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www.tigard-or.gov
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T I GARD
City of Tigard, Oregon
Annual Comprehensive Financial Report
For the fiscal year ended, June 30, 2021
Prepared by:
City of Tigard — Finance and Information Services Department
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No content appears on this page by design.
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City of Tigard, Oregon
Table of Contents
Introductory Section
Letter of Transmittal 11
Certificate of Achievement for Excellence in Financial Reporting 20
Organization Chart 21
Principal Officials 22
Financial Section
Report of Independent Auditors 25
Management's Discussion and Analysis 28
Basic Financial Statements:
Government-Wide Financial Statements
Statement of Net Position 47
Statement of Activities 48
Fund Financial Statements
Major Governmental Funds:
Balance Sheet 50
Reconciliation of the Balance Sheet to the Statement of
Net Position 51
Statement of Revenues, Expenditures,and Changes in Fund Balance 52
Reconciliation of the Statement of Revenues, Expenditures,and
Changes in Fund Balance to the Statement of Activities 53
Proprietary Funds:
Statement of Net Position 54
Statement of Revenues, Expenses,and Changes in Fund Net Position 55
Statement of Cash Flows 56
Pension Trust Fund:
Statement of Fiduciary Net Position 59
Statement of Changes in Fiduciary Net Position 60
Notes to Basic Financial Statements 63
Required Supplementary Information:
Schedules of Revenues and Expenditures—Budget and Actual:
General Fund 123
Schedule of the City's Proportionate Share of the Net Pension Liability(Asset) 124
Schedule of City's Contributions—Oregon Public Employees Retirement System 126
Schedule of the Changes in the City's Total OPEB Liability and
Related Ratios—Implicit Rate Subsidy Plan 128
Schedule of the City's Proportionate Share of the Net OPEB Liability(Asset)—Oregon
Public Employees Retirement System, Retirement Health Insurance Account 129
Schedule of the City's Contributions—Oregon Public Employees Retirement System,
Retirement Health Insurance Account 130
Other Supplementary Information:
Nonmajor Governmental Funds Combining Statements:
Combining Balance Sheet 133
Combining Statement of Revenues, Expenditures,and Changes in Fund Balances 134
Special Revenue Funds:
Combining Balance Sheet—Nonmajor Special Revenue Funds 138
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City of Tigard, Oregon
Table of Contents, continued
Financial Section, Continued
Other Supplementary Information,Continued:
Combining Statement of Revenues, Expenditures,and Changes in Fund Balance 140
Schedules of Revenues and Expenditures—Budget and Actual:
Gas Tax Fund 142
City Gas Tax Fund 143
Transient Lodging Tax Fund 144
Construction Excise Tax Fund 145
Electrical Inspection Fund 146
Building Fund 147
Criminal Forfeiture Fund 148
Urban Forestry Fund 149
Parks Utility Fund 150
Police Levy Fund 151
Library Fund 152
Debt Service Funds:
Combining Balance Sheet—Nonmajor Debt Service Funds 156
Combining Statement of Revenues, Expenditures,and Changes in Fund Balance—Nonmajor
Debt Service Funds 158
Schedules of Revenues and Expenditures—Budget and Actual:
Bancroft Bond Debt Service Fund 160
General Obligation Debt Service Fund 161
City Center Urban Renewal Debt Service Fund 162
Tigard Triangle Debt Service Fund 163
Capital Projects Funds:
Combining Balance Sheet—Nonmajor Capital Projects Funds 168
Combining Statement of Revenues, Expenditures and
Changes in Fund Balance—Nonmajor Capital Projects Funds 170
Schedule of Revenues and Expenditures—Budget and Actual:
Facility Fund 172
Transportation Development Tax Fund 173
Underground Utility Fund 174
Street Maintenance Fee Fund 175
Transportation SDC Fund 176
Parks Capital Fund 177
Parks Bond Fund 178
Parks SDC Fund 179
Transportation CIP Fund 180
City Center Capital Improvements Fund 181
Tigard Triangle Capital Improvements Fund 182
Proprietary Funds:
Enterprise Funds:
Schedules of Revenues and Expenditures—Budget and Actual:
Sanitary Sewer Fund 185
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses—Sanitary Sewer Fund 186
Stormwater Fund 187
Water Quality and Quantity Fund 188
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses—Stormwater Funds 189
Water Fund 190
Water SDC Fund 191
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City of Tigard, Oregon
Table of Contents, continued
Financial Section, Continued
Other Supplementary Information, Continued:
Water CIP Fund 192
Water Debt Service Fund 193
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses—Water Funds 194
Reconciliation of Budgetary Fund Balance to Generally Accepted
Accounting Principles Basis Net Position 195
Internal Service Funds:
Combining Statement of Net Position 200
Combining Statement of Revenues, Expenses,and Changes in Fund Net Position 202
Combining Statement of Cash Flows 204
Internal Service Funds,Continued:
Schedules of Revenues and Expenditures—Budget and Actual:
Central Service Fund 206
Public Works Administration Fund 207
Public Works Engineering Fund 208
Fleet/Property Management Fund 209
Insurance Fund 210
Other Schedules:
Schedule of Bond and Bond Interest Transactions 213
Schedule of Future Debt Service Requirements of:
General Obligation Bonds 214
Full Faith and Credit Bonds 215
Water Revenue Bonds 216
Safe Drinking Water Revolving Loan Funds 217
Water Fund 218
Statistical Section
Net Position by Component 222
Changes in Net Position 224
Fund Balances of Governmental Funds 228
Changes in Fund Balances of Governmental Funds 230
Governmental and Business-Type Revenues 232
Governmental and Business-Type Expenses by Function 234
General Governmental Revenues by Sources 236
General Governmental Expenditures by Function 238
Market Value and Assessed Value of Taxable Property 239
Property Tax Rates—Direct and Overlapping Governments 240
Principal Property Taxpayers 242
Property Tax Levies and Collections 243
Special Assessment Collections 244
Ratio of Annual Debt Service Expenditures for Long-Term Debt to
Total Governmental Expenditures 245
Ratio of Net General Bonded Debt to Assessed Value and
Net Bonded Debt per Capita 246
Computation of Direct and Overlapping Debt 247
Computation of Legal Debt Margin 248
Ratio of Debt by Type 250
Computation of Water Revenue Bonds Debt Coverage 252
Demographics Statistics 254
Principal Employers 255
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City of Tigard, Oregon
Table of Contents, continued
Statistical Section,Continued
Property Value and Construction 256
Full-time Equivalent City Government Employees by Function 257
Operating Indicators by Function/Program 258
Capital Assets Statistics by Function 260
Miscellaneous Statistical Data 261
Audit Comments and Disclosure Requirements
Report of Independent Auditors Required by Oregon State Regulations 266
Report of Independent Auditors on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards 268
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Introductory Section
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City of Tigard
December 6, 2021
Community of Tigard
Honorable Mayor and City Council
We are pleased to submit the Annual Comprehensive Financial Report of the City of Tigard, Oregon, for the
fiscal year ended June 30, 2021, together with the opinion thereon of our independent certified public
accountants, Moss Adams LLP. This report is required by Oregon Revised Statutes 297.425 and is prepared
by the Department of Finance and Information Services.
This report presents fairly the financial position of the various funds of the city at June 30, 2021, and the
results of operations of such funds and the cash flows of the proprietary fund types for the year then ended
in conformity with accounting principles generally accepted in the United States of America (GAAP). It is
prepared in conformance with the guidelines for financial reporting developed by the Government Finance
Officers Association of the United States and Canada and the principles established by the Governmental
Accounting Standards Board (GASB), including all effective GASB pronouncements. This report consists of
management's representations concerning the finances of the city. Consequently, management assumes full
responsibility for the completeness and reliability of all the information presented in this report. To provide
a reasonable basis for making these representations, management of the city has established a
comprehensive internal control framework that is designed both to protect the city's assets from loss, theft,
or misuse and to compile sufficient reliable information for the preparation of the city's financial statements
in conformity with GAAP. Because the cost of internal controls should not outweigh their benefits, the city's
comprehensive framework of internal controls has been designed to provide reasonable rather than absolute
assurance that the financial statements will be free from material misstatements.As management,we assert
that, to the best of our knowledge and belief, this financial report is complete and reliable in all material
respects.
The city's financial statements were audited by Moss Adams LLP, a firm of licensed certified public
accountants. The goal of the independent audit was to provide reasonable assurance that the financial
statements of the city for the fiscal year ending June 30, 2021, are free of material misstatement. The
independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in
the financial statements; assessing the accounting principles used and significant estimates made by
management; and evaluating the overall financial statement presentation. The independent auditors
concluded, based upon the audit,that there was a reasonable basis for rendering an unmodified opinion that
the city's basic financial statements for the fiscal year ended June 30, 2021, are fairly presented, in all material
respects, in conformity with GAAP. The independent auditor's report is included in the financial section of
this report.
GAAP require 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
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transmittal is designed to complement the MD&A and should be read in conjunction with it. The city's MD&A
can be found immediately following the report of the independent auditors.
Profile of the City of Tigard, Oregon
ar The City of Tigard is located in southeast Washington County, 9 miles from
1 downtown Portland, Oregon. The city is included in the Metro urban growth
Tigard boundary and Tigard's neighboring cities include Beaverton, Lake Oswego,
Tualatin, Durham, Portland,and King City.State Highway 99W,runs north and
Oregon south through the eastern portion of the city as a major commuter corridor
to the City of Portland. Interstate 5 and Highway 217 connect Tigard's
residents and workforce to the regional economy of 2.5 million residents.
y Tigard's major greenway called Fanno Creek connects neighborhoods to the
natural environment and several of the city's parks.The incorporated area of the city represents 12.2 square
miles and has a population over 54,000.
The city can extend its corporate limits by annexation,which is permitted by state statute.Since 2012,the city
has annexed over 500 acres of land west of the city that was largely farmland. Planning for development in
that area, known as River Terrace, began in earnest during fiscal year 2014 and continued in fiscal year 2015
with the adoption of the River Terrace Community Plan, a
long-range plan to guide public and private investment s9
and development to aid with transition from farmland to -�
residential land over the next several decades.
Throughout fiscal year 2021, permitting and construction ywJ,26 _
phase of development of River Terrace was in full swing. Portland
Full build out is expected to take roughly 20 years. Upon 1
completion, River Terrace is expected to be home to J 1
around 6,500 new residents. More information about r
Tigard's newest neighborhood is on the city's website at: Beaverton `J , I ,
https://www.tigard-or.gov/vour- -
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government/departments/community- AS `5 I
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development/planning/proiects/river-terrace.
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The city is governed by an elected mayor and four council TugaI'C�
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members who comprise the city council.The city's charter ��� Lake
established the Mayor/Council form of government. Each Oswego
member of the city council is elected at-large to serve a "\ ', r
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four-year term. The mayor presides at council meetings
Tualatin
and is elected at-large for a four-year term.The mayor and
1-205
council provide community leadership, develop policies to
316- 1,
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guide the city in delivering services and achieving
community goals, and encourage citizen awareness and
involvement.
The city council appoints a city manager, who is the chief administrative officer of the city. The city manager
is responsible for ensuring council policies are implemented using resources appropriated by the council to
achieve desired service results in the community.
The city provides a full range of municipal services. These services include police, municipal court,community
planning and development, parks and recreation, library, capital improvement planning, administration and
central services, street maintenance, water, and other general public works activities. The city owns and
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maintains the wastewater and storm drainage system within the city limits under an agreement with Clean
Water Services. Fire protection is provided by Tualatin Valley Fire and Rescue.
The legally separate Tigard Town Center Development Agency(TCDA),formerly the City Center Development
Agency, is also included in the city's financial statements as a component unit.TCDA is the city's urban renewal
and redevelopment agency with a primary purpose to undertake urban renewal projects and activities
pursuant to the city's downtown and Tigard Triangle redevelopment plan.
The city maintains budgetary controls to ensure compliance with legal provisions in the annual appropriated
budget adopted by the city council.Activities of all funds are included in the annual adopted budget.The level
of budgetary control (that is,the level at which expenditures cannot legally exceed the appropriated amount)
is established by program within each individual fund.
Factors Affecting Financial Condition
The information presented in the financial statements is perhaps best understood when it is considered from
the broader perspective of the specific environment within which the City of Tigard operates.
Local Economy
The city's location in the Portland metropolitan region provides residents with many diverse employment
opportunities. Most Tigard's residents in the workforce commute to a job somewhere else in the region. Every
day more than 43,000 residents from somewhere else in the region commute into Tigard for work and more
than 30,000 Tigard residents are employed in Tigard or commute to employment somewhere else in the
Portland metro region.
The chart below shows a ten-year comparison of unemployment rates for the state and local areas as well as
the U.S. by fiscal year (FY).The area's unemployment rate has steadily declined over this period, until the FY
ended June 30, 2020 when unemployment more than doubled the amount of the previous year due to the
COVID-19 pandemic.The unemployment rate decreased over the FY ended June 30, 2021, however it has not
returned to pre-pandemic levels. Tigard's most current unemployment rate is 4.4 percent as of June 2021,
which is 1.0 percent lower than the Portland Metro area and 0.8 percent lower than the State of Oregon.
Unemployment trends
12.0%
10.0%
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° 4.0%
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• 2.0%
• 0.0%
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
-State of Oregon &5% 8.1% 6.8% 5.5% 4.8% 3.7% 4.0% 4.0% 11.6% 5.2%
-United States 8.2% 7.8% 6.1% 5.3% 4.996 4.3% 4.0% 3.7% 11.1% 5.9%
-Portland Metro 8.0% 7.656 6.1% 5.4% 4.9% 3.7% 3.6% 4.0% 11.5% 5.4%
Washington County 8.2% 6.6% 5.6% 5.0% 4.7% 3.5% 3.5% 3.4% 10.4% 4.4%
City of Tigard 8.2% 6.6% 5.4% 4.5% 4.4% 3.5% 3.596 3.4% 10.8% 4.4%
Fiscal year
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Tax Abatements
The city provides property tax abatements through three programs.An Enterprise Zone program,
a Non-Profit Corporation Low-Income Housing program and a Vertical Housing Development
Zone program.
The enterprise zone program is used to reduce the tax burden on companies investing in
equipment, facilities and people. This program offers a 100% tax abatement for three to five
years on new capital investments when a firm also increases employment by 10%.
City of Tigard's Nonprofit Corporation Low Income Housing Exemption allows affordable housing
property owners affordable housing to receive a total exemption from taxes owed to the city.
This program increases the ability for affordable housing to be built within the city.
Tigard's vertical housing development zone (VHDZ) encourages multi-story mixed-use
development in two targeted areas of the city. Developers with experience in mixed-use multi-
story projects may be interested in a City of Tigard program that provides a partial property
exemption of 20 percent per floor. A developer can earn the partial property tax exemption by
locating a qualified project in a VHDZ. The partial property tax exemption applies to new
construction on the first four floors of residential development built above a non-residential
ground floor. This partial property tax exemption is not limited to low-income housing, though
low-income projects receive an additional property tax exemption. In addition to the exemption
for the residential portion of a mixed-use building,the land would also be eligible for a partial tax
exemption of 20 percent for each floor dedicated to low-income residential housing (maximum
exemption is 80 percent). Financial modeling show that a vertical housing based tax exemption
moves some multi-story mixed-use projects from the red to the black. This tool helps close the
gap for developers who are willing to take a risk in an untested market.Tigard's VHDZ encourages
private sector development that combines first floor commercial activity with residential capacity
on upper floors.This mix of activity improves property values,the viability of local businesses and
the quality of life for residents. It also diversifies local housing options, giving residents a wider
range of housing solutions. The See the notes to the basic financial statements for more
information.
Response to COVID-19
In 2021, the Tigard City Council ensured the City's Covid-19 response efforts continued by naming it as
one of the four 2021-2023 City Council Goals. The goal states for the City to, "support the Tigard
community through a coordinated COVID response".
The city has been and will continue to be responsible for maintaining essential services including response
to emergency calls for services, critical maintenance and repair work while incorporating social distancing
precautionary measures for engineering and construction staff,and staff performing essential work in the
field and at physical city locations. Additionally, the city is working alongside public health partners such
as Washington County and the Oregon Health Authority to ensure a coordinated covid-19 response.
Emergency Declaration
On March 17, 2020, the city declared a state of emergency, which authorized staff to enact emergency
operations, delegated purchasing and contract signature authority to the City Manager, waived all late
fees and utility shutoffs, protected the health of city employees, relaxed enforcement of city codes to
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ease burdens on businesses and service sector workers. Responding to issues caused by the pandemic has
continued through FY 2021 and beyond.
COVID-19 Relief Efforts
The City of Tigard has invested a total of$6.1 million in resources to date.This includes$3.5M for business
grants & loans, $2.2M for city fees & charges assistance which supports unemployed, businesses, low-
income households and delayed bill increases, $450K for non-profit and faith-based organizations, and
$90K for community resiliency and mental health.
Additionally,the City of Tigard has been allocated$7.49 million from the American Rescue Plan Act's State
and Local Fiscal Recovery Fund to invest in the Tigard community's response and recovery efforts for
covid-19.
To further assist in the pandemic relief effort the city initiated the following:
• Partnered with Community Development Financial Institutions to provide $3 million of state,
federal, and local CARES Act funding for business assistance
• Resident Aid Fund of Tigard(RAFT)program provided$100,000 to prevent houslessness and assist
those that are houseless
• Expanded existing aid program through St. Vincent De Paul and provided $750,000 in Tigard Aid
for utility customers affected by COVID-19
• Delayed rate increases six months providing$1.4 million in utility bill relief for all customers
Financial Impacts
The COVID-19 pandemic has continued to affect our community and the resources available to the city.
While the city has seen a reduction of revenue in some areas, the city is not heavily dependent on the
sectors of the economy hardest hit and has not had to reduce services or lay off employees. The impact
of the pandemic to the city's economy and tax revenue will continue to be monitored. While it appears
that the city has sufficient revenues and reserves to maintain services, there can be no assurances that
the continued spread of COVID-19 will not materially affect the city or have an adverse impact upon
revenue collections.
2021 Summary of Local Statistics
Number of businesses 2,507
Median household income $79,809
Median home value $408,400
General fund permanent tax rate $2.5131 per$1,000 of assessed value
Total assessed value (est. 2019/2020) 7,258,551,016
Long-term Financial Planning
The city prepares a comprehensive long-term financial forecast annually. By forecasting and anticipating
financial trends, the city can develop strategies to respond to emerging financial trends. The city forecasts
operating fund revenues and expenditures over a six-year period.The forecast is adjusted as each year's final
results are known and as budgets are prepared for the following year. In addition,the city also prepares a six-
year Capital Improvement Plan (CIP) that is also updated every year. The CIP is developed through a process
separate from, but parallel to the budget process.The impact on future operating and maintenance costs are
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projected from the CIP and then incorporated in the long-term financial forecast.The city's adopted fiscal year
2021—2026 CIP can be found on line at httbs://www.tigard-orgov/vour-government/departments/finance.
Financial Policies
The City of Tigard has established financial policies to account for public funds, manage municipal finances
wisely and plan adequate funding of services and facilities desired and needed by the public. The financial
policies are adopted annually by the city council in connection with the budget process.Consistent application
of these financial policies has helped ensure the city has appropriately recorded and accounted for
transactions in our financial statements. The adopted fiscal year 2021 budget document includes the city's
financial policies noted in the appendix starting on page 425. The policies can be found online at:
http://oublicrecords.tigard-or.gov/Public/DocView.aspx?id=1001845&dbid=0&repo=CitvOffigard.
The goals of Tigard's fiscal policies are:
• Enhance the city council's policy-making ability by providing accurate information on program and
operating costs.
• Assist sound management of the city government by providing accurate and timely information on
current and anticipated financial conditions.
• Provide sound principles to guide important decisions of the council and management which have
significant fiscal impact.
• Set forth operational principles, which minimize the cost and financial risk of the city's government
consistent with services, desired by the public.
• Employ revenue policies, which prevent undue or unbalanced reliance on any one source, distribute
the cost of municipal services fairly, and provide adequate funds to operate desired programs.
• Provide and maintain essential public facilities, utilities, infrastructure and capital equipment.
• Protect and enhance the city's credit rating.
• Ensure that all surplus cash is prudently invested in accordance with the investment policy adopted
by the council to protect city funds and realize a reasonable rate of return.
Major initiatives
The Tigard City Council meets annually in connection with the budget process to establish goals. Council goals
are comprised of high-priority tasks or programs that the city council intends to complete or initiate during
the two-year timeframe that the council will serve together, though attainment of these goals may take
several years. The goals are based on departmental needs, bi-annual community survey results and city
council priorities. In the goal-setting meeting,the city council reviews information and develops its annual and
long-term goals. Council goals set the priorities for city government and are incorporated into departmental
work plans. For 2019-2021 council established goals for the city as follows:
1. Ensure the city's continued financial stability and sustainability while providing mandated services.
Seek ways to fund and increase services valued by the community.
• Develop and implement a communications plan, for city staff and elected officials, to engage the
public about the cost and value of city services and explain funding challenges.
• Increase trust with the community by regularly publishing a city report card,detailing our progress
and challenges, and comparing our work to peer cities.
• Pursue a local option levy and/or bond in May 2020.
• By May 2019, determine specific services and/or facilities the voter will get by approving a local
option levy and/or bond proposal and begin communicating it to the voters.
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• Council will actively participate in the city's communications regarding the community benefits of
the local option levy and/or bond.
• By mid-January,2020 refer a local option levy and/or bond for voters to consider at the May,2020
election.
2. Invest and connect key areas of the city to promote economic growth and community vitality.
• Ensure that Tigard Triangle urban renewal investments promote equitable development and
create a vibrant,walkable, and connected district.
• Continue to make Downtown Tigard a place people want to be by making substantial progress on
projects that attract new residential and business investment:
o Design and engineering of the Universal Plaza
o Construction of the Tigard Street Heritage Trail/Rotary Plaza
o Redevelopment of the Main St. at Fanno Creek property
o Main Street Green Street Phase 2
o Fanno Creek Overlook
o Cultivate more relationships with future developers that share our multigenerational
transit-oriented development vision.
o Create an inventory of sites with high potential for transit-oriented housing
redevelopment.
o Support and participate in a branding effort for the Downtown and Tigard Triangle.
o Evaluate the size and scope of the City Center Urban Renewal Plan to determine whether
tax increment resources in the downtown are sufficient to meet council objectives.
Prepare recommendations regarding the City Center urban renewal area's possible
continuation.
o Pursue the Ash Street Crossing to improve multi-modal circulation in the downtown.
o Update the 2007 Leland report to accelerate downtown redevelopment, focusing on
leverage possibilities from SW Corridor and other active transportation investments.
• Ensure the Southwest Corridor project maximizes benefits to the Tigard community and
minimizes negative impacts by implementing the memorandum of understanding with Tri-Met.
Ensure urban design and pedestrian connections to Tigard light rail stations is prioritized in station
area access plans.
• Complete an initial assessment of Washington Square Regional Center Plan District and related
development code.Identify barriers to redevelopment and develop a project of planning and code
updates to attract investment in commercial, office, and high-density residential development
with a range of price points.
3. Ensure Tigard grows and develops in a smart and inclusive manner.
• Secure external resources to:
o Accomplish all planning and outreach activities necessary to expand the city's urban
growth boundary to include the South River Terrace Area. Complete Title 11 compliance,
apply to Metro for UGB expansion, and annex South River Terrace.
o Prepare a concept plan for West River Terrace.
• The city will direct all work under this goal,which is contingent on:
o All direct, indirect and overhead costs necessary to make South River Terrace
"development-ready"funded by private sector partners and/or through grants prepared
at the expense of the private sector partner.
o The continuation of existing city plans and projects such that they are neither slowed nor
disrupted by River Terrace planning.
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o The inclusion of equitable development principles in River Terrace planning.
• Complete an Affordable Housing Plan and adopt recommended strategies to promote the
development and retention of affordable housing in Tigard. Increase advocacy at the regional
level for housing that is affordable,funding strategies, and consider an excise tax.
• Study the viability for any future expansions of the city's urban growth boundary to include
employment land so that new growth and ongoing service costs to Tigard residents and
businesses are balanced.
4. Enhance two-way communication to understand community priorities and involve the community
in the decision-making process.
• Develop and implement strategies for city staff and council to engage with and hear directly from
a wide variety of residents and businesses on important issues.
• Initiate listening sessions with residents of unincorporated areas, within the urban growth
boundary, about the opportunity for annexation.
• Increase community understanding and knowledge of the city, its services and fiscal situation.
• Promote an inclusive, open-minded, and progressive community. Implement initiatives to
improve city services and participation that captures the diversity of the community and improves
equity and inclusion.
5. Enhance walkability and pedestrian connectivity.
• Develop an implementation strategy related to the ADA Transition Plan to identify the priorities
for curb ramps and public sidewalks that must be repaired or replaced to meet current ADA
guidelines.
• Invest in walking connections by reviewing the Tigard sidewalk infill study and recommendations
and continuing to dedicate specific funding for pedestrian and bike facility projects in the city's
Capital Improvement Plan equaling at least ten percent of the transportation CIP planned
expenditures.
• Continue to advance and develop Safe Routes to School (SRTS) plans for Tigard schools and
implement an improvement for at least one school per year including funding priorities.
• Integrate the Complete Streets Policy to update the Transportation System Plan. Consider
implementation of a Neighborhood Traffic Management Program. Implement a Citywide
Transportation Safety Action Plan and develop a scope and budget for a pedestrian crossing
improvement plan.
• Seek Regional Transportation Options funding to develop a regional trail wayfinding plan, and
improve signage along the Fanno Creek Trail.
• Advocate for local control of speed limits in residential neighborhoods.
More information about the city's goals and initiatives can be found on the city's Finance and Information
Services web page: https://www.tigard-or.gov/your-government/departments/finance.
Awards and Acknowledgements
The Government Finance Officers Association (GFOA)awarded a Certificate of Achievement for Excellence
in Financial Reporting to the City of Tigard for its Annual Comprehensive Financial Report for the fiscal
year ended June 30, 2020. This was the 35th consecutive year that the city has received this esteemed
award. In order to be awarded a Certificate of Achievement,the government published an easily readable
and efficiently organized Annual Comprehensive Financial Report. This report satisfied both GAAP and
applicable legal requirements.
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A Certificate of Achievement is valid for a period of one year only. We believe that our current Annual
Comprehensive Financial Report (ACFR) continues to meet the Certificate of Achievement Program's
requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.
In addition, the city also received the GFOA's Distinguished Budget Presentation Award for its annual
budget for fiscal year 2021. This was the 33rd consecutive year that the city has received this prestigious
award. In order to qualify for the Distinguished Budget Presentation Award, the city's budget document
was judged to be proficient in several categories, including as a policy document, a financial plan, an
operations guide, and a communications device. The city has submitted its fiscal year 2022 budget
document and believes that it meets the Distinguished Budget Presentation Award's requirements.
The city also received the GFOA's Award for Outstanding Achievement in Popular Annual Financial
Reporting for its Popular Annual Financial Report (PAFR) for fiscal year ended June 30, 2020. This is the
second year that the city has received this honored award. To receive this award the city must extract
information from their ACFR to produce high quality popular annual financial report specifically designed
to be readily accessible and easily understandable to the public and other interested parties without a
background in public finance. The city plans to submit its fiscal year 2021 PAFR and believes that it will
meet the Award for Outstanding Achievement in Popular Annual Financial Reporting's requirements.
With these three awards the city has received the GFOA's Triple Crown award status for financial
documents.This speaks to the high standard that the city has set for its financial reporting.
The preparation of this report was made possible by the dedicated service of the Financial and Information
Services department team. Each member of the department has our sincere appreciation for the
contributions made in the preparation of this report. Special recognition should be given to the financial
operations team for their work in preparing this document. Special thanks should also be given to the City
of Tigard Audit Committee for their dedicated service of overseeing the work performed by the
independent auditors. Credit also must be given to the Mayor and City Council for their unfailing support
for maintaining the highest standards of professionalism in the management of the City of Tigard's
finances.
Respectfully submitted,
Steve Ryme Kathy land
City Manager Assistant City Manager/Interim Finance Director
19
G 0
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Tigard
Oregon
For its Comprehensive Annual
Financial Report
For the Fiscal Year Ended
June 30, 2020
P
Executive Director/CEO
20
u
T I GARD
City of Tigard, Oregon
Citywide Organizational Chart as of June 30, 2021
City of Tigard 1
If Citizens of Tigard J)
[ ,
Mayor& City
City Council Attorney
ll City Manager 11
I I I I I I
Central City Community Finance& I Library Police Public Works
Services Management Development Information Svcs.
Design& Human Community Administration Administration Administration Administration
Communications Resources Planning
Financial Circulation Support Water
City Recorder Risk Building Operations Services
Management Public Works
Reader Engineering
Municipal Economic Information Services Police
Court City Manager's Development Services Operations
Office Parks
Technical Maintenance
Fleet Utility Billing Services
Maintenance
Recreation
Contracts
Property &Purchasing
Management Stormwater
Sanitary Sewer
Street
Maintenance
Street Lights
&Signals
21
City of Tigard, Oregon
Principal Officials as of July 1, 2021
Elected Officials
Name Term Expires
Mayor Jason Snider December 31, 2022
Councilor John Goodhouse December 31, 2022
Councilor Jeanette Shaw December 31, 2024
Councilor Heidi Lueb December 31, 2024
Councilor Liz Newton December 31, 2022
Appointed Officials
Name Title
Steve Rymer City Manager
Emily Oberdorfer Municipal Judge
Shelby Rihala City Attorney
Carol Krager City Recorder
All may be reached at:
13125 SW Hall Boulevard
Tigard, OR 97223
22
Financial Section
23
24
0
MOSSADAMS
Report of Independent Auditors
The City Council
City of Tigard, Oregon
Tigard, Oregon
Report on the Financial Statements
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 Tigard,
Oregon (the City), as of and for the year ended June 30, 2021, and the related notes to the financial
statements, which collectively comprise the City's basic financial statements as listed in the table of
contents.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with accounting principles generally accepted in the United States of America; this
includes the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor's Responsibility
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 from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the City's
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the City's internal control. Accordingly, we express no such opinion. An audit also
includes evaluating the appropriateness of accounting policies used and the reasonableness of
significant accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinions.
25
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 business-type activities, each major
fund, and the aggregate remaining fund information of the City as of June 30, 2021, and the
respective changes in financial position and, where applicable, cash flows thereof for the year then
ended in accordance with accounting principles generally accepted in the United States of America.
Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the
management's discussion and analysis, budgetary comparison schedule for the General Fund, the
schedule of proportionate share of the net pension liability, the schedule of plan contributions, and the
schedule of other employee postemployment benefits information (collectively, the required
supplementary information) on pages 28 through 44 and 123 through 130 be presented to
supplement the basic financial statements. Such information, although not a part of the basic financial
statements, is required by the Governmental Accounting Standards Board who considers it to be an
essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context.
We have applied certain limited procedures to the management's discussion and analysis, the
schedule of proportionate share of the net pension liability, the schedule of plan contributions, and the
schedule of other employee postemployment benefits information on pages 28 through 44 and 124
through 130 in accordance with auditing standards generally accepted in the United States of
America, which consisted of inquiries of management about the methods of preparing the information
and comparing the information for consistency with management's responses to our inquiries, the
basic financial statements, and other knowledge we obtained during our audit of the basic financial
statements. We do not express an opinion or provide any assurance on the information because the
limited procedures do not provide us with sufficient evidence to express an opinion or provide any
assurance.
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City's basic financial statements. The budgetary schedule for the General
Fund described above on page 123 is the responsibility of management and was derived from and
relate directly to the underlying accounting and other records used to prepare the basic financial
statements. The budgetary schedule for the General Fund has been subjected to the auditing
procedures applied in the audit of the basic financial statements and certain additional procedures,
including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements
themselves, and other additional procedures in accordance with auditing standards generally
accepted in the United States of America. In our opinion, the budgetary schedule for the General
Fund is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City's basic financial statements. The combining and individual nonmajor
fund financial statements, budgetary schedules, other financial schedules on pages 133 to 218 are
presented for purposes of additional analysis and are not a required part of the basic financial
statements.
26
This supplementary information is the responsibility of management and was derived from and
relates directly to the underlying accounting and other records used to prepare the basic financial
statements. This information has been subjected to the auditing procedures applied in the audit of the
basic financial statements and certain additional procedures, including comparing and reconciling
such information directly to the underlying accounting and other records used to prepare the basic
financial statements or to the financial statements themselves, and other additional procedures in
accordance with auditing standards generally accepted in the United States of America. In our
opinion, the budgetary schedules, combining and individual nonmajor fund financial statements, other
financial schedules, and the schedule of expenditures of federal awards are fairly stated, in all
material respects, in relation to the basic financial statements as a whole.
Other Information
Our audit was conducted for the purpose of forming opinions on the financial statements that
collectively comprise the City's basic financial statements. The introductory and statistical sections
are presented for purposes of additional analysis and are not a required part of the basic financial
statements.
The introductory section and statistical information have not been subjected to the auditing
procedures applied in the audit of the basic financial statements, and accordingly, we do not express
an opinion or provide any assurance on it.
Report on Other Legal and Regulatory Requirements
Other Reporting Required by Government Auditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated
December 6, 2021 on our consideration of the City'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 solely 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 effectiveness of the City's internal control over financial reporting or
on compliance. That report is an integral part of an audit performed in accordance with Government
Auditing Standards in considering the City's internal control over financial reporting and compliance.
Other Reporting Required by Minimum Standards for Audits of Oregon Municipal
Corporations
In accordance with Minimum Standards of Audits of Oregon Municipal Corporations, we have issued
our report dated December 6, 2021 on our consideration of the City's compliance with certain
provisions of laws and regulations, including the provisions of Oregon Revised Statues as specified in
Oregon Administrative Rules. The purpose of that report is to describe the scope of our testing of
compliance and the results of that testing and not to provide an opinion on compliance.
`IY1cCQe.0. -"YYu rte,
Amanda McCleary-Moore, Partner
for Moss Adams LLP
Portland, Oregon
December 6, 2021
27
City of Tigard, Oregon
Management's Discussion and Analysis
As management of the City of Tigard, we offer readers this narrative overview and analysis of the financial
activities of the City of Tigard for the fiscal year ended June 30, 2021. It focuses on significant financial issues,
major financial activities, and resulting changes in financial positions, as well as economic factors affecting the
city. This Management's Discussion and Analysis (MD&A) is based on currently known facts, decisions, and
conditions that existed as of the date of the independent auditor's report.
We encourage readers to consider the information presented here in conjunction with the transmittal letter
at the front of this report and the city's financial statements which follow this discussion and analysis.
Financial Highlights
• Assets and deferred outflows of resources of the city exceeded its liabilities and deferred inflows of
resources at the close at June 30, 2021 by$519,931,549 (net position). Of this amount, $35,591,514 is
restricted for transportation construction, maintenance and utility undergrounding, $12,960,369 is
restricted for park development and improvements, $358,547 is restricted for tourism, $16,052,039 is
restricted for water system construction and improvements, $7,029,876 is restricted for debt service,
$10,326,188 is restricted for building development plan review and inspection, $609,144 is restricted
for library capital improvements, $3,122,888 is restricted for urban development and improvements
and $1,457,236 is restricted for law enforcement. $105,906,217 is unrestricted net position may be
used to meet the city's ongoing obligations to citizens and creditors and $326,517,531 is for net
investment in capital assets.
• The city's total net position had a net increase of$20,441,317 or 4.1 percent from the June 30, 2020
net position. Governmental activities net position increased by $13,698,344, or 4.4 percent. The
business-type activities net position increased by $6,742,973 or 3.5 percent. The reasons for the
increase are noted in the financial analysis section of the MD&A.
• The city's governmental funds reported combined ending fund balances of$108,169,008, an increase
of $10,050,971 or 10.2 percent from fiscal year 2020. Of the combined ending governmental fund
balances, $29,641,882 or approximately 27.4 percent is available for spending at the city's discretion
subject to council approved policies and actions.
• At the end of the fiscal year, unassigned fund balance for the General Fund was $29,764,210, up
$2,941,197 over the prior year.
• The city's total debt decreased by$4,664,202 or 3.1 percent from fiscal year 2020.
Overview of the Financial Statements
In addition to this discussion and analysis,the financial section of this annual report contains the basic financial
statements, required supplementary information, and the combining statements of the nonmajor funds and
schedules demonstrating legal compliance.
The basic financial statements also include notes that explain the information in the financial statements and
provide more details. The statements are followed by the required supplementary information section that
supports the information in the financial statements.
28
City of Tigard, Oregon
Management's Discussion and Analysis
Government-wide financial statements
The government-wide financial statements are designed to provide readers with a broad overview of the city's
finances, in a manner similar to a private-sector business.
The Statement of Net Position presents information on all of the city's assets and deferred outflows of
resources and liabilities and deferred inflows of resources, with the difference reported as net position. Over
time, increases or decreases in net position may serve as a useful indicator of whether the financial position
of the city is improving or deteriorating.
The Statement of Activities presents information showing how the city's net position changed during the most
recent fiscal year. All changes in net position 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 result in cash flows in a future fiscal period. Examples of such items
include earned, but uncollected property taxes, and earned, but unused compensated absences.
Both of the government-wide financial statements distinguish functions of the city that are principally
supported by taxes and intergovernmental revenues (governmental activities) from other functions that are
intended to recover all or a significant portion of their costs through user fees and charges (business-type
activities).
The governmental activities of the city include the following:
• Community services, including police, library, and social services
• Public works, including parks and recreation
• Community development, current and long-range planning
• Policy and administration
The business-type activities of the city include the following:
• Sanitary sewer
• Stormwater
• Water
The government-wide financial statements can be found in the financial section of this report, immediately
following the Independent Auditor's Report.
Fund Financial Statements are designed to display compliance with finance-related legal requirements
demonstrated by the use of fund accounting. A fund is a grouping of related accounts that is used to maintain
control over resources that have been segregated for specific activities and objectives. The funds of the city
can be divided into the following categories: governmental funds, proprietary funds, and a fiduciary fund.
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 focus on near-term inflows and outflows of available
resources, as well as on balances of available resources at the end of the fiscal year. Such information may be
useful in evaluating a government's near-term financial capability.
29
City of Tigard, Oregon
Management's Discussion and Analysis
Because the focus of governmental funds is narrower than that of the government-wide financial statements,
it is useful to compare the information presented for governmental funds with similar information presented
for governmental activities in the government-wide financial statements. By doing so, readers may better
understand the long-term impact of the city's near-term financing decisions. Both the governmental fund
Balance Sheet and the governmental fund Statement of Revenues, Expenditures, and Changes in Fund Balance
provide a reconciliation to facilitate this comparison between governmental funds and governmental
activities.
The city maintains 27 individual governmental funds. Information is presented separately in the governmental
fund Balance Sheet and the Statement of Revenues, Expenditures, and Changes in Fund Balances for those
funds that are considered significant (major) to the city taken as a whole. These financial statements report
one major fund: the General fund. Data from the other 26 governmental funds are combined into a single,
aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in
the form of combining statements elsewhere in this report.
The city adopts an annual appropriated budget for all of its governmental funds. A budgetary comparison
statement has been provided for each fund individually to demonstrate compliance with their budgets.
The basic governmental fund financial statements can be found in the Basic Financial Statements section of
this report.
Proprietary Funds are used to account for a government's business-type activities. The city maintains two
different types of proprietary funds: enterprise funds and internal service funds. Enterprise funds are used to
report the same functions presented as business-type activities in the governmental-wide financial
statements. The city uses enterprise funds to account for its sanitary sewer, stormwater, and water
operations. Internal service funds are an accounting device used to accumulate and allocate costs internally
among the city's various functions. The city uses internal service funds to account for fleet and property
maintenance, risk management, design and communication, finance and accounting, public works
administration, engineering, and other management services.
The city reports all three of the enterprise funds as major funds. These funds are the Sanitary Sewer Fund,
the Stormwater Fund, (which consists of the budgetary Stormwater and the Water Quality/Quantity Funds),
and the Water Fund, (which includes the budgetary Water, Water SDC, Water CIP and Water Debt Service
Funds). However, for budgetary and legal purposes these funds are accounted for separately. Conversely, all
internal service funds are combined into a single, aggregated presentation in the proprietary fund financial
statements. Individual fund data for the internal service funds is provided as other supplementary
information.
The city also adopts an annual appropriated budget for all proprietary funds. To demonstrate compliance
with the budget, budgetary comparison statements have been provided for the enterprise funds as other
supplementary information in the Enterprise Funds section of this report. Budgetary comparisons for the
internal service funds are provided in the Internal Service Funds section of this report.
The proprietary fund financial statements can be found in the Basic Financial Statements section of this report.
30
City of Tigard, Oregon
Management's Discussion and Analysis
Fiduciary Funds are used to account for assets held in a trustee or agency capacity for others and therefore
cannot be used to support the government's own programs. The city has a pension trust fund that accounts
for employee defined contribution plans. The accounting used for the fiduciary fund is much like that used
for the proprietary funds. No budget is adopted for the fiduciary fund in accordance with Oregon local budget
law. The fiduciary fund financial statements can be found in the Fiduciary Funds section of this report.
Notes to the Basic Financial Statements provide additional information that is essential to a full understanding
of the data provided in the government-wide and fund financial statements. The notes to the financial
statements can be found in the Notes to Basic Financial Statements section of this report.
Required Supplementary Information includes Schedule of Revenues and Expenditures— Budget and Actual
for the General Fund. The Budget to GAAP reconciliation for the General Fund is also included. This section
also presents the schedule of the city's proportionate share of the liability/(asset) and the schedule of
contributions for net pensions and other post-employment benefits (OPEB). Required supplementary
information can be found immediately following the notes to the financial statements of this report.
The combining statements referred to earlier in connection with nonmajor governmental funds and business-
type funds are presented immediately following the required supplementary information.
Government-wide Financial Analysis—Statement of Net Position
Net position: As noted earlier, net position may serve over time as a useful indicator of the city's financial
position. In the case of the city, assets and deferred outflows of resources exceeded liabilities and deferred
inflows of resources by $519,931,549 at June 30, 2021.
The largest portion of the city's net position, approximately 62.8 percent, is its investment in capital assets
(e.g., land, construction in progress, buildings, roads, sewers, stormwater facilities, etc.), net of accumulated
depreciation and any related debt used to acquire those assets that is still outstanding. 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 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 capital assets themselves
cannot be used to liquidate these liabilities.
The city's restricted net position in the amount of $87,507,801 or approximately 16.8 percent represents
resources that are subject to external restrictions on how they may be used. By definition, the city cannot
remove these restrictions as they are imposed by parties outside of the city. The remaining balance is
unrestricted net position in the amount of$105,906,217 or approximately 20.4 percent of total net position.
At the end of the current year, the city is able to report positive balances in all categories of net position for
governmental and business-type activities.
Total net position increased by $20,441,317 or 4.1 percent during the current fiscal year. Total assets for
governmental activities increased by approximately$16.5 million, or approximately 4.7 percent. Noteworthy
changes included an increase in cash and investments of approximately $17 million or 16.7 percent. This
increase is due to the receipt of Federal American Rescue Plan Act (ARPA) and Coronavirus Aid, Relief, and
Economic Security Act funds (CARES Act).
31
City of Tigard, Oregon
Management's Discussion and Analysis
Governmental activities liabilities increased by approximately $2.7 million or 6.4 percent. Noteworthy
changes include an increase in unearned revenue from the receipt of ARPA funds. The city is in process of
creating plans to spend these funds on formative projects that will benefit the community.
Business-type activities total assets increased by approximately $1 million or 0.3 percent over the prior year.
Cash and investments increased by approximately$2.8 million or 3.6 percent over the prior year.This increase
is mainly due to higher utility rates. Capital assets decreased by $3.4 million or 1.5 percent. This decrease is
due to depreciation expense being greater than the reinvestment in capital assets for the fiscal year ended
June 30, 2021.
Total long-term debt for business-type activities decreased by approximately $3.0 million or 2.4 percent,
which primarily represents payment of principal and amortization of the bond premium on the water revenue
bond issues, as well as issuance of revenue refunding bonds. The water revenue bonds were issued in fiscal
years 2012 and 2015 for the Lake Oswego/Tigard Water Partnership. Most of the 2012 bonds were refunded
with lower interest bonds. See the notes to the basic financial statements for more information.
