2009City ofBangor, MaineComprehensive AnnualFinancial ReportforFiscal YearJune 30,2009
CITY OF BANGOR, MAINE
Comprehensive Annual Financial Report
For the Fiscal Year Ended June 30, 2009
Prepared by:
Debbie Cyr, Finance Director
David Little, Tax Collector/Deputy Treasurer
CITY OF BANGOR, MAINE
Comprehensive Annual Financial Report
Table of Contents
For the Fiscal Year Ended June 30, 2009
INTRODUCTORY SECTION Page
Letter of Transmittal I - 1
GFOA Certificate of Achievement I - 7
Organizational Chart I - 8
Elected Officials and Principal Administrative Officers I - 9
FINANCIAL SECTION
Report of Independent Auditors II - 1
Management’s Discussion and Analysis II - 2
Basic Financial Statements: Exhibit
Government-wide Financial Statements:
Statement of Net Assets 1 II - 16
Statement of Activities 2 II - 17
Fund Financial Statements:
Balance Sheet - Governmental Funds 3 II - 18
Statement of Revenues, Expenditures and Changes in
Fund Balances - Governmental Funds 4 II - 19
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities 5 II - 20
Statement of Revenues, Expenditures and Changes in
Fund Balance - Budget and Actual - General Fund 6 II - 21
Statement of Net Assets – Proprietary Funds 7 II - 22
Statement of Revenues, Expenses and Changes in
Net Assets – Proprietary Funds 8 II - 24
Statement of Cash Flows – Proprietary Funds 9 II - 25
Statement of Fiduciary Net Assets – Fiduciary Funds 10 II - 27
Notes to the Financial Statements II - 28
Required Supplemental Information II - 54
CITY OF BANGOR, MAINE
Table of Contents, Continued
Schedule Page
Combining and Individual Fund Statements and Schedules:
Balance Sheet – General Fund A – 1 II - 55
Schedule of Revenues, Expenditures and Changes in
Undesignated Fund Balance – Budget and Actual – Budgetary
Basis – General Fund A – 2 II - 56
Combining Balance Sheet – Nonmajor Governmental Funds B – 1 II - 60
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Nonmajor Governmental Funds B – 2 II - 61
Combining Balance Sheet – Nonmajor Special Revenue Funds B – 3 II - 62
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Nonmajor Special Revenue Funds B – 4 II - 63
Combining Balance Sheet – Nonmajor Permanent Funds B – 5 II - 64
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Nonmajor Permanent Funds B – 6 II - 65
Combining Statement of Net Assets – Nonmajor Proprietary Funds C – 1 II – 66
Combining Statement of Revenues, Expenses and
Changes in Net Assets – Nonmajor Proprietary Funds C – 2 II - 68
Combining Statement of Cash Flows - Nonmajor Proprietary Funds C – 3 II - 69
Schedules of Revenues, Expenditures and Encumbrances – Budget
and Actual Budgetary Basis:
Sewer Utility Enterprise Fund C – 4 II - 71
Airport Enterprise Fund C – 5 II - 72
Park Woods Enterprise Fund C – 6 II - 73
Parking Enterprise Fund C – 7 II - 74
Bass Park Enterprise Fund C – 8 II - 75
Municipal Golf Course Enterprise Fund C – 9 II - 76
Economic Development Enterprise Fund C – 10 II - 77
Fiduciary Funds:
Statement of Change in Assets and Liabilities – Agency Fund D – 1 II - 78
Capital Assets Used in the Operation of Governmental Funds:
Schedule of Changes by Function and Activity E – 1 II - 79
Other Information:
Assessed Valuation, Commitment and Collections F – 1 II - 80
Undesignated Fund Balance Sufficiency Calculation F – 2 II - 81
CITY OF BANGOR, MAINE
Table of Contents, Continued
STATISTICAL SECTION
Table Page
Financial Trends:
Net Assets by Component 1 III – 1
Changes in Net Assets 2 III – 2
Governmental Activities Tax Revenues by Source 3 III – 5
Fund Balances of Governmental Funds 4 III – 6
Changes in Funds Balances of Governmental Funds 5 III – 7
Revenue Capacity:
Assessed Value and Estimated Actual Value of Taxable Property 6 III – 8
Property Tax Rate – Direct and Overlapping Governments 7 III – 9
Principal Property Taxpayers 8 III – 10
Property Tax Levies and Collections 9 III – 11
Debt Capacity:
Ratios of Outstanding Debt by Type 10 III – 12
Ratio of Net General Obligation Debt to Assessed Value and
Net Obligation Debt Per Capita 11 III – 13
Computation of Direct and Overlapping Debt 12 III – 14
Legal Debt Margin Information 13 III – 15
Demographic and Economic Information:
Demographic and Economic Statistics 14 III – 16
Principal Employers 15 III – 17
Operating Information:
Full-time Equivalent City Government Employees by Function 16 III – 18
Operating Indicators by Function 17 III – 19
Capital Asset Statistics by Function 18 III – 20
INDEX OF NOTES TO THE FINANCIAL STATEMENTS
Summary of Significant Accounting Policies
Note Page
A Reporting Entity II – 28
B Government-wide and Fund Financial Statements II – 28
C Measurement Focus, Basis of Accounting and Basis of Presentation II – 29
D Assets, Liabilities and Equity II – 31
Stewardship, Compliance and Accountability
A Budgetary Information II – 33
B Reconciliation of Budgetary Basis Statements II – 34
C Excess of Expenditures Over Appropriations II – 35
D Deficit Fund Equity II – 35
E Restricted Assets II – 35
Detailed Notes on All Funds
A Deposits and Investments II – 36
B Property Tax II – 37
C Capital Assets II – 37
D Interfund Transactions II – 39
E Due From Other Governments II – 40
F Leases II – 40
G Other Assets II – 41
H Deferred/Unearned Revenue II – 41
I Long-Term Debt II – 41
J Fund Balances II – 45
K Net Assets II – 47
Other Information
A Risk Management II – 47
B Tax Increment Financing Districts II – 48
C Contingent Liabilities II – 49
D Retirement II – 49
E Other Postemployment Benefits II – 51
F Landfill Closure and Postclosure Care Costs II – 53
G Subsequent Events II – 53
INTRODUCTORY SECTION
73 Harlow Street Bangor, Maine 04401
207/992-4260
fax 207/945-4446
debbie.cyr@bangormaine.gov
finance departMent
deborah a. cyr, finance directorwww.bangormaine.gov
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
expenditures of federal awards, 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 City 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. After twenty one years, the current City Manager will
be leaving his position this month. The City Council has begun the process of
actively recruiting a replacement and has made arrangements for an interim City
Manager until such time as a replacement comes on board.
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 appropriation for this
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purpose. Under a recent change in state law, the Council approved school
appropriation must be ratified by the voters of Bangor at a referendum held in June
prior to the start of the City's fiscal year. Once approved, the expenditure of this
appropriation is under the direction and control of the School Committee. The
School Committee employs the Superintendent of Schools as its chief operating
officer.
The City provides a full range of municipal services including 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
July 1st and ends on the following June 30th. The City annually adopts budgets for
its general fund and seven enterprise funds. The City Charter requires that the City
M~nager 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 1st, 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.
The annual budget serves as the foundation for the City's financial planning and
control and is prepared by fund, function, and department. The City Manager may
transfer resources within a department; however, transfers between departments
require Council action.
Special Revenue Funds do not have 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.
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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 communications, banking,
commercial, industrial, healthcare, 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. Bangor's 2008 unemployment rate of 5.2% continues to be
on par with both country and state rates of 5.6%, 5.4%, respectively.
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 (downtown) have long established Bangor
as the hub of the six-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 is proportionally
higher. In 2008, Bangor's share of the State's retail sales was 70/0, and its share of
County sales was 57%.
Further evidence of continuing sustained growth is the change in the City's assessed
value of real and personal property. The annual increase in assessed value is a
combination of three factors: 1) market adjustments to existing property, 2) new
construction/additions, and 3) personal property depreciation. Over the last ten
years, the average annual increase in assessed value is 6.3%. Tax base growth, the
City's focus on controlling budgetary growth, and ramped up state funding for
education resulted in a 20% reduction in the City's tax rate from 2000 to 2009.
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 financial planning and major initiatives. The City's capital
improvement plan is an integral part of the annual budget process. A complete list
of near term improvements is submitted as part of the City Manager's budget
submission for all City functions. The plan includes projects antiCipated within the
coming one to two year period with an indication of how the City anticipates funding
the improvements. Certain improvements are longer term in nature and are
updated and reviewed via the City's Committee structure on an as needed basis.
1-4
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. A
majority of the required infrastructure has been installed, for which the City has
been successful in obtaining partial funding from both State and Federal agencies.
In addition, after many years of investigation and negotiations with several federal
agencies, the City is nearing completion of the remediation of a coal tar deposit
within the river as well.
Under a development agreement with Bangor Historic Track, a wholly owned
subsidiary of Penn National Gaming, the City receives a percentage of gross slot
revenue as well as land lease payments and property taxes on the new development
associated with Maine's only gaming facility. In October 2005, the City established a
special revenue fund to account for its share of gross slot revenue. In addition, the
Council Order establishing this fund specifies that its primary use will be to construct
a new arena in Bangor to replace the Bangor Auditorium which opened in Bass Park
in 1954. In the coming year, the City Council will be reviewing a recently completed
Market Sizing and Feasibility Study related to the construction of a new arena and
meeting space.
Over the years, the City has invested significant resources and effort in improving
our local environment and protecting our natural resources. Over the past year, the
major emphasis has been on storm water management issues. Storm water quality
requirements and related regulations affect various water bodies within our
corporate limits and a number of watershed management plans are in various
stages of development and implementation throughout the City. The City has taken
a proactive approach to addressing storm water issues. We believe it was this
approach that led to the City's success in obtaining the maximum award of
$3,000,000 from the Clean Water State Revolving Loan Fund capitalized via the
American Recovery and Reinvestment Act of 2009.
In order to achieve significant long term energy savings as well as to provide
environmental, occupant comfort, and indoor air quality improvements, the City has
implemented a number of projects as a result of an energy audit of all its facilities.
The majority of projects undertaken are guaranteed by our energy services
contractor to generate adequate annual savings to fund the annual payments
required to finance these improvements. Results of the first year's energy audit
should be available in January 2010. In addition to improving its current facilities,
the City has adopted a policy that will require all new construction and major
renovations to City owned or funded buildings to meet Leadership in Energy and
Environmental Design (LEED) certification. The cover page depicts the newly
constructed Fire Station 6, which achieved a gold certification and represents the
City's first LEED certified project.
1-5
Relevant Financial Policies. City policy prescribes uses for undesignated fund
balances. In general, undesignated fund balance is not to be used to fund any
portion of the on-going and routine year to year operating expen-ditures of the City.
It is to be used primarily to ensure adequate designated fund balances, to respond _
to unforeseen emergencies, and to provide overall financial stability. During the
year, $200,000 was appropriated to fund further environmental assessments of the
Penobscot River as well as associated legal costs, in compliance with the
aforementioned policy.
By Charter, the City is required to maintain a balance between 5% and 10%, and
the Council has determined that a reasonable target is 7.5%• Unreserved,
undesignated fund balance in the general fund as of June 30, 2009 was 10.36% of
expenditures, net of debt service.
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, 2008 for the thirteenth
consecutive year. 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 for
consideration 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 City's
financial management and reporting capabilities. We are confident that we have
once again met their expectations.
Respectfully submitted,
Debbie Cyr
Finance Director
1-6
FINANCIAL SECTION
II-1
Certified Public Accountants and Business Consultants
Independent Auditor's Report
City Council
City of Bangor,Maine
We have audited the accompanying financial statements of the governmental activities,the business
type activities,each major fund,and the aggregate remaining fund information of the City of Bangor,
Maine as of and for the year ended June 30,2009,which collectively comprise the City’s basic financial
statements as listed in the table of contents.These financial statements are the responsibility of the
City of Bangor,Maine’s management.Our responsibility is to express opinions on these 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 standards applicable to financial audits contained in Government Auditing
Standards,issued by the Comptroller General of the United States.Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the financial statements are
free of material misstatement.An audit includes examining,on a test basis,evidence supporting the
amounts and disclosures in the financial statements.An audit also includes assessing the accounting
principles used and the significant estimates made by management,as well as evaluating the overall
financial statement presentation.We believe that our audit provides a reasonable basis for our
opinions.
In our opinion,the financial statements referred to above present fairly,in all material respects,the
respective financial position of the governmental activities,the businesstype activities,each major
fund,and the aggregate remaining fund information of the City of Bangor,Maine,as of June 30,2009,
and the respective changes in financial position,and cash flows,where applicable,thereof and the
budgetary comparison for the General Fund for the year then ended in conformity with accounting
principles generally accepted in the United States of America.
In accordance with Government Auditing Standards,we have also issued our report dated December 18,
2009,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 grant
agreements and other matters.The purpose of that report is to describe the scope of our testing of
internal control over financial reporting and compliance and the results of that testing,and not to
provide an opinion on the internal control over financial reporting or on compliance.That report is an
integral part of an audit performed in accordance with Government Auditing Standards and important
for assessing the results of our audit.
The Management’s Discussion and Analysis and the schedule of funding progress for Other
Postemployment Benefits,as listed in the table of contents,are not required parts of the basic financial
statements but are supplementary information required by accounting principles generally accepted in
the United States of America.We have applied certain limited procedures,which consisted principally
of inquiries of management regarding the methods of measurement and presentation of the required
supplementary information.However,we did not audit the information and express no opinion on it.
City Council
Page 2
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City of Bangor,Maine’s basic financial statements.The introductory section,
combining and individual nonmajor fund financial statements and schedules,and statistical section are
presented for purposes of additional analysis and are not a required part of the basic financial
statements.The combining and individual nonmajor fund financial statements and schedules have been
subjected to the auditing procedures applied in the audit of the basic financial statements and,in our
opinion,are fairly stated in all material respects in relation to the basic financial statements taken as a
whole.The introductory and statistical sections have not been subjected to the auditing procedures
applied in the audit of the basic financial statements and,accordingly,we express no opinion on them.
December 18,2009
South Portland,Maine
MANAGEMENT'S DISCUSSION AND ANALYSIS
Management of the City of Bangor offers this narrative overview and analysis of the financial
activities of the City for the fiscal year ended June 30, 2009. In addition to comparative
information from the government-wide statements, comparative data is presented on key
information from the fund financial statements. 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 1-1 to 1-6 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 $203.7 million (net assets).
• As of the close of the current fiscal year, the City of Bangor's governmental funds reported
combined ending fund balances that increased $3.3 million from the prior year to $31.5
million. Approximately 69% of the total amount, or $21.9 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
unreserved/undesignated fund balance of 5% to 10% of current expenditures less debt
service. At the end of the current fiscal year, unreserved undesignated fund balance for the
General Fund was $8.7 million, or 10.36% of the general fund expenditure base. The
annual calculation is included within the financial statements as Schedule F-2.
• The total liabilities of the City's governmental and enterprise funds decreased by $300
thousand (1.8%) and $4.5 million (9.2%), respectively. The governmental fund liabilities
are virtually unchanged, and the decrease in enterprise fund liabilities is primarily due to
principal payments of $ 4.1 million and a decrease of $280 thousand in accounts payable.
Accounts payable can vary drastically from year to year depending upon the timing of
invoices received and/or the projects being undertaken.
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. These 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 that used by
private-sector companies. 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.
11-2
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
employee 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 Utility, the Bass Park Complex, Parking, Golf Course,
Economic Development, and the Park Woods Complex.
The government-wide financial statements can be found on pages 11-16 to 11-17 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 that 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 ten 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 balances for the General Fund, Community
Development Block Grant, Arena fund, 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 non-major
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
11-3
By far the largest portion of the City's net assets (in excess of 100% or $209.5 million) reflects
its investment in capital assets (i.e. 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 has a total deficit of approximately $12 million, the
governmental activity portion is significantly higher with a deficit of $26.9 million. This is
primarily due to $26.4 million in outstanding pension obligation bonds as well as the
implementation of new Governmental Accounting Standards Board (GASB) pronouncements.
This year, the City implemented GASB 45, Accounting and Financial Reporting by Employers for
Postemployment Benefits Other Than Pensions (OPEB) and GASB 49, Accounting and Finance
Reporting for Pollution Remediation Obligations. Both GASB statements had a significant
impact on both the governmental and bUSiness-type activities. In the end, the City is able to
report positive balances in the remaining two categories of net assets for the government as a
whole, while bUSiness-type activities net assets continue to remain positive in all categories.
Governmental-type net assets decreased by $9.2 million. Within the governmental-type funds
and as required by GASB 49, the accrual of $7.6 million reflects the estimated remediation cost
to remove a significant coal tar deposit from the Penobscot River, $800 thousand is related to
the City's OPEB liability recorded in accordance with GASB 45, and $6.3 million is related to the
lease/purchase financing of School department energy conservation measures. These
reductions are partially offset by the increase in investment of capital assets in the amount of
$4.0 million. The remaining increase is related to actual revenues outpacing estimates,
specifically in the areas of, emergency medical services and arena fund revenues.
BUSiness-type net assets decreased by $200 thousand during the year. BUSiness-type
operational results remained relatively unchanged from the prior year. The primary change in
net assets is related to a reduction in capital grants and contributions from Airport operations.
11-5
Changes in Net Assets
The following is a condensed version of the Statement of Activities.
Governmental Business-type
Activities Activities Total
...1Jm 2008 2009 ~ ~ 1IlH
Revenues
Program Revenues
Charges for services 17,318,044 16,979,412 25,289,470 25,068,331 42,607,514 42,047,743
Operating grants & contributions 34,155,649 41,370,518 34,155,649 41,370,518
capital grants & contributions 2,068,478 2,119,150 4,113,557 3,426,732 6,182,035 5,545,882
General Revenues
Property and other taxes 52,193,918 48,840,536 52,193,918 48,840,536
Grants and contributions not
Restricted to specific programs 5,260,439 5,520,774 5,260,439 5,520,774
Other 968(791 1(436(378 1(025(098 1(326(787 968(791 2(763(165
Total Revenues 111,965,319 116,266,768 30,428,125 29,821,850 142,393,444 146,088,618
Expenses
General government 7,868,247 8,744,549 7,868,247 8,744,549
Public safety 15,671,645 14,945,855 15,671,645 14,945,855
Health, community and recreation 9,168,870 8,413,205 9,168,870 8,413,205
Public buildings and services 9,671,469 9,142,251 9,671,469 9,142,251
Other agencies 4,580,661 4,829,547 4,580,661 4,829,547
Education 54,294,824 47,537,197 54,294,824 47,537,197
Arena Development 51,332 41,091 51,332 41,091
Community development 912,992 2,156,241 912,992 2,156,241
Streets/sidewalks 2,141,079 1,359,002 2,141,079 1,359,002
Waterfront 9,252,263 1,754,281 9,252,263 1,754,281
Public transportation 3,042,434 2,118,374 3,042,434 2,118,374
Interest on debt 2,651,599 3,206,764 2,651,599 3,206,764
Tax increment financing 1,114,112 1,066,192 1,114,112 1,066,192
Sewer Utility 6,197,277 6,052,419 6,197,277 6,052,419
Airport 19,934,243 19,641,953 19,934,243 19,641,953
Park Woods 590,250 678,867 590,250 678,867
Parking 1,374,909 1,438,125 1,374,909 1,438,125
Bass Park 1,851,914 1,993,205 1,851,914 1,993,205
Municipal Golf Course 745,339 695,969 745,339 695,969
Economic Development 712(195 695(851 712(195 695(851
Total Expenses 120(421(527 105(314(549 31(406(127 31(196(389 151(827(654 136(510(938
Excess (deficiency) before transfers (8,456,208) 10,952,219 (978,002) (1,374,539) (9,434,210) 9,577,680
Transfers (739(179) (539(088) 739(179 539(088
Change in net assets (9(195(387) 10(413(164 (238(823) (835A51) (9A34(210) 9(577(680
11-6
II - 7
Governmental Activities
The cost of all governmental activities was $120.4 million. As shown on the Statement of
Activities, the total amount financed by the City’s property taxpayers was $47.0 million, or
41.0%. Those who directly benefit from an activity provided $17.3 million in payments. Other
governments and organizations subsidized certain activities with operating grants and
contributions in the amount of $34.2 million. Capital grants and contributions accounted for
$2.1 million. The City also received $11.4 million in other general revenues such as State
Revenue Sharing, motor vehicle and boat excise taxes, homestead exemptions, and interest
earnings.
Total governmental activities expenses increased $15.1 million over the prior year. No
additional programs were sponsored by the City in the current year, nor were any eliminated.
