112,720 9,420 2,096 635,252 713,104 - - 2,232 - I6,340 5,285 _ 49,694 - 18,955 - 3,087,916 899,120 13,083 - - - 13,352 17,181 39,567 346,298 86,963 65,538 2,797,428 2 638,863 778,012 489,018 1,272,662 85,535 9,250 396 7 386,221 - - - - 623,930 658,046 - - - - 344,721 402,858 - - - - 117,743 117,743 - - - - 58,883 58,883 375,008 4,534,631 9I2,825 125,615 36,884,357 45,058,514 - - - - 5,560,000 - - (424,822) - - (929,328) (1,026,242) - - - - 89,805 116,587 - - - 18,000 27,95I 9,950 - 5,552 - - 98,260 95,376 50,711 3,202 - - 53 913 115 561 425,719 4,118,563 912,825 143,615 42 930,235 45 607 276 _ 1,203,731 4,607,581 2,185,487 229,I50 52,180 631 52,993,497 76,744 - 681,749 - 4,971,080 5,244,109 30,746 108,750 807,177 10,268 110,067,144 100,344,I86 - - - 872.434 882,408 � 107,490 108,750 1,488,926 10,268 115 910,658 106 470 703 14,876 - 48,438 176,7I4 2,272,044 2,619,353 f255,675) �56,077) f953,0631 374 872 35 780,140 34 878 334 �240,799) (56,077] f904,625) 551 586 38,052,184 37 497 687 f133,309) 52,673 584,301 56I 854 153 962,842 I43 968 390 � 1,070,422 $4,660,254 $ 2,769,788 $ 791,004 $206,143,473 $ 196,961,887 46 CITY OF BANC�R, � Entezprise Ftinds Caabining Stat�nent of Revenues, Expenses and Changes in RetalnEd E�rnin� Year E'rxied June 30, 1995 Sewer Utility Aizport F'►ind Ftmd Operatin9 rev�n�es: Charges for services S 5,649,150 SI1,301,042 �p�erating e�s= Operating e�zses other than depreciation and am�rtization 2,720,227 9,861,003 Depreciation and arrartization On assets a��;red with own fur2ds 1,345,244 1,312,057 On assets acaquired with ccantributions 247,608 3,353,338 �btal c�erating e�er�ses 4,313,079 14,526,398 Operating incame (lass) 1,336,071 (3,225,356) � �'a�9' � f�1= Interest incame 48,670 641,911 Interest e�ense (1,598,888) (371,220) Miscellaneous incarne 15,540 - Operatinq transfer fram General F'ur2d - - Net non operating revenue (e.�ense) (1,534,678) 270,69I Net incame (loss) (198,607) (2,954,665) Add depreciation and amortization on assets . aaqui.red with contributions 247,608 3,353,338 Increase (decrease) in retained earn.ings 49,001 398,673 Retained earn;nqs, at beginning of period 9,045,596 29,229,578 Retained e�ngs, at end of period $ 9,094,597 $29,628,25I T; �'faE'�@ �2 City Muriicigal Park Nursing Parking Bass Park Golf _ Woods Facilitv F11rad .Ftuid Course Zbtal �� $ 26,246 S 2,690,43I S 614,479 S 1,32I,873 S 598,374 S 22 201,595 46,745 2,643,010 395,531 I,462,057 310,435 17,439,008 250 70,749 300,111 98,449 52,492 3,I79,352 ' 37,095 7,394 10,574 153,092 555 3,809 656 84,090 2,721,153 706,216 1,713,598 363 482 24 428,016 f57,844) (30,722) (9I,737) (391,7251 234 892 f2 226,4211 - 584 386 9,384 197 70I,I32 - (43,823) (310,086) (103,380) (16,162) (2,443,559) � - (58,500) - (42,960 - ___ 67,747 438,902 250 000 - 756 649) - 24,508 