City of Tigard—Summary of Net Position
Governmental Business-Type Total
Activities Activities
2021 2020 2021 2020 2021 2020
Current and other assets $131,130,015 $115,791,910 $ 91,084,689 $ 86,546,559 $222,214,704 $202,338,469
Capital assets 235,250,260 234,126,963 235,139,700 238,622,495 470,389,960 472,749,458
Total Assets 366,380,275 349,918,873 326,224,389 325,169,054 692,604,664 675,087,927
Deferred outflows 4,791,279 4,111,239 3,616,594 9,047 8,407,873 4,120,286
Current and other liabilities 14,998,155 11,587,326 8,988,362 8,073,236 23,986,517 19,660,562
Long-term liabilities outstanding 31,470,627 32,102,049 123,847,149 126,852,570 155,317,776 158,954,619
Total Liabilities 46,468,782 43,689,375 132,835,511 134,925,806 179,304,293 178,615,181
Deferred inflows 1,740,559 1,076,868 36,136 25,935 1,776,695 1,102,803
Net investment in capital assets 222,374,600 216,281,021 104,142,931 108,782,212 326,517,531 325,063,233
Restricted 69,011,237 61,695,111 18,496,564 22,974,351 87,507,801 84,669,462
Unrestricted 31,576,376 31,287,737 74,329,841 58,469,800 105,906,217 89,757,537
Total Net Position $322,962,213 $309,263,869 $ 196,969,336 $190,226,363 $519,931,549 $499,490,232
32
City of Tigard, Oregon
Management's Discussion and Analysis
City of Tigard —Summary of Changes in Net Position
Governmental Business-Type
Total
Activities Activities
2021 2020 2021 2020 2021 2020
Revenues
Program revenues:
Charges for services $ 11,955,534 $ 11,103,876 $ 32,005,048 $ 30,292,118 $ 43,960,582 $ 41,395,994
Operating grants and contributions 13,346,482 9,625,070 - - 13,346,482 9,625,070
Capital grants and contributions 8,959,707 8,542,864 2,838,367 3,139,146 11,798,074 11,682,010
General revenues:
Property taxes 23,620,200 20,325,728 - - 23,620,200 20,325,728
Franchise fees 6,978,783 6,360,563 - - 6,978,783 6,360,563
Unrestricted intergovernmental revenues 2,426,817 2,484,051 84,220 - 2,511,037 2,484,051
Interest 558,060 2,520,783 307,581 1,770,933 865,641 4,291,716
Miscellaneous 702,068 502,164 276,262 120,392 978,330 622,556
Total revenues 68,547,651 61,465,099 35,511,478 35,322,589 104,059,129 96,787,688
Expenses
Community services 30,378,435 25,961,675 - - 30,378,435 25,961,675
Public works 14,035,986 9,578,442 - - 14,035,986 9,578,442
Community development 6,719,376 5,817,188 - - 6,719,376 5,817,188
Policy and administration 4,092,081 3,383,319 - - 4,092,081 3,383,319
Interest on long-term debt 543,661 760,211 - - 543,661 760,211
Sanitary sewer - - 3,423,460 3,044,154 3,423,460 3,044,154
Stormwater - - 4,257,993 3,433,481 4,257,993 3,433,481
Water - - 20,166,820 19,418,199 20,166,820 19,418,199
Total expenses 55,769,539 45,500,835 27,848,273 25,895,834 83,617,812 71,396,669
Revenues over expenses 12,778,112 15,964,264 7,663,205 9,426,755 20,441,317 25,391,019
Transfers in(out) 920,232 102,924 (920,232) (102,924) - -
Changes in net position 13,698,344 16,067,188 6,742,973 9,323,831 20,441,317 25,391,019
Beginning net position 309,263,869 293,196,681 190,226,363 180,902,532 499,490,232 474,099,213
Ending net position $322,962,213 $309,263,869 $196,969,336 $190,226,363 $519,931,549 $499,490,232
33
City of Tigard, Oregon
Management's Discussion and Analysis
Expenses and Program Revenues—Governmental activities—June 30, 2021
$25,000,030
$20,000,000 -
$15,000,000 -
$10,000,000 - ■ Revenues
ill$5,000,000 - II • Expenses
$3
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Gott' 900 ,00
Governmental Activities
Governmental activities increased the city's net position by $13,698,344. This increase is less than the
approximate $16.1 million increase in net position from governmental activities experienced in fiscal year
2020. While most revenues, including property taxes, operating grants and contributions, and franchise fees
experienced increases during fiscal year 2021, the decrease comes from an approximate $1.9 million less
interest. Noteworthy reasons for the change from the prior year are as follows:
• Property taxes constitute approximately 34.5 percent of total governmental revenues and continues
to be a major source of revenue for the funding of city programs. Property tax revenues are up by
approximately $3.3 million or 16.2 percent over 2020. Oregon has a "rate-based" system in which
property taxes are expressed in a dollar amount per thousand dollars of assessed value. The City of
Tigard's permanent tax rate is $2.5131 per thousand dollars of assessed value. The money raised by
this levy is available for general purposes.
The permanent rate is multiplied by the assessed value each year to arrive at the tax authority for that
year. Assessed value growth is limited to a maximum 3 percent per year, plus a pro-rated share of new
construction and annexations. Assessed value cannot exceed real market value.
General Obligation (GO) debt service levies are calculated to produce enough tax revenues that (when
combined with other resources such as interest earnings and fund balance) will be enough to pay debt
service due on these voter-approved bonds. On November 2, 2010, voters approved a bond measure
in the amount of$17.0 million for acquisition and development of park land. These bonds were sold
on February 3, 2011 to Wells Fargo Bank, National Association. Also on that date, the city refunded
$9.0 million of outstanding general obligation bonds that were approved on May 21, 2002, by voters
to build a new library. On April 28, 2020 the city issued more than $5.9 million in general obligation
refunding bonds to defease part of the park bonds.This refunding reduced total debt service payments
34
City of Tigard, Oregon
Management's Discussion and Analysis
by more than $1.7 million over five years resulting in an economic gain of more than $1.2 million.Taxes
collected through the tax levy repay the bonded debt.
In May 2020 Tigard voters approved a five-year Police Services Levy at $0.29 per thousand dollars of
assessed value. The passage of the levy provides:
o Eight additional patrol officers to respond to increased calls for service, multiple emergencies at
the same time and neighborhood patrols.
o Another school resource officer to enhance student safety.
o Training for all sworn officers in advanced crisis intervention and de-escalation to address
increased mental health crises.
o Additional staff to manage an increase in evidence and records, support data-informed policing,
communications and human resources.
• Operating grants and contributions experienced an approximate $3.7 million increase from fiscal year
2020. This increase is due to receiving CARES Act funding for reimbursement of expenses associated
with the COVID-19 pandemic.
• Overall expenses for governmental activities of $55,769,539 increased from the prior fiscal year by
approximately $10.3 million. This increase was due to an increase in community services activities
associated with the Police Services Levy and with capital improvement projects.
Revenues by Source—Governmental Activities-June 30, 2021
Capital grants and
contributions Taxes
13% 38%
Operating grants
and contributions Interest
20% 196
Franchise fees
Charges for services 10%
17% Misc
1%
35
City of Tigard, Oregon
Management's Discussion and Analysis
Business-type Activities
Business-type activities increased the city's net position by $6,742,973. The primary reasons for the current
year's increases are:
• Charges for services represent approximately 90.1 percent of total business-type revenues and are
composed of fees that are charged to all users for services provided such as water, sanitary sewer, and
stormwater. The sanitary and stormwater fees are established by Clean Water Services (CWS) and are
set by the agency each year. The city council, through an intergovernmental agreement with other
water system participants, sets the water rates. Total charges for services increased by approximately
$1.7 million or 5.7 percent over fiscal year 2020, with the largest increase in water revenues.
• Expenses for stormwater operations increased approximately$825,000 or 24.0 percent from the prior
fiscal year. The increase is primarily due to an increase in depreciation expense on stormwater system
assets and stormwater operations.
Expenses and Program Revenues— Business-type Activities—June 30, 2021
$25,000,000 --
$22,500,000 -
$20,000,000 -
$17,500,000 -
$15,000,000 -
$12,500,000 - ■ Revenues
$10,000,000 - ■ Expenses
$7,503,003 -
$5,000,000 -
$2,500,000 -
$0
5e
cazc �yet avec a.cet
ti" (DIP
Financial Analysis of the City's Funds
As noted earlier, the city uses fund accounting to ensure and demonstrate compliance with finance-related
legal requirements.
Governmental Funds
The focus of the city's governmental funds is to provide information on near-term inflows, outflows, and
balances of spendable resources. Such information is useful in assessing the city's financing requirements. In
particular, unassigned fund balance may serve as a useful measure of the city's net resources available for
spending at the end of the fiscal year.
36
City of Tigard, Oregon
Management's Discussion and Analysis
As of the end of the fiscal year 2021, the city's governmental funds reported combined ending fund balances
of$108,169,008 an increase of$10,050,971 over the prior year. Approximately 30.7 percent or$33.2 million
of this total amount constitutes assigned and unassigned fund balances, which is available for spending at the
government's discretion.The restricted fund balance is$69,593,046 or 64.3 percent of the total fund balance.
Most of the restricted fund balance is dedicated for park acquisition and development, building inspections,
or for street maintenance and improvements. Other restricted resources include library improvements, Police
services, urban development and improvements and future debt service. The remainder of fund balance is
either committed for resources constrained on use by the city council via a city ordinance or a council
resolution or is non-spendable to indicate that it is not available for discretionary spending, such as prepaids.
General Fund
The General Fund is the chief operating fund of the city. At the end of the fiscal year 2021, the unassigned
fund balance was $29,764,210 or approximately 96.3 percent of the total fund balance of$30,919,724. As a
measure of the General Fund's liquidity, it may be useful to compare fund balance to total fund expenditures.
Unassigned fund balance represents 90.8 percent of total General Fund expenditures.
The fund balance of the General Fund increased by $2,938,127 or 10.5 percent. The increase is primarily
attributable to the receipt of federal CARES Act funding for reimbursement of expenses associated with the
COVID-19 pandemic.
Proprietary Funds
The city's proprietary funds include the Sanitary Sewer, Stormwater, Water, and Internal Services Funds.
The unrestricted net position of the business-type activities at year-end amounted to $74,329,841 with
individual fund unrestricted net position at:
• Sanitary Sewer $8,149,553
• Stormwater $8,797,325
• Water Funds $57,382,963
The factors concerning the finances of these funds have already been addressed in the discussion of the city's
business-type activities.
General Fund Budgetary Highlights
The city council approved four supplementary budget amendments to the adopted General Fund budget.Total
final adopted budgeted expenditures increased by$4,569,179 from the original budgeted numbers. Budgeted
General Fund contingency was decreased by $972,611 or 58.9 percent. Following are noteworthy changes
from the original budget to the final adopted budget in the General Fund:
• Community Services - Budget appropriation increases totaled $3,559,763, the majority of which was
for Tigard CARES Business Assistance.
• Community Development — Budget appropriation increases totaled $720,916, the majority of which
was to fund the Washington Square Regional Center Update project, and the River Terrace Concept
Planning project.
37
City of Tigard, Oregon
Management's Discussion and Analysis
The contingency transactions account for increase in budgeted expenditures not related to increased
revenues. There was an increase to ending General Fund budgetary fund balance of $174,200 as a result of
these budget amendments. Noteworthy variances from the final adopted budget to actual revenues in the
General Fund are as follows:
• Fines and forfeitures — variance with budget of $(895,046) due to a delay in collection of fines and
forfeitures related to COVID.
• Franchise fees — variance with budget of $364,879 due to a contractor ensuring franchise fees were
collected from all applicable companies.
• Intergovernmental Revenues — variance with budget of $(520,903) due to projects not spending as
much of the grant awards as was planned for the year.
Capital Asset and Debt Administration
Capital Assets
Governmental Activities
The city's investment in capital assets for its governmental activities as of June 30, 2021, amounts to
$235,250,260 (net of accumulated depreciation). This investment in capital assets primarily includes land,
right-of-ways, buildings and improvements, machinery and equipment, office equipment and infrastructure.
The infrastructure includes roads, curbs and sidewalks, signage, streetlights, and right-of-ways. The total
increase in the city's investment in governmental activities capital assets was$1,123,297 or approximately 0.5
percent over the prior year. The city recorded approximately $799,000 in developer contributions for street
and transportation infrastructure due to the growing subdivisions within the city. Other governmental asset
additions include street and transportation projects and replacement of aged vehicles within the city's fleet.
Expenditures on capital assets were higher than overall depreciation expense, leading to the increase in net
capital assets.
Business-type Activities
The city's investment in capital assets for its business-type activities as of June 30, 2021, amounts to
$235,139,700 (net of accumulated depreciation). In addition to machinery, equipment and vehicles, the
capital assets include the sanitary sewer collection system, stormwater, and water systems. Total decrease in
the city's investment in business-type activities capital assets was $3,482,795 or 1.5 percent. This decrease is
due to expenditures on capital assets being lower than the overall depreciation expense, leading to a decrease
in net capital assets.
38
City of Tigard, Oregon
Management's Discussion and Analysis
Capital Assets, net of depreciation
Governmental Business-Type Total
Activities Activities
2021 2020 2021 2020 2021 2020
Land $ 28,600,663 $ 26,380,089 $ 12,302,979 $ 11,975,910 $ 40,903,642 $ 38,355,999
Construction in progress 8,386,464 8,433,979 5,264,813 2,998,627 13,651,277 11,432,606
Buildings and building improvements 12,520,890 12,588,769 71,038,440 72,936,629 83,559,330 85,525,398
Land improvements 9,051,071 9,615,453 7,505,761 7,505,761 16,556,832 17,121,214
Sewer system - - 17,352,721 17,905,816 17,352,721 17,905,816
Stormwater system - - 12,150,930 12,481,961 12,150,930 12,481,961
Water system - - 107,268,183 110,349,547 107,268,183 110,349,547
Machinery and equipment 276,541 237,513 1,804,174 1,861,885 2,080,715 2,099,398
Autos and trucks 1,607,782 1,307,557 451,699 606,359 2,059,481 1,913,916
Office equipment 1,377,364 1,748,428 - - 1,377,364 1,748,428
Infrastructure 173,429,485 173,815,175 - - 173,429,485 173,815,175
Total Capital Assets $ 235,250,260 $ 234,126,963 $ 235,139,700 $ 238,622,495 $ 470,389,960 $ 472,749,458
The following chart indicates the city's capital assets as of June 30, 2021. Additional information on the city's
capital assets can be found in Note 5. Capital Assets in the notes to the basic financial statements of this
report.
Total Capital Assets
Land Construction in progress
8.7% 2.9%
Buildings and building
Infrastructure improvements
36.9%
17.8%
Office
equipment
0.3%
AutosLand improvements
and trucks
3.5%
0.4%
Sewer system
Machinery and_ Storm drainage system 3.7%
equipment Water system 2.6%
0.4% 22.8%
39
City of Tigard, Oregon
Management's Discussion and Analysis
Debt Outstanding
As of year-end, the city had total debt outstanding of $145,046,610. Of this amount $17,657,088 is general
obligation and full faith and credit bonds; $125,917,499 represents water revenue bonds; $1,472,023
represents a note payable. Both general obligation bonds and full faith credit bonds are direct obligations
pledging the full faith and credit of the city.
Total debt decreased by $4,664,202 or approximately 3.1 percent during the current fiscal year. For the
business-type activity, in fiscal year 2021 the city issued refunding water revenue bonds with a par value of
$86,575,000. Proceeds from these bonds were used to refund the 2012 water revenue bonds.This refunding
was undertaken to reduce total debt service payments by $27,655,069 which produced an economic gain of
$16,503,405.The city also has an outstanding note payable that is part of a grant and low interest loan package
provided to the city to make improvements to one of the city's water reservoirs. These funds were part of the
American Recovery and Reinvestment Act(ARRA). The outstanding balance on this debt is$1,472,023 at year-
end.
During fiscal year 2015, in anticipation of issuing water revenue bonds,the city received a revenue bond rating
of Al from Moody's Investors Service and AA-from Standard & Poor's Ratings Services. During fiscal year 2017
Moody's Investor Services reviewed the city's water enterprise activities and upgraded the city's rating from
Al to Aa3.
The State of Oregon statutes limit the amount of general obligation debt that cities can issue to 3.0 percent
of the real market value of all taxable property within the city limits. The current debt limitation for the city
for general obligation debt is $383 million, which is significantly in excess of the city's outstanding general
obligation debt.
The following chart indicates the city's long-term liabilities as of June 30, 2021. Additional information on the
city's debt can be found in Note 6. Long-Term Debt and Other Debt in the notes to the basic financial
statements of this report.
Governmental Activities Business-Type Activities Total
2021 2020 2021 2020 2021 2020
General obligation $ 17,657,088 $ 19,870,531 $ - $ - $ 17,657,088 $ 19,870,531
Note payable - - 1,472,023 1,585,637 1,472,023 1,585,637
Revenue bonds - - 125,917,499 128,254,644 125,917,499 128,254,644
Total Outstanding Debt $ 17,657,088 $ 19,870,531 $ 127,389,522 $ 129,840,281 $ 145,046,610 $ 149,710,812
40
City of Tigard, Oregon
Management's Discussion and Analysis
Total Outstanding Long-Term Debt
General obligation
12.2%
1 .
Note payable
1.0%
Revenue bonds
86.8%
Economic Factors and Budget Information for Next Year
The following economic factors currently affect the city and were considered in developing the city's budget
for fiscal year 2022:
COVID-19
Since March 2020, the COVID 19 pandemic has caused financial difficulties for the Tigard community and
continues to impact the local, regional, state, and national economy. While preparing the FY 2022 budget, key
financial staff from across the city gathered to discuss the impact of COVID on our revenue forecast, including
Police, Public Works, Community Development, City Management, and Finance. Together we have gathered
the data available and have made forecast of the financial impact of the COVID Pandemic on City of Tigard
finances.
While several individual revenues have been impacted by restrictions that COVID has caused,the City of Tigard
is fortunate that the primary revenue streams for the organization have not been heavily impacted by the
pandemic and resulting impacts on the economy. Tigard is not dependent on revenue streams like income
tax, gross receipts (sales tax), or event revenues. Organizations like the City of Portland and Metro have
understandably made budget corrections due to their dependence on these types of revenue streams for
certain services. The primary General Fund revenue, property tax, is expected to be largely unaffected. Real
market property values would need to drop by about 1/3rd to impact the anticipated 3% growth in assessed
value. Construction, which adds to the 3% AV growth, remains an essential service through this pandemic.
Further, Tigard spent fiscal years FY19 and FY20 implementing service level reductions already, bolstering
Tigard's financial ability to be patient and use reserves, if needed.
41
City of Tigard, Oregon
Management's Discussion and Analysis
The key areas that have been impacted that the city will continue to monitor include:
• Transient Lodging Tax (TLT) revenues in Tigard are down and are expected to continue to be below
pre-pandemic levels for the next couple years. TLT shows up in two areas. First, Tigard's share of
county-wide TLT revenues represent approximately 1.5 percent of the total General Fund revenues.
This revenue source has not been dedicated to any particular service and the reduction is not enough
to cause service cut at this time. Second, Tigard has its own 2.5 percent TLT within its own fund. This
is a relatively new fund for the city and the revenues have not been fully committed.Tigard can afford
to wait for tourism to rebound to help fund the tourism related projects these revenues support.
• Gas Tax revenues are expected to plateau at 90 percent of pre-pandemic levels, in part as the economy
transitions into a higher percentage of remote work employees. This is limiting the ability of the use of
state and city gas tax revenues for use in capital project budgeting.
• Traffic Fines. This is a key General Fund revenue that was expected to increase with the
implementation of the photo enforcement traffic safety program. However, the program has been
hampered by limited ability to adjudicate infractions and the expected revenues have not materialized.
When the program is fully operational, the revenues are expected to pay for the cost of the program
plus provide revenue that will help pay for a portion of future police facilities.
Long Term General Fund
This is once again an emerging issue. In FY 19 and FY 20,Tigard made service level reductions to establish the
service level reserve. This is discussed in more detail in the General Fund section of the forecast. The creation
of the Service Level Reserve is meant to be a mid-term solution to a long-term problem. The long-term
problem is that revenues do not grow fast enough to pay for inflation on existing costs let alone, inflation plus
needed increases to those services to keep up with population growth.
The Service Level Reserve will allow Tigard to add limited services to keep up with population growth for a
couple more years. In FY 24, Tigard's General Fund expenses are forecasted to exceed revenues and the
Service Level Reserve will be depleted after FY 27. In the interim,Tigard needs to seek a long-term solution to
fund services for the community through the end of the decade and beyond. Without one, Tigard will return
to a cycle of slowly degrading service levels and budget cuts. Tigard's leadership will start working on options
to present to the Budget Committee during the next two years. This will provide the opportunity to be
proactive in maintaining both fiscal and service level health.
City Facilities
Over the last couple of years, Tigard has taken a hard look at our aging facilities. From a financial standpoint,
the facilities that the city occupies were paid for long ago. Tigard's operations pay for the maintenance of
existing space; however, with a couple of exceptions where we have had to lease space, Tigard's operations
have not had to pay for the cost of the space in the equivalent of rent or a mortgage.
While the plan is not fully complete, Tigard will need to invest in more, and better, seismically resilient space
for housing its community services, equipment, and materials soon. Accordingly, this forecast is including the
estimated cost of that space starting in FY 2023. Currently, that is showing up as a share of debt service
42
City of Tigard, Oregon
Management's Discussion and Analysis
payments for new/improved buildings across many of our funds that house the operations of the city. In some
funds,this forecasted cost has minimal near-term impact in the six-year forecast.There are three funds where
decisions to address city facilities have notable impact on the forecast. These funds are:
• General Fund: As mentioned previously, the revenues in excess of program expenditures in the photo
enforcement traffic safety program are being dedicated to pay for a portion of future police
department space needs. If that revenue does not materialize, or is significantly lower,then Tigard will
need to look to use other General Fund revenues to make up the difference, putting service levels at
risk.
• Parks Utility Fund: Tigard's Parks Maintenance and Recreation divisions are in the Parks Utility Fund.
This fund has two primary funding sources that each pay for about half of the cost of service.This fund
receives a transfer from the General Fund of$2.4 million and revenues from the Park and Recreation
Fee (PARF) that is on the city's utility bill generates $2.4 million. Other utility rates (water, sewer,
stormwater) are built to pay for the entirety of operations, maintenance, and capital. This means that
the rates paid for other utilities likely will not need to be adjusted in the near term to pay for new
facilities. The existing PARF is sufficient to only pay for half of operations and maintenance, meaning
the PARF will need to increase to pay its share of new facilities.The forecast adds this cost and assumes
that the decision to pay for facilities includes the decision to increase the PARF to pay for park's share.
In addition to the prior demands being placed on PARF,Tigard will adopt a new Parks Master Plan.The
plan includes priorities for the operations of the parks system, recreation opportunities, and
organization changes. All of these priorities will require additional resources and put more pressure on
the PARF.
• Gas Tax Fund: The Gas Tax Fund receives the city's share of state gas tax revenues. As previously
mentioned,this revenue is expected to plateau at about 90 percent of pre-pandemic forecast amounts.
In addition,there is revenues from a county gas tax and registration fee revenues.These revenues pay
for the Street Maintenance Division which maintains the city's streets and assets in the right of way,
and the Street Lights and Signals Division which pays for the electrical bill and maintenance of the city's
street lights and intersection signals. Combined, these services use about 75 percent of the fund's
revenues.The remaining 25 percent have been used to help pay for transportation projects in the city's
Capital Improvement Plan (CIP). Most of the other transportation related funds of the city are limited,
or dedicated, to specific transportation needs. The Gas Tax Fund can be used for any transportation
need within the city's right of way and has acted as a backstop to help fund complete transportation
projects.The Gas Tax's expected share of city facility costs is expected to use the remaining 25 percent,
effectively taking Gas Tax Fund out of the CIP.
All of these factors were considered in preparing the city's budget for fiscal year 2021-2022. The current
forecast shows that in the short-term the city's financial condition is stable in most funds. The fiscal year 2022
budget continued addressing a projected General Fund deficit that had been forecasted to occur earlier than
what is now projected. City budgets are developed to address the continuing challenge of flat revenues and
increasing expenditure rates.
43
City of Tigard, Oregon
Management's Discussion and Analysis
Requests for Information
This financial report is designed to provide a general overview of the City of Tigard's finances for all those with
an interest in the city's finances. Questions concerning any of the information provided in the report or
requests for additional financial information should be addressed to:
City of Tigard
Financial and Information Services Director
13125 SW Hall Blvd.
Tigard, Oregon 97223
44
Basic Financial Section
45
46
CITY OF TIGARD,OREGON
STATEMENT OF NET POSITION
June 30,2021
Governmental Business-Type
ASSETS Activities Activities
Total
Cash and investments $ 47,205,548 $ 61,145,003 $ 108,350,551
Accounts receivable,net 6,275,436 6,754,168 13,029,604
Property taxes receivable 349,916 - 349,916
Assessment liens receivable 126,502 - 126,502
Prepaids 592,969 - 592,969
Inventory 4,400 293,298 297,698
Investment in joint venture - 1,792,758 1,792,758
Property held for resale - 445,042 445,042
Restricted cash and investments 76,504,962 20,654,420 97,159,382
Net other post-employment benefit asset 70,282 - 70,282
Capital assets:
Land and construction in process 36,987,127 17,567,792 54,554,919
Other capital assets(net of accumulated depreciation) 198,263,133 217,571,908 415,835,041
Total assets 366,380,275 326,224,389 692,604,664
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to pension 4,690,366 - 4,690,366
Deferred outflows related to OPEB 100,913 9,347 110,260
Deferred outflows related to bond refunding - 3,607,247 3,607,247
Total deferred outflows 4,791,279 3,616,594 8,407,873
LIABILITIES
Accounts payable and accrued liabilities 4,346,095 3,710,677 8,056,772
Deposits 2,030,142 12,075 2,042,217
Due to other entities/agencies 778,807 - 778,807
Unearned revenue 3,819,913 10,347 3,830,260
Accrued interest payable 46,602 1,600,195 1,646,797
Due within one year:
Notes payable - 117,022 117,022
Bonds payable 2,391,172 3,433,449 5,824,621
Accrued compensated absences 1,585,424 104,597 1,690,021
Due in more than one year:
Notes payable - 1,355,001 1,355,001
Internal balances 102,320 (102,320) -
Bonds payable 15,265,916 122,484,052 137,749,968
Accrued compensated absences 66,059 3,548 69,607
Total other post-employment benefit liability 1,224,089 106,868 1,330,957
Net pension liability 14,812,243 - 14,812,243
Total liabilities 46,468,782 132,835,511 179,304,293
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to pension 1,350,402 - 1,350,402
Deferred inflows related to OPEB 390,157 36,136 426,293
Total deferred inflows 1,740,559 36,136 1,776,695
NET POSITION
Net investment in capital assets 222,374,600 104,142,931 326,517,531
Restricted for:
Transportation construction,maintenance,and utility undergrounding 35,591,514 - 35,591,514
Park development and improvements 12,960,369 - 12,960,369
Tourism 358,547 - 358,547
Water system construction and improvements - 16,052,039 16,052,039
Debt service 4,585,351 2,444,525 7,029,876
Building development plan review and inspection 10,326,188 - 10,326,188
Library capital improvements 609,144 - 609,144
Urban development and improvements 3,122,888 - 3,122,888
Law enforcement 1,457,236 - 1,457,236
Unrestricted 31,576,376 74,329,841 105,906,217
Total net position $ 322,962,213 $ 196,969,336 $ 519,931,549
The accompanying notes are an integral part of the basic financial statements.
47
CITY OF TIGARD,OREGON
STATEMENT OF ACTIVITIES
for the year ended June 30,2021
Program Revenues
Charges Operating
for Grants and
Functions/Programs Expenses Services Contributions
Governmental activities:
Community services $ 30,378,435 $ 2,207,360 $ 7,863,015
Public works 14,035,986 5,324,404 5,174,090
Community development 6,719,376 4,324,710 -
Policy and administration 4,092,081 99,060 309,377
Interest on long-term debt 543,661 - -
Total governmental activities 55,769,539 11,955,534 13,346,482
Business-type activities:
Sanitary sewer 3,423,460 3,348,846 -
Stormwater 4,257,993 3,820,029 -
Water 20,166,820 24,836,173 -
Total business-type activities 27,848,273 32,005,048 -
Total $ 83,617,812 $ 43,960,582 $ 13,346,482
The accompanying notes are an integral part of the basic financial statements.
48
Net(Expense)Revenue and Changes in Net Position-
Primary Government
Capital
Grants and Governmental Business-type
Contributions Activities Activities Total
$ - $ (20,308,060) $ - $ (20,308,060)
8,506,808 4,969,316 - 4,969,316
452,899 (1,941,767) - (1,941,767)
-
(3,683,644) - (3,683,644)
-
(543,661) - (543,661)
8,959,707 (21,507,816) - (21,507,816)
313,056 - 238,442 238,442
329,317 - (108,647) (108,647)
2,195,994 - 6,865,347 6,865,347
2,838,367 - 6,995,142 6,995,142
$ 11,798,074 (21,507,816) 6,995,142 (14,512,674)
General Revenues:
Property taxes,levied for general
purposes 21,247,314 - 21,247,314
Property taxes,levied for debt service 2,372,886 - 2,372,886
Franchise fees 6,978,783 - 6,978,783
Unrestricted intergovernmental
revenues 2,426,817 84,220 2,511,037
Interest earnings 558,060 307,581 865,641
Miscellaneous 702,068 276,262 978,330
Total general revenues 34,285,928 668,063 34,953,991
Transfers between Governmental
and Business-type activites 920,232 (920,232) -
Change in net position 13,698,344 6,742,973 20,441,317
Net position,beginning 309,263,869 190,226,363 499,490,232
Net position,ending $ 322,962,213 $ 196,969,336 $ 519,931,549
49
CITY OF TIGARD,OREGON
GOVERNMENTAL FUNDS-BALANCE SHEET
June 30,2021
Other Total
General Governmental Governmental
Fund Funds Funds
ASSETS
Cash and cash equivalents $ 29,716,477 $ 6,334,000 $ 36,050,477
Accounts receivable 3,618,307 2,581,034 6,199,341
Property taxes receivable 283,860 66,056 349,916
Assessment liens receivable - 126,502 126,502
Interest receivable 22,775 11,685 34,460
Advances to other funds 883,981 - 883,981
Prepaids 271,533 - 271,533
Restricted cash and cash equivalents 3,749,863 72,755,099 76,504,962
Total assets $ 38,546,796 $ 81,874,376 $ 120,421,172
LIABILITIES
Accounts payable and accrued liabilities $ 1,679,060 $ 1,833,603 $ 3,512,663
Deposits 455,923 1,398,477 1,854,400
Due to other entities/agencies 641,545 137,262 778,807
Advances from other funds - 986,301 986,301
Unearned revenue 3,749,863 50,000 3,799,863
Total liabilities 6,526,391 4,405,643 10,932,034
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Property taxes 213,103 57,090 270,193
Municipal court receivable 497,480 - 497,480
Transportation refund credits - 35,857 35,857
Intergovernmental receivables 272,891 - 272,891
Special assessment liens - 126,502 126,502
Franchise fees 117,207 - 117,207
Total deferred inflows of resources 1,100,681 219,449 1,320,130
FUND BALANCES
Nonspendable:
Advances to other funds 883,981 - 883,981
Prepaids 271,533 - 271,533
Restricted for:
Street maintenance and improvements - 35,033,390 35,033,390
Tourism - 358,547 358,547
Affordable housing - 748,140 748,140
Debt service - 4,419,020 4,419,020
Park development and improvements - 12,960,369 12,960,369
Underground utilities - 558,124 558,124
Building inspection - 10,326,188 10,326,188
Police services - 1,457,236 1,457,236
Library improvements - 609,144 609,144
Urban development and improvements - 3,122,888 3,122,888
Committed for:
Street maintenance and improvements - 3,043,724 3,043,724
Urban forestry - 1,172,230 1,172,230
Assigned to:
City facilities - 938,351 938,351
Park and recreation - 2,624,261 2,624,261
Unassigned 29,764,210 (122,328) 29,641,882
Total fund balances 30,919,724 77,249,284 108,169,008
Total liabilities,deferred inflows of
resources and fund balances $ 38,546,796 $ 81,874,376 $ 120,421,172
The accompanying notes are an integral part of the basic financial statements.
50
CITY OF TIGARD,OREGON
RECONCILIATION OF THE BALANCE SHEET TO THE STATEMENT OF NET POSITION
GOVERNMENTAL FUNDS
June 30,2021
Fund Balances-Governmental Funds $ 108,169,008
Amounts reported for governmental activities in the Statement of Net Position are different because:
Capital assets used in governmental activities are not financial resources and therefore
are not reported in the funds.
Governmental capital assets $ 354,635,498
Less accumulated depreciation (119,385,238) 235,250,260
Pension assets or liabilities,with related deferred outflows of resources and deferred inflows
of resources,are not reported in governmental funds, but are reported on the statement of
net position. The amounts included in governmental activities on the statement of net position:
Net pension liability (14,812,243)
Deferred outflows of resources related to pensions and OPEB 4,690,366
Deferred inflows of resources related to pensions and OPEB (1,350,402) (11,472,279)
Other long-term assets are not available to pay for current-period expenditures and therefore are
deferred in the governmental funds and recognized as revenue in the Statement of Activities.
Property taxes earned but not available 270,193
Franchise fees earned but not available 117,207
Municipal court receivable 497,480
Grant receivable 285,782
Transportation refund credits 35,857
Assessment liens 126,502 1,333,021
Internal service funds are used by management to charge the cost of administrative functions as
well as fleet and property management to individual funds.The assets and liabilities of the
internal service funds are included in governmental activities in the statement of activities. 9,177,015
Accrued compensated absences are not due and payable in the current period and therefore are not (969,675)
reported in the funds.
Long-term liabilities,including bonds payable are not due and payable in the current period and
therefore,are not reported in the governmental funds.
Bonds payable (17,657,088)
Accrued interest payable,not due and payable in the current period (46,602)
Net other post-employment benefit(OPEB)asset 70,282
Net other post-employment benefit(OPEB) liability (891,729)
Net Position of Governmental Activities $ 322,962,213
The accompanying notes are an integral part of the basic financial statements.
51
CITY OF TIGARD,OREGON
GOVERNMENTAL FUNDS-
STATEMENT OF REVENUES, EXPENDITURES,AND CHANGES IN FUND BALANCE
for the year ended June 30,2021
Other Total
General Governmental Governmental
Fund Funds Funds
REVENUES
Taxes $ 17,778,222 $ 12,627,922 $ 30,406,144
Franchise fees 6,980,858 - 6,980,858
Special assessments - 90,251 90,251
Licenses and permits 1,404,096 2,301,126 3,705,222
Intergovernmental revenues 10,289,174 2,346,819 12,635,993
Charges for services 316,752 5,236,473 5,553,225
System development charges - 5,124,725 5,124,725
Fines and forfeitures 1,363,215 157,898 1,521,113
Interest earnings 263,812 583,530 847,342
Net increase (decrease) in investment fair
value (94,591) (240,852) (335,443)
Miscellaneous revenues 140,282 471,040 611,322
Total revenues 38,441,820 28,698,932 67,140,752
EXPENDITURES
Current operating:
Community services 27,429,523 1,303,404 28,732,927
Public works - 6,881,610 6,881,610
Community development 4,312,230 2,515,492 6,827,722
Policy and administration 1,029,244 - 1,029,244
Debt service:
Principal - 2,205,000 2,205,000
Interest - 568,882 568,882
Capital outlay - 9,930,747 9,930,747
Total expenditures 32,770,997 23,405,135 56,176,132
Excess/(deficiency)of revenues
over expenditures 5,670,823 5,293,797 10,964,620
OTHER FINANCING SOURCES(USES)
Transfer in 193,091 7,928,000 8,121,091
Transfer out (2,925,787) (6,108,953) (9,034,740)
Total other financing sources(uses) (2,732,696) 1,819,047 (913,649)
Net change in fund balances 2,938,127 7,112,844 10,050,971
Fund balances-beginning of the year 27,981,597 70,136,440 98,118,037
Fund balances-end of year $ 30,919,724 $ 77,249,284 $ 108,169,008
The accompanying notes are an integral part of the basic financial statements.
52
CITY OF TIGARD,OREGON
RECONCILIATION OF THE STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND
BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
GOVERNMENTAL FUNDS
for the year ended June 30,2021
Net change in fund balances-Governmental Funds $ 10,050,971
Amounts reported for governmental activities in the Statement of Activities are different because:
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities
the cost of those assets is depreciated over their estimated useful lives
Expenditures for capital assets 8,452,271
Current year depreciation expense (5,742,483)
Contributed capital 799,139
Loss on disposal of capital assets (2,385,630) 1,123,297
Revenues in the Statement of Activities that do not provide current financial resources
are not reported as revenues in the funds
Change in deferred inflows of resources-property taxes (8,510)
Change in franchise fees (2,075)
Change in municipal court receivable (57,533)
Change in grants receivable (281,550)
Change in assessment liens (90,251) (439,919)
Long-term debt proceeds provide current financial resources to governmental funds,
but issuing debt increases long-term liabilities in the Statement of Net Position.
Repayment of long-term debt is reported as an expenditure in the governmental
funds, but a reduction of long-term liabilities in the Statement of Net Position.
Principal payments 2,205,000
Amortization of premium on long-term debt 8,443 2,213,443
Some expenses reported in the Statement of Activities do not require the use of current
financial resources and therefore are not reported as expenditures in governmental funds:
Change in accrued interest payable 16,778
Change in compensated absences (43,142)
Pension expense (1,711,531)
OPEB expense (33,041) (1,770,936)
Internal service funds are used by management to charge the cost of administrative functions
as well as fleet and property management to individual funds. The net revenue of internal
service funds is reported with governmental activities.
Change in Net Position - Internal Service Funds 2,521,488
Change in Net Position of Governmental Activities $ 13,698,344
The accompanying notes are an integral part of the basic financial statements.
53
CITY OF TIGARD,OREGON
PROPRIETARY FUNDS
STATEMENT OF NET POSITION
June 30,2021
Business-type Activities- Governmental
Enterprise Funds Activities-
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
ASSETS
Current assets:
Cash and cash equivalents $ 7,630,136 $ 8,821,292 $ 44,693,575 $ 61,145,003 $ 11,155,071
Accounts receivable 2,247,483 764,133 3,742,552 6,754,168 41,635
Prepaids - - - - 321,436
Property held for resale 185,021 260,021 - 445,042 -
Inventory 2,778 2,778 287,742 293,298 4,400
Total current assets 10,065,418 9,848,224 48,723,869 68,637,511 11,522,542
Noncurrent assets:
Restricted cash and cash equivalents - - 20,654,420 20,654,420 -
Advances to other funds 102,320 - - 102,320 -
Investment in joint venture - - 1,792,758 1,792,758 -
Capital assets:
Land and construction in process 1,367,062 2,146,357 14,054,373 17,567,792 -
Other capital assets(net of
accumulated depreciation) 17,798,352 12,930,679 186,842,877 217,571,908 -
Total noncurrent assets 19,267,734 15,077,036 223,344,428 257,689,198 -
Total assets 29,333,152 24,925,260 272,068,297 326,326,709 11,522,542
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to OPEB 2,206 3,150 3,991 9,347 42,904
Deferred outflows related to bond refunding - - 3,607,247 3,607,247 -
Total deferred outflows 2,206 3,150 3,611,238 3,616,594 42,904
LIABILITIES
Current liabilities:
Accounts payable and accrued liabilities 1,954,267 968,095 788,315 3,710,677 825,021
Unearned revenue - - 10,347 10,347 20,050
Deposits - - 12,075 12,075 175,742
Due to others - - - - 29,387
Accrued interest payable - - 1,600,195 1,600,195 -
Accrued compensated absences 31,317 36,519 36,761 104,597 655,899
Current portion of note payable - - 117,022 117,022 -
Current portion of bonds payable - - 3,433,449 3,433,449 -
Current portion of revenue bonds payable - - - -
Total current liabilities 1,985,584 1,004,614 5,998,164 8,988,362 1,706,099
Noncurrent liabilities:
Accrued compensated absences 1,062 1,238 1,248 3,548 25,909
Note payable-long-term portion - - 1,355,001 1,355,001 -
Bonds payable-long-term portion - - 122,484,052 122,484,052 -
Total OPEB liability 25,218 36,018 45,632 106,868 490,547
Total noncurrent liabilities 26,280 37,256 123,885,933 123,949,469 516,456
Total liabilities 2,011,864 1,041,870 129,884,097 132,937,831 2,222,555
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to OPEB 8,527 12,179 15,430 36,136 165,876
NET POSITION
Net investment in capital assets 19,165,414 15,077,036 69,900,481 104,142,931 -
Restricted for capital projects - - 16,052,039 16,052,039 -
Restricted for debt service - - 2,444,525 2,444,525 -
Unrestricted 8,149,553 8,797,325 57,382,963 74,329,841 9,177,015
Total net position $ 27,314,967 $ 23,874,361 $ 145,780,008 $ 196,969,336 $ 9,177,015
The accompanying notes are an integral part of the basic financial statements.
54
CITY OF TIGARD,OREGON
PROPRIETARY FUNDS
STATEMENT OF REVENUES,EXPENSES,AND CHANGES IN FUND NET POSITION
for the year ended June 30,2021
Business-type Activities- Governmental
Enterprise Funds Activities-
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
OPERATING REVENUES
Charges for services $ 3,348,846 $ 3,820,029 $ 24,836,173 $ 32,005,048 $ 20,041,179
Miscellaneous revenues 146,612 11,177 118,473 276,262 240,725
Total operating revenues 3,495,458 3,831,206 24,954,646 32,281,310 20,281,904
OPERATING EXPENSES
Salaries and wages 527,808 811,698 1,216,954 2,556,460 11,293,100
Contracted services 31,706 492,800 2,463,610 2,988,116 2,566,109
General,administrative and other 1,971,498 2,135,290 6,096,037 10,202,825 6,126,238
Depreciation 892,448 715,146 5,296,843 6,904,437 -
Total operating expenses 3,423,460 4,154,934 15,073,444 22,651,838 19,985,447
Operating income(loss) 71,998 (323,728) 9,881,202 9,629,472 296,457
NON-OPERATING REVENUES(EXPENSES)
Interest earnings 63,849 69,561 463,000 596,410 74,577
Net increase(decrease)in investment fair
value (26,275) (28,003) (234,551) (288,829) (28,416)
Interest expense - - (3,259,825) (3,259,825) -
Debt issuance cost - - (1,800,164) (1,800,164) -
Intergovernmental revenue 15,871 26,207 42,142 84,220 344,989
Loss on sale of capital assets - (103,059) (933) (103,992) -
Loss on investment in joint venture - - (32,454) (32,454) -
Total non-operating revenue(expense) 53,445 (35,294) (4,822,785) (4,804,634) 391,150
Net income(loss)before
contributions and transfers 125,443 (359,022) 5,058,417 4,824,838 687,607
System development revenue 126,567 75,877 2,054,999 2,257,443 -
Capital contributions 186,489 253,440 140,995 580,924 -
Transfers in 150,019 49,293 - 199,312 1,839,881
Transfers out (130,974) (285,745) (702,825) (1,119,544) (6,000)
Change in net position 457,544 (266,157) 6,551,586 6,742,973 2,521,488
Net position--beginning of year 26,857,423 24,140,518 139,228,422 190,226,363 6,655,527
Net position--end of year $ 27,314,967 $ 23,874,361 $ 145,780,008 $ 196,969,336 $ 9,177,015
The accompanying notes are an integral part of the basic financial statements.
55
CITY OF TIGARD,OREGON
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
for the year ended June 30,2021
Business-type Activities- Governmental
Enterprise Funds Activities-
Sanitary Internal
Sewer Stormwater Water Totals Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 14,377,912 $ 4,665,106 $ 24,278,977 $ 43,321,995 $ 19,198,790
Payments to suppliers (13,135,419) (2,879,856) (8,155,462) (24,170,737) (8,671,875)
Payments to employees (525,404) (809,696) (1,235,768) (2,570,868) (11,120,470)
Other receipts 146,612 11,177 118,473 276,262 244,876
Net cash provided(used)by operating activities 863,701 986,731 15,006,220 16,856,652 (348,679)
CASH FLOWS FROM NONCAPITAL
FINANCING ACTIVITIES
Intergovernmental revenue 15,871 26,207 42,142 84,220 344,989
Transfers to other funds (130,974) (285,745) (702,825) (1,119,544) (6,000)
Transfers from other funds 150,019 - - 150,019 1,839,881
Net cash provided(used)by noncapital financing
activities 34,916 (259,538) (660,683) (885,305) 2,178,870
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
System development revenue 126,567 75,877 2,054,999 2,257,443 -
Principal payments - - (5,995,861) (5,995,861) -
Interest payments - - (4,226,706) (4,226,706) -
Bond issuance costs - - (1,800,164) (1,800,164) -
Transfers in for capital assets 49,293 - 49,293 -
Acquisition of capital assets (768,128) (1,106,149) (1,070,433) (2,944,710) -
Net cash provided(used)by capital and related
financing activities (641,561) (980,979) (11,038,165) (12,660,705) -
CASH FLOWS FROM INVESTING ACTIVITIES
Investment in joint venture - - (764,740) (764,740) -
Interest earnings 37,574 41,558 228,449 307,581 46,161
Net cash provided(used)by investing activities 37,574 41,558 (536,291) (457,159) 46,161
Net increase(decrease)in cash
and investments 294,630 (212,228) 2,771,081 2,853,483 1,876,352
Cash and investments--beginning of the year 7,335,506 9,033,520 62,576,914 78,945,940 9,278,719
Cash and investments--end of the year $ 7,630,136 $ 8,821,292 $ 65,347,995 $ 81,799,423 $ 11,155,071
RECONCILIATION OF OPERATING INCOME(LOSS)TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income(loss) $ 71,998 $ (323,728) $ 9,881,202 $ 9,629,472 $ 296,457
Adjustments to reconcile operating income(loss)
to net cash provided by operating activities:
Cash flows reported in other categories:
Depreciation expense 892,448 715,146 5,296,843 6,904,437 -
Change in assets and liabilities:
Receivables (238,950) (132,447) (556,546) (927,943) (14,498)
Prepaid expenses - - - - (72,906)
Inventory (1,789) (1,789) (20,837) (24,415) 1,299
Accounts payable and accrued liabilities 137,590 727,547 425,022 1,290,159 96,879
Customer deposits - - (650) (650) (828,540)
Accrued compensated absences 839 (230) (21,641) (21,032) 142,215
OPEB liability 1,565 2,232 2,827 6,624 30,415
Net cash provided(used)by operating activities $ 863,701 $ 986,731 $ 15,006,220 $ 16,856,652 $ (348,679)
Non-cash capital and related financing activities:
Developer contributed sewer,stormwater and
water lines $ 186,489 $ 253,440 $ 140,995 $ 580,924 $ -
The accompanying notes are an integral part of the basic financial statements.