The majority of increased costs are related to school department energy conversation measures
($7.1 million), the recognition of a pollution remediation obligation liability ($7.6 million) related
to a coal tar deposit in the Penobscot River, and increased street and sidewalk construction
($782 thousand). It should be noted that the increase in Public Transportation is related to a
change in how vehicle operation and maintenance costs are reported. In addition to the
increases noted above, the City realized reduction of expenses in certain areas. During FY
2008, fuel costs escalated dramatically and unpredictably; in FY2009, costs returned to a more
measured and stable level resulting in a 24% ($292 thousand) reduction in cost. Also, the
change in the City’s contribution rate for employee health insurance has resulted in an overall
reduction in health insurance costs during the year of 4.2% ($117 thousand). It appears that
employees are either changing to a lower cost plan or obtaining coverage through a spouse.
Lastly, the reduction in Community development expenditures was driven by the credit
environment. Community development has a portfolio of mortgage loans for low to moderate
income households. During 2008 and as homeowners took advantage of historically low
0
10
20
30
40
50
60
(in millions)General GovernmentPublic SafetyPublic Buildings & ServicesHealth, Community & RecreationOther AgenciesEducationArena DevComm DevelopStreetsWaterfrontPublic TransportationTIFInterest on DebtExpenses and Program Revenues - Governmental Activities
Expenses
Revenues
II - 8
interest rates, loans were repaid creating a significant increase in program income.
Repayments must be reprogrammed to fund other community development functions. The
majority of refinancing took place prior to the current year, so expenses will decline as program
income does.
While total governmental activities revenues decreased $4.3 million, or 3.7%, if the effects of
the $7.6 million one-time settlement related to coal tar remediation in the Penobscot River is
removed from the prior year, recurring revenues actually increased by $3.3 million. The largest
single source of revenue continues to be the property tax, which increased slightly to 41% of
total revenues for 2009 compared to 37% for 2008. The City continues to benefit from the
State’s Essential Services and Programs funding model for education, realizing a $900 thousand
increase in State Aid to Education. The City experienced a $400 thousand increase in
emergency medical services revenue, while revenue from other provided services remained
stable. Earnings on investments declined by $400 thousand due to the abnormally low yields in
the financial markets; revenue sharing decreased by $400 thousand as a result of lower State
sales and income tax collections; and property tax revenue increased $3.2 million. Of the 2009
increase in tax revenues, nearly $2.5 million is attributable to new value as defined by LD 1,
which translates into $131 million of new development/improvements within the City during the
prior fiscal year.
Business-type Activities
Total business-type activities expenses were relatively unchanged compared to prior year levels,
with an increase .7%, or $200 thousand. The Airport continues to see increased numbers of
international flights requiring services. Most of these flights are directly related to military troop
movements. The additional costs associated with servicing this market are recovered through
additional revenue from charges for services. Business-type activities experienced the same
decreases as noted above in the governmental activities such as: reduced costs associated with
health insurance and fuel costs.
Revenues by Source - Governmental Activities
15%
31%
2%
41%
5%5%1%Charges for Services
Operating Grants &Contributions
Capital Grants & Contributions
Property Taxes
Other General
Unrestricted Grants &ContributionsOther Unrestricted
II - 9
In total, business-type activities revenue increased slightly, or 2% ($600 thousand), which is
wholly attributable to an increase in capital grants and contributions. The increase in capital
grants and contributions is tied to the Airport operations and is indicative of the cyclical nature
of Airport Improvement Plan grant funding.
Revenues by Source - Business-type Activities
Transfers
2%Capital Grants and
Contributions
13%
Unrestricted
Investment Earnings
3%
Charges for Services
82%
Charges for Services
Capital Grants and
Contributions
Transfers
Unrestricted InvestmentEarnings
0
2
4
6
8
10
12
14
16
18
20
(in millions)Sewer UtilityAirportPark WoodsParkingBass ParkGolf CourseEcon DevelopExpenses and Program Revenues - Business-type Activities
Expenses
Revenues
Financial Analysis of the Government's Funds
Governmental funds. The focus of the City's governmental funds reporting is to provide
information on near-term inflows, outflows, and balances of expendable 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 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 $31.5 million, an increase of $3.3 million from the prior year balance of $28.2
million, the majority of which, or $2.0 million, is an increase in reserved fund balances related
to gaming revenues receipted into the Arena Fund. Approximately 70% of this total ($21.9
million) constitutes unreserved fund balance that is available for spending at the City's
discretion. The remainder is reserved, indicating that it is not available for new spending
because it has already been committed for various purposes including liquidating prior period
contracts and purchase orders ($2.2 million), reserving for potential non-repayment of interfund
balances ($1.7 million), restricted unexpended escrow funds received to fund coal tar
remediation in the Penobscot River ($5.1 million), or set aside for a variety of other restricted
purposes ($680 thousand).
The general fund is the chief operating fund of the City and is comprised of two major
functions, education and municipal services. At the end of the fiscal year, the total unreserved
fund balance of the general fund was $12.9 million ($4.2 million of which has been designated
by management for subsequent years' expenditures). The general fund's total fund balance
was $15.5 million, an increase from the prior year's balance of $14.2 million. Designated fund
balances increased $600 thousand, the majority of which is due to an increase in School
Department balances carried. The City's undesignated fund balance increased $700 thousand
due to increased revenue collections in the areas of State Revenue sharing and excise tax. In
addition, actual fuel costs were significantly lower than anticipated.
The Arena Fund continues to outperform the City's initial projections by approximately 10% per
year. As stated previously, these funds have been set aside by the City Council to finance the
replacement of the current Bangor Auditorium. In early 2010, the City Council will be reviewing
the recently completed Market Feasibility and Facility Sizing report to consider at what point the
City will be in the position to move forward with the replacement.
The Capital projects fund varies significantly from year to year depending upon City Council
priorities and available funding opportunities. Total expenditures increased $8.5 million over
the prior year. Of that increase, $6.0 million is related to one-time expenditures for energy
conservations measures undertaken within the school and municipal buildings. In addition, as
the per ton cost of asphalt subsided later in the year, the City moved forward with a number of
street and sidewalk projects it had placed on hold. The cost of asphalt is directly impacted by
crude oil prices. As oil prices escalated to never before seen heights, the City deferred certain
street and sidewalks projects until spring 2009 when prices subsided.
II -10
Proprietary funds. Information on the City of Bangor's proprietary funds is similar to that
found in the government-wide financial statements, but in more detail.
The unrestricted net assets of the seven enterprise funds decreased $200 thousand to a total of
$171.3 million, including net asset deficits of $1.7 million in the Bass Park Fund and $400
thousand in the Parking Fund. Without exception, the net assets of all other enterprise funds
were relatively stable.
General Fund Budgetary Highlights
For budgetary financial statement purposes, all balances carried from the prior year are added
to the subsequent year's total appropriation. This resulted in an overall budgetary increase of
$2.8 million. There were minimal additional amendments to the originally adopted budget. The
City's commitment to budgetary integrity continues, with actual revenues exceeding budgeted
amounts by 1.5%, or $1.3 million, while municipal expenditures were under budget by 4.4%, or
$4.1 million. The majority of under expenditure is related to education, and, by statute,
education balances must be segregated from municipal balances. The remaining expenditure
variance is directly related to lower actual fuel costs than originally anticipated.
Capital Asset and Debt Administration
Capital assets. As of June 30, 2009, the City of Bangor's investment in capital assets for its
governmental and business-type activities amounted to $262 million (net of accumulated
depreciation), an increase of $600 thousand over the prior year. This investment 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 minimal when netted against
current year depreciation expense. Governmental activities investment increased $5.3 million,
and business-type activities invested $8.6 million.
Major capital asset events during the current fiscal year included the following;
• The City replaced its outdated and ill equipped Fire Station #6 at a cost of $2.4 million.
This project represents the City's first design/build project as well as the first project
undertaken to comply with LEED requirements. In the end, this project attained a Gold
level LEED certification.
• Based on the availability of Federal, State, and local funding (provided via the Downtown
Development District TIF), the City invested an additional $1.2 million on our waterfront.
The project includes additional utilities, park and open space, as well as surface parking.
• Grant opportunities allowed the City to upgrade its Fire suppression vehicle inventory in the
amount of $800 thousand.
• The Airport Fund invested $8.6 million in operational assets at Bangor International Airport
including terminal renovations, building improvements, on-site parking facilities, and
upgrading and improving runways and aprons.
II -11
II - 12
Capital Assets (net of depreciation)
Governmental Business-type
Activities Activities
Land and improvements 9,562,297 4,522,090
Buildings and improvements 42,594,097 15,144,525
Machinery and equipment 3,696,595 1,728,287
Vehicles 6,392,913 -
Infrastructure 11,065,539 47,720,844
Parking structures - 2,436,798
Aircraft operational assets - 107,060,101
Construction in process 1,327,870 8,785,421
Total 74,639,311 187,398,066
Additional information on the City’s capital assets can be found in Note C, Detailed Notes on all
funds, of this report.
Debt Administration
At fiscal year end, the City had a total outstanding bonded debt of $94.3 million, a decrease of
$4.4 million during the year.
The City’s general obligation debt maintained a “AA-” rating from Standard & Poor’s and a “Aa3”
rating from Moody’s.
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 $356.7 million,
an amount which is significantly in excess of existing general obligation debt.
Additional information on the City’s long-term debt can be found in Note I on pages II-41 to II-
44 of this report.
Bonded Debt Outstanding (in millions)
$56.7
$37.6
Governmental Activities
Business-type Activities
American Recovery and Reinvestment Act (ARRA) of 2009
Through existing entitlement programs and competitive award processes, the City was awarded
$8.3 million in ARRA funding. Major areas of funding are as follows;
• Through a competitive grant application process, the City was successful in obtaining the
maximum award of $3 million from the Environmental Protection Agency Clean Water State
Revolving Loan Fund. The funds will be used for a variety of non point source stormwater
improvements on both publicly and privately owned property. The award is in the form of a
0% loan with 50.6% of the principal forgiven.
• The School Department was awarded $3.6 million in support of five programmatic areas:
stabilization funds ($1.4 million), Title I ($1.3 million), IDEA ($850 thousand), Title liD ($27
thousand), and Homeless ($13 thousand). Budget stabilization funding can be used for a
wide variety of activities in support of education. To date, the funds have been used to
increase the number of laptops in the classroom and for necessary capital improvements.
Title I funds are available for use in schools determined to be "free and reduced" to
enhance student knowledge in math and reading. IDEA funds are in support of special
education students, and funds have been used to fund laptops and accessibility
improvements.
• The City was awarded $900 thousand in Department of Justice funding, the largest portion
($700 thousand) of which is to fund the cost of four additional police officers for a three
year period.
• As a Community Development Block Grant (CDBG) entitlement community, the City of
Bangor was awarded an additional $300 thousand in funding. The funds will be used to
supplement $200 thousand in Energy Efficiency Block Grant and local funds to convert
downtown streetlights to LED fixtures and to fund sidewalk improvement in low to moderate
income neighborhoods.
Due to the timing and term of the awards, the majority of the ARRA funding will be expended in
future fiscal years.
Economic Factors and Next Year's Budget and Rates
• The unemployment rate for the City of Bangor for calendar year 2008 was 5.2%, which is
on par with the State's rate of 5.4%.
• While Bangor represents less than 3% of the state's population, the City's share of retail
sales remains in excess of 7% of total statewide sales and 57% of Penobscot County sales.
• The increase in residential construction that began in 2002 has continued, albeit at a slower
pace, and without a need for the City to significantly improve infrastructure to accommodate
this growth.
• Bangor has experienced a slowing in the rate of appreciation of existing homes. We project
that existing home values will flatten out in the coming year compared to the 5% to 7%
range experienced in recent years.
Bangor remains the only municipality in Maine that has met the requirements of state law that
allow for the operation of slot machines at commercial harness racing tracks. In November
2005, Penn National Gaming opened a "racino" at an interim location in the City. Construction
of the permanent gaming facility was completed in the summer of 2008. This facility includes a
II -13
1,500 car parking garage, a 152 room seven story hotel, and approximately 110,000 square
feet for gaming. The project cost approximately $131 million.
The Council has adopted a policy directing all rents and state taxes received from the operation
of the slot facility to a separate special revenue fund, the Arena Fund. The primary purpose of
this fund is to provide the necessary resources to construct a new arena to replace the Bangor
Auditorium which opened in Bass Park in 1954.
The City is subject to a state statutory system (known as LD 1) that is designed to limit the
increase in that portion of the tax levy that supports municipal functions. Generally, the growth
of the tax levy is limited to an increase equal to the ten year average percentage change in real
statewide personal income plus taxes from property value resulting from new construction,
major renovations to existing properties, or the subdivision of property. In addition, any "net
new state funding" must be deducted from the allowable tax levy increase. For Fiscal Year
2009, the City's LD 1 tax levy limit was as follows:
Prior Year Based Municipal Commitment
Growth Factor:
Average Real Personal Income
Property Growth Factor
Net New State Funds
Increase in Levy Limit
Municipal Commitment Limit
$ 19,427,427
6.29%
2.24%
4.05%
484,791
$ 21,133,690
For Fiscal Year 2009, the City Council voted to increase the City's property tax levy limit by
$484,791 in recognition of the unprecedented (80%) increase in fuel prices which occurred just
prior to adopting the budget in June 2008. The Fiscal Year 2010 budget was within the
statutory tax levy limit.
LD 1 increased the State's share of local education costs through the "Essential Programs and
Services" model, a mechanism designed to allocate state funding to local school units and to
control local school expenditures. This model sets forth a comprehensive methodology for
computing the cost of providing essential educational programs to Maine's children. It also
establishes a schedule designed to increase the State's share of total Essential Programs and
Services costs to 55% over a four year period. While the State's model recognizes what it
considers to be essential programs and their appropriate funding level, the Bangor School
Department has identified a number of programs that are either under-funded or not funded by
this model. As a result, both the School Committee and the City Council voted to increase the
educational spending limits imposed by LD 1 for both Fiscal Year 2009 and 2010 in order to
appropriately fund such services and programs.
In response to the continued uncertainty surrounding the national economy, management has
been closely tracking not only revenues and expenditures, but also foreclosure, liens,
unemployment rates, construction starts and related building permit levels, and the State of
Maine's budgetary projections. To date, the City has seen only slight increases in foreclosure
II -14
and lien rates and will continue to monitor these levels and take steps to assist our tax/rate
payers in obtaining assistance wherever possible. Both residential and commercial construction
and permitting has slowed. At this time, we estimate new additions to the City's tax base for
fiscal year 2011 will be sufficient to offset any value reductions in our commercial tax base
related to vacancies and depreciation.
The State of Maine's most recent estimated budgetary shortfall for its two-year budget is $400
million. The projected State response to this shortfall is estimated to primarily impact the City
through a reduction in State Aid to Education of $1.0 million in both Fiscal Year 2010 and 2011,
additional reductions to the Revenue Sharing pool for both Fiscal Year 2010 and 2011, and a
reduction in the General Assistance reimbursement formula in 2011. These items reflect the
Governor's proposal. Management will closely observe the activities of the Maine State
Legislature's session beginning in January 2010 to identify and monitor proposed actions that
may have financial and operational impacts on the City. The initially identified reduction in
State Aid to Education can be absorbed through the use of school reserves, deferring minor
capital improvements, and ARRA funds; however, the proposals for future fiscal years will
represent a challenge to both the School Committee and the City Council.
We continue to monitor additional revenue areas such as: flat investment yield curves, declining
automobile excise taxes, and lagging State sales and income tax collections that impact the
City's share of State Revenue Sharing. The fiscal year 2010 budget reflects the City's historical
results for these revenue sources, and it appears they will fall short of actual results. The City
has identified expenditures that can be reduced to minimize the overall impact of these
potential revenues shortfalls.
As for expenditures, we have not experienced the unprecedented benefit utilization or rate
increases seen last year in our health insurance costs, resulting in a return to our historical
average annual cost increases of 10%. The recently completed energy conservations projects,
coupled with the retreat in unprecedented fuel prices, will enable the City to be well positioned
to minimize its fleet and building operating costs. For the Fiscal Year 2010 budget, the City
Council's goal was to achieve a zero tax increase for our taxpayers. This goal was accomplished
through the elimination of two vacant positions and further refinement of revenues. Year to
date expenditures continue to lag behind antiCipated costs. While this will provide some degree
of financial flexibility to offset revenue shortfalls, additional programmatic reductions maybe
necessary depending on the final actions of the State Legislature.
User fees for governmental and business-type activities are reviewed on an annual basis to
ensure that fee structures are sufficient to cover service costs. Many fees are adjusted annually
for inflation. A 5% increase in sewer fees was implemented effective January 1, 2009, only the
third sewer fee increase since March 1996.
Requests for Information
This financial report is designed to provide our citizens, taxpayers, customers, investors, and
creditors with a general overview of the City 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.
11-15
BASIC FINANCIAL STATEMENTS
CITY OF BANGOR, MAINE
Statement of Net Assets
June 30, 2009
Governmental
Activities
ASSETS
Cash and cash equivalents $ 734,944
Investments 21,981,279
Receivables:
Accounts (net of allowance of
$258,981 and $286,849, respectively) 1,104,931
Intergovernmental 3,657,136
Taxes and liens receivable -prior years 1,333,895
Taxes receivable -current year 893,299
Deferred special assessments 30,130
Due from water district
Loans 7,895,729
Internal balances 2,985,655
Inventories 806,288
Prepaid items 27,717
Other assets 3,128,760
Non-depreciable capital assets 6,368,418
De~reciable caEital assets, net 68,270,893
Total assets 119,219,074
LIABILITIES
Accounts payable and other current liabilities 3,031,848
Accrued wages and benefits payable 3,771,990
Unearned revenues 4,815,728
Noncurrent liabilities:
Due within one year 13,518,336
Due in more than one ~ear 61,455,876
Total liabilities 86,593,778
NET ASSETS
Invested in capital assets, net of related debt 53,356,885
Restricted for:
Nonexpendable trust principal 648,692
Expendable income 440,634
Penobscot River 5,109,046
Unrestricted (26,929,961 )
Total net assets $ 32,625,296
Exhibit 1
Business-type
Activities Total
$ 472,049 $ 1,206,993
19,715,007 41,696,286
4,077,989 5,182,920
715,618 4,372,754
1,333,895
893,299
87,664 117,794
103,213 103,213
1,802,141 9,697,870
(2,985,655)
112,434 918,722
86,912 114,629
1,113,935 4,242,695
12,409,694 18,778,112
174,988,372 243,259,265
212,699,373 331,918,447
1,741,333 4,773,181
272,853 4,044,843
30,938 4,846,666
4,903,881 18,422,217
34,702,302 96,158,178
41,651,307 128,245,085
156,120,884 209,477,769
648,692
440,634
5,109,046
14,927,182 (12,002,779)
$ 171,048,066 $ 203,673,362
See accompanying notes to financial statements.
ll-16
CITY OF BANGOR, MAINE
Statement of Acthities
For tbe Fiscal Year Ended June 30, 2009
Functionslprograms Expenses
Primary government
Governmental activities:
Charges for
services
Program Revenues
Operating
grants and
contributions
Capital
grants and
contributions
Net (expense) revenue and changes
in net assets
Primary Government
Governmental Business-type
Exhibit 2
aetivities aetivities Total
General government $ 7,868,247 $ 1,869,711 $ 4,007 $ $ (5,994,529) $ $ (5,994,529)
Public safety 15,671,645 3,010,167 187,022 649,234 (11,825,222) (11,825,222)
Health, community services and recreation 9,168,870 768,450 5,637,188 9,574 (2,753,658) (2,753,658)
Public services 9,671,469 3,786,050 13,751 (5,871,668) (5,871,668)
Other agencies 4,580,661 22,068 10,000 (4,548,593) (4,548,593)
Education 54,294,824 4,386,457 26,405,573 (23,502,794) (23,502,794)
Arena development 51,332 2,205,771 2,154,439 2,154,439
Community development 912,992 301,019 683,636 71,663 71,663
StreetslSidewalks 2,141,079 21,836 999,218 (1,120,025) (1,120,D25)
Waterfront 9,252,263 248,290 (9,003,973) (9,003,973)
Public transportation 3,042,434 944,804 1,228,223 148,411 (720,996) (720,996)
Tax iucrementfmancing 1,114,112 1,711 (1,112,401) (1,112,401)
Interest on debt 2,651,599 (2,651,599) (2,651,599)
Total governmental activities 120,421,527 17,318,044 34,155,649 2,068,478 (66,879,356) (66,879,356)
Business-type activities:
Sewer Utility 6,197,277 7,537,879 1,340,602 1,340,602
Airport 19,934,243 13,953,287 3,974,078 (2,006,878) (2,006,878)
Park Woods 590,250 369,478 (220,772) (220,772)
Parkiug 1,374,909 997,111 (377,798) (377,798)
Bass Park 1,851,914 1,253,236 (598,678) (598,678)
Municipal Golf Course 745,339 608,930 (136,409) (136,409)
Economic Development 712,195 569,549 139,479 (3,167) (3,167)
Total business-type activities 31,406,127 25,289,470 4,113,557 (2,003,100) (2,003,100)
Total primary government $ 151,827,654 $ 42,607,514 $ 34,155,649 $
General revenues:
Property taxes, levied for general purposes
Payment in lieu of taxes
Excise taxes
Franchise taxes
Grants and contributions not restricted to specific programs:
HomesteadlBETE exemption
Other Stale aid
Stale Revenue Sharing
Unrestricted investment earnings
Miscellaneous revenues
Transfers
Total general revenues and transfers
Change in net assets
Net assets, beginning of year
Net assets, end of year
II -17
6,182,035
$
(66,879,356) (2,003,100) (68,882,456)
46,977,792 46,977,792
141,595 141,595
4,752,005 4,752,005
322,526 322,526
825,559 825,559
23,603 23,603
4,411,277 4,411,277
874,824 1,025,098 1,899,922
93,967 93,967
(739,179) 739,179
57,683,969 1,764,277 59,448,246
(9,195,387) (238,823) (9,434,210)
41,820,683 171,286,889 213,107,572
32,625,296 $ 171,048,066 $ 203,673,362
See accompanying notes to financial statements.