I29,202 97 504 (15,965) (1,028 738) _ (57,844) (6,214) 37,465 (294,221) 218,927 (3,255,159) 37,095 7,394 10,574 153 092 555 3 809 656 (20,749) 1,180 48,039 (I4I,I29) 219,482 554,497 - f241,979) (104,116) f763 496) 332,104 37 497 687 $ (20,749) $ (240,799) $ (56,077) $ (904,625) $ 551,586 $ 38,052,184 47 Y CITY OF BANGI�R� 1►giII1TE Enterprise I��u2ds C�mbining State�nent of Cash Flcx,�s Year Ended June 30, 1995 Sewez' Utility A.irport F'und Fiuxl Cash flows frnn operatir�g activities: Cash receiyed frcm custamers $ 5,464,000 $ 1I,382,597 Cash payments to suppliers for goods ar�d services (1,785,187) (5,820,780) Cash payrnents to ��ayees for services (924,208) (4,037,670) Net cash provided by (used in) operating activities 2,754,605 1,524,147 Ca4j1 floW3 fZ1� 7K�2C�.Itd1 f;naN±i�r �2VItZe3: Interfund 1oan.s (repayrnents) 674,006 - Operating svta.sidies receiv�d (pa:id) - - � Net cash provided by (used in) noncapital financing activities 674,006 - Ca.4t2 floW3 fZ'CIQ C�.1�Z 871d Z�.dt'� fi nan-i 7r �IY1.�2e3: Proceeds fmn general arid limited revenue abligation bonds and bridge Ioan.s 183,263 - A�q�uisition and construction of capital assets (1,462,668) (12,912,959) Princip�al paid on bonds (1,946,425) (96,557) Interest paid on bonds (1,633,007) (372,645) _ Proceec�s fran sale of ez l;pment I16,578 - Proceec�s frcro sale of Iar�d - - Grant mc�nies received for capital assets - 11,645,586 Contributions received for capital assets - - Irlv+estment capital projects - - Irivestsnent bQnd & ban proceeds 574,616 (41,725) Net cash pravided by (used in) capital and related financing activities f4,167,6431 (1,778,300) Cash flows fr�am s.rivesting activities: Purchase of irlvestrnents (29,459) (992,239) Interest on inv�strnents 50,372 641,911 Net cash provided by (used in) investing activities 20,913 (350,328Z Net increase (de�rease) in cash (7I8,119) (604,481) = Cash, at beginning of period 735,342 6I3,544 Cash, at erid of period $ 17,223 $ 9,063 Sche�e af r�a�h investing. capita.I and . f;na�r_;7r aL'tl.vlties: 1) During the year, the MurLicipal Golf Course a �ired $ 27,000 of fixed assets t.hat were financed by the ver�dor. Of the total purchase price $ 9,000 was paid and the balance will be paid annually beginning next fiscal year. , 8� s�run ar.�y •�.�► a�u�srssy ssalau�g dauur�� at� o� ��ZS��r�n�� ar.� ru�z,� burscior{ snrdzns �o s�run 09 P�ra�a.z spooM X.zed '.zead ac{� bur.znQ (Z £8Z 9L OLZ T� ZZ� � SOS £'T LZ� £L� � I88 �ZS I OOS 9T� Z 6Z6 ZLT OSI (86S'8��'I) OLL'0£ 900'Z (i�Z�'65I) LLZ EL£ O�L L£S 6LS �Z �8£ 6 9£9 08T �6� ZI - STO �OL 96T �8£ 6 89S T i�BS - (SSL'If�Z'I� (SLL'�Z� - (�OZ'Z8T� (8L0'£I� - 6I£ £'S6 9 S�8 ZII LOZ ££'I 06� 9E9 S£'� ZZI 66� Z L�'0 6L9 - 9�T 9�I - - - 568 - - - S68 - . 