56
Fiduciary Fund
This fund accounts for resources received and held by the city in a fiduciary capacity. Disbursements from
this fund is made in accordance with the plan document agreement or the applicable Internal
Revenue Code Section.The accrual basis of accounting is used to record transactions in the pension trust
fund.
Pension Trust Fund—this fund accounts for the city's retirement plan for employees. The retirement plan
is a defined contribution plan 401(a).
57
58
CITY OF TIGARD,OREGON
STATEMENT OF FIDUCIARY NET POSITION
PENSION TRUST FUND
June 30,2021
ASSETS
Investments:
Restricted stable value fund $ 13,873,100
Restricted corporate bonds 8,382,480
Restricted corporate stocks 17,579,833
Total assets 39,835,413
NET POSITION
Restricted for pension benefits $ 39,835,413
The accompanying notes are an integral part of the basic financial statements.
59
CITY OF TIGARD,OREGON
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
PENSION TRUST FUND
for the year ended June 30,2021
ADDITIONS
Contributions-employer $ 2,775,406
Contributions-plan members 91,066
Investment income 8,478,947
Total additions 11,345,419
DEDUCTIONS
Benefit payments and withdrawals 3,419,993
Administrative expenses 48,002
Total deductions 3,467,995
Change in net position 7,877,424
Net position of assets held in trust for pension benefits:
Beginning of year 31,957,989
End of year $ 39,835,413
The accompanying notes are an integral part of the basic financial statements.
60
Notes to Basic
Financial Statements
61
62
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies
Financial Reporting Entity
The City of Tigard, Oregon under its Charter of 1961, is governed by an elected mayor and four
council members who comprise the City Council. The City Council appoints a City Manager, who
acts as the administrative head of government for the city.
The accompanying financial statements present the city (primary government) and its
component unit (the city's urban renewal agency), an entity for which the city is financially
accountable. Financial accountability is defined as the appointment of a voting majority of the
organization's governing board and where (1) the city is able to significantly influence the
programs or services performed or provided by the organization or (2) the city is legally entitled
to or can otherwise access the organization's resources. Blended component units, although
legally separate entities, are, in substance, part of the city's operations. Component units may
include organizations which are fiscally dependent on the city in that the city approves the
budget, issues debt or levies taxes. The city has two blended component units included in this
financial report.
Blended Component Unit
The Tigard Town Center Development Agency (TCDA), formerly the City Center Development
Agency, oversees and administers the city's two urban renewal areas: the City Center Urban
Renewal Area (CCURA) and the Tigard Triangle Urban Renewal Area (TTURA).
Voters authorized the CCURA in 2006. The plan's duration is 20 years with maximum
indebtedness of $22 million. In May 2021 the voters increased the duration to 29 years with a
maximum indebtedness of $42.8 million. In May 2017 the voters approved the creation of a
second urban renewal area,the TTURA,for 35 years with maximum indebtedness of$188 million.
The TTURA and the CCURA were created under the provisions of the Oregon Revised Statutes,
Chapter 457. The City of Tigard Council members serve as the TCDA's governing body.
The activities of the TCDA are included in the city's financial statements as a blended component
unit.The CCURA and the TTURA are part of a legally separate entity,which is governed by a board
comprised of the City Council members, as stipulated in the Tigard Municipal Code. The Council
has the ability to impose its will on the TCDA as determined based on budget adoption, taxing
authority, and funding.
The purpose of the TCDA is to undertake urban renewal projects and activities pursuant to the
city's adopted urban renewal plans. The financial results of the TCDA are reported herein as debt
service and capital project funds.The TCDA prepared a separate component unit financial report,
which is published on the city's website www.tigard-or.gov or a copy can be obtained from the
city's administrative offices at 13125 SW Hall Blvd, Tigard, Oregon 97223.
63
City of Tigard, Oregon
Notes to Basic Financial Statements
The city administers a single employer defined contribution plan (the Pension Plan) covering only
city employees who are not eligible to participate in OPERS. Named fiduciaries on the Pension
Plan are certain city management employees and the plan is fiscally dependent upon the city's
contributions. As a result, the Pension Plan is reported as a fiduciary fund in the city's financial
statements.
Joint Venture
The city has an ownership position in the Willamette Intake Facility (WIF) for the treatment and
distribution of water from the Willamette River. The WIF is a joint venture of the city and the
Tualatin Valley Water District and the cities of Wilsonville, Sherwood, Hillsboro and Beaverton.
The financial statements of the WIF may be obtained from Tualatin Valley Water District, Finance
Department, 1850 SW 170th Avenue, Beaverton, OR 97003. For more information on the WIF
joint venture see note 14.
Lake Oswego/Tigard Water Partnership
The city has entered into an intergovernmental agreement (IGA) with the City of Lake Oswego
for the Lake Oswego/Tigard Water Partnership (Partnership). The Partnership created a reliable
water system to deliver high-quality drinking water to the City of Tigard and the City of Lake
Oswego. The new water system replaced aging, vulnerable, at-capacity infrastructure with a
cutting-edge system designed to the highest seismic resiliency standards. For more information
on the Partnership see note 15.
Basic Financial Statements
Basic financial statements are presented at both the government-wide and fund financial level.
Both levels of statements categorize activities as either governmental or business-type.
Governmental activities, which are normally 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.
Government-wide financial statements display information on all of the non-fiduciary activities
of the city. For the most part, the effect of interfund activity has been removed from these
statements. These statements focus on the sustainability of the city as an entity and the change
in aggregate financial position resulting from the activities of the fiscal year. These aggregated
statements consist of the Statement of Net Position and the Statement of Activities.
The Statement of Activities demonstrates the degree to which the direct expenses of a given
function or segment is offset by program revenues. Direct expenses are those that are clearly
identifiable with a specific function or segment. 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.
64
City of Tigard, Oregon
Notes to Basic Financial Statements
Indirect expenses are recovered through internal service fund charges. These indirect expenses
are allocated based on a full-cost approach,thereby allocating indirect expenses among functions
with the objective of allocating all expenses.Taxes and other items not included among program
revenues are reported instead as general revenues.
Separate financial statements are provided for governmental funds, proprietary funds, and the
pension trust fund, even though the pension trust fund is 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.
Fund financial statements display information at the individual fund level. Each fund is considered
to be a separate accounting entity. Funds are classified and summarized as governmental,
proprietary, or fiduciary.
Currently, the city has governmental, proprietary, and fiduciary fund types. Nonmajor funds are
combined into a single column in the basic financial statements and are detailed in the
supplementary information.
Basis of Presentation
The financial transactions of the city are recorded in individual funds. Each fund is accounted for
by providing a separate set of self-balancing accounts that comprises its assets,deferred outflows
of resources, liabilities, deferred inflows of resources, fund equity, revenues and
expenditures/expenses.
Professional standards set forth minimum criteria (percentage of the assets, deferred outflows
of resources, liabilities, deferred inflows of resources, revenues or expenditures/expenses or
either fund category or the governmental and enterprise combined) for the determination of
major funds. The city may also elect to add major funds that city officials believe are particularly
useful to financial statement users. The city has elected to report the enterprise funds as major
funds in the current financial statements. Nonmajor funds are combined in a column in the fund
financial statements and detailed as supplementary information in the financial report.
Measurement Focus and Basis of Accounting
Measurement focus is a term used to describe which transactions are recorded within the various
financial statements. Basis of accounting refers to when transactions are recorded.
The financial statements of the city have been prepared in accordance with accounting principles
generally accepted in the United States of America (GAAP). GAAP statements include all relevant
GASB pronouncements. The city applies the provisions of all applicable GASB statements that
define requirements and the reporting model for the annual financial reports of state and local
governments. The city has recorded capital and certain other long-term assets and liabilities in
the Statement of Net Position, reported all revenues and the cost of providing services under the
65
City of Tigard, Oregon
Notes to Basic Financial Statements
accrual basis of accounting in the Statement of Activities, and uses the direct method of reporting
cash flows.
The government-wide, proprietary fund and fiduciary fund financial statements are presented
on a full accrual basis of accounting with an economic resource measurement focus.An economic
resource focus concentrates on an entity or fund's net position. All transactions and events that
affect the total economic resources (net position) during the period are reported. An economic
resources measurement focus is inextricably connected with full-accrual accounting. Under the
full accrual basis of accounting, revenues are recorded when earned and expenses are recorded
at the time liabilities are incurred, regardless of the timing of related cash inflows and outflows.
Governmental funds financial statements are presented on a modified accrual basis of
accounting with a current financial resource measurement focus. This measurement focus
concentrates on the fund's resources available for spending currently or in the near future. Only
transactions and events affecting the fund's current financial resources during the period are
reported.
Similar to the connection between an economic resource measurement focus and full accrual
accounting, a current financial resource measurement focus is inseparable from a modified
accrual basis of accounting. Under modified accrual 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 city considers revenues to be available if they are collected within
60 days of the end of the current fiscal year.
Property taxes, intergovernmental revenues and interest associated with the current fiscal
period are all considered to be susceptible to accrual and so have been recognized as revenues
of the current fiscal period. Only the portion of special assessments receivable due within the
current fiscal period is considered susceptible to accrual as revenue of the current period. All
other revenues are considered to be measurable and available only when cash is received by the
city.
A deferred inflow of resources, shown as unavailable revenue, arises in the governmental funds
balance sheet when potential revenue does not meet both the measurable and available criteria
for recognition in the current year.
This unavailable revenue consists primarily of uncollected property taxes and assessments not
deemed available to finance operation of the current period. In the government-wide Statement
of Activities, with a full accrual basis of accounting, revenue must be recognized as soon as it is
earned regardless of its availability. Thus, the liability created on the governmental fund balance
sheet for unavailable revenue is eliminated.
66
City of Tigard, Oregon
Notes to Basic Financial Statements
Similar to the way revenues are recorded, governmental funds only record those expenditures
that affect current financial resources. Principal and interest on general long-term debt is
recorded as a fund liability only when due, or to the extent that it is expected to be liquidated
with expendable financial resources. However, in the government-wide financial statements with
full accrual basis of accounting, all expenditures affecting the economic resource status of the
government must be recognized. Thus, the expense and related accrued liability for long-term
portions of debt, interest, other postemployment benefits and compensated absences must be
included.
Since the governmental fund statements are presented on a different measurement focus and
basis of accounting than the government-wide statements' governmental column, a
reconciliation is necessary to explain the adjustments needed to transform the fund-based
financial statements into the governmental column of the government-wide presentation. This
reconciliation is part of the basic financial statements.
Interfund activity consists of transfers,services provided and/or used, reimbursements,advances
and loans. 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
enterprise and various other city functions. 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. 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 non-operating 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 Sanitary Sewer, Stormwater, and Water Funds are
charges to customers for sales and services. The Sanitary Sewer, Stormwater, and Water Funds
recognize fees intended to recover the cost of connecting new customers to the city's utility
systems as non-operating revenues. Operating expenses for enterprise funds include the cost of
sales and services, administrative expenses and overheads, and depreciation on capital assets.
All revenues and expenses not meeting this definition are reported as non-operating revenues
and expenses.
The fiduciary fund accounts for the resources held by the city in a custodial capacity, on behalf of
the employees of the city.
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City of Tigard, Oregon
Notes to Basic Financial Statements
New Accounting Pronouncements and Accounting Standards
During the fiscal year ended June 30, 2021, the city implemented the following GASB
pronouncements:
GASB Statement No. 84, Fiduciary Activities
Issued January 2017, this statement establishes criteria for identifying fiduciary activities of all
state and local governments.This statement is effective for the city for the fiscal year ended June
30, 2021.
Management has determined that there is no impact to the city's current financial accounting
and reporting for the types of transactions identified in this statement.
GASB Statement No. 90, Majority Equity Interests
Issued August 2018, the primary objective of this statement is to improve the consistency and
comparability of reporting a government's majority equity interest in a legally separate
organization; and to improve the relevance of financial statement information for certain
component units. This statement is effective for the city for the fiscal year ended June 30, 2021.
Management has determined that there is no impact to the city's current financial accounting
and reporting for the types of transactions identified in this statement.
The following pronouncements have been issued by the Governmental Accounting Standards
Board (GASB) but not yet implemented by the city:
GASB Statement No. 87, Leases
This Statement was issued June 2017 to better meet the information needs of financial statement
users by improving accounting and financial reporting for leases by governments and increases
the usefulness of governments' financial statements. Under this Statement, a lessee is required
to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to
recognize a lease receivable and a deferred inflow of resources,thereby enhancing the relevance
and consistency of information about governments' leasing activities. GASB Statement No. 87
will be effective for the city for fiscal year ending June 30, 2022.
GASB Statement No. 91, Conduit Debt Obligations
This statement was issued May 2019, this Statement establishes accounting requirements for
conduit debt obligations by issuers. The objectives of this Statement are to eliminate diversity in
practice associated with (1) commitments extended by issuers, (2) arrangements associated with
conduit debt obligations, and (3) related note disclosures. GASB Statement No. 91 will be
effective for the city for the fiscal year ending June 30, 2023.
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City of Tigard, Oregon
Notes to Basic Financial Statements
GASB Statement No. 92, Omnibus 2020
This statement was issued January 2020, this Statement enhances comparability and financial
reporting to improve the consistency of authoritative literature to address practice issues that
have been identified during implementation and application of certain GASB Statements. This
Statement addresses a variety of topics including issues related to leases implementation,
derivative instruments, postemployment benefits (pensions and other postemployment benefits
[OPEB]), asset retirement obligations, risk pool and fair value measurements. Specifically, this
Statement addresses the following topics:
• The effective date of Statement No. 87, Leases, and Implementation Guide No 2019-3,
Leases, for interim financial reports
• Reporting of intra-entity transfers of assets between a primary government employer and
a component unit defined benefit pension plan or defined benefit other postemployment
benefit (OPEB) plan
• The applicability of Statement No. 73, Accounting and Financial Reporting for Pensions
and Related Assets That Are Not within the Scope of GASB Statement 68, and
Amendments to Certain Provisions of GASB Statements 67 and 68, as amended, and No.
74, Financial Reporting for Postemployment Benefit Plans Other Than Pension Plans, as
amended, to reporting assets accumulated for postemployment benefits
• The applicability of certain requirements of Statement No. 84, Fiduciary Activities, to
postemployment benefit arrangements
• Measurement of Liabilities (and assets, if any) related to asset retirement obligations
(AROs) in a government acquisition
• Reporting by public entity risk pools for amounts that are recoverable from reinsurers or
excess insurers
• Reference to nonrecurring fair value measurements of assets or liabilities in authoritative
literature
• Terminology used to refer to derivative instruments
GASB Statement No. 92 will be effective for the city for the fiscal year ending June 30, 2022.
GASB Statement No. 93, Replacement of Interbank Offered Rates(IBOR)
This Statement was issued March 2020 to address accounting and financial reporting implications
that result from the replacement of an IBOR. This Statement is:
• Providing exceptions for certain hedging derivative instruments to the hedge accounting
termination provisions when an IBOR is replaced as the reference rate of the hedging
derivative instrument's variable payment
• Clarifying the hedge accounting termination provisions when a hedged item is amended
to replace the reference rate
• Clarifying that the uncertainty related to the continued availability of IBORs does not, by
itself, affect the assessment of whether the occurrence of a hedged expected transaction
is probable
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City of Tigard, Oregon
Notes to Basic Financial Statements
• Removing the London Interbank Offered Rate (LIBOR) as an appropriate benchmark
interest rate for the qualitative evaluation of the effectiveness of an interest rate swap
• Identifying a Secured Overnight Financing Rate and the Effective Federal Funds Rate as
appropriate benchmark interest rates for the qualitative evaluation of the effectiveness
of an interest rate swap
• Clarifying the definition of reference rate, as it is used in Statement 53, as amended
• Providing an exception to the lease modifications guidance in Statement 87, as amended,
for certain lease contracts that are amended solely to replace an IBOR as the rate upon
which variable payments depend
GASB Statement No. 93 will be effective for the city for the fiscal year ending June 30, 2022.
GASB Statement No. 94, Public-Private and Public-Public Partnership and Availability Payment
Arrangements
This Statement was issued March 2020 to improve financial reporting by addressing issues
related to public-private and public-public partnership arrangements (PPPs). It also provides
guidance for accounting and financial reporting for availability payment arrangements (APAs).
GASB Statement No. 94 will be effective for the city for the fiscal year ending June 30, 2023.
GASB Statement No. 96,Subscription-Based Information Technology Arrangements (SBITAs)
This statement was issued May 2020 to provide guidance on the accounting and financial
reporting for subscription-based information technology arrangements for government end
users (governments). This statement (1) defines a SBITA; (2) establishes that a SBITA results in a
right-to-use subscription asset - an intangible assets - and a corresponding subscription liability;
(3) provides the capitalization criteria for outlaw other than subscription payments, including
implementation costs of a SBITA; and (4) requires note disclosures regarding a SBITA. GASB
Statement No. 96 will be effective for the City for the fiscal year ending June 30, 2023.
GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial
Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans - an
amendment of GASB Statement No. 14 and No. 84, and a supersession of GASB Statement No.
32
This Statement was issued June 2020. The primary objectives are to (1) increase consistency and
comparability related to the reporting of fiduciary component units in circumstances in which a
potential component unit does not have a governing board and the primary government
performs the duties that a governing board typically would perform; (2) mitigate costs associated
with the reporting of certain defined contribution pension plans, defined contribution other
postemployment benefit (OPEB) plans, and employee benefit plans other than pension plans or
OPEB plans(other employee benefit plans)as fiduciary component unit in fiduciary fund financial
statement; and (3) enhance the relevance, consistency, and comparability of the accounting and
financial reporting for Internal Revenue Code (IRC) Section 457 deferred compensation plans
(Section 457 plans)that meets the definition of a pension plan and for benefits provided through
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City of Tigard, Oregon
Notes to Basic Financial Statements
those plans. GASB Statement No. 97 will be effective for the city for the fiscal year ending June
30, 2022.
The city will implement new GASB pronouncements no later than the required effective date.
The city is currently evaluating whether or not the above listed new GASB pronouncements will
have a significant impact to the city's financial statements.
Assets, Deferred Outflows/Inflows of Resources, Liabilities, and Net Position/Fund Balance
Cash and Investments
Cash and cash equivalents are generally considered short-term, highly liquid investments with a
maturity of three months or less from the purchase date. The city's cash and cash equivalents
consists of cash on hand, demand deposits and cash deposits that are held in an investment pool,
Local Government Investment Pool, that has the general characteristic of a demand deposit
account (deposits of additional cash may be made at any time and cash may be withdrawn at any
time without prior notice or penalty). Interest earned on cash and cash equivalents is allocated
monthly based on each fund's average cash balance as a proportion of the city's total.
For purposes of the statement of cash flows, the city considers the proprietary funds' cash and
cash equivalents to be cash on hand, demand deposits and cash deposits that are held in an
investment pool with original maturities of three months or less.
Investments are recorded at fair value in accordance with GASB Statement No. 72, Fair Value
Measurement and Application. Accordingly, the change in fair value of investments is recognized
as an increase or decrease to investment assets and investment income. Interest earned on
investments is allocated monthly based on each fund's average cash balance as a proportion of
the city's total cash and investments.
The city reports cash with fiscal agent and certain cash and investments as restricted because
their use is limited by parties external to the city. Restrictions may be from bond proceeds,
imposed by creditors, other governments, laws and/or enabling legislation.
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.
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 "Advances to/Advances from other funds". Any
residual balances outstanding between the governmental activities and business-type activities
are reported in the government-wide financial statements as "internal balances."
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City of Tigard, Oregon
Notes to Basic Financial Statements
Property taxes are levied and become a lien on July 1. Collection dates are November 15,
February 15, and May 15 following the lien date. Discounts are allowed if the amount due is
received by November 15 or February 15. Taxes unpaid and outstanding on May 16 are
considered delinquent.
The city also has receivables outstanding for assessments on private property.These assessments
include street and sidewalk improvements, sewer line installations and deferral of certain impact
fees (system development charges).
Proprietary fund receivables are recorded as revenue when earned, including services earned but
not billed. The receivables of proprietary funds include billing for residential and commercial
customers utilizing the city's water, sanitary sewer and stormwater management services.
The city's receivables, including property taxes,assessments and proprietary fund receivables are
deemed to be substantially collectible. Tax and assessments receivable can be recovered through
foreclosure on the subject property. Services can be disconnected if proprietary fund receivables
remain unpaid. Accordingly, no allowance for doubtful accounts is deemed necessary for these
receivables. The city records a receivable and related allowance for municipal court accounts
receivable.
Accounts payable to vendors and contractors include general accounts payable, retainage
payable, deposits payable and other accrued liabilities not included in short-term or long-term
liabilities.
Inventories and Prepaids
Inventories of parts, materials and supplies are stated at cost on the first-in,first-out basis, in the
proprietary funds. The consumption method is used in accounting for inventory for all funds on
the budgetary basis.The consumption method is used for the government-wide presentation as
well as the proprietary funds and business-type activities.
Certain payments to vendors reflect costs applicable to future accounting periods and are
recorded as prepaids in both government-wide and fund financial statements using the
consumption method. Payments classified as prepaid are primarily items that are being
amortized such as prepaid insurance.
Property Held for Resale
Property held for resale is recorded as an asset and includes land and building inventory stated
at the lower of cost or market. At year-end no reductions in value were necessary, therefore
recorded amounts were equal to original cost.
72
City of Tigard, Oregon
Notes to Basic Financial Statements
Capital Assets
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads,
pathways, streetlights, etc.) are reported in the applicable governmental or business-type
activities columns in the government-wide financial statements, and in the proprietary fund
statements.
Capital assets are charged to expenditures as purchased or constructed in the governmental fund
statements and capitalized in the proprietary fund statements. Capital assets are recorded at
historical cost or estimated historical cost. Donated assets, donated works of art and similar
items,and capital assets received in a service concession arrangement are recorded at acquisition
value.
Capital assets are defined by the city as assets with an initial, individual cost of $5,000 or more,
and an estimated useful life of greater than one year. Additions or improvements and other
capital outlays that significantly extend the useful life of an asset, or that significantly increase
the capacity of an asset are capitalized. Other costs for repairs and maintenance are expensed as
incurred.
Depreciation on exhaustible assets is recorded as an allocated expense in the Statement of
Activities with accumulated depreciation reflected in the Statement of Net Position and is
provided on the straight-line basis over the following estimated useful lives:
Asset Years
Buildings and improvements 25-40
Improvements other than buildings 10-20
Machinery and equipment 5-10
Autos and trucks 5-10
Infrastructure 20-40
Deposits
In general deposits represent developer funds collected by the city, primarily when issuing
permits for new construction and infrastructure development. Various funds report deposits,
including the General Fund, Gas Tax Fund, Electrical Inspection Fund, Building Fund, Urban
Forestry Fund, Stormwater Fund, Water Fund, and Urban Renewal Agency Capital Improvement
Fund. Deposits are held by the city until the obligations for the projects have been completed or
forfeited for non-compliance with development requirements as determined by city inspection
staff.
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City of Tigard, Oregon
Notes to Basic Financial Statements
Unearned Revenues
Unearned revenues will be recognized as revenue in the fiscal year they are earned in accordance
with the accrual basis of accounting. Revenue is considered earned when all eligibility criteria are
met, and the amount is measurable.
Deferred Outflows/Inflows of Resources
Deferred outflows of resources represent a consumption of net position that applies to a future
period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until
then. Deferred outflows of resources follow assets on the Statement of Net Position.
Deferred inflows of resources represent an acquisition of net position that applies to a future
period(s) and therefore will not be recognized as an inflow of resources (revenue) until that time.
In the Statement of Net Position,this includes resources that are received before the city has met
eligibility requirements related to time. In the governmental fund financial statements, deferred
inflows of resources include revenues that are measurable but not available.
For purposes of measuring the net pension (asset) liability, deferred outflows of resources and
deferred inflows of resources related to pensions, and pension expense, information about the
fiduciary net position of the Oregon Public Employees Retirement System (OPERS) and additions
to/deductions from OPERS's fiduciary net position have been determined on the same basis as
they are reported by OPERS. For this purpose, benefit payments (including refunds of employee
contributions) are recognized when due and payable in accordance with the benefit terms.
Accrued Compensated Absences
It is the city's policy to permit employees to accumulate earned but unused vacation and sick pay
benefits. There is no liability for unpaid accumulated sick leave, since the city does not have a
policy to pay any amounts when employees separate from the city.Vacation pay is accrued when
incurred in the government-wide and proprietary fund financial statements. A liability for these
amounts is reported in the governmental funds only when it has matured, for example, as result
of employee resignations or retirements.
Long-Term Debt
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 in the
Statement of Net Position. Bond premiums and discounts are deferred and amortized over the
life of the bonds. Bonds payable are reported net of the applicable bond premium or discount.
Bond issuance costs are treated as period costs in the year of issue.
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
issued is reported as other financing sources while premiums and discounts on debt issuances
74
City of Tigard, Oregon
Notes to Basic Financial Statements
are reported as other financing sources and uses, respectively. Issuance costs, whether or not
withheld from the actual debt proceeds received, are reported as debt service expenditures.
Other Post-Employment Benefits (OPEB)
The city's total OPEB liability is recognized as a long-term liability in the government-wide
financial statements, the amount of which is actuarially determined.
Net Pension Liability
The city reports its proportionate share of the Net Pension Liability of the Oregon Public
Employees Retirement System (OPERS). A negative Net Pension Liability is reported as a Net
Pension Asset. The net pension asset/liability is measured as the portion of the present value of
projected benefits payment to be provided through the pension plan to current active and
inactive qualifying employees that is attributed to those employees past periods of service less
the amount of the pension plan's fiduciary net position.
Contributions
Capital contributions from developers are credited to contribution revenue and the related
capital assets are recorded in the government-wide financial statements.
Fund Balances and Net Position
In the fund financial statements, the fund balance for governmental funds is reported in a
hierarchy of classifications based primarily on the extent to which the government is bound to
honor constraints on the specific purposes for which amounts in those funds can be spent. The
city reports fund balances in the following categories:
Nonspendable for resources that cannot be spent because they are either in a nonspendable
form or legally or contractually required to be maintained intact. Resources in nonspendable
form include inventories, prepaids, deposits, advances from internal loans and property
assets held for resale.
Restricted for amounts with constraints placed on the use of resources are either (1)
externally imposed by creditors (such as through debt covenants), grantors, contributors,
laws or regulations of other governments; or (2) imposed by law through constitutional
provisions or enabling legislation.
Committed for amounts that City Council passes an ordinance or council resolution, a formal
action made by the entity's highest level of decision-making authority, which places specific
constraints on how the resources may be used. Resolutions and ordinances are considered
equally binding in that the City Council can modify or rescind the ordinance or resolution at
any time through passage of an additional ordinance or resolution.
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City of Tigard, Oregon
Notes to Basic Financial Statements
Assigned for resources that are constrained by the government's intent to use them for a
specific purpose, but are neither restricted nor committed, are reported as assigned fund
balance. The City Council expresses their intent to use a resource for a specific purpose by
including that resource in the adopted annual budget for funds outside of the General Fund.
Assigned fund balances are not reported in the General Fund as the city has not established
a policy regarding the assignment of funds.
Unassigned fund balance is the residual classification for the General Fund.This classification
represents fund balance that is not assigned, committed, restricted or nonspendable within
the General Fund. This classification is also used to report any deficit fund balance amounts
in other governmental funds.
When an expenditure is incurred for purposes for which both restricted and unrestricted fund
balance is available,the city considers restricted amounts to have been spent. Likewise,when
an expenditure is incurred for purposes for which either committed or assigned fund balance
is available, the city considers committed or assigned amounts to have been spent.
Net Position
On the government-wide Statement of Net Position, the proprietary funds' Statement of Net
Position, and the fiduciary funds' Statement of Fiduciary Net Position, net position is
segregated into restricted and unrestricted balances. Restrictions are limitations on how the
net position may be used. Restrictions may be placed on net position by an external party
that provided the resources, by enabling legislation or by the nature of the asset.
The net investment in capital assets component of net position represents total capital assets
less accumulated depreciation, less debt directly related to capital assets. This amount is
reported on the Statement of Net Position and in the financial statements for Proprietary
Fund types.
Use of Estimates
In preparing the city's financial statements, management is required to make estimates and
assumptions that affect the reported amounts of assets and liabilities, the disclosure of
contingent assets and liabilities 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.
Fund Types
The city's financial operations are accounted for in the following funds:
Governmental funds
Governmental funds finance most governmental functions of the city. The acquisition, use and
balances of the city's expendable financial resources and the related liabilities, excluding those
76
City of Tigard, Oregon
Notes to Basic Financial Statements
accounted for in proprietary funds, are accounted for through governmental funds. The
measurement focus is upon determination of changes in current financial resources, rather than
upon net position determination. The following is the city's major governmental fund:
General Fund - This fund accounts for the city's general operations. It is used to account
for all transactions not specifically required to be accounted for in the city's other funds.
Proprietary funds
Proprietary funds are used to account for the acquisition, operation and maintenance of sewer,
storm drainage, and water systems in the city. These funds are entirely or predominantly self-
supported through user charges to customers. The measurement focus is upon net income
determination, rather than upon determination of changes in current financial resources. The
following enterprise funds are the city's major proprietary funds:
Enterprise funds:
Sanitary Sewer Fund -This fund accounts for the city's sewer utility operations.
Stormwater Fund — This fund accounts for the city's storm drainage operations which
consists of the following two budgetary funds: Stormwater Fund and Water
Quality/Quantity Fund.
Water Fund - This fund accounts for the city's water operations which consists of the
following four budgetary funds: Water Fund, Water SDC Fund, Water CIP Fund and Water
Debt Service Fund.
Additionally, the city reports the following fund types:
Nonmajor governmental funds:
Special Revenue funds account for restricted or committed revenues for specific purposes.
Debt Service funds account for the accumulation of resources to pay principal and interest
on the city's long-term obligations.
Capital Projects funds account for the accumulation of resources for construction or
acquisition of facilities and equipment.
Internal service funds
Internal service funds account for goods and services provided by one city department to
another on a cost reimbursement basis. The internal service funds account for the activities of
health insurance for employees, liability insurance, workers' compensation insurance, facilities
and fleet and support and administrative services.
77
City of Tigard, Oregon
Notes to Basic Financial Statements
Fiduciary Fund
Fiduciary funds focus on net position and changes in net position. The city's fiduciary fund is
the defined contribution pension plan for the benefit of employees.
2. Stewardship, Compliance and Accountability
Budgetary information
A budget is prepared for each fund, except for the Pension Trust Fund, under the modified
accrual basis of accounting used by governmental funds, which is in accordance with the legal
requirements of Oregon local budget law.
The resolution authorizing appropriations sets the maximum level of expenditures for each fund
and may not legally be over expended. Appropriations lapse at the end of each fiscal year.
Appropriations are made at the major program level for each fund, for example, Community
Services, Public Works, Community Development, Policy and Administration, Debt Service,
Capital Improvements and Contingency. The detail budget document is required to contain
more detailed information for the above-mentioned expenditure categories.
After budget approval, the City Council may approve supplemental budgeted appropriations if
an occurrence, condition, or need exists which had not been ascertained at the time the budget
was adopted. A supplemental budget may require hearings before the public, publications in
newspapers and approval by the City Council. Original and supplemental budgets may be
modified by the use of appropriations transfers between the levels of control. Such transfers
require approval by the City Council. Management may not amend the budget without council
approval.The City Council approved four supplemental budgets throughout the fiscal year.
Oregon state law requires disclosure of fund expenditures in excess of budgeted appropriations.
However, local budget law exempts reporting of over appropriations for a variety of situations
related to the issuance, repayment and refunding of bonds as defined in ORS 294.338(3-5).This
includes bonds issued under revenue bond authority as defined in ORS 287A.360 to 287A.380.
Additionally, any outstanding obligation related to an approved bond redemption, in a prior
adopted budget period as defined in ORS 294.338(3)(B)(iii) is also exempt.
For GAAP presentation, the transfers from non-operating funds for services provided by the
internal service funds and the General Fund are considered revenues and
expenses/expenditures, as appropriate, but may be considered to be interfund transfers for
budgetary purposes.
Expenditures in Excess of Appropriations and Deficit Fund Balance
Oregon state law requires disclosure of fund expenditures in excess of budgeted appropriations.
For the year-ended June 30, 2021, expenditures exceeded appropriations in the Sanitary Sewer
fund by $254,379 and in the Tigard Triangle debt service fund by $5,040. The Sanitary Sewer
78
City of Tigard, Oregon
Notes to Basic Financial Statements
fund over expenditure was due to a franchise fee payments to the general fund and the Tigard
Triangle over expenditure was due to the interest payable not being sufficiently budgeted. The
over expenditures were covered by charges for services and interest earnings for the year.
The Tigard Triangle Capital Improvements fund reported a deficit fund balance $122,328 on a
GAAP basis as June 30, 2021. This deficit is due to internal loans from the General Fund that
have been spent on activities in the triangle urban renewal area. The loans or advances are
repaid over time with future revenues from tax increment collections. For additional details on
advances and interfund transactions see Note 7.
3. Cash and Investments
The city maintains a cash and investment pool that is available for use by all funds except the
Pension Trust Fund. Each fund type's portion of this pool is displayed on the combined balance
sheet as "cash and investments". Unrestricted and restricted cash and investments for the
primary government are reported in governmental and business-type activities. Restricted
balances reported in cash and investments are restricted by legal or contractual requirements.
Restricted investments reported in fiduciary activities represent the Pension Trust Fund. These
investments are for the city's defined contribution plan and held separately from city funds and
managed by a third party.
Cash and investments, restricted and unrestricted, at June 30, 2021:
Primary Fiduciary
Type Government Activities Total
Deposits with financial institutions $ 8,971,028 $ - $ 8,971,028
Money markets 6,146,817 - 6,146,817
Cash deposits 15,117,845 - 15,117,845
Cash with fiscal agent 308,230 - 308,230
Petty cash/cash on hand 9,671 - 9,671
Total cash 15,435,746 - 15,435,746
State Investment Pool (LGIP) 175,782,247 - 175,782,247
Asset allocation/stable value fund - 13,873,100 13,873,100
Corporate bonds 14,291,940 8,382,480 22,674,420
Corporate stocks - 17,579,833 17,579,833
Total investments 190,074,187 39,835,413 229,909,600
Total cash and investments $ 205,509,933 $ 39,835,413 $245,345,346
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City of Tigard, Oregon
Notes to Basic Financial Statements
Governmental Business Type Fiduciary
Total
Activities Activities Activities
Cash and investments $ 47,205,548 $ 61,145,003 $ - $ 108,350,551
Restricted cash and investments 76,504,962 20,654,420 39,835,413 136,994,795
Total cash and investments $ 123,710,510 $ 81,799,423 $ 39,835,413 $ 245,345,346
Deposits
Custodial Credit Risk. There is a risk that, in the event of a bank failure, the city's deposits may
not be returned. The city's deposit policy is in accordance with Oregon Revised Statutes (ORS)
295. Cash with financial institutions include bank demand deposits and bank money market
accounts.The combined total book balance at June 30, 2021 was$15,117,845 and the total bank
balance is $14,952,149. Of these deposits, $500,000 was covered by federal depository
insurance and $14,452,149 was collateralized in accordance with ORS 295. The Federal
Depository Insurance Corporation (FDIC) provides deposit insurance up to $250,000 for each
institution.
Institutions with deposits in excess of FDIC coverage participate in the Oregon Public Funds
Collateralization Program (PFCP) as defined in Oregon Revised Statutes (ORS) 295. This provides
additional protection for public funds in the event of a bank failure, although it does not
guarantee 100 percent protection. The Office of the State Treasurer categorizes the financial
institutions in Oregon.
Based on that categorization, banks must pledge collateral valued at between 10 percent and
110 percent of their public fund deposits. In the event of a bank failure, the entire pool of
collateral pledged by all qualified Oregon public funds bank depositories is available to repay
deposits of public funds of government entities. The Office of the State Treasurer maintains a
list of qualified financial institutions for the deposit of public funds in excess of FDIC insurance.
The financial institutions holding city deposits are noted on the State Treasurer's qualified list.
In addition, the city's policy states bank deposits of any one qualified financial institution shall
not exceed 1 percent of the institution's total assets. The city is in compliance with this policy
at year-end.
Investments
For an investment, this 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 an outside party.All of the city's investments, except for the State of Oregon Local
Government Investment Pool (LGIP), are held in safekeeping by the financial institution in the
city's name. The city's investment policy, which adheres to State of Oregon law, states bank
deposits with any one qualified institution shall not exceed 20 percent of the portfolio.
State statutes authorize the city to invest primarily in general obligations of the U.S.government
and its agencies, certain bonded obligations of Oregon municipalities, bank repurchase
80
City of Tigard, Oregon
Notes to Basic Financial Statements
agreements, bankers'acceptances,certain commercial paper and corporate bonds and the LGIP.
Annually, the city adopts an investment policy in connection with the budget process.
The LGIP is administered by the Oregon State Treasury. The LGIP is an open-ended no-load
diversified portfolio offered to any agency, political subdivision or public corporation of the State
who by law is made the custodian of, or has control of, any fund. The LGIP is commingled with
the State's short-term funds. In seeking to best serve local governments of Oregon, the Oregon
Legislature established the Oregon Short-Term Fund Board, which is not registered with the U.S.
Securities and Exchange Commission as an investment company. The fair value of the city's
position is the same as the value of the city's pool shares. The purpose of the Board is to advise
the Oregon State Treasury in the management and investment of the LGIP. The Oregon Audits
Division of the Secretary of State's Office audits the LGIP annually.
At June 30, 2021, the city's fair value in the LGIP was $175,782,247. Financial statement for the
Oregon Short-Term Fund can be found on line at:
http://www.oregon.gov/treasury/Divisions/Investment/Pages/Oregon-Short-Term-Fund-
(OSTF).aspx
In accordance with the implementation of GASB Statement No. 72, Fair Value Measurement and
Application, the city categorizes its fair value measurements within the fair value hierarchy
established by generally accepted accounting principles. These inputs to valuation techniques
are categorized into a fair value hierarchy consisting of three broad levels for financial statement
purposes as follows:
Level 1 - unadjusted price quotations in active markets/exchanges for identical assets or
liabilities that each Fund has the ability to access.
Level 2 - other observable inputs (including, but not limited to, quoted prices for similar assets
or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities
in markets that are not active, inputs other than quoted prices that are observable for the assets
or liabilities (such as interest rates, yield curves, volatilities, loss severities, credit risks and
default rates) or other market-corroborated inputs).
Level 3 - unobservable inputs based on the best information available in the circumstances, to
the extent observable inputs are not available (including each Fund's own assumptions used in
determining the fair value of investments).
The hierarchy gives the highest priority to unadjusted quoted prices in active markets for
identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable
inputs (Level 3 measurements). Accordingly, the degree of judgment exercised in determining
fair value is greatest for instruments categorized in Level 3. The inputs used to measure fair
value may fall into different levels of the fair value hierarchy. In such cases, for disclosure
purposes, the fair value hierarchy classification is determined based on the lowest level input
that is significant to the fair value measurement in its entirety.
81
City of Tigard, Oregon
Notes to Basic Financial Statements
The categorization of a value determined for investments is based on the pricing transparency
of the investments and is not necessarily an indication of the risks associated with investing in
those securities.
The city has the following investments and recurring fair value measurements as ofJune 30,2021:
Fair Value
Fair Value Measurement
Primary Government
Amortized Cost Not
Local Government Investment Pool (LGIP) $ 175,782,247 Measured at Fair Value
Corporate Bonds 14,291,940 Level 2
Total Primary Government investments 190,074,187
Fiduciary Activities
Asset allocation/stable value fund 13,873,100 Level 2
Corporate bonds 8,382,480 Level 2
Corporate stocks 17,579,833 Level 1
Total Fiduciary Activities investments 39,835,413
Total Investments $ 229,909,600
The LGIP includes investments in external investment pools and does not meet the
requirements for "leveling" disclosures as established in GASB Statement No. 72. Therefore,
fair value of the LGIP is determined by the pool's underlying portfolio.
The city's Pension Trust Fund accounts for the defined contribution pension plan for eligible
employees.The employees direct the investment options within the plan. Funds invested in the
plan are for the sole benefit of the employee and therefore restricted. At June 30, 2021 the
total restricted investments in the pension plan were $39,835,413. The value of the pension
plan's investments at year-end are measured at fair value by a third-party custodian based on
the net asset value of the individual mutual funds.
Interest rate risk. Interest rate risk is the risk that the value of a debt security may fall when
interest rates rise. In general, the market price of debt securities with longer maturities will go
up or down in response to changes in interest rates more than the market price of shorter-term
securities. Additionally, securities issued or guaranteed by the U.S. Government, its agencies,
instrumentalities and sponsored enterprises have historically involved little risk of loss of
principal if held to maturity. However, due to fluctuations in interest rates, the market value of
such securities may vary prior to maturity.
In accordance with its investment policy, the city manages its exposure to declines in fair value
by limiting the individual maturities in its investment portfolio to eighteen months or less. The
city's investment policy states that at least 30 percent of the portfolio can have maturities less
than ninety days and up to 20 percent of the portfolio can have maturities from eighteen months
to thirty-six months. Per the policy, no investments will be made for a period to exceed thirty-
82
City of Tigard, Oregon
Notes to Basic Financial Statements
six months. The city does not actively trade investments, usually holding them to maturity. The
city was in compliance with its policy at year-end.
At June 30, 2021, the city had the following investments and maturities at fair value:
Weighted
Average
Maturity
Risk (in
Investment Type Fair Value Concentration months)
Primary Government
Local Government Investment Pool (LGIP) * $ 175,782,247 76.6% < 1
Corporate Bonds 14,291,940 6.2% 1.28
Total Primary Government investments 190,074,187 82.8%
Fiduciary Activities
Asset allocation/stable value fund 13,873,100 6.0% N/A
Corporate bonds 8,382,480 3.6% **
Corporate stocks 17,579,833 7.6% N/A
Total Fiduciary Activities investments 39,835,413 17.2%
Total Investments $ 229,909,600 100.0%
Portfolio weighted average maturity 1.32
* LGIP is considered an investment per the city's investment policy. For financial reporting, LGIP
is considered cash and cash equivalents due to the liquid nature of the accounts.
** Maturity information not available for Fiduciary Activities.
Concentration of credit risk: Concentration of credit risk is the risk of loss attributed to the
magnitude of a government's investment in a single issuer. The city's policy for investing in
individual issuers varies depending on the type of investments. Following are maximum
instrument diversification per city policy.At year-end the city was in compliance with this policy.
• U.S. Agency securities are restricted to no more than 90 percent.
• Certificates of deposit are restricted to no more than 25 percent.
• Corporate bonds are restricted to no more than 35 percent. In addition, investments in
corporate bonds of any one issuer may not exceed 5 percent of the investment portfolio.
Credit risk:The city's policy, which adheres to State of Oregon law, is to limit its Corporate and
Municipal investments to the following: Issuers within Oregon must be rated "A" (bonds) or A-
2 / P-2 (commercial paper) or better by Standard and Poor's, Moody's Investors Service or any
83
City of Tigard, Oregon
Notes to Basic Financial Statements
other nationally recognized statistical rating organization. Issuers not in Oregon must be rated
AA/Aa (bonds) or A-1/ P-1 (commercial paper) or better.
At June 30, 2021 the city's investments were rated as follows:
% of Fair
Investment Type Moody's S & P Fitch Fair Value Value
Primary Government
State Investment Pool (LGIP) N/R N/R N/R $ 175,782,247 76.6%
Corporate Bonds A2 N/R N/R 5,109,800 2.2%
Corporate Bonds A2 N/R N/R 4,086,640 1.8%
Corporate Bonds Al A+ N/R 5,095,500 2.2%
Total Primary Government investments 190,074,187 82.8%
Fiduciary Activities
Asset allocation/stable value fund 13,873,100 6.0%
Corporate bonds 8,382,480 3.6%
Corporate stocks 17,579,833 7.6%
Total Fiduciary Activities investments 39,835,413 17.2%
Total Investments $ 229,909,600 100.0%
Rating agency information not available for Fiduciary Activities.
84
City of Tigard, Oregon
Notes to Basic Financial Statements
4. Accounts Receivable
Accounts receivable as of June 30, 2021 for the city's individual major fund, nonmajor and
internal service funds in the aggregate, including the applicable allowances for uncollectible
accounts are noted below:
Allowance
Gross for Doubtful Receivables,
Accounts Taxes Assessments Receivables Accounts Net
Governmental Activities
General $ 6,002,328 $ 283,860 $ - $ 6,286,188 $ (2,361,246) $ 3,924,942
Nonmajor governmental 2,592,719 66,056 126,502 2,785,277 - 2,785,277
Internal service 41,635 - - 41,635 - 41,635
$ 8,636,682 $ 349,916 $ 126,502 $ 9,113,100 $ (2,361,246) $ 6,751,854
Business-Type Activities
Sanitary sewer $ 2,247,483 $ - $ - $ 2,247,483 $ - $ 2,247,483
Stormwater 764,133 - - 764,133 - 764,133
Water 3,742,552 - - 3,742,552 - 3,742,552
$ 6,754,168 $ - $ - $ 6,754,168 $ - $ 6,754,168
Total receivables $ 13,506,022
Shown on the Statement of Net Positions as:
Accounts receivable, net $ 13,029,604
Property taxes receivable 349,916
Assessment liens receivable 126,502
$ 13,506,022
Under State of Oregon statutes, municipal court receivables are valid for ten years and are then
renewable for another ten years. According to city policy, these receivables are turned over to
an external collection agency after approximately 180 days. Historical collection percentages
average about 25 percent. Accordingly, at June 30, 2021, $3,148,326 was outstanding for
municipal court receivables with a related allowance for doubtful accounts of$2,361,246.
