CAFR Report - 2005-2006
oregoll
C oty Tigard ~ Of .,,i
Financiat pCoinpre~enstve
ow,
WINI
701
~
RD
x
:M+
1t Jr
f
S~
Comprehensive Annual Financial Report Cover Description/Narrative
On the Front Cover:
On May 21, 2002, Tigard citizens approved a $13 million general obligation bond to
construct a new library facility. The new library opened in August 2004 with much
celebration. The new library is more than three times the same size of the former
library and includes a larger children's room, a local history room, a computer
training room, the Grace Tigard Houghton reading room, and a community meeting
room.
The front cover features the new library, the Grace Tigard Houghton reading room;
Curtis Tigard, brother of Grace T. Houghton, and the City of Tigard's Mayor, Craig
Dirksen, at the Library's grand opening; computer area, and the whimsical painted
columns by Mary Josephson in the children's area. The reading room is due to the
generous donation of the estate of Grace T. Houghton and the art in the children's
area is due to the generous donation of the estate of Neva Root.
CITY OF TIGARD
i
Financial And Information
w Services
13125 SW Hall Blvd.
~ Tigard, OR 97223
503.639.4171
Roger Dawes Direct 503.718.2493
Financial Operations Fax 503.684.7297
Manager TTY 503.684.2772
roger@tigard-orgov Web www.tigard-orgov
Cover design courtesy of Maureen Denny
•
•
• CITY OF TIGARD, OREGON
•
•
•
•
•
• COMPREHENSIVE ANNUAL FINANCIAL
• REPORT
•
•
• For the fiscal year ended June 30, 2006
•
•
• Prepared by.
• '
•
• City of Tigard - Financial and Information Services Department
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
~s~•••••••••••••••••••••••••••••~1
~ ~ ~
;,~1 ~ .
` ?S
City of Tigard, Oregon
Table of Contents
Page
INTRODUCTORY SECTION:
• Letter of Transmittal 1-7
Certificate of Achievement for Excellence in Financial Reporting 8
Organization Chart 9
Mayor and City Council Members 10
FINANCIAL SECTION:
Independent Auditors'Report 11-12
Management's Discussion and Analysis 13-25
Basic Financial Statements
• Government-Wide Financial Statements
Statement of Net Assets 26
Statement of Activities................................................................................... 27-28
Fund Financial Statements
Major Governmental Funds:
• Balance Sheet ...........................................................................................29
Statement of Revenues, Expenditures, and Changes in Fund Balances 30
Reconciliation of the Statement of Revenues, Expenditures, and
Changes in Fund Balances to the Statement of Activities .
• Proprietary Funds:
Statement of Net Assets 32
Statement of Revenues, Expenses, and Changes in Fund Net Assets 33
• Statement of Cash Flows ..................................................................................34
• Pension Trust Fund:
Statement of Plan Net Assets 35
Statement of Changes in Plan Net Assets 35
• Notes to Basic Financial Statements 36-55
Required Supplementary Information:
Schedule of Revenues and Expenditures - Budget and Actual:
General Fund ...........................................................................................56
• Gas Tax Fund 57
a Parks SDC Fund 58
Other Supplementary Information:
Nonmajor Governmental Funds Combining Statements:
• Combining Balance Sheet 59
. Combining Statement of Revenues, Expenditures, and Changes in Fund Balances 60
Special Revenue Funds:
Combining Balance Sheet - Nonmajor Special Revenue Funds .
• Combining Statement of Revenues, Expenditures, and
. Changes in Fund Balances - Nonmajor Special Revenue Funds 62
Schedules of Revenues and Expenditures - Budget and Actual:
0 Criminal Forfeiture Fund
• Traffic Impact Fund ......................................................................................64
• Electrical Inspection Fund .................................................................................65
•
City of Tigard, Oregon •
Table of Contents, Continued
•
•
FINANCIAL SECTION, Continued: Page
Other Supplementary Information, Continued:
Special Revenue Funds, Continued: •
Schedules of Revenues and Expenditures - Budget and Actual, Continued: •
Underground Utility Fund 66
Insurance Fund 67
Building Fund ...........................................................................................68 •
Traffic Impact Fee Urban Services Fund 69 •
Urban Services Fund .....................................................................................70
Street Maintenance Fee Fund ...............................................................................71 •
Debt Service Funds: .
Schedules of Revenues and Expenditures - Budget and Actual: •
Bancroft Debt Service Fund ...............................................................................72
General Obligation Bond Debt Service Fund ..................................................................73
Capital Projects Funds: .
Combining Balance Sheet - Nonmajor Capital Projects Funds 74 •
Combining Statement of Revenues, Expenditures and
Changes in Fund Balances - Nonmajor Capital Projects Funds 75 •
Schedules of Revenues and Expenditures - Budget and Actual: •
Parks Capital Fund 76 •
Facility Fund 77
Wall Street Local Improvement District Fund 78 •
79th Avenue Local Improvement District Fund 79 .
Proprietary Funds:
Enterprise Funds:
Schedules of Revenues and Expenditures - Budget and Actual: •
Sanitary Sewer Fund ......................................................................................80 •
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses- Sanitary Sewer Fund ...............................................................81 •
Storm Drainage Fund ..............................................82 .
Water Quality and Quantity Fund 83 .
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses- Storm Sewer Funds ................................................................84
Water General Fund ......................................................................................85 .
Water Systems Development Fund 86 •
Water Capital Projects Fund 87
Reconciliation of Budgetary Revenues and Expenditures to Proprietary
Revenues and Expenses- Water Funds 88 .
Reconciliation of Budgetary Fund Balances to Generally Accepted .
Accounting Principles Basis Net Assets 89
•
Internal Service Funds: .
Combining Statement of Net Assets 90 .
Combining Statement of Revenues, Expenses, and Changes in Fund Net Assets 91
Combining Statement of Cash Flows 92 .
Schedules of Revenues and Expenditures - Budget and Actual: .
Central Service Fund 93 .
Fleet/Property Management Fund 94
•
•
•
•
•
City of Tigard, Oregon
Table of Contents, Continued
Page
FINANCIAL SECTION, Continued:
Other Supplementary Information, Continued:
Other Schedules:
Schedule of Property Tax Transactions and Outstanding Balances 95
Schedule of Bond and Bond Interest Transactions 96
Schedule of Future Debt Service Requirements of
Long-term Notes Payable ...................................................................................97
Schedule of Future Debt Service Requirements of
Bancroft Improvement Bonds ...............................................................................98
Schedule of Future Debt Service Requirements of
General Obligation Bonds 99
STATISTICAL SECTION:
Net Assets by Component ......................................................................................100
Changes in Net Assets 101-102
Fund Balances of Governmental Funds 103
Changes in Fund Balances of Governmental Funds 104
Govemment - Wide Revenues.. . 105
Government - Wide Expenses by Function .........................................................................106
General Governmental Revenues by Sources .......................................................................107
General Governmental Expenses by Sources 108
Market Value and Assessed Value of Taxable Property 109
Property Tax Rates - Direct and Overlapping Governments 110
Principal Property Taxpayers ....................................................................................111
Property Tax Levies and Collections ..............................................................................112
Special Assessment Collections 113
Ratio of Net General Bonded Debt to Assessed Value and Net Bonded Debt per Capita 114
Ratio of Annual Debt Service Expenditures for Long-Term Debt to Total General Governmental Expenditures 115
Computation of Direct and Overlapping General Obligation Debt 116
Computation of Legal Debt Margin 117
Ratio Debt by Type 118
Demographics Statistics ........................................................................................119
Principal Employers ...........................................................................................120
Property Value and Construction 121
Full-time Equivalent City Government Employees by Function 122
Operating Indicators by Function/ Program 123
Capital Assets Statistics by Function 124
Miscellaneous Statistical Data 125
AUDIT COMMENTS AND DISCLOSURES REQUIRED BY
• STATE REGULATIONS:
• Auditors'Commentsand Disclosures 126-127
M~~~~~~•
r
IN'T'RODUCTORY SECTION
s
I~
City of Tigard, Oregon • 13125 SWHall Blvd. Tigard, OR 97223
October 25, 2006
Citizens of Tigard
Honorable Mayor 1
Members of the City Council
It is our pleasure to submit to you the Comprehensive Annual Financial Report of the City
of Tigard, Oregon, for the fiscal year ended June 30, 2006.
•
Oregon Revised Statutes (ORS) 297.425 requires that every municipal corporation publish
within six months of the close of each fiscal year a complete set of financial statements
presented in conformity with accounting principles generally accepted in the United States of
America (GAAP) and audited in accordance with auditing standards generally accepted in
• the United States of America bya firm of licensed certified public accountants.
•
This report consists of management's representations concerning the finances of the City.
Consequently, management assumes full responsibility for the completeness and reliability of
all of the information presented in this report. To provide a reasonable basis for making
these representations, management of the City has established a comprehensive internal
control framework that is designed both to protect the government's assets from loss, theft,
• or misuse and to compile sufficient reliable information for the preparation of the City's
• financial statements in conformity with GAAP. Because the cost of internal controls should
• not outweigh their benefits, the City's comprehensive framework of internal controls has
• been designed to provide reasonable rather than absolute assurance that the financial
statements will be free from material misstatements. As management, we assert that, to the
best of our knowledge and belief, this financial report is complete and reliable in all material
respects.
•
• The City's financial statements were audited by Grove, Mueller & Swank, P.C, a firm of
licensed certified public accountants. The goal of the independent audit was to provide
• reasonable assurance that the financial statements of the City for the fiscal year ended June
• 30, 2006, are free of material misstatement. The independent audit involved examining, on a
• test basis, evidence supporting the amounts and disclosures in the financial statements;
assessing the accounting principles used and significant estimates made by the management;
and evaluating the overall financial statement presentation. The independent auditors
concluded, based upon the audit, that there was a reasonable basis for rendering an
unqualified opinion that the City's basic financial statements for the fiscal year ended June
• 307 2006, are fairly presented, in all material respects, in conformity with GAAP. The
• independent auditor's report is included in the Financial Section of this report.
GAAP requires that management provide a narrative introduction, overview, and analysis to
• accompany the basic financial statements in the form of Management's Discussion and
Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and
• should be read in conjunction with it. The City's MD&A can be found immediately
following the report of the independent auditors.
•
• 1
•
Phone: 503.639.4171 . Fax: 503.684.7297 . www.tigard-or.gov . TTY Relay: 503.684.2772
•
Profile of the Government
The City of Tigard is located in southeast Washington County, 15 minutes from downtown
Portland, Oregon and along major highways, Interstate 5 and Highway 217. The Cary is
included in the Metro urban growth boundary and Tigard's closest neighboring cities include
Beaverton, Lake Oswego, Tualatin, Durham, Portland, and King City. A state highway,
99W, runs north and south through the eastern portion of the City and is a major
transportation corridor leading to the City of Portland. There is also a major greenway
called Fanno Creek that connects neighborhoods to the natural environment and several of
the City's parks. The incorporated area of the City represents 11.71 square miles and has a
population of 45,500. The City has experienced a steady growth since its incorporation in
1961. Population increases have varied from a yearly change of less than 1% to almost 50%
since incorporation. It is projected that the City will have a population of over 47,000 by
2007. The City can extend its corporate limits by annexation which is permitted by state 0
statute. •
The Cityis governed by an elected Mayor and four council members who comprise the City •
Council. The City's Charter established the Mayor/Council form of government. Each
member of the City Council is elected at-large to serve a four-year term. The Mayor presides
at Council meetings and is elected at-large for a four-year term. The Major and Council
provide community leadership, develop policies to guide the City in delivering services and
achieving community goals, and encourage citizen awareness and involvement_
•
The City Council appoints a City Manager, who is the chief administrative officer of the •
City. The City Manager is responsible for ensuring Council policies are implemented using •
resources appropriated by the Council to achieve desired service results in the community.
The City provides a full range of municipal services. These services include police,
municipal court, community planning and development, parks, library, capital improvement
~
planning, administration and central services, street maintenance, water, and other general •
public works activities. The City owns and maintains the wastewater and storm drainage •
system within the City limits under an agreement with Clean Water Services. Fire protection
is provided by Tualatin Valley Fire and Rescue. •
•
The City maintains budgetary controls to ensure compliance with legal provisions in the •
annual appropriated budget adopted by the City Council. Activities of all funds are included
in the annual adopted budget. The level of budgetary control (that is, the level at which •
expenditures cannot legally exceed the appropriated amount) is established by program •
within each individual fund.
•
As demonstrated by the statements and schedules included in the financial section of this •
report, the City continues meeting its responsibility for sound financial management.
•
Factors Affecting Financial Condition
•
The information presented in the financial statements is perhaps best understood when it is
considered from the broader perspective of the specific environment within which the City
of Tigard operates. •
•
2
•
Local economy
The City's location in the Portland metropolitan area provides citizens with many diverse
employment opportunities. Unemployment data is not collected specifically for Tigard, so
information related to Washington County and the Portland Metro area is used to gauge the
unemployment rate for the City.
• The chart below shows a six year comparison of unemployment rates. The Portland Metro
• area and the State of Oregon have the highest rates over the six year time period, with
Washington County and the U .S. lower. Washington County has leveled out to a rate
consistent with the overall country in 2005, with Portland Metro and Oregon still a little
higher. Rates for all areas during the time period peaked in 2003, and are currently in a state
of decline.
•
•
Unemployment Rate Comparison
•
• 9.0-
8.0
• ° 7.0
6. 0
•
£ 5.0
• a 4.0 r
• m 3.0
C 20 _
• 1.0 - l
• 0.0
• 2000 2001 2002 2003 2004 2005
• Year
-~--Oregon --United States <----Portland Metro -Washington Co.
•
• Wholesale trade, retail trade, and the service industry all play a large role in Tigard's
• economy. Retail trade has the most establishments; and the retail and service industries
• employ the most people. The City has within its boundaries one of the largest shopping
• malls in the region, Washington Square. The mall has five major department stores and
• more than 140 specialty shops. In 2005, Washington Square completed an 80,000 sq. ft.
• expansion that added an additional 28 specialty stores and restaurants. 11iis expansion
increased the size of the mall to over 1.3 million square feet.
•
Summary of Economic Data
•
. Number of Businesses, as of October 2006 3,412
•
Median Household Income (2000) $51,581
•
. Primary Economic Sector (receipts/sales) Wholesale Trade & Information
• General Fund Permenent Tax Rate .$2.51310 per $1000
•
• of assessed value
Total Assessed Value (2006) $4,087,904,786
•
• 3
•
•
•
0
0
•
Ten Largest Employers •
(as of March 2006) •
Employer Product or service Employment
Renaissance Credit Services Financial Services 1,116 •
Macy's Retail department store 704
Nordstrom Retail department store 461
Oregon Public Employees Retirement Public retirement system 347 .
Costco Wholesale Corporations Box store 341
Providence Health System Health care provider 303
City of Tigard Local government 271 ,
The Cheesecake Factory Food service 250 •
Home Depot Building/home supplies 241
North Pacific Group, Inc. Wholesale distributor 238 •
Long-term financial planning
The Ci has developed a comprehensive long-term financial forecast every
ar since the
tY year •
1980's. By forecasting and anticipating financial trends, the City can develop strategies to
respond to emerging financial trends. The City forecasts operating fund revenues and •
expenditures over a five-year period. The forecast is adjusted as each year's final results are
known and as budgets are prepared for the following year. In addition, the City also •
prepares a five-year Capital Improvement Program (QP) that is also updated every year. •
The QP is developed through a process separate from, but parallel to the budget process. •
The impact on future operating and maintenance costs are projected from the QP and then •
incorporated in the long-term financial forecast.
Relevant financial 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. •
•
•
4
•
•
•
• To set forth operational principles, which minimize the cost and financial risk of our
City's 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 inaintain 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.
• Major initiatives
•
•
• The Tigard City Council meets at the beginning of each calendar year to establish goals.
Council goals comprise high-priority tasks or programs that the City Council intends to
• complete or initiate during the year, though attainment of these goals may take several years.
• The goals are based on the Gq/s Vision Task Force goals, departmental needs, and City
• Council pnonties. In the goal setting meeting, the City Council reviews information and
• develops its annual and long-term goals. Council goals set the pnonties for City government
• and are incorporated into departmental work plans.
Goal 1: Revise City of Tigard Comprehensive Plan
• • Complete draft by year end
•
• Last year, Council had a goal to address growth. In 2006, that goal has been
• modified to revise Tigard's Comprehensive Plan. This plan sets the long term
vision for the City, defines our character, and guides development and growth.
•
Goal 2: Implement Downtown Plan
• Implement catalyst projects including improvements to Burnham Street
and identify and purchase land for a Downtown public gathering place
• Work to assure passage of the Urban Renewal Plan ballot measure.
The ballot was passed by City voters in May 2006
• Identify and make changes to the Tigard Development Code needed to
• implement the Downtown Plan (e.g., zoning overlays, design
standards)
• On a special note, the City is happy to report that Tigard voters approved an urban renewal
district for Tigard's historic Main Street and surrounding area.
Goal 3: Improve 99W Corridor
• • Complete Transportation Growth Management (TGM) Corridor Study
• Continue Greenburg Road intersection project
• Continue Hall Boulevard intersection project
•
• Other important City Council goals for 2006 include the following:
•
5
•
•
•
• Improve communication and relationship with citizens
• Consider opportunities for major greenspaces purchases
• Clarify City's position on the provision of urban services to unincorporated areas
and in the best interests of the citizens of Tigard
• Secure long-term water source(s)
• Stabilize financial picture
•
•
With the passage of Tigard's Urban Renewal ballot measure, the City established a
permanent funding base to implement the Tigard Downtown Improvement Plan. The
formation of the Urban Renewal District sends a clear message that the City is now
financiallycominitted to carrying out its Downtown Plan and will be in a position to support
investments there. 0
Although it will take time for tax revenues to accumulate under the tax increment financing
process, it is anticipated that enough funding will be available for $22 million in public
improvements for downtown. The implementation of all of the projects such as streets,
parks, plazas, a public market, and performing arts center will take up to 20 years to
accomplish but that doesn't mean citizens won't see improvements in the near future. Street
improvements, a downtown streetscape design, and other improvements are already being
designed and construction should begin within one year.
Awards and Acknowledgements
The Government Finance Officers Association (GFOA) awarded a Certificate of
Achievement for Excellence in Financial. Reporting to the City of Tigard for its
Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2005.
This was the 21st consecutive year that the City has received this esteemed award. In order
to be awarded a Certificate of Achievement, the government published an easily readable
and efficiently organized CAFR This report satisfied both GAAP and applicable legal
requirements.
A Certificate of Achievement is valid for a period of one year only. We believe that our
current CAFR continues to meet the Certificate of Achievement Programs requirements
and we are submitting it to the GFOA to determine its eligibility for another certificate.
In addition, the City also received the GFOA's Distinguished Budget Presentation Award
for its annual budget for fiscal year 2006-2007. This was the nineteenth consecutive year
that the City has received this prestigious award In order to qualify for the Distinguished
Budget Presentation Award, the City's budget document was judged to be proficient in
several categories, including as a policy document, a financial plan, an operations guide, and
a communications device.
As a management note, the City's new Director of Financial and Information Services began 1
employment with the City in February 2006. 1
The preparation of this report was made possible by the dedicated service of the entire staff
of the Finance Department and our auditors. Each member of the Department has our
sincere appreciation for the contributions made in the preparation of this report. Special 4
1
1
6
1
1
recognition should be given to Roger Dawes, Accounting Supervisor and Amanda
Bewersdorff, Accountant, for their work in preparing this document. Credit also must be
given to the Mayor and City Council for their unfailing support for maintaining the highest
standards of professionalism in the management of the City of Tigard's finances.
Resp bmitted,
Craig 7bs~er Robert Sesnon
City Manager Director of Financial and
Information Services
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• 7
•
•
•
•
•
•
•
Certificate of
•
Achievement •
•
for Excellence •
•
in Financial •
•
Reporting
Presented to •
•
City of Tigard
Oregon
•
For its Comprehensive Annual •
Financial Report
•
for the Fiscal Year Ended
June 30, 2005 •
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 financial reporting. .
•
NG~ OF,ek' •
Off 7H
~J'U'HITEO STATES •
President
~gv S£SL •
NCA0
Executive Director
•
8 ~
•
CITIZENS OF TIGARD
:Mayor& City Council
r- _
a~
Community Public Development Policy and
Services Works Services Administration
Police Library Public Community Engineering City Finance
Works Development Administration
Adninistration Adrinistration Adrninistration Adrrinistration Engineering Qty Finance
Department WFanagement Adninistration
Operations Readers' Parks Building Street Lights Human Financial
Services & Grounds Inspection & Signals Resources Operations
Support Technical Sanitary Current Risk Adminstrative
Services Services Sewer Planning Ahanagernent Services
rculation Storm Long Range Information
Q
Sew er Planning Technology
F
Street
Ntaintenance
F Fleet
wintenance
Property
Management
•
Water
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• 9
•
•
•
•
•
City of Tigard, Oregon •
e
•
PRINCIPAL OFFICIALS AS OF JUNE 30, 2006 •
•
•
ELECTED OFFICIALS: •
•
Name Term Expires •
•
Mayor Craig Dirksen December 31, 2006 •
Councilor Nick Wilson December 31, 2006 •
Councilor Sydney Sherwood December 31, 2006 •
•
Councilor Sally Harding December 31, 2008
•
Councilor Tom Woodruff December 31, 2008 •
•
•
•
APPOINTED OFFICIALS: •
•
Craig Prosser, City Manager •
•
•
•
•
All maybe reached at:
13125 SW Hall Boulevard •
Tigard, OR 97223
•
LEGAL COUNSEL •
•
•
Ram's, Crew, Corrigan & Bachrach •
1727 NW Hoyt Street
Portland, OR 97209 •
•
•
•
•
•
•
•
•
10 •
•
•
•
NCIL ASECTION
GROVE, MUELLER & SWANK, P.C.
CERTIFIED PUBLIC ACCOUNTANTS AND CONSULTANTS
475 Cottage Street NE, Suite 200, Salem, Oregon 97301
(503) 581-7788
INDEPENDENT AUDITOR'S REPORT
Honorable Mayor and Members of the City Council
City of Tigard
Tigard, Oregon
We have audited the accompanying financial statements of the governmental activities, the business-type
activities, each major fund, and the aggregate remaining fund information of the City of Tigard, Oregon as of
and for the year ended June 30, 2006, which collectively comprise the City's basic financial statements as
listed in the table of contents. These financial statements are the responsibility of the City's management. Our
responsibility is to express an opinion on these financial statements based on our audit.
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America. Those standards require that we plan and perform the audit to obtain reasonable assurance about
whether the basic financial statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the basic financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall basic financial statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective
financial position of the governmental activities, the business-type activities, each major fund, and the
aggregate remaining fund information of the City of Tigard, Oregon as of June 30, 2006 and the respective
changes in financial position and its cash flows, where applicable, thereof for the year then ended, in
conformity with accounting principles generally accepted in the United States of America.
The management's discussion and analysis and required supplementary information are not a required part of
the basic financial statements, but are supplementary information required by accounting principles generally
accepted in the United States of America. We have applied certain limited procedures that consisted
principally of inquiries of management regarding the methods of measurement and presentation of the
supplementary information. However, we did not audit the information and express no opinion on it.
Our audit was conducted for the purpose of forming an opinion on the basic financial statements taken as a
whole. The other supplementary information in-the table of contents is presented for purposes of additional
analysis and is not a required part of the basic financial statements of the City of Tigard, Oregon. Such
information has been subjected to the auditing procedures applied in the audit of the basic financial statements
and, in our opinion, is fairly presented in all material respects in relation to the basic financial statements taken
as a whole.
~ 11
r
•
•
•
The data resented in the accompanying statistical and introductory sections as listed in the
table of contents, are presented for purposes of additional analysis and are not a required •
part of the basic financial statements. This information has not been subjected to the •
auditing procedures applied in the audit of the basic financial statements and, accordingly, •
we express no opinion on such data. •
•
GROVE, MUELLER, & SWANK, P.C. •
CERTIFIED PUBLIC A CCO UNTA NTS
•
•
By:
Charles A. Swank, A Shareholder •
October 25, 2006 •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
12
•
•
Management's Discussion and Analysis
As management of the City of Tigard, we offer readers this narrative overview and analysis
of the financial activities of the City of Tigard for the fiscal year ended June 30, 2006. It
focuses on significant financial issues, major financial activities, and resulting changes in
financial positions, as well as economic factors affecting the Caty. This Management's
Discussion and Analysis W&A) is based on currently known facts, decisions, and
conditions that existed as of the date of the independent auditors' report.
We encourage readers to consider the information presented here in conjunction with the
transmittal letter at the front of this report and the City's financial statements which follow
this discussion and analysis.
Financial Highlights
• The assets of the City exceeded its liabilities at the close of the most recent fiscal year by
$275.4 million (net assets). Of this amount, $42.2 million (unrestricted net assets) may
be used to meet the City's ongoing obligations to citizens and creditors.
• The City's net assets increased $7.3 million over the course of this year's operations.
Within this total the net assets of our business-type activities increased by $6.3 million or
27.3 percent, and net assets of our governmental activities increased by $1.0 million or
0.8 percent.
• During the fiscal year, the City generated $28.3 million in taxes, charges for services, and
other revenues for governmental programs while incurring expenses from governmental
activities totaling $27.3 million, for an increase in net assets of $1.0 million.
• In the City's business-type activities, revenues increased by $5.1 million or 45.1 percent,
while expenses decreased by $0.8 million or 7.3 percent. The increase in revenues is due
primarily to the completion of major private development projects that have been turned
over to the City and reported as capital contributions.
• • As of the close of fiscal year 2006, the City's governmental funds reported combined
• ending fund balances of $25.0 million, an increase of $2.7 million. This increase is
• directly related to the continued growth in the fund balances in the Parks SDC Fund and
the Gas Tax Fund. These funds will eventually be used for capital projects.
•
• • At the end of the fiscal year, unreserved fund balance for the General Fund was $8.4
• million, an increase of $0.2 million or a 2.2 percent increase from the previous year.