98S'Sfi9'IT - - - - - 8LS'TSI - 000'S£ - - - (OI8'T��'ZJ �9�'L'�TI (iL0'951 (609'I��J (Z�L'£Z) - � (I�6'I�S'Z1 (8�S'S9) �EI£'88) (��S'Z6Z� (�9Z'ZS� - (LZ6'6Z9'�T) fILS'Z�) �696'69I� (L£6'I� (�Z�''L�� (66�'Z� £9Z'�'8T - - - - - ° E89 88�' I 886 9II LLO 86Z Z06 8£� £�� L9 ��Z LZ 6�9 95L - D00 OSZ Z06 S£� Li�L L9 - � �£0'Z£9 (886'9IT� LLO'8� - (�0£1 £�Z'LZ 8LL £59 � Z8I SSZ 8�Z ZLI OOL 8iZ £9L L9 IL£' �Z SZ� LIO 8 683 88I 6E6 LZ9 6I0 SSI 86£ S90 Z ZOL 8T ��Sfi'ZIfi�'6� (Z86'�ZI) (0�5'L�BI (�E8'6£Z) (9TZ'Z9SI (SI6'I£'1 T LS9'E80'ZZ $ £S9'865 $ I£'Z'£0£''T $ £SS'�T9 $ LL�'S69'Z $ 9�Z'9Z $ T��L asznoJ Pcm4d Purt3 �7TT�E,� SPooM 3Io`J 3fzed sseS bu?�(zed burszn� 3(z�d � I2c3r�r�nhr ��r� F-Q aI��S ; CITY OF BANC�R, 1�Il1IE Enterprise Ft�r�ais Cambining Statement of Cash F1ows Year Ended June 30, 1995 Sewer Utility Airport F'tnxl Ftu2d Recanciliation of operating ineane to net cash pravided by (used in) operating activities: Operating income (Ioss) �' 1,336,071 S (3,225,356) Adjustsnents to recancile operating incame (loss) to net cash provided by (used in) operating activities: Diepreciation ar�d amortization 1,592,852 4,665,395 Pravision for uncol.Iectible accounts 5,688 53,441 Ghanges in assets and liabilities: (Increase) decrease in deposits - 6,116 (Increase) decrease in accounts receivable (170,345) 83,055 (Increase) decrease in due fran state government - - (Increase) decrease in due fzam water district (I4,805) - (Increase) decrease in irrventory 928 (1,454) (Increase) decrease in prepaid eag�e.�Lses 2,738 (9,581) Increase (decrease) in accounts payable 9,243 2,892 Increase (decrease) in accrued experLses (I0,205) (32,136) Increase (decrease) in deferred revenue - - Increase (decrease) in other liahilities 2,440 (18,225) Zbta1 adjvstrnents 1,418,534 4,749,503 Net cash pravided by (used in) operating activities � 2,754,605 $ 1,524,147 .Sch�dLe D-3. (Cc�t.Z City l4b.uiicipal Park Nursing Parking Bass Park GoZf - Woods Facility Ftuid Fiind Course 2bta1 � f57,844) S (30,722) S (9I,737) S f391,7251 S 234,892 S (2,226,421) 37,345 78,143 310,685 251,541 53,04 7 6,989,008 - 12,498 - (1,072) - 70,555 - - - - - 6,116 - (140,224) (926) (31,337) 279 (259,498) - � - 102,591 - - - 102,591 � - - - - - (14,805) - - - 2,574 - 2,048 (9,575) (392) - 9,412 - (7,398) 5,703 29,255 1,603 (6,220) (3,863) 38,613 - (25,965) (925) (18,116) 827 (86,520) ' - 29,496 - 12,695 - 42,I91 - 13,083 - - (2,7021 33,473 98,485 310,437 219,477 50,290 6 880,199 $ (24,371) $ 67,763 $ 218,700 $ (172,248) $ 285,I82 $ 4,653,778 � 49 �e3�l,e�1 CPIY C�'B�, 1►glII1� ' Trust arx�Agency Fl�rnls Ctr�inirJgr Balar� Sheet Jiu1e 30, 1995 (t,�ith arrp�rative to�tals far J'i�e 30, 1994) . N�.rie��datale Tn�st Ft�s �btals Ot1�x' l3evolvirag F�a�le Ac�r�' Ftmds L�n Fiarls 4bta1 TrtLst Ftur3s Fimd 1995 1994 A�ts Cash $ - $ - $ - $ - $ 87,240 $ 87,240 $ I11,693 Investrnents , at