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Barrett, Manager December 16 , 1996 Honorable Chairman, Members of the Bangor City Council and the Citizens of Ban�or: Enclosed here�vith are the City of Bangor's audited financial statements for the fiscal year ended June 30, 1996. Continuina the practice begun with the 1995 statements, we include this narrative description of the City's finances. We hope this gives the statements more depth; aids in their interpretation, and helps the reader identify the issues inherent in the City's financial operations THE GENERAL FUND The General Fund is the City's principal operating fund. It provides for general government functions including Assessing, the City Council, the City Clerk's office, Legal, Executive; Human Resources, Finance, Planning, Economic Development, Public Safety, Health and Welfare, Recreation, Public Buildinas and Services, and Education. The General Fund also provides fundin� for other agencies and �overnments, such as the Ban�or Public Library, the Convention and Visitor's Bureau; Penobscot County and several private schools within the City. It accounts for well over two thirds of the City's total revenues and expenditures, and substantially all its non-enterprise fund revenues and e:cpenditures. Balance Sheet (Exhibit 11 The General Fund balance sheet shows the City's liquidity by focusing on those assets and liabilities likely to convert to cash and be paid within the next fiscal year. At the end of iiscal 1996; the City had $13.9 million in assets. Not all of this is, however, expected to become available in fiscal 1997. Exceptions are the $1.6 million in "Due from other funds", �vhich are more properly considered long term in nature. Additionally, a substantial; but indeterminate portion of"Taxes receivable"will probably remain uncollected and be carried over to subsequent years, and are also more properly considered long term. Eliminating these uncertain amounts, cash available to the City in fiscal 1997 minimally approximates $9.7 million, representing a 12.8% increase from the previous year, when$E.6 million was available. Liabilities are what the City expects to pay next fiscal year. At fiscal year end, we showed $5.3 in liabilities. This number, however, should be adjusted to reflect the fact that the $2.0 million in"Defened revenue" represents amounts owed to, not by the City. It should be noted that liabilities shown on the balance sheet do not include long teran debt. The amount by which assets exceed liabilities is net current assets, or working cash. This is the net amount the City has available for operating purposes in the coming fiscal year. Reflectina the adjustments noted above, at fiscal year end this approximated $6.4 million, up from fiscal 1995's $5.0 million. General Fund Equity represents the difference between all General Fund assets and liabilities, and is best described as the accumulation of operating surpluses over the years. It has three components: Reserved balances are contractually obligated to be expendecl in subsequent years. Thev are not available for other purposes. Designated balances are designated by the Councii for non-contractually obligated eYpenditures in subsequent years. They may, at Council discretion, be made available for other purposes. Unreserved and Undesianated balances are neither reserved nor designated for subsequent expenditure, and may be appropriated by the Council. In fiscal 1996, Unreserved and Undesignated balances increased $289 thousand to $4.4 million, representing 8.3% of General Fund expenditures, net of debt service. Revenues (Schedule A-2� The General Fund is primarily supported by taYes, intergovernmental revenues and char�es for services. Fiscal 1996 revenues were �».8 million; an increase of$203 thousand, or .4% from 1995. The proportion of locally generated revenues to the General Fund increased to 75.3% from 73.9%between 1995 and 1996. This $914 thousand increase�offset an intergovernmental revenue decrease of$710 thousand. Tax revenues (60.3% and �9.2% of 1996 and 1995 revenues respectivel� consist primarily of real, personal property and excise taxes. In 1996, $30.8 million, or 91.5% of tax revenues came from property taxes, an increase of$809 thousand over 1995. Collection efforts have been improved to increase the yield of the property tax, and current collections continue to improve, hitting 953% in 1996. Intergovernmental revenue (24.7% and 26.1% of 1996 and 1995 revenues respectively� is primarily composed of state revenue sharing and school subsidies. Fiscal 1996 intergovernmental revenue was $13.8 million. While state revenue sharing sources to both the City and schools increased slightly, other sources generally declined. This appears precipitous in some cases, but is largely due to continued reclassification of several intergovernmental funding sources into the Grant Fund. Charges for services (12.4% and 12.5% of 1996 and 1995 revenues. res�ectivel� accounted for $6.9 million, essentially flat with respect to 1995. Ex�enditures (Schedule A-2� Fiscal 1996 expenditures were $�3.7 million; a decrease of$708 thousand, or 1.3% from 199�. As always, the largest expenditure category was Education, with $28.3 million; an increase of $259 thousand, or .9% from 1995. The City's portion of 1996 eYpenditures was $25.4 million, down about $1.0 million from 1995. Expenditures were for public safety; public services; health, welfare and recreation; and �eneral government services and other aQencies. Public safetv (3�.3% and 3�.0% of fiscal 1996 and 199� non-education General Fund expendituresl eYpenditures for police and fire services were $'9.0 million in 1996, a decrease of$243 thousand from 199�. Public services (27.7% and 25.4%�, such as highway and road maintenance, sanitation; engineering, etc. cost $7.0 million in 1996, up $328 thousand from 1995. Health, welfare and recreation (10.1% and 13.0%1 cost $2.6 million in 1996, down �8�4 thousand from 1995, reflectinQ the reclassification of grant revenues mentioned earlier. General government (13.1% and 12.3%� includes the Council, management, finance, personnel, assessing, leaal, city clerk, planning and insurance. These cost $3.3 million in 1996, up slightly from �3.2 million in 1995. ENTERPRISE FUi�1DS (Schedule D-2� The City operates seven enterprises essentially as business entities. These include BanQor International Airport, the Wastewater Treatment Plant, the City Nursing Facility, the Parkina fund, Bass Park, Bangor Municipal Golf Course and the Park Woods housing complex. Together, enterprise funds Qenerated �21.1 million in operating revenues and $5.9 million in net operating income in 1996. (A revenue decline of approximately $1 million between 199� and 1996 is due to a change in the accounting treatment of Cost of Goods Sold ("COGS"). A more consistent comparison between 199� and 1996 is made on the basis of net operatinQ revenue, which was $5.9 million in 1996 and $4.8 million in 1995.) v Bangor International Airport Net operating income at the airport was $912 thousand better than in 1995. This reflected an increase of more than$1.3 million, or 11.9% in operating revenues, against a$434 thousand; or 4.4% increase in operating expenses (both adjusted for the change in COGS accounting treatment). Generally increased traffic and relatively low fixed costs accounted for this improvement. Wastewater Treatment Plant Operating revenues increased 8.9%, to $6.1 million, largely due to a January rate increase. Operating expenses actually decreased 2.7%, to $2.6 million, and net operating income was $3.5 million. The City reached final agreements with both Hampden and Hermon regarding the amounts owed for construction of the Wastewater Treatment Plant. This resulted in a $2.5 million payment from Hampden, received in 1996, and a$117 thousand payment from Hermon, which has been received in fiscal 1997. The payment from Hampden increased net income by about $300 thousand, the approximate amount of depreciation on City assets �vhich was re-allocated to contributed assets. It should be noted that this was a"one-time" event, and will not be repeated next year. Citv Nursin�Facilitv Operating revenue remained essentially flat at$2.8 million due to continued relatively low occupancy rates. Operating expenses, on the other hand, increased 10.2%, to $2.9 million, mostly as a result of a one time increase in workers compensation charges needed to more accurately reflect experience at the facility. The facility continues to operate v�-ith the benefit of General Fund subsidies, which last year totaled $183 thousand, an increase from 1995's subsidy of$68 thousand. Additionally, the nursing facility has received cumulative cash flow support from the General Fund in the amount of$409 thousand. Opportunities to reduce and/or eliminate General Fund support are beina pursued. Parking fund The parking fund incurred its usual loss after debt service. Operating revenues were down in almost all categories, resultinQ in an overall decrease of 7.9%, to $566 thousand. OperatinQ expenses increased 12%, to �400 thousand. As planned, the General Fund's contribution for debt service continues to decline. Bass Park Bass Park generated $1.2 million in operating revenue in fiscal 1996, a budgeted decrease of 9.1% from 199� levels (adjusted for the treatment of COGS). Adjusted operating eYpenses also declined, by 7.1%, to just under�1.4 million. On an operating basis, the compleY lost approximately $76 thousand, and overall showed a loss of$20 thousand after the General Fund subsidy. (Comparable figures for 199� �vere $140 thousand and $142 thousand, respectively.) Overall, there continues to be improvement in financial operations. Munici�al Golf Course The golf course continues to operate at a net surplus, requiring no support from the General Fund. Operating revenues, however, were off slightly this year, largely as a result of inclement weather in the early part of the season. Park Woods Complex Net losses were $111 thousand, most of which was funded by operating loans from the General Fund. Management responsibilities have since been assumed by the Bangor Housing Authority with the expectation that they will be more effective collecting rental income. LONG TERM DEBT ote 12 At fiscal year end, the City had long term debt totaling $64.3 million; $58.8 million of which is "full faith and credit". Of this, $33.8 million is self-supporting, meaning no General Fund support is required (i.e., the Wastewater Treatment Plant, Bangor International Airport and the Municipal Golf Course.) Most of the rest of this debt is for Schools ($12.8 million) and the General Fund ($6.3 million). Smaller amounts are attributable to those funds which require General Fund support. These include Parking ($4.5 million), Bass Park ($913 thousand) and the City Nursing Facility ($37� thousand). The City is also responsible for its proportionate share of the debt incurred by Penobscot County and Maine Vocational Region Four. At year end, the City's liabilities for this debt were $1.0 million and $296 thousand, respectively. All General Fund debt service payments due over the coming year aggregated to $7.2 million, $2.7 million of which represented interest. We hope this summary of the City's financial position has been useful. As always, we are available to discuss these reports. Please feel free to contact either of us with questions, comments or suggestions. Respectfully sub ' d,� .� �X, \ Edward A. Barrett Ronald I. Heiler City Manager Finance Director CITY OF BA�, N�Il� Annual Financial Re�,rort For the Fiscal Year �ided Ji.me 30, 1996 TARI� C8� Ct2Tl�1TI5 F�L S'�1ZCN S�hi.Z�it Pa�lsJ Re�rt of Ind�'11de�it Audi tors General Pur�.rose Financial Statanents: Ccrnbined Ba.Iance Sheet-AI1 Ftimd T�pes and ACcvtmt Gxz�ups 1. 1 - 2 Ccxnbined Stat�►�ent of Revenues, F�7- ditures, and C�ianges in Ftmd Balances - All Gavernmental Flmd Z�s and ��dable �`iv.st F�mds 2 3 - 4 Stater�lt of Revt�ues, F�lditures, and C�1ges in Unreserved/Undesic�ated Ftmd Balance - Budget and Actual - General F�md 3 5 Canbined Statem�nt of Revenues, E��ses, and Ch�nges in Retained Earnings/F'�md Balances - Ail Froprietary Fl.md 1�pes and Similar �`ru.st Ftmds 4 6 Cambined Statar��t of Cash Flows - A11 Proprietazy Ftmd �s and Similar TYust Ftmds 5 7 - 8 Notes to Financial Stat�ts 9 - 35 St-h�rh�7 g CcaribizLing Individual Ftmd and Accnimt Group Stater�ents and ScheduZes: Governmen tal F1 mds: General Ftmd: Balance Sheet A - I 36 Statelr�ent of Rev�ues, ��ditures, and Changes in Unresezved/ihidesignated Ftmd Balance - Budget and Actual A - 2 37 - 40 Sc�edi?e P�(s) S�cia1 RevPnue Ftmds: Ccynbining Balance Sheet B - 1 41 Canbin ing Statanent of Rev��ues, �endi tures and Changes in Ftmd Balances B - 2 42 Capi ta1 Piroj ects F1.md: Ba.Iance Sheet C - 1 43 Ccambining Staten�nt of Rev�nues, �ndi tures and C�ianges in Ftmd Balances C - 2 44 �iterprise Ftmds: Ccambining Balance Sheet D - 1 45 - 46 Ccxnbining Stat�nent of Revenues, �enses, and Q�anges in Retained F,�rnings D - 2 47 Ccgnbining Staternent of Cash Flaws D - 3 48 - 49 TnLst and Agency Ftmds: Ccxnbining Balance Sheet E - 1 50 E,�g�endable TYust Ftmds - Statenent of Rev�ues, �1di tures, and C.�nges in Ftmd Balances E - 2 51 Nariex�endable �ust Ftmds - Cambining Stataraent of Revenues, F•�nses, and Changes in Ftmd Ba.Iances E - 3 52 Nane�ndable Trust �ids - Ccxribining Stat�nent of Cash Flaws E - 4 53 Schedt.ile of Assessed Ualuatian, Ccmnit- ment, and Collectians F 54 �_7'T.S'1'TC�1I, S�TIQV T3hIG F3�f'(S) Pro�rty Tax UaluatiQns, Levies and Collections - Zast T� Fiscal Periods 1 55 Local Assessed Ualuatians - Last T�n Fiscal Periods 2 56 General F1.md E�enditures by Ftaictian - Last Ten Fiscal Periods 3 57 General Ftmd Revenue by Source - Last Ten Fiscal Periods 4 58 Ratio of Annual I�bt Service �nditures for General Cabligation L�bt to Total General Ftmd E�enditures - Last Ten Fiscal Pericds 5 59 �ht Service RequirenPnts to Maturity - 6 60 Genera7 Cabligatian L�bt as a P�rcentage of Assessed Ua1ue and General C�ligatian L�bt per Capita - Last Ten Fiscal Periods 7 61 Revenue Band Coverage 8 62 Undesignated �id Balance Sufficiency CaZculaton 9 63 Eight Year Historica.I TYend Informatian - L�fined Benefit Pensian Plan - Partici�ting L,oca.1 DistriCt Plan 10 64 i ' � ' : • � � i ' i • Certified Public Accountants Key Plaza• 23 Water Street Post Office Box 864 Bangor, ME 04d02-0864 (207) 947-3325 INDEPEIV�ENT AUDITOR'S REPORT honorable Mayor and City Cotincil City of Bangor, Maine We have audited the accompanying general purpose financial sta��e:�ts of the City of Bangor, Maine, as of and for the year ended Jun� ?0, 1996, as listed in the table of contents. These general purpose financial statements are the responsibility of the City of Bancc=, Maine's management. Our resz�onsibility is to express an opin_io� on these general purpose financial statements based on our audit . we conducted our audit in accordance with generally accepted aud_ting standards . Those standards require that we plan and perform �� audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. �*� audit includes examining, on a test basis, evidence supporting ��e amounts and disclosures in the general purpose final-�cial stateT�<�s. An audit also includes assessing the accounting principles used and significant estimates made by management, as we11 as eva?uatir_g �he overall general purpose financial statement presentation. We b�__eve that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referr�� to in the first paragraph present fairly, in all material respects, �he financial position of the City of Bangor, Maine, as of June 30, _996, and the results of its operations and cash flows of its proprie��ry and nonexpendable trust funds for the year then ended in confo�-�y with generally accepted accounting principles. Our audit was made for the Durpose of forming an opinion on tn= general purpose financial statements take� as a whole. The coric==��ng and individual fund and account group financial statements, sch`aules ar_d statistica.Z information listed in the table of contents a=e presented for purposes of additional ana�ysis and are not a re�u�red part of the general purpose financial statements oi the City of Bangor, Maine. Such information has been subjected to the audit�ng procedures applied in the audit of the general purpose financi�l statements and, in our opinion, is fairly presented in a11 mater:al respects in relation to the general purpose financial statements taken as a whole. 