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Introductory Section
CITY OF BANGOR, MAINE
� Comprehensive Annual Financial Report
Table of Contents
�
For the fiscal year ended 7une 30, 2003
� INTRODUCTORY SECTION Pa4e
Letter of Transmittal I - 1
GFOA Certificate of Achievement I - 7
Organizational Chart I - 8
Listing of Principal Executive Officers I - 9
� �
FINANCIAL SECTION '
` Report of Independent Auditors • - II - 1
Management's Discussion and Analysis , II - 2
. < <
Basic Financial Statements: � � Exhibit
� � ' � ' � � . ��,
- Government-wide Finaricial Statements: ' ' r
Statement of Net Assets 1 II - 14
' i Statement of Activities ,,` � , . � ' �2 II - 15
+
Fund Financial Statements:, ' ' ,'
Balance Sheet- Governmental Funds 3 II - 16
' Statement of Revenues, Expenditures and Changes in , '
Fund Balances= Governmenta) Funds � _'���4 II - 17
` Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds • .
to the Statement of Activities 5 II - 18
� Statement of Revenues, Expenditures, and Changes in
Fund Balance - Budget and Actual - General Fund 6 II - 19
Statement of Net Assets— Proprietary Funds 7 II - 20 �
Statement of Revenues, Expenses, and Changes in
Net Assets— Proprietary Funds , 8 II - 22
Statement of Cash Flows— Proprietary Funds 9 II - 23
Statement of Fiduciary Net Assets— Fiduciary Funds 10 II - 25
Notes to the Financial Statements II - 26
� ?
,
CITY OF BANGOR, MAINE
Tabie of Contents, Continued ,
�
Schedule Pa4e ; �
Combining and Individual Fund Statements and Schedules:
Balance Sheet— General Fund A— 1 II - 49
Schedule of Revenues, Expenditures and Changes in
Undesignated Fund Balance — Budget and Actual — Budgetary ,
Basis—General Fund A— 2 II - 50
Combining Balance Sheet— Nonmajor Governmental Funds B — 1 II - 54
Combining Statement of Revenues, Expenditures, and �,
Changes in Fund Balances— Nonmajor Governmental Funds B — 2 II - 55 -
Combining Balance Sheet— Nonmajor Special Revenue Funds B — 3 II - 56 ,
Combining Statement of Revenues, Expenditures, and
Changes in Fund Balances— Nonmajor Special Revenue Funds B — 4 II - 57 1
Combining Balance Sheet— Nonmajor Permanent Funds B — 5 II - 58 �
Combining Statement of Revenues, Expenditures, and ,
Changes in Fund Balances— Nonmajor Permanent Funds B — 6 II - 59
Schedules of Revenues, Expenditures and Encumbrances — Budget �
and Actual Budgetary Basis: -
Sewer Utility Enterprise Fund C — 1 II - 60 ,
Airport Enterprise Fund C — 2 II - 61 r
Park Woods Enterprise Fund C — 3 II - 62
Parking Enterprise Fund C — 4 II - 63 _
Bass Park Enterprise Fund C — 5 II - 64
Municipal Golf Course Enterprise Fund C— 6 II - 65 `
Economic Development Enterprise Fund C — 7 II - 66
Capital Assets Used in the Operation of Governmental Funds:
Schedule by Source D — 1 II - 67
Schedule by Function and Activity D — 2 II - 68
Schedule of Changes by Function and Activity D — 3 II - 69 '
Other Information:
Assessed Valuation, Commitment and Collections E — 1 II - 70
Undesignated Fund Balance Sufficiency Calculation E — 2 II - 71
i
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1
�
CITIf OF BANGOR, MAINE
Table of Contents, Continued
� ; STATISTICAL SECTION
Table Paae
Government-wide information:
Government-wide Expenses by Function 1 III - 1
Government-wide Revenues 2 III _ 2
Fund information:
. General Governmental Expenditures by Function - Budgetary Basis 3 III - 3
, General Governmental Revenues by Source - Budgetary Basis 4 III - 4
General Governmental Expenditures/Other Uses and Revenues/Other
" Sources- Budgetary Basis . i 5 III - 5
. Property Tax Levies and Collections 6 III - 6
, Assessed and Estimated Market Value of Properly ; 7 III - 7
Property Tax Rate- Direct and Overlapping Governments . 8 III - 8
Principal Taxpayers , � r. 9 III - 9
' Computation of Legal Debt Margin - � 10 III -10
Ratio of Net General Obligation Debt to Assessed Value and ' ` , ,
, Net Genera) Obligation Debt Per Capita � 11 III -il
� Ratio of Annual Debt Service Expenditures for General • ' �.'+
Obligation Debt to Total General Fund Expenditures , 12 III -12
Computation of Direct and Overlapping Debt ��-` 13 III -13
? Demographic Statistics � 14 III -14
Taxable Retail Sales ' �15 III -15
Residential and Commercial Building Permits and Bank Deposits J` 16 III -16
Miscellaneous Statistics 17 III -17
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, Compreti,ensive Annual Financial Report �
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' For the Fiscal Year Ended June 30, 2003
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� Prepared by:
Debbie Cyr, Finance Director
�
David tittle, Tax Collector/Deputy Treasurer
�Gty of
^ � �� 207/945-4400
�� fax 207/945-4446
aine debbie.cyrC bgrme.org
www.bgrme.org FINANCE DEPARTMENT
Deborah A. Cyr, Finance Director
i
December 31, 2003
To the Honorable Chairman,
Members of the Bangor City Council, and
Citizens of Bangor
In accordance with the requirements of both our City Charter and state statutes,
the comprehensive annual financial report of the Ciry of Bangor for the fiscal
year ended June 30, 2003 is hereby submitted. This is the first year that the
City's Finance Department has prepared this report using the new reporting
� requirements prescribed by Governmental Accounting Standards Board (GASB)
Statement No. 34. Responsibility for both the accuracy of the data and the
completeness and fairness of the presentation, including all disclosures, rests
with the City of Bangor. To the best of our knowledge and belief, the enclosed
, data is accurate in all material respects and is reported in a manner that presents
fairly the financial position and results of operations of the City of Bangor on a
government wide and fund basis.
� The City is responsible for establishing and maintaining an internal control
framework designed to ensure that the assets of the City are protected from
loss, theft, and misuse, and to ensure that adequate accounting data is compiled
to allow for the preparation of financial statements in conformity with generally
accepted accounting principles (GAAP). The internal control structure is
designed to provide reasonable, but not absolute, assurance that these
objectives are met. The concept of reasonable assurance recognizes that the
costs of control should not exceed the benefits likely to be derived, and that the
valuation of costs and benefits requires estimates and judgments by
management.
The City's financial statements have been audited by Runyon, Kersteen,
Ouellette. The goal of the independent audit is to provide reasonable assurance
that the financial statements are free of material misstatement. The
independent audit involved examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements; assessing the accounting
principles used and significant estimates made by management; and evaluating
the overall financial statement presentation. The independent auditor's
unqualified opinion is presented as the first component of the financial section of
this report.
73 Harlow Street • Bangor, Maine 04401
The City is required to undergo an annual single audit in conformity with the
provisions of the Single Audit Act of 1984, and the U.S. Office of Management _
and Budget's Circular A-133, Audits of States, Local Government and Non-Profit +
Organizations. Information related to this single audit, including a schedule of
federal financial assistance, findings, questioned costs, recommendations and the
independent auditor's reports on the internal control structure and compliance ,
with applicable laws and regulations, are included in a separately issued single
audit report.
GASB requires that management provide a narrative introduction, overview and
analysis to accompany the basic financial statements in the form of �
Management's Discussion and Analysis (MD&A). This letter of transmittal is
designed to complement MD&A and should be read in conjunction with it. The , _
City's MD&A can be found immediately following the independent auditor's
report. '
,
Profile of the Government
The Ciry of Bangor is situated in eastern Maine, is the Penobscot County seat, -
and is the third most populous of Maine's 22 cities. The City occupies
approximately 35 square miles on the western shore of the Penobscot River.
Bangor was first settled in 1656, incorporated as a town on February 25, 1791
and as a city on February 12, 1834. Bangor has become a major trade,
distribution, service, and commercial center for the central, eastern, and
northern portions of the State.
The City operates under a Charter adopted in 1931 that provides for a Council-
Manager form of government. The City Council is composed of nine members
who are elected at large for three-year staggered terms. The Charter grants to
the Council all powers to enact, amend, or repeal rules, ordinances, and
resolutions relating to the City's property, affairs, and government; to preserve
the public peace, health, and safety; to establish personnel policies; to give
effect to any vote of the City; and to authorize the issuance of debt. The Council
adopts an annual budget and provides for an annual audit. The City Manager is
the chief administrative officer of the City and is appointed by the Council, as are
the Assessor, Solicitor, and Clerk. The current City Manager has been in his
_ position since 1988.
The City's schools are governed by a seven-member School Committee. Its
members are elected at large to staggered three-year terms. By Charter, the
School Committee has all the powers and performs all the duties related to the ,
care and management of the public schools of the City. The Committee annually
furnishes to the City Council an estimate of sums required for school purposes
for the ensuing municipal year. The City Council makes a single gross
i
I - 2
appropriation for this purpose with the expenditure of this appropriation under
the direction and control of the School Committee. The School Committee
employs the Superintendent of Schools as its chief operating officer. The current
Superintendent has been in his position since )uly 2000.
The City provides a full range of municipal services that includes police and fire,
highways and sanitation, health and welfare, parks and recreation, education,
public transportation, planning, business and economic development, code
enforcement and general administrative services. Bangor International Airport,
sanitary sewer services, the Bass Park Complex, parking, golf course, economic
development, and a transitional housing complex are accounted for in the City's
Enterprise Funds.
� The City's budgeting process is structured around its fiscal year, which begins on
' ]uly 1st and ends on the following �une 30th. The City annually adopts budgets
for its general fund and seven enterprise funds. The City Charter requires that
the City Manager submit a recommended budget to the Council by the second
Monday in April. The budget, which must be in balance, contains estimates of all
- non-tax revenues and receipts expected to be received during the next fiscal
year, the expenditures necessary to support City operations, debt service
requirements, and the tax levy required to achieve balance between revenues
, � and expenditures. The Council may modify recommended expenditures and the
recommended tax levy. If the Council fails to adopt a budget by July ist, the
City Manager's proposed budget automatically becomes that fiscal year's budget.
In either case, an appropriate property tax levy is established and filed with the
City Assessor who then sets the necessary property tax rate.
Special Revenue Funds do not have legally adopted budgets, but have program
budgets. Budgetary controls are maintained on other governmental funds
through formal authorizations by the City Council and through grant agreements.
All budgets are legally adopted by the City Council through the passage of an
appropriation resolve.
Factors Affecting Financial Condition
Local economy. The City is the economic, educational, recreational,
distribution, and health care center for the central, eastern, and northern Maine
regions. Bangor also serves as northern New England's economic link to the
, Canadian Maritimes and Eastern Quebec. The City is a major center for the
communication, banking, commercial, industrial, and governmental sectors of the
State.
Bangor has a stable and varied economic base. Major employers include a
diversified mix of health care, educational, professional, retail, manufacturing,
� and governmental entities. For the fourth year running, Bangor's 2002
I - 3
unemployment rate of 3.0% remained virtually unchanged and continues to be
below both state and national rates.
Bangor is the second largest retail market in Maine after Portland. The Bangor
Mall, Airport Mall, Broadway commercial center, Union Street commercial
corridor, and the Bangor Center Development District have long established ;
Bangor as the regional hub of the eight-county eastern Maine retail market.
Bangor's retail sector serves an extensive geographic area ranging from eastern
Maine to the Canadian Maritimes with a population exceeding 3.1 million. With
less than three percent of the State's population, Bangor's share of the State's
retail sales has remained in excess of 7% since 1988 and stood at over 9% in ,
2002. Over the same period, Bangor's share of County sales has grown
significantly, to just over 70%.
Further evidence of continuing sustained growth is the change in the City's �.
assessed value of real and personal property, which has increased on average
3% per annum for the last ten years. Tax base growth coupled with the City's �
focus on controlling budgetary growth has translated to the City's tax rate
increasing on average .7% during that same ten-year period. �
The City is committed to preserving its viable economic base while creating new
opportunities for future economic growth. To achieve these objectives, the City -
is proactive in supporting economic activity through planned capital
improvements, innovative financing, and aggressive marketing. .
Long-term fnancial planning. The City prepares a five-year capital plan,
which is updated at least biannually as part of the overall budget process. The
plan identifies all anticipated capital investments as well as potential funding ,
sources.
Recently the City acquired the necessary property to construct a new police
station. The current station was built in 1940 and has significant structural
issues. It is anticipated that the project will cost approximately $7 million and
will break ground in early 2004. Through the relocation of the station, two
additional goals will be achieved: improved visibility and the provision of
additional space adjacent to the Maine Court System and County offices to allow
for their future expansion. �
Progress continues in the redevelopment of almost a mile of prime Penobscot
River frontage extending from the City's downtown area to the Bass Park
Complex. Infrastructure development has begun in earnest, for which the City
has been successful in obtaining partial funding from both State and Federal
agencies. Current plans call for some $180 million in development including: a
headquarters hotel and high-technology conference center, new class A office
I - 4
space, restaurant and retail space, residential apartments and condominiums,
and other private sector projects.
In November, a statewide referendum was approved that authored installation of
slot machines, also known as video fottery terminals (VLTs), at harness racing
facilities in Maine. Prior to the statewide vote, the City entered into a
development agreement with Capital Seven LLC to redevelop Bangor Raceway
� � and surrounding Bass Park property. The proposal calls for the installation of
VLTS, along with hotel and convention center space. Under the agreement with
Capital Seven, the City will receive a percentage of gross slot revenue as well as
land lease payments and properly taxes on new development. This may provide
the necessary funding to construct a new arena in downtown Bangor.
Cash management and investments. Cash temporarily idle during the year
was invested in a number of vehicles, the most frequent being Treasury bills,
Federal Home Loan Notes, U.S. Treasury Obligations and money market funds.
The average yield on these investments was 2.25%, a decrease of 26% from last
year. This decrease in investment income during the year was directly
attributable to the decrease in the average daily rate of return earned on
investments. Investment income includes appreciation in the fair value of
investments. Increases in fair value during the current year, however, do not
necessarily represent trends that will continue; nor is it always possible to realize
such amounts.
Risk management. Overall risk management responsibility falls to the Finance
Department, which identifies and takes reasonable steps to manage the risks
inherent in the normal conduct of City business. The City regularly purchases
commercially available insurance for a variety of identified risks. These include
commercial general liability, auto, property damage, crime and dishonesty, and
various other policies, each with limits and deductibles deemed prudent and
reasonable given the nature of the risks, the cost of coverage, and the City's
ability to fund various types and levels of losses.
The City self-insures its workers' compensation program and also purchases
excess insurance to limit its financial risk to a maximum of $500,000 per
occurrence. An annual independent actuarial valuation is performed to ensure
the adequacy of the City's reserves and that the program is funded to at least an
80% confidence level.
Pension benefits. The City of Bangor provides retirement benefits for its
employees through a number of vehicles, including a defined contribution plan,
� defined benefit pension plan and social security.
I - 5
The City provides pension benefits for certain employees through a 401(a) .
defined contribution plan administered by ICMA/RC. In addition, certain full-time
employees are covered through both a 401 (a) and 457 Deferred Compensation
Plan (DCP) also administered by ICMA/RC. In a DCP, benefits depend solely on
amounts contributed to the plan plus investment earnings.
Those employees with a hire date prior to April 1, 2001 were given the option of
participating in the DCP or remaining in the Maine State Retirement System's
(MSRS) plan. The MSRS is a cost-sharing, multiple-employer defined pension �
plan. As a participant in the plan, the City is required to make contributions at
an actuarially determined rate. �
Additional information on the City's pension arrangements can be found in Notes, ,
Other Information, Note D.
Awards and Acknowledgements. The Government Finance Officers ,
Association of the United States and Canada (GFOA) awarded a Certificate of
Achievement for Excellence in Financial Reporting to the City of Bangor for its
comprehensive annual financial report for the fiscal year ended June 30, 2002.
This was the si�h consecutive year that the City has achieved this prestigious '
award. In order to be awarded a Certificate of Achievement, a government must
publish an easily readable and efficiently organized comprehensive annual .
financial report. This report must satisfy both generally accepted accounting
principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of one year only. We believe .
that our current comprehensive annual financial report continues to meet the
Certificate of Achievement Program's requirements, and we are submitting it to
the GFOA to determine its eligibility for another certificate.
The preparation of this document would not have been possible without the hard
work of all of the City's employees. Each one contributes on a daily basis, simply
by carrying out the responsibilities of their positions.
Our sincerest thanks are once again extended to our Citizens and the Bangor
City Council for their continued support for our efforts to further develop the
Ciry's financial management and reporting capabilities. We hope that we have
once again met their expectations.
Respectfully submitted,
. �
Debbie Cy,r
Finance Director
I - 6
CITY OF BANGOR ORGANIZATIONAL CHART(9-00)
CITIZENS
OF
BANGOR
CITIZEN CITY CITIZEN
COMMISSIONS COUNCiI BOARDS
CITY ASSESSING C�TM CLERK
SOLICITOR MANAGER
ANIMAI. ELECTIONS
CONTROL
COMMUNITY AND
INTERGOVERNMENTA� LICENSES
AFFAIRS ,
INFRASTRUCTURE AND GOVERNMENT BUSINESS AND ECONOMIC
FINANCE OEVELOPMENT SUPPORT OPERATIONS DEVELOPMENT
CODE WASTEWATER PARKS AND COMMUNIN& BANGOR BA�p�yK �
AUDITING TREASURY ENFORCEMENT P�NING ENGINEERING TREATMENT POLICE FIRE RECREATION ECONOMIC DEV. INTERNATIONAL
AIRPORT
PArtKS COMMUNIN ECONOMIC
SEWER FIRE DMINISTRATION ftECREATION CIVICCEME UDITORIUM
RISK INFORMATION HARBOR PUBLIC WORKS oETECnvE anrROL FIGHTING Ai nANC DEVEIOPMEN7 OEVEIOPMEM
MANAGEMENT SERVICES MAINTENANCE � FiaE Go�F STA7E
ADMINISTRATO SERVICES PREVENTION FAIR
BUREAU • DOWNTOWN PARKING
PURCHASING PROGRAMS MANAGEMENT
HEALTH AND ADMINISTRATIVE
WELFARE SERVICES
, .i
GREUEF� SERVICES RESOURCES EIATI�ON �
� DENTAL GRAM FLEET THE .
LLINIC PROGRAM$ MAIM NA BUS
GENritPL
SERVICES
Certi�icate of
Achievement
f or Excellence �
in Financial '
Reporting
Presented to �
City of Bangor,
Maine
For its Comprehensive Annual
Financial Report
for the Fiscal Year Ended
June 30, 2002
A Certificate of Achievement for Excellence in Financial
Reporting is presented Uy the Government Finance Officers
Association of the United States and Canada to
government units and public employee reHrement
systems whose comprehensive aru�ual financial
reports(CAFRs) achieve the highest
standards in government accounting
and financial reporting.
�ce oFF,c �.
��� ornii�V`ss `i�����iiCl�ss+" A�
i W UNIlE051ATE5`y
AND t N
b COFPpa�AjION '^ Presiaent �
,,�o�\��\s
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Executive Director
City of �angor, Maine
Elected Officials and Principal Administrative Officers
At 7une 30, 2003
Citv Council
Nichi S. Farnham, Mayor
Anne E. Allen Michael R. Crowley
Frank]. Farrington Richard D. Greene
David S. Nealley Gerry G.'M. Palmer
John M. Rohman Daniel ). Tremble
City Staff
Edward A. Barrett, City Manager
Benjamin F. Birch, City Assessor Gail E. Campbell, City Clerk
Norman Heitmann, City Solicitor Deborah A. Cyr, Finance Director
School Committee
Martha G. Newman, Chair
Susan A. Carlisle James F. Cox
George F. Eaton. Phyllis M. Shubert, Vice Chair
Christine Szal Ellen Tobin
School Staff
Robert Ervin, Superintendent of Schools
Alan F. Kochis, Director of Business Services
I - 9
Financial Section
�
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1`��'���' . .
�Gersteev� �-�-
D'(ile�le�e Certified Public Accountants and Business Consultants
. Independent Auditor's Report
. City Council . .
City of Bangor,Maine �
We have audited the accompanying basic financial statements of the City of Bangor,Maine, as of and for : .
the year ended June 30,2003,as listed in the Table of Contents. These basic financial statements are the �
responsibility of the City of Bangor,Maine's management. Our responsibility is to express an opinion on -
� these basic financial statements based on our audit. .
� We conducted our audit�in accordance with auditing�standards generally accepted in the United States of .
America and the sfandards applicable to financial audits contained in GovernmentAuditing Standdrds �
� issued by the Comptroller General of the United States. Those standards require that we plan and perfornn ..
the audit to obtain reasonable assurance about whether the basic financial statements are free of material
misstatement. An audit includes examining,on a test basis,evidence supporting the amounts and
disclosures in the basic financial statements. An audit also includes assessing the accounting principles �
used.and significant estimates made by management,as we11 as evaluating the overall basic financial
statement presentation. We believe that our audit provides a reasonable basis for our opinion.
In our opinion,the basic financial statements referred to in the first paragraph present fairly, in all
material respects,the financial position of the City of Bangor,Maine as of June 30,2003,and the results
of its operations and the cash flows of its business type activities for the year then ended in conformity
with accounting principles generally accepted in the United States of America. �
As discussed in the notes to the basic financial statements,the City adopted the provisions of
� Governmental Accounting Standards.Board.Statements No. 34, 36,37,and 38 as well as GASB
Interpretation 6 as of and for the year ended June 30,2003. This resulted in changes in the City's method. . .