•
• • The City's total debt decreased by $0.8 million during fiscal year 2006. This is entirely
• due to the normal, annual debt service payments on the general obligation bonds, long-
term notes, Bancroft Improvement Bonds, and also the prepayment on some earlier
issued improvement bonds.
•
•
•
•
•
13
•
•
•
•
Overview of the Financial Statements •
•
In addition to this discussion and analysis, the financial section of this annual report contains
the basic financial statements, required supplementary information, and the combining
statements of the non-major funds and schedules demonstrating legal compliance.
The basic financial statements also include notes that explain the information in the financial •
statements and provide more details. The statements are followed by the required •
supplementary information section that supports the information in the financial statements.
In addition to this discussion and analysis, the financial section of this annual report contains
the basic financial statements, required supplementary information, and the combining
statements of the non-major funds and schedules demonstrating legal compliance. •
•
Required Elements of the
Comprehensive Annual Financial Report
•
MANAGEMENT'S DISCUSSION AND ANALYSIS •
•
FINANCIAL STATEMENTS
•
•
•
Government-wide (full accrual) Fund
Governmental Activities Governmental (modified accrual) •
Business-type Activities Proprietary (full accrual) •
Fiduciary (full accrual) •
•
Notes to Basic Financial Statements •
•
REQUIRED SUPPLEMENTAL INFORMATION •
(other than MDBA) .
•
OTHER SUPPLEMENTARY INFORMATION •
•
Government-wide Financial Statements.
•
The government-wide financial statements are designed to provide readers with a broad
overview of the City's finances, in a manner similar to a private-sector business.
The Statement of Net Assets presents information on all of the Gty s assets and liabilities, •
with the difference between the two reported as net assets. Over time, increases or
decreases in net assets may serve as a useful indicator of whether the financial position of the
City is improving or deteriorating.
•
The Statement of Activities presents information showing how the Gty's net assets changed
during the most recent fiscal year. All changes in net assets are reported as soon as the
underlying event giving rise to the change occurs, regardless of the timing of related cash
flows. Thus, revenues and expenses are reported in this statement for some items that will
result in cash flows in a future fiscal period. Examples of such items include earned, but
uncollected property taxes, and earned, but unused compensated absences.
14
Both of the government-wide financial statements distinguish functions of the City that are
principally supported by taxes and inte bovernmental revenues (governmental activities)
from other functions that are intended to recover all of ,a significant portion of their costs
through user fees and charges (business-type activities).
The governmental activities of the Cityinclude the following:
• Community services, police, library, and social services
• Public works, including parks and recreation
. • Development services, planning and engineering
. • Policy and administration
• The business-type activities of the City include the following:
• Sanitarysewer
• • Storm water
• • Water
•
The government-wide financial statements can be found on pages 26-28 of this report.
•
Fund Financial Statements are designed to display compliance with finance-related legal
requirements demonstrated by the use of fund accounting. A fund is a grouping of related
accounts that is used to maintain control over resources that have been segregated for
specific activities and objectives. The funds of the City can be divided into the following
categories: governmental funds, proprietary funds, and a fiduciary fund.
Governmental funds are used to account for essentially the same functions reported as
• governmental activities in the government-wide financial statements. However, unlike the
• government-wide financial statements, governmental fund financial statements focus on
near-term inflows and outflows of available resources, as well as on balances of available
resources at the end of the fiscal year. Such information may be useful in evaluating a
government's near-term financial capability.
•
Because the focus of governmental funds is narrower than that of the government-wide
financial statements, it is useful to compare the information presented for governmental
funds with similar information presented for governmental activities in the government-wide
financial statements. By doing so, readers may better understand the long-term impact of
the City's near-term financing decisions. Both the governmental fund balance sheet and the
• governmental fund statement of revenues, expenditures, and changes in fund balance
provide a reconciliation to facilitate this comparison between governmental funds and
• governmental activities.
The City maintains 20 individual governmental funds. Information is presented separately in
the governmental fund balance sheet and the statement of revenues, expenditures, and
• changes in fund balances for those funds that are considered significant (major) to the City
taken as a whole. These financial statements report four major funds: General Fund,
Bancroft Debt Service Fund, Gas Tax Fund, and Parks SDC Fund. Data from the other 16
• governmental funds are combined into a single, aggregated presentation. Individual fund
data for each of these non-major governmental funds is provided in the form of combining
• statements elsewhere in this report.
•
15
•
•
•
•
The Parks SDC Fund was created in fiscal year 2006 to track the revenues associated with
the collection of Park System Development Charges (SDC's). The City Council approved a •
new SDC methodology and fee that went into effect in January 2005 and this fund will give
the City the ability to track this revenue stream separately from other park related fees and
charges.
•
The City adopts an annual appropriated budget for all of its governmental funds. A
budgetary comparison statement has been provided for each fund individually to
demonstrate compliance with their budgets.
•
The basic governmental fund financial statements can be found on pages 29-31 of this
report.
•
Proprietary funds are used to account for a government's business-type activities. The City
maintains two different types of proprietary funds - enterprise funds and internal service
funds. Enterprise funds are used to report the same functions presented as business-type
activities in the governmental-wide financial statements. The City uses enterprise funds to
account for its sanitary sewer, storm water, and water operations. Internal service funds are .
an accounting device used to accumulate and allocate costs internally among the City's •
various functions. The City uses internal service funds to account for fleet maintenance, risk •
management, office services, finance and accounting, and other management services. •
The City reports all three of the enterprise funds as major funds. These funds are the
Sanitary Sewer Fund, the Storm Sewer Fund, (which consists of the budgetary Storm Sewer
and the Water Quality/ Quantity Funds), and the Water Fund, (which includes the budgetary •
Water, Water SDC, and Water CIP Funds). However, for budgetary and legal purposes
these funds are accounted for separately. Conversely, all internal service funds are combined
into a single, aggregated presentation in the proprietary fund financial statements. Individual
fund data for the internal service funds is provided as other supplementary information.
The City also adopts an annual appropriated budget for all proprietary funds. To
demonstrate compliance with the budget, budgetary comparison statements have been
provided for the enterprise funds as other supplementary information on pages 80-89 of this
report. Budgetary comparisons for the internal service funds are provided on pages 93-94 of
this report.
The proprietary fund financial statements can be found on pages 32-34 in the basic financial
statements.
Fiduciary funds are used to report assets held in a trustee or agency capacity for others and
therefore cannot be used to support the government's own programs. The City has a
pension trust fund that accounts for employee defined contribution plans. The accounting
used for the fiduciary fund is much like that used for the proprietary funds.
No budget is adopted for the fiduciary fund in accordance with Oregon Local Budget Law. -
•
The fiduciary fund financial statements can be found on page 35 in the basic financial
statements.
16
Notes to the Basic Financial Statements provide additional information that is essential
to a full understanding of the data provided in the government-wide and fund financial
statements. The notes to the financial statements can be found on pages 36-55 of this
report.
The combining statements referred to earlier in connection with non-major governmental
funds and business-type funds are presented immediately following the required
supplementary information. Combining and individual fund statements and schedules can
be found on pages 59-89 of this report.
Government-wide Financial Analysis
Net assets. As noted earlier, net assets may serve over time as a useful indicator of the
City's financial position. In the case of the City, assets exceeded liabilities by $275.4 million
at June 30, 2006.
The largest portion of the City's net assets (82.3 percent) reflects its investment in capital
assets (e.g., land, buildings, roads, sewers, storm water facilities, etc.), less any related debt
used to acquire those assets that is still outstanding. The majority of these capital assets,
including the City infrastructure, are not available for future spending. Although the City's
investment in capital assets is reported net of related debt, it should be noted that the
resources needed to repay this debt must be provided from other sources, since capital assets
themselves cannot be used to liquidate these liabilities.
City of Tigard, Oregon
Net Assets as of Fiscal Year-end
(in millions)
Governmental Business-type
Activities Activities Total
FY 05-06 FY 04-05 FY 05-06 FY 04-05 FY 05-06 FY 04-05
Assets
Current and other assets $ 31.3 $ 29.8 $ 26.0 $ 26.2 $ 57.3 $ 56.0
Net capital assets 181.6 183.3 58.1 51.9 239.7 235.2
Total assets 212.9 213.1 84.1 78.1 297.0 291.2
Liabilities
Other liabilities 4.8 5.2 1.8 2.1 6.6 7.3
Long-term debt outstanding 15.0 15.8 - - 15.0 15.8
• Total liabilities 19.8 21.0 1.8 2.1 21.6 23.1
Net Assets
Invested m capital assets,
! net of related debt 168.6 169.5 58.0 51.9 226.6 221.4
Restricted 1.9 1.4 3.8 3.8 5.7 5.2
Unrestricted 22.6 21.2 20.5 20.3 43.1 41.5
Total net assets $ 193.1 $ 192.1 $ 82.3 $ 76.0 $ 275.4 $ 268.1
•
The City's net assets increased by $7.3 million during the fiscal year. The largest portion of
this increase is directly related to the completion of major private development projects
where major components of the infrastructure were turned over to the City and are being
! reported as capital assets of the City. This amounted to approximately $6.0 million.
17
•
•
The remainder of the growth is primarily related to increases in service charges from the
water utility operations and other fees that are adjusted annually based on certain price
indexes.
The revenues and expenses shown on the next table explain changes in net assets for fiscal
year 2006.
City of Tigard, Oregon
Changes in Net Assets
(in millions)
Governmental Business-type S
Activities Activities Total
FY 05-06 FY 04-05 FY 05-06 FY 04-05 FY 05-06 FY 04-05 •
Revenues
Program revenues
Charges for services $ 7.8 $ 6.1 $ 9.7 $ 10.5 $ 17.5 $ 16.6
Capital Grants and Contributions - - 6.0 - 6.0 -
Operating grants and contributions 0.1 0.3 - - 0.1 0.3
Total Program revenues 7.9 6.4 15.7 10.5 23.6 16.9
Taxes 10.8 10.3 - - 10.8 10.3 •
Interest 0.9 0.9 0.6 0.6 1.5 1.5 •
Other 8.7 7.8 0.1 0.2 8.8 8.0 •
Total General revenues 20.4 19.0 0.7 0.8 21.1 19.8
Total revenues 28.3 25.4 16.4 11.3 44.7 36.7
Expenses
Community services 11.2 10.3 - - 11.2 10.3
Public works 3.1 2.2 - - 3.1 2.2
Development services 4.7 4.2 - - 4.7 4.2 •
Policy and administration 7.4 6.2 - - 7.4 6.2 •
Interest on long-term debt 0.9 0.7 - - 0.9 0.7 •
Sewer - - 1.4 1.3 1.4 1.3
Storm water - - 1.4 1.4 1.4 1.4
Water - - 7.3 8.2 7.3 82
Total expenses 27.3 23.6 10.1 10.9 37.4 34.5
Changes in net assets 1.0 1.8 6.3 0.4 7.3 2.2 .
Beginning net assets 192.1 190.3 76.0 75.6 268.1 265.9 ,
Ending net assets $ 193.1 $ 192.1 $ 82.3 _$__76.0 $ 275.4 $ 268.1
Revenues
Governmental Activities
Property taxes continue to be a major source of revenue for the funding of City programs.
Oregon voters passed Measure 50, a State Constitutional Amendment, which fundamentally
changed property tax calculation and administration in Oregon in May 1997. Measure 50
converted operating property tax authority from a "levy-based" system to a "rate-based"
system, and it became effective in FY 1997-98. The City's tax base, which was $6,891,856 in
FY 1997-98, was converted to a permanent tax rate of $2.5131 bythe measure. The measure
established FY 1997-98 assessed value at FY 1995-96 values less 10 percent.
18
1
1
The permanent rate is multiplied by the assessed value each year to arrive at the tax authority
for that year. Assessed value growth is limited to 3 percent per year, plus a pro-rated share
of new construction and annexations. The City has seen significant growth in construction
since then and the annexation of the Walnut Island area which occurred in FY 1999-00.
Measure 50 did not change the basis for calculating General Obligation (GO) debt service
levies. GO debt service levies are calculated to produce enough tax revenues that (when
combined with other resources such as interest earnings and fund balance) will be enough to
pay debt service due on these voter approved bonds. On May 21, 2002, voters approved a
bond measure in the amount of $13.0 million for a new library. The City sold the bonds to
the Oregon Economic and Community Development Department. Taxes collected through
the tax levy will repay this bonded debt.
Both other revenues and charges for services combined constitute 58 percent of total
revenues and the primary sources include the following:
• Franchise fees are charged to public utilities for the use of the public right-of-way.
Franchised activities paying the fee include electricity, natural gas,
telecommunications, cable television, and solid waste haulers - $3,042, 187.
• Intergovernmental revenue is the other significant revenue category in other
revenues and totals $5,152,236. These revenue sources include state shared revenues
such as gas tax, cigarette tax, liquor tax, and revenue sharing. In addition, this
category also includes the Gty's portion of the Washington County Cooperative
Library System (WCCLS) levy and the countywide Hotel/Motel Tax.
• Charges for service includes a variety of land use planning and permit fees, library
fines, system development charges, and other miscellaneous types of fees and
charges - $7,791,508.
Governmental Activities Fiscal Year 2006
Revenues by Source
Taxes, $28,348,486 ' Interest,
$10,804,524 ~ -$9225508
38% \ 3%
Other,
$8,696,437
Operating 31%
Grants and
Contribution-/ Charges for
$133,509 Service,
1% $7,791,508
27%
19
•
Business-type Activities •
•
Charges for services represent 93 percent of total revenues and are composed of fees that
are charged to all users for services provided such as water, sanitary sewer, and storm water. •
The sanitary and storm water fees are established by Clean Water Services (CWS) and are set
by the agency each year. The City Council, through an intergovernmental agreement with •
other water system participants, sets the water rates. •
•
The City is continuing to pursue efforts to secure a long-term water source to meet future •
demands over the next 50 years. The final decision on the source(s) will impact how future
water rates will be established. Over the past six years, the City Council has approved a
yearly 6 percent water rate adjustment in anticipation of having to issue revenue bonds to •
finance capital projects associated with these potential water sources.
•
Sanitary rates have been traditionally adjusted by CWS annually with the increase in revenues
being dedicated to debt service requirements for treatment plant expansions made by agency. •
Storm water rates have not been adjusted for several years.
•
Expenses
•
Governmental Activities •
•
Expenses related to governmental activities are shown in the chart below and are expressed •
as a percent of total expenses for all governmental activities. •
•
The majority of the expenses (41 percent) relate to the City Library and Police Department
within the Community services activity. •
•
Overall, expenses in Governmental activities increased by $3.7 million over the previous •
fiscal year. The majority of this increase can be attributed to adjustments in construction in
progress that were made between the two fiscal years now being reported in the Changes in
Net Assets. •
•
Expenses by Service Type Fiscal Year 2006
Governmental Activites
$27,361,003 •
Interest on long- •
Policy and term debt, •
administration, $935,359 Community •
l
$7,447,828 a services, •
27% \ $11,241,521 •
41°%
Development •
services, J/ \ Public works, •
$4,669,452 $3,078,772 •
17% 11%
•
•
•
20
•
•
•
Business-type Activities
The majority of the expenses (72 percent) relate to the drinking water service provider
activity. The City does not have its own water source, so it has to purchase water from other
agencies. This water purchase expense is a major portion of the total water expenses. The
decrease of $0.9 million in water is related to a significant adjustment in depreciation and
accumulated depreciation in the previous fiscal year. In FY 2004-05, the City upgraded its
fixed assets software, which provided the City the ability to more accurately calculate
depreciation.
Both the sanitary and storm water expenses increased only slightly from the previous fiscal
year. Neither of these activities have experienced major growth or expansion of their
respective systems, so expenses continue to increase only moderately due to increases in
wages and benefits and material costs such as fuel.
Expenses by Service Type Fiscal Year 2006
Business-type Activites
$10,136,910
Sewer Storm water,
$1,454,150 F $1,391,158
14% 14%
i
Water
$7,291,602
72%
Financial Analysis of the City's Funds
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with
finance-related legal requirements.
Gowrnmental Funds
The focus of the Gty's governmental funds is to provide information on near-term inflows,
outflows, and balances of spendable resources. Such information is useful in assessing the
• City's financing requirements. In particular, unreserved fund balance may serve as a useful
• measure of the City's net resources available for spending at the end of the fiscal year.
• As of the end of the fiscal year 2006, the City's governmental funds reported combined
• ending fund balances of $25.0 million. Of this amount, $2.7 million is reserved for capital
• projects and prepaid insurance.
•
• General Fund
•
• The General Fund is the chief operating fund of the City. At the end of the fiscal year 2006,
the unreserved fund balance was $8.4 million that can be used for funding of Gty programs.
This was a slight increase of $0.2 million. This increase can be primarily attributed to the
combined increased revenues from franchise fees, property taxes, and charges for service.
•
•
21
•
•
•
•
Bancroft Debt Service Fund
•
Revenue in this fund is derived from assessments on properties that participate in local •
improvement districts and from proceeds of Bancroft bonds to retire short-term debt issued •
to fund the local improvements. At the -end of the FY 2006, the fund balance was $1.6 •
million, an increase of $0.7 million. This increase is due to a large pre-payment of •
assessments by a property owner within one of the local improvement districts. •
•
Gas Tax Fund •
•
This fund records shared revenues from State and County taxes on sale and use of motor •
vehicle fuel. Funds are used for construction, reconstruction, improvement, repair, •
maintenance, operation, and use of public highways, roads, streets, and roadside rest areas.
This revenue source can also be used for street lighting and cleaning, storm drainage, traffic •
control devices, and cost of administration. At the end of the FY 2006, the fund balance •
was $2.0 million, an increase of $0.7 million. This fund balance will eventually be used to
•
completed capital projects
•
Parks System Development Charge (SDC Fund •
•
This fund was established in FY 2006 to track the revenues associated with the collection of •
Parks System Development Charges (SDC's). Park SDC's are charged when a building
permit is issued for any new residential, multi-family, or commercial construction, additions, •
alterations, or change in use. Funds collected are used to finance the acquisition, •
development, and expansion of additional recreation spaces and facilities that are included in •
the Gty's Park Master Plan. At the end of the FY 2006, the fund balance was $2.8 million. •
This fund balance will eventually be used for the acquisition and development of parks •
throughout the City. •
•
Proprietary Funds •
•
The City's proprietary funds include the Sanitary Sewer, Storm Sewer, Water, and Internal •
Services Funds. •
The unrestricted net assets of the business-type activities which include the Sanitary Sewer, •
Storm Sewer, and Water Funds at the end of the year amounted to $20.5 million. The total •
growth in net assets for these funds was slightly over $0.2 million. •
•
The factors concerning the finances of the funds have already been addressed in the •
discussion of the City's business-type activities.
•
General Fund Budgetary Highlights •
•
The City Council approved seven budget amendments to the adopted General Fund budget. •
Total increase in appropriations was $114,029. The changes are summarized as follows: •
•
• Increase of $22,254 in the Street Maintenance Division for the purchase of a utility •
truck chassis that was originally scheduled to be replaced in FY 2004-05. •
Increase of $21,000 in the Street Maintenance Division for the replacement of a •
plotter and computer. •
• Increase of $41,240 in the Police Department in recognition of a Police Buffer Zone •
Protection Plan Grant.
22
•
•
•
• $12,500 increase in the budget for Mayor and Council for the funding of a contract
for graphic design consulting services.
• Increase of $6,656 for the City's contribution to the League of Oregon Cities for
telecommunications litigation expenses.
• $1,500 increase to fund a portion of the Tualatin River National Wildlife Refuge
grand opening ceremony.
Increase of $8,879 in the budget for Mayor and Council for the funding of Family
Week activities and other miscellaneous items.
Capital Asset and Debt Administration
Capital Ass ets
Gowrnmental Activities
The City's investment in capital assets for its governmental activities as of June 30, 2006,
amounts to $181.6 million (net of accumulated depreciation). This investment in capital
assets primarily includes land, buildings, machinery and equipment, office equipment, and
infrastructure. The infrastructure includes roads, curbs and sidewalks, signage, streetlights;
and right-of-ways. The total decrease in the City's investment in governmental activities
capital assets was less than 1 percent and this was primarily due to normal depreciation.
Business-type Activities
The City's investment in capital assets for its business-type activities as of June 30, 2006,
amounts to $58.1 million (net of accumulated depreciation). In addition to machinery,
equipment, and vehicles, the capital assets include the sanitary sewer collection system, storm
drainage, and water systems. Total increase in the City's investment in business-type
activities capital assets was approximately 12 percent. This is due to further expansion of the
City's water reservoir system
City of Tigard, Oregon
Capital Assets at Year-end
(Net of Depreciation)
(in millions)
Governmental Business-type
• Activities Activities Total
• FY 05-06 FY 0405 FY 05-06 FY 0405 FY 05-06 FY 04-05
• Land $ 5.8 $ 5.8 $ 1.0 $ 1.0 $ 6.8 $ 6.8
Construction in progress 0.5 0.5 1.5 1.6 2.0 2.1
• Buildings and building improvements 16.0 16.4 0.7 0.6 16.7 17.0
• Land improvements 1.1 1.6 - - 1.1 1.6
• Sever system - - 15.2 13.2 15.2 13.2
• Storm drainage system 10.9 10.0 10.9 10.0
• Water system - - 28.5 25.1 28.5 25.1
• Machinery and equipment 0.5 0.6 - - 0.5 0.6
• Autos and trucks 0.7 0.5 0.3 0.4 1.0 0.9
• Office equipment - - - - - -
• Infrastructure 157.0 157.9 - 157.0 157.9
Total capital assets $ 18L6 $ 183.3 $ 58.1 $ 5L9 $239.7 $235.2
•
• Additional information on the City's capital assets can be found in the notes on pages 48-49
• of this report.
• 23
•
•
Debt Outstanding •
•
As of year-end, the City had three types of debt currently outstanding, which are all
•
governmental. They include general obligation bonds ($11.6 million) secured by the City's •
authority to levy property taxes, and assessment bonds ($2.3 million) secured by installment •
payment contracts with property owners. The third is a loan ($1.5 million) through the •
Oregon Economic and Community Development Department (OECDD). This loan was •
secured by current and future park system development charges collected by the City. •
•
The most recent bond rating occurred in 1993 and the rating given by Moody's was Al. •
Existing debt levels have no direct impact on current or future City operations. •
•
The State of Oregon limits the amount of general obligation debt that cities can issue to 3 •
percent of the real market value of all taxable property within the City limits. The City's •
total outstanding general obligation debt is significantly below the 3 percent limit of $170.8
million.
•
Additional information on the City's debt can be found on pages 50-51 of this report. •
•
City of Tigard, Oregon •
Outstanding Debt at Fiscal Year-end •
(in millions) •
•
Total •
Totals Percentage •
FY 05-06 FY 04-05 Change •
Governmental: •
General obligation $ 11.6 $ 12.1 (4.10%) •
Local improvement 2.3 3.1 (25.8%) •
Long-term note 1.5 1.7 (11.8%)
Total outstanding debt $ 15.4 $ 16.9 (8.9%) •
•
•
Economic Factors •
•
The unemployment rate for the Portland metro area was 5.3 percent at the end of the fiscal •
year, June 30, 2006. This is a decrease from the same period last year, when the rate was 6.2 •
percent. While the rate is declining, it is still above the national average of 4.6 percent for •
June 2006 and 5 percent for June 2005. •
•
The City of Tigard issues licenses for businesses operating within the City limits. As of •
February 2006, there were 3,124 businesses licensed in the City with a total of 30,616. •
employees. The U.S. Economic Census, which takes place every five years, provides data on •
industry sales within the City. Wholesale trade is generating the most dollars in shipments, •
sales, and receipts. Retail trade employed the most people, and also ranks second in the •
amount of dollars generated. •
Almost 70 percent of land within the City is planned to accommodate residential use, •
ranging from low density single family homes to high density multi-family dwellings. The •
City tracks buildable lands through a yearly inventory process. At the end of 2005, less than
•
10 percent of land within the City was considered buildable. Single family home
construction, which includes free standing and attached, hit a high of 335 units in 1995 and •
dipped to a low of 187 in 2002. •
24 •
•
•
•
The number constructed went above 300 in 2005 for the first time since 1996. Residential
construction valuation over the last three years has been consistent at around $80 million per
year. Total housing units in the City totaled 19,415 at the end of April 2006.
The City of Tigard has developed a comprehensive long-term financial forecast every year
since the 1980's. This forecast allows the City to project expected revenues and
expenditures for each of its funds to help anticipate financial requirements.
The comprehensive long-term financial forecast continues to be central to Tigard's financial
management strategy. By forecasting and anticipating financial trends, Tigard can develop
strategies to respond to these emerging financial trends.
The current forecast shows that in the short term the City's financial condition is stable in
most funds. The FY 2006-07 budget took the initial step in addressing a portion of the
projected General Fund deficit that had been forecasted to occur earlier than what is now
projected. By including a utility franchise fee, the City can delay the deficit by one year. This
revenue source would continue to create a more stable financial condition over time,
although more substantive options might need to be considered in the future.
The City will also need to establish sound financing for the capital improvement program
that is needed in order to maintain and improve the City's infrastructure. A Downtown
Revitalization Plan was adopted by the City Council and recommended the creation of an
Urban Renewal District. The creation of the district and use of tax increment financing was
approved by the voters in May 2006. The City will still need to fund some catalyst projects
that are identified in the Plan and financing of these projects will need to come from other
sources. The voters in Washington County and the City of Tigard just recently approved an
operational tax levy throughout the County that will help in sustaining the operation of the
City's library.