3 -� A - December 3, 1996 This �ge left intent?an.a1?y blank. CITY OF RA�, 1�Il� AZ1 Ftmd T�es and Accnimt C�roups Ccambined Balance Sheet Jime 30, 1996 (with c�rgx�xa.tive totals for JLme 30, 1995) G'ovenm�ntal Ftmd T�s S�cial Capi taI General Rev�nue Pz�i ects ASsets �d Other L�hits � Cash an hand $ 2,862 $ 250 $ - �rn r i tY � I,�1ed cash and investrnerits (Note 2) 336,136 122,490 (20,634) Investr►�nts at cnst (luote 2) 6,ZSB,427 - - ReceivabZes: Taxes, including interest, �nalties and liens (net of a11o�+r�nce for tmct�llecti.ble taxes of $3,58I in 1996 and $3,766 in 1995) (luote 3) 2,500,654 - - Accnimts (net, where applicable of al.lac�ance for estimated im�rollectible ac�i.mts of $580,105 in I996 and $488,931 in I995) 943,295 ' - 11,317 Loans (net of allaw-ance for cmcollectible ac�roi,mts of $130,131 in 1996 and 1995J - 3,425,710 - L�ferred special assessnents - - 30,130 Due frnm Water district - _ _ Due fz�m other fimds(Note 4) 1,620,820 - - Due fizan other g�overrm�nts (Note 5) 1,946,175 89,305 5,838 Investrnent in direct financing . Iease (Note 8) _ _ _ Inventory, at cvst 300,747 - - Pre�id e�zses 10, 076 - - Pro�rty, plant & �li�nt (net of acc�riulated depreciatian) (Note 6) - - _ Am�tmt prnvided for landfill closure and �stclosure care cnsts (Note 2I) - - _ Arr�t.mt to be prr�vided for retiran�nt of general Iang-term debt - _ _ Due fizam .tx�zid tru.stee - _ _ I��si ts _ _ _ Other assets (Note IO) 13,941 - 2 465 Z90 Tota1 assets and other debits $ 13,863,I33 $ 3,637,755 $ 2,491,841 The acaxrg�nying notes are an integral �r�t of these fir�ncial statenents. �ihit 1 Proprietazy Fiduciary Ftmd T,� Ftmd �r�e Accntmt Groups Genera7 General Totals TnLst and Fixed L,ang-term (M�mrand�n C�il.y) EYiterprise Agency Assets L�bt 1996 1995 $ 4,873 $ - $ - $ - $ 7,985 $ 7,721 489,442 I09,561 - - 1, 036,995 (70,972) 14,908,819 6,236,310 - - 27,333,556 22,639,642 - - - - 2,500,654 2,525,311 3, 050,196 75 - - 4, 004,883 4,180, 004 - 65,790 - - 3,49I,500 3,349,047 115, 741 - - - 145,871 147,873 77,352 - - - 77,352 78,556 - - - - 1,620,820 2,198,755 284,816 - - - 2,326,134 2,969,131 968,652 - - - 968,652 1, 060,904 125,681 - - - 426,428 444,843 33, 063 - - - 43,139 125,805 185,492,I34 - 52,908, 053 - 238,400,187 262,087,554 - - - - - 480,166 - - - 19,879,602 19,879,602 19,333,209 1,100,865 - - - 1,100,865 497,669 I9,602 - - - 19,602 19,602 2 127 550 - - - 4 606 681 2 209 782 $208, 798,786 $ 6,4I1,736 $ 52,908,053 $ 19,879,602 $307,990,906 $324,284,602 I CITY OF �, N�Il� A11 Ftmd Z�pes and Accnimt Groups Ccgnbined Balance Sneet Ji,me 30, 1996 (with c�rative totals for Jtme 30, I995) Governmental FLmd T�s Special Capi t.a7 General Revenue Proiects T,iahilitiPs Accnt.mts �yable $ 725,915 $ 46,248 $ 297,428 Workers' c�tisatian (Note 19) 607,890 - - Accrued Ieave - - - Accrued �yro11 & witt�loldings 1,914,231 - - Accrued interest - - - Accrued e�Lses - - - Tax c�ollected in aa'v�nce 24,118 - - Amotmts held for others - - I6,850 �ferred revenue (Note 11) I,992,860 3,425,710 - Due to rehahilitation recipients - 117,SI5 - Zhle to other f�,mds (Note 4) - - - I�veloper �Yable - - - General obligatian debt (Note 12) - - - r,;m;ted revenue abligatian �nnds (Note 12) - - - �ferred arrptmt an refi.mding - - - Arbi trage �yab1 e - - - C�bligatians tmder capital lease (Note 9) - - - Direct financing lease �.yrr�ents �yable (Note 8) - - - Uneanled inc�an� - - - Deferred sewer assessnents - - . - Fstimated Iiability for landfil� closure and �stclosure care cr�sts (Note 21) - - - , Other liabilities - - - Total liabilities 5,265, OI4 3,589,773 314,278 Ft�d e�q�.zitY Contributed capital (Note 14) - - - Tnvestment in general fixed assets (Note 6) - - - Retained e�rrLngs: Apprr�priated - - - Una.ppzropriated - - - Ftmd �lances: Reserve for: �ic�.unbrances 201,428 70,338 360,308 Z�aans (Note 16) - - - �ic�xair�nts (Note 16) - - - Unreserved: � Designated for subsequent years ex��ditures (l�ote 18) 4,025,417 (22,356) 1,754,252 Ilndesic�ated 4,37I,274 - 63, 003 Total fLmd �uity 8 598 I19 47,982 2,177,563 Tota1 liabilities and it.md equity $ 13,863,133 $ 3,637,755 $ 2,49I,841 The accrr�rg��ying notes are an integral �rt of these fir�ncial stater�ents. B�lihit 1, (Qaat.) Proprietazy Fiduciary Ftmd T� Ftmd T��e Accntmt Groups GPnera7 GeneraZ Totals Ti2r.st and Fixed Lang-term (Marr�rand�n C�ily) �iterprise Agency Assets L�bt 1996 1995 $ 1,104,466 $ 3,541 $ - $ - $ 2,177,598 $ 2,842,791 543,563 - - - 1,151,453 901,103 198,265 - - 583,473 781, 738 775,623 93,998 - - - 2,008,229 2,248,31I 613,052 - - - 613, 052 635,252 ZI,194 - - - 11,194 16,340 - - - - 24,I18 22,496 - 5,366,723 - - 5,383,573 4,268,572 30,36I - - - 5,448,93I 6,592,626 - - - - I17,8I5 I00,903 1,620,820 - - - 1,620,820 2,198,755 63,383 - - - 63,383 58,883 39,643,917 - - 19,115,296 58,759,213 57,394,763 5,560,000 - - - 5,560, 000 5,750,000 (842,370) - - - (842,370) (929,328) ZOI,320 - - - 101,320 257,564 6I,505 - - 180,833 242,338 340,815 623,930 - - - 623,930 658, 046 344,722 - - - 344, 722 402,858 301,OI4 - - - 301, 014 I17, 743 - - - - - 926,565 25,966 - - - 25 966 41 303 50, 099,106 5,370,264 - 19,879,602 84,SZ8,037 85 621 984 118,617,309 - - - 118,617,309 1I5,910,658 - - 52,908,053 - 52,908, 053 75,427, 780 2,364,011 - - - 2,364,OII 2,272,044 37,718,360 - - - 37, 7I8,360 35,780,Za0 - - - - 632, 074 621,875 - 126,767 - - 126,767 123,436 - 529,958 - - 529,958 529,708 - 384,747 - - 6,142, 060 3,859,621 - - - - 4 434 277 4 137 356 I58,699,680 1,041,472 52,908,053 - 223,472,869 238,662 618 $208,798,786 $ 6,411,736 $ 52,908,053 $ 19,879,602 $307,990,906 $324,284,602 2 F�ii�t 2 CTIY QF E�I�L�, 1�II� All C�vemr�tal Ftmd 7� arz3 F�x�ble TYust FLmc1s Ct�nbined Stat.armt of Revenaes, F�rlit��s. and C��ng�s in F1�ad �lari� Ya�r' IIr.i�d Jtaae 30, I996 Fiduciary C�veznr�rital Ftmd ?��s F1ur1 Z� Zbta1. ,�c�al C�ta1 �1e ��a�.rn C�al Reva�nle Prolects Tn.�st Q�ly) I��s: �� _ �� 3) $ 33,640,290 $ - $ - $ - $ 33,640,290 ��,�� 13,803,107 4,762,031 455,596 - 19,020,734 Liaryses and��;ts 324,639 - - - 324,639 Q�� f'�- �,�� 7,501,483 260,187 - - 7,761,670 Fira�s, farfei ts, and�1 ties 26,569 - - - 26,569 Revaiue frcm use of r►zney and prcg�rty 2,061,955 - 118,397 5,898 2,186,250 p�n �re � - 512,826 18,423 - 531,249 p�� - 4,422 - - 4,422 ��.�� - - - 23,168 23,168 �� 1� 57,358,043 5,539,466 592,416 29,066 63,518,991 E�qDerr�tiu�S: . �1 ��t 4,068,254 - - - 4,068,254 p�,�z1iC safet�• 8,978,012 - - - 8,978,012 I�lth, c�lfaz�, and z�r��ticn 2,567,583 - - - 2,567,583 p��ilic buil,dilx�s and servic�s 7,128,290 - - - 7,128,290 Ot11�r agg�ies 2,046,064 - - - 2,046,064 �� 28,328,990 - - - 28,328,990 p�r �� 1,449,356 - - - 1,449,356 ' Ct7tm.mity develq�ne7t hlodc grants - 2,103,894 - - 2,103,894 � F�amnic incnntive r�wlvingr la�n - 25,000 - - 25,000 G�nt fimd - 3,310,185 - - 3,310,185 p�t�ts to �-�efi�ari�; - - - 16,774 16,774 �� i�� - - 2,927,309 - 2,927,309 , Larac�fill clas�n� and�stcla�� (I�bte 21) - - _ 8,419 - 8,419 �� ,�� ' _��566,549 5,439,079 2,935,728 1.6,774 62,958,130 Z?�e acm�r�"lyira3 rntes are an integral �.�t: of th�se f.ir��cia1 state�x�lts 3 , �iihit 2, (cti'it.) CPI�Y C?F'&�, NI�INE All C�.rms7tal Fl.� T�s arx�i Fk�x�ahI.e Z�ust Flmds Q�insd Statar�nt of Rev�nie.s, ��a'i.ti.m�s, and Q��s in FLux� B�1.ar�s Year' F�x�d Jt,u�e 30, 1996 � Fich.iciary C��1ta1 Flmd T�s Fl.ua�' 7� 7bt�i SpeGial C.��:tal �Ze (��r�nc�.m � Ga�al Revc�n.ae Proj�ts TY�ast Q�.y) F�ss (c�ficiexy) of reven.tes aver �idit�s 2,791,494 100,387 (2,343,312) 12,292 560,86I Ot-1�r- f;r�r i r�s�rr�s (cr�s). �-atirxr transfers in (out) (1,865,648) - 1,235,336 - (630,312) � G�era.Z �ligatica� c3�bt 862,390 - 2,530,000 - 3,392,390 l�in St. L�velopns7t District (I�bte 13) (862,390) - - - (862,390) S�a7e of assets 102,567 - - - IO2,567 Zbtal ot1�r financirx� ,�.�s (usas) (1,763,08I) - 3,765,336 - 2,002,255 � F�ss (c�ficie�cy) of r�venies arxi other financirx� sa.a�s aver � �'i tLm�s �ad ot1�r uses 1,028,413 100,387 1,422,024 12,292 2,563,I16 F1�a11z�larx�s, 1�'�� of�ricrl 7,569,70b (52,405) 755,539 67,705 8,340,545 Ft.uad h�lana:s, e�d of�ria� $ 8,598,119 $ 47,982 $ 2,177,563 $ 79,997 $ 10,903,661 7� aa�r�rlying mtes are an inte3ral �rt of tl�ese f;narx,ial state�ts. 4 �i.hit 3 CII'Y OF BA�, N�� General Ft.u�id Statan�rit of Rev�zues, �7ditures, and Q�anges in � Unreserved/L�idesi�ated F�md Balance - Budget and Actual Year �ided JLme 30, 1996 variance - Favorable ��: Budget Actual (Ilnfavorable) Taxes (Note 3) $ 33,716,592 $ 33,640,290 $ (76,302) Intez�vezrm�ntal 13,697,873 13,803,107 I05,234 Licenses and pez�nits 323,047 324,639 I,592 Q�es for services 6,545,631 6,940, 083 394,452 Fines, forfeits and penal.ties 22,000 26,569 4,569 Rev�ue fi�n use of zrr�ney and property 869,200 1, 066, 083 I96,883 Tota1 revenues 55,174,343 55,800, 77I 626,428 �it��s: Genes�l goverr�rr�nt 3,409,644 3,332,368 77,276 Public safety 9,309,065 8,854,454 454,6I1 Health, welfare, and recreatian 2,543,652 2,571,3I6 (27,664) Pt,iblic buildings and services 6,919,864 7,034, 049 (114,185) Other agencies 2,22I,273 2, 046, 064 I75,209 Education 28,520,509 28,403,237 1I7,272 Other apprr�priations 1,595,976 1,449,356 146,620 Total �gaendi tures 54,519,983 53,690,844 829,139 Fxcess of revenues over e�g�nditures 654,360 2,109,927 I,455,567 Q(-�- finant�inQ � (�geS) : A�pzropriatian fi�ran desic�ated ftmd .h�lances 1,051,555 689,909 (361,646) Genera7 obligatiQn debt 975, 000 862,390 (112,610) Ma i n St. Develop. Dist. (Note 13) (975,000) (862,390) 112,610 Sa1e of assets 25I,000 76,249 (I74, 751) O�r'ating transfers in 4I,000 4I,000 - Operating transfers out (I,997,915) (1,912,9Z4) 85, 001 Tota1 other financing sources (uses) (654,360) (1,105,756) (45Z,396) Excess of revenues and other fin�ncing sources over e3g��ditures and other uses $ - 1,004,I71 $ 1,004,171 Ft,md �lance i,mdesic.�ated/tmreserved, at L�i.nning of yt�ar' 4,OSI,936 Balances carried to succeeding year (714,833) Ftmd .tx�lance Lmdesi�ated/tmreserved, at end of year $ 4,37Z,274 The acc�nying notes are an integral �rt of these financial stat�nents. 5 ' �d1i.�it 4 QTY OF EAi�'�QR, N�71�' A11 Prnprietary Ftmd T�s and Similar �ru.st Ftmds Ccgnbined Stat�nt of Revenues, E�rises and Changes in Retained Farnings/Ftmd Balances Year �ided Jl,me 30, I996 � Pr�priet�ry Fiduciary F�md Z� Ftmd Z� Tota1 Ncmex�ndable (M�rancii.nn �sat;nQ x�vr�ues: F�iterorise TYust Ca2ly) Q�arr�es for services $ 21,I11,115 $ - $ 21,1I1,115 Interest - 70,100 70,100 Lot sales 250 250 Other - 3,228 3,228 Tota1 o�rating revenues 2I,I11,115 73,578 2I,184,693 �rdta� e�s�s: O�rating expenses other thai� depreciatian and amortizatic�n 15,168,440 43,554 15,211,994 L�preciation and amortization: C�i assets acr��ired wi th awn ftmds 3, 080, 717 - 3, 080, 7I7 C�i assets acr�uired wi.th c�ontri.butions 4,541,696 - 4,541,696 Total operating e�g�enses 22, 790,853 43,554 22,834,407 O�rating inc�rae (loss) (1,679, 738) 30,024 (1,649, 714) NE�a c�x-ating r�c�s (�sses) : Interest inc�ane 723,345 - 723,345 Interest e�nse � (2,382,370) - (2,382,370) Miscellaneous e�ense 1,036 - 1,036 Operating transfer frcxn General Ftmd 826,2Z8 - 826,218 Total non operating e�g�erlses (831,771) - (831,771) Net incexr� (loss) (2,511,509) 30,024 (2,481,485) Add depreciatian and airortizatian on assets acquired with cnntributions 4,541,696 - 4,541,696 Increase (dec�-ease) in retained eaz�nings/fimd X�lances 2,030,187 30,024 2,060,211 Retained earnings/fimd lxz7ances, at k�girul�ng of period 38, 052,184 931,451 38,983,635 Retazned ParrLngs/ftmd �Iances, at �d of �riod $ 40,082,37I $ 961,475 $ 41,043,846 The accxargx�nying notes are an integral �.rt of these financial stater�ents. 6 � �Yiihit 5 Q'IY QF &zll�Z, NP�IIVE All Prt�rietary�md T�s and Simil�r' ?Yust �1ux�s Q�r�:nec� Stater�nt of C�sh Flows Year Frx�d Jtme 30, 1996 Prq�.�etary Fi�ciary Ftmd 7� Fl.ux� � Zbtal I�x�t�le (Msrr��rld�,m C�sh fl.a+s fmn c�ratir�g a�ctiviti�s: Friterpr7se �ust Qi1.y) C�s�l r�ived fi�Zp cvstarers $ 20,518,049 $ 3,478 $ 20,521,527 C�Sh r�ived cn �r�vt�strr�ts - 70,100 70,100 C�sh�yrr�ts to s�liers far c� arrl sei.via:s (6,143,766) (1,499) (6,145,265) (�sh g�yrr�lts to arployees far' sezviC�s (8,527,488) - (8,527,488) C�sh�id to h�iefic�iaries - (42,055) (42,055) 1�t cash provid�d by (used in) c�ratirx� activities 5,846,795 30,024 5,876,819 C�sh fl�a+�s fYam�.ital f�rr-�x3rx3 activiti.es: ,Interfi,u�d la�ns (r�r�its) (699,942) - (699,942) �ratirx� suL�sidies r�ived (�id) - 826,2I8 - 826,218 StL�it lcr�t�5 � - (7,500) (7,500) 5'LZx3�1t la�n �yn�lts i2�.ived - 7,104 7,104 l�t c�sh�id�d by (u�s� in) n�ital financir� acti,vi,t,l.es 126,276 (396) 125,880 (�stl fIOws i�utl wgitaZ �1�T xeI3t�d fir�rr-irrs a�ctiviti.aS: Prcx�ed5 finn ge�eral dalic�ticn d�t 2,942,823 - 2,942,823 Acx�uisiticn and a�stzuctirn of cap.ital assets (7,769,848) - (7,769,848) � pr-inci�l �id c� �S (2,932,455) - (2,932,455) Int�st �id m h�-� (2,243,841) - (2,243,841) Plzz��s fran sale of equi�t 2,796 - 2,796 � �� 1� ��5 185,273 - 185,273 C��mt rrc�ies r�ived far caXzital assets 5,302,932 - 5,302,932 Q�triZuticns r�xived fQr c�ital a�sets 2,647,279 - 2,647,279 Re.irr�x.msa��t far' capi.tal assets 462,047 - 462,047 Irrc�stm�it �3 & 1z�n pr�eds (570,907) - (570,907) l�t cash (tLsecl in) capital ar�d r�lated financ.irx� activities (1,973,901) - (1,973,901) Casti fltks .f�n inc�estirx��ctsvities: ��t � �� (4,307,543) - (4,307,543) , l�t sales (Xxu�t�ses) of irivestrr�nts 726,405 . (29,628) 696,777 I�t c�sh�rid�d by (Lysed in) irYv�st,ing activities (3,581,138) (29,628) (3,6I0,766) l�t i�ase (de�ase) in cash 418,032 - 418,032 C�sh at k�g�rmirxj of�riai 76,283 - 76,283 C�sh at e7d of�ria� $ 494,315 $ - $ 494,315 T2� aCmr�ny7i�g mte5 ar� ar1 int�1 j.�r't of these f i nanr_i a 1 statari3�ts. 7 �it 5, (C�nt.) C I'1�' CF' �R, NglINE All Prr�Z�etary Flmd � and Similar Trust Fl�c3s Q�ux� Statar�t of C�sh Flows Ye�r' EYac�3 Ji� 30, 1996 Pn�rietary �'ic�ciary F1.�d Z� Fl� T� 7btal ��Ie Q��m Fhtergr7se Tn.Lst Ch1y) R��ciliaticn of cgxratira3 ir�re to net cash �rCx'iaY�i bY c�atirx�' activities: i C�r-ating incc�re (lczss) S (I,679,738) S 30,024 S (1,649,714) � AdjustrTz3lts to r�ile c�'dtulg incn're to taet Cash Ia��via�l bY c�sat.ir� activities: �ticrl and arr�rt..i.zatical 7,622,413 - 7,622,413 Prcnrisicn far ima�lla:tihle ac�.mts 72,150 - 72,150 Qrarx�s in as.sets and liabilities: (Ir�se) a�s�e in �its - - - (Irx�.se) a�se in aaxxults r�ivahle (381,299) - (381,299) (Irx�,se) c�c�a.se in C� fmtt state gav�lt (I17,000) - (117,000) . (Ir�se) �se in c� frrm kater' district 1,204 - 1,204 (Incr�se) �se in ir�ntcu.y (19,626) - (19,626) (Ira�se) c�crt�se in pi.�id �.Lses 66,638 - 66,638 Incr�.se (�se) in aa�xmts �yat�le 115,567 - 115,567 In�se (�se) in acr��eai eag��s 55,769 - 55,769 Inc�.se (c�cr�se) in c�fer2�rxi r�vanie (45,093) - (45,093) In�se (�ase) in otl�er liabilities 155,810 - 155,8I0 Tbta1 adjustrr�ts 7,526,533 - 7,526,533 1�t c�sh provided,by qr�ratilx� activities $ 5,846,795 $ 30,024 $ 5,876,819 �� c�CC[."71�"]l7Y11"�._(' IYJCPS c"12"� c771 1I]C�Lc�I �L"C Of �2�t� fll7r.'II7C1.c"Ll S��P11231�5. 