Exhibit 3
CITY OF BANGOR, MAINE
Balance Sheet
Governmental Funds
June 30, 2009
Community Capital Other Total
Development Arena Projects Governmental Governmental
General Block Grant Fund Fund Funds Funds
ASSETS
Assets
Cash and cash equivalents $ 433,563 $ 50 $ 4,514 $ 296,816 $ $ 734,944
Investments 12,203,155 4,349,109 5,109,046 319,969 21,981,279
Receivables:
Taxes 2,227,194 2,227,194
Accounts (net of allowance of $264,892) 954,359 150,572 1,104,931
Interfund 3,055,385 1,085,695 138,898 4,279,978
Intergovernmental 1,792,720 1,081,122 10,997 539,503 232,794 3,657,136
Loans 1,045,178 4,220,364 2,630,187 7,895,729
Deferred special assessments 30,130 30,130
Inventory, at cost 806,288 806,288
Investment of unexpended bond proceeds 3,128,760 3,128,760
Pre(!aid items 27,717 27,717
Total assets $ 22,545,559 $ 5,301,536 $ 5,600,887 $ 9,104,255 $ 3,321,849 $ 45,874,086
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable $ 1,235,546 $ 120,504 $ $ 926,013 $ 123,368 $ 2,405,431
Accrued wages and benefits payable 3,771,990 3,771,990
Interfund loans payable 863,058 431,265 1,294,323
Deferred revenues 2,078,764 4,220,364 235,407 267,452 6,801,987
Due to rehabilitation reci(!ients 127,008 127,008
Total liabilities 7,086,300 5,330,934 1,161,420 822,085 14,400,739
Fund balances
Reserved for:
Encumbrances 858,956 1,305,252 2,164,208
Prepaid items 27,717 27,717
Advances to other funds 1,650,500 1,650,500
Penobscot River 5,109,046 5,109,046
Nonexpendable trust principal 648,692 648,692
Unreserved:
Designated (Note J) 4,178,698 4,178,698
Undesignated, reported in:
General fund 8,743,388 8,743,388
Special revenue funds (29,398) 5,600,887 1,410,438 6,981,927
Capital projects funds 1,528,537 1,528,537
Permanent funds 440,634 440,634 .
Total fund balances (deficits) 15,459,259 (29,398) 5,600,887 7,942,835 2,499,764 31,473,347
Total liabilities and Cund balances $ 22,545,559 $ 5,301,536 $ 5,600,887 $ 9,104,255 $ 3,321,849
Amounts reported for governmental activities in the statement of net assets are different because:
Capital assets used in governmental activities are not financial resources and, therefore, are not
reported in the funds. 74,639,311
Deferred taxes are not available to pay for current-period expenditure and, therefore,
are deferred in the funds. 1,986,259
Long-term liabilities, including bonds payable $56,687,684, lease purchase $6,286,188, accrued interest $499,409,
compensated absences $2,257,256, self insurance liability $1,423,555, net OPEB obligation $759,529 and Penobscot
River remediation $7,560,000 are not due and payable in the current period and, therefore, are not reported in the funds (75,473,621)
Net assets of governmental funds $ 32,625,296
See accompanying notes to financial statements.
11-18
Exhibit 4
CITY OF BANGOR, MAINE
Statement of Revenues, Expenditures and Cbanges in Fund Balances
Governmental Funds
For tbe Fiscal Year Ended June 30, 2009
Community Capital Otber Total
Development Arena Projects Governmental Governmental
General Block Grant Fund Fund Funds Funds
Revenues
Taxes $ 49,432,293 $ $ $ 1,553,472 $ 879,816 $ 51,865,581
Intergovernmental 33,257,147 683,636 1,707,432 5,475,305 41,123,520
licenses and permits 644,621 644,621
Charges for services 12,467,845 981,742 13,449,587
Program income 263,759 24,918 288,677
Revenue from use of money and property 1,269,847 2,880 2,309,757 116,866 137,304 3,836,654
Other 43,706 11,493 361,046 11,975 428,220
Total revenues 97,115,459 961,768 2,309,757 3,738,816 7,511,060 111,636,860
Expenditures
Current:
General government 5,103,378 5,103,378
Public safety 14,400,420 14,400,420
Health, community services and recreation 4,414,673 4,414,673
Public buildings and services 10,048,539 10,048,539
Other agencies 4,294,283 4,294,283
Education 50,380,309 50,380,309
Tax increment financing 215,483 215,483
Unclassified 47,989 15,126 63,115
Restricted grants 886,792 7,473,868 8,360,660
Capital outlay 371,509 15,747,268 16,118,777
Debt service 4,429,337 87,000 4,516,337
Total eXl!!:!!ditures 93,705,920 886,792 15,126 15,834,268 7,473,868 117,915,974
Excess (deficienc;!:) of revenues over (under) eXl2!:nditures 3,409,539 74,976 2,294,631 (12,095,452) 37,192 (6,279,114)
Other financiog sources (uses)
Fioanciog proceeds 10,191,928 10,191,928
Sale of assets 40,120 64,500 104,620
Transfers to other funds (2,289,105) (102,500) (19,176) (454,637) (2,865,418)
Transfers from other funds 59,395 1,999 2,017,989 46,856 2,126,239
Total other financioS sources (uses) (2,189,590) (100,501) 12,255,241 (407,781) 9,557,369
Changes in fund balances 1,219,949 74,976 2,194,130 159,789 (370,589) 3,278,255
Fund balances (deficit), begionioll of ;!:ear 14,239,310 (104,374) 3,406,757 7,783,046 2,870,353 28,195,092
Fund balances (deficit), end of year $ 15,459,259 $ (29,398) $ 5,600,887 $ 7,942,835 $ 2,499,764 $ 31,473,347
See accompanying notes to financial statements.
II -19
CITY OF BANGOR, MAINE
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
For the Fiscal Year Ended June 30, 2009
Net change in fund balances -total governmental funds (from Exhibit 4)
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.
This is the amount by which capital outlays of $5,288,372 exceeded
depreciation expense of $3,652,484 and disposals of $10,653.
Financing proceeds 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 financing
proceeds of $3,100,000 in general obligation bonds and $7,091,928 in
lease purchasing financing exceeded principal payments of $4,216,078.
Some items reported in the statement of activities do not require
the use of current financial resources and, therefore, are not reported
in governmental fund statements. The differences are as follows:
increase in compensated absences ($220,722), net OPEB obligation ($759,529),
Penobscot River remediation ($7,560,000), decrease in accrued interest $14,447,
deferred taxes $234,492 and self insurance liability $168,285.
Change in net assets of governmental activities (see Exhibit 2)
ExhibitS
$ 3,278,255
1,625,235
(5,975,850)
(8,123,027)
$ (9,195,387)
See accompanying notes to financial statements.
II -20
Exhibit 6
CITY OF BANGOR, MAINE
Statement of Revenues, Expenditures and Changes in
Fund Balance Budget and Actual
General Fund
For the Fiscal Year Ended June 30, 2009
Variance with
Final Budget
Budgeted amounts Positive
Original Final Actual (Negative)
Revenues
Taxes $ 49,405,817 $ 49,405,817 $ 49,432,293 $ 26,476
Intergovernmental 28,149,410 28,163,215 28,928,030 764,815
Licenses and permits 592,600 592,600 644,621 52,021
Charges for services:
municipal 7,829,598 7,829,598 7,882,210 52,612
school 3,883,826 3,883,826 4,386,457 502,631
Fines, forfeits and penalties 15,200 15,200 43,706 28,506
Revenue from use of money and property
munici2al 856,713 856,713 785,190 (71,523)
Total revenues 90,733,164 90,746,969 92,102,507 1,355,538
Expenditures
Current:
General government 4,966,781 4,966,781 4,711,975 254,806
Public safety 15,067,695 15,071,000 14,602,282 468,718
Health, community services and recreation 4,448,536 4,449,036 4,461,491 (12,455)
Public buildings and services 10,361,863 10,300,973 10,047,048 253,925
Other agencies 4,280,341 4,325,791 4,294,283 31,508
Education 46,690,855 49,464,071 46,376,305 3,087,766
Debt service 4,434,932 4,434,932 4,429,337 5,595
Unclassified 191,022 251,912 263,473 (11,561)
Total eX2enditures 90,442,025 93,264,496 89,186,194 4,078,302
Excess (deficiency) of revenues
over/under eX2enditures 291,139 (2,517,527) 2,916,313 5,433,840
Other financing sources (uses)
Appropriation from designated fund balance 1,029,982 1,029,982 24,577 (1,005,405)
Sale of assets 2,000 2,000 (2,000)
Contributions 15,000 15,000 30 (14,970)
Insurance Settlements 1,500 1,500 4,700 3,200
Transfers to other funds (613,200) (613,200) (823,200) (210,000)
Transfers from other funds 39,503 39,503 40,286 783
02eratin~ transfers (765,924) (765,924) (765,924)
Total other financing sources (uses) (291,139) (291,139) (1,519,531) (1,228,392)
Net change in fund balance $ $ (2,808,666) 1,396,782 $ 4,205,448
Undesignated fund balance, beginning of year 8,008,114
Chan~e in balances carried (661,508)
Undesignated fund balance, end of year $ 8,743,388
See accompanying notes to financial statements.
11-21
Exhibit 7
CITY OF BANGOR, MAINE
Statement of Net Assets
Proprietary Funds
June 30, 2009
Business-type Activities -Enterprise Funds
Sewer Nonmajor Total
Utility Airport Proprietary Proprietary
Fund Fund Funds Funds
ASSETS
Current assets
Cash and cash equivalents $ 62,157 $ 131,492 $ 278,400 $ 472,049
Investments 320,000 9,328,711 564,266 10,212,977
Accounts receivable 2,110,605 2,290,403 115,748 4,516,756
Less allowance for uncollectible accounts (22,601) (389,056) (27,110) (438,767)
Net accounts receivable 2,088,004 1,901,347 88,638 4,077,989
Due from other governments 715,618 715,618
Due from water district 103,213 103,213
Inventories, at cost 93,672 18,762 112,434
Prepaid items 37,421 16,302 33,189 86,912
Total current assets 2,610,795 12,187,142 983,255 15,781,192
Noncurrent assets
Capital Assets:
Land and improvements 683,865 5,113,724 5,797,589
Buildings and improvements 27,539,270 14,923,565 42,462,835
Machinery and equipment 5,382,993 470,304 5,853,297
Infrastructure 57,018,143 683,189 57,701,332
Aircraft operational assets 236,793,154 236,793,154
Parking structures 9,565,788 9,565,788
Construction in process 42,681 8,603,261 139,479 8,785,421
90,666,952 245,396,415 30,896,049 366,959,416
Less accumulated depreciation (33,560,549) (129,733,053) (16,267,748) (179,561,350)
Net capital assets 57,106,403 115,663,362 14,628,301 187,398,066
Investments 9,502,030 9,502,030
Loans receivable 1,698,496 103,645 1,802,141
Deferred special assessments 87,664 87,664
Due from bond trustee 1,052,427 1,052,427
Deposits 20,000 20,000
Bond issuance costs (net of accumulated
amortization of $373,554) 41,508 41,508
Total noncurrent assets 58,288,002 126,863,888 14,751,946 199,903,836
Total assets 60,898,797 139,051,030 15,735,201 215,685,028
See accompanying notes to financial statements.
Continued on next page
11-22
CITY OF BANGOR, MAINE
Statement of Net Assets
Proprietary Funds
June 30, 2009
Exhibit 7 (con't)
Business-type Activities -Enterprise Funds
LIABILITIES
Current liabilities
Accounts payable
Accrued wages and benefits payable
Accrued interest
Workers' compensation
Unearned revenue
Accrued compensated absences
Interfund loans payable
General obligation debt payable
Deferred amount on refunding
Other liabilities
Total current liabilities
Long-term liabilities
Workers' compensation
General obligation debt payable
Deferred amount on refunding
Net OPEB obligation
Other long-term liabilities
Total long-term liabilities
Total liabilities
NET ASSETS
Invested in capital assets, net of related debt
Unrestricted
Total net assets
Sewer
Utility
Fund
391,491
42,512
165,042
40,480
127,348
2,773,394
(5,938)
3,534,329
54,520
18,994,645
(1,409)
45,263
298,269
19,391,288
22,925,617
Airport
Fund
938,475
189,263
53,668
136,150
381,868
535,469
(926)
2,233,967
363,850
6,444,046
167,029
6,974,925
9,208,892
37,363,784 112,303,362
609,396 17,538,776
$ 37,973,180 $ 129,842,138 $
Nonmajor
Proprietary
Funds
96,915
41,078
96,668
10,573
30,938
122,533
2,985,655
792,334
(10,330)
4,166,364
9,427
8,083,634
30,225
212,803
8,336,089
12,502,453
Total
Proprietary
Funds
1,426,881
272,853
315,378
187,203
30,938
631,749
2,985,655
4,101,197
(16,268)
(926)
9,934,660
427,797
33,522,325
(1,409)
242,517
511,072
34,702,302
44,636,962
6,453,738 156,120,884
(3,220,990) 14,927,182
3,232,748 $ 171,048,066
See accompanying notes to financial statements.
Continued from previous page
11-23
Exhibit 8
CITY OF BANGOR, MAINE
Statement of Revenues, Expenses and Changes in Net Assets
Proprietary Funds
For the Fiscal Year Ended June 30, 2009
Business-type Activities -Enterprise Funds
Sewer Nonmajor Total
Utility Airport Proprietary Proprietary
Fund Fund Funds Funds
Operating revenues
Charges for services $ 7,537,879 $ 13,923,351 $ 3,798,304 $ 25,259,534
Operating expenses
Operating expenses other than
depreciation and amortization 3,832,624 12,327,354 3,803,374 19,963,352
Depreciation and amortization 1,678,662 7,235,309 992,909 9,906,880
Total operating expenses 5,511,286 19,562,663 4,796,283 29,870,232
Operating income (loss) 2,026,593 (5,639,312) (997,979) (4,610,698)
Nonoperating revenue (expenses)
Interest income 62,817 912,149 50,132 1,025,098
Interest expense (685,991) (371,580) (478,324) (1,535,895)
Miscellaneous income (expense) 29,936 29,936
Total nonoperating revenue (expenses) (623,174) 570,505 (428,192) (480,861)
Net income (loss) before grants/contributions and transfers 1,403,419 (5,068,807) (1,426,171) (5,091,559)
Grants/contributions received for capital assets 3,974,078 139,479 4,113,557
Transfers to other funds (100,000) (5,000) (1,999) (106,999)
Transfers from other funds 846,178 846,178
Change in net assets 1,303,419 (1,099,729) (442,513) (238,823)
Net assets, beginning of year 36,669,761 130,941,867 3,675,261 171,286,889
Net assets, end of year $ 37,973,180 $ 129,842,138 $ 3,232,748 $ 171,048,066
See accompanying notes to financial statements.
11-24
Exhibit 9
CITY OF BANGOR, MAINE
Statement of Cash Flows -Proprietary Funds
For the Fiscal Year Ended June 30, 2009
Business-type Activities -Enterprise Funds
Sewer Nonmajor Total
Utility Airport Proprietary Proprietary
Fund Fund Funds Funds
Cash flows from operating activities
Cash received from customers $ 7,217,485 $ 19,022,190 $ 3,800,261 $ 30,039,936
Cash paid to suppliers for goods and services (2,343,875) (5,995,474) (2,361,732) (10,701,081)
Cash paid to employees for services (1,315,656) (6,111,882) (1,418,578) (8,846,116)
Net cash provided by (used in) operating
activities 3,557,954 . 6,914,834 19,951 10,492,739
Cash flows from noncapital financing activities
Interfund loans (repayments) (725,000) 216,900 (508,100)
Transfers in 846,178 846,178
Transfers out (100,000) (5,000) (1,999) (106,999)
Net cash provided by (used in) noncapital
financing activities (825,000) (5,000) 1,061,079 231,079
Cash flows from capital and related financing activities
Proceeds from general obligation bonds
Acquisition and construction of capital assets 110,384 (8,973,902) (173,559) (9,037,077)
Principal paid on general obligation bonds (2,774,947) (532,607) (791,469) (4,099,023)
Interest paid on general obligation bonds (697,353) (375,540) (458,023) (1,530,916)
Proceeds from sale of property 29,936 29,936
Grant monies received for capital assets 765,497 139,479 904,976
Investment of unexpended bond proceeds 947,573 947,573
Net cash provided by (used in) capital and related
financing activities (2,414,343) (9,086,616) (1,283,572) (12,784,531)
Cash flows from investing activities
Net sales (purchases) of investments (320,000) 986,284 123,431 789,715
Interest on investments 62,817 912,149 50,690 1,025,656
Loan repayments 159,896 3,922 163,818
Net cash provided by (used in) investing activities (257,183) 2,058,329 178,043 1,979,189
Net increase (decrease) in cash 61,428 (118,453) (24,499) (81,524)
Cash, beginning of year 729 249,945 302,899 553,573
Cash, end of year $ 62,157 $ 131,492 $ 278,400 $ 472,049
Schedule of noncash investing, capital and financing activities:
During the year, the Airport Fund had an unrealized gain on investments in the amount of $418,258.
See accompanying notes to financial statements.
Continued on next page
11-25
Exhibit 9 (con't)
CITY OF BANGOR, MAINE
Statement of Cash Flows -Proprietary Funds
For the Fiscal Year Ended June 30, 2009
Business-type Activities -Enterprise Funds
Reconciliation of operating income (loss) to net
cash provided by (used in) operating activities
Sewer
Utility
Fund
Airport
Fund
Nonmajor
Proprietary
Funds
Total
Proprietary
Funds
Operating income (loss) $ 2,026,593 $ (5,639,312) $ (997,979) $ (4,610,698)
Adjustments to reconcile operating income (loss)
to net cash provided by (used in) operating
activities
Depreciation and amortization
Provision for uncollectible accounts
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in due from water district
(Increase) decrease in inventories
(Increase) decrease in prepaid items
Increase ( decrease) in accounts payable
Increase ( decrease) in unearned revenue
Increase (decrease) in other liabilities
Total adjustments
Net cash provided by (used in) operating activities
1,678,662
(383,039)
62,645
(3,431)
67,339
7,235,309
151,918
5,098,839
7,238
11,549
(172,031)
109,185 221,324
1,531,361 12,554,146
$ 3,557,954 $ 6,914,834 $
992,909
26,233
(1,487)
(4,090)
(23,297)
(22,277)
49,939
1,017,930
19,951
9,906,880
151,918
4,742,033
62,645
5,751
4,028
(127,989)
(22,277)
380,448
15,103,437
$ 10,492,739
See accompanying notes to financial statements.
Continued from previous page
D-26
ASSETS
CITY OF BANGOR, MAINE
Statement of Fiduciary Net Assets
Fiduciary Funds
June 30, 2009
Cash and cash equivalents
LIABILITIES
Liabilities:
Total assets
Amounts held for others
Total liabilities
$
$
$
$
Exhibit 10
Agency
Fund
141,616
141,616
141,616
141,616
See accompanying notes to financial statements.
11-27
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INDEX OF NOTES TO THE FINANCIAL STATEMENTS
Summary of Significant Accounting Policies
Note Page
A Reporting Entity II – 28
B Government-wide and Fund Financial Statements II – 28
C Measurement Focus, Basis of Accounting and Basis of Presentation II – 29
D Assets, Liabilities and Equity II – 31
Stewardship, Compliance and Accountability
A Budgetary Information II – 33
B Reconciliation of Budgetary Basis Statements II – 34
C Excess of Expenditures Over Appropriations II – 35
D Deficit Fund Equity II – 35
E Restricted Assets II – 35
Detailed Notes on All Funds
A Deposits and Investments II – 36
B Property Tax II – 37
C Capital Assets II – 37
D Interfund Transactions II – 39
E Due From Other Governments II – 40
F Leases II – 40
G Other Assets II – 41
H Deferred/Unearned Revenue II – 41
I Long-Term Debt II – 41
J Fund Balances II – 45
K Net Assets II – 47
Other Information
A Risk Management II – 47
B Tax Increment Financing Districts II – 48
C Contingent Liabilities II – 49
D Retirement II – 49
E Other Postemployment Benefits II – 51
F Landfill Closure and Postclosure Care Costs II – 53
G Subsequent Events II – 53
CITY OF BANGOR, MAINE
Notes to the Financial Statements
June 30, 2009
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
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 these financial statements.
