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CAFR Report - 1998-1999
civ G GREG Of Oregon i 1 Annual t F tC1 e 30.1g Y~~C Ended ,dun F o~ -the F ~SCa CITY OI= TIGARD, OREGON " COMPREHENSIVE ANNUAL FINANCIAL REPORT for the fiscal year ended June 30, 1999 Prepared by: City of Tigard - Finance Department City of Tigard, Oregon Table of Contents Page INTRODUCTORY SECTION: Letter of Transmittal I Mayor and City Council. Members Xll Organization Chart XIII Certificate of Achievement for-Excellence in Financial Reporting )(IV FINANCIAL SECTION: " Report of Independent Accountants 1 GENERAL PURPOSE FINANCIAL STATEMENTS ("Liftable"" Financial Statements): - Combined Balance Sheet - All Fund Types-and Account Groups 2 Combined Statement'of Revenues, Expenditures. and Changes in Fund Balances - All Govemmental Fund Types 3 Combined Statement of Revenues; Expenditures and Changes in Fund" Balances - Budget and Actual - All Governmental Fund Types 4 Combined Statement of Revenues, Expenses-and Changes in .Retained Earnings/Fund Balances All Proprietary Fund Types 5 Combined Statement of Cash Flows - All Proprietary Fund Types - Enterprise Funds 6 Changes in Plan Net Combined Statement of Assets - Pension Trust Funds 7 Notes to General Purpose Financial Statements 8 REQUIRED SUPPLEMENTARY INFORMATION. 27 SUPPLEMENTARY DATA (Combining and-Individual Fund and Account Group Statements and Other Financial Schedules): General Fund: Schedule of Revenues and Expenditures - Budget and Actual 28 Special Revenue Funds: Combining Balance Sheet 29 Combining Statement.of Revenues, Expenditures and Changes in Fund Balances 30 Schedules of Revenues and Expenditures - Budget and Actual: Forfeitures From Criminal Activity Fund 31 State Tax Street Fund 32 Parks SDC fund 33 County Gas Tax Fund 34 Traffic Impact Fund 35 Electrical Inspection Fund 36 Underground Utility Fund 37 Workers' Compensation Fund 38 Building Fund 39 City of Tigard, Oregon Table of Contents Page FINANCIAL SECTION, Continued: SUPPLEMENTARY DATA (Combining and Individual Fund and Account Group Statements and Other Financial' Schedules), Continued: Special Revenue Funds, Continued: Schedules of Revenues and Expenditures -Budget and Actual: Continued: Urban Services Fund - TIF Fund 40 Urban Services 41 Tree Replacement Fund 42 Debt Service Funds: Combining Balance-Sheet 43 Combining Statement of-Revenues, Expenditures and Changes in Fund Balances 44 Schedules. of Revenues and Expenditures - Budget and. Actual: General Obligation Bond Debt Service Fund 45 Bancroft Bond Debt Service Fund 46 Capital Projects Funds: Combining Balance Sheet 47 Combining Statement of-Revenues, Expenditures and. Changes in Fund Balances 48' Schedules of Revenues and Expenditures - Budget and Actual: Local Improvement Capital Projects Fund - SW 69th Avenue 49 Local Improvement Capital Projects Fund - Dartmouth 50 Metro Greenspaces Fund 51 Park Levy Capital Improvement Fund 52 Facility Fund 53 Enterprise Funds: Combining Balance Sheet 54 Combining Statement of Revenues,. Expenses and Changes in Retained Earnings 55 Combining Statement of Cash Flows 56 Schedules of Revenues and Expenditures - Budget and Actual: Sewer Fund 57 Storm Drainage Fund 58 Water Quality & Quantity Fund 59 Water General Fund 60 Water Systems Development Fund 61. Water Capital Projects Fund 62 " City of Tigard, Oregon Table of.Contents Page :z FINANCIAL SECTION, Continued: , SUPPLEMENTARY DATA (Combining and Individual Fund and Account Group Statements and Other Financial Schedules), Continued: Fiduciary Funds: Pension Trust Funds: Combining Statement of Plan Net Assets 63 a Combining Statement of Changes in Plan Net Assets 64 General Fixed Assets.Account Group: Schedule of General Fixed Assets - By Sources 65 .1 Schedule of General Fixed Assets"- By Function and Activity 66. Schedule of.Changes in General Fixed Assets- By Function and Activity 67 Other Schedules: f Schedule of Property Tax Transactions and-Outstanding Balances 68 -Schedule of Bond and Bond'.lnterest Transactions 69 Schedule of Future Debt Service Requirements of Bancroft Improvement. Bonds 70 Schedule of Future Debt. Service Requirements of z ,General Obligation Bonds 71 i City of Tigard, Oregon Page Table of Contents STATISTICAL.SECTION: General Governmental Expenditures By Function - Budgetary Basis for the last ten fiscal years 72 General Governmental Revenues By Sources - Budgetary Basis - for the last ten fiscal years 73 Property Tax Levies and Collections - for the, last ten fiscal years 74 Market Value and Assessed Value of Taxable Property = for the last ten years 75' Special Assessment Collections - for the last ten fiscal years 76 Property Tax Rates -.Direct and Overlapping Governments - . for the last ten fiscal years 77 Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt.Per Capita -for the last ten fiscal years .78 Computation of Legal Debt Margin - June 30, 1999 79 Computation of Overlapping General Obligation.Debt - June 30, 1999 80 Ratio of Annual Debt Service Expenditures for Long-Term-Debt to - Total General Governmental Expenditures for the last ten years 81 Property Value, Construction - for the last ten fiscal years 82 Principal Taxpayers - June 30, 1999 83 Demographic Statistics - for the last ten fiscal years 84 Miscellaneous Statistical Data - June 30, 1999. 85 Fiscal Policies 86 AUDIT COMMENTS AND DISCLOSURES REQUIRED BY STATE REGULATIONS: Auditors' Comments and Disclosures 88 ~s:-...~~r~ Vie. :.,:iz ~a-,r.,: ~.,•,^m ~,.~-......ary ~~•..,.,ew w-~..... n ~ ai-, ...,a,T p'=-•-:....., p,..v._.... .,n.. ~ . LL. INTRODUCTORY SECTION CITY OF TIGARD December 30, 1999 CFff OF TIGARD, OREGON Honorable Mayor and Members of the City Council City of Tigard, Oregon The City of Tigard (the City) is pleased to submit the Comprehensive Annual Financial Report for the City representing the fiscal year ending June 30; 1999. This report was prepared by the City's Finance Department. Responsibility for both the accuracy of presented data and the completeness and fairness of presentation, including all disclosures, rests with the City. We believe the data, as presented, is accurate in all material respects.and is presented in a manner designed to fairly set forth the financial position and results of operations of the various funds and account groups of the City. All disclosures necessary to enable the reader to gain the maximum understanding of the City's financial activities have been included. The Comprehensive Annual Financial Report is presented in.four sections.- introductory, financial, statistical and audit comments and disclosures. The introductory section includes this transmittal letter, the City's organizational chart and a list of principal officials. The financial section includes the general purpose financial statements and the combining and individual fund and account group financial statements and schedules. The statistical section includes financial and demographic information, generally presented on a multi-year basis.. The audit comments, and disclosures section contains audit comments and disclosures required by State regulations. This report includes all funds and account groups of the City under the direction of the City Council. The City.provides a full range of services including police protection; sewer, storm drainage, streets and parks repair and maintenance; community planning and building inspection; and infrastructure, improvements. Tigard/Tualatin School DDistrict; Tualatin Valley Water District, and Tualatin Valley Fire and Rescue District operate within the,City limits but do •not meet.the established criteria for inclusion in this reporting entity and, accordingly, are excluded from this report. I 13125 SW Hall Blvd., Tigard, OR 97223 (503).639-4171 TDp (503) 684-2772 Economic Condition and Outlook The City of Tigard is located in eastern Washington County just 12 miles. southwest of downtown Portland; Oregon. Tigard, has continued to be one of the fastest growing cities in Washington County and,-with a population of approximately 37,200, is the eleventh largest City in the State. Building. activity in Tigard has been verystrong for many years. Over the past five years' new construction.values have averaged $88.1 million per year. In the - last two fiscal years, however, there has been a decrease in building, activity in the City. Total value added through new construction for 1998/99,wa8 $64:6 million. Tigard's location in the Portland metropolitan area provides its citizens with many diverse employment opportunities. Over 52,000.jobs are-located within a five-- minute drive from Tigard. The unemployment rate in the.Portland metropolitan area averaged just under 4.5% during the. year. Tigard 's assessed value for 1998/99 was $2,869,660,834. Up until June 30, 1997, assessed.value was required to be,market value. A new property tax - limitation known as Measure 50, which disconnected assessed value from market value for purposes.of distributing property tax levies, was passed by the, voters state-wide' in May 1997. 'Measure 50 reduced assessed value: for. 1:997/98 r to the 1995%96. market value, less 10%, plus the value of new construction: According to,the 1998/99. Washington County summary of assessment and tax roll, assessed values for most properties are now about 79% of market value. Tigard's real property market value for 1998/99 was $3,601,609,341, which represents a 5.2% increase over the previous year. With the implementation of Measure 50 future growth in assessed value, however, is limited to 3%,per year plus'new construction. In 1998/99, however, new construction was valued at $64.4 million which gave the City the second year in a row where new 3 construction produced additional property tax, dollars. With Measure 50,. however, Tigard's taxing authority is limited to its permanent rate of $2.51, per thousand dollars of assessed value. In sp'ite,of the decline in'residential construction activity and. the-reduction in future tax revenue brought on by Measure 50, the economic. outlook for the'City - remains good. The City has continued to experience growth i.n most areas including the local economy, population, fair market value and commercial development activity. II s _5 Financial Plan The City has operated since 1980 using a.five-yeas financial plan. Each plan sets forth the activities and services that will be provided to citizens over the. coming five-year period. Along with the services to be provided, the. plan calls for a certain level of property taxation to support those services. Before each five- year plan has been implemented, voters have had the opportunity to decide whether to supportthe needed level of taxes. Tigard voters have supported four such property tax increase requests since 1980. The most recent request was . placed on the November 1994 ballot and was. passed by Tigard voters. _The- measure called for a $1,700,000 increase in the tax base. The new levy authority was levied in 1996/97. City management and elected officials use the five-year plan to evaluate annual financial decisions and their future impacts. Each budget presented to the Budget Committee includes a. comparison to the plan to ensure that the intent of the plan is continued from year to year. The financial plan as adjusted 'at this time provides funding for City operations through the year 2003. The plan includes the addition of 40 positions through. 2003. Most of these positions are anticipated to address growing demands for, services and the maintenance of expanding City infrastructure and assets Measure 50 fundamentally altered the property tax system in Oregon in such a way that the tax base system of dollar levy authority was converted to a rate system. No longer can the City go to voters for increased taxing authority on a permanent basis. Local option tax increases are.available, but can only last for five years. Tigard will be embarking on a financial analysis over the next several years to determine what its long-term revenue strategy should be in light of these significant changes in the property tax landscape. Major Initiatives The largest issue facing the City, at this time and,for the next several years, is water supply. The City currently purchases the majority-of its water supply from the City of Portland Water Bureau through a contract that extends through 2007: The City is currently reviewing the options that are available to meet the future needs of this area. tII The City of Tigard continues to see growth from two recently completed Local, Improvements Districts (LID); the Pacific Corporate Center and the Dartmouth LID. It is estimated that the total value at build out from both areas will exceed $40,000,000. In addition, a-task force recently presented their recommendations to the City Council on a plan for the Washington Square Regional Center. The Washington Square area is one of three regional centers in Washington County and one of eight in the metropolitan region. Estimates from the.study show that this regional center can accommodate 10,1'00 new jobs and 2-,067 new housing units.- The 3 task force concluded. that the proposed zoning map and the minimum .density requirements in the draft development code would allow.adequate levels of employment •and' housing growth to meet the region's target growth allocations for the City •of Tigard, as well as Washington County's housing targets for this area. -.The City Council has now scheduled February 8, 2000 for the final hearing T on this matter. The growth anticipated.in this regional center will have a significant impact•on-the economic health of this,area.. s Financial Information/Condition Management of the City is responsible for establishing and maintaining an internal, control system designed to ensure that the assets' of the City are protected from loss, theft or misuse and to ensure that adequate accounting, data is compiled to allow for the, preparation of financial statements in conformity with generally accepted accounting principles. The internal control system is y designed to provide reasonable, but not absolute, assurance.that these objectives,are met. The concept of reasonable assurance recognizes that: (1). the cost of a control should not exceed the benefits, likely to be derived; an&(2) the valuation of costs and benefits requires estimates and judgments by management. The City of. Tigard finished 1998/99 in a strong financial position. Tigard faired a better than most communities with the implementation of Measure 50 because voters hadpassed an increased tax base in 1994 that was not levied until 1996/97.. Because of the- timing of the levy, it was recognized by Measure 50 and included in the-permanent rate calculation. Ending fund balances for most funds remain strong. All of these things taken together make Tigard one of the - most financially. stable communities in the State and more able to deal With growth and limitations on funding sources. x IV Fiscal Policies The City of Tigard has an important responsibility to its citizens to carefully account for public funds, manage municipal finances wisely, and plan adequate funding of services and facilities desired and needed by the. public. In support of this effort, the City has established a set of fiscal policies to ensure that the public's trust is upheld. With such fiscal policies, the City has established the framework under which it will conduct its fiscal affairs, ensuring that it is and will continue to be capable of funding and providing outstanding local government services. The goals of Tigard's fiscal policies are- To enhance the City. Council's policy-making ability by providing accurate information on program and operating costs. To assist sound management of the City government by providing accurate and timely information on current and anticipated financial conditions. To provide sound principles to guide important decisions of the Council and management which have significant fiscal impact.- To set forth operational principles which minimize the cost and financial risk of local government consistent with services desired by the public. '.To 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. • To provide and maintain essential public facilities, utilities, infrastructure, and capital equipment. • To protect and enhance the City's credit rating. • To insure 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. Budgeting Controls In addition, the City maintains budgetary controls, the objective, of which is to ensure compliance with legal provisions in the annual appropriated- budget adopted by the Tigard 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. V As demonstrated by the statements and schedules included in the financial. -3 section of this"report, the City continues to meet its responsibility for sound z financial management. General Governmental Functions The revenues-and other financing sources for general governmental functions (all governmental-funds)'on a generally_accepted accounting principle. basis-totaled x $27,766,585 in fiscal year 1999.. Revenues from various sources and changes from last year are shown below: Increase/ Amount Percent (Decrease) from - Percent Fiscal.Year Of Fiscal Year, Increase/ Functions 1999 Total 1998 (Decrease) Taxes $8,617,809 31.04% $ 362,636 4.390/0 h Franchise Fees 1,970,740 7.10% 215,021 12.25% Special.,- Assessments 2,056,305 7.41% 1,882,358 1,082.14% ; Licenses and, Permits 2,780,779 12.09% (42,252). (1.50%) Intergovernmental Revenues 4,715;386 20.49% 629,59.7 15.41% Charges for Services 449,997. 1.96% 74,107 191.72%. Fines and Forfeitures 390,967 1.70% 12,822 3.39% Miscellaneous .Revenues 2,026,348 8.81% 678,022 50.29% Other Financing Sources 4,758,254 17.14% 4,758,254. N/A n Total $27,766,585 100.00% .