-of accounting for certain transactions and a change in the format and content of the basicfinancial
statements.
The Management's Discussion and Analysis,as listed in the Table of Contents,is not a required part of
the basic financial statements but is supplementary information required by the Governmental Accounting . �
Standards Board. We have applied certain limited procedures,which consisted principally of inquiries of
management regarding the methods of ineasurement and presentation of the supplementary information.
However,we did not audit the information and express no opinion on it.
The combining and individual fund schedules listed in the Table of Contents are presented for purposes of
additional analysis and are not a required part of the basic financial statements. Such information has
been subjected to the auditing procedures applied in the audit of the basic financial statements and,in our
opinion, is fairly presented, in a�l material respects, in relation to the basic financial statements taken as a
whole. We did not audit the information in fhe introductory and statistical sections of this report and
therefore express no opinion on them.
City Council
Page 2
In accordance with Government Auditing Standards;we have also issued a report dated October.29,2003
on our consideration of the City of Bangor,Maine's internal control over financial reporting and on our
tests of its compliance with certain provisions of laws,regulations,contracts and grants. That report is an
integral part of an audit performed in accordance with Government Auditing Standards and should be
read in conjunction with this report in considering the results of our audit.
�
October 29,2003
South Portland,Maine
MANAGEMENT'S DISCUSSION AND ANALYSIS
Management of the City of Bangor offers readers of the financial statements this
narrative overview and analysis of the financial activities of the City of Bangor for the
fiscal year ended June 30, 2003. This is the City's initial year of implementation of
Statement No. 34 of the Governmental Accounting Standards Board, therefore
comparative information from the government-wide statements is not available. The
City is presenting comparative data that is based on key information presented in the
fund financial statements for the general fund budgetary basis of accounting. In future
years a comparative analysis of government-wide data will be presented. We encourage �
readers to consider the information presented here in conjunction with additional
information that is furnished in our letter of transmittal, which can be found on pages
I-1 to I-6 of this report.
Financial Highlights
• The assets of the City of Bangor exceeded its liabilities at the close of the most
recent fiscal year by $189.1 million (net assets).
• As of the close of the current fiscal year, the City of Bangor's governmental funds
reported combined ending fund balances of $24.6 million, a decrease of $1.6 million
� in comparison with the prior year. The decrease in fund balance is due to the
expenditure of bond proceeds issued in the prior year. Approximately 67% of the
total amount, or $16.7 million is available for spending at the City's discretion
(unreserved fund balance).
• The City of Bangor has a fund balance policy. The City strives to maintain a general
fund ureserved/undesignated fund balance of 5% - 10% of current expenditures less
debt service. At the end of the current fiscal year, unreserved undesignated fund
balance for the general fund was $8.9 million, or 12.27% of the general fund
expenditure base. The annual calculation is included within the financial statements
as Schedule E-2.
• The total liabilities of the City's governmental and enterprise funds increased by
$200 thousand (2.1%) and $3.2 million (6.2%), respectively. The increase in
enterprise fund liabilities was to due increased accounts payable associated with an
extensive runway repaving project and the issuance of $4.6 million of general
obligation bonds.
Overview of the Financial Statements
This discussion and analysis is intended to serve as an introduction to the City of
Bangor's basic financial statements. The City of Bangor's basic financial statements
consist of three components: government-wide financial statements, fund financial
statements, and notes to the financial statements. This report also contains other
supplementary information in addition to the basic financial statements themselves.
Government-wide financial statements. The government-wide financial
statements present the financial picture of the City from the point of view of economic
resources measurement and using the accrual basis of accounting, which is similar to
II - 2
what privaCe-sector companies' use. These statements present governmental activities
and business type activities separately.
The statement of net assets includes all of the City's assets and liabilities, with the
difference between the two reported as net assets. Over time, increases or decreases in
net assets may serve as a useful indicator of whether the financial position of the City is
improving or deteriorating. �
The statement of activities presents information showing how the City's net assets
changed during the most recent fiscal year. All changes in net assets are reported as
soon as the underlying event giving rise to the change occurs, regardless of the timing
of related cash flows. Thus, revenues and expenses are reported in this statement for
some items that will only result in cash flows in future fiscal periods (e.g. uncollected
taxes and earned but unused vacation leaves).
These statements are divided into two categories: governmental activities and business-
type activities.
• Governmental activities — Most of the City's basic services are included here, such as
the general government, public safety, public works, health and welfare, education,
and parks and recreation. These activities are principally supported by taxes and
intergovernmental revenues. ,
• Business-type activities — Currently, the City operates the following business type
activities: Bangor International Airport, Sewer, the Bass Park Complex, Parking, Golf
Course, Economic Development and the Park Woods Complex.
The government-wide financial statements can be found on pages II-14 to II-15 of this
report.
Fund financial statements. A fund is a grouping of related accounts that is used to
maintain control over resources that have been segregated for specific activities or
objectives. The City of Bangor, like other state and local governments, uses fund
accounting to ensure and demonstrate compliance with finance-related legal
requirements. All of the funds of the City can be divided into three categories:
governmental funds, proprietary funds, and fiduciary funds.
• Governmental funds are used to account for essentially the same functions reported
as governmental activities in the government-wide financial statements. However,
unlike the government-wide financial statements, governmental fund financial
statements are reported using an accounting method called modified accrual
accounting, which measures cash and all other financial assets that can readily be
converted to cash. Both the governmental fund balance sheet and the governmental
fund statement of revenues, expenditures, and changes in fund balances provide a
reconciliation to facilitate a comparison between governmental funds and
governmental activities.
The City of Bangor maintains nine individual governmental funds. Information is
presented separately in the governmental fund balance sheet and in the
governmental fund statement of revenues, expenditures, and changes in fund
II - 3
balances for the general fund, community development block grant, and capital
projects fund, all of which are considered to be major funds. Data from the other six
governmental funds are combined into a single aggregated presentation. Individual
fund data for each of these nonmajor governmental funds is provided in the form of
combining statements (Schedule B) elsewhere in this report.
The City of Bangor adopts an annual budget for its general fund. A budgetary
comparison statement has been provided for the general fund to demonstrate
compliance with this budget(Schedule A-2).
• Proprietary funds are used to account for essentially the same functions reported as
business-type activities in the government-wide financial statements. Enterprise
funds are the only type of proprietary funds maintained by the City. The proprietary
, fund statements provide the same type of information as the government-wide
statements, only in more detail.
The City maintains seven individual proprietary funds, all of which are considered to
be major.
The City of Bangor adopts annual budgets for all its proprietary funds. Budgetary
comparison statements have been provided for each proprietary fund to
demonstrate compliance with budget (Schedule C1 —C7).
• Fiduciary funds are used to account for resources held for the benefit of parties
outside the City. Fiduciary funds are not reflected in the government-wide financial
statements because the resources of those funds are not available to support the
City's own programs. The accounting used for fiduciary fvnds is much like that used
for proprietary funds. Its statement of net assets is included elsewhere in this report
as Exhibit 10.
Notes to the financial statements. The notes provide additional information that is
essential to a full understanding of the data provided in the government-wide and fund
financial statements. The notes to the financial statements can be found on pages II-26
through II-48 of this report.
II -4
Government-wide Financial Analysis
The following is a condensed version of the Statement of Net Assets. Since this is the
first year of GASB 34 implementation, no comparative data is available. In future years,
comparative information will be provided.
� Governmental Business-type
Activities Activities
Current &other assets 35,937,649 33,375,484
Capital assets, net 55,837,902 189,735,099
Total assets 91,775,551 223,110,583
Long-term debt outstanding 62,268,172 48,615,099
Other liabilities 9,873,193 5,052,682
Totalliabilities 72,141,365 53,667,781
Net assets:
Invested in":
Capital assets, net of related debt 33,261,947 147,970,359 �
Restricted 507,743 -
Unrestricted (14,135,504� 21,472,443
Total net assets 19,634,186 169,442,802
By far the largest portion of the City's net assets (96% or $181.2 million) reflects its
investment in capital assets (ie. land, buildings, machinery and equipment), less any
related outstanding debt used to acquire those assets. The City uses these capital
assets to provide services to citizens, consequently, these assets are not available for �
future spending. Although the City's investment in its capital assets is reported net of
related debt, it should be noted that the resources needed to repay this debt must be
provided from other sources since the capital assets themselves cannot be used to
satisfy these liabilities.
Restricted net assets are those resources that are subject to external restrictions on how
they may be used. While the remaining balance of unrestricted net assets is $7.3
million, the governmental activity portion shows a deficit of $14.1 million, which is
primarily due to $28.3 million of outstanding pension obligation bonds. Although the
City made all required contributions to the Maine State Retirement System's (MSRS)
Participating Local District plan, an unfunded pension liability existed at the time MSRS
created the Consolidated plan. Until fiscal year 2002, this liability was being paid to the
MSRS over twenty eight years at a rate of 8%. In fiscal year 2002, the City issued
bonds to pay off the MSRS resulting in savings of$8.2 million over the life of the debt.
II - 5
Changes in Net Assets
The following is a condensed version of the Statement of Activities.
Governmental Business-type
Activities Activities
Revenues
Program Revenues
Charges for services 15,169,744 19,325,452
Operating grants &contributions 21,566,478 _
Capital grants &contributions 3,814,705 11 274 222
General Revenues � �
Property and other taxes 42,128,366 _
Grants and contributions not
restricted to specific programs 4,059,770 -
Other 1,532,793 1,097,155
Total Revenues 88,271,856 31,696,829
Expenses
General government 6,060;687 -
Public safety 11,114,804 -
Health, welfare and recreation 3,340,989 -
Public buildings and services 7,050,085 -
Other agencies 1,610,132 , -
Education 40,828,756 -
Unclassified 1,844,069 -
Restricted grants 6,551,455 -
County tax 1,712,263 -
Interest on de6t 740,077 -
Capital maintenance expenses 2,024,489 -
Sewer Utility - 5,744,275
Airport - 14,489,128
Park Woods - 449,873
Parking - 1,370,737
Bass Park - 1,944,718
Municipal Golf Course - 575,408
Economic Development - 271,047
Total Expenses 82,877,806 24,845,186
Excess before special items
and transfers 5,394,050 6,851,643
Transfers (798,618) 798,618
Increase in net assets 4,595,432 7,650,261
II -6
Governmental Activities
The cost of all governmental activities was $82.9 million. However, as shown on the
Statement of Activities, the amount that the City's property taxpayers financed was
$37.6, million or 45.5%, because $15.2 million was paid by those who directly benefit
from the programs or by other governments and organizations that subsidized certain
programs with operating grants and contributions in the amount of $21.6 million, and
capital grants and contributions accounted for $3.8 million. The City also received $10.1
million in other general revenues such as State Revenue Sharing, motor vehicle and boat
excise taxes, homestead exemption, and interest earnings.
Expenses and Program Revenues-Governmental Activities
45 ;
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II -7
Revenues by Source- Governmental Activities
5� 5% ao�o O Charges for Servioes
19°ib
OOperating Grants&
Contributions
:;. o Capital Grants&Contributions
❑Property Taxes •
�o�o B Other General
42
❑Unrestricted Grants&
I 4% Contributions
�Other Unrestricted
Business-type Activities
Business-type activities increased the City's net assets by $7.7 million. The majority of
this increase is attributable to the receipt of $10.4 million in capital grants for the
reconstruction of the Airport Fund's runway.
Expenses and Program Revenues- Business-type Activities
,
20
18 �
16 �
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II -8
Revenues by Source - Business-type Activities
3% 2%
O Charges for Services
,,,�, O Capital Grants and
i��`' Contributions
O Unrestricted Investment
35% Eamings
O Transfers
Financial Analysis of the Government's Funds
Governmental funds. The focus of the City's governmental funds is to provide
information on near-term inflows, outflows, and balances of spendable resources. Such
information is useful in assessing the City's financing requirements. In particular,
unreserved fund balance may serve as a useful measure of the City's net resources
available for spending at the end of the fiscal year.
At fiscal year end, the City of Bangor's governmental funds reported combined ending
fund balances of $24.6 million, relatively unchanged in comparison to the prior year's
balance of $26.2 million. Approximately 67% of this total ($16.7 million) constitutes
unreserved fund balance which is available for spending at the City's discretion. The
remainder of fund balance is reserved, indicating that it is not available for new
spending because it has already been committed for various purposes including:
liquidating contracts and purchase orders of prior periods ($5.8 million), as a reserve for
potential non-repayment of interfund balances ($1.4 million), or for a variety of other
restricted purposes ($.7 million).
�
The general fund is the chief operating fund of the City of Bangor. At the end of the
fiscal year, the unreserved fund balance of the general fund was $14.6 million ($5.7 �
million of which has been designated by management for subsequent years' �
expenditures), and the general fund's total fund balance was $17.3 million, which is
relatively unchanged from fiscal year 2002's balance of$17.6 million. �
Proprietary funds. The City of Bangor's proprietary funds provide the same type of
information found in the government-wide financial statements, but in more detail.
'
II - 9
The unrestricted net assets of the seven enterprise funds totaled $169.4 million,
including a net asset deficit of$1.2 million in the Bass Park Fund.
During the current year, the Municipal Golf Course, Economic Development and Bass
Park enterprise operations individually experienced an increase in net assets ranging
from $31 thousand to $267 thousand, while the increase in net assets for Sewer Utility
and Airport operations were $1.3 million and $6.2 million respectively. Both the Parking
and Park Woods enterprise operations experienced a decrease in net assets of $110.2
thousand and $164.5 thousand respectively.
General Fund Budgetary Highlights
Differences between the original budget and the final amended budget can be briefly
summarized as follows: $1.5 million was appropriated from the City's unreserved
undesignated fund balance to provide funding for a variety ofi improvements accounted
for in the capital projects fund, and $3:6 million in general obligation bond proceeds
were used to refund a previous issue
Capital Asset and Debt Administration
Capital assets. As of June 30, 2003, the City of Bangor's ir�vestment in capital assets
for its governmental and business-type activities amounts to $245.6 million (net of
accumulated depreciation). This investment in capital assets includes land, buildings,
machinery and equipment, roads, runways and sewer lines. The total increase in the
City's investment in capital assets for the current fiscal year was 5.9% (a 10.3%
increase for governmental activities and a .5% increase for business-type activities).
Major capital asset events during the current fiscal year included the following;
• Completion of a $4.5 million expansion of Bangor High School
• Investment of$1.4 million in infrastructure on the City's waterfront
• Improvements to local roads in the amount of $1.6 million through state and local
funding sources
• Purchase of 6 new BAT Community Connector buses to support the City operated
regional transportation system in the amount of $1.7 million in federal, state and
local funds
• A private donation of$1.4 million to construct a new outdoor aquatic center
• An additional $3.0 million in general obligation bonds issued to continue the City's
aggressive combined sewer overtlow program
• State, federal, local, and defense department funding to finance $10.0 million toward
the reconstruction of runways at Bangor International Airport.
II - 10
Capital Assets (net of depreciation)
Governmental Business-type
Activities Activities
Land and improvements 5,362,966 3,682,809
Buildings and improvements 26,475,633 18,948,198
Machinery and equipment 2,994,903 2,500,664
Vehicles 4,852,573 _
Infrastructure 3,905,950 37,974,460
Parking structures - 5,307,083
Aircraft operational assets - 105,329,961
Construction in process 12,245,877 15,991,924
Tota I 55,837,902 189,735,099
Debt Administration
At fiscal year end, the City had a total outstanding bonded debt of $105.5 million, an
increase of $4.0 million during the year. The main factor in this increase was the Sewer
Utility Fund's continued commitment to a Combined Sewer OverFlow program ($3.0
million) and the Economic Development Fund's purchase of a building ($1.3 million).
Bonded Debt Outstanding (in millions)
�47.90 �
O Govemmental Activities
$57.70 O Business-type Activi�es
During the year, the City refinanced some of its existing debt to take advantage of
favorable interest rates. The City issued general obligation bonds to refinance
previously outstanding limited revenue and general obligation bonds, resulting in a
decrease in future debt service payments of$1.2 million.
II - 11
The City maintained a "AA" rating from Standard & Poor's and a "Aa3" rating from
Moody's for general obligation debt.
State statutes limit the amount of general obligation debt a governmental entity may
issue to 15% of its total State assessed valuation. The current debt limit for the City is
$241.4 million, an amount, which is significantly in excess of the existing general
obligation debt.
Additional information on the City's long-term debt can be found in Note I on pages II-
39 to II-42 of this report.
Economic Factors and Ne�ct Year's Budget and Rates
• The unemployment rate for the City of Bangor for calendar year 2002 is 3.12%,
which is virtually unchanged from the. rate of 3.01% a year ago. This compares
favorably to the State's rate of 3.5%.
• The City's share of retail sales remains in excess of 9% of total statewide sales and
70% of county sales, while Bangor represents less than 3% of the state's
population.
• The increased supply of new residential lots that began in 2002 continues in the
current fiscal year. Developers continue to construct new housing without a need
for the City to significantly improve infrastructure to accommodate this growth.
City of Bangor officials considered many factors when adopting the 2004 fiscal year
budget. The primary objective was to keep the increase in the properly tax to a
minimum, given economic conditions and the on-going fiscal problems of the state.
Since existing property valuation is adjusted annually to current market conditions, the
Council focused on minimizing the individual property tax bill. While the mill rate
decreased for fiscal year 2004, the average increase in existing property valuation
increased 5%. Given that the value of existing property increased by 5% for fiscal year
2004, the City's mill rate was decreased to partially off-set this impact.
Past events and current projections indicate that the state will continue to face
significant shortfalls in its budget. Given the general consensus that the tax burden in
Maine is too high, it is likely that strong efforts will be undertaken to reduce state
spending. This may result in reductions to state aid programs to municipalities in such
areas as education and revenue sharing.
Management continues to track other areas of revenue and expense concerns as well.
On the revenue side, our focus is on the continued low and flat rates of return on
investments and the ability of automobile excise tax collections to keep pace with its
recent trend of 4.5% average annual increases. As for expenses, insurance costs have
proven the most volatile. After several years of double-digit increases in both employee
health and commercial insurance coverage, estimates for fiscal year 2004 are promising.
The City will actually see a small decrease in employee health insurance rates and a less
than 10% increase in commercial insurance rates. Management continues to be mindful
that insurance rates could easily return to their recent history of large annual increases.
II - 12
User rates for both governmental and business-type activities are reviewed on an annual
basis, to ensure that fee structures are sufficient in relation to market conditions and the
cost to provide such services. Many fees are adjusted annually for inflation, and no
significant increases in user rates are foreseen at this time.
Requests for Information
This financial report is designed to provide our citizens, taxpayers, customers, and
investors and creditors with a general overview of the Ciry of Bangor's finances.
Questions concerning any of this information should be addressed to the Finance
Director, City of Bangor, 73 Harlow Street, Bangor, ME 04401.
II - 13
6/�SIC FI NAiVCIAL STATE M E NTS
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Exhibit 1
CITY OF BANGOR,MAINE
Statement of Net Assets
June 30,2003
Governmental Business-type
Activities Activities Total
ASSETS
Cash and cash equivalents $ 1;438,372 $ 888,064 $ 2,326,436
Investments 20,120,544 19,635,390 39,755,934
Receivables:
Accounts(net of allowance of$274,838) 1,005,069 3,744,106 4,749,175
Intergovernmental 2,065,568 3,232,394 5,297,962
Taxes and liens receivable -prior years 765,008 - 765,008
Taxes receivable-current year 984,450 - 984,450
Deferred special assessments 30,130 89,358 119,488
Due from water district - 114,952 114,952
Loans (net of allowance of$130,131) 5,358,445 3,396,037 8,754,482
Internal balances 1,SZ3,355 (1,573,355) -
Inventories 547,061 78,504 625,565
Prepaid items 6,887 74,244 81,131
Other assets 2,042,761 3,695,790 5,738,551
Capital assets,net 55,837,902 189,735,099 245,573,001
Total assets 91,775,552 223,110,583 314,886,134
LIABILITIES
Accounts payable and other cunent liabilities 2,571,918 4,699,296 7,271,214
Accrued payroll 3,205,789 274,677 3,480,466
Deferred revenues 4,095,487 78,709 4,174,196
Noncurrent liabilities
Due within one year 2,969,161 3,685,517 6,654,678
Due in more than one year 59,299,011 44,929,582 104,228,593
Totalliabilities 72,141,366 53,667,781 125,809,147
NET ASSETS
Invested in capital assets,net of related debt 33,261,947 147,970,359 181,232,306
Restricted for:
Nonexpendable trust principal 507,743 - 507,743
Unrestricted (14,135,504) 21,472,443 7,336,939
Total net assets $ 19,634,186 $ 169,442,802 $ 189,076,988
See accompanying notes to financial statements.
II- 14
_._ � _ r __ � � - � t __. .