Assessment liens receivable represent the uncollected amounts levied against benefited
property for the cost of local capital improvements. Because the assessments are liens against
the benefited property, an allowance for uncollectible amounts is not deemed necessary.
Substantially all assessments are payable over a period of 10 to 20 years. Assessments bear
interest from 5.2 to 9.4 percent. At June 30, 2021, the portion of the assessments receivable
balance that represents delinquent accounts is insignificant.
85
City of Tigard, Oregon
Notes to Basic Financial Statements
5. Capital Assets
Capital asset activity for governmental activities for the year ended June 30, 2021 was as follows:
Balances Balances
Governmental activities June 30,2020 Additions Deletions Transfers June 30,2021
Non-depreciable:
Land $ 26,380,089 $ 357,337 $ - $1,863,237 $ 28,600,663
Construction in progress 8,433,979 7,573,186 (2,344,406) (5,276,295) 8,386,464
Total non-depreciable 34,814,068 7,930,523 (2,344,406) (3,413,058) 36,987,127
Depreciable:
Building and improvements 23,559,033 - - 584,139 24,143,172
Land improvements 18,130,141 - - - 18,130,141
Machinery and equipment 2,818,009 92,800 (12,849) 65,440 2,963,400
Autos and trucks 3,703,746 743,497 (525,855) - 3,921,388
Office equipment 4,528,321 42,789 - - 4,571,110
Infrastructure 260,713,880 441,801 - 2,763,479 263,919,160
Total depreciable 313,453,130 1,320,887 (538,704) 3,413,058 317,648,371
Accumulated depreciation:
Building and improvements (10,970,264) (652,018) - - (11,622,282)
Land improvements (8,514,688) (564,382) - - (9,079,070)
Machinery and equipment (2,580,496) (119,212) 12,849 - (2,686,859)
Autos and trucks (2,396,189) (402,048) 484,631 - (2,313,606)
Office equipment (2,779,893) (413,853) - - (3,193,746)
Infrastructure (86,898,705) (3,590,970) - - (90,489,675)
Total accumulated depreciation (114,140,235) (5,742,483) 497,480 - (119,385,238)
Net depreciable assets 199,312,895 (4,421,596) (41,224) 3,413,058 198,263,133
Governmental activities capital
assets, net $234,126,963 $3,508,927 $(2,385,630) $ - $235,250,260
Depreciation expense for governmental activities is charged to functions as follows:
Community services $ 313,538
Public works 5,222,377
Community development 7,306
Policy and administration 199,262
Total depreciation for governmental activities $ 5,742,483
86
City of Tigard, Oregon
Notes to Basic Financial Statements
Capital assets activity for business-type activities for the year ended June 30, 2021, was as
follows:
Balances Balances
Business-type activities June 30,2020 Additions Deletions Transfers June 30,2021
Non-depreciable:
Land $ 11,975,910 $ - $ - $ 327,069 $ 12,302,979
Construction in progress 2,998,627 2,593,255 - (327,069) 5,264,813
Total non-depreciable 14,974,537 2,593,255 - - 17,567,792
Depreciable:
Building and improvements 77,323,567 - - - 77,323,567
Land Improvements 7,505,761 - - - 7,505,761
Sewer system 31,878,938 186,489 - - 32,065,427
Stormwater system 22,831,823 253,440 - - 23,085,263
Water system 148,568,872 140,995 - - 148,709,867
Equipment 4,009,435 161,847 - - 4,171,282
Autos and trucks 2,409,767 189,607 (314,491) - 2,284,883
Total depreciable 294,528,163 932,378 (314,491) - 295,146,050
Accumulated depreciation:
Building and improvements (4,386,938) (1,898,189) - - (6,285,127)
Sewer system (13,973,122) (739,584) - - (14,712,706)
Stormwater system (10,349,862) (584,471) - - (10,934,333)
Water system (38,219,325) (3,222,359) - - (41,441,684)
Equipment (2,147,550) (219,558) - - (2,367,108)
Autos and trucks (1,803,408) (240,276) 210,500 - (1,833,184)
Total accumulated depreciation (70,880,205) (6,904,437) 210,500 - (77,574,142)
Net depreciable assets 223,647,958 (5,972,059) (103,991) - 217,571,908
Business-type activities capital
assets, net $238,622,495 $ (3,378,804) $(103,991) $ - $235,139,700
Depreciation expense for business-type activities is charged to activities as follows:
Sanitary sewer $ 892,448
Stormwater 715,146
Water 5,296,843
Total depreciation for business-type activities $ 6,904,437
87
City of Tigard, Oregon
Notes to Basic Financial Statements
6. Long-term Debt and Other Debt
Governmental Activities
Direct Borrowings and Placements
General Obligation Bonds and Full Faith and Credit Bonds
TCDA 2019 Full Faith and Credit Bonds
In fiscal year 2019-2020 the city issued $1,896,000 in Series 2019A Tax-Exempt bonds, and
$4,033,000 Series 2019B Federally Taxable bonds. The bonds were issued to fund Urban
Renewal projects within the CCDA. In connection with the financing agreement, CCDA and the
city executed an intergovernmental agreement (IGA) for CCDA to be obligated for the debt
service payments on the bonds. The IGA constitutes indebtedness of the agency in the amount
of the financing or$5,929,000. Pursuant to ORS 287A.310,the agency pledges the tax increment
revenues to pay the financing payments or debt service. The outstanding bonds carry an Event
of Default clause which allows the lender to exercise any remedy available at law or in equity,
with the exception of acceleration. At June 30, 2021 the outstanding balance on the bonds was
$1,816,000 for the Series 2019A and $3,872,000 for the Series 2019B.
Future maturities of bond principal and interest on the bonds are as follows:
Total Debt Series 2019A Series 2019B
Year Service Requirement Issued: August 29, 2019 Issued:August 29, 2019
Ending Total Total 2.36% 2.99%
June 30, Principal Interest Principal Interest Principal Interest
2022 $ 248,000 $ 158,631 $ 82,000 $ 42,858 $ 166,000 $ 115,773
2023 254,000 151,731 84,000 40,922 170,000 110,809
2024 262,000 144,666 86,000 38,940 176,000 105,726
2025 269,000 137,374 88,000 36,910 181,000 100,464
2026 276,000 129,886 90,000 34,834 186,000 95,052
2027-2031 1,502,000 529,564 484,000 141,222 1,018,000 388,342
2032-2034 2,877,000 213,486 902,000 56,452 1,975,000 157,034
$ 5,688,000 $1,465,338 $1,816,000 $ 392,138 $ 3,872,000 $ 1,073,200
2020 GO Refunding Bonds
In fiscal year 2019-2020 the city issued $5,981,000 of full faith and credit General Obligation
Refunding Bonds. These bonds were used to partially refund the 2011A Series Parks GO Bonds.
The 2020 GO Refunding Bonds will be repaid over seven years with an interest rate of 1.34
percent. The outstanding bonds carry an Event of Default clause which allows Chase Bank to
exercise any remedy available at law or in equity,with the exception of acceleration. At June 30,
2021 the outstanding balance on the bonds was $5,642,000.
88
City of Tigard, Oregon
Notes to Basic Financial Statements
Future maturities of bond principal and interest on the GO Refunding Bonds are as follows:
Year Ending
June 30, Principal Interest Total
2022 $ 441,000 $ 75,603 $ 516,603
2023 549,000 69,693 618,693
2024 1,561,000 62,337 1,623,337
2025 1,684,000 41,419 1,725,419
2026 1,407,000 18,854 1,425,854
$ 5,642,000 $ 267,906 $ 5,909,906
Other Debt
General Obligation Bonds and Full Faith and Credit Bonds
Library Bonds: In fiscal year 2010-2011 the city issued $8,655,000 of general obligation bonds,
series 2011B, for a current refunding of bonds originally issued in 2002 to build a new library.
Interest rates on the new bonds range from 3.0 percent to 4.0 percent on specific maturities. At
June 30, 2021 the outstanding balance on the 2011B bonds was $1,735,000.
Future maturities of bond principal and interest on the Library Bonds are as follows:
Year Ending
June 30, Principal Interest Total
2022 $ 850,000 $ 52,400 $ 902,400
2023 885,000 17,700 902,700
$ 1,735,000 $ 70,100 $ 1,805,100
Parks Bonds: In fiscal year 2010-2011 the city issued $17,000,000 of general obligation bonds,
series 2011A at a premium of$297,213.The proceeds of the bonds were issued to acquire open
spaces, protect and improve parklands. At least 80 percent of the bond proceeds went towards
land acquisition for open spaces, parks or trail corridors with up to 20 percent towards
improvements and development of park land. Interest rates range from 3.0 percent to 4.75
percent on specific maturities. During fiscal year 2019-2020 these bonds were partially
defeasance. The outstanding bonds carry a Default and Remedies clause which allows owners
of ten percent or more of the principal amount of the bonds then outstanding to exercise any
remedy available at law or in equity, with the exception of acceleration. At June 30, 2021, the
outstanding balance on the bonds was$4,570,000 and the balance of the unamortized premium
was $22,088.
89
City of Tigard, Oregon
Notes to Basic Financial Statements
Future maturities of bond principal and interest on the Parks Bonds are as follows:
Year Ending
June 30, Principal Interest Total
2022 $ 845,000 $ 187,650 $ 1,032,650
2023 875,000 153,850 1,028,850
2024 910,000 118,850 1,028,850
2025 950,000 82,450 1,032,450
2026 990,000 42,075 1,032,075
$ 4,570,000 $ 584,875 $ 5,154,875
Premium 22,088
Total $ 4,592,088
Business-type Activities
Direct Borrowings and Placements
Note Payable
In fiscal year 2009-2010 the city was awarded $4,796,000 in federal funds under the American
Recovery and Reinvestment Act (ARRA). These funds were distributed to the city as a loan, with
50 percent constituting an ARRA Forgivable Loan and 50 percent a low-interest loan under the
Safe Drinking Water Revolving Loan Fund program. These ARRA funds were used to develop a
city water reservoir. In fiscal year 2011-2012 the city drew down the funds that are considered
the loan portion. The interest rate on the note payable is 3.0 percent.
Within the note agreement the state, in the event of default, may pursue any or all the following
remedies or any other remedies available at law or in equity:
• termination of the loan agreement
• termination of the state's obligations to make the loan or any disbursement,
• repayment of the loan due upon demand,
• payment of interest earned by the city on the loan proceeds due upon demand,
• acceleration of the loan,
• declaration of the city's ineligibility to receive future awards, and
• the withholding pursuant to ORS 285A.213(6) and OAR 123-049-0040 of other state
funds.
90
City of Tigard, Oregon
Notes to Basic Financial Statements
At June 30, 2021, the balance on the note payable was $1,472,023. Future debt service
requirements are as follows:
Year Ending
June 30, Principal Interest Total
2022 $ 117,022 $ 44,161 $ 161,183
2023 120,533 40,650 161,183
2024 124,149 37,034 161,183
2025 127,874 33,310 161,184
2026 131,710 29,473 161,183
2027-2031 720,244 85,672 805,916
2032 130,491 3,915 134,406
Total $ 1,472,023 $ 274,215 $ 1,746,238
Water Revenue Bonds
In fiscal year 2020-2021 the city issued $86,575,000 of Water Revenue Refunding Bonds. These
bonds were used to partially refund the 2012 Water Revenue Bonds. The 2020 Water Revenue
Refunding Bonds will be repaid over 22 years with an interest rate between 2 and 2.9 percent.
The outstanding bonds carry an Event of Default clause which allows any owner to exercise any
remedy available at law or in equity, with the exception of acceleration. At June 30, 2021 the
outstanding balance on the bonds was $86,575,000 and the balance of the unamortized
premium was $1,104,888.
Future maturities of bond principal and premium and interest on the Water Revenue
Refunding Bonds are as follows:
Year Ending
June 30, Principal Interest Total
2022 $ 950,000 $ 2,011,663 $ 2,961,663
2023 970,000 1,992,462 2,962,462
2024 3,430,000 1,948,463 5,378,463
2025 3,500,000 1,879,162 5,379,162
2026 3,570,000 1,808,463 5,378,463
2027-2031 18,955,000 7,931,262 26,886,262
2032-2036 21,010,000 5,872,568 26,882,568
2037-2041 23,740,000 3,145,351 26,885,351
2042-2043 10,450,000 305,225 10,755,225
86,575,000 $ 26,894,619 $ 113,469,619
Premium 1,104,888
Total $ 87,679,888
91
City of Tigard, Oregon
Notes to Basic Financial Statements
Other Debt
Water Project Financing
In fiscal year 2010-2011 the City of Tigard's City Council authorized up to $160 million in bonds
to help finance a joint water supply project with the City of Lake Oswego to provide Tigard a
share of a local water source. The arrangement with Lake Oswego to share a water system is
referred to as the Lake Oswego/Tigard Water Partnership project.
In fiscal year 2011-2012 the city issued $97,720,000 of water revenue bonds to be used to fund
capital projects for the water system in connection with the Lake Oswego/Tigard Water
Partnership project.The bonds were issued at a premium of$8,196,325 with interest rates from
3.0 percent to 5.0 percent. During fiscal year 2020-2021 these bonds were partially defeasance.
At June 30, 2021,the balance of the 2012 water revenue bonds was $4,640,000 and the balance
of the unamortized premium was $237,236.
In fiscal year 2014-2015 the city issued $30,810,000 of water revenue bonds with interest rates
from 3.0 percent to 5.0 percent. The bonds were issued at a premium of $4,449,380. These
bonds are the second of two borrowings by Tigard to help finance the joint water supply project
with the City of Lake Oswego (Lake Oswego/Tigard Water Partnership project).At June 30, 2021,
the balance of the 2015 water revenue bonds was $29,955,000 and the balance of the
unamortized premium was $3,405,375.
Net water system revenues and system development charges for the Water System are pledged
to the payment of principal of and interest on the revenue bonds. Net system revenues for fiscal
year 2021 were $15,038,733 as compared to the total debt service of$6,959,543.
92
City of Tigard, Oregon
Notes to Basic Financial Statements
The computation of water revenue bonds debt coverage is as follows:
Gross revenues $ 24,836,173
System Development Charges (SDC) related:
SDC Fund interest earnings 68,639
Reimbursement fee receipts 934,950
Improvement fee receipts 1,120,049
Total SDC-related 2,123,638
Operating expense:
Salaries and wages 1,216,954
Contracted services 708,202
Water purchases 1,755,408
General, admin and other 6,116,876
Total operating expenses 9,797,440
Net revenues (including SDCs) 17,162,371
Net revenues (excluding SDCs) $ 15,038,733
Debt service - first lien bonds:
2012 bonds $ 2,331,580
2015 bonds 1,666,300
2020 bonds 2,961,663
Total debt service $ 6,959,543
Debt service coverage - first lien bonds
(excluding system development charges) 2.16
Interest rates on the bonds range from 3 percent to 5 percent on specific maturities. The
outstanding bonds carry a Default and Remedies clause which allows owners to exercise any
remedy available at law or in equity, with the exception of acceleration.
93
City of Tigard, Oregon
Notes to Basic Financial Statements
Future maturities of bond principal and premium and interest on the revenue bonds are as
follows:
Year Ending
June 30, Principal Interest Total
2022 $ 2,465,000 $ 1,532,880 $ 3,997,880
2023 2,565,000 1,515,800 4,080,800
2024 210,000 1,460,300 1,670,300
2025 215,000 1,451,800 1,666,800
2026 225,000 1,443,000 1,668,000
2027-2031 1,285,000 6,929,401 8,214,401
2032-2036 1,620,000 6,713,750 8,333,750
2037-2041 2,085,000 6,252,125 8,337,125
2042-2046 23,925,000 4,101,375 28,026,375
34,595,000 $ 31,400,431 $69,638,042
Premium 3,642,611
Total $ 38,237,611
Advanced Refunding of Debt
In November 2020 the city issued $86,575,000 of Water Revenue Refunding Bonds and were
used to defeasance part of the 2012 Water Revenue Bonds. As such the proceeds of refunding
issues were placed in an irrevocable trust to provide for future debt service payments on the
retired bonds. Accordingly, the escrow account assets and the liability for the defeasance bonds
are not included in the city's financial statements.The refunding was undertaken to reduce total
debt service payments by $27,655,069 which produced an economic gain of $16,503,405. The
difference between the reacquisition price and net carrying amount of the old debt of
$3,607,247 is reported as a deferred outflow of resources and is being amortized over the
remaining life of the debt.
94
City of Tigard, Oregon
Notes to Basic Financial Statements
Long-term debt activity, including compensated absences,for the year ended June 30, 2021 was
as follows:
Balances June Balances June Due in one
30,2020 Additions Retirements 30,2021 year
Governmental activities
Direct borrowings and placements
Bonds payable $ 5,981,000 $ - $ (339,000) $ 5,642,000 $ 441,000
Bonds payable (TCDA) 5,929,000 - (241,000) 5,688,000 248,000
Total direct borrowings and
placements 11,910,000 - (580,000) 11,330,000 689,000
Other debt
Bonds payable 7,930,000 - (1,625,000) 6,305,000 1,695,000
Total governmental debt 19,840,000 - (2,205,000) 17,635,000 2,384,000
Premium on bonds 30,531 - (8,443) 22,088 7,172
Other long-term liabilities
Compensated absences 1,466,124 2,184,327 (1,998,968) 1,651,483 1,585,424
Governmental activities $ 21,336,655 $ 2,184,327 $ (4,212,411) $ 19,308,571 $3,976,596
Business-type activities
Direct borrowings and placements
Note payable $ 1,585,637 $ - $ (113,614) $ 1,472,023 $ 117,022
Bonds payable - 86,575,000 - 86,575,000 950,000
Total direct borrowings and
placements 1,585,637 86,575,000 (113,614) 88,047,023 1,067,022
Other debt
Bonds payable 119,940,000 - (85,345,000) 34,595,000 2,476,277
Total business-type debt 121,525,637 86,575,000 (85,458,614) 122,642,023 3,543,299
Premium on bonds 8,314,644 1,104,888 (4,672,033) 4,747,499 291,025
Other long-term liabilities
Compensated absences 129,177 180,518 (201,551) 108,144 104,597
Business-type activities $ 129,969,458 $87,860,406 $(90,332,198) $ 127,497,666 $3,938,920
Expenditures for liquidating other long-term liabilities, including compensated absences and
pension liabilities, are recorded in the General, various nonmajor Special Revenue, Enterprise,
and Internal Service funds.
7. Interfund Receivables, Payables and Transfers
Interfund loan transactions between funds are recorded as "advances to" and "advances from"
other funds. Interfund loans represent interim financing from the General Fund and the Sanitary
95
City of Tigard, Oregon
Notes to Basic Financial Statements
Sewer fund to a capital project fund for various urban renewal development projects.
Repayment of these transactions occurs in years subsequent to year-end.
The net effect of interfund loans is reported on the Statement of Net Position as Internal
Balances.The composition of interfund loans and the related elimination as of June 30, 2021 are
as follows:
Net
Receivable Fund Payable Fund Amount Elimination Balance
General Fund Nonmajor governmental fund $ 883,981 $ (883,981) $ -
Sanitary Sewer Fund Nonmajor governmental fund 102,320 - 102,320
$ 986,301 $ (883,981) $ 102,320
Future maturities on the interfund loans are as follows:
Interfund Loans Elimination Net Balance
Year Ending
June 30, Principal Interest Principal Interest Principal Interest
2022 $ - $ 9,428 $ - $ (8,916) $ - $ 512
2023 - 9,428 - (8,916) - 512
2024 - 9,428 - (8,916) - 512
2025 13,926 9,428 (3,922) (8,916) 10,004 512
2026 49,227 9,358 (39,173) (8,846) 10,054 512
2027-2031 391,653 41,611 (340,625) (39,808) 51,028 1,803
2032-2036 428,811 24,476 (397,577) (23,956) 31,234 520
2037-2041 102,684 6,234 (102,684) (6,234) - -
$ 986,301 $ 119,391 $ (883,981) $ (114,508) $ 102,320 $ 4,883
96
City of Tigard, Oregon
Notes to Basic Financial Statements
Transfers for fiscal year ended June 30, 2021 are as follows:
Transfer To Transfer From Amount Purpose
General Nonmajor Governmental $ 193,091 $ 193,091 Unrestricted portion of the city's transient lodging tax
Non major
Governmental General 2,514,172 Fund park and various other operations
Fund parks,transportation and various other capital
Nonmajor Governmental 5,168,717 projects
Fund water component of transportation capital
Water 245,111 project
7,928,000
Sanitary Sewer Stormwater 150,019 150,019 Fund sewer component of stormwater project
Stormwater Sanitary Sewer 49,293 49,293 Fund stormwater component of sewer project
Funding of central services,public works
Internal Service General 411,615 administration and engineering
Nonmajor Governmental 747,145 Capital project funding contracting and accounting
Sanitary Sewer 81,682 Capital project funding contracting,accounting,and
Stormwater 135,725 public works engineering
Water 457,714
1,833,881
$10,154,284
Reconciliation: Transferred to governmental funds from:
Sewer Fund $ 81,682
Stormwater Fund 135,725
Water Fund 702,825
Total transfers per Statement of Activities $ 920,232
8. Post-Employment Benefits Other than Pensions (OPEB)
The other post-employment benefits (OPEB) for the city combines two separate plans. The city
provides an implicit rate subsidy for retiree health insurance premiums, and a contribution to the
State of Oregon's PERS cost-sharing multiple-employer defined health insurance benefit plan.
Financial Statement Presentation
The city's two OPEB plans are presented in the aggregate on the Statement of Net Position.
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City of Tigard, Oregon
Notes to Basic Financial Statements
The amounts on the financial statements relate to the plans as follows:
Implicit Rate PERS RHIA Total OPEB
Subsidy Plan Plan on Financials
Net OPEB Asset $ - $ 70,282 $ 70,282
Deferred Outflows of Resources
Differences Between Expected and Actual Experience 9,666 - 9,666
Change in Proportionate Share - 26,830 26,830
Change in Assumptions 35,294 - 35,294
Difference in Earnings - 7,816 7,816
Contributions After the Measurement Date 28,460 2,194 30,654
Total Deferred Outflows of Resources 73,420 36,840 110,260
Total OPEB Liability 1,330,957 - 1,330,957
Deferred Inflows of Resources
Differences Between Expected and Actual Experience 163,504 7,185 170,689
Change in Proportionate Share - 811 811
Change in Assumptions 251,057 3,736 254,793
Total Deferred Inflows of Resources 414,561 11,732 426,293
OPEB Expense (Income) 106,601 1,949 108,550
(Included in program expenses on Statement of Activities)
Implicit Rate Subsidy
Plan Description
The city's single-employer defined benefit postemployment healthcare plan is administered by
Citycounty Insurance Services of Oregon (CIS). Benefit provisions are established through
negotiations between the city and representatives of collective bargaining units or through
resolutions passed by city council. No assets are accumulated in a trust that meet the criteria in
paragraph 4 of Statement 75.
The city's postemployment healthcare plan administrator issues a publicly available financial
report that includes financial statements and required supplementary information for CIS. This
report may be obtained on their website at www.cisoregon.org/About/TrustDocs.
Benefits Provided
The plan provides eligible retirees and their dependents under age 65 the same health care
coverage at the same premium rates as offered to active employees. The retiree is
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City of Tigard, Oregon
Notes to Basic Financial Statements
responsible for the premiums. As of the valuation date of July 1, 2020, the following
employees were covered by the benefit terms:
Inactive employees or beneficiaries receiving benefits 3
Active employees 292
295
Total OPEB Liability, OPEB Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to OPEB
The city's total OPEB liability of $1,330,957 was measured as of June 30, 2021, and was
determined by an actuarial valuation as of July 1, 2020.
For the fiscal year ended June 30, 2021, the city recognized OPEB expense from this plan of
$106,601. At June 30, 2021, the city reported deferred outflows of resources and deferred
inflows of resources related to this OPEB plan from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual experience $ 9,666 $ (163,504)
Changes of assumptions 35,294 (251,057)
Contributions subsequent to the measurement date 28,460 -
Total $ 73,420 $ (414,561)
Deferred outflows of resources related to OPEB of $28,460 resulting from the city's
contributions subsequent to the measurement date will be recognized as a reduction of the total
OPEB liability in the year ended June 30, 2022. Other amounts reported as deferred outflows of
resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense
as follows:
Year ended June 30: Annual Recognition
2022 $ (67,721)
2023 (67,721)
2024 (67,721)
2025 (66,501)
2026 (55,530)
Thereafter (44,407)
$ (369,601)
99
City of Tigard, Oregon
Notes to Basic Financial Statements
Actuarial Assumptions and Other Inputs
The total OPEB liability in the July 1, 2020 valuation was determined using the following
actuarial assumptions and other inputs, applied to all periods included in the measurement,
unless otherwise specified:
Actuarial cost method Entry Age Normal
Inflation 2.5 percent
Salary increases 3.5 percent
Healthy mortality RP-2014 healthy annuitant, sex distinct mortality tables blended 50/50
blue collar and white collar, set back one year for males. Mortality is
projected on a generational basis using the Unisex Social Security Data
Scale.
Discount rate 2.21 percent (change from 1.29 percent in previous measurement period)
Healthcare cost trend rate Medical and vision: 5.75 percent per year, decreasing to 4.00 percent
Dental: 4.00 percent per year
The discount rate was based on Bond Buyer 20-Year General Obligation Bond Index.
Changes in the Total OPEB Liability
Total OPEB
Liability
Balance as of June 30, 2020 $ 1,416,690
Changes for the year:
Service cost 121,384
Interest on total OPEB liability 52,938
Effect of economic/demographic gains and losses (188,659)
Effect of assumptions changes or inputs (19,815)
Benefit payments (51,581)
Balance as of June 30, 2021 $ 1,330,957
Changes in assumptions is the result of the change in the discount rate from 3.50 percent to
2.21 percent.
Sensitivity of the Total OPEB Liability
The following presents the city's total OPEB liability, as well as what the liability would be if
it were calculated using a discount rate that is 1-percentage-point lower (1.21 percent) or 1-
100
City of Tigard, Oregon
Notes to Basic Financial Statements
percentage-point higher (3.21 percent) than the current discount rate. A similar sensitivity
analysis is then presented for changes in the healthcare trend assumption.
Discount Rate:
1% Decrease Current Discount 1% Increase
(1.21%) Rate (2.21%) (3.21%)
Total OPEB Liability $ 1,448,480 $ 1,330,957 $ 1,220,431
Healthcare Cost Trend:
1% Decrease Current Healthcare
(6.00) Trend Rate (7.00) 1% Increase (8.00)
Total OPEB Liability $ 1,156,031 $ 1,330,957 $ 1,537,385
PERS Retirement Health Insurance Account
Plan Description
As a member of Oregon Public Employees Retirement System (OPERS) the city contributes to
the Retirement Health Insurance Account (RHIA) for each of its eligible employees. RHIA is a
cost-sharing multiple-employer defined benefit other postemployment benefit plan
administered by OPERS. RHIA pays a monthly contribution toward the cost of Medicare
companion health insurance premiums of eligible retirees. Oregon Revised Statute (ORS)
238.420 established this trust fund. Authority to establish and amend the benefit provisions of
RHIA reside with the Oregon Legislature. The plan is closed to new entrants after August 29,
2003. OPERS issues a publicly available financial report that includes financial statements and
required supplementary information. OPERS produces an independently audited ACFR which
can be found at:
http://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx
Funding Policy
Because RHIA was created by enabling legislation (ORS 238.420), contribution requirements of
the plan members and the participating employers were established and may be amended only
by the Oregon Legislature. ORS require that an amount equal to $60 or the total monthly cost
of Medicare companion health insurance premiums coverage, whichever is less, shall be paid
from the Retirement Health Insurance Account established by the employer, and any monthly
cost in excess of$60 shall be paid by the eligible retired member in the manner provided in ORS
238.410. To be eligible to receive this monthly payment toward the premium cost the member
must: (1) have eight years or more of qualifying service in OPERS at the time of retirement or
receive a disability allowance as if the member had eight years or more of creditable service in
OPERS, (2) receive both Medicare Parts A and B coverage, and (3) enroll in a OPERS-sponsored
health plan. An eligible surviving spouse or dependent of a deceased PERS retiree may receive
the subsidy if he or she (1) is receiving a retirement benefit or allowance from PERS or (2) was
insured at the time the member died and the member retired before May 1, 1991.
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City of Tigard, Oregon
Notes to Basic Financial Statements
Contributions
PERS funding policy provides for employer contributions at actuarially determined rates. These
contributions, expressed as a percentage of covered payroll, are intended to accumulate
sufficient assets to pay benefits when due. Employer contribution rates for the period were
based on the December 31, 2017 actuarial valuation.The rates based on a percentage of payroll,
first became effective July 1, 2019. The city's contribution rates for the period were 0.50% for
Tier One/Tier Two members, and 0.43% for OPSRP members. The city's total contributions for
the year ended June 30, 2021 was $2,194.
OPEB Assets, Liabilities, OPEB Expense, and Deferred Outflows of Resources and Deferred
Inflows of Resources Related to OPEB
At June 30, 2021,the city reported an asset of$70,282 for its proportionate share of the OPERS
net OPEB asset. The net OPEB asset was measured as of June 30, 2020, and the total OPEB
liability used to calculate the net OPEB asset was determined by an actuarial valuation as of
December 31, 2018 rolled forward to June 30, 2020. The city's proportion of the net OPEB asset
was based on the city's contributions to the RHIA program during the measurement period
relative to contributions from all participating employers. At June 30, 2020, the city's
proportionate share was 0.0345%,which is a decrease from its proportion of 0.0607%as of June
30, 2019.
For the year ended June 30, 2021, the city recognized OPEB expense from this plan of $1,949.
At June 30, 2021, the city reported deferred outflows of resources and deferred inflows of
resources related to this OPEB plan from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Differences between expected and actual experience $ - $ 7,185
Change of assumptions - 3,736
Net difference between projected and actual earnings 7,816 -
Changes in proportionate share 26,830 811
Contributions subsequent to the measurement date 2,194 -
Tota I $ 36,840 $ 11,732
Deferred outflows of resources related to OPEB of$2,194 resulting from the city's contributions
subsequent to the measurement date will be recognized as either a reduction of the net OPEB
liability or an increase in the net OPEB asset in the year ended June 30, 2022.
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City of Tigard, Oregon
Notes to Basic Financial Statements
Other amounts reported as deferred outflows of resources and deferred inflows of resources
related to OPEB will be recognized in OPEB expense as follows:
Year ended June 30: Annual Recognition
2022 $ 6,410
2023 11,150
2024 2,889
2025 2,465
$ 22,914
Actuarial Methods and Assumptions
The total OPEB liability in the December 31, 2018 actuarial valuation was determined using the
following actuarial methods and assumptions:
Actuarial cost method Entry Age Normal
Amortization method Amortized as a level percentage of payroll as layered bases
over a closed 10-year period
Asset valuation method Market value of assets
Inflation 2.5 percent
Investment rate of return 7.2 percent
Salary increases 3.5 percent
Healthy mortality Healthy retirees and beneficiaries:
Pub-2010 Healthy Retiree, sex-distinct, generational with
Unisex, Social Security Data Scale, with job category
adjustment and set-backs as described in the valuation.
Active members:
Pub-2010 Employees, sex-distict, generational with Unisex,
Social Security Data Scale, with job category adjustments and
set-backs as described in the valuation.
Disabled retirees:
Pub-2010 Disabled retirees, sex-distinct, generational with
Unisex, Social Security Data Scale, with job category
adjustments and set-backs as described in the valuation.
Actuarial valuations of an ongoing plan involve estimates of the value of projected benefits and
assumptions about the probability of events far into the future.Actuarially determined amounts
are subject to continual revision as actual results are compared to past expectations and new
103
City of Tigard, Oregon
Notes to Basic Financial Statements
estimates are made about the future. Experience studies are performed as of December 31 of
even numbered years. The methods and assumptions shown above are based on the 2018
experience study which reviewed experience for the four-year period ending on December 31,
2018.
Long-Term Expected Rate of Return
To develop an analytical basis for the selection of the long-term expected rate of return
assumption, in May 2019 the OPERS Board reviewed long-term assumptions developed by both
Milliman's capital market assumptions team and the Oregon Investment Council's (OIC)
investment advisors.The table below shows Milliman's assumptions for each of the asset classes
in which the plan was invested at that time based on the OIC long-term target asset allocation.
The OIC's description of each asset class was used to map the target allocation to the asset
classes shown below. Each asset class assumption is based on a consistent set of underlying
assumptions, and includes an adjustment for the inflation assumption. These assumptions are
not based on historical returns, but instead are based on a forward-looking capital market
economic model.
Assumed Asset Allocation
Asset Class/Strategy Low Range High Range Target
Debt Securities 15.0% 25.0% 20.0%
Public Equity 27.5% 37.5% 32.5%
Real Estate 9.5% 15.5% 12.5%
Private Equity 14.0% 21.0% 17.5%
Alternatives Portfolio 7.5% 17.5% 15.0%
Opportunity Portfolio 0.0% 3.0% 0.0%
Risk Parity 0.0% 2.5% 2.5%
Total 100.0%
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City of Tigard, Oregon
Notes to Basic Financial Statements
Compounded
Target Annual Return
Asset Class Allocation (Geometric)
Core Fixed Income 9.60% 4.07%
Short-Term Bonds 9.60% 3.68%
Bank/Leveraged Loans 3.60% 5.19%
High Yield Bonds 1.20% 5.74%
Large/Mid Cap US Equities 16.17% 6.30%
Small Cap US Equities 1.35% 6.68%
Micro Cap US Equities 1.35% 6.79%
Developed Foreign Equities 13.48% 6.91%
Emerging Market Equities 4.24% 7.69%
Non-US Small Cap Equities 1.93% 7.25%
Private Equities 17.50% 8.33%
Real Estate (Property) 10.00% 5.55%
Real Estate (REITS) 2.50% 6.69%
Hedge Fund of Funds-Diversified 1.50% 4.06%
Hedge Fund-Event-driven 0.38% 5.59%
Timber 1.13% 5.61%
Farmland 1.13% 6.12%
Infrastructure 2.25% 6.67%
Commodities 1.13% 3.79%
Total 100.00%
Assumed Inflation - Mean 2.50%
Discount Rate
The discount rate used to measure the total OPEB liability was 7.20 percent for the RHIA Plan.
The projection of cash flows used to determine the discount rate assumed that contributions
from plan members and those contributing employers are made at the contractually required
rates, as actuarially determined. Based on those assumptions, the RHIA plan's fiduciary net
position was projected to be available to make all projected future benefit payments of current
plan members. Therefore, the long-term expected rate of return on pension plan investments
for the RHIA Plan was applied to all periods of projected benefit payments to determine the
total OPEB liability.
105
City of Tigard, Oregon
Notes to Basic Financial Statements
Sensitivity of the City's proportionate share of the net OPEB liability (asset) to changes in the
discount rate
The following presents the city's proportionate share of the net OPEB liability (asset) calculated
using the discount rate of 7.20 percent, as well as what the city's proportionate share of the net
OPEB liability (asset) would be if it were calculated using a discount rate that is 1-percentage-
point lower (6.20 percent) or 1-percentage-point higher (8.20 percent) than the current rate:
1% Decrease Current Discount 1% Increase
(6.20%) Rate (7.20%) (8.20%)
Net OPEB Liability (Asset) $ (56,741) $ (70,282) $ (81,861)
OPEB Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately
issued OPERS financial report at:
http://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx
9. Pension Plan
Oregon Public Employees Retirement Systems (OPERS)
Plan Description
City of Tigard Police Officers are provided with pensions through Oregon Public Employees
Retirement System (OPERS); a cost-sharing multiple-employer defined benefit pension plan that
acts as a common investment and administrative agent for government units in the State of
Oregon. Police Officers hired before August 29, 2003 belong to the Tier One/Tier Two
Retirement Benefit Program (established pursuant to ORS Chapter 238), while Officers hired on
or after August 29, 2003 belong to the OPSRP Pension Program (established pursuant to ORS
Chapter 238A). OPERS produces an independently audited ACFR which can be found at:
http://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx
Benefits Provided
Tier One/Tier Two Retirement Benefit
Pension Benefits. The PERS retirement allowance is payable monthly for life. It may be selected
from 13 retirement benefit options. These options include survivorship benefits and lump-sum
refunds. The basic benefit is based on years of service and final average salary. For city sworn
officers, 2.0 percent is multiplied by the number of years of service and the final average salary.
Benefits may also be calculated under either a formula plus annuity (for members who were
contributing before August 21, 1981) or a money match computation if a greater benefit results.
A member is considered vested and will be eligible at a minimum retirement age for a service
retirement allowance if he or she has had contribution in each of five calendar years or has
reached at least 45 years of age before ceasing employment with a participating employer.
106
City of Tigard, Oregon
Notes to Basic Financial Statements
Police members are eligible after reaching age 50.Tier One police member benefits are reduced
if retirement occurs prior to age 55 with fewer than 25 years of service. Tier Two members are
eligible for full benefits at age 60. The ORS Chapter 238 Defined Benefit Pension Plan is closed
to new members hired on or after August 29, 2003.
Death Benefits. Upon the death of a non-retired member, the beneficiary receives a lump-sum
refund of the member's account balance (accumulated contributions and interest). In addition,
the beneficiary will receive a lump-sum payment from employer funds equal to the account
balance, provided one or more of the following conditions are met:
• the member was employed by a PERS employer at the time of death,
• the member died within 120 days after termination of OPERS-covered employment,
• the member died as a result of injury sustained while employed in a OPERS-covered
job, or
• the member was on an official leave of absence from a OPERS-covered job at the time
of death.
Disability Benefits. A member with 10 or more years of creditable service who becomes disabled
from other than duty-connected causes may receive a non-duty disability benefit. A disability
resulting from a job-incurred injury or illness qualifies a member for disability benefit regardless
of the length of OPERS-covered service. Upon qualifying for either a non-duty or duty disability,
service time is computed to age 55 for police members when determining the monthly benefit.
Benefit Changes After Retirement. Members may choose to continue participation in a variable
equities investment account after retiring and may experience annual benefit fluctuations due
to changes in the market value of equity investments. Under ORS 238.360 monthly benefits are
adjusted annually through cost-of-living changes. The COLA is capped at 2.0 percent.
OPSRP Pension Program
Pension Benefits. The OPSRP Pension Program (ORS Chapter 238A) provides benefits to
members hired on or after August 29, 2003.This portion of OPSRP provides a life pension funded
by employer contributions. Benefits are calculated by formula for members who attain normal
retirement age. For police members, 1.8 percent is multiplied by the number of years of service
and the final average salary. Normal retirement age for police members is age 60 or age 53 with
25 years of retirement credit.To be classified as a police member,the individual must have been
employed continuously as a police member for at least five years immediately preceding
retirement.
A member of the OPSRP Pension Program becomes vested on the earliest of the following dates:
the date the member completes 600 hours of service in each of five calendar years,the date the
member reaches normal retirement age, and if the pension program is terminated, the date on
which termination becomes effective.
Death Benefits. Upon the death of a non-retired member, the spouse or other person who is
constitutionally required to be treated in the same manner as the spouse, receives for life 50
percent of the pension that would otherwise have been paid to the deceased member.
107
City of Tigard, Oregon
Notes to Basic Financial Statements
Disability Benefits. A member who has accrued 10 or more years of retirement credits before
the member becomes disabled or a member who becomes disabled due to job-related injury
shall receive a disability benefit of 45 percent of the member's salary determined as of the last
full month of employment before the disability occurred.
Benefit Changes After Retirement. Under ORS 238A.210 monthly benefits are adjusted annually
through cost-of-living changes. The COLA is capped at 2.0 percent.
OPSRP Individual Account Program (IAP)
Pension Benefits. The IAP member becomes vested on the date the employee account is
established or on the date the rollover account was established. If the employer makes optional
employer contributions for a member, the member becomes vested on the earliest of the
following dates: the date the member completes 600 hours of service in each of five calendar
years, the date the member reaches normal retirement age, the date the IAP is terminated, the
date the active member becomes disabled, or the date the active member dies.
Upon retirement, a member of the OPSRP IAP may receive the amounts in his or her employee
account, rollover account, and vested employer account as a lump-sum payment or in equal
installments over a 5-, 10-, 15-, 20-year period or an anticipated life span option. Each
distribution option has a $200 minimum distribution limit.
Death Benefits. Upon the death of a non-retired member,the beneficiary receives in a lump sum
the member's account balance, rollover account balance, and vested employer optional
contribution account balance. If a retired member dies before the installment payments are
completed, the beneficiary may receive the remaining installment payments or choose a lump-
sum payment.
Recordkeeping. OPERS contracts with VOYA Financial to maintain IAP participant records.
Contributions. OPERS funding policy provides for monthly employer contributions at actuarially
determined rates. These contributions, expressed as a percentage of covered payroll, are
intended to accumulate sufficient assets to pay benefits when due. Employer contribution rates
for the period were based on the December 31, 2017 actuarial valuation. The rates based on a
percentage of payroll, first became effective July 1, 2019.The rates in effect for the period were
25.25 percent for Tier One/Tier Two police members and 17.62 percent for OPSRP Pension
Program Police member. The city's total contributions exclusive of the 6 percent "pick-up" was
$1,350,833.
Covered employees are required to contribute 6 percent of their salary to the Plan, but the
employer is allowed to pay any or all of the employees' contribution in addition to the required
employers' contribution. The city has elected to contribute the 6 percent "pick-up" or$396,418
of the employees' contribution.
Pension Assets, Liabilities, Pension Expense, and Deferred Outflows of Resources and
Deferred Inflows of Resources Related to Pensions
At June 30, 2021, the city reported a liability of $14,812,243 for its proportionate share of the
OPERS net pension liability. The net pension liability was measured as of June 30, 2020, and the
108
City of Tigard, Oregon
Notes to Basic Financial Statements
total pension liability used to calculate the net pension liability was determined by an actuarial
valuation as of December 31, 2018 rolled forward to June 30, 2020. The city's proportion of the
net pension liability was based on a projection of the city's long-term share of contributions to
the pension plan relative to the projected contributions of all participating employers,
actuarially determined.At June 30, 2020,the city's proportion of OPERS net pension liability was
0.06787 percent.
Annual Pension Cost
For the year ended June 30, 2021, the city recognized pension expense of $3,021,778. At June
30, 2021, the city reported deferred outflows or resources and deferred inflows of resources
related to pensions from the following sources:
Deferred Deferred
Outflows of Inflows of
Description Resources Resources
Differences between expected and actual experience $ 651,918 $ -
Changes of assumptions 794,926 27,853
Net difference between projected and actual earnings on investments 1,741,727 -
Changes in proportion 139,132 902,016
Differences between employer contributions and proportionate share
of contributions 18,183 420,533
Total (prior to post-MD contributions) 3,345,886 1,350,402
Contributions subsequent to the MD 1,344,480 -
Total $4,690,366 $1,350,402
Deferred outflows of resources related to pensions of $1,344,480 resulting from the city's
contributions subsequent to the measurement date will be recognized as either a reduction of
the net pension liability or an increase in the net pension liability in the year ended June 30,
2022. Other amounts reported as deferred inflows of resources related to pensions will be
recognized in pension expense as follows:
Net Deferred Outflows/Inflows
Amortization Period
2022 $ 407,609
2023 670,819
2024 616,661
2025 361,885
2026 (61,490)
$1,995,484
109
City of Tigard, Oregon
Notes to Basic Financial Statements
Actuarial Methods and Assumptions
The total pension liability in the December 31, 2018 actuarial valuation was determined using
the following actuarial methods and assumptions:
Actuarial Methods and Assumptions
Valuation Date December 31, 2018
Measurement Date June 30, 2020
Experience Study Report 2018. published July 24, 2019
Actuarial Cost Method Entry Age Normal
Actuarial Assumptions:
Inflation Rate 2.50 percent
Long-Term Expected Rate of Return 7.20 percent
Discount Rate 7.20 percent
Proiected Salary Increases 3.50 percent
Cost of Living Adjustments (COLA) Blend of 2.00% COLA and graded COLA (1.25%/0.15%) in
accordance with Moro decision, blend based on service
Health retirees and beneficiaries: Pub-2010 Healthy Retiree, sex-
distinct, generational with Unisex, Social Security Data Scale, with
job category adjustments and set-backs as described in the
valuation.
Active Members: Pub-2010 Employee, sex-distinct, generational
Mortality with Unisex, Social Security Data Scale, with job category
adjustments and set-backs as described in the valuation.
Disabled retirees: Pub-2010 Disabled Retiree, sex-distinct,
generational with Unisex, Social Security Data Scale, with job
category adjustments and set-backs as described in the valuation.
Actuarial valuations of an ongoing plan involve estimates of the value of projected benefits and
assumptions about the probability of events far into the future.Actuarially determined amounts
are subject to continual revision as actual results are compared to past expectations and new
estimates are made about the future. Experience studies are performed as of December 31 of
even numbered years. The methods and assumptions shown above are based on the 2018
experience study which reviewed experience for the four-year period ending on December 31,
2018.
Long-Term Expected Rate of Return
To develop an analytical basis for the selection of the long-term expected rate of return
assumption, in May 2019 the OPERS Board reviewed long-term assumptions developed by both
Milliman's capital market assumptions team and the Oregon Investment Council's (OIC)
investment advisors.The table below shows Milliman's assumptions for each of the asset classes
in which the plan was invested at that time based on the OIC long-term target asset allocation.