Requests for Information
This financial report is designed to provide a general overview of the City of Tigard's
finances for all those with an interest in the City's finances. Questions concerning any of the
information provided in the report or requests for additional financial information should be
addressed to the Financial and Information Services Director, City of Tigard, 13125 SW Hall
Blvd., Tigard, Oregon 97223.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• 25
•
•
t
N
BASIC FINANCIAL STATEMENTS
1 ,
QTY OF TIGARD, OREGON
STATEMENT OF NET ASSETS
June 30, 2006
Governmental Business-Type
Activities Activities Total
ASSETS
Cash and investments $ 28,698,818 $ 23,450,363 $ 52,149,181
Accounts receivable 615,462 2,532,370 3,147,832
Property taxes receivable 310,629 60 310,689
Assessment liens receivable 1,639,875 - 1,639,875
Prepaid expenses 20,291 - 20,291
Inventory 46,770 82,357 129,127
Capital assets:
Land and construction in process 6,278,200 2,452,402 8,730,602
Other capital assets (net of accumulated depreciation) 175,336,485 55,605,806 230,942,291
Total Assets 212,946,530 84,123,358 297,069,888
LIABILITIES
Accounts payable and accrued liabilities 1,554,857 1,853,428 3,408,285
Customer deposits 1,521,650 89,045 1,610,695
Due to (from) other activities 258,892 (258,892)
Accrued interest payable 380,516 - 380,516
Noncurrent liabilities:
Accrued compensated absences 834,125 139,487 973,612
Due within one year.
Notes payable 222,820 - 222,820
Bonds payable 505,836 505,836
Special assessment bonded debt
with government commitment 206,199 206,199
Due in more than one year.
Notes payable 1,242,187 1,242,187
Bonds payable 11,066,369 11,066,369
Special assessment bonded debt
with government commitment 2,076,747 - 2,076,747
Total Liabilities 19,870,198 1,823,068 21,693,266
NET ASSETS
Invested in capital assets, net of related debt 168,577,473 58,058,208 226,635,681
Restricted for.
Capital projects 2,792,703 3,761,976 6,554,679
Debt service - -
Other purposes 20,291 - 20_291
Unrestricted 21,685,865 20,480,106 42,165,971
Total Net Assets $ 193,076,332 $ 82,300,290 $ 275,376,622
The accompanying notes are an integral part of the basic financial statements.
26
CITY OF TIGARD, OREGON
STATEMENT OF ACTIVITIES
For the fiscal year ended June 30, 2006
Program Revenues •
Charges Operating Capital •
for Grants and Grants and
Functions /Programs Expenses Services Contributions Contributions
Governmental activities: •
Community services $ 11,241,521 $ 146,798 $ 109,449 $ •
Public worlts 3,078,772 2,165,451 3,900
Development services 4,669,452 4,463,283 20,160
Policy and administration 7,447,828 1,015,976 - •
Interest on long-term debt 935,359 - - •
Total governmental activities 27,372,932 7,791,508 133,509
Business-type activities: •
Sewer 1,454,150 1,555,358 - 1,645,651 •
Storm Water 1,391,158 1,176,816 970,276
Water 7,291,602 6,953,809 3,461,937 •
Total business-type activities 10,136,910 9,685,983 - 6,077,864 .
Total $ 37,509,842 $ 17,477,491 $ 133,509 $ 6,077,864 •
General Revenues: •
Property taxes, levied for general purposes
Property taxes, levied for debt service •
Franchise taxes •
Restricted intergovemmental revenues (excluding grants)
Unrestricted intergovernmental revenues
Interest earnings •
Miscellaneous •
Total general revenues
Change in net assets •
Net assets--beginning •
Net assets--ending
The accompanying notes are an integral part of the basic financial statements. •
27
Net (Expense) Revenue and
Changes in Net Assets
Primary Government
Governmental Business-type
Activities Activities Total
$ (10,985,274) $ $ (10,985,274)
(909,421) (909,421)
(186,009) (186,009)
(6,431,852) (6,431,852)
(935,359) (935,359)
(19,447,915) (19,447,915)
1,746,859 1,746,859
755,934 755,934
3,124,144 3,124,144
5,626,937 5,626,937
(19,447,915) 5,626,937 (13,820,978)
10,048,589 - 10,048,589
755,935 755,935
3,042,187 3,042,187
3,288,530 3,288,530
1,863,706 - 1,863,706
922,508 580,004 1,502,512
513,943 94,427 608,370
20,435,398 674,431 21,109,829
987,483 6,301,368 7,288,851
192,088,849 75,998,922 268,087,771
$ 193,076,332 $ 82,300,290 $ 275,376,622
28
•
CITY OF TI GARD, OREGON •
GOVERNMENTAL FUNDS
BALANCE SHEET •
June 30, 2006
•
Bancroft Other Total •
General Gras Tax Parks SDC Debt Service Governmental Governmental
Fund Fund Fund Fund Funds Funds •
ASSETS
Cash and investments $ 9242,444 $ 3,230,796 $ 2,792,703 $ 1,591,679 $ 10,537,583 $ 27,395,205 •
Accounts receivable 217,293 - - - 158,185 375,478 •
Property taxes receivable 287,303 - 23,326 310,629
Assessment Gees receivable - 1,549,529 328,511 1,878,D40 •
Prepaid insurance 20,291 - - - - 20,291 •
Total assets $ 9,767,331 $ 3,230,796 $ 2,792,703 $ 3,141,208 $ 11,047,605 $ 29,979,643
•
LIABILITIES •
Accounts payable and accrued liabilities $ 761,655 $ 98,152 $ - $ $ 526,235 $ 1,386,042
Customer deposits 419,903 412,646 689,101 1,521,650 •
Deferred revenues:
Property taxes 1%,689 - - 15,571 212,260 •
Assessment liens - 1,549,529 328,511 1,878,040 •
Accrued interest on delinquent assessments - - - 2,661 - 2,661 •
Total liabilities 1,378,247 510,798 1,552,190 1,559,418 5,000,653
FUND BALANCES •
Reserved for. .
Capital projects 2,719,998 - - 2,719,998 •
Prepaid insurance 20,291 - 20,291
Unreserved, reported in: •
General fund 8,368,793 - - 8,368,793
Special revenue funds - 2,792,703 7,415,574 10,208,277 •
Capital projects funds - 1,811,861 1,811,861 •
Debt service funds 1,589,018 260,752 1,849,770
Total fund balances 8,389,084 2,719,998 2,792,703 1,589,018 9,488,187 24,978,990 •
Total liabilities and fund balances $ 9,767,331 $ 3,230,796 $ 2,792,703 $ 3,141,208 $ 11,047,605
Amounts reported for governmental activities in the Statement •
of Net Assets are different because: •
Capital assets used in governmental activities are not financial •
resources and therefore are not reported in the funds, net •
of accumulated depreciation of $52,172,475 181,614,685 •
Other long-term assets are not available to pay for current-period •
expenditures and, theretore are deterred in the tunds:
Assessment liens (includes interest on delinquent liens) 1,880,701 •
Property taxes earned but not available 212,260 •
Internal service funds are used by management to charge the •
cost of administrative functions as well as fleet and property
management to individual funds. A portion of the assets and •
liabilities of the internal service funds are included in •
governmental activities in the statement of activities. 776,677
Accrued compensated absences are not due and payable in the •
current period and therefore are not reported in the funds. (686,307) •
Long-term liabilities - not reported in the funds: •
Bonds, notes payable and other liabilities, not due and •
payable in current period (15,320,158) •
Accrued interest payable, not due and payable in the current period (380,516)
Net Assets of Governmental Activities $ 193,076,332 •
•
•
The accompanying notes are an integral pats of the basic financial statements. •
•
•
•
•
•
29
•
•
CITY OF TIGARD, OREGON
GOVERNMENTAL FUNDS
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
For the fiscal year ended June 30, 2006
Bancroft Other Total
General Gas Tax Parks SDC Debt Service Governmental Governmental
Fund Fund Fund Fund Funds Funds
REVENUES
Taxes S 9,998,252 $ $ $ $ 819,634 $ 10,817,886
Franchise fees 3,042,187 - 3,042,187
Special assessments - - 1,421,765 - 1,421,765
Licenses and permiu 354,545 1,249,686 - 3,248,488 4,852,719
Intergovernmental revenues 2,882,918 2,382,666 20,160 5,285,744
Charges for service 1,700,433 14,129 974,923 2,689,485
Fines and forfeitures 702,469 - - - - 702,469
Interest earnings 290,879 71,287 46,973 231,108 263,388 903,635
Miscellaneous 18,892 35,088 - 448,971 502,951
Total revenues 18,990575 2,503,170 1,296,659 1,652,873 5,775,564 30218,841
EXPENDITURES
Current operating:
Community services 11,377,118 - - - - 11,377,118
Public works 2,273,569 - - 2,273,569
Development services 2,673,696 419,815 1,615,922 4,709,433
Policy and administration 3,788,655 272,323 - 503,422 4,564,400
Debt service:
Principal - - 821,321 704,965 1,526,286
Interest 146,831 550,474 697,305
Capital outlay - 306.656 - 2,045,467 2,352,123
Total expenditures 20,113,038 998,794 968,152 5,420,250 27,500,234
Excess (deficiency) of revenues
over (under) expenditures (1,122,463) 1,504,376 1,296,659 684,721 355,314
2,718,607
OTHER FINANCING SOURCES (USES)
Transfers in 1,355,068 - 1,900,000 - 791,734 4,046,802
Transfers out (29,265) (763,537) (403,956) (2.850,044) (4,046,802)
Total other financing sources (uses) 1,325,803 (763537) 1,496,044 - (2,058110)
Net change in fond balances 203,340 740,839 2,792,703 684,721 (1,702,996) 2,718,607
Fund balances - beginning 8,185,744 1,979,159 - 904,297 11,191,183 22,260383
Fund balances - ending $ 8,389,084 $ 2,719,998 $ 2,792,703 $ 1,589,018 $ 9,488,187 $ 24,978,990
The accompan}ing notes are an integral part of the basic financial statements.
•
•
•
•
•
•
30
CITY OF TIGARD, OREGON
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND
BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
For the fiscal year ended June 30, 2006 •
Net change in fund balances--total governmental funds $ 2,718,607 •
Amounts reported for governmental activities in the •
Statement of Activities are different because: •
Governmental funds report capital outlays as expenditures
while governmental activities report depreciation expense to •
allocate those expenditures over the fife of the assets. This is •
the amount by which capital outlay exceeded depreciation
in the current period.
Expenditures for capital assets - less donated $ 2,245,638
Less current year depreciation (4,139,788) (1,894,150)
Revenues in the Statement of Activities that do not
provide current financial resources are not reported
as revenues in the funds.
Property taxes (13,358) •
Assessment Liens (1,465,774) (1,479,132) •
Repayment of bond principal is an expenditure in the
governmental funds, but the repayment reduces long-term •
liabilities in the Statement of Net Assets. •
Principal payments 1,526,286 •
Some expenses reported in the Statement of Activities •
do not require the use of current financial resources •
and therefore are not reported as expenditures in
governmental funds.
Compensated absences 135,027
Accrued interest on debt (23,371) 111,656
Internal service funds are used by management to charge the
cost of administrative functions as well as fleet and property
management to individual funds. The net revenue of a portion
of internal service funds is reported with governmental activities. •
Change in Net Assets - Internal Service Funds 5,681 •
Less amount attributable to Business-Type Activities (1,465) 4,216 •
Change in Net Assets of Governmental Activities $ 987,483
The accompanying notes are an integral part of the basic financial statements.
31
•
•
• CITY OF TIGARD, OREGON
• PROPRIETARY FUNDS
• STATEMENT OF NET ASSETS
June 30, 2006
•
•
•
•
• Business-type Activities Governmental
Enterprise Funds Activities
•
Internal
• Sanitary Storm Service
• Sewer Sewer Water Totals Funds
• ASSETS
Current assets:
• Cash and investments $ 8,379,524 $ 2,647,657 $ 12,423,182 $ 23,450,363 S 1,303,613
• Accounts receivable 1,104,512 228,836 1,199,022 2,532,370 1,819
Property taxes receivable - 60 60 -
• Inventory - - 82,357 82,357 46,770
• Total current assets 9,484,036 2,876,493 13,704,621 26,065,150 1,352,202
• Capital assets:
• Iand and construction in process 219,043 9,797 2,223,562 2,452,402 -
Other capital assets (net of accumulated depreciation) 15,262,807 11,012,966 29,330,033 55,605,806
• Total noncurrent assets 15,481,850 11,022,763 31,553,595 58,058,208
• Total assets 24,965,886 13,899,256 45,258,216 84,123-358 1,352,202
•
• LIABILITIES
• Current liabilities:
• Accounts payable and accrued liabilities 1,314,820 64,294 474,314 1,853,428 168,815
• Customer deposits - 2,118 86,927 89,045 -
Noncurrent liabilities:
• Accrued compensated absences 31,362 26,064 82,061 139,487 147,818
• Total liabilities 1,346,182 92,476 643,302 2,081,960 316,633
•
• NET ASSETS
• Invested in capital assets 15,481,850 11,022,763 31,553,595 58,058,208 -
• Restricted for capital projects 3,550,776 - 211,200 3,761,976 -
Unrestricted 4,587,078 2,784,017 12,850,119 20,221,214 1,035,569
•
• Total net assets $ 23,619,704 $ 13,806,780 S 44,614,914 82,041,398 S 1,035,569
• Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. 258,892
• Net assets of business-type activities S 82,300,290
•
•
•
• The accompanying notes are an integral part of the basic financial statements.
•
•
•
•
•
•
•
•
•
•
• 32
•
•
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN FUND NET ASSETS
For the fiscal year ended June 30, 2006
Business-type Activities Governmental
Enterprise Funds Activities
Internal •
Sanitary Storm Service •
Sewer Sewer Water Totals Funds •
OPERATING REVENUES
Service charges S 1,555,358 S 1,176,816 S 6,952,344 $ 9,684,518 S 5,589,135 •
Miscellaneous - 94,427 94,427 14,656
Total operating revenues 1,555,358 1,176,816 7,046,771 9,778,945 5,603,791
OPERATING EXPENSES
Salaries and wages 444,034 411,511 1,026,261 1,881,806 3,088,888
Contracted services 5,278 211,081 90,942 307,301 825,281 •
General, administrative and other 91,416 139,158 4,137,662 4,368,236 1,708,926
Depreciation 493,155 367,446 903,056 1,763,657
Services performed by other funds 420,267 261,962 1,133,681 1,815,910 - •
Total operating expenses 1,454,150 1,391,158 7,291,602 10,136,910 5,623,095 •
Operating income (loss) 101,208 (214,342) (244,831) (357,965) (19,304) .
NONOPERATING REVENUES
Investment revenue 197,909 68,830 313,265 580,004 25,165 •
System development revenue 248,612 - 1,600,927 1.849,539 - .
Total nonoperating revenue 446,521 68,830 1,914,192 2,429,543 25,165 •
Net income before contributions (loss) 547,729 (145,512) 1,669,361 2,071,578 5,861 •
Capital contributions 1,397,039 970,276 1,861,010 4,228,325 - •
Grange in net assets 1,944,768 824,764 3,530,371 6,299,903 5,861 •
Net assets--beginning 21,674,936 12,982,016 41,084,543 1,029,708 •
Net assets--ending S 23,619,704 $ 13,806,780 S 44,614,914 S 1,035,569
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds. 1,465 •
Change in net assets of business-type activities $ 6,301,368 •
The accompanying notes are an integral part of the basic Financial statements.
33
CITY OF TIGARD, OREGON
PROPRIETARY FUNDS
STATEMENT OF CASH FLOWS
For the fiscal year ended June 30, 2006
Governmental
Business-type Activities - Enterprise Funds Activities
Sanitary Storm Internal
Sewer Sewer Water Totals Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 1,513,900 $ 1,175322 $ 6,727,745 $ 9,416,967 $ 5,589,135
Payments to suppliers 4,880 (352,021) (4517,702) (4,864,843) (2,555,234)
Payments to employees (432,604) (413,215) (1,008,694) (1,854,513) (3,075,124)
Other receipts 94,421 94,421 14,656
Intemal activity-payments to other funds (420,267) (261,962) (1,133,681
(1,815,910)
Net cash provided (used) byoperating activities 665,909 148,124 162,089 976,122 (26,567)
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
System development revenue 248,612 1,600,927 1,849,539
Acquisition of capital assets (1,094,287) (415,803) (2,221,486) (3,731,576)
Net cash (used) by capital and related
financing activities (845,675) (415,803) (620559) (1,882,037) -
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 197,909 68,830 313,265 580,004 25,165
Net increase (decrease) in cash and cash equivalents 18,143 (198,849) (145,)05) (325,911) (1,402)
Balances--beginning of the year 8,361,381 2,846,506 12,568587 23,776,274 1,305,015
Balances--end of the year $ 8,379,524 $ 2,647,657 $ 12423,182 $ 23,450,363 $ 1,303,613
RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ 101,208 $ (214,342) $ (244,831) $ (357,965) $ (19,304)
Adjustments to reconcile operating income to net cash
• provided by operating activities:
Cash flows reported in other categories:
Depreciation expense 493,155 367,446 903,056 1,763,657 _
• Change in assets and liabilities:
• Receivables (41,458) (1,493) (168,346) (211,297) 1,635
• Inventory - 54,384 54,384 (11,952)
• Accounts payable and accrued liabilities 101,574 (1,783) (343,482) (243,691) (10,710)
Accrued compensated absences 11,430 (1,704) 17,567 27,293 13,764
• Unearned revenue - (6) (6) -
• Customer deposit - (56,253) (56,253)
• Net cash provided (used) by operating activities $ 665,909 $ 148,124 $ 162,089 $ 976,122 $ (26,567)
•
• Supplemental Schedule of Noncash
Capital and Related Financing Activities:
• Contributed sewer, stone and water lines $ 1,397,039 $ 970,276 $ 1,861,010 $ 4228,325
•
•
• The accompanying notes are an integral part of the basic financial statement.
•
• 34
•
•
•
CITY OF T I GARD, OREGON •
•
STATEMENT OF PLAN NET ASSETS •
•
PENSION TRUST FUND •
June 30, 2006 •
•
•
•
•
Cash and investments $ 12,554,462 •
•
•
Net assets held in trust for pension benefits $ 12,554,462 •
•
•
•
•
•
STATEMENT OF CHANGES IN PLAN NET ASSETS •
PENSION TRUST FUND •
For the fiscal year ended June 30, 2006 •
•
•
•
Additions: •
Contributions - employer $ 1,204,285 •
Contributions - employee 2,515 •
Investment income 886,507 •
•
Total additions 2,093,307 •
Deductions: •
Benefit payments and withdrawals (839,261) •
•
•
Increase in net assets 1,254,046 •
•
Net assets held in trust for pension benefits •
Beginning of year 11,300,416 •
End of year $ 12,554,462 •
•
•
•
•
The accompanying notes are an integral part of the basic financial statements. •
•
•
•
35
•
Notes to Basic Financial Statements
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies:
The City of Tigard, under its Charter of 1961, is governed by an elected mayor and four
council members who comprise the City Council. The City Council appoints a City
• Manager, who acts as the administrative head of government for the City. The City has no
0 component units.
•
• The financial statements of the City have been prepared in accordance with generally
• accepted accounting principles (GAAP). GAAP statements include all relevant
0 Governmental Accounting Standards Board (GASB) pronouncements. The financial
• statements have incorporated all applicable GASB pronouncements as well as Financial
Accounting Standards Board (FASB) Statements and Interpretations, Accounting Principles
Board Opinions and Accounting Research Bulletins of the Committee on Accounting
• Procedures issued on or before November 30, 1989, unless those pronouncements conflict
with or contradict GASB pronouncements.
• The City applies the provisions of all applicable GASB Statements that define requirements
• and the reporting model for the annual financial reports of state and local governments. The
• City has recorded capital and certain other long-term assets and liabilities in the statement of
net assets, reported all revenues and the cost of providing services under the accrual basis of
• accounting in the statement of activities, and uses the direct method of reporting cash flows.
•
Basic Financial Statements
•
• Basic financial statements are presented at both the government-wide and fund financial
0 level. Both levels of statements categorize activities as either governmental or business-type.
• Governmental activities, which are normally supported by taxes and intergovernmental
• revenues, are reported separately from business-type activities, which rely to a significant
• extent on fees and charges for support.
Government-wide financial statements display information about the City as a whole. For
the most part, the effect of interfund activity has been removed from these statements.
• These statements focus on the sustainability of the City as an entity and the change in
aggregate financial position resulting from the activities df the fiscal year. These aggregated
statements consist of the Statement of Net Assets and the Statement of Activities.
• The Statement of Activities demonstrates the degree to which the direct expenses of a given
• function or segment is offset by program revenues. Direct expenses are those that are
clearly identifiable with a specific function or segment. Program revenues include 1) charges
to customers or applicants who purchase, use, or directly benefit from goods, services or
• privileges provided by a given function or segment, and 2) grants and contributions that are
restricted to meeting the operational or capital requirements of a particular function or
• segment. Indirect expenses are recovered through internal service fund charges. These
indirect expenses are allocated based on a full-cost approach, thereby allocating indirect
• expenses among functions with the objective of allocating all expenses. Taxes -and other
• items not properly included among program revenues are reported instead as general
• revenues.
•
• 36
•
•
•
•
City of Tigard, Oregon •
Notes to Basic Financial Statements
•
1. Summary of Significant Accounting Policies, Continued: •
•
Separate financial statements are provided for governmental funds, proprietary funds, and •
the pension trust fund, even though the pension trust fund is excluded from the •
government-wide financial statements. Major individual governmental funds and major
individual enterprise funds are reported as separate columns in the fund financial statements. •
•
Fund financial statements display information at the individual fund level. Each fund is
considered to be a separate accounting entity. Funds are classified and summarized as
•
governmental, proprietary, or fiduciary. •
•
Currently, the City has governmental, proprietary, and fiduciary fund types. Non-major •
funds are combined into a single column in the basic financial statements and are detailed in •
the supplemental information. •
Basis of Presentation
•
The financial transactions of the City are recorded in individual funds. Each fund is
accounted for by Providing a separate set of self-balancing accounts that comprises its assets, •
liabilities, fund equity, revenues and expenditures/expenses.
•
Professional standards Apt_ forth minimum criteria (percentage of the assets liabilities, •
revenues or expenditures/expenses or either fund category or the governmental and O
enterprise combined) for the determination of major funds. The City electively added funds •
as major funds, which either had debt outstanding or specific community focus. Non-major O
funds are combined in a column in the fund financial statements and detailed elsewhere in O
the financial report. O
•
Measurement Focus and Basis of Accounting
•
Measurement focus is a term used to describe which transactions are recorded within the O
various financial statements. Basis of accounting refers to when transactions are recorded O
regardless of the measurement focus. O
The government-wide, proprietary fund, and fiduciary fund financial statements are O
presented on a full accrual basis of accounting with an economic resource measurement O
focus. An economic resource focus concentrates on an entity or fund's net assets. All O
transactions and events that affect the total economic resources (net assets) during the O
period are reported. An economic resources measurement focus is inextricably connected O
with full accrual accounting. Under the full accrual basis of accounting, revenues are O
recorded when earned and expenses are recorded at the time liabilities are. incurred,
regardless of the timing of related cash inflows and outflows. O
O
Governmental funds financial statements are presented on a modified accrual basis of O
accounting with a current financial resource measurement focus. This measurement focus
concentrates on the fund's resources available for spending currently or in the near future. O
Only transactions and events affecting the fund's current financial resources during the O
period are reported. O
O
37 O
U
U
41
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies, Continued:
Similar to the connection between an economic resource measurement focus and full accrual
accounting, a current financial resource measurement focus is inseparable from a modified
accrual basis of accounting. Under modified accrual accounting, revenues are recognized as
• soon as they are both measurable and available. Revenues are considered to be available
• when they are collectible within the current period or soon enough thereafter to pay
• liabilities of the current period. For this purpose, the Gty considers revenues to be available
if they are collected within 60 days of the end of the current fiscal year. Expenditures
generally are recorded when a liability is incurred, as under accrual accounting. Property
taxes, intergovernmental and interest associated with the current fiscal period are all
considered to be susceptible to accrual and so have been recognized as revenues of the
current fiscal period. Only the portion of special assessments receivable due within the
current fiscal period is considered susceptible to accrual as revenue of the current period.
All other revenues are considered to be measurable and available only when cash is received
by the Gty.
A deferred revenue liability arises in the governmental funds balance sheet when potential
revenue does not meet both the measurable and available criteria for recognition in the
current year. This unavailable deferred revenue consists primarily of uncollected property
• taxes and assessments not deemed available to finance operation of the current period. In
the government-wide Statement of Activities, with a full accrual basis of accounting,
revenue must be recognized as soon as it is earned regardless of its availability.
Thus, the liability created on the governmental fund balance ,sheet for unavailable deferred
• revenue is eliminated. Note that deferred revenues also arise outside the scope of
• measurement focus and basis of accounting, such as when the Gty receives resources before
it has a legal claim to them For instance, when grant monies are received prior to the
• incurrence of qualifying expenditures.
•
Similar to the way its revenues are recorded, governmental funds only record those
expenditures that affect current financial resources. Principal and interest on general long-
term debt are recorded as fund liabilities only when due, or when amounts have been
accumulated in the debt service fund expenditures only to the extent that they are expected
• to be liquidated with expendable financial resources. In the government-wide financial
statements, however, with a full accrual basis of accounting, all expenditures affecting the
economic resource status of the government must be recognized. Thus, the expense and
related accrued liability for long-term portions of debt and compensated absences must be
included.
Since the governmental fund statements are presented on a different measurement focus and
basis of accounting than the government-wide statements' governmental column, a
• reconciliation is necessary to explain the adjustments needed to transform the fund based
financial statements into the governmental column of the government-wide presentation.
This reconciliation is part of the basic financial statements.