Ex6ibit 2
CITY OF BANGOR,MAINE
St�[emeut of Activities
For the Year Ended June 30.2003
Net(expense)revenue and changes
ProQram Revenues in uet assets
Operating Capital Primary Government
Charges for grants and graots aod Goverumental Business-type
Functions/programc Expenses services coo[ributions contributions activities acttvides Total
Primary govemment:
Govemmental activities:
Generalgovemment $ 6,060,687 $ 869,520 $ - $ - S (5,191,16� $ - $ (S,191,16'n
Publicsafery � 1I,II4,804 1,446,942 342,246 - (9,325,616) - (9,325,61�
Health,welfaze and recrtation 3,340,989 647,709 I,089,698 - Q,603,582) - (1,603,582) � �
Public buildings and services 7,050,085 3,043,886 5,688 - (4,000,511) - (4,000,51 l)
Otheragencies 1,61Q132 - 33,737 - (1,576,395) - (1,576,395)
Educatian 40,828,756 3,742,385 18,691,059 - (18,395,312) - (18,395,312)
Unclassified 2,044,069 26,830 - - (2,017,239) - (2,017,239)
Restricted grants 6,551,455 5,392,472 1,404,050 - 245,067 - 245,067
.. . - County[a�c 1,712,263 - - - (1,712.263) - (1,712,263) • � .
Inurest on deb[ 740,077 - - - (740,07� - (740,07�
Capital maintenance expenses 1 824 489 3,814,705 1,99Q216 1,990,2I6
Total govemmental activities 82 877 806 15 I69 744 21 566 478 3,814,705 (42,326,879) (42,326,879)
. Business-rype activities: � .
Sewer U[ility 5,744,275 6,569,790 - 492,046 - 1,317,561 1,317,561
AiryoR 14,489,128 9,291,513 - 10,432,176 - 5,234,561 5,234,561 ��
PazkWoods 449,873 283,052 - - - (I66,821) (166,821)
Pazking 1,370,737 807,645 - - - (563,092) (563,092)
Bass Pazk 1,944,718 1,362,054 - 350,000 - (232,664) (232,664)
Municipal Golf Course 575,408 623,233 - - - 47,825 47,825
EconomicDevelonment 271047 388165 - 117,118 _ 117,118
Total business-type activities 24 845 186 19 325 452 11 274,222 5,754,488 5,754,488 :
Total primary government S 107,722,992 $ 34,495,196 $ 21,566,478 $ 15,088,927 (42,326,879) 5,754,488 (36,572,391)
General revenues:
Properry taxes,levicd for genera(puryoses 37,624,392 - 37,624,392
Payment in lieu of ta�ces 113,573 - 113,575
Excise taxes 4,09I,505 - 4,091,505
Registration fees 65,020 - 65,020
Franchisefees 233,874 - 233,874
Grants and contributions not restricted to specific progams:
Homestead exemption 893,050 - 893,050
Other State aid 30,979 - 30,979'
State Revenue Sharing 3,135,741 - 3,135.741
Unrestricted investrnent eamings 377,113 1,097,155 1,474,268
Indirect cos[charges 557,165 - 557,165
Miscellaneous revenues 598,515 - 598,515
Transfers (798,618) 798,618
Total¢eneralrevenues and transfers 46,922,311 1,895,773 48,8t8,084
Change in netassets 4,595,432 7,650,261 12,245,693
Net assets-be�++nning 15,038,754 161,792,541 176,831,295
Net assets-eoding S 19,634,186 $ 169,442,802 S 189,076,988
See accompanytng notes to financia!statements.
lI-15 , .
Exhibit 3
CITY OF BANGOR,MAINE
- Balance Sheet
Governmental Funds .
; June 30,2003
Community Capitai Other Total �
Development Projects Governmental Governmental �
General Block Grant Fund Funds Funds
''
;ASSETS
1lssets:
Cash $ 839,858 $ 120,596 $ 25,018 $ 452,900 $ 1,438,372
Investments 15,325,950 - 2,311,675 2,482,919 20,120,544 '
Receivables:
Ta�ces 1,749,458 - - - 1,749,458
Accounts(net of allowance of$274,838) 912,955 - 92,114 - 1,005,069
Interfundloans 1,573,355 - - 192,025 1,765,380
Intergovemmental 1,491,741 29,897 246,461 297,469 2,065,568
I.oan(netofallowanceof$130,131) 1,300,000 3,026,441 - 1,032,004 5,358,445
Deferred special assessments - - 30,130 - 30,130 �
Inventory,atcost 547,061 - - - 547,061
Investment of bond proceeds - - 2,042,761 - 2,042,761
Prepaid items 6 887 - - - 6,887 _
�
Totai assets $ 23,747,265 $ 3,176,934 $ 4,748,159 $ 4,457,3]7 $ 36,129,675
LIABILITIES AND EQUITY _
Liabiliries: '
Accountspayable $ 1,151,931 $ 47,088 $ 649,361 $ 92,788 $ 1,941,168
Accrued wages and benefiu payable 3,205,789 - - - 3,205,789
Workers'compensation 607,890 - - - 607,890
Interfund loans payable - - - 192,025 192,025 �
Deferred revenues 1,513,698 3,026,441 - 1,004,747 5,544,886 4
Due to rehabilitation recipients - 48,819 - - 48,819
1-
Interfund advance - - - - '
Totalliabilities 6,479,308 3,122,348 649,361 1,289,560 11,540,577 1
Fund balances:
Reserved for: �
Encumbrances 1,252,948 - 4,587,642 898 5,841,488
Prepaid itetns 6,887 - - - 6,887
Interfundloans 1,432,689 - - - 1,432,689 _
�� - - - 132,960 132,960
Nonexpendable trust principal - - - 507,743 507,743 '
Unreserved:
Designated 5,682,749 - - - 5,682,749
Undesignated,reported in:
General fund 8,892,684 - - - 8,892,684
Special revenue funds - 54,586 - 2,025,598 2,080,184
Capital pmjects funds - - (488,844) - (488,844) � -
Peananent funds - - - 500,558 500,558
Total equity(deficit) 17 267 957 54,586 4,098,798 3,167,757 24,589,098
Total liabilities and equity $ 23,747,265 $ 3,176,934 $ 4,748,159 $ 4,457,317
Amounts reported for govemmental activities in the statement of net assets are different because:
Capital assets used in govemmental activities are not financial resources and,therefore,are not
reported in the funds. 55,837,902
Other long-term assets are not available to pay for current-period expenditure and,therefore, {
are deferred in the funds. 1,449,399
Long-term liabiliries,including bonds payable,are not due and payable in the wrrent period `
and,therefore,are not reported in the funds (62,242,213)
Net assets of govemmental fimds $ 19,634,186
See accompanying notes to financial statements.
II-16
- - Exhibit 4
� CITY OF BANGOR,MAINE
Statement of Revenues,Expenditures and Changes in Fand Balances
Governmental Funds
For t6e year ended Jane 30,2003
Community Capital Ot6er Total
� Development Projects Goveromental .Goveromental
Geaeral Block Grant Fund Funds Funds -'
�
r
' Revenues:
� Taxes $ 41,948,596 $ - $ - $ 1,404,050 $ 43,352,646
Intergovemmental 24,252,060 681,424 2,268,068 3,426,375 30,627,927
Licenses and permits 409,842 - - - 409,842
Chazgesforservices 9,734,546 - - 417,091 10,151,637
Program income - 461,607 - 121,962 583,569
Revenue from use ofmoney and property 1,142,089 9,493 80,416 188,584 1,420,582
_ , Other 9,707 2,538 1,516,875 83,398 1,612,518
Total revenues 77,496,840 1,155 062 3 865,359 5,641,460 88,158,721
Expenditures:
Current:
, General govemment 4,223,670 - - - 4,223,670
�� Public safery 11,018,419� - - - 11,018,419
Health,welfare and recreation 3,230,938 - - - 3,230,938
Public buildings and services 7,876,895 - - - 7,876,895
� Other agencies 3,386,873 - - - 3,386,873
Education 44,690,381 - - - 44,690,381
Unclassified 2,223,533 - - - 2,223,533
Restricted grants - 937,642 - 5,614,571 6,552,213
Capital outlay 143,593 - 8,651,058 - 8,794,651
Debt service 1,611,606 - - - 1,611,606
� Total expenditures 78,405,908 937,642 8,651,058 5,614,571 93,609,179
Excess(deficiency)ofrevenues over(under)expenditures (909,068) 217,420 (4,785,699) 26,889 (5,450,458)
Other financing sources(uses):
General obligation debt 3,805,397 - 592,114 - 4,397,511
Sale of assets 232,259 - - - 232,259
Transfers to other funds (3,561,855) (11,867) (12,249) (77,889) (3,663,860)
Transfers from other funds 83,958 - 2,770,326_ 1Q958 2,865,242
Total other financing sources(uses) 559,759 (11,86�) 3,350,191 (66,931) 3,831,152
Excess(deficiency)of revenues and other financing sources
over(under)expenditures and other financing uses (349,309) 205,553 (1,435,508) (40,042) (],619,306)
Fund balances(deficit),beginning of year(Restated Note F) 17,617,266 (150,967) 5,534,306 3,207,799 26,208,404
Fund balances,end of year $ 17,267,957 $ 54,586 $ 4,098,798 $ 3,167,757 $ 24,589,098
See accompanying notes to financia/statements.
�
II-17
�
Eghibit 5
CITY OF BANGOR,MAINE
Reconciliation of the Statement of Revenues,Expenditures,
and Changes in Fund Balances of Governmental Funds �
to the Statement of Activities r,
For the year ended June 30,2003 �
Net change in fund balances-total governmental funds (from Exhibit 4) $ (1,619,306) ; �
Amounts reported for governmental activities in the statement of '
activities(Exhibit 2)are different because: " �
Governmental funds report capital outlays as expenditures.
� However,in the statement of activities,the cost of those assets �
is allocated over their estimated useful lives as depreciation expense. t
This is the amount by which capital outlays exceeded depreciation
expense in the current period. 5,204,945 � •
� Revenues in the statement of activities that do not provide
cunent financial resources are not reported as revenues in �
the funds (119,123)
Bond proceeds and certain capital leases provide current financial
resources to governmental funds,but issuing debt increases long-term
liabilities in the statement of net assets. Repayment of bond
principal is an expenditure in the governmental funds,but the
,
repayment reduces long-term liabilities in the statement of net
assets. 'This is the amount by which proceeds exceeded
repayments. 1,025,163
Some expenses reported in the statement of activities do not require -��
the use of current financial resources and,therefore, are not reported
as expenditures in governmental funds. 103,753 �
Change in net assets of governmental activities(see Exhibit 2) $ 4,595,432 �
See accompanying notes to financial statements. �%
(
II- 18 �
�
Exhibit 6
CITY OF BANGOR,MAINE
Statement of Revenues,Eapenditures and Changes in
Fund Balance Budget and Actual
General Fund
For the year ended June 30,2003
Variance with
�� Final Budget
Budgeted amounts Positive
' Original Final Actual (Negative)
Revenues:
� � Taxes $ 41,316,597 $41,418,077 $41,948,596 $ 530,519
Intergovernmental 19,360,703 19,390,565 20,508,789 1,118,224
� Licenses and permits 369,750 369,750 409;842 40,092
Charges for services
' municipal 5,753,332 5,753,332 5,833,588 80,256
„ school 4,287,779 4,287,779 3,742,385 (545,394)
Fines,forfeits and penalties 20,400 20,400 9,707 (10,693)
Revenue from use of money and property
municipal 764,995 765,471 758,609 (6,862)
�' school - 7,965 7,965 -
Total revenues 71,873,556 72,013,339 73,219,481 1,206,142
•- Expenditures:
� Current:
General govemment 4,045,693 4,129,873 3,992,860 137,013
Public safety 11,290,138 11,290,138 11,104,269 185,869
Health,welfaze and recrearion 2,884,280 2,905,985 3,172,189 (266,204)
, ) Public buildings and services 7,970,5]3 7,970,513 7,919,573 50,940
Other agencies 3,314,608 3,323,108 3,311,873 11,235
Education 38,766,338 44,112,796 41,455,729 2,657,067
Debt service 1,306,975 1,614,009 1,611,606 2,403
Unclassified 2,023,230 2,214,730 2,211,125 3,605
Totalexpenditures 71,601,775 77,561,152 74,779,224 2,781,928
Excess(deficiency)ofrevenues over expenditures 271,781 (5,547,813) (1,559,743) 3,988 070
Other financing sources(uses):
� Appropriaton from designated fund balance 1,188,182 1,188,182 431,636 (756,546)
Appropriation from undesignated fund balance - 1,564,180 - (1,564,180)
General obligarion bond proceeds - 3,805,397 3,805,397 -
� Sale of assets 500 500 18,207 17,707
Transfers to other funds (525,000) (2,055,000) (2,055,000) -
Transfers from other funds 48,000 48,000 48,000 -
�'�
Operating transfers (983,463) (983,463) (983 463) -
� Total other financing sources(uses) (271,781) 3,567,796 1,264,777 (2 303 019)
-, Excess(deficiency)of revenues and other
financing sources over(under)expegditures
and other fmancing uses $ . - $ (1,980,017) (294,966) $ 1,685,051
� Undesignated fund balance,beginning of year 9,291,767
Change in balances carried (104,117)
` Undesignated fund balance,end of year $ 8,892,684
See accompanying notes to financial statements.
II-19
Exhibit 7
CITY OF BANGOR,MAINE '
Statement of Net Assets
Proprietary Funds
June 30,2003 .
Business-type Activities-Enterprise�nds
Sewer Bass Mnnicipal Economic
�•.
Uh7ity Airport pa� Parking Park Golf Development Totab
. Fond Fund Woods Fund Fond Coarse Fund Cnrreotyear �
ASSETS
Current assets
Cash $ 84,179 S �05,055 $ 1,918 $ 8,768 $ 73,277 S 13,095 E 1.772 E 888,064
e
Investrnents 2,645,406 3,681,593 - 337,085 - 684,162 - 7,348,246 ! �
Accountsreceivable 1,642,112 2,250,791 - 3,713 99,738 - - 3,996,354
� Less allowance for uncollectibie accounts (22,601) (202,537) - - (27,110) - (252,1A8)
Netaccountsreceivable I,619,511 2,048,254 - 3,7i3 72,628 - - 3,744,106
Due from other govemments 47,040 3,185,354 - - - - - 3,232,394
Due from wata district ll4,952 - - - - - - I 14,952
Inventories,at cosl - 66,450 - - 12,054 - - 78,504
Prepaid itetns 4,971 24,818 - - 44,455 - 74,244
Totalcurrentassets 4,516,059 9,711,524 1,918 349,566 202,414 697,257 1,772 15,480,510
Property
L.and and improvements 683,865 - 295,025 - 828,921 1,431,040 1,143,984 4,382,835 `l
Buildings and improvements 27,486,624 - 1,933,061 - 5,587,727 238,408 3,600,785 38,846,605 I
Machinery and equipment 4,771,534 - 22,952 - 144.428 246,478 - 5,185,392 -
InfrasWcture 44,887,061 - - - - - - 44.887,061 ..
Aircrafl operational astets - 194,747,7I3 - - - - - 194,747,713 I
Parking struclures - - � - 9,968,268 - - - 9,968,268
Construction in process 4,330,827 11,661,097 - - - - - 15,991,924
82,159,911 206,408,810 2,251,038 9,968,268 6,561,076 1,915,926 4,744,769 314,009,798
�,
L.ess accumulated depreciation (23,741,562) (89,417,752) (74I,454) (4,661,185) (4,581,845) (883,401) (247,500) (124,274,699)
NetpropeRy,plantandequipment 58,418,349 116,991,058 1,509,584 5,309,083 1,979,231 1,032,525 4,497,269 189,735,099 ( �
Other assets
]nvestrnents - 12,287,144 - - ' ' ' 12.287,144
Loans receivable 619,200 2,642,281 - - - - 134,556 3,396,037
Deferted special assessnents � 89,358 - - - - - - 89,358
Investrnentofbond proceeds � 1,642,024 - - 236,940 14,188 - - 1,893,152
Due&om bond trustee 1,598,049 - - - - - - 1,598,049 " .
Deposits - - 15,000 - - - - 15,000
Operating rights(net of accumulated
amortizadonof$I,276,437) - 23,563 - - - - - 23,563 _
Bond issuance cosls(net of accumulated �
amortization of$249,036) 166,026 - - - 166,026 �
Total assets 67,049,065 141,655,570 1,526,502 5,893,589 2,I95,833 1,729,782 4,633,597 224,683,938
See accompanying notes to fznancial statements.
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Exhibit 7(con't)
CITY OF BANGOR,MAINE
� Statement of Net Assets
, Proprietary F�nds
June 30,2003
' . Business-type Activities-Enterprise Ftind's
Sewer Bass Municipal Economic
r., UNlity Airport Park Parldng Park Golf Development Totals
Fund �nd Woods Ftind Fund Course Fund Current year
' LIABILITTES
' Curtent liabili[ies
Accounts payable 594,343 3,463,632 16,235 11,726 19,802 6,579 24,192 4,136,509
i , Accrued wages and benefits payable 24,409 195,506 3,127 6,543 26,647 18,445 - 274,677
Accruedinterest 329,366 56,628 - 82,566 17,657 - 26,450 512,667
� Workers'compensation 15,101 81,074 - 3,231 5,555 - - 104,961
Defemd revenue - - - 54,234 24,475 - - 78,709
Interfund loans - - 26,000 - 1,399,355 - 148,000 1,573,355
� Generalobligation debtpayable 2,512,637 333,178 - 433,215 126,t37 445 237,659 3,643,2I1
� Deferred amount on refunding (33,793) - - (28,922) - - - (62,715)
Other liabilities - 48,109 - - 2,011 - - 50,120
Total curtent liabilities 3,442,063 4,178,127 45,362 562,593 1,621,639 25,469 436,301 10,311,554
' Long-tenn liabilifies
Workers'compensation 74,899 94,825 - 6,769 4,445 - - 180,938
Generalobligationdebtpayable 28,534,113 7,035,181 - 5,316,158 1,778,587 94,158 1,452,593 44,210,790
� Deferred amount on refunding (106,839) - - Q00,202) - - - (207,04I)
� Accrued compensared absences 45,440 177,361 8,036 2,839 17,504 6,703 - 257,883
� Other long-term liabili[ies 280,534 - 193,061 13,417 - - - 487,012
-• Total long-tertn liabilities 28,828,147 7,307,367 201,097 5,238,981 1,800,536 ]00,861 1,452,593 44,929,582
' Totalliabilities 32,270,210 t1,485,494 246,459 5,801,574 3,422,175 126,330 1,888,894 55,241,I36
, 1
NET ASSETS
1
Inves[ed in capital assets,net of related debt 28,411,487 ll3,491,058 1,509,584 169,076 549,612 1,032,525 2,807,017 147,970,359
� Unrestricted 6,367,368 16,679,018 (229,541) (77,061) (1,775,954) 570,927 (62,314) 21,472,443
Total net assets $ 34,'778,855 S 130,170,076 $ 1,280,043 $ 92,015 $ (1,226,342) $ 1,603,452 $ 2,744,703 $ 169,442,802
See accompanying notes to f nancial statements.
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Continued from previous page
� Q_Z�
Exhibit 8
CITY OF BANGOR,MAINE �
Statement otRevenues,Eapenses and Changes in Net Assets
Proprietary Funds
For the fiscal year ended June 30,2003
Business-type Activities-Enterprise Funds
Sewer Bsss MuniMpal Ern�romic
Utility Airport Park Parldng Park Golf Developmevl Totab ' �
Fmid Fund Woods Ftimd Fmd Conrse Fm�d C�ment year _ �
Operating revenues
Cha�ges for services $ 6,569,790 $ 9,253,620 $ 283,052 $ 807,645 S 1,362,054 S 623,233 $ 388,165 $ 19,287,559
Opuating expensw
/ ;
Operating expenses othtt than
depreciationar�darnortirrtion 2,889,295 ' 8,198,731 360,750 586,353 1,662,607 471,027 155,726 14,324,489 .
Lkpreciationandamortization 1,550,300 5,740,556 89,123 470,452 196,473 98,605 77,381 8,222890 �
Total operating ezpensa 4,439,595 13,939,287 449,873 1,056,805 1,859,080 569,632 233,107 22 547,379
Operatingincome(loss) 2,13q195 (4,685,66'� (166,821) (249,I60) (497,026) 53601 155058 (3259820) � �
I
Nonoperating revrnue(ezpenses)
Interest income 92,009 I,046,317 28 4,193 1,790 14,308 ]0,655 1,169,300
Unrealized loss on invatmrnts - (72,14� - - - - - (72,14� �
Interest expense (1�04,680) (549,841) - (313,932 ,
) (85,638) (5,776) " (37,940) (2,297,807)
Gfants/contributions received for capital assets 492,046 10,432,176 - - 350,000 - - 11,274,222 .
Miscellanmus income(expense) - 37,893 - - - 37,893 � -
ToWnonoperatingrovenue(expenses) (720,625) 10,694,400 28 (309,739) 266,152 8,532 (27,285) ]0,111,463 f
Net income(loss)befo�c operating hansfers 1,409,570 6,208,733 (166;793) (558,899) (23Q874) � 62,133 127,773 6 851 643
Transfersrootherfunds (100,000) (19,345) - (36,422) - (31,345) - (187,112) �'
Transfcrs from other funds - - 2,267 485,077 498,386 985,730 ��
Changeinnetazscts 1,309,570 6,189,388 (164,526) (llQ244) 267,512 30,788 127,773 7,650,261 �
4
Net Assets,July 1,(Ratated Note k� 33,469,285 123,980,688 1,444,569 202,259 (1,493,854) 1,572,664 2 616 930 161,792,541
Net Assets,Jwe 30 S 34,778,855 S 130,190,076 S 1,280,043 S 92,015 S (1,226,342) S 1,603,452 S 2,744,703 S 169,442,802 �
See accompanying notes to financial statements.