8 CITY OF BA1W�C�2, N�II1� luotes to Fin��cial Statanents Ji.me 30, I996 NDZ� 1 - S�nmary of Sioni fi cant A�anting �licies The City of Bangor, Maine, uras incnr�rated FebrUazy 12, I834, tmder the laws of the State of Maine. The City operates t.mder a Cot.mcil Manager form of g�avernrru�t and pzz�vides the follawing services as authorized by its charter: public safety, public �rks, rec��eaticm, and educatian. The accx�t.mting �licies of the City of Bangor, Maine cunfozm to generally accepted accbi.mting principles as applicable to goven�tal Lmits. The follawing is a si.um�ry of the m�re si�uficant �licies: F�NANCIAL REFC?RTIl� IIVTITY For financial re�x�rting pui�ses, the City of Bangor should include as carg�nent uruts a11 legally se�rate �ntities that satisfy at least one of the follawing criteria: * Elected officials of a prirr�ry governrr�nt are fin�ncially accnLmtable for the entity. * The nature and si�.ificance of the relationship k�twec�� the entity and a prim-�zy gaverr�nent are such that to exclude the �tity frnm the financial re�rting �tity would rPnder the financial sta.tarx�zts misleading or incrxrplete. Based u�an the applicatian of this criteria, it was deterrruned that no other governrnPntal Lulits should be included in this re�rt. (A) Basis of Presentaticm - Flmd Acctitmting The acct�tmts of the City are on�aruzed an the L�sis of fi,mds and accrotmt grt�ups, each of which is �nside.red a se�arate accvt.mting erltity. The operatians of each fLmd are accr�imted for with a sep�rate set of self-Ix�lancing acct�Lmts that c�rise its assets, liabilities, ftmd �lance/retained earnings, revenues, and exp�7ditures/e�g�enses. The srarious fimds are sLurm-�rized by ty� in the financial stat�nents. The following fimd ty�s and accntmt c�znups are used by the Ci ty: F'[JrID TYPES Goveznmental Ftmds are those through which rrpst governrnental functions of the City are financed. The acr�u.isitiQn, use, and }x�lances of the City's �dable financial resources and the related liabilities (except those acctitmted for in pzvprietary ft,mds) are accntmted for thzrough gc�venunentaZ ftmds. The t focus is LIL�II detPrm�nat1072 of changes in financial positian, rathes than u�n net inczrrae determiriatiQn. The follaving are the City's g�verrm�enta.I fimd types: General Ftu�d - The General Ftmd is the gener�l ar�r`ating fimd of the City. It is used to accz�vnt for a11 financial resources Pxcept those required to be ac�Lmted for in another ft.md. 9 r�.,,_, . CTIY OF �, 1�ZZNE luotes to Finaz2cial Statanents Jtme 30, I996 11�71B 1 - Cbat.irn�ed S�cia1 Revenue Ftimds - Special Revenue Ftmds are used to accnimt for the pzroceec�s of specific revenue sources (other th��n e�ndable trusts or �jor capital prnjects) t1�at are legally restricted to e.�enditures for specifi ed pur�ses. Capital Projects Ftmd - Capit.al Prnjects �id is used to accnimt for fir�zcial resources to .� used for the aa�uisitian or crmstructian of major capital facilities (other t-han those fir�anced by Proprietazy F�.mds) . PROPRIETARY F'Ul�ID TYPFS The focus of Proprietaiy Ftmd n��asurar�nt is u�n deternu:natian of net incrarne, financial �rosition, and cash flaws. The genPs�lly accepted accbimting principles applicable are those similar to businesses in the private sector. �iterprise Ftu�ds - �iterprise �ids are used to acctitmt for operatians (a) that are financed and operated in a m�nner similar to priYate business enterprises - where the intent of the govern�g 1x�dy is that the c�sts (�enses, including depreciatian) of providing gaods or services to the general public on a c�ntinuing 1x�sis 1� financed or rec�vered prim-�rily through user chazr�es; or (b) where the governing 1x�dy has decided that �ricdic deternur�atian of revenues earned, e�ses incurred, and/or net inc�ane is appropriate for capital mainter�nce, public �licy, manag�lt c�mtrol, accnt.mtability, or other pur�ses. The following are the City's Pnterprise fimds: Sewer Utility Ft.md - This ft,md aecntmts for the ctist of c�struetian and o�ratiarLs of the Ses�rage TYeatrr�lt PZant, the city sewer system, and sewer se�z-atiQn, and is self-supported through sewer user fees. Air�rt Fimd - This ftmd accrotmts for the operatian of Bangor InternatianaI. Air�rt. The princi� sources of revenues are landing fees and the sales of aviatian fuel. Other rev�nue sources include lease of terminal s�ce and Iease of nQn-aviatian industrial buildings. City Nursing Facility - This ftmd accncmts for the o�ratian of a city cwned nursing harne. This is a 61 bed facility, and princi�l revenue sources are Medicaid and rental inctrne frnm excess s�ce. The current facility c�as the �se hospital at the former I�w Air Force Base, which closed in 1969. Parking F�md - Tfii.s ftmd accbLmts for the operation of the city awned �rking lots and the Pickering Square Parking G�,.rage. Rev�nue sources include rrnnthly lease of p�rking s�ces, hourly/daily p3z-king fees, and fines and c�a.iver fees for �rking violators. Cert�in of these facilities are a�rated t.mder a private m-�nagar�it c�ntract. Bass Park Ftmd - This ftmd accn�ts for the opez-atian of the Bangor Auditorii.ml, Banqc�r Civic Center and Bangr�r State Fair. 10 CITY OF BA�, N1�LINE Notes to Financial Statar�its Jt.me 30, 1996 Nt7IB 1 - Cbatirn�ed Princi�l sources of revenues are ac�nissians, cx�ncessian sales, and rentals. The ftmd is named after the Bass family which 1�ueathed the pro�rty to the City for recreatianaZ pur�ses. Nhmici�l Golf Course - This fund accnt.mts for the operatian of a 27 hole mi.uiici�l golf cnurse. Princi�l revenue sources are season �rships and daily gre�s fees. Park Woods - This fimd accounts for the rental of 60 Lmits of surplus housing received fi�zam the fedex�l. government pursuant to the McKinney Hanpless Assistance Act. FIDU�IARY FUIVIJ TYPE Fiduciary Ftmds are used to acctit.mt for assets heZd by the City in a trvstee ca�city or as an agent for individuals, pri�rate or�anizatians, o�ther gc�vernmental tm.its, and/or other fimds. 3rust and Agency F�.u�ids - Trust and AgPncy Ftmds include e��da.ble trust, nonex��dable trust, and agency ftmds. Narie.�7dable funds are accntmted for and reported similar to prnpriet.az-y fimds since capital mair�tenance is critical. �endable trust and agency fimds are accncmted for and reported similar to governmenta7 ftmds. ACCCXINT GRC�JPS Accntmt groups are used to establish accntmting cnntrol and accotmtability for the City's general fixed assets and general lang-term debt. The follawing are the Ci ty's accvi.mt groups: General Fixed Assets Accntmt G2roup - This grnun of acaotmts is established to accntmt for a11 fixed assets of the City, other than those accroimted for in the proprietary fimds. General LQng-Term Debt Accbimt Gr�up - This grouz� of accu�ts is established to accntmt for a11 lang-term debt of the City, except that which is accnimted for in the pro�arietai.y fi.mds. (B) Basis of Acct�i.mting The rr�odified accrva.7 �sis of accntmting is follow�-�d by the gavernmrntal fimds and e��dable trvst and agency fi,mds. Under the m�d.ified accrual h�sis of accnt.mting, revPnues are recnrded wh�n syscepti.ble to acc.�c-ual, i.e., both measurable and atrailable. Available means cnllectible wirhin the current pPriod or sc�n enough thereafter to be used to �y liabilities of the current period. �g�nditures, other than interest Qn lang-term d�t, are recvrded whe.n the liability is incurred, if ineasura.ble. In applying the susceptible to acc�rual cnncept to int��ta1 revenues, the leyal and amtractual r�uirem�its of the n�rous 11 QTY OF B�, N�LII� luotes to Financial Statanents Jtme 30, 1996 11�71� 1 - CYaati.nned individual programs are used as guidance. There are, however, essentially three types of these revenues. In one, m�rues must .t� e�nded an the specific puz�rose or project �fore any arr�imts wi11 .t� p3id to the City; therefore, rev�nues are rec�uzed �sed u�i the e�nditures recvrrled. For the secnnd ty�, rrarues are virtually imz-estrict�3 as to puz�se of e.�g��diture and are usually revocable anly for the failure to c�ly with prescri�ed c�arg�liance r�.iirenents. These resources are reflected as revenues at the tir►� of receipt or earlier if the suscepti.ble to accrual criteria are rr�t. For the third ty�, �nies are received in ac�rance and recnrr3ed as deferred revenues Lmti1 the appzz7priate e��ditures are �de, at which time the revPnues are recnrded. Licenses and �nnits, fines and forfeits, and miscellaneous revr3�ues are recnrded as revr��ues when received in cash I�cause they are generally not measurable tmtil actvally received. Investrr�nt earnings and chazr�es for services are recnrt�ed as revenues when eanled, since they are �asurable and azrailable. The accrual k�sis of accviu�ting is used by proprietazy fimds and nc�ne��dable trust fi.mds. (C) �icimtibrances gic�m�brance accvtmting, �.uider which purchase orders, cuntracts, and other c�mni trnents for the e��di ture of fLmds are recnrcied in order to reserve that �rtian of the applicable apfarr�priatiQri, is e�Ioyed in the �sn�PntaZ fimds. Open enc�unhrances are re��rted as reservatians of ftmd h�Iances since the carrmit�nts will .t� hQriored in suhs�ent years. EYicimibrances dQ not ct�nstitute e�nditures or liabilities. (D) Budgetary Ac�tmting The City utilizes a forma2 budgetary accntmting systen to cnntrol revenues and e�nditures accoLmted for in the general ft.md. These budgets are established in accnrdance with the various laws• which gavezn the City's o�ratians. The first Mcmday in Apz-il, the City A�ru:nistrator su�mits to the City Cotmcil a pz��vsed operating budget for the fiscal ye.ar �ncing the follawing July 1. The operating budget includes pro�sed exp�ldi.tures and the �s of fin�ncing then. The budget is legally eriacted through the �.ssage of an �m�riatian resolve. The City Aa�ninistrator is authorized to transfer budgeted arrbtmts withui d�ents, excluding the sc.hraol de�rtrnent. Hawever, any revisians that alter the total e�ditures or transfers k�twe�.n de�r�ents rrrust � apprnved by the City Coi.mcil. No significant additional ��rr�riatiQns were r�ir�d in 1996. Wit-h certain exceptians, tmenc�,m�r�d and une.xpended ��riatians lapse at year end. �rtrnenta.I e�g�enditc�s may not exceed apprz�priations. 12 CITY OF BAI�'�Z, 1�II�' Notes to Fii�ncial Statanents Jt.me 30, 1996 11�7I� 1 - Ctutirn�er3 Budget data, as presented for these fcmds, utilize the rnociified accrual Y�sis of accr�t.mting. Budgetary ct�ntrols are maintained an the other goverrun�tal fLmds through form�l authorizations by the City Coimcil and grant agresn�ts. General Ftmd revenues and e�lditures re�rorted in the Statar�zt of Revenues, Ex��ditures and Ct�nges in Unreserved/LTridesic�ated Ftmd Balance - Budget and Actual (Budget Basis) (E�rhibit 3) are presented an the k�sis budgeted by the City. The City follows certain accntmting principles for budgetary re�rting puz�ses that differ fizm generally accepted accntmting principles. Such differences and their effects an the C�neral F�md's re�rted operatians are swrr�.rized in the follaving recr�nciliation: . Other Financing � Revenues �di tures Sources (Uses) Statanent of Revenues, ��ditures, and Changes in Unreserved/ L�idesicgaated F1md Balance - Budget and Actual (�i:bit 3) $ 55,800,771 $ 53,690,844 $(1,105, 756) Activity in desic�a.ted fimd h�lance 1,557,272 754,659 (657,325) 1996 enci.m�brances - (201,428) - � I995 Pnc�nbrances �id - 307,I95 - 1995 h�lances carried = 15,279 - Carnbined Statgnent of Revenues, � E7g�nditures, and C7�anges in �.md Balances-Governmental F1.md Z�es-General Ftmd (�hibit 2) $ 57,358, 043 $ 54,566,549 $(1, 763,O81) (E) Raoled Cash and Investrr�lts and Investrnents Fboled cash and investrnents and investrnents are described in Note 2 Investrr�zts are stated at cnst. (F) Inventozy G�era.l Ftmd inventozy is �xnprised of various e.�ndable su�plies c�sLm�ed by opez-�atiQns and is stated prim�rily at moving av�rage cnst wnich approximates market. F,riterprise Ftmd inventories are cnrrg�rised prirrr�.rily of cnn.s�ble supplies. These inv�ntories are also stated at rroving average cnst which apprnximates rnarket. The cvst of c�ns�ur�otian or sale is recz�rr3ed as an ex�nditure in the General F�.md and as an aperating e�1se in the �iterprise Ftmds. (G) General Fixed Assets Genera7 fix.ed assets have be�1 aa�u.ired for general gaverr�nental puz�oses. 13 CITY OF B�CR, NF�II� Notes to Financial Statar�its �hme 30, 1996 �'1� 1 - CY�atinlied Assets purchased are recnr� as �ditures in the goverrun�tal fimds and capitalized at cnst in the general fixed asset accnimt group. CQntributed fix.ed assets are recnrded in the GenPsal Fixed Asset Accrot.mt Group at estirr�ted fair market value at the tim� received. Public cl�nain ("infrastructtire") general fixed assets cnnsisting of rr�ads, laridges, curbs, gutters, streets and sider�lks, drainage systans, and lighting systans are not capitaZized along witl�i other general fixed assets. No depreciatian has �1 pzrovided an general fixed assets, nor has interest .t�en capita7ized. (H) F2roperty, Plant, and F�uigr�ec�t - �-iterprise Ft,mds Prr��rty, plant, and �ipm�t awned by the trarious enterprise fi.mds is stated at cost except for certain assets crmtributed by others which are stated at fair market �ral.ue as of the date of c�mtributian. Interest cnst incurred during cnnstructic�n of major projects is capita.Zized and arr�rtized over the life of the related asset. Depreciatian has beerl prr�vided over the estimated useful lives using the straight line method. L�preciation on a11 assets has � recnrded as an e�Lse of the curr�t �riod. The amoimts applicable to assets a �i red fzzam cnntributions has then bee�� transfesred to the related c�ntribution accn�t rather than to retained earnings. The range of the estim�ted useful Iives of the various classes of entPmrise depreciable assets is as follows: Range of Fstimated Useful Life Asset Class �3►�;ldings 25 - 40 years �rn�i1��t 5 - 20 years Pipelines and m�.�ns 100 y�a.rs Aircraft operatianal assets: R�mway5 " 4 0 y��rs ��;ldings 2p y�rs Machinery and ��;Frn�nt 5 - 10 y�ars (I) Uacatian and Sick Leave Llnder terms of inv:an cnntracts and �rsannel �rolicies, �nr�nent full time City ar�ployt.