axst (Marke�t vali.ae, 1995 $4,112,183 1994 $4,058,721) 808,015 58,041 866,056 67,705 4,197,991 5,131,752 4,053,048 Rec�ivat�lFs: Ac�a.mts - - - - 375 375 11,213 Z,oans to stu�ts - 65,395 65,395 - 65,395 69,695 4bta1 assets 808 015 123 436 931 451 $ 67,705 $ 4,285,606 $5,284,762 �4,245,649 T,iahi 1 i tias Auxa.mts p�yahle $ - $ - $ - $ - $ 24,314 $ 24,314 $ - Arrocmts held by ager�cy furri far otlaers - - - - 4,261,292 4,261,292 3,290,154 Zbtai liahilities - - - - 4,285,606 4,285,606 3,290,154 Fta�d B-aI� Reserve far la�ns - 123,436 123,436 - - 123,436 120,518 Res+�xve fQr erz3�are.nts 529,708 - 529,7QB - - 529,708 526,258 ik��setved - designated far sut�ec�uent e�ndit��s 278,307 - 278,307 67,705 - 346,012 308,719 4bta1 t"w�d 1�Iancies 808,015 123,436 931,451 67,705 - 999,I56 955,495 2btal liabiliti�s arnl fimd balanc�s 808 015 123 436 9$ 31,451 $ 67,705 $ 4,285,606 $5,284,762 $4,245,649 50 � .Sr�h�r�i�7@ F�-2 CITY OF BAN�R, 1�II1IE Fa�endable Trust Ftuids � Statement of Revenues, E�raditures, and Changes in Farad Balances Year Ended June 30, 1995 . Rev�u�s: ' Interest $ 3,695 Contributions 21,314 . Zbta1 revenues 25,009 F.�ditt�es: Payrnents to beneficiaries 4,406 �bta1 expenditures 4,406 Excess of revenues aver e�oer�ditures 20,603 Fund balances, at beg.irm.ing of periad 47,102 F'und balances, at er2d of period $ 67,705 51 Sbhe3iI�&-3 QTY QF�, M4II� ��d�hle Trust Flu�ds C�i»i n7r S'tat:en�lt of Rev�u�es, F.�..9es. and Charx�s in Fturl Balarx�s Year �x�sd Jiu�e 30, I995 . Ot-.her I�e�vvlvingr Q�ating��s: F1mds Loan Ftmd �btal Ir�z�st $ 55,379 $ 4,412 $ 59,791 p��- 3,088 - 3,QB8 � �e, 3,250 - 3,250 Zbtal rev�n�es 61,717 4,412 66,I29 ��l�= Perpetual care fc�es 39,150 - 39,150 Distributian to Parks & Recz�atiari 2,000 - 2,Q00 Other payrr�ts to�ficiaries 411 - 411 MisrellaneocLs 16 1,494 1,510 Zbtal e�ns�s 41,577 1,494 43,071 1V�t incrir� 20,140 2,918 23,058 Ftmd k�larr�s, at beginnu�g af per'iad 787,875 120,518 908,393 F1md h�.Iar�s, at end of ppxiod BQ8 015 123 436 $ 931,45I 52 � ; SbtiednZe F-4 ; CI'lY QF'B�, 1�71111E r�atale TnrSt Flmds �rbiriiix� State�r�nt c�f Cash F2aas ' Ya3r F�x�ed �Tcu�e 30, I995 Otta�x Reroolvirx� Fimols I.oan Ftmd 4b�ta1 C��h tT.o�s �t�m qo�eratirg activitias: Cash z�ived .fran austar�rs $ 6,338 $ - $ 6,338 � Cash r�ived an investirpnts 55,379 4,4I2 59,791 Cash p3td to ber�fic,i.aries (41,561) - (41,561) Cash piid far cgerating e.�g.o�lses (161 (I,494� (I,510) Net cash�r�rided by cperating actiVi.ties 20,140 2,918 23,058 � Ca�h f1,a.is �an mrr�ital firr�cir� act_iviti,es: S`hx�ent la3rzs nr�de - (2.5pp) (2.5pp) ��'-� I�P�.Y�� - 6,855 6,855 ' Net cash prnvided by r�ital finar�cing activities - 4,355 4,355 � Cas�i f1,o� �vn .investing activiti,�s: Net sales (�ur,has�.