The OIC's description of each asset class was used to map the target allocation to the asset
classes shown below. Each asset class assumption is based on a consistent set of underlying
110
City of Tigard, Oregon
Notes to Basic Financial Statements
assumptions, and includes an adjustment for the inflation assumption. These assumptions are
not based on historical returns, but instead are based on a forward-looking capital market
economic model.
Assumed Asset Allocation
Asset Class/Strategy Low Range High Range Target
Debt Securities 15.0% 25.0% 20.0%
Public Equity 27.5% 37.5% 32.5%
Real Estate 9.5% 15.5% 12.5%
Private Equity 14.0% 21.0% 17.5%
Alternatives Portfolio 7.5% 17.5% 15.0%
Opportunity Portfolio 0.0% 3.0% 0.0%
Risk Parity 0.0% 2.5% 2.5%
Total 100.0%
Compounded
Target Annual Return
Asset Class Allocation (Geometric)
Core Fixed Income 9.60% 4.07%
Short-Term Bonds 9.60% 3.68%
Bank/Leveraged Loans 3.60% 5.19%
High Yield Bonds 1.20% 5.74%
Large/Mid Cap US Equities 16.17% 6.30%
Small Cap US Equities 1.35% 6.68%
Micro Cap US Equities 1.35% 6.79%
Developed Foreign Equities 13.48% 6.91%
Emerging Market Equities 4.24% 7.69%
Non-US Small Cap Equities 1.93% 7.25%
Private Equities 17.50% 8.33%
Real Estate (Property) 10.00% 5.55%
Real Estate (REITS) 2.50% 6.69%
Hedge Fund of Funds-Diversified 1.50% 4.06%
Hedge Fund-Event-driven 0.38% 5.59%
Timber 1.13% 5.61%
Farmland 1.13% 6.12%
Infrastructure 2.25% 6.67%
Commodities 1.13% 3.79%
Total 100.00%
Assumed Inflation - Mean 2.50%
111
City of Tigard, Oregon
Notes to Basic Financial Statements
Discount Rate
The discount rate used to measure the total pension liability was 7.20 percent for the Defined
Benefit Pension Plan.The projection of cash flows used to determine the discount rate assumed
that contributions from plan members and those contributing employers are made at the
contractually required rates, as actuarially determined. Based on those assumptions, the
pension plan's fiduciary net position was projected to be available to make all projected future
benefit payments of current plan members. Therefore, the long-term expected rate of return
on pension plan investments for the Defined Benefit Pension Plan was applied to all periods of
projected benefit payments to determine the total pension liability.
Sensitivity of the City's proportionate share of net pension liability (asset) to changes in the
discount rate
The following presents the city's proportionate share of the net pension liability (asset)
calculated using the discount rate of 7.20 percent, as well as what the city's proportionate share
of the net pension liability (asset) would be if it were calculated using a discount rate that is 1-
percentage-point lower (6.20 percent) or 1-percentage-point higher (8.20 percent) than the
current rate:
1% Decrease Discount Rate 1% Increase
(6.20%) (7.20%) (8.20%)
City's proportionate share of
the net pension liability $ 21,994,957 $ 14,812,243 $ 8,789,204
Pension Plan Fiduciary Net Position
Detailed information about the pension plan's fiduciary net position is available in the separately
issued OPERS financial report at:
http://www.oregon.gov/pers/Pages/Financials/Actuarial-Financial-Information.aspx
10. Retirement Plans— Defined Contribution Plan
The city contributes to a retirement plan on behalf of all eligible employees. Contributions are
to Mass Mutual, a defined contribution single employer retirement plan (The Plan) for those
employees not eligible for the defined benefit plan (OPERS). The Plan is a defined contribution
plan created in accordance with Internal Revenue Code Section 401(a). Employees become
eligible to participate in the plans after six months of service and vest immediately. Employees
may withdraw funds upon retirement or termination of employment.
Employees enrolled in The Plan at June 30, 2021:
Classification of eligible employees Enrollment
Represented (SEIU)/Police (non-sworn) employees 122
Management employees 103
Total enrolled employees 225
112
City of Tigard, Oregon
Notes to Basic Financial Statements
Contributions to The Plan range from 10 to 11 percent of gross salary depending on the
employment group for all eligible employees participating in the plans.
The city is required to contribute to these plans under authority of City Council resolution and
the plan documents. Employees may also contribute to these plans. Required and actual
contributions to the plan were $2,775,406 for the year ended June 30, 2021.
Contributions to the plans are made to a fiduciary. All assets and income of the Plan are held in
trust for the exclusive benefit of the participants and their beneficiaries. Since the plans are
administered by the city, the assets, equity and operations of the plans are accounted for in the
General Employees Pension Plan Fund, a pension trust fund. The plans invest in various money
market and equity mutual funds. At June 30, 2021, the total net position of the pension plan
was $39,835,413, which approximates fair value.
Deferred Compensation Plans
The city offers employees a voluntary deferred compensation plan created in accordance with
Internal Revenue Code Section 457 and administered by the city. The Plan is a defined
contribution plan. Amendments to the plan require City Council approval. The Plan is available
to any individual who is an elected official of the city or who is employed by the city after
completing 30 days of service.
Participation in the plan is voluntary. Contributions to fiduciaries that hold the funds in trust for
the plans' participants are made through salary withholdings from participating employees up
to the amounts specified in the code. No contributions are required by the city.
Amounts deferred are not available to employees until termination, retirement, death, or
unforeseeable emergency. All assets and income of the plan are held in trust for the exclusive
benefit of the participants and their beneficiaries.The amounts accumulated under the 457 plan
including investments earnings are excluded from the financial statements of the city.
11.Tax Abatements
As of June 30, 2021, the city provides property tax abatements through three programs. An
Enterprise Zone program, a Non-Profit Corporation Low-Income Housing program and a
Vertical Housing Development Zone program.
Enterprise Zone
The city's Enterprise Zone (EZ) is authorized by Oregon Revised Statute (ORS) 285C.050 —
285C.250, the Oregon Enterprise Zone Act (the Act). The city created the Tigard EZ through
Resolution No. 14-51.This Resolution was approved by City Council on October 28, 2014.The
city subsequently expanded the EZ to include a portion of the City of Lake Oswego via
Resolution No. 15-48 on October 27, 2015, and renamed the EZ the Tigard/Lake Oswego
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City of Tigard, Oregon
Notes to Basic Financial Statements
Enterprise Zone. ORS 285C.255 defines the sunset of all enterprise zone programs,
terminating existing programs as of June 30, 2025.
The City of Tigard elected to add the following additional incentives and requirements to its
program:
• Fast tracking the land use review process.
• Pre-application conference fees, business registration fees, and sign permit fee are
waived by 50 percent.
• City Council may extend the standard exemption by up to two more years if a qualifying
company increases employment by 10 percent each year and new jobs are compensated
(wages plus benefits) at 200 percent of Oregon Minimum Wage.
• A minimum investment of$500,000 is required.
• Total compensation for 75 percent of company's EZ facility jobs (wages plus benefits)
must exceed 200 percent of Oregon minimum wage after one year of employment.
• A company must provide benefits to employees that meet or exceed the national average
of non-mandated benefits for the size of the company, and the Company must offer
sufficient training and advancement opportunities for all employees.
• A procurement plan increasing purchasing with Tigard based companies is required.
• An application fee totaling one tenth of one percent (.001) of the value of the investment
for the qualified property that is proposed in the application. This fee is capped at
$25,000.
• Companies applying for the two year extended abatement must pay a Community Service
Fee. This fee is calculated at a rate of 20 percent of the abated taxes for years four and
five. The fee is paid to the city.
Applications are reviewed by the city and by the county assessor. Review includes a
preauthorization consultation and a review of written application materials. For approved
applications, City Council may adopt a resolution finding that; the business is eligible for the
exemption under the Act, the size of the proposed investment meets requirements, the
employment opportunities provide by the facility or firm and/or the nature of the activities
undertaken by the facility or firm within the EZ will significantly enhance the local economy,
and the activities of the facility or firm will promote the purposes for which the zone was
created and increase employment within the zone.
Taxes are abated via an exemption of assessed value from all applicable tax levies. These
taxes are abated for a period of three tax years, beginning with the first year the property is
placed in service. Applicable tax levies include the permanent rate levies and operating levies
for all taxing districts that include the property. Additionally, any community service fees
received by the city from participating businesses are restricted for use on economic
development activities.
114
City of Tigard, Oregon
Notes to Basic Financial Statements
Recipients of the EZ tax abatement make commitments to the city in their application in a
number of areas, including statutory requirements for an increase in full-time employment
of 10 percent, no concurrent job losses in Oregon within 30 miles of the EZ, maintenance of
employment levels during the exemption period, and first-source agreements with local job
training providers.
For the fiscal year ended June 30, 2021, the city's property tax revenues were reduced by an
estimated $16,000 as a result of the EZ program. For the fiscal year ended June 30, 2021,the
Tigard Urban Renewal's property tax revenues were reduced by an estimated $860 as a result
of the EZ program.
If necessary, abated taxes can be reassessed for reasons defined in ORS 285C.240. Reasons
for reassessment include; sale of a qualifying business or subject property outside of the EZ,
reduction in business operations and/or closure of a business, failure of a business to meet
statutory or city requirements, and/or if they use the property for ineligible activities. At
disqualification, the County Assessor will assess any previously abated taxes in a subsequent
assessment year, less any amounts that have been paid to the city as a community service
fee.
Non-Profit Low Income Housing Limited Tax Exemption
The city's Non-Profit Low Income Housing Limited Tax Exemption (NPLTE) program is
authorized by ORS 307.540-548. In 1996,the city's NPLTE program was established by Tigard
Municipal Code 3.50, Non-Profit Corporation Low-Income Housing, Ordinance No. 96-34.
The program allows exemption from property taxes for Non-Profit Corporations owning a
low-income housing facility that meet specific criteria. The criteria include:
• The property is owned or being purchased by a corporation that is exempt from income
taxes under section 501(c) (3) or (4) of the Internal Revenue Code as amended before
December 1, 1984.
• Upon liquidation,the assets of the corporation are required to be applied first in payment
of all outstanding obligations, and the balance remaining, in cash and in kind, to be
distributed to corporations exempt from taxation and operated exclusively for religious,
charitable, scientific, literary or educational purposes or to the State of Oregon.
• The property is occupied by low-income persons.
• The property or portion of the property receiving the exemption, is actually and
exclusively used for the purposes described in section 501(c) (3) or (4) of the Internal
Revenue Code as amended before December 1, 1984.
• The application for exemption has been approved by the City Council.
To qualify for the exemption,the corporation shall file an application for exemption with the
governing body for each assessment year of exemption. The application shall be filed on or
115
City of Tigard, Oregon
Notes to Basic Financial Statements
before March 1, of the assessment year for which the exemption is applied for, except that
when the property designated is acquired after March 1 and before July 1, the claim for that
year shall be filed within 30 days after the date of acquisition.
For the fiscal year ended June 30, 2021, the city's property tax revenues were reduced by an
estimated $121,000 as a result of this program. For fiscal year ended June 30, 2021 the Tigard
Urban Renewal's property tax revenues were reduced by an estimated $8,000 as a result of
this program.
Vertical Housing Development Zone
The city's Vertical Housing Development Zone (VHDZ) tax exemption program is authorized
by ORS 285C.450 to 285C.480 and 307.864. This ORS allows municipalities to create special
districts to encourage mixed-use development. In 2014, the city passed Resolution No. 14-
38 establishing this program. VHDZ allows for partial exemption from property taxes for
mixed use multi-story development in core areas of the city. VHDZ encourages development
which supports downtown revitalization. Areas identifies for this program include Tigard's
Town Center and parts of the Tigard Triangle. This exemption allows for a decrease in total
property tax, for new construction, of 20 percent per floor, exemption applies to new
construction on the first four floors of residential development built above a non-residential
ground floor.
Taxes are abated via an exemption of assessed value from applicable tax levies for a period
of 10 successive years, beginning in the year following the year the project was completed
and would have otherwise been added to the tax rolls.
For the fiscal year ended June 30, 2021, the city's property tax revenues were reduced by an
estimated $27,000 as a result of this program. For the fiscal year ended June 30, 2021 the
Tigard Urban Renewal's property tax revenues were reduced by an estimated $2,000 as a
result of this program.
For the fiscal year ended June 30, 2021, the city abated property taxes totaling $165,000
under the three programs. For fiscal year ended June 30, 2021 the Tigard Urban Renewal's
abated property taxes totaling $10,960 under the three programs.
FY 2021 Taxes Abated
Tigard Urban
Tax Abatement Program City of Tigard Renewal
Enterprise Zone $ 16,000 $ 960
Non-Profit Low Income Housing Limited Tax Exemption 121,000 8,000
Vertical Housing Development Zone 28,000 2,000
Total $ 165,000 $ 10,960
116
City of Tigard, Oregon
Notes to Basic Financial Statements
12.Transactions with Clean Water Services of Washington County
The city collects charges for treatment of city sewage and stormwater on behalf of the Clean
Water Services of Washington County and remits all collections to Clean Water Services, except
for 20.56 percent of sewer service charges collected, 3.98 percent of sewer connection charges
collected and 75.03 percent of stormwater service charges collected, in accordance with an
agreement between the city and Clean Water Services. During fiscal year 2021 the city paid
$15,362,991 to Clean Water Services under this agreement.
The net amount retained by the city is reported as revenue in the enterprise funds in the
proprietary funds Statement of Revenues, Expenses and Changes in Fund Net Position.
Revenues are reported net because the city acts in a fiduciary capacity on behalf of Clean Water
Services.
13. Risk Management
The city is exposed to various risks of loss related to torts; employment liability;theft of, damage
to, and destruction of assets; errors and omissions; injuries to employees and others; and
natural disasters. The city is insured through a member trust consisting of cities and counties in
Oregon and purchases public entity insurance through the trust to deal with liability risks with
nominal deductibles. Employee injuries are insured through SAIF, the State Accident Insurance
Fund. Settled claims resulting from these risks have not exceeded public entity insurance
coverage in any of the past three fiscal years and there has not been any material change to
insurance coverages from the previous year.
14.Joint Venture
Willamette Intake Facilities Commission
Willamette Intake Facilities Commission (the Commission or WIF) was organized in April 2018
under Oregon Revised Statute (ORS) 190 and was established by an agreement between the
cities of Wilsonville, Hillsboro, Tigard, Beaverton, Sherwood, and Tualatin Valley Water District.
The Commission is governed by a six-member board,with one representative appointed by each
member jurisdiction. The purpose of the Commission is to provide for the ownership,
management, and operation of the Willamette intake facilities which are used to withdraw and
transmit water to the parties. The Commission is managed by Tualatin Valley Water District.
Expenses are allocated on a unit basis by the Commission. Each joint venturer's apportioned
share of the general administration expenses is determined by the following formula: 25 percent
of the administrative costs for the fiscal year is divided evenly among the Commission's
membership; the remainder is divided among the Commission membership according to their
percentage share of the capacity ownership in the intake facilities.
117
City of Tigard, Oregon
Notes to Basic Financial Statements
Operations, maintenance, and repair expenses that are a result of use of the facilities are
allocated based on each party's proportionate use of the WIF. Operations, maintenance, and
repair expenses unrelated to usage will be allocated based on each party's proportionate
ownership of the WIF.
The following percentages were in effect at June 30, 2021:
Tualatin Valley Water District 39.40
City of Wilsonville 16.67
City of Sherwood 6.47
City of Tigard 10.00
City of Hillsboro 24.13
City of Beaverton 3.33
The investment in joint venture is recorded at cost in the Water Fund, and the city's share of the
annual net income or loss is used to adjust the ending balance of the city's equity interest in the
joint venture. Financial statements for the WIF may be obtained from Tualatin Valley Water
District, Finance Department at 1850 SW 170th Avenue, Beaverton, Oregon 97003. At June 30,
2021 the city's investment in the WIF was:
Investment in joint venture at June 30, 2020 $ 1,060,472
Contributions 764,740
Loss for the year (32,454)
Investment in joint venture at June 30, 2021 $ 1,792,758
15. Lake Oswego/Tigard Water Partnership
The city has an intergovernmental agreement (IGA) with the City of Lake Oswego for the Lake
Oswego/Tigard Water Partnership (Partnership). The city's investment in the Partnership is
estimated at approximately $170 million. The Partnership built a water system that has the
capacity to produce 38 million gallons of usable water per day (MGD). Tigard's portion is 18 of
the 38 MGD, or 47.37 percent. While the Partnership is still operating under the original
agreement, recently the cities have adopted a Lake Oswego/Tigard Water Partnership
Operations plan.The cities are also discussing a long-term governance agreement.
Assets
Upon completion of the multi-year project Lake Oswego conveyed to Tigard an undivided
proportionate interest of the supply facilities and property. The city then recorded its share of
capital assets in land, land improvements, building and improvements, water system
infrastructure and equipment. Depreciation for the depreciable assets is based on each asset's
respective useful life.
118
City of Tigard, Oregon
Notes to Basic Financial Statements
Debt
As stated in Note 6, the city issued $97.7 million in revenue bonds during fiscal year 2012 to
partially fund the project. The city issued an additional $30.8 million in revenue bonds in fiscal
year 2015 for the continuing water infrastructure needs. In 2020 $86.6 million in revenue
refunding bonds were issued. As of June 30, 2021, the outstanding debt amount for the project
is $125,917,501.
Operating costs and future capital expense
Operating costs and future capital expenses are based on different criteria for each section of
the system:
Allocation Percentage
Water System Section Fixed Cost Variable Cost
Water treatment plant, pipe
infrastructure, raw water intake facility 47.37% Based on usage
Waluga Resevoir 51.43% Based on usage
Pipeline after Waluga Resevoir, Bonita
pump station 100.00% 100.00%
The monthly operating costs paid to Lake Oswego are based on an annual budget for fixed costs
and projected usage for variable costs. Annually, a true up is completed based on actual usage.
The city exclusively operates the Bonita pump station and therefore does not pay Lake Oswego
for those costs. For the fixed costs associated with the Waluga Reservoir,Tigard's portion is 1.8
of the 3.5 million gallon capacity, or 51.43 percent. The revenue and expenses associated with
ongoing operations of the system are recorded within water operations.
16. Commitments
The city has entered into various contracts with outstanding commitments at year end. The
contracts are for various projects and will be paid for with debt proceeds, property taxes, gas
taxes, and various other sources. The major commitments outstanding at June 30, 2021 are as
follows:
119
City of Tigard, Oregon
Notes to Basic Financial Statements
Project Commitment
Pavement Management Program Design $ 221,895
Main Street Phase 2 Design 224,713
ASR Wells Rehabilitation 142,606
Cach Reservoir& Pump Station 206,476
OR 99W Streetlight 109,219
Ramp Improvements 250,000
17. Contingent Liabilities
The city is a defendant in various lawsuits, nearly all of these lawsuits are covered by the city's
insurance policies. Although the outcome of these lawsuits is not presently determinable, it is
the opinion of management that resolution of these matters will not have a material adverse
effect on the financial condition of the city.
Claims not covered by the city's insurer would be recognized when it appeared probable that
the loss had been incurred and the amount could be reasonably estimated.
18. Subsequent Event
On September 29, 2021 the city issued $4,644,800 in Town Center Development Agency Urban
Renewal and Redevelopment bonds and $4,581,600 in City of Tigard Full Faith and Credit bonds
for the city's urban renewal areas.These bond issuances will be used to fund projects within the
City Center Urban Renewal Area and the Tigard Triangle Urban Renewal Area.
120
Required Supplementary
Information
122
CITY OF TIGARD,OREGON
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Taxes $ 17,753,872 $ 17,753,872 $ 17,778,222 $ 24,350
Licenses and permits 1,133,252 1,133,252 1,404,096 270,844
Intergovernmental revenues 7,428,909 10,810,077 10,289,174 (520,903)
Charges for services 243,132 260,132 316,752 56,620
Fines and forfeitures 2,258,261 2,258,261 1,363,215 (895,046)
Franchise fees 6,615,979 6,615,979 6,980,858 364,879
Interest earnings 400,900 400,900 263,812 (137,088)
Net increase(decrease)in investment fair
value - - (94,591) (94,591)
Miscellaneous revenues 356,432 356,432 140,282 (216,150)
Total revenues 36,190,737 39,588,905 38,441,820 (1,147,085)
EXPENDITURES
Community services 26,625,243 30,185,079 27,429,523 2,755,556
Community development 4,190,174 4,911,090 4,312,230 598,860
Policy and administration 1,875,778 1,875,705 1,029,244 846,461
Total expenditures 32,691,195 36,971,874 32,770,997 4,200,877
Change in fund balance before
other financing sources(uses) 3,499,542 2,617,031 5,670,823 3,053,792
OTHER FINANCING SOURCES(USES)
Transfer in 354,000 354,000 193,091 (160,909)
Transfer out (2,673,115) (2,961,615) (2,925,787) 35,828
Contingency (1,650,000) (677,389) - 677,389
Reserve for future expenditures (25,510,850) (25,486,650) - 25,486,650
Total other financing(uses) (29,479,965) (28,771,654) (2,732,696) 26,038,958
Change in fund balance (25,980,423) (26,154,623) 2,938,127 29,092,750
Fund balance-beginning of the year 25,980,423 26,154,623 27,097,616 942,993
Fund balance-end of the year $ - $ - 30,035,743 $ 30,035,743
Reconciliation of budgetary fund balance to GAAP basis net position:
Interfund Loan 883,981
Total net position,GAAP basis $ 30,919,724
123
City of Tigard Oregon
Schedule of the City's Proportionate Share of the Net Pension Liability(Asset)
Oregon Public Employees Retirement System
Last Eight Fiscal Years 1,2
2021 2020 2019
City's proportion of the net pension liability
(asset) 0.067873% 0.075025% 0.073322%
City's proportionate share of the net pension
liability (asset) $ 14,812,243 $ 12,977,450 $ 11,107,323
City's covered payroll $ 6,307,694 $ 6,331,572 $ 5,941,342
City's proportionate share of the net pension
liability (asset) as a percentage of its covered
payroll 234.83% 204.96% 186.95%
Plan fiduciary net position as a percentage of
the total pension liability 75.79% 80.23% 82.07%
110-year trend information required by GASB Statement 68 will be presented prospectively
2 Amounts presented are for the measurement period reported during the fiscal year, which for
FY 2021 is July 1, 2019 -June 30, 2020.
NOTES TO SCHEDULE
Changes in Benefit Terms
Senate Bill 822 was enacted during the 2013 Oregon regular legislative session to lower the cap
on the cost-of-living adjustment (COLA) from 2 percent to 1.5 percent for 2013, and eliminated
the tax remedy benefit for recipients who do not pay Oregon state income taxes because they do
not reside in Oregon. Senate Bill 861 was enacted during the 2013 Oregon special legislative
session, further lowering the post-retirement COLA for years beyond 2013 to 1.25% on the first
$60,000 of annual benefit and 0.15% on annual benefits above $60,000. The combined impact of
these Senate Bills are reflected in the June 30, 2014 total pension liability, resulting in a net
pension asset reported by the City for fiscal year 2015.
The Oregon Supreme Court (Court) ruled in Moro v. State of Oregon on April 30, 2015 that
certain provisions of Senate Bill 822 and Senate Bill 861 were unconstitutional. The Court ruled
that benefits could be modified prospectively, but not retrospectively. As a result, those who
retired before the bills were passed will continue to receive a COLA tied to the Consumer Price
Index that normally results in a 2% increase annually. OPERS members who have accrued
benefits before and after the effective dates of the 2013 legislation will have a blended COLA rate
when they retire. The impact of the Court's decision is reflected in the June 30, 2015 total
pension liability, which contributes to the net pension liability reported by the City for fiscal year
2016.
124
2018 2017 2016 2015 2014
0.072960% 0.074719% 0.081488% 0.074022% 0.074022%
$ 9,835,041 $ 11,216,998 $ 4,678,602 $ (1,677,869) $ 3,777,455
$ 6,280,408 $ 6,610,002 $ 6,187,208 $ 6,025,900 $ 5,426,379
156.60% 169.70% 75.62% -27.84% 69.61%
83.12% 80.53% 91.88% 103.59% 91.97%
Change in Assumptions
The PERS Board adopted assumption changes that were used to measure the
June 30, 2016 total pension liability, which contributes to the net pension
liability reported by the city for fiscal year 2017. The changes include lowering
the long-term expected rate of return to 7.50 percent and lowering the
assumed inflation to 2.50 percent. In addition,the healthy mortality
assumption was changed to reflect an updated mortality improvement scale
for all groups, and assumptions were updated for merit increases, unused sick
leave, and vacation pay.
On July 28, 2017, the OPERS Board lowered the assumed earnings rate from
7.50 percent to 7.20 percent. The new assumed earnings rate affected rates
on July 1, 2018.
125
City of Tigard, Oregon
Schedule of the City's Contributions
Oregon Public Employees Retirement System
Last Eight Fiscal Years'
2021 2020 2019
Contractually required
contributions $ 1,344,480 $ 1,302,699 $ 1,039,691
Contributions in relation to the
contractually required
contribution (1,344,480) (1,302,699) (1,039,691)
Contribution deficiency (excess) $ - $ - $ -
City's covered payroll $ 6,960,595 $ 6,307,694 $ 6,331,572
Contributions as a percentage
of covered payroll 19.32% 20.65% 16.42%
1 10-year trend information required by GASB Statement 68 will be presented prospectively
NOTES TO SCHEDULE
Actuarial Assumptions and Methods Used to Actuarially Determine Contributions:
Actuarial Valuation December 31, 2018 December 31, 2017 December 31, 2016
Effective July 2020 -June 2021 July 2019 -June 2020 July 2018 -June 2019
Actuarial cost method: Entry Age Normal Entry Age Normal Entry Age Normal
Actuarial valuation method: Market Value Market Value Market Value
Actuarial assumption:
Inflation rate 2.50 Percent 2.50 Percent 2.50 Percent
Projected salary increases 3.50 percent 3.50 percent 3.50 percent
Investment rate of return 7.20 percent 7.20 percent 7.20 percent
126
2018 2017 2016 2015 2014
$ 937,027 $ 787,306 $ 761,228 $ 782,812 $ 722,108
(937,027) (787,306) (761,228) (782,812) (722,108)
$ - $ - $ - $ - $
$ 5,941,342 $ 6,280,408 $ 6,610,002 $ 6,187,208 $ 6,025,900
15.77% 12.54% 11.52% 12.65% 11.98%
December 31, 2015 December 31, 2013 December 31, 2011
July 2017 -June 2018 July 2015 -June 2017 July 2013 -June 2015
Entry Age Normal Entry Age Normal Projected Unit Credit
Market Value Market Value Market Value
2.50 Percent 2.75 percent 2.75 percent
3.50 percent 3.75 percent 3.75 percent
7.50 percent 7.75 percent 8.00 percent
127
City of Tigard,Oregon
Schedule of the Changes in the City's Total OPEB Liability and Related Ratios
Implicit Rate Subsidy Plan
Last Four Fiscal Years 1,2
2021 2020 2019 2018
Total OPEB Liability(in 1,000s)
Service cost $ 121 $ 109 $ 117 $ 100
Interest 53 52 54 43
Changes in benefit terms - - - -
Economic/demographic losses (189) - 15 -
Changes of assumptions or other inputs (19) 46 (292) (96)
Benefit payments (51) (59) (49) (59)
Net change in OPEB liability (85) 148 (155) (12)
Total OPEB Liability- beginning 1,416 1,268 1,423 1,435
Total OPEB Liability-ending $ 1,331 $ 1,416 $ 1,268 $ 1,423
Covered-employee payroll $ 24,881 $ 23,214 $ 21,705 $ 21,438
Total OPEB Liability as a %of covered payroll 5.35% 6.10% 5.84% 6.64%
110-year trend information required by GASB Statement 75 will be presented prospectively
2 Amounts presented are for the measurement period reported during the fiscal year, which for FY 2021 is July 1,
2019-June 30, 2020
128
City of Tigard,Oregon
Schedule of the City's Proportionate Share of the Net OPEB Liability(Asset)
Oregon Public Employees Retirement System,Retiremen Health Insurance Account
Last Five Fiscal Years 1,2
2021 2020 2019 2018 2017
City's proportion of the net OPEB
liability(asset) 0.0345% 0.0607% 0.0579% 0.0613% 0.0675%
City's proportionate share of the net
OPEB liability(asset) $ (70,282) $ (117,368) $ (64,649) $ (25,563) $ 18,323
City's covered payroll $ 6,307,694 $ 6,331,572 $ 5,941,342 $ 6,280,408 $ 6,610,002
City's proportionate share of the net
OPEB liability(asset) as a percentage
of its covered payroll -1.1% -1.9% -1.1% -0.4% 0.3%
Plan fiduciary net position as a
percentage of the total OPEB liability 150.1% 144.4% 124.0% 108.9% 80.5%
110-year trend information required by GASB Statement 75 will be presented prospectively
2 Amounts presented are for the measurement period reported during the fiscal year,which for FY 2021 is July 1,2019-
June 30,2020
129
City of Tigard,Oregon
Schedule of the City's Contributions
Oregon Public Employees Retirement System,Retirement Health Insurance Account
Last Five Fiscal Years'
2021 2020 2019 2018 2017
Contractually required contributions $ 2,194 $ 2,463 $ 30,103 $ 29,366 $ 31,820
Contributions in relation to the contractually
required contribution (2,194) (2,463) (30,103) (29,366) (31,820)
Contribution deficiency(excess) $ - $ - $ - $ - $ -
City's covered payroll $ 6,960,595 $ 6,307,694 $ 6,331,572 $ 5,941,342 $ 6,280,408
Contributions as a percentage of covered payroll 0.03% 0.04% 0.48% 0.49% 0.51%
110-year trend information required by GASB Statement 75 will be presented prospectively
NOTES TO SCHEDULE
Actuarial Assumptions and Methods Used to Actuarially Determine Contributions:
Actuarial Valuation December 31,2018 December 31,2017 December 31,2016 December 31,2015 December 31,2013
Effective July 2020-June 2021 July 2019-June 2020 July 2018-June 2019 July 2017-June 2018 July 2015-June 2017
Actuarial cost method: Entry Age Normal Entry Age Normal Entry Age Normal Entry Age Normal Entry Age Normal
Actuarial valuation method: Market Value Market Value Market Value Market Value Market Value
Actuarial assumption:
Inflation rate 2.50 Percent 2.50 percent 2.50 percent 2.50 percent 2.75 percent
Projected salary increases 3.50 percent 3.50 percent 3.50 percent 3.50 percent 3.75 percent
Investment rate of return 7.20 percent 7.20 percent 7.20 percent 7.50 percent 7.75 percent
130
Other Supplementary
Information
131
132
CITY OF TIGARD,OREGON
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30,2021
Special Debt Service Capital Project
Revenue Funds Funds Funds Total
ASSETS
Cash and investments $ 2,538,436 $ - $ 3,795,564 $ 6,334,000
Accounts receivable 891,286 - 1,689,748 2,581,034
Property taxes receivable 20,951 45,105 - 66,056
Assessment liens receivable - 123,089 3,413 126,502
Interest receivable - 9,919 1,766 11,685
Restricted cash and investments 25,751,959 4,407,238 42,595,902 72,755,099
Total assets $ 29,202,632 $ 4,585,351 $ 48,086,393 $ 81,874,376
LIABILITIES
Accounts payable and accrued liabilities $ 733,727 $ - $ 1,099,876 $ 1,833,603
Deposits 1,398,477 - - 1,398,477
Due to others 137,262 - - 137,262
Advances from other funds - - 986,301 986,301
Unearned revenue 50,000 - - 50,000
Total liabilities 2,319,466 - 2,086,177 4,405,643
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Property taxes 13,848 43,242 - 57,090
Transportation refund credits 35,857 - - 35,857
Special assessment liens - 123,089 3,413 126,502
Total deferred inflows of resources 49,705 166,331 3,413 219,449
FUND BALANCES
Restricted for:
Street maintenance and improvements 9,537,715 - 25,495,675 35,033,390
Tourism 358,547 - - 358,547
Affordable housing 748,140 - - 748,140
Debt service - 4,419,020 - 4,419,020
Park development and improvements - - 12,960,369 12,960,369
Underground utilities - - 558,124 558,124
Building inspection 10,326,188 - - 10,326,188
Police services 1,457,236 - - 1,457,236
Library improvements 609,144 - - 609,144
Urban development and improvements - - 3,122,888 3,122,888
Committed for:
Street maintenance and improvements - - 3,043,724 3,043,724
Urban forestry 1,172,230 - - 1,172,230
Assigned to:
City facilities - - 938,351 938,351
Park and recreation 2,624,261 - - 2,624,261
Unassigned - - (122,328) (122,328)
Total fund balances 26,833,461 4,419,020 45,996,803 77,249,284
Total liabilities,deferred inflows of
resources and fund balances $ 29,202,632 $ 4,585,351 $ 48,086,393 $ 81,874,376
133
CITY OF TIGARD,OREGON
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
for the year ended June 30,2021
Special Debt Service Capital Project
Revenue Funds Funds Funds Total
REVENUES
Taxes $ 8,848,538 $ 3,779,384 $ - $ 12,627,922
Special assessments - 90,251 - 90,251
Licenses and permits 2,301,126 - - 2,301,126
Intergovernmental revenues 140,454 - 2,206,365 2,346,819
Charges for services 1,995,000 - 3,241,473 5,236,473
System development charges - - 5,124,725 5,124,725
Fines and forfeitures 157,898 - - 157,898
Interest earnings 188,782 60,773 333,975 583,530
Net increase(decrease)in investment
fair value (60,036) (4,747) (176,069) (240,852)
Miscellaneous revenues 54,102 26,335 390,603 471,040
Total revenues 13,625,864 3,951,996 11,121,072 28,698,932
EXPENDITURES
Community services 1,303,404 - - 1,303,404
Public works 6,881,610 - - 6,881,610
Community development 2,179,761 - 335,731 2,515,492
Debt service:
Principal - 2,205,000 - 2,205,000
Interest - 568,882 - 568,882
Capital outlay - - 9,930,747 9,930,747
Total expenditures 10,364,775 2,773,882 10,266,478 23,405,135
Changes in fund balance before
other financing sources(uses) 3,261,089 1,178,114 854,594 5,293,797
OTHER FINANCING SOURCES(USES)
Transfer in 2,769,500 - 5,158,500 7,928,000
Transfer out (2,005,043) - (4,103,910) (6,108,953)
Total other financing sources(uses) 764,457 - 1,054,590 1,819,047
Changes in fund balance 4,025,546 1,178,114 1,909,184 7,112,844
Fund Balance-Beginning of the year 22,807,915 3,240,906 44,087,619 70,136,440
Fund Balance-End of the year $ 26,833,461 $ 4,419,020 $ 45,996,803 $ 77,249,284
134
Special Revenue Funds
The balance sheet and statement of revenues, expenditures and changes in fund balance of the
non-major special revenue funds are reported in the combining governmental fund statements.
Fund statements for the major special revenue funds are reported in the basic financial
statements.
Schedules of revenues, expenditures and changes in fund balance — budget and actual — are
also presented here for each special revenue fund.
Gas Tax Fund–This fund records shared revenues from the State of Oregon and Washington
County taxes on sale of motor vehicle fuel. The city uses these revenues to fund various
construction, reconstruction, improvements, repairs, maintenance and operation of public
highways, roads and streets.
City Gas Tax Fund–This fund accounts for revenues generated from Tigard's local gas tax and
funds projects for transportation improvements.
Transient Lodging Tax Fund–This fund accounts for revenues generated from Tigard's local
hotel/motel tax and funds projects to promote tourism.
Construction Excise Tax Fund–This fund accounts for revenues generated from Tigard's
construction excise tax and funds projects to promote affordable housing.
Electrical Inspection Fund–This fund accounts for fees charged for permits, plan check fees
and inspection of electrical improvements.
Building Fund–This fund accounts for fees charged for building inspection and plan review
activities.
Criminal Forfeiture Fund–This fund accounts for funds and property seized from criminals.
Urban Forestry Fund–This fund accounts for funds collected from developers in lieu of
preserving trees, which the city can use to plant trees in public right-of-way and other public
properties.
Parks Utility Fund–This fund accounts for fees charged for the maintenance and operation of
city parks, trails, and green spaces.
Police Levy Fund–This fund accounts for the local option property tax levy that was passed to
fund addition police operations.
Library Fund–This fund accounts for the amounts received from several donations and
bequests for various special projects and artwork.
135
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137
CITY OF TIGARD,OREGON
NON MAJOR SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
June 30,2021
City Gas Transient Construction Electrical
Gas Tax Tax Lodging Tax Excise Tax Inspection
Fund Fund Fund Fund Fund
ASSETS
Cash and investments $ - $ - $ - $ - $ -
Accounts receivable 494,578 79,943 60,869 - 243
Property taxes receivable - - - - -
Restricted cash and investments 6,824,987 3,149,001 297,678 829,788 404,758
Total assets $ 7,319,565 $ 3,228,944 $ 358,547 $ 829,788 $ 405,001
LIABILITIES
Accounts payable $ 143,340 $ - $ - $ - $ -
Due to others - - - 81,648 603
Deposits 831,597 - - - -
Unearned revenue - - - - -
Total liabilities 974,937 - - 81,648 603
DEFERRED INFLOWS OF RESOURCES
Transportation refund credits 23,493 12,364 - - -
Property taxes - - - - -
Total deferred inflow of resources 23,493 12,364 - - -
FUND BALANCE
Restricted for:
Street maintenance and improvements 6,321,135 3,216,580 - - -
Tourism - - 358,547 - -
Affordable housing - - - 748,140 -
Building inspection - - - - 404,398
Police services - - - - -
Library improvements - - - - -
Committed for:
Urban forestry - - - - -
Assigned for:
Park and recreation - - - - -
Total fund balances 6,321,135 3,216,580 358,547 748,140 404,398
Total liabilities and fund
balances $ 7,319,565 $ 3,228,944 $ 358,547 $ 829,788 $ 405,001
138
Criminal Urban Parks Police
Building Forfeiture Forestry Utility Levy Library
Fund Fund Fund Fund Fund Fund Total
$ - $ - $ - $ 2,538,436 $ - $ - $ 2,538,436
1,941 - 960 248,574 4,178 - 891,286
20,951 - 20,951
10,306,254 660,823 1,738,150 - 881,256 659,264 25,751,959
$ 10,308,195 $ 660,823 $ 1,739,110 $ 2,787,010 $ 906,385 $ 659,264 $ 29,202,632
$ 386,405 $ 920 $ - $ 162,749 $ 40,193 $ 120 $ 733,727
55,011 - - - - 137,262
566,880 - - - 1,398,477
- 50,000 50,000
386,405 55,931 566,880 162,749 40,193 50,120 2,319,466
- - - - - - 35,857
- - - -
13,848 - 13,848
- - - -
13,848 - 49,705
- - - - - - 9,537,715
- - - - - - 358,547
- - - - - 748,140
9,921,790 - - - - - 10,326,188
604,892 - - 852,344 - 1,457,236
- - - - - 609,144 609,144
- - 1,172,230 - - - 1,172,230
2,624,261 - - 2,624,261
9,921,790 604,892 1,172,230 2,624,261 852,344 609,144 26,833,461
$ 10,308,195 $ 660,823 $ 1,739,110 $ 2,787,010 $ 906,385 $ 659,264 $ 29,202,632
139
CITY OF TIGARD,OREGON
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
for the year ended June 30,2021
City Gas Transient Construction Electrical
Gas Tax Tax Lodging Tax Excise Tax Inspection
Fund Fund Fund Fund Fund
REVENUES
Taxes $ - $ - $ - $ - $ -
Gas tax 5,129,164 - - - -
City gas tax - 695,284 - - -
Hotel/Motel tax - - 324,614 - -
Construction excise tax - - - 628,371 -
Licenses and permits 9,022 - - - 242,393
Charges for services - - - - -
Intergovernmental revenues 26,485 - - - -
Fines and forfeitures - - - - -
Tree replacement revenue - - - - -
Interest earnings 49,568 22,004 5,691 2,608 3,380
Net increase(decrease)in
investment fair value (9,958) (8,244) (5,100) 3,212 (1,011)
Miscellaneous revenues 44,140 - - - -
Total revenues 5,248,421 709,044 325,205 634,191 244,762
EXPENDITURES
Community services - - - - -
Public works 3,088,969 - - - -
Community development - - - - -
Total expenditures 3,088,969 - - - -
Changes in fund balance
before other financing
sources(uses) 2,159,452 709,044 325,205 634,191 244,762
OTHER FINANCING SOURCES(USES)
Transfer in 226,000 - - - -
Transfer out (765,057) (166,032) (718,961) (1,000) (253,978)
Total other financing
sources(uses) (539,057) (166,032) (718,961) (1,000) (253,978)
Changes in fund balance 1,620,395 543,012 (393,756) 633,191 (9,216)
Fund balance-Beginning of the year 4,700,740 2,673,568 752,303 114,949 413,614
Fund balance-End of the year $ 6,321,135 $ 3,216,580 $ 358,547 $ 748,140 $ 404,398
140
Criminal Urban Parks Police
Building Forfeiture Forestry Utility Levy Library
Fund Fund Fund Fund Fund Fund Total
$ - $ - $ - $ - $ 2,071,105 $ - $ 2,071,105
- - - - - - 5,129,164
- - - - - - 695,284
- - - - - - 324,614
- - - - - - 628,371
2,049,711 - - - - - 2,301,126
- - -
1,830,277 - - 1,830,277
77,186 - - 34,098 2,685 - 140,454
157,898 - - - - 157,898
- - 164,723 - - - 164,723
76,203 3,967 13,633 4,353 1,762 5,613 188,782
(34,184) 1,971 (4,907) (3,880) 3,430 (1,365) (60,036)
3,960 - - 6,002 - - 54,102
2,172,876 163,836 173,449 1,870,850 2,078,982 4,248 13,625,864
76,766 - - 1,226,638 - 1,303,404
- -
3,792,641 - - 6,881,610
2,179,761 - - - - - 2,179,761
2,179,761 76,766 - 3,792,641 1,226,638 - 10,364,775
(6,885) 87,070 173,449 (1,921,791) 852,344 4,248 3,261,089
250,000 - - 2,293,500 - - 2,769,500
-
(15) (29,667) (70,333) - - (2,005,043)
250,000 (15) (29,667) 2,223,167 - - 764,457
243,115 87,055 143,782 301,376 852,344 4,248 4,025,546
9,678,675 517,837 1,028,448 2,322,885 - 604,896 22,807,915
$ 9,921,790 $ 604,892 $ 1,172,230 $ 2,624,261 $ 852,344 $ 609,144 $ 26,833,461
141
CITY OF TIGARD,OREGON
GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
State gas tax $ 3,930,000 $ 3,930,000 $ 4,022,629 $ 92,629
County gas tax 985,000 985,000 1,106,535 121,535
Licenses and permits 65,965 65,965 9,022 (56,943)
Intergovernmental revenues - - 26,485 26,485
Interest earnings 82,400 82,400 49,568 (32,832)
Net increase(decrease)in investment fair
value - - (9,958) (9,958)
Miscellaneous revenues 62,818 62,818 44,140 (18,678)
Total revenues 5,126,183 5,126,183 5,248,421 122,238
EXPENDITURES
Public works 3,576,621 3,686,384 3,088,969 597,415
Change in fund balance before
other financing sources(uses) 1,549,562 1,439,799 2,159,452 719,653
OTHER FINANCING SOURCES(USES)
Transfer in 226,000 301,000 226,000 (75,000)
Transfer out (1,196,946) (1,326,946) (765,057) 561,889
Contingency (200,000) (146,170) - 146,170
Reserve for future expenditures (2,955,626) (3,105,693) - 3,105,693
Total other financing(uses) (4,126,572) (4,277,809) (539,057) 3,738,752
Change in fund balance (2,577,010) (2,838,010) 1,620,395 4,458,405
Fund balance-Beginning of the year 2,577,010 2,838,010 4,700,740 1,862,730
Fund balance-End of the year $ - $ - $ 6,321,135 $ 6,321,135
142
CITY OF TIGARD,OREGON
CITY GAS TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
City gas tax $ 875,000 $ 875,000 $ 695,284 $ (179,716)
Interest earnings 38,700 38,700 22,004 (16,696)
Net increase(decrease)in investment fair
value - - (8,244) (8,244)
Miscellaneous revenues 10,000 10,000 - (10,000)
Total revenues 923,700 923,700 709,044 (214,656)
OTHER FINANCING SOURCES(USES)
Transfer out (566,476) (566,476) (166,032) 400,444
Reserve for future expenditures (2,324,546) (2,324,546) - 2,324,546
Total other financing sources(uses) (2,891,022) (2,891,022) (166,032) 2,724,990
Change in fund balance (1,967,322) (1,967,322) 543,012 2,510,334
Fund balance-Beginning of the year 1,967,322 1,967,322 2,673,568 706,246
Fund balance-End of the year $ - $ - $ 3,216,580 $ 3,216,580
143
CITY OF TIGARD,OREGON
TRANSIENT LODGING TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Hotel/Motel tax $ 565,000 $ 565,000 $ 324,614 $ (240,386)
Interest earnings 4,800 4,800 5,691 891
Net increase(decrease)in investment fair
value - - (5,100) (5,100)
Total revenues 569,800 569,800 325,205 (244,595)
OTHER FINANCING SOURCES(USES)
Transfer out (662,602) (883,102) (718,961) 164,141
Reserve for future expenditures (836,525) (626,525) - 626,525
Total other financing sources(uses) (1,499,127) (1,509,627) (718,961) 790,666
Change in fund balance (929,327) (939,827) (393,756) 546,071
Fund balance-Beginning of the year 929,327 939,827 752,303 (187,524)
Fund balance-End of the year $ - $ - $ 358,547 $ 358,547
144
CITY OF TIGARD,OREGON
CONSTRUCTION EXCISE TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Construction excise tax $ 450,000 $ 450,000 $ 628,371 $ 178,371
Interest earnings 4,000 4,000 2,608 (1,392)
Net increase(decrease)in investment fair
value - - 3,212 3,212
Total revenues 454,000 454,000 634,191 180,191
EXPENDITURES
Development services 430,000 430,000 - 430,000
Change in fund balance before
other financing sources(uses) 24,000 24,000 634,191 610,191
OTHER FINANCING SOURCES(USES)
Transfer out (1,000) (1,000) (1,000) -
Reserve for future expenditures (73,000) (73,000) - 73,000
Total other financing sources(uses) (74,000) (74,000) (1,000) 73,000
Change in fund balance (50,000) (50,000) 633,191 683,191
Fund balance-Beginning of the year 50,000 50,000 114,949 64,949
Fund balance-End of the year $ - $ - $ 748,140 $ 748,140
145
CITY OF TIGARD,OREGON
ELECTRICAL INSPECTION FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Licenses and permits $ 305,825 $ 305,825 $ 242,393 $ (63,432)
Interest earnings 8,400 8,400 3,380 (5,020)
Net increase(decrease)in investment fair
value - - (1,011) (1,011)
Total revenues 314,225 314,225 244,762 (69,463)
OTHER FINANCING(USES)
Transfer out (253,978) (253,978) (253,978) -
Reserve for future expenditures (501,968) (501,968) - 501,968
Total other financing(uses) (755,946) (755,946) (253,978) 501,968
Change in fund balance (441,721) (441,721) (9,216) 432,505
Fund balance-Beginning of the year 441,721 441,721 413,614 (28,107)
Fund balance-End of the year $ - $ - $ 404,398 $ 404,398
146
CITY OF TIGARD,OREGON
BUILDING FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Licenses and permits $ 3,533,704 $ 3,533,704 $ 2,049,711 $ (1,483,993)
Intergovernmental revenues 8,281 8,281 77,186 68,905
Interest earnings 150,500 150,500 76,203 (74,297)
Net increase(decrease)in investment fair
value - - (34,184) (34,184)
Miscellaneous revenues 7,500 7,500 3,960 (3,540)
Total revenues 3,699,985 3,699,985 2,172,876 (1,527,109)
EXPENDITURES
Community development 2,260,005 2,279,405 2,179,761 99,644
Change in fund balance before
other financing sources(uses) 1,439,980 1,420,580 (6,885) (1,427,465)
OTHER FINANCING SOURCES(USES)
Transfer in 250,000 250,000 250,000 -
Contingency (150,000) (130,600) - 130,600
Reserve for future expenditures (11,909,584) (11,909,584) - 11,909,584
Total other financing sources(uses) (11,809,584) (11,790,184) 250,000 12,040,184
Change in fund balance (10,369,604) (10,369,604) 243,115 10,612,719
Fund balance-Beginning of the year 10,369,604 10,369,604 9,678,675 (690,929)
Fund balance-End of the year $ - $ - $ 9,921,790 $ 9,921,790
147
CITY OF TIGARD,OREGON
CRIMINAL FORFEITURE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ - $ - $ 3,967 $ 3,967
Net increase(decrease)in investment fair
value - - 1,971 1,971
Forfeitures - 101,371 157,898 56,527
Total revenues - 101,371 163,836 62,465
EXPENDITURES
Community services 277,246 304,396 76,766 227,630
Change in fund balance before
other financing sources(uses) (277,246) (203,025) 87,070 290,095
OTHER FINANCING SOURCES(USES)
Transfer out (15) (15) (15) -
Reserve for future expenditures (9,266) (9,266) - 9,266
Total other financing sources(uses) (9,281) (9,281) (15) 9,266
Change in fund balance (286,527) (212,306) 87,055 299,361
Fund balance-Beginning of the year 286,527 212,306 517,837 305,531
Fund balance-End of the year $ - $ - $ 604,892 $ 604,892
148
CITY OF TIGARD,OREGON
URBAN FORESTRY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Tree replacement revenue $ 15,000 $ 15,000 $ 164,723 $ 149,723
Interest earnings 35,200 35,200 13,633 (21,567)
Net increase(decrease)in investment fair
value - - (4,907) (4,907)
Total revenues 50,200 50,200 173,449 123,249
OTHER FINANCING SOURCES(USES)
Transfer out (151,947) (151,947) (29,667) 122,280
Reserve for future expenditures (837,040) (837,040) - 837,040
Total other financing sources(uses) (988,987) (988,987) (29,667) 959,320
Change in fund balance (938,787) (938,787) 143,782 1,082,569
Fund balance-Beginning of the year 938,787 938,787 1,028,448 89,661
Fund balance-End of the year $ - $ - $ 1,172,230 $ 1,172,230
149
CITY OF TIGARD,OREGON
PARKS UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 1,957,622 $ 1,957,622 $ 1,830,277 $ (127,345)
Intergovernmental revenues - 10,276 34,098 23,822
Interest earnings 3,300 3,300 4,353 1,053
Net increase(decrease)in investment fair
value - - (3,880) (3,880)
Miscellaneous revenues - - 6,002 6,002
Total revenues 1,960,922 1,971,198 1,870,850 (100,348)
EXPENDITURES
Public works 4,551,954 4,569,770 3,792,641 777,129
Change in fund balance before
other financing sources(uses) (2,591,032) (2,598,572) (1,921,791) 676,781
OTHER FINANCING SOURCES(USES)
Transfer in 2,293,500 2,293,500 2,293,500 -
Transfer out (100,333) (107,833) (70,333) 37,500
Debt proceeds 2,500,000 2,500,000 - (2,500,000)
Contingency (125,000) (109,960) - 109,960
Reserve for future expenditures (3,796,445) (3,796,445) - 3,796,445
Total other financing sources(uses) 771,722 779,262 2,223,167 1,443,905
Change in fund balance (1,819,310) (1,819,310) 301,376 2,120,686
Fund balance-Beginning of the year 1,819,310 1,819,310 2,322,885 503,575
Fund balance-End of the year $ - $ - $ 2,624,261 $ 2,624,261
150
CITY OF TIGARD,OREGON
POLICE LEVY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Taxes $ 2,193,790 $ 2,193,790 $ 2,071,105 $ (122,685)
Grants - - 2,685 2,685
Interest earnings - - 1,762 1,762
Net increase(decrease)in investment fair
value - - 3,430 3,430
Total revenues 2,193,790 2,193,790 2,078,982 (114,808)
EXPENDITURES
Community services 2,185,959 2,185,959 1,226,638 959,321
Changes in fund balance before
other financing sources(uses) 7,831 7,831 852,344 844,513
OTHER FINANCING SOURCES(USES)
Reserve for future expenditures (7,831) (7,831) - 7,831
Total other financing sources(uses) (7,831) (7,831) - 7,831
Change in fund balance - - 852,344 852,344
Fund balance-Beginning of the year - - - -
Fund balance-End of the year $ - $ - $ 852,344 $ 852,344
151
CITY OF TIGARD,OREGON
LIBRARY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES:
Interest earnings $ 13,000 $ 13,000 $ 5,613 $ (7,387)
Net increase(decrease)in investment fair
value - - (1,365) (1,365)
Total revenue 13,000 13,000 4,248 (8,752)
OTHER FINANCING SOURCES(USES)
Transfer out (160,000) (160,000) - 160,000
Reserve for future expenditures (356,078) (356,078) - 356,078
Total other financing sources(uses) (516,078) (516,078) - 516,078
Change in fund balance (503,078) (503,078) 4,248 507,326
Fund balance-Beginning of the year 503,078 503,078 604,896 101,818
Fund balance-End of the year $ - $ - $ 609,144 $ 609,144
152
Debt Service Funds
The balance sheet and statement of revenues, expenditures and changes in fund balance of the non-
major debt service funds are reported in the combining non-major governmental fund statements.