$8,570,565 44:65% Property tax revenue increased over last year due to the new construction that occurred in the, City. Intergovernmental revenues have also increased due to - ties ~_s V1 growth in population and growth in library circulation. The substantial increase in special assessments is directly related to the final assessment and collections from the- Dartmouth LID. Bond anticipation notes were sold for the 69th Avenue LID and,. is reflected in the increase in miscellaneous revenues. The following schedule presents a summary of program. expenditures and other, financing uses for all governmental funds, including debt service, for the fiscal year ended June 30, 1999, and the changes from last year: Increase/. Amount Percent (Decrease) from Percent Fiscal Year Of Fiscal Year Increase/' Functions 1999 Total 1998. (Decrease) Community Services $7,778,333 30.44% $804,916 11.54% Public Works and Community 4,4767564 17.52% 404,455 9.93%. Development Policy and Administration 2,100,829 8.22% 186,622 9.75% City-wide Support Function 261,062 1.02% (45,922) (14.96%) Capital Improvements 4,088,123 16.00% 810,916 24.74% Debt Service 6,8501-522 26.81% 4,678,98.0 215.47% Other Financing Uses 0 N/A 0 NIA Total - $25,555,433 100.00% $6,839,966 36.55%o I Total expenditures increased 36.55%. This increase resulted. primarily.from the repayment of bond anticipation notes in the Dartmouth. LID. VII Fund Balances Total governmental fund` balances. of the City were $14,398,650 at June 30, 1,999, consisting of $6,657,185 in the General Fund,. $5,874,062,in the Special - ; y Revenue Funds, $792,529 in the Debt Service"Funds, and $1,074,874 in the Capital Projects Funds. Enterprise Operations - -a The City's enterprise activities include sanitary sewer, storm sewer- and water operations. Although the Unified Sewerage Agency (USA) owns and operates sewage treatment plants and sets the sewer rates, the City bills sewer accounts s and maintains all, sewer lines within the City. The City,also, maintains. the storm sewer system, and charges a monthly surface water fee: at a.rate set by the Regional. Surface Water Management Agency, a regional entityaffliated with USA. a Sewer operating revenues derived primarily from service charges amounted to . $1,475,353. Operating expenses. totaled $1,109,734 resulting in net."income of f $693,440 after non-operating interest revenues totaling $327,821. Storm drainage operating revenues amounted to $1,248,315.. Storm drainage operating expenses totaled $1,048,097, resulting in net income of $300,973- after non-operating interest revenues totaling $100,755. Water operating revenues. derived from user charges amounted to $4,271,429. Operating expenses totaled $4,586,922 resulting in net income of $199;089 after ' non-operating interest-of $498,184... " b Pension Trust Funds The City provides a retirement plan for each employee group. :Non-police personnel, including both management and non-management, are covered by ICMA money purchase plans. Effective July 1 1989, police personnel were. 3 included in the State of Oregon Public Employees Retirement System. In addition, all employees have the option to'contribute to an ICMA deferred compensation. program. The money purchase plans are accounted for in a pension trust fund. Cash Management Temporarily idle cash during the year was invested in accordance with the investment policy approved by the City Council in certificates of deposit, banker's v VIII " t• acceptances, commercial paper, U.S. Treasury Agencies and Notes, and the State of Oregon Local Government Investment Pool. Pension. trust funds are invested by the agents with whom investment funds have been deposited and " are, therefore, not included in the City's investment activities: Results of investment activity for, the fiscal year are shown below in comparison with the previous year: Investment Income 1999 -1998 General. Fund $ 347,866 $ 335,682 Special Revenue Funds: 372;545 3151489 51,745 Capital Projects Funds 27,753, Debt Service Funds 79,228 58,179 Enterp rise, Fu nds 926,761 972;143 Pension Trust Fund 845,481 855,370 Total $2,599,634 $2,588,608 The objective of the City's investment policy is to provide.for the preservation of City assets, to ensure such assets are available to meet obligations and to provide for a reasonable rate of return 'on those assets. Risk Management The City has initiated a Risk Management Program to include regular risk' categories such as property and liability as well as workers' compensation. Such risks are currently being insured by third party insurance companies, however, participation in insurance pools and/or self-insurance .is being discussed., Debt Management At June 30, 1999, the City has the following debt issues outstanding: General Obligation Bonds - 1993 Series A $ 905,000 General Obligation Bonds 1993 Series B, 525,000 Bancroft Improvement Bonds - Series 1982 10,000 Bancroft Improvement Bonds = Series 1991A 65,000 Limited Tax Improvement Bonds - Series 1998 1,486,249, Bond Anticipation Notes 3,197,678 Total $6,188,927 Aix.' \~J CK tx i The State of Oregon mandates a general obligation debt limit of 3 percent of true cash value of taxable, property within the City boundaries. The limit totaled $108,048,280 at June 30, 1999. The-City's debt subject to this limit was . $905,000. Bancroft Bonds, Limited Tax Improvement Bonds, and Bond Anticipation. Notes are not-subject to the limitation. Therefore,. $107,143,280 is., available for future indebtedness. The. City has an Al bond rating from Moody's Investment-Services on its general o'bligation' bonds. " Independent Audit Oregon State Law requires every municipal corporation to submit an annual financial report to the Secretaryof State sand to_ have its combined financial statements audited. by an independent certified public accountant in accordance . with generally accepted, auditing standards and the Minimum Standards for Audits of Oregon. Municipal Corporations 'as prescribed by the Secretary of,State in cooperation with the Oregon State Board of Accountancy. The City is in full compliance with the aforementioned requirements, and the independent auditors' ' r t: opinion" has been included in this report. r Awards For the ,last sixteen consecutive years, the City has received the :Certificate of Achievement for Excellence in Financial Reporting'from the Government-Finance Officers Association of the United States and Canada (GFOA). In order to be awarded a Certificate of Achievement,for Excellence, a governmental unit must publish an easily readable and efficiently organized comprehensive annual financial report, which conforms to program standards. Such reports must satisfy both generally accepted accounting principles and applicable legal requirements. In our opinion, this report conforms to these standards. A Certificate of Achievement is valid for a period of one year only. We believe that our current comprehensive annual financial report continues to meet.the Certificate of Achievement Program's requirements, and we are submitting to the GFOA to determine its eligibility for another certificate. 'In ,addition, the City also received the GFOA's Award for Distinguished Budget Presentation for its last ten .adopted budgets. In order to" qualify for the Distinguished Budget Presentation Award, the City's budget document was X = judged to be proficient in several categories, including policy document, financial plan, operations guide, and communications device. Acknowledgements. The preparation of the comprehensive annual financial report was made possible by the dedicated service. of the entire staff of the Finance Department. Each, member of the Department has our sincere appreciation for the contributions made in the preparation of this report. As a staffing note, the City of Tigard now has a new Finance Director, Craig Prosser. Mr. Prosser joined the City in August, 1999. In closing; without the ,leadership and supportof the City Council of the City of Tigard, preparation of this. report would not. have been possible. Sincerely, William A. Monahan Craig Prosser City Manager Finance Director X1 sus ONO r 4 City of Tigard, Oregon MAYOR AND COUNCIL MEMBERS AS OF JUNE 30, 1999 Name Term Expires Mayor James Nicoll December 31, 2002 11734 SW Fairview Lane Tigard, OR 97223 Councilor Paul Hunt December 31, 2000 10320 SW Century Oak Drive Tigard, OR 97224 Councilor Joyce Patton December 31, 2002 PO Box 230725' Tigard, OR 97281 Councilor Brian Moore December 31, 2000 9835 SW Kimberly Drive Tigard, OR 97224 Councilor,Ken Scheckla December 31, 2002 10890 SW Fairhaven Way Tigard, OR 97223 William A. Monahan, City Manager Cyndi A. Turner, Acting Finance Director LEGAL COUNSEL Ramis, Crew, Corrigan & Bachrach . 1727 NW Hoyt Street Poftland, OR 97209 xii f _ Cityof Tigard, Oregon. Organization Chart Citizens' s Mayor-& City City Council Attorney City Manager v ~a Police . Library Publw Works Community City Development Administration d. Administration Administration Administration Administration Engirteering City Recorder Finance l F Operations Readers Sanitary Sewer Building Community Accounting Services Inspection Street Lights/ Signals lmd ernerd i I ~ I { Support Technical Storm Sewer Current - Human O fice Services Services Services Resources Planning Risk Circulation Water Advance Management Records Planning r i t j Street y Maintenance Municipal Court S Shops & Services Property Mgmt. I Parks Maintenance j Xlll s' Certificate of Achievement for Excellence in Financial _ Aehortin g Presented to City of Tigard, Oregon For its Comprehensive Annual Financial Report for the Fiscal Year Ended June -30, 1998 A Certificate of Achievement for Excellence in Financial Reporting is presented by the Government Finance Officers Association of the United States and Canada to government units and public employee retirement systems whose comprehensive annual financial reports (CAFRs) achieve the highest standards in government accounting and financiai reporting. aNCE OFf~~ 4~a OF TW b-~ -t FdFM,,, S • Wt UlA •N Z \ coaarou s President Executive Director Xlv Oslo- _ O ow .10 FINANCIAL SECTION C yTY: 'ot sTIGARp f[r]r PAU LY, ROG ERS AND CO., P. C. ® CERTIFIED PUBLIC ACCOUNTANTS • 12700 SW 72ND AVENUE • TIGARD, OREGON 97223 • (503) 620-2632 • FAX (503) 684-7523 November 12, 1999 To the Honorable Mayor and Members of the City Council Tigard, Oregon INDEPENDENT AUDITORS' REPORT We have audited the general purpose financial statements of the City of Tigard, Oregon, as of and for the year ended June 30, 1999 as listed in the table of contents. The general purpose financial statements are the responsibility of the City's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with generally accepted auditing. standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the general purpose financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the general purpose financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the general purpose financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the general purpose financial statements referred to above present fairly, in all material respects, "the financial position of the City of Tigard, Oregon, as of June 30,-1999, and the results of its operations, and the cash flows of its enterprise fund type for the year then ended, in conformity with generally accepted accounting principles.. The required supplementary information on page 27 is not a required part of the basic financial statements but is supplementary information required by the Governmental Accounting Standards Board. We have applied certain limited procedures, which consisted principally of inquiries of management about this supplementary information. However, we did not audit. the information and do not express an opinion on it. In addition, we do not provide assurance that the City of Newberg,.-is or will become year- 2000 compliant, that the City's remediation efforts will be successful in whole or in part, or that parties with which the City does business are or will become-year 2000 compliant. Our audit was conducted for the purpose of forming an opinion on the general purpose' financial statements taken as a whole. The supplementary data of combining and individual fund and account group statements and other financial schedules, as listed. in the table of contents is presented for purposes of additional analysis and is not a required part of the general purpose financial statements. Such information has been subjected to the auditing procedures applied in the audit of the general purpose financial statements and, ,in our opinion,'is fairly stated:in.all material respects in relation to-the general purpose financial statements taken as a whole. The. other data included in this report, designated as the statistical section in the table of contents, has not been audited by us, and accordingly, we. express no opinion on such data. 1 R a' t.E y ..e PAULY, ROGERS AND. CO., P.C. CERTIFIED PUBLIC ACCOUNTANTS TIGARD, OREGON .97223 .-g r Statements e 'Financial General purpos CITY OF TIGARD COMBINED BALANCE SHEET - ALL FUND TYPES AND ACCOUNT GROUPS June 30, 1999 Governmental Special ASSETS AND OTHER DEBITS General Revenue Assets: ; Cash and investments $ 7,494,225 $ 6,314,210 Restricted cash and.investments -Accounts. receivable 20,627 Due from other funds Property taxes receivable 338,179 Assessment liens receivable 94,536 Accrued interest on delinquent assessments Prepaid insurance 12,695 Inventory 16,102 Fixed assets, net "Other Debits: Amount available for retirement of general long-term debt Amount to be provided for retirement of general long-term debt _d Total Assets and Other Debts $ 7,881,828 $ 6,408,746 LIABILITIES, FUND EQUITY AND OTHER CREDITS Liabilities: Accounts payable and accrued liabilities 832,496 $ 267,438 Due to other funds 86,220 Customer deposits 117,569 100,867 • Deferred revenues: Property taxes 274,578 r: Assessment liens receivable 80;159 Accrued interest on delinquent assessments Contractor deposits Accrued vacation payable Bond anticipation notes payable Bonds payable Special assessment bonded debt with government commitment Total Liabilities 1,224,643 534,684 • 4 Fund Equity and Other Credits: Contributed' capital r investment in general fixed assets Retained earnings Fund balances: Reserved for prepaid insurance 12,695 Reserved for inventory 16,102 Reserved for employee retirement benefits Unreserved and designated for debt services Unreserved and undesignated 6,628,388 5,874,062, Total Fund Equity and Other Credits 6,657,185 -5,874,062 Total Liabilities, Fund Equity.and Other Credits 7,881,828 $ 6,408,746 The accompanying notes are an integral part of the general purpose financial statements: . 2 Proprietary Fiduciary Fund Types Fund Type Fund Type Account Groups General Totals Debt Capital Pension General Long-term (Memorandum Service Projects Enterprise Trust' Fixed Assets Debt Only) $ 50,357 $ 818,730 $ 13,695,780 $ 7,705,308 $ - $ - $ 36,078,610. 4,048,434 - 4,048,434 341,955 2,698,934,0 3,061,516 86,220 86,220 79,795 245 265 418,484 4;519,304 4,613,840 2,501 2,501 12,695 224,038 240,140 40,082,573 14,229,733 54,312,306 792,529 792,529 5,789,536 5,789,536 $ 4,651,957 $ 1,247,150 $ 60,750,025 $ 7,705,308 $ 14,229,733 $ 6,582,065 $ 109,456,811 $ - $ 172,071 $ 2,611,821 $ $ - $ $ 3,883,826 86,220 71,133 289,569 64,600 205 339,383 3,792,327 141 3,872,627 2,501 2,501 74,651 398,138 472,789 3,192,678- 3,192,678 905,000 905,000 27086,249 2,086,249 3,859,428 172,276 2,757,746 6,582,065 15,130,841 46,146,273 46,146,273 147229,733 14;229,733 11, 846,005 11,846,005 12,695 16,102 7,705,308 7,705,308 792,529 1,074,874 14,369,853 792,529 1,074,874 57,992,278 7,705,308 14,229,733 _ 94,325,970- 4,651,957 $ 1,247,150 $ 60,750,024 $ 7,705,308 $ 14,229,733 $ 6,582,065 $ 109,456,811 ro/ lows i bl4re. x.•yi CITY OF TIGARD, OREGON COMBINED STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - ALL GOVERNMENTAL. FUND TYPES' for the fiscal year ended June 30, 1999 Totals Special Debt Capital (Memorandum General Revenue Service Projects Only) Revenues: Taxes $ 6,985,229 $ S 1,632,263 S 317 S 8,617,809 . Franchise fees 1,970,740 1,970,740 Special assessments 2,056,305 2,056,305 Licenses and permits 620,080 2,160,699 - 2,780,779 Intergovernmental revenues 2,445,691 1,933,138 336,557 4,715,386 Charges for services 94226 355,771 449,997 Fines and forfeitures 390,967 390,967 Miscellaneous 993,524. 492,572 234,517 305,735 -2,026,348 Total revenues 13,500,457 4,942,180 3,923,085 642,609 23,008,331 Expenditures: Current: Community services 7,757,048 21,285 7,778,333 Public Works 398,242 823,360 1,221,602 Community development 1,538,405 1,716,557 3,254,962 Policy and administration 1,738,582 362,247 2,100,829 City-wide support function 213,348 47,714 261,062 Capital projects 825,558 2,222,408 1,040,157 4,088,123 Debt service 6,850,522 _ 6,850,522 Total expenditures 12,471,183 5,193,571 6,850.522 1,040,157 25,555,433 Excess of revenues over (under) expenditures 1,029,274 (251,391) (2,927,437.) (397,548) (2,547,102). Other financing sources: Proceeds from issuance of bond anticipation notes 3,513,254 1,245,000 4,758,254 Total other financing sources 3,513,254 1,245,600 4,758,254 Revenue and other financing sources over (under) expenditures 1,029,274 (251,391) 585,817 847,452 21211,152 Fund Balance - Beginning of year 5,627,911 6,125,453 206,712 227,422 12,187,498 Fund Balance - End of year $ 6,657,185 S 5,874,062 S 792,529 $ 1,074,874 S 14,398,650 The accompanying notes are an integral. part of the general purpose financial statements. 3 CITY OF TIGARD, OREGON COMBINEDSTATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES - BUDGET AND ACTUAL - ALL GOVERNMENTAL FUND TYPES for the fiscal year ended June 30, 1999 :.r General-Fund Special Revenue Funds Variance Variance :.J Revised Favorable/ Revised Favorable/ Budget. Actual (Unfavorable) Budget Actual (Unfavorable) f Revenues: Taxes $ 6,975,324 $.6,985,229 $ 9,905 $ - $ $ - Franchise fees 1,788,858 1,970,740 181,882 Special assessments -Licenses and permits 254,800 620,080 365,280 2,282,966 2,160,699 (122,267) " b , Intergovernmental revenues 2,433;055 2,445,691. 12,636 1,987,280 1,933,138 (54,142) Charges for services 405,800 94,226 (311:574) 1,320,285 355,771 (964,514) Fines and forfeitures 387,500 390,967 3,467 - Miscellaneous 806,200 993,524 187,324 236,750 492;572 255,822 R Total Revenues 13,051,537 13,500,457 448,920 5;827;281 4,942,180. (885,101) Expenditures: ~e Current: Community services 7,943,764 7,757,048 186,716 26;171 21,285 4,886, Community development 2,117,566 1,936,647. 180,919 3;046,802 2539,917 5061885 Policy and administration 1,834,368 1,738,582 95,786 393,085 362,247 30,838 City-wide support function 187,802 213,348 (25,546) 55,046 47,714 7;332 Contingency 272,437 272,437 498,664 498,664 Capital projects 1,552,420 825,558 726,862 7,104,620 2,222,408 4,882,212 - Debt service Total expenditures 13,908,357 12,471',183 1,437,174 11,124,388 51193,571 5,930;817 a Excess of revenues over (under) expenditures (856,820) 1,029,274 1,886,094 (5,297,107) (251,391) 5,045,716, Other financing sources (uses): Proceeds from issuance of bond anticipation notes Revenue and other financing sources over expenditures (856,820) 1,029,274 1,886,094 (5,297,107) (251,391) 5,045,716 Undesignated, Unreserved - Fund Balance Beginning of year. 6,300,273 5,627,911 (672,362) 5,279,950 6,125,453 845,503 Undesignated, Unreserved - Fund Balance ' End of year $ 5,443,453 $ 6,657,185 $ . 