�es are gr-anted vacation and sick leave in vazying amotmts. In the ev�zt of terminatian an arg�loyee is reimbursed for acc�rnilated �racatian days up to the equi�alent of thirty days vacatian. �loyees are reimbursed for 33 perc�t of acccmnrlated sick leave, up to 40 days, c�y utz�7 retirer�lt with 25 yeazs of service. For Governmental Ftmd 2�s (General and Special Revenue) , the City ��riates ftmds for accrued vacatian in the y�-�- the Yacatian is taken. Accnzrlingly, acc2mrulated �racatian time earned and not taken at the �d of the fiscal year wi11 be fimded in suhs�uent years' budgets. The related 14 CITY OF BAI�R, NFl.Il� Notes to Financial Stat��ts Jtme 30, 1996 11XTI� 1 - CX�atirn�ed abliga.tiQn, therefore, is recnrded in the general lang-te.nn debt grnup of acc.rotmts of the City. Acc�mazlated sick leave is not recnrded since it is not detetmi.r�ble. (J) Capital Projects Ftmd - Undesignated Ftmd Balances Undesiqnated fi.md .h�Iances in the Capital Firojects Ftmd represent, an a c2m�ulative .tr�sis, the excess of specific project resoc�rces over the related project msts for �leted projects. These am�tmts are cuz-rently cmappropriated and as such are aYa.ilable for use within t�ie Capita.I Prnjects Ftmd for future capital cnnstructic�n. (K) C�rative Total Data Total ctilLur�.s of the Ccambined Stat�nents are captianed "rr�norand�.un only" to indicate that they are presented ar�y to facilitate fin��cia1 anaZysis. Data in these ml�rnzs do not prese�t financial positian, resul ts of operatic�s, or changes in fir�anciaZ �si tian in cnnformi ty wi th generally accepted accbi.mting principles. Neither is such data c�le to a cnn�solidatian. Illter'fLII1d P.liminatl.Ori.s have not �z made in the aggregatian of this data.. NC7� 2 - Bt�ity in Raoled C�sh and Iav�st�ents and I�stnx�ts The City main�s a cash and inv�strne��t pool that is available for use by a11 ftmds. Each ft.md ty�'s portian of this pool is display�d an the c�rnbined ha.Iance sheet as °eqllrty in �oled cash and investrnents" and is classified as short term. Cash is invested in various interest be.aring securities, which can be rede�d as needed without penalty. In additian, cash and investinents are se�rately heZd by scane of the City's ftmd ty�s. De�sits: At year-end, the carrying am�imt of the City's deposits Was $ 987,130 and the k�rik .b�7ance was $ 1,807,701. Of the h�nk h�lance $ 366,579 Was fv11y insured and or cnllateralized and $ I,44I,122 was Lm i n.c�� a11Cj ll71GC�11dtPX"d11ZE'C3. Invest�7ts: Statutes authorize the City to invest in abligations of the U.S. Treasury, agencies and instnm�entalities, repur�ase agreerr��ts, cnrporate securities, fir�ancial institutian stocks, and other stock investrnents. The City's investrnents are categc�rized belaw to give an indicatian of the 1eve1 of risk assinned by the �tity at year-end. Cate9nry I includes invest�r��ts that are insur�d or wllateral.ized with securities held by the City or its ag�t in the City's narr�. Categary 2 includes i.ulinsuz�d investm�zts for which the securities are held by the I�nks� trust 6e�nt in the City's narne. Category 3 includes iminsured irlvestrnerits for which the securities are held by the �x-u�s' trust de�ri�lent or its agent but not in the City's narr�e. 15 CITY OF BA�, MAIl� Notes to Financial Statgnents June 30, 1996 NDIB 2 - Cx]nt;rnr�r1 • Category Carzying Market 1 2 3 Airnrmt Ualue U.S. Government and agencies $ - $21,331, 707 $ - $2I,33I, 707 $21;384,246 Certificate of de�si t 50,000 - - 50,000 50, 000 Repurchase a�ts - I,647, 011 - I,647,011 1,647, OlI Other - 1,034,375 - 1,034,375 1,078,210 IQ� tzzlst(457) - - 5,051, 044 5,051,044 5,05I,044 Mutual ftmds - - - I,179,505 I,179,505 $ 50,000 $24,013, 093 $ 5,051,044 $30,293,642 $30,390,016 Mutual fimd investrr�nts are not required to 1� classified in any of the three ah�ve categories .�cause they are not evidenced by securities that PX7 st in pnysical or Y�ok entry form. 1�71E 3 - PrnpPsty Tax The City's prr��rty tax was levied Ju1y 1, 1995, on the assessed vaZue listed as of the prior Apri1 I, for a11 real and.persc�nal pro�rty located in the City. The assessed value for the Iist of April 1, 1995, u�nn which the 1995 levy was k�sed, was $1,340,976,800. The estim�ted market �ralue c�as $1,340,976,800 making the assessed tralue I00 �rcent of the estimated rnarket Tra.7ue. Taxes are billed an a seniannual 1x�sis. Taxes were due Sept�r 15 and March IS with interest due fizxn that date if t.m�id. Ctirrent tax cr�llectians for the yt�ar ended Jcme 30, I996, were 95.3 (Tab1e 1) percent of the tax 1 evy. Property taxes levied for the year ended Jt.uze 30, 1996, are recr�rded as receitrables. The recei�rables cnllected during the y�r and the first 60 days of the subsc�uent y�r are recbgruzed as rev�zues for the year ended Jcme 30, 1996. Receivables estimated to � cnllected subsequent to the 60 day period are cnrisidered to L� deferred revenues. Frior year tax levies were recnrded using this sarr� principle. 16 � Cl2Y OF �, 1�Il� Notes to Financial Statanents Jtme 30, 1996 luJl� 4 - Dt�e to/Dae frt�m Or1'�e[' Fiaxis Individual ft.md interfimd receitrable and �yable ,ix�.Iances at J�.me 30, 1996 were as follaws: Receivable Payable General ftmd $ 1,620,820 $ - F�riterprise Ftmds City Nursing Facility - 409,800 Bass Park Flmd - 1,084,321 p�}s y�s - 126,699 $ 1,620,820 $ 1,620,820 NDI� 5 - Dt�e FYtzn Other C�v��eats � Due fi�an other governments is c�arg�r'ised of the following arrt�Lmts at J�me 30, 1996. State of Federal Other Maine Governn�ent Total Cener�l Ftmd $128,667 $ 1,808,955 $ 8,553 $ 1,946,175 S�cial Revenue Ftmds $ - $ 2I,725 $ 67,580 $ 89,305 Capital Frojects Ftmd $ - $ 5,838 $ - $ 5,838 giterprise Ftmds $117, 000 $ 4,985 $ 162,831 $ 284,816 Of the General Ftmd's $I,809,955 aue fi�n State of Maine, $ 630,777 represents sclxaol svbsidies and State agency billings and $ 145,867 represents gener�i assistance clairr�s not yet received. 11bte - 6 Fi�d Assets Arr�otmts cnrmutted for future �enditures an capital. prnjects app.rnximated $1,289,840 at Jtme 30, I996. Such arrnunts wi11 � fimded by h�nd prnceec�s, approved federal and state gr-ant rrz�nies and m�nies a�gropriated wi thin the various fimds. 17 Q�Y Cl�'E�IZ, NP�INE I�btes to Fir�i�1 Statar�nts Jtme 30, 1996 11�JIE 6 - Qntin.�d A stimiary of charx�s in qa�ral fi�d assets follays: • C�ital Balanc� TYansfers & Project &�larx� J� 30, 1995* Ad�iticns L�letirns . CI�s J�ae 30, 1996 I.and, b�aild.irx�5, and ax�stnictirn in pi.�ac�ss: Iand $ 5,440,631 $ 660 $ - $ - $ 5,441,291 Sc1�l l�ad 950,988 - - - 950,988 Buii.dirr_�s 4,444,320 6,236 - 22,827 4,473,383 Sc'1�1 1.xaildirx�s 26,059,548 - - I76,221 26,235,769 Q�s�cticn in �txt-ss 539,882 1,764,318 - (705,750) 1,598,450 7bta.Z 1�, bt,iildirx�s, anid arlstzuctical in pr�ss 37,435,369 1,771,2I4 - (506,702) 38,699,881 � �-3�lar�nt: . t/ehicles 5,971,805 98,551 - 207,859 6,278,215 N�d1.ir�y & II�uigrt�lt 3,293,290 76,617 - 298,843 3,668,750 � �1 other 4,031,068 230,139 - - 4,261,207 7bt.a1 eq�uigt�t 13,296,163 405,307 - 506,702 14,208,172 Zbta1 fixed assets $ 50,731,532 $ 2,176,521 $ - $ - $ 52,908,053 * Restat�l - s� I�bte 23 18 CITY OF RA�, N�.II� Notes to Fir�ancial Statanents � Jt.me 30, 1996 NC7� 6 - Ctnt;rnrrl A sLmmazy of pzroprietary fimd type p.ro�x�ty, plant, and �w:gnent at Jtme 30, 1996, follows: Land $ 952,245 ��;ldings, plant and e��;gnent 42,632,634 Pipelines and mains 30,129,489 Aiz�aort operationa7 assets 185,204,170 Parking structures 6,457,508 Canstructian in pzrocess 5,353,966 270,730, 012 Less: acc�mn.�lated depreciatian 85,237,878 $ 185,492,134 In I996, total proprietary fund ty� interest incurred c�as $2,382,370 all of which was char?�ed to o�ratians. 1VC77I� 7 - Glaer-ating T�-��- General Ft�rid The Ci ty Ieases certa in recreaticmai property to third �rties imder an o�rating lease e�iring in 2027. This lease has a ten year renes�i � optian. Mininnnn future rent.al.s to be received tmder this lease are: Year EYided Jt.me 30 Arrr�t.mt 1997 $ 1I,500 1998 I1,500 1999 11,500 2000 11,500 2001 11,500 2002 - 2027 34,348 TotaZ NLinirrnan Ftlture Rentals $ 91,848 Airport F�.md The airport is the lessor of various buildings and land �rcels �der c�erating leases e�iring in �raz-ious years through 2034. Mirurrnun future rPntals to be received an nancancellable leases as of June 30, 1996 are: Year �ided Jtme 30 Amotmt 1997 $ 947,548 I998 ' S57,346 1999 333,668 2000 312,745 200I 299,587 5`ubsequent to 200I I,088,367 Tota1 Miriirrnan Future Rentals $ 3,539,261 Mininnan future rentals do not include cnntingent rentals that may � received tmder certain leases of buildings because of revenue prz�duced or usage in excess of specified arrb�ts. Canting�t r�ntals in 1996 were $I,240,706. 19 CITY OF B�R, NI�lINE Notes to Financial Staternents JLme 30, 1996 11�7rB 8 - Di�Ct F�naru�-i r� �� Certain facilities owned by the City at the Airport (building #488) w�re financed by a third �rty. These facilities are leased by the City to a aYrgx�ny tmder a direct firiancing Iease e�iring in 2006. As �rt of the financing arrangar�7t Y�tween the City and the third �rty, a �rtian of the lease �yrnents to 1� received by the City has �� assi�ed to re�y the Bank debt incurred by the third �rty to cnnstruct the facilities. At Jime 30, 1996, financing lease ��m�ents, net of interest, owt.�ci to the third �rty imder the arranganent aggregated $623,930. MinizrnIIn lease �y�r�ents to 1.� received by the City from the user c�ny as of Jtme 3 0, 1996 are: Year ended Jtme 30 AmoLmt 1997 $ 92,253 1998 92,253 1999 92,253 2000 92,253 2001 92,253 S�bs�quent to 2001 507,387 $ 968,652 The follawing lists the c�nents of the investrnent in the direct financing Iease at Jime 30, 1996: Net investrnent in di.rect financing lease $ 623,930 � ��n� i�c��'�e 344, 722 Tota1 m.iriirrnan lease �yrr�nts to .� received 968,652 Less: G'�irz-en t �rtic�n 92,253 �g-t� $ 876,399 ND� 9 - (�zital Lea.se The City's G�neral Ftmd currently leases heavy machinery, a tele�hane systen and cnpiers tmder capital leases; in additian the Sewer Ftmd leases heavy machinery i.u7der a capital lease. Follawing is a schedule, by year of future miniminn lease �yrr�zts Lmder these leases, together with the present value of the net minilrnun Iease �yments as of Ji.me 30, 1996. Year giding S��x' General Jime 30 Ftmd Ftmd I997 $ 33,392 $ 73,396 1998 33,392 71,733 1999 - 55,585 66,784 200, 7I4 Less: Interest $ 5,279 $ 19,88I Present value of net minim�un Iease �yrnents $ 61,505 $ 180,833 20 QTY OF BAi�, NF�.II� Notes to Financial Staten�nts Jr.me 30, 1996 11�7I� IO - Otr�er' A.ssets Other assets are cxgrgzrised of the follawirig: General Capital gitP�Yise Ftmd Pzroiects F1md Ftmds Investrnent of band and �n proceeds $ - $ 2,465,190 $ 554,087 Tax mortgages 13,941 - - Inv�strnent in RRG insurance - - 21,304 O�sating rights (net of airortizatian) - - 353,472 �S - - 887,390 Band issuance cnsts (net of amortizatic�n) - - 311,297 Total other assets $ 13,941 $ 2,465,190 $ 2,127,550 11�7I� ll - D�fez2�d Revern�es L�eferred revenues crmsist of the follawing: General Special �iterprise Ftmd RevPnue Ftu�ids Ftmds Taxes $1,921,016 $ - $ - L�ns - 3,425, 7I0 - Advance De�si ts 71,844 - 3 0,3 61 $1,992,860 $ 3,425, 710 $ 30,361 L�ferred tax revenues crr�nsist of tl�ose tax revenues not auailable to meet tf%� r_e�ds of the cluzent period (See Note 3) . Deferred rev�ue of the S�cia1 Revenue Ft,u�id represents future revenue �ual to I�ns made pursuant to the Ccgnrnmity L�velogr�7t, Ur�n Levelogr�nt Actian Grants, and Ec�ncpnic Incentive Revnlving Laan Ftmd over the �st y�.ars. Pursuant to t1�ie terms of these grants, loans made are rectx�u:zed as an e�aPndi.ture in the Special Reve.nue Ftmd when they occur wi th ct�rrespQnding rec�gni tion of grant revenues. Ft�r-ther, pursuant to regulatians gaverning such fimds, re�yn�t of laans thus outstanding are crmsidered pzrogram inaarr� as received in subsequent years and are a�a.i1�� o the recipient for additianal use within the prngz-am. The futvre revenue asscc�at� with laans outstanding is, therefore, reflected as deferred rev��ue. 21 CI'IY OF BA�, NI�LIl� luotes to Financial Stat�Its June 30, 1996 11�7Z8 12 - Ic�g-Z� L�bt The following is a s�rrr�ary of lang-term debt transactians of the City for the �riod ended Jtme 30, 1996: T,imi ted General Revenue CabligatiQn Cabliyatian L�bt Bands Total L�bt �yable at Jtme 30, 1995 $57,394,763 $ 5,750,000 $63,144, 763 New debt issued 6,335,213 - 6,335,213 L�bt retired (a,970,763) (190,000) (5,160, 763) L�bt �yable at JLme 30, 1996 $58, 759,213 $ 5,560,000 $64,319,213 The City is subject to the laws of the State of Maine which limit the airbLmt of lang-term deht to 15 percent (de�ding an how fi.mds wi.11 be used) of its last full state val.vatian. The statutory limit for J�me 30, 1996 Was for $199,635,000 with a general abligatian debt marr�in of $140,875, 787. The follawing is a sium�ary, by pur�se, of the outstanding debt of the City at JLme 30, 1996, and related limitatians: Max A11as�able Percent of State Assessed Debt value of Statutory L�bt Outstandincr �1,330,900, 000 Limit N�in Sc.lx�ol $12,792,951 10.0 0 $133, 090, 000 $120,297,049 Sewer 33,6Z3,836 7.5 a 99,817,500 66,203,664 Airgort 82, 002 3.0 0 39,927, 000 39,844,998 AZl other 12,270,424 7.5 0 99,SI7,500 87,547,076 Tota1 $58, 759,213 15.0 a $199,635, 000 $140,875,787 Ai1 other debt outstanding is cnrrg�rised of the following: Genezai Ftmd $ 6,322,345 SI.6 0 Parking Ftmd 4,534,631 37.0 0 Golf Course Ftmd . I25,6I5 1.0 0 Bass Park Ftmd 912,825 7.40 City Nursing Ftmd 375,008 3.Oo $12,270,424 IOO.Oo The Bangc�r Internatianal Air�rt has $ 5,560,000 of limited revenue abligaticm L�nds outstanding at Jt.me 30, Z996. The proceec�s of which were used to fir��ce the tPrm�na7 ex�xrLsiQn. The interest rate traries - fz�czn 4.40o to 6.70o with a final maturity date of G�tc�r 20I2. 22 CI��' OF BA�f2, 1►�II� Notes to Financial Statar�its JLme 30, 1996 11�7I8 I2 - C,t'iitim�ed . C�ner�Z abligatian deht �yable at JLme 30, 1996, cxm.sisted of the folla�ing issues: Final Interest Maturity rates date 1978 Pern�nent Public Irn�ort�v��ts 5.80 7/OI/98 I981 Perrnan�t �blic Irrg�.rov�nents 10.00 6/01/OI 1986 Penr�nent Public Irru�rt�ver�ents 4.25 to 10/25/96 6.50 1987 PPrn�v�nent Public Iirg�v�r�ts 5.70 to 10/25/97 6.80 1988 Permanent P�.iblic Irrg�roverr.ents 7.37 to 10/28/07 8.60 1989 Permanent Public Irrwr�verr.�lts 6.70 to 9/01/09 7.00 1990 P��n�t Public Irrg�rover,�ts 7.00 to 8/01/IO 7.10 I991 Perm�n�t Public Irrg�rov�ne.*�ts 5.00 10/OI/I2 1992 Penr�n�nt public Irrg�rnvc�nents 5.00 to II/OI/12 5.30 1992 Permanent Public Irrg�rovanents 4.75 to I1/01/02 � 5.40 1993 Pern�nent Public Impmvenents 3.30 to 10/01/00 4.65 I993 SRF �7'eatrr�nt P1ant 2.46 10/Ol/13 1993 SRF Ccmbin_ed Se�Ner' Overflcw 2.45 10/01/13 ?99a Reft�di*�g BQnds 2.35 to 8/Ol/I 0 5.20 I996 P��2t Public Irrg�rr�v�r�at 5.05 to 9/01/15 5.85 Z996 Scfxx�l _ t 4.I0 9/OI/96 I996 S�F Se�.�r 3.52 IO/01/I6 1996 Genera.I C�ligatian Notes * 6.00 to OS/Ol/I5 6.90 Tota1 Zess cti-��t �r��.ion (due fiscaZ y�ar 1997) � * ?fi.e notes are, at the optian of tf,.e h�lder, cuie and p3y�a,ble in n�:.nety cays after writt� r.vtice frrm tize 1�Ider is giv� to th.e City. Authorized General II�iterprise Total and issued City School Ftmds Jime 30, 1996 3,260,000 397,343 - 57,657 455, 000 3, 065, 000 I50,960 589, 040 - 740, 000 865,000 45,144 7,309 2,547 55, 000 1, 785,000 79,I43 45, 023 220,834 345, 000 3,200,000 - 183,I00 1,256,900 1,440,000 13,025,000 268,000 1,592, 000 1,I40, 000 3,000, 000 9,265,000 430,000 - 1,995, 000 2,425, 000 19,000,000 - - 16,150, 000 I6,I50, 000 12,550, 000 - 5,690, 000 4,970,000 10,660, 000 575, 000 395, 000 - - 395, 000 3,314, 000 2,336,180 - 2'7,820 2,364, 000 1,864,000 - - 1,677,600 I,677,600 1,986,000 - - 1,787,400 I, 787,400 11,155,000 328,185 3,186,479 7,415,336 10,930, 000 1,030, 000 1,030,000 - - 1, 030, 000 1,500,000 - 1,500,000 - I,500,000 2,942,923 - - 2,942,823 2,942,823 , 862,390 862,390 - - 862,390 $ 91,244,213 6,322,345 12,792,95I 39, 643,917 58,759,213 1, 018, 705 1,020,453 2,488,342 4,527,500 $ 5,303,640 $lI,772,498 $37,I55,575 $ 54,231, 7I3 r 23 CITY OF EAI�Z, NAIl� l�btes to Financial Statert�nts June 30, 1996 11X718 I2 - Cbatia[�d The City is a ms��r of Maine vocatianal Regian Four (M.V.R. No. 4), which territozy is crxrrpz�ised of three cities, including Bangor, I1 towns, c�ne plantatian, four S.A.D. 