The City of Bangor is a member of the Joint Venture of the Equity Charter Municipalities of Municipal
Review Committee, Inc (Joint Venture). The Joint Venture is an organization that resulted from a
contractual arrangement between certain member municipalities, Penobscot Energy Recovery Company
(PERC) and Bangor Hydro Electric Company. It was formed to pool resources of the Equity Charter
Municipalities for the long-term goal of handling the disposal of their present and projected volumes of
non-hazardous municipal solid waste. As of December 31, 2008 (most recent data available) the City
of Bangor's share of the Joint Venture's net assets was $6,270,081. Compete financial statements may
be obtained from Municipal Review Committee, 40 Harlow Street, Bangor, ME 04401.
B. Government-wide and Fund Financial Statements
The government-wide financial statements (i.e., the statement of net assets and the statement of
activities) 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 segments 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.
II -28
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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 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.
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. Expenditures 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 Arena Fund accounts for the percentage of slot revenues received by the City from the
operation of the Racino. Said funds will be used to replace the Bangor Auditorium.
The Capital Projects Fund accounts for the acquisition of capital assets or construction of major
capital projects not being financed 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.
11-29
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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.
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 account for assets the City holds for others in an agency capacity. They are
custodial in nature and do not present results of operations of the City or have a
measurement focus. Agency funds are accounted for using the accrual basis of accounting.
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 City 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.
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. The principal operating revenues of
the City's proprietary fund are 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, then unrestricted resources as they are needed.
II -30
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
D. Assets, Liabilities and Equity
1. 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 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
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.
II -31
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
4. Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g., roads, bridges,
sidewalks, sewer mains 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.
The range of useful lives used to compute depreciation are as follows:
Buildings
Equipment
Infrastructure
Aircraft Operational
Parking Structures
5. Compensated Absences
25 -50 years
5 -20 years
10 -50 years
5 -40 years
10 -20 years
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
respective fund financial statements only if the liability has matured, for example, as a result of
employee resignations and retirements. 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. 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.
11-32
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES, CONTINUED
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 charges 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
projects funds have adopted project-length budgets. Unencumbered appropriations lapse at fiscal year
end.
II -33
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY, CONTINUED
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. For 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, none were material.
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:
Excess of revenues over expenditures and
other financing sources and uses (Budget)
Activity in deSignated fund balance
2009 encumbrances
2008 encumbrances lapsed
2008 encumbrances paid
Excess of revenues and other financing sources over
expenditures and other uses (GAAP)
$1,386,782
(95,836)
851,197
(8,191)
(914,003)
$ 1.219,949
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 Net Assets:
II -34
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
STEWARDSHIP, COMPLIANCE AND ACCOUNTABILITY, CONTINUED
Excess (deficiency) of revenues over expenditures and encumbrances:
Sewer
Airport
Park Woods
Parking
Bass Park
Municipal Golf Course
Economic Development
Nonoperating revenues classification
Investments at market value .
capital outlay
capital projects
Adjustments for accrual basis
Principal payments
2009 encumbrances
2008 encumbrances
Nonoperating expenses classification
Operating loss
C. Excess of Expenditures Over Appropriations .
$ (1,493,670)
(5,441,771)
(183,364)
(541,536)
(185,722)
(160,989)
(266,701)
(8,273,753)
(1,327,983)
(369,640)
21,098
(198,310)
(112,143)
4,099,023
2,124
(40,177)
1.589,063
$(4 610,698)
The following General Fund departments were over-expended by the indicated dollar amounts; Human
Resources $9,701, City Clerk $27,981, Legal $471, Insurance $16,828, Parks and Recreation $19,256,
Pensions and Other Fringe Benefits $7,580, and Tax Increment Financing Payments $3,981. These
over-expenditures were funded by receipt of revenues in excess of appropriation and under-
expenditures within other General Fund departments.
The Municipal Golf Course was over-expended by $12,590, due to underestimated depreciation
expense. The Parking Fund was over-expended by $71,364, which was funded in part by receipt of
revenues in excess of appropriations; the remaining deficit is attributable to unanticipated increases in
salary costs and transfers to the General Fund. The Park Woods Fund was over-expended by $33,322
but is considered reasonable based upon the expected deficiencies within the fund.
D. Deficit Fund Equity
The Bass Park Enterprise Fund has a deficit fund equity of $1,719,193. The City Council has
determined that the facility will either be closed or replaced in the near future. With continued review
of parking usage and fees it is anticipated that the Parking Fund deficit of $404,550 will at the least
stabilize over the coming years. It is antiCipated that program income in subsequent years will fund
the $29,398 deficit in the Community Development Block Grant Fund.
E. Restricted Assets
Donations received by the City whose use is limited are placed in the appropriate Special Revenue
fund, depending upon whether or not the principal can be expended. All changes in market value are
added to the earnings, which is allowable by State Statute. As these amounts are invested in a note
receivable, there was no change in market value for fiscal year 2009
II -35
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS
A. Deposits and Investments
The City maintains a cash pool that is available for use by all funds. In addition, cash and investments
are separately held by several of the funds.
Custodial Credit Risk -Deposits
Custodial credit risk is the risk that in the event of a bank failure, the City's deposits may not be
returned. The City does not have a policy with respect to custodial credit risk for deposit accounts.
The City maintained certain accounts whose balances were fully covered along with insurance coverage
to protect up to $5,917,000 of deposits in addition to the $250,000 provided by the Federal Deposit
Insurance Corporation (FDIC). As of June 30, 2009, $0 of the City's bank balance of $1,327,530 was
exposed to custodial credit risk because it was uninsured and uncollateralized.
At June 30, 2009, the City had the following investments and maturies:
Maturity (years)
Investment ~t!e~ Fair Value Not At!l2licable <1 1-5 6-10
Mutual Funds $ 22,808,878 $ 22,808,878 $ $ $
US Treasuries 13,860,866 4,281,553 5,298,680 4,280,633
Common stock 990,885 990,885
Certificate of Deposit 7,164,417 5,083,844 2,080,573
Totals ~ 11,825,016 ~ 23 199 163 ~ 9365391 ~ 1,319 253 ~ 1,280 633
Interest Rate Risk
The City's Investment Policy requires that, to the extent possible, the City will attempt to match
investments with anticipated cash requirements. Unless matched to a specific cash flow, the City is not
allowed to directly invest in securities maturing more than three years from the date of purchase.
Credit Risk
Credit risk is the risk that an issuer or other counterparty to an investment will not fulfill its obligations.
Maine statutes authorize the City to invest in obligations of the U.S. Treasury and U.S agencies,
repurchase agreements and certain corporate stocks and bonds. In accordance with City policy,
investments in certificates of deposits must be F.D.I.C. insured and any excess of the amounts covered
by insurance must be collateralized in accordance with Title 30-A, Section 5706 of the Maine Revised
Statutes; investments in mutual funds must be "no load" (which means no commission or fee shall be
charged on the purchase or sale), have a constant daily net asset value of $1.00 per share and limit
assets of the fund to U.S. Treasury Obligations or Federal Instrumentality or Agency Securities; the
total investments in stock can not exceed 10% of the portfolio value and no more than 5% can be
invested in anyone company.
Custodial Credit Risk -Investments
For investments, custodial credit risk is the risk that, in the event of failure of the counterparty, the
City will not be able to recover the value of its investments or collateral securities that are in the
possession of the outside party. As of June 30, 2009, the City had no investments that were subject to
custodial risk. The City's investment policy states that all security transactions, including collateral for
repurchase agreements, entered into by the City shall be conducted on a "delivery vs. payment" basis.
II -36
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Securities will be held by a third party custodian, or Trust Department, deSignated by the Treasurer
and evidenced by safekeeping receipts.
Concentration of Credit Risk
The City's Investment Policy states that the City will diversify its investments by security type and
institution. No more than 40% of the City's total investment portfolio will be invested in any
combination of commercial paper and time certificates of deposit.
B. Property Tax
Property taxes for the current year were levied July 8, 2008, on the assessed value listed as of the
prior April 1 for all 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 15, 2008 and March 16, 2009. Interest was charged at 11.00% 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, 2009 was as follows:
Governmental activities:
capital assets, not being depreciated:
Land
Construction in j;2rogress
Total caj;2ital assets, not being dej;2reciated
capital assets, being depreciated:
Land improvements
Buildings and improvements
Machinery and equipment
Vehicles
Infrastructure
Total capital assets being depreciated
Less accumulated depreciation for:
Land improvements
Buildings and improvements
Machinery and equipment
Vehicles
Infrastructure
Total accumulated dej;2reciation
Total caj;2ital assets being dej;2reciated, net
GOVf![nmental acthlities CilQital assM!;! nf!t
Balance
June 30,
2008 Increases Decreases
$ 5,040,548
547,800 3,894,769 3,114,699
5,588,348 3,894,769 3,114,699
6,765,169
60,119,002 2,959,626
9,973,095 168,429
12,674,862 1,380,247 260,330
20,491,942
110,024,070 4,508,302 260,330
(1,941,634) (301,786)
(19,285,179) (1,199,352)
(5,696,980) (747,949)
(6,693,653) (957,890) (249,677)
(8,980,896) (445,507)
( 42,598,342) (3,652,484) (249,677)
67.425,728 855,818 10,653
S Z3!Ol~!OZ6 ~!Z50!58Z 3!125!352
II -37
Balance
June 30,
2009
5,040,548
1,327,870
6,368,418
6,765,169
63,078,628
10,141,524
13,794,779
20,491,942
114,272,042
(2,243,420)
(20,484,531)
(6,444,929)
(7,401,866)
(9,426,403)
(46,OOl,149)
68,270,893
Z~!639!311
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Balance
June 30,
2008 Increases Decreases
Business-type activities:
Capital assets, not being depreciated:
Land $ 3,624,273
Construction in grogress 3,511,682 8,749,247 3,476,208
Total cagital assets, not being degreciated 7,135,955 8,749,947 3,476,208
Capital assets, being depreCiated:
Land improvements 2,173,316
Buildings and improvements 42,462,835
Machinery and equipment 5,715,581 148,128 10,411
Infrastructure 54,957,686 2,743,645
Airport operational assets 236,072,840 720,314
Parking structures 9,96~,268 402,480
Total capital assets being depreciated 351,350,526 3,612,087 412,891
Less accumulated depreciation for:
Land improvements (1,120,300) (155,199)
Buildings and improvements (26,083,615) (1,234,695)
Machinery and equipment (3,922,940) (212,482) (10,411)
Infrastructure (9,410,425) (570,062)
Airport operational assets (122,497,744) (7,235,309)
Parking structures (7,053,089) (478,381) (402,480)
Total accumulated degreciation (170,088,113) (9,886,128) (412,891)
Total cagital assets being degreciated, net 181.262,413 (6,274,041)
Business-type activities capital assets. net $188.398.368 2.415.906 3.416.208
Depreciation expense was charged to functions/programs of the primary government as follows:
Governmental activities:
General government
Public safety
Health, community services and recreation
Public building and services
Education
Total depreciation expense -governmental activities
Business-type activities:
Sewer Utility Fund
Airport Fund
Park Woods
Parking Fund
Bass Park Fund
Municipal Golf Course
Economic Develogment Fund
Total depreciation expense -business-type activities
II -38
$ 1,198,559
821,785
173,758
584,579
873,803
$3.652.484
$1,657,910
7,235,309
89,123
478,381
61,562
119,695
244,148
$9.886.128
Balance
June 30,
2009
3,624,273
8,785,421
12,409,694
2,173,316
42,462,835
5,853,298
57,701,331
236,793,154
9,565,788
354,549,722
(1,275,499)
(27,318,310)
(4,125,011)
(9,980,487)
(129,733,053)
(7,128,990)
(172,561,350)
174,988.372
181.398.066
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Construction commitments
The government has active construction projects as of June 30, 2009. The projects include
reconstruction of runways, construction of additional infrastructure on the waterfront, and continuation
of the combined sewer overflow program.
D. Interfund Transactions
Individual fund interfund receivable and payable transactions are described in the Summary of
Significant Accounting Policies Note D. 2. As of June 30, 2009 the balances were as follows:
General Fund
Racino Fund
Community Development Block Grant
Other Governmental Funds
Park Woods Fund
Bass Park Fund
Economic Development
Receivable
$ 3,055,385
1,085,695
138,898
$ 4,279 978
$
Payable
863,058
431,265
338,400
1,899,855
747.400
$ 4279978
Individual fund transfers to and from other funds for the fiscal year ended June 30, 2009 are
comprised primarily of transfers from fund balances to fund capital projects and to provide operating
subsidies to certain proprietary funds.
General Fund
Racino Fund
Special Revenue Funds
Capital Projects Fund
Permanent Funds
Proprietary Funds
II -39
Transfers to
$ 2,289,105
102,500
449,637
19,176
5,000
106,999
$ 2 972 417
Transfer from
$ 59,395
1,999
46,856
2,017,989
846,178
$ 2 972.417
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
E. Due From Other Governments
Due from other governments is comprised of the following amounts at June 30, 2009:
Federal State of
Government Maine Other Total
General Fund $ 325 $ 1,592,107 $ 200,288 $ 1,792,720
Special Revenue Funds 1,229,157 84,109 650 1,313,916
Racino Fund 10,997 10,997
Capital Projects Fund 247,009 292,494 539,503
Proprietary Funds 715,618 715,618
Of the General Fund's $1,592,107 due from State of Maine, $389,016 represents school grant and
State agency billings, $879,204 is due from the Department of Transportation and $295,550 represents
general assistance claims. Amounts due from other communities for tuition reimbursement to Bangor
accounts for $187,911 ofthe Due from Other in the General Fund.
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 2033, respectively.
Minimum future rentals to be received on noncancelable leases as of June 30, 2009 are:
Fiscal year ending
June 30,
2010
2011
2012
2013
2014
Subsequent to 2014
Airport
$ 2,300,166
2,053,699
1,990,627
1,883,320
916,708
3,798,631
$ 12.943.151
Economic
Development
$ 380,959
381,951
382,972
362,360
257,792
1.588,619
$ 3,354,653
Minimum future rentals do not include contingent rentals, which may be received as stipulated in the
lease contracts. The Airport received $1,438,892 in contingent rentals in fiscal year 2009.
The carrying amounts of the leased assets are as follows:
Land
Buildings
Less accumulated depreciation
Total
Airport .
$ 565,707
22,568,028
(10.469,998)
$ 12,663,737
II -40
Economic
Development
$ 2,395,046
6,490,170
(1,223.470)
$ 7,661.746
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
G. Other Assets
Other assets are comprised of the following:
Investment of unexpended bond proceeds
Due from bond trustee
Deposits
Bond issuance costs (net of amortization)
Total
H. Deferred/Unearned Revenue
Capital
Projects Fund
$ 3,128,760 $
Proprietary
Fund
1,052,427
20,000
41,508
$ 3,128,760 $ 1,113,935
General Fund deferred revenue consists of $1,986,259 in deferred taxes and $92,505 of advance
depOSits. Capital Fund deferred revenue of $235,407 consists of advance deposits. Community
Development Block Grant and Other Governmental Funds deferred revenue of $4,220,364 and
$267,452, respectively, 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 unearned revenue of $30,938 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 and extinguish an existing retirement liability, 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 is $147,788,548. The following is a summary
of general obligation bond and note transactions of the City for the fiscal year ended June 30, 2009:
Bonds and notes payable at June 30, 2008
Add: principal additions
Less: principal repayments
Bonds and notes payable at June 30, 2009
II -41
$ 98,720,567
3,100,000
7,509,361
$ 94,311,206
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Bonds and notes payable at June 30, 2009 are comprised of the following:
Fiscal year Interest Governmental activities Business-type Total
ofmaturi~ rate Ci~ School activities June 30, 2009
Long-term debt:
Treatment Plant 2011 7.00% -7.10% $ $ $ 3,800,000 $ 3,800,000
Combined sewer overflow 2014 2.46% 466,000 466,000
Combined sewer overflow 2014 2.45% 496,500 496,500
Combined sewer overflow 2017 3.52% 1,371,830 1,371,830
Tax increment financing note* 2016 6.00% -6.90% 560,000 560,000
Combined sewer overflow 2018 3.03% 1,240,380 1,240,380
Public improvements -1997 2018 4.875% -5.3% 1,870,150 1,985,000 954,850 4,810,000
Tax increment financing note* 2018 6.19% 181,000 181,000
Public improvement -1999 2019 3.8% -4.6% 772,800 757,200 1,530,000
Maine Business Enter Park 2018 5.00% 148,204 148,204
Public improvements -2000 2020 5.25% -5.90% 865,907 1,009,093 1,875,000
Public improvements -2001 2021 4.25% -5.00% 758,000 71,000 2,846,000 3,675,000
State Revolving Renovation -School 2011 0.00% 113,720 113,720
Public improvements note* 2012 6.25% 543,260 543,260
Public improvements -2002 2022 3.50% -4.75% 2,872,000 2,925,000 1,228,000 7,025,000
Pension obligation bonds 2026 3.06% -6.45% 24,814,648 1,578,092 5,292,260 31,685,000
Refunding bonds 2024 3.06% -3.47% 452,968 1,361,590 2,600,442 4,415,000
Combined sewer overflow 2023 1.94% 2,184,052 2,184,052
Public improvements note* 2012 2.50% -4.00% 104,935 104,935
Tax increment financing note* 2015 2.50% -4.00% 98,365 98,365
Briggs Building note 2023 6.50% 1,045,178 1,045,178
Refunding/public improvements -2004 2023 2.50% -4.80% 2,779,350 263,600 952,050 3,995,000
Combined sewer overflow 2024 1.41% 2,198,189 2,198,189
Public improvements -2005 2024 3.50% -4.30% 2,030,000 800,000 2,830,000
Airport building sprinklers 2024 3.25% -5.00% 1,840,000 1,840,000
Chancellor'S property note 2025 5.00% 2,035,485 2,035,485
Public improvements/refunding 2025 4.00% -4.20% 3,536,234 508,766 4,045,000
Combined sewer overflow 2027 1.64% 1,827,990 1,827,990
Public improvements -2007 2027 4.00% 3,155,000 3,155,000
Combined sewer overflow 2028 1.81% 1,916,118 1,916,118
Public improvements -2009 2029 2.00% -4.375% 3,100,000 3,100,000
Total bonds and notes payable S18,389,682 S8 298 002 S3Z 623 522 S91,311,206
* Five series of general obligation notes aggregating $1,487,560 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 level 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-T):(2g Activities
June 30. Principal Interest Principal Interest
2010 $ 3,493,237 $ 2,936,991 $ 4,101,196 $ 1,386,725
2011 3,326,863 2,814,348 3,854,382 1,282,166
2012 3,783,863 2,673,891 3,600,955 1,145,903
2013 3,379,642 2,496,290 3,600,264 1,017,290
2014 3,152,562 2,347,749 2,080,550 919,063
2015-2019 16,280,522 9,254,162 9,894,014 3,435,493
2020-2024 15,690,832 4,992,311 7,751,193 1,537,322
2025-2029 7.580.163 713.166 2.740.968 185.320
Total $56.687.684 $ 28.228.908 $ 37.623.522 $ 10.909.282
11-42
CITY OF BANGOR, MAINE
Notes to the 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, 2009, the statutory limit for the City was
$356,670,000. The City's outstanding long-term debt of $94,311,206 at June 30, 2009 was within the
statutory limit.
Advance and Current Refunding
In prior years, the City defeased certain general obligation bonds which reduced total future debt
service payments in governmental and business-type funds by $408,000 and $302,000, respectively.
This transaction placed the proceeds of the new bonds in an irrevocable trust to provide for all future
debt service payments on the old bonds. The trust account assets and the liability for the defeased
bonds are not included in the City's financial statements. At June 30, 2009, $341,900 and $1,043,100
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 is being amortized over the remaining life of the original bonds.
Authorized and Unissued
On August 27, 2007, the City Council authorized the issuance of up to $770,122 in general obligation
bonds for the purpose of funding the City's annual fleet replacement. As of June 30, 2009, $770,122
remains authorized and unissued. The City expects to issue the debt within the next fiscal year.
On November 26, 2007, the City Council authorized the issuance of up to $600,000 in general
obligation bonds for the purpose of renovating and rehabilitating property located at 103 Texas
Avenue. As of June 30, 2009, $155,000 remains authorized and unissued. The City expects to issue
the debt within the rext twenty four months.