1,213,732 $ (17,157) $ 5,874,062 S. 5.891,219 The accompanying notes are an integral part of the general purpose financial statements. - 4 Debt Service Funds Capital Projects Funds Totals (Memorandum Only) Variance Variance Variance Revised Favorable/ Revised Favorable/ Revised Favorable/ Budget Actual (Unfavorable) Budget . Actual (Unfavorable). Budget Actual (Unfavorable) $ 1,629,615 S 1,632,263 $ 2,648 $ $ 317 $ 317 $ 8,604,939 $ 8,617,809 $ 12-,870 1,788,858 1,070,740 181,882 179,847 2,056,305 1,876,458 179,847 2,056;305 1,876,458 2,537,766 2,780,779 243,013 - 335,000 336,557 1,557 4,755;335 4,715,386 (39;949) 1,726,085 449,997 (1,276,088) 387,500 390,967 3,467 152,192 234,517 82,325 832,491 305,735 (526,756)' 2,027,633 2,026,348 (1,286) 1,961,654 3,923,085 1,961,431 1167,491 642,609 (524;882), 22,007,963 23,008,331 1,000,367 7,969,935 7,778,333 191,602 5,164,368 4,476,564 687,804 . 2,227,453 2,100,829 126,624 242;848 261,062 (18,214) 771,101 771,101 1,423,450 1,040,157 383,293 10,080,490 4,088;123 - 5,992,367 6,726,841 6,850,522 (121681) 6,726,841 6,850,522 (123,681) . 6726,841 6,850,522 (123,681) 1,423,450 1,040,157 383,293. 33,183,036 25.555,433 7,627.603 (4,765,187) (2,927,437) 1,837,750 (255,959) (397,548) (141,589) (11,175,073) (2,547,102) 8,627,971 4,800,000 3513.254 (1,286.746) 950,000 1,245,000 295,000 5,750,000, 4,758,254 (991,746) 34,813 585,817 551,004 694,041 847,452 153,411 (5,425,073) 2,211,152 7,636,225 1,038,752 206,712 (832,040) 255.959 227,422 (28,537) 12,874,934 12,187 498 (687;436) S 1,073,565 S 792,529 $ (281,036) S 950,000 S 1,074,874 S 124,874 S 7.449,861 $ 14.398,650 S 6,948,789 CITY OF TIGARD, OREGON .y COMBINED STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS • k ALL ENTERPRISE_FUNDS for the fiscal year ended June 30, 1999 Operating revenues: Service charge $ 6,876,503 118,594. Miscellaneous . • 6,995,097 Total operating revenues Operating expenses: Salaries, wages and benefits 3,508,163 t, Contracted services 67,314. `1 General, administrative and other 1,838,504 Depreciation 1,314,374 Total operating expenses 6,728,355 Operating income 26 61,742 926,760 ~ Nonoperating revenues - Interest Net Income _ 1,193,502 ' C Add depreciation on fixed assets donated or acquired from capital contributions that reduce contributed capital 850,646 2,044,148 ' Increase in retained, earnings Retained earnings beginning of year, 10,830,902 as previously stated - Prior period reclassification (1,029,045) Retained earnings -beginning of year, as. restated 9,801,857 J Retained earnings - end of year $ 11,846,005 The accompanying notes are an.integral part of the general purpose financial statements. r 5 CITY OF TIGARD, OREGON COMBINED STATEMENT OF CASH` FLOWS ALL ENTERPRISE FUNDS for the -fiscal year ended June 30, 1999 Cash flows from operating activities: Operating income $ 266,742 Adjustments to reconcile operating income . to net cash provided by operating activities: Depreciation 1,314,374 Increase in accounts receivable (1,328,091) Decrease in inventory (55,643) Increase in customer deposits 32,674 Increase in accounts payable and accrued liabilities 557,417 Increase in accrued vacation payable (3,308) Decrease in deferred revenue (495)' Loss on disposal of fixed assets Net cash provided by operating activities 783,670 Cash flows from capital and related financing activities: Capital contributions 646,153 Acquisition of fixed assets (1,729,060) Net cash used by capital and related financing activities (1,082,907) . Cash flows from. investing activities - Interest earnings 926,760 Net increase in cash and cash equivalents 627,523 Cash and cash equivalents - beginning of year 17,116,691 Cash and cash equivalents - end of year $ 17,744,214 Supplemental schedule of noncash investing, capital and related financing activities: Contributed sewer, storm and water lines $ 1,577,287 Cash and cash equivalents are displayed on the balance sheet as follows: Cash and investments $ 13,695,780 Restricted cash and investments 4,048,434 $17,744,214 The accompanying notes are an integral part of the general purpose financial statements., 6 CITY OF TIGARD; OREGON PENSION TRUST FUNDS STATEMENT OF CHANGES IN PLAN NET ASSETS for the fiscal year ended June 30, 1999 Additions: Contributions 1,139,095 Interest 845,481 Total additions 1;984,576 Deductions: Benefit payments and withdrawals 780,454 Increase in net assets 1,204,122 - Net assets held in trust for pension benefits: ` Beginning of.year 6,501,186 End of year $ 7,705,308 4. b 3 il a' S The accompanying notes are an integral part of the general purpose financial statements. 7 e F inanc~al State m ents general Purp~s . Notes tO City of Tigard, Oregon Notes to General Purpose Financial Statements 1. Summary of Significant Accounting Policies: The City of Tigard, under its Charter of 1962, is governed by an elected mayor and four council members who comprise, the City Council. The City has no component units. Measurement Focus The financial statements of the Governmental Fund.'Types are accounted for using a current financial resources measurement focus. With this measurement focus, only current assets and current liabilities generally are included on the combined balance sheet. Operating statements of governmental funds present increases (revenues and other financing sources). and decreases (expenditures and other financing uses) in net current assets. Agency funds do not present operating results.. The, Proprietary' Fund Type (Enterprise 'Funds). and Pension Trust Funds are accounted, for using a flow of. economic resources measurement focus. With this measurement focus,-all assets and all liabilities associated with the 'operation of these-funds are included on the' combined balance sheet. Bases of Accounting. X The Governmental Fund Types and Agency Fund are, maintained on the modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded in the accounting period in which they become measurable and available and expenditures are recorded in the time liabilities are incurred. Revenues which were measurable and available at year-end under the modified accrual basis of accounting'were as follows: * State, county, and local shared revenues for cigarette tax, liquor tax and other. * Property tax revenues and assessment liens principal installments which are collected within sixty days following year-end. The accrual basis of accounting is utilized by the Proprietary Fund Type and Pension Trust Funds. Under this method, revenues are- recorded when earned and expenses are recorded at the time liabilities are incurred. The proprietary funds have applied all Financial Accounting s Standards Board (FASB") Statements and Interpretations, Accounting Principles . Board Opinions and Accounting Research Bulletins of the Committee and Accounting Procedure issued on or before November 30, 1989, unless those pronouncements conflict with -or contradict Governmental-Accounting Standards Board (GASB) pronouncements. The bases of accounting described above are in accordance with generally accepted accounting principles. 8 City of Tigard, Oregon Notes to General Purpose Financial Statements 1... Summary of Significant Accounting Policies, Continued: Receivables Receivables for state, county and local shared revenues are,recorded as . revenue in the Governmental Funds when they are determined to be measurable and available. Receivables of the Enterprise Funds are recorded as revenue when earned. Substantially all accounts receivable for sewer and water service are either current or_ less than 30 days delinquent and are considered collectible. Therefore, an allowance for uncollectible accounts has not been provided. All accounts receivable balances are due from customers within the City's boundaries. Property taxes receivable for the Govemmental Fund Types which have been collected within . sixty days subsequent to year-end are considered measurable and. available and are recognized as revenues. All other property taxes are offset by deferred property tax revenues and, accordingly, have not been recorded as revenue. Property taxes become a'lien and are levied.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. Taxes unpaid and outstanding on May 16 are considered delinquent. All property taxes received are due from property owners within the County. .Assessments in the governmental funds are recognized as receivables at the time property owners are assessed for property improvements. Assessments receivable collected within sixty days after year end' are considered measurable and available and are recognized as revenue. All other assessments receivable are recorded as deferred revenue and, accordingly, have not been recorded as revenue. Accrued interest on delinquent assessments which has been collected within sixty days subsequent to year-end is considered measurable and available is recognized as revenue. The remaining accrued interest on delinquent accounts is offset by a deferred revenue account and, accordingly, has not been recorded as revenue. Inventories Inventories of parts, materials and supplies are stated at cost on the first-in, first-out basis and are charged. to expenditures as used. Restricted Cash and Investments Cash-and investments which may only be used for construction of fixed assets in accordance with applicable laws and regulations have been reported as restricted cash and investments on the combined balance sheet. 9 City of Tigard, Oregon Notes to General Purpose Financial Statements 1. Summary of Significant Accounting Policies; Continued: Investments ' Investments included, in cash and investments are stated at fair value. Investments. in the deferred compensation plans and pension trust funds are stated 'at market. For purposes of the statement of cash flows, the City considers the Enterprise Funds' cash, and investments with remaining maturities of three months or, less and the `Oregon State Treasurer's Investment Pool to be cash. Enterprise Fund Fixed Assets v Purchased fixed.assets are stated at historical cost or estimated historical cost 'When historical cost _is not available. Donated assets are. recorded at fair market value on the :date of donation. Estimated fair, market value of donated assets; is-'determined based on the engineering estimates of current cost or price indexed cost. Depreciation is, computed 'on assets in service, using the straight-line method over their estimated useful lives: Buildings 40;years Sewer Systems 40 years Storm Drainage System 40 years,. Water System 50 years Equipment' 5 to 10 years Autos and Trucks 6 years S Depreciation expense on fixed assets donated or acquired from capital contributions is z recognized as a reduction of contributed capital. Such, reduction is recorded by a transfer from retained earnings: Normal maintenance and repairs are charged to operations as incurred. Major additions, . improvements and replacements are capitalized. Gains or losses from sales orretirements of l fixed assets are included in operations. General Fixed Assets General fixed assets are stated at historical cost or estimated cost when historical cost is not available. Fixed assets are charged to expenditures in the- Governmental Fund Types, as purchased and capitalized in the General Fixed Assets Account Group. Maintenance and . repairs of fixed assets are charged. to expenditures in the Governrriental Fund Types as ; incurred and are not capitalized. As fixed assets are disposed of, the historical cost or. estimated historical cost is removed from this. account-group;, proceeds from sales. of general fixed assets are recorded as General Fund revenue. Depreciation is not computed on general fixed assets: 10 City of Tigard, Oregon Notes to General Purpose Financial Statements 1. Summary of Significant Accounting Policies, Continued: General Fixed Assets, Continued Expenditures for public domain fixed assets (streets, sidewalks, curbs and gutters, lighting systems and similar assets) that are immovable and of value only to. the Cify as a governmental unit are reported as expenditures as incurred and are not capitalized in the General Fixed Assets Account Group. Long-Term Debt All unmatured long-term debt is recorded in the General Long-Term Debt Account Group. Periodic principal and interest repayments on bonded debt are made from special. .assessments and property tax levies and are recorded in the Debt Service Funds. Bond anticipation notes are expected to be repaid by rolling over the bonds to new bond anticipation notes or by issuing long-term Bancroft Bonds. The accrued vacation liability will be paid from the various governmental funds. The City has no long-term debt in its Enterprise Funds. Accrued Vacation Payable Accumulated vested vacation pay is accrued in the Enterprise Funds as it is earned by -.employees. In Governmental Fund Types the amounts, if any, expected to.be liquidated with. expendable available resources are accrued as liabilities.of the funds and the amount payable from future resources is recorded in the General Long-Term Debt Account Group, Sick pay, which does not vest, is recorded in all funds when leave is taken. Contributed Capital Contributed capital in the Enterprise Funds represents the accumulation of contributions in the form of cash or other assets which generally do not have to be returned to the contributor. Such contributions are recorded directly to contributed capital and, accordingly, are not recognized as revenue. The following transactions are recorded in contributed capital in the Enterprise Funds: • Receipts of federal and state grants for acquisition of fixed assets. • Fixed assets contributed from other funds or the General .Fixed Assets, Account Group. • Contributions from others for the acquisition or construction of fixed assets. • Transfers from retained earnings for depreciation on fixed assets donated or acquired by contributed capital resources. • Meter installation and waterline hookup fees from customers and:pipe installations by developers. 11 Ks City of. Tigard, Oregon Notes to General Purpose Financial Statements .x 1. Summary of Significant Accounting Policies, Continued: Budget A budget is prepared for each fund. except for the Fiduciary Fund Types, essentially ,in accordance with " the , modified, accrual basis of accounting for governmental funds, in = accordance with the legal requirements sefforth in Oregon Local Budget Law: The resolution authorizing appropriations sets the maximum lever of expenditures -for each fund. Expenditure appropriations may not be legally overexpended_ 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, Development Services," Policy and Administration, Nondepartmental, Debt Service, Capital Improvements and Contingency.. The detail budget document, however, :is required to contain more detailed information for the above-mentioned : expenditure categories. Budget amounts include original approved amounts. and all subsequent appropriations transfers approved by the City Council. 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 requires 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. " During the fiscal year ended June 30, 1999, several appropriation transfers were made along with a supplemental budget for the Local Improvement Capital Fund-69th A Avenue. e The, budgets for each of the governmental funds include capital outlay expenditures in each program for capital outlays applicable to that program. Capital outlay expenditures benefiting the City generally, and'! not an identifiable program, are reported separately. Debt service is. also budgeted separately. Totals (Memorandum Only) Column on Combined Financial Statements The "totals (memorandum only)" column on the, combined financial statements represents -an aggregate of the columnar statements by fund type and account group; it.does not represent consolidated financial information.. Interfund eliminations have not been made in the aggregation of this data. _x 5 12 'i City of Tigard, Oregon Notes to General Purpose. Financial Statements 2. Fund Types and Account Groups: The City's financial operations are accounted for in the following funds and account groups: Governmental Fund Types General Fund - This fund accounts for the City's general operations. It is,used to account for all transactions not specifically related to the City's other funds. Special Revenue Funds: Forfeitures From Criminal Activity Fund - This fund accounts for funds and property seized fromcriminals in connection with crimes committed. State Tax Street- Fund - This fund accounts for revenues received from state gasoline taxes which are to be expended as specified in the Constitution of the State of Oregon, Article IX, Section 3. Parks SDC Fund - This fund accounts for system development charges for major improvements to recreational facilities within the City. County Gas Tax Fund -This fund accounts for road tax monies received from Washington County for the maintenance and operation of roads. Traffic Impact Fund - This fund accounts for traffic impact fees charged for new development. This voter approved county-wide fee takes the place of the City's Street SDC Fund. Funds will be used for highway and transit capital improve ments,approved by the County that provide additional capacity to the major, transportation system. Electrical Inspection Fund - This fund accounts for fees charged for permits and inspection of electrical improvements. Underground Utility Fund - This fund accounts for monies received from developers for future underground utility improvements. Worker's Compensation. Fund - This fund accounts for collection of refunds and distribution to other funds. Building Fund - This fund accounts for fees charged for building inspection and, plan review activities.. 