$) of irn�strr�nt.s j23,435) (7,273) (30,708� N�et cash prov.ided by (used in) investinq activities (23,435 j (7,2731 (30,708� N�et ir�a.qe (derxna.s�e) in cash (3,295) - (3,295) , Cash, at begirming c�f period 3,295 - 3,295 Cash, at end af pPxi.od - - - Re�ar�i_iiati.ari af cperati.ng ir�crn� to net cash p�vided by g�rat ing' activities: qa�ratirx� irrur� $ 20,140 $ 2,918 $ 23,Q58 Adjustrr�ts to r�ncile cperating ir�crn� to net cash Proc'ided bY o�rata��' actitrities - - - N�t cash px�xTid9d by c�eratinq acti�ities 20 140 2 918 $ 23,058 53 Sc1x:�e F CITY OF BANC�R, 1�F�Il1TE Assessed valuation, Cammitment and Collections Year Ended June 30, 1995 valuatian: Larid and buildings $ 1,185,006,300 Personal pzope.rty 120,784,700 Tbtal valuation $ 1,305,791,000 Caamitment: Rea1 estate and persanal propert y $1,305,791,000 Tax rate .02305 Ztotal caimitment 30,098,512 Add: S�pple�nental taxes ccmmitted 207,409 30,305,921 Less: Collections - 1995 28,250,549 Abatements 323,102 1995 Taxes receivable at June 30, 1995 $ 1,732,270 54 Table 1 CITY OF BAIW�R, �Il1� Property Tax valuatians, Levies and Collections Last Z�en Fiscal Perio�ds Collections Fiscal Assessed Property Property in Year $-age of Year TTaluation Tax Rate Tax Levy* of Levy Collections 1986 513,223,900 32.00 16,375,9I4 15,812,838 96.6 1987 547,229,100 31.30 17,048,047 16,416,426 96.3 I988 891,549,000 20.30 I8,041,134 17,436,509 96.6 I989 I,022,201,700 19.50 I9,864,458 19,124,842 96.3 1990 1,183,632,000 17.75 20,629,088 19,765,915 95.8 1991 1,220,826,100 18.90 22,903,233 21,313,338 93.1 1992 1,241,555,000 21.30 26,267,721 24,3I6,637 92.6 1993 1,266,015,200 21.40 27,013,390 25,020,672 92.6 I994 1,292,838,100 22.00 28,168,686 26,499,976 94.1 1995 1,305,79I,000 23.05 29,982,819 28,250,549 94.2 * net of abatements 55 Table 2 CITY OF BANC�R, 1►�II1i�' Local Assessed Valuations r.a�t- Ten Fiscal Periods Fiscal Ztotal Assessed Persanal Year Tax Rate Ualuatian Rea1 Pro�erty Prog�erty 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 I9.50 1,022,201,700 927,665,500 94,536,200 1990 17.75 1,183,632,000 1,082,126,000 101,506,000 1991 18.90 1,220,826,100 1,116,894,300 103,931,800 1992 21.30 1,241,555,000 1,137,729,400 I03,825,600 . 1993 21.40 1,266,OI5,200 1,156,474,000 109,54I,200 1994 22.00 1,292,838,100 I,I80,513,300 112,324,800 1995 23.05 1,305,791,000 1,185,006,300 120,784,700 56 This page left intentionally blank. CITY OF BA11K�R, 1�1II1iE Genez'a1 1�'urad Ex�erxiituz'es 17y Ftinction** Last �en Fiscal Periods Public Health, Tax+es Buildings Fiscal General Public Welfare & Paid to and Public Year Gaverrnnent Safety Recreatian County Services 1986 1,771,212 5,624,974 I,540,171 403,473 3,584,628 1987 1,938,2I0 5,715,586 1,633,783 457,391 3,681,371 1988 2,352,271 6,130,389 1,554,841 728,922 3,813,924 1989 2,280,92I 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 1995 