's and ane C.S.D. The City is res�nsi.ble for its prn�rtiQnal share of M.V.R. No. 4's 1Qng-term debt as we11 as the debt incuzred by all local gaverrm��t t.m.its which prnvide services within the City's h�imdaries. The City's �rtion of this debt (cnrnrr�nly called overlapping debt), is s�rized belaa: PercPntage �t Applicable Overlapping Ih�its Outstandinq to the Citv L�bt Ci ty $58,759,213 100.00 0 $58,759,213 Coimty 4,405, 000 22.88 0 1, 007,864 M.V.R. No. 4 SS0, 000 33.590 295,592 Total $64,044,213 $60, 062,669 This results in a per capita City debt of $1, 777 (Table 7) ; �r capita overlapping debt of $1,817; ratio of City debt to the City's Jime 30, 1996, assessed valuatian of 4.4 (Table 7) �rcent; and a ratio of overlapping debt to Jt.me 30, 1996, assessed valvation of 4.5 �rcent. The follawing table sets forth the ratio of general obliga.tion debt to assessed valuatian, by fimd type; and per capita debt ratios, by fi,md type; for the fiscal year �nded Ji.me 30, 1996. Arrount of Z�bt by Ftmd General Ftmd F�ite_�prise City ScPx�ol F1mds Total A $ 6,322,345 $ I2, 792,951 $ 39,643,917 $ 58, 759,213 L�bt as Percent of Assessed Ualvatian General Ftmd �tPmrise Ci ty School F�mds Total .So 1.Oo 2.90 4.4a �r Caz�i ta Debt by F�md Genera.l Flmd �itP�rise . Ci ty Sc.Ylool Ftmds Tota1 . $ 191 $ 387 $ I,I99 $ Z, 777 24 � CT'I�' OF BA�, MAZZI�IE l�k�tes to Financial Statanents Jzme 30, I996 11x71� I2 - Ci�atinue+d The annual future princi�l and interest �yrr�nt rc�uirgnPnts for a11 debt outstandinq as of Jtme 30, 1996, is as follows: General Limited Rev�ue Cabligatian Debt QbligatiQn Bcmds Y�' �� Tota1 Jime 30 Princizx�.I Interest Princi�.1 Interest Ra��ir�7t I997 $ 4,527,500 $ 2, 700,603 $ 195,000 $. 339,310 $ 7, 762,413 1998 4,592,900 2,428,193 205, 000 329, 603 7,555,696 I999 4,280,221 2,187,458 220,000 318,757 7, 006,436 2000 4,167,673 1,958,555 230, 000 306, 770 6,662,998 2001 3,919,265 1,746,152 245, 000 293,643 6,204,060 5'u�.is�uent 37,271,654 9,426,898 4,465, 000 1,982 533 53 I46 085 $58, 759,213 $20,447,859 $ 5,560, 000 $ 3,570,6I6 $88,337,688 In Fiscal Year I994 the Ci ty advance reft,mded the callable �rtian of the 1989 and 1990 general abligatian .t�nds to reduce debt service �yme��ts by a�pznxirr�ately $408, 000 and $302,000 in the Genera7 F1md and EYiterprise Fimds, res�ctively over the then rernaining 17 y�ars and to c�btain an ec�ncxnic �i n (difference 11�tw�� the present vaZues of the d�t service �yrnents an the old and new debt) of $230,000 in the General Ftmd and $84, 000 in the �iterprise Ftmds. As of Jime 30, 1996, the amo�it of defeased de1�t outstanding but rgnoved fizam the General Long-term L�bt Accnimt Grn� and F,nterprise Ftmds, is $3,I63,900 and $6,541,100 res�ctively. The Sewer Utility and Parking entP�rise flmds have recnrded a deferred arrocmt an reftmding, which is the difference 1�twt.� the reacr�ulsitic�n price (ft.mds required to refimd old debt) and the net carrying value of the o1d debt. The deferred arr��mt an refimding will be arrortized over the rr3rr�n�ng Iife of the old debt. 11�715 I3 - Tdx Trx�t Fti nan�-� Distz'iCt The City has established TIF (t.a� increr�nt fin�,ncing) districts, aIl of which ded.icate a �rtiQn of captured real estate and �rsanal ��roperty tax inc�nent revenues over staggered twenty y�ar pe_riods for the follawing p+.zz�x�ses: B.I.A. M[miciza3l. L�velognent District No. 1• Partially finances $27.5 millian, of capital e�aenditures at m-�nufacturing facilities leased by G�era1 Flectric Corr�ny fzrm Bangor Internati�l Air�:rort. � Ma i n Street Mcmici�.1 Develo��t District• Assists Penc�hscnt I�velop��t T,i mi ted Liabili ty Ccxrgx�ny in fir�ncing the extraorrlinary cnsts of acr�uisitian and �virnrnn�ntal remediatian of the forn�� Gaswarks site an Main Street, ultimately to provide the Iand area necessary for the cnn.structic�n of a 54, 000 square faot su�rn�arket in a Ccnrrnmity �velagnent pz-oject area. 25 CITY OF RA�, N�LII� Notes to Fir�ncial StatE*nents Jt.me 30, 1996 1VOI� I3 -Cbriti��ed Pickerinq_Sguare Nhmici�.1 Deve7aprent District: Assists Realty Resources Chartered in a rr�jor redevelognent prnject by cnnverting the Pickering ,Square sectian of the former F�-eese's �it Store building into 34 t m�ts of affor�le laousing. , 1VC7I� 14 - CY�atri.b�t.ed C`a�ital A s�y of changes in cnntributed capital follaws: Cantributed capital at J�e 30, 1995 $1I5,910,658 ContributiQns 7,248,347 Depreciatian on assets aGr�uir'ed with cnntributians (4,54I,696) Cantributed capital at June 30, 1996 $118,617,309 NDTZr 15 - Xelated P'dtty 7Y-ar►car-t-;� During the fiscal year ended Jime 30, 1996, the City made no significant purchases of goor�s or services fi�m a related �rty, who was a rr�snber of the Ci ty Coi,mcil. NOZ� I6 - 11b��e a�d �hle TYvst Ft� �7anrn NQriex�endable and E�qaendable Trust fi.mds k�lances were crsrg�rised of the follawing at Jtme 30, 1996: Unex�nded Princi�l Inc.�.�ne I�arie�zdable TYu.sts C�r�etery: Per�tua.I Care S 376, 752 S 126,614 Parks: Bass Park - 25,265 Arthur C�apin F1md I4,538 15,668 14,538 40,933 City Missionazy: Hiram Fogg 1,000 2,521 Louis & Soptua Kirstein 500 1,875 Hizam Oliver 2, 000 5,537 PPnQbsc.rot AssociatiQn for the Blind Il 3 Lorenzo Sabine 1, 000 1,454 Stetson I2, 000 13,468 16,SII 24,858 26 CITY OF BA1��2, N�1T1� Notes to Firiancial Statanents Jtme 30, 1996 1�7I8 16 - C�atin�e�d Chze�ded Princip�Z Inct�sne Fducatian: Bangor High Sctxx�l 200 1,3I5 Fr'enCh Medal 35,738 11,781 Holtan Public School 2,000 8,285 Louis & Sophia Kirstein 5,000 4,021 A.E. Webbes, Jr 1,200 710 44,138 26,112 Aid for Aged �+karaen: Ch�zrles Adams 10, 000 4,361 Tt�nrnas Upt�rn Coe 3, 000 1,308 Anna H. Pierce 4, 000 1,744 Anriie Stetsan 5, 067 2,113 Georr�e Stodder 1I, 000 4, 797 Wakefield 10, 000 7,822 43, 067 22,145 Other Ft.mds: Lbrothea Miller 507 442 Bangor Firar�l's Relief 7, 639 8,213 Bangc�r Ftle1 Society 4,500 395 Kirstein City Hospital 507 1,60I Artl�iur Morey I, OI3 4,2I9 Melvin Mur'Ch 5, 733 I4,407 O'Cannell TYust 1, 000 6,146 Ttnritchell Th.i.st - 132 Flora Seavey 1,500 979 Q�rlotte Ha11 5,984 16,380 Pfaff TYu.st 811 1,696 Fbrter - P�7sifer 5, 000 9,269 Jewish War Ueterans 758 209 34,952 64, 088 Revolving Z�n Sophia Kirstein Student Lc�n 126,767 - Tota1 nane.��dable trusts $ 656,725 $ 304,750 F�ndable TYusts � �� $ 43,759 $' 11,099 Presez�tion of Recnrds 30 41 C�F' Wf��chaiz' Uan 48I 109 Ar_3�pt A Park 21,426 2,913 BFD Irr�ging 139 - Tota1 ex�ndable tru.sts $ 65,835 $ 14,162 1 27 QTY C1F' B�, I�IIVE l�bt.�s to Fin�ncial Statett�nts �Ti.me 30, 1996 KllE I7 - �ts af ��4'Activit�� T� are severi servi.c�s �c� by t1� city whidi ar� financt-�I by vsez- dr�r�s - s�r, Aix�x�t, ParJc r�ds, City NC�sing Fac.ility. R�9cilx�, &�ss Par� arx3 Mt.uuci�l C3�1f Qx�se. T� key f.inanc.ial alata far the p�.�ai ax�ed Jtme 30, 1996, far t1�r.�se servict�s ar� as follcws: Paz�c City E�ss l�.u�.icig�l S�' Aix�r�rt � l�ha sirx� Park.ing Parjc Gblf Ctx.�se Zbta.1 G�ratir.e�z�3�ue $ 6 153 474 S 9 6S8 558 S 151 101 $ 2,776,516 $ 566,458 $ 1,210,O10 S 564,998 S 21,111,I15 C�.atua3 ��: �.�ra.atirn and ar►�r'ti�ticn* 1,459,783 5,370,674 74,690 82,395 299,903 277,083 57,885 7,622,413 pr1�r' 2 646 303 7 336 358 260 297 2,912,349 400,383 1,286,118 326,632 15,168,440 4 106 086 12 707 032 334 987 2 994,744 700,286 1,563,201 384,517 22,790,853 q�ratir�3 ir�arr� . (lass) 2,047,388 (3,018,474) (I83,886) (218,228) (133,828) (353,19I) 180,48I (1,679,738) i�at�ng� rec�n.ae . (��.se) (1,487,769) 273,604 (1,720) (37,706) (300,225) (100,113) (4,060) (1,657,989) Cperatirx�' transfers frcam (�eral Fl,ur1 - - - 183 640 392 578 250,000 - 826,218 l�t ir�r� (lass) $ 559,619 $ (2,744,870) $ (185,606) $ (72,294) $ (41,475) $ (203,304) $ 176,421 $ (2,511,509) Ac�Iitiar�s to a�tri.tx.�tsci c�a.ital $ 2,646,780 $ 4,306,042 $ 295,025 $ 500 $ - $ - $ - $ 7,248,347 Aoquisitirn of�'t,y plant arr�l eq�.iiprpnt $ 2,219,331 $ 4,937,586 $ 480,298 $ 51,437 $ - $ 16,961 $ 64,235 $ 7,769,848 7bta1 �sets $56,638,666 $141,295,898 $ 2,136,108 $ I,003,367 $ 4,300,862 $ 2,529,180 $ 894,705 $208,798,786 l�t �arJtitx� cagital $ 1,250,744 $ 6,386,017 $ (133,915) $ (414,829) $ (332,401) $(1,213,329) $ 75,064 $ 5,617,351 �'ix3s �le $33,613,836 $ 5,642,002 $ - $ 375,008 $ 4,534,631 $ 912,825 $ 125,615 $ 45,203,917 Ftmd eq�ui ty $22,348,178 $133,611,608 $ 1,814,526 $ (205,103) $ 11,198 $ 380,998 $ 738,275 $158,699,680 * Trx�l u�s �iaticn arxi� arrr�r'tizatica� of $ 4,541,696 � assets aa�ir�d with antri�utica�s. 28 CITY OF SA�, NIAINE Notes to Fir�ncial Stat�7ts Jime 30, 1996 11�7I� I8 - Dl�si�at.�d Ft�d Ra7arxn General Ftmd Desi�ated fimd b�lances represent those �rtians of the Gener�l F�md .ta�lance specifically designated for the follawing: 1996 I995 De�rtn�ental h�.Iances carried fozwarz3 $ 290,650 $ I59,798 Sct�eol de�rtrraent - regular 377,201 258,357 ad�t educatian 35,333 38, 704 special revenue 7I,471 (167,899) Sctxx�l limch 56,561 48,813 tn.�st & agency 10,704 (105,497) enc►..unbrances (127, 087) (216,999) Autcanotive ��;gnent replac�t accntmt 579,720 527,657 Bus service equiprr��t replacar�ent accntmt 33,646 33, 7I9 Fire �uigr�ent replacenent accnimt 71, 691 40,962 Capital irrg�z2�var�nts 462,675 582,727 Reserve for self insurance 1,576,789 I,I23,467 CYedi t reserve fimd 276,419 576,419 Canaer�n staciitmt 14,270 12,578 Advances to enterprise fimds 900, 000 600, 000 randfill closure I23,685 416,501 Cascade �rk rnaint��ance 15,191 6, 703 Arbitrage retx�te - city 25,349 24,641 - school de�z'�nent 137,404 134, 663 Subtotal 4,931,672 4, 095,314 Accrued teacher �yrz�11 (I,409,198) (2,418,127) Accrued teacher subsidy receivable 502,943 492,232 Net acczued teacher �yrn11 (906,255) (925,895) Total general fimd desic�ated fLmd k�lance $ 4,025,417 $ 3,169,419 11�7I� I9 - Qnting�t I[�s, I�i.tigatiaa and Ot1�.�er' �tters CQntingent Loss The City is self-insured for wvrkers' ��sation Ziability and engaged an actuary to detP�;ne ��riate Iiability as of L�c�r 31, 1995. The portion of the liability associated with PntP�rise ftmds is rect�rded in the prr�prietary fund. The �rtian associated with generaZ City operatians is recz�zr3ed in the generaZ fimd to t1�e extent of the clain�s estirr�ted to .t� �id during the next fiscal y�s'. Litigaticm A subcrmtractor for the Sew�s F�md's Secnndary treatr�lt facility has su�nitted a cnntzact claim in the arr�Lmt of $ 497,394 for additianaZ cnsts alleged to have been incurred in cnnstructing the facility, due to changed site cnnditic�ns. There has �en 1ittle activity an this claim cn.�z-ing the �st year. thider the tezms of the �z�ties arbitratian agr�nPnt the City's mst to resolve the claim will zange frnm $ 40,000 - $ 215,000. - 29 CITY OF B�, 1�Il� Notes to F.ir�ncial Stat�nts Jt.me 30, 1996 11�7I� I9 - CY]at';rn�r1 In Decant.�r I994, the City acc��;red tax title to a 1ar�e vacant building. In L�canber 1995, the City extinguished claims of the former awners by an aninent domain actian. Both of the actians a3.�ve are the subject of a pending Iegal challenge by the building's forn�r awners. If the fonnez- owners are successful, the City wi11 be liable for d�mages. It is estim-�ted that the City's cnst in that event cx�u�d range fnam $ 130, 000 - $ 790,000. The City has suhsequ�ntly sold the rear, thirri of the building for redevelogr�ent pur�ses. In c3�ing so, the City si�ed an Indaru�ity Agre��t with a title insurance crrx�ny indenmifing than of any losses that may occur fizan an aciverse outcrxne of the pPnding suit. The City's cnntingent liability is capped at :$ 3,000,000. The City has asserted claims a�in.St the architect of the Air�rort's tPrmi na 1 }�ui1C'Lir1g e�'ysion prt�ject foz- desic�'1 errnrs and negligent cnntract ac�ninistratian apprnxi�r�ating $2,500, 000. In turn, the architect claims $138,473 is due fi�an the City for additianal services. A �sitive rec�very to the Air�rt Ftmd is antici�ted u�n resolutian of these clain�s. In SeptenY�s 1992, the City received a "Notice of Fbtential Res�xzrLsibili ty" tmder Ma.ine's UncYmtrolled Haz�z-abus Substance Si tes law. The notice involves the plarn�ed cleanup of several hazarc9ous waste disposal sites. The City may Y.� liable �cause the sites were formerly operated by the aan�xny the City used for the dis�,rosa1 of waste oil during the 1960s - 1980s. The Maine ��r�r�ent of �iviznrm�ental Protectian's preliminary estimate of cleanup crosts at the prim�ry site �ceeds $I0,000, 000. The City is listed as a "de minimus" cnntributor in the DEP's Va.rious notices. As such it is estim�ted that the City's cnst wi11 range frnm $80,000 - $I00,000. There are various other claims and svits pending agairLst the City which arise in rhe noz7nal c.rourse of the City's activities. In the opinion of City mariag�nent the ultimate dis�sitian of these various claims and sui ts wi11 have no material effect on the finar�cial �;rosi tian of the Ci ty. 11�71� 20 - �r�.si.m P]�.s Intnx3�ictian The City of Bangor pirovides retircnent p�Isions for its srg�loyees t.hznugh a ntanber of vehicles, including L�efined Benefit Pen.sian Plan, L�fined Cantributian �nsian Plan and Social Security. Included in the L�fined B�iefit F�nsion Plan are the Public Teachers' P1an and Partici�ting ZQca1 District Plan(PLD) at Maine State Retirar►�t. The L�fined • Cantributian Pelzsian Plans are secticm 401 (a) and 457 L�ferred �satian Plans ac�ninistered by IQ�/RC. Finally, those e�rg�layees not eligible for cvverage tmder either the L�fined Benefit or L�fined Cantributian Plans are provided fu11 Social Security cnverage. r�,'rming J��r I, 1996, the City of Bangor joined the l�zine State Retiren�lt Systen �rtici�ting 1oc.a1 District Ccansolidatian Plan. The 30 CITY OF BA�, NI�LIl�'. Notes to Financial Statanpnts Jtme 30, 1996 21�7I� 20 - CYnt;rn�r1 .�nefits available to rr�sr�ss of PIDs that join include Pre-retir�nent L�ath Benefits, Disability Retiranent BPnefits, Additional Service Credits, Service Retirer�nt Benefits and Fbrtability which are the saarr� for a11 �rtici�tic�ng entities in the Cansolidated p1an. Benefits Vazy between entities within the Plan, de�nding u�� w�iich optian each district clxx�ses. The CansolidatiQn Plan selected by the City of Bangor is similar to the fornier PLD plan offered to City arg�loyees. A. L�fined B�nefit Pensian Plans The City of Bangor's teachers and teacher-defined sclxx�l de�.rtrnent �rsQnnel are cnvered for retiranent .benefits under the State of Maine's Public Teacher's Plan in the Ma.ine State Retiranent Systen (MS�Z,S) . Other ricm-teacher �rsannel and m�mici�l srq�loy�es (i.e. City arrployees) are cnvered imder the City of Bangor's Partici�a3ting L�oca.7 District (PLD) plan in the N15�S, which is a self fi.mded retirar�nt plan ac�ninistered by M.�RRS on �ha1f of the City. The Maine State Retirarult S�sten ("Syst�n"), is an agent multiple-�loyer public �loyee retiranent systen that acts as a c�mz�n investrr�lt and ac�ninistrative agent for cities in the State. Fixed-term c�ntract er�loy�es and �z-t-ti.rr�rs that �rk less than 720 annual hours are ex�ted fizam MS�S arverage. 1. Partici�ting Local District P1an A11 fvll-t.ime �zent City �loyees are required to �rtici�te in the S�stem imless the arg�Ioyee is c�vered by an individual. fixed term cnntract. Benefits vest after ten years of service. City �loyees who - retire at or after age 60 are entitled to an annual retir��t .t�enefit for Iife, in an amoimt equal to a fractian of the average fina7 ��.satian multiplied by years of �rship service after the date of esta.blishnent. Av�s�age fina7 c��satian is defined as the average annual rate of earn�,ble c�isatian of a �r during the 3-5 ye�rs of creditable sezvice, not necessarily c�n.secutive, in which such average annuaZ rate of earnable �nsatiQn is highest. The system also provides death and disability 1�nefits. These h�iefit provisions and a11 other rec��;r�1ts are established by State Statute and the ac�pted City plan. City erg�loy�es are r��;red to crmtribute 6 I/2 �rcent of the.ir armual salary to the ,S�stan. The City is r�uired to c�ntribute the rert�ining air�unts necessary to fLmd the S�stem, using the actuarial t.x�sis s�cified by statute. The City's �a,a.yroll for employees c�ver�d by the S�stan for the year Pnded Jtme 30, 1996 was $ 18,302,798. The amoimt sfxxv�l .t�1.aw as the "�rLsiQn 1�iefit abligatian" is a standarrlized disclosure me.asure of the p.resent `ralue of p�Lsic� h�iefits, adjusted for the effects of projected salary increases and step-rate L�iefits, estimated to 3.