13 z City of Tigard, Oregon Notes to General Purpose Financial" Statements 2. " Fund Types and Account. Groups, Continued: -Governmental Fund Types,'Continued Special Revenue Funds, Continued: Urban Services Fund - This fund accounts for all. revenues and expenditures related to services provided in the unincorporated Bull Mountain-area. The City of Tigard began providing services to this area after signing an intergovernmental agreement with-Washington County. Urban Services TIF Fund - This Fund accounts"for traffic impact fees collected in the unincorporated Bull Mountain area. Funds will be used for highway and. transit capital improvements approved by the Washington County that provide additional capacity to the major transportation system. Tree Replacement fund -This fund accounts for. fees charged to developers in lieu of saving existing trees. Debt Service Funds: r General Obligation Bond Debt Service Fund - This fund accounts for payment of general obligation bond "principal and interest. The principal" k source of revenue is from property taxes. Bancroft Bond Debt Service Fund -This fund accounts for payment of Bancroft improvement bond principal and interest-The „principal source of revenue is the collection of assessments against benefited property, interest and contributions from other funds for their share of costs. { Capital Projects Funds: Local Improvement Capital Projects 69th Avenue Fund - This fund accounts for construction of Local Improvement District projects from the sale of bond anticipation notes and certain other debt. Local Improvement Capital Projects Dartmouth Fund - This fund accounts for construction. of Local Improvement District projects from the sale of bond anticipation notes and certain other debt. Park Levy. Capital Improvement Fund - This fund accountsfor proceeds from the sale of certificates of participation and improvements to the City's park system. Facility Fund - This fund accounts for monies" set aside for future City facility improvements. 14 City of Tigard, Oregon Notes_ to General Purpose Financial Statements 2. Fund Types and Account Groups, Continued: Governmental Fund Types, Continued Capital Projects Funds, Continued: Metro Greenspaces Fund - This fund accounts for monies,received from Washington County to be used for. greenspace property acquisition and improvements. Enterprise Funds: Sewer Fund - This fund accounts for the City's sewer utility operations. Storm Drainage Fund - This fund accounts for the City's storm drainage operations. Storm Drainage Fund (budgetary basis financial- statements only) Water Quality and Quantity Fund (budgetary basis financial statements only) Water Fund -This fund accounts for the City's water operations. Water General Fund (budgetary basis financial statements only) Water Systems Development Fund (budgetary basis financial statements only) Water Capital Projects Fund (budgetary basis financial statements only) Fiduciary Fund Types: Pension Trust Funds - These funds account for the City's General and Water Fund employee defined contribution plans. General Employees Pension Fund. Water Employees Pension Fund Account Groups General Fixed Assets - This account group accounts for the City's investment in fixed assets, with the exception of those assets recorded in the Enterprise Funds. General Long-Term Debt - This account group accounts for general long- term indebtedness of the City. 15 City of Tigard, Oregon` Notes to General Purpose Financial Statements 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". The investments of the Deferred Compensation Fund and Pension Trust Fund are held g separately from those of other City funds. Cash and investments are comprised of the following at June 30, 1999: i~ r.~ Cash on hand $ 7;267 , Cash held by Department of Finance; Washington County 41,031 _ Deposits.with financial institutions 896,125, Investments 39,182,621' $ 40,127,044.. Cash and investments are displayed on the balance sheet as follows: Cash and investments $ 36,078,610 Restricted cash and investments 4,048,434 $ 40,127,044 . Deposits . Deposits with financial institutions include bank demand deposits and time.deposit accounts. The total bank balance is $757,578 (book balance is $896,125). Of these deposits, $100,000 was covered by federal depository insurance and $657,578 was collateralized with securities held by collateral pool } managers. Oregon Revised Statutes require the depository institution to maintain on deposit; with a . ' collateral pool manager, securities havinga value not less than 25 percent of the outstanding certificates of collateral issued by the pool manager' The City's deposits are fully collateralized in accordance with state law. t Investments y 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 agreements, bankers' acceptances, certain commercial paper and the State Treasurer's Investment Pool, among others. The City's investments are categorized below to give an indication of the level of credit risk assumed by. the City at June 30, 1999. Category. 1 includes investments that are insured or for which the securities are held by the City in the City's name. Category 2 includes uninsured investments for which the , securities are held in, the City's name by the-trust department of the financial institution selling the security to the City. Category 3.includes uninsured investments for which the securities are held by the financial institution selling the security.to the City or by its trust department, but not in the City's name. The City does not use brokers or dealers for its investments. ,.J 16 r, City of Tigard, Oregon Notes to General Purpose Financial Statements 3. Cash and Investments, Continued: Category 1 2 3 Amount U.S. Govemment Securities $ 16,984,116 $ 16,984,116 Held by custodians under and pension plans - mutual fund investments 7,705,308 State Treasurer's Investment Pool 14,493,'!97 Total Investments $ 39,182;621 4: Assessment Liens Receivable:- Assessment liens receivable represent the uncollected amounts levied against benefited property . for the cost of local 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 to 7 to 13 percent. At June 30, 1999, the portion of the assessments receivable balance that represents delinquent accounts is approximately $4,294. 5. Due T6/Due From Other Funds: ,Amounts are comprised of the following: Interfund Interfund Fund Receivables Payables Capital Projects Fund: Facility Fund $ 86,220 $ Special Revenue Fund: Urban Services - TIF Fund 86,220 $ 86,220 $ 86,220 17 City of Tigard, Oregon Notes to General Purpose Financial Statements' 6. Fixed Assets: Changes infixed assets and accumulated depreciation by major classes in the Enterprise Funds for the - year ended June 30, 1999 are as follows: Balances Balances June 30, June 30, 1998 Additions 'Retirements 1999 Land $ 1,276,111 $ 55,346 $ - $ 1,331,457 Building 1,052,255 ' 1,052,255 Sewer system 9,574,494 628,421 10,202,915 Storm'drainage sys. 8,900,799 586,994, 9,487,793 k Water system 32,865,511` 1,865,316 34,730,827 ,Equipment 1,032,375 _ 134,848 (60,704) 1,1061519 763,595 72,082 (25,000) 810,677 v_ Autos and trucks 55,4651*140 $ 3,343;007 $ (85,704) 58;722,443 i Less accumulated depreciation (17,374,540) $ (1,314,374) $ 49,044 (181639,870) a $ 38,090,600 $ 40,082,573 Changes in fixed assets in the General Fixed Asset Account Group for the year ended June 30, 1999 are as follows: Balances Balances June 30, June 30, 1998 Additions Retirements 1999 Land $ 3,667,904 $ 823,157 $ $ 4,491,061. Buildings 4,981;183 529,262 5,5101*445 Equipment 991,221 168,047 (15,171). 1,144,097 Autos and trucks 1,201,648 141,092 (34,430) 1,308,310 Office equipment 1,623,824 287,770 (135,774) 1,775,820 $ 12,465,780 $ . 1,949,328 $ (185,375) $ 14,229,733 .:i 18 City of Tigard, Oregon Notes to General Purpose Financial,Statements ; 7. Long-Term Debt: Bonds Payable Bonds payable transactions for the year ended June 30, 1999, and future maturities of bond princpal and interest, are as follows: General Obligation bond issues - Interest rates from 3.4% to 4.75% Outstanding Outstanding Fiscal Year June 30, Paid June 30, D.ue_ 1998 During Year 1999. Interest 2000 $ 1,570,000 $ 1,570,000 $ - $ 72,822 2001 210,000 210,000 36,515 2002 225,000 225,000 26,994 2003 225,000 225,000. 16,813 2004 245,000 245,000 5,819 $ 2,475,000 $ 1,570,000 $ ,905,000 $ 158,963 Bancroft Improvement Bonds: Bancroft improvement bond issues - Interest rates from 3.75% to 11.75%; payable first from assessments to benefited properties and second, from the general credit of the City. Paid and Outstanding Issued Paid Called Outstanding . June 30, During During During June 30, Fiscalyear due: 1998 Year Year Year 1999 -interest 1997 $ 10,000 $ - $ - $ .10,000 $ . 1998 1999 285,000 79,327 (224,327) (140,000) 0 2000 60,000 129,174 189,174 91,784 2001 0 134,907 134,907 84,821 2002 65,000 140,894 205,894 76,884 2003 110,000 147,147 257,147 66,150 2004 153,678 153,678 57,050 2005 -2009 355,000 780,449 1,135,449 115,987 S 885,000 $ 1,565,576 $ (224,327) $ (140,000) $ 2,086,249 $ 492,7.16 19 City of Tigard, Oregon Notes to General Purpose Financial Statements 7. Long-Term. Debt, Continued: Other Long-Term Debt Other long-term debt recorded in the General Long-Term,Debt Account Group and the'changes:thereto during the year y ended June 30, 1999 are as follows: Balance Balance June 30, June:30, 1998 Additions Retirements - 1999 Accrued-vacation payable $ 466,766' $ 398,138 - $ .466,766 $ 398,138 Bond anticipation notes due December 1, 1998; interest rate 4.05% $ 4,625.000 $ - $ 4,625,000 $ - r u May 1,:2000: interest rate 4.15% 1,947,678 1,947,678 October 1, 2000: interest rate 4.15% 1,245,000 1,245,000 Total bond-anticipation notes due $ 4,625,000 $ 3,192,678 $ 4,625000 $ 3,192,678 .8.- Contributed Capital:' The changes in. contributed capital for the year ended June 30, 1999 were as follows: Balance - Beginning of year $ 43,744,433 Prior period reclassification 1,029,045 i' Contributions from customers - cash 646,153 K~ Contributions from customers - non-cash 1,577,287 Transfer of depreciation on certain contributed fixed assets from retained earnings - (850;646) A Balance - End of year $ 46,146,272 9. Retirement Plans: e The City contributes to retirement plans on behalf of all eligible employees. At June 30, 1999, the following employee groups' were covered by the following retirement plans: Group Retirement Plan A Management/Professional Staff (Nonunion). International City Managers Association Retirement Corp.(ICMARC) Money Purchase Plan Oregon Public Employees Union Employees ICMARC Money Purchase Plan Tigard Water Fund Employees Ameritus Tigard Police Officers State of Oregon Public Employees Retirement System (PERS) s 20 _3 City ofTigard, Oregon Notes to General Purpose Financial Statements 9. Retirement Plans, Continued: Oregon Public Employees Retirement System (OPERS)' Plan Description The City is a participating employer in the Oregon Public Employees Retirement System (OPERS), an agent multiple-employer public employee retirement system, established under Oregon Revised Statutes 238.600, that acts as a common investment and administrative agent for public employers in the State of Oregon. Substantially. all full-time police employees are participants in PERS. The plan provides retirement, death and disability benefits to participants or their beneficiaries. Benefits. are established by State Statute, and employer contributions are made at an, actuarially determined. rate as adopted by the- OPERS Retirement Board. OPERS, a component unit of the State. of Oregon, issues a comprehensive annual financial report, which may be obtained by writing to Oregon Public Employees'Retirement System, P. 0. Box 23700, Tigard, Oregon 97281-3700. Funding Policy The. City's annual required contribution rate is currently 9.89% of covered. payroll. The next, scheduled actuarial valuation.date is December 31, 1999. The City is required by State Statute to contribute its current employer rate of 9.89% of covered plus employee contributions of 6% of covered payroll. Annual Pension Cost Because all OPERS participating employers are required by law'to submit the contributions as adopted by the OPERS Retirement Board, there is no net pension obligation to report and the annual. contributions are equal to the annual pension cost. For the fiscal years ended June 30, 1999, 1998 and 1997; the City's annual pension cost was approximately. $328,000, $299,000 and $404,000; respectively. The City s pension liability and the annual, required contribution rate were determined as part of the December 31, 1997 actuarial valuation using the entry age actuarial cost method. The unfunded actuarial accrued . liability is amortized as a level percentage of covered payroll over a 30-year period. The amortization. period is closed. The actuarial assumptions include a rate of return on investment of present and future assets of .8% per year, projected salary increase of 5% per year, and cost of living adjustments of 2% per year for post- retirement benefits. The following. table presents a schedule of funding progress for the City's multiple-employer pension plan: Overfunded Actuarial Overfunded Liability as a Actuarial Actuarial Actuarial Percent of Actuarial Value of Accrued Accrued Funded Covered Covered. Valuation Date Assets Liability Liability Ratio Payroll Payroll December 31, 1993 $ 5,846,165 $ 5,738,843 $ 107,322 102% $ 1,918.181 5.6% December 31, 1995 7,946,463 7,616,463 330,000 104% 2,353,479 14.0% December 31, 1997 9,664,661 7,952,478 1,712,183 122% 2,360,045 72.59'o 21 City of Tigard, Oregon Notes to General Purpose Financial Statements y 9. Retirement Plans, Continued: ICMARC Plans. The City contributes to defined contribution, single employer retirement plans at a specified percent, of gross salary depending on the employment group, for all employees who are not covered under the Police Pension Plan. Employees do not make contributions to these plans. The City is required to'make'contribution s to these. plans under authority of City Council resolution and the plan documents. 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. Contributions to the plans are made to a fiduciary. 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 r pension trust fund. The Plans invests in various money market and equity mutual funds.. Required and actual contributions to the plan were $635,081 for the year ended June 30,1999. Current-year covered payroll amounted to $7,015,389., Contributions as a percentage of covered payroll was 9.1 percent.. Ameritus Plan r~ Beginning January 1, 1994 the City assumed the operations of the Southeast Washington County Joint Agency (the Agency). In addition, the City assumed responsibility of the Agency's--defined contribution retirement plan (Ameritus Plan). The Ameritus Plan participants were transferred to the ICMARC Plan on January 1, 1994 and no further contributions to the Ameritus Plan will be-made. Amertus Plan assets accumulated through January 1, 1994 will remain in the plan. Employees may withdraw, funds upon retirement or termination of employment. The fiduciary holds the.funds in trust and makes distributions as provided by the plan: Since:'the plan is administered by the City, the assets, equity and operations of the plan are accounted for in the Water Fund Employees Pension Plan Fund, a pension trust fund. - r Deferred Compensation Plans The City offers certain employees deferred compensation plans created in accordance with Internal Revenue Code Section 457. The plans permit employees to defer a portion of their salary 'until future .years. Contributions for the plans are made to fiduciaries who hold the'funds in trust for the- plans'. participants. The Deferred Compensation Plans are not considered City funds and are excluded from the Combined Balance Sheets. k 22 City of Tigard, Oregon Notes to General Purpose Financial Statements .10. Transactions with Unified Sewerage Agency of Washington County: The City collects charges' for treatment of City sewage on behalf of the Unified Sewerage Agency of Washington County (USA) and remits all collections to USA except for 21.4 percent of sewer service charges collected and 20 percent of connection charges collected, in accordance with an agreement between the City and USA dated June 25, 1991. Payments of $4,640,400 were made to USA during 1999 under this agreement. The City has a similar agreement with the Regional Surface. Water Management Agency, which is an affiliate of USA for storm, water systems. Payments made to the Agency during 1999 under the agreement were $309,933. The net amount retained by the City is reported as revenue in the Enterprise Funds in the Combined Statement of Revenues, Expenses and Changes in Retained Earnings/Fund Balance - All Proprietary Fund Types - Enterprise Funds. Revenues are reported net because the City acts in a fiduciary capacity on behalf of USA. -11. Urban Services Fund: The City of Tigard entered into. an intergovernmental agreement with Washington County in June 1997. The agreement provided that the City would take over most development services in. certain unincorporated areas adjacent to the City of Tigard boundaries. Under the agreement, the City provides permitting, building inspection, planning and engineering' services. In addition, the City assumed code enforcement responsibilities for the area. The City is entitled to all development revenues generated from development activity in the area. During 1997, the City established a new fund called the Urban Services Fund. This fund is used to record revenues and expenses related to urban services activities. In. addition, the City established an Urban Services Traffic Impact Fee Fund to record revenues collected from the Urban Services area. These funds are to be used for road improvements in the area. 23 City of Tigard, Oregon Notes to General Purpose Financial Statements 12. Segment Information for Enterprise. Funds: The City's Sewer Fund 'and Storm Drainage Fund account for the acquisition, operation, and, maintenance of sewer and storm drainage systems which are, supported by user charges. The City's Water Fund' accounts for the.operation and maintenarice.of the City`s water system and is supported through user charges. Segment information as of and for the year ended" June 30, 1999 is as follows: storm T 11 Sewer. Drainage Water. Fund Fund Fund Total Operating revenue- $1,475,353 $ 1,248,315 $ 4,271,429 $ 6,995,097 Depreciation 279,185 252,668 782;523 1,314,374 14 Operating income (loss). 