3,243,405 9,233,995 3,425,387 1,114,344 6,720,880 * D�oes not include Educatian - related debt ** Budget basis - Schedule A-2 � Table 3 Iaesignated . Debt* Ftind Education Service Balance Other Total 13,201,683 1,097,488 641,996 657,498 28,523,123 - 14,351,668 1,I50,489 - 686,374 29,614,872 18,112,132 1,225,692 - 683,111 34,601,282 20,338,411 1,186,968 - 794,605 38,614,210 22,289,738 1,021,821 - 974,004 42,096,468 24,847,977 I,150,036 - 768,477 46,137,586 , 25,486,072 I,210,420 - 747,193 48,508,136 25,854,492 1,I60 983 - 765,860 49,226,945 • 26,871,968 1,454,132 - 803,801 53,214,329 28,109,6I5 1,641,046 - 1,035,7I0 54,524,382 57 Z-� ar�u�S - srs-Pq �abp� � Z£T'i�S ZS£'89Z 6LS'LLI'£ LS8'S£L'6Z 566I 669'II L9T'9LZ £'90'Z6£'� 056'90�''8Z �66I 88L'TT 8�Z'OLZ I6£'956'Z 800'I90'LZ £66I 98�'ZI �8S'Z�'Z 58S'669'Z L�0'6Z0'9Z Z66I SS�''ST L00'66I £'86'ZT9'Z LLT'TIZ'ZZ T66T �S�'6 OOi'ITZ Z6S'I89'Z 90Z'I9Z'OZ 066T I�6'II L�8'L�Z 969'88S'Z Li�Z'OIL'6I 686T �OZ'OT 5�8'Z6I SL6'Z��'Z 90T'850'8I 886i 89£'S ESZ'fiSI L08'09I'Z 895'TTI'LI L86i , SLE'E9 S�£'£�Z LO£'6�6'I SZL'0£�'9I 986I . s�ra,�zo,3 s�rauad saxes sax�s �ea� � saur,3 � sasua�r7 xar{�p d�Zadazd I��sr� spor.zaa Te,�sr3 uakL �p'I �a�.znoS d4 anuana2i P�td I�xaua`J �II�3d '2iQ`�If� �O �T�LI� � Tat�Ie 4 " Use of Inter- Charges Money & GbveznmP.nta1 for Rei� Zbtal � Property Revenue Services burs�nents Revenues �: 1,568,448 7,625,529 638,603 259,065 28,778,400 I,467,622 7,992,324 620,355 307,099 29,819,426 I,426,272 8,749,115 2,972,056 282,274 34,133,846 1,112,318 10,110,512 3,448,093 737,504 37,957,148 1,932,699 11,685,235 4,323,202 816,097 41,920,584 1,162,157 12,269,912 5,154,889 1,423,846 45,049,326 505,967 11,366,929 5,937,666 2,804,902 49,589,156 381,952 14,094,486 6,586,779 - 51,362,652 530,633 17,291,808 5,203,023 - 55,112,343 911,491 14,513,524 6,936,668 - 55,597,603 58 Table 5 CITY OF BANC�R, 1�1Il� Ratio of Annual L�ebt Service E�enditures for General Borided Debt to 2btal General Ftind E�enditures Last Ten Fiscal Periods Percentage of � Debt Sezvice 2bta1 General �btal to Zbtal � ' Fi.scal Boraded Debt General P'ur2d General � Year Principal Interest Service Expenditures* Expenditures 1986 823,010 678,892 1,501,902 28,523,123 5.266 1987 912,892 661,378 1,574,270 29,6I4,872 5.316 1988 973,945 712,404 1,686,349 34,601,282 4.873 1989 I,102,988 692,541 1,795,529 38,614,210 4.650 1990 1,039,852 959,567 1,999,419 42,096,468 4.750 1991 1,460,110 I,087,678 2,547,788 46,137,586 5.520 - 1992 1,552,596 1,005,862 2,558,458 48,508,136 5.274 1993 1,541,233 I,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 1995 2,358,643 1,085,414 3,444,057 54,524,382 6.320 * Budget basis - Schedule A-2 59 =; Tab1e 6 CITY OF EANC�R, MAIIITE Deht Service Requir�nents to Maturity r � Limited Revenue C�bligation General C�ligation