HomeMy WebLinkAbout1995 CITY OF BANGOR MAI N E
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Financial Statements
and Other Financial Information
for the Fiscal Year Ended
J u n e 30, 1995
CITYOF 4`���F�'�NQo�
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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
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�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