\
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n-zz �
' Exhibit 9
CITY OF BANGOR,MAINE
Statement of Cash Flows-Proprietary Funds
- For the f scal year ended June 30,2003
,_
Business-type Activities-Enterprise Funds
� Sewer Bass MuMcipal Ernnomie
Utflity Alrport Park Parklog Park Golf Development
� Fund Fund Woods Fund Fund Course Fund Total �
' Cazh Oows Gom operating actvities ,
Cach raeived Gom customers S 6,816,486 $ 9,248,323 S 283,052 S 50�,205 S t,281,185 S 623,233 5 388,165 S 19,441,649
" Cazh paid to suppliers Cor goods ar�d services (1,853,604) (3,475,200) (284,585) (415,028) (974,492
) (232.02� (146,624) (7,387,559)
Cashpaidtoemployeesfmsrnices (964,911) (4,404,079) (65,009) (168,538) (710,528) (242,601) (6,555,86
�
Na cazh provided by(used in)operating
, � activies 3,997.971 1,369,094 (66,542) 217,639 (403,835) 148,406 241,541 5,504,224
Cash Oows from nmrcapital finarrcing utivitia
Nterfimdtoa�(repayments) �. - (600,OW) 26,000 - 118,500 - 148,000 (307,500)
I
Transfers in - - Z167 - - - - 2.267
� Transfersout (100,000) (19,345) - (36,422) - (31,345) - (187,ll2)
Operating Na'¢fer raeived - - 485.077 498,386 . .
983,463
-� Nel cash provided by(uced in)nmicapital -
fmancingacfivitia (100,000) (619,345) 28,26� 448,655 616,866 (31,345) 148,000 491,118
Cash flows Gom capital and relateA fvuncing activities
Praeeds Gom general obligation bonds 5,262,142 3,500.000 - 266,000 812,699 - 1,300,000 I1,140,841
"_ Acquisiuonandconstructionofcapitalassets '(3,213.778) (8,884.82t) - (297,249) (300,470) - (I.850,359) (14,546,67'n
Principal paid on grneral and�imi�ed revenue .
_ obligationbonds (4,584,59� (4,215,453) - (391.773) (588,164) (256
) (65534)� (9,845,77�
Interest paid on grneral and limiled revenue _
obligationbonds (1,272,735) (578,589) ' (304,919) (87,203) (5,�76
) (25,08� (2,274,309)
I i Proceeds from salt of equipmen� - 221,254 - • - - ' 221,254
� Granl monia received for capilal azsets 835,059 8,477,177 - - - - - 9,312,236
Inveslmrnto(bond proceeds (1,484,168) 539,380 87,695 �g57,p9;�
� Net cash provided by(used in)capital and related
, 1 (nancing activilies (4,458,077) (941,052) - (640,24� (163,138) (6,032) (640,960) (6,849 525)
Cash flows 6om investing aclivities
Net sales(purchazes)of inveshnents 103,206 (281,909) 968 (221,665) 7,050 (199,553) 12,124 (579,779)
Interal on mvcstmenis 95,076 974,169 28 4,535 1,790 14,308 10,656 I,I00,562
, Loanrepaymenls 391.800 197,140 4,172 593112
Net cazh provided by(used in)mvesting activities 590,082 889,400 996 (217,130) 8,840 (185,245) 26,952 1,113,895
� Ne�increase(decrease)in cash 29,976 698,047 (37,279) (191,082) 58,753 (74,216) ' (224,487) 259,712
Cash,July I 54,203 7,008 39,197 199,850 14,524 8�,317 226,259 628,352
I
� Cash,June 30 S 84,179 S 705,055 S 1y18 $ 8,768 S 73,277 S 13,095 $ 1,772 g 886,064
Schedule of noncazh investing,capiW and Snancing activities:
.,
, During ihe year.the Airport Fwid had an unrealized loss on imestrnrnts in 1he amounl of 572.145.
See accompanying notes to financial statements.
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D-23
Exhibit 9(con't)
CTI'Y OF BANGOR,MAINE .
Statement of Cash Flows-Proprietary Funds ,
For the fiscai year ended June 3Q 2003
Busioess-type Activities-Enterprise Funds
Sewer Baas Municipal Economic �
. Utflity Alrport Park Parking Park Golf Development
N'und Fund Woods Fund Rund Course Fund Total .
Reconciliation ofopaatmg income(lass)wrnl -
� cash provided bY(�m)oP��B activities _
Opera[ingimomeQoss) � $ �2,130,195 5 (4,685,66� $ (166,821) $ (249,160) 5 (497,026) 5 53,601 $ 155,058 E (3;259,820) �
Adjustrnents ro recrnicile operating income(loss) �
to nel czsh provided by(used'm)opemting .
azUvitia �
1
- Depredationandarnrntir�tion I,550,300 5,740,556 69,123 470,452 196,473 98,605 77,38i 8,222,890 `�
Provision frn uncollabble accamts - 91,804 - - - - - 91,604 �
Changes in assets and liablitics:
i
. ([ncrease)a«reasoinaccowrtsreceivante (27,1a9) (5,29� - (sza) (2a�zo]) - - (s7,���)
(Incresse)decreaze in due from water districl 273,885 - - - - - - 273.885 �
(Increase)decrcau m inventories - 1,386 - - (2,816) - - (1,430)
(Inaeace)decrease m prepaid items (1.092) 9.108 - - (2Q245) - -
(12,229) ,
Increase(decrease)in accounts payable 64,514 154,027 9,450 1,083 (4,442) (10,664) 9,102 223,050
L�crease(decreaze)m dtferted revenue - . - (5,916) (56,668) - - (62,584) .
Increase(decrease)m otha curtent liabilities 7,358 63,127 1,706 1,704 5,090 6,684 85,869
Toul adjustmrnls 1,867,776 6,054,711 100,279 466,799 93,191 94,805 86 483 8 764 044 �
Net cash provided by(used in)operating attivltles $ 3,997,971 $ 1,369,044 $ (66,542) $ 217,6J9 S (403,83� 5 148,406 $ 241,541 $ 5,504,224 �-
f
See accompanying no(es Io financiaf smtemenu.
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�-24
^ E�ibit 10
CITY OF BANGOR,MAINE
Statement of Fiduciary Net Assets
' Fiduciary Funds
� June 30,2003
, Agency
Fund
, ASSETS
, , Cash $ 71,060
' Total assets $ 71,060
�
_ LIABILITIES
Liabilities:
Amounts held for others $ 71,060
Total liabilities $ 71,060
See accompanying notes to financial statements.
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� INDEX OF NOTES TO FINANCIAL STATEMENTS
Summary of SigniFcant Accounting Policies
Note Pa4e
A Reporting Entity II— 26
B Govemment-wide and Fund Financial Statements II — 26
, C Meas�rement Focus, Basis of Accounting and Basis of Presentation II — 26
D Assets, Liabilities and Equity II — 29
, Stewardship, Compliance and Accountability
� ' A Budgetary Information - � ' ,"� II— 31
- B Reconciliation of Budgetary Basis Statements � II — 32
C Excess of Expenditures Over Appropriations , II — 33
D Deficit Fund Equity - � . � II — 33
; , �
� � Detailed Notes on All Funds � `
_ �� {
A Deposits and Investments � �� ,' II — 34
B Properly Tax `� ; , � , ' � � ; II — 35
' � C Capital Assets � � � . } � � ' II�— 35
D Interfund Transactions �• � � " � , II — 37
E Due From Other Governments+ � , � ` II — 37
F Leases ' II — 38
G Other Assets - �� II — 39
H Deferred Revenue � � ' II — 39
I Long-Term Debt � ' ,Ii — 39
5 =
. ] Fund Balances , • , II= 43
_ ' . , � ,
� Other Information
.
�
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A Risk Management �` ` ' ' II — 44
._ B Tax Increment Financing Districts � II — 45
C Contingent Liabilities ' { ;- " II— 46
D Retirement � � II—46
E Landfill Closure and Postclosure Care Costs , II — 48
F Restatement of Beginning Fund Equity , II — 48
G Subsequent Events II — 48
CITY OF BANGOR, MAINE
Notes to Basic Financial Statements
7une 30, 2003 �
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1
A. Reporting Entity
The City of Bangor was incorporated under the laws of the State of Maine in 1834 and operates under
a council/manager form of government. In evaluating how to define the reporting entity, for financial
reporting purposes, management has considered all potential component units. The criteria used to
determine which entities, agencies, commissions, boards and authorities are part of the City's �
operations include how the budget is adopted, whether debt is secured by general obligation of the
City, the City's duty to cover any deficits that may occur, and supervision over the accounting ,
functions. Based upon all pertinent facts derived from the analysis of the above criteria, it was ,
determined that no additional entities should be included as part of theses financial statements.
B. Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement of
changes in net assets) report information on all of the nonfiduciary activities of the City. For the most
part, the effect of interfund activity has been removed from these statements. Governmental `
activities, which normally are supported by taxes and intergovernmental revenues, are reported
separately from business-type activities, which rely to a significant extent on fees and charges for ,
support.
The statement of activities demonstrates the degree to which the direct expenses of a given function
or segment are offset by program revenues. Direct expenses are those that are clearly identifiable
with a specific function or segment. The City has elected not to allocate indirect costs among the
programs, functions and segments. Program revenues include 1) charges to customers or applicants
who purchase, use, or directly benefit from goods, services, or privileges provided by a given function
or segment and 2) grants and contributions that are restricted to meeting the operational or capital ,
requirements of a particular function or segment. Taxes and other items not properly included among
program revenues are reported as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and fiduciary '
funds, even though the latter are excluded from the government-wide financial statements. Major �-
individual governmental funds and major individual enterprise funds are reported as separate columns
in the fund financial statements.
C. Measurement Focus, Basis of Accounting and Basis of Presentation
The government-wide financial statements are reported using the economic resources measurement -
focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial
statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, �
regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for .
which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility
requirements imposed by the provider have been met.
,
II-26
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Governmental fund financial statements are reported using the current financial resources measurement
� focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both
measurable and available. Revenues are considered to be available when they are collectible within the
current period or soon enough thereafter to pay liabilities of the current period. For this purpose, the
government considers revenues to be available if they are collected within 60 days of the end of the
current fiscal period. F�cpenditures generally are recorded when a liability is incurred, as under accrual
accounting. However, debt service expenditures, as well as certain compensated absences and claims and
, judgments, are recorded only when the payment is due.
Those revenues susceptible to accrual are property taxes, interest, and charges for services. Other
, receipts and taxes become measurable and available when cash is received by the City and are ,
recognized as revenue at that time.
-- Entitlements and shared revenues are recorded at the time of receipt or earlier if the susceptible to
accrual criteria are met. Expenditure-driven grants are recognized as revenue when the qualifying
expenditures have been incurred and all other grant requirements have been met.
, The City reports the following major governmental funds:
The General Fund is the City's primary operating fund. It accounts for all financial resources of the
general government, except those required to be accounted for in another fund.
, The Community Development Block Grant Fund accounts for federal grants obtained and expended
under the Housing and Community Development Act of 1974, as amended, for the development of
viable urban communities.
� The Capital Projects Fund accounts for the acquisition of fixed assets or construction of major
capital projects not being finance by proprietary or fiduciary funds.
The City reports the following major proprietary funds:
The Sewer Utility fund accounts for the costs of construction and operation of the sewage
treatment plant, the City sewer system, and sewer operation activities, and is self-supported
through sewer user fees.
� The Airport Fund accounts for the operation of Bangor International Airport. The principal
� sources of revenues are landing fees and the sale of aviation fuel. Other revenue sources include
lease payments for the use of terminal space and non-aviation industrial buildings.
II-27
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED �
The Park Woods Fund accounts for the rental of 60 units of surplus housing received from the �
federal government pursuant to the McKinney Homeless Assistance Act. The principal source of �
revenue is rental income.
The Parking Fund accounts for the operation of the City-owned parking lots and the Pickering �
Square garage. Revenue sources include monthly lease payments for parking spaces,
hourly/daily parking fees and fines and waiver fees for parking violations. Certain of these
facilities are operated under a private management contract.
- The Bass Park Fund accounts for the operation of the Bangor auditorium, Bangor Civic Center, �
and Bangor State Fair. Principal sources of revenue are admissions, concession sales and rentals.
The facility is named aPter the Bass family, which bequeathed the property to the City for
recreational purposes. '
The Municipal Golf Course Fund accounts for the operation of a 27 hole municipal golf course.
Principal revenue sources are season memberships and daily greens fees.
The Economic Development Fund accounts for the operation and development of properties ,
acquired by the City. Its purpose is to promote economic growth within the City. the principal
source of revenue is rental income.
Additionally, the City reports the following fund type:
Fiduciary funds account for assets held by the City in a trustee capacity or as an agent on behalf
of others. The City's fiduciary funds include the following fund type: - �
Agency funds are custodial in nature and do not present results of operations or have a
measurement focus. Agency funds are accounted for using the modified accrual basis of
accounting. The funds are used to account for assets that the City holds for others in an
agency capacity. �
Private-sector standards of accounting and financial reporting issued prior to December 1, 1989,
generally are followed in both the government-wide and proprietary fund financial statements to the ''
extent that those standards do not conflict with or contradict guidance of the Governmental Accounting
Standards Board. Governments also have the option of following subsequent private-sector guidance
for their business-type activities and enterprise funds, subject to the same limitation. The Ciry has
elected not to follow subsequent private-sector guidance.
As a general rule the effect of interfund activity has been eliminated from the government-wide financial
statements. Exceptions to this general rule are charges between the City's public services function and , -
various other functions of the government. Elimination of these charges would distort the direct costs
and program revenues reported for the various functions concerned.
II-28
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
; SUMMARY OF SIGNIFICANT.ACCOUNTING POLICIES, CONTINUED
Amounts reported as program revenues include 1) charges to customers or applicants for goods, services,
or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions,
including special assessments. Internally dedicated resources are reported as general revenues rather
than as program revenues. Likewise, general revenues include all taxes.
Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating
revenues and expenses generally result from providing services and producing and delivering goods in
connection with a proprietary fund's principal ongoing operations. l''he principal operating revenues of
the City's proprietary fund is charges to customers for sales and services; operating expenses include the
cost of sales and services, administrative expenses, and depreciation on capital assets. All revenues and
expenses not meeting this definition are reported as nonoperating revenues and expenses.
When both restricted and unrestricted resources are available for use, it is the City's policy to use
restricted resources first, �hen unrestricted resources as they are needed.
D. Assets, Liabilities and Equity
i. Deposits and Investments
� Cash includes amounts in demand deposits as well as short-term investments with a maturity date
, within three months of the date acquired by the City.
State statutes authorize the City to invest in obligations of the U. S. Treasury, commercial paper,
� corporate bonds and repurchase agreements. City policy prohibits the investment in so-called
'�derivative instruments".
Investments are reported at fair value. Income earned from the investment of pooled cash is allocated
' to various funds based upon the average cash balance allocated to the fund.
2. Interfund Receivables and Payables
. Activity between funds that are representative of lending/borrowing arrangements outstanding at the
end of the fiscal year are referred to as either'�interfund loans" (i.e. current portion of interfund loans)
or "advances to/from other funds" (i.e. the non-current portion of interfund loans). Any residual
balances outstanding between the governmental activities and business-type activities are reported in
the government-wide financial statements as"internal balances".
Advances between funds, as reported in the fund financial statements, are offset by a fund balance
reserve account in applicable governmental funds to indicate that they are not available for
appropriation and are not expendable available financial resources.
3. Inventories and Prepaid Items
Inventories consist of expendable supplies held for consumption and are valued at cost. Under the
consumption method, the costs of inventory items are recognized as expenditures/expenses when
II-29
CITY OF BANGOR, MAINE
Notes to Financial Staten�ents, Continued
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED ,
used. The consumption method does not require a reserve for inventory and the City has chosen not
to have such a reserve.
Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as
prepaid items in both government-wide and fund financial statements.
4. Capital Assets '
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g:, roads, bridges,
sidewalks,.and similar items), are reported in the applicable governmental or business-type activities
columns in the government-wide financial statements. Capital assets are defined by the City as assets
with an initial, individual cost of more than $10,000 for machinery/equipment/vehicles, $25,000 for
land/buildings and improvements and $100,000 for infrastructure and an estimated useful life in excess of
one year. Such assets are recorded at historical cost or estimated historical cost if purchased or �
constructed. Donated capital assets are recorded at estimated fair market value at the date of donation.
The costs of normal repairs and maintenance that do not add to the value of the asset or materially
extend assets lives are not capitalized.
Major outlays for capital assets and improvements are capitalized as projects are constructed. Interest �
incurred during the construction phase of capital assets of business-type activities is included as part of
the capitalized value of the assets constructed.
Property, plant, and equipment of the primary government is depreciated using the straight line method
over the assets' estimated useful lives ranging from 3 to 100 years.
For all capital assets; buildings, vehicles, equipment, sewer related assets the City elects to use the
Depreciation Approach as defined by Statement No. 34 for reporting. The City conducted an inventory
of all other capital assets for fiscal year 2003. "
This process determined the original cost, which is defined as the actual cost to acquire new property �
in accordance with market prices at the time of first construction/acquisition. Original costs were -�
developed in one of three ways: 1) historical records; 2) standard unit costs appropriate for the
construction/acquisition date; or 3) present cost indexed by a reciprocal factor of the price increase
from the construction/acquisition date to the current date. The accumulated depreciation, defined as
the total depreciation from the date of construction/acquisition to the current date on a straight line,
unrecovered cost method was computed using industry accepted life expectancies for each capital
asset. The book value was then computed by deducting the accumulated depreciation from the
original cost.
5. Compensated Absences
,
Accumulated vacation or compensatory time or vested sick leave of governmental funds that is
expected to be liquidated with expendable available resources is reported as an expenditure in the -
fund financial statements. All accumulated leave, including that which is not expected to be liquidated
with expendable available financial resources, is reported in the government-wide financial statements. -
II-30
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
, SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
Accumulated leave of Enterprise Funds is recorded as an expense and liability of the respective fund as
the benefits accrue to employees. No liability is recorded for non-accumulating rights to receive sick
pay benefits.
6. Long-term Obligations
In the government-wide financial statements, and proprietary fund types in the fund financial
statements, long-term debt and other long-term obligations are reported as liabilities in the applicable
governmental activities, business-type activities, or proprietary fund type statement of net assets.
Bond premiums and discounts, as well as issuance costs if material to basic financial statements, are
deferred and amortized over the life of the bonds using the straight-line method. Bonds payable are
reported net of the applicable bond premium or discount. Bond issuance costs are reported as
deferred charged and amortized over the term of the related debt.
In the fund financial statements, governmental fund types recognize bond premiums and discounts, as
well as bond issuance costs, during the current period. The face amount of debt is reported as other
financing sources. Premiums received on debt issuances are reported as other financing sources while
discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not
withheld from the actual debt proceeds received, are reported as debt service expenditures.
7. Fund Equity
In the fund financial statements, governmental funds report reservations of fund balance for amounts
that are not available for appropriation or are legally restricted by outside parties for use for a specific
� purpose. Designated fund balances represent tentative plans for future use of financial resources.
� 8. Allowance for Uncollectible Accounts and Loans
.
Allowances for uncollectible accounts are maintained for all types of receivables which historically
experience uncollectible accounts. Allowances for uncollectible loans are established when the City
determines its ability to collect the outstanding loan balance has been impaired.
9. Use of Estimates
_ Preparation of the City's financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent
items at the date of the financial statements and the reported amounts of revenues and
expenses/expenditures during the reporting period. Actual results could differ from those estimates.
STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY
A. Budgetary Information
Budgets are prepared on a modified accrual basis of accounting, with the exception of depreciation
within the enterprise funds. Budgets for the General Fund and enterprise funds are formally adopted
- each year through the passage of an appropriation resolve. Budgets for special revenue and capital
II-31
CITIf OF BANGOR, MAINE
Notes to Financial Statements, Continued
STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY, CONTINUED ,
projects funds have adopted project-length budgets. Unencumbered appropriations lapse at fiscal year
end.
Encumbrances represent commitments related to unperformed contracts for goods or services.
Encumbrance accounting is employed in governmental funds. Encumbrances (i.e., purchase orders,
contracts, and other commitments) outstanding at year end are reported as reservations of fund
balances and do not constitute expenditures or liabilities because the commitments have not be
honored in the current year. Fo"r budgetary purposes, encumbrances are treated as expenditures
within both governmental and proprietary fund types.
On or before the second Monday in April, the City Manager submits to the City Council a proposed
operating budget for the ensuing fiscal year. The Council holds public meetings and a final budget
must be prepared and adopted no later than June 30th. Should the Council fail to adopt an operating
budget on or before June 30th, by Charter, the budget proposed by the City Manager becomes
effective.
The budget is adopted at the department level through the passage of appropriation resolves. The
City Manager may make transfers of appropriations within a department. Transfers between
departments or additional appropriations require the approval of the City Council. The City Council
made several supplementary budgetary appropriations throughout the year, only two of which were
material. The City Council appropriated $1,530,000 from the City's undesignated fund balance to be
transferred to the Capital Projects Fund for various improvements and it appropriated $3,643,600 in
general obligation bond proceeds for the purpose of a current refunding (refer to Note I. Long-Term
Debt, of the Detailed Notes for a full description of the transaction).