•
•
•
•
• 38
•
•
•
0
City of Tigard, Oregon O
Notes to Basic Financial Statements O
O
1. Summary of Significant Accounting Policies, Continued: 0
O
Amounts reported as program revenues include 1) charges to customers or applicants for
goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital 0
grants and contributions. Internally dedicated resources are reported as general revenues Q
rather than as program revenues. Likewise, general revenues include all taxes. 0
O
Proprietary funds distinguish operating revenues and expenses from non-operating items. O
Operating revenues and expenses generally result from providing services, and producing Q
and delivering goods in connection with a proprietary fund's principal ongoing operations. Q
The principal operating revenues of the City's Sanitary Sewer, Storm Sewer and Water Funds Q
are charges to customers for sales and services. The Sanitary Sewer, Storm Sewer and Water Q
Funds also recognize fees intended to recover the cost of connecting new customers to the Q
City's utility systems as operating revenues. Operating expenses for enterprise funds include Q
the cost of sales and services, administrative expenses and overheads, and depreciation on U
capital assets. All revenues and expenses not meeting this definition are reported as non- Q
operating revenues and expenses. U
The fiduciary fund accounts for the resources held by the City in a custodial capacity, on a
behalf of the employees of the City. U
4
Assets, Liabilities, and Equity U
O
Receivables and Payables O
0
Property taxes are levied and become alien on July 1. Collection dates are November15, U
February 15, and May 15 following the lien date. Discounts are allowed if the amount due is U
received by November 15 or February 15. Taxes unpaid and outstanding on May 16 are U
considered delinquent. Q
O
Inventories Q
O
Inventories of parts, materials and supplies are stated at cost on the first-in, first-out basis in U
the proprietary funds. The purchases method is used in accounting for inventory for all Q
funds on the budgetary basis. The consumption method is used for the government-wide Q
presentation as well as the proprietary funds and business-type activities. Q
Capital Assets Q 40
Q
Capital assets, which include property, plant, equipment, and infrastructure assets (e.g. roads, O
pathways, street lights, etc.) are reported in the applicable governmental or business type O
activities columns in the government-wide financial statements. 41
Capital assets are charged to expenditures as purchased or constructed in the governmental 40
fund statements, and capitalized in the proprietary fund statements. Capital assets are O
recorded at historical cost or estimated historical cost. Donated assets are recorded at O
estimated fair market value as of the date of the donation.
O
a
39 a
a
0
41
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies, Continued:
Capital Assets, Continued:
Capital assets are defined by the City as assets with an initial, individual cost of $5,000 or
more, and an estimated useful life of greater than five years. Additions or improvements and
other capital outlays that significantly extend the useful life of an asset, or that significantly
increase the capacity of an asset are capitalized. Other costs for repairs and maintenance are
expensed as incurred.
• Depreciation on exhaustible assets is recorded as an allocated expense in the Statement of
Activities with accumulated depreciation reflected in the Statement of Net Assets and is
provided on the straight-line basis over the following estimated useful lives:
Asset Years
Buildings and improvements 25-40
Improvements other than buildings 10-20
Machinery and equipment 5-10
Vehicles 5-10
Utility systems 25-40
Infrastructure 20-40
Accrued Compensated Absences and Sick Pay
It is the City's policy to permit employees to accumulate earned but unused vacation and sick
pay benefits. There is no liability for unpaid accumulated sick leave, since the City does not
have a policy to pay any amounts when employees separate from the City. All vacation pay
• is accrued when incurred in the government-wide and proprietary fund financial statements.
A liability for these amounts is reported in the governmental funds only when it has
matured, for example, as result of employee resignations or retirements.
•
Interfund Transfers
•
• Interfund transfers are used to pay administrative services, provide funds for debt service,
contribute toward the cost of capital projects, and provide operational resources. Transfers
for fiscal year ended June 30, 2006 are as follows:
•
Transfers
From Other Transfers to
• Funds Other Funds
General Fund $ 1,355,068 $ 29,265
Comas Tax Fund - 763,537
• Parks System Development Fund 1,900,000 403,956
• Nonmajor Governmental Funds 791,734 2,850,044
• $ 4,046,802 $ 4,046,802
•
40
•
•
•
0
Q
City of Tigard, Oregon 0
Notes to Basic Financial Statements O
O
1. Summary of Significant Accounting Policies, Continued: 0
0
Long-term Debt
0
In the government-wide financial statements, and proprietary fund types in the fund O
financial statements, long-term debt and other long-term obligations are reported as 0
liabilities in the applicable governmental activities, business-type activities, or proprietary 0
fund type in the Statement of Net Assets. Bond premiums and discounts are deferred and V
amortized over the life of the bonds. Bonds payable are reported net of the applicable bond 0
premium or discount. Bond issuance costs, which are immaterial, are treated as period costs 0
in the year of issue and are shown as other financing uses. 0
In the fund financial statements, governmental fund types recognize bond premiums and 0
discounts, as well as bond issuance costs, during the current period. The face amount of 0
debt issued is reported as other financing sources while discounts on debt issuances are 0
reported as other financing uses. Issuance costs, whether or not withheld from the actual 0
debt proceeds received, are reported as debt service expenditures. 0
O
Fund Equity O
O
In the fund financial statements, governmental funds report reservations of fund balance for 0
amounts that are not available for appropriation or are legally restricted by outside parties for 0
use for a specific purpose. Designations of fund balance represent tentative management 0
plans that are subject to change. The City currently has no designations of fund balance. 0
O
Use of Estimates 0
In preparing the Caty's financial statements, management is required to make estimates and O
assumptions that affect the reported amounts of assets and liabilities, the disclosure of 0
contingent assets and liabilities at the date of the financial statements, and the reported 0
amounts of revenues and expenses/ expenditures during the reporting period. Actual results Q
could differ from those estimates. O
Q
Cash and Investments a
a
Investments included in cash and investments are stated at cost, which is approximate to the
fair value. Investments in the pension trust fund are stated at fair value.
For purposes of the statement of cash flows, the City considers the proprietary funds' cash
and investments with initial maturities to the City of three months or less, and the amounts
in the Oregon State Treasurer's Investment Pool, to be cash equivalents.
1
1
1
1
1
1
41
1
1
City of Tigard, Oregon
Notes to Basic Financial Statements
1. Summary of Significant Accounting Policies, Continued:
Budget
A budget is prepared for each fund, except for the Pension Trust Fund, essentially in
accordance with the modified accrual basis of accounting used by governmental funds,
which is in accordance with the legal requirements of Oregon Local Budget Law.
• The resolution authorizing appropriations sets the maximum level of expenditures for each
fund. 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, General Government, Debt Service, Capital Improvements and
0 Contingency. The detail budget document is required to contain more detailed information
for the above-mentioned expenditure categories. Budget amounts include original
approved amounts and all subsequent appropriation transfers approved by the City GOuncil.
After budget approval, the City Council may approve supplemental budgeted
appropriations if an occurrence, condition, or need exists which had not been ascertained at
the time the budget was adopted. A supplemental budget may require hearings before the
public, publications in newspapers and approval by the City Council. Original and
• supplemental budgets may be modified by the use of appropriations transfers between the
levels of control. Such transfers require approval by the City Council. Management may
not amend the budget without Council approval During the fiscal year ended June 30,
2006, fourteen appropriation transfers were made to the budget.
The budgets for each of the funds include capital outlay appropriations.
Debt service is also budgeted separately. For GAAP presentation, the transfers from
operating funds for services provided by the internal service funds and the General Fund
are considered revenues and expenses/ expenditures, as appropriate, but are considered to
be interfund transfers for budgetary purposes.
2. Fund Types:
The City's financial operations are accounted for in the following funds:
Governmental Funds
Governmental funds finance most governmental functions of the City. The acquisition, use
and balances of the City's expendable financial resources and the related liabilities,
• excluding those accounted for in proprietary funds, are accounted for through
• governmental funds. The measurement focus is upon determination of changes in current
S financial resources, rather than upon net income determination. The following are the
0 City's major governmental funds:
General Fund - This fund accounts for the City's general operations. It is used to
account for all transactions not specifically required to be accounted for in the City's
other funds.
42
•
0
0
O
City of Tigard, Oregon O
Notes to Basic Financial Statements O
O
2. Fund Types, Continued:
O
Gas Tax Fund - This fund records shared revenues from the State and County O
taxes on the sale and use of motor vehicle fuel. Funds are used for construction, O
reconstruction, improvement, repair, maintenance, operation and use of public O
highways, roads, streets, and roadside rest areas. Monies may also be used for street
lighting and cleaning, storm drainage, traffic control devices and administration 0
costs. O
O
Parks System Development Charge Fund - This fund was established in fiscal O
year 2005-06 to track the revenues associated with the collection of Parks System 0
Development Charges (SDC's). Park SDC's are charged when a building permit is 0
issued for any new residential, multi-family, or commercial construction, additions, O
alterations or change in use. Amounts collected are used to fund the acquisition, O
development, and expansion of additional recreation spaces and facilities that are 0
included in the City?s Park Master Plan. O
Bancroft Debt Service Fund - This fund accounts for payment of special
assessment improvement bond principal and interest. The principal source of O
revenue is the collection of assessments against benefited property, interest and
0
O
contributions from other funds for their share of costs.
O
Proprietary Funds 0
O
Proprietary funds are used to account for the acquisition, operation and maintenance of 0
sewer, storm drainage, and water systems in the City. These funds are entirely or 0
predominantly self-supported through user charges to customers. The measurement focus O
is upon net income determination, rather than upon determination of changes in current O
financial resources. The following are the Citys major proprietary funds: O
O
Enterprise Funds: 0
O
Sanitary Sewer Fund - This fund accounts for the City's sewer utility operations. 0
O
Storm Sewer Fund - This fund accounts for the City's storm drainage operations O
which consists of the following two budgetary funds: Storm Sewer Fund and O
Water Quality/ Quantity Fund. 0
Water Fund - This fund accounts for the City's water operations which consists of O
the following three budgetary funds: Water Fund, Water SDC Fund and Water O
CIP Fund. O
O
O
O
O
O
O
O
O
43 O
O
~O
O
City of Tigard, Oregon
Notes to Basic Financial Statements
2. Fund Types, Continued:
Additionally, the City reports the following fund type. Neither of these funds are major
funds:
Internal Service Funds:
Central Services Fund - This fund accounts for the central administrative
functions within the City which are generally allocated to other funds.
Fleet/Property Management Fund - This fund accounts for all activity related
to the Fleet Maintenance and Property Management divisions in the City.
Fiduciary Fund:
Pension Trust Fund - This fund accounts for the City's employee defined
contribution pension plan.
Nonmajor Governmental Funds
Other governmental funds include nonmajor special revenue, debt service, and capital
projects funds of the City. The following lists all other governmental funds by
governmental fund type:
Special Revenue Funds:
Criminal Forfeiture Fund
Traffic Impact Fee Fund
Electrical Inspection Fund
Underground Utility Fund
Insurance Fund
Building Fund
Urban Services Traffic Impact Fee Fund
Urban Services Fund
Street Maintenance Fee Fund
•
Debt Service Fund:
•
General Obligation Debt Service
•
Capital Projects Funds:
•
• Parks Capital Fund
Facility Fund
Wall Street Local Improvement District Fund
•
• 79th Avenue Local Improvement District Fund
44
•
•
•
0
City of Tigard, Oregon
Notes to Basic Financial Statements
O
3. Cash and Investments:
d
.The Gty maintains a cash and investment pool that is available for use by all funds, except Q
the Pension Trust Fund. Each fund type's portion of this pool is displayed on the 0
combined balance sheet as "cash and investments". The investments of the Pension Trust O
Fund are held separately from those of other City funds.
Q
Cash and investments are comprised of the following at June 30, 2006: Q
O
Cash on hand $ 7,477 0
Cash held by Department of Finance, Washington County 44,970 0
Deposits with financial institutions 1,501,611 0
Investments 50,595,123 O
Total cash and investments $ 52,149,181 0
0
O
Deposits 0
Deposits with financial institutions include bank demand deposits and time deposit
accounts. The total bank balance is $1,963,412 (book balance is $1,501,611). Of these 0
deposits, $100,000 was covered by federal depository insurance and $1,863,412 was Q
collateralized with securities held by collateral pool managers. 0
O
Custodial credit risk - deposits. In the case of deposits, this is the risk that in the event O
of bank failure, -the Gigs deposits may not be returned to it. Oregon Revised Statutes 0
require the depository institution to maintain on deposit, with a collateral pool manager, 0
securities having a value not less than 25 percent of the outstanding certificates of collateral 0
issued by the pool manager. The Gty's deposits are fully collateralized in accordance with 0
state law. 0
0
Investments 0
0
State statutes authorize the City to invest primarily in general obligations of the U.S. Q
government and its agencies, certain bonded obligations of Oregon municipalities, bank 0
repurchase agreements, bankers' acceptances, certain commercial paper and the State of 0
Oregon Local Government Investment Pool. 0
O
Interest rate risk. In accordance with its investment policy, the City manages its exposure 0
to declines in fair value by limiting the individual maturities in its investment portfolio to 0
eighteen months or less. The City does have a provision in its investment policy that up to 0
twenty percent of the portfolio can have maturities from eighteen months to thirty-six 0
months. 0
0
0
0
O
0
0
45
O
O
0
City of Tigard, Oregon
Notes to Basic Financial Statements
3. Cash and Investments, Continued:
Custodial credit risk - investments. For an investment, this is the risk that, in the event
of failure of the counterparty, the Caty will not. be able to recover the value of its
• investments or collateral securities that are in the possession of an outside parry. All of the
• Caty's investments, except for the investment m the Local Government Investment Pool,
which is not evidenced by securities, are held in safekeeping by the financial institution
counterparty in the financial institution's general customer account name.
The City participates in the Oregon State Treasurer's Local Government Investment Pool
• (LGIP), an open-ended; no-load diversified portfolio created under ORS 294.805 to
294.895 that is not registered with the U.S, Securities and Exchange Commission as an
investment company. The LGIP is administered by the State Treasurer and the Oregon
Investment Council with the advice of the Oregon Short-Term Fund Board. These funds
must be invested and managed, as a prudent investor would, exercising reasonable care, skill
• and caution. The Oregon Audits Division of the Secretary of State's Office audits the
LGIP annually.
The City employees participate in a defined contribution pension plan. These funds are
recorded in the Citys Pension Trust Fund. The balance at June 30, 2006 is $12,554,462.
This balance is not included in the government-wide or fund financial statements, but is
shown separately on page 35.
As of June 30, 2006, the City had the following investments:
Percentage of
Investment Type Fair Value Cost Portfolio
• State Treasurer's Local
• Government Investment Pool $ 6,865,566 $ 6,879,325 13.60%
• U.S. Government Securities 36,673,645 36,727,038 72.59%
• Municipal bonds 986,205 983,165 1.94%
• Corporate bonds 5,901,594 6,005,595 11.87%
• Total Investments $ 50,427,010 $ 50,595,123 100.00%
•
•
• Concentration of credit risk. The City's policy for investing in individual issuers varies
• depending on the type of investments. Agency securities are restricted to no more than 90
• percent of the total portfolio. Municipal bonds are restricted to no more than 25percent of
• the total portfolio No more the 35 percent of the total portfolio of investments my be
• invested in corporate bonds. Investments in corporate bonds of any one issuer may not
• exceed 5 percent of the investment portfolio.
•
•
•
•
•
•
46
•
•
•
0
City of Tigard, Oregon O
Notes to Basic Financial Statements
0
3. Cash and Investments, Continued:
O
Credit risk. The Oty's policy, which adheres to State of Oregon law, is to limit its 0
Corporate and Municipal investments to the following: Issuers within Oregon must be O
rated "A" (bonds) or A-2 / P-2 (commercial paper) or better by Standard and Poor's, 4
Moody's Investors Service or any other nationally recognized statistical rating organization. O
Issuers not in Oregon must be rated AA / Aa (bonds) or A 1 / P-1 (commercial paper) or O
better. O
O
At June 30, 2006, the City's investments were rated as follows: O
O
Highest Rating from Q
Moody's Investors Service or Standard & Poor's Corporation Q
Q
Investment Type Total Aaa / AAA Aa / AA A / A P-1 / A - 1 Not Rated
0
Local governement $ 6,879,325 $ - $ - $ - $ - $ 6,879,325 0
investment pool - Q
U.S. agency securities 36,727,038 36,727,038 - - - - 0
Municipal bonds 983,165 - 225,243 - - 757,922 0
Corporate bonds 6,005,595 353,262 3,633,133 1,532,295 486,905 - O
O
Total $ 50,595,123 $ 37,080,300 $ 3,858,376 $ 1,532,295 $ 486,905 $ 7,637,247 O
O
O
4. Assessment Liens Receivable: Q
O
Assessment liens receivable represent the uncollected amounts levied against benefited O
property for the cost of local improvements. Because the assessments are liens against the O
benefited property, an allowance for uncollectible amounts is not deemed necessary. O
Substantially all assessments are payable over a period of 10 to 20 years. Assessments bear O
interest from 5.2 to 9.4 percent. At June 30, 2006, the portion of the assessments O
receivable balance that represents delinquent accounts is approximately $44,099. O
O
O
O
O
O
O
- O
O
O
O
O
O
O
O
47 O
O
O
41
City of Tigard, Oregon
Notes to Basic Financial Statements
5. Capital Assets:
Capital asset activity for governmental activities for the year ended June 30, 2006 was as
follows:
June, 30 Reclassifications June, 30
2005 Additions Adjustments Retirements 2006
Non-depreciable
Land $ 5,786,010 $ - $ - $ - $ 5,786,010
Construction in progress 464,019 328,629 (269,210) (31,248) 492,190
Total non-depreciable 6,250,029 328,629 (269,210) (31,248) 6,278,200
Depreciable
Building and building improvements 18,726,235 31,248 - - 18,757,483
Land improvements 4,966,083 201,691 - - 5,167,774
Machinery and equipment 1,561,540 122,114 - - 1,683,654
Autos and trucks 1,803,286 374,578 - (197,684) 1,980,180
Office equipment 449,186 - - - 449,186
Infrastructure 197,759,713 1,710,970 - - 199,470,683
Total depreciable 225,266,043 2,440,601 - (197,684) 227,508,960
Accumulated depreciation
Building and building improvements (2,287,114) (466,748) - - (2,753,862)
Land improvements (3,342,456) (742,144) - - (4,084,600)
Machinery and equipment (996,010) (162,280) - - (1,158,290)
Autos and trucks (1,364,570) (136,160) - 197,684 (1,303,046)
Office equipment (411,096) (9,387) - - (420,483)
Infrastructure (39,829,125) (2,623,069) - - (42,452,194)
Total accumulated depreciation (48,230,371) (4,139,788) - 197,684 (52,172,475)
Governmental activities
capital assets, net $ 183,285,701 $ (1,370,558) $ (269,210) $ (31,248) $ 181,614,685
-"Adjustments column include reclassifications and construction in progress in previous years that were completed within
the current fiscal year.
Depreciation expense for governmental activities is charged to functions as folloR7s:
General government $ 3,831,961
Community services 186,861
Public works 89,614
Developmental services 27,457
Policy and administration 3,895
Total depreciation for governmental activities $ 4,139,788
48
0
City of Tigard, Oregon
Notes to Basic Financial Statements
O
5. Capital Assets, Continued: O
O
Capital assets activity for business-type activities for the year ended June 30, 2006, was as
follows: O
Balances Reclassifications Balances O
June 30, 2005 Additions Adjustments Retirements June 30, 2006 0
Non-depreciable O
Land $ 997,734 $ - $ - $ - $ 997,734 0
Construction in progress 1,568,907 845,768 (4,513) (955,494) 1,454,668 0
Total - non-depreciable 2,566,641 845,768 (4,513) (955,494) 2,452,402 0
Depreciable
Land imtpovements 360,669 360,669 O
Buildings and building improvements 1,072,019 73,982 - - 1,146,001 O
Sewersystem 18,413,258 2,409,535 - - 20,822,793 O
Storm drainage system 13,669,969 1,307,327 - - 14,977,296 0
Water system 41,919,576 4,231,093 - - 46,150,669 0
Equipment 846,056 - - - 846,056 O
Auto and trucks 1,230,429 52,204 - (26,293) 1,256,340
Total depreciable 77,511,976 8,074,141 - (26,293) 85,559,824 0
O
Accumulated depreciation 0
Land imrpovements (357,656) (2,110) (359,766) 0
Buildings and building improvements (446,911) (29,398) - - (476,309) 0
Sewer system (5,203,978) (445,746) - - (5,649,724)
Storm drainage system (3,717,521) (341,626) - - (4,059,147) 0
Water system (16,823,995) (798,911) - - (17,622,906)
Equipment (801,434) (6,260) - - (807,694) O
Auto and trucks (865,159) (139,606) - 26,293 (978,472) O
Total accumulated depreciation (28,216,654) (1,763,657) - 26,293 (29,954,018) O
Business-type activities O
capital assets, net $ 51,861,963 $ 7,156,252 $ (4,513) $ (955,494) $ 58,058,208
O
*-Adjustments column include reclassifications from previous years recording of capital assets. O
O
Depreciation expense for business-type activities is charged to activities as follows: O
O
Sanitary sewer $ 493,155 O
Storm sewer 367,446 O
Water 903,056 O
O
Total depreciation for business-type activities $ 1,763,657 O
O
O
O
O
O
O
O
O
O
49 O
O
O
0
City of Tigard, Oregon
Notes to Basic Financial Statements
6. Long-term Debt and Other Debt:
General Obligation Bonds payable
Bond transactions for the year ended June 30, 2006, and future maturities of bond principal
and interest, are as follows:
General Obligation bond issues - Original amount was $13,000,000. Funds were used to
build new library. Interest rates from 3 percent to 4.75 percent
Fiscal Year Outstanding Paid Outstanding Future
Due June 30, 2005 During Year June 30, 2006 Interest
2006 $ 488,335 $ (488,335) $ - $ -
2007 505,836 - 505,836 469,578
2008 518,411 - 518,411 454,403
2009 536,063 - 536,063 438,850
2010 553,795 - 553,795 422,768
2011 571,890 - 571,890 404,493
2012 590,281 - 590,281 384,477
2013 613,891 - 613,891 363,227
2014 632,787 - 632,787 340,206
2015 656,991 - 656,991 315,527
2016 686,471 - 686,471 289,248
2017-2022 5,705,789 - 5,705,789 1,110,233
$ 12,060,540 $ (488,335) $ 11,572,205 $ 4,993,010
Bancroft Improvement Bonds:
Bancroft improvement bond issues - Interest rates from 3.9 percent to 7.25 percent;
payable first from assessments to benefited properties and second, from the general credit
of the City.
Paid and
Fiscal Year Outstanding Called Outstanding Future
Due June 30, 2005 During Year June 30, 2006 Interest
2006 $ 387,549 $ (387,549) $ - $ -
2007 381,260 (175,061) 206,199 116,058
-2008 221,054 (3,565) 217,489 106,532
2009 225,683 - 225,683 96,527
2010 236,219 236,219 86,022
• 2011 247,234 247,234 74,982
• 2012 258,835 258,835 63,380
2013-2022 1,146,433 (255,146) 891,287 189,971
$ 3,104,267 $ (821,321) $ 2,282,946 $ 733,472
50
0
O
City of Tigard, Oregon O
Notes to Basic Financial Statements O
O
6. Long-term Debt and Other Debt, Continued: O
O
Bancroft improvement bonds -original amount of $1,307,969 for 69h Avenue Local 0
O
Improvement District and original amount of $1,947,678 for Dartmouth Street Local
Improvement District.
O
Notes Payable: O
O
Note payable issued January 23, 2003 - Original amount of $2,290,248. Funds were used O
for expansion and updating for Cook Park. Interest rates from 3 percent to 4.35 percent; O
payable from Parks SDC Fund. O
O
Fiscal O
Year Outstanding Paid Outstanding Future O
Due June 30, 2005 During Year June 30, 2006 Interest O
O
2006 $ 216,630 $ (216,630) $ - $ - O
2007 222,820 - 222,820 59,205 0
2008 229,201 - 229,201 51,072 O
2009 235,690 - 235,690 42,363 O
2010 247,318 - 247,318 32,935 O
2011 259,053 - 259,053 22,795
2012 270,925 - 270,925 11,785 O
_ O
Totals $ 1,681,637 $ (216,630) $ 1,465,007 $ 220,155 O
O
O
Other long-term obligations for accrued compensated absences and changes thereto during O
the year ended June 30, 2006 are as follows: O
Balance Balance Due O
June 30, June 30, in current O
2005 Additions Retirements 2006 year O
Governmental activities: O
Compensated absences $ 685,335 $ 1,198,393 $ (1,049,603) $ 834,125 $ - O
O
Business -type activities:
Compensated absences $ 112,194 $ 179,002 $ (151,709) $ 139,487 $
O
Compensated absences for governmental activities are generally liquidated by the fund O
expensing the respective payroll. O
O
d
O
O
O
O
O
51
O
0
0
City of Tigard, Oregon
Notes to Basic Financial Statements
7. Transfers:
The City utilizes three types of interfund transfers. The first type is transfers received for
services provided. These transfers are based on a cost allocation plan and are reflected as
expenses of the appropriate activity in the government - wide statements. The second type
of transfer is a transfer of resources. Typically, this transfer is made to close out funds that
are no longer needed for financial reporting. The third type of transfer is a transfer for
direct costs that can be specifically identified and billed directly to the benefiting fund.
These types of transfers are reflected as expenses of the appropriate activity in the
government - wide statements.
8. Retirement Plans:
The City contributes to retirement plans on behalf of all eligible employees. At June 30,
2006, the following employee groups were covered by the following retirement plans:
Group Retirement Plan
Management/Professional Staff (Nonunion) International City Managers Association
Retirement Corp. (ICMARq Money
Purchase Plan
Oregon Public Employees Union Employees I CMARC Money Purchase Plan
Tigard Police Officers State of Oregon Public Employees
Retirement System (PERS)
Oregon Public Employees Retirement Systems (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, Section 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.O. Box 23700, Tigard, Oregon 97281-
0 3700.
• Funding Policy
•
• The City's annual required contribution rate, as of the most recent actuarial valuation of July
• 1, 2003, is 17.69 percent of covered payroll for Tier I & II employees and 11.65 percent of
covered payroll for Tier III employees. At June 30, 2006, the City had seven employees in
• the Tier III category.