Schedules of revenues, expenditures and changes in fund balance — budget and actual — are also
presented for each debt service fund.
Bancroft Bond Debt Service Fund – This fund accounts for payment of Bancroft improvement bond
principal and interest. Revenues are derived from the collection of assessments against benefitted
property and interest earnings.
General Obligation Debt Service Fund – This fund accounts for payment of general obligation bond
principal and interest. Revenues are derived from property taxes and interest earnings.
City Center Urban Renewal Debt Service Fund –This fund accounts for principal and interest payments
on debt for the City Center Urban Renewal Area and transfers to the City Center Capital Improvement
Fund. Revenues are from property taxes and interest earnings.
Tigard Triangle Debt Service Fund –This fund accounts for principal and interest payments on debt for
the Tigard Triangle Urban Renewal Area and transfers to the Tigard Triangle Improvement Fund.
Revenues are from property taxes and interest earnings.
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CITY OF TIGARD,OREGON
NONMAJOR DEBT SERVICE FUNDS
COMBINING BALANCE SHEET
June 30,2021
Bancroft Bond General City Center Urban
Debt Service Obligation Debt Renewal Debt
Fund Service Fund Service Fund
ASSETS
Property taxes receivable $ - $ 39,837 $ 2,594
Assessment liens receivable 123,089 - -
Interest receivable - 6,532 1,738
Restricted cash and investments 216,118 1,987,906 1,351,055
Total assets $ 339,207 $ 2,034,275 $ 1,355,387
DEFERRED INFLOWS OF RESOURCES
Resources not yet available:
Special assessments/liens 123,089 -
Property taxes - 29,309 7,474
Total deferred inflows of resources 123,089 29,309 7,474
FUND BALANCES
Restricted for debt service 216,118 2,004,966 1,347,913
Total liabilities,deferred inflows of
resources and fund balances $ 339,207 $ 2,034,275 $ 1,355,387
156
Tigard Triangle
Debt Service
Fund Total
$ 2,674 $ 45,105
1,649 124,738
8,270
852,159 4,407,238
$ 856,482 $ 4,585,351
-
123,089
6,459 43,242
6,459 166,331
850,023 4,419,020
$ 856,482 $ 4,585,351
157
CITY OF TIGARD,OREGON
NONMAJOR DEBT SERVICE FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES,AND CHANGES IN FUND BALANCES
for the year ended June 30,2021
Bancroft Bond General City Center Urban
Debt Service Obligation Debt Renewal Debt
Fund Service Fund Service Fund
REVENUES
Taxes $ - $ 2,372,888 $ 663,795
Collection of bonded assessments 90,251 - -
Interest earnings 25,048 24,115 7,647
Net increase(decrease) in investment fair
value (11) (7,972) 799
Miscellaneous revenues - 26,335 -
Total revenues 115,288 2,415,366 672,241
EXPENDITURES
Debt service:
Principal - 1,964,000 241,000
Interest - 394,578 169,264
Total expenditures - 2,358,578 410,264
Change in fund balance 115,288 56,788 261,977
Fund balance-Beginning of the year 100,830 1,948,178 1,085,936
Fund balance-End of the year $ 216,118 $ 2,004,966 $ 1,347,913
158
Tigard Triangle
Debt Service
Fund Total
$ 742,701 $ 3,779,384
90,251
3,963 60,773
2,437 (4,747)
26,335
749,101 3,951,996
2,205,000
5,040 568,882
5,040 2,773,882
744,061 1,178,114
105,962 3,240,906
$ 850,023 $ 4,419,020
159
CITY OF TIGARD,OREGON
BANCROFT BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Collection of bonded assessments $ 50,000 $ 50,000 $ 90,251 $ 40,251
Interest earnings 31,900 31,900 25,048 (6,852)
Net increase(decrease)in investment fair
value - - (11) (11)
Total revenues 81,900 81,900 115,288 33,388
OTHER FINANCING SOURCES(USES)
Reserve for future expenditures (149,881) (149,881) - 149,881
Total other financing sources(uses) (149,881) (149,881) - 149,881
Change in fund balance (67,981) (67,981) 115,288 183,269
Fund balance-Beginning of the year 67,981 67,981 100,830 32,849
Fund balance-End of the year $ - $ - $ 216,118 $ 216,118
160
CITY OF TIGARD,OREGON
GENERAL OBLIGATION DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Taxes $ 2,684,141 $ 2,684,141 $ 2,372,888 $ (311,253)
Interest earnings 37,000 37,000 24,115 (12,885)
Net increase(decrease)in investment fair
value - - (7,972) (7,972)
Miscellaneous revenues - - 26,335 26,335
Total revenues 2,721,141 2,721,141 2,415,366 (305,775)
EXPENDITURES
Debt service:
Principal 2,030,000 2,030,000 1,964,000 66,000
Interest 686,000 686,000 394,578 291,422
Total expenditures 2,716,000 2,716,000 2,358,578 357,422
Change in fund balance before
other financing sources(uses) 5,141 5,141 56,788 51,647
OTHER FINANCING SOURCES(USES)
Reserve for future expenditures (1,715,736) (1,715,736) - 1,715,736
Total other financing sources(uses) (1,715,736) (1,715,736) - 1,715,736
Change in fund balance (1,710,595) (1,710,595) 56,788 1,767,383
Fund balance-Beginning of the year 1,710,595 1,710,595 1,948,178 237,583
Fund balance-End of the year $ - $ - $ 2,004,966 $ 2,004,966
161
CITY OF TIGARD,OREGON
CITY CENTER URBAN RENEWAL DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Property taxes $ 590,000 $ 590,000 $ 663,795 $ 73,795
Interest earnings 11,100 11,100 7,647 (3,453)
Net increase(decrease)in investment fair
value - - 799 799
Total revenues 601,100 601,100 672,241 71,141
EXPENDITURES
Debt service:
Principal 80,000 245,000 241,000 4,000
Interest 50,025 180,025 169,264 10,761
Total expenditures 130,025 425,025 410,264 14,761
Change in fund balance before
other financing sources(uses) 471,075 176,075 261,977 85,902
OTHER FINANCING SOURCES(USES)
Transfer out (412,000) (412,000) - 412,000
Reserve for future expenditure (625,175) (330,175) - 330,175
Total other financing sources(uses) (1,037,175) (742,175) - 742,175
Change in fund balance (566,100) (566,100) 261,977 828,077
Fund balance-Beginning of the year 566,100 566,100 1,085,936 519,836
Fund balance-End of the year $ - $ - $ 1,347,913 $ 1,347,913
162
CITY OF TIGARD,OREGON
TIGARD TRIANGLE DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Property taxes $ 450,000 $ 450,000 $ 742,701 $ 292,701
Interest earnings - - 3,963 3,963
Net increase(decrease)in investment fair
value - - 2,437 2,437
Total revenues 450,000 450,000 749,101 299,101
EXPENDITURES
*Debt service:
Interest - - 5,040 (5,040)
Total expenditures - - 5,040 (5,040)
Change in fund balance before
other financing sources(uses) 450,000 450,000 744,061 294,061
OTHER FINANCING SOURCES(USES)
Transfer out (8,481,900) (8,481,900) - 8,481,900
Debt proceeds 8,000,000 8,000,000 - (8,000,000)
Reserve for future expenditure (52,100) (52,100) - 52,100
Total other financing sources(uses) (534,000) (534,000) - 534,000
Change in fund balance (84,000) (84,000) 744,061 828,061
Fund balance-Beginning of the year 84,000 84,000 105,962 21,962
Fund balance-End of the year $ - $ - $ 850,023 $ 850,023
* Budget appropriation is made at the debt service program level
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Capital Project Funds
Combining statements for all individual non-major capital projects funds are reported here. The
combined totals are reported in the combining non-major governmental fund statements.
Schedules of revenues, expenditures and changes in fund balance— budget and actual — are also
presented here for each capital projects fund.
Facility Fund –Accounts for major city owned facility improvements. Resources are primarily transfers
in from the General Fund.
Transportation Development Tax Fund –Accounts for traffic impact fees collected on roads within the
city's urban service areas. This fund replaced the Traffic Impact Fee Fund starting July 1, 2009. Funds
will be used for highways and transit capital improvements in the city's Capital Improvement Plan.
Underground Utility Fund – Accounts for resources received from developers for future underground
utility improvements.
Street Maintenance Fee Fund – Accounts for revenues and expenditures for the Street Maintenance
Fee.This fee provides revenue designated for use in the maintenance of existing city streets.
Transportation System Development Charges (SDC) Fund – This fund was established to track the
revenues and expenditures associated with the collection of transportation system development
charges. The fee is collected on the issue of building permits for any new residential multi-family, or
commercial construction to assist with infrastructure capacity needs.
Parks Capital Fund – Accounts for revenues earmarked for improvements to park and recreational
facilities within the city. Resources are primarily transfers in of system development charges and other
funds and grants and donations. Expenditures consist of various park,trail development and open space
acquisition projects.
Parks Bond Fund –Accounts for the voter approved a $17 million parks bond debt issued for purchase
of land and green spaces to develop city parks.
Parks System Development Charges (SDC) Fund –Accounts for revenues associated with the collection
of Parks System Development Charges. Resources are used to fund the acquisition, development and
expansion of additional recreation spaces and facilities that are included in the city's Park Master Plan.
Transportation Capital Improvement Project Fund–Accounts for capital improvement projects funded
with transportation revenues; including Gas Tax, Traffic Impact Fees and Transportation Development
Tax.
City Center Capital Improvement Fund –This fund was established in FY 2007-08 for the creation of a
new urban renewal agency to improve downtown Tigard. Expenses are for capital improvements within
the urban renewal plan. Resources are from financing proceeds or transfers in from the City Center
Urban Renewal Debt Service Fund.
Tigard Triangle Improvement Fund–This fund was established in FY 2016-17 for the creation of a new
urban renewal agency to improve the Tigard Triangle area. Expenses are for capital improvements
within the urban renewal plan. Resources are from financing proceeds or transfers in from the Tigard
Triangle Debt Service Fund.
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167
CITY OF TIGARD,OREGON
CAPITAL PROJECTS FUNDS
COMBINING BALANCE SHEET
June 30,2021
Transportation Underground Street Transportation
Facility Development Utility Maintenance SDC
Fund Tax Fund Fund Fee Fund Fund
ASSETS
Cash and investments $ 985,606 $ - $ - $ 2,809,958 $ -
Accounts receivable 488 6,012 222 391,106 915
Restricted cash and investments - 14,586,597 557,902 - 9,270,329
Total assets $ 986,094 $ 14,592,609 $ 558,124 $ 3,201,064 $ 9,271,244
LIABILITIES
Accounts payable and accrued liabilities $ 47,743 $ - $ - $ 157,340 $ -
Advances from other funds-interfund loans - - - - -
Total liabilities 47,743 - - 157,340 -
DEFERRED INFLOWS OF RESOURCES
Special assessments/liens - 3,413 - - -
FUND BALANCES(DEFICIT)
Restricted for:
Street maintenance and improvements - 14,589,196 - - 9,271,244
Park development and improvements - - - - -
Underground utilities - - 558,124 - -
Urban development and improvements - - - - -
Committed for:
Street maintenance and improvements - - - 3,043,724 -
Assigned to:
City facilities 938,351 - - - -
Unassigned - - - - -
Total fund balances 938,351 14,589,196 558,124 3,043,724 9,271,244
Total liabilities,deferred inflows of
resources and fund balance $ 986,094 $ 14,592,609 $ 558,124 $ 3,201,064 $ 9,271,244
168
Transportation
Parks Parks Parks Capital City Center Capital Tigard Triangle
Capital Bond SDC Improvement Improvement Improvement
Fund Fund Fund Fund Fund Fund Total
$ - $ - $ - $ - $ - $ - $ 3,795,564
- 2,942 1,293,242 - - 1,694,927
529,766 821,844 11,866,206 897,132 3,959,585 106,541 42,595,902
$ 529,766 $ 821,844 $ 11,869,148 $ 2,190,374 $ 3,959,585 $ 106,541 $ 48,086,393
$ 260,389 $ - $ - $ 555,139 $ 79,265 $ - $ 1,099,876
- - - 757,432 228,869 986,301
260,389 - - 555,139 836,697 228,869 2,086,177
- - - - - - 3,413
- - 1,635,235 - - 25,495,675
269,377 821,844 11,869,148 - - - 12,960,369
- - - - - 558,124
- - - - 3,122,888 - 3,122,888
- - - - - 3,043,724
- - - - - 938,351
- - - - (122,328) (122,328)
269,377 821,844 11,869,148 1,635,235 3,122,888 (122,328) 45,996,803
$ 529,766 $ 821,844 $ 11,869,148 $ 2,190,374 $ 3,959,585 $ 106,541 $ 48,086,393
169
CITY OF TIGARD,OREGON
CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES,EXPENDITURES AND CHANGES IN FUND BALANCE
for the year ended June 30,2021
Transportation Underground Street Transportation
Facility Development Utility Maintenance SDC
Fund Tax Fund Fund Fee Fund Fund
REVENUES
Charges for services $ - $ - $ - $ 3,196,547 $ -
System development charges - 1,819,465 - - 1,521,439
Intergovernmental revenues - - - - -
Interest earnings 6,985 107,971 4,274 16,447 71,648
Net increase(decrease)in investment
fair value (2,987) (49,639) (1,378) (6,499) (37,483)
Miscellaneous revenues - - - 146 -
Total revenues 3,998 1,877,797 2,896 3,206,641 1,555,604
EXPENDITURES
Community development - - - - -
Capital projects 465,782 - - 2,305,823 -
Total expenditures 465,782 - - 2,305,823 -
Change in fund balance before
other financing sources(uses) (461,784) 1,877,797 2,896 900,818 1,555,604
OTHER FINANCING SOURCES(USES)
Transfer in 465,782 - - - -
Transfer out (42) (1,015,961) (1,030) (385,297) (1,340,923)
Total other financing sources(uses) 465,740 (1,015,961) (1,030) (385,297) (1,340,923)
Change in fund balance 3,956 861,836 1,866 515,521 214,681
Fund balance- Beginning of the year 934,395 13,727,360 556,258 2,528,203 9,056,563
Fund balance- End of the year $ 938,351 $ 14,589,196 $ 558,124 $ 3,043,724 $ 9,271,244
170
Transportation
Parks Parks Parks Capital City Center Capital Tigard Triangle
Capital Bond SDC Improvement Improvement Improvement
Fund Fund Fund Fund Fund Fund Total
$ - $ - $ - $ 44,926 $ - $ - $ 3,241,473
- - 1,783,821 - - - 5,124,725
169,620 - - 1,806,317 - 230,428 2,206,365
- 6,402 93,039 - 27,209 - 333,975
- (3,833) (43,652) (10,908) (19,690) - (176,069)
638 - - 22 389,797 - 390,603
170,258 2,569 1,833,208 1,840,357 397,316 230,428 11,121,072
- - - - 211,844 123,887 335,731
1,645,345 - - 4,612,060 901,737 - 9,930,747
1,645,345 - - 4,612,060 1,113,581 123,887 10,266,478
(1,475,087) 2,569 1,833,208 (2,771,703) (716,265) 106,541 854,594
1,547,141 - - 2,681,298 464,279 - 5,158,500
- (7,288) (1,353,369) - - - (4,103,910)
1,547,141 (7,288) (1,353,369) 2,681,298 464,279 - 1,054,590
72,054 (4,719) 479,839 (90,405) (251,986) 106,541 1,909,184
197,323 826,563 11,389,309 1,725,640 3,374,874 (228,869) 44,087,619
$ 269,377 $ 821,844 $ 11,869,148 $ 1,635,235 $ 3,122,888 $ (122,328) $ 45,996,803
171
CITY OF TIGARD,OREGON
FACILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ 18,900 $ 18,900 $ 6,985 $ (11,915)
Net increase(decrease)in investment fair
value - - (2,987) (2,987)
Total revenues 18,900 18,900 3,998 (14,902)
EXPENDITURES
Capital projects 7,883,000 7,981,500 465,782 7,515,718
Change in fund balance before
other financing sources(uses) (7,864,100) (7,962,600) (461,784) 7,500,816
OTHER FINANCING SOURCES(USES)
Transfer in 7,983,000 8,081,500 465,782 (7,615,718)
Transfer out (42) (42) (42) -
Contingency (50,000) (50,000) - 50,000
Reserve for future expenditures (404,929) (404,929) - 404,929
Total other financing sources(uses) 7,528,029 7,626,529 465,740 (7,160,789)
Change in fund balance (336,071) (336,071) 3,956 340,027
Fund balance-Beginning of the year 336,071 336,071 934,395 598,324
Fund balance-End of the year $ - $ - $ 938,351 $ 938,351
172
CITY OF TIGARD,OREGON
TRANSPORTATION DEVELOPMENT TAX FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges $ 2,043,589 $ 2,043,589 $ 1,819,465 $ (224,124)
Interest earnings 253,900 253,900 107,971 (145,929)
Net increase(decrease) in investment fair
value - - (49,639) (49,639)
Total revenues 2,297,489 2,297,489 1,877,797 (370,053)
OTHER FINANCING SOURCES(USES)
Transfer out (1,067,671) (1,067,671) (1,015,961) 51,710
Reserve for future expenditures (13,709,909) (13,709,909) - 13,709,909
Total other financing sources(uses) (14,777,580) (14,777,580) (1,015,961) 13,761,619
Change in fund balance (12,480,091) (12,480,091) 861,836 13,391,566
Fund balance-Beginning of the year 12,480,091 12,480,091 13,727,360 1,247,269
Fund balance-End of the year $ - $ - $ 14,589,196 $ 14,638,835
173
CITY OF TIGARD,OREGON
UNDERGROUND UTILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 124,000 $ 124,000 $ - $ (124,000)
Interest earnings 8,500 8,500 4,274 (4,226)
Net increase(decrease)in investment
fair value - - (1,378) (1,378)
Total revenues 132,500 132,500 2,896 (129,604)
OTHER FINANCING SOURCES(USES)
Transfer out (11,030) (11,030) (1,030) 10,000
Reserve for future expenditures (693,520) (693,520) - 693,520
Total other financing uses (704,550) (704,550) (1,030) 703,520
Change in fund balance (572,050) (572,050) 1,866 573,916
Fund balance-Beginning of the year 572,050 572,050 556,258 (15,792)
Fund balance-End of the year $ - $ - $ 558,124 $ 558,124
174
CITY OF TIGARD,OREGON
STREET MAINTENANCE FEE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 3,109,600 $ 3,109,600 $ 3,196,547 $ 86,947
Interest earnings 30,100 30,100 16,447 (13,653)
Net increase(decrease)in investment
fair value - - (6,499) (6,499)
Miscellaneous revenues - - 146 146
Total revenues 3,139,700 3,139,700 3,206,641 66,941
EXPENDITURES
Capital projects 2,740,000 2,740,000 2,305,823 434,177
Change in fund balance before
other financing sources(uses) 399,700 399,700 900,818 501,118
OTHER FINANCING SOURCES(USES)
Transfer out (235,230) (460,297) (385,297) 75,000
Contingency (100,000) - - -
Reserve for future expenditures (2,307,846) (2,257,779) - 2,257,779
Total other financing sources(uses) (2,643,076) (2,718,076) (385,297) 2,332,779
Change in fund balance (2,243,376) (2,318,376) 515,521 2,833,897
Fund balance-Beginning of the year 2,243,376 2,318,376 2,528,203 209,827
Fund balance-End of the year $ - $ - $ 3,043,724 $ 3,043,724
175
CITY OF TIGARD,OREGON
TRANSPORTATION SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges $ 701,855 $ 701,855 $ 1,521,439 $ 819,584
Interest earnings 144,000 144,000 71,648 (72,352)
Net increase(decrease)in investment fair
value - - (37,483) (37,483)
Total revenues 845,855 845,855 1,555,604 709,749
OTHER FINANCING SOURCES(USES)
Transfer out (3,428,362) (3,888,783) (1,340,923) 2,547,860
Reserve for future expenditures (5,643,031) (5,595,031) - 5,595,031
Total other financing sources(uses) (9,071,393) (9,483,814) (1,340,923) 8,142,891
Change in fund balance (8,225,538) (8,637,959) 214,681 8,852,640
Fund balance-Beginning of the year 8,225,538 8,637,959 9,056,563 418,604
Fund balance-End of the year $ - $ - $ 9,271,244 $ 9,271,244
176
CITY OF TIGARD,OREGON
PARKS CAPITAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Intergovernmental revenues $ 350,000 $ 46,445 $ 169,620 $ 123,175
Miscellaneous revenues - - 638 638
Total revenues 350,000 46,445 170,258 123,813
EXPENDITURES
Capital projects 10,354,000 6,505,945 1,645,345 4,860,600
Change in fund balance before
other financing sources(uses) (10,004,000) (6,459,500) (1,475,087) 4,984,413
OTHER FINANCING SOURCES(USES)
Transfer in 10,004,000 6,459,500 1,547,141 (4,912,359)
Reserve for future expenditures (432,919) (432,919) - 432,919
Total other financing sources(uses) 9,571,081 6,026,581 1,547,141 (4,479,440)
Change in fund balance (432,919) (432,919) 72,054 504,973
Fund balance-Beginning of the year 432,919 432,919 197,323 (235,596)
Fund balance-End of the year $ - $ - $ 269,377 $ 269,377
177
CITY OF TIGARD,OREGON
PARKS BOND FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ - $ - $ 6,402 $ 6,402
Net increase(decrease)in investment fair
value - - (3,833) (3,833)
Total revenues - - 2,569 2,569
OTHER FINANCING SOURCES(USES)
Transfer out (807,165) (807,165) (7,288) 799,877
Reserve for future expenditures (236) (236) - 236
Total other financing uses (807,401) (807,401) (7,288) 800,113
Change in fund balance (807,401) (807,401) (4,719) 802,682
Fund balance-Beginning of the year 807,401 807,401 826,563 19,162
Fund balance-End of the year $ - $ - $ 821,844 $ 821,844
178
CITY OF TIGARD,OREGON
PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges $ 1,495,466 $ 1,495,466 $ 1,783,821 $ 288,355
Interest earnings 211,100 211,100 93,039 (118,061)
Net increase(decrease)in investment fair
value - - (43,652) (43,652)
Total revenues 1,706,566 1,706,566 1,833,208 126,642
OTHER FINANCING SOURCES(USES)
Transfer out (6,045,300) (6,128,300) (1,353,369) 4,774,931
Reserve for future expenditures (5,319,349) (5,319,349) - 5,319,349
Total other financing sources(uses) (11,364,649) (11,447,649) (1,353,369) 10,094,280
Change in fund balance (9,658,083) (9,741,083) 479,839 10,220,922
Fund balance-Beginning of the year 9,658,083 9,741,083 11,389,309 1,648,226
Fund balance-End of the year $ - $ - $ 11,869,148 $ 11,869,148
179
CITY OF TIGARD,OREGON
TRANSPORTATION CIP FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Intergovernmental revenues $ 4,253,533 $ 4,421,337 $ 1,806,317 $ (2,615,020)
Miscellaneous revenues - - 22 22
Charges for services - - 44,926 44,926
Net increase(decrease)in investment
fair value - - (10,908) (10,908)
Total revenues 4,253,533 4,421,337 1,840,357 (2,580,980)
EXPENDITURES
Capital projects 9,081,033 9,887,258 4,612,060 5,275,198
Change in fund balance before
other financing sources(uses) (4,827,500) (5,465,921) (2,771,703) 2,694,218
OTHER FINANCING SOURCES(USES)
Transfer in 4,827,500 5,465,921 2,681,298 (2,784,623)
Reserve for future expenditures (923,402) (923,402) - 923,402
Total other financing sources 3,904,098 4,542,519 2,681,298 (1,861,221)
Change in fund balance (923,402) (923,402) (90,405) 832,997
Fund balance-Beginning of the year 923,402 923,402 1,725,640 802,238
Fund balance-End of the year $ - $ - $ 1,635,235 $ 1,635,235
180
CITY OF TIGARD,OREGON
CITY CENTER CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ - $ - $ 27,209 $ 27,209
Net increase(decrease)in investment fair
value - - (19,690) (19,690)
Miscellaneous revenues - - 389,797 389,797
Total revenues - - 397,316 397,316
EXPENDITURES
* Capital projects 3,192,900 5,192,900 1,113,581 4,079,319
Total expenditures 3,192,900 5,192,900 1,113,581 4,079,319
Change in fund balance before
other financing sources(uses) (3,192,900) (5,192,900) (716,265) 4,476,635
OTHER FINANCING SOURCES(USES)
Transfer in 412,000 2,412,000 464,279 (1,947,721)
Reserve for future expenditures (2,312,600) (2,312,600) - 2,312,600
Total other financing sources (1,900,600) 99,400 464,279 364,879
Change in fund balance (5,093,500) (5,093,500) (251,986) 4,841,514
Fund balance-Beginning of the year 5,093,500 5,093,500 4,132,306 (961,194)
Fund balance-End of the year $ - $ - 3,880,320 $ 3,880,320
Reconciliation of budgetary fund balance to GAAP basis net position:
Interfund loans are treated as revenue on a budgetary basis (757,432)
Fund net position-GAAP basis $ 3,122,888
* For budgetary purposes expenditures are appropriated as capital projects, however on the GAAP statements
non-capital transactions are recorded as program expenditures
181
CITY OF TIGARD,OREGON
TIGARD TRIANGLE CAPITAL IMPROVEMENTS FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Intergovernmental revenues $ - $ - $ 230,428 $ 230,428
EXPENDITURES
Community development 2,181,900 2,181,900 123,887 2,058,013
* Capital projects 6,300,000 6,300,000 - 6,300,000
Total expenditures 8,481,900 8,481,900 123,887 8,358,013
Change in fund balance before
other financing sources(uses) (8,481,900) (8,481,900) 106,541 8,588,441
OTHER FINANCING SOURCES(USES)
Transfer in 8,481,900 8,481,900 - (8,481,900)
Change in fund balance - - 106,541 106,541
Fund balance-Beginning of the year - - - -
Fund balance-End of the year $ - $ - 106,541 $ 106,541
Reconciliation of budgetary fund balance to GAAP basis net position:
Interfund loans are treated as revenue on a budgetary basis (228,869)
Fund net position-GAAP basis $ (122,328)
* For budgetary purposes expenditures are appropriated as capital projects, however on the GAAP statements
non-capital transactions are recorded as program expenditures
182
Enterprise Funds
For GAAP reporting purposes, the city reports three proprietary funds as major funds. These
funds are the Sanitary Sewer Fund, the Stormwater Fund (which consists of the Stormwater
Fund and the Water Quality/Quantity Fund) and the Water Fund (which includes the Water
Fund, Water SDC Fund, Water CIP Fund and Water Debt Service Fund). For budgetary and legal
purposes, these funds are accounted for separately as listed below.
The city's enterprise funds meet the criteria for major fund reporting and are reported in the
basic financial statements.
Schedules of revenues and changes in fund net position — budget and actual are presented
here for each individual enterprise fund as required by Oregon regulations.
Sanitary Sewer Fund–Accounts for the city's sewer utility operations.
Stormwater Fund – Accounts for the city's storm drainage operations and includes the
following fund:
• Water Quality/Quantity Fund – Accounts for the fees charged to new
development for the additional impact on the stormwater system.
Water Fund–Accounts for the city's water utility operations and includes the following funds:
• Water SDC Fund – Accounts for the water impact fees charged to new
development.
• Water CIP Fund – Accounts for capital projects to expand or improve the city's
water system infrastructure.
• Water Debt Service Fund – Accounts for debt service on the water revenue
bonds and long-term note.
183
184
CITY OF TIGARD,OREGON
SANITARY SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 3,333,205 $ 3,333,205 $ 3,348,846 $ 15,641
Connection fees 92,200 92,200 129,369 37,169
Intergovernmental revenues - - 15,871 15,871
Interest earnings 110,300 110,300 63,849 (46,451)
Net increase(decrease)in investment fair
value - - (26,275) (26,275)
Miscellaneous revenues 42,100 42,100 146,612 104,512
Total revenues 3,577,805 3,577,805 3,678,272 100,467
EXPENDITURES
Public works 2,342,147 2,344,151 2,598,530 (254,379)
Capital projects 1,079,000 1,079,000 698,209 380,791
Total expenditures 3,421,147 3,423,151 3,296,739 126,412
Change in fund balance before
other financing sources(uses) 156,658 154,654 381,533 226,879
OTHER FINANCING SOURCES(USES)
Transfer in 234,500 234,500 150,019 (84,481)
Transfer out (464,320) (467,570) (130,974) 336,596
Contingency (200,000) (194,746) - 194,746
Reserve for future expenditures (5,742,556) (5,742,556) - 5,742,556
Total other financing sources(uses) (6,172,376) (6,170,372) 19,045 6,189,417
Change in fund balance (6,015,718) (6,015,718) 400,578 6,416,296
Fund balance-Beginning of the year 6,015,718 6,015,718 7,542,800 1,527,082
Fund balance-End of the year $ - $ - $ 7,943,378 $ 7,943,378
185
CITY OF TIGARD,OREGON
SANITARY SEWER FUND
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30,2021
Operating and
Non-Operating Expenditures/
Revenues Expenses
Budgetary basis $ 3,828,291 $ 3,296,739
Unavailable revenue (2,802) -
Contributed capital 186,489 -
Compensated absences - 839
Expenditures capitalized - (768,130)
Depreciation expense - 892,447
Net OPEB obligation - 1,565
Operating and non-operating revenue
and expenses-GAAP basis $ 4,011,978 $ 3,423,460
186
CITY OF TIGARD,OREGON
STORM WATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 4,044,297 $ 4,044,297 $ 3,820,029 $ (224,268)
Licenses and permits - - 75,877 75,877
Federal grants - - 26,207 26,207
Interest earnings 139,900 139,900 59,383 (80,517)
Net increase(decrease)in investment fair
value - - (25,530) (25,530)
Miscellaneous revenues 5,000 5,000 11,177 6,177
Total revenues 4,189,197 4,189,197 3,967,143 (222,054)
EXPENDITURES
Public works 3,509,897 3,515,907 3,277,521 238,386
Capital projects 2,269,500 2,688,000 1,266,415 1,421,585
Total expenditures 5,779,397 6,203,907 4,543,936 1,659,971
Change in fund balance before
other financing sources(uses) (1,590,200) (2,014,710) (576,793) 1,437,917
OTHER FINANCING USES
Transfer in 601,000 601,000 49,293 (551,707)
Transfer out (442,866) (448,616) (285,745) 162,871
Contingency (225,000) (213,240) - 213,240
Reserve for future expenditures (5,595,480) (5,595,480) - 5,595,480
Total other financing uses (5,662,346) (5,656,336) (236,452) 5,419,884
Change in fund balance (7,252,546) (7,671,046) (813,245) 6,857,801
Fund balance-Beginning of the year 7,252,546 7,671,046 8,102,046 431,000
Fund balance-End of the year $ - $ - $ 7,288,801 $ 7,288,801
187
CITY OF TIGARD,OREGON
WATER QUALITY/QUANTITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 2,000 $ 2,000 $ - $ (2,000)
Interest earnings 25,800 25,800 10,178 (15,622)
Net increase(decrease)in investment fair
value - - (2,473) (2,473)
Total revenues 27,800 27,800 7,705 (20,095)
OTHER FINANCING SOURCES(USES)
Transfer out (265,000) (265,000) - 265,000
Reserve for future expenditures (1,033,439) (1,033,439) - 1,033,439
Total other financing sources(uses) (1,298,439) (1,298,439) - 1,298,439
Change in fund balance (1,270,639) (1,270,639) 7,705 1,278,344
Fund balance-Beginning of the year 1,270,639 1,270,639 1,323,600 52,961
Fund balance-End of the year $ - $ - $ 1,331,305 $ 1,331,305
188
CITY OF TIGARD,OREGON
STORMWATER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30,2021
Operating and
Non-operating Expenditures/
Revenues Expenses
Stormwater $ 4,016,436 $ 4,829,681
Water Quality/Quantity 7,705 -
Total,budgetary basis 4,024,141 4,829,681
Contributed capital 253,440 -
Loss on disposal of capital assets (103,059) -
Compensated absences - (230)
Expenditures capitalized - (1,106,149)
Depreciation expense - 715,145
Net OPEB obligation - 2,232
Operating and non-operating
revenue and expenses-GAAP basis $ 4,174,522 $ 4,440,679
189
CITY OF TIGARD,OREGON
WATER FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 22,908,411 $ 22,908,411 $ 24,836,173 $ 1,927,762
Grants - - 42,142 42,142
Interest earnings 500,700 500,700 298,117 (202,583)
Net increase(decrease)in investment fair
value - - (118,650) (118,650)
Miscellaneous revenues 50,000 50,000 118,345 68,345
Total revenues 23,459,111 23,459,111 25,176,127 1,717,016
EXPENDITURES
Public works 10,361,223 10,447,545 9,298,378 1,149,167
Change in fund balance before
other financing sources(uses) 13,097,888 13,011,566 15,877,749 2,866,183
OTHER FINANCING SOURCES(USES)
Transfer out (23,067,947) (23,076,447) (8,470,196) 14,606,251
Contingency (475,000) (408,488) - 408,488
Reserve for future expenditures (28,249,772) (28,289,772) - 28,289,772
Total other financing sources(uses) (51,792,719) (51,774,707) (8,470,196) 43,304,511
Change in fund balance (38,694,831) (38,763,141) 7,407,553 46,170,694
Fund balance-Beginning of the year 38,694,831 38,763,141 41,101,619 2,338,478
Fund balance-End of the year $ - $ - $ 48,509,172 $ 48,509,172
190
CITY OF TIGARD,OREGON
WATER SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
System development charges $ 1,870,435 $ 1,870,435 $ 2,054,999 $ 184,564
Interest earnings 258,200 258,200 122,926 (135,274)
value - - (54,287) (54,287)
Total revenues 2,128,635 2,128,635 2,123,638 (4,997)
OTHER FINANCING SOURCES(USES)
Transfer out (4,390,268) (4,430,268) (1,731,318) 2,698,950
Reserve for future expenditures (10,784,514) (10,784,514) - 10,784,514
Total other financing sources(uses) (15,174,782) (15,214,782) (1,731,318) 13,483,464
Change in fund balance (13,046,147) (13,086,147) 392,320 13,478,467
Fund balance-Beginning of the year 13,046,147 13,086,147 15,659,719 2,573,572
Fund balance-End of the year $ - $ - $ 16,052,039 $ 16,052,039
191
CITY OF TIGARD,OREGON
WATER CIP FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Net increase(decrease)in investment fair
value $ - $ - $ (7,560) $ (7,560)
Miscellaneous revenues - - 128 128
Total revenues - - (7,432) (7,432)
EXPENDITURES
Capital projects 10,868,000 10,908,000 2,332,215 8,575,785
Change in fund balance before
other financing sources(uses) (10,868,000) (10,908,000) (2,339,647) 8,568,353
OTHER FINANCING SOURCES(USES)
Transfer in 10,868,000 10,908,000 2,333,965 (8,574,035)
Reserve for future expenditures (1,671,726) (1,671,726) - 1,671,726
Total other financing sources(uses) 9,196,274 9,236,274 2,333,965 (6,902,309)
Change in fund balance (1,671,726) (1,671,726) (5,682) 1,666,044
Fund balance-Beginning of the year 1,671,726 1,671,726 1,567,493 (104,233)
Fund balance-End of the year $ - $ - $ 1,561,811 $ 1,561,811
192
CITY OF TIGARD,OREGON
WATER DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ - $ - $ 41,957 $ 41,957
Net increase(decrease)in investment fair
value - - (54,054) (54,054)
Total revenues - - (12,097) (12,097)
EXPENDITURES
Debt service:
Principal 2,505,000 2,505,000 2,483,614 21,386
Interest 6,000,000 6,000,000 4,329,106 1,670,894
Total expenditures 8,505,000 8,505,000 6,812,720 1,692,280
Change in fund balance before
other financing sources(uses) (8,505,000) (8,505,000) (6,824,817) 1,680,183
OTHER FINANCING SOURCES(USES)
Debt proceeds - - 86,141,433 86,141,433
Debt refinancing - - (91,089,735) (91,089,735)
Debt issuance cost - - (261,710) (261,710)
Transfer in 8,408,000 8,408,000 7,164,725 (1,243,275)
Reserve for future expenditures (6,974,649) (6,974,649) - 6,974,649
Total other financing sources(uses) 1,433,351 1,433,351 1,954,713 521,362
Change in fund balance (7,071,649) (7,071,649) (4,870,104) 2,201,545
Fund balance-Beginning of the year 7,071,649 7,071,649 7,314,629 242,980
Fund balance-End of the year $ - $ - $ 2,444,525 $ 2,444,525
193
CITY OF TIGARD,OREGON
WATER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
for the year ended June 30,2021
Operating and
Non-operating Expenditures/
Revenues Expenses
Water $ 25,176,127 $ 17,768,574
Water SDC 2,123,638 1,731,318
Water CIP 2,326,533 2,332,215
Water Debt Service 93,294,061 98,164,165
Total,budgetary basis 122,920,359 119,996,272
Contributed capital 140,995 -
Loss on disposal of capital assets 933 -
Loss on investment in joint venture (32,454) -
Elimination of water interfund transfers (9,498,690) (9,498,690)
Elimination of debt refinancing (86,141,433) (89,992,096)
Compensated absences - (21,642)
Expenditures capitalized - (1,835,175)
Principal payments - (2,483,614)
Accrued interest - (628,467)
Depreciation expense - 5,296,843
Net OPEB obligation - 2,827
Operating and non-operating
revenue and expenses-GAAP basis $ 27,389,710 $ 20,836,258
194
CITY OF TIGARD,OREGON
ENTERPRISE FUNDS
RECONCILIATION OF BUDGETARY FUND BALANCE TO
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS NET POSITION
June 30,2021
Total Total Total
Sanitary Sewer Stormwater Water
Sanitary Sewer Fund $ 7,943,378 $ - $ -
Stormwater Fund - 7,288,801 -
Water Quality/Quantity Fund - 1,331,305 -
Water Fund - - 48,509,172
Water SDC Fund - - 16,052,039
Water CIP Fund - - 1,561,811
Water Debt Service Fund - - 2,444,525
Fund balance-budget basis 7,943,378 8,620,106 68,567,547
Adjustments from budgetary basis to
generally accepted accounting principles basis:
Capital assets, net 19,165,414 15,077,036 200,897,250
Investment in joint venture - - 1,792,758
Sewer funds payable (21,780) - -
Assets held for resale 185,021 260,021 -
Unavailable revenue 4,529 - -
Compensated absences (32,379) (37,757) (38,009)
Long-term debt - - (127,389,524)
Accrued interest payable - - (1,600,195)
Interfund loans 102,320 - -
Deferred Outflow OPEB 2,206 3,150 3,991
Deferred Outflow bond refunding - - 3,607,247
Deferred Inflow OPEB (8,527) (12,179) (15,430)
OPEB liability (25,218) (36,018) (45,632)
Total Net Position-GAAP basis $ 27,314,967 $ 23,874,361 $ 145,780,008
195
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196
Internal Service Funds
Combining statements for internal service funds are reported here. The combined totals are
reported alongside the enterprise funds in the basic financial statements.