� �yable in the futur•e as a result of errg�layee service to date. The measure is intended to help users assess the frmding . 31 � - i I CITY OF BA� Notes to Financial Statar�nts J�.me 30, 1996 K7Z8 20 - C�atinved status of the Systan an a gr�ing-c�ncern .�sis, assess pzngress made in accinrn.�lating sufficient assets to �y h�iefits when due, and mzke cn�risans arnang er�loye�s. The mea,sure is the actuarial present value of credited projected Y�nefits and is indepenci�it of the fi,mding �thod used to detennine crantributians to t1�e Systen. The �rLsic� Y�nefit c�bligatiQn was �uted as �rt of an actuarial valuatiQn perfonned as of June 30, 1995(the latest available valuatian) . ,Siynificant actuarial ass�tions used in the valuations include (a) a rate of return an the investrn�nt of pr�sent and future assets of 8 �rcent a y�r cYxrgxnmded annuallY, (b) additiQnal projected salary incxeases of 6 percent a year, attributable to s�niority/merit, and (c) 4 percent cz�st of living retirar�ent b�nefit increases. Tota1 tmfunded �risian L-�nefit abligatian applicable to the City's �loyees was $41.6 millian at Jime 30, 1995, as follows (in millic�ns) : 1995 Pension benefit obligatinn: (in millians) Retirees and beneficiaries curre�tly receiving �enefits and termir�ated �1oy�s not yet receiving bPnefits $ 56.2 Ctlrrent arg�loyees- Acc�mn�lated �loyee cnntributians including allocated investrnent earnings 13•2 IIrg�loyer fir�nced vested 24.3 Il�rploy�r financed nanvested 5.9 Total pelLsian 3�riefit abligatian 99.6 Net assets available for beriefits, at c�st (market value is $65.3 at Jime 30, I995) 58.0 Unftmded pensian Y�riefit abligatiQn $ 41.6 L7rifunded perLsian l�nefit c�bligatian: As a percent of total pensian benefit abligaticm 41.8% As a pez�c�t of crovered �yrc�11 232.4 0 R�uired crmtributians are determined se�rateZy for service retir�nent �nefi ts, survivor b�riefi ts, and disabili ty bene_fi ts elected an or after Janvazy 1, 1977. The S�stem's ft.mding �1icy provides for actuarially dete_nnined periodic amtributians for norm�l cbst and for ar►�rtizaticn of arry �mfLmded actuarial accxued liability so t1�at sufficient assets wi11 k� available to �y L�nefits when due. For detPrmin;ng plan cvsts, assets are va.lued at "actuarial `ralue. " The actuarial fi.mding metf�ci used to crxrrpute . actuar'ially detPrmi ned cantri.bution r�u.irarae��ts is the entry age norrnai 32 CITY OF BA�2, hgLIl� . luotes to Financial Staten�ents Jt.me 30, 1996 11p'I� 20 - Ckntint�ed rr�tha3, a method i,mder which the actvarial present value of the projected f.�riefits of each individual included in an actuarial �raI.uatian is allocated an a 1eve1 .h�sis over t�e earnings or service of the indivicival 1�tween entry age and asstn►aed exit age. The �rortian of this actuarial present vaZue allocated to a traluatian y�ar is called the nozm�l cbst. The �rtian of this actuarial present value not grmTided for at a valuatian date by the actuarial pr�s�t value of future norniaZ cnsts is called the actvarial accrued liability. The sig�ificant actuarial ass�tians used to crng�ute the actvarially determined cnntributian require�it are the same as those used to cr�ute the pensian J.�nefit abligatian as descrih�d aYx�ve. The cuntributic�n to the System for I996 uras $4,989,362 and was rrr�de irt accbrdance with actuarially determined r�qu.irar�ents c�uted thrnugh an actuarial valuatian perfonned as of Jcme 30, 1994. The c�ntri.butic�n cnrisisted of $1,841,261 nornial cnst (10.060 of current crovered �yiroll) and $1,958,399 arr�rtization of the tmfimded actuarial accrued liability (I0.70o of current cnvered �yrv11) . The City cx�ntributed $3,799,660 (20.76% of current cnvered �yzro11) ; c�nployees cr�ntributed $1,189,702 (6.S o of current cbvered �yro11) . 2. Public Teachers Plan The cnvered teacher's �ym11 for fiscal year 1996 Was $15, 78I,452. The State of Maine �id the erg�loyes�s share for its Public Teacher's Plan. In the case of federally fi.mded �sitians, the fi,mding grant �ys the arrploy�ss share. During fiscal year 1996, $I22,982 in �loyer's share r,�as c�arr�ed to various schc,�ol grants for $6I0, 019 in covered �yrnll. 3. Historical Trend Inforn�atian Ten-y�ar trend inforn�ation ca.Iculated in accnrdance with G�SB #5 is not azra.ilable. Eight year historical trend inforn�tiQn is cnntained in Table 10. B. L�fined Cantri.butic�n Pensian Plan The Ci ty of Bangr�r provides p�isian henefi ts for certain of i ts full-tirr� arploy�es through h�th 401 (a) and 457 L�ferred CcYrg�satiQn Plans (defined cnntributian plan (IaC'P)) aaministered by IQ�i/RC. In a IZ'P, benefits de�nd solely an amoi.mts cuntributed to t�e plan plus investrnent ParninC�S, partici�tian for fixeci-tern� ct�ntract �loyees is prt�vided in lieu of the defined beriefit plan through the Ma1'ne State Retirenerit S�stan. Cov�s-ed arrplay�es are eligible to �rtici�te and ar� fu11y vested fmn the date of �loyrr�ent. The City cnntributes at various rates dep�nding u_r.an �Ioyrr�ent ct�ntracts. The cnntri.butian rates vary frnm 10.0 0 - 22.0 0 of arn7ual earnings. The arvered �yz�1Z in fisca7 year 1996 c�ras appr�xirr�ateZy $585,135 and City cuntributians totaled a�pz2�xirr�tely $69,095. 33 CITY OF B�, N�II� Notes to Financial Statar�nts June 30, I996 ND'l� 20 - Cl�ati.n�ed AIl arr��mts of axrg�nsatian deferred i.mder the 457 p1an, a1I �zroperty and rights purchased with those amoL.mts and all inarne attributable to tY�ose arrbimts, Fzroges�ty or rights are (i.mtil �.id or made a`ra.ilable to the gnplayee or other bPneficiary) soleZy the prnperty and rights of the City (without l�eing restricted to, the prr�visicros of �nefits i,mder the plan), subject anly to the claims of the City's general creditors. Partici�nts rights imder the plan are equal to ttaose of genera7 credi tors of the Ci ty in an arrbimt equal to the fair value of the deferred accntmt for each �r-tici�t. The City has no Iiability for losses i.mder the plan but does have the duty of care that would k� required of an orrlinazy prudent investor. The City believes it is tmlikely that it wi11 use the assets to satisfy the claims of general cxed�:tors in the future. C. Social Security The City of Bangor does not have a sectian 218 agreer�ent to prr�vide fu11 social security cnverage to its' erg�loyees. The City provides full social security cnverage to ��t-time, seasanal and tesrgx�raiy �Ioyees tmder the Qt�nibus Budget Recnnciliatian Act of 1990, and IRS regu7atians; which .L-�came effective July 1, 1991. 11T7I� 2I - I�dfill C7asur� and Car� Chst.s Federal regulatians (S�btitle 'D') stipulate that landfills which have not accepted N�SW (M�m.ici�1 Solid Waste) in rec�t years are exarg�t frnm specific �rostclosure care and manitoring requiranents, provided that such landfills are closed prior to G�ta�r 8, 1994, and in accnr�lce with applicable State regulatians, subject to certain �structiQn r��ir�ients. In Jime 1994, the State of M�ine legislature apprr�ved new state landfill closure regvlatians drafted by the M�.ine l�rtrru�t of givirnrm�nta.I Prntectian. These regulatians included a "Reduced Closure OptiQn" provisian which allawed cn�lifying 1aw risk landfills to be closed prior to C,�taY.�r 8, 1994 if federal cnr�stnsctian standarrZs were met with no further requirsnents for s�cific �stclosure rrnnitoring and mainter�nce pzrogran�s. The City of Bangr�r's Kittredge Road Landfill q��Iified for the "Reduced Qosure Option" and is in full crxru�Iiance with its pmvisians. The estimated liability for landfill closure and �rostclosure ca.re cnsts is $918,I46 as of Jtme 30, I996, which is b�sed an 100% usage of the landfill. The est.imated total current cnst of the landfill closvre and postclosur� care is 1x-�.sed an the �not,mt that c�uld � �id if services r�uired to close, mmi tor and maintain the landfill were a��d as of Jtme 30, 1995. The actval cbst of closure and �stclosure should not change si�ificantly fz�n the arr�imt estimated. 34 CITY OF BA��C&Z Notes to Firiancial Statements Jime 30, 1996 11XTIZ 21 - Cbati.m�ed At Jtme 30, 1996, $9I8,146 of the closure and �rostclosure care cnsts had �ien fimded $642,I90 by the issuance of general obligatians h�nds and , $275,956 fizam the State of Maine and the interest earnings therean. ND'I� 22 - St�equeat Bt�ents In Jime I996, the Ci ty declared i ts intentian to issue $2,658,000 in general abligatian �nnds to finance irarious sewer se�ratian prr�jects. In G�tc�r I996, the City purchased 28.2 acres of �aterfi�nt pro�rty by issving a $700,000 note at 4.IOo. The note is due in three annual i nst3111►�Ilts begi nn i riq jn NOVH11k�r' 1997. 11�715 23 - R�st.atenezt of Ftuad Bala�s The General Fixed Assets Acntmt GY�up's beginning k�lances were restated to reflect the implenentatic�n of a physical inv�tory cnimt of the General F�md's fixed assets and the rarrnr�l of Public LLamain assets (streets, bridges, etc.) as follaws: Balance an Jcme 30, 1995 Financial Statar�nt $ 75,427,780 Renoval of Public �in assets (24,593,887) Adjustrnent to reflect-inventory cntmt (102,361J Restated 1a�lance for Jt.me 30, 1995 $ 50,731,532 �'I� 24 - Ct�azx�es in Pr�sFnta.t;rn The Air�rt Ftmd and the Bass Park Ftmd reflect a c.hange in the presentation of revenues and e�di tures 1�twe�,.n Fiscal Year ended Jime 30, 1995 and Fisca.I Year ended Jime 30, 1996. For Fiscal Year 1995 cnst of c�Oods sold were reflected as an exp�sse iten, w�ere as in Fiscal Year 1996 the cnst of goocZs sold are reflected as a reductiarl of revenues. The cvst of gocr�s sold for the Air�rt Flmd at Jtme 30, I995 and JLme 30, 1.996 were $2,665,156 and $2,959, 007 respectively. The cnst of goods sold for the Bass Park Ftmd at Jt.me 30, 1995 and Jime 30, 1996 were $89,941 and $97,474 respectiveZy. Ccxtgt�.risans J�tw�en Fisca.Z Years 1995 and 1996 must take into acctitmt this pres�tation ch�nge. 35 Sd�er�?e A-1 CITY OF B�, 1�lAINE General Ftmd Balance St�t Jtme 3 0, 1996 (with c�r�ative totals for Jzme 30, I995) 1996 1995 ASsets �h $ 338,998 $ 43,827 Investir�ents 6,I88,427 6,065,946 Receivables: Taxes, including interest and li�s 2,500, 654 2,525,311 ACCntmts 943,295 426,121 Due fmm other governrnPn ts 1,94 6,I75 1,662,23 7 Due frnm other fimds 1,620,820 2,I98,755 Inv�ntory, at cnst 300,747 338, 788 Other assets 24, 017 41, 044 Total assets $ 13,863,133 $ 13,302, 029 r.,ab;�;tie.s Accvt.mts �yable $ 725,915 $ 751,352 brtorkers' crsr�p. self insurance 607,890 607,890 Taxes cr�llected in advance 24,118 22,496 Deferred revenues 1,992, 860 2,221,058 Acczued �yzroll & withholdings 1,914,231 2,129,527 Tota1 liabilities 5,265, 014 5,732,323 F��d �lanc�s Reserv�'Y.i for enc�m�brances 201,428 318,35I Unreserved: Desic�ate�d for subsequent ye�.rs' e��ditures 4,025,417 3,169,419 Undesic�ated 4,371,274 4, 081,936 Tota1 fi.md �lances 8.598,I19 7,569,706 Tota1 Iiabilities and fimd 1xa.Zances $ 13,863,133 $ 13,302, 029 36 Sd�3�7P A 2 CTIY C�'�, N�lII� Ca�1 F1md Statar�nt of Revan�s, E�x3iti�s, and Q�rx�s in Lhir�sezved/Ck�,a�signated Ftu�d � - �t anr3 Actl,�l Ye�r' Fhc�d �Ti.� 30, 1996 Uar'iarx� Ealar�s Fa�r�e (fhifavarable) C�rzier3 I�Zsed t.o 7/1/95 Bu��et Act��tl �m�1 us C�rri�1 , l�: Tax�s: � Ra�1 arxi��al �y $ - $ 30,754,087 $ 30,784,006 $ 29,919 $ - C.h�rx�e .in c�fei�znd pz�rt.y tax revenaes - - 215,740 215,740 - ' Tax irlc�rt�t fir�an� dis�'ict (Abte 13) - (442,495) (442,987) (492) - Payrr�t ari lieu of t�s - 116,000 116,000 - - Autarr�.ile and L�t e�ise taxes - 2,876,000 2,754,819 (I21,181) - , Intet�t rn c�lirr�ualt ta��s - 413,000 2I2,712 (200,288) - Zbtal t�x�s - 33,716,592 33,640,290 (76,302) - .IntergC�vernrt�ltal reve�lt�: � State revt�t,� sl�rirxJ - 2,350,000 2,510,920 160,920 - Sdr.x�l suk�idy - S,588,762 8,547,503 - (41,259) Ot1�er' - Miuuci�.1 - 1,001,205 894,673 (106,532) - Sdz�l - 1,757,906 1,850,011 - 92,105 Zbtal intet�avemr�ital r�ve7ue - 13,697,873 13,803,I07 54,388 50,846 Ot1�r' z�trr�iue: I�iar�ses and�nnits - 323,047 324,639 1,592 - C�zg� far' sei.vic�5 - 1�d.miCi�1 - 3,972,591 4,086,819 114,228 - - Sc�zx�l. - 2,573,040 2,853,264 - 280,?24 Fin�s, farfeits, arx3�rzities - 22,000 26,569 4,569 - ' Rev�iue frnm use of m�1ey - M�ici�l. - 753,200 703,842 (49,358) - arx�l prt�.�ty - Sc'hx�l - 116,000 362,241 - 246,241 7bta1 other r�vazue - 7,759,878 8,357,374 71,031 526,465 Zbtal revelt.�s - 55,I74,343 55,800,77I 49,117 577,311 37 Sr3�ri i1 P A 2, (Ch'it.) QTY C�'&�F2, NI�INE Ge�eral �l.u�d Statarent of Revaaaes, F�riit�.a�s, and � in Lhlr�secved/�ic.�ate� Ftffad R�lanc� - �ac�kjet and Acttr�.l Ye�r' II�d �hu�e 30, 1995 Uar'iarx� �� Favar�le ([hifav�.e) C�rr'i�i Ia�x'�ed to 7/1/95 Btrl�et Actt.�al .�m�7 i-1s C�rn-e� �tuc�s: C�1 c�veinr�t: �mri 7 - 20,888 19,652 1236 - �1�� - 1,085,549 1,085,132 417 - ��, �� - 330,033 336,559 (6,526) - Fir�1c� - 636,142 625,260 10,882 - ��g�t - 268,665 264,565 4,100 - �� - 61,105 67,517 (6,4T2) - p�� - 193,829 186,076 7,753 - Taga1 - 188,538 181,892 6,646 - �1 - I10,593 102,341 8,252 - F,�zrrdc L�velcp and Qx� Ehf�r�it 8,364 514,302 471,738 50,928 - Tbta.l. g�era.1 gc�verrrt�erlt 8,364 3,409,644 3,340,732 77,276 - Puhlic S�fety: g�j� 16,500 4,226,062 4,I71,447 71,115 - F� 119,934 5,083,003 4,819,441 105,846 277,650 Zbtal put�lic safety 136,434 9,309,065 8,990,888 176,961 277,650 Ha�1th, weZfar�, and r�tirn: �Z� � �f� - 1,734,246 1,683,177 51,069 - pa� � �� - 809,406 888,139 (78,733) - Zbt.al 1�.1th, welfar� & r��aticxl - 2,543,652 2,571,3I6 (27,664) - ' PL1�.1C xXL71C�lI7GJS c�C� SETVICLS: R�,�c �� 15,000 6,919,864 7,049,0�9 (127,185) 13,000 Nbtar'�1 - - - , - - �btal p��tzI.ic buildirx�s and servi�s 15,000 6,919,864 7,049,049 (127,185) 13,000 38 .Sd�i7_P A 2, (Ct�it_) CZ'l�' (�'�, NF�II� Ge�eral Fl.�ad Stat��t of Reva�.ies, ES�sxlit��s, and C�x�s in Ihimserv�l/Cki�sic�ated Ftmd &�larx� - �t aral AcLz.r�l Ya�r' �x3� Jtme 30, I996 Uariarx� Ei�lanc�s Fau�r-�z1e (Th�favar�le) C�rri�3 Ia�ase�i to 7/1/95 � Acd.�a1 �rm1 us Carri�l Other ac�x�ies: Ta�s �id to c�c.ulty - 1,132,523 I,132,833 (310) - Pri�rate Sr1�rx�1 Sezvi�s - 129,055 118,536 10,519 - I��t.a,m L�velcg�mt District - 43,000 43,000 - - Ot1�r Ag�x:ies - 201,000 36,000 - 165,000 Puhlic li3�ary - 715,695 715,695 - - 7btal other agaacies - 2,221,273 2,046,064 10,209 165,000 �ucatia�: Re�.ilar 85,435 24,605,163 24,448,397 - 242,201 Ar�i7t ea�catiac� 38,412 579,568 570,989 - 46,991 ,S��ia1 rev�t� (188,831) 1,133,876 I,003,006 - (57,961) Sr1zx�1 ltaxll 48,813 855,52I 823,261 - 81,073 Trust & ag�cy (128,348) 1,346,381 1,413,065 - (195,032) Tbt.a.1 educ.�tirn (144,519) 28,520,509 28,258,718 - 117,272 Otr�' a��riatirns: F�sirns a�d ot1�r fr'irx� 1�efits - I57,168 45,595 lll,573 - C�ntirx�rnt - 28,198 - 28,198 - L�bt sezvic� - 1,410,610 1,403,761 6,849 - Zbta1 ot1�r a�prr�riatirns - 1,595,976 1,449,356 I46,620 - Zbtal �i.t�.�s 15,279 54,5I9,983 53,706,123 256,217 572,922 �s (c�firie�cy) of z�vt�nles aver �itt�s (.15,279Z &54,360 2,094,648 305�334 1,150,233 39 Sd�i�7?A 2, (Qrlt.) CTIY QF �'R, NglII� C�ra1 F�tm� Statar�nt of Rev�nu�s, �diti.�s, arx� Ctr�x�s in I��.�sezved/CJfx�esignated Ft�l &�lana� - B�r�t and Actl.�al. Year �x3�d Jtme 30, 1996 � Uar'iatic� �� Fau�rahl.e (Ch�ifavc�le) C�rried �X�� . . 7/1/95 Bi.acl�et Acb.�al 5�..�g�us ��'ie� p��- f;narrsr��rurt�'s lt�s): �C-iatirn frrn� �Sic.�nated fimd b�lat.tc�s - 1,051,555 689,909 (91,246) (270,400) Sale of assets - 251,000 76,249 75,249 (250,000) C�al �ligatic� c�t - 975,000 862,390 112,610 - Nl�in St. �r�nt District (l�bte I3) - (975,000) (862,390) (112,610) - ��, ��f� - (1,130,697) (1,045,696) 1 85,000 ��,r][,��ri 1 i�r �i d�r - (183,640) (183,640) - - p�-J� �� i p�r - (392,5781 1392,578) - - Bass Par� s1.