• 52
•
•
•
City of Tigard, Oregon •
Notes to Basic Financial Statements •
•
8. Retirement Plans, Continued: •
•
The City is required by State Statute to contribute its current employer rate of 17.69 percent •
and 11.65 percent of covered wages, and has contractually committed to pay the employee •
contributions of 6 percent. •
•
Annual Pension Cost •
•
Because all OPERS participating employers are required bylaw 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, 2006, 2005 and 2004, the City's annual pension cost was $753,721, $571,920 •
and $505,230, respectively. •
•
•
The City's pension liability and the annual required contribution rate were determined as
part of the December 31, 2003 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 open period. Currently, the City is in an overfunded position and has been •
for several years. The actuarial assumptions include a rate of return on investment of •
present and future assets of 8 percent per year, projected salary increase of 3.5 percent per •
year, and cost of living adjustments of 2 percent per year for post-retirement benefits. •
The following table presents a schedule of funding progress for the City's multiple- •
employer pension plan: •
•
Overfunded
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, 1995 $ 7,946,463 $ 7,616,462 $ 330,001 104% $ 2,353,479 14% •
December 31, 1997 9,664,661 7,952,478 1,712,183 122% 2,360,045 73%
December 31, 1999 17,817,986 14,743,905 3,074,081 121% 2,838,373 108% •
December 31, 2001 19,351,861 14,361,706 4,990,154 135% 3,072,422 162% •
December 31, 2003 21,361,627 20,355,961 1,005,666 105% 3,616,568 28% •
•
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 contributions to these plans under authority of City •
Council resolution and the plan documents. •
•
•
•
•
53
•
•
•
City of Tigard, Oregon
Notes to Basic Financial Statements
8. Retirement Plans, Continued:
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 pension trust fund. The plans invest in various money
market and equity mutual funds.
Required and actual contributions to the plan were $1,107,494 for the year ended June 30,
2006. Contributions are calculated as a percentage of gross payroll. The contributions
range from 10 to 11 percent for all eligible employees participating in the plans.
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 City's financial statements.
9. Transactions with Clean Water Services of Washington County:
The City collects charges for treatment of City sewage on behalf of the Clean Water
Services of Washington County and remits all collections to Clean Water Services, except
for 17.52 percent of sewer service charges collected and 20 percent of connection charges
collected, in accordance with an agreement between the City and Crean Water Services.
Payments of $6,852,502 were made to Clean Water Services during fiscal year 2006 under
this agreement.
The City has a similar agreement with the Regional Surface Water Management Agency,
which is an affiliate of Clean Water Services, for storm water systems. Payments made to
the Agency during fiscal year 2006 under the agreement were $367,172.
The net amount retained by the City is reported as revenue in the enterprise funds in the
proprietary funds statement of revenues, expenses and changes in fund net assets.
Revenues are reported net because the City acts in a fiduciary capacity on behalf of Clean
Water Services.
54
•
City of Tigard, Oregon
Notes to Basic Financial Statements •
•
10. 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 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 the property •
and that can be paid off over at lease 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 percent of its 1995-96 value. •
Measure 50 also limits future growth of the taxable value of each property to 3 percent 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 its permanent rate of $2.51 per thousand dollars of assessed
value.
•
At the beginning of each fiscal year, the Washington County Assessor determines assessed •
values of properties in the City. Washington County is responsible for the levying and •
collecting the property taxes as well as distributing the tax revenue to all taxing jurisdictions •
in the County. •
•
11. 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. •
•
•
•
•
•
•
55
•
•
Required Supplementary Information
CITY OF TIGARD, OREGON
GENERAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
E
Variance
Budgeted Amounts Actual Over
REVENUES: Original Final Amounts (Under)
Taxes $ 9,582,474 $ 9,582,474 $ 9,998,252 $ 415,778
Franchise fees 2,822,409 2,822,409 3,042,187 219,778
Licenses and permits 291,575 291,575 354,545 62,970
Intergovernmental revenues 2,875,495 2,916,735 2,882,918 (33,817)
Charges for services 720,120 720,120 1,110,496 390,376
Fines and forfeitures 650,827 650,827 702,469 51,642
Interest earnings 204,000 204,000 290,879 86,879
Miscellaneous 25,000 25,000 18,892 (6,108)
Total revenues 17,171,900 17,213,140 18,400,638 1,187,499
EXPENDITURES:
Community services 11,969,249 12,011,989 11,377,118 634,871
Public works 2,629,088 2,672,342 2,273,569 398,773
Development services 2,941,422 2,941,422 2,673,696 267,726
Policy and administration 343,085 371,120 363,848 7,272
Contingency 1,000,000 927,211 - 927,211
Total expenditures 18,882,844 18,924,084 16,688,231 2,235,853
Change in fund balance
before other financing sources (uses) (1,710,944) (1,710,944) 1,712,407 3,423,352
Other financing sources (uses):
Operating transfer in 2,677,233 2,677,233 1,945,005 (732,228)
Operating transfer out (4,507,732) (4,507,732) (3,454,072) 1,053,660
Total other financing sources (uses) (1,830,499) (1,830,499) (1,509,067) 321,432
Change in fund balance (3,541,443) (3,541,443) 203,340 3,744,784
UNDESIGNATED, UNRESERVED - _
FUND BALANCE BEGINNING OF YEAR 8,671,679 8,671,679 8,185,744 (485,935)
• UNDESIGNATED, UNRESERVED -
FUND BALANCE END OF YEAR $ 5,130,236 $ 5,130,236 $ 8,389,084 $ 3,258,849
•
•
• 56
•
0
CITY OF T I GARD, OREGON O
GAS TAX FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006 •
0
•
•
Variance
Budgeted Amounts Actual Over •
Original Final Amounts (Under) •
REVENUES:
Federal grants $ 228,025 $ 228,025 $ - $ (228,025)
State gas tax 2,232,900 2,232,900 $2,187,565 (45,335)
County gas tax 175,000 175,000 195,101 20,101
Street lighting fees 8,420 8,420 14,129 5,709
Interest earnings 31,300 31,300 71,287 39,987 •
Nfiscellaneous 111,636 111,636 35,088 (76,548)
Total revenues 2,787,281 2,787,281 2,503,170 (284,111) •
EXPENDITURES:
Development services 445,000 445,000 419,815 25,185
Contingency 350,000 280,000 - 280,000
Capital projects 1,943,361 2,013,361 306,656 1,706,705
Total expenditures 2,738,361 2,738,361 726,471 2,011,890 •
Change in fund balance
before other financing (uses) 48,920 48,920 1,776,699 1,727,779
•
Other financing (uses): •
Transfer out (1,305,617) (1,305,617) (1,035,860) 269,757 •
Change in fund balance (1,256,697) (1,256,697) 740,839 1,997,536 •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 1,552,821 1,552,821 1,979,159 426,338 •
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 296,124 $ 296,124 $ 2,719,998 $ 2,423,874
•
•
•
•
57 •
•
•
CITY OF TIGARD, OREGON
PARKS SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
System development charges $ 1,608,286 $ 1,608,286 $ 1,249,686 $ (358,600)
Interest earnings 61,380 61,380 46,973 (14,407)
Total revenues 1,669,666 1,669,666 1,296,659 (373,007)
Change in fund balance
before other financing sources (uses) 1,669,666 1,669,666 1,296,659 (373,007)
Other financing sources (uses):
Transfer in 1,900,000 1,900,000 1,900,000 -
Transfer out (1,909,917) (1,909,917) (403,956) 1,505,961
Total other financing sources (9,917) (9,917) 1,496,044 1,505,961
Change in fund balance 1,659,749 1,659,749 2,792,703 1,132,954
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR - - - -
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 1,659,749 $ 1,659,749 $ 2,792,703 $ 1,132,954
•
•
•
•
•
•
•
•
•
•
•
•
•
• 58
•
•
Other Supplementary Information
CITY OF TIG-ARD, OREGON
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
June 30, 2006
General
Obligation
Special Capital Bond Debt
Revenue Projects Service
Funds Funds Fund Total
ASSETS:
Cash and investments $ 7,978,785 $ 2,305,801 $ 252,997 $ 10,537,583
Accounts receivable 132,690 263,660 - 396,350
Taxes receivable - - 23,326 23,326
Assessment liens receivable 90,346 - - 90,346
Total assets $ 8-201,821 $ 2,569,461 $ 276,323 $ 11,047,605
LIABILITIES:
Accounts payable $ 472,253 $ 53,982 $ - $ 526,235
Customer deposits 249,143 439,958 - 689,101
Deferred revenues - Property taxes - - 15,571 15,571
Deferred revenues - Assessment liens 64,851 263,660 - 328,511
Total Liabilities 786,247 757,600 15,571 1,559,418
FUND BALANCES -
Unreserved 7,415,574 1,811,861 260,752 9,488,187
Total fund balances 7,415,574 1,811,861 260,752 9,488,187
Total liabilities and fund balances $ 8,201,821 $ 2,569,461 $ 276,323 $ 11,047,605
•
• 59
•
CITY OF TIGARD, OREGON
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
For the fiscal year ended June 30, 2006
General
Obligation •
Special Capital Bond Debt
Revenue Projects Service
Funds Funds Fund Total
.
REVENUES:
Property taxes $ - $ - $ 819,634 $ 819,634
Licenses and permits 3,248,488 - 3,248,488
Intergovernmental revenues - 20,160 20,160 .
Charges for services 951,637 - - 951,637
Interest earnings 192,560 65,399 5,430 263,390
Miscellaneous revenues 218,569 230,402 - 448,971
Total revenues 4,611,254 315,961 825,064 5,752,280 •
EXPENDITURES:
Development services 1,615,923 - - 1,615,923 •
Policy and administration 503,422 - - 503,422
Debt Service - 282,876 972,563 1,255,439
Capital projects 1,245,677 799,790 - 2,045,467 •
Total expenditures 3,365,022 1,082,666 972,563 5,420,251
Changes in fund balance
before other financing sources (uses) 1,246,232 (766,705) (147,499) 332,029 •
Other financing sources (uses):
Operating transfer in 360,547 454,473 - 815,020
Operating transfer out (944,276) (1,905,768) - (2,850,044) •
Total other financing sources (uses) (583,729) (1,451,295) (2,035,024)
Changes in fund balance 662,503 (2,218,000) (147,499) (1,702,996) .
FUND BALANCE - beginning of year 6,753,071 4,029,861 408,251 11,191,183
FUND BALANCE - end of year $ 7,415,574 $ 1,811,861 $ 260,752 $ 9,488,187 •
60
Special Revenue Funds
The balance sheet and statement of revenues, expenditures, and charges in fund balance of the nonmajor
special revenue funds are reported in the combining governmental fund statements. Fund statements for
the major special revenue funds are reported in the basic financial statements.
Schedules of revenues, expenditures, and changes in fund balance - budget and actual are also presented
here for each individual special revenue fund.
Nonmajor Special Revenue Funds:
Criminal Forfeiture Fund - This fund accounts for funds and property seized from criminals in
connection with crimes committed prior to passage of Ballot Measure 3
Traffic Impact Fee Fund - This fund accounts for traffic impact fees charged for new development.
Funds will be used for highway and transit capital improvements approved in the City's Capital
Improvement Plan (CIP).
Electrical Inspection Fund - This fund accounts for fees charged for permits, plan check fees and
inspection of electrical improvements.
Underground Utility Fund - This fund accounts for monies received from developers for future
underground utility improvements.
Insurance Fund - Records refunds of prior years workers' compensation premiums and other insurance
related revenues.
Building Fund - This fund accounts for fees charged for building inspection and plan review activities.
Traffic Impact Fee Urban Services Fund - This fund accounts for traffic impact fees collected on
roads within the City's urban services area. Funds will be used for highway and transit capital
improvements approved in the City's Capital Improvement Plan (CIP).
Urban Services Fund - This fund accounts for all revenues and expenditures related to services provided
to the urban service areas of Washington County The City of Tigard provides services to this area
pursuant to an intergovernmental agreement with Washington County.
Street Maintenance Fee Fund - This fund was established in FY 2003-04 to track the revenues and
expenditures for the Street Maintenance Fee. This fee provides revenue designated for use in the
maintenance of existing streets.
CITY OF TIGARD, OREGON
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING BALANCE SHEET
JUNE 30, 2006
Traffic Street
Criminal Traffic Electrical Underground Impact Fee Urban Maintenance
Forfeiture Impact Fee Inspection Utility Insurance Building Urban Services Services Fee
Fund Fund Fund Fund Fund Fund Fund Fund Fund Total
ASSETS:
Cash and investments $ 64,228 $ 2,693,922 $ 283,608 $ 238,567 $ 615,833 $ 1,787,849 $ 845,748 $ 722,112 $ 726,918 $ 7,978,785
Accounts receivable - - 1,425 - 2,671 1,050 - 5,393 122,151 132,690
Assessment hens receivable - 90,346 - - - - 90,346
Total assets $ 64,228 $ 2,784,268 $ 285,033 $ 238,567 $ 618,504 $ 1,788,899 $ 845,748 $ 727,505 $ 849,069 S 8,201,821
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable $ - $ 13,806 $ - $ - $ - $ 47,151 $ - $ 1,649 $ 409,647 $ 472,253
CY) Customer deposits - 6,227 2,500 240,416 - 249,143
Deferred revenues 64,851 - - 64,851
Total liabilities 78,657 6,227 - 49,651 242,065 409,647 786,247
FUND BALANCE UNRESERVED 64,228 2,705,611 278,806 238,567 618,504 1,739,248 845,748 485,440 439,422 7,415,574
Total liabilities and fund
balances $ 64,228 $ 2,784,268 $ 285,033 $ 238,567 $ 618,504 $ 1,788,899 $ 845,748 $ 727,505 $ 849,069 $ 8,201,821
CITY OF TIGARD, OREGON
NONMAJOR SPECIAL REVENUE FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES AND CHANGES IN FUND BALANCE
For the fiscal year ended June 30, 2006
Traffic Street
Criminal Traffic Electrical Underground Impact Fee Urban Maintenance
Forfeiture Impact Fee Iuspection Utility Insurance Building Urban Services Services Fee
Fund Fund Fund Fund Fund Fund Fund Fund Fund Total
REVENUES:
Licenses and permits $ $ 720,558 S 285,985 $ - $ $ 1,507,446 $ 192,360 $ 542,139 $ - $ 3,248,488
Charges for services - - 90,281 9,315 - 3,115 848,926 951,637
Interest earnings 1,529 67,726 7,043 5,353 15,170 45,646 18,684 18,497 12,912 192,560
Miscellaneous revenues - 198,852 - - 6,759 11,179 - - 1,779 218,569
Total revenues 1,529 987,136 293,028 95,634 21,929 1,573,586 211,044 563,751 863,617 4,611,254
EXPENDITURES:
Development services - - 1,615,923 - - - 1,615,923
Pohcyand administration 16,922 38,768 - 216,452 7,288 140,547 83,445 503,422
Capital projects 408,826 - 93,067 - 450 743,334 1,245,677
N Total expenditures 425,748 38,768 93,067 - 1,832,375 7,738 140,547 826,779 3,365,022
Changes in fund balance
before other financing sources (uses) 1,529 561,388 254,260 2,567 21,929 (258,789) 203,306 423,204 36,838 1,246,232
Other financing sources (uses):
Transfer in - - - - - 360,547 - - - 360,547
Transfer out 332 (143,306) (241,499) (172,677) (22,081) (329,769) (34,612) (944,276)
Total other financing sources (uses) 332 (143,306) 241,499 - 187,870 (22,081) (329,769) (34,612) (583,729)
Changes in fund balance 1,197 418,082 12,761 2,567 21,929 (70,919) 181,225 93,435 2,226 662,503
FUND BALANCE - beginning of year 63,031 2,287,529 266,045 236,000 596,575 1,810,167 664,523 392,005 437,196 6,753,071
FUND BALANCE - end of )Tar $ 64,228 $ 2,705,611 S 278,806 $ 238,567 $ 618,504 $ 1,739,248 $ 845,748 $ 485,440 $ 439,422 $ 7,415,574
•••••••i••••••••1•••••••0
CITY OF TIGARD, OREGON
CRIMINAL FORFEITURE FUND
SCHEDULE OF REVENUES AND EXPENDITURES- BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Interest earnings $ 500 $ 500 $ 1,529 $ 1,029
Miscellaneous 35,000 35,000 - (35,000)
Total revenues 35,500 35,500 1,529 (33,971)
Change in fund balance
before other financing (uses) 35,500 35,500 1,529 (33,971)
Other financing (uses):
Transfer out (50,000) (50,000) (332) 49,668
Change in fund balance (14,500) (14,500) 1,197 15,697
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 23,966 23,966 63,031 39,065
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 9,466 $ 9,466 $ 64,228 $ 54,762
•
•
63
•
•
CITY OF TIGARD, OREGON •
TRAFFIC IMPACT FEE FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006 •
•
•
•
•
Variance •
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES: •
•
Federal grants $ 21,306,324 $ 660,000 $ - $ (660,000)
System development charges 735,000 735,000 720,558 (14,442) •
Interest earnings 40,000 40,000 67,726 27,726 •
Miscellaneous 150,000 150,000 198,852 48,852 •
Total revenues 22,231,324 1,585,000 987,136 (597,863) •
•
EXPENDITURES:
Contingency 325,000 275,000 275,000
Capital projects 2,051,364 2,101,364 408,826 1,692,538 •
Total expenditures 2,376,364 2,376,364 408,826 1,967,538 •
•
Change in fund balance •
before other financing (uses) 19,854,960 (791,364) 578,310 1,369,675
Other financing (uses):
Transfer out (206,797) (206,797) (160,228) 46,569 •
Change in fund balance 19,648,163 (998,161) 418,082 1,416,244
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 1,187,867 1,187,867 2,287,529 1,099,662 •
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 20,836,030 $ 189,706 $ 2,705,611 $ 2,515,906 •
•
•
•
•
•
•
•
•
•
•
64
•
CITY OF TIGARD, OREGON
ELECTRICAL INSPECTION FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Electrical permit fees $ 238,980 $ 238,980 $ 270,900 $ 31,920
Electrical plan check fees 5,450 5,450 15,085 9,635
Interest earnings 5,500 5,500 7,043 1,543
Total revenues 249,930 249,930 293,028 43,098
EXPENDITURES:
Contingency 40,000 40,000 - 40,000
Change in fund balance
before other financing (uses) 209,930 209,930 293,028 83,098
Other financing (uses):
Transfer out (295,662) (295,662) (280,267) 15,395
Change in fund balance (85,732) (85,732) 12,761 98,493
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 245,933 245,933 266,045 20,112
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 160,201 $ 160,201 $ 278,806 $ 118,605
65
•
CITY OF TIGARD, OREGON •
UNDERGROUND UTILITY FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006 •
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under) •
REVENUES: •
•
Charges for services $ 35,000 $ 35,000 $ 90,281 $ 55,281 •
Interest earnings 7,500 7,500 5,353 (2,147) •
Total revenues 42,500 42,500 95,634 53,134 •
•
EXPENDITURES: •
•
Contingency 26,000 26,000 - 26,000
Capital projects 170,000 170,000 93,067 76,933
Total expenditures 196,000 196,000 93,067 102,933 •
Change in fund balance (153,500) (153,500) 2,567 156,067
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 366,014 366,014 236,000 (130,014) •
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 212,514 $ 212,514 $ 238,567 $ 26,053 •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
66 •
•
•
CITY OF T I GARD, OREGON
INSURANCE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Interest earnings $ 14,500 $ 14,500 $ 15,170 $ 670
Miscellaneous 30,000 30,000 6,759 (23,241)
Total revenues - change in fund balance 44,500 44,500 21,929 (22,570)
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 617,000 617,000 596,575 (20,425)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 661,500 $ 661,500 $ 618,504 $ (42,995)
67
CITY OF TIGARD, OREGON
BUILDING FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
•
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Over •
Original Final Amounts Under •
REVENUES: •
•
Licenses and permits $ 1,380,906 $ 1,380,906 $ 1,507,446 $ 126,540 •
Charges for services 8,000 8,000 9,315 1,315
•
Interest earnings 31,500 31,500 45,646 14,146 •
Miscellaneous - - 11,179 11,179
•
Total revenues 1,420,406 1,420,406 1,573,586 153,180 •
•
EXPENDITURES:
Development services 1,720,916 1,720,916 1,615,923 104,993 •
Contingency 300,000 .300,000 - 300,000
•
Total expenditures 2,020,916 2,020,916 1,615,923 404,993 •
•
Change in fund balance
before other financing sources (uses) (600,510) (600,510) (42,337) 558,173
Other financing sources (uses): •
Transfer in 389,106 389,106 360,547 (28,559) •
Transfer out (398,138) (398,138) (389,129) 9,009
•
Total other financing sources (uses) (9,032) (9,032) (28,582) (19,550) •
•
Change in fund balance (609,542) (609,542) (70,919) 538,623 •
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 1,619,687 1,619,687 1,810,167 190,480
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 1,010,145 $ 1,010,145 $ 1,739,248 $ 729,103
•
•
•
•
•
•
•
•
68
•
•
CITY OF TIGARD, OREGON
TRAFFIC IMPACT FEE URBAN SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
System development charges $ 175,000 $ 175,000 $ 192,360 $ 17,360
Interest earnings 15,000 15,000 18,684 3,684
Total revenues 190,000 190,000 211,044 21,044
EXPENDITURES:
Contingency 34,000 34,000 - 34,000
Capital projects 200,000 200,000 450 199,550
Total expenditures 234,000 234,000 450 233,550
Change in fund balance
before other financing (uses) (44,000) (44,000) 210,594 254,594
Other financing (uses):
Transfer out (30,952) (30,952) (29,369) 1,583
Change in fund balance (74,952) (74,952) 181,225 256,177
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 599,700 599,700 664,523 64,823
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 524,748 $ 524,748 $ 845,748 $ 321,000
•
69
•
CITY OF TIGARD, OREGON
URBAN SERVICES FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
1
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
1
Licenses and permits $ 507,043 $ 507,043 $ 542,139 $ 35,096
Charges for services - - 3,115 3,115
Interest earnings 7,500 7,500 18,497 10,997 •
Total revenues 514,543 514,543 563,751 49,208
EXPENDITURES:
Contingency 49,000 49,000 - 49,000
Change in fund balance •
before other financing (uses) 465,543 465,543 563,751 98,208
Other financing (uses):
Transfer out (494,917) (494,917) (470,316) 24,601
Change in fund balance (29,374) (29,374) 93,435 122,809
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 630,525 630,525 392,005 (238,520)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 601,151 $ 601,151 $ 485,440 $ (115,711)
1
1
70
CITY OF TIGARD, OREGON
STREET MAINTENANCE FEE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Fees and charges $ 800,000 $ 800,000 $ 848,926 $ 48,926
Interest earnings 4,000 4,000 12,912 8,912
Miscellaneous - - 1,779 1,779
Total revenues 804,000 804,000 863,617 59,617
EXPENDITURES:
Contingency 80,500 - - -
Capital projects 725,000 805,500 743,334 62,166
Total expenditures 805,500 805,500 743,334 62,166
Change in fund balance
before other financing(uses) (1,500) (1,500) 120,283 121,783
Other financing (uses):
Operating transfer out (119,800) (119,800) (118,057) 1,743
Change in fund balance (121,300) (121,300) 2,226 123,526
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 128,136 128,136 437,196 309,060
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 6,836 $ 6,836 $ 439,422 $ 432,586
71
~
Debt Service Funds
The balance sheet and statement of revenues, expenditures, and changes in fund balance of the nonnmajor
debt service fund is reported in the combining nonmajor governmental fund statements. Fund
statements for the major debt service fund are reported in the basic financial statements.
Schedules of revenues, expenditures, and changes in fund balance - budget and actual are also presented
here for each debt service fund.
Major Debt Service Fund:
Bancroft Debt Service Fund - This fund accounts for payment of Bancroft improvement bond
principal and interest. The sources of revenue is the collection of assessments against benefited property,
interest and contributions from other funds for their share of costs.
Nonmajor Debt Service Fund:
General Obligation Debt Service Fund - This fund accounts for payment of general obligation bond
principal and interest. The sources of revenue is from property taxes and interest earnings.
CITY OF TIGARD, OREGON
BANCROFT BOND DEBT SERVICE FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Collection of bonded assessments $ 260,773 $ 260,773 $ 1,421,765 $ 1,160,992
Interest earnings 189,709 189,709 231,108 41,399
Total revenues 450,482 450,482 1,652,873 1,202,391
EXPENDITURES:
Debt service 969,736 969,736 968,152 1,584
Change in fund balance (519,254) (519,254) 684,721 1,203,975
DESIGNATED - FUND BALANCE,
BEGINNING OF YEAR 541,198 541,198 904,297 363,099
DESIGNATED FUND BALANCE,
END OF YEAR $ 21,944 $ 21,944 $ 1,589,018 $ 1,567,074
72
•
CITY OF TIGARD, OREGON •
GENERAL OBLIGATION DEBT SERVICE FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006 •
•
•
•
•
•
•
•
Variance •
Budgeted Amounts Actual Over •
Original Final Amounts (Under) •
REVENUES: •
Taxes $ 790,331 $ 790,331 $ 819,634 $ 29,303 •
Interest earnings 9,500 9,500 5,430 (4,070) •
•
Total revenues 799,831 799,831 825,064 25,233 •
•
EXPENDITURES: •
Debt service 972,563 972,563 972,563 - •
•
Change in fund balance (172,732) (172,732) (147,499) 25,233 •
•
DESIGNATED FUND BALANCE, •
BEGINNING OF YEAR 397,700 397,700 408,251 10,551
DESIGNATED FUND BALANCE, •
END OF YEAR $ 224,968 $ 224,968 $ 260,752 $ 35,784 •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
73 •
•
•
•
Capital Projects Funds
Combining statements for all individual nonmajor capital projects funds are reported here. The
combined totals are reported in the combining nonmajor governmental fund statements. Fund
statements for the major capital projects fund are reported in the basic financial statements.
Schedules of revenues, expenditures, and changes in fund balance - budget and actual are also presented
here for each capital projects fund.