On October 15, 2008, the City Council authorized the issuance of up to $1,569,000 in general
obligation bonds for the purpose of funding the City's annual fleet replacement, replacement of Fire
Station #6 and the local share of State of Maine road projects. As of June 30, 2009 $669,000 remains
authorized and unissued. The City expects to issue the debt within the next fiscal year.
On April 27, 2009, the City Council authorized the issuance of up to $2,837,000 in general obligation
bonds through the Maine Municipal Bond Bank's Clean Water State Revolving Loan Fund Program.
This funding was part of the American Recovery and Reinvestment Act (ARRA) of 2009. The terms of
the borrowing are as follows; the entire loan with be at 0% interest and 50.6% of the loan proceeds
will be principal forgiveness debt. The bonds will fund non point source stormwater improvements, as
well as the acquisition of a street sweeper and in-stream monitoring eqUipment. The City is required
to issue the debt within the next fiscal year.
II -43
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Overlapping Debt
In addition to the bonds and . notes payable, the City may be contingently responsible for a
proportionate share of overlapping debt. Overlapping debt is debt issued by a separate entity that
shares the same tax base as the City of Bangor. As of June 30, 2009 the City did not have any
overlapping debt obligations.
Lease/Purchase Agreement
The City has entered into a lease purchase agreement as lessee for financing school department
energy conservation measures in the amount of $7,091,928. The conservation measures included
building envelope improvements, boiler retrofits, HVAC improvements, etc. None of the improvements
met the criteria for capitalization and have been expensed in the current year. The lease/purchase
agreement requires annual payments through August 2021 with an interest rate of 5.19%. The
principal amount due within the next year is $501,968. During fiscal year 2010, this agreement was
paid in full through the issuance of general obligation bonds (see subsequent event footnote).
Changes in Long-term Liabilities
Long-term liability activity for the year ended June 30, 2009, was as follows:
Balance Balance Due within
June 30, 2008 Additions Reductions June 30, 2009 one )lear
Governmental activities:
General obligation debt $ 56,998,022 3,100,000 3,410,338 56,687,684 3,493,237
Accrued compensated absences * 2,036,534 1,723,681 1,502,959 2,257,256 1,355,241
Net OPEB obligation 759,529 759,529
Lease purchase obligation 7,091,928 805,740 6,286,188 501,968
Penobscot River remediation 7,560,000 7,560,000 7,560,000
Long-term obligation for self insurance 1.591.840 449,961 618,246 1.423,555 607,890
Governmental activities
long-term liabilities $ 60.626.396 20.685.099 6.337.283 74,974,212 13,518,336
Business type activities:
General obligation debt 41,722,545 4,099,023 37,623,522 4,101,197
Accrued compensated absences 563,166 467,922 399,339 631,749 631,749
Net OPEB obligation 242,517 242,517
Long-term obligation for self insurance 570,000 125,799 80,799 615,000 187,203
Deferred amount on refunding (38,910) (21,233) (17,677) (16,268)
other 510,514 558 511.072
Business type activities
long-term liabilities $ 43,327,315 836,796 4,557,928 39,606,183 4,903,881
* -The liquidation of compensated absences is fully covered within the General Fund
II -44
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
l. Fund Balances
Permanent Funds
As of June 30, 2009, the fund balances by purpose were as follows:
Restricted
Nonexpendable
Trust Principal
Unrestricted
Permanent
Funds
Cemetery
Parks
$ 375,145
14,538
16,511
44,138
43,067
30,851
$ 50,100
City Missionary
Education
Aid for Aged Women
Other Purposes
Total non major permanent funds
Dedicated Revenue Funds -Special Revenue Funds
$ 524,250
As of June 30, 2009, the fund balances by purpose were as follows:
Dental Clinic
Preservation of Records
Adopt a Park
Park Woods Children
City Forest
BFD Imaging
Park Woods Complex
USS Maine Monument
Flower
Impact. Fees
Parks
Tricentennial
Total dedicated revenue funds
II -45
$ 4,628
147
106,154
160
233,691
7,259
168,605
15,143
1,084
176,889
(945)
1,535
$ 714,350
45,234
62,543
71,983
81,383
129,391
$ 440,634
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
Designated Fund Balance
Designated fund balance of the General Fund at June 30, 2009 consists of amounts, which the City
intends to use for the following purposes:
Departmental balances carried forward
School department -regular
adult education
reading assessment
special revenue
school lunch
trust and agency
Total balances carried
Accrued summer teacher payroll
Pooled equipment
Bus equipment
Fire equipment
Improvement
Self insurance
Cameron stadium
Landfill closure
Cascade park maintenance
. PEG capital support
Credit reserve
Pickering Square development district
Parks & Rec Improvement
Benefit reserve .
Arbitrage rebate
II -46
$ 154,751
2,675,071
157,400
21,183
101,324
144,893
215,552
3.470,174
(2,811,525)
96,938
125,629
177,445
424,096
1,423,555
351,372
10,778
58,842
117,246
79,764
90,513
(89,919)
391,830
261.960
$ 4,178,698
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
DETAILED NOTES ON ALL FUNDS, CONTINUED
K. Net Assets
Net assets represent the difference between assets and liabilities. Net assets invested in capital assets,
net of related debt consists of capital assets, net of accumulated depreciation, reduced by the
outstanding balance of bonds and capital leases payable and adding back any unspent proceeds. Net
assets are reported as restricted when there are limitation imposed on their use either through the
enabling legislations adopted by the City of through external restrictions imposed by creditors, grantors
or laws or regulations of other governments. The City's net assets invested in capital assets, net of
related debt was calculated as follows at June 30, 2009:
Capital assets
Accumulated depreciation
Bonds payable
Unspent bond proceeds
Total invested in capital assets net of
related debt
OTHER INFORMATION
A. Risk Management
Governmental
$120,640,460
(46,001,149)
(24,411,186)
3,128,760
$ 53,356,885
Business-Type
$366,959,416
(179,561,350)
(32,329,609)
1.052.427
$156,120,884
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 reports 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.
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, 2009, 2008 and 2007.
II -47
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
OTHER INFORMATION, CONTINUED
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, 2009, the amount of self-insurance liabilities was
$2,038,555. This liability is the City's best estimate based on available information. Changes in the
reported liabilities since July 1, 2007 resulted from the following:
Workers' All other self-
Compensation insured risks Total
Unpaid claims as of July 1, 2007 $ 1,900,320 $ 221,150 $ 2,121,470
Incurred claims 266,179 266,179
Payments (749,706) (749,706)
Changes in estimates and other adjustments 513,414 10,483 523 1897
Unpaid claims as of July 1, 2008 1,930,207 231,633 2,161,840
Incurred claims 339,943 339,943
Payments (699,045) (699,045)
Changes in estimates and other adjustments 2301199 51618 2351817
Unpaid claims as of June 30, 2009 $ 1.801.304 $ 237.251 $ 2,038,555
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 Development 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 that converted the former Freese's department store building into affordable
housing units.
Downtown Municipal Development District -To partially finance in excess of $70 million dollars of
infrastructure improvements within the boundaries of the district.
Mall Area Traffic Infrastructure District -To partially finance traffic infrastructure improvements in the
Bangor Mall area and environmental improvement projects in the Penjajawoc Marsh/Bangor Mall area.
ll-48
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
OTHERINFORMAllON,CONllNUED
C. Contingent Liabilities
In February 1998, the City was served Notification of Potential Liability by the Federal Environmental
Protection Agency (EPA) in connection with that agency's efforts to clean up a disposal site. In 2007,
LD 1929 was passed to establish a program to fund the cleanup costs at this site for certain parties,
including municipalities. As such there should be no further costs to the City. A Consent Decree has
been negotiated with the EPA and provides the terms for the final remedy of the site, part of which
provides that the program, established under LD 1929, will sell bonds with the proceeds being used to
pay future costs. Additional funds from the sale of bonds in excess of the final settlement costs will be
available to the PRPs for payment of past costs.
In 2002, the City filed suit against Citizens Communication Company (Citizens), a potentially
responsible party to force cleanup of contamination of the Penobscot River bottom due to the inability
to reach settlement. In September of 2005, the U.S. District Court issued an Order finding that the
City is responsible for 40% of the remediation costs. In July 2007, the City reached a settlement
agreement with Citizens, whereby the City received $7.625 million to be held in escrow and applied to
the cost of remediation. A Consent Decree has been negotiated with the Department of Environmental
Protection (DEP) for the remediation which is expected to be completed by December 2009. At this
time, the total project cost is estimated at $7.56 million, which includes the remediation work,
environmental insurance, and oversight and legal costs. A liability in the amount of $7,560,000 has
been recorded in the Governmental Activities entity-wide statements.
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 City 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 ICMNRC. In addition certain full-time employees are
covered through both a 401 (a) and 457 Deferred Compensation Plans (DCP) also administered by
ICMNRC. 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. The authority to establish and amend plan provisions or requirements rests with the City.
Funding Policy -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 2009 covered payroll was $12,449,582 and City
contributions were $1,060,163. For those plan members that have employment contracts, the City
contributes at various rates from 10% -15% of annual earnings. The covered payroll and City
11-49
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
OTHER INFORMATION, CONTINUED
contributions for those employees with employment contracts were $454,395 and $52,239
respectively, in fiscal year 2009.
Defined Benefit Pension Plan
Description of the Plan -The City contributes to the Maine Public Employees Retirement Consolidated
Plan, a cost sharing multiple-employer retirement system established by the Maine State legislature.
The Maine Public Employees 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 Public Employees
Retirement System issues a 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 Public Employees Retirement, 46 State House Station, Augusta, Maine 04333-0046 or by
calling 1-800-451-9800.
Funding Policv -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 City are established
and may be amended by the Maine Public Employees Retirement System Board of Trustees. The City's
contributions to the Maine Public Employees Retirement System Consolidated Plan for the years ended
June 30, 2009, 2008, and 2007 were $677,652, $703,675, and $701,159 respectively, equal to the
required contributions for each year.
Teachers Group
Description of the Plan -All school teachers, plus other qualified educators, participate in the Maine
Public Employees 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 Public Employees
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 Public Employees 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 Public Employees Retirement System, 46 State House
Station, Augusta, Maine 04333-0046 or by calling 1-800-451-9800.
Funding Policy -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 $4,329,117 (18.76%) for the fiscal year 2009.
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 18.76% of their compensation. This cost is
charged to the applicable grant.
II-50
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
OTHER INFORMATION, CONTINUED
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 July 1, 1991.
E. Other Postemployment Benefits
In June of 2004, the Governmental Accounting Standards Board (GASB) issued Statement 45 which
addressed the reporting and disclosure requirements for other postemployment benefits (OPEB). GASB
Statement 45, Accounting and Financial Reporting by Employers for Postemployment Benefits Other
Than Pensions, was implemented, as required, by the City for the year ended June 30, 2009. Under
this pronouncement, it requires that the long-term cost of retirement health care and obligations for
other postemployment benefits be determined on an actuarial basis and reported similar to pension
plans.
Description of the Plan -The City sponsors a post-retirement benefit plan providing health insurance to
retiring employees. Full time City employees age 50 or older and covered under the active medical
plan are eligible to participate. Retirees that are deSignated in a plan pay 100% of the coverage
premium. A Medicare Supplement plan is available for eligible retirees. For retirees without Medicare,
coverage is available without a Medicare offset.
Funding Policy and Annual OPEB Cost -GASB Statement 45 does not mandate the prefunding of
postemployment benefits liability. The City currently plans to fund these benefits on a pay-as-you-go
basis. No assets have been segregated and restricted to provide postemployment benefits. The annual
required contribution (ARC), an actuarial determined rate, represents a level of funding that, if paid on
an ongoing baSiS, is projected to cover normal cost each year and amortize unfunded actuarial
liabilities over a period not to exceed thirty years.
The following table represents the OPEB costs for the year and the annual required contribution:
Normal cost
Amortization of unfunded liability
Interest
Annual required contribution
$ 493,875
622,717
22,113
$1.138.705
II -51
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
OTHER INFORMATION, CONTINUED
Funding Status and Funding Progress -The City's annual OPEB cost, the net OPEB obligation and the
percentage of annual OPEB cost contributed to the plan for the year ending June 30, 2009 were as
follows:
Annual OPEB cost
City contributions
Net OPEB obligation
Percentage of annual OPEB contributed
$ 1,138,705
136,659
$ 1.002,046
12.00%
The unfunded actuarial accrued liability as a percentage of covered payroll for June 30, 2009 is as
follows:
Actuarial accrued liability (AAL)
Actuarial value of plan assets
Unfunded actuarial accrued liability (UAAL)
Covered payroll
UAAL as a percentage of covered payroll
Governmental
Activities
$ 8,488,427
$ 8,488.427
$ 16,257,319
Business-type Total
Activities June 30, 2009
$ 2,710,336 $ 11,198,763
$ 2,710,336 $ 11,198,763
$ 5,190,927 $ 21.448,246
52.21%
Actuarial valuations involve estimates of the value of reported amounts and assumptions about the
probability of events in the future. Amounts determined regarding the funded status of the plan and
the annual required contributions of the employer are subject to continual revision as actual results are
compared to past expectations and new estimates are made about the future. The required schedule
of funding progress presented as required supplementary information provides multiyear trend
information (only one year available) that shows whether the actuarial value of plan assets is
increasing or decreasing over time relative to the actuarial accrued liability for benefits,
Actuarial methods and assumptions -Projections of benefits are based on the substantive plan (the
plan as understood by the employer and plan members) and include the types of benefits in force at
the valuation date and the pattern of sharing benefit costs between the City and plan members at that
point. Actuarial calculations reflect a long-term perspective and employ methods and assumptions that
are designed to reduce short-term volatility in actuarial accrued liabilities and the actuarial value of
plan assets, Significant methods and assumptions were as follows:
Actuarial valuation date 7/1/08
Actuarial cost method Entry age actuarial cost method
Amortization method Level dollar
Remaining amortization period 30 years
Actuarial assumptions:
Investment rate of return 4.0%
Participation 62.5% of eligible employees
Increase in future medical costs 7.5% -5.2%
II-52
CITY OF BANGOR, MAINE
Notes to the Financial Statements, Continued
OTHER INFORMATION, CONTINUED
F. 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.
G. Subsequent Events
On August 10, 2009, the City Council authorized the issuance of up to $163,000 in general obligation
bonds through the Maine Municipal Bond Bank's Clean Water State Revolving Loan Fund Program.
This funding was part of the American Recovery and Reinvestment Act CARRA) of 2009. The terms of
the borrowing are as follows; the entire loan with be at 0% interest and 50.6% of the loan proceeds
will be principal forgiveness debt. The bonds will fund non point source stormwater improvements.
The City is required to issue the debt within the next fiscal year.
On September 30, 2009 the City Council authorized the issuance of up to $1,365,878 in general
obligations bonds for the purpose of funding the City's annual fleet replacement and energy
conservation measures.
On October 27, 2009, the City issued general obligation bonds to refund $5,750,000 of outstanding
general obligation bonds on a current basis as well as the outstanding School Department
lease/purchase liability in the amount $5,985,000. This refunding resulted in cumulative interest cost
savings of $1,830,000 or a present value savings of 12.41%. The final maturity dates of the refunded
general obligation bonds remain unchanged, and there was a five year reduction in the final maturity
of the lease/purchase liability.
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, 2009, this balance exceeded the City policy of 7.5% by
$2,411,281.
ll-53
CITY OF BANGOR, MAINE
Required Supplemental Information
Schedule of Funding Progress -Retiree Healthcare Plan
For the Fiscal Year Ended June 30, 2009
Governmental activities:
Actuarial value of assets
Actuarial accrued liability (AAL)
Unfunded actuarial accrued liability (UAAL)
Funded ratio
Covered payroll
Business-type activities:
Actuarial value of assets
Actuarial accrued liability (AAL)
Unfunded actuarial accrued liability (UAAL)
Funded ratio
Covered payroll
Primary government:
Actuarial value of assets
Actuarial accrued liability (AAL)
Unfunded actuarial accrued liability (UAAL)
Funded ratio
Covered payroll
UAAL as a percentage of covered payroll
$
$
$
$
$
$
$
$
$
Actuarial
Valuation
Date
711/2008
8,488,427
8,488,427
0.00%
16,257,319
2,710,336
2,710,336
0.00%
5,190,927
11,198,763
11,198,763
0.00%
21,448,246
52.21%
Only one year has been presented because 2009 was the year GASB Statement 45 was implemented.
II-54
GENERAL FUND
The General Fund is used to account for resources traditionally associated with the
government, which are not required legally or by sound financial management, to be
accounted for in another fund.
CITY OF BANGOR, MAINE
Balance Sheet
General Fund
June 30, 2009
ASSETS
Cash and cash equivalents
Investments
Receivables:
Taxes
Accounts (net of allowance of $258,981)
Interfund
Intergovernmental
Loans
Inventory, at cost
Prepaid items
Total assets
LIABILITIES AND FUND BALANCE
Liabilities
Accounts payable
Accrued wages and benefits payable
Deferred revenue
Total liabilities
Fund balance
Reserved for:
Encumbrances
Prepaid items
Advances to other funds
Unreserved:
Designated (Note J)
Undesignated
Total fund balance
Total liabilities and fund balance
IT-55
Schedule A-I
$ 433,563
12,203,155
2,227,194
954,359
3,055,385
1,792,720
1,045,178
806,288
27,717
$ 22,545,559
$ 1,235,546
3,771,990
2,078,764
7,086,300
858,956
27,717
1,650,500
4,178,698
8,743,388
15,459,259
$ 22,545,559
CITY OF BANGOR, MAINE
Schedule of Revenues, Expenditures and Changes in Undesignated
Fund Balance -Budget and Actual -Budgetary Basis
General Fund
For the Fiscal Year Ended June 30, 2009
Balances
Carried
Schedule A-2
Variance
711/2008 Budget Actual Surplus Carried
Revenues
Taxes
Real and personal property $ $ 46,911,966 $ 46,977,792 $ 65,826 $
Change in deferred property tax (234,492) (234,492)
Tax increment financing district (2,433,289) (2,433,289)
Payment in lieu of taxes 150,640 141,595 (9,045)
Excise 4,576,500 4,752,006 175,506
Interest on delinquent taxes 200,000 228,681 28,681
Total taxes 49,405,817 49,432,293 26,476
Intergovernmental
State revenue sharing 4,170,000 4,411,277 241,277
School subsidy 18,028,568 17,611,968 (416,600)
Other -
municipal 2,388,636 2,440,297 51,661
school 3,576,011 4,464,488 888,477
Total intergovernmental 28,163,215 28,928,030 292,938 471,877
Other revenue
Licenses and permits 592,600 644,621 52,021
Charges for service -
municipal 7,829,598 7,882,210 52,612
school 3,883,826 4,386,457 502,631
Fines, forfeits and penalties 15,200 43,706 28,506
Revenue frorp. use of money and property -
municipal 856,713 785,190 (71,523)
Total other 13,177,937 13,742,184 61,616 502,631
Total revenues 90,746,969 92,102,507 381,030 974,508
II -56
Schedule A-2 (con't)
CITY OF BANGOR, MAINE
Schedule of Revenues, Expenditures and Changes in Undesignated
Fund Balance -Budget and Actual -Budgetary Basis
General Fund
For the Fiscal Year Ended June 30, 2009
Variance Balances
Carried
711/2008 Budget Acturu Surplus Carried
Expenditures
General government
Council
Executive
Human resources
City clerk
Assessing
Legal
Finance
Insurance
Planning, econ dev, code enforcement
Total general government
Public safety
Police
Fire
Total public safety
Health, community services and recreation
Health and community services
Parks and recreation
Total health, commun. serv and rec.
Public buildings and services
II -57.