365,619 200,218 (299,095) 266,742- Net income 693,440 300;973 199;089 - 1,193,502 Current capital contributions 514,143 426,323 1,283,829 2,224,295 Fixed asset additions 13.1,366 223,797 1,373,897 1,729,060. Networking capital 3,051,770 1,137,318 '9,672;183 13,861;271 Total assets 15,114,544 9,903,970 35;731;510' 60,750,024 Total equity 13,134,250 .9,740,589 35,117,439 57,992,278 13. Constitutional Property Tax Limitations: In November 1990, the Oregon voters approved a State constitutional limit on property taxes for schools and nonschool government operations. Under the provisions of the, limitation, tax revenues are separated into those for the public school. system and those 'for. local- government operations other than the public school system.. The limitation specifies $10.00 is the maximum `allowable tax for each $1,000 of property real. market value imposed by` local governments other than the public school system. The limitation applies to all state and local taxes and charges on, property except for the, following: 1. incurred charges for goods or services received at the owner's option; 2'. assessments for capital construction that provide a special benefit to theproperty A and that can be paid off over at least ten years; } 3. taxes to repay bonded debt authorized by the state constitution; 4. taxes to repay existing bonded debt for capital construction, and 5. taxes to repay new bonded debt for capital construction if approved by voters. During May 1997, Oregon voters approved Measure 50 which limits. taxes 'on each property by reducing the 1997-98 assessed value of each property to: 90% of its. 1995-96 value. Measure 50 also limits future growth of taxable value to 3% per year with certain exceptions. Measure 50 also establishes. permanent tax rates for Oregon's local taxing districts, which replace the former tax base amounts of the districts. "Tigard's taxing authority is limited to it's permament rate of $2.51 per thousand dollars of assessed value. =j 24 City of Tigard, Oregon Notes to General Purpose Financial Statements 14. Reclassifications: Management determined that in the City's Water Fund, ;an: Enterprise Fund, in previous years there had been. an accumulated misclassification of the accumulated depreciation related to fixed assets funded by contributed capital. The City's policy has been to annually reclassify such accumulated depreciation from retained 'earnings to contributed capital. The policy, which is allowable under'generally accepted accounting principles, has the effect of reducing contributed capital as contributed assets are depreciated and increasing retained earnings, but has no effect -on the total equity of the fund. At June 30, 1998, the amount reclassified reduced retained earnings by $1,029,045 and increased contributed capital by the same amount. There is - no effect on the'' fund's budgetary. equity. This reclassification was accomplished using a prior period adjustment because the' error resulted. from a mistake of information available to the City at the time the error was made. The effect on operations for the.year ended "June .30, 1999, has not been calculated. 1.5. Budgetary Prior Period Adjustment: Management determined that the budgetary fund balances of certain budgetary.funds, which are components of Enterprise Funds, were misstated at June 30, 1998. Each fund's equity reported on the generally accepted accounting -principles basis was appropriately stated. Accordingly, the budgetary fund balances of the following funds were adjusted as follows, and a budgetary prior period adjustment was made: Increase (Decrease) Sewer Fund $ - 14;049 Water Quality & Quantity Fund $ 549,225 Storm Drainage Fund $ , (526,361)' Water General Fund $ 261,631 Water System Development Fund $ (337,905) The effect of these restatements on the operations of the funds for the year ended June30, 1998, are not determined. 25 City of Tigard, Oregon Notes to" General Purpose Financial Statements 16. Deficit Fund Balance: At June 30, 1999, the General Obligation Bond Debt Service Fund, one of the funds, in the a. Debt Service fund type, had a deficit fund" balance of $15,734. Management has budgeted activities for this fund for the year ending June 30, 2000, which are intended to bring the fund" T balance into a positive position by June 30, 2000. 17...Risk Management: The City is exposed to various risks of loss related to torts; theft of, damage to, and destruction of assets; errors and omissions; injuries to employees and ,others; and natural disasters. The City purchases commercial insurance to deal with substantially all "these risks. With nominal deductibles. Settled claims resulting from these :risks have not.- exceeded commercial insurance coverage in.any of the past three fiscal years.-. 18. O.verexpenditures of Appropriations: For the year ended June 30, 1999, the following funds had overexpenditures of appropriations: Bancroft Bond Debt Service Fund Debt Service $26,981 Sewer Fund Public Works -$19,751 " L l i~ 26 ation entary Inform Inform Required Supptem on o _ ..r .,-f< 1v.:., r. rra ,--.~yi v4 .....,,.d ~v,+~;.•.~-t U,n..,,.. ~'e t+,:.....•.4 V.x__::,Yronr:..••.,.,crt @ _<„z:! ~o•<•.•.~'=^^'' cy City of Tigard, Oregon Required Supplementary Information Year 2000 Compliance: The City depends, heavily on its accounting software to record, process, summarize and report accurate financial data. Therefore, the year 2000 issue (whether the hardware and accounting software used by the City; will continue to function after the year 1999) needs to be addressed. The Governmental Accounting Standards.Board has identified the following stages as necessary to implement a year 2000-compliant system: Awareness Stage = Encompasses establishing a budget and project plan for dealing with the year 2000 issue. Assessment Stage - When the organization begins the actual process of identifying all of its systems and individual components,of the systems. An organization may decide to review all system components for the year 2000 compliance or, through risk analysis, identify only mission-critical systems to check for compliance. Remediation Stage -When the organization actually makes_changes to systems. This stage deals with the technical issues of converting existing systems; or switching to compliant systems. During this stage, decisions are made on how to make the systems or processes year 2000-compliant, and-, the required system changes are made. Validation/Testing Stage - When -the organization determines that no errors were introduced during the conversion process. The development of test data and test scripts, the running of test scripts, and the review of test results are crucial for this stage of the conversion process to be successful. If the testing results show anomalies, the tested area needs to be corrected and retested. Th City uses Springbrook Software for general accounting software and Municipal Software Library software for utility billing. The City is in the validation/testing stage for implementing the new utility and financial software. The City anticipates completion of the validation/testing stage by December 17, 1999. 27 "C , 0 - a w v rv., Fp,._•.,.w~, tk.,, ._,.,h a ,....n y,. w., ,..a ~w.~, ;:,aJ i's,,...,.,._r kre. •.5 urn.,. ~a n, .rdJ- rv: e: a:,~::,.c.•,rJyi V. s;,i M. ' entarY Data SUpplem on Zl, ted the City which are nOt accoun fra,chise fees, . ne~a, Fund . al operations o et aropeM taxes endituCes in ment and Ge theinanc% its. EXP t a is for al resources and Perm develop d accoun princip unity other fund- and licenses This rotection, ~o~'n' fu any revenues, for in ental arily for Police P intergover" d are made Pricn General Fun .administration- CITY OF TIGARD, OREGON - GENERALFUND u SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Revised Favorable/ Budget Actual (Unfavorable) REVENUES: Taxes $ 6,975,324 $ 6,985,229 $ 91905 ' Franchise fees 1,788,858. 1,970;740 -181,882 ;n Licenses and permits 254,800 620,080 365,280 Intergovern mental revenues 2,433,055 2,445,691. 12,636 Charges.for services 405;800 94,226' . (311,574) Fnes.and forfeitures 387,500 390,967 3,467 >e Miscellaneous 806,200 993,524 187,324 . Total revenues 13,051,537. 13,500,457 448920 A EXPENDITURES: Community services 7,943,764 • 7,757,048 186,716 Public works 440,833 398,242 42,591- Community development 1,676,733 1,538,405 138,328 Policy and administration 1,834,368 1,738;582 95,786 - City-wide support function 187,802 213,348 (25,546) f Contingency 272,437 272,437 Capital projects 1,552,420 825,558 726,862 c Total expenditures 13,908,357 12,471,183 1,437,174 EXCESS OF REVENUES OVER (UNDER) ' EXPENDITURES. (856,820) 1,029,274 (988,254) l UNDESIGNATED, UNRESERVED -FUND BALANCE BEGINNING OF YEAR 6,300,273 5,627,911, (672,362) UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 5,443,453 $ 6;657,185 $ 1,213,732 .a 28 - s Special Revenue Funds The Special Revenue Funds account for revenue derived from specific taxes or other earmarked revenue sources which are legally restricted to finance particular functions or activities. Funds included in the fund type are: Forfeitures From Criminal Activity Fund . ' State Tax Street Fund Parks SDC Fund County Gas Tax' Fund Traffic Impact Fund Electrical Inspection Fund Underground Utility Fund Workers' Compensation Fund Building Fund Urban Services - TIF Fund Urban Services Tree Replacement Fund CITY OF-TIGARD, OREGON SPECIAL REVENUE FUNDS COMBINING BALANCE SHEET June 30, 1999 Forfeitures From State County Criminal Street Parks Gas " Traffic Electrical, Underground Worker's Urban Urban Tree Activity Tax SDC Tax Impact Inspection. Utility. Compensation Building Services Services, Replacement - Fund Fund Fund Fund Fund Fund Fund. Fund Fund TIF Fund Fund Fund' Total. ASSETS:' Cash and investments $ 54,396 $ 437,87G $ 928,871 $ 8,379 $ 3,363,862 $ 145,122 $ 320,190 $ 226,379 9,054 $ 509,185 $ 127,284 $ 183;612 $ 6,314,210 Accounts receivable Assessment liens receivable 94,536 94,536 Total assets $ 54,396 $ 437,876 $ 928,871 $ 8,379 $ 3,458,398 $ 145,122 $ 320,190 $ 226,379 $ 9,054 $ 509,185 $ 127,284 $ 183,612 $ 6,408,746 LIABILITIES AND FUND BALANCES:' N LIABILITIES: Accounts payable $ $ 58,637 95,257 $ 107,904 $ $ $ $ $ $ 5,640 , $ 267,438 Due to other funds. 86220 86,220 Customer Deposits 60,084 5,394 35,389 100,867 Deferred revenues x 80,159 80.159 Total'Tabilities 118,721 95,257 188,063 5,394 127,249 534,684 FUND BALANCE UNRESERVED' 54,396 319,155 833,614'.. 8,379 3,270,335 139,728" 320.190 226,379 9,054 509,185 35 "183,612 5,874,,062, Total liabilities and fund balances E 54,396 $ 437,876 $ 928,871 $ 8,379 $ 3,458,398 $ 145,122 $ 320,190' $.:226j379 $ . 9,054 $ 509,185 $ 127,284 183,612 $ 6,408,746 b..v a. M%-•...:~ ._x. fie:=..,.:~✓ lc.•......n ue.•r' _.rJ h~n::.,.•!✓ 6'r' ~ 4.~'. "~2tl t'Y.•a^a•,ffJ ~~.:V:•:.~ 4R:e::4G V::+.•a: ~ 1k1+• ~-Y9/ RS%r5ri. j~ .moo<•_•ho: 7 CITY OF TIGARD, OREGON SPECIAL REVENUE FUNDS COMBINING.STATEMENT OF REVENUES, EXPENDITURES AND CHANGES, IN FUND BALANCE for the fiscal year;ended"June 30, 1999 Forfeitures From State County Criminal Street Parks Gas Traffic Electrical Underground Worker's Urban Urban Tree Activity Tax SDC Tax Impact Inspection Utility Compensation Building Services Services Replacement Fund Fund Fund Fund Fund Fund Fund Fund Fund. TIF Fund Fund Fund Total REVENUES: Licenses and permits $ $ $ - $ $ 694,380 $ 141,201 $ - $ $ 727,212 $ 237,550 $ 360,356 $ $ 2,160,699 Intergovernmental revenues 1,622,304 184,527 146,307 1,933,138 Charges for services 9,100 251,891 76,706 9,205 8,869 355,771 Miscellaneous revenues 41,943 30,967 69,044 1,711 206,023 8,798 13,982 57,772 3.980 20,550 12,552 25,250 492,572 ~p Total revenues 41,943 1,662,371 320,935 " 166,238 900,403 149,999 90,688 57,772 740,397 258,100 528,084 25,250 4,942,180 EXPENDITURES: Community Services. 14,521 6,764 21,285 Public Works 498,968 187,313 705 14,795 112,977 8,602 823,360 Development Services 369,732 3,529 65,699 139,937 874,172 28,938 434,550 1,716,557 Poticy.and administration 147,035 22,753 130,841 61,618 362,247 City-wide support.functions 22,215 4,165 12,434 8,900 47,714 Capital projects 651,821 540,239 1,022,574 583 7,191 2,222,408. Total expenditures 14,521 1,689,771 550,532 187,313 1,088;273 167,560 832,242 29,521 618,045, . 15,793 5;193,571 Excess of revenues over .(under) expenditures 27,422 (27,400) (229,597) (21,075) (187,870) (17,561) 90,688 57,772 (91,845) 228,579 (89,961) 9,457 (251,391). FUND BALANCES-beginning of year 26,974 346,555 .1,063,211 29,454 3,458,205. 10.289 229,502 .168.607 100,899 280,606 89,996 174,155 6,125,453 FUND BALANCES-end of year $ 54,390 $ 319,155 $ 633,614 $ 8,379 $ 3,270,335 $ 139,728 $ 320,190 $ 226,379 $ 9,054 $ 509,185 $ 35 $ 183,612 $ 5,874,062 CITY OF TIGARD, OREGON FORFEITURES FROM CRIMINAL ACTIVITY FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL Y for the fiscal year ended.June 30;. 1999 Variance Favorable Budget Actual (Unfavorable) REVENUES: Interest $ _ 100 $ 3,963 $ 3,863 Miscellaneous 51000. 37,980 32,980. Total revenues 5,100 41,943 36,843 "EXPENDITURES:. Community services 26,171 14,521 1.11650 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES, (21,071) 27,422 48,493 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 21,071 26,974 5,903 z UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ - $ 54,396 $ 54,396 Y g 31 CITY OF TIGARD,.OREGON STATE TAX STREET FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30,. 9999 Variance Favorable/ Budget Actual (Unfavorable) REVENUES: State gas tax $ 1,687,280 $ 1,622,304 $ (64,976) Lighting subdivisions 15,000 9,100 (5,900) Interest 15,000 27,697 12,697 Miscellaneous 3,270 3,270 Total revenues 1,717,280 1,662,371 (54,909) EXPENDITURES: Public works 519,887 498,968 20,919 Development services 507,466 369,732 137,734 Policy and administration 156,837 147,035 91802 City-wide support functions 25,163 22,215 2,948 Contingency 49,261 49,26.1 Capital projects 805,620 651,821 153,799 Total expenditures 2,064,234 1,689,771 374,463 EXCESS OF EXPENDITURES OVER REVENUES (346,954) (27,400) 319,554 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 353,726 346,555 (7;171) UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 6,772 $ 319,155 $ 312,383, 32 CITY OF TIGARD, OREGON PARKS SDC FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 ; Variance Favorable/ Budget Actual ' (Unfavorable) REVENUES: t System development charges $ 395,660 $ 251,891 $ (143,769) Interest 5,300 54,044 , 48,744. Miscellaneous 15,000 15,000 Total revenues 400,960 320,935 (80;025) r. EXPENDITURES: Community services 6,764 (6,764) Development services . 3,763. 3,529 234 Capital projects 1,497,000 540;239 .956,761 Contingency . Total expenditures 1,500,763 550,632 9501231 EXCESS OF EXPENDITURES OVER REVENUES (1,099,803) (229,597) 870,206 .b UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 1,052,181 1,063,211 11,030 7 e UNDESIGNATED, UNRESERVED -FUND BALANCE END OF YEAR $ (47,622) $ 833,614 881,236 s i 33 CITY OF TIGARD, OREGON COUNTY GAS TAX FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Favorable/ Budget Actual (Unfavorable) REVENUES: County gas taxes $ _150,000 $ 164,527 $ 14,527 Interest 1,600 1,711 .111 Totbl revenues 151,600 166,238 14,638 EXPENDITURES: Public works 195,902 187,313 8,589 EXCESS OF-EXPENDITURES OVER REVENUES (44,302) (21,075) 23,227 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 44,619 29,454 (15,165) UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 317. $ 8,379 $ 8,062 34 CITY OF TIGARD, OREGON TRAFFIC IMPACT FUND SCHEDULE OF REVENUES AND"EXPENDITURES -IBUDGET:AND ACTUAL for. the fiscal year ended June 30,. 1999 .r Variance Favorable/ Budget Actual (Unfavorable) a REVENUES: .System development charges $ 899,125 $ 694,380 $ (204,745) Interest " 128,750 206,023 .77,273 Total revenues 1,027,875 900,403 (127,472) EXPENDITURES: Development services 66,683 65;699 " 984 Capital projects 3,700,000 1,022,574 2;677,42,6. Contingency 300,000 300,000 Total expenditures 4,066,683 1,088,273 2,978,410 e EXCESS OF EXPENDITURES OVER REVENUES (3,038,808) (187,870) 2,850,938 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 3,376,305 3,458,205 81,900 UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 337,497 $ 3,270,335 $ " 2,932,838 ° ' t - w -z 3 Sl 35 i CITY OF TIGARD, OREGON ELECTRICAL INSPECTION FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND-ACTUAL' for the fiscal year ended June 30, 1999 Variance Revised Favorable/ Budget Actual (Unfavorable) REVENUES: Electrical permit fees $ 186,753 $ 135,768 $ (50,985) Electrical plan check fees 12,595. 5,433 (7,162) Interest 8,000 8,798. 798 Total revenues 207,348 149,999 (57,349) EXPENDITURES: Public works 774 705 69 Development services 170,914 139,937 30,977 Policy and administration 24,064 22,753 1,311 City-wide support functions 4,718 41165 553 Contingency 50,000 - 50,000 Total expenditures 250,470 167,560 82,910 EXCESS OF EXPENDITURES OVER REVENUES (43,122) (17,561) 25.561 UNDESIGNATED; UNRESERVED - FUND BALANCE BEGINNING OF YEAR 220,836 157,289 (63,547) UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 177,714 $ 139,728 $ (37,986) 36 CITY OF TIGARD, OREGON UNDERGROUND UTILITY FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance d Favorable' Budget Actual (Unfavorable) - REVENUES:. . Interest $ 8,000 $ 13,982 $ 51982 Charges for services 43,000'- 76,706 33;706 " Total revenues .51-,000, 90,688, 39,688 EXPENDITURES: Capital projects 240,000 - 240,000 EXCESS. OF REVENUES OVER (UNDER). EXPENDITURES . (189;000) . -90.;688. 279,688 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 1.95,242 229,502 34,260 UNDESIGNATED, UNRESERVED - FUND'BALANCE END OF YEAR 6,242 $ 320;190 $ 313,948 4 3 37 CITY OF TIGARD, OREGON WORKER'S COMPENSATION FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Favorable Budget. Actual (Unfavorable) REVENUES: Miscellaneous $ 35,000 $ 47,518 $ 12,518 Interest earnings 5,000 10,254 5,254 Total revenues 40,000. 57,772 17,772 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 154,382 - 168,607 14,225 UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 194,382 $ 226,379 $ 31,997 38 CITY -OF TIGARD, OREGON BUILDING FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the~.ftscal year ended June 30, 1999 Variance V Revised: Favorable/ Budget Actual (Unfavorable), _r REVENUES:. Licenses and, permits 946,143 $ 727,212 $ (218,931) Charges-for services 7,900 9,205 1,305 Miscepaneods 244. 244 Interest 15,000 3,736 (11,264) ~1 ;may Total revenues 969,043. 