B. Reconciliation of Budgetary Basis Statements
The following schedule reconciles the General Fund amounts on the Statement of Revenues,
Expenditures, and Changes in Fund Balance—Budget and Actual—Budgetary Basis to the amounts on
the Statement of Revenues, Expenditures, and Changes in Fund Balances, Governmental Funds:
Deficiency of revenues over expenditures and L _
other financing sources and uses(Budget) $(324,728)
Activity in designated fund balance (357,138)
2003 encumbrances 1,238,548
2002 encumbrances lapsed (9,245)
2002 encumbrances paid (896,746)
Excess of revenues and other financing sources over
expenditures and other uses(GAAP) � (349.3091
The following schedule reconciles the amounts on the enterprise funds' Schedules of Revenues,
Expenditures and Encumbrances—Budget and Actual—Budgetary Basis to the amount on the
Combined Statement of Revenues, Expenses, and Changes in Retained Earnings/Fund Balances: '
II-32
' CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued ,
, ;. __._ .. _. .. __.
STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY,CONTINUED
Excess(deficiency)of revenues over expenditures and encumbrances:
Sewer $ (1,126,236)
Airport (484,983)
Park Woods (56,873)
Parking (443,238)
Bass Park (100,055)
, Municipal Golf Course 33,086
Economic Development (455�374�
�2.633,673)
Nonoperating revenues classification (2,092,440)
Investments at market value (72,145)
Capital outlay 913,321
Capital projects (144,224)
Cash basis to accrual basis adjustments (580,704)
Contributed capital depreciation (4,367,077)
Principat payments 3,243,271
2003 encumbrances 200,063
2002 encumbrances (176,369)
Nonoperating expenses classification 2,450,157
Operating loss $��25�$ )
C. Excess of Expend�tures Over Appropriations
The following General Fund departments were over-expended by the indicated dollar amounts; Council
$354, City Clerk $3,647, Assessing $442, Legal $8,433, Fire $4,983, Health and Welfare $281,919,
Pension and Other Fringes $9,614 and Tax Increment Financing Payments $3,281. These over-
expenditures were funded by receipt of revenues in excess of appropriation and under-expenditures
within other General Fund departments.
�' The Park Woods Fund was over-expended on a departmental basis by $55,186. The majority of the
deficit was caused by higher than anticipated utility billings and increased repairs to the units.
The Parking Fund was over-expended on a departmental basis by $182,495. These over-expenditures
were funded in part by receipt of revenues in excess of appropriations and the remainder is
attributable to depreciation expense being under budgeted.
The Economic Development Fund was over-expended on a departmental basis by $59,135. This deficit
is eliminated on a GAAP basis.
D. Deficit Fund Equity
The Bass Park Enterprise Fund has a deficit fund equity of$1,226,342 as of June 30, 2003. The City
Council has begun to take steps to address this ongoing problem, and has determined that the facility
� will either be closed or replaced in the near future under a financial and management structure that
more clearly reflects its economic benefit and more equitably distributes it business risk.
II-33
CITIf OF BANGOR, MAINE
Notes to Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS �
A. Deposits and Investments
At year=end, the City's carrying amount of deposits was $2,391,057 and the bank balance was �
$3,045,142. Of the bank balance, $2,334,658 was covered by federal depository and Travelers
insurance or by collateral held by the City in its name, the remaining $710,484 was uninsured.
Statutes authorize the City to invest in obligations of the U.S. Treasury, agencies and instrumentalities,
repurchase agreements, corporate securities, financial institution stocks, and other stock investments.
Investments are categorized as follows to give an indication of the level of risk assumed by the City at
year end:
(1) insured or registered or for which securities are held by the City or its agent in the City's
name, �
(2) uninsured and unregistered for which the securities are held by the bank's trust department or
agent in the City's name,
(3) uninsured and unregistered for which the securities are held by the bank's trust department or
agent but not in the City's name.
At year end, the City's investments consisted of the following:
Carrying Category
Valu 1 2 3
U.S.Government and agencies $ 29,592,326 - $ 29,592,326 -
State of Maine(agency bonds) 10,124 - 10,124 -
Commercial paper 996,000 - 996 000 -
30,598,450 - 30,598,450 -
Certificate of deposit 50,000
Mutual Funds(1) 13,043,242 - - -
Total investments 43.691.692 - $ 30.598.450 - 1
(1) Mutual funds and the certificate of deposit are not classified in any of the three above categories because they are
not evidenced by securities that exist in physical or book entry form nor are they included as deposits.
Due to_higher cash flows at certain times during the year, the City's investment in U.S. Government
and agency obligations, repurchase agreements and mutual funds fluctuates significantly.
r
A reconciliation of cash and investments as shown on the combined balance sheet for the Ciry follows:
Cash and Cash Equivalents $ 2,397,496
Investments 39,755,934
Investment of bond proceeds(other assets) 3,935,913
46,089,343
Less: Pending items (6,594)
46.082_749 �
Carrying amount of deposits 2,391,057
Carrying amount of investments 43,691,692
Carrying amount of investments 46.082.749
II-34
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued -
DETAILED NOTES ON ALL FUNDS, CONTINUED
B. Property Tax
Property taxes for the current year were levied July 9, 2002, on the assessed value listed as of the
� prior Aprii 1 for ail real and personal property located in the City. Assessed values are periodically
established by the City's Assessor at 100% of assumed market value. Taxes were due in two
installments: September 16, 2002 and March 17, 2003. Interest was charged at 8.75% on all taxes
unpaid as of the due date.
� Property taxes levied during the year were recorded as receivables at the time the levy was made.
The receivables collected during the year and in the first sixty days following the end of the fiscal year
have been recorded as revenues. The remaining receivables have been recorded as deferred
revenues. Tax liens are placed on real property within twelve months following the tax commitment
date if taxes are delinquent. The City has the authority to foreclose on property eighteen months after
the filing of the lien if the tax liens and associated costs remain unpaid.
" C. Capital Assets
Capital asset activity for the year ended June 30, 2003 was as follows:
Balance Balance
June 30, ]une 30,
2002 Increases Decreases 2003
Governmental activities:
Capital assets, not being depreciated:
' Land $ 5,040,548 - - 5,040,548
Construction in progress 8�733 347 6,814,697 3,302,167 12�245,�
Total capital assets, not being depreciated 13�773,895 6,814,697 3 302,167 17,Z86�425
Capital assets, being depreciated:
, Land improvements 1,437,811 - - 1,437,811
Buildings and improvements 40,769,869 218,731 - 40,988,600
Machinery and equipment 5,058,501 805,590 - 5,864,091
Vehicles 6,999,689 2,513,335 - 9,513,024
Infrastructure 11,061,273 155,740 - 11,217,013
Total capital assets being depreciated 65,327,143 3,693,396 - 69,020,539
Less accumulated depreciation for:
Land improvements (1,071,439) (43,954) - (1,115,393)
Buildings and improvements (13,708,971) (803,996) - (14,512,967)
Machinery and equipment (2,489,741) (379,447) - (2,869,188)
Vehicles (4,109,650) (550,801) - (4,660,451)
Infrastructure (7 088�280) (222,783) - (7,311,063)
, Total accumulated depreciation (28,468,081) (2,000,981) - (30,469,062)
Total capital assets being de�reciated, net 36,859,062 1,692,415 - 38,551,477
�50.632.957 8.507.112 3.302.167 55.837.9A
II-35
CITY OF BANGOR, MAINE ,
Notes to Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Balance Balance
June 30, June 30,
2002 Increases Decreases 2003
Business-type activities: -
Capital assets,not being depreciated:
Land $ 1,929,749 350,000 - 2,279,749
Construction in progress 7,717,444 12.901.279 4,626.799 15.991,924
Total capital assets,not being depreciated 9,647,193 13,251,279 4,626,799 18,271,673
Business-type activities: '
Capital assets,being depreciated: '
Land improvements 1,802,616 300,470 - 2,103,086
Buildings and improvements 36,996,246 1,850,359 - 38,846,605
Machinery and equipment 5,061,759 123,633 - 5,185,392
Infrastructure 40,205,852 4,681,209 - 44,887,061
Airport operational assets 193,863,377 1,078,310 193,974 194,747,713
Parking structures 9,742,189 226,079 - 9,968,268
Total capital assets being depreciated 287,672,039 8,260,060 193,974 295,738,125
Less accumulated depreciation for: .
Land improvements (613,611) (86,415) - (700,026)
Buildings and improvements (18,654,413) (1,243,994) - (19,898,407)
Machinery and equipment (2,449,789) (234,939) - (2,684,728)
Infrastructure (6,487,136) (425,465) - (6,912,601)
Aircraft operational assets (83,574,223) (5,848,836) 5,307 (89,417,752)
Parking structures (4,190,734) (470,451) - (4j661�1851
Total accumulated depreciation (115,969,906) (8,310,100) 5,307 (124,274,699)
Total capital assets being depreciated,net 171,702 133 (50r040) 188,667 171,463,426
' es canital assets.net �181.349.326 13.201.239 4.815.466 189.735.099
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities: �
General govemment $ 568,343
Pubiic safety 240,907
Health,welfare and recreation 154,992
Public building and services 298,473
EdUcatiOn 738,266
deoreciation exoense—aovernmental activities �2.000.98
Business-type activities:
Sewer Utility Fund $1,529 683
Airport Fund 5,848,835
Park Woods 89,123
Parking Fund 470,452
Bass Park Fund 196,022
Municipal Golf Course -" 98,605
Economic Development Fund 77,380
otal de�reciation exoense—business activities 58.31A.10 �
II-36
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Construction commitments
The government has active construction projects as of )une 30, 2003. The projects include
reconstruction of runways, construction of additional infrastructure on the waterfront, continuation of
the combined sewer overtlow program, construction of an outdoor aquatic center and the engineering
associated with a new police station.
D. Interfund Transactions
Individual fund interfund receivable and payable balance at June 30, 2003 were as follows:
Receivable Payable
General Fund $ 1,573,355 $ -
Other HUD Funds 192,025 - .
Grant Fund - 192,025
Park Woods Fund - 26,000
Bass Park Fund - 1,399,355
Economic Development _ - 148,000
.76 .380 � 1.76 . 8
Individual fund transfers to and from other funds for the fiscal year ended June 30, 2003 were as
follows:
Transfers to Transfer from
- General Fund $3,561,855 $ 83,958
Special Revenue Funds 28,189 10,899
` Capital Projecks Fund 12,249 2,770,326
Expendable Trust Funds 10,267 59
Proprietary Funds 187,112 985,730
Permanent Funds 51,300 -
$3.850_ 7 � 3 R5(1 977
E. Due From Other Governments
Due from other governments is comprised of the following amounts at June 30, 2003:
Federal State of
Government Maine Other Total
General Fund $ 23,438 $ 1,104,690 $ 363,613 $ 1,491,741
Special Revenue Funds 317,808 9,558 - 327,366
Capital Projects Fund - 246,461 - 246,461
Proprietary Funds 3,063,810 168,584 - 3,232,394
Of the General Fund's $1,104,690 due from State of Maine, $329,016 represents school grant and
State agency billings, $317,988 is due from the Department of Transportation and $213,742 represents
general assistance claims. Amounts due from other communities for tuition reimbursement to Bangor
accounts for $337,531 of the Due from Other in the General Fund.
II-37
CITY OF BANGOR, MAINE _
Notes to Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
F. Leases
Operating Leases
The Airport and Economic Development Proprietary Funds are the lessors of various buildings and land
parcels under operating leases expiring in various years through 2039 and 2034, respectively.
Minimum future rentals to be received on noncancelable leases as of June 30, 2003 are:
Fiscal year ending Economic
June 30, Airport Development
2004 $ 1,539,674 $ 375,325
2005 1,363,082 324,756
2006 1,091,688 321,726
2007 860,466 321,726
2008 738,825 206,061
Subsequent to 2008 6,978,856 2,367,095
12.572.591 $ 3.916.689
Minimum future rentals do not include contingent rentals, which may be received as stipulated in the
lease contracts. The Airport received $1,823,412 in contingent rentals in fiscal year 2003.
Capital Leases
The General Fund has entered into lease agreements as lessee for financing the acquisition of copiers. �
These tease agreements qualify as capital leases for accounting purposes and, therefore, have been �
recorded at the present value of their future minimum leases payments as of the inception date. The
following is a schedule of future minimum lease payments under the capital leases, together with the
net present value of the minimum lease payments as of June 30, 2003.
Fiscal year ending
June 30, General Fund
2004 $ 144,411
2005 74,948
2006 71,457
2007 71.457
Minimum lease payments 362,273
Less: interest 36,114
Present value of minimum ,
lease payments 326"l59 �
II-38
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
- DETAILED NOTES ON ALL FUNDS, CONTINUED
G. Other Assets
Other assets are comprised of the following:
Capital Proprietary
Projects Fund Fund
Investment of bond proceeds $ 2,042,761 $ 1,893,152 •
Due from bond trustees - 1,598,049
Deposits - 15,000
Operating rights (net of amortization) - 23,563
Bond issuance costs (net of amortization) - 166.026
Total 2.042.761 $ 3.695.790
H. Deferred Revenue
� General Fund deferred revenue consists of $1,449,399 in deferred taxes and $64,299 of advance
deposits. Special Revenue Funds deferred revenue of $4,031,188 represents future revenue equal to
loans made pursuant to the Community Development, Urban Development Action Grants and Economic
Incentive Revolving Loan Fund. Under the terms of these grants, loans made are recognized as an
expenditure in the Special Revenue Fund when they occur. Further, in accordance with regulations
governing such funds, the repayments of such loans are considered program income as received and
are available to the recipient for additional use within the program. Proprietary Funds deferred
revenue of$78,709 represents advance deposits.
I. Long-Term Debt
General Obligation Bonds
The City issues general obligation bonds to provide funds for the acquisition and construction of major
capital additions. General obligation bonds have been issued for both governmental and business-type
activities. These bonds are reported in the proprietary funds if they are expected to be repaid from
proprietary fund revenues. In addition, general obligation bonds have been issued to refund general
obligation bonds. General obligation bonds are direct obligations and pledge the full faith and credit of
- the government. These bonds generally are issued as 20-year serial bonds.
The original amount of general obligation bonds issued in prior years was $127,936,400. The following
is a summary of general obligation bond and note transactions of the City for the fiscal year ended
June 30, 2003:
Bonds and notes payable at June 30, 2002 $ 101,522,483
Add: principal additions 15,272,352
Less: principal repayments 11,271,751
Bonds and notes payable at]une 30, 2003 $ 105.523.084
II-39
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Bonds and notes payable at June 30, 2003 are comprised of the foilowing:
Fscal year Interest Govemmental activibes Business-rype Total
of maturitv rate Ciiv School activities June 30.2003
Long-term debt:
Public improvements-1988 2008 7.37%-8.60% $ - $ - $ 500,000$ 500,000
Treatment Plant 2011 7.00%-7.10% - - 9,500,000 9,500,000
Combined sewer overFlow 2014 2.46% - - 1,025,200 1,025,200
Combined sewer overflow 2014 2.45% - - 1,092,300 1,092,300
Refunding bonds 2011 2.35%-5.20% 238,215 2,065,000 5,136,785 7,440,000
Public improvements-1996 2016 5.05%-5.85% 540,000 - - 540,000
Combined sewer overflow 2017 3.52% - - 2,212,864 2,212,864
Tax increment financing note* 2016 6.00%-6.90% 805,000 - - 805,000
Public improvements—1996 2017 5.35%-6.50% 1,170,000 - - 1,170,000
Combined sewer overflow 2018 3.03% - - 1,933,206 1,933,206
Pubiic improvements—1997 2018 4.875%-5.3% 2,737,370 2,900,000 1,397,630 7,035,000
Tax increment finanang note* 2018 6.19% 250,000 - - 250,000
Public improvement—1999 2019 4.20% 1,400,500 40,000 1,209,500 2,650,000
Maine Business Enter Park 2018 5.00% - - 216,426 216,426
Waterfront note* 2004 6.00% - - 173,827 173,827
Pubiic improvements—2000 2020 5.25%-5.90% 1,331,623 - 1,413,377 2,745,000
Public improvements—2001 2021 4.25%-5.00% 1,288,000 250,000 3,787,000 5,325,000
State Revolving Renovation—School 2011 0.00% - 454,880 - 454,880
Public improvements note* 2012 6.25% 681,394 - - 681,394
Public improvements—2002 2022 3.50%-4.75% 4,575,000 4,275,000 1,725,000 10,575,000
Pension obligation bonds 2026 3.06%-6.45% 26,592,308 1,686,587 5,656,105 33,935,000
Refunding bonds 2024 3.06%-3.47% 705,082 3,430,077 6,274,841 10,410,000
Combined sewer overFlow 2023 1.94% - - 3,000,000 3,000,000
State Revolving Renovation—School 2008 0.00% - 62,352 - 62,352
Pubtic improvements note* 2012 2.50%-4.00% - - 300,000 300,000
Tax increment financing note* 2015 2.50%-4.00% 190,635 - - 190,635
Briggs Building note 2023 6.50% - - 1.300.000 1,300,000
Total bonds and notes payable 4 .S05.t 7 .163.8 6 47.854.067 10 .5 '�.08
*Six series of general obligation notes aggregating$2,400,856 are held by the City's Airport Fund at fixed,taxable market rates of
interest. These notes are structured with a put feature,which, upon certain precedent conditions,allows the Airport to present them
for redemption to the City's General Fund. It is management's intention,should a put occur,to fund it by passing the note along to its
Sewer Fund,where it will be converted to a three to five year fixed note with levei debt service,albeit without a put option.
Annual debt service requirements to maturity for general obligation bonds and notes payable are as
follows:
Fiscal year ,
ending Governmental Activities Business-Type Activities
June 30, Princi al Interest Principal Interest ,
2004 $ 2,232,944 $ 3,091,994 $ 3,643,271 $ 1,949,734
2005 2,277,646 2,983,920 3,475,916 1,795,537
2006 2,358,271 2,894,989 3,508,725 1,662,363
2007 2,457,080 2,799,453 3,553,399 1,524,524
2008 2,562,307 2,696,540 3,592,573 1,389,237
2009-2013 13,004,300 11,743,339 16,418,945 4,914,549
2014-2018 12,195,904 8,550,404 7,063,891 2,692,569 ,
2019-2023 11,901,340 5,051,496 4,846,570 1,263,842
2024-2026 8,679.231 1,151,915 1,750,771 233,140
Total 57.669,023� 40.964.050� 47.854.061 � 17.425.495 �
II-40
CIiY OF BANGOR, MAINE
Notes to Financial Statements, Continued
,
DETAILED NOTES ON ALL FUNDS, CONTINUED
The City is subject to the laws of the State of Maine, which limits the amount of long-term debt to 15%
of the state's assessed valuation of the City. At June 30, 2003, the statutory limit for the City was
$241,387,500. The City's outstanding long-term debt of$105,523,084 at)une 30, 2003 was within the
statutory limit.
Revenue Bonds
Revenue bonds are where income derived from the acquired or constructed asset is pledged to pay
� debt service. Bangor International Airport (Airport Fund) had $4,205,000 of limited obligation revenue
bonds outstanding at ]une 30, 2002, the proceeds of which were used to finance expansion of the
terminal. Due to the favorable interest rate environment, these bonds were refunded on a current
basis with general obligation bonds. Said refunding results in annual interest rate savings of between
2.50% to 4.20%.
The following is a summary of limited obligation revenue bond transaction of the City for the fiscal year
ended June 30, 2003:
Limited obligation revenue bonds at June 30, 2002 $ 4,205,000
Less: principal repayments 4,205,000
Limited obligation revenue bonds at June 30, 2003 �
Advance and Current Refunding
In prior years, the City defeased certain general obligation bonds by placing the proceeds of new
bonds in an irrevocable trust to provide for all future debt service payments on the old bonds.
Accordingly, the trust account assets and the liability for the defeased bonds are not included in the
City's financial statements. At June 30, 2003, $2,234,900 and $4,970,100 of the governmental and
business-type activities, respectively, are considered defeased. Within the Proprietary Funds the
advance refunding transaction gave rise to a deferred amount on refunding. The deferred amount on
refunding will be amortized over the remaining life of the old bonds.
In the current year, the City issued $9,910,000 of general obligation bonds and liquidated a debt
service requirement fund of$540,117 for a current refunding of $6,250,000 in general and $3,930,000
in limited revenue obligation bonds. The refunding was undertaken to reduce total future debt service
payments by $1,181,098, which is net of the dissolution of a debt service requirements fund, over the
next 10 years.
II-41
CITY OF BANGOR, MAINE
Notes to Pinancial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED �
Overlapping Debt
In addition to the bonds and notes payable, the City is contingently responsible for a proportionate
share of the following overlapping debt as of June 30, 2003:
Percentage �
Debt Applicable City's Share '
Unit Outstanding to the City of Debt
General obligation bonds $105,523,084 100.00% $105,523,084
Penobscot County 288,660 23.07% 66�594
105.811.744 $105.589,678
This results in a ratio of City and overlapping debt to April 1, 2002 assessed valuation of 6.24%.