45,352
842,871
81,198
422,781
421,771
263,992
1,597,303
154,000
1,137,513
4,966,781
7,484,401
7,586,599
15,071,000
2,925,462
1,523,574
4,449,036
10,300,973
36,043
673,152
90,899
450,762
411,503
264,463
1,545,174
170,828
1,069,151
4,711,975
7,262,234
7,340,048
14,602,282
2,918,661
1,542,830
4,461,491
10,047,048
9,309
169,719
(9,701)
(27,981)
10,268
(471)
52,129
(16,828)
68,362
254,806
222,167
123,751
345,918
6,801
(19,256)
(12,455)
253,925
122,800
122,800
Schedule A-2 (con't)
CITY OF BANGOR, MAINE
Schedule of Revenues, Expenditures and Changes in Undesignated
Fund Balance -Budget and Actual -Budgetary Basis
General Fund
For the Fiscal Year Ended June 30, 2009
Balances Variance
Carried
7/1/2008 Budget Actual Surplus Carried
Expenditures, continued
Other agencies
County tax 2,495,028 2,495,028
Downtown Development District 54,187 54,187
Public library 1,501,491 1,501,491
Other agencies 35,450 239,635 243,577 (442) 31,950
Total other agencies 35,450 4,290,341 4,294,283 (442) 31,950
Education
Regular 2,145,842 41,453,168 40,889,405 2,709,605
Adult education 182,480 560,540 539,273 203,747
School lunch 96,571 1,248,083 1,264,602 80,052
Reading assessment 21,183 21,183
Special revenue 180,800 2,412,666 2,547,745 45,721
Trust and agency 146,340 1,016,398 1,135,280 27,458
Total education 2,773,216 46,690,855 46,376,305 3,087,766
Other appropriations
Pensions and other fringe benefits 1,940,576 1,948,156 (7,580)
Debt service 2,239,987 2,234,392 5,595
Tax increment financing payments 506,281 510,262 (3,981)
Total other appropriations 4,686,844 4,692,810 (5,966)
Total expenditures 2,808,666 90,455,830 89,186,194 835,786 3,242,516
Excess (deficiency) of revenues
over/under expenditures (2,808,666) 291,139 2,916,313 1,216,816 4,217,024
II -58
CITY OF BANGOR, MAINE
Schedule of Revenues, Expenditures and Changes in Undesignated
Fund Balance -Budget and Actual -Budgetary Basis
General Fund
For the Fiscal Year Ended June 30, 2009
Balances
Carried
Schedule A-2 (con't)
Variance
71112008 Budget Actual Surplus Carried
Other financing sources (uses)
Appropriaton from designated fund balance 1,109,746 104,341 (258,555) (746,850)
Appropriation to designated fund balance (79,764) (79,764)
Sale of assets 2,000 (2,000)
Contributions 15,000 30 (14,970)
Insurance Settlements 1,500 4,700 3,200
Transfers to other funds (613,200) (823,200) (210,000)
Transfers from other funds 39,503 40,286 783
Operating transfers (765,924) (765,924)
Total other financing sources (uses) (291,139) (1,519,531) (481,542) (746,850)
Net change in fund balance $ (2,808,666) $ -$ 1,396,782 735,274 $ 3,470,174
Undesignated fund balance, beginning of year 8,008,114
Undesignated fund balance, end of year $ 8,743,388
11-59
Schedule B-1
CITY OF BANGOR, MAINE
Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2009
Nonmajor
Special Nonmajor Total Other
Revenue Permanent Governmental
Funds Funds Funds
ASSETS
Cash and cash equivalents $ 1 $ $ 1
Investments 222,784 97,185 319,969
Receivables:
Accounts
Interfund 138,898 138,898
Loans 1,638,046 992,141 2,630,187
Intergovernmental 232,794 232,794
Total assets $ 2,232,523 $ 1,089,326 $ 3,321,849
LIABILITIES AND FUND BALANCES
Liabilities
Accounts payable $ 123,368 $ $ 123,368
Deferred revenue 267,452 267,452
Interfund loans Ea~able 431,265 431,265
Total liabilities 822,085 822,085
Fund balances
Reserved, principal 648,692 648,692
Unreserved, undesignated 1,410,438 440,634 1,851,072
Total fund balances 1,410,438 1,089,326 2,499,764
Total liabilities and fund balances $ 2,232,523 $ 1,089,326 $ 3,321,849
11-60
Schedule B-2
CITY OF BANGOR, MAINE
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2009
Nonmajor
Special Nonmajor Total Other
Revenue Permanent Governmental
Funds Funds Funds
Revenues
Taxes $ 879,816 $ $ 879,816
Intergovernmental 5,475,305 5,475,305
Charges for services 981,742 981,742
Program income 24,918 24,918
Revenue from use of money and property 96,232 96,232
Other revenue 10,325 1,650 11,975
Interest revenue 41,072 41,072
Total revenues 7,468,338 42,722 7,511,060
Expenditures
Current:
Personnel 1,013,232 1,013,232
Equipment 7,994 7,994
Payments to beneficiaries 909,773 909,773
Other 3,377,369 3,377,369
Bus operations 2,161,223 2,161,223
Program expenditures 4,277 4,277
Total expenditures 7,469,591 4,277 7,473,868
Excess (deficiency) of revenues
over (under) expenditures (1,253) 38,445 37,192
Other fmancing sources (uses)
Transfer to other funds (449,637) (5,000) (454,637)
Transfer from other funds 46,856 46,856
Total other financing sources (uses) (402,781) (5,000) (407,781)
Net change in fund balances (404,034) 33,445 (370,589)
Fund balances, beginning of year 1,814,472 1,055,881 2,870,353
Fund balances, end of year $ 1,410,438 $ 1,089,326 $ 2,499,764
II -61
Schedule B-3
CITY OF BANGOR, MAINE
Combining Balance Sheet
Nonmajor Special Revenue Funds
June 30, 2009
Dedicated
Other Grant Revenue Totals
HUDFunds Fund Funds Other 2009
ASSETS
Cash and cash equivalents $ $ $ $ $
Investments 222,784 222,784
Receivables:
Accounts
Interfund 138,898 138,898
Loans 267,452 714,350 656,244 1,638,046
Intergovernmental 232,144 650 232,794
Total assets $ 406,350 $ 232,145 $ 714,350 $ 879,678 $ 2,232,523
LIABILmES AND FUND BALANCES
Liabilities
Accounts payable $ $ 111,794 $ $ 11,574 $ 123,368
Deferred revenue 267,452 267,452
Interfund loans payable 69,730 361,535 431,265
Total liabilities 267,452 181,524 373,109 822,085
Fund balances
Unreserved, undesignated 138,898 50,621 714,350 506,569 1,410,438
Total fund balances 138,898 50,621 714,350 506,569 1,410,438
Total liabilities and
fund balances $ 406,350 $ 232,145 $ 714,350 $ 879,678 $ 2,232,523
II -62
Schedule B-4
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, 2009
Dedicated
Other Grant Revenue Totals
HUDFunds Fund Funds Other 2009
Revenues
Taxes $ $ $ $ 879,816 $ 879,816
Intergovernmental 5,475,305 5,475,305
Charges for services 952,562 29,180 981,742
Program income 24,918 24,918
Revenue from use of money and property 265 37,758 58,209 96,232
Contributions 4,425 5,900 10,325
Total revenues 25,183 6,427,867 71,363 943,925 7,468,338
Expenditures
Personnel 1,013,232 1,013,232
Equipment 7,994 7,994
Payments to beneficiaries 4,598 905,175 909,773
Other 541 3,372,346 4,482 3,377,369
Bus operations 2,161,223 2,161,223
Total expenditures 541 6,554,795 4,598 909,657 7,469,591
Excess (deficiency) of revenues
over (under) expenditures 24,642 (126,928) 66,765 34,268 (1,253)
Other financing sources (uses)
Transfers to other funds (103,037) (346,600) (449,637)
Transfers from other funds 46,792 64 46,856
Total other financing sources (uses) 46,792 (102,973) (346,600) (402,781)
Net change in fund balances 24,642 (80,136) (36,208) (312,332) (404,034)
Fund balances, beginning of year 114,256 130,757 750,558 818,901 1,814,472
Fund balances, end of year $ 138,898 $ 50,621 $ 714,350 $ 506,569 $ 1,410,438
II -63
Schedule B-S
CITY OF BANGOR, MAINE
Combining Balance Sheet
Nonmajor Permanent Funds
June 30, 2009
Revolving
Other Loan
Funds Funds Totals
ASSETS
Investments $ $ 97,185 $ 97,185
Loans receivable 964,884 27,257 992,141
Total assets $ 964,884 $ 124,442 $ 1,089,326
LIABILITIES AND
FUND BALANCES
Liabilities $ $ $
Total liabilities $ $ $
Fund balances
Principal 524,250 124,442 648,692
Unexpended income 440,634 440,634
Total fund balances 964,884 124,442 1,089,326
Total liabilities and
and fund balances $ 964,884 $ 124,442 $ 1,089,326
11-64
Schedule B-6
CITY OF BANGOR, MAINE
Combining Statement of Revenues, Expenditures and Changes in Fund Balances
Nonmajor Permanent Funds
For the Fiscal Year Ended June 30, 2009
Revolving
Other Loan
Funds Funds Totals
Revenues
Investment income $ 46,750 $ (5,678) $ 41,072
Lot sales 1,650 1,650
Total revenues 48,400 (5,678) 42,722
Expenditures
Current:
Payments to beneficiaries 348 3,000 3,348
Other miscellaneous 929 929
Total expenditures 348 3,929 4,277
Excess (deficiency) of revenues
over (under) expenditures 48,052 (9,607) 38,445
Other financing uses
Transfer to other funds (5,000) (5,000)
Transfer from other funds
Total other financing uses (5,000) (5,000)
Net change in fund balances 43,052 (9,607) 33,445
Fund balances, beginning of year 921,832 134,049 1,055,881
Fund balances, end of year $ 964,884 $ 124,442· $ 1,089,326
II -65
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Schedule C-I
CITY OF BANGOR, MAINE
Combining Statement of Net Assets
Nonmajor Proprietary Funds
June 30, 2009
Business-type Activities -Enterprise Funds
Bass Municipal Economic Total
Park Parking. Park Golf Development Nonmajor
Woods Fund Fund Course Fund Proprietary Funds
ASSETS
Current assets
Cash and cash equivalents $ 226 $ 170,657 $ 5,889 $ 101,551 $ 77 $ 278,400
Investments 66,795 497,471 564,266
Accounts receivable 130 1,846 57,266 56,506 115,748
Less allowance for uncollectible accounts (27,110) (27,110)
Net accounts receivable 130 1,846 30,156 56,506 88,638
Inventories, at cost 18,762 18,762
Prepaid items 33,189 33,189
Total current assets 356 239,298 87,996 599,022 56,583 983,255
Noncurrent assets
Capital Assets:
Land and improvements 295,025 828,921 1,594,732 2,395,046 5,113,724
Buildings and improvements 1,933,061 5,587,727 <}12,607 6,490,170 14,923,565
Machinery and equipment 22,952 144,428 302,924 470,304
Infrastructure 683,189 683,189
Parking structures 9,565,788 9,565,788
Construction in process 139,479 139,479
2,251,038 9,705,267 6,561,076 2,810,263 9,568,405 30,896,049
Less accumulated depreciation (1,276,195) (7,128,990) (5,187,529) (1,431,328) (1,243,706) (16,267,748)
Net capital assets 974,843 2,576,277 1,373,547 1,378,935 8,324,699 14,628,301
Loans receivable 103,645 103,645
Deposits 20,000 20,000
Total noncurrent assets 994,843 2,576,277 1,373,547 1,378,935 8,428,344 14,751,946
Total assets 995,199 2,815,575 1,461,543 1,977,957 8,484,927 15,735,201
Continued on next page
ll-66
Schedule C-I (con't)
CITY OF BANGOR, MAINE
Combining Statement of Net Assets
Nonmajor Proprietary Funds
June 30, 2009
Business-type Activities -Enterprise Funds
Bass Municipal Economic Total
Park Parking Park Golf Development Nonmajor
Woods Fund Fund Course Fund Proprietary Funds
LIABILITIES
Current liabilities
Accounts payable 31,423 724 34,773 13,217 16,778 96,915
Accrued wages and benefits payable 2,664 6,897 18,110 13,407 41,078
Accrued interest 31,329 13,287 7,395 44,657 96,668
Workers' compensation 4,715 5,858 \0,573
Unearned revenue 25,917 5,021 30,938
Accrued compensated absences 36,854 8,909 57,305 19,465 122,533
Interfund loans payable 338,400 1,899,855 747,400 2,985,655
General obligation debt payable 431,885 138,041 31,823 190,585 792,334
Deferred amount on refunding (10,330) (10,330)
Other liabilities
Total current liabilities 409,341 500,046 2,172,250 85,307 999,420 4,166,364
Long-term liabilities
Workers' compensation 5,285 4,142 9,427
General obligation debt payable 2,690,606 989,284 565,461 3,838,283 8,083,634
Net OPEB obligation 3,428 4,446 15,060 7,291 30,225
Other long-term liabilities 193,061 19,742 212,803
Total long-term liabilities 196,489 2,720,079 1,008,486 572,752 3,838,283 8,336,089
Total liabilities 605,830 3,220,125 3,180,736 658,059 4,837,703 12,502,453
NET ASSETS
Invested in capital assets, net of related debt 974,843 (379,522) 690,764 871,822 4,295,831 6,453,738
Unrestricted (585,474) (25,028) (2,409,957) 448,076 (648,607) (3,220,990)
Total net assets $ 389,369 $ (404,550) $ (1,719,193) $ 1,319,898 $ 3,647,224 $ 3,232,748
Continued from previous page
11-67
Schedule C-2
CITY OF BANGOR, MAINE
Combining Statement of Revenues, Expenses and Changes in Net Assets
Nonmajor Proprietary Funds
For the Fiscal Year Ended June 30, 2009
Business-type Activities -Enterprise Funds
Bass Municipal Economic Total
Park Parking Park Golf Development Nonmajor
Woods Fund Fund Course Fund Proprietary Funds
Operating revenues
Charges for services $ 369,478 $ 997,111 $ 1,253,236 $ 608,930 569,549 $ 3,798,304
Operating expenses
Operating expenses other than
depreciation and amortization 501,127 735,002 1,731,986 599,051 236,208 3,803,374
Depreciation and amortization 89,123 478,381 61,562 119,695 244,148 992,909
Total operating expenses 590,250 1,213,383 1,793,548 718,746 480,356 4,796,283
Operating income (loss) (220,772) (216,272) (540,312) (109,816) 89,193 (997,979)
Nonoperating revenue (expenses)
Interest income 1,826 48 12,610 35,648 50,132
Interest expense (161,526) (58,366) (26,593) (231,839) (478,324)
Total nonoperating revenue (expenses) (159,700) (58,318) (13,983) (196,191) (428,192)
Net income (loss) before groats/contributions and transfers (220,772) (375,972) (598,630) (123,799) (106,998) (1,426,171)
Grants/contributions received for capital assets 139,479 139,479
Transfers to other funds (1,999) (1,999)
Transfers from other funds 49,754 262,651 533,773 846,178
Change in net assets (171,018) 26,158 (66,856) (123,799) (106,998) (442,513)
Net assets, beginning of year 560,387 (430,708) (1,652,337) 1,443,697 3,754,222 3,675,261
Net .... ts, end of year $ 389,369 $ (404,550) $ (1,719,193) $ 1,319,898 $ 3,647,224 $ 3,232,748
n-68
Schedule C-3
CITY OF BANGOR, MAINE
Combining Statement of Cash Flows -Nomnajor Proprietary Funds
For the Fiscal Year Ended June 30, 2009
Business-type Activities -Enterprise Funds
Bass Municipal Ewnomic Total
Park Parking Park Golf Development Nonmajor
Woods Fund Fund Course Fund Proprietary Funds
Cash flows from operating activities
Cash received from customers $ 367,349 $ 982,821 $ 1,324,731 $ 610,930 $ 514,430 $ 3,800,261
Cash paid to suppliers for goods and services (398,081) (525,614) (960,722) (248,074) (229,241) (2,361,732)
Cash paid to employees for services (92,378) (234,317) (757,430) (334,453) (1,418,578)
Net cash provided by (used in) operating
activities (123,110) 222,890 (393,421) 28,403 285,189 19,951
Casb flows from noncapital financing activities
Interfund loans (repayments) 72,400 56,600 87,900 216,900
Transfers in 49,754 262,651 533,773 846,178
Transfers out (1,999) (1,999)
Net cash provided by (used in) noncapital
financing activities 122,154 262,651 588,374 87,900 1,061,079
Cash flows from capital and related fmancing activities
Acquisition and construction of capital assets (139,479) (21,098) (12,982) (173,559)
Principal paid on general obligation boods (438,214) (138,018) (31,997) (183,240) (791,469)
Interest paid on general obligation hoods (153,933) (60,621) (27,005) (216,464) (458,023)
Grants/contributions received for capital assets 139,479 139,479
Investment of unexpended bond proceeds
Net casb provided by (used in) capital and related
financing activities (592,147) (198,639) (80,100) (412,686) (1,283,572)
Cash flows from investing activities
Net sales (pUIChases) of investments 80,833 42,598 123,431
Interest on investments 2,384 48 12,610 35,648 50,690
Loan repayments 3,922 3,922
Net cash provided by (used in) investing activities 83,217 48 55,208 39,570 178,Q43
Net increase (decrease) in cash (956) (23,389) (3,638) 3,511 (27) (24,499)
Cash, beginning of year 1,182 194,046 9,527 98,040 104 302,899
Cash, end of year $ 226 $ 170,657 $ 5,889 $ 101,551 $ 77 $ 278,400
Continued on next page
11-69
Schedule C-3 (con't)
CITY OF BANGOR, MAINE
Combining Statement of Cash Flows -Nonmajor Proprietary Funds
For the Fiscal Year Ended June 30, 2009
Reconciliation of operating income (loss) to net
cash provided by (used in) operating activities
Business-type Activities -Enterprise Funds
Park
Woods
Parking
Fund
Bass
Park
Fund
Municipal
Golf
Course
Economic
Development
Fund
Operating income (loss) $ (220,772) $ (216,272) $ (540,312) $ (109,816) $ 89,193 $
Adjusbnents to reconcile operating income (loss)
to net cash provided by (used in) operating
activities
Depreciation and amortization
Changes in assets and liabilities:
(Increase) decrease in accounts receivable
(Increase) decrease in inventories
(Increase) decrease in prepaid items
Increase (decrease) in accounts payable
Increase (decrease) in uneamed revenue
Increase (decrease) in other liabilities
Total adjustments
Net cash provided by (used in) operating activities $
89,123 478,381 61,562
(130) 6,009 73,473
(1,487)
(4,090)
3,582 (29,202) (4,084)
(20,299) (1,978)
5,087 4,273 23,495
97,662 439,162 146,891
(123,110) $ 222,890 $ (393,421) $
Continued from previous page
11-70
119,695 244,148
2,000 (55,119)
(560) 6,967
17,084
138,219 195,996
28,403 $ 285,189 $
Total
Nonmajor
Proprietary Funds
(997,979)
992,909
26,233
(1,487)
(4,090)
(23,297)
(22,277)
49,939
1,017,930
19,951
CITY OF BANGOR, MAINE
Schedule of Revenues, Expenditures and Encumbrances
Budget and Actual -Budgetary Basis
Sewer Utility Fund -Enterprise Fund
For the Fiscal Year Ended June 30, 2009
Revenues
Charges for services
Interest and other revenue
Total revenues
Expenditures and encumbrances
Salaries
Fringe benefits
Supplies and materials
Contractual services
Interfund charges
Miscellaneous
Debt service
Depreciation
Outlay
Total expenditures and encumbrances
Excess (deficiency) of revenues over/under
expenditures and encumbrances
Budget Actual
$ 7,472,150 $ 7,296,383 $
331,534 48,455
7,803,684 7,344,838
1,129,025
291,322
1,268,770
851,816
474,255
22,685
3,545,161
1,663,702
210,650
9,457,386
1,089,285
277,481
1,085,024
650,567
439,655
17,452
3,544,328
1,678,662
56,054
8,838,508
$ (1,653,702) $ (1,493,670) $
II -71
Schedule C-4
Variance
Positive
(Negative)
(175,767)
(283,079)
(458,846)
39,740
13,841
183,746
201,249
34,600
5,233
833
(14,960)
154,596
618,878
160,032
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, 2009
Revenues
Charges for services
Interest and other revenue
Total revenues
Expenditures and encumbrances
Salaries
Fringe benefits
Supplies and materials
Contractual services
Interfund charges
Miscellaneous
Debt service
Depreciation
Outlay
Credits
Total expenditures and encumbrances
$
Budget
14,143,050 $
836,500
14,979,550
5,027,524
1,114,268
3,231,550
2,315,495
712,711
171,200
880,177
7,202,000
91,122
(10,000)
20,736,047
Actual
13,923,351
884,980
14,808,331
5,151,309
976,228
2,472,147
2,402,787
732,065
323,784
908,147
7,235,309