Nonmajor Capital Projects Fund:
Parks Capital Fund - This fund accounts for system development charges for major improvements to
recreational facilities within the City
Facility Fund - This fund accounts for monies set aside for future major City facility improvements.
Wall Street Local Improvement District Fund - This fund accounts for construction of a local
improvement district project from the sale of bond anticipation notes. The City's portion of the project
is funded by a transfer of resources from the Traffic Impact Fee Fund.
79th Avenue Local Improvement District Fund - This fund accounts for the potential creation of a
new Local Improvement District (LID) to improve SW 79th Avenue from SW Bonita Road to just north
of Gentle Woods Drive. Council decided in FY 2005-06 not to proceed with formation of this LID.
This fund was closed in the year ended June 30, 2006.
CITY OF TIGARD, OREGON
NONMAJOR CAPITAL PROJECT'S FUNDS
COMBINING BALANCE SHEET
June 30, 2006
Wall Street
Local
Parks Improvement
Capital Facility District
Fund Fund Fund Total
ASSETS:
Cash and investments $ 895,123 $ 1,408,594 $ 2,084 $ 2,305,801
Accounts receivable 263,660 - - 263,660
Total assets $ 1,158,783 $ 1,408,594 $ 2,084 $ 2,569,461
LIABILITIES AND FUND BALANCES:
LIABILITIES:
Accounts payable and accrued liabilities $ 946 $ 50,952 $ 2,084 $ 53,982
Customer deposits 439,958 - - 439,958
Deferred revenues 263,660 - - 263,660
Total libilities 704,564 50,952 2,084 757,600
FUND BALANCES -
UNRESERVED 454,219 1,357,642 - 1,811,861
Total liabilities and fund balances $ 1,158,783 $ 1,408,594 $ 2,084 $ 2,569,461
74
•
•
CITY OF TIGARD, OREGON
NONMAJOR CAPITAL PROJECTS FUNDS
COMBINING STATEMENT OF REVENUES, EXPENDITURES
AND CHANGES IN FUND BALANCE
For the fiscal year ended June 30, 2006
•
•
•
Wall Street
Local •
Parks Improvement •
Capital Facility District
Fund Fund Fund Total
REVENUES: •
Intergovernmental revenues $ 20,160 $ - $ $ 20,160 •
Interest earnings 30,034 35,365 65,399
Miscellaneous 180,389 50,013 230,402
Total revenues 230,583 85,378 315,961 •
EXPENDITURES:
Debt service 282,876 - 282,876 •
Capital projects 522,841 274,718 2,231 799,790 •
Total expenditures 805,717 274,718 2,231 1,082,666 •
Change in fund balance 0
before other financing sources (575,134) (189,340) (2,231) (766,705) •
Other financing sources (uses):
Transfers in 428,956 23,286 2,231 454,473
Transfers out (1,900,000) (5,768) - (1,905,768)
Total other financing sources (uses) (1,471,044) 17,518 2,231 (1,451,295) •
Change in fund balance (2,046,178) (171,822) - (2,218,000)
UNDESIGNATED, UNRESERVED FUND BALANCE, •
BEGINNING OF YEAR 2,500,397 1,529,464 4,029,861 0
UNDESIGNATED, UNRESERVED FUND BALANCE, •
END OF YEAR $ 454,219 $ 1,357,642 $ $ 1,811,861 •
•
•
•
•
•
•
•
•
•
•
•
75
•
CITY OF TIGARD, OREGON
PARKS CAPITAL FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Intergovernmental revenues $ 865,694 $ 865,694 $ 20,160 $ (845,534)
Tree replacement revenue 10,000 10,000 148,772 138,772
Interest earnings 51,000 51,000 30,034 (20,966)
Miscellaneous 105,000 105,000 31,617 (73,383)
Total revenues 1,031,694 1,031,694 230,583 - (801,111)
EXPENDITURES:
Debt Service 282,876 282,876 282,876 -
Contingency 150,000 - -
Capital projects 3,714,566 3,864,566 522,841 3,341,725
Total expenditures 4,147,442 4,147,442 805,717 3,341,725
Change in fund balance
before other financing sources (3,115,748) (3,115,748) (575,134) 2,540,614
Other financing sources:
Transfer in 2,804,987 2,804,987 428,956 (2,376,031)
Transfer out (11900,000) (1,900,000) (1,900,000) -
Total other financing sources 904,987 904,987 (1,471,044) (2,376,031)
Change in fund balance (2,210,761) (2,210,761) (2,046,178) 164,583
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 2,211,721 2,211,721 2,500,397 288,676
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 960 $ 960 $ 454,219 $ 453,259
76
•
CITY OF TIGARD, OREGON
FACILITY FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006
•
•
•
•
•
•
•
Variance •
Budgeted Amounts Actual Over
Original Final Amounts (Under) •
REVENUES:
•
Interest earnings $ 35,000 $ 35,000 $ 35,365 $ 365
Miscellaneous - - 50,013 50,013 •
•
Total revenues 35,000 35,000 85,378 50,378
•
EXPENDITURES: •
Contingency 260,000 260,000 - 260,000 •
Capital projects 1,470,254 1,470,254 274,718 1,195,536
•
Total expenditures 1,730,254 1,730,254 274,718 1,455,536
•
Change in fund balance .
before other financing sources (uses) (1,695,254) (1,695,254) (189,340) 1,505,914 •
Other financing sources (uses): •
Transfers in 583,000 583,000 23,286 (559,714)
Transfers out (51,000) (51,000) (5,768) 45,232
•
Total other financing sources (uses) 532,000 532,000 17,518 (514,482)
•
Change in fund balance (1,163,254) (1,163,254) (171,822) 991,432 •
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,500,070 1,500,070 1,529,464 29,394 •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ 336,816 $ 336,816 $ 1,357,642 $ 1,020,826
•
•
•
•
•
•
•
•
•
77
•
•
•
P: E
i
. I:_i,_
l _ ,
If?-ilk _ li_; li K or I tl- E,i~i t E ;}1. Fartr71 "y
f _
161 imp lit F`artial Fr r=,• ;fJE#8S Iuk II
_o'•~i- =1~_~1.'_ ji 0 ema1 -a0 1__ _ - - roc. ll i_'~_1
!wejm Q 11in -_`}-'?Ent interest rate risk
LE: ,D'-:.; T _ ~j_ for
i i??DCi ~i_=a
P•lana.7"et Jim _I? SIT Export for import F.w.o _.al Juh II 06240,
Fagg 1 i EY" io)3
` T-rl_t-nirtal Letter f.;F iilr;2;i;l-
.,.P T',::';L~ ,??!??ar: FR Ernplo';ee Listing 05130
-
I web We lyRetainag -_nt
1 W llllln"lar` Tt lal Bat 06 ji? irl
CatrEtl0- 06 Budgetary _,tatrY??at?~_ `s 06 DO for Roger
~TT•=,C 0~-_ CJane_--'._1t`: or Ti
ro
j Ater I n': entor 6-30-2005-1
jC.!FR 2006-07 Updated T D pecks .',rUen .F PR =ll_le Const 2CIC1 l
afY "aille Coast 200{5
]Calcl€Iaci of ` L' _-=E;,_,n .rnorbzabon /.a-sY-ffk1 -6t .A
~DEtern?roil?~-i j•~1~=i_{r -~_l,?~~=-rl€5
;IDEtelYiiY(?irig ['9a)or FI_I(?d_-Il:
_ i7''~r =lGr! ...orksi?eets
jQjga*s44 app c e`''!, !bits Rr 05-06 frm = ,-d of s
IIn?port Fartial FR =ccr"{_!al of JE= 3 3 FHVI Ck_ JI_lty 07 Wo June
Import F°artial F`R. -ect"ua1 of h#88 J{_ W 07 into June Ali
'Import F,°(tial FR F_nt CI?Is Reversal of JE=33 Jul`:' Ali in July
I -
.'Start » Inkaox Nflc"oso... I Microsoft Excel x.12 A
;alt _ii!-!
;.:-='=L_.+F.E i 'WI~A vet
CY-
1':-:fs.tmt2. 34
-
- IIIi0 - Top Ten I = sc', er
Tlgar,l - Top T a%. -a •er l!i^-Ii3
TIq ard T cp<i1 il_li - III
C it. =f TI a I d T'=1-'20 0,41 - Q~
1 rnplo-.,ees Union and ('Ion-Union
=1..a1 "teat-!p~tlar!ts _ -11--line of F;e`.ellUe E.vpenditurCe-
i''•t.` ia=_. ~1leCi o ~Y-uR1l~l~'o=t
IF'Y:OLLJE M,,1=.PID=-
Fa:roll JE Er.potL for In1cc rt Reversal
_jFellslon ,,ctrl; Recap ✓
1FFtt`..' Cash and Ca41-I Dr-a-. .:i-1-G
3 J ,
JR.e en!_r -on!rarison
Sick Leave :=ccr!_lal Info
T ~,.LLOC
1 € _jTr-ee Cash +ssur ante
i
E
f~3 _rfFSC~
Start _ Inbox Micr! Iso I r Microsoft Excel x.11 AN1
._-1
CITY OF TIGARD, OREGON
WALL STREET LOCAL IMPROVEMENT DISTRICT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
EXPENDITURES:
Capital projects $ 40,000 $ 40,000 $ 2,231 $ 37,769
Other financing sources:
Transfer in 40,000 40,000 2231 (37,769)
Total other financing sources 40,000 40,000 2,231 (37,769)
Change in fund balance - - - -
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ $ $ $
78
•
•
CITY OF TIGARD, OREGON
79TH AVENUE LOCAL IMPROVEMENT DISTRICT FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006
•
•
•
•
•
•
•
Variance .
Budgeted Amounts Actual Over •
Original Final Amounts (Under)
RE VENUES: •
•
Interest eamings $ 15,000 $ 15,000 $ $ (15,000) •
EXPENDITURES:
•
Capital projects 1,350,000 1,350,000 1,350,000
Change in fund balance •
before other financing sources (1,335,000) (1,335,000) 1,335,000 •
•
Other financing sources:
Bond proceeds 1,350,000 1,350,000 (1,350,000)
Change in fund balance 15,000 15,000 - (15,000) •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR - - -
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ 15,000 $ 15,000 $ $ (15,000)
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
79
•
•
Enterprise Funds
For GAAP reporting purposes, the City reports three proprietary funds as major funds. These funds are
the Sanitary Sewer Fund; the Storm Sewer Fund, which consists of the Storm Sewer Fund and the Water
Quality/Quantity Fund; and the Water Fund, which includes the Water Fund, Water SDC Fund and
Water CQP Fund. However, for budgetary and legal purposes these funds are accounted for separately
as listed below.
All of the City's enterprise funds meet the criteria for major fund reporting and are reported in the basic
financial statements.
Schedules or revenues and changes in fund net assets - budget and actual are presented here for each
individual enterprise fund as required by Oregon regulations.
Major Enterprise Funds:
Sanitary Sewer Fund - This fund accounts for the City's sewer utility operations.
Storm Sewer Fund - This fund accounts for the City's storm drainage operations.
Storm Sewer Fund (budgetary basis financial statements only)
Water Quality/ Quantity Fund (budgetary basis financial statements only)
Water Fund - This fund accounts for the City's water operations.
Water Fund (budgetary basis financial statements only)
Water SDC Fund (budgetary basis financial statements o*
Water QP Fund (budgetary basis financial statements only)
CITY OF TIGARD, OREGON
SANITARY SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Service charge $ 2,069,957 $ 2,069,957 $ 1,803,970 $ (265,987)
Interest earnings 188,000 188,000 197,909 9,909
Total revenues 2,257,957 2,257,957 2,001,879 (256,078)
EXPENDITURES:
Public works 899,832 913,079 560,920 352,159
Contingency 679,000 665,753 - 665,753
Capital projects 2,990,000 2,990,000 1,062,664 1,927,336
Total expenditures 4,568,832 4,568,832 1,623,584 2,945,248
Change in fund balance
before other financing (uses) (2,310,875) (2,310,875) 378,295 2,689,170
Other financing (uses):
Transfer out (574,216) (574,216) (420,267) 153,949
Change in fund balance (2,885,091) (2,885,091) (41,972) 2,843,119
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 8,569,263 8,569,263 8,211,188 (358,075)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 5,684,172 $ 5,684,172 $ 8,169,216 $ 2,485,044
80
•
CITY OF TIGARD, OREGON •
SANITARY SEWER FUND •
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES •
TO PROPRIETARY REVENUES AND EXPENSES •
For the fiscal year ended June 30, 2006 •
•
•
Operating and •
Non Operating Expenditures 1 •
Revenues Expenses •
•
$ 2,001,879 $ 1,623,584 •
•
•
Change in accrued compensated absences - 11,430 •
•
Expenditures capitalized - (1,094,286)
Services performed by other funds - 420,267 •
Depreciation expense - 493,155 •
•
•
Revenue and expenses - page 33 $ 2,001,879 $ 1,454,150 •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
81 •
•
•
•
CITY OF T I GARD, OREGON
STORM SEWER FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Service charge $ 1,097,000 $ 1,097,000 $ 1,140,191 $ 43,191
Interest earnings 17,500 17,500 20,292 2,792
Total revenues 1,114,500 1,114,500 1,160,483 45,983
EXPENDITURES:
Public works 877,367 877,367 762,336 115,031
Contingency 150,000 150,000 - 150,000
Capital projects 674,000 674,000 295,537 378,463
Total expenditures 1,701,367 1,701,367 1,057,873 643,494
Change in fund balance
before other financing (uses) (586,867) (586,867) 102,610 689,477
Other financing (uses):
Transfer out (411,908) (411,908) (261,167) 150,741
Change in fund balance (998,775) (998,775) (158,557) 840,218
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,073,959 1,073,959 982,023 (91,936)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 75,184 $ 75,184 $ 823,466 $ 748,282
82
•
CITY OF TIGARD, OREGON •
WATER QUALITY/ QUANTITY FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006
•
•
•
•
•
•
•
Variance •
Budgeted Amounts Actual Over •
Original Final Amounts (Under) •
REVENUES:
•
Service charge $ 26,500 $ 26,500 $ 36,625 $ 10,125 •
Interest earnings 39,000 39,000 48,538 9,538 •
•
Total revenues 65,500 65,500 85,163 19,663 •
EXPENDITURES: •
•
Contingency 34,000 34,000 - 34,000 •
Capital projects 275,000 275,000 121,385 153,615 0
•
Total expenditures 309,000 309,000 121,385 187,615 0
•
Change in fund balance •
before other financing (uses) (243,500) (243,500) (36,222) 207,278 •
Other financing (uses): •
Transfer out (76,194) (76,194) (795) 75,399 •
•
Change in fund balance (319,694) (319,694) (37,017) 282,677 •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 1,875,868 1,875,868 2,023,630 147,762 •
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ 1,556,174 $ 1,556,174 $ 1,986,613 $ 430,439 •
•
•
•
•
•
•
•
•
•
•
•
•
•
83 •
•
•
0
CITY OF TIGARD, OREGON
STORM SEWER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
For the fiscal year ended June 30, 2006
Operating and
Non Operating Expenditures /
Revenues Expenses
Storm Sewer $ 1,160,483 $ 1,057,873
Water Quality/ Quantity 85,163 121,385
Total 1,245,646 1,179,258
Change in accrued compensated absences - (1,704)
Expenditures capitalized (415,804)
Services performed by other funds 261,962
Depreciation expense - 367,446
Revenue and expenses - page 33 $ 1,245,646 $ 1,391,158
84
CITY OF TIGARD, OREGON •
WATER FUND •
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006 •
•
S
S
•
•
w
•
Variance •
Budgeted Amounts Actual Over
Original Final Amounts (Under) •
REVENUES:
•
Intergovernmental revenue $ 50,000 $ 50,000 $ - $ (50,000) w
Service charge 6,895,367 6,907,367 6,917,583 10,216
System development charges 261,491 261,491 408,321 146,830
Interest earnings 185,000 185,000 65,201 (119,799) •
Miscellaneous 65,500 53,500 74,174 20,674 •
Total revenues 7,457,358 7,457,358 7,465,279 7,921
EXPENDITURES:
•
Public works 5,250,315 5,250,315 5,307,634 (57,319)
Contingency 1,000,000 864,140 - 864,140 •
Capital projects 1,130,250 1,266,110 649,677 616,433 •
Total expenditures 7,380,565 7,380,565 5,957,311 1,423,254 •
Change in fund balance •
before other financing (uses) 76,793 76,793 1,507,968 (1,415,333)
Other financing (uses): •
Transfer in 63,701 63,701 - (63,701) •
Transfer out (7,339,350) (7,339,350) (6,733,681) 605,669 •
Total other financing sources (uses) (7,275,649) (7,275,649) (6,733,681) 541,968 •
Change in fund balance (7,198,856) (7,198,856) (5,225,713) (873,365)
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 7,204,703 7,204,703 7,471,081 266,378 •
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 5,847 $ 5,847 $ 2,245,368 $ 2,239,521 •
•
•
•
•
•
85 •
•
•
CITY OF TIGARD, OREGON
WATER SDC FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
System development charges $ 346,272 $ 346,272 $ 687,550 $ 341,278
Interest earnings 45,000 45,000 37,550 (7,450)
Total revenues 391,272 391,272 725,100 333,828
EXPENDITURES:
Contingency 100,000 41,640 - 41,640
Capital projects 830,000 888,360 218,940 669,420
Total expenditures 930,000 930,000 218,940 711,060
Change in fund balance
before other financing (uses) (538,728) (538,728) 506,160 1,044,888
Other financing (uses):
Transfer out (970,476) (970,477) (900,000) 70,477
Change in fund balance (1,509,204) (1,509,205) (393,840) 1,115,365
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,520,563 1,520,563 1,949,968 429,405
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 11,359 $ 11,358 $ 1,556,128 $ 1,544,770
86
•
CITY OF TIGARD, OREGON
WATER CIP FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006
•
•
•
•
•
•
•
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
•
System development charges $ 350,000 $ 350,000 $ 558,360 $ 208,360
Interest earnings 100,000 100,000 210,514 110,514 •
Miscellaneous - - 1,710 1,710
Total revenues 450,000 450,000 770,584 320,584 •
•
EXPENDITURES: •
•
Contingency 373,500 113,500 - 113,500 •
Capital projects 3,538,993 3,798,993 1,282,533 2,516,460 •
Total expenditures 3,912,493 3,912,493 1,282,533 2,629,960 •
•
Change in fund balance
before other financing sources (3,462,493) (3,462,493) (511,949) 2,950,544
•
Other financing sources:
Transfers in 6,570,476 6,570,478 6,500,000 (70,478)
Change in fund balance 3,107,983 3,107,985 5,988,051 2,880,066 •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, BEGINNING OF YEAR 1,971,127 1,971,127 3,234,275 1,263,148 •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ 5,079,110 $ 5,079,112 $ 9,222,326 $ 4,143,214 •
•
•
•
•
•
•
•
•
•
•
•
•
•
87
•
•
CITY OF TIGARD, OREGON
WATER FUNDS
RECONCILIATION OF BUDGETARY REVENUES AND EXPENDITURES
TO PROPRIETARY REVENUES AND EXPENSES
For the fiscal year ended June 30, 2006
Operating and
Non Operating Expenditures /
Revenues Expenses
Water $ 7,465,279 $ 5,957,311
Water SDC 725,100 218,940
Water CP 770,584 1,282,533
Total 8,960,963 7,458,784
Change in inventory - 54,384
Change in accrued compensated absences - 17,567
Expenditures capitalized - (2,275,870)
Services performed by other funds - 1,133,681
Depreciation expense - 903,056
Revenue and expenses - page 33 $ 8,960,963 $ 7,291,602
88
•
CITY OF TIGARD, OREGON •
ENTERPRISE FUNDS •
RECONCILIATION OF BUDGETARY FUND BALANCE TO •
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES BASIS NET ASSETS •
For the fiscal year ended June 30, 2006
•
•
•
Total Total •
Sanitary Storm Total
Sewer Sewer Water •
•
Sanitary Sewer Fund $ 8,169,216 $ - $ •
Storm Sewer Fund - 823,466 - •
Water Quality /Quanity Fund 1,986,613 •
Water Fund - 2,245,368 •
Water SDC Fund - 1,556,128 •
Water QP Fund - - 9,222,326 •
Fund balance - budget basis 8,169,216 2,810,079 13,023,822 •
•
Adjustments from budgetary basis to •
generally accepted accounting principles basis: •
Change in inventory - 37,201 •
Inventory - - 82,357 •
Capital assets, net 15,481,850 11,022,763 31,553,595 •
Accrued vacation payable (31,362) (26,064) (82,061) •
•
Total Net Assets - •
generally accepted accounting •
principles basis - pages 32 and 33 $ 23,619,704 $ 13,806,778 $ 44,614,914 •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
89 •
•
•
Internal Service Funds
Combining statements for internal service funds are reported here. The combined totals are reported
alongside the enterprise funds in the basic financial statements.
Schedules of revenues, expenses, and changes in fund net assets - budget and actual are also presented
here for each internal, service fund as required by Oregon regulations.
Central Services Fund - This fund accounts for the central administrative functions within the City
Fleet/Property Management Fund - This fund accounts for all activity related to the Fleet
Maintenance and Property Management divisions in the City
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF NET ASSETS
JUNE 30, 2006
Central Fleet/Property
Services Management
Fund Fund Total
ASSETS
Current assets:
Cash and investments $ 1,186,728 $ 116,885 $ 1,303,613
Accounts Receivable 1,819 - 1,819
Inventory 32,853 13,917 46,770
Total assets 1,221,400 130,802 1,352,202
LIABILITIES
Current liabilities:
Accounts payable and accrued
liabilities 124,605 44,210 168,815
Accrued compensated absences 138,087 9,731 147,818
Total liabilities 262,692 53,941 316,633
NET ASSETS
Net assets, unrestricted $ 958,708 $ 76,861 $ 1,035,569
90
•
CITY OF TIGARD, OREGON •
INTERNAL SERVICE FUNDS •
COMBINING STATEMENT OF REVENUES, EXPENSES •
AND CHANGES IN FUND NET ASSETS
For the fiscal year ended June 30, 2006 S
•
•
•
Central Fleet/Property
Services Management •
Fund Fund Total •
OPERATING REVENUES: •
•
Service charges $ 4,406,155 $ 1,182,980 $ 5,589,135
Miscellaneous 14,656 - 14,656 •
Total operating revenues 4,420,811 1,182,980 5,603,791 •
•
OPERATING EXPENSES: •
•
Salaries and wages 2,741,279 347,609 3,088,888 •
Contracted services 545,927 279,354 825,281 •
General, administrative and other 1,183,157 525,769 1,708,926 •
Total operating expenses 4,470,363 1,152,732 5,623,095
•
Operating income (loss) (49,552) 30,248 (19,304) •
•
NONOPERATING REVENUE: •
•
Interest revenue 24,395 770 25,165 .
Net income (loss) (25,157) 31,018 5,861 •
•
NET ASSETS - beginning of year 983,865 45,843 1,029,708 •
•
NET ASSETS - end of year $ 958,708 $ 76,861 $ 1,035,569 •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
91 •
•
•
•
CITY OF TIGARD, OREGON
INTERNAL SERVICE FUNDS
COMBINING STATEMENT OF CASH FLOWS
For the fiscal year ended June 30, 2006
Central Fleet/Property
Services Management
Fund Fund Totals
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers $ 4,406,155 $ 1,182,980 $ 5,589,135
Payments to suppliers (1,713,347) (841,887) (2,555,234)
Payments to employees (2,724,499) (350,625) (3,075,124)
Other receipts 14,656 14,656
Net cash provided (used) by operating activities (17,035) (9,532) (26,567)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest earnings 24,395 770 25,165
Net increase in cash and cash equivalents 7,360 (8,762) (1,402)
Balances--beginning of the year 1,179,368 125,647 1,305,015
Balances--end of the year $ 1,186,728 $ 116,885 $ 1,303,613
RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED BY OPERATING ACTIVITIES
Operating income (loss) $ (49,552) $ 30,248 $ (19,304)
Adjustments to reconcile operating income (loss) to net cash
provided by operating activities:
Change in assets and liabilities:
Receivables 1,635 - 1,635
Inventories (9,663) (2289) (11,952)
Accounts payable 23,765 (34,475) (10,710)
Accrued compensated absences 16,780 (3,016) 13,764
Net cash provided (used) by operating activities $ (17,035) $ (9,532) $ (26,567)
92
•
CITY OF TIGARD, OREGON •
CENTRAL SERVICES FUND
•
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL •
For the fiscal year ended June 30, 2006 •
•
•
•
•
•
•
Variance •
Budgeted Amounts Actual Over •
Original Final Amounts (Under) •
REVENUES: •
Interest earnings $ 30,000 $ 30,000 $ 24,395 $ (5,605) •
Miscellaneous - - 14,656 14,656 •
•
Total revenues 30,000 30,000 39,051 9,051 •
•
EXPENDITURES:
Policy and administration 4,103,247 4,153,837 3,859,491 294,346 •
Contingency 718,625 571,035 - 571,035 •
General government 417,682 514,682 484,836 29,846 •
•
Total expenditures 5,239,554 5,239,554 4,344,327 895,227 •
•
Change in fund balance
before other financing sources (uses) (5,209,554) (5,209,554) (4,305,276) 904,278 •
Other financing sources (uses):
Transfer in 4,638,892 4,638,892 4,406,155 (232,737) •
Transfer out (201,077) (201,077) (109,257) 91,820
•
Total other financing sources (uses) 4,437,815 4,437,815 4,296,898 (140,917) •
Change in fund balance (771,739) (771,739) (8,378) 763,361 '
•
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 1,314,517 1,314,517 1,105,173 (209,344) •
•
UNDESIGNATED, UNRESERVED •
FUND BALANCE, END OF YEAR $ 542,778 $ 542,778 $ 1,096,795 $ 554,017
•
•
•
•
•
•
•
•
•
93 •
•
•
CITY OF TIGARD, OREGON
FLEET/PROPERTY MANAGEMENT FUND
SCHEDULE OF REVENUES AND EXPENDITURES - BUDGET AND ACTUAL
For the fiscal year ended June 30, 2006
Variance
Budgeted Amounts Actual Over
Original Final Amounts (Under)
REVENUES:
Interest earnings $ 3,350 $ 3,350 $ 770 $ (2,580)
EXPENDITURES:
Public works 1,141,217 1,166,225 1,079,106 87,119
Contingency 90,000 64,992 - 64,992
Total expenditures 1,231,217 1,231,217 1,079,106 152,111
Change in fund balance
before other financing sources (uses) (1,227,867) (1,227,867) (1,078,336) (154,691)
Other financing sources (uses):
Transfer in 1,258,707 1,258,707 1,182,980 (75,727)
Transfer out (82,348) (82,348) (76,641) 5,707
Total other financing sources (uses) 1,176,359 1,176,359 1,106,339 (70,020)
Change in fund balance (51,508) (51,508) 28,003 (224,711)
UNDESIGNATED, UNRESERVED
FUND BALANCE, BEGINNING OF YEAR 60,000 60,000 58,587 (1,413)
UNDESIGNATED, UNRESERVED
FUND BALANCE, END OF YEAR $ 8,492 $ 8,492 $ 86,590 $ 78,098
94
sw
i.