Changes in Long-term Liabilities
Long-term liability activity for the year ended June 30, 2003, was as follows:
Balance Balance Due within
]une 30, 2002 Additions Reductions June 30, 2003 one year
Governmental activities:
General obligation debt $ 59,135,992 4,397,511 5,864,480 57,669,023 2,232,944
Obligations under capital leases 150,353 308,774 132,968 326,159 128,327
Accrued compensated absences 1,670,971 1,080,797 992,206 1,759,562 -
Long-term obligation for self insurance 2,664,438 183,386 334,396 2,513 428 607,890
Governmental activities
lona-term liabilities �63.621.754 5.970.468 7.324,050 62.268.172 2.969.161
Business type activities:
General obligation debt 46,591,491 11,140,841 9,878,271 47,854,061 3,643,271
Accrued compensated absences . 239,755 293,359 275,231 257,883 -
Long-term obligation for self insurance 267,437 77,642 59,180 285,899 104,961
Deferred amount on refunding (340,553) - (70,797) (269,756) (62,715)
Other 483 604 3 408 487 012
Business type activities �
lona-term liabilities � 47.241.734 11.515,250 10.141.885 48.615.099 3.685.517
II-42
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
7. Fund Balances
Permanent Funds
As of June 30, 2003, the fund balances by purpose were as foliows:
Restricted Unrestricted
• Nonexpendable Permanent
Trust Principal Funds
Cemetery $ 358,566 $ 78,304
Parks 14,538 155,052
City Missionary 16,511 49,425
Education 44,138 53,807
Aid for Aged Women 43,067 60,732
Other Purposes 30,923 103,238
Total nonmajor permanent funds $ 507.743 $ 500.558
Dedicated Revenue Funds- Special Revenue Funds
' As of June 30, 2003, the fund balances by purpose were as follows:
Dental Clinic $ 107,351
Preservation of Records 123
Adopt a Park 73,744
Park Woods Children 786
City Forest 86,970
BFD Imaging 7�26g
Park Woods Complex ' 780,946
USS Maine Monument 12,630
Kenduskeag Stream Trail 348
Skate Park � 5,766
Tricentennial 551
Total expendable trusts 1.076.48
II-43
CITY OF BANGOR, MAINE
Notes to.Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Designated Fund Balance
Designated fund balance of the General Fund at June 30, 2UO3 consists of amounts, which the City
intends to use for the following purposes:
School department— regular $ 1,552,756
adult education 44,134 ,
reading assessment 24,956
special revenue 258,254
school lunch 71,152
trust and agency 132,882
Total balances carried 2.084f 134
Accrued summer teacher payroll (2,277,757)
Pooled equipment 1,002,609
Bus equipment 4,608
Fire equipment 2,107
Improvement 555,480
Self insurance 1,905,538
Cameron stadium 116,691
Landfill closure 83,587
Cascade park maintenance 42,480
Demolition 1,245
PEG capital support 45,263
Pickering Square development district 90,753
MSRS Consolidated Plan 551,500
Parks &Rec Improvement (30,979)
Bangor Nursing & Rehabilitation Center— line of credit 292,575
Amounts due from Bangor Nursing & Rehabilitation Center 217,811
Pension obligation bond savings 581,361
Arbitrage rebate 213,742
Credit reserve 200,001
5.682,749
OTHER INFORMATION
A. Risk Management
The City is exposed to various risks of loss related to torts, theft of, damage to and destruction of
assets, errors and omissions, injuries to employees, and natural disasters for which the City either
carries commercial insurance or is self—insured. The City currently reporfis all of its risk management
activities in the General and Proprietary Funds. Claims expenditure, liabilities and reserves are
reported when it is probable that a loss has occurred and the amount of the loss can be reasonably
estimated. These losses include an estimate of claims that have been incurred but not reported.
II-44
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
OTHER INFORMATION, CONTINUED
The City purchases coverage under a number of commercially available insurance policies such as;
commercial general liability, auto, property damage and crime and dishonesty, each with limits and
deductibles deemed prudent given the risks, cost of coverage and the City's ability to fund certain
types of losses. For those claims covered by commercial insurance, the amount of settlements has not
exceeded the coverage for the years ended June 30, 2003, 2002 and 2001. The City is self-insured for
its workers' compensation liability. Reserves are actuarially determined each year to assure funding
adequacy. In addition, the City purchases excess workers'compensation insurance to limit its financial
risk. ,
At June 30, 2003, the amount of self-insurance liabilities was $2,799,327. This liability is the City's
best estimate based on available information. Changes in the reported liabilities since July 1, 2001
resulted from the following:
Workers' All other self-
Compensation insured risks Total
Unpaid claims as of July 1, 2001 $ 3,073,144 $ 35,796 $ 3,108,940
Incurred claims 195,957 - 195,957
� Payments (388,813) (19,584) (408,397)
Changes in estimates and other adjustments 34�612 763 35,375
Unpaid claims as of)uly 1, 2002 2,914,900 16,975 2,931,875
Incurred claims 154,363 - 154,363
Payments (333,745) (651) (334,396)
Changes in estimates and other adjustments 36,386 11,099 47,485
Unpaid claims as of June 30, 2003 2.771.904 $ 27.423 $ 2.799.327
B. Tax Increment Financing Districts
The City has established tax increment financing districts, all of which dedicate a portion of the
incremental increase in real estate and/or personal property tax revenues over staggered twenty year
periods for the following purposes:
B.I.A. Municipal Devefopment District No. 1 — Partially financed $27.5 million dollars of capital
expenditures at manufacturing facilities leased by General Electric Company.
Main Street Municipal Development District — Assisted Penobscot Development Limited Liability
Company in financing the extraordinary costs of acquisition and environmental remediation of the
former Gasworks site on Main Street, ultimately to provide land area necessary for the construction of
a 54,000 square foot supermarket in a Community Development project area.
Pickering Square Municipal Development District — Assisted Realty Resources Chartered in a major
redevelopment project converted the former Freese's department store building into affordable housing
units.
II-45
CITY OF BANGOR, MAINE
Notes to Financial Statements, Continued
OTHER INFORMATIOPI, CONTINUED
C. Contingent Liabilities
In February 1998, the City was served Notification of Potential Liability by the Federa) Environmental
Protection Agency (EPA) in connection with that agency's efForts to clean up a disposal site. The City
is among approximately 500 potentially responsible parties. Selection of the final remedy is expected
in January 2004, although the design and implementation phases will probably continue for several
years. At this point it is not possible to estimate the cost of designing and implementing the final
remedy.
In 2002, the City filed suit against a potentially responsible parly to force cleanup of contamination of
the Penobscot River bottom due to the inability to reach settlement. The matter is now pending in the
U.S. District Court.
The City is a party to various other lawsuits. Although the outcome of these lawsuits is not presently
determinable, it is the opinion of the City's counsel that resolution of these matters will not have a
material adverse efFect on the financial condition of the City.
D. Retirement
The Ciry of Bangor provides retirement pensions for its employees through a number of vehicles,
including a defined contribution plan, defined benefit pension plan and social security.
Defined Contribution Plan
Description of the Plan - The City provides pension benefits for certain employees through a 401(a)
defined contribution plan administered by ICMA/RC. In addition certain full-time employees are
covered through both a 401 (a) and 457 Deferred Compensation Plans (DCP) also administered by
ICMA/RC. In a DCP, benefits depend solely on amounts contributed to the plan plus investment
earnings. Covered employees are eligible to participate and are fully vested from the date of
employment.
Fundi� Policx — Plan members not covered by employment contracts are required to contribute 6.5%
of their annual covered salary and the City is required to contribute either 8% or 10% depending upon
the employee's classification. For fiscal year 2003 covered payroll was $6,108,047 and City
contributions were $523,950. For those plan members that have employment contracts, the City
contributes at various rates from 8% - 15% of annual earnings. The covered payroll and City
contributions for those employees with employment contracts approximated $502,518 and $55,411
respectively, in fiscal year 2003.
Defined Benefit Pension Plan
Description of the Plan—The City contributes to the Maine State Retirement System Consolidated Plan,
a cost sharing multiple-employer retirement system established by the Maine State legislature. The
Maine State Retirement System provides retirement and disability benefits, annual cost-of-living
adjustments, and death benefits to plan members and beneficiaries. The authority to establish and
amend benefit provisions rests with the state legislature. The Maine State Retirement System issues a
II-46
- CTTY OF BANGOR, MAINE
Notes to Financial Statements, Continued
OTHER INFORMATION, CONTINUED
publicly available financial report that includes financial statements and required supplementary
information for the Consolidated Plan. That report may be obtained by writing to Maine State
Retirement, 46 State House Station, Augusta, Maine 04333-0046 or by calling 1-800-451-9800.
FundincLPolicy— Plan members are required to contribute 6.5% of their annual covered salary and the
City is required to contribute an actuarially determined rate. The current rate ranges from 2.80% to
6.50% of annual covered payroll. The contribution rates of plan members and the Ciry are established
and may be amended by the Maine State Retirement System Board of Trustees. The City's
contributions to the Maine State Retirement System Consolidated Plan for the years ended June 30,
2003, 2002 and 2001 were $663,217, $693,220 and $846,415, respectively, equal to the required
contributions for each year. ,
Teachers Group
Description of the Plan - All school teache�s, plus other qualified educators, participate in the Maine
State Retirement System's teacher group. The teacher's group is a cost-sharing plan with a special
funding situation, established by the Maine State legislature. The Maine State Retirement System
provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to
plan members and beneficiaries. The authority to establish and amend benefit provisions rests with
the state legislature. The Maine State Retirement System issues a publicly available financial report
that includes financial statements and required supplementary information for the Teacher's Group.
That report may be obtained by writing to Maine State Retirement System, 46 State House Station,
Augusta, Maine 04333-0046 or by calling 1-800-451-9800.
Funding Policv — Plan members are required to contribute 7.65% of their compensation to the
retirement system. The same statute requires the State of Maine Department of Education; to
contribute the employer contribution, which amounts to $3,743,270 (19.17%) for the fiscal year 2003.
This amount has been reported as an intergovernmental revenue and education expenditure in the
GAAP basis financial statements. There is no contribution required by the school department except
for federally funded teachers, for which they contributed 18.93% of their compensation. This cost is
charged to the applicable grant.
' Deferred Compensation Plan
The City offers its employees a deferred compensation plan created in accordance with Internal
Revenue (IRC) Section 457. The plan permits participating employees to defer a portion of their salary
until future years. The deferred compensation is not available to employees until termination,
retirement, death, or unforeseeable emergency.
Social Security
The City does not have a section 218 agreement to provide full social security coverage to its
employees. The City does provide full social security coverage to part-time, seasonal and temporary
employees under the Omnibus Budget Reconciliation Act of 1990, and Internal Revenue Service
regulations, which became efFective )uly 1, 1991.
II-47
CITIf OF BANGOR, MAINE
Notes to Financial Statements, Continued
OTHER INFORMATION, CONTINUED
E. Landfill Closure and Postclosure Care Costs
Closure of the City's Kittredge Road landfill was completed during the fiscal year ended June 30, 2000.
Potential postclosure costs have been deemed immaterial, and therefore no liability for these amounts
has been accrued. All necessary postclosure costs will be funded from the annual operating budget.
� F. Restatement of Beginning Fund Equity
During fiscal year 2003, the City revised its fixed asset capitalization policy. The change increased the
threshold for capitalization by asset type, which results in a reduction of the net property, plant and
equipment value. The restatement results in a decrease to beginning net assets by the following
amounts, Sewer Utility - $31,586, Airport - $503,117, Park Woods - $1,013, Parking - $1,077, Bass
Park - $114,432, and Municipal Golf Course - $136,791.
Also during fiscal year 2003, the City reallocated $266,000 of general obligation bond proceeds from
the Capital Projects Fund to the Parking Fund. Therefore, the beginning net assets of the Capital
Projects Fund has been restated by $266,000.
G. Subsequent Events
The City Charter requires maintaining the City's undesignated/unreserved fund balance at between 5%
and 10% of the previous year's expenditures, net of debt service. As policy, the City has targeted
7.5% as a reasonable balance. At June 30, 2003, this balance exceeded the City policy of 7.5% by
$3,457,281. Further City policy prescribes uses for these excess funds, and the Council has been
presented with a series of options for the surplus funds. Thus far, Council has appropriated funds from
the undesignated/unreserved fund balance for the following purposes; $1,250,000 of additional funds
to fund further environmental assessment of the Penobscot river as well as legal costs, $800,000 for
the local match of a $1.2 million dollar grant for work on the waterfront, $227,247 towards the
construction of a baseball stadium, $175,000 towards the replacement of the city-wide phone system,
$150,000 for in-kind costs associated with the National Folk Festival, $125,000 to increase the City's
self-insurance reserve, and $179,170 for smaller capital acquisitions.
II-48
GENERAL FUND
The General Fund is used to account for resources traditionally associated witli the
government, which are not'�required legally or by sound financiai management, to be
accounted for in another fund. .
fb
.. '. ' ' . .. �4
. �� . . .. . � .. . .
- Schedule A-1
CITY OF BANGOR,MAINE
Balance Sheet -
General Fund
June 30,2003
ASSETS
Cash $ 839,858
Inveshnents 15,325,950
Receivables:
Taxes , 1,749,458
Accounts (net of allowance of$274,838) 912,955
Interfund loans 1,573,355
Intergovernmental 1,491,741
Loans 1,300,000
Inventory,at cost 547,061
Prepaid items 6,887
Total assets $ 23,747,265
LIABILITIES AND FUND EQUITY
Liabilities
Accounts payable $ 1,151,931
Accrued wages and benefits payable 3,205,789
Workers'compensation 607,890
Deferred revenue 1,513,698
Total liabilities 6,479,308
Fund equity
Reserved for:
Encumbrances 1,252,948
Prepaid items 6,887
Interfund loans 1,432,689
Unreserved:
Designated , 5,682,749
Undesignated 8,892,684
Total fund equity 17,267,957
Total liabilities and fund equity $ 23,747,265
II-49
` Schedule A-2 �
C`ITY OF BANGOR,MAINE
Schedule of Revenues,Expenditures and Changes in Undesignated
Fund Balance-Budget and Actual-Budgetary Basis
General Fnnd
For the fiscal year ended June 30,2003
Balances Variance
Carried
7/1/02 Budget Actual Surplus Carried
Revenues '
Taxes
Real and personal property $ - $ 38,709,127 $ 38,833,254 $ 124,127 $ -
Change in deferred property tax - - 119,123 119,I 23 -
Tax increment financing district - (1,404,050) (1,404,050) - -
Payment in lieu of t�es - 135,000 113,575 (21,425) -
Excise - 3,728,000 4,091,505 363,505 -
Interest on delinquent taxes - 250,000 195,189 (54,811) -
Total taxes - 41,418,077 41,948,596 530,519 -
Intergovernmental
State revenue sharing - - 3,210,000 3,135,741 (74,259) -
School subsidy - 10,750,664 l 1,192,437 - 441,773
Other-
municipal - 1,964,446 2,395,497 431,051 -
school - 3,465,455 3,785,114 - 319,659
Total intergovemmental - 19,390,565 20,508,789 356,792 761,432
Otherrevenue
Licenses and permits - 369,750 409,842 40,092 -
Charges for service-
municipal - � 5,753,332 5,833,588 80,256 -
school - 4,287,779 3,742,385 - (545,394)
Fines,forfeits and penalties - 20,400 9,707 (10,693) -
Revenue from use of.money and property-
municipal - 765,471 758,609 (6,862) -
school - 7,965 7,965 - -
Total other - 11,204,697 10,762,096 102,793 (545,394)
Total revenues - 72,013,339 73,219,481 990,104 216,038
II-50
Schedule A-2(con't).
CITY OF BANGOR,MAINE
Schedule of Revenues,Ezpenditures and Changes in Undesignated
Fund Balance-Budget and Actual-Budgetary Basis
General Fund
For the fiscal year ended June 30,2003
Balances Variance
Carried
7/1/02 Budget Actual Surplus Carried
Expenditures
General government
Council - 34,641 34,995 (354) -
Executive - 671,939 654,182 17,757 -
Human resources - 87,106 77,483 9,623 -
City Clerk - 350,057 353,704 (3,647) -
Assessing - 316,112 316,554 (442) -
Legal - 246,985 255,418 (8,433) -
Finance - ],245,001 1,168,266 76,735 -
Insurance - 144,180 115,879 28,301 -
Planning,econ dev,code enforcement 50,000 983,852 1,016,379 17,473 -
Total general government 50,000 4,079,873 3,992,860 137,013 -
Public safety
Police - 5,607,871 5,417,019 190,852 -
Fire - 5,682,267 5,687,250 (4,983) -
Total public safety - 11,290,138 11,104,269 185,869 -
Health,welfare and recreation
Health and welfare - 1,808,557 2,090,476 (281,919) -
Parks and recreation 21,605 1,075,823 1,081,713 15,715 -
Total health,welfare and recreation 21,605 2,884,380 3,172,189 (266,204) -
Public buildings and services - 7,970,513 7,919,573 50,940 -
II-51
,.
Schedule A-2 (con't)
CITY OF BANGOR,MAINE
Schedule of Revenues,Egpenditures and Changes in Undesignated
Fund Balance-Budget and Actual-Bndgetary Basis
General Fund
For the fiscal year ended June 30,2003
Balances Variance
Camed
, 7/1/02 Budget Actual Surplus Carried
Expenditures,continued
Other agencies
Countytax - 1,712,263 1,712,263 - -
Private school services - 160,807 152,166 8,641 -
Downtown Development District - 39,372 39,372 - -
Public library - 1,252,986 1,252,986 - -
Other agencies - 157,680 155,086 2,594 -
Total other agencies - 3,323,108 3,311,873 11,235 -
Education
Regular 1,462,834 36,611,941 35,894,185 - 2,180,590
Adult education 78,154 623,329 599,997 - 101,486
Schoollunch 103,187 1,150,044 1,077,067 - 176,164
Reading assessment 18,516 45,000 9,959 - 53,557
Special revenue 151,089 1,989,716 2,136,214 - 4,591
Trust and agency 94,632 1,784,354 1,738,307 - 140,679
Total education 1,908,412 42,204,384 41,455,729 - 2,657,067
Other appropriations
Pensions and other fringe benefits - 1,635,108 1,644,722 (9,614) -
Debt service - 1,614,009 1,611,606 2,403 -
Tax increment financing payments - 563,122 566,403 (3,281) -
Contingency - 16,500 - 16,500 -
Total other appropriations - 3,828,739 3,822,731 6,008 -
Total expenditures 1,980,017 75,581,135 74,779,224 ]24,861 2,657,067
Excess(deficiency)of revenues over
expenditures (1,980,017) (3,567,796) (1,559,743) 1,114,965 2,873,105
II-52
Schedule A-2 (con't) _
CITY OF BANGOR,MAIlVE
Schedule of Revenues,Expenditures and Changes in Undesignated
Fund Balance-Budget and Actual-Budgetary Basis
General Fund
For the fiscal year ended June 30,2003
Balances Variance
Carried
7/1/02 Budget Actual Surplus Carried
Other financing sources(uses) ,
Appropriaton from designated fund balance - 1,188,]82 431,636 32,425 (788,971)
Appropriaton to designated fund balance - - - - -
Appropriation from undesignated fund balance - 1,564,]80 - (1,564,180) -
General obligarion bond proceeds - 3,805,397 3,805,397 - . -
Sale of assets - 500 18,207 17,707 -
Transfers to other funds - (2,055,000) (2,055,000) - -
Transfers from other funds - 48,000 48,000 - -
Operating transfers - (983,463) (983,463) - -
Total other financing sources(uses) - 3,567,796 1,264,777 (1,514,048) (788,971)
Excess(deficiency)of revenues over
expenditures and other financing
sources and uses $ (1,980,017) $ - $ (294,966) (399,083) $ 2,084,134
Undesignated fund balance,July 1 9,291,767
Appropriation from designated fund balance -
Undesignated fund balance,June 30 $ 8,892,684
II-53
NONMA.�OR GOVERNMENTAL FUNDS
Special Revenue Funds
Special Revenue Funds are used to account for specific revenues that are legally
, restricted to expenditures for particular purposes.
Other HUD Funds —This is used to account for 1) federal grants obtained and expended
under the Housing and Community�Development Act of 1974, as amended, for the
redevelopment of the downtown commercial core of the City and 2) low interest loans to
businesses within the�City of Bangor for establishment, expansion or redevelopment
purposes. � �
, � .
Grant Fund - Accounts for federal and state grants that are legally restricted to
expenditures allowable by the grantor agency.
Dedicated Revenue Funds - Accounts for amownts raised or donated to benefit various
governmental programs such as; the. Dental Clinic, local-parks, City forest and Park
Woods complex.` ``', . , _� s
?{ . _ _ , ,
Other Funds—Accounts for funds he1d to be used in future periods such as tax financing
district repayments and other community funds for capital expenses relating to the
operation of the area transportation system
\' � Permanent Fund
Permanent funds are used to report resources that are legally restricted to the e�ent
that only earnings, not principal, may be used for purposes that support the reporting
governmenYs programs.