48,326
20,250,102
$
Excess (deficiency) of revenues over/under
expenditures and encumbrances $ (5,756,497) $ (5,441,771) $
ll-72
Schedule C-5
Variance
Positive
(Negative)
(219,699)
48,480
(171,219)
(123,785)
138,040
759,403
(87,292)
(19,354)
(152,584)
(27,970)
(33,309)
42,796
(10,000)
485,945
314,726
Revenues
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, 2009
Budget Actual
Schedule C-6
Variance
Positive
(Negative)
Charges for services
Interest and other revenue
$ 430,397 $ 369,478 $ (60,919)
Total revenues
Expenditures and encumbrances
Salaries
Fringe benefits
Supplies and materials
Contractual services
Interfund charges
Miscellaneous
Depreciation
Outlay
Total expenditures and encumbrances
Excess (deficiency) of revenues over/under
expenditures and encumbrances
II -73
30,600 30,600
460,997 400,078 (60,919)
77,006
15,200
208,250
155,701
4,740
100
89,123
550,120
77,351
15,305
214,509
179,668
487
6,999
89,123
583,442
(345)
(105)
(6,259)
(23,967)
4,253
(6,899)
(33,322)
$ (89,123) $ (183,364) $ (94,241)
CITY OF BANGOR, MAINE
Schedule of Revenues, Expenditures and Encumbrances
Budget and Actual -Budgetary Basis
Parking Fund -Enterprise Fund
For the Fiscal Year Ended June 30, 2009
Revenues
Charges for services
Operating transfer
Interest and other revenue
Total revenues
Expenditures and encumbrances
Salaries
Fringe benefits
Supplies and materials
Contractual services
Interfund charges
Debt service
Depreciation
Outlay
Total expenditures and encumbrances
$
Budget
984,728
262,651
6,000
1,253,379
172,954
41,055
6,750
339,282
101,190
592,148
478,381
1,731,760
$
Actual
997,111
262,651
1,826
1,261,588
191,923
42,138
4,273
343,682
150,580
592,147
478,381
1,803,124
$
Excess (deficiency) of revenues over/under
expenditures and encumbrances $ (478,381) $ (541,536) $
II -74
Schedule C-7
Variance
Positive
(Negative)
12,383
(4,174)
8,209
(18,969)
(1,083)
2,477
(4,400)
(49,390)
1
(71,364)
(63,155)
CITY OF BANGOR, MAINE
Schedule of Revenues, Expenditures and Encumbrances
Budget and Actual -Budgetary Basis
Bass Park Fund -Enterprise Fund
For the Fiscal Year Ended June 30, 2009
Revenues
Charges for services
Operating transfer
Interest and other revenue
Total revenues
Expenditures and encumbrances
Salaries
Fringe benefits
Supplies and materials
Contractual services
Interfund charges
Miscellaneous
Debt service
Depreciation
Budget
$ 1,501,600 $
506,273
2,007,873
633,991
119,902
432,050
427,568
155,725
50,000
198,638
67,964
Actual
1,253,235
506,273
48
1,759,556
634,397
128,874
375,188
365,384
152,179
39,055
198,639
61,562
Schedule C-8
Variance
Positive
(Negative)
$ (248,365)
48
(248,317)
(406)
(8,972)
56,862
62,184
3,546
10,945
(1)
6,402
Credits (10,000) (10,000)
Total expenditures and encumbrances
Excess (deficiency) of revenues over/under
expenditures and encumbrances
11-75
2,075,838 1,945,278 130,560
$ (67,965) $ (185,722) $ (117,757)
Revenues
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, 2009
Budget Actual
Schedule C-9
Variance
Positive
(Negative)
Charges for services
Interest and other revenue
$ 647,000 $ 608,930 $ (38,070)
(13,390)
Total revenues
Expenditures and encumbrances
Salaries
Fringe benefits
Supplies and materials
Contractual services
Interfund charges
Debt service
Depreciation
Outlay
Total expenditures and encumbrances
Excess (deficiency) of revenues over/under
expenditures and encumbrances
11-76
$
26,000 12,610
673,000 621,540 (51,460)
276,057 297,672 (21,615)
37,625 37,551 74
99,050 102,058 (3,008)
72,983 64,247 8,736
61,283 64,159 (2,876)
59,002 59,002
96,939 119,695 (22,756)
67,000 38,145 28,855
769,939 782,529 (12,590)
(96,939) $ (160,989) $ (64,050)
CITY OF BANGOR, MAINE
Schedule of Revenues, Expenditures and Encumbrances
Budget and Actual -Budgetary Basis
Economic Development Fund -Enterprise Fund
For the Fiscal Year Ended June 30, 2009
Revenues
Charges for services
Interest and other revenue
Total revenues
Expenditures and encumbrances
Supplies and materials
Contractual services
Interfund charges
Miscellaneous
Debt service
Depreciation
Outlay
Total expenditures and encumbrances
Budget
$ 439,161
287,479
726,640
45,970
189,813
2,150
399,707
205,898
89,000
932,538
Actual
$ 552,048
57,071
609,119
29,256
156,198
9,164
399,704
244,148
37,350
875,820
Schedule C-10
Variance
Positive
(Negative)
$ 112,887
(230,408)
(117,521)
16,714
33,615
(7,014)
3
(38,250)
51,650
56,718
Excess (deficiency) of revenues over/under
expenditures and encumbrances $ (205,898) $ (266,701) $ (60,803)
11-77
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Schedule 0-1
CITY OF BANGOR, MAINE
Statement of Change in Assets and Liabilities
Agency Fund
For the Fiscal Year Ended June 30, 2009
Balance Balance
July 1,2008 Additions Deletions June 30, 2009
ASSETS
Cash:
American Folk Festival funds $ 11,875 $ 810,051 $ 781,565 $ 40,361
Bangor Area Stormwater Group 43,989 43,434 84,159 3,264
School Activity Funds 103,361 222,778 228,148 97,991
Total assets $ 159,225 $ 1,076,263 $ 1,093,872 $ 141,616
LIABILITIES
Funds held for others:
American Folk Festival $ 11,875 $ 810,051 $ 781,565 $ 40,361
Bangor Area Stormwater Group 43,989 43,434 84,159 3,264
School Activity Funds 103,361 222,778 228,148 97,991
Total liabilities $ 159,225 $ 1,076,263 $ 1,093,872 $ 141,616
ll-78
CAPITAL ASSETS USED
IN THE OPERATION
OF GOVERNMENTAL FUNDS
Schedule E-l
CITY OF BANGOR, MAINE
Capital Assets Used in the Operation of Governmental Funds
(net of accumulated depreciation)
Schedule of Changes by Function and Activity
For the Fiscal Year Ended June 30, 2009
Balance Balance
Function and Activity 2008 Additions Deletions 2009
General government
Animal control $ 731 $ $ 731 $
BAT community connector 962,827 151,121 811,706
Central service 24,999 3,846 21,153
City clerk 27,222 6,587 20,635
City hall 481,471 126,334 16,731 591,074
Community and economic development 4,424,586 628,331 245,379 4,807,538
Engineering 46,391 12,625 6,290 52,726
Information services 239,078 51,128 96,124 194,082
Legal 1,210 1,210
Motor pool 4,084,170 546,933 606,666 4,024,437
Other -unclassified 550,321 74,526 475,795
Total general government 10,843,006 1,365,351 1,209,211 10,999,146
Public safety
Fire 3,693,041 6,047,679 3,549,782 6,190,938
Police 11,520,391 45,540 386,703 11,179,228
Total public safety 15,213,432 6,093,219 3,936,485 17,370,166
Health, community services and recreation
Health and community services
Parks and recreation 2,593,105 21,050 173,758 2,440,397
Total health, community services and recreation 2,593,105 21,050 173,758 2,440,397
Public building and services
Public works 17,388,635 522,342 584,579 17,326,398
Total Eublic buildin~s and services 17,388,635 522,342 584,579 17,326,398
Education 26,975,898 401,109 873,803 26,503,204
Total governmental fund capital assets $ 73,014,076 $ 8,403,071 $ 6,777,836 $ 74,639,311
ll-79
CITY OF BANGOR, MAINE
Assessed Valuation, Commitment and Collections
For the Fiscal Year Ended June 30, 2009
VALUATION
Land and buildings
Land and buildings -Homestead exemption
Personal property
Personal property -BETE exemption
Total valuation
COMMITMENT
$ 2,230,645,100
69,530,600
244,740,100
8,523,800
$ 2,553,439,600
Real estate and personal property (excludes Homestead exemption)
Tax rate
Total commitment
ADD
Supplemental taxes committed
LESS
Collections 2009
Abatements
2009 taxes receivable at June 30, 2009
II -80
Schedule F-1
$ 2,475,385,200
0.01905
$
47,156,088
79,282
47,235,370
45,688,536
275,489
1,192,063
CITY OF BANGOR, MAINE
Undesignated Fund Balance Sufficiency Calculation
For the Fiscal Year Ended June 30, 2009
Schedule F-2
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, 2009 undesignated fund balance.
General Fund expenditures/uses (Schedule A-2)
General government
Public safety
Health, community services and recreation
Public buildings and services
Other agencies
Education
Other appropriations
Other uses, gross *
Gross expenditures and uses
General Fund debt service
Net expenditures and uses
Indicated undesignated fund balance @ 7.5%
Actual undesignated fund balance (Schedule A-2)
Actual undesignated fund balance as a percentage
of net expenditures and uses
Over (under) funded status
* excludes amounts appropriated from undesignated fund balance
ll-81
$ 4,711,975
14,602,282
4,461,491
10,047,048
4,294,283
46,376,305
4,692,810
1,589,124
90,775,318
6,347,220
$ 84,428,098
$ 6,332,107
$ 8,743,388
10.36%
$ 2,411,281
This page left intentionally blank
2003*
Governmental activities:
Invested in capital assets, net of related debt $ 35,304,708
Restricted 507,743
Unrestricted (16,178,265)
Total governmental activities net assets 19,634,186
Business-type activities:
Invested in capital assets, net of related debt 149,863,511
Restricted
Unrestricted 19,579,291
Total business-type activities net assets 169,442,802
Primary government:
Invested in capital assets, net of related debt 185,168,219
Restricted 507,743
Unrestricted 3,401,026
Total primary government net assets $ 189,076,988
CITY OF BANGOR, MAINE
Net Assets by Component
Last Ten Fiscal Years
(accrual basis ofaccounting)
2004* 2005*
$ 41,565,642 $ 46,993,577
510,433 513,851
(20,154,733) (21,010,448)
21,921,342 26,496,980
148,218,655 150,970,961
21,096,167 21,705,461
169,314,822 172,676,422
189,784,297 197,964,538
510,433 513,851
941,434 695,013
$ 191,236,164 $ 199,173,402
Only seven years have been presented because 2003 was the year GASB Statement No. 34 was implemented.
• -Certain amounts have been reclassified to confono with 2007 presentation.
III-I
Table 1
Fiscal Year
2006* 2007 2008 2009
$ 48,707,054 $ 48,257,039 $ 49,447,154 $ 53,356,885
1,002,525 1,055,881 656,658 6,198,372
(21,528,721) (9,784,221) (15,155,253) (26,929,961)
28,180,858 39,528,699 34,948,559 32,625,296
154,068,754 157,302,400 154,066,934 156,120,884
16,998,096 14,715,610 17,219,955 14,927,182
171,066,850 172,018,010 171,286,889 171,048,066
202,775,808 205,559,439 203,514,088 209,477 ,769
1,002,525 1,055,881 656,658 6,198,372
(4,530,625) 4,931,389 2,064,702 (12,002,779)
$ 199,247,708 $ 211,546,709 $ 206,235,448 $ 203,673,362
CITY OF BANGOR, MAINE
Changes in Net Assets
Last Ten Fiscal Years
(accrual basis of accountin~
Fiscal Year
2003 2004 2005 2006
Expenses
Governmental activities:
General government $ 6,060,687 $ 6,487,572 $ 6,435,386 $ 6,947,106
Public safety 11,114,804 12,066,567 12,478,326 12,890,750
Health, community services and recreation 3,340,989 3,606,827 4,000,249 7,301,546
Public building and services 7,050,085 7,360,360 7,609,989 8,256,266
Other agencies 3,322,395 3,273,003 3,514,658 3,610,935
Education 40,828,756 40,279,055 42,659,395 45,522,795
Unclassified 2,044,069 389,598 65,639 947,025
Restricted grants* 6,551,455 6,857,039 7,326,307
Arena Development
Cornmunity development* 2,419,594
Streets/Sidewalks • 2,911,131
Waterfront· 990,961
Public transportation * 1,798,968
Tax increment financing· 1,092,770
Interest on debt 740,077 3,083,447 3,166,250 3;098,248
Capital maintenance expenses· 1,824,489 2,666,118 1,674,034
Total governmental activities expenses 82,877,806 86,069,586 88,930,233 97,788,095
Business-type activities:
Sewer Utility 5,744,275 5,751,710 5,859,588 5,818,127
Airport 14,489,128 15,060,963 16,368,681 16,947,056
Park Woods 449,873 531,986 598,854 540,207
Parking 1,370,737 1,431,983 1,425,508 1,322,138
Bass Park 1,944,718 1,935,653 1,889,215 1,918,111
Municipal Golf Course 575,408 626,739 592,323 647,499
Economic Development 271,047 338,795 397,881 484,264
Total business-type activities expenses 24,845,186 25,677,829 27,132,050 27,677,402
Total primary government expenses $ 107,722,992 $ 1ll,747,415 $ 116,062,283 $ 125,465,497
Only seven years have been presen1ed because 2003 was the year GASB Statement No. 34 was implemen1ed.
• -Amounts previously reported as restricted grants and capital maintenance expenses have been classified
into new functions beginning in 2006.
Continued on next page
ID-2
Table 2
2007 2008 2009
$ 7,052,860 $ 8,744,549 $ 7,868,247
13,756,962 14,945,855 15,671,645
7,348,875 8,413,205 9,168,870
8,659,473 9,142,251 9,671,469
3,787,970 4,829,547 4,580,661
46,106,647 47,537,197 54,294,824
1,136
417,030 41,091 51,332
1,865,026 2,156,241 912,992
2,884,655 1,359,002 2,141,079
399,015 1,754,281 9,252,263
1,841,516 2,118,374 3,042,434
1,101,078 1,066,192 1,114,112
1,952,612 3,206,764 2,651,599
97,174,855 105,314,549 120,421,527
6,052,420 6,052,419 6,197,277
18,645,140 19,641,953 19,934,243
678,867 678,867 590,250
1,438,125 1,438,125 1,374,909
1,993,205 1,993,205 1,851,914
695,969 695,969 745,339
695,851 695,851 712,195
30,199,577 31,196,389 31,406,127
$ 127,374,432 $ 136,510,938 $151,827,654
CITY OF BANGOR, MAINE
Changes in Net A&<iets
Last Ten Fiscal Years
(accrual basis of accounting)
2003 2004 2005
Program Revenues
Governmental activities:
Charges for services
General government $ 934,540 $ 1,103,382 $ 1,447,058
Public safety 1,446,942 1,923,804 1,908,000
Health, community services and recreation 647,709 624,778 674,364
Public buildings and services 3,043,886 3,537,702 3,766,334
Other agencies
Education 3,742,385 3,857,798 4,549,286
Unclassified 26,830 19,719 20,036
Restricted grants 5,392,472 1,368,366 1,079,690
Arena Development
Community development
Streets/Sidewalks
Public transportation
Tax increment financing
Operating grants and contributions 21,566,478 24,743,028 25,986,614
Capital grants and contributions 3,814,705 2,098,577 4,117,072
Total governmental activities program revenues 40,615,947 39,277,154 43,548,454
Business-type activities:
Charges for services
Sewer Utility 6,569,790 6,281,870 5,970,615
Airport 9,291,513 11,398,518 11,527,061
Park Woods 283,052 279,588 310,389
Parking 807,645 892,820 943,990
Bass Park 1,362,054 1,253,421 1,238,707
Municipal Golf Course 623,233 595,852 586,956
Economic Development 388,165 316,062 433,694
Capital grants and contributions 11,274,222 3,376,637 7,749,367
Total business-type activities program revenues 30,599,674 24,394,768 28,760,779
Total primary government program revenues $ 71,215,621 $ 63,671,922 $ 72,309,233
Only seven years have been presented because 2003 was the year GASB Statement No. 34 was implemented.
Continued on next page
ill-3
Table 2 (con't)
Fiscal Year
2006 2007 2008 2009
$ 1,672,854 $ 2,334,040 $ 2,282,374 $ 1,869,711
2,471,220 2,182,680 2,439,831 3,010,167
756,207 681,583 771,254 768,450
4,076,981 3,871,412 3,967,990 3,786,050
22,243 22,068
4,561,352 4,408,431 4,539,787 4,386,457
859,682 61,128
1,630,360 1,689,657 2,205,771
672,459 658,141 297,394 301,019
159,351 21,836
536,491 659,960 809,531 944,804
1,711
29,577,430 30,534,706 41,370,518 34,155,649
3,788,485 2,604,652 2,119,150 2,068,478
48,973,161 49,627,093 60,469,080 53,542,171
6,206,605 6,663,408 6,745,112 7,537,879
12,074,504 13,555,003 14,475,879 13,953,287
287,452 340,494 340,494 369,478
963,697 1,001,697 1,001,697 997,111
1,460,931 1,426,599 1,426,599 1,253,236
604,365 655,834 655,834 608,930
391,658 422,716 422,716 569,549
2,581,874 4,377,242 3,426,732 4,113,557
24,571,086 28,442,993 28,495,063 29,403,027
$ 73,544,247 $ 78,070,086 $ 88,964,143 $ 82,945,198
CITY OF BANGOR, MAINE
Changes in Net Assets
Last Ten Fiscal Years
(accrual bnsis of accounting)
Fiscal Year
2003 2004 200S 2006
Net (expense)/revenue
Governmental activities $ (42,261,859) $ (46,792,432) $ (45,381,779) $ (48,814,934)
Business-type activities 5,754,488 (1,283,061) 1,628,729 (3,106,316)
Total primary government expense (36,507,371 ) (48,075,493) (43,753,050) (51,921,250)
General revenues and other changes in net assets
Governmental activities:
Property taxes 37,624,392 39,936,976 40,302,810 40,666,758
Payment in lieu of taxes 113,575 135,000 186,500 160,457
Excise taxes 4,091,505 4,306,055 4,358,409 4,752,852
Franchise taxes 233,874 225,224 265,598 274,986
Unrestricted grants and contributions 4,059,770 4,512,720 4,487,931 4,773,082
Unrestricted investment earnings 377,113 296,857 519,225 699,417
Indirect cost charges 557,165 483,439 472,056
Miscellaneous 598,515 131,733 8,353 32,550
Transfers (798,618) (948,416) (837,806) (861,290)
Total governmental activities 46,857,291 49,079,588 49,763,076 50,498,812
Business-type activities:
Unrestricted investment earnings 1,097,155 206,665 895,064 635,454
Transfers 798,618 948,416 837,806 861,290
Total business-type activities 1,895,773 1,155,081 1,732,870 1,496,744
Total primary government 48,753,064 50,234,669 51,495,946 51,995,556
Change in net assets
Governmental activities 4,595,432 2,287,156 4,381,297 1,683,878
Business-type activities 7,650,261 (127,980) 3,361,599 (1,609,572)
Total primary government $ 12,245,693 $ 2,159,176 $ 7,742,896 $ 74,306
Only seven years have heen presented because 2003 was the year GASH Statement No. 34 was implemented.
Continued from previous page
III - 4
Table 2 (con't)
2007 2008 2009
$ (47,547,762) $ (44,845,469) $ (66,879,356)
(1,756,584) (2,701,326) (2,003,100)
(49,304,346) (47,546,795) (68,882,456)
41,702,775 43,775,938 46,977,792
145,000 122,510 141,595
4,668,614 4,641,320 4,752,005
296,566 300,768 322,526
4,968,217 5,520,774 5,260,439
1,183,796 1,274,939 874,824
260,733 161,439 93,967
(871,864) (539,088) (739,179)
52,353,837 55,258,600 57,683,969
1,346,799 1,326,787 1,025,098
539,088 539,088 739,179
1,885,887 1,865,875 1,764,277
54,239,724 57,124,475 59,448,246
4,806,075 10,413,131 (9,195,387)
129;303 (835,451) (238,823)
$ 4,935,378 $ 9,577,680 $ (9,434,210)
Table 3
CITY OF BANGOR, MAINE
Governmental Activities Tax Revenues By Source
Last Ten Fiscal Yean
(accrual basis of accounting)
Fiscal Year
2003 2004 200S 2006 2007 2008 2009
Tax Revenues
Property taxes $ 37,624,392 $ 39,936,976 $ 40,302,810 $ 40,666,758 $ 41,702,775 $ 43,775,938 $ 46,977,792
Excise taxes 4,091,505 4,306,055 4,358,409 4,752,852 4,668,614 4,641,320 4,752,005
Franchise taxes 233,874 225,224 265,598 274,986 296,566 300,768 322,526
Total tax revenues $ 41,949,771 $ 44,468,255 $ 44,926,817 $ 45,694,596 $ 46,667,955 $ 48,718,026 $ 52,052,323
Only seven years have been presented because 2003 was the year GASB Statement No. 34 was implemented.