740,397 (228;646) EXPENDITURES: ! r Public works 16,449 14,795 1,654 Development services, 859,950 674,172 185,778 Policy and administration 139,084 130,841' 8,243 t City-wide support'functions 14,084 12;434 1,650 Contingency 49,703 49,703` . Total expenditures 1,079,270 832,242 247,028 EXCESS EXPENDITURES OVER REVENUE (110,227) (91,845) 18,382 .j UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 369,696 100,899 (268,797) s UNDESIGNATED, UNRESERVED = FUND BALANCE END OF YEAR $ 259,469 $ 9,054 (250,415) 3. Y 39 CITY OF TIGARD, OREGON URBAN SERVICES - TIF FUND SCHEDULE OF REVENUES AND EXPENDITURES -BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Favorable/ Budget Actual (Unfavorable) REVENUES:. Licenses and permits $ 369,112 $ 237,550 $ (131,562) 'Interest' 4,000 20,550 16,550 Total revenues 373,112 258,100 (115,012) EXPENDITURES: Development services 29,369 28,938 431 Capital projects 646,000 583 645,417 Total expenditures 675,369 29,521 645,848 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (302,257) 228,579 530,836 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 335,527 280,606 '(54,921) - UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 33,270 $ 509,185 $ 475,915 40 ' tea: CITY OF TIGARD, OREGON URBAN SERVICES FUND _ SCHEDULE OF REVENUES AND EXPENDITURES = BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Revised Favorable/ :Budget.. Actual (Unfavorable) 4 REVENUES: Intergovernmental revenues. $ 150,000 $ 146;307 $ (3,693) . Licenses and permits 718,363 360,356 (358,007) ti Charges for services 10,500 8,869 (1;631) Miscellaneous 1,000 1,000 Interest 1,000 11,552- 10,552 Total revenues 879,863 528,084 (351,779) EXPENDITURES: - Public works 125,418 112,977 12,441 119,440 Development services 553,990 434,550, g Policy and administration 73,100 61,618 11,482 City-wide support functions 11,081 8,900 2;181 Contingency 49,700 49,700 Total expenditures 813,289 618,045 195,244 EXCESS OF EXPENDITURES OVER (UNDER) REVENUES 66,574 (89,961) . (156,535) UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF.YEAR 202,324 89,996 (11.2,328). UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 268,898. $ 35 $ (268,863) s 3 ~j 41 CITY- OF TIGARD, OREGON TREE REPLACEMENT FUND SCHEDULE. OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Favorable Budget Actual (Unfavorable) REVENUES: Tree replacement revenue $ 50,000 $ 15,015 $ (34,985) Interest 2,000 10,235 8,235 Total revenues 52,000. 25,250 (26,750) EXPENDITURES: Community services 10,000 8,602 1,398. Capital projects 216,000 7,191 . 208,809 Total expenditures . 226,000 15,793, 210,207 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (164,000) 9,457. 173,457 UNDESIGNATED, UNRESERVED - FUND. BALANCE BEGINNING OF YEAR 174,062 174,155 93 UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 10,062 $ 183,612 $ 173,550 42 p'.x.-. ,:Mu yr>.r;.:.~ ,F,~xa.:.::,~ /~'~~:~.:rn.•h P,ar...,.u~+a ~:.~...•r, > q A.......~.y -.~v,' ,.,-~,q •<a ,.•.,:~i I P+ G F 1 _ k+:.. n~-~ P^,.r.. aan, v.~...:..vq f.r...~. , LL. ,r Debt Service Funds The Debt Service Funds account for the payment of debt principal and interest. The. City's debt service funds consist of: General Obligation Bond Debt Service Fund Bancroft Bond Debt Service Fund Principal sources of revenues are property taxes for the General Obligation Bond Debt Service Fund and special assessment collections and interest earnings for the 'Bancroft Bond Debt Service Fund. 5 CITY OF TIGARD, OREGON DEBT SERVICE FUNDS COMBINING BALANCE SHEET . June 30.; 1999 - 9: General Obligation., Bancroft Bond Debt Bond Debt Service. Fund -Service :Fund Total r ASSETS: w. Cash, and investments $ (30,928) 81,285 50,357 Property taxes receivable 79,795 79;795 ' Assessment liens receivable 4,5191304 4,519,304 Accrued interest on delinquent assessments . 2,501 2,501 . Total assets $ 48,867 $ 4,603,090 $ 41651,957 LIABILITIES AND FUND BALANCES: LIABILITIES: Deferred revenues: Property taxes $ 64,600 $ - $ 64,600 Assessment liens receivable 3,792,327 3,792,327 Accrued interest on delinquent assessments . 2,501. 2,501 r, Total liabilities 64,600 3,794,827 3,859,428 FUND BALANCES (DEFICIT)- DESIGNATED FOR. DEBT SERVICE (15,734) 808,263 792,529 Total liabilities and - fund balances $ 48,867 $ 4,603,090 $ 4,651,957 i Y 43 CITY OF TIGARD, OREGON DEBT SERVICE FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES for the fiscal year ended June 30; 1999 General Obligation Bancroft Bond Debt Bond Debt Service Fund Service Fund Total REVENUES: Taxes $ . 1,632,263 $ - $ 1,632,263 Collection of Bonded Assessments 2,056,305 2;056,305 Miscellaneous Earnings 155,289 155',289 Interest Earnings 36,159 43,069 79,228. Total revenues 1,668,422 2,254,663 3,923,085, EXPENDITURES: Debt service 1,674,615 5,175;907 6,850,522 EXCESS EXPENDITURES OVER REVENUES (6,193) (2,921,244) -(21927,437) Other financing sources: Proceeds from issuance of bond anticipation notes 3,513,254 3"513;254 REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES (6,193) 592,010 585,817 DESIGNATED - FUND BALANCE BEGINNING OF YEAR (9,541) .216,253 206,71.2 DESIGNATED, (DEFICIT) - FUND BALANCE - END OF YEAR $ (15,734) $ 808,263 $ 792,529 44 ON ERViCE,~uN UDGET AND ACTUA G O~ T1Gp`R~' pRE gaNp DEBT ENp1TURES CITY RAL pSL1GATI NOES p,N© EXP GENE ULE . REVS e 3x'999 Variance SCIAV Oe r ended. Jun0, Faya ,,,lance el tUntavarable) for the. fscel year Actual ; Budget 2,648 63. $ $,1 1,62(3,615 ~ , 1_-5 (6,193) REVENUES' 1,668'22 . . , 1 ,)-14,615 Taxes _ Interest 615 - 1674, Total revenues. 1 674 615. (6,193) - (6,193) .a EXPENDITURES' _ 9,5`I1 ❑ebt service OVER REVENUES EX ~ (15,734) ~y LESS of EXPENDITURES `DEFICIT) - FUND A ED , (15 734) T R " DESIGN NGE BEGINNING .OF - BAI-A $ DEFICIT) -FUND . DESIGN ATED'END OF YEAR BAt-p`NGE , 45 CITY OF TIGARD, OREGON BANCROFT BOND DEBT SERVICE FUND SCHEDULE OF REVENUES AND EXPENDITURES -.BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 . Variance Favorable/ Budget Actual (Unfavorable) REVENUES: Collection of bonded assessments $ 179,847 $ 2,056,305 $ 1,876,458 Miscellaneous revenues 97,692 155,289 57,597 Interest 9,500 43,069 33,569 Total revenues 287,039 21254,663 1,967,624 EXPENDITURES: Principal and interest on bond anticipation notes 96,700 (96,700) Debt service 5,052,226 5,079,207 (26,981) Total expenditures 5,052,226 5,175,907 (123,681) EXCESS OF,EXPENDITURES OVER REVENUES (4,765,187) (2,921,244) 1,843,943 Other financing sources (uses): Proceeds from issuance of bond anticipation notes 4,800,000 3,513,254 (1,286,746) REVENUE AND OTHER FINANCING SOURCES OVER EXPENDITURES 34,813 592,010 557,197 DESIGNATED - FUND BALANCE BEGINNING OF YEAR 1,038,752 216,253 (822,499) DESIGNATED - FUND BALANCE END OF YEAR $ 1,073,565 $ 808,263 $ (265,302) * Not required to be budgeted per Oregon Local Budget Law 46 s. Y T ,tlG cry Capital Projects Funds The.Capital Projects Funds are used to account for the construction, of major capital projects and include: Local, Improvement Capital Projects 69th Avenue Fund - funded by proceeds from the sale of bond anticipation notes and other short- term debt,. Local Improvement Capital Projects Dartmouth Fund - funded by proceeds from the sale of bond anticipation notes and other short- term debt. Metro Greenspaces. Fund accounts for monies received, from Washington County to be used for greenspace property acquisition and improvements. Park Levy Capital Improvement Fund - Revenue from Certificates of Participation may only . be used to fund specific park system improvements. The Park Levy ended , in 1994/95. Continuing delinquent collections provide limited funds for ongoing improvements. Facility Fund - accounts for monies set aside for future City facility improvements. CITY OF TIGARD, OREGON ' CAPITAL PROJECTS FUNDS COMBINING BALANCE SHEET June 30, 1999 Local Local Improvement Improvement Capital Capital Park Levy Projects Projects. Metro Capital. 69thAvenue Dartmouth Greenspaces Improvement Facility, Fund Fund Fund Fund Fund Total' ASSETS: Cash and investments $ 897,996 $ 23,809 (341;422) $ 223,715 $ - 14,632 $ 818,730 Accounts receivable 341,955 341,955 Due from other funds 86;220 86,220 Property taxes receivable 245 245 Total assets $ 897,996 $ 23,809 $ 533 $ 223,960 $ 100;852 1,247;150 LIABILITIES AND FUND BALANCES: . LIABILITIES: . 5 Accounts payable and accrued liabilities $ 69,466 $ 1,364 $ 533. $ 100,708 $ 172,071 Deferred revenues 205 205 Total Liabilities 69,466 1,364 533 205 100,708 172;276 FUNDBALANCES - UNRESERVED 828,530 22,445 223,755 144 1,074,874 Total liabilities and fund balances $ 897,996 $ 23,809 $ " 533 $ 223,960 $ 100;852 $ 1,247,150 y A • e S . d gg~: a~+ 47 CITY OF TIGARD, OREGON CAPITAL PROJECTS FUNDS COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCES for the fiscal year ended June 30; 1999 Local Local Improvement Improvement Capital Capital Park Levy Projects Projects Metro_ Capital. 69th Avenue Dartmouth Greenspaces Improvement Facility Fund Fund Fund Fund Fund Total REVENUES:. Property taxes $ $ $ - $ 317 " - $ -317 Intergovernmental revenues 336,557 - 336,557 Miscellaneous 20,000 247,000 - 267,000 Interest 10,981 889 11,069 75,795 38:735 Total revenues 10,981 889 336,557 31,386 262,795 642,609 EXPENDITURES: Capital Projects 427,452 9,634 336,557 100 266,414 1.040,157 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (416,470) (8,745) 31,286 (3,619) (397,548)' Other financing sources: Proceeds from issuance of bond anticipation notes 1,245.000 1.245,000 Total other financing sources 1,235,000 .1.245,000 REVENUE AND OTHER FINANCING SOURCES OVER (UNDER) EXPENDITURES 828,530 (8,745) 31,286 (3,619) 847,452 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 31,190 192,469 3,763 227,422 UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 828,530 $ 22,445 S $ 223,755 $ 144 $ 1,074,874 48" CITY OF. TIGARD, :OREGON LOCAL IMPROVEMENT CAPITAL. PROJECTS 69TH AVENUE FUND SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Revised Variance Budget Actual Favorable, REVENUES: Interest Earnings - $ 10,981 $ 10,981 EXPENDITURES: Capital, projects 950,000 427,452.. 522;548 s EXCESS OF EXPENDITURES OVER REVENUES (950,000) (416,470.) x533,530 Other financing sources: Proceeds from issuance of bond anticipation notes 950,000 1,245,000 295,000. REVENUE AND OTHER FINANCING SOURCES OVER EXPENDITURES:' 828,530 828,530 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING,OF YEAR UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ - $ 828,530 828,530 s 49 CITY OF TIGARD, OREGON LOCAL 1MPROVEMENTCAPITAL PROJECTS DARTMOUTH FUND . SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Revised Variance . Budget Actual Favorable REVENUES: Interest Earnings $ - $ .889 $ 889 EXPENDITURES: Capital projects, 71,208 9;634 61,574 EXCESS OF EXPENDITURES OVER REVENUES (71,208) (8,745) 62,463 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR .71,208 31,190 (40.018) UNDESIGNATED, UNRESERVED - FUND,BALANCE END OF YEAR $ - $ 22,445 $ 22,445 50 F CITY-OF TIGARD;'OREGON METRO GREENSPACES FUND SCHEDULE OF REVENUES'AND EXPENDITURES -:BUDGET"AND ACTUAL for the fiscal year ended June 30, 1999 Variance Favorable/ " Budget Actual. (Unfavo,rable) REVENUES: < i Intergovemmental revenues- $ 335,000 $ 336,557 $ 1,557 EXPENDITURES: Capital projects- 335,000 336,557 1,557 EXCESS OF REVENUES OVER EXPENDITURES UNDESIGNATED, UNRESERVED, (DEFICIT) - FUND BALANCE BEGINNING OF YEAR UNDESIGNATED, UNRESERVED - FUND BALANCE END OF: YEAR $ . - - $ - a Z 51 CITY OF .TIGARD, OREGON PARK LEVY-CAPITAL-IMPROVEMENT FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Budget. Actual Favorable REVENUES: Property taxes $ - $ 317 $ 31T, Miscellaneous. - 20,000 20,000 Interest 9,000 11,069 2,069. . Total revenues 9,000 31,386 22,386, EXPENDITURES: Capital projects. 193,394 100 193;294 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (184,394) 31,286 215,680_ UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 184,394 192,469 8,075 UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ - $ 223,755 $ 223,755 52 CITY OF TIGARD, OREGON s FACILITY FUND SCHEDULE OF REVENUES AND EXPENDITURES BUDGET AND ACTUAL for"tfie-fiscal year ended June 30, 1999 Variance Budget . Actual . Favorable n REVENUES: Miscellaneous $ 808,491 $ 247,000 $ (561,491)", Interest, 15,000 15,795 795 Total revenues 823,491 262,795 _560,696 ` EXPENDITURES`:. Capital projects 823,848 266,414 557,434 EXCESS OF EXPENDITURES OVER REVENUES (357) (3,619) (3,262) " UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 357 3,763 3,406 -UNDESIGNATED, UNRESERVED -.FUND BALANCE END OF YEAR $ - $ 144 $ 144 s _ S 53 Enterprise Funds The Sewer and Storm Drainage Funds are used, to account for the -acquisition and. maintenance of sewer and storm drainage facilities which are supported by user charges. The Water. Fund is used to account for the operations and maintenance of the water system and is supported through user charges. For financial. reporting 'and operating purposes,, management considers- the activities of the Storm Drainage Fund and the Water Fund as unitary enterprises. However, for budgetary_and legal purposes these activities are accounted for in the funds listed below. Budget to actual schedules for these funds, prepared on. the accrual basis of accounting, are included in this subsection. Funds included in this fund category are: * Sewer Fund * Storm Drainage Fund * * Storm Drainage Fund * * Water Quality and Quantity Fund * Water Fund - * * Water General Fund * * Water. Systems Development Fund * * Water Capital Projects Fund CITY OF TIGARD, OREGON ENTERPRISE FUNDS COMBINING BALANCE SHEET June 30, 1999 Storm Sewer" Drainage Water Fund Fund Fund Total ASSETS: Current "assets: - Cash and'investments 3,763,224 1,009,368 $ 8,923,188 13,695,780 ' Accounts receivable 1,268,837 291,331 1,138,766 2,698,934 Property taxes receivable 3 262 .26'5 Inventory 224,038: 224,038 Total current assets 5,032,064 1,300,699 10,286,254 '16,619,01.6 Noncurrent assets: Restricted cash and investments 3,030,108 993089 25,237 4;048,434 Fixed assets, net 7,052,372 7,610,182 25,420,019 40,082,573 " Total "noncurrent assets 10,082,480 .8,603,271 25,445,256 44",131,007 r Total assets $ 15,114,544 $ 9,903,970• $ 35,731,510 $ 60,750,024 LIABILITIES AND FUND EQUITY: ' s LIABILITIES: 1 Accounts payable and accrued liabilities. $ 1,960,691 $ 145,012 $ 506,118 $ 2,611,821 " " - Customer deposits 71,133 71,133 Deferred Revenue 141 141 Accrued vacation payable 19,603 18,369 36,679 74,651 Total liabilities' 1,980,294 163,381. 614,071 2,757,746 FUND EQUITY: Contributed capital 6,964,994 7,836,036 31,345,243 46,146,273 Retained earnings 6,169,256 .1,904,553 3,772,196 11,846;005 Total fund equity 13,134,250 9,740,589 35,117.439 57,992,278 Total liabilities-and fund equity $ 15,114,544 91903,970 $ . 35,731,510 $ 60,750,024 54 CITY. OF TIGARD, OREGON ENTERPRISE FUNDS COMBINING STATEMENT OF REVENUES, EXPENSES AND CHANGES IN RETAINED EARNINGS for the fiscal -year ended June 30, 1999 Storm Sewer Drainage Water Fund Fund Fund Total OPERATING REVENUES: Service charges $ 1,472,355 $ 1,175,683 $ . 4,228,465 $ 6,876,503 Miscellaneous" 2,998, 72,632 42,964 118,594 Total operating revenues 1,475,353 1,248,315 4,271.,429 6,995,097 OPERATING EXPENSES: Salaries. and wages 543,290 520,318 2;444,554 3,508,163 Contracted services 67,314 67,314 General, administrative and other 287,259 275,113 1,276,133 1,838,504 Depreciation 279,185- 252,666 782,523 1;314,374 Total operating expenses 1,109,734 1,048,097 4,570,524 6,728,355 Operating income (loss) 365,619 200,218 _ (299,095) 266,742 NONOPERATING REVENUE: Interest revenue 327,821 100,755 498,184 926,760 Net Income 693,440 300,973 199,089. 1,193,502. .RECLASSIFICATION: Add depreciation on fixed assets donated or acquired from capital contributions that reduces contributed capital 191,873 185,809 472;964 850,646 Increase in retained earnings 885;313 486,782 672,053 2,044,148 RETAINED EARNINGS - beginning of year 5,283,943 1,417,771 4,129,188 101830,902 as previously stated PRIOR PERIOD RECLASSIFICATION (1,029,045) (1,029,045) RETAINED EARNINGS - beginning of year as restated. 5,283,943 1,417,771 3,100,143 9,801,857 RETAINED EARNINGS - end of year $ . 6,169,256 $ 1,904,553 $ 3,772,196 $ 11,846;005 55 CITY OF TIGARD; OREGON ENTERPRISE FUNDS z COMBINING STATEMENT OF CASH FLOWS for the fiscal year ended June 30; 1999 x d Storm r Sewer Drainage Water Fund Fund Fund Total ; Cash flows from operating activities: _ Operating income (loss) $ 365,619 $ 260,218 $ (299;095) $ 266,742 Adjustments to reconcile operating income (loss) to net cash provided by (used. by) operating activities: Depreciation Expense 279,185 252,666. 782,523 1,314,374 (Increase) in accounts receivable (596,150) (123,193) . (608,748), (1,328;091) (55;643) (55,643) r (Increase) in inventory Increase (decrease) in accounts payable and x accrued liabilities 946,828 78,433 (467,844) 557,417 Increase in customer deposits 32;674 32,674 Increase (decrease) in accrued vacation payable (1;201) 1,453 (3;560): (3,308) Decrease in deferred revenues (495) (495) Loss on disposal 'of fixed assets .x Net cash provided by (used by) operating activities 994,281 409,577 (620,188), 783,670 Cash flows from capital and related financing activities: Capital contributions 3,352 373 642,428 646,153 . Acquisition of fixed assets (131,366) (223,797) (1,373,897) (1,72c),060) 3 Net cash (used by) capital and related financing activities (128,014) (223;424) (731,469) (1,08 !,907) Cash flows from investing activities - s Interest earnings 327,821 100,755 498,184 926,760 Net increase (decrease) in cash and cash equivalents 1,194,088 286,908 (853,473) 627,523 Cash and cash. equivalents - beginning of year 5,599,244 1,715,549 9,801,898 17,116,691 Cash and cash equivalents - end of year $ 6,793,332 2,002;457 $ 8,948,425 $ 17,744,214 Supplemental Schedule of Noncash Capital and Related Financing Activities: Contributed sewer, storm and water lines $ 510,281 $ 425,605 $ 641,401 $ 1,577,287• 56 - _1 CITY OF TIGARD, OREGON SEWER FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Favorable/ Budget Actual (Unfavorable) REVENUES: Service-charge $ 1,343,275 $ 1,472,355. $ 129,080 Interest 252,000 327,821 75,821 `Miscellaneous 2,998 2,998 Total revenues 1,595;275 1,803,174 207,899 EXPENDITURES: Public Works 520,103 539,854 (19,751) Development Services 70,090 67,656 2,434 Policy and administration 259,493. 242,534 1'6,959 City-wide support function 31,455 27,770 3,685 Contingency 199,261 199,261 Capital projects 5,005,620. 81,950 4,923,670 Total expenditures 6,086,022 959,764 5,126,258 EXCESS.OF REVENUES OVER (UNDER) (4,490,747) 843,410 5,334,157 EXPENDITURES UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR-AS PREVIOUSLY STATED 5,244,022 PRIOR PERIOD ADJUSTMENT 14,049 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR-AS RESTATED 5,163,059 5,258,071. 95,012 UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 672,312 $ 6,101,481 $ 5,334,157 57 - z CITY OF TIGARD, OREGON STORM DRAINAGE FUND SCHEDULE OF. REVENUES AND-EXPENDITURES - BUDGET AND ACTUAL for the fiscal-year ended June 30, 1999 Variance Favorable/ Budget Actual (Unfavorable) REVENUES: Intergovernmental Revenue $ - 72,487 $ 72,487 F Service charge 868,750. 1,027,745. 158,995 Interest 45,000 31,840. (13,160) -Miscellaneous - 145 145 Total revenues 913,750 1,132,217 218,467 EXPENDITURES: Public Works 642,043 517;030 125,013 Development services 64,443 62,360 2,083 Policy and administration 243,645 227,698. 15,947 City-wide support function 31,455 27,770 .3;685 Contingency 49,261 49,261. Capital projects 505,620 159,217 346,403. Total expenditures 1,536,467 994,075 . 542,392 • EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (622,717) 138,142 760,859 UNDESIGNATED; UNRESERVED.- FUND BALANCE T BEGINNING OF YEAR-AS PREVIOUSLY STATED 1,171,655 351,296 PRIOR PERIOD ADJUSTMENT (526,361) (526,361 UNDESIGNATED, UNRESERVED'- FUND"BALANCE BEGINNING OF YEAR-AS RESTATED 820,359 645,294 (175,065 g UNDESIGNATED, UNRESERVED.- FUND BALANCE . END OFYEAR $ 197,642 783,436 $ . 585,794 58, CITY OF TIGARD, OREGON WATER QUALITY & QUANTITY FUND SCHEDULE OF REVENUES AND. EXPENDITURES - BUDGET AND ACTUAL for the fiscal year ended June 30, 1999 Variance Favorable/ Budget Actual (Unfavorable) REVENUES: Service charge $ 61,200 $ 147,938 $ 86,738 Interest 45,000 68,915 23,915 Total revenues 106,200 216,853 110,653 EXPENDITURES: Development Services 1,882 1,765 117 Contingency - - - Capital projects 800,000 21,562 778,438 Total expenditures 801,882 23,327 778,555 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES' (695,682) 193,526 889,208 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR-AS PREVIOUSLY STATED 622,589 PRIOR PERIOD ADJUSTMENT 549,225 UNDESIGNATED,.UNRESERVED - FUND BALANCE BEGINNING OF YEAR-AS RESTATED 747,392 1,171,814 424,422 UNDESIGNATED, UNRESERVED.- FUND BALANCE END OF YEAR $ 51,710 $ 1,365,340. $ 1,313,630- 59 CITY OF TIGARD, OREGON WATER GENERAL FUND v SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL ' for the fiscal year ended June 30,, 1999 Variance Favorable/, Budget Actual _ (Unfavorable).. REVENUES: Service charge $ 3,892,000 $ 4,228,465 $ . 336„465 System development charges .639;190 572,741 (66.;449) Interest .213,000 281,418. 68.,41.8 Miscellaneous 30,600 42,964. 12,364: - Total revenues , 4,774,790 6,125,588 -350,798 EXPENDITURES: Public Works . 31788,199 3,623,792 164.,407 Policy and administration 325;849 304,604 21,245 City-wide support function 31,455 27,770 3,685 Contingency 499,261. 499;261 Capital projects 1,815,620 560,840 1,254,780. Total expenditures 6,460,384: 4,517;006 T1,943,378 Other Financing Uses: Transfers (Out) .4,000,000 (4,000,000) EXCESS OF EXPENDITURES AND OTHER FINANCING USES OVER REVENUE (5,685;594) (3,391,418) 2,294,176 , UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR-AS PREVIOUSLY STATED 8,096,873 PRIOR PERIOD ADJUSTMENT. .599,536 UNDESIGNATED, UNRESERVED - FUND BALANCE S BEGINNING OF YEAR-AS RESTATED 7,572,538 81696,409 1,123,871 UNDESIGNATED; UNRESERVED - FUND BALANCE END'OF YEAR $ 1,886,944 $ 5,304;991 $ 3,418,047 60 CITY OF TIGARD, OREGON WATER SYSTEMS DEVELOPMENT FUND SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL for. the fiscal year ended June 30,.1999 Variance Favorable/ Budget Actual (Unfavorable) REVENUES:. System development charges $ 224,010 $ _299,474 $ 75,464 Interest 15,000 23,456. 8,456 Total revenues 239,010 322,930 83,920 EXPENDITURES: Capital projects 500,000. 500,000 EXCESS OF.EXPENDITURES OVER REVENUES' (260,990) (177,070) 83,920 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR-AS PREVIOUSLY STATED 9131833 PRIOR PERIOD ADJUSTMENT (337,905), UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR-AS RESTATED 274,359 575,928 301,569 UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ 13,369, $ 398,858 $ 385,489 61 CITY OF TIGARD, OREGON WATER CAPITAL PROJECTS FUND S.CHEDULE.OF REVENUES. AND EXPENDITURES - BUDGET AND ACTUAL, for the fiscal year ended June 30, 1999 3 Variance - Favorable/ Budget Actual (Unfavorable) REVENUES:. Interest $ 150,000, $ 193,310. $ 43,310 EXPENDITURES: Capital projects 4,150,000 434,122 3,715,878; EXCESS OF EXPENDITURES OVER REVENUE (4,000,000) (240,812). (3,672568 Other Financing Sources: y Transfers In 4,000,000 4,000,000 - EXCESS OF REVENUES AND OTHER FINANCING SOURCES OVER EXPENDITURES 3,759,188 3,759,188 UNDESIGNATED, UNRESERVED - FUND BALANCE BEGINNING OF YEAR 46,903 46,903 UNDESIGNATED, UNRESERVED - FUND BALANCE END OF YEAR $ - $ 3,806,091 $ . 3,806,091 a .s 62 CaRaCi~• . uC1ds fiduciary ent °r: Cl~lf`y and held by rdanCe the Cth m the trust agreem F ~du category are: our~es reomad in a ds CGO d vvin this rit for res include a LOU funds are Fun These fundssnts from these articular fund pm trust f or the P plans pisburs s °f the trust . Condition loyees Trust Fund 'General EmP plan Fund Employees pension pension Trust Fund -mater pension 'p D OREGON NET CIS OF. T1GAR ASSETS IOt4' RUST FUND T OF PLAN PENS STATE~EN OMBINjNG 1999 June r►d water Fu } General ~n1Pt°yees . EmPjOyees Pension -{otal pensign plan Plan $ 7,705;308 705,308 Investments - Gash and 7,705,308' $ benefits In trust for pension Net assets held m 63 CITY OF TIGARD, OREGON PENSION TRUST FUNDS COMBINING. STATEMENT OF CHANGES IN PLAN NET ASSETS for the fiscal- year ended June 30, 1999-_ General Water Fund Employees Employees Pension Pension Plan Plan Total Additions: Contributions $ 1,139,095 $ - $ 1;139,095 Interest 816,857 28,624 845,481 Total additions 1,955,952 28,624 1,984,576 Deductions: Benefit payments and withdrawals 246,223 534,231 780,454 Increase (decrease) in net assets 11709,729 (505,607) 1,204,122 Net assets held in trust for pension benefits: Beginning of year 5,995,579 505,607 6.;501,186 End of year $ 71705,308 $ - $ 7;705,308 64 ~ Y 'a ~ ~,a''r. ~,c:~. ia. „v% ....~:wa r~ _~n<xq cr..,.. r. ~ r ~ x fix.; y,,... aw :q „y O General Fixed Assets Account Group This a^count group accounts for the City's investment in fixed assets, with the exception of those assets in the Enterprise Funds. CITY OF TIGARD, OREGON SCHEDULE OF GENERAL FIXED ASSETS BY SOURCE ti June 30, 1999 ss ti GENERAL FIXED ASSETS Land $ 4,491,061 Buildings, 5,510,445, -Office equipment 1,775,320 Equipment 1,144,097 Autos and trucks 1,308,310 Total general fixed assets $ 14,229,733 INVESTMENT IN GENERAL FIXED ASSETS BY SOURCE: General fund $ 10,977,599 r .Special revenue funds 1,040,973 Capital projects funds 1,18,1,548 Donations 1,029,613 r Total' investment in general fixed assets $ 14;229,733. h R r i 65 CITY OF TIGARD, OREGON SCHEDULE OF GENERAL FIXED ASSETS BY FUNCTION AND ACTIVITY June 30, 1-999 Machinery, Equipment, Function and Activity Total Land Buildings and Other Community services: Police $ 1,585,021 $ - $ - $ 1,585,021 Library 455,354 455,354 Parks 394,995 394,995 Total community services 2,435,370 2,435,370 Community development: Administration 95,694 95,694 Building 174,133 174,133 Planning 47,433 47,433 Engineering 245,840 245,840 Operations/admin. 52,071 52,071 -Operations/shops 50,218 50,218 Streets 461,606 461,606 Operations/management 25,556 25,556 Total community development 1,152,551 1,152,551 Policy and administration: Mayor and city council 20,564 20,564 City administration 61,808 61,808 Finance 75,315 75,315 Computer services 225,614 225,614 Accounting . 50,414 50,414 Office services 46,383 46,383 Records 38,17E 38,176 Court 11,127 11,127 Total policy and administration 529,401 529,401 General government 10.112,411 4,491,061 5,510,445 110,905 " Total investment in general fixed assets $ 14,229,733 $ 4,491,061 $ 5,510,445 $ 4,228,227 66 CITY OF TIGARD, OREGON SCHEDULE OF CHANGES IN GENERAL-FIXED ASSETS BY FUNCTION AND ACTIVITY for the fiscal year ended June 30-, 1999 General General Fixed-Assets Transfers/ Fixed Assets Function and Activity June 30, 1998 Additions Retirements June 30, 1999 Community services: Police. $ 1,357,493 $ 279,969 $ (52,441) $ 1,585,021 Library. 462,609 39,972 (47,227) 455,354 Parks 323,309 .71,686 394,995 Total community services 2,143,411 391,627 (99,668) 2,435,370 Community development: Administration 93,999 7,103 (5,408) 95,694 Building 166,757 14,781 (7,405) 174,133 s Planning -35,842 13,314 (1,723) 47,433 Engineering 207,123 50,028 (11,311) 245,840 Operations/admin. 48,652 5,323 (1,904) 52,071 Operations/shops 48,342 2,175 (299). 50,218 Streets 454,480 9,274 (21148) 461,606 Operations/management 25,556 25,556 Total community.development 1,080,751 101,998 (30,198) 1,152,551 a Policy and administration: Mayor and city council. 20,110 1,675 (1,221) 20,564 City administration '54,259 12,247 (4,698) 61,808 Finance 74,474 841 - 75,315 Computer services 164,227 71,133 (9,746) _ 225,614 Accounting 46,962 6,646 (3,194) 50,414 Office services 67,036 5,483 (26,136) 46,383 Records 38,829 206 (859) 38,176 Court 9,774 1,353 - 11,127 :Total policy and administration 475,671 .99,584 (45,854) 529,401 General government 8;765,947 1,350,599 (4,135) 10,112,411 Total investment in general fixed assets $ 12,465,780 $ 1,943,808 $ (179,855) $ 14,229,733 67 Other Schedules Schedules included in this section are: Property Tax Transactions and Outstanding Balances Bond and Bond Interest Transactions Future Debt Service Requirements of-Bancroft Improvement Bonds . Future Debt Service Requirements of General -Obligation Bonds CITY OF TIGARD, OREGON" SCHEDULE OF PROPERTY TAX TRANSACTIONS AND OUTSTANDING BALANCES for the fiscal year ended June 30.1999 Property Add Property Taxes Levy-as Taxes. Receivable Extended Deduct Add Receivable June 30, by Discounts (Deduct) Add Deduct June 30, S`. 1998 Assessor Allowed Adjustments Interest Collections 1999 1 1998-1999 $ , $ 8,915,821 $ (218,908) $ 2,820 $ 3,844 $ (8,400,875) $ 302,702 1997-1998 2251,158 (281) 5,388 8,691 (162,372) 76;584 1996-1997 60,935 (578) 5,308 (37,395) 28,270 1995-1996" 22;478 (8) 134 ` 4,150 (19,650' 6,804 19941995 6,593 (6) 172 1,507 (6,697) 1,569 1993-1994' 1,395 (4) 95 218 (819) 885 a 1992-1993 & Prior -2,031 (1) (53) 260" (568). 1,670 y $ 318,590 $ 8,915;821 $ (219,208) $ 7;978 . $ 23,978 $.(8;628,676) $ 418,484 Property Taxes Cash Receivable Distributed as follows: Collections June 30; 1999 General Fund: Current $ 6,850,073 243,881 Prior years' levies 135,156' 94,298 < Total General Fund 6,985,229 338,179 Enterprise Funds: Prior Years` levies 10.868 265 Total Enterprise Funds 10,868 265 Debt service Funds: k Current 1,598,747 59,021 Prior years' levies 33,516 20.774 Total Debt Service Funds 1,632,263. 79,795. Capital Projects Funds: Prior years' levies 316 245 Total Capital'Projects Funds 316 245. Total $ 8,628,676 $ 418,484 68 . -a _ CITY OF TIGARD, OREGON ' SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS for the fiscal year ended June 30, 1999 Bond Transactions Interest Transactions Out- Out- standing standing Original June 30, June 30, Bancroft Bonds Issue 1998 Issued" " Matured/Paid 1999 Matured Paid Issued September 1, 1982 $ 184,664 10,000 $ $ $ 10,000 $ - $ Issued August 1, 1990 2,244,000 160,000 (160,000) - 4,964 4,964 Issued August 1, 1991 405,000 105,000 (40,000) 65,000 6,300 6,300 Issued May 1, 1983 660,000 610,000 (85,000) 525,000 29,520, 29,520 Issued November 30, 1998 1,565,576 0 1;565,576 (79,327) 1;486,249 17,373 17,373 $ 885,000 $ 1,565,576 $ " (364,327) $ 2,086,249 $ 58,157 $ 58,157 69 CITY OF TIGARD, OREGON SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS OF BANCROFT IMPROVEMENT BONDS As of June 30, 1999 Issued Issued Issued Issued October. 1, 1982 August 1, 1991 May 1,1993 December 1, 1998 Year of Total Requirements 11.75% 6.00%a . 4.1.0% to 5.00% 4.39% Maturity Principal Interest Principal Interest Principal .Interest " 'Principal Interest Principal ` Interest 1.999-2000 $ 199,174. $ ,93,014 $ 10,000, $ - $ - $ 3,900 , $ 60,000' $ 25,270, 129,174.. $ 63,844 2000-2001 134,907 84,821 3,900 22,810 134,907. 58,111 2001-2002 205,894 76,884 65,000 11950 22,810 140,894 52,124 2002-2003 257,147 66,151 110,000 20,280 147,147 45,871 2003-2004 .153,678 57,090 17,750 153,678 39,340 v 2004-2005 160,499 50;269 17,750 160,499 32,519 2005-2006 522,622 34,271 355,000 8,875 167;622 25,396 2006-2007 175,061 17,957 175,061 17,957 2007-2008 182,831 10,187 182,831 10,187 2008-2009• 94,436 2,073 94;436 2,073 Totals $ 2,086;249 $ 492,716 $ 10,000 $ - $ 65,000 $ 9,750 $ 525,000 $ 135,545 $ 1,486,249, $ . 347,421 'Issue was called on 06/01/93. Amounts outstanding are bearer. bonds which have not been presented for payment. i ~ CITY OF TIGARD, OREGON SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS OF GENERAL OBLIGATION BONDS as-of June 30, 1999 Series 1993A Issued: May 1, 1993 Year of . 3.00% to 4.75% Maturity Principal Interest 2000=2001 $ 210,000 $ 36,515 2001-2002 225,000 26,994 2002-2003 225,000 16;813 2003-2004 245,000.' 5,819. $ 905,000 $ 86,140 71 CITY OF TIGARD J } j 3 STp~TI SECTION. r t F T~G~!AD CITY OF TIGARD, OREGON GENERAL GOVERNMENTAL EXPENDITURES BY FUNCTION - BUDGETARY BASIS for the last ten fiscal years City-Wide Support Public Works Functions, Fiscal and Capital Year Ended Community Community. Policy and Projects Debt June 30 Services Development. Administration and Other Service Total 1990 $ 3,539,680 $ 2,096,431 $ 253,593 $ 4,977,930 $ 3,481,870 $ 14,349,504 1991 4,347,338 2,558,534 281,180 7,216,338 4,157,959 18,561,349 1992 4,520,483 2,466,774 1,157,205 4,001,522 2,643,174 14,789,158 1993 4,755,049 2,459,618 1,223,269 2,449,617 2,652,428 13,539,981 1994 5;088,712 2,641,694 1,317,972 3,604,930 5,647,732 18,301;040 '1995 5,656,128 2,745,236 1,332,630 2,148,786 2,388,061 14,270,841 1996 6,073,218 3,230,316, 1,482,194 2,895,552 5,152,515 18;833,795 1997 6,537,097 3,507,919 1,699,813 3,182,818 2,117,957 17,045,604 .1998 6,973,417 4,072,109 1,914,207 5,084,190 2,171,542 20,215,464 1999 7,778,333 4,476,564 2,100,829 4,349,185 61*850,522 25,555,433 Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types 71 CITY,OF TIGARD, OREGON GENERAL GOVERNMENTAL REVENUES BY SOURCES - BUDGETARY BASIS for the last ten fiscal years g Fiscal Licenses Inter- Charges Year Ended Franchise and govemmental For Fines and. Miscellaneous June 30, Taxes Fees Permits Revenues Services - -Forfeitures Revenues' Total . 1990 $ 3,746,834 $ 1,100,181 $ 1,445,011 $ 2,040;711 $ 39,818 232,332 $ 2,183,206 $ 10,788,093 1,991 4,160,790 1,179,833 1,206,920 2,379,431 79,370 259,497 1,627,675 10,893,516 1992 4,963,329 1,287,794 1,659,542 3,050,675 102,081 322,618 1,464,811 12,850,850 r 1993 5,493,516 1,320,686, . 1;682,341 3,073,728 301,569 316,947 1,599,480 13,788,267 y a 1994 5,894,241 1,447,668 2.554,752 3,105,356 393,349 307,982 1,576.679 1.5,280,027 1995 6,107,116 1,592,707 2.344,386 3,350,614 418,965 325,970 851,444 14,991..2.0.2 1996 5,860,948 1,669,784 2:555,271 3,717,655 357,571 304,246 1,534,205 15,999,680 J - -a 1997 7,699,435 1,736,933 3.746,604 3,834,114 798,129 397,637 1,632,664 19.845,515 1998 8,255,173 1,755,719 2,823,031 4,085;789 375,890 378,145 1.522,273 19,196,020 1999 8,617,809 1,970,740 2,780,779 4,715,386 449,997 390,967 4,082,654 23,008,331 -Includes special assessments collections and private donations. Information derived from Comprehensive Annual Financial Reports for all Governmental Fund Types 73 CITY OF TIGARD, OREGON PROPERTY TAX LEVIES AND COLLECTIONS for the last ten fiscal years Percent Percent Total Tax Delinquent Fiscal Total Percent Delinquent Total Collections Outstanding Taxes Year Ended Tax Current Tax of Levy Tax Tax To Tax Delinquent To Tax June 30 Levy Collections Collections Collections Collections Levy' Taxes. Levy 1990 $ 3,812,090 $ 31520898 92,36%0 $ 193,334 $ 3,714,232 97.43% $ 332,144 8.71% 1991 4,266,155 3,918,774 91.86% 224.988 4,143,762 97.73% 372,918 8.74% 1992 5,148,022 4,717.610 91.64% 228,047 4,945,657 96.07% 408.691 7-94% 1993 5,548,159 5,213,266 93.96% 260,368 5,473,634 98.66% 391,447 7.06% 1994 5,984,204 5,622,050 93.95% 272,191 5,894,241 98.50% 333,198 5.57% 1995 6,212,684 5,864,693 94.40% 242:923 6,107,616 98.31% 285,651 4.60% 1996 5,982.372 5,671,785, 94.81% 198.054 5,869,839 98.121/6 245.387 4.10% 1997 7,924,163 7,511,237 94.75% 167,262 7,678,499 96.90% 284,176 3.59% 1998 8,470,116 8.119,848 95.86% 135,325 8,255,173 97.46% 318.590 3.76% 1999 8,915,821 8,400,875 97.60% 227,801 8,628,676 96.78°/ 418,484 4-69% 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 years 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. Information derived from Comprehensive Annual Financial Reports. 74 CITY OF TIGARD, OREGON MARKET VALUE AND ASSESSED VALUE OF TAXABLE PROPERTY for the last ten fiscal years Market Value Fiscal s ..r Year Public Ended Real. Personal Utility Total June 30 Property Property Property Total Assessed Value 1990 $ 1;278,128,284 $ 106,268,976 $ 38,738,512 $ 11423,135,772 $ 1,423,135,772 1991 1,435,394;724 115,983,044 36,707,073- 1,588,084,841 - 1,588,084,841 1992 1,755,342,623 114,457,543 40;526,271 1,910,326,437 1,910,326,437 _ M 1993 1,820,521,857 139,064,986 50,197,374 2,009,784,217 2,009,784,217 r 1994 1,972,696,888 142,496,210 60,467,981 , 2;175,661,079 2,175,661,079 1995 2,229,444,147 156,419,813 72,874,589 2,458,738,549 2,458,738,549 1996 2,499,277,057 164,967,611 70,968,422 2,735,213,090 2,735,213,090 r 1997 2,870,072,277 165,084,982 76,231,065 3,111,388,324 3,111,388,324 1998 3,122,530,514 205,073,620 97,363,138 3,424,967,272 2,711,669,298 1999 3,277,118,168 214,501,804 109,989,369 3,601,609,341 2,869,660,834 All property.is assessed as of July 1. Assessed value, up until June 30, 1997, was defined as market value. A new property tax limitation known as Measure 50 passed in May 1997 which disconnected assessed value from market value for purposes of distributing property tax levies. Measure 50 reduced assessed value for 1997/98 to the 1995/96 market value less 10% plus. new construction. According•to the 1998/99. Washington County summary of assessment and tax roll, assessed values for most' properties are now about 80% of market value. Source: Washington County Department of Assessment and Taxation. i 75 CITY OF TI.GARD, OREGON SPECIAL ASSESSMENT COLLECTIONS for the last ten fiscal years Fiscal Year Current Ration of Total. Ended Assessments Assessments Collections Outstanding June 30 . Due (1) Collected (2) to Amount Due Assessments 1990 $ 693,000 $ 818,094, 118.05% $ 828,575 1991 343,000 279,468 81.48% 892,780 1992 427,000 288,574 67.58% 3,181,495 1993 408,000 688,664 168.79% 2,900,352 1994 ' 193,000 186,036 96.39% 2,380,059 1995 208,000 146,548 70.469/6 2,250,041 1996 135,000 218,667 161.98% 2,088,745 1997 145;000 353,977 244.12% 1,846,910 1998 275,000 173,947 63.25% 6,046,590 1999 1,565,576 2,056,305 131.34% 4,613,840 (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 76 CITY OF TIGARD, OREGON PROPERTY TAX RATES -DIRECT AND OVERLAPPING. GOVERNMENTS (Per $1,600,of Assessed Value) for the"last ten fiscal years Tigard/ Washington Washington Fiscal - Metzger Tualatin Beaverton Tualatin County County Year Metzger - Water School School Tigard Unified Rural Fire Rural Fire Portland Education Other Ended Water District City of Washington District District Water Sewerage Protection District Community Service Taxing June 30 District Combined Tlgard' County No.23•J No. 48 District _ Agency District No. 1 College District Agencies 1990 0.02 0.61 2.79 2.02 14.54 16.67 0.13 0.27 2.52 0.94 0.26 1•.69 1991 0.02 0.53 2.76 2.94 14.60 15.82 0.11 0.25 2.44 0.91' 0.25 0.57 1992 0.02 0.48 2.76 1.41 16.73 13.44 0.09 0.19 1,99 0.81 0.21 0.49 1993 0.48. 2.80 1.42 15.95 14:16 0.08 0.18 1.98 0.90, 0.21 0.43 1994 0.42 2.77 1.36 15.58 13.39 0.08 0.12 1.88 0.87 0.20 0.37 1995 0.25 2.51 1.27 13.88 12.41 0.07 - 0.07 1.76 0.82 0.19 0.38 J 1996 0.25 2.18 1.52 14.01 12.07 0.06 0.09 1.66 0.79 0.18 0.38 1997 0.23 2.54 1.35 12.85 11.41 0.05 1.52 0.73 0.30 0.83 1998 0:27 3.12 2;60 6.60 6.16 1.54 0.37 0.78 1999 0.28 3.10 2.57 6.65 6.17 . " 1.59 1.15 0.35 0.81 Tax rates, expressed in dollars and cents per $1,000 of assessed value of taxable property in each taxing district, are required by the Stale Constitution to be uniform throughout the district. Taxes levled may be composed of three types of levies: (1) abase 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 borlde.d.debl is required to levy taxes sufficient,-with other available funds, to meet principal and interest payments when due. All operating levies were converted to a permanent rate by the passage of measure 50 in 1997-Permanent rates can not be changed. Prior to Measure 50, rates were dependent on both the levy and assessed value. 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 distract boundaries. Total overlaoDlna lax rates for Drouertv in Tioard in 1998 ranged from $13.0211000 to $15.27/1000. Source: Washington County Department of Assessment and Taxation. 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 Ratio of Obligation Less Debt Net Bonded Fiscal Year Bonded Service Net Debt to Net Bonded Ended Assessed Debt Out= Monies Bonded Assessed Debt Per June 30 Population Value Standing Available Debt -Value Capita 1990 27,050 $ 1,423,135,772 $ 11,990,000 "1$ 165;664. $ 11,824,336 0.83°10 $ 437.13 1991 29;652. 1,588,084,841 13,304;000 345;050 12,958;950 0.82% 437.03 1992 30,835 1,910,326,437 12,595,000 620,597 11,974,403 0.63% 388.34 1993 31,271 2,009,784,217 11,671,000 " 830,080 10,840,920 0.54% 346.68 1994 33,802 2,175,661,079 9,878,000 611,481 9,266,519 0.43% 274.14 1995 33,744 21458,738,549 8,385,000 422,107 7,952,893 0.32% 235.98 1996 35,021 2,735,213,090 6,795,000 " 387,102 6,407,898 0.23% 182.97 1997 35,925 3,111,388,324 5,125,000 " 4,514,054 6,407,898 0.21% 178.37 1998 36,680 2,711,669,298 3,360,000 206,712 3,153,288 0.12% 85.97 1999 37,200 2,869,660,834 2,991,249 792,529 2,198,720 0.08% 59.11 Excludes bond anticipation notes payable. Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County Department of Assessment and Taxation. 78 CITY OF TIGARD; OREGON COMPUTATION OF LEGAL DEBT MARGIN June 30, 1999 ORS 287.004 provides a debt limit of 3% of the true.cash value of all taxable property 31 within the city boundaries: - True cash value (1998-199%(1) $ 3,601,609,341 General obligation debt. limit X 8% .108,048,280 Gross bonded debt $ 2,991,249 Excludable debt - Bancroft improvement bonds (2,086,249) Debt subject to limitation 905,000 , Legal debt margin - amount available for future indebtedness $ 107,143,280 Source: Washington County Department. of Assessment and Taxation y 79 CITY OF TIGARD, OREGON COMPUTATION OF OVERLAPPING GENERAL OBLIGATION DEBT. June'30, 1999 Percent Amount Applicable Applicable Net Debt Inside City Inside City Jurisdiction Outstanding of Tigard of Tigard Tigard/Tualatin School District #23-J $ 34,700,609 52.9659% $ 18,379,490 Tri-Metropolitan Transportation District 5,658,668 3.4752% 196,650 Port of. Portland 629,985 3.1493% 19,840 Metropolitan Service District . 7,104,602, 3.4933% 248,185 Beaverton School District #48 2,165,1,93 1.1544% 24,995 Portland Community College 2,236,052 4.5705% 102,199 Washington County 8,475,531 10.5647% 895,414 Unified Sewerage Agency 114,995 11.3856% 13,093 Tualatin Rural Fire Protection District 590,500 11.8100% 69,738 Tualatin Valley Water (Metzer Bond) 1,514,453 59.5070% 901,206 City of Tigard 2,991,249 100.000000 2,991,249 - 66,181,837 $ 23,842,059 Source: Oregon State Treasury Debt Management Division 80 s 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 1 Total Percent of Debt Fiscal Year Total, General Service to. Ended Debt Governmental Total General June 30 - Principal Interest Service Expenditures Expenditures 1990 $ 2,383,000 $ 1.,098,870 $ 3,481,870 $ 9,401,443. 37.0% 1991. 3,034,760 1,123,199 4,157,959 14,349,504 29.0% 1992• 1,664,000 979,174 , . . 2,643,174 18,561,349 142% 1993 1,939;000 713,428 2,652,428 14,789,158 17.9% 1994 4,742,523 1 905,209 5,647,733 13,539,981 41.7% 4 1995 1,828,000 2 560,061 1 2,388,061 18,301,040 13.0% } 1996 4,385,000 1 767,516 2 5,152,516. 14,270,841 36-1% 4 1997 5,755;000 1 447,957 1 6,202,957 21,130,604 29.4% . 1998 6,390,000 1 406,542- 1 6,796,542 20,215,465 33.6% 1999 6,190,576, 1 659,946 1 6,850,522 25,555,433 26.8% J Source:- Comprehensive Annual Financial Reports of the City. (1) Includes bond anticipation notes principal and interest. (2) Includes bond anticipation notes interest and certificates of participation principal and interest 81 CITY OF TIGARD, OREGON PROPERTY VALUE AND CONSTRUCTION for the last ten fiscal years Commercial . Residential Fiscal Year Construction (1) Construction (1) Ended Number of Number of June 30 Permits Value Permits Value 1990 320 $ 27,495,457 749 $ 40,729,414 1991. 62 27,985,499 268 28,160,790 1992 37 31,498,832 218 24,259,243 1993 28 25,685,703 408 43,687,254 1994 40 63,946,411 683 62,765,587. 1995 24 31,873,570 452 63,699,561 1996 37 34,644,201 496 65,935;302 1997 22 44,227,644 355 59,581,425 1.998 28 45,381,833 .147 30,720,243 1999 18 26,772,534 229 37,876,657.. (1) From City of Tigard Building Department. . Multi-f6mily.permits are included in the number of permits-issued for residential construction. 82 CITY OF TIGARD, OREGON PRINCIPAL TAXPAYERS June 30, 1999 Percentage of Total Assessed Assessed Taxpayer Type of Business Valuation Valuation Pacific Realty Associates Oregon Business Park $ 110,407,050 185°/d Washington Square Inc. Washington Square Shopping Mall 81,414,220 2.84% a Knickerbocker Property, Inc XXIV. Lincoln Center Office Park 58,943,830 2.05%. . GTE Northwest Inc. Utility - Communications 40,880,402 1.42% -Spieker Properties Park 217, retail office center and. Nelson Business Park 26,191,470 0.91% Portland Hotel Associates Embassy Suites Hotel 18,893,020 0.66% s Robinson Trust Scholls Business Center -16,328,800 0.57% Portland General. Electric Utility - Power Operations 16,019,100 0.56% Z The May Department Stores Co. Meier & Frank Department Store 15,818,660 0.55%. s Northwest Natural Gas Co. Utility - Heating & Power Operations 15,158,400 0.53% Security Capital Pacific Trust Arbor Heights Apartments 14,161,300 0.49% Total Principal Taxpayers 414,216,252 14.43% All Other Taxpayers 2,455,444,582 85.57% :z Total $..2,869,660,83.4 100.00%.. • t Source: City of Tigard Planning Department, estimated from Washington County Assessment & Taxation records. S i 83 CITY OF TIGARD. OREGON DEMOGRAPHICS STATISTICS for the last ten fiscal years Assessed (2) Value Unemployment " of Taxable (3) Rate Fiscal Year (1) Property. School Portland Ended June 30 Population Per Capita Enrollment Metro Area 1990 27,050 $ 52,611 7,236 4.10% 1991 29,652 53,557 7,940 4.90% 1992 30,835 61,953 8,795 .6.20% 1993 31,271 64,270 8,965 5.80% 1994 33,802 64,365 9,427 4.80% 1995' 33,744 72,864 • 9,644 4.70% 1996 35,021 78;102 10,579 4.20% 1997 35,925 86,608 10,829 3.90% 1998 36,680 73,928 11,071 4.30% 1999 37,200 74,537 11,080 4.50%0 Sources of information: (1) State of Oregon, Department of Administrative Services (2) U.S. Bureau of Labor Statistics (3) Tigard/Tualatin School District #23-J 84. 4 CITY OF"TIGARD, OREGON MISCELLANEOUS STATISTICAL DATA June 3.0, 1999 r Date of Incorporation 1961 Form of government Council - Mayor - Manager s:. Area 10.44 square miles Miles of streets 129.0 Population 37,200 Drinking Water: Water Mains 220 Reservoirs. 13- Police Police protection:. s Number of stations 1 Number of policemen and officers 56 " { Education: Attendance Centers 15 Number of.teachers 411 Number of students 11,080 Sa nitary. sewers 716,500 ft. Storm lines 435,000 ft. Building Permits issued (1997-98) 247 a Recreation and culture: Number of parks 12, totaling 154.5 acres Greenways 133 acres Number of libraries 1 Number of volumes (estimated) Over 115,000 Employees: Classified service (union) 197 Unclassified (non-union) . 75 Information obtained from the various departments of -the City of Tigard,. Oregon, and Tigard/Tualatin School District #23-J ' 85 Fiscal Policies City of Tigard Revenue Policy • A diversified and stable revenue system will be maintained to shelter the government from short-rung fluctuations in any one revenue source. • One=time. revenues will be used only for one-time expenditures. The City will avoid using temporary revenues to fund mainstream services. • All revenue forecasts shall be conservative. • Regular reports comparing actual to'budgeted revenues will be prepared by the Finance Department and presented to the City Manager. • All ~Cityfunds shall be safely invested to provide a sufficient level of.liquidity to meet cash flow needs and to provide the maximum yield, possible in that order. One hundred percent'of all, idle cash will be continuously invested. Operating Budget Policv • . Regular reports comparing 'actual to budgeted expenditures will be prepared by the Finance Department and be distributed to the City. Manager. • Departmental objectives will be -integrated into the City's annual budget and monthly departmental reports. • Before 'the City undertakes any agreements that create fixed costs, both operating and capital, the implications of such agreements will be fully determined for current and future years. • All non-salary benefits, such as social security, pension, and insurance, will be, estimated and their impact on future budgets assessed annually. • Cost analysis of salary increases will include the effect of such increases on the City's share of related fringe" benefits. • The City will annually submit documentation to obtain the Award for. Distinguished Budget Presentation from the Government Finance Officers Association (GFOA). Capital Improvement Policv • Systems Development Charges (SDC's) will be used for infrastructure capacity expansion and improvements, including in-house engineering and design. • Future operating costs associated with.new capital improvements will be projected and included in the operating budget forecast. • The City will determine and. use -the most effective and efficient method for financing all new capital projects. • Special funds dedicated for capital improvements will be segregated in the accounting system and used only for the intended capital purposes. 86 Accounting Policy • The City will maintain high standards of accounting. Generally accepted accounting principles (GAAP) will be used in accordance with.the standards developed. by the Governmental Accounting Standards Board and endorsed by the Governmental-Finance Officer's Association (GFOA). • An independent annual audit will be performed by a public accounting firm, which will issue an official opinion on the annual financial statements and will also issue a management letter detailing areas that need improvements.' • Full disclosure will be provided. in the financial statements and bond .representations. • Financial systems will be maintained to monitor expenditures and revenues on a monthly basis, with thorough analysis. • The accounting system will provide monthly information about cash position and -investment performance. • The City will annually submit documentation to obtain the Certificate of 4 Achievement for Excellence in Financial Reporting, from GFOA. . s Debt Policy Capital projects financed through. bond proceeds shall be financed for a period not to exceed 'the-useful life ofAhe project. a • Long-term borrowing will be confined to capital improvements too large to be financed from current revenues. • Issuance of Assessment Bonds will be pursued to finance local improvement districts approved by City Council. • Bond Anticipation Notes will be used as needed to finance construction of local improvements. Y Reserve Policy k • " The City will maintain an unallocated fund balance or retained earnings equal to or greater, than two months of general operating expenditures or expenses. This reserve will `be calculated based on the adopted annual operating budget of the City. These funds will be used to avoid cash-flow interruptions, generate interest income, reduce need for short-term borrowing; and assist in maintaining 'an investment grade bond rating capacity. 87 TS ANA IT CQMMEN AUD BY S RE(,~UE SC1-pSURE DI IONS STATE REGULAT.F; r.. y _ II 07. CIV PAU LY, ROG ERS AND CO., Pic. nrrr ® CERTIFIED PUBLIC ACCOUNTANTS • 12700 SW 72ND AVENUE • TIGARD, OREGON 97223 • (503),620-2632 FAX (503) 684-7523 November 12, 1999 AUDITORS' COMMENTS AND DISCLOSURES Oregon Administrative Rules 162-10-000 through 162-16-000, the Minimum Standards for Audits of Oregon Municipal Corporations, prescribed by the Secretary of State in cooperation . with the Oregon State Board of Accountancy, enumerate the financial statements, schedules, comments and disclosures required in audit reports: Certain required disclosures, statements and schedules are set forth in preceding pages of this report. Additional required comments and disclosures related to our audit of such statements and schedules are set forth as follows: REPORT ON INTERNAL ACCOUNTING CONTROL We have audited the general purpose financial statements of the City of Tigard, Oregon,_ as of and for the year ended June 30, 1999, and have issued our report thereon dated November '12, 1999 In. planning and performing our audit of the general purpose financial statements of the City of Tigard, Oregon, for the year ended June 30, 1999, we considered its internal control structure in order to determine our auditing procedures for the purpose of expressing our opinion on the financial statements and not to provide assurance . on the internal control structure. Our consideration of the internal control structure would not necessarily disclose all matters in the internal control structure that might be material weaknesses under standards established by the American Institute of Certified Public Accountants. A material weakness is a condition in which the design or operation of one or more of the specific internal control structure elements does not reduce to a relatively low level the risk that errors and irregularities in amounts- that would be material in relation to the financial statements being audited may occur and not be detected within a timely period by employees in the normal course of performing their assigned functions. We noted no matters involving the internal control structure and its operation that we consider to be material weaknesses as defined above. This report is intended for the information of management, the Mayor, City Council, and the State of Oregon, Secretary of State, Audits Division. However, this report is a matter of public record and its distribution is not limited. ACCOUNTING RECORDS The City's accounting records were adequate for audit. BUDGET TRANSACTIONS Expenditures were within the authorized appropriation levels for the year ended June 30, 1999. 88 AUDITORS' COMMENTS AND DISCLOSURES (CONTINUED) 1998 =1999 and 1999-2000 BUDGETS -The budgets adopted by the City for the current and ensuing fiscal year were reviewed during the audit. Budget preparation and adoption procedures followed by the City appeared to be in compliance with the-Oregon Local Budget Law. STATE HIGHWAY FUNDS The City's compliance with requirements of Article IX, Section. 3a. of the Oregon :Constitution and. ORS 294 and .373 ,was reviewed and the City appears to have complied with the restrictions on the use of revenue from taxes on motor vehicle use and fuel. COLLATERAL SECURING.BANK DEPOSITS Collateral pledged, by the depositories appears to have been adequate to meet requirements of Oregon Law at all. times during the year. Each depository, is required by ORS Chapter 295 . to maintain securities having a value. of not less than 25% of the face amount of the. collateral 1 certificate issued by the pool manager, for funds.deposited in the ,depository in excess of the . amounts insured by the Federal Deposit Insurance Corporation. Deposits in the State. Local Government Investment Pool are riot required to- be collateralized. INVESTMENTS The City's investments for the year ending. June 30, 1999 were reviewed and appeared to have. been in compliance with the legal requirements pertaining to the investment of public funds. contained in ORS "294.035. PUBLIC CONTRACTS AND PURCHASING ' The City's procedures for awarding, public contracts were reviewed and appeared to have been in compliance with ORS Chapter 279. INSURANCE AND FIDELITY BONDS Details concerning insurance and, fidelity bond coverage were reviewed during the audit. The coverage provided appears to have met legal requirements. We do.not have the professional expertise to state whether the insurance coverage is adequate. } STATUTORY BONDED DEBT LIMITATION The-City's bonded debt outstanding was well within the limitation established by Oregon Law. OUTSTANDING WARRANTS The City did not have any outstanding endorsed warrants at June 30, 1999: PROGRAMS FUNDED'FROM OUTSIDE SOURCES We reviewed and tested, to the extent we considered necessary in the circumstances, transactions and reports relative.to federal and state grant programs. The City appeared to have appropriate procedures. for making expenditures on behalf of, and reporting for, such . programs. 89