Schedules of revenues, expenses and changes in fund net position — budget and actual — are
presented here for each internal service fund as required by Oregon regulations.
Internal Service Funds:
Central Services Fund — Accounts for the central administrative functions within the city.
Expenditures are primarily payroll and related expenses for city policy and administration
functions. Resources are charges for services to city departments and internal customers.
Public Works Administration Fund — Accounts for activity related to the administration of
public works in the city. Resources are charges for services to city departments and internal
customers.
Public Works Engineering Fund — Accounts for activity related to engineering in the city.
Resources are charges for services to city departments and internal customers.
Fleet/Property Management Fund —Accounts for activity related to the fleet maintenance and
property management divisions in the city. Resources are charges for services to city
departments and internal customers.
Insurance Fund — Accounts for the city's risk management program and insurance coverage
premiums and related costs to help reduce the overall insurance cost to the city. Resources are
primarily refunds of prior years' premiums.
197
198
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199
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET POSITION
June 30, 2021
Central Public Works
Services Administration
Fund Fund
ASSETS
Cash and investments $ 4,291,300 $ 755,998
Accounts receivable 6,261 -
Prepaids 321,436 -
Inventory - -
Total assets 4,618,997 755,998
DEFERRED OUTFLOWS OF RESOURCES
Deferred outflows related to OPEB 16,807 7,652
LIABILITIES
Accounts payable and accrued liabilities 556,295 51,511
Customer deposits - -
Due to others - -
Unearned revenue 20,050 -
Accrued compensated absences 459,518 68,073
Net OPEB obligation 192,165 87,493
Total liabilities 1,228,028 207,077
DEFERRED INFLOWS OF RESOURCES
Deferred inflows related to OPEB 64,980 29,585
NET POSITION
Net position, unrestricted $ 3,342,796 $ 526,988
200
Public Works Fleet/Property
Engineering Management Insurance
Fund Fund Fund Total
$ 2,818,483 $ 1,709,189 $ 1,580,101 $ 11,155,071
34,383 - 991 41,635
321,436
4,400 - 4,400
2,852,866 1,713,589 1,581,092 11,522,542
15,083 3,362 - 42,904
105,563 109,364 2,288 825,021
175,742 - - 175,742
29,387 - - 29,387
- - - 20,050
97,364 55,922 931 681,808
172,452 38,437 - 490,547
580,508 203,723 3,219 2,222,555
58,314 12,997 - 165,876
$ 2,229,127 $ 1,500,231 $ 1,577,873 $ 9,177,015
201
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENSES
AND CHANGES IN FUND NET POSITION
for the year ended June 30, 2021
Central Public Works
Services Administration
Fund Fund
OPERATING REVENUES
Charges for services $ 11,121,943 $ 2,256,449
Miscellaneous revenues 11,149 1,246
Total operating revenues 11,133,092 2,257,695
OPERATING EXPENSES
Salaries and wages 6,915,345 1,124,152
Contracted services 1,508,731 118,825
General, administrative and other 2,955,581 936,762
Total operating expenses 11,379,657 2,179,739
Operating income (loss) (246,565) 77,956
NONOPERATING REVENUE
Interest revenue 35,088 4,279
Net increase (decrease) in investment fair value (6,511) (2,308)
Intergovernmental revenues 255,877 7,169
Total non-operating revenue 284,454 9,140
Income (loss) before contributions and transfers 37,889 87,096
CONTRIBUTIONS AND TRANSFERS
Transfer in 1,064,819 29,038
Transfer out - (5,000)
Change in net position 1,102,708 111,134
Net position - Beginning of year, as originally stated 2,240,088 415,854
Net position - End of year $ 3,342,796 $ 526,988
202
Public Works Fleet/Property
Engineering Management Insurance
Fund Fund Fund Total
$ 3,529,703 $ 3,133,084 $ - $ 20,041,179
18,128 109,650 100,552 240,725
3,547,831 3,242,734 100,552 20,281,904
2,244,470 982,497 26,636 11,293,100
276,739 661,814 - 2,566,109
1,255,057 921,113 57,725 6,126,238
3,776,266 2,565,424 84,361 19,985,447
(228,435) 677,310 16,191 296,457
14,778 8,432 12,000 74,577
(13,852) (363) (5,382) (28,416)
28,443 53,500 - 344,989
29,369 61,569 6,618 391,150
(199,066) 738,879 22,809 687,607
746,024 - - 1,839,881
(1,000) - (6,000)
546,958 737,879 22,809 2,521,488
1,682,169 762,352 1,555,064 6,655,527
$ 2,229,127 $ 1,500,231 $ 1,577,873 $ 9,177,015
203
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
for the year ended June 30,2021
Public Works
Central Services Administration
Fund Fund
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 11,130,703 $ 2,256,449
Payments to suppliers (4,404,618) (1,078,966)
Payments to employees (6,788,858) (1,106,635)
Other receipts 14,699 1,246
Net cash provided (used) by operating activities (48,074) 72,094
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Intergovernmental revenues 255,877 7,169
Transfer from other funds 1,064,819 29,038
Transfer to other funds - (5,000)
Net cash flows from noncapital financing activities 1,320,696 31,207
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 28,577 1,971
Net increase in cash and investments 1,301,199 105,272
Cash and investments--beginning of the year 2,990,101 650,726
Cash and investments--end of the year $ 4,291,300 $ 755,998
RECONCILIATION OF OPERATING INCOME (LOSS)TO
NET CASH PROVIDED(USED) BY OPERATING ACTIVITIES
Operating income (loss) $ (246,565) $ 77,956
Adjustments to reconcile operating income (loss)to
net cash provided (used) by operating activities
CHANGE IN ASSETS AND LIABILITIES
Receivables 8,760 -
Prepaids (77,706) -
Inventory - -
Accounts Payable 137,400 (23,379)
Customer Deposits 3,550 -
Accrued compensated absences 114,570 12,091
Net OPEB Obligation 11,917 5,426
Net cash provided (used) by operating activities $ (48,074) $ 72,094
204
Public Works Fleet/Property
Engineering Management Insurance
Fund Fund Fund Total
$ 2,672,657 $ 3,138,981 $ - $ 19,198,790
(1,549,910) (1,563,943) (74,438) (8,671,875)
(2,219,604) (979,403) (25,970) (11,120,470)
18,128 109,650 101,153 244,876
(1,078,729) 705,285 745 (348,679)
28,443 53,500 - 344,989
746,024 - - 1,839,881
(1,000) - (6,000)
774,467 52,500 - 2,178,870
926 8,069 6,618 46,161
(303,336) 765,854 7,363 1,876,352
3,121,819 943,335 1,572,738 9,278,719
$ 2,818,483 $ 1,709,189 $ 1,580,101 $ 11,155,071
$ (228,435) $ 677,310 $ 16,191 $ 296,457
(24,956) 1,097 601 (14,498)
- 4,800 (72,906)
- 1,299 - 1,299
(18,114) 17,685 (16,713) 96,879
(832,090) - - (828,540)
14,175 713 666 142,215
10,691 2,381 - 30,415
$ (1,078,729) $ 705,285 $ 745 $ (348,679)
205
CITY OF TIGARD,OREGON
CENTRAL SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 11,662,196 $ 11,512,129 $ 11,121,943 $ (390,186)
Intergovernmental revenues - 26,086 255,877 229,791
Interest earnings - - 35,088 35,088
Net increase(decrease)in investment fair
value - - (6,511) (6,511)
Miscellaneous revenues 90,000 90,000 11,149 (78,851)
Total revenues 11,752,196 11,628,215 11,417,546 (210,669)
EXPENDITURES
Policy and administration 12,023,748 12,645,045 11,367,740 1,277,305
Change in fund balance before
other financing sources(uses) (271,552) (1,016,830) 49,806 1,066,636
OTHER FINANCING SOURCES(USES)
Transfer in 699,752 1,064,819 1,064,819 -
Contingency (400,000) (19,789) - 19,789
Reserve for future expenditures (2,024,823) (2,024,823) - 2,024,823
Total other financing sources(uses) (1,725,071) (979,793) 1,064,819 2,044,612
Change in fund balance (1,996,623) (1,996,623) 1,114,625 3,111,248
Fund balance-Beginning of the year 1,996,623 1,996,623 2,468,509 471,886
Fund balance-End of the year $ - $ - 3,583,134 $ 3,583,134
Reconciliation of budgetary fund balance to GAAP basis net position:
Net OPEB liability (192,165)
Deferred Outflow OPEB 16,807
Deferred Inflow OPEB (64,980)
Total net position,GAAP basis $ 3,342,796
206
CITY OF TIGARD,OREGON
PUBLIC WORKS ADMINISTRATION FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 2,247,499 $ 2,247,499 $ 2,256,449 $ 8,950
Intergovernmental revenues - - 7,169 7,169
Interest earnings - - 4,279 4,279
Net increase(decrease)in investment fair
value - - (2,308) (2,308)
Miscellaneous revenues - - 1,246 1,246
Total revenues 2,247,499 2,247,499 2,266,835 19,336
EXPENDITURES
Policy and administration 2,267,255 2,290,015 2,174,313 115,702
Change in fund balance before
other financing sources(uses) (19,756) (42,516) 92,522 135,038
OTHER FINANCING SOURCES(USES)
Transfer in 29,038 29,038 29,038 -
Transfer out (5,000) (5,000) (5,000) -
Contingency (125,000) (102,240) - 102,240
Reserve for future expenditures (334,585) (334,585) - 334,585
Total other financing sources(uses) (435,547) (412,787) 24,038 436,825
Change in fund balance (455,303) (455,303) 116,560 571,863
Fund balance-Beginning of the year 455,303 455,303 519,854 64,551
Fund balance-End of the year $ - $ - 636,414 $ 636,414
Reconciliation of budgetary fund balance to GAAP basis net position:
Net OPEB liability (87,493)
Deferred Outflow OPEB 7,652
Deferred Inflow OPEB (29,585)
Total net position,GAAP basis $ 526,988
207
CITY OF TIGARD,OREGON
PUBLIC WORKS ENGINEERING FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 3,867,963 $ 3,867,963 $ 3,529,703 $ (338,260)
Intergovernmental revenues 149,192 149,192 28,443 (120,749)
Interest earnings - - 14,778 14,778
Net increase(decrease)in investment fair
value - - (13,852) (13,852)
Miscellaneous revenues 90,000 90,000 18,128 (71,872)
Total revenues 4,107,155 4,107,155 3,577,200 (529,955)
EXPENDITURES
Policy and administration 4,651,827 4,651,827 3,765,575 886,252
Change in fund balance before
other financing sources(uses) (544,672) (544,672) (188,375) 356,297
OTHER FINANCING SOURCES(USES)
Transfer in 1,019,323 1,019,323 746,024 (273,299)
Contingency (150,000) (150,000) - 150,000
Reserve for future expenditures (1,983,685) (1,983,685) - 1,983,685
Total other financing sources(uses) (1,114,362) (1,114,362) 746,024 1,860,386
Change in fund balance (1,659,034) (1,659,034) 557,649 2,216,683
Fund balance-Beginning of the year 1,659,034 1,659,034 1,887,161 228,127
Fund balance-End of the year $ - $ - 2,444,810 $ 2,444,810
Reconciliation of budgetary fund balance to GAAP basis net position:
Net OPEB liability (172,452)
Deferred Outflow OPEB 15,083
Deferred Inflow OPEB (58,314)
Total net position,GAAP basis $ 2,229,127
208
CITY OF TIGARD,OREGON
FLEET/PROPERTY MANAGEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Charges for services $ 3,196,366 $ 3,196,366 $ 3,133,084 $ (63,282)
Intergovernmental revenues - 54,000 53,500 (500)
Interest earnings - - 8,432 8,432
Net increase(decrease)in investment fair
value - - (363) (363)
Miscellaneous revenues 5,000 5,000 109,650 104,650
Total revenues 3,201,366 3,255,366 3,304,303 48,937
EXPENDITURES
Policy and administration 3,014,543 3,267,425 2,563,043 704,382
Change in fund balance before
other financing sources(uses) 186,823 (12,059) 741,260 753,319
OTHER FINANCING SOURCES(USES)
Transfer out (1,000) (1,000) (1,000) -
Contingency (125,000) - - -
Reserve for future expenditures (872,037) (798,155) - 798,155
Total other financing sources(uses) (998,037) (799,155) (1,000) 798,155
Change in fund balance (811,214) (811,214) 740,260 1,551,474
Fund balance-Beginning of the year 811,214 811,214 808,043 (3,171)
Fund balance-End of the year $ - $ - 1,548,303 $ 1,548,303
Reconciliation of budgetary fund balance to GAAP basis net position:
Net OPEB liability (38,437)
Deferred Outflow OPEB 3,362
Deferred Inflow OPEB (12,997)
Total net position,GAAP basis $ 1,500,231
209
CITY OF TIGARD,OREGON
INSURANCE FUND
SCHEDULE OF REVENUES AND EXPENDITURES-BUDGET AND ACTUAL
for the year ended June 30,2021
Budgeted Amounts Variance
Actual with final
Original Final Amounts budget
REVENUES
Interest earnings $ 26,500 $ 26,500 $ 12,000 $ (14,500)
Net increase(decrease)in investment fair
value - - (5,382) (5,382)
Miscellaneous revenues 39,000 39,000 100,552 61,552
Total revenues 65,500 65,500 107,170 41,670
EXPENDITURES
Policy and administration 239,814 239,814 84,361 155,453
Change in fund balance
before other financing sources(uses) (174,314) (174,314) 22,809 197,123
OTHER FINANCING SOURCES(USES)
Contingency (25,000) (25,000) - 25,000
Reserve for future expenditures (1,093,250) (1,093,250) - 1,093,250
Total other financing sources(uses) (1,118,250) (1,118,250) - 1,118,250
Change in fund balance (1,292,564) (1,292,564) 22,809 1,315,373
Fund balance-Beginning of the year 1,292,564 1,292,564 1,555,064 262,500
Fund balance-End of the year $ - $ - $ 1,577,873 $ 1,577,873
210
Other Schedules
211
212
CITY OF TIGARD,OREGON
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
For the fiscal year ended June 30,2021
Interest Transactions
Original Outstanding Matured/ Outstanding
Issue June 30,2020 Additions Called Paid Matured Paid
June 30,2021
General Obligation Bonds
Issued February 3,2011 $ 8,655,000 $ 2,550,000 $ - $ 815,000 $ (815,000) $ 1,735,000 $ 85,700 $ (85,700)
Issued April 28,2020 5,981,000 5,981,000 - 339,000 (339,000) 5,642,000 88,828 (88,828)
Issued February 3,2011 17,000,000 5,380,000 - 810,000 (810,000) 4,570,000 220,050 (220,050)
$ 13,911,000 $ - $ 1,964,000 $ (1,964,000) $ 11,947,000 $ 394,578 $ (394,578)
Full Faith&Credit Bonds
Issued September 1,2019 $ 5,929,000 $ 5,929,000 $ - $ 241,000 $ (241,000) $ 5,688,000 $ 165,332 $ (165,332)
Revenue Bonds
Issued May 1,2012 $97,720,000 $ 89,800,000 $ - $85,160,000 $ (85,160,000) $ 4,640,000 $ 2,303,675 $ (2,303,675)
Issued May 1,2015 30,810,000 30,140,000 - 185,000 (185,000) 29,955,000 1,483,800 (1,483,800)
Issued November 3,2020 86,575,000 - 86,575,000 - - 86,575,000 494,062 (494,062)
$ 119,940,000 $86,575,000 $85,345,000 $ (85,345,000) $ 121,170,000 $4,281,537 $ (4,281,537)
Long-term Note
Issued December 1,2011 $ 2,398,000 $ 1,585,637 $ - $ 113,614 $ (113,614) $ 1,472,023 $ 47,569 $ (47,569)
213
CITY OF TIGARD,OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
For the fiscal year ended June 30,2021
Total Debt Series 2011B Series 2020 Series 2011A
Service Requirement Issued:February 3,2011 Issued:April 28,2020 Issued:February 3,2011
Fiscal Year Total Total 3.00%to 4.00% 1.34% 3.00%to 4.75%
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest
2022 $ 2,136,000 $ 315,653 $ 850,000 $ 52,400 $ 441,000 $ 75,603 $ 845,000 $ 187,650
2023 2,309,000 241,243 885,000 17,700 549,000 69,693 875,000 153,850
2024 2,471,000 181,187 - - 1,561,000 62,337 910,000 118,850
2025 2,634,000 123,869 - - 1,684,000 41,419 950,000 82,450
2026 2,397,000 60,929 - - 1,407,000 18,854 990,000 42,075
$ 11,947,000 $ 922,881 $ 1,735,000 $ 70,100 $ 5,642,000 $ 267,906 $ 4,570,000 $ 584,875
214
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF FULL FAITH & CREDIT BONDS
For the fiscal year ended June 30, 2021
Total Debt Series 2019A Series 2019B
Service Requirement Issued: August 29, 2019 Issued: August 29, 2019
Fiscal Year Total Total 2.36% 2.99%
of Maturity Principal Interest Principal Interest Principal Interest
2022 $ 248,000 $ 158,631 $ 82,000 $ 42,858 $ 166,000 $ 115,773
2023 254,000 151,731 84,000 40,922 170,000 110,809
2024 262,000 144,666 86,000 38,940 176,000 105,726
2025 269,000 137,374 88,000 36,910 181,000 100,464
2026 276,000 129,886 90,000 34,834 186,000 95,052
2027 284,000 122,201 92,000 32,710 192,000 89,491
2028 293,000 114,288 95,000 30,538 198,000 83,750
2029 300,000 106,126 97,000 28,296 203,000 77,830
2030 308,000 97,767 99,000 26,007 209,000 71,760
2031 317,000 89,182 101,000 23,671 216,000 65,511
2032 326,000 80,340 104,000 21,287 222,000 59,053
2033 335,000 71,248 106,000 18,833 229,000 52,415
2034 2,216,000 61,898 692,000 16,332 1,524,000 45,566
$ 5,688,000 $ 1,465,337 $ 1,816,000 $ 392,137 $ 3,872,000 $ 1,073,200
215
CITY OF TIGARD,OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF WATER REVENUE BONDS
For the fiscal year ended June 30,2021
Total Debt Service Requirement Issued:May 1,2012 Issued:May 3,2015 Issued:November 3,2020
Fiscal Year Total Total 3.00%to 5.00% 3.00%to 5.00% 2.00%to 2.90%
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest
2022 $ 3,415,000 $ 3,544,543 $ 2,275,000 $ 56,580 $ 190,000 $ 1,476,300 $ 950,000 $ 2,011,663
2023 3,535,000 3,508,263 2,365,000 47,300 200,000 1,468,500 970,000 1,992,463
2024 3,640,000 3,408,763 - - 210,000 1,460,300 3,430,000 1,948,463
2025 3,715,000 3,330,963 - - 215,000 1,451,800 3,500,000 1,879,163
2026 3,795,000 3,251,463 - - 225,000 1,443,000 3,570,000 1,808,463
2027 3,875,000 3,170,163 - - 235,000 1,433,800 3,640,000 1,736,363
2028 3,960,000 3,085,788 - - 245,000 1,422,975 3,715,000 1,662,813
2029 4,045,000 2,998,238 - - 255,000 1,410,475 3,790,000 1,587,763
2030 4,135,000 2,908,563 - - 270,000 1,397,350 3,865,000 1,511,213
2031 4,225,000 2,819,163 - - 280,000 1,386,050 3,945,000 1,433,113
2032 4,315,000 2,727,663 - - 290,000 1,374,250 4,025,000 1,353,413
2033 4,415,000 2,629,383 - - 305,000 1,359,375 4,110,000 1,270,008
2034 4,520,000 2,524,333 - - 325,000 1,343,625 4,195,000 1,180,708
2035 4,630,000 2,412,228 - - 340,000 1,327,000 4,290,000 1,085,228
2036 4,750,000 2,292,713 - - 360,000 1,309,500 4,390,000 983,213
2037 4,880,000 2,165,345 - - 375,000 1,291,125 4,505,000 874,220
2038 5,015,000 2,029,723 - - 395,000 1,271,875 4,620,000 757,848
2039 5,160,000 1,886,483 - - 420,000 1,251,500 4,740,000 634,983
2040 5,310,000 1,736,433 - - 440,000 1,230,000 4,870,000 506,433
2041 5,460,000 1,579,494 - - 455,000 1,207,625 5,005,000 371,869
2042 5,635,000 1,412,500 - - 485,000 1,184,125 5,150,000 228,375
2043 5,810,000 1,236,100 - - 510,000 1,159,250 5,300,000 76,850
2044 7,265,000 964,875 - - 7,265,000 964,875 - -
2045 7,635,000 592,375 - - 7,635,000 592,375 - -
2046 8,030,000 200,750 - - 8,030,000 200,750 - -
$ 121,170,000 $ 58,416,308 $ 4,640,000 $ 103,880 $29,955,000 $31,417,800 $ 86,575,000 $ 26,894,628
216
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF SAFE DRINKING WATER REVOLVING LOAN FUNDS
For the fiscal year ended June 30, 2021
Issued: December 1, 2011
Fiscal Year 3.00%
of Maturity Principal Interest
2022 $ 117,022 $ 44,161
2023 120,533 40,650
2024 124,149 37,034
2025 127,874 33,310
2026 131,710 29,473
2027 135,661 25,522
2028 139,731 21,452
2029 143,923 17,260
2030 148,241 12,943
2031 152,688 8,495
2032 130,491 3,915
$ 1,472,023 $ 274,215
217
CITY OF TIGARD,OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
WATER FUND
For the fiscal year ended June 30,2021
Total Debt Service Requirement Water Revenue Bonds ARRA Water Loan
Issued:May 1,2012 Issued:May 3,2015 Issued:November 3,2020 Issued:December 1,2011
Fiscal Year Total Total 3.00%to 5.00% 3.00%to 5.00% 2.00%to 2.90% 3.00%
of Maturity Principal Interest Principal Interest Principal Interest Principal Interest Principal Interest
2022 $ 3,532,022 $ 3,588,704 $ 2,275,000 $ 56,580 $ 190,000 $ 1,476,300 $ 950,000 $ 2,011,663 $ 117,022 $ 44,161
2023 3,655,533 3,548,913 2,365,000 47,300 200,000 1,468,500 970,000 1,992,463 120,533 40,650
2024 3,764,149 3,445,797 - - 210,000 1,460,300 3,430,000 1,948,463 124,149 37,034
2025 3,842,874 3,364,273 - - 215,000 1,451,800 3,500,000 1,879,163 127,874 33,310
2026 3,926,710 3,280,936 - - 225,000 1,443,000 3,570,000 1,808,463 131,710 29,473
2027 4,010,661 3,195,685 - - 235,000 1,433,800 3,640,000 1,736,363 135,661 25,522
2028 4,099,731 3,107,240 - - 245,000 1,422,975 3,715,000 1,662,813 139,731 21,452
2029 4,188,923 3,015,498 - - 255,000 1,410,475 3,790,000 1,587,763 143,923 17,260
2030 4,283,241 2,921,506 - - 270,000 1,397,350 3,865,000 1,511,213 148,241 12,943
2031 4,377,688 2,827,658 - - 280,000 1,386,050 3,945,000 1,433,113 152,688 8,495
2032 4,445,491 2,731,578 - - 290,000 1,374,250 4,025,000 1,353,413 130,491 3,915
2033 4,415,000 2,629,383 - - 305,000 1,359,375 4,110,000 1,270,008 - -
2034 4,520,000 2,524,333 - - 325,000 1,343,625 4,195,000 1,180,708 - -
2035 4,630,000 2,412,228 - - 340,000 1,327,000 4,290,000 1,085,228 - -
2036 4,750,000 2,292,713 - - 360,000 1,309,500 4,390,000 983,213 - -
2037 4,880,000 2,165,345 - - 375,000 1,291,125 4,505,000 874,220 - -
2038 5,015,000 2,029,723 - - 395,000 1,271,875 4,620,000 757,848 - -
2039 5,160,000 1,886,483 - - 420,000 1,251,500 4,740,000 634,983 - -
2040 5,310,000 1,736,433 - - 440,000 1,230,000 4,870,000 506,433 - -
2041 5,460,000 1,579,494 - - 455,000 1,207,625 5,005,000 371,869 - -
2042 5,635,000 1,412,500 - - 485,000 1,184,125 5,150,000 228,375 - -
2043 5,810,000 1,236,100 - - 510,000 1,159,250 5,300,000 76,850 - -
2044 7,265,000 964,875 - - 7,265,000 964,875 - - - -
2045 7,635,000 592,375 - - 7,635,000 592,375 - - - -
2046 8,030,000 200,750 - - 8,030,000 200,750 - - - -
$ 122,642,023 $58,690,523 $ 4,640,000 $ 103,880 $29,955,000 $31,417,800 $86,575,000 $26,894,628 $1,472,023 $274,215
218
Statistical Section
This part of the City of Tigard's annual comprehensive financial report presents detailed
information as a context for understanding what the information in the financial statements,
note disclosures, required supplementary information and other supplementary information
says about the city's overall financial health.
Contents Page
Financial Trends—These schedules contain trend information to
help the reader understand how financial performance has changed over time. 222-238
Revenue Capacity—These schedules contain information to help the
reader assess the city's most significant local revenue source, property taxes. 239-244
Debt Capacity—These schedules contain information to help the reader
assess the affordability of the city's current levels of outstanding debt and the
city's ability to issue additional debt in the future. 245-253
Demographic and Economic Information—These schedules offer demographic
and economic indicators to help the reader understand the environment within
the city's financial activities take place. 254-256
Operating Information—These schedules contain service and infrastructure data
to help the reader understand how the information in the city's financial report
relates to the services the city provides and the activities it performs. 257-261
219
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221
CITY OF TIGARD,OREGON
NET POSITION BY COMPONENT
for the last ten fiscal years
(accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2012 2013 2014(Restated)
GOVERNMENTAL ACTIVITIES
Net investment in capital assets $ 179,626,050 $ 181,196,030 $ 185,242,899
Restricted 13,180,057 12,041,725 10,941,117
Unrestricted 8,431,166 14,311,478 13,596,004
Total governmental activities net position 201,237,273 207,549,233 209,780,020
BUSINESS-TYPE ACTIVITIES
Net investment in capital assets 65,218,645 74,044,470 79,627,259
Restricted 13,184,382 9,683,852 10,551,442
Unrestricted 19,429,375 18,523,616 16,721,508
Total business-type activities net position 97,832,402 102,251,938 106,900,209
PRIMARY GOVERNMENT
Net investment in capital assets 244,844,695 255,240,500 264,870,158
Restricted 26,364,439 21,725,577 21,492,559
Unrestricted 27,860,541 32,835,094 30,317,512
Total primary government net position $ 299,069,675 $ 309,801,171 $ 316,680,229
Source: Annual Comprehensive Financial Report of the City.
222
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2015 2016 2017(Restated) 2018 2019 2020 2021
$ 189,748,234 $ 195,142,143 $ 199,214,099 $ 207,113,453 $ 216,080,286 $ 216,281,021 $ 222,374,600
12,376,136 20,392,998 26,313,186 38,019,099 40,908,235 61,695,111 69,011,237
13,031,415 11,024,212 21,105,136 26,937,963 36,208,160 31,287,737 31,576,376
215,155,785 226,559,353 246,632,421 272,070,515 293,196,681 309,263,869 322,962,213
84,867,665 95,247,967 104,870,812 110,785,680 110,542,303 108,782,212 104,142,931
11,250,300 12,279,628 15,387,870 18,811,969 20,044,161 22,974,348 18,496,564
21,256,129 21,847,155 30,803,556 38,881,215 50,316,066 58,469,800 74,329,841
117,374,094 129,374,750 151,062,238 168,478,864 180,902,530 190,226,360 196,969,336
274,615,899 290,390,110 304,084,911 317,899,133 326,622,589 325,063,233 326,517,531
23,626,436 32,672,626 41,701,056 56,831,068 60,952,396 84,669,459 87,507,801
34,287,544 32,871,367 51,908,692 65,819,178 86,524,226 89,757,537 105,906,217
$ 332,529,879 $ 355,934,103 $ 397,694,659 $ 440,549,379 $ 474,099,211 $ 499,490,229 $ 519,931,549
223
CITY OF TIGARD,OREGON
CHANGES IN NET POSITION
for the last ten fiscal years
(accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2012 2013 2014(Restated)
EXPENSES
Governmental activities
Community services $ 20,025,191 $ 19,085,777 $ 23,078,512
Public works 12,489,448 8,585,063 8,399,436
Community development 4,709,751 3,988,011 4,267,328
Policy and administration 2,117,198 1,339,254 1,732,016
Interest on long-term debt 1,125,259 1,226,774 1,147,024
Total governmental activities expenses 40,466,847 34,224,879 38,624,316
Business-type activities
Sewer 1,743,929 2,114,054 2,617,625
Stormwater 1,649,715 2,045,399 1,958,551
Water 7,807,706 11,989,337 11,730,347
Total business-type activities program expenses 11,201,350 16,148,790 16,306,523
Total primary government expenses $ 51,668,197 $ 50,373,669 $ 54,930,839
PROGRAM REVENUES
Governmental activities
Charges for services:
Community services $ 1,191,417 $ 2,252,945 $ 1,872,350
Public works 1,915,631 2,120,366 2,519,515
Community development 1,684,287 2,579,329 1,765,005
Policy and administration 84,065 105,755 65,233
Operating grants and contributions 6,952,717 6,924,053 6,318,382
Capital grants and contributions 1,049,774 2,173,900 1,804,398
Total governmental activities program revenues 12,877,891 16,156,348 14,344,883
Business-type activities
Charges for services:
Sewer 1,025,732 1,203,187 1,727,206
Stormwater 2,402,189 2,629,694 2,733,346
Water 11,895,044 14,907,664 15,985,607
Capital grants and contributions 2,871,726 1,675,987 1,111,346
Total business-type activities program revenues 18,194,691 20,416,532 21,557,505
Total primary government program revenues $ 31,072,582 $ 36,572,880 $ 35,902,388
Source: Annual Comprehensive Financial Report of the City.
224
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2015 2016 2017(Restated) 2018 2019 2020 2021
$ 18,542,379 $ 25,089,790 $ 23,268,637 $ 24,099,976 $ 23,370,174 $ 25,961,675 $ 30,378,435
10,408,399 10,865,800 8,263,304 8,900,831 12,129,476 9,578,442 14,035,986
4,688,686 7,030,142 5,807,204 5,330,390 5,146,891 5,817,188 6,719,376
1,323,435 1,226,166 3,528,933 2,945,936 3,688,137 3,383,319 4,092,081
1,185,507 958,204 949,136 863,803 771,834 760,211 543,661
36,148,406 45,170,102 41,817,214 42,140,936 45,106,512 45,500,835 55,769,539
2,518,708 2,536,988 2,586,769 2,789,140 3,128,483 3,044,154 3,423,460
2,077,589 2,123,162 2,737,825 2,470,085 3,261,312 3,433,481 4,257,993
10,839,483 14,720,167 8,244,491 14,123,903 17,223,333 19,418,199 20,166,820
15,435,780 19,380,317 13,569,085 19,383,128 23,613,128 25,895,834 27,848,273
$ 51,584,186 $ 64,550,419 $ 55,386,299 $ 61,524,064 $ 68,719,640 $ 71,396,669 $ 83,617,812
$ 1,731,639 $ 1,879,576 $ 2,482,811 $ 1,557,082 $ 1,628,237 $ 1,500,919 $ 2,207,360
2,239,431 2,860,543 5,165,280 4,708,329 4,797,891 5,220,273 5,324,404
3,040,501 4,684,733 4,341,128 6,518,737 6,432,190 4,292,102 4,324,710
142,277 119,195 363,583 340,446 345,505 90,582 99,060
6,508,556 7,756,718 6,880,727 8,321,435 9,594,291 9,625,070 13,346,482
2,021,422 11,785,524 15,691,507 16,307,318 12,268,270 8,542,864 8,959,707
15,683,826 29,086,289 34,925,036 37,753,347 35,066,384 29,271,810 34,261,723
1,773,388 1,791,302 3,013,314 3,208,783 3,389,281 3,666,422 3,348,846
2,899,180 3,058,382 3,275,083 3,620,431 3,812,133 4,017,864 3,820,029
18,804,645 20,918,497 20,926,322 23,078,013 23,751,073 22,607,832 24,836,173
2,066,696 5,806,590 7,670,388 6,795,717 3,285,377 3,139,146 2,838,367
25,543,909 31,574,771 34,885,107 36,702,944 34,237,864 33,431,264 34,843,415
$ 41,227,735 $ 60,661,060 $ 69,810,143 $ 74,456,291 $ 69,304,248 $ 62,703,074 $ 69,105,138
225
CITY OF TIGARD,OREGON
CHANGES IN NET POSITION(CONTINUED)
for the last ten fiscal years
(accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2012 2013 2014(Restated)
NET(EXPENSE)REVENUE
Governmental activities $ (27,588,956) $ (18,068,531) $ (24,279,433)
Business-type activities 6,993,341 4,267,742 5,250,982
Total primary government net expenses (20,595,615) (13,800,789) (19,028,451)
GENERAL REVENUES AND OTHER
CHANGES IN NET POSITION
Governmental activities:
Property taxes 15,182,467 15,338,744 15,796,663
Franchise fees 4,880,635 5,855,956 5,542,647
Unrestricted intergovernmental revenues 4,798,949 2,500,240 2,955,652
Interest earnings 283,273 248,812 421,211
Miscellaneous 1,583,989 316,512 776,154
Transfers between Governmental and Business-type 2,991,566 120,227 1,017,893
Total governmental activities 29,720,879 24,380,491 26,510,220
Business-type activities:
Interest earnings 73,228 114,661 270,415
Miscellaneous 155,164 157,360 144,767
Unrestricted intergovernmental revenues - - -
Transfers between Governmental and Business-type (2,991,566) (120,227) (1,017,893)
Total business-type activities (2,763,174) 151,794 (602,711)
Total primary government 26,957,705 24,532,285 25,907,509
CHANGES IN NET POSITION
Governmental activities(restated) 2,131,923 6,311,960 2,230,787
Business-type activities(restated) 4,230,167 4,419,536 4,648,271
Total primary government $ 6,362,090 $ 10,731,496 $ 6,879,058
Source: Annual Comprehensive Financial Report of the City.
226
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2015 2016 2017(Restated) 2018 2019 2020 2021
$ (20,464,580) $ (16,083,813) $ (6,892,178) $ (4,387,589) $ (10,040,128) $ (16,229,025) $ (21,507,816)
10,108,129 12,194,454 21,316,022 17,319,816 10,624,736 7,535,430 6,995,142
(10,356,451) (3,889,359) 14,423,844 12,932,227 584,608 (8,693,595) (14,512,674)
16,523,361 17,177,591 17,616,798 18,387,321 19,101,543 20,325,728 23,620,200
5,687,456 5,734,540 5,890,113 6,095,852 6,211,736 6,360,563 6,978,783
3,004,341 2,840,903 2,074,428 3,022,051 2,522,428 2,484,051 2,426,817
434,401 688,087 824,213 1,683,282 2,416,827 2,520,783 558,060
247,154 228,779 268,380 416,785 453,435 502,164 702,068
(56,368) 817,481 291,314 220,392 460,325 102,924 920,232
25,840,345 27,487,381 26,965,246 29,825,683 31,166,294 32,296,213 35,206,160
131,485 302,890 106,628 139,926 1,606,834 1,770,933 307,581
177,903 193,645 270,628 177,276 652,421 120,392 276,262
127,148 285,524 - - - 84,220
56,368 (817,481) (291,314) (220,392) (460,325) (102,924) (920,232)
365,756 (193,798) 371,466 96,810 1,798,930 1,788,401 (252,169)
26,206,101 27,293,583 27,336,712 29,922,493 32,965,224 34,084,614 34,953,991
5,375,765 11,403,568 20,073,068 25,438,094 21,126,166 16,067,188 13,698,344
10,473,885 12,000,656 21,687,488 17,416,626 12,423,666 9,323,831 6,742,973
$ 15,849,650 $ 23,404,224 $ 41,760,556 $ 42,854,720 $ 33,549,832 $ 25,391,019 $ 20,441,317
227
CITY OF TIGARD,OREGON
FUND BALANCES OF GOVERNMENTAL FUNDS
for the last ten fiscal years
(modified accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2012 2013 2014
GENERAL FUND
Nonspendable $ 471,975 $ 472,941 $ 508,374
Unassigned 7,378,411 9,687,736 11,474,700
Total General Fund $ 7,850,386 $ 10,160,677 $ 11,983,074
ALL OTHER GOVERNMENTAL FUNDS
Nonspendable $ - $ 14,986 $ 16,055
Restricted 15,568,787 14,859,784 12,504,001
Committed 3,217,309 4,020,435 4,457,233
Assigned 428,823 670,223 905,166
Unassigned (498,110) (601,324) (752,925)
Total all other governmental funds $ 18,716,809 $ 18,964,104 $ 17,129,530
Source: Annual Comprehensive Financial Report of the City.
228
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2015 2016 2017 2018 2019 2020 2021
$ 542,543 $ 664,254 $ 706,412 $ 705,495 $ 225,974 $ 1,158,584 $ 1,155,514
12,115,436 12,970,670 14,884,712 19,356,804 23,121,341 26,823,013 29,764,210
$ 12,657,979 $ 13,634,924 $ 15,591,124 $ 20,062,299 $ 23,347,315 $ 27,981,597 $ 30,919,724
$ 11,225 $ - $ 16,485 $ 17,040 $ 17,560 $ 18,080 $ -
11,791,605 18,250,934 31,914,910 45,521,700 51,414,137 91,514,895 69,593,046
2,801,857 3,260,236 4,341,838 3,307,731 3,325,235 3,556,651 4,215,954
1,156,788 1,597,773 1,725,086 1,738,216 2,388,659 3,257,280 3,562,612
(352,684) (617,329) (725,296) (724,477) - (228,869) (122,328)
$ 15,408,791 $ 22,491,614 $ 37,273,023 $ 49,860,210 $ 57,145,591 $ 98,118,037 $ 77,249,284
229
CITY OF TIGARD,OREGON
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
for the last ten fiscal years
(modified accrual basis of accounting)
Fiscal Year Fiscal Year Fiscal Year
2012 2013 2014
REVENUES
Taxes $ 17,767,128 $ 18,208,253 $ 18,822,449
City gas tax* - 830,031 638,852
Franchise fees 4,880,635 5,724,192 5,542,647
Special assessments 38,776 43,170 258,831
Licenses and permits 2,444,551 3,175,118 3,098,875
Intergovernmental revenues 6,586,757 6,040,986 6,386,961
Charges for service 2,087,993 4,624,844 4,982,211
System development charges 971,660 2,007,935 955,678
Fines and forfeitures 1,092,296 1,038,948 929,293
Interest earnings 262,080 254,237 424,221
Miscellaneous 633,575 206,443 312,815
Total revenues 36,765,451 42,154,157 42,352,833
EXPENDITURES
Current operating:
Community services 19,638,469 18,636,382 19,420,335
Public works 6,354,390 6,551,980 6,914,185
Community development 3,902,223 3,937,089 4,219,481
Policy and administration 819,034 711,385 701,172
Debt service:
Principal 1,894,125 1,992,500 2,445,993
Interest 1,652,691 1,264,795 1,178,637
Refunded bonds - - -
Refunding bond issuance cost - - -
Capital outlay 4,037,766 6,357,256 7,657,993
Total expenditures 38,298,698 39,451,387 42,537,796
Excess(deficiency)of revenues
over(under)expenditures (1,533,247) 2,702,770 (184,963)
OTHER FINANCING SOURCES(USES)
Proceeds from bond/long-term note - - -
Operating transfers in 6,969,663 4,735,619 6,420,053
Operating transfers out (5,575,062) (4,880,803) (6,247,267)
Total other financing sources(uses) 1,394,601 (145,184) 172,786
Net change in fund balances $ (138,646) $ 2,557,586 $ (12,177)
Debt services as a percentage of non-capital
expenditures 12.75% 10.92% 11.60%
* City gas tax was broken out of intergovernmental revenues beginning in fiscal year 2013.
Source: Annual Comprehensive Financial Report of the City.
230
Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year Fiscal Year
2015 2016 2017 2018 2019 2020 2021
$ 19,575,665 $ 20,191,927 $ 20,704,055 $ 21,822,129 $ 25,248,472 $ 25,582,940 $ 29,710,860
558,740 712,408 844,866 887,038 888,913 831,411 695,284
5,691,960 5,732,448 5,886,791 6,102,443 6,218,353 6,365,589 6,980,858
35,359 65,243 52,146 50,036 59,999 46,554 90,251
4,030,120 5,751,472 6,662,790 7,648,235 5,178,056 4,050,568 3,705,222
6,370,732 6,684,667 8,228,693 8,737,359 9,498,510 9,364,516 12,635,993
4,342,534 4,869,821 5,930,289 6,636,913 4,648,396 5,369,990 5,553,225
961,450 6,104,579 11,733,901 9,860,311 4,240,910 5,606,246 5,124,725
924,266 972,560 713,059 698,508 843,100 828,444 1,521,113
434,401 653,879 799,748 1,659,107 2,343,694 2,315,941 511,899
413,736 220,894 349,098 1,204,701 1,284,229 526,208 611,322
43,338,963 51,959,898 61,905,436 65,306,780 60,452,632 60,888,407 67,140,752
20,325,635 20,784,186 21,925,169 22,631,248 22,051,531 23,708,112 28,732,927
7,512,446 7,606,128 8,291,205 8,899,175 6,105,157 6,153,581 6,881,610
4,640,737 6,981,903 5,807,836 5,345,399 5,272,175 5,875,274 6,827,722
778,840 831,876 787,681 795,586 993,346 843,032 1,029,244
2,117,045 2,361,892 2,378,100 2,454,000 2,530,800 3,117,619 2,205,000
1,118,238 1,059,733 977,539 892,206 799,646 809,003 568,882
- - - - - 5,725,537 -
- - - - - 59,234 -
8,924,317 6,200,291 4,705,720 6,742,438 8,907,102 8,064,935 8,452,271
45,417,258 45,826,009 44,873,250 47,760,052 46,659,757 54,356,327 54,697,656
(2,078,295) 6,133,889 17,032,186 17,546,728 13,792,875 6,532,080 12,443,096
1,300,000 1,650,000 - - - 11,910,000 -
6,178,215 6,378,318 4,755,215 4,174,624 8,808,520 6,385,695 8,121,091
(6,445,754) (6,102,439) (5,049,792) (4,662,990) (9,952,900) (7,043,924) (9,034,740)
1,032,461 1,925,879 (294,577) (488,366) (1,144,380) 11,251,771 (913,649)
$ (1,045,834) $ 8,059,768 $ 16,737,609 $ 17,058,362 $ 12,648,495 $ 17,783,851 $ 11,529,447
8.98% 9.00% 8.56% 8.28% 8.82% 8.48% 6.00%
231
CITY OF TIGARD,OREGON
GOVERNMENTAL REVENUES
For the last ten fiscal years
Program Revenues
Fiscal Charges Operating Capital
Year Ended for Grants and Grants and Franchise
June 30 Services Contributions Contributions Taxes Fees
2012 $ 4,875,400 $ 6,952,717 $ 1,049,774 $ 15,182,467 $ 4,880,635
2013 7,058,395 6,924,053 2,173,900 15,338,744 5,855,956
2014 6,222,103 6,318,382 1,804,398 15,796,663 5,542,647
2015 7,153,848 6,508,556 2,021,422 16,523,361 5,687,456
2016 9,544,047 7,756,718 11,785,524 17,177,591 5,734,540
2017 12,352,802 6,880,727 15,691,507 17,616,798 5,890,113
2018 13,124,594 8,321,435 16,307,318 18,387,321 6,095,852
2019 13,203,823 9,594,291 12,268,270 19,101,543 6,211,736
2020 11,103,876 9,625,070 8,542,864 20,325,728 6,360,563
2021 11,955,534 13,346,482 8,959,707 23,620,200 6,978,783
CITY OF TIGARD,OREGON
BUSINESS-TYPE REVENUES
For the last ten fiscal years
Program Revenues
Fiscal Charges Operating Capital
Year Ended for Grants and Grants and Franchise
June 30 Services Contributions Contributions Taxes Fees
2012 $ 15,322,964 $ - $ 2,871,726 $ - $ -
2013 18,740,545 - 1,675,987 - -
2014 20,446,159 - 1,111,346 - -
2015 23,477,213 - 2,066,696 - -
2016 25,768,181 - 5,806,590 - -
2017 27,214,719 - 7,670,388 - -
2018 29,907,227 - 6,795,717 - -
2019 30,952,487 - 3,285,377 - -
2020 30,292,118 - 3,139,146 - -
2021 32,005,048 - 2,838,367 - -
Source: Annual Comprehensive Financial Report of the City-Statement of Activities.