Bonds BorxLs Fiscal ?btal r Year Principal Interest Principal Interest Reqairement 1996 4,787,500 2,746,042 190,000 348,071 8,071,613 1997 4,457,500 2,489,874 195,000 339,310 7,481,684 1998 4,392,500 2,241,I03 205,000 329,603 7,168,206 1999 4,072,500 2,006,967 220,000 318,757 6,618,224 - 2000 3,952,500 1,785,472 230,000 306,770 6,274,742 � 2001 3,701,500 I,580,934 245,000 293,643 5,821,077 2002 3,042,500 1,415,124 260,Q00 279,307 4,996,931 2003 2,997,500 1,275,232 275,000 263,789 4,8I1,521 2004 2,937,5Q0 1,122,075 290,000 247,045 4,596,620 2005 2,917,500 984,890 310,000 228,890 4,441,280 - S�bsequent 20,135,763 3,223,154 3,330,000 963,502 27,652,419 $ 57,394,763 $ 20,870,867 $ 5,750,000 $ 3,918,687 ,S 87,934,317 60 Tab1e 7 CITY QF BAN�R, MAI111TE General Eanded Debt as a Percentage of Assessed Value arid General Borxled D�ebt Per Capita Last �en Fiscal Periods General Bor�ded General D�ebt as a Boraded Fiscal Percentage of D�ebt per . Year Bor2ded L�ebt Valuation Assessed Ualue Capita 1986 I2,235,000 5I3,223,900 2.4 386.65 1987 12,740,000 547,229,100 2.3 402.62 1988 14,590,000 891,549,000 1.6 461.08 1989 31,040,000 1,022,201,700 3.0 980.94 1990 33,695,000 1,183,632,000 2.8 1,019.I8 1991 50,405,000 1,220,826,100 4.1 1,524.61 1992 55,860,000 1,241,555,000 4.5 1,689.60 1993* 58,277,090 1,266,015,200 4.6 1,762.71 1994* 62,209,000 I,292,838,I00 4.8 I,SSI.64 1995 57,394,763 1,305,791,000 4.4 I,736.02 Based on 1980 population of 31,643 through 1989 ar�d 1990 population of 33,061 thereafter. * Restated to r�mve effects of outstamiing limited revenue obligatic�n bonds. 6I Ta6Ie 8 Q'IY C7F'B�l�, 1►g�Il11E Sec�n Y�ar Hist.arical Tr�d Inf�tian I.�,£ined F�nsian B�fit Plan - Partici�tir�Laca1 District Plan Fiacal Year 1989 I990 1991 1992 1993 1994 1995 Cbvered payroll S 13,536,500 S 15,156,900 � 15,73I,4aD S 16,223,381 $ I6,875,589 S 17,578,929 S I7,944,029 N�nrel �t axsts 11.04� 9.51� 10.40� 10.56'� 9.99� 10.10� I0.01� ihifiux�d 1i,ability 10.72� 9.92� 11.13� 10.60� 10.98� I1.96� I1.31� � Stuvivars be�fits .15� .14� .12� .14� .13� .12� .11� Zbtal erployer a�arrtr.it�ztions 21.91� I9.57� 21.65� 21.30� 21.10� 22.18� 21.43� �1 retir�rpnt a�sts $ 1,494,426 $ 1,441,418 $ 1,636,061 $ 1,713,189 $ 1,685,871 1,774,606 1,795,209 ' Unfia�obd liability 1,45I,109 1,503,561 1,750,900 1,719,675 1,852,940 2,10I,413 2,028,353 St�zvivors b�aefits 20,304 21,220 18,878 22,713 I9,808 21,Q84 19,727 4bta1 erp�loyer a�sts S 2,965,839 � 2,966,199 $ 3,405,839 $ 3,455,577 S 3,558,619 S 3,897,I03 S 3,843,289 Fhp.ioyee cantri�utirn rate 6.50� 6.50�k 6.50$ 6.50� 6.50� 6.50� 6.50sk Fhplayee ca�tritxltirn cz�sts $ 879,870 $ 985,196 $ 1,039,190 S 1,060,560 S 1,098,82I $ 1,144,077 S 1,167,195 4bta1 antributi.cr� $ 3,845,709 $ 3,951,395 $ 4,445,029 $ 4,516,137 $ 4,657,440 $ 5,441,I80 $ 5,010,484 � 62