�sidy - (250,000) (250,000) - - Tbta1 ot1�r financ.irx� ��s (uses) - (654,360) (1,105,7561 (15,996) (435,400) �ss (defic.iex_y) of r�n�s aver e.�dit��s arad ot1�x � (�) $ (15,279) $ - $ 988,892 289,338 $ 714,833 L�it�s�l/�.nx�sic�ateal ftmd�lar�, ��rurx� of�riaal 4,081,936 ' Lh��]/c.ux�sic�ated itmd h�l�, �d of�riai $4,371,274 40 9�ri rTP B-I Ci'IY Q4' H�CR, I�.IIVE S�z�ial Rec�nt� Flux3s Ctrr�inirx�&�larx� 52'�t Jtm� 30, 1996 (with arrp�zative tota.ls far Jtu�e 30, 1995) F�IlIC Q]I171.II11� �1 .T12C't31t1V� L�ZC�17�l1t �1�7I131t RGVQZVIIIC.�' �d21t �ta1 S Blcxk C�arits Acti� GYants La�n Ftuxi Flmd 1996 1995 As�L,s . . Cash $ 155,760 $ 196 $ 7,069 $ (40,285) $ 122,740 $ (225,529) Zc�n.s r�i�rahl.e 2,I85,167 1,115,131 255,543 - 3,555,841 3,413,783 A]lanari� far Luaa�Zle�ctit�le - (130,I31) - - (I30,131) (130,131) Due fmn other govemrents - - - 89,305 89,305 343,765 Pr�i d ��s - - - - - - Tbtal �sets $ 2,340,927 $ 985,196 $ 262,612 $ 49,020 $ 3,637,755 $ 3,401,888 T.i i 7 i ti E� Aazxmts �yahl.e $ 37,934 $ - $ - $ 8,3I4 $ 46,248 $ 69,738 Aart.aed�vll & withhaldira�s - - - - - - Arrnimts held far ot��s - - - - - - Dt,� to ret�ili tatirn rr�ipia�ts 117,815 - - - I17,815 100,903 Ikfen�d r�le � 2,185,167 985,000 255,543 - 3,425,7I0 3,283,652 i Tbtal liabilities 2,340,916 985,000 255,543 8,314 3,589,773 3,454,293 Ftnl Ba]�x�s Rese�ve far' extrr��anc�s 69,917 - - 421 70,338 35,863 ��at.�i ft�rl,tx�lances (69,906) I96 7,069 40,285 (22,356) (88,268) Zbtal ftnad �I.�rx� 11 196 7,069 40,706 47,982 (52,405) Zbta1. liahilities arr] fiu�d 1x�.la�x� $ 2,340,927 $ 985,196 $ 262,612 49 020 $ 3,637,755 $ 3,401,888 41 , �P B-2 Q'lY C�' &�R, 1�LII�IE 4�ria7 Revc3lue Fl�s �r�tzinirx� 5'tats►�1t of Revan.ae5, �i.t1.��s, �d C�x�s in Fl�ad R�laix�s Year II'x3�d Jt�e 30, 1996 F�nnic Ctrrtrtmity Ih�u1 Inc�itive L�velcgzr�t L�velc�lt Rewlving C�1t ��: E1crk C�'�nts Acticaz C�nts I�n Ftaad Fl.md Zbtals � � $ 1,698,I93 $ - $ - $ 3,063,838 $ 4,762,031 p��p �� 494,511 - 18,315 - 512,826 � far. servi�s _ - - 260,187 260,187 pr� I,841 86 333 2,162 4,422 �� 2,194,545 86 18,648 3,326,187 5,539,466 �r�aiit�.�s: Aa�usi tirn of r�1 pzr�rty 256,513 - - - 256,513 Alh1 ic c�r3ts facilities site .irrprr�vert�ts 438,924 - - - 438,924 Qear'anc� 224,340 - - - 224,340 Business c�l.cpr�t assistan� 21,373 - - - 21,373 Dis�si ta.rn of r�al pc�rty 96,458 - - - 96,458 �niniSts�tiCn 218,485 - - - 218,485 • R�litaticn and�'vaticn activities 835,484 - - - 835,484 p�� 7,229 - - - 7,229 F'rr�nni c �ve1.�g7rr�lt 5,088 - - - 5,088 ��l _ - - 470,018 470,018 ��. _ - - 2,059,402 2,059,402 � �.a�� _ - - 780,765 780,765 F�nrdc inc�ntive la�ns - - 25,000 - 25,000 �� 2,103,894 - 25,000 3,�310,185 5,439,079 Fxr�ss (c�ficiexy) of revenies � �� 90,651 86 (6,352) 16,002 100,387 FLu�cl,tz�.l��r�s, at be3u�lirx� of�ria� (90,640) 110 13,421 24,704 (52,405) �l,u�d h�x�, at e�d of�xicx�l $ lI $ 196 $ 7,069 $ 40,706 $ 47,982 a� �-��7e Gl CITY OF BAi�C.7R, N�.IIVE . Capi ta1 Proj ects Ftmd Ba.Zance Sheet J�e 30, 1996 (with cr_xr�rative tot.als for Jt.me 30, 1995) 1995 1995 Assets Cash $ (20,634) $ (45,072) Investrnent of hQnd prr�ceec�s 2,465,190 832,789 Accnunts receivable 11,3I7 - Deferred street assessr�7ts 30,130 30,130 Due fi�n State 5, 838 93,448 Total assets $ 2,491,841 $ 911,295 I�iabilities Accntmts �.yable $ 297,428 $ 148,476 Airbtmts held for others 16,850 7,280 Total liabilities 314,278 155, 756 F c�d R�l.anc�s Reserved for enc�m�brar3ces 360,308 267,661 Ilnreserved: Designated for capital prr�ject e�g�enditures 1,754,252 432,458 Undesignated: � Deferred street assessments 30,130 30,130 F'uture c�nstructic�n - Gener� 4,714 3,602 Future c��.struction - School 28,159 21,688 Tota1 fimd �lances 2,177,563 755,539 Tota1 liabilities and ftmd k�.lances $ 2,491,841 $ 9I1,295 a3 S�P C-2 Cfil�' C�' �, 1�iI� (�pital Pirojects Ftual Ctrri�.ulirx� Statermt of Rev�v�s, F�'iditz�s. arx� � in �l.axi &:�larlc�s , Ye�r II�x�d JLu� 30, 1996 Res�v�s far FLit�e Infrastructi.� Biiildirx�s Ft�,i.ii,�rt�it Otr�-r' Ctr�structica� Tbtal � F�verl.�s: Int�t inc�re $ 29,579 $ 60,001 $ - $ 21,204 $ 7,613 $ 118,397 �� 328,983 - 126,613 - - 455,596 p�-�- 18,000 - - 423 - I8,423 �� 376,562 60,001 126,613 21,627 7,613 592,416 �pecx�iti�s: �i� �{�� 910,973 1,I26,939 466,870 421,754 773 2,927,309 Zanc�'ill c1c�.� and�st- c1as�.�� c�t� (l�bte 21) 8,419 - - - - 8,419 �� i� 919,392 1,126,939 466,870 421,754 773 2,935,728 I�ficielcy of revc�u� � �� ( 542,830) (1,066,938) (340,257) (400,127) 6,840 (2,343,312) o�1Lr fir�rr�ir�sta� (us�sl � �rat.isx� transfex5 in (aut) 828,884 25,400 371,052 10,000 _ 1,235,336 Ce�I cahligati,c� �bt 350,000 1,500,000 - 680,000 2,530,000 Tbtal ot�r finaix�uxJ ��(Ly�) 1,178,884 1,525,400 371,052 690,000 - 3,765,336 F�ss (deficie�cy) of r�crtnu� arad ot1�x st�.m�s over �xiiti�s � o� �� 636,054 458,462 30,795 289,873 6,840 1,422,024 FLmd�lana�s, at h rn'rrn i nor of peria� 79,686 443,465 172,926 4,042 55,420 755,539 Z�r�sfers frc�n (to) r�serves far fut� �ys�� 10,172 (2,573) 15,157 (23,500) 744 - Ftmd Jx�lanc�s, at � e�d of�r'ia� $ 725,912 $ 899,354 $ 218,878 $ 270,415 $ 63,004 �' 2,I77,563 44 This �ge �eT� int�tier�ly blank. CITY OF �, NRIZNE Enterprise �ids Ccynbining Balance Sheet Jtme 30, 1996 (with c�rative totals for Ji.me 30, 1995) Sewer Utility Air�rt Par'k Ftmd F'�md woods Assets Ctirrent assets: �h $ 209, 714 $ 11,906 $ 2,39� Invesi�nents 2,212,427 5,959,141 - Due fz�am c�ater district 77,352 - - Due fiz�n other gc�verrnr�nts 117, 000 167,816 - AccroLmts recei�rable 1,252, 875 1,796,747 - Less: a1la�ance for estimateci Lmcnllecti.ble accb�ts 29 889 330,146 - Net accni.mts receivable 1 222 986 1 466,60I - Investrnei�t in direct firi��cing lease - 92,253 - Inventory, at cost 26, 016 70,6I3 - Pre�i.d ex�nses 10,474 902 - Total current assets 3 875 969 7 769,232 2,394 Frr��r-ty, plant & equigrx�lt: �d 683,895 - - Buildings, plant & �ligr�nt 3I,824,611 - 1,765,a51 Pipelines & mains 30,129,489 - - Aircraft operational assets - 185,204,170 - Parking structures - - - Canstruction in process 2 288 3I6 2 574 868 480,298 64,926,31I 187,779,038 2,245, 7a9 Less: acc�mnzlated depreciatian 13 691 517 63 588 717 112, 035 Net prr�pez�ty, plant & �quigr�nt 51 234 794 124,190,321 2,133,7?� Other assets: Investrr��ts - 6,690,837 - Investrr�nt in Lrond prr�ceecls - 506,943 - Investrnent in direct financing lease - 876,399 - Irivestrnent in RRG insurance - 21,304 - Due fi�n Lrond trustee 1,100,865 - - � L�ferred sewt�r assessm�nts 115, 741 - - Operating rights (net of acc�mn�lated arrbrtizatian of $946,528 in I996 and $899,397 in 1995) - 353,472 - �S - 887,390 - Band issuance cnsts (net of accLurnilated arrprtizatian of $103,765 in I996 and $83,012 in 1995) 311,297 - - ��si ts ' Tota1 assets $56,638,666 $141,295,898 $ 2,136,108 Sche�c�i�e D-1 Ci ty Mtmi ci�1 Nursing Parking Bass Park Golf Totals Facility Flmd F'�md Course 1996 1995 $ 3,167 $ 101,668 $ 7, 005 $ 158,461 $ . 494,3I5 $ 76,283 7,015 35,443 - 3,956 8,2I7,982 5,936,382 - - - - 77,352 78,550 - - - - 284,816 869,68I 347,203 5,835 86,27I - 3,488,931 4,100,283 51 000 5 800 21 900 - 438 735 346 775 296 203 35 64 371 - 3 O50 I96 3 753 508 - - - - 92,253 92,253 17,309 - 11,743 - 125,681 106, 055 - - 21 687 - 33 063 99 701 323 694 I37 146 104 806 I62 417 12 375 658 I1 012 419 39,575 - 214, 775 14, 000 952,245 938,215 ' 2,770,153 - 5,278,001 994,418 42,632,634 42,526,899 - - - - 3 0,129,4 89 29, 04 8,018 - - - - 185,204,170 176,483,204 - 6,457,508 - - 6,457,508 6,457,508 - - 10 484 - 5 353 966 8 901 I19 2,809,728 6,457,508 5,503,260 1, 008,418 270,730,OI2 264,354,963 2 I30 055 2 313 394 3 126 030 276 130 85 237 878 77 695 189 679 673 4 144 114 2 377 230 732 288 185 492 I34 186 659 77a - - - - 6,690,837 5,505,562 - - 47,Ia4 - 554,087 597,445 - - - - 876,399 968,651 - - - - 21,304 31,956 - - - - 1,100,865 497,669 - - - - IIS,741 1I7,7a3 - - - - 353,472 400,602 - - - - 887,390 - � - - - - 311,297 332,050 - 19 602 - - 19 602 19 602 $ 1,003,367 $4,300,862 $ 2,529,180 $ 894, 705 $208,798,786 $206,143,473 45 CII�' OF E�, NF�Il� �itezPrise F�.mds Ccmbining Balance Sheet Jtme 30, 1996 (with c�rative totals for Jzme 30, 1995) Sewer Utility Airport Par%t Ftmd - Ftmd �s j,j� i 7 i ti.�S �ci FIIDd �'I1itY Ctzrrent liabilities: Accrotmts payable $ 2I6,667 $ 649,6I9 $ 6,161 Accrued �yrnll and withYa�ldin9s 7,832 39,256 �,386 Direct financing lease �yrnPnts �yable - 37,333 - �e�� jn�� - 54,920 - Due to other fi,mds - - 126,699 Workers' crxrg� self insur�nce 36,230 135,619 2, 063 Acc�ued leave 23,386 124,213 - Accxued interest 407,456 88,O55 - Acc�rued e�ses - II,188 - L�ferred revenue - 6,805 - Other current Iiabilities - - - Ctirrent instal.lrr�ents - general and limited revenue c�bligatian �nds I 933 654 236,207 - Tota1 c11rz'ent liabilities 2 625 225 1 383 215 136,30_9 Z,ong-term liabilities: Direct fir�ancing lease �yrr�lts �yable - 586,597 - �e�� - 289,802 - L�ferred liabilities I15,741 - 185,273 Deve],oper �yable 58,883 4,500 - General abligatian d�t 31,680,182 40,795 - T,i m�ted rev�nue abligatiari Ix�nds - 5,365,000 - Deferred arr�Lmt an refi.u�ding (456,270) - - Capita.Z lease abligatians 61,505 - - Construction retainage 9,951 - - Arbitxage �yahle 95, 001 - - i�orkers' ccarg� self insurance 100 270 14,381 - Total long-tezm liabilities 31 665 263 6 30Z 075 185,273 Total liabilities 34 290 488 7 684 290 321,582 Cantributed capitaZ: C1�, 4,156,079 - - Federal, state and other 4,SI6,989 103,041,483 1,946,691 C1�St�ners 3 I38,690 - - Tota1 c�ntri.buted capital 12 111 758 103 04I,483 1,946,691_ Retained Parn�ngs: Appmpriated I08,438 1,934,357 - L'¢lappz�priated 10 127 982 28 635 768 (I32,165J Total retained earnings 10 236 420 30 570 125 (132,165J Total fimd equity 22 348 178 133 611 608 1,814,526 Tot,a7 Iiabilities and itmd �uity $56,638,666 $ 141,295,898 $ 2,136,I08 Sd�e D-I, (Cbat.J Ci ty M�mici�7 Nursing Parking Bass Park Golf Totals Facility Flmd Ftmd Course 1996 1995 $ 115,794 $ 11,338 $ 100,038 $ 4,849 $ I,104,466 $ 1,848,91I 22,115 4,335 7,425 11,649 93,998 1I8, 784 - - - - 37,333 34,I16 - - - - 54,920 58,137 409,800 - 1,08a,321 - 1,620,820 2,198,755 I15,061 4,568 10,000 - 303,541 239,300 28,138 4,375 14,238 3,9I5 198,265 202,105 3,264 104,766 8,109 I,402 613, 052 635,252 - - 6 - 11,194 16,3a0 � 12,336 - II,220 - 30,361 1, 087,916 7, O15 - - - 7, OI5 13,352 25 000 340 165 82 778 65 538 2 683 342 2 797 428 738 523 469 547 1 318 135 87 353 6 758 307 9 250 396 - - - - 586,597 623,930 - - - - 289,802 344,721 - - - - 301, 014 1I7,743 - - - - 63,383 58,883 350,008 4,194,466 830, 047 60, 077 37,I55,575 36,884,357 - - - - 5,365, 000 5,560,000 - (386,100) - - (842,370) (929,.328) - - - - 61,505 89,805 - - - 9, 000 18,951 27,95� - 6,319 - - I01,320 98,260 119,939 5,432 - - 240, 022 53 913 469,947 3,820,117 830, 047 69, 077 43 340 799 42 930 235 1,208,470 4,289,664 2,148,182 156,430 50,099 Z06 52 180 63� 69,499 - 566,65I - 4,792,229 4,97I,080 30,931 101,500 739,083 9, 713 I10,686,390 110,067,144 - - - - 3,138,690 872 a34 100,430 I01,500 1,305,734 9, 713 118,617,309 I15 910 658 14,876 - 48,438 257,902 2,364,011 2,272,044 (320,409) (90,302) (973,174) 470 660 37 718 360 35 780 140 (305,533) (90,302J (924, 736) 728 562 40 082 371 38 052 18a (205,103) 11,198 380,998 738 275 I58,699,680 153 962 842 $ 1,003,367 $4,300,862 $ 2,529,180 $ 894, 705 $208,798, 786 $ 206,143,473 46 CITY OF BA�2, 1�Il� �itP�Yise Ftmds Ccynbining Statgnent of Revenues, ��.ses and Changes in Retained Earnings Year �ided Jime 3 0, 1996 Sewer Utility Air�,rort Ftmd Ftmd qaez-atiag �veac�s: Chaz�es for services (Note 24) S 6,153,474 $ 9,688,558 �ratiag e�.ses: O�rating e.�enses other than depreciatian and am�rtizatian (Note 24) 2,646,303 7,336,358 Depreciatian and arrortizatian CXi assets acr�ui.red wi th awn ftmds 877,579 1,683,930 Cki assets a�n�;red with cnntri.butions 582,204 3,686, 7aG Total operating e�Lses 4,106, 086 12,707,032 Operating inc�ne (loss) 2, 047,388 l3, 018,4741 NEaa op�r-ar;r� r�veane (ex�se) : Interest incnrne 69,670 632,82° Snterest ex�ense (I,557,439) (359,225) Miscellanc�us incrgne - - Operating transfer fzzarn G�er�1 Fi.u�id - - Net nan o�rating revenue (ex�rLse) (1,487, 769) 273,60c Net inc�n� (loss) 559,6I9 (2,744,870) Add depreciatian and am�rtizatian an assets aa�t,ziz�ed with c�mtributians 582,204 3,686,744 Increase (decrease) in retained earnings 1,141,823* 94I,874 Retained P�rn�ngs, at l�ginning of period 9,094,597 29,628,251 Retained earnings, at end of period $ 10,236,420 $30,570,I25 * Of the $1,I41,823 increase in the Sewer Utility Ftmd's Retained Farnings a�nately $310,883 represPnts a ane t.ime change in c�ntributed assets. Tr� �sts of certain fixed assets awn� and depreciated by the Sewer Ftmd were reimb��sed in the current ye��r by outside �rties. .Sc�t�rh�7 e D-2 Ci ty Nh.mi ci�1 Park Nursing Parking Bass Park Golf Wa�s Facilitv Ftmd F�md Covrse Total $ 151,I01 $ 2, 776,516 $ 566,458 $ 1,2I0,010 S 564,998 $ 21,111,115 260,297 2,912,349 400,383 1,286,118 326,632 15,I68,440 500 74,835 292,653 93,890 57,330 3, 080,717 74 190 7 560 7 250 I83 I93 555 4 541 696 334 987 2 994 744 700 286 1 563 201 384 517 22 790 853 (183,886) (2I8,228) (133,828) (353,19I) 180,481 (1,679,738) - 1,277 8,627 5,I55 5, 787 723,345 (1,720) (38,983) (308,852) (I06,304) ( 9, 847) (2,382,370) - - - 1, 036 - 1,036 - 183 640 392 578 250 000 - 826 2I8 (1, 720) 145,934 92,353 149,887 ( 4,060) (831,771) (I85,606) (72,294) (4i,a75) (203,304) 176,421 (2,511,509) 74 190 7 560 7 250 183 I93 555 4 541 696 (I11,416) (64,734) (3a,225) ( 20,111) I76,976 2,030,187 (20,749) (240,799) (56, 077) (904,625) 551,586 38, 052,18Q $ (I32,165) $ (305,533) $ (90,302) $ (924, 736) $ 728,562 $ 40, 082,371 47 Cfil'Y OF BAl�'�Z, 1�IIVE �iterprise F1mds Ccxnbiriing Stat�nent of Cash Flows year �ided Ji.me 30, 1996 Sewer Utility Air�rt Ftmd Ftmd C�.sh flays f�nm qaer'atin9' act-ivities: Cash received fizam custcxr�ers (�Wte 24) . $ 5,938,402 $ 9,351,908 Cash �ym�nts to suppliers for grxxls and services (Note 24) (1,587,026) (2,782,615) Cash �.yme�1ts to �loy�es for services (910,272J (4,353,705) Net cash pzz�vided by (used in) o�ratin5 activities 3 441 104 2,215,588_ Ca.sh flows frrm ncncapital fina�ing activities: Interfimd loar�s (re�ym�nts) (719,221) - Operating subsidies received (�id) - ' Net cash prnvided by (used in) ncmcapit� financing activities ��9 221� - C�Sh f1ow5 fYL]m Capit�l c-�2d 2�13fi�d f;r►anci nQ activities: pr�cee�s frrxn general obligation debt 2,942, 823 - Ac��;siticm and c�stxuctic�n of cGnita.I assets (2,2Z9,331) (4,937,SSo) Princi�.1 �id on Y.x�nds (2,117,742) (276,347) Interest �.id on �nds (1,529,767) (362,550) Pr�ceec�s fi�n sale of ��;gn�nt/Zand - - L�ferred rehab laan prnceeds - - Grant monies received for capital assets - 5,007,907 Cantributians received for capitGl assets 2,646, 779 - Reimburs��t for capital assets 462,047 - Investrr�zt capitaZ projects - InvestrnPnt Iz�nd & t..x�n pzviceec�s (603 196) 32,289 Net cash prnvided by (used in1 c�nital and related financing activities (418 387) (536,287J C�sh flows frtm iave�ti�J activities: Purchase of invesUri�nts (2,182,968) (2,309,287) Interest on investrn�zts 71 963 632,829 Net cash prnvided by (used in1 investing activities (2 11I 005) (1,676,458) Net increase (dec�'ease) in cash 192,491 2,843 Cash, at beg�nn i ng of per'iod 17 223 9,063 Cash, at end of periad $ 209,714 $ 11,906 S�e D-3 Ci ty Mtmici�.2. Park Nursing Parking Bass Park Go1f T�s Facility Fcmd Ftmd Course Total $ 151,101 $ 2, 731,132 $ 566,458 $ 1,214,029 $ 565, 019 $ 20,518,049 (201,909) (593,621) (148,859) (679,27I) (I50,465) (6,143,766) (44,906) (2,209, 054) (253,787) (582,108) (173,656) (8,527,488) (95, 714) (71,543) 163,812 (47,350) 240,898 5,846,795 97,735 (5,394) (9,033) (64,029) - (699,942) - 183 640 392 578 250 000 - 826 218 . 