232
General Revenues
Gain(Loss)on
Intergovernmental Interest Disposition of
Revenues Earnings Capital Assets Miscellaneous Total
$ 4,798,949 $ 283,273 $ - $ 1,583,989 $ 39,607,204
2,500,240 248,812 - 316,508 40,416,608
2,955,652 421,211 - 776,154 39,837,210
3,004,341 434,401 (25,998) 273,152 41,580,539
2,840,903 688,087 - 228,779 55,756,189
2,074,428 824,213 - 268,380 61,598,968
3,022,051 1,683,282 - 416,785 67,358,638
2,522,428 2,416,827 - 453,435 65,772,353
2,484,051 2,520,783 - 502,164 61,465,099
2,426,817 558,060 - 702,068 68,547,651
General Revenues
Gain(Loss)on
Intergovernmental Interest Disposition of
Revenues Earnings Capital Assets Miscellaneous Total
$ - $ 73,228 $ - $ 155,164 $ 18,423,082
114,661 - 157,360 20,688,553
- 270,415 - 144,767 21,972,687
- 131,485 - 177,903 25,853,297
127,148 302,890 - 193,645 32,198,454
285,524 106,628 - 270,628 35,547,887
- 139,926 - 177,276 37,020,146
- 1,606,834 - 652,421 36,497,119
- 1,770,933 - 120,392 35,322,589
84,220 307,581 - 276,262 35,511,478
233
CITY OF TIGARD,OREGON
GOVERNMENTAL EXPENSES BY FUNCTION
For the last ten fiscal years
Fiscal
Year Ended Community Community Policy and
June 30 Services Public Works Development Administration
2012 $ 20,025,189 $ 12,489,448 $ 4,709,750 $ 2,117,198
2013 19,085,777 8,585,063 3,988,011 1,339,254
2014(Restated) 23,078,512 8,399,436 4,267,328 1,732,016
2015 18,542,379 10,408,399 4,688,686 1,323,435
2016 25,089,790 10,865,800 7,030,142 1,226,166
2017(Restated) 23,268,637 8,263,304 5,807,204 3,528,933
2018 24,099,976 8,900,831 5,330,390 2,945,936
2019 23,370,174 12,129,476 5,146,891 3,688,137
2020 25,961,675 9,578,442 5,817,188 3,383,319
2021 30,378,435 14,035,986 6,719,376 4,092,081
CITY OF TIGARD,OREGON
BUSINESS-TYPE EXPENSES BY FUNCTION
For the last ten fiscal years
Fiscal
Year Ended
June 30 Sewer Stormwater Water Total
2012 $ 1,743,929 $ 1,649,718 $ 7,807,706 $ 11,201,353
2013 2,114,054 2,045,399 11,989,337 16,148,790
2014 2,617,625 1,958,551 11,730,347 16,306,523
2015 2,518,708 2,077,589 10,839,483 15,435,780
2016 2,536,988 2,123,162 14,720,167 19,380,317
2017(Restated) 2,586,769 2,737,825 8,244,491 13,569,085
2018 2,789,140 2,470,085 14,123,903 19,383,128
2019 3,128,483 3,261,312 17,223,333 23,613,128
2020 3,044,154 3,433,481 19,418,199 25,895,834
2021 3,423,460 4,257,993 20,166,820 27,848,273
Source: Annual Comprehensive Financial Report of the City.
234
Interest on
Long-Term
Debt Total
$ 1,125,259 $ 40,466,844
1,226,774 34,224,879
1,147,024 38,624,316
1,185,507 36,148,406
958,204 45,170,102
949,136 41,817,214
863,803 42,140,936
771,834 45,106,512
760,211 45,500,835
543,661 55,769,539
235
CITY OF TIGARD,OREGON
GENERAL GOVERNMENTAL REVENUES BY SOURCES-
BUDGETARY BASIS
For the last ten fiscal years
Fiscal Licenses Inter-
Year Ended Franchise and governmental
June 30 Taxes Fees Permits Revenues
2012 $ 17,767,128 $ 4,880,635 $ 2,444,551 $ 6,586,757
2013 18,208,253 5,724,192 3,175,118 6,871,017
2014 19,720,132 5,542,647 3,098,875 6,386,961
2015 19,575,665 5,691,960 4,030,120 6,929,472
2016 20,904,335 5,732,448 5,751,472 6,684,667
2017 21,548,921 5,886,791 6,662,790 8,228,693
2018 22,709,167 6,102,443 7,648,235 8,737,359
2019 26,137,385 6,218,353 5,178,056 9,498,510
2020 26,414,351 6,365,589 4,050,568 9,364,516
2021 30,406,144 6,980,858 3,705,222 12,635,993
* Includes special assessments collections,interest earnings,and other revenues.
Information derived from Annual Comprehensive Financial Reports for all Governmental Fund Types
236
Charges System
For Development Fines and Miscellaneous
Services Charges Forfeitures Revenues* Total
$ 2,087,993 $ 971,660 $ 1,092,296 $ 934,431 $ 36,765,451
4,624,844 2,007,935 1,038,948 503,850 42,154,157
4,982,211 955,678 929,293 737,036 42,352,833
4,342,534 961,450 924,266 883,496 43,338,963
4,869,821 6,104,579 972,560 940,016 51,959,898
5,930,289 11,733,901 713,059 1,200,992 61,905,436
6,636,913 9,860,311 698,508 2,913,844 65,306,780
4,648,396 4,240,910 843,100 3,687,922 60,452,632
5,369,990 5,606,246 828,444 2,888,703 60,888,407
5,553,225 5,124,725 1,521,113 1,213,472 67,140,752
237
CITY OF TIGARD,OREGON
GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION-
BUDGETARY BASIS
For the last ten fiscal years
City-Wide
Support
Fiscal Public Works Functions,
Year Ended Community and Community Policy and Capital Projects Debt
June 30 Services Development Administration and Other Service Total
2012 $ 19,638,468 $ 10,256,613 $ 819,034 $ 4,037,766 $ 3,546,817 $ 38,298,698
2013 18,636,382 10,489,069 711,385 6,357,256 3,257,295 39,451,387
2014 19,420,335 11,133,666 701,172 7,657,993 3,624,630 42,537,796
2015 20,325,635 12,153,183 778,840 8,924,317 3,235,283 45,417,258
2016 20,784,186 14,588,031 831,876 6,200,291 3,421,625 45,826,009
2017 21,925,169 14,099,041 787,681 4,705,720 3,355,639 44,873,250
2018 22,631,248 14,244,574 795,586 6,742,438 3,346,206 47,760,052
2019 22,051,531 11,377,332 993,346 11,087,518 3,330,446 48,840,173
2020 23,708,112 11,425,756 843,032 8,783,405 9,652,422 54,412,727
2021 28,732,927 13,709,332 1,029,244 9,930,747 2,773,882 56,176,132
Information derived from Annual Comprehensive Financial Reports for all Governmental Fund Types
238
CITY OF TIGARD,OREGON
MARKET VALUE AND ASSESSED VALUE OF TAXABLE PROPERTY
For the last ten fiscal years
Fiscal Assessed Value Assessed
Year Total Estimated Real to Value
Ended Personal Public Utility Total Assessed Direct Market Value as a%
June 30 Real Property Property Property Value Tax Rate* (RMV) of RMV
2012 $ 4,740,820,190 $ 233,150,042 $ 185,094,100 $ 5,159,064,332 $ 3.02 $ 6,916,823,794 75%
2013 4,879,417,110 234,122,196 168,258,100 5,281,797,406 4.28 6,727,550,189 78.51%
2014 5,066,140,190 235,966,170 165,074,260 5,467,180,620 3.44 7,032,753,815 77.74%
2015 5,269,294,630 252,215,379 188,500,300 5,710,010,309 4.24 7,699,660,882 74.16%
2016 5,468,508,420 257,861,916 181,220,400 5,907,590,736 5.52 8,082,751,732 73.09%
2017 5,685,260,390 269,725,107 168,515,800 6,123,501,297 4.66 8,989,238,324 68.12%
2018 5,981,800,420 284,167,678 185,901,766 6,451,869,864 2.95 9,883,766,510 65.28%
2019 6,314,865,980 285,495,149 165,706,700 6,766,067,829 2.95 10,754,179,526 62.92%
2020 6,605,395,460 275,633,450 165,371,900 7,046,400,810 3.02 11,283,691,608 62.45%
2021 6,894,538,760 286,915,023 198,521,700 7,379,975,483 3.06 12,790,362,675 57.70%
*per$1,000 of assessed value/including phase in rates
Source: Washington County Assessment and Taxation
239
CITY OF TIGARD,OREGON
PROPERTY TAX RATES-DIRECT AND OVERLAPPING GOVERNMENTS
(Dollars per$1,000 of Assessed Value rounded to the nearest cent)
For the last ten fiscal years
City of Tigard
Tigard/
Direct Rates Tualatin
Fiscal Total School
Year Ended Perm Debt Urban City of Washington District
June 30 Rate Svc Renewal Phase In Tigard County No.23-J
2012 $ 2.51 $ 0.45 $ 0.06 $ 0.83 $ 3.02 $ 2.97 $ 7.44
2013 2.51 0.44 0.06 1.27 4.28 2.96 7.38
2014 2.51 0.44 0.06 0.43 3.44 2.96 7.41
2015 2.51 0.42 0.07 1.24 4.24 2.83 7.43
2016 2.51 0.42 0.07 2.51 5.52 2.83 7.43
2017 2.51 0.39 0.08 1.68 4.66 2.95 7.41
2018 2.51 0.36 0.08 - 2.95 2.94 7.73
2019 2.51 0.35 0.08 - 2.95 2.94 7.71
2020 2.51 0.34 0.17 - 3.02 2.93 7.70
2021 2.51 0.33 0.21 3.06 2.96 7.79
Taxes levied may be composed of three types of levies: (1)a base operating levy, (2)a special operating levy
approved by the voters in the district and (3)a debt service levy. Each district with outstanding General
Obligation bonded debt is required to levy taxes sufficient with other available funds,to meet principal and
interest payments when due.
Assessment and tax rolls are prepared and maintained by Washington County for all taxing districts with
territory in the County.The County collects all taxes against property in the County(except assessments for
improvements charged to benefited property)and distributes taxes collected at least monthly. No charges
are made to the taxing districts for these services.
NOTE:-Not all taxing districts are charged on each parcel of property,actual rates on tax bills are a
combination of the above depending upon the location of the parcel and the school district and sewer and
water district boundaries. Total overlapping tax rates for property in Tigard in 2015 ranged from
$13.31/$1,000 to$16.60/$1,000.
Source: Washington County Department of Assessment and Taxation.
240
Overlapping Rates
Washington
Beaverton Tualatin County Hillsboro Total Direct
School Valley Rural Fire Portland School Other &
District Fire&Rescue District Community District Taxing Overlapping
No.48-J District No.2 College No.1-J Agencies Rates
$ 6.86 $ 1.92 $ 1.69 $ 0.60 $ 7.47 $ 1.88 $ 33.85
6.77 1.91 1.69 0.66 7.50 0.72 33.87
8.05 1.91 1.69 0.73 7.41 0.78 34.38
8.04 1.88 - 0.72 - 0.77 25.91
7.96 2.10 - 0.58 - 0.70 27.11
7.92 2.09 - 0.68 - 0.71 26.42
8.05 2.07 - 0.60 - 0.80 25.15
8.02 2.07 - 0.69 - 0.85 25.24
7.91 2.05 - 0.68 - 0.99 25.28
8.03 2.12 0.68 0.99 25.62
241
CITY OF TIGARD,OREGON
PRINCIPAL PROPERTY TAXPAYERS
For current and nine years ago
2021 2012
Percentage Percentage
Taxable of Total City Taxable of Total City
Taxpayer Assessed Value Rank Assessed Value Assessed Value Rank Assessed Value
Pacific Realty Associates $ 245,889,887 1 3.49% $ 190,885,380 1 3.70%
PPR Washington Square LLC 146,100,715 2 2.07% 123,817,544 2 2.40%
Lincoln Center LLC 105,641,669 3 1.50% 82,545,029 3 1.60%
Polygon WLH LLC 52,368,120 4 0.74%
Portland General Electric 50,339,931 5 0.71% 30,954,386 6 0.60%
ROIC Oregon LLC 37,429,370 6 0.53%
PPR Square Too LLC 36,145,800 7 0.51%
Comcast Corporation 38,403,000 8 0.55% 29,530,410 7 0.57%
Washington Square Porperty lnvestmen 33,286,038 9 0.47%
Northwest Natural Gas 32,558,800 10 26,811,900 8 0.52%
Frontier Communications 61,908,772 4 1.20%
Walton CWOR Park LLC 41,272,515 5 0.80%
Constance Robinson(Trust) 24,893,947 9 0.48%
Macy's Department Stores 22,553,550 10 0.44%
Total $ 778,163,330 10.58% $ 635,173,433 12.31%
Source: Washington County Assessment&Taxation records.
242
CITY OF TIGARD,OREGON
PROPERTY TAX LEVIES AND COLLECTIONS
For the last ten fiscal years
Fiscal Percent Percent
Year Percent Delinquent Total Tax Outstanding Delinquent
Ended Total Tax Current Tax of Levy Tax Total Tax Collections Delinquent Taxes To
June 30 Levy Collections Collections Collections Collections To Tax Levy Taxes Tax Levy
2012 $ 15,594,066 $ 14,835,580 95.14% $ 240,430 $ 15,076,010 96.68% $ 737,903 4.73%
2013 15,878,914 15,161,562 95.48% 232,090 15,393,652 96.94% 704,610 4.44%
2014 16,326,904 15,532,675 95.14% 318,264 15,850,939 97.08% 740,392 4.53%
2015 16,999,999 16,251,269 95.60% 302,878 16,554,147 97.38% 713,889 4.20%
2016 17,261,106 16,496,169 95.57% 236,347 16,732,516 96.94% 775,731 4.49%
2017 18,145,192 17,322,014 95.46% 230,652 17,552,666 96.73% 857,408 4.73%
2018 18,484,904 17,649,531 95.48% 195,660 17,845,191 96.54% 851,931 4.61%
2019 19,292,388 18,519,287 95.99% 614,510 19,133,797 99.18% 308,522 1.60%
2020 19,872,169 19,065,112 95.94% 196,858 19,261,970 96.93% 332,405 1.67%
2021 22,843,543 22,171,105 97.06% 206,825 22,377,930 97.96% 349,916 1.53%
Taxes are levied as of July 1 each year and are payable in three installments,without interest,on November 15, February 15
and May 15. Interest is charged at the rate of 1%per month on delinquent taxes. Tax liens are foreclosed after three year's
delinquencies.Taxpayers receive a discount of 3%for payment in full by November 15 and 2%for payment of two thirds of
the total taxes due.
Source:Washington County Property Tax Schedule.
2021 Increase is new Public Safety Tax levy
243
CITY OF TIGARD,OREGON
SPECIAL ASSESSMENT COLLECTIONS
For the last ten fiscal years
Fiscal Current Ratio of Total
Year Ended Assessments Assessments Collections Assessments Outstanding
June 30 Due(1) Collected(2) to Amount Due Added Assessments
2012 $ 38,776 $ 28,365 73.15% $ - $ 826,012
2013 62,500 118,888 190.22% 196,615 903,739
2014 457,983 457,983 100.00% - 445,756
2015 72,045 72,045 100.00% - 373,711
2016 77,392 77,392 100.00% - 296,319
2017 83,100 83,100 100.00% - 213,219
2018 89,000 89,000 100.00% - 124,219
2019 95,800 95,800 100.00% - 28,419
2020 28,419 28,419 100.00% - -
2021 - - 0.00% - -
(1)This amount is equal to the matured principal on Bancroft improvement bonds.
(2)Represents collections of current assessments for payment of Bancroft improvement bonds as well
as assessment collections on projects for which such bonds have not been issued.
Source: City assessment records.
244
CITY OF TIGARD,OREGON
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR LONG-TERM
DEBT TO TOTAL GENERAL GOVERNMENTAL EXPENDITURES
For the last ten fiscal years
Percent of
Fiscal Total General Debt Service to
Year Ended Total Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
2012 $ 1,894,126 $ 1,652,691 $ 3,546,817 $ 38,298,698 9.26%
2013 1,992,500 1,264,795 3,257,295 39,451,387 8.26%
2014 2,445,993 1,178,637 3,624,630 42,537,796 8.52%
2015 2,117,045 1,118,238 3,235,283 45,417,258 7.12%
2016 2,361,892 1,059,733 3,421,625 45,829,009 7.47%
2017 2,378,100 977,539 3,355,639 44,873,250 7.48%
2018 2,454,000 892,206 3,346,206 47,760,052 7.01%
2019 2,530,800 799,646 3,330,446 48,840,173 6.82%
2020 8,843,419 809,003 9,652,422 54,412,727 17.74%
2021 2,205,000 568,882 2,773,882 56,176,132 4.94%
Source: Annual Comprehensive Financial Report of the City.
245
CITY OF TIGARD,OREGON
RATIO OF NET GENERAL BONDED DEBT TO ASSESSED VALUE AND
NET BONDED DEBT PER CAPITA
For the last ten fiscal years
Gross General Less Debt Ratio of Net
Fiscal Obligation Service Net Bonded Debt Net Bonded
Year Ended Assessed Bonded Debt Monies Bonded to Assessed Debt Per
June 30 Population Value Outstanding Available Debt Value Capita
2012 48,415 $ 5,159,064,332 $ 30,735,000 $ 1,466,537 $ 29,268,463 0.57% $ 604.53
2013 48,695 5,281,797,406 29,397,612 1,555,741 27,841,871 0.53% 571.76
2014 50,444 5,467,180,620 27,504,927 2,147,352 25,357,575 0.46% 502.69
2015 50,787 5,710,010,309 24,990,106 1,828,324 23,161,782 0.41% 456.06
2016 51,253 5,907,590,736 22,862,084 1,982,373 20,879,711 0.35% 407.39
2017 51,902 6,123,501,297 20,675,137 1,832,468 18,842,669 0.31% 363.04
2018 53,697 6,451,869,864 18,419,297 2,233,505 16,185,792 0.25% 301.43
2019 53,450 6,766,067,829 16,094,594 2,501,277 13,593,317 0.20% 254.32
2020 54,520 7,046,400,810 19,870,531 1,517,668 18,352,863 0.26% 336.63
2021 54,539 7,379,975,483 17,657,088 4,585,351 13,071,737 0.18% 239.68
Source: City budget documents,Annual Comprehensive Financial Reports of the City and Washington Department of
Assessment and Taxation.
246
CITY OF TIGARD,OREGON
COMPUTATION OF DIRECT AND OVERLAPPING DEBT
June 30,2021
Percent Amount
Applicable Applicable
Net Debt Inside City of Inside City of
Jurisdiction Outstanding Tigard* Tigard
Tigard/Tualatin School District#23-J $ 322,883,542 47.46% $ 153,231,165
Metro 920,585,000 3.31% 30,461,237
Beaverton School District#48 957,104,907 3.85% 36,870,552
Portland Community College 545,535,000 4.17% 22,722,078
Washington County 196,818,344 10.30% 20,275,045
Tualatin Valley Fire&Rescue District 17,325,000 10.97% 1,899,704
Sub-Total of Overlapping Debt 2,960,251,793 265,459,781
City of Tigard 17,657,088 100.00% 17,657,088
Total for Overlapping Debt $ 2,977,908,881 $ 283,116,869
*The City of Tigard does not calculate this percentage; it is provided by the State of Oregon.
Source: Oregon State Treasury Debt Management Division.
247
CITY OF TIGARD,OREGON
COMPUTATION OF LEGAL DEBT MARGIN
For the last ten fiscal years
2012 2013 2014 2015
Debt limit $ 207,504,714 $ 201,826,506 $ 210,982,614 $ 230,989,826
Total net debt applicable to limit 30,735,000 28,800,576 26,820,000 24,775,000
Legal debt margin $ 176,769,714 $ 173,025,930 $ 184,162,614 $ 206,214,826
Total net debt applicable to the limit
as a percentage of debt limit 14.81% 14.27% 12.71% 10.73%
Note: Pursuant to Oregon Revised Statutes 223.295 outstanding general obligation debt is
limited to 3%real market value.
Source: Washington County Department of Assessment and Taxation.
248
2016 2017 2018 2019 2020 2021
$ 242,482,552 $ 269,677,150 $ 296,512,995 $ 322,625,386 $ 338,510,748 383,710,880
22,670,000 20,505,000 18,269,800 15,965,000 19,840,000 17,635,000
$ 219,812,552 $ 137,195,419 $ 278,243,195 $ 306,660,386 $ 318,670,748 366,075,880
9.35% 7.60% 6.16% 4.95% 5.86% 4.60%
Legal Debt Margin Calculation at June 30,2021
True cash value(2020-2021) $ 12,790,362,675
Limit as a percent 3%
Debt Limit(as a percent of real market value) 383,710,880
Debt applicable to limit:
Gross bonded debt $ 17,657,088
Excludable debt-Bancroft improvement bonds,bond premium,
capital lease and commercial bank loan (22,088)
Debt subject to limitation 17,635,000
Legal debt margin-amount available for future indebtedness 366,075,880
Total net debt applicable to the limit as a percent of debt limit 4.60%
249
CITY OF TIGARD,OREGON
RATIO OF DEBT BY TYPE
For the last ten fiscal years
Governmental Activities
Fiscal General Bank
Year Ended Obligation Bancroft Loan Capital
June 30 Population Bonded Debt Bonded Debt Payable Lease
2012 48,415 $ 30,735,000 $ 966,239 $ - $ -
2013 48,695 28,805,000 903,739 - 58,074
2014 50,444 27,059,171 445,756 - 58,074
2015 50,787 24,990,106 373,711 1,300,000 44,482
2016 51,253 22,862,084 296,319 1,170,000 30,290
2017 51,902 20,675,137 213,219 1,040,000 15,472
2018 52,785 18,419,297 124,019 910,000 -
2019 53,450 16,094,594 28,419 780,000 -
2020 54,520 19,870,531 - - -
2021 54,539 17,657,088 - - -
*Revenue bonds issued for improvements to the Tigard Water Service Area(TWSA)are liabilities of the City of Tigard, but were not
issued as full faith and credit obligations. Debt service on these bonds will be paid by customers of TWSA,which includes residents in
the cities of Tigard,Durham and King City,and an unincorporated area of Washington County.
** Personal income is not available for the City of Tigard,so per capita income for Washington County is used.
Sources: City budget documents,Annual Comprehensive Financial Reports of the City and Washington County Deaprtment of
Assessment and Taxation.
250
Business-type Activities
Percentage
Notes Payable Revenue Total Primary of Personal Per
Debt Bonds* Government Income** Capita
$ 2,398,000 $ 105,367,290 $ 139,466,529 9.44% $ 2,881
2,293,486 104,896,687 136,956,986 8.65% 2,813
2,201,107 104,896,686 134,660,794 7.92% 2,670
2,105,957 139,643,153 168,457,409 9.51% 3,317
2,007,952 139,003,308 165,369,953 9.00% 3,227
1,907,007 136,420,282 160,271,117 9.00% 3,088
1,803,034 133,775,926 155,032,276 8.45% 2,937
1,695,942 131,055,591 149,654,546 7.72% 2,800
1,585,637 128,254,644 149,710,812 7.03% 2,746
1,472,023 124,812,611 143,941,722 6.54% 2,639
251
CITY OF TIGARD,OREGON
COMPUTATION OF WATER REVENUE BONDS
DEBT COVERAGE
For the last nine fiscal years(1)
2013 2014 2015
Gross revenues $ 14,907,664 $ 16,079,753 $ 18,944,301
System Development Charges(SDC) related:
SDC Fund interest earnings 4,746 - 9,294
Reimbursement fee receipts(2) 881,294 442,651 308,896
Improvement fee receipts(3) 660,425 389,460 503,853
Total SDC-related 1,546,465 832,111 822,043
Operating expense:
Salaries and wages 1,131,531 1,225,170 1,462,677
Contracted services 249,857 400,972 336,178
Water purchases 3,177,982 3,199,292 2,644,491
General, admin and other 2,316,605 2,548,678 2,781,892
Total operating expenses 6,875,975 7,374,112 7,225,238
Net revenues(including SDCs) 9,578,154 9,537,752 12,541,106
Net revenues(excluding SDCs) $ 8,031,689 $ 8,705,641 $ 11,719,063
Debt service-first lien bonds:
2012 bonds $ 3,539,888 $ 4,719,850 $ 4,719,850
2015 bonds - - -
2020 bonds - - -
Total debt service $ 3,539,888 $ 4,719,850 $ 4,719,850
Debt service coverage-first lien bonds
(excluding system development charges) 2.27 1.84 2.48
(1) Revenue bonds were issued in May 2012 and February 2015. One of the debt covenants requires debt service
coverage(Net revenues divided by debt service)to be a minimum of 1.1x.
(2) Reimbursement fees may not be available to pay debt service on the 2012 Bonds until City Council takes action
to authorize that use of those fees for the projects.
(3) Improvement fees have been approved for the projects related to the Lake Oswego-Tigard Water Partnership.
Tigard anticipated approximately 85%of the bond proceeds to be used to finance projects related to the
Partnership and approximately 15%of the bond proceeds to be used to finance projects that are not directly
related to the partnership.
252
2016 2017 2018 2019 2020 2021
$ 20,918,497 $ 20,926,322 $ 23,078,014 $ 23,751,073 $ 22,607,832 $ 24,836,173
35,173 6,660 4,694 343,069 351,524 68,639
1,242,297 3,010,263 1,924,587 921,379 1,258,967 934,950
1,569,645 3,521,776 2,319,737 949,056 1,600,366 1,120,049
2,847,115 6,538,699 4,249,018 2,213,504 3,210,857 2,123,638
1,117,286 1,148,575 874,348 1,005,720 1,172,511 1,216,954
353,396 445,840 407,450 453,971 704,045 708,202
4,212,357 1,339,637 1,869,824 1,685,669 1,685,705 1,755,408
3,111,194 3,572,450 3,931,142 4,498,769 5,258,318 6,096,039
8,794,233 6,506,502 7,082,764 7,644,129 8,820,579 9,776,603
14,971,379 20,958,519 20,244,268 18,320,448 16,998,110 17,183,208
$ 12,124,264 $ 14,419,820 $ 15,995,250 $ 16,106,944 $ 13,787,253 $ 15,059,570
$ 4,719,850 $ 6,561,800 $ 6,561,050 $ 6,563,750 $ 6,563,050 $ 2,331,580
1,378,238 1,670,300 1,667,900 1,666,000 1,668,800 1,666,300
- - - - 2,961,663
$ 6,098,088 $ 8,232,100 $ 8,228,950 $ 8,229,750 $ 8,231,850 $ 6,959,543
1.99 1.75 1.94 1.96 1.67 2.16
253
CITY OF TIGARD,OREGON
DEMOGRAPHICS STATISTICS
For the last ten fiscal years
Assessed Total Unemployment
Value Personal Rate
Fiscal of Taxable Income (Portland)
Year Ended Property School Per Capita (thousands Metropolitan
June 30 Population(1) Per Capita Enrollment(2) Income(3) of dollars)(3) Area(4)
2012 48,415 $ 109,094 12,691 30,522 1,477,723 8.0%
2013 48,695 112,274 12,688 32,527 1,583,902 7.6%
2014 50,444 113,195 12,718 33,709 1,700,417 6.1%
2015 50,787 116,321 12,676 34,878 1,771,349 5.4%
2016 51,253 119,476 12,718 35,837 1,836,754 4.9%
2017 51,902 124,309 12,808 34,312 1,780,861 3.7%
2018 52,785 128,182 12,890 34,755 1,834,543 3.6%
2019 53,450 126,587 12,701 36,281 1,939,219 4.0%
2020 54,520 129,244 12,624 39,040 2,128,461 11.5%
2021 54,539 135,316 11,714 40,350 2,200,649 4.4%
Sources of Information:
(1)Portland State University Population Research Center
(2)Tigard/Tualatin School District#23-J -City student totals not available
(3)Washington State University-Northwest Income Indicators Project
(4)US Department of Labor, Bureau of Labor Statistics
254
CITY OF TIGARD,OREGON
PRINCIPAL EMPLOYERS
For current year and nine years ago
2021 2012
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment
Tigard-Tualatin School District#23-J 1,397 1 4.52% 1,088 1 3.85%
Macy's Department Stores 503 2 1.63% 704 2 2.49%
Nordstrom 474 3 1.53% 579 3 2.05%
Costco Wholesale Corporation 430 4 1.39% 323 5 1.14%
City of Tigard 335 5 1.08% 250 6 0.89%
Gerber Legendary Blades 232 6 0.75%
Home Depot 207 7 0.67%
Fred Meyer Inc 204 8 0.66%
Landmark Ford Incorporated 200 9 0.65%
Snyder Roofing of Oregon LLC 160 10 0.52%
Oregon Public Employees Retirement 396 4 1.40%
WinCo 176 9 0.62%
Capital One 173 10 0.61%
University of Phoenix 196 8 0.69%
Veris Industries LLC 248 7 0.88%
Total 4,142 13.39% 4,133 14.62%
Source: City of Tigard Business License Records
255
CITY OF TIGARD,OREGON
PROPERTY VALUE AND CONSTRUCTION
For the last ten fiscal years
Fiscal Commercial Construction 111 Residential Construction(1)
Year Ended Number of Number of
June 30 Permits Value Permits Value
2012 5 $ 2,589,566 104 $ 27,794,839
2013 8 20,053,155 174 41,954,242
2014 9 24,964,563 72 21,410,225
2015 10 31,518,023 280 45,546,665
2016 5 18,381,597 242 81,847,774
2017 7 12,874,739 450 156,457,972
2018 12 43,256,706 339 147,036,484
2019 12 68,338,543 205 83,341,594
2020 5 16,986,000 170 55,073,502
2021 6 14,014,260 194 91,367,879
(1)From City of Tigard Building Department. Multi-family permits are included in the number of permits issued for
residential construction.
256
CITY OF TIGARD,OREGON
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
For the last ten fiscal years
Function/Program 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GOVERNMENTAL ACTIVITIES
Community services
Police 91.10 84.50 84.50 82.50 83.50 87.50 88.50 84.50 85.00 97.00
Library 38.80 34.80 34.80 34.80 38.30 39.70 40.90 38.80 39.20 39.20
Public works
Administration 8.75 9.00 9.20 9.20 9.00 9.50 9.75 9.00 9.95 8.95
Parks maintenance 9.75 9.75 9.75 10.75 11.67 12.17 10.40 10.50 12.50 15.30
Recreation - - - - - 0.33 2.35 1.00 2.35 2.45
Street maintenance 7.00 7.00 7.25 7.25 6.33 7.00 7.45 7.50 8.25 7.30
Healthy Streams - 1.00 - - - - - - - -
Engineering 11.80 12.00 13.00 14.00 14.00 17.00 19.00 19.00 20.00 23.00
Community development
Administration 3.00 2.00 2.00 2.00 3.00 3.00 3.00 3.00 3.00 3.00
Building inspection 8.10 7.80 8.80 9.00 9.00 13.00 13.00 13.60 14.10 15.35
Development Services(a) 5.90 4.80 3.80 3.80 3.80 - - - - -
Community Planning 9.00 9.00 9.00 9.00 9.00 13.50 13.50 12.65 12.65 13.65
Development Engineering(e) - - - - - - - - - -
Economic Development 1.50 1.00 2.00 2.00 2.00 2.00 3.00 2.00 3.00 3.00
Policy and Administration
City management 4.20 4.00 4.00 5.00 5.50 4.90 5.90 3.90 3.90 4.90
City attorney(`) - - - - - - - 1.10 1.10 1.10
Human resources 5.00 4.80 4.80 4.50 4.80 4.50 4.34 4.14 4.14 5.00
Information technology 7.00 6.30 5.80 7.00 7.00 8.00 9.00 9.00 12.00 12.00
Risk management 2.30 2.10 2.10 2.10 2.30 1.50 1.76 1.76 2.06 2.00
Finance administration 3.00 3.00 3.00 3.00 3.00 3.00 3.50 3.00 3.00 4.00
Financial operations 4.50 4.60 4.60 4.60 4.60 4.80 5.30 4.80 4.80 5.80
Utility Billing 6.30 6.50 6.80 6.80 6.80 6.80 7.20 7.20 7.70 7.70
Design&Communication 3.25 3.05 3.05 3.05 3.05 4.25 4.75 4.75 5.35 5.60
Contracts&Purchasing 2.30 1.80 2.00 2.00 2.00 2.00 2.00 2.00 2.50 2.50
City Recorder/Records 3.35 4.15 4.15 4.15 3.35 3.85 3.85 3.85 3.25 3.25
Municipal court 3.75 3.65 3.65 3.65 3.65 3.50 3.50 3.50 6.50 9.90
Fleet maintenance(d) 2.60 1.50 0.95 1.95 1.80 2.35 2.85 2.60 2.60 2.75
Property management(d) 4.25 3.75 3.85 4.85 5.20 4.90 6.55 6.65 6.65 6.50
BUSINESS-TYPE ACTIVITIES
Public works
Sanitary sewer 6.25 6.25 6.50 5.50 6.00 6.50 6.25 6.25 5.50 5.50
Stormwater 6.25 5.25 5.50 6.50 7.00 7.50 9.00 8.25 5.75 5.50
Water 12.75 12.50 12.00 13.00 13.00 13.00 11.25 12.50 14.05 14.05
Green team - - - - - - - - 4.00 4.30
Total 271.75 255.85 256.85 261.95 268.65 286.05 297.85 286.80 304.85 330.55
Source: City of Tigard Finance Department
(a) Development services was budgeted with Building in FY 2016-17.
(b) Development Engineering was budgeted with Capital Construction&Transportation as Engineering until FY 2006-07.
(`) City attorney was changed from a contract to an employee in FY 2017-18.
(d) Fleet/Property Management budgeted with Public Works until FY 2015-16.
257
CITY OF TIGARD,OREGON
OPERATING INDICATORS BY FUNCTION/PROGRAM
For the last ten fiscal years
Functions/Programs 2012 2013 2014
GOVERNMENTAL ACTIVITIES
Community services
Police-number of traffic citations issued* 8,308 8,939 7,177
Police-number of calls for service* 52,226 52,420 48,840
Library-number of items in collection 244,154 250,454 245,000
Library-materials checked out each year 1,522,422 1,459,334 1,385,376
Public works
Acres of park land maintained 243 248 253
Crack sealing completed annually(linear feet) 160,000 160,000 160,000
Vehicles maintained to industry standard 149 148 157
Community development
Number of inspections(Tigard) 10,000 12,500 12,382
Number of permits(all types)in Tigard 3,047 3,049 3,404
Number of development applications 381 357 341
Policy and administration
Number of job applications 1,100 2,500 2,000
Laptops and computers to maintain 491 503 523
Insured value of city's real property**** (in millions) $ 82 $ 82 $ 82
Number of utility bills sent 236,389 238,400 241,500
Average fine amount collected $ 126 $ 140 $ 140
BUSINESS-TYPE ACTIVITIES
Sewer
Miles of sewer lines cleaned 41 42 42
Miles of sewer lines video inspected 23 24 21
Stormwater
Miles of stormwater lines cleaned 31 32 21
Number of water quality facilities improved*** 90 125 126
Total number of catch basins cleaned*** 4,368 2,768 2,840
Water
Number of accounts 18,153 18,362 18,445
*Data tracked on a calendar year. Data present is as of the previous December 31st.
***GIS data improvement
**** Includes value of contents of buildings.
Source: City of Tigard Finance Department
258
2015 2016 2017 2018 2019 2020 2021
6,462 5,745 5,057 5,260 5,972 5,167 16,504
47,247 43,299 41,874 42,075 42,482 38,810 35,441
248,225 253,725 229,344 238,919 220,877 222,438 235,894
1,280,376 1,243,774 1,159,446 1,227,561 1,216,642 1,310,382 1,157,942
255 301 301 305 306 311 389
160,000 160,000 107,727 262,659 92,400 521,298 760,682
160 146 162 152 156 164 161
9,009 10,814 27,551 25,793 17,540 18,736 14503
2,958 3,860 4,281 4,189 3,776 3,384 3507
251 388 818 843 876 875 984
2,100 2,200 3,726 2,605 3,393 2,503 3,302
525 530 585 593 601 702 741
$ 82 $ 82 $ 120 $ 122 $ 129 $ 130 $ 133
244,000 256,500 248,560 254,150 258,252 260,260 262,490
$ 160 $ 160 $ 149 $ 133 $ 119 $ 109 $ 79
42 42 51 57 59 63 54
21 24 23 29 30 25 46
21 21 23 20 26 21 21
126 126 133 138 143 152 181
2,840 2,917 3,939 2,620 2,737 2,864 2,904
18,524 18,767 19,311 19,689 19,849 20,064 20,196
259
CITY OF TIGARD,OREGON
CAPITAL ASSETS STATISTICS BY FUNCTION
For the last ten fiscal years
Functions/Programs 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
GOVERNMENTAL ACTIVITIES
Community services
Police stations 1 1 1 1 1 1 1 1 1 1
Library buildings 1 1 1 1 1 1 1 1 1 1
Public works
Number of parks 18 20 20 20 20 21 24 24 29 31
Acres of park and greenspaces 447.0 493.0 499.0 514.0 514.0 548.0 552.0 553.0 558.0 558.0
Miles of streets 150.0 150.0 150.0 150.0 150.0 157.0 175.7 175.7 189.7 324
Policy and administration
City-owned building facilities 5 5 5 5 5 5 5 5 5 5
BUSINESS-TYPE ACTIVITIES
Sewer
Total miles of sanitary sewer lines 166.1 166.9 166.9 166.9 168.0 168.3 168.5 168.7 168.7 168.7
Stormwater
Total miles of stormwater lines* 131.0 126.0 130.0 130.0 130.0 131.2 131.8 136.7 135.1 135.1
Number of water quality facilities* 92 125 126 126 126 164 210 240 240 240
Water
Water mains in miles 248.0 248.0 248.0 248.0 248.0 251.3 251.3 260.0 260.0 265
Number of reservoirs 13 13 13 13 14 14 14 14 14 14
Source:City of Tigard Finance Department
*GIS data improvement
260
CITY OF TIGARD,OREGON
MISCELLANEOUS STATISTICAL DATA
June 30,2021
Date of Incorporation 1961
Mayor/Council with a City Manager as the administrative head of the
Form of government
government of the City
Area(Square Miles-incorporated area) 12.7
Miles of streets 324
Police protection:
-Number of stations 1
-Number of sworn police officers 69
Education:
- Attendance centers 17
-Number of teachers\FTE 702
-Number of students 11,714
Building Permits issued (2020-2021) 630
Recreation and culture:
-Number of parks 26 developed and 7 underdeveloped,totaling 33 at 389 acres
-Greenways 168.78 acres
-Number of libraries 1
-Number of volumes(estimated) 213,402
Employees:
-Classified service(union) 184
-Unclassified(non-union) 151
Information obtained from the various departments of the City of Tigard and Tigard/Tualatin School District#23-.I
City student totals not available.
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Audit Comments and
Disclosure Requirements
263
264
No content appears on this page by design.
265
® MOSSADAMS
Report of Independent Auditors on Compliance and on Internal Control Over
Financial Reporting Based on an Audit of Financial Statements Performed in
Accordance with Oregon Minimum Audit Standards
City Council
City of Tigard, Oregon
We have audited the basic financial statements of the City of Tigard, Oregon (City) as of and for the
year ended June 30, 2021, and have issued our report thereon dated December 6, 2021. We
conducted our audit in accordance with auditing standards generally accepted in the United States of
America, the standards applicable to financial audits contained in Government Auditing Standards
issued by the Comptroller General of the United States, and the provisions of the Minimum Standards
for Audits of Oregon Municipal Corporations, prescribed by the Oregon Secretary of State. Those
standards require that we plan and perform the audit to obtain reasonable assurance about whether
the basic financial statements are free from material misstatement.
Compliance
As part of obtaining reasonable assurance about whether the City's basic financial statements are
free from material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, grants, including provisions of Oregon Revised Statutes as specified in Oregon
Administrative Rules OAR 162-010-0000 to 162-010-0330, as set forth below, noncompliance with
which could have a direct and material effect on the financial statements:
• The use of approved depositories to secure the deposit of public funds.
• The requirements relating to debt.
• The requirements relating to the preparation, adoption and execution of the annual budgets for
fiscal year 2021 and 2022.
• The requirements relating to insurance and fidelity bond coverage.
• The appropriate laws, rules and, regulations pertaining to programs funded wholly or partially
by other governmental agencies.
• The requirements pertaining to the use of revenue from taxes on motor vehicle use fuel funds.
• The statutory requirements pertaining to the investment of public funds.
• The requirements pertaining to the awarding of public contracts and the construction of public
improvements.
However, providing an opinion on compliance with those provisions was not an objective of our audit
and, accordingly, we do not express such an opinion. The results of our test disclosed no instances of
noncompliance that are required to be reported under Minimum Standards for Audits of Oregon
Municipal Corporations, prescribed by the Oregon Secretary of State, except those noted below:
• The City had funds invested in the Oregon local government investment pool that were in
excess of the annual limit set under ORS 294.810.
• The City had over-expenditures of$5,040 in the Tigard Triangle Debt Service Fund for the
year ended June 30, 2021.
266
Internal Control Over Financial Reporting
In planning and performing our audit, we considered the City's internal control over financial reporting
(internal control)to determine the audit procedures that are appropriate in the circumstances for the
purpose of expressing our opinion on the financial statements, but not for the purpose of expressing
an opinion on the effectiveness of the City's internal control over financial reporting. Accordingly, we
do not express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct misstatements on a timely basis. A material weakness is a deficiency, or
combination of deficiencies, in internal control such that there is a reasonable possibility that a
material misstatement of the City's financial statements will not be prevented, or detected and
corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit
attention by those charged with governance.
Our consideration of internal control over financial reporting was for the limited purpose described in
the first paragraph of this section and was not designed to identify all deficiencies in internal control
that might be deficiencies, significant deficiencies or material weaknesses. Given these limitations,
during our audit we did not identify any deficiencies in internal control over financial reporting that we
consider to be material weaknesses. However, material weaknesses may exist that have not been
identified.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and does not provide an opinion on the effectiveness of the
City's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Minimum Standards for Audits of Oregon Municipal Corporations, prescribed by the
Oregon Secretary of State, in considering the City's internal control and compliance. Accordingly, this
communication is not suitable for any other purpose.
AY1CCQ.0A0. -))'IMsr2,
Amanda McCleary-Moore, Partner
for Moss Adams LLP
Portland, Oregon
December 6, 2021
267
(1)
MOSSADAMS
Report of Independent Auditors on Internal Control Over Financial Reporting
and on Compliance and Other Matters Based on an Audit of Financial
Statements Performed in Accordance with Government Auditing Standards
The City Council
City of Tigard, Oregon
Tigard, Oregon
We have audited, in accordance with the 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, the financial statements of the
governmental activities, the business-type activities, each major fund, and the aggregate remaining
fund information of the City of Tigard, Oregon (the City) as of and for the year ended June 30, 2021,
and the related notes to the financial statements, which collectively comprise the City's basic financial
statements, and have issued our report thereon dated December 6, 2021.
Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City's internal
control over financial reporting (internal control)to determine the audit procedures that are
appropriate in the circumstances for the purpose of expressing our opinions on the financial
statements, but not for the purpose of expressing an opinion on the effectiveness of the City's internal
control. Accordingly, we do not express an opinion on the effectiveness of the City's internal control.
A deficiency in internal control exists when the design or operation of a control does not allow
management or employees, in the normal course of performing their assigned functions, to prevent,
or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a
combination of deficiencies, in internal control such that there is a reasonable possibility that a
material misstatement of the City's financial statements will not be prevented, or detected and
corrected, on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies,
in internal control that is less severe than a material weakness, yet important enough to merit
attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of
this section and was not designed to identify all deficiencies in internal control that might be material
weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify
any deficiencies in internal control that we consider to be material weaknesses. However, material
weaknesses may exist that have not been identified.
268
Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free from
material misstatement, we performed tests of its compliance with certain provisions of laws,
regulations, contracts, and grant agreements, noncompliance with which could have a direct and
material effect on the financial statements. However, providing an opinion on compliance with those
provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The
results of our tests disclosed no instances of noncompliance or other matters that are required to be
reported under Government Auditing Standards.
Purpose of this Report
The purpose of this report is solely to describe the scope of our testing of internal control and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the
City's internal control or on compliance. This report is an integral part of an audit performed in
accordance with Government Auditing Standards in considering the City's internal control and
compliance. Accordingly, this communication is not suitable for any other purpose.
1'r0 actio mb--LLP
Portland, Oregon
December 6, 2021
269