1II - 5
General Fund:
Reserved
Unreserved
Total general fund
AU other governmental funds:
Reserved
Unreserved, reported in
Special revenue funds
Capital projects funds
Permanent funds
Total all other governmental funds
2000 2001
$ 2,907,605 $ 2,314,524 $
10,868,363 13,022,1l3
CITY OF BANGOR, MAINE
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
2002 2003 2004
2,204,855 $ 2,692,524 $ 2,571,692 $
15,412,411 14,575,433 ll,184,543
2005
2,427,099
10,676,570
$ 13,775,968 $ 15,336,637 $ 17,617,266 $ 17,267,957 $ 13,756,235 $ 13,103,669
$ 969,162 $ 1,143,738 $ 1,836,653 $ 5,229,243 $ 2,599,271 $ 2,358,441
(315,560) (346,598) 1,029,775 2,080,184 1,997,434 1,810,747
1,173,695 538,858 4,622,212 (488,844) 4,211,800 3,658,954
864,739 812,694 539,666 500,558 424,802 370,308
$ 2,692,036 $ 2,148,692 $ 8,028,306 $ 7,321,141 $ 9,233,307 $ 8,198,450
ill-6
Table 4
2006 2007 2008 2009
$ 2,188,819 $ 2,366,032 $ 2,637,120 $ 2,537,173
10,828,439 ll,438,1l4 ll,602,190 12,922,086
$ 13,017,258 $ 13,804,146 $ 14,239,310 $ 15,459,259
$ 3,832,469 $ 2,015,620 $ 8,081,884 $ 7,062,990
2,215,929 2,663,736 5,005,121 6,981,927
925,634 1,735,231 469,554 1,528,537
350,222 361,879 399,223 440,634
$ 7,324,254 $ 6,776,466 $ 13,955,782 $ 16,014,088
TableS
CITY OF BANGOR, MAINE
Cbanges in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2003 2004 200S 2006 2007 2008 2009
Revenues:
Taxes:
Property taxes $ 39,261,141 $ 39,774,952 $ 40,586,129 $ 41,101,785 $ 42,145,912 $ 43,767,914 $ 47,113,576
Excise taxes 4,091,505· 4,306,055 4,358,409 4,752,852 4,668,614 4,641,320 4,752,005
Total tax revenues 43,352,646 44,081,007 44,944,538 45,854,637 46,814,526 48,409,234 51,865,581
Intergovernmental 30,627,927 31,617,135 34,484,238 37,714,682 37,774,922 41,345,956 41,123,520
Ucenses and permits 409,842 374,499 655,745 538,534 982,879 956,965 644,621
Charges for services 10,151,637 11,035,587 12,160,573 12,927,989 12,598,776 13,283,275 13,449,587
Program income 583,569 463,066 409,153 663,269 657,987 296,325 288,677
Revenue from money and property 1,420,582 1,162,796 1,255,959 2,349,812 3,621,988 3,812,356 3,836,654
Other 1,612,518 142,311 168,452 526,360 279,261 7,691,463 428,220
Total revenues 88,158,721 88,876,401 94,078,658 100,575,283 102,730,339 115,795,574 111 ,636,860
Expenditures:
General government 4,223,670 4,619,401 4,732,331 4,642,935 4,736,885 5,122,152 5,103,378
Public safety 11,018,419 12,001,813 12,352,418 12,852,119 13,476,656 14,162,638 14,400,420
Health, community services and recreation 3,230,938 3,480,885 3,865,578 4,084,948 4,086,513 4,305,709 4,414,673
Public buildings and services 7,876,895 8,180,067 8,301,848 8,991,673 9,363,365 9,906,759 10,048,539
Other agencies 3,157,861 3,273,003 3,514,658 3,610,935 3,783,720 4,227,552 4,294,283
Education 39,428,576 40,341,426 42,228,691 44,817,879 45,224,974 48,293,846 50,380,309
Tax increment financing 215,483
Unclassified 327,812 389,598 65,639 263,702 597,262 166,994 63,115
Restricted grants 6,510,909 6,822,298 7,282,380 8,248,872 7,787,297 9,098,706 8,360,660
Capital outlay' 8,794,651 10,675,201 8,681,772 11,762,832 9,100,357 8,038,242 16,118,777
Debt service
Principal 5,730,088 2,232,944 4,110,250 2,748,866 4,237,096 2,044,428 2,136,415
Interest 3,299,332 3,080,468 3,120,028 3,098,248 3,095,434 2,436,120 2,373,922.
• Other charges 10,028 5,570 37,467 5,070 4,850 299 6,000
Total expenditures 93,609,179 95,102,674 98,293,060 105,128,079 105,494,409 107,803,445 117,915,974
Deficiency of revenues under expenditures (5,450,458) (6,226,273) (4,214,402) (4,552,796) (2,764,070) 7,992,129 (6,279,114)
Other financing sourcesJ(uses)
General obligation debt 4,397,511 5,443,400 2,650,000 4,333,000 3,555,000 3,100,000
Financing proceeds 7,091,928
Sale of assets 232,259 131,773 106,895 120,479 320,034 161,439 104,620
Transfers to other funds (3,663,860) (5,369,448) (3,131,050) (3,099,137) (3,300,247) (2,690,305) (2,865,418)
Transfers from other funds 2,865,242 4,421,032 2,293,244 2,237,847 2,428,383 2,151,217 2,126,239
Total other financing sources 3,831,152 4,626,757 1,919,089 3,592,189 3,003,170 (377,649) 9,557,369
Net change in fund balances $ (1,619,306) $ (1,599,516) $ (2,295,313) $ (960,607) $ 239,100 $ 7,614,480 $ 3,278,255
Debt service as a percentage of noncapital expenditures 11.17% 6.30% 8.27% 6.08% 7.74% 4.45% 4.09%
Only seven years have heen presented because 2003 was the year GASB Statement No. 34 was implemented.
• Capital outlays under the modified accrual basis differ from capital outlays on tbe statement of activities due to capita1ization thresbolds and
budgetary requirements.
III -7
Fiscal
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
*
CITY OF BANGOR, MAINE
Assessed Value and Estimated Actual Value of Taxable Property*
Last Ten Fiscal Years
Real Property
Estimated Estimated
Residential Commercial
782,055,600 485,097,500
815,027,500 499,936,900
841,857,900 504,871,000
896,351,100 516,447,000
922,374,500 549,399,100
990,170,000 618,388,000
1,091,628,800 713,822,300
1,178,745,758 785,599,342
1,275,227,064 875,870,136
1,219,093,120 1,081,082,580
It is City policy to assess at 100% of estimated actual value.
Personal Property consists of machinery and equipment
Personal
Property!
208,423,500
222,823,400
241,682,200
278,430,400
268,555,600
259,687,300
254,225,800
259,703;500
254,991,600
244,740,100
ill-8
Total Taxable
Assessed
Value
1,475,576,600
1,537,787,800
1,588,411,100
1,691,228,500
1,740,329,200
1,868,245,300
2,059,676,900
2,224,048,600
2,406,088,800
2,544,915,800
Table 6
Total
Direct
Tax Rate
22.79
22.54
22.78
22.52
22.27
20.97
19.31
18.33
17.74
17.99
Table 7
CITY OF BANGOR, MAINE
Property Tax Rate -Direct and Overlapping Governments
Last Ten Fiscal Years
General General
Fiscal City Fund Debt Penobscot Total Taxi
Year Government Service Education County (Mill) Rate
2000 9.73 0.97 12.09 0.91 23.70
2001 9.64 1.01 11.89 0.91 23.45
2002 9.81 0.73 12.24 0.97 23.75
2003 9.51 0.74 12.27 1.08 23.60
2004 9.26 0.79 12.22 1.08 23.35
2005 8.20 1.18 11.59 1.08 22.05
2006 7.97 1.14 10.20 1.09 20.40
2007 7.79 1.18 9.36 1.07 19.40
2008 7.69 1.18 8.87 1.06 18.80
2009 8.12 1.16 8.71 1.06 19.05
ill-9
TableS
CITY OF BANGOR, MAINE
Principal Property Taxpayers *
June 30, 2009
2009 2000
Assessed % of Total Assessed % of Total
Taxl!al:er Business Value Rank Tax Base Value Rank Tax Base
Bangor Historic Track Racino $ 132,438,500 5.20%
General Electric Manufacturer 73,480,400 2 2.89% $ 59,989,700 4.07%
Bangor Mall LLC Shopping mall 57,040,200 3 2.24%
Bangor Hydro Electric Utility 35,631,500 4 1.40% 24,466,200 3 1.66%
Bangor Savings Bank Financial institution 17,739,400 5 0.70%
Wal Mart Stores Retailer 16,806,500 6 0.66% 9,089,848 6 0.62%
QV Realty Trust Real estate interests 16,646,200 7 0.65%
Home Depot U.S.A. Inc Retailer 15,747,200 8 0.62%
Inland Western Parkade Shopping mall 15,192,200 9 0.60%
Harvest Sunbury Village Retirement Living 14,374,600 10 0.56%
BANMAK Associates Shopping mall 56,167,400 2 3.81%
Webber Oil Company Fuel distributor 12,216,455 4 0.83%
Cabrel Company Real estate interests 10,273,200 5 0.70%
Credit Suisse Leasing Leasing/finance 7,869,278 7 0.53%
Fleet Bank of Maine Commercial bank 7,072,800 8 0.48%
Airport Mall Associates Shopping mall 7,069,600 9 0.48%
Stillwater Realty Trust Real estate interests 6,668,400 10 0.45%
Totals $ 395,096,700 15.52% $ 200,882,881 13.63%
* Source -City of Bangor Tax Commitment
III-IO
Table 9
CITY OF BANGOR, MAINE
Property Tax Levies and Collections
Last Ten Fiscal Years
Collected within the %of
Fiscal Year of the Levy Subsequent Total Total Tax
Fiscal Gross Tax Abate-Net Tax %of Year Tax Collection
Year Levy ments Levy Amount Net Levy Collections Collections to Net Levy
2000 34,069,975 246,152 33,823,823 32,809,377 97.00% 977,618 33,786,995 99.89%
2001 35,283,733 258,412 35,025,321 33,930,930 96.88% 1,046,288 34,977,218 99.86%
2002 36,893,245 208,211 36,685,034 35,633,029 97.13% 946,770 36,579,799 99.71%
2003 39,081,183 311,677 38,769,506 37,785,056 97.46% 881,563 38,666,619 99.73%
2004 39,866,850 172,868 39,693,982 38,589,047 97.22% 1,003,473 39,592,520 99.74%
2005 40,474,184 160,117 40,314,067 39,206,172 97.25% 1,010,378 40,216,550 99.76%
2006 41,099,990 632,397 40,467,593 39,716,755 98.14% 625,751 40,342,506 99.69%
2007 41,990,985 269,636 41,721,349 40,819,923 97.84% 763,339 41,583,262 99.67%
2008 44,082,476 341,521 43,740,955 42,847,656 97.96% 487,364 43,335,020 99.07%
2009 47,235,370 275,489 46,959,881 45,688,536 97.29% 45,688,536 97.29%
ill-ll
Table 10
CITY OF BANGOR, MAINE
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities Business-tyee Activities
General General Total Ratio of Net Bonded Debt
Fiscal Obligation Capital Obligation Revenue Primary Per -Per Personal
Year Bonds Leases Bonds Bonds Government Caeita* Income*
2000 $ 21,909,832 293,503 38,018,202 4,710,000 64,931,537 2,073.76 Data not
available
2001 $ 22,806,350 223,910 37,931,078 4,465,000 65,426,338 2,078.81 Data not
available
2002 $ 59,135,992 150,353 42,386,491 4,205,000 105,877,836 3,351.09 11.27%
2003 $ 57,669,023 326,159 47,854,061 105,849,243 3,355.93 11.28%
2004 $ 60,879,479 3,491 47,994,390 108,877,360 3,450.95 11.60%
2005 $ 59,419,229 46,774,080 106,193,309 3,361.08 11.30%
2006 $ 61,003,363 45,781,229 106,784,592 3,436.46 11.56%
2007 $ 60,321,264 43,809,953 104,131,217 3,358.20 11.29%
2008 $ 56,998,022 41,722,545 98,720,567 3,099.25 lQ.42%
2009 $ 56,687,684 7,091,928 37,623,522 101,403,134 3,193.20 10.74%
Source: Maine Department of Human Services, Maine State Planning Office and City of Bangor
(2000) and U.S. Census Bureau (2001 through 2009).
III -12
Fiscal
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
*
**
CITY OF BANGOR, MAINE
Ratio of Net General Obligation Debt to Assessed Value and
Net General Obligation Debt Per Capita
Last Ten Fiscal Years
Table 11
Ratio of Net Bonded Debt
Assessed Net Bonded Assessed Per
Population* Value GO Debt** Value Capita
31,311 1,475,576,600 27,713,328 1.88% 885.10
31,473 1,537,787,800 30,434,229 1.98% 966.99
31,595 1,588,411,100 66,818,681 4.21% 2,114.85
31,541 1,691,228,500 65,323,120 3.86% 2,071.05
31,550 1,740,329,200 69,638,974 4.00% 2,207.26
31,595 1,868,245,300 65,988,998 3.53% 2,088.59
31,074 2,059,676,900 66,990,510 3.25% 2,155.84
31,008 2,224,048,600 65,725,523 2.96% 2,119.63
31,853 2,406,088,800 61,824,071 2.57% 1,940.92
31,756 2,544,915,800 60,937,500 2.39% 1,918.93
Source: Maine Department of Human Services, Maine State Planning Office and City of Bangor
(2000) and U.S. Census Bureau (2001 through 2009).
Net Bonded General Obligation Debt Consists of all non-self supporting general obligation debt, and
excludes all Sewer Utility debt of $21,768,039, Airport debt of $6,979,515, Golf Course debt of $597,284
and Economic Development debt of $4,028,868.
ill-13
Direct Debt
City of Bangor
CITY OF BANGOR, MAINE
Computation of Direct and Overlapping Debt
June 30, 2009
Total Debt
Outstanding
Percentage
Applicable
to Bangor
General Obligation Bonds $ 94,311,206 100.00%
Overlapping Debt $
Total Debt $ 94,311,206
ill-14
Table 12
Amount
Applicable
to Bangor
$ 94,311,206
$
$ 94,311,206
CITY OF BANGOR, MAINE
Legal Debt Margin Information
Last Ten Fiscal Years
Total Net Debt Legal
Fiscal Debt Applicable to Debt
Year Limit Limit Margin
2000 $ 215,017,500 59,928,034 155,089,466
2001 $ 225,630,000 64,737,428 160,892,572
2002 $ 240,937,500 101,522,483 139,415,017
2003 $ 241,387,500 105,523,084 135,864,416
2004 $ 261,240,000 108,873,869 152,366,131
2005 $ 279,202,500 106,193,307 173,009,193
2006 $ 309,495,000 106,784,592 202,710,408
2007 $ 332,092,500 104,131,217 227,961,283
2008 $ 353,737,500 98,720,567 255,016,933
2009 $ 356,670,000 94,311,206 262,358,794
Legal Debt Margin Calculation for Fiscal Year 2009
Total State Valuation
Debt Limitation: 15 % of State Valuation
Debt Applicable to Debt Limitation:
General Obligation Bonds:
Municipal
School
Sewer
Total debt applicable to limit
Legal Debt margin
ill-15
Table 13
Percentage of
Net Debt to
Debt Limit
27.87%
28.69%
42.14%
43.72%
41.68%
38.03%
34.50%
31.36%
27.91%
26.44%
$ 2,377,800,000
356,670,000
64,245,165
8,298,002
21,768,039
94,311,206
$ 262,358,794
Fiscal
Year
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
*
**
***
CITY OF BANGOR, MAINE
Demographic and Economic Statistics
Last Ten Fiscal Years
Median
Household
Population * Income*
31,311 Data not
available
31,473 Data not
available
31,595 29,740
31,541 29,740
31,550 29,740
31,595 29,740
31,074 29,740
31,008 29,740
31,853 29,740
31,756 29,740
Source: u.S. Census
Source: Bangor School Department
Source: Bureau of Labor Statistics
Per
Capita
Income*
Data not
available
Data not
available
19,295
19,295
19,295
19,295
19,295
19,295
19,295
19,295
ill-16
Median
Age*
Data not
available
Data not
available
36.1
36.1
36.1
36.1
36.1
36.1
36.1
36.1
Table 14
Public Unemploy-
School ment
Enrollment** Rate ***
4,281 2.85%
4,316 3.01%
4,205 3.12%
4,019 3.40%
4,006 4.30%
3,989 4.50%
3,962 4.40%
3,913 4.40%
3,886 5.10%
3,878 7.80%
Employees
1000-2999
500-999
*
2009
Employer
Eastern Maine Medical Center
Bangor Mall
University of Maine
City of Bangor
Hannaford Supermarkets
Cianbro Corporation
Wal-Mart
Bangor Savings Bank
L.L. Bean
Microdyne
Acadia Hospital
Verso Corp Paper Mill
S1. Joseph Hospital
CITY OF BANGOR, MAINE
Principal Employers *
June 30, 2009
Location Employees
Bangor 1000-2999
Bangor
Orono
Bangor
Throughout 500-999
Throughout
Throughout
Bangor
Bangor
Orono
Bangor
Bucksport
Bangor
Source -Bangor, Maine Community & Economic Profile Report
2000
Employer
Eastern Maine Medical Center
Bangor Mall
University of Maine
City of Bangor
Community Health/Counseling
S1. Joseph Hospital
Webber Energy Co
Georgia Pacific Corp
General Electric Corp
Shop & Save Supermarkets
Published by City of Bangor Community and Economic Development Department
ill-I7
Table 15
Location
Bangor
Bangor
Orono
Bangor
Bangor
Bangor
Bangor
Old Town
Bangor
Throughout
Table 16
CITY OF BANGOR, MAINE
Full-time Equivalent City Government Employees by Function*
Last Ten Fiscal Years
Full-time Equivalent Employees as of June 30th
2000 2001 2002 2003 2004 2005 2006 2007 2008 2009
Function
General government 90 92 93 91 90 87 88 94 85 80
Public safety
Police 79 85 86 89 86 87 89 90 87 92
Fire 98 97 95 95 97 96 97 94 97 94
Health, community services and recreation 78 33 34 33 31 31 32 39 41 37
Public building and services 62 63 66 68 67 64 68 71 67 69
Education 580 583 574 574 561 571 573 562 618 618
Sewer Utility 24 23 23 23 23 23 23 23 23 23
Airport 75 76 82 72 73 75 76 81 87 88
Park Woods 3 3 3 3 3 3 3 3 3 3
Parking 1 1 2 2 2 2 2 2 2 2
Bass Park 10 10 9 9 8 9 9 9 7 8
Municipal Golf Course 3 3 3 3 3 3 3 9 3 3
Economic Development 2 2 3 2 3 3 3 3 3 2
Totals 1,105 1,071 1,073 1,064 1,047 1,054 1,066 1,080 1,123 1,119
* Source -City of Bangor Human Resource Department
III -18
Function
Code enforcement
Building permits
Certificates of occupancy
Sign permits
Police
Calls for service
Fire
Calls for service
Sewer
*
Treated flow (billions of gallons)
Biosolids (cubic yards)
Source -City of Bangor Departmental records
1999 2000
509 494
388 354
120 129
Unavailable Unavailable
Unavailable Unavailable
3.02 3.04
8,519 8,272
CITY OF BANGOR, MAINE
Operating Indicators by Function*
Last Ten Calendar Years
Calendar Year
2001 2002 2003 2004
471 474 522 514
295 358 342 341
85 96 98 107
Unavailable 22,213 24,407 23,945
Unavailable 7,528 7,470 7,805
2.63 3.14 3.42 2.75
8,683 8,308 9,379 9,280
ill-19
Table 17
2005 2006 2007 2008
537 550 485 501
432 446 430 440
115 116 118 103
27,052 28,157 32,392 34,329
7,492 7,992 7,477 7,990
4.23 3.62 3.21 3.89
9,348 9,775 10,043 10,561
2003
Function
Public safety
Police:
Stations
Vehicles 42
Fire:
Stations 3
Vehicles 25
Public works
Streets (miles) 422
Sidewalks (miles) 99.6
Parks and recreation
Parks 29
Parks acreage 950
Public swimming pools
Public golf courses 1.5
Indoor ice arena
Semi-pro baseball stadium
Sewer
Treatment plants 1
Pump stations 5
Miles of sanitary sewers 103
Miles of combined sewers 44
CITY OF BANGOR, MAINE
Capital Asset Statistics by Function·
Last Ten Fiscal Years
Fiscal Year
2004 2005 2006
1
56 57 51
3 3 3
20 20 24
422 422 422
99.6 99.6 99.6
29 29 29
950 950 950
2 2 2
1.5 1.5 1.5
1 1 1
5 5 5
103 103 103
44 44 44
Only seven years have been presented because 2003 was the year GASB Statement No. 34 was implemented.
* Source -City of Bangor Departmental records
ill-20
Table 18
2007 2008 2009
1 1 1
52 47 50
3 3 3
27 28 31
422 427 429
99.6 99.6 99.6
29 29 29
950 950 950
2 2 2
1.5 1.5 1.5
1
1
5 5 5
103 103 103
44 44 44