. Schedule B-1
_ CITY O�BANGOR
- �Combining Balance Sheet
Nonmajor Governmental Funds
June 30,2003
Nonmajor
Special Nonmajor TotalOther
Revenue Permanent Governmental
Funds Funds Funds
ASSETS
Cash $ 452,900 $ - $ 452,900
Investments 1,368,915 1,114,004 2,482,919
Receivables:
Loans(net of allowance of$130,131) 1,004,747 27,257 1,032,004
Interfund loans 192,025 - 192,025
Intergovernmental 297,469 - 297,469
Total assets $ 3,316,056 $ 1,141,261 $ 4,457,317
LIABILITIES AND FUND BALANCES
Liabilities:
Accounts payable $ 92,788 $ - $ 92,788
Defened revenue 1,004,747 - 1,004,747
Interfund loans 192,025 - 192,025
Total liabilities 1,289,560 - 1,289,560
Fund balances(deficit):
Reserved for:
Encumbrance 898 - 898
Loans - 132,960 132,960
Principal - 507,743 507,743
Unreserved,undesignated 2,025,598 500,558 2,526,156
Total fund balance(deficit) 2,026,496 1,141,261 3,167,757
Total liabilities and fund balances $ 3,316,056 $ 1,141,261 $ 4,457,317
II-54
`
Schedule B-2 ., '
CITY OF BANGOR,MAINE
Combining Statement of Revenues,Ezpenditures and Changes in Fund Balances
Nonmajor Governmental Funds
For the year ended June 30,2003
Nonmajor
Special Nonmajor TotalOther
Revenue Permanent Governmental
Funds ' Funds Funds
Revenues: �
Taxes , $ 1,404,050 $ - $ 1,404,050
Intergovernmental 3,426,375 - 3,426,375
Charges for services 417,091 - 417,091
Program income 121,962 - 121,962
Revenue from use of money and properly 188,584 - 188,584
Other revenue 65,436 1,450 66,886
Interest revenue - 16,512 16,512
Total revenues 5,623,498 17,962 5,641,460
Expenditures:
Cunent:
Personnel 407,912 - � 407,912
Equipment 38,741 - 38,741
Payments to beneficiaries 1,724,823 - 1,724,823
Other 2,361,279 - 2,361,279
Bus operations 1,076,229 - 1,076,229
Program expenditures - 5,587 5,587
Total expenditures 5,608,984 5,587 5,614,571
Excess (deficiency) of revenues
over(under)expenditures 14,514 12,375 26,889
Other financing sources (uses):
General obligation debt - - -
Reallocation of general obligation debt - - -
Transfer to other funds (26,589) (51,300) (77,889)
Transfer from other funds 10,958 - 10,958
Total other financing sources (uses) (15,631) (51,300) (66,931)
Excess (deficiency) of revenues and
other financing sources over(under)
� expenditures and other financing uses (1,117) (38,925) (40,042)
Fund balances,beginning of year 2,027,613 1,180,186 3,207,799
�
Fund balances,end of year $ 2,026,496 $ 1,141,261 $ 3,167,757
II-55
. Schedule B-3
CITY OF BANGOR,MAINE
Combining Balance Sheet
Nonmajor Special Revenue Fnnds
June 30,2003
Dedicated
O't6er Grant Revenue Totals
AUD Funds Fund Funds Other 2003
ASSETS
Cash $ 149,I35 $ 2 $ - $ 303,763 $ 452,900
Investments - - 1,076,484 292,431 1,368,915
Receivables:
Loans(net of allowance of$130,131) 1,004,747 - - - 1,004,747
Interfund loans 192,025 - - - 192,025
Intergovernmental - 297,469 - - 297,469
Tota]assets $ 1,345,907 $ 297,471 $ 1,076,484 $ 596,194 $ 3,316,056
LIABII.,ITIES AND FUND EQUITY
Liabilities
Accountspayable $ - $ 87,637 $ - $ 5,151 $ 92,788
Deferred revenue 1,004,747 - � - - 1,004,747
Interfund loans payable - 192,025 - - 192,025
Totalliabilities 1,004,747 279,662 - 5,151 1,289,560
Fund equity
Reserved for:
Encumbrances - 898 - - 898
Unreserved:
Undesignated 341,160 16,911 1,076,484 591,043 2,025,598
Total fund equity 341,160 17,809 1,076,484 591;043 2,026,496
Total liabilities and
fund equity $ 1,345,907 $ 297,471 $ 1,076,484 $ 596,194 .$ .3,316,056
II-56
Schedule B-0.
CITY OF BANGOR,MAINE
Combining Statement of Revenues,Expenditures and Changes in Fund Balances
Nonmajor Special Revenue Funds .
For the fiscal year ended June 30,2003
Dedicated
Other Grant Revenue Totals
HUD Funds Fund Funds Other 2003
Revenues
Taxes $ - $ - $ - $, 1,404,050 $ 1,404,050
Intergovernmental - 3,426,375 - - 3,426,375
Charges for services - 417,091 - - 417,091
Programincome 121,962 - - - ]21,962
Revenue from use of money and property - - 115,838 72,746 188,584
Contributions - - 29,362 34,261 63,623
Other 1,813 - - - 1,813
Total revenues 123,775 3,843,466 145,200 I,S11,057 5,623,498
Expenditures
Personnel - 407,912 - - 407,912
Equipment - 34,741 - 4,000 38,741
Payments to beneficiaries - - 10,822 1,714,001 1,724,823
Other 10,698 2,328,481 - 22,100 2,361,279
Bus operations - 1,076,229 - - 1,076,229
Total expenditures 10,698 3,847,363 10,822 1,740,101 5,60$,984
Excess(deficiency)of revenues
over expenditures 113,077 (3,897) 134,378 (229,044) 14,514
Other financing sources(uses)
Transfers to other funds - - (10,267) (16,322) (26,589)
Transfers from other funds - 3,322 59 7,577 10,958
Total other financing sources(uses) - 3,322 (]0,208) (8,745) (15,631)
Excess(deficiency)of revenues over
expenditures and other financing
sources and uses 113,077 (575) 124,170 (237,789) (1,117)
Fund balances(deficit),July 1 228,083 18,384 952,314 828,832 2,027,613
Fund balances,June 30 $ 341,160 $ 17,809 $ 1,076,484 $ 591,043 $ 2,026,496
II-57
'Schedule B-5
CITY OF BANGOR
Combining Balance Sheet
� Nonmajor Permanent Funds
June 30,2003
Revolving
Other Loan
Funds Funds Totals
. ASSETS
Investments $ 1,008,301 $ 105,703 $ 1,114,004
Loans receivable - 27,257 27,257
Total assets $ 1,008,301 $ 132,960 $ 1,141,261
LIABILIT'IES AND
FUND BALANCES
Liabilities:
Totalliabilities $ - $ - $ -
Fund balances: �
Loans - 132,960 132,960
Principal 507,743 - 507,743
Unexpended income 500,558 - 500,558
Total fund balances 1,008,301 132,960 1,141,261
Total liabilities and
and fund balances $ 1,008,301 $ 132,960 $ 1,141,261
�
II-58
Schedule B-6
CITY OF BANGOR
Combining Statement of Revenues,Egpenditures and Changes in Fund Balances
Nonmajor Permanent Funds
For the year ended June 30,2003 �
Revolving
Other Loan
Funds Funds Totals
Revenues:
Investment income $ 12,896 $ 3,616 $ 16,512
Lot sales 1,450 - 1,450
Total revenues 14,346 3,616 17,962
Expenditures:
Current:
Loss on sale of investments - 765 765
Payments to beneficiaries 709 3,000 3,709
Other miscellaneous - 1,113 1,113
Total expenditures 709 4,878 5,587
Other financing sources(uses):
Transfer to other funds (51,300) - (51,300)
Total financing sources(uses) (51,300) - (51,300)
Excess(deficiency)of revenues
and other financing sources
over(under)expendihues
and other financing uses (37,663) (1,262) (38,925)
Fund balances,beginning of year 1,045,964 134,222 1,180,186
Fund balances,end of year $ 1,008,301 $ 132,960 $ 1,141,261
II-59
,
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, . - .
ENTERPRISE FUNDS
Enterprise Funds are used to account for operations that are financed and operated in a
manner similar to private business enterprises. The intent of the government is to have
the costs of providing goods or services to.the general public financed or recovered
primarily through user charges. The government has decided that periodic
determination of net income is appropriate for accountability purposes.
r,` . .
Sewer Utility Fund — This�fund aceounts for the costs of construction and operation of
the Sewage Treatment Plant, the City sewer system, and sewer operation activities, and
is self—supported tiFirough sewer user fees..
r
,�
Airport Fund .-This,fund accounts for the operation of Bangor International Airport. The
principal sources of.revenu�s are landing fees and the sale of aviation fuel. Other
revenue sources include lease payments for the use of terminal space and non-aviation
industrial buildings.' ' :," ,
t. : f .�. � - , � : �'�
Park Woods — This fund'accounts for�the rental of 60 units of surplus housing received
from the federal governmenttpursuant to the McKinney Homeless Assistance Act. The
principal source of revenue is rental income. �-
; , - � ,
Parking Fund —This fund accounts for the operation of the City-owned parking lots and
the Pickering Square garage. Revenue sources include monthly lease payments for
parking spaces, hourly/�laily parking fees, and fines and waiver fees for parking
violations. Certain of these facilities are;operated under a private management contract.
� __
Bass Park Fund —This fund accounts for the operation ofthe Bangor�auditorium, Bangor
Civic Center, and B�ngor State. Fair. Principal sources of revenue are admissions,
concession sales, and rentals. The fund is named after the Bass family, which
bequeathed the property to the City for recreational purposes.
� . ,
Municipal Golf Course —This fund accounts for..the operation of a 27 hole municipal golf
course. Principal revenue sources are season memberships and daily green fees.
Economic Development Fund —This fund accounts for the operation and development of
properties acquired by the City. Its purpose is to promote economic growth within the
. City. The principal source of revenue is rental income.
Schedule C-1
CITY OF BANGOR,MAINE
Schednle of Revenues,Expenditures and Encumbrances
Budget and Actual-Budgetary Basis
Sewer Utility Fund-Enterprise Fund
For the f scal year ended June 30,2003
Budget Actual Variance �
Revenues
Charges for services $ 6,362,150 $ 6,465,623 $ 103,473
Operating transfer - - -
Interest and other revenue 505,000 457,966 (47,034)
Total revenues 6,867,150 6,923,589 56,439
Expenditures and encumbrances
Salaries 853,553 861,122 (7,569)
Fringe benefits 204,598 111,147 93,451
Supplies and materials 737,214 717,139 20,075
Contractual services 517,985 564,367 (46,382)
Interfund charges 514,560 483,603 30,957
Miscellaneous 25,550 10,620 14,930
Debt service 3,731,990 3,715,949 16,041
Depreciation 1,237,711 1,312,691 (74,980)
Outlay 281,700 273,187 8,513
Credits - - -
Total expenditures and encumbrances 8,104,861 8,049,825 55,036
Excess(deficiency)of revenues over expenditures
and encumbrances $ (1,237,711) $ (1,126,236) $ 111,475
II-60
Schedule G2
CITY OF BANGOR,MAINE
Schedule of Revenues,Expenditures and Encumbrances
Budget and Actual-Budgetary Basis
- - Airport Fund-Enterprise Fund
For the fiscal year ended June 30,2003
Budget Actual Variance
Revenues
Charges for services $ 8,226,800 $ 9,261,626 $ 1,034,826
Operating transfer - - -
Interest and other revenue 1,220,476 1,314,343 93,867
Total revenues 9,447,276 10,575,969 1,128,693
Expenditures and encumbrances
' Salaries 3,839,908 3,747,984 91,924
-- Fringe benefits 749,177 719,774 29,403
Supplies and materials 1,274,500 1,408,584 (134,084)
Contractual services 1,718,772 1,700,661 18,111
Interfund charges 436,589 363,838 72,751
Miscellaneous 143,124 151,801 (8,677)
Debt service 777,580 864,042 (86,462)
Depreciation 1,943,565 1,793,165 150,400
' Outlay 277,388 318,633 (41,245)
-�. Credits (5,400) (7,530) 2,130
Total expenditures and encumbrances 11,155,203 11,060,952 94,251
` Excess(deficiency)of revenues over expenditures
' and encumbrances $ (1,707,927) $ (484,983) $ 1,222,944
,
I �
II-61
Schedule C-3
CITY OF BANGOR,MAINE
Schedule of Revenues,Expenditures and Encumbrances
Budget and Actual-Budgetary Basis
Park Woods-Enterprise Fund �
For the fiscal year ended June 30,2003 _.
Budget Actual Variance
Revenues
Charges for services $ 276,766 $ 283,052 $ 6,286
Operating transfer 2,267 , 2,267 -
Interest and other revenue - 28 28
Total revenues 279,033 285,347 6,314 � -
Expenditures and encumbrances
,
Salaries 56,158 57,390 (1,232) �
Fringe benefits 10,385 9,325 1,060 --
Supplies and materials 78,750 108,626 (29,876)
Contractual services 130,490 154,450 (23,960)
Interfund charges 3,250 ' 4,707 (1,457)
Miscellaneous - - -
Debt service - - -
Depreciation 8,001 7,722 279
Outlay - - - �
Credits - - - -v�
Total expenditures and encumbrances 287,034 342,220 (55,186)
Excess(deficiency)of revenues over expenditures
and encumbrances $ (8,001) $ (56,873) $ (48,872) '
,
II-62
� -
Schedule C-4
�
` CITY OF BANGOR,MAINE
Schedule of Revenues,Expenditures and Encumbrances '
Budget and Actual-Budgetary Basis
� - Parking Fund-Enterprise Fund
For the fiscal year ended Jnne 30,2003
Budget Actual Variance
Revenues
Charges for services $ 750,200 $ 801,729 $ 51,529
Operating transfer 485,077 485,077 -
, � Interest and other revenue 5,000 4,193 (807)
Total revenues 1,240,277 1,290,999 50,722
Expenditures and encumbrances
� Salaries 136,143 141,864 (5,721)
, Fringe benefits 24,783 28,378 (3,595)
Supplies and materials 7,075 5,658 1,417
Contractual services 240,650 274,335 (33,685)
Interfund charges 82,700 85,738 (3,038)
Miscellaneous _ _ _
Debt service 699,692 696,693 2,999
Depreciation 311,465 463,202 (151,737)
Outlay 49,234 38,369 10,865
Credits _ _ _
Total expenditures and encumbrances 1,551,742 1,734,237 (182,495)
Excess (deficiency)of revenues over expenditures
and encumbrances $ (311,465) $ (443,238) $ (131,773)
`
II-63
Schedule G5
CITY OF BANGOR,MAINE
Schedule of Revenues,Expenditures and Encumbrances
Bndget and Actual-Budgetary Basis
Bass Park Fund-Enterprise Fund '
For the fiscal year ended June 30,2003
Budget Actual Variance
Revenues
Charges for services $ 1,324,400 $ 1,362,053 $ 37,653
Operating transfer 498,386 498,386 -
Interest and other revenue - 1,561 1,561
Total revenues 1,822,786 1,862,000 39,214
Expenditures and encumbrances
Salaries 640,296 602,799 37,497 '
Fringe benefits 121,227 112,891 8,336 �
Supplies and materials 224,975 260,415 (35,440)
Contractual services 502,550 495,666 6,884
Interfund charges 107,925 148,452 (40,527)
Miscellaneous 65,000 60,967 4,033
Debt service 177,563 175,367 2,196
Depreciation 152,299 123,180 29,119 �
Outlay 4,250 3,318 932 ,
Credits (21,000) (21,000) -
Total expenditures and encumbrances 1,975,085 1,962,055 13,030 =
Excess(deficiency)of revenues over expenditures
and encumbrances $ (152,299) $ (100,055) $ 52,244
�
. �
II-64
Schedule C-6
CITY OF BANGOR,MAINE
Schedule of Revenues,Expenditures and Encumbrances
Budget and Actual-Budgetary Basis
� Municipal Golf Course-Enterprise Fund
For the fiscal year ended June 30,2003
Budget Actual Variance
Revenues
Charges for services $ 689,000 $ 623,234 $ (65,766)
Operating transfer - - -
Interest and other revenue 20,000 14,308 (5,692)
� Total revenues ' 709,000 637,542 (71,458)
Expenditures and encumbrances
Salaries 213,292 212,856 436
Fringe benefits 35,255 34,644 611
Supplies and materials 55,012 53,105 1,907
Contractual services 65,446 65,910 (464)
Interfund charges 251,963 81,382 170,581
Miscellaneous - - -
Debt service 6,032 6,032 -
Depreciation 114,158 98,050 16,108
� Outlay 82,000 52,477 29,523
Credits - - -
Total expenditures and encumbrances 823,158 604,456 218,702
Excess (deficiency) of revenues over expenditures
and encumbrances $ (114,158) $ 33,086 $ 147,244
� i
II-65
Schedule C-7
CITY OF BANGOR,MAINE
Schedule of Revenues,Ezpenditares and Encumbrances
Budget and Actaal-Budgetary Basis
Economic Development Fund-Enterprise Fund �
For the�scal year ended June 30,2003
Budget Actual Variance
Revenues
Charges for services $ 236,242 $ 388,164 $ 151,922
Operating transfer - - -
Interest and otherrevenue 547,111 10,656 (536,455)
Total revenues 783,353 398,820 (384,533) �
Expenditures and encumbrances ,
� Salaries - - -
Fringe benefits - - -
Supplies and materials 12,695 8,103 4,592
Contractual services 37,175 40,169 (2,994) ,
Interfund charges 3,757 3,338 419
Miscellaneous 70,120 51,686 18,434
Debt service 90,620 90,620 -
Depreciation 11,706 57,488 (45,782)
Outlay 568,986 602,790 (33,804)
Credits - - -
Total expenditures and encumbrances 795,059 854,194 (59,135)
Excess (deficiency)of revenues over expenditures
and encumbrances $ (11,706) $ (455,374) $ (443,668)
i
II-66
, - CAPITAL ASSETS USED
IN THE OPERATION
OF GOVERNMENTAL FUNDS
, .
i� , ; , . ', �
, , ,
, . . ,
, ; .
; . ,
� � , . , �r
. . , ,
�,
� + ,
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+
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- `Schedule D-1 :
CITY OF BANGO�t . ,
Capital Assets Used in the Operation of Governmental Funds
Schedule by Source
June 30,2003
Governmental funds capital assets: �
Land $ 3,886,978
School Land 1,475,988 - ,
Buildings 4,566,636
School buildings 21,908,997
Vehicles 4,852,573
Machinery and equipment 2,700,689 `
School equipment 294,214
Infrastructure 3,905,950 ,
Construction in progress 12,245,877
Total governmental fund capital assets $ 55,837,902
Investments in govemmental funds assets by source:
General Fund $ 55,837,902
Total governmental fund capital assets $ 55,837,902
II-67
Schedule D-2
CITY OF BANGOR
Capital Assets Used in the Operation of Governmental Funds '
Schedule by Function and Activity
June 30,2D03
Construction
Function and Activity Land Buildings Vehicles Equipment Infrastructure in Process Total
General govemment:
Animal control $ - - 8,076 - - - 8,076
BAT community connector - - 1,600,783 - - 29,646 1,630,429
Central service - - - 2,490 - - 2,490
Ciryhall - 208,164 - 34,968 - 105,994 349,126
Communiry and economic development 3,564,560 159,560 - - - - 3,724,120
Information services - - - 117,055 - 216,654 333,709 `
��1 - - - 13,310 - - 13,310
Motor pool - 47,257 2,243,501 201,292 - 594,760 3,086,810
Other-unclassified - - - 934,772 - 19,448 954,220
Total general government 3 564 560 414 981 3 852 360 1 303 887 966 502 10 102 290
Public safety -
Fire - 1,027,437 781,034 177,597 - 155,215 2,141,283
Police 24,650 693,396 89,918 246,463 - 213,526 1,267,953
Total public safe 24 650 1 720 833 870 952 424 060 - 368 741 3 409 236
Heaith,welfare and recreation
Health and welfare - - - - - 2,336 2,336
Parks and recrearion 297,768 1,643,619 8,360 653,994 - 678,820 3,282,561
Total health,welfare and recreation 297,768 1,643 619 8 360 653,994 - 681 156 3 284 897
Public building and services
� Public works - 787,203 120,901 318,748 3,905,950 5,493,913 10,626,715
Total public buildings and services - 787 203 120 901 318 748 3 905 950 5 493 913 10 626 715
Education 1,475,988 21,908,997 - 294,214 - 4,735,565 28 414,764
Total governmental fund capital assets $ 5,362,966 26,475,633 4,852,5'I3 2,994,903 3,905,950 12,245,877 55,837,902
• �
II-68 _
Schedule D-3
CITY OF BANGOR
Capital Assets Used in the Operation of Governmental Funds
Schedule of Changes by Function and Activity
For the year ended June 30,2003
Balance Balance
Function and Activity 2002 Additions Deletions 2003
'
General government
Animal control $ 9,545 - 1,469 8,076
BAT community connector 242,166 3,068,895 1,680,632 1,630,429
" Central service 4,150 - 1,660 2,490
City hall 358,227 1,625 10,726 349,126
Community and economic development 3,727,410 - 3,290 3,724,120
Information services 330,987 47,071 44,349 333,709
Legal 15,730 - 2,420 13,310 �
Motor pool 2,603,657 1,742,162 1,259,009 3,086,810
Other-unclassified 1,012,305 107,227 165,312 954,220
Total general government 8,304,177 4,966,980 3,168,867 10,102,290
Public safety
Fire 2,043,490 271,297 173,504 2,141,283
Police 1,143,107 192,249 67,403 1,267,953
Total public safety 3,186,597 463,546 240,907 3,409,236
Health,welfare and recreation
Health and welfare 2,336 - - 2,336
Parks and recreation 2,931,322 809,763 458,524 3,282,561
Total health,welfare and recreation 2,933,658 809,763 458,524 3,284,897
Public building and services
Public works 7,403,015 3,920,285 696,585 10,626,715
Total public buildings and services 7,403,015 3,920,285 696,585 10,626,715
Education 28,805,510 347,519 738,265 28,414,764
Total governmental fund capital assets $ 50,632,957 10,508,093 5,303,148 55,837,902
II-69
� OTHER INFORMATION
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Schedule E-1
CITY OF BANGOR,MAINE ,
Assessed Valuation, Commitment and CollecNons
For the fiscal year ended June 30,2003
VALUATION
Land and buildings $ 1,374,984,100 '
Land and buildings -Homestead exemption 37,814,000
Personal property 278,430,400 `
Total valuation $ 1,691,228,500
COMNIITMENT
Real estate and personal property(excludes Homestead exemption) $ 1,653,414,500
Tax rate 0.02360
Total commitment 39,020,582
ADD
Supplemental taxes committed 60,601
39,081,183
LESS
Collections 2003 37,785,056
Abatements 311,677
2003 taxes receivable at June 30, 2003 $ 984,450
II-70
Schedule E-2
CITY OF BANGOR,MAINE
Undesignated Fund Balance Sufficiency Calculation
For the fiscal year ended June.30,2003
It is the policy of the City to maintain an undesignated fund balance approximately 7.5%of
operating expenditures. The following table sets forth the calculation as to the sufficiency of
� the June 30,2003 undesignated fund balance.