97 735 178 246 383 Sa5 185 971 . - 126 276 - - - ' - - 2,942,823 (480,298) (51,437) - (16,961) (64,235) (7,769,848) - (39,567) (3a6,298) (86,963) (65,538) (2,932,455) - (20, 799) (269, 05I) (51,134) (10,540) (2,243,841) - - - 2, 796 - 2, 796 185,273 - - - - 185,273 295,025 - - - - 5,302,932 - 500 - - - 2,647,279 - - - - - 462,047 - - - - - (570,907? - (111,303) (615,3a9) (152,262) (140,313J (1,973,90I) - 6, 063 Iao', 761 11,069 20,819 (4,.307,543) - 1,277 9,394 5,155 5,787 726,405 - 7,340 I56,155 16,224 26,606 (3,581,I38) 2,021 2, 740 88,163 2,583 I27,191 418,032 373 427 13 505 4 422 31 270 76 283 $ 2,394 $ 3,167 $ 101,668 $ 7,005 $ 158,461 $ 494,315 48 QTY OF BAi�, NFdIINE E�itesprise Ftmds Canbining Stat�snent of Cash Flaws Year Ended Jtme 30, 1996 Sewer Utility Air�rort Ftmd Ftmd Recnnciliation of oper`ating inarne to net cash prr�vided by (used in) o�rating activities: Operating inc.�ame (loss) S 2 047 388 S (3,018,47�J Adjustrnents to rec�ncile operating inaan�e (loss) to net cash provided by (used in1 o�rating activi ties: Depreciatian and arrprtizatian 1,459, 783 5,370,674 Provision for uncnllectible accz��.mts 1,648 40,611 Cl��nges in assets and liabilities: (Increase) decrease in de�si ts - - (Increase) decrease in acarimts receivable (99,276) (311,650) (Increase) decrease in due fr�m state g�verrnner�t (I17, 000) - (Increase) decrease in due frrm c�ater district 1,204 . - (Increase) decxease in inv�tory (2,468) (Z8,996) (InGz-ease) decrease in pre�id �'�ses (S,333) 57,415 Increase (decrease) in accbunts �.yable 66,201 33,550 Increase (decxease) in accr�e� e.�'�ses (4,543) (2,920) Increase (decrease) in def��d revenue - - Increase (decrease) in ot1�r liabilities 96 500 65,378 Total adjustrnents 1 393 716 5,234, 062 Net cash pznvided by (used inJ o�r`ating activities $ 3,44I,I04 $ 2,215,588 Schar.�'�?e D-3, (C�at.) Ci ty Mtmi ci�1 Park Nursing Parking Bass Park Golf Woods Facility F1md Ftmd Course Tota1 $ (183,886) S (218,228) S(133,828) $ (353,191) S 180,481 S (1,679,7381 74,690 82,395 299,903 277, 083 57,885 7,622,413 - 29, 000 891 - - 72,150 - (1,958) - 31,564 21 (381,299) - - - - . - (117,OOG) - - - - - 1,20� - 1,246 - 592 - (19,626i 9,575 4,487 - 3,494 - 66,638 446 26,548 (5,869) (217) (5, 092) 115,567 3,46I 48,393 2, 715 1, 060 7,603 55,769 - (37,358) - (7, 735) - (45, 093) - (6,068) - - - 155,810 88,172 146,685 297,640 305,84Z 60,4I7 7,526 533 $ (95, 7I4) $ (71,543) $ 163,812 $ (47,350) $ 240,898 $ 5,846, 795 49 � &-1 CZ'11' C�'E�1��14, l�lII� Zh�.st atrr�l Agetacy F1urLs Ctrr�Uinirx�R�1� St�t Jtu�e 30, 1996 (with cz�rr�r-ative t�tals far' Jtme 30, 1995) l�r��ble TYust Fimals Tbtals Or1�er' Revolvilx,� �1e A9`e1�Y , F1.u�ads Zc�n Ftm3s Tbtai ZYt�st Ftmals Fl.md 19% 1995 Ass�t�s �h $ - $ - $ - $ - $ 109,561 $ 109,561 $ 87,240 Irlvestrr�nts , at a�st (h��et valt,�, 1996 $6,252,591 1995 $4,I12,183) 834,708 60,977 895,685 79,997 5,260,628 6,236,310 5,13I,752 Rec�ivahles: �,�� - - - - 75 75 375 Lcx�ns to st��its - 65,790 65,790 - - 65,790 65,395 Zbtal �sets 834 708 $ I26,767 961,475 $ 79,997 $ 5,370,264 $6,4II,736 $5,284,762 Liabilit�as �,�� e $ - $ - $ - $ - $ 3,541 $ 3,54I $ 24,314 Arr�.�its 1�1d by ac�xy fim� far ot�r.�s - - - - 5,366,723 5,366,723 4,26I,292 �� 1 iahi 1 i ties - - - - 5,370,264 5,370,264 4,285,606 F1rr1 Ra.I�'� Reserve far' lcx�ns - 126,767 126,767 - - 126,767 123,436 Resezv� fc�r' ex�nar�t5 529,958 - 529,958 - - 529,958 529,708 Lff�ezved - c�sic�ated far s�,�aseql,ae�t �xpe'x�itl�s 304,750 - 304,750 79,997 - 384,747 346,012 Zbtal. ft,�d�larac�5 834,708 126,767 961,475 79,997 - 1,041,472 999,156 Zbtal liahilities arxal ftu�d�1arx�s 834 708 $ 126,767 961 475 $ 79,997 $ 5,370,264 $6,411,736 $5,284,762 50 ,�..,, . .. . , . , Sc�r��7e S-2 QTY OF BAI�Z, NI�LII� ��dable Trust Ftmds Stat�nent of Revenues, �zditures, and Q�anges in Ftmd Balances Year E�ided Jtme 30, 1996 Revern�es: Interest $ 5,895 CQntri.butians 23,I68 Tota1 revenues 29, 066 Sx�dit-�s: Payrnents to Y�neficiaries 16,774 Tota1 e.�endi tures 16,774 F�ccess of revenues over expenditures 12,292 Ftmd h�lances, at k�g�nn;nq of �riod 67, 705 Ftmd �.lances, at end of period $ 79,997 51 �;�17.P E-3 CTIY QF EAI�'R, HgIIIVE 1�'�a�le Thast FLux9s Cbr�.ining Staterr�7t of Revaiu�s, �cpe�ses, ar�l C�r�es in Flmd &�lanc�s Ya�.r' Il�x�d Jc� 30, 1996 ' Other Rewlvirx� �-d��.�: Fl�ads La� bl.a�d 1bta1 Intert�t $ 65,270 $ 4,S30 $ 70,100 ' ptr� 3,228 - 3,228 Z,pt sal�s 250 - 250 Zbtal r�ve�ues 68,748 4,830 73,578 C�ratir�g' e�qoe'�: �G.�a.l cai� fees 39,000 - 39,D00 , Distr'ibuticn to P�.�s & R,�3�ticn 2,000 - 2,000 ptl��r�yrr�ts to .h�leficiaries 1,055 - 1,O55 �S��,y� - 1,499 1,499 �� 42,055 1,499 43,554 �t �� 26,693 3,331 30,024 Ft.u�d�larx�, at Z�ginnirx� of�r'i.a� 808,015 .723,436 931,451 Fl.�d�;il�s, at a�d of�ria3 834 708 I26 767 $ 961,475 52 �il_7P E-4 LfiIY C?F'E�R, NgI.IIVE e TYvst Ftmds Q�inuxJ Statart�t of Cash �'la�vs Ya�r' bhc�x3 .hme 30, 1996 . Ot-1�r Rewlvirx� F1mds Zr.x�n F1.md Zbtal C�.sti fla�s finrn qa�atirx3 activiti�s: C�sh r�ived fmn a�st'�.'S $ 3,478 $ - $ 3,478 C�sh z�ived ca� iriv�strr�its 65,270 4,830 70,I00 C�1�id to �eficiaries (42,055) - (42,O55) C�sh�id far' �'atir�' e�els�s - (1,499) (1,499J I�t cash pr�vid�l by qr�r'ating activities 26,693 3,331 30,024 C�.sh fI�a.s fzc�rn rnrx2�ita1 firr�¢x�rx�actsviti.�s: 5`ttaa�rit la�r�s rrta� - (7,500) (7,500) St�aa�rit lc�n �yrt�lts r�ived - 7,104 7,I04 l�t c�sh�r�vid�d by r�arac�pi tal financi.rx� activi ties - (396) (396) C�.sh flc�ws ficm .iriuestirx�activiti.es: l�t sales (�ses) of investrr�nts (26,693) (2,935) (29,628) l�t cash provid�d by (u�s�l in) inv�stalx� acti�rities (26,693) (2,935) (29,628) I�t irx�se (a�ase) in cash - - - C�sh, at t�qirnzirig of�riad - - - C,�sh, at aad of�riorl $ - $ - $ - Rea.�ncil.iatian of o�xatirxJ irx� to net cash�r�vid�ll by � o�ratir�g activities: �r-atux� itxz�r� $ 26,693 $ 3,331 $ 30,024 Adjustrrents to r�aracile q.�rating incnre to net c�h Pt�vi.a�d bY �atirx�' activiti� __. - - - l�t cash provic�bd by c�.atirx� activities $ 26,693 $ 3,331 $ 30,024 53 . Sd��e F CII'Y OF BA�, NI�LIl� Assessed Ualuatian, Ccmnitrr�lt and Collections year EYided JLme 30, 1996 . valuation: Tand and buildings $ 1,201,37I,900 �g�-� �pp��r 139,604,900 Total valuatian $ 1,340,976,800 Ccmni trr�rtt: Real estate and persanal prc�rty $1,340,976,800 Tax rate .02315 Tota1 crsrmitrn�nt 31, 043,642 Add: 5`tlp�l�ltal taxes c�amnitted 40,595 31, 084,237 Less: Collectians - I996 29,297,048 Ab�tanents 341,860 1996 Taxes receiirable at Ji.me 30, 1996 $ 1,445,329 54 Table I CITY OF B�C�Z, 1►�Il�' Proper�ty Tax valuatians, Levies and Collectians Last Ten Fiscal F�siods Collectians Fiscal Assessed Progerty Property in Year o-age of Year Ualuatian Tax Rate Tax Levy* of L,�vy Collectians 1987 547,229,100 31.30 I7,048, 047 16,416,426 96.3 1988 891,549,000 20.30 18,041,134 17,436,509 96.6 1989 1, 022,201, 700 19.50 19,864,458 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 21,3I3,338 93.1 I992 1,241,555, 000 21.30 26,267, 721 24,316,637 92.6 1993 1,266, 015,200 21.40 27, 013,390 25,020,672 92.6 1994 1,292,838,100 22.00 28,168,686 26,499,976 94.1 1995 1,305, 791,000 23.OS 29,982,SI9 28,250,549 94.2 I996 1,340,976,800 23.15 30,742,377 29,297, 04S 95.3 * net of ab�tanents 55 'I`ah7e 2 CITY OF BAI�CBZ, NAIl� Z.oca1 Assessed Ualuatians Last T�n Fiscal. Per'iods Fiscal Total Assessed Persanai Year Tax Rate UaluatiQn Rea1 F�roper� Pr�ertY 1987 31.30 547,229,I00 486,352, 000 60,877,100 1988 20.30 891,549, 000 804,676,300 86,872,700 1989 19.50 1,022,201,700 927,665,500 94,536,200 1990 I7.75 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 I,241,555, 000 1,137, 729,400 103,825,600 1993 21.40 1,266, 015,200 1,156,474,000 109,541,200 1994 22.00 1,292,838,100 1,180,513,300 I12,324,800 I995 23.OS 1,305,791, 000 1,185, 006,300 120, 784,700 1996 23.IS 1,340,976, 800 1,201,371,900 139,604,900 56 This �ge left intPntian�ly blank. CITY OF �, NF�Il� General Ftmd ��ditures by Ftmctian** Last TPn Fiscal Periods Public Health, Taxes Bui.ldings Fiscal General Public Welfare & Paid to and Public Year Goverrnnent Safety Retx�atian Coimty Services 1987 I,938,210 5,715,586 1,633,783 457,39I 3,681,37I I988 2,352,271 6,130,389 1,554,84I 728,922 3,813,924 I989 2,280,921 6,879,079 I,952,226 875,380 4,306,620 I990 3,516,105 7,184,337 2,222,650 1, 040,520 3,847,293 1991 3,6I7, 711 7,644,841 2, 794,883 Z,187,147 4,126,514 1992 3,184,909 8, 054, 011 4,527,87I 1,247,890 4,049, 770 I993 3,I88,999 8,678,863 4,I55,679 I,II9,341 4,302,728 I994 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 1996 3,340, 732 8,990,888 2,571,316 1,132,833 7,049, 049 * Lbes not incZude Educatian - related debt ** Budget �sis - Schedule A-2 TaI�e 3 L�sic�ated L�h. t* Ftmd Educatian Service Balance Other Total I4,35I,668 I,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, 021,82I - 974,004 42, 096,468 24,847,977 1,150, 036 - 768,477 46,137,586 25,486,072 I,2I0,420 - 747,193 48,508,136 25,854,492 1,I60 983 - 765,860 49,226,945 26,871,968 I,454,132 - 803,801 53,214,329 27,999,220 1,641, 046 - 1,035,710 54,4I3,987 28,258,718 . 1,403, 761 - 958,826 53, 706,123 57 CITY OF E�, NP�IlVE Gene.ral Ftmd Revenue by Source* Last Ten Fiscal Periods Fiscal Proper'ty Other Licenses & Fines & Year Taxes Taxes F�rmits Forfeits 1987 17,111,568 2,160,807 154,283 5,368 I988 18, 058,I06 2,442,975 192,845 10,203 I989 19,710,247 2,588,696 237,847 I1,931 1990 20,261,206 2,681,592 2I1,100 9,453 1991 22,211,177 2,612,983 199, 007 15,355 1992 26,029,037 2,699,585 232,584 12,486 1993 27, 061, 008 2,956,391 270,248 I1, 788 1994 28,406,950 3,392,063 276,167 11,699 1995 29, 735,857 3,177,579 268,352 54,132 1996 30,556,759 3, 083,531 324, 639 26,569 * Budget �sis - Schec�i.l.e A-2 Table 4 Use of Inter- C�r�es Nlaney & Gavernrra�tal for Reim- Total Fzt�pert Revenue Services bursar�ts Revenues 1,467,622 7,992,324 620,355 307, 099 29,819,426 1,426,272 8,749,115 2,972,056 282,274 34,I33,846 1,112,318 10,110,512 3,448,093 737,504 37,957,I48 1,932,699 lI,685,235 4,323,202 816, 097 4I,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 38I,952 14,094,486 6,586, 779 - 51,362,652 530,633 17,291,808 5,203, 023 - 55,112,343 9Z1,491 14,513,524 6,936,668 - 55,597,603 1, 066, 083 13,803,107 6,940, 083 - 55,800,771 58 Tah7_e 5 CTI'Y OF BAI�'�QR, MAIl� Ratio of Annual L�bt Service E�nditures for General C�ligatian �bt to Tota1 General F1u�id �nditur'es Last T� Fiscal F�S'iods Percentage of L�bt Servi ce Tot.ai GeneraZ Tota1 to Total Fiscal C�ligaticm I�bt Genes�l Ftmd General year Princi�l Interest Service E�enditures* �ditures 1987 912,892 661,378 1,574,270 29,614,872 5.316 1988 973,945 712,404 1,686,349 34,601,282 4.873 I989 1,102,988 692,541 1,795,529 38,614,210 4.650 I990 1,039,852 959,567 1,999,419 42,096,468 4.750 1991 I,460,I10 1,087,678 2,547, 788 46,I37,586 5.520 1992 1,552,596 1,005,862 2,558,458 48,508,136 5.274 1993 1,541,233 1,177,919 2,7I9,152 49,226,945 5.524 1994 2,209,846 1,235,184 3,445,030 53,214,329 6.474 1995 2,358,643 1,085,4I4 3,444,057 54,4I3,987 6.329 1996 2,180, 072 948,868 3,128,940 53,706,123 5.826 * Budget h�sis - Schedule A-2 59 Ta2ale 6 CI'IY OF B�, 1�Il� L�bt Service R�uirements to Maturity r,;m;ted Revenue CabligatiQn Gerieral C.�ligatian L�bt Bands Fiscal Tota1 Year Princi�l Interest Princi�l Interest R�uir�n�� I997 4,527,500 2,700,603 195,000 339,3I0 7,762,a�3 1998 4,592,900 2,428,I93 205, 000 329,603 7,555,696 1999 4,280,221 2,I87,458 220, 000 3I8,757 7,006,a.36 2000 4,I67,673 1,958,555 230, 000 306, 770 6,662,998 2001 3,9I9,265 1, 746,152 245, 000 293,643 6,204,060 2002 3,263, 003 1,572,314 260, 000 279,307 5,374,62� 2003 3,225,897 1,424,219 275, 000 263, 789 5,I88,905 2004 3,168,956 1,262,369 290, 000 247, 045 4,968,370 2005 3,152,I87 1,116,294 310, 000 228,890 4,807,371 2006 3,125,602 970,473 330, 000 208,958 4,635,033 Si�bsc�u�nt 2I,336, 009 3, 08I,229 3,000, 000 754,544 28,I71,782 $ 58,759,2I3 $ 20,447,859 $ 5,560, 000 $ 3,570,616 $ 88,337,688 60 Tah1e 7 CITY OF BAI�R"'�QR, 1�Il� Genera7 C�ligatian L�bt as a P�s'c�ntage of Assessed Ualue and Genes�l. Qbligatian L�bt Per Capita Iast TPn Fiscal P�riods General C�ligatian GPneral I�ht as a Qbligatian Fiscal General Perc�ntage of L�bt per Year C�bliqatian L�ebt valuatian Assessed Ualue Capita 19g7 12,740,000 547,229,I00 2.3 402.62 198g 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 1,524.6I 1992 55,860, 000 I,241,555,000 4.5 1,689.60 I993 58,277,090 1,266., 015,200 4.6 1,762.71 1994 62,209, 000 1,292,838,100 4.8 1,881.64 I995 57,394,763 I,305,791,000 4.4 1,736.02 1996 58,759,213 1,340,976,800 4.4 1, 777.30 Based c�n 1980 �pulatian of 31,643 through 1989 and 1990 �ropulatian of 33,061 thereafter. 61 Tahle 8 C1'I1' C�' B�2, 1�lII� - Revelue �xi Q�verag� Airp�Z�t Ftu�d Last F�t�' FiscaZ Ye�rs 1�t Revan,ae L�bt Servic� R�.ii.r�r�ts (3J Fiscal G�s �ating Availahle far Year xeveriu�s 111 �s� f2) L�bt Servic� Princi Inter�st � Zbta1 � 1993 $ 14,888,630 $ 10,962,918 $ 3,925,7.12 $ - $ 176,126 $ 176,l26 22.29 1994 12,876,641 9,873,956 3,002,685 - 352,253 352,253 8.53 1995 11,853,307 9,861,003 1,992,304 - 352,252 352,252 5.66 1996* 9,715,257 7,336,358 2,378,899 190,000 348,073 538,073 4.42 * See (l�bte 24) (1) ZbtaZ r�vewes (.irx�li.id.ua3 interest) �l.usive of�ssax�r facility cf�� ar�d interest inaxre c�rived from t1� investrrrnt of t1��ssax.�er' fa�ilty ch�rges and debt se.zvic� r�se.zve ftmcl. (2) Zbtal c�ratux�' ��s e�iusive of dg��ciaticri. (3) Irxlix�s princi�l and intez�st of r�vernae L�s rnly. It d�s rbt irxlix� t1�e ge�er-al cat�ligaticn � r�rt�i in the A;�rt Ftmd• 62 TahZe 9 QTY OF BAl�,C�Z, 1�Il� Undesic�ated Ftmd Balance Sufficiency Calculatian Ji.me 30, 1996 It is the policy of the City to maintain an tmdesic�ated fund b�lance �mx;mating 7.So of operating e�ditures. The follawing table sets forth the calculatian as to the sufficiency of the June 30, 1996 imdesic�ated fi,md Y�lance. General Ftmd �enditures/Uses (Scheduie A-2) �iPra7 ypve�snr�t $ 3,340,732 Public safety 8,990,888 Health, wplfare and recreatian 2,57I,316 Public buildings and services 7,049, 049 Other agencies 2,046,064 Educatian 28,258,718 pther appropriatians 1,449,356 Other uses, gross 2,313,555 Giross ��di tures and uses $ 56,019,678 General fimd debt service (Table 5) 3,128,940 Net ex��ditures and uses $ 52,890,738 Indicated Undesignated Ftmd Balance C 7.So $ 3,966,805 Actual L�idesi�iated Ftmd Balance (Schedule A-2) $ 4,37I,274 Actual Ilndesi�ated Ftmd Balance as a percent of net expenditures and uses 8.26% Ove.r (tuldez') ftulded status $ 404,469 63 rable Zo CTI�Y CF'�, NF-�INE Eic�-it Year Histoz'iCa1 7�xi Infanr�tiC�1 L�fira�i R�sicn Benefi t Plan - Particip�ting I�7 Disisict Plan (Arrrt.mts E��nssed in T7n�.��cIsJ Fiscal Ya�r 1989 1990 1991 1992 I993 1994 1995 1996 Chvez'��yrn11 13 537 15 157 15 731 16 223 16 876 17 578 17 944 18 303 l�anral .retii�r�t c�sts 11.040 9.510 10.40o I0.56o 9.990 10.100 10.01% 9.890 Lh�ifLux�bd liabili ty 10.72% 9.92 0 11.13 0 10.60 0 10.98 0 11.96 0 11.31% 10.70a St�vivQrs 1x�iefi ts .15 0 .I4% .12 0 .14% .13 0 .12 0 .Il o .I7% ZbtcZl Hip.Zoy�' axi�i�utiC�s 21.91a 19.570 21.650 21.300 21.100 22.180 21.430 20.760 I�rrtaZ retirt�nslt a�sts $ 1,495 $ 1,441 $ 1,636 $ 1,713 $ 1,686 $ 1,775 $ 1,795 $ 1,810 IhifLu�x�d liat�ility I,451 1,504 1,751 1,720 1,853 2,101 2,028 1,958 51.�vict�z�s lx��efits 20 21 19 23 19 2I 19 31 ?bta1. etploy�r a�sts 2 966 2 966 3 406 3 456 3 558 3 897 3 843 3 799 F�rpl.ay� c�tzitutirn rate 6.SOo 6.50% 6.500 6.500 6.500 6.500 6.500 6.50% �rglayee mntr�'�,utirn a�stS 880 985 1 039 1 060 1 099 1 144 1 167 1 190 7bta1 an�'ibutica�i 3 846 3 951 4 445 4,516 4 657 5 041 5 O10 4 989 64