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CITYOF 4��+OF,AMs�9
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MAINE ��°��rEo F°'~ 73 HARLOW STREET
BANGOR,MAINE 04401
EXECUTIVE DEPARTMENT TEL.207/945-4400
Edward A. 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