General Fund expenditures/uses(Schedule A-2)
General government $ 3,992,860
Public safety 11,104,269 '
Health, welfare and recreation 3,172,189
Public buildings and services 7,919,573
Other agencies 3,311,873
Education 41,455,729
Other appropriations 3,822,731
Other uses, gross 3,038,463
Gross expenditures and uses 77,817,687
General Fund debt service 5,345,651
Net expenditures and uses $72,472,036
Indicated undesignated fund balance @ 7.5% $ 5,435,403
Actual undesignated fund balance(Schedule A-2) $ 8,892,684
Actual undesignated fund balance as a percentage
of net expenditures and uses 12.27°/o
Over(under)funded status $ 3,457,281
II-71
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�
Statistical Section
E
p _ Ta61e 1
CITY OF BANGOR,MAINE ' .
� Govemment-wide Expenses by Function
� Last Ten FSscal Years ,
Health Public Interest on Capital
�scal General Public welfare and buildings Other Restricted County long-term maintenance
year government safety recreation and services agencies Education Unclassified grants tax debt expenses � Total` �
2003 $ 6,060,687 11,114,804 3,340,989 7,050,085 1,610,132 40,828,756 2,044,069 6,551,455 1,712,263 740,077 1,824,489 82,877,806
Only one year has been presented because 2003 was the year GASB Statement No.34 was implemented.
III- 1
Table 2
CITY OF BANGOR,MAINE
Government-wide Revenues
Last Ten Fiscal Years �
Program Revenues General Revenues
Operating Capital Grants and
Charges Grants Grants Contributions not Unrestricted
Fiscal for and and Restricted to Investment
year Services Contributions Contributions Taxes Specific Programs Earnings Miscellaneous Total
2003 $ 15,169,744 21,566,478 3,814,705 42,128,366 4,059,770 377,113 357,062 87,473,238 .
Only one year has been presented because 2003 was the year GASB Statement No. 34 was implemented.
III-2
, Table 3
CITY OF BANGOR,MAINE
General Fund Expenditures by Function--Budgetary Basis*
Last Ten Fiscal Years
Fiscal General Public Health& Parl�& Public Debt Other
Year Government Safety Welfare Recrea8on Servicea Edacation Service Other•" Agencies;•` Total
]994 3,275,299 9,126,524 4,016,937 894,339 5,659,277 26,871,968 1,454,132 200,436 1,715,417 53,214,329
1995 3,243,405 9,233,995 2,455,303 970,084 6,720,880 27,999,220 1,641,046 150,474 1,999,580 54,413,987
1996 3,340,732 8,990,888 1,683,177 888,139 7,049,049 28,258,718 1,403,761 45,595 2,046,064 53,706,123
1997 3,378,392 9,723,034 1,805,734 887,122 6,842,469 28,934,989 1,364,213 75,238 2,196,959 55,208,150
1998 3,454,345 10,362,360 1,757,148 923,430 7,648,048 30,190,919 1,335,405 389,805 2,231,591 58,293,051
1999 3,371,246 10,326,120 1,705,099 945,953 7,321,657 31,926,707 1,34U,136 131,815 2,391,962 59,460,695
2000 3,481,542 9,527,935 1,652,971 971,887 7,073,693 33,181,363 1,214,661 1,545,415 2,500,460 61,149,927
2001 3,737,126 10,252,977 1,736,958 979,569 7,108,393 34,277,778 1,197,825 1,828,634 3,533,309 64,652,569
2002 3,818,335 ]0,802,401 1,822,104 1,053,472 7,359,810 37,860,069 866,860 28,670,847 2,953,707 95,207,605
2003 3,992,860 11,104,269 2,090,476 1,081,713 7,919,573 41,455,729 1,611,606 2,211,125 3,311,873 74,779,224
' Amounts appear in Schedule A-2.
** "Other"includes recreation district tax,contingency,TIF related payments,pensions and other fringes.
- In F1'02,pensions and other fi-inges includes a$26,942,265 payment to Maine State Retirement.
*"" "Other Agencies"includes Penobscot County taxes and support to,among other the Bangor Public Library,
local private schools and the Bangor Conventions and Visitors Bureau.
III-3
Table 4
CITY OF BANGOR,MAINE
General Fund Revenues by Source—Budgetary Basis*
Last Ten Fiscal Years
Inter- Licenses Charges Fioes Use of
Fiscal Real Personal Total Tax govern- & tor &For- Money&
Year Property Property Excise Revenues mental Permita Services feitures Property Total
1994 26,392,128 2,483,933 2,922,952 31,799,013 17,291,808 276,167 5,203,023 11,699 530,633 55,112,343
1995 27,011,014 3,138,803 2,763,619 32,913,436 14,513,524 268,352 6,936,668 54,132 911,491 55,597,603
1996 27,34Q204 3,545,267 2,754,819 33,64Q290 13,803,107 324,639 6,940,083 26,569 1,066,083 55,800,771
1997 27,036,650 3,748,446 2,926,858 33,711,954 14,322,698 372,003 7,138,210 42,350 924,742 56,511,957
1998 27,750,306 4,224,568 3,095,072 35,069,946 16,233,583 433,449 7,529,144 28,193 546,229 59,840,544
1999 27,484,400 4,487,695 3,266,421 35,238,716 17,733,946 499,483 7,879,418 24,813 600,085 61,976,461
2000 28,498,443 4,945,754 3,592,979 37,037,176 18,936,166 393,354 8,147,181 19,178 933,427 65,466,482
2001 29,474,793 5,280,324 3,749,219 38,504,336 19,114,860 392,778 8,914,248 15,106 1,187,296 68,128,624
2002 30,767,352 5,796,498 3,935,924 40,499,774 ]9,580,491 298,665 9,755,012 28,009 980,442 71,142,393
2003 31,2�7,657 6,579,434 4,091,505 41,948,596 20,479,027 409,842 9,575,973 9,707 766,574 73,189,719
• Amounts appear in Schedule A-2. _
III-4
Table 5
CITY OF BANGOR,MAINE ,
General Fund Expenditures/Other Uses and Revenues/Other Sources-Budgetary Basis*
Last Ten Fiscal Years
Other Uses Ot6er Sources
Excess(Deficiency)
Appropr- Total Appropr- OperaNng Total ot Revenues/Ot6er
iations to Operating General Fund iadoos Gom Traosfere Total General Fund Sonrces Over
Fiscal Fuod Transfere Total Expenditures Fund In&Other Other Revenues Expenditures/
Year Balance Out&Other Other Uses &Ot6er Uses Balance Sources Sources &Other Sourcea Other Uses
1994 - 787,897 787,897 54,002,226 26,328 108,179 134,507 55,246,850 1,244,624
1995 - 865,462 865,462 55,279,449 260,000 28,770 288,770 55,886,373 606,924
1996 - 1,871,914 1,871,914 55,578,037 689,909 76,249 766,158 56,566,929 988,892
1997 - 2,360,375 2,360,375 57,568,525 1,249,123 377,448 1,626,571 58,138,528 570,003
1998 - 1,528,803 1,528,803 59,821,854 333,731 357,459 691,190 60,531,734 709,880
1999 - 1,640,914 1,640,914 61,101,609 362,286 77,903 440,189 62,416,650 1,315,041
2000 240,000 1,803,724 2,043,724 63,193,651 21,550 71,682 93,232 65,559,714 2,366,063
2001 285,000 2,022,267 2,307,267 66,959,836 29,047 65,537 94,584 68,223,208 1,263,372
2002 26,500 2,749,818 2,776,318 97,983,923 82,147 28,454,275 28,536,422 99,678,815 1,694,892
2003 - 3,038,463 3,038,463 77,817,687 431,636 3,871,604 4,303,240 77,492,959 (324,728)
* Amounts appear in Schedule A-2.
III-5
Table 6
CITY OF BANGOR,MAINE
Property Taz Levies and Collections
- Last Ten Fiscal Years
%ot Outstanding Ratioof
%of Delinquent Total Total Tax Current Year Current Year
Fiscal Gross Tas Abate- Net Tax Current Net I.evy Taz Taa Collection Delinquent Delinquencies
Year Levy ments Levy Collections Collected Co1lecHons Collectlons to Net Levy Taxes to Net Levy
1994 28,549,008 380,322 28,168,686 26,499,976 94.08% 2,024,862 28,524,838 101.26% 1,668,710 5.92%
1995 30,305,921 323,102 29,982,819 28,250,549 94.22% 1,680,210 29,930,759 99.83% 1,732,270 5.78%
1996 31,084,237 341,860 30,742,377 29,297,048 9530% 1,469,986 30,767,034 ]00.08% ],445,329 4.70%
I997 31,437,259 395,775 31,041,484 29,481,717 94.98% 1,570,081 31,051,798 100.03% 1,560,037 5.03%
1998 32,600,063 364,524 32,235,539 30,805,625 95.56% 1,543,779 32,349,404 100.35% 1,429,914 4.44%
1999 32,611,689 145,123 32,466,566 31,084,751 95.74% 1,503>187 32,587,938 10037% 1,381,815 4.26%
2000 34,069,975 246,152 33,823,823 32,809,377 97.00% 719,683 33,529,060 99.13°/a 1,014,446 3.00%
2001 35,283,733 258,412 35,025,321 33,930,930 96.88% 1,565,244 35,496,174 10134% 1,094,391 3.12%
2002 36,893,245 208,21] 36,685,034 35,633,029 97.13% 1,655,407 37,288,436 101.64% 1,052,005 2.87%
2003 39,081,183 311,677 38,769,506 37,785,056 97.46% 1,506,817 39,291,873 ]0135% 984,450 2.54°/a
III-6
'rable 7
CITY OF BANGOR,MAINE
Assessed and Estimated Market Value of Property*
Last Ten Fiscal Years �
Fiscal Real Personal
year Property Property Total % Change
1994 1,183,296,900 109,541,200 1,292,838,100 2.12%
1995 1,193,466,200 112,324,800 1,305,791,000 1.00%
1996 ' 1,201,371,900 139,604,900 1,340,976,800 2.69%
1997 1,206,956,900 156,506,600 1,363,463,500 1.68%
1998 1,210,414,700 176,756,000 1,3 87,170,700 1.74%
1999 1,219,950,500 188,488,200 1,408,438,700 1.53%
2000 1,267,153,100 208,423,500 1,475,576,600 4.77%
2001 1,314,964,400 222,823,400 1,537,787,800 4.22%
2002 1,346,728,900 241,682,200 1,588,411,100 3.29%
2003 1,412,798,100 278,430,400 1,691,228,500 6.47%
* It is City policy to assess at 100%of estimated market value.
III-7
-w..
- Table 8 _
CITY OF BANGOR,MAINE _
Property Tax Rate-Direct and Overlapping Governments
Last Ten Fiscal Years
General General
Fiscal City Fnnd Debt Penobscot Total Tax/
Year Government Service Education County (Mill)Rate �
1994 9.60 1.13 10.41 0.86 22.00
1995 9.72 1.26 11.21 0.86 23.05
1996 9.72 1.06 11.51 0.86 23.15
1997 9.61 1.08 11.33 0.88 22.90
1998 9.64 1.28 11.57 0.86 23.35
1999 9.67 1.1 12.11 0.92 23.80
2000 9.73 0.97 12.09 0.91 23.70
2001 9.64 1.01 11.89 0.91 23.45
2002 9.69 0.85 12.24 0.97 23.75
2003 9.38 0.87 12.27 1.08 23.60
III-8
.�
Table 9
CITY OF BANGOR,MAINE
Principal Taxpayers
June 30,2003
Assessed °/a of Total Cumulative
Taxpayer Business Value Tax Base %
BANMAKAssociates Shoppingmall $ 49,148,600 2.91% 2.91%
General Electric* Steam turbine manufacturer 42,504,850 2.51% 5.42%
Bangor Hydro-Electric Utility 28,451,200 1.68% 7.10%
. Bangor Savings Bank Financial institution 16,789,900 0.99% 8.09%
Eastern Maine Healthcare Medical institution 16,013,600 0.95% 9.04%
QV Realty Trust Real estate interests 12,409,300 0.73% 9.77%
May Department Stores Retailer 10,783,200 0.64% 10.41%
Cabrel Company Real estate interests 10,703,400 0.63% 11.05%
Airport Mall Associates Shopping mall 10,244,600 0.61% 11.65%
Sams Real Estate Trust Retailer 9,698,700 0.57% 12.22%
Totals $206,747,350
x Net of$59,493,650 of tax increment financing assets.
I
III-9
Table 10
CITY OF BANGOR,MAINE
Computation of Legal Debt Margin
June 30,2003
Total State Valuation $ 1,609,250,000
Debt Limitation: ,
15%of State Valuation $ 241,387,500
Debt Applicable to Debt Limitation:
Bonded General Obli ation Debt
Le al Maximum As a Percent of
—� Dollar State �
Purpose Percentage Amount Amount Maximum Valuation
Municipal 7.50% $ 120,693,750 $ 59,312,434 49.14% 3.69%
School 10.00% 160,925,000 15,163,900 9.42% 0.94%
Sewer 7.50% 120,693,750 31,046,750 25.72% 1.93%
Total Bonded Debt Applicable
to Debt Limit: $ 105,523,084 43.72% 6.56%
Margin for Additional Borrowing: $ 135,864,416
III- 10
. . Table 11
CITY OF BANGOR,MAINE
Ratio of Net General Obligation Debt to Assessed Value and
Net General Obligation Debt Per Capita
Last Ten Fiscal Years
Ratio of Net Bonded Debt
Fiscal Assessed Net Bonded To Assessed Per
Year Population* Value GO Debt** Value Capita
1994 32,437 1,292,838,100 27,033,359 2.09% 833.41
1995 32,570 1,305,791,000 24,198,270 1.85% 742.96
1996 31,849 1,340,976,800 24,937,760 1.86% 783.00
1997 31,479 1,363,463,500 25,763,268 1.89% 818.43
1998 31,134 1,387,170,700 28,261,855 2.04% 907.75
�
1999 30,783 1,408,438,700 27,205,258 1.93% 883.78
2000 31,311 1,475,576,600 27,713,328 1.88% 885.10
2001 31,473 1,537,787,800 30,434,229 1.98% 966.99
2002 31,595 1,588,411,100 66,818,681 4.21% 2,114.85
2003 31,541 1,691,228,500 65,323,120 3.86% 2,071.05
* Source:Maine Department of Human Services(1991 through 1994),Maine Department of Human
Services,Maine State Planning Of�ice and City of Bangor(1995 through 2000)and U.S.Census
Bureau(2001 through 2003).
** Net Bonded General Obligation Debt Consists of all non-self supporting general obligation debt,and
excludes all Sewer Utility debt of$31,046,750,Airport debt of$7,368,359,Golf Course debt of$94,603
and Economic Development debt of$1,690,252.
III-11
Table 12
CITY OF BANGOR,MAINE
Ratio of Annual Debt Service Ezpenditures for General
Obligation Debt to Total General Fund Ezpenditures
Last Ten Fiscal Years
Ratio of Debt
Debt Service Ex enditures Total Service To
Fiscal General Fund General Fund
Year Principal Interest Total Expenditures* Ezpenditures
1994 2,209,846 1,235,184 3,445,030 53,214,329 6.47%
1995 2,358,643 1,085,414 3,444,057 54,413,987 6.33%
1996 2,180,072 948,868 3,128,940 53,706,123 5.83%
1997 2,039,162 852,963 2,892,125 55,208,150 5.24%
1998 2,032,188 1,051,394 3,083,582 58,293,051 5.29%
1999 2,012,109 973,276 2,985,385 59,460,695 5.02% �
2000 2,038,664 1,059,773 3,098,437 , 61,149,927 5.07%
2001 2,389,399 1,097,765 3,487,164 64,652,569 5.39%
2002 1,707,483 1,686,455 3,393,938 67,566,552 ** 5.02%
2003 2,053,480 3,292,171 5,345,651 74,779,224 7.15%
* Budget basis,Schedule A-2
** 2002 General Fund Expenditures have been reduce by the one time payment to the MSRS totaling$27,641,053
III-12
Table 13
CITY OF BANGOR,MAINE
Computation of Direct and Overlapping Debt
June 30,2003
Percentage Amount
Total Debt Applicable Applicable
Outstanding to Bangor to Bangor
Direct Debt ,
City of Bangor
General Obligation Bonds $ 105,523,084 100.00% $ 105,523,084
Overlapping Debt
Penobscot County 288,660 23.07% 66,594
Total Debt $ 105,811,744 $ 105,589,678
III-13
Table 14
CITY OF BANGOR,MAINE
Demographic Statistics
Last Ten Calendar Years
Median Public Unemploy-
Fiscal Household Median School ment
Year Population * Income* Age* Enrollment** Rate***
1994 32,437 Data not Data not 4,227 7.96%
available available
1995 32,570 Data not Data not 4,303 7.47%
available available '
1996 31,849 Data not Data not 4,257 5.72%
available available
1997 31,479 Data not Data not 4,394 4.52%
available available
1998 31,134 Data not Data not 4,408 4.80%
available available
1999 30,783 Data not Data not 4,377 3.60%
available available
2000 31,311 Data not Data not 4,410 2.99%
available available
2001 31,473 29,740 36.1 4,281 2.85%
2002 31,595 29,740 36.1 4,316 3.01%
2003 31,541 29,740 36.1 4,205 3.12%
* Source: U.S. Census
** Source: Bangor School Department
*** Source: Bureau of Labor Statistics
III-14
Table 15
CITY OF BANGOR,MAINE
Taxable Retail Sales(000's)
Last Ten Calendar Years
Taxable Retail Sales in: Bangor as Percent of
Galendar City of Penobscot State of
Year Bangor County Maine County State
1993 712,294 1,217,741 9,815,702 58.49% 7.26%
' 1994 725,513 1,241,600 10,162,703 58.43% 7.14%
1995 731,195 1,269,502 10,414,283 57.60% 7.02%
1996 784,965 1,333,801 10,915,108 58.85% 7.19%
1997 1,020,875 1,473,461 11,323,937 69.28% 9.02%
1998 1,087,277 1,573,243 12,311,991 69.11% 8.83%
1999 1,215,497 1,738,263 13,453,367 69.93% 9.03%
2000 1,300,292 1,849,715 13,939,682 70.30% 9.33%
2001 1,296,936 1,847,194 14,169,119 70.21% 9.15%
2002 1,364,873 1,930,534 14,619,785 70.70% 9.34%
Source:Maine State Pianning Office and Maine Bureau ofTaxation
�
III-15
v
Table 16
CITY OF BANGOR,MAINE
Residential and Commercial Building Permits and Bank Deposits
(Doliar Amounts in Thousands)
Last Ten Calendar Years
Property Value Building Permits
Residential Non-Residential Totals
Calendar Estimated Estimated � , Bank
Year Commercial Residential Total Units Value Units Value Units Value Deposits*
1993 607,633.9 685,204.2 1,292,838.1 371 5,718.7 253 10,968.4 624 16,687.1 717,982.0
1994 613,721.8 692,069.2 1,305,791.0 289 4,019.7 274 21,068.0 563 25,087.7 705,589.0 .
1995 630,259.1 710,717.7 1,340,976.8 279 3,203.0 198 17,392.7 477 20,595.7 749,352.0
1996 640,827.8 722,635.7 1,363,463.5 283 4,013.8 192 18,773.8 475 22,787.6 762,181.0 �
1997 651,970.2 735,200.5 1,387,170.7 303 2,966.9 222 29,368.5 525 32,335.4 792,341.8
1998 661,966.2 746,472.5 1,408,438.7 284 3,149.7 223 37,984.6 507 41,1343 808,188.7
1999 693,521.0 782,055.6 1,475,576.6 269 7,252.0 220 24,772.6 489 32,024.6 799,166.0
2000 722,760.3 815,027.5 1,537,787.8 296 9,637.9 191 18,888.9 487 28,526.8 780,101.0
2001 746,553.2 841,857.9 1,588,411.1 248 4,291.7 198 21,175.2 446 25,466.9 827,173.0
2002 794,877.4 896,351.1 1,691,228.5 277 5,076.1 199 25,313.9 476 30,390.0 DatallotAvailable
* Source:Maine Bureau of Banking
III-16
Table 1.7
CITY OF BANGOR,MAINE
Miscellaneous Statistics
June 30,2003
City Employees Public Education
Full time 486 Number of schools 10
Part Time 368 Number of teachers ` 369
Number of students 4,205
Police Protection Fire Protection
Number of officers 76 Number of firefighters 93
Number of civilian employees 16 � Number of civilian employees 4
Number of stations 1 Number of starions 3
Number of vehicles 42 Number of vehicles 25
Number of calls for service 22,213 Number of calls for service 7,528
Number of training facilities 1
Insurance Service Organization fire 2
Parks and Recreation Sewers
Number of parks 29 Miles of sanitary sewers 103
Number of play areas 11 Miles of combined sewers 44
Acres of park land 950 Miles of interceptor sewers 9
Indoor ice arena 1 Treatment plant 1
Semi-pro baseball stadium 1 Pump stations 5
Public golf courses 1.5 Combined sewer overflow locations 12
Public swimming pools 1 Storage tanks 3
Football stadium 1
Recreation center 1
Public Library
Number of branches 1
Number of volumes 468,000
Registered borrowers 42,345
Annual circulation 445,927
III-17
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