Other Supplementary Schedules
Schedules included in this section are:
• Property Tax Transactions and Outstanding Balances
• Bond and Bond Interest Transactions
• Future Debt Service Requirements of Long Term Notes Payable
• 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, 2006
Property Add Property
Taxes Levy as Taxes
Receivable Extended Deduct Add Receivable
June 30, by Discounts (Deduct) Add Deduct June 30,
2005 Assessor Allowed Adjustments Interest Collections 2006
2005 - 2006 $ - S 11,115,136 $ (281,996) $ (53,199) $ 4,178 $ (10,571,115) S 213,004
2004 - 2005 225,240 - (5,587) 10,941 (176,989) 53,605
2003 - 2004 61,520 (2,286) 6,239 (39,900) 25,573
2002 - 2003 31,338 (1,211) 5,805 (24,751) 11,181
2001 - 2002 11,046 (1,090) 2,924 (9,981) 2,899
2000 - 2001 2,655 (1,899) 620 1,376
1999 - 2000 &Prior 4,207 - (750) 757 (1,223) 2,991
$ 336,006 $ 11,115,136 $ (281,996) $ (66,022) $ 31,464 $ (10,823,959) S 310,629
Property Taxes
Cash Receivable
Distributed as follows: Collections June 30, 2006
General Fund:
Current $ 9,770,493 $ 196,872
Prior )ears' levies 234,564 90,431
Total General Fund 10,005,057 287,303
Enterprise Funds:
Prior Years' levies 6
Debt Service Funds:
Current 800,625 16,132
Prior years' levies 18,271 7,194
Total Debt Service Funds 818,896 23,326
Total $ 10,823,959 $ 310,629
NOTE: Taxes, other than property taxes, are included in Taxes revenue on the
Governmental Funds Statement of Revenues, Expenditures,
and Changes in Fund Balance (page 27).
95
•
CITY OF TIGARD, OREGON •
SCHEDULE OF BOND AND BOND INTEREST TRANSACTIONS
For the fiscal year ended June 30, 2006
•
•
•
•
Bond Transactions Interest Transactions •
•
Outstanding June Matured/ Outstanding
Bancroft Bonds Original Issue 30, 2005 Additions Called Paid June 30, 2006 Matured Paid .
Issued November 30, 1998 $ 1,565,576 S 348,026 $ $ 348,026 $ (348,026) S - S 10,528 S (10,528) •
Issued June 27, 2002 1,307,969 907,823 37,900 (37,900) 869,923 66,017 (66,017) •
Issued December 3, 2003 1,947,678 1,848,418 435,395 (435,395) 1,413,023 70,286 (70,286) •
•
$ 3,104,267 $ $ 821,321 $ (821321) $ 2,282,946 $ 146,831 S (146,831) •
General Obligation Bonds •
Issued December 4, 2002 $ 13,000,000 S 12,060,540 $ $ 488,335 $ (488335) S 11,572,205 S 484,228 $ (484 228) •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
96 •
•
•
•
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF LONGTERM NOTES PAYABLE
JUNE 30, 2006
Issued - January 23, 2002
3.00% to 4.35%
Original Issue - $ 2,290,248
Total
Payment Coupon Debt
Date Principal Interest Rate Service
January 1, 2007 222,820 59,205 3.65% 282,025
January 1, 2008 229,201 51,072 3.80% 280,273
January 1, 2009 235,690 42,363 4.00% 278,053
January 1, 2010 247,318 32,935 4.10% 280,253
January 1, 2011 259,053 22,795 4.25% 281,848
January 1, 2012 270,925 11,785 4.35% 282,710
Totals $ 1,465,007 $ 220,155 $ 1,685,162
97
•
CITY OF TIGARD, OREGON
•
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS •
OF BANCROFT IMPROVEMENT BONDS •
June 30, 2006
•
•
•
•
Issued Issued •
June 27, 2002 December 3, 2003 •
Year of Total Requirements 7.25% 3.90% •
Maturity Principal Interest Principal Interest Principal Interest •
2006-2007 $ 206,199 $ 116,058 $ 40,800 $ 62,617 $ 165,399 $ 53,441 •
•
2007-2008 215,712 106,532 43,800 59,604 171,912 46,928 0
•
2008-2009 225,683 96,527 47,000 56,370 178,683 40,157 •
2009-2010 236,219 86,022 50,500 52,901 185,719 33,121 •
•
2010-2011 247,234 74,982 54,200 49,174 193,034 25,808
•
2011-2012 258,835 63,380 58,200 45,173 200,635 18,207 •
•
2012-2022 893,064 189,971 575,423 177,573 317,641 12,398 •
Totals $ 2,282,946 $ 733,472 $ 869,923 $ 503,412 $ 1,413,023 $ 230,060
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
98 •
•
•
•
CITY OF TIGARD, OREGON
SCHEDULE OF FUTURE DEBT SERVICE REQUIREMENTS
OF GENERAL OBLIGATION BONDS
June 30, 2006
Fiscal Issued: December 4, 2002
Year of Total Debt 3.00% to 4.75%
Maturity Requirement Principal Interest
2006-2007 975,414 505,836 469,578
2007-2008 972,814 518,411 454,403
2008-2009 974,913 536,063 438,850
2009-2010 976,563 553,795 422,768
2010-2011 976,383 571,890 404,493
2011-2012 974,758 590,281 384,477
2012-2013 977,118 613,891 363,227
2013-2014 972,993 632,787 340,206
2014-2015 972,518 656,991 315,527
2015-2016 975,719 686,471 289,248
2016-2022 6,816,022 5,705,789 1,110,233
$ 16,565,215 $ 11,572,205 $ 4,993,010
99
~~~~~••i••s'
.i
,v ~ .
STATISTICAL. SECTION
This part of the City of Tigard's comprehensive annual financial report presents detailed information
as a context for understanding what the information in the financial statements, note disclosures,
required supplementary information, and supplementary information says about the City's overall
financial health.
Contents . Page
Financial Trends 100- 109
These schedules contain trend information to help the reader understand how financial
performance has changed over time.
Revenue Capacity 110 -.113
These schedules contain information to help the reader assess the City's most significant
local revenue source, property taxes.
Debt Capacity 114- 118
These schedules present information to help the reader assess the affordability of the City's
current levels of outstanding debt and the City's ability to issue additional debt in the future.
Demographic and Economic Information 119- 121
These schedules offer demographic and economic indicators to help the reader understand
the environment within which the City's financial activities take place.
Operating Information 122- 125
These schedules contain service and infrastructure data to help the reader understand how
the information in the City's financial report relates to the services the City provides and the
activities it performs.
Sources: Unless otherwise noted, the information in these schedules is derived from the comprehensive annual
financial reports for the relevant.year. The City implemented GASB Statement 34 in the fiscal year 2003 and is
implementing GASB Statement 44 with this report.
0 Ore.
`TIGARD
CITY OF TIGARD, OREGON
NET ASSETS BY COMPONENT
for the last four fiscal years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006
Governmental activities
Invested in capital assets, net of related debt $ 165,584,303 $ 167,289,278 $ 169,543,524 $ 168,577,473
Restricted 2,529,038 1,782,382 1,367,179 2,812,994
Unrestricted 21,057,629 21,197,594 21,178,146 21,685,865
Total governmental activities net assets 189,170,970 190-)691254 192,088,849 193,076,332
Business-type activities
Invested in capital assets, net of related debt 48,011,698 51,186,594 51,861,963 58,058,208
Restricted 5,816,599 5,548,698 3,761,976 3,761,976
Unrestricted 18,755,869 19,877,044 20,374,983 20,480,106
Total business-type activities net assets 72,584,166 76,612,336 75,998,922 82,300,290
Primary government
Invested in capital assets, net of related debt 213,596,001 218,475,872 221,405,487 226,635,681
Restricted 8,345,637 7,331,080 5,129,155 6,574,970
Unrestricted 39,813,498 41,074,638 41,553,129 42,165,971
Total primary government net assets $ 261,755,136 $ 266,881,590 $ 268,087,771 $ 275,376,622
100
•
QTY OF TIGARD, OREGON •
CHANGES IN NET ASSETS
for the last four fiscal years •
(accrual basis of accounting)
•
•
•
•
Fiscal Year •
•
2003 2004 2005 2006
Expenses •
Governmental activities •
Community services $ 8,058,670 $ 8,744,613 $ 10,253,764 $ 11,241,521
Public works 1,890,644 2,735,212 2,172,874 3,078,772 •
Development services 3,311,058 3,791,317 4_224,696 4,669,452 ,
Policy and administration 3,548,649 6,175,917 6,166,577 7,435,899 •
Interest on long-term debt 602,291 947,848 716,899 935,359
Total governmental activities expenses 17,411,312 22,394,907 23,534,810 27,361,003 •
Business-type activities •
Sewer 901,779 945,102 1,297,582 1,454,150 •
Storm Water 1,056,795 1,090,550 1,374,459 1,391,158 •
Water 5,325,045 5,555,590 8,200,928 7,291,602 •
Total business-type activities program expenses 7_283,619 7,591,242 10,872,969 10,136,910 •
Total primary govemmentexpenses $ 24,694,931 $ 29,986,149 $ 34,407,779 $ 37,497,913
•
Program Revenues •
Governmental activities
Charges for services: •
Community services 114,454 119,513 146,798 •
Public works - 603,352 1,741,747 2,165,451 •
Development services 73,332 2,928,733 3,335,125 4,463,283 •
Policy and administration - 822,177 908,053 1,015,976
Operating grants and contributions 133 253 252,805 285,888 133,509 •
Total governmental activities program revenues 206,585 4,721,521 6,390,326 7,925,017 •
Business-type activities •
Charges for services: •
Sewer 1,923,598 1,809,032 1,601,113 1,555,358 •
Storm Water 1_246,809 1,156,863 1,1561220 1,176,816 •
Water 6,877,765 7,202,910 7,762,153 6,953,809
Capital grants and contributions - - - 6,077,864 •
Total business-type activities program revenues 10,048,172 10,168,805 10,519,486 15,763,847 •
Total primary government program revenues $ 10-254,757 $ 14,890,326 $ 16,909,812 $ 23,688,864 .
•
•
•
•
•
•
•
•
•
•
•
•
101
•
•
•
CITY OF TIGARD, OREGON
CHANGES IN NET ASSETS
for the last four fiscal years
(accrual basis of accounting)
Fiscal Year
2003 2004 2005 2006
Net (Expense) Revenue
Governmental activities $ (1704,727) $ (17,613,386) $ (17,144,484) $ (19,435,986)
Business-type activities 2,764,553 2,577,563 716,899 5,626,937
Total primary government net expenses $ (14,440,174) $ (15,035,823) $ (16,427,585) $ (13,809,049)
General Revenues and Other Changes in Net Assets
Governmental activities:
Taxes
Property taxes $ 10,472,108 $ 9,763-281 $ 10,273,332 $ 10,804,524
Franchise taxes 2,567,881 2,431,324 2,670,050 3,042,187
Restricted intergovernmental revenues (excluding grants) - - 3,447,895 388,530
Unrestricted intergovernmental revenues 8,778,951 5,204,135 1,430,206 1,863,706
Interest earnings 912,288 890,785 859,057 922,508
Miscellaneous (90,350) 422,145 283,539 513,943
Total governmental activities 22,640,878 18,711,670 18,964,079 20,435,398
Business-type activities:
Interest earnings 593,484 426,853 604,977 580,004
Miscellaneous 248,885 23,754 135,092 94,427
Total business-type activities 842,369 450,607 740,069 674,431
Total primary government $ 23,483,247 $ 19,162_277 $ 19,704,148 $ 21,109,829
Change in Net Assets
Governmental activities $ 5,436,151 $ 1,098-184 $ 1,819,595 $ 999,412
Business-type activities 3,606,922 3,028,170 386,586 6,301,368
Total primary government $ 9,043,073 $ 4,126,454 $ 2_206,181 $ 7,300,780
102
•
CITY OF TIGARD, OREGON •
FUND BALANCES OF GOVERNMENTAL FUNDS •
for the last four fiscal years •
(modified accrual basis of accounting) •
•
•
•
•
•
Fiscal Year •
•
•
2003 2004 2005 2006 •
General Fund
Reserved $ 58,523 $ 69,069 $ 54,632 $ 20,291 •
Unreserved 7,878,589 8,343,762 8,131,112 8,368,793
Total general fund $ 7,937,112 $ 8,412,831 $ 8,185,744 $ 8,389,084 •
•
•
All other governmental funds •
Reserved $ 15,612,154 $ 7,198,519 $ 4,821,174 $ 2,719,998 •
Ureserved, reported in: •
Special reveune furnds 8,355,147 7,282,391 9,253,467 10,208,277 •
Debt service funds - - - 1,811,861 •
Capital projects funds 9,050 8,971 - 1,589,018 •
Total all other governmental funds $ 23,976,351 $ 14,489,881 $ 14,074,641 $ 16,329,154 •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
103
•
•
•
CITY OF TIGARD, OREGON
CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS
for the last four fiscal years
(modified accural basis of accounting)
Fiscal Year
2003 2004 2005 2006
REVENUES
Taxes $ 10,453,992 $ 9,775,325 $ 10,334,295 $ 10,817,886
Franchise fees 2,567,881 2,431,324 2,670,050 3,042,187
Special assessments 542,816 568,971 373,141 1,421,765
Licenses and permits 3,505,499 3,668,335 4,442,222 4,852,719
Intergovernmental revenues 4,837,982 5,456,940 5,134,991 5,285,744
Charges for service 1,539,676 1,819,907 2,354,372 2,689,485
Fines and forfeitures 480,963 613,785 646,406 702,469
Interest earnings 902,312 880,070 836,359 903,635
Miscellaneous 424,525 420,390 280,411 502,951
Total revenues 25,255,646 25,635,047 27,072,247 30,218,841
EXPENDITURES
Current operating:
Community services 8,692,327 9,014,200 10,750,344 11,377,118
Public works 2,236,753 2,104,617 2,172,875 2,273,569
Development services 3,628,238 3,891,491 4,316,517 4,709,434
Policy and administration 3,884,883 4,051,476 4,334,147 4,564,400
Debt service:
Principal 2,344,496 1,300,979 1,285,275 1,526,286
Interest 302,674 951,072 748,417 697,305
Capital outlay 6,613,827 13,210,578 4,106,999 2,352,123
Total expenditures 27,703,198 34,524,413 27,714,574 27,500,235
Excess (deficiency) of revenues
over (under) expenditures (2,447,552) (8,889,366) (642,327) 2,718,606
OTHER FINANCING SOURCES (USES)
Proceeds from bond / long-term note 14,509,175 1,947,678 - -
Transfers in 3,747,649 2,581,668 2,893,435 4,046,802
Transfers out (3,747,649) (2,581,668) (2,893,435) (4,046,802)
Total other financing sources (uses) 14,509,175 1,947,678 -
Net change in fund balances $ 12,061,623 $ (6,941,688) $ (642,327) $ 2,718,606
Debt service as a percentage of noncapital expenditures 12.55% 10.57% 8.61% 8.84%
104
CITY OF TIGARD, OREGON
GOVERNMENT-WIDE REVENUES
For the last four fiscal years
Program Revenues General Revenues
Gain (Loss)
Fiscal Charges Operating Capital on Disposition
Year Ended for Grants and Grants and Intergovernmental Interest Donated of Capital
June 30 Services Contributions Contributions Taxes Franchise Taxes Revenues Earnings Assets Assets Miscellaneous Total
2003 $ 14,107,966 $ 133,253 $ 87,760 $ 10,472,108 $ 2,567,881 $ 4,704,729 $ 1,505,772 $ (27,850) $ (491,023) $ 677,408 33,738,004
2004 16,561,227 252,805 6,077,864 9,763,281 2,431,324 5,204,135 1,317,638 445,899 42,054,173
2005 16,623,924 285,888 10,273,332 2,670,050 4,878,101 1,464,034 418,631 36,613,960
2006 17,477,491 133,509 6,077,864 10,804,524 3,042,187 5,152,236 1,502,512 608,370 44,798,693
'This schedule has been added with the implementation of GASB 34 effective fiscal year 2003.
Source: Comprehensive Annual Financial Report of the City.
O
tJt
CITY OF TIGARD, OREGON
GOVERNMENT-WIDE EXPENSES BY FUNCTION
For the last four fiscal years
Fiscal Interest on
Year Ended Community Development Policy and Long-Tema Stomi
June 30 Services Public Works Services Administration Debt Sewer Water Water Total
2003 $ 8,058,670 $ 1,890,644 $ 3,311,058 $ 3,548,649 $ 602,291 $ 901,779 $ 1,056,795 $ 5,325,045 $ 24,694,931
2004 8,744,613 2,735,212 3,791,317 6,175,917 947,848 945,102 1,080,550 5,555,590 29,986,149
2005 10,253,764 2,172,874 4,224,696 6,166,577 716,899 1,297,582 1,374,459 8,200,928 34,407,779
2006 11,241,521 3,078,772 4,669,452 7,435,899 935,359 1,454,150 1,391,158 7,291,602 37,497,913
*This schedule has been added with the implementation of GASB 34 effective fiscal year 2003.
Source: Comprehensive Annual Financial Report of the City.
•
CITY OF TIGARD, OREGON •
GENERAL GOVERNMENTAL REVENUES BY SOURCES - •
BUDGETARY BASIS •
For the last ten fiscal years •
•
•
Fiscal Licenses Inter- Charges
Year-Ended Franchise and governmental - For Fines and Miscellaneous
Junc 30 Taxes Fees pemtits Revenues Services Forfeitures Revenues a Total •
1997 S 7,699,435 S 1,736,933 E 3,746,604 E 3,834,114 E 798,129 S 397,637 s 1,632,664 S 19,845,516
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 23,008,332 •
2000 7,876119 1,960,768 2,271,148 4,658,795 675,323 371,594 3,404,178 21-)18,025 •
2001 8,504,271 2,063,978 4,057,117 4,760,711 732,797 367,732 1,730,569 22,217,175
•
2002 9,018,360 2,674,388 3,147,960 4,778,451 443,418 415,760 1,359,360 21,837,697
2003 10,453,992 2,567,881 3,505,499 4,837,982 865,242 480,963 1,869,653 24,581,212
•
2004 9,775,325 2,431,324 3,668,335 5,456,940 1,148,271 613,785 1,858,371 24,952,351 •
2005 10,334195 2,670,050 4,442,222 5,134,991 1,743,493 646,406 1,489,909 26,461,367 •
2006 10,817,886 3,042,187 4,852,719 5,285,744 2,689,485 702,469 2,828,351 30,218,841
•
' Includes special assessments collections and private donations. •
Information derived from Comprehensive Mnual Financial Repons for all Governmental Fund Types •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
107 •
•
•
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
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 20,215,465
1999 7,778,333 4,476,564 2,100,829 4,349,185 6,850,522 25,555,433
2000 8,322,224 4,738,142 2287,819 3,902,719 2,699,338 21,950,242
2001 8,696,210 4,832,637 2,593,816 3,894,954 672,656 20,690,273
2002 8,372,801 5,927,523 309,559 2,700,075 2,785,404 20,095,362
2003 8,692,327 5,864,991 279,753 2,971,446 2,647,170 20,455,687
2004 9,014,200 5,996,108 821,553 13,210,578 4,310,054 33,352,493
2005 10,750,344 6,489,391 1,017,764 4,106,999 2,033,691 24,398,189
2006 11,377,118 6,983,003 4,564,400 2,352,123 2,223,591 27,500,235
•
•
•
•
•
108
•
•
QTY OF TIGARD, OREGON
MARKET VALUE AND ASSESSED VALUE OF TAXABLE PROPERTY •
For the last ten fiscal years
•
•
•
•
•
Fiscal Assessed Value Assessed to
Year Public Total Estimated Value as a
Ended Real Personal Utility Total Direct Real Market Percentage •
June 30 Property Property PropertyAssessed Value Tax Rate Value (RMV) of RMV •
1997 $ $ $ $ 3,111,388,324 $ 2.54 $ 3,111,388,324 100.00%
1998 2,711,669,298 3.12 3,424,967-172 79.17%
1999 2,556,684,350 212,026,836 100,949,648 2,869,660,834 3.10 3,601,609,341 79.68%
•
2000 2,694,978,680 224,934,987 113,115,415 3,033,029,082 2.59 3,938,205,819 77.02%
2001 2,903,403,430 229,530,723 121,662,548 31154,596,701 2.60 4,354,132,334 74.75% •
2002 3,085,457,460 221,564,523 163,556,880 3,470,578,863 2.58 4,624,009,037 75.06% •
2003 3,227,082,340 215,829,652 178,798,982 3,621,710,974 2.90 4,804,794,161 75.38% •
2004 3,376,409,604 206,038,692 171,911,103 3,754,359,399 2.68 5,151,890,520 72.87% •
•
2005 3,543,033,334 204,589,409 160,586,232 3,908-108,975 2.70 5,402,433,125 72.34%
2006 3,717,827,074 210,841,242 159,236,470 4,087,904,786 2.70 5,913,857,305 69.12% r
Source: Washington County Department of Assessment and Taxation. •
•
Assessed value, up until July 1, 1997, was defined as market value. A new property tax limitation known as S
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. In addition, the maximum assessed value of a property was limited to a maximum of 3% growth per year.
Total assessed value is available for these fiscal years; however the underlying allocation is unavailable. •
•
Assessed Value by Type •
for the fiscal year ended 2006 •
•
Real Property
91% •
ru~
Personal Property •
5% •
Public Utility Property
4% •
•
•
109
•
•
CITY OF TIGARD, OREGON
PROPERTY TAX RATES - DIRECT AND OVERLAPPING GOVERNMENTS
(Dollars per $1,000 of Assessed Value rounded to the nearest cent)
For the last ten fiscal years
Tigard/ Washington Washington
Fiscal Metzger Tualatin Beaverton Tualatin County County
Year Water School School Unified Valley Rural Fire Portland Education Other
Ended District City of Washington District District Sewerage Fire &Rescue District Community Service Taxing
June 30 Combined Tigard County No. 23- No. 48 Agency District No. 2 College District Agencies Total
1997 $ 0.23 $ 2.54 $ 1.35 $ 12.85 $ 11.41 $ 0.05 $ 1.52 $ - $ 0.73 $ 0.30 $ 0.83 $ 31.81
1998 0.27 3.12 2.60 6.60 6.16 - 1.54 - 0.37 - 0.78 21.44
1999 0.28 3.10 2.57 6.65 6.17 1.53 1,15 0.35 0.81 22.61
2000 0.21 2.59 2.54 6.31 6.19 1.56 1.29 0.36 0.70 21.75
2001 0.25 2.60 2.53 7.24 6.12 1.59 1.30 0.37 0.70 22.7
O 2002 0.23 2.58 2.96 7.04 6.37 1.83 1.31 0.55 0.69 23.56
2003 0.23 2.90 2.91 7.90 6.56 1.82 1.12 0.49 0.63 24.56
2004 0.22 2.68 2.90 7.88 8.01 1.83 1.12 0.51 0.62 25.77
2005 0.13 2.70 2.87 7.79 6.60 1.83 1.12 0.51 0.62 24.16
2006 - 2.72 2.84 7.85 7.98 1.82 1.12 0.50 0.63 25.44
Tax rates, expressed in dollars and cents per $1,000 of assessed value of taxable property in each taxing district, are required by the State Constitution to be uniform throughout the district.
Taxes levied may be composed of three types of levies: (1) a base operating levy, (2) a special operating levy approved by the voters in the district and (3) a debt service levy. Each district with outstanding
General Obligation bonded debt is required to levy taxes sufficient with other available funds, to meet principal and interest payments when due.
All operating levies were converted to a permanent ate 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 panel of propeny, actual rates on tax bills are a combination of the above depending upon the location of the parcel and the school district and sewer and water
district boundaries. Total overlapping tax aces for property, in Tigard in 2004 ranged from $1211/$1,000 to $16.64/$1,000.
Source: Washington County Department of Assessment and Taxation.
•
CITY OF TIGARD, OREGON
PRINCIPAL PROPERTY TAXPAYERS
For current and nine years ago
•
•
•
•
•
2006 1997 •
Percentage Percentage
Taxable of Total City Taxable of Total City •
Assessed Assessed Assessed Assessed •
Taxpye Value Rank Value Value Rank Value
a r
•
Pacific Realty Associates $ 155,750,406 1 3.81% $ 131,953,480 1 4.24% •
PPR Washington Square, LLC 85,486,047 2 2.46% - - •
EOP-Lincoln, LLC 72,572,972 3 1.78% •
Verizon Northwest Inc 49,926247 4 1.22% -
Calwest Industrial Holdings, LLC 32,954,660 5 0.81% -
Sprint Spectrum LP (PCS) 29,855,700 6 0.73% -
Portland General Electric 27,947,989 7 0.68% - - •
Northwest Natural Gas 24,578,200 8 0.60% -
Nesbitt Portland Property LLC 22,518,470 9 0.55% 23,183,794 5 0.75% •
May Department Stores Company 22,071,385 10 0.54% - - •
Robinson, Constance - 16,866,248 6 0.54% •
Wrnmar Company 117,165,590 2 3.77%
SF Oregon Company Ltd. - 67,289,495 3 2.16% •
Spieker Properties - 23,354,628 4 0.75%
Real Estate Equities Joint Venture - 13,370,038 7 0.43% •
Costco/Wholesale - 11,796,652 8 0.38% •
Pacific Corporation - 10,622,574 9 0.34%
FIG Holding Company - - 10,595,353 .10 0.34%
•
$ 523,662,076 13.18% $ 426,197,852 13.70%
•
•
•
•
Source: Washington County Assessment & Taxation records.
•
•
•
•
•
•
•
•
•
•
•
•
•
•
111 ~
•
•
•
QTY 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 Lew
1997 S 7,924,163 $ 7,511,237 94.79% $ 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 94.22% 227,801 8,628,676 96.78% 418,484 4.69%
2000 7,881,754 7,385,015 93.70% 270,169 7,655,184 97.13% 395-297 5.02%
2001 8,479,977 8,017,056 94.54% 241,309 8,258,365 97.39% 365,837 4.31%
2002 8,984,987 8,498,029 94.58% 241,336 8,739,365 97.27% 373,584 4.16%
2003 10,521,836 9,942,473 94.49% 252,892 10,195,365 96.90% 394,897 3.75%
2004 10,072,155 9,519,258 94.51% 249,358 9,768,616 96.99% 388,113 3.85%
2005 10,568,724 10,032,595 94.93% 293,729 10,326,323 97.71% 330,296 3.13%
2006 11,115,136 10,571,115 95.11% 252,844 10,823,959 97.38% 310,629 2.79%
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 hens are foreclosed after three year's delinquencies.
Taxpayers receive a discount of 3% for payment in full by November 15 and 2% for payment of rnro thirds of the total taxes due.
City Property Taxes Levied
$12,000,000
$11,000,000
$10,000,000
$9,000,000
$8,000,000
$7,000,000 -
$6,000,000 - -
$5,000,000 -
$4,000,000 -
$3,000,000
$2,000,000
$1,000,000 =
$ - -
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
112
•
CITY OF TIGARD, OREGON
•
SPECIAL ASSESSMENT COLLECTIONS •
For the last ten fiscal years
•
•
•
•
•
•
Fiscal Year Current Ratio of Total
Ended Assessments Assessments Collections Outstanding •
June 30 Due (1) Collected (2) to Amount Due Assessments •
•
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
2000 329,174 971,414 295.11% 3,761,444 •
2001 234,907 290,268 123.57% 3,494,465 •
2002 240,894 343,642 142.65% 4,621,388 •
•
2003 185,975 542,816 291.88% 4,150,052 •
•
2004 637,900 557,911 87.46% 3,471,643 •
•
2005 598,804 373,141 62.31% 3,074,031
2006 821,321 1,421,765 173.11% 1,639,875 •
•
•
•
(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 •
•
•
•
•
•
•
•
•
•
•
•
113
•
•
CITY OF TIGARD, OREGON
RATIO OF ANNUAL DEBT SERVICE EXPENDITURES FOR LONGTERM DEBT TO
TOTAL GENERAL GOVERNMENTAL EXPENDITURES
For the last ten fiscal years
Total Percent of Debt
Fiscal Year Total General Service to
Ended Debt Governmental Total General
June 30 Principal Interest Service Expenditures Expenditures
1997 $ 5,755,000 $ 447,957 $ 6,202,957 $ 21,130,604 29.36%
1998 6,390,000 406,542 6,796,542 20,215,465 33.62%
1999 6,190,576 659,946 6,850,522 25,555,433 26.81%
2000 2,487,352 211,986 2,699,338 21,950,242 12.30%
2001 2,408,085 207,914 2,615,999 22,638,451 11.56%
2002 4,195,966 325,036 4,521,002 20,095,362 22.50%
2003 2,351,917 254,833 2,606,750 20,455,687 12.74%
2004 3,358,982 929,462 4,288,444 34,524,413 12.42%
2005 1,285,275 748,417 2,033,692 27,714,574 7.34%
2006 1,526,286 697,305 2,223,591 27,500,235 8.09%
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
•
•
•
•
•
•
•
•
•
•
•
• 114
•
•
•
•
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 •
1997 35,925 $ 3,111,388,324 $ 5,125,000 $ 4,514,054 $ 6,407,898 0.21% $ 178.37 •
•
1998 36,680 3,424,967,272 3,360,000 206,712 3,153,288 0.09% 85.97 •
1999 37,200 3,601,609,341 2,991,249 792,529 2,198,720 0.06% 59.11 •
•
2000 39,672 3,033,029,082 2,442,075 1,492,889 949,186 0.03% 23.93 •
2001 42,260 4,354,132,334 1,982,168 1,609,030 373,138 0.01% 8.83 •
•
2002 43,040 3,470,578,863 2,824,243 2,154,758 669,485 0.02% 15.55 •
2003 44,070 4,804,794,161 15,393,293 2,270,985 13,122,308 0.27% 297.76 •
•
2004 45,130 3,754,359,399 16,239,519 1,713,313 14,526,206 0.39% 321.87 •
2005 44,650 3,908208,975 15,164,807 1,312,547 13,852,260 0.35% 310.24 •
•
2006 46,411 4,087,904,786 11,57205 1,849,770 9,722,435 0.24% 209.49 •
•
•
Excludes bond anticipation notes payable. •
Sources: City budget documents, Comprehensive Annual Financial Reports of the City and Washington County Department of •
Assessment and Taxation. •
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
115 •
•
•
CITY OF TIGARD, OREGON
COMPUTATION OF DIRECT AND OVERLAPPING GENERAL OBLIGATION DEBT
June 30, 2006
Percent Amount
Applicable Applicable
Net Debt Inside City Inside City
urisdiction Outstanding of Tigard of Tigard
Tigard/Tualatin School District # 23-J $ 57,857,240 50.8814% $ 29,438,574
Tri-Metropolitan Transportation District 2,930,966 3.7858% 110,961
Metro 4,283,996 3.7631% 161,211
Beaverton School District # 48 10,425,731 3.8990% 406,499
Portland Community College 3,538,610 4.7887% 169,453
Washington County 5,471,943 11.2603% 616,157
Tualatin Valley Fire &Rescue District 519,219 12.5719% 65,276
Sub-Total of Overlapping Debt 85,027,705 30,968,131
City of Tigard 11,572,205 100.0000% 11,572,205
Total for Overlapping Debt $ 96,599,910 $ 42,540,336
Source: Oregon State Treasury Debt Management Division
•
•
•
•
•
•
•
•
•
•
•
•
•
•
• 116
•
•
CITY OF TIGARD, OREGON
COMPUTATION OF LEGAL DEBT MARGIN
For the last ten fiscal years
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Debt limit $ 93,341,650 S 102,749,018 $ 108,048,280 $ 118,146,175 $ 130,623,970 $ 138,720,271 $ 144,143,825 S 154,556,716 S 162,072,994 S 122,637,144
Total net debt applicable to limit 3,965,000 2,475,000 905,000 695,000 470,000 245,000 19,526,586 14,428,648 12,060,540 9,289,259
Legal debt margin $ 89,376,650 $ 100,274,018 $ 107,143,280 $ 117,4515175 S 130,153,970 $ 138,475,271 $ 124,617,239 $ 140,128,068 $ 150,012,454 $ 113,347,885
Total net debt applicable to the limit
as a percentage of debt limit 4.25% 2.41% 0.84% 0.59% 0.36% 0.18% 13.55% 9.34% 7.44% 7.57%
-1 Legal Debt Margin Calculation at June 30, 2006
True cash value (2005-2006) S 4,087,904,786
3°%
Debt Limt (3% of total property real market value) 122,637,144
Debt applicable to limit.
Gross bonded debt S 11,572,205
Excludable debt- Bancroft improvement bonds (2,282,946)
Debt subject to limitation 9,289,259
Legal debt margin - amount available for future indebtedness S 113,347,885
Total net debt applicable to the limit
as a percentage of debt limit 7.57%
Note: Pursuant to Oregon Revised Statutes 287.004, outstanding general obligation debt is limited to
3 percent of real market value
Source: Washington County Department of Assessment and Taxation
•
0000000000000000000 0 0 00 0 0 00 0 0
CITY OF TIGARD, OREGON
RATIO OF DEBT BY TYPE
For the last ten fiscal years
(1)
Fiscal Year General Long-Term Percentage (2)
Ended Obligation Bancroft Note Payable Total of Personal Per
June 30 Poptilation Bonded Debt Bonded Debt Debt Government Income Capita
1997 35,925 $ 5,125,000 $ 1,160,000 $ $ 6,285,000 0.60% $ 174.95
1998 36,680 3,360,000 885,000 4,245,000 0.41% 115.73
1999 37,200 2,991,249 2,086,249 5,077,498 0.49% 136.49
2000 39,672 2,442,075 1,747,075 4,189,150 0.40% 105.59
2001 42,260 1,982,168 1,512,168 3,494,336 0.34% 82.69
2002 43,040 2,824,243 2,579,243 2,290,248 7,693,734 0J4% 178.76
2003 44,070 15,393,293 2,393,293 2,091,727 19,878,313 1.91% 451.06
2004 45,130 16,239,519 3,703,071 1,892,200 21,834,790 2.09% 483.82
2005 44,650 15,164,807 3,104,267 1,681,637 19,950,711 N/A 446.82
2006 46,411 11,572,205 2,282,946 1,465,007 15,320,158 N/A 330.10
(1) See page 00 for personal income data
(2) Per capita data is using Tigard's population
N/A = Not available
Sources: City budget documents, Comprehensive Annual Financial Reports of the Gry and Washington County Department of
Assessment and Taxation.
118
•
CITY OF TIGARD, OREGON •
DEMOGRAPHICS STATISTICS •
For the last ten fiscal years •
•
•
•
•
•
•
•
(4) -
Assessed Total (2) •
Value Personal Unemployment
of Taxable (3) (4) Income Rate •
Fiscal Year (1) Property School Per Capita (thousands Portland •
Ended June 30 Population Per Capita Enrollment Income of dollars) Metro Area •
1997 35,925 $ 86,608 10,829 $ 29,032 $ 1,042,966 3.90% •
1998 36,680 73,928 11,071 29,592 1,085,443 4.30% •
1999 37,200 74,537 11,080 28,803 1,071,473 4.50% •
2000 39,672 76,453 11,145 27,974 1,109,793 4.10%
2001 42,260 77,014 11,500 27,128 1,146,445 4.50% •
2002 43,040 80,636 11,785 26,584 1,144,177 7.50% •
2003 44,070 82,181 11,686 26,145 1,152,206 8.80%
2004 45,130 83,190 11,831 25,734 1,161,384 6.80% •
2005 44,650 87,530 11,653 N/A N/A 6.30% •
2006 46,411 88,081 12,134 N/A N/A 6.30% •
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 - City student totals not available •
(4) Washington State University- Northwest Income Indicators Project •
* - Personal income data for Tigard was not available so data was calculated using the ratio of Tigard's population
to Washington County's total population. The ratio was then applied to total personal income for Washington County
•
to arrive at an estimated personal income for the City of Tigard. •
Population and School Enrollment Trends •
•
50,000
45,000 -
40,000 •
35.000
30,000 - •
25,000 - - •
20,000
•
15,000 a
10,000
5,000
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 •
•
Population W School Enrollment
•
•
•
•
•
•
•
•
•
119 •
•
•
CITY OF TIGARD, OREGON
PRINCIPAL EMPLOYERS
For current year and nine years ago
2006 1997
Percentage Percentage
of total City of total City
Employer Employees Rank employment Employees Rank employment
Renaissance Credit Services 1,116 1 357% - -
Tigard - Tualatin School District 779 2 2.49% 592 2 2.10%
Meier & Frank 704 3 2.25% - -
Nordstrom 461 4 1.47% 503 3 1.78%
Oregon PERS 347 5 1.11% - -
Costco/Wholesale 341 6 1.09% 251 9 0.89%
Providence Health System 303 7 0.97% - -
Ikon Office Solutions 277 8 0.89% - -
City of Tigard 267 9 0.85% - -
FUR Systems, Inc. 250 10 0.80% - -
Percision Interconnect - 683 1 2.42%
US West Direct - 340 4 1.20%
Farmers Insurance - 325 5 1.15%
Corning Clinical - 318 6 1.13%
JC Penny Company - 300 7 1.06%
Fred Meyer - 260 8 0.92%
Coe Manufacturing - 236 10 0.84%
4,845 15.50% 3,808 13.49%
Source: City of Tigard
120
r
•
CITY OF TIGARD, OREGON
PROPERTY VALUE AND CONSTRUCI'ION •
For the last ten fiscal years •
•
•
Commercial Residential A'
Fiscal Year Construction (1) Construction (1) •
Ended Number of Number of
June 30 Permits Value Permits Value
1997 22 $ 44,227,644 355 $ 59,581,425 •
•
1998 28 45,381,833 147 30,720,243
•
1999 18 26,772,534 229 37,876,657
•
2000 22 55,244,410 198 (2) 37,202,497 •
2001 23 47,262,611 576 (2) 114,188,480
2002 12 21,583,399 387 (2) 96,339,584
•
2003 10 22,289,054 375 (2) 104,951,598 •
2004 17 59,523,557 375 (2) 99,056,117
•
2005 11 49,645,891 325 (2) 96,002,190 •
•
2006 8 50,744,300 299 (2) 100,965,847 •
•
(1) From City of Tigard Building Department. Multi-family permits are included in the
number of permits issued for residential construction. •
(2) Residential totals for permits and value include amounts from •
Urban/ Washington County as well as City of Tigard •
•
•
•
A
•
•
•
•
•
•
•
•
•
121 •
•
•
CITY OF TIGARD, OREGON
FULL-TIME EQUIVALENT CITY GOVERNMENT EMPLOYEES BY FUNCTION
For the last ten fiscal years
Full-time Equivalent Employees as of June 30
1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
Function / Program
Community services
Police 63.50 69.00 69.00 72.00 76.33 75.50 75.00 76.00 77.00 78.00
Library 24.11 25.16 27.52 29.70 31.00 30.70 30.65 28.90 33.20 33.20
Parks maintenance (a) 6.00 6.50 8.50 - - - - - - -
Public works
Administration 3.25 3.00 4.00 6.00 6.00 6.50 7.00 7.00 7.85 7.60
Parks maintenance (a) - - - 9.50 9.50 9.75 10.25 11.00 10.75 10.75
Street maintenance 7.00 10.00 10.50 11.50 11.50 9.35 9.20 8.50 8.00 7.00
Fleet maintenance 2.00 2.00 2.50 3.00 3.00 3.22 3.10 3.25 3.00 2.50
Property management 1.00 1.00 2.50 3.00 3.00 3.38 3.25 3.25 3.25 3.25
Development services
Administration 8.00 9.00 9.00 9.00 3.00 3.00 3.00 3.00 3.00 3.00
Building inspection 11.00 18.50 19.00 15.00 12.50 13.50 13.50 16.30 18.30 18.80
Current planning 4.00 6.50 6.50 6.50 9.00 9.00 9.00 8.20 8.20 8.20
Long range planning 4.00 4.00 4.00 4.00 4.00 5.00 5.00 5.00 5.00 7.00
Engineering 14.00 14.00 14.50 15.50 15.50 16.00 16.00 15.50 15.50 15.50
Policy and Administration
Ctymanagement 4.50 4.50 4.50 5.50 5.80 5.80 5.80 4.00 3.80 3.80
Human resources 350 3.50 3.50 350 3.50 4.00 4.00 4.00 4.00 4.00
Information technology 2.50 3.50 4.50 4.50 4.50 8.00 8.00 6.00 6.00 7.00
Risk management 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00 2.00
Finance admnistration 1.00 1.00 1.00 1.00 2.00 3.00 3.00 3.00 3.00 3.00
Financial operations 8.00 8.00 9.00 10.00 10.75 10.80 10.80 10.80 10.80 10.80
Office services 6.50 6.50 6.50 7.00 7.00 7.00 7.00 7.30 7.30 7.30
Municipal court 3.00 3.00 3.00 3.00 4A0 4.00 3.00 3.00 3.00 3.00
SanirarySewer 6.58 6.75 7.00 7.00 7.00 6.93 6.95 7.25 7.75 7.25
Storm Sewer 5.58 4.75 7.00 7.00 7.00 6.92 6.95 7.75 8.25 7.25
Water 14.59 15.50 16.00 17.00 17.00 17.95 18.00 17.00 16.25 16.50
Total 205.61 227.66 241.52 252.20 254.88 261.30 260.45 258.00 265.20 266.70
Source: City of Tigard Finance Department
(a) Parks maintenance was budgeted in Community Services until FY 2001-02 at which time it was moved to the Public Works division.
•
•
•
•
•
•
• 122
•
•
•
CITY OF T I GARD, OREGON •
OPERATING INDICATORS BY FUNCTION/PROGRAM •
For the last four fiscal years
•
•
•
Fiscal Year
Functions/ Programs 2003 2004 2005 2006
•
Governmental activities:
Community services
Police-number of traffic citations issued 6,993 6,815 6,006 6,800
Police-number of calls for service 50,403 49,333 53,754 51,062 •
Library-number of items in collection 114,094 115,618 125,570 143,500 •
Library-materials checked out each year 684,475 685,000 728,250 850,000
Public works •
Acres of park land maintained 165 170 170 170 •
Crack sealing completed annually (linear feet) 150,000 98,000 150,000 151,000
Vehicles maintained to industry standard 140 140 144 144 •
Development services •
Number of inspections (Tigard) 13,000 14,200 21,000 19,550 •
Number of permits (all types) in Tigard 2,760 3,300 3,600 3,351 •
Number of development applications 330 400 430 374 •
Policy and administration •
•
Number of job applications 1,000 1,800 1,900 2,000
Laptops and computers to maintain 275 325 445 500 •
Insured value of City's real property (in millions) $ 25.2 $ 27.9 $ 38.8 $ 40.8 •
Number of utility bills sent 104,014 106,055 109,854 112,775 •
Average fine amount collected $ 53 $ 68 $ 78 $ 75
•
Business-type activities:
Sewer
Miles of sewer lines cleaned (annual goal) 47.3 53.2 48.5 50.8 •
Miles of sewer lines video inspected (annual goal) 20.3 20.7 26.1 21.8 •
Storm Water •
Miles of storm sewer lines cleaned 27.8 30.2 13.7 28.5 •
Number of Water Quality facilities 45 60 62 65 •
Total number of catch basins cleaned 3,760 3,867 3,915 4,100 •
Water •
Number of accounts 16,364 16,712 17,022 17,300 •
Number of main breaks repaired 12 15 10 10
•
•
•
•
Source: City of Tigard Finance Department •
•
•
123 •
•
•
•
CITY OF TIGARD, OREGON
CAPITAL ASSETS STATISTICS BY FUNCTION
For the last four fiscal years
Fiscal Year
Functions /Programs 2003 2004 2005 2006
Governmental activities:
Community services
Police stations 1 1 1 1
Library buildings 1 1 1 1
Public works
Number of parks 11 13 13 13
Acres of park and greenspaces 293.5 347.0 347.0 348.0
Miles of streets 142.5 150.0 150.0 150.0
Development services
See Note
Policy and administration
Cit},owned building facilities 4 5 5 5
Business-type activities:
Sewer
Total miles of sanitary sewer lines 142.0 146.6 148.0 152.8
Storm Water
Total miles of stonrn sewer lines 111.0 110.6 113.0 116.6
Number of Water Quality facilities 45 60 62 62
Water
Water mains in miles 210 210 220 223.7
Number of reservoirs 13 13 13 13
Source: City of Tigard Finance Department
Note: No capital assets indicators are available for development services functions.
124
•
CITY OF TIGARD, OREGON •
MISCELLANEOUS STATISTICAL DATA
June 30, 2006
•
•
•
•
Date of Incorporation 1961
Form of government Mayor / Council with a Gty Manager as
the administrative head of the •
government of the City
•
Area (Square Miles - incorporated area) 11.7 •
Miles of streets 150.00 •
Population 46,411 •
•
Drinking Water.
Water mains 223.7 miles •
Reservoirs 13 •
•
•
•
•
Police protection: •
Number of stations 1 •
Number of swom police officers 60
•
•
Education:
Attendance centers 15 •
Number of teachers 621 •
Number of students 12,134 .
Sanitary sewers 152.8 miles •
•
Storm sewer lines 116.6 miles •
•
Building Permits issued (2004-2005) 353
•
Recreation and culture: •
Number of parks 13, totaling 176 acres
Greenways 172 acres •
Number of libraries 1 •
Number of volumes (estimated) 143,500 •
Employees:
Classified service union 178 •
Unclassified (non-union) 96
Information obtained from the various departments of the City of Tigard, Oregon •
and Tigard/Tualatin School District # 23-J - Gty student totals not available •
125
•
•
•
AUDIT COMMENTS AND
DISCLOSURE RE QUIRE D BY
STATE REGULATIONS
CITY OF TIGARD, OREGON
AUDITOR'S COMMENTS AND DISCLOSURES REQUIRED BY STATE REGULATIONS
YEAR ENDED JUNE 30, 2006
STATE OF OREGON COMPLIANCE SECTION
Oregon Administrative Rules 162-10-000 through 162-16-000 of the Mininiun2 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 annual
financial reports. Required comments and disclosures related to our audit of such financial statements and
schedules are set forth on the following pages.
Significant Accounting Policies
The significant accounting policies followed in preparing the City's financial statements are summarized in the
notes to the financial statements.
Organization and Fund Structure
The organization and fund structure of the City is documented in the notes to the financial statements.
Internal Accounting Control
We have audited the basic financial statements of the City of Tigard as of and for the year ended June 30, 2006,
and have issued our report thereon dated October 25, 2006. As part of our audit, we made a study and evaluation
of accounting systems and controls as required by auditing standards generally accepted in the United States of
America. The purpose of our study and evaluation was to determine the nature, timing and extent of the auditing
procedures necessary for expressing an opinion on the City's financial statements. Our study and evaluation was
more limited than would be necessary to express an opinion on the system of internal accounting control of the
City taken as a whole. Our study and evaluation disclosed no condition that we believe to be a material
weakness. However, we noted certain matters that we have reported to management of the City of Tigard in
our letter dated October 25, 2006.
Adequacy of Collateral Securing Depository Balances
ORS 295 provides that each depository, throughout the period of its possession of public fund deposits, shall
maintain on deposit with its custodians, at its own expense, securities having a value not less than 25% of the
certificates of participation issued by the pool manager for funds in excess of those insured by the Federal
Deposit Insurance Corporation. Our review of the adequacy of collateral securing depository balances indicated
the collateral was sufficient during the year ended June 30, 2006.
Indebtedness
The general obligation bonded debt of the City is in compliance with the limitation imposed by law. We noted no
defaults in principal, interest, sinking fund, or redemption provisions with respect to any of the City's liabilities,
and no breach of the bond agreements, at June 30, 2006.
Budget Compliance _
The City has complied with Local Budget Law (ORS 294) in the preparation and adoption of its budget and tax
levy for fiscal years ending June 30, 2006 and 2007.
Insurance and Fidelity Bonds
We have reviewed the City's insurance and fidelity bond coverage at June 30, 2006. We ascertained that such
policies appeared to be in force and in compliance with legal requirements relating to insurance and fidelity bond
coverage. We are not competent by training to comment on the adequacy of the insurance policies.
126
•
•
CITY OF TIGARD, OREGON •
AUDITOR 'S COMMENTS AND DISCLOSURES REQUIRED BY STATE REGULATIONS (Continued) •
YEAR ENDED JUNE 30, 2006 •
STATE OF OREGON COMPLIANCE SECTION (Continued)
•
Highway Funds •
•
The City complied with the legal requirements, Article IX, Section 3a of the Oregon Constitution pertaining to •
the use of revenue from taxes on motor vehicle fuel, and the statutory requirements of ORS 294, 368 and 373 as •
they pertain to the use of road funds. •
Programs Funded from Outside Sources
•
We have reviewed the City's compliance with appropriate laws, rules, and regulations pertaining to programs •
funded wholly or partially by other governmental agencies. The City is in compliance with the guidelines in all •
material respects. •
•
Investments •
Our review of deposit and investment balances indicated that the City was in compliance with ORS 294, as it •
pertains to investment of public funds, during the year ended June 30, 2006.
•
Public Contracting and Purchasing •
Our review of the City's public contracting, purchasing procedures and construction of public improvement •
requirements (ORS 279) indicated that the City was in compliance. •
•
Financial Reporting Requirements •
•
We have reviewed financial reports and other data relating to programs funded wholly or partially by other •
governmental agencies. This data, filed with other governmental agencies, is in agreement with and supported by •
the accounting records. •
Schedule of Accountability of Independently Elected Officials •
•
There are no elected City officials who collect or receive funds on behalf of the City. •
•
This report is intended for the information of the City Council and management of the City of Tigard, and the State •
of Oregon, Division of Audits. •
GROVE, MUELLER & SWANK, P. C. •
CERTIFIED PUBLIC ACCOUNTANTS •
•
•
•
By. •
Charles A. Swank, A Shareholder •
October 25, 2006
•
•
•
•
•
•
•
127 •
•
•
•
•
•
•
•
•
•
•
•
1, •
•
•
•
•
TIGARD
•
•
•
•
CITY OF TIGARD •
•
SETTING THE STANDARD FOR SERVICE
EXCELLENCE
•
•
•
We are committed to: •
•
PARTICIPATION •
Citizens and employees working together •
•
INNOVATION •
•
Consider and respect ideas •
•
RESPONSIVENESS •
Accurate and timely •
•
COMMUNICATION •
Open and clear •
•